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omrmrcW §
No. 3693
APRIL 4 1936
Vol. 142
CONTENTS
Editorials
page
Financial Situation
2207
_
The Berry
..2219
The
__2220
Council and the Labor Vote
New German Peace Proposals
Comment and Review
Book Reviews—
2222
Our Silver Debacle
Public Utility
Scale
Week
on
Regulation and the So-called Sliding
-—
the European Stock
Exchanges
Economic Situation
Rates and Comment
Foreign Political and
Foreign Exchange
Course of the Bond
Market
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York Curb
Exchange.
Exchange
—
*2223
2211
;i
..
IY
2212
..2216 & 2260
2222
2223
2210
2261
News
Current
Events and Discussions
Bank and Trust Company
General Corporation
Items
and Investment News
2223
2259
2306
■!
•■■■ ■!'
2364
Dry Goods Trade
State and Municipal Department
2365
.
:.
i
'A
3»f
Stocks and Bonds
Foreign Stock Exchange
..2261
Quotations
2266
Auction Sales
2305
New York Stock Exchange—Stock Quotations
—.2273
New York Stock Exchange—Bond Quotations. .2272 & 2282
New York Curb Exchange—Stock Quotations
2288
New York Curb Exchange—Bond Quotations
.2291
Other Exchanges—Stock and Bond Quotations
.2294
Canadian Markets—Stock and Bond Quotations
2298
Over-the-Counter Securities—Stock & Bond Quotations.2301
Dividends Declared...
Reports
Foreign Bank Statements
-.2215
Clearings
Federal Reserve Bank Statements
-.2262
2269
2306
Course of Bank
General Corporation
and Investment News
Commodities
The
Commercial Markets and the
Cotton
Crops
...
Breadstuff s
2356
2359
2362
Company, 25 Spruce Street, New York City
President and Treasurer; William D. Riggs, Business
Representative, 208 South La Salle Street (Telephone
State 06131
London—Edwards & Smith, 1 Drapers' Gardens, London, E. C. Copyright, 1936, by William B. Dana Company.
Entered
second-class matter June 23 1879, at the post office at New York, N. Y.f 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
Published Every Saturday
Morning by the William B. Dana
Chairman of the Board and Editor; William Dana Seibert,
Other offices:
Chicago—In charge of Fred H. Gray, Western
Herbert D. Seibert,
Manager.
as
per
agate line.
Contract and card rates on request.
■
,';V
xn
Financial Chronicle
April 4 1936
ANNUAL STATEMENTS
December 31, 1935
LIFE INSURANCE COMPANY
AFFILIATED
MORGAN B.
COMPANIES
BRAINARD,
President
86th Annual Statement
29th Annual Statement
/Etna Life Insurance
Company
Capital Stock $15,000,000
The /Etna
Casualty & Surety Company
Capital Stock $3,000,000
ASSETS
Cash
on
hand and in banks
(including Home Office Building).
Mortgage loans
Loans
on
Cash
36,548,467.62
145,000.00
♦Bonds and stocks
Other assets
Interest due and accrued
1
244,111.78
326,280.67
Total admitted assets.
407,844.25
.
Total admitted assets
$503,478,516.66
Premium
Commission
Liability De¬
partment
$11,512,102.35
8,431,980.21
reserve..
868,779.51
-
Reserve for taxes
7,861,583.88
Reserve for claims awaiting proof and not
yet
due
reserve
Losses in adjustment.
$418,781,999.55
-
$39,251,835.41
LIABILITIES
LIABILITIES
Reserve under policy contracts
Premium reserve, Accident and
831,073.00
All other liabilities
;
and
4.252,289.53
8,283,102.15
Other assets
for liability
29,401,009.24
Premiums in collection
17,493,100,71
premiums
Contingency
10,942,800.06
workmen's compen¬
1,562,386.14
reserve..
2,000,000.00
Total liabilities.
sation claims
$25,206,321.21
....
14,473,705.20
Reserve for dividends payable to
policyholders
Premiums paid in advance and other liabilities
to
642,110.82
72,792,007.61
Interest due and accrued
Reserve
395,789.00
♦Bonds and stocks
of collection and deferred
course
$3,990,244.37
Mortgage loans..
299,179,309.64
Loans secured by policies of this
Company.;
hand and in banks
on
Real estate acquired
by foreclosure
47,283,632.81
collateral
Premiums in
ASSETS
$21,346,051.87
...
Real estate
Surplus to policyholders:
6,488,748.30
Capital
policyholders
$3,000,000.00
Surplus
4,304,741.17
11,045.514.20
'
Total liability under policy
contracts
Reserve for taxes not yet due
$462,853,578.16
Miscellaneous liabilities
Contingency
Total
14,045,514.20
$39,251,835.41
2,803,077.38
_
4,640,115.81
reserve..
4,600,000.00
Total liabilities
$474,896,771.35
Surplus to policyholders:
Capital
23rd Annual Statement
$15,000,000.00
Surplus
13,581,745.31
.
The Automobile Insurance
28,581,745.31
Total
of
$503,478 516.66
Capital Stock $5,000,000
26th Annual Statement
The Standard Fire Insurance
ASSETS
Company
Capital Stock $1,000,000
Cash
$515,892.05
Interest due
296,056.62
Interest due and accrued
:
$1,795,119.52
136,024.69
Reserve for taxes
95,921.69
All other liabilities...
53,432.50
reserve..
300,000.00
Total liabilities
$2,380,498.40
Surplus to policyholders:
reserve
$6,012,899.45
1,382,246.23
Reserve for taxes
All other liabilities
Special
499,082.56
473,398.80
...
reserve
Contingency
1,125,000.00
reserve
925,000.00
Total liabilities
$10,417,627.04
Surplus to policyholders:
$1,000,000.00
Capital
1,648,714.09
$5,000,000.00
Surplus
5,926,648.82
10'926,648.82
Total
$5,029,212.49
Total
*Bonds not in default are carried at
amortized values; bonds in
default and stocks
Companies, which
for
Total income
are
carried at their
policyholders since organization
—
all companies
—
1935
New Life Insurance
paid for in 1935
Life Insurance in force
$21,344,275.86
Losses in adjustment
2,648,714.09
to or
1.
LIABILITIES
Premium
Losses in adjustment.
Paid
85,242.59
544,786.57
...
Total admitted assets
9,497.14
LIABILITIES
Surplus..
1.731.913.76
Other assets..
$5,029,212.49
;
reserve
Capital-
16.670,697.79
ajid accrued.
29,983.35
Total admitted assets
Contingency
83,445.00
25,800.00
Agents' balances
4,177,783.33
Agents' balances.
Premium
$2,202,390.15
♦Bonds and stocks
♦Bonds and stocks
Other assets
hand and In banks
Mortgage loans
hand and in banks
on
on
Real estate acquired by
foreclosure.
ASSETS
Cash
Company
Hartford, Connecticut
are
own
$21,344,275.86
carried at market values
except stocks
book value.
of Affiliated
$1,525,001,096.38
174,840,088.06
700,460,775.00
3,524,514,246.00
The Financial Situation
Works Progress Administration
work" such as the
THE flooded areas for the most £>art the President,
normal.
In the absence of have returned
clearer
of the so-called Townsend
futile discussions
in
is
situation
marking time, consuming
is more or less
Congress
it
Nor can it be doubted that this whole
most distressing.
Nothing could be
than the fact that such steps as the Admin¬
provides.
to
has
istration
flood control programs, or
listening with hostile ears to attacks on the tax
bill.
The various candidates for nomination by the
Republican Party have not been particularly active
during the last few days.
On the whole, the past
week has offered opportunity for, if it has not
campaign and the vague
taken to
"solve this problem" have
Yet despite all this we
have no unemployment
"problem" in the sense in which this word is appar¬
ently hsed by the vast majority. That is to say,
unemployment is merely a symptom of severe illness
dismal failure.
proved
a
venture
the opinion that we
deeply located in our eco¬
actually invited, some
concerning
quiet thought
Chaining Corporations to
real
and the
"problems"
current
imaginary,
or
nomic
that are indicated
their solution.
It is
sober reflection
more
than
We
of
"com¬
certain of the
as
would
chologists
it.
of
schools
modern
psy¬
express
That is to say, we are
that
so-called
other
the
or
this,
about
problem of the day
our
outlook on life
toward
that
and
our
attitude
rious
public questions are
characterized by the
not
The fact
should be ours.
of
the
matter
number of
are
va¬
otherwise
sanity that
is
that
a
"problems"
our
problems at all ex¬
not
which
the symptons of underlying
cept in the degree to
disease may
themselves be¬
problems of a sec¬
come
for
example, our "unemploy¬
ment problem."
Never a
ondary
Take,
sort.
.
day passes without some¬
one
coming
forward with
pronouncements
on
this
subject, usually calling at¬
tention to the fact that
mean
of
trouble,
or
ter
was
ever
rank injustice of
tend def¬
the
aggravate
at best create an
condition in the
artificial
which,
economic
naturally have no way of knowing what
the framers of this law contemplated. Wash¬
while
possibly for the mo¬
ment
reducing the rigors of
We
ington
that the
dispatches, however, state
Ways and Means Committeejimembers con¬
ducting this hearing are expressing them¬
selves
as
system
unemployment conditions,
can
"unconvinced" by the complaints
registered against the bill in
be reckoned as certain
later to make the
that have been
sooner or
question.
finding of employment
intentions, the framers
apparently drafting a piece
Whatever their
this
bill
are
of
of
difficult, not easier,
more
legislation that is replete with real hazards
as
well
as
injustices.
Our readers need
for all who want to
particular force against
such activities
ministration,
able
part
relief
now
many
work—except possibly "made
those of
as
Progress Ad¬
Works
the
a
consider¬
of the direct
afforded, efforts
arbitrarily to shorten the
hours
work
of
without
proportionate reduction
in wages,
other efforts to
maintain unwarranted
wage
scales,
of
multitude
efforts
work.
indictment lies with
This
hardly to be told that the case cited above is
hypothetical only in regard to particular fig¬
ures.
There are many corporations in opera¬
tion today which have borrowed to tide them
over the depression with the understanding
that such loans will be repaid from earnings
at the earliest practicable date.
All corporations with indebtedness that
ought to be, and in some cases must be, re¬
paid from earnings during the next few years
will, wherever such repayment is not properly
a charge to the profit and loss account of the
particular period in question, suffer seriously
and in many instances, we fear, irreparably,
if this bill becomes law.
This is, of course, only one type of injustice
and injury certain to be inflicted by such a
law, but it is an important one.
THEREthere of course be nopeople in this country
can
question whatever
great
have
as
far from
so
use,
this law."
and all the
inflationary
stimulate business activity to which the
to
authorities have resorted.
Government
a
realistic
what
authorities,
the only transgressors
means
view of this
being
is
however,
are
by
no
who have failed to take
question.
A good deal of
currently suggested,
sometimes. by
important business organizations, affords evidence of
what seems to be a misunderstanding of the basic
nature
of what
is
commonly termed
"our unem¬
The desire, not to say in¬
sistence, that the facts about unemployment be
determined with a reasonable degree of accuracy is
ployment
today who are without
_
bringing relief,
this charac¬
contemplated by the framers of
no
"Unemployment Problem"?
are a
in
of that amount.
"Certainly
.
specifics
to
another.
that
Such
for the privilege
of business activity, and con¬
unemployment an "unsolved
problem" and suggesting a specific of one sort or
an
give rise to it.
obligation of
styling
Have We
the
be found
removing
general conditions that
of
that
except
initely
an
two in the rate
by
be eliminated will
of paying
$3,000,000, the corpora¬
tion in question would be obliged to pay the
Government a tax equivalent to about 80%
"In other words,
off
statistics" hardly an appre¬
the vast army
unemployed despite vast increases during the past
cluding
by which it can
been
impression has been made upon
year or
being treated,
are
means
no
total of $2,500,000.
a
symptoms
underlying con¬
ditions
normal re¬
law, the
allay troublesome
to
distressing
while
would pay a tax of ap¬
proximately $500,000, assuming that the rate
of 423^% applies.
For five years this would
"according to current
ciable
are
dis¬
or
poration in question
inclined to become so ex¬
ercised
they
that
sense
ease
of these loans is practically pro¬
Pursuant to Schedule II, the cor¬
hibited.
getting a problem
plex,"
,
year
payment
quarters of late.
are
in danger
many
proposed Federal tax on cor¬
for five years.
"Under the proposed
time in much
a
indicated in ordinary
requirements of $400,000; its bank loans are
$3,000,000 and it proposes to liquidate them
from earned surplus by paying off $600,000 a
evidence in
in
been
has
for
sary
the
for instance, has an aver¬
age annual net income of $1,200,000 before
Federal income taxes; it has fixed dividend
result will be
and that the
Ways
House
the
"A corporation,
inviting,
equally
be
will
before
porate earnings:
immediately ahead
two
or
the
of
effect
week
hoped that the
to be
witness
and while
system,
palliatives may be neces¬
and
Means Committee on Wednesday cited the
following hypothetical case to indicate the
A
steps
for
Their Debt
problem."
2208
Financial
certainly reasonable enough.
Chronicle
He would be naive innumerous
;
people in
If the immense and very real difficulties of
compiling a census of unemployment (as has
of late been
repeatedly suggested) could be overcome
this
country.
and
competence
in
the
work
of
what
they cost,
although
Hut the
r°°t in
would be worth
then
even
usher in Utopia would be for all to
do less work
more leisure!
;
and enjoy
assembling such
figures assured, the results doubtless
the
lack
ample, that
such
a
knew that
we
goods
succeeded in
that
today
(the term uniemployed being
carefully and
usefully defined), and further that this figure was
period.
before
Suppose, furthermore,
similar
us
portant branches of
the
we
figures for each of the
into
man
it is difficult to
see
can
just
What then?
be in
a
It is
contents.
probably of sufficient
work
involved
else?
We
in
an
value
should
alone to
warrant
doubtless
then
But
have
if not
should of
so
extensive
have
course
tries most
as
commonly supposed. We
figures to show
severely depressed,
mechanized in recent
years, have the
nicety which industries
most
are
percen-
depressed,
thanks to the large volume of
available data
rent
production, sales and profits.
census
upon
of the
unemployed throw
the question of how to
unemployment?
To eliminate
of
our
with
unemployment
economic
most
system,
therapeutics,
or
we
which that system will cure its
latter conditions
and how
are
reduce
or
must cure
the ills
is the
as
conditions
own
they
a
how it would,
see
rather,
create
cur-
Would such
eliminate
It is difficult to
on
important light
any
ills.
case
under
What these
may
be brought
into existence must be learned in
other ways, indeed
are
generally known in any case to those
given realistic thought to the subject.
Unemployment
We
more
are
widely held than
of what is known
as
we
who have
wish it
were,
"prosperity,"
or
notion,
that
a
now
return
at least
a res-
toration of what is
regarded as normal conditions
in the business
community, would not result in the
absorption of all
who
are
fitted to work,
work and want
willing to
employment, unless steps were taken
oblige industry to require shorter hours of its
employees and thus "spread" the work to be
to
done,
This
theory, however, appears to be but a variant of
the old, old
complaint against machinery and improved technique which is at least as old as
the industrial revolution.
It
absurd to assume that
seems
to
selves
with
changes.
free
of
us to be
perfectly
everybody, working diligently
an
army
of
unem-
our
business mechan-
we
That
are
true
was
even
able to restore the
more
efficiently, and by eliminating
originate in public policies that
handicap business, we shall find ourno
unemployment difficulties
resulting from industrial
Until that time arrives
we
except
and trade
shall
not be
unemployment difficulties,
The Farm "Problem'
rF,HE so-called "farm
problem" is another about
1 which politicians and
many others never tire of
talking. Yet
we
have
conditions, such
difficulties, that
no
farm problem unless certain
overindebtedness
as
are
nated
to
as
say
such.
that
market
are to be denomi-
It would be much
we
and
really symptoms of arbitrarily
produced economic dis-equilibria,
have
nearer
the truth
foreign trade problem, but
even this
"problem" is largely politically created.
Let us take a glance at the record.
We hear endless
assertions that
a
we
are
suffering from overproducagriculture. A few of the major
crops were
reporting yields before the New Deal curtailments
tion in
took effect
war
moderately above those
of the late
pre-
This is true of wheat and
cotton, but
the increase was not so
great as that in the populayears.
tion.
Fallacies
be
vitality to industry, not by
increasing labor costs, but by work-
or
those normally
Most of the other
crops showed little if any
increase.
of course
acquainted with the
all of its parts.
extensively
largest
tages of unemployed in their ranks. But these
things
we
already know, and moreover we know to a relative
weaken and
that the indus¬
or most
is, of course, that
ing harder and
the
definite
can
all factors taken
ills many of which
what
proof that unemployment is
regrettably prevalent
even
working less
important advantage,
obtaining the data.
manner
proper equilibrium and
the claims of
many of
reformers and other chronic mal-
That would be
such
running smoothly, efficiently and under
full power in
position to discredit
the professional
necessary to have
The trouble
should
we
output of the
really had or have
we
organizing ourselves in
during the 1920's. When
quite possible that
em-
in turn made
necessaries and comforts of life
it
ism is not
'
,
But if
course
men
ployed at all times.
how such statistics could be
compiled or what they
would mean if
compiled. But suppose we had them
before us in an
intelligible form.
employed in them, failing of
consideration, so much the better. It would
simply that the plane of living of the
people
now be
higher than before. It
certainly need
not make
industry and trade, although to
practically minded
even
mean
im-
more
more
and
of production of consumers'
produced per man-hour of
labor,
given previous
had laid down
deep
substantial
consideration the number of
good things of life.
a
a
taken rather
made
ploye(j ^ building ^ machines that
possible this increase in per man-hour
much is
being
Suppose, for ex-
certain percent
greater than in
per man
to take into
certain number of millions of
unemployed persons existed in this
country
a
had
w^e constantly being told of the steadily
too
compilation.
It
the
rapidly rising volume
Unemployment Census?
however, afraid that
claimed for
minds.
depression, when a great deal
hear<* of "technological
unemployment." We
was
<
We are,
fallacy has nevertheless
many
headway before
of
comparable statistics for past periods
usually considered normal would reduce the
usefulness of such
data/
An
1936
day, could produce more
goods of all sorts than we want or need. If
only
it were true! Then all that would be
necessary to
deed
who felt great confidence in
the
"estimates" of the number of
unemployed
April 4
for reasonable hours
every
On
a
per
capita basis
we
were
producing
less, not more, farm crops in the late twenties
and
early thirties than before the war. On the other
hand
our
exports of farm products have dropped in
to almost
nothing, and in many others to-
some cases
but
a
fraction of those of former
years,
Meanwhile the farmers insist
and
more
on
producing
more
for the
market, and less and less for their
own
consumption, and are more and more inclined
to demand a
relatively large share in the luxuries of
the day, even if
they must go deeply into debt for
them
either
trade
obtain
or
we
or
them
shall find
create
new
a
with
subsidies.
way
to restore
domestic
uses
Ultimately,
our
foreign
for the products
of the farm, or
many of our farmers will be obliged
cease being farmers or else "live
largely on the
to
•
Financial
volume 142
land," foregoing for the most part
dios and other modern
,
There is no specific
devices.
that will "solve our farm
automobiles, ra¬
problem" as if it were a prob¬
susceptible of effective local treat¬
of "the farm
to think
lem isolated and
related
ment, or as a plague inflicted upon us
by a cruel
"problems."
Over-the-Counter
vs.
DISPATCHES from Washington makingtoit indi¬
proposed measure seem
law¬
cate that the
ful to continue what
on
is known as unlisted trading
the stock exchanges
after May 31, when other¬
ening the list of securities
The Currency
"Problem"
THEN there is the created "problem."condition
currency special In this
have
we
and greatly broad¬
a
through devaluation procedure and credit tinkering
eliminated. But apart from
which must somehow be
eligible (with the permis¬
Commission)
Securities and Exchange
of the
sion
passed by Congress.
If such indeed proves t)4 be the case, this whole tur¬
bulent and troublesome question will be placed on
will
trading
such
for
field
Unlisted Trading
wise it would have had to cease,
fate, the better for all concerned.
/
to the careless eye as more or less un¬
that appear
problem" as long as the
general conditions that produce it are permitted to
remain in full force and effect. The sooner we cease
2209
Chronicle
be
Exchange Com¬
would
of the Securities and
the door-step
that one would suppose it
blunders of the past few
mission in
the currency problem is really a symptom of
unbalanced trade relationships and of world dis¬
not relish.
orders that lead owners of funds to send them hither
and vbn in search of some measure of safety. What
what issues shall and
the direct effects of these
years,
is
required first and foremost is greater settlement
relationships and a restoration of
in international
balance in
tion of the
a way
is
these things to pass, neither a restora¬
stabiliza¬
often invoked
discussions will avail to provide
gold standard, the activities of
funds, or any of the devices so
tion
today in currency
international
the
Until
international payments.
found to bring
currency
stabilization so greatly
desired.
The Real Situation
THE country in shortwith a series as seems often
is faced, not, of "problems"
supposed,
be
to
or
more
less isolated the one
from the other, but
policies
including a cessation of interference with, and at¬
tempted control of, ordinary business operations,
with
most urgent
a
credit and currency
of business from the
induce recovery by
tinkering and spending, release
shackles on international trade,
abolition of subsidies no matter
to whom paid, much
intelligence and reasonableness
more
essentially upon
based
in tax systems,
surrender of all plans and programs
and of course a
the notion of a "planned
economy" in any of its many variants. This is not a
new world in which we live, but an old one.
Centu¬
experience can be called to attest the sound¬
of these doctrines.
We deceive ourselves when
ries of
ness
we
changed during
three decades, and that old economic
that human nature has
suppose
the
past two or
laws have been or can
think
we
have placed
be laid on the shelf. We may
them there, but they go on op¬
erating as they always have,
in
our
action
own
with the result that
ignoring them merely adds to our
difficulty.
We
are
now
approaching the season when for
organizations of business
will hold their annual meetings at
several months the various
and others
men
forums of
which
conducted.
lent
and
the
discussion of public
policies are
excel¬
Such occasions naturally offer
opportunities for the molding of public opinion
stimulating realistic thinking on the part of
rank and file of the business community, who
must
ordinarily of necessity give most of
tention to their own
We take the
their at¬
immediate day-to-day problems.
liberty of urging the managers
of these
in them to form
questions
problems for each of which some
meetings and those who take part
the habit of
not
as
a
thinking of our urgent public
series of
specific must be found, but as an
inter-related and
connected whole in which there are
underlying causes and many
relatively few
symptomatic effects
way
Yet it has asked for
the authority and
responsibility of deciding within wide limits
which shall not be granted this
the
The debate that has been
privilege.
under way for
long while past between certain Exchange inter¬
ests and over-the-counter representatives will
of
a
course
be transferred to the
hearing rooms of the
doubtless as it focuses
its attention upon specific issues and their suitabil¬
ity for unlisted trading. It would be a mistake in
our judgment for Congress to take the step
it is
apparently determined to take. Informed people
who have kept in touch with Washington seem to
feel considerable confidence that the Commission as
it is now constituted will use good judgment in mak¬
Commission, and intensified
with which presum¬
endowed. We can only hope
expectations may prove warranted.
ing use of the extended powers
ably it is shortly to be
that these
need for sounder public
abandonment of all attempts to
a
Federal Reserve Bank Statement
ONLY nominal and routine changesweekbanking
in in the
statistics
to be noted this
are
.
regular condition statement
serve
banks, combined.
country advanced
$8,000,000 in the week to Wednes¬
$10,185,000,000 is a
advance and the smaller gains of
and the total of
day night,
record.
of the 12 Federal Re¬
Monetary gold stocks of the
But this
previous weeks have not yet
occasioned any fresh
deposits or sales of gold certificates by the Treasury
to the Federal Reserve banks.
There will doubtless
be
some
soon,
notes
fairly large gold
certificate transactions
since the mechanics of retiring National bank
from circulation also calls for use of gold cer¬
The Treasury made
tificates.
inroads during the
general account deposits with
the 12 banks, and the swollen figure can be expected
to drop further hereafter.
Ordinarily, this will tend
to swell member bank deposits and therefore excess
reserves over legal requirements. For the time being,
however, the influence of these Treasury disburse¬
weekly period in its
ments has
been offset in large part
of currency
by an increase
in circulation, due to the
usual month-
requirements. Excess reserves of member banks
thus were unchanged at $2,310,000,000.
Gold certificate holdings of the Federal Reserve
end
banks fell
port to
$495,000 in the week covered by the re¬
$7,665,345,000, and as cash in vaults also
reported at
$8,034,345,000 on
dropped slightly, total reserves were
$8,030,246,000 on April 1 against
March 25.
Federal Reserve notes in actual
tion mounted to
One year ago
circula¬
$3,772,016,000 from $3,732,333,000.
such notes totaled only $3,174,531,000,
extensive increase is due to business
and the rather
improvement and the fact that maqy
communities
adequate
hand-to-hand cur-
throughout the country remain without
banking facilities and thus use
.
2210
Financial
rency to a
large degree.
the 12 banks
off to
run
565,000
bank
on
The Treasury deposit with
general account
$1,085,687,000
deposits
period member
same
on reserve account
increased only to
$5,077,088,000 from $5,059,147,000.
Small recessions
occurred in
posits,
377,000
foreign bank and non-member bank de¬
that total
so
from
$6,546,089,000.
liabilities
aggregate
changes, and the
at
deposits dropped
78.2%.
Total
showed
by
modest
very
quite unaltered
was
the
and
reserves
only
ratio
reserve
Discounts
$6,493,-
to
System
increased
$1,189,000 to
$7,254,000, but industrial advances
$138,000 to $30,363,000. Open market hold¬
off
were
ings of bankers' bills
while United
unchanged at $4,674,000,
were
States Government
security holdings
dipped $28,000 to $2,430,243,000.
a\
dull and uncertain
a
ket turned
Movements
were
stocks
steel
mar-
owing to the rapid
way,
of that industry from the effects of the
recovery
floods which
swept the Eastern part of the country
last month.
and
some
of the
Gains were fairly pronounced at times,
prominent issues moved to the best levels
year-old bull market.
remained
month
somewhat
But the list
under
the
as a
whole
highs recorded
The improvement
ago.
to
a
recorded fol¬
now
trading
issues.
new
absorbed
The
rather
fidence
was
circles.
apparent in
It is
Exchange
Monday, but
ume
to
That
The
tone
and trading
bit
more
small.
When
was
when the
the stock
market
fashion.
Foreign
quiet
demand,
trading
was
hesitanjt.
resumed
the French
franc, for that
which
gold
from Paris to New
currency
was
unit slumped
engaged for shipment
York, while the French central
bank decided to raise its discount rate to
Favorable industrial reports
for the time
in
most
being, and small recessions
stocks.
Some
of
the
able in the
specialties
metals, farm equipment and
Dealings
on
ignored,
were
good demand, however, and the trend also
groups.
5% from
were
noted
were
was
in
favor¬
a
few other
a
Tuesday reflected
slight im¬
were
rather
were
eign exchanges provided
the effect
at
lower
French francs
A few of the
larger companies which took favor¬
Holly Sugar Corp.
a
The former declared
share
on
declaration of
On
Thursday, the upswing assumed
pressive proportions of the week.
lative favorites showed
of
a
dividend of similar amount
this
since its organization 20
years ago.
On the New York Stock
Exchange. 109
Curb
high
new
on
levels
for
Quite
a
were
more
register gains.
the
New
touched
York
new
Stock
Rail and
and only oil
on any
low
year
stocks
while
50
new7
levels.
high levels
Call loans
Exchange remained
un¬
changed at %%.
On
the
the New York
half-day session
Stock
on
Exchange the sales
Saturday last
were
at
656,780
shares; on Monday they were 946,430 shares; on
Tuesday, 1,041,170 shares; on Wednesday, 1,686,700
shares; on Thursday, 2,193,210 shares,^afid ol
day, 1,562,770 shares.
On the New7 York Curb Ex¬
change the sales last Saturday
were 234,440 shares;
Monday, 369,425 shares; on Tuesday, 389,785
shares; on Wednesday, 400,905 shares; on Thursday,
463,445 shares, and on Friday, 528,875 shares.
on
The
after
stock
a
market
developed a rising tendency
period of dulness and irregularity early this
The price of equities on
Wednesday advanced
to four
General
or
more
of
points in heavy trading.
the market
on
Electric
against 38
few specu¬
modest, and only the industrial
its
a
was
continued
lesser degree
on
on
Fri¬
the latter day sub¬
Friday of the week previ¬
yesterday at 39%
closed
Edison Co. of N. Y. at
Dealings yesterday
managed to continue the improvement
on
On the New7 York
Exchange 65 stocks touched
num¬
gains of 2 to 4 points, with
utility shares joined in the advance,
the
low levels.
new
year.
its most im¬
specialties and steel stocks the leaders.
issues failed to
the
initial
shares, which becomes payable May 1 next;
will be the first distribution
by the company
ous.
fairly large
an
common
common
stantially higher than
a
its
stock, pay¬
April 29 next, and the latter followed with the
almost
best levels
dec¬
Telephone Corp. and the
investment and speculative interest which affected
to
pronounced
Monday to the
able action this week with
respect to dividend
larations were the General
throughout Thursday, and in
day, with closing quotations
advanced
was
week.
Wednesday, and the trading volume likewise in¬
creased materially.
There was a general revival of
of issues
last
gold point, and again approached such levels
Sterling improved slightly over last
one
ber
The for¬
yesterday.
favorable turn
again showed best results, and
changes
dubious aspects, and
fell
This
specialties
in
wheat
as
Net
season.
the securities market
on
times.
week.
Various
were
Commodity
uncertain,
some
from
of issues.
bonds
small.
unimpressive, after small fluc¬
showing best results, while utility issues were
neglected.
The upward tendency was accelerated
groups
dollar
changes
provement in demand, with industrial and railroad
all
smaller scale by
upward in belated and
stocks
on
a
tuations both ways in successive sessions.
Monday the
by renewed uncertainty regarding
to levels at
3%%.
mostly
were
on
on
with
trends
and 43 stocks
good in quiet trading last Satur¬
faced
taken
subdued
stocks touched
Thursday.
on
were
followed
2,000,000 shares
day, but movements in that session
market
the
were
owing to advances of related shares.
Speculative «and semi-speculative corporate bonds
touched
was a
was
on
less than 1,000,000
was
not equaled yesterday,
was
tendency again
con¬
deflected
lege bonds,
rapid increase carried the vol¬
a
than
more
figure
investment
significant that share turnover
New York Stock
last
With that incident
definitely in the negotiation stage, greater
was i
flotations
to former
levels, while best-rated railroad,
utility and corporate bonds also were firm.
Some
sharp gains appeared in recent issues of stock privi¬
able
Rhineland military occupation.
new
about
the
now
available
United States Government issues held
dividend of 25c.
uncertainty, caused in part by
diplomatic impasse of the German
quiet throughout
very
readily by large institutional in¬
vestors, and they
individuals.
lows three weeks of
European
was
week, partly because attention
in other items
start, the share
generally toward higher levels, with
leading the
Listed bond
the
dropped to lowest levels of the
active and cheerful this week.
more
Railroad and utility stocks were dull
hardly changed.
market
The New York Stock Market
AFTER
April 4 1936
worthy scale.
and
April 1, from $1,146,-
on
March 25, but in the
on
permitted to
was
Chronicle
group
note¬
Friday of last week; Consolidated
on
34% against 33%; Columbia
20% against 19%; Public SerVice of
N. J. at 40% against
41; J. I. Case Threshing Ma¬
chine at 157% against
145; International Harvester
at 86% against
83%; Sears, Roebuck & Co. at 68
Gas & Elec. at
against
64%; Montgomery Ward & Co. at 44%
against 40%;/Woolworth at 50 against 49%, and
^
American Tel. & Tel. at
165% against 162%.
Allied
Chemical & Dye closed
yesterday at 205 against 199
Financial
volume 142
The
Friday ol last week; Columbian Carbon at 120
on
against 111; E. I. du Pont de Kerne
Regisjter
against 145%; National Cash
against 26%;
National
47%;
Nickel1
International
Dairy Products
A at 27%
49 against
m
&%
at
149y2
at
urs
2211
Chronicle
against
spot price for cotton here in New York closed
yesterday at 11.62c. as against 11.64c. the close on
The spot price for rubber
Friday of last week.
yesterday was 15.81c. as against 15.87c. the close
Domestic copper closed
last week.
Friday of
on
22%; National Biscuit at 35% against 33%; Texas
yesterday at 9%c., the same as on Friday of pre¬
Gulf
vious weeks.
at
Sulphur at 34% against 34; Continental Can
price of bar silver closed yesterday
In London the
80% against 81%; Eastman Kodak at 168 against
164; Standard Brands at 16% against 16%; West-
at 20 pence per ounce as
inghouse Elec. & Mfg. at 119% against 112%; Loril-.
ounce
lard at
New York closed
22% against 22%; United States Industrial
Alcohol
at
56% against 47%; Canada Dry at 14
Distillers
The steel stocks
closed
last
participated in the advance and
United States
yesterday at 67% against 63%
on
Steel
Friday of
on
as
49
on
51% against 50%.
In the motor
Auburn Auto closed yesterday at 50 against
Friday of last week; General Motors at 69%
-
foreign
exchanges,
cable
$4.95%
London closed yesterday at
as,
against 6.59c. the close on Friday of last week.
European Stock Markets
public Steel at 24% against 23, and Youngstown
Sheet & Tube at
the
against $4.94% the close on Friday of last week, and
cable transfers on Paris closed yesterday at 6.59%c.
week; Bethlehem Steel at 59 against 55%; Re-^
group,
•
of
matter
the
In
transfers
32% against 31%.
for the week.
higher
closed
at
yesterday at 44%c., the close on
Friday of last week.
against 13%; Schenley Distillers at 47 against 45%,
and National
against 19 15/16 pence per
Friday of last week, and spot silver in
on
IN CONTRAST with the previous uncertainty,
prices
the principal European stock
share
on
markets tended to advance
week
during most sessions of
Trading
ending.
light and the
against 65%; Chrysler at 99% against 95%, and
the
Hupp Motors at 2% against 2%.
gains were not sharp, but the movements reflected
In the rubber
Goodyear Tire & Rubber closed yesterday at
group,
28% against 28%
States Rubber at
rich at
on
Friday of last week; United
29% against 28%, and B. F. Good¬
19% against 19.
this
forward
higher than
a
The railroad shares moved
with
week
week
closing prices
on
Friday
Pennsylvania RR. closed
ago.
a
man
military occupation of the Rhineland dwindled
London, Paris and Berlin was due largely
There was also lessened appre¬
kets in
to that circumstance.
franc.
regarding the immediate fate of the French
hension
at 134
against 34%; Union Pacific
against 133; Southern Pacific at 35% against
The fear of
complications resulting from the Ger¬
steadily, and the more confident tone on the mar¬
Atchison
New York Central at 37
was
improvement in sentiment.
material
international
yesterday at 34% against 33 on Friday of last week;
Topeka & Santa Fe at 77 against 73%;
now
Unfortunate rumors were in circulation on
point late last week, but the Bank of France
this
raised its discount rate last
Saturday to 5% from
Southern Railway at 17% against 17, and
Northern Pacific at 32% against 30%.
Among the
3%%, while reassuring statements were made by
oil
franc relaxed
33%;
66
stocks, Standard Oil of N. J. closed yesterday at
against 64%
Oil at
on
Friday of last week; Shell Union
17% against 17%, and Atlantic Refining at
In the copper group, Anaconda
34% against 31%.
highest financial authorities. Pressure on the
after a small gold shipment to New
the
York
was
arranged, and the monetary aspect of the
international situation also assumed a
happier
ap¬
Trade reports from the leading industrial
of Europe remain moderately cheerful.
pearance.
Copper closed yesterday at 36% against 34% on Fri¬
countries
day of last week; Kennecott Copper at 39 against
British retail trade is
37%; American Smelting & Refining at 85% against
and
84%, and Phelps Dodge at 38% against 36%.
Trade and industrial reports assumed a some¬
moving slowly upward.
what
more
favorable aspect,
of the flood effects.
owing to the dwindling
Steel ingot
production for the
week
ending today was estimated by the American
Iron
and
the best
Steel Institute
at
October, 1933.
ere
of
March 28
electric
was
energy
for
the
with the revised
for the
Pro¬
Car
loadings of
ican Railroads
the
16,033
ended
This compares
certainty regarding developments on the continent.
More
on
optimism was reflected by the London market
funds
and
other
stocks advanced
a
gain of 33,679
under the figure for the
cars
same
week of
course
of the commodity
mar¬
kets, the May option for wheat in Chicago closed
May
corn
on
Fri¬
at Chicago closed yester¬
regarding
the
favorites
mained
close
on
Friday of
better feeling
situation.
better, while demand continued
stocks.
The Anglo-American trading
responded to favorable news
fairly active
last week.
.
a
political
from New
York, and most of the foreign bonds listed at London
also were firm. The gains were extended in another
tended to
May oats at Chicago closed yesterday at
international
British funds were
day at 60c. as against 59%c. the close on Friday of
against 25%c. the
and in part to
for the fiscal year,
for industrial
last week.
steadily. Anglo-American favorites
night announcement of a comfortable budget surplus
This is
yesterday at 94%c. as against 96c. the close
as
Not much interest was taken in British
gilt-edged issues, but industrial
Tuesday.
Wednesday was cheerful, owing in part to the over¬
indicating the
25%c.
receded, as there was still some un¬
national group
freight for the week ended
reports.
day of last week.
Industrial and
600,487, the Association of Amer¬
revenue
last year.
As
in favor.
joined in the upswing, which affected also the securi¬
ties of German and French origin. The session on
previous weekly period, but a decline of
cars
quiet investment buying, and
home rail stocks also were
corresponding week of last year.
preceding week, and with 1,712,863,000 kilo¬
March 28 totaled
over
week
figure of 1,862,387,000 kilowatt hours
watt hours in the
British funds reflected
gains than losses apparent at the close, but the inter¬
1,867,093,000 kilowatt hours, accord¬
ing to the Edison Electric Institute.
Exchange, Monday, but the undertone was good.
issued begin¬
53.7%, and at this time last year it was 44.4%.
duction
activity was reported on the London Stock
commodity stocks were mildly uncertain, with more
rate last week was
The
Little
reported to be especially good,
price index in that country is
or
62.0% of capacity,
figure since these reports
ning in
the wholesale
ward
session on Thursday.
British funds
improve and industrial issues likewise re¬
in demand.
Foreign securities moved up¬
relaxation
of the European tension and
on
good reports from New York.
British funds and in-
*
2212
Financial
dustrial issues
were
steady in a quiet session yester¬
day, while international stocks improved.
Week-end
assurances
Regnier that there
is
by Finance Minister Marcel
no
prospect of franc devalua¬
tion stimulated the Paris Bourse
showed small gains after M.
all
reports of revaluation
and French
improved.
and
International
closed with
even
"inventions
issues
or
even
pronounced
affected.
developed
surge
heavily
tended to
move
higher,
Another up¬
Wednesday, owing partly
on
in France.
Rentes
were
French equities also
mosphere,
while
improvement
materially better, and most
responded to the cheerful at¬
foreign
securities
held
steady.
When it appeared on
would
Thursday that a hostile atti¬
adopted toward the latest German
be
proposals, prices turned uncertain
Small losses
were
noted in
the
on
were
much.
developed yesterday on the
renewed weakness of the franc.
best
results,
while
The electrical
group
shipping shares
Very little activity
Wednesday, and the
reported
was
trend
was
were
closing levels reflected only small
gains in the
Thursday
more
active
stocks.
tion in the
little.
small
quite strong for
closing hour minimized
Other groups of
equities also
the
session
small
were
and
essentially
in
of
Government
now are
in full
and
the
other
swing.. It would
appear that each and every adherent of the Locarno
accord is
taking a different view of the German
violation of that
fortified
man
by
a
pact, which makes it probable that
come.
The German
Government,
plebiscite that convinced only the Ger¬
Government, replied
on
Wednesday to the
gestions of the other Locarno countries
militarized
zone
in the Rhineland.
for
sug¬
a new
de¬
Chancellor Hitler
reiterated his proposals of March 7 for
25-year nonaggression pacts and other peace guaranties, but
he
declined
resolutely to consider
any
further de¬
militarization only on the German side of the border.
The British endeavor to have the
Germans make
some
no
conciliatory gesture toward
France met with
success, but the London Government
from
the
actions
of
Great
disregarding their voluntary
debts.
war
huge armaments expenditures of Great Britain
and France
tries
was
cited
were
not
were
as
evidence that these
really unable to
the
coun¬
Somewhat
pay.
more
publication by the Austrian Govern¬
St.
Germain.
The
Germany
on
newest
movement
March 7, and
now
which
has been
countries
for
the
step
as
justification
signatures
assistance
might
so
on
March
27
to
treaty which the Germans
the
pro¬
perturbing and which they cited
as
for their march into the Rhineland.
reason
note
which, the
patched to London
German
Government
Wednesday is
on
a
dis¬
persuasive
document, which emphasizes again and again the
desire
of
Berlin
to
find
means
ciliation and
understanding.
attitude
German
entire
an
•
It
the
Rhineland
episode
armistice based
was
on
for
general
recon¬
In clarification of its
Government
was
a
stated
that
the
clear violation
of
President Wilson's 14
points.
through that circumstance and the incorpora¬
provision for a demilitarized Rhineland
in the Versailles
obviously is
treaty that this aspect of the
settlement found
its
accord, the note indicated.
unilateral nature of the
kept
faith
initialed.
until
the
way
into the Locarno
Despite the
onerous and
demilitarization, Germany
Franco-Russian
accord
was
That
treaty, according to Berlin, deprived
the Locarno treaty of its
legal and political basis.
The
suggestions made by the other Locarno signa¬
ere rejected
by the Reich, in so far as they
tories
impose one-sided burdens
the current discussions will
continue for weeks and
possibly months to
this
on
developed in
agreements to pay annuities against the
The
zone
dwindling, and formal negotiations
German
Locarno signatories
different
Britain and France in
Developments
SLOWLY but the German military occasioned
surely the alarm
Europe by
occupation
the
discussion
Senate, where Mr. Borah, of Idaho,
Lewis, of Illinois, remarked that the recent
disregard of treaty obligations by Germany was not
peace
the Rhineland is
a
tion of the
Locarno
between
interesting sidelights
and Mr.
The
a
dull
a
few
a
Late last week
fess to find
a reac¬
yesterday.
were
the United States
the
firm, while
unimportant in
There
situation.
mutual
gains appeared likewise in fixed-income issues.
Movements
anxious for peace, is
ready for
any measures calculated to insure peace.
on
gains only
were
removed.
are
Belgium, small and
Governments
decline,
time, and
a
negotiations and that attitude probably
will prevail hereafter unless
sanctions
formally affixed
was
were
is determined to stand aloof from
now
and dreadful business of rearmament thus
continues
to boom.
The French and Russian
showed
firm and relatively active, as
reports
were circulated of a
favorable reception at London
of the German
political proposals. Heavy industrial
securities
a
Italian
mobilizing.
Turkey previously had notified the League countries
that she may
fortify the Dardanelles. The macabre
weaker.
session
form
to
The
military training the Little Entente
fractional
The
efforts
London.
regard
Boerse,
moderately irregular.
Initial gains were counteracted
by a later
and
their
with
adopted also in Austria, is expected to spread to
as well.
It was rumored in Paris, on
Thursday, that if Hungary reintroduces compulsory
the
on
resumed
Hungary
firm
opening on Tuesday, prices
lower, and closing figures showed no
important variations.
and
fast alliance
Government
started in
a
tended to drift
and
the Locarno
of
Small gains were the rule
among the specu¬
securities were dull and
After
hard
a decree establishing
military
conscription in Austria, in violation of the treaty
favorites, while other
lower.
declarations
ment, Wednesday, of
steady.
Berlin Boerse was dull,
Monday,
despite the overwhelmingly favorable plebiscite of
the
preceding day, and quotations did not vary
lative
determined to make the best of
things and the nego¬
serious
rentes, but French indus¬
trial issues and international
securities
A
downward drift
Bourse, owing to
Trading on the
Bourse.
April 4 1936
tiations will continue. French authorities
expressed
their usual keen
disappointment over the German
Tues¬
on
Rentes, French equi¬
small indications of business
some
tude
lies,"
The strength of the.
more
foreign issues all
sold
were
though dealings remained small.
ward
to
Regnier characterized
as
large losses.
was
day, with all sections
and
Monday. Rentes
bank, industrial and utility stocks also
Paris market
ties
on
Chronicle
on
Germany.
Concrete proposals by the German
as
Government,
contained in the
note, follow closely the general
suggestions previously made by Herr Hitler.
It is
suggested that the period of uncertainty be abbrevi¬
ated
through stipulation of a four-months' period
during which permanent 25-year peace pacts are to
be negotiated between
Germany and France and
Belgium.
all other
Similar pacts
are
to be considered with
neighboring countries of the Reich.
conclusion of the Western
The
European pact of aerial
non-aggression also is offered, with The Netherlands
invited to
join.
On the basis of such negotiations,
after conclusion of the
or
accords, Germany is willing
Financial
Volume 142
to re-enter
the
that
sailles
tions
the
League of Nations, but it is stipulated
League must be separated from its Ver-
After conclusion of such negotia-
setting.
series of conferences is proposed,
a
aim of
with the
reducing armaments.
The British
Government, following its policy of
leaning first toward the Germans and then toward
the
French, made it known that it did not consider
the German
diate
proposals
guaranties.
was
Letters
were
dispatched to
Paris and Brussels in which Great Britain
herself to
event of
been
pledged
to the aid of those countries in the
come
a
German attack.
Similar
assurances
had
given publicly, during debates in the House of
Commons, and it may be surmised that the letters
Having thus endeavored
largely for effect.
were
again to placate the French, without actually
once
forming
military alliance, the British Govern-
any
seemed to afford
time
the
that
indicated
ment
a
German
note
least
at
basis for negotiations.
For the
being it was decided to set no date for the
general staff conversations of British, French and
Belgian military authorities.
The French Govern-
ment, animated always by the desire to obtain firm
assurances
from
London, indicated that it consid-
ered the German note
that Ethiopian overtures for peace negotiations had
been made to the Italian military authorities, but
such statements must be accepted with reservations.
entirely unsatisfactory.
'
.
#
British Fiscal Year
expressed
which the London Government has
been anxious to evoke.
Italy. Peace negotiations through emissaries of the
League of Nations were advanced one halting step
through an Italian invitation for discussions in
Rome with the two representatives of the Committee
of Thirteen. It was reported in the Italian capital
containing sufficient imme-
as
Disappointment
regarding the absence of that gesture of conciliation
toward France
2213
Chronicle
ACCOUNTS of the British Government for the
**
fiscal Jear were closed on March 31, and once
again a comfortable surplus of revenues over expenditures is reported. For four years in succession
the British authorities have been able to balance
the national budget and leave a little over, and the
performance stands in the sharpest possible contrast with the conduct of fiscal affairs in all other
large countries. The actual credit balance for the
fiscal year just ended is £15,407,926, but this in¬
eludes £12,500,000 for debt reduction, so that the
ordinary surplus is £2,941,702. The estimate of ordinary surplus presented a little more than a year ago
was £500,000. Actual results in both revenues and
expenditures somewhat exceeded the estimates.*
Bevenues for the year amounted to £752,920,000, as
against the original estimate of £734,500,000, while
expenditures were £749,979,000, as against the estimate of £734,000,000. The gain in revenues was due
to excesses over estimates amounting to £5,500,000
Italy and Ethiopia
cage
0£
income tax,
of £8,000,000 in the
MOBE than a little confusion and to the Italo- estate duties, charges nearly £8,500,000 in customs
prevailed this week with respect uncertainty
duties. Debt and of
estimated at £12,500,000
were
Peace moves were reported in
Ethiopian conflict.
several
directions, but the extensive airplane bomb-
more
than the actual experience, and that sum was
applied to reduction of the debt.
Supplementary
continued by the
Italians, and the forces of Premier Benito Mussolini
were said to have approached the
shores of Lake
estimates of expenditures amounting to £29,750,000
interests are predominant,
ments connected with the augmented British fleet
Ethiopian
of
ings
British
where
Tsana,
towns
Bank of Italy
The
were
published its annual report on
Tuesday, and the statement contained the first indication of the drain on Italian reserves occasioned by
were
submitted to Parliament and voted, with about
£13,000,000 of this due to defense service requirein the Mediterranean.
It is already evident that
defense service increases of about £37,000,000 voted
for the current fiscal year will make it rather diffi-
League member States
cult for Chancellor of the Exchequer Neville Cham-
publication of financial information was pro-
berlain to repeat his performance and report still
that the
another surplus a year hence, but even if a deficit
3,027,000,000 lire ($269,403,000) on Dec. 31, 1935, against 3,936,000,000 lire
(1350,304,000) on Oct. 20 the date of the last avail-
develops it will be of no particular moment when
the
war
since
hibited
gold
and the sanctions of
by II Duce last October.
stood
reserve
able bank statement.
most
ances
forcibly the
of
It
appears
at
This rapid gold loss suggests
for the recent bitter utterleaders concerning the League
Italian
Military operations by the Italians in Ethiopia
of the airplane raids which usually
develop on a large scale when land forces are
little
making
The city of Harar, ith its 40,000
progress.
inhabitants, was bombed last Sunday, and the fires
followed
that
the
bombings
munity almost entirely.
had notified the
that the
of
Italian
destroyed
the
com-
The Ethiopian Government
League of Nations some time ago
city was not fortified.
Emperor
Haile
A battle with troops
Selassie was
reported by the
Badoglio, on
commander, Marshal Pietro
Wednesday, and the usual claims were made of large
numbers of
were
Ethiopian casualties.
More perturbing
reports from Rome that motorized battalions
of Italian troops
had advanced virtually to the rim
Tsana, which is the source of the Blue Nile,
What the reaction of the London Government will
of Lake
be to that
be
development remains to be seen.
indicative
that
London
reports
now
greater British pressure for oil sanctions
German Election
reasons
sanctions.
consisted largely
compared with the vast deficits of our own Government.
It may
suggest
against
/CHANCELLOR ADOLF HITLER and his Nazi
v-/
lieutenants achieved a made-to-order victory
in the national plebiscite held in the Reich last
Sunday, to demonstrate the solidarity of the German people behind the foreign policy of the Nazi
regime. There was, of course, no real question as
to whether the Rhineland move of the Chancellor
was popular within the Reich, since the movements
of troops into the demilitarized zone merely restored
complete German sovereignty over territory that indisputably is German. It was, however, solely on
the basis of that incident that the balloting was
ordered, and the results were quite satisfactory to
the German dictator. Approximately 98.5% of the
qualified German voters went to the polls or were
dragged to the polls, and of those who voted almost
98.8% assented to the policy of the German Government in foreign affairs. There are many grave problems now facing the German people, but all matters
relating to the conduct of internal affairs were
rigidly excluded from consideration. Voters received ample warning that they would be dragooned
2214
into
Financial
going to the polls, if they proved recalcitrant,
These
and other that
measures
torial
regimes
the actual
achieved
is
no
great
his
whirlwind
far
so
of
as
plebi-
Chancellor
Hitler
made the most of the
opportunities afforded by the
international situation.
Every speech was on the
theme of
same
house.
own
newest
Germany's right to be
And
in
developments
When
the
form
of
the
was
ballots
made
was
known,
week, it appeared that only a single space
provided for the required expression of views,
of
were no
the
Nazi
parties to select, and only the
leaders
political factions
were
permitted
The Nazi organization was
voters
in
since
other
use
and
informed
were
no excuse would be
their absence from the
available
names
in the Reich,
brought into full
parts of Germany
many
frankly that
mentioned,
not
are
for
the
accepted to explain
Motor cars were made
polls.
infirm
everywhere.
Out
of
45,428,641 eligible voters, 44,952,476 attended the
plebiscite, in these circumstances, and the favorable
ballots
counted at
were
sidered defective
or
or
44,409,523.
The ballots
con-
that contained the word "Nein"
"No" in the
single circle provided totaled 542,953.
considerably better than those
the two previous occasions when Chan-
These results
attained
on
were
cellor Hitler asked the endorsement of
the German
people
simple questions of broad policy.
on
German
ballots
authorities in Berlin declared
The
that blank
held to be negative and were counted
were
such, but reports from
some
cated that blank ballots
A little doubt
was
cast
as
Provincial centers indi-
were
on
held to be affirmative,
the affirmative vote
aggre-
was
German Chancellor in his
Outer
overwhelmingly with the
foreign policy.
Mongolia
of
in the Far East
war
reports of almost continuous clashes
of Outer
a possible outwere caused
by
the borders
on
Mongolia, during the last 10 days.
A firm
alliance is reported to exist between the Soviet
Russian
Government and Outer
clashes between
of
the
Mongolia, and the
Mongols and combined forces
Japanese and Manchukuoan troops
Each side blames the other, but
ing.
are
threaten-
major
as one
engagement appears to have taken place 28 miles
within the border of Outer
sonable to
assume
that the
Mongolia, it
attempting to advance rather
clashes have been
but it
was
common
new
too
rapidly.
occurrences
are
Minor
for
months,
they might diminish after Koki
believed
Hirota, the
seems rea-
Japanese militarists
Japanese Premier, declared last
month that his aim
would be to
foster peace.
In-
stead, the Japanese militarists appear to have hurried their fan-like incursions
upon the territory of
China and Outer
Mongolia which
adjoins
chukuo.
The
most
serious
Man-
clash
occurred
Japanese
The
of provocations
against
reports
over
suggested
the border.
The
statement that
a
an
details
no
furnished to the Japanese
people,
were
•
Alberta Defaults
ADDITIONS
to the list of
foreign bond defaults
have been relatively rare of
late, but it is now
necessary to record the inability, for
special reasons, of the Canadian Province of Alberta to meet
**
a
maturity of $3,200,000 6% bonds
Strictly speaking, the defaulted issue is
on
April
not
a
1.
United
States dollar
on
flotation, for the bonds are payable
presentation only within the Dominion of Can-
ada, but it is known
that the securities attained
of distribution
measure
in this
country.
a
Alberta,
like
several other Western Canadian
Provinces,
found it
necessary to obtain financial aid from the
Dominion authorities in recent
years,
and the
needed
aid
financial
extended
was
willingly.
credit of Alberta
The ordinary
suffered
severely, howafter the election, last autumn, of a
regime
headed by Prime Minister William
Aberhart, which
ever,
is devoted to the Social Credit
principles of certain
British monetary theorists.
Dominion Government
aid
was
and it
more
was
necessary than ever, after that event,
But a new factor was intro-
extended.
duced by the efforts of the Ottawa authorities to
form
Loan
a
Australian
cial
Council, patterned
somewhat after the
model, which would regularize the finan-
relations
between
and the various
the
Dominion
Government
Provinces, while giving to Ottawa
a
measure of financial control.
Apparently, the Social Credit
advocates in
Al-
berta objected to such
control, and efforts to adjust
the situation were fruitless.
Moreover, the authority of the Dominion Government to aid Provinces
to the Loan
March 31. The
insufficient to
Council idea
lapsed
on
resources of the Alberta regime were
meet the
$3,200,000 maturity on the
following day, and only interest was paid.
The
Alberta authorities,
unfortunately, seem determined
to violate not
only economic theory through application of the untried Social Credit
also
ordinary financial
version
principles, but
through forced con-
canons
of Provincial indebtedness.
scale down interest charges on the
The aim is to
$160,000,000 debt
of the
Province, regardless of
tions.
Various bond issues of the Province
able in
United
States
contractual sitpula-
dollars
and
widely held in the United States,
which
now
to investors
ties at
are
pay-
bonds
are
that the problem
continuing interest
this side of the border.
on
Ottawa
financial
soon
has arisen will be of
so
the
The authori-
have the
highest possible sense of
integrity, and it is to be hoped that they
will be able to
persuade the Alberta regime to
join in the Loan Council proposal and redeem the
pledges of the Province,
last
hundred
promptly
to Tokio.
unprovoked Mongol aggression had
occurred, but
no^ amena|3ie
GRAVE apprehensions regarding
break
protest
Some
Mongolian airplanes flew
Japanese Government issued
gate by such incidents, but it is hardly to be
disputed
that general sentiment
frontiers."
that
of the German
late last
There
Thursday against "all kinds
utilized skilfully to stir
that the total of votes might be impressive.
so
strenuous
Government of the Japanese
puppet-State of Manchukuo protested to the
Mongolian Government on
successive address the
every
were
the ordinary patriotic sentiments
people,
master in her
1936
reinforcements, whereupon the
A
by the Russian Government
Manchukuo's
«
campaign,
up extensive
made
was
The
the
April 4
Japanese retired.
doubt that
success.
the limitations
other matters.
are
In
a
brought
typical of dicta-
voting is concerned there
Chancellor Hitler
scite
are
highly effective, and
were
methods pursued and
up
Chronicle
and
.
Wednesday, when
Manchukuoan
armored trucks
several
troops,
and
aided
airplanes,
by
artillery,
were
tanks,
reported from
Moscow to have penetrated 28 miles into Outer
Mon-
golian
territory.
which
the
A pitched battle developed, in
Mongolians were worsted until they
Discount Rates of Foreign Central
rT1HE Bank of France increased
1
rate
on
March 28 from 3}4% to
had been in effect since Feb.
time it
was
lowered from
leading centers
are
4%.
its
Banks
discount rate
5%.
The 3J^%
6, 1936 at which
Present rates at the
shown in the table which follows:
Financial
Volume 142
CENTRAL BANKS
DISCOUNT RATES OF FOREIGN
•
Rate in
Date
vious
Established
Effect
Rate
Austria
3)4
Batavia
4
July
Belgium.,.
2
May
Bulgaria...
6
Canada
2H
4
Jan.
July
Jan.
5
Oct.
21 1935
Denmark..
3)4
Aug. 21 1935
England
2
June
Estonia....
5
4
Sept. 25 1934
Dec.
4 1934
France....
5
Mar.
Germany
4
Sept. 30 1932
Greece
7
Oct.
Holland..
2)4
Feb.
3
June 30 1932
Italy
5
Sept.
9 1935
July
3 1933
June
21935
Jugoslavia.
5
Feb.
1 1935
3)4
6)4
2 1934
7
Lithuania..
vakia
6
Jan.
3)4
Morocco
Norway
6)4
3X
May 28 1935
6
2)4
2)4
5)4
4)4
3)4
Finland
..
Poland....
5
7)4
30 1932
28 1936
13 1933
Changes
Switzerland
5
Portugal...
5
Dec.
13 1934
Rumania..
Dec.
7 1934
6
South Africa
4)4
3)4
May 15 1933
4
Spain
5
July
Sweden
2)4
2)4
Dec.
1 1933
3
May
2 1935
2
10 1935
6
5)4
5)4
French commercial
bills discounted
_.
b Bills
Note circulation
Credit current accts.
•
were
Friday of last week, and 9-16% for three-
on
mains
against 9-16% on Friday of last
call in Loudon on Friday was %%.
Reserve
market rate was raised on March 30
notes
in
foreign
further
total to
new
a
However,
high, £201,634,366.
as
this
bringing the total
A year
ago the Bank's gold holdings totaled £193,148,997.
Public deposits decreased £8,264,000 and other de¬
increase
latter amount,
£19,030,458 was an addition to bankers' accounts and
£1,510,700 to other accounts.
The ratio of reserves
to liabilities dropped sharply to 32.22% from 39.61%
posits
week ago;
a
on
last
the
the ratio was 41.17%.
year
Loans
Government securities increased £15,570,000
other securities
on
of
Of
£20,541,158.
rose
and
and
last
the
previous
£5,145,512,
securities, which fell off £2,128,498.
No change
record, as compared with
on
other assets
n
year
of 10,372,000
maturing obligations
made in the
Below
2% discount rate.
we
give
comparison of the current figures with previous
REICHSBANK'S COMPARATIVE
and in
fur¬
we
STATEMENT
Changes
for Week
Reichsmarks
Assets—
+24,000
Gold and bullion
Of which depos. abroad
No change
Reserve in foreign curr.
—75,000
Bills of exch. and checks
+ 605,344,000
—90,904,000
—1,561,000
+ 13,982,000
—4,320,000
+ 10,372,000
Notes
on
other Ger.bks.
Other assets.
COMPARATIVE STATEMENT
Below
years:
Investments
BANK OF ENGLAND'S
marks.
comparison of the different items for three
a
Advances
years:
marks,
marks, in other daily
of 94,623,000 marks
Silver and other coin...
was
a
An
3,674,630,000 marks.
in bills of exchange and checks of
other liabilities of 14,183,000
nish
Cir¬
to 4,277,485,000 marks.
aggregated 3,663,807,000 marks
605,344,000 marks, in advances of 13,982,000
The latter consists
£3,017,014.
up
year
appears
and
advances, which rose
discounts and
marks,
4,320,000
and
The Bank's reserve ratio which is now
a year ago
culation
circulation, reserves dropped off £6,283,000.
investments
and
and 6.7% two years ago. Notes in
circulation reveal an increase of 424,056,000 marks,
2.32%
expansion of £6,524,000 in note
attended by an
was
marks
1,561,000
1.80%, is the lowest
THE statementof £240,732 which again brings the
gain for the week ended April 1 shows a
silver and other coin,
banks
namely 75,000 marks, 90,904,000
record decreases,
respectively.
Bank of England Statement
currency,
German
other
on
marks,
234%.
marks
and 237,136,000 marks the previous/ year.
last year
as
at
The total of gold, which stands now
71,792,000 marks, compares with 80,824,000
on
5% from 3*/^% but in Switzerland the rate re¬
to
at
bills,
At Paris the open
a
24,000 marks.
Money
week.
Statement
THE statement for the last gold and of March
slight increase in quarter bullion of
shows
%,%
b Includes bills discounted abroad.
in France,
Bank of Germany
on
76.77%
80.29%
69.39%
—0.81%
Includes bills purchased
3
3 1936
IN LONDON open market discount rates for9-16@
Friday
9-16@^% as against short
months'
+ 1,125,000,000 12,051,640,117 4,169,709,304 6,198,319,125
No change
1,289,144,414 1,007,296,560 1,055,678,350
2,972,479,876
3,323,285,453 3,119,225,152
—48,000,000
+516,000,000 83,196,924,870 83,043,894,135 82,833,379,585
11,324,595,547 19,880,486,657 14,353,670,974
+412,000,000
Propor'n of gold on
hand to sight lian_
a
Foreign Money Rates
bills
Francs
Francs
—113.593,416 65,586,827,992 82,634,668,671 74,613,285,081
12,261,148
9,897,175
No change
7,266,843
.
bought abr'd
Adv. against securs.
4
May 23 1933
Oct. 25 1933
...
Gold holdings
Credit bals. abroad
27, 1936 Mar. 29, 1935 Mar. 30, 1934
Francs
Francs
a
4)4
Mar.
for Week
4.83
4)4
COMPARATIVE STATEMENT
OF FRANCE'S
BANK
3)4
3)4
4)4
3.65
Japan
Czechoslo¬
A comparison of
below:
48,000,000 francs.
4X
Java
'
m
5
1 1936
Danzig
3
Ireland
4)4
18 1933
3
India
Aug. 28 1935
Nov. 29 1935
mm
24 1935
4
Colombia..
4
7
Aug. 15 1935
Mar. 11 1935
Chile
Rate
Hungary-
4)4
2)4
1 1935
15 1935
loss of
a
the various items for three years appears
vious
Established
4
10 1935
July
Country
Date
Aprils
Effect
AprilS
Country
shows
Pre¬
Rate in
Pre¬
2215
Chronicle
Mar.
31,1936
Mar.
30,1935
Reichsmarks
Reichsmarks
Mar.
29,1934
Reichsmarks
237,136,000
80,824,000
71,792,000
71,557,000
21,818,000
20,264,000
8,086,000
4,250,000
5,435,000
4,255,650,000 3,806,806,000 3,233,883,000
169,965,000
91,901,000
166,168,000
3,913,000
4,151,000
1,532,000
144,471,000
66,027,000
55,921,000
681,277,000
756,628,000
656,371,000
510,869,000
605,086,000
623,693,000
Liabilities—
Notes in circulation
April 3
April 4
April 5
April 6
1935
April 1
1934
1933
1932
1936
Other daily matur.oblig.
Other liabilities
+424,056,000 4,277,485,000 3,663,807,000 3,674,630,000
547,416,000
921,636,000
767,519,000
+ 94,623,000
144,763,000
209,046,000
157,997,000
+ 14,183,000
Propor. of gold & for'n
curr.
Public deposits
Other deposits
Bankers' accounts. 102,647,914 109,673,882 110,883,859 109,598,886
Other accounts...
38,469,428 40,458,983 37,070,629 34,495,482
79,542,470
33,643,757
51,110,906
53,074,407
12,164,130
96,096,044 92,077,738 82,979,505
16,737,024 15,988,643 27,166,005
5,708,697 11,648,718
5,781,511
40,910,277
Securities
10,279,946 15,517,287
10,955,513
14,582,833
36,645,769
70,272,737 65,691,045
Reserve notes <fc coin
48,616,GOO 66,158,177
Coin and bullion
201,634,366 193,148,997 192,095,154 177,360,405 121,437,360
Proportion of reserve
29.74%
41.52%
to liabilities.
43.88%
41.17%
32.22%
3)4%
2%
Bank rate
2%
2%
2%
Governm't
securities
Other securities
95,874,996
24,691,126
Disct. & advances.
10,108,293
Bank of France Statement
THE statement for gold week ended 113,593,416
the holdings of March 27
shows
francs,
francs.
a
decline in
bringing the total down to 65,586,827,992
The
Bank's
gold
a
year
ago
aggregated
82,634,668,671 francs and two years ago 74,613,285,081
francs.
French
commercial bills
discounted
register
an
1,125,000,000
of
increase
creditor current accounts of
reserve
year,
ratio is
now
69.39%,
as
against 80.29% last
an
870 francs.
Circulation
a
year ago
stood at 83,043,-
894,135 francs and the year before at
francs.
The
item
of
advances
82,833,379,585
against
securities
2.32%
6.7%
Market
MONEY market minor scale that has becomeweek
the dealings in New York this
were
cus¬
on
There were no changes of
any kind in rates.
Bankers' bills and commercial
paper were in poor supply.
The Treasury sold last
Monday another issue of $50,000,000 discount bills
due in 273 days, and awards were made at an aver¬
tomary in recent years.
age
of 0.126%, computed on an annual bank discount
Call loans on the New York Stock Exchange
basis.
held at
or
new
for all
%% for all transactions, whether renewals
loans, while time loans were available at 1%
datings
up
to six months.
The comprehensive
by the New York
tabulation of brokers' loans made
Stock
Exchange revealed an increase of $72,573,474
during all of March, the total being $996,894,018 on
March 31.
New York Money
increase of 516,000,000
ing the total of notes outstanding up to 83,196,924,-
1.80%
New York Money
Notes in circu¬
francs, bring¬
and 76.77% the previous year.
lation record
francs and
The
412,000,000 francs.
—0.21%
to note circul'n
413,017,000 386,990,820 381,822,417 371,669,360 359,791,591
9,992,816
10,549,197 12,128,980 14,082,962
9,736,000
141,117,342 150,132,865 147,954,488 144,094,368 113,186,227
Circulation
Rates
DEALINGExchange from call loan rates on the
in detail with day today, % of 1%
Stock
remained the ruling
for
both
new
quotation all through the week
The market for
loans and renewals.
2216
Financial
time
money
shows no change,
having been reported this week.
quoted at 1% for all maturities.
commercial paper has been
The
supply of
has been much stronger.
choice
are
Trading in prime
fairly active this week.
Rates
Bankers'
*
.
Acceptances
been
a
dull affair this week. Few bilk have been
of the
American
75.06
Acceptance Council for bills
Saturday, March
Monday, March
Tuesday, March
141s.
%% bid and 5-16% asked.
28
Wednesday, April 1.
$35.00
35.00
35.00
Thursday, April 2..
Friday,
April 3.
35.00
British
As
The Federal Reserve banks' holdings of acceptances
remain unchanged at $4,674,000. Open market rates
especially
for acceptances are nominal in so far
created
the dealers
rates.
The nominal rates for open market acceptances are
follows:
as
SPOT DELIVERY
past
%
Bid
%
h
90 Days-—
Asked
Prime eligible bills
%
FOR
Eligible
DELIVERY
y*
M
——60 DaysAsked
%
H
%Ae
-30 Days
Bid
H
Bid
Asked
H
WITHIN THIRTY DAYS
member banks
Eligible non-member
—120 Days—
Bid
Asked
Asked
...
banks
......
Whatever
THERE have been no changes this week banks.
rediscount
Federal Reserve in the
rates of the
The
following is the schedule of rates
the
various
classes
of
paper
now
in effect
the
different
at
Reserve banks:
DISCOUNT RATES
OF FEDERAL RESERVE
Established
Rate
2
Feb.
8 1934
New York..
Feb.
2 1934
2
Philadelphia
Cleveland..
2
Jan.
IX
17 1936
May 11 1935
Richmond
2
May
9 1935
Atlanta
2
Jan.
14 1935
Chicago..
2
Jan.
19 1935
2
Jan.
3 1935
2
May 14 1935
Louis
Dallas
San Francisco..
May 10 1935
May
8 1935
Feb.
16 1934
2X
into the
Rhineland
exchange
market
would
almost
sterling
$4.97%
and
very
movement
in
result
on
prices
traffic
will
of
attain
had
the
Rhineland
however,
a more decidedly optimistic tone has begun
pervade London and the Continental markets, and
there are signs of lessening in the movement of funds
to
from the
away
Continent
public
various
financial
because
of
this
has
movement
less extent
of
several
European
been manifest to
during the past four
or
the
five
London,
a
greater
years.
London is reflected in the
imports and exports of gold.
year
fears.
war
political difficulties and
policies
excess
foreign
the
the
record
ease
Since the begin¬
of gold imports
over
money
volume
continued
of
buoyant
years, as
bank deposits,
of
tone
evidenced
the
and the long
London
security
market.
During the past few weeks the London security
has shown much hesitancy, but
currently
market
there is
a
resumption of activity though without the
enthusiasm
Until the
evident
prior
securities
Nevertheless it
is
German
the
to
Rhineland issue
coup.
is
fully resolved, public
will be
governed by caution.
offerings by industrial
for sterling this week
It
in London has been
of money rates in Lombard Street,
from
range
all in
are
Doubtless
interest in
The
ranged
current
help to maintain the firm trend
franc, which displayed great ease on Saturday
last, although the unit showed steady improvement
on.
at
tourist
soon
for several months.
by the great
entirely
transfers
$5.03%,
commercial account
on
is well known that
French
Monday
cable
exports has reached approximately £25,000,000.
The interest of the foreign
centers
York
offsets the firmness
measure
superabundant for the past three
not
funds,
New
favor
signs of confidence appeared in
insuperable difficulties.
when
ning of the
2X
2X
2X
2X
European centers that the German
of troops
some
the
by the flow of funds to London.
sterling and
2
exceptionally dull although toward the
middle of the week
the
to
The flow of money to
STERLING exchange continuesfluctuation.firm The
relatively
and
displays less pronounced
is
Swiss,
to support the
European
factors
British
Course of Sterling Exchange
market
of
Seasonal
2
2
.......
and
flow
a
sterling must be considered relatively firm.
2X
2
....
pound
strong quotations of
or
2
2
Minneapolis
Kansas City
Dutch
February,
but
2X
IX
the
nations continue the trend of funds toward
Previous
Boston
St
also
Nevertheless, the
Date
April 3
control operations
BANKS
Rate in
Effect on
in supporting
weakness
While present rates for the pound in terms of the
dollar do not correspond to the
the
Federal Reserve Bank
few weeks, the
incident of March 7 not
occurred, sterling and the
Continental currencies would now be firmer. As it
is,
Discount Rates of the Federal Reserve Banks
for
European
safety and
past month has been due largely
volume and should
X % bid
X % bid
.......
..........
was
35.00
all
active
is
market, which in
between
—150 Days
Bid
exchange
There
in
London for
during the
to
the
demand
control
French franc.
franc.
in
moved to
exchange
%% for bills running from 1 to 90 days, %% for
91- to 120-day bills, and 1% for 121- to 180day bills.
——180 Days
Bid
Asked
7Kd.
31
is
own
140s.
STATES (FEDERAL
$35.00
has shown in the
they continue to fix their
140s. 7d.
30
The bill-buying rate of the New York Reserve Bank
as
141s. 8d.
Thursday,
Friday,
140s. 8d.
funds
as
the
Prime eligible bills
Wednesday, April 1
April 2
April 3
Hd.
9Kd.
140s.
Sterling continued
markets
for five and six months,
as
75.11
75.12
LONDON OPEN MARKET GOLD PRICE
investment.
concerned,
...75.09
Thursday,
Friday,
75.09
Saturday, March 28
Monday, March 30
Tuesday, March 31
up to and including 90 days are 3-16% bid and %%
asked; for four months, %% bid and 3-16% asked;
are
Wednesday, April 1_
April 2
April 3
75.07
RESERVE BANK)
has
available, though the demand has been fairly strong
throughout the week. Rates are unchanged. Quota¬
tions
LONDON CHECK RATE ON PARIS
Saturday, March 28
Monday, March 30
Tuesday, March 31
PRICE PAID FOR GOLD BY THE UNITED
HTHE market for prime bankers' acceptances
1
MEAN
'
%% for extra
are
less known.
names
price, and the price paid for gold by the
United States:
now
running from four to six months and
names
1% for
Eates
April 4 1936
market gold
transactions
no
has increased and the demand
paper
Chronicle
worth
noting
that
concerns are
new
capital
again increasing,
has been between $4.94% and
$4.9634 for bankers'
sight bills, compared with a range of between $4.94%
favorable reception of the few offerings made
during
@$4.96% last week.
the
has
with
been
a
between
range
of
The
range
fqr cable transfers
$4.94% and $4.96%, compared
between
$4.94% and
$4.96%
a
week ago.
The
rate
Paris
the sponsors of such issues are
encouraged
This
crisis
fact
investors
precipitated
by
is
interpreted
are
reluctant to
present high levels, they
following tables give the
on
as
from
mean
day to day, the
London check
London
open
new
financing
which
appreciation in capital.
the
Rhineland
meaning
as
that
by the
action.
while
speculate in securities at
are
ready to participate in
offers
good
prospects
for
Financial
Volume 142
The
cheerful tone in the securities market
more
time is also due to some extent to the
at this
closure at the end of the month that the
whose fiscal year
ends
on
March 31, has managed
to record a
surplus of £3,000,000.
is small in
itself, it is regarded as
While the amount
marked gain in
the results of the public financial policies
contrast to
of
dis¬
Government,
a
Call money is abundant at
three-months' bills
two and
are
9-16%, four-
%%, and six-months' bills
bills
months'
Street continue easy.
%%. Treasury bills go at
in Lombard
Money rates
%% to
All the
gold
offer in the London market this
on
taken
was
for unknown destinations.
Much
of it is believed to have been for French account.
On
Saturday last there was available in the open market
£242,000, on Tuesday
£627,000, on Wednesday £188,000, on Thursday
£208,000, and on Friday £180,000. At the Port of
New York the gold movement for the week ended
£204,000,
April 1,
New
•*r*v
cite.
It
as
York,
was
rate
Between
Friday
stated that
for the
are
The laws of June 1928 established a
It is
this price that
on
as
of gold was
imports
of
on
It
was
off slightly from Friday's close.
was
$4.94%@$4.94%; cable transfers
$4.94%@$4.94%.
On Monday the tone of exchange
improved. The range was $4.94%@$4.95 for bankers'
sight and $4.95@$4.95% for cable transfers.
On
Bankers' sight was
$4.95@$4.95%; cable transfers $4.95%@$4.95%.
On Wednesday sterling was steady and showed an
Tuesday sterling was firmer.
The range was $4.95 %@ $4.96% for
improved tone.
bankers'
$4.95%@$4.96% for cable
Thursday the pound continued steady.
sight
transfers.
On
The range was
and
$4.95%@$4.96 for bankers' sight and
If
sterling
and
was
steady, the
range was
On Friday,
$4.95%@$4.95%
Closing
$4.95%@$4.95% for cable transfers.
quotations
on
Friday
were
$4.95% for cable transfers.
finished at
day bills
$4,953^ for demand and
Commercial sight bills
$4.95%, sixty-day bills at $4.94%, ninetyat $4.93%, documents for payment
(60
days) at $4.94%, and seven-day grain bills at $4.94%.
Cotton and
,
grain for payment closed at $4.95%.
Continental and Other Foreign
Exchange
FRENCH francs went off sharply gold Friday for
on point of
last week, touching the lower
export from Paris to New York, and on
last declined still further,
was
6.5834@6.58%.
outward movement
to New York.
Saturday
when the range for the day
It seemed as though a new
of gold would occur from I^aris
A shipment
amounting to $1,600,000
discount rate
the in¬
could effect the same
Bank of
the
France
really sets
of the unit in June, 1928 that
fixed price for gold
lower gold
a
point, it will be the first time since the
stabilization
the Bank has departed
and will leave the Bank of
from
a
The
Netherlands
fixed
buying and selling price for gold.
the
States authorities will
at
when
times
the
only central bank having
ship gold
on an
dollar touches
a
The United
exchange basis
the
lower gold
point only to a oentral bank having a fixed buying
and
selling price.
Consequently
on numerous occa¬
sions when the Swiss franc went well
above the gold
export point at New York, no gold was
Switzerland
no
$4.95%@$4.96% for cable transfers.
although
rates,
rates in Paris which followed the
money
result.
.
sight
be
not
actually made such a ruling,
commission
its
in
lifting of the
9-16% to 5-16%.
Bankers'
would
it
that
probably be made effective only through
increasing
Canadian exchange during the week was quoted at
Saturday last
ruled
equivalent to approximately 6.58%_cents.
could
it
On Friday there were
Referring to day-to-day rates sterling exchange on
had
If the Bank of France
held earmarked for foreign account.
discount of
reported from Paris that the
was
France
which is
crease
a
York.
the gold import point at New
banks have generally allowed the franc
ready to deliver gold for export to New York except
when the dollar rate in Paris reached 15.19 francs,
exports of the metal or change in gold
or
sell gold.
the 6.59 cent level has been
dip to 6.58% before making shipment on previous
-Bank
exports of the metal, or change in gold held ear¬
no
from
fixed price at
Bank of France must buy and
which the
On Thursday there were no imports
marked for foreign account.
dispatches
Monday Paris
and
heavily in order to prevent the dollar-franc rate
regarded
week ended
5%.
certain American bank offered dollars
a
Gold Held Earmarked for Foreign Account
figures
by
going to the gold point.
received at San Francisco from China.
or
steps,
Saturday last from 3%% to
on
movements.
above
It
Bank of
moral suasion and
that the
reported
3%% rate had been in effect since Feb. 6 1936.
The
However,
Note—We have been notified that approximately $139,000
the
against the franc.
pressure
taken
had
France
None
Decrease: $356,000
American Treasury
the
otherwise, to head off the gold movement. One measure was the increase in the Bank of
to
The
control,
confidently
also
was
$2,368,000 total
Wednesday.
triangular arrangement between the
a
exchange
Bank and offset the
Exports
Net Change in
move
any
in France.
Department and the Bank of France to support
$2,275,000 from Canada
93,000 from Russia
gold standard
reported from both Paris and London that
the middle of last week until Tuesday.
was
British
MARCH 26-APRIL 1, -INCL.
Imports
the
affect
would
vigorously? denied that
contemplated
from about
reported by the Federal Reserve Bank of
was as follows:
GOLD MOVEMENT AT NEW YORK,
Minister,
Government
French
which
the SS. Paris on
on
vmmmtr
w. nwr
At the same timef Marcel Regnier,
Finance
French
the
Monday
on
arranged to leave
i-.
r
Wednesday.
France
11-16%.
week
in fact
was
last there
countries.
other
2217
Chronicle
because
such fixed
price.
the
There is
shipped to
National Bank had
Swiss
an
that the United States Treasury
anomaly in this in
arbitrarily fixed the
point at which it will allow free export of gold without
regard to the level at which individual banks may be
able to make
shipments.
Following
to levels
the
change
in
the
rediscount
rate,
Tuesday, the franc moved up sharply
where it was no longer profitable to engage
especially
on
gold in Paris for shipment to New York.
The
present weakness of the franc is less related
to the
feeling aroused by the movement of German
troops
into the
Rhineland than to the
continued
unsatisfactory financial policies of the Government
and
to
a
generally accepted idea than the
elements will be successful in the elections on
and
May 26.
The
program
Leftist
April 2
of the Left parties is
alarming to economic and financial interests, and
although devaluation of the franc will probably not
2218
Financial
be advocated
openly to the electors, many fear that
demagogic policies of the Left parties (Socialist,
the
Communists
and
Radicals)
will make
devaluation
inevitable.
Some
and
of
of the
the
on
the
wisest financial advisers
Continent
disturbed
world
Bank of France would be
to preserve
measures
conditions, the
justified in taking strenuous
declaring
on
moratorium
virtual advocacy of either
gold
allying the franc
or
pound without establishing
lower valuation
a
by legislative enactment.
A
year
gold
and
substance
the
to
sterling
day the Belgian Government issued
a
the
of
28%
provisional
devaluation
definite devaluation.
devaluation
has
year
decree making
the
belga
a
The position is taken that the
provisionally in effect during the past
that the Belgian currency now
proved
corresponds
the requirements of the country's
According to figures quoted in Brussels
to
economic life.
toward
taken off
was
bloc, effecting in
28% devaluation of the unit. On Wednes¬
a
the
end
of the
month
1936
1%%.
Accordingly it is rumored that
rediscount rate from the present
has been in effect since Feb. 3.
The
gold holdings
of the Netherlands Bank had increased to
guilders
increase its
2%% level, which
713,600,000
March 31, while its ratio of gold to total
on
sight liabilities stood at 79.1%.
Bankers' sight on Amsterdam finished
67.90, against 67.89
transfers
sight
at
bills
on
on
Friday at
Friday of last week; cable
67.92, against 67.92; and commercial
at
67.89,
against
67.89.
Swiss
francs
32.59% for checks and at 32.60% for cable
transfers, against 32.59% and 32.61%.
Copen¬
hagen checks finished at 22.13 and cable transfers at
22.14, against 22.08 and 22.09.
Checks
on
Sweden
closed at 25.55 and cable transfers at
25.56, against
25.50 and 25.51; while checks on
Norway finished at
24.90 and cable transfers at
24.86.
24.91, against 24.85 and
Spanish pesetas closed at 13.65 for bankers'
sight bills and at 13.66 for cable transfers, against
13.65 and 13.66.
♦
and
interpreted by
Janssen, former Finance Minister and Pro¬
Albert
risen to
the Bank of The Netherlands
may soon
closed at
the Belgian currency
ago
linked
April 4
private discount rate dropped to %%-l%, but has
now
its present gold holdings intact.
a
a
London
political
This advice amounts to
to the
in
advocating that in view
are
Chronicle
E'XCHANGE on the South American countries
for the
part in sympathy with
j
most
moves
fessor of Economics at Lou vain
sterling-dollar exchange.
of
steady improvement in economic conditions.
University the shift
Belgium from the gold bloc to the sterling bloc
proved profitable. "The entire sterling group to
which
we
belong," he said, "has reconquered its
now
economic situation of
1929, while gold bloc countries
keep the lowest index of production
following table shows the relation of the leading
currencies still on gold to the United States dollar:
New Dollar
Parity
France
(franc)
Range
Parity
3.92
This Week
6.63
13.90
Belgium (belga)
Italy (lira)
16.95
5.26
6.58^ to
16.89
8.91
.
Dr.
6.61
to 16.97
7.92^ to
7.94
Switzerland (franc)
19.30
'32.67
32.51
to 32.66
Holland (guilder)
40.20
68.06
67.64
Ernesto
Central Bank of
Bosch,
at
of
The
of
a
new
period
unprecedented solidity
annual report of
that in the first
Re¬
the
Argentine banking system has
state
a
liquidity.
President
Argentina, stated that after
of critical years the
arrived
.
The
Old Dollar
cently
All these countries show
seven
the
and
Bank stated
months of the Central Bank's
operation, May 31 to Dec. 31 1935, cash holdings of
all banks in Argentina increased from
12.5% to
24.7% of deposits. Dr. Bosch pointed out that this
to 68.06
amount is far in
banking
new
The London check rate
at
75.12, against 75.04
New York
at
sight bills
on
Paris closed
on
Friday
Friday of last week.
Friday of last week; cable
6.593^8, against 6.59; and commercial
at
on
sight bills at 6.56%, against 6.56.
closed
Antwerp belgas
16.91% for bankers' sight bills and at
cable transfers, against 16.91% and
at
16.92%
16.92%.
40.27
Final quotations for Berlin
for
bankers'
transfers,
in
marks
were
sight bills ahd 40.28 for cable
with
comparison
40.22
and
40.23.
Italian lire closed at 7.91 for bankers'
sight bills and
at 7.92 for cable
transfers, against 7.95 and 7.96.
Austrain schillings
exchange
on
Bucharest
18.85,
closed at
18.75, against
18.75;
Czechoslovakia at 4.14, against 4.13%;
on
at
against
0.76, against 0.75;
18.85;
against 2.19.
and
on
Poland at
on
Finland at
2.19%,
Greek exchange closed at 0.93% for
bankers' sight bills and at 0.94% for cable
position
In
the French center finished
on
6.58%, against 6.58
transfers
on
transfers,
against 0.93% and 0.94%.
excess
laws
common
Argentine
in
paper
times
trends
war
dinavian currencies
move
in strict relation to
The Swiss franc and the Holland
to
the
ease
guilder
sterling.
inclined
are
in sympathy with the French franc.
While
position of the guilder is greatly improved,
reflected in the statements of the Netherlands
the
weakness
outflow
of
London
has
Amsterdam
of the
Dutch
resulted
money
French franc
funds
in
to
both
renewed
market.
and
New
the
firmness
the
greatest
closed
on
reserve
prosperity.
Friday, official
quotations, at 33.03 for bankers' sight bills, against
on
Friday of last week; cable transfers at 33%,
against 33.00.
was
rates,
cable
or
The unofficial
27.60, against 27%.
are
or
free
market
close
Brazilian milreis, official
8% for bankers' sight bills and 8.45 for
transfers, against 8% and 8.48.
free market close
was
The unofficial
5.65, against 5.70.
Chilean
exchange is nominally quoted at 5.19, against 5.19.
Peru is nominal at
24.95, against 24.95.
*—
EXCHANGE
sents
units
no
move
onfeatures of Eastern countries these
the Far importance. All pre¬
new
in
relation
to
sterling.
The
Japanese
business situation is only slowly
recovering from the
fears
created
by the political assassinations of
Feb. 26.
Business and markets
are
disturbed there
by reports that the Government will increase
28.90, against 28.86
taxes
yen a year.
yen
checks yesterday
were
Friday of last week. Hong¬
kong closed at 32%@32.90, against 32%; Shanghai
on
at
30@30%, against 30%@30%; Manila at 50%,
50%; Singapore at 58.30, against 58.15;
Bombay at 37.47, against 37.41; and Calcutta at
against
37.47, against 37.41.
Bank,
Gold Bullion in European Banks
steady
York
A few weeks
as
exceeds
of
33.00
Closing quotations for
EXCHANGE on the countries neutral during the
follows
long apparent.
The Scan¬
legal minimum under the
even
pesos
by fully 350,000,000
♦—
of
and
in
ago
and
the
THE following table indicates the amount of gold
bullion (converted into pounds
sterling at
the
of
par
exchange) in the principal European banks
as
of
Financial
Volume 142
April 2 1936, together with comparisons as
2219
Chronicle
of the
recognized "the need under emergency
less
corresponding dates in the previous four years:
industry," but it neverthe¬
voluntary agreements in
condi¬
production control when necessary to pre¬
destruction of socially useful values." The "re¬
tions of
1936
1935
1934
1933
1932
£
Banks of-~
£
£
£
£
vent
England...
201,634,366
193,148,997
192,095,154
177,360,405
121,437,360
France
a...
524,694,624
596,906,280
643,270,900
614,287,957
Germany b.
2,576,400
90,117,000
42,575,000
661,077,341
2,959,050
90,766,000
62,987,000
9,892,200
90,482,000
76,843,000
40,702,150
88,779,000
57,434,000
67,718,000
66,555,000
64,814,000
16,094,000
7,395,000
6,582,000
65,711,000
77,082,000
65,352,000
14,705,000
7,398,000
6,574,000'
34,469,400
90,362,000
66,780,000
79,061,000
76,222,000
88,805,000
12,129,000
7,398,000
8,280,000
Spain
Italy
Neth'Iands.
Denmark..
58,057,000
94,722,000
48,145,000
23,893,000
6,554,000
Norway...
6,602,000
Nat. Belg-
Switzerland
Sweden....
1,099,570,390 1,240,097,388 1,203,040,634
Total week.
Frev. week. 1,100,908,205
1,284,237,705 1,159,493,467
1,246,981,344 1,203,720,035 1,279,972,452
These are the gold holdings
a
73,013,000
71,777,000
66,030,000
11,440,000
8,032,000
6,561,000
1,173,837,02
of the Bank of France as reported in the new form
Bank of Germany are exclusive of goldiheld
b Gold holdings of the
of statement,
spective fields of State and
Federal authority" in
regard to wages and hours should be maintained,
but the committee advocated "a minimum wage,
payment of substantial overtime rates for hours
in excess of a reasonable work week, as
and
worked
advisable
wage-earners'
increase
to
make for re-employment." It further
"proper recognition should be given
need for curbing those unfair competitive
and
power
believed that
the
to
is £1,011,000.
abroad, the amount of which the present year
practices which are destructive of the
in the maintenance of
The Berry
If
Council and the Labor Vote
has
there
been
any
doubt of the purpose of
much as pos¬
President Roosevelt to re-establish as
sible of the essential principles and methods of the
^National Recovery Administration, and at the same
appeal to the labor vote in support of his
time to
suffice
policies, two events of the past week should
to
Acting under authority given by the
dispel it.
April 8,
1935, President Roosevelt, in an Executive order
made public on Monday, continued indefinitely the
Emergency Relief Appropriation Act of
of
office
Coordinator
which has been held
for
Industrial
Cooperation
by Major Geotge L. Berry.
On
being,
by virtue of his office, chairman of the Council for
Industrial Progress which was created last fall, is
also president of the Printing Pressmen's Union, an
Wednesday Major Berry, who in addition to
affiliate of the American Federation
nounced the formation of an
of Labor,
organization known as
of which is "to
and to meet
on
the political field the
efforts of the
reactionary and defeatist elements who
defeat of the President."
200 members of whom about
resentatives of
after
are rep¬
organized labor, was formed last fall
stormy conference at
a
one-fourth
Washington in which
refused to take
part. The underlying purpose in forming the Coun¬
cil was generally understood to be to salvage as
much as possible of the government control of in¬
dustry which had been established by the National
many
large industrial organizations
Industrial Recovery
Act, but to avoid the features
Supreme Court had condemned.. In spite
of internal dissension and much outspoken criticism.
which the
of William
Green, president of the American Federation of
Labor, in organizing the Council, and in March a
series of committee reports embodying the Coun¬
Major Berry succeeded, with the help
cil's recommendations were
dent and extended
submitted to the Presil
present session of Congress, but the
merit careful attention as
Mr.
an
reports them¬
indication of
if
Roosevelt, with the aid of Labor's Nonpartisan
what may
be in store for business and industry
League, is re-elected in November.
The first of the seven reports to be made public,
that of
a
Committee
on
Industrial Policy, dealt in
and
and trade practices. The committee declared
general terms with production control, hours
wages,
its belief in "an economy
of abundance" and thought
"attempt to solve un¬
it "unwise and ineffective" to
production, whether
accomplished through
employment by limitation of
imposed by government
or
The establish¬
council,
representing industry, labor and the public, was rec¬
ommended for "a continuing study of national in¬
unemployment.
come" and its relation to
report recommended the
Another
creation of an
to take over the quasi-judicial
of the Federal Trade Commission, its spe¬
independent body
functions
trade and
appeal to the
courts, the agreements themselves to be free of mo¬
nopoly features and without prejudice to the right
of collective bargaining. It was further suggested
cial business
industrial
being to deal with voluntary
subject to
agreements,
that the anti-trust laws be
practices
loss-leader selling, selling below cost,
cutting and improper working
as
destructive
amended to prohibit such
price
conditions.
Still another report,
of
after pointing out the effect
long hours, inadequate wages
and child labor in
creating unfair competition in interstate commerce
and
operating to the detriment of the general
of
a
wel¬
the creation
shall, after findings, have
industry and the Nation, urged
fare of
commission "which
paid by each of the several
rate to be
industries, the commis¬
sion
determine the field covered by
to
each indus¬
maximum
try." A second commission would fix the
number of hours per
week to be worked in each in¬
dustry, with the proviso that if
the number of hours
worked was greater than the number
fixed by the commission, an adjustment of wages
should be made so that earnings should not be re¬
previously
A third commission was
duced.
late
"the minimum age at
employed
in
commerce,
proposed to regu¬
which children may be
manufacturing, mines or
agriculture."
In
a
March 20 the Council
its conclusions regarding
committee report on
elaborated
"conscious
still
further
control
of
the economic
system," al¬
though it sought to avoid the difficulty
the National
into which
Recovery Administration fell by pro¬
•
quotations and summaries were
given to the press. It seems unlikely that bills giving
effect to the recommendations will be offered at the
selves
of goods."
permanent advisory economic
a
authority to determine a minimum wage
Progress, a body with
The Council for Industrial
some
seek the
of
ment
public interest
free and open market for
a
the sale and distribution
an¬
Nonpartisan League, the declared purpose
enter into the campaign vigorously
Labor's
purchasing
viding that control should be exercised
"through
without any delegation of
power to the administrative branch of the Govern¬
ment." The program offered included protection of
legislative
the
enactment
American market
labor
for American products and
by "quantitative limitations on imports,
ade¬
protection, effective anti-dumping or
necessary legislation;" minimum wage regu¬
extending to intrastate as well as interstate
quate tariff
other
lation
commerce,
with wages above the minimum "strongly
guarded through collective bargainingapplication
to both intrastate and interstate transactions of
"minimum
some
prices, regulation of discounts and, in
instances, price mantenance," but "wthout
herence to
a
ad¬
rigid formulapermission to trade as¬
sociations, under "well defined limitations and rep-
2220
Financial
resentative
but
control," to enforce fair trade practices,
countenancing combinations in re¬
trade; a study of technological unemploy¬
without
straint of
ment with
view,
a
among other
things, to ascertain¬
ing whether the speed of industrial mechanization
be
can
controlled; and such control of corporations
would meet the evils of concentration of wealth
as
and power
of
"a
better
a
in
more
a
few hands and insure the objectives
distribution of income and
equitable
balance
between
production
and
con¬
'
sumption."
Chronicle
labor vote
reports, it is gratifying to note, took
strong ground against government competition with
reports,
How
necessarily
increases
while
growth of bureaucracy.
government
expenditures
decreasing tax revenues, and it operates to dry
the
up
a
of government income.
sources
Once
em¬
barked upon this
course, the government is placed
in the difficult position of
having either to absorb
the
functions of
private enterprise which its
petition has destroyed,
com¬
of withdrawing completely
private activity. With¬
or
from the devitalized fields of
drawal
is
always difficult because of the human
equation operating through the entirely natural de¬
sire of government
employees to continue to hold
their
jobs.
to
seem
be
valid.
labor will be
to
summons
that the
organized
resents
unorganized, is expected to stand
or
nothing less than
port
on
industry which the committee
government
competition
condemned.
The New German Peace Proposals
The
reply of the German Government to the
orandum
of
the
Locarno
Rhineland occupation
Powers
which Ambassador
bentrop handed to the British Government
day is in many respects
Under normal economic
con¬
ditions government
on
tion.
It follows this
by asking the Powers pointedly
whether they really desire
peace in
Europe, and, if
they do, what kind of peace they have in mind and
in what way
do they wish to
see
it attained.
thus cleared the
ground and stated the
the
larger question
other Powers
There
is
tween the
contributes to
difference
Having
decision in the Schechter
emphasis
which
in
principle be¬
Supreme Court
administered
a
rebuff.
voluntary agreements through
be exercised does not mark a
upon
control
case
recom¬
may
radical
divergence from the former scheme, for the
of the earlier
plan were theoretically volun¬
codes
tary, and the country has not forgotten the high
pressure methods which turned "voluntary" compli¬
ance
into enforced
acceptance.
The suggestion that
the scheme should be set
up by legislation, without
delegation of authority to the Executive, would not
in practice be much of a
protection against Execu¬
tive fiat, for,every law has to be
administered, and
as
long
as no
attempt
tive power to the
practically
and
as
was
free
a
hand
applying the statute.
tives, in short,
made to delegate legisla¬
Executive, the latter would have
are
as
before in
interpreting
All the old major objec¬
here: Federal determination of
of peace
general prob¬
the
as
them, and elaborates in detail the
are
ready to cooperate.
in the
new
reasons
that
Powers
proposed, but the
has
case
some
fact that
the
Germany
novelty.
of putting the
manner
Attention is called to the
on
armistice
of
1918 was concluded by
the basis of Wilson's fourteen points,
which "did not contemplate in
any manner the limi¬
tation
of
German
sovereignty in the Rhineland."
The demilitarization
provisions of the Treaty of Ver¬
sailles, accordingly,
were
made to
assurance
ment
back
to
"based
them
was
force."
treaty, the note continues,
effect,
was
German
clared
a
was
If
breach of
as
late
the
dictated,
the Treaty of Locarno.
Government,
its
on
Germany, and the sole legal
as
so
with
corporate
government
added
a
visions
well
as
organization and management the
may
direct
adjudge
necessary.
To these is
challenge to the Constitution in
pro¬
extending Federal control to intrastate
as
interstate transactions.
It is not to be supposed that President Roosevelt
would have extended
of office if he did
indefinitely Major Berry's term
not, in the main at least,
the recommendations of these
When
approve
Council committees.
Major Berry, accordingly, launches a Labor's
Nonpartisan League and undertakes to marshal the
also, in
May 21, 1935, de¬
to "observe all the obligations
arising out of the Locarno treaty as long as the
other
The
purpose
parties to the treaty
Franco-Soviet
are
military
willing to keep it."
treaty,
however, de¬
prived the Locarno treaty of its legal as well as its
political basis, and the German Government cannot
since that
bargaining,
price fixing wherever it is thought desirable, restric¬
tion of output to conserve
"socially useful values,"
redistribution of income, and whatever interference
argu¬
Nevertheless the
undertake to submit the issue to the World
collective
an
Versailles
ing conditions,
for
are
given for refusing acceptance of what the Locarno
minimum wages, maximum hours and
proper work¬
support
issue
German
Germany is willing to follow if the
There is little that is
larger part of what these reports
mend and the system to which the
The
the
sees
which
course
socialized industry."
essential
no
and
It
briefly the reasons for so
doing, but the refusal, although frank and unequivo¬
cal, is couched in language of unexpected modera¬
established
a
Tues¬
remarkable document.
a
Powers made, and reviews
Government
profit system,
the
Rib-
von
definitely rejects the proposals which the Locarno
competition with private enter¬
prise is conducive to the destruction of the Nation's
development of
mem¬
regarding
and
supplant them.
re¬
unhesitatingly
lem, it proceeds to discuss both the Rhineland
.
rep¬
long step in the direction
a
not to
.
an¬
but it will hardly escape
platform on which labor, whether
The government's function is to pro¬
tect and promote economic activities of its
citizens,
.
re¬
that the program of
the assumption would
generally the
notice
declared, "except in situations where the public wel¬
can
only thus be served, is wholly destructive.
cultivates
assumes
swered remains to be
seen,
fare
and
of President Roosevelt's
the Council is
acceptable to labor. As labor leaders
had full voice in the
preparation of the committee
private business. "The intrusion of government into
competition with private enterprises," this report
It
in support
election, he by inference
of the socialized
One of the
It invites
April 4 1936
in
body, "in the most favorable
case,
position to judge the legal aspects of
a
but in
pects."
A further
fact that
arrived
of the
circumstances
no
the
at
a
reason
Council
decision
question."
whatever its
Court,
is only
a measure,
political
as¬
for refusal is found in the
of
the League "has
already
prejudicing legal judgment
(
Turning to the military side of the situation, the
note declares that
Germany "has no intention of
ever
attacking France
or
Belgium," and points to
the "colossal armaments and
of France
on
enormous
fortresses"
its eastern frontier to show that such
attack would be "senseless."
Germany cannot,
therefore, understand why immediate conferences of
an
the
general staffs of the Locarno signatories should
Financial
Volume 142
be desired
by France. It accordingly propounds two
2221
Chronicle
signatories, and France has been assured of British
questions. Is the goal of European diplomacy to be
"that division of Europe which has already shown
support if it suffers a German attack.
itself to be unsuitable for any
lasting guarantee of
of
division of European nations into those
or less rights, into honorable and dishon¬
nations of free or fettered peoples," or "are
is
a
peace,
with
more
orable
the Governments of
forts toward
Europe going to direct their ef¬
achieving at all costs a really construc¬
tive state of affairs among
thus
and
arrive
at
a
the nations of Europe,
lasting and
secure
form of
The elaborate
proposals which follow these ques¬
tions, set out under 19 heads, are in part a restate¬
ment
of the peace
plans for Western and Eastern
Chancellor Hitler had already an¬
Europe which
nounced, and in part a series of offers for dealing
with the immediate situation.
Briefly, Germany
four-months' period during which it un¬
proposes a
dertakes
land
ing broken the Versailles treaty and the Locarno
troops in the Rhine-
would be observed if the Hitler Government saw
to scrap
prominently in the discussion of the question by
representing England, Italy and a third
disinterested Power to see that these assurances are
A novel
observed.
M.
Flandin, Foreign Minister.
proposal, designed, the note de¬
conjure with, and the apparent disposition in
to
England to accept Germany's action as inevitable
and seek
of
settlement of centuries-old vari¬
to
themselves
education
that in the
see
of young
people in both countries, as well as in publications,
a
Covenant, raises a question whether
the
also does
not
Germany's
with
sympathize
course.
It
was
at
once
pointed out, moreover, that while
memorandum
German
the
promises that the Ger¬
forces in the Rhineland shall not be
man
from
reconciliatory
is
League and bound by the prescrip¬
member of the
the
ance," calls upon Germany and France to "pledge
exceedingly irri¬
basis of security is
League sanctions, notwithstanding that Italy
clares, to stamp the 25-year non-aggression pact in
a
a new
The persistent refusal of Italy to recognize
tating.
the
West, previously offered, "with the character of
To the French offi¬
mind, "the sanctity of treaties" is something
cial
Italy
commission
fit:
The point is particularly urged in
them?
France, where a legalistic view of the matter stands
French frontiers, provided Belgium and
similarly," and the creation of a
or
treaties that might now be concluded
that any new
tions
France will "act
thinking
pact, what reason, it is asked, is there for
the troops now there any closer to the
or move
Belgian
to reinforce its
not
of acceptance, while
way
unequal weight, cannot be overlooked. At bottom
a marked distrust of Germany's good faith.
Hav¬
out
peace?"
in the
The difficulties
increased,'
promise is contingent upon similar assurances
not
Belgium and France, and in any case does
prevent Germany from erecting, or starting to
erect, fortifications in
the Rhineland during the
of negotiation. The
proposed four-months' period
fact, however, that English criticism of the memo¬
was at once directed at this point suggested
everything is avoided which might be calculated to
randum
poison the relationship between the two peoples,
whether it be the adoption of a derogatory attitude
that the interested Governments had here a
or
a
ence
contemptuous attitude or improper interfer¬
in the internal affairs of the other
the execution of the
country,"
pledge to be overseen by a joint
commission of the two Powers to be established
at
Geneva, and the pledge itself ratified "by means of
a
plebiscite of the two nations themselves."
doubtful if
history records any
It is
similar example of
attempt to bind two governments in an under¬
an
bargain¬
which Hitler might be disposed to
ing point on
If yesterday's report is correct, however, the
yield.
desired
assurance
would
ance
have
has been refused.
been, perhaps,
Such
an assur¬
relatively small
a
concession, but its importance as an evidence of good
faith would have been very great,
conceded it will be
either
man
since unless it is
exceedingly difficult to convince
England, France or Belgium that the Ger¬
offer is as frank and open as on its face
peace
taking to cultivate in each country an attitude of
it appears
respect for the other as a means of eradicating an¬
of
cient enmities.
garded, the suspicion is a fact which cannot be dis¬
If Chancellor Hitler
would be at
diplomacy is
posed of merely by denying its reasonableness, and
anything which tends to confirm it will weigh heav¬
The immediate effect of the German
France
and
England.
controlled Paris press was
The
Government-
particularly violent, the
widely circulated "Petit Parisien" declaring that "in
Back
this
all
of
German
is
the
realization that
and not Great Britain
dictated
a
new
and France, that
European settlement.
cuss
the
German
that
Germany has taken the lead.
hypocrisy and false sentiments the
memorandum surpasses anything imagin-
able." The London
"Times,"
on
the other hand, while
will have
Even to dis¬
proposals seriously will be to recognize
rebuff
bitter
if the
proposals are accepted, it will be Germany,
impertinence,
•
re¬
ily against Germany in efforts to reach a settlement.
was
reply was to accentuate still more sharply the rift
between
suspicion with which its
doomed to dis¬
accepted, he
once
appointment.
expected that his proposals
the
to be. Whatever Germany itself may think
to
France to
It would be
a
find the leadership of
the Continent taken out of its hands
recognizing the difficulties in the way of negotia¬
diplomacy
tions, hailed the memorandum as offering a basis
by
of
agreement that would avert another war. "Little
whelmingly defeated in a great war, and relegated
if
anything in his (Hitler's) long-range peace pros¬
pectus," it declared, "is impracticable, and all of
it answers the deep longing of peoples who, despite
•
themselves, have been moving along a road which
they have
no
wish to tread. It is attainable and it
even
this strong expression
public opinion
did not lead to any
must be attained."
of
favorable
Yet
a
by
a
on
Power which, only a few years ago, was over¬
peace
treaty to what was expected to be a
position of permanent inferiority.
such
a
shuffling of the diplomatic cards.
about the
underlying aims of European diplomacy
of the British,
Belgian staffs have been continued,
Italy being left out for the time-being because of its
termination
for
a
consultation
and
dissent from the
original proposals of the Locarno
There is
difficulty, accordingly, in understanding the ex¬
treme irritation which Hitler's pointed questions
friendly gesture on the part of the Cabinet, and
preparations
cer¬
no
have occasioned at Paris and
French
It would
tainly not be easy for Great Britain to acquiesce in
that would redound to
What will
upon
London, and the de¬
in French circles to avoid
any
action
Germany's prestige.
happen seems to depend for the moment
the success of the British efforts to mollify
2222
the
to
Financial
resentment
consent
to
of
France
induce
and
negotiations.
There
the
Chronicle
French
more
difficult, and the consultations
are
adverse to
Bell
position
a
European diplomacy to
the London
must be
"Times," that
attained,
of the
Thursday's
in
a
the
rally
strength
in
in
bond
prices,
medium
to
lower
which
was
most noticeably felt
grades of rail
bonds.
issues for the most part closed with net
on
Friday, after having declined
since the
February high.
on
These
a
generally
United
and
States
governments
part unchanged.
low
show
4s, 1998, gained
mod¬
Italian
MOODY'S
(Based
U. S.
1936
Daily i
120
Oovl.
Domes¬
Bonds
BOND
on
**
Corp.*
Cement
A
4
new
high
was
issues
made
due
given in the
are
120 Domestic
Corporate* by Groups
All
1936
coal
companies
lost ground,
this latter
but
group
were
irregular, but
achieved
4-point
a
made by Allis-Chalmers
conv.
as a
of
French governments
unsteadiness
a
point
of
the
two.
or
franc.
Japanese
result of continued Manchurian
tic
and
bond
on
yield averages
YIELD
AVERAGESt
Individual Closing Prices)
120 Domestic Corporate
by Ratings
120 Domestic
Domes¬
Averages
Indus.
120
Daily
P. U.
more
9 points
following tables;
(Based
RR
In
1915,
to
gains
MOODY'S BOND
Baa
strong.
as
high-grade loans
of
generally
4s,
conv.
5. points,
or
PRICESf
by Ratings
time
Building company obligations
Average Yields)
Aa
steels
upon
mhch
as
bonds
Moody's computed bond prices
Lower-grade railroad
120 Domestic Corporate*
Aaa
and
desultory
a
attention
rose
same
The
amusements
issues have been weak
tic
Averages
dull.
in
Later on, however,
conflicts.
% to 100%; New York Central
%, closing at 98%.
firm
week
Foreign bonds have been irregular.
Chicago Burlington & Quincy 4s,
%, closing at 112%; New York Lackawanna &
Western 4sL 1973, advanced
New
from 100 to 96 occurred.
most
price improvement.
1958, lost
116%.
declined
to
Philadelphia
Lower-grade issues
4s, 1945, which added 6% points, closing at
139%.
A pre¬
cipitous drop of the Baldwin Locomotive
6s, 1938 (vv. w.)
-
High-grade railroad bonds have continued
erate
the
were
gain to 138.
The high-
for
were
lower, and
International
Other speculative bonds likewise
recorded gains, but in more moderate
proportions.
grade
new
the
focused
spurts, while at the
at
rail
gains for the week
Tuesday to
106%;
American Rolling Mill con v.
4%s, 1945, were a feature, ad¬
vancing 2 points to 121%.
Interest was also attracted to
Republic Steel 4%s, 1950, which gained 1%
points, closing
coincident
was
stocks
in sudden
moved
the stock market,
to
the rule.
continued
present chaos.
rise in
to 90;
%.
up
"
opened
with minor changes
renewed
The Course of the Bond Market
with
were
because of special developments.
obligations
metals
ance
%
rose
speculative bonds, some of which
continu¬
a
weak
were
manner,
is attainable and
peace
68,
Industrial
It is for
whether it prefers
or
3%s, 1970,
serial notes of Iowa Electric Co.
whether it believes, with
say
4%s, 1963, ad¬
financing consisted only of $3,750,000 4s, 1961, and $1,040,000
disregard of the Treaty of St. Germain, and re¬
ported military activities on the part of the Little
further disturbing factors.
Telephone
2 to
military conscription by Austria
in
are
Central jt.
also
if, as seems possible, the resistance
Ethiopia to the Italian invasion shortly collapses.
Entente,
Illinois
Southern Pacific 4%s, 1968, rose %
displayed moderate recovery, although International
Hydro-Electric 6s, 1944, which lost 10% points, closing at
46, and New England Gas
Electric 5s, 1948, which declined
Germany, and its influence will be still
The restoration of
week.
loadings forecast
car
substantial gains during the
Electric 4s, 1971, closed at
106%, up %.
further weakened
of
2 to 80;
1936
After some days of softness
prime utility issues recovered.
Consumers Power 3%s, 1965, at 108% were
up %; Illinois
no
position to mediate between the
a
The League has already taken
quarter,
Kansas City Southern 5s, 1950, at 86%
not likely to make
conciliatory. Unhappily, there is
neutral Power in
parties.
next
vanced
military general staffs
Germany
showed
the
latter part of the
suggestions in the German memorandum which will
make French assent
of the
the favorable
for
provocative
are
April 4
bonds, encouraged by
tt
Corporate by Groups
30
For
Aaa
Aa
A
Baa
RR.
P
U
Indus
igns
3— 109.64
110.23
121.60
117.63
108.57
106.25
108.21
116.62
2.. 109.62
110.23
121.38
117.63
108.57
3..
4.16
95.93
3.59
106.42
3.78
108.21
4.25
116.42
5.01
4.38
110.05
121.38
117.84
108.57
2—
95.48
3.60
105.89
*4.16
4.27
1— 109.58
Apr
3.78
108.21
4.25
116.62
5.01
4.37
1—
4.17
4.27
3.84
3.60
3.77
4.25
t
5.04
4.40
4.27
3.83
t
3.83
t
Mar.31__ 109.56
30-
110.05
121.17
117.63
95.93
Apr.
A'
108.75
95.18
105.72
108.03
116.62
Mar.31„
108.57
4.17
95.33
3.61
105.72
108.03
3.78
4.24
116.42
5.06
4.41
30-
4.18
4.28
3.61
3.79
4.25
5.05
4.41
3.83
4.28
109.60
109.86
121.17
117.43
28.. 109.58
110.05
121.17
117.43
108.57
95.48
105.89
108.03
116.42
27- 109.66
110.05
121.17
28..
117.43
4.17
108*75
95.63
3.61
106.07
108.03
3.79
4.25
116.42
5.04
4.40
121.17
117.63
4.17
108.75
95.78
3.61
3.84
110.23
27-
4.28
26- 109.73
106.25
3.79
108.21
4.24
116.42
5.03
4.39
26-
4.28
4.16
3.61
3.84
3.78
4.24
5.02
4.38
3.84
5.83
t
t
5.85
25- 109.57
110.23
121.17
117.63
108.75
95.78
106.07
108.21
116.62
121.17
117.63
108.94
4.16
95.93
3.61
106.25
108.21
3.78
4.24
t
110.23
25-
3.84
24- 109.56
116.62
5.02
4.39
121.17
117.63
108.94
4.16
95.63
3.61
3.83
110.23
24-
4.27
23- 109.50
106.07
108.21
3.78
4.23
116.62
5.01
4.38
23-
4.16
4.27
3.61
3.83
t
t
4.27
121.38
117.63
109.94
95.48
106.07
108.21
3.78
4.23
116.82
5.03
4.39
110.23
21-
4.27
20- 109.51
121.38
117.84
4.16
108.94
95.48
3.60
3.78
106.07
108.39
4.23
116.62
5.04
4.39
110.42
121.17
117.84
4.16
3.82
109.39
20-
4.27
19-
109.12
96.08
3.60
106.78
3.77
108.21
4.23
116.42
5.04
4.39
110.42
120.96
117.84
109.12
4.15
3.83
18- 109.34
19-
4.26
96.08
3.61
3.77
108.21
116.42
5.00
4.35
120.96
118.04
4.15
108.94
96.23
3.62
3.84
110.42
18-
4.27
17- 109.35
106.78
108.39
3.77
4.22
116.42
5.00
4.35
117.84
108.75
95.93
3.62
106.42
3.76
5.90
120.75
4.15
3.84
110.23
17—
4.27
16-
108.21
116.22
4.23
4.99
4.35
120.96
117.63
108.75
96.08
3.63
5.93
110.23
4.16
3.84
14.. 109.21
16..
4.26
106.60
3.77
108.21
4.24
116.22
5.01
4.37
117.63
108.75
95.63
3.62
106.07
108.03
3.78
5.95
120.75
4.16
3.85
110.05
14-
4.27
13- 109.11
4.24
116.22
5.00
4.36
110.42
120.75
117.84
13-
4.27
12-
109.12
4.17
3.63
3.78
4.24
5.03
4.39
4.15
4.28
3.63
3.85
3.77
5.94
4.22
4.98
4.33
4.26
3.85
6.90
4.26
3.84
6.86
21- 109.48
1110-
109.23
109.24
110.23
106.78
96.39
107.14
108.39
116.22
12-
4.22
109.31
110.79
120.96
117.84
109.31
97.16
107.85
108.39
116.42
109.34
110.79
11-
121.38
118.04
109 12
4.13
96 85
3.62
107.49
3.77
108.39
4.21
116.62
4.93
4.29
10-
4.13
3.60
3.76
4.22
4.95
4.31
9.. 109.30
3.83
.
3.85
t
t
5.80
5.86
5.95
120.96
118.04
107.67
108.39
121.17
118.04
109.49
4.13
3.83
110.98
9„
4.26
109.45
97.31
108.39
108.39
3.76
4.21
116.22
4.94
4.30
118.04
109.49
97.62
3.61
108.57
3.76
5.91
121.17
4.12
3.85
110.98
7-
4.26
6- 109.46
108.39
116.22
4.20
4.92
4.26
6-
4.12
4.26
3.85
3.61
3.76
5.89
5.87
7-
110.79
109.31
97.00
116.22
3.62
5.86
116.22
4.20
4.90
4.25
121.17
117.84
4.12
109.31
97.16
3.61
3.85
110.79
5-
4.26
4.. 109.26
108.03
108.39
3.76
116.22
4.20
4.91
4.26
120.96
117.84
109.12
4.13
97.16
3.61
3.85
110.61
4„
4.26
3„ 109.11
107.67
3.77
108.39
4.21
116.22
4.93
4.28
4.26
117.84
109.12
97.16
3.62
107.67
3.77
5.90
120.75
4.14
3.85
110.61
3-
108.39
4.22
116.01
4.93
4.30
2..
4.26
4.14
3.63
3.85
3.77
5.94
4.22
4.93
Feb. 29„
4.30
4.14
4.26
3.64
3.86
3.77
4.23
5.91
4.93
4.30
4.26
3.87
6.00
4.13
3.62
3.79
4.22
4.87
4.25
4.25
3.87
5.92
5- 109.37
2„ 109.05
110.98
121.17
118.04
109.49
97.47
108.39
108.39
Weekly
5.87
Feb.29.. 108.98
110.61
120.54
117.84
21- 108.95
110.79
120.96
117.43
109.12
98.09
15-
108.52
110.61
120.96
117.43
108.94
97.62
107.85
115.81
8- 108.22
110.23
108.75
120.96
15-
4.14
117.02
108.39
96.70
3.62
106.60
108.57
3.79
115.61
4.23
4.90
4.29
116.82
108.03
95.78
3.62
105.54
3.81
108.57
115.41
4.26
6.05
120.75
4.16
3.87
109.68
8-
4.24
1— 107.96
4.96
1—
4.36
4.19
4.25
3.63
3.88
3.82
4.28
6.10
5.02
4.42
31..
4.19
4.25
3.63
3.89
3.82
4.28
6.15
5.03
4.43
24..
4.25
4 19
3.64
3.89
3.83
4.27
6.13
5.02
4.43
4.25
3.89
6.11
Jan. 31
108.03
109.68
120.75
116.82
108.94
97.16
107.67
108.57
108.39
115.81
Weekly
108.57 115.81
21-
108.03
95.63
24—
107.89
109.68
120.54
116.62
108.21
95.78
105.37
108.57
115.41
17-
108.34
109.31
120.11
116.62
107.85
95.18
104.68
108.39
115.02
17-
105.37
108.57
115.41
Jan.
4.21
3.66
10-
108.02
108.39
119.90
115.41
107.14
93.99
103.48
3.83
108.21
114.04
4.29
107.31
119.27
4.26
114.63
106.07
92.53
3.67
101.97
3.89
107.85
4.33
6.17
107.94
10—
3.91
3-
112.69
5.14
4.54
118.04
109.49
98.09
3.70
108.57
3 93
4.39
6.26
121.60
4.32
3.96
110.98
3..
4.27
Hlgh 1936 109.73
5.24
4.63
4.29
4.03
6.23
108.75
116.82
Low
5.06
4.47
1936
4.12
3.59
3.76
4.20
4.87
High 1936
4.25
4.24
4.33
3.71
3.94
3.82
4.39
5.80
5.28
4.65
4.29
4.05
6.31
5.30
4.67
4.30
4.06
6.78
6.40
6.37
6.13
4.35
6.97
5.30
4.70
4.32
6.33
4.89
5.46
4.61
,7.29
Low 1936 107.77
107.14
119.07
114.43
108.07
91.96
101.64
107.85
112.31
High 1935 109.20
106.96
119.69
114.43
105.72
91.67
101.31
107 67
112.11
Low
1935
4.34
3.68
90.69
94.14
3.94
106.78
4.41
Hign 1936
1 Yr. Ago
4.80
3.82
4.26
4.83
107.31
Apr. 3 '35
4.77
3.73
4.22
4.81
6.32
102.30
Apr. 3 '34
4.99
4.12
4.52
5.09
6.22
Low
1935 105.66
99.20
116.82
108.57
98.73
77.88
Apr. 3 '35 108.34
2 Yrs.Ago
99.68
118.66
109.12
99.04
78.77
Apr. 3 '34 103.43
96.23
1 Yr. Ago
91.67
100.81
2
110.98
103.82
94.73
79.91
97.78
89.45
4.26
Yrs.Ago
*
These prices are computed from average
yields on the basis or one "ideal" bond (\K%
coupon, maturing in 31 years) and do not
purport to show either the aver*™
▼elor the average movement of actual price quotations.
They merely serve to Illustrate in a.more
comprehensive way the relative levels and the
eld averages, the latter being the truer
relative movement nf
picture of the bond market.
For Moody's index of bond
prices by months back to 1928, see the
•Actual average price of
Issue of Feb 6 1932 n«t?e on7
tv*
"291
^long-term Treasury Issues.^ t The latest complete listof
.
oo*
bonds used in computing these indexes w
+t Average of 30 foreign bonds hut adjusted to a
comparable basis with previous averages of 40
foreign bonds
1
"
REVIEWS
Our Silver Debacle
By Ray B. Westerfield.
214 pages.
Press
Professor
m
►ho
.aq„o'
of
vrav
i»
io-"r
t Daily averages discontinued,
except Friday
BOOK
timely book
mbiNhP*
"
of each week.
Co.
New York: The Ronald
$2.50
Westerfield, of Yale University, offers in this
a
devastating criticism of the silver policy of
the United
cares
to
States
which
know what
the
should
be
read
by everyone who
policy has been and is, and how
great is the mischief which it has
wrought.
The narrative
goes back to 1900, but it is
principally concerned with the
period since 1930, when the business
depression gave the
silver interests a new
opportunity to advance the program to
Financial
Volume 142
I
which the Government
was
•
Succes¬
eventually committed.
prices paid, the plea for silver
as a
remedy for the
depression, the disastrous effects of American policy upon
China and Mexico, and the reversal of monetary traditions
extraordinary American
by India under the influence of the
demand.
policy, as Professor Westerfield examines it,
silver
The
inexcusable muddle.
an
as
appears
The promoters of the
policy are charged with working havoc through the disas¬
trous effects which
their policy has produced, and the silver
policy itself is exhibited as class legislation which benefits a
relatively small industry in a small section at the expense
of
the rest of
bearing
A scrutiny of the silver argu¬
the country.
danger
the
upon
their
be fallacious and deceptive, and
ments shows them to
of currency inflation is clearly
As far as the objective of the Administration's
pointed out.
silver policy is
"the quick restoration of 1926 prices in order
depression," it is unhesitatingly pronounced "a
delusion, a deception and a snare."
Professor Westerfield does not see any easy way out of
to
lift
the
He frankly admits that the silver policy "has
problem that will defy proper solution," and what¬
is done will have to be a compromise.
He recommends
the difficulty.
created
ever
By Irvin Bussing. 174 pages.
University Press.
purchase Acts, the amount of silver purchased and
silver
Utility Regulation and the So-called
Sliding Scale
Public
and pungent style and
furnished with statistics, deal with the execution of the
well
2223
Chronicle
•
written in a lively
chapters,
sive
the
'
a
New York: Columbia
$2.75
sliding'scale in public utility regulation is defined
by the author as, in general, "any form of regulation in
which the profit allowed increases or decreases in proportion
as prices decrease
or increase."
The best known illustra¬
The
this
of
tion
type
is that
this country
regulation in
of
adopted as of Jan. 1, 1925, by the Public Utilities Commis¬
sion of the District of Columbia for the regulation of the
Potomac Electric Power Co.
("Pepco").
The system had
been in existence in England, however, for many years
it
before
was
adopted here, and Dr. Bussing
describes in
experience and that of various American
cities in which it has been used.
The Consumers Gas Co.
of Toronto has been subject to a modified form of sliding
detail the English
scale regulation
since 1887.
Boston, which began with the
system in 1906, abandoned it in
1926 as a result of diffi¬
the relations between a holding com¬
culties growing out of
and a subsidiary.
The Dallas Power & Light Co. has
operated since 1917 under a municipal franchise which
makes use of a sliding scale, and Connersville, Ind., Mem¬
pany
phis, Houston, Detroit and Philadelphia have at one time
or
another experimented with the system.
Commenting upon the operation of the plan in Washing¬
ton, Dr. Bussing notes the high level of incomes in the
population, the freedom which the community has enjoyed
from "some deleterious consequences of economic depres¬
purchase of foreign silver, from whatever source,
sion," and the relatively large ability to purchase energy-
stopped, and that the silver already bought be held in
the hope that it may eventually be used as subsidiary coin¬
age or "absorbed into circulation of $1 and $2 denomina¬
tions."
He would also stop buying the domestic production
consuming appliances and increase the consumption of elec¬
price, and instead give a subsidy to producers when¬
ever the price is less than 65c. per fine ounce.
The figure
for the subsidy would be one-fourth of the world price, the
"overall
that
the
be
at any
and the world price together, however, not
subsidy
to ex¬
If the Rocky Mountain regions suffered in conse¬
ceed 65c.
of the change, they should be given relief through
Works Administration or other regular relief
quence
Public
the
China, Mexico and other countries should receive
"unequivocal assurances" that the policy proposed would be
"rigidly and indefinitely followed."
Free importation and
exportation of silver, under free competitive conditions,
agencies.
be
should
allowed,
and
other nations
aided in
be
should
their currencies, the exchange of some of the.
American silver, even at a loss, for foreign-owned American
stabilizing
securities being suggested as a means to this end.
Finally,
there should be no devaluation of the silver dollar, and
certificates should not be issued against the monetary value
of silver
A
to
at
per ounce.
enumeration of the foregoing proposals is enough
mere
show
$1,293
the
seriousness
of
the
situation
which
the
silver
policy has produced, and the high cost at which relief must
be
obtained
sees are
if the evils which
to be avoided in any
Professor Westerfield
appreciable
fore¬
tric
the
among the lowest, the author points out that the
efficiency" of operation of the Pepco plant during
first 10 years of the plan cannot be
"one of the most important causes
determined, and
of the apparent
success of the arrangement is to be found in the tireless,
fair and able supervision rendered by the Public Utilities
that
Commission."
of the system are particularly noted.
distinguish between earned and unearned, or
"gratuitous," super-normal income—a distinction
which
stockholders also do not commonly make.
It does not take
sufficient account of other uses, such as reduction of bonded
debt, to which super-normal income may be devoted. Penal¬
ties for sub-standard service are not provided, and the
problems incident to valuation of the rate base and rate of
return are not solved.
Notwithstanding these defects, the
author regards the sliding scale method as more satisfactory
Four
It
weaknesses
does
not
than the customary American one, since once the rate base
and rate of return have been determined, other controverted
issues
STATE
OF
The
EPITOME
tables
Business
the
throughout the East is recovering rapidly from
setback
caused
by
the floods.
Merchandise loadings,
automotive
equipped with a great variety of statistical
showing in detail the operation of the plan in Great
X
v
'f'.
or
more
boro, N. C.
were
Scores
killed when
ran
were
leveled.
tornado struck
Greens¬
taken to hospitals.
Property losses
the Carolinas, Georgia, Alabama and
were
in the storm areas in
Florida
a
into millions.
Torrential rains
activity, electric output and coal production were
higher for the week.
Steel operations reached a six-year
peak.
The industry is now operating at 62% of capacity,
which is a rise of 8.3 points, or 15*4%.
This implies a daily
ingot production of 136,540 tons, or the best rate since
June, 1930, when the average for that month was 137,815
tons per day.
During the corresponding week last year the
rate was 44.4% of capacity.
The automobile industry is
recently turned the Tennessee River into
becoming a more important
belt
,
mobile production
consumer
for March
was
of steel again.
Auto¬
estimated at 400,000 units,
litigation
much
Cordele, Ga., where eight blocks of residences
Seven
Friday Night, April 3, 1936.
and
book is
Britain and this country.
measure.
TRADE—COMMERCIAL
adjusted
automatically
are
avoided.
1,
THE
the other hand, while Washington rates,
formerly among the highest in the United States,
were
now
are
On
power.
which
for the second time in two weeks.
driven
were
a
over
the South
roaring torrent
Seven hundred families
to
high ground On its previous rise over its
banks.
In the Middle West, air traffic was
badly hampered
by snow and generally unfavorable weather conditions. The
snowfall reached 7.8 inches at
Milwaukee, and
prevalent throughout the Middle West.
3.2
inches in Chicago.
was
generally
The snowfall
Temperatures throughout the
was
corn
mostly in the tens and twenties.
At Rapid City,
S. Dak., a new April minimum of 8 below zero was recorded.
were
and the outlook for the coming months is exceedingly bright,
The former record was 2 below zero
especially in view of the bonus payments that should soon
make themselves felt.
Most commodity markets are show¬
ing an upward trend, with the consumption of cotton and
silk continuing on a very substantial scale.
The stock mar¬
Ohio
ket continued its
on April 1, 1'899.
The
threatening attitude, hundreds
being driven from their homes in the lowlands in Ohio, Ken¬
tucky, Indiana and Illinois.
Chattanooga Bottoms are
River
under water
again
as
took
a
the Tennessee swells.
upward climb, with indications of reaching
a
peak shortly for the 1935-36 bull market.
Retail sales
rose 25% under the impulse of Easter buying and a better
consumers'
rains
Cold damaged crops
in the Southwest.
from
the
demand.
wholesale
since last fall.
Cheerful
field,
reports were also received
which records the best demand
The wholesale trade felt the effects of the
broadening retail distribution in
practically all divisions.
substantial, particu¬
larly for clothing, furniture, electrical supplies, hardware,
Orders from road salesmen
automobile
accessories
and
were more
machine
parts.
The
weather
this week contained tragic happenings in the form of
tornadoes in the South.
Latest reports are to the effect that
news
five Southern States counted at least 32 dead and hundreds
injured and homeless after tornadoes.
Sixteen perished at
Rains presaged flood crests in southern
Illinois and Missouri along the Ohio and
Mississippi rivers.
New York had
spring-like weather early in the week, heavy
temperatures prevailed later on.
Today
it was fair and cool
here, with temperatures ranging from
37 to 44 degrees.
The forecast was for fair tonight and
Saturday,
Colder tonight.
Overnight at Boston it was 36
to 40 degrees; Baltimore, 38 to 50;
Pittsburgh, 25 to 54;
Portland, Me., 32 to 36; Chicago, 24 to 30; Cincinnati, 26
to 381 Cleveland, 26 to 40;
Detroit, 20 to 34; Charleston,
44 to 72; Milwaukee, 22 to 30;
Dallas, 34 to 50; Savannah,
42 to 70; Kansas City, 16 to
28; Springfield, Mo., 18 to 30;
Oklahoma City, 26 to 44; Salt Lake
City, 30 to 40; Seattle,
36 to 48; Montreal, 32 to 36, and
Winnipeg, zero to 20 above.
and
lower
2224
Financial
United
States
Department of Labor Wholesale Com¬
modity Prices Unchanged During Week of March 28
The Bureau of Labor Statistics index of wholesale
com¬
modity prices remained unchanged at 79.3 per cent of the
1926 average during the week ending March 28,
according
to an announcement made April 2 by Commissioner Lubin.
The all commodity index for the last week of March was
0.8% below the level for the corresponding week of a month
ago.
Compared with the corresponding week of a year ago,
however, the March 28 index shows
Continuing Mr. Lubin stated:
"Commodity prices in general
increases
and
were
increase of
an
Slight
products declined fractionally.
fuel and lighting materials,
Foods and metals and metal
groups.
Hides and leather products, textile products,
and miscellaneous commodities remained
un¬
changed at the previous week's level.
fcfc"Raw
material prices fell 0.3% during the week.
than farm products'
as
'Commodities other
(nonagricultural) declined 0.1%.
Other groups, such
semi-manufactured articles, and finished products remained steady."
Farm product
prices advanced 0.1%, although
registered by the subgroup of grains.
York market.
were
a
decline of 2.6%
was
Livestock and poultry advanced 1.1%
due to higher prices for calves, steers,
the other
on
hand,
timothy hay, hops, fresh milk at Chicago,
current farm
were
peanuts,
all of the gain of the previous week.
and flaxseed.
a
Meats,
subgroup of other foods, including
tallow,
corn
copra,
and pepper were lower.
of
a
I*
of
and
average during the week of March 28.
hides,
calf skins,
and
on
the other hand,
38,809
4,748
18,461
Pennsylvania RR
Pere Marquette Ry
55,521
38,363
6,091
6,185
Pittsburgh & Lake Erie RR
5,095
23,658
5,498
3,241
24,593
5,371
Southern Pacific Lines
Wabash Ry
Total
cocoa
beans, lard,
0.6%, and
rose
raw sugar,
edible
2,131
8,371
35,127
9,397
4,050
39,166
4,765
5,125
40,025
4,133
18,325
61,411
5,496
5,362
20,417
5,098
cars
X7.557
8,638
6,010
x6,110
8,694
interchanged between S. P. Co.—Pacific Lines and Texas &
New Orleans RR. Co.
TOTAL LOADINGS AND
RECEIPTS FROM
CONNECTIONS
(Number of Cars)
Weeks
Afar. 21 1936
Afar. 30, 1935
Chicago Rock Island & Pacific Ry_
Illinois Central System
21,923
28,200
22,585
29,619
St. Louis-San Francisco Ry__
12,408
12,688
21,751
30,425
11,431
62,531
64,792
63,607
Total
The
chrome
Minor price increases
calf
leather.
A
The fuel and lighting materials
group remained
were
shown for
slight decrease was
steady, although average
prices of Texas gasoline advanced and bituminous coal and kerosene de¬
Prices of anthracite coal and coke
» Metals and metal products declined
were
0.2%
week
malleable iron castings, and pig tin.
ended March
Loading of
cars.
This
week
in
in
was
decrease of
a
1935,
21, announced:
freight for the week ended March 21 totaled 566,808
revenue
and
40,370
43,228
cars,
cars,
Loading of
50,054
cars,
revenue
below
the
corresponding
week
freight for the week of March 21
due in part to flood
below
Strengthening prices of lumber, chinawood oil, shellac, window glass, and
prepared roofing caused the building materials group to advance 0.1%.
corresponding
preceding week this year,
the
freight
cars,
in the movement of coal.
loading totaled 249,097
preceding
week, but
cars,
increase
an
of
above
cars
decrease
a
14,847
of
5,828
above
cars
the
the corresponding week
in 1934.
Average prices of brick and tile, cement, and structural steel
of
conditions in the eastern part of the United States
in part to the seasonal reduction
Miscellaneous
cars
decrease
a
March 21 compared with the
week in the two previous years, and also with the
was
was
8.1% below the preceding week.
or
This reduction for the week of
corresponding week in 1935 and 20,687
plumbing and heating fixtures remained firm.
6.6% below the corresponding
or
7.1%
or
1934.
of lower prices for
Agricultural implements,
•'
Association of American Railroads, in reviewing the
and also
unchanged.
because
Ended—
Afar. 28 1936
Average prices of coffee,
by decreases in cotton goods, knit goods, and woolen and worsted goods.
The index for the group as a whole remained unchanged at 70.4.
motor vehicles, and
1,552
1,727
13,600
6,871
7,207
9,002
1,112
1,837
7,343
36,108
8,601
3,931
36,600
4,993
259,775 239,247 262,839 162,760 142,805 155,832
Excludes
x
silk and rayon and a smaller advance in other textile products were offset
axes, vises,
12,952
2,321
4,544
7,869
5,287
7,064
7,420
7,190
9,557
1,542
1,912
8,621
30,221
8,914
3,403
28,286
5,142
2,869
x7,414
7,963
Cereal and
In the textile products group a pronounced increase in the subgroup of
clined.
16,886
13,767
month ago
registered in sheep skins.
p
18,618
Missouri Pacific RR.
hides and leather products group remained unchanged at
95.3% of the 1926
cow
1935
1936
5,275
7,585
7,275
7.227
9,619
The
steady decline for the ten weeks preceding, the index for the
a
14,062
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Gulf Coast Lines
3.0% and 2.6%, respectively.
Following
1936
17,407
24,008
13,671
14,536
2,767
2,019
13,768
37,290
4,595
17,150
Compared with the corresponding weeks
the wholesale food index—79.7—shows de¬
a year ago,
1935
18,344
18,345
0.3% during the week, losing
oil, and cottonseed oil, advanced 1%.
month ago
creases
1936
International Great Northern RR
Chicago Burlington & Qulncy RR.
Chicago Milw St. Paul & Pac.Ry.
Chicago & North Western Ry
Fruits and vegetables declined 2.6%,
due largely to a sharp decrease in wholesale prices of bananas.
the
1936
18,707
17,743
14,217
18,288
14,116
2,999
2,057
a year ago.
The index for the wholesale foods group fell
dairy products dropped 1.2%.
Weeks Ended—
Afar.28 Mar. 21 Afar. 30 Afar.28 Afar. 21 Mar.30
reported for apples,
product index—76.8—is 2% below the level of
1% below the level of
Reed from Connections
hogs, and live poultry in the New
cotton, eggs, lemons, oranges, clover seed, timothy seed, dried beans, and
and nearly
LocCded on Own Lines
i Weeks Ended—
Wholesale prices of cowfi, ewes, and live poultry in Chicago
Falling prices,
FROM CONNECTIONS
(Number of Cars)
Additional farm product items which increased in prices were
lower.
potatoes.
REVENUE FREIGHT LOADED AND RECEIVED
Atchison Topeka & Santa Fe Ry.
Chesapeake & Ohio Ry
reported for the farm products, building materials, chemicals
drugs, and housefurnishing goods
April 4 1936
freight on their own lines, compared with 239,247 cars in the
preceding week and 262,839 cars in the seven days ended
March 30, 1935. A comparative table follows:
0.5%.
fairly steady during the week.
were
Chronicle
were
steady.
The chemicals and drugs group also advanced
0.1%, due to strengthening
prices for fats and oils.
Prices of oleic and stearic acids averaged lower.
Loading of
the
now
stands at
Coal
82.7.
fractionally higher and furniture
was
group
advanced 0.1%
Wholesale prices
during
51,751
stable.
pulp
week
The index of the Bureau of Labor Statistics includes 784 price series
weighted according to their relative importance in the country's markets
:
and is based
on
the average
for the
The following table shows
year
1926
as
In
1934,
and
April 1. 1933.
the
the
Commodity Groups
Afar.
Afar.
Feb.
Afar.
Afar.
Apr.
and
grain
Western
cars
18,659
products
the
same
week
1934.
loading
21
alone,
totaled
preceding week, but
It
grain
19,995
but
an
and
cars,
was,
increase of
an
however,
In the
decrease
a
Western
district
grain
cars,
1,501
of
products loading for the
decrease of
a
increase of
loading amounted to 12,183
4,013
a
28
21
14
7
29
30
31
1
1936
1936
1936
1936
1935
1934
1933
76.8
76.7
76.4
77.7
78.4
77.5
61.4
43.4
79.7
79.9
79.7
81.4
82.2
81.8
66.5
54.7
Hides & leather products.
Textile products
95.3
95.3
95.5
95.7
96.2
85.7
89.4
68.7
70.4
70.4
70.4
70.4
70.3
68.8
75.8
51.0
below
cars
76.7
76.7
77.2
77.3
77.4
74.2
72.4
63.2
week
Forest
same
products loading totaled 30,403 cars,
week, but an increase of 4,356
the preceding
1935, and 5,528
Ore
cars
above the
same
loading amounted to 6,889
but an increase
in
1935
and
same
the
week
same
in
in
week
week
1935.
decrease of 562
a
above the
cars
6ame
below
above the preced¬
cars
week
below
cars
same
below
week
in
week in 1934.
cars,
of
decrease of
a
1,242
cars
1,095
above
cars
the
below the
corresponding
above the corresponding week in 1934.
Coke loading amounted to 5,826 cars, a decrease of
1,338 cars below
the preceding week, but an increase of 172 cars above
the same week in
85.7
85.9
85.9
86.0
85.9
85.0
86.4
77.0
Building materials
Chemicals and drugs
85.2
85.1
85.1
85.0
85.2
84.9
86.3
70.4
79.1
79.0
79.0
79.4
79.7
80.4
75.8
71.6
Housefurnishing goods...
82.7
82.6
82.6
82.7
82.8
81.9
82.5
72.3
1935.
Mlscell. commodities
68.2
68.2
68.2
68.2
68.2
68.8
69.3
67.7
1,511
cars
alone, loading of live stock for the
above the
preceding week,
Fuel & lighting materials.
Metals and metal products
cars
cars
above the
above the
cars
1,460
1,464
cars
decrease of 39
March 21 totaled 9,509 cars, an increase of 326
ing week this year and 1,425
1936
Farm products
Foods
below
cars
cars, a decrease of 26,525 cars below
below the corresponding week in 1935, and
week in
same
districts
March
stock
1934.
ended
Afar.
56,465
below the
ended
1935.
in
Afar.
and
cars
Live
index numbers for the main groups of com¬
1935,
the preceding week this year,
week in 1935.
100.0.
modities for the past 5 weeks and for March 30, 1935, March 31,
in
totaled 32,368 cars, a decrease of
below the preceding week, but an increase of 6,509 cars above
corresponding week in 1935 and 2,484 cars above the same week in 1934.
4,560
the
stationary.
than carload lot freight totaled 147,939
below the preceding week, 12,532 cars below
loading amounted to 83,103
cars
Grain
of furnishings were
S# Wholesale prices of cattle feed declined 1.6% during the week.
Crude
rubber advanced 1.2%.
Average prices of automobile tires and paper and
were
week
the preceding week,
^ The index for the housefurnishing goods
the week and
corresponding
less
cars
in 1934.
The subgroups of fertilizer materials and mixed fertilizers remained at the
level of the preceding week.
merchandise
decrease of 10,107
a
cars
in 1934.
All commodities other than
farm products & foods.
78.8
78.8
79.0
79.0
79.1
77.3
78.6
65.7
79.8
79.9
79.8
80.1
80.2
79.2
75.9
63.7
All commodities other than
farm products
Raw materials
The
It
77.2
77.4
78.6
*
*
*
Semi-manufact'd articles.
74.5
74.5
74.6
74.7
74.8
*
♦
*
Finished products
81.2
81.2
81.2
81.6
81.5
*
*
*
77.2
77.9
79.3
79.3
79.2
79.7
68.9
79.9
;73.4
60.1
♦Not computed.
decrease
a
Allegheny,
in the number of
corresponding
week
of
1,568
Pocahontas
cars
in
and
loaded with
1935,
but
the
cars
below
Southern
the
same
districts
week
reported
revenue
freight, compared with
Northwestern, Central Western
and
Southwestern reported
also
reported decreases compared with the corresponding week in
1934, while
the three
All commodities
however,
Eastern,
decreases
the
was,
Western
Loading of
districts
revenue
follow:
increases.
showed!
The
first four
districts
named
above
increases.
freight in 1936 compared with the two previous
years
•
Revenue
Freight Car Loading Below
a
Year Ago
1936
Loadings of revenue freight for the week ended March 28,
1936, totaled 600,487 cars. This is a gain of 33,679 cars
5.9% from the preceding week, a drop of 16,033 cars or
2.6% from the total for the like week of 1935, and a decrease
or
of 9,703 cars or
1.6% from the total loadings for the corre¬
sponding week of 1934. For the week ended March 21 load¬
ings were 6.6% below those for the like week of 1935, and
7.1% below those for the corresponding week of 1934.
Loadings for the week ended March 14 showed a gain of
3.3% when compared with 1935 but a loss of 1.7% when
the comparison is made with the same week of 1934.
The first 16 major railroads to
report for the week ended
1936 loaded a total of 259,775 cars of revenue
March 28,
1935
2,353,111
3,135,118
634,828
616,862
566,808
2,169,146
2,927,453
587,190
597,431
607,178
2,183,081
2,920,192
614,120
627,549
610,036
7,306,727
6,888,398
6,954,978
1934
,
Four weeks in January
Five weeks in February
.
Week of March
7
Week of March 14
Week of March 21
r Total..
In the
following table
undertake to show also the load¬
and systems for the week ended
we
ings for separate roads
March 21 1936. During this
period a total of 73 roads showed
increases when compared with the same
week last year.
The most important of these roads which
showed increases
were
the New York Central
Lines, the Atchison Topeka
& Santa Fe System, the
and the Union Pacific
Chicago & North Western RR.,
System:
.
Financial
Volume 142
RECEIVED FROM CONNECTIONS (NUMBER OF
REVENUE FREIGHT LOADED AND
1936
1935
Group B (Concluded)—
Eastern District—
615
504
1,210
1,289
2,087
153
251
9,544
2,189
10,133
482
Ann Arbor..
*
Chicago Indianapolis A Louisv /
1,404
7,684
1,363
22
19
24
56
83
779
1,040
1,686
4,968
6,910
420
522
1,533
19,954
1,417
1,103
813
18,741
18,402
10,796
9,766
4,021
Mississippi Central
Central Indiana
Central Vermont
Hudson
7,860
8,726
1,971
6,497
5,715
Delaware Lackawanna A West
Detroit A Mackinac
7,115
233
260
214
83
96
Detroit Toledo A Ironton
2.682
3,357
2,012
1,733
2,093
368
269
279
3,525
13,729
7,423
Detroit A Toledo Shore Line.—
Erie
10.289
11,232
11,894
2,961
12,035
....I
4,449
4,574
4,737
7,536
142
173
165
980
1,211
1,886
649
6,174
6,719
6,924
2,829
7,152
2,832
3,218
2,657
4.900
5,030
161
223
2,170
39,358
10,943
1,721
4,002
16
50
30,222
8,598
1,338
8,914
35,871
11,155
1,577
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
18,730
149
193
544
4,728
520
520
203
198
166
190
349
277
1,956
2,804
1,838
1,798
1,381
2,808
2,843
1,773
2,347
379
336
338
663
Total.
51,654
54,841
52,913
29,717
27,012
Grand total Southern District
93,153
98,098
95,957
59,732
57,147
1,569
9,242
2,531
Mobile A Ohio
Nashville Chattanooga A St L.
Tennessee Central
2,268
'
580
1.152
5,840
2,624
2,934
1,301
409
1,730
19,605
16,135
Macon Dublin A Savannah
4,144
1,022
5,712
1,270
3.046
Boston A Maine...
1,472
1,004
326
2,152
7,714
1,362
•
870
868
Georgia
Georgia A Florida
2,116
7,364
Bangor A Aroostook
Dels ware A
from Connections
1934
1935
1936
1935
1936
1934
1935
Total Loads Receives
Total Revenue
Freight Loaded
Railroads
from Connections
Freight Loaded
1936
CARS)—WEEK ENDED MARCH 21
Total Loads Received
Total Revenue
Railroads
2225
Chronicle
Grand Trunk Western
Lehigh A Hudson River
Lehigh A N'ew England
Lehigh Valley
Maine Central.......
Monongabela
II*
IIII.II.
I
Montour
A
Lines"!.
Centra!
N. Y.
N
H
37.290
9,230
1,730
Hartford
New York Ontario A Western..
N. Y.
4,147
4,595
3.183-
Chicago A St. Louis
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawm ut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
6,185
5,395
5,674
4,930
5,353
707
675
9,151
5,124
2,927
5,142
171
15
5,300
22
271
388
491
70
341
907
1,411
1,168
730
1,036
459
Rutland
Wabash
2,308
37,240
9,654
1,405
1,048
b New York
1,742
1,363
587
594
695
959
4,963
5,115
7,963
8,713
5,371
__
Northwestern District—
560
606
833
1,857
12,985
1,871
14,855
9,557
2,248
2,868
16,666
7,704
2,917
16,706
3,422
7.190
P. Minn. A Omaha
14,536
2,173
18.618
3,698
2,980
2,924
Duluth MIssabeA Northern...
547
454
531
175
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
Milw. St. P. A Pacific
St.
Elgin Jollet A Eastern
516
453
321
4,902
5,990
5,682
351
Bay A Western
Northern Pacific
3,459
3,511
2,804
3,165
126,348
142,582
130,997
150,848
Youngstown
500
512
541
505
20,192
1,373
30,159
29,946
11,496
13,882
1,911
1,410
1,803
247
293
6
10
512
Atch. Top. A Santa Fe System
Alton
307
330
87
94
1,404
4,212
1,606
4,044
8,365
1.701
2,373
1,613
2,097
2,680
7,822
2,933
Central Western District—
2,476
270
150
2,645
524
655
Baltimore A Ohio
Bessemer A Lake Erie
Buffalo Creek A Cauley.....
126
2,510
497
226
Paul A S. S. M
137,995
334
8.325
598
1,711
4,735
8,775
Minneapolis A St. Louis
3.039
324
9,050
486
Lake Superior A Ishpeming
Minn. St.
613
5,314
9,600
Ft. Dodge Des Moines A South.
Great Not hern
Green
120
729
6.486
Duluth South Shore A Atlantic
II
Wheeling A Lake Erie
123
214
154
1,416
1,093
906
66,749
69,042
42,631
40,944
18,344
17,484
18,622
5,287
2,943
2,752
2,336
2,282
4,599
1,976
328
219
164
78
23
14,062
1,348
11,040
2,613
13,648
14,611
7,420
6,899
1,846
1,068
741
871
10,073
3,267
10,279
3,114
8,050
6,966
2,240
992
839
857
1,155
2,149
1,964
1,726
2,392
435
350
169
27
1.009
1,958
TotaL
112
1,506
74,846
Spokane Portland A Seattle
100
1,492
Spokane International
Total
1,023
1,916
906
994
820
2,081
1,162
1,226
Allegheny District—
Akron Canton A
„
Cambria A
5,174
of New Jersey
7
15
8,826
10,077
46
68
Chicago Burlington A Quincy..
Chicago A Illinois Midland...
.«
103
50
11
409
419
7
27
Chicago Rock Island A Pacific
41
LJgonler Valley.......
Long Island
130
148
16
15
Chicago A
772
Reading Seashore Lines.
777
731
2,408
2,730
934
.
Pennsylvania System
Reading Co
Union
1,241
4,746
107
Cumberland A Pennsylvania.
Penn
Bingham A Garfield.
1,419
5.374
534
Indiana
Central RR
Cornwall
1,141
1,061
57,191
933
28,286
1,284
35,806
13,057
10.782
38,363
59,405
10,579
10,628
7.757
I..I..II
(Pittsburgh)
6,830
6,744
16,903
2,170
1,519
68
West Virginia Northern
Western Maryland
121
96
0
0
3,182
..*
3,848
3,492
5,822
6,855
Illinois
Eastern
Colorado A Southern.
Denver A Rio Grande Western
Denver A
Salt Lake
Fort Worth A Denver City
Illinois Terminal
92,300
72.069
121,628
124,453
89,022
18.345
23,106
22.335
7.064
17,150
1,817
20.902
19,827
3,403
8,089
4,021
1,613
813
790
39,987
49,905
47,371
12,335
292
219
95
99
65
14,288
14,168
4,498
3,923
a
inU. P. S ystem
417
311
1,070
995
11,085
11,466
6,609
6,507
258
378
186
7
6
1,289
971
1,238
1,627
1,253
92,476
Utah
302
12,626
83,733
84,074
46,206
41,565
4,164
14,244
Virginian
Total.
80
677
58
1,344
4,284
1,392
3,817
1,055
2,675
81
729
Included
Union Pacific System.
Chesapeake A Ohio
Norfolk A Western
Norfolk A Portsmouth Belt Line
541
852
18,209
Southern Pacific (Pacific)
St. Joseph A Grand I«land._.
Toledo Peoria A Western
Pocahontas District—
12
106
■«
Western Pacific
Peoria A Pekin Union
Total.
1,007
1,878
1,498
Nevada Northern
North
2,335
Western Pacific
Total.
Southwestern
District—
Alton A Southern
174
139
184
4,271
Southern District—
Burlington-Rock Island
144
116
142
257
Group A —
Fort Smith A Western
97
90
122
250
138
2,844
3,076
1,542
1,116
1,912
1.805
Atlantic Coast Line
4,707
Gulf Coast Lines
2.767
2,286
2,019
2.076
880
1,173
1.316
4,568
1,500
1,656
International-Great Northern.
416
381
430
993
1,225
Kansas Oklahoma A Gulf
126
Clinrhfield.
Charleston A Western
Carolina
Durham A Southern
168
166
281
274
Gainesville Midland
Norfolk Southern..
10,016
10.957
10,119
43
42
48
97
154
1,066
1,049
1,194
1,187
1,324
Piedmont A Northern...
410
418
460
916
853
Richmond Fred. A Potomac...
Seaboard Air Line
309
346
321
3,374
3,169
8,338
8,973
3,935
3,855
19,624
20,145
19,985
12,485
12,210
168
134
135
679
708
41,499
Southern System.
8,744
43,557
43,044
30,015
30,135
Winston-Salem Southbound
230
158
112
173
932
815
1,891
Kansas City Southern
1,519
1,692
1,913
1,237
1,356
1,012
1,123
992
Louisiana Arkansas A Texas...
121
86
208
445
340
Litchfield A Madison
374
416
411
918
890
Midland Valley
Missouri A Arkansas
459
397
463
235
222
179
97
100
240
173
2,420
6,846
1,409
Louisiana A Arkansas
4,240
Missouri Pacific
4,043
4,350
2,926
13,768
Missouri-Kansas-Texas Lines.
13,287
13,264
8,621
29
14
40
23
43
Natchez A Southern
98
113
91
135
7,254
7.332
3,968
3,535
St.
6,633
1,904
2,108
Quanah Acme A Pacific
2,325
6,384
2,454
2,159
Texas A New Orleans
2,916
185
156
143
126
Texas A Pacific
4,389
5,441
3,641
5,800
305
3,959
3,904
673
Group B—
Alabama Tennessee A Northern
Atlanta Birmingham A Coast..
Atl. A VV. P.—w
110
St. Louis-San Francisco..
Total.
730
816
892
971
Terminal RR. Ass'nofSt. Louis.
2,399
2,407
1,618
18,464
2,573
3,576
15,331
226
160
230
59
67
46
37
30
35
26
50,976
46,245
49,382
57,359
48,958
RR. of Ala..
808
736
793
1,119
Central of Georgia
Columbus A Greenville.......
4,388
4,502
4,282
2.404
1,017
2,682
Louis Southwestern
Wichita Falls A Southern
256
......
340
Note—Figures for 1934 revised.
287
225
314
946
Florida East Coast
1,308
1,285
572
* Previous figures,
a
Not available.
489
Weatherford M. W. A N. W...
Total.
b Includes figures
for the Boston A Albany RR., the C. C. C. A St. Louis RR., and the Michigan
Central RR.
Fri.,
254,598
Freight
Class I
need
Cars in
railroads
of repair, or
decrease
a
need
of
256,511,
Freight
11.3%,
a
such
Railroads
of
1,913
repairs
cars
in
need
of
decrease of 5,716
3.2%,
an
21.2%
the
of the
number
9,825,
or
Class I
compared
in
in
need
number
need
on
line, the Associa¬
March 28.
on
This
Feb.
1, at
heavy repairs
which time there were
of
classified
line.
on
of
cars
on
March
1
totaled 198,868,
in need of light repairs totaled
or
55,730,
such
This
repairs
repairs
was
on
a
Feb.
on
March 1 totaled 9,556,
or
decrease of 269 compared with
1, at
which time there were
21.8%.
railroads
on
with 2,419
Tues., Mar. 31
Apr.
1
Wed.,
Thurs., Apr. 2
Fri.,
Apr.
3
March 1 had 2,043
on
Year Ago,
169.8
169.6
1935 High—
Low—
1936 High—
Low—
169.2
"Annalist"
Weekly
Index
148.4
Mar.* 18
Feb.
14
171.8
Jan.
4
167.2
Wholesale
of
serviceable locomotives in storage
Feb. 1.
Commodity
Week of March 31
Prices Declines During
compared with the number in need of Buch
cars
Mar. 30
2 Weeks Ago, Mar.
Month Ago,
Mar.
1699
169.7
Mar. 28
170.7
—169.7
152.2
175.3
20
3
Apr.
3
Oct. 7 & 9
169.6
169.8
Mar. 27
Sat.,
Mon„
compared with the number in
3,803 compared' with Feb. 1.
increase of
Locomotives
March 1
254,598 freight cars in
announced
cars
on
repairs on Feb. .1, while freight
or
had
on
The Association further reported:
14.6%.
or
March 1
Repair
14.5% of the number
tion of American
was
on
Need of
A loss of 0.9 points for the week carried The "Annalist"
Weekly Index of Wholesale Commodity Prices down to 124.4
on Tuesday, March 31, the lowest since last Summer.
The
drop was due to lower prices for wheat and flour, butter and
eggs, steers, beef, pork, potatoes, tin and rubber.
Cotton
and sugar were higher, as were apples and bananas.
Reflecting the decline in the weekly index, the average for
March declined to 124.9 from 126.4.
"ANNALIST"
THE
WEEKLY
INDEX
OF
WHOLESALE
COMMODITY
PRICES
(Unadjusted for Seasonal Variation.
Moody's Daily Commodity Index Slightly Lower
The
average price of basic commodities, as shown by
Moody's Daily Index of Staple Commodity Prices, declined
slightly during the week.
The Index was 169.2 on Friday
as compared with 169.6 a week ago.
The principal changes were advances in the prices'of corn,
hogs and sugar, and declines for wheat and wool.
There
were also small declines for cotton, rubber and silk, and a
moderate gain for cocoa.
The prices of coffee, hides, copper,
lead, silver and steel remained unchanged.
The movement of the Index during the,week, with com¬
parisons, is as follows:
Mar.
1913—100)
31, 1936 Mar. 24, 1936
Apr. 2, 1935
'
Farm
117.5
products
119.2
118.1
129.4
123.8
125.0
*109.2
al09.0
103.7
Fuels
173.1
173.1
158.3
Metals
110.0
110.1
109.6
Building materials
Food products
Textile products
111.8
111.8
111.8
Chemicals
98.2
98.2
98.6
Miscellaneous
85.6
85.7
79.2
124.4
125.3
123.5
73.8
73.9
All commodities
b All commodities on old dollarbasis.
♦
exchange
quotations
Switzerland and Holland; Belgium included prior to March, 1935.
Preliminary,
a
Revised,
b Based
on
73.5
for
France,
\
Financial
2226
Decrease of 2.2% in Retail Costs
;
■
The
two
index
weeks
of
retail
ended
food
March
declined
costs
2.2% during the
Lubin of the
Bureau of Labor Statistics of the United States Department
of
Labor
announced
Commissioner
10,
25.
March
"Decreased
costs
shown for all commodity groups except beverages
late," Mr. Lubin said.
of the
84
for 19
items included
and of eggs were
in
costs
and choco¬
reported for 60
Prices were higher
"Lower prices were
items and five
food
were
the index.
in
showed
Prices of butter
change.
no
lower in every city, and led to a decline in
all
51
the
of
reporting cities."
Continuing,
The
composite index is
lower
than
the
for
are,
however,
was
101.4.
The
ended
weeks
March
decrease
lower
soda
1.0%.
prices
17
in
higher prices
Meat
the
past
now
indexes,
group
modity
weeks,
it is
index of food prices has risen during the
5.3% below the first- of the year and 1.3%
the
still
Most of the fluctuations in
dairy products, flour,
bananas, and fresh pork moved against the trend.
Higher quotations for
cotton, silk and woolen goods caused a moderate advance in the textile
index.
A small decline in the farm products
index was brought about
lower
food
than
it
a
was
mainly
year
this time.
at
ago
the week were upward, although
prices during
by lower grain
The general level
prices.
farm product prices
of
during much of the time in recent weeks has been below the level which
prevailed
a
Small
earlier.
year
declines were registered during the week
by the indexes representing prices of fuels, metals and building materials,
As had
the
been the
index
week
downward.
commodity included in each of these groups moving
one
there
preceding week, 24 price series included in
the
and
week
last
and
advances
16
were
in
case
advanced
declined;
24
in
the second
preceding
declines.
30
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
base, the present index is 126.0.
1920-28=100
Compiled by the National Fertilizer Association.
slightly higher prices,
showed
Latest
corn
Bach Group
Bears to the
of
The
Total Index
price
flour
of
In
flour increased
cities
five
0.5%,
down
went
result
the
in
price.
four cities.
1.7%.
there
Dallas, where
In
outstanding,
was
amounting to 2.9c.
Lower prices
per
every
Ago
Feb. 29
30
Mar.
1936
1935
78.2
78.0
75.5
73.4
74.2
79.5
93.1
90.7
88.3
99.8
73.7
73.8
74.9
74.5
Cotton..
64.4
63.5
62.5
62.8
Grains
70.2
72.5
76.2
80.4
Livestock
28.0
76.2
76.0
77.2
75.0
75.2
Foods
Fats and oils..
Cottonseed oil
22.3
pound.
reported for
were
Year
Ago
21
1936
1936
"bread
a
was
Week
28 Mar.
Mar.
Group
Month
PrecetTg
Week
Per Cent
and
Farm products
item in
Veal cutlets showed the largest decrease,
The cost of the beef and the pork items declined an average of
except canned salmon.
group
mainly responsible for the rise in the all-com¬
was
Although
index.
two
declined 0.7%, with decreases reported from 15 cities
fell off
costs
the
of
four falling off
An advance of 0.3% in the foods index, the most heavily weighted
slightly.
Macaroni showed the greatest relative change, a
cities.
from
war," the decrease
costs are
the index was
during the week were of unusually minor extent, with
component groups showing small advances and
bakery products declined 0.5% during the two
were lower
for 10 of the 13 items in the
crackers
The
price of white bread
and
1913
a
Food
1935.
59.8.
They
for March 15 1929, when the index
average
to
in
It is 0.2%
average.
the
of
Prices
change.
no
of
and
10.
and
showed
meal
cereals
Cake
group.
below the
21.6
period1
1933, when
March 15
on
When converted
of
cost
79.5% of the 1923-25
now
corresponding
33.0% higher than
two
with
Mr. Lubin also stated:
April 4 1936
Price movements
of Food During Two
Weeks Ended March 10 Reported by United States
Department of Labor
,
Chronicle
79.2
79.2
1.9%
each.
lamb
The
16.4
Fuels
80.6
80.7
80.7
10.3
Miscellaneous commodities..
71.9
71.9
72.1
Textiles
68.9
68.2
68.0
65.2
0.7
Metals
82.4
82.5
83.0
81.7
5.8
4.0%.
Building materials....
...
77.7
77.9
76.7
78.9
*2.8%|Pork loin roast2.8%|Lamb breast-.3.7%
1.3
Chemicals and drugs
...
94.2
94.2
94.9
94.4
2.0%lLamb chuck..2.2%
0.3
Fertilizer materials...
65.3
65.3
65.3
1.1%.
declined
items
Price
declines
single
for
7.7
items in these sub-groups were heaviest for—
Sirloin
steak..2.2%(Plate beef
Round steak..2.1 %|Pork chops
*■■■■
i
.ii
i
•
<
••
3.0%|Salt pork
■.
—^
.
,
,
■
*
i
(Three-Year Average 1923-25=100)
76.1
101.6
76.9
77.0
76.2
All groups combined......
Corresponding Period in
1936
1936
1936
11
25 Feb.
71.9
102.7
___
100.0
Afar.10 Feb.
Current 2 Weeks 4 Weeks Mar. 12 Mar. 15 Mar. 15
Commodity Groups
Ago
a
1929
1933
1935
Ago
Production of Electricity During February
All foods
79.5
81.3
80.6
Cereals and bakery products
Meats
91.7
92.1
92.5
92.0
59.8
•
101.4
69.3
79.6
98.2
93.3
94.9
94.9
94.2
64.2
118.6
Dairy products
79.5
81.8
80.5
78.7
59.8
105.2
Eggs
66.9
78.0
70.6
61.2
42.7
87.4
Fruits and vegetables
Fresh
61.8
62.4
62.0
61.9
62.1
86.9
60.5
61.2
60.8
59.9
51.4
84.7
78.5
78.6
78.9
84.2
65.3
97 1
57.9
58.1
57.9
62.9
47.3
101.3
Beverages and chocolate
67.6
67.4
67.4
72.5
68.5
110.9
Fats and oils
75.6
76.2
76.8
79.6
45.0
93.8
Sugar and sweets
63.7
63.9
64.1
62.6
57.4
73.5
Canned
Dried
a
__
Preliminary.
The
index
of
The
lower
for
dairy products
was
all
in
Charleston
to
2.9%.
decreased
Butter
prices
dropped
0.1% for each other item in the group
decline of
a
of
13.8%
Butter prices
ranged from 0.7% in
the
51
reporting decreases of
of
advance
seasonal
Same Month
decreases
an
Shows Gain
Year Ago
Geological Survey of the United States Department
the production of
monthly electrical report disclosed that
electricity for public
in the United
use
States
during the month of February totaled 8,601,338,000
kwh.
This
is
gain of
a
15% when compared with the
for
and
eggs,
The price of
eggs
For the
7,494,160,000 kwh. produced in February, 1935.
Of the February,
1936 output
The
fuels.
total of 2,919,875,000 kwh.
a
and 5,681,463,000 kwh. by
Survey's statement follows:
produced by water
was
totaled 9,244,642,000 kwh.
power
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN UNITED STATES
decline of 14.3%, and with
average
than 20%.
more
a
(IN KILOWATT-HOURS)
This decrease compensates
during February, which was contrary to the usual
12.1%
movement
weather.
The
cities.
in San Francisco.
Egg prices broke eliarply, with
14 cities
the
over
of the Interior, in its
except evaporated milk, which remained unchanged in price.
were
15%
month of January, 1936, output
8.0%, and there
65.2
71.4
77.0
Farm machinery
103.0
Mixed fertilizer....
0.3
71.4
103.0
0.3
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
68.5
occasioned by
was
the
Changes in Output
from Previous Year
Total by Water Power and Fuel
Division
continued cold
is, however, higher than for any corresponding
December
February
January
Jan.,' 36 Feb.,
'36
period since 1930.
The
fresh
composite
products
Prices
3.4%.
most,
up
fresh
Potato prices
20
in
and
cabbage 9.4%.
for
change for
The
in
of
showed
no
change.
The
dried 0.3%.
Bananas went
lettuce
were
lower.
greed vegetables was
decline for the
0.9% for
declined 3.8%, and
10.3%
the largest relative price
Onion prices
cities.
11
heaviest
of the canned
any
cost
or
1.0%.
They were lower in 20 cities, unchanged
down 0.8%.
higher
The
A decrease of
spinach.
canned
the
increased
Prices of all fresh vegetables except
were
cities,
1.2%,
fruits
declined
0.1%, and the
vegetables
and
fruits
for
decreased
the
of
index
prunes was
dried items in this group.
or
beverages and chocolate
Coffee prices went up
0.3%.
rose
0.9%, with higher prices in 25 cities, including all reporting cities in the
Atlantic area.
Chocolate and cocoa advanced 0.1% each.
The aver¬
South
age
price of tea declined 0.5%.
The cost of fats
declined
steadily
October
1935,
naise
The index for sugar and sweets went
decrease
of
fell
1.5%
off
0.5%
widely scattered
cities.
The other
-
.
West South CentralMountain
Pacific
Total for U. S
Food
costs
3.2%
of
fruits
and
each
in
and
werfe
in
each
greatest
Norfolk
in
were
of
The price of mayon¬
Sugar prices
the
vegetables.
Potato
the
lower
were
group
January.
The production of
electricity by the use of water
Los
0.1%.
the
in
index.
and South.
Milwaukee,
showing the greatest decrease,
was
a
prices declined
In Birmingham and Norfolk
in other cities.
+7%
+23%
+9%
+ 15%
+ 19%
+ 14%
+ 17%
+ 18%
+ 11%
+ 15%
change from
egg
marked
drop
in the
cost
11.6%, apples 9.7%,
prices
declined
more
and
than
Angeles showed the least change in total food costs,
a
In that city the cost of fruits and vegetables rose 4.7%,
Increase
Increase
Produced by
1936
1935
Over
1935
1934
1936
1935
9%
6%
4%
37%
34%
39%
40%
1935
•
Kilowatt Hrs.
January
9,244,642,000
8,349,152,000
11%
February
8,601,338,000
7,494,160,000
8,011,213.000
7,817,284,000
8,020,897,000
15%
March
April
May...
June
July
44%
46%
46%
5%
4%
7,872,548,000
8,370,262,000
August
8,573,457,000
5%
_
8,692,799,000
9,138,638,000
13%
14%
13%
9.2%
40%
10%
11%
14%
8,208,267,000
8,844,416,000
-
October
_
44%
43%
39%
37%
32%
37%
36%
99,393,073.000
September
_
December.
Total.
National
Fertilizer
Association
Reports
Wholesale
Commodity Price Average Slightly Higher During
Week of March 28
There
sale commodity prices in the week ended March 28, accord¬
ing to the index compiled by the National Fertilizer Associa¬
tion.
This
index
showed
a
small
from 76.9 in the preceding week.
stood at 77.0
average as
and
100.
a
Coal Stocks and
The total stocks of coal held
but little change in the general level of whole¬
was
year ago
rise,
advancing to
77.0
A month ago the index
at 76.2, based on the 1926-28
The Association
on
March 30 also said:
amounted
net
tons
to
in
5,636,855 net tons
tons
on
hand
on
1,074,689 net tons
on
on
Feb.
on
Feb.
Consumption
by electric
6,711,544 net tons,
reserve
1.
a
power
of bituminous
and
stocks
of bituminous
creased 1.5%.
March 1 and 1,088.440 net tons
coal
on
March 1, 1936,
decreased 2.5%
coal,
standing at
from the 5,983,263 net
of anthracite
Consumption of all coal decreased 2.3%
use
utilities
decrease of 5.1% from the 7,071,703
Stocks
March 1, decreased 5.8%
1
i
Water Power
Over
1936
November
contrary to the general movement for that group.
34% of the
power was
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
in 15
East
cities
there
+20%
+9%
+ 10%
about twice the normal
is
This
showed negligible
cities included1
51
the
+ 15%
+ 14%
total.
down 0.3%, the result of an average
items in this
in
In Milwaukee
case.
cabbage 6.6%.
decrease of
lower
were
-2%
States in February was 296,600.000 kwh., 0.5% less than the average daily
production
Kilowatt Hrs.
declines
Birmingham
9,138,638,000 9,244,642,000 8,601,338.000
+ 13%
+9%
The average daily production of electricity for public use in the United
price advances.
Relative
414,961,000
421.544,000
397,411,000
298,580,000
273,330.000
299,491,000
1,129,544,000 1,146,779,000 1,056,090,000
change.
no
the price of sugar.
in
during the current
0.3% for lard com¬
from
for peanut butter.
0.4%, and salad oil showed
rose
of lard, which has
The price
Other price decreases ranged
pound and oleomargerine to 1.1%
+3%
+8%
.-
January to February.
0.7%.
and oils decreased
6ince
period.
reporting
■
592,554,000
639,836,000
644,997,000
2,457,303,000 2,456,112,000 2,301,2S3,000
East North Central
2,155,315.000 2,179,414,000 2.010,416,000
West North Central551,948,000
531,707,000
583,410,000
South Atlantic
1,056,676,000 1,158,920.000 1,067,845,000
East South Central
398.092,000
370,702,000
390,358,000
New England
Middle Atlantic
declined
on
1.3%
being
Feb. 1.
during February, 1936.
The
while anthracite consumption in¬
The electric power utilities reported
3,202,274 net tons of
bituminous coal and 171,471 net tons of anthracite consumed in
February.
Financial
Volume 142
month, however, the
29-day
Because of the
was
dally consumption
average
2227
Chronicle
Foreign Trade
Country's
calculated at the current rate of con¬
In terms of days' supply, which is
sumption, there was enough
utilities^
electric power
bituminous coal held by the
March 1, 1936, to last 61 days and enough anthracite for 128
on
days' requirements.
v
The quantities given in the tables are
based
the operation of all power
on
February- -Imports and
in
Exports
substantially higher In February than in January.
of Commerce
The Bureau of Statistics of the Department
Washington on March 21 issued its statement on thB
foreign trade of the United States for February and the eight
months ended with February, with comparison by months
at
follows:
The report is as
plants producing 10,000 kwh. or more per month, engaged in generating
hack to 1931.
electricity for public use, including central stations, both commercial and
United
States exports and imports followed roughly the usual seasonal movements.
"Without adjustment, exports declined 7.7% and imports increased 2.9%
compared with January.
Although still far below the peak year 1929 In
value, exports were 80% larger and imports 130% larger, in terms of value,
electric
municipal,
railway
plants
plants,
operated
by
railroads
steam
generating electricity for traction. Bureau of Reclamation plants, public
works plants, and
that part of the output of manufacturing plants which
The output of central station,
is sold.
electric railway and public works
plants represents about 98% of the total of all types of plants.
as
The output
published by the Edison Electric Institute and the "Electrical World"
includes
the output of
plants representing
Reports
central stations only.
over
95% of the total capacity.
are
received from
The output of those
plants which do not submit reports is estimated; therefore the figures of
output and fuel consumption as reported in the accompanying tables are
''
100% basis.
on a
/
?
[The Coal Division, Bureau of Mines, cooperates in the preparation of
these
t'-
reports.]
February Chain Store Sales Gain Sharply
Resumption of the upward course of trade was reported
in February in many sections of the chain store field, ac¬
cording to the current survey by "Chain Store Age," which
reports that not only was a large part of the January loss
made up, but in some instances new peaks of sales activity
were reached.
The "Age's" survey further showed:
Weather conditions in February were generally more
and
as
a
favorable to trade,
broadened rapidly after the first week or 10 dayB.
result gains
The healthy buoyancy
apparel, when the pressure of the prolonged cold lifted is evidence that
buying
power
continues unimpaired.
This
condition
has
re¬
newed the confidence of chain store managements over prospects for spring
their budgets with greater optimism.
trade and is causing them to shape
The level of chain store trade in February, as reflected by the "Chain
Store Age" index,
advanced to 99.4 of the 1929-1931 average taken
The index figures in
as
February 1935.
....104.0 against
.......119.8
105.0
02.6
..108.6
...—
Apparel chains........—........
Grocery chains....
...
............
.....
......
.............
'
amounted
of
in
products
$152,491,000 in
with
compared
group.
Sugar imports amounted to
312,000,000
valued at $16,395,000, compared with
February 1935.
Raw silk imports
4,870,000 pounds, valued at $9,030,000, compared with 6,-
valued
amounted to
commodity
every
703,000,000 pounds,
pounds,
$192,821,000
to
The increase in imports was distributed over a wide range
February 1935.
$7,017,000,
at
in
197,000 pounds, valued at $7,825,000, in February last year.
Imports of
.
valued $4,576,000, com¬
hides and skins amounted to 26,471,000 pounds,
96.®
against 110.8
against 100.0
against
93.0
against 118.0
valued
Imports of unmanufactured wool amounted to 20,800,000 pounds,
at
follows:
Drug chains
1933.
$182,630,000
to
pared with 18,498,000 pounds, valued at $2,836,000, in February last year.
February for each trade group, compare with the
FIve-and-ten chains.........—.........—
Shoe chains
100,
The index in February 1935 was 95.8.
from 96.5 in January.
January figures
as
trade was reached in
compared with $162,999,000 In
February 1935.
This increase was chiefly the result of larger shipments of
tobacco,
petroleum products, machinery and automobiles.
Unmanu¬
factured cotton exports were 5% larger, in terms of quantity, but, because
of lower prices, fractionally smaller in terms of value.
The value of unmanufactured tobacco exports was $11,289,000 in Feb¬
ruary 1936, compared with $6,686,000 in February 1935.
The value of
petroleum and products exports was $16,879,000 compared with $13,666,000
in the corresponding month of last year.
Machinery and vehicles exports
amounted to $48,821,000 in February 1936 compared with $41,190,000 In
February 1935.
The value of exports of electrical apparatus, industrial
machinery and agricultural machinery, including implements, increased
18%. 49 and 22%, respectively, compared with February a year ago.
Relatively large percentage gains occurred in exports of cotton cloth, silk
manufactures, advanced iron and steel manufactures, chemicals and
related products, and a number of other industrial products.
The value
of exports of wood and paper manufactures decreased fractionally.
Exports of fruits, including nuts, and feedstuffs increased moderately,
while exports of meats and animal fats were substantially less than In
amounted
Exports
Imports
exhibited by most lines, notably the variety and
,,
for the extra day in February this year,
than when the low point for February
became accelerated as the month progressed.
The improvement
consumer
After making adjustment
$4,340,000, compared with 12,000,000 pounds, valued at $1,649,000,
in February 1935.
imported in larger amounts than in February last year
Other products
included
fish,
meats,
furs and manufactures,
nuts,
coffee, whiskey, oil
seeds, inedible expressed oils, unmanufactured tobacco, wood pulp, news¬
print, precious stones, tin, nickel and fertilizers.
♦
Electric
Power
Among commodities to be imported in smaller amounts were butter,
9%
Output
Week
Corresponding
Above
1935
of
cheese, grains and preparations, feedstuffs, cocoa and crude
The Edison Electric Institute in its
weekly statement dis¬
closed that the production of electricity by the electric light
and power industry of the United States for the week ended
March 28, 1936, totaled 1,867,093,000 kwh.
Total output
for the latest week indicated a gain of 9.0% over the corre¬
sponding week of 1935, when output totaled 1,712,863,000
kwh.
during the week ended March 21 totaled
1,862,387,000 kwh.
This was a gain of 8.0% over the
1,724,763,000 kwh. produced during the week ended March
23, 1935.
The Institute's statement follows:
PERCENTAGE INCREASE OVER PREVIOUS YEAR
plus goods entering consumption channels upon arrival In the
Week Ended
Week Ended
Week Ended
Mar. 28 1936
Regions
Mar. 21 1936
Mar. 14 1936
Mar. 7 1936
1.4
entering consumption channels immediately upon arrival, plus withdrawals
from bonded warehouses, amounted to $189,855,000 in
for consumption
value compared with
$186,352,000 in January 1936 and $152,246,000 in
With the decline in exports and the increase in imports,
of merchandise exceeded total exports of merchandise by
11.3
10.2
000.
For the first two months of 1936, the net balance of
exports amounted
12.3
exports
amount
in
$7,002,000
9.4
12.7
10.0
10.1
10.3
to
any
were
13.9
15.0
gold
of
13.6
12.4
9.0
8.0
10.0
EXPORTS
BY MONTHS—EXPORTS,
INCLUDING
GENERAL IMPORTS, AND BALANCE OF TRADE
TRADE
MERCHANDISE
8.9
,
•
2
February
Increased)
1936
1935
1,000
1,000
1,000
1,000
Dollars
Dollars
1934
15...
22...
Feb.
29...
7...
Mar. 14...
Mar. 21...
Mar. 28...
Apr.
4...
Apr.
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
1,701,945
1933
1932
1931
1930
11...
18...
DATA FOR RECENT
192,821
152.49F-
+ 11.4
1,636
1,809
1,652
1,455
1,483
1.679
+ 10.7
1,684
1,782
1,770
1,746
1,728
1,726
1,718
1,699
J
/^339,222
380261
319,324
319
+41,358
+60,937
19,898
Yo", 191
+ 12.3
+ 9.7
+9.8
+ 10.0
+8.0
+ 9.0
1.641
1.646
1,658
1.647
1,650
1,658
1,666
1,617
1.642
1,470
1,426
1,423
1,391
1,375
1,410
1,402
1,399
1,410
1,673
+ 10.8
1,589
1,579
1,545
1,512
1,520
1,538
1,538
1,515
1.480
1,465
1.481
1,431
1,470
1.680
1,633
1,664
1,676
1,682
1,689
1,680
1,647
1,641
1,676
1,744
1,750
1,736
1.722
1.723
1,708
Month
or
Period
Exports
Including Re-exports
1936
1935
1934
1933
1932
1931
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
197,950
182,630
January
1,683
1,680
April
170,244
173,181
172,176
198,803
221,248
269,308
223,478
February
March
164,127
165,456
.
May
1,663
June
1,715
1,697
July
1,733
1,709
August
j
September
MONTHS
176,223
162,999
185,026
1,707
1,703
1,687
October.:.
(THOUSANDS OF KWH.)
December..
172,220
162,752
190,938
179,427
160,197
170,519
161,672
171,984
191,313
206,413
194,712
170,654
120,589
101,515
108,015
105,217
114,203
119,790
144,109
131,473
160,119
193,069
184,256
192,638
150,022
153,972
154,876
135,096
131,899
114,148
106,830
108,599
132,037
153,090
138,834
131,614
249,598
224,340
235,899
215,077
203,970
187,077
180,772
164,808
180,228
204,905
193,540
184,070
P.O.
Month
1936
of
1935
Ch'ge
1934
1933
1932
1931
2 months ended Feb
380,580
12 months ended Dec.
Jan
8,664,110
Feb
.
April
May
June
July
August.
Sept
Oct
Nov
7,762,513 + 11.6
7,048,495
7,500,566
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
7,131,158
6,608,356
7,198,232
6,978,419
7,249,732
7,056,116
7,116,261
7,309,575
6,832,260
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
334,972
339,222
222,104
303,994
473,944
2,282,268 2,132,800 1,674,994 1,611,016 2,424,289
General Imports—
January
187,440
February
192,821
135,706
132,753
158,105
June
166,832
152,491
177.356
170,500
170,533
156.754
7,099,421
7,331,380
6,971,644
July
176,631
August
169,030
161,647
7,288,025
October
127,229
119,513
131,658
129,635
150,919
132,258
March
April...
May......
September
November
Dec
Total
Dollars
10,508
November
March
^
/o8Q,580
1929
1935
1,962,827
1,952,476
1,950,278
1,041,633
1,903,363
1,893,311
1,900,803
1,862,387
1,867,093
182/630
162,999
Excess of exports ....
Excess of imports
Ch'ge
1936
Dollars
Exports
Weekly Data for Previous Years
in Millions' of Kilowatt-Hours
P. C.
Week of—
Feb.
Decreased—)
1935
9.8
FOR RECENT WEEKS
Kilowatt-Hours)
1...
February
1936
Imports
8
Ended
RE¬
1,000
{In Thousands of
Feb.
Mos.
Exports and Imports
Dollars
DATA
Feb.
February, or the largest
totaled $23,637,000 in
the smallest amount in any month since September 1934.
14.6
16.5
Total United States.
merchandise
$319,000 compared with $19,898,000 in the corre¬
month since October 1933, while imports of gold totaling
10.4
16.2
Pacific Coast
..
In
13.5
Rocky Mountain
Southern States
general imports
$10,191,000.
February 1935 there was a net balance of merchandise exports of $10,508,-
6.6
10.9
7.3
11.2
West Central
8.7
11.6
6.7
Middle Atlantic
Central Industrial
2.8
10.4
New England
.
93,420,266
85,564,124 80,009,501 77,442,112 86,063,969
shown above are based on reports covering approxl
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
1
in January
Imports for consumption, goods
1936 and $152,491,000 in February 1935.
The
Apr.
United States,
amounted to $192,821,000 in value compared with $187,440,000
sponding period of 1935.
Week Ended
Major Geographic
Mar.
value com¬
General imports, goods entered for storage in bonded warehouses,
1935.
February 1935.
Electric output
Feb.
rubber.
Exports, including re-exports, amounted to $182,630,000 in
pared with $198,950,000 in January 1936 and $162,999,000 In February
Note—The monthly figures
189.357
169,385
December
187,023
2 months ended Feb
12 months ended Dec_
380,261
319,324
146,523
154,647
136,109
96,006
83,748
94,860
88,412
106,869
12?,197
142,980
1 4,918
146,643
150,867
135,520
130,099
131,189
126,522
112,276
110,280
79,421
91,102
128,541
104.468
133,518
97,087
98,411
105,499
183,148
174,946
210,202
185,706
179,694
173,455
174.460
166,679
170,384
168,708
149,480
153,773
268,459
179,754
266,519
358.094
2,047,540 1,655,056 1,449,559 1,322,774 2,000,635
•EXPORTS
OF
MERCHANDISE
STATES
UNITED
IMPORTS
AND
FOR
i
CONSUMPTION
quently
1936
Ended
Mos.
2
February
February
chiefly along the
1935
1936
1935
1,000
1,000
1,000
Dollars
Dollars
160,305
375,065
333,865
+41.200
152 246
376,207
320.728
4-66,479
1936
1935
1934
1933
1932
1,000
1,000
l.OCO
1,000
1,000
Merchandise
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
179,988
June..
159,617
187,418
181,667
160,486
159,788
167,278
March
.
April...
176,490
July
167,815
August..
169,733
September
i
196 040
188,860
November
December
floods.
104,276
output, although normally a seasonal
gain occurs following January.'
Our index of productive activity, which is
adjusted for seasonal variation and the number of working days, in February
Jell off to 73% of the 1923-25 average as compared with 75 a month ago,
161.494
201,390
136,402
190.330
128,976
12 months ended Dec.
February there was little change in
78
177,025
189,808
in
January
February
189,855
March
April.
,
...
May
June
July
August
v
..
125,047
September...
October
November
December
84,164
153,396
91,893
the Seventh (Chicago)
Report" of March 31,
the Federal Reserve Bank of Chicago reports that depart¬
ment store trade during February increased over January
while the wholesale lines showed a mixed trend.
An in¬
crease during the month was also noted in chain store trade
141,247
88,107
123,176
182,867
109,141
123,931
112,611
176,443
112,509
170,747
124,010
117,262
149,893
137,975
141,018
79,934
93,375
102,933
104,66?
105,295
95,898
174,559
149,470
152,714
147,599
149,288
125,269
126,193
127,170
in
District,
205,690
147,467
135,067
reporting on trade conditions in
In
183,284
177,483
134,311
120.804
180,584
92,718
168,735
174.740
176,882
264,115
360,767
320,728
254,023
2,038,905 1,636,003 1,433.013 1,325,093 2,088,455
376,207
2 months ended Feb
GOLD
EXPORTS,
SILVER
AND
BY MONTHS
2
February
Ended
Mos.
February
Increase(+)
Exports and Imports
Decreasei—)
1936
1935
1936
1935
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Gold—
23,637
46
23,975
409
+23,566
7,002
Exports
Imports
122,817
52.983
272,573
—219,589
-
former
Silver-
Exports
141
1,661
394
16,351
76.019
35,437
17" 3^5
14*. 6^0
75*625
—2,515
+40.582
2.909
17,536
32*528
_
Imports
stated:
declining 6Vfe%
6%% decrease recorded in the yearly
contrast to a
In
drug trades of the Seventh District,
and in the latter 6% from
and
grocery
two months
the first
—
.
the same two months last year, but
3% smaller each.
Moderate increases took
supply sales 13% in excess of those in
and drug sales
were
31 and the close of February in all but the
grocery trade.
Ratios of accounts outstanding to net sales rose in February
in all groups except electrical supplies, where some reduction was recorded;
in groceries the ratio was higher than a year ago.
stocks between Jan.
Period
or
1936
1935
1934
1933
1936
1935
1934
1933
1,000
1,000
l,0o0
1,000
1,000
1.000
1.0 0
1,000
Dollars Dollars Dollars Dollars Dollar
14
253
363
338
4,715
Exports—
Dollars Dollars Dollars
1,248
85
46
51
21,521
1,661
734
540
44
28,123
3,128
665
April
62
37
16,741
1.593
1,425
193
May
49
1,780
22,925
1,638
235
2,404
343
1,789
7,015
in smaller cities recorded the heaviest
month—10y2%—while the dollar volume sold
by Chicago firms increased 9% ; that sold' in Detroit, 8%, and in Mil¬
waukee, 7%%, with sales by Indianapolis stores declining 1% from the
preceding month.
The gain of 10^% over last February in total district
sales exceeded that shown in the yearly comparison in either of the two
preceding months, although one more trading day in the month this year,
them.
23,637
February
March
1,551
209
269
6,586
4,380
59
114
85,375
2,885
1,717
1,547
102
14,556
86
22,255
81,473
58,282
2,009
1,472
1,424
3.321
took
34,046
2,957
10,815
260
1,162
2,281
those
512
1,698
464
769
1,014
July
_x_.
August
September
...
76
2,173
November
242
310
December
170
140
October
that
and
sales
21,535
366,652
2,909
18,801
394
1,947 128,479
.981 149,755
30,397
452,622
,002 122,81
14,948
13,543 237,380
2 mos.end.Feb
58,483
40'
23,975
4,765
52,755
1,960
1,592
1,760
16,551
19,041
February
March
54,785
148,670
30,362
19,085
16,351
20,842
1,763
2,128
855
1,823
1,955
4,435
5,275
13,501
140,065
June
230,538
70,291
1,136
10,444
of
July
52,460
1,497
30,230
5,431
2,458
August
46,085
51,781
1,085
1,545
30,820
21,926
45,689
48,898
60,065
47,603
20,831
11,602
3,494
4,106
8,711
4,083
4,977
35,437
5,721
2,617
354,531 102,725
both
156,805
3,585
315,424
13,010
210,810 121,199
190,180 92,249
December
2 mos.end.Feb
12 mos.end. Dec.
1,696
2,174
1,687
52,983 272,573 454,570 158,876
1740979 1186671 193,197
76,019
....
14,425
Activity
District
of
in
Philadelphia
Sustained
Between
March—Effect of
Federal
January
Reserve
in
In
third
the
March
week
of
March
the
customary spring
activity was greatly
widespread floods which caused severe
damage to property in addition to some loss of human life.
Trade, manu¬
facturing, communication and transportation, and other forms of business
and service were temporarily paralyzed in many cities and towns located
by
the
unusual
and
along the principal rivers and streams.
Industrial
average,
number
The
of
78% of the 1923-25
made for the normal seasonal change and the
production in February continued around
after allowance is
working days.
heavy precipitation
the Middle West:
gained somewhat
January, following a rather sharp decline in the lastmonth, they numbered 13% smaller than in the month last year,
distribution at wholesale dropped off further and was considerably
named
while
lighter than a year ago.
Stocks in dealers' hands continued to rise, though
only slightly further, and were almost double those of a year
car
data for February recorded more favorable trends than
new
a
gain
not
sales
cars,
in
than
only
February,
earlier.
Used'
did those on
January but also totaling
1935; furthermore, stocks did not show as large
exceeding
those of
last year as did those of new cars.
over
Improvement in Trade and Industry in
Reserve District During Febru¬
Moderate
St.
Louis Federal
ary
and First Half of March
"Trade
and
in the Eighth
industry
(St. Louis)
District
March, while reflect¬
ing some spottiness, as a whole developed further moderate
improvement," according to the Federal Reserve Bank of
St. Louis, in its "Monthly Review" of March 30.
"Through
February a relatively more favorable exhibit was made by
production than distribution of commodities," the Bank said,
during February and the first half of
continuing :
This
was
attributable
in
large
measure
to
cold weather throughout the entire area, which
with communications
at
wholesale
and
Production
at
the prolonged and extremely
had the effect of interfering
and retarding routine purchasing of merchandise,
retail.
.
.
manufacturing
both
.
plants
as
a
whole
showed
a
somewhat
...
and the flow of water through the
regions of this district indicate an abundant
following to say regarding the distribu¬
February over
Third (Philadelphia) Federal
also had the following to say:
interrupted
cigar,
and Middle
Floods Latter Part of
Heserve District, states the Philadelphia Federal Reserve Bank,
"generally seems to have been well sustained between Janu¬
ary and the middle of March, even though some of the indus¬
tries lagged somewhat behind their usual seasonal rate of
operation."
In its "Business Review" of April 1 the Bank
Business activity in the
daily average
stores in February gained
like percentage over a year ago.
recorded declines, with five-andmen's clothing, and musical instrument chains
Although Midwest sales of new automobiles to consumers
heavier
Business
drug,
store,
The Bank had the
4,386
15,011
as
seasonal increase of 6%
totaled 5% in excess of
comparisons, grocery sales alone
60,225
September
October
November
increase,
reporting chains operating 2,731
12
tion of automobiles in
15,472
16,287
size of the
showing increases.
1,520
May
the
less
4% in the aggregate over January and' a
1,693
11,002
6,769
1,785
3,593
affected
than 5% over a year ago.
A
place in stocks during February, and they
held a year earlier.
ten-cent
April
stores
Chain Store Trade
In
Imports—
January
Saturday
a
gained
Sales
12 mos.end, Dec
of
590
166
June
sales
Aggregate
expansion over the preceding
2,572
1,741
January
Store Trade
of 8% in February over January in Seventh
District department store trade noticeably larger than the gain of 1% in
the 1926-35 average for the period, but it also was greater than the gains
6hown in any of these 10 years, and contrasted with declines in
five of
only was the increase
Not
Silver
Gold
Month
comparison for January.
15% and electrical
of 1936 hardware sales totaled
.Department
Excess of exports.
Excess of Imports
Trade
experienced during February in the
in business were
recessions
group
place in
272*164
29,608
122*771
Excess of imports
The Bank
sales in the
the preceding
month.
The wholesale hardware trade increased 2% over January, or
somewhat less than in the 1926-35 average for the period, while sales of
electrical supplies
gained 1% in the aggregate, contrary to trend for
February.
Increases over a year ago in the hardware and electrical supply
trades were less than
in a similar comparison for January; drug sales
showed a slightly smaller decline than a month previous, while the dollar
volume of groceries sold approximately equaled that of last February, in
wholesale
grocery
16,635
Excess of exports
Business
"Monthly
Wholesale
;
IMPORTS AND NET BALANCE
its
district.
the
in
171,589
152,802
149,516
Seasonal
12 months ended Dec.
in
Automobiles
of
Above
128,976
168,482
152,246
175,485
166,070
166,756
155,313
173,096
180,381
168,683
189,806
162,828
179,760
186,352
Federal Reserve District—Sales
Mid-West During February
January—Wholesale and Retail Trade
Conditions in Chicago
sumption
r.
and 71 a year before.
December,
180,801
Imports for Con>
:
seriously by inundation.
but it was interrupted'
industries,
goods
expansion, particularly in
seasonal
showed
March
early
:
:
;
in
In
177,382
181,291
...
durable
199,225
182.797
106,270
129,538
151,035
brief period of comparative quiet.
a
Production
466,387
297,954
217,982
329,194
333,865
2,242,464 •2,100,13; 1,647,220 1,576,151 2,377,982
375,065
2 months ended Fel
i
210,061
123,553
109 478
129,315
157,49C
190,842
203,536
192,156
168,44?
218,124
266,728
220,940
October
/
;
245.727
220,660
231,081
132.268
106,293
103,265
111,845
117,517
141,573
157,161
167,902
159,128
169,851
May
.
146,"06
151,048
151,403
118,559
99,423
169,577
173,560
160,305
195,078
February
.
lately
This up-turn appears to have
been more pronounced in such heavy industries as fabricated metal products
and building materials than in the case of most textile and leather products,
according to reports received early in March, but later returns indicate a
temporary
setback in many industries which were affected by recent
1,000
January
.
products has been somewhat more active
for manufactured
Demand
1931
Exports— U. S.
.
Manufacturing
following
Month or Period
larger amount
that of last
ahead of a year ago.
Activity at retail in early March was well
Dollars
179,988
Exports (U. S. inds eh-. I
ntln
rRO.R55
Imports for oonsumntio T i
continued above
February and
to
January
1,000
Dollars
waterways.
retail and wholesale trade increased by a
of
from
usual
than
year.
1,000
Doltars
*
sales
Dollar
Increased)
Decrease^—)
The degree of soil
the inundation
favorable condition for the growth of crops.
a
by the floods does not appear to be extensive, since
erosion
occurred
Export^and Imports
April 4 1936
Chronicle
Financial
2228
agricultural
supply of moisture and conse-
greater than seasonal increase.
steel
industry,
This was true particularly in the iron and
by broadening in require-
where activities were stimulated
Financial
Volume 142
Shipments of pig iron and
other consuming groups.
of railroads and
ments
2229-
Chronicle
prices for eight of
Farm
the commodities listed were;
foundries and mills in the district during February
moderately over January, and were measurably larger than a
other raw materials to
increased
year ago.
Veal calves, per 100
...
operations made relatively
little headway, owing to the severe cold weather,
accompanied in most
sections by snow and ice.
Since that time, however, mild weather has
the last week of
Until
Mar.
February, agricultural
permitted of field1 work, and a considerable amount of plowing and prepara¬
tion for spring crops has been accomplished,
particularly in the South.
to the effects of the unusually cold winter on fall-sown
grains, orchards and other crops vary widely, both with reference to
locality and species.
It is still too early to estimate the extent of damage
done.
Almost universally reports indicate the most favorable conditions
of surface and subsoil in a number of years.
Floods have been confined to
pounds
and due to the earliness
areas,
of the season, little injury
has resulted.
the principal cities, was
stores in
1935; cumulative total
larger than in February,
11.4%
as reflected in sales of depart¬
6.2% greater than in January, and
retail trade in February,
of
The volume
ment
for the first two
comparable period1 a year ago.
jobbing firms reporting to this Bank
in February were 14% and 8% smaller, respectively, than a month and a
year earlier; for the first two months this year the total was 6% below
months this year
8.2% in excess of the
was
of all wholesaling and
Combined sales
and
Preceding Peak Week
The lumber industry during the week ended March 21,
1936, stood at 61% of the 1929 weekly average of production
and 65%
of 1929 shipments.
Reported production was
heaviest since early November, but shipments and new busi¬
ness were 4 and 12%, respectively, below revised figures for
the preceding week, according to reports to the National
Lumber Manufacturers Association from regional associa¬
tions covering the operations of important hardwood and
softwood mills.
The revised order reports for the preceding
week ended March 14, 1936, were, however, the heaviest of
any week since 1931 except for one pre-strike week in May,
1935, two which preceded establishment of minimum prices
in November, 1933, and four weeks in June, 1933.
Re¬
ported new business during the week ended March 21 was
1% above output; shipments were 2% above production.
During the preceding week shipments were 8% above pro¬
All items in the
current week were shown by reporting softwood mills in
excess
of similar week of 1935, production at these mills
being 36% above last year's week; shipments, 26% above;
new business, 23% above.
The reports furnished the Asso¬
above output.
10%
orders
and
ciation further showed:
shipments,
feet;
216,035,000
production,
589;
234,202,000
regions but West Coast, California redwood, Northern hemlock and
hardwoods reported orders above production during the week
All
Northern
reported1 shipments above output.
All softwood regions but redwood and Northern pine reported orders above
corresponding week of 1935; all but these and Northern hemlock reported
shipments above last year's week, and all but hemlock reported produc¬
March
ended
but these
All
1936.
21,
above.
tion
reported
mills
softwood
Identical
unfilled
equivalent of 34 days' average production
with
25
orders
on
March
21
the
and stocks of 132 days' compared
and 130 days' a year ago.
days'
Forest
products
car
during the week ended
preceding week, 4,356 cars
above the same week
loadings totaled 30,403 cars
This was 562 cars below the
March
21, 1936.
above
corresponding week of
1935, and 5,528
cars
feet,
as
reported for
7%
9,725,000 feet,
0.436
0.238
0.186
0.317
0.349
0.312
0.909
0.919
0.855
+
issued the figures in the
table below of factory sales of automobiles manufactured in
the United States (including foreign assemblies from parts
made in the United States and reported as complete units
or
vehicles), for February 1936.
Canadian production
figures are supplied by the Dominion Bureau of Statistics;
Figures for months prior to those shown below were re¬
ported in the "Chronicle" of Feb. 29 1936, page 1366.
<
the Census has
Total
Year and Month
feet,
week were
Production was 9,637,000 feet.
business as 10,309,000
887,541,000
21,
pared'
with
duction
and
feet
March 21, 1936, give unfilled orders
stocks of 3,466,946,000 feet.
The 466
on
1936,
gross
mills
softwood
March
or
872,664,000 feet on
production, com¬
the equivalent of 25 days' average pro¬
unfilled
report
the equivalent of
649,636,000 feet,
similar
date
a
or
year
34
orders
Passenger
feet, and
a
as
Ac.
feet
and 167,317,000
of
470 identical softwood mills was
Economics Reports Decline
Price Index During Week of March 15
price index dropped from 109 to 104 during the
month ended March 15, according to the Bureau of Agricul¬
tural Economics, United States Department of Agriculture.
declines in
Larger-than-seasonal
prices of dairy
products,
tobacco and truck crops are reported.
Under
date of March 30 the Bureau also reported:
Prices of cotton, bread grains, hogs, cattle, chickens, eggs, flax and hay
calves,
also
declined
feed
grains,
during the
month.
moderate advances
Slightly higher prices are reported
potatoes and wool,
in prices of fruit,
for
and
sharp upturn in prices of work animals.
13,302
13,268
11,261
10,853
2,041,
526,378
131,838
26,570
22,114
4,456
229,233
275,623
63,552
60,044
10,607
18,114
8,269
13,885
2,338
4,229
628,452
504,856
123,596
28,721
22,154
6,567
155,666
230,256
112,754
186,774
42,912
43,482
6,904
8,571
4,946
1,958
7,101
1,470^
385.922
January
February
mos.)
Total (2
299,528
86,394
15,475
12,047
3,428
1934—
January
February
-
Total (2
mos.)
lower than on March 15 a year ago.
animals, dairy products,
last, but prices
The
the
index
month
declined
3,415
./
United
Sugar
States
'
111
—____————
,7
7^
•
;
-f,,
_
*
,
Consumption During February-
Reported 7.1% Below February
1935
»
v
by
Sugar consumption in the United States as measured
distribution showed a decrease in February of 7.1% com¬
pared with February of last year, according to the preliminary!
estimate of B. W. Dyer & Co., sugar economists and brokers..
■[
The firm said:
409,030 long tons, raw sugar value, comparedto 440,412 tons in February of 1935, a decrease of 31,382 tons.
For the first two months of 1936 consumption amounted to 779,180 tons,
a decrease of 85,876 tons or 9.9% compared with the same period of 1935'
when 865,056 tons were consumed.
Sugar Consumption in 14 European Countries During
First Five Months of Crop Year Reported 4.1%
Above Same Period Year Ago
coun-*
Consumption of sugar in the 14 principal European
the first five months of the current crop year,'
September 1935 through January 1936, totaled 3,295,408
long tons, raw sugar value, as compared with 3,164,437 toils
consumed during the similar period last season, an increase
of
130,971 tons, or approximately 4.1%, according to
European advices received by Lamborn & Co.
The firm
tries during
announced:
-.
countries
14
the
Czechoslovakia,
Italy, Spain. Bulgaria.
while two (France
of
ended
from
89
March
to
86.
15.
chickens and fruit are higher this year
The
ratio of
prices
12 of them (Germany,
Holland, Sweden, Poland,
included in the survey,
Austria,
Hungary, Belgium,
United Kingdom.) report an increase in consumption,
State) show a decrease.
and the Irish Free
hand for these countries on Feb. 1 1936 amounted to.
5,065,300 tons as against 5,187,200 tons on the same date in 1935, a decrease'
of 121,900 tons, or approximately 2.4%.
■
Production of sugar for the 14 principal European countries for the season!
placed at 5,758,000 long tons, raw sugar, as
6,490,000 tons in the previous season, a
of
Increase
India
15%
During
received to prices paid
decrease of 732,000 tons, or
against
11.3%.'
Estimated in 'Sugar Production in
Current Crop Year as Compared;
with Last Year
appreciable increase in India's sugar
production dur¬
ing the current crop year is indicated in a report to the
United States Department of Commerce from its office in'
Calcutta,
area
last year, an increase of 530,000 acres, or 15%.
The esti¬
pointed out, is based on reports from British Provinces and
States which contain approximately 95% of the total area under
3,477,000
mate,
it
Indian
acres
is
sugar cane
The
said an announcement issued March 20 by the
Department, which added:
>
sown to sugar is estimated at 4,007,000 acres,
compared with
in India.
final
estimated
yield
of
raw
sugar
for the
is
1935-36 crop year
with a production last year of 5,109,000 tons, an
of 796,000 tons, or 16%, it was stated.
•
,
condition of
India's current sugar crop, the report states,
is
5,905,000 tons, compared
increase
The
reported to be good.
Exports of Sugar by
Cuba During January and
February Reported Above Year ago
<•
in the first two months of-,
the current year were substantially in excess of those re¬
corded in the corresponding period of 1934, a report to the*
Cuban exports
Prices of
than
of grain, cotton, cottonseed and truck crops are lower.
prices paid by farmers declined from 122 to 121 during
The index is four points
meat
/
67,326
64,512
1935—
Commerce
feet.
The farm
a
Trucks I
Cars
292,785
335,667
Total (2 mos.)_-
An
Agricultural
in Farm
veal
Passen¬
oer
658,216
February
The
Bureau
(Production)
299,926
226,452
367,252
290,964
January
ago.
203,555,000
ago it was 149,868,000 feet; shipments were, respectively,and 166,315,000 feet, and orders received, 205,316,000
production of
year
210,258,000
feet
Total
Trucks,
Cars
1936—
days' average
Identical Mill Reports
week's
Last
Canada
sales)
■
(All
Vehicles)
staring Sept. 1 1935 is
Unfilled Orders and Stocks
identical
CHASSIS)
VEHICLES (INCLUDING
NUMBER OF
Reports from 492 softwood mills on
of
February
Automobile Sales in
The Bureau of
Sugar stocks on
Shipments as reported for the same
1% above production.
or
the
the same week were 214,931,000
hardwood mills give new
84
production.
above
497
Production was 208,406,000 feet.
3% above production.
or
Reports from
or
for
reported
Shipments
mills.
same
the week ended March 21, 1936, by
totaled 210,672,000 feet, or 1% above the production of
orders
mills
softwood
0.689
0.175.
bushel
Eggs, per dozen
Butter fat, per pound
Wheat, per bushel
Potatoes, per
Of
of 1934.
Lumber
0.115
0.723
Cotton, per pound
251,368,000 feet.
orders,
feet;
220,981,000 feet.
of
Mills,
were^
softwoods
and
hardwoods
of
0.11
Consumption amounted to
March 21, 1936, 562 mills produced 218,043,000
combined; shipped 224,656,000 feet;
Revised figures for the preceding week
During the week ended
feet
booked orders
0.827
0.109
Corn, per bushel
Shipments Below
duction
8.10
0.555
♦
United States (Factory
Lumber Mills—New Business
Production Gains at
$6.97
9.34
0.564
of the same interval a year ago.
that
.Mar. 15 1935
.
$8.58
9.17
Hogs, per 100 pounds
Reports relative
relatively small
Fei. 15 1936
15 1936
$7.55
United
attache
of raw
sugar
the commercial ^
announcement issued'
States Commerce Department from
at
Habana
March 21 by the
shows.
In
an
Commerce Department it was also
stated;
2230
Total
Financial
foreign shipments of
amounted
to
457,617
February of this
tons
in
the
231,006 long tons in the
Shipments to the United States during January
totaled 431,416 long tons against 205,345 long
Sugar
Jan.
mills
20
below
to
year
corresponding
in
1935
Cuba
period,
produced
from
sugar
This total is slightly
the
at
end
of
Febru¬
Cuba
totaled
end
1,246,105
of
long
date
February,
tons
in 1935,
1936,
compared
stocks
sugar
with
1,625,985
hand
on
long
in
tons
reported!
the
on
the report states.
♦
Monthly Statement of1 Sugar Statistics of AAA for
January—Deliveries During Month Totaled 442,183
Short Tons
;
Tlie Sugar Section of the Agricultural Adjustment Admin¬
istration issued, on March 28, its monthly statement for
January, 1936, of
the first
cover
in
sugar statistics obtained from cane
beet sugar processors and importers.
ers,
month
the administration
The data, which
of the calendar year, were obtained
the Jones-Costigan Act, which re¬
of
Total deliveries of
areas.
during the month
of January, the AAA
announced, amounted to 442,183 short
tons
raw
value.
sugar
The
sugar
Administration
for
report
January follows:
TABLE 1—RAW SUGAR:
'
AND
DELIVERIES
1936
REFINERS
FOR
(IN SHORT TONS
DIRECT
RAW
STOCKS, RECEIPT3. MELT NGS
CONSUMPTION FOR JANUARY
SUGAR
VALUE) *
Socks
Deliveries
on
Source of Supply
Cuba
91,039
Hawai
28,900
45,873
3,194
67,308
-
Philippines
Continental, a
Virgin Islands
Socks
by
on
Con¬
Fire,
Jan. 31
sumption
Receipts
&c.
1936
Meltings
1936
Puerto Rico
Los
for Direct
Jan. 1,
175,997
49,195
43,682
185,711
59,026
47
81,278
0
18.936
2
0
85
0
27.943
10.861
0
29,508
58,410
33,336
20.936
0
133
61,610
25,584
326
0
0
0
O
0
"0
19,583
0
4,175
O
0
36
124
15,408
158
O
0
255,933
323.270
394,674
593
0
Cffiber countries
Mlsce'l. (sweepings, &c.)
Tata'
vumj/uvu
vuu
uuvuviUf
kiurn
Iopuiw bUUullbtuU Uli
*
2
183,936
JDUriXI
DCriOA
"by 16 companies representing 22 refineries.
The companies are:
Amer can Sugar
Defining Co.; Arbuckle Brothers; J. Aron A Co., Inc.* California A Hawilan
Sugar
Defining Corp., Ltd.: Colonial Sugar Co.; Godchaux Sugars, Inc.: William
Hender¬
son Imperial Sugar Co
; W. J. McCahan Sugar Refining AMolassee
Co.; National
Sugar Refining Co. of N. J.; Ohio Sugar Co.; Pennsylvania
Sugar Co.; Revere'
Sugar Refinery; Savannah Sugar Refining Corp.,
Sterling Sugars, Inc., and Western
Sugar Refinery.
b Includes sugars 'received at refineries In
Louisiana from their own sugar mills
end not chargeable to continental
quota until marketed as refined sugar.
TABLE 2—STOCKS, PRODUCTION, AND
DISTRIBUTION OF CANE AND
BEET SUGAR BY UNITED STATES
REFINERS AND PROCESSORS,
JANUARY, 1936 (IN TERMS OF SHORT TONS REFINED SUGAR
AS PRODUCED)
Domestic Beet
Refiners and
Factories
250,165
362,920
b859,775
18,973
C47.335
831,413
a316,084
Pinal stocks of refined
297,001
1,109,940
381,893
363,419
1,128,414
Compiled by the AAA, Sugar Section, from reports submitted by refiners,
Include sugar
delivered
against sales
for
export.
3—ST00K8,
RECEIPTS,
AND
DELIVERIES
OF
Stocks
Source of Supply
Jan. 1
-'
on
Deliveries
1936
♦122,748
Hawaii
Receipts
Usage
or
9,678
33,160
1936 (IN
Stocks
on
Jan. 31*36
*99,266
0
Philippines
England
China and Hongkong
Other foreign areas
300
300
1,908
6,817
Puerto Rico
\
4,950
4,234
2,624
0
4,248
2,569
509
0
0
*2,239
Total
134,221
SS-15B
and
SS-3
0
153
34
.
356
34
0
1,680
*762
43,809
203
105,577
.
15,165
Compiled In the AAA Sugar Section from reports and
one; Form
Information submitted
by importers and distributors
of
direct-consumption
sugj&f.
♦Includes sugar in bond and In customs
custody and control.
Deliveries
15,097
tons
a
State.
servation
In
,
laws."
commenting
upon
which define "hot"
the sections of
of
direct-consumption
in
terms
of
refined
sugar
sugar,
by Louisiana
delivered
mills
during
amounted
the
month
to
of
January, 1936.
the Connally
Act
contraband oil and prohibit the inter¬
state movements of such
oil, the decision held:
or
"The effect of these statutes and regulations is taking up
where the State leaves off, to bar these
products from inter¬
state commerce.
Congress may do this by prohibiting their
imposing penalties upon those who violate the
prohibitions.
But it may, in addition to and in aid of these
prohibitions, set up means, having due and reasonable rela¬
tion to, and confined within the powers exerted, to make these
prohibitions effective to prevent the forbidden movement."
The newly-created Petroleum Conservation Division on
April 1 took over all Federal oil activities from the defunct
Petroleum Administration Board, according to an announce¬
ment in Washington by Harold L. Ickes, Secretary of the
Interior.
In charge of the new board is George W. Holland
as
director, with E. B. Swanson and W. Frey as assistant
directors.
The PCD was organized to supplant the PAB,
which expired as a result of the demise of the National
Recovery Administration following the adverse decision ren¬
dered by the United States Supreme Court.
In making the announcement, Mr. Ickes also took occasion
to deny reports that he had
discharged Thomas G. Kelliher,
oil investigator, who brought charges of irregularities
against
Victor J. Buthod and W. S. Behrens, both of whom were
reinstated by the Secretary of the Interior after their suspen¬
movement and
sion.
Mr.
"I offered Mr. Kelliher
a
better
job at
money,"
more
Ickes said, "but he resigned anyway to enter private
business."
E. W. Marland, Governor of
Oklahoma,
April 1,
on
an¬
nounced that he had proclaimed the existence of a military
zone on lands about the Capitol owned
by the State and would
institute martial law
on April 2 as a result of the current con¬
troversy over drilling in Oklahoma City.
The formal order
issued by Governor Marland directed that the Adjutant
General "shall occupy and take possession of the military
zone
with such number and force of the
organized militia
is necessary to maintain and
as
uphold the right of the lessees
or contractors of the State of
Oklahoma to drill oil and gas wells thereon, as provided in
the leases or contracts delivered to them by the Board of
Affairs,
DIRECT-CON¬
SUMPTION SUGAR FROM SPECIFIED AREAS,
JANUARY,
TERMS OF SHORT TONS OF REFINED
SUGAR)
Cuba
production and marketing of a natural product
^
jj i J
"These arguments," according to the opinion of Judge
Hutcheson, "disregard the dominant, the controlling fact
that the act,
though passed in aid of State purposes and
powers, deals with and only with commerce interstate.
It
takes up where State power ends, and
by supplementing
State legislation it makes completely effective the
general
will of the people of the State of Texas, expressed in its con¬
of
Department of
Commerce reports of exports of refined sugar amounted to
5,451 tons during
January, 1936.
b Revised,
c Larger than actual deliveries
by a small amount
representing losses In transit, through reprocessing, Ac.
TABLE
Griswold who claimed that it was an invasion of State
powers.
The appeal also held that the Act was not a true
regulation
of interstate commerce but an
attempt, by indirection, to
of the State of Oklahoma
Deliveries
Deliveries
appealed to the Circuit Court of Appeals from the District
Court ruling. The validity of the act was attacked
by E. G.
Beet Factories
Refiners
initial stocks of refined
Production
or
The orginal injunction was issued against a score of
opera¬
but the Griswold Refining Co. of
Shreveport, La.,
tors
refin¬
quires the Secretary of Agriculture to determine consump¬
tion requirements and establish quotas for various sugar
producing
April 4 1936
control the
"
the
same
of
tons
29, inclusive, for the current year.
output of 1,226,565 long tons reported
the
At
long
1,198,629
Feb.
1935.
ary,
show.
statistics
Chronicle
period
long tons, compared with
corresponding 1936 period.
and
in the January-February, 1935,
sugar
the Governor."
or
The martial law proclamation was the result of
a
recent
victory won by city officials in a special election giving them
the right to extend the drilling zone near the State
Capitol
and the Governor's mansion, but refusing to include State
lands therein.
Governor Marland said that if the city offi¬
cials should obtain a court injunction against
leasing the
State property for drilling, the Governor said the "State
may have to do its own drilling.''
He pointed out that wells
adjoining the State property will drain the oil from under the
State ground unless the State also is allowed to drill wells
in the recently opened territory.
Sharp increases in several fields, led by a jump of 20,150
barrels in Oklahoma, daily average crude oil
production
spurted 40,250 barrels in the final week of March to 2,876,000 barrels, reports to the American Petroleum Institute
indicated.
The
total compared with
estimated March
market demand of 2,738,900 barrels set by the Bureau of
Mines, and actual production in the like 1935 week of 2,563,250 barrels.
California daily average production showed
a
nominal
decline but held substantially above the Bureau
of Mines estimate.
A report of the AAA covering the
year 1935 was given in
these columns of March
14,
page
and
crude oil price
Bradford, Pa
Its
Products—Connally "Hot" Oil
Held Valid—Ickes Sets
Up New Federal
Oil Agency—Martial Law in Oklahoma
Fight—
Daily Average Crude Production Spurts
Measure
The
constitutionality of the Connally "hot oil" bill which
prohibits interstate movement of crude produced in excess
of. State production schedule or in violation of any State
laws was upheld in a verdict handed down
by the United
States Fifth Circuit
were no
Court of Appeals at New Orleans
on
.-12.45
1.25
Illinois
-
Western Kentucky
that the
and
was
of oil
men from
transporting in interstate
"contraband" under Texas laws, held
Connally Act deals only with interstate
designed to supplement State legislation.
commerce
.97
1.23
PRODUCTS—CALIFORNIA
VANCED—RETAIL LEVELS
STANDARD
was
1.15
1.02
1.23
.95
1.43
1.10
(All gravities where A. P. I. degrees are not
shown)
REFINED
PHILADELPHIA—FUEL
a score
Midland District, Mich
—J1.10
-
over---
Sunburst, Mont
Mid'Cont., Okla., 40 and above
1.18 Huntington, Call!., 30 and over
Winkler, Tex
85 Kettleman Hills, 39 and over
Smackover. Ark., 24 and over—. 75-.80 Petrolla, Canada
—
The appellate court's decision, which affirmed an inter¬
locutory injunction handed down by United States District
Judge Dawkins, of the Western District of Louisiana, re¬
traffic oil which
Darst Creek
1.23
——
Eldorado, Ark., 40
Rusk., Tex.. 40 and
1.42
Lima (Ohio Oil Go.)
Corning, Pa------
March 31.
straining
changes.
Prices of Typical Crudes per Barrel at Wells
*
Petroleum
There
1744.
LIFTS
OF
NEW
KEROSENE
BETTER
GASOLINE
LIFTED
OIL
IN
PRICES
AD¬
TEXAS, PARED IN
QUOTATIONS
LOWERED
JERSEY—STANDARD
POSTINGS—GASOLINE
OF
BY
INDIANA
STOCKS
DIP
ON
WEATHER
Led by Standard Oil Co. of
California, major producers
on
the West Coast advanced retail levels of motor fuel 2
to 2^
cents a gallon throughout the entire area.
Standard an¬
nounced the advance was effective
April 2, and it was met
Financial
Volume 142
a
by all other marketers.
Independents also readjusted their
prices to conform with the new majors' prices.
"Standard Oil Co. of California announces, effective with
the commencement of business Thursday morning, advances
of 2cents per gallon on ethyl, standard and flight gasoline
in California, Oregon, Washington, Nevada, Arizona and
Alaska," the company announced in Los Angeles on April 1.
"This advance is effective at all points in these areas except
in Los Ahgeles and immediate vicinity, when ethyl and
Standard will be advanced 2 cents per gallon, while flight
will be advanced 2p£ cents."
The advance was the aftermath of an agreement reported to
have been reached between major companies and members of
Independent Refiners' Association.
The 25 members
of the association are said to hold around 14,000,000 gallons
the
of gasoline,
and the understood arrangement is that 10%
calendar month during 1936.
weeks ended March
four
will be marketed.
a gallon in retail gasoline prices
were posted March 29 in Dallas by three major companies,
other distributors meeting the advance during the next two
or
three days.
Texas, Sinclair, and Magnolia posted a
schedule listing premium at 20 cents, Standard at 18 and
third-grade at 15 cents a gallon.
In Philadelphia, where
price-cutting has been rampant for some time, the warfare
broke out into the open on March 28 when all major com¬
panies pared service station prices of motor fuel 2 cents a
gallon to 17 cents a gallon, taxes included, with independents
making a similar cut to 16 cents.
Dealers' margins were
cut 1 to 3 cents a gallon by most companies.
Further weakening of the retail fuel oil price schedule
featured developments in the local refined market although
reports were heard that gasoline price cuts in the disturbed
price-war area in Brooklyn to imminent. Standard Oil Co.
of New Jersey on Monday cut No. 1 heating oil
cent a
gallon in metropolitan New Jersey to 734 cents, and posted a
similar cut in Nos. 2 and 4 to 634 cents a gallon.
A contraseasonal advance in kerosene prices was posted March 30 by
Standard Oil Co. of Indiana.
The new schedule, which
affected the company's entire marketing area, lifted prices
3-10ths of a cent a gallon in both normal and sub-normal
the
independent
28."
Coast ports for the week
of 26,571 barrels,
186,000 barrels, a daily average
28 totaled
March
of 44,571 barrels for the week ended March 21
and 27,607 barrels daily for the four weekB ended March 28.;
Reports received from refining companies owning 89.6% of the 3,869,000
barrel estimated daily potential refining capacity of the United States indi¬
cate that the industry as a whole ran to stills, on a Bureau of Mines basis,
2,765,000 barrels of
week, and that all com¬
crude !oil daily during the
73,012,000 barrels of finished and un¬
gasoline and 96,009,000 barrels of gas and fuel oil.
;
finished
production by companies owning 95.9% of the potential
of all cracking units indicates that the industry as a
whole, on a Bureau of Mines basis, produced an average of 590,000 barrels
daily during the week.
/
\
1
Cracked gasoline
charging capacity
.
,
'
CRUDE OIL PRODUCTION
DAILY AVERAGE
(Figures In
group
B. of
Actual Production
Averaoe
Week Ended—
M.
4 Weeks
Dept. of
Cal¬
dip of 1.4 points in operating rates of reporting refineries
74.1% of capacity. Daily average runs of crude to stills
dipped 50,000 barrels to 2,765,000 barrels.
Representative price changes follow:
March 28—Retail gasoline prices were cut 2 cents a gallon at Philadelphia
Mar. 28
(.March)
1936
1936
1936
1935
546,050
159,600
525,900
515,000
148,200
492,650
63,100
57,600
25,050
176,050
62,750
506,300
142,000
Oklahoma.
Kansas
Panhandle Texas.
__
North Texas
West Central Texas.
West Texas
East
151,000
March
57,300
25.050
174,600
175,650
heating oil # cent
prices -were lifted 2 cents a gallon
49,800
49,650
441,050
73,300
440,200
73,050
229,050
227,650
182,050
1,118,900
1,113,950
1,110,250
1,052,450
65,450
65,050
61,150
22,900
137,650
136,500
136,000
96,500
151,400
203,100
201,550
197,150
119,400
31,900
29,700
103,250
37,750
29,700
29,750
103,850
108,850
35,650
35,800
13,400
4,250
35,900
35,750
13,200
4,200
60,850
60,200
5,100
47,050
2,092,350
—
Southwest Texas
Coastal Texas
1.104,000
Total Texas
North Louisiana-.
Coastal Louisiana.
Total Louisiana.
Arkansas...
105,100
Eastern
98,600
35.050
Jersey to 7# cents and
cent
advanced kerosene 3-10ths of a
March 30—Standard Oil of Indiana
a
New Mexico.
65,200
2,200,100
2,312,500
2,270,050
2,253,450
538,800
'563,700
665,900
566,350
470,900
2,738,900
2,876,200
2,835.950
2,819,800
2,563.250
Total east of
California.
CaliforniaTotal United States
April 2—Retail gasoline prices were lifted 2 to
2# cents a gallon on the
do not include any estimate of any oil
surreptitiously produced.
.
/
a
Brooklyn
Included
Olnrfnnail...... —$.175
njeveland......
Newark....
.192
.108
._
Denver...
—
Camden.........
.168
Detroit
-
Boston..........
.10
Jacksonville....
Buffalo
.165
Houston
Chicago..........
.166
Los Angeles....
..
... ..
..
(Figures In thousands
I North
(Bayonne)
—$.04#
I
..$.184
.23
Minneapolis
.175
New Orleans
Los Ang 1 s..
| California 27
.21
Philadelphia.
.16
Pittsburgh
.20
San Francisco
Unfin'd
Daily
tial
Total
East Coast..
P.
C.
Oper¬
500
612 100.0
612
ated
age -
At
fineries
81.7
Appalachian.
154
146
94.8
76
and
424
95.9
355
83.7
.19
St. Louis
.04#-.05
..
.....
.195
.16
*
■
1,132
t
924
268
530
2,685
994
2,794
Missouri..
453
384
84.8
255
66.4
2,547
160
48.5
91
56.9
4,991
1,600
730
330
77
199
680
658
96.8
587
89.2
6,756
192
2,087
1.429
6,638
74.8
1,390
315
222
2,131
217
71
121
?
169
163
96.4
122
80
72
90.0
42
58.3 >•
Mtn.
97
60
61.9
44
73.3
California.—
852
789
92.6
499
3,468
89.6
2,571
Rocky
'Tulsa
63.2
389
91
696
2",096
1,504
10,197
74.1
2,181
-
1,044
70,974
43,706
18,853
6,888
194
2,686
259
620
94,376
1,633
3,869
2,765
19,112
19,268
96,009
2,815
46,392
46,532
7,508
3,869
Reported
Estd.unrep'd
7,357
95,862
401
xEst.tot.U.S.
Mar.21 '36
Mar.
x
New Orleans C—...
.
3,869
3,869
U.S. B.of M.
.043*-.04#
plus D
$1.16-1.26 Phlla., bunker C
y40,220 y20,185
2,472
1935
Bureau of Mines basis currently
estimated,
y
y5,885 y99,380
As of March 31 1935.
$.90
1.05
Weekly
Terminal
New York—
Colonial Beacon..$.07 #
Richfield Oil (Calif.)
Gulf
.07#
Warner-Qulnland Co .07#
Refinery
Chicago..
.$.06
New Orleans. ,06
.07#
Lob Ang., ex.
07#
Texas
Gulf ports...
RepubUo OU
.07#
Shell East....
Tulsa
-.00#
-.00#
.05#-.04#
.06 -.00#
06
-.06#
.07
Coal
Production
rThe United States Bureau of Mines' weekly coal report
that the production of bituminous coal for the
disclosed
week ended March 21
is estimated at 5,400,000 net tons.
with 7,500,000 tons produced in the preced¬
ing week and 9,394,000 tons in the corresponding week
This compares
of 1935.
Not including 2% city sales tax.
.
Crude
Oil
Production
Rises
40,250
Barrels
The American Petroleum Institute
estimates that the daily
oil production for the week ended
March 28, 1936, was 2,876,200 barrels. This was a gain of
40,250 barrels from the output of the previous week.
The
current week's figure was also above the 2,738,900 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oil
Daily average production
for the four weeks ended March 28, 1936, is estimated at
2,819,800 barrels.
The daily average output for the week
ended March 30, 1935, totaled 2,563,250 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic use and receipts in bond at principal
producing States during March.
United States ports for the
with the
tons.
crude
week ended March 28 totaled 1,026,000
barrels,
the week
Anthracite production in Pennsylvania during
ended March 21 is estimated at 456,000 net tons.
Average
Output
Lower—February
Shows Gain
..$.02#-.02#
Tank Car Lots, F.O.B.
Socony-Vacuum.... .07#
lde Water Oil Co.. .07#
gross
OU
6,248
10,312
Texas Gulf-
Mar.28 '36
I Chicago,
| Tulsa
-.04# I
32-36 G0_.$.02#-.02# '
Standard OH N. J..$.07#
average
.
*
Fuel
Terms, Nap'tha
Distil.
&c.
7,512
1,723
7,816
52.1
442
Kan.,
Okla.,
■
Gas
in
P. C.
Aver¬
Reporting
1.051
U. S. Gasoline (Above 65 Octane),
Daily
Stocks
of
.155
Gas Oil, F.O.B. Refinery or
N. Y. (Bayonne)
27 plus
$.04
Finished and
Unfinished Gasoline
District
Refinery or Terminal
$1.05
Diesel 28-30 D
Stocks of
Stills
..
F.O.B. Refinery
Texas. $.03 #-.03# | New Orleans-J.03T4-.04
Fuel OH, F.O.B.
N. Y. (Bayonne)
Bunker C
to
Capacity
'
of barrels of 42 gallons each)
Crude Runs
Daily Refining
Kerosene, 41-43 Water White, Tank Car,
New York
which
;
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED MARCH 21 1936 ♦
No. La .-Ark.
Gasoline, Service Station Tax
$.192
10,700
Note—The figures Indicated above
might have been
La. Gulf
West Coast by all major companies.
New York-.
32,950
1
Inland Texas
gallon throughout its entire marketing area.
a
37,700
Colorado
Montana....
Ind.,111., Ky.
gallon In metropolitan New
a
30,600
13,300
4,350
60,850
Wyoming
Rate
6# cents for the latter two.
60,200
44,300
34,800
12,400
3,700
Michigan...
In Dallas,
Nos. 1 and 2 and 4
'
49,900
Poten¬
^il Co. of New Jersey cut
73,000
67,700
25,750
153,500
51,400
448,850
74,000
230,600
East Texas
agallon, taxes included.
a
30—Standard
154,900
63,050
57,100
24,950
442,600
Central Texas.
.
March 29—Retail gasoline
Texas, to 18 cents
Mar. 30
Mar. 28-
Mar. 21
culations
to
to 17 cents, taxes included.
Week
Ended
Ended
Int.
stocks of finished
a
\
Barrels)
areas.
brought the first reduction in
gasoline for the current year in the final
week of March when holdings dipped 296,000 barrels to
65,504,000 barrels, according to reports compiled by the
American Petroleum Institute.
The decline was aided by
pipe
bulk terminals, in transit and in
panies had in storage at refineries,
lines as of the end of the week,
Advances of two cents
Better weather for motoring
for the
* V
:
at Atlantic and Gulf
Receipts of California oil
ended
'
compared with a daily average
of
gasoline manufactured by members
excess
115,714
daily average of 146,571 barrels, compared with a daily average of
for the week ended March 21 and 147,179 barrels daily
barrels
of this will be absorbed each
In addition,
2231
Chronicle
Compared
preceding week, this shows a decrease of 284,000
in the corresponding week last year
Production
amounted to 741,000 net tons.
Production of bituminous coal
during
the
month
of
February 1936 was estimated at 41,375,000 net tons, as
against 39,330,000 tons during January and 34,834,000 tons
during February 1935.
Hard coal output for February was
estimated at 6,461,000 net tons.
This compares with 5,203,r
000 net tons
produced during January and 4,505,000 tons
during February a year ago.
During the coal year to March 21 1936 a total of 361,344,000 tons of bituminous coal and 51,436,000 net tons of
Pennsylvania anthracite were produced.
This compares
with 355,441,000 tons of soft coal and 51,423,000 tons of
hard coal
produced in the
statement follows:
same
period of 1935.
The Bureau's
.
.
,
2232
Financial Chronicle
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKEf(IN NET TONS)
Mar. 21
1936
Bitum. coal:
1935
aver..
1935-36
1934-35
with 8.975c.
a
week ago.
into the United Kingdom during the first two months
copper
1935 and 1936, in long tons,
were:
1829-30
January-February
Tot. for per'd
456,000
76,000
aver..
740,000
123,500
51,436,000
173,500
Tot. for per'd
22,000
25,700
3,667
4,283
aver..
22,800
3,800
1936
1935
Electrolytic—
Canada
741,000
123,300
71,810,000
173,400
242,200
1,025,000
857,700
5,715,300
3,372
2,821
18,800
6,781
11,099
United States.
51,423,000
Beehive coke:
Daily
The export quotation for yesterday
good.
was
compares
Mar. 23
1936 d
of the years
5,400,000 7,500,000 9,394,000 361,344,000 355,441,000 510,407,000
900,000 1,250,000 1,566,000
1,209,000
1,188,000
1,699,000
Pa. anthra.: b
Daily
9.05c., c.i.f., which
a
Tot. for per'd
Daily
Coal Year to Date
Mar. 14
c
Demand for copper abroad
was
Imports of
Week Ended
April 4 1936
6*399
3,052
2,418
Chile
2,501
926
Australia
498
Other British
_
Other foreign
Includes lignite, coal made into coke, local sales, and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local
sales, colliery fuel, and coal shipped
by truck from
915
150
16,596
18,143
a
authorized operations,
ESTIMATED
WEEKLY
AND
STATES
(The current estimates
and are
State
or
d Revised
PRODUCTION
on
based
m
—
COAL,
BY
Other Kinds—
railroad carloadings and river shipments
receipt of monthly tonnage reports from districts and
on
of final annual returns from the
operators.)
Union South Africa
Northern Rhodesia
355
897
7,673
Other British
OF
(IN THOUSANDS OF NET TONS)
are
subject to revision
sources
Subject to revision,
c
MONTHLY
TOtalS
2,176
7,203
2,362
Germany
25
....
Chile..
7^524
18,253
Other foreign
State
Mar. 14 Mar.
1936 p
Alaska
7 Mar. 16 Mar. 17
1936 p
1935
1934
r
Feb.
11936
Jan.
Feb.
1936
r
1935
2
1
2
8
10
207
231
230
107
1,036
1,040
929
28
Arkansas and Oklahoma.
Colorado
85
24
22
532
503
203
98
6
137
104
858
756
489
1
1
1
1
4
4
3
Illinois
897
1,043
5,768
Indiana
364
Georgia and No. Carolina
79
45,291
18,291
36,434
The foreign production control plan, signed a year ago, during the last
r
2
Alabama
28,695
Grand totals
Monthly Production
315
Totals
Week Ended
213
1,197
902
5,530
4,606
433
411
387
1,806
1,890
81
104
71
368
408
181
143
130
826
848
645
783
634
725
3,393
3,353
2,863
125
145
227
219
977
963
848
35
41
43
45
184
177
172
Iowa
Western
Maryland.
Michigan
14
16
19
63
50
69
Montana
57
70
63
42
354
356
224
New Mexico
No. and So. Dakota
23
26
31
25
155
152
107
16
56
Pennsylvania bituminous
Tennessee
71
32
28
339
399
524
492
551
2,290
2,223
2,015
1,785
Ohio
1,990
2,259
2,385
9,046
8,505
8,621
93
109
108
511
496
79
Texas
363
145
454
14
Utah.
Virginlga
15
15
14
61
64
65
39
...
48
61
36
419
380
made in regulating foreign trade in copper.
extends
year ago,
235
235
221
1,082
841
1,030
experienced
ments
are
business
activity.
cable makers following.
The quotation held at 4.60c. of New York, the contract settling basis of
the American Smelting & Refining Co., and at 4.45c. St. Louis.
23
203
155
142
7,624
6,422
was
584
645
663
2,786
7,192
2,340
2,299
112
81
679
537
391
1
1
3
5
3
39,330
5,203
34,834
*
8,829
8,563
41,375
850
704
1,668
6,461
8,240
9,552
9,533
10,231
47,836
4,505
44,533
39,339
a Includes mines on the N. &
W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
the B. & O. in Kanawha, Mason
and Clay counties,
b Rest of State, in
eluding Panhandle District, and Grant Mineral, and Tucker counties,
c Includes
Arizona, California, Idaho, Nevada, and Oregon,
p Preliminary,
r Revised.
*
Less than 1,000 tons.
on
,
Zinc Continues Quiet
So far
American Bureau of Metal Statistics, in short tons:
•
of consumption.
for the last week totaled around 1,000 tons.
Dec. 1935
Nov. 1935
36,228
12,601
17,608
5,100
11,574
2,312
1,870
41,917
16,237
18,359
5,410
12,430
2,381
2,016
40,463
37,469
16,233
18,394
5,466
12,649
2,393
15,104
18,032
4,989
11,886
Other North America
Belgium and Netherlands.a.
France
Germany
Italy
Rhodesia
The American Bureau of Metal Statistics estimates total
753
806
11,077
20,700
12,105
21,400
12,190
20,500
World's total.
Partly estimated,
Quiet Tin Trading
Business in the domestic tin market
which
dining the last week.
moderate increase in the visible supply
a
This news strengthened the price
£1 15s.
rose
The
visible supply,
including the
133,061
131,112
b Includes
Poland, Japan, Indo-China, Czecho¬
Lead
Improves—Zinc Quiet
46.750c.; 28th, 46.750c.; 30th, 46.500c.; 31st, 46.500c.; April 1st,
The "Iron
Age," in its issue of April 2, stated that steel
week has risen to 62%% of capacity,, a
gain of 4% points over the preceding week's average and an
increase of 1% points above the level scheduled a fortnight
8,650 tons in the week previous and 7,450 tons two
The gradual improvement in business is ascribed to the receipt
the part of fabricators that the
season
areas
as
well
as
a
for increased consumption
of copper is
The present relatively
steel
products against
ingot operations
of
during the first quarter of the current
aged about 50,000 tons
month.
Domes¬
year aver¬
quarter
for
current
is
rate
activity
present
The
industry
with
a
predicted
mills
are
in
it is
most
output
of
importance
which
highway
bridges,
building
will
items, such
will
by
steel
500,000
post-flood
destined
exponent
in
cars
lock
require
nails,
as
take
as
an
outlet
an
adjustments
and
immediate
con¬
for
of
April,
this
sheet,
The auto¬
tendency,
and
and
bar
strip
and
for
of
and
dam
rising
accessory
the
is
rapidly.
reconstruction
outstanding
construction
steel
Repairs
and
tonnages,
but
small
from
railroad
industrial
and
re¬
miscellaneous
fencing, standard pipe, roofing and household equip¬
aggregate total.
Fortunately, this business
over a
long periodl and will be followed eventually by
materials
programs
specifications
were
are
are
the
steel
stepped
going
up
forward
increasing.
industry.
by
Bethlehem
Steel
the
rapidly,
The Norfolk
placed 15,000 tons of rails with the Carnegie-Illinois Steel
the
to
general
field.
impressive
railroad
repair
steel
brought sharp impetus to steel releases
already
control programs of great benefit to
with
in
impossible to estimate how
now
influenced
spectacular
work has
were
likely be spread
Releases
tons
rise
low-price quarterly contracts.
the
is
rehabilitation
source
flood
as
further sharp
a
being pressed to meet its immediate requirements.
Second
ment
being
and
Beyond that period the trend
is the most encouraging aspect of the current market.
motive
will
steel, however, is not believed
contracts,
healthy increase in shipments of
sumption
Flood
is
raw
high volume of shipments of finished
next week.
production cannot be predicted,
much
track
tons, against 78,653 tons in February and 33,165 tons in January.
first
forecast
is
late coverage against
week
tic consumption of copper
high output of
to be sufficient to maintain the recent
building
Sales in the domestic trade for the month of March amounted to
35,948
The
highest at which the industry has operated since June,
1930, and represents a daily average production of more
than 137,000 tons.
The "Age" further said:
now approaching.
The market also experienced the usual endof-the-month demand against regular contract requirements.
The under¬
tone, if anything, was firmer than a week ago.
All business reported for the
the 9 He. basis.
curtailment.
f
the
this
good orders for copper products from the flood
when floods caused
ago
Domestic sales of copper during the last week totaled close to
9,500 tons,
Deliveries in the
production this
Copper Firm, at 9He.
a
February.
4Y2 Points to Highest Level in
Nearly Six Years
quotation for copper
price situation in the domestic
market remained unchanged.
Sales of lead were no a larger
scale than in the
preceding week, with the result that most
producers are fairly optimistic over the stability of the price
structure. Zinc was dull, but the
inactivity was offset by
rather good shipments of the metal to consumers.
Quicksilver
and antimony were
unchanged. Refined platinum was reduced
$1 by the leading interest, to $33 per ounce.
The "M. &
M. M." weighted index number of non-ferrous metal
prices
for March was 71.90, against 71.65 for
February and 72.25
for January.
The publication further said:
on
17,562 tons in
Steel Production Rises
provement in the last week.
The export
moved slightly higher, but the
which compares with
with
compares
123,922
Norway,
Copper and
This
782
that buying interest in
major non-ferrous metals is gradually
reviving.
Demand for copper here and abroad showed im¬
booked
April 1 showed only
on
London,
inactive
was
The tin statistics issued by the Commodity
tin, the gain amounting to 1,101 tons.
of tin in
27th,
"Metal and Mineral Markets" in its issue of April 2 stated
was
significant
degree.
46.875c.
But Firm—Platinum Lower
on
The totals, the
any
Chinese tin, 99%, was quoted nominally as follows: March 26th, 46.750c.;
slovakia, Yugoslavia, and Russia.
feeling
small operations.
some
probably understatements, but not in
are
United States during March were 5,520 tons, against 5,600 tons in February.
12,048
19,500
119,823
Elsewhere, b
some
of zinc for
use
galvanizing in 1935 in this country at 192,785 short tons, compared with
151,185 tons in 1934.
The accounting for last year is based on reports made
tons.
2,281
1,831
2,016
■'.808
Spain
Anglo-Australian
weeks ago.
Sales
The quotation continued at
Eastern carry-over and the Arahem (Holland) carry-over, new totals 18,633
United States.
of
healthy rate
4.90c., St. Louis, with the undertone firm.
•
Jan. 1936
in excess
consumers were
Unfilled orders have been reduced to 42,796 tons.
The price showed little change.
Feb. 1936
for
Shipments to
of 5,000 tons for the week ended March 28, which points to a
Exchange
1
concerned, the market for Prime Western zinc
was
featureless affair last week.
was a
of
'■
business
as new
Bureau states,
following table shows zinc production of the world
during the month of February 1936 and the three preceding
months, by primary metallurgical works, as reported by the
.
booked by St. Joseph Lead Company at a premium, involving its own
by 127 galvanizers and is short of
February World Zinc Output Totals 119,823 Tons
The
'
Business
brands for delivery in the East.
115
8,702
'■
were numerous
important buyers last week, with sheet lead and pipe, tin-foil, and
were
1,676
740
Grand total
April require¬
With the books recently
Battery manufacturers and pigment makers
95
.
covered.
well diversified and there
was
32
7,500
Demand
Buying
calls for prompt shipments.
1,607
Total bituminous coal.
a
difficulty in disposing of their current intake.
42
1
•
no
thought to be about 80%
satis¬
are
they have
as
opened for May delivery lead producers are counting on some sustained
1,710
c_.
Pennsylvania anthracite
Producers
prevailing rate at which business is being booked,
511
Wyoming.
Buying
compared with about 1,500 tons in the previous week.
fied with the
33
Other Western States
/
Better Lead
1,612
a
The agreement, announced^
period of three years, but is subject to modification
over a
The call for lead increased during the week, as nearly 4,000 tons were sold,
236
203
Washington
West Virginia—South'n
Northern b
were
at certain intervals.
592
Kentucky—Eastern
The rate of production and the marketing features of the plan
extended for another year, with producers well satisfied with the progress
382
122
reviewed by copper executives in New York participating in the
was
1,707
55
Kansas and Missouri
week
plan.
floods.
and
&
rail
Western
Car
and
has
Corp. and 5,000
Corp., and the Wheeling & Lake Erie has
Carnegie-Illinois company.
The former carrier
10,000 tons of plates and shapes for freight car
ordered
2,500 tons from the
has yet
to place at least
'
Financial
Volume 142
construction
its
in
fabricated
week's
The
own
while
shops,
the
three
mills
structural
lettings
steel
17,150 tons,
amount to
while the volume of new inquiries
from 12,200 tons to 14,400 tons.
A Pacific Coast company will
May 4 on two cargo vessels which will require 10,000 tons of
compared with 15,550 tons last week,
risen
has
take
bids
hull
plates.
1, finished steel prices will be technically advanced on a
Effective April
of
number
Even with maximum deductions for quantity, asking
products.
Under the
quotations on sheets and strip steel will be at a higher level.
policy of publishing all price changes, much stability is expected to be
new
1199334250842650
stocks
sumer
offered until well into the second quarter, when con¬
be
began
week of
points above the
8%
the
;
year.
finishing capacity was
and strip that those
Producers of these
products in other districts also were unable to meet their own deadline
of April 1 on first-quarter shipments.
As a result of this bulge, orders
for light finished steel products in March were 30 to 40% larger than in
In
normal
districts
Pittsburgh-Wheeling
the
February.
In
evidence
and
wire
strip,
sheets,
some
other products, the higher prices in
important factor, though there
second quarter constituted! an
effect with the
is
low.
to get
first quarter contracts, raising
complete
quickly restored, but so heavy were releases for sheets
mills are assured capacity operations through April.
imparted to all quotations, but a thorough test of the recently announced
figures will not
to
58%%,
the
with a rush of orders to
Bteelworks operations to
floods, and a new high for
specifications came to a peak last week,
Steel
Sweringen roads are
Van
7,000 freight cars during April.
expected to order
2233
Chronicle
rate of activity among consumers
the high
in
steel is still unchanged at
2.084c. a pound, not yet having reflected: second quarter quotations.
The
pig iron composite is also holding at $18.84 a ton, and the scrap index
remains
determining
that there was
relatively little speculative buying.
The
"Iron
at
composite price of finished
Age"
$14.75
a
sixth consecutive week.
ton for the
Mar. 31 1936.
2.084c. a Lb.
One month ago
One year ago
-
steel
on
bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
2.084c.
2.109c.
2.124c.
One week ago
rolled
products
These
strips.
Jan.
7
2.084c.
1935
2.130c.
Oct.
1
2.124c
1934
2.199c.
Apr. 24
2.008c
1933
2.015c.
1.977c.
Oct.
3
4
1.867c
.
1.926c
.
.
.
Oct.
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
1931.
1927
8
Jan.
.
Jan.
2
Apr.
18
Feb.
.
2
Dec. 29
Dec.
.
9
Oct.
29
July
.
17
Nov.
.
1
furnace
$18.84
18.84
17.90
One week ago
One month ago
...
One year ago
Philadelphia,
Buffalo,
and
Valley
Birmingham.
18.84
Nov.
17.90
May
16.90
Dec.
1
5
$18.84
17.83
16.90
13.56
14.81
Jan.
5
13.56
Jan.
Jan.
Dec.
15.90
Jan.
6
7
Dec.
Deo.
Dec.
July
$18.84
:
Jan.
7
5
18.21
Jan.
18.71
May 14
18.59
Nov. 27
Jan.
4
Jan.
7
May 14
14.79
15.90
18.21
17.04
19.71
1927
17.54
2
3
last
on
No.
1
melting
heavy
steel,
,
One year ago
1928.
1927
The American
Nickel
this
week.
Central
is
Iron
Institute
Steel
and
March 30
on
an¬
companies having
will be 62.0%
of the capacity for the current week, compared with 53.7%
last week, 53.5% one month ago, and 44.4% one year ago.
This represents an increase of 8.3 points, or 15.5%, from the
that
cated
the
operating
steel
of
rate
of the steel capacity of the industry
98.0%
estimate for the week of March 23.
of steel
4.....48.2%
47.1%
Mar. 11
Mar. 18
1
Apr.
8
Apr.
16
Apr.
22
Apr.
29
May
44.4%
43.8%
44.0%
44.6%
43.1%
42.2%
43.4%
42.8%
42.3%
39.5%
6
May
13
May 20
May 27
June
June
Sept. 23
Sept. 30
48.9%
50.8%
6
49.2%
Jan.
13
Oct.
7
20
Oct.
14
Oct.
21
Oct.
28
49.4%
49.9%
49.4%
50.0%
52.0%
22
29
32.8%
35.3%
39.9%
42.2%
44.0%
49.7% Jan.
50.4% Jan.
3
17.
June 24
46.8% July
46.1% July
Mar. 25
Apr.
39.0%
38.3%
37.7%
47.9% June 10
25
Mar.
July
July
July
1936—
1
8
15
Nov.
51.8%
51.9%
50.9%
52.6%
53.7%
55.4%
56.4%
55.7%
54.6%
49.5%
46.7%
5
Nov. 11
5
46.0%
Nov. 18
Aug. 12
48.1%
Nov. 25
Aug. 19
48.8%
47.9%
45.8%
Dec.
2
Dec.
9
49.7%
48.3%
Dec. 23
Aug.
Aug. 26
Sept.
2
Sept.
9
Sept. 16
Dec.
16
on
March 30 stated
Feb.
3
Feb.
10
Feb.
17
Mar.
2
53.5%
Mar.
9
55.8%
Mar. 16
60.0%
Mar. 23
53.7%
30
Mar. 30
62.0%
April
I total
of
Banks
reported by
$2,483,000,000,
a
decrease
for
$53,000,000
week.
the
Treasury
in
$2,477,000,000, a
corresponds with
deposits with Federal
This decrease
cash
and
non-member deposits and other Federal
of $8,000,000 in monetary gold stock and
Reserve banks and $11,000,000 in
Reserve accounts and increases
$2,000,000 in Treasury and
reserve
balances.
offset in part by
circulation and $18,000,000 in member
National bank currency,
increases of $47,000,000 in money in
bank
Member
estimated to be approximately
bank reserve balances on April
bills,
industrial
securities.
1 were
$2,310,000,000 in excess of legal requirements.
Relatively small changes were reported in holdings of
purchased
quarter at
to
advance of $1 a ton.
an
$33.13.
.
'
..
,
.
'
(
■
.
British steelworks are operat¬
London correspondent cables that
"Steel's"
ing at capacity, and falling behind in deliveries.
district steelworks operations last week were up
Pittsburgh
27% points
Cleveland, 3 to 82; Chicago, % point
to 64 eastern Pennsylvania, % to 38% ; New England, 11 to 67.
Cincin¬
nati was down 21 to 55, as precautionary measures were taken against
to
Wheeling,
45%%;
18 to
districts
Other
floods.
were
73;
unchanged.
placed at about
week ended March 30 is
59% of capacity, according to the "Wall
Street Journal"
of April 1.
Steel
the
ingot production for the
This compares with 50^% in
previous week and 58% two weeks ago.
The "Journal"
further stated:
U.
S.
is estimated at
Steel
weeks
two
ago.
54%, against 43% in the week before and
Leading independents are credited with 63%
com¬
pared with 57% in the preceding week and 63% two weeks ago.
The following table gives a comparison of the percentage of production
with
the
nearest
previous years,
corresponding week of
approximate changes, in points, from
U. S. Steel
Industry
1935
Independents
63
+6
43%
+ 11
-1%
46
—1
41
—1
52
+8%
54
45
__
—1%
47
1934
together with the
the week immediately preceding:
59
1936
+1
+1
15
+1
15%
+ 1%
15
24
—1
25
—1
22%
—1%
55
1933
—2
56%
+1
+3
+ %
54
•69
—3%
+3
+1
—2%
84
...
1932
1931
76
+3
83
95 %
+1
97%
1928
85
90
advances,
and
United
discounted and
States
The
•
of Federal Reserve bank credit
Reserve bank credit amounted to
$8,000,000
of
has been done in pig iron for second
Beehive foundry coke is up 25c. a ton.
As higher prices will be in effect on wire April 1, "Steel's" finished! steel
composite is up 20c. to $52.20.
The iron and steel index has advanced 8c.
contracting
Considerable
$14.50.
1929
ofj$21,000,000 compared with the preceding week and an
increase of $14,000,000 compared with the corresponding
week in 1935.
After noting these facts, the Board of
Governors of the Federal Reserve System proceeds as follows:
On
building is under way.
prevails in raw materials.
Scrap is coming out
freely, but prices are firm, and "Steel's" scrap composite is up 4c. to
situation
strong
1930
of the iron and steel
.
cargo
-
93%
79%
90
96
—2
.
+
%
—2%
:
the Federal Reserve banks, was
decreases
more
52.9%
outstanding during the week ended April 1, as
decrease
than
active
will be required for two
Co., San Francisco.
Navigation
51.7%
Feb. 24
The Week with the Federal Reserve
The daily average volume
27
i,
ships to be
Structural shape
fell off slightly to 10,988 tons.
Home construction
in several years, and small industrial projects are
of steel
1927
Dec.
"Steel" of Cleveland, in its summary
markets,
Jan.
week
the
in
tons
Matson
the
for
increasing in number, but little office or apartment
52%
1935—
1935—
1935—
2,500 tons of rails.
Calif.
10,000
more
Weekly indicated rates
operations since Feb. 25, 1935, follow:
inquiring for
Valley,
About
awards
Erie,
inquiring for 125 freight cars; Delaware & Hudson, 50.
is
Pacific is
built
Seaboard Air
Southern
20,800 tons of shapes for relocating eight bridges in
Wheeling & Lake
fastenings ;
Line
Early action is
steel tonnage is yet to be placed.
7,577 freight cars pending for the Erie, Chesapeake & Ohio,
Plate, while the Erie probably will award 19,265 tons of rails
Norfolk & Western purchased 20,000 tons of rails, 4,600 tons
on
and
telegraphic reports which it had received indi¬
nounced that
March output was approximately 400,000 cars and
year's models.
anticipated
6
15
16
17
24
Nov. 1
(Based
quotations at Pittsburgh. Philadelphia
$14,751
and Chicago.
14.75
10.751
High
Low
$14.75
Feb. 25
$13.33
Jan.
7
13.42
Dec. 10
10.33
Apr. 23
13.00
Mar. 13
9.50
Sept. 25
12.25
Aug.
8
6.75
Jan.
3
8.50
Jan. 12
6.43
July
5
11.33
Jan.
6
8.60
Dec. 29
15.00
Feb. 18
11.25
Deo.
9
17.58
Jan. 29
14.08
Dec.
3
16.50
Dec. 31
13.08
July
2
15.25
Jan. 11
13.08
Nov. 22
One month ago
production made its fifth consecutive weekly gain, up
to 98,500.
A
311936, $14.75 a Gross Ton
One week ago
from manufacturers.
strip steel
3,000
trucks;
and
the first
quarter's, 1,042,000, close to 1,068,245 in the period last
year.
In the five months since new models were introduced 1,848,000 cars
have been produced, compared with 1,910,598 in the first five months of
Steel Scrap
Mar.
already are appearing for structural shapes for rebuilding some
Demand for shovels in Pennsylvania led to several rush orders1
Automobile
units
of
Low
High
1936
I
for
Considerable railroad
Valley
and foundry Irons at Chicago
Based on average of basic iron at
$18.84 a Gross Ton
districts
flood
in
to 100,000 tons. In Pennsylvania 29 large bridges were destroyed,
others damaged beyond use, and! in Maine 120 bridges were washed out.
structures.
Pig Iron
Mar. 31 1936,
pace
range up
Inquiries
Mar. 10
,
setting the
in
factor
steady and uniformly high averages for April and May.
Estimates
of
steel
requirements for rehabilitation
six
Low
High
2.130c.
1932
make
85% of the United States output.
1936
Feb.
the
in
Finished Steel
Based
will be the
becoming clear that the automotive industry
it is
in steel through April, May and
Rolling of rails and car materials apparently will be heavier than
first three months.
Tractor and implement expectations are for
June.
COMPOSITE PRICES
"IRON AGE"
THE
thus far is manifest in second quarter require¬
Only moderate interest
ments, and
Government
statement
in full for
the
week ended April
1,
in
comparison with the preceding week and with the correspond¬
ing date last year, will be found on pages 2270 and 2271.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 1, 1936, were as follows:
Increase
(+)
or Decrease
Since
April 1, 1936 Mar. 25, 1936
$
Bills discounted
Bills bought.
U.
S. Government securities
Industrial
(not
inc'udlng
commitm'ts—Apr. 1)
$
7,000,000
5,000,000
2,430,000,000
+1,000,000
30,000,000
4,000,000
—1,000,000
—10,000,000
2,477,000,000
(—)
April 3, 1935
$
+1,000,000
—8,000,000
—1,000,000
advances
$25 000,000
Other Reserve bank credit
Total Reserve bank credit
Monetary gold stock
Treasury & National bank
10185000,000
currency__2,504,000,000
+9,000,000
+6,000,000
+15,000,000
+8,000,000 +1,617,000,000
+2,000,000
—44,000,000
Money In c'rculatlon
5,884,000,000
+47,000,000
+387,000,000
Member bank reserve balances
5,077,000,000
+18,000,000
+884,000,000
with Fed¬
3,614,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
590,000,000
Treasury cash and deposits
eral Reserve banks
—53,000,000
+210,000,000
—11,000,000
+107,000,000
2234
Financial
Returns of Member Banks in New York
City and
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of
the
Federal Reserve System for the New York
City member
banks and also for the
Chicago member banks, for the cur¬
rent week, issued in advance of full
statements of the member
banks, which latter will not be available until the coming
Monday.
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York Cit
Apt.
1
Mar.
25
Jhlcago
Apr.
3
Apr.
1
Mar.
25
1936
1936
1935
1936
$
S
$
$
$
Assets—
Loans and
nvestments—tota
7,661
956
898
576
mm-m
63
64
55
39
28
31
758
755
762
155
151
173
168
158
227
16
16
35
134
136
130
Outs de New York City
on
securities
to
Loans
and
1 paper bought
com
real estate
on
1,958
■mm
1,521
27
— —
■"
others
(except banks)
Accepts
3
8,400
1,771
Loans to banks
15
15
17
52
45
67
5
5
8
1,165
1.141
1.187
269
259
245
U. 8. Govt, direct obligations..
3,485
3,476
3,290
918
1,130
684
550
549
279
.89
89
78
1 202
1,178
1,088
265
265
223
1,892
1,949
1,530
347
428
336
United States government
Other securit'es.
Reserve with F. R. Bank
Cash In vault
48
Italian
Peace
51
49
35
36
78
65
127
157
174
463
620
76
76
89
Demand deposits—adjusted....
5,927
6,869
5,041
Time deposits
United States govt, deposits....
Inter-bank deposits:
1,000
1,308
974
546
546
617
413
414
386
198
197
627
116
116
42
2,233
2,187
1,837
569
560
490
342
340
150
4
4
2
20
14
16
1
314
326
276
29
"31
"39
1,464
1,462
1,461
224
222
222
Liabilities—
Domest
c
banks
Foreign banks
Borr wings
Other liabilities
Capital account
*
Influence—Premier
Mussolini
Agrees
Em-
perior Haile Selassie of Ethiopia would probably abdicate
in the near future as the result of severe
defeats suffered by
his troops in recent months.
These reports were issued
simultaneously with an official announcement that Italian
troops had occupied Gondar, Ethiopia's ancient capital, and
that motorized advance units have
penetrated to the
Lake Tana.
Premier Mussolini on
edges
April 2 informed
Madariaga, Spain's delegate on the League of
Nations Council, that Italy would
agree to peace discussions
with the League's Committee of Thirteen.
It was feared,
however, that the Italian occupation of the Lake Tana region
of
might further alienate British opinion, since Lake Tana is the
of the Nile and hence of vital
importance to Egypt.
The Italian capture of Gondar occurred on March
31, as
described in the following Associated Press
dispatch of that
date from Gondar:
A column of trucks manned
by 5,000 picked men of the Northern
led by Lieutenant-Colonel Achllle
and
Army
Secretary of the Fascist
Starace,
Party, who
came here from Rome
expressly for this task, took Gondar.
The sudden southward thrust cut off all northern
Ethiopia from supplies
had been coming in over caravan trails from
the Sudan.
The
which
capture of Gondar
from
an
was
regarded
as
the most important activity of the war
international standpoint because of its
proximity to British in¬
fluence.
The trucks had the advantage of
operating over a flat, desert-like plain,
baked hard by the sun.
The column made a semi-circular sweep of about
155 miles, starting at Asmara and
circling through Eritrea to the border
at
Revised figures.
Umaga, only
a
few miles from Kassala, the land entry port to the British
Sudan.
Victories
along the northern front in the last six weeks pave the way
for today's drive, giving left flank
protection to the column.
Deepest secrecy surrounded the start of the G-ondar attack and
Complete Returns of the Member Banks of the Federal
Reserve System for the
Preceding Week
As explained above, the statements of the New
York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101
cities
cannot be compiled.
In the following will be found the comments of
the Board
of Governors of the Federal Reserve
System respecting the
returns of the entire body of
reporting member banks of
the Federal Reserve System for the week ended
with the
close of business March 25:
The
condition
of
weekly
reporting
member
banks
in
101
on March 25 shows decreases for the week of
$26,000,000
in total loans and investments, $81,000,000 in
reserve balances with Federal
banks,
$24,000,000
in
demand
deposits—adjusted,
and
$124,-
000,000 in deposit balances standing to the credit of domestic banks.
Loans to brokers and dealers in New York
City declined $45,000,000,
loans to brokers and dealers outside New York
City $11,000,000, and
loans
on
securities
to
reporting member banks.
Holdings
United
of
Government
direct
reporting member banks.
Holdings of obligations fully guaranteed
by the United States Government increased $13,000,000 in the New York
district
and
$7,000,000
"Other securities'*
all
at
increased
reporting
member
$20,000,000 in the
banks.
New
Holdings
York
district
of
and
$18,000,000 at all reporting member banks.
Demand deposits—adjusted increased $35,000,000 in the
New York
district and $12,000,000 in the St. Louis
district, and declined $42,000,000
in the Chicago district, $19,000,000 in the
Cleveland district, $11,000,000
in
the
banks.
United
San
Francisco
district,
Government
$24,000,000 at all reporting member
$6,000,000 in the San Francisco district.
and
Time deposits declined
States
deposits
declined
$8,000,000.
Deposits bal¬
of other domestic banks declined
$85,000,000 in
district and $124,000,000 at all
reporting member banks.
ances
the
New
York
A summary of the
principal assets and liabilities of the
reporting member banks, together with the changes for the
week and the year ended March
25, 1936, follows:
Increase
(+)
or
Decrease
(—)
Since
Mar. 25 1936
Assets—
$
Loans and investments—total
21,611,000,000
Loans to brokers and dealers:
In New York City
Outside New York City
on
securities
to
Loans
(except banks)
Accepts, and com'l
Loans
on
Other loans.......
U. S. govt, direct obligations
fully
guaranteed
Demand deposits—adjusted
Time deposits
.
—6,000,000
—3,000,000
—3,000,000
—113,000,000
—89,000,000
+4,000,000
+28,000,000
—6,000,000
+18,000,000
+153,000,000
Soldiers to make the expedition were selected with
are
unusual
care.
All
white, acclimated to the tropics, enthusiastic and outstanding physical
specimens.
We also quote from a dispatch from Asmara,
Eritrea, to
the New York "Times"
on
April 1, describing another im¬
portant Italian victory:
At dawn yesterday an Ethiopian army of 45,000
men, including the Im¬
perial Guard, launched
a gallant surprise attack
against the Italian First
Army Corps between Alaji and Lake Ashangi.
It was Ethiopia's last desperate chance to stem the Italian
advance.
It failed in
a
terrible slaughter but not before 12 hours of the fiercest sort
Now the only army which had opposed Italian
progress to the south
toward the ultimate goal, Addis Ababa, has been defeated.
It is too soon
to say whether it
formed for
has been
another
stand
present Marshal Pietro
—5,000,000 +1,002,000,000
+7,000,000
+18,000,000
+512,000,000
+228,000,000
4,008,000,000
—81,000.000
+649,000,000
366,000,000
2,230,000,000
+4,000,000
+57,000,000
+273,000,000
.
5,385,000,000
369,000.000
17,000,000
district).
—57,000,000
—24,000,000 +1,968,000,000
—1,000,000
+23,000,000
—8,000,000
—317,000,000
—124,000,000
—8,000,000
—4,000,000
+734,000,000
+199,000,000
+15.000,000
so
completely destroyed that it
further south,
Badoglio
perhaps
cannot
at Dessye,
be re¬
but for the
it is in disorderly flight with
announces
planes pursuing and harassing it.
7,000 Ethiopians Listed Dead
Seven thousand Ethiopians lie dead in the
just below Mai Cio, the
north
of
Lake
scene of most of the
Ashangi.
There
were
Doubtless
more
valley of the Mecan River,
fighting, which is eight miles
than
that
number
have
been
many prisoners and many captured machine guns
and rifles.
As is his
custom,
Marshal
Badoglio is withholding the Italian losses
until he
can make a fairly accurate check and
give the correct number.
[Official reports placed the Italian death list at 16 Fascist
officers, 300
white soldiers of the First Army Corps and 745 native
Askaris, according to
the Associated
Press.]
•
The
Italo-Ethiopian War
of March 28, page 2075.
was
referred to in the "Chronicle"
Bulgaria Proposes New Arrangements for Service of
Bulgarian
League
and
Pre-War
Loans—Bond¬
holders Advised by Protective
Groups to Accept
Proposals
The Bulgarian Government has advanced
a new
proposed
arrangement for the service of the two Bulgarian League of
Nations Loans
(7% 1926 and 7L£% 1928) and various
Bulgarian pre-war loans, it is stated in an announcement
issued
for publication on March 25
by the bondholders'
organizations for the loans. According to the announcement
the bondholders are advised by the
protective groups to
accept the Bulgarian Government's proposals. The announce¬
ment,
as
made
available in New York by Speyer & Co.,
follows:
The
following announcement
Committee
(London) in
Loans
1926 and 7Yi%
(7%
The Association
respect
is
issued
La
Des
by The
League Loans
1928); The Council of Foreign Bondholders;
Nationale Des
Defense
jointly
of the two Bulgarian League of Nations
Porteurs Francais
The Committee of The Amsterdam Stock
Pour
* March 18 figures revised (Cleveland
corre¬
impending drive until Gondar
of American manufacture.
were
—25,000,000
13,747,000,000
4,921,000,000
777,000,000
United States govt, deposits
Inter-bank deposits:
Borrowings
+173,000,000
—11,000,000
1,264,000,000
Balances with domestic banks
Liabilities—
_
—45,000,000
3,283,000,000
Reserve with Fed. Reserve banks.
Cash in vault
Domestic banks
$
by.
United States government
Other securities
Foreign banks
$
—26,000,000 +1,863,000,000
2,087,000,000
343,000,000
1,150,000,000
77,000,000
3,424,000,000
8,860,000,000
—
Loans to banks
Obligations
Mar. 27 1935
934,000,000
189,000,000
bought-
paper
*Mar. 18 1936
others
real estate
to mention the
For weeks the Italian went about
commandeering trucks,
taking over about 200 new machines in Massaua alone.
Most of them
wounded.
States
obligations increased
$13,000,000 in the New York district and $11,000,000 in the Atlanta
district, and declined $30,000,000 in the Chicago district and
$5,000,000
at all
were not allowed
had been taken.
others
(except banks) $3,000,000.
Holdings of
acceptances and commercial paper bought declined
$3,000,000, real estate
increased
$4,000,000, loans to banks declined
$6,000,000, and
"Other loans" increased $6,000,000 in the
Chicago district and $18,000,000
loans
at aU
spondents
of fighting.
statement
leading cities
Reserve
to
Negotiations
Imminent conclusion of the
Italo-Ethiopian War was pre¬
dicted late this week in Rome, where it was said that
35
86
485
Due from domestic banks
Other assets—net
Italo-Ethiopian War Seen in Rome—
Occupy Gondar, Near Sphere of
Troops
British
source
Other loans
Obligations fully guaranteed by
April 4 1936
Imminent End of
Salvador de
8,533
Loans to brokers and dealers:
In New York C ty
Loans
3
Apr.
1936
Chronicle
Dententeurs
De
De Valeurs
Mobilieres;
Exchange; The Association Beige
Fonds Publics; and The Swiss
Bankers' Association; in respect of the
Bulgarian Pro-War Loans (6% 1892,
5% 1896, 5% 1902, 5% 1904, 4^% 1907 and 4H%
1909), who,
during the
last few days, have discussed the service of the
Bulgarian loans with which
they
are concerned with MM.
Gouneff (Finance Minister of
Bulgaria) and
Stoyanoff (Director of the Debt Administration). M.
Bojiloff (Governor of
the National Bank) was also present.
The bondholders'
organizations announce, with reference to their
com¬
munique of Nov. 5, 1935, that the Bulgarian Government have
duly carried
out the undertaking set out in that
communique regarding the current
service of the above-named loans.
The Bulgarian Government have
thus
continued to provide 32 M % of the interest in effective
leva and to transfer
Financial
Volume 142
instalment dates; the remain¬
blocked on special deposit accounts at
15% of the interest in foreign exchange on the
ing 17y$% of the interest remains
the Bulgarian
Bulgarian Government now propose the following arrangements for
and pre-war loans:
(1) The Agreements of April 20, 1934 for the League Loans and May 17,
1934 for the pre-war loans remain in force. Until a definite arrangement is
concluded regarding the unpaid portions (17H%) of the coupons paid at
15%. the League of Nations Commissioner will retain the Treasury Bills
which he now holds for the 67
of the interest and the whole of the
amortization where this applies (excluding capital repayments made by
refugees in respect of the 1926 Loan).
(2) The Bulgarian Government will provide as set out hereunder—
(i) tne instalments of interest service due April 15, 1936 on the
1928 Loan and April 15 and May 15, 1936 on the 1926 Loan.
(ii) the instalments of interest service due in respect of the follow¬
ing coupons:
7% 1926 Loan Coupon due Jan. _1, 1937
7H% 1928
"
,r
" Nov. 15. 1936
6% 1892
"
"
" July 14. 1936
1896
"
"
" July 14. 1936
1902
"
"
"
Spet. 14, 1936
1904
"
"
" Nov. 14. 1936
1907
"
°
" Aug. -1, 1936
"
June .1, 1936
4M% 1909
The
the service of the Bulgarian League
Dec.
-1, 1936
(iii) the further instalments of interest service due up to and
including Dec. 31, 1936 on account of coupons falling due in
1937.
(a)
The Bulgarian Government will pay into the appropriate
deposit accounts at the Bulgarian National Bank in effective
leva 32 M % of the interest service due as above and out of this
32
will transfer 21H % in foreign exchange on the instal¬
ment dates. The remaining 11% of the interest will remain
blocked on the deposit accounts at the Bulgarian National
Bank.
(b) The Bulgarian Government will immediately hand to the
League of Nations Commissioner non-interest bearing leva
Treasury Bills for the balance of the full service of the loans
during the period covered by the present arrangement, viz:
67 Yx % of the interest and the full sinking fund where this
applies (excluding capital repayments made by refugees in
respect of the 1926 Loan). The Treasury Bills corresponding
to the coupons listed in paragraph 2 (ii) above will be released
to the Bulgarian Government when these coupons have been
paid in full discharge (i.e. 32H%).
(c) The coupons listed in paragraph 2 (ii) above will receive a pay¬
ment of 21 ^ % of the amounts due but this will not be taken
as a complete discharge entitling the Bulgarian Government to
cancel the balance or the coupons. These coupons and those
affected by paragraph 2 (i) will be marked with an indication
of the amount paid and returned to the bondholders.
(3) The Bulgarian Government undertake that, if they accord
more favorable treatment to any other foreign obligation due
from or guaranteed by the Bulgarian State, they will accord
at
least
as
favorable
treatment
to
the loans
all
now
under
of their owners who must be exclusively Italian citizens or
name
bursed at
the
(4) The Bulgarian Government expressly state that the foregoing
proposals relate solely to the coupons covered by the present
arrangement and will in no way prejudice any arrangements
which may subsequently be made for the future service of the
loans concerned.
The Government undertake
to
discuss
the
future service of these loans with the bondholders' committees
before they frame their budget for the financial
1937 and in any case before the end of the first week in
December, 1936.
concerned
year
THE
BULGARIAN
GOVERNMENT.
C. Gouneff,
Finance Minister.
N.
Stoyanoff,
Director
of the Debt Administration.
The bondholders' organizations have carefully considered these proposals,
and have also studied the situation of Bulgaria in the
price determined by the Executive Committee
Mr. Podesta, as we indicated in our earlier item, holds the
position of Delegrate of the Italian National Institute of
Exchange; his remarks as to the Italian decree were given in
interview
an
of New
effective
published in the "Progresso Halo-Americano"
The decree, issued March 3, became
York City.
March 17.
^
Protest
Committees
Bondholders
by Colombian Departments
Points
Letter
Record
to
they have not been able to
express
The
League
secure a more
Republic of Colombia
letter sent to the heads of the
The Bondholders Committees for the
March 28 made
on
public
a
Loans
(London)
Committee
Austen
Chamberlain,
Secretary.
For The Council of Foreign Bondholders, Bessborough,
represented by the Committee.
ThB
letter, which is identical in each instance, protests against
continued non-payment of interest, and asserts that 1935 was
in default and are
the most prosperous year
Colombia has experienced since the
depression, while governmental revenues were
on record.
The letter added, in part:
On behalf of the American
The
Association
Nationals
bondholders whom we represent, we
Paul Gauthier, President du Comite.
The
Swiss
Porteurs
Francais
Valeurs
De
tors
demanding payment beyond your
Bankers' Association:
M.
financial situation can
solution
which if delayed much longer will undoubtedly
exist between the Colombian and American
of this problem,
effect the cordial relations which
peoples.
.
The insistence of the
bondholders that some definite action be
hope that some settlement can be made
of
without the necessity of having to
with the demand that they take foreclosure steps
and as provided for in the trust indentures.
call upon the trustees
In
4.
Drawing for Redemption of $12,000 of Irish Free State
External Loan Sinking Fund 5% Gold Bonds
The National
City Bank of New York as American
The
fiscal
is notifying holders of Irish Free State (JSaorstat
Eireann) external loan sinking fund 5% gold bonds, due
Nov. 1, 1960, that there have been drawn by lot for redemp¬
tion, by operation of the sinking fund, on May 1, 1936,
$12,000 principal amount of these bonds, at their principal
amount.
Bonds so drawn should be presented for payment
at the head office of the bank, 55 Wall Street, New York.
agent
•'
♦
$55,000 of City of Trondhjem (Norway)
53^% External
Loan Gold Bonds Drawn for Redemption
Holders of
City of Trondhjem, Norway, 30-year 53^%
sinking fund external loan gold bonds, constituting its
municipal external dollar loan of 1927, are being notified, It
was announced March 30, that there has been drawn by lot
redemption $55,000 principal amount of these bonds.
payable on May 1, 1936 at 100% of
their
principal amount and accrued interest to the redemption
Bank, New York.
April 1 Interest Available on
Amsterdam
Stock
Exchange:
W.
Cnoop
of the 7% gold bonds of the Union of Soviet
Republics may present their coupons covering the
Holders
Socialist
Koopmans, Secretary.
7% Gold Bonds of Union
of Soviet Socialist Republics
Detenteurs De Fonds
Publics: Maurice De Cock, President; F. Van Roy, Vice-President.
Committee
taken makes
time in the
bring this matter to your attention at this
It necessary for us to
Brugger, President of Balkans
For The Association Beige Pour La Defense Des
The
reasonable capacity to pay, but thqy
debts upon a basis of what your economic and
support, as this is the only fair, just, and equitable,
do expect you to meet your
date at The Chase National
L. Martin. Sous-Directeur.
Committee; G. De Haller, Secretary to Balkans Committee.
For
therefore
that immediate steps be taken to negotiate the
settlement of your defaulted dollar obligations, these negotiations to estab¬
lish a mutually agreeable settlement to be based upon an equitable plan.
We have made public at various times, and have brought to the the attention
of Colombian officials, that the American bondholders are not harsh credi¬
The bonds will become
Des
Mobilieres, E. Regard, President de I'Association.
For
the highest
suggest to your Excellency,
for
President.
Douglas Reid, Secretary-General.
For
Colombia whose bonds
departments and municipalities of
are
advantageous offer but
they advise the bondholders to accept the Bulgarian
Chairman.
A. 8. G. Hoar,
Revenues
Government
by the
their disappoint¬
Government's proposals.
For
Continued Default
and Municipalities—
1935
in
.
Bulgarian representatives themselves. They must
in the circumstances
of the Rome Stock
Exchange.
light of the information
which has been made available by the League of Nations, as well as
ment that
Italian
whose shares cannot be registered, will be reim¬
accordance with the terms
consideration.
FOR
That is, as all the shares will have to be registered
bursed for their holdings.
in the
bodies, the foreign holders,
'
National Bank.
2235
Chronicle
quarterly interest due April 1 for payment at the
York, official paying agent in
it was announced April 1.
The announce¬
regular
Chase National Bank of New
French
Republic Announces Payment of April 1
Coupons
_
on
the United States,
63^% Coupon Gold Bonds
ment continued:
The Government of the French Republic, through Jean
Appert, Financial Attache of the French Embassy, announces
that April 1 stamped coupons of the French Republic 20-year
5K% coupon gold bonds will be payable at the office of J. P.
Morgan & Co. in American currency at the dollar equivalent
of 25.51 francs per dollar of face value upon the basis of the
buying rate for exchange on Paris at time of presentation.
Unstamped coupons are payable after deduction of 10% of
the amount of payment.
,
Interest coupons are
rouble bond, 40 cents
being redeemed at the rate of $1.51 per 100 gold
higher than the indicated value of the coupon
bonds were first sold
on
July 1,
reduction in the gold
based on the value of the Gold Rouble at the rate of
in American currency
for Foreign Trade
♦
As
on the explanation by Luigi Podesta of the pur¬
decree issued early this month by the Italian
Cabinet, which we took occasion to refer to in these columns
March 21, page 1903, Mr. Podesta has
since enlarged upon
that part of this interview in so far as it relates to the ques¬
tion as to "what will become of the Banca Commerciale
Italiana, the Credito Italiano and the Banco di Roma?"
These changes are embodied in the first paragraph of his
answer
thereto, which we give as follows, indicating in
italics the changes wherein the paragraph differs from that
as
originally announced:
These
three
institutions,
exercising
their
activities in
more
than
30
national character,
are transformed from joint stock companies to public bodies like the Banoo
di Napoli, Banco di Sicilia, Banca Nazionale del Lavoro, Monte dei Paschi,
Istituto di San Paolo di Torino and the foreign stockholders will be reim¬
provinces of the Kingdom of Italy and having therefore a
Coincident with the
the prevailing rate of exchange continues, as
opposed to the price of $63.61
bonds were originally
which prevailed on July 1, 1933 when the
offered.
♦
bearing
port of the
became due.
redemption rate for interest coupons, the Bank
of the U.S.S.R. offers to repurchase the 100 gold rouble
bonds at $86.42 as long as
Effecting Changes in Italian Banking System—
Luigi Podesta's Explanation of Objectives
the provisions of the bond calling for payment
$1.51 rate in accordance with
exchange prevailing when such payment
establishment of the $1.51
Decree
when the
1933, the increased value being duB.to
content of the United States dollar.
Cable advices received March 31 by the Soviet American Securities Corp. of
New York from the Bank for Foreign Trade of the U.S.S.R. established the
subsequent
Offer
to
Purchase
Certain
Due
Coupons
Made
to
Holders of Bavarian Palatinate Consolidated Cities
External 7%
Serial Gold Bonds
Ames, Emerich & Co., Inc. announced April 2 that they
had received funds to purchase certain coupons of Bavarian
Palatinate Consolidated Cities external 7% serial gold bonds.
For the July
1, 1933 date $13.95 will be paid for the $35
and $6.97 for the $17.50 coupons: and for the Jan.
1, 1934 date $10 will be paid for the $35 coupons and $5 for
the $17.50 coupons.
The company also announced that it is
offering to purchase claims for interest at the same rate for
the semi-annual periods ended July 1, 1933 and Jan. 1, 1934
upon bonds of this issue which matured Jan. 1, 1933, upon
proper presentation at its offices in Chicago.
This offer, it
coupons
2236
Was
Financial
stated, is good until the close of business
on
April 20,
Chronicle
April 4 1936
New York Stock
Exchange Calls Attention of Members
Requirements Under
New Margin Rules of
Board
of Governors
of
Federal
Reserve
System
—^Effect of Amendment Upon Customers' Accounts
1936.
to
Tenders of New South Wales (Australia) External 5%
Gold Bonds Invited to Exhaust $144,653 in Sinking
Fund
In
notice issued March 27
a
of the New York Stock
Announcement
was
made
March 31
on
that
the
Chase
is directed to the
National Bank of the City of New York is inviting tenders
for the sale to it of State of New South Wales, Australia,
the
external
5% sinking fund gold bonds, due April 1, 1958, at
prices not exceeding their principal amount and accrued
interest, of as many of these bonds as will be sufficient to
exhaust the sum of $144,652.66, now held in the sinking
28,
fund.
recently amended margin requirements of
To the Members of the
Tenders
will
be
received
at
the
department of the bank, 11 Broad Street,
April 6, 1936.
corporate
up
trust
Board
of
NEW YORK STOCK EXCHANGE
Office of the Secretary
March
the
effect
members of the
Two
Morgan & Co. and the National City Bank, both of
as fiscal agents for the
Government of the
Argentine Nation, announce that upon receipt of sinking
fund payments from the Argentine Government, together
with unexpended moneys in the sinking funds, they will
have available $204,297 for the purchase of Argentine
external sinking fund 6% bonds, issue of May 1, 1926, and
$204,454 for the purchase of Argentine external sinking fund
6% bonds, public works issue of May 1, 1927.
Tenders of
bonds of both issues are invited at a flat price, below par,
until May 1.
Please note carefully the
Dillon, Read & Co., as agent for Federal District of the
States of Brazil, announced this week that funds
of the April 1, 1936,
coupons on the City of Rio de Janeiro 25-year 8% sinking
fund bonds, due Oct. 1, 1946, at the rate of 223^% of the
dollar face amount.
Payment will be made, accordingly,
at the rate of $9 per $40 coupon and $4.50 per $20 coupon
upon presentation at the New York office of Dillon, Read
March
1.
The
the margin requirements imposed
maximum loan value for
completely supersedes
April 1, 1936 the maximum loan
on
This
account which is unrestricted on March
that date.
However, transactions effected
account must be treated
3.
new
as
Bonds External Loan of 1921
announcement in the matter continued:
If
customer has
a
margin account prior to the effective date of the
a
for
account
new
date
the
of
transactions
supplement,
made
applying
for
thereby.
coupons
Payment will be made
upon
presentation and surrender of the
Holders
are
urged to retain
or
on
after
effective
the
margin requirements
Federal
These comments have been reviewed
verified
and
by the office of the
Federal Reserve Agent in New York.
ASHBEL
The
of
GREEN,
supplement to Regulation T appeared
Secretary.
coupons
March 28 issue.
our
New York Stock
Exchange Amplifies Questionnaire
no
on
Plans and Agreements for Certificates of Deposit—
More Data Sought in Two New Questions
The
Committee
List
Stock
on
the
of
York
New
Stock
April 1 that it had amended its
special questionnaire on plans and agreements relating to
certificates of deposit in order to widen the scope of informa¬
tion obtained.
In the future details will be requested con¬
cerning any specific date for return of deposited securities in
the event that a plan is not consummated, whether discretion
is given anyone to determine when sufficient deposits have
been received to make a plan effective, and whether any
fixed percentage of the total is required for effectiveness of
the plan.
The Committee's "Special Questionnaire, Form
20a, Regarding Plans and Agreements Covering Certificates
of Deposit," will now include the following two questions:
2
on
(a)—In the event that
a
Plan is set forth in the Deposit Agreement,
event that such Plan has not been consummated
If
no
such date has been
named, state
a
in the
?
date to which you will consent for
this purpose.
due
April 1, 1932 to Oct. 1, 1933, inclusive for future adjustment, although
present provision has been made for them.
2060
on page
4
1 coupon and claim for interest represented
for final cancellation.
him
the old
requirements to the new account.
what specific date is named for the return of the deposited securities,
Acceptances of such payment is optional but if accepted, must be accepted
in full payment of the April
restricted account, as long
a
supplement to Regulation T, it is not permissible to open a seperate
Exchange announced
Ladenburg, Thalmann & Co., as special agent, are notify¬
ing holders of State of Rio Grande do Sul (United States of
Brazil) 25-year 8% sinking fund gold bonds external loan of
1921 that pursuant to a decree of the Chief of the Provisional
Government, funds have been deposited sufficient to make
payment in lawful currency of the United States of America,
of 25% of the face amount of the April 1, 1936
coupon—$10
for each $40 coupon and $5 for each $20
coupon.
An
after that date in such
on or
transactions in
to the old account and the new
& Co.;:
Funds Deposited for Payment of 25% of April 1 Coupon
on State
of Rio Grande do Sul (Brazil) 8% Gold
31, 1936, but which becomes
April 1 because of the change in maximum loan value effective
on
the account remains restricted.
as
United
j
maximum loan value applies
new
otherwise acquired.
or
restricted
on
the close of business
registered securities (45% of current
Regulation T does not require a broker to demand additional margin
an
an
on
Wednesday, April 1, 1936.
on
registered securities in any account regardless of when they were pur¬
chased
2.
to
Reserve System
following comments in regard to the effect of
values in effect before that date.
in
supplement
a
31, 1936:
new
market value)
to all
1936
Exchange by that regulation.
•
have been remitted for the payment
of
reprint
a
of the Federal
the amendment upon customers' accounts existing at
on
or
City of Rio de Janeiro (Brazil) Remits 22^% of April
1 Coupons on 8% Sinking Fund Bonds, due Oct.
;
1, 1946
of amending
The amendment becomes effective
J. P.
York,
(C-5814) contains
T of the Board of Governors
has
27,
Exchange.
The attached circular
Regulation
Argentine External 6% Bond Issues
Invited—$204,297 to be Available for Issue of May
1, 1926 and $204,454 for Public Works Issue of May
l, 1927
New
of the Federal Reserve System;
margin rules were given in these columns March
2059. Mr. Green's notice follows:
page
which
Tenders
Governors
the revised
to 12 o'clock
noon,
of
by Ashbel Green, Secretary
Exchange, the attention of members
11—If discretion is reserved to anyone to determine when sufficient de¬
posits have been made to deem the Plan effective, state whether
any per¬
centage of the total securities to be deposited has been determined upon as
being an amount which, if deposited, insures the approval of the Plan.
Offering of $6,080,000 43^% Sinking Fund Bonds
•City of Oslo, Norway—New Issue to Be used
Refund 6% Bonds
An
(Yes or No).
of
If so, state the percentage
to
If not, state whether such a percentage will be
adopted
condition of
as a
listing and the amount of such percentage.
underwriting
consisting of Kuhn, Loeb & Co.,
Inc., Edward B. Smith & Co.,
Blyth & Co., Inc. and White, Weld & Co. of which Brown
Harriman & Co., Inc. and Edward B. Smith & Co. are
syndicate managers, offered on March 30 at a price of 993^
and accrued interest $6,500,000
City of Oslo, Norway,
19-year 43^% sinking fund bonds. The bonds, which are to
refund $6,080,000 of the city's 30-year 6%
sinking fund gold
bonds, due May 1, 1955, mature April 1, 1955.
The new bonds will be dated April 1, 1936, will mature
April 1, 1955 and will be redeemable as a whole at the option
of the city and after April 1,
1941, on any interest payment
date, at par upon 30-days' notice and payment of principal
will be effected through semi-annual
sinking fund payments
starting October, 1938.
The bonds according to the
prospectus dated March 30
will be issued in the first instance in
temporary form without
coupons in the denomination of $1,000.
Temporary bonds
will be exchangeable for definitive bonds "with
coupons in the
Brown Harriman
group
& Co.,
denomination of $1,000.
a
Filing of Registration Statements Under Securities Act
The
Securities and
March 30 the filing
an
involved
No. of
are
About
of Oslo by means of a modern system of communications,
including railways, steamship lines, omnibus lines, tramways, suburban
Total
Commercial and
Investment
1
Foreign
The
total,
industrial
$106,734,950.00
trusts
43,164,000.00
government
Commission
the
given in
Central
bonds,
Maine
series
included in
The
H,
said,
Power
4%,
due
April
No.
Co.—$9,000,000
due Feb.
Release No.
April
Co.—330,614
Co.
1,
the
published
following
(the releases
1,
of
first
and
(Docket No.
1966.
general
2-2001,
mortgage
Form A-2,
705.)
shares
of
2-2004, Form A-2, included in
Consolidated Gas
due
includes
issue of March 28, pages 2078 and 2079) :
our
Flintkote
6,500,000.00
_■
issues for which releases have been
were
no
par
value
Btock.
common
Release No. 706.)
of New York—$35,000,000 of 10-year 3%% deben¬
1946,
and
$35,000,000
of
20-year
3%%
debentures,
707.)
The
one-half the entire population of the country, placed at 2,814,194 in 1930, is
within easy apcess
on
follows:
as
Type
5
tures,
population of 266,107, the City of Oslo is the center of Norway's
grouped
Issues
12
announcement bearing on
system of communications and of its industrial and commercial life.
Commission announced
Exchange
of 18 additional registration statements
(Nos. 2001-2018, inclusive) under the Securities Act of 1933.
According to the Commission, the total involved is $156,398,950, all of which represents new issues.
The securities
(Docket No.
Regarding the City of Oslo,
the offering says:
With
required.
City
external
in
1,
1956.
(Docket
No.
2-2007,
Form A-2,
included
in
Release
of Oslo
(Norway)—$6,500,000 of 19-year 4%% sinking fund
loan bonds, maturing April 1, 1955.
(Docket No. 2-2013, included
Release
No.
709.)
railway lines and ferries.
>
Through Oslo, chief port of Norway, pass about one-half of the country's
imports.
Thejarger part of the production of industries located in Oslo,
'other
than
shipping, is consumed within Norway and does not
export trade.
-
'
enter into
Other securities included in the total, the SEC announced
March 30, are as follows:
Sovereign Investors, Inc.
filed
a
(2-2002,
registration statement
Form A-l), of Jersey City,
covering 5,000,000
shares
of
10c.
N. J., has
par
value
Financial
Volume 142
Sovereign
stock.
common
of Jersey City,
Corp.,
Edward B. Smith & Co
Tne' First Boston Corp
Blyth & Co., Inc.
White, Weld & Co
Kuhn, Loeb & Co..
(2-2005, Form
Co.
statement
and
debentures
"
shares
covering
of
shares
41,250
A-2), of Detroit, Mich.,
$750,000
no
par
of
5%
10-year
stock,
value common
has filed
convertible
20, 1936.
Filed March
Inc. (2-2006, Form A-l), of Jersey City,
statement covering 5,000,000 shares of 25c.
par value common stock.
The stock is to be offered at a daily price to be
determined by the value of the net assets of the corporation.
It is stated
that
the
original offering price will be approximately $1.10 a share.
United Sponsors, Inc., of Jersey City, is the principal underwriter, and
Lucian A. Eddy, of Jersey City, is President of the corporation.
Filed
of America,
Fund
Investors
J., has filed a registration
N.
March
20, 1936.
.
March
1936.
20,
(2-2010,
Co.
Haloid
The
Form A-2),
of Rochester, N.
Y., has filed a
statement covering 55,000 shares of $5 par value common
stock.
The principal underwriters are Donoho, Moore & Co.,
of New
York City, and Mitchell, Herrick & Co., of Cleveland, Ohio.
Gilbert E.
Mosiier, of Rochester, is President of the company.
Filed March 21, 1936.
Commonwealth Internation Corp., Ltd. (2-2011, Form A-l), of Montreal,
registration
registration statement covering 200,000 shares of no
stock.
The "sale price" of the shares was $4.12 on
March 3, 1936.
Donald M. Partridge, of Montreal, is President of the
corporation.
Filed March 21, 1936.
The Mar-Tex Oil Co.
(2-2012, Form A-l), of Baltimore, Md., has filed
has
Canada,
value
par
filed
a
common
registration statement covering 200,000 shares of $1 par value
stock, to be offered at $1.50 a share, or market if higher.
a
class A
Henry
White & Co., of Baltimore,
is the principal underwriter, and Henry M.
White, of Baltimore, is President of the company.
Filed March 21, 1936.
Milmac Mines, Ltd.
(2-2014, Form A-l), of Sault Ste. Marie, Ont.,
Canada, has filed a registration statement covering 1,000,000 shares of $1
par value common stock, to be offered at 30c. a share.
Henry C. Miller,
of Toronto, Canada, is President of the corporation.
Filed March 24, 1936.
Public Finance Service, Inc. (2-2015, Form A-l), of Philadelphia, Pa.,
has filed a registration statement covering $2,000,000 of 6% sinking fund
debenture bonds, due March
1, 1956, to be offered in denominations of
$100, $500 and $1,000.
Harry P. Gatter, of Philadelphia, is President
the corporation.
Fundamerican
Filed March 24, 1936.
(2-2016, Form C-l), of New
Corp.
the
30 the filing
plan C certificates
are
to be sold outright in
sale of the bonds will
series A,
bonds,
The Ohio
Filed March 25, 1936.
(2-2018, Form A-2), of Girard, Ohio, has
Leather Co.
•
filed a
$900,00Q of 10-year 5% convertible sink¬
ing fund debentures, due Jan. 1, 1946, and 38,500 shares of no par value
common stock.
Of the common stock being registered, 36,000 shares are
registration statement
covering
of the debentures and 2,500 shares are
for conversion
are
to
be
acquired!
In making
In
the
approval
merits of the
the
by amendment to the registration
nished
presently outstanding
issue
or
act
of
filing
with
the
Commission give to any
or' indicate that the Commission has passed on the
that the registration statement itself is correct.
previous list of registration statements
in these columns of March 28, page 2079.
The last
Kingdom
of
Norway
Files
Under
appeared
Securities Act—
of 434%
Registration Statement Covers $31,500,000
External
Loan
Bonds
Kingdom of Norway filed a registration
statement (No. 2-2021) under the Securities Act of 1933
covering $31,500,000 of 29-year 434% sinking fund external
loan bonds, due April 1, 1965, the Securities and Exchange
Commission announced March 26 (in Release No. 716),
On March 26 the
2
M%"4% Serial Notes and 5% Preferred Stock
was made on March 30 by the Securities
Commission of the filing on that day of a
registration statement (No. 2-2045, Form A-2) under the
Securities Act of 1933 by the Saquenay Power Co., Ltd., of
Montreal, Canada, covering $30,000,000 of first mortgage
4% sinking fund bonds, series A and B, due April 1, 1966;
$5,000,000 of 234%-4% serial notes, maturing 1937 to 1946,
and 50,000 shares of $100 par value (Canadian money)
534% cumulative preferred stock.
The Commission (in
Release No. 719) added:
and Exchange
The series A and series B bonds will
series A
are
to be
currency.
The serial notes are to be payable only in the United States.
redemption prices, and all other distributions
on
Dividends,
the preferred stock will be
payable only in Canadian currency.
According to the registration
statement,
$36,856,105 of the proceeds
from the sale of the bonds, notes and stock will be applied to the
of
redemption
July 1, 1936, of the company's outstanding first mortgage 6% sinking
on
fund gold bonds, series
A, due May 1, 1966 at 104 lA %, and to the extent
$2,100,000, or if the company shall have prepaid $175,000 of its five-year
6% gold notes. $1,925,000 for the prepayment or redemption on or before
May 1, 1936, of the company's five-year 6% gold notes, series due April 15,
1932
(extended to
April
15,
1938) at the then unpaid principal amount
The balance of the proceeds may be used for working capital.
The bonds are redeemable in whole
or
in part at the option
of the com¬
from time to time after 30 days* notice at the following prices plus
pany
accrued interest:
If redeemed
before April 1, 1941, 105%;
including April 1, 1946, 104%;
on or
thereafter and
thereafter and including April 1, 1951, 103%;
thereafter and including April 1, 1956, 102%;
thereafter and including April 1, 1961, 101%;
and thereafter at 100 %.
It is
provided that upon redemption of
series
or
B,
a
any
of the bonds of either series A
like proportion of the other series must be redeemed at the
time.
same
The notes are to mature serially at the rate of $600,000 a year
during
the first five years and $400,000 a year during the last five years.
The price of the bonds, notes and stock to the public, the names of the
principal underwriters, and underwriting discounts or commissions are to be
furnished
by amendment to the registration statement.
Edward K. Davis, of New York City, is President of the company.
Filing of Registration Statement with SEC by Minne¬
apolis
First
for
Gas
Covering $11,000,000 of
Bonds Transferable Receipts
Light
Mortgage
Co.
4%
434% Bonds
Minneapolis Gas Light Co., of Minneapolis, Minn., filed
on March 31 a registration statement (No. 2-2073, Form A-2)
under the Securities Act of 1933 covering $11,000,000 of
first mortgage 4% bonds, series of 1950, and transferable
receipts for the company's 434% first mortgage gold bonds,
series due 1950, of winch $10,778,000 are presently out¬
standing, it was announced by the Securities and Exchange
Commission on March 31 (in Release No. 723). The Com¬
mission said:
The company is
offering its 4% bonds for exchange to the holders of its
outstanding 4M % bonds in an equal principal amount plus a cash payment
in
respect to each
$1,000 bonds exchanged,
between the redemption price on
new
June
on
on
1,
June
the 4y2%
1936, to Jan.
consisting of the difference
July 1, 1936, and the price at which the
bonds may be sold to the underwriters.
interest
The sum also includes accrued
bonds to June 1, 1936, and H of 1% interest from
1,
1937.
The exchange offer will become effective
1, 1936, in the event that the holders of at least $5,500,000 of the
43^% bonds accept the offer on May 11, 1936, or such later date as the
company may
be identical except that bonds of
payable only in the United States and in United States
while the series B bonds are payable only in Canada in Canadian
currency,
receive
1936.
the company.
Announcement
proceeds from the sale
of the bonds are to be applied to the redemption on June 1, 1936, of $29,798,000 principal amount of 40-year 5H% sinking fund external loan gold
bonds, due June 1, 1965, at 100%.
The remainder of the proceeds will
be applied to the payment of interest on the bonds being refunded for
the period beginning with that date of delivery of the new bonds, and
June 1,
statement.
Registration Statement Filed with SEC by Saguenay
Power Co., Ltd., of Montreal Covering 4% Bonds,
adding:
According to the registration statement, the net
the names of the
commission are to be fur¬
Sylvester B. Way, of Milwaukee, Wis., is President of
underwriters
available the above list the SEC said:
does
case
no
security its
by
used for general corporate purposes.
provisions, the price to the public,
The redemption
from the company's stock¬
holders
and offered publicly.
The principal underwriter is the First
Cleveland Corp., and Victor G. Lumbard, of Youngstown, Ohio, is President
of the company.
Filed March 25, 1936.
and
company's first mortgage gold
The interest on the
of other company funds.
The balance
1, 1952, at 105%.
underwriters and the underwriting discounts or
cumulative
corporation.
5%, due June
bonds to be retired will be paid out
registration statement covering 50,000
preferred stock.
The stock is to be
stockholders of the corporation and to the public
be applied to the redemption on June
1936, of $9,900,000 principal amount of the
units of $500 and
of New York City, has
shares of $10 par value 5%%
offered to the present
at $10 a share.
The
principal underwriters are H. A. Elwell Co., of New York City, and
George G. Shriver & Co., Inc., and J. Harmanus Fisher & Sons, both of
Baltimore, Md.
Robert P. Babcock, of New York City, is President of the
a
Com¬
$10,395,000 of the net proceeds
1,
According to the registration statement
from the
rising multiples of $100.
Filed March 24, 1936.
Seaboard Commercial Corp. (2-2017, Form A-2),
filed
statement (No. 2-2066)
covering $10,500,000 of
first mortgage 334% bonds, due April 1, 1966.
The
mission's announcement (in Release No. 722) said:
thereof.
registration statement covering $3,000,000 of Fundamerican trusteed
certificates, series II, Plan A, B and C.
The A and B plan certificates
are to be sold on a flat basis of $10 a month for a
period of 120 months,
Commission announced on
by the Wisconsin Gas & Electric Co.,
Exchange
&
of Racine, Wis., of a registration
under the Securities Act of 1933
York City, has filed
a
and
Securities
March
common
of
334% Bonds
First Mortgage
The
of the proceeds will be
(2-2008, Form A-2), of Jersey City, N. J., has
filed a registration statement covering 2,000,000 Bhares of $1
par value
capital stock and scrip certificates for fractional shares of capital Btock.
The stock is to be issued under a plan by which the authorized stock of
the corporation, consisting of 15,000,000 shares of 10c. par value-capital
stock, will be reclassified into 2,000,000 shares of $1 par value capital
stock on the basis of eight shares for one.
Mahlon E. Traylor, of Boston,
Mass., is President of the corporation.
Filed March 20, 1936.
Lion Oil Refining Co.
(2-2009, Form A-2), of El Dorado. Ark., has
filed a registration
statement covering 153,065 shares of no par value
common stock.
T. H. Barton, of El Dorado, is President of the company.
Supervised Shares, Inc.
Filed
Registration Statement FilediUnder[SecuritiesTActTby
Wisconsin Gas & Electric Co. Covering $10,500,000
of which
reserved
are
under
are
♦
-
for conversion of the debentures and 7,500
option to the underwriters.
The principal underwriters
are Ames, Emerich & Co., Inc., of Chicago,
and McDonald, Moore & Hayes,
Inc., of Detroit.
A. Cooper, of Detroit, is President of the company.
33,750
shares
4,882,000
1,891,0005,355,000
commissions
amendment to the registration statement.
be supplied by
to
discounts or
the public and the underwriting
The price to
are
-
1936.
19,
Investment
registration
a
$7,245,000
7.245,000
4,882,000
Inc
Brown Ilarriman & Co.,
stock and 6,000 shares of $1 par value common stock.
The
preference stock, is convertible into common on a share-for-share basis.
Tobey & Co., of New York City, is the principal underwriter, and Harvey
W.
Harper, of Larchmont, New York, is President of /the corporation.
Union
foHows:
are as
preference
Filed March
the'amounts to^be underwritten by^each.
underwriters and
The principal
is the principal under¬
Bull, of New York City, is President of the
corporation.
Filed March 19, 1936.
Tung-Sol Lamp Works, Inc. (2-2003, Form A-2), of Newark, N. J., has
filed a registration
statement covering 19,400 shares of no par value
R.
William
and
writer,
2237
Chronicle
state, but not later than May 31, 1936, and that the company
payment from the underwriters for its 4% bonds not reserved for
exchange.
The
bonds
transferable receipts will evidence
with the exchange agent
deposits of the company 4H %
in acceptance of the company's exchange
offer.
According to the registration statement, any balance of the new bonds
not
required for exchange will be sold to underwriters and the proceeds will
2238
be
Financial
applied to
the
redemption of unexchanged
company
intends to redeem
proceeds
will
be
used
bonds
July 1, 1936, at 103K%.
on
reimburse
to
4H%
the
for
company
which
bonds
new
redeemable
are
payment date at the
of Accountants of
Suggestion by New York Stock
Exchange That Reports of Quarterly Earnings of
Listed Companies Be on Basis of 12-Month Periods
or
*
as
whole
a
in part
or
on
interest
any
The recommendation of the stock list committee of the
option of the company after 30 days' notice at the
principal amount and accrued interest
to the
With
before June 1,1938, which premium
premium of 6% if redeemed
a
on or
New York Stock
date of redemption together
Exchange that future quarterly earnings
reports of listed companies be prepared on the basis of 12month periods is endorsed by Frederick H.
Hurdman,
Chairman of the American Institute of Accountants
Is to be reduced 1% on June 2, 1938 for the
two-year period then beginning,
and with a further reduction of H of
1% on June 2, 1940 for the
beginning, and
on
June
No premium will be paid if the bonds
1, 1949.
June 1, 1949.
'
•
then
commissions
or
registration statement.
underwriters, and the under¬
to be furnished by amendment to the
are
v;'KA.7x< 'i,.
\:^x
\
York
Stock Exchange Suggests Revised Method
Reporting Earnings—Urges Quarterly Publica¬
tion of Earnings for Preceding 12 Months—Letter
Sent to All Corporations with Listed Securities
New
York
Stock
Exchange
March 23
on
addressed
all corporations with securities listed on the Exchange, advo¬
cating
a change in methods of reporting interim earnings
urging the publication at quarterly intervals of earn¬
ings for the entire preceding 12 months, with a comparison
with the preceding 12-month period.
The letter asserted
that in general stockholders should be informed of the prog¬
and
of
ress
their
out that
often
are
seasonal
that
ments
companies at frequent intervals.
It pointed
objection to quarterly reports is that earnings
one
in
nature,
been
have
and
advanced
also
listed
against
other
argu¬
quarterly
which should result in
measure
investors.
of
The
on
ment made
F. W. Seymour, of New York City, is President of the company.
New
special
co-operation with stock exchanges, in a state¬
public this week.
Pointing out the fallibility of
quarterly reports, Mr. Hurdman characterized the letter
which the Exchange has sent to its listed
companies as a
committee
redeemed after
'
The price to the public, the names of the
writing discounts
year
each succeeding June 2 to and including the year ending
are
April 4 1936
Endorsement by F. H. Hurdman of American Institute
Any remaining
improvements
extensions of its plant and property.
F The
Chronicle
the
state¬
ments.
He
also
made
reliable information for
more
the
suggestion that in certain
businesses pubbcation each quarter of three-months'
earnings
reports as well as reports for the preceding 12 months might
be preferable to pubbcation of either without the other.
In part Mr. Hhrdman's statement said:
The recommendation of the committee
been
criticized
the
on
grounds that
on
it
stock list of the
would result
Exchange has
less
in
information
regarding the current progress of listed companies than is now available
through publication of reports for each quarter.
Critics have said that the
Exchange has exaggerated the tendency of the investor to estimate
annual
earnings
earnings for any
of the
by
company
quarter.
one
multiplying
by
They characterize the
its
four
new
policy
the
published
retro¬
as a
grade step not
consistent with the tendency to give investors complete
information regarding the operations of companies
offering their securities
to
the
public.
The contrary is true.
terly
are
a
Twelve-months' earnings reports published quar¬
reliable
more
means
of reporting
corporation than reports for each quarter.
the current earnings of the
In addition 12-months' reports
make it possible, by comparison of
any two consecutive reports to determine
12 months, however, the Exchange
Quarterly publication of earnings for the preceding
continued, would obviate
these objections.
The following is the letter to the corpo¬
exactly the difference between earnings in the last quarter reported and in
the corresponding quarter of the
previous year.
The difference between
rations
index of financial
:
March 23
1936.
secutive
Dear Sir:
excepting
in
in
Stock Exchange for
many years
which
the procedure seemed impracticable,
should be informed of the progress of their
intervals, through quarterly reports, and under¬
cases
stockholders of- listed companies
companies
at
frequent
takings that such
reports would be
corporations seeking
few
in
cases
waiver
which,
waived
the
of
only
in the
Committee
relatively
Stock
on
List,
a
the conditions.
have taken
reports
have been
opinion
the
in
justified by
was
These
listing and
issued have therefore been aBked from
three different
which
.
.
is
.
is
years
than the difference between
progress
quarters,
variable factors.
It has been the consistent position of the
that,
earnings in corresponding quarters of different
often
a
reliable
more
earnings in con¬
misleading because of the
presence
of
-
„
In its recommendations to
Congress during consideration of the securities
exchange bill and later to the Securities and Exchange Commission, the
American Institute of Accountants has pointed out that
earnings reports on
the basis of periods as short as three months
the investor
quired,
and
has recommended
companies
are
likely to be misleading to
that, where quarterly reports
re¬
are
be given
the option of preparing them on the basis
of 12-month periods.
If the New York Stock Exchange can encourage
wide adoption of the practice of
reporting earnings on the basis of 12-month
periods the interests of investors will be well served.
forms:
^ The criticism that 12-months' reports do not reflect earnings for the cur¬
First, the straight quarterly report, giving the earnings for each quarter separately
Second, the cumulative quarterly report, showing the earnings for the first quarter,
for the first six months, for the nine months, and for the year.
Third, the reports showing earnings for 12 months, rendered at quarterly Intervals
The
than
for
majority of corporations rendering reports at intervals
annually do
time
some
permit
of
progress
first of these
Stock List is
on
it,
convinced
as
stockholders should
their
increases,
certain
method
drawbacks
this
to
Among these drawbacks
have
least
at
company
straight quarterly reports
W (a)
forms,
indication
quarterly,
it
of
but,
has become
the
of
the
as
evident
number
that
there
are
reporting.
sometimes
The growing
past, to
years
and
to
base
estimated
of considerable magnitude,
but cannot bo anticipated
recent years, to
relate price levels
and
may
think
ticular
In
information
to
the
disregard
disregard
from
quarterly
the
reports,
values upon
to
be
the
result by whatever
price-earnings
proper
with
earnings of
the most recent
probable market
then multiplying the
to
year,
earnings,
earnings by
the particular
ratio
an
several
fiscal
annual
apply
periods of increasing corporate earnings,
levels,
and
and,
may
in
over-empliasize the
investor
in
a
of
periods
decline
to
declining corporate
of
and
this tends to over-emphasize
prices of securities
earnings,
cause
thus
may
rise to
of
the prices of
cause
it
tends
for
additional
securities to
lessened
or
the
preceding
by the publication at quarterly inter¬
12
months, the third
of the methods
advantage is that comparisons
because, instead of going
prior
for
compare
are
rendered
easier for the
back to the report rendered
the
figures to
with
the
current
he has
figures of the last report with those of the current
report, and the difference represents the exact number of dollars by which
only to
earnings for
the most
compare
recent
quarter
are
larger
or
report,
smaller than
List will
not refuse
if the corporation
that
reports
of
eration
will
at
in
Committee
the
in
earnings
is
accept
hope
for
a
on
straight quarterly reports of earnings
full
will urge
rendered
year
upon
corporations
quarterly
are
more
submitting its views
that
if you
agree
on
with
this
the
subject for
conclusions
your
amendment to its rules
an
was
Securities and Exchange Commission:
announced today that it
has amended the
as
so
Instruction
Book
to permit certain
This exemption from certification extends only to
Railway
Commissioners for Canada and the Dominion Bureau of Statistics and which
subsidiaries
are
of
companies
making
annual
reports
to
the
Interstate
Commerce Commission under Section 20 of the Interstate Commerce Act.
Any company availing itself of the exemption is required to file
of its annual return to the Canadian authorities
report
|fc If
on
as
an
a
copy
exhibit to its annual
Form 10-K.
carrier which
any
files uncertified financial
statements
under
this
amendment has included in Its original application for registration an
agree¬
ment to file certified financial statements
for its fiscal year ending on or
311935, it is also exemptpd by the amendment from filing certified
after Dec.
statements
pursuant to the agreement.
Annual'Report of President Moffatt of New York Curb
Exchange—76 Issues Admitted During 1935 to
Fully Listed Trading—Compares with Six in 1934
Fred C. Moffatt, President of
change, in his annual report to the
ing the Exchange's fiscal year,
1936, reveals that 46 stock issues
Committee
would
be
from
you
an
expression
as
COMMITTEE
-
,
J.
M.
B.
to
during the
Section
admission
stock
from
STOCK
LIST,
12(f)
fo
issue
whereas
a
any
was
1934.
February,
and 30
Curb
Ex¬
cover¬
1935-February,
bond
issues
were
new
trading
redemptions,
to
time, showed
Y.,
unlisted
number
of
trading
trading
stock
privileges
during
dissolutions, &c.
and
the
privileges,
privileges
bond
year,
during
issues
only
the
were
principally
one
year,
removed
due
to
over
a
of the New York
900
operating in
installed
Buffalo,
in
Curb
stock and bond
substantial
increase
Exchange, which embraces
26
23 cities
the
Cincinnati,
tickers in operation
during the
on
Jan.
1,
year.
1935.
at
the
present
This compares with
As
of
Jan.
1,
1936,
following cities:
Albany, Boston, Brooklyn,
Chicago, Cleveland, Dayton, Detroit, Harris-
Hartford, Indianapolis, Louisville, Milwaukee, Minneapolis, Newark,
York, New Haven, Providence, Philadelphia, Pittsburgh,
Providence,
Paul, Syracuse, Toledo, Rochester and Washington, D. O.
New
St.
to
unlisted
Ticker Service
cities and! has
were
continued:
unlisted
securities
admitted
-
tickers
bond issues fully listed
trading privileges, due to the fact
of the Securities Exchange Act of 1934 precluded the
The ticker system
tickers
no
Mr. Moffatt's report
admitted to
considerable
unlisted
burg,
ON
year
As to securities
N.
HOXSEY, Executive Assistant.
New York
board of governors
year
compare with six stock issues and
763
glad to have
the
1935, including 19 stock issues
and 23 bond issues which had
previously been admitted to
unlisted trading privileges.
The figures, Mr. Moffatt said,
you
Yours very truly,
1
State-
Canadian Railway Companies to file uncertified financial statements with
consid¬
reached,
for the benefit of stockholders 12-months' reports
instead of interim reports in any other form which
willingness to make the change suggested.
your
to
Railway
Financial
those Canadian carriers which file annual returns with the Board of
maturities,
to the great mass of investors.
have used in the past.
The
Uncertified
10-K for annual reports of corporations
their annual reports.
that
the future publish
quarterly intervals,
you
to
prefers to render them, but
informative and helpful
The
The SEO
the
earnings for the corresponding quarter of the previous year.
On the occasion
of
future applications for listing, the Committee
Stock
Permit Certain Canadian
File
"fully listed" during the
stockholder
months
the
to
to
T'he following notice of
to
above.
to
average
12
obviated
are
earnings
alluded
An
necessary
with Annual Reports
ments
improperly
are unwarrantedly low.
Objections to the publication of straight quarterly earnings
these
statements
vals
earnings but also with information
par¬
drop to figures which
All
provide investors not only with
case.■
improvement
high
of
average
the earnings of
even
appraisal of
an
obtained
of securi¬
placed sometimes by the
by multiplying the most recently reported quarterly
four,
the
the
Companies
for Form
tendency, in
inclination
apparent
to current
as
is the
as
This would impose no additional burden
reporting, and would
SEC Amends Rules
the seasonal demand does not
many,
ties to earnings has caused an over-emphasis to be
upon
by publication of both types of reports,
public utilities.
issued March 26 by the
the following:
are
at the time of the issue of quarterly statements.
public
information
of
if not of "most, corporations must contain some
considerable elements of estimate, and the shorter the period covered the more
important relatively become these elements;
|t (c) Many corporations, in reviewing the business for a fiscal year, find it neces¬
sary to make some adjusting closing entries.
These entires are usually entirely
are
most
gauge the trend of earnings.
financial
quarter;
same
F (b) Earnings reports of
proper and
with
the companies
»
that, where circum¬
ever
as
an
Earnings are often seasonal in nature, and
always fall in the
frequent
more
although there has been
case
on
growing number rendering them in the third form.
a
The Committee
stances
in the
so
rent quarter could be met
Financial
Volume 142
of Jan.
As
in
of
the
TeleregMer electric quotation boards
1, 1936, there were 83
Thirty-seven of these boards, which carry a partial list
York Curb Exchange quotations, are located in New York
operation.
New
remainder out-of-town, in such cities as Boston, Buffalo,
Chicago,
Cleveland,
Detroit,
Philadelphia, Pittsburgh and Washington,
D.
C.
On Jan. 1, 1935, there were only 10 such boards in operation,
the
and
City
which
of
three
out-of-town.
were
reduced
During the
increase of
The
aggregate of which rose in over half of the banks
certificates were handled through the
Securities Clearing Corporation, an
that handled during the previous year.
value of the certificates handled
$2,305,501,056.57,
during the year
1936 repre¬
increase of $631,306,924.37 over the year 1934.
an
Day Branch settlements obviated the necessity of 1,106,858 checks being
and
also
made
unnecessary
the
certifications
of
$1,357,-
a
of depression just
completed.
27
year
Discipline
In
instance
no
action
during
1935
it
was
calendar
the
actual
absorb
income.
Losses and charge-offs in every year
take
to
necessary
disciplinary
any
were
insolvencies
no
either regular or
the
126
of
which
there
Record
unlisted
a
unlisted trading.
At
stock issues on the trading list.
At the
dividend
492
of
and 381 admitted
being fully listed
111
payers,
to
issues admitted
stock
1,164
were
to trading,
trading.
v
Bond
In
or approximately 46% of all
dividend-paying basis.
Of that
issues,
on
were
1,122
were
there
1934
were
Exchange,
fully listed and 390 were admitted to
were
year-end
close
trading,
to
stock
516
1935,
31,
admitted
stocks
total
Dec.
the
associate, during the year.
Dividend
of
As
of
Department
under the direction of our own Building Depart¬
February of 1935,
ment, the trading floor of the Exchange was rearranged to take care of the
continually expanding business in bonds.
section' was more than tripled, and at
allotted to the bond
approximately
space
present
occupies
Formerly about 600 square feet were used exclusively for
2,200 square feet.
bond
The
trading.
bonds
Transactions 4n
the second successive time
the year
for
passed
the billion dollar mark
for
during 1935, total sales amounting to
in history
$1,171,440,000, a new high record.
which
heavy losses were
outside reporting
banks
as
$18,000,000 of 1}4% Consolidated Deben¬
announced
$18,000,000 of
issue of approximately
lA% debentures.
The debentures were
offered on April 2 and the issue was over-subscribed and the
books closed the same day, it was announced by Charles R.
Dunn, fiscal agent in New York for the banks. The offering
was made at prices slightly above par.
The new debentures,
which are the joint and several obligations of the \2 Credit
banks, will be dated April 15, 1936, and will mature in
a
and
6
new
1
months.
12
highly
market was high,
while losses and charge-offs (Items 32 and 34) were the source of deficits
(Item 35) after payment of dividends in bad years.
Giving consideration
to all of the changing aspects of banking since the boom times of 1928 and
1929—such as declining income from loans and investments due both to
falling interest rates and to the accumulation of large balances of idle excess
reserves on the one hand, and the development of new sources of income and
reduced payments of interest on deposits on the other—the most com¬
prehensive measure of the earning power of banks is afforded by the three
percentages in terms of total available funds (Items 53, 54 and 55).
It is expecially gratifying that, in spite of low interest rates and of other
operating problems facing the banks, each group was able to close the year
1935 with a surplus after all dividends, losses and charge-offs (Items 35 and
55) for the first time since the beginning of the depression. The two groups
of outside commercial banks (those having less than half of their deposits
in time and savings accounts) were the first to recover, being able to avoid
deficits even in 1934, although the district aggregates as a whole continued
to operate in red ink until 1935. Nevertheless, the favorable results in 1935
were due almost entirely to net gains from sales of capital assets (Item 32).
Without the profits taken on securities sold (Item 32) the final balance
(Item 35) in 1935 would again have been in red ink in the majority of
fluctuating additional income in y.ears when the bond
which
owned
their
This is obscured in Item 9, which
in 1935.
buildings, because one
and therefore have no
negligible income from operation of bank
shows
The following tables summarize for 1935 the composite
operating experience of about 73% of the member banks in
the First Federal Reserve District.
The first table gives in
form, covering the four-year period 1932-35,
inclusive, the district totals for all reporting member banks
outside of Boston. The second table affords a detailed analy¬
condensed
sis of
operating income and expenses of the various reporting
classified according to the character of the deposit
business handled, they were both made available by the
banks
Boston Reserve Bank:
PERCENTAGES
Federal
buildings and charged themselves rent
own
after all maintenance and depreciation charges,
their building investmetn
on
District—Half
Reserve
of
Reporting
OF
MEMBER
BANK
INCOME
AND
EXPENSES—ALL
REPORTING NEW ENGLAND BANKS OUTSIDE OF BOSTON
Analysis of Operating Costs of Member Banks in Boston
stitutions
furnished approximately
for dividend requirements (Item 30)
such investment.
The Federal Intermediate Credit bank system
week
Viewing all the
profits from sale of securities (Item 32) afforded
quarter of the reporting banks rent their quarters
Over-Subscribed
this
profits (Items 35 and 55).
single composite unit, it appears that net
reporting banks.
of Federal Intermediate Credit Banks—Issue
consolidated
a
earnings from banking operations (Item 29)
current
Banks
tures
declining
1) and the
and stocks (Item 2)
incurred, (Item T2) did more than declining
character of the banking business, reflected by the
proportion of income received from loans and discounts (Item
earned between 1 % and 2%,
Offering of
since 1928 were suostantially heavier
52) than on loans and discounts (Item 51).
(Item
rising percentage received from income from bonds
in all recent years;
membership
the
among
and stocks
two to five times the necessary cover
Insolvencies
There
bonds
interest rates to curtail resultant
of the Exchange.
against any member or firm
The less
in
dollars during the past six years, were bound in the aggregate to
from year to year an increasing proportion (Item 27) of total current
7).
operating expenses, (Items 16 to 26) although curtailed at times
flexible
on
/
As indicated above, this was
development of other sources of income (Items 4, 5, 6 and
to
The changing
memberships
regular
27.5%—the highest proportion since com¬
reduced interest payments on deposits (Items 13 and 15) and
v; :
transferred during
1935 at prices ranging from $12,000 to $33,000.
were
At their worst they dropped only to 21.6%
(Item 29) in 1930, taking all country banks as a
1935 they rose to
due largely to
on
^
...
Memberships
There
remarkable degree of stability throughout the six years
53) have reflected
drawn
644,163.53.
Net current
during 1935.
operating earnings of the reporting New England banks (Items 29, 50 and
parable figures were first collected in 1928.
the
of
Department
398,425 certificates over
money
sented
2,440,210
1935,
year
Delivery
time deposits, more than counter balanced larger
on
paid out in wages and in some other operating expenses, the dollar
whole; in
Clearing Corporation
Central
paid
rates
amounts
of total current income
/
,
,
2239
Chronicle
In¬
1934
1933
(254
(242
(217
(229
Banks)
Banks)
Banks)
Banks)
1935
Show Increase in Net Earnings During
1932
1935 Over 1934
Percentages of Total Current Income—
its annual
Total interest received
92.2
92.8
94.2
94.6
Service charges on deposit accounts
3.7
3.1
2.3
2.1
Other current income
4.1
4.1
3.5
3.3
100.0
100.0
100.0
100.0
23.3
26.1
29.8
35.5
0
0
analysis for 1935 of the operating costs of 265
banks
member
3
6
The Federal Reserve Bank of Boston has made available
in
First
the
(Boston)
District,
grouped
according to - percentages of time deposits to gross deposits.
In its analysis the
Bank states that "the changing character
and mechanics of banking in recent years makes
tion of percentages of income
and
expenses
interpreta¬
difficult without
10
Total current Income
13
Interest paid on all deposits
14
Interest paid on borrowed money
15
1935,
as
a more
Salaries & wages (except for
bldg. malnt.)
27.7
26.2
26.4
24.4
7.0
7.0
6.8
5.6
2.6
2.3
2.2
2.6
11.9
11.2
9.8
8.7
49.2
46.7
45.2
41.3
All other
28
Total current exps. (Item
Net
30
Dividends
made during 1935, however, by
31
Net
earnings, measured in actual dollars, "almost half
32
Net gains
the previous
33
compared with 1934, the Bank's report noted that
net current
of
the
was
reporting banks
showing gains
over
Total operating expenses
curr. oper. earns.
Net
34
following is from the analysis issued by the Boston
one-third
than
This
1934.
of the
New
was
England reporting
member
35
banks
from banking operations in 1935 than
accomplished in spite of lower interest rates received
(Items 36 and 37 in tables following) on new loans and investments.
steady growth
marked contrast exists between the interest return
Boston banks, and by those
customers
(Item 36)
even
was
A
(Item 40) received by
in 1935 the average return on
old and
new
16.7
19.4
20.1
(—) on sees. sold. + 11.7
+3.3
or losses
banks anywhere
based upon rates now
even
more
current in the open markets.
gains, losses and charge-offs, in 1935
favorable record than did gross income, measured in
The elimination of interest paid on demand deposits, and
13.6
—1.4
profits before charge-offs (Item 31
28.4
Net charge-offs (—) or
22.7
20.1
12.2
recoveries (+)... —18.0
—23.1
—30.8
—33.1
.4
—10.7
—20.9
5.6
(Item 33
Net bal. after all charge-offs
10.4
34)
—
5.5
36
Received
on
loans and discounts.
5.6
5.6
37
Received
on
bonds and stocks
3.9
4.0
4.4
Received on all loans and Investments—
4,7
4.9
4.9
38
Paid
on
savings deposits
2.3
2.7
3.0
3.5
39
Paid
on
other time deposits
1.2
1.7
1.8
2.1
61
Loans and discounts charged off
1.0
1.5
1.8
1.7
52
Bonds and stocks charged
1.2
1.6
2.1
3.0
53
Net current operating earnings
Net profs, after dlvs. & sales of cap. assets
Net bal. for surp., after all cbg.-offs, &c..
3.8
*
5.2
Losses (Percentages of Average
Holdings)
off
Percentages of Total Available Funds
54
55
a—
1.1
1.2
1.1
.4
1.1
1.0
—
.02
1.1
.9
—
.6
.5
—1.1
could survive if their entire loan portfolios
dollars, almost half of the reporting banks showing gains over the
previous year.
0
40
It is
loans together
5.5% outside of Boston as compared with 3.3% in Boston
Net current earnings, before capital
actual
8.4
(Item 29
located outside of Boston where rates charged
(Item 36) are much less flexible than in the money centers.
Few
made "an
78.0
22.0
4.6
Interest Rates—
a
were
75.3
24.7
7.8
charges on deposits alone rose from a neg¬
ligible figures in the 1920's to 3.7% of gross income (Item 6) in 1935.
notable that
A
in income from sources other than interest contributed to
this favorable showing: service
banks.
72.8
27.2
10.8
....
(+)
minus
showed higher grew current income
in
72.5
27.5
before security sales
minus 30)
Reserve Bank:
More
Inc.
15 plus 27)
(Item 10 minus 28).
paid or declared
plus 32)
year."
The
operating expenses
29
favorable record
36.7
Occupancy and maintenance of quarters.
Taxes (except on bank building)
18
reporting member banks during
than one-third of the
30.1
17
27
gross
1.2
26.1
16
current income was shown by
Indicating that increased
.3
23.3
Total interest payments.
preliminary examination of trends in terms of actual dollars."
more
-
Consists ol capital, surplus,
undivided profits, net deposits, bills payable and
rediscounts.
Note—Statistically, these data are not arithmetical averages, but are percentages
which were found to be most nearly typical of the greatest number of banks.
This
method was used in order to avoid giving too great weight to a few extremely high
or
extremely low figures. The largest bank carries no greater weight than the smallest.
2240
Financial
PERCENTAGES OF MEMBER BANK—INCOME AND
EXPENSES IN 1935
11 Boston banks and 254 outside
banks in Federal Reserve District
1, grouped
according to their percentages of time deposits.
Chronicle
$996,894,018—March
Year Ago
Outside Banks
of Time De¬
Under
posits to Gross Deposits
—
25.1%
50%
40%
25.1%
5%
to
Over
50.1%
75%
63%
to
Totals
Common
Banks)
(11
(61
(68
(101
75%
81%
(24
Banks)
Banks)
Banks)
Banks)
Banks)
Typical bank in group
12%
Figures
(254
rent Income—
Analysis of Receipts
1
Int. & discount
on
Int. & divs.
bonds &
loans
46.2%
55.5%
48.9
54.7%
43.9%
38.0
& stocks
35.7
40.4
38.2
51.7
39.9
91.2
89.3
92.9
95.6
92.2
3
Total int. received__
84.2
4
Trust department
Rent from safe deposit
5.6
52.3%
0
1.1
.5
.2
•3
1.7
2.0
1.8
1.4
.7
1.6
'
vaults
6
Service charges
on
de¬
posit accounts
7 All other current inc.
8
4.0
Net
2.9
1.4
3.7
2.2
2.0
1.4
2.0
100.0
100.0
99.7
99.3
0
0
bldgs. b
Total current income
paid
100.0
■
■
deposits
13
Total int.
yesterday (Apri/1 3).
This increase during March
a drop of
$383,791 in the loans during February.
figure, as compared with a year ago (March 30,
1935), represents an increase of $223,770,752.
Demand loans on March 31,
according to the Exchange's
report, were in amount of $753,101,103, as
compared with
$631,624,692 February 29 and $552,998,766 March 30,
1935, while time loans amounted to $243,792,915 at the
close of March this
year, against $292,695,852 a month
ago and $220,124,500 a year ago.
The following is the
report of the Stock Exchange for
100.0
100.0
100.0
.7
New York Stock
100.0
J,--; .2
v
.3
:
.4
5.6
.3
3.4
5.9
money
.1
17.9
29.9
0
37.2
Net
(2)
23.1
3.8
18.2
...
30.0
37.2
Net
0
0
0
o
3.8
18.2
30.0
37.2
23.3
32.7
35.4
30.8
24.9
18.3
27.7
10.9
of quarters
8.1
8.4
6.3
4.9
7.0
3.8
1.8
2.6
4.5
borrowings
2.6
2.4
1.8
1.5
1.0
1.7
0
0
2.9
Insur.
(except on bank
building)
20 Printing, stationery &
$714,269,555
collateral
on
Below
we
give
or
38,831,548
2,294,500
$753,101,103
$243,792,915
$996,894,018
....
$41,107,200
„
Demand Loans
Time Loans
Total Loan
3.1
2.6
Mar. 31
$714,279,548
$267, 074,400
812.119,359
722,373,686
740,573,126
276, 107,000
294, 013,000
$981,353,948
1,088,226,359
1,016,386,689
31
588,073,826
341, 667,000
334, 982,000
.6
Aug. 31
1,082,240,126
923,055.826
545.125,876
.3
.8
Sept. 29...
329, 082,000
874,207,876
.5
.5
Oct.
3.0
4.2
531,630,447
546,491,416
557,742,348
616,300,286
2.0
1.4
2.4
May 31
.9
.6
.8
.5
.3
.5
June 30
.8
1.8
1.3
1.1
.9
1.2
Publicity & advertising
24 Furn., eqpt. & fixts—
.9
.5
.6
.7
.6
.6
1.1
1.1
.7
.3
.7
.5
.5
5.2
4.6
4.6
Y 4-i
23
Examinations
26 All other oper. expenses
27
private
agencies
Apr. 30
1.5
Total oper. expenses.
28
from
Time
$241,498,415
two-year compilation of the figures:
a
1934—
1.3
office supplies
25
'
York
-
Telephone & telegraph.
Postage and express—
21
New
The scope of the above compilation is
exactly the same as in the loan report issued
by the Exchange a month ago.
(except on bank
building)
22
/*"">'
collateral from
on
trust companies
Combined total of time and demand
borrowings
Total face amount of "Government
securities"
pledged as collateral for the borrowings included
In items (1) and (2) above
;
Salaries & wages (except
19
or
23.3
17 Occupancy & maint. of
18 Taxes
borrowings
banks
.2
5.9
mainten'ce)
collateral, contracted
on
.
bankers, brokers, foreign bank
others In the City of New York
Total int. payments.
for bldg.
borrowings
business, March 31, 1936, aggregated
Demand,
(1)
deposits
14 Int. paid on borrowed
16
net
The detailed tabulation follows:
100.0
paid on all
15
Exchange member total
$996,894,018.
t
■
Int. paid on time deps.
12
March 31, it is shown in the
monthly report of the Exchange
issued
for and carried in New
York, as of the close of
.3
■I
demand
on
During March, outstanding brokers' loans on the New
Stock Exchange showed an increase of
$72,573,474
$924,320,544 on February 29 to $996,894,018 on
York
March 31:
.
from oper. of
Int.
$223,770,752
from
99.8
0
earns,
Analysis of Payments
11
5.6
2.5
100.0
opers
bank
10
4.3
4.5
Gross current inc. fr.
banking
9
Also
The March 31
2
5
Figure
followed
Percentages of Total Cur¬
on
31
Above
Banks
1936
Outstanding Brokers' Loans on New York Stock
Exchange Increased $72,573,474 During March to
Boston
Percentages
April 4
?
Tot. curr. exps.(Item
58.0
62.1
54.3
44.8
35.7
July
5
31
Nov. 30
Dec. 31
...
1935
49.2
299, 899.000
831.529.447
280, 542,000
273, 373,000
263, 962,869
827,033,416
831,115,348
880,263,155
249.062.000
824,958,161
.C
Jan.
15 plus
Net
29
curr.
27)
63.9
-
65.9
72.5
74.8
72.9
31
Feb.
28
573,313,939
Mar. 30
242,544,500
72.5
552,998,766
220.124,500
30
May 31
773.123.266
509.920.548
294,644,900
471,670,031
320,871,000
334,199,000
349,335.300
372,553.800
418,266,300
804.565.448
792,541,031
oper. earns.
Apr.
(Item 10 minus 28)
30 Divs. paid or
36.1
27.5
25.2
27.1
27.5
17.4
declared.
34.1
18.7
10.8
8.0
9.6
10.8
sales (Item 29 minus
v
474,390,298
419,599.448
399.477,668
.V:
■
V-*-
8ept. 30
18.7
15.4
16.7
17.2
17.5
16.7
Oct.
31
362,955,569
335.809.469
Nov.
30)-.-.
32
June 30
July 31
Aug. 31
Net inc. before security
31
575,896.161
(+) or losses
(—) on securs. sold..
+8.7
+12.6
+ 13.6
+10.7
+13.3
+ 11.7
439.457.000
792,421,569
846.113,137
547.258.152
391,183,500
938,441.652
31
600,199,622
Feb. 29
Net gains
631,624.692
324,504,713
292,695,852
243,792,915
924,704,335
924.320,544
996,894,018
Dec. 31
1936—
33
Net
profs bef. chg.(Item 31 plus
Jan.
offs
■
27.4
32)
34 Net chg.-offs (—) or re¬
coveries (+)
—17.0
28.0
30.3
27.9
30.8
28.4
—19.3
—17.3
—18.6
—12.0
—18.0
Mar. 31
to Federal Reserve Bulletin, Changes
Condition of Member Banks in 1935 Were
offs (Item 33 minus
34)
753,101,103
According
Net bal.after all chg.-
35
808,589,298
768,934,748
772.031,468
781.221,869
456,612,100
30—406,656.137
815,858,439
10.4
■-
8.7
13.0
9.3
18.8
10.4
5.7
5.5
Continuation
a
1933 Bank
Interest Rates—
36
Rec'd on loans & disc'ts
3.3
5.5
5.3
5.6
37
Rec'd on bonds & stks.
2.8
3.8
3.6
3.8
4.1
3.8
38
Paid
on
savings deposits
2.0
dept.
2.2
2.4
2.4
on
oth. time deps.
.7
1.6
1.3
1.1
.7
1.2
Movements
in
Largely
Progress Since
in
Holiday—Investment Portfolios of Mem¬
at
$13,000,000,000 in February Largest
2.3
39 Paid
ber
of
no
Investments—
.
40
Int. & discount rec'd.
41
All other curr. income.
.7
.5
.6
.4
.3
.4
42
Total current income
3.9
5.3
5.1
5.1
5.0
5.1
.2
.2
.9
1.5
1.9
1.2
Int.
44
Sals.
paid on deps.
borrowed money
&
wages
3.2
_
4.8
4.5
4.7
4.7
4.7
&
(except
for bldg. mainten'ce)
1.3
1.9
1.6
1.3
.9
1.4
quarters
46 Taxes (except on bank
.4
47
Tot. oper.
int.
49
Tot.
.4
.2
.1
.8
.7
.6
.5
:
3.3
2.8
2.3
1.8
2.5
2.5
3.5
3.7
3.8
3.7
3.7
1.4
1.8
1.4
1.3
1.3
1.4
(Item
,
earns.
(Item 42 minus 49)
__
cent.
Charge-offs (Per¬
of Avge. Holdings)
Since
the
currency
and
excess
amounts
middle
have
of
.5
1.2
.9
1.0
.5
1.0
about
1.4
1.4
1.1
1.2
1.2
1.2
was
Net curr. oper. earns._
54
1.0
1 3
1.0
1.0
1.2
of
seasonal return
a
balances
reserve
to say:
on
and
movements
have
changes
large
the
a
in
most
total
part
growth
in
demand
change,
$3,100,000,000.
the practice
at
of
relatively
a
depositaries
in
payments.
shown
little
change
temporary fluctuations
$140,000,000
for
in
little
shown
been
current
have
reserves
since
the
by
end
during December.
balances between
reserve
absorbed'
an
deposits of member
increase
in
of
An
Oct.
31
October,
increase
and
required
Feb.
of
29
reserves,
banks.
.8
1.0
1.1
1.2
1.3
1.1
all charge-offs, &c..„
.3
Condition of Member Banks
1.1
sales of capital assets
55 Net bal. for surp., after
Changes in the condition
.3
.5
.4
.9
.4
continuation
interruption
of
movements
since
these movements
Percentages of—
oper.
bankers'
capital funds...
Cap. funds to all deps.
7.8
5.5
6.6
6.9
7.4
6.5
14.0
32.9
16.8
16.4
17.5
18.4
Consists of capital, surplus, undivided
profits, net
rediscounts,
b Includes 60 banks which rent their
a
deposits, bills payable and
are not
arithmetical averages, but are percentages
which were found to be most nearly
typical of the greatest number of banks. This
method was used in order to avoid giving too
great weight to a few extremely high or
extremely low figures. The largest bank carries no greater
weight than the
smallest.
An analysis
by the Bank covering the year 1931 appeared
April 23 1932, page 3021.
in the "Chronicle" of
of
were
chart.
In
[This
we
have
investments,
to
decline
the year showed
various types of
member banks
been
\'\
during 1935
in
The
an
until
increase.
deposits, and in
1922
and
the
in
were
without
progress
continued increases in
deposits,
in
continued
of
that
banking holiday in 1933.
banks, by call dates from
quarters.
Note—Statistically, these data
customers
half
the
balances,
earns.
to
57
small,
have
needed to meet
reflecting
Net profs, after divs. xfe
curr.
Reserve
Board
a—
53
Net
The "Bulletin" goes
January, gold
been
reserves
except for
Loans & disc'ts chgd.off
56
the
between $3,000,000,000 and
During this period the United States Treasury has followed
maintaining its balance at the Reserve banks
continuously
high level by withdrawing funds from commercial bank
Bonds & stks. chgd. off
of Total Avail¬
by
It is further noted
January, with
part of December."
51
able Funds
Federal
20
currency and some reduction in
Treasury deposits
at Reserve banks, there was a
substantial increase in reserve
balances from the
relatively low level reached in the latter
52
Per cents,
March
of
Excess
Losses &
the
reserves;
issued
reached the latter part of November."
the early part of
.6
,
(ex-
48)
oper.
.2
.1
2.3
curr. exps.
curr.
.3
.1
bank
March,
that "in
for
paid)
43 plus
50 Net
exps.
.4
.2
.5
Allother current expe..
.4
.1
building)
for
Governors of the Federal Reserve
System, states that "duringthe first two months of 1936, total reserve balances of
member banks fluctuated around
$8,500,000,000, the level
flow
45 Occupancy & maint. of
48
Amount Ever Held
Discussing member
"Bulletin"
Percentages of Loans and
43
Banks
most
largely
a
important
significant of
in
excess
reserves,
in
open-market
loans.
Loans
to
middle
of
1935,
but in the last
Changes in loans and investments, in
and cash holdings of all member
reserves
through 1935,
omit.]
are
shown in the accompanying
the last two months of
1935, as shown by the call report of condition
has recently become available
for Dec. 31 1935, all member banks
showed' further substantial increases in
deposits and investments, and loans
also increased.
Reserve balances, on the other
hand, showed no, further
growth in the last two months of
which
1935,
since
early in
1933.
Additions
to
reserves
following
obtained
substantial
from
increases
continued
gold
imports in November and December were
balances at Federal
Reserve banks and
demands.
two months of 1936,
meet holiday
continued
banks
at
close
by reports from banks in leading cities,
deposits, as shown
increased further
substantial amounts, while loans, following an increase in the latter
part of 1935, declined somewhat.
Holdings of direct obligations of the
United States government by reporting banks increased between Dec. 31
and Feb. 26 by $220,000,000; holdings of obligations guaranteed by the
United States showed a growth
of $80,000,000, and holdings of other
securities increased by $100,000,000.
The increase in investments brought
the total investment portfolio of these banks in February to more than
The decrease in loans during
seasonal influences, amounted
in leading cities showed an
Adjusted demand deposits at reporting banks
from Dec.
31 1935 to Feb. 26 1936
of $200,000,000, following
deposits in December. Treasury deposits,
which had increased in December, showed a decline of $190,000,000 in the
first two months
of 1936.
Balances held for domestic banks showed a
substantial increase in the first two weeks of the year, but little change
increase
The growth in the holdings of these banks made up the larger part
increase for all member banks and reflected principally purchases
46%.
the
of
of
For New York City banks the proportion of total
in government obligations was 45% at the end as
the beginning of the year.
At country banks holdings of direct
notes.
Treasury
and investments
loans
well
at
as
the retirement of bonds bearing
guaranteed obligations increased,
and the proportion of total loans and investments held in government obliga¬
tions of both types increased slightly from 28 to nearly 29%.
obligations declined, reflecting principally
the circulation privilege, while holdings of
[In Millions of Dollars]
Amounts Held Dec.
DEPOSITS OF ALL MEMBER
New
York
Batiks
All
Reserve
Country
Member
City
City
Batiks
1935
Banks
Batiks
Banks
$18,801
+$3,115
+726
+$1,124
+8
+ $1,237
+395
+ $755
10,041
844
—791
—567
—183
—41
218
—234
—53
—108
—73
5,847
+ 1,144
+539
+281
+ 532
t73
deposits...
United States go\d;.
Savings deposits
Postal
Balances of domestic banks
+295
449
banks
Balances of foreign
+323
deposits of other banks and Postal Savings,
two months and by $730,000,000 for
the year as a whole.
Practically all of the year's increase occurred in
savings deposits.
Despite this substantial increase, time deposits of member
banks
were
still
$2,820,000,000 below the amount outstanding at the
other than
deposits,
States
$190,000,000
securities
new
Dec. 15.
on
For the year as a whole, however, govern¬
by $230,000,000
Postal
and
in
$80,000,000
as
1922 to 1929 they generally fluctuated1 between $3,000,$4,000,000,000.
Balances of foreign banks increased by
the last two months and by nearly $300,000,000 for the
From
000,000.
year
a
and amounts due to own foreign branches increased
year.
At the same time balances with banks
whole,
in
$50,000,000
the
by
in
by $130,000,000 and amounts due from own
foreign branches by $90,000,000.
These changes reflected the movement in
1935 of both domestic and foreign balances to this country from abroad,
which was an important factor in the large gold imports of that year.
foreign countries were reduced
Member Bank Holdings
Member bank holdings of
ment
+ 160
+ 15
$3,425
$5,136
$1,940
—$168
623
+$179
+ 123
+ $585
744
+388
+268
$5,880
$2,563
+$301
+$972
+$100
Composition
the portfolio of government securities differed at the
Member banks in New York City held largely short-
of
three classes of banks.
maturities not exceeding nine months
with maturities up to five years, 47%
total portfolio of direct and guaranteed government obligations on
1935.
For member banks in reserve cities other than New York,
Treasury bills with
securities.
term
comprised 23% and Treasury notes
of their
31
proportion of Treasury bills was much smaller, but Treasury bills and
made up more than one-half of total government obligations.
banks,
country
on
the other hand, bonds, direct and
guaranteed; com¬
of the government securities held.
Larger investment in short-term securities was in banks having a larger
proportion of liabilities subject to withdrawal on demand.
At New York
City banks on Dec. 31 1935 adjusted demand deposits, which exclude
inter-bank deposits, were 10 times as large as time deposits, and in addition
most New York City banks held a large volume of demand balances of
other
banks, which are subject to quick withdrawal.
Banks in other
Reserve cities held about
70% more in demand deposits than in time
banks
in addition held substantial amounts of balances of other
of these banks also carried balances with correspondent
other cities.
At country banks time deposits were about equal
and
most
but
in
amount
in
with
larger
city
demand
to
deposits,
these
and
banks
They were, therefore,
correspondents.
investments in longer-term
Annual
carried large balances
in a position to make
obligations.
amounted
to
of Government Obligations
direct obligations of the
$10,500,000,000
at
the
end
of
Report of
Chicago Federal Reserve Bank for
$2,480,075 Compare
1935—Current Net Earnings of
with
$4,600,533 in 1934—Slight Increase in Expenses
During Year
at member banks showed an
declined
deposits
decreased
000,000
+880
+38
fully
direct and
guaranteed..
increase
during the last two months of 1935, reflecting the
government deposits
by about $790,000,000.
Postal Savings deposits
during the year, reflecting withdrawajs by the
Savings System because of the inability or unwillingness of banks
to pay the required rate of interest.
Further growth
in balances held for domestic banks, amounting to
$160,000,000 in the last two months of 1935 and to $1,140,000,000 for
the year as a whole, reflected the continued abundance of funds available
to banks.
The total of these balances reached a new high level of $5,850,-
ment
—$344
+ 107
$3,825
—
Total,
of 1929.
sale of
—$334
+ 146
28
by $60,000,000 for the last
United
of about
—$75
722
298
401
Total
banks,
inter-bank and United States government deposits'
less cash items, reported as in process of collection, and prior to Dec. 31 1935:
less cash items on hand and not in process of collection, a Exclusive of Posta1
Savings and inter-bank deposits.
Time
$1,189
2,871
Fully guar, obligations
deposits,
+ 14
Demand deposits, other than
increased
$1,967
865
prised more than two-thirds
Other
Dec. 31
deposits—adjusted
Banks
$749
Treasury bills
In
1934
ing AU
Time deposits.a
Country
notes combined
Member
Type of Deposit
City
Batiks
Banks
1,810
Bonds
Treasury notes
the
Changes Since Dec. 31
Outstand¬
Reserve
City
Banks
Banks
Direct obligations:
Dec.
BANKS
[In Millions of Dollars!
end
City
Banks
Other
York
Country
City
previous date.
*
Reserve
in 1935
representing deposits of individuals, partner¬
ships, corporations, and State and local governments, increased by $290,000,000 during the period from Nov. 1 1935 to Dec. 31 1935, making an
increase of about
$3,100,000,000 for the entire year.
This brought the
total to $18,800,000,000, as compared with $16,600,000,000 at the end
of 1929, the high level of the pre-depression period. .1 The growth during
1935 reflected the influence of gold imports and of Treasury expenditures.
The following table shows changes in various types of deposits at the
different classes of member banks in 1935.
The growth in adjusted demand
deposits during the year occurred at all classes of banks, but was relatively
larger at city banks than at country banks.
As compared with 1933, demand
deposits have increased somewhat more at country banks than at city
banks.
At country banks, however, demand deposits are still smaller than
in 1929, while at.: city banks they are substantially larger than at any
Demand
New
<
York
Adjusted demand deposits,
Changes During Year
31 1935
Other
New
Deposits of All Member Batiks
DIRECT AND
GUARANTEED OBLIGATIONS
remaining weeks.
the
OF UNITED STATES
HOLDINGS
BANK
MEMBER
substantial withdrawals of these
in
in the
increased their investment in government securities, direct
and
fully-guaranteed, by nearly $1,000,000,000 during the year and in¬
creased the proportion of their total loans and investments held in the form
of United States direct and guaranteed obligations from 42% to more than
following table,
by
$13,000,000,000, the largest amount ever held.
January and February, which reflected in part
to $290,000,000.
'
cities other than New York, as shown
banks in reserve
Member
previously explained, reserves of
previous levels.
Investments and
to
32% at the end of 1934 to 39%
1935.
31
Dec.
guaranteed obligations
the outstanding
of
by member banks increased from
owned
on
proportion
The
Corporation.
offset by an increase in Treasury
by withdrawals of currency to
as
first
the
In
member
2241
Financial Chronicle
Volume 142
Current
net
of the Federal Reserve Bank of
earnings
Chicago in 1935, after deducting expenses, were $2,480,075,
to which sundry additions in the amount of $951,304 were
Bank's 21st annual report. This
with net earnings of $4,600,533 in 1934, to which
$1,611,990 of sundry profits were added.
Deductions for
depreciation, other charge-offs, and reserves, the report
notes, totaled $2,660,159, so that net earnings for the year
ended Dec. 31 1935 aggregated $771,220, as compared with
$1,404,491 in the previous year.
During 1935 current
expenses were in amount of $3,697,540, a slight increase over
1934 expenses of $3,551,838.
From the report we quote:
made, it is shown in the
compares
Dividends in the amount of
bursed to the United States
of
the
Reserve
Federal
$753,583 were paid and $17,637 was dis¬
Secretary of the Treasury under Section 13 (b)
surplus
Therefore,
Act.
(Section
7) remained
Advances by the United States Treasury
$684,667 increased surplus under Section 13 (b) from
unchanged from a year earlier.
in
the amount
of
$706,713 at the close of 1934 to
$1,391,380 on Dec. 31 1935.
profit and loss account for 1935, in comparison
with 1934 and 1933, as contained in the annual report, follows
The Bank's
United States govern¬
1935, an increase of
during the year, and their holdings of obligations fully
the United States totaled nearly $1,800,000,000, about
$800,000,000 more than a year earlier.
Among direct obligations, holdings
of Treasury notes increased by $1,190,000,000 and those of Treasury bills
PROFIT AND
LOSS ACCOUNT
$600,000,000
guaranteed
by
holdings of bonds declined by $750,000,000.
1934 to Nov. 1 1935, when the refunding
of the remaining Liberty bonds was completed and the pre-war bonds with
the circulation privilege were redeemed, member bank holdings of bonds
representing direct obligations of the government declined $990,000,000.
During th last two months of the year they increased by $240,000,000.
The decrease during the year in holdings of these bonds was approximately
offset by the increase in holdings of fully-guaranteed obligations, chiefly
bonds of the Federal Farm Mortgage Corporation and the Home Owners'
while
$160,000,000,
by
During the period from Dec. 31
Loan
Corporation.
Outstanding
issues
which
direct
are
obligations of the government, exclusive of special
offered, increased by $1,450,000,000, or over
not publicly
during 1935,
government securities
of
constituted 50% of outstanding Treasury bills,
46%
27% of bonds.
Fully-guaranteed obligations were acquired during 1935 at a faster rate
than new issues came out, and there was also an exchange of partiallyTreasury notes, and
guaranteed
for
fully-guaranteed
Earnings
Current expenses
obligations
of
the
Home
Owners'
Loan
1934
1933
$2,480,075 $4,600,533 $2,910,545
Current net earnings
Additions to current net earnings:
$901,875 $1,498,266
49,429
113,724
$140,466
All other
Total additions
$951,304 $1,611,990
$373,245
$140,624 $2,434,800
$233,940
24,545
717,260
500,000
Profit on U. S. government
securities sold
earnings:
premises—depreciation
232,779
Deductions from current net
Bank
Furniture
compared with an increase of 6% in bank holdings of
these obligations.
As a result, the proportion of member banks' holdings
to the total outstanding continued practically unchanged at slightly more
than 36%.
In 1934 this proportion had' increased from 31% to 36%.
On
Dec. 31 1935 member bank holdings of the various types of publicly-offered
5%,
1935
$6,177,615 $8,152,371 $6,764,554
3,697,540 3,551,838 3,854,009
26,516
16,506
902,868
and equipment
Reserve for losses
1,352,519
1,000,000
Reserve for self-insurance
Assessment for building for
Board of Governors
All other
lie",194
1,47^,957
_
"
4~207
17*, 652
i
$2,660,159 $4,808,032 $1,493,297
Total deductions
Net deductions from current net
earnings
$1,708,855 $3,196,042 $1,120,052
Net earnings
$771,220 $1,404,491 $1,790,493
Dividends paid
$753,583
7)-_
13b)
United States Treasurer (Section 13b)
Withdrawn from surplus (Section
Paid to
i 7,637
$761,334
$858,127
669,479
26,322
Transferred to surplus (Section
932,360
2242
The
Financial
Chronicle
following is also from the annual report of the Chicago
LIABILITIES
STATES
Reserve Bank:
During
1935,
well
as
in
as
tion in
March
1934 of the
the
preceding year,
considerable
from
appraisal
active
Federal
service.
Reserve
Retirement
Coincident
with
this
impairment of efficiency.
development,
Dec. 31
on
payable
1935, showed
demand
on
Individuals, partnerships and corporations.
is
this district,
plete.1
meet
practically completed during
was
informed, furthermore,
by
the
just closed.
year
.
in
marked
the
values
of securities,
improvement in
1935.
the loan
5,657,400
155,846
$44,123,385 $40,298,169 $38,994,264
of
$222,045
37,649
$650,935
181,853
296,671
265,604
344,581
exchange
and
$738,218
$1,291,238
41,826
drafts
210,389
Total
Total
.
portfolios
This factor is
6,646,321
280,591
1,176,963
332,873
in excellent condition to
are
outgrowth of improved conditions with the accompanying advance¬
an
11,653,152
2,210,808
2,600,552
executed or endorsed
Other liabilities
demand which may be made upon them with the recovery of
general business and increased borrowing.
.
As
2,912,259
$26",545
Acceptances,
agencies of
12,253.002
$581,515
Borrowed money
bill3
This
any
ment
deposits.
The Banks were also liable for—
Currency of National banks outstanding....
that rehabilitation of non-member banks is practically com¬
The banks of the district, therefore,
14.135
6,862,328
452,978
cashiers'
checks outstanding, cash letters of
credit,
travelers' checks.............
a
Total
the
Dec. 31 '34.
14,173
12,494,352
1,161,173
3,079,286
States and political subdivisions
Domestic
banks,
certified
and
1934.
various supervisory
1934
$20,073,268 $18,029,033 $16,716,506
deposited for periods of time
U. S. Government and
postal savings
Rehabilitation of the capital structure of member banks, which was
instituted in 1933 and discussed at considerable length in the annual report
1934,
UNITED
31
June 29 '35.
14,121
Foreign banks
Bank
THE
DEC.
Individuals, partnerships and corporations,
careful
We further quote from the report:
for
IN
AND
Dec. 31 '35
The number of employees at
the head office and Detroit branch combined, on Dec. 31
reduction of 119 from the number
1935
Number of banks
The Banks had Deposits of—
partmental functions, and otherwise, many operating economies have been
no
1935, JUNE 29
The inaugura¬
of the duties of many employees, combination and
re-arrangement of de¬
effected, with
31
BANKS
(Amounts in Thousands)
System, enabled
made of all operating departments and through re-assignment
was
OF DEC.
COMMERCIAL
progress
many of the employees who had reached the retirement age in the Bank's
service to take advantage of the benefits available under the
plan and
retire
AS
INSURED
;
made in the reduction of the Bank's
operating expenses.
was
April 4 1936
OF
of banks showed
$44,704,900 $41,036,387 $40,285,502
Capital stock, notes and debentures.
Surplus (paid in by stockholders of accumu¬
becoming increasingly im¬
portant in strengthening the entire banking structure of the district.
liabilities, excluding capital
The Banks had Capital Funds of—
a
lated from
A
tion for
as
added
an
$3,300,071
$3,365,184
$3,348,678
1,945,945
earnings
protec¬
depositors)
number of banks, also, while as stated above the general level of
earnings
Amounts set aside for
contingencies, &c
416,125
has remained low, have nevertheless
Undivided profits.
548,051
1,892,580
425,783
529,410
1,914,751
417,875
469,996
$6,210,192
$6,212,957
$6,151,300
been
able
declare dividends
to
the first time in several years and in some cases have retired
the preferred stock and
poration
for
portions of
Total capital funds
debentures sold the Reconstruction Finance Cor¬
during the rehabilitation
more, the banks have been able
mentioned
program
to continue in
above.
Total
Further¬
liabilities, including capital
$50,915,092 $47,249,344 $46,436,802
larger volume the paying'off
of waived deposits, which was evident in smaller degree in 1934.
$137,648,000 Tendered to Offering of $50,000,000 of
273-Day Treasury Bills Dated April 1—$50,028,000
Accepted at Average Rate of 0.126%
Condition
of Banks
Insured
by FDIC—Assets and
Deposits of 14,121 Institutions as of Dec. 31 1935
Reported Above Year Ago
A total
$137,648,000 was tendered to the offering of
thereabouts, of 273-day Treasury bills dated
April 1, 1936, Wayne C. Taylor, Acting Sectetary of the
Treasury, announced March 30. Of the amount tendered,
In a summary of tlie Dec. 31, 1935, reports of condition of
14,121 insured commercial banks, issued March 28, the Fed¬
eral Deposit Insurance Corporation shows that total assets
and
deposits of the banks increased as compared with
it is stated, bids of
$50,028,000 were accepted.
The tenders to the offering were invited on March 26 by
Acting Secretary Taylor as noted in our issue of March 28,
page 2080.
They were received at the Federal Reserve
June 29,
1935, and Dec. 31, 1934.
The assets at the close
1935, according to the Corporation, amounted to $50,915,092,000 as against $47,249,344,000 June 29 and $46,436,802,000 Dec. 31, 1934, while the deposits were in amount of
banks and the branches thereof
up to 2 p. in., Eastern Stan¬
dard Time, March 30.
In his announcement of March 30,
Mr. Taylor had the
following to
$44,123,385,000 at the latest date as compared with $40,298,169,000 at the half-year and $38,994,264,000 a year ago.
In
stating that the summary includes the reported condition
figures of institutions "holding over 98% of the total assets
all
commercial
banks
in
the
United
bids to the
Except for
States," the FDIC
assets
of
the
insured
commercial
banks
approximated
Treasury bills to be issued
New
jt
were
invested in United
States
Other
securities
banks'
Total
and
total
loans
and
discounts
amounted
to
36%
of
deposits of the insured banks exceeded1 $44,000,000,000, an increase
than
13%
over
deposits
of
$39,000,000,000
reported
on
Dec. 31,
1934.
Demand
more
than
Time
deposits of individuals,
partnerships and corporations increased
and
20% during the
and
year,
savings deposits increased
$12,500,000,000 on the call date.
The
$20,000,000,000 at the year-end.
were
little
a
more
than
7% to
Corporation, in making available its
that "while this tabulation shows
insured
banks
for
actually 284 banks
the
were
pensating reduction
a
period
admitted
was
due
figure of
a
summary,
said
decrease in the number
covered
to
by
the
insurance.
chiefly
report,
The
com¬
to
absorptions, margers, consolidations, suspensions and voluntary liquidations."
The Corporation's summary follows:
price from
99.897, equiva¬
Only
was accepted. The average price
is 99.904 and the
average rate is about 0.126%
Offering of 273-Day Treasury Bills in Amount of
$50,000,000, or Thereabouts—To Be Dated April 8,
They (the bills) will be issued In bearer form only, and in
of $1,000, $10,000,
$100,000, $500,000 and
denominations
ASSETS OF INSURED COMMERCIAL BANKS IN THE
UNITED STATES
AS OF DEC. 31 1935, JUNE 29 1935 AND DEC. 31 1934
must be in
14,121
Ui*.m
With foreign banks
$705,263
$792,491
1,944,277
4,081,565
1,219,326
5,041,890
4,933 277
4,522,053
54,870
76,221
190,357
11,842
j
33,950
With United States Treasurer
4,192,737
Total cash and funds due from banks
$13,850,104 $11,467,982 $11,235,377
The Banks had Loans and Securities—
'
i
1 4
!
U. S. Government securities and
securities
.
fully guaranteed by the U. S. Government
$13,274,965 $12,351,669 $11,712,441
of States, their political sub¬
J
f I
,r.«
divisions, territorial and Insular
Obligations
poases-
slons
2,657,957
_
account
of
acceptances,
146,382
146,553
14,494,675
14,602,317
accompanied by
bank
or
trust
__
the
on
Frac¬
an
express
guaranty of payment by
$158,934
1,209,874
$243,093
1,212,373
550,723
324,584
507,573
374,474
465.305
607,708
on
April 6, 1936,
morning.
The
probably on the following
Secretary of the Treasury expressly reserves the
right to
reject any or all tenders
or parts of tenders, and to allot less
than the amount
applied for, and his action in any such respect shall be
final.
Those sub¬
mitting tenders will be advised of the acceptance or
rejection thereof.
Payment at the price offered for Treasury bills allotted
must be made
at
the
on
t
Federal
Reserve
banks in
cash
other
or
immediately available funds
April 8, 1936.
The Treasury bills will be exempt,
taxation,
except
or
as
to principal and interest, and
any
other disposition-thereof will also be
exempt, from all
estate
and
inheritance
shall
No loss from the sale
be allowed
as
of any tax now or
taxes.
(Attention is
a
deduction,
are not
invited
to
exempt from the
or
other disposition of the
or
otherwise recognized, for the
purposes
by the United States or any of its
Treasury bills
hereafter imposed
possessions.
Treasury Department Circular No.
prescribe the terms
$50,915,092 $47,249,344 $46,436,802
incorporated
all tenders received at the Federal Reserve
banks or branches thereof
up
to the closing hour will be opened and
public announcement of the
acceptable
prices will follow as soon as possible thereafter,
gift tax.)
$180,495
1,196,200
an
company.
Treasury Decision 4550, ruling that Treasury bills
s!
en¬
dorsed bills of exchange and drafts
Bank buildings, furniture and fixtures
Total assets...
296.078
3,604.929
$34,812,986 $33,530,507 $32,772,946
Otber real estate, acquired In
settlement of
debt; not used as bank premises
Otber assets
2,410,628
«
14,697,208
Guarantees and securities of customers and
99.125.
e. g.,
fe, Immediately after the closing hour for receipt of tenders
gain from the sale
Total loans and securities
In Addition the Banks had—
on
579,983
295,598
3,662,200
130,317
(including over-drafts)
banks
2
293.453
3,759.086
Otber bonds, stocks and securities
Stock In Federal Reserve banks
Loans and discounts
places,
accompanied by a deposit
of 10% of the face amount of
Treasury bills applied for, unless the tenders
are
■
Foreign securities.
Each tender
The price offered must be
expressed
and trust companies and from
responsible and recognized dealers in invest¬
Tenders from others must be
14,135
$869,380
2,303,987
domestic banks
multiples of $1,000.
ment securities.
5,579,977
Federal Reserve banks
$1,000,000
Tenders will be accepted without cash deposit from incorporated banks
f
With other
amount less than $1,000 will be considered.
tions must not be used.
Dec. 31 '35. June 29 '35. Dec. 31 '34.
process of collection
an
basis of 100, with not more than three decimal
(Amounts In Thousands)
Number of banks.L
The Banks had Cash & Funds due from Banks
In vault
amounts or
(maturity value).
No tender for
With
ranged in
Announcement of a new offering of $50,000,000, or there¬
abouts, of 273-day Treasury bills was made on April 2
by
Acting Secretary of the Treasury Wayne C. Taylor. The
bills, which will be sold on a discount basis to the
highest
bidders, will be dated April 8, 1936, and will mature on
Jan. 6, 1937. On the
maturity date the face amount wjll be
payable without interest. There is a maturity of similar
securities on April 8 in amount of
$50,100,000.
It Tenders to the new offering will be received at the
Federal
Reserve banks, or the branches thereof,
up to 2 p. m., Eastern
Standard Time, Monday, April 6. Bids will not be
received
at the Treasury
Department, Washington. The following is
also from
tjhe announcement issued April 2 by Acting Secre¬
tary Taylor:
the
assets.
more
In
bids
per annum, to
SSf * 1935
Government securities and those fully guaranteed
by the United States
Government; 6% in State, county, municipal and foreign obligations.
of
0.092%
per annum, on a bank discount basis.
an
About 26% of the total assets of the banks
of
of about
0.136%
per annum on a bank discount basis.
$51,000,-
increase of almost 10% over similar figures for Dec. 31, 1934.
On Dec. 31, 1935, over 27% of the total assets of the insured
commercial
banks were held in the form of cash or deposits in other banks.
insured
a rate
part of the amount bid for at the latter price
of
Total
regarding the accepted
bid of $5,000, the accepted
rate of about
a
say
offering:
one
99.930, equivalent to
lent to
noted:
000,000,
or
^
of
of
of
$50,000,000,
their Issue.
of the
418,
as
Treasury bills and
I
amended, and this notice
the
govern
*
conditions
of
t
Financial
Volume 142
the Country
Stock of Money in
Department at Washington has issued the
monthly statement showing the stock of money
in the country and the amount of circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Feb. 29 1936 and show that the money in circulation
The Treasury
customary
date
that
at
2243
Chronicle
(including, of course, what is held in bank
the Federal Reserve System) was
therein)—gold"bulllon'of a value at the legal standard equal to the face amount of
such gold certificates.
Federal Reserve notes are obligations of the United States
and a first lien on all the assets of the Issuing Federal Reserve Bank.
Federal
Reserve notes are secured by the deposit with Federal Reserve agents of a like
amount of gold certificates or of gold certificates and such discounted or purchased
paper as Is eligible under the terms of the Federal Reserve Act, or, until March 3
1937 of direct obligations of the United States If so authorized by a majority vote
of the Board of Governors of the Federal Reserve System.
Federal Reserve banks
must maintain a reserve In gold certificates of at least 40%, Including the redemption
fund which must be deposited with the United States Treasurer, against Federal
Reserve notes in actual circulation.
Federal Reserve batik notes and national
bank notes are in process of retirement,
.
km
vaults of member banks of
$5,845,959,668, as against $5,737,070,747 on Jan. 31 1936
and $5,466,702,738 on Feb. 28 1935, and comparing with
$5,698,214,612 on Oct. 31 1920.
Just before the outbreak
of the World War, that is, on June 30 1914, the total was
only $3,459,434,174.
The following is the full statement:
by Mints and Assay Offices During
Weekjof March 27^$3,266,053 Imports
'_
The Treasury announced on March 30 that $6,073,655.01
of gold was received during the week of March 27 by the
various mints and assay offices.
It is reported that of this
Gold
[Receipts
__
secondary and $2,386,027.86 new domestic gold.
According
to the Treasury, the gold was received as follows by the
various mints and assay offices during the week of March 27:
stftiii
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$421,573.90
imports,
represented
$3,266,053.25
amount
•
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RECEIPTS OF GOLD BY
THE MINTS AND
2,615,700.00
New York
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Treasury Department
during the week of March 25
the Federal Reserve banks and the Treasurer's office re¬
ceived $395,129.54 of gold coin and certificates.
Since the
issuance of the order on Dec. 28, 1933, requiring all gold
to be returned to the Treasury, and up to March 25, total
receipts have amounted to $139,553,934.37.
Of the amount
received during the week of March 25, the Treasury's
statement shows, $20,079.54 was gold coin, and $375,050
gold certificates.
The following is the Treasury's statement:
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announcement issued by the
March 30 it is noted that
TREASURER'S OFFICE
(Under Secretary's Order of Dec.
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28, 1933)
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RESERVE BANKS AND THE
RECEIVED BY FEDERAL
s
8
$2,386,027.86
$421,573.90
March 27,1936. $3,266,053.25
$395,130 of Hoarded Gold Received During Week of
March 25—$20,080 Coined and $375,050 Certificates^
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171,184.15
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90,400.00
1,479.765.82
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588,041.45
44,280.96
9,994.63
San Francisco
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$362.99
$111,040.70
188,300.00
44,088.25
29,674.01
40,693.99
7,776.95
$8,036.21
Philadelphia
New Domestic
Secondary
Imports
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ASSAY OFFICES
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Received by Federal Reserve
i I
Week ended March 25
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Total to March 25
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105,226,170.00
$31,275,138.37
$105,597,620.00
267,756"65
3,600.00
2,409,820.00
Received by Treasurer's office:
Week ended March 25
p oo a
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$371,450.00
$20,079.54
31,255,058.83
...——
Received previously
I
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banks:
—
Received previously
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$2,413,420 00
$267,756.00
Total to March 25
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Note—Gold bars deposited with
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Seattle
i 5
a
S
made
Does not Include gold other than that
are
not
held as
of 1890 Is Included
Included In the total since the gold or silver
standard silver dollars, and silver bullion, respectively.
This total includes
$14,901,529 deposited for the redemption of Federal Reserve
($1,194,242 in process of redemption).
$1,800,000,000 Exchange Stabilization Fund.
Includes $60,078,546 lawful money deposited as a reserve for
notes
Postal Savings
deposits.
gold and silver certificates and Treasury notes of 1890 should be
total money held In the Treasury
in the United States
deducted from this amount before combining with
to arrive at the total amount of money
money
held
by the Cuban agency of the
Federal Reserve Bank of
Atlanta.
In circulation Includes any
tinental limits of the United States.
money
Note—There is maintained
paper currency
held outside the con¬
In the Treasury—(1) as a reserve
for United States
1890—$156,039,431 In gold bullion; (11) as security for
1890—an equal dollar amount In standard silver dollars (these
notes are being canceled and retired on receipt); (111) as security for outstanding
silver certificates—silver In bullion and standard sliver dollars of a monetary value
notes and
Treasury
the
silver
....
8,674.03
112,698,178.10
of March 28, page 2081,.reference was
transferred during the previous week
Treasury notes of
notes of
equal to the face amount of such silver certificates; and (lv) as security
certificates (Including gold^certlflcates held In the Treasury for credits
Receipts
Newly-Mined Silver by Mints and Assay
Treasury Purchases Totaled 1,579,Fine Ounces During Week of March 27
of
Offices
476.18
from
1,579,476.18 fine ounces, purchased by
in accordance with the President's proclama¬
tion of Dec. 21, 1933 (which authorized the Treasury De¬
partment to absorb at least 24,421,410 fine ounces of newlymined silver annually), was turned over to the various mints
during the week of March 27. A statement issued by the
Treasury on March 30 indicated that the total receipts from
the time of the issuance of the proclamation and up to
March 27 were 76,740,704.32 fine ounces.
Reference to the
President's proclamation was made in our issue of Dee. 31,
1933, page 4441.
Below is the statement issued March 30
by the Treasury Department:
Silver amounting to
d Includes
h The
to
.....
held by the Treasury,
security against gold and silver certificates and Treasury notes
g Includes
March 27, 1936—
ended March 20.
Revised figures.
f The amount of
—.......
March 27, 1936...—........—.......
In the "Chronicle"
l2II I
s
*
e
"...
Total for week ended
Total receipts through
a
c
778.00
972.12
—
-
New Orleans
S
b These amounts
.....
1
Denver...
o
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under gold,
-
San Francisco
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3,793.00
3,130.91
Philadelphia
I
po
o
Fine Ounces
©
©
f
©
of Aug. 9, 1934)
Week ended March 27, 1936;
to
00
TO UNITED STATES
(Under Executive Proclamation
to
New York
CO
^
The tabulation made available on
follows:
SILVER TRANSFERRED
"© "© '
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announced.
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Treasury
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Ounces
March 30 by the Treasury
t—
O
Under Nation¬
of
March 27
Transferred to United States
Order
During
Week
Department on March 30.
Total receipts since the order of
Aug. 9 (given in these columns of Aug. 11, 1934, page 858)
was
issued, amount to 112,698,178.10 fine ounces, the
g.2,
©
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hoarded gold was
2080.
""Transfer of silver to the United States under the Execi>
tive Order of Aug. 9, 1934, nationalizing the metal, was in
amount of 8,674.03 fine ounces during the week of March 27,
it was made known in a tabulation issued by the Treasury
I
Cn
H "4
-4 ©
Cd 00
the receipts of
Amounted to 8,674.03 Fine
V|
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issue of March 28, page
our
alization
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©
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In the amount of
reported.
reference
Previous
"to
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to
lis
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$200,572.69 previously
to
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8
the New York Assay Office
for gold
payable
the Treasury
2244
Financial
RECEIPTS OF SILVER BY THE
Chronicle
MINTS AND ASSAY OFFICES
3.
(Under Executive Proclamation of Dec. 21, 1933, as Amended)
for
Week ended March 27, 1936:
The
the
777,849.57
788,986.26
12,640.35
-
San Francisco
Denver
Total for week ended March 27, 1936
Total receipts through March 27,
4.
The
1,579,476.18
74,760,704.32
1936-.-
This
Cruise—Report to Presi¬
Relief in Flood Areas
of
Progress
President Roosevelt has this week continued his fishing
cruise in Southern waters; after
passing a part of his holiday
in the waters adjacent to the Southern group of the Bahama
Islands, the President moved toward Nassau, the capital of
Islands, where
March 31 he had
on
as
his guests at a buffet luncheon on board the Presidential
yacht Potomac Sir Bede Clifford, Governor of the Bahamas,
Frank A. Henry, American Counsel at Nassau, and several
others. In Nassau advices March 31, to the New York
"Times" it
stated:
was
The President arrived in Nassau Harbor late in the morning aboard the
Salvador. He left Nassau at 4 p. m. for the last half of his
would
he
work
of
the
and equipment adequate
space
Coordinator
terminate
it
next
on
Saturday,
cruise, uncertain
Monday,
Sunday or
become effective April
Industrial
for
Co¬
of
American
Record
•
(the President) has paid the minimum possible attention to politics,
although he has kept an ear open to reports on the legislative situation in
Washington, received in wireless messages sent to him from the temporary
Pelley of Associa¬
Roads
A letter addressed
by President Roosevelt to J. J. Pelley,
President of the Association of American Railroads, con¬
gratulates the roads on! their record of safety in 1935. The
letter, dated March 19, was made public as follows at Wash¬
ington on March 29:
The White House,
Washington, March 19, 1936.
My Dear Mr. Pelley:
The railroads, as well
the country, are to
as
be congratulated because
of the record of safety discussed in your letter of March 13.
of the railroad
and
men
management in the field
have occurred before and
expect them, however difficult.
successes
has
now
come
to
They show great capacity for intelligent
The industry now faces, and I assume will always face,
problems arising from the necessity of continually adapting its facilities-
new
to meet the
a
Such
of safety of operation
frequently that the country
so
rapidly changing transportation needs of the country.
challenge which I
has1
am confident will be met with the same
served to make the
This is
capacity which
splendid record just achieved.
Very sincerely
yours,
FRANKLIN D. ROOSEVELT.
,
Ocean" on April
1, the President cruising from Nassau to Green Cay, at the
north side of the "Tongue" after spending the previous
night anchored a few miles from Nassau, said the advices
from Miami April U to the "Times" from which the following
is also taken:
'
'7"
to J. J.
Railroads Congratulates
of
headed for "the Tongue of the Ocean," a deep which in some places sounds
The Potomac entered "the Tongue of the
1936.
1,
Safety—Sees Industry Continually
Adopting Facilities to Meet Changing Needs
30,000 feet and which is surrounded by coral reefs.
He
the
House, March 28, 1936.
and sustained effort.
Potomac, escorted by the destroyers Monaghan and Dale, from Little San
whether
White
on
_
President Roosevelt's Fishing
order shall
tion
receipts of newly-mined silver during the week of
March 20 were noted in these columns March 28, page 2080.
the British Bahama
of
President Roosevelt in Letter
The
on
Secretary of Commerce shall provide
requirements
operation.
Philadelphia
dent
April 4 1936
Mr. Pelley, in pointing out that
only one passenger had
lost his life (on Nov. 6, 1935) in a train accident
during the
past
said:
year,
Prior to that time there had been
American railroads for
on
no
period of
a
445,994,621 passengers rode
loss of the life of
a
This record
accomplished during
was
passenger fatality in a train accident
more than
12 months.
single passenger through collision
and the speed of trains
During 1935,
the railroads of the United States without
on
derailment of
or
a
train.
period when the volume of business
a
being increased.
were
White House headquarters here.
Added to these routine messages was one
a
received here
today containing
Creation
Red Cross, as to the progress of relief in the flood areas.
of the National
Admiral
Grayson reported findings
during
tour of New England as
a
follows:
"Have toured the flood areas of Connecticut, Massachusetts,
New
Hampshire and find
everywhere evidences
Maine and
of full government co¬
operation in Red Cross relief work, including loan of army supplies, transfer
of WPA commodities for
Red Cross distribution,
assignments WPA per¬
sonnel, trucks and facilities, advisory services, army engineers, splendid
service of Coast Guard, of
rescue
"Red Cross
emergency
agricultural agencies and other activities.
food, shelter, clothing and medical needs during
has met
Under
We
official matters which had accu¬
temporary White House headquarters at
Miami, these advices adding:
the
at
He reported by radio that he and his party
peculiar region where
surrounded by coral reefs,
had enjoyed "excellent fishing"
portion of the sea, shaped like a tongue and
a
has
a
depth of about 30,000 feet. He gave no
details of the catches.
The President and his eldest son, James, together
White House aides, spent most of yesterday and the
with
a
small party of
the
At 10
they sailed from there aboard the Presidential yacht
a. m.
escorted by two destroyers, and at 1:15 P. M.
Potomac,
dropped anchor in Middle
Bight, Andros Island, about thirty miles to the west of last night's anchorage.
of
Committee
Survey
of
of
Results
NRA
National
of the results and accomplishments of the
Recovery Administration."
The action of the
President
was
summary
referred to in
March 28 issue, page 2083.
our
The Executive Order follows:
EXECUTIVE
committee
a
accomplishments
of
to
the
complete
National
ORDER
the
the
of
summary
Recovery
thereon.
By virtue of and pursuant to the authority vested in
me
and
report
by the Emer¬
Relief Appropriation Act of 1935 (Act of April 8, 1935,
115), it is hereby ordered as follows:
1.
and
results
Administration
7-
gency
There is hereby created a Committee of Industrial
plete the summary of the results and
Recovery Administration.
of the committee,
48, 49 Stat.
c
Analysis to
com¬
accomplishments of the National
The Secretary of Commerce shall be chairman
and the other members shall be the Secretary of Agri¬
culture, the Secretary of Labor, and such other persons, not
now
officers
of the United States, as the President may hereafter
specially appoint.
2.
of today
early hours
fishing off Green Cay at the northern edge of the Tongue.
Make
to
are
Creating
handling of various
mulated
Roosevelt
Analysis
period which is closing, and is ready to carry forward restoration
Under date of April 2 the "Times" correspondent at Miami
stated that the President had set aside the following day for
in the
President
making room here for the Executive Order issued
March 21 by President Roosevelt creating a Committee
of Industrial Analysis, whose duties will be to
"complete
of families in homes."
the
by
Industrial
reassuring report from Rear Admiral Cary T. Grayson, retired, chairman
The entire Committee of Industrial
Analysis shall (a) assemble and
analyze the statistical information and governmental records of experience
of the operations of the various trades and industries heretofore
subject
to
codes of fair competition formulated under the
the National
(b)
4,
Industrial Recovery Act
Study the effects of such
authority of Title I of
(48 Stat. 195), and
codes
trade,
upon
industrial
and
labor
conditions in general; and
President Roosevelt Issues Executive Order Continuing
George
Berry
L.
as
Coordinator for- Industrial
the
Executive Order issued by President
an
March
Roosevelt,
continued in
Cooperation for
another year.
The order, effective April 1, was made public
on March
30 at Miami, Fla., where the temporary White
House is located during the President's brief holiday.
The
signing of the order took place on the presidential yacht
Potomac, a navy airplane dispatching the order to Miami.
under date
his
post
of
We give
28, George L. Berry is
Coordinator
as
Make
Provided
Cooperation
Under
(c)
the order herewith:
Those
1.
virtue
George L.
tion
and
To
and
of
Coordinator for Industrial Cooperation
as
conferences
of
providing
persons
as
representatives
of
means
employment
for
by
me
Coopera¬
and duties:
industry,
greatest
investors,
the
possible
mendations
as
to
they
the
coordinator
affect
employment,
President
is
to
with
and
to
Government's efforts by
number of employable
submit
reports
and
recom¬
Industrial
a
salary,
Allocations
the
will
Coordinator
for
be
made
Industrial
hereafter
for
Cooperation.
the
of
In
the
Recovery Act
order
to
aid
respect
construed
to
industry,
authorize
to
agency of government.
Committee
of
particular
upon
Industrial
Analysis who
President
are
adequate
an
industries
or
problems
and
as
Committee
the
the
general
and
office
clerical
of
the
5.
of Industrial Analysis in
carrying
employment for and assistance to educational,
there is hereby created in connection
Secretary of Commerce a division of industrial
persons,
This division of industrial economics shall be
subject to the
supervision
of the
assist such committee in
Committee
of
Industrial
Analysis
and
shall
carrying out its functions.
The Committee of Industrial Analysis shall have
authority to:
(a) Appoint and fix the compensation of
dustrial
economics
and
other
regard to the civil service laws
necessary
or
a
chief of the division
officers
and
employees
the Classification Act of 1923
of in¬
without
amended;
as
(b)
Supervise the expenditure of the $100,000 transferred by the President
in March, 1936, from the funds available under the
Emergency Relief
Appropriation Act of 1935 to the Department of Commerce; and
administrative
Utilize, with the consent of the Secretary of Commerce, the adminis¬
accounting facilities, supplies and available space of the
(c)
trative services,
Department of Commerce.
The files,
partment
records,
equipment and property
of Commerce from
the
transferred
to
the
De¬
National
Recovery Administration by
the authority of Executive Order No. 7252, dated Dec.
21, 1935, shall
be made available to the Committee of Industrial
of
industrial
Order
shall
economics.
be
eligible
The
for,
employees
but shall
not
Analysis and the division
transferred
by said
be
Executive
automatically entitled
employment under the authority of Paragraph 4 (a) of this order.
7.
appointed'.
2.
of
be
Analysis to collect from the general public
or to duplicate the statistical work now
existing
an
members
out it duties and to furnish
6.
but is authorized to
such
so
with
whole.
4.
respect thereto.
without
incur
expenses
as may
be necessary to the performance of the functions
herein
authorized
and
to
appoint, without regard to the civil service
laws, such officers and employees as may be necessary, prescribe their
duties and responsibilities,
and without regard to the Classification Act
of 1923, as amended, to fix the compensation of any officers and employees
serve
shall
and
of the President,
labor and consumers
to the direction
supplementing
the
in
Coordinator for Industrial
subject
of
of
vested
and of improving and maintaining industrial, commercial and labor
standards
The
authority
the
with the following functions
for and supervise,
consideration
for
to
Berry is designated
charged
arrange
pursuant
Industrial
order
and final review of the effects of the administration of Title I of the
National
with
the
Emergency Relief Appropriation Act of 1935, approved' April 8, 1935
(Public Resolution No. 11, Seventy-fourth Congress), and to make possible
the more effective use of said enactment, it is hereby ordered as follows:
By
information
this
information,
being performed by
3.
in
hereafter specially appointed shall prepare for the
economics.
Designating George L. Berry
available
nothing
statistical
professional
EXECUTIVE ORDER
that
Committee of
current
Industrial
for
generally
particularly horns, wages, child labor and other labor conditions.
This order shall become effective April 1,
expenses
FRANKLIN
The White House, March 21, 1936.
to.
1936.
D.
ROOSEVELT.
Financial
Volume 142
Extending Until April 1,
Bill
Passes
Congress
registered this week of the
one year, until April 1,
1937, the authority of the Federal Housing Administrator to
insure private loans for home and building repairs.
As in¬
dicated in our issue of March 28, page 2085, the bill extends
for one year the operation of Title I of the National Housing
Act providing for renovation loans.
The Senate passed the
bill on March 24, and in amended form it passed the House
March 26; Senate and House Conferees on March 30 ad¬
justed the differing provisions of the two bills; Associated
Press advices March 30 from Washington as to this stating:
Approval by Congress was
Administration bill to extend
conferees
The
eliminated
clause
Senate
House provision
a
insured
allowing
leases
House
permit loans to lessees whose
beyond the loan maturity date and loans
report on March 30,
report of the Conferees on
31 by a vote of 112 to 50. Following the action of the
the bill was forwarded to Florida for President
agreed to the conference
Roosevelt's signature.
and
SEC, Permitting
for
Providing
Reports Bill
Unlisted Trading
Favorably
Committee
Banking
Reports
on
Over-the-Counter
Transactions
and Currency Committee on March 31
favorably reported a bill, sponsored by the Securities and
Exchange Commission, which would indefinitely continue
unlisted departments of security exchanges, revise SEC overthe-counter broker and dealer regulations into permanent
law, and use the Securities Act of 1933 to obtain from overthe-counter dealers
periodic information on their fiscal
affairs.
Hearings on the bill were last described in the
"Chronicle" of March 14, page 1735.
Senator Fletcher,
Chairman of the Committee, in announcing the favorable
The Senate Banking
been made in
Provision 3 of
the unlisted department section, which stipulated that ex¬
changes, with permission of the SEC, could extend unlisted
trading privileges to any security of any issuer, if any other
security of the issuer is listed and registered on a national
securities exchange.
A Washington dispatch of March 31 to
the New York "Herald Tribune" added the following further
details regarding this change and other portions of the bill:
report, said that only two major changes had
the measure.
The first was the elimination of
discretion in that re¬
spect was covered by the wide powers of Provision 4 of the same section
which permits the exchange to add to unlisted departments securities, which
have comprehensive information available of a scope similar to that required
The deletion was made,
•of
a concern
the Senator said, because
with a registered issue.
Senator Fletcher
The other change,
said, involves the addition
of a re¬
with unlisted departments keep separate lists of
fully listed trading and on unlisted trading. Senator Fletcher
quotations on
carrying quotations of the stock market
listed and unlisted securities by use of a sym¬
be required to furnish their quotations in com¬
pointed out that the newspapers
generally differentiate between
bol.
Exchanges are now to
pletely separate lists.
James M. Landis,
meeting.
Chairman of the SEC,
attended the Senate committee
Landis characterized as "completely satis¬
explaining that aU of the recommendations of the
accepted without important change.
At its conclusion Mr.
factory" the reported bill,
commission had been
Bill is
receive money or
of "in whole or
a
suggestion that unlisted departments
volume of 200 shares a
day, were rejected.
Additional for
Committee's Inquiry^—Public Hearings to
ated—Senate
Lobby
Approves
$12,500
Continue
A bill
to
compel the registration with the Clerk of the
the financial backing and the purposes
House of the name,
organizations employed primarily to influence
legislation in Congress was passed by the House on March 27
without a record vote.
Before passage of the bill the House
had defeated efforts to bring under the terms of the measure
"lobbyists" working on behalf of Administration legislation.
The House also adopted an amendment intended to eliminate
from the bill's application those working for farm, labor
of persons or
organizations.
30 it was revealed that the Senate Lobby
Committee had completed its field investigation, and that
it will continue its public hearings after an examination of
approximately 5,000,000 seized telegrams.
Members of the
Committee this week renewed in the Senate their attacks on
William Randolph Hearst, who is fighting the Committee's
seizure of telegrams which he sent to editors of some of his
newspapers.
On March 27 the Senate Lobby Committee
was granted another $12,500 for expenses.
and veterans'
On
March
given
of
the
effect of this
"lobbyists"
sponsored by Representatives Francis D.
Culkin and Daniel A. Reed, Republicans, of New York.
The Culkin
amendment, defeated 33 to 69, would have prohibited any public official
to use or threaten to use the power or patronage of his office for the pur¬
pose of influencing legislation.
The Reed amendment, voted down 36 to
63, would have made the bill apply to any official who visits the capitol
requirements were
under the bill's
except by
invitation of a committee.
affect literally thousands
The bill will
organizations both in
tion accepting money
members of Congress
of persons, groups, societies and
Washington and out, for every person or organiza¬
to be used primarily to put ideas into the heads of
must register with the Clerk.
from Associated Press Washington advices
regarding legal action taken by counsel for
Mr. Hearst in connection with seizure of his telegrams:
Mr. Hanson, as lawyer for Mr. Hearst, argued late in the day in the
Supreme Court of the District of Columbia against dismissing an injunction
suit brought to restrain the lobby committee from making any use of
Hearst telegrams subpoenaed from the telegraph companies and from
We also quote
March 31
of
attempting to
obtain more such messages.
actions constituted an
Hearst has aUeged that the Committee's
of the freedom of the press and violation
Ik Mr.
of the constitutional
seizure. The Committee has
was without jurisdiction over
invasion
guarantee against unreasonable search and
moved dismissal, contending that the Court
administrative acts of
"The
the Senate.
which the
to pass upon
whether the Committee can
and reserve to itself the sole
of its acts," Mr. Hanson's brief to¬
this case is
Constitution forbids
fundamental issue in
the lawfulness
day said.
contention
"If the
point, "then we
(of the
he said at another
and are back in the preand other oppressors of
Committee) is correct,"
have had our liberties destroyed
of George III, Lord Halifax
revolutionary days
liberty."
the courts had jurisdiction in the Hearst
Article III of the Constitution which provides
"the judicial power shall extend to all cases in law and equity,
under this Constitution."
•
It also set up the contention that "a court of equity has the power to
restrain unconstitutional acts of a committee of the Congress or an indi¬
Mr. Hanson's
brief argued that
that
arising
injunction suit under
thereof."
It asserted that
the original
Hearst bill of
complaint did not
challenge
it added:
the attempt of
the Committee members, defendants herein, to traduce sacred provisions
of the Constitution of the United States and set themselves up as sole
the right
of Congress to exercise its duly delegated powers;
of complaint does challenge, however, is
"What the bill
acts."
of Congress as
The powers
are
limited by the
enumerated in the Constitution, it maintained,
free press and freedom from
amendments guaranteeing
seizure.
. ,. .
unreasonable search and
"Liberties
Compelling Registration of Lobbyists
—Farm, Labor and Veteran Organizations Elimin¬
House Passes Bill
considerations for use "principally"—
aid in the accomplishment of the
objectives. No consideration, apparently, was
liberalization on such organizations as the Chamber
Commerce of the United States, the American Liberty League and
National Economy League, which are more or less disliked by New Dealers.
The amendments designed to bring the Administration's
to the
judges of their
tightening of the SEC discretionary power,
other
in part"—to
specified lobbying
but their contentions, including
include only securities traded over
a
Liberalized
advanced and adopted after questions had
been raised as to the effect of the bill on legislative representatives of
such organizations as the American Legion, the National Grange and the
American Federation of Labor, whose support members of Congress seeking
reelection are glad to have.
It changed the language in the section defining
those to whom the measure shall apply to include only persons or organ¬
vidual member
a
"But they are a
amendment was
committee action, it was admitted in committee
with the contention of the SEC chairman that
the standards for admitting new securities to unlisted departments, as ad¬
vanced by the commission, were as complete as could be devised.
Overthe-counter broker and dealer representatives, headed by Oliver J. Troster,
President of the New York Security Dealers' Association, have advocated
In effect the Senate
^
circles, marked agreement
Chairman of the
nuisance to the members." . . .
Democrat, of New York,
J. O'Connor,
Rules^Committee.
power
quirement that exchanges
Virginia. The
was,
commit acts
Quotations Ordered
sponsored by its
Smith, Democrat, of
naturally, that none of the members had even been
influenced by a lobbyist, but that the bill at least would diminish a nuisance
as an act controlling mosquitoes in the District might.
"I've never seen a lobbyist affect the result of a vote," declared Repre¬
instead
Sponsored by
requirements, which was
its
Representative Howard W.
general idea
izations who
♦
Senate
lobbyists from
veterans'
author,
The Smith
House adopted the
the
March
permitting insurance of
properties.
The Senate
while
proposing to
probability is, however,
.
.
for six months or more
run
departments were omitted from the House bill, an
include them being ruled out of order. The
that they will be put into it once more in the
Senate, and be included in the measure as it goes through in the end.
The bill provoked almost no opposition on the House floor, especially
after the adoption of the amendment designed to relieve farm, labor and
Lobbyists in the
amendment
mechanical equipment was
on
and their circumstances.
list themselves
accepted would
provisions
House
to church
the House as follows:
of the bill virtually insures legislation at this session com¬
pelling lobbyists to register, for the Senate has already acted favorably
on a much stronger measure, requiring not only legislative lobbyists, but
also all persons dealing similarly with the Government departments, to
The passage
sentative John
stricken out.
Two
loans
registration
bill by
$2,000 on unimproved property.
construction up to
residence loans for new
A
for
described passage of the lobby
"Herald Tribune"
York
March 27 to the New
Washington dispatch of
A
1937
of National Housing Act-rContinued Federal Authority to Insure Private
Loans for Home Modernization
I
Title
of
Provisions
2245
Chronicle
of the
citizens as
guaranteed by the
Constitution depend
against abuses of power," said the brief.
"There¬
fore, an improper exercise of congressional investigatory powers,
and threatening irreparable damage can be restrained by the courts in an
on
enforceable restraints
doing
remedy at law.
equity proceeding where there is no adequate
"Neither house of Congress is the final arbiter
ance
of the
where
the domin¬
Executive
of its own powers
and liberties of citizens are at stake.
Otherwise,
legislative branch of the Government over both the
private rights
and Judicial
absolute.
would be subject to a Parliamentary
of which there could be no relief."
departments would be
"And the citizens of
this country
dictatorship from the excesses
House Passes
Bill Authorizing
$25,000,000 in RFC Loans
Rehabilitation—Senate Flood Control
Bill Would Appropriate Millions of Dollars—Losses
from Recent Floods Estimated at $500,000,000
for
Flood
The House on
April 1 without a
record vote approved
and
bill authorizing the Reconstruction
Finance Corporation to lend as much as $25,000,000 for re¬
habilitation of property destroyed by recent floods which in¬
undated Eastern States. Meanwhile Senator Copeland fore¬
cast the possibility of enlargement of the omnibus Flood
Control Bill to include projects now excluded from the
tentative draft now before the Senate Interstate Commerce
Committee.
He said that about 20 hydroelectric projects,
sent
to
the Senate
a
2246
Financial
involving
Chronicle
possible expenditure of $100,000,000, bad been
assigned for study to army engineers. Tbe bill as tentatively
considered by the Senate Committee carries items
totaling
a
$385,000,000.
Warning by business interests, at tbe committee bearing
April 2, that the adoption of the proposed undistributed
on
that it is
National
connected with
mendations
reported as follows in a
Washington dispatch of April 1 to the New York "Times":
Mr. Copeland said that he feared
any letting down of the bars to include
such
projects, not only
on the
trusted putting the Federal
In
the business of
testimony
posal
in
Or.
presented
Association
disguise"
Claudius
mendations
generating and selling electricity.
He held that private utilities are already
suffering from the threat of government competition from such undertak¬
would
ings
the Tennessee Valley Authority, the Grand Coulee
Dam, Boulder
Dam, and similar projects.
He
as
The original purpose of the committee
emergency
construction
to
protect
was
to
report out
which
areas
have
a
bill to authorize
been
damaged
or
threatened recently.
With this in view, projects involving about $385,000,000 were taken from the much more
generous bill which the House
passed at the last session.
the
T.
in
on
thrift
committee
was
a
cause
Murchison,
that
the
of
tax
the
recom¬
ehare-the-wealth
basis
that
would
Cotton-Textile
brief
a
representatives
held
"new
pro¬
stimulate
bankruptcies.
many
President
the committee in
connection
by
it
were
"unsound"
an
and
Even those which were chosen included
He cited
of dubious economic justifi¬
some
where the cost of building protection levees would amount
to about $41
of land protected.
an
acre
Regarding the bill passed by the House on April 1 and sent
to the Senate
authorizing the RFC to extend its loans to a
total amount of
$25,000,000 to corporations, partnerships
and individuals for
repair, construction and rehabilitation of
buildings and equipment, as well as for damaged gas, water,
sewer, electric and transportation systems the
April 1 dis¬
patch to the "TNies" said:
The bill also would authorize the RFC to make loans
out of the total for
financing the acquisition
repairing bulkhead
o 1
and
buildings and real
similar
coast
or
personal property and for
structures
and
to
lend
to
public
agencies.
The bill
was
an
amendment to previous laws authorizing the RFC to
make loans in cases of
disaster, and applies to tornadoes, fires,
and other disasters, as well as
the
1936
1937.
or
The authorization
said that
cotton
have
he
of the two pre¬
ceding bills totaled $11,000,000, but existing law authorizes
only loans to
non-profit-making organizations.
the collection
Institute,
submitted
the
or
mills
of the
at
that the
the
recom¬
administrative confusion and
fail
and
the
such
goods
should,
therefore,
•
Hearings on the revised tax program, including a plan to
impose levies on undistributed corporate surpluses, were
begun on March 30 by the House Ways and Means Com¬
mittee.
Preliminary formulation of the program was noted
in the "Chronicle" of March
28, pages 2085-86.
On the pre¬
ceding day it has since been revealed that just before de¬
parting for
letter
a
Southern
a
to
the
fiscal
vacation President Roosevelt
authorities
that if Congress votes
in the budget further
new
at
Washington,
appropriations not
taxes
must
now
wrote
warning
included
also be enacted.
Guy T. Helvering, Commissioner of Internal Revenue, who
the
was
first
mittee, said
before
the
Ways and
Means
Com¬
March 30 that the committee's revised
pro¬
inadequate to meet President Roosevelt's request
is
gram
witness
on
for enough new revenues to restore
the budget to the position
it held before the Agricultural
Adjustment Act was declared
unconstitutional
He
and
the
bonus
payment bill was enacted.
that the tax on undistributed
corporate profits
produce only $591,000,000 in permanent additional
attack
the
on
are
legislation
proposed
needed in present tax policies.
Charges
that
annual
revenue
under
the
committee's
schedules,
whereas
the President sought
$620,000,000 from this source. He also
declared that the committee
plan made incomplete provision
for additional
temporary revenues which would be required
to fulfill the President's
purposes.
In his
In
form
testimony, Mr. Helvering said, in part:
opinion,
my
as
to
make
the
President's
ample provision
proposal
for the
practical
rate
business.
There is no intention or desire
the internal
management of business enterprises.
revenue
measure
is
not
to
tell
earnings they shall distribute
object is, rather, to see that,
ments, the
deprived
Federal
of
vidual
the
to
other
making
hand1.
the
fellow and
or
use
remove
a
this
laws
corporate
source
not
of
the
go
form
tax
a
what
of
corpo¬
with
it
is
shall
not
be
hand,
long
way
unduly
avoidance
proportion
for
the
on
as
indi¬
corporations
toward
expensive
The
manage¬
inequitably
policy of the
carried
as
of
and
the
or
retain.
corporate
unreasonably
one
of
interfere
they shall
decisions
be
to
such
The object of the proposed
proportion
the
business
on
requirements
whatever
in
doing
for
the
big fellow.
so
on
by
the
William N,
.
is
program
.
.
antagonistic
,
tbe committee
dent's
part,
on March 31, and
severely criticized the Presi¬
proposals.
His testimony was summarized, in
follows in a Washington dispatch of March 31 to
tax
as
the New York
"Well, I
remarks.
You've
"I've
taken
but
name,
Mayor of Pittsburgh," Mr. McNair said, in his opening
down
come
lot
a
it
"Herald Tribune":
the
am
of
to
discuss
more
Corporation
the
of
out
money
that
means
is
money
surpluses
bill
tax
allowances will be deductible
corporations.
as
at
present
from
the taxable Incomes of
to
in
come
affects
This
coming
have
it
as
Pittsburgh.
to
bill
our
has
city.
a
Washington
"mighty
new
from
handy"
in
repair flood damage.
Begs to Retain Shirt
"I
here to plead with * you not to take the shirt
am
shouted.
.
,
off
backs," he
our
.
Mayor McNair was not alone in his attack on the
Administration,
Another Democrat, Representative Arthur P.
Lamneck, of Ohio, a member
of
the
House committee, turned1
fiery comment on Guy T. Helvering,
Commissioner of Internal Revenue, the Administration
spokesman on the
tax
proposals.
He
accused the Treasury
representative
favorable to the President's
plan but
to furnish statistics
of being willing
unwilling to give
unfavorable figures.
All
in
all,
remote from
sion,
it
heard
Association,
ing
H.
General
of
H.
its
Motors
a
major part of
subcommittee.
Smith,
organization
an
In
representing
consisting
the
the
of 1,100
the
day
subjects
on
quieter afternoon
Michigan
ses¬
Manufacturers
manufacturers
and
includ¬
and
Henry Ford, give an "individual opinion" that
a
straight increase in the Federal corporation
Administration plan to base taxes on
corporations
the amount of their income not distributed
to stockholders.
corporations
income
on
the committee passed
the report
tax
would
rates
prefer
to
the
President Roosevelt's warning with regard to
new
priations
was described as follows in a
Washington
of March 27 to the New York
"Times":
The
letter
Senator
mittees.
addressed
was
Glass,
Chairman
Copies
to
of
sent
were
Representative
the
to
House
Insists
The
President
appropriations,
upward
is
revisions
on
understood
particularly
continued
in
and
Chairman
Committee, and Chairman Harrison
Buchanan
Senate
The
communication
plan must
namely,
One
also
produce the yield
have
complained
Senate,
in
and
addition
to
of
understood
President
to
set
about
those
have
for
annually for three years,
further demands might be made.
curtail
the
already
implied
it
in
and
trend
intimated
the
of
that
if
requested!
that
the
first
tax
instance,
$620,000,000
a
year
the
principal witnesses before the House
Ways
Committee, on April 1, was Dr. H. W. A. Been-
and Means
houwer,
andl
Com¬
Committee.
have
to
$792,000,000
or
Texas
Doughton of the Ways and Means
of the Senate Finance
to
taxes
the
of
Tax Yield Requested
the
was
appro¬
dispatch
Appropriations
would be inevitable.
a
the
Netherlands tax expert, who presented a
plan to
rising trend of trading of American stocks in
foreign markets at the expense of the
security business of
this country through enactment of
more simple
and
reasonable
more
Federal
taxes
committee complimented
of taxation, despite his
mendation
for
ican taxing
liberal provisions of present laws
the deduction of ordinary
operating
by Noel
McNair, Mayor of Pittsburgh, testified before
It is
reserves, such as those for depreciation,
depletion, obsolescence, bad debts, and the
like, from taxable income.
All such
reserve
opened today
was
capitalistic system.
a
resident aliens.
inequality.
the
by Franklin Fort,
little
There has been considerable
discussion about the necessity for the accumu¬
lation of corporate reserves
and surpluses, and a
great deal of misappre¬
hension has arisen
respecting the effects of the subcommittee's proposal
in this connection.
Several things
ought to be made emphatically clear:
First, the proposal involves no new
corporate taxation whatever with respect
to existing surpluses.
Second, the proposal does not at all affect
the
within
Newark, N. J.
thereafter,
incorporated
management
Likewise,
whether
present
the
by offering
proposed to
shall
partnerships
The
of
what
whatever
revenues.
dictate
enterprises
and
Government
necessary
Administration
corporate
be
can
included
to the capitalistic system
President of the Lincoln National Bank of
He added that the bill properly should be labeled "a bill
to delay tbe payment of debts."
The essence of thrift, he
asserted, is the acquisition of reserves, and
when the foundation of thrift is
destroyed it is a direct attack upon the
made
were
said
would
be
not
law.
Sargent, economist and Secretary of the National Association of Manufac¬
turers, who urged that the committee defer action on the
pending proposals
and ask Congress to create a
special commission to determine what changes
Tax
Adher¬
Levies-—President Warns Against New Appropria¬
tions
taxes
result
goods sold under refund contracts by
in accordance with which refunds of processing taxes
being made to customers, there can be no windfall to
on
President Roosevelt's Formula—Business
Interests Hold Tax Program Would Foster
Monopo¬
lies—Mayor McNair of Pittsburgh Attacks Proposed
to
the
secure
Windfall to Mills
Pittsburgh recently, he said, because of the need
ence
to
the great mass of
on
are
Pittsburgh."
Ways and Means Committee Opens Hearings
Program—Commissioner Helvering Urges
so-called windfall
industry/,
been
scope of
hurricanes
floods, which occurred in 1933, 1934 and 1935,
which may occur in
or
in
Industry's
examples some projects in Kansas,
as
result
with
No
•
cation, Mr. Copeland said.
for
security
desired.
$385,000,000 Taken From Bill
to
Manufacturers,
formed
penalize
time advised
same
of
by the Hill subcommittee
speculation,
ground of economy but also because he mis¬
Government any further into
every railroad
business, said a dispatch from Wash¬
ington, April 2, to the New York "Journal of Commerce,"
which, in part, also stated:
Senator Copeland's remarks
regarding hydroelectric proj¬
ects, and other details regarding the progress of legislation
were
drop in the ratings of
a
featured 12 hours of criticism
by representatives of organ¬
ized and unorganized
the heaviest losers.
The latest "Chronicle" reference to the
floods appeared in the issue of March
28, page 2090.
floods,
tax
program
would foster monopolies,
direct assault upon the capitalistic
system, and
a
would force
aggregated $500,000,000, with retail department stores
the
income
corporate
:f:;."r-:v.";
The New York Credit Men's Association estimated on
March 31 that property and merchandise losses in the flood
areas
April 4 1936
on
Dr.
foreigners.
Members
Beenhouwer
on
his
of
He proposed as a
substitute that the Amer¬
of foreigners be partially revised to
the
"increased revenue" and
of American securities.
end
"satisfaction"
to
date
York "Herald Tribune":
Warning that
shares
has
committee
"large
to
as
the
fol¬
New
and
increasing volume of trading in American
developed in the Canadian, London,
Amsterdam and
markets," the foreign stockbroker advocated
that the House
recently
foreign
non-resident
a
of
foreign holders
The testimony on
April 1 was described, in part,
lows, in a Washington dispatch of that
other
tbe
knowledge
opposition to the committee's recom¬
22.5% tax on American dividends of non¬
recommend
aliens
and
omission
foreign
of
the
present
corporations
and
tax
on
capital
enactment
of
gains
on
tax
on
a
Financial
Volume 142
from American shares at a flat rate,
and interest income
dividend
not in
American
trend that cannot be "overestimated."
revenues,
the Government will gain
through increased collections from non-resident aliens and through increased
domestic tax receipts, caused by the "return of a substantial amount of
he promised, that foreigners will return to
result will be,
The
security markets, a reversal of a
From
the
viewpoint of Treasury
markets," he said.
With the hearings again closed before scheduled time because of a lack
of witnesses, Clyde G. Conley, President of the Mount Vernon Bridge Co.,
Mount Vernon, Ohio, claimed that the proposed undistributed income tax
would be in the interest of large companies and would jeopardize small
American security
to
business
operation
company
companies
on
hardship
He asked that
promised corporations
that the House plan would work
Co., said
indebtedness.
deeirous of liquidating bank
similar to those now
dividends.
provisions be enacted,
"relief"
Dean Alfange, general counsel of the
in depressions.
Tobacco
Axton-Fisher
contract restriction from paying
under
burden
of
Act
Bearing
and
Securities
and
1933
on
of
Violation
Alleging
SEC
by
Brought
Securities
Ex¬
On
April 1
Court
an
of
equity suit was brought in the
&
violation by the brokerage firm of Otis
of Sections of the Securities and Ex¬
of Cleveland
Co.
Federal Dis¬
Cleveland by the Securities and Exchange
Commission alleging
change Act of 1934 and the Securities Act of 1933.
ton advices to the "Wall Street Journal" of April 2,
disease, which would otherwise
Washing¬
reporting
an
it unlawful for anyone to use
effect, alone or with one or more
other persons, a series of transactions in any security registered on a national
securities exchange creating actual or apparent active trading in such
security or raising or depressing the price of such security, for the purpose of
inducing the purchase or sale of such security by others."
Section 17 (a) (2) of the Securities Act makes it unlawful for anyone to
use any means of interstate commerce: "To obtain money or property by
means of any untrue statement of a material fact or any omission to state
a material fact necessary in order to make the statements made, in
the
Section 9 (a)
(2) of the exchange act makes
of interstate commerce: "to
misleading."
A statement with reference to the action was issued as
follows at Cleveland on April 1 by Otis & Co.:
light of the circumstances under which
Murray
tomers.
they were made, not
substantial block of shares of the
Ohio Manufacturing Company stock for distribution to its cus¬
In June, 1935, Otis & Co.
purchased
The demand for additional shares
made it necessary for Otis &
Co.
into the market and make
in which a relatively small
Manufacturing Company was dis¬
tributed by Otis & Co. during July and August of 1935, the contention of
the Commission being that the manner of distribution violated a section
of the Securities and Exchange Act of 1934, which section has never been
either judicially interpreted nor interpreted by a published ruling of counsel
(1) The suit is concerned only with the manner
number of shares of the Murray Ohio
for the Commission.
(2) The suit does not question either
the Murray Ohio Manufacturing
the intrinsic value of the
Company nor the fairness
which the stock has been sold to the
stock of
of the price at
As to
Court.
purchasers of the comparatively
small block of stock involved did not acquire it at reasonable prices, the
fact being that the stock has greatly increased in price since the distribution.
The
matter
Commission and
obtain a judicial
and shall co-operate with the Commission to that end.
has
been
interpretation
men
should be
States
ments on
Wage
between the
under discussion
We welcome the opportunity to
Supreme Court Agrees to Hear Argu¬
Constitutionality of New York Minimum
Law—Review Opposed by New
Hotel Association
On March 30 the
pass on
York State
J
• '
United States Supreme Court
~
the constitutionality of the New
!
agreed to
York State Minimum
the date for the hearing of
arguments.
The New York State Court of Appeals on
March 3, in a 4 to 3 decision declared the law invalid, the
opinion being directed against the basic pay for women in
laundries.
The decision was referred to in these columns
March 7, page 1570, and on page 1916 of our March 21 issue
we stated that'an early ruling by the Supreme Court had
been asked by New York State Attorney General John J.
Bennett Jr.
It was stated in press accounts from Washing¬
ton, March 30 that Ohio and Illinois, with similar laws, have
joined with New York in asking the High Court for a review.
A request that the Supreme Court grant a review was made
by New York City in a brief filed March 26, as to which
Associated Press advices from Washington reported:
Wage Law, and set April 28 as
Paul Windels,
one
Corporation Counsel, told the Court
outstanding publicly
that the act was "the
recognized and acknowledged
development of the
last decade."
Unless the ruling of
act
the highest New York
invalid is reversed,
Mr.
employed in the hotel and
those of their employers
and that their rights as well as
safeguarded.
the brief of Attorney General
Noting an argument in
John Bennett that
New York law, the hotel men's brief said:
existed under our Constitutional
system, in good times and bad, but we submit that undue restrictions on the
rights of individuals in the enjoyment of liberty and property guaranteed by
the Constitution will not promote the common good or the general welfare."
"Inequalities of fortune have always
Clause
Labor Act Prohibiting Deduction
Dues Upheld by Federal District
Railway
in
for
Wages
Judge
Topeka—Holds Act Proper Exercise
at
of
Congressional Power
Topeka, Kan. on March 26, Federal District Judge
Hopkins upheld the provision.of the Railway
Labor Act prohibiting carriers from deducting from wages
of employees "any dues, fees, assessments, or other con¬
tributions payable to labor organizations, or to collect or
to assist in the collection of any such dues, fees, assessments,
At
Richard J.
other contributions."
or
reporting the conclusions of Judge Hopkins the Topeka
"Capital" of March 27 had the following to say:
Validity of the Act was attacked by the Association of Rock Island
Mechanical and Power Plant Employees.
The so-called company union
asked the Court to enjoin S. S. Alexander, United States District Attorney,
from enforcing the Act.
It was contended that the law constituted a
breach of contract between the Rock Island and the association and that
In
the
payroll deduction did not come within
interstate commerce
regulations.
that Act was a proper exercise of congressional power,
prohibition of payroll deductions bore a real and substantial relation
the purpose of the Act and that terms of the contract between the asso¬
Judge Hopkins held
that
to
ciation and the employer must
asked that
be
can
yield.
the opinion and
until an appeal
Hopkins fixed April 13 for the expiration of the
association make formal exceptions to
the present restraining order remain in effect
Attorneys for the
Judge
perfected.
restraining order.
This order has been in
of the amended labor
to
came
case
a
effect since July 12, 1934,
Act.
shortly after the passage
Sixteen continuances were
hearing upon the Government's
recorded before the
motion to dismiss last
hearing was had in
motion was denied and a further
This
November.
December.
this
possible through
labor men. For
written into the
association by the employer was made
Domination of the
the
payroll deduction or check-off, according to union
reason the prohibition of payroll deductions was
Act of 1934.
a
secret poll In
since
Island employees voted
of them continue their membership
direct knowledge of those who drop their mem¬
the fall of 1934, the Rock
the
company
has
berships.
Findings of Fact
fc-l
In his findings
of fact. Judge Hopkins states:
circulate petitions for
declaration that the asso¬
for the purpose of col¬
lective bargaining; its requiring new employees to join the association,
that employees contract not to become members of other bargaining organ¬
izations and that violation of this provision would constitute resignation
"The acts of the railway
in directing its officers to
the purpose of organizing the association and its
ciation would be the only organization recognized
its acts in compiling information respecting membership
its inauguration of the system of deducting association
employees' wages, its assigning a supervisor of welfare to keep
in close contact with the affairs and activities of the association, and the
acts of such supervisor and its acts in general are attended with the elements
of influence, interference and coercion ultimately affecting freedom of action
in collective bargaining and I so find."
•
in the association,
dues from
United
United
noted that 60,000 adult women are
restaurant industry
from the railway;
public.
(3) The Commission does not assert that
ourselves for some-time.
York State Hotel Association in a
opposed a review of the law by Supreme
this a United Press dispatch from Washington
On March 25 the New
against the association, however, many
to recognize:
is important
employers neglected or
living wage," the brief went on.
brief filed thatday
In
beginning of the year.
It
the relief of those whose
helpless to
physically
a
additional purchases before the first block
was entirely distributed.
All of the stock was sold in about six weeks, but
as evidence that the additional purchases did not affect the market, the
stock continued to rise since that time from 16 M to 26.
The Murray Ohio Company has been a beneficiary of the general im¬
provement in business conditions, particularly in the automobile industry.
Earnings of the company for the year 1935 amounted to $3.73 a share.
The improvement of the company's position during the last few months and
the rise in the market price for its stock have been typical of similar auto¬
motive companies in Cleveland and other industrial centers since the
to go
expended
families in which there were women and children wage-earners.
diverted from the relief of the unemployed and
refused to pay them a
in a security and denying use
Act.
any means
public
"Public funds were thus
cited in the suit are those
artificial activity
public funds had been
said numerous surveys revealed
The city
to support
of
forbidding use of methods to
of facilities of
interstate commerce to circulate "misrepresentations" concerning a security.
An injunction was sought by SBC to restrain the bankers from violating
provisions of the Securities Act of 1934 in dealing in the securities of Murray
Ohio Manufacturing Co. or in those of any other listed corporation.
.
.
.
The Commission's bill of complaint charges Otis & Co. with violation of
section 9 (a) (2) of the exchange act and section 17 (a) (2) of the Securities
The sections
create
debilitation and susceptibility to
overtake such persons, falls upon the
agencies."
welfare
filing of the action said:
the
the starvation of
of preventing
changing conditions justified the
change Act of 1934
trict
than $9,000,000 a month for public welfare,
non-subsistence wages are paid to any persons the
Asserting the city spent more
the brief said that "when
burden
Hotel
Action
subsidy to those
selfishness and greed are the last persons
recipients of public aid."
in the world to be claimed the
stated:
of Cleveland Issue Statement
& Co.
Otis
public welfare agencies and a shocking
upon
employers who by reason of their
of 10%.
excess
2247
Chronicle
State court which found the
Windels said there will be "an outrageous
in Suit of Burco, Inc.,
Constitutionality of Holding
States Supreme Court
Refuses
to
Rule
on
Company Act—Government in Opposing Review
Had Held this Action not Suitable for Decision—
Determined Before October
Court on March 30 rejected
the petition of Burco, Inc., to decide the constitutionality
of the Utility Holding Company Act through a review of its
suit against the American States Public Service Co.
The
decision, which was construed as a major victory for the
Administration, means that no ruling on the validity of the
law will be handed down before the Supreme Court meets
for its fall session in October.
The Government had asked
the Court to review the case, charging that it was a collusive
action by lawyers for a large public utility to obtain a ruling
on the constitutionality of the measure in a case to which
the Government was not a party and which it considered
Validity of Law not to be
The United States Supreme
unsuitable
for that
purpose.
Government attorneys said
ruling that the way is now clear for a test
of the Holding Company Act in the maner of their on choice,
through prosecution of the case against the Electric Bond &
Share Co. and 21 of its holding company subsidiaries.
A summary of the case which the Court refused to consider
is given below, as contained in a Washington dispatch of
March 30 to the New York "Herald Tribune":
after the Court's
#
2248
Financial
Chronicle
April 4 1936
e
The refusal of the Court
highly
gratifying to
to hear argument on
even
Securities and
the
Department of Justice.
The
Exchange
Government
not
was
the Burco
case was
Commission
a
party
and
the
the suit.
to
*
When the
first
case
before the District Court of Baltimore,
came
John J.
Burns, counsel for the SEC, appeared and cross-examined John W. Davis,
counsel for
an
intervenor, and other participants and lawyers in
to prove that the case was collusive in character.
that Mr. Davis had
bach.
Mr.
never met
R.
Davis obtained
this
open court after
an
effort
He brought out the fact
his client, a dentist by the name of R. Lauten-
Lautenbach's consent to represent him in
collusion, and handed down
decree which
a
Coleman Decree
was
charging
sweepingly adverse to the
,
Charlotte modified
quite willing to let these adverse rulings
stand, pending its own test of the act in the Electric Bond & Share
few weeks.
In
petition submitted late last week,
a
Solicitor General Stanley Reed
of collaboration
form of the
He cited the evidence
case.
brought out before Judge Coleman and asserted that the
proceedings, the nature of the interests of the parties, and the in¬
adequacy of the record made the
case unsuitable for a determination of the
constitutionality of the Holding Company Act.
He officially informed the
risk
to
his
of standing in the com¬
man
a
reputation
by public
The
trial.
off because of influence
anyone
does he intend to penalize anyone because of his standing.
So far
as
nor
it is
humanly possible, the Superintendent is seeking to do justice between the
creditors who have lost
much and the
so
operation of these companies.,
Whether these actions
Hereafter
Supreme Court in the fall.
The first is not to permit any
compel any defendant to pay
merely because he is
afford
cannot
Superintendent does not intend to let
SEC officials said they expected this act to come before the
urged the Supreme Court not to hear the Burco
The second is not to
power.
than he should
munity and
case,
which will be ready for argument in the Southern District of New York in
a
political
.
unconstitutional in its entirety, but left standing many portions adverse to
was
follows:
as
defendant to pay less than he should because he possesses great financial
more
'
February the Circuit Court of Appeals in
The Government
intendent has two things constantly in mind.
or
Modified
Judge Coleman's decree, chiefly by eliminating his ruling that the act is
the act.
behind the recommendations he described
In the consideration of the adjustment of these waste actions the Super¬
constitutionality of the Holding Company Act.
in
continued, the Superintendent must exercise his best judg¬
ment, but the Court is the final authority.
Major principles
brought out.
was
Federal Judge William C. Coleman rebuked the Government for
Late
protect their assets.
Six of 17 waste actions, he said, have
already been adjusted with the approval of the Suprems
Court Justices assigned to this work, while the Court harejected proposed adjustments with a number of the remain
ing defendants.
In recommending adjustments, Mr. Pink
will hesitate before
men
who
men
responsibile for the
were
:
■
settled
are
tried they have a
or
salutary effect.
they lend or sell their name to any cor¬
poration concerned with the investment of public funds and the execution of
public trust.
a
Hereafter directors who accept; office will not lightly leave
the direction of
is
going
important public matter to others.
They will take
on.
These waste actions go a
long
They will know what
and control.
real part in administration
a
the investors of the future that
way to assure
directors will direct.
Court that the Government had had in progress for four months the Electric
Bond & Share case, which it considered suitable for
constitutional
There
case as
are
of Columbia
North
fair test of the basic
They
the suits brought in the District
are
Supreme Court by the American Water Works Co. and the
American
Co.
These
proceedings
Attorney General Homer S. Cummings.
were
stayed
at
the request
of
If the utilities should reach the
expect,
can
Government attorneys explain; is that the District Court will be ordered to
hear arguments on the cases.
These arguments could not be heard and the
appeals taken before the Electric Bond & Share
assert.
The
An appeal will be argued before
Supreme Court with this line of procedure, the most that they
case
is tried and appealed,
this
to
case
was
contained in
the
1916.
The signing on-March 31 by Governor Lehman of New
York of the Dunn bill extending for another year State Milk
made known
on April 1.
The old law expired
United Press accounts from Albany
Ten
Agriculture Com¬
adding:
law,
"I think
a
Eyck said that he
Five of
A
was
"very pleased" at the extension of
helped the farmers the way this has should be
understood, is considering launching
was
tion of the industry generally
control
with
a
an
Under the law he is empowered to conduct such
policy.
for its continuance,
for
Steel
The
were
some
an
inquiry.
phases of milk control, but
expected to launch
Representatives from the metropolitan
it applies to consumers.
Legislature that fixing prices to
in
areas
opposed price-fixing sections
They contended in arguments in the
consumers
placed
an
"unfair burden"
on
1933 Attacked
in
United
States Supreme
Court
validity of the New York State Mort¬
gage Moratorium Law of 1933 was brought before the United
States Supreme Court on March 21, when
attorneys for
Joseph and Angelina Loporto, appealed from a State court
ruling Feb. 3 dismissing the Loportos' request for forclosure
of a $14,000 second mortgage which was held on a tenement
house at 39 Henry St., New York
City.
Regarding the
action, Washington advices March 21 to the New York
Arguing that the New York law violates the /due process, contract and
equal protection clauses of the Constitution, the complainants oppose the
verdict of the New York Court of Appeals
upholding the statute, passed
a
"serious public emergency," and suspending
principal of mortgages.
The Loportos began action for foreclosure
of
Legislature passed the law.
in
on
Aug. 11, 1933, but 15 days
In September the Druiss Co.,
within
New
Alva
L.
been
not
or
principal
on
either
discharged
that
said,
he
"invariable
them
was
asserted
by the Druiss
concern,
director of the
reference
A.
violation
collective
to
Moscovitz,
Dec. 6
on
regional
1935
with
Strip
the
collectively
in
20084,
"Waste
Actions"
Against
Mortgage
Companies—New
York Insurance
Superintendent Says Cases Call
for Exercise of
Intelligent Judgment
Former
Principles involved in carrying
on
"waste actions" against
directors and officers of former title and
mortgage companies
were discussed on March 21
by Louis H. Pink, New York
State Superintendent of Insurance, at the annul
dinner
of the Real Estate Board of the Bronx in New York
City.
Mr. Pink described the steps
bring suit against
those in control of companies who have failed
properly to
necessary to
the hearing
as
soon
Labor
of
bargaining
was
for
attorney
the
did
engage
it
not
business
in
the
at
two
company,
the
of
its
the
the
to
answers
President
entered
it had
as
identical
In
Hupnagel,
that
interstate
Spaulding
commerce
&
Jennings
of the alleged violations.
scene
of the Jersey City plant, testified that
materials
raw
than
used
20%
of
there
the
brought
was
fabricated
roller at
a
service
his
from
from
product
a
other
sold
was
{pld the Board that he
President
as
superiors,
declared.
he
Kocher added,
Mr.
business
He
It
informed,
he
the company's
was
to demote rollers
increases
pay
was
rather than dis¬
slack.
was
by
given
was
of the union.
with the company he had had
being "laid off, not discharged.''
account
John
dismissed from his post
was
the plant,
week after his election
one
of his
was
when
union, who
of the Labor Relations Board,
Lutz,
sergeant-at-arms
helper.
as
in
the
Benedict Wolf, Secretary
presided at the hearing.
I
A
the NLRB
ruling by
that
negotiate workers' grievances
employers who
on
attempt to
individual basis do not
an
comply with collective bargaining requirements of existing
law, "no matter how happily grievances may be adjusted,"
was reported in a dispatch from
Washington, March 22, to
the "Times," from which we also quote:
The
ruling
Atlantic
out of the refusal
grew
Refining
Co.
America.
cease
to
A
bargain
to
Association
of
order
Oil
Fields,
issued
was
of the Brunswick, Ga.,
collectively
with
Gas Well
local
and
plant of the
branches
of
the
Refinery Workers of
against the company's
further
refusal
negotiate.
The
Atlantic
Refining
unions
local
two
as
Co.'s
Brunswick
bargaining
units
for
plant
all
plant
the
rejected
manager
a
draft of
an
had
its
challenging the statement that their membership
of the 123 employees.
refused
comprised
grievances
that
locals
the
cared
to
an
quo,
recognize
although
more
agreement offered
that it intended to maintain the status
any
to
employees,
negotiation, said the company would1 not enter into
not
than 100
as
basis
a
agreement with
and
that
submit,
it would
according
to
Board.
"Collective
problems
with
matters
reach
"It
bargaining
grievances
and
Board ruled.
faith
Discusses
B.
more
custom,"
similar
consider
The Appellate Division reversed the Lower Court and
over
Amendment
Jersey.
commendation
and
from
Kocher, formerly
the 30 montlis
The
<lismissed the Loporto's action, being later sustained
by the Court of Appeals,
of
with
Gross, manager
that
but the State Supreme Court rejected this view and refused to dismiss the
Pink
hearing in
a
that the com¬
under
guarantees
bargain
to
Local
manufacturing
part of the
and'
owners
second mortgage.
Protection of the Moratorium Law
H.
its
jurisdiction.
F.
States
the first mortgage, but made no settlement of interest
Officials
its
Jersey City,
for
Louis
by
advanced
was
the workers,
Loporto's complaint.
re¬
to exercise jurisdiction
dismissed two employees
David
Board's
the
signed
and operators of the building, paid defaults on taxes and some features of
or
by
International
said:
on
of
refused
Union,
withdrew
company
William David
The question of the
foreclosure for defaults
appeared at
company,
Elinore M. Ilerrick, regional
had
charge
substantial
miss
Validity of New York State Mortgage Moratorium Law
the first
The
conducting
A
by the Legislature in view of
invasion
an
and
withdrawn
complaints,
vigorous campaign
a
needy families in New York City.
later the
as
Workers
Act.
challenge
In
"Times"
on
24, which further
long enough to inform the Board
filed by Mrs.
Wire
and
Relations
had
of
March
of
attempt by the Board
any
activity
voluntarily
investigate cooperatives.
as
declined
America
of
Constitution.
the
union
for approval of the McCall resolution creating a
legislative committee to
of the law
Charges
other Federal statute, according
any
Board, charged the company had
investiga¬
view of drafting a permanent milk
Legislators who voiced opposition to
voted
or
Building
complaint
Works
Eyck, it
Company
Desvernine, counsel for the
employees
contention
law that has
continued."
Mr. Ten
E.
its
or
Under the Dunn bill, State supervision of the vast dairy
industry is con¬
missioner
to
Board, at the close of the hearing.
tinued until April 1, 1937, in the same form as last year.
the
Steel
York "Times"
would regard
pany
Extending for Another Year State Milk Control
by Governor Lehman of New York
was
New
old Federal
the
Signed
midnight March 31.
April 1 said:
Crucible
Labor Relations Act
to
it
control
Hear
National
of
Right
Denies
Board
March 23 to recognize the right of the National Labor Rela¬
tions Board to hear charges against it under the National
Raoul
Our most recent reference
at
Company
Relations
ported:
•
the "Chronicle" of March 21, page
Bill
Steel
Against
Company in Dispute with Employees—Ruling by
Board on Collective Bargaining in Action Affecting
Atlantic Refining Co.
competitors for the Electric Bond & Share Company
the Court of Appeals here in a few days.
they
Crucible
Labor
Supreme Court test.
a
a
questions.
two other
of
an
"It
his
wages,
with
more
than
employees
or
a
discussion
groups
that
individual
employees,"
as
a
group,
the
obligated to negotiate in good
through their 'representatives, on
hours and
agreement for
of
of
that the employer is
means
employees
is evident
means
a
basic working conditions
fixed period of time.
the grievances
that the
and to
endeavor
respondent discussed and
to
was
willing to discuss
of
were the individual problems of its employees and matters
ordinary detail, and did not pertain to the employees as a group.
"The recognized subjects of collective
bargaining are wages, hours and
basic
working conditions; therefore, the duty of an employer to
bargain
collectively is not at all exhausted when he considers individual grievances."
The Washington
dispatch, March 22, to the "Times" like¬
wise said:
The
Board
determine
the
also
announced
agency
to
to-day
represent
an
order
production
that
an
workers
election
at
the
be
held
New
to
Phila-
Financial
Volume 142
plant of the Belmont Stamping & Enameling
delphia, Ohio,
Co.
The com¬
recognize the local stamping and enameling workers'
union, contending that many workers' signatures authorizing the union to
represent them had been obtained under compulsion.
In another action the Board certified Branch 69 of the American Federa¬
has refused to
pany
Hosiery Workers
tion
of
Pa.,
silk hosiery
been
held.
to act
for production workers of the Boyertown,
facilities
of March 19 it was stated that
Chairman of the NLRB, has announced
a
decision finding the Timken Silent Automatic Co., Long
Island City, guilty of violating the National Labor Relations
J. Warren Madden,
NLRB
The
decision
orders
Timken
the
company
/
to bargain collectively
Mechanics Association amY to offer re¬
employment on the basis of seniority to 18 members of thynnion who had
been illegally discharged because of their membership irr the Oil Burner
with the Oil Burner
request
upon
rather than
against the bill Mr. Pelley
by legislation.
of operation which are in the interest
It should be possible to reach a
adjustment of this question if the demands of the em¬
fair and amicable
ployees
weU as the railroads.
within the bounds of reason.
are
declared that under the bill an individual road
a station, discountinue a train, consolidate
Mr. Pelley
could not close
except with the approval of the
mission.
He went on th say:
profits, as outlined
and as a consequence
considerable increase in traffic
increase in employment,
an
necessary
later followed by a decrease
could not make the reductions in
in business,
service or employment
made
by reduced traffic.
could not
comply with the mandate of Congress to operate efficiently and economically.
The railroads should not be prevented by law from effecting such economies
Certainly
a
law of this kind
railroad with its hands tied by a
will ultimately
as
proposed tax on future undivided
curtail its operations
Interstate Commerce Com¬
its mechanical facilities, or in any way
the railroads
Solvency
coordination or unification of facilities
and should be continued in an
A law for that purpose is unnecessary.
agreement.
only prevent economies in cost
can
of the employees as
Should there be a
Proposed Federal Tax on Undistributed Corporate
Surpluses Declared Unsound by First National
Bank of Boston—Viewed as Threat to Business
undue hardship to
be handled by agreement,
Negotiations looking to the protection of men
railroads are still under way
or more
endeavor to reach an
It
said in part:
management to avoid any
be displaced through the
that may
coordination of
the
or
railroads.
We believe this question is one to
the employees.
thereof,
"The
or more
In his stand
Association.
Mechanics
individual railroad
an
It is the desire of railroad
Regional/Director
Act, according to Mrs, Elinore M. Herrick,
of the New York district.
The "Sun" said:
of
facilities of two
of two
,
the New York "Sun"
In
A secret election had
of John Blood & Co., Inc.
mill
2249
Chronicle
benefit labor by reason of the
would
increased traffic that
follow decreased cost.
to 42.5% on undis¬
tributed corporate net income above $10,000 and up to
29.7% below that amount," says the First National Bank of
Boston, in its "New England Letter."
According to the
•bank, the measure "is unsound in principle and unfair in
practice. It favors strong corporations, penalizes the young
and the weak concerns, and may seriously undermine our
whole economic system."
In part, the bank also says:
security holders but in the
interest of their employees as well, are obliged to do everything possible
and practicable to reduce costs of operation so as to retain the traffic they
now have and to bring back to the rails some of the traffic that has been
lost.
Such an increase in traffic would increase employment of railroad men.
Any policy or any law that prevents the accomplishment of this objective
is decidedly against the best interests of the employees in the long run.
Any unnecessary increase in expense adds to the difficulties of railroads in
meeting the competition of other means of transportation.
ample accumulations of reserves may,
tax or none at all.
majority-* of concerns, however, are not so fortunately situated.
Many
them are under-capitalized because their business is rapidly expanding
because their
capital has been seriously depleted1 after six years of
Referring to statements made by a representative of the
Railway Labor Unions before the committee on March 30
by the press, would impose a levy up
few
A
large
this
under
corporations with
to pay only a small
be required
proposal,
Tiie
of
or
Many of these concerns have loans of long
depression.
gradually
being
liquidated out
definite commitment to
entire
the
debt
Some
retired.
is
of
In some cases there
that dividends will not .be paid
earnings.
the creditors
standing which are
have a
gradual liquidation of the obliga¬
To inflict a heavy
penalty upon a concern for the payment of its debts according to the
terms
of
its contract or at the expense of needed capital is not only
contrary to sound financial policies but imposes a harsh and unfair burden
upon a firm that may be getting back on its feet.
Such a tax measure as proposed would be a constant threat
to the
solvency of many corporations.
Earnings of most companies fluctuate
widely over a period and even from year to year.
By being coerced through
penalty into distributing the bulk of earnings in good times, many concerns
would find themselves embarrassed in a period of depression and compelled!
to borrow in
order to maintain their working capital.
But then their
credit might be seriously impaired because of their strained position.
The proposed tax is unsound in principle in that it imposes a penalty on
vital reserves.
Over-tapping a maple tree results in sapping its strength,
and
if
this process
is continued, the tree eventually dies.
This same
principle applies to the taxing of surplus which is the reserve strength of
stipulates that specified payments for the
be
must
tion
the economic
tree.
...
A
proposed tax would be
way.
tax
on
The
corporations,
surplus
would penalize
progress.
Without the accumulated
possible to have mass production with
to the consumer.
The relatively high
standards of living in the United States were in a large measure made
possible by the/ploughing back of earnings into property.
The question as to the amount of dividends that can be properly dis¬
tributed varies by companies as well as by industries, and is a matter that
can
only be determined by the board of directors of each concern based
upon knowledge of local conditions and upon experience.
No blanket rule
can be laid down
by governmental edict that could possibly be appropriate
surpluses
the
for
it would
resultant
all
not have been
lower costs
passed
on
companies.
paid by railroads to stockholders
the funded debt, Mr.
The stockholder today is in
sider that the railroads have
Handicaps to Railroad Operation—George M.
Harrison in Behalf of Labor Supports Legislation
See
Opposition by executives of railroads to the Wheeler-Crosser
Bill to restrict the reduction of railroad employment incident
proposed consolidations and the coordination of facilities
was voiced at hearings this week before the House Committee
on Interstate and Foreign Commerce.
On the other hand
to
proposed legislation was urged as a measure of protection
for employees by George M. Harrison speaking in behalf of
the Railway Labor Executives Association.
The statement that the enactment of the bill would not be
in the interest of the public, the employees or the railroads
and that it will only succeed in tying the hands of the rail
carriers of this country and preventing them from carrying
out the mandate of Congress to operate efficiently and
economically was made on March 31 by J. J. Pelley,
President of the Association of American Railroads. On March
31 Mr. Pelley appeared as the first witness for the railroads
and opposed the passage of the bill, which introduced by
Representative Crosser of Ohio, was sponsored by the
Railway Union; it provides for dismissal compensation for
employees displaced as a result of reduction in service or
the
Pelley
human
Class I railroads paid
becomes a very
1935, $126,508,314 was paid to
The property
$17,637,000,000. In
decrease of $179,668,623,
$306,106,937 in dividends.
that time was
of the same railroads at
investment
stockholders, a
1935 was $25,775,000,000.
$8,138,000,000 in the property investment, or
The property investment in
or
59%.
we
have an increase of
a
savings banks, &c., this
problem.
In 1916,
with
When you con¬
stockholders in this country,
the forgotten man class.
nearly one million
excluding insurance companies,
Here
46%
dividends.
decrease of 59% in
employees in 1916 were 28.3
In other words, in 1935
dividends to stockholders were less than half the dividends of 1916, while
the average hourly earnings of employees were nearly two and one-half
times greater.
It is a fact that the average hourly earnings of employees
today are at the peak of all time, not even excepting the war period.
earnings per hour of railroad
The average
cents and in
1935, 68.6 cents, an increase
of 142%.
Ralph Budd of Chicago, President of the Chicago Burling¬
Quincy RR. Co., on March 31 opposed the enactment
ton &
grounds that it would severely handicap
service to the public, reduce
efficiency and increase the cost of operation.
In part Mr.
of the bill on the
the
railroads in furnishing
Budd said:
railway transporta¬
preventing economies
by requiring them to pay employees when their services
It would also handicap management in providing the best
public.
It would prevent prompt and desirable variation
The effect of this bill would be to
being made and
not needed.
are
of service to the
in
service even such as is
section of
a
prevent reduction in
increase in such costs, by
tion costs and to force an
added, but once added
discountinued, without formal hearings
Summer trains in the north and
extra
could not be
An extra car or cars, or an
seasonable.
train could presumably be
and arguments.
.
.
.
south could not im¬
The situation as regards
complicated and undeterminable con¬
winter trains in the
mediately be taken off at the end of
freight service would be even more
the season.
troversies would arise.
would also prevent abandonment or
The bill
railway
even
of
would
of
consolidation of lines
if such action
though they are not self-supporting
competition either with other
eliminate
railways or with other types
competitors.
of maximum employment it
From the standpoint
Opposition by Railroad Heads to Wheeler-Crosser Bill
to
Restrict
Reduction of Railroad Employment
Incident to Consolidations and Coordination of
Facilities—J. J. Pelley, Ralph Budd and Others
should
said:
periodically set aside out of earnings.
untimely, as it would retard recovery now
because of the penalty involved, would' be
inclined to pay dividends out of surplus earnings instead of using them
to
buy equipment, make necessary repairs and expansions, which would
contribute largely to the revival of the durable goods industries, and reduce
unemployment in those important lines.
This
under
that much money
have been devoted to reducing
is a
until
bonded debt where the indenture
in the interest of their
The railroads, not only
for the workers to force
costs up so high that
that tends to restrict the volume
of traffic.
number of employees at
It also would prevent a carrier
year.
no
it is clearly in the
down.
It
from abandoning and
dismantling
longer needed.
policy for obtaining railway
So long as the present
exert every
level
enacted
the
the
of employment and fix
the maximum required at the busiest time of
would prevent seasonal fluctuations
into law,
facilties
certainly is not best
charges are held at a
The pending bill, if
public interest for railway
transportation prevails,
officials and employees to
service and keeping the expenses
the public interest for everyone else, whether
effort toward improving railway
is
likewise in
shippers or not, to assist the railway
managements to accomplish these ends.
to do anything that
Likewise, it is against the public interest for anyone
will
add,
unnecessarily
to the cost of producing
transportation.
Even
public is concerned with railroad
charges because those charges enter into the cost of
though some persons are not shippers, the
freight and passenger
living of everyone.
On the same day (March 31) J. L. Lancaster, of Dallas,
Texas, President of the Texas & Pacific Railway, appeared
before the committee in opposition to the measure.
He
spoke
from the standpoint
particularly
of the railroads
operating in the southwest, a section of the country, he said,
which is far from complete development and where conditions
in the way of new
enterprises
are
constantly changing, with
In his presentments to
especial reference to the oil fields.
the committee he said:
facilities
of track,
yards, furnished loading and other facilities to take
We have been called upon frequently to
with the striking of new
set
up
terminals and
oil wells.
provide transportation
We have laid miles upon miles
2250
Financial
of the first flush, and then when we have enabled them
to
care
move
Chronicle
their
The
product and have gone to considerable expense in assisting in their
develop¬
is not
ment, pipe lines have been constructed and the railroad facilities
virtually
abandoned.
enterprise
...
We could not have dismantled any of these facilities of
under this bill.
We would have had to provide
who might be affected through this
change, a condition
no
control,
paid them for their unemployment.
or
volition
our own
employment for the
which
over
And
we
men
we
had
railway management in
this
country-—a restriction
agencies with which
just
as
free
hand
a
as
we are
which
is
not
placed
forced to compete.
on
those
transportation
The railroads should have
possible in providing facilities to meet traffic conditions,
fc- The Texas & Pacific Railway has
not spent money on new equipment or
extending its plant simply for the sake of spending it.
The money was
spent because of the changing conditioris and to provide service to meet
the demands that
were being made on us.
Railroad employment is hazardous at the best.
and bad times.
control
no
We have
such
over
our
There
things, and it wo.uld be
a
good times
We have
most serious mistake to fix
by law the number of employees who must be taken
regardless of what might develop.
own
are
peak periods and then depression.
care
of
by the railroads
Railroad managements,
employees, should be permitted to exercise their
as
own
well
as
their
judgment and
ingenuity in meeting these conditions.
a
proper
on
between
expire
June 16 and that this protection would no longer
employees, inasmuch as a voluntary agreement
on
be available to
between the 21 standard railway unions and the carriers has
not been arranged.
From
Washington dispatch March 30 to the New York
a
"Times"
we
our
equipment
Harrison described the Emergency Transportation
Act, which will
expire on June 16, and said that Section 7b was written into the law to
protect the employees so that the number of
employees should "not be
reduced by reason of any action taken pursuant to
the authority of this
act
below
the number
as
shown
during the month of May,
By the
emergency
act,
by the payrolls of employees in serice
results
of unrestricted
Mr.
Gray said that the bill seeks to "freeze employment"
and if enacted into law will
anything that can now be foreseen.
Collective bargainig between employees and railroad man¬
agements has been in effect for many years, Mr. Gray said,
and has been
satisfactory. He referred to an agreement which
became effective on Jan. 1, 1936, between the
management
of the Union Pacific System and certain
employees in account¬
ing departments effected by the consolidation of various
subsidiaries.
This agreement was mutually satisfactory to
both sides, according to Mr.
Gray.
Mr. Downs told the committee that the bill, if enacted into
law, would tend to strangle the railroad industry of this
country. From his testimony we quote:
the railroads of this country
have percussions beyond
lation.
employment losses.
contracts of
He described
in consolidations.
Mr. Harrison declared, consolidations of
railway facilities
"completely wiped out."
Ample precedents exist for protection of employees in the case of mergers
consolidations, Mr. Harrison contended.
In this connection he cited
and
British
Railway Act of 1921, which guaranteed to railway workers
by amalgamations "a degree of protection which goes far beyond
anything thus far done in the United States."
affected
A further extract from the
same
dispatch to the "Times"
follows:
Explaining that railway jobs in 1935
were
down to
970,000,
compared
with 2,000,000 in 1920, with employee
compensation down to $1,400,000,000
$3,682,000,000,
Mr.
Harrison
said
1920 railway traffic practically remained
stationary.
ning in 1922, railway investment
more
was
that
beginning with
Nevertheless, begin¬
increased and Class I roads, with
such
$25,000,000,000 in 1930, while they had dropped
employees in the decade ending with 1930.
a
362,000
critized
the "suicidal" effect of
railway financial methods resulting from the steadily
increasing interest burden over a period when heavy dividends were
being
paid out to railway stockholders.
The compensation of 2,000,000
railway employees in 1920, according to
Mr. Harrison, was
$3,682,000,000, and the number of railway employees
in 1933 was 971,000, a decline of more than
50%, with the compensation
in 1933 placed at $1,404,000,000, a decline of
more
than 60% from
1920.^
References to the proposed legislation
appeared in these
columns March 14, pages 1732 and
1740, and March
21,
1910.
Testimony in opposition to the bill was concluded before
the House Committee on
April 1, when those heard were
L. A. Downs of Chicago, President of the Illinois
Central;
Carl R. Gray of Omaha,
Nebraska, President of the Union
Pacific System; and R. V. Fletcher, General Counsel of the
Association of American Railroads.
Mr. Fletcher declared
that "in the enactment of this bill
you are handicapping and
straightjacketing the railroads and
restrictions
on
their competitors."
not
placing
any
such
Commission.
legislation then which
needed
Mr.
is not
a
discharge of government employees whether they
are
not.
or
Gray in stating before the committee that the bill
proper subject for legislation but is one which should
be left to the formulation of an
agreement between
and managements; added in
employees
part:
The bill does not have the
restrictions
on
same
situation
mean
that
no
reason
back of it that brought about
the railroad managements In
respect to labor found in the
Emergency Transportation Act.
new
that is fixed and
It introduces into the railroad situation
arbitrary.
detail of management is left.
employment with their employees.
difficulty of reducing such forces when the
Downs also said that
the bill
"would
cause
for
produce undesirable contro¬
versies between municipalities and the railroads where the political factor
actual
prevention of needed economies."
Disadvantages
to Employees by Reason of Proposed
Federal Tax on Undistributed Corporation Profits
Seen by
Guaranty Trust Co. of New York—Declares
Accumulation of Surpluses Tends Not Only to Pro¬
vide for Industrial
Expansion, but for Maintaining
Employment in Periods of Depression
"The plan for Federal tax revision recently submitted to
Congress by President Roosevelt emphasizes once more the
increasing gravity of the present and prospective tax burden
on
Co.
the people of the United States," says the Guaranty Trust
of New York in the current issue of "The Guaranty
Survey," its monthly review of business and financial con¬
in this country and abroad, published
March 30.
The "Survey" points out that because the
average industrial,
ditions
commercial
in
direct
agricultural employee pays little or nothing
it is too often assumed that he is not a
or
taxes,
substantial contributor to the cost of government.
It adds
"if workers in general realized how far this assump¬
tion is from the truth, they would be less complacent in
that
the face of the rising tide of taxation and
part, the "Survey" also
"Like
other
most
taxes
corporation
profits
A heavy tax
capital
If enacted into law it
for
their
ability
to
a
would
business, the proposed
have
eventually
In
levy
on
unfortunate
undistributed
for
consequences
undistributed earnings would certainly tend to
of surpluses, which serve not only to provide
on
expansion
but
destructive
the
to
public debt."
says:
on
would
industrial
corporations
also
effects
maintain dividends
to
of
and
strengthen
depression
provide
the
and
resistance
thus
during
employment
of
enhance
to
such
periods.
is
It
well
payrolls
known
that
companies have kept
many
employees
on
their
during
the recent years of depression when it would not have
if immediate profit had been the only consideration or if the
financial position of the companies had not been
strong enough to bear the
burden.
It is equally clear that, without the aid of accumulated1
surpluses,
been possible
other
many
workers,
companies would have
consequently, would
been
forced
have been
out
without
of
business, and their
employment.
The greater
stability of dividends that is made possible by accumulated
surpluses benefits the workers indirectly by sustaining the purchasing power
stockholders, thus cushioning the effects of depression on the demand
of
for
goods
and
services
recently published by
the five years from
their
existing
maintain
and,
the
hence,
payments
to
on
the
demand
for
labor.
Department of Commerce indicate
the
to
extent
workers,
Estimates
that,
during
inclusive, business enterprises drew upon
1930 to 1934,
resources
of
creditors
than
more
and
$26,600,000,000
It
owners.
goes
to
without
saying that these payments constituted
a stabilizing influence of tremendous
and that they would have been impossible if surpluses had not
in earlier years.
importance,
been built up
Finally,
If you enact this law
stating that the number of railroad employees cannot
be reduced you might as well be consistent and
enact
would prohibit the
it is an
rights of the railroad employers to make
would be predominant, and would result in
long delays, if not the
the
periods by
the
He further said:
This bill not only regulates the reduction of
employment on the railroads,
but it also concerns the question of facilities and
equipment, none of which
could be disturbed or dismantled without
approval by the Interstate Com¬
merce
It is of the nature of class legislation and
owners.
discourage the accumulation
the "top-heavy capital structure" of the roads
for the condition the carriers find themselves in at this time.
He spoke of
page
bureaucracy where managerial discretion should
a
unreasonable and arbitrary invasion of the property rights
employees.
Capital Structure "Top-Heavy"
Harrison
an
temporary activity ceased.
Mr.
than $20,000,000,000 in 1920, had an investment
of more than
Mr.
enough to rehabilitate
earn
The present bill tends to strangu¬
This bill, if enacted, would react
against the employees as well as the
public in that it would inevitably result in managements refraining from
engaging in any activity which would necessitate temporary increased
Harrison filed six exhibits which he said showed
meant that whole towns and communities were
total investment of
chance to
a
fair terms.
on
unwarranted interference with the
Financial Effects Shown
with
It is
of the railroad
typical losses suffered by employees and also savings realized
by the carriers
compared
It substitutes
control.
through property and tax losses and impoverish¬
the
be given
and modernize their plant to the point where
they can compete with other
forms of transportation
of railways, pointing out that
lost their homes and life savings, while
entire communities suffered
some cases,
distrubed
or
on
ment of merchants.
In
make any
even
Harrison, Congress realized the need
mergers
Mr.
There will be no
We could not
facilities, if those changes affected
Mr.
consolidations
employees displaced by the
For the record,
enacted into law.
or
1933.
said
for protection of labor against further
the
their employees
and
the employees, without first
getting permission for the ICO.
forces because of the
quote:
Mr.
management
constantly arising with the changing swings in traffic.
change in
The railroads should
Speaking in support of the Wheeler-Crosser bill before the
Committee on March 30, George M. Harrison,
Chairman of the Railway Labor Executives
Association,
pointed out the Emergency Transportation Act of 1933 will
House
railroad
subject for law.
It removes the last vestige of initiative and
the part of management to meet situations and conditions
flexibility left if this bill is
could not have
done that for any length of time and
kept ahead of the sheriff.
This bill places an unwarranted restriction on
April 4 1936
relationship
swift
industrial
expansion
that
is
permitted
over
of
"plowing back" earnings not only creates
opportunities for employment but raises the productivity of labor
increases wage rates.
process
.
The
rate
clothing,
the business
of
real
new
and
.
economic welfare of the
position of
high
.
long
that
employee depends primarily
employs him and
wages—that
is,
shelter, and the other
of
in
on the earning
ability to return a
its
expressed
wages
elements
on
the
in
of
cost
terms
living.
of
food,
Even
if
excessive costs of government do not reduce the level of
money wages, their
effects on the employee's standard of
living are exactly the same when they
raise the
the
of
result
prices of the commodities and services that he must buy.
subject realize that the
partly
low
standards
of
living in
some
Students
countries
from the costs of
government and are endeavoring to deter¬
whether the rising costs in this
country constitute a threat to the
relatively high standard of living that has prevailed here in the past.
mine
If
the workers of
the United
the consuming public, as well
aware
be set
has
of
their true
in
motion
interest
to correct the
developed in recent
years.
States,
as
in
of
who
constitute
the voting public,
the
great
could be
mass
of
made fully
governmental economy, a great
force would
tendency toward fiscal irresponsibility that
After all that
has
been
and
can
be done
to
is
burden borne by the
relative share of the total
increase the
it
well-to-do,
of the people who, in the nature of things, must
to pay the bill.
The burden is too great to be borne by a few,
their financial position may be.
If every commodity purchased
the
great
continue
whatever
mass
could bear upon its face a note stating
the amount of the total charge representing taxes paid at one point or
another in the process of production and distribution, public opinion would
quickly force a reversal of present fiscal tendencies.
and
bill received by a worker
every
2251
Financial Chronicle
Volume 142
ments, then fixed
maintained in the pivotal
Group life insurance,
medical care and some form
of pen¬
plan are included in the typical personnel program of
American business establishments, according to a report on
sion
working conditions
issued by the Na¬
tional Industrial Conference Board.
This survey of the
policies of 2,452 companies with over 4,500,000 employees
voluntary activities for improvement of
in American business concerns recently
that
indicates
promoting the eco¬
for
activities
company
security of employees and contributing to their wellbeing are prevalent in all fields of business enterprise, the
Conference Board said in an announcement issued March 26.
nomic
It added:
To
prevalence of various personnel policies, the Board has
or "average" industrial relations program, which
in effect in companies employing 50% or more of the
depict the
constructed
"composite"
a
activities
includes
number
total
by
covered
employees
of
the
investigation.
This typical
includes:
A policy of centralized hiring, transfer and discharge which
favoritism and permits employees to be moved about when not
program
their
regular departments, thereby prolonging
Assignment to an individual
eliminates
needed in
their employment.
department of special responsibility for
or
personnel administration.
Negotiation with the management by part or all
States in recent years,
a
of the employees through
plan of employee representation.
including organized first aid work, a company
medical program,
A
pensary
hospital, a full- or part-time physician, a company nurse,
or
dis¬
and'
physical examinations.
An organized safety program.
An
organized training program for the
systematic training of one or more
types of employees.
form of sports program,
Some
ing
which
may
be simple or elaborate, depend¬
publication for employees
service of
some
kind, such
as
a
cafeteria, lunch counter, or
trucks
plan which permits employees to
borrow money from the company
small payroll
emergencies, the loans usually being repaid through
meet
deductions.
A
through
help them
by the em¬
life insurance policy for dependents of employees to
group
of readjustment made necessary
difficult period
the
ployee's death.
finally,
And,
and
in
limited
some
its
This plan may be informal
long-service employees who are
form of pension plan.
application
to
few
a
completely without other means of support, or it may
be a comprehensive,
whereby, through joint contributions, em¬
ployees, with the assistance of management, are building up annuities which
will be payable when they reach retirement age.
actuarially
pension
sound
plan
George L. Harrison of New York Federal Reserve Bank
Urges Leading Countries to Stabilize Currencies—
Says This Is Best Way of Achieving International
Stabilization—Declares Sound Domestic Banking
Structure
Depends
System
#
Well
as
as
on
Strong Commercial Banking
Strong Central Bank
The specific responsibility for international monetary sta¬
bility rests primarily with Governments, George L. Harrison,
President of the Federal Reserve Bank of New York, said at
the semi-annual dinner meeting of the Academy of Political
Scienqe in New York City on April 2. Speaking on "Some
Stability," Mr. Harrison warned
present world-wide political uncertainties, un¬
balanced budgets and spending for relief and armaments,
definite world currency stabilization by international agree¬
ment is unlikely.
Nevertheless, he said, the progress of re¬
covery since
the middle of 1932 is creating underlying
economic conditions which make international monetary
Essentials
that
of
This
more
was
until some of
speech made by Mr. Harrison in several
While admitting that world-wide currency stabiliza¬
improbable in the near future, he said that best re¬
sults could be attained by stabilizing the currencies of a
few leading countries, rather than seeking the same goal for
all Nations.
With regard to domestic conditions, he said that
a sound banking structure depends on a strong commercial
banking system as well as a strong central bank. He advo¬
cated the segregation of saving and commercial banking.
With regard to the need for stabilizing currencies of lead¬
ing countries, Mr. Harrison said in part:
years.
tion is
We
are
world as an abstraction, as something apart
If we get beyond this, we are apt to
consisting of some 60 countries, all mutually and more or less
apt to think of the
from the countries that make it up.
think of it
as
equally interacting upon each other.
of the world
spheres.
as
It is perhaps nearer to reality to think
countries and their economic
consisting of a few pivotal
What happens to the
pens to these
pivotal countries.
to conclude that the money
world depends primarily upon what hap¬
From this point of view is it not
reasonable
question is mainly one of the impact of
monetary conditions in these
internal
few countries upon the remainder of the world ?
stability at home, coupled per¬
If these countries could preserve monetary
haps with
some
safeguards against excesses of
The System,
have been modified or repealed.
commercial banking system which collapsed under
1933, has been safeguarded in various respects.
have expired or
So, also, our
the strain
After the
were per¬
the bank¬
of 1931, 1932 and
1933, only those banks believed to be sound
so that many weak banks were eliminated from
banking holiday of
mitted to reopen,
the
Furthermore, a large number of banks have since joined
and are now under some form of national super¬
System or the Federal Deposit Insurance
Corporation.
The capital structure of under-capitalized banks has been
restored through private subscriptions and through the Reconstruction
ing structure.
Federal, Reserve System
vision through
the Federal Reserve
■<
Finance Corporation.
entirely adequate banking
structure, Mr. Harrison said, until there can be developed a
more unified commercial banking system with greater con¬
centration of authority and responsibility.
He added:
This implies a"greater uniformity of banking laws between the different
This country
will not have an
states and the Federal govern¬
consistency and effectiveness of
banking supervision, responsibility for which is now divided among too
many agencies.
It implies the necessity of improving the general character
of bank management through the development of some more liberal system
of branch banking within appropriate areas.
It implies some satisfactory
disposition of the knotty problem of separating the commercial banking
function from the savings banking function.
The combination of these two
functions in the same institution has been one of the apparent causes of our
banking troubles of the past.
Lastly, it implies the ultimate necessity of
bringing all the commercial banks of the country into the Federal Reserve
states, on the one
hand, and between the
the other.
on
It implies greater
Leon Fraser Sees
international capital move¬
Supple Organ Than
President of Bank for
Declares Italy Had
Before Invading Ethiopia
Necessity of More
League of Nations—Former
International
Settlements
Tried Other Solutions
f Declaring that Italy had persistently tried other
of "her acute unemployment problem" before
solutions
invading
for
Ethiopia, Leon Fraser, former President of the Bank
International Settlements, in an address delivered in Schenec¬
asserted that "if we are to have an
must have an organ
more supple than the League of Nations in times of peace."
Mr. Fraser, who is now Vice-President of the First National
Bank of New York, spoke before the students and faculty
of Union College, of which he is a trustee.
A Schnectady
dispatch to the New York "Times" quoted the speaker as
tady, N. Y. on March 28,
international community of nations, we
\
follows:
|l Mr. Fraser said Italy defied the League because she believed the League
to be standing "on the false promise of maintaining the status quo among
nationas rather than recognizing the need for progressive action whenever
conditions critically altered the internal affairs of these nations."
Italy,
he said, is convinced that the League is dominated by the "haves." who
"no" to the "have-nots."
.
.
he emphasized he was not defending Italy's action, Mr.
Fraser urged, "those who cherish the liberal spirit" to recognize the facts
that led Italy to go into Ethiopia "and thus understand what has happened."
The facts, he said, are these: Italy has not enough land for her population.
Her solution has been to send out annually about 500,000 Italians to settle
in North or South America.
When suddenly the United States and her
southern neighbors drastically reduced their quotas of Italian immigrants,
always say
•
Although
Italy had no other
place to which to send her
surplus population.
Italy's Exports Blocked
W Italy then tried to increase her export
trade.
After three years of in¬
the nations in which her markets were located developed
system of limiting imports, placing Italy in an even worse economic plight.
In the meantime Italy's Ministers were trying to obtain colonial recog¬
creasing business,
a
nition at every
or
international conference, but in each
in
instance Great Britain,
great power, blocked the petition.
"resorted to a historical precedent and found a legal
with England, published in London," which granted
sometimes another
Finally, Italy
feasible.
the first
increased powers.
itself assume final or full responsibility, at least not
the emergency laws dealing with monetary and credit matters
Monetary
with
stability
strengthened our
Federal Reserve System additional
therefore, cannot of
management, which provides weekly benefit for members
incapacitated by sickness.
A loan
amended and, I believe,
mechanism by giving the
governmental agencies also have
other
through the plant and from which employees may purchase food.
A mutual benefit association—an organization sponsored by the employees
to
he said:
particulars we have
such as the powers to fix margin requirements and
to change reserve requirements.
The exercise of these powers will call for
wise judgment and courage.
It must be admitted, however, that even
though the powers of the Reserve System for dealing with credit problems
have been increased, they are not complete in themselves partly because
which go
but often aided by
Harrison asserted.
banking structure of the United
to keep them informed about company and
local affairs.
Food
be made a substitute for a
System.'
the local situation.
on
A
developed and
.
of credit control,
powers
ment,
proper
,
banking system, Mr.
Summarizing changes in the
In certain
would provide a means of im¬
world the stabilizing influences
countries.
No central banking system can
sound, commercial
central banking
Employers in All Fields of Enterprise Adopting Pro¬
grams of Economic Security for Workers—Report
of National Industrial Conference Board
exchanges and gold flow
parting to the rest of the
an
old treaty
basis
her a
Italy believed that her self-preservation lay in finding
population and exports. She therefore felt
compelled to "legally seize her part of Ethiopia, the same as other nations
had done elsewhere before her."
Mr. Fraser addressed the class in banking and finance on "Stabilization
of Foreign Exchange," following his public address at Memorial Chapel.
part of
such
Ethiopia.
an
outlet for her excess
Economic
cussed
Recovery and Monetary Stabilization Dis¬
Before Academy of Political Science—Re-
marks of Leon
Aldrich,
Fraser, E. A. Goldenweiser,
George B. Roberts,
Important discussions on
W. W.
Etc.
the subject of "Economic Re¬
Monetary Stabilization," came before the
Academy of Political Science at its semi-annual meeting held
at the Hotel Astor in New York City on April 2.
In the case
of some of the speakers, viz, Adolph C. Miller, George L.
Harrison and Russell C. Leffingwell, we give elsewhere in
this issue, extended remarks from their addresses.
To
quote from the New York "Journal of Commerce" of April 3,
Winthrop W. Aldrich, Chairman of the Board of the Chase
covery
and
2252
Financial
National Bank, who presided and introduced the
speakers,
in commenting on one of the addresses
delivered, said that
he personally believed, and he believed it to be the
view of
other
bankers, that the Federal Reserve Board would have
the courage to raise the excess reserve
requirements at the
time when a real boom in business arrives.
In part the same
account said:
,
Ralph Robey, writer
that Mr. Aldrich had indicated.
Emanuel A.
Goldenweiser,
Director of Research and Statistics for the
"The powers that the Central
Banking Authority has, are not sufficient
they
are
completely co-ordinated with the
powers
of the fiscal authorities," he said.
the National
continuation of the
a
City Bank, sounded
Government's silver
purchasing
policy, which he said will increase the instability of the value of the metal.
"The silver buying by the
Government by forcing abnormal price ad¬
vances," Mr. Roberts said, "converted India and China into exporters of
the white metal, whereas their
imports had been the chief support; of the
silver market."
Mr. Roberts' remarks were further referred to
in the "Wall Street Journal":
"The silver
purchase program must be
George B. Roberts.
acknowledged
a
follows
as
It has discouraged rather than encouraged its use."
Treasury purchases of the metal under the Silver Purchase Act have de¬
when the program started, we still do not have the
required
amount of the metal.
was
Summarizing the effects of the
advance in
the
price had
Mr. Roberts said:
program
completely upset normal supply
The arbitrary
and
demand
prices had been responsible for accum.ulation of new stocks of
silver in the hands of governments, the eventual
disposal of which is a mat¬
ter of concern.
Among the effects of the
policy
on
the United States, he
the weakening of the monetary base by
adding a stock of metal
which in time of stress is
likely to be an unavailable asset.
At $1.29 an
was
ounce
silver, he pointed out, is itself
properly constitute
rests upon
a
stability of
our currency
gold stocks alone.
depends
reformed gold standard."
on
a
In this connection
the "Times"
added, he maintained that return to a world
economic stability requires deliberate direction and con¬
tinuous cooperation between monetary authorities of the
principal countries, "especially our own." In the "Times"
it
was
likewise stated:
Mr. Fraser reminded his hearers that last March
Secretary of State Hull
announced when the world is
Washington will
resolves
itself
ready to seek foreign exchange stabilization
not be an obstacle.
to
He said the
between
arrangements
Great
crux
of the whole problem
Britain and
its
principal
partners in the sterling area, "ourselves and the gold bloc."
He cited various reasons why Great Britain has been slow in the inter¬
national stabilization movement.
on
He said the United States will be called
to make contributions to the restoration
effective working "of the
asked
to
join
the
new
Bank
of confidence and
gold standard."
International
for
English-speaking world into
accord in
an
a
determination and
only for their
own
en¬
currencies but for at least those of aU the larger coun¬
events will show to be
course of subsequent
truly adjusted to economic conditions and circum¬
stances.
7 'V.\ 'T.:
•.
The
gold standard of the future, Mr. Miller
have much less of 4'an automatic,
self-regulating
about it than that of the last
century, because the
world in which it will operate will also have
very
of a competitive and
self-adjusting character."
"v"
said, will
character
economic
much less
He con¬
That
the
gold standard
be recreated
can
into
institution
an
of both
national and
international monetary and economic service; that the gold
standard of the 20th Century, when it
finally takes shape and is given the
support both of the peoples and the governments of the world, will again
become a great institution not only of
monetary certainty and safety but
also of financial order and economic
stability, and again give to the world
a much-needed spirit of
community of interest and responsibility I do not
doubt.
That is why I am for the return to gold as the
only secure founda¬
tion
which to rebuild the monetary systems of the future.
on
The time
hesitation
has come to
and
Government
now
be
awaits
end the period of monetary experimentation and
begin the work of monetary reconstruction.
Our own
has recently
spoken;
we
ready to proceed.
are
sign from Great Britain.
a
for
open
to
The world
When she has spoken the way will
the rebuilding of the old gold standard
system into
a
20tb
Century institution.
Russell
Leffingwell Warns of Abuse of Government
Academy of Political Science that
Lavish Spending Is Only Justified
by Emergency—
Credit—Tells
Urges Establishment of Civil Service
Government policies during the last three years have ended
deflation, brought about partial recovery, achieved monetary
stabilization and provided necessary relief, Russell
Leffing¬
well of J. P. Morgan & Co. said on
April 2, in his introduc¬
tory remarks before the semi-annual meeting of the Academy
of Political Science in New York
City.
Mr. Leffingwell
warned, however, that while the use of Government credit
is justified in an emergency, its abuse constitutes a
grave
danger.
"The great peril which confronts us today as a
people," he said, "is that we may learn to abuse the
ment credit after the emergency need has
passed."
Mr.
"in
Leffingwell pointed out that the public debt has al¬
the beginning of the depression.
He
doubled since
most
toward the
order
The credit of the United States and the resources of the American
people
great that the financial risks involved
are so
to
co¬
operating and preserving the reformed gold standard, and
of mounting public debt quite remote.
is still
so
seem even now
gives
public borrowing.
forming drugs to be used sparingly and in
an
them must be discontinued
possible
"The difficult goal of monetary stabilization is not an end in itself," Mr.
Fraser said.
"It is but an instrumentality to complete that economic recov¬
floating currencies, whatever
But cheap money and
as
after five years
And the easy money policy, which
for economic recovery,
necessary
of continuously studying
changing developments so that the application of
The experiment of
Govern¬
continued:
that standard may be modified as experience shall
prove desirable."
ery which is on the march.
an
tries, may be ascertained and established, which the
He said this country will be
Settlements
operate most efficiently and easily with the other monetary authorities in
the joint task of
as¬
con¬
deavor to further monetary stabilization
by preparing and testing the ground
that when the moment for restoration will have arrived
gold parities,
National Bank of New York according to the New York
"Times" declared economic world recovery
a
appreciably
us
complete and
The problem is now mainly one of
bringing the two great countries of
the
Leon Fraser, former President of the Bank for Interna¬
tional Settlements, and now Vice-President of the First
"return to
a
leading countries be
credit currency and therefore cannot
In the final analysis
reserve.
principal currencies and has brought
templated and prepared for and eventually attained through the return to
gold in some form suited to the circumstances of the world today.
balance; and had increased production; the demonetization of silver resulting
from high
said,
two
cluded:
moralized world silver markets, he continued, and, with the
price back about
where it
world's
the day when de facto stabilization may end and
nearer
failure," said
It has given silver neither stability nor permanent en¬
hancement of value.
Considerable progress has already been made toward the stabilization
of the
not
Hits Silver Policy
warning against
added:
so
George H. Roberts, Vice-President of
a
monetary restoration through
the gold standard could
accomplish economic restoration.
Economic
restoration
precede monetary restoration, he declared, or at least
they must proceed coincidentally.
The attitude of Great
Britain will be most important in
judging when conditions
are propitious for
the return to gold, he continued.
He
sured stabilization of the currencies of the world's
Federal Reserve Board, told the
meeting that the only safeguard against
depressions in the future lies in the prevention of inflation.
to control expansion unless
April 4 1936
must
economics, who replaced
on
on the program Prof.
Neil Carothers of Lehigh
University, who was absent through illness, took
the opposite view and said he did not believe that the
Reserve Board would
act in the way
Chronicle
promptly
an
artificial facility to
mounting public debt
a
as
emergency only.
or,
habituse
of
first, they lose their
stimulating effect and, then, become severely depressant.
of the public debt in a crisis is to be applauded.
are
The
Emergency
Its abuse becomes
use
a menace.
its passing justification and
temporary advantages, has reached the point
Once let the impression arise that
of
these drugs and its credit goes, and along with it the value of its
money.
Then inflation sets in. And there is no deflation so
complete and
diminishing returns.
more
prosperous,
If
we
happiness
wish to
more
see
unemployment reduced, business
general, opportunity more widespread,
world trade revived and nationalism less
rampant, then we wish to see the
restoration of
a
determining
factor in the expanding prosperity of the nineteenth century.
a
stable monetary
In the "Times" it
was
mechanism, the existence of which
was so
"muddle" because there
each representing a different
objective, with
of the three objectives is
preferable.
of the price level,
a
are
three schools of thought,
general indecision
as
to which
He said the objectives were—stability
stability of the interest rate and stability of international
exchanges.
It should be recognized, he said,
terms of
of these objectives presupposes instability in terms of the othe
one
devastating
as
that which
buying
power
when government credit is
comes
of
money.
flationary thing that
can
That
is
happen to
another
a
vanishing, and with it the
paradox—that
people is
the
a paper money
most
de¬
inflation.
Mr.
also stated:
Robert Warren, economist for Case Pomeroy & Co., said
thought about
world money is in a
Government has become addicted to
a
that stability of money in
two.
Leffingwell in his address described sound and stable
as "the handmaid of recovery, not
the master,"
adding:
money
"If
weare
to have sound and stable money we must have
peace in the world
—between nations and within nations.
We must have freer trade in the
world—between nations and within nations.
And
we must
have budgetary
equilibrium."
Mr.
Leffingwell pointed out that "a Government cannot
budget by increasing the tax rates to be imposed
declining incomes." He went on to say:
balance its
Return
to Gold Standard
Depends upon British Atti¬
tude, Adolph C. Miller Declares—Tells Academy of
Political
Science
Economic
Necessary—But Says Time
Monetary Experimentation
Restoration
Has
Come
Is
to
First
End
The way to monetary restoration and
stability depends
upon a return to the gold standard, Adolph C. Miller, mem¬
ber or the Federal Reserve Board from 1914 to
1936, declared
in
an
York
as
it
address before the
City
was
what he
years
on
April 2.
Academy of Political Science in New
Mr. Miller reviewed the gold standard
developed during the 19th Century and discussed
termed its premature re-establishment
during the
1925 to. 1928.
He declared that the "mistake" of the
premature restoration of the gold standard which was made
10 years ago must not be
repeated, since this might easily
prove a
The
tragic economic disaster for the whole world.
mistake
in
the
premature
restoration
standard after the war, Mr. Miller
said, was in
of
the
upon
No
more
than
thinking that
railroad balance its budget by
increasing the rates it
a declining volume of business.
De¬
flationary fiscal and monetary policies reduce incomes and increase the bur¬
dens thrown upon the State for relief and public welfare.
that seeks to balance its budget by
burns the candle at both
income.
find
a
Thus the State
deflationary policies defeats its object,
ends, increases its expenditures and reduces its
If there be
any among us inclined to oversimplify the problem, to
happy solution by simply saying "balance the budget," let him bear
A government cannot balance its budget by edict.
in mind this paradox.
It cannot
extract
blood from
a
stone
gain
nor
revenues
by deflating the
national economy.
Danger of Dear Money Policy
Low rates of interest must be maintained
by Treasury policy and Federal
Reserve policy if there is to be
recovery and
ture effort to make money
balanced budget.
a
Any
prema¬
dear, in apprehension and in anticipation of
an
inflation which does not exist, will defeat its
covery,
own purpose by
retarding re¬
increasing unemployment, reducing income and increasing the need
of government
gold
can a
charges for transportation against
belief.
A
private business
man
may,
if unrestrained by
motives of kindliness and good-will and social
obligation, hire and fire
pleases, raise prices and reduce expenses, curtail his business,
or
as
he
wind it
Financial
Volume 142
Government cannot do that.
Government is the
and all the failures of all of us. Govern¬
ment must keep itself going and keep its people going too.
Government
can balance its budget only by enriching its people, not by impoverishing
up
if it runs at a loss.
residuary legatee of all the successes
them.
placed in the Department of Labor.
We
reward for the
individual, too little as an opportunity to serve the public.
The American
people are entitled to something better in the field of public service than the
spoils system or the laboratory system.
Public service ought not any longer
to be regarded as a reward for political service, for campaign contributions,
as a field to teach ignoramuses the public business nor for theorists to experi¬
ment in.
We do not wish to be guinea pigs for laboratory experiments by
The American is too often a
jack of all trades and master of none.
think of the public service as an honor or a
too prone to
freshmen students of Government
and political science.
functions call out
and the labora¬
tory system and the substitution of a trained permanent civil service of men
immune from political attack, immune from political removal, devoting
their lives to the public welfare.
The upper levels of the civil service of the
United States should be made to appeal to the very best of the graduates
of our colleges and law schools and business schools.
Our Government is
political and should be.
That is the nature of democratic institutions. The
President and his cabinet and one political undersecretary should rule eacn
The increasing power
above everything else
department.
civil servants
of Government and its enlarged
for the abolition of the spoils system
The remaining officers and employees should be permanent
trained to their tasks from the highest to the lowest and
honored in accordance with their co^netence.
by Chamber of
Opposition
Commerce to Healey Bill
Fix Wage and
Permitting Federal Government to
Hour Conditions on Its Contracts
proposed legislation, Harper Sibley, President
the
of the
Chamber, said:
has declared invalid
the delegation to the
Secretary of Labor contained in this bill.
Moreover, the language used in
the prevailing opinion invalidating the Agricultural Adjustment Act would
seem to apply to the proposal in this bill to use Federal contracts to obtain
in the processes of production compliance with Federal regulations.
In
that opinion, the AAA was called a scheme for purchasing with Federal funds
submission to Federal regulation of a subject reserved to the States.
Aside from legal considerations, there are many practical objections to
the legislation.
The processes of production of materials and articles are
such that a plant cannot, under the conditions of modern industry, follow
one set of hours and one set of wages in turning out articles for delivery
under a Governm ent contract and another set of hours and wages for pro¬
duction of like articles in the same plants.
Bringing under Federal regula¬
tion plants with contracts would place such plants at a disadvantage in
their competition in the market with plants that do not have contracts and
The Supreme
Court on several important occasions
delegations of legislative power less pronounced than
These consequences would be
proper
but for their sub-contractors and
suppliers.
staff,
the function of fixing equitable wage scales and
plants in different parts of the country and in
perform
hours of work for
of different size,
communities
emphasized, not only
produced, it should be
No Government agency, however large
could adequately
with
Supreme Court, in a unanimous
and however competent its
varying conditions.
In¬
Exchange—Regards Soil Con¬
as Holding "Wonderful Pos¬
Building Up South
Act of 1936
servation
sibilities" of
According to Alston H. Garside, Economist of the New
York Cotton Exchange, if the government adopts a scientific
soil-building program under the new Soil Conservation Law
applies it boldly to cotton growing, leaving it to growers
produce crops approaching in size those formerly grown,
American cotton to world
and
to
by price-supporting loans, the cotton-growing inindustry of this country, and the South generally, will head
markets
for
unprecedented prosperity.
were expressed by Mr. Garside in an address
before the Atlantic Cotton Association at Greenville, S. C.
These views
April 3. Reviewing governm ent activities in cotton since
organization of the Farm Board seven years ago, Mr.
Garside declared that the developm ents in the cotton trade
and the course of cotton prices since that tim e have demon¬
strated that governm .ent price-supporting loans and drastic
curtailment of
production under government leadership
ultim ately hurt rather than benefit the cotton growers,
besides bringing heavy losses to the governm ent.
Pointing
out many adverse changes in the Am erican cotton trade in
the last seven years, he conceded that these should not be
attributed entirely to the cotton policies and cotton programs
on
the
pursued by the government, but he said that, nevertheless,
those policies and programs have been a major factor in
bringing about such changes.
Mr. Garside quoted findings by the Brookings Institution
of Washington, D. C., and data contained in reports issued
by the Departm ent of Agriculture to confirm the statement
ment benefit
He cited data in reports by the Department of
Agriculture to support the assertion that the price-supporting
policies of this country have been a major factor in bringing
about the large increase in cotton acreage and cotton pro¬
duction abroad.
After giving extensive statistical data to
indicate the changes that have taken place in the cotton trade
in the last seven years, he said in part:
programs.
Lending operations
have resulted in
huge accumulations of cotton by the government.
Curtailment of pro¬
duction of cotton in
this country under the AAA has been followed im¬
in
These changes may be summarized
a
few sentences.
by the Farm BoaVd and Commodity Credit Corporation
abroad.
As supplies
reduced, partly by
curtailment of production and partly by the withholding of supplies in
government-financed stocks, and as supplies of foreign cottons have in¬
creased, world spinners have switched from American to foreign cottons so
heavily that they are completely absorbing the enlarged supplies of the
mediately by
of American
large increase in cotton production
a
merchandising channels have been
cotton
foreign staples.
After two years
of drastic curtailment of production, designed to
of production in this
opportunities, could
of a large part of the
eliminate
the beginning
consumption by the
The carryover at the end of this
surplus supplies, the world carryover of American cotton at
of this
season
twice
was
as
large in terms of weeks'
season
will show
a
than it
was
seven
has increased
of normal.
commodities today
sharp reduction, but it will still be far in e .cess
The price of cotton is far
lower relative to prices of other
years ago.
Although the income of the cotton growers
considerably from the low point of the middle of the
depression,
it is still far below that in the 1928-29 season.
Now, what
are
industry and cotton trade, as to the
of the United States government to
control the world price for cotton,
to the effects of efforts by the government
as
that
ability
and
the conclusions to be drawn from all these changes
have taken place in the cotton
"Any movement toward the establishment of rules
country, with its many different climates and
only be at the sacrifice of the peculiar advantages
localities in it, if not of every one of them."
exclusive of govern¬
larger under the
payments, has not been any
production curtailm ent programs of the Agricultural Adjust¬
ment Administration than it would have been without such
Years ago, the
decision, declared that:
vast
to that end ?
demonstrated that it is
raise the world
price of cotton, either by assisting growers in withholding supplies from
market or by curtailing production of cotton in this country, except to the
extent of a few cents a pound for a very brief period, pending the inevitable
these government activities have
First of all,
utterly beyond the power of the United States Government to
in this bill might
reach, if the machinery ever proved workable, would be directly and easily
removed if contracts were limited to concerns which accept broad responsibil¬
ity.
This would mean that contracts would be limited to concerns which are
found to be using standards not less than those standards which are the aver¬
age standards of good practice in the industry.
Every abuse which
on
Garside, Economist
of New York Cotton
world at the current rate as it was in 1928.
regulation.
do not come under this
contractors
Effect
and
Cotton
in
that the income of many cotton growers,
Opposition to the Healey bill, now pending in Congress,
which would impose arbitrary wage and hour codes upon
those having contracts to supply the Government with goods,
is offered by the Chamber of Commerce of the United States.
Presenting the viewpoint of the Chamber's membership
before the subscom.Trittee of the House Judiciary Committee
for
Activities
dustry Discussed by Alston H.
and if it does not retard the flow of
He added:
caliber.
on
by the Government.
than those fixed
Government
perils which faces the United States,
aside from the disturbance of world affairs and the curtail¬
ment of world trade, Mr. Leffingwell said, is "the threat that
the long established and ever growing habit of treating Uncle
Sam as a sugar daddy will undermine the independence and
self-respect of the American people .and will corrupt the
electorate and their chosen representatives."
Mr. Leffingwell advocated the establishment of a civil
service which would offer a permanent career to men of high
its minimum wages were less
Administration of the act would be
by the Government in invitation for bids, or
One of the greatest
are
2253
Chronicle
all of the elaborate machinery
Shipbuilding and industrial interests opposed the bill at a
hearing on March 20 before the House Judiciary sub-com¬
mittee.
United Press advices on that date from Washington
said:
increase of foreign
acreage
and foreign production.
.
.
.
shown that
world price even
temporarily is by cutting down the American cotton-growing industry and
surrendering a portion of the market for American cotton to foreign pro¬
Secondly, government activities in cotton in recent years have
the only way
ducers.
by which the United States can raise the
...
Thirdly, the movement of the price of cotton during
while
the
the last three years,
government has been bringing about curtailment
of production,
devaluation
Shipbuilders, asserted
slump in employment had been caused by National Recovery Administra¬
tion code provisions for a 36-hour week during 1933-1934.
He said that
private shipyards were willing to observe the 44-hour week on Navy con¬
demonstrates—especially if allowance is made for the effect of
tracts.
all, the growers' net income, since most or all
H. G. Smith, representing
the National Council of
a
.,
Sidney
that
the
Conn., representing a manufacturers
53,000 persons, charged
attempting "by indirection what can not be done con¬
comprising
bill
Hartford,
Cornelius,
E.
association
was
100 factories employing
stitutionally."
Representative Healey's bill is based on a revised version
the measure by Senator David Walsh, Democrat, of
Massachusetts, passed by the Senate last year, according to
United Press accounts from Washington March 2, which
also reported:
The Healey measure would make the restriction permanent instead of
for two years as provided in the Walsh bill, and eliminates a provision of
of
the Senate bill which
Federal
would require that all persons
maximum hours
borrowing money from
for purposes of construction
and minimum wages for laborers.
lending agencies
I* Under the revised bid
no
firm could receive a Government contract if it
if its hours of work exceeded that specified
employed child or convict labor,
work agree to fix
of the dollar—that such temporary increase
be
in the price per pound as may
brought about by such drastic decrease of production as
has effected in these three years is not
added price per
they
have
for
of what the growers gain in
pound, they lose by reduction of the number of
sale.
this country
enough to increase materially, if at
pounds which
...
followed lending opera¬
tions by our government demonstrate that, when a substantial portion of
the American cotton crop is withheld from market, even for a few months,
Fourthly, cotton trade developments which have
price levels, a
foreign growths,
prices. In
by such methods as government loans at or near current
large portion of the market for such withheld cotton is lost to
and the
other
impounded cotton subsequently acts as a depressant to
words,
current
government
loans
price levels that they
consumption
from
American
on
the
to
foreign
American cotton growers of a portion of
With reference to the
the government,
I personally believe
ful possibilities of
American
cotton
crop,
so
near
world
with resultant loss to
affect the price, inevitably transfer
new
cottons,
their market
soil conservation program of
Mr. Garside said:
that the Soil Conservation Act of 1936 holds
building up the South from every
wonder¬
standpoint, for it is
2254
based
in such
Financial
Chronicle
the sound principle of creating the most Invaluable of all assets
on
country as this—a fertile, highly productive soil.
a
ministration
of this law, the principle of
Unemployment
elsewhere,
and it
is
conditions
in
service
will
of effecting continued restriction of the output of cotton; if growers are left
of
reasonably free, in the next few years, to plant acreages which will produce
rate.
nearly approaching the former
more
country; if the cotton
markets and to sell
average
basis, which payments, incidentally, will
handicap under, which
they work
believe, the South will head for
than it has
I
experienced.
ever
because of
serve
as
of
I
and
Dr.J Nicholas Murray
Butler Warns Republicans of
Strong Candidate to Win Presidency—
Columbia President, Returning from Tour of 13
States, Views Election of Senator
Borah
or
Governor Landon as Improbable
Need
If the
of
Republican Party hopes
it must produce
year
and statesmanlike
a
elect a President this
candidate of much higher intellectual
from
five-weeks'
a
States.
during which he visited 13
only aspirants for the Republican
Presidential nomination who he had heard much discussed
were Senator Borah and Governor Alf H. Landon of Kan¬
He declared that Senator Borah's support of unsound
sas.
monetary policies and his opposition to the World Court
made him unacceptable to older Republicans, while the
support of William Randolph Hearst is
an obstacle to the
He added that he found
nomination of Governor Landon.
general liking for the personality of President Roosevelt
and a belief that "he is trying to do the best he can in the
public interest," despite opposition to many of his policies.
Dr. Butler's statement, in part, is given below:
of
There is
a
general liking for the personality of President Franklin
very
a
general belief that he is trying to do the best he
very
and that
Let
paradox
the estimates
hope
us
at
so
any
to
to
these
intense
them
for
the
proposed
These
hard
short-cuts
to
always the
are
longed-for
products of
times, the greater the number
comfort.
Sooner
later
or
the
exercise
of
heretofore
brought about their end.
We do not, I
ourselves greatly about unsound and visionary
concern
affecting
Through
a
the
progress
of
do
not
need
and
Americans.
either
force
American
is
the
ultimate
solution
thousand
the
to
go
Fascism
Any
or
of
problems
certain
years,
of
out
grown
economic
have
laws
race,
spread
impracticable
of
idealism
economic
to
tenets
great
any
such
doctrines
of
mass
reveals
behind them is
power
that
the
countay back to normal conditions has
the
endurance
1
While
strained,
the
the
appeals
is
foreign
to
the
I have not the slightest belief that the American System
any fundamental
change, despite the fact that the move¬
undergoing
mentof
same
specific
the
show, the supporting
may
of
of
consider
to
as
offering
examination
kind
a
far
so
as
System.
tedious.
1
underneath
rugged,
Nation
attempt
the
all
speak
of
periods
and
upon
people are being
our
finds
one
that
have
disturbance.
subject
a
the viewpoint of
express
disheartening!?
suspense
qualities
economic
of
authority
an
millions of
stress
individualistic
other
as
psychology, but I do
and
been
.
patience of
evidence
optimistic
through
to
and
which
the
brought
I
do
not
belongs
to
who has traveled fairly
one
widely throughout the United States in recent months and in so doing has
icome into close contact with
many people in a wide variety of vocations.
I am convinced, through these
contacts, that the self-reliant spirit of
Americans
In
has
the
not
not
changed.
distant
future,
I
believe,
evidence that unemployment is on the
of the steel industry.
The character
will begin
we
to
conclusive
see
I have referred to the upturn
wane.
of the products coming into greater
production indicates that, finally, the durable goods market is
picking up;
steel is moving into construction
lines, beginning with the railroads.
much
The
stronghold of
has
can
condition.
adherents.
many
more
that, whatever the surface
a
Roosevelt and
true
improves
this
...
We
vacation,
Dr. Butler said the
the
as
Communism
already mentioned,
Nicholas Murray Butler, President of Columbia University,
said in a statement issued March 29, following his return
the
than
industries
to
answer
and modern experience fails to show1
that these laws are other than immutable.
They may be twisted and bent
for a time, but
they do not break.
to
character than any
heavy
automatically
the
unemployment statistics
plenty of
are
has
need
depression.
governed
the
here
think
of unemployment and scarcity, out of restricted
the followers of panaceas for correcting depression.
As
who turn
sense
programs
I
pressure
come
times,
believe,
hope for such progress in any other
see no
in
improvement
.
the
people
acute
more
that
industries.
inaccurate
know, there
common
greater and more enduring prosperity
a
.
of
all
hard
offsets to the
tariff system—then,
our
in
far
known
security, and each has
given benefit payments to assist them in building their industry on a
sounder
.
opportunity
we
impounded under government loans; and if, with all of this, cotton growers
are
be found
Out
competitively with foreign growths, instead of being
the
unemployment exaggerate
of production by this
produced is permitted to flow freely into world
so
been
has
If, in the ad¬
soil-conserving and soil-building
is applied scientifically and boldly, and the law is not made merely a means
crops
April 4 1936
been
in
in the public interest, but at the same time there is the most
vigorous opposi¬
tion to many of the public policies with which his name has become iden¬
pent-up
tified and most pronounced criticism of many of those who are
advising
him in official life at Washington.
Of Secretary Hull I heard only good
given
right along through the last six years
goods field, and once the deadlock is broken the
at this time.
spoken, but the
unemployment
the durable
When
1936, I
I
same
asked
be said of his associates in the Cabinet
cannot
President's other
the
among
As
or
advisers.
said
Party, due to its failure to produce constructive
Almost
every
Socialists
one
alike—sharply
having nothing to
say
I spoke—Republicans,
criticized
beyond
the
Republican
vigorous
policies of the present Administration.
was
are
good
as
far
as
and
emphatic
Everywhere I
of
today
the
as
itely how the Republican Party of 1936
proposes to
under
deal with the great
They told
had supported
he
Republicans
had
Bryan
me
that
the Free
on
Silver
issue,
and
the
as
Townsend
Plan,
which
about
is
the
fallacy that has yet been brought forward.
that Mr.
of
the
the fact
Party,
to
tvhich
belong,
is
Landon's strength
largely unknown.
California,
very
rests,
Nevertheless,
I
am
told,
there has
strong opposition to
upon
developed,
there
and
of
in
all
to
his
those inter¬
domestic
problems,
They pointed to his years of
reputation
and
statesmanlike
the most pressing and perhaps
ex¬
we
are
address delivered
at
a
luncheon
in
Philadelphia,
sponsored by the Philadelphia Bond
Club.
on
"All
economic comment upon the causes of our tremendous unem¬
ployment during the most unfavorable stretch of the depres¬
sion," Mr. Gay observed, "had stressed the laggard situation
of the heavy industries."
"The promise is bright that this
he
said,
"will
see
a
marked
improvement
in
this
condition."
And yet the
us
vitally.
immediately involve
problems which
Everyone who is
together will, as I
I
correcting problems growing out
depression is looked for by Mr. Gay as unemployment
From his address
we
have touched
engaged
in
the
this
connection,
several
I
feel
impelled
to
meetings of business
Stock
repeat
men
of
something
late, when I
Exchange.
the
industrial horizon
necessity
for
us
to
and
assume
offer
a
or some
The
powers
your
of
recuperation,
revolutionary
special opportunity.
a
Micawber-like attitude
inherent
vigorous recovery
in
our
own
out of the valleys of depression in the
past.
function of directing new capital into
free
us
.
.
useful,
have
and
an
honorable and inspiring role to
.
con¬
play in America's
destiny.
Depression
Has
Not
Conquered
quote:
Historic
increasing
unemployment since 1933, Charles R. Gay, President of the
Stock Exchange, told the Chamber of
Commerce
at Syracuse, N. Y., at its annual dinner on
March 31.
Speak¬
ing on "The American Spirit," Mr. Gay said that
New York
any com¬
,
prehensive survey of American thought and
aspirations must
be governed and colored
by economic influences.
This con¬
ception of economics, he added, must be
highly individual¬
istic, and must also be regarded both from the
standpoint
of the wage earning
group and the employer group.
The
American heritage, Mr.
Gay said, does not permit surrender
of
ambition
to
look after one's
family and one's self, nor
stop planning for achievement and education
of one's children.
He added, in part:
does
it
ever
Six years of
depression of the
scope and intensity of the one from which
unquestionably brought with them some serious
questions about the solidity of old individualistic
standards.
It is
not
enough to examine history and then to lean
upon a belief that the
we
are
which
emerging
enabled
wilderness has
The end of panaceas for
of
of
There is little danger of the
acceptance of radical ideas
mass of the American people,
despite
well
way
March 27,
life than
keystone
deals
the most
to filling industry's pent up requirements after
six years of deferred replacement demand" was voiced by
Charles R. Gay, President of the New York Stock Exchange,
wanes.
on
have lifted
merce
qualities,
Already Picking Up—As Employ¬
Rises, Sees Panaceas Vanishing
Confidence from "the evidence at hand that
year,"
better
the
R. Gay Sees "American
Heritage" as Bar to
Acceptance of Radical Tenets—New York Stock
Exchange Head Tells Syracuse Chamber of Com¬
Goods Market Is
an
a
by the great
ment
in
for
Charles
Early Conclusive Evidence That Unemployment Is on
Wane Forecast by President Gay of New York
Stock Exchange—Finds Indications That Durable
our
in
no
with
manifest
particularly .in
difficult.
on
of
of
rise
is
structive work,
fact that he
particular to his knowledge of the agricultural problem which is,
our
children
our
ourselves—remains
his candidacy, because of the fact
Republican nominee.
well-established
all
And,
present.
are
At least a dozen different men and women expressed the hope that it
might still be possible to draft former Governor Frank O. Lowden of Illinois
perience,
be
investment
economy,
that he is the whole-hearted choice of William Randolph Hearst.
and make him the
them
not
prospects
You,
the
for
await the event before resuming our inarch to
prosperity.
As I have said before, all the elements and
factors of
economic
national policies by which alone war can be prevented.
Governor
out
discovery
They also pointed to the fact
he professes to
might
could
discussing the work of the New York
But
Borah had uniformly opposed, despite the platform delcarations
Republican
contemplate
best way to cure a
That
opportunities of greatest current significance and with
for the early future are, I suspect, to be found in the
expansion of established enterprises rather than in speculative
undertakings.
We may long for another epochal scientific
racket known
stupendous
job."
,
security markets.
task
good
to
"The
(far afield from matters which
gone
concern
invention to
most
I
like
mention, but it is true in the
individualism—the ambition to have and to
carve
us.
The
uniformly supported every unsound monetary policy which
new
to
have mentioned in
best
had been brought forward from that day to this.
They also pointed to the fact that he had endorsed the
countries
who
has said:
damned
a
mod¬
.
before
1896 and
pointed to
able
life.
that I
was
generally that
say
he had bolted McKinley in
in some
people
Someone
him
and
believe possible
we
drawing capital
see
it, have a
great deal to do with the reduction of unemployment and the
enlargement
of the American spirit of
enterprise in the period of recovery which lies
circumstances would they vote for Senator Borah even if he were
no
nominated.
that
The older
the
do
important
national and international problems which are facing the world.
The only two present candidates for the Republican Presidential nomina¬
tion of whom I heard much mention were Senator Borah of Idaho, and
Governor Landon of Kansas.
of
upon
They wish to know specifically and defin¬
more.
been
national
us
told that this
it went but that the people, particularly the young people,
demanding something
truth
give
for replacements
rapidly than
will flutter away and the "isms" will be
many
adverse.
are
to
Well, I have
criticism of the
was
have
we
Democrats and
Party
with
is
by
industries
more
States, for, with us,
hold, to provide for the future, to equip
and international, to lay before the people.
whom
with
conditions
many.
panaceas
cold-shoulder
United
and courageous leadership or to formulate and present a constructive and
courageous policy, national
the
Communist
quickly made aware of the widespread lack of confidence in
was
the present-day Republican
very
themselves felt
employment rises,
when
concerning the outlook for the Presidential election of
requirements of
ernization may make
have
our
come
forefathers
down
in
spirit
to
carve
out
full ruggedness
a
One needs to
age
from
from
an
a
age
nation
to the
from
raw
weigh the multiform factors which differentiate
hand-labor age; an age of
softening conveniences
of wood fires and spinning wheels;
earth
and
living generations.
an age
a
machine
and
luxuries
of curious economic
Financial
Volume 142
from
theories
when a man's own economy Was vested in muscle and
use the word1 economics at all.
No, complacent
age
not
did
belief that
the
to
recourse
an
he
and
brain
forefathers did
what our
we
do again is
can
enough.
But what lends confidence to me through the
impressions I have gathered in many places, by first-hand contact, is that
the American spirit remains as much alive as ever; the individualism of
itself,
by
not,
the determination to possess things, to move freely from place
So long as
place, to exercise and train individual talents by higher education, to
demand the right to select one's vocation and avocation—while these forces
to
prevail
in
or
is slight chance of Americans surrendering either
to any social movement providing bare security.
there
groups
its
than
whole has lifted average hourly
Less than two million additional
bring manufacturing employment up to the 1929 maximum,
proportionate share, and on the
beyond those of 1929.
rates to the level or
will
workers
million
or
Taken
have throughout the depression carried
whole, manufacturers
a
of ability to market their product and
privately incurred debts and deficits to do so.
Corporate surpluses
been decreased' more than $7,000,000,000, much of which went into
have
have
continuous excess
in
maintenance of
American
in mass
jobless.
more
as
employment.
,
.
'
.
,
ahead of social reforms not specifically aimed at this
placed
objective and which have thwarted the objective.
There are
billions
of dollars—estimated at
from
Industry to Provide Work for Unemployed
Defended by
National Association of Manufac¬
turers—C. M. Chester, President, Declares That if
Government Will Cease from Irksome Experiments,
Unsound Taxes
and
Competition with Private
•
Industry, Reemployment Can Be Accomplished
of
efforts
The
industry
manufacturing
the
provide
to
defended upon two occasions
within a week by the National Association of Manufacturers
and its President, C. M. Chester, who is also Chairman of
the Board of the
General Foods Corp.
In a statement
work for the jobless have been
adopted on March 25 by the board of directors of the
N. A. M., in session at the Biltmore Hotel, in New York
City, it
declared that expanding Government compe¬
industry is "a deterrent to expansion
was
with
tition
private
It was further contended that "ex¬
employment."
of private
of private industry would be encouraged by the
curtailment of governmental extravagance" and that "the
that
reemployment and has constantly urged
desires
industry
be
recovery
Efforts of
for the nine
that manufacturers cannot provide work
it is thus obvious
and
employment
people is unimpaired.
our
2255
Chronicle
to '
$50,000,000,000
today if the forces
These forces will be encouraged by recognition
$80,000,000,000—of stored up expansion in this country
of
recovery
of
the
unleashed.
are
following principles:
1. That
knowledge of the extent and character of unemployment
accurate
an
is essential
as a
discussion, and the manufacturing industry would
basis to practical
gladly cooperate in obtaining such an authoritative census.
2. That the chief pools of unemployment lie in the durable goods and particularly
the construction industries, and the service industries depend upon them, and that
requires long term investment based upon confidence
the financing of efforts herein
in tbe future.
3.
4.
That neither an
of expanding employment and the
That
prosperous industry is the cause
source of reliable and enlarged public revenue.
individual nor a business can employ at continuing loss nor
unduly increase operating cost without jeopardizing through bankruptcy the em¬
ployment of those now employed.
5. That expanding government competition with private Industry Is not only
a deterrent to expansion of private employment, but is accompanied by methods
government itself prohibits as between private competitors.
of private enterprise would be encouraged by the curtailment
which clouds the future wiih burdensome taxes.
7. That the importation of foreign goods and rejected ideas affect injuriously
American employment and adulterate American concepts of social and political life.
of competition which
6. That expansion
of governmental extravagance,
pansion
importation of foreign and rejected ideas affect injuriously
employment."
Discussing "Industry and Re¬
covery," in a radio address broadcast from New York City
on March 30, Mr. Chester, President of the Association, re¬
viewed "the great accomplishments of American industry
over a period of 150 years," and depicted "a continent upon
which industry has produced so high a standard of life
that the luxuries of two decades ago are the common necessi¬
ties of almost everyone
From his remarks we also
today."
quote:
Today
stand at the threshold of new industrial accomplishment—air-
we
conditioning, television, transportations by rail or through the air, twentiethhousing—what
century
We have not ceased to
by
have
to
us—what
develop and to grow.
during the past few
asked
are
ideas of
the
before
are
behold!
only being held back
a
We are
future
serve
workers and
our
the public well.
our
processes
to
produced anything and who cannot point
never
competently and
control
their
under
ability to
our
ourselves and
subject
who have
enterprise
single
a
to
men
lost
years
productively
managed.
In
Industry
is
being called
now
we
from
with
one
the
workers
and
likely
is
plant
in
We
which
campaign
in
We
are
interfere
hampered
labor disputes
troubled by
increase
to
management.
consumers
facing current
of reemployment.
are
weakens
the
and
a
to
wide¬
confidence
of
or
even
such
additional
that
data
available
made
At
the
in
committee,
private
and'
reports, statistics,
which
in
as
anticipated
&c., may later be
the
event
agencies
It is
its formation.
committee
may
later report.
a
of
outset
public
of
nature of
the
this
to
submit
desire to
preliminary study of the subject assigned
a
reports
in the short time since
have been available
and
studies
our
deliberations
the
unani¬
committee
mously adopted the following resolution:
"That
of
this
Government
committee's
shall
industry
private
with
competition
report
for
the
to mean direct
be construed
purpose
competition
committee
recognizes that there are distinct types of
in business which should be continued and
Government
encouraged', for
example:
governmental activities aimed toward the advancement of science
knowledge, the acquisition and distribution of information to com¬
Such functions are normal governmental opera¬
tions, normally planned and executed by Federal departments and not economically
feasible by private business.
B. Such governmental functions as the national defense program, the main¬
tenance, control and improvement of navigable waters, flood control, irrigation
and prevention of soil erosion which are normally governmental functions but
which in these facilities of private enterprise should be utilized in the interest of
economy and efficiency.
Certain
merce,
agriculture and business.
Conditions Where Justified
potential taxes and restrictions which make
and
replacement,
and
Stated
the
conversely,
committee unanimously
your
that only
agrees
under
following conditions is the Government justified in entering into com¬
petition with private enterprise:
1. When
required
to
assure
preparation
adequate
for,
and
creation
the
of,
facilities for national defense.
2.
"We accept your challenge.
reemployment in this country.
If government will desist from irksome and costly
experiments, and cease pursuing policies which keep private capital out of the
durable goods Industries, there will be reemployment.
"Industry 'Is sure that we are on the verge of prosperity, and Industry can be
counted upon to do its part."
business
economic
men
do
program.
constantly to produce
a
not
Yet,
state
these
in
constructive
what
when
times,
we
how
program,
can
Therefore,
I
industrialists
and farmer
business
will suggest
could
endorse,
and "white
men
to
are
we
a
being
asked
from
we sense
that the
this
and which
collar worker"
I
can
evening
believe
a
program
every
endorse.
which-
The
It
monopolies, but it wants to be assured that regulation
Is not a disguise for confiscation ,for the control and operation of industry.
2. Progressive Industry firmly believes in cooperation between the employer
and the employee in the interest of each industry and of both groups, but we cannot
accept class conflict as a basis for employer-employee relations.
3. Industry expects to contribute its share of the cost of government in the
form of taxes, but taxes must not be used to compete with, and possibly eliminate
growth and expansion of Industries.
4. Industry supports a constantly rising standard of living, but it insists that
dividends, and taxes come out of productivity.
5. Industry welcomes development and improvement in government, but it
insists that sound management and the best Interest of all factors in industry, the
worker as well as management, require a strict adherence to law and to orderly
of administration.
It does not wish to control government nor does it
controlled by it.
wish to be wholly
its
March 25, in part,
The
private
President in his
number of the
said:
recent message to
industry to extend
of the Association
hold
its
operations
so
as
to
absorb
an
increasing
The manufacturing industry
between January, 1934 and.1
1936, has in comparison with all other forms of private enterprise pro¬
vided 80% of the total new employment.
It has. and is, carrying more
in the two
years
to
by
private
and
control
dry
up
a
only
sources
enterprise,
thus be served, is
growth
expenditures
the
private
of
whil#
bureaucracy.
decreasing
tax
of Government income.
the Government is placed in the diffi¬
course,
is
always
destroyed
their
jobs.
of
or
withdrawing
completely
from
private activity.
difficult because of the human equation operating
Any
activity
Government employees
once
introduced
into
the
to
continue
Government
inevitably tends to expand to larger an<J more formidable proportions.
The
Government's true function is to protect and promote the economic
activities
its
of
citizens,
not to supplant them.
Government competition
is
is felt to such
an
the scope and ability of
is beyond
examples
extent that
an
this report,
enumeration of
but
not
only because
but
because
of
example
an
in present Government competition with the construction
found
industry,
of the size and controlling importance of this industry
its
influence
all
on
branches
of
heavy
industry
which,
construction, provide the foundation and framework for the pros¬
perity of consumable-goods industries.
industry normally
ditions
fessions
unemployed."
has
of
fields
Second only to
Congress proposed "That we ask
public
upon
with
can
cultivates
and
Government
this
upon
competition
entirely natural desire of
the
through
The statement adopted by the directors
invites
It
competition
Withdrawal
wages, salaries,
processes
the
position of having either to absorb the functions of private enterprise
through
to
of
relied
be
may
the public welfare
where
and it operates to
devitalized
the
and safeguarding against
exploitation
into
Government
increases
embarked1
Once
which
American Industry believes in the Government acting as a regulatory organ,
of
destructive.
necessarily
cult
falls to render a service necessary
situation.
intrusion
revenues,
thoughtful worker
of the
anti-trust laws
the
since
this
wholly
conduct needed scientific
to
with private enterprise is not normally justified
possibility
except in situations
we
It is:
the
preclude
today to state their case?
you
private enterprise fails
reason
any
exploratory activities to advance industrial development or in the
Government competition
to
political
refrain
for
and
interest of public health and safety.
4. When for any reason private enterprise
for the general welfare.
correct
might be called]
expressing ourselves with definiteness, particularly when
American people want
When
research
industry,
....
often
For the conservation of natural resources.
3.
Not by arbitrary methods, not by threats, not by
government competition, not by excessive and unsound taxes can reemployment
be accomplished.
If government will be truly sympathetic with business, it will
aid the return to healthy, normal, economic conditions, and there will be further
on
completed
reviewed
management.
reply:
1.
has
and
it
and scientific
of work.
therefore reemployment risky.
We
are subject to costly and futile investigations and inquisitions which absorb
the time and energy that should go into the task of reemployment.
To those who now turn the Ask of reemployment over to industry, we
and
Your committee has
to
efforts to achieve full reemployment.
our
agencies
publicity
political
are
expansion,
We
which
Berry, Coordinator
of Industrial Cooperation:
Your
political threats which frighten long-term capital
which
legislation
investors,
We
York '"Times,"
New
Washington, March 26, to the
participation
in durable goods industries and therefore
principal
competence
spread
columns
these
in
credited its announcement to George L.
A.
unhampered1 in
investments
of
labor
lessen
not
are
still harassed by
away
by
made
was
to the report made by the Committee
on Government Competition with Private Enterprise, we are
giving herewith the report as contained in a dispatch from
problem of
That is exactly what
solve the national
to
upon
industry has been doing.
are
reference
brief
March 28 (page 2087)
to say:
on
unemployment by absorbing the man out
We
dustry
While
by the Federal Government with private enterprise."
part, Mr. Chester went
But
from
Government
we
theory that we, who have for 150 years- managed to produce so much,
a
We
vistas
Roosevelt Urges Withdrawal of
Competition with Private In¬
Report to President
American
agriculture in value of production and employment, this
is of primary
through its widely
of
design
construction arts,
factory,
struction.
mill,
importance
and supervision,
and
a
stabilizer of labor con¬
ranging from the pro¬
through the various
to the unskilled labor
forest
as
diversified employment,
mine for the
on
skilled trades and
the work, and from there to the
procurement
of
materials of con¬
2256
Financial Chronicle
Construction
production
normal
A
of
private
occupations,
branches
all
of
the
man
democratic
will
permit
the
hasten
the
return
to
the dignity of
Nation's
greatest
and
their
the
the most
important
FCA, from which the foregoing is taken, also contained
the
following:
return
labor
of
to
"Lending
its
standards
American
labor which
single
of
conditions
"Since
for
the
conclusion,
report,
1.
committee
your
The
expansion
enterprise, for
2.
if
except
That
of
set
as
for
the
function
government
government
will
be
nearly
two
paragraphs
of
this
fields
of
private
for
reduced
and
increased
revenue
the
the
to
competitive
to
loans
other
purchase
have
specific
farms, and
constituted
of
purpose
creditors
creditors
Federal Government withdraws from competition with
private enterprise
except under the conditions hereinbefore specified.
3. That the Government's function is to
protect and promote the economic
activities of its citizens, not to
supplant them.
Under normal economic conditions,
government competition with private enterprise is conducive to
the destruction
of the Nation's established
profit system and contributes to the development of a
wrote
sioner
for
"The
new
refinancing
approximately
tremendous
Commissioner
refinancing
have
greatly reduced.
not
Interest
rates
tural
Agriculture concerning processing taxes, so far as the cotton textile in¬
dustry for which I speak, is concerned.
Both the letter of Mr. Wallace and
Mr.
Bean
sportmanship
requires
With his letter,
tax
are
replete with loose accusations and misleading
industry.
Simple justice requires correction.
complete
Good
retraction."
Mr. McCampbell inclosed
situation, which concludes with
a
an analysis of the
processing
general indictment of the treatment
accorded the Cotton Textile
Industry by this Administration.
According to Mr. McCampbell, the Wallace-Bean figure of $97,000,000
for impounded and unpaid cotton
processing taxes should be reduced at the
outset
to
$80,321,310.
of $20,076 a bale
while the tax
He sets the total tax at
$272,000,000 on a basis
13,548,500 bales, total American consumption of cotton
on
in effect.
was
From this he subtracts $182,913,000
as
already
paid, 1% as uncollectable, and $6,045,690 which would not have been col¬
lected in any event because of tax
exemptions on certain bag goods, on ex¬
sales
ports,
for
charitable
purposes, &c.
He points out that the processors have delivered to their
customers tax-
free, those goods which
were
validated; the abated taxes
hand
on
in process when the tax
or
these amounted to $19,826,495.
on
was
in¬
Further,
than
total
which
is
loaned,
debt owed
about
but
offsets
banks and
the
Commis-
the
if
banks
Land
in
any,
the
and
the
total, farm
"The carrying charges have been
the
old
debts averaged 6.3%
a year.
long-term mortgage loans carrying interest
in an annual interest saving of $38,on
In
a
year,
addition, Congress
has
Land
temporarily
Bank
loans,
are
saving $58,000,000
half
a
million
.
first
missioner
mortgage
made
Commissioner
loans to
455,000
have
year
1936.
been
reduction
a
of
Altogether, 850,000
and
refinanced
he explained.
ago,
295,000
first
the interest rates
interest alone this year."
on
farmers
three years
reduced
amounting to
second
since
loans.
was
Land banks
Land Bank
the
mortgage
FCA
the
The Federal
farmers and
Many
Com¬
of
the
loans
were made on second
mortgage security to farmers who
also obtained first mortgage loans.
The total outstanding amount of Federal Land bank and Commissioner
loans
aggregates $2,870,000,000.
Life insurance companies,
the next
said that cotton processors have
passed on to their cusotmers
than three-fourths of the benefit of the
impounded and
of
te
ma
more
"On the basis of late and corrected
figures," Mr. McCampbell wrote to
the Senator, "it is obvious that
you have been misinformed by the Secretary
5%
outstanding Federal
Nearly
Adjustment Act, Leavelle McCampbell, cotton textile
n
anufacturer, said in a letter to Senator Norris
Nebraska, made public on March 30.
Mr. McCampbell
the report of
to
organized less than
merchant and
unpaid AAA taxes which the Supreme Court ruled belong
to the mills.
He denied the contention of
Secretary of
Agriculture Wallace that $97,000,000 in unpaid taxes is still
held by the processors, and said that the
amount is only
$19,976,172.
He declared, therefore, that instead of re¬
ceiving "an outright gift of public money," as charged by
Mr. Wallace, the processors are still
heavy losers.
Other extracts from Mr.
McC&mpbelTs letter are given
below, as summarized by him on March 30:
all
farmers
tor Customers
of
increase,
approximately $20,000,000 for the calendar
Agricul¬
statements about this
4
000,000.
The cotton textile industry has absorbed the
trajor part
of the processing taxes
paid under the invalidated
total
financing
resulting
of
on
Secretary Wallace's Con¬
Processing Taxes—Letter to
Senator Norris Says Over 75% of
Impounded AAA
of
the
$2,0u0,000,000,
Land
the
from
Governor Myers said.
debt,"
with
Cotton
on
of
The original
about
was
operations
much
caused
These have been refinanced
Disputes
Levies Have Been Passed
Recently, first
purposes.
purposes.
rates
on
Myers 6aid.
bank and Commis¬
percentage
$191,000,000,
financing and other
mortgage
tentions
for other
larger
a
$200,000,000 which farmers borrowed
And finally your committee recommends
that the Federal Government
pursue
the sound pllicy of using to the maximum the facilities of
private enterprise.
McCampbell
depression
Governor
Land
of
refinancing old debts.
before
off
socialized Industry.
L;
alleviate
to
ago,"
years
indicating that the need for second mortgage
diminishing with the passing of the emergency."
Farmers borrowed' $1,800,000,000, or about
90% of the
disturbing element In the Nation's business.
expenditures
refinancing
emergency
formerly,
opening
into
for
peak
gradually increasing percentage
loans
new
mortgage
finds:
many years, has been a
the
in
out
a
the
sion^ loans have been made for normal refinancing of farm mortgages,
advancement
ideals.
Conclusions of the Report
In
operations
passed
then
has made the American
influence
April 4 1936
industry,
in construction constitute
industry
will
efficiency and maintain
of
into
of employment for all classes of labor.
revival
working
reach
and incorporation
field
normal
materials
largest class of farm mortgage lenders, held slightly less than $1,000,000,000
larm mortgage loans at the
end of 1935, and commercial banks about
$500,000,000.
The total outstanding farm mortgage debt to all classes of
of
creditors is estimated at
I
.
«
'
1
$7,770,000,000.
I
1
t
liMi111 >
1 M
I
•"
'1
A. F. of L. Urged by John L. Lewis to Poll
Question
Would
Industrial
of
Favor
Union
Latter
Union—-Believes
Opposed
as
'
Membership
Result
Craft
to
Labor
Favored by Federation
A call has been made
Federation
of
by John L. Lewis upon the American
Labor
to conduct a nation-wide
poll of its
members, through the Department of Labor, to decide their
attitude on the question of the industrial
type of union,
rather tlian the craft labor union favored
by the Federation.
Mr. Lewis, who is President of the United Mine
Workers of
America, resigned last November
Federation to further the
Vice-President of the
as
movement
undertaken
by him to
organize industrial unions.
Reference thereto appeared in
these columns Nov. 30, page
3476, and Dee. 21, page 3956.
In Washington, on March
29, Mr. Lewis, speaking at a com¬
munity forum, in favor of industrial unions, had the follow¬
ing to say, according to the Washington "Post":
At
to
this
stop
time
this
I
issue
a
challenge to the American Federation of Labor
the majority of organized workers in this
carolling.
Let
country decide the points at
I
in
propose
behalf
issue.
of the
Committee
Industrial
on
Organization,
senting one-third of the membership of the A. F. of L„ that the A.
permit
the
United
States
Department
of
Labor
conduct
explains that last July, when it appeared likely that the AAA would be
unconstitutional, the processors protected their customers by in¬
serting in sales contracts clauses providing for refunds in event of a decision
poll
under the Australian ballot
system on this question:
against the tax.
repre¬
F. of L.
national
a
of the workers
he
ruled
Under these, he says, $37,359,075 has been
paid.
tracting from the re nainder the costs of making adjustments and of
tion, he arrives at $19,976,072
and
Sub¬
"
to
The "Post" continued:
litiga¬
all the cotton processors actually got back
as
'Shall the American Federation of Labor issue
complete industrial union charters
unions in the mass production industries and
encourage organization
on that basis '/' "
national
He
said
the answer to
retain.
now
promised
this simple question would
lay this ghost.
He
cooperation of the Committee on Industrial Organization, of
the
which he is the leader.
Payments to FFMC by Farmers
on
Land Bank
Then he paused, awaiting silence for his
finale.
as he concluded:
Commissioner Loans Increase
Up to March 1
Federal
$61,000,000 was received by the
Mortgage Corporation in interest and prin¬
Farm
cipal payments
indebted
during
the
by
I.
W.
Mr.
past
first
on
three
Myers,
and
years,
Farm
it
Credit
second
was
mortgage
announced
Administration
of
Feb.
29,
loans amounted
matured
to
total
bespeak
stand
March
will be
In
31
Governor.
$41,821,000,
by
payments
or
farmers
on
Commissioner's
approximately 86.7% of the $48,221,000
loans to. that date.
This compares
with a collection
82.8% at the end of February, 1935.
Although under provision of the Emergency Farm Mortgage Act of 1933
no
principal on Commissioner loans has matured to date, farmers have
made
principal payments
and
payments
in
full
aggregating
nearly
$20,000,000.
on
loans
interest
in
February
loans paid in
Land
about
payments
received1
amounted
to
by
the Corporation
$1,914,000,
and
principal
Commissioner's
payments
Bank
Commissioner's
$10,000,000
loans
now
being
made
at
the
rate
of
of
$2,000,000,000
Advanced
in
in
Real
Farmers
to
Estate
Since
Mortgage Loans
Organization of FCA
Real estate mortgage loans to farmers
by the Farm Credit
since its organization in
May 1933
passed
the
$2,000,000,000 mark March 28, according to a statement
by W. I. Myers, Governor of the FCA.
Farmers borrowed
$1,155,000,000 on first mortgage security from the Federal
Land
the
United
banks
missioner,
and
who
$845,000,000 from
makes
mortgage security.
loans
on
the
second
Land
as
An announcement issued
Bank
well
as
March
Com¬
first
28
by
L.
the
to
or
that
in
offer, knowing
favor
officers
of
this
the
of
A.
as
'l
modern,
I*,
of
L.
resign their positions.
that
Mr. Lewis
States Steel
refusal
same
charge against the rubber, automobile,
cement, alumi¬
num
and
account
craft
am
shipbuilding industries.
still
not
is
men
in
do
the
vast
not
Two
From
the American labor movement
who
possible
one
in
the
200
subsidiaries
of
them, and I refuse longer
paradise," Mr. Lewis 6aid.
"I
even
lines.
guarantee that
But
aggregations
must
be
if
of
the
organization
workers
capital
have
that
of
to
be
can
just
now
Factions
to
an
the
the
of March 24 it
to
the
New
that
dwell
was
fools'
even
along
chance
industry,
against
industrial
in
A.
F.
of
Agree
at
Wash¬
building trades
Federation of Labor.
reported in a dispatch from
"Times"
L.
Unite
American
York
States
this
in
achieved
even
control
believe that
United
Agreement to unite into one group was reached
ington on March 26 by two rival factions of
in
the
accomplished."
Building Trade
unions
laid
also quote:
are
organization
I
permit collective bargaining, and
commercial
we
"If there
to
May 1933
Administration
that
Washington, March 29, to the New
stated
was
of
overwhelming
their
unionization
Over
so
F.
A.
organization
from
account
an
industrial
are
month.
a
be
the
was especially
Corp. and the American
Telephone & Telegraph companies for what he described as
and
full, $1,493,000.
will
labor
York "Times" it
Steel,
on
it
of
of
compelled to make it effective
ratio of
Total
attention
that
form
critical
interest
the
here
efficient
security
Myers added:
As
that
Land Bank Commissioner loans made to
on
farmers
I
than
more
He lifted
his voice
that
the
two
Under date
Washington
groups
were
the
officially recognized building trades
department, with J. W
Williams as President, and the
independent group, headed
by M. J. McDonough.
In its further advices
from Wash¬
ington, March 25, the same paper,
stating that the 19
build-
Financial
Volume 142
ing
unions
trades
in
the
Federation,
The
rival
into
divided
of building operations, also
of the
Two
dissented
the
with
As
19
unions,
that part
from
composed
This
the
plan
A
agreement,
provides
Associated
Press
as
of the
..
.
achievement,"
plan
would
benefit greatly during a
great
The preliminary
J.
dispute
a
decide
to
other
arose.
the
of
terms
plasterers,
predicted
and
building
that
building boom which, he said,
The
building trades unions last December
columns Dec. 21, page 3956.
was noted in these
United
States
Court Holds
Sugar Institute
Violates Anti-Trust Law—Unanimous Ruling Sus¬
tains Injunction Against Many Practices Limiting
Price Competition—Modifies Some Restrictions
United
The
cision,
its
States
Supreme Court,
in
of
law
anti-trust
restraint
and
The
trade.
in
engaged
Court
industry before the formation of its code
ized
in
unreasonable
an
admitted
that
the
in
was
sugar
demoral¬
a
condition, but nevertheless declared that the Institute
limiting price competition had gone too far in its effort
correct evils.
The opinion, which was read by Chief
to
Justice
sustained,
IIughest
of
decree
Judge
Julian
with
modifications, the
Mack of New York enjoining
W.
some
of the Institute's practices
many
law.
Judge Mack
Institute's
1928
had
violating the anti-trust
injunction against the
as
granted
an
intended
agreement
to
"cut-throat"
halt
ington
outlined, in part, as follows, in a Wash¬
of March 30 to the New York "Herald
was
dispatch
Tribune"
:
agreed that "voluntary action to end abuses and to foster fair
competitive opportunities in
It
"each
struck out
the
of
that
said
and
three
him
his
in
modified
refusal
extraordinary complexity
the
import of the
to
scrutiny of its
of
one
dissolve
of the
45
the
activities
the
on
L.
Walter
here
special
by the Institute
The Supreme
system.
compliance
Court also modified
to
purchasing and distributing trade.
It
specified, might be kept
not
was
"sweep¬
a
to authorize the
ment was noted
garding
following to
Greater-than-seasonal
pared
destructive
orders
held
trade
practices by
of informa¬
the refiners
among
voluntary action
to
frustrate
unreasonable
did
by the
not
contravene
restraints,"
the
anti-trust
laws,
Hughes said, "do not prevent the adoption of reasonable means
interstate commerce from destructive or injurious
practices
protect
to
promote
and
be
may
to
competition
foster
fair
effective
more
upon
sound basis.
a
competitive
legal
Voluntary action
opportunities
And
processes.
in
the
co-operative
public
endeavor
to
end
interest
may
ap¬
propriately have wider objectives than merely the removal of evils which
seasonal
positive law.
may
tend
that
abuses should
that
for
to stabilize
business,
a
produce
or
stamped
to
or
uncorrected
go
alone be
reason
that
as
an
fairer price levels, require
effort
to
unreasonable
an
"Accordingly
as
an
tunities.
does
effect
would
information
a
free
and
become
not
of the
restraint
where
not
essential
of
correct
them should
restraint of
the
less
market
free
factors
no
merely
trade.
aid
to
.
"The
February
freedom
minds
of
more
those
of
The end
or
in
any
respect unlawful.
concerted action
does not
to
competitive
oppor¬
As
the dissemina¬
free
competition
The
in
commerce,
natural
at
dustry or to
Aftey
"In
a
a
an
in
laudable purpose to
decisions of
reviewing various
their
competition,
in
the
The
main
price,
question
to
of
the failing
and the cost of living fell
an
obvious
companies
were
and
25% lower than
Payrolls
a
year
ago.
Illinois
in
In¬
of the data contained
summary
of 4,459 manufacturing
occurred
For
of
the
during February
pointed out:
13-year period,
Statistics and
increases
were
Research
of
0.9
As
payments.
seasonal
and
increase
that
inclusive,
the
the
records
the
of
Division
January-February
changes
1% in the number employed and 2.3% in total
given, these per cent, changes represent a less-thanaverage
of
both
in
1923-35,
show
compared with January.
as
employment
and payrolls.
.
.
.
"Compared with February 1935," Mr. Swanish continued,
"the February 1936 indexes exhibit an increase of
3.3% in
the number employed and 8.5% in total wage
payments.
The index
of
from 72.5 in
the
employment for all reporting industries rose
February 1935 to 74.9 in February 1936, while
index
of payrolls advanced from
Mr. Swanish further said:
tively."
56.7
to
61.5,
respec¬
Changes in Employment and Wages Paid, According to Sex
Reports
their
but
3,713
from
working forces,
decrease
a
industrial
showed
0.4
of
of
an
enterprises,
increase' of
which
1.5%
designated
the
the number
in
sex
of
of
male,
1% in the number of female workers during the
period.
Total
payments
wage
to
males
1.7% and 0.4 of 1%, respectively, during the
the
female
and
females
in¬
period.
same
which
the
charter
trans¬
of
classification
competition
less
showed
male, but
of
during
decrease
a
the
workers
than
of
industries,
increased
0.1
of
increase of
an
1.0% in
January-February
increased
3.5% during the
2,011
reporting
1.7%, while the number
1%.
Total
payments
wage
2.5%,
the
period.
while
total
0.8
number
Total
wages
of
of
1%
workers
female
of
employed
payments
wage
paid
the number
in
female
to
workers
male
declined
interval.
same
Changes ih Man-Hours During February in Comparison with January
For
the
thus
and conditions of sale.
female workers
male and
total
number
of
and female workers
In
the
man-hours
ments
the
hours
combined,
increased
1.7%.
in all reporting establishments,
Total hours worked by male
during February increased 2.8% and 3.4%, respectively.
group
of industries,
1,781 enterprises reported
manufacturing
for
and female
male
total
hours
worked
workers
combined,
3.4%
were
and
greater
in
in
these
establish¬
February
than
in
January.
hours
In
generally the vital
unreasonable restraint of
declined
reporting enterprises,
worked
for
workers
is
workers
males
and
females
employed in
manufacturing industries increased
1.4% and 3.2%, respectively, during February in comparison with January.
The non-manufacturing industries taken as a group,
representing 1,702
Hours
and1
manufacturing
enterprises, the number of male workers
a
As the statute draws
endeavor
rather than brand,
competition in prices, terms
The
Statistics and Research of the Illinois Department of
Labor, in his review of the industrial situation in Illinois,
increases of 0.3 of 1% in employment and 0.5 of 1% in pay¬
them."
the court
0.5%.
15% lower than in February 1935, while
was
Employment
reports
the
The endeavor to put
means.
co-operative
remove
usual
a
*
non-manufacturing
enterprises, states Peter T. Swanish, Chief of the Division
un¬
refining industry, Chief Justice Hughes said:
consideration.
relates
restraints,
with
compared
Wholesale prices and prices of farm products
unchanged.
the
that line cannot justify itself by pointing to evils afflicting the in¬
gresses
sugar
unreasonable
5.5%
of only 1%.
ing to Illinois Department of Labor
and the
...
improve conditions has
justify illegal
about
about 3.5%
was
seasonal rise
usual
a
to
scientific knowledge of
engaged
stop to illicit practices must now itself become illicit.
line
advanced
9.3%.
According to the statistical
change
a
merely because of the distribution of knowledge
the
on
well suhtained during
was
dustries Above January and February 1935, Accord¬
of
recog¬
Further,
..
commerce.
free
of
entering into commercial transactions.
acquisition of the wider and
restraint
limitation.
the
sales
declined about 1%,
January-February
both buyers and sellers, competition
among
Domestic
level for the
high
new
year.
+.
not to be
mitigation
foster fair
.
effect
may
in
is
consequent stabilizing of production and price cannot be said to be
reasonable
rural
substantially
Within
menace,
because it
be
a
com¬
of
.
monopolistic
change would
an
Aid
co-operative enterprise otherwise
a
United States.
vs.
normally
open
conditions
business
is
the
Trade
impair but rather
Appalachan Coals
of
means
undue
conditions
evils and
nized
tion
have held that
objection, which carries with it
market
in
we
Held
5%,
time
in January.
as
equipment again reached
physical volume of department store sales
liabilities of
the
creased
condemned
of
Retail prices
Nor -does the fact that the correction of abuses
Information
from
The
rise of about
remained
are
infractions of
same
at this
the
monopolistic character
a
the
8%
'
Mr. Swanish
that certain types
but that price controls of
about
of
higher than in January, contrasted with
value
the
automobile,
advanced
output
Despite abnormally cold weather, retail trade
The
Re¬
had
the construction,
coal
period.
rolls
Chief Justice
abuses
decline
remained about
machine tool
also
Board
place in
Bituminous
seasonal
output
power
for
recovery
wage
anti-trust act,
"Designed
and
usual
a
price
did.
to
with
Electric
declines took
textile industries.
steel, and
Conference
the
March 27:
say on
court
The gist of the Supreme Court's decision seemed to be that tht elimination
Sherman
during the first two weeks of March.
survey,
lower
the
Sugar Institute.
of
its
future
uniform
the decree of
confidential
Decline
of
was
a
was
case
February, according
regular monthly survey of the National Industrial
Output remained higher, however, than
during the first half of 1935, and some further improve¬
concerning the availability of information gathered! by the Institute to the
tion,
transportation rates.
"Chronicle's" most recent reference to this
the
the
It left standing the order prohibiting
enforce
to
of his decree which the court
the functions of brokers and
portions
divorcing
against
Conference Board.
in agreement
Reporting
in the lower court's decree
systematic reporting of future prices.
efforts
those
National Industrial Conference Board Reports
in Industrial Activity During February
the
.
Authorizes Future Price
practice."
withdrawn its objections to seventeen of Judge
Among the other
were
which
interests of competition
just
will still be left with whatever advantage
established
its
the
contained in the issue of Feb. 8, page 884.
and
of
assistant to
the decision
ing victory" for the Government.
chief change made
account
not
were
Rice,
said
case,
On
the
facts."
own
restrictions
Institute.
lawyers
case,
decision.
Attorney General, who prosecuted the
The
to
interests" is not necessarily illegal,
close
a
Sugar Institute enjoined by Federal Judge Mack in New York,
sustained
on
the public
demands
case
abrogated and the restraints
removed,
are
number of commercial failures
The Court
but
rulings.
the month.
competition and other damaging practices, and the Institute
had appealed to the Supreme Court.
The decision
requirement
standing
to
members, through its "code of ethics," had violated the
Sherman
an¬
On
Industrial activity again declined in
unanimous de¬
a
March 30 ruled that the Sugar Institute, Inc., and
on
advance
opportunities.
competitive
for publicity may be helpful in promoting fair
provision
incidental
The
Supreme
described, a
great bulk
that arrangements merely to circulate
threaten
warehousemen and regulating
-
'the
that
That custom involves
is purchased.'
it does not appear
Sugar Institute had
Mack's
left
already
as
Court found
If the requirement that there must be adherence to prices and
that
be
may
near.
'moves,'
on
the
with which
and
free
publicity fails to take proper account of
in selling
trade
was
of
sort
will be safeguarded and the trade
settlement reached by representatives of
the
that
defendants
openly announced in advance is
followed
workers
was
We think
left
court
announcements
hand, such
competition.
Williams, of the carpenters'
McDonough,
William Green, A. F. of L. President, called the
.
peace
"a
J. W.
and M.
referee
for imme¬
accordance
such
Chief Justice
to prices and terms in all closed' transactions.
nouncements, and
relay
not be impaired."
should
fair competition
strong
a
important that such
more
to provide
the
always
sugar
makes it the
the provisions of the lower court.
of
trial
to
of
in
or
impartial
an
piece of work when
President,
Secretary-Treasurer.
of
unions elected
19
Department
as
do a
from
accounts
;
the selection
for
unions should
convention
union,
practice
practice
standardized commodity, there is
a
price,
exist for
one
as
of
is
sugar
may
"The
limitation
a
the
disputes.
said:
publicity
that
of the negotiating committee's report which dealt
as
striking out
diate
Washington, March 25, stated:
which of two
In
Hughes
said:
machinery for handling jurisdictional
to
opportunities
plumbers and elevator constructors,
of
fact that, because
tendency to uniformity of
for 19 months, formed one building trades depart¬
ment, elected officers and announced the creation of ma¬
chinery to handle jurisdictional disputes without interrup¬
camps
tion
2257
Chronicle
of
the
2.0%
bined.
male
and
in
and
1,724
female
manufacturing
workers,
non-manufacturing
in
establishments,
separately,
increased
reporting
3.2%
for
man-
male
4.9% for female workers.
total
Within
this
man-hours
group,
1,367
worked
classification
of
by
enterprises
male
industries,
and
1,216
reported
female
a
decrease
workers
concerns
com¬
showed
an
•
2258
Financial
'increase of 1.2% and
worked
by male and female workers, respectively.
Average
industrial
actual
•
hours
enterprises
in
40.0
to
increased
by
worked
363,481
reporting man-hours
February,
from
38.8
non-manufacturing
week
decrease of 2.1% in the total number of man-hours
a
1.0%.
or
in
In
the
January to
the
enterprises,
in
earners
from
the
in
39.6
manufacturing plants,
February,
in
number
average
or
of
3,148
January
man-hours
1.8%.
hours
In the
worked
per
during February was 41.5, or 0.2 of 1% less than in January.
It
Plan
Tax
to
mittee.
Pouch—New
State
York
Chamber
of
Commerce
he
Opposition to Tax
Registers
a
meeting on April 2 voiced strong condemnation of the Federal
plan to tax undistributed corporation surpluses. After adop¬
ting an interim report issued March 17 which discussed prob¬
lems raised by the proposed tax, a resolution was introduced
by William H. Pouch placing the Chamber on record against
the tax without waiting for further recommendations from
the committee on taxation.
"The proposed tax is undoubt¬
edly uneconomic and is against all American business prin¬
ciples," Mr. Pouch said, in urging the Chamber to make its
position known without delay. "It would force a spend¬
thrift policy on our companies.
I move that the Chamber
condemn this tax without further study."
Mr. Pouch's
motion was overwhelmingly carried.
James T. Lee, Chairman of the committee on taxation,
said the committee believed the tax plan, as set forth in the
report of the House Ways and Means Committee, was funda¬
mentally wrong. In part he said:
It will foster monopoly and stifle the development of new concerns.
which
companies
growing will
are
suffer;
while those which
have become stationary, will be favored.
and the small
man
with
for
All
various
Youth will be handicapped;
There appears to be no escape from the conclusion that the working man
will
be
injured.
Because of surpluses laid aside,
was
carried
at
on
a
by far the greatest employers of labor.
are
loss.
employment,
even
Corporations of
They
are
in
course
also the largest con¬
of capital goods, which is the division of industry in which unem¬
sumers
ployment today is the largest.
A large part of the expansion of the capital
goods industry has always been due to the utilization of surpluses of
cor¬
porations.
cer¬
The operation of the proposed change in taxation would
vidually.
Mr. Rudd
Ann
was
born in Brooklyn, a son of Robert James Rudd and Mary
Rudd. i He attended New York Preparatory
School and St. Lawrence University.
In 1917 he became secretary to the Police Department. and during
County.
the World War he
the
was
The
charge of the sale of Liberty Loan bonds within
In
for
Congress and
elected to the Board of Aldermen from the 54th
was
Brooklyn.
elected by
was
of 21,000 votes cast.
This office he held until 1931, when he
He had
a
plurality of nearly 10,000 votes out
from
law office at 44 Court Street, Brooklyn.
against McCaffray & Co., the German-American Securities Co.,
complaint alleged that William H. Hosford, senior partner in McCaf¬
Securities
last
Co.
The securities of
with
for Like Period
of them to
R.
Exchange firm of Walter P. McCaffray & Co., was sus¬
pended from membership in the Exchange on March 31, for
a period of three years by the Board
of Governors of the
house from
American
dealing in securities, together with the German
Securities
suspension
Co.
Announcement
of
Mr.
Meighan's
made from
the rostrum of the Exchange
March 31 by E. H. H. Simmons,
Vice-President of the Exchange, and read as follows:
was
shortly after the opening
A
charge
Meighan,
a
and
specifications
member
of
the
on
having
Exchange
been
and
preferred
a
general
Jerome
against
in
partner
the
T.
firm
Walter P.
McCaffray & Co., under Sec. 7 of Article XVII of the
Constitution, said charge and specifications were considered by the Govern¬
ing Committee at a meeting held on March 30. *
of
The
substance
of
Meighan had been
and
&
the
charge
guilty of
conduct
specifications
or
Co.
had
engaged in reckless
improper
use
of
fair
and reasonable
was
said
Said
customers'
and unbusinesslike
securities by
in view
that
was
Jerome
T.
proceeding inconsistent with just
equitable principles of trade in that his firm
than
to
and
pledging
of the
of
Walter
P.
dealing and
McCaffray
had
made
of said
securities
indebtedness of said
customers
more
firm.
Jerome
Meighan,
having
been
found
guilty
by the
Committee of said charge and specifications, was suspended
The
Governing
for three years.
following
further
information
regarding
Mr.
Meighan's suspension from the New York Stock Exchange
Mr. Hosford and Alfred
contended
company,
that the securities
held only
for safekeeping, but members of McCaffray & Co. testified
that
they
pledged
were
collateral.
as
On the day after his suspension from the Exchange, Mr.
Meighan sold his membership in the Exchange for $150,000.
It is learned that the seat was sold to Robert M. Shields.
The price,
it
was said, was $24,000 less than that of the
transaction in a membership.
At the same
time Hugo Wintner of Fox & Wintner, attorneys for McCaf¬
fray & Co., issued the following statement (as contained in
last previous
April 2)
on
behalf of Mr. Meighan
and other members of the firm:
The
condition
known
of
Caffray.
As
affairs
complained of by the Stock Exchange was not
member of the firm, excepting William H. Hosford', who had
to any
become the senior
and
soon as
managing partner after the death
of Walter P.
Mc¬
it became known, just prior to Mr. Hosford's resignation
from the firm on March 3, 1936, the remaining members of the firm re¬
ported the matter immediately to the Stock Exchange and the evil situation
at
was
once
by
soever
remedied
Mr.
and
corrected and
It
Hosford
had
entered
matters
will
all be
set
records and documents at
the
into
customer
such
deep
Attorney
had
what¬
any loss
General
forth
the
in
with
the
knowledge and cooperation.
circumstantial
detail and by verified
pending proceedings brought by
trial of the
against
relationship
also unknown to the surviving partners.
was
done under his direction and without their
was
These
no
of the overhypothecation.
reason
German-American
the
Securities
Co.
and
against the firm of McCaffray & Co.
We realize that
Exchange.
conduct
We
there must be rigid
are
committee,
discipline maintained by the Stock
grateful for the report of the Stock Exchange's business
which heard such charges, that it believed that the
surviving partners had
no knowledge of the matters complained of and had
voluntarily submitted the situation to the Stock Exchange for immediate
rectification."
"
Subsequently (April 2) the New
fallowing announcement:
York
Curb
Exchange
made the
Charges preferred against Frank E. Snow, William J. Heaney and Eugene
Mitchell, regular members of the Exchange and general partners in
J.
the firm of Walter P. McCaffray & Co., under Section 7 of Article XVII of
the Constitution were considered by the Board of Governors at a
meeting
held
April 1, 1936.
on
and
P.
was
with
Walter
charges
that Fraink E. Snow, William J. Heaney
Mitchell had been guilty of conduct or proceedings incon¬
Eugene J.
sistent
just and equitable principles of trade in that their firm of
McCaffray & Co. engaged in reckless and unbusinesslike dealings
improper use of customers' securities by pledging more of
and
had
securities
made
than
was
customers to said
fair
and
reasonable
in
view
of
the
indebtedness
firm.
Said
Frank E. Snow, William J.
Heaney and Eugene J. Mitchell were
guilty by the Board of Governors of said charges and»were suspended
found
for
three
years.
Board
Governors
of
satisfied
from its
investigation that none
part in the transactions complained
of or had personal knowledge thereof
prior to a recent date.
As soon as
they learned of the transactions, they notified this Exchange.
of the members
accused
was
had taken
any
^
Senate
i;;
Confirms
by 57 to 9
United States
Hardy
.
Nomination
as
District
Southern District of New York
of
Lamar
Attorney
for
The nomination of Lamar
Hardy to the office of United
States District Attorney for the Southern District
of New
York was confirmed by the Senate on
April 1 by a vote of
57 to 9. Mr. Hardy was nominated for the
post on Nov. 15
by President Roosevelt.
His nomination was
favorably
on March 23 by the Senate
Judiciary
Committee, as noted in our issue of March 28, page 2086
Regarding the Senate's action on April 1, Washington ad¬
reported to the Senate
vices, that day, to the New York "Times" of April 2
the following to say:
had
Mr. Hardy was appointed by President Roosevelt
last November and
the nomination has been pending before the
Senate ever since this session
of Congress convened.
The opposition to his confirmation
sprang from his
connection, terminated five years ago, with the State Title
and
Co.
Mortgage
.
.
.
Senator
Harrison
nomination
T.
5 and 10, disposed of $33,280
part of its losses in the account.
recover
were
The action of the Board followed the issuance
the previous day of an order signed by Supreme Court Jus¬
tice William H. Black temporarily enjoining the brokerage
th^f German-Ameri¬
70 customers, the complaint continued, were deposited
Risse, President of the securities
The
Jerome T. Meighan, floor member of the New York Stock
the management of
and that by
August
McCaffray & Co., which, between March
of such
Exchange.
over
Feb. 29 it was indebted1 to
McCaffray & Co., which cleared its security transactions, to the extent of
$100,574.
can
Stock
Exchange Suspends J. T. Meighan of McCaffray
& Co. from Membership for Three Years—Curb
Exchange Suspends Three Other Members pf Firm
Stock
the
Broadway, and members and employees of the two firms indi¬
The Attorney General's complaint charged that the securities
said
a
the
be
The substance of the
1922 Mr. Rudd
of
was announced that McCaffray
Clearing Corporation and* that its
assumed by Rhoades & Co.
The firm also retired as
New >7ork Curb Exchange Securities Clearing Corporation.
withdrawn
fray & Co. until March 3, took
department.
Aldermanic District,
ran
in
of
the com¬
had been insolvent since August, 1935, since which time $40,000
securities had been hypothecated.
company
School, Brooklyn Law
After his admission to the bar in 1914
Mr. Rudd became attached to the office of the District Attorney of Kings
to
member
suspension it
Meighan's
German-American Securities Co.
Stephen A. Rudd, Congressman from Brooklyn
only
10,
March
them
of customers'
That
Stephen A. Rudd, United States Representative from the
9th New York District, died at his home in Brooklyn on
March 31, following a heart attack.
Mr. Rudd, who was
61 years old, was elected to Congress on the Democratic
ticket in February, 1931, to fill the vacancy caused by the
death of David J. 0 'Connell.
The House of Representatives
adjourned early on March 31 in respect to Mr. Rudd's mem¬
ory, and flags at the Capitol were flown at half staff.
A
brief biography of Mr. Rudd follows, as contained in the
New York "Herald Tribune" of April 1:
' ■ *
<
firm's
the
was
guilty knowledge
no
about
reported
by the Exchange followed the granting on Monday [March 30]
injunction, at the instance of Attorney General John J.
Inc., of 29
tainly tend to hamper expansion of plants and facilities.:
Death of
learning
temporary
a
corporations have been
better able to maintain their activities and continue
periods when business
upon
immediately
Meighan
the New York "Times" of
business to build up will be discouraged.
a
Meighan had
Mr.
that,
suspended.
was
members of the
Action
Mr.
as
Mr.
would
Bennett Jr.,
The Chamber of Commerce of the State of New York at
reasons
had
contracts
of
partners and
Inasmuch
Co.
&
Corporation Sur¬
pluses "Uneconomic and Against All American
Business
Principles," According to William H.
Exchange that the business conduct committee
questionable transactions,
Exchange,
Undistributed
.
Stock
investigation that
his
of
acts
certain
its
New York
1:
the
at
from
the
of
April
said
was
believed
of
Following
Federal
April 4 1936
and the enjoining of his firm is quoted from the
"Times"
wage
increased
39.5
Chronicle
and
Hardy's father.
The
and
Senator
Bilbo asked
spoke of the distinguished
Mr. Hardy himself
the
career
Senate to
in
Frazier,
Senators
King, Nye and Pope
LaFollette,
was
Murphy,
Norris,
announced
they would have voted against it.
the
Mississippi of Mr.
born in that State.
Senators who voted against the confirmation
were
Capper,
confirm
Shipstead
Borah, Bulow,
and
Wheeler!
that, had they not been
paired!
Volume 142
Financial
Eugene M. Stevens Resigns as Chairman of Board of
Chicago Federal Reserve Bank and Federal Reserve
Agent—Joins Blyth & Co. as Vice-Chairman of
Board
The resignation of Eugene M. Stevens as a Class C director
as Chairman of the Board of the Federal Reserve
Bank
and
of Chicago and Federal Reserve Agent was announced on
March 31 at which time it was also made known that Mr.
Stevens has been elected Vice-Chairman of the Board of
Directors of the investment banking firm of
Blyth & Co.,
Inc.
His headquarters will be in the
Chicago office of the
firm, which also has principal offices in New York and San
Francisco, with branch offices in 20 other leading cities
throughout the country.
Mr. Stevens whose resignation
tendered
was
of
as
Chronicle
2259
March 31, after reserve for quarterly
dividend (which was
Deposits and total
payable April 1) amounting to $210,000.
of the institution stood at $176,646,630 and
$200,058,672, respectively, against $180,600,321 and $204,501,094, respectively, at the year's end, while United States
Government securities were $65,016,610, as compared with
$69,699,626 on Dec. 31.
resources
The statement of condition of Manufacturers Trust
Co.,
New York, as of March 31, 1936, shows surplus and un¬
divided profits at $12,865,095, an increase of $1,316,280
Dec. 31, 1935.
Adding the dividend for the quarter
$411,687 brings the net operating earnings for the period
$1,727,967, equal to $1.05 a share. Deposits are $595,-
over
of
to
of the six Chairmen of
793,050, the highest, it is stated, in the history of the bank?
Reserve banks slated (as noted in our issue of
March 7, page 1558), to lose their
posts on April 30. The
Directors of the Chicago Reserve Bank have
and represent an increase of $30,000,000 over the last quarter.
Resources too are reported at a new high with $703,189,060.
Cash is given at $120,841,084 as compared with $128,577,860
resolution
three months ago,
April 1
was
one
the various
in
which
in
adopted a
services of Mr.
commending the
Stevens, it is stated in part:
WHEREAS,
Mr.
Stevens
has
and United States Government securities
stand at $243,046,417 as against $229,997,961 at the end of
served
as
Chairman
of
the
Board
of
Directors of this Bank and Federal Reserve
Agent with unflagging devotion
to duty, administrative
ability of the highest degree, and great
last
Loans and bills purchased
$168,008,640 to $192,358,264.
distinction,
bringing to these offices
feeling of deep personal regret on the part of
every member of this Board and with full realization of the
great loss to this
Bank and to the Federal Reserve
System, that the Directors
contemplate
NOW, THEREFORE, BE IT RESOLVED that the Board of Directors
of this Bank ectend
service and
to Mr.
bring to him continuing
From
success and
happiness in all of his endeavors.
as
regarding the election of
Vice-Chairman of the Board of Blyth & Co.,
following is taken:
As
one
Stevens
of
will
the
be
principal executive officers of Blyth
associated
with
Charles
E.
&
Mitchell,
Co.,
Inc.,
Chairman
Mr.
of
the
Board, and Charles R. Blyth, President.
Mr.
Chicago and Federal Reserve
Jan.
1, 1931, he
was
President of Chicago's largest
banking institution, the Continental Illinois National
He
came
Trust
to
Co.
Co. in
that position from the
which
1929.
was
merged
Bank &
Trust.
Co.
Presidency of the Illinois Merchants
with
Continental National
Bank
&
Trust
"..y■
During the period 1917-1927, Mr. Stevens served
the Illinois Merchants
Trust Co. and
as
Vice-President of
instrumental in building up its
was
bond department into one of the
largest security underwriting and dis¬
tributing organizations in the mid-west.
Born in Preston, Minn, in
1871, Mr. Stevens began his business
career
with the Winona
(Minn.) Wagon Co. in 1887 and later was associated with
F. II. Peavey ft Co., grain merchants of
Minneapolis. In 1901 he established
his own investment
M.
Stevens
A
banking firm in Minneapolis under the
Co.,
which
later
resources
of $75,902,355 as
did loans and discounts which amounted to $8,314,630
as
in the first quarterly statement
and stood at $5,602,811 at
Holdings of United States Government
$8,211,343 compared with $7,126,343 on the last
day of last year.
Undivided profits, it is reported, increased
to $831,329 from the $791,210 reported three months previ¬
ously.
Slight decreases were shown in cash and due from
banks, and call loans to brokers.
1935.
bonds at
became
Stevens,
name
Chapman
of Eugene
&
Co.
He
The Public National Bank & Trust Co. of New York in
its condition report as at
shows total resources of
the close of business March 31,
$155,776,001, as compared with
total resources of $134,553,469 at the close of business
March 30 last year, and total deposits of $137,099,995 as
compared with total deposits of $117,119,767 on March 30,
the
monthly meeting of the Chamber of Commerce
of the State of New York, held April 2, the following were
elected to membership:
Charles H. C. Pearsall, President, Columbian Steamship Corp.
Walter
Henry Bennett,
Secretary,
National
Association
of
on
taken
Curb
to close,
Stock Exchange.
Good
by
the
Be
of
Investment
Held in Augusta,
also
but it usually follows the action of the
they will be closed
its 25th annual convention in Augusta, Ga., that city having
oil, tobacco,
following regarding the Lawyers Mortgage Safe De¬
copy
of
final order granted at
ing the subject dissolved and its corporate
BANKS,
TRUST
COMPANIES,
Exchange
A membership on
the Chicago Board of Trade sold March
$100 from previous transfer.
♦
East
The
River
Savings
Bank,
York,
has elected
Mr. Hagerty is
of the Metropolitan Life Insurance Co.
Treasurer
4
At
regular meeting on April 2 of the Board of Directors
the Chemical Bank & Trust Co. of New York, Mur¬
of
a
formerly
Olyphant,
Assistant
Treasurer,
was
elected
the
Empire
Vice-President.
Assistant
In
its
condition
Co.
of
New
statement
York
as
reports
of
March
total
31,
assets
of
$79,359,249
(as compared with total assets of $74,071,134 on Dec. 31,
1935) of which the principal items are: Cash in vault and
banks, $25,807,909; street and demand collateral loans,
$16,072,392, and United States Government securities, $15,455,243. On the debit side of the statement total deposits
are shown
at $71,666,512, up from $66,470,564 on Dec. 31,
but
surplus and undivided profits are given as $2,567,879,
as
against $2,487,540 at the end of the year.
Exchange membership of Max Bloom
was
sold
$1,500 from the last previous sale.
♦—
In the statement of condition of The First National Bank
of the
it
«
Co., New York, reported
of March 31 an increase in undivided
profits from $1,758,087 on Dec. 31, 1935, to
New
Harry C. Hagerty to the board of trustees.
March 31 to W. Leland Anderson, for another, at $11,000,
as
1936, declar¬
existence terminated, filed.
4
&c.
were
The Bank of New York & Trust
Streets, Borough
4
made April 1 for the transfer of the
membership of Jerome T.
Meighan to Robert M. Shields at $150,000. The previous
transaction was at $174,000, on Feb. 19.
in its statement
for the County of
City of New York, on the 23rd day of March,
Manhattan,
Trust
off
special term, Part I, of the
of
an
Stock
a
State of New York, held in and
______
The Cotton
Exchange, and
frozen-egg futures
the County Court House, Centre and Pearl
Hotel.
30 at $5,400 off
and
tallow
the New York Produce Exchange.
on
Supreme Court of the
ray
York
Good Fri¬
posit Co., New York, is from the March 27 "Weekly Bulletin"
of the New York State Banking Department:
recently been selected by the Board of Governors of the
Association which acted upon the recommendation of a
special Place of Convention Committee.
This year's con¬
vention will be held in December—December 2 to 6, in¬
clusive—instead of in the customary month of October.
The change was made by the Board so that the convention
will take place subsequent to the Presidential election on
Nov. 3.
Convention headquarters will be at the Bon Air
Arrangements
on
New York, at
The Investment Bankers Association of America will hold
New
has not
on
cottonseed
Certified
Ga.,
6
to
ABOUT
Board of Trade.
made known its
Chicago
Saturday, April 11.
They include the
Exchange, Wool Top Exchange, Commodity Ex¬
and
The
Convention
Bankers Association to
ITEMS
March 31
Similar
«
Annual
2
on
change, Coffee and Sugar Exchange, Cocoa
Louis H. Newkirk, of Leigh, Chandler & Co.
December
announced
Several of the New York commodity mar¬
Robert Schey, artist.
Twenty-fifth
the current
Friday, April 10.
Exchange
announced that
kets have
markets
McCormick, of Schlater, Noyes & Gardiner.
York
intention
Stock Exchange
closed
been
New
The
be
has
action
the
Howard C. Forbes, real estate.
York
it will
Cotton
Executive
Insurance Agents.
Walter B.
New
The
day
Paul Nortz, of Paul Nortz & Co.
hand and due from banks in
on
is
given as $27,390,667 against $15,448,543 a
year ago,
and United States Government securities as
$35,158,570 up from $33,993,662 on March 30 last year.
Capital and surplus now stand at $5,775,000 and $6,225,000,
respectively, as against $8,250,000 and $3,000,000, respec¬
tively, and undivided profits are down to $2,053,062 from
$2,229,280 a year ago.
that
Seven Elected to Membership in Chamber of Commerce
of State of New York
Cash
1935.
statement
withdrew from this firm to join the Illinois Merchants Trust Co. of
Chicago
in 1917.
At
Continental Bank &
♦
connection an experience of many years
in investment and commercial
banking in the mid-west.
Before becoming
chairman of the Federal Reserve Bank of
on
the
March 31,
compared with the
year and figure $74,594,727.
Secured loans at $7,589,336
also showed an increase over the Dec. 31 figure of $6,506,402,
showed total
Stevens brings to his new
Agent in that city
increase
Trust Co. of New York, as of the close of business
the end of
announcement issued
an
Mr. Stevens
the
Stevens their sincere appreciation of his loyal
personal friendship, and express the hope that the future will
of condition of
The statement
a
his resignation from these
offices;
an
4
the marked prestige of a successful career; and
WHEREAS, it is with
show
year.
from
$1,941,408
on
is
City of New York as at the close of business March 31,
that total deposits on that date aggregated
revealed
$514,551,986
business
March
as
Dec.
31
compared with $479,351,272 at the close of
1935. Surplus and undivided profits on
31,
amounted
to
$87,536,258, against $90,572,171
on
L 2260
Financial
Dec. 31.
Total resources are at present $619,022,432, as com¬
pared with $584,176,898 at the end of last year, and holdings
of
United
to
$209,432,738 from
States
Government
securities
show
an
increase
Chronicle
Ralph D. Griffin, Special Deputy Finance Commissioner for
Missouri, in charge of the liquidation of the closed ScruggsVandervoort-Barney Bank of St. Louis, to borrow $125,000
from
$196,439,394.
the
Reconstruction
dividend
1
Total
resources
of
the United
States
Trust
Co.
New
of
York aggregated $98,159,271 on March 31,1936, according to
the institution's statement of condition as of that date, as
compared with total
Cash in
banks
of $104,918,962
resources
shown to be
was
$25,905,572
against $37,228,712 at the first of the
Jan. 1 last.
on
March 31
on
hand, fell from $73,267,394
March 31.
Hamburgh, Hamburg, N. Y., from $150,000 at a par value
$50 a share, to $15,000 at a par value of $5 a share, were
of
approved by the New
York
State
Banking Department
on
March 20, which subsequently, on the same date, approved
an increase in the bank's
capital from $15,000 to $75,000.
At
meeting of the directors of the Merchants' National
a
Bank
of
been
"Transcript" of March 26, from which this is learned,
con¬
tinuing, said:
for
Burdett
(who
with
nearly 45
to
was
the State
into
take
his
over
duties
new
National Bank and the
April
Merchants'
1)
has
National
been
a
dividend
of
$3
share
a
the
on
$7
A distribution
of
the
Granite
In
of
Co.
of
of $100,000, which has been twice increased—in
$150,000, and in 1934 to $500,000.
Aggregate re¬
of
the
$10,016,178.
President;
Irving
institution
The
under
chief
the
officers
William J. Martin,
Shaw and Matthew
L.
March
are:
4
"call"
were
Delcevare
Executive
King,
Vice-President;
Cushing, Vice-Presidents;
Grieves, Treasurer; Henry P. Hayward, Secre¬
tary, and George F. Moulton, Trust Officer.
♦
With reference to the affairs of the defunct First
National
of Monticello,
111., the following appeared in the
Chicago "Tribune" of March 18:
Bank
The
First
National
depositors yesterday
gating
The
$157,603,
Bank
of
Monticello
(March 17).
or
28%
of
J.
R.
depositor
also
announced
a
payment
Drake, receiver, said checks
claims,
are
ready
for
to
aggre¬
distribution.
bank
previously had returned 50% through sale of prime assets to a
new
bank, the National Bank of Monticello, in December, 1933.
It also
has paid $35,000 in secured claims.
Repayment of $81,895, or 10%, to the 4,200 depositors of
the defunct Joliet Trust &
Savings Bank of Joliet, 111., was
made last week, we learn from the
Chicago "Tribune" of
March 28, which added:
Checks
are
in
current
in
the
it
is
the mails.
Another
distribution
learned
were
This is
10%
the
obtained
second
returned
was
in
repayment
since
in
Funds
1933.
ordinary liquidation
Chicago "Journal of Commerce"
that
of
the
for
the
assets.
of March 30,
the
directors of the Halsted
Exchange
Chicago, 111., recently decided to transfer
$50,000 from undistributed profits to surplus account, rais¬
ing the same to $100,000. The paper added:
According to the management this is the third
bank, reports that earnings in 1936
Current deposits are reported
are
from
President of
above the like period of 1935.
S6.000.000 compared with $3,611,000
as
a
4
Detroit
Bank, Detroit, Mich., last month observed
anniversary of its founding. Opening on March 5,
The Detroit
Savings Institution with $3,287 in
deposits, it has grown to a point where today it has deposits
aggregating $111,000,000 and operates in addition to its main
the 87th
as
office 28 branch offices
throughout the city. For years the
institution was known as The Detroit
Savings Bank. Last
January, however, the word
"Savings"
the title
the
word
(in order to
and
to reflect
remove
more
was
dropped
from
implied limitations of the
accurately the general
nature of
the institution's
Joseph M.
activities) and it became the Detroit Bank.
Dodge is President.
/./■■'•
Effective March 9, the First
of Ann
The
Arbor,
Mich.,
institution, which
ceeded
but
S.
$929.09,
E.
Ragland
there
as
total cost
says
were
salaries
no
and
the
$87 a share to those who held stock in the Central State,
their holdings in the First National have proven a
very satisfactory invest¬
ment, having received share for share in the merger.
'
♦
With
reference
77',V'7;'v
defunct Page Trust
■
the affairs of the
to
Co. of Aberdeen, N. C., advices from Sanford, on March
11,
appearing in the Raleigh "News and Observer," had the
following to say :
\ '
.
.
,
Judge F. Don Phillips, of Rockingham, has signed an order authorizing
Gurney P. Hood, Commissioner of Banks, to settle in full the claim of
Lee County against the defunct
Page Trust Co., which closed its doors
March
6
1933.
$42,848.49
in
the
J.
of
Melvin
the
cover
Co.
closing of the Institution the county had the
deposit there, for which
on
amount
$25,000
Clark,
as
held
was
the
collateral
security.
Auditor,
had
County
deposit, but before this
It
asked
of
shown that the
was
for
additional
delivered to the
was
sum
city of Sanford bonds
security
county the Page
closed.
That the San Francisco Bank, San
Francisco,
to open a branch in
it
is
learned
Burlingame
from
San
the
March 25„ which further
Approval has been
Banks
will
The
and
be
plan
now
in
to
S.
take
an
area
the
California
Insurance
pending
six offices
in
State
Superintendent
Corporation.
construction
San
of
Temporary offices
of
Francisco.
a
building.
new
Regarding the
leading part in financing building in that
a
increasingly
has
a
new
important
part
in
future
and
area
financing,
we
as
large future growth in prospect."
FOREIGN
>
Francisco
Maddux, President, said:
taking
believe this
was
March 25,
"Chronicle"
of
stated:
from
Deposit
Burlingame
operates
Parker
are
received
Federal
opened
bank
branch,
"We
the
Calif.,
was announced on
EXCHANGE
RATES
Pursuant to the 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.
give below
FOREIGN
a
We
record for the week just passed:
EXCHANGE
TO
Country and Monetary
RATES
TREASURY
MARCH 28,
CERTIFIED
UNDER
BY
FEDERAL
TARIFF
1936, TO APRIL 3,
ACT
OF
RESERVE
1922
1936, INCLUSIVE
Noon Buying Rate for Cable Transfers in New
Value in United States
Money
York
Unit
Afar. 30
Afar. 31
Apr. 1
Apr. 2
S
Europe—
Austria, schilling
S
$
S
$
.187116*
Belgium, belga
Bulgaria, lev
Czechoalo'kia, koruna
Denmark, krone
England, pound sterl'g
.187366*
.168896
|
Apr. 3
S
.187383*
.187466*
.187533*
.187183*
.169080
.169123
.169388
.169307
.169111
.012625*
.012625*
.012625*
.012750*
.012750*
.041314
.012750*
.041342
.041353
.041432
.041410
.220679
.041346
.220945
.221025
.221187
.221304
.221227
L948750
.951583
.954250
.957750
.956583
.021831
.021856
.021887
.021862
.065821
Germany, reichsmark
Greece, drachma.
Holland, guilder
Hungary, pengo
.943166
.021756
Finland, markka
France, franc
.021856
.065879
.065874
.065990
.065957
.065866
.400507
.400530
.401491
.402976
.402985
.009487
.402307
.009400
.009406
.009418
.009409
.676291
.009390
.676850
.678007
.679775
.679738
.294625*
.678571
.295625*
.294500*
was
was
National Bank
&
Trust Co.
placed
in voluntary liquidation.
capitalized at $250,000, was suc¬
by the Ann Arbor Savings & Commercial Bank.
4
From the St. Louis
"Globe-Democrat" of March 26 it is
learned that Circuit Judge Joynt the,previous
day authorized
.294875*
.294925*
Italy, lira
.079216*
.294775*
.079244*
.079222*
.079222*
.079235
Norway, krone
Poland, zloty
Portugal, escudo
.248370
.079166
.248608
.248745
.248937
.249075
.188125
.248995
.188250
.188475
.188675
.188650
.044865
.188333
.044935
.044975
.045040
.044992
.007356
.007368
.007316
.007362
.007316
Spain, peseta
Sweden, krona
transfer to surplus
Carl F. Kuehnle Jr.,
year ago.
1849
been
Rumania, leu..
uhdivded profits within eight months.
The
has
bank
National Bank of
the
President
announcement,
Mar. 28
1932.
From the
final distribution of
a
met.
BANKS
closed
$42,000, making
liquidation
be
to
Besides
William W.
•.
merged
was
July 6 1926,
Quincy, Mass., celebrated the
capital
sources
making
the
fees
late
one-hundredth anniversary of its establishment on March
28,
when the institution kept "open house" for its
patrons and
friends.
The trust company began business in 1836 with'
to
Memphis, Tenn., which
total of $522,000 paid to
the shareholders.
The Memphis "Appeal" of March 12, from
which we quote, continued:
Trust
Trust
\:,V
„
.
National Bank of that city on
or
amount
same
made three months ago.
1857
share,
a
Bank
capital stock, payable
7'...;'7V7
777: 77;
stockholders of the
to
announcing completion of the liquidation of $406,510 of the
questionable assets, which did not go into the consolidation.
to
a
First
At the time of the
April 15 to holders of record March 31.
The
the
7
..
;:;.-7;V7
12
March
on
old Central State Bank of
years.
Directors declared1
was
7'7'''•
mailed
were
Boston,
Mass., March 26, William F. Burdett,
institution, was made a Vice-President, while
Edward W. Supple, formerly manager of the foreign de¬
partment of the institution, and more recently Assistant
Cashier, was advanced to the Cashiership.
The Boston
Mr.
.-i/.;
paid'.;,
Letters
Cashier of the
associated
.
Mailing of the dividend checks probably will take place within a few
Mr.
Griffin announced yesterday.
The bank had $1,300,000 in
depositors' claims when it closed in January, 1933, of which 50% has
With the letter went announcement of
Plans to reduce the capital stock of the People's Bank of
for a 10%
The paper
Corporation
claims.
approved
♦
Jan. 1 to $66,366,475
on
Finance
depositors with
days,
as
surplus remained unchanged at $2,000,000 and $24,000,000,
respectively, but undivided profits increased from
$4,005,479 on Jan. 1 to $4,106,692 on March 31. Deposits, on
on
to
continued:'
Capital stock
year.
and
the other
April 4 1936
.136417
.136503
.007316
.136521
.136717
.136635
.254858
.136471
.255152
.255256
.255450
.255587
Switzerland, franc—
Yugoslavia, dinar
.325646
.255545
.325096
.325371
.325978
.326150
.022837
.325778
.022850
.022858
.022908
.022900
.022883
.297916
Asia—
.045005
China—
Chefoo (yuan)
dol'r
.297291
.297291
.297708
Hankow (yuan) dol'r
.297916
.297708
.297708
.298125
.298125
.298333
Shanghai (yuan) dol.
.297291
.297708
.297708
.297708
Tientsin (yuan) dol'r
.298333
.297708
.297708
.298333
.298125
.298125
.298333
Hong Kong, dollar.
India, rupee
Japan, yen
Singapore (S. S.) dol'r
.325000
.325312
.298333
.325625
.325781
.325937
.373270
.326093
.373570
.297708
.373900
.374040
.374225
.288025
.288310
.374060
.288720
.289000
.289330
.579687
.580000
.289020
.580312
.580937
.581250
.581312
Australasia—
Australia, pound
3 936500*3.942625*
New Zealand, pound. 3 967750*3.973500*
944250*3.947000* 4.949000*3.947375*
974625*3.977250* 3.979937*3.977937*
Africa—
South Africa, pound.. 4.887083* 4.890208*
4.896041*4.899166*
North America—
Canada, dollar
Cuba, peso
Mexico, peso
Newfoundland, dollar
.993750
*
4.901666*4.900625*
.995182
.994713
.993880
.996015
.999000
.999000
.999000
.999000
.999000
.277675
.277675
.999000
.277675
.277675
.277675
.277675
.993437
.995885
.991250
.992562
.992250
.991312
.993500
.329543*
.330000*
.330075*
.330325*
.330475*
.085550*
.085600*
.085600*
.085700*
.085700*
.050950*
.050950*
.085700*
.050950*
.050950*
'050950*
.797500*
.797500*
.050950*
.797500*
.797500*
.797500*
.571500*
.571500*
.797500*
.571500*
.571500*
.571500*
.571500*
South America—
Argentina, peso
Brazil, mllreis
Chile, peso
Uruguay, peso
Colombia, peso
.298333
Nominal rates, firm rates not available.
.330375*
Financial
Volume 142
2261
Chronicle
Increased activity in the
York Curb
Saturday. Red Bank
Oil led the upward swing and closed with a net gain of 6%
points. At its top for the day it broke into new high ground
with an advance of 7% points.
Smaller gains were recorded
Exchange during the short session on
Luitweiler, Kellogg & Co.
New York Stock Exchange
Members of
BROKERS
DEALERS
&
by
Sterling Securities—Foreign Dollar Bonds
96
YORK
Telephone John 4-3830
Cable audresa: Lultkel
BOURSE
PARIS
THE
Quotations of representative stocks as received by cable
each day of the past
Francs
Francs
Bank of France
Francs
Apr. 2
Apr. 3
Francs
Francs
7,800
7,900
7,900
7,800
962
431
7,800
946
425
7,800
965
431
Banque de Paris et Des Pays Bas
Apr. 1
Francs
Mar. 30 Mar. 31
Mar. 28
Banque del 'Union Parisienne..
970
969
435
437
201
196
197
201
201
207
19,000
18,900
19,000
18,800
18,800
19,000
943
930
947
960
984
1,290
1,280
1,320
1,340
1,360
Canadian Pacific
Canal de Suez
Cle Dlstr. d'Electricltle
Cle Generale d'Electricltle
trend was upward, the
changes were generally fractional.
This was also true of
the public utility shares, particularly the common stocks,
which attracted some attention during the morning dealings.
The transfers were approximately 234,400 shares.
Trading was fairly steady on Monday, but most of the
activity centered around the specialties, oils and metals.
Dubilier Condenser attracted some buying following the
fairly active, and while the
connection with a
scored an overnight
gain of 234 points to 141 and American Hard Rubber ad¬
vanced 2% points to 33%.
Consolidated Gas of Baltimore
also attracted some buying and forged ahead 2% points to
89% and American Meter Co. improved over a point. There
were numerous other small gains, but most of them were in
favorable ruling
week:
1,350
20
19
17
17
85
85
85
86
77
Comptolr Natlonale d'Escompte
Coty S A
916
914
917
112
918
920
112
120
Courrleree
226
227
234
238
586
589
591
588
1,630
1,610
1,620
1,570
474
715
1,630
1,640
1,620
1,590
1,590
1,660
1,610
475
483
715
735
of the Supreme Court in
Aluminum Co. of America
patent suit.
235
590
Cle Generale Transatlantlque
Citroen B__
Credit Commercial de France.
Credit Lyonnalse
Eaux
_
.
N
minor fractions.
Energle Electrlque du Nord
473
Energle Electrlque du Littoral..
710
1,570
468
710
Kuhlmann
622
619
626
649
980
814
987
1,010
815
1,017
372
18
1,376
66.30
68 40
68 60
73.40
74.30
98.10
2,570
1,662
1,602
1,030
120
1,120
...
....
L'Alr Llqulde
....
Lyon (P L M)
Nord Ry
Orleans Ry
Pathe Capital
Pechlney
Rentes.
Rentes
Rentes
Rentes
Rentes
Rentes
373
17
1,350
97.50
65.90
67 90
68 00
73.20
74.10
97.75
2,600
Perpetuel 3%
4%, 1917
4%, 1918
4 % %, 1932 A
4%%, 1932 B
5%. 1920
2,550
65.30
67.50
67 80
72 60
73.60
Royal Dutch
Saint Gobain C & C
1,670
Schneider
1,605
<fe
Cle..
1,655
1,585
831
17
1,390
66 80
66 75
65.90
68 90
68 90
68.40
68 20
68 10
67.40
73.90
73.30
74.90
74.30
74.10
75.10
98.90
98.10
2,570
2,560
1,675
1,637
2,580
55
54
1,675
Soclete
Generale
1,634
56
56
55
40
40
41
Societe
Lyonnalse
41
42
1,570
1,575
1,595
1,610
Soclete
532
533
Marseillaise
Fonclere
532
632
534
71
68
70
72
71
472
471
479
480
501
54
54
53
55
55
Tubize Artificial Silk pref
Union d'Electricltle
Wagon-Llts
STOCK EXCHANGE
BERLIN
THE
Closing prices of representative stocks
as
Mar.
Mar.
30
31
Apr.
1
3
Berliner Kraft
36
112
144
36
112
144
35
112
144
35
112
144
111
92
91
91
91
91
90
132
133
132
132
131
92
91
91
91
91
91
117
7%. 123
117
123
117
124
118
124
119
124
117
92
91
91
91
91
91
160
135
161
134
163
134
163
134
138
Gas
(7%^
Deutsche Bank und Dlsoonto-Gesellsohaft..
Deutsche Erdoel (4%)
Deutsche Relchsbahn (German Rys) pf
Dresdner Bank
Farbenindustrle I G (7%)
Gesfuerel (8%)
144
124
15
15
15
15
165
135
137
15
Mannesmann Roehren
85
84
85
85
86
86
Norddeutscher Lloyd
16
16
15
15
16
16
180
181
226
...
182
227
183
226
225
182
183
Hamburg Electrlo Werke (8%)
Hapag
Relchsbank
139
140
(8%)
179
/
Rhelnlsobe Braunkohle (8%)
Salzdetfurth (7%%)
226
180
Seimens & Halske (7%)
177
139
...
180
ENGLISH
FINANCIAL
176
182
reported by cable, have been
133
136
15
182
181
MARKET—PER
The daily closing quotations for securities,
as
179
CABLE
&c., at London,
follows the past week:
as
Sat.,
Silver,
per oz_.
Mon.,
Tues.,
Wed.,
Thurs.,
Frt.,
Mar. 28
Gold,
Mar. 30
Mar. 31
Apr. 1
Apr. 2
Apr. 3
19 15-16d.
19 13-16d.
19%d.
fine oz. 141s.%d.
p.
attracted
19 13-16d.
140s.8d.
140s.9%d. 140s.8d.
continued comparatively quiet.
some
Transactions
buying and specialties were
20d.
140s .9d.
,
showed
the Curb Exchange
on
a
moderate
Thursday,
and while prices were somewhat
irregular, the tendency
continued upward. Public utilities
and declines about evenly divided.
164
u.
moderately firm on Wednesday,
Public utilities
slightly higher,
but there was a sizeable number of fractional declines
scattered through the list.
The most active stocks of the
day included among others Aluminum Co. of America, 3
points to 143; American Hard Rubber, 1% points to 35;
Empire Gas & Fuel, 7% pref., 2 points to 60; Jones &
Laguhlin Steel, 1% points to 38%rPan American Always,
1% points to 60%; Quaker Oats, 3 points to 132; Rioyal
Typewriter, 2% points to 62; Square D Co. (B stock), 2 points
to 85; Todd Shipyard, 2% points to 43% and Wayne Pump,
but trading
on
easier with advances
35
37
Ill
144
(6%)
Lleht (8%)
Commen und Privat-Bank A G
Dessauer
mately 389,750 shares.
were
132
Handels-Geeellschaft
Berliner
decline on the preceding
and metal shares and
specialties showed little activity and closed the session with
very small changes.
The transfers for the day were approxi¬
Apr.
Apr,
2
Per Cent of Par
Allgemelne Elektrizltaets-Gesellschaft
Tuesday and the volume
Low priced oil shares
again moved forward following the
increase
28
on
dwindle.
2% points to 30.
cable
received by
each day of the past week:
Mar,
irregular
to
The tone of the market was
98.60
1,566
Francalse
"§72
374
18
1,400
57
Ford
Societe
1,020
1,078
378
were
day, but the public utilities, mining
840
1,035
Price movements
of business continued
643
990
811
922
376
16
1,365
Lyonnalse
Specialty issues
number of other stocks in the group.
a
were
STREET
WALL
NEW
low priced oil stocks was the out¬
of the trading on the New
standing feature
20d.
140s.7%d.
85 3-16
85 3-16
2% %
Holiday
84%
84%
85%
British 3% %—
W. L—_—
Holiday
106%
106%
107%
107%
107%
British 4%—
1960-90
Holiday
116%
116%
116%
117%
Oil stocks
were
irregular with most of the closing prices on
the side of the advance. Miscellaneous
specialties were in
moderate demand, but mining and metal issues and alcohol
stocks were quiet. The transfers for the day were approxi-*
mately 473,995 against 401,245 on
the preceding day.
The tone of the market was stronger on
the transfers showed
a
Friday, and while
substantial increase over the preceding
day, price changes were generally small and without special
significance. Aluminum Limited was fairly active and forged
ahead 3% points to 67 %, Square D Co. (B stock) added 2
points to its previous gain and closed at 87, Singer Manu¬
facturing Co. (6A) moved up 5 points to 340 and Pittsburgh
Plate Glass (2A) improved 5% points to 136%. As compared
with JYiday of last week, prices were slightly higher, Alumi¬
num Co. of America closing last night at 143 against 140 on
American Cyanamid B at 37 against 36,
28%, Ford of Canada A at
25% against 24%, Hollinger Consolidated Gold Mines at
14% against 14%, Hudson Bay Mining & Smelting at 26%
against 25%, International Petroleum at 38% against 36%,
Niagara Hudson Power at 10% against 9%, South Penn Oil
Co. (1.60) at 40% against 38%, and United Shoe Machinery
Friday
a
week
ago,
Creole Petroleum at 29% against
117%
Consols,
The
States
at
Bar N. Y.
RANSACTIONS
v
price of silver
on
88% against 87%.
the
same
per
ounce
(in cents) in the United
of
Shares)
Apr.Z 1936
44%
44%
44%
44%
44%
44%
50.01
50.01
50.01
50.01
50.01
50.01
Saturday
77.57
77.57
77.57
77.57
77,57
77.57
Tuesday..,
were
a
apparent during most of the trading this week.
The
comparatively quiet and price changes were
generally within
a narrow range.
Considerable activity was
apparent in the low priced oil stocks and there was some
manifested
in
the
miscellaneous
specialties
and
public utilities. Mining and metal shares and alcohol issues
have been quiet and made little progress either way.
$1,261,000
2,059,000
Total
$13,000
33,000
29,000
53,000
55,000
32,000
$1,350,000
2,125,000
2,229,000
2,497,000
2,299,000
2,789,000
$215,000 $13,289,000
slight upward tendency
market has been
interest
Corporate
$368,000
528,875
Total
Irregular price movements with
Government
2,386,875 $12,706,000
463,445
Friday..
THE CURB EXCHANGE
Domestic
Foreign
2,117,000
2,380,000
2,164,000
2,725,000
Thursday
(newly mined)
234,440
369,425
389,785
400,905
Monday
U. S. Treasury
Value)
Foreign
$76,000
33,000
83,000
64,000
80,000
32,000
Wednesday
U. S. Treasury
YORK CURB EXCHANGE
Bonds (Par
Stocks
(for¬
eign)
THE NEW
(Number
Week Ended
days has been:
AT
Week Ended Apr. 3
Sales at
Jan. 1 to Apr.
New York Curb
1936
Exchange
1935
1936
3
1935
2,386,875
726,941
56,158,962
10,451,340
$12,706,000
Stocks—No. of shares.
368,000
215,000
$24,071,000
254,000
269,000
$306,369,000
6,005,000
3,605,000
$309,066,000
5,932,000
3,448,000
$13,289,000
$24,594,000
$315,979,000
$318,446,000
Bonds
Domestic
Foreign
government.
Foreign corporate
Total
.
2262
Financial
Chronicle
April 4 1936
Course of Bank
Clearings
Bank
clearings this week
pared with
a
based upon
year ago.
will again show
an
March
from the chief cities of the
Our
preliminary
total
$6,020,743,764 for
there is
the
the
obtain
stands
same
at
$7,110,218,308,
week in 1935.
New
1,545,679,626
1,481,216,529
+4.4
"
1,292,023,050
1,079,719,797
957,793,257
"
+ 12.7
+6.4
839,808,651
499,548,178
494,365,166
570.611.493
464,442,410
'*
418,381,913
219,088,030
Chicago... 19
539,500,678
+5.8
"
468,095,257
198,619,647
1,976,781,317
556,689,749
390,727,119
1,690,055,345
512,320,448
460,558,350
251,623,170
333,005,852
213,265,500
713.738.494
+ 17.0
+ 8.7
+9.1
640,190,833 + 11.5
1,429,226,866
358,125,151
584,888,864
+ 19.5
+ 19.2
336,011,422
308,312,152
183,406,885
833,031,022
532,028,390
*
Boston————————
348,000,000
224,160,000
65,799,891
71,200,000
115,298,000
104,747,834
99,721,757
64,846,859
00,870,919
25,560,000
—
-
—
San Francisco
,
Pittsburgh.
Detroit
Cleveland.
Baltimore *■'»'.————————
New Orleans.
Twelve cities, five days.
Other cities, five days
§5,498,605,570
593,243,020
Total all cities, five days.
§6,091,848,590
1,018,369,718
All cities, one
day
Total all cities for week
4
"
"
"
"
407,642,987
341,010,779
*'
1,101,177,389
923,842,369
28,857,690,986
26,372,642,401
9,341,334,951
+9.4
+ 11.2
23,512,614,673
8,354,247,617
16,462,870,978
10,386,055,762
1,390,033,262
1,229,732,198
+ 13.0
1,197,201,150
946,469,635
§7,110,218,308
today, inasmuch
Cent
cases
the elaborate
3 Months
as
the
week
1st
+ 15.9
%
$
"
4,740,958,333
"
3,177,876,506
Richmond .6
"
1,460,966,141
Atlanta
10
"
1,672,764,765
1,520,469,330
+ 10.0
19
"
1,313,601,251
894,492,648
5,718,862,450
4,861,386,480
+ 17.6
3,912,265,730
2,828,086,725
1,607,322,780
1,435,393,487
+ 12.0
1,285,362,217
931,423,826
Chicago
8th
St
Louis...
"
51,226,961,721
2,890,475,637
2,777,837,311
47,401,856,342
43,368,056,150
2,380,016,887
37,336,325,996
3,517,291,967
3,363,685,779
2,365,425,888
1,975,270,733
4
"
Minneapolis 7
10th Kansas
City 10
"
1,081,681,038
988,979,729
•*
11th Dallas
2,108,244,506
1,828,956,001
"
1,178,744,295
982,707,389
12th San
+5.5
5
Fran..12
+20.5
Total
Canada
1,175,005,403
381,940,885
3,102,111,692
2,602,676,852
+9.4
+ 15.3
+ 19.9
+ 19.2
2,298,136,582
1,763,967,995
80,456,023,628
30,615,157,453
72,743,300,189
+ 10.6
65,414,004,811
54,969,269,831
26,663,510,285
+14.9
23,203,481,36?
18,703,302,742
4,403,127,022
3,577,761,607
+23.1
3,473,080,153
2,805,889,877
"
Ill cities
Outside N. Y. City.....
+ 18.1
the last
S
Philadelp'ia 9
Cleveland.. 5
York. 12
9th
has to be estimated.
3,379,529,401
1933
■
+ 16.9
+8.1
4,175,224,549 + 13.5
2,746,382,838 + 15.7
1,308,791,555 + 11.6
7th
—5.5
32 c»ti"8
910,651,937
681,197,871
1,581,469,200
1,182,441,657
908,898,172
650,418,829
Our usual monthly detailed statement of transactions
on
the New York Stock
Exchange is appended. The results
for March and the three months of
1936 and 1935 are given
below:
day
Month of March
Three Months
Description
1936
we
Stocks, number of shares.
an
51,016,548
V
1936
1935
15,850,057
179,102,685
49,663,714
$212,081,000 §163,546,000
30,789,000
33,898,000
41,762,000
113,211,000
§933,889,000
100,724,000
96,737,001
§501,496,000
103,795,000
256,166,000
$284,632,000 $310,655,000 $1,131,350,000
Railroad & miscell. bonds
State, foreign, &c., bonds
U. S. Government bonds.
The
volume of
New York Stock
$861,457,000
transactions
in
share
properties
Exchange for the three months
following:
1933 to 1936 is indicated in the
from this it
appears that in the New
the
on
of the years
1936
1935
1934
1933
No. Shares
District, including this city, the totals record
improvement of 4.8%, in the Boston
Reserve District of
8.5% and in the Philadelphia Reserve
District
1935
Bonds
Total bonds.
Outside
increase of 9.8%, the bank
clearings
at this center
having recorded a gain of 4.8 %. We
group
the cities
according to the Federal Reserve districts in which
an
S
3 Months
6th
today
be available
1935.
located, and
New
3d
+23.1
clearings for the whole country
being $5,894,496,886,
against $5,531,079,638 in the same week
in
are
1934
5th
+ 20.5
+ 57.0
aggregate
they
Dec.
4th
+ 7.6
+ 15.1
detailed statement,
however, which
York Reserve
1935
$
Reserve Dists
Boston
12 cities
2d
+ 0.5
ends
of
city there is
5,006,545,712
3 Months
1936
—1.4
§6,020,743,764
Inc.or
Federal
+ 23.5
§5,055,662,474
965,081,290
3 Months
+27.5
+23,2
present further below, we are able to
give final and complete
results for the week
previous—the week ended March 28.
For that week there is. an
increase of 6.6%, the
of this
.32 cities
.
+ 23.7
601,947,965
(Saturday) and the Saturday figures will not
noon
today.
Accordingly, in the above
In
.
+ 24.0
§4,453,714,509
until
of the week in all
...
We append another table
showing the clearings by Federal
Reserve districts for the thre® months for four
cannot
them
729,417,422
St. Louis...
Minneapolis 7
Total—
111 cities
Outside N. Y. City..—.
Complete and exact details for the week covered
by the
foregoing will appear in our issue of next week.
We
furnish
869,335,149
years:
York————..i——
Kansas City
St. Louis—
673,717,395
11,756,809,790
12th San Fran..12
Our
§3,273,210,645
210,913,290
273,000,000
182,000,000
65,480,741
66,200,000
100,200,000
86,893,019
63,536,533
52.688.140
52.531.141
27,061,000
977,724,241
15,567,558,455
10th Kansas City 10
11th Dallas
5
Per
§4,057,593,062
260,807,248
$
+9.8
+8.3
••
Canada.
Chicago
Philadelphia
1,013,472,063
17,450,672,539
8th
against
1935
1,113,221,351
18,907,336,498
9th
At this center
1936
$
Cleveland— 5
Richmond .6
Atlanta
10
7th
comparative summary for the week follows:
Clearings—Returns by Telegraph
Week Ending Apr. 4
%
Philadelp'ia 9
6th
year.
gain for the week ended Friday of 24.0
%.
a
1933
$
3d
5th
weekly returns will be
corresponding week last
March
1934
4th
States
18.1% above those for
March
Dec.
$
Federal Reserve Dists.
1st
Boston
12 cities
2d
New York. 12
"
us
country indicate that for the week ended
today (Saturday)
April 4) bank exchanges for all cities of the United
from which it is
possible to
Inc.or
1935
com¬
Preliminary figures compiled by
telegraphic advices
March
1936
increase
No. Shares
No. Shares
No. Shares
Month of January—.—
67,201,745
60,884,392
51,016,548
15,850,057
54,565,34'
56,829,952
29,900,904
20,096,557
179,102,685
49,663,714
141,296,205
58,129.049
February
March
of
3.0%.
The Cleveland Reserve
District has managed to
enlarge its
First quarter
19,409,132
14,404,525
18,718,292
19,314.200
totals
by 6.1%, the Richmond Reserve
District by
10.9%
and the Atlanta Reserve
District by 7.6%.
The Chicago
Reserve District has to its
credit
Louis Reserve District of
District of 17.7%.
serve
trict
the increase is
21.0% and in the
In the
following
furnish
Reserve Dists
Boston
12 cities
2d
N«w
York. 12
"
3d
Philadelp'ia 9
Cleveland.. 5
"
4th
5th
Richmond .6
"
6th
Atlanta
10
"
7th
Chicago
19
"
"
8th
St
4
"
9th
Minneapolis 7
City 10
"
5
"
Fran.. 12
"
Louis...
12th San
Total
"
Ill cities
Outside N. Y. City
Canada
32 cities
,
1936
Clearings Outside New York
1935
1936
1935
'
UCh §
%
Jan... 27,587,225,976 25,558,258.089
+7.9 10.800.390,151
Feb... 24.011,106,666 20,812,399.699
+ 15.4
9,428,711,540
Mar
28,857,690,986 26,372,642,401
+9.4 10,386,055,762
S
'
1st qu
$
%
9,351,732,820 +15.6
7,960,442,514 + 18.4
9,341,334,951 + 11.2
1936
1935
§
Dec.
%
+8.5
80.456.023.628 72,743.300,189 + 10 6
30,615,157,453 26.653.510.285
The
Inc. or
1934
1933
course
206,490,709
3,661,519,848
+4.8
338,995,214
186,905,329
2,763,476,147
329,106,314
+3.0
246,507,420
236,913,292
104,721,425
,204,677,683
94,429,685
110,441,69
+6.1
+ 10.9
+7.6
174,139,919
2,939,982,036
243,517,319
168,910,050
139,334,134
80,605,381
75,153,304
New York
92,496,187
55,755,568
Chicago
118,837,035
426,552,052
123,467,788
86,278,638
120,914,722
51,440,242
224,458,011
397,414,490
+7.3
111,451,976 + 10.8
73,304,311 +17.7
105,792,274 + 14.3
42,529,025 +21.0
193,921,629 +15.7
319,326,492
March
1935
1934
1933
1936
$
§
$
$
$
...18,472
17,031
15,158
11,456
49,841
46,090
1,268
1,061
903
603
3,627
3,062
...
Boston
54,448,597
94,706,881
63,966,725
Pittsburgh
28,929,200
San Francisco._
...
Philadelphia...
St
Louis
5,531,079,638
1,955,863,285
+6.6
+9.8
4,298,704,958
4,181,533,267
1,315,679,976
1,612,033,121
...
Baltimore
...
...
Kansas City
Cleveland
Minneapolis
315,071,401
268,892,768
+17.2
249,360,847
180,764,463
gain of 8.3%, in the Boston Reserve District of
9.8%, and in the Philadelphia Reserve District of
4.4%.
The Cleveland Reserve
District has to its credit an increase
of 12.7%, in the
Richmond Reserve District of
6.4%, and
in the Atlanta
Reserve District of 5.8%.
In the Chicago
Reserve District the totals are
larger by 17.0%, in the
St. Louis Reserve District
by 8.7%, and in the Minneapolis
Reserve District 9.1 %.
In the Kansas City Reserve District
there is an expansion of
11.5%, in the Dallas Reserve District
of
19.5%, and in the San Francisco Reserve District of
19.2%.
...
...
...
...
—
New Orleans...
Detroit..;
a
...
,l—
Cincinnati
5,894,495,886
2,148,445,395
Jan. 1 to March 31
1936
omitted)
201,999,627
70,100,935
134,202,903
the
BANK CLEARINGS AT LEADING CITIES
IN MARCH
66,372,316
155,928,788
+ 14.9
clearings at leading cities of the country
(000,000s
87,831,010
34,638,957
of bank
for the month of March and since Jan.
1 in each of
last four years is shown in the
subjoined statement:
224,022,583
3,837,89 4,883
We also furnish
to-day a sumtr ary of the clearings for the
month of March.
For that month there is an
increase for
the entire
body of clearing houses of 9.4%, the 1936
aggre¬
gate of clearings being
$28,857,690,986 and the 1935 aggre¬
gate $26,372,642,401.
In the New York Reserve
District
there is
CLEARINGS
..
Week Ended Mar. 28
1936
10th Kansas
11th Dallas
1935:
Month
summary by Federal Reserve
SUMMARY OF BANK CLEARINGS
W
1st
a
1936 and
Clearings, Total All
14.3%, in the Dallas Reserve District
San Francisco Reserve
District 15.7%.
we
1
MONTHLY
gain of 7.3%, the St.
10.8% and the Minneapolis Re¬
In the Kansas City Reserve Dis¬
districts:
Federal
since Jan.
a
—.
...
—.
Louisville
...
Omaha
...
Providence
...
..
1933
$
%
36,266
2,057
959
883
854
580
1,428
1,239
831
2,912
4,547
4,012
358
2,417
3,359
331
/ 291
170
1,018
905
2,002
805
2,496
3,206
611
449
412
352
258
1,376
1,184
608
1,008
854
510
456
315
1,709
1,451
250
1,284
239
1,021
220
103
739
668
607
488
229
206
180
100
645
509
413
353
336
290
167
1,098
976
810
313
621
259
246
106
903
750
673
241
578
221
209
142
580
443
665
580
607
127
117
102
12
381
330
305
411
386
317
13
1,235
847
131
1,0)9
349
115
107
53
387
336
300
150
203
120
136
58
397
333
359
36
235
"
193
—
...
—
Richmond
35
25
131
106
99
84
65
56
33
234
185
153
124
131
112
115
72
385
337
322
102
272
95
94
48
283
261
247
155
116
101
88
61
330
279
208
188
62
...
Paul
Denver
1934
42,211
2,473
84
Milwaukee
Indianapolis
$
1,484
45
Buffalo
St
1935
55
45
25
192
164
138
115
134
130
116
73
399
372
344
282
66
64
61
26
197
189
176
104
135
110
97
70
381
302
267
211
57
50
41
28
164
148
121
101
49
41
33
29
148
127
100
89
...26,784 24,514 21,841
2,074
1,859
1,672
15,457
74,324
67,349
60,722
51,265
1,006
6,132
5,395
4,692
3,704
...28,858 26,373 23,513
Outside New York. 10,386
9,341
8,354
16,463
80,456
72,743
65,414
54,969
5,007
30,615
26,654
23,203
18,703
...
Memphis
Seattle.
Salt Lake
...
City.
Hartford
Total
Other cities
Total all
...
1
We now add our detailed statement
showing the figures
for each city
separately for March and for the week ended
March 28 for four years-
2263
Financial Chronicle
Volume 142
Month of
AND FOR WEEK
SINCE JAN.
CLEARINGS FOR MARCH,
Three Months
March
Inc. or
Inc. or
Inc. or
1936
1935
Dec.
$
%
$
'
First Federal Reser
Me.—Bangor
~
District
ve
Mass.—Boston-..
Fall River
Holyoke
Lowell
New Board
Springfield
Worcester
Conn.—Hartford
New Haven
Water bury
R. I.—Providence
N. H.—Manchester...
Total (14
Buffalo
Elmlra
Jamestown..
New York
3,923,469
7,601,061
+13.2
8,250,822
37,496,106
+0.3
+5.7
+ 15.3
+2.2
285.87C
511,72f
2,186.933
683,27c
—19.'
+ 16.C
+9.Fi
+~1~3~.
"252", 861
419,97c
1,430,107
164,971,466
469,741
"33l"f 404
624,052
151,752,748
438,470
179,716
365,093
1,469,845
7.177.04C
2,747,807
2,303,28£
1,215,841
9,068,394
2,425,748
—20.£
+ 13.c
2,433,126
7,588~,20C
+"l~7~j
7.024.80C
385,185
+ 17.0
572,745
2,347,456
1,081,271
5,406,148
8,902",60C
+ 13.3
+22.3
39,989,422
+24.{
"
+8.5
33,082,528
430,514
1,423,99C
180,187,02(
347,902
394,391
—2.2
417,101
7,256,600
295,774
174,139,919
—1.1
517,181
—5.1
+20.£
2,332,015
825,199
6,947,417
2,774,933
105.733,800
+44.7
5,402,181
+22.4
+ 18.3
+23.6
+ 18.6
2,890,475,637
+ 16.9
224,022,583
206,490,709
186,905,329
3,379,529,401
+8.1
+9.8
132,496,880
12,945,919
336,920,558
—36.5
5,672,982
5,115,691
862.974
809,506
681,836
+ 14.3
+5.8
27,800,000
26,300,000
+ 10.f
+6.6
+5.7
639,827
+ 19.4
26,570,880
487,511
510,787
—4.6
466.590
21,748,811
495,338
439,039
447,106
—1.8
390.625
278,895
+24.4
1,013,472,063
14,052,100
84,166.076
+ 10.7
15,460,083
385,238,833
7,945,521
29,036.559
25,464,620
16.414,755
14.533,132
+ 14.0
+ 12.9
13,000,130
1,655,106
72,718.688
9,658,954
1,557,354
+34.6
+6.3
Newark
+ 16.6
S
.
130,721,900
6.409,360
+ 16.2
+24.2
4,445,600
36,183,300
1,553,387
—25.1
.
+24.7
17,143,681
126,500,129
20.965.768
147,993,250
48,963,643
16,622,700
+21.0
38,838,560
N. J.—Montclair
+ 17.1
+ 1.1
+3-2
+8.5
7,511,167
+ 17.7
+8.1
5,352,520
3,641,746
7.170,716
6,091,072
49,840,866,175
94,827,085
50,909,843
46,089,789,904
44,863.539
+ 16.2
+ 13.5
41,907,615
33,876,196
+23.7
3,232,049
2,866,637
3,101,585
2,323,112
+ 23.4
279,168
221,881
+25.8
326.869
4,858.976
+7.2
221.881
5,208,038
231,600,680
14,683,196
16,001,758
—8.2
14,086,858
14,251.512
29,530,101
26,999,570 !
+9.4
18,700,529
22,581,672
—3
75,631.724
81,601,305
4
226.230,351
+9.2
+0.7
+ 17.1
452,052,439
9,608.617
413,983,947
10,686,529
+8.3
51,226,961,721
47,401,856,343
+8.1
+ 13.9
4,967,645
4.380,328
+ 13.4
1,305,791
+ 1.4
a4,550,800
3.746,162
7,851,984
5,405,428
1,501.639
1,970,709
7,645,287
3.829,409
+2.7
+41.2
24,283,881
14.642,313
1,370.836
+9.5
1,885.666
1,483,775,000
1,428,000,000
4,711.637
8.847,714
+ 31.2
33.375,987
3,032,546
4,767.665
2.218,961
1,975,557
—10.1
18,907,336,498 17,450,672,539
+4.8 2,686,671,837 2,865,853,291
5.237,815
5.036,166
+9.5
2,950,703
3.077,464
+4.2
3,746,051,491 3,574,216,353
5.472,499
5,989,735
2+
129,450.629
3,633.638
130.410.178
Northern, N. J-
3.013,824
Oranges
Third Federal Rese
—2.5
4.439,983
+ 1.4
+8.6
4,037.981
4,469,233
112,200,000
131,438,314
2,283,979
2,309,713
2,074,518
2,141,884
18,471,635,224 17,031,307,450
Syracuse
Conn.—Stamford
cities)
4,503,661
+4.3
883,401,893
29.092,890
Rochester
Total (13
—0.1
+ 16.3
District —New York-
erve
N. Y.—Albany
Bingham ton..
7,221,139
20,615,084
2,496,432,123
8,275,259
—5.6
6,478,962
2,966,986
1,344,163
1,416,669
2,622,902
11,237,544
5,888,999
40,777,183
12,654,384
535,845
1,651,787
197.619.34C
548,593
+1.4
7,322,831
25,712,873
2,911,781,861
8,456,892
4,391,412
2,500,091
1,113,221,351
cities)
Second Federal Res
Boston—
2.359.323
7,533,194
959,381,627
2,976,458
1,342,670
1.477.324
2,658,925
11,880,295
6,792,108
49,352,013
14,701,894
5,522,700
44,994,500
2,248,320
—
Portland
%
$
%
$
1933
1934
$
Dec.
1935
1936
Dec.
1935
1936
Week Ended March 28
Ended March 31
Clearings at—
ENDING MARCH 28
rve
District-
1,535,578
b
a*l,568,000
1,324,229
Bethlehem
Chester
Harrisburg
Lancaster
Lebanon
N orris town
Philadelphia
5,172.819
Reading
11,612,128
*3,510,000
Scranton
216,437
203,390
—33"!
220,888
230,370
1,371,527
1,037,670
+32.2
730,686
859,lib
237,b"ob"o66
235.00b",655
316,822
b
b
b
3,445,314
+8.7
21,265,731
11,860,015
3,891,530
+ 14.2
4,480.890
+4.5
5,969,388
5.121,425
+ 16.6
+3.9
+ 9.8
4,546,775,000
4,012,000,000
+ 13.3
329,bbo"666
319","ob'o",000
+~3~1
—0.1
+24.9
1,574,908
1,584.284
12,767,954
18.071,830
11,281,392
+ 13.2
830,005
3,295,159
1,272,073
+26.6
—1.3
804,271
45.752,000
+25.3
1,172,274
2,383,000
842,592
14,272,733
—24.9
1,983,000
2,721,000
57,307,200
1,173,128
2,158.193
754,737
1,187,622
3,174,000
682,071
+ 21.9
1,025,980
2,695,668
805,004
14,570,446
27.383,635
—12.5
14.570,083
329,106,314
+ 3.0
246,507,420
243,517,319
+23.5
+ 15.1
+ 10.0
15,955,500
14,284,400
1,545,679,626
1,481,216,529
+4.4
4,740.958,333
4,175,224,549
+ 13.5
338,996,214
+32.4
22,450,193
645,465,734
902.795,928
130,932.400
17,948,129
580,175.937
750.149,244
+25.1
+ 11.3
+20.3
49,704,309
46.238,000
+7.5
38,487,656
72,266,174
56,707,355
127.827,800
-L2.4
9,062,600
8,541,100
+27.4
+6.1
51,658,189
7,427,500
31,457,555
34,008,911
5,733,800
5,919,480
2,841,779
5,505,534
2,157,719
+7.5
1,403,981
1,162,687
+20" 8
1,007",872
"714",591
16,680,397
29,138,839
1,939,402
22,290,503
1,350,921
3,120,987
1,921,904
941,744
+43.4
2,490,211
+25.3
1,183,588,907
+ 16.3
104,476",228
92",028",541
+ 13.5
70",328",833
67",419",277
18,341,332
—2.0
236,913,292
204,677,683
+6.1
168,910,050
139,334,134
119,488
+38.6
126,421
—2.9
1,863.000
24,901,803
5,851,685
York
N. J.—Trenton
Total (12cities)...
erve
District —Cleveland-
8,361,834
Ohio—Canton
228,659,382
313,000,916
47,717,700
Cincinnati
Cleveland
Columbus
6,313,427
205,792.685
258,518,292
46,066,900
2,090,389
964,821
Lorain
1,776,604
5,833,724
10,176,796
Hamilton
756,681
4 ll.l
+21.1
+3.6
+ 17.7
+27.5
+ 14.3
+23.7
670,422
5,101,346
8,224,599
686,744
Franklin
434,231
322,998
+ 34.4
Greensburg
965,187
840,459
449.385.195
412,405,835
4,490,928
1,376.391,253
17,979,740
Mansfield
Youngstown
Pa.—Beaver Co
—2.4
14,623,245
+ 31.7
-t-14.1
+30.7
6,628,322
6,495,759
20,869,453
18,420.629
+ 13.3
1,079,719,797
957,793,25?
+ 12.7
3,177,876,506
2,746,382,838
+ 15.7
+65.1
+4.3
1,746,734
+58.7
28,655,000
28.584,000
+0.2
399,101,651
12,485,211
371.891.107
4 7.3
11,731,874
18,521,306
+27.5
4,830,878
Ky.—Lexington
W. Va.—Wheeling-...
Total (14 cities)
ve
District— Richmond-
958,320
580,609
10,234,000
9,811,000
129,643.304
3,863.163
6,235,853
239,104,518
W. Va.—Huntington..
Va.—Norfolk
134.094.001
Richmond
3,992,400
7,625,359
S. C.—Charleston
Columbia
249,913,047
1,192,160
86,355,879
Md.—Baltimore
Frederick
D. C.—Washington..
1,091,293
74,112,670
464,442,410
494,365,166
Total (8 cities)
+3.4
+ 3.3
+22.2
+4.5
+9.2
+ 16.5
+6.4
2,771.662
14,140,965
60.679.965
13,710,508
Nashville
66,268,731
Ga.—Atlanta
192,500,000
4,666,546
2,778,294
*3,090,000
Augusta
Columbus
Macon
186,900,000
5,187,717
2,245,343
3,241,795
55,783,593
4,389,101
71,035,230
4.624,170
3,411,802
3,939.000
4,882,93'»
Moble
Jackson
5,485,691
Meridian
1,299,758
127,181,625
serve
Mich.—Ann Arbor
Detroit.
Flint
Grand Rapids
Jackson
Lansing
Ind.—Ft. Wayne
Gary
Indianapolis
South Bend
Terre Haute
Wis.—Madison
Milwaukee
Oshkosh
Iowa—Cedar Rapids..
Des Moines
Sioux City
HI.—Aurora
Bloomington
Chicago
Decatur
Peoria
6,011,339
11,258,267
1,868,901
5,390,803
4,406,357
10,371,865
8,535,724
104,721,425
94,429,685
+ 10.9
80,605,381
75,156,304
2,840,314
13.266.385
2,656,296
+ 6.9
1,769,687
12.694,991
+4.5
42,300,000
988,261
37,400,000
819,341
+ 13.1
9,243,322
35,500,000
+20.6
880,639
2,957,449
8,465,978
24,700,000
684,587
+0.9
*7"2"5",66b
"698",216
-4 3 .8
529,830
+ 17.5
13,796,000
13,500,000
+2.2
12.319,000
7,945,031
16,380,714
1,100,521
16,192,234
1,007,215
+V.2
1* ,105.440
9,"826.199
+9.3
882,093
694,312
251,370.950
204,635,874
1,460,966,141
1,308,791,553
+ 11.6
+ 10.6
—3.0
40,906,958
35,939,406
+ 13.8
+9.2
+ 3.0
184,217.497
564,800.000
13,821,179
8,601,934
9,260,681
189,877,931
167,585,876
528.600,000
+9.9
+ 6.8
13,278,426
6,835,560
+25.8
—10.0
+23.7
+4.1
391.7501
16.516,973
—2.1
203,507,840
198.014,994
+ 15.4
16.212.133
10,075,551
14,107.895
9,766,034
+4.5
12.035.000
11,566,000
+ 12.3
15,709,885
3,982,772
15,674,676
+3.2
+4.1
+0.2
3.441,568
+ 15.7
1,828.975
1,611,621
329,668,471
+ 13.5
"""77",679
"""79",717
—2*6
80.541
381,409,456
+ 15.7
27.362,161
25,393,684
+7.8
19,185,635
1,672,764,765
+ 10.0
118,837,035
110,441,694
+7.6
92,496,187
55,755,568
+5.8
1,520,469,330
+ 37.8
+6.3
5,933,358
6, 488,438
—8.6
—49.7
1,099, 015,483
+ 12.4
216,615
95,801,194
430,329
1,234,878,340
94,273,385
+ 1.6
408,119
71,245,481
8,099,743
+82.0
14,841,585
34,383,932
10, 185,757
23, 866,931
+82.0
2~,416",920
1,748,353
+38.2
1,315,920
"505",838
+34.6
+7.6
+2.2
+46.5
1,036,675
1,000,285
1,148,834
—9". 8
"887.674
"393",402
650,213
+53.8
488,740
281,018
+27.2
164 233,000
+ 16.8
13,008,000
12,719,000
+2.3
6,850.000
10 407,785
953,208
705,765
48, 441,566
+27.5
+ 16.8
+43.3
4,307,173
4,122,236
+ 35.1
+4.5
8,608,000
767,239
2,957,796
2,833,845
9,772",322
—4.7
+ 18.0
—4.2
+ 12.5
■7.6
-8.3
tl
5,559,998
16,258,086
12,549,587
3,374,534
+32.8
28,988,387
191,759,000
13,268,696
16,547,875
2,739,191
64,932,402
1,828,272
+ 17.3
56,562,490
55,128,000
61,670.000
4,481,581
19,418,558
3,730.584
+ 11.9
+20.8
+2.8
-M4.9
13 857,362
+44.1
+ 12.8
+ 17.3
8, 755,518
+43.3
24, 126,030
b
b
b
b
+20.2
4, 930,567
b
m
"
~"~9"0~, 262
b
581,826
212,087
+ 36.2
11,280,104
7, 874,426
+28.8
234,387,116
184 624,709
15",577",458
+7.2
11,39l", 228
4 694,926
9
128,242
+25.3
792,365
676,564
+ 17.1
241,807
2,852,181
28,093,238
+42.0
+ 17.6
5,178,729
11,441,511
+27.0
+ 10.3
16,696",246
—1.7
90.353,621
79, 954,280
+ 13.0
8,303,022
+39.8
5,542,448
4,160,349
+ 19.0
47,020,934
31 686,959
+ 16.8
2,135,675
1,781,837
11,402,982
1,129,766
1,493,382
5,940,975
2,370,379
+ 18.4
+3.2
3,594,117
4.642,646
3, 093,623
3 825,010
+21.4
~2~8b", 093
1,268,234,596
3,405,229
1,061,015,589
+ 19.5
3,626,728,798
+ 18.4
272,231,755
2,631,256
+29.4
9,291,015
3,062. 309,547
7, 344,948
304,354
252,089,140
910,216
16.964.047
11,738,895
+44.5
46,362,006
32, 931,122
+26.5
+40.8
544,585
10,788,793
8, 872,546
12,809,601
10, 737,705
+ 19.3
3,698,683
810,794
1,033,111
2,596,207
+21.6
83,648,048
1,798,081
4,050,328
33,033,780
13,572,693
1,337,433
1,541,029
3,822,974
Springfield
4,794,046
13,125,343
+7.2
+22.8
District —Chicago—
1,234,048
410,736,730
Rock ford
Total (25 cities)
18,055,113
+ 11.2
3,503,993
+ 15.6
539,500,678
570,611,493
Total (16 cities)
43,250,221
16,240,542
668,176,665
3.756.397
9,176,323
161,532,184
13,670,296
1,154,910
439,574
117,444,574
473 048
Vicksburg
Orleans
La.—New
40,"obi",650
8,151,388
3,268.211
4,116,000
Miss.— Hattiesburg
+4.1
5,274,276
3,008,664
5.334.305
Montgomery
49",876",296
47,894",071
+6.4
2,151,000
27,301,311
3,302,640
8,362,985
1,737,256
5,075,328
69,553,394
Tampa
Ala.—Birmingham
587.164
260,884
1,904,000
20,744,151
461,324
165,551
2,088,000
33,754.040
782,425
1,983,317
386,315,772
65,810,054
Fla.—Jacksonville
723,273
+23.6
+8.2
23,612,492
739,212.778
District— Atlanta—
Sixth Federal Reser
Tenn.—K no x ville
Seventh Federal Re
b
b
b
b
b
+0.9
+ 14.8
+9 0
+7.6
+2.0
Pittsburgh
Fifth Federal Reser
202,877
—0.8
304.142
314,370
a406,321
b
+ 15.7
+ 22.7
+ 11.7
Wilkes-Barre
Fourth Federal Res
Philadelphia
1.748,505
Pa.—Altoona
+4.8 2,763,476.147 2,939,982,036
3,837,894,883 3,661,519,848
1,976,781,317
,
3,289,477
3,722,007
1,690,055,345
+ 16.2
+28.8
+ 17.0
5,718,862,450
4,861,386,480
/
3,055,697
+ 16.2
+ 17.6
426,552,052
+28.9
c
—8".0
"290",640
219,345
+8.0
+ 67.1
163.144,698
201,999,627
746,260
+42.5
+8.6
770,453
+34.1
209,266,107
619,192
1,981,553
522,176
656,697
397,414,490
+7.3
319,326,492
288,800
1,588,625
488,078
797,814
2264
Financial
Chronicle
April 4 1936
CLEARINGS—
(Concluded).
Month of March
Clearings at-
Three Months Ended March 31
Inc. or
1936
Eighth Federal Res
Mo.—St. Louis
358,249,114
130,560,960
Ninth Federal Rese
1,653,000
+8.2
+ 13.6
+ 1.6
+22.8
+26.3
512,320,448
+8.7
10,575,172
241,256,470
1,025,216
102,246,572
7,851,013
3,371,000
711,000
2,370,348
Minneapolis.
Rochester
St. Paul
D.—Fargo
...
Grand Forks
Minot
S. D.—Aberdeen
Sioux Falls..
6,499,385
Mont.—Billings
2,352,000
2,813,224
9.441,283
214,436
Great Falls
Helena.
Lewistown
Total (13 cities)
390,727,119
Tenth Federal Rese
rve
Neb.—Fremont
Hastings
Omaha
150,487,251
Kan.—Kansas City...
5,967,844
8,785,906
12,274,173
2,107,838
352,714,913
12,739,000
33,973,744
2,805,255
116,102,337
2,659,848
Topeka
Wichita
Mo.—Joplin..
Kansas City
St. Joseph
Okla.—Tulsa
Colo.—Colo. Springs..
Denver
Pueblo
Total (14 cities)
713,738,494
Dec.
1934
$
%
$
1,017,518,868
386,771,917
196,661,983
713,012
5,657,000
1,607,322,780
904,662,990!
336,065,014
189,160,276
558,207
4,947,000
+12.5|
+ 15.1
+4.0
+27.7
+ 14.4
83,000,000
26,182,205
13,864,583
74,500,000
23*669,928
12,954,048
+ 11.4
+ 10.6
+7.0
'
56,000,000
19,986,612
11,512,398
b
b
421,000
328,000
+28.4
•
332,000
b
b
+23.6
+9.1
+ 17.9
+7.7
+4.6
+6.6
123,467,788
111,451,976
+ 10.8
87,831,010
24,151,248
607,434,575
2,638,699
260,910,900
20,700,125
8,937,000
1,525,245
5,911,123
13,652,162
+20.6
+9.5
+ 15.6
+8.5
+ 11.7
+ 10.1
+21.0
+7.9
2,073,457
54,829,428
2,037,043
47,447,450
+ 1.8
+ 15.6
1,630,463
1,382,480
14,696.981
38,458.581
24,614,710
1,554,190
19,591,321
1,465,552
+25.6
+6.0
19,324,981
1,258,812
11,291,974
458,088
283,144,826
23,114,491
9,837,000
1,845,566
6,376,493
+15.7
+42.5
+ 30.2
+24.8
18,030.678
+40.2
30,762,378
455,022
—11.2
617,602
+9.1
603,723
449,300
+34.4
327,649
379,315
+27.1
264,540
190,947
2,120,868
1,934,330
+9.6
1,868,890
1,427,400
1,081,681,038
988,979,729
+9.4
+26.2
+3.5
+26.2
+25.8
1,399,872
1,363,539
32,630,371
396,738.734
17,757,525
28,566,816
38,188,727
5,950,509
1,097,758,847
38,210,853
103,714,252
8,014,241
73,364,311
+ 17.7
66,372,316
54,448,597
+ 17.6
+35.7
428,988
9,602,358
119,625,682
6,258,845
9,237,584
11,691,954
1,561,063
335,994,397
12,182,998
27,208,302
2,377,000
101,283,207
2,292,317
—4.6
—4.9
+5.0
+35.0
+5.0
+4.6
+24.9
+ 18.0
+ 14.6
+ 16.0
640,190,833
1,162,736
1,139,608
27,188,220
332,723,615
17,215,741
28,384,661
33,865,729
4,839,180
975,549,024
36,687,095
77,474,268
6,682,582
279,225,097
6,818,445
329,923,744
8,026,476
+20.4
128,687
96,684
93,365
105,397
+37.8
-t-19.6
—8.3
+20.0
+ 19.2
+3.1
+0.6
+ 12.8
+23.0
+ 12.5
+4.2
+33.9
+ 19.9
+ 18.2
417.7
60.592
2,573,401
31,462,233
1,799,999
23,913,107
+43.0
+31.6
2,030,384
1,428,349
2,407,836
2,427,077
2,019,551
—41.1
78,825,617
2,898,316
72.092,954
82,959
27,359,010
+ 19.2
1,160,966
1,926,101
1,294,389
1,107,720
+9.3
+ 15.8
59,027,453
2,362,991
43,108,203
2,503.302
510.934
382,900
+ 33.4
309,315
109,231
"582", 666
"454",622
+ 28.2
"387,116
"367", 356
105.792,274
+ 14.3
94.706,881
63,990,725
120,914,723
7,180,746
3,232,449
158,327,579
14,888,314
21,444,902
7,772,000
114,596,485
1,379,697
3,319,219
8,869,388
—30.2
13,861,246
12,013.077
534,044,212
48,230,278
77,411,577
28,485,000
413,534,516
4,558,836
9,822,263
36,783,290
17,411,837
10.425,995
459,418,581
40,960,849
62,305,032
25,688,000
326,426,944
4,049,394
9,237,365
26,783,392
—20.4
1,039,547
1,485,337
—30.0
687,942
932,876
40,885,733
33,449,080
+22.2
27,591,730
21,038,096
5,524,002 I
1,356,000
4,338,749
1,460,000
+27.3
—7.1
3,784,364
1,490,000
3,664,446
1,271,000
+37.3
a735,872
2,634,960
1,795,859
+46". 7
1,084,921
2,022,782
341,010,779
+ 19.5
1,178,744,295
982,707,389
+ 19.9
51,440,242
42,529,025
+21.0
34,638,957
28,929,200
7,047,651
380,639,519
98,380,000
8,841,663
13,067,354
2,258,000
321,656,037
7,873,183
163,890,074
39,432,642
14,653,063
56,036,548
50,475,871
8,030,000
44,881,971
10,737,716
98,620,606
5,160,491
301,865,844
93,919,000
6,453,801
+36.6
+26.1
30,280.132
7,206,000
665,995
24,291,002
6,248,000
503,726
+24.7
+ 15.3
+32.2
18,977,930
408,326
18,511,908
3,037,000
203,136
25,585.920
21.082,733
+21.4
19,561,430
14,987,206
12,268,523
11,489,373
+6.8
8,662,159
7,532,395
1,504,577
La.—Shreveport
(10 cities)
Twelfth Federal Re
serve
Wash.—Bellingham—
District
*2,800,000
135,438,466
35,918,000
3,059,741
4,089,765
Seattle
Spokane
Yakima
Ida.—Boise
Ore.—Eugene.
864,000
Portland
—
121,086,917
2,336,008
56,917,722
13,050,166
4,762,499
17,715,179
17,235,671
2,636,000
14,902,984
3,595,293
34,607,340
607,989,000
--
Salt Lake City
Ariz.—Phoenix
Calif.—Bakersfield
Berkeley....—
Long Beach—
Modesto
Pasadena
Riverside
Sacramento..
San Francisco
San Jose
9,469,456
5,246,832
7,456.350
-
Santa Barbara
Stockton
Total (21 cities)
1,101,177,389
-San
+ 18.2
+ 19.3
+9.2
+24.4
+ 10.2
+23.2
+9.1
+2.1
+39.2
Outside New York
10,386,055,762
1,910,445
110,379,680
32,043,000
2,309,584
3,969,635
612,000
108,151,539
2,173,241
50,006,322
11,305,680
4,136,359
14,299,365
13,642,033
2,171,000
11,765,915
3,119,499
23,614,179
509,751,894
8,143,654
4,540,283
+46.7
+22.7
+ 12.1
+32.5
+3.0
+41.2
+ 12.0
+7.5
+ 13.8
+ 15.4
+ 15.1
+23.9
+26.3
+21.4
+26.7
+ 15.3
+46.6
+ 19.3
-M6.3
.
1,708,559,916
+ 16.2
+ 17.7
+24.2
+ 10.5
+26.7
+ 12.6
+6.3
b
b
+4.7
+ 37.0
+ 13.6
+40.5
+ 14.7
+ 17.8
+ 10.7
+24.9
+ 18.5
+27.6
+31.7
+25.5
+31.0
11,506,723
1,607,466
280,329,411
6,685,305
148,084,593
31,579,253
12,361,490
43,921,815
38,338,391
5,628,000
+V--+
3,808,852
2,858,806
+33.2
2,472,752
2,337,772
2,984,848
2,309,365
+29.2
2,045,103
2,040.230
+45.7
+ 17.8
+32.6
+21.0
6,400,000
34,264,929
8,706,950
67,697,528
1,451,086,779
22,587,651
13,369,637
16,749,796
11,125,910
126,095,000
1,976,507
877,793
7,591,221
113,839,176
+46.6
+ 10.8
1,772,099
2,595,119
93,627,368
1,372,746
940,248
1,942,578
81,240,010
1,010,643
617,552
742,473
156,928,788
134,202,903
+23.3
5,797,062
+28.6
+24.8
1,582,531
779,406
1,156,722
+ 11.5
+ 12.6
+36.8
923,842,369
+ 19.2
3,102,111,692
2,602,676,853
+ 19.2
224,458,011
193,921,629
+ 15.7
+ 9.4
80,456,023,628
72,743,300,189
+ 10.6
5,894.496,886 5,531,079,638
+6.6 4,298,704,958 4,181,533,267
+ 11.2
30,615,157,453
26,653,510,285
+ 14.9
2,148,445,395 1,956,863,285
+9.8 1,612,033,121 1,315,679,976
+ 15.6
9,341,334,951
Month of March
Inc.
1935
or
Dec.
637,607
SINCE JAN. 1, AND FOR WEEK ENDING MARCH
26
Three Months Ended March 31
at—
Week Ended March 26
Inc.
1936
1935
or
Dec.
Inc. or
1936
1935
$
$
Dec.
1934
^ Canada—
Toronto
495,311,779
411,462,863
167,505,242
Montreal.-
Winnipeg
Vancouver
73,778,883
Ottawa
65,233,391
16,292,313
8.715.885
19,045,522
25,178,037
6,908,651
7,096,775
11,272,529
15,014,604
14,025,118
1,135,673
1,777,358
Quebec
Halifax
-
Hamilton
Calgary
St. John
Victoria
London
;
'
Brandon
Lethbridge
Saskatoon
5,056,524
2,101,563
3,287,965
2,235,742
2,410,122
892,917
2,603,234
2,138,689
4,210,161
12,196,893
1,249,967
2,648,588
1,939*836
2.035.886
*1,950,000
3,320.552
Moose Jaw
Brantford-.
Fort William
New Westminster
Medicine Hat
...
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
1,390,033,262
Not included in total,
b No
b
29,946,962
16,178,401
20,904,515
CANADIAN CLEARINGS FOR
MARCH,
1936
+ 15.2
Franc! SCO
Grand total (165
cities). 28,857,690,986 26,372,642,401
cities)
1,814,909
+ 15.3
141,154,267
Port Arthur
Wichita Falls
a
51,451
b
1,243,296
14,867,170
407,642,987
Ft. Worth
Total (32
1,239,127
City-]
446,138
458,539,254
365,585,461
126,571,333
63,083,605
63,324,180
15,028,942
8,209,376
14,743,492
19,329,839
6,127,555
5,894,193
9,688,978
15,033,288
11,575,485
995,116
1,635,129
4,616,783
1,593,910
3,014,600
2,022,937
2,222,683
792,594
2,213,531
1,975,435
3,946,694
9,959,857
1,296,670
2,459,201
1,874,613
4-8.0
+ 12.5
+32.3
+ 17.0
+3.0
+8.4
+6.2
+29.2
1,592,807,367
1,246,666,802
592,626,085
220,716,526
239,595,585
48,040,631
26,635,801
56,398.655
+30.3
69,091,418
+ 12.7
+20.4
+ 16.3
f§s
ff.«
20,342,663
20,233,823
—0.1
+21.2
+ 14
+8.7
+9.5
+31.8
+9.1
+ 10.5
+ 8.4
+ 12.7
+ 17.6
+8.3
+6.7
+22.5
—3.6
1,727,358
1,689,169
2,960,937
+7.7
+ 3.5
+ 17.9
+ 15.4
+ 12.1
1,229,732,198
+ 13.0
clearings available,
%
+ 15.9
+ 16.4
c
No
35,758,471
43,281,037
35,750,069
3,201,598
5,156,055
15,245,214
6,035,096
10,000,104
6,536,348
6,832,805
2,574,678
7,508,831
6,368,400
12,738,760
34,151,785
3,726,837
8,087,028
+45.9
+25.5
+ 140.6
+ 11.4
+6.6
+31.8
+22.4
+ 10.3
+ 15.8
+ 19.2
—9.1
Ifn?'365
J .302,994
:
:s%°
ilpn
Enn9'588
11SSn'°05
28IO9'704
+ 10.5
—3.1
+9.4
+7.2
+ 17.4
+9.1
+2.4
+ 14.7
+ 12.2
+ 10.9
+6.0
+ 12.5
+21.2
+3.2
+6.2
+ 8.3
+7.5
117,070.391
90,429,507
37,880,463
16,925,108
13,625,057
3,173,374
1,747,456
4,567,729
5,891,502
1,349,845
1,446,029
2,296,575
3,014,364
3,747,590
236,383
408,914
1,128,565
428,784
803,111
495,062
515,796
193,402
532,391
471,029
95,753,481
80,411.003
29,858,630
14,157,021
16.607,834
3,548,029
1,657,355
2,985,668
3,824,329
1,283,192
1,132,404
1,923,584
2,860,792
2,253,251
217,581
382.918
939,578
358,734
642,722
430,692
453,865
178,714
478,964
392,189
941.919
2,225,671
382,050
%
+22.3
+ 12.5
+26.9
+ 19.6
—18.0
—10.6
+5.4
+53.0
+54.1
+5.2
+27.7
+19.4
+5.4
+66.3
+8.6
+6.8
+20.1
+ 19.5
+25.0
+ 14.9
+ 13.6
+8.2
+ 11.2
+20.1
+6.8
+25.1
95,490,962
80,355,829
24,845,559
13,797,730
3,335,683
3,026.203
1,886,048
3,117,970
3,461,499
1,378,339
1,306,843
2,303,013
3,028,082
2,128,595
227,630
304,392
822,244
368,419
637,646
397,459
451,216
167,302
537,885
498,962
715,565
9,600,754
|'®J0,380
8,282.021
+ 14.0
1,006,195
2,783,819
263,173
599,954
376,665
466,936
422,927
+ 15.9
773,305
444,331
363,903
743,029
+5.1
+ 16.2
+4.1
205,458
649.778
404,951
378,315
299,826
656,763
4,403,127,022
3,577,761,607
+23.1
315,071,401
268,892,768
+ 17.2
249,360,847
6,104,741
5,762,347
5,550,708
o'I84'569
Z'616,913
£'035,697
clearings; banks closed.
* Estimated.
'
86,278,638
—10.8
358,125,151
.V
482,262
+32.1
+21.2
6,428,709
7,760,782
27,319,568
5,304,600
6,596,652
v ■
1,828,956,001
3,821,668
188,909,058
Galveston
Houston
fc.
70,100,935
2,108,244,506
16,263,525
26,678,555
8,561,000
Peterborough
b
+ 12.0
29,131,884
665,023,773
3,049,666
+33.1
H
■
1,435,393,487
Distric t—:Dallas—
5,011,199
El Paso
Regina
47,000,000
15,430,663
7,670,272
+ 11.5
eserve
Dallas
Edmonton
1933
3,387,638
12,351,500
Eleventh Federal R
Texas—Austin
Beaumont
Clearings
1935
j.;
8,558,086
221,158,723
869,582
94,935,752
7,503,707
3,162,000
534,322
2,048,616
4,561,413
1,806,910
2,254,519
10,579,544
151,977
District— Kansas
562,910
*444,000
12,113,475
Lincoln
207,819
or
1936
District— Minneapolis
rve
M Inn.—Duluth
Inc.
Dec.
$
2,088,000
Total (5 cities).
1935
Louis—
330,999,053
114,971,521
64,489,055
65,536,558
255,117
.
111.—Jacksonville
Qujncy
Utah—Ogden
-St.
or
%
1936
556,689,749
Term.—Memphis
Total
District
erve
Week Ended March 28
Inc.
Dec.
$
Ky.—Louisville
N.
1935
—31.1
653,226
406,109
—7.3
—8.2
2,174,681
•
SILVER MARKETS
THE ENGLISH GOLD AND
of
of
bush. 32 lbs. bush.BQlbs. bushA8lbs.
bbls. 19616s. bush. 60 ibs. bush. 56 lbs.
markefabout £1,630,000 of bar gold changed hands at the
daily fixing.
Business has been rather more active and, in addition to
general enquiry, there have been indications of special buying for the
Continent.
The demand has maintained prices at a premium over gold
exchange parities.
Quotations during the week:
,
In the open
Per Fine
March 13
March 14
16
17
__
March 18
—
Equivalent Value
Ounce
of £ Sterling
12s. 0.52d.
12s. 0.52d.
12s. 0.52d.
12s. 0.52d.
12s. 0.56d.
12s. 0.52d.
12s .0.53d.
141s.
141s.
141s.
141s.
141s.
March 12
_
Id.
Id.
Id.
Id
0.% d.
i.
141s Id.
141s. 0.92d.
^
Average
Exports
Imports
£1,808,807
British West Africa
2,415
Czechoslovakia
Tanganyika Territory
Kenya
9,545'
7,866
Other countries.
New Zealand
Canada
United States of America.
China
France
Netherlands
35",000
St. John West
27", 606
2,000
14,000
14,000
133",000
63,000
Halifax
Total wk.1936
1,146,000
15,763,000
3,782,000
Week 1935—
24,000
813,000
100,000
26,000
5,000
855,000
506,000
267,000
770,000
8,721,000
339,000
Since Jan. 1'36
94,000
4,038,000
98,000
150,000
33,000
4,114,000
1,969,000
265.000
265,000
3,125,000
*
,
from the several seaboard ports
Mar. 28 1936, are shown in
The exports
2,680
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
49,720
317,000
295,000
265,000
York
New
Albany
Boston
24,000
36,000
Philadelphia
Norfolk
~3~, 000
"1*666
Orleans
New
1,000
Galveston
40~,666
St. John
St
63,000
£370,500
£3,192,558
The SS. Ranpura which sailed from Bombay on the 14th inst. carrie8
gold to the value of about £437,000 consigned to London,
The following are the details of United Kingdom imports and exports of
gold for the month of February 1936:
Exports
14,000
151,720
46,791
41,000
133,000
1,000
1,897,000
Total week 1936—
518,000
Same week 1935
27",000
35",000
787,000
Wfist
Tnhn
Halifax
11,865
for the week
the annexed
Bushels
Exports from—
•
Other countries
ports
through New Orleans for foreign
include grain passing
Receipts do not
through bills of lading.
ended Saturday,
/
261,766
3,866
15,473
100,000
197,834
134,730
606,497
31,894
British India
Australia
5,000
19,000
40,000
787,000
St. John
on
26*666
"2",660
Galveston
Since Jan.1'35
£366,020
1,800
France
19,000
New Orleans *
The following were the United Kingdom imports and exports of gold
registered from midday on the 9th inst. to midday on the 16th inst.:
British South Africa
11*666
10,000
9,000
Baltimore
®n8land gold reserve against notes amounted to £200,the 11th inst. as compared with £200,612,672 on the previous
Wednesday.
March
16,000
2,000
1,000
2.000
24,000
9,000
3,000
168,000
17,000
PhiladelphiaGOLD
March
182,000
York
New
March 18 1936:
613,184 on
Barley
Rye
Oats
Corn
Wheat
Flour
Receipts at—
reprint the following from the weekly circular
Samuel Montagu & Co. of London, written under date
We
2265
Chronicle
Financial
Volume 142
"33",000
10,000
July 1 1935 is as below:
i
•itish
Sim «
£268,005
Imports
West Africa
Southern Rhodesia
British India
British Malaya
Australia
Canada--
___
British West India Islands and
British Guiana
106
2,142
68,517
680,150
356,147
171,809
228,564
22,251
France
Switzerland
United States of America
Venezuela
July 1
Mar. 28
July 1
1936
1935
1936
1935
Bushels
Bushels
Bushels
Barrels
Ktngdom.
812
70
485,000
3",070
7,000
120,185
"5",000
"90",000
151,720
46,791
3,143,332
2,785,740
1.581,000
959,000
66,682,000
55,816,000
Other countries
Total 1936
Total 1935
visible
The
58,688
Other countries
40,003
supply
£9,748,046
£2,406.468
poorly supplied
market
until 19 %d. for cash and 19 %d.
for two months delivery were reached on the 14th inst.
At this level
demand slackened and a reaction followed in consequence, prices receding
to 19%d. and 19%d. quoted to-day for the respective deliveries; the falling
off in the enquiry for cash silver was reflected in the narrower difference
quotations.
Offerings were made on China account, with a little selling from the
Continent and some resales by speculators, but sellers, especially during
the first half of the week, were rather reluctant.
>
The market is quiet, with the outlook still uncertain and developments
in the political situation may continue to influence the tendency.
►
The following were the United Kingdom imports and exports of silver
registered from mi-day on the 9th inst. to mid-day on the 16th inst.:
Imports
Exports
£78,440
Japan
£36,555 United States of America18,740
Belgium
12,965 British India
2,583
France
8,677
France.
1,300
Egypt.
1,722
Other countries.
3,681
Other countries.
between the
t
£104,744
£59 919
Mar. 12—19%d.
Mar. 13—19 13-16d.
Philadelphia
Mar.
14—19%d.
Mar. 16—19 ll-16d.
17—19%d.
Mar. 18—19%d.
Mar.
Average--19.729d.
N ew Orleans
Galveston
Fort Worth
Wichita
Hutchinson
45 cents
Mar. 11-17
Rye
Barley
Bushels
Bushels
Bushels
5,000
1,000
197,000
27",000
349,000
63,000
43,000
606,000
8,915,000
St. Joseph
Kansas City..
Omaha
3,331,000
-
St. Louis
254,000
1,162,000
Indianapolis
1,114,000
Sioux
City
1,000
Peoria
5,274,000
Chicago
• i
799,666
Milwaukee
"
10,191,000
'
Total Mar. 28 1936—
769,000
441,000
44,000
463,000
91,000
286,000
129,000
479,000
78,000
117,000
8,000
62,000
21,000
15,000
42,000
Louis
Kansas City..
73,000
18,000
13,000
640,000
99,000
110,000
22,000
47,000
14,000
52,000
Omaha
St.
Joseph.-.
Wichita
Sioux
bush. 32 lbs. bush.56lbs. bushASlbs.
85,000
Indianapolis..
City--.
Buffalo
Total wk.1936
347,000
516,000
92,000
22,000
111,000
612,000
4,000
3,000
17,000
18,000
455,000
312,000
118,000
21,000
70,000
183,000
358,000
12,000
459,000
372,000
135,000
49,000
6.528,000
1,259,000
157,000
927,000
1,452,000
46,000
2,365,000
174,000
757,000
22,000
93,000
429,000
220,000
90,000
641,000
47,000
1,289,000
2.717", 000
5,504*,000
1,941,000
37,000
78,000 11,069,000
67,000
47,201,000
7,250,000 37,735,000
6,745,000 37,985,000
7,432,000 13,001,000
7,319,000 12,907,000
50,000
5,000
847,000
8,506,000
7,000
930,000
8,000
826,000
48,616,000 19,775,000
115,000;
12,006,000
bushels in 1935.
Bushels
8,061,000
Canadian—
Ft. William &
water
104,000
60,000
24,000
112,000
7,000
341,000
1,841,000
Barley
•
Bushels
507,000
59,127,000
2,470,000
239,000
679,000
1936—110,270,000
4,800,000
3,480,000
3,817,000
47,201,000
110,270,000
7,250,000 37,735,000
4,800.000
7,432,000 13,001,000
3,480,000 3,817,000
1936—157,471,000
7,250,000 42,535,000
10,912,000 16,818,000
Summary—
American
...
-
Total Mar. 28
381,000
2,631,000
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Mar. 27, and since July 1 1935 and July 2 1934, are
The world's
54,000
2,219,000
Rye
Bushels
99,000
3.142,000
points
Total Mar. 28
52,000
4,297,000
Oats
Bushels
1,949,000
other
109,000
129,000
1,000
39,000
876,000
.
70,666
390,000
477,000
552,000
Corn
Bushels
43,082,000
Pt. Arthur
Other Canadian &
Exports
106,000
Week
Mar. 27
1936
*8*, 000
5,000
Corn
Wheat
Since
July
1
1935
Since
Week
July 2
1934
Mar. 27
7,000
Bushels
Black Sea
Australia
of flour and grain at the seaboard ports
week ended Saturday, Mar. 28 1936, follow:
13,000
2,171,000
4,156,000
1,471,000 bushels; Boston, 64,000; Philadelphia. 380,000;
afloat, 2,769,000; Duluth, 589,000; Erie, 145,000; Chicago afloat,
Chicago, 89,000; Albany, 4,420,000; total, 16,650,000 bushels, against
Argentina---
the
797",000
166,000
409,000
42,000
28.000
12,764,000266,025,000122,333,000107,710,00018,303,000 71,747,000
Total receipts
240",666
6,000
203,000
Since Aug. 1—
1935
14,000
falo
North Amer.
2,144,000
2,000
4,000
764,000
1936.-- 48,350,000
Total Mar. 21
Canadian
Barley
781,000
103,000
5,000
147,000
32,000
_
Peoria
Rye
185,000
Detroit
St.
Oats
Corn
bbls.imbs. bush. SO lbs. bush. 56 lbs
Toledo
1,000
1,000
584,000
-
afloat
Montreal
Figures Brought from Page 2364—All the statements
below regarding the movement of grain—receipts, exports,
visible supply, &c.—are prepared by us from figures collected
by the New York Produce Exchange.
Duluth
2,000
1,000
2,514.000
55,000
1,410,000
430,000
4,493,000
148,000
5,738,000
Wheat
Milwaukee—.
275", 000
21,000
Buffalo, 6,608,000: Buf¬
BREADSTUFFS
Chicago
Minneapolis-.
275,000
6,000
10,000
30,000
45,000
13,914,000 9,555,000 8,998,000
Note—Bonded grain not included above: Oats, New York, 9,000 bushels; Buffalo*
73,000; total, 82,000 bushels, agains none in 1935.
Barley, Duluth, 10,000 bushels,
total, 10,000 bushels, against 1,158,000 bushels in 1935.
Wheat, New York,
19%d.
19%d.
19 9-16d.
19%d.
19.615d.
Wheat
27,000
50,000
afloat
Duluth
Total Mar. 30 1935—
during the period
$4.96%.
Flour
21,000
41,000
14,000
flfloflt
NEW YORK
(Per Ounce .999 Fine)
The highest rate of exchange on New York recorded
rom the 12 inst. to the 18th inst. was $4.97% and the lowest
Receipts at—
follows:
Bushels
317,000
4,000
361,000
1,256,000
795,000
1,367,000
Baltimore
"
19 9-16d.
19 ll-16d.
m
and
Oats
afloat
Buffalo
IN
Std.-
2 Mos.
tne stock
STOCKS
429,000
New York
LONDON
Silver Per Oz.
88,000
26,000
Corn
2,000
60,000
Detroit
Quotations during the week:
Cash
1,000
Bushels
United States—
Minneapolis
-Bar
comprising
4,000
of accumulation at lake
GRAIN
Boston..
caused the advance in prices to continue
IN
gram,
1,000
Wheat
SILVER
buying for the Indian Bazaars on a
of
473,000
2,000
Saturday, Mar. 28, were as
8,275
Moderate
258,000
at principal points
granary
10,000
72,000
2,000
36,635,000
29,482,000
396,000
1,158,000
21,000
1,000
seaboard ports
Ilayti
1
Bushels
Barrels
1,880,226
392,921
1,646,386
L.
Finland
Mar. 28
73,795
-14,865
16,000
So. & Cent. Amer.
44,000
West Indies.
Brit. No. Am. Col.
United
9,159
Belgium
July 1
1935
£10
34,869
122,347
Germany
Netherlands
Week
1936
407,430
71,617
895,444
7,242
New Zealand
Since
Mar. 28
July 1 to—
32,324
15,683
2,206,717
12,712
Tanganyika Territory
Kenya
Since
Week
Since
Week
and Since
4,358,827
428,208
Union of South Africa
Com
Wheat
Flour
Exports for Week
for
Total
Bushels
July
1
Since
July 2
1936
1935
1934
Bushels
Bushels
Bushels
1,000
43,000
38,000
6,725,000 15,385,000
255,000
5,387,000 229,282,000 151,082,000
256,000
328,000
29,745,000
31,616,000
476*,000 35,489",000 34,2*98",000
9,379.000 342.899,000 385,587.000
6,119,000271,539,000 200,803,000
India.-Oth. countr's
Bushels
3.969,000 127,956,000 123,143,000
4,529,000
35,266,000
1,355*666 64,634,000 140,680,000
2,863,000 85,042,000 85,291,000
Since
1,1*92*,000
2266
Financial
Chronicle
April 4 1936
NATIONAL BANKS
The
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
from the office of the
BRANCH AUTHORIZED
March
21—Bank
of
America National Trust &
Savings Association*
Francisco, Calif.
Location of branch:
City of Laguna Beach,
Orange County, Calif.
Certificate No. 1232A,
San
VOLUNTARY LIQUIDATION
March 27—The First
National Bank & Trust Co. of Ann
Arbor,
Mich
Amount
___
$250,000
Effective March 9,1936.
Liquidating agent, Lewis G. Christ•
man, Ann Arbor, Mich.
Succeeded by Ann Arbor
Savings
& Commercial
Bank, Ann Arbor, Mich.
:
_
/
DIVIDENDS
Dividends
first
we
are
grouped in two separate tables.
Then
the dividends announced the
follow with a second table in which
we
show the dividends
previously announced,
have not yet been
paid.
The dividends announced
this week are:
we
Fer
Name of Company
Dye Corp.,
All-Perm Oil & Gas Co.
common
(quar.)_
(quar.)
2c
50c
25c
$1
$1
$1H
Corp. (quar.)
.
American Stove—
_.
25c
--_ _
_
_
Extra
-
-
S1H
-
—
Apollo Steel Co. (quar.)
12Hc
Bandini Pe roleum Co.
(monthly)
Beatty Bros!, Ltd., 1st pre',
(quar.)
Beneficial Industrial Loan
Corp
Preferred serias A
(quarterly)
Benjamin Electrical Mfg.
Co., 1st pref. (qu.)__
Blaw-Kioc Co
—.
Bloomingdale Bros., preferred
(quar.)
Boston Acceptance
Co., Inc., 7% pref.
(quar.)_
Briggs Mfg. Co.
(quarterly)
British Amer. Tobacco,
Am.dep.rec. 5% pf. reg.
rec. for
5% pref. bearer
Broadway Dept. Stores, 7% 1st pref.
(quar.)
Buffalo insurance
Co. (N. Y.)
(quar.)
Burma Corp., Ltd., Am.
dep. rec
Byron Jackson Co—
Calamba Sugar Estate
—
si h
$5
20c
15c
87Hc
$1h
15c
20c
SIM
$1M
$1H
$1
—
Employers Qroup Assoc.
(quar.)
$1M
50c
SIM
75c
75c
SIM
50c
SIM
50c
37Hc
11.8c
$1H
$1.15
15c
-
-__.---___-__._a_:—_______
Fansteel
Metallurgical, pref. (quar.)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Farmers & Traders Life
Insurance
(quar.)
Firemans Fund Insurance
(quar.)___
Fiat Co., American
deposit receipts
First National
Corp. (Portland, Ore.), A
Ford Motor Co.,
10c
$1M
SIM
SIM
SIM
$2H
$2H
$1
93 He
7i25c
Ltd., ordinary
Fortnum & Mason, Inc.,
7% pref. (s.-a.)
5%
17Hc
$2 M
(semi-ann.)_
General Telephone
Corp., common (quarterly)
General Time Instruments
Corp., $6 pref
$6 preferred
(quarterly)
Gordon & Belyea, Ltd..
6% pref
Gray Telephone Pay Station
(quar.) J
Great American
Insurance (quarterly)
Hat Corp. of
America, preferred (quar.)
Preferred
Hartford Electric Light Co.
__
__
25c
hi be
$1H
S2M
25c
25c
$1 %
7i$lH
(quar.)__
High tower Oil & Refining
(monthly)6% preferred (monthly)
Hollinger Consolidated Gold Mines, Ltd
Holly Sugar, initial
(quarterly)
Holyoke Water Power
(quar.)___
Home Dairy Co.,
Inc., $2 class A
68 Mc
5c
5c
25c
$3
7i50c
$2 class A (quar.)
50c
HomeTelep. & Teleg. (Ft. Wayne, Ind.)
87 He
(qu.)__
Hook Drugs, Inc.
(quar.)__
a
12Hc
Horn & Hardart of N.
Y. (quar.)_
40c
Iowa Electric
Light & Power Co., 7%
pref. A__ >i87Hc
6)4% preferred B
7i81Mc
6% preferred C__
7i75c
Isotta Fraschini Co., Am.
dep. rec
6Mc
Jamestown Telep. Corp.,
6% pref. (quar.)
$1H
Jones (J.
Edw.) Royalty Trust—
—
___
1
Apr.
July
Apr.
May
May
May
May
Apr.
($100)
($100)
($100)
($100)
($500)
($100)
($100)Co., 7% pref. (quar.)_
a,
May
1 Mar. 26
20
Mar.
8c
Mar.
Mar.
30c
Mar.
58c
Mar.
Apr.
Apr.
Apr.
Apr.
$1H
25c
S2H
$1M
75c
75c
20c
90c
_
__
$3H
$3
(quar.)
10c
—
5c
(quar.)
—
Valley RR
Semi-annually
Virginian Railway, preferred
(quarterly).
Walgreen Co. (quarterly)
Wehle Brewing, A & B
S1H
SI M
25c
$3
SI H
$1M
SI M
•10c
40c
15c
7i$3
37 He
20c
SI H
SlS
6c
.3517c
75c
50c
50c
43 He
$3
$1H
75c
7i$5
SIM
SIM
S1H
50c
e25c
West Coast Oil, pref.
(quar.)
Wrisley (A. B.) Co., pref. (quar.)
SI
SIM
York Rvs.. b% preferred
fquar.)
15
15
14
Apr. 15 Mar. 31
Apr. 15 Apr. 10
Mar. 20
Mar. 20
Apr.
Apr.
Apr.
May
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
15 Mar. 31
15 Mar. 31
15 Mar. 31
1 Apr. 10
30 Apr. 20
15 Mar. 30
15 Apr. 15
If Mar. 31
10 Mar. 31
15
Mar. 30
May
Apr. 20
Mar. 31
Apr.
Apr.
Mar. 16
May
Apr. 20
May
Apr. 20
May
Apr. 20
May
Apr. 20
Mar. 19
Apr.
May
Apr. 20
May
Apr. 22
Mar. 27
Apr.
Apr. 15 Mar. 31
Apr.
] Mar. 31
Apr. 10 Mar. 31
May
] Apr. 20
Apr. 10 Mar. 31
Oct.
1 Sept. 15
June
1 May 15
Apr.
1 Mar. 15
Apr. 15
Mar. 31
May
1 Apr. 15
Apr. 20 Mar. 31
Apr. 20 Mar. 31
Apr.
1 Mar. 26
62 He
May
May
May
May
Apr.
Apr.
Apr.
July
Inly
May
Apr.
Apr.
Apr.
Apr.
Apr. 30
Apr. 30
Apr. 10
Apr. 10
Mar. 20
Apr.
Apr.
1
3
June
15
Tune
15
Apr.
16
Mar. 30
Mar. 31
VIar. 27
Apr.
10
Mar.
Mar. 24
May
May
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Apr. 20
Apr. 30
Mar. 20
Mar. 20
Apr.
1
Apr. 15
Mar. 31
16"
Apr.
Mar. 31
Mar. 31
Apr.
7
Apr. 22
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1
Apr. 15 Mar.
Apr. 15 Mar.
20
20
28
31
31
May
May
May
Apr.
1 Apr. 16
1 Apr. 17
1 Apr. 15
1 Mar. 21
Apr.
6 Mar. 28
Apr.
1 Ma \ 25
A or. 30 Apr. 20
Below we give the dividends
announced in previous weeks
and not yet paid.
This list does net include dividends an¬
nounced this week, these
being given in the
preceding table.
Fer
Abraham & Straus, preferred
Adams-Millis Corp
Preferred (quar.)
(quar.)
PayabU
SI *4
1
Addressograph-Multigraph (quar.)
25c
SIM
15c
1
May
May
May
Holders
1
Apr. 15
1 Apr.
1 Apr.
Air Reduction Co., Inc.
(quar.)
Ainsworth Mfg. (special)
Alabama Power Co.. $6 pref.
(quar.)
Alaska Juneau Gold
Mining (quarterly)
Manufacturing, Inc. (quarterly)
Quarterly
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
si m
Apr.
Apr.
Apr.
Apr.
Apr.
May
15c
May
1 Apr.
15c
Administered Fund Second
Affiliated Fund. Inc
Aluminum
When
Share
Name of Company
29
10
__________
(quarterly)
Extra
Mar. 20
Mar. 20
_
7% preferred (quarterly)
Utica Chenango & Susquehanna
'
29
37 He
_
_
United Milk Products Co.,
$3 preferred—
United States Sugar
Corp., preferred
United Telephone (Kansas)
29
29
$2
SIM
$1H
3c
J. (qu.)
(Mass.)____
(quarterly)
(quar.)
Syracuse Binghamton & New York
(quar.)
Union Public Service Co.
(Minn.)—
7% preferred A & B (quar.)
$6 preferred C& D
(quar.)
5
29
SI H
87 He
5c
State Street Investment
Corp.
5
Mar. 26
Mar. 23
29
25c
SI M
'
State Street Investment
Corp.
Steel Co. of Canada, Ltd.
6
15
Mar. 27
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
50c
$2
15c
30c
pref. (quar.)
Standard Oil Trust
Shares, series A registered.__
Series B, bearer
Standard Fire Insurance Co. of N.
Apr.
Apr.
Mar.
11
Apr.
SI M
20c
Square D Co., common B
Squibb (E. R.) & Sons. $6.1st
Mar. 26
Mar. 26
38c
7
31
1 Mar. 15
18 Apr.
8
18 Apr.
8
Mar. 31 Mar. 23
Apr. 15 Apr.
6
S1H
(quarterly)
Apr. 16
Apr. 16
Apr. 15
Mar.
$2
25c
50c
(semi-ann.)__
(quar.)
Southern Canada Power
Co., common (quar.).
Springfield City Water Co., pref. C
(quar.)__„
Preferred A& B
Mar. 27
Apr.
1
Apr.
3
32c
10c
12 He
SI H
50c
—
Apr.
4a
Mar. 21
Mar. 21
23
37 He
37 He
75c
50c
(quarterly)
Mar. 31
Mar. 31
29
—
Signal Royalties Co., class A
(quar.)
Sorg Paper Co.. 6% preferred
Southern California Edison
Co., common
10
Feb.
5c
50c
Manufacturing, pref. (quar.)____
Rochester American
Insurance, N. Y. (quar.)__
St. Louis Bridge Co.,
6% lstpf. (s.-a.)
3% 2nd preferred (semi-ann.)
Scott Paper Co.,
7% cumul. pref. (quar.)
Shaffer Stores Co.,
7% pref. (quar.)
Shareholders Corp. (quar.)
Shasta Water Co
20
16
16
6
2Hc
—
16
Mar.
$1M
Extra.
1 Mar. 27
Mar. 31
_
__
Richmond Water Works
Corp., 6% pref.
Ritter Dental
Mar. 31
Mar. 31
Apr. 15 Apr.
Apr. 15 Mar.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr.
] Mar.
l Apr. 10
Mar. 31 Mar. 21
of America—
1 Mar. 31
10 May 25
11
Mar. 31
Mar. 26
20c
6% guaranteed
(semi-annually)
Richmond Insurance Co. of N. Y.
Apr.
Mar.
25c
Apr. 20
15 Apr. 20
15 Apr. 20
Apr.
Apr.
Mar. 31
Mar. 21
May
(semi-annually)
1
Oct.
1 Sept. 10
Apr. 15 Apr.
6
Apr. 13 Apr.
6
Apr. 15 Mar. 25
Apr.
Mar. 26
Mar. 22
15
17
30
,
Mar. 31 Mar. 14
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Apr.
8
29
Apr.
Apr.
Apr.
Mar. 31
Mar. 31
(quar.)
Richmon
Fredericksburg & Potomac—
7 % guarantee
Mar. 31 Mar. 31
1 Mar. 31
Apr.
Apr. 15
Apr.
75c
$1H
25c
Corp. (qu.)
Quarterly Income Shares (quarterly)__.
Railroad Employees Corp., A & B
(quar.)
8% preferred (quarterly)
:
Reliable Fire Insurance Co.
(quarterly)
1 Apr. 23
May
Apr. 20 Apr.
6
Apr. 15 Apr.
6
1
May
Apr. 20
1 Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
Apr.
Apr.
Apr.
May
(monthly)
Piedmont & Northern
Ry. Co__
Pittsburgh Bessemer & Lake Erie
6 % preferred
(semi-annually)
Plough, Inc. (quarterly)
Quaker S..ate Oil & Refining
1 Mar. 10
1 June 20
1 June
<7
$1M
(s.-a.)
Peaslee-Gaulberc Corp., 7%
pret. (quar.)
Peoples Telephone Corp. (Butler, Pa.) (qu.)
Perfection Petroleum Co^
$1H pref. (qu.)
Philadelphia & Trenton RR.
(quar.)
Phillips-Jones, preferred (quar.)
Mar. 31 Mar. 31
1 Mar. 24
Apr.
July
50c
14
14
Mar. 25
Apr.
Apr.
$1H
5%
$1H
Tin, special stock (quar.)
Passaic & Delaware Extension
RR.
1 Mar. 31
1 Apr. 20
1 Mar.
Apr.
1 Apr.
May
Apr. 30 Apr.
Apr. 30 Apr.
62 He
50c
—
(quarterly)
Second preferred
(quarterly)
Pacific Greyhound
Corp., $3H pref. (quar.)
Pacific
17
15 Apr.
;2
Mills, Inc. (quarterly)
Outlet Co.
(quarterly)
Extra
First preferred
16
$1.06
.__
Apr.
Apr.
Mar.
—
a
15
31 Mar. 25
25 Apr. 10
7 Feb. 28
7 Feb. 28
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
—
6% preferred (quar.)
Kaufmann Dept. Stores, Inc
Apr.
15
15
1 Mar. 25
30 Apr. 11a
May
May
Apr.
June
_.
Oahu Sugar
30 Apr.
30 Apr.
1
SIM
62Hc
Apr.
Apr.
Apr.
$1H
—
Mar. 26
Mar. 26
Mar. 24
Mar. 31
Mar. 31
May
May
May
Apr.
Apr.
$2
Corp., pref. (quar.)_
Lowenstein (M.) & Sons,
Inc., 1st pref. (quar.).
Ludlow
Typograph Co., 6% preferred
Lycoming Mfg., 8% pref. (quar.)
Macbeth-Evans Glass Co. (quar.)
Manning, Maxwell & Moore (quarterly)
Marathon Paper Mills
Co., 6% pref. (quar.)
Marconi International
Marine (final)
Mass. Power &
Light Assoc., $2 pref. (quar.)
Mass. Utilities
Assoc., 5% panic, pref. (quar.)__
Mayflower Associates, Inc., extra
Maytag Co., $3 pref. (quar.)
Oceanic Oil Co.
(quarterly)
Oliver United Filters, class A
(quar.)
Ohio Loan Co..
8% pref. (quar.)
Old Line Life Insurance
Co.
Mar. 31
4 Feb. 26
Apr.
May 15 May
5
1 June 15
July
1 June 15
July
1 Apr. 15
May
1 Apr. 15
May
1 Mar. 31
Apr.
hi
__
—
participating certificates
Series G pai
ticipating certificates
Series H
participating certificates
Series I
participating certificates
Series J
participating certificates
Series K
participating ceitificates
Series L
participating certificates
Kansas Power &
Lighting
1
Gas, 6h% preferred (quar.)_,
Lord & Taylor. 2nd
preferred (quar.)
Angeles Gas & Electric
Extra
15 Mar. 31
20
$2
$1.62
Los
Northwestern National Insurance
Mar. 31 Mar. 20
40c
35c
Preferred (quarterly)
Dayton Power & aught,
6% preferred (monthly)
Delaware Rayon Co.,
7% preferred (quar.)
Diamond State
Telephone (quar.)_
District Bond, Los
Angeles, 6% pref. (quar.)
Diversified Trustee
Shares, series D
Edmonton City Dairy,
6H % pref. (quar.)
Elmira & Williamsport RR.
(s.-a.)
Series E
1
1
25
20
Mar. 16
Apr.
$3
25c
Consolidated Water Power &
Paper
Continental Gas &
Electric, 7% pref. (quar.)
Corn Exchange Bank
Trust (quar.)
Corn Products
Refining Co. (quar.)
—
1
12.9c
7% preferred (quar.)
Calaveras Cement,
7% preferred
Calgary Power Co., 6% pref.
(quar.)
Canada Life As urance Co.
(One.)—i
Central Hudson Gas &
Electric (quar.)
Central Illinois
Securities, cum. pref
Central Maine Power
Co., 7% pref. (quar.)
Clearfield &
Mahoning RR. (s.-a.)
Collyer Insulated Wire
(quar.)
Columbia Gas & Electric
Corp. (quar.)__
5% cum. preferred
(quar.)
5% conv. cum. preferred
(quar.)
6% preferred, series A
(quar.)
Columbia Mills (quar
J
Columbus & Xenia RR. Co
Consol dated Edison Co. of
N. Y., Inc.—
$5 pr, f rred
(quarterly)
Fort Street Union
Depot
Mar. 27
1
30 Apr.
.
Quarterly.
12
May 15 May
Apr.
May
$3
Apr.
45c
Apr.
5c
Apr.
$1h
May
37 He
Apr.
87 He. Apr.
$2
Apr.
10c
Apr.
SIM
May
Mar.
17Hc
50c
Apr.
9c
Apr.
9c
Apr.
SIM
May
(quarterly)
—
Apr.
10c
SIM
_____
—
1 Dec.
37Hc
$1H
Lone Star
7t25c
-
Loew's, Inc., $6H cumul. pref.
(quar.)
London Life
Insurance, Ont
Montana Power, $6 preferred
(quarterly)
Morris Plan Co. (Kansas
City) (quar.)
Mutual Investment Trust
Shares (N. Y.)
Mutual System, Inc.
(quar.)
8% preferred (quarterly)
National Automotive Fibres,
class A
National Steel Corp.
(quarterly).
New Bedford Gas & Edison
Light Co. (quar.)
New Bradford
Oil-----New Brunswick
Telep. Co. (quar.)
New England
Telep. Co., 6% pref. (quar.)
New Hampshire
Power, 8% pref. (quar.)
New York & Honduras
Rosario Mining Co
10
15a
3
24a
Mar. 31 Mar. 12
Mar. 31 Mar. 12
50c
—
_
Argo Oil Co.—
-—-Associated Telephone
Co., $1H pref. (quar.)__
Atlas Powder, preferred
(quar.)
Attleboro Gas Light
Corp. (quar.)
Automobile Finance Co.
(quar.)
Amer. dep.
July
25c
25c
Apr.
Apr.
Mar.
21c
H.) (quarterly)
Common
Lane Cotton Mills
(quar.)
Lefcourt Realty, preferred
Calculating Machine (quar.)_
7 % preferred
(quarterly)
10
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
May
,
Monroe
10
6
1 June 13
1 Sept.12
Oct.
Jan.
25c
—-
M
H5
79c
.
Series S-3
Kress (S.
MohawkjDarpet
15
26
When
Holders
Payable of Record
Share
(quarterly)
1 Apr.
May
1 Mar.
Apr.
1 Apr.
May
Apr. 15 Apr.
Apr. 30 Apr.
Apr. 15 Apr.
May 15 Apr.
1 Apr.
May
Apr. 15 Apr.
25c
Quarterly
Quarterly
Per
Company
$6 preferred
(quarterly)
Missouri Power &
Light Co., $6 pref. (quar.)
Missouri River Sioux
City Bridge Co.—
$7 preferred
Holders
Payable of Record
15c
7i$lM
S1H
Amerada Corp.
(quar.)
American AliLnce Insurance
(quar.)
American Can Co., common
(quar.)
American Coal Co. of
Allegany Co. (quar.)
American General Equities
(quar.)
American Hardware
but which
When
Share
Adams (J, D.) Mfg.
(quarterly)
Albemarle Paper Mfg.
Co., 7% pref—
Allied Chemical &
Extra
the
bring together ail
current week.
.
In
Name of
Kaynee Co., preferred (quar.)
Kellogg Co
Keystone Custodian Fund, ser. S-l
May
1
10c
3c
75c
50c
17
17
10 Mar. 23
20 Mar. 31
15 Mar. 31
15 Mar
10 Mar
1
Apr.
Apr.
31
31
15
10
10
15
50c
June 30 June
50c
Sept. 30 Sept.15
50c
Dec. 31 Dec.
June 30 June
Sept. 30 Sept.
Dec. 31 Dec.
SIM
$1 M
S1H
15
15
15
15
Financial
Volume 142
874c
$34 convertible preferred (quar.)
Aloha Portland Cement
25c
Aluminum Industries
10c
(quar.)
preferred (quar.)
pref. (semi-ann.)
American Credit Indemnity Co. of New York__
American District Telegraph of N. J. (quar.)
Preferred (quarterly)
American Envelope Co., 7% pref. A (quar.)
7% preferred (quar.)—
American Asphalt Roofing,
American Baking Co., 7%
Factors
Ltd.
(monthly)
American Fork & Hoe Co., 6% pref. (quar.)
American Gas & Electric Co.. pref. (quar.)
American Home Products
Apr.
$3 A
50c
u
—
1
Apr.
10 Mar. 31
SI >5
$14
Apr.
May
15 Apr.
1 Apr.
30c
6% preferred (quar.)
American Ship Building (quar.)
American Smelting & Refining
SI >4
50c
SIM
1st preferred (quar.)
(quar.)
51 A
52 M
25c
-
76c
common
$2 4
Preferred
(semi-annual)
Anaconda Copper Mining Co
Arlington Mills
American dep. roc.
25c
$1
for ord. reg
xic8%
37 Ac
Voting Machine (quar )
Baldwin Co., 6% cum. pref. (quar.)
Bald win-Duckworth Chain (quar.)
„
15c
Barnsdall Corp. (quarterly)
Extra
5c
Bayuk Cigar, 1st preferred (quar.)
Beatty Bros., Ltd., 6% 1st pref. (quar.)
Belding-Heminway (quar.)
Quarterly
Bell Telep. Co. of Canada (quar.)
Bell Telep. Co. of Penua., pref. (quar.)......
Bloch Bros. Tobacco (quar.)
Quarterly
Quarterly
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
...
Bon Ami Co., class A (quarterly)
Borne-scryniser Co. (special*
Bower Roller Bearing (quar.).........
Bralorne Mines (quarterly)
...
...
SIM
SIM
25c
25c
SIM
pref. (quar.)
Bridgeport Hydraulic Co. (quarterly)
British Columbia Power, class A (quar.)
British Columbia Telep,, 6% pref. (quar.)
Brooklyn Borough Gas Co
Brooklyn-Manhattan Transit Corp. (quar.)
26
15 Mar. 19
Nov. 11
June 25
Sept.
Sept. 25
SI
25c
10c
40c
SIM
SIM
75c
Si
>
""v
30c
Dec.
Dec.
24
Apr.
15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
Mar. 31
6% preferred
(quarterly)
Canada Iron Foundries Ltd., 6% non-cumulative
preferred (semi-annually)
Canada Northern Power Corp. (quar.)
7% cumulative preferred (quar.)
Canadian Bronze Co., Ltd., common
Preferred (quar.)
Canadian Fairbanks Morse, pref. (quar.)
Industries, common...
15c
June
87 Mc
75c
Apr.
Apr.
15 Mar. 31
15 Mar. 31
May
SIM
June
SIM
Apr. 30 Apr.
r30o
Apr.
25 Mar. 31
rlM% Apr.
15 Mar. 31
25c
SIM
M
$1
Insurance Shares A
preferred (quarterly)
7% prtferred (quar.)
7% preferred (quar.)
...
SIM
SIM
SIM
51
SIM
15
1 Apr. 20
May
1 Apr. 20
May
15 Mar. 31
Apr.
16 Mar. 31
30 Mar. 31
1
Apr. 15 Apr.
J June 20
July
v, r.
A
r
1
Jan2 '37
Oct.
Sept
20
Dec
20
SIM
Stamped certificates (quar.)
Apr. 20 Apr. 10
Apr. 20 Apr. 10
1
Apr. 15 Apr.
1 June 16
July
S3M
Carolina Clinchfield & Ohio (quar.)
June 30 June
50c
(quar.)
7% cumui. prior preferred
7% cumui. 1st preferred
;i
Apr.
75c
Central Illinois Public Service, $6 preferred
Apr.
Apr.
Apr.
6% preferred
Central Power, 6% preferred
7% preferred.
Centrifugal Pipe Corp (quar.)
Quarterly
Quarterly
1
Century liibbon Mills, preferred (quarterly)..
Chesapeake & Ohio Ry., pref. (senn-annual)
Chesapeake & Potomac Telep. Co.—
7% preferred (quar.)
Redemption payment
_.
87Mc
10c
10c
15 Mar. 31
16
16
May
Aug. 16 Aug.
10c
Mov.
June
$34
July
6
5
Nov.
5
1 May
1 June
18
8
SIM
29c
Apr. 15 Mar. 31
Apr. 15
Aug.
1 July
20
Apr.
15 Apr.
4
SIM
preferred (quarterly)
Cincinnati Sandusky & Cleveland RR. Co—
6% preferred (semi-ann.)
May
1 Apr.
15
Cincinnati Lnion Terminal Co.—
5% preferred (quar.)
5% preferred (quar.)
...
5% preferred (quar.)
Clayton & Lambert Mfg. (resumed)
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.)
June 20
Sept. 19
Jan 1*37
Dec.
5c
Apr.
—
(quar.)
—
Commonwealth Edison (quar.)
Commonwealth Investment Co., Dela. (quar.)..
64% pref. C (quar.)
Confederation Life Association
Quarterly
Quarterly
(quar.)
Consolidated Cigar 64 % pref. (quar.)
7% preferred (quar.)
Consolidated Gas (N. Y.), preferred (quar.)
Consolidated Car Heating Co.
t:
si
25c
Semi-annual
Equity Corp., $3 conv. preferred
Erie & Pittsburgh RR. Co., 7% gtd. (quar.)—
7% guaranteed (quar.)
7% guaranteed (quar.)
Guaranteed betterment (quar.).
Guaranteed betterment (quar
Guaranteed betterment (quar.)
European & North American Ry. (#.-a.)..
Fafnir Bearing Co. (quar.)
Fansteel Metallurgical Corp., $5 pref. (quar.)..
$5 preferred (quarterly)
$5 preferred (quarterly)
Federal Mogul Corp
Fibreboard Products, Inc., 6% pref. (quar.).
Finance Co. of America, A & B (quar.)
7% preferred (quarterly)
7% preferred A (quarterly)
10 Mar. 31
SIM
Apr.
87 Mc
87 Mc
June
Sept.
Apr. 20
May
9
Aug. 10
Dec.
Nov. 10
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
1
S2
July
Tune
24
SI
4C
May
May
by
June
Apr. 15
Apr. 14
May 15
June
Tune
SI
Sept.
Sept. 25
87 Mc
25c
20c
20
Mar. 31
25
$1
Dec.
Dec.
25
10c
Apr.
Apr.
May
Apr.
5
$1 A
$14
SIM
SIM
Mar. 31
June
Apr. 15
May 15
May
Mar. 27
h$7A
87 4c
87 4c
87 4c
80c
7% pref
15c
$14
12 4c
43 4 c
30c
...
25c
(quar.)
$14
(quar.)
15c
General Baking Co., common (quar.)
General Cigar, preferred (quarterly)
$1 4
25c
8c
General Investors Trust
General Mills. Inc., common
75c
(quar.)
General Motors Corp , $5 preferred (quar.)
General Public Utilities, Inc., $6 pf. (quar.)...
Gimbel
Preferred (quarterly)
J deferred (q uarterly)
Gold Dust (quar.)
Gotham Silk Hosiery preferred..Preferred
^
Great Lakes
w w
.
Hawaiian
50c
30c
-
10c
WW
eeeeew we W
Hershey Chocolate
«W*» *
.
(quar.)
Co.. pref. (qu.)_.
(quar.)
(quar.)
(quar.)
—
Hibbard. Spencer, Bartlett & Co. (mo.).
Preferred
Monthly
Monthly
Holly Development Co. (quarterly)
Honolulu Plantation Co. (monthly)
Household Finance. A &. B (quar.),...
Participating preferred (quar )
Hussman-Ligonier Co. conv pref. (quar.)
Conv. preferred (quar.) —
-----Hutchinson Sugar Plantation Co. (monthly)..
Utilities, 6% pref. (quar.)—
7% junior preferred (quar.)
Incorporated Investors (semi-annually).
Indiana Pipe Line Co
Illinois Northern
$1
$14
Sugar Co
Hercules Powder preferred
50c
50c
Power,~$7~preferred (quar.)..
(H. L.) Co., Inc
Grevhound Corp
preferred A
Harbison-Walker Refractories
$14
50c
(quar.)
Engineering Works (quar.)
^
*1 4
$1 4
h$ 2
Razor, conv. pref. (quar.)
Bros,,, preferred (resumed)
Globe Wernecke Co.. pref. (quar.)
Gillette Safety
Great Lakes
$1 4
25c
Gardner-Denver Co., common
Preferred
$14
$14
51 4
$1 4
7% preferred 'quar).
Fyr-Fyter Co. class A (quar.)
16 Dec. 31
1
6
6
1
10
6
6
10
_
20
20
31
31
31
21
21
21
21
26
20
29
31
Dec.
10 Nov. 30
June
1 May 29
1 Aug. 31
1 Nov. 30
25c
...
Apr.
May 15 May
Apr. 20 Apr.
Apr. 20 Apr.
Apr. 15 Apr.
May
1 Apr.
May
1 Apr.
May
1 Apr.
Apr. 25 Apr.
Oct.
1 Sept.
Oct.
1 Sept.
Ap\ 15 Mar.
Apr. 15 Mar.
Apr. 15 Mar.
June
1 May
Sept.
1 Aug
Dec.
1 Nov
Apr
6 Mar.
Oct.
5 Sept.
Apr.
6 Mar.
June 10 May
Sept. 10 Aug.
3 Sept. 14
$14
(quar.)
1 June 15
Oct.
$24
$1
$1 4
$1 4
$1 4
$25
4 A% conv. preferred (quar.)
Franklin Teleg. Co., 24% gtd
14
15
July
Dec.
First National Bank (N.
Food Machinery Corp
10
21
80c
Firestone Tire &
Fishman
Apr. 25 Apr.
1 Apr.
May
Apr. 15 Mar.
1 June
July
Sept.
30c
Rubber (quar.)
Y.) (quar.)
(M. H.), pref. A & B (quar.)
Mar. 31
Mar. 31
May
4
Apr. 10
80c
84c
Green
(quar.)
Connecticut Investment Management
19
17Mc
8% pref. (quar.).
Bank & Trust
July
Oct.
50c
Lamp & Stove.
Utilities,
SIM
SIM
SIM
51
$14
$1A
$14
General Stockyards
SIM
64 %
Commonwealth
-
General Electric Co
Apr. 15 Mar. 31
SIM
$1,125 Apr. 15 Mar. 31
(quarterly)
25c
25c
Fuller Brush Co
Cincinnati Postal Terminal & Realty—
7% preferred
$2
(quar.)__
16 Mar. 20
15 Mar. 20
Co.—
Quarterly
$4 4 preferred (quar.)
Commercial National
25c
$14
$1A
6% preferred B (quarterly)
Pa*o Electric Co.. Texas, 6% pref. (quar.)_
Empire & Bay State Teleg., 4% gtd.
4% guaranteed (quar.)
4% guaranteed (quar.)
15 Mar. 31
vlay
SIM
52
(s.-a.)_.
Cine. Newport & Cov. Light & Traction
Commercial Discount (L. A.),
$14
A (quar.)_
stk (s-a )
Freeport Texas, preferred (quarterly)
Froedtert Grain & Malt, pref. (quar.)
16
Cincinnati Inter-Terminal RR—
Coleman
l*C
50c
25c
_
$1 <4
El
1
vpr.
1
Mar. 25
May
SIM
IM%
Preferred
1st guaranteed preferred
$1A
5% preferred (semi-annual)
El Paso Electric Co. (Del.), 7% pref.
Mar.*31
\pr.
$1 4
1.12 A
Co. (semi-ann.)
Mar. 31
Apr.
$1 A
12Ac
Electric Household Utilities
Elizabeth & Trenton KK
X
20
15
15
20
Apr.
Apr.,
May
Apr.
Drug
Mar. 20
Apr.
1
Sept.
Dec
Mar. 31
May
1
June
(quar.)
(quarterly)
Driver-Harris (quarterly)
Du Pont de Nemours (E. I.) & Co.—
Debenture (quar.)
Duquesne Brewing Co. (quarterly)
Duquesne Light Co.. 5% 1st nref. (quar.) —
Eastern Gas & Fuel Assoc., prior pref. (quar.)
6% preferred (quar.)
Eastern Township Telep. Co. (quarterly)
Eaton Mfg Co. (quar.)
Economical-Cunningham Drug Stores (quar.)
Preferred B (quar.)
Economy Grocery Stores (resumed)
Edison Elec. Illuminating Co. of Boston, (quar.)
Electric Bond & Share Co., $6 pref. (quar.)
$5 preferred (quar.)
Mar. 31
Mar. 20
1 Apr. 15
1 Apr. 15
1 May 25
5 May
2
SIM
$5 preferred «quarterly)
preferred, initial (quar.)
Burroughs Adding Machine Co
Caiiioruia-Grogon Power Co., 7% pref. (quar.).
common
(quar.)
_
Apr.
Apr.
--
I
SI
May
1 Mar. 16
Apr. 15 Mar. 31
June
1 May 15
June
1 May 15
June
1 May 15
Apr. 15 Mar. 20
Emporium Capwell (s.-a.)
Bunte Bros., 5%
Celaneee Corp. of Ainer.,
May 11
Aug. 11
Apr.
Apr.
Dec.
Dome Mines, Ltd. (quar.)
Dominion Textile, Ltd., preferred
Mar. 20
30
Sept. 301
—
Quarterly
Quarterly
Dow
15
15
20
Sept. 30 Sept. 19
Dec. 21 Dec. 11
June
Preferred (extra)
Diamond State Telep., preferred
Doctor Pepper Co. (quar.)
4
20
20
June 30 June 20
Extra
25
15 Mar. 31
June
40c
Bruck Silk Mills (quarterly)
Buffalo Niagara
Eastern Power—
1st preferred (quar.)...
Canadian
14
Nov.
r50c
Brantlord Cordage,
Carnation Co. 7%
20
SIM
SIM
SIM
5c
Canadian
20
Apr.
May
Aug.
50c
15 Apr.
1 Apr.
1 Apr.
Apr. 30 Apr.
July
ljJune
May
1 Apr.
_
Quarterly
Quarterly
7% preferred (quar.)__
7% preferred (quar.)
7% preferred (quar.)
Deposited Insurance Shares, series A
Detroit Edison Co. (quarterly)
Diamond Match Co., interim
14
31
SIM
37 Me
37 Me
37 Mc
Extra
(quar
10
10
1 Apr. 15
May
l June 20
iul>
Apr. 15 Mar. 31
1 Apr. 10
May
1 Apr. 10
May
1 Apr. 10
May
15 Mar. 31
Apr.
1 Apr. 15
May
3
Apr. 30 Apr.
July 31 July
3
Apr. 15 Mar. 23
20c
June 30 June 20
_
Apr.
12>ai
SI A
Automatic
Prei
1
Apr.
1
Mar. 25
Apr.
6
Apr.
6
10
10
15
15
Apr.
May
May
6% preferred (s.-a.)
7% preferred (s.-a.)
Curtiss-Wright Export Corp. 6% pref. (quar.)__
Delaware RR
Co. (s -a.)
Dennison Mfg. Co., debenture stock
Dentist's Supply Co. of New York (quar.) —
1
15
Apr.
Apr. 30 Apr.
Apr.
Apr.
Apr.
Apr.
(quar.)_»
Cudahy Packing Co., common
2oc
-
30 Apr.
6
May 31iMay 15
Aug. 311 Aug. 15
Nov. 30 Nov. 15
(quarterly)
Preferred
5
I'June 15
July
Apr.
Extra
6
50c
Atlas Tack (resumed)
Austin Nichols, prior A
June
Copperweld Steel (quar.)
Quarterly
Quarterly
Creamery Package Mfg. (quar.)
Credit Utility Banking Corp. (quarterly)
Crum & Forster (quarterly)
5
16 Dec.
15 Mar. 14
l'Apr. 15
1 May 15
May
Continental Oil
Industries—
Associated Telep. Co., Calif., $14 pref. (quar.).
f
8!
Sept. 16 Sept.
Apr. 16 Apr.
1 Apr.
May
May 29 May
Apr. 30 Apr.
Apr. 30 Apr.
Apr. 15 Mar.
Apr. 10 Mar.
2 June
luiy
2 June
luly
Apr. 20 Mar.
Apr. 15 Mar.
(quarterly)
4
16 June
Apr.
40c
May 25
1 Apr. 20a
May
6
Apr. 25 Apr.
1 Apr. 13
May
1 Apr. 13
May
5
May 15 May
Dec.
%^preferred
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
6.6% preferred (monthly)
6.6% preferred (monthly)
6-6% preferred (monthly)
1 Aug. 25
1 Nov. 25
June
American Telep. & Teleg. Co. (quar.)
American Thermos Bottle
7
15 Mar. 14
Dec.
30c
GOo
Consumers
Sept.
SIM
SIM
SIM
Electrical
1
June
37 Ac
(quar.)
$5 pref. (quar.)—
15
1 June 15
July
1 Apr. 25
May
Apr. 15 Mar. 14
Paper Goods 7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.),
American Roiling Mill Co. (quar.)
Associated
Apr.
Mar. 31
7 Mar. 11
1 May 20
Apr. 25 Apr. 15
July
l.June 15
1 June 15
July
1 June 15
July
1 June 15
July
l'Apr. 15
May
June
1 May 15
l'June 15
July
June
(quar.)
Consolidated Royalty Oil
SIM
SIM
SIM
50c
American
Co.,
Consolidated Paper
Apr.
30c
Preferred (quar.)
American News N. Y. Corp.(bi.-mo.)
Amoskeag
Consolidated Oil
27
SIM
20c
(monthly)
American ice. Co., preferred
American Light & Traction (quar.)_^
2d preferred
27
June
| Holders
Payable of Record
Share
of Company
Apr.
June
15c
7% preferred (quar.)
American
1
July
1
July
Apr. 25
Apr.- 15
$2
•
Name
Payable of Record
15c
Allied Laboratories (quar )
When
Per
Holders
When
Per
Share
Name of Company
2267
Chronicle
6c
$14
25c
31 Apr. 23
Apr.
15
June
30 June
Sept
30 Sept. 15
Dec
31
Apr.
May
Apr.
Apr.
Apr.
Apr.
July
Apr.
Apr.
Apr.
May
May
May
July
15 Apr.
1 Apr.
15 Apr.
15 Apr.
15 Apr.
20 Apr.
1 June
15 Mar.
15 Mar.
15 Mar.
1 Apr
UApr.
1 Apr.
liJune
Dec.
15
1
15
6
6
6
3
_
15
31
31
31
15
15
15
24
Oct.
1'Sept. 25
Apr. 15 Mar. 31
Apr. 20 Apr. 10
May
1 Apr. 20
May
1 Apr. 18
lune
llMav
22
Apr. 25 Mar. 13
May
1 Mar. 31
May
1 Apr. 10
May
ljApr.
May
1 Apr. 15
May
2 Apr. 15
1
May
1 Apr.
Apr. 15 Apr. 10
July
LJune 20
Oct,
1 Sept. 20
Janl '37 Dec. 20
1 Apr.
May
1 Apr. V
May
1 Apr. 1J
May
1 Apr. 2<
May
1 Apr. 2'
May
Apr. 15 Mar. 3:
1 Apr. 11
May
_
_
10c
4 Mar. 2!
Apr.
I
Apr. 20 Apr.
Apr. 15 Apr.
May 15 May
May 15 Apr. 2,
May 15 Apr.
Apr. 24 Apr. U
May 29 May
10c
June
26 June
1
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
May
May
'Apr.
15 Mar
3
$1 4
14%
60c
$14
75c
$1
10c
lc
15c
75c
87 4c
74c
el%
10c
$14
$14
<2*20%
.
10 Mar. 3
15 Mar. 3
15 Mar. 3
1 Apr. 2
1 Apr. 2
5 Mar. 3
1 Apr.
1 Apr.
1
1
30 Mar. 2
May 15 Apr. 2
2268
Financial
Per
Name of Company
Wa en
Share
Imperial Life Assurance of Canada (quar.)
Johns-ManvilleCorp.,
;
(quar.)
preferred
Chicago RR. Co
;
Rokenge (semi-ann.);
Kalamazoo Vegetable Parchment Co.
—
Julian &
5
Sept.30 Sept. 20
Dec. 31
Dec.
21
Apr. 15 Mar. 26
Apr. 15 Apr.
1
Apr. 30 Apr.
9
July
1 June 20
Apr. 15 Apr.
1
Kirkland Lake Gold Mining
Klein (Emil D.) (extra)
Knott Corp. (resumed)
Kroehler Mfg. Co., class A preferred
(quar.)
Class A preferred (quar.)
June 30 June 24
Sept. 30 Sept. 24
Class A preferred (quar.)
Kroger Grocery & Baking. 7% preferred (quar.)
Dec.
31 Dec.
23
May
July
1 Apr.
20
1
Oct.
1
:
Preferred
(quarterly)
Otis Elevator
—
(quarterly)
Preferred (quarterly)
Paauhau Sugar Plantation (monthly)
Pacific American
Fisheries, Inc
Pacific Finance Corp. of Calif.
(Del.)—
8% preferred A (quar.)
6)4% preferred O (quar.)
7% preferred D (quar.)
(quar.)
Lighting Corp. (quar.)
(quarterly)
Pacific Telep. & Teleg., pref.
(quar.)
Pan American Airways
Parker Pen (quar.)
$6 preferred
-
„._
...
T__
.
--
---.
7% pref. (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Penman's, Ltd. (quar.)
Preferred (quar.)
Pennsylvania Power Co., 6% pref. (qu.)
6.60% preferred (monthly)
6.60% preferred (monthly)
Pennsylvania Salt Mfg. Co. (quar.)
;
-_
Extra
5
5
5
Philadelphia Co., common (quarterly)
6% cumul. pref. (semi-ann.)
Philadelphia National Insurance (semi-ann.)
Philadelphia & Trenton RR. (quar.)
Phoenix Finance Corp.. 8%
pref. (qu.)
Pi eferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
5
Pinchin. Johnson &
Sept. 15 Sept.
5
Dec.
5
Philadelphia Electric, pref. (quar.)
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.)
Quarterly
Quarterly
7% preferred
(quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
7% preferred (quarterly)
Pittsburgh Youngstown & Ashtabula Ry. Co.
7% preferred (quarterly)
7% preferred (quarterly)
7 % preferred (quarterly)
Polygraphic Co. of America (quar.)
8% preferred (quar.)
Portland Gas Light Co. $6 pref. (quar.)
Power Corp. of Canada—
6% cumulative preferred (quar.)
6% non-cumulative preferred (quar.)
Premier Gold Mining (quar.)
Jan 1*37
Landis Machine Co.
(quar.)
Quarterly
Preferred
(quarterly).........
Preferred (quarterly)
Preferred (quarterly)
Lane Bryant, Inc., 7% pref.
;
(quar.)
Lawyers Title Insur. Co. 6% pref. (semi-ann.)..
Lehman Corp. (quarterly)
Stores,
new
15 June
15 Dec.
May
1 Apr. 15
Apr. 15 Apr.
9
Apr.
4 Mar. 20
Apr. 15 Apr.
1
Apr. 15 Mar. 31
May
1 Apr. 25
Aug.
1 July 25
(quarterly)
Lexington Telephone Co., 6H % pref. (quar.)
Lincoln National Life Insurance
(quar.)
Quarterly
Nov.
Lincoln Telep. Securities, A
(quar.)
Apr.
Apr.
Apr.
Apr.
Class B
(resumed)
6% preferred (quar.)
Lincoln Telep. & Teleg.
(quar.)
Link Belt (quar.)
Preferred (quar.)
Liquid Carbonic Corp. (quar.)
Lock-Joint Pipe Co. 8% preferred
(quar.).
8% preferred (quar.)
8% preferred (quar.)
Ludlum Steel Corp. $634 preferred
Lunkenheimer Co., preferred
(quar.)
Preferred (quar.).
Preferred (quar
r.)
MacAndrews & Forbes Co., com.
(quar.)
1 June 20
'1 Sept.. 21
Oct.
50c
1824c
SI
;i
...
Apr.
Apr.
Apr.
May
Aug.
15
15
15
15
15
Nov. 15
ion
25c
50c
Massachusetts Investors Trust (quar.)
Massachusetts Lighting Cos.,
8% pref. (quar.).
6% preferred (quar.)..
McCall Corp, (quarterly)
22c
$2
S1H
50c
McClatchy Newspapers, 7% pref. (quar.)
7% preferred (quarterly)
7% preferred (quarterly)
43 He
4324c
43 Mc
McColl Frontenac Oil, preferred
(quarterly)
Melville Shoe (quar.)
rSlH
87 ^c
2nd preferred (quar.)
Mercantile American Realty,
6% pref. (quar.)
Meyer-Blanke Co. (quar.)
Miami Dept. Store, pref.
7Hc
$134
25c
(quar.)
70c
Michigan Seamless Tube
25c
Mid vale Co., capital stock
Milwaukee El. Ry. & Lt. Co.
6% pref. (quar.)__
M. J. M. & M. Consol. Oil
(increased) quar.)..
Extra
50c
S1H
34c
34c
17Hc
Montgomery & Erie RR. (semi-annual)
Montgomery Ward (resumed)
Montreal Light, Heat & Power
(quar.).
Montreal Telephone Co.
(quar.)
Montreal Tramways
(quar.)
Moore (Wm. R.) Dry Goods
(quar.)...
20c
r37c
80c
$2 X
$134
SI 34.
Quarterly
Morris (Philip) & Co.,
Inc., cap. stock
Morris Plan Insurance
Society (quar.)........
25c
$1
Quarterly
sic
Motors Products, new stock
(quar.)
Muskegon Motor Specialties, pref. A
Mutual Chemical Co. of
Amer., 6% pref. (qu.)_
6% preferred (quarterly)
6% preferred (quarterly
National Biscuit Co. (quar.)
National Cash Register
(quar.)
National Casket Co. (semi-ann.)
National Distillers Products
(quar.)..,
50c
S1H
Il34
40c
1234c
%1H
50c
25c
National Fuel Gas Co
National Lead, preferred B
(quarterly)
National Oats Co. (quar.)
25c
National Power & Light Co. $6
pref. (quar.)
Nevada-Calif. Electric, preferred
$134
$1
50c
6)4% pref. (quar.j..
$15*
15c
Nineteen Hundred Corp., class A
(quar.)
50c
(quar.)
pref. (quar.)
North American Edison Co.
pref. (quar.)
North American Investment
Corp. 6% pref
534% preferred
Mining Corp
North Indiana Public Service
5H% pref
6% preferred
7 % preferred
Northern RR. Co. of N. J., 4%
gtd. (quar.)
4% guaranteed (quarterly)
4% guaranteed (quarterly)
Northern States Power (Del.)
50c
50c
May
Apr.
May
Apr.
Apr.
Apr.
May
May
Aug.
Mar. 31
Mar. 27
Mar. 31
May
1
Aug.
1
Nov.
1 Apr.
10 Mar.
5 Apr.
20 Mar.
15 Mar.
15 Mar.
1 Apr.
30 May
31 Aug.
7% pref. (quar.)_
North Ontario Power Co
6% preferred (quarterly)
Northwestern Bell Telep., 634% pref.
(quar.)_-
1
May
Apr.
Apr.
Apr.
Apr.
July
25
31
31
Reading Co.
(quar.)
Second preferred (quar.)
Reliable
Stores, first preferred---
Reliance Mfg., Illinois
(quar.)
Rex Hide, Inc. (quar.)
Rochester & Genesee Valley RR.
(s.-a.)
Roos Bros. Inc. $6)4% preferred
vquar.)
Ruud Mfg. (quarterly)
-----
Milling Co. (monthly)
16 Apr.
4
10 Mar. 31
6 Mar. 30
Seeman Bros., Inc., common
Extra
Mar. 28
30 Apr. 15
Mar. 20
Mar. 20
10
15
30
15
25
Apr. 30
Mar. 20
Mar. 31
Mar. 31
(monthly).
Security Storage (quar.)
(quar.)
Servel, Inc., 7% cum. preferred (quar.)
7% cum. preferred (quar.)
7% cum. preferred (quar.)
Sharp & Dohme preferred A (quar.)
Sheaffer (W. A.) Pen
(semi-ann.)
Smith (S. Morgan) Co. (quar.)-
3
1
1
Southern California Edison Co., Ltd.
28 Dec.
17
15 Mar. 13
15 Mar. 30
May 15 Apr. 30
May
Apr. 15
Apr. 15 Mar. 31
May
Apr. 17
June
May 21
May
Apr.
4
Mar. 30
May
May
9 Apr. 20
Apr. 15 Mar. 20
Apr. 15 Mar. 27
May 15 Apr 30
Aug. 15 July 31
Nov. 14 Oct.
31
1
30
15
31
31
11
31
31
31
•
1
19
22
Nov
21
20 Mar. 31
20 Mar. 31
25 Mar. 31
25 Mar. 31
15 Mar. 20
Original preferred (quarterly)
May 15 May
May
1 Apr.
June
1 May
May
1 Apr.
June
I May
Apr. 15 Mar.
Apr. 15 Mar.
Apr. 25 Apr.
May
1 Apr.
Apr. 15 Mar.
Apr. 10 Mar.
Apr. 11 Mar
July 10 June
Oct. 10 8ept
(quar.)
6% cumul. pref. (quar.)
(quar.)
Spicer Mfg. preferred (quar.)
Spiegel May Stern, 6)4% preferred (quar.)
Standard Cap & Seal (quarterly).-Standard Oil Co. of Ohio, 5% cum. pref
Silver-Lead Mining
Standard Wholesale Phosphate & Acid
...
6% 1st pref
Superheater Co. (quarterly)
Supervised Shares, Inc. (quar.)
Swiss Oil Corp. (quarterly)
Extra
Syracuse Lighting Co., Inc., 6% pref.
(quar.)..
Tacony-Palmyra Bridge, preferred (quar.)
Telautograph Corp. common (quar.)
Tennessee Electric Power Co.—
5% preferred (quarterly)
6% preferred (quarterly)
7% preferred (quarterly)
7.2% preferred (quarterly)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Thatcher Mfg., convertible pref.
(quar.)
(quar.)
Toronto Elevator, 7% conv. pref.
(quar.)
Troy & Greenbush RR. Assn. (s.-a.)
5
21
20
20
20
31
31
1
1
27
31
31
30
30
31
20
9
10
10
10
10
10
Oct.
6 Sept. 10
Jan5'37 Dec. 10
June
Sept.
Dec.
Apr.
Apr.
Apr.
9 May 20
1 Aug. 20
1
Nov. 20
7 Mar. 31
7 Mar. 31
15 Apr.
1
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr. 15
Apr. 15
July
1
Apr. 30
May
1
May
1
May
1
Apr. 20
Apr. 20
Apr. 20
15
15
29
14
Mar. 31
Mar. 31
Mar. 12
Mar. 12
Mar. 25
Mar. 31
June 20
Apr.
1
Apr. 15
Apr. 15
Apr. 15
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr. 16
_
9 Mar. 19
15 July
Apr.
15
Apr.
15
20
Mar. 31
June 15
June
5
Apr. 15 Apr.
Apr. 15 Apr.
Apr. 15 Mar.
Apr. 15 Mar.
Apr. 14 Apr.
May
1 Apr.
May
1 Apr.
July
1 June
Oct.
1 Sept.
4
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
Apr.
1
31
30
6
15
15
20
19
19
May
May
May
May
Apr.
Apr.
Apr.
Apr.
May
May
May
July
July
July
July
May
June
July
May
1
20
20
Apr.
Apr.
3
15
Apr.
4
Mar. 31
Mar. 31
Mar. 20
May
2
Apr.
7
Apr.
7
Apr. 15
Apr.
4
Mar. 28
Mar. 25
Mar. 25
Apr. 20
Apr. 10
Apr. 15
June 15
June 15
Tune 15
June 15
Apr.
15
May 15
June 15
Apr.
May
June
July
May 15 Apr.
May 21 Apr.
Apr. 15 Apr.
Apr. 15 Apr.
Apr. 15 Apr.
June
June
1
15
20
Mar. 20
Mar. 31
Mar. 31
Mar. 27
Mar. 31
cApr.
Stanley Works, 6% preferred (quarterly)
Steel Co. of Canada (quarterly)
Preferred (quarterly)
Suburban Electric Securities
5
5
Apr. 10 Mar.
May
1 Apr.
July
1 June
Oct.
1 Sept.
Jan2'37 Dec.
Apr.
7 Mar.
July
7 June
Nov.
1 Nov.
Apr. 15 Apr.
1 May
May 15 Apr.
Apr. 15 Mar.
Apr. 15 Mar.
Southern Counties Gas 6% preferred
(quar.)..
Southern New England Telephone
(quar.)
South Franklin Process 7% pref.
(quar.)
Southland Royalty Co. common
Toburn Gold Mines
Tom Moore Distillers
Extra
1
June
5)4% preferred, series C (quarterly)
Southern Canada Power Co., Ltd.—
Standard
15 Mar. 31
May
1 Apr. 17
Apr. 15 Mar. 30
May
1 May
1
Aug.
1 Aug.
1
Sonotone Corp. (initial)
Soundview Pulp Co
Oct.
1
Apr.
Jan 2*37 Dec.
quarterly
Apr.
July
Mar. 27
Mar
27
Mar. 31
1 Apr. 20
May 15
1 Aug. 15
May 15 May
5
Aug. 15 Aug.
5
June
1
15
1
1
June 15
St. Croix Paper (quar.)
San Carlos
Apr.
Apr.
Apr.
May
May
Apr.
July
May
Apr.
July
May
San Diego Consol. Gas & Elec. Co.
pref. (qu.)_.
Second Twin Bell Syndicate
SI
SB
■•/ -
15
40c
75c
7% preferred (quar.).
6% preferred (quar.
Pure Oil Co., 5)4% cum. preferred.
6% cumulative preferred
8 % cumulative preferred
Quaker Oats (quar.)
15
30
31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
...
31
Sept. 28 Sept. 17
$124
Public National Bank& Trust
(quar.)
Public Service Corp. of N. J. 6% pref.
(mtnly)__
Public Service of Northern Dlinois
Preferred (quar.)
Mar. 30
Apr.
June 27 June 18
Dec.
_
Extra
Jn.2'37 Jn.2'37
Apr. 15 Apr.
1
June
1 May 27
Sept. 1 Aug, 27
Dec.
1 Nov.26
June 30 June 20
$1
Extra
Procter & Gamble, 8% preferred
(quar.)
Prudential Investors, $6 pref. (quar.)
15
1 Apr. 17
1 Apr. 17
Oct.
Dec.
_
■
Mar. 31
Apr. 20
10
Apr.
Jan. 10*37 Dec.
xw
....
20
Nov. 30 Nov. 30
15 Mar. 31
Apr.
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr. 15 Apr.
May 19 Apr.
June
1 May
h$2
Apr. 20 Mar.
h$ 1.83 1-3 Apr. 20 Mar.
May
1 Apr.
68 He
Apr. 14 Mar.
75c
Apr. 14 Mar.
8734c Apr. 14 Mar.
June
SI
1 May
$1
Sept. 1 Aug.
'
4
Jan.2'37 Dec. 21
Apr. 15 Mar. 31
iy& %
Class A (quar.)
Noma Electric Corp., common
Norfolk & Western Ry. adj.
1
Tan2 '37 Dec. 31
Mahoning Coal RR. (quarterly)
Margay Oil Corp
Massachusetts Bonding & Insurance Co.
(quar )
6% preferred (quar.)
Oct.
15
Apr. 16
July
1
May
July
Magma Copper Co
Magnin (I.) & Co. (quar.)
i,
May 15
June
Oct.
.
New York Transit Co
10 Mar. 31
June
July
May
July
Preferred (quarterly)
New Jersey Zinc (quar.)
New York Telephone
Co.,
27
Co., final
.
30c
....
$6 preferred (quar.)
$6 preferred (quar.)
$6 preferred (quar.)
2 Oct.
10 Mar. 31
10 Mar. 31
10 Mar. 31
11
7
Nov. 16 Nov.
Feb. 15 Feb.
Nov. 16 Nov.
«.
Apr.
Apr.
Mar. 31
Sept
....
June
Quarterly
Quarterly
15
15
25
15
1
20
15
15
5
15
May
-
-
Quarterly '■■■„'
Peninsular Telep. Co.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr,
May
1 Apr. 15
May
1 Apr. 15
May
1 Apr. 15
Apr. 15 Mar. 31a
May 15 Apr. 20
Apr. 15 Mar. 31
May 15 May
Aug. 15 Aug.
Landers, Frary & Clark (quarterly)
i
Nov.
June 30 June 20
(quar.)..
Quarterly
Kentucky Utilities, pref. (quar.)
Keystone Steel & Wire
North Canada
Pacific Gas & Electric
Pacific
1
May
1 Apr. 10
1
Apr. 15 Aor.
Apr. 15 Mar. 23
July
1
Apr.
6 Mar. 25
July 15 July
1
com.
Publishing. 8%
Joliet &
Old Colony Insurance Co.
(Boston)
Onomea Sugar Co. (monthly)
Dec.
Quarterly
Jamaica Water Supply 7H% pref.
(s.-an.)
Jewel Tea Co., inc., common
(quar.)
Oahu Ry. & Land Co. (monthly)
Oahu Sugar Co. (monthly)
Ohio Brass
Holders
Payable of Record
Apr. 15 Mar. 20
May
1 Apr.
1
May
1 Apr. 13
May
1 Apr. 13
May
1 Apr. 20a
May
1 Apr. 20a
May
1 Mar. 30
May 15 May
1
Apr. 15 Mar. 31
June
1 May
7
Sept. 1 Aug.
6
-
International Printing Ink (quar.)
Preferred (quar.)
International Utilities Corp. $7 prior pref. (qu.)
$3)4 prior pref. series 1931 (quar.).
Interstate Dept. Stores preferred
(quar.)
Interstate Hosiery Mills (quar.)
Investment Fund, O (quar.)
Iron Fireman Mfg.
(quar.)
Class A
When
Name of Company
1 June 30
Oct.
1 Sept. 30
Jan2 '37 Dec. 31
Apr. 10 Mar. 21
International Nickel of Canada, pref.
(quar.)
Lerner
April 4 1936
Holders
Payati.e of Record
July
Quarterly
Quarterly
International Business Co. (quar.)
International Harvester (quar.)
Johnson
Chronicle
15 June
15
15
15
30
21
1
1
1
I
Financial
Volume 142
2269
Chronicle
of Company
/i$3H
United Fruit Co.,
May
Apr.
Apr. 15
3c
Apr.
Apr.
shs
(monthly)
(monthly)
58 l-3c July
June 15
Wrigley (Wm.) Jr.
Special.
Monthly.
Monthly.
Apr. 15
May 15
May
June
July
May
50c
June 15
Apr. 15
May 15
a
The following
June 15
50c
Apr.
Mar. 17
mercial
2c
Apr.
Apr.
Mar. 17
Mar. 31
May
Apr. 30
50c
(quar.)
Mar. 31
$1M
June
June
Sept.
Sept.
1
Dec.
Dec.
1
May
Apr.
July
Apr. 17
Apr. 10
July 10
25c
Co. (quar.)
25c
Quarterly
50c
-
Utah-Idaho Sugar (resumed)
Vapor Car Heating Co., preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Virginian Ry. preferred (quar.)
Vulcan Detaining, preferred (quarterly).
$194
$1H
S1H
$1H
%\H
..
(quar.)
Preferred (quar.)
3
3
3a
3a
Apr.
Apr.
Apr.
July
6% preferred (quar.)
(interim)
$194
$194
25c
S1H
$194
.
1
Oct.
10
Corn Exch. Bank Tr. Co.
32,935,000
21,000,000
15,000,000
First National Bank
10,000,000
Cent. Hanover Bk. & Tr.
50,000,000
4,000,000
150,270,000
Irving Trust Co
Continental Bk. & Tr. Co
Chase National Bank...
500,000|
Fifth Avenue Bank
25,000,000
Bankers Trust Co
Com'l Nat. Bk. & Tr.Co.
10,000,000
5,000,000
12,500,000
7,000,000
Publlo N. B. & Tr. Co..
5,775,000
Title Guar. & Trust Co..
Marine Midland Tr. Co.
New York Trust Co
♦As
per
Apr.
Apr.
May
Apr.
June
May
May
Apr.
BUSINESS
FOR THE
Payable in special
Payable in U. S.
x
Less tax.
1
w
Less depositary expenses.
made for expenses.
A deduction has been
y
Per 100 shares.
Federal Reserve Bank of
York
shows the condition of the Federal
Bank of New York at the close of business April
.
,
Apr.
1
1936
1936 Apr.
Mar. 25
9,110,901,000
531,938,000
1935
3,139,356,000 3,029,746,000 2,181,903,000
1,652,000
1,655,000
1,550,000
69,343,000
96,690,000
96,140,000
S. Treasury.!
R. notes.
Redemption fund—F.
Other cash t
3
$
$
$
Assets—
2,237,046,000 3,128,091,000 2,252,898,000
Total reserves
Bills discounted:
Secured by
U. S. Govt, obligations
(or) fully guaranteed
discounted
...
2,469,000
2,124,000
1,479,000
2,165,000
3,978,000
4,593,000
3,644,000
1,739,000
7.670,000
2,029,000
1,902,000
68,473,000
482,760,000
178,150,000
69,023,000
486,069,000
179,291,000
136,433,000
446,960,000
155,925,000
729,383.000
734,383,000
739,318,000
742,772,000
•
1,828,000
2,150,000
1,739,000
7,672,000
direct and
Other bills
748,385,000
746,893,000
422,000
2,217,000
47.725,000
"47,261,000
Reserve
1,1936,
previous week and the corresponding
comparison with the
date last year:
U.
5,633,000
32,293,000
155,077,000
14,330,000
38,009,000
83,301,000
14,815,000
21,622,000
3,600,000
Total bills
discounted—
Bills bought in open
...
market.
Industrial advances
408,000
2,496,000
19,198,000
1,730,000
41,801,000
State, Dec. 31 1935; trust
(a) $230,768,000; (6) $75,340,000;
publishes regularly each week
CLEARING HOUSE WITH THE
ENDED FRIDAY, MARCH
WEEK
NATIONAL AND STATE
preferred stock.
funds,
Time
Average
l-20th sh. of spec. pref. stk.
The following
in
number of banks and trust
NOT IN THE
t
u
non-residents of Canada
dividend will be made.
funds, and in the case of
5% of the amount of such
stk. div. equal to 50c., or
each 50c. of the amount of such div.
New
York City
12-100ths share of Fohs Oil Co.,
outstanding shs. of cap. stk. of May¬
Kress (S. H.)
s
Condition of the
companies which
are not members of the New York Clearing
House.
The
following are the figures for the week ended March 27:
INSTITUTIONS
Inc., extra div. of
sh. of the present
reduction of a tax of
U. 8. Government
Bonds
CLOSING
27 1936
securities:
......—....
notes....
Treasury bills
Treasury
Total U. S.
—
...........
Government securities..
Other securities..
Foreign loans on
.......—.....
gold..........
Total bills and
York "Times"
stk. held.
Payable in Canadian
r
a
additional shares of cl. B com. stk. for
cl. B com., two
Mayflower Assoc.,
q
City
(c) $76,441,000; (£) $27,159,000.
a
pref. stock for each share
conv. pref. stk. opt. ser. of
has been declared payable in
Deposits,
official reports: National, March 4 1936;
The New
Square D Co.,
p
for
3
3
15
15
24
Average
companies, Dec. 31 1935.
Includes deposits In foreign branches as follows:
returns of
Allis-Chalmers
$1.50 for each share.
May
May
Mar. 31
June 15
Deposits,
and
739,938,700
612,480.000
Totals
pref. div. of 1-5 sh. of
each sh. of cl. B com.
Mar. 20
$
90,000,000
Guaranty Trust Co
Manufacturers Trust Co.
the rate of
Mar. 31
137,714,000
10,758,100
347,686,000
25,431,700
40,707,000 al,324,708,000
459,423,000
49,888,300
177,398,400 61,266,829,000
465,322,000
11,548,900
697,434,000
62,597,400
237,763,000
16,325,100
473.664.000
91,781,400
518.323.0001
58,959,800
45,743.000
3,791,200
67,625,800 cl,810,827,000
45,875,000
3,443,700
£737,550,000
68,386,000
16,593,000
5,416,100
80,352,000
8,069,300
295,246,000
21,727,300|
70,941,000
7,907,000
78,908,000
8,176,200
20,000,000
127,500,000
20,000,000
h On account of accu¬
held
1929, of Commercial
common stock of the
corp. at the rate of 5-208 of 1 share of com. stk. per share of conv. pref.
stock, opt. ser. of 1929, so held, or, at the option of the holder in cash*at
Lincoln Printing
n
0 A quar. div. on the
Investment Trust Corp.
Inc., stk. to each
$
ChemicalBk.&Tr. Co..
j
m
flower Assoc.
Net Demand
Members
National City Bank
stock,
o Payable in scrip,
Payable in preferred stock.
/ Payable In common
Mar. 20
Profits
Bank of Manhattan Co..
^
Apr. 10
May 15
Aug. 15
Undivided
*Surplus
6.000,000
held.
Payable in stock.
e
Apr.
May
Aug.
Apr.
Apr.
Apr.
Apr.
July
May
OF THE NEW YORK CLEARING HOUSE
ENDED SATURDAY. MARCH 28 1936
Bank of N. Y. & Tr. Co.
of 1929, so
May 15
ASSOCIATION FOR THE WEEK
Capital
of Com¬
common
of 5-208 of 1 share of com. stock per sharekof
conv. pref. stock, opt. series of 1929, so held, or, at the opt. of the holder,
in cash at the rate of $1.50 for each share of conv. pref. stock, opt. series
Apr. 4
May 15
The weekly statement issued by the New
Clearing House is given in full below:
Clearing House
Investment
Advahce-Rumely, liquidating stock dlv. of H sh. of
stock on each share of Advance-Rumely capital stock held.
Apr. 15
Weekly Return of the New York
Clearing House
OF MEMBERS
dlv. on the conv. pref. stock, opt. series of 1929,
Trust Corp. has been declared payable in
d A reg. quar.
June
$1H
$194
12Hc
$1H
Wilson-Jones
record
June
50c
Wilson & Co
for this dividend.
Phosphate & Acid, payable Apr. 15 to holders of
Mar. 20; previously reported as Apr. 1 to holders of record Mar. 17.
mulated dividends,
Oct.
$194
$2H
$1M
12Hc
tlH
$194
6% preferred (quar.)
7% preferred (quar.)
1 June 20
corrections have been made:
Mar. 31
Co.—
Power
20
20
20
20
Standard Wholesale
Apr. 20
May
Apr.
25c
& Pipe
Warren RR. Co. (semi-ann.)
Washington Ry. & Electric, 6% pref. (semi-arm.)
6% preferred (quar.)
Wayne Screw Products (initial)
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
Western Grocers, Ltd. (quar.)
Preferred (quarterly)
Western Power Corp. 7% cum. pref. (quar.)
Westinghouse Air Brake Co
West Jersey & Seashore RR. (s.-a.)
Weston (Geo.) Ltd., 7% preferred
Warren Foundry
STATEMENT
Mar. 26
$15?
If
87 He
Universal Leaf Tobacco (quarterly)
Penn
Mar. 31
Apr.
Apr.
Apr.
May
Aug.
May
Apr.
37
r
United Verde Extension Mining
Preferred
Mar. 20
5c
(quar.)
31
stock of the corp. at the rate
2c
Preferred
25c
Transfer books not closed
c
June
62 He
Foundry
United States Smelting, Refg. & Mining
$1|4
(monthly)
July
Apr.
Apr.
Apr.
Extra
OF
6% pref. C-.
7% pref. (quar.).
Wisconsin Telephone
50c
United States Pipe &
July
.
50c
$2H
37 He
United Standard Oilfund of America
1
Apr. 15 Mar.
Apr. 30 Apr.
May
1 Apr.
May
1 Apr.
June
1 May
25c
Wisconsin Gas & Electric
58 l-3c June
Apr. 15
May 15
54c
1
Nov.
25c
Extra
May
54c
Nov.
$1H
Quarterly
6
Mar. 12
54c
1
1
1
1
Extra.
Mar. 19
Apr.
Preferred
West
5C
Aug.
Aug.
_
58 l-3c
7% preferred
6.36% preferred (monthly)
6.36% preferred (monthly)
6.36% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
_
6% preferred (monthly)
United New Jersey RR & Canal (quar.)
United Profit Sharing, preferred (semi-annual)._
United Securities, Ltd. (quarterly)
United Shoe Machinery Corp., common
May
May
%\#
50c
Extra
7Hc
(monthly)
50c
$1H
Oo. (quarterly),
Winstead Hosiery
Mar. 31
75c
Light & Rys. 7% preferred
7 % preferred
Apr. 10
Apr.
capital stock
United Gold Equities or Canada, std.
United Investors Realty Corp. (quar.)
United
May
$1X
hh
Corp., 7% pref. (quar.)
Tuckett Tobacco preferred (quar.)
United Biscuit Oo. of Amer.. prer. (quar.)
Tubize CJhatillon
Payable if Record
Share
of Company
Name
Payable of Record
Share
Holders
When
Per
Holders
When
Per
Name
...
securities.....
Gold held abroad
"""258",666
F. R. notes of
Uncollected items
Bank
premises....
All other assets
""~258~666
279^000
4,037,000
147,718,000
10,843,000
26,959,000
....
banks
other banks.
Due from foreign
4,462,000
125,818,000
10,823,000
26,221,000
4,083,000
112,156,000
11,658,000
29,861,000
4,169,633,000 4,044.058,000 3,157,828,000
Total assets.
BANKS—AVERAGE FIGURES
Liabilities—
■
1
Loans,
Disc,
and
Investments
Manhattan—
Sterling National
Trade Bank of N. Y.
Cash,
Including
Bank
Notes
Res. Dep.,
Dep. Other
N. Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
$
$
$
Grace National.....
Other
%
2,127,500
206,963
4,347,300
3,309,000
991,162
540,000
134,353
29,911,400
22,634,000
5,124,200
88,000
769,000
438,000
4,771,000
123,300
26,965,400
20,430,000
4,704,888
468,000
4.025,000
Brooklyn—
People's National
TRUST COMPANIES—AVERAGE
and
$
Empire
...
Federation
Fiduciary
Fulton
Lawyers
States
United
Gross
Trust Cos.
Deposits
%
$
S
Res. Dep.
Cash
Invest.
Manhattan—
Dep. Other
Banks and
Elsewhere
Loans,
Disc,
FIGURES
N.
S
55,887,300 ♦11,575,000
147,917
8,369,434
*992,673
11,844,790
19,166,600 *3,061,300
29,615,400 *11,675,900
69,011,442 10,202,547
Y. and
8,274,400
750,251
1,444,821
685,400
2,527,900
18,064,725
'
3,206,900
2,115,803
717~306
69,240,500
9,576,265
12,134,437
18,997,200
41,004,800
67,995,948
Brooklyn—
Brooklyn
Kings County.
90,598,000
32,346,213
2,861,000
2,447,310
♦Includes amount with Federal Reserve as
ciary, $695,966; Fulton, $2,838,200; Lawyers,
30,423,000
12,135,662
176,000 116,881,000
41,543,214
669,376,000
786,896,000
806,388,000
F. R. notes in actual circulation..
2,404,938,000 2,300,689,000 1,828,553,000
Deposits—Member bank reserve acc't..
272,925,000
477,371,000
456,964,000
U. 8. Treasurer—General account...
6,521,000
22,732,000
23,249,000
Foreign bank..
—
148,108,000
209,705,000
207,761,000
Other deposits
Total deposits
...
availability Items..
Capital paid In
.....
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies..—.........
All other liabilities
Deferred
4,169,633,000 4,044,058,000 3,157,828,000
Total liabilities
Ratio
of
total reserves to deposit
liabilities combined..
and
F. R. note
Contingent liability
for
foreign
Commitments
on
t "Other cash" does not
x
bank
83.0%
82.4%
77.0%
9,614,000
9,812,000
6,238,000
bills purchased
correspondents
to make industrial
vances
Reserve
3,092,912,000 3,010,497,000 2,256,107,000
109,918,000
124,677,000
148,221,000
59,575,000
50,919,000
50,913,000
49,964,000
50,825,000
50,825,000
1,778,000
7,744,000
7,744,000
7,501,000
8,849,000
8,849,000
3,609,000
3,651,000
3,781,000
ad¬
25,000
include Federal Reserve notes or a
bank's own Federal
notes.
certificates given by the U. 8. Treasury for the gold taken over
the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
to 59.06 cents, these certificates being worth less to the extent of the dif-
These are
from
cents
the difference itself having been appropriated
of the Gold Reserve Act of 1934.
follows: Empire, $11,031,200; Ficu-
jerence,
$10,979,200.
under the provisions
as
profit by the Treasury
2270
Financial
Weekly Return of the Board
The
showing the condition of the twelve Reserve banks
week last year.
of the Federal
at the close of business
resources
System
Reserve System on
Thursday afternoon, April 2,
Wednesday. The first table presents the results
on
whole in comparison with the figures for the
a
The second table shows the
April 4 1936
i.
of Governors of the Federal Reserve
following is issued by the Board of Governors
for the System as
Chronicle
seven preceding weeks and with those of the
corresponding
and liabilities
separately for each of the twelve banks. The Federal
Reserve note statement (third table
following) gives details regarding transactions in Federal Reserve
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
appear
in
our
The comments of the Board
ASSETS
1
FEDERAL RESERVE BANKS
1936 Mar. 25 1936 Mar. 18 1936 Mar. 11
S
$
$
1936
AT THE
Mar. 4 1936
$
CLOSE OF
Feb.
26
BUSINESS
1936 Feb.
19
APRIL
1936 Feb.
12
1
the
upon
department of "Current Events and Discussions.*'
COMBINED RESOURCES AND LIABILITIES OF THE
Apr,
between the
notes
of Governors of the Federal Reserve System
1036
1936
Vpr.
3
1935
$
$
$
$
;
7,665.345,000 7.665.840.000 7.667.333.000 7.667.830.000
7.669.328.000 7.670,230.000 7.670.230.000 7.661.223.000
Redemption fund (F. R. notes)..........
5.593,721,000
14.864,000
14.873.000
15.019.000
15.253 000
14.902.000
14.402.000
15.367.000
Other cash *
15.920.000
17,625,000
350.037.000
353,632,000
344 928.000
346.078.000
338.513.000
348,259.000
341.978.000
337.337.000
236,131,000
Total reserves
8,030,246,000 8,034,345,000 8,028,435,000 8,028,011.000
8,022,743.000 8,032.891.000 8.027.575.000
8.014.480,000 .5,847,477,000
Gold ctfe
Bills
on
hand A due from U.S.Treaa.*
discounted:
Secured by U. 8. Govt, obligations—
direct and(or) fully guaranteed.....
4,489,000
3,338.000
Other bills discounted
2.857.000
t2,308.000
2,765,000
2.727,000
2.096.000
2,773,000
t2,612.000
2.716,000
7,254,000
6,065,000
5.630.000
4,920 000
5,712,000
6,932.000
6,587.000
8.018.000
6,391,000
4,674.000
30,363,000
4.674.000
30,501,000
4.679.000
30.321,000
4.676.000
4.673.000
30,195.000
4.673.000
4,673.000
4,674.000
31,454.000
5,304,000
31,773,000
31,868.000
31,801,000
21,073,000
—...
Total bills discounted................
Bills bought In open market..
Industrial
advances..
..............
4,099,000
2.833.000
3,780,000
2,807.000
5,142,000
2,876.000
3,406,000
2,985,000
U. B. Government securities—Bonds.....
265,687,000
265,711,000
265,756,000
215.726.000
216,069.000
Treasury notes
1,554,889,000 1.554.893.000 1,554.896.000 1,594 648.000
1.602.759,000
Treasury bills...—
609,667,000
609.667.000
619,913.000
609.667,000
215.690.000
215.685.000
215,681.000
392,493,000
1.622.544.000 1.622.544.000 1,626.808.000 1,492,666,000
612,011.000
592,011,000
592,011,000
587,752.000
545,660,000
.......
.......
Total U
S. Government securities.. 2,430,243,000
Other Beouritl68.i.,^..i.iiMi.«^«.«..
Foreign loans on gold—
Total bills and securities.......
Gold
held
abroad
181,000
181,000
181,000
,
............
premises
181,000
181,000
181,000
181,000
..j.
"""650", 000
"""650"666
644" 000
647"O66
17,690,000
558,332.000
—.......
19,311.000
OVO.OOO
17.670.000
636,336.000
18,334.000
"""649" 000
648"66O
18.999.000
""""646" 000
18,552.000
47.865.000
523.547.000
47.863 000
42,006.000
559.987.000
47.799.000
41.076.000
17.693.000
547.021.000
47.813.000
39.717.000
"""702', 000
509 419.000
47,864.000
35,549.000
17,653.000
564.697.000
47.799.000
39,382.000
15,313,000
471,759,000
49,533,000
47,885,000
36,868,000
.......—
All other assets...............
Total
181,000
2,472,715,000 2,471.692,000 2,471,130,000 2.470.259.000
2,472,859,000 2.473,804.000 2.473.549,000 2.474,915.000
2,463,587,000
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
—.........
Bank
2,430.271.000 2,430,319,000 2.430,287.000 2,430,839,000
2.430.245.000 2.430,240.000 2,430.241.000 2,430,819,000
assets
527,356.000
47.865.000
35,973.000
39,016.000
43,016,000
11,164,386,000 11,137,192,000 11,237,628,000 11,116.541,000
11,127,736,000 11.159.588.000 11.167,126.000
11.159,572,000 8,891,387,000
LIABILITIES
JS&P
F. R. notes In actual circulation....
3,772,016,000 3,732,333.000 3.730,979.000 3.731.534.000
3.735.066.000 3.677.076.000 3.664,670.000 3.656.138.000
3,174,531,600
Deposits—Member banks' reserve account 5,077,088,000
5.059.147.000 5.143.768.000 5.786,173.000
5.813.244.000 5.838.708.000 5.832.048.000
U. 8. Treasurer—General account.....
5.783,814.000 4,192,954,000
1,085,687.000 1.146.565.000 1,007.364.000
391.113.000
379,299.000
433,118.000
Foreign banks
472.821.000
481.816.000
63,441,000
473,679,000
64,576.000
66.016.000
64,391,000
49.275.000
52.747.000
51.865.000
67.998.000
17,360,000
261,980.000
272.512.000
272.189,000
269.757,000
275.378,000
296.053.000
213,075,000
Total deposits.................... 6,493,377,000
6,546.089.000 6,539,128,000 6,514,189,000
6.514.007,000 6.594,330.000 6,632.112,000
6.629,681.000 1,897,068,000
Deferred availability Items
554,751,000
514,646,000
507.067 000
622.988.000
521.660.000
546.418.000
Capital paid in
528.885.000
532.326.000
474,539,000
130,715,000
130.724.000
130.638.000
130,741.000
130.656.000
Surplus (Section 7)—
130.708.000
130.713.000
130.703.000
146,953,000
145,501,000
145.501.000
145,501,000
145,501,000
145.501.000
145.501.000
Surplus (Section 13-B)
145.501.001
145.501.000
144,893,000
26,513,000
26,513.000
26,513.000
26,513.000
26.519.000
Reserve for contingencies
26.419.000
26.419.00i
26 406.000
14.809,000
34,105,000
34.105.000
34,100.000
34,107,000
34.123.000
All other liabilities
34,110.000
34.111.00'
34.017.Ol K'
33,805,000
7,408,000
7.281.000
26.992,000
7,678,000
20.204.000
5.026.000
4,715,00'
4,770.00'
7,789,000
Other deposits
267,161,000
275.801,000
........
...
...
...
...
.........
Total
Ratio
of
liabilities
total
reserves
11,154,386,000 11,137,192.000 11,237,628,000 11,116.541,000
II. 127,736,000 ll. 159.588,000
ll.167.126.00i
to
deposits
F. R. note liabilities combined
1.159,572.001
1,891,387,000
and
78.2%
...
Contingent liability on bills purchased for
foreign correspondents
78.2%
78.2%
78.4%
78.3%
78.2%
78.0%
77.9%
72.4%
70,000
Commitments to make Industrial advances
Maturity
Distribution
Short-term
25,048,000
Securities—
$
1-15 days bills discounted
16-30 days bUIs discounted
31-60 days bills discounted
61-90 days bills discounted
5,181,000
403,000
125,000
985,000
560,000
Over 90 days bills discounted....
Total mils discounted
7.254.000
1-15 days bills bought In open market
16-30 days bills bought In
31-60 days bills bought in
61-90 days bills bought In
Over 90 days bills bought
25,421,000
25.537.000
25.709,000
25.537,000
25.866.000
26,893,000
26,562,00'
16,252,000
of Bills and
575,000
1,567,000
449,000
2,083,000
$
$
s
$
S
1
402,001'
286,000
4,225.000
129.000
485.000
469,000
633,000
55,000
512.000
113.000
546,000
120,000
4.793.000
1,204.000
541.000
121.000
84,000
4.580.000
769,000
787,000
360,000
101.000
91,000
1,595.000
347.0(H)
108.000
783,000
1,093,000
93,000
6,065,000
5,630,000
4,920,000
5,712,000
6.932,000
6,587,000
8,018,000
6,391,000
1,190.000
703,000
1,947.000
833,000
415.000
364.000
761.000
2,071,000
706.000
2.150.000,
1,781,000
428.000
1,630,000
840,000
4,674,000
4,679,000
1,609,000
329,000
311,000
499,000
1,676.000
354,000
1,760.000
869,000
635,000
1,382,000
1 572.000
1.452.000
2,004.000
714.000
503.000
4,676,000
4,673.000
4,673,000
1,562.000
1,537.000
1,833,000
486,000
1,764,000
149,000
452,000
482,000
27,615,000
27,699,000
27,474,000
30,363.000
open market...
1-15 days Industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days Industrial advances
Total Industrial advances
5.831.00'
137.000
4,168,000
245,000
102,000
30,501,000
In open market.
Total bills bought in open market
$
4,263.000
252,000
253.000
915.000
4,674,000
open market
open market...
S
4,099,000
750,000
1,410.000
161,000
479.000
782.000
497,000
3,674,000
651.000
472,000
2.826.000
668*000
4,673,000
4,674.000
5,304,000
564,000
18,377,000
455,000
609.000
250,000
352,000
405,000
1,840,000
245.000
340,000
626.000
635.000
407,000
27,421,000
459,000
435,000
28,561,000
1,692.000
401.000
704.000
378.000
28,605,000
28.713,000
28.626,000
885,000
774,000
473,000
30,321,000
30,195.000
31,454,000
31,773,000
31,868.000
31,801,000
21,073,000
7,164,000
22,674,000
43,850,000
45,730,000
39.295.000
33,630,000
31,025.000
33,252,000
19,200,000
9,200,000
7,164 000
22,674,000
43,850.000
45,730.000
39,295.000
41,078,000
48,816,000
46,816,000
116.410,000
128,062.000
170.017,000
175,526,000
Government securities.
72,129.000
89,021,000
87,663,000
93,133,000
47,506,000
49,806,000
Ovir 90 days U. S. Government
48,816.000
46,816,000
188.821.000
securities 2,255.851,000 2,267,428,000
291,959,000
2,258.496.000 2,215.357,000 2,184,567.000 2,128,267,000
2,126,538,000 2,098,971,000 1,975,509,000
Total U. S. Government securities
2,430,243,000 2,430.271,000 2.430.319.000 2,430,287,000
2,430,839,000 2,430,245.000 2,430.240,000
2,430,241,000 2,430,819,000
1-15 days other securities
1-15 days U. S.
16-30 days U. S.
31-60 days U. S.
61-90 days U. S.
Government securities..
Government securities..
Government securities..
9,200,000
21,010,000
49,806,000
94,376,000
.
.....
16-30 days other securities
61-60 days other securities
61-90 days other securities
"
Over 90 days other securities
""""181",000
"~~i~8l",666
i8i~666
""""i8i"oo6
~~~i"81~,666
~""~181~,666
"""'I8V.666
"i8i"6oo
181,000
181,000
181,000
181,000
181,000
181,000
181,000
181,000
Total other securities
"""
Federal Reserve Notes—
Issued to F. R. Bank by F. R
Agent
Held by Federal Reserve Bank
In actual circulation
...
Collateral Held by Agent as
Security for
Notes Issuea to Bank—
Gold ctfs. on hand A due from U.S.
Treas
By eligible paper
U. S. Government securities...
Total
4,029,102,000 4,009,450,000 4.004,698,000 4,008,275,000 3.997.381,000
3,966,457.000 3,954,159.000 3.949,707.000
3,433,556,000
257,086,000
277.117.000
273,719,000
276,741,000
262,315,000
289,381.000
289,489,000
293,569,000
259,025,000
3,772,016,000 3,732,333,000 3,730,979,000 3,731,534,000
3,735,066,000 3.677,076,000 3,664,670.000
3.656,138,000 3,174,531,000
collateral
.
3,990,843,000 3,996,843,000 3,966,843,000 3,931,843,000 3.915,343,000
3,885,843,000 3,884,843,000 3,881.843,000
5,298,000
3,249,979,000
4,190,000
3,681,000
3,211,000
3,999,000
5.224,000
4,914,000
6,243.000
4,552,000
67,000,000
59,000,000
88,000,000
123,000,000
131,000,000
127,000,000
118,000,000
118,000,000
246,100,000
4,063,141,000 4,060.033,000 4,058,524,000 4,058,054.000 4,050.342.000
4,018.067,000 4,007,757,000 4,006.086,000
3,500,631,000
*
Jan.
"Other cash" does not Include Federal
Reserve notes,
*
These
are
t Revised figure.
certificates given by the U. S.
Treasury for the gold taken
31,1934, these cert-ficates being worth less
of the Gold Reserve Act of
1934.
to the extent of the
over
from the Reserve banks when the
dollar was devalued from 100 cents to
59.06 cents on
difference, the difference itself having been appropriated
as
profits by the Treasury under,the
provisions
■
r»
1
•
System (Concluded)
Weekly Return of the Board of Governors of the Federal Reserve
WEEKLY STATEMENT OP RESOURCES AND
BANKS AT CLOSE OP BUSINESS APRIL 1 1936
LIABILITIES OP EACH OP THE 12 FEDERAL RESERVE
Two Ciphers (00) Omitted
Federal Reserve Bank of—
Total
Boston
New York
9
9
9
Cleveland Richmond
Phila.
RESOURCES
S
Atlanta
St.
Chicago
9
%
9
9
,
2271
Chronicle
Financial
Volume 142
Dallas
9
9
9
9
San Fran,
9
Louis Xfinneap. Kan. City
Gold certificates on hand and due
201,321,0 147,589.0 474,384,0
7,665,345,0 583,877,0 3,139,356,0 425,341,0 597,725,0 273,766,0 198.551,0 1,269,229.0 191,940,0 162,266,0
from U. 8
Treasury
542,0
1,161,0
2.451.0
374,0
1,116,0
680,0
803,0
2,229.0
871,0
520,0
1,550,0
2,567,0
14,864,0
Redemption fund—F. R. notes..
4,683.0
14,595,0
7,731,0 20.432,0
15.820,0
47,344,0
17,247,0
10,733,0
34.123.0
42,552,0
96,140,0
350,037.0 38,637,0
Other cash *
—
152,814,0 491,430,0
8,030,246,0 625,081.0 3,237,046,0 468,413,0 632,719,0 291,816,0 211,513,0 1,317,253,0 208,876,0 170,371,0 222,914,0
Total reserves..
discounted:
Bills
bvU.8 Govt
Sec
obligations.
4,489,0
Industrial advances
U. S
27,0
70,0
50.0
23,0
11,0
9,0
1,500,0
29,0
18.0
37,0
16,0
75.0
122,0
"239,0
17,0
385,0
3,978,0
460,0
50,0
11,0
104,0
1,529,0
34,0
145,0
172,0
239,0
147,0
349,0
1,739,0
472,0
440.0
190.0
163,0
580,0
87,0
61,0
133,0
133,0
2,909,0
7,672,0
5,439,0
1,535,0
3.818,0
854,0
2,138,0
552,0
1,468,0
1,175,0
1,696,0
327,0
1,107,0
68,473,0
20,755,0
23,973.0
12,834,0
77,244,0
26,638,0
11,019.0
66,320,0
22,870.0
28,415,0
171,029,0
121,720,0
13,492,0
81,704,0
28.004,0
14,492,0
13,013,0
19,347,0
21,918,0
45,551,0
15,531.0
77,203,0
56,254,0 131.921,0
26,625.0
19,399,0
95,0
130,0
Government securities:
17.956,0
265,687,0
1,554,889,0 103,893,0
609,667.0 35,828,0
Bonds
Treasury notes
1
Treasury bills
Total U.S. Govt
Other
Fed
742,772,0 183,491,0 220,050,0 120,735,0 101,330,0
325,411,0 123,873,0
77,24*8,0
118,505,0
4,0
1,587,0
22,559,0
2,452.0
193,0
3,0
19,0
17,690,0
558.332,0
1,191,0
13,641,0
1,377,0
294,0
28,364.0
19,526,0
1,531,0
417,0
3,360,0
323,0
1,524.0
746,0
329,0
63,786,0
47,885,0
36.868,0
3,113.0
215,0
resources
78,0
23,0
63,0
60,0
28,0
817,0
258,0
4,037,0
147,718,0
10,843,0
50,0
premises
other
75,574,0 116,844.0
181,0
650,0
Items
Uncollected
Bank
729,383,0 177,120,0 218,025,0 116,716.0 100,209,0
2,472,715,0 161,320,0
notes or other banks...
Res
45,492,0
95,000,0 199,331,0
321,164,0 123,200,0
181,0
foreign banks
Due from
482,760,0 116,714,0 144,293,0
178,150,0
39,651,0 49,759,0
securities. 2,430,243,0 157,677.0
securities
Total bills and securities
All
423,0
2,150,0
4,674,0
30,363,0
Bills bought In open market
1,828,0
37,0
7,254,0
Total bills discounted
348,0
2,765,0
direct A (or) fully guaranteed
Other bills discounted
1,792,0
1,093,0
1,555,0
2,105,0
78,051.0
4,828,0
308,0
41,273,0
52,101,0
44,184,0
4,926,0
26,959,0
18,226,0
6,525,0
1,499,0
2,919,0
1,012,0
2,284,0
3,590,0
1,342,0
97,068,0 200,912,0
19,0
45,0
1,513,0
28,903.0
3.580.0
264,0
11,164,386,0 853,894,0 4,169,633,0 702,573,0 914,746,0 461,787,0 336,273,0 1,728,034,0 359.544,0 264,402,0 374,862,0 271,991,0 726,647,0
Total resources.........
LIABILITIES
74,894,0 283,929,0
865,625,0 162,719,0 112,705,0 144,982,0
806,388,0 280,577,0 361,052,0 177,018,0 160,176,0
F. R. notes In actual circulation. 3,772,016,0 341,951,0
Deposits:
U. 8. Treasurer—Geni acc't..
Foreign
Other
bank
deposits
Total
23,249,0
126,625,0
28,646,0
2,215,0
4,615,0
7,342,0
1,899,0
8,863,0
2,982,0
3,245.0
207,761,0
27,818,0
2,785,0
3,042,0
3,413,0
7)
Surplus (Section
13-B)
Reserve for contingencies
Ail other liabilities
1,252,0
9,645,0
1.121,0
1,328,0
1,849,0
308,0
196,0
114,0
246,0
892.0
146,0
1,228,0
283,0
4,236,0
14,371.0
5,186,0
4,231,0
3,000,0
1,007,0
3,448,0
8,849,0
1,261,0
237,0
3,781,0
357,0
3,111,0
358,0
154,0
7,744.0
1,142,0
844,0
546,0
7,573.0
17.744.0
4,589,0
50,825.0
1,477,0
754,0
42,873,0
12,554,0
26,513,0
....
3,783.0
2,508,0
51,772,0
12,324,0
13,406,0
7,408,0
Surplus (Section
3.791,0
3,613,0
13,428,0
3,017,0
3,149,0
1,003.0
40,183,0
50,913,0
5,616,0
26,593,0
10,149,0
22,011,0
3,949,0
23,889,0
148,221,0
9,390,0
9,902,0
2,874,0
1,413.0
554,751,0
130,715,0
145,501.0
27,350,0
78,759,0
12,037,0
21,350.0
1,391,0
61,928,0
34,105.0
Deferred availability Items..
Capital paid In
,
740,071,0 162,794,0 129,315,0 192,786,0 164,818,0 393,115,0
6,493,377,0 426,199,0 3,092,912,0 348,495,0 470,521,0 227,258,0 145,093,0
deposits........
3,766,0
4,655,0
11,164,386,0 853,894,0 4,169,633,0 702,573,0 914,746,0 461,787,0 336,273,0 1,728.034,0 359,544,0 264,402,0 374,862,0 271,991,0 723,647,0
Total liabilities..—.....
Ratio of total res
35,130,0
50,291,0 102,313,0
5,823,0
5,886,0
456,964,0
1,085.687,0 124.698,0
4,684,0
63,441,0
5,338,0
267,161,0
94,489,0 162,917,0 121,927,0 330,039,0
35,617.0 41,545,0
29,017,0 27,023,0
1,836,0
4,367,0
1,836,0
1,519,0
1.010,0
5,438,0 17,164,0
4,290,0
602,691,0 123,386,0
Member bank reserve account. 5,077,088,0 291,479,0 2.404,938,0 289,073,0 359,403,0 186,301,0 110,445,0
to dep. A F. R.
78.2
81.4
83.0
74.5
76.1
72.2
69.3
82.0
64.2
70.4
66.0
63.7
72.6
25,048,0
2,929,0
9,614,0
354,0
1,605,0
2,321,0
380,0
81,0
1,988,0
105,0
663.0
584,0
4,424,0
note liabilities combined
Commitments to make Industrial
advances
*
.
"Other Casn" does uut include federal Reserve notes.
NOTE
RESERVE
FEDERAL
STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at—
held
by
Agent
Chicago
St. Louis
9
9
9
/12,336,C
Kan.
Minneav
9
9
15,156,0
Da'las
Cit])
San Fran.
9
9
9
898,144,0 169,854,C 115,842,0 153,693,C
8,711,C
7,135,C
3,137,0
32,519,0
185,127, C 177,758,(
8,109,C
17,582,(
81.233.C 318,928,0
6.339.C
34,999,0
3,772,016,0 341,951,0
806,388,0 280.577,0 361,052,0 177,018,C 160,176,()
865,625,0
162,719,C 112,705,0 144,982,C
74,894,C 283,929,0
3,990,843,0 366,617,0
In actual circulation..
Collateral
94,187,0
16,876.0
257,086,0
Atlanta
9
900,575,0 292,913,6 376,208,C
Issued to F. R.Bk.by F.R.Agt. 4,029,102,0 358,827,0
Held by Fed'l Reserve Bank..
Richmond
9
9
9
9
Federal Reserve notes:
Cleveland
Phila.
New York
Boston
Total
905,706,0 293,000,0 378,440,0 186,000,C 152,685,(
95,(
27,0
236,0
2,409,0
27,00,0(
900,000,0 142,632 ,C 117,000,0 144,000 ,C
156.C
138,0
26,(
1,500,0
12.000,C
28,000,(
81.500.C 323,263,0
215,C
130,0
186,000,C 179,780, C
901,500,0 170,658,0>117,138,0 156,156,0
81,715,C 323,393,0
se¬
as
curity Tor notes Issued to bks
Gold
certificates
due from U
on
hand
and
8. Treasury
366,0
5,298,0
Eligible paper
U. S. Government securities..
67,000,0
908,115,0 293,236,0 378,467,0
4,063,141,0 366,983,0
Total collateral
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
The amount of "Loans to banks" was included heretofore
banking holiday In 1933, instead of 91 cities, and hag
partly in "Loans on securities—to others" and partly
the total amount of demand deposits standing to the credit of Individuals, partnerships, corporations,
associations, States, counties, municipalities, &c., 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
also been revised further so as to show additional Items.
In "Other loans."
The Item "Demand deposits—adjusted" represents
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING
■
MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON MAR. 25 1936 (In Millions ot
Dollars)
*
Total
Federal Reserve District—
New York
Boston
Cleveland Richmond
Phila.
Minneap. Kan. City
St.Louis
Chicago
Atlanta
Dallas
San Fran.
ASSETS
Loans
and
21,611
Investments—total
1,200
9,273
1,161
623
359
33
6
1
1,768
570
529
2,913
3
6
68
624
445
2,146
3
2
16
41
Loans to brokers and dealers:
934
9
908
11
Outslde New York City
189
24
66
18
11
2,087
151
215
Loans on securities to others
vault-
30
44
7
5
31
10
7
25
2
25
187
22
21
66
39
6
16
21
369
3
45
3
4
1
9
7
------
297
1,281
171
201
105
137
401
106
121
124
122
358
400
3,717
326
828
252
199
1,644
241
137
243
169
704
17
578
99
69
37
37
144
49
14
42
41
137
170
1,359
299
250
76
76
374
104
43
121
47
364
235
2,018
203
247
137
64
578
100
366
Reserve with Federal Reserve Bank..
61
3
66
4,008
Obligations fully guar, by U. 8. Govt.
securities
Other
209
21
252
3,283
U. 8. Govt, direct obligations
47
163
85
3,424
8,860
1,264
Other loans
147
44
77
Loans to banks
904
343
1,150
Loans on real estate
n
117
64
14
30
17
10
58
11
5
12
10
18
2,230
110
166
165
216
163
155
355
131
107
285
170
207
1,329
81
534
86
110
38
40
no
24
18
25
28
235
13,747
933
6,341
756
946
370
294
1,965
377
246
441
328
750
4,921
301
944
273
695
193
170
764
173
120
145
118
1,025
230
57
58
41
43
152
9
4
19
30
117
324
203
199
754
237
115
353
172
255
•---
--
'
Balance with domestic banks
Other assets—net
2
(except
banks)
Acceptances and com'l paper bought.
Cashl
2
2
In New York Clty.
•
58
4
--
103
-
-
76
170
1
189
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank
Domestic
777
17
deposits:
banks
Foreign banks
Borrowings
5,385
227
2,249
297
369
7
341
2
17
1
16
1
------
liabilities
815
26
340
20
Capital account
3,513
231
1,594
224
33
»
March 11 figures repeated In the case of most Pittsburgh banks.
------
5
------
-----
31
1
Other
1
------
to
7
37
87
84
337
------
------
1
——----
------
------
------
------
•
11
10
5
3
5
316
83
56
88
76
321
2272
Financial
,f
IW
PUBLISHED
WILLIAM B.
;
Rates quoted are
" €bnnttrb
domra«fiit
DANA
April 4 1936
United States Treasury
Jfinanriai
*
Chronicle
Bid
15 1936
0.20%
0.20%
Apr. 22 1936
Apr. 29 1936
May 6 1936
York.
States
Government
Securities
Exchange—Below
furnish
the
on
New
daily record
of the transactions in Home Owners' Loau, Federal Farm
Mortgage Corporation's bonds and Treasury certificates on
the New York Stock Exchange.
Quotations after decimal point represent one or more Z2ds
of a point.
"
we
a
3
June 17
[High
117.22
117.20
Low-
Treasury
4MB. 1947-52
117.22
117.20
Close
117.22
57
(High
117.25
117.23
117.23
3
•107.18
107.21
107.19
107.18
107.19
107.18
107.16
107.17
107.19
0.20%
Nov.
4 1936.
0.20%
Nov.
10 1936-
Nov.
18 1936.
0.20%
0.20%
8 1936
0 20%
0.20%
Nov. 25 1936.
Dec.
2 1936.
0.20%
July 29 1936
0.20%
0.20%
Dec.
9 1936-
0.20%
5 1936
0.20%
Dec
16
1936.
0.20%
0.20%
Dec
23 1036.
0.20%
Dec.
30 1936
0
0.20%
20 v>
107.21
107.19
107.18
107.19
Transactions
the New York Stock
at
Exchange,
Daily, Weekly and Yearly
107.19
107.18
107.19
12
4
106
21
9
112.22
112.23
112.20
112.24
112.22
Low-
112.18
112.21
112.20
112.20
112.24
112.18
112.22
112.23
112.20
112.24
112.22
Ended
Apr.
Number of
Shares
3 1936
and
United
Total
States
State,
Bond
Mis cell. Municipal A
For'n Bonds
Bonds
Bonds
Sales
112.22
Close
Railroad
Stocks,
Week
1
112.18
6
106
1
High
111
110.29
110.29
110.31
Low.
111
1
110.29
110.29
110.30
Cloee
111
110.29
110.29
110.30
'rn,mmm
1
2
11
mmmm
Total sates in $1,000 units...
Total sales in $1,000 units...
mmmm
iLow.
''mm'mm.
----
Total tales in $1,OCO units...
^
'mmm
m
■■
m
m
'mmmm
mm m
.
m
Saturday
656,780
946,430
1,041,170
Monday
Tuesday.
Wednesday
'
m
108.6
mmm
$3,833,000
6,093,000
6,630,000
7,529,000
9,621,000
9,016,000
1,686,700
2,193,210
1,562,770
...
Thursday
Friday
$506,000
$999,000
462,000
1,310,000
424,000
645,000
564,000
1,087,000
863,000
824,000
969,000
829,000
$5,338,000
7,642,000
8,803,000
8,777,000
11,235,000
10,409,000
108.4
108.4
108.6
108.4
108.4
53
■'mm'mm
mm
m m
mmmm
108.4
'
■
mim
108.3
mmmm
1 Close
1
4
-
'
108.4
''
(High
1
4
Sales at
Week Ended Apr.
High
104.5
104.7
104.4
104.3
104.4
104.6
104.2
104.3
103.31
104
104.2
104.4
Exchange
Close
104 5
104 5
104.1
104.2
104 4
3
Jan. 1 to Apr. 3
New York Stock
Low.
3s. 1951-55
28 1936.
107.19
107.17
High
3Ms. 1943-47
Oct.
15 1936
July 22 1936
12
Total sales in $1,000 units...
35*8, 1946-56
0.20%
0.20%
1936.
117.26
14
----
Low.
4b. 1944-54
14 1936.
21
July
117.24
Close
3^8, 1943-45—r
0.20%
Oct.
117.26
117.24
1
1936
Apr. 3
117.21
117.20
Total sales in $1,000 units...
Apr. 2
117.24
........
7 1936.
Oct.
Oct.
0.20%
0.20%
1936
1
0.20%
0.20%
0.20%
0.20%
June 24 1936
July
July
0.20%
0.20%
0.20%
020%
0.20%
June 10 1936
Aug
Apr. 1
1936-
AtkUI
0.20%
Sept. 2 1936.
Sept. 9 1936.
Sept. 16 1936.
Sept. 23 1936.
Sept. 80 1936.
0.20%
0.20%
0.20%
0.20%
0.20%
May 27 1936
June
Aug. 19 1936.
Aug. 26 1936.
Aug. 12 1936
,
Daily Record of U. S. Bond Prices Jlfar.28 Afar. 30 Mar. 31
Bid
0.20%
Apr.
WEEKLY
8 1930
May 18 1936..
May 20 1936
United
Asked
Apr.
COMPANY, Publishers,
William Street, Corner Spruce, New
York Stock
Bills—Friday, April 3
for discount at purchase.
104.4
114
Total sales in $1,000 units...
104.22
48
49
78
73
45
1936
Stocks—No. of shares.
1935
1936
1935
8,087,060
3,527,576
184,545,365
52,944,050
104.18
104.20
104.19
104 21
104.22
Low.
104.17
104.18
104.15
104.19
104.19
104.21
Government
Close
104.19
104.18
104.15
104.19
104.21
104.22
State and foreign
67
$4,404,000
5,078,000
Total sales fn $1,000 units—
1
36
5
26
28
Railroad and industrial
$17,409,000
7,335,000
39,214,000
High
108.16
42,722,000
$98,370,000
103,346,000
960,055,000
$272,723,000
110,091,000
536,661,000
$52,204,000
$63,958,000
$1,161,771,000
$919,475,000
High
38. 1946-48
108.19
Low.
108.16
108.16
108.19
Total sales in $1,000 units—
2
1
High
108.28
Low
*
108.19
Close
8Hs. 1940-43
108.15
mm
•
mmrnrn
108.15
'.'"mmmm'
'■'■.■mmmm
108 28
108.31
108 28
108.31
■'■mmmm
1
1
High
105.16
105.19
105.17
Low.
105.16
105.18
105.13
Close
105.16
105.18
105.17
15
17
10
High
105.11
105.12
Total sales in $1,000 units
Low-
105.10
105.10
105.12
Total sales in $1,000 units...
101
3
mm
■
':
■'.■■m'm
I
108.28
108.31
108.28
108.31
Total sales in $1,000 units...
3
1
High
107.10
107.13
m
105.11
105.15
105.13
105.15
40
no
108.31
108.28
Date
First
Second
Ten
Seventy
Indus¬
Grade
Grade
UtUi-
Forty
roads
ties
Stocks
trials
Rails
Rails
ttes
Bonds
Total
3.
2.
1.
160.09
48.58
32.45
57.68
160.43
49.04
32.54
57.91
105.71
110.88
85.49
106.06
102.04
158.96
47.70
32.44
57.19
105.58
110.85
85.01
105.95
101.85
Mar. 31.
156.34
46.93
31.93
56.26
105.46
110.40
84.71
105.85
Apr.
Apr.
5
Arp.
10
107.11
Ten
Utili¬
Twenty Twenty
108.29
108.29
108.29
107.10
Ten
Total
Rail¬
trials
108.28
1
Thirty
Indus¬
108.28
mmm'm
the
Bonds
Ten
105.15
108.31
m
on
compiled by Dow, Jones & Co.;
as
94
105.13
108.31
mmm
i
Exchange
Stocks
105.20
—
51
mmmm
New York Stock
105.16
mm
^
105.9
■
■
m
'
:
daily closing
of representative stocks and bonds listed
averages
105.20
105.9
107.10
108.31
:'
■
11
mm
m m m
105.12
mmmm
108.28
"m
105.17
105.17
,v:;,
mmmm
High
3^8. 1944-46
108.29
mmmm
105.17
mmmm
■
Low.
-v.:,
108.28
Stocks and Bond Averages—Below are the
108.29
-
m
Close
\v.'-
3tfs. 1941
mm
-.'mmmm
mmmm
105.12
Close
3Hs, 1949-52
■'
~
-
Total
1
■■mmmm
.'mmmm
Close
3Hs, 1946-49
108.15
108.15
mmm
^m'mm'm
■
Total sales in $1,000 units...
8Hs. 1941-43
m
'.mmmm
■'
2
108.31
108.15
■mmmm
108.15
mmmm
■
Bonds
107.9
Low.
107.8
107.8
107.6
107.9
107.10
107.10
107.13
107.10
107.10
107.11
110.76
85.75
106.24
102.17
101.61
Mar. 30.
107.9
155.37
46.81
31.81
55.98
105.68
110.46
84.84
105.99
101.74
Mar.28.
107.9
Close
105.91
155.54
47.16
31.87
53.13
105.71
110.60
84.86
106.08
101.81
'
Total sales in $1,000 units...
6
3
51
3
51
3
High
101.25
101.27
101.25
101.25
101.27
101.28
Low.
101.22
101.24
101.20
101.23
101.25
101.25
Close
101.23
101.26
101.25
101.24
101.27
101.27
2^8, 1955-60
Total sales in $1,000 units
80
89
58
64
138
High
102.28
102.26
102.26
102.27
102.27
102.30
Low.
102.23
102.23
102.22
102.24
102.27
102.29
Close
2^8. 1945-47
102.23
102.26
102.23
102.24
102.27
CURRENT
—Based
102.30
25
Total sales in $1,000 units...
312
66
506
12
44
101.23
101.26
101.25
101.26
101.27
101.22
101.24
101.23
101.23
101.25
101.26
Close
101.23
101.25
101.25
101.23
101.26
101.27
Total sales in $1,000 units
Federal Farm Mortgage
i High
68
103
133
41
111
booklet form, by
Howell, Douglass & Co., Russ Building, San Francisco, members of the
York, San Francisco and Chicago stock exchanges.
The study is
New
101.28
Low.
7
—■
3Jis, 1944-64
-
'
104.4
104.5
mmmm
Close
Total sales in $1,000 units
Federal Farm Mortgage
104.6
mmmm
Low.
104.6
'
.mm**'*
26
mmm
mmmm
■
104.4
104.4
m
mm
102.25
102.29
-
Low-
102.25
102.28
102.24
.V-.--V
1
Close
102.25
102.29
Total sales in $1,000 units...
2
36
| High
103.13
-'mm
mm
Low.
103 13
mm
mm
Close
103.13
mrnmrn
Total sales in $1,000 units...
Federal Farm Mortgage
I High
4
2MB, 1942-47
102~8
102.26
•
51
iimm'm
10
103.15
103.15
103.15
103.12
103.14
103.15
103.17
27
30
8
11
102.8
mmmm
102.7
102.8
■mmmm
102.7
102.8
—Clinton
York
on
•
Stock
1933 to
'
mmmm
Co., Inc.,
An outline
the Pacific slope.
successors
over
management
of George H. Burr &
Messrs. Kent &l Trahan have been identified with
Kent having
Gilbert
&
Exchange,
Co.,
120
have
Broadway, N. Y.
prepared
for
City, members New
distribution
in
table
form
a
complete statistical analysis of 48 leading fire insurance and nine
casualty
insurance companies, showing comparative figures for the
three years
mmmm
'
tabulations, which
Trahan, Vice-
103.17
103.14
1935, inclusive, and including approximate price ranges for the
■
past four years.
10
4
102.22
102.21
102.21
102.19
102~ 24
Low-
102.18
102.20
102.17
102.17
102.17
102.20
102.20
102.22
102.21
102.20
102.17
102.24
Total sales in $1,000 units...
annual
President and Secretary of Shimberg, Trahan & Co.
2
103" 14
1
102.24
comparative
visualizes Transamerica's major investments
Co., established 1897.
102.26
Close
3s, series A, 1944-52
of
investment banking in Chicago for a number of years, Mr.
been a principal in the firm of Kent, Grace & Co. and Mr.
102.27
103.11
102.7
number
'—John F. Kent and Benjamin N. Trahan have taken
102.26
102.26
mmmm
102.8
mmmm
a
growth of Transamerica and its principal subsidiaries.
of the Chicago office of Burr &
.'■mmmm'
'-'mmmm
102.8
Low.
Close
Total-sales in $1,000 units...
Home Owners* Loan
High
■
103.13
mmmm
1
map
17
102.27
...
102.27
Federal Farm Mortgage
38. 1942-47
104.4
13
m'm
102.27
38, 1944-49
trace the
mmmm
m
| High
supplemented with
mmmm
104.2
104.4
■
NOTICES
the results of operations during 1935, a new
survey of Trans-
america's position and outlook has just been issued, in
16
High
2 HB. 1948-51
on
20
18
113
7
37
150
High
101.23
101.20
101.19
101.20
101.20
101.22
Low.
101.17
101.19
101.15
101.17
101.18
101.19
101.20
101.19
101.19
101.18
101.22
137
21
24
12
51
38
101.20
101.20
101.20
101.21
101.18
101.22
Low.
101.20
101.19
101.15
101.21
101.18
101.20
101.20
101.19
101.21
101.18
101.22
2
12
22
2
3
7
announce
Hotel, under the joint management of Alfred R. Olsen and G. Brandon
Donahue.
Messrs. Olsen and Donahue were
formerly associated with
101.21
Close
Total sales in $1,000 units
Exchange,
the opening of a branch office in Atlantic City, N. J. in the
Ritz Carlton
101.19
Close
Total sales in $1,000 units
Home Owners' Loan
High
—L. J. Marquis & Co., members New York Stock
Home Owners* Loan
2%b, series B. 1939-49—-
2tfs, 1942-44—
Note—The
bonds.
4
above
table
includes
only sales
Transactions in registered bonds were:
Treasury 2^gs 1955-1960....
of
coupon
Whitehouse & Co.
—Norris and Kenly, 208 S. La Salle St., Chicago, announce
that James
G. Phillips is now associated with them in charge of their
statistical depart¬
ment.
Mr.
Phillips was formerly associated with Babcock, Rushton &
Co.,
charge of their statistical department for the last eight years.
in
—E. J. Coulon & Co.. members New York Stock
New York
are
important
101.18 to 101.23
a
point.
\ ■'
Int.
Maturity
Rate
Asked
Maturity
June
15 1936
Dec.
15 1939...
1 H%
101.3
Mar. 15 1939.—
1H%
1H%
1H%
IH%
1H%
1H%
2H%
2H%
101.24
101.26
101.6
101.8
101.12
101.14
Feb.
15 1937...
Apr.
15 1937---
Mar. 15 1941
June
1H%
—
15 1940
Sept. 15 1936.-.
Dec.
15 1940.—
Mar. 15 1940...
June 15 1939.—
Sept. 15 1938.—
100.25
101.3
100.27
101.5
101.5
Feb.
1 1938—.
2H%
Dec.
15 1936...
Apr.
15 1936...
June
15 1938
2 H%
2%%
H%
3%
3%
3%
3H%
101.6
101.8
Mar. 15 1938...
101.27
101.29
Aug.
103.21
103.23
104.20
104.22
Rate
1 1936
Sept. 15 1937—.
2
listed
B.
department,
Frasse Co.
with
facilities
Bid
104.13
102.7
101.12
Asked
on
announce
for
a
the
Exchange, 50 Broadway,
partial statistical description of
New
York Stock and Curb
the formation of
trading
William W. Jenkins and William B.
in
Corry
bank
and
a
corporate bond
insurance
are associated with the
—Townsend, Graff & Naumburg, members New York Stock
Exchange,
Broadway, New York City, have prepared
nalyses and a perspective of the Atchison Topeka & Santa Fe
he Missouri-Kansasl Texas Railroad and the Southern
Pacific.
104.15
102.9
m
m
m
m
FOOTNOTES FOR
m
105.13
105.15
102.22
102.24
103.4
103.6
105.11
105.13
101.16
101.18
104.20
104.22
stocks.
firm.
announce that Walter J. Keviile,
formerly with the First Boston Corpora¬
tion, has become associated with them in their bond department.
—Clark Williams & Co., 160
Int.
Bid
stocks
Exchanges.
—Roland
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, April 3
Figures after decimal point represent one or more 32ds of
issuing for free distribution
common
*
NEW YORK STOCK
Bid and asked prices; no sales on this day.
t Companies reported in receivership,
a
Deferred delivery
n
New stock.
r
Cash sale.
x
Ex-dividend,
v
Ex-rights.
/
PAGES
Railway,
2273
Volume 142
Stock Exchange
Report of Stock Sales—New York
AND YEARLY
DAILY, WEEKLY
One
Occupying Altogether Nine Paget—Page
HIGH
the range for the year.
AND
.
Mar. 30
Mar. 31
Apr. 1
Apr. 2
$ per share
$ per share
$ per share
*44
46
*44
*112
113
113
113
*6758
*6758
69
46
46
*44
44
42
46
*111*2 113*4 *111*2 113*4
69
70*4
6838
*6758
69
"
46
46*2
71
70
12
12
1178
12
1134
12
12
12*4
123s
13*8
127g
13*8
26
2658
2678
273g
28
28*2
28*2
27*2
28*2
27
27
26
26
26*2
26*2
26*2
26*4
26*4
*26*4
263g
26*4
3*2
312
3*2
3*4
3l2
3*4
3*2
33g
33g
734
734
312
734
3l2
778
77g
778
8
778
8
77g
1,700
1,000
1,900
1,800
1,100
41,900
263g
3*2
77g
26*8
5
*90
478
*90
15
15
*4l4
*196
*196
-3T2
3*2
24i2
3l2
23*2
*24
*2184
39
337«
33*4
»
,
23%
2358
25
37*2
37
39*8
*37
199*2 201
266"
19912 200
878
7234
73*4
2,300
50
497g
25,400
2578
*2584
2578
25l2
2512
26
263g
49*8
2534
26*2
1,500
434
438
46*2
45l2
2538
25
412
4i2
*414
*38
40
*39
1095s 109*8 *108
111
110
55
*39
54l2
48*8
49
49*4
70
6978
63
52l2
52*2
5358
54
55
6934
6934
6934
6934
6934
6934
49
49*2
4934
4934
800
49
49
130
130
130
130*2
129*2 130
120
I2I84
122
118l2 119l2
164
163
35
35
64
46*2
33*4
64
67
*623s
92
*90
34
10*4
10S4
10*4
10*4
*978
10*4
2778
28*4
28
28*4
2838
285g
21*4
213g
92
92
14
27«
9*8
87g
37*8
38*4
37
21*4
25g
'23s
2
25s
J/34
1*2
*13*8
1378
*135s
1378
*13*8
137g
87S
9*8
8%
9*4
884
9
38
38
17*4
173s
347g
*32*4
al6
16
40*8
4
4
4
*20*4
21*4
20*4
1078
11
11
42
*40
40
40
403s
3,900
1634
1634
34
400
17
17
400
778
734
778
4034
4084
40%
4058
4
4*8
734
4,000
100
2nd preferred
No par
No par
$6 preferred
50
6% conv pref
7
Jan
13
Jan 20
American Ice
Jan
2
4*8
193s
198s
*19*2
2038
*18*2
203s
400
11
11*4
11*4
11%
11*2
11%
4,000
6% non-cum pref
100
Amer Internat Corp...No par
3,200
American
17*2Mar 12
10&8 Jan
2
5
2
29*4
293s
30
29%
30
30
30
80*4
24*4
81*4
*76*8
81
77
81
*78
81
80
80
79
81
1,000
..100
24*4
24
24%
2384
24
24*4
23*2
1284
25*2
253s
257S
Amer Mach & Fdry Co.No par
23i2 Apr
1278
6,700
9,600
35
4.200
Amer Metal Co Ltd...No par
12
12*8
333g
128
12
12
12*4
12*8
33*4
12*8
34
34
*33
34
*120
128
*120
128
*41
43
41*8
41S4
*124
*40*2
127g
34
33*4
128
124
13
1258
34*2
3484
*120
124
4U2
41
12*8
125g
12
41*2
41*2
31*2
12778
100
500
41
41*2
41l2
12
12*2
12*8
1234
12*8
12*2
12*8
12%
5534
57*2
57
5734
57
57
57*2
57*2
5734
58*2
58
58*2
2,400
48
48*2
485g
49*4
48*4
2284
49*4
49*4
50
49*2
50*8
49
5084
5,900
2278
22i2
160
*155
28*2
28*s
*106*2 110
22i2
*155
23
160
160
227S
23
160
*161
30*4
.2984
295g
29*8
29*8
283g
111*2 *106*2 109*2
*107*2 109iz *108
24
23*2
23*4
23*4
165
24*4
24
23*2
163
*161*2 165
12*2
24
39,400
30
30
30*2
305s
30*8
108*8 108*8 *107*2 HO
25
257g
25*2
24*2
23*8
233g
30
2934
29
30
30
32
31
32*4
31
32
84
84*4
85*4
84*2
85
853s
8684
86*2
87*2
85
87*2
23*8
29
83*4
14734 *145*4 14734 *145*4 14784
10634 107*2
107
*10634 10734
62
62*2
64
*62
62
64
*61
61*2
6212
*134*4
*134
140
140
*134*4
30*2
2978
30%
30
3038
30*8
3038
30 ~
2934
113*8 113*8
113
113
*113*8 114
*112*4 114
114
30
30»4
31
31
*31
31*4
307s
3078
31*2
5434
54
5358
53
5334
5358
533g
52*4
5234
135
132*2 132*2
*130
133*2 133*2 *1327g 135
134*8
*145
149
*145*4 148
106
106
10534 106
*61
62
62*4
*140
*140
29"
2834
29*2
*112*4 114
*112*4
31
31*2
5I84
31
5212
*130
*24*8
52*2
134*8 *130
24*8
2412
1613s 162*4
91
91
92
*148
92l4
149
6*2
*6*8
27
28
2158
22
*9712 100
10
10*4
*145
107
-
24*8
16238 163
24*8
24*4
24*2
24l2
16234 164
90*2
91*4
92ig
9is4
92*4
91*2
9284
147*2 *14378 1453g *14378 1455g
6*4
6*4
6*4
6*2
6*4
*6*s
92*4
145
*26
2134
2838
10
*26*2
2l5g
22*8
*9712 100
100
10*8
10*8
27
2734
22
101
2134
102
10*2
10%
27*4
22*4
102
10*2
6334
-»
-
-
24*2
24*2
-
-
-
25
700
600
10
6,000
30
200
1,100
16534
11,400
92*2
1,800
93%
93
94
5,700
14558 145% *14378 148
6*2
6*2
6*2
6*2
800
30
*2734
28*2
27*4
22
22*2
22
22*2
102
10134 10134 *100
10*4
10*8
10%
10*4
6434
64
64*2
64
100
600
21,200
400
2,900
2,400
*63*8
647g
63*2
62S4
138
13g
13a
1*4
1*4
1*8
1*4
1*8
1*4
1*8
1*4
2,800
7*2
53a
*67g
73g
67g
7%
7
7
67g
7
6*2
65g
1,200
53g
*55
68
434
55
63
5
53g
55
*57*4
4
5*4
57*4
60
28*4
4*4
47g
23
23
*39*2
120
*225g
40
40
120
*119
5*2
797S
*59
11*2
534
7978
125
118
60
58*2
1178
13
40
40
41
42
42
42*2
*119
121
*119
121
120
120
42*2
*119
42*2
121
108*2
107*2 107*2 *107*4 108*2 *107*4 108*2 *107
534
55s
584
5*2
5%
5%
512
5*2
76*4
75
*75*8
79
71
76
72*2
77
*100
12
For footnotes see page
14
13
59*2
11*2
25*8
108*4
*13
14
107*4
534
512
79
7934
*100
24
108
2278
*13
107*4 107*4 *107
*100
24*2
109*2 109*2
23
109l2
14
40*2
121
23
109*2 *108
*13
120
59
5978
12
12
2272
*
125
*
115
"5912
60*8
~60%
62*4
12*8
12*4
12%
12*2
*
33,600
7,400
50
100
1,400
20
200
28,100
4,300
115
~62~
123s
62
12*2
Jan 27
28'8 Mar 28
89*s Jan 21
7
5*8 Jan 14
24
Jan 14
1278
36*4
95*2
2978
Jan 28
Feb 28
Feb 27
Jan 14
15
Feb 13
3578 Mar 20
52i2Mar 24
27*8 Jan
Mar
163
34
4
6
Feb 19
116*2 Mar
5
Mar
5
27
56*4 Jan
136*2 Jan
7
3
2nd
104
Jan
9
108
57*2 Mar
6
100
Preferred
No par
100
Refining
100
Preferred
Am Sumatra Tobacco-.No par
100
Amer Telep & Teleg
25
American Tobacco
25
Common class B
100
Preferred
3,300
2.400
JaD
6
20% Mar 21
155*4
Jan
2
Mar 13
Am Water Wks & Elec.No par
1st preferred
American Woolen
No par
No par
100
Preferred
6*2 Apr
6
3
Lead & Smelt.—1
4
Apr
1
25
44
Jan
2
28*4 Apr
1
1
t Am Writing Paper
No par
Preferred
Amer Zinc
Cap
No par
$6.50 conv preferred.No par
Andes Copper Mining..
*__10
Archer Daniels Midl'd.No par
7% preferred
—.100
(Del) pref..100
Armour & Co
Armour of Illinois new
$6 conv pref
Preferred
5
No par
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
1*8 Jan
28
Jan 20
35
Jan
15*2 Jan
104*4 Jan
11*8 Jan
Dec
Dec
26*8 Jan 28
Feb 14
178
Feb
Mar 17
8*2 Jan
35
24*4 Jan
102
2
Jan 10
8
2
10
3
Feb 15
2
5
Jan 30
Feb 17
Jan
Mar 27
122
66*4 Jan
Jan 14
47*4 Feb 24
7*2 Jan
9
129i8
Jan
2i2 Mar
9
Mar
7*8 Mar
Mar
5s Mar
Jan 10
26*4 Mar
Jan
72*2 Apr
74«4 Mar
Feb
46
Dec
18*2
987s Mar
35*2 Mar
15
109
124
478 Mar
7*4iyiar( 2
73i2Mar 2
31
Apr 2
37*4 Arp
Feb
48
Apr
11*2 Feb
70*4 Feb
8
3
2
2
Jan
50*8
60
Jan
Feb
Dec
63
32*2
111
4*4 Jan
Apr
1015s
88
3
7
105*4
Mar
315s
121
Jan 29
39*4 Mar 27
120
4i2 Mar
20
Feb 28
6
Mar 13
Mar
66
60*8 Mar 3
14178 Jan 29
150
60
83g Mar
10*2 Mar
134i2 Mar
1534 Mar
36
104
24i4 Mar 18
20i2 Mar 13
92*4 Jan 3
9*8 Jan 2
Preferred
10*8 Mar
115
2
Jan
5*2 Mar 20
1*2 Mar
Feb
8812 Mar 13
136
13*2 Mar
Mar
6
No par
4*4 Apr
12
Feb
102*2 Feb
87
100
fAm Type Founders
Anchor
129
Mar
18*2 Mar
125
4
Jan
32
4
29*4 Mar 17
5H2Mat 27
107*4
Mar
33*8 Feb 19
143
Jan
23*4 Jan
Mar 23
73*2 Jan 22
7
6
133*8
9
Jan
Shipbuilding Co.No par
100
Oct
4i2 Mar
Jan
13*2 Mar 26
60*2 Mar 19
Smelting & Refg.No par
100
Foundries..No par
14*4
72
Amer
Preferred
Oct
124
32*4 Apr 2
9U2Mar 20
152*4 Mar 11
Amer Steel
Oct
28
/29*8 Apr
178 Oct
6
Feb
2
preferred 6% cum.. 00
American Snuff
25
Mar
42*2 Mar 13
133
25*8 Jan
W & Cable.A 0 par
43
7
12
3
Amer
Anaconda
*42*4
Jan
46
378 Mar
8*4 Apr
18*4 Mar
8% Mar
2
Anaconda
42
157
Mar
Mar
20*8 Jan
700
36%
37*8
41l2
14
Razor..No par
c.No par
88,800
357g
41
*13
Safety
37*4
36
41
Feb
Aug
72
14
American Seating v t
2934
28*4
35
*10834 109*1 *108
Amer
25
Copper Mining..50
347g
135g
American Rolling Mill
$5 prior pref...
40*2
227g
23
100
25
Preferred
Preferred
34*4
109
2014 Mar 13
300
40*2
.
36*8 Feb 20
400
40*4
Feb 20
43
No par
32*2
347g
2
No par
60
40*4
Apr
$5 preferred
*2934
34*4
124
z35*2 Jan 3
7i2 Feb 20
$6 preferred
*57*2
345g
2
lOU Jan 18
27*8 Jan 7
Am Rad & Stand San'y .No par
31
403a
*13
Light—No par
59
40*8
*2258
109
434
Amer Power &
59
57*4
343s
.
458
4%
6% conv preferred
100
N Y Corp.No par
Amer News,
American Stores
1*4
63
Amer Mach & Metals. .No par
Amer Sugar
*678
62*8
Preferred
1,400
9134
165
Locomotive. No par
4,900
92
166
6*2
3
Preferred
13,900
92%
91
90*2
100
4,500
2,880
90*4
165
164*2 165
91
91
37,400
14734 *145
*106*2 107
2412
35,400
163
23*8
2934
23*8
23S Mar
22*2 Mar
Feb 17
41*2 Mar
3
Amer Home Products
5,200
1
No par
2,600
4*8
29*4
333g
Mar
18*8 Mar 26
37*4 Jan 28
25*4 Feb
•7314 Jan
*120
30
Mar
Jan
2
43
2
11
31
Feb
9*4 Mar 26
Jan
Jan
2038
31*8
Jan
66
Jan
95
37
4*8
30*2
8
38
13*4 Feb 13
5^4 Jan 7
38*2 Jan 22
1
Amer Hide & Leather
*1978
2384
25*2 Mar
32*8 Mar
2478 Mar
26
10
Amer Hawaiian S S Co
4*4
1078
Mar
3
34
9
Jan
10
0512 Mar
Jan 31
Jan
15134
Mar 17
125
2
29*4 Jan
1214 Jan
No par
Preferred
20*2
11
110
Feb 21
5312 Apr
3
89i2 Jan
European See's..No par
4058
4
4*8
1,900
42
4058
4058
Jan
33U Mar 30
8*2 Jan 2
100
Jan
Jan
84 May
34
4
31
16*4 Jan
119
73*4 Feb 19
Jan 21
27
Mar
41
114*4 Jan 14
No par
Jan
21
234 Apr
17*4
40*2
62
Co) .25
Amer Colortype Co
10
Am Comm'l Alcohol Corp..20
American Crystal Sugar
10
43
2
132i2 Jan 25
134i2 Jan 2
166*2 Jan 14
32*8 Jan 22
Am Coal of N J (Alleg
13i2
Feb 28
3
5078 Mar
Feb 14
Jan
Jan
41*2 June
Apr
72
3
115*4 Feb 24
88
48*2
55
42i2 Jan 18
125*4 Jan 9
163
June
3*8 Feb 24
1758
*41
Jan
26
14*8 Feb 17
34
42
6
8
Mar
2*8 Mar
y*4 Apr
*16*2
*3984
47l2 Jan 29
125*2 Mar 11
63*4 Feb 15
14
9*4 Jan
*33
784
2
Mar
12
Amer
1734
734
75g
9
5*8 Jan 29
Amer Encaustic Tiling.No par
17*4
165g
28i2Mar 24
Amer <fe For'n Power...No par
3412
*16
2
20,000
37*4
37
37*2
37
3*8 Mar
/49
June
65
100
6% 1st pref..
Mar
35s Jan
No par
American Chicle
2
3778 Jan
100
American Chain
Dec
9*4 Mar 5
74*4 Feb 27
50
Apr 2
Jan
2*4 Mar
3
Mar
31
Mar
8
Mar
16*8 Apr
1078 Sept
96*2
Oct
3*8 Mar
7
36
Jan
Jan 13
117
110*2 Jan 20
7*8 Jan 25
97
Aug
Apr
Apr
3*4
84
Jan 28
55i2 May
125
Jan 28
85
62*8 Mar 23
15
Mar
Dec
Dec
7
Jan
3*8
14*8 Dec
14*8 Dec
1438
22*2 Dec
52
Apr
32
29,600
9
17*2
33*2
17*2
38*2
120
3412
17*2
*33*4
*16*4
7*2
*39*4
3978
75s
300
91
*1678
40*8
5,900
90
16*4
42
7,700
90
173g
77g
30
22%
34*2
42*2
10*2
29*8
2134
16*4
7*8
*978
3038
89*2
17*8
*39*2
"l0*2
22
33*8
778
*934
2984
137g
2*2
*13*8
884
37
38
10*4
29 *2
91
92
1378
70
21*2
22*4
92
85g
10*4
2878
200
'w'
*89*2
2*2
2134
92
25s
9*8
*34
Apr
75
Dec
33*4
Jan
28*s Mar 26
42*2 Feb 18
Jan
4
187
Apr
125
208
Jan 31
Feb
1*4 Mar
6*8
7
20i2 Jan
No par
7% preferred
...
90
90
91*2
*34
Fdy
Mar
21
Jan
25
Preferred
10,500
53*2
125
217g
22*4
*13*8
284
2*2
*13*8
21*4
*90*s
*90
90
♦34
1,300
67*2
51*2
*122
American Car
34 Mar
Feb 14
6*4 Jan
100
Preferred
120*8
Apr
2
Dec
Nov
23s Dec
74
Sept
238 Mar
103
100
Preferred
American Can
186
Mar 25
8
50
5,700
36*2
66*2
52*2
125
600
164
36
67
51
*122
320
9,000
164
36*2
66*2
653g
90
*34
355g
3534
51
47
46l2 4684
*121*4 125
*121*4 128
92
*90
3512
164
164
16384 16334
163
35
130*2
124*4 125*2
*129
125
8*8
Sept
35*8 Jan 21
Fdy-No par
20*8
173
13*4 Oct
1*2 June
29i2 Feb 18
4578 Feb 5
39*4 Feb 11
10
Preferred
Am Brake Shoe &
74
Feb
69
5% pref
Allls-Chalmers Mfg
80
49
45*2
33*4
*33
51
69*2
56*4
*48
*121*4 128
92
*90
50*8
64
63*2
45l2
45*4
*121*4 128
57
69l2
34l2
3378
3.400
113*2 116
56*2
56*2
116
56*2
56
49*4
164
34
115
57
900
4*2
417g
50
118*2 119
16412
*163
116*2
*4*4
*39*4
130*2
130
130
1187S 119
*39
5584
49l2
697s
*4778
49l2
40
114
116
55
54i8
43g
39*4
4*4
4*4
4*4
43s
40
•
3,500
85g
73*4
4734
100*2 Dec
37*4 Nov
243s Dec
Apr
*4
1
23*2Marl2
Allied Stores Corp
American Bank Note
85s
72*2
4734
6*2 Sept
104*8 Mar
Oct
7484 Nov
1178 Dec
4i2 Mar
2
157
No par
1,700
9
72
4678
8
98
No par
100
No par
Alpha Portland Cem__No par
Amalgam Leather Co
1
7% preferred
50
Amerada Corp
No par
Am Agric Chem (Del) .No par
8&S
71*2
253s
40
37,100
834
71*8
463g
Jan
4*8 Jan 31
27i2 Jan
30i2 Jan
Allied Mills Co Inc
June
8
30*4 Feb 18
29*2 Feb 18
2
52*2 Nov
116
June
28
Mar 25
195
Jan
4*4 Mar
8484 Jan
17*8 Jan 23
5*8 Jan 27
2
$ per share
Apr
51
Jan 11
91
1214 Jan
12i2 Jan
6,700
Mar
6*8 Apr
12*8 Jan
100
100
4,800
83g
9
2*4 Jan
100
277S
69*2
45%
46
No par
Pref A with $40 warr
207*2
27*4
9
Mar 25
Pref A with $30 warr
t Allegheny Corp
Pref A without warr
2,900
21*2 Jan
194
Mar 25
195
1
100*2 Jan 10
35*4 Feb 14
28
Feb 28
2
3*8 Jan
No par
Paper Co
2
2
27
21
14
2
2
Jan
Feb
74*4 Feb 10
1378 Feb 21
1458 Mar 17
2 H
83g
*70
A P W
105
205~
28
91
RR
900
•
3434
34*2
208
275s
28
Co. 100
10
Vicksburg
Alaska Juneau Gold Mln
% prior conv pf .No par
Allegheny Steel Co....No par
AlJeg & West Ry 6% gtd.100
Allied Chemical & Dye.No par
*
105
204"
203*2
27*4
27
27
*
105
&
2
900
39
71*8
8*4
8*4
70
*
35
34*2
3412
33*2
34*4
105
2738
26*2
46
130
25*2
2534
24
24i2
*35
27
*4734
24
23*2
*21
34
Appliance-iVo par
Air Way El
500
*23
♦
I68I2 Jan
11,000
3,900
384
35s
37
105
*69
2634
25
24I2
200
*38*4
25
23i2
27
8*s
384
26*4
*35-,.
197
70
3*2
24l2
*21
3334
7*8 Jan
No par
Air Reduction Inc
100
3*2
*2234
105
22*8 Jan
zl*8 Jan
10
No par
Corp
Albany & Susque RR Co-.100
235s
33*2
25*2 Mar
Affiliated Products Inc.No par
*196
21*2
37*2
*35
100*8 Jan
Advance Rumely
Ala
47g
*438
434
*4*4
*196
-
Address Multlgr
8,000
15
2438
24
2414
*>
21*2
23*2
*35
24
m ~
3*2
35g
3*2
35s
24
100
No par
Adams Millis
94
1434
15
235g
23*8
*2H2
*196
*196
55s
5*4
*90
94
1478
47g
*4*4
4*4
4*4
47g
15
1478
6
5*4
*90
95
*90
95
15
1478
6*8
55g
5i2
95
15*8
*4*4
5
5*4
5
95
478
15
188
187
188*2 188*2
186*2 188
*1857S 187*2
*1857S 188
*186*8 188
*90
'
107S Jan
32
110
4978 Jan 25
Mar 16
68
No par
Adams Express
Preferred
*7*4
HH2Mar 18
118
$ per share
$ per share
25
Acme Steel Co
1,300
14,100
70*4
70*4
Preferred
50
*112*2 113
*112*2 113
No par
100
Abraham & Straus
770
Lowest
Highest
Lowest
% per share
42
Mar 31
Par
Shares
48*2
Year 1935
100-share Lots
On Basis of
STOCK
Week
3
Apr
$ per share
2578
'
Previous
EXCHANGE
the
Friday
Thursday
Wednesday
Tuesday
$ per share
28
Mar.
;
Range for
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
NEW YORK
$ per share
Is taken of such sales
/
SALE PRICES—PER
LOW
Monday
Saturday
only transactions of the day. No account
disregarded In the day's range, unless they are the
NOTICE—Cash and deferred delivery sales are
In computing
4
Jan
25*8 July
4
Mar
Dec
2274
HIGH
New York Stock
AND
LOW
SALE
PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Mar.
Wednesday
Mar. 31
Thursday
Apr. 1
Apr. 2
$ per share
19
$ per share
19i2
*105
30
116
19*8
$ per share
21
*105
20%
116
$ per share
21
*105
21
116
*105
116
158s
15%
15%
16
15%
16
16
16%
110
IO984 *105
*108
109
*109% 10934
103i2 *100
103l2 *98
103% *101
103%
*46 I8
*46'8
48
48
*46% 48
46% • 46%
72
72*8
72%
73
7234 7334
74%
75%
IO2I4 IO2I4
102i2 102% *101
104%
102% 103
28*s
29
29
28%
29%
29
293g
29%
12
13
12
12M
*12%
15%
*1234
14
*15
*15
1784
17% *15
17% *15
17%
3178
33
3234
33%
33%
34%
34%
35%
21%
66
*64
8is
*38*8
8iA
39%
7%
484
7
4%
19*8
*110'932
93%
17
*66
112%
2234
*105
45
4534
77
*65
*15
17%
3434
65%
34%
65%
*36
38
*87
88%
15
*108
•
38
*36%
88%
108
*36%
88*8
88%
15
15
38%
88%
15%
15
108
80
24
1,200
14.900
5034
5134
41
49%
8%
42%
7%
434
834
7%
7%
478
4%
*108
*108
*37
38%
*87
89
54
54%
54%
22%
54%
55%
55*4
"55*4
56%
"55%
56%
56%
1734
17%
50%
9%
42%
7%
39,200
5
33,900
*87%
2738
18
*87*8
28%
22*8
116
27%
22*8
18
1734
118% 118%
43
43%
17%
17*8
*183s
19*8
116
43%
17*8
116
~28%
116
44
44%
18
18%
1734
*19
*19
19*8
19%
*111
113*8 *111% 11334 *111% 114
94
*90%
94
*90%
94
*90%
22%
2234
22*8
23%
223« 22*8
56%
56%
57
56%
56% 56%
98
*97%
9734
98% *97%
98%
4434
40
40
40
40
27%
7934
2734
27%
27%
80%
79
81
79
*8%
*2%
*2%
16%
59
*8%
9
*2
2*8
15%
16%
16%
60
6034
60
*39*8
273S
8%
2%
1634
60%
38%
88%
88%
61%
4814
61%
80
8%
2%
61
10
16*8
60%
61%
47%
48%
9%
28
8%
61*8
*47
10
40
47%
*10
10%
15%
23
57
58%
80
81
834
*2%
16%
61%
64%
61
64
48
10
44
49%
101%
51
51
*50%
50%
50%
50%
*5734
5914
*5734
59%
59%
59%
11
11
1034
11%
11%
11%
12%
12%
1234
12%
12%
12%
13%
173s
17%
17%
17%
17%
17%
17%
18%
105
105
*106
*105% 108
108
*106
108
12%
1234
12%
13
1234
13
12%
13%
*90
96
*90
96
95% 9934
101
110
3%
334
3%
334
4
334
378
4%
11%
1134
11%
1178
11%
1134
1134
11%
20%
2034
2078
21%
20%
21
2078
20%
2634
2634
2634
27%
27
26%
2634
27%
7%
8;
2778
838
1634
1634
2134
5%
*2134
22%
66
66%
23
34%
1%
878
36
36%
1334
14
*56
12%
40
21%
22
22%
2338
23
67
21%
*66%
23%
6678
67
68
68
67
5%
23%
34
34
1%
8%
37%
13%
1%
87S
3778
23%
*33%
1%
1238
"12*34
41
16%
*49
49%
*49
*96
98
*95
99
*98% 100%
8
8%
149
154
140
140
8%
14
*55%
12%
16%
8
73
2734
2778
73%
28%
£2734
28%
28
65%
63
63
62
3278
33
52%
17%
*102
5534
65
57
*2%
4%
*134
18
90
53%
1734
2
*8
30
29%
26%
91%
2%
4%
378
10
16%
55
234
578
514
26%
6%
2%
4%
334
*9
1634
*5234
2%
534
4%
27
4
4%
1%
1»4
6%
16%
*5234
*2%
*5%
*4%
53%
17*8
107%
54%
18%
92%
*102% 103
*102% 103
59
60%
64%
65
63
64%
65%
64
57%
57%
57%
5634
57%
2
234
*2
2%
2%
4%
6%
1134
29%
2%
438
334
16%
62%
4
10
10%
43
43
60
1134
13
1734
110
14%
114
4%
12%
21%
28
28
8%
17%
23
534
28%
29
8
*16%
22%
5%
8%
17%
22%
6
25
24%
23%
6734
25
33%
1%
834
39%
34
34
14%
1%
8%
39%
14%
*55%
1%
9%
40%
14%
"l3%
*49
49%
*96
98
*98% 107%
5334
18
93
103
64%
64%
*2
4%
8
30
4%
334
4%
334
43g
3*8
10
1634
1634
17
16*8
54
54
54
*5234
238
534
4%
29%
2%
*5%
5
5
3034
2%
4%
134
6%
8
*2%
29*8
5738
30
2%
2%
5*8
103
64
2%
10
54%
18%
93%
63%
56%
134
*9
49%
50%
101% 102%
51
*57%
1134
1234
17%
108
48,400
600
60
3,000
"""400
51%
60
45.600
4,300
1,500
1,800
17,300
30
11,100
8,600
13
2%
538
Preferred
Preferred
conv
100
No par
preferred
Barnsdall Corp
Bayuk Cigars Ino
6
25
100
18,900
2,000
4,400
900
400
8,000
900
Corp (Del).No
5% preferred..
20
7% preferred
100
Bigelow-Sanf Carp Inc.No par
Blaw-Knox Co
No par
Bloomlngdale Brothers.No
Preferred
j
100
Blumenthal <fc Co pref
100
Boeing Airplane Co
......5
Bohn Aluminum <fc
Br.......5
Ami class A ......No
par
Corp
10
Boston & Maine
200
Brooklyn Union Gas...No
Brown Shoe Co.
57,600
2,000
28.400
11,500
5,500
2,800
10
*5
3034
Bui lard Co
3,500
18,800
5,300
39"80b
16
16
1,400
49
49
60
*96
98
10
17
54
4%
334
9%
2%
*5%
5%
2934
2%
5%
*29
80
9,300
21,800
3,800
200
1,700
700
200
7,800
10,800
590
60
6,100
3,700
13,200
800
900
700
1,400
60
2934
2%
434
3%
10%
1,200
1,500
4,700
4,100
17
17
1,800
54
54'
2%
4%
334
10%
238
534
5%
5%
30%
29%
.
2%
534
5%
30
600
500
1,000
500
800
9,000
28
3
19
Apr
2
1834 Apr 12
74% Feb 14
114% Jan I
32
90
Jan
Jan 24
Jan 21
29
Apr
11% Ma
15% Mar
£4% Mar
67% Apr
34
59% Feb 19
133% M ir 4
60% Apr 3
19
4
50
4
Maris
57% Mar 25
8% Jan 29
8% Jan 2
MarlO
Mar
7
9% Jan
85
20
4
Feb 19
21% Feb 11
113
Jan
0
Feb 28
26% Jan 2 >
63% Mar 7
98% Mar 30
Jan 15
30% Feb
83% Mar
Jar
MaMar
Ju
y
90
Ja<
38
Dec
6
21
28% Ju
384 Ma
Mat
% June
17
Nov
23% Aug
114
Dec
90
Deo
22%
597g
Dec
Jan
100
July
47*4 July
27*4 Nov
70%
8%
234
17%
553g
Dec
Dec
Dec
8% Ap?
24% Fe!
23% Jar;
30% May
1% Apr
55
Oct
42
Dec
14
38
May
36% Mar
5%
Nov
Oct
Dec
Dec
4534 Aug
100
Aug
Jan
Mar
71% Aug
53
Ma
13
3%
4%
8%
6234
3%
July
Ma'
6334 Aug
11% Dec
87g Dec
1734 Dec
Ma>
934 Nov
23
Mar
97% Dec
Mar 23
14% Feb 14
20% Feb 14
113% Feb 24
Mar
Apr
Jan 20
Jan
27% Sept
Mar
June
43
15
*4 Mar
Dec
90
114
Mar
1
25%
2%
8%
16%
2%
52
121% Nov
56% Jan 31
66% Jan 15
2
11% Mar 13
11% Jan 10
22*4 Jan 7
1484 Mar
9%
16%
103%
28%
6%
39%
4
64% Mar 6
68% Apr 3
48% Mar 11
12% Mir 5
51%Mar 5
50% Vt ir 25
102% Apr 3
8
Jan
55*4 Mar
1434 Nov
117% Mar
24% Oct
2234 Dec
57% Nov
Feb 28
3% Feb 14
18% Feb 13
2
Jan
21% Ma'
120% Mar 26
45% Apr 20
1% Jan 9
27
15% Mar 27
7
Fel
Sept
Dec
Dec
May
20% Nov
108% June
33% Sept
95
Sept
11% Ma'
11 % Jan 30
4% Jan
33% Jan
72
14*4
6684
Oct
79
Nov
115
Jan
Nov
Dec
15% Nov
88
5% Mat
Mar
3
40% Jan
97*4 Feb
116
Fei
Mar
45
7% Jan
Mai
Ma;
Fel
37% Ma;
10734 Ja
Jau 2s
Jan
Dec
18
Sept
25% Dec
110% Dec
49% Aug
Mai
88
99
20% Jan
52
40
Junr
33
Dec
6%
Api
Mai
Jan
Jan
5%
5
5% Mar
14
Mar
21%
31%
3*4
3%
33%
Apr
Feb
Feb
Jan
Feb
Feb 13
9
Mar 23
Jan
19
Mar 24
Jan
24% Mar 23
%
2%
334
8%
%
%
13%
Ma
Ma'
100
3
Sept
Mat
May
Mar
July
MaMa'
1
Apr
5% Apr
Dec
Nov
14% Nov
1434 Nov
24% Nov
234
Jan
1% Nov
28
Nov
Jan
6 % Mar 20
1% Mai
3% Jan 30
25% Feb 13
100
64
11% Mar
74
32
23
66
par
Mar 28
25*4 Mar 17
California Packing....No par
33
Mar 23
37% Jan 13
Callahan Zinc-Lead
1
1
Jan
% Jan
2
Calumet & Hecla Cons
Cop. 25
Campbell W & C Fdy__No par
Canada Dry Ginger Ale
5
6
Jan
6
30
Jan
6
Canada Southern
Canadian Pacific
54
...100
Jan
6
10% Jan 20
No par
x37%Mar 17
Capital Adminis cl A
Preferred A
10
Carolina Clinch & Ohio Ry 100
Stpd
100
Carriers & General Corp
Case (J I) Co
Preferred certificates
Caterpillar Tractor
No
Celanese Corp of Am..No
tCelotex Co
13% Feb 19
......25
Cannon Mills
Mar 24
Feb 19
96
91
par
100
Chesapeake Corp
No par
Chesapeake & Ohio
25
tChic & East 111 Ry Co
100
6% preferred
100
Chicago Great Western... 100
100
tChic Ind & Louisv pref..100
5
par
100
Chicago & North Western. 100
100
par
Jan
7
25% Jan
6
Jan 21
7% Mar 20
102
Mar 12
47*4 Jan 21
13% Jan
0
80% Feb
101
4
Mar 13
22% Jan
2
3
6
22%
34
Feb 21
9*4 Jan 17
107
Mar
66%
19%
95%
104%
Mar 20
65
3%
6%
2%
8%
7
Mar 24
Feb 26
Mar 7
Mar 31
4
Feb 19
Jan 13
2
3% Jan
7*4 Jan
2
2
Mar 13
Feb
5
7
Jan 31
31*8
2%
5%
4%
12%
20%
Jan
Feb 21
Jan 2
6
Feb 11
Feb 11
Feb 21
Conv preferred
No par
zChic Rock Isl & Pacific.. 100
7% preferred
100
51% Jan
1% Jan
4% Jan
7
50
Feb
6
2
3
Feb
8
8
6% preferred
Chicago Yellow Cab
Jan 11
3% Jan
2
19*4
100
No par
Jan
2
Aug
95
July
7% Jan 10
3134 Apr
1
Apr
Jan
Feb
Mar
8%
Dec
111% Nov
126% Nov
60
Nov
Jan
29
May
62% Aug
1238 Jan
6% July
96% Mar
109%
Jan
38*8 Jan
358 Mar
6538
15%
Dec
88%
Dec
21
Dec
23
Mar
438 Mar
36
Mar
37% Mar
1
Jan 15
Feb
12
Jan
16
3
3
57
74% Feb
Jan
88
Nov
61
7
Feb
55
Jan
27% Mar 13
1*4 Jan 2
Nov
21% Nov
6234 Nov
61
Jan
Nov
48
353s
2
.
31% Feb 19
71% Feb 18
35% Mar 13
Jan
4
Oct
14
Feb
Mar
32%
82%
Apr
Apr
Apr
7584 Apr
32% Jan
69
1% Jan
2% Jan
1% Jan
Oct
Jan
Nov
141
26% Mar 13
19% Jan 6
4% Mar
17*8 Dec
56%
1334
40 %
Mar
7
par
June
6*4 Oct
33*8 Nov
4534
83%
36%
19%
16%
164
Jan
30
42% Feb
1% Jan
Dec
6
54*4 Jan 16
% July
2% Mar
7% Mar
8% Sept
50
Apr
8% Oct
Dec
7
3
110
Mar
30% Aug
85
4
100
38 June
9*4 Feb 19
Jan
7*4 Jan
par
Mar
Apr 1
100% Feb 21
92% Jan
Cerro de Pasco
Copper.No par
Preferred
2
8
2
1
Certain-Teed Products.No par
7% preferred
.100
Champ Pap & Fib Co 6% pflOO
Checker Cab
5
Chicago Pneumat Tool.No
Jan
4
47
Preferred
2
Jan
Central Aguirre Asso__ No par
Central RR of New Jersey. 100
Chicago Matl Order Co
tChic Milw St P & Pac .No
9
Apr
87
58
Preferred
16
Mar
45*4 Jan
Jan
10
1% Feb 10
43% Jan 11
18% Feb 24
49% Mar 23
13
100
Century Ribbon Mills.No
Jan in
934
40%
16%
67*4
100
No par
5% preferred
Preferred
54%
19%
94%
94
93% 94
103
102% 102% *102
62% 63% i 59
60
65% 66% 166
68
57%
57% $ 57%
5734
*2
2% k*2
2%
4%
438
4%
4%
1%
1%
*134
1%
6%
6%
6%
638
*6
8%
10
8%
2%
320
2,800
11,500
19
17
7%
7%
9%
10034
36%
106%
3%
14
63
Jan
.No par
1,300
18,300
Ma>
19% Jan
Byers Co (A M)
Preferred
34
1%
28
21
May
3% Jan
10% Jan
22% Jan
3% Nov
1*4 Jan
20% Jan
34
16
30
No par
ttyron Jackson Co....No
9%
39%
14%
par
Debenture
100
Bush Terra B1 gu
pref ctfs.100
Butte Copper & Zinc
__5
JButterlck Co
No par
8,400
53%
18%
Jan
15% Jan
19% Feb
109*4 Jan 24
No par
25%
16
55%
18%
Feb 27
23
2%
.....No par
No par
95
16% Mar 13
112
10
Budd Wheel..No
par
Bulova Watch.
.....No par
24%
900
54
5%
3184
530
13%
18
2
52% Mar 13
100
100
Mai
35% Ma\
234 Ju 'j
1% Feb
6% Feb 24
7
6
No par
7% preferred
Rights
tBush Term
42
54%
Jan
5
4,500
4,700
8
*7%
*98% 1071
48
49% Jan
120% Jan
28
48% Nov
Sept
19% Dec
45% Oct
115
5% Maj
54% Feb
24% Feb
34% Feb
110% Feb
49% Feb
117% Feb
20*4 Mar
Jan 18
100
Burroughs Add Mach..No
700
par
Preferred
7,600
220
par
No par
7% preferred
Budd (E G) Mfg
3334
50%
20
7
170
64
8
13% Jan 2
85% Jan 9
21% Jan 20
4
par
4
15
Jan 15
14
Jan
par
Ma
100%
Jan 17
..No par
Mar 23
Feb 14
Mar 5
92% Dec
37% Jan
17% Dec
1978 Dec
Ma
6
20% Oci
3234 A pi
IO684 ja
Mar 25
Mar 25
51% Jan
Preferred
I
Feb 18
108%
36%
90%
16%
41
Brooklyn & Queens Tr.No
3
0
8
48
Bklyn Manh Transit...No
0
Jan
Feb
tBotany Cons Mills class A.50
Bridgeport Brass Co...No par
Briggs Manufacturing.No par
Brlggs & Stratton
No par
5
Dec
Mar 11
Feb 28
100
Bucyrus-Erie Co
*98% 10034
8%
8%
157% 161%
14034 141
75
7534
28% 2934
2834 29%
par
Dec
26
35
par
Dec
60
2
85
par
$6 preferred Berles A.No
par
1,900
67
*4634
107
Sept
44
Jan
Bristol-Myers Co..
lOJOO
23
33%
18
..50
6
«
Mar 17
111
64
67
*61
14% Jan
03% Jan
100
Beatrice Creamery
Preferred
Beech Creek RR Co
3
112% Apr 3
13% Jau 6
82% Jan 10
No par
1st preferred
Jan
Feb 21
Feb
Feb
109
100
Ma
Jan 24
7*4 Mar 18
2
Jan 22
41%
Borg- Warner
800
22%
14
109
8,800
13
*98% 107%
100
Jan
8,200
7,500
1%
8%
4%
93% Feb
39% Jan
25% Jan
6
38%
«
37*4 Jan 14
16% Jan 6
22% Jan
100
Bamberger (L) & Co pref-.lOO
Bangor & Aroostook
50
Bruns-Balke-Collender.No
17%
22%
Jan
4% Jan 15
100
Preferred
Barker Brothers
73
125%
30%
54%
10%
46%
6
Class BNo
par
Borden Co (The)
15
42
17*8
2%
538
*21%
534
2
Jan 17
Jan
40%
100
Baltimore & Ohio...
4,300
3,700
29
8%
Jan
18%
400
42
54
334
10
8%
*16%
48
112
r
5
Apr
Oct
Nov
1834 Nov
29*4 Fe
3534 Ma'
66% Ma
19% Api
1 eb 24
35*4
16%
18%
35%
14% Jan 27
27% Jan 2
Bon
41%
3038
2%
4%
3%
10%
17%
2%
4%
28%
Jan 22
38% Mar 24
2,900
17%
Mar 13
12
104
734 Mar 13
13
109
2
par
11%
14%
14%
10934 112%
4%
4%
12
12%
20% 20%
27% 27%
Jan
27
Avlat Corp of Del
(The) new 3
Baldwin Loco Works..No
par
Beth Steel
80% Mar
No par
Prior A
6H%
2
90
48
51% Feb 10
Jan
9%
Apt
7% Mai
80% Apt
IO934 Apr 2
103% Mar 2 <
Jau II
270
*55%
96
6
10
81%
9%
234
1634
65
51%
360
Nichols.......No
Feb 21
90%
par
Austin
Feb 17
334 Mai
70
6
59
Atlas Tack Corp
No par
Auburn Automobile...No
Bethlehem Steel Corp..No par
7% preferred
100
60%
47%
50
80
3,000
100
17% Mar
43
Beneficial Indus Loan..No
par
Best & Co...........No
10%
43%
100
134
29%
9%
*2%
16%
61%
730
800
Preferred
22% Feb 27
105% Mar 24
98
No par
8,100
1,900
48
96
6%
29
80
4,400
106
Preferred.
......100
Atlantic Refining.....
25
Atlas Powder
3
Jan 20
13% Jan 2'1
Lines..No par
23
66
100
134
*8
59
£,500
27,300
8% Jan
95
Atlantic Coast Line RR...100
At G <fc W I SS
2,200
56
$ per share
..100
90~6C)6
62%
68%
47%
13%
41%
16%
49%
6%
,
10
234
100% 10034
8
8%
8<
8%
153% 163% 159% 164
*136% 141
*136% 141
74
75
7334
7434
75%
28
28%
28%
28% 28%
28%
28%
28%
28% 29
62
*59
65
64% *60
33
33
33%
33% 33%
*48
47%
50
*48
50%
7%
7%
8
7%
8
65
438
9%
8
59%
1134
*9
33%
47%
*7%
103
*6
334
54
18%
9178
90
*8
*29%
2%
4%
73
48
*47% 49
8
7%
7%
107% *100
107% *100
5234
1234
41
82
150% 153
*136% 141
7234
*88
...
100% 100%
28
*7%
„
3834
72
33%
1%
14
27%
48
24%
4034
96
*100
34
37%
14
*95
28%
2434
8
33%
1%
8%
38%
14%
*55%
1234
41%
1534
49%
28
70
Preferred
Burns Bros class A
Class B
17%
22%
5%
15
327s
20%
27%
17%
49
*63
,4%
11%
22%
16%
140
113
17%
2134
49
*139
14%
27%
49
*98% 100%
8%
8%
145
14734
17%
108
2778
"
4034
15%
*1534
11%
12%
27%
8%
*55
"12*34
50%
*57
21%
5%
23
$ per share
Associated oil
...25
Atch Topeka & Santa
Fe.-lOO
15
*8734
28%
2234
55%
Highest
$ per share
_.100
Dry Goods...... 1
6% 1st preferred
100
7% 2d preferred
100
29
15
15%
28%
101% 101%
17%
21%
534
21
5%
*47%
934
43%
49%
28%
8%
17%
21%
59%
8%
2%
16%
51
28
57%
81
8%
*2%
16%
60%
61%
*47%
9%
*42%
59%
11%
12%
2734
£15%
*8734
28%
2234
56%
58%
28%
Lowest
No par
Beech-Nut Packing Co
20
Belding Heminway Co.No par
Belgian Nat Rys part pref..
Bendix Aviation
6
17%
1734
1734
17%
1734
117
117% 11834 11834 118
11834
*4334
44%
44% 45%
45
45
1778
18%
18%
19%
19%
19%
19%
19%
19%
19% *19%
19%
*111% 114
*111% 114
*111% 114
*90%
93% *90%
93% *90%
93%
22% 23%
22% 23%
23% 2334
57
57
58
57%
58% 59%
98
98
*97%
98
9734
98
40
40
40
40%
41% 41%
28
27%
27% 27%
27% 28%
*42
4234 43
44
*41% 44
49%
4934
49%
49% £4834
49
4934
*102*8 104
£101
*10234 104
101% *101
40
3,500
100
._
*37
17%
2738
*17%
1%
87S
300
125
38%
223s
34
4(%600
24
89
2234
5334
23
100
125
*87
*5234
2534
223S
11
7,800
25
*36%
15%
*87%
2778
2234
5534
*87
*50%
*5734
700
124
•
15
9%
100
12,000
25
40
Year 1935
Highest
Associated
200
124
43 %
44
42%
44
44
44% 45
4434
44% 44%
19%
19*8
1938
1934
19% 20 38
20% 2134
21% 2134
273s
27%
27%
2734
28
28%
28%
29
2934
2934
V--- U0'932 110'932
110'93? 110'932 i10'%2 110,932
*110'932 111 U0<932ll0»%2
44
45
4434
*44%
*45
45%
45%
45% 45%
4534
46
114% *11234 n4% *11234 114
*113
114
11234 U3
112% 11234
19
18
17%
18%
18%
1834
19%
19
I884
19%
19%
94
94
94
93%
94
94
9478
94%
95
94% 95
17
17*8
17*8
17%
17%
17% 18%
18%
1834
18%
1834
68
*66
68
*66
68
66%
67
*68%
70
69
69%
11234 *110% 112% *111% 112%
111% 112
*110% 112% al12
112
2234
23%
23%
23
2234 23%
23%
23% 2334
23% 23%
*108
61%
*47%
15.766
160
78%
102% 102%
30
30%
*12%
15
66
Artloom Corp
Preferred
46
Range for Previous
$ per share
Par
17.900
116
*44
78%
102% 102%
2934
30 34
*12%
1378
*15
17%
34%
35
7534
April 4 1936
Lowest
Shares
21%
16%
17
17
17%
10934 10984
109% 109%
103% 103% *102
105
65
*64% 66
65
12334 12334 *12334 124
25
25
2434 25
4934
5034
50%
5034
7%
7%
8%
8%
*3834
39%
39% 39%
7%
7%
7%
7%
4%
4%
4%
4%
27%
*18
Week
19%
2634
4434
114%
116
20%
2
Range Since Jan. 1
On Basis of 100 share Lots
STOCK
EXCHANGE
44
43%
*108
67
12334 12334
*24%
24%
48%
50%
*784
8%
*38%
39%
7%
7U
4%
434
STOCKS
NEW YORK
the
$ per share
21%
*105
*100
*58
Friday
Apr. 3
$ per share
21%
*104
*12384 125
24
2412
48*4
4914
Sales
for
Saturday
Mar.
28
Record—Continued—Page
CENT
Apr
78 June
58
1*8
1
Feb
Feb
Dec
61% Nov
53% Dec
2% Jan
3% Dec
2% Jan
553 Dec
Mar
9
Dec
19% June
% Mar
£35
Nov
3
Jan
*4
1*8
3*8
4*8
Mar
*4 July
1*8 Mar
434 Jan
5% Jan
10*8 Jan
2058 Dec
5434 Dec
258 Jan
4% Dec
1% July
9% July
4
Jan
19*4
Dec
20
June
July
Mar
Mar
HIGH
AND
SHARE,
SALE PRICES—PER
LOW
NOT PER
NEW
for
28
Mar.
26%
26%
Apr. 1
Apr. 3
Week
$ per share
$ per share
Shares
26%
*26%
9%
26%
9%
*26%
958
the
$ per share
$ per share
$ per share
$ per share
9%
*2612
27
9%
26%
26%
10
10
934
984
33%
9534
94%
18%
79%
18%
79%
18%
1834
18%
19
96%
1834
1934
98% 100%
19
19%
79
80
80
80
81
81
80
*45
60
*45
60
*45
60
*45
60
*45
6%
6%
6%
41%
42%
3234
96%
41%
98%
*165
43
«
60
to
*45
634
*47%
50
48
48
62
62
60
60
*58%
*5634
18%
2734
27%
28
28%
29%
28%
29
470
Preferred
32%
32%
33
34
33
33
280
Colorado A
33
32%
34
34
34
960
35%
33
33
*30
30%
32
32
*31%
32%
32%
34%
33
33
33
*33
35%
*33
113
110% 110% *110
35
35%
35
4612
46%
*45%
19%
19%
19
35%
*45%
19%
47
19%
101
101% *100% 101
115
*114
101
10
*8%
66
22%
15%
27%
*10%
*75
78
*75
*82%
86%
84%
*83
106
5
14%
7%
22%
17
17
2%
*70%
81%
2%
71
81%
*21%
40
2178
40%
3%
36
*62%
71
1
*165
3%
36%
63
71%
6
6%
1984
49%
*46
2078
4934
4678
*105
—
—
—
—
919
9%
*36
37
*105
"
115
*2%
*25
27
*26
26%
11
*10%
11
*10%
1034
*75
68
75
75
83%
8384
—
*83
-
to
—
21%
16%
2%
70%
81%
21%
4078
33s
3578
71
6
33
10434 10434
4%
4%
14%
14%
%
21
16%
17
2%
70%
81%
81
82
*105
'■•to
—
*105
-
1
15,600
23%
22,000
17%
17
17%
17%
1784
3,800
2%
70%
8134
2%
71
8134
%
3%
3%
3%
33s
3534
*62%
36%
35%
6234
63
36%
63%
72%
71
*163%
6
6%
7134
*163%
6%
6%
71%
■'
—
;
35
49%
72
6%
638
35
63%
49%
6%
50%
50
46%
*46%
37
37
37
37
105
107
107
*107
2
2%
*102
*102
37
38%
112
*107
2
"934
3838
2
98
98
40
*38%
22%
23t4
22% 23
101% 102
7%
18
102% 103
102% 102%
(
73g /
7%
17%
1738
7%
17%
7%f
18%
7%
17%
98
97%
290
23,200
2,100
7%
18%
84
*80
84
*80
62
*48
62
*48
62
*48
62
*48
62
*48
62
*58
59%
9%
82%
29%
23%
58%
9%
83%
29%
23%
43
43
24,500
84
1878
S
147
29%
2234
43%
22%
1834
7%
*334
18
*10
*334
834
—
26%
2534
X4334
26%
37%
*39%
28%
44%
26
25%
44%
*9%
27%
500
8
8%
37%
40
40
-
-
-
-
'
-
-
-
-
28%
25%
28%
45
44
44
200
21
8%
16334
165
145
146"%
*21
8%
23%
8%
163% 165%
*163
34%
34%
34%
8
8
8
165
No par
5
634
15%
634
*15%
15%
148% 150%
133% 133%
8%
834
7
8%
3,400
400
1%
200
300
7
15%
1,300
15%
«
to
-
149% 151
133
133
168
170%
168
168%
163
164
164
164
164
36
36
834
41%
*7%
8
41%
42%
39% 40%
3934
3978
*111% 11234 *111% 111% *111% 111%
14
14
14%
14%
14%
14%
6%
634
6%
634
6%
634
1478
14%
15%
15%
14%
1478
60
64
62
65%
6534
65%
58
61
62
6034
5634
61%
2272.
36%
111% 111% *111% 111%
14%
1334
14%
14%
6%
634
634
634
15
14%
13%
14%
62
63
62% 6334
59
60
59
500
2,400
7,200
170%
163
35%
8%
40%
12,600
8%
8%
169
8%
4034
59%
£95
Nov
62
Mar 16
70% Jan 27
61
6
3
65
June
75
Nov
6
16
Mar
47
Dec
6
June
IOI2
Dec
22% Mar
19
7
Corp. 10
100
26
Mar
6
36% Jan 20
62
Delaware Lack A Western..50
15% Jan 20
23% Feb 20
9% Feb 7
22
pref. .100
4% Jan
100
128% Jan
4
6
153
Co. 100
7
Jan
2
10
preferred. .100
Raynolds A ..No par
1st preferred
100
17
Jan
•42
Mackinac
Ry
non-cum
No par
Match
Participating preferred...25
Distil Corp-Seagr's Ltd No par
Feb 20
Feb 17
Jan
3
9
21% Jan 31
Jan 10
57% Feb 25
115% Feb 4
37
Mar 27
119% Jan 11
40% Jan 25
38
Jan
8
36
7%
42
3634
160
12,700
7%
1,400
42%
26,800
111% 111%
14%
1334
634
634
14
14%
63
64%
59%
60%
No par
Dome Mines Ltd
30
12,900
3,400
57,200
7,100
4,900
25% Mar 13
41% Jan
100
5% Jan 10
78 Mar 11
100
1% Jan
Convertible class B__No par
Duluth S S A Atlantic
Preferred
6
42
3
100
129
Duquesne Light 1st pref...100
Durham Hosiery Mills pf.100
112
Mar 23
8%
18%
115%
161%
133%
116%
18
Mar 11
25
Eastern Rolling Mills
7% Jan
156% Jan
Dunhill International
1
DuP de Nemours (EI) A Co 20
6% non-voting deb
5
Eastman Kodak (N J) .No par
6% cum preferred
Eaton Mfg Co
Eitlngon Schild
Elec Auto-Lite
100
No par
..No par
(The)
5
Preferred
Electric
100
Boat
3
6
7
Feb
8
138
158
28%
7%
36%
110%
13%
Elec A Mus Ind Am shares
6%
Electric Power A Light.No par
$7 preferred
No par
6%
$6
preferred
No par
Feb 17
14% Jan
114
32%
29%
Jan 31
Feb
7
2
2
Jan 27
Jan 6
Mar 13
Jan 21
Jan 23
Jan 6
Jan 2
Jan 2
Jan 2
Jan 2
Dec
Dec
Mar
Feb
Jan
4%
1214
934 Mar
31
A
Mar
6% Mar
43% Jan
8% Feb
2
Feb 13
100
60
164
35%
Mar
27
No par
25%
8%
168%
*734
73
20
Preferred.
*21
164
34%
Jan 21
Apr
Duplan Silk
70
834
2
90
88
110
115%
25
9% Mar 11
21% Mar 9
9
7
5%
47i2 Jan
2434 Nov
10514 June
6
Jan 15
Jan
Det
Mar
Mar
4
52
Detroit Edison
Dec
15
89% Mar
10% Jan
..No par
Denv A Rio Gr West
37
80
6
3
200
115% *115
164
8
30,000
2%
7
15%
115% *115
149% 151%
133% 133%
115% *114
25
23%
4
Mar
6
Jan
18%
Dec
23% Mar
11
5834 Nov
28
Sept
24% Dec
43i2 Jan
19i8
Jan
Feb
5
Dec
Mar
130
Dec
Mar
•1%
65
2
Aug
5% Oct
35% Aug
114% Mar
26% Jan
34% Jan
33
Dec
34%
Jan
6
Jan
19
Dec
50%
Jan
120l2 July
41
Jan 15
Mar
9
June
Dec
1
Deo
1%
Dec
8%
Dec
19
Aug
Mar
116
Nov
86% Mar
126% Feb
132
Oct
Feb 14
104
Feb
115
Aug
Jan 13
12
Nov
978 Feb 11
1
Mar 13
3634 Apr 3
9% Jan 30
44% Feb 19
Feb
6
17% Feb
4
114
2
17%
Deo
Nov
Jan 17
Jan 31
Apr 2
Apr
1
170% Apr
166
6% May
Nov
4H2 May
3812 Dec
44% Dec
12% Jan
% June
% June
1%
*1%
115% *114
23
21
Feb
Dec
8I2 May
8034 May
6% Mar
2
133
44% Jan 14
23% Apr 1
104
Dec
5% July
4012 Jan
1% Jan 15
17%
1%
*1%
144% 146%
6
14
1878 Mar 26
17%
*1
41
Ino
Mar
Jan
32
1%
3434
For footnotes see page
8%
Davega Stores Corp
Cutler-Hammer
102
9
Dec
Jan
5838
2
8%
7% pref..100
preferred...
No par
5
13% Mar
*%
21
1
A
1
4
Mat 26
2
133
Class
9
4
Dec
Dec
IO5I4
2%
37
1%
114% 114% *114
1
Curtiss-Wright
Cushman's Sons
18%Mar
99% Mar 13
278 Feb
18% Feb
14% Mar
47% Apr
6
634
*15%
132% 132%
No par
Preferred
6
Dec
38
Jan
18
146
50
Packing
Curtis Pub Co (The)..-No par
7
63% Jan 7
38% Feb 25
6% Jan
M;r
Mat
Nov
9%
29
17%
*132% 135
114% 114%
100
Preferred
Cudahy
2
14
48
Dresser (SR)Mfg conv A No par
2%
634
15%
2
Jan
Feb 18
487s Nov
100
1,400
17%
115
1% Jan
11
3% Mat
Dec
78% July
165
May
7% Dec
397s Mar
193s Dec
17% Mar
1%
*1%
634
115
No par
100
10
(The)
Cuba RR 6% pref
Cuban-American Sugar
4
7
Dec
6934
75% Jan 30
*17
*115
3
148% Oct
4% Mat
3578 Jar
11% Sept
23% Mar
Dec
Dec
35
6
17%
*115
Jan
103
Oct
43% Jar
74% Mat
10% Mar
41
100
60
Jan 30
47% Jan
105
Jan 25
35
Cuba Co
54% Jan 16
15% Ma'
41% Mat
Dec
234 Nov
2
3
2%
6%
7% Jan 17
Crucible Steel of America.. 100
Preferred
7
45% Jan 14
Jan 27
6
Jai
8% Jan
*178
16
Crown Zellerbach v t c No par
43% Jan
102
7% Mar
37% Jan 10
22% Apr 3
%
50% Jan
35%
__
No par
No par
pf No par
2012
447s
Douglas Aire Co Inc. .No par
35%
*115
preferred
Jar
Dominion Stores Ltd..No par
35%
-
$2.70
Cr W'mette Pap 1st
7
400
35
-
Crown Cork A Seal
9914 Nov
21,100
70%
7%
3
Mar 27
Mar 25
Dec
69
Jan
9%
3434
17%
-
5% Feb
78% Feb 20
178
Jar
2878 Mat
Jan 14
Dec
46%
62%
Mar 20
38% Feb 11
166
% Apt
7138
7034
*17
3
Jan 14
162
Dec
4% Ma
9%
3434
9%
x68% Jan
2% Jar
% Aug
22
638
1214 Dec
10118 Dec
8I4 Dec
13s Nov
23% Deo
IDs Dec
70%
69%
16
25
100
Preferred
60
6% Mat
19012 Dec
Jan
712 Jan
22'8 Feb
3434 Nov
105% Nov
34% Jan 2
5238 Jan 24
1178 Jan 23
35%
7
20
Corn Products Refining
Diamond
37%
40
69%
1%
69
1,600
3734
35
2
Mar 13
5
Corn Exch Bank Trust Co
Devoe A
3534
*7g
*178
6%
*15%
4
5
Feb 11
46
1,300
70
*8
—
-
to
34%
9%
6
1
2
33% Mar 13
17
68%
9%
24% Mar
Jan
2% Jan
56
35%
17%
1%
45
18
77% Jan 11
3934 Apr
54%
6934
9%
87% Jan 13
1
*10%
34%
*17%
*78
163
3,900
147%
68%
44%
67% Jan 3
73% Jan 30
Insurance...2.50
Delaware A Hudson
37
19% Mar 3
2% Feb 2i
Motors
Diesel-Wemmer-Gilb
40
*17
5
Fibre
Diamond
9
6
2
Continental
8,200
*39
9
20
1% Jan 16
26% Mar
Continental
24,300
40
44%
100
Preferred
Continental Can Inc
2034
*39
2
2
34 Jan
1% Jan
473s
55
6% Jan
10% Jan
24%
*4
6
par
20
56s
15% Mar 6
105% Mur 11
11% Feb 5
Jan
No par
Class B
46
71
*163
-
600
25%
44%
9%
68%
*18
-
1,600
9%
17
6% Feb lo
6
Continental Bak cl A.No
23%
*10%
3
9
19% Jan 30
»
40
9
100
-
{Consolidated Textile..No par
20
Container Corp of America
2034
*39
9%
Consol RR of Cuba pref...
47
8%
Jan
11
23%
17
7% Feb 13
4% Jan
102
1934
*4
2
11% Jan
.No par
Corp No par
No par
46
55
30% Jan
No par
preferred
Consol Oil Corp
Preferred new
45%
19%
56
44
108% Mar 11
$5
Consol LaundrlSs
23
37
*9
38% Feb 17
44%
18%
37
2534
43%
145
—
5934
1163,
39%
20% Feb 13
2
22%
37
55%
17*4 Mar 27
No par
Preferred
Consol Ed Co of N Y-No par
Preferred
♦llfioo
55%
*1161-. 1163,
Feb
Mar
3,000
*10%
July
74
2,100
5,800
834
lli4 Nov
80
29%
17
Mat
82
88
55
*10
7
Mat
8634
29%
37
37
-
-
*8%
*7%
68I2 Sept
13% Jan 22
Nov
29%
37
55%
37
*15%
-
-
59%
147
No\
72% Oct
3% May
14% May
1578 Fel
•72% Fel
1% Ma'
8734
56
*11619 1163,
*115
—
-
9%
8%
49
24
33% Jan
69
29%
23%
8
2112 Nov
14% Nov
3
Jan 10
20
62
86
39%
55%
—
—
.
5934
146% 146%
*4
8%
Dec
Jan 15
86
8
FeL
Oct
11
4534 Nov
Mar 25
29
7%
9
4
71
Mur 24
29
146% 147
Ma
Nov
85
84
146% 147%
17
9
578 Ma1
27
a
Jan
3
78
Deere A Co
19%
734
*7%
7%
5934
9
Jat
Oct
23%
85
44
22%
43%
1834
147
60%
44% Jan
25% Mar
29%
Jan
105
Jan 27
22%
29
19
9
Feb 17
115i2
Jan
83%
29%
*82
84
29
£147
9
*334
*10
84
43
19%
*7%
147
*8%
60
9%
85,900!
18
*80
5934
500
738
7%
17%
84
58%
*834
1,200
39% 40
22%
21%
101% 10134
97%
39%
*80
*8%
.
200
2%
84
"58%
-
9,100
2,800
38%
*80
*
— —
—
115
84
*80
—
9,800
40
101
9,100
100
—
12
97%
5% Feb 17
Aug
73% Feb 13
5% Jan
7
15% Mar 16
1134
22%
97
*39%
21%
Oct
% Mat
Oct
72
72%
35
12%
40
97
39%
2178
16%
58
11912 Aug
67
100
preferred
100
pref ex-warrants.. 100
Consol Film Indus
1
No par
12
97%
96
Ocl
Dec
Prior
No par
12%
12%
No par
No par
480
12
Consolidated Cigar
Preferred
Crosley Radio Corp
12
1178
2
Mar 24
13
Cream of Wheat ctfs
9%
2%
Jan
16
23% Mar 25
9% Jan 2
Coty Inc
12
*11%
11%
39%
21%
35% Mar 16
100
Preferred
103% Mat 19
24% Feb 21
82
Jat
56% Fet
110% Dec
9778 Jub
12% Feb 27
6
1,500
11%
11%
40%
2178
834 Jan
5,200
11%
2%
11%
2
Mar 13
18,200
52%
to
—-
2%
11%
13
2%
3834
—-
47
to
93s
*107
111
17,100
—
6%
20%
213g
46%
9%
2% Jan
100
Continental Oil of Del
760
2238
49%
Jan 10
20% Feb 10
No par
23,600
35
20%
"934
Conde Nast Pub Ino
3%
6
39%
3
36%
64
74%
50%
108% *102
9%
95g
9%
115-% Mur
2,000
7,300
13,400
41%
toto-«
47
*46%
6,900
22
35
35
Apr
9
Cont'l
£7312
_
21
50
47
700
*165%
7334
_
3%
£3534
35
*103
9%
64
20%
21
*46
47
36%
63%
35
35
20%
35
36
*165%
—
8234
21%
41%
3%
3%
3%
36%
72
80%
82%
7,800
2%
2%
71%
2%
71
41%
to
1,200
8%
734
1
21%
-
toto.«
.
-
23
7%
21%
to
*
24%
1
40
71%
to
7%
%
23%
734
40%
M
2,500
56,700
23%
22
63
3,200
5%
1434
5
143g
110
63
*
104% 10434
5
14%
3934
*102
7%
17%
105
5
2134
98
7%
104
40%
*39%
21%
1778
20,500
22%
*96
7%
17%
34%
40
21%
101
700
34
14%
_
1,600
1734
34%
5
2%
*70%
2%
70%
6
5%
1734
3334
2134
13
100% 100%
.
6%
21%
*12%
11%
11%
*
18
41
49%
2%
*11%
1134
to
150
«
18
6%
!14%Mar 13
Mat
50
Prior
140
75
8338
«
Dec
110% Jan
11%
to
Oct
Dec
3
60
Dec
83
66% Apr
$6 preferred series...No par
Dec
1712
31
9
No par
21
10114 Nov
49% Dec
1
2
91% Apr
8
97
Dec
1534
9
No par
Jan
Dec
9012
Jan
Solvents..No par
512
2212
35% Ma1
Apr
Jan
$4.25conv pf ser of '35No par
Jat
9% Nov
29
2
21
Jan
Conv preferred
Jat
40% Dec
48% Dec
3% Ma
55
11
*
Dec
7
44
100
*84
Dec
6% Ma'
110
25
*82
4
10
25
*74
50
109
10112 Mar 28
44% Mar 26
14
Mar
120% Apr 3
x45% Jan 22
51% Jan 23
Mar 25
80% Jan
Connecting Ry A Ltg
14%
734
%
22%
16%
22%
16%
*84
«
35
Congoleum-Nairn Inc..No par
Congress Cigar
.No par
75
7
2
6
350
83%
Dec
Mat
% Mat
Jan 11
36
2
Jan
2
200
.
Jan
Jan
26%
10%
83%
16
94
90% Jan
15%
1,000
9
6i% Ma
Fe
2234
6,400
Dec
10714
7
15%
40%
*22
Dec
21
Jat
.
0
Jan 15
100
Commonw'ltb A Sou
700
Dec
5858
101
Invest Trust..No par
64,300
42
93
15% June
Fel
6
100
Commercial
3,900
126
10%
16
41%
23%
*21%
5
%
2134
4S34
9%
*36%
to
600
Jan
Aug
72% No\
53% Ap-
36% Feb 20
37% Mur 11
Credit..:.
preferred
48,800
9%
14%
*734
2%
70%
8134
"
«
*105
*105
-
40%
22%
1584
6%
6%
18
1734
33%
33%
104% 10434
33%
1
2034
*46
6~~
18
*17%
8
8
*83
"
6
14%
22%
15%
*9
9%
*74
85
84%
84%
14%
105
2%
9%
40%
27%
33%
105
105%
47g
478
35
35
35
9%
15%
*25%
10%
18
*160
-
9%
3934
39%
*21%
15%
"ft"
*62%
to — -
67%
16
40%
22%
%
2IS4
67%
9%
40%
22%
15%
—
6
1
%
66
3%
9%
9%
1734
33%
*105
*105
3
66
65%
3
78
40
40%
23%
16%
27%
1078
6~~
300
*101% 103%
21% 22%
3
3%
3%
68%
67% 68%
22%
21%
21%
3%
21%
21%
3
3%
*9%
1734
33%
Comm'l
101
66
*83%
12,800
3
100
preferred
Commercial
5Yi%
114
114
115
102
20%
21%
3
3%
*7%
63%
6%
Jan
2
2
No par
No par
Preferred series A
400
110
Feb
Feb
4812 Dec
Dec
May
21% Jan
19% Jan
Columbia Gas A Elec_ .No par
15,300
June
5234
Mat
Col Pict Corp v t c
$2.75 conv pref
10
Oct
48
Jul>
5
3,700
600
47% 48
20% 124,300
20%
1,100
100% 101
87
Junr
20
6%
2,200
*91% 97
*91%
91%
91%
53
52% 5234
52%
51%
50%
11334 11334 *112% 113% *112% 113%
64
64
66%
65% 6634
63%
50%
101
66
47«
21
*114
2078
65%
14%
47%
20%
115
11412 *114
*114
21
♦105
47%
100% 100%
Dec
48
49
39%
38%
39%
Aug
80
7
26
17
15
6
24% Mar 24
9% Feb 19
...100
100
1st preferred
4% 2d preferred
89
2
112
3% Mar 16
Columbian Carbon v to No par
97
112% 112%
62%
20%
100% 100%
97
50%
47
19%
36%
102% 102% *100% 102
115
102% 102%
6
47
47
19%
101%
37
4%
No\
100
Southern
Dec
''mm
24% Mar 20
No par
tColorado Fuel A Iron.No par
60
35%
107% Jan
8% Jan
-
80
100
Colonial Beacon Oil
840
3,400
117% 120%
115% 11734
114%
36%
36
*93
98
*90% 98
50
50%
50%
5034
114
11334 11334 *112
62% 62%
62% 62%
*90%
1734
33%
113
112% 112%
35%
22%
5%
5%
Oct
6I2 Nov
2 7'8
Feb 20
61% Feb
Mar 13
42
100
-
106% Feb 28
102% Mar 16
No par
Alkman
22
55% Jan I'
100
Preferred
210
21%
5%
33
10%
17% Mar 13
Collins A
12,700
111% *109% 111
23
22% 22%
6
6
534
Jan 31
preferred
37
•
27% Jul>
127%
97%
57';
20%
Jan 15
6%
May
2
70% Feb
84
5%
32%
*26
100
Dec
24% May
103
Miir
50
6
124
21%
33
16%
111
Mar 30
53
5%
26%
32%
40
9,600
1834
18%
Feb 20
93%
86% Apr
Feb 2«
48
2034
32
*21%
200
Oct
3% Ap
12% Maj
5
Feb 10
46
Colgate-Palmolive-Peet No par
1.900
Oct
35
Mar 14
90
Coca-Cola Co (The)...No pur
Class A
No pur
10
.
57
Ma
Dec
110% Feb 14
4
82
6
30
3
to
»
89
Dec
Nov
12
188
9
50
Jan
9
26
31
6
7% Mar
40% Feb 26
Oo( The). 1
3134
Fet
46% M.tr 24
Cluett Peabody A Co..No par
Preferred
100
guar
23
28%
2078
w
Jan
Sept
3% Ma
9
69% Sepi
45
7
S per share
25
6
Jan 24
19% Feb 14
Feb 10
90
107%
pf_.Nc par
Highest
share
ver
86% Feb 19
2
4% bet'm't stk 50
Spec
111
534
28
*114
900
*56%
Co
Cleveland A Pittsburgh
22
29
101
62
62
1834
18%
111
111
111
111
10
*104% 107
*10412 107
*104% 107
48%
47%
4734 48%
45% 47%
45
44%
45%
20
50
42%
Ilium
El
CJev Graph Bronze
5,900
87
*47%
57
*56%
18%
18%
44
*84
62
Clev
300
Jan
156% Jan
100
Preferred
"
Jan
$
Mar 25
101 % Miir
2334 Jan 21
par
100
CCCAFt Louis
______
108"
*12534 130
*12534
87%
89%
89%
57
*56%
18
61
6034
350
434
6
Nt
Equipment
111
6
30
90
44%
23
5%
28%
130
90
5634
10412 104% *103% 107
11134
21%
*127
90
5634
1734
9184
5634
5684
1734
*103% 104%
45% 45%
*111
130
90
*90
57%
18%
18
60
127% 127% *127
*127% 128
90%
90%
60
Clark
11%
o
Mar 14
45
City Investing Co........ 100
10.000
*95
108
72%
100
3~2O6 City Stores
634
45'8
.15
Jan
85% Jan 21
15% Jan 2
No par
Preferred
60
*168
350
*95
•.
...25
5
Chrysler Corp
City Ice A Fuel
330
81
6%
43%
45%
108% 108% *10734 109% *107% 109
43%
43%
44%
43%
*41% 43
86% 86%
*84% 86%
*84-%
86%
50
50
50
*47%
*47%
*47%
10734 10734 *107% 108%
*42
44
*41
43%
*84%
86%
*84% 86%
Chile Copper Co
3*% Jan
25
No par
ChiMs Co
130
$ oer share
25% F« b 1 •
7
Jt>n
3
10
Chickasha Cotton OI
400
Highest
$ per Shan
Pur
109,300
99% 101
12,000
18%
18%
*80
Lowest
Lowest
3.300
34%
80%
*168
350
*95
*33
34%
6%
44%
4434
*168
350
*95
*33
6%
6%
6%
43
41%
*95
*95
96%
63g
6%
42%
350
*160
350
*160
34%
*3234
95%
33
10
9%
33%
9434
33
26%
26%
9%
3234
Year
EXCHANGE
Friday
31
Mar.
30
Mar.
100-share Lots
On Basis of
STOCK
YORK
Range for
Range Since Jan. 1
STOCKS
Sales
CENT
Thursday
Apr. 2
Wednesday
Tuesday
Monday
Saturday
2275
New York Stock Record—Continued—Page 3
Volume 142
7% Feb 21
16% Mar 17
69% Mar 26
64% Mar 26
12% May
103
334 Mar
146% Nov
27%
8
Dec
Jan
110%
Jan
172% Nov
141
Jan
164
16% Jan
3% Mar
19% June
107
Jan
July
30%
Oct
8% Nov
3834 Oct
113% Sept
3% Mar
5% Sept
1% Mar
1434
3
Mar
34%
Dec
2% Mar
3134
Dec
8%
Dec
Feb
7% Aug
New York Stock
2276
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
Record—Continued—Page 4
Sales
NOT PER CENT
STOCKS
NEW
for
Saturday
Monday
Tuesday
Mar. 28
Mar. 30
Mar.
$ per share
$ per share
*4812
78
49
*
*
72
*14l4
3414
141?
4
4
15
137g
141?
4434
45
451?
45
71?
4
4
141?
35
7%
67
67
68
69
*70
76
534
14i2
34'%
14
143g
22
16
4558
*
72
14%
3514
67
1434
3614
334
1438
4584
4
4
1412
4614
14i2
4678
7i8
64
69
230
11,300
1,800
1,500
69
*70l2
534
75
2,900
15i2
24i2
16
2,600
15i2
14l2
3434
14i2
35i2
1434
23U
6,500
400
33ig
*63
313g
*63
*131
68
33
3284
313s
*68
116
*63
7234
3U4
313g
131
67l2
*114
3358
32l2
3334
7234
131
116
*114
116
7234
3078
135
3114
130U 131
*67
69l2
69
114
114
33%
*63
116
*112
33%
Fairbanks Co..
69
69
69
69
63
66I4
28
119
119%
6578
66%
1193g 1193g
*27
*7%
50i2
17lS
*86
49
*106%
5
*434
45
45
....
3
3612
4134
63
*11784
278
35%
4D2
54
52
1714
119is 120
66 ig
6734
63
64
119i8 120
68
8734
87
#46i2
17
77g
4834
87
700
110
44,200
30,500
9,600
40
290
1,800
800
'
M
.
3
36
4278
53%
41%
17%
17%
87
86
87
87
87
9
9%
914
984
10i8
10%
10%
10
10%
76
78
76
765g
79ig
80
80
82
82
83
48%
4834
4912
4912
495s
5084
50%
5078
50%
7,000
150
9,100
1,100
83
48%
*7734
4914
834
*108
658
9ig
195S
938
108l2
108i2 *108
658
65g
65g
9
9%
914
197g
1958
1978
*110
108i2 108i2
634
6l2
9
914
195g
197fi
978
9
195s
19~34
19ig
*10812
19%
912
95
95
95
95
96
9612
28l4
2812
9534
2814
9514
28%
9512
28i4
9534
95
11
11
11
11%
113g
92l2
91
93
19
"19%
*108%
19%
*88i8
3i2
3%
458
1934
8934
90
35g
314
434
1934
*3D4
34
*30
3378
3U2
18i2
33g
3%
4%
1914
32%
*3034
3134
1812
3558
3U2
18i2
3512
2i8
343g
36
2ig
3438
25l2
*71
"75"
25%
85
63%
*234
36
2
347g
35g
3i8
412
64
3
36
*52
25l2
*71
85
6312
*2%
36
17%
3212
*35i8
9i2
*17U
36
958
18
116
116
*40
112
3212
*35%
9%
*173g
*116
28%
29%
29%
19,800
95
96
96
96
97
11&8
1178
11%
m
93%
11%
11%
94
437g
112
32%
3638
18
120
26
85
27g
17%
47%
40%
40l2
*52
26i4
*71
6412
234
36
*17i2
47i2
41
2634
78i2
66
27g
36
9ig
9%
18
*1738
116
*31l2
*35i8
918
18
*71
65
40i2
100
18%
Prior preferred
100
(Adolf)..
1
1
No par
No par
Gold & Stock Tel'ph Co
100
Goodrich Co (B F)
No par
Preferred
*47%
42
42
*31%
32%
36
*35%
36
9
9%
3134
*35%
9%
10,400
700
110
230
6,400
41
______
4,500
4,200
Aug
Jan
18
Apr
Oct
6U4
5978
Feb
721®
Oct
Jan
#120i2
Dec
116
120
Nov
Mar
10
Mar
21
Dec
3
Aug
38
Feb 17
50
Mar 21
6i4 Dec
4258 Nov
105
Jan 17
108
Mar 14
35a Jan
39% Jan
106
6% Feb
50
Jan 10
Feb
2658 Mar
#10712 Jan
5
4
118i2Mar 14
378 Jan 21
Jan 30
Feb 28
634 Jan
69
1758 Feb
9312 Jan
Us Mar
155s Mar
80
Jan
Jan
378 Jan
85g Mar 13
1858 Feb 20
213g Jan
6
1157g Jan
8
135s Jan 21
207s
98i4
31%
9934
1218
94U
4i2
6
21*4 Jan 21
2
77
Jan
6
27, Jan
2
3
par
par
16
100
32%
2
100
Guantanamo Sugar
Preferred
1
No par
..100
Gulf Mobile & Northern...100
Preferred
100
:
Gulf States Steel
No par
Preferred
Hackensack
683 Jan 15
235g Jan 15
35i2 Apr 2
33% Mar 25
Jan 16
Jan
2
33% Mar 9
20i2 Feb 19
Jan
6
44
Hall Printing..
Hamilton Watch Co
3
31
Jan
7
Jan
6
50% Mar
9
Jan
Jan
Jan
Jan
Jan
7
7
2
2
7
30
Jan
4
25
35
Jan
2
......10
6
Jan
9
Jan
2
No par
14
Jan 24
100
110
Jan 11
Hanna (M A) Co 55 pf.No par
Harbison-Walk Refrac. No par
103
Mar 30
Preferred
Hat Corp of America cl A
120
1
12
6H% preferred
Hayes Body Corp
100
2
109
Oct
4i2 Nov
4114 Dec
109
3%
39%
Oct
Dec
Dec
33i2 Dec
51
Nov
19i2 Aug
93
Aug
834
7584
Dec
Dec
49i2 Dec
111
434
Oct
Jan
1438 May
11U2 May
22
Nov
120
June
104
105
Dec
7% Mar
40
Mar
1584 Mar
Apr
2i2 Apr
20
Apr
li4 June
514 Mar
2'4 Mar
143g May
1818 Mar
2234 Oct
70
39
Mar
9
14058 Mar 16
26
Mar
914 Mar
9% Mar
Dec
14i2 Dec
82
Dec
2678
Jan
92
Jan
10i2 Dec
85
Dec
4i2 Oct
13% Nov
5
Jan
2984 Jan
35% Nov
3314 Nov
38i4 Sept
2658
Jan
Jan
140
May
21
Apr
50
Dec
2838 Mar
2
2558 Nov
2858
1
Dec
34
95
Dec
95
Jan 23
Feb
8OI4 Jan 27
3i2 Feb 7
4618 July
39
19
Feb
Mar 19
1
Feb
1934 Mar
4
4
Mar
65
Mar
3
6
Apr
48
Mar
6
12
Mar
118
Mar
6
48
Mar
32i2Mar 25
3618 Jan 16
10
Apr 3
213g Feb
119
Feb
4
8
2
U4
9
9
Mar
5
Dec
3034
Dec
Jan
35
Dec
4
Mar
8
6i2 Apr
63
16
9984
81
Oct
14i2 Nov
Jan
112
Dec
105
Nov
5i2 Feb
Jan
33i2 Nov
108
30
1638 Mar 25
115
7412 Nov
234 May
43U May
1U2 Dec
3414 Dec
Jan
Jan 20
104i8 Feb 17
484 Jan 7
3478 May
119
100% Sept
3
Dec
Dec
9
105i2Marl8
41% Apr 1
124% Feb 14
Jan
16
35%
Feb
55
3
30% Jan
100
ig Apr
5938 Nov
Mar 16
105
Preferred..
1
Feb 21
Mar 30
25
7% preferred class A
14
20
14
17
11
Jan 18
2
Mar 13
Jan 29
100
Water
Feb
Mar
Feb
Feb
Mar
Mar 13
136
134
26%
914
30%
2838
Feb 10
Feb 19
IU4 Mar 20
Mar 27
334 Jan
185s
30%
30U
28i2
Rights wi
Jan
116
6
Great Western Sugar. .No par
1047g
7i2 Feb 28
IOI4 Feb 17
Feb 10
Jan
par
Feb
116
Jan
...No
Grant (W T)
No
Gt Nor Iron Ore Prop..No
Great Northern pref
233s
11534 Jan
Jan
Jan
Ills Mar 12
86% Mar 6
55% Jan 14
_
45% Mar 13
107
Jan 24
h Apr
1434 Mar
1634 Jan
114i2 Jan 27
Jan
9
1
Feb
8*4 Mar
'
70
18
1534
32
33
87
1
li2 Aug
15i2 Aug
1858 Jan
5% Jan
...100
Preferred
Nov
64i4 July
145% Oct
4078 NOV
3778 July
Apr
5
10
Feb
Oct
Mar
683 Nov
Mar
Mar 18
10
8
11
6
Feb
Aug
103s Nov
70
Jan 27
Mar 26
36
46i2 Nov
127i2 Jan
20% Jan
30
Sept
i4 Feb
146
120
537g Jan
118
75
110
*17
1834
1678
17%
116% 116% *116% 120
105
105
*104% 105
*124i2 140
117i2 Jan 13
62
200
6
Feb
47i8 Mar 21
70% Jan 6
120i2 Jan
5934 Mar 17
100
3134
2
43g Feb
48
50
Greyhound Corp (The)
400
-
3634 Apr
Jan 24
600
Jan 10
417g Feb 17
Mar
24
1,100
76
58i2 Jan 14
19i2 Jan
Green (H L) Co Inc
Greene Cananea Copper
4178
417g
*112
*112
33"
17%
18i2 Nov
Mar
50
3,200
50
Mar
143
Jan
No par
Graham-Paige Motors
Oct
Mar
Mar
Goebel Brewing Co
Gold Dust Corp v t c
56 conv preferred
22i2 Nov
4
Feb 13
Mar
Gobel
47i2 Dec
53s Nov
1314 Dec
1078 Deo
19
95
18
Preferred
17%
49%
2
5U Mar
7012
2%
..No par
Dec
2
90
Glidden Co (The)
Nov
55
#1338
Jan
86
100
Nov
303*
125
1134 Mar
7% Mar
Apr
No par
Nov
115
Mar
Preferred
Dec
36% Nov
MarlO
12
Gimbel Brothers..
Jan
lOOig Sept
48i2 Dec
14
No par
Dec
5i2 Mar
8434 Jan
32% Mar
Feb 21
Conv preferred
638
11»4 Jan 11
1558 Feb 11
33«4 FeD 10
2
Green Bay & West RR Co .100
250
Mar
6012 Feb 7
185g Jan 16
26,100
800
7
43
3834
234
484 Mar
7, May
165s Mar 13
38%
36
5
Mar
42
2,700
234
Feb
15
Gen Steel Castings pf .No par
Gillette Safety Razor.-No par
5,500
5,200
17U Mar
112i2 June
Feb
Feb 21
19%
78%
70
43
3234
6478
30% Apr
Feb 17
2>4 Jan
1834
64
603g Mar
1934 Mar
111
Feb
150
Jan 21
14
Goodyear Tire & Rubb. No par
1st preferred
No par
*71
Dec
Dec
35% Apr
33i2 Feb
32%
36
140
25i2 Dec
10278 Dec
587s Aug
30
1
187g
3834
27g
278
Jan
Dec
978 Mar
$6 preferred
..No par
General Refractories...No par
33
104
104
105
103
104
10314
41
41%
41
41
40%
41%
4U4
4112
4158
41%
*124% 140
*124% 140
*124l2 140
*124l2 140
*124% 140
16
1534
1578
1578
15%
1534
1538
1534
1512
157g
1534
15la
110
*106% 110
*107
107
1071?
*10734 108
107% 10712 107l2 *107
8
734
77g
8
8
77g
734
734
734
778
734
75g
*103U 105
No par
No par
1734
48%
18
..No par
No par
18
11614 II6I4
General Motors Corp..
10
55 preferred
...No par
Gen Outdoor Adv A
No par
Conv pref series
3712
93
100
Granite City Steel
Part paid rets
36%
41
Preferred
Grand Union Co tr ctfs
78%
5>4 Jan
17
2
70i2 Jan 2
545s Feb 21
39
1,100
1,100
65
6
6
10% Jan 13
97
Nov
Aug
7934
Feb 29
Jan 23
Jan 27
Feb 19
Mar 20
Jan 29
Jan
May
Apr
3% Aug
3038
355s Feb
7
334 Jan
12
19
Feb
Feb
63i2
6%
18%
12i2
103%
35
July
78
2i4 Mar
20% Jan
Feb 20
Gen Ital Edison Elec Corp
General Mills
No par
4,200
26%
6
75
19
19%
2534
July
2
77*2 Feb
3
35%
26%
26%
114
132
Gotham Silk Hose
5,500
Mar
Marl6
1,200
------
IO6I4
13i8
84%
448g
473s Jan 17
Jan
Conv pref series A.. .No par
19%
75
Jan 18
384 Mar
47% Mar 5
3834 Feb 17
Jan 20
2812 Jan
125
8,100
3578
Sept
33i8'Feb 11
2
35%
35%
Jan
78 Jan
4%
*52
25
38
78
*138%
Apr
48% Jan 11
29i2 Jan
1134 Mar
36% Jan 21
33% Feb 18
19%
35%
75
*52
16
7
100
2% 123,900
Feb 28
32i2 Mar 30
No par
Gr'by Con M Sm & Pr stpd 100
2%
4514
127
No par
Common
25
28i2 Mar
10434 Feb
Jan 21
Gen'l Gas & Elec A
620
36
4712
100
1,600
2%
35%
2
100i2 Feb 26
40'2Mar 23
25i2Mar 21
4*8 Jan 6
3714 Feb 7
General Electric:
General Foods
32,200
37%
2%
35%
#247g Jan
Mar 14
3%
4%
*T?Rlo
"75"
*112
32%
36
116
3514
2%
3534
*138
75
*3U2
93S
2
4
9
3%
32%
187g
1914
3714
Jan
16% Mar
112
Jan
20% Jan 27
64
Apr
May
8i2 Dec
4i2 Jan
25
Jan
Jan
Jan
Jan 23
3%
4%
3434
95
Jan
No par
Dec
Dec
72
Aplr
Feb 18
No par
Aug
1214 Mar
678Mar
4% Feb
25% Mar 6
49i2 Feb 14
Jan
12
94%
4%
19%
Apr
54
178 Mar 31
3434 Feb 6
143s Jan 6
3%
3434
Jan
40
1
3%
3378
48
Mar
Mar
1% Apr
3%
'
Feb
92
22
7% preferred
Nov
21% Nov
#85
Aug
101
Jan
5
General Cigar Inc
Dec
Dec
125
Mar 27
63
100
15
Dec
39i2 Dec
Mar 30
3
No par
35g
43
141
preferred..
% Mar
6978
73g
414
2i2
2012
2
3
92%
3l2
3is
434
193g
325g
cum
Nov
Dec
5
Class A
7%
6
5% Mar
Jan
..No par
Apr
Apr
47% Jan
10
Dec
2
115
No par
General Baking
$8 preferred
40%
Feb
151% Feb 25
41i2Mar 25
...
Rights
General Asphalt
Jan
Mar
122% Jan
315s Feb 24
19i2 Feb 25
5
3%
93
31s
458
1938
1858
*112
36
*9112
33g
3214
35%
*45lg
4378
2878
95
2%
*16i4
50
112
1,400
3714
*16"
*313s
15,300
94%
38
*46
112
20%
6434
17
*40
19%
6312
*234
46i8
--
94%
28%
36
*71
16
9,100
--
95
32
25l2
46%
20%
*108%
*108%
33
35
3
20%
20
20
20
1812
*52
36
13,600
20%
19l2
3234
2
63i2
4,700
9%
1978
312
*32
255g
634
9
95
*138
"
6%
9%
117g
32
75
634
9%
29
3234
2%
353g
380
107%
6%
93g
95
*183g
3538
36%
12,200
1978
3%
434
1834
1,100
94i2
33g
32%
107
10,200
9412
2812
3j8
434
1914
19%
3212
3378
*138
*138
*52
.
*10812
.
107% 108%
10S12 10812
634
6i2
52
No par
Preferred
54
17%
..No par
Preferred
Gen Amer Trans Corp
Gen Realty & Utilities
300
4278
54
17
No par
5,100
3
35%
17is
Gamewell Co (The)
Gen Amer Investors
Gen Railway Signal
mmmm
27g
35%
10
General Printing Ink. .No par
56 preferred
No par
Gen Public Service
No par
20
*11734
Free port Texas Co
Preferred...
100
Fuller (G A) prior prefNo
par
$6 2d pref
No par
Gabriel Co (The) cl A ..No par
1,000
478
4534
47g
45
1
w
14
May
Jan
27
7% pf 100
Nov
19%
13%
8534
147g
Mar
111
2,800
*106%
4%
46
w
Mar
Mar
4
No par
Fourth Nat Invest
55
7i2 Dec
17
97
Nov
55i2 Nov
49% Feb 19
3
50
Feb
7
84
Dec
8I4 Nov
Mar
6
25
Sept
134
15
15% Mar 4
4078 Jan 8
8% Mar 19
Feb 25
Jan 3
Jan 10
Jan
3434 Jan
.No par
Preferred
7
7S jan
17s Aug
66
Aug
Mar
5®4 Mar 25
18is Mar 25
57 pref class A
No par
58 pref class A......No par
49
48
new. 10
General Bronze
8
7%
No par
Machinery Corp
General Cable
500
Jan 15
110
3,900
1,200
69
3
5834 Nov
Mar
14i2
15i2
4i2
7%
8i2
634
69i2
10i2
Feb 15
6M% preferred
100
Firestone Tire & Rubber... 10
Preferred series A
100
6,100
70
6 984
198,100
69%
69%
1,800
119% 11934 #119% 119%
30
30
30
3034
2,300
69
•
40
119% 119%
*119% 120
_
1718
5,100
900
-
17
7,900
63
119i2 11912
11912 11934
29
29
29
2714
7L
7h
73g
7l2
7%
49
*48
*48
4834
48i2
49%
106i2 10634 *106i2
*106%
5
434 "434
47g
47g
434
45
45
45
46
46
4578
*11734
*11734
*11734
3
3
"3"
3
i 3
27g
36
*35
3512
35i2 *35%
351?
42%
4234
42%
4U2
4U2 4212
52
*50
'62
5314
5314
53%
17%
34,100
55
63
63
734
— -
1,400
100
6234
29
17%
8734
88
63
3,400
4,000
45%
4918
*62
*4912
*106i2
41
70
170
*34%
45%
55
*39
62
73g
*52
5,900
19
42
First National Stores. No par
Fiorsheim Shoe class A .No par
Apr
7034 Apr
75s Feb 2i
1758 Feb 21
2734 Feb 21
Fidel Phen Fire Ins N Y2..50
Filene's (Wm) Sons Co-No par
Fkin Simon & Co Inc
55
*3412
49i8
49%
73g
*35
7,300
49%
55
*39
55
*39
Federal Water Serv A -No par
Federated Dept Stores .No par
Foster-Wheeler
40
*39
*34l2
55
49ig
Federal Motor Truck ..No par
Federal Screw Works.-No par
6,600
*34%
*32
100
t Follansbee Bros
49
49
*32l2
..No par
Food
*32
*3212
49
100
Preferred
1,600
49
49
*32l2
*34i2
par
70
14
lis4 Jan
3li4
V
43s
234
1U2
Fajardo Sug Co of Po Rico .20
Federal Light & Trao
15
1,600
60
119i8 119l8
5
......
800
1193g 120
4412
*11734
2%
600
5,800
16,300
*39
28
4,800
53g
49
655g
2,300
141®
*3212
*34i2
62
700
2,700
5,900
69
.
conv preferred
Jan
1314 Apr
67% Apr
4
Jan 10
100
Preferred
9,300
32
31
31%
32%
3034 31l2
♦130U 135
*131% 135
*131% 134
*67.
6%
Jan
Jan
Federal Min «fe Smelt Co.. 100
4312
*514
14
40
400
7234
42
42
42
43
44
43
4234
4338
4U4
4212
6
5%
53g
55g
578
5%
534
6I4
6%
534
14
14
*14ig
1434 *14%
1434
1434 *1334 1434 *14
11
11
11
11
107g
1012
1078
*10%
11%
107g
10i2
10i2
*10034 102
*10034 102
*100S4 102
101% 101%
*10034 102
*10034 102%
55
55
52
52%
5312
5412
52i4
54l2 55
yblh
5134
5234
1%
u2
17g
13s
158
1%
1%
1%
32
32%
315S 317g
3U4
315g
3118
3134
31%
3U4 3U2
32%
13
13
1234
127S
13%
1278
1278
1234
1234
1234
127g
13%
143
144
143
*143
*144
148
143
145%
14514 *143
145% *143
9%
10%
95g
97g
934
934
958
984
934
934
934
9%
13
127g
13U
1284
13%
13i8
1314
13%
1234
127g
13%
1314
30
30
30
30%
2834
2834
*28l2 30
28i4 283s
29%
30%
92
91
91
*91
92
92
92
*90
91%
907g
*89i2
9U2
57
57
57
57
57
57
56%
*565g
*56%
5714
*56l2 5734
141
142
142
*140
*141
140
*140
143
143
143
*140% 143
38
40
40
38
39%
383s
385g
3834
3834
3958
38i4
39%
35
35
3634
36%
34% 3514
3514
35is
3578
3634
35ig
3578
2%
23g
23S
238
238
212
2%
2%
23g
2i2
2i2
2l2
28
27
*25
32
32
30
*25
26
27
28
*26i8
*26%
42
200
7,500
Feb
134
i4 Mar
Apr
6284 Jan
12534 Jan
U8 Mar
%
534 Apr 1
11% Jan 21
163s Jan 21
12
Fairbanks Morse <fc Co .No par
7,900
55
68
25
Preferred.
69
50
5
580
5,500
.
5
1,950
34%
*63
1% Jan
5514 Jan
1% Feb
37S Feb
% Jan
50
50
Exchange Buffet Corp.No
116
34%
7284
Pittsburgh..
1,100
48*4
48% Mar 31
par
100
.
4
116
34
33%
*63
7234
Second preferred
15
47*2
$ per share
No par
7
4
$ per share
39 ? Mar
par
Eureka Vacuum Cleaner
Evans Products Co
1,200
Highest
5 per share
Equitable Office Bldg_.No par
Erie
...100
First preferred
....100
4,500
,
Lowest
62i8 Jan 31
Preferred
100 #12512 Mar 17
Engineers Public Serv..No. par
7% Jan 3
$5 conv preferred
No par
45% Jan 14
$5H preferred
No par
48
Jan
6
Erie &
72
*143
148
146U 146%
148
148
*14212 148
*142l2 148
*142i2 147
38
38
38
39l2
3958 4014
385s
38%
37%
38%
3978 40%
23
*23
24
24
25
2338
2314
233s
23%
2234 2234
24%
92
*92
92
92
92
92
*92
94
*92
94
92i8
92i2
47
48
*42
47
*43
47
48
*4414
*44*2 47
*45%
*45%
70
73
74
*7178
*6978
6978
74i2
7412 *71
737g
737g
75ig
11
105g
1038
1034
1034
lll8
11%
1012
10i2
1034
11%
1078
*5
514
514
5i8
5%
5i4
5%
5%
5ig
5%
5i8
*5%
312
3%
33g
33g
*3%
358
334
3%
*33s
3%
334
3%
23
24i4
22% 22l2
2458
2514
2434
2212 23%
24%
24%
24%
43
43
43
44
44
42% 4234
4212 4212
4314
43%
44%
26
26
26
26
26
*2314
*2314
*23l4
*23%
*2314 26
*23%
*11012 11378 *11012 U37g *110l2 1137g *1I012 11378 *110% 112
*110% 112
3078
30l4
30l4
30i2
3114 #31%
30l2
31%
3034
31%
30i8 30%
103% 10358
*10338 10312
10312 10312
10334 10384
103% 104
*10378 104
44
45
45
46
447g
445S
4534
43i2 44
4212 4314
44%
*26
28
28
*26
28
28
*26
28
28
*2614
*26%
*26%
10
934
*9ig
934
9i8
9is
934
10%
*9%
*9lg
912
934
44
44
#44
4412 4478
43% 4334
*4314 45
4484 4434
43%
33
33
35
3314
32i4
3258
3212 3334
32i2
3334
33%
32%
*114
Eleo Storage Battery..No
t Elk Horn Coal Corp. .No
6% part preferred
Endlcott-Johnson Corp
56 preferred
400
578
*1384
47l2
300
64
7i8
414
15
800
12512 125i2
1234
13
Year 1935
Highest
5 per share
Par
1,200
67
Range for Previous
Lots
Lowest
1,400
7,
23(
1936
EXCHANGE
7
145s
35U
7
the
50
78
23g
'
72
14i2
35%
7
7'4
3%
1378
57g
2178
*15
49U
7g
23g
67
■
*6038
12512 12618
13
13i4
66
6712
68I4
70
7034
7034
534
534
1438
153S
22l2
2312
16is
16i8
12578 12578
J 314
1114
67
50
78
238
2i4
67
*_
72
14%
34i2
634
334
1334
7
1414
44i2
♦
72
14i4
3434
714
35
4912.
1
214
On Basis of 100-share
Shares
50
49i2
*7g
1
2i4
21?
67
67
*6038 67
*6038
*65i4
*12534 1261g *12578 126is *12578 126is
11
11
1034
10%
111?
1012
62
62
58l2 60
63% 66
*61
66
68
63 34
65
6334
70
70
72
70
*651g
*66i2
6
6
6
578
578
578
14
14
14i8
14l8
14i8
137g
*21
2138 21%
2214
*2U2 22's
15
15
*1412
*14l2 151?
1514
2%
$ per share
Range Since Jan. 1
YORK STOCK
Week
$ per share
$ per share
49
485S
*7?
1
2i2
Apr. 2
Friday
Apr. 3
2
Apr
$ per share
49
*4858
*78
1
21®
*214
Wednesday
31
April 4
Mar
Jan
Feb
158 Mar
3038
121
Dec
Dec
14is Dec
113i2 Dec
6i2 Oct
\
For footnotes see page
2272.
=k
'
Tuesday
Mar. 28
132
*152
164
*14934 164
2934 21
2934
29%
*99
103
133
133
*133
*77
75%
<z75%
*38i4
3934
934
34%
*10912
978
3412
111
111
112
112
490
*450
490
*450
*7278
1034
52
5218
I *37%
*64%
5234
5314
5312
4%
4%
412
4%
17%
2%
18
23
23%
*65
65%
200
Leased lines
15
15
15%
130
RR
*6
*136
12
11%
6%
12
15
15
5%
*4%
6%
*5%
*3078
*4%
31%
4%
*4%
31%
*4%
6%
5%
31%
4%
13
13
13
13%
~46ir 47%
•158
^
47%
434
5%
4%
47%
26
*51
19
58
58
16%
*12%
16%
1234
f
*85
88
414
133s
53s
13%
5%
38
38
180
47%*
84%
85%
3712
180
180%
3%
2%
29%
42%
110
25%
51%
18%
18
59
110
♦
334
6I4
4912
86%
86%
20%
22%
22
28%
*28
108
109
125% *123
*
153
*86%
28%
70%
72
70%
*70i2
115%
110
11034 112% 113
125%
125% *123
125% *123
300
153
23%
36%
22%
23%
91
90
90
22%
91%
23%
91%
37%
37%
37%
37%
38
*89
90
90
90
*25
25%
26%
26%
26%
26%
5%
*5%
5%
5%
5%
37
*90
*35%
*90%
38
90%
26%
*5%
*35%
22%
90
37
90%
26%
5%
36%
2234
22%
22%
22% 22%
22%
22%
*103% 104% *103% 104% *103% 104% *103% 104%
6
*5%
6%
*5%
*5%
6%
6%
*5%
72
110
*81
110
72
72
72
72
72
24%
24%
24%
24%
24%
26%
27%
*37%
40
*22%
22%
*25%
*37%
22%
*8%
15%
20%
*8%
9
15%
15%
*20
123
20%
123
40
22%
9
*25
*37%
22%
*8%
23
15%
90
26%
Kimberly-Clark—
*5%
26%
5%
600
5%
100
Kinney Co
Preferred
36
38
22%
23
104
6
104
6%
*36
22%
38%
80
23%
7,800
6
6
400
110
mmrnmrn
2412
24%
24%
24%
20%
20
20
122% 122%
11% 11%
2%
2%
12%
11%
9
121
n21%
122% wl00% 100%
12
li%
11%
234
2%
2%
2%
12
12%
12%
11%
11%
9578
13%
95%
95
96
96
96%
13
58
59
59
60%
9%
57%
9%
13%
58%
13%
5734
13%
58%
96%
13%
97%
13%
28%
27%
*25
37i2
23
28%
38
23
858
8%
1478
15%
*25
28%
37%
22%
8%
14%
23
8%
15
21
21%
21%
2034
al01% 101%
10012 101
12%
12%
12
12%
2%
2%
2%
2%
12
*4078
42
38
38
47
47%
*105% 107%
3
3
6%
7
*40%
*38%
47%
*22
72%
27%
*135
*40
*130
3234
12%
11%
97
97% 100%
13%
12%
6,800
13%
61%
60%
61%
6,800
9%
9%
3,500
45%
44 %
44%
45
45
41%
40U
41%
41
42%
8,000
4734
47
47%
47
47%
17,000
107%
10714 107% ♦107
3
3
2%
278
7%
7%
7%
7l2
200
*22
14%
22%
14
*22%
14
2234
69%
69%
72
72
28%
28%
28
28%
28%
29%
12
800
44
39%
73
38%
2,300
46%
22%
*38
500
44
14%
138% 138%
141
40
*39%
129
40%
*128%
32%
32%
45%
46
*11
12
38
38
32%
45%
*11
37%
141
141
-
32%
45%
141
40%
*128%
40%
3234
45%
33%
1334
*22i8
7234
29
141
*3978
130
33%
14
22%
74%
29%
141
40%
130
33%
12
*11%
12
lli2
47%
11%
38
37%
38
3734
38%
47
46i2
14%
14%
22
22%
75
74%
30%
29%
149% 149%
1%
%
39% 39%
*128%
33%
46%
*11%
39
m
4,400
60% Mar
109
Jan
13% Mar
778
6% Apr 2
14% Mar 20
334 Jan 7
Jan
1878 Jan
3
Jan
9
8% Feb
658 Feb
19%
Jan
9
36% Feb
2% Jan
2
334
Jan
9
18
11
14
14
14
4
2
578 Mar 11
MarlO
173
Feb 21
185
3% Jan
4% Jan
73s Feb
100
No par
No par
5
Lane Bryant
Lee Rubber & Tire
Lehigh Portland
3
1
2
18
Mar 31
56
Mar 13
67
13
Jan
887s Jan
2
22«4 Apr
6
4
2934 Feb
123
Feb
Jan
15
58% Jan 18
94% Jan 3
12184 Feb 5
Liggett & Myers
Jan 11
Lily Tulip Cup Corp.—No par
Works,-No par
Link Belt Co
No par
Liquid Carbonic
No par
Loew's Inc
No par
Preferred
Loft Ino
No par
.No par
Lorillard (P) Co
5% preferred
100
39
2784 Jan
9
80
7
Jan
22% Mar 12
20% Mar 12
1434 Jan
28% Jan
89
18% Jan 7
4% Mar 23
35
Mar 20
Marl6
66
23% Mar 13
22% Jan 3
37% Feb 20
22
Jan 31
7% Jan 2
13% Jan 21
1534 Jan
30
10,700
47%
14,800
6% preferred
Mack Trucks Inc
100
No par
2
334 Mar
Mar 24
6% Mar
Apr
21% Mar 3
33% Feb 25
91% Mar 10
28% Jan 2
2478 Jan 2
25% Mar 20
91% Feb 11
Feb 19
39
97% Feb 25
26% Mar 20
7% Jan
43
Jan
8
8
25% Jan 2
110% Feb 10
7%
1534
Feb
Jan
34
Mar
6
Jan
3% Mar
10% Aug
84
Mar
1334 Mar
10
Mar
2%
23
Oct
Mar
1934 Mar
103% Apr
3
2
May
Mar
4
42
Jan
77% Jan
3
56%
Jan
8
678 Mar
81
28
Apr
22% May
33% Jan 31
12
47% Jan 31
26«4 Feb 6
19% Mar
2138 Oct
9% Mar 6
16% Mar 17
Mar 24
23
124% Mar 26
14% Mar
Mar
5
May
8% Mar
10% Mar
8934 Jan
5
Mar
1% Mar
100% Apr
5% May
67% Mar
10% Oct
21% Mar
94
Jan
6
12
Jan
2
47% Jan 2
87S Mar 16
27% Mar 31
Mar 16
97
97'4 Mar 13
162% Feb
7
4
1478
63%
11%
31%
Feb
Mar
6% Sept
Jan
Jan 29
21
Ma
Jan 16
94%
116% Jan 15
165
Feb 28
9334
Apr
Apr
115
Jan
3
2578 Jan
2
23% Feb 6
39% Feb 21
Mar 13
5078 Feb 19
36% Feb 26
46% Mar 31
104% Feb 28
2% Jan 2
338 Jan
2
40% Mar 13
109% Jan 30
42% Apr 3
54% Jan 8
108% Jan 15
3% Feb 11
8% Mar 24
20
39
Mar 13
Jan
7
13
Jan
3
20%
Feb 20
45
Jan 17
11034 Mar 23
26% Jan 27
151
Jan 30
151%
15%
Jan
Oct
13% Mar
17% Mar
24% Mar
31% Feb
102
Feb
1
Mar
1% Mar
33
Apr
10734 Nov
18% Mar
Apr
124
% July
57% Jan
24% Jan
129
2
39
35
1
42
Jan
127% Jan
273s Jan 30
45
Jan 30
8% Jan
34% Jan
17% Jan 13
23% Jan 28
75
Apr 3
Feb 19
164% Feb 28
Jan
% Apr
Inc.—No par
200 Madison Sq Gard v t c-No par
10
4,300 Magma Copper
Macy (R H) Co
Apr
Feb
Rights
10
Feb
50
16% Feb
—100
600 Louisville Gas & El A..No par
3,500 Louisville & Nashville--.-100
1
17,200 Ludlum Steel
Conv preferredNo par
600
MacAndrews & Forbes
38% Mar
117% Mar
11% Mar 27
100
No par
200
7
Mar 20
142
68,400
2
Feb 28
87
22
Preferred
Mar
115% Mar
Jan 21
26
2
10
7% preferred
J Louisiana Oil
Jan
49
90% Feb 21
120
2
Jan 27
2
25
100
110
Feb 21
Jan
17
238 Jan
Tobacco.-25
70% June
6% Mar
24% Oct
126% Feb 24
19% Jan
13
8% Jan
Series B
56% Dec
5% Mar
878 May
2
18
2
19
24
77% Feb
129
July
130
78% Jan 15
118
10678 Jan
No par
50
Lehman Corp (The)-. No par
Lehn & Fink Prod Co
—5
Libbey Owens Ford Gl.No par
Libby McNeill & Libby No par
Life Savers Corp
5
Lima Locomot
2
Jan
82
16
Jan 30
14% Mar
Dec
42% Mar
19% Feb 17
2
12% Feb 17
50
+
_
25
29% Feb 27
53% Feb 21
23% Jan 30
Cement.—50
100
Lehigh Valley Coal
Preferred.
4% Mar
21% Jan
98% Jan
Feb 10
111
Feb
25% Apr
47% Jan
2
9
2
7% preferred
Lehigh Valley RR
38 May
3% Feb 10
36% Feb 8
44
Mar 26
1% Jan
23% Jan
37% Jan 30
108
Mar 18
4
2% Jan
7478 Feb 26
5% preferred
Lambert Co (The)
2
8
129% Mar
Jan
100
8,200
230
54% Feb 19
44% Jan
Jan
1% Mar
178 June
22% Jan
12378 July
1% Mar
38 July
Feb 21
8
103% Mar 16
478 Jan 3
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
—25
40
6% Jan
2
135
3
8
Apr
125% Feb
4
34% Mar
88% Mar 24
160
100
Kress (S
Jan
2278 Mar
4934 Mar 24
35% Jan
56% Jan
148% Jan 23
No tar
Preferred
Mar
July
3% Mar
22% Mar 20
7% preferred.,
Kresge Dept Stores
May
149%
6
Mar
Oct
May
June
26
Mar 23
41
Oct
134
9%
1%
4%
2%
1534 Mar
7
33
Mar
884 Mar
6% Feb 14
Jan 20
11
46% Mar
2% Feb
114% Feb 20
98% Jan 17
6% Jan 6
10
1,100
11,400
34%
11%
39%
—No par
Kresge (S S) Co
Preferred—
«,....
4738
70
*11
700
2,100
40
28
129
900
44
107%
107% *107
107% 107% *107
3
3
2%
3
2%
3%
7%
7
7%
7
7%
7%
43%
42%
42%
*41%
41% 41%
*39%
1,500
38%
46%
22%
w'
5,500
43
73
»
5,700
38%
48%
22%
32%
45%
380
42
14%
40%
1,700
7,400
1178
9%
14
•>
400
28
J434
145
3,900
2,800
9614
1314
6OI4
44
43%
43%
43i2
*41%
42%
*111% 113% *111% 113%
*111% 113
*111% 113
*110% 112% *111% 113
23%
23
2234
22%
2234
22%
22%
22%
22%
22%
22% 22%
148
148
148
*146
148
146
*14334 149
*146
148
148
*146
1434
70
9%
13%
No par
........No par
H) & Co
No par
8,900 Kroger Groc & Bak—No par
Laclede Gas Lt Co St Louis 100
1,200
38
914
9%
9%
9%
9%
27%
27%
*27
27%
27% 28
27%
27%
101% 101%
10078 100%
102
102
101% 101% *100% 102
101
102
101% 102%
102
102%
102
102%
103
103
103
102% 102%
103
*164% 165
*16412 165
*161% 165
*160% 165
*160% 165
*160% 165
21%
21%
21%
2114
21%
21%
21%
*21%
21%
21% 21% *21%
33%
32
33%
33%
3034
30%
30%
30%
31%
30%
31%
31%
9%
*28
50
104% 104%
25
11%
2%
II84
1134
90
26%
*538
24%
1134
2%
91%
*2512
75%
15%
21%
60
*90
74
23
5,800
8,500
39,000
Jewel Tea Inc
400
74
15
Jan 29
Feb 14
147
115% Feb
Preferred
38,600
110
9
9
15
15%
838
4% Mar
2% Mar
23% May
3178 Mar 24
28% Jan 31
Jan
2
27% Feb
No par
Intertype Corp
Island Creek Coal
90%
73
*37%
22%
40
Int Printing Ink
39
*80
39
No par
No par
100
38%
73
30
-
90
20
95
110
*25
30
Class C
39
*91
*72%
*81
Class B
Preferred
23%
91%
2278
*90i4
3812
25%
*80
*80
110
cl A—No par
23%
27%
24%
23%
91%
3834
23
Inter Pap & Pow
2334
26%
37%
Hydro-El Sys cl A
25
Int Mercantile Marine.No par
Int Nickel of Canada--No par
Preferred
100
Int
26%
1,600
95
91
100
26%
29%
29%
22%
par1
No par
Preferred.
22 78
29%
20%
23%
22%
26
*121
8,000
3,100
2,700
20
26%
23%
1,030
37%
*91
91
84%
20%
*29
23%
10
37
95
26
8,600
...........
2038
29%
90%
24%
*25%
100
23%
"84%
26
*91
26%
153
38%
19%
23
*81
No par
24%
122
29%
93
*35
2
27%
25l2
3712
19%
23
37
4% Jan
2634
*121
*
84%
2938
26
♦5%
*35%
83%
38%
19%
26%
23%
Mar
117
2334
153
"§3i4
25%
36
40
10
..No par
No par
..No par
Johns-Manville
No par
Preferred
;
100
Joliet & Ch RR Co 7% gtd 100
Jones & Laugh Steel pref. .100
Kan City P & L pf ser B No par
Kansas City Southern
100
Preferred
100
Kaufmann Dept Stores $12.50
Kayser (J) & Co
5
Keith-Albee-Orpheum
pf. 100
Kelsey Hayes Wheel conv cl Ai
1
Class B
Kelvinator Corp
No par
Kendall Co pt pf ser A.No par
Kennecott Copper
No par
Keystone Steel & W Co No par
*
*121
23%
10
*121%
*12112
73
37%
19%
6,600
800
37%
*29
88
28%
24
*121
*86%
88
22
"81%
81
Apr
Feb 18
18% Feb 24
Corp-No par
Preferred
100
310
No par
300 International Salt
No par
600 International Shoe
100
2,500 International Silver
680
7% preferred
100
71,600 Inter Telep & Teleg.-.No par
2,200 Interstate Dept Stores.No par
Preferred
100
30
28
37
*91
19
1,900
8,100
13,500
2,100
21
23%
95
51%
200
22%
24
26
*17%
25%
13%
36
*91
51
17%
*120%
23%
19%
*25%
13%
12%
"80%
29%
43%
43%
109% 110
13%
24
19%
2%
30%
13
*120%
2234
*29
2%
2934
13%
81
19%
1,500
56%
20%
400
27,200
16%
86%
107
6
49%
49
56%
*69
15
70
Internat Harvester
22,700
127% 127%
6%
5%
3%
*3%
50%
17%
12%
♦
3%
57
70
Feb 19
6
International Cement—No
500
17
"§r
2938
*5%
6%
14,600
57
81
29%
3%
3%
9,500*
87%
160
17%
13
125% *123
49%
86%
160
57%
"81"
*19%
37%
16%
86%
110
153
5%
57%
28% 28% *28
121% 121% *121%
84 Apr
9% Mar
45
4
No par
No par
No par
8,200 Internat Agrlcul
Prior preferred
100
1,600
2,200 Int Business Machines .No par
13%
16%
x70
6% Mar
Jan
1,300 Intercont'l Rubber
13,100 Interlake Iron
4%
58%
70
2
6% Mar
Jan
Preferred
530
32
48%
87%
160
Jan
Feb
234
1934 Mar 6
3% Feb 19
287S Feb 19
Jan 25
Jan
Jan
1% Mar
43
6
12
Certificates
80
181% 182
49
48i2
48%
47%
85%
28
*68%
70
111
125% 125% *123
36
37%
180%
1738 Feb
49
Internat Carriers Ltd
20%
21%
*121%
153
1334
5%
129%
*127% 129% *128
6% ;
6%
6%
6%
5%
3%
312
334
3%
3%
234
2%
2%
2%
2%
31
31%
30
30%
30%
44
43
43i2
4334
42%
10912 109%
110
*109% 110
25%
25%
25% 25% *25%
51 is
51%
*51
5134
51%
18
18%
18
18
18%
57%
16%
16%
12%
87%
28
28
15%
4%
13%
5%
36%
4%
128
5%
51%
1978
19%
*128
25%
*85
♦
47%
110
*18%
58%
16%
12%
111
4%
33
32l2
87
*18
*69
5
*158
*25%
51%
51%
19%
*27%
*121%
6%
4%
31%
87%
110
110
*25
*5%
5
3234
3
58
*
85%
*12778 128% *127% 128%
6
*5%
5%
534
3%
3%
3%
3%
2%
2%
2%
2%
30
30%
30
3034
42
42%
42%
42%
110
6%
5
*158
160
160
157% 159% *156
4%
3%
4%
4%
4%
4%
6
6
6
*5%
5%
5%
50
49
49%
48%
47% 48
160%
*5%
47%
47sJ
85
84%
83%
*514
5
4%
13%
5%
4%
13%
5%
37% 37%
177
178%
178
6%
32%
5%
38
37%
176
6%
15%
5
32
4%
6i2
15i8
*5%
5
6% Mar
100
Preferred
100
No par
5,300 Inland Steel
7,300 Inspiration Cons Copper—20
1
2,000 Insuranshares Ctfs Inc
1,800 tlnterboro Rap Tr v t C..100
400 Internat Rys of Cent Am. 100
6%
6%
6%
15%
15
3078 Mar
Mar
2
1
Feb
338
Feb
33
Jan 14
Dec
Apr
44% Feb 20
7
1958 Jan 22
33
Jan 22
100
19%
35% Mar 26
Jan
15
10
6% Mar
3
11% Apr
118
584 Mar
44?8 Feb 19
2
Jan
8184
.......
-
6%
5%
13
5%
5%
«.
12%
12%
12%
12%
-
111%
111
15%
6%
32
134% 135%
*136
110l2 111
110% 110%
12
12%
110% 111%
15
134
31
30
104
Feb
Sec ctfs series A.—100
Indian Refining
9,800 Industrial Rayon
2,100 Ingersoll Rand
6%
*5%
6%
135
*136
*136
24%
30%
30
134
133
....
'
*5i8
6%
30%
29%
132
132
132
2434
*6
6%
30%
29%
24%
2%
2%
Hupp Motor Car Corp
Illinois Central
5
119
Apr
73%
74% Feb 15
12% Jan 15
5773 Feb 19
578 Jan 23
4
100
65
15
~
6% pref series A
15
11%
6%
39%
300
64
110% 111%
178
14,600
40%
39i2
23%
39%
9,800
Dec
Jan
10'4 Jan
No par
Hudson Motor Car
16
5%
39
25%
*38
26,lOol
64
6
177
1212
18%
15
131
5%
Preferred
300
1212
39%
2%
18is
2i4
Oct
131
7
4834 Jan 21
5
100
100
18%
64
*4%
5%
Hudson & Manhattan
*15
6%
6
Howe Sound Co
1,800
16
30%
634
1,600
4%
64
*6
15
53%
4%
90
Feb
683 Jan
25
1314
*13
2%
18%
2%
23%
39%
17%
2%
23%
*136
684
5234
4%
Jan
65%
pf—50
Fin partic
Houston Oil of Tex v t c new
10,500
64
15
15
Household
200
1U8
Jan
Mar
2634 Jan 21
.No par
Class B
16,600
75
*15
30
*110% 113
12
1178
30%
1034
5312
1034
5318
4%
*37%
30%
134
2978
*74i8
41
39%
65%
*63%
*136
*7338
485
36% Dec
11
544
__100
Houdaille-Hershey cl A No par
June
71
Mar 30
Homestake Mining
June
162
122
112
600
42%
18%
2%
25%
39%
6%
*131
12
4238
f
2%
*37%
15
15
*6
30%
18%
1034
23%
39%
65%
22%
18
1034
*12is
2%
1234
74
10%
1734
2%
*1234
FT??
29i8
74l2
1138
5312
4%
1234
74
438
13l4
438
2818
*73i2
28iS
7278
1034
5214
4%
12%
Jan
141
Jan
2
3534
19% Jan 13
108
Feb 17
300
490
490
4212
30l4
74l2
11*4
9
5
No par
100
Dec
Jan
142%
105% Feb 17
13384 Apr 3
80
Jan 13
Jan 30
115% Jan 16
30*8 Jan 2
No par
120
127
163% Mar 24
7588 Feb 27
No par
preferred
6,100 Holland Furnace
12,600 Hollander & Sons (A)
8,600 Holly Sugar Corp
20
7% pref
*109% 114
490
4212
29%
4258
42l2
283s
/7278
1012
5214
10%
28
*4238
42%
Conv
$ per share
Jan 27
141
Jan 23
Hershey Chocolate-...No par
200
32
31
84
128
100
$7 cum preferred
50
773S
11714
11712 *115
40
42
39
3978
IH4
118s
1U8
IH2
1138
333s
4212
2838
400
117
383s
*42%
281S
Hercules Powder
2
2934 Mar 28
No par
No par
Hercules Motors
300
77
77ig
117
*450
485
485
4234
28l2
74
*423S
4,600
13334 13334
*76
7714
32i2
33
*11112 114
*10912
490
*430
*77
7738
*77
77i2
11712 *115
117i2 *115
38
3778
3812
39i2 40
10
934
978
978
978
33
34
3434
3212 3384
*115
117
*115
3214
3178
Jan
12478 Mar 27
156% Jan 27
100
10178 10178
*13312
13314 133i4 *13312
(GW)
Preferred.
*14934 164
105
105
*10178 105
102
Helme
120
25
25
Hazel-Atlas Glass Co
*120i2 132
Highest
$ per share
85
Jan
$ per share
133
Mar 6
$ per share
Par
100
*12512 130
*125ia 130
*120l2 132
*14934 164
30U
32
'30%
30
30i4
30l4
102
102
*98
Week
Shares
Lowest
Highest
Lowest
$ per share
$ per share
$ per share
*12012 132
*12012 132
Year 1935
EXCHANGE
the
Apr. 3
1253s 1253s *125i2 128
*120i2 132
*155
164
*14984 164
*12538 12712
♦121
Apr. 1
$ per share
$ per share
$ per share
♦12538 129
Thursday
Apr. 2
Wednesday
Mar. 31
Monday
Mar. 30
Saturday
Range for Previous
100-share Lot
On Basis of
STOCK
NEW YORK
for
Friday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
LOW SALE PRICES—PER
AND
HIGH
2277
New York Stock Record—Continued—Page 5
Volume 142
% Apr
130%Mar 16
3634 Feb 19
49% Mar 4
12% Mar
6
42
34
6
Feb 17
Mar
1234 Mar
90%
Jan
38
Dec
3
Jan 21
2
4% June
10% Mar
3778 Nov
113
Feb
18% June
30% Apr
5%
18%
Jan
Jan
Jan
July
3084 Dec
11
Jan
223s
Dec
2278
HIGH
New York Stock
AND
LOW
SALE PRICES—PER
Saturday
Mar. 30
28,
5 per share
2S4
*13
*25S
1434
*9i8
13*8
9
19
*18*2
*20
5*8
9*8
*214
*7*8
*27
*3%
*45
I6S4
*10
3218
*J56i4
47
1812
53
20
;
20
*13*4
*41
19
*19
19%
19
21
2034
55f
21
5*8
934
2*4
*7*2
2%
812
27*4
*20*8
5*4
978
2*4
8*2
5*8
5*4
27
3*8
3*8
*46
17*8
10
32*8
158
9*'
10
19%
21
21
5
2*4
♦2%
9%
*7%
26%
27
*3%
*47*8
17%
47*2
19
10%
19%
19
52
53
52%
31
31
43
43
43
14%
14*8
14*8
*104
106
I7I4
103
*104
17*4
103
*72
7312
9l2
64*8
*938
64i8
37
106
*104
106
*105
*72
74
9*4
73
934
65l2
62
74
9*8
1734
37
37
37
37
37
4734
47*2
19,300
1,000
8,100
19
600
53
500
130
9i2
21%
3734
93g
47*2
934
47*4
93S
22
223g
40
41*8
22*8
40%
9*4
63%
37%
61%
49
129l2 130
*
130*2 131*2
*
94
188
10978 *109
lli4
72i4
*34
*134
*181
22*8
*
11*8
12*8
11*8
73*8
73
73
34
%
%
134
I84
*134
*3
78
2
334
2378
3l2
2334
3i2
237g
8
8
21*8
*3*2
8*8
22*4
334
6*8
2634
6*8
27*8
6i8
27
2678
10034 10034
40i4
407s
52 |
*4738
42
*49
50
*48
70
1*8
*99
41
1*8
3434
1934
1'8
44*2
1%
35%
1958
1934
20
19%
16*4
157g
15*4
15*4
15%
15%
15*4
79
80
79
79
79
27*?
27
27
20*s
19*8
20
28*2
20*4
48
19
193g
19
19*8
19
48
1938
2512
145s
*13*8
25%
15*8
14*8
25
25
48
*46ig
15*4
*1334
33%
34
*
160
26*2
23*4
109
1538
14
34%
160
26*8
23*4
109
26%
23*£
109
*107l2 11J
*107*2 111
1378
14*8
14*8
143g
31% 315?
31*4
31%
321*
302
*30
321£
300
300
*290
m
35i2
97*2
934
11*8
37*4
*1*4
2
34
69*4
36
9734
934
11*4
49%
1934
300
*164
—
141
1134
*36%
3434
28*2
55l2
*5*4
*13*2
*127
1%
*90
12
37
35*4
28*2
55i2
69*2
3534
36*2
9734
*97*4
934
11*4
934
6
1412
130
1*8
98
4*8
1012
578
4*8
*3i2
13l2
10l2
57g
4*4
4l2
1378
67
67
3
*84ls
8612
*10034 102
*134
*231
2*8
234
*10712
26*2
55
267g
55
9*2
102
934
102
*5*8
30*8
*51*8
3i2
27*2
14*8
44*8
9
30l2
56l2
3l2
27*2
1434
44%
15
11*8
3634
3458
*27*4
53*2
*5*4
14
2
*134
78
70
36
9734
978
12
1178
12
35*8
*36*2
37
30
*28
534
*126*2 130
1*8
1*8
98
4*8
15
3534
14
*90
*11
3634
53*2
13%
67
67
11
578
4i8
434
3534
28%
5312 5334
*5*4'
534
*1334
14l2
12934 130
1*2
1%
*90
4*4
10*8
578
3*8
*318
13*4
S6
4*8
4*8
10*2
*5*8
3*8
*3*4
13*4
*66*2
*84is
10*2
5%
3*8
434
13*2
68
86
*84l2 86
10034 10034 *100
L02
2
*134
2
*134
230*2 230*2 228*2 229
107*2 107*2 *107*2
26*2
*5434
958
27*4
55
978
*101*2 102*8
*5*8
83g
30
*54
338
30*8
56
28
1434
4212
15
44*4
For footnotes
100
60
1*8
6,300
35%
20%
36%
15,100
20%
6,100
15
15*4
15%
70*2
15
600
15
49*2
20%
25%
15*4
77%
27*4
20%
27*2
700
20%
24,400
50
'
50
2,500
7834
*150
169
*161
141
69
36
9734
934
29
29
54
54%
6*4
14%
*514
*13*4
130
11%
4*4
11
1%
96
*66*2
84
100
%
34
600
69*4
6934
11,500
37
37
37%
5,200
99%
9%
11%
38*4
4934
101%
9%
11%
11%
2,200
38
11%
*53
57
100
33s
3l2
*27*2
14*8
32*o
4334
2272.
147g
44
3%
*27*2
14%
44
1,400
934
*37%
111*4 111*4
2,600
38*2
1,100
49
48*2
200
111*4 111*4
20
104*«>
1134
36%
3634
29*2
56*2
534
100
15
*12
12
12%
"12",900
37%
1,500
11%
37*8
37%
3734
30
28*4
30
2,000
59
59
59
1,600
534
131
5%
1%
99
67,300
/
5%
120
14%
14
130
*129% 131
•
1%
70
4,500
1%
*90
99
10
4*4
10%
1034
11%
2,500
6*8
6*4
800
13%
334
*3*4
13%
11%
6*8
3%
434
14*4
11
5%
334
434
6%
3%
434
2,400
3%
*3*4
13%
13%
No par
100
Preferred series A
100
Conv preferred
100
Mohawk Carpet Mills
Monsanto Chern Co
20
10
Mont Ward A Co Inc..No par
Morrel ( J) & Co.
Morris & Essex
No par
50
Jan
18i2
39*8
103'8
9U
6
Mar 27
Jan
9
37*4 Jan
12*4 Jan 2
9712 Jan 10
2i2 Oct
334 Mar
1
5
20
9
6
Jan
54
Oct
65
Oct
Jan
103
June
32% Jan 8
I6I4 Mar 11
15% Mar 11
ll234Mar 7
24
493a Jan 24
40
Feb 17
1514 Mar 26
106
Apr
19
3
Mar 24
104% Feb
10*8 Mar
7% cum pref
Nat Cash Register
Nat Dairy Prod
No par
100
100
X Nat
Depart Stores. .No par
Nat Distil Prod...
No par
Nat Enam & Stamping. No par
National Lead
100
116i8
Mai
2034 Mar
Apr
22
24i8
13H2 Mar 30
Jan
Dec
Nov
Nov
Oct
Dec
Dec
Oct
Dec
Sept
Oct
97
Feb 20
85
Nov
85
Nov
200
Jan 29
58
Jan
150
Dec
107i2 Jan
2
6
109% Mar 16
12*8 Mar 23
70'a Mar 24
105
6% Jan
67*4 Jan 17
*8 Jan 7
1% Jan
2
234
2*4
17%
6>2
Jan
2
Jan
14%
23s
378
201*
89*<
35*4
Jan
44
Jan
Jan
Mar
4
July
4i2 Dec
1734 Dec
6*8 Nov
0i2
26U
9*8
2534
1
Feb 8
Mar 16
li4 Mar
10*8 Apr
Feb 21
2i2 July
578 May
Feb 21
7*4 Feb 11
Jan
27% Feb 19
10*4 Mar
I6I4 Dec
li2 Mar
Jan
Feb
103
7
1
Mar
6
55
2
7
2I84 Mar
4178 Dec
71
Feb 25
178 Feb lo
2
Jan
9
Jan 21
Jan
7
Feb
3
153
Jan
9
211*
2114
108i2
107i2
10%
28%
28*4
Jan 6
Jan 21
4
Jan
6
Mar 11
Apr
Dec
7'8 Mar
9U Aug
9i2 Aug
62
Sept
1314 Mai
434 Mar
30
Jan
11
Apr
Feb 11
14
Mar
17'2 Feb 19
15%Mar
9
38*4 Jan 9
162U Jan 24
30
Dec
14
3134
Feb 19
Feb 11
4
2514 Mar
11234 Mar
Jan
6
111
Mar
4
Jan
Feb
60
3
6
3
July
45i8 Apr
69*4 Feb
7
Nov
s4 Nov
2*8 Dec
Jan
17*8 Jan 21
204
75s Nov
68
*4 Apr
4
Jan
22*8
13*8
123s
32i2
*11114 June
% Mar
Jan
17% Jan 21
43
Mar
l»s Feb 10
Mar 27
Jan
Jan
3% Mar
31
2*4 Feb 7
5U Feb 10
Mar
No par
Dec
1538 Jan
115*8 Dec
1434 Dec
9
Mar 27
7% pref class A
7% pref class B
40
3
2234
5114
217s
28*8
100
Nov
10*4 Dec
Jan
28
10
Sept
131
Dec
Mar
84
par
Dec
Dec
88
Jan
No
Dec
14*8
11U2
1984
45i8
142
Jan 20
1
Corp
1478
6018 Mar
Jan
3
11*8 Apr
74
Acme..
Aviation
35i2 June
9712
6514
8%
6O84
3312
42*8
684
20i2
2478
41
5
21
No par
Dec
97i2 Dec
Nov
2i2 Mar
9i2 Mai
8i4 Mar
Mar 31
No par
Nash Motors Co
Mar
11
6
57*4 Nov
20
Jan
714 Apr
6i2 Apr
57% Feb
7i4 Mar
3334 Nov
90i2 Jan
578 May
3812 Dec
8i2 Apr
85i2 Mar
1J8% Jan 3
1184 Feb 14
1734 Mar
1778 Mar
Nashv Chatt & St Louis. .100
28
Jan 31
133a Jan 31
13i8 Feb 1
No par
nov
Jan
377gMar
22i2 Mar
10
3378 nov
156
32%
84i2
No par
Munsingwear Inc
Dec
33
Feb 28
Mar
2
M urray Corp of Amer
Jan
5i2
22*8 Apr
46i2 Apr
16is Jan
5
2334 Mar
136
50i4 Apr
3
Feb 21
Dec
Mar
June
Dec
55
I8I4 Mar 13
21*8 Jan 9
110
Nov
11
Mar
3578 Mar
68*4 Mar 17
3734 Apr 3
50% Apr
Jan 25
40*8 Jan
5*4 Jan
Dec
Dec
6*4 Mar
65
3112 Jan
10
2334
378
45%
1414
4
74
Motor Wheel...
Mullins Mfg Co class A...7.50
Class B
1
National
19
55U Jan 31
7*8 Jan 6
00% Jan
*4 Jan 2
28®4 Jan 21
Nat
18
18
Feb 28
110
9
7
3s June
30% Feb 19
3
12's Jan
07*8 Jan
Feb
Apr
19
Dec
Oct
Sept
19i2 Nov
3
May
978 Dec
178 Dec
30
Mar
1
5i4
May
1214
66'8
53% Jan
21% Feb 28
Jan 23
Mar 25
Mother Lode Coalition.No par
Motor Products Corp..No par
4i2 Mar
634 Feb
22U Api
141 lo Mar
13i2 Mar
1278 Mar
2
108
Sept
Feb 28
il06
Sept
Jan 16
1514 Mar 11
33*8 Mar 6
li2 Mar
23i8 May
Jan
2
3418 Feb
6
21
Jan
May
Jan
4% Dec
23
Nov
9434 Nov
4078 Dec
66
Feb
65i2
U8
33i8
15*8
May
May
Dec
Dec
I6I4 Oct
1534 Nov
8134
20i2
21*8
47i2
19i2
27i2
14*8
14i4
36*8
158'a
23i2
2218
Nov
Dec
Nov
Oct
Jan
Jan
Dec
Dec
Nov
Dec
Dec
Dec
11314 Nov
108
Aug
4*8 Jan
34i2 Nov
32i2 July
2
305
Mar 19
145
Jan
206
100
Mar 17
150
Jan
100
16434 Mar 4
137«4 Jan 21
168
Preferred B
143
Mar
Jan
No par
121*8
934 Feb 19
162i2 May
140i2 July
14*8 Aug
National Pow & Lt
5,600
_
„
y
^
^
8,460
4% pf 100
2d
preferred
National Steel Corp
National Supply ol Del
25
25
Preferred..
100
No par
Natomas Co
..No par
Neisner Bros
No par
Newberry Co (J J)
No par
7% preferred
...100
5% preferred series A—100
Ori
Tex
&
Mex. .100
Newport Industries...
N Y Air Brake
New York Central
8
% Jan 10
04% Mar
1978 Jan
74i8 Jan
9i2 Jan
lli8 Mar
3412 Feb
48i2 Apr
U0'2Mar
105
13
2
6
2
14
29
3
2'»
Apr
14% Feb 17
3
478 Mar
Feb 11
i2 July
14 Mai
li2 Feb 11
75
Jan
2
38i2 Mar 19
10H2 Apr 3
IDs
40*8 Mar
9
Mar
36
Mar
Jan 17
2:814 Mar
13U Jan 24
38% Mar 5
59% Jan 3
2114 June
43% Jan
H3i2 Jan 15
105
10U Feb
5
Apr
7i2
109
Jan
Jan
Dec
li2
84
8334
2078
77*8
11*8
13i8
4134
Nov
Nov
Nov
Aug
Aug
Jan
Dec
Oct
6114 Dec
118i2 Apr
1
1518 Feb 10
13*4 Feb 6
3*8 July
4*8 Mar
lli2 Dec
1078 Dec
18i2 Mar
1214 Mar
36i2 Nov
2934 Dec
1
97s Jan
No par
No par
32% Jan
4214 Mar
27*« Jan
1734 Jan
40i2 Feb 21
35i2 Feb 21
Mar
19
Dec
30% Jan
63U Mar
6
978 Mar
39
Dec
0l2 Mar
4
2
6I4 Dec
1678 Dec
N Y Chic & St Louis Co...100
Preferred series A
100
New York Dock
100
Preferred
N Y &
78 Jan
100
National Tea Co.
X New
37
14
1%
15
37%
14
No par
X Missouri Pacific
Nat Rys of Mex 1st
4%
100
Harlem
50
t N Y Investors Inc
No par
.N Y Lacka & Western
100
+
N Y H & Hartford
100
Conv preferred
100
N Y Ontario & Western...100
N Y Railways pref
No par
Preferred stamped
N Y Shipbldg Corp part stk.. 1
6
Jan
13i2Mar 13
119
Jan
1
Jan
1714 Feb 17
135
Feb 28
2U Feb
90
Jan 10
4
Mar 13
8*8 Jan
2
5% Jan
2
2i2 Jan 7
*2*8 Jan 17
123s Jan 2
4
98
Mar
6
4
5*8 Feb
6
14i2 Feb
7
Mar
112
5
4
Mar
Mar
14 May
139
June
2*8
Oct
1U Dec
May
8i2 Jan
5*8
Oct
16*8 Aug
2*8 Mar
6i2 Nov
334 Dec
2's Nov
96
Nov
7i2 Feb 24
5*s Feb 24
Si2 Feb 24
15*8 Mar 13
73i2 Feb 5
14 May
6i8 Mar
51
Oct
96
Feb 17
69
June
107
Jan 31
79
May
i8 Mar
99
1G ig
Jan
87
Jan
68
68
68
67
67
100
7% preferred...
100
65
Feb 19
84%
83*2
9934
84
84
84
170
99*2
99*2
120
No par
No par
Mar 17
9934
N Y Steam $6 pref
$7 1st preferred
83
100
2
134
*134
2
100
t Norfolk Southern
100
234
400
Norfolk & Western
100
210
Jan
2
235
Mar
5
158
Adjus 4% pref...;
North American Co
Mar
218
100
106
Dec
Jan
4
108
Feb
3
99
Jan
108
June
Jan
8
9
Mar
28
Nov
233
—
55
12,700
2
4*4
*134
*229
*134
7g
70*2
*49
100
Mission Corp
Mo-Kan Texas RR
Feb 24
10
Preferred A....
20
4*4
57g
312
*33g
1334
600
300
2
*90
4*4
18,200
11*4
130
130
1%
96
M
17~, 600
11%
*12
36*2
440
9934
9%
11%
*
37
19,400
36*2
934
1134
3634
3534
9,800
•
100
National Biscuit
100
*134
%
69*2
36*4
98%
15
800
*139% 141
69%
105
8,400
26,800
100
Myers F & E Bros
25,600
440
7% preferred....
4% leased linectfs
Preferred
300
11*8
%
*11
410
169
141
231
134
231
*231
*10712
*107*2 108
*107*2
26*2
26%
27
27*4
27%
2634
27%
55
55*4
5512
55%
54%
54%
54*2
5434
9*2
10
934
95g
9%
10*8
9%
10*8
102*8 102*8
102% 102% 103
103% *103*4 104%
8
*6*2
7
6%
634
9
7%
8%
*
*
*98*o
99
98
98l2
98*2
98
31
30*8
3034
"32"
3134
33%
"32% 3334
see page
50
304
2
34
1,600
44% 115,700
-
—
-
-
27
3l2
28
2,000
*290
11%
105
*11
2,200
301
1138
11*4
11*2
11%
*35
37
36
3734
*3612 38
*49
49*2 *49
*49
4934
4934
4934
*11034 111% *111*8 111*2 *11118 111*4 *111*8 111*4
15
6%
26*2
10034
301
____
113g
78
70
301
139*8 139*8
11*2
*134
34
*290
*__.
*11
500
20
19%
20%
21*4
23%
24
25%
25
25*2
15*8
15*8
16*4
16*8
16%
1534
16*4
14
1334
14*4
13%
14%
1334
14%
3378
34*4
34%
34*4
35*4
34%
36*8
*
160
*15478 160
159
159
*157
160
27
26*2
"27*8 2734
27%
28%
27%
28*4
23*8
23i2
23*8
24
23% 2/23%
24
23%
109
109
108*2 109
109
109%
109*2 110
*107*2 111
*107*2 111
*107*2 111
*107% 111
1434
14*4
14*2
1434
1434
15*4
14%
15*8
31*8
317g
3134
32%
32*4
32%
32*4
3234
*30
33
33
33i8
3234
3234
3234
3334
*16478
"16478
*161
*13712 141
*139
*137*2 141
1112
1134
11*4
11*2
11*4
2*8
78
693s
20*8
49*2
13,300
3*4
1*8
27%
20%
48
*27*4
1978
*48*4
19*4
*2334
1512
*14*8
34%
27
19*8
8%
23%
70*2
79
27*2
28%
20*8
15
220
4334
*49%
70*4
1%
35%
20%
*15*4
1534
35
100
1,400
4,200
100
50
*69%
1%
t Minneapolis & St Louis.. 100
4%
6*8
26%
45*8
50
.No par
Minn St Paul & S3 Marie
23*2
*3
100% 100*2
Preferred
400
8*4
23
27
8% cum 1st pref
100
El Ry & Lt 6% pf.ICO
Minn-Honeywell Regu.No par
6% pref series A
100
Minn Moline Pow ImpiNo par
500
23
3%
6%
6
10
No par
2
*4*8
8*2
23%
27
34,300
2,000
Miami Copper
Milw
30
%
Merch <fe Min Trans Co No par
Mesta Machine Co
6
3%
4
3*4
70*4
1*8
35
*34
23%
23
49%.
*69*2
670
92
*3
15*8
15*4
79*4
35
520
130
1%
1*8
3538
1978
79
35%
97*2
934
11*2
*35*4
100*2
Mid-Continent Petrol
Midland Steel Prod
*;
79
34*8
7778
*2712
1934
*4678
69
27
26*8
*6938
15
*34
6*8
Mengel Co (The)...—.... 1
7% preferred...ii..... 100
37,100
3%
8*4
.No par
22,500
2
4
22%
3l2
6*4
26%
3*2
6
70
15
*1*8
22*4
3*2
6
41*4
15
*31
*23
50
4034
15
*285
4*4
23%
8%
*48
70*8
15*4
2234
334
23*4
22
21*4
3*2
101
20r
109
*3
*6912
1*8
3434
19*8
101
20
~26%
3%
26*2
100*2 100*2
4212 44%
*1478
-
*3
Mead Corp
$6 pref series A
No par
Melville Shoe
.....No par
2
Jan
2U May
Jan
Apr
Apr
10
Mar
160
Feb 13
108
100
45%
34
2
pref
8,500
49,000
30
2
8
540
2
12*8 Jan 16
12i2 Jan 16
1
3734
49%
11%
22%
109*4 *109*4 109%
11%
12*4
11%
11%
72%
72
73
73%
*178
233g
8*4
5,100
109
4
*3*2
23*4
8*8
2234
334
6*8
McLelian Stores
200
3*8
*3
35S
9,300
191*2 191*2
34
100
6,100
9*2
63*i
129
92
29
par
Mclntyre Porcupine Mines..5
70
10%
190
109%
1134
12*4
73
73%
78
78
12
7234
2
92
190
45
McKeesport Tin Plate.No par
McKesson & Robbius
5
<$3 conv pref.
No par
conv
6
Jan
103
No par
22*4
129*4 130
92
par
No par
44%
10%
22%
46*2
par
6,700
1,000
30
Jan
46*8 Mar 26
16®4 Jan 4
49i2 Jan 17
No par
Class B
6%
12
6
1537« Jan 17
2,000
40,500
Jan 22
Jan
Feb
3
Mar 17
Feb 29
Jan 10
10
McGraw-Hill Pub Co..No par
3,400
3734
ex-warrs_.No
Conv preferred
"2,500
18
49
190
*183
10978 *109
78
50*4
Preferred
Prior preferred
1314 Mar
8
No par
JMcCrory Stores cl A.No
74
62
9%
22*4
45*8
13034
9134
190
1097S *109
8i8
34
129
92
*181"
188
334
23i2
*69*8
1'8
3312
45%
11*2
3
*314
43%
72 *4
3
2214
22%
41l2
61%
37%
Preferred-
McCall Corp
400
3
100
1,200
104
9
37%
10
9*4
Preferred
7
Jan
Feb
%
4
634 Mar 17
10*4 Jan 14
Feb 26
Jan
29
I884
2%
4112
1118
No par
May Department Stores
Maytag Co
No
23
3
Jan
Feb
Feb
Jan
Jan 10
3% Mar
10i2Mar
30i4 Mar
4i2 Mar
5034 Mar
J 9ig Mar
..
7,700
100
2/73*2
49
48*2
934
22*4
10
129*2 130*2
92
*181"
*109
9
20
106
17%
74
Marlin-Rockwell
Mar 19
Feb 26
7
Marshall Field & Co...No par
No par
Matheison Alkali Wks.No par
Martin-Parry Corp
30
4,400
104
10534
25
378
17i2
10%
57%
23i4
Mar 19
1712
17*8
2i4
0i4
Ha
100
49
106
18
17%
9*8
48*4
9
21%
18*4
*62*4
*36*2
62
*4714
37
*105*4 106
104*2 10412 *103
74
7334
73
9*4
62
106
42
100
*50
50
50
51
*50*4
50*4
50*4
*
J 08*4 110
*108*4 HO
*108*4 110
109
109*4
31
30*2 3012
3078
31%
31%
31%
3134
31%
15l2
15
15*4
15l2 *14i2
13
2/13*4
1334
13%
15l2
*15*4
157S
*14i2 15% *13
15
*13*8
14*2
117
*108*4 117
*108*4 116
*108*4 116
*109
117
21
21
21
2138
21%
21%
22
22*4
22*2
40*2
407g
41*8
41*2 43*2
42%
42
43%
41%
106
106
107*4
10634 107*4 108
108
108% 110*8
103fi
10*4
1038
10*2
10%
10%
11%
10%
11%
43
43*4
43*s
44
43*8
44%
45
45
44*8
147g
14*8
14*8
1438
14%
13%
14%
13%
14%
17*2
17*2
17*2
17*8
*102*8 104*2 *103
104*2
Manhattan Shirt
Prior preferred
50
15%
15l2
15*4
*15i4
15*8
153S
*108i4 117
*108*4
21
*20i4
*2038
40
3934
3934
10314 105
*105*2
10
1038
10*8
1% Jan 2
7U Jan 2
8% Jan 31
Maracaibo Oil Explor
1
Marine Midland Corp (Del) .5
Market Street Ry
100
Preferred
100
2d preferred
159
*51
52%
$ per share
100
160
300
48%
19
19*4
5% guar
330
30
34
*150
50
Mod
180
19-
48*4
$ per share
X Manhattan Ry 7% guar. 100
18%
10*4
3%
46
34%
159
6,600
Highest
$ per share
100
3%
47*2
10*4
33*4
*150
6,000
Lowest
.—No par
2*4
9*8
26%
18*4
10%
3%
800
5*4
10
934
Year 1935
Highest
100
Preferred
Mandel Bros
800
5%
32%
t Manati Sugar
70
45*2
10
*7%
2634
4834
600
19
j
Range for Previous
$ per share
Par
100
*41
5
2*8
159
4778
Shares
21*4
984
Range Since Jan. 1
On Basis of 100-share Lots
STOCK
Lowest
19
2%
8%
27*4
334
48%
17%
10%
323g
April 4 1936
EXCHANGE
2%
13%
13%
9%
9*2
45*2
10
934
*2*4
8*2
49b
9*4
*2%
6
Week
*10814 109l2 *108*4 110
31
STOCKS
NEW YORK
the
per share
14
14%
9%
45%
*9
$
3
*41
9%
50
*25g
14*2
9*4
27
27*4
*3*8
334
47
*46*4
17
1678
173fi
1678
173S
10
10
10*8
10
*9*2
323g
32*8
32*4
32*8
3234
159
*156*4 159
*156*4 159
47
46*8 47
467g
47*4
19
19
18*2
*19*4
19*8
53
*5238
53
*52% 53
*60
Sales
Friday
Apr. 3
$ per share
3
*2*8
*1314
46
*20
5*4
*7*2
27*4
3*8
*44*2
5 per share
3
1834
934
*2*4
97fi
234
8i2
2734
334
4914
Apr. 2
*13*4
9*4
20
20*2
5*2
Apr. 1
*42
46
*1838
CENT
Thursday
31
*2*8
9
*42
97g
NOT PER
Wednesday
$ per share
27g
13*8
43
43
Tuesday
Mar.
$ per share
234
SHARE,
for
Monday
Mar
Record—Continued—Page
55
55
3%
32%
15%
47
«
3%
55
*27%
3%
30%
15
15*4
47
47%
53%
*3%
*27%
1434
46*2
55
3*2
10
25,100
1,000
29,100
600
1,100
10
34,200
90
1,800
30*2
20
15*8
37,100
47
5,000
Preferred
No par
50
North Amer Aviation
1
No Amer Edison pref_.No par
No German Lloyd Amer shs._
Northern Central
.50
Northern
Pacific
Northwestern
100
Telegraph
50
Norwalk Tire & Rub.-No par
Preferred
Ohio Oil Co
50
No par
Oliver Farm Eq new..No
par
99i2 Apr
1*4 Jan
3
2
25i8 Mar 13
5234 Feb 6
0*8 Jan
98
Jan
6
2
4% Jan 17
98% Apr 1
24ia Jan 2
5114 Jan 16
2
23
Jan
6
Jan 16
13% Jan
24i8 Jan
6
6
278
3014
Jan 14
5534 Feb 14
1034 Mar 19
103% Apr 2
12% Feb 21
101
Mar
3
3034 Feb 20
57
Mar 24
4i2Mar
30
6
Jar. 22
17% Jan 15
48i2 Mar 23
34 Aug
35i2 Mar
2
Mar
57
Jan
314
86i2
13i8
35%
1%
2:20
Nov
55
Dec
7% Dec
102
Nov
10'8 Nov
Aug
Mar
99
Mar
25U
52%
2i4
32i2
14i4
27U
Jan
July
Mar
914 Mar
I6I4
92i2 July
10218 Dec
2i2 Dec
Oct
Dec
Dec
Jan
Jan
Dec
Dec
New York Stock
Volume 142
HIGH
AND
LOW
SALE
PRICES—PER
ER
NOT PER
SHARE,
CENT
Record—Continued—Page 7
Sales
STOCKS
NEW YORK
for
Saturday
Monday
Mar. 28
Mar. 30
$ per share
24
25
$ per share
*114
12%
24%
115
*107
13
29%
*132% 133
18%
18%
*
91%
*41%
*113
156
17%
7
*13%
*7%
36%
50%
48%
....
Mar.
115
29%
132
.
.
.
156%
17% 17%
7
7%
13
13%
7%
36%
51%
7%
2:36%
51
17
17
17%
127% 127%
*146% 149% *145% 149%
15
15
14% 1434
*16%
*120
11%
*14%
2%
32%
85%
9%
72
130
11%
11%
2%
32%
85%
9%
72%
10%
26%
4%
44
44
87g
1078
14%
2%
*67
7334
47S
8%
4%
11%
86%
9%
3
115s
17
3
4934
*83
9%
*14
3l4
72
70
70
10
5
95s
27is
70
10
9%
27%
4%
44%
44%
II84
28
4%
14%
2%
234
67
67
67
69
69
69
74
74%
75
75
75
761,
9
5%
8%
5i4
834
9
1st prefeired.
2d preferred
95i8 Feb 19
47
Jan
No par
Pacific Gas & Electric.
25
Pacific Ltg Corp
Pacific Mills
Pac Western OH
Parafflne Co Inc
First preferred
1,600
44,500
Parke Davis & Co
11
79,200
9
834
7,000
9,000
Penn-Dlxle
42
42
42
43
1,300
3334
34%
35
42
4is4
42
41
42
41
41
*11034 112
41
41% 417g
4H4
*110% 112
*11034 112
111% 111% *11034 112
41
40%
41
*4
6%
29%
*4
6%
*29
29%
*71
83
*70
73
*68
40%
29%
40%
6%
*4
40%
*4
41
42
*4
6%
35
*32
35
32
76
77
77
78
70
*67
68
67%
67%
66
67
68
24
*22%
23%
23
23
*22
16%
16%
16%
16%
16%
17%
3634
17%
17%
37
37
17%
37%
22%
16%
17%
23
16%
38
48%
48%
a-47
47
90
*86
90
17%
1734
36
36%
48
48
*86
*9%
8984
984
12%
12%
234
284
7b^71
*86
71
71
*12%
1384
*12%
*80%
47%
86%
*81
48
*8
*80
85
*12%
13%
2%
34%
2
*33%
*51%
13%
*12%
4784
834
*8%
*51%
*22
23
167
16%
18
18
5,600
11,900
81
4834
9i4
9%
.....
8%
*80
13%
2%
13
13%
2%
13%
2%
34%
34%
34%
33%
*51%
2%
85
*80
.
■
34
*51%
70%
9%
*36%
9%
37%
10%
550
12
210
2%
76
75
*36%
■mm mm
38
*176%
9
*75%
*1%
*1384
6%
*81
31%
*2%
15%
*23
16%
*8
.
-
9%
9%
9%
*36%
*176%
9%
37»4
,9
....
9%
9%
37%
*36%
*176% 180
9
9%
*176%
9%
9
12%
12%
80
80%
90
47%
49%
9%
30,300
85
*80
*13%
2%
35
35
*5H2
; 9i2
37i2
*17612
2%
18%
9%
6%
75%
76%
75%
76
75
2
178
Us
*178
18%
6%
6%
82
*80%
82
31%
*30%
32
234
15%
*2%
284
*2%
15%
*23%
17%
8%
2%
15%
/
15%
*23%
25
16%
87g
82
25
17%
8%
*2%
9%
*2%
15%
2478
16%
87g
27g
9%
378
27%
46%
*8%
9%
6%
81%
*30%
2%
15%
16%
2%
6%
82%
32
*30%
*23%
13%
2%
2,600
27,100
35
600
9%
500
3734
100
9%
76
74%
*178
*15
*1612
10% Mar 24
48% Mar 24
39
Feb 21
17% Mai
43
Mar 27
*113%
41%
2234
...
-
42
23%
149
*113% 114
4184
22%
*97
7%
30%
40%
9934
784
30%
4184
*98
98%
99
7«4
31%
7%
7%
?0%
30%
40S4
4034
43
43%
*43%
50
*44
50
44%
44%
*38
38%
*38
39
39
39
15%
15%
15%
80%
81%
15%
15%
80%
81%
*2%
*17
20
*91
2378
*110
284
18
20%
93
24
117
234
*17
91%
24%
114
*110
9IS4
24%
24%
*
114
7%
784
7%
778
"7%
22%
23%
2284
23%
23%
23%
938i
938/
93
93
93%
93%
93
93
93
*93
95
92
*13%
14
*13%
*29
31
110
110
*29%
1334
30
137g
*13%
*29%
109% *102
*102
8
30
110
28%
*2884
29%
28%
28% 29%
*109% lib
*109% 112
*109% 111
45% 45%
45% 46%
45% 451?
53%
53%
53%
53%
53% 53%
*61
63%
*127«
14
*31
32
371*
371-
3134
*37
For font.nntpa
63%
*61
63%
13%
63%
*13
*13
13%
3278
3284
38
*37%
<w once
33%
38
2%
20%
92
2384
*110
734
23%
93%
50
61
Feb 21
12
Feb
Jan
9% Mar 21
36% Jan 21
176
155
8% Mar 21
49
Jan
155
11%
3
21
16% Jan
Fel
38% Mai
1% July
3%
134
35%
5%
53%
13%
July
Mar
Mai
Mai
3
Mai
50
July
Api
Mai
2»4 July
% July
31
Apr
65% Aug
7
Mai
26% June
Mar
14
Nov
Dec
Dec
4% Jan
*68% Dec
1484 Dec
85
Dec
40
Dec
10% Dec
78% Nov
8
Nov
134 Dec
38
Nov
76%
Jan
1278 Aug
4484 Aug
Feb
180
Aug
5% Mar
22% Mai
10
Dec
55
Oct
172
Mar 25
Jan 31
85% Mar
is4 Feb 24
23
5
6
40% Feb
*179
Feb
Mar 25
4%
1%
9%
3%
23%
44%
Mai
Api
Api
62
Nov
June
25
Nov
1
Jan
1
10%
1%
24%
678
Jan 17
Porto-Ric-Am Tob cl A.No par
Class B
—._No par
884
2%
17
*8l2
4384
*
23%
132%
148
7%
7,200
24
17%
132
120
233g
104
104%
113% 113%
13034
*144
149
300
100
11,000
33,800
310
200
1,000
210
*131
1278
55%
99%
5538
55%
98%
"l4
13%
98%
*9784
*97%
7%
75S
_
137g
11,000
13% 120,300
9,000
55%
99
14,700
99%
7%
300
12,200
3078
31
31
2,400
43
43
43
1,700
4378
39
14
800
116
13%
93
1,000
......
132
13
2%
18%
21%
9234
24%
11334
8%
24%
94%
43
*43%
1514
82i2
*2l2
44%
600
*38
44i8
*38
39%
400
15%
84%
27g
900
15%
84%
*2%
*17
*17
2078
20%
92
*92
24
24%
*
*
~~778
2414
9412
9234
*1334
734
923
14
24%
II384
24
96
18
21%
927g
95%
9134
1378
30
30
30
30%
109
*102
109% *102
28% 29%
29l8
29l4
29%
109
110
*108
109% 110
*46
4634
46i4
46%
47%
53
5234 53
52S4
53i8
65
63% 63% *62i8
*62%
*13%
135„
13% *13%
*13%
*33
3384
3334 *33
3384
37%
38
3818. 38i4
*37%
Jan
7% Apr
68% Jan
100
21
86% Mar
38% Apr
384 Feb
25
No par
5
t Postal Tel & Cable 7% pf 100
t Pressed Stee Car
No par
Preferred
100
Procter & Gamble
No par
5% pf (ser of Feb 1 '29). 100
116
*132
3084
437g
44%
9,200
11,200
132
132
14~"
77g
1,300
100
22%
227g
132% 132%
*115% 117%
13%
99
4078
*120
11618
132
47%
.
*116
116%
134
8%
Pub Ser Corp of N J—No par
$5 preferred
No par
6% preferred
7% preferred
8% preferred-
100
100
Mar
2% Nov
16% Dec
3% Sept
137g
30%
109
297g
111
48%
53%
65
34
38
Jan 16
49
Jan
122% Feb 26
48% Jan 15
106% Jan 13
103% Feb 21
113% Apr
11978 Feb 15
130
136% Jan 27
Mar 21
% May
6% May
42% Jar
115
Jar;
121
Nov
Nov
Jan
Dec
Dec
July
No V
20% Mar
62% Fel
4684 Nov
104% Dec
73
117
Mai
85% Mai
132
Dec
Deo
Dec
112
Jan
114
Apr
1
3
20
2
27
30
2
26
99
Jar.
113
July
8% conv preferred
100
6% preferred
100
48% Mar
2478 Mar
367s Jan
16% Jan
115
Jan
133% Apr
10278 Jan
117% Mar
116% Mar
132
Apr
107
Feb
128
6% pref rets
8% pref rets plan B
8% pref rets plan A
Mar
Preferred B
No par
129% Mar 11
13% Apr
H84 Feb 10
54% Feb
83% Jan
Preferred B rets
No par
97% Mar 21
Purity Bakeries
Radio
No par
Corp of Amer—No
Preferred-
par
50
t Radio-Kelth-Orph
No par
Raybestos Manhattan.No par
Reading
1st preferred
2d preferred
Reo Motor Car
Class A
Preferred
56% Mar
100
99
9
Mar 23
Apr
65
834
June
Feb
4
Mar
50
Mar
9% Feb 19
287g Jan
35% Jan
48% Feb 24
Oct
Apr
38
3% Apr
20% Apr
11
Aug
72
Nov
44% Mar 31
40
33
No par
5
10
100
Reynolds Metals Co...No par
10
Rhine Westphalia El & Pow__
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
2%
15%
197g
85is
22%
Jan
Jan
Jan
Jan
110
Feb 19
Jan 13
16 84 Jan 30
Feb 17
88
Jan
334 Jan 14
1
Mar
Jan 14
8
Mar
2334 Jan 15
7
June
69
Aug
22
_
Mar 12
Feb 20
94
Jan
6
24% Jan 23
110
1784 Oct
1338 Dec
62% Jan
30% Dec
43% Jan
43% Nov
Jan
97# Jan
Dec
Dec
Jan
70
103
6
39
10
Dec
92
37
100
Jan
17
11978 Dec
35% Mai
50
33
5278
1
Jan
..50
50
300
5H % conv pref
100
2,700 Reynolds Spring
1
8,300 Reynolds (R J) Tob class B.10
Class A
5
13178 Mar
17% Jan 6
14% Jan 17
29% Oct
578 Mar
49% Mai
1% Mar
16% Mar
2978 Mar
36
Apr
Republic Steel Corp
No par
6% conv preferred
100
1,400
6% conv prior pref ser A. 100
100 Revere Copper & Brass
5
1,500
1,400
36
% Feb
4% June
Pub Ser El & Gas pf $5.No par
Pullman Inc
No par
Pure Oil (The)
No par
3,800
20
6
5% Jan 16
Nov
148
......
13%
Jan 11
Feb
1284
57S
2%
16%
4%
26%
5334
Mai
Reis (Robt) & Co
4,400
Mar 21
Mar
Dec
6% Mai
1% Mai
100
1st preferred
100
Remington-Rand
86 preferred
2,500
25
Prior preferred...
2,700
.25
Rensselaer & Sar'ga RR Co 100
10
Jan
Jan
Mar 28
Jan
Jan
Mar 13
Feb 19
13
Feb 27
600
400
2
11884 Mar 17
40
6% Mai
16% Apr
156
61,200
9134
Jan
2% Aug
Apr
11,100
44,100
1% Jan
117« Jan
Mai
148
Real Silk Hosiery.....
Preferred
8
Jan
100
140
2434
95%
3
100
Preferred
Pittsburgh <fe West Va
Pittston Co (The)
118
40%
*11234
4178
43
93
30
Jan 15
2% Feb
37% Jan
1934
934
3%
12%
*13%
*105
17
1% Jan 2
33% Mar 23
Oct
4
26% Mar
*23
17
15%
*17
2
Feb 21
12
*23
81
18
Jan
84
2484 Mar 24
15%
21
20%
91%
100
8
Jan 31
Mar
Pond Creek Pocahon..No par
No par
81
2%
*17
Preferred
7
49% Apr
978 Jan 10
Poor & Co class B
15%
2%
278
207?
_
100
8% feb
88
•2,200
85
*81
18
20%
91%
23%
98%
7%
30%
43%
437g
38%
Pittsburgh Coal of Pa
6
Plymouth Oil Co.
.
98%
7%
3084
—25
3% Jan 13
76
Apr
15% Feb
Jan 29
38% Jan
72
Mar 13
24,800
*11234
...
.100
No par
Pillsbury Flour Mills
Jan
Mar 13
12% Apr
78%
Feb 17
12
1678 Mar 13
16%
114
....
...
Pierce Oil Corp pref
Pierce Petroleum
3
16%
114
....
100
66
Jan
Jan
Jan
93
16i4
*113% 114
23
5
3
16%
2478
148
23
Phoenix Hosiery
Preferred
11
1234 Ma>
*2%
148
22%
Nov
19% Mar
39% Mar 21
49% Jan 11
*238
*140
132
132
10
6
2%
10
132% 132%
13234
117% 117% *116% 118% *116
116 * H6%
116
116
116% 116%
116%
134
*131
*132
131% 131% *132
*132
*132
*132%
*132%
14
14%
14
14%
14%
14%
14%
13
12%
12%
13%
12%
12%
1278
55%
55% 55%
55% 55%
55%
*55%
98
96
9784
98% 99%
9878
9884
132% 132%
117% 117%
No par
Phillip Morris & Co Ltd
10
Phillips Jones Corp
No par
7% preferred
....100
Phillips Petroleum
No par
Jan
Jan
580
*8%
2%
9%
3%
27%
42%
Dec
Dec
July
Nov
Nov
16
5,620
17
42%
19%
28%
45%
85%
4%
Feb
25%
45%
81%
3%
8%
2%
Jan
39% Apr
11684 Mar
1938 May
Mar 28
6
8434
17
42%
Phlla & Read C & I
Fel
13% Jan
38%
2%
149
42%
23%
50
50
30
54
18
Feb 19
634
4034
*142
No par
7% preferred
5% Aug
3034 Nov
32% Dec
Mai
6
t Phila Rapid Tran Co.
Mar
13% Oct
7% Mai
88
50
Mai
13
3
35%
40io
41
41%
4034
104
104
*104
105
105 ' 105
104% 104%
10458 105
114% 11484 rll434 114%
*114% 114%
11478 1147„
H4I4
131
*125
131
*123
*123
131
*12334 131
*123
*140
S6 preferred
3
18
72»4 Feb 27
64% Jan
25
8434 Sept
6% Aug
24
100
Phelps-Dodge Corp
Philadelphia Co 6% pref
July
Apr
2% Mai
57%
34% Nov
6434 Dec
49% Feb 17
7% Feb 19
3584 Feb 19
Jan
May
134 Nov
81
43% Aug
6
Jan 13
4% Dec
8% Dec
15
Mai
Mai
2
Jan
16
14% Sept
21% Nov
6
Apr
Oct
Jan
56
Dec
Sept
10134 Sept
12
Ma'
Feb
4
100
Nov
8078
1734
2%
9%
16%
29
Pet Milk
No par
Petroleum Corp of Am
5
Pfelffer Brewing Co
No par
Oct
Dec
178 Dec
108%
100
1
Dec
9
84%
5,400
149
114% Jan
2
—100
Preferred....
40% Apr
5
6%
384
2734
*140
Feb 19
Mar
83is
3%
2734
46%
41%
110
33
334
334
384
3%
27%
27%
28%
27%
2784
46% 46%
46% 4634
46%
46% 4684
46l2
*117% 120
*117% 119% +117% 119% *117l4
*117% 120
41
30
100
Jan
83
900
41%
par
G L & C (Chic)—100
Jan
Jan
278 Mar 17
32
1,600
41
84 Api
478 Oct
8% Feb
34 July
64% Feb
2
2
2
50
100
234
3%
Apr
2% Mar
Jan
6% preferred
Pittsburgh United
919
*27%
10
4% Jan
78s Jan
May
678 Jan 28
100
9%
3%
*9%
3%
2734
5% Jan
47% Mar
Nov
9% Aug
79
Pitts Term Coal Corp
8%
2%
3
934
11
7%
20
Mar 27
410
*958
9%
67
1
23
10
1
2
24
Apr
14
Mai
Dec
Aug
Mar 14
200
*2%
*2%
7
3
12% Jan
28
Nov
142% Dec
Jan
June
4%
4%
28»4
31%
2%
18%
_
8
56
21
69
10
75
_
Mar 27
6
8784 Feb
Apr
9% Apr
171* Jan 13
4l4 Jan
Feb
Mar
No par
Corp
PIttsb Screw & Bolt.-No par
Pitts Steel 7% cum pref
100
7,800
12
3%
1084
%
6%
71%
Feb 21
Pitts Ft Wayne & Chic pf 100
Common...
100
9%
2
70
Apr 2
97% Feb 13
18% Jan
78% Jan
9i8 Mar
44
9
4% Apr
13s Jan
70
20% Jan
73
Pirelli Co of Italy Am shares.
70%
*9%
*36%
*178
*1334
2%
18%
6%
*14
85
*51%
9i8
76
18%
6%
1,200
*155
*1%
*1334
100
*176%
*75%
77
2,700
10,300
131
*155
*9
2%
75%
81
135s
v2'*
34I2
300
*9%
10
700
90
12
10
48
90
*12is
2%
9%
13%
2%
*47
90
*12l2
4,900
39
49
48%
47
*88
74l2
800
167«
1734
85
*2%
400
68%
38%
38 I4
*81
48%
8%
*80
mmrnrn
18
68
221
*12%
2%
*81
*7%
16l2
1734
13%
13
85
13%
2%
*33%
79%
85
10
13
48%
•♦80
*76%
*66%
■
2
Mar 24
Us Jan
64% Mar 13
3
Pere Marquette..
Prior preferred
5%
67* Jan
14
Jan
634 July
No par
Peoria & Eastern
500
600
72
10%
2%
*7078
47%
884
100
33
71%
*47%
89%
13
13
234
5%
3234
s
13% Jan 18
Jan
12% Jan
Preferred
People
15i4 Feb 19
1178 Apr
17% Jan
-100
10
38%
48%
89%
10%
13%
234
7584
13%
10
934
984
12%
234
16%
Feb 19
No par
2,200
81
23%
Feb 10
Cement
42
32
76
18
13
Preferred series A
4134
63
*29%
Jan
No par
Pennsylvania
2,000 Peoples Drug Stores.—No
*11034 112
42l2
Dec
Dec
1
24,800
41%
341;
4U;
13% Mar
111%
l
Penney (J C)
Penn Coal & Coke
3384
5% Dec
31% Dec
Mar
Feb 21
Parmelee Transporta'n.No par
2,300
42
4
19
378 Dec
10
1
147
Peerless Motor Car
42
5678 Feb
1734 Nov
8
10
1,800 Penick & Ford
33
3
Mar
3% Apr
Jan
2,900
33
38% Apr
Aug
1
Dec
Nov
140
76
42
934 Feb 10
14
129
21
2%
68%
32%
Feb 11
Mar
123
75
42
Mar 14
49
9% Feb 11
17
80
Jan
4,800
42
2
4
414 Jan 3
3034 Jan 11
9% Jan
4
1778Mar 25
Mar
14%
33%
Jan 20
31* Jan
164% Mar
June
Pathe Film Corp
No par
Patlno Mines & Enterpr No par
32%
2
Dec
12
100
4434
42
Jan
55
115% Mar
19
5
Park Utah CM
3234
Mar
70
No par
1
7,700
41S4
38
114% Mar
July
17% Sept
6
Paramount Pictures Inc
4%
32%
92
Feb 27
No par
Second preferred
Park-Tilford Inc
41
125
130
Corp—No Par
7,900
5%
«78
Jan
4% Mar
2234 Jan
100
11,000
5%
8
Dec
Nov
11% Nov
26% Dec
3
68%
51,
Feb
11% Apr
106
2034
107
Jan
30,300 Panhandle Prod & Ret-No par
1,320
8% conv preferred
100
2,700
53
Jan
434 Apr
118
No par
Pan-Amer Petr & Trans
700
7
2
3% July
75
100
No Par
Pacific Telep & Teleg
93,300 Packard Motor Car
17,800
Mar 17
Jan 15
-No par
978
14%
2%
23g
5%
800
3234 Feb 24
133
87
6% preferred
...
2
Mai 25
100
8%
103g
14%
5%
30
70
Jan
14
No par
.
2734
9%
24iz Jan 21
123
25i8 Mar 30
115i2 Feb 24
100
44%
14%
5%
834
9%
2
2034Mar
Prior preferred
43g
9%
11%
2%
2,000
87
934
11%
147g
234
64
70
4%
44l2
87«
10i4
14l2
10
4
2
Jan
14
4,300
7
Jan
8
5
17
57
27
44
9%
117g
86%
9%
9%
1078
9
8%
3%
70
9%
67%
74%
5%
*67
*14
41
5012
8534
9i4
86
71%
27%
4%
11%
17
14%
2%
74
8%
11%
42%
40
3778
44
44
14
4%
11%
*14
3%
4%
934
74
17
278
11%
67%
11%
*8
8V8
1884 Jan
107
15l2 Jan 20
No par
_
Outlet Co
$ per share
10
12,500
*8%
100
$ per share
Pacific Amer Fisheries Inc
Pacific Coast
38%
52
50% 51
52
515s
52
5234
17%
17%
17%
17%
1712
1758
17%
17%
*
*
*
127
127
127%
127l2
127%
*146" 149% *146
149% *14514 149l2 *145% 149%
15
15
15
15
*14%
15
14%
15
8
37%
No par
Preferred
Otis Steel
$ per share
128
30
8
36%
5178
Otis Elevator
par
Highest
$ per share
25
87g
8
36%
*7%
Oppenheim Coll & Co.-No
Lowest
Owens-IUlnols Glass Co
190
36
Omnibus Corp (The) vtcNo par
Preferred A
100
Highest
2,500
370
978
26%
14%
157
3,700
9%
7184
9%
2%
156
734
37%
1034
2%
155
Par
Preferred
17%
*82
9%
80
*116
14%
*14
11%
500
14%
4%
44
4%
154
190
19,300
1634
10
9%
154% 15484
16%
17%
7
7%
13
15%
-
*7%
26%
26
*116
-
8
7
13%
9%
7234
71
10
25
-
3,800
9,200
17
85
9%
40,800
1538
35
85
Shares
Year 1935
Lowest
16i2
7%
278
33
$ per share
Range for Previous
On Basis of 100-share Lots
EXCHANGE.
15
7
13%
17
234
$ per share
*116
15484 15434
a:17%
17%
11%
*14
17
$ per share
Range Since Jan. 1
STOCK
Week
2478
*116
156% rl56
17%
7%
14%
8%
36%
51%
Apr. 3
23%
243g
2384 24
22%
23%
11478 *107
114% *107
1145s *107
114%
13
13
13
13
13%
1314
1234
30
2978
31
30%
3134
133
133
133
133
*132%
132% 133
19
1834
19%
1978
1958
20
197g
19%
90
90
*857g
9084
92
9084
9034
92%
*47
48%
48% 48%
*48%
53
48%
48%
48%
.
Apr. 2
12%
91
*116
the
29
19
*47"
Friday
*107
133
18%
Thursday
Apr. 1
31
2334
13%
2934
*
Wednesday
$ per share
25%
13
29
Tuesday
2279
Feb 20
21%
Oct
98% June
Dec
3
Oct
18
Nov
2O84 Dec
88
Nov
25% Nov
110
Mar
5% Dec
2034 Nov
47g Jan 2
18% Jan 21
8% Mar 25
2634 Feb 19
2% Mar
86
Jan
2
99
Feb 19
28% Mar
97
89
Jan 27
95
Jan 13
78% Oct
5% Apr
95% Nov
13% Jan
7
16% Feb 17
9
28% Mar 12
36
Jan 10
13
Mar 28
120
Jan 23
Mar
75
110
27% Mar 17
109
27
34
Feb
6
1
117
Jan 13
Feb 17
50
Mar 20
Apr
Jan
2
58% Feb 28
65% Feb 10
10% Jan
3
13% Jan
19% Feb
2
35
32
3
38% Feb 17
*51% Mar 17
60
Jan
3
Mar 10
Apr
Apr
17% Apr
101
12%
43%
55%
11%
5%
2178
June
Mar
Mar
16
37%
Nov
Dec
Dec
115
Nov
32
Dec
113% Dec
3184 Dec
58% Nov
Apr
67
Dec
13% Mar
20% Dec
Mar
Feb
33
Nov
Dec
2272.
/
/
New York Stock
2280
HIGH
AND
LOW
SALE PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
Sales
CENT
STOCKS
NEW YORK
JUI
Saturday
Monday
Tuesday
Mar.
Mar
Mar
28
$ per share
56
$ per share
56
*95
100
7%
27
5434
*55% ,56
97
97
*95
8
*6%
27
3
27
*11
12
234
5%
*11%
12
*15
23
*15
23
5%
30%
5%
31
31%
234
$ per share
$ per share
Shares
*91
27%
2%
5%
11%
3134
18
31%
27%
2%
5%
*1034
18
*15
3
2%
534
6%
10%
11%
*15
*15%
17
*74
75%
*74
14
46
99%
3%
110% *110
110%
111% *111% 111%
14
14%
14%
14%
46
47
45% 46
100
99% 100
100%
14
46
99%
*110
99%
3%
3%
3%
3%
18
*17
75
75
75
75
1*8
234
3734
39
1%
*234
3634
38
37
653s
6%
66%
6534
67%
67
4
4
4
4
*4
67%
67
67
67
67%
5%
67%
*4%
6734
2134
22%
21%
22%
22
15%
15%
15%
29
29%
29
16%
29%
7%
*4734
7%
48%
*48
*30%
31%
*30%
7%
48%
3034
16%
2834
7%
48%
*31
32
*45
47
*45
48
*45
48
*5
5%
1
67%
65%
4%
67%
21%
15%
22%
1534
27
27
*7
7%
48%
317g
*4734
*30%
45
45
*45
47
17%
17%
*46%
*30%
7
17
1
234
3
*5
6%
7%
17%
17%
17%
*112
116
*113% 116
*113% 116
12
12%
12%
12%
12%
12%
31
293s
3078
32%
31% 3is4
5
2934
124
66
5
30
124
5
29%
5
30%
123
123
69
115
115
12%
32
5
29%
*123
68
7
47%
30%
*45
17%
115
17%
*113
12%
3234
5
12%
31
5
75
74
7434
73
74
60
64%
62
25
25
25
25%
25%
2634
14%
14%
14
143s
2534
14%
27
14%
1434
14%
—
-
-
-
33
*111%
5%
32%
*158%
"
6%
32%
*111%
5%
32
27
27
27
26%
27
27
27%
27%
333s
3378
17%
27%
44%
3234
1678
33%
33%
33%
3434
35
26%
27
3234
16%
26%
17
27
*42
17%
*42
16%
44%
*9%
934
*834
9%
70
70
*6684
*6634
10634 107
*10634 110
8%
8%
8%
8%
11
*10
1034
*10%
16%
934
9%
*6634 67
10634 10634
8%
8%
11
27%
44%
9%
*42
44%
*9%
17%
27%
27
*42
67
1734
28%
*42
*
32%
19%
*31%
20%
*22%
32%
20%
*22
2278
*50
5234
65%
*98
51
1334
*32
50%
6834
6938
12%
14
1334
33
31
31
3434
3%
*98
12%
8%
14%
35
8
112
4334
4478
37%
12%
*25
44%
64%
29
70
7034
71
*3
*3
*4634
378
934
50%
21%
21 a4
18
1838
12%
13%
85%
12
26
2634
*8
22%
31%
*1%
8%
3%
*9%
*4634
213s
17%
13
834
23
3134
17g
8%
9%
50%
21%
18%
13%
-
*80
85
85
121%
120
120
120
38
38
*38
39
38
5%
5%
534
1234
*12%
13%
13
26%
26
26%
26
534
*12
26%
*8
834
22%
313g
*1%
8%
*8
834
23
22
31%
31%
31%
*3134
19%
22%
*50
48
31
115
12%
32%
700
380
67
75
2,800
6,700
14%
27%
14%
*111%
534
32%
32%
2634
35%
230
70
12%
12%
35%
38
5%
13%
26%
8%
22%
31%
8
8
8
9%
9
9
9
37%
34%
1234
12%
37%
34%
12%
37%
35%
*35%
61
*60
35%
35%
*33
61
35
*60
85
120%
*60
35%
12%
35%
9%
38%
1234
2634
*734
21%
3034
44%
36%
3%
90
9,800
.
37
500
4,700
1,000
3%
8
35
34
7%
34%
17%
7%
18
7%
33%
17%
104% 104%
*52% 59
,170
38%
900
5%
534
15,600
1234
13
*2634
27
16%
6834
15%
67%
67%
133
*131
133
46%
47
47
47
81
8134
81%
81%
see
*131
133
4534
81%
page 2272.
4534
82%
*131
45%
82%
6M% preferred..
100
8%
9%
3834
38
39
39
35%
3684
*35%
36%
61
*60
12%
39%
7%
33%
734
32»4
3234
18
1734
18
7%
105
59
*52%
17%
68%
1334
26%
17%
17%
6934
68%
14
13%
27%
26%
15
1434
1034
10%
104% 106
584
5%
10
*9%
28%
2734
36%
3534
10%
10%
72%
*72%
7
634
59
7%
*32%
1734
734
33%
18
104% 104%
*52%
300
1,100
800
5,700
27,800
8,900
14,700
9,700
1,200
1,900
100
mm.
5%
10%
5%
Apr
Dec
1912 Jan
3134 Mar 30
6%
Jan
68
124
Mar
Jan
70
Feb 19
13
Mar
2
77
Mar 26
24
Mar
72
Jan 3J
22i2 Feb 18
Mar 30
Mar
4
5i2 Mar 10
266s Jan 2
150
60
Jan 18
Jan 16
65% Jan
14
Mar 26
111
Jan
7
6
15%
17
4
68%
30
105g Aug
Feb
Apr
112i8 Feb 14
7i2 Feb 29
3484Mar 3
107%
20
25
Feb 20
2
2
160
132
Feb
Mar 26
2834 Feb 17
38% Feb 19
20% Feb 21
3278 Feb 20
Feb 20
112
152
Dec
27
Nov
1284 Mar
5% July
25%
16%
800
13,900
2,000
800
1,800
109U Feb
934Mar
6
7
6
3% Mar
8%
1218 Apr
2
3% June
8%
133s Jan
2
81
3634 Jan 25
31
Nov
237g Jan 29
7% Mar
8% Mar
33% Feb
36% May
18% Dec
15% Oct
18
Feb 24
12078 Jan 10
129
Mar 13
Mar 12
Mar 20
Apr
1
43% Mar
jan
9
2
3
112
Mar 13
153s Jan
27
Standard Oil of Calif ..No par
Standard Oil of Indiana...25
Standard Oil of Kansas
10
397s Jan
6
3234 Jan
2
Standard Oil of New Jersey .25
Starrett Co (The) L S__No par
61ia Jan
Sterling Products Inc
10
Sterling Securities cl A.No par
Preferred
No par
Convertible preferred. ...50
Stewart-Warner
5
Stone & Webster
No par
t Studebaker Corp (The)
Sun Oil
1
25
28
65
49
6
Mar 18
Jan
7
Mar
7
17% Jan
145s Jan
9i8 Jan
6
.......No par
72
100
118
27
Preferred
Mat 27
234 Mar 19
9% Mar 14
Superheater Co (The)..No par
Superior Oil
1
100
No par
t Symington Co.....-No par
Class A
No par
Telautograph Corp
5
Tennessee Corp
3
2
17U Jan 30
36i2 Jan 27
39% Feb 17
384 Jan 17
113iz Jan 24
47% Feb 8
Mar
20
Oct
70
5
Feb 29
40% Mar 18
634 Mar 12
Apr
35% Jan 30
Jan
Jan
2»4 Feb 11
1184 Feb 19
Jan
9% Jan
6
8
28
2
41% Feb 11
Thatcher Mfg
$3.60 conv pref
No par
34
Feb 25
44
Jan
No
par
59
Mar 25
62
Jan 16
The Fair
No par
10
Preferred
Jan
Jan
9
100
....
986* Jan 15
1
86s Jan 18
...100
314 Jan
1
27i8 Jan
7
25
8U Jan
24&S Jan
3
Third Nat Investors
Thompson (J R)
Thompson Prods Inc..No
par
2
2
Thornpson-Starrett Co.No par
$3.50 cum pref
No par
29
Tidewater Assoc Oil
No par
14*4 Jan
6
100
1006s Jan
3
Preferred
Timken Detroit Axle
.No par
10
478 Jan 21
52
Jan 31
Jan 20
12i8 Jan
6
Timken Roller Bearing.No par
Transamerica Corp
No par
6684 Jan 21
Transcon & Western Air Inc.5
1478 Jan
Transue & Williams St'l No par
Tri-Continental Corp ..No par
1278 Mar 13
12
No par
93
Truax Traer Coal
No par
478
7%
22%
31%
9U
65U
434
Truscon Steel
Preferred
10
FilmjCorpNo
par
3,400
Under Elliott Fisher Co No par
Preferred
100
Union Bag & Pap Corp .No par
Union Carbide & Carb.No par
Preferred
No par
Rap Trans.No par
100
No par
Jan 21
7i8 Jan
6% preferred
93%
1,300
25
100
Texas & Pacific Ry Co
TTlen & Co
13.100
6
9% Feb 14
Apr
6
1
2
3
Jan
Mar 26
Feb 3
Feb 29
Mar 6
14% Mar
110
8
5
Feb 28
12% Mar 5
9% Feb 18
29% Feb 13
12% Feb 14
32% Mar 6
8% Mar 23
3934 Feb 25
19% Feb 4
106% Mar 3
60
17s4
72%
1434
27%
Mar 11
Feb 19
Feb 18
Feb 25
Apr 2
16% Jan
2
12
4
7
Jan
Feb
Feb 29
Jan
10% Feb 18
32% Mar 2
Dec
Feb
Dee
Jan
41
Mar
2
68
Nov
4
Dec
10
Dec
50
Dec
6% Mar
18%
Dec
2% Mar
2% Apr
15%
3% Mar
Mar
60% Mar
115% Jan
*11
1%
5
Mar
Dec
Jan
3%
Dec
Mar
Mar
Apr
13% May
50
Nov
30%
16% Mar
2834 Apr
3% Jan
8% Jan
14
77
121
Apr
17% Oct
3% Mar
15
Sept
32% Dec
% Apr
1% Apr
6% Sept
4
Dec
1984 Nov
12«4 Aug
25
Dec
9
Sept
2284 Dec
33% Dec
1% Nov
6% Dec
9%
Jan
884 Dec
30% Dec
3684 Feb
9%
Oct
12% May
23% Dec
44% Dec
May
61
5% Apr
61% Jan
2% Mar
100
12%
Nov
Oct
Oct
10%
Dec
2
June
5
Jan
16
Mar
29
Nov
5% Jan
13% Mar
8% Nov
2634 Nov
5
1% Mar
Apr
28
Deo
7% Mar
15%
Deo
17
84
2684
45g
28%
4%
Jan
Dec
104% Nov
Mar
48
Mar
Mar
13% Dec
72% Nov
Mar
14
Deo
Dec
7% Mar
15% Nov
5% Mar
16
1% Mar
8% Nov
97% Nov
6% May
8% Nov
24% Dec
69
3%
Apr
Oct
3% Mar
13
Aug
Dec
Jan 21
1234 Jan 31
24% Oct
2% June
33% Dec
12% Nov
Jan 22
83
18
73
Jan
2
Jan
3
99
13134 Feb 18
45i2Mar 27
133
86
Mar 11
107% Mar 11
Jan
Dec
32
36
6
par
Texas Pacific Coal & Oil.... 10
Texas Pacific Land Trust
33
40%
33%
Apr
5312 Jan 28
24
Apr 3
19% Feb 17
1458 Mar 4
Mar 12
712 Jan 22
287g Jan 6
Dec
2% Nov
32% Nov
6
25
28%
116
12% Mar
5834 Jan
1% Mar
Jan
(The)....
Sulphur..-No
Dec
9% Aug
3334 Feb 10
7134Mar 19
4% Jan 28
1284 Jan 8
91
Mat 27
Apr
52%
71* Jan
IOI4 Jan
Texas Gulf
2,100
85%
8
130
3534 Mar
122
Jan
105% Nov
19% Jan
Mar 19
2
68s Jan
2178
8034
Hs
57s
2734 Mar
23
6
Jan
2
Jan
5
Feb
Jan
Jan
Mar
% July
30
6
2
Jan 11
6
111
40% Feb
10%
39%
3834
15%
14%
Texas Corp
6%
47%
Oct
Jan
Twin City
13234
Nov
Jan
300
84%
48
84
■
Feb 26
2,200
1,700
47
Oct
2
cum
36%
10%
84%
Oct
Mar
2
63
Dec
65
Mar 20
99
Dec
Jan 15
24i2
5334
7278
103!%
Jan 22
107
25
cum
$7
71%
47%
Dec
884 Nov
70% Nov
prior pref.. .No par
prior pref
No par
$6
20th Cen Fox
93
93%
13234 *132
3334
Mar
Stand Investing Corp..No par
Standard Oil Export pref.. 100
2,600
300
July
5
11% Aug
26% Dec
1
No par
Tide Water Oil
17,800
21,500
1,900
13,900
15
1% Mar
134 Mar
434 Mar
Preferred
Third Avenue-
10,700
Jan
Dec
12%
4,300
1,000
200
21%
2% Mar
No par
Thermoid Co
3,900
July
4
44
Dec
7
7i8 Jan
82
Oct
10% Mar
678 Jan
Jan 15
Dec
Nov
28% May
Apr
59% Apr
10H2Mar 18
Jan
1534 May
Jan
Jan
Nov
20% Dec
116% Dec
65% Dec
70% Nov
46% Nov
28i2 Jan
Dec
Dec
Feb 24
10
6%
19%
20%
I884
Deo
16%
97g Feb 17
28%
9%
Feb
Mar
34%
39
1334Marl7
*9%
3534
Dec
Jan
Mar
Mar
Nov
2
3
Preferred.
t Stand Gas & El Co_.No par
28
70
40%
29%
20%
5%
63%
3
No par
Stand Comm Tobacco
4,500
5,900
106
6
29% Mar
42,300
106
Mar
23
17%
14
120
1,600
69%
26%
14%
1914 Feb 20
14% Feb 19
1634
14%
10%
Mar 13
1084 Jan
68%
1334
45
Superior Steel
59
2534
3% Mar
Jan
2,500
61
1234
35%
12%
34
IOI2 Jan
6i8 Jan
9i2 Jan
Standard Brands
Swift Internat Ltd
9
83g Feb
60i2 Feb
10134 July
12% Sept
122% June
3,700
38
84
S perry Corp (The) vtc
1
Spicer Mfg Co
No par
Conv preferred A
No par
Spiegel-May Stern Co..No par
31%
8%
2534 Nov
534 Nov
50
July
Mar
Oct
32U Feb 26
16U Jan 20
31
8%
9
Mar
434
par
31%
12%
S4
Spencer Kellogg & Sons No
Sutherland Paper Co
..10
Sweets Co of Amer (The)...50
Swift & Co
25
1%
Deo
32
6
82
9,500
9
12%
14i2 Jan 25
3234 Apr 2
634 Jan 15
100
8%
1%
13234 *132
47
46%
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear & Co
No par
22%
9
93
100
*8
12%
1284
•
par
22
1234
13%
13%
13%
13%
13%
23%
24%
23%
24%
23% 24
23%
13%
13%
13%
13%
13% 13%
1334
14%
103g
10
10%
10%
10%
10%
10%
10%
*101% 10378 *101% 105
*101% 105
*101% 105
558
534
5%
5%
5%
5%
5%
5%
*9
9%
*9%
9%
9%
9%
*938
9%
27
27%
273g
28%
*27% 28%
28% 28%
36
35%
35%
3534
35% 35%
35%
35%
*10%
10%
*10%
10%
*10%
1034
1034
*10%
74
7034
7034
72
*7134
*71%
72%
72%
684
684
634
634
6%
634
684
6%
92
92
93
93
*90% 9is4 *91
92%
1st preferred
834
2
104
Spalding (A G) & Bros.No
22%
38
10434 105%
*52%
16%
100
121%
37%
;
Dec
7% Mar
Jan
112
Nov
17
42
49,900
33
4% Nov
7% Mar
6
200
14%
88
70
Mar
22i2Mar 26
16% Apr
6
12% #3,800
8%
10,600
*83
1% May
40
Apr
Jan 16
Dec
4% Jan
69% Nov
Oct
31
5
Feb
200
100
121
73
2%
2
11«4 Feb
12,800
3%
Jan 17
78
71%
8%
14%
*32%
7
6834 Apr
45g Feb
49
100
12
Dec
3
1,600
70
36%
3
4
25
Preferred
100
2034 Mar
Jan
90
33
13%
12%
123g
13%
13%
13%
*12%
13%
*12%
*12%
*12%
*103
10834 *103
108% *103
109% *103
108% *103
109%
109% *103
11
11
10%
10%
10%
10%
10%
10%
10%
10%
10%
10%
8
8
9
8
8
8
7%
8%
8%
8%
8%
8%
28
28
27%
27%
2734
27%
*27% 28%
*27% 28%
28% 28%
*10
11
*10
*10
11%
11%
*10%
11%
11% *10
11%
11%
28% 29
29%
29%
2934 30%
30%
30% 31
,29% 293a
30%
7%
100
Jan
Deo
4358 Mar 12
34
230
*12%
18%
3734
10334 104%
*52% 60
15%
15%
69%
69%
13%
13%
Preferred
Jan
Jan
1%
3
778 Jan
64% Jan
8,500
3,400
8%
*60
100
Mobile & Ohio stk tr ctfs 100
834
3434
61
.100
7% preferred
7
1934 Jan
5
Nov
% June
% Aug
Jan 21
600
11%
35
36%
Sloss-Sheff Steel & Iron.
Smith (A O) Corp
Snider Packing Corp
11
91
Jan
7
19
107%
9%
38%
13
...100
Dec
7
100
107
8%
*8%
38
Preferred
2
•
100
«.«»
10%
3434
12%
12%
3434
25
4% Nov
20% Jan
13%
8
55
Southern Railway
Preferred
68
*1%
9
Skelly Oil Co
134 Apr
Apr
7
Mar 31
23ig Jan
137s Jan
59,000
27
10
56% Nov
100
51%
13%
Simms Petroleum
Jan
Mar
Southern Pacific Co.
22%
86
Silver King Coalition Mines.5
Simmons Co
No par
Jan
113% June
114% June
Oct
6
Southern Calif Edison
2134
120% 121
*38%
38%
5%
534
preferred
9
3
3
Jan 3
Jan 3
30i2 Mar 13
38i2 Jan
15U Jan
IIOI2 Jan
lli8
2084
4>4
43%
110
*64
33
No par
100
Jan
22
15,800
10,100
36%
8%
11%
Shell Union Oil
Nov
46
Dec
10434 Mar
9,000
40,200
27%
18%
10
156s Jan
No par
Jan
3
is4 Feb
Mar 21
67
Solvay Am Invt Tr pref.--100
South Am Gold & Platinum
1
So Porto Rico Sugar
No par
340
29%
*42
37« Jan
58
160
1734
Sharpe & Dohme
Conv
334 Jan
l
Conv preferred serA .No par
Sheaffer (W A) Pen Co.No par
Shell Transport & Trading.£2
2
14
Mar
109
Dec
4i2 Feb
78 Jan
2% Jan
32,400
5,200
16%
16%
16%
16%
126% 127
*126% 127
*85
7
76
..No par
No par
So cony Vacuum Oil Co Ino..l5
50
*99% 100
12%
8%
4i4 Feb
20i2 Feb
63,700
6
28%
37
8
1234
12%
38
For footnotes
5,700
52,400
3,500
3,800
5
20%
32
1%
8%
34%
12%
12%
*131
400
22%
35%
3%
8%
37
69%
9,600
17%
51%
7234
31%
*1%
34%
1234
12%
69
20
21
3534
1%
38
35
180
23%
32
834
34%
7%
734
36
*33%
18
1778
10378 1037g
*52% 60
15%
15%
400
6434
34
14
3%
&
115
12%
8%
1434
8%
14%
1%
37%
36
12%
*8%
343g
61
16%
127
134
383s
*60
72%
100
8%
8%
37%
123s
*734
2284
34
37
5%
23
8%
8%
*35%
52
9,000
'.<•
30%
v
8%
12%
*3%
20%
22%
27%
36%
18%
29%
44%
5,300
115
200
113% *112
113% *112
*112% 115
45
44%
44%
44%
44%
44%
45%
45%
15,300
37% 37%
37% 3734
38%
38%
37% 38%
17,300
28
*28
29
29
800
29%
29%
2934
2934
65%
64%
65% 66%
67%
66%
65% 66% 53,600
*29
29
29%
500
29%
29%
29%
*2834 29%
71
71
70%
71%
7034
70%
1,200
70% 70%
3
3
3
3
3
3%
3%
3%
1,300
9%
9%
9%
934
9%
9%
9%
9%
1,300
*48
100
*4634
50%
*4634 50% *47
50%
50%
24
21% 21%
22%
2134
22% 23%
23%
24,200
18%
18%
18%
19%
19%
1834
19% |43,200
18%
13
13%
13%
13%
13%
13%
1334
14% *74,600
8%
*8%
9
35
3%
85
*80
12178 *120
12
*31%
3534
3%
29
v
33
3534
65%
29
5%
14%
*31
28
65
38%
534
12%
7%
13%
8
13%
44%
3734
70
38
16%
12%
7%
3%
71%
34
3*8 Jan
1534 Jan
5312 Jan
48%
7
l
Shattuck (F G)
....No par
Sharon Steel Corp. ...No par
74
159
Preferred
15,500
64%
26%
.
1
Servel Inc
112% *112
37
2538
*120
*50
127
37%
*24%
6434
*28%
*83
22
51
*98
12%
8%
36
3534
*3%
3%
*11178 113
*9%
20%
22%
70%
10134
100
100
16%
16%
*124% 125%
8%
20%
23%
*31%
1934
16%
16%
16%
16%
125% 125% *125% 127
100
*12%
34
*31%
19%
22%
51
6684
66%
34
6%
32%
*9%
10%
68
6734
10634 10634
834
8%
11%
12%
68
10634 10634
8%
8%
11%
11%
11
"
*159
27
67
69
Second Natl Investors
18,500
2934
30%
12334 123%
64%
2734
14%
*67
48
100
Feb 29
10184Mar
5958 Jan 21
Preferred
52
Jan 20
97ia Feb
Seagrave Corp...
No par
Sears, Roebuck & Co..No par
6934
"*6 "
1
Preferred
100
Scott Paper Co new....No par
t Seaboard Air Line
No par
1212 Jan
45l8 Mar 27
900
6034
*111
114i2Mar 11
16% Jan 13
200
750
23% Nov
113
Schulte Retail Stores
70
12
31%
Jan
41,900
22%
16%
29%
7%
Dec
Jan
5%
*5
2534
109
5,000
700
Dec
10% Mar
84 June
1
Apr
6
Apr
111
Savage Arms Corp
No par
Schenley Distillers Corp
5
534% preferred
100
100
Dec
10
100
1,500
2,900
6,200
102
Apr
100
438
68%
75 i
"5%
534
32%
32%
32%
158% 158% *158%
6% preferred..
7% preferred
Nov
3
22i2 Feb
35i2 Jan
Jan 24
Mar 25
6884
6034
*11034
534
18
30
4%
6834
21%
16%
2834
75
5~34
100
No par
6734
4%
68%
22%
16%
29%
7%
48%
62
32%
30
280
82
Mar
6% Mar
77g Jan
5%
6834
75
534
32%
*158%
Preferred
29% Mar
Feb 19
Feb 19
Feb 28
1234 Feb 11
Us Jan
Safeway Stores
Feb
1175s
10i2
2984
358
2% Jan
33U Jan 20
62
*11034
t St Louis-San Francisco.-100
Seaboard Oil Co of Del.No par
75
2434
14%
23)8 Jan
10
Mar 30
7% Mar 28
18,700
29%
123% 123%
68
St Joseph Lead
57
48% jan
39%
62
6684
97
38%
30
124
Royal Dutch Co (N Y shs)
Ruber'dCo(The)cap stkAo par
Rutland RR 7% pre!
100
7,700
5
30
$ per share
1%
2%
12%
3184
5%
$ per share
39%
17%
115
12%
2934
124
17%
31%
5
29
*122
17%
$ per share
1%
234
1%
62
*71%
6634
5
6%
4%
Highest
$ per share
60
3
*234
3834
68
Lowest
75%
75%
1
1%
3
39
37%
37%
*5
22%
1534
28%
7%
48%
31%
67%
2134
15%
27%
1%
234
1%
3
*74
Par
Highest
1st preferred
...100
t St Louis Southwestern
100
10"100
Year 1935
Lowest
1,800
90
Range for Previous
On Basis of 100-share Lots
EXCHANGE
3,200
18
17
13%
4578
*4
2%
5%
11
76
13%
45%
*99%
3%
*16
5%
64%
3,400
17
111% *111
1%
234
28
75
110
111
.
500
3%
17%
110
*111
3%
100
8
33%
3334
33%
33%
110% 110% *110
110%
111% 112
111% 111%
14%
1434 *14%
14%
47
47
46%
47%
100% 100% *100% 100%
3%
3%
3%
3%
*16
16%
*15%
17%
*109s4 110
112
1,300
8
27
/
18
3334
33
55%
55%
*97% 100
2734
3
*15
34%
8%
5%
11%
5%
1034
*15
55%
101%
*8
27%
2»4
5%
11%
55%
*95
s
27%
2%
5%
55%
101%
8
7%
27
Apr. 3
Range Since Jan. 1
STOCK
Weelc
55%
100
7%
the
$ per share
$ per share
Thursday
Apr .2
Friday
Apr. 1
31
5434
7%
27%
*284
30
Wednesday
April 4 1936
8
715* Jan
3
Mar
6
8% Jan 20
Mar
1% June
Dec
125
Dec
52S4 Feb 19
29
May
5% Nov
87% Dec
133
Apr
50% Jan
87
44
Jan
7534 Nov
Jan 13
Jan 17
Feb 20
5334 Mar
HIGH
AND
Saturday
Mar. 28
Mar.
26%
26%
131% 131%
♦115
18%
18%
19%
19%
20%
19%
24%
24
24
*23%
24%
*23%
25%
26
26
26%
26
72%
28
"
6%
72%
16%
14%
23%
95%
96
6%
45%
*59%
60%
7%
♦153
156
*153
156
89
89
*85
89
2%
2%
18%
2-3534
36
*3%
4
73%
73%
16
16%
74
29
29%
15%
95%
162% 162% *161%
11%
11% 11%
14%
11,200
75
16
19
4734
16%
17
16
16
1534
16
31
32
32%
32%
32%
16
31%
15%
32
15%
16%
16%
17%
17%
18
*95
*161%
Tl%
48%
96
99% 100
*161% 163
163
11%
11%
11%
55%
50%
50%
8%
8%
8%
16%
16%
16%
11%
48%
8%
103
11%
55%
♦16
83
83
*83
86
•83
10%
1034
10%
10%
10%
10%
10%
10%
28%
29
75
8934
28%
74%
29
28%
74%
29%
75%
2878
29%
75%
76%
89%
90
90
91
£89
73
73
*73
74
128% 128%
*13534 138
♦162% 164
5%
5%
1%
1%
•35
40
2134
22
32%
3234
*113% 11334
*44% 44%
90
73
*72
6334
128
135*4
162%
5%
1%
*37
64%
65%
65%
40
*37
40
23%
33%
33%
113
23%
34
34%
34
34
*112% 113% *112% II384
44%
44%
*44% 44%
44%
*75
7%
7%
4484
*43%
133
*132% 133%
110% ♦109
110% 110% *109
133
6%
25
7%
43%
109% 110%
4%
4%
25
*21%
6
25
*79
83
*79
83
81
81
*130
135
*130
135
*130
135
*3%
*8
8
3%
8%
7%
*5%
*130
3%
8%
5%
13%
32%
*3%
*8%
5%
13%
32%
*13
15
32%
117
8%
28
2%
2%
*13
15
284
15
*13
2%
♦2%
234
60
60
*59%
60%
60
60%
1134
*53%
12
11%
*53%
12%
11%
12
*53%
55
*2%
55
*25%
25%
*8%
8%
2%
8%
22%
8%
*21
2%
22%
25%
25%
*2434
8%
*8%
*80
25%
55
2%
10
25
25%
28%
9
2%
40%
*78%
96%
*102
92%
*120
40%
81
96%
102%
*116%
934
10
19
*2%
*7%
84
234
7%
85
4234
4234
113
114
135
135
*27
28%
*37%
38%
24
*23%
25%
25%
27%
*24%
27
9
*8%
2
2
40
*39%
3%
9
8%
30
29%
25%
27%
9
9
9%
24%
*23
1%
39%
82
98
98
*934
*17
284
7
984
9%
19
*17
7%
18%
2%
*2%
234
102% 102%
7%
86%
42%
4278
113% 115
684
85%
10%
18%
2%
94
93
£119
119%
£113% 113%
*114%
10%
18%
2%
7%
88%
43
43%
114
85%
43%
115%
*52
90
*60
33%
33%
*33
34
34
4%
*21%
4%
*100
103
*98
60
60
34"
103
34%
*98
»
34%
102
884
83
49%
*32%
*64
35
*100
35%
105
25%
26%
25%
26%
15%
434
*21%
4%
*4%
478
15%
4%
15%
4%
15%
4%
21%
4%
8%
4%
4%
82%
50%
34%
9
8%
83
83
82%
83
82
49'
49%
49%
49%
33%
49%
49%
33%
71
63
88
88
*75%
21%
5%
83
3284
76%
4084
884
87g
33%
21%
4%
9
Dec
Oct
No par
100
4% Jan
32
Jan
109
14,700
*64
*3434
90
35%
30
400
24% Jan 31
5
Jan
2
4
7
100
.-No par
Jan 20
A--No par
10% Jan
No par
100
Preferred
5
Warner Bros Pictures
$3.85 conv pref
t Warner Qulnlan
No par
No par
Warren Bros
No par
5
Waukesha Motor Co
No par
Webster Eisenlohr
1
Wesson Oil & Snowdrift No par
Conv preferred
No par
West Penn El class A..No par
100
Preferred
100
Westingh'se Air Brake-No par
50
50
Westinghouse El & Mfg
1st preferred
Weston Elec Instrum't.No par
No par
35,500
Wilcox Oil & Gas
5
8%
9
8%
9
11,200
Wilson & Co Inc
No par
$6 preferred
Co
Worthlngton P & W
100
10
100
7% Mar
17
Aug
32
Sept
25%
Dec
30%
4
Mar
85
Apr
1
Jan
30%
Jan
2384 Jan
7
1% Jan 2
35% Feb 19
78
Feb 25
Feb 20
95
Jan 24
36
Mar
92
Nov
6
121
Feb 21
104%
Jan
12038
Dec
116
Mar 23
95
Jan
11484 Deo
10% Dec
19% Dec
94%
123%
26%
36%
Jan
4
Feb
7
Jan
9% Feb
7
Jan
Jan
90
Jan
37% Jan
98
Jan
2
18% Feb
3
14% Jan 28
4% Jan 10
62% Jan
*39%
19%
19%
For footnotes see page
2272.
8%
8%
8%
NOV
32% NOV
109% Feb 19
28% Mar 4
102% Nov
19% Dec
24% Jan
484 Dec
17
Mar
6
5% Jan 13
1% Mar
56% Feb
6
35% Mar 23
20% Dec
3% Dec
9% Nov
79
Nov
58
Apr
51
Jan
65% June
11% Mar
25% Nov
100
57
Jan
2
75
Mar 23
100
47
Jan
4
66
Mar 23
25% Mar
20
Apr
61
Preferred B
6
106
Mar 11
35% Mar
68
75% Mar 27
79
Feb 10
2
3
6
44% Jan 21
41% Jan 6
45
Jan 23
8234 Apr
35% Nov
96
40%
800
19%
19%
53,700
Yellow Truck & Coach cl B.10
470
8%
50
46% Jan
6% Mar
12% Oct
Preferred A
40%
83s
35% Sept
570
120% 120%
19%
Jan
1,100
Wrlgley (Wm) Jr (Del) .No par
Yale & Towne Mfg Co
25
110
Dec
Dec
Mar
Jan 15
Wright Aeronautical...No par
Dec
14% Mar
87
2
33%
38%
18
3
Jan
9834 Nov
126
25
78
Mar 27
Jan
0
Jan
23% Jan
Jan
7%
25% Nov
Mar
49
3%
77% Nov
3584 Dec
1634 Mar
3% Apr
130
19%
Jan
Jan 14
500
110
29
11
76
19%
Mar
1
88%
51%
Feb
10
6
76
112
Mar
90
24% Jan 10
5% Mar 30
88%
18%
Mar 24
18
32% Mar
6
7
2
76%
40%
*111
39% Mar
17% Jan
284 Jan
8% Jan
87
18%
3
Jan 14
76
110
Jan
50
86
18%
8%
39
31
77
110
3
28% Jan 10
60
Mar 87
88
523s
48% Mar
2
88
51%
Feb 13
122% Feb 10
140% Jan 31
3384 Jan 25
*76
5284
95
6
7
Mar 27
Jan 14
Jan
Jan
*85%
51%
„
Jan 13
8884
76%
51%
Jan
Mar
Nov
87
72%
64%
50%
50%
72
34
Feb
3
55% Nov
84% Oct
91% Dec
99% Nov
2
72
120% 121
99% Mar 10
102% Jan 24
90
7
63%
41%
19%
82% Feb
2
7
Deo
784 Nov
Jan
72
121%
48% 50%
50
50%
2% Jan 13
46% Jan
Jan
96
64
19%
6
6%
91% Jan
71
41
11% Feb
Jan
62%
120
Deo
1% Dec
20% Aug
71
18%
Deo
1038 Dec
52
28% Feb 19
29% Jan 2
33%
120
Dec
25% Mar 24
Jan
63%
90%
777fi
Dec
3
15% Jan
34
No par
11
47
24
6% non-cum pref erred.. 100
Wheeling Steel Corp
No par
preferred
638 Nov
% Mar
Wheeling & L Erie Ry Co. 100
Sewing Mach..No par
33% Deo
Apr
120
2% Mar
10
100
60
Dec
Dec
Nov
2% Feb 29
20
Preferred
Dec
Nov
10% Mar 31
Jan
White Motor
May
1% Jan
33%
70%
*76
8
Mar
7% Mar
1% July
2% Feb
20% Mar
Western Union Telegraph. 100
83
117%
3%
584
4%
9%
4% Jan
23
2,500
14% Feb 19
5
1% Feb
28% Jan
2% Mar
14% Mar
2034 Feb 2 4
5%
62
Jan 24
2%
5%
72%
34%
22%
7184
18
1634 Jan
434
34%
Feb
100
100
Preferred
21%
62
Jan
1%
100
2d preferred
4%
71%
114
5% Mar
21%
33%
May
12% Feb 21
4%
64
1
4% Mar
26% June
8% Jan
21%
72%
I84 Mar
100
Western Pacific
Nov
Feb 25
57% Feb
Jan
Apr
.100
6% preferred....
Western Maryland
White
34%
19
3% Jan 24
Jan 24
984 Jan
50
33
34% Feb 21
70
47% Jan
1
111% Jan
1,400
72
3
784 Mar 6
15% Feb 11
3484 Jan 8
10% Mar
63% Mar
Feb
109%
116% Jan
4%
34
5
100
pref
1,100
*63
4% Feb
100
Wells Fargo & Co
Woolworth (F W)
4
2% Jan
Class B
Class A
1,200
Feb
3
5% Jan
Westvaco Chlor Prod..No par
17,800
15
Jan 16
Mar 13
White Rk Min Spr ctf-No par
5O84
7
Mar 23
Feb 2-<
18
300
82
30% Feb
10
28
1,600
50
June
118
No par
Preferred
21,100
82
2
31% Mar 13
115% Apr 2
Walk(H) Good & W Ltd No par
15%
50
8
Feb 19
26%
82
9% Feb
112% Dec
784 Nov
Mar 11
7
15
49%
120%
Jan
86
2% Jan
100
Preferred B
Conv
Jan
135
135
100
Dec
4% Dec
72%
Mar 11
100
Nov
85
Mar 23
121
26
82
1
Nov
6
Mar 24
4% Apr
33
114
Jan
133
100 xll4% Jan 16
70% Feb 3
100
102% 102%
4%
8% Mar 16
4884 Mar 19
114
"2",800
1,900
7
6
Jan 23
105
*61%
88%
75%
*39
41%
39%
39%
19%
18%
19%
19%
18%
120% *121
122% 120% 121%
48
47%
*47% 47% *46% 47%
50
50%
49%
5084
50»4
50%
*108% 11134 *108% 111% *108% 109%
18
18
18
18
18%
1784
*8
8
8%
8%
8%
8%
*39
7%
4,500
*52
90
15%
71
1,100
8%
8,600
2578
*62
3
18,800
15%
21%
4%
800
2%
91
25
5%
80
44%
15%
22
37
Preferred A
4,200
88%
25%
5
63
6% preferred
43%
*52
60
*•
Dec
2% Mar
17% June
36% Mar
100
t Wabash
West Penn Power
Nov
63
27% Feb 19
pf.100
Virginia Ry Co pref
Vulcan Detlnning
130
118% 121%
114% 117
*80
80
150
2
Dec
Virginia Iron Coal & Coke. 100
250
20
8%
700
4% Aug
56% Nov
21% Jan
68
100
100
Va El & Pow S6 pf
93%
93%
120% 120%
114% 114%
20
2%
-
15
6%
8%
98%
Mar
1
% Mar
19% Apr
Jan 18
Nov
44% Dec
70
Aug
Preferred
82
50
165
Feb
Convertible pref-..-No par
102
163% Mar 20
6% Mar 2
2% Jan 18
Nov
May
Aug
May
Warren Fdy & Pipe—No par
1034
2484
22
98
143% Jan 21
July
34
400
10%
25%
15%
15
82
102
Jan
27% Mar
73% Mar
119% Jan
149% Feb
91
1,800
1,800
62%
2
Mar 20
Jan
Dec
Apr
2
9%
39%
Feb 10
75
6884 Apr
132
17%
48
124%
73%
50%
119%
14084
5
23%
"184 ""630
Deo
3
800
89%
88%
44%
4334
119% 121
138
*137% 141% *137% 141%
140
*137
*135
137
137
29
29
*27%
28
28
28%
28
*27
*27
28%
38%
*37%
38%
*37%
*37% 38%
*37%
38%
38%
*37%
2534
24
2434
24
2484
24
24
24
24
*23%
84%
z4234
60
25
134
39
9184
Feb
20,000
26
9% Mar
24% Mar
96% Jan 24
Sept
11% Dec
Mar
2%
19%
19%
2%
7%
9%
23%
50
300
Mar
46
No par
Ward Baking class
900
3
114
No par
400
4
Jan
73
Jan 10
42
5
Walgreen Co
6H% preferred
t Walworth Co
5,900
J an
100 2110% Feb 17
7% 1st pref
Vick Chemical Inc
2,200
10%
10%
7%
86%
2%
2
2
4
6
16
9% Jan
*80
1%
*81%
To"
50
6
4% Jan
1,200
99
*114%
2
100
17,100
16% Sept
53
30% Mar 26
79
Mar 26
2
25
3
21
7
30
No par
30
9% Sept
7% Mar
Mar 12
13
10% Nov
50% Nov
3% Mar
9% Jan 27
Jan
Waldorf System
15,500
39%
93%
29%
35% Mar
2
18% Jan 28
84% Feb
68% Jan
46% Jan
115% Jan
135% Mar
160% Feb
3% Jan
1% Jan
37% Jan
20% Jan
28% Jan
30
10
Dec
59
9,300
9%
*80
121
3,800
2834
2"
102
7
Nov
3
738
9%
40
91%
*5%
Nov
165
11% Apr
11% Feb
Preferred
27%
9%
2
121
160
"l",866
29
40
102
3%
27%
82
92
84
135
25%
*98
121
100
Preferred
Vanadium Corp of Am.No par
5
Van Raalte Co Inc
5% preferred
300
*25%
*81%
102
25
26
98
91%
8%
30
600
81%
121
3%
180
32,100
98
102
6%
500
12%
2%
2%
9%
"
82%
1
No par
Vadsco Sales
6% preferred
7% preferred
60%
55
*50
9%
25%
27%
111
120% 121
*130
100
Utilities Pow & Lt A
4,400
11%
11%
81%
120% 121
44
12%
60%
12%
10
*22
No par
Common
60%
60%
25%
*4%
50
Preferred
Nov
87
Feb
16% Jan
100
U S Tobacco
15
96
Feb
85
22% Dec
3% Oct
20% Oct
39% Dec
Mar
5
Apr
Nov
2% Jan
19% Mar
4%
14% Feb 21
47
100
Corp
Va-Carolina Chem
2%
12
2%
111
No par
Preferred
Mar
73
4% Mar
65% Mar
5
2
8% Mar 13
13% Jan 7
Jan 8
10
Jan 21
—100
Ref & Min
50
5,600
14%
97
10134 102
92
92%
7%
183s
2%
9%
43%
U S Steel
11
2
Feb 17
Mar
% June
July
Jan
71
100
1st preferred
U S Smelting
Preferred
5
143
39
.....No par
U S Rubber.
1484 Mar
8% Jan
No par
U S Realty «fe impt
Oct
161% Mar 25
No par
t c
Vicks Shr & Pac Ry Co
82
2%
5934
15
2%
*23
7%
18%
18%
2%
53%
130
700
*13%
*18%
2%
*59%
53%
2%
*75
1434
15%
13%
32%
32%
32%
32%
115% 115% *115% 117
9%
884
9%
8%
*13
15
4,100
v
Oct
110% Feb 15
169% Feb 18
15%
7%
*5%
81
*55
103
135
3%
40%
*52
103
25
*22
97
85
...
5%
81
85
*52
*13
*80
"2"
111
*5
3984
IH84 115
92%
120%
♦17
2
9%
25%
*80
*80
*2
2%
10%
*2%
111
*130
135
*18%
*32
44
11978 11978 *120% 120%
81
82%
80%
81%
13%
12%
12%
13%
32%
*32%
32% 32%
*115% 117
*115% 117
*115% 117
9
8%
878
8%
8%
8%
834
29
29%
28%
28%
28%
28%
28%
18%
183g
18%
*18%
♦18%
18%
18%
*13%
*115
7%
*132% 133% *132% 133%
133
110%
*3%
82
7%
43%
133
*21%
*5%
44
43%
133
*119% 120% *119% 121
3%
7%
73s
10
10,000
*80
*80
82
7%
*5%
12,500
38
86
3%
48,900
76%
23%
*75
3%
7%
738
1384
29%
38
*80
3%
28%
23%
82
♦119% 121
7,000
40
86
*4
1034
23%
*75
*21%
10%
113
44%
2
U S Industrial Alcohol-No par
v
200
*37
4
Jan
7% preferred
t c
34%
23
Jan
85
U S Hoff Mach Corp
Class A
*73
74
91
20
100
..5
Prior preferred v t c
23%
40
*37%
No par
Preferred...
Aug
Jan 23
99
US Gypsum
*159% Dec
%
19% Jan 23
20
U S Leather
68%
9
8
39% Jan
700
75
67%
Jan
13% Jan 20
200
3,700
Jan
28% Mar 12
300
90
6
2
15
Feb
9%
3% Mar 24
2234 Mar 23
38% Mar 5
No par
Oct
73% Nov
29
2
5
Jan
78
Mar
133%
Mar 16
92
7%
51
Jan
U 8 & Foreign Secur__.No par
U S Freight
83
8934
7
2
Nov
11% Dec
46
21% Jan
100
Preferred
Jan
15
20
No par
Foundry
Corp
83
76%
*80
6%
72,900
90%
82
24
573ft
1,800
77
86
*3%
3,100
29%
*75
*21%
2,200
4,800
....
22%
22%
33
32%
32%
113% 113% *112% 113%
44%
44%
*44%
44%
43%
U S Dlstrib
75%
*80
44
U S Pipe &
100
29%
82
42%
6,900
1
Mar 23
110
Jan
3% Apr
Apr
7% Mar 26
Feb
8
69% Jan 10
159% Jan 24
1% Jan
.1
.
2%
Jan
18% Nov
87% Mar
7
80
Jan 25
50
.
100
Preferred
12% Feb
Dec
7%
9234 May
Oct
9% Mar
Feb 10
113
96
Mar
3% July
60%
19% Jan
Dec
784 Nov
4584 Nov
1334 Dec
20% Dec
4% Mar
65
Feb
79
7
59% Apr
4
Mar
Jan
24%
17% Oct
1% Feb
2034 Mar
884 June
7% Apr
3
2
Jan
Universal Pictures 1st pref.100
t Universal Pipe & Rad.
101
Mar 31
153
620
10%
86
133
390
16% Feb
25% Apr
9
Jan
26%
20% May
29% Apr 3
9% Feb 17
47% Feb 17
6
Jan 15
100
Preferred
23,200
10%
67%
Nov
70
No par
Universal Leaf Tob..-No par
68% 139,300
67%
2,900
128
128
129% 130% 128% 129%
128
129%
12984
300
137%
♦136
137% *137
137
137
137% *137
137
10
*162%
*162%
*162%
162% *162% '*»
II,500
5% "584
5%
6
5%
5%
5%
5%
5%
1,600
1%
1«4
1%
1%
1%
1%
1%
1%
1%
64%
22
7%
Preferred class A
20
86
*75
7%
I,200
*83
,
78
8% Jan 13
58s Jan 9
United Stores class A. .No par
200
16%
*70
7%
15,500
*16
86
Jan
16
100
884
*16
46
109
No par
16%
*8%
8%
47
89%
75%
*83
55%
59
8%
8%
Feb 19
4% Jan
66% Jan
No par
Preferred
40
"l2%
12
12
78
15
100
t United Paperboard
100
98
103% 104%
162% 162% ♦161%
16%
86
*95%
96
101
96
96%
95
96
*95
96
Aug
Jan 21
93
United Gas Improve.—No par
100
200
17%
31
*17
8%
74
4,800
100
16%
31%
16%
118
12% Jan 21
5
10
United Fruit
28,100
*16%
64
75%
No par
Un'ted Electric Coal—No par
23,900
Nov
Oct
68
No par
Preferred
90
96
6%
16%
8%
62%
*95%
100
No par
United Drug Inc
United Dyewood Corp
9,900
25%
20
Mar
111
6% Feb 19
4234 Mar 13
45%
1384 Dec
7
6
6
Jan 11
22% Jan
14%
96
2834Mar
28% Jan
117
United Corp
Preferred
4,100
26% July
30% Dec
4% Mar
20% Mar 19
United-Carr Fast Corp No par
55,400
Dec
111% Jan
90% July
17% Jan 22
24% Mar 18
113
Jan 18
par
No par
...
24
Feb
Mar
Mar
Oct
Mar
2% Mar 23
900
29%
7%
24%
16%
16%
8934
45%
31% Feb 7
32% Feb 18
United Carbon
14%
16
8%
*72
.
Jan
14%
82%
79%
20%
9%
7
6
9784 Feb 26
1% Mar 27
13
Jan 2
Bosch..No
United Biscuit
Preferred
28% Feb
138% Mar
7
7
2
2
Jan
Jan
Jan
c..5
Un Air Lines Transp v t
Amer
$ per share
24% Mar 28
Rights
United
$ per share
5
United Aircraft Corp
20
25%
75%
16%
74%
7%
7%
45%
3,100
No par
Union Tank Car
Highest
$ per share
900
74
73%
74
16%
2% 145,500
27,900
19%
100
24
115% 115%
115% 115% *115%
73%
73% 74
29
28%
*27%
7
7%
7%
45
45%
45%
14%
14%
14%
25
25
24%
96
*95% 96
6%
7%
6%
73
96
16
31%
*95
49%
,
400
100
Preferred
200
26%
100
Union Pacific
Lowest
23%
108%
90%
22%
25
Union Oil California
52,200
110
110
110
L10% *109
D0% *109
*9
*9
10
9%
*9
10
9%
9%
7
7
7%
634
6%
7%
7%
6%
*75
*74
77%
80
78
78
78%
78%
60%
62%
60
60% 60%
59%
60%
*59%
155
*153% 155
155
155
*153% 155
155
90
9084
90%
91
89%
89
89
89%
2
2%
2
1%
1%
2
2%
2%
18
18%
19
18%
17%
19
18%
19%
37%
37
37%
36
37%
36
37%
35%
4
4
4
*384
*3%
*3%
3%
3%
78%
97%
2
2%
16
10%
6%
96
28%
25%
110% *108
*72
31%
16%
7%
25%
72%
73 1
16%
*9
18%
36%
4
16%
27%
7
634
*93
2%
74"
14%
23%
9534
14%
60
48
1
7%
45%
14%
24%
10%
7
78%
*93
25%
27%
7%
45%
7%
23
*30%
16%
2%
95
17%
45
18%
35%
*3%
*15%
2634
2%
9434
28%
27%
9434
*26%
27%
*23%
25%
*72
16%
96
2
28%
2%
110% *108
2
2
*115%
9534
6%
73%
60
*94
28%
25%
18%
44%
6%
95
28%
25%
95
*27%
,25%
14%
23%
*72
*94
*26%
*94
1%
28
*9
2,700
18%
*23%
25%
7%
*108
13,000
1%
72
5%
73%
16%
27%
134%
24%
29
*93%
27
134
25%
72
23
27%
134%
95
28%
25%
Shares
27
133
25
*28
4484
14%
$ per share
Year 1935
Highest
$ per share
Par
27%
28%
*93%
*72
7%
$ per share
Range for Previous
of 100-share Lots
Lowest
132%
26%
132
131%
On Basis
STOCK
EXCHANGE
Week
Apr. 3
2
Apr
$ per share
130
*115%
...
1
Apr
$ per share
26%
26%
$ per share
26%
2638
131% 132
*93%
95
28% 28l2
24%
25%
1%
2%
18%
18%
*23% 25%
25%
25%
31
Mar.
30
Thursday
Wednesday
Tuesday
Monday
YORK
NEW
the
Friday
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
LOW
for
$ per share
2281
New York Stock Record—Concluded—Page 9
Volume 142
Preferred
Young Spring & Wire.-No
16,300 Youngs town S & T
No
200
5H preferred
No
19,100 Zenith Radio Corp
6,500 Zonite Products Corp
7,600
100
par
par
100
par
1
8% Jan
20% Mar 26
73% Mar
1784 Apr
2% June
83% Jan
121% Mar 26
31% May
34% Jan
105
Jan
6
3
18
Mar
54% Feb 19
13
Mar
5234 Apr
116
Feb 19
11% Jan 28
19% Apr
7% Feb 20
9% Jan
3
4
38% Apr
1% May
2% June
Nov
51% Nov
Dec
9% Dec
Nov
53% Deo
46% Dec
105
Dec
1484 Nov
784 Dec
Complete
Bond
Brokerage Service
RICHARD WHITNEY & CO.
Members
15
New
York
Stock
Members
New
York
Curb
BROAD
Exchange
Exchange
STREET,
NEW YORK
Telephone BOwllng-Green 9-4600
A. T. & T.
New York Stock Exchange- Bond
Record, Friday, Weekly and Yearly
changed
2282
On Jan. 1 1909 the Exchange method
of *uotlno bonds
regular
e€Kiy raD8e are snowD ln a tootDote in tne week in which
to
£
BONDS
N. Y. STOC K
i
£1
Friday
Last
Price
U. S. Government
they
Bid
&
LOW
15 1947-1952 A
O 117.26
15 1943-1945 A
O 107.19
107.16
15 1944-1954 J
D 112.22
112.18
110.29
3%s_..Apr
2%s...Mar
2%s__.Sept
J
D
108.4"
M S iU4.4
04.22
No.
3s
Jan
58
407
163
108.28
108.31
05.20
108 19
6
13
D
105.13
105.20
137
D 106.16
106.9
105.15
305
F
A .08.29
108.28
108.31
20
O .07.9
107.8
107.11
117
101.20
101.28
454
102.22
102.30
956
101.22
101.28
463
104.2
104.6
56
102.24
102.29
101
J .03.17
103.11
103.17
80
S
102.7
102.8
15
15 1942-1947 J
1942-1947 M
102.17
102.24
345
A 1OI.22
101.11
101.22
283
101.22
2%s series B—Aug
1 1939-1949 F
2%s series G
1942-1944
State & City—See note
below.
&
111.2
J
Home Owners* Mtge
Corp—
3s series A
May
1 1944-1952 M N 102.24
Foreign Govt.
109
J
15 1955-1960 M S 101.27
15 1945-1947 M S 102.30
1
16
104.7
S .08.29
117 26
105.24 107.28
11224
108.6
108.15
High
115.3
ill
104.22
D .08.15
Low
119
104.15
J
15 1944-1946 A
Mar
108.3
87
153
103.31
D
2%s...Sept 15 1948-1951 M S 101.27
Federal Farm Mortgage
Corp—
3%s
...Mar 15 1944-1964 M S
3s
May 13 1944-1949 M N 102.26
2%s
117.20
J
M
101.18
101.22
48
106.17108 10
102.20 104.11
102.29 104 26
107.19 109
108
109 8
103.24 105.23
103 19105 18
108.5
109 12
105.12107.16
100
102
100.31 103 1
101.7
101.31
102.20104 11
100.26 103 6
100.15102.10
100.17102.30
99.16 101 28
99.17101.28
Municipals-
FebcoupoDon.1947 F A
♦Sink fund 6s Apr
coup on...1948 A O
1963 M N
19%
*19%
Akershus (Dept) ext 5s
♦Artloqula (Dept) coll 7s A...1945
J
19%
20
100
9%
J
15
100%
9%
s
f 7s series B
1945
9%
9%
s
1945
9%
s
9%
9%
7
♦External
f 7s series C
f 7s series D
21%
100%
7%
10%
6
♦External
9%
1945
s
sec s
f 7s 2d series. 1957
♦External
sec s
f 7s 3d series. 1957
f 7s 1st series
Antwerp (City)
96%
Argentine Govt Pub Wks 6s... 1960
Argentine 6s of June 1925
1959
Extl 8 f 68 of Oct 1925
1959
External s f 6s series A
1957 M S
External 6s series B
D
...1958 J
Extl s f 6s of May 1926
1960 M N
External s f 6s (State
Ry)___1960 M S
Extl 6s Sanitary Works
F A
.1961
Extl 6s pub wks May 1927...1961 M N
Public Works extl 5%s
1962 F A
Australia 30-year 5s
J
1955 J
100
99%
100
98%
1957 M
S
100 %
Bergen (Norway)
J
A
1955 J
106%
103%
112%
108%
1960 M
ext s f 5s
S
♦External
s
s
75
99%
100
10
100
30
99
100
99%
98%
100
105%
105%
100%
106
95
17
22
98%
22
105%
18
100%
96
96%
107%
23
105%
10
112%
108%
114%
7
108%
18
■
4
102%
25%
"11%
25%
2
24
24%
16
15
24%
15
11
11%
18
7%
20
7%
7%
7%
3
7%
25
D
32
32
32%
38
f 6%s of 1926—.1957 A
6%s of 1927...1957 A
O
25%
27%
83
O
26%
25%
26%
D
1941
f
♦7s (Central Ry)
♦5 Bremen (State of) extl 7s
Brisbane (City) s f 5s..
Sinking fund gold 5s
20-year s f 6s
7%
27%
61
27%
27%
28
13
M
S
32
29%
32
3
1957 M
S
?9%
99
99%
16
1958 F
J
99%
21
D
103%
5
1952 J
1935
..1950
A
99
99
103%
102%
Budapest (City of)—
♦6s July 1 1935
coupon on...1962
Buenos Aires (City) 6%s B-2..1955
External s f 6s ser C-2
1960 A
External s f 6s ser C-3
1960 A
98%
97
105%
110
101%
109%
109
118%
105% 109%
100% 102%
23%
28%
23%
27%
13
21%
8%
16%
7
9%
9%
7%
27%
35%
22%
30
22
32%
95
99%
99%
95
101% 104
95
98
98%
"7
79
"63%
38%
1
41
s
f
s
f 6s—Oct
6s..July
79
64%
71
64%
"16
80
63%
♦Farm Loan 6s ser A Apr
♦Chile (Rep)—Extl 8 f 7s
61%
25
55%
57%
S
60%
59%
60%
25
59
62
15%
..
15%
167%
8
13
16
15%
15%
15%
*11
8
13
16%
10%
13%
11%
107%
111%
108%
"67
105%
109
J
1960
15 1938
1942 M N
...1962 M N
113%
30
98%
98%
50
96%
99
38%
"98%
6s...Sept 1961
♦External sinking fund 6s... 1962 M S
♦External sinking fund 6s...1963 M N
♦Chile Mtge Bank 6%s
D
1957
♦Sink fund 6%s of 1926
D
1961
♦Guar s f 6s...
1961 A O
page
38%
3
38%
O
23%
23%
19%
19%
♦Sinking fund 7s
♦Sinking fund 7s
Copenhagen (City)
of 1926
of 1927
♦Cordoba (City) extl
O
J
1946 M N
1947 F
A
1952 J
5s
25-year gold 4%s
1953 M N
s
f 7s
22%
21%
22
22
19%
19%
19%
19%
19%
9%
10
31%
27%
1957 F
Cuba (Republic) 5s of 1904
1944
ser
B
1952 A
{♦Stamped
27
29
29%
15
33
32%
33%
12
28%
14%
14%
14%
14%
14%
14%
13
14
16
63
13%
15%
19
14
15%
14%
64
13%
14%
"14%
14%
13%
"12%
12%
14%
14%
14%
14%
14%
17
14
96%
30
17%
17%
92%
88%
"17
45%
63%
55%
70
70
49%
2
60
50%
54
70
*55
14%
27
34
13%
34
33%
57
60
73
80%
50
78%
35
50
34
23
34%
"78%
11
*102
99% 103
99% 100%
100
100
100
95%
100%
48%
95%
92
100%
100%
50%
100
48%
11
11
105%
A
101%
98%
103%
104
105%
101%
97%
24
14
15%
14
96
100%
54%
10
13%
100% 105%
100% 105%
104% 106%
100% 102%
93%
37%
11%
103%
103%
O
105%
101%
98%
70%
67
67%
63
68
*66
67%
63
30
26%
68%
30%
80
61%
41%
2d series sink fund
5%s
1940 A
70%
O
♦
♦Certificates of deposit
Estonia (Republic of) 7s
Finland (Republic) ext 6s
J
44
44
*65%
68
64%
70%
98%
105% 108%
102
104%
J
J
1945 M
S
106"
106
106
M S
102%
102
102%
24%
14
zl70
172
26
172
167
171
11
177
16
165% 172%
176% 182%
174% 177%
*94
24
M N
J
J
D
D al76% 2176%
78 unstamped
1949
German Govt International—
♦5%s of 1930 stamped
1965 J D
♦5%s unstamped
...1965
♦German Rep extl 7s stamped.. 1949 A O
174%
27
unstamped
1949
German Prov & Communal Bks
♦(Cons Agric Loan)
6%s
1958 J
68
94%
93
2
2
174%
174%
6
26%
27%
110
22%
25%
D
37%
6
25%
29
35%
64
33%
39%
32
10
30
34
37
37%
18
32
45%
(Municipality of)—
*104
106
+4% fund loan £opt I960...1990 M N
♦Greek Government s f ser
7s.. 1964 M N
1964
1968 F
♦6s part paid
s
29%
26
33%
31%
♦8s unmatured coupons on-.1954 M N
Gr Brit & Ire (U K
of) 5 %s
1937 F A
♦7s part paid
♦Sink fund secured 6s
27
183
26
"35"
♦78
Haiti (Republic)
70%
J
External sink fund 6%s—... 1956
♦Frankfort (City of) s f 6%s... 1953
French Republic 7 %s
stamped. 1941
7%s unstamped
1941
External 7s stamped
—1949
Graz
68
48%
1967 J
A
110
99
106
106%
all5% all6%
*34%
31%
31%
*28%
106
105% 108
114% 118%
28%
34
25%
31%
26
29%
23% 28%
.....
1968
f 6s
ser
♦Hamburg (State) 6s
♦Heidelberg (German)
*25%
28%
A—.1952
95%
*24%
93%
97
26%
22%
26%
22
22
1946
extl
22
7%s '50
Helslngfors (City) ext 6%s
1960
Hungarian Cons Municipal Loan—
♦7%s unmatured
105%
coup on...1945
♦7 %s February coupon on
Irish Free State extl s f 5s
1960 M
Italy (Kingdom of) extl 7s
1951 J
1944 F
♦7s with all unmat
coup
♦Leipzig (Germany)
s f 7s
Lower Austria (Province
of)—
*23
43
N
*113
72
24%
104% 110
106
23%
24%
23
S
32%
25%
24%
120
26
38
43
69%
30
23
25%
"27"
44
113% 115
60%
75
83%
97
72%
092%
S
092%
63
J
92%
79%
64
53
56%
92%
79%
59%
94%
92%
80%
79^
31%
25
31%
32
30
31%
1957 A
O
31
1947 F
A
*25
♦7%sJunel 1935 coup on...1950 J D
♦Medellin (Colombia) 6 %s
D
1954 J
♦Mexican frrlg assenting 4 %s.. 1943 M N
♦Mexico (US) extl 5s of 1899 £.1945
Q J
♦Assenting 5s of 1899
1945 Q
J
96
*23
A
D
105%
23%
23%
♦7s unmatured coupon on...1946
♦Hungarian Land M Inst 7 %s. 1961 M N
♦Sinking fund 7%s ser B
1961 M N
Hungary (Kingdom of)—
*97
-9%
161%
♦Assenting 5s large
♦Assenting 5s small
9
*5%
*9%
10%
*6%
51%
104%
9%
6%
10%
10%
7%
67%
64%
100
89%
100% 101
7%
10%
5%
7%
10%
10%
9%
12%
9%
12%
♦4s of 1904
1954 J
D
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
T*
"5"
1954 J
D
*5
6%
6%
20
5%
4%
♦{Treas 6s of '13 assent (large) '33 J
4%
J
5%
6%
26
♦{Small
J
Milan (City, Italy) extl 6%s...1952 A
Minas Geraes (State of,
Brazil)—
7%
7%
7%
9%
O
6%
5%
6%
6%
59%
♦6 %s Sept coupon off
♦6 %s Sept coupon off
♦Montevideo (City of) 7s
13
13%
51
12%
13%
♦External
12%
12%
12%
13%
17
12%
13%
New So Wales
12%
54
12%
12%
38
12
13%
13%
External
s
s
f 6s series A
J
1958
6%
6%
61
17%
18%
1959
1952 J
D
1959 M N
17%
18%
50%
6%
61
17%
18%
50%
6
6
91
6%
6%
9
62%
15%
14%
19%
19%
47
1
5
50
53
*47
48
F
A
102
102
...Apr 1958 A
O
43
48%
100% 103
101%
102%
101
(State) extl 5s—1957
f 5s
5
5%
15%
14%
20
97
*66
12%
37%
14%
20
99%
*38
15%
15%
14%
14%
20
20
1
S
37
29%
25%
25%
19%
85
Dominican Rep Cust Ad 5%s—1942 M S
1st ser 5%sof 1926
1940 A O
34%
10%
32
29%
27%
24
1
12%
52
23%
19%
*50
J
extd to Sept 1 1935... M
High
11%
43
99
*64
O
Denmark 20-year extl 6s
1942 J
External gold 5%s
1955 F
External g 4%s
Apr 15 1962 A
Deutsche Bk Am part ctf 6s—.1932
12
Low
94
"49%
S
External 5s of 1914 ser A
A
1949
External loan 4%s
A
1949
Sinking fund 5%s._.Jan 15 1953
J
♦Public wks 5%s-_June 30 1945 I D
♦Cundlnamarca 6%s
1959 M N
Czechoslovakia (Rep of) 8s
1951 A O
2
19%
"94""
A
Costa Rica (Republic
of)—
♦7s Nov 1 1932 coupon on—.1951 M N
♦7s May 1 1936
coupon on...1951
36
10%
32
4
n
97
D
♦7s stampede
1957
♦External sink fund 7s
1937 M N
♦7s stamped—
1937
Cordoba (Prov) Argentina 7s—194* J
J
45
1
111% 115
29%
29%
103
228/.
NOTE—Sales of State and City securities
occur
very
rarely
on
the New
York Stock
Bid and asked quotations
however by active dealers in these securities will be found
Colombia (Republic of)—
♦6s Apr 1 1935 coup on—Oct 1961 A
♦6s July 1 1935
coup on.Jan 1961 J
♦Colombia Mtge Bank 6 %s_—1947 A
25%
64%
♦External sinking fund 6s._.1960 A O
♦Ext sinking fund 6s
Feb 1961 F A
♦Ry ref ext s f 6s
J
Jan 1961
♦Ext sinking fund
M S
f 6s
25
65%
61
15 1960 J
15
S
Japanese Govt 30-yr s f 6%s...1954
A
Extl sinking fund
5%s
1965 M N
Jugoslavia State Mtge Bank—
70
55
61%
♦Cauca Val (Dept) Colom
7%s.l946 A O
♦Cent Agric Bank (Ger) 7s._..1950 M S
♦Farm Loan
♦Cologne (City) Germany 6%s.l950 M
Italian Cred Consortium 78 A.. 1937 M
External sec s f 7s ser B
1947 M
Italian Public Utility extl 7s... 195:
A
1952 M N
♦Farm Loan
11%
99%
93
100%
92%
98%
.
63
Since
Jan. 1
51
30%
31
62%
*75
High
11%
29%
21%
26%
of)—
5a
see
100%
32
6
79
10-year 2%s——— ".Aug1~5~ 1945
♦Carlsbad (City) sf 8s
1954
s
106
98%
2
""62%
♦Sink fund 7s July
J
coup off—1967 J
♦Sink fund 7 %s May
coup off 1968 M N
♦Caldas Dept of
J
(Colombia) 7%s *46 J
Canada (Dom of) 30-yr 4s
1960 A O
For footnotes
100%
100%
100%
100%
104%
99
100
Low
Range
Asked
51
♦El Salvador
(Republic) 8s A—1948 J
100%
100%
100%
100%
97% 100%
94%
99%
104% 106
33
&
D
1951 J
♦Dresden (City) external 7s— .1945 M N
101%
1977 M
Readjust 4 %-4%s
♦Guar
95%
97%
97%
97%
97%
97%
97%
97%
97%
98%
*97
Bid
Price
10
1961 F
.1976 F
♦6 Hs stamped
s f 4%-4%s
Refunding
(Kingdom
10
33
♦Buenos Aires (Prov) extl 6s... 1961 M
♦6s stamped...
1961 M
♦External s f 6%s
....1961 F
Bulgaria
8%
92%
103
106%
10
28
29
J
♦Brazil (U Sof) external 8s
♦External
29
102
♦Berlin
♦Bolivia (Republic of) extl 8S..1947 M N
♦External secured 7s
1
..1958 J
♦External sinking fund 7s...1969 M S
16
100
100
96%
D
(Germany) s f 6%s
1950 A O
♦External sinking fund 6s... 1958 J D
♦Bogota (City) extl s f 8s
1945 A O
100
99%
*25
M N
..1956
68
99%
100
1956 M N
1949 M S
J
..1955 J
27
99%
99%
External 5s of 1927
1945 F
100
99%
99%
99 %
External g 4%s of 1928
..1957 J
17
10%
10%
7%
8%
8
8%
10%
8%
7%
"I
8%
96
99%
100
8
5
9
99%
105%
105)4
External 30-year s f 7s
Stabilization loan 7s
9%
*8%
8%
8%
1957
external 5s—1958
Austrian (Govt) 8 f 7s
♦Bavaria (Free State)
6%s
Belgium 25-yr extl 6%s.
External s f 6s
9%
21
17%
18%
98
5
♦External
Range or
Friday's
Sale
Foreign Govt. & Mun. <[Con.)
♦Chilean Cons Munic 7s
I960 M S
♦Chinese (Hukuang Ry) 5s
Sinking fuDd 8a
♦Sink fund 6s
outside ot the
Week's
Last
101.20103 18
Agricultural Mtge Bank (Colombia)
♦External
♦External
the
Friday
Jan. 1
111
S
APT.4m6
except for income and defaulted bond*.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 3
Since
112.27
M
"and interest"
un'r,
Range
High
117.26
107.21
4s
3%s_..Mar 15 1946-1956
3%s...June 15 1943-1947
Ss
Sept 15 1951-1955
3s_.
June 15 1946-1948
3%s...June 15 1940-1943
3%s
Mar 15 1941-1943
3%s...June 15 1946-1949
3%s.__Dec 15 1949-1952
3%s
Aug 1 1941
now
are
only transactions ot the week, and when selling
No account Is taken of such sales In
computing the range for the year.
occur.
A sited
4*a...Oct
3%s_..Oct
Dec
and prices are
Range or
Friday's
Sale
j5
B
Nft,
teas
Week's
•**
EXCHANGE
Week Ended Apr. 3
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Teletype TWX, N. Y. 1-1793
on a
Exchange, dealings in such securities being almost entirely
subsequent page under the general head of "Over-the-Counter
over the counter
Securities."
Last
Range or
Sale
Si
Week Ended Apr. 3
Friday's
Price
Bid
&
Low
Foreign Govt. & Munic. (Concl.)
Norway 20-year extl 6s
1943 F
20-year external 6s
1944 F
A
107%
106%
Asked
High
107%
No
Low
15
106%
106%
106%
6
1952 A O
1965 J D
46
1963 M
100'te
100%
101%
*102%
100932
100%
External sink fund 5s
lOO'i*
100 %
101%
102
48
♦Nurembiirg (City) extl 6s
igga
♦Stamped
Peraambuco (State
102%
1953
1963
M N
of)—"
ep of) g0,ds6s
f
stabilization loan
e"^
coupon off
coupon off
12%
15%
17%
14%
14%
3
18%
13%
100
12%
16%
13%
13%
192
12
A
0|
75
A
O
J
1952
1964
J
74
75 *4
16
74
104
105 %
10
102
111%
"89%
89%
20
19
2
88%
96
16
22
J
18%
18%
1
15
M N
101%
5
24%
101%
24%
99% 101%
23%
B9%
24%
24%
12
M
S
A
O
A
O
F
A
M
8i
24%
1
23%
19%
♦p?!erna! S8 Ju,y coupon off. 1950
♦Pvferna I8 861)1 coupon off. 1956
♦SS53V?
muKo ot!-
28%
8tate Mtge Inst 7s
1946
lg!S]
T^kyo0C-BWyT?* a f 5%s.--1971
F??0£ity 68 'oan of 1912
♦TflllSn 6^8 extl 7s
gUar
(Dept of)
1952
1961
1947
_
ArtCH°o'J,trust 4s of 1907
1947
B
♦6fl^fherfor Wrap Pap
warr a8Sented
♦ri.,\C0DV 6!
58 stamped
J
1958 J
M
J
110%
D
J
J
M
S
"98%
D
J
106%
*109
33%
47%
61
70
J
195%
J
J
1941 J
J
19%
{Baldwin Loco Works 1st 5s... 1940 IVI N
"165"
July.. 1948 A O
105%
N
*15
18
18
deb
4%s.._l939|
Bait A Ohio 1st g 4s
Refund A gen 5s series A
1995 J
1st gold 5s
July. 1948 A
Ref A gen 6s series C
,.1995| J
j
J
J
M
S
J
J
O
25%
25%
P L E A W Va 8ys ref
27
Southwest DIv 1st 3%-5s
1950 J
Tol A Cln DIv 1st ref 4s A... 1959 J
17%
23
18
14%
19%
20%
20%
20%
25%
21%
3
22%
7
16%
4s
Ref A gen 5s series D._
Conv 4%s
90%
15%
16
14
86%
88%
F
29
75
"30%
5
27%
27
1
27
30%
1
29%
32%
30%
*28
D
N
N
"26
28%
25%
"24%
32%
23%
23%
25%
24%
25%
D
66%
66%
66%
A
*33%
51
33
29%
29
75
51%
D
105%
4
111%
64
100
104%
10
105
105%
24
105
105%
113
100% 104%
104% 107%
102% 106%
84%
228
83
84
105% 106%
75
113
92
111%
80
108% 113%
95%
163
84% 100%
D
95%
N
103%
102%
103%
32
J
103%
103%
104%
48
99% 105
15
88
98
J
96
111%
93
96
100%
105
S
82%
95%
80%
82%
142
72%
69%
73
509
74%
61%
90
A
S
82%
81
82%
164
74
90
J
'115 "
J
29
103%
D
_
115%
27
109%
104
20
101% 120
1960 A
O
126%
Belvidere Delaware cons 3%s._ 1943 J
♦Berlin City E!ecCodeb6%s._ 1951 J
D
108%
114%
103%
74
100%
_
"28%
126%
*101%
75
4
68%
100%
1
100%
101%
101%
101
98%
*100%
J
118
74%
*100%
120
'
103% 109
108
J
80%
113% 115
*113%
"120%
Bell Telep of Pa 5s series B
1st A ref 5s series C
105%
111%
J
33%
32%
35
32%
65%
27%
57%
O
1948 J
69%
2d guar g 5s
Beech Creek ext lstg3%s
89%
99%
104%
"100%
Beech Creek 1st gu g 4s
127
107%
J
1936 J
J
1936 J
1951 A O
75
57
27
28%
21%
20%
1951 J
Con ref 4s
81%
23
16
*65
Bangor A Aroostook 1st 5s
67
c21
15%
*87%
29%
23%
2000 M
F
I960
1996 M
1943 J
4s stamped
..1951
Batavlan Petr guar deb 4 %s.._ 1942 J
Battle Crk A Stur 1st gu 3s
1989 J
20%
S
1941 M
28%
25
Ref A gen M 5s ser F
j
J
conv
22%
22%
88%
9
Austin AN W 1st gu g 5s
14
96% 100%
60
6
17%
28
103% 106%
105% 110
91
67%
25%
45
98%
42%
21
19%
65%
27
110
98
67%
14%
*20
5
40%
14
122%
106%
1
....
67%
12
112
120%
42%
25
124%
110%
114
105% 107%
110% 113%
110% 112%
118
118%
J
16%
*110
109
....
J
20
15
110%
*118
15%
158
N
A
J
J
M
92%
O
100%
S
A
M N
F
92%
1
101%
14
74%
75
*66
76%
74%
70%
11
10%
11
101
101
158
120%
127%
...»
%
100
50
119
121
96
125
129%
....
28
28%
8
28
32%
♦Deb sinking fund 6%8
19591
F
A
27
27
4
25%
♦Debentures 6s
1955 A
O
25
25
4
24%
30
29
28
33
♦Berlin Elec El A Underg 6%s.l956 A
Beth Steel cons M 4%sser D..1960 J
D
M
28%
O
J
S
J
"l05%
28%
5
105%
106%
142
110
110
1
104% 106%
109% 110
92
93%
100% 103%
74%
70
76%
*30
74%
82%
14
9%
11%
15
1
100
101%
45%
46%
5
39%
49%
45%
46%
46%
53
37%
50
46%
9
37%
50
53%
61%
45%
*59
90
92%
94%
93%
66%
79%
93%
67%
66%
71%
79%
A
1944
1950
Boston A Maine 1st 5s A C
1967 M S
"84%
82
85%
1st M 5s series II..........1955 M N
A O
1st g
85%
83
85%
82
80
94
81
79%
81%
117
75
89%
23
31%
21%
26%
21
26%
Big Sandy 1st 4s
166
83
71%
"74%
A
D
11
100%
A
F
158
82%
79%
89
4%s ser JJ
1961
{♦Boston A N Y Air Line 1st 4sl955
§{♦ Botany Cons Mills 6 %s
1934
J
M
J
D
S
D
47
48
48%
94
A
A
O
A
A
99%
100%
11
99%
100%
17
98% 102
97
100%
60%
12
53
106%
"16
106%
71%
72%
70
J
D
A
109
72%
8
70%
4
*102%
92%
93%
87%
85%
87%
*
136
"52%
M
A
100
100
100%
12
110%
110%
8
8
53
O
100%
100%
101%
N
139%
133
142
185
23
365
'102%
102%
102%
"4
76%
75%
77%
111
D
75
75
77
5%s._—1949 M N
Am intemat Corp conv
J
5%s—1949 J
Am Rolling Mill conv deb 4%s.l945 M 8
Am lelcp & Tebg coll tr 5s_..1946 J
22S7.
26%
28%
42
A
O
21%
21%
21%
4
IVI
55
87%
115%
73
76
104%
97%
95%
81
36%
60
J
J
J
J
18
S
J
J
J
D
M N
J
F
"ioe"
104%
82
J
A
16
100%
99% 101%
102
142
,
96%
104
66%
83%
70
79
"114%
81%
*95%
105
114
115
*126
D
82
2
....
31
121%
....
6
104
105
108%
108%
5
106
106%
12
5
109
10
♦Certificates of deposit
7
93%
18
88
100%
105% 108%
105
108
105% 107%
103%
69
106
85
75
95
109
115
119% 122
124% 127%
104
105%
108
109%
105% 106%
S
N
79
O
24
104%
76%
104%
79%
24
89
O
24
*20
—
24
5
126
1
89
103
103
108% 111
104% 104%
84%
65%
21%
30%
22%
29
80%
,...
90
1952
A
1955
1960
J
J
"67%
64
68%
65
48%
68%
A
O
63%
62%
65
30
58%
67
By-Prod Coke 1st 5 %s A
Cal G A E Corp unf A ref 5s
1945
1937
M N
99
99
100
11
92% 101%
2
106% 107%
Cal Pack conv deb 5s
1940 J
106%
104%
♦Camaguey Sugar 7s ctfs
Canada Sou cons gu 5s A
1942
1962
1957
17%
39
{♦Bush Terminal 1st 4s
Guaranteed gold
42
112% 117%
Guaranteed gold
101% 105%
105%
105%
105%
73
119
123%
303
134%
Guar, gold 4%s
Guaranteed gold
82
107% 110%
Guaranteed gold
106%
J
O
J
J
J
July 1969 J
Oct 1969 A O
5s
1970 F A
June 15 1955 J D
4%s_
1956 F A
4%s._Sept 1951 M S
J
deb 6%s...1946 J
117%
5s
113%
65
112
113%
Canadian Northern
113%
141
113
115
113
112
113
36
112
119%
Canadian Pac Ry 4%
Coll trust 4 %8
113%
112%
113%
75
112
114%
96%
97%
9
deb stk perpet
1946
5s equip trust ctfs
1944
Coll trust gold 5s
Dec 1 1954
Collateral trust 4%s
1960
106%
104
"17%
O
A
109%
90% 101%
M N
A
Canadian Nat guar 4%s
Guaranteed gold 5s
113%
97
28
103
112
O
116
104%
109
113
A
106%
103%
103
108%
A
8
106
106
J
113
J
14
A
121%
109%
16
106%
*120%
1950
.1938 J
B...1981 F
Buff Roch A Pitts gen g 5s
1937 M
Consol 4%8
1957 M
5{♦Burl C R A Nor 1st A coll 5s 1934 A
113
D
99%
105%
Buffalo Gen Elec 4%s ser
113%
119
J
1
105%
J
J
18
99%
*106%
1957 M N
F A
♦Consol 5s...
108% 110%
118%
24
"79%
Bush Term Bldgs 5s gu tax ex..
78
90
1950
Brown Shoe sfdeb3%s
J
Convertible debenture 4 Ma.. 1939 J
Debenture 5s..
----.--•■..1965 F
For footnotes see page
28%
1934
1950
Debenture gold 5s
1st lien A ref 5s series B
M N
1950 J
eYctfs—11940
53
91%
*96%
S
8
F
conv
....
A
*20%
1941
1949
1952
1968
15 year sec 6s. series A
1949
Bklyn Qu Co A Sub con gtd 5s. 1941
1st 5s stamped
1941
158
F
♦Certificates of deposit
{{♦Bowman-Bllt Hotels 1st 7s.
Strap as to pay of $435 pt red
Brooklyn City RR let 5s
Bklyo Edison Inc gen 5s A
Gen mtge 5s series E
Bklyn-Manh R T sec 6s A
48
Bnins A West 1st gu g 4s
110
48%
97
75
'50"~
A
5%S—Il943
*42
65
103% 106%
101
104 m
93%
O
A""6
49
100
Ol
F
40%
100%
1953 J
deb 5s
......
Bklyn Un Gas 1st consg 5s....1945 M N
1st lien A ref 6s series A
1947 IVI N
2030 M
Vgar 68 ext to Feb 1 1940
{♦Am Type Founders
S
1962
1946 J
1944 J
23
59
1942
Foreign Pow deb 5a
f deb 5s
*111%
102% 106%
1959 J
1937 J
Atlantic Refining deb 5s
54%
5
1948 J
19%
2
66
106%
40
16
27
111%
50%
14
19%
111%
49%
2
63%
106% 109
105
108%
50
38
19%
7
106%
J
Atl Gulf AW I SScol tr5s
*110
-199S
fg Val gen guar g 4s
s
J
16
J
Corp deb 4%s... 1950 M
i nil ha'mere Mf8 conv deb 4s 1945 M
Mplne-Montan Steel 7s
19551
20-year sinking fund
"111%
D
23
♦
35-year
107%
107%
106
D
107%
*103%
D
J
21
61
104% 113%
104% 113%
34
15
19%
5
99%
5
19%
1
110%
*106%
D
1950
,St gI1 48
Chem
D
98
19
D
1949
•Coil & conv 5s
Amer 1 G
J
&
Atl & Dan 1st g 4s
2d 4s
D
1948
1946
1944
tin'4 8u8q l8t «uar3Hs 5s
tr
s t
110%
Nov
M N
M N
38
63%
98%
106%
105
110% 115%
112%
82%
81%
96%
40%
28
Ol
94%
25
88
110%
"113%
87
1
D
75
113%
110%
105%
85%
28
A
101%
103% 105%
86
10-yr coll tr 5s
J
257
96
84%
111
O
Sail 1948
^Alleghany Corp coll
American Ice
O
104%
97%
105%
30%
84%
71%
1
86%
112
1943 J
1952
A 5s
Am &
A
96%
14
85
109
1943 J
A^atlc Elec Co. ext 7s
Ala Gt Sou 1st cons
M
97%
J
77
24
56
101%
48%
99% 104%
J
109
industrial
companies
ii«m Express coll tr g 1st
AdaIaa 1?' Pow 4 Paper 4s 58.1953
1948
A
"l04%
A
1960 J
1948 J
1965 J
Bklyn Union El 1st g 5s
*
D
F
J
J
F
o
J
76%
101%
104%
S
49
40
294
27
118%
41%
8
MN
6
M N
I
J
Auburn Auto
Yokohama (City) extl 6s.....1961 J
a ik
"76%
Q
1944|
103%
25%
_
M
1964
Oct...1952
May 1 1945
1948
111
J954 M N
A O
f 6a
ser
IVI N
16%
M N
High
110
General unified 4%s A
112
vJene„M(^V0Jl?e Eant 7sI.1952i
4s
104%
23
M N
cons
O
A
15%
^Pg',ay (RePubUc) extl 8s ..1946
External
f 6&
I960
1st
107
15
41%
42%
41%
104%
Atl Coast Line 1st cons 4s July. 1952
109
M N
and
86
40
15%
Trondhjem (City) 1st 5%s—1957
......
108
41%
Low
Ring A Blng deb 6%s
Sydn'y'a?,"1??!^:
railroad
107
42%
O
F
s
107%
J
A
1935! M
(Q'ty of) extl 6s
Styrla (Province of)—
External
S
J
A
*rI Mr°atf fLsl0Venes (Kingdom) M
♦7! j^ov | '935 coupon on.. 1962 M
SliJhw£X. 1935 coupon on.. 1962 J
•afffi (FT°V of) extl 7s
1958
Slleslan Landowners Assn 6s__ 1947i F
s
M
F
...1951 M N
D
1945 J
g 6%s
Atl Knox & Nor 1st g 5s
Atl & Charl A L 1st 4%s A
1st 30-year 5s series B
LAN coll gold 4s
65
o/kln*,n« fund
97
18
A
(6ermany)~7s"l945
Gen ret guar 6%s
17
18
M
♦Saxon Pub Wks
Rocky Mtn DIv 1st 4s
Trans-Con Short L 1st 4s
8
D
1936
Conv g 4s Issue of 1910
Conv deb 4%s
28
M N
8 8s July coupon off
No.
109%
O
1952i M
r^8 May coupon off—19571
PauIo (Stat, of,-
San
High
109
A
M N
Since
Jan. 1
109
.19751
10-year 5s conv coll trust
1944
{♦ Am Writing Paper 1st g 6s. .19471
♦
Certificates of deposit
Anaconda Cop Mln s f deb 4%s 1950
♦
Anglo-Chilean Nitrate 7s
1945
{♦ Ann Arbor 1st g 4s
1995
Ark & Mem Bridge & Ter 5s...1964
Armour & Co (111) lst4%s
1939
1st M s f 4s ser B (Del)
1955
Armstrong Cork deb 4s
1950
Atch Top & 8 Fe—Gen g 4s
1995
Adjustment gold 4s
1995
Stamped 4s
1995
Conv gold 4s of 1909
1955
Conv 4s of 1905
1955
115%
ill""
Bonds Sold
MN
Low
Deb g 6s series A
Cal-Arlz 1st & ref 4 %s A
1950
^,0 (C,ty of Bra«H)—
90%
19%
D
1953
♦ExtY«L^U,Pon ofr
19
16%
80%
Romania (Kingdom of Monopolies)
o««
81
13
1967
ugH?t coupon off
90%
58
12%
...1966
♦Saarbruecken (City) 6s
67
21
72%
17%
1968
Ity) extl 6%s.,.
Rotterdam (City) extl 69
"82% """2
71
13%
...1946
/^e coupon off
106
17 %
1953
♦7! iVne coupon off
78 May
82%
104
104
D
1946
J?8 \ug coupon off
?™nde d0 8ul <8tate of)
83 April
73%
102
O
19471
1959
tfiJ
R,p
39
A
f 7s._ 1941
n-Danube 79 A
74%
103
J
(Ffee f8tate> extl 6 %s. 1951
s
6s
1952
"'ode Janeiro (City of)—
38 April coupon off
86%
.7
♦External
ye^r e^cnal 6s
27
79%
S|
Pr«™i8,£Uly coupon 0,f-1966,
♦PrSi?^ateIC,ty) 7Ha--.1952
s
22%
18
S
1961
Queensland (State) extl
100% 103%
100% 104%
102% 102%
M
1950
8s June coupon off
h
82%
105% 107%
100% 105%
68
Friday's
&
Asked
Bid
Amer Water Works & Electric—
107%
81%
Range
Range or
Sale
Price
High
106
M
1940
1947I
7s
P/SCtei?al 8,Dk fuDd * 88
Porto Alegre (City of)—
♦wh«
102%
Week Ended Apr. 3
"24% '""5
*105%
72
1947
of) external 7s
1959
Loan extl s f 6s 1st ser._1960
K.M
D
J
p.,n^at l^an extl s f 6s 2d ser.1961
o*
79%
73%
73 %
M N
coupon off
♦m
24
80 %
IZl955
pmf. (%) extI 5^a
9 ' Ssser A
♦Nat
S]
M N
Extl deb 5%s
Oslo (City) 30-year s f 6s
• d
A
1952
1953 M
guar 68
♦
D
10
Last
Inter st Period
N. Y. STOCK EXCHANGE
Since
Jan. 1
30-year external 6s
40-year s f 5%s
Bank extl s f 5s—.1970 J
F
bonds
Range
fa
A
S
Week's
Friday
Week's
Frlday\
si
BONDS
N. Y. STOCK EXCHANGE
Municipal
2283
New York Bond Record—Continued-Page 2
Volume 142
16%
5
104
105%
9%
17%
111% 118
108% 112%
117
118
10
111
111
111%
20
116
115
116%
18
113%
116%
117%
118
20
115
118%
117%
117%
118
"115%
3
115% 118%
7
112%
117
116
113
113%
13
112%
125%
115%
113%
20
110% 114%
110% 114
125%
126
26
122% 126%
93
190
94%
J
.1
M
S
104
102%
104.
17
102% 105
J
J
114%
114%
19
113% 115
J
D
107%
106
114%
107%
35
105% 108
103%
102%
103%
67
100% 104%
J
92%
92%
87%
Friday
Week's
Last
Range or
Sale
Friday's
bonds
Ineset r Period
N. Y. STOCK EXCHANGE
Week Ended Apr. 3
Bennett Urns. &
G\M0~.U0V.
eMembers
Johnson
Clev Cln Chic A St L
) J
j
99
M
%A1LRQAD 'BONDS
s
)j
107
jJ
120
Wall Street
<Pr'trate Wire
WHitehall 4-3939
135 So. La Salle St.
Randolph 7711
System Teletype •>- Cgo. 543
H* 'Bell
J
A
a
su
N. Y.
STOCK
Last
i|
EXCHANGE
Week Ended Apr. 3
Range
Sale
or
a
s f
Range
A
D
j
f
Low
{♦Car Cent 1st
guar g
4s
1949 j
j
Caro Clinch & O 1st 5s
1938 j D
1st <fe cons g 6s ser A..Dec 16 1952 j
d
Carriers & Gen Corp deb 5s w w 1950 M n
Cart & Ad 1st gu g 4s
♦Cent Branch U P 1st g 4s
Cent Dl8t Tel 1st 30-yr 5s
1981 j
d
1948 j
108
109
1093*
~87~~
"87k "~9
♦Consol gold 5s
1945 M n
♦Ref & gen 63*s series B
♦Ref A gen 5s series C.
1959 a
o
32
1053*
67
333*
163*
17
66
223*
15
23
24
28
30
102 J*
102
1083*
1083*
1063*
Certaln-teed Prod 53*s A
1948 M S
Champion Pap A Fibre deb 4
J*sl950 M s
Chesap Corp conv 5s
1947 m N
10-year conv coll 5s
d
1944 j
95
84
1939 (vi N
1992 M S
1173*
123"
O
1123*
..1995
j
Craig Valley 1st 5s..May... 1940
1123*
J
*109
J
56
59
15
109
58
1063*
973*
843*
1253*
973*
1053*
7
111
J
1958
s
General 4s
4?*s
1st A ref 58
1123*
A
1934
1st 6s
1103*
1123*
A
1971
A
{{Chicago A East 111
{♦C A E III Ry
♦Certificates
Chicago A Erie
ChGLA Coke
III 1977
ser B
ser
633*
O
(new Co) gen 6s. 1951 M N
of deposit
1st gold 5s
1982 M N
1st gu g 5s
j
1937 J
{♦Chicago Great West 1st 4s... 1959 M
{♦Chic Ind A Louisv ref 6s
J
1123*
116
23
99
ucu
106
137
1203*
112?*
1243*
1133*
1133*
j
17
j
101
j
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J
J
60
f
683*
603*
223*
73*
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43
4
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1 2037 j
D
D
d
1 2037 J
1949 M n
§ {♦Chicago Railways 1st 5s
stpd
Aug 1 1933 25% part pd
{♦Chic R IA P Ry gen 4s
1988
♦Certificates
{♦Refunding
♦Conv
Ch St L
A N O 5s
Gold 3?*s
Memphis Dlv
Chllds Co deb 5s
Chile Copper Co deb 5s
{♦Choc Okla A Gulf cons 5s
Cln G A E 1st M 4s A
o
1952 M s
ivi N
1951 J
Clearfield Bit Coal 1st 4s
Series B (small)
271
59
54
~5l""
*503*
223*
233*
223*
23
523*
523*
563*
533*
233*
233*
44
23
14
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40
38
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173*
122
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108
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783*
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1083*
108
1944 j
j
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1063*
1963 J
j
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1952 j
j
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1033*
1063*
1962 M s
92
80
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1962 M s
o
j
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83
102
1940 j
o
108
92
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1063*
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1063*
1103*
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1073*
107?*
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102
104
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1043*
102?*
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2
73
80
36
463*
433*
203*
193*
223*
20?*
113*
2
33
373*
v
16
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163*
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"48
73*
1
3
33
1
19
25
1063* 108
106
"56
73
108
86?*
46
1003* 103
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1013* 106
1023* 103
35
60
39
10134 102
1083*
1083*
1113*
J
*85
1083* 1103*
1083*
108?*
1113*
108
111
1113* 113
83
95
83
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1943
102
103
General 5s serial B
1993
Ref A lmpt 6s ser C
Ref A lmpt 5s ser D
Ref A lmpt 4?*s ser E_.
*963*
1183*
1941
104
104
49
1963
983*
1977
903*
973*
883*
'""6
983*
73
903*
192
96?* 1043*
1113* 1163*
1033* 105
89
1013*
78?*
94?*
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39
4
1023*
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104
103
on
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105
warr__..iyi3 j
D
101?*
101
1013*
34
101
103?*
Copenhagen Telep 5s Feb 15.. .1954
Crown Cork a Seal sf
4s......1950
Crown Willamette
Paper 6s ...1951
Crown Zellerbach deb
5s w w
1940
Cuba Nor Ry 1st
53*s
1942
Cuba RR 1st 58 g
1952
f
1043*
j
j
d
1937 j
J
863*
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86?*
136
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1
101
108
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193*
O
303*
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F
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f
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j
j
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11
1103*
59
---
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35
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20
O
O
1940 j
1940 j
Erie RR 1st cons g 4s 4s
prior.. 1996 j
1st corsol gen lien
g 4s
1996 J
Penn coll trust
gold 4s
1951 f
Corv 4s series A
a
.1953
1953 a
j
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853*
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853*
j
j
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153*
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21
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1
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—
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106
j
----
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135
86
6
1063*
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86
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103?* 1103*
107
108
128?* 131
28?* 33
27?* 33
110
112
101?* 106
100?* 1023*
1053* 106
1053* 107
993* 105?*
77?* 89 3*
1053* 1063*
743* 893*
----
75
---
74
-
89 3*
88
78
763*
78?*
155
70
86
77 H
1930-.....1975
1955 j
—
-----
— — — —
105?* 107
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203*
109k
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....1953 a O
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1927...... 1967 ivi N
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a O
35
5
—
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1955
116
----
116
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105?*
j
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1953 a
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109
50
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— v
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116
116
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383*
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7
76
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-
38
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--
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j
30
15
23
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1965 a
s f 6s
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20
19
*43*
j
,.1941 ivi N
Series B
114
19
East
stamped
353*
35
36?*
193*
a
43*s..l961
Erie A Pitts g gu 3
3*s ser B
Series C 33*s
1
j
1995
(Germany) 63*s_1950
107?*
j
j
104?* 110
1053* 1083*
106?* 1083*
10
a
.1995
Ry Minn Nor Dlv 1st 4sIIl948
East T Va A Ga Dlv
1st 5s
1956
Ed El 111 Bklyn 1st
cons 4s
1939
Ed Elec (N
Y) 1st cons g 5s
1995
♦El Pow Corp
7
108
F
1995 j
El Paso A S W 1st
5s
493* 61
49?* 753*
463*
703*
1033* 104 3*
1043* 106?*
783*
903*
98
1023*
105
106?*
1033* 1053*
2
.1965 A
♦1st sinking fund
63*s
Elglr Jollet A East 1st
g 5s
553*
2
1053*
Donner Steel 1st ref 7s
..1942
Dul A Iron
Range 1st 5s
.1937
Dui Sou Shore A Atl
g 5s
1937
♦{East Cuba Sug 15-yr s f
73*s.l937
♦Ctfs of deposit
76
783*
205
69?*
85?*
j
118
j
119
118
1183*
*110?*
ivi N
119
6
4
119
112?*
----
117
119.21
1163* 119
—
—
—
ivi
S
*101
f
A
52
52
1942 ivi
1942 ivi
S
102
102
2
*100
101
----
102
1023*
102?*
103
-
—— —
99
s
-
98
s
f 5s stamped......1942 ivi
International series
s
16
1053*
107?*
107?*
343*
363*
j
5s
13
67
103 3*
1961
1st 4s assented
1st Hen
543*
583*
1013*
1053*
A
Erie A Jersey 1st
523*
105
1936 j
♦Detroit A Mac 1st lien
g 4s
♦
5s
24
1033*
1936 j
4s..
*2d 4s assented
Detroit Term A Tunnel
1033*
653*
96
1003*
1033* 106
2
58
J
5s..Augl955
Gen A ref 43*s series D
ser
106 3*
102
103
j
♦Assented (subj to
plan)
♦Ref A lmpt 5s ser B
Apr *78
{♦Des M A Ft
Dodge 4s ctfs... 1935
{♦Des Plalnes Val 1st
gu 43*s..l947
Detroit Edison gen A ref 5s ser
C '62
Gen A ref M 4s
104
.1969 j
Penna tax....1951 ivi N
cons g
4
1971 j
1st mortgage
j
43*8
1969 j
Den Gas A El 1st A ref
sf 5s. ..1951 ivi N
{♦Consol gold 43*8
{♦Den A R G West gen
20
101
105?*
..1937
Del Power a Light 1st
43*s
1st A ref 43*s
as to
21
106
63?*
543*
57
Dayton PowALt 1st A ref
33*s 1960 A o
Del A Hudson lBt A ref
4s
1943 ivi N
Gold 53*s
ivi N
Stamped
1003*
105
58
58
d
1936 j
1073*
105?*
1043*
563*
R
D
j
109
103
j
ivi
108?*
100
A
..1936 j
1st ref 7 3*s series A
1st lien A ref 6s ser B
Cumb T A T 1st A
gen 5s
108?*
M n
j
1st lien 6s stamped
30-year deb 6s series B
Flat deb s f g 7s
1942 ivi
8
1954 j
d
1946 j
j
{♦Fla Cent A Penln 5s
1943 j
{♦Florida East Coast 1st 43*s._ 1959 j
j
♦1st A ref 5s series A
1974 M
s
♦Certificates of deposit..
{ {♦Proof of claim filed by
1941 j
j
1961 j
d
Framerlcan Ind Dev 20-yr 73*s 1942 j
j
{♦Francisco Sug 1st 8 f 73*S.._1942 ivi N
Galv Hous a Hend lst53*s A—1938 A
Gas a El of Berg Co cons g 5S..1949 j
1934 ivi
Gen Amer Investors deb 5s A..1952 f
8
A
j
j
j
-
—
-
—
11
103*
j
d
j
6
1023*
101H
973* 1023*
101?* 104
102
67
5
543*
543*
4
65
10
113*
201
8
11M
10?*
137
7
103*
11
8
11
6
4
9?*
*9?*
*5
53*
*104?*
*1053*
1083*
583*
583*
------
*85
------
------
1023*
1053*
j
ivi N
10
1043* 1043*
42?*
59
62
-
O
D
1
66
owner M n
♦Certificates of deposit
Fort StUD Co 1st g
43*s
Ft W A Den C
lstg53*s
----
*100
66
D
Fonda Johns A Glov
43*s
1952
{{♦Proof of claim filed by owner.. M n
(Amended) 1st cons 2-4s
1982
j
For footnotes see page 2287.
20
40
107
♦{Gelsenklrchen Mining 6s
*99
1023*
32
31
303*
313*
5
Federal Light A Tr 1st 5s
108?* 112
993* 105?*
20
8
84
105?* 109
1053* 1083*
—
13
61
22
—
203*
---
•
—
24
----
37?*
—
105
953*
1053* 108
7
----
37
-
104
74
105?* 1083*
72
26
-
104?*
Genessee River 1st s f 6s
1957
N Y A Erie RR ext 1st
4s...1947
3d mtge 43*s
1938
Ernesto Breda 7s
1954
16
60
1043*
—
283* 30
103?* 106
107
1093*
1033* 106
45
107?*
112
104
94
108
23
62
.
80?*
104
104?*
833*
105
il'053*
..1940
1993
17
32
"92" "2
1013*
*453*
1952 ivi N
1968 a
253*
25?*
*863*
d
J
1943 a
..1947 j
93*
27
11?*
162
383*
613*
20
23
133*
"133*
56
47?*
21?*
203*
46
57?*
423*
8
56
44
23
D
Cln H A D 2d gold 4
J
?*s
1937 j
CI St L A C 1st g 4s
Aug 2 1936 Q F
Cln Leb A Nor 1st con
gu 4s
1942 M n
Cln Union Term 1st
j
4?*s A
2020 j
1st mtge 5s series B__
J
2020 j
1st guar 5s series C
1957 ivi N
Clearfield A Mah 1st gu 4s
Cleve Cln Chi A St L gen 4s
227
25
*163*
.1960
Inc gu 5s
Dec 1 1960
Chic Un Sta'n 1st
gu 4?*s A...1963
1st 5s series B
1963
1st mtge 4s series D
Chic A West Indiana con 4s
1st ref 63*s series A
1st A ref 53*8 series C
23?*
73*
43
15
June 15 1951 j
June 15 1951 j
Guaranteed g 5s
Guaranteed 4s
8
38
i960
1st g 4s
Chic T H A So East 1st 5s
24
743*
1934 a
g 43*s
"l2
61
40
of deposit
gold 4s
♦Certificates of deposit
{♦Secured 4?*s series A
♦Certificates of deposit
593*
60
513*
♦
1936 ivi N
8er,es A
1
"573* "28
41
51
1987 M n
4Hsstpd..May
101
d
1013*
D
463*
28
153*
29
163*
92 H 1013*
1113* 1112*
463*
653*
43
5834
473* 68
68
,
47?*
493*
69?*
25
19?*
73*
9?*
483*
383*
413*
543*
413* 553*
11
503*
*
M n
May 1 2037 j
♦1st A ref 4 3^s ser C.
5
483*
283*
50
54
"58 k
593*
J
J
213*
118
29
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56
1133*
1133*
23
14
25
253*
113
116 3*
96
116
47
243*
233*
25
-
553*
1073*
1043* 1053*
263*
393*
49
283*
463*
J
♦Gen 4?*s stpd Fed Inc
tax.. 1987 M n
♦Gen 5s stpd Fed inc
tax
1987 M n
{♦Secured g 6?*s
♦1st ref g 5s.
♦1st A ref
173*
1043*
343*
42
1987
4 ?*s
stamped
112
173*
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J
110
41
104?*
1083*
107?*
106?*
16
463*
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jan. 1.2000 a
{♦Chic A No West gen
g 33*s._1987 M n
♦General 4s
M n
tax" 1987
110
54
1063*
1103*
1125*
1123*
1163*
82
1966 ivi N
Stpd 4s non-p Fed inc
1123* 114"
1083* 1093*
183*
1947 J
♦1st A gen 5s series A
111
95
*1173*
1043*
343*
333*
j
283*
104
35?*
363*
1023*
108?*
-
j
100
108?* 111
173*
.1947 J
♦1st A gen 6s series
B.May.. 1966
Chic Ird A Sou 50-year 4s
..1956
Chic L S A East 1st 4
3*s
1969
♦Chic M A St P
gen 4s ser A...1980
♦Gen g 33*s ser,B
May 1
1989
♦Gen 4?*s series
C__May 1..1989
♦Gen 43^8 series
E__May 1..1989
♦Gen 4?*s series
F_.May 1..1989
{♦Chic Milw St P A Pac 5s A..1975
8
95
1947
♦Refunding g 5s ser B
♦Refunding 4s series C
41
183*
'1043*
5s__l93<
ivi N
1023*
1153*
1103*
1113*
1183*
1103*
30
37?*
37
IVI N
2
202
1
106
30
d
88
95?*
*110
633*
j
1949
Illinois Division 4s
1st A ref
s
o
*253*
j
j
1VAU 181' « rei os iyoi
♦Certificates of deposit
Consumers Gas of Chic gu
993*
37
*110
3?*s__. 1949
?X.r.rl
2
343*
j
*
1213* 1263*
*113
..1993
Potts Creek Branch 1st
4s... 1946
R A A Dlv 1st con
g 4s
1989
2d consol gold 4s
1989
Warm Spring V 1st
g 5s
1941
Chic A Alton RR ref
g 5s
1949
Chic Burl A Q—111 Dlv
*25
67
1
1123*
1233*
1123*
1123*
O
89
10
1303*
1173*
a
—
3
29
1033*
—
—
1073* 1083*
1053* 1073*
....
105?*
*25
j
—
—
111
....
-----
-----
j
103?*
1073*
—
—
110
j
D
'
1113* 1113*
1123*
3
112
j
j
A
1951 j
j
1
106
-
99
109
103?*
283*
103?*
1073*
1033*
253*
j
194„ f
Debenture 43*s
105?* 1073*
993* 1033*
773*
433*
98
1033*
87
933*
1033* 109?*
102
1063*
j
1
993* 104
98?* 1043*
112
j
Consol Gas (N Y) deb
53*s
*106
J
j
663*
1
93
1253*
963*
1053*
1283*
1163*
1113*
1225*
1123*
1123*
129k
48
1025*
93
"97k
1063*
1013*
•
j
j
*738
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s
195
29
24
63 J*
"97k"
sutvi
20
233*
100
..1941
,
16
j
20
23
1063*
Central N J gen g 5s
1987
General 4s
19'87
Cent Pac 1st ref gu g 4s
,...1949
Through Short L 1st gu 4s...1954
Guaranteed g 5s
i960
Cent RR a Bkg of Ga coll 5s.
..1937 M N
Central Steel 1st g s f 8s
M n
•
O
12
*24
1961
Ref A lmpt 4?*s
Ref A lmpt 4^s ser B
a
67
363*
•>
-----
1113*
*1043*
*1083*
1053*
'
—
59?*
6V
30
1113*
1
653*
74?*
983* 103
483*
69?*
13
104
1023*
—
-
95
1
104
A
1
....
103
*109
303*
156
101?*
-----
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263*
65
103
f
11«1
t
105?* 1103*
1053* 110
100?* 1063*
26
,
103
j
*15
1013*
110
103
a
*223*
♦Mid Ga A Atl Dlv pur m 5s. 1947
♦Mobile Dlv 1st g 5s
1946
Cent Hud G A E 1st A ref
33*s.l965
Cent 111 Elec A Gas 1st 5s
1951
1103*
106?*
o
102?*
—
-
71
O
*20
1
IVI N
a
1
106
-
243
A
52
—
....
693*
F
263*
163*
-
743*
90
1
-
—
103
363*
9
-
—
63
105?* 108?*
10
163*
163*
-
—
73
73
3
32
.1959
Ches A Ohio 1st con
g 5s
General gold 4?*s
1053*
....
—
-
74
673*
733*
1
....
-----
102
a
IVI N
-
—
74
——————
29
3
67
333*
163*
♦Chatt Dlv pur money g 4s__1951
♦Mac a Nor Dlv 1st g 5s
1946
gu 4s
8
—
-
.....
j
"87"
A
F
High
493*
54?*
1073* 108?*
108?* 110
108?* 1103*
1113* 1113*
—
—— — —
-
A
F
Low
"II
1073*
109 M
d
1943 j
No.
60
D
{♦Central of Ga lstg 5s_._Novl945
{♦Cent New Engl 1st
High
*52
11
— — -
—
1
------
O
j
-----
943* 1013*
101?* 107
( .1 1 1
*107
o
iJ
-----
-
25
—
*1063*
1103*
1093*
1093*
105?*
106?*
101?*
101?*
*1063*
o
Since
Asked
2
---
.
1093*
108?*
——————
o
a
a
0730....
5s series B guar
Jan. 1
Friday's
Bid
Price
Hft,
1st
Week's
Friday
bonds
-
*111 tx
------
j
High
1063*
933* 1003*
96
1043*
*105
f
f
-
107
*1113*
*104?*
A
j
Low
6
----
"V**"
M n
Connections
eNL. Y. 1-761
1093*
O
J
Series A
j
U
A
Chicago, III.
No.
1033*
—
1063*
A
<Kew York, <5^. Y.
Since
Jan. 1
105
*1033*
*1003*
j
M n
)
99
102
) M n
4s
High
*105 %
99
J
j
c^ew york Curb exchange
W W Val Dlv 1st
g
Range
Bonds Sold
Asked
&
Low
(Concluded)-
| ^Kew Tork Stock exchange
(
Bid
Price
*120?*
583*
1023*
1043*
53*
106
1103*
61
-
-
-
-
26
2
----
8
19
89
-----
323*
33*
1003*
71
57
663*
63*
63*
105
1053*
106
1103*
353*
753*
61
52
60
583*
3
102?*
1053*
30
903*
101
5
29
30
16
34
323*
323*
6
32
32?*
20
*103?*
603*
523*
563*
----
32
------
95
-----
101?* 1043*
1053*
303*
103
34
32?*
32?*
104
2285
New York Bond Record—Continued—Page 4
Volume 142
Friday
Week's
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Week Ended Apr. 3
Sale
Friday's
Bid
Price
3
Range
03
Jan. 1
Since
Asked
&
High
No.
with warr. 1949
88 H
88 H
89 H
40
88%
{{♦Gen Theatres Equip deb 68.1940
20%
27 H
43
19
30%
20%
27%
77
19
30
16
16
1
16
BROKERS IN BONDS
98
27 H
20%
32
Low
Gen Steel Cast 5%s
♦Certificates of deposit
J
{♦Ga & Ala Ry 1st cons 6s
1945
{{♦Ga Caro & Nor 1st ext 6s.. 1934
20
27
*20
J
High
Low
1
35%
32%
108
108
34%
108H
20
107% 108%
1945
D
105
104 H
105 %
83
104
Goodyear Tire & Rub 1st 5s.._1957
Gotham Silk Hosiery deb 6s.-.1936
Nl N
104%
103 %
104 H
73
103% 106
100
102%
Conv deb 6s
Gr R & I ext 1st gu g
4 Ha
Grand Trunk Ry of Can g
1941
6s..1936
"71%
71H
*110
J
"92
88%
88 H
J
101H
112H
101H
101%
112H
113
1st & ref 4%s series A
J
J
90
12
J
J
102% 103%
90%
99
34
85%
91
"93"
92
A
Great Northern gen 7s ser
110
Friday
Week's
BONDS
Last
Range or
107% 113
N. Y. STOCK EXCHANGE
Sale
74
107% 116
Week Ended Apr. 3
Price
Friday's
Bid
<fc
Asked
£Q65
103%
High
No.
102%
14
102
16
100% 103
99% 105%
21
27%
128
101% 102%
45
J
J
112H
111
112H
1973 J
General 5%s series B
General 5s series C
J
108
106 H
108 H
63
101
102%
171
96% 105
102 %
153
96%
110H
113%
937
99 H
100 H
500
99% 101%
105%
106%
437
105% 107%
1976 J J 102
J
101%
General 4Ha series E
-.1977 J
Gen mtge. 4s ser G
..1946 J J !113
100
J
J
Gen mtge 4s ser H
1946
106 H
J
Units (equal amts of G & H). 1946 J
Feb
♦Green Bay & West deb ctfs A
General 4%s series D
1940
Gulf Mob & Nor 1st 5%s B...1950
1st mtge 5s series C
1950
Gulf & S 11st ref & ter 5s.Feb 1952
69%
11
11%
Lehigh & New Eng RR 4s A—.1965
J
J
J
Lehigh & N Y 1st
94%
....
77%
77%
.
69
72
92
91%
-
.
.
-
-
122"
121
19
59
10
56 H
59
*15
*"
122
89"
104
105%
101%
102
42
43
..1949
M N
123
123
123
119% 123
2
85 %
86%
79
80%
31H
105 %
34%
177
31%
106%
55
86 H
♦Adjustment Income 5s.Feb 1957
32
Illinois Bell Telep 3Ha ser
B..1970
O
Illinois Central 1st gold 4s
1951
1951
1951
..1951
1952
J
*106
105%
J
*103%
102%
1st
gold 3s sterling
Collateral trust gold 4s
o
Purchased lines 3 Ha
1952
1953
Refunding 5s
1955
15-year secured 6 Ha g
.1936
40-year 4%s
Aug 1 1966
Cairo Bridge gold 4s
-.1950
Litchfield Div 1st gold 3s
1961
Loulsv Div & Term g 3Ha. .1953
Omaha Div 1st gold 3s
1951
St Louis Div & Term g 3s...
87H
87 %
80%
78%
81
M N
97
97
98
16
100%
"76%
73%
104 %
83%
85
1963
1940
1948
80
1st & ref 4 Ha series C
76%
166
104%
3
*96%
"12
100%
103% 104%
87 >
91%
72%
75
90%
82
91%
91%
100% 101
87
97
Illinois Steel deb 4 Ha
♦Useder Steel Corp mtge 6s
*101%
-.1950
{♦Ind & Louisville 1st gu 4S...1956
A..-.1965
Gen & ref 6s series B
1965
103%
106%
A
1978
{Interboro Rap Tran 1st 5s
1966
♦Certificates of deposit...
A
102%
14
103%
106%
103%
5
106%
106% 108
1
93%
57
31
93%
i
-.1951 MN
96
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A..July 1952
138"
"60
93%
11
96
25
133%
139%
58%
IVI N
52%
48%
52%
39
34
64%
58%
56%
36
40
70%
A
O
"l35%
135%
135%
~~8
1951 F
A
125%
124%
125%
19
1944
1941 A
O
1952 J
D
Long Dock Co 3%s ext to
Long Island gen gold 4s
1950
1938
1949
1937
1949
1944
A
J
M
M
M
A
O
D
S
N
S
O
1951
F
A
J
Unified gold 4s
20-year
deb 5s
Guar ref gold 4s
p m
Lorlllard (P) Co deb 7s
5s
A...1969 J
ser
5s_..1952
1945
48
38%
132
102%
132%
122
122
122
92%
94%
112%
2003
Gold 5s
104%
108%
109%
108
109%
104
104%
104
106
110%
111
107% 111%
107%
lion
107%
103% 110%
106 H
106% 107%
105
107%
81
88
1941
o
Paducah & Mem Div 4s
1946
A
106%
St Louis Div 2d gold 3s
1980
s
*87%
Mob & Montg 1st g 4 %s
South Ry joint Monon 4s
1945
1952
s
Atl Knoxv & Cln Div 4s
1955 IVI N
A
*105
5%s_1950
f 7%s._1942
♦Certificates of deposit
♦Manhat Ry (N Y) cons g 4s.. 1990
s
♦Certificates of deposit
♦2d 4s.
s
112
II3"
112%
95%
1953
f 5s
Meridionale Elec 1st 7s A...
117%
103%
117%
103%
35%
37%
102% 104%
23
41%
36
22
41%
65
66
63%
71%
61%
60
68
48%
49
50%
65%
A O
*38
D
1968
1945
Metrop Wat Sew & D 5 %s
1950
{{♦Met West Side El (Chic) 4s. 1938
1956 J
f 7s
36
99%
98
85
86%
102%
100
103
103%
104
102
105
1940
1951
1952
1979
110
108
101
101%
100% 102
13
18%
*13%
J J
M S
M N
103%
43
57% 1348
72%
74%
15
J
93
91%
93
81
91%
98%
79%
115
75%
86%
80
88
Mid of N J 1st ext 5s
1940 A
O
88%
96
Milw El Ry & Lt 1st 5s B
D '102%
81%
89
1961 J
1971 J
75
91%
99%
8
f 6s series A
Debenture 5s
Investors Eq deb 5s ser B w
Without warrants
78%
81%
IVI N
88
88
7
M N
94
95
49
1955 Ml
B..1972
1st coll trust 6% g notes
1941
1st lien «& ref 6 Ha
1947
Int Telep & Teleg deb g 4 Ha. .1952
Conv deb 4 Ha
1939
93
90
93%
J
84
82%
84%
J
96%
95
97
F
A
1955 F
w.1948
87%
115
M S
1990
A
D
A
2%
12
94%
38
2%
94
O
93%
*104%
'48%
....
46%
48%
134
2
43%
43%
K C Pow & Lt 1st mtge
F
5
A
83%
111%
82%
111%
Kan City Sou 1st gold 3s
83%
85
J
86%
85%
A
♦Certificates of deposit..
4%s—1961
1950
Ref & lmpt 5s.
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas & Electric 4 Ha
1980
♦lfcarstadt (Rudolph) 1st 6s
1943
J
w w
stmp (par
1954
Kinney (G R) & Co 7H% notes 1936
Kresge Foundation coll tr 4s__1945
{♦Kreuger & Toll cl A 5s ctfs. .1959
Laclede Gas Light ref & ext 5s. 1939
Coll & ref 5H8 series C
1953
Coll & ref 5Ha series D
1960
"42
37%
Coll tr 6s series B
For footnotes see page
1942
1942
2287.
1%
84%
102
40%
100%
4
96%
105%
57%
37%
53%
111% 113%
108
67
85
88%
109%
41
107
109%
105%
26
a42
a42
108%
87
37%
37%
*32
...
.
.
30
95%
30
94%
95%
42
42
37%
33
39
38%
29
32
....
3
54
13
104
114%
114%
115
4
97%
98
2
102%
103
*105%
106
.
.
...
156
156
156
107
107
107%
114%
114%
*120%
.
104% 106
1
103%
*104
74%
6
104
First and ref 6 Ha
Coll tr 6s series A
95
105%
108%
J
MN
$645). .1943
♦Ctfs w w stmp (par $925)
1943
♦Ctfs with warr (par $925)
1943
Keith (B F) Corp 1st 6s..
1946 IVI
Kendall Co 5Ha
1948 M S
Kentucky Central gold 4s
1987 J J
Kentucky & Ind Term 4Hs
1961 J J
J
J
Stamped
1961
Plain
1961 J.J
Kings County El L & P 5s
1937 A O
Purchase money 6s
1997
Kings County Elev 1st g 4s
1949
Kings Co Lighting 1st 5s
1954
♦Ctfs
79
100
1948 A
{♦K C Ft S & M Ry ref g 4s.._1936
86%
100% 101
A
{♦Iowa Central Ry 1st & ref 4s_1951
James Frank & Clear 1st 4s
1959 J
Kan & M 1st gu g 4s
89%
86%
5
34
160
92%
96%
102% 104%
107
114%
89
98
33%
101%
1939
1939
{♦Mil Spar & N W 1st gu 4s
1947
{♦Milw & State Line 1st 3%s..l941
{♦Minn & St Louis 5s ctfs
1934
♦1st & refunding gold 4s
1949
♦Ref & ext 50-yr 5s ser A
1962
M StP&SSM con g 4s int gu. 1938
1st & ref 6s series A
1st ref 5 %s series B
1st Chicago Term s f
4s
J
D
Mo-K-T RR pr lien 5s ser A—.1962 J
J
40-year 4s series B
1962 J
J
Prior Hen 4 %s series D
1978 J
J
♦Cum adjust 5s ser A
Jan 1967 A O
{♦Mo Pac 1st & ref 5s ser A
1965 F A
....
1
155
160
1
112% 114%
119
....
120
102%
112
100
6
108%
20
107
33%
74
101%
33
70%
70
80%
80%
74%
87
77
77
70%
70%
72%
26
70%
70
71%
14
77
77
1
27%
35
101% 102%
...1977 Ml
S
S
60%
88
35%
49%
*75
75
70
79
*5
'"4%
9
7%
k
6
4%
3%
41%
32%
*35%
"40%
4%
3%
38
29
46%
42%
36
4
43%
45
38
52
31
30
32
23%
39
28
28
28
18%
30%
93
£9
93
81%
83
93
36
"45"
*86
*41
87%
85%
43%
88
226
83
76
49%
89%
59%
78%
74%
76%
66
66%
66
66%
25
67
69%
59
49%
52%
69
69
53%
51%
53%
133
30%
55
33%
32%
33%
32
27%
36
32
4
27
33%
13
15
250
10%
32%
31%
33%
209
27%
35%
32
27
33%
32%
33%
48
10%
'102
7%
33%
41
27%
35%
30
30
27%
35%
27
33%
75%
"14%
33%
32
1978 M N
♦1st & ref 5s series G
33%
1949 IVI N
H__.__1980 A O
10
33%
♦Certificates of deposit
9
32%
1981 F
A
"33%
70
16%
32%
33%
*31%
32%
"131
28
35%
27%
*31
♦Certificates of deposit
♦1st & ref 5s series I
9
*28
♦Certificates of deposit
♦1st & ref g 5s series
95
80%
40
32
..1975 Ml
♦Certificates of deposit
♦Conv gold 5%s
"70%
90
40
75
♦Certificates of deposit
♦1st & ref 5s series F
95
*78"
1959 J
103%
103% 108%
J
J
J
S
1990 J
106%
13
Ml
Q F
J
J
{♦Mo-Ill RR 1st 5s series A
103%
98
Ml
J
M N
Mo Kan & Tex 1st gold 4s
103
80%
..1949 Ml
1978 J
J
1941 M N
25-year 5%s
67%
95
102
104%
105
102
92%
102%
K
D
98% 106
105%
102%
Q4
Q9
104% 108%
108%
102
103
—
1938 J
1946 J
1st cons 5s gu as to Int
104%
92
...
.1938 J
1st cons 5s
106
107
*71
1st ext 4%s
Con ext 4 %s
102
10
J
{{♦Milw&Norlstext4%s(1880) 1934 J
....
100
33%
101%
1st mtge 5s
♦General 4s
100
108%
Ref & lmpt 4%s series C
3%
29%
102% 103%
103%
94
93
108%
108%
105%
110%
3%
29%
36%
72%
Ref
15
*2
S
D
46
Int Rys Cent Amer 1st 5s
64
46%
57%
56
109
A
_
92
79%
102
104
Michigan Central Detroit & Bay
Jack Lans & Sag 3%s
1st gold 3%s
36%
100
102%
F A
1977 M
♦Miag Mill Mach 1st
72%
44"
*97
D
A O
Q J
Ml N
A O
M S
A O
♦Mex Internat 1st 4s asstd
83
61
*74
*37%
J
J
74
082'
o82
1943 J
.1947
94% 100
*100
Ml
A
Internat Paper 5s ser
117%
36
1957
Metrop Ed 1st 4%s ser D
City Air Line 4s
99
88
37%
Int Merc Marine
f 6s
108% 113
103%
Internat Hydro El deb 6s.....
s
111% 112
86
96%
32
115
1939 Ml N
1959 Ml N
4s
f 6s
s
95%
113
99
*92
Ml N
M N
A O
2013 J
1st ext 4s
s
88
61%
Proof of claim filed by owner
Manila RR (South Lines)
108%
112
112
J
6%s.l944
{♦{McCrory Stores deb 5%s
1941
Manila Elec RR & Lt
122
95
84*
111% 113
107% 108%
104% 107
o
{{♦Manati Sugar 1st
118
204
108%
108%
o
McKesson & Robblns deb
10
99% 102%
131
133%
112%
*104%
J
2003
102
98
24
12
94%
1st & ref 4%s series C__.
103%
101
104 %
102
112%
O
97%
79%
102
132
2003
94%
59
101%
102%
1st refund 5%s series A
1st & ref 5s series B
Mead Corp 1st 6s with warr
65%
104%
102
M
Market St Ry 7s ser A. April—.1940
43
40
105
104%
103%
1937 IVI N
Marlon Steam Shovel
45
105
1940
♦Lower Austria Hydro El
I02i332 104%
45%
60%
104% 106
104% 105%
55%
104%
M N
94%
36
54
Unified gold 4s
108
108
*106%
M N
1962
Loew's Inc deb s f 6s.
60%
115% 141%
38
47%
14%
10%
36
46%
18
13%
118%
133% 137
121% 125%
115
118%
O
Mfrs Tr Co ctfs of partlc in
A I Namm & Son 1st 6s
102%
103% 106
8
106
*106
106
A
93%
86%
142
41%
12%
*35
97
33%
65%
99
4
38%
"13%
A
81%
94%
87%
102%
40
J
1956 J
J
.....1956
1944
1941
A & B..1947
92
95%
55
93%
27
145
{♦Man G B & N W 1st 3%s...l941
89%
101
(VI N
Corp 5s stamped 1942
Internat Cement conv deb 4s_.1945 M N
92
95
47%
90
97
58
*53
93%
44%
54%
53%
92%
93%
94%
1941
1965
5a
68
100
47
J
87'
"94% "581
"93%
O
M S
1932
Int Agric
♦1st g 5s series C_.
101%
21%
39%
92%
..1932
♦1st 5s series B
"99%
93 %
♦Certificates of deposit..,
Interlake Iron 1st 5s B
33%
102,332 103%
Inland Steel 1st 4 Ha ser
{♦10-year conv 7% notes
♦Certificates of deposit
28%
38
38
Ind Union Ry gen 5s ser
{♦10-year 6s
88
106% 108%
30
*25
92%
67%
80%
*102
Ind Bloom & West 1st-ext 4S..1940
Ind 111 & Iowa 1st g 4s
71%
85%
107%
96%
IVI N
Louis & Jeff Bdge Co gu 5 4s...
84%
77%
5s
Louisville & Nashville 5s
98
85
107%
cons
J
A
2003 IVI N
A O
85%
111 Cent and Chic St L & N O—
Joint 1st ref 5s series A.....1963
4 %s
86
102%
84%
64%
"95%
94
A
cons
91%
100
24
101
*100%
F
1951
96%
Louisville Gas & El (Ky)
90%
*81H
1951
Springfield Div 1st g 3H8---1951
82%
Louisiana & Ark 1st 5s
86%
90%
*
1951
98
18
89
90
*91%
96%
4
96%
68%
"75
J
99%
94%
81%
50
82%
M N
J
99%
1938
1954
1940
2003
2003
69%
88
*75
89%
39%
107%
112
102%
102%
89
80
25
85%
Gold 3Ha
Western Lines 1st g 4s
87%
83 %
J
J
Collateral trust gold 4s
101%
*89H
85H
M N
1955
Refunding 4s
104
*103%
s
O
A
62%
61%
Lombard Elec 7s ser A
48%
38%
51
O
Extended 1st gold 3 Ha
8
Little Miami gen 4s series A
100% 103
A
1st gold 3 Ha
4
Leh Val Term Ry 1st gu g 5s
Lex & East 1st 50-yr 5s gu
105
104
106%
64
63
Liggett & Myers Tobacco 7s
7
3
43
72%
69%
63
General
64%
104%
D
101%
64%
62%
General
104
1962
97
4
A
Lehigh Val (Pa) cons g 4s
104 H
45
2
70
A
Leh Val N Y 1st gu g 4 %s
104""
101%
98
68%
1974
37%
"64%
80%
98
98
A
1964
37
**
"83%
1'
57
f 5s
Leh Val Harbor Term gu 5s
44%
"6
f 5s
49%
116
75
s
31
37
75"
"75"
A
F
104%
104% 105%
s
Secured 6% gold notes
107% 109%
*26H
J
1957 F
S
104%
98
"38
105
1st & ref
36
*42%
*35%
121H
4s
102%
1st & ref
102% 104%
-
gu g
39
IV1 N
Hudson Co Gas 1st g 5s
-
13
103%
*110
A..1940
Hud <fc Manhat 1st 5s ser A
M
102%
102%
J
104
98
103%
O
High
Low
191
*102%
A
Lehigh Val Coal 1st & ref s f 5s. 1944
1st & ref 8 f 5s
1954
97
103
1942 J D
J
1952 J
A O
JHansas SS L 6s (Oct 1 '33 coup) '39
♦6s (Apr '36 coupon on).
1939
i~"j
♦Harpen Mining 6s
1949
j
J
Hocking Val 1st cons g 4 Ha—-1999
A O
♦Hoe (R) & Co 1st mtge
.1944
M N
♦Holland-Amer Line 6s (flat).. 1947
M N
{♦Housatonlc Ry cons g 5s
1937
J
H & T C 1st g 5s int guar
1937 J
Hackensack Water 1st 4s
Hudson Coal 1st s f 5s ser A
1945
98%
81%
91%
Gulf States Steel deb 5Ha
Houston Oil sink fund 5Ha
"90"
"97% "26
4
"97%
O
1937 J
1954
1954
Cons sink fund 4%s ser C
14%
7%
f 4 %s A
26
24%
26
J
s
Since
104%
104%
D
J
Lehigh C & Nav
Range
Jan. 1
103%
J
♦Lautaro Nitrate Co Ltd 6s...1954
70
70
5
Lake Sh & Mich So g 3%s
-
102%
102%
J
1937
1941
1997
*74 %
O
A
J
Houston Belt & Term 1st 5s...
110% 115
....
Low
Lake Erie & West 1st g 5s
2d gold 5s
105
*74%
A
Stamped
112%
*106H
M N
Greenbrier Ry 1st gu 4s
*50
"UK
Feb
♦Debentures ctfs B
99%
4-2900
Telephone Whitehall
90
1950
A.. 1936
1961
1952
1st & gen a f 6%s
NEW YORK
63 Wall St.
88
108%
28
102 H
Stock Exchange
Members New York
100
*90
D
(Japan) 7s—.1944
Gt Cons El Pow
56
.....
102 H
102 H
S
M
7
105%
100
71
*97
D
Grays Point Term 1st gu 5s... 1947
100 H
*100532
D
A
1940
1942
J {♦Gould Coupler lstsf 6s
Gouv & Oswegatchle 1st 5s
34%
Co.
D. H. SlLBERBERG &
J
O
♦Good Hope Steel & Ir sec 7S..1945
Goodrich (B F) Co 1st 6%S-_1947
DEALERS
FOR BANKS AND
32
12%
2286
New York Bond
Friday \
bonds
N. Y. STOt K
EXCHANGE
Week Ended
Apr. 3
Price
Bid
&
{♦Mobile & Oblo gen
♦Montgomery Dlv
4% July.. 1938
♦Kef & impt
4%s
♦Sec 6% notes
1977 M
11%
11%
92%
107%
104%
104%
106%
102%
s
s
11%
S
93
ser
Mont Cent 1st
gu6s_„__
1st guar gold 5s
Montana Power 1st 5s A
J
1937 J
J
1943 J
Deb 5s series A
..
107m
A.*60 m N
1937 J
107
j
1962
Mln & Agric deb 7s *37
Montreal Tram 1st & ref 5s
1941
Gen & ref s f 5s series A
1955
D
Montecatlnl
97%
20%
11%
11%
"26"
ig38 M
Mohawk & Malone 1st
gu g 4s_1991 M
Monongahela Ry 1st M 4s
—
*
"85"
J
Gen & ref
s
f 5s series B
1955
s
1955
s
1955
29
107
33
103%
2
87%
97%
88%
...1956 M n
"90%
Constr M 4 %s series B
1955 m n
Mutual Fuel Gas 1st gu g 5s... 1947 m n
Mut Un Tel gtd 6s ext at
5%..1941 M JN
Namm (A I) & Son—See Mfrs Tr—
Nassau Elec gu g 4s stpd
Nat Acme 1st s f 6s
a
..1951 j
*
90
37
84
1
91
11
73
J
73
103%
103%
104%
d
1942 J
Nat Dairy Prod deb 5%s
1948 f A
Nat Distillers Prod deb 4%s_—1945 M N
Nat Ry of Mex pr lien
103%
103%
104
1
103
1914 coupon on
♦Assent cash
j
No 4
war ret
♦4s Apr coupon
*3__
j
4%
on
1977
2%
4%
4%
♦4s Apr 1914 coupon off
1951
♦Assent cash war ret No 4 od__
Nat Steel 1st coll s f 4s
1965 J D
{♦Naugatuck RR 1st g 4s
1954 M N
Newark Consol Gas cons 5s...1948
d
♦New England RR guar 5s
♦Consol guar 4s
j
1945
N J Pow & Light 1st
4%s
New Orl Great Nor 5s A
♦1st 5s series B
8
15
120%
28
86
J
84
"25
86
11
120% 121
68
83%
45%
77%
122
124
101%
105% 107%
75
88%
61%
52
74
96
54
88%
95%
67
96%
89
97
91m
33m
95 m
1
92
46
34
42
80%
24%
32%
33%
36%
13
"~37%
37%
1956 F
37%
38
30
1956 F
34 m
33
35
57
30
1954 a
4%s.
39
38%
38%
37%
37%
39
82
32%
39
1945 J
N Y Cent RR conv 6s
Consol 4s series A
*107
j
"115%
1944 MN
1998 f
A
98 m
2013
Ref & lmpt 4%s series A
Ref & lmpt 5s series C
N Y Cent & Hud River M
O
112%
115%
128
166"
99
179
89
85%
233
92
114%
98%
83%
304
74%
80%
2013
O
85%
91%
3%s_1997
j
100 %
100
101
54
1942
J
105m
105%
29
100
Ref & impt 4%s ser A
Lake Shore coll gold 3
%8
Mich Cent coll gold
3%s
2013
o
85%
83%
95
95
105%
85%
95%
95%
103%
95%
83%
90%
106%
106%
70%
67%
ll6"
100
98
Debenture 4s
A
1998
1998
A
1937
N Y Chic & St L 1st g 4s
O
Refunding 5%s series A
1974
Ref 4%s series C
1978
3-year 6s
Oct 1 1938
N Y Connect 1st gu
4%s A
1st guar 5s series B
95m
103%
95 m
o
83
s
90 m
o
1953
1953
a
95
103%
93%
80%
88%
"166%
a
1938
N Y Edison 1st & ref 6%s
A—.1941
1st lien & ref 5s series B
1944
90
*106
a
1951
O
N Y Dock 1st gold 4s
Serial 5% notes
1st lien & ref 5s series C
N Y & Erie—See Erie RR.
o
70
107%
N
N
N
♦Conv debenture 3 Ms
1956 J
1948 J
J
1940 A
1957 M N
♦Harlem R & Pt Ches 1st 4s. 1954 ivi
N Y O & W ref g 4s
June 1992 M
General 4s
1955 J
D
N
s
D
O
o
{♦N Y Providence & Boston 4s.l942 a
N Y & Putnam 1st con
gu 4s.„ 1993 a
N Y Queens EI Lt & Pow
3 Ms. 1965 M n
{♦N Y Rys Corp lnc 6s
Jan 1965 Apr
1965
J
1951 M N
1st mortgage 5s
n
1956 M
Susq & West 1st ref 5s....1937 J
1937 F
General gold 5s
1940 F
Terminal 1st gold 5s
1943 M
N YTelep 1st &
gen sf4Ms... 1939 M
N Y Trap Rock 1st 6s
j.
1946 J
N Y
2d gold 4 Ms
J
a
32
32
"35%
"19m
35%
O
A
A
1941 J
A
No Am Edison deb 5s ser
A—1957 M
Deb 5 Ms series B
106%
106%
For footnotes
Aug 15 1963 F a
Nov 15 1969 M N
see page
2287.
32
31%
29%
35%
42%
106% 108%
§6% 77%
#8
75
107% 109%
103% 105%
107
122% 125%
113% 115%
92% 100%
8
32%
29%
27
36
30
2
36
19
19%
19
35%
98
100%
26
48
49%
80
44
89"
94% 100%
103
108
101
105
105%
100%
39
30
32%
45
104
100%
104%
105%
100%
29%
5
33%
9
37
29%
29%
38%
37%
37%
37%
30
28%
32%
42%
16%
41
51%
26%
40%
89
100%
42%
56%
35%
49%
31
110
"l6
106%
106%
107
13
"82% 93%
104% 106%
31%
48%
31%
47%
99% 103%
99% 104
107% 108%
108% 111
106
107%
106%
14
106
81%
23
54
104%
44%
42%
103%
103%
*107%
80
21
48%
47%
267
103%
1
104
75
*101%
110%
16%
106%
161%
95
137%
18
12
64
88
17
213
108%
*61
110%
~~5
105%
75
101
95
50%
137%
16%
*15%
60
107
89%
88
57
4
89%
10
18
71
106%
101%
96%
3
59
11
50%
11
140%
30
18
32
17%
60
"~2
119%
118%
106%
119%
107
6
105
106
28
103
103%
104%
104%
105
41
105
105%
24
49
6
83
72
100
111""
45
46
1
105%
S
Deb 6s series C
109
110
44%
42%
d
1961 f
"81
33
89
105%
5s...1941 M N
..1996 O
6
35%
37%
42%
*103%
♦Certificates of deposit
Pocah C & C joint 4s
North Amer Co deb 5s
12
100
"49%
O
M N
M N
1947 M n
{{♦Norfolk & 3outh lstg
N & W Ry 1st cons
g 48
100%
89
J
3
106
*30
J
A
a
N
n
D
100
*31%
*30%
1946
4-6%
14
16
*99%
1965
Nord Ry ext sink sunf 6
Ms
1950 A
{{♦Norfolk south 1st & ref 5s.. 1961 f
4
94%
101
110% 111%
81
84
93
96
15
22%
106% 108
96% 102%
88%
96%
48% 57%
137% 155
16%
22%
15% 21%
61
61%
115
119%
106% 107%
103% 106%
102% 104%
103% 106
101% 106%
102%
110%
110
106 %
106%
106%
47
j
106%
106
106%
22
100%
o
106%
108%
*105%
106%
o
J
1948 J
s
32%
J
{♦Park-Lexington
43
113%
111%
105
99% 102
32%
39%
113%
111%
112% 113%
111
113%
7
103%
111% 114%
113%
1
113% 115
10
2
118%
118%
113%
110%
118%
lis
10%
120
119%
120
22
119
121%
106
106%
27
105
102%
102%
103
11
108„
101% 103%
102%
30
101
110%
102%
102%
63
J
104
6
55
73
103%
60
103
107
106%
107%
61
106% 108%
99% 101%
104%
101%
101%
100%
103%
100%
1
103%
7
107%
100%
103%
107%
5
"52%
"l3
*60"
50%
41
48
61%
59%
56
60
5
93
101
103% 104%
107% 110%
*105
52
50
50
S
112
103
j
A
63
63
109
103%
48
d
1955
102
113
1952 ivi N
1955
113%
101% 101%
*103"
1968
107
106% 107%
108% 109
9
37
111
O
108
104% 106
9
35
32%
*108%
*103%
1943 f
5%s
6%s ctfs
107%
99% 108
I62" "10
102
j
1943 M
ext
100
"26
107%
108%
105
1964 M N
f g 3s loan
ctfs
s
118
232
104%
105%
104%
j
73
104% 112%
74%
85%
93
103%
107
111%
108
o
ext.. 1944
Paramount Pictures deb 6s
99
144
O
Gas
Paris-Orleans RR
56%
89%
128%
;
:
56%
89%
2128%
56%
11
90%
75
129
*31
5
35
1953
j
6s
—1944
Pat A Passaic G
A E cons 5s.. 1949
♦Paullsta Ry 1st ref s
f 7s
1942
Penn Co gu
3%s coll tr A
1937
Guar 3%s coll
trust ser B...1941
Guar 3 %s trust
ctfs C
1942
o
d
d
*102%
86% 97%
128% 151%
33%
42
49%
72
119% 122
*103
1944
Parmelee Trans deb
Guar 3%s trust ctfs D
Guar 4s ser E trust
"70%
s
28-year 4s
Penn-DIxle Cement 1st
*66
s
1953 F
96%
105%
4%s—1981
1943 ivi N
..1948 ivi N
consg 4s
sterl stpd dollar
May"IIl948 ivi N
Consol sinking fund
4%s
1960 F a
General 4 %s series A
D
1965
General 5s series B
d
1968
Secured gold 5s
m n
1964
Debenture
4%s
General 4%s series D
g
1970 a
o
1981 A
O
'106%
111%
112%
'120%
112%
120%
105732
102%
1947 m s
1st cons 4s. .1940 a o
"87%
j
1984
1943 a
*^C0om® i8
April 1990 Apr
Peoria A Pekin Un
1st 5%s___1974 F a
1st 4s series B
1st g 4%s series
A 5s.—1956
ser
j
1956
C
General 5s series B
General g 4%s series
C
General 4%s series D
97%
111%
113%
113%
120%
120
112%
61
109
39
87
96%
n
104%
107%
104%
106%
A
106%
105%
J
50%
50
S
A
28%
28
j
J
28
25%
106%
o
*71
o
o
111%
*113%
1945 m n
d
1963 F
11964
1st gen 5s series B
1st gen 5s series C
1st 4%s series D
o
d
105
"166
107%
106%
103% 106
6
52
105
109
29
104
108%
64
29%
28%
107%
79
31
11
85
43%
54
24
32%
25%
106%
70
112
"12
34
109
70
111% 112%
111
113%
111
113%
111
108%
27
89%
"30
89%
89%
29
75
97
74
118%
115% 121
6
116
120
86%
85%
107
110
85
"73"
92%
91%
91%
*119
97
96
96
ser
"79"
34%
107%
79
33%
88
<4
{♦Providence Term 1st 4s
1956 ivi
Pub Serv El A G 1st
A ref 4s_.1971 a
N
*9%
S
105%
1950 J
128%
1950 J
lt>3%
1948 j
97
pt pd ctfs
J
*89%
103%
126%
103%
92%
97" "25
21
71
1
5
105
40
17%
353
27
97
33
71%
71%
99%
100%
106%
106%
107%
106%
107%
Rem Rand deb 5
%s with warr.1947 ivi N 104W32
104% 104'732
5 %s without
warrants
1947 MN
*1041732 104%
Deb 4%s with
warrants
1956 ivi S
108%
107%
108%
Rensselaer A Saratoga 6s
gu
1941 ivi N
Repub I A S 5s 8 f
a
----
2
23
24
45
29
-
-
-
-
206
98%
9?
80%
107% 108
64%
82
33% 41%
80
90%
14% 21%
79
"l8
105%
128%
103%
100
o
77%
79%
82
97
73%
107%
79%
35%
88%
*105
{♦Debenture gold 6s
1941 J
Reading Co Jersey Cent coll 4s. 1951 a
Gen A ref 4%s series
A
1997 j
Gen A ref 4 %s series B
1997 j
..1940
118
119%
*113%
*107%
...1977
stk(65% pd)
....
119%
119
71%
for deb 6s A com
124
115%
115%
110
109
97
{♦Radlo-Kelth-Orph
120
113
*108
1962
4%s without warrants
Purity Bakeries s f deb 5s
121%
114%
*107
89%
89%
89%
A....1948
w w
113
111
73
4%s
98
111
109
1953
f
95%
89
1
108% 108%
115% 119
C..1960
1st 5s 1935
extended to 1950
Porto Rlcan Am Tob
conv 6s
1942
{♦Postal Teleg A Cable
coll 5s. 1953
5 {♦Pressed Steel Car
conv g 5s. 1933
{♦Providence Sec guar deb 4s_. 1957
a
89
64
108%
j
1943 mn
Port Arthur Can A Dk
6s A—1953
1st mtge 6s series B
Pure Oil Co
21
119%
119
"1974
Port Gen Elec 1st
4%s
94%
97%
111%
*118%
D
A—1958 J
....1958
_
17
*118%' "l20%
a
ivi N
1960
ser
"52
104
A
1977 J
1st M 4%s series
C
92
9
108% 111%
98% 104
*108
1957 mn
1970 j
ser
76
5
110%
*110%
1953 J
4s guar..
2
4
29
114
*103%
1975 a
♦Pitts A W Ya 1st
4%s
1st M 4 %s series B
114
121
120%
106%
104%
111%
111%
115% 117%
106% 111%
*110
a
1960 f
ser B
77
23
117%
110%
88%
13%
*113%
111%
1949 F
4%s__.
4%s
172
109
109
----
1942 mn
cons guar
18
*115
*112
d
112%
113%
115%
105%
99%
105%
105%
1942 a
General M 5s series A
5
110%
111%
111%
118%
120%
105932
102%
*120
1952 ivi N
gold
Series F 4s guar
gold
Series G 4s guar
Series H cons
guar 4s
Series I cons
1
111%
1940 A
Series C 4%s guar
Series D 4s guar
Series E 3%s
guar
9
20
107%
108% 108%
107%
118%
105732
101%
108%
108%
117%
110%
J
20-yr 6s. .1943
PlrelU Co
(Italy) conv 7s
Pitts C C A St L 4
%s A
Series B 4%s guar
17
-
111%
112%
111%
A
1949 ivi
Pitts Y A Ash 1st 4s
106
-
106%
D
Philllppine Ry 1st s f 4s. I"" 1937
Plllsbury Flour MUls
Gen 4 %s series C
Pitts Ya A Char
1st
104
106
---
106
1981 j
Phjla
Series J
15
95%
105
.1977 j
Co sec 5s series A1967 J
Phlla Elec Co 1st
A ref 4%s___ 1967 m
1st A ref 4s.
1971 f
Phlla A
Reading C A I ref 5s"1973 j
Conv deb 6s
Gen mtge 5s
94
1943 m n
1974 f
97%
105%
101% 104%
99
90%
94
S
ivi
102% 106%
*109%
103%
103%
j
_.I1980
Phila Bait A Wash
1st g 4s._.
104
1
60
12
™
Pere Marquette
1st
104
106
103%
113%
o
ser E
L A C 1st
cons 6s
Refunding gold 5s
Peoria A Eastern
70
102%
*108%
108%
108%
117%
Gen mtge
4%s
Peop Gas
60
102% 102%
104% 106
106
6s A...1941 m s
Pa Ohio A Det
1st A ref
4%s A.1977 a o
4 %8 series B
1981
J
Pennsylvania P A L 1st
a o
4s
70
*106
A
102%
Consol gold 4s
"49
72
122%
s
A
Pennsylvania RR
68
*121%
1952 ivi N
ctfs
98
88%
j
s f g 4%s..l955 J
5{♦Pan-Am Pet
Co(Cal)conv 6s '40 J
♦Certificates of deposit
Paramount Broadway
Corp—
90
102
106
1951 Nl N
{♦N Y
"l2
*102%
*105%
*105%
J
1st mortgage 5s
74%
65
j
2047
Paducab A Ills 1st
95%
101%
106%
86%
96%
101% 104%
82
97%
70%
87%
107
115%
103%
100
iooM
1947 M N
Westch&B 1st ser 14
Ms-'46
Nlag Lock & O Pow 1st 5s A...1955
Niagara Share (Mo) deb 5Ms.. 1950
♦Norddeutsche Lloyd 20-yr s f 6s '47
23
*104%
O
♦Debenture 4s
♦lst&ref4%sserof 1927—1967 J
68 stamped
81
401
124
115
100
J
♦Conv debenture 6s
♦Collateral trust 6s
Prior lien 6s assented
5
90
90
104
A
N
1947 M S
♦Non-conv debenture 3Ms.. 1947 M S
♦Non-conv debenture 3 Ms..1954 a O
♦Non-conv debenture 4s
1955 J
J
♦Non-conv debenture 4s
1956 M N
N Y «fc Rlchm Gas 1st 6s
A
N Y Steam 6s series A
25
108
124
D
{♦NYNH&Hn-c deb 4s
1965
67%
107%
41
o
J
f
M
M
M
M
5%s_1942 M N
N Y L E & W Dock &
Impt 58.1943 J
J
N Y & Long Branch
gen 4s
1941 M S
{♦N Y & N Eng (Bost Term) 4sl939 a O
♦lnc 6s assented
Prior lien 6s series A
106%
195
o
1951
N Y Gas El Lt H & Pow
g 5s... 1948
Purchase money gold 4s
1949
N Y Greenwood L
gu g 5s
1946
N Y & Harlem
gold 3%s
2000
N Y Lack & West 4s ser A
1973
4%s series B
1973
N Y L E & W Coal & RR
New
92%
34
81
j
♦1st M
119% 122
100
109
82%
2047
Ref mtge 5s series
A
77%
61%
"96"
A
1954 a
♦1st 5s series C
♦1st 4%s series D
♦1st 5%s series A
NAC Bdge gen guar
6
66
94%
94%
90%
29%
j
lnc 5s_. 1935 A
n-c
77%
106%
4%
6%
105% 107
2
65%
123%
*101%
106%
j
New Orleans Term 1st
gu 4s... 1953 J
{{♦N 0 Tex & Mex
66
109%
110%
82%
102%
110%
Of
6%
3%
32
120
i20M
4%
4%
*120%
76%
63%
65
1960 A
1983
NO & NE 1st
ref&impt 4%s A. 1952
{New Orl Pub Serv 1st 5s A.—1952
First & ref 5s series B
1955
6%
122%
j
New England Tel & Tel 5s A—1952
D
1st g 4 %s series B
1961 M N
N J Junction RR guar 1st 4s...1986 f
2%
3%
6
4%
106%
66
j
1945
66
2%
7
5%
♦2%
4%
105%
106
6%
3
2%
4%
5%
.
3%
j
f
nmario
Transmission 1st 5s...1945 (vi N
Oregon RR & Nav com
g 4s...1946 I
D
Ore Short Line
1st cons g 5s—.1946 J
j
Guar stpd cons
5s
1946 J
j
Ore-Wash RR & Nav 4s
1961 I
J
°
A El Wks extl 5s
1963 (vi S
Otis Steel 1st
mtge 6s ser A—1941 M S
Pacific Coast Co 1st
g 5s
1946
D
Pacific Gas A El
gen A ref 5s A. 1942
j
1st A ref 4s
series G
d
1964
Pac RR of Mo
1st ext g 4s
a
1938
*2d extended
gold 5s
1938
j
Pacific Tel A Tel 1st
5s
1937
J
4%
"4 H "~9
4%
-----
♦Assent cash war ret No 5 on..
Nat RR Mex pr lien 4%s.__—.1926
♦Assent cash war ret No 4 on—
4%
High
120
121%
112% 115
65%
70%
70
1997
Ontario Power N F
1st 5s
105
Low
115
*60
0 Indiana
& West
5s..Apr 1 1938 Q
Ohio Public
Service 7%s A
1946 A
1st & ref 7s
series B
1947 f
Ohio River RR
1st g 5s
1936 I
General gold 5s
1937 A
4%s.—.1957
♦Jan
NO.
....
*67%
6%s__.1957 VI n
92%
104%
57%
73%
102
103%
103% 104%
31
Since
Jan. 1
High
115
2047
Oh
86
133
Range
Asked
*120%
cpns
Og & L Cham 1st
gu g 4s
Ohio
Connecting Ry 1st 4s
103
1C
&
1945
Apr'33-Oct'33-Apr'34
Northwestern Teleg 4%s
Norweg Hydro-El Nit
109% 113
108% 109%
5
104%
73%
103%
103%
104%
105%
94%
98%
92%
90
29
98^4
113
90%
104%
88
104
♦110%
90%
A
85%
83
33
90%
113
103
87
90
94%
1974
Ref & impt 4
%s series A
Reg & lmpt 6s series B
Ref & lmpt 5s
----
105
94
or
Friday's
Bid
series C
2047
Ref & lmpt 5s
series D
2047
Nor Ry of Calif
guar g 5s..-.1938
Nor States Pow
5s ser A
1941
1st & ref 6s ser
B.
1941
Ref mtge
4%s ser B
1961
Ref mtge 5s
105%
104%
107%
85%
82%
----
•ss;
Range
r"c'
Sale
1974
North Pacific prior
lien 4s
Gen Hen ry & Id
g 3s Jan
102% 104%
-W--
84
♦Ex
109
86
87%
Last
Price
♦Stmpd as to sale Oct 1933 &
♦Apr 1934 coupons
96
66 M
87%
104%
94 %
d
Nash Chatt & St L 4s ser A
1978 f
Nash Flo & 8 1st gu g 5s......1937 F
22
85%
*11—
j
1939
2000 J
14
103
o
Morris & Co 1st s f 4%s
Morris & Essex 1st gu 3%s
Constr M 5s series A
3
104%
*""
o
Gen & ref
f 4%s series C
f 5s series D
North Cent gen & ref
5s A
Gen & ref 4 %s
series A
{♦North Ohio 1st guar
g 5s
14%
15%
9%
85%
105%
104%
103%
106%
97%
105
*
O
Gen & ref
9
1
6
25
I*
Week's
Low
92
"14% 25"
1
Friday
High
82
—
13
108%
103%
j
—
Low
----
93
81
O
—
bonds
N. Y. STOCK EXCHANGE
Week Ended Apr. 3
Since
Jan. 1
No
High
*93
M N
gold 4s... 1938 M s
1st g 5S..1947 f A
Range
is
33
Asked
Low
♦Mo Pac 3d 7s ext at
April 4 1936
5
2
Range or
Friday's
Sale
js
s
Record—Continued—Page
Week's
Last
S3
to *5
79
103%
110%
102%
91%
103
158
158
109%
131%
103%
71% 82%
96% 100%
106% 108%
105% 107%
104
113%
104% 113%
107
110
104i516 106%
Last
BONDS
Price
Bid
A
109%
34
103%
29%
70
29%
*25%
*28%
*28%
*28%
32%
♦Certificates of deposit
Richm Term Ry 1st gu 5s
s
f 7s
*Rlo Grande June 1st gu 5s.-
Roch G A E 4 %s series D
Gen mtge 5s series E
s
Rutland RR 1st
con
St Joe A Grand Island 1st
*38%
90%
84%
*45%
85%
33%
4
38
49
132
37
47%
104% 107%
41% 52%
90
94%
91%
85%
54
37%
112% 112%
107% 109
13
21%
*113
19
a29%
a29%
33
33
35%
108%
104%
J
104%
1937 M N
1996 J
J
1996 A O
159
114
159
34
33
36
34
108%
104%
•
43
107% 109%
103% 105%
*80
92
87%
92
*82%
92
80
87
75
74%
75%
93
67%
♦Certificates of deposit
J
1955 J
1950 J
{♦St L-San Fran
pr
22%
23%
24%
21%
26%
21
23
19
20
J
1937 J
37%
102
1943 J
1940
1972 J
19%
106
J
S A A Ar Pass 1st gu g 4s
1943 J
San Antonio Pub Serv 1st 6s... 1952 J
20%
D
J
*22
J
1937 J
J
Mont ext 1st gold 4s
tPaciflc ext gu 4s (large)
St Paul Un Dep 5s guar
Santa Fe Pres A Phen 1st 5s
Schulco Co guar 6%s
121
96
109%
J
96
109%
*112%
*58%
60%
40
A
19
O
1959
1945 M S
♦Certificates of deposit
{♦At! A Blrm 1st g 4s
1933 MS
{♦Seaboard All Fla 6s A ctfs... 1935 A O
1935 F
♦Series B certificates
6%
9%
8%
A
Sharon Steel Hoop a t 6%s
Shell Pipe Line s f deb 5s
103*32
1948 F A
1952 M N 102^32
Shell Union Oil
1947 IVI N
1952 J D
f deb 5s
Sbinyetsu El Pow 1st 6%s
s f 7s
..1935 J
♦{Siemens A Halske
J
1951 M S
f 6%s
35
32
105
9
7%
16%
4%
*4%
103*32
1029,6
102',6
"85"
85
80
80
46%
46%
111%
Sierra & San Fran Power 5s
1949 F
A
♦Silesia Elec Corp s f 6%s
Slle8ian-Am Corp coll tr 7s
1946
1941
A
Skelly Oil deb 4s
1951
J
97%
Socony-Vacuum Oil 3%s
1950
U
104%
Sou A Nor Ala cons gu g 6s
1936
1963
A
104%
*101%
O
2
44
89
14
108
"62"
60%
58
50-year 5s
cons guar
South Bell Tel 4 Tel 1st
s
87
86%
97
"19
16
21
7%
1
16%
"17
102%
36
102%
86%
10
80
46%
111%
9
2
4
4
103
14
1
28
59%
1
42%
1
111
1
28
87%
7
97%
61
104%
59
104
102916 104%
102',6 103%
88%
84%
75
80
51%
112%
31%
90
98%
96%
104% 106%
101% 102%
114% 114%
9
106% 108
135
87%
128
76%
93
89%
154
77
Gold 4^8
...1981 M N
89%
89%
117
O
108%
88%
108%
91%
91%
109%
18
*106%
{♦Spokane Internat 1st
187
44
84%
100
97%
1961
87%
87
87%
106%
1964
1943
{{♦Stevens Hotels 6s series A.. 1945
Sunbury A Lewlston 1st 4s
Swift A Co 1st M 3%s
Tenn Elec Pow 1st 6s ser A
1st
cons
s
Tex & N O con gold 5s
23%
2
120%
105
99%
195
"28
27
1
29
82
57%
70%
104% 107%
14%
34
19%
28%
81% 117
100% 100%
105
74%
120
107%
100%
103%
94
110
100%
101%
43
103%
122
99% 102%
117% 124%
28
122
123" ""7
1977 A
O
102%
101%
102%
25
98
Gen A ret 5s series C
1979 A
O
103
101%
101%
103
12
97
102%
41
108
108%
2000
1980 J
Gen A ret 5s series D
D
1964 M S
J
Third Ave Ry 1st ref 4s
1960 J
♦AdJ inc 5s tax-ex N Y__Jan 1960 A O
J
Third Ave RR 1st g 5s
1937 J
Tex Pac-Mo Pac Ter 5 Ha A
Toho Elec Power 1st 7s A
..1955 M
S
102%
"68%
37
40
1st 6s dollar series
a93~~
1953 J
D
J
D
1960
1950 A
Tol W V & Ohio 4s ser C
1942
O
M S
77%
102%
1
a93
a93
1
77%
103%
'loo"
100
*108%
*80%
83
*70
74%
O
s
IVI
s
A
*
O
34
104
104%
97
104%
105% 109%
57%
A
O
A
O
76%
llH
96
52
77%
104
27
99% 104%
100%
22
79%
1939
1941
guar 4s
sec
1956 J
1961 J
ser
"47
36%
31
29
105
76%
90%
78
58
70
84
3
71
94%
96
134
86
37
38
30
30
92%
98%
46%
151
41%
63%
25
41%
62
77
82
59
91%
63%
59
62
81
....
99%
108%
1
108%
94% 100
105% 108%
109% 109%
*111%
110% 112
11*2
123%
1
120%
120%
6
*105%
105%
123%
J
J
29%
"72
121% 124
122%
119
105% 106%
....
110
108
108
108
108
100%
100
100%
105
23
106
109
96% 101%
107%
107%
1937
...1943 A
J
103
103
1
103
104%
O
109
109
1
106
110
1946 IVI
Gen gold 4s
{♦Western Pac 1st 5s
O
1977 J
J
1st & ref 5%s series A
West N Y A Pa 1st g 5s
34%
106
105%
*108
D
1952 A
1st mtge 4s ser H
Western Maryland 1st 4s
32%
99%
1945
5s series G
35%
29
108%
J
1939 J
D
Westchester Ltg 5s stpd gtd.- .1950 J
West Penn Power 1st 5s ser E..1963 IVI S
1st
29
*79
62
Wash Water Power s f 5s
S
A
♦5s assented
Funding A real est g 4%s—*..1950
15-year 6%s
.1936 F
25-year gold 5s
1951 J
i960 M
35%
40%
106
35%
38
34
39%
236
34
106
42%
106%
108
106%
1
l07%
106%
107%
49
103
A
101%
102
46
101% 103%
D
105%
106
38
S
107
101%
105%
106%
107%
70
103% 106%
104
107%
J
1938 J
IVI N
30-year 5s
44
40
1946
Western Union coll trust 5s
106%
♦Westphalia Un El Power 6s. ..1953 J
J
28%
28%
28%
3
28
West Shore 1st 4s guar........2361 J
Registered
2361 J
J
93%
92%
93%
79
85
87%
8
81
92
104
105
ser
87%
D...1966 M S
*105
111
RR 1st consol 4s
Wheeling Steel Corp 4%s ser B.1953
1st mtge s f 4%s series A
1966
F
A
1940 MN
White Sew Mach deb 6s
{♦Wickwire Spencer St't 1st 7s. 1935
J
♦Ctf dep Chase Nat Bank.
♦Ctfs for col A ret
J
1949 M S
A O
Wheeling A L E Ry 4s
conv
101%
1960 J
J
J
"161%
113
107% 111
102132 102%
100% 101%
100
36
90
26%
27%
11
31
26
28%
38
22%
21%
45
67
D
J
{♦Wis Cer 150-yr 1st gen 4s
1949 J
♦Certificates of deposit
M N
♦Sup A Dul dlv A term 1st 4s 1936
100%
96
27
7s A.1935 MN
1942 J D
Winston-Salem S B 1st 4s
ill"
33%
27%
100
J
Wilk & East 1st gu g 5s
Will & S F 1st gold 5s
1938 J
Wilson A Co 1st M 4s series A—1955 J
99%
103
61
59%
59%
106%
"161%
106%
101%
110
110
110
102
3
3
62
1
20
18%
10%
1943
Youngstown Sheet A Tube 5s..1978
1st mtge s f 5s ser B
...1970
J
105%
A
O
106%
17
5
10%
10%
2
12
31%
106% 107%
99% 102
110
107
25%
15%
15%
9
25%
15%
9
14%
J
J
19%
17
*9%
"17
♦Certificates of deposit...
♦Wor A Conn East 1st 4%s
"166% "105%
84
106%
135
106%
104% 106%
104
106%
e
the'current week and not Included in the
Cash Sales transacted during
86%
96% 101
yearly
range.
,
San Paulo 7s, 1956, Apr. 1 at 23.
r
Cash sale only transaction during current week,
transaction during
current week.
current
week,
n
a
only
during
t Accrued Interest payable
Deferred delivery sale
Under-the-rule sale only transaction
{ Negotiability impaired by maturity,
at exchange rate
of $4.8665.
{ Companies reported as being in bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or
♦
22%
100% 103%
91%
1955
33%'
32%
31% "32
33
"l06"
36%
28
30
31%
31%
31
30
33
*
O
34%
38
28%
*23
95
30%
33
77
89
10
82%
60
34%
*33%
33%
72
7
95
34
34
96%
67%
100% 100%
94%
♦Deposit receipts
»
Friday's bid and asked price.
Deferred Delivery
reorganized under
securities assumed by such companies.
♦ Bonds selling flat.
Sales transacted during the current week and not
included
in the yearly range.
French Rep.
Tol St L A W 1st 4s
335
102%
Tokyo Elec Light Co Ltd—
Tol A Ohio Cent ref A imp 3%s
3
74
68
36%
J
A
1955
102
116
Gen A ref 5s series B
Texas A Pac 1st gold 5s
*101%
IVI
104%
84%
67%
121%
118%
105% 111%
87% 102%
102% 105
103%
*102%
J
?8%
*80%
95
F A
Warren RR 1st ref gu g 3%s
2000
Washington Cent 1st gold 4s...1948 Q IVI
F A
Wash Term 1st gu 3%s
1945
F A
1st 40-year
103% 105
109%
1953
A...1950
1944
1943
29
J
92%
81
98
110% 111
*110%
*118%
1944
f g 4s
56
97%
85
97% 102%
105%
96%
4Ha...1939
gold 5s
6
106%
104
68
89%
105"
98
1947
53
68%
78
113%
lOS"
Tenn Cop A Chem deb 6s B...1944
162"
29
105%
23%
95%
120%
92%
98%
"28% "24
96
99% 106%
88
105%
Tenn Coal Iron A RR gen 5s..1951
106% 112
85
105%
1936
1947
76%
71%
"25"
26
92
95%
A
..1980
♦Warner Bros Co deb 6s
92%
2
112%
...1950
Tenn Cent 1st 6s A or B
98
102%
68%
67
Staten Island Ry 1st 4Mb
Gen refund
102" '140
79%
g 5s... 1955
Texarkana A Ft S gu 5%s
Texas Corp conv deb 5s
105
ioi"
63%
♦Studebaker Corp conv deb 6s. 1945
Term Assn of St L 1st g
158
103%
1996
S'west Bell Tel 3 Ms ser B
80%
106% 106%
60%
78%
82%
97%
1938
103%
103
F
♦Certificates of deposit
(Hiram) GA Wdeb 4%s 1945
102% 100%
*100
Mobile A Ohio coll tr 4s..... 1938 M S
120%
94%
IVI N
♦Certificates of deposit..
A
♦Ref A gen 4%s series C
1978
♦Certificates of deposit.......
99
90%
88%
*102%
102% 104%
62%
35
89
84
110% 111%
2
S
108
97
1956
17
IVI
9%
89%
Mem Dlv 1st g 5s
St Louis Div 1st g 4s
East Tenn reor lien g 5s
30
102%
37
90
79%
90%
110%
90
90%
"95
8%
105
102%
O
S
13
1956
104
110%
A
{♦ Warner-Qulnland Co deb 6s. .1939 IVI
s
Devel A gen 6s
Devel A gen 6%s
100% 100%
115
IVI N
9%
13%
11%
24%
7%
6%
16%
4%
5%
103*32
70
100%
*104%
1976 F
Walworth Co 1st M 4s
6s debentures
20%
65
68
*
♦Ref & gen 5s series D
11
106% 108
107%
IVI N
1st lien g term 4s
1954
Det A Chic Ext 1st 5s-.___.1941 J
J
Des Moines Div 1st g 4s
1939
♦Ref A gen 5s series B
95%
*100
J
1939
{♦Wabash Ry ref A gen
♦Certificates of deposit
69
87
20%
*65
M 8
IVI
"" N
XT
1941
1941
5%s A. 1975
60
107% 108
107% 107%
6%
3%
4%
18%
106%
107%
6%
90
101%
62%
*4%
19
■
Omaha Div 1st g 3%s
Toledo & Chic Dlv g 4s
97% 101%
64
72%
4%
4%
J
3
D
3
MN
*
1958
2
*107%
J
J
69
*108%
9
107%
1994
1956
13
91%
7
105
1955
77
92
68
«
A O
F A
M N
N
S
107
105
68
91%
F
M
S
1st 4s stamped
Southern Ry 1st cons g 5s
Devel A gen 4s series A..
67
3
Warner Bros Pict deb 6s
..1969 IVI N
So Pac Coast 1st gu g 4s...
So Pac RR 1st ref guar 4s
11
8%
106
1937 M N
J
1937 J
J
1955 J
72%
72
10%
...1968 IVI
5s
98%
*98%
F
3%
Gold 4%s
Gold 4%s
con gu g
99%
97%
71%
169
A
6%
So Pac coll 4s (Cent Pac coll)..1949
1st 4%s (Oregon Lines) A... 1977 IVI
So Pac of Cal 1st
95%
3
106%
89%
97%
..1950 A
33
20
"~3
89%
97%
San Fran Term 1st 4s
28
98%
7%
107%
88%
28
97%
4%
J
.1947
28
Walker
D
Southern Colo Power 6s A
28
*26%
J
19%
21
16
17%
42%
A
1939
66
16%
1
J
1936
♦2d gold 5s
66
56%
114% 117%
19
20%
J
f 5S..1941
66
58%
"60%
33%
29%
1962
99%
110%
108% 112
62%
60%
30
38
1955
{Wabash RR 1st gold 5s
100% 102%
29
33%
35%
1962
117% 121%
*116%
Gen
A
28
107%
35%
103% 106%
38
1942
4%s series B
*26%
175
102
33
2003
l«t mtge
106%
105%
*100%
103%
112%
25
31
4%s—.1934
5s
gen
98
111
34%
34%
106%
106% 109%
113
....
28%
1955
Va A Southwest 1st
gu gs
1st cons 5s
113
*110
31
coupon off
Virginia Midland
15
100%
110% 118
102% 104%
32
108%
29
1957
gu
104
100
166%
3
A
Va Iron Coal & Coke 1st
g 5s...1949
104% 106%
19
4%
7%
6%
4s series A
4s series B
4{July
103% 104%
"l
97
16%
8 f
♦{Vera Cruz A P 1st
31
27
20%
17%
110
16%
*15%
Oct 1949
♦Certificates of deposit
♦1st & cons 6s series A
21%
107
♦Vertientes Sugar 7s ctfs
Virginia El A Pow 4s ser A
Cons
103
108%
29
1959
conv
3
\
5s. 1941
cons g
107% 111%
103% 108%
68
112
104"
3
3
M
3
...1947
Vandalia
105
111
-
1944
Vanadium Corp of Am
30
108%
103%
IVI
1944
Virginia Ry 1st 5s series A
26
*15%
♦Certifs of deposit stamped
Utah Lt A Trac 1st A ref 5s
Utah Power & Light 1st 5s
41%
100% 102%
101% 102%
*118%
..1989 M N
g 4s.. 1950
♦Certificates of deposit
{♦Gold 4s 8tamped
1950
s
39%
102
1944
80
109
J
119% 122
115% 123
111% 114%
35
113%
109%
IVI
♦Un Steel Works
Corp 6%s A.. 1951
♦Sec, s f 6%s series C
1951
♦Sink fund deb 6%s ser A...1947
59
39%
28%
*60
O
60%
{{♦Seaboard Air Line 1st
♦Debenture
53%
14%
June 2008
117%
113%
103%
J
104% 106%
21
17%
6
113%
1968
United Biscuit of Am deb 5s...1950 A
IVI
United Drug Co. (Del.) 5s
1953
70%
105%
121%
...
Scioto V A N E 1st gu 4s
s
50
105%
105%
Stamped
Stamped
16
44
187
104%
J
1946 A
15
68
*103%
1942 M S
J
...1946 J
f 0 %s series B_.
23
*102%
*103%
D
con g 4s..1968 J
J
{♦St Paul E GrTrk 1st 4%s___1947 J
F A
{♦StPaul&K CShLgu4%s._1941
St Paul A Duluth 1st
St Paul Minn A Man 5s
17%
1967
121%
116% 2115%
IVI N
12-year 4s conv deb
-.1947
J
Union Pac RR 1st & Id gr 4s...1947 J
IVI
1st lien A ret 4s
June 2008
91
66%
52%
J
15%
14%
13%
90
J
J
56
82
76%
20%
19%
63%
39%
5s_.1952 J
1990 J
5s
1937 J
163
24
16%
89
68
J
121
Utll Power A Light
5%s
Debenture 5s
68
18%
Novl989 J
Union Oil of Calif 6s series A... 1942 F
Gold 4%s
1st lien A ret 5s
Gold 4s
105% 107%
4
18
18
23%
27%
24%
22%
20%
89%
S
MN
A
"3
106%
105%
...
87%
98%
89%
106%
*105
J
1954
{♦{Union Elev Ry (Chic) 58—1945
26
19
25%
1978 M
s f 7s
1945
Union Elec Lt & Pr (Mo) 5s...l957 A
86
"23%
1989
♦Adjustment 5s
{♦Refunding 4s
75
J
♦1st terminal A unifying
♦Gen A ret g 5s ser A
s
51%
6
j"j
♦Ctfs of deposit 8tamped
{♦St L 8 W 1st 4s bond ctfs
Guar
38%
85
23
1950
♦Certificates of deposit
♦Con M 4Hb series A
St Paul City Cable cons
Guaranteed 5s
4
20%
lien 4s A
♦Certificates of deposit
♦Prior lien 5s series B
♦2sg 48 Inc bond ctfs
45
84
J
{♦St L Peor A N W 1st gu 5s...1948
St L Rocky Mt A PSsstpd
78
45
45
J
Uijigawa Elec Power
17
95
91
82%
90
{♦Universal Pipe A Rad deb 6s. 1936
♦Unterelbe Power A Light 6s..1953
81
71
1933 IVI N
♦JRlv A G DIv 1st g 4s
*84
94%
99%
103
84%
A
IVI
Un Steel Works
(Burbach) 7s_.1951
St Louis Iron Mt A Southern—
90%
101%
95
{{♦United RysSt L 1st g 4s
1934
U 8 ■Rubber 1st A ret 5s ser A.. 1947
United S S Co 15-year 6s
1937
43
"
1
12
*91
♦Tyrol Hydro-Elec Pow 7%s..l955
F
♦Guar sec s f 7s
..1952
Un E L A P (111) 1st g 5 %s A
1
95%
101932
95
101%
M N
U N J RR a Can gen 4s
35
32%
10
127%
101 % 105 %
120% 122
117% 130
1
122
127%
101 %
High
Low
105
121%
M N
1940
f 6s
No.
105
J
Tri-Cont Corp 5s conv deb A—1953 J
M N
Truax-Traer Coal conv 6%s...l943
90
79%
46%
156
33%
55
"40%
*107%
18%
J
J
St Lawr A Adr 1st g 5s
2d gold 08
33%
31%
41%
O
St Jos Ry Lt lit A Pr 1st 5s
31%
32
37%
O
1949 J
...1941 J
4s
1947 J
4 Hs
34
*104
1948 A
RutrCanadan 1st gu g 4s
32%
31%
39
1977 M S
...1962 M
f 6s
32
32%
42%
{{♦R I Ark A Louis 1st 4%s... 1934 IVI S
Royal Dutch 4s with warrants. 1945 A O
♦Ruhr Chemical
28%
41
D
J
1939 J
{♦Rio Grande West 1st gold 4s. 1939 J
♦1st con A coll trust 4s A
1949 A
26
Hiah
Low
s
Since
Jan. 1
Bid
Toronto Ham A Buff 1st g 4s_.1946 J D
MUS
Trenton G A El 1st g 5s
.1949
Trumbull Steel 1st
28
41%
1944 IVI N
M N
1952 J
J
1955 F A
34
29%
35
Price
Range
Range or
Friday's
A
Asked
Sale
TOOK EXCHANGE
High
102% 105
5
Last
BONDS
a
'
Week Ended Apr. 3
112% 126
97% 100%
107% 109%
278
103
♦Rheine-Westphalia El Pr 7S..1950 M N
♦Direct mtge 6s
1952 M N
♦Cons mtge 6s of 1928
1953 F A
♦Cons M 6s of 1930 with warr '65 A O
{{♦Richfield Oil of Calif 6s
Low
256
QQ
108
J
J
1953 J
♦Rhine-Ruhr Water series 6s
No
117%
97%
109%
103%
N
J
1946 J
♦Rhelnelbe Union s f 7s
99
A
High
115
116%
S
M
F
M
J
N. Y
*•
Since
Jan. 1
Asked
Low
Republic Steel Corp 4%s ser A. 1950
Gen mtge 4%s series B.
1901
Purcb money 1st M conv 5%s '54
Revere Cop A Br 1st mtge 4% s. 1956
Range
Range or
Friday's
Sale
N. Y. STOCK EXCHANGE
Week Ended Apr. 3
Week's
Friday
Week's
Friday
♦Rima Steel 1st
2287
New York Bond Record—Concluded—Page 6
Volume 142
7%s stamped, Mar. 28 at 167.
Paris Orleans 5%s,
1968, Mar. 28 at 127.
Union Oil deb. 4s, 1947, Mar.
28 at 115.
7s, 1949 stamped, Apr. 3 at 176%.
2288
New York Curb
NOTICE—Cash and deferred delivery sales
the regular weekly range are shown in
In the
Exchange—Weekly and Yearly Record
disregarded In the week's
are
range .unless
footnote In the week in which they occur.
a
following extensive list
we
furnish
a
ap»i
they are the only transactions of the week, and when selling outside of
No account Is taken of such sales In computing the range for the year.
complete record of the transactions
on the New York Curb Exchange for
Saturday last (Mar. 28 1936) and ending the present Friday (April 3 1936).
It is compiled entirely
from the daily reports of the Curb
Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred
during the week covered:
the week
beginning
on
Friday
Sales
Last
Par
Acme
Wirevtccom
Week's Range
of Prices
Week
Price
110— 111.
Jan
300
2%
Jan
4%
30%
300
27%
Jan
45
45%
100
37%
67%
Jan
Jan
15
100
56-
4
3%
30%
Warrants
50
Power
$7 pref
$6 preferred
*
71
70
71
150
_*
62
62
63
200
"23%
com
23%
6%
100
Beverage
Class A
143
118%
16%
22%
23
138% 143%
117% 118%
16%
16%
*
12
12
*
67%
64
600
com
Amer Cynamld class
Jan
152
120
Feb
500
15
Feb
16%
Mar
Jan
13%
Mar
50
4%
9%
800
1,900
45
76
6%
1%
35%
100
89
46%
6%
118
4%
*
38
*
112
Corp" lOc
47%
Laundry Mach
Amer L A Tr com
10%
27
Amer Meter Co
Amer Pneumatic
27
23%
525
44 %
Jan
~5~7 00
31%
29%
Jan
25
275
Service
Superpower Corp
1st
preferred....
Preferred
38%
35
•
26%
23%
Amer Thread Co
27%
23%
1%
35%
2%
2%
1%
37
425
2%
46
4%
4%
II*
1%
5%
1
2%
6%
6%
8%
'10%
400
Jan
27%
Mar
17%
Jan
25
Mar
25%
Feb
30%
24%
Mar
14
Jan
18
200
Jan
39%
4%
300
Feb
Jan
Jan
Jan
1%
39%
Jan
1%
23%
2%
18,200
46
Jan
*te
2,500
2
800
5%
500
Jan
2%
•
Jan
Jan
Feb
Feb
Jan
Co—50
Atlas Corp common
■
*
$3 preference A
III*
I.I.
CorpIIIH*
%
Jan
4
7%
Jan
10
87%
9%
Mar
Jan
1,900
6,200
8
8%
600
10%
2%
26%
10%
Mar
31
2%
26%
10%
"13%
54%
3%
3
9
9
10
9%
Jan
12%
Feb
Jan
2%
Feb
3%
Feb
4,500
1
Jan
6%
>32
Jan
Jan
Feb
Jan
Feb
3%
9%
10%
17",400
13
Jan
1,600
7,400
51
Jan
55
9%
700
1,400
900
1%
300
75
600
3%
7%
10
9%
50
70
Jan
Feb
Jan
Feb
Jan
11
Jan
Mar
11
Mar
Apr
Jan
Jan
1%
Mar
65%
""§% "1I666
4%
Jan
2%
Jan
12%
55%
103
2%
70
4%
Jan
148
Jan
121
Jan
Jan
Mar
Feb
Feb
Jan
Jan
17%
38
1,800
225
2,100
Jan
500
44%
Jan
1,000
16%
Jan
9
Brazilian Tr Lt A Pow
4
7
Jan
25%
9%
20
43
Jan
50
14%
4%
"""655
14%
150
"26%
24
12%
13
"19%
16%
20%
*
26%
7,500
5%
7% preferred
100
Brlllo Mfg Co
com..___.*
Class A...
%
Amer Oil coup
._*
.
*
Preferred B
2%
5%
City Auto
2293
Mar
12%
11%
2
Jan
2%
100
20
Mar
20
3%
23
Jan
Mar
Jan
Jan
1%
Feb
Mar
6%
Feb
Jan
18
Feb
Feb
29%
Mar
500
9%
Jan
13%
Jan
15%
20%
Apr
Mar
97
Feb
Mar
2%
700
1%
Jan
4%
Feb
5%
400
3
Jan
8%
Feb
92%
120
10%
3,400
Jan
42
"15%
191666
9%
Jan
16%
0125
107%
Feb
116%
Jan
107%
12%
Fsb
116
Jan
9%
"u"
113
109%
113%
109% 112
420
700
16
15%
16
69%
69%
54%
55
""2%
Feb
Feb
5
Mar
Jan
22%
Feb
Jan
98
Feb
Feb
90
Feb
Mar
12%
Jan
Jan
Mar
2%
2%
24%
43%
10
69%
150
2%
1,700
14,400
2%
26
150
44%
350
25
26
IIS"
"34"
54
.....
'32% "34%
53%
%
4%
53
"""666
375
54%
%
5%
53%
50
300
62,300
2,500
4%
4%
100
54%
54%
100
55
Jan
Jan
102
Jan
17%
15
Jan
69
Mar
74
Feb
Feb
59
Mar
42%
Jan
1%
Jan
3%
1%
18%
31%
Jan
3%
31%
Feb
Jan
Jan
64
Feb
Jan
44
Feb
31
Feb
Jan
Jan
24
Jan
34%
34%
%
Jan
59
3
Cockshutt Plow Co
*
*
Arms~25
5% preferred..100
Columbia Oil A Gas
vto—*
Columbia Pictures new
*
Commonwealth Edlson'lOO
Commonwealth A Southern
Warrants....
Community P A L~*6~pref *
Community Water Serv..*
Como Mines
~j
Compo Shoe
Machinery
Consolidated Aircraft.,
1
"l
Consol Copper Mines
5
Consol GEL P
Bait com*
5% preferred A
100
8%
"io%
3
53%
110
4%
*>6
26%
2%
4
Feb
Feb
Jan
"5
5%
54
Feb
Jan
58
Mar
Jan
Mar
Jan
66%
19%
3%
%
Jan
1%
Feb
Feb
52%
16%
Jan
11
Jan
48
12%
Jan
3%
2I2OO
Feb
1%
Mar
8%
300
1,600
3%
57%
12,100
5,800
50
111%
4%
5%
2,475
93
Jan
2%
50
108
7*1
8%
280
%
Mar
Jan
4
Mar
73
Jan
114
Feb
Jan
5%
Mar
45
Jan
Jan
112
Jan
%
13,600
725
3
4,900
•w
Jan
13
Jan
Jan
Mar
Jan
16
Jan
23%
6%
90%
%
Feb
3%
Mar
29
14
1%
15%
12,300
2,600
20
21%
4,400
15%
5%
6,700
5
Mar
89%
1,200
84
Jan
Jan
116
Feb
Mar
280~~
10
226
Jan
290
Mar
5%
600
4
Jan
20
90
Jan
5
280_
96
101
2%
100
96
97%
400
1
"97%
2%
1%
400
16%
"17" """666
16%
46
46
2%
88
%
6%
9%
Jan
1%
6%
105
3%
15%
dep rets ord reg._£l
Cramp Shp & Engine ..100
Creole Petroleum
Feb
Crocker Wheeler Elec
Croft Brewing Co
Jan
9%
"29%
*
13%
1
1%
Crowley Milner & Co
*
Crown Cent Petroleum..1
2%
19
Mar
49%
8%
Mar
Mar
6%
4%
Jan
8
7%
3,100
5%
Jan
8
"3% ""3%
lslioo
Jan
Jan
1%
Jan
Mar
Feb
77%
4%
Feb
Feb
Feb
16%
.
4,600
6%
Jan
17
12%
100
12%
Mar
15
Jan
H
25%
Feb
Mar
2%
29%
Feb
51666
Jan
"25% "26"
25
120%
28
30%
18,800
12%
1%
13%
1,900
1%
24,400
19%
9%
%
6%
1%
2%
Feb
Jan
Jan
34
200
129% 129%
....5
Jan
Feb
Feb
42,700
~
26
100
Mar
2
7%
14
Mar
Jan
7%
12%
Jan
Jan
98
7%
"7%
700
Jan
Feb
Jan
46%
7%
65
25
Mar
1%
%
11%
96
Am
com
Mar
36
97
27
Courtauld's Ltd
Preferred
Jan
Apr
12
Feb
100
sie
24%
2%
%
5
3%
Hoo
Feb
Feb
900
37
IIII
Preferred
Jan
Apr
1%
15,400
Apr
6
3%
Apr
104%
103
87%
Common
...
Feb
Mar
113
1%
15%
21
H"»
Corroon & Reynolds—
Feb
7%
69%
6%
6%
Copper Range Co
Corp
Cord
Jan
Apr
Mar
Jan
10%
10
37
'103%
10
7% prior pf 100
1
Jan
Mar
42%
900
"T% "2%
5
100
38
Jan
41%
700
~
2%
II*
com
Rosenberger... __*
Jan
124%
3%
~*
com
22
Mar
45
•
_
Jan
115
Jan
41%
*
14%
Crane Co
Jan
Mar
38
13%
$6 preferred A
Cosden Oil com
16%
92
17%
115%
Corp.'lOO
Conv
Jan
20
2%
pref"*
Club Alum
Utensil Co
Feb
Apr
21
37
102
51
Mar
Apr
200
50%
8%
Jan
1
50%
Cleveland Tractor
Cllnchfleld Coal
29%
25%
24%
Jan
9%
3,900
Jan
16%
86
41
"15%
35",900
Mar
20%
18%
Feb
21%
1%
29
100
1,500
4%
Jan
Feb
Mar
20%
"l9%
7%
26%
700
Jan
1%
100
25%
Jan
16%
16%
100
24%
2%
500
1%
100
63%
53,400
18%
36
Jan
4%
22
Feb
21
*
Stamping
7%
29%
23%
24%
Mar
8%
5,400
Homes" 10
Claude Neon
Lights Inc_.l
Cleve Elec Ilium
com
*
35
25%
9%
200
2%
82
*
Prefened BB
Cities Serv P A L
$7
$0 preferred.
7%
29%
*
For footnotes see page
13%
97
2%
*
4
Feb
Mar
10,900
100
Brill Corp class B
Class A
Registered
4
4%
53
250
%
Machine...II*
Preferred
Brit
9%
45
com
Borne-Scymser Co
Bridgeport
8%
45
1,100
8%
2
92
*
.1
Continental Oil of Mex.__l
Continental Securities.
*
Cooper Bessemer com
"
$3 preferred A
20
".25
Bearing..I 5
Preferred
Cont G & E
3%
47%
Bower Roller
Mining Co__l
Cities Service
com....
Feb
19
*
..100
39
46%
*
Ch'lds Co pref
Chief Consol
Jan
Feb
Ma
"""166
Jan
Feb
15%
Jan
115%
14%
19%
30
Mar
Mar
Feb
Consol Retail Stores
8% preferred
Consol Royalty Oil
27
32
14%
Jan
Mar
Consolidated Min A Smelt
Jan
100
425
Jan
6%
Jan
Jan
Jan
25%
Jan
13%
3%
Feb
100
,200
Jan
Jan
21%
Feb
Jan
1%
5%
24%
%
5%
Jan
4%
1,200
1%
'16
5%
Feb
Mar
Feb
Feb
Mar
Mar
5%
18%
Mar
4,800
100
10%
1%
10%
2%
19%
11%
13%
35%
21%
7% 1st preferred
Botany Consol Mills
Bourjofs Inc..
15%
10
400
30%
Columbia Gas & feleo—
37%
3%
1%
%
5%
30%
Jan
300
Jan
20
-
Jan
2
400
Feb
21%
-
%
1%
3
1,800
Feb
Bliss (E W) A Co
Blue Ridge
-
2,100
""9% "l"6%
Feb
Apr
5%
3%
3%
Mar
"7",900
2%
7%
Apr
%
25%
3%
90
47
40
Jan
5%
26%
27
*
Jan
%
%
24%
Jan
25
*
50
100
36
5%
Chicago Flexible Shaft Co 6
Chicago Rivet <fc Mach...*
Cohn A
27
1
Mar
3%
24%
Charis
Corporation.
"10
Chesebrough Mfg...I."25
Apr
Black & Decker
Mfg Co..*
com
Mar
85
*
Mar
16
conv pref
62
10%
100
"
10%
121
Blumenthal (S) A Co
Bohack (H C) Co com
*29
25%
6%% pf.100
Benson A Hedges com
*
I* Convertible pref
*
Jan
Jan
Jan
Mfg.""25
25
89
-----
48
100
800
54%
Feb
51%
1%
33%
3
21
...100
Centrifugal Pipe
33%
Feb
Mar
100
"4%
1
Jan
Jan
Jan
Jan
25%
650
20
warr 100
26%
11%
144
com
oIII"*
Cent Maine Pow
7% pf 100
7% pref...100
Cent A South
West Utll.l
Cent States Elec com
Feb
16%
38%
16%
50
107
8%
Cent P A L
%
%
Feb
Jan
Jan
Jan
103
200
100
Colon Oil Corp com
Colt's Patent Fire
100
Corp
1st preferred
Cent Hud GAEvt
%
26%
1%
89
*"3"
un
Feb
250
Mar
America
7% 1st partic pref... 100
prior preferred.. 100
Celluloid Corp com
15
$7 div preferred...
*
7%
200
52
1
1
2,350
50%
1%
Jan
Feb
150
700
"
10
2%
51%
1%
Mar
11%
Mar
•
"»
34%
"13% "14
53%
3%
9%
96
1
34
Baldwin Locomotive warr
Baumann (L) &Co7% pfdl 00
I.I*
Mar
%
33%
Feb
Jan
Jan
Mar
10%
16%
62
City A Suburban
'j6
9%
.
Feb
1,200
10%
*
Jan
Feb
1,300
Axton-Fisher Tobacco— "
10
Jan
Feb
31
Jan
Mar
83%
3%
2
prefll*
Conv preferred
Conv pref op ser
14%
3%
3%.
*
Corporation.
Jan
6
Feb
6%
15%
39%
24%
*
7% preferred
108%
3,000
9
1%
1%
Automatic-Voting Mach"»
$3 opt
Class B
Feb
18%
2%
28
Jan
21
Carnation Co com....
4%
99%
63%
4%
Jan
1,200
11%
Automatic Products.....5
Class A common
Babcock A Wilcox Co
Jan
25c
"16"
Convertible class A...
6% Pref without
Feb
Jan
Mar
Carman A Co—
Feb
Feb
100
14%
25
29
Mar
18,300
1 %
*
Assoc Telep $1.50
pref III*
Atlantic Coast
Fisheries. _*
Atlantic Coast Line
Jan
10%
I.
com
Jan
87%
Assoc Laundries of
Amer. *
Vtc common
*
Associates Investment Co" *
18%
1%
4%
5,300
7%
8%
-IIIIIIIl
IIIIII*
$5 preferred
Option warrants
1
10
2%
7%
1%
1%
1%
i
Blckfords Inc com..
m$2 .50 conv pref
Feb
2,200
11%
£1
com
Mar
13
*
.
Bell Tel of Canada
Bell Tel of Pa
Mar
43%
104%
II
rets
Bellanca Aircraft
41%
Jan
2%
6%
6%
8%
87%
Assoc Gas A Eleo-r-
Atlas Plywood
Jan
Jan
3%
15%
34%
Mar
80
2
Calamba Sugar Estate..20
Canadian Car &
Fdy Ltd
Castle (A M) A Co
Catalin Corp of Amer
Celanese Corp of
Feb
9%
1%
Feb
12
Jan
Mar
28
Feb
800
"43
34
'"i%
Carrier
114
"43"
3%
rets A ord shs.£l
Syndicate
Mar
62
80
dep rets B ord shs £1
Amer dep rets pref shs
£1
Preferred
32%
30%
2%
9%
550
24% 25
106% 106%
Am
Feb
Mar
Elec Industries
Warrants
43%
dep
Jan
Mar
1,100
9%
%
Feb
31%
19%
*
I*
I
Jo
Arkansas P & L $7 pref I.*
Art Metal Works
com_Il5
Associated Rayon
5
43
pref.IIII*
Carolina P & L $7
$6 preferred
Jan
23,400
Am
.
Chapman Valve
Common class A
Common.
24%
Jan
82
43
43
Preferred
Class A
Jan
Mar
Feb
7%
400
Appalachian El Pow pref *
deposit
Feb
30%
*
_
Arcturus Radio Tube
Arkansas Nat Gas com
Amer
Mar
7
350
__*
Angostura Wupperman
Apex Elec Mfg Co com
Associated
124%
108
*
Amsterdam Trading—
American shares
Anchor Post Fence
Feb
118
37%
7,300
"22% "23% """150
1%
35%
com*
III I*
prefII 1*5
Mar
Jan
3%
Amer Potash A
Chemical. *
Am
36%
40%
Jan
3,500
$3 convertible
Warrants
9%
*
Carib
Feb
19
29
Feb
9
115
2,100
29
Jan
Feb
48%
Jan
11%
32%
Canadian Indus Alcohol A*
B
non-voting
*
Canadian Marconi
"l
Capital City Products
*
Mar
91%
Mar
5%
"25
100
*
Jan
88
32
20
1
Jan
86%
50
1,100
118
38
32
25
6% preferred
Amer Mfg Co com
Amer Maracalbo Co
Feb
7
21% 23%
4%
4%
37% 38%
111% 113
9%
11
38%
Amer
Feb
2
3%
___
$2 preferred
9
Jan
116
warr.
$2.50 preferred
Amer Hard Rubber
com_50
Jan
"§7%
"37" "36"
com
Preferred
Jan
10
32%
But ma Corp Am
dep rets..
Butler Brothers
10
Cable Elec Prod v t o.II
Cables & Wireless Ltd—
Jan
77%
11%
32%
Bunker Hill A
Sullivan.. 10
Burco Inc com
*
Mar
4%
9i6
700
preferred...100
American General
Mar
101
Mar
73
A.IlO
com"..*
Amer Equities Co com
Amer Fork & Hoe Co com*
Amer Foreign Pow
Amer Gas A Elec
75
Jan
Mar
28
High
28%
100
pref
$51st preferred....
Bulova Watch $3%
pref.
Feb
Jan
2%
60
25%
100
30%
Low
dep rets ord reg_.10s
Buckeye Pipe Line
50
Buff Niag A East Pr
pref 25
Mar
Jan
89
46%
10
Feb
4%
i
Class B n-v___
Amer Dist Tel N J
Feb
Jan
1%
35%
*
~
1
4%
87
67%
73
25
Class B
Apr
Jan
109
10c
$5.50 prior pref
Cities Pow & Lt—
23%
Apr
Jan
87
10c
Class A
conv
Jan
1,300
Am
7%
Feb
2,100
12
3%
100
Common class B
$3 preferred
Feb
76
115
21
100
com.l
American Book Co
American Capital—
Feb
Range Since Jan. 1 1936
Shares
High
30%
Brown Forman
Distillery. 1
Bruck Silk Mills Ltd
*
Feb
Feb
Low
Price
Brown Fence & Wire B___*
Class A preferred
*
Feb
1%
%
23
Week
Brown Co 6%
Feb
48%
82%
Feb
Am
Mar
2%
Mfg__»
com....
Aluminum Ltd com...
6% preferred
35
Jan
Jan
23%
for
of Prices
British Amer TobaccoAm dep rets ord bearer £l
Am dep rets ord
reg__£l
British Celanese Ltd—
Mar
58
"566
23%
Allied Internatl Invest __*
Alliance Investment com
Allied Products cl A com 25
Aluminum Co common
*
Jan
115
Allegheny 8teel7% pref 100
American
Mar
11%
44%
Jan
400
4%
2%
55%
56
*
Alabama Gt Southern
Aluminum Ind
Mar
Jan
2,000
15
10
com
preference
Aluminum Goods
Jan
30
1
Conv preferred
Allen Industries
46%
Jan
60 xllO
4%
Week's Range
Sale
Par
Feb
113%
18%
4%
15%
62%
3%
Last
High
"16
Agfa Ansco Corp com
Ainsworth Mfg Corp
Ala
Low
15
*
Investors
Shares
STOCKS
(1Continued)
43%
7% 1st pf 100
Supply Mfg cl A
*
Class B
Air
High
Range Since Jan. 1 1936
20
Adams Mlllis
Aero
Low
Sales
Friday
for
Sale
STOCKS
2%
17,700
130
Jan
34%
Jan
16
Jan
1%
Feb
7
Jan
2%
Feb
Mar
Feb
Feb
Feb
Mar
Jan
V
Last
Week's Range
of Prices
Week
Par
Price
Crown Cork Internatl A—*
5%
Crown Drug Co com
Preferred
5%
-----
-----
Low
700
11%
4%
10,400
23
— — — — — -
37%
*
6%% preferred
100
—
_
Cusl Mexican Mining._50c
1
Darby Petroleum com
*
Davenport Hosiery Mills. 5
12
—
Jan
Feb
Mar
106
------
Mar
1
9,900
12
4,200
*9
14%
100
12
14
400
Mar
24
100
12%
23%
19%
Mar
13%
24
35
— —
— -
%
10%
14%
Dayton Rubber Mfg com.*
Class A...
1
——
——
-
%
60
12%
13%
2,700
3%
3%
2,700
13
3%
32
Mar
Mar
15%
Mar
Non-vot
7% 1st preferred....100
11%
Feb
42%
Mar
108
Jan
32%
10%
9%
6%
12
«
8%
2%
Jan
Gulf Oil Corp of
1%
Guardian Investors——-1
25
Mar
19%
Mar
Feb
70
Mar
8%
1%
14%
3%
Mar
Hartman Tobacco Co
Mar
Harvard Brewing Co..
Mar
Hazeltine Corp
$5.50 preferred
Jan
116%
"lie"
118"
3
Feb
55
Jan
21%
Feb
23
Feb
14%
15%
2,900
13%
Mar
6%
Horn A Hardart
Mar
1
—
—
""
—-'
—-
—
—
19,300
6
3%
1
—
—
—
——
—-
—
—
-
-
—
— —V- — —
Jan
— — — —
-
Jan
110
Feb
Jan
6
Mar
80
Jan
*
8%
8%
77
67%
2,400
78%
"68%
69
Eastern Malleable Iron..25
-
""1%
Eastern States Corp
*
East States Pow com B__*
— -
—
—
—
-
—
-----
—
-
—
— -
7%
Jan
Hydro Electric Securities. *
Jan
Hygrade Food Prod.....6
Mar
Hygrade Sylvanla Corp..*
Illinois P A L $8 pref—
*
4
Jan
59%
41%
11%
Mar
Jan
85
Jan
Jan
83
Mar
Mar
37
42%
Feb
Feb
2%
Feb
Jan
3%
Jan
24%
6%
Jan
43%
Jan
Jan
13%
Mar
50
18
Jan
23%
Mar
42%
400
86
Jan
42%
Mar
3%
24%
2%
15%
Jan
4%
Mar
27,600
Feb
25%
Mar
23%
10
Indiana Service 6% pref 100
Ind'polisP A L0%% pflOO
£75
75
76%
1,400
66
Jan
79
Mar
Non-voting
£83%
86
3,200
74%
Jan
87
Mar
Class B
11%
900
9%
Jan
12
Mar
8%
2,500
6%
Feb
425
18%
Jan
9%
51%
Mar
Jan
8%
Mar
9%
43%
4,100
2,800
Jan
7%
Indiana Pipe Line
45
800
7%
7%
2
Shareholding—
$6 conv pref w w
Feb
76%
Mar
Jan
Feb
Feb
Feb
Jan
1%
500
800
33
Mar
2%
40%
7%
700
6
Jan
9%
6%
11,100
35%
44%
1,050
%
42%
200
2%
Jan
7%
Apr
Jan
40
36%
53%
Feb
Jan
55
Feb
Feb
53%
Feb
Jan
9%
34
Jan
Jan
24%
23%
300
20%
Jan
24%
13%
400
13%
Mar
14%
Mar
37%
7%
22%
23%
13%
Mar
Feb
Feb
100
37
Mar
12,100
24
20
Jan
39%
9%
Feb
18
Mar
"95% ""166
92%
Jan
97
Feb
Jan
Jan
6%
Jan
6%
Jan
Jan
3%
20%
Jan
Jan
Feb
37%
7%
"95"
300
6%
4%
100
V tc common
....1
2%
2%
1,500
1%
7% preferred
100
Industrial Finance—
14
14
25
11
Jan
Insurance Co of N Amer. 10
73%
72
74
1,850
72
Mar
84
*
900
225
31%
31
31%
200
31
Mar
34
5%
91%
Jan
Feb
Internat Holding
Jan
98
Jan
Jan
29%
Feb
15
Jan
19
Feb
Jan
87
Feb
Jan
62
Feb
1%
A In v..*
Elgin Nat Watch Co...15
Empire District El 6%. 100
0% preferred
.100
6%% preferred
100
7% preferred.......100
8% preferred
100
Empire Power Part Stk—*
Emsco Derrick A Equip..5
Equity Corp com..
10c
Eureka Pipe Line
<
10
13%
7,000
9%
Mar
14%
Jan
6%
Feb
Corp...l
12%
12%
12%
11%
Jan
7%
14%
4%
38%
3%
33%
Jan
5%
36
1,300
4,400
13,900
Jan
89%
38
Jan
38%
Jan
Feb
Feb
Feb
Feb
Jan
$3.50 series......50
Internat Mining
Warrants
50
175
43
Jan
62
54
55%
125
44
Jan
57%
Feb
56%
59
600
43%
Jan
65%
Feb
65
65
100
47
Jan
67%
Feb
Internat'l
—
"20% "18%
2%
—
Evans Wallower Lead
Jan
23%
15
Jan
21
Apr
Class A
2
Jan
Feb
Class B
..........1
39
"
Jan
3%
44
Feb
preferred.......100
—
"22% "21"
%
Feb
Interestate Hoa Mills
%
Jan
1%
Feb
——————
21
Feb
Jan
Jan
1
8%
...1
6%
.1
•
Jan
Feb
Irving Air Chute
14
200
4%
13%
23%
10%
7%
Jan
16%
Feb
15
400
13%
Mar
17
Jan
31%
Jan
Mar
22%
7,700
9%
3,100
6%
1,600
8%
6%
19%
Jan
7
Ferro Enamel Corp com
*
—
"39" ""37%
—
—
-
-
40%
— —
—
27
—
5,600
Flat Amer dep rcets..
..1
Mach
(Phlla).lO
28%
Jan
40%
Feb
20
Feb
1%
Feb
.100
1
__
"~7%
53
51%
53
Jan
70
Jan
Feb
9
Mar
Feb
50%
Mar
•
8%
Ford Motor of Can cl A..*
25%
Class B
8
24%
50
Mar
60
Feb
Mar
Feb
24%
9,900
Feb
5% preferred D
Klrby Petroleum
100
1
Feb
24%
Jan
9%
28%
Jan
32
3
80
*
Jan
Jan
Feb
Kleinert
Jan
4%
30
Knott
15
18%
18%
18%
550
..*
3%
3%
3%
1,700
16
JaD
2%
Jan
19
Mar
4%
Feb
♦
Rubber..—...10
19%
19%
19%
600
17%
17
17%
1,700
18%
12%
Jan
Jan
20%
18%
13
$6 conv pref B
1%
1,600
Jan
1
Jan
41%
Jan
fit
♦
pref
*
Gen Rayon Co A stock
Brandes
75
74
75%
"17% "l6% "17%
*
General Tire A Rubber. .25
50
49
84
83%
100
84
97%
84
$3 convertible pref
Georgia Power $6 pref
$5 preferred
Gilbert (A C) com
Preferred
*
*
400
"22% "22%
"If
20%
"53%
3", 100
Lackawanna RR of NJ
Lerner Stores
52%
1,075
73
Feb
93
98%
170
95
Mar
102
84%
100
83
Feb
90%
Jan
73
14%
Feb
2%
2%
36%
18
316
4
Mar
8%
Lefcourt
%
4
6% %
preferred
Mar
1%
Mar
6%
Mar
Jan
1%
Jan
3%
Jan
4%
Jon
Jan
Jan
5%
*te
Jan
Jan
2%
Jan
112
8
3%
%
Jan
24
Jan
18%
11%
6
Mar
Mar
1
Jan
107
11%
Jan
14
Jan
18%
*
Mar
Mar
Mar
Feb
Mar
Feb
Feb
12%
20%
Mar
Mar
*53"
Mar
7%
7%
2,400
Jan
78
51
Jan
59%
Jan
Jan
8%
Mar
5%
70
Mar
75
Jan
12%
2%
19%
2%
19%
100
9%
8%
1%
1%
43%
9%
1%
44%
4,800
7,500
1,500
44%
100
100
"l5~~
'5~,506
4%
1,500
Jan
2%
19%
6%
Mar
Mar
Jan
%
Jan
37%
107%
7%
Feb
3
Mar
Feb
Jan
16%
4%
Jan
25
Jan
11%
Jan
2
46%
110
Jan
Feb
Mar
Mar
15
Mar
Mar
Jan
4%
20%
Feb
18%
Jan
Loblaw Groceterias cl A—*
18%
......*
18%
7%
9%
Jan
10%
Jan
Jan
14%
Mar
Feb
Class B
.*
13%
4
13%
4
45
Feb
Lockheed Air Corp
1
9
8%
9%
18%
Feb
Lone Star Gas Corp.——*
13
12%
13%
2,400
4,800
Long Island Ltg—
Common
..—..—*
4%
2,400
Jan
3%
Jan
39%
Mar
8
Jan
18
Apr
7%
%
Jan
Feb
Preferred class B
2%
Jan
si«
4%
25%
Jan
Feb
%
1%
Feb
Lit Brothers com
24
22
43%
Lion OH Development.—*
150
400
4%
Jan
Jan
200
*
Jan
1%
30
Feb
Feb
1,700
7%
....*
14%
2%
6,500
Feb
Feb
74%
1
Realty com
Preferred
1,400
15%
17
1
JaD
Jan
20%
"53%
*
Class A
Mar
Jan
Mar
98
Langendorf United Bak—
Mar
Jan
91
Jan
98
7% pref—100
Lehigh Coal A Nav_.
*
Leonard OH Develop...25
85%
36%
2%
Gorham Inc class A com.*
$3 preferred
Lane Bryant
Jan
45
Godchaux Sugars class A.*
Class B
»
Mines. 10
Lakey Foundry A Mach„l
Feb
Jan
12%
10
100
Feb
47
""566
100
81%
1,700
83%
Jan
%
1,800
Jan
10,600
2,500
12%
67
50%
4%
6%
90
2%
18%
3%
12%
Jan
Feb
Jan
88
Koppers Gas A Coke Co—
Jan
5%
2
Underwriters
%
Jan
74
4
500
85
71
14%
16,600
5,400
%
Jan
*
*
950
%
73
*
Glen Alden Coal
3,100
1
Feb
Mar
49
Jan
111%
4%
£1
Ltd
1
"75%
40
100
150
75
*
General Telephone com. 20
2%
Jan
Warrants
pflOO
50
91
1,500
Feb
49
%
Jan
400
5%
Lake Shore Mines Ltd.—1
1%
25%
1%
11%
preferred
100
(S. H.) A Co pref.100
Kreuger Brewing
1
Gen Gas A Elec—
Feb
26%
1%
%
76
23%
1
Kress
Gen Electric Co Ltd—
$6 conv pref class B._
15
5%
Corp common
Kolster
Froedtert Grain A Malt—
*
Gen Investment com—...1
Mar
Feb
Feb
25
2,900
2,200
Jan
70%
25%
Klein (Emil)
Am dep rets ord re«..£l
Gen Flreproofing com.—.*
Mar
""800
2%
Kirkland Lake G M Ltd J
»
Conv preferred
31%
2%
"26%
100
8
100
General Alloys Co
Vtc
600
Ford Motor of France—
Fort Worth Stk Yds Co.
Mar
1%
Kingsbury
6,000
27%
dep rets ord reg._£l
Apr
1%
"25"
Kansas G A E
8%
Ford Motor Co Ltd—
American dep rets
Common vtc
7% preferred B
Florida P A L $7 pref
Feb
5%
Jan
6%
Mar
1%
•5%
117
37%
33%
Jan
preferred A
*
7% pref. 100
Breweries..—1
Kings County Lighting...
Feb
57%
32
Jan
1%
112%
300
Feb
20%
1%
20
3,200
*1$
27%
60
*
112% 112%
7%
7%
3,400
*t<
%
300
37%
Jones A
48%
2%
Jan
Jan
1,200
4%
Jonas A Naumburg
Feb
60
14%
Jan
"16
39%
Feb
89
58
Feb
Feb
Jan
Feb
Jan
*t«
30%
2.50
Feb
Mar
46%
4
29%
Laughlln Steel. 100
Kansas City Pub Service-
%
60
5,400
29%
90%
3%
77%
47%
100
preferred
Fllntkote Cool A
26
5%% preferred—..100
6% preferred
....100
7% preferred
100
3,200
First National Stores—
1%
Jersey Central Pow A Lt—
"""26
1%
200
13
%
1
1%
_
Jan
Warrants
"77% "80%
•
"80%
Jan
Jan
2%
%
2%
Rights
%
1
1
Film Inspection
Fire Association
Jan
20
._*
Jan
1%
16
Italian Superpower A....*
13%
3
Fairchild Aviation
Fldello Brewery—
*
pref.*
Iron Cap Copper com
10
Iron Fireman Mfg v t c.10
7%
64
Jan
27%
30%
Interstate Power $7
14
Ex-cell-O Air A Tool
Faneteel Metallurgical
— —
Jan
Jan
Jan
%
12%
1%
...
•w
Mar
1%
Warrants.............
1,100
5
4%
Utility—
2,100
1
%
1,600
64
•
8,800
150
%
5%
100
Feb
21
42
*16
*
Fanny Farmer Candy
Registered
6% preferred
New warrants
......
4%
38%
International Products...*
8"!906
— —
2%
42
42
—
21
2%
Feb
European Electric Corp—
Option warrants
4
Internat] Safety Razor B_*
56%
55
55
"58"
Jan
Feb
10%
Pref
Intl Metal Indus A......*
1
•
3%
Jan
Feb
International Petroleum..*
"~16%" "17% """366
Empire Gas A Fuel Co—
Feb
Internat Hydro-Eleo—
42
7
95
6%
95
Electrographlc Corp com.l
preferred
5%
Feb
Feb
Feb
-—100
86
84%
86
150
4%
72%
Jan
Jan
88
Mar
100
71
71
72
200
64
Jan
76
Mar
Jan
Jan
15%
Jan
95
Feb
Loudon Packing
Feb
Louisiana Land A ExplorJ
4%
4%
7%
.*
"14%
7%
300
13%
14%
19,300
7%
9%
8%
Feb
Mar
Louisiana L P A L Co—
Gorham Mfg Co—
Vtc agreement extended
Grand Rapids Varnish
*
Gray Telep Pay Station..*
17%
17
17%
15%
14
16
24%
26%
800
10,000
500
21%
Jan
10
Jan
16
Apr
JaD
82%
Jan
Lynch Corp common....5
16%
Mar
•
$6 preferred
6%% pref
page
V
2293.
=
95
Lucky Tiger Comb G M 10
20%
Mangel Stores Corp....
see
28%
Jan
4%
30%
______
Elec Shovel Coal $4 pref..*
footnotes
Jan
62%
__*
10
.1
Jan
22%
3,600
A.—*
class
Jan
11,700
3%
3%
....
Jan
35
107%
10
£1
Britain and Ireland
22%
Jan
International Cigar Mach »
7%
.«_
Common
For
Jan
Feb
Indian Ter Ilium Oil—
41%
3%
22%
7%
Goldfleld Consol
Mar
Feb
9%
Imperial Tobacco of Great
83%
10%
Globe
Feb
10
52%
Imperial Tob of Canada.5
11%
45
Jan
10
38%
Imperial Oil (Can) coup..*
Registered
19
Jan
Feb
Jan
30%
105
Feb
9%
Jan
1%
1%
Mar
34%
4%
"43%
43
100
Jan
6%
14%
17%
17%
100
50
Feb
2%
33%
7%
34
Jan
-
-
11%
Elec P A L 2d pref A..—*
48
Jan
""350
Industries
Amer deooslt rets
£1
100
8
32%
106% 106%
25%
26%
70%
72%
Chem
39
11
.....
23
—
1%
1
31%
6% preferred
100
Illuminating Shares cl A..*
Imperial
19
«
400
Mar
Jan
1%
33%
100
1%
11%
...»
com
1
71
10%
15%
Jan
39
23%
26%
Jan
7%
100
"~3%
*
*
7% pref stamped
2,300
Jan
1%
3%
18
32%
106%
Huylers of Delaware Ino—
Common
1
39
Elsler Electric Corp
*
Elec Bond A Share com..6
"9% ""9%
100
Hud Bay Mln A 8melt
Humble Oil A Ref
39
Edison Bros Stores com..*
14%
*
preferred
39
Economy Grocery Stores.*
*
5
Holophane Co com
"39~"
$7 preferred series A
*
Easy Washing Mach "B"_*
Class A
325
2,700
— —-
1%
*
$5 preferred
—
8%
(C E) Co cl A
Holllnger Consol G M
Mar
•
4%% prior preferred. 100
6% preferred
100
"14 %
1
3,000
6,500
Jan
*
.25
7
-
9%
14%
8%
13%
%
06
-
39
Mar
Feb
106
1
Jan
124%
73%
Mar
100
Jan
Jan
8%
72%
49%
Feb
95%
Jan
49%
7%
""600
Apr
...10
„*
Holt (Henry) A Co cl A-.*
Hormel (Geo A) A Co
.*
25
Jan
8%
Jan
Mar
Jan
84%
Jan
Apr
35%
Jan
Jan
Jan
5%
1%
Jan
'
Feb
Mar
10%
11%
Feb
28
91
500
25%
2,100
Jan
Mar
1,500
Mar
34
98
2%
Heyden Chemical
31
Jan
1%
Jan
23%
1%
72
---*
5
12%
East Gas A Fuel Assoc—
6% preferred A
6,000
68%
1
Jan
300
9
Gen Pub Serv $6
92%
7%
Helena Rubensteln
11
Jan
100
Hecla Mining Co
24%
14
Gen Outdoor Adv 6%
Mar
Jan
Mar
Feb
rl%
5%
12%
14%
Apr
65%
10
Am
%
Jan
Jan
31%
10%
3%
rl%
4%
12%
14%
7%
.*
Apr
33
Durham Hosiery class B__*
$6
2H
200
8 sh
pref
10
4%
Duval Texas Sulphur.—.*
Flflk Rubber Corp
900
200
130%
128
33,400
10%
preferred.......100
7% 1st preferred
Jan
8%
33
22
DublUer Condenser Corp.l
Duke Power Co
10
$6 preferred series B
Am dep rets
Feb
7%
Mar
*
10
Common...
•
Mar
25%
7%
76
*
.-»
Hall Lamp Co
Mar
2,900
I"'
*
Fedders Mfg Co com
124
Hartford Electric Llght.25
Jan
Feb
Mar
Mar
24%
32%
..100
Falstaff Brewing
110%
700
Gulf States Util $0 pref..*
Mar
6%
11%
Douglas (W L) Shoe Co—.
7%
550
82%
*94"
Penna—25
25%
8%
11
—— —j. -
*
Dominion Steel A Coal B 25
Electric
9
2%
Hires
£1
Option warrants
30%
9
2%
1%
96%
28%
Greenfield Tap A Die—
14%
14%
Jan
50
7,700
10
Doehler Die Casting
$6 oreferred—
Elec Power Assoc
Gt Northern Paper...—25
Apr
1%
High
Low
Shares
400
115%
125% 126
'*29 k
Grocery Sta Prod com __25c
8,000
10%
9%
11
Distilled Liquors Corp...5
Distillers Co Ltd—
Eagle Plcher Lead
com
111 %
115
stock—*
Feb
Feb
5%
25
Price
Great Atl Ac Pac Tea—
14,900
32%
*
1
Dow Chemical
------
62
2
Detroit Paper Prod
Dictograph Products
7%
----
-
60%
5
Derby OH A Ref Corp eom*
Preferred
'
— --
—
"
Detroit Gray Iron Fdy
Driver Harris Co
Week
Handley Page Ltd—
Am Dep Rec ord Reg £1
Dennlson Mfg 7% pref.100
Draper Corp
for
of Prices
Low
High
Par
De Havlll Aircraft Ltd—
Amer deposit rets—
Week's Range
Sale
High
Jan
Jan
4%
*
Cuneo Press com.....
Last
Range Since Jan. 1 1936
Shares
14%
4%
25
Cuban Tobacco com vtc
High
14%
14%
25c
Low
Range Since Jan. 1 1936
STOCKS
(Continued)
for
Sale
Sales
Friday
Sales
Friday
STOCKS
(Continued)
7% preferred
2289
New York Curb Exchange—Continued—Page 2
Volume 142
ww
100
2%
500
46
5%
5%
50
5%
52
600
120
Mar
34%
Jan
5%
Mar
2%
55%
9%
Mar
60
50
Jan
Mar
Feb
Jan
Feb
New York Curb
2290
Friday
STOCKS
Last,
0Continued)
Sale
Par
Mapes Consol Mfg..
Price
Week's Range
for
of Prices
Low
High
Range Since Jan. 1 1936
Shares
Low
21*6
7%
8
3%
98
97
C....1
2*6
2%
Massey-Harrls common..*
6*6
6*6
Mayflower Associates...»
May Hosiery Mills—
$4 pref w w
.„.*
7%
Apr
9*6
Jan
Oilstocks Ltd
Mai"
22*6
Mar
1,200
14
60*6
45
45
7
Jan
8%
Jan
400
3%
Jan
6%
Jan
450
45
Jan
Jan
Mar
4
Feb
6H
Jan
7*6
Jan
250
62
62%
1%
100*6
200
4,300
57 %
Feb
50
12*6
11*6
125*
87
82%
89
2,700
Mead Johnson A Co
*
42
100
Memphis Nat Gas com..5
Memphis P A L 7% pref..*
"T
Mercantile Stores
"30"
102%
0%
8%
6,900
78
25
29
30
1,200
6*6
6*6
6*6
300
9*6
8*6
61*6
10*6
100
%
Metrop Edison $6 pref
*
Mexico-Ohio Oil........*
Michigan Gas A Oil
..»
716
47
Jan
12*6
Apr
Jan
89
Apr
79%
5%
Feb
,105*6
Mar
Jan
8*6
Apr
Mar
1*6
6
Class A v t o_......_.*
Class B v t c
*
4
Mar
31*6
3%
Jan
10*6
61*6
%
100
13,700
1*6
1,000
«i«
Jan
300
6%
Jan
*16
4
*
1%
1H
Jan
102
Mar
Pender D Grocery A
Class B
Peninsular Telep com
Feb
Feb
Mar
Mining Corp of Can
27*6
»
47*5
Jan
Mar
Feb
Jan
3,300
3
Jan
6
Jan
"«
Jan
2*6
Feb
24*6
47%
28%
4,700
47%
50
32%
33%
350
Mock Judson Voehringer.*
Moh A Hud Pow 1st pref.*
2d preferred
...*
21%
89%
24%
89%
1,600
59
11*6
Montreal Lt Ht A Pow...*
32%
Moody's Invest Service..*
37%
60
Apr
52
Feb
Pet Mils Co 7% pref...100
Philadelphia Co com
..♦
Mar
Jan
Mar
10
11%
147% 149
Jan
114
Jan
Feb
24*6
Apr
75
81
Jan
93
Feb
75
41*6
9*6
Jan
70
Jan
13*6
Feb
16,600
Mar
32%
37%
680
32%
600
37%
75
Mountain Producers.... 10
Mountain Sts Tel A Tel 100
Mueller Brass Co com_.._l
6%
138
31
Murphy (G C) com
Nachman-Sprinfilled Corp*
50
Nat Auto Fibre A
45
v t c
National Baking Co com.l
Natl Bellas Hess com
1
"2%
Nat Bond A Share Corp..*
4%
7%
2%
48%
32%
50
14%
45
2%
48%
1,500
900
Warrants
22%
3%
85
55.50 pref erred... ....1
21%
2%
85
Pittsburgh A Lake Erie. 50
136*6
Feb
Pleasant Valley Wine Co.l
Potrero Sugar com
....5
Feb
Meter
•
1
15*6
Mar
Mar
Power Corp of Can com..*
Pratt A Lambert Co..
*
Premier Gold Mining....1
Jan
Mar
Feb
11,200
1*6
1*6
Jan
2*6
Jan
200
43*6
Jan
49*6
Mar
1%
Nat Leather com.
•
1%
2
2
1%
2%
Feb
Jan
13*6
Jan
Pressed Metals of Amer..*
Prod cers Royalty
...1
Jan
31
Feb
Propper McCallum Hos'y *
Prosperity Co class B
*
19*6
Jan
23
1,400
~82% '84%
"i'%
National Sugar Refining..*
Nat Tea Co 5 *6% pf
10
'27%
National Transit
12.50
Nat Union Radio Corp
l
Nebel (Oscar) Co com
»
Nebraska Power 7% pf.100
"l2%
.100
6
New England T & T Co 100
New Jersey Zinc
25
New Mex & Ariz Land..
New Haven Clock Co...
Newmont Mining Corp. 10
New Process com
1*6
2*6
6
Mar
Jan
Feb
'""956
77*6
Jan
86*6
Feb
300
8*6
Mar
1,000
%
1,100
Jan
Jan
Feb
Feb
1%
300
15*6
Mar
8*6
*6
2*6
17*6
28*6
Feb
Jan
6% prior Hen pref... 100
7% prior Hen pref
100
Mar
Pub Utll Secur $7 pref
.*
Puget Sound P A L—
$5 preferred
.......*
"25"
"28"
6~200
Jan
"l2% "l2%
1%
1%
'""206
2,100
23
Jan
8*6
10*6
*6
Feb
Jan
Jan
15*6
2
Feb
Jan
3*6
Jan
111*6
Mar
100
4*6
25
14%
15
500
11
11
110*6
12*6
10*6
2*6
Jan
Jan
Mar
5%
3%
"17"
15
5%
100
3%
17
100
50
"3% "3%
2~,200
2*6
4%
2,100
69*6
1*6
1,600
74*6
100
24*6
4%
4%
'90%
89%
91
25%
25%
Mar
Feb
Feb
16
4*6
Manufacturing.. 10
Quaker Oats com......
*
6% preferred
100
Quebec Power Co.......*
Ry A Light Secur com....*
Feb
Feb
Mar
Class B
Jan
6*6
Feb
9*6
96*6
Jan
Jan
Red
Jan
25*6
Jan
Jan
Apr
Jan
117
Feb
Richfield Oil pref
Richmond Rad com
Jan
100
9*6
Mar
11*6
Jan
Mar
Jan
20*6
Jan
75
15*6
116*6
Mar
'
4*6
Jan
80
65*6
Apr
6*6
75*6
Feb
Feb
10%
%
52,000
3,000
Class B opt warrants....
Jan
11*6
Feb
*6
Jan
1*6
9%
716
Mar
*6
2*6
Feb
8*6
Feb
Niagara Share—
12
42%
2%
6%
11%
39%
2%
6%
12%
44%
2,200
3,500
2%
3,400
7%
5,300
4%
11,900
7*6
Jan
9*6
8*6
38*6
11*6
"12"
71
128*6
1*6
""6*6
5*6
32*6
Jan
2*6
3*6
Jan
Jan
Common
1
4%
56 preferred
*
40%
40
41
750
38
Mar
40
38%
40
75
35
Feb
Nor Cent Texas Oil Co
5
Nor European OU com
Nor Pennsy RR
3%
50
8
7% preferred
7%
8
s.
'i6
1
8*6
3*6
3*6
Feb
Jan
8,900
3*6
Jan
23*6
Jan
32*6
Mar
8,800
1*6
Jan
2*6
Mar
1,500
19*6
24*6
Apr
*6
Jan
Jan
Jan
•is
1*6
Feb
Feb
Feb
10h
Mar
9*6
10*6
Feb
Msr
9*6
98*6
Jan
11*6
Feb
Apr
102*6
Mar
2*6
23
%
'5.6
2*6
24*6
516
1
1,400
400
10*6
450
100
10
130
Rochester Gas A Elec
6% preferred
ser
Feb
92
Jan
97
Feb
Jan
110
Feb
67
Jan
84*6
14*6
Jan
Jan
28*6
750
22
Jan
Jan
T.500
"7*6
132
10
5*6
$1.20
conv
1
pref
Rosaia International
143
600
14*6
20*6
300
17
Russeks Fifth Ave
Ryan Consol Petrol
25*6
Mar
48
Feb
35
Jan
Feb
Feb
21*6
2*6
Jan
*6
*6
Jan
Jan
1*6
Feb
*6
Feb
4
Jan
17*6
Apr
36
400
68
%
1*6
31,700
18*6
500
6*6
5*6
6*6
2,700
3*6
3*6
7,200
89*6
6*6
•is
12*6
4*6
1*6
Feb
Jan
8*6
1*6
Jan
20*6
Feb
Jan
6%
Jan
3*6
Apr
Mar
Jan
11
Mar
Mar
Jan
2,000
1*6
Jan
2*6
Jan
,1,200
4*6
Jan
6*6
Mar
105)6
3*6
16
17*6
21*6
1*6
64
Feb
105*6
Feb
Jan
3*6
900
2
Jan
4*6
Feb
19*6
22*6
1*6
29,100
4*6
Jan
19*6
700
14*6
•is
Jan
Apr
Apr
Mar
Jan
22*6
1*6
39*6
69*6
Mar
8
Jan
19
Mar
3*6
1*6
Jan
Jan
500
59*6
4*6
Producers...10
com
64
500
16*6
""4*6
Water Co $6 pref
*
Securities Corp General..*
Seeman Bros Inc
»
Jan
Feb
Jan
950
18*6
*
Scranton-Spring
Jan
Feb
1,100
1*6
_*
Jan
Jan
18*6
%
67*6
5
Rustless Iron A Steel
Feb
15*6
Jan
Jan
35
79
30
Jan
Mar
*6
•
....*
87*6
35%
Mar
137*6
Jan
17*6
Roy all te Oil
Mar
900
9
Jan
*6
20
10
1,100
Jan
130
19*6
28*6
,316
36*6
Mar
Feb
Jan
15*6
17*6
20*6
*
38
6*6
Jan
141
6
Schlff Co
106*6
109*6
Feb
60
50*6
D..I60
Roosevelt Field, Inc
Root Petroleum Co..
Schulte Real Estate com..*
Scovllle Manufacturing.25
Jan
Jan
Feb
60*6
Co£r>
Jon
101*6
104*6
27*6
Jan
9
Jan
800
Jan
Feb
14*6
800
"7"
6*6
Jan
Feb
50*6
132
"7%
*
21*6
Jan
Apr
53
14
Savoy Oil
Feb
103
103*6
25*6
Salt Creek
9*6
108*6 108%
Jan
Mar
Jan
Jan
103*6
37*6
57
59
5*6
Jan
24%
42*6
20
92*6
2
8*6
23%
Feb
8*6
Jan
Jan
41
Jan
18*6
98
92
92*6
1*6
71S
98*6
Ohio Brass Co cl B com...*
Ohio Edison 36 pref
*
34*6
37
54*6
5*6
Jan
1,900
Jan
67*6
1*6
Jan
37
180
24*6
5*6
Jan
35%
20
24*6
25
•it
Apr
*6
500
103*6 103*6
41*6 46*6
46*6
Jan
7
Jan
Mar
*
46
6*6
Jan
1*6
300
9*6
Feb
Northern Pipe Line
10
Nor Sts Pow com class A100
North west Engineering..*
2293
Apr
Jan
Jan
69
98*6
400
98*6 100
Feb
Mar
see page
136*6
3*6
6*6
320
1,100
300
*6
5*6
49*6
108*6
108%
Feb
Feb
30
,S16
Safety Car Heat A LightlOO
8t Anthony Gold Mines.. 1
St Regis Paper com......6
7% preferred
..100
Jan
Mar
Jan
Ohio Oil 6% pref......100
Mar
14*6
77*6
9*6
2*6
24*6
44*6
3*6
7*6
103
42%
Jan
88*6
Jan
7*6
11*6
Feb
100
.*
10*6
Jan
37
36
,.-*1
98*6
73*6
81*6
..100
Novadel-Agene Corp
Jan
25
2,300
30
Mar
Northern N Y Utilities
1st preferred
7*6
7,800
10*6
38*6
12*6
73*6
136*6
2*6
6*6
3*6
10
42,400
2,000
v%
"73% "73%
Nor Ind Pub Ser 6% pfdlOO
Mar
Jan
36
36
13*6
Nor Amer Lt A Pr—
North American Match..*
No Amer Utility Securities*
9*6
3*6
12*6
18*6
•
Royal Typewriter
6
5,600
Mar
Jan
Jan
Reynolds Investing.
Rice Stix Dry Goods
Class B common
2*6
Mar
Jan
Nlles-Bement Pond......*
Niplssing Mines
..5
Noma Electrio
..1
400
3*6
10*6
70
104
%
Feb
Jan
Jan
warr
18*6
Mar
Reybarn Co Inc
....15
Jan
4*6
Feb
Common
7*6
15*6
110
200
Jan
500
16*6
Jan
Jan
5
Jan
50
Jan
Relter-Foster OU
Reliable Stores com.
121
Feb
Jan
Feb
Jan
118% 119%
5%
5%
65%
66
Apr
13*6
3
Feb
10%
7*6
40
Jan
3
52
10*6
Jan
Mar
9*6
25
38
96*6
4*6
36
150
Jan
N Y Transit
200
1,200
30,200
Apr
N Y Wat Serv 6% pfd.. 100
Niagara Hud Pow—
13,500
7*6
37*6
10*6
15*6
36
60
Jan
Feb
Mar
34*6
30*6
99% 100
36
9
100
105
116*6
33
400
260
Feb
15*6
3%
107% 110
Mar
34*6
v t c_._50c
Bank Oil Co.......*
Reed Roller Bit Co
..*
Reeves (Daniel) com ._._*
33%
Founders shares
...1
N Y Steam Corp com..
*
N Y Telep 0*6% pref.. 100
100
18
$3 convertible preferred*
49%
N Y Pr & Lt 7% pref...100
56 preferred
*
N Y Shipbuilding Corp—
60
1,300
17*6
3%
For footnotes
41
34*6
115*6
13*6
113*6
"
14*6
49%
30%
7%
Mar
Jan
Apr
Mar
17*6
3%
3%
44
Mar
200
Raytheon Mfg
Jan
Feb
Jan
Mar
•
33%
2*6
130
•
Common
.*
100
104*6
Jan
Jan
Feb
Mar
Raymond Concrete Pile—
Mar
N Y Merchandise
*
N Y A Honduras RosarlolO
com
Jan
Jan
114*6
Mar
37
Rainbow Luminous Prod—
Class A.....
Mar
8
Mar
106*6
17
Ry A Utll Invest cl A....1
Feb
4*6
112
Mar
,
*
Pyrene
92*6
Jan
Jan
Mar
Jan
93J<
70*6
...5
Feb
75*6
128
SO preferred
Pyle-Natlonal Co
Apr
17
Jan
Mar
700
Feb
19
Mar
90%
.
Apr
Jan
128
89
6*6
Jan
115
Jan
11
74
"3%
112
Jan
115
9
Mar
Mar
44
Public Serv Nor 111 com..*
Common
60
Pub Service of Okla—
1%
5*6
6*6
*6
•n
Jan
6%
115
15
25
6% 1st preferred....100
7% 1st preferred
100
Pub Serv of Indlana$7
pref*
$6 preferred
•
7%
....100
New Bradford OH
Jan
Jan
Jan
6
20
Pub Serv of Colo—
*6
1%
Neptune Meter class A...»
Nestle-Le Mur Co cl A
*
com
Feb
6%
.1
Conv part preferred...*
National Steel Car Ltd...*
Class A opt
9*6
10
Prudential Investors.
$6 preferred
.......
Jan
%
"6%
Nehl Corp com
»
Neisner Bros 7% pref.. 100
Nelson (Herman) Corp
5
Feb
6%
'83%
Nat Rubber Mach
common
1*6
2
National P A L $6 pref
*
National Refining com..25
..*
Jan
1,800
Nat Mfg A Stores com...*
37
Jan
Feb
Jan
3
Powdrell A Alexander....*
47
11*6
42*6
89
25
115*6 115*6
15
16*6
114*6 115
73*6
Pittsburgh Plate Glass..25
Jan
Mar
Pltney-Bowes Postage
Feb
80
Feb
"
Feb
10
60
Feb
16
8*6
150
4*6
Apr
Feb
8*6
5*6
19*6
110*6
3*6
50
Pittsburgh Forglngs
Jan
Feb
28*6
87
9*6
Apr
2
340
44
6*6
4*6
1,600
17,800
1,700
128
37*6
Pioneer Gold Mines Ltd..1
100
2,200
33*6
7*6
25
61
Providence Gas.........*
3%
""360
Jan
Feb
170
10*6
Jan
conv
22%
Mar
300
7
...
13
»
5
25
91*6
37*6
conv
24*6
National Investors com__l
200
11,000
Jan
Feb
Feb
Mar
63*6
pref ser A....10
$3
Feb
4*6
6*6
34*6
Pierce Governor com.....*
Pines Winterfront Co....5
1,800
...
N Y Auction Co
Common
Apr
Mar
Jan
90
Pie Bakeries Ine com.....*
Piedmont A Nor Ry
100
Mar
46
3*6
Phoenix Securities—
Jan
35*6
69*6
45*6
35
38*6
35*6
26*6
Apr
1,200
37,800
23*6
61*4
66*6
"36
44
34
Jan
Mar
Apr
Jan
62
91*6
62*6
34*6
115*6
Jan
Apr
Jan
7%
Apr
4*6
18
19*6
108*6 109*6
128
Jan
6
Mar
7*6
Feb
138
7*6
23*6
110
35
1,300
Feb
41 *6
4*6
4*6
18*6
31*6
4%
83
100
17*6
152
50
139
30%
49%
14%
42%
100
National Candy Co com..*
National Container Corp—
pref
National Fuel Gas
"34"
Pitts Bessemer A Le RR.50
4H
Jan
600
24*6
Jan
142
Feb
28*6
25*6
Phila Elec Co $5 pref....
Phlla EI Pow 8% pref...25
Feb
Jan
107
61*6
5*6
6*6
6
28
*
.
*
28*6
100
7% preferred
*
Jan
Jan
*
com
Bk of Col Am Shs.
Nev Calif Elec
Pa Water A Power Co
Jan
16*6
Feb
Jan
23*6
4*6
Pennsylvania Sugar Co. .20
19
88*6
Mar
Mar
Jan
Feb
44
23*6
41*6
57*6
27*6
50
44%
1*6
33*6
91*6
~l",I66
"7*6 ""7*6
....
Perfect Circle Co
109
24*6
89 *6
78
....*
$6 preferred
Feb
Jan
50
Feb
103
.*
1%
Molybdenum Corp
1
Montgomery Ward A....*
Nat Service
Pa Pr & Lt $7 pref
13
22
106
Preferred..
....100
Penn Mex Fuel C0......I
Jan
•
Minnesota Mining A Mfg *
Minn Pow & Lt 7% pf 100
Miss River Pow 6% pfd 100
106
2,200
5
Pennroad Corp v t c
Pa Gas A Elec class A
10*6
*
...
6*6
81*6
28*6
200
2,600
*
2,400
..*
Apr
Jan
Jan
28
4*6
»
Apr
Pepperell Mfg Co.....100
$2 conv pref
Midland Steel Prod...
Mldvale Co..
4*6
29*6
26*6
104*6
31
Plymouth...
Penn Salt Mfg Co
4*6
1*6
8*6
50
2.50
Apr
Jan
1%
6*6
17*6
Jan
1*6
Jan
Mar
35
8*6
1,100
15*6
3*6
Jan
28
10
Feb
6
1*6
3*6
106
Jan
Jan
6
23*6
Parker Pen Co.
Jan
Jan
13*6
11
41*6
61*6
5*6
Mar
40
101*6
600
"""7*6
new
112*6
400
4*6
*
$1.30 1st preferred
Pacific Tin spec stk
Pan Amer Airways..
Parker Rust-Proof
High
Feb
"""700
15*6
7*6
4*6
31*6
7
31
Pacific Pub Serv
Patchogue
20
14*6
"ioe"
Mar
Jan
Mar
110
""2*6 ""2*6
15*6
7*6
Pacific Ltg $6 pref......
Pacific P A L 7% pref.. 100
90
Feb
Low
20
102*6 103
25
82*6
4*6
4
1*6
$2
6*6% 1st pref
30*6
Midland oil Corp—
Common
Pacific Eastern Corp..
1
Pacific 0 A E 6% 1st pf.25
Jan
*6
6
Mfcje
•
Feb
101
Preferred....
10
Middle States Petrol—
^referred A
..*
20%
89%
6%
78
Range Since Jan. 1 1936
Shares
High
110*6 111
Outboard Motors B corn..*
Class A conv pref
Overseas Securities
Pantepec Oil of Venez..._l
Paramount Motor.......1
3*6
3*6
3*6
1*6
Moore Corp Ltd
Feb
Mar
Jan
8%
24,200
61*6
61*6
Low
Price
5
com
31%
78
7% preferred
100
Merchants A Mfg cl A...1
Michigan Sugar Co
500
62
59
5,200
*
Participating preferred.*
Merritt Chapman A Scott*
6*6% A preferred... 100
Messabl Iron Co
...»
Par
Ohio Power 6% pref...100
Ohio P S 7% 1st pref...100
2,900
3*6
98*6
2*6
7*6
*
*
Week
Feb
100
McCord Rad A Mfg B
McWilliams Dredging
com
for
of Pr ices
27*6
22
7
3*6
v t
Week's Range
Sale
Jan
8
21*6
Marlon Steam Shovel....*
Maryland Casualty
1
Masontte Corp common..*
Mass Util Assoc
Last
High
Marcon! Internat Marine—
1936
Sales
STOCKS
('Continued)
24%
7%
April 4
Friday
Week
*
American dep receipts. £1
Margay OU Corp
*
Exchange—Continued—Page 3
Sales
18*6
900
4*6
3*6
80
""%
4*6
3,000
4*6
13,100
*6
67
67
%
4*6
68*6
8
8
4*6
100
81
4*6
38*6
72
1,400
»
Jan
Feb
6*6
Feb
4*6
Apr
92
Feb
•is
Jan
3*6
Mar
7is
5*6
Feb
73*6
Jan
7
Jan
10
Feb
9,400
1 *6
Jan
6*6
34*6
Apr
8,200
210
63
8*6
4*6
28*6
Jan
Mar
1,500
6*6
Feb
Jan
100
28*6
Apr
*6
"i«
500
1*6
Feb
36*6
300
7is
32*6
Jan
35*6
Jan
41*6
Feb
4*6
200
28*6
Feb
Brook
Segal Lock A Hardware..*
Selberllng Rubber com...*
Selby Shoe Co
1
1
44
46
500
3*6
3*6
3*6
9,900
3*6
3*6
3*6
600
3*6
3
4
2,600
*
Selected Industries Inc—
Common
42
4*6
46
$5.50 prior stock
25
Allotment certificates...
2*6
42
Jan
65
Jan
6*6
46*6
Feb
4*6
4*6
Mar
Mar
1*6
Jan
2
Jan
80*6
*6
Jan
2*6
Jan
40
4H
Mar
Jan
Feb
Mar
Feb
90
86
90
450
81
Jan
90
Mar
90
86*6
90
820
78
Jan
95
Mar
Sales
Friday
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Par
Belfridge Prov Store®—
Week
2H
£1
1
13I6
54
UK
6,300
7X
654
6K
6K
3,800
21K
2K
21K
2K
454
19X1
400
51
61X
400
14054 144 %
950
Sbawlnigan Wat A Pow..»
•
Shenandoah Corp com...l
...25
Sherwin-Williams com..25
5% cum preferred...100
pref
$3 conv
140 54
113
333
454
.1
3 54
Mar
116
Mar
Jan
365
Jan
554
Mar
Feb
Jan
3454
354
Feb
37
27X
600
2754
Mar
2854
Jan
26 X
100
2554
Jan
2654
Feb
454
454
100
Jan
554
Jan
"Ik "Ik
"166
654
So'west Pa Pipe Line...50
Span««!h A Gen Corp—
Am dep rets ord bear.£l
Am dep rcta ord reg..£l
Square D class B com
Class A preferred
*
Stahl Meyer Ino com
*
Standard Brewing Co
*
Standard Cap A Seal com.5
Standard Dredging Co-
X
1,800
Mar
58
Mar
32 X
33
15u
29
X
135*
Jan
1754
'00
35 54
Jan
4954
1854
Mar
13X
400
1154
Jan
29 X
30
600
2154
Jan
97
Jan
Jan
Feb
5X
6X
6X
6
354
5,500
Jan
754
Feb
454
3,300
"si"
250
19
Jan
054
Mar
Jan
2554
Jan
Jan
154
Jan
""566
"21
"20"
18
Feb
18
20
554
Jan
354
Jan
Feb
2254
Feb
Jan
954
Feb
West Va Coal A Coke
254
Jan
454
Mar
2454
Mar
654
6554
18 X
15,800
9,300
64 X
400
6
20
102
Jan
6
Mar
102
Mar
7X
600
554
Jan
854
500
3554
Jan
3954
Mar
Jan
3X
3 K
9,000
Feb
454
Mar
30 X
28 X
31%
3254
Mar
4X
4X
10,000
4,400
Jan
454
254
1754
454
Mar
554
Jan
Wrlght-Hargreaves Ltd..*
71X
X
72 X
50
Feb
Yukon Gold Co
X
6X
600
7X
9,400
50
6X
100 X
6X
6
63
3X
2X
Apr
Feb
Jan
954
Feb
Abbot's Dairy 6s
57
Jan
6854
Mar
Jan
66
Jan
Mar
4
Jan
65
254
5,000
Jan
Mar
554
Mar
43 X
100
3254
Jan
Jan
106
Apr
107
Mar
110
Jan
300
600
454
354
454
3,900
4
354
4
1,000
2154
22
700
22
6% pref 10
•
*16
54
Jan
54
Feb
Jan
154
Feb
33 K
Tung Sol Lamp Works... 1
11X
13X
1154
1354
1554
1454
16
•
80c dlv pref new
Twin Coach Co
754
3254
1,400
5,800
1
854
34
1254
1454
8X
1
Class A
800
2154
1154
Jan
Jan
1054
*
Mar
22 54
Jan
Mar
1154
Mar
Jan
13
654
2354
Jan
Jan
9X
Mar
3754
Mar
254
1054
Jan
1454
Apr
Mar
Jan
10 54
1654
454
3054
854
Jan
1254
300
1054
300
7
Mar
Mar
United Aircraft Transport
1754
...
3854
$3 cum A part pref....*
Jan
22
Mar
Mar
10
Jan
39
154
54
Jan
Jan
254
1,900
2X
254
10,900
754
100
854
10254
2
254
20,300
1,200
8,800
24,000
954
*
1
*
8X
warrants.....
United O A E 7% pref.100
United Lt A Pow com A..*
"§54
Option
...*
Common class B
*
Products...*
$6 conv 1st pref
United Milk
$3
Jan
54
8654
Jan
Jan
Jan
Jan
Jan
Jan
Jan
4954
5354
13
1254
13
75
4854
4854
25
43
754
8X
9
500
6,400
United Molasses Co—
554
554
400
154
reg._.£l
Unltea Profit Sharing
*
Preferred
I
..10
Am dep rets ord
154
700
8854
8754
8854
""956
25
4054
4054
4054
20
U S Dairy Prod class A...*
154
154
2,800
Class
;
Jan
154
Apr
1
For footnotes see page
Mar
Mar
64
14
48 X
054
154
Feb
Mar
Mar
Apr
104
1954
50
100
3754
10
Jan
Feb
Apr
54
400
54
716
15,300
90,600
54
Jan
'l6
554
2054
554
2154
50
20 X
6,900
554
1754
Feb
Mar
Feb
104
1554
.
Jan
Mar
Jan
100
10154
354
Jan
100
7X
1054
Mar
IX
1054
500
600
320
Mar
154
Jan
954
Mar
954
"V
""554"
954
11
31
Jan
80
5
100
Feb
"""366
354
Jan
7,900
654
Jan
900
29
Jan
31
Feb
30J4
8
354
11,900
754
Mar
954
Feb
1,700
154
Jan
454
Feb
10554 10554
2,000
10554
Mar
10254
Jan
10554
Mar
2954
~7 X
754
254
..1942
.26,000
10254 104
1946 104
9954 10054 45,000
9954
1st A ref 5s
.1951
7,000
99
99 54
99 X
1st A ref 58
1956
8554
8654 41.q00
1st A ref 5s
....1968
81
94,000
8154
1st A ref 454s
1967 "six
17,000
10654 10754
10754
Aluminum Co s f deb 5s '52
5s called
.1952
33~66o
10454 10554
Aluminum Ltd deb 5s 1948
10,000
854
9
Amer Com'lty Pow 654s '53
Am El Pow Corp deb 6s '67
43,000
107
10654 108
Amer G A El deb 5S..2028
112,000
97
9554
97
Am Pow A Lt deb 6s..2016
4,000
105
105
Amer Radiator 454s.. 1947
10454" 10454 104 X 61,000
Am Roll Mill deb 5s.. 1948
Amer Seating conv 6s. 1936
105
105
13,000
6s stamped..ext to 1946
22,000
105
105
10554
Appalachian El Pr 68.1956
Appalachian Power 58.1941
2,000
11654 11654
Debenture 6s
2024
100
10154 129,000
10154
Arkansas Pr A Lt 5s.. 1966
113,000
5654
58
5654
Associated Elec 454s.. 1953
Associated Gas A El Co—
7,000
4154 4254
4154
Conv deb 554a.-—1938
I,000
31
31
Conv deb 4548 C—1948
2954
3054 144,000
Conv deb 454s
..1949 "3054
33
138,000
3154
3254
Conv deb 5s
..1950
3254 208,000
3054
3254
Debenture 5s..
..1968
6,000
3554 37
Conv deb 554s_.—1977
3,000
7754
7754
Assoc Rayon 5s
1950
86
88
47,000
87 54
Assoc TAT deb 5 54s A '55
10054 10054 10054 43,000
Atlanta Gas Lt 454s..1955
100
10054 12,000
10054
Atlas Plywood 554s.. 1943
Baldwin Locom Works—
warrants...1938
6s without warrants 1938
6s stamped xw
1938
Bell Telep of Canada—
1st M 5s series A... 1955
1st M 5a series B...1957
5s series C
..I960
Bethlehem Steel 6s—1998
6s with
Blnghamton L H A P 5s '46
Birmingham Eleo 4548196*
96
9554
96
92 54
9054
92 54
93
9254
93
11554
11554 11554
120
11954
12254
12154
9154
83
10654
Buffalo Gen Elec 5s._1939
Gen A ref 6s
Feb
10054
Mar
96
Feb
9954
Apr
84
Mar
95
8054
Mar
9154
Feb
10654
Apr
10854
Mar
9654
Jan
10554
Jan
10354
Feb
Jan
1354
Jan
10554
1054
2854
Mar
354
Jan
10854
Mar
106
9254
Jan
10254
10354
Jan
105
100
Feb
10154
Jan
104
Feb
10754
Feb
105
Jan
10654
Feb
10754
11354
leb
10854
11654
Jan
Feb
10254
Mar
5654
Apr
6554
Feb
3554
Jan
62 K
Feb
2854
2754
Mar
?854
Feb
Mar
39 X
Feb
30
Jan
4054
Feb
29
Mar
1054
Feb
83
Mar
4554
Jeb
75
Jan
Mar
10054
Mar
9654
Jar
<UU5*
80
Jan
108
Mar
10054
Mar
Apr
24,000
Jan
117
Mar
116
Jan
121-
Mar
11654
Jan
12254
Mar
Mar
Mar
3,000
1,000
134
Jan
5,000
10654
Feb
39,000
8954
Jan
20,000
76
Jan
10054
9454
8754
109
Jan
7,000
895<
Jan
100
Feb
Mar
109
Jan
108
2,000
106
15,000
105
Mar
8,000
77,000
10254
Mar
Feb
Cedar
U354
11254 11354
Jan
Cent Arias Lt A Pr 5s 1960
10554 106
II,000
Central German Power
ctfs
Light 5s
1934
1943
28J4
2854
3154
Feb
5,000
Mar
"l6
6s partic
Feb
10654
154
Cent IU
Feb
11454
65,000
4,000
Jan
Feb
91 54
Mar
78
93
100
Jan
79
Jan
10054
Jan
101
Mar
Jan
Feb
98
Apr
Carolina Pr A Lt 5s—1956
IK
Jan
Mar
Jan
10654 10654
9254
9154
8354
8254
10654 10654
9654
9654
10654 10654
101
Feb
Feb
7454
Canadian Pac Ry 6a.. 1942
654
2454
10554
Feb
9254
Feb
Mar
99
145
105
Feb
105 X
14,000
10354 103 54
11054 11154
Feb
4,000
Feb
Rapids M A P 6s *53
107
12254
13954 13954
105
1956
Canada Northern Pr 5s *53
120
12,000
94,000
254
Mar
Mar
Jan
Jan
1,200
10254
5
754
1254
1254
154
154
954
1054
3554 3554
10354
11054
Jan
1
Jan
754
Broad River Pow 5s..1954
4154
X
Jan
Jan
454
454
102
4%
1st A ref 5s
Jan
90
1
Jan
100
10154
Alabama Power Co—
Jan
Jan
54
2293
154
64
5
Birmingham Gas 5s—1959
Boston Consol Gaa 58.1947
Jan
*32
...100
1
754
954
Jan
54
U S Finishing common.
U S Foil Co class B
Jan
Apr
Mar
Mar
Mar
Mar
3854
Jan
54
Warrants
Jan
254
254
1054
954
10454
254
9154
83
'32
B__
U S Elec Pow with warr-.l
Preferred
654
4254
8
United Shoe Mach com..25
Preferred
Mar
Jan
4
52
654
8
Feb
8154
354
554
2954
654
7
•
preferred
Mar
754
3554
154
United Gas Corp com
Mar
1454
2
United Elastic Corp
Feb
Feb
300
2
United Dry Docks com..*
754
Feb
Feb
Mar
200
1954
United Chemicals com...*
warrants
Feb
1354
1354
254
50
Pref non voting
Feb
700
Union Traction Co (Pa)-
United Corp
Jan
554
20 54
254
..10
Warrants
554
1,700
Union American Inv'g...*
Union Gas of Canada
354
154
10
..._*
Tublze Chatillon Corp
Feb
103
10
16
Triplex Safety Class Co—
Am dep rets for ord reg._
Feb
Ja*
20
Trans Lux Plct Screen—
.....1
2154
554
4854
108
108
Trl Continental warrants..
104
104X 106
106
7% preferred A
2,100
154
19
bon ds—
6
ord reg_.£l
reg._£l
43
Feb
10054
Am dep rets def
*
100
..100
Tonopah Belmont Devel.l
Tonopah Mining of Nev._l
754
Jan
Feb
Mar
8
Feb
13,200
1954
Shipyards Corp
154
Jan
Tobacco Securities Trust
Toledo Edison 6% pref.
79
deposit rets....6s
54
454
50
66
66
""3X
Tobacco Prod Exports..
Jan
70
Amer
200
5X
ioox 101
63
63
100
($17.50 paid In)
*
C) A Co
*
Williams Oll-O-Mat Ht._*
Wil low Cafeterias Inc—1
Conv
preferred
*
Wilson-Jones Co
*
Wise Pr A Lt 7% pref.,100
Wolverine Portl Cement 10
Woodley Petroleum
.1
Woolworth (F W) Ltd—
36X
»
Unexcelled Mfg Co
Feb
Mar
454
24,200
102
5X
Jan
52
11,300
3054
954
9
1954
100
preferred
Jan
67
Williams (R
1854
554
Jan
Jan
Jan
7%
2754
800
Chlorine Prod—
154
7X
36X
3X
•
Trunx Pork Stores
Westvaco
1,700
104
pref 100
Western Tab A Sta v t c.
West Texas Uil $6 pref.
1554
3X
19X
3X
102
Tobacco Allied Stocks...,
Tri-State T & T
Jan
23
254
......
100
7% 1st preferred
2
I6O54
Western Power 7%
6,400
64
19X
pref.,100
Common
954
pref.100
Maryland Ry—
800
2K
254
19X
3K
1
Tenn El Pow 7% 1st pf.100
Tenn Products Corp com.*
Todd
2
954
254
100
954
B
654
2X
Mines
Am dep rets
Western
Jan
Jan
554
Apr
18
954
18
'
1754
1
Technicolor Inc common
Thermold 7% pref
9
(The) Co common..*
Waltt A Bond class A
*
63
pref....100
Swiss Oil Corp
1
Syracuse Ltg 6% pref.. 100
Taggart Corp common ...*
Tampa Electric Co com..*
Tastyeast Inc class A
1
Texon Oil A Land Co
8
954
50
Wahl
Mar
Swiss Am Elec
Texas P A L 7%
900
23
'""260
6X
1
10c
15
Texas Gulf Producing
Jan
254
8154
23
17X
8un Investing common.._*
Teck Hughes
19
254
154
8154
154
2954
20
Swan Finch Oil Corp
Apr
100
2554
*23 "
Wayne Pump common... 1
Western Air Express
1
Western Auto Supply A__*
*
Sunshine Mining Co
154
8154
Western Cartridge
Sullivan Machinery
Oil
154
17
Stroock (S) A Co.......
Sunray
600
Feb
6
Jan
6,200
6
19
Mar
2654
3
Jan
1
*
(Hugo) Corp.....5
Jan
79
Jan
254
*
4
250
8154
Jan
5
Stetson (J B) Co com
Jan
4,600
5
454
81
73,500
1
Sterling Brewers Inc
Jan
Feb
154
Walker Mining Co
..100
Jan
54
46
354
Feb
Jan
200
1,000
1
1354
Mar
25
4
59
3,700
3
Petroleum... 5
pref.,100
Vogt Manufacturing
*
Waco Aircraft Co
._*
Jan
454
254
Jan
59
Jan
Feb
18
454
Jan
*
100
1,500
2
2554
..100
Va Pub Serv 7%
Class
Jan
454
54
254
Stein (A) A Co common..*
23,100
Jan
Jan
354
2
X
600
654
Jan
3
454
900
1
..10
6
3,000
Jan
54
3,600
Jan
454
100
X
554
Feb
X
1
1,700
9is
54
1,700
2754
X
41
154
454
Jan
54
154
6054
K
Jan
8,600
2,000
154
35 X
28
Jan
454
8054
X
2754
54
"16
100
75
jAn
Mar
83
31
454
3054
354
916
154
1254
"36 ~54
...»
100
10
3X
36 X
Standard Silver Lead...
50
5
21
454
8154
Venezuela Mex Oil Co.. 10
454
33
Jan
95
Corp....*
Jan
Feb
4%
Jan
33
*
Utll Pow A Lt common. .1
10454
3
254
IX
100
Mar
Feb
Venezuelan
Jan
IX
7754
2754
Priority stock.........*
Utility A Ind Corp
»
Conv preferred
*
Mar
Feb
Jan
Feb
200
1,100
754
Utility Equities
preferred
1,700
254
1254
Utlca Gas & Elec 7% pf
7%
254
7954
21
Feb
3254
50
654
Utah Pow A Lt $7 pref...*
1454
"30
300
54
154
454
154
2354
1,100
354
6054
Feb
350
3X
3054
*
Utah Radio Prod
Low
254
5
Co...5
6
Mar
3,200
2X
254
.....
Utah Apex Mining
Mar
Feb
Week
254
7954
Feb
3U
101X 102 X
Price
Par
Securities.....-*
1st pref with warr
*
U S Lines pref
♦
U S Playing Card
10
U S Radiator Corp com..*
7% preferred
100
U 8 Rubber Reclaiming..*
U 8 Stores Corp com.....*
United Stores v t o
*
United Verde Ex ten... 50c
United Wall Paper......*
Universal Consol Oil
10
Universal Insurance....-8
Universal Pictures com.. . 1
Universal Products
4154
Jan
19X
""§54
Shares
Feb
Jan
18X
13X
45
for
of Prices
Low
High
U S Int'l
1 1936
Range Since Jan.
Week's Range
Sale
Jan
200
17 X
45 X
3
Stutz Motor Car
Jan
"18 X
..100
StercliI Bros Stores..
Sales
Last
Feb
Jan
""366
5
16X
Common class B
preferred
Jan
Jan
3
1754
54
54
8754
3354
Feb
33
Standard P & L com
6% preferred
Steel Co of Can Ltd
Mar
40 X
Jan
3254
preferred
*
8tand Investing 15.50 pf.*
Standard Oil (Ky)
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
Starrett Corporation
1154
Jan
600
454
Feb
Jan
87
5
254
64
82
"lx
Feb
654
3254
50
54
54
4054
"T
Feb
754
Jan
87
Conv
Stlnnes
3,500
4,700
54
Common
054%
10
4054
55X
K
4054
149
Jan
1
600
9X
38X
55X
954
26
Feb
454
2X
2
2
._*
Preferred.
3
149
100
Southland Royalty Co...5
preferred
Feb
26 K
Southern Pipe Line.....10
5%
NEW YORK
•
•
DIgby 4-7140
Friday
Feb
Jan
27H
27 H
25
25
Southern Colo Pow cl A.25
South Penn Oil
BROADWAY
STOCKS
Feb
154
41,200
5% original preferred.25
Southern Union Gas
39
Apr
Jan
2054
Jan
Southern Calif Edison—
Southern N E Telep
Stock Exchange
York Curb Exchange
Members New York
Members New
Mar
3454
Typewriter v t c com. ...
61 Co.
Peter P. McDermott
Jan
5254
19
600
3054
354
28X
254
28 X
6% preferred B
554% pref series C
Feb
14454
354
ord reg_£l
Smith (L C) A Corona
Sonotone Corp
Apr
Apr
Feb
654
2354
(<Concluded)
50
340
Singer Mfg Co Ltd—
Amer dep rec
1354
Jan
Jan
X
U0X
18 X
833)4
25
Feb
Jan
2
47
U8X
170
1854
1854
...100
Singer Mfg Co.
116
114
340"
Sherwln Williams of Can.*
200
254
154
Jan
Jan
Jan
Feb
Jan
•i«
13?4
"is
1354
900
*
Shattuck Denn Mining...6
deprec
Seton Leather com
Specialists in Curb Bonds
High
Low
.
Sentry Safety Control
1936
Range Since Jan. 1
STOCKS
(iContinued)
Amer
2291
New York Curb Exchange—Continued—Page 4
Volume 142
7,000
104
Feb
Feb
Jan
11654
Mar
9854
Jan
10154
Mar
11154
Jan
1135*
Feb
10654
Jan
10754
Mar
Apr
3354
Mar
Mar
10854
Jan
110
2854
105
New York Curb Exchange—Continued—Page 5
2292
Friday
Last
BONDS
Week's Range
Price
for
of Prices
Low
High
Range Since Jan. 1 1936
E
1958
1st A ret 414s Ber F.1967
5s series G
1968
103%
102%
*
D..1957
88
Cities Serv PAL 5%s 1952
6%s
1949
1st 4%s series C...1956
1st 4%s series D...1957
1st M 4s series F
1981
35*8 series H
74%
—
— —
—
4%s series C—... ..1956
5s
76%
77%
100%
s
f 4s
1,000
103%
71%
71%
71%
42
45
13,000
72% 131,000
72%
23,000
45
3,000
110%
110%
111%
111%
Ill
111%
111%
106
------
106%
111
110%
2,000
17,000
2,000
7,000
83,000
104% 104%
----
"l04%
28,000
33,000
103% 104%
71
71%
71
67,000
~2~666
106% 106%
106% 107%
102% 102%
5,000
1,000
Crane Co 5s
Aug 11940
Crucible Steel 5s
1940
Cuban Telephone 7 %s 1941
Cuban Tobacco 5s
1944
Cumberld Co P A L 4%s'56
Dallas Pow A Lt 6s A. 1949
6s series C
1952
104%
Jan
Jan
101
Feb
Feb
Jan
Illinois Central RR 6s 1937
1st A ref 5>4s ser B.1954
1st A ref 5s ser C
1956
5 f deb 5>4s ..May 1957
103
Jan
95
89%
Jan
Jan
75%
Feb
64
Jan
78%
80%
106%
Jan
6s series A
...1947
Feb
6>4s series B
...1953
Jan
58 series C
Mar
Mar
Jan
111
102
103%
Indiana Electric
Feb
Feb
Jan
72
Jan
80
86%
Jan
96%
93
Jan
98
Apr
5s
....1957
Indiana Service 5s... 1950
1st lien A ref 5s....1963
69%
Jan
80
Feb
Indianapolis Gas 5s A. 1952
69%
97%
Jan
80%
Feb
Jan
101%
Mar
Mar
104%
Feb
Jan
76%
76%
Mar
78 series E
7s series F
102
65%
66%
34
Jan
ser
Feb
110%
110%
110%
110%
105%
103%
103%
63%
45
1955
Apr
International Salt 58..1951
International Sec 5S..1947
Feb
Mar
112%
113%
Interstate Irn A Stl 4>4s'46
Interstate Nat Gas 6s. 1936
Jan
Mar
Jan
113%
Mar
Jan
113
Mar
Interstate Power 5s__1957
Debenture 6s
.1952
Jan
107%
Jan
Jan
106%
Jan
Apr
105
Feb
Jan
77
Feb
5s series D
....1956
4 >4 a aeries F
Invest Co of Amer—
5s series A w w
Jan
Mar
Without warrants....
109
Jan
109
Jan
104%
Jan
Mar
127%
"i~66o
121% 121%
107
108%
11,000
5s series B
Iowa Pow A Lt 4>4s
Iowa Pub Serv 5s
112
Jan
Jan
Isotta Fraschlnl 7s... 1942
Italian Superpower 68.1963
110
Feb
96
97
9,000
41%
41%
2,000
88
Jan
29%
Jan
48
Jan
96
"41%
Jan
100
Feb
100%
Mar
Jan
98
Feb
16,000
70
Jan
83
Apr
Kansas Power 5s
1947
Kansas Pow A Lt 6s A 1955
5s series B
1957
81
106
Feb
105% 106
108
55,000
108
102%
Mar
104
Jan
102
Mar
103%
Feb
105 %
Feb
Mar
107
Feb
110
Jan
1st mtge 5s ser H..1961
107%
Feb
1,000
106%
106% 106%
------
Jan
93
1,000
106
Mar
Jan
Jan
Jan
------
------
24,000
8,000
105% 106
105% 105%
-
105%
7%
1%
7%
2%
6,000
4%
%
1%
2,000
%
10,000
85% 219,000
-----
------
Deb 7s
101%
-----
1%
1%
1%
102
------
—
104
105
108
—
107
107
101
101
101%
87
5,000
107% 108
107
86%
—
9,000
103% 103%
Ercole Marelll Elec Mfg—
6 >4 s series A
1953
Erie Lighting 5s
1967
—
102
84
84%
105
El Paso Elec 5s A
1950
El Paso Natural Gas—
85%
3,000
3,000
31,000
37,000
"106% 107"
1965
88
88
35%
European Mtge Inv 7s C'67
74
99%
102%
87%"
35%
7I000
1,000
1,000
Jan
103
Jan
107%
105%
4,000
2,000
91
105%
110%
Jan
Jan
107%
101%
Feb
Jan
107
Feb
Feb
Kimberly-Clark 5a
Jan
111%
Feb
67%
69%
221666
65
Jan
75%
Feb
69%
69
69%
5,000
63
Jan
74
96
95
96
Mar
96%
Jan
105
17,000
61,000
90
105
104%
Jan
106%
Feb
6,000
4%
Jan
105%
10
11
6s ex-warr stamped.1944
Gatlneau Power 1st 5s 1956
92%
96%
88%
87
102
------
107% 108
101%
101%
104% 105% 80,000
93%
94% 150,000
92%
95%
87%
86%
81,000
24,000
79
74
69%
Jan
86%
86
86%
65,000
85
Jan
83%
81%
83%
55,000
79%
100
99
99
Mar
Jan
100
Mar
99
Apr
105% 105%
16,000
105
105%, 105%
99
5,000
2,000
11,000
104%
105%
Mar
105%
101%
Jan
105% 105%
53% 53%
15^000
Jan
Jan
"47"
1,000
44
Jan
78
"48
Jan
"48%
39",000
39%
52%
Jan
54%
11,000
52%
106%
Apr
103%
103%
105%
115%
100%
105%
105%
103
105%
95%
102
105
94%
95%
104% 105
101
95
102
99% 100%
85%
Jan
Jan
89%
92
97%
96%
98
84%
83
85
38
85
57
38
87%
100
100
101%
101% 102
101
Jan
107%
Mar
75%
Jan
Mar
Memphis P A L 5s A..1948
Metropolitan Ed 4s E. 1971
35%
Apr
88%
39%
108%
Feb
107% 107%
Mar
107
Feb
Jan
102
Feb
Jan
92
Jan
7s with warrants... 1941
7s without warr
1941
Mass Gas deb 5s
1955
Jan
51
Mar
Jan
104
5%
89
Jan
100%
105%
106%
95%
100
Jan
105%
Jan
..1946
5s series F
103%
106
60%
99%
103%
106%
1962
Jan
Middle States Pet 6>4s '45
"98%
Midland Valley 5s
1943
Milw Gas Light 4>4s_. 1967
90%
Jan
Jan
Jan
105
Feb
Miss River Pow 1st 5s 1951
Feb
36,000
104
Feb
10,000
104%
98%
102%
85%
89%
Apr
Jan
Mar
106%
107% 108
37,000
3,000
106%
Mar
2,000
106%
Mar
12,000
9,000
57%
Jan
89
Mar
86
105
Mar
Mar
Jan
Montreal L H A P Con—
Mar
12,000
12,000
13,000
24,000
202,000
22%
Mar
22
Mar
Jan
86%
Jan
95%
81%
Mar
Jan
32%
Jhn
85
Apr
100
Apr
Feb
1st A ref 5s
ser
Munson S3 6>4s w w.1937
Narragansett Elec 5s A '57
5s series B
64%
...1957
6%
102% 103%
9,000
102%
104
104
3,000
104
Mar
105
105
3,000
24,000
90%
27,000
21% 227,000
104
Jan
Nassau A Suffolk Ltg 5s *45
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
"99"
90
98%
88%
94
Feb
Nat Pub Serv 5s ctfs. 1978
21%
21
99%
Jan
93
Feb
Mar
Nebraska Power 4>4s_1981
6s series A
...2022
Nelsner Bros Realty 6s '48
Jan
Nevada-Calif Elec 5s. 1956
Mar
Mar
New Amsterdam Gas 5s '48
N E Gas A El Asan 58.1947
90%
102%
Feb
108%
Jan
82%
Mar
67
Mar
75
Feb
Feb
Conv deb 5s
108
92%
"76"
Conv deb 5s...
1950
New Eng Pow Assn 5s. 1948
67%
66
94%
92%
Debenture 6>4s....1954
New Orl Pub Serv—
97%
94%
82
107
Mar
Income 6s series A.. 1949
Jan
103%
Mar
Jan
109%
107%
Apr
N Y Central Elec 5
>4 a *50
New York Penn A Ohio—
93%
43%
Feb
N Y PAL Corp 1st 4>4s '67
Jan
N Y State GAE 4>4s_1980
1st 5>48
...1962
Jan
Feb
Jan
Hamburg El Underground
Mar
Mar
32%
104%
6s stamped
Ext
1942
75%
4>*s stamped.. 1950
Jan
Feb
Niagara Falls Pow 6s. 1950
9,000
1,000
103%
Jan
107
100% 100%
97%
Jan
101%
105%
104% 105%
55,000
104%
Mar
108
Mar
103
103
10,000
6,000
103
Mar
107%
Mar
104
Mar
106%
Mar
No Amer Lt A Pow 5s. 1936
5 >48 series A
..1956
Nor Cont Utll 6>4s...l948
113%
Mar
114
Jan
No Indiana GAE 6s.l952
106%
Mar
108
Jan
Mar
6s series A
Nippon El Pow 6>4s
1959
75%
99%
108%
3,000
92% 115,000
112
1,000
102%
106
105%
1953
Jan
Jan
108%
117%
105%
86%
109%
Feb
Jan
Feb
Jan
Jan
67
Apr
69% 139,000
94% 149,000
66
Apr
85
Jan
97% 360,000
88%
Jan
82%
9,000
74%
Jan
76
4,000
69
Jan
2,000
101
Feb
5,000
107%
105%
102%
105%
101%
111%
Jan
103%
109%
105%
102%
106%
102%
106%
39,000
103
60.000
109%
107%
2,000
102%
5,000
106
106%
105% 106
14,000
17,000
86%
95
95
54%
Jan
18
Apr
86%
54%
97%
87%
Apr
68
70% 207,000
69%
24,000
103
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954
Jan
68
67
Apr
107%
91%
112
68
.1948
Jan
103%
Feb
38%
Jan
Mar
104
Feb
103
93%
105
Feb
108
Jan
98%
68
Jan
Feb
65
98
26%
26%
Jan
72
64
A...1951
104%
102%
108%
105%
1,000
Jan
104% 105%
104% 105
107% 107%
17,000
10,000
106% 106%
78
106
10,000
105% 105%
Jan
24,000
107%
103%
103%
I
91%
Mar
103%
Mar
91%
91
106%
105
105
105%
8,000
98%
Jan
1957
Mar
41
105
6,000
98%
90
94%
Mississippi Rlv Fuel 6s '44
Apr
103% 103%
Feb
27,000
30,000
Mar
102%
89%
29
Feb
103%
1955
102%
16,000
6,000
101
Miss Pow A Lt 5s
39,000
29
9,000
21,000
11,000
Mississippi Pow 5s
Mar
Jan
29
99% 100%
103% 104%
105% 106%
105% 105%
Jan
Jan
Jan
8,000
23,000
Jan
Mar
9,000
96%
56%
89%
92%
59
38,000
105
105%
Jan
Jan
96
99%
90%
Jan
88%
Jan
2,000
103% 103%
86
85%
91% 92%
99
Mar
109%
Jan
Jan
88,000
"99%
Jan
44
104%
103%
109%
105%
Jan
Feb
Feb
Jan
"15I666
Feb
40,000
103%
Jan
82
107
Jan
Mar
103
103%
105% 106%
60% 62
1978
AL4>4s
5s
Jan
6s 1945
"71% "72%
98
Feb
Missouri Pow A Lt 5>4s *55
Missouri Pub Serv 58.1947
Mont-Dakota Pow 5>4a '44
Guantanamo A West 6s '58
Guardian Investors 5s. 1948
105
22,000
81%
1965
Minn P
Mar
Jan
107%
Jan
80%
40
Feb
99
8,000
Feb
103%
105%
76%
16,000
103
Mansfield Mln A Smelt—
Jan
90
46,000
12,000
"81%
Feb
McCallum Hosiery 6 >4 s *41
McCord Rad A Mfg 6s 1943
106%
Apr
109% 110%
103% 104%
104% 104%
104%
108%
102%
103%
102%
105%
31,000
105
79
16,000
10,000
42,000
14,000
48,000
7,000
104% 105%
Jan
Feb
40%
H05%
30
Feb
1942
105%
98%
80%
97%
91%
103%
107
1943
32,000
14,000
10,000
105"
Mar
Feb
95
94%
104% 104%
103
103%
104% 104%
Louisville GAE 4 >4 s C *61
Manitoba Power 5%s.l951
Mar
105
Feb
Feb
Jan
103%
88%
Feb
Apr
Mar
95%
2,000
Jan
91%
101
Jan
Apr
Jan
5,000
106% 106%
43,000
3,000
3,000
28,000
11,000
102
106%
Jan
85
8,000
2,000
Long Island Ltg 6s...1945
Los Angeles Gas A Elec—
5>4s series E
1947
Louisiana Pow A Lt 5s 1957
82
14,000
1,000
103%
105% 105%
102
Jan
92%
2,000
Jan
87
91
page 2293
100
2%
88%
92%
83%
Georgia Power ref 6s.. 1967
Georgia Pow A Lt 5s. .1978
...1851
Jan
Jan
80%
Jan
93%
13,000
97% 219,000
88% 27,000
Gen Wat Wks A El 58.1943
105
Jan
Mar
79
Lone Star Gas 5s
Mar
26
------
99
73
Jan
103%
26%
1938
107
101%
73
3
9,000
57
89
Feb
79%
104%
Feb
25
105%
Jan
Feb
53%
101%
110
99%
103%
25
"l09%
10,000
Lexington Utilities 58.1952
Llbby McN A Llbby 58 *42
2,000
13,000
26
——————
75,000
Feb
100%
104% 104%
103% 103%
"26
_
101%
Feb
Jan
Certificates of deposits..
105%
30,000
100
101% 101%
50
64
10%
75%
General Rayon 6s A. .1948
Gen Vending Corp 68.1937
Great Western Pow 5s 1946
1,000
16,000
11
491666
85
"85"
65%
65
Sink fund deb 5>4s_1950
Lehigh Pow Secur 6s..2026
"87%
86%
6>4s A. 1956
1953
63
65
65%
Koppers G A C deb 5s 1947
Mar
Feb
69
Jan
91
103%
93%
86%
107%
95%
95%
106% 106%
Mlnneap Gas Lt 4 >48.1950
Florida Power A Lt 5s 1954
Gary Electric A Gas—
see
Feb
13,000
Mar
Jan
2%
"
100
"104%
First Bohemian Glass 7s '57
Fla Power Corp 6>4s.l979
For footnotes
Feb
97
1948
106%
103
__
Finland Residential Mtge
Banks 6s-5s stmpd.1961
Ref A lmpr 5s
104
Jan
...1955
5 >4a
"
European Elec Corp Ltd—
1st 5s series A.....1953
Jan
89
1969
4%
1st 4>4s series D
1978
1st 4>4s series E...1981
Hydraulic Pow 5s
1950
100
88
Kentucky Utilities Co—
96%
83
107%
Jan
2,000
1936
Jan
4,000
102
""88%
37,000
88%
6 >48
Hood Rubber 7s
102
104% 105%
105% 105%
117% 117%
19,000
7,000
102%
95%
80%
Mar
28,000
Houston Gulf Gas 6S..1943
6 >4s with warrants. 1943
Houston Light A Power—
Jan
105
102
102%
------
------
105%
85%
102%
A St Ry 5 >4s
96
4>4sserie8C
1961
Jones A Laughlin Stl 5s *39
Kansas Gas A Elec 6s_2022
105% 105%
18,000
89%
90% 312,000
102% 102% 20,000
__
89%
102
5s Beries A
1977
Hall Print 6s stmp...l947
Hamburg Elec 7s
1935
13,000
7,000
5s series I
4 >4s series B
1961
Hackensack Water 5s. 1938
98%
102%
105%
Feb
Gulf Oil of Pa 5s
1947
Gulf States Utll 5s...1956
98%
104
109
Grocery Store Prod
Feb
98%
104
......
Jan
Glen Alden Coal 4s... 1965
Mar
94%
194<
5s series B
107%
99%
105%
102%
(Adolf) 4%s.._194l
Grand Trunk West 48.1950
Gt Nor Pow 5s
stmp__1950
100%
Jamaica Wat Sup 5>4s *55
Jersey Centra Pow A Light
1,000
Gohel
Jan
Jan
62%
Stamped
109
Gesfurel 6a
103%
99
Jacksonville Gas 5s...1942
109
Gen Pub Utll
Jan
Apr
Apr
95
Isarco Hydro Elec 78.1952
122
109
General Bronze 6s
1940
General Pub Serv 5S..1953
1957
Jan
Denver Gas A Elec 5s. 1949
Deb gold 6s June 15 1941
Deb 68 series B....1941
Feb
105%
86
1958
Jan
Mar
Apr
109
Jan
40,000
1961
120
106
97%
Jan
101%
157,000
Iowa-Neb LAP 5s...1957
Apr
6>4s series D.
5>4s series F
Firestone Cot Mills 5s 1948
Firestone Tire A Rub 5s '42
Jan
Feb
Feb
Feb
9S
1947
Mar
Feb
Fairbanks Morse 5S..1942
Federal Sugar Ref 6s_.1933
Federal Water Serv 5>4s'54
1958
106%
106%
102%
105%
6 >4a
82%
82
81%
109%
106
Interstate Public Service—
Jan
Empire Oil A Ref 5>4s 1942
A '57
6 >4 3 series C
103
6>4 with warrants.. 1943
Deb 6>48..
...1938
Empire Dl8t EI 6s
1952
Jan
94%
Pow 6s '48
7,000
Elec Power A Light 5s.2030
Elmira Wat Lt A RR 5s '56
Jan
Mar
99
....1952
Intercontlnents
66%
107
93
1957
Feb
Ind'polis A P L 5s
104% 104%
Aug 1 1952
Certificates of deposit.
Dixie Gulf Gas 6>4s..l937
10,000
94%
97% 132,000
107
107%
2,000
104% 105%
85,000
102
103%
15,000
93%
Indiana A Mich Elec 5s '55
Mar
Low
99>4
Indiana Hydro-Elec 6s '58
Mar
105
Aug 1 1952
Certificates of deposit.
107
8,000
Corp—
1951
Delaware El Pow 5%s 1959
Derby Gas A Elec 5s.. 1946
Det City Gas 6s ser A. 1947
5s 1st series B
1950
Detroit Internat Bridge—
97 %
105
Jan
Range Since Jan. 1 1936
$
58
A *63
ser
90
70
78
107
111 Northern Utll 5S...1957
111 Pow A L 1st 6s
82%
62%
104%
Week
High
1949
Feb
Mar
for
of Prices
77
Idaho Power 5s...—.1947
111%
__
"121%
Consol Gas Utll Co—
Consol Pub 7%s stmp.1939
Consumers Pow4%s_. 1958
Cont'l Gas A El 5s
1958
Jan
Apr
99%
6s series B
Mar
125%
"106%
------
1981
1st A coll 6s ser A..1943
Conv deb 6%s w w.1943
93%
102%
96%
Jan
Week's Range
Low
International Power Seo—
103
103%
72%
1939
Gen mtge 4%s
1954
Consol Gas El Lt A P (Bait)
1st ref
10,000
96
97%
98
45,000
76%
77%
41,000
76%
78% 374,000
100% 101% 20,000
1951
5s series D
.*.1962
Conn River Pow 5s A 1952
Consol Gas (Bait City)—
Mar
105%
100%
103%
100%
94
8~66o
103%
73%
96
-
"
1965
7s series A
Price
Sales
Indiana Gen Serv 5s__1948
73
"106
Com'wealth Subsld 5%s '48
Community Pr A Lt 5s '57
Connecticut Light A Power
Jan
100%
109%
8,000
"
"102% *102%
Commerz A Prlvat 6%s '37
Commonwealth Edison—
1st M 58 series A...1953
1st M 5s series B
1954
70
13,000
92%
16,000
88% 116,000
68%
39,000
72%
75,000
71% 43,000
104% 104%
1950
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
Line 6s
1943
71
170%
1927
Conv deb 5s
87%
67%
68%
.72
.
5%s ex-warrants...1954
98
92
.92%
t.
Cent States P & L 5%s '53
Chic Dlst Elec Gen 4 His *70
Cincinnati St Ry 5%s A *52
6s series B
1955
Cities Service 5s
1966
98
98
ft
Cent Pow & Lt 1st 5s. 1966
Cent States Eleo 5s...1948
Chic Rys 5s ctfs..
98%
102%
Cent Ohio Lt A Pr 5s. 1960
Chic Jet Ry A Union Stock
Yards 5s
1940
Chic Pneu Tools 5>48.1942
103% 104
9,000
98%
99% 105,000
102% 102%
31,000
98% 99% 28,000
102% 102%
5,000
99
4%% series H
1981
Cent Maine Pr 4%s E 1957
ser
Sale
{Continued)
High
Hygrade Food 6s A... 1949
6s series
Cent Power 5s
Last
BONDS
Low
$
Central 111 Pub Service—
'
April 4 1936
Friday
Week
Sale
(Continued)
Sales
55%
106% 107
Jan
Mar
Jan
106
Mar
105%
Mar
Mar
22,000
7,000
84%
99%
90%
63%
2,000
106%
8,000
Jan
Mar
Mar
Jan
Jan
Mar
17
Feb
Feb
Last
Week's Range
for
Sale
of Prices
Low
High
$
Range Since Jan. 1 1936
BONDS
Low
104
1969
103#
1970
101#
No States PowS^s
1940
103#
N'western Elec 6s
1945
4#s seriesE
65
N'western Power 6a A. 1960
Certificates of deposit
-
■»
103# 104#
103# 104#
101
101#
66,000
102 #
Jan
14,000
102#
Jan
103# 104#
100# 102#
62#
65#
11,000
103#
Feb
11,000
100#
62
86,000
38,000
98
51
104#
104#
101#
Mar
Feb
Mar
104#
104#
Mar
Feb
Jan
65#
Apr
65
Jan
—
65
21,000
50#
Jan
99# 100
.
-
N'western Pub Serv 5s 1957
20,000
25,000
98#
103#
Jan
Ogden Gas 5s
1945
107#
Ohio Edison 1st 5s
1960
106
Ohio Power 1st 5s B..1952
106
106# 107#
105# 106#
106
106#
106#
106
1st A ref. 4#9 ser D 1956
Public Service Co—
106#
35,000
19,000
41,000
105#
105#
105#
Jan
102#
107#
Feb
Mar
Feb
Apr
5s series D
6s
109# 109#
105# 105#
..1954
series A
...1940
Okla Power A Water 5s '48
Oswego Falls 6s
1947
Pacific Coast Power 5s 1940
106
106
104#
102#
106#
104# 104#
102# 103#
4,000
Jan
Tenn Public Service 5s 1970
Mar
Jan
107
Mar
Terni Hydro Elec 6#s 1963
Texas Elec Service 5s. 1960
Jan
112
Feb
99
Tide Water Power 5s.
Mar
105
Feb
Tietz
90
26,000
99#
11,000
1,000
120#
120
93#
106
1941
28,000
1957
105#
105# 105#
36,000
1960
1st A ref4#sE
1st A ref 4 #s F
Pacific Invest 5s
121
105#
105# 106
64,000
101
101
A. 1948
ser
Pacific Ltg & Pow 58
1942
Pacific Pow & Ltg 5s. .1955
Palmer Corp 6s
1938
Park A Tilford 6s
1936
5,000
60"666
101#
99#
101# 102#
4,000
100#
Deb 5#sserlesB_._1959
100#
103# 105
98# 100#
Pennsylvania Power 5s *50
------
Penn Electric 4s F
1971
104#
Penn Pub Serv 6s C..1947
5s series D
.1954
Penn Water Pow 5s
1940
4#s series B
............
105#
112#
1968
4s series B
.1981
99#
6s series C
1957
105#
13#
1979
Phlla Electric Co 5s.. 1966
Phlla Elec Pow 5#s__1972
Phlla Rapid Transit 6s 1962
............
Ill
90#
Jan
100
Jan
Jan
107#
Jan
Twin City Rap Tr
men Co—
Jan
121#
107#
Mar
107#
Jan
-
-
104#
106#
107#
105#
112#
107#
106#
107#
105#
33,000
42,000
1,000
77#
101#
107"
95
106# 107#
82#
84#
5#s '52
83
Mar
104
Jan
75#
75#
101
36~66O
Mar
Feb
5s series B
4 #8
1957
104#
34
Mar
Mar
108
Mar
Apr
United Elec N J 4s
1949
115
Feb
100#
United El Serv 7s
1956
100
Jan
105
Jan
Mar
104#
97#
Jan
107
Jan
101#
Apr
Feb
101#
98#
Mar
105
Mar
Mar
102#
Feb
Jan
107#
Feb
1
1959
6s series A
1952
6s series A
1973
Jan
Mar
84#
Jan
Mar
101#
Jan
110
Feb
Feb
Jan
Mar
106#
104#
113#
Apr
14,000
107#
116#
3,000
45#
Jan
Mar
1,000
53#
Jan
31,
86#
31#
3,000
30
Mar
83#
86#
77,000
76
Jan
80
Jan
86#
1974
Apr
5#s
Un Lt A Rys (Del) 5#s '52
United Lt A Rys (Me)—
Feb
85
28#
53#
United Industrial 6 #s 1941
1st s f 6s
1945
1975
87#
Jan
105
115
104
87#
104
85#
89
104#
88
Feb
Jan
106#
1,000
104# 104#
115
..
Mar
100
101#
Jan
100
1967
Feb
United Lt A Pow 6s.
Mar
Jan
75#
7,000
10,000
108# 108#
...1954
ex-w
Mar
110
Feb
106#
76#
66,000
76#
101
94#
103#
Jan
Jan
40
106#
94
1944
1944
Mar
105
98#
74
116
56,000
Feb
Jan
Mar
58
Jan
32#
33#
88#
Feb
91
Feb
Jan
42,000
100#
Jan
105#
Feb
131,000
81#
Jan
90#
Feb
33,000
Jan
Jan
Jan
111#
86#
Feb
102#
Mar
Feb
110# 111
80#
82#
44,000
102# 102#
110#
82#
8,000
104#
75#
98#
1,000
104
Jan
105#
Jan
105#
106#
Feb
1,000
100#
Feb
5,000
Feb
108
Jan
U S Rubber Co—
Jan
100
Mar
6#% serial notes...1939
6#% serial notes...1940
105
86#
105# 106#
49,000
13#
14# 111,000
103#
Jan
106#
Feb
Utah Pow A Lt 6s A..2022
96
96#
26,000
90#
Jan
6
15#
93#
93#
3,000
92#
Mar
98
Jan
112# 112#
110# 111#
90#
90#
105# 105#
2,000
Apr
107
Jan
Mar
Jan
Jan
100
Feb
103#
Apr
101#
97#
Mar
Mar
4,000
5,000
98#
2,000
112#
Jan
24,000
1,000
110#
Jan
113#
112#
Mar
Mar
Mar
86#
Jan
90#
Mar
108#
4 #8
Utlca Gas A Elec 5s D.1956
1952
Feb
Valvoline Oil 5s
1937
Jan
Vamma Water Pow 5#s'57
Va Public Serv 5#s A. 1946
107
5,000
52
28,000
105#
41#
14,000
103
Jan
106#
Mar
1st ref 5s
2,000
106
Jan
108
Mar
6s
Jan
105
Apr
Mar
107# 107#
104
105
61,000
96#
27
17,000
26
Jan
Mar
76#
77#
106#
7,000
Feb
76#
Apr
56
27#
106
83#
107
Mar
Jan
Mar
102#
Jan
Baking 6s
50,000
83#
Jan
94
21
Apr
27
Mar
107
Jan
Mar
107#
Feb
2030
66#
90#
Jan
91#
Mar
West Penn Traction 5s *60
7,000
Jan
95#
Feb
West Texas Util 5s A. 1957
97#
Jan
100#
Jan
Mar
Feb
West Newspaper Un 6s '44
West United GAE5#s'515
Jan
140#
Mar
Jan
111#
Feb
139
139
8,000
110#
110
110#
9,000
108#
32
Wlsc-Minn Lt A Pow 5s '44
Pub Serv of Nor Illinois—.
104
1966
22~o6o
Feb
107
Jan
101#
Jan
104#
104#
104#
105#
Apr
104
104
104#
4,000
102
103#
103# 103#
20,000
102
13,000
103#
"8:666
101
Jan
Jan
Jan
Mar
Jan
Wise Pow A Lt 5s E
5s series F
1958
107#
92
91#
2,000
21
21#
13,000
3,000
105#
105#
9,000
105# 107#
101# 103#
Jan
Jan
7,000
106#
103#
Yadkin RIv Pow 5s...1941
107#
York Rys Co 5s...
103#
105#
107# 107#
106# 106#
103# 104
103# 103#
106# 106#
106
107#
102# 104
107
Mar
Feb
107#
103#
108#
Feb
Mar
Mar
Mar
Jan
99
15,000
103#
88#
33#
69,000
Jan
Jan
Jan
94#
49#
Feb
20,000
105
Mar
106#
Mar
1,000
107
Feb
107#
1,000
46
105
Jan
105
i~7~66o
106# 107#
91#
92#
46
105#
1952
1937
50,000
106
1956
Wise Pub Serv 6s A
4,000
99
105# 105#
105# 106#
21
Wheeling Elec Co 5s__1941
139
26#
132#
99
91#
..1937
10,000
17,000
Electric 6s. .1954
104# 105
1,000
100# 101#
97
97#
102
108#
Mar
103# 104#
103# 103#
97
105#
Jan
100#
99
Ward
Jan
101
1946
Waldorf-Astoria Corp—
78 with warrants... 1954
Jan
103#
West Penn Elec 5s
106#
1,000
Mar
1950
Wash Water Power 5s. 1960
7,000
105#
B
99
Wash Gas Light 5s...1958
Wash Ry A Elect 4s..l951
100# 100#
31,000
ser
Feb
105#
96#
102#
95#
91#
105#
Feb
Jan
105
105# 105#
1944
5s Series E
107# 108
1960
Mar
99# 104,000
112#
107#
94#
1st A ref 4#s ser F.1981
29
104#
Mar
65#
32
"95#
102#
106
104#
Feb
USA Brit Internat 5s 1948
90#
4 #s series I
110
Feb
90
Jan
98#
...1980
32
98
Jan
Jan
Jan
Jan
93#
4#s series E
109
104
Feb
Jan
78#
41#
99#
Apr
89
1978
31#
Jan
89
30,000
52#
Jan
Jan
114#
98#
6s series C
Jan
110#
109#
106#
94#
4# series D
Mar
Mar
107#
90#
1956
Apr
Mar
Jan
Power Securities 6s
1st A ref 5s
95#
78#
50#
Jan
105
Mar
104
3,000
100# 101#
94#
79#
Jan
101#
99#
Jan
104#
13,000
41,000
16,000
20,000
66,000
9,000
28,000
6,000
7,000
94
Mar
107#
1949
45
6,000
55
104#
Feb
61#
60#
106#
106#
Feb
Potrero Sug 7s stmp__1947
Power Corp(Can)4#s B '59
Pub Serv of NJ 6% pet ctfs
52
104
80
98#
106#
Potomac Elec Pow 58.1936
Prussian
Feb
5s series A
103#
Portland Gas A Coke 5s '40
1961
49
Feb
4,000
1939
Potomac Edison 5s... 1956
12,000
106#
104#
112#
105#
26#
Pomeranian Elec 68..1953
4#s series F
1962
6s 2nd stamped
6s 3d stamped
50
52
Co. 6s
56
Union Elec Lt A Power—
Mar
Feb
Jan
107
107
Pledm't Hydro-El 6#s '60
Piedmont A Nor 5s...1954
Pittsburgh Coal 6s... 1949
Pittsburgh Steel 6s... 1948
59
108#
Union Amer Inv 5s A. 1948
94#
105# 106
Phil Sub Co G & E 4 #s '57
Poor A
(Leonard) 7 #8.1946
Jan
Mar
Peoples Gas L & Coke—
Peoples Lt A Pr 5s
_
6#s
1950
xw
ThermoidCo 6s stpd.1937
1975?
Toledo Edison 5s
Penn Ohio Edison—
6s series A
Jan
114
101#
"82# "81# "82#
99#
99#
1,000
104# 104# 106,000
107
107
2,000
100# 100#
45,000
Penn Cent L A P 4#s 1977
5s
1979
119#
105#
105#
46#
107#
2022
08
Jan
89
6,000
105# 106#
Feb
106# 106#
54#
Feb
76#
103
105#
107#
89
Jan
105#
107
102
64#
1945
Jan
4,000
86,000
Texas Power A Lt 5S..1956
Apr
Jan
High
Low
$
70
54#
69#
52#
103#
31#
105
Jan
Range Since Jan. 1 1936
Week
High
104# 104#
79
106
104#
55
104#
94
4,000
19,000
for
of Prices
1957
58 series B
12,000
99
89#
106#
109
Week's Range
Low
55
69#
54#
Tennessee Elec Pow 5s 1956
107#
107
Pacific Gas & El Co—
1st 6s series B
7-4% stamped
1936
7-4% stamped
1946
Super Power of 111 4#s '68
1st 4 #s
1970
Syracuse Ltg 5#s
1954
Texas Gas Utll 6s
1953
5#s series E
1961
Okla Gas A Elec 5s...1950
Standard Telep 5#s__1943
Stlnnes (Hugo) Corp—
Jan
Mar
Ohio
6s series C
Price
Standard Pow A Lt 68.1957
I960
6s series D
Sale
(iConcluded!)
High
Northern Indiana P 8—
-
Last
Week
Price
(Continued)
Sales
Friday
Sales
Friday
BONDS
6s series C
2293
New York Curb Exchange—Concluded—Page 6
Volume 142
Jan
107
Feb
Feb
40,000
101#
Jan
105
Feb
16,000
101
Jan
105#
Jan
5,000
106
Mar
103#
107#
107#
Feb
1,000
Apr
104#
Jan
106
3,000
Feb
Jan
9,000
102#
Jan
21#
Jan
1,000
22#
Mar
26#
Feb
55#
67#
Jan
66
Mar
Jan
66#
Mar
Jan
11
Jan
33#
Feb
Pub Serv of Oklahoma—
5s series C
104
1957
103#
"103#
Puget Sound P A L 5 #s *49
92#
89#
87#
82#
89
1st A ref 4#s ser D. 1950
85#
89#
59,000
85#
40,000
2,000
104# 104#
101# 101#
Reliance Managemt 5s 1954
Rochester Cent Pow 6s 1953
90
Rochester Ry. A Lt 5a 1954
Ruhr Gas Corp 6#s__1953
111
Jan
Jan
Jan
93#
89#
Jan
Jan
Mar
Feb
Jan
Feb
90#
111
Jan
Jan
106#
106#
Mar
106#
Mar
104#
-
«
•
-
...
109#
106# 106#
14#
14#
104# 105
125# 126
109# 109#
Jan
9,000
103
Jan
1,000
100
Jan
104
Jan
Feb
74
Jan
95
Mar
112
Jan
Mar
33
Feb
27
Feb
25
26
25
Mar
105#
Mar
6,000
14#
101#
Mar
47,000
9,000
124
7,000
109
108#
19#
Feb
Prov Banks 6s B
105
Mar
Danish
Jan
126
Apr
Jan
110
Jan
33
Jan
18#
Jan
30#
18
Jan
30
Mar
Jan
104
26#
3,000
5,000
68
68
1,000
Second Int'l Sec 5S...1948
100
100
6,000
Servel
107
107
1,000
1948
Shawinigan W A P 4 #s '67
103#
103# 104#
31,000
4#s series B
1968
104#
104
104#
5,000
1st 5s series C
1970
106#
106# 106#
103# 104#
79,000
1st 4#s series D...1970
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
100#
100
Southeast PAL 6s...2025
103#
102# 103# 127,000
__
65#
65#
67
100#
4,000
9,000
10,000
102#
65#
98#
106#
100#
100#
105
100#
Jan
Mar
1953
External 6#s
Jan
Feb
103#
Feb
108
Feb
Mar an ho 7s
105#
Mar
Mendoza 7#s.._.
Jan
108
Mar
Jan
105#
Mar
97#
Feb
Feb
100#
104#
Mar
Jan
103#
107# 107#
103#
1900
103# 103#
16,000
102# 103# 120,000
33,000
102# 103#
106#
10,000
Sou Indiana G A E 5 34s '57
Sou Indiana Ry 4s
1951
79#
107# 108
77
79#
Southern Nat Gas 6s. 1944
102#
104#
104#
108
Feb
Mar
Mar
Feb
Mar
Jan
107#
Feb
107
Jan
Feb
107
Jan
Feb
108
Jan
52,000
107#
56#
97
101
4,000
102
103
97,000
97
98
23,000
102#
102# 102#
25,000
S'western Nat Gas 68.1945
103
102# 103#
8,000
94#
S'west Pub Serv 6s...1945
93
94#
16,000
104# 104#
73#
76
72#
75
73#
76
3,000
Feb
Jan
104
Jan
92#
Jan
99
34
Jan
100
Jan
97#
69#
Jan
72
23#
Mar
28#
Feb
24#
Mar
28#
Feb
29
8,000
1,000
Mar
32#
Mar
26#
Jan
Jan
12#
Feb
Jan
12
Jan
17#
Jan
14
Feb
81#
Feb
75
Jan
Jan
19
Feb
32
3,000
4,000
12
1,000
11#
15#
12
24#
15#
1,000
2,000
22#
10#
8#
13#
12
12
5,000
9#
71#
1951
4s stamped
68
1951
10#
63
30,000
'
Mtge Bk of Bogota 78.1947
18
Issue of May 1927
17#
Issue of Oct 1927
M tge Bk of Chile 6s.
..
1931
13
12#
a97
13
a97
1958
17#
19#
Rio de Janeiro 6#s._1959
15#
16
Parana
(State) 7s
1#
1#
Russian Govt
6#s
1919
6#s certificates.—1919
5#s
1921
5#s certificates.... 1921
1#
1#
1#
1#
1#
1#
1#
1945
70
71
...1945
58
58
11#
11#
Santa Fe 7s
7s Stamped
Santiago 7s
1949
1961
7s
Tih
11#
11#
Mar
12
Jan
92#
29,000
10,000
70,000
17,000
26,000
20,000
16,000
37,000
3,000
2,000
15,000
1,000
Jan
Jan
Feb
Mar
Jan
Jan
Mar
Jan
Mar
Jan
19#
14#
98#
Jan
Jan
21#
12#
1#
Mar
2#
1#
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
2#
10#
1#
1#
17#
2#
2#
58
Feb
71
Ma
50
Feb
68
Mar
11#
Jan
Jan
12#
11#
12#
Jan
Jan
Feb
99
Jan
92#
Jan
91
Jan
101#
102#
103#
99
Mar
Mar
Feb
Jan
105#
Feb
Jan
83#
Feb
75,000
69
Jan
81
Feb
32,000
69#
Jan
84#
Feb
75
72,000
69
Jan
81
Feb
72#
67,000
65#
Jan
80
Feb
70#
33,000
66
Jan
76
Feb
100# 101#
32,000
97
Jan
73#
72#
Certificates of depositDebenture 6s
1951
72
72
71
71
Debenture 6s.Dec 11966
70
69
101#
82#
69
Certificates of deposit.
Convertible 6s
1935
74
Jan
66,000
Stand Gas A Elec 6s. .1935
Jan
Mar
105
106
2,000
S'western Lt A Pr 6a..1957
Standard Investg 5#sl 939
Jan
103
106# 106#
So'Weet Pow A Lt 6S.2022
100#
Mar
106#
1955
Sou Calif Gas Co 4#s 1961
Sou Counties Gas 4#s.'68
S'western Assoc Tel 5s.*61
101
71
24#
Feb
Mar
Mar
11#
1958
Jan
Sou Calif Edison Ltd—
103#
103#
Jan
89#
12
Peru6#s..'58
Certificates of deposits..
Mtge Bk of Denmark 5s '72
Debenture 3#s
1945
Ref M 3#s May I 1960
Ref M 3#sB July 1 1960
21#
95#
28
5,000
8,000
8,000
31
Lima (City)
Mar
8
24#
1947
Secured 6s
72#
70
33
99# 100
96#
97#
71
1952
Mar
Jan
3,000
Danzig Port A Waterways
105#
Jan
13,000
9#
24#
96#
Hanover (City) 7s....1939
Hanover (Prov) 6#s..l949
Feb
34,000
66#
33
1955
5#s
Medellln 7s series E..1951
68
101
Mar
64#
64#
31#
1952
5s
Mar
63
9#
63#
65#
1951
6s series A
Jan
Jan
1,000
102# 102#
1935
Jan
Cent Bk of German State A
25
5,000
32#
25
24
Aires
111
Scrlpp (E W) Co 5 #8.1943
Seattle Lighting 5s... 1949
Refunding 4#s
Buenos
18#
17
24
1951
German Cons Munlc 7s '47
6s with warrants.-.1935
1st A ref mtge 4s
Baden 7s....
1,000
Schulte Real Estate—
Inc 5s
AND MUNICIPALITIES—
Agricultural Mtge Bk (Col)
20 year 7s
1934-1946
20-year 7s
1947
9,000
Saxon Pub Wka 6s...1937
6s ex-warrants
FOREIGN GOVERNMENT
(Province)—
7s stamped
...1952
7#s stamped
...1947
Cauca Valley 7s......1948
"26# "26# "looo
San Antonio P S 5s B..'58
1955
86#
83#
78#
Feb
105
"V"*
1958
106#
Sauda Falls 5s
104#
103#
96#
27#
Safe Harbor Water 4 #a '79
St. Louis Gas A Coke 6s '47
San Joaquin L A P 6s B '52
105
Mar
105
1968
Queens Boro G A E 4#s '58
5#s series A
..1952
Ruhr Housing 6#s
92# 102,000
106# 106#
1st A ref 5s series C.1950
Quebec Power 5s
103#
Mar
102#
...1961
5s series D
Pub Serv Subsid 5 #8.1949
102#
*
No par value,
a Deferred delivery sales not included in year's range,
the rule sales not Included in year's range,
r Cash sales not included
range,
x
n
Under
in year's
Ex-dividend.
Feb
e
or
Cash sale transacted during the ourrent week
and not included in the weekly
yearly range:
No sales.
Abbreviations
Used
consolidated;
"n-v," non-voting stock;
w," with warrants; "xw,"
Above—"cod," certificates of deposit; "cons,"
"cum," cumulative; "conv," convertible; "m," mortgage;
"v t
c," voting trust certificates; "w 1," when Issued; "w
without warrants.
2294
Financial
Chronicle
April 4 1936
Other Stock Exchanges
Friday
New York Real Estate Securities
Unlisted Bonds
Bid
Alden 6s
1941
Ash
Unlisted Bonds
44)4
Berkshire (The) 6s.—1941
Prudence Bonds Corp—
Dorset ctfS of deposit
31
Drake (The) 6s
1939
Bid
38
6th Ave A 29th St Corp 6s '48
Dodge
62
65
income with
v t c
Linotype..*
331
70%
Mar
80c
82c
500
82o
Mar
32%
34%
1%
871
39
200
47"
45
4%
3%
Old Dominion
25
Pennsylvania RR
50
Qulncy Mining
26
Reece Butt'n Hole Mach 10
Reece Folding Mach....10
Shawmut Assn tr ctfs
Stone & Webster
Members
blew
York
Louisville, Ky.
and
Baltimore
1
18
17%
2
2
>'■■
"12%
*
*
12%
12%
18
19
19%
Suburban El Secure com..*
2%
4
1
*
5
102
27
1
7%
Corp.25
87%
100
40%
Preferred....
Utah Apex Mining
5
Utah Metal & Tunnel—.1
77c
Venezuela Mexican Oil..10
Waldorf System Inc
*
"15%
1%
1%
%
2%
8
Feb
Mar
2
Jan
;
13%
19%
2%
38
650
Feb
Feb
Mar
5%
75
Feb
104
57
Jan
Mar
28%
9%
282
Jan
88%
40%
1%
1,951
Jan
Jan
42
80c
1,585
%
%
90o
2%
Jan
Jan
Apr
Jan
Mar
90%
23
16
245
2%
25
15%
483
10%
1,573
Warren Bros Co.
*
13%
8%
Warren (S D) Co
Broadway
Feb
1%
200
27
Jan
18
1,065
2,033
102%
27
58c
20
2%
3%
12
Exchange
7,135
18
Texla Oil Corp
8
11
NEW YORK
Hagerstown, Md.
Feb
67
United Gas Corp
United Shoe Mach
BALTIMORE, MD.
5%
53c
58
Torrington Co
39
102
4%
40c
58%
5
Established 1853
Feb
Mar
44c
STEIN BROS. &> BOYCE
6. S. CaIvert St.
4
51
130
..*
8
Baltimore Stock
4
Feb
84
296
122
100
Colony RR
Union Twist Drill Co
on
121
High
3%
Old
35
Orders Executed
41
"l22"
Low
345
2%
41%
North Butte
49
9th Unit Ino units
32
2%
Shares
47
Tudor City—
4th Unit Ino units..
11
Pennsylvania Bldg 68.1939
2%
Range Since Jan. 1 1936
'
High
36
Lincoln Bldg Corp v 10—
Corp
*
Low
32
39 Bway Inc units
Place
Week
Price
New Eng Tel & Tel
100
N Y N H & Hartford—100
44
-■Gity & Suburban Homes..
Park
Mergenthaler
for
of Prices
43
Sutton Place Apts 5%s '37
Unlisted Stocks—
41
Ask
*
5)48, 1934, 3d series
5%s, 1940, 15th Berles..
5)48, 1940, 17th series..
61 Bway Bldg 5)4s
1950
3
Par
Week's Range
Sale
Stocks (Concluded)
Mass Utilities v t c
(Concluded)
Sales
Last
Exchange
Closing bid and asked quotations, Friday, Apr. 3
*
21
21
72%
73%
80
80
Mar
Feb
Feb
2%
Feb
Jan
3%
Jan
Feb
Jan
10%
Mar
Mar
29%
Jan
70
Jan
74%
Jan
70
Jan
80
Apr
5
21
$8,000
1,000
"
York, Pa
v
Bonds—
Stock
Exchanges
Chicago Board of Trade and Commodity Exchange, Inc.
Eastern Mass St Railway—
Series A 4%s
1948
Series
B
5s
73%
1948
Baltimore Stock Exchange
Mar. 28
to
Apr. 3, both inclusive, compiled from official sales lists
Friday
CHICAGO
Sales
Last
Stocks—
Par
Arundel Corp
Bait Trans t Co
1st preferred
*
v t c
5
*
com
Preferred
preferred
-.100
114%
..1
Fidelity & Deposit
20
Fid & Guar Fire Corp
10
Finance Co of Am cl A—_*
Shares
544
3
394
5
453
26
60
29
195
89
High
Feb
22%
-
5
7%
Feb
Jan
30
36
Feb
90%
Feb
Jan
104
114
Jan
16
776
11
Jan
180
17
Jan
17%
28%
105%
Jan
12
88
Jan
44%
160
43
Apr
50
11%
5
Jan
11%
Mar
6%
Mar
4
"19"
4
100
4
Mar
„
Feb
19
1,340
9
9
9
96
9%
Mar
1%
1%
IX
16
Apr
2
1%
450
Feb
2%
Feb
Mar Tex Oil
1
50
'2I0"
Merch & Miners Transp..*
248
"~25%
Mt Vern-Woodb M pfd 100
New Amsterdam Cas
6
"12%
| J an A 20%
36
248
Mar
37
110
31
Jan
25%
25%
49
41
41
V
20
12%
13%
1,570
96
Northern Central Ry.__50
15
250
36%
PS7% pf25
97%
42
1%
200
23%
41
Mar
12%
Mar
Feb
95
Jan
Penna Water & Pow com.*
U S Fid & Guar
2
"15%
1%
90
90
40
14%
15%
36
Western National Bank.20
255
Sales
Last
Par
Week's Range
for
Sale
Stocks—
of Prices
Week
Price
Low
High
36
2,159
28
1%
Mar
55
Feb
Feb
16%
Jan
100
Feb
Jan
1%
Jan
Jan
87
91%
17%
Mar
36
Mar
Mar
14%
34
Jan
1954
117% 117%
1961
Atlantic Cst Line 5% ctfs..
Bait Transit Co 4s flat 1975
A 5s flat
1975
B 5s flat
116
24
1976
Read Grug & Ch 5%s_1945
'101%
101% 101%
Boston Stock
Mar. 28 to Apr. 3, both
Feb
Feb
116
Mar
116
100
105
Mar
105%
15,000
15%
Jan
117%
ADr
Mar
Apr
Feb
27%
32%
Abbott Laboratories com.*
Adams (J D) Mfg com
*
111
117%
17%
118
17
Jan
1,500
2,000
84
Jan
100
Apr
Feb
101%
Apr
100%
Feb
18
7
8
170
7
17%
Adams Royalty Co com..*
Advance Alum Castings. .6
50
8%
Sale
Price
Amer Pub Serv Co pref. 100
Armour & Co common
5
ABbestos Mfg Co com
1
5%
4%
5%
*
33%
30%
34%
10%
10
10%
High
Shares
Low
25
2
6% non-cum pref
50
4
1st preferred
50
Amer Tel & Tel
100
100
100
165%
161% 166%
104% 104%
135
137%
148
66
67%
236
67
High
Cl B 1st pref stpd_-_100
Class D 1st pref stpd. 100
5
28
9
*
Calumet & Hecla
25
Copper Range..
..25
East Boston Co
7%
*
178
Jan
104%
117%
65%
Jan
143
Feb
Jan
70
Feb
5
5
453
119
3%
23
8
1%
8
8
100
4%% prior pref
68
67
68%
76%
77
100
77
Common
100
1st preferred
100
2%
42%
42
Preferred B
100
14
11%
44
14
Eastern SS Lines com
2d preferred
*
Edison Elec Ilium
100
Rec for $50 pd on new sbs
Employers Group
*
General Capital
*
Georgian Inc (the) A pref20
168
287
3%
41%
Isle Royal Copper
Loew's Theatres
60
25
285
215
Preferred
footnotes see
32%
17%
9%
32%
16%
Jan
2,400
13
Jan
10
9,600
7%
Jan
34%
18%
10%
Mar
50
"60%
58%
-
-
*
*
-
m
—
9%
39%
1
1%
15
Jan
150
Jan
Fe!
33
Jan
43
Mar
8%
Feb
Mar
5%
Feb
12%
5%
11%
260
8%
Jan
14%
Feb
Mar
60
Jan
169
45
166% 168%
52
662
155%
Jan
542
52%
Jan
8
64
1
7%
150
16%
17%
538
6%
32
1%
60c
1
7
70
5%
16%
5%
Mar
Jan
Jan
40%
Apr
Feb
22%
64%
27%
1%
Jan
Jan
8
Jan
35
Jan
525
1%
Mar
75
%
Jan
60
%
9%
Jan
1%
10%
10%
11%
31%
12
63
31%
1
60
10
7%
18%
Feb
Jan
5
2
60c
19%
Mar
Jan
32
30
Feb
2%
1%
1%
Jan
Feb
Jan
Mar
Mar
42%
Jan
Jan
60
Feb
1
Jan
50
15
Jan
57
15
Mar
2%
18
*
59
60
160
49
Preferred
*
30%
15%
48%
31%
15%
300
21
Jan
40
8
Jan
22%
35
Jan
50
40%
4%
Jan
Jan
45%
5%
2%
2%
2%
4,300
1%
50
Cherry-Burrell Corp com. *
Chicago Corp common
*
45%
5%
45
5%
45%
5%
50
49%
22%
50
650
44
22%
100
46%
47
100
22%
33%
29
29%
3%
150
Preferred
*
47
mm
mm
"
3%
mm
103
------
29%
25%
5
5
1%
------
103
102
50
40 '■"}■
1,190
220
8,550
Jan
Jan
Feb
Jan
5
A..._
%
8%
4%
%
100
100
Continental Steel—
Common
*
45%
41%
Preferred
100
Cord Corp cap stock
Crane Co common
Preferred
5
25
106
106
7%
■
26%
7%
25%
25
Jan
Jan
48
Feb
28
Jan
31
200
3
Jan
100
Jan
Jan
31%
Apr
7%
3%
Feb
750
96%
Jan
110%
Jan
%
1,000
Feb
80
2%
Jan
1%
12%
7%
Feb
8%
4%
%
5%
Feb
20
20,450
36%
Mar
47
Apr
47
Jan
106
40
104
Feb
117%
8
23,050
5
Jan
8
26%
1,050
Feb
Jan
131%
Mar
108
Jan
110
35
------
24%
24%
100
24
24
Eddy Pap Corp (The) com *
Elec Household Util cap. 5
Elgin Nat Watch C0-..I5
Jan
11
Feb
FItzSIms & Con D&D com *
Gardner Denver Co com
*
Jan
18
Feb
General Candy A
Jan
45
Jan
Gen Household Util com.
5
«
40
6%
7%
400
72%
460
19
72%
13%
19%
26
26
26
11%
Apr
29%
120
*
Jan
Mar
550
19%
Feb
120
14
------
25%
Jan
190
108
-----
Feb
Mar
13%
.100
Jan
Feb
Mar
108
Preferred
4%
105
Feb
1%
13%
Dexter Co (The) com
5
Econ Cunnghm Drug com *
Mar
52
2%
108
7%
Apr
Jan
*
-.10
Feb
19%
Cudahy Packing pref..100
Common
Feb
Mar
950
129
*
Feb
5,950
128
Cum class A pref
De Mets Inc pref
Decker & Cohn—
68%
10,400
31%
5%
2%
103%
129
com.
Feb
30
103
.100
Dayton Rubber Mfg
3%
Mar
Mar
53
Apr
Apr
38%
Prior lien preferred
84
3
Mar
50
Central States Pr & Lt pf.*
Chain Belt Co com
*
Commonwealth Edison. 100
Apr
Mar
900
1
Feb
Mar
21
Common
Chic Yellow Cab Inc cap. *
Cities Service Co com
*
Club Aluminum Uten Co. *
Mar
39%
60%
1%
64
107%
Central S W—
Feb
2%
Mar
—10
Jan
Jan
Jan
page 2297.
Feb
350
7%
100
1%
1
10%
Mar
Apr
12%
Mar
•
_„*
Common.
37
100
Mar
200
Maine Central—
Common
29
30%
6% prior pref
7% cum pref
71
25
12%
Jan
Feb
Mar
30
1
Jan
Jan
27%
26%
Mar
100
7
6%
21%
7%
Jan
400
?
40%
*
1,600
23,900
3,950
3%
2954
33%
18%
11%
24%
Hathaway Bakeries cl A..*
t c
2%
4%
10%
1
Hathaway Bakeries cl B..*
Jan
29
83
40%
17
2%
29
Class A.......
Class B
;
Jan
63%
*
20
Jan
16% |Jan
Jan
24
Gillette Safety Razor
Feb
250
Jan
64
*
11
21
%
24%
40%
Gilchrist Co
Preferred
2%
52
*
Feb
20%
Jan
126
43
5%
7%
Mar
Feb
Eastern Mass St Ry—
Adjustment
Apr
3,250
Consumers Co—
*
cum pref
34%
40
15%
1%
Jan
650
20%
111
Jan
Apr
3,800
82
Jan
7
Feb
7%
5%
110
Feb
8
Feb
32%
Jan
80
-—-—
.
100
14%
3%
5%
6%
9%
15%
Jan
110
7% preferred
5%.
28
Chicago Electric Mfg A..*
Jan
Jan
4%
4%
27%
50
Mar
Feb
Jan
13%
25%
1,150
4,700
7,100
Feb
7
41
Jan
Mar
Jan
30%
83%
111%
14
577
12%
6%
8%
25%
21
450
Jan
Chicago Mail Order com. .5
Chic ANWRy com...100
Chicago Towel Co conv pf *
9%
7%
11%
29
11%
6%
28%
Chic Flexible Shaft com..5
60
1%
10%
25%
"I2"
Feb
Jan
Mar
Feb
Jan
38
7%
11%
3
7%
5%
800
18%
Jan
3
Feb
East Gas & Fuel Assn—
Common
3
Apr
Feb
6
25
17
15%
3%
5
118
230
14%
15
High
Jan
3,000
Jan
14
804
Feb
8%
5%
97%
15%
30
Jan
11%
30
Jan
15
4%
*
com
Berghoff Brewing Co
1
Binks Mfg Co A conv pref *
Bliss «fc Laughlln Inc cap. 5
Borg Warner Corp com. 10
Jan
20
7%
Jan
Jan
97%
11%
3%
8%
25
Jan
Feb
155%
15%
15
2%
5%
10
29
10
Jan
Mar
Mar
11%
Boston Personal Prop Tr. *
com
5
27%
4%
20
2,359
Boston & Maine—
Preferred stamped...100
Prior preferred
100
Cl A 1st pref stpd___100
1%
95
40
28
Convertible preferred. .*
620
4
21
137"
Bigelow-Sanf Carp pref 100
Boston & Albany
Boston Elevated
2
1%
3%
20
26
3
Bastian-Blessing Co com.*
Bendix Aviation
23
15
22%
14%
pref*
conv
"
27
Range Since Jan. 1 1936
u/eei-
Low
com.
Cent 111 Secur common
Common..
v
23
Bruce Co (E L) com
Butler Brothers
for
Amer Pneumatic Serv Co-
Helvetia Oil Co
Allied Products Corp cl A. *
Common.
10
Brach & Sons (E J) com..*
Brown Fence & Wire—
Sales
Week's Range
Low
360
Castle & Co (A M) com—10
Cent 111 Pub Serv pref.—*
6,250
inclusive, compiled from official sales lists
Last
Par
114
Exchange
Friday
Stocks—
1,000
400
116
105% 105%
23%
24%
26%
28%
99% 100
Range Since Jan. 1 1936
Shares
Jan
37%
25%
Automatic Wash
4s Annex Improv
4s School House
For
Friday
Jan
Baltimore City—
■
Apr. 3, both inclusive, compiled from official sales lists
Jan
11%
Bonds—
6%
to
Automatic Products com.5
"~1%
Brown-Durrell
St., CHICAGO
Associates Invest Co
1
Owings Mills Distillery
.
Mar. 28
Jan
1%
1%
1%
18%
Chicago Stock Exchange
Chicago Curb Exchange
Chicago Stock Exchange
Jan
25
Mercantile Trust Co
37 So. La Salle
Mar
43
9%
Exchange
(Associate)
New York Curb
Mar
11%
44%
Members:
New York Stock
Feb
Mar
84
PaJ H.Davis & €'o.
Feb
Jan
22
SECURITIES
Listed and Unlisted
Jan
Jan
27%
62
*
114% 115%
14
15%
25
24%
101% 102%
Low
18%
%
2%
25
Mfrs Finance 1st pref
2nd preferred
Monon W Penn
19%
88
Eastern Sugar Assoc com.l
Guilford Realty Co com..*
Houston Oil pref
100
High
18%
2%
4%
25
*
Preferred
Low
Range Since Jan. 1 1936
27%
25
Consol G E L & Pow
5%
Week
19%
2%
vtc.*
com
for
of Prices
Price
*
Black & Decker
Week's Range
Sale
20
750
20
10%
19%
21%
Jan
4%
Jan
Jan
14%
25%
Jan
24
9%
50
Jan
9%
16%
Jan
13%
Jan
20
24
Mar
30
75
Jan
Mar
Mar
Jan
Mar
Mar
Apr
Mar
Jan
15%
15%
15%
2,750
15%
Mar
18%
Jan
34
32%
34
850
27%
Jan
Feb
1,050
21
19
21
46%
11%
7%
46
46%
11%
8%
11%
5%
16%
Jan
37%
21%
230
39
Jan
46%
Apr
100
11%
Jan
14%
Mar
Jan
8%
Apr
25,000
3
Feb
.
Week's Range
Sale
(Concluded)
Stocks
of Prices
High
ty ee/t
Stocks
High
Low
Godchaux Sugars Inc—
17 X
35 X
16
25
22 H
25
Kellogg
300
6c
Jan
16c
Feb
9c
2,000
8C
Jan
17c
Feb
17c
3,000
13c
Jan
30c
Apr
Preferred vt c__
1
Apr
Central Investment
100
Jan
10
850
6
Jan
10
Apr
Citizens Nat T & S Bk__20
28 X
28 X
14
160
9H
Jan
16
Feb
Claude Neon Elec Prod.—*
12 X
14%
14X
12 X
Mar
Consolidated Oil Corp
8X
Jan
11X
50
11%
Mar
13%
Feb
4,200
26 X
Jan
32 X
Mar
10 x
11
1,400
8X
Jan
12X
Jan
Emsco Der & Equip
Feb
109 X
Jan
Exeter Oil Co A
11
1,450
12X
100
220
108
106
108
Consolidated Steel com...*
4X
4X
17 X
18 X
26 H
63
Jan
68
Feb
Farmers & Mer Nat BklOO
25
Mar
31
Feb
Common--
1
13c
12 X
38
37
3
115
Mar
14
Jan
34X
1
Kinner Air pi & Motor
43
5
Mar
90
Feb
100
Feb
18,000
9c
Jan
16c
Feb
81,000
62 He
Jan
95c
Feb
29c
Feb
Lockheed Aircraft Corp._l
IX
2
Jan
3%
Mar
Mar
3X
Jan
Feb
28%
Feb
32
Feb
220
3X
Jan
10
5
21X
Mar
3SX
Jan
Mar
11X
Jan
iox
Apr
9X
9X
9%
750
8%
10 x
11,300
14c
257
1,600
12c
Industries Inc.—2
Los Ang Investment Co-10
Mascot Oil Co
1
Los Ang
9
7
Mills Alloys Inc
7
Jan
Jan
13%
13%
7X
15
7X
2,100
1,700
39 H
40%
7X
42 X
Jan
35X
Mar
Mar
15
7X
Jan
7X
Jan
8X
Feb
Jan
42%
Feb
40
Electric com_—5
McQuay-Norris Mfg com. »
Manhatt-Dearborn com _ - *
Marshall Field common--*
Mer & Mfrs Sec cl A com.l
Mickelberry's Food Prod-
32
1,070
36
31X
32
1,200
27
Jan
33
Mar
59
McGraw
60
120
65
Jan
60
Mar
"~2~X
2X
2%
380
18 %
6%
16 X
3,800
0%
19
0%
700
■2%
2%
3%
1,350
8%
7H
8%
4
3%
4
Jan
3%
1H
Jan
11X
Jan
19
Mar
ox
Jan
8
Jan
4%
Feb
10,050
1,200
X
%
3%
650
4
3X
*
4X
430
7X
3X
iox
Mar
Mar
60
2 X
Common
Mar
Jan
ox
65
5%
72 X
100
3X
200
—100
100
Feb
Jan
75
Feb
Jan
4
Feb
100
50c
Jan
1.00
Feb
50c
50c
200
32c
Jan
82 He
Mar
18c
18c
7,300
15c
Jan
19c
70c
80c
2,400
25c
Jan
300
8
Jan
14
Mar
Jan
22 X
Mar
13X
22
22 X
4,900
18%
10X
iox
200
10%
Jan
10%
Jan
Feb
37 X
Apr
Pacific Gas & Elec Co.-.25
30%
37X
Co.-.10
Lighting pref
*
19X
19 X
100
31%
18%
Mar
21%
Feb
100 x 100 x
60
107 X
Feb
Pacific Indemnity
*
Republic Petroleum Co
1
Jan
7X
100
5%
Jan
7%
Feb
23X
100
20%
Jan
23H
Feb
15
1st preferred—
Pacific Western Oil
105 X
7X
23X
*
Pacific Public Service
15
100
13
Jan
17H
Feb
6%
5%
17,600
2%
Jan
6%
Apr
1,800
10c
Jan
25c
Apr
1%
Jan
3%
Feb
25c
25c
Rice Ranch Oil Co
100
2%
2X
6% pf ann.10
4%
200
5
X
Jan
2%
Mar
70
X
Feb
2X
Jan
7 %
IX
2X
3%
48
8
20
2%
7 X
4.7 X
310
50 X
620
48
7H
50
7X
50
200
250
1
Mar
3X
38X
'ei'x
3,800
11X
Jan
23
Mar
22
22
26 X
27%
1,700
25 %
Jan
900
27%
Mar
20 X
27%
26 X
28%
28 X
Feb
25
25
27 X
400
26
Jan
26 X
Mar
100
33 X
36
700
24
Jan
38%
Feb
*
44 X
45%
Jan
47
Feb
14
1,400
10,000
39 X
13X
12
Jan
139X 140
40
120
Jan
6% preferred
5H% preferred
Transamerlca Corp
5
SIX
4X
11H
10X
24
23%
8%
900
BX
32 X
Jan
Feb
0B
2%
1B%
Feb
Jan
10
Feb
X
250
30
Jan
9X
1BX
ex
Mar
1,350
Jan
9H
9X
2
18
37X
14
Jan
25X
Mar
14H
6,200
22c
Jan
63c
Feb
7H
Mar
Cord Corp
Mar
27 X
Jan
Packard Motor Car
IX
Jan
3X
Feb
Radio Corp of
19X
Mar
Jan
3%
3,500
2X
1,200
2X
Jan
4
Apr
4%
4X
50
2X
Jan
6
Mar
2
2
200
IX
Feb
2X
61X
56
50
B4X
Jan
118
80
112X
Jan
123
129 H
129 X 132
144
136
370
129 X
Apr
140
Jan
142
Jan
146
3X
--50c
6% preferred vto
5
Co com..10
Reliance Mfg
100
St. Louis Nat'l Stkyds cap *
Sangamo Electric Co----*
Signode Steel Strap Co—
2X
1254
,12
Common
50
2X
Jan
4%
Jan
3X
12X
Mar
150
15X
109
91
35
Jan
55
*
Convertible preferred--*
Swift International--—15
Swift & Co
25
Thompson (J R) com—25
4X
Jan
14X
28 X
103X
BX
230
8X
190
1BX
99
Feb
Mar
20
4%
1,150
3X
1BX
17 X
4,250
13X
Jan
18X
31X
2,450
5,650
30X
Apr
35X
21X
Apr
25
Tan
11X
10
X
U X
650
8X
Jan
12X
1,500
2X
Mar
4X
550
1
Jan
2
4X
350
3X
Jan
BX
20
20
160
1BX
40
90
39%
Mar
24
Jan
40
com*
Zenith Radio Corp com..*
Wisconsin Bankshares
Union Trust Building/ Cleveland
Cleveland Stock Exchange
both inclusive, compiled from official sales
Mar. 28 to Apr. 3,
17 X
33 X
Jan
Sale
41
Jan
20%
Feb
--*
100
*
Apex Electric Mfg
Jan
38 X
Feb
550
5
Feb
City Ice & Fuel
1,050
31
Mar
ex
34%
Jan
32X
Jan
Cleve-CIIffs Iron pref
12X
750
10
Mar
Mar
Jan
13X
8X
Jan
Cleveland Ry
Jan
19%
Apr
Ctfs of dep
12
"lx
19%
BX
17X
BX
19%
3,850
9,650
BX
11
Prior
pref
Angeles Stock Exchange
Sale
for
of Prices
40
wi
m
40
25
23 X
2,088
19
13H
13%
320
-•
-
—
Range Since Jan. 1 1936
Week
99
-
19 X
521
66 H
1,476
107 H
108
Harbauer
64 H
68 H
64H
65
21H
112
112
32
-
^
22 H
112
32
-
90
15H
54
Barker Bros Corp
4
1
18X
*
10
7
100
Broadway Dept St pref-100
For footnotes see
page
Low
2297.
High
4
Shares
1,500
3X
Jan
5
Jan
20
Mar
Feb
388
59X
Jan
69
Feb
20%
Jan
775
10
70
112
31H
Jan
15
Mar
Feb
60
Mar
48
48 H
104
Jan
104
Mar
105
Jan
18
Jan
26
Mar
34 %
Jan
47 %
24 H
47 X
170
10
425
22
150
*
11
11
11
13
*
26
26
26
170
98
Jan
104X
Apr
McKee ( A G) class
B
Apr
36
10
24 H
3H
48 %
70
100
500
246
Jan
10
36
4
Leland Electric.
35 H
15
20
14
Jan
Mar
Feb
Feb
13
32
8X
Apr
24 %
123
60
13%
Jan
Feb
Mar
23
Feb
71%
66
*
6
Feb
Jan
Jan
*
*
16
19%
Jan
61%
Lamson & Sessions
100
Apr
5
Kelley Isld Lim & Tras
2,400
Feb
99
Jan
110
47
7%
104%
Jan
14H
Mar
*
18X
24
107 %
Interlake Steamship
High
Low
40
Jan
Mar
42
Jaeger Machine
Par
Price
Mar
Mar
60
104
--*
11H
13
13
-
pref *
-
108
68 H
*
Hanna (M A) $5 cum
14
18%
64 H
*
Great Lakes Towg pref. 100
99
18 %
66 X
100
100
*
100
Foote-Burt
40
22
Greif Bros Cooperage A—*
Sales
Week's Range
11936
High
Low
13 X
Cleve Elec 111 $4.60 pref--*
Faultless Rubber
both inclusive, compiled from official sales-lists
Last
Range Since Jan.
for
Week
Shares
23 X
*
Cliffs Corp vtc—
Dow Chemical pref
Friday
of Prices
High
Low
Price
Airway Elec Appl pref.-100
Allen Industries Inc
1
37%
5K
50
Week's Range
Last
Par
lists
Sales
Friday
37 X
1,900
A. T. A T. CLEV. 595
Telephone CHerry 5050
19 X
5
Exchange
Feb
•
32 H
Feb
GILLISlTJWOODdbt
18%
BX
Feb
Members Cleveland Stock
Stocks—
32 X
Jan
1,300
Ohio Listed and Unlisted Securities
Jan
Vortex Cup Co—
*
Class A
*
Wahl Co com..
—*
Walgreen Co common
*
Willlams-Oil-OMstic com*
10
18%
14X
7
Exchange—See page 2305.
Cincinnati Stock
Jan
4X
Common
Jan
12X
Feb
IX
2%
IX
40"
14%
12
Feb
2X
Viking Pump Co—
—*
*
Jan
200
*
Jan
23
IX
14%
5
Feb
30 X
*
*
Feb
Feb
Warner Bros Pictures
Jan
21X
2X
13
11%
Feb
12X
28X
31
Product com.*
Jan
100
Mar
330
22
16X
Apr
2,800
13%
Tide Water Assoc Oil
Mar
Jan
55
4X
43%
18
Mar
108
Standard Dredge—
Common
Jan
18
Mar
52
101
5%
30%
11X
12X
Apr
Jan
90
12
100
400
Jan
Feb
79%
20
91
101
7 X
44 X
U X
Feb
109
27
lol"
Mar
Jan
IX
90
52
Feb
7%
Mar
200
109
Preferred
SIvyer Steel Castings com *
Sou'west G & E 7% pfd 100
12%
3X
2 X
12X
7%
Jan
*
America
Feb
—
177 %
Jan
Feb
56
118
30
Jan
3%
Feb
118
-—------*
100
157 X
100
Jan
3X
4
4X
of Nor 111—
218
5
7X
-*
21X
310
Feb
165K
42 X
5
*
•.
Jan
5
Montgomery Ward
Mar
Jan
15c
162
Jan
41
1.40
Feb
*
Feb
Feb
Feb
6c
100
iox
17
1.00
1,000
9,000
Unlisted—
American Tel & Tel
20
37
19,000
7c
4
4
1
Jan
50
3X
1.20
7c
Jan
1,550
/
Feb
1.15
10c
1
Calumet Gold
9
Mar
Jan
17%
100
59c
7X
2X
19%
37X
Mar
14%
Jan
3
Quaker Oats Co—
Feb
53c
Zenda Gold
2%
*
Feb
34
14X
Cardinal Gold
4
—100
Feb
iox
Jan
10
Feb
2%
——*
-.*
9H
Jan
28
Mining—
60
23
23
"2
20
Jan
100
32
Apr
10%
Black Mam Cons Min-.10c
Feb
1%
35
Jan
1,350
Mar
42
Jan
Jan
Mar
3X
250
9X
Feb
12
Jan
Apr
8%
Feb
4%
BX
5,700
9%
14
14%
9X
Mar
404
15%
12 X
BX
200
iox
Cities Service
14
Mar
15X
10
Northwest Util—
7% preferred
100
Oshkosh Overall Co com..*
Parker Pen Co com---—10
Peabody Coal cl B com--*
Penn Gas 4 Elec com
*
Perfect Circle (The) Co—*
Pines Wlnterfront com—5
Potter Co (The) com
*
Jan
15
Jan
11%
24X
7X
13%
38H
IX
150
5,000
Bakeries._*
Weber Showcase & F pref *
Wellington Oil Co
1
Western Air Express-a
1
Western Pipe & Steel
10
1,050
200
Mar
Van de Kamps
2,750
1,100
28%
Universal Cons Oil Co.—10
03%
2%
IX
32
5
Jan
Jan
Mar
IX
31H
23 %
Jan
1BX
31X
Feb
45,000
52
25H
Feb
14%
150
27 X
iox
Jan
Jan
26 X
Jan
Jan
17
Apr
22
*
Alaska Juneau Gold
8
15
200
Apr
%
25
B common
So Calif Edison Co.
Jan
7X
50
Mar
42
23 X
15%
11
40 X
1BX
19%
25
29
80
400
Mar
Union Oil of Calif
110
1,000
17 X
19
Union Bank & Tr Co
150
8
Jan
17 X
Jan
Jan
400
15
Security-First Nat Bank.20
Shell Union Oil Corp
*
60
Feb
15X
14
54
Jan
55
29
7X
14%
Jan
50 %
11%
22
61X
45
900
Jan
14H
2
2
598
54%
Jan
29
15 H
51
53
*
50
Jan
22
22
50
Standard Oil of Calif
3%
IX
pref--*
Modlne Mfg com
—*
Monroe Chem Co com—*
Preferred
*
Muskegon Motor Spec A.*
Nachman Springfield com *
National Battery Co pref-*
Natl Gypsum cl A com. .5
National Leather com-—10
National Pressure Cooker 2
National Rep Invest Trust
Cumul conv pref.-----*
National Standard com..*
Nat'l Union Radio com—1
Noblitt-Sparks Ind com--*
North Amer Car com
*
Northwest Bancorp com..*
Northwest Eng Co com--*
Bolsa Chica Oil A
Jan
Int..*
Sec Co Units of Ben
Southern Pacific Co
3H
Miller & Hart conv
Stocks—
Jan
Feb
43c
13%
400
Mar
Mar
100
100
Bandini Petroleum Co
Jan
Feb
2%
*
10
4X
Jan
IX
Feb
X
3%
Jan
X
1
Feb
7%
Midland Util—
Los
5
Signal Oil & Gas A com,.
purchase warrants
Midland United Co—
Stock
Mar. 28 to Apr. 3,
600
10
Prods
Preferred D
Samson Corp
—-—1
Corp cap---5
—
Jan
Feb
4
Jan
2X
11%
116 X
57 Xc 57 Xc
1
Pacific Finance Corp
Pacific
'
Mfg A-—*
Jan
Jan
Jan
3X
—*
Pacific Clay
Feb
Mar
7X
111
2X
B%
Dev-1
-5
Oceanic Oil Co
500
72 X
*
A
B-l
Mt Diablo OH M &
8c
12,850
8X
8%
111X 113
3X
3%
pflOO
Los Ang Gas & El 6%
Nor don Corp
42
Feb
14C
Lincoln Petroleum Corp.-l
Jan
170
23
'
Jan
79
74
70
23
12
67 Xc 72 %c
10c
Jade Oil Co
30
600
Feb
Holly Develop Co
50
32
31
iox
iso
3H
2X
2
Jan
Mar
54
1.400
79 X
91
79
z91
6X
40
95
11
Feb
Common
Mar
24%
1.10
ox
Preferred
1.10
21%
97 Xc
10X
Convertible pref
Jan
*
Jan
Jan
Util & Ind Corp
46C
Hancock Oil A com
General Motors
Mar
Feb
Utah Radio
Apr
15,800
32
5
Common v t c
18%
24 %
1,200
10
Raytheon Mfg
3,900
Jan
37 X
7
20
—
13%
30%
Feb
Jan
36 %
580
Preferred
Jan
23 X
*
350
7% preferred
8%
100
Goodyear T & Rub
5%
Common--
400
28 %
Mar
10X
Common.
11X
28%
Apr
Mar
42 X
Public Service
Mar
70
5X
Process Corp com
Apr
19X
40
10X
Prima Co com
69%
Jan
24
5%
6% preferred A
7% preferred A
Jan
Jan
10%
6% prior lien
7% prior lien
X
11%
Jan
42 %
preferred A
54
100
Feb
6%
Loudon Packing com—
Conv
400
18
43
37X
iox
Jan
69%
18
18%
Feb
430
66 %
33
-*
10
Middle West
440
1,070
--10
Refining Co com-*
Common-.
Feb
12
430
6,800
90
Preferred
McCord Rad &
67 Xc
23H
67 X
10 %
$3H preferred
Feb
37 %
—
Lindsay Light com
20c
40
*
*
preferred
14%
64
Mar
Feb
Mar
2,200
39
500
19%
20%
11,500
22 X
250
Feb
Jan
65c
430
,
Common
Feb
15
20 X
67
Libby McNeil & Libby—10
Lincoln Printing Co—
5%
Jan
3%
Jan
55c
22 X
"§!"
Mar
32 %
18%
5
1
40
79
Feb
15%
Apr
101
Feb
Corp..-10
Gladding-McBean & Co.-*
Globe Gr & Mill Co
25
37
16%
Jan
1,100
700
66
25
12%
Apr
12
800
*
Preferred--
90
66
"26"
12%
400
30 X
Feb
Mar
2,200
14%
12
Feb
Jan
Feb
27%
50
28X
7,450
t
]
Leath&Co—
5
Chrysler Corp
200
101
27.%
22
95%
30
27 X
27 X
100
32
11%
Wire com. *
Kingsbury Brew Co cap—1
LaSalle Ext Unlv com—5
Lawbeck C 6% cum pfd 100
Lion OH
10c
8c
17c
27 X
Keystone Stl &
Cum
Mar
33
10c
~29%
50
100
pref
25
Buckeye Union Oil com.-l
Common vtc
1
9
100
6% preferred
Jan
Mar
~12H
Ken-Rad T & Lamp com A *
Ky Util Jr cum
Jan
39 X
18
High
Low
Shares
High
Low
13
9X
Co com
Preferred
8X
22X
2,600
3,450
Jan
Week
29
32
;.l
Swltchbd com..10
Katz Drug
22%
750
37 X
18
37
*
Class B
*
Goldblatt Bros Ino com—*
Great Lakes D & D com— *
Hall Printing Co com
*
Harnlschfeger Corp com_10
Hellemen Brew Co G cap.l
Horders Inc com
*
Houdallle-Hershey cl B__*
Illinois Brick Co
25
111 North Util Co oref-.lOO
Indep Pneum Tool vtc—*
Iron Fireman Mfg v t c —*
Jefferson Elec Co com—*
Jarvis (W B) Co cap
1
Kalamazoo Stove com—*
Class A—
for
of Prices
Price
Par
(Concluded)
Week's Range
Sale
Shares
1936
Range Since Jan. 1
Last
Range Since Jan. 1 1936
for
Low
Price
Par
Sales
Friday
Sales
Friday
Last
2295
Chronicle
Financial
Volume 142
Jan
14
Jan
26
Apr
Mar
Feb
Mar
4H
Jan
10
Jan
12H
Feb
21H
Jan
27H
Mar
3H
2296
Financial
Friday
Par
Week's Range
for
Sale
(Concluded)
of Prices
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
High
Met Pav Brk
cum
554
17
554
4
554
*
12
12
20
19
21
25
15
100
12
*
Mar
12
1,380
Mar
17)4
Jan
7
Feb
Jan
15
Mar
5)4
77
Jan
1854
26
Feb
Jan
Jan
Penna Salt Manufact...50
2)4
3)4
100
454
Feb
200
2)4
2)4
Mar
3)4
Mar
4)4
Feb
Phila Elec of Pa $5 pref...*
Phila Elec Pow pref
25
Phila Insulated Wire
*
"II 4k
2)4
Mar
Phila Rapid Transit
50
"ioy8
1254
100
12
Mar
2)4
•
25
Feb
85
85
1
Philadelphia Traction...50
Jan
83
Jan
9
9
75
Jan
1054
Jan
10)4
15
10
Jan
12
Mar
174
17
Jan
18
Feb
30
70
Jan
83
Feb
'
Exchange
Union Traction.
Union Corp com.
Par
City Brew com
Baldwin Rubber A
Price
*
Capital City Prod
Low
*
1
com
com. 10
3
10
"3 X
*
Fed Motor Truck
com
*
....
com
1954
2)4
2)4
22)4
254
2)4
654
754
*
*
*
10
com
*
com
5
Murray Corp
com
10
Packard Motors
Parke-Davis
Parker-Rust-Proof
Pfeiffer Brew
1
106
10 54
9)4
11)4
100
8)4
*
Warner Air Corp
Wolverine Brew com
{
3
.1
2
2)4
1)4
1
1)4
Jan
47)4
Mar
Mar
1954
Feb
330
15)4
10854
110
216
754
Jan
8
854
19
20
Feb
Feb
Mar
Jan
Feb
Apr
113
Jan
10
$45,000
110)4 110)4
Feb
Apr
Jan
200
110)4
2,000 101.24
101.24 101.24
20
BLDG.,
Feb
Mar
113
PITTSBURGH, PA.
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
to
Apr. 3, both inclusive, compiled from official sales lists
4)4
Jan
Friday
6)4
Jan
Mar
L
101.24
Mar
Mar
New York Curb Exchange (Associate)
Oourt-6800
Apr
Last
Week's Range
for
Jan
Sale
of Prices
Week
Stocks—
Par
18)4
Jan
Apr
12
Mar
Price
Sales
Low
High
Arkansas Nat Gas com...*
Preferred
100
Blaw-Knox Co
*
6)4
854
3)4
Jan
10 X
Feb
5)4
2)4
5)4
13)4
Jan
Range Since Jan. 1 1936
Shares
Feb
Apr
Consol Ice Co
2,876
Jan
432
11
Jan
525
27
Jan
1,368
15
Jan
1954
23
2,042
22)4
100
2,010
Mar
Mar
6
Low
1,625
404
3)4
17)4
Mar
Feb
Mar
8)4
Mar
3,325
,316
Jan
Jan
Devonian Oil
10
Fort Pittsburgh Brew
Feb
Lone Star Gas Co
Feb
654
Feb
Mesta Machine Co
5
Mountain Fuel Supply
Natl Fireproofing com...*
37)4
Mar
21)4
22)4
1254
Mar
Jan
Apr
50
Jan
450
32
Feb
830
872
654
2,606
5,942
6
15)4
17)4
6)4
43)4
2554
1654
5,464
Jan
Jan
Feb
Feb
28 X
Apr
Jan
18)4
8)4
Mar
Mar
Jan
Jan
2754
155
1754
1,938
_.*
Preferred
Penn Fed Corp pref
106
10
20,672
High
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.*
Pittsburgh Steel & Fdry..*
Feb
Plymouth Oil Co
Jan
Renner Co
29
Feb
San Toy Mining Co
17)4
Feb
106
Jan
Mar
1154
12)4
200
754
Jan
6)4
Jan
254
,S16
"16
Jan
9)4
3)4
Jan
3
Mar
Jan
1)4
Mar
2,835
Mar
Apr
Jan
'9
Mar
Jan
20
Feb
Mar
914
14
Jan
985
16)4
754
15)4
1)4
Feb
154
Jan
265
31
Jan
97
Jan
4154
106)4
14)4
4954
754
Mar
140
Jan
Mar
Mar
13)4
1,956
10
Jan
361
41
Jan
654
1,024
Jan
1)4
2
4 54
5)4
2,168
14)4
14)4
354
26)4
441
26
Jan
153
98)4
Jan
9)4
Mar
128
4
2c
700
3c
•
Jan
1
15
Feb
Mar
14)4
4
Feb
Mar
136
Apr
Jan
11)4
5
Feb
Mar
16)4
Jan
Jan
Feb
Mar
26)4
Jan
1354
200
1)4
20
18)4
3
265
Mar
Mar
554
Jan
100
16 X
1
5
Jan
254
Feb
2
Jan
11)4
380
954
4
15)4
.1
26
174
136
9)4
Mar
1)4
Feb
11)4
4954
50c
20
40
6)4
522
Feb
Jan
13
4)4
2
Jan
48)4
9)4
Mar
90
171
Apr
6)4
136
Jan
Jan
2054
50c
485
354
6
Mar
500
11)4
25
454
Jan
13)4
5
Jan
1)4
20
Mar
5
8,000
9,193
24
24
225
22
Jan
26
Jan
36 54
34
Shamrock Oil & Gas ...__*
Standard Steel Spring
*
3 9 54
2,249
30
Jan
40
Mar
34)4
190
31
75c
600
60c
Jan
90c
Jan
170
34)4
Jan
Mar
216
97
Jan
47)4
12154
110
101
454
3854
*
Victor Brewing Co
1
Westinghouse Airbrake..*
Westinghse Elec & Mfg.50
Mar
Feb
5
20
....1
United Engine & Fdry
Vanadium Alloy Steel
38)4
7)4
160
2c
Mar
3)4
"_70c
70c
42)4
4454
11454 120)4
4c
Jan
Jan
5)4
Jan
Apr
1,615
5,265
8,380
4,301
Jan
Jan
4954
..*
7)4
Feb
704
1)4
154
40)4
4154
10354 104
104
100
Preferred
7
Jan
7)4
15)4
2)4
34
Pittsburgh Brewing Co...*
Jan
12)4
103)4
554
354
19)4
11)4
100
Mar
25
50c
Feb
Mar
4)4
5)4
5)4
560
33
1
Feb
'
20
Harb-Walker Refrac com.*
6)4
5
50c
Duquesne Brewing Co.-.5
Follansbee Bros pref
100
19)4
154
115
18)4
1954
3)4
5)4
2054
33 X
250
9
1754
50"
Koppers G & Coke pref. 100
154
554
35)4
1954
25
Feb
Feb
Mar
25
Jan
17)4
1154
1154
9)4
354
254
1)4
3354
7)4
5)4
454
Clark (D L) Candy Co...*
Columbia Gas & Elec Co.*
14
8
3354
6)4
29)4
18)4
6)4
*
com
3
Mar
854
18)4
1554
3154
754
Allegheny Steel
Ruud Mfg Co
*
Feb
43 )4
6,256
100
15)4
1
15
6)4
5)4
100
9)4
309
1654
109)4 110)4
45)4
16
Carnegie Metals Co
160
com
Feb
45 54
7
4554
Apr
1754
Preferred
1)4
8)4
34)4
1754
7)4
United Shirt Dist com
U S Radiator pref
Universal Cooler B
8,116
1,502
1
70
*
2754
15)4
Jan
8)4
7)4
7
Jan
1,716
10
l'
Jan
28 H
10
Mar
38)4
5454
2554
Scotten-Dillon com
Timken-Detroit com
Feb
30)4
Jan
4,381
com..*
5
122
Jan
24
821
*
Feb
7X
300
10,997
754
..2
75
Jan
Mar
5,457
River Raison Paper
Tivoli Brew
4
Jan
11)4
4454
com
Mar. 28
Feb
Feb
2054
Reo Motor Car com...
Rickel (HW)___
Jan
Jan
Pittsburgh Stock Exchange
Jan
Feb
4)4
152)4
54
2054
11)4
*
25
Jan
Jan
9)4
1954
11)4
43)4
*
com
Feb
1,525
20
& Co
17)4
Jan
Mar
854
554
17)4
1)4
554
35)4
Mar
'
18)4
14)4
13)4
Lakey Fdry & Mach com.l
1854
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
Mar
12
7
10
Jan
Jan
Mar
Apr
100
9,997
17)4
22)4
Feb
10
9)4
3)4
28 X
Jan
Jan
3,185
8)4
2)4
9
*
24)4
23)4
3)4
7)4
Mar
Apr
Jan
3X
*
14
Feb
2)4
2)4
754
8)4
40
9,245
70
Houdaille-Hershey B
Motor Wheel
200
10
3)4
/ Pittsburgh Stock Exchange
Feb
3)4
Mar
128
1,764
Hudson Motor Car
Kresge (S S) com
com
148
11)4
30)4
Hall Lamp com
*
Home Dairy class A
*
Hoover Steel Ball com.-.10
Preferred
318
1,090
66)4
.....
com.l
McAleer Mfg com
Mich Steel Tube com
100
30 X
1
Graham-Paige Mtrs
900
1,320
10 X
ny8
*
10
20)4
3)4
2)4
17)4
*
Gemmer Mfg A..
General Motors com
20
2%
5%
9)4
8)4
"io"
Tel
High
Jan
1)4
1154
no
22 U
2354
3)4
3)4
146)4 147
*
com
11,076
25,656
14
7
Mar
Jan
*16
54
354
654
8)4
7)4
UNION BANK
120
20)4
7
1
B
Low
20 H
*
Dolphin Paint A
Shares
12
3)4
100
*
Range Since Jan. 1 1936
20 X
'mi
Mar
150
*
Afomhor.
Members
for
3)4
12
Jan
H. S. EDWARDS & CO.
Week
High
254
13 X
Continental Motors com..*
Crowley Milner com
*
Deisel-Wemm-Gil com..10
Detroit Forging com
Det Mich Stove com
Det Paper Prod com
Range
of Prices
12)4
1654
Mar
Jan
X
36
X
*
Mar
Jan
57
12
,■
Jan
23
3 2:117)4
157
29)4
1
U S Treasury
2)4-.1955-60
Sales
Week's
75
El & Peoples tr ctfs 4s.
1945
Detroit Stock Exchange
Sale
102
119
35
Phila Elec (Pa) 1st 5s. 1966
Apr. 3, both inclusive, compiled from official sales lists
Last
519
Feb
Feb
Feb
Bonds—
Randolph 5530
Friday
2,310
9
75
50
Westmoreland Coal
Exchange
Feb
13
119
Preferred
*
United Gas Improv com..*
Preferred
*
DETROIT
-
24)4
*
Series A 7% pref.
100
Tacony-Palmyra Bridge. .*
Tonopah-Belmont Devel.l
Tonopah Mining
1
,
Building
Telephone
...1
...
New York Curb (Associate)
Detroit Stock
60
Scott Paper
2154
889
Jan
1754
20
2354
Phila & Rd Coal & Iron..*
8)4
81
Mar
10)4
Feb
55
10)4
116)4
35)4
910
68
15
17
Mar
Jan
1854
56)4
12
81
130
Mar
33)4
174
10)4
12)4
8)4
2)4
10 X
1754
Feb
318
1,490
25 X
Jan
Corp
39
18
27
Jan
Salt Dome Oil
Jan
Jan
15
Mar
Feb
554
3)4
254
15
23
Mar
Mar
3154
113)4
112)4
2)4
8)4
2)4
254
Jan
105
355
83
4,396
1,777
8)4
8
14)4
554
23
15
Members
Auto
454
22
64)4
7% preferred
Voting trust ctfs
Jan
Feb
35)4
2454
9)4
Jan
9)4
34
15
185
54
154
411
34)4
126)4 127)4
11454 115)4
3454
High
1,014
1,837
32)4
24
63 X
*
New York Stock
50
63)4
*
.
2)4
Mar
8)4
Low
654
9)4
...50
2)4
Jan
Watling, Lerchen & Hayes
Federal Mogul
454
34)4
254
*
Det & Cleve Nav com
Detroit Edison com
*
7 X
Weinberger Drug Inc
*
West Res Inv
6%pr preflOO
Motor Prod
PennroadCorp vtc
Pennsylvania RR
5
100
Range Since Jan. 1 1936
Shares
1154
11X
4)4
440
*
Consolidated Paper
*
for
Week
6
554
554
25
754
Union Metal Mfg
Vlchek Tool
Mich Sugar
Preferred
7)4
Seiberling Rub 8%cmpfl00
Truscon Steel 7% pref..l00
Goebel Brew
Mitten Bank Sec Corp..25
Natl Power & Light
*
_
Stocks—
High
50
Patterson-Sargent
I
Low
7
Richman Bros..,
to
Price
754
Ohio Confection class A..*
Packer Corp
*
Mar. 28
Par
*
_
National Tile
National Tool
Nestle LeMur cum cl A
Buhl
(Concluded)
of Prices
1
17
7%ptl00
Murray-Ohio Mfg
National Refining.
Stocks
Week's Range
Sale
.
*
Sales
Last
■
1
Miller Whoesale Drug
Friday
Week
1
Medusa-Portland Cement
April 4 1936
Sales
Last
Stocks
Chronicle
Jan
35
Feb
Mar
Unlisted—
Lone Star Gas 6% pref. 100
Pennroad Corp vtc
*
>
Established 1874
DeHaven & Towns end
104)4 105
454
554
220
Jan
Jan
106)4
554
Jan
3)4
107
Mar
Feb
Bonds—
Pittsburgh Brew 6s.-.1949
Members
107
107
$1,000
107
Jan
New York Stock Exchange
Philadelphia Stock Exchange
PHILADELPHIA
Mar. 28
30 Broad Street
I. M.SIMON &CO.
Business Established 1874
Philadelphia Stock Exchange
to
Enquiries Invited on all
Mid-Western and Southern Securities
Apr. 3, both inclusive, compiled from official sales lists
Friday
Par
American Stores
Week's Range
for
Sale
Stocks-
of Prices
Bell Tel Co of Pa pref.
Budd (E G) Mfg Co
Preferred
Price
30 H
100
165)4
*
_
454
100
123)4
*
14
100
Rights
""4)4
Budd Wheel Co.
*
Chrysler Corp
5
"ioo""
Curtis Pub Co common. _*
Preferred
*
Electric Storage Battery 100
General Asphalt
10
General Motors
10
Horn & Hard (N Y) com.*
Lehigh Coal & Navigatn..*
Lehigh Valley..
footnnteo
50
see
Da»p
New York Stock Exchange
St. Louis Stock Exchange
Week
*
American Tel & Tel
Baldwin Locomotive
MEMBERS
Sales
Last
For
ST. LOUIS MARKETS
NEW YORK
1416 Walnut Street
Low
High
30)4
3154
16154 166)4
5
454
122
12354
12
14)4
9554 112
3)4
4)4
11)4
12)4
9454 10054
21)4
23)4
100)4 100)4
49)4
4854
32
"69)4
50)4
32)4
"6k"
12)4
2297
6554
70
31 %
31)4
9)4
12)4
854
1154
Range Since Jan. 1 1936
Shares
Low
455
2954
603
15554
4)4
119)4
9)4
85)4
2)4
11)4
357
441
2,453
92
3,391
592
High
Mar
36
315 North Fourth
177)4
125)4
15)4
Mar
Jan
112
(Associate)
of
Trade
St., St. Louis, Mo.
Feb
Jan
Curb
Board
Feb
654
York
Chicago
Telephone Central 3350
Jan
Jan
Jan
New
Jan
Jan
Mar
Mar
Apr
St. Louis Stock
Mar. 28
to
Exchange
Apr. 3, both inclusive, compiled from official sales
lists
554
Mar
14)4
Mar
Friday
Sales
776
86
JaD
Mar
Last
372
19
Mar
22)4
Jan
Week's Range
for
Sale
Mar
of Prices
Week
103)4
Feb
Mar
Jan
5554
34)4
Mar
American Inv A
50
758
50
3,302
4854
22)4
54
101
Jan
Stocks—
Par
A S Aloe Co com
20
70
Apr
American Inv B
*
3054
Mar
34
Jan
Brown Shoe
*
747
654
854
Jan
Burkart Mfg pref
Jan
379
Jan
1154
14)4
Feb
Century Electric Co
Low
High
27
21
59)4
27)4
29
Jan
25
com
Price
20
59)4
Range Since Jan. 1 1936
Shares
Low
High
20
27
Mar
29
170
27
Feb
30
Mar
21
118
13)4
Jan
Mar
Mar
28)4
64)4
27)4
Apr
59)4
10
57)4
*
62
62
15
48 54
J an
77
100
Feb
40
41
13
35
Jan
41
Mar
Feb
I
Financial
Volume 142
Last
Par
Coca-Cola Bottling com_.l
Dr Pepper com
—*
Week's"Range
of Prices
Week
Price
65
.42 %
1
com
Hyde Park Brew
"m
High
65
42
Common
10
Jan
30%
Feb
7%
18
Feb
Feb
11%
Mar
Huttlg S & D com
*
Hydraulic Pr Brick pref 100
~7~~
100
Jan
7%
Mar
Jan
9
Mar
Jan
1%
Feb
47%
Jan
53%
Mar
Jan
Jan
Feb
Mar
17%
14%
12%
30%
Feb
915
7%
100
7
8
321
75c
18
50c
213
51%
51
15
Jan
Apr
9%
6%
1,165
51%
*
4%
17
255
15
15
65
11%
Key Boiler Equlpt com.*
11%
12
210
Knapp Monarch
10
10
10
8%
9%
335
24%
Johnson-S-S Shoe
Laclede Steel
com
*
20
com
com
24%
25%
27
27
13%
25%
13%
11%
12
105
42%
118
Apr
6%
17%
11%
9%
*
of Prices
Low
High
Price
20%
S J L & Pwr
Jan
Jan
117
11%
9%
150
65
Par
Week's Range
*
5%
*
Rainier Pulp & Paper B—*
Safeway Stores
*
75C
9%
com„
520
42%
Socks (Concluded)
High
57
7%
*
Common
Low
10
117
6%
Range Si,nce Jan. 1 1936
Shares
65
17
com
Hussmann-Ligonier pref—*
International Shoe
Low
117
Ely & Walk D Gd 1st pf 100
Falstaff Brew
Last
Sale
for
Sale
Sales
Friday
Sales
Friday
Stocks (Concluded)
2297
Chronicle
10
Apr
Mar
Mar
Ry Equip & Rlty com
Meyer Blanke
25
com
*
com
Mo Portld Cement com.25
National Candy com
Rice-Stlx Dry G 1st pf_100
2nd preferred
Common
"n%
85%
86
33%
2nd preferred
Feb
Feb
Shell Union Oil
Common
25
Securities Inv
Mar
119
Jan
104
Jan
112
Feb
17%
1,325
16%
115
100
115
58%
36%
449
1,633
2%
2%
355
Wagner Electric
15
com
6%
45%
3,614
17%
18%
104% 104%
13%
14
77
101
Jan
46,666
12
Jan
23%
Jan
106% Mar
14% Feb
28% Feb
10
Jan
16% Mar
44%
Jan
Feb
25
26%
_
Jan
Union Sugar Co com
25
15
16
Jan
Universal Consol OH
10
14%
15%
102
Mar
110
100
..100
6% preferred.
Transamerica Corp
14%
Apr
53
1
52
Feb
53
Mar
6
40
Mar
40
Jan
Jaa
47%
Fet)
19
Feb
14
4
Mar
5
Mar
3%
Mar
Jan
15%
Mar
325
Mar
Feb
2%
435
40
Jan
301
20
32%
40
7%
Mar
4%
31%
Yellow Checker Cab A..50
40
2,614
1,440
2,076
325
325
Wells Fargo Bk & U Tr. 100
Western Pipe & Steel Co. 10
53
50
124% 125
77
10%
200
32%
33%
369
30%
33
33
Jan
Jan
Mar
Jan
100
30
.1934
40
296
27%
14
117%
9%
Tide Water Asad Oil com.*
8%
15c
10%
Apr
Mar
1%
38%
20c
53
Feb
123
Mar
Mar
Jan
34%
33
33
33
$4,000
5,000
1,000
Feb
22
Jan
37
28%
Jan
Jan
34
26%
23%
10
Jan
Jan
34%
41%
Feb
Mar
y
P-TkSB
r.c"pi?3
T
>
SAN FRANCISCO
Z
u
MSTSI t>
".rjluBJlI
z
Jan
MONTGOMERY STREET
133
n
o
Mar
SIRASSBURGER & CO.
n
x
i
Feb
35%
27
1,107
STOCK.
Apr
127%
10%
Jan
9%
29%
Jan
k
tUnited Railways 4s
United Ry 4s ctfs
9
200
120
Feb
Mar
>
1941
2%
Jan
1%
8%
Standard Oil Co of Calif—*
Bonds—
tScullin Steel 6s
Jan
Apr
Feb
1%
13%
5
9%
"~33%
3%
8
Spring Valley Water Co..*
Jan
101
53
125
Mar
2%
1%
*
B
Feb
58%
38%
23 %
*
Feb
116
Jan
Jan
42%
So Pac Golden Gate A
19
Jan
58%
34%
10
Feb
Apr
4%
*
com
Jan
15%
115
15
6
100
14
114
2
Southwest Bell Tel pfd.100
Stlx, Baer & Fuller com..*
Feb
113
*
com.
Preferred
Soundview Pulp Co
Southern Pacific Co
40
Scullin Steel pref
35
5
114
28
5
20c
100
Feb
Feb
Mar
31%
25
113
Apr
375
20c
87
35
104% 104%
7% pr pref-100
6% prior pref
100
53
*
200
Jan
Jan
Jan
Feb
100
Scruggs-V-B D G 1st pf 100
Feb
Jan
30
,200
33%
High
24
17%
80%
105
32
13%
12
8%
315
32
21
114
11%
8%
com
5
114
12
100
St Louis Pub Serv
25
Low
Shares
20%
Union Oil Co of Calif
Landis Machine
Range Since Jan. 1 1936
for
Week
{Since 1880)
PI
Members: New York Stock Exchange—San Francisco Stock
*I*BTCBB
MEMBERS
<3
Curb
Francisco
Exchange—San
Mar
Board of Trade—New York Curb
Exchange—Chicago
Exchange (Associate)
Direct Private Wire
Members
New
Dean Witter & Co.
Municipal and Corporation Bonda
PRIVATE
York
Stock
Exchange
San Francisco StockExchange
San Francisco CurbExchange
Chicago
Chicago
LEASED WIRES
Board
Stock
Trade
Exchange
Last
Week's Range
for
Sale
of Prices
Low
High
Week
Commodity
Honolulu
Fresno
Exchange, Inc.
Exchange
Stock
Par
Stocks-
Alleghany Corp
Exchange
Sale
Par
Stocks—
Price
Week's
Range
of Prices
Low
Higli
2
for
Range Since Jan. 1 1936
Low
15
145
14%
Anglo Cal Nat Bk of S F-20
Assoc Insur Fund Inc—10
22
22%
500
17
13%
7%
100
189
Byron Jackson Co
*
13%
33%
5
1,075
33%
2,393
Jan
7%
17%
22%
5%
Jan
1
Bendix Aviation
Feb
Bunker Hill &
Jan
8%
4%
9%
"80%
Aor
Jan
85
1.20
1,000
3,119
1
Feb
1.35
Jan
3
Jan
7%
Feb
700
65c
Jan
Jan
1%
15%
9%
Feb
Mar
*
Curtiss-Wright
*
Mar
Feb
86
Mar
Jan
45
Mar
49
49
228
1%
47%
34
34
964
33
Jan
Jan
99%
Jan
55
Jan
25%
32%
1%
51
37%
103
75%
Feb
Feb
Mar
2
Crown Will pref
*
Crown Zellerbach v t c—*
Preferred A
*
Preferred B
*
Di
Giorgio Fruit com
S3 preferred
Eldorado Oil Works
10
100
*
Emporium Capwell Corp.*
Emsco Derrick & Equip..5
Fireman's Fund Insur—25
Foster & Kleiser com
10
7
1,445
10
1,115
60
6,147
101
29%
103
7%
General Electric.
42%
27% 27%
15%
16%
18% 20%
102% 104
4
4%
3,527
3,874
255
270
35
3%
32%
23%
14
44
44
20
66
70
1,506
36%
36%
9%
376
3%
43%
54%
33%
725
10
767
9
Golden State Co Ltd
*
Hale Bros Stores Inc
*
16
Hancock Oil Co
*
16%
23%
27%
9%
22%
Apr
1.15
Mar
8%
180
4%
Jan
10%
Mar
Apr
Mar
Jan
Jan
Feb
20%
Apr
Feb
Feb
Jan
4%
Jan
Feb
48%
70
Jan
Apr
5%
Jan
Jan
Jan
9%
Mar
ilH
*
Marchant Cal Mch com. 10
Natl Automotive Fibres..*
Natomas Co
2%
3
871
2%
50
104%
11%
16%
11%
16%
82
North Amer Oil Cons—10
17
17%
111
16
17,385
1,170
82
*
2,000
10c
Mar
14c
Apr
2.40 Mar
2.40
Mar
566
30
~2~632
Mar
Jan
Jan
Jan
13
Jan
33%
11%
Jan
9
68%
15%
Mar
16%
5%
33
11%
116%
3%
17
107%
20%
47%
13
OliverUntted Filtrs B
*
Pacifio American Fish
*
6% 1st pref.
5%% pref
25
25
Pacific Lighting com
*
6% preferred
*
Pac Pub Ser (non-vot) com • *
(Non-voting)
pref
-*
Pacific Tel & Tel com..100
Paraffine Co's com
Pig'n Whistle pref
*
*
10
16%
36
30%
27%
51%
105%
7
11
17%
37%
31%
28%
52%
107%
7%
23% 24%
125% 127%
86% 87%
3%
3%
1,002
435
13c
14c
2.40
100
27c
30c
6,150
13c
Jan
35o
Feb
6
6%
850
2.65'
Jan
6%
Mar
6%
6%
25
6%
Mar
44%
1,430
36%
4.85
4,000
4.10
Jan
*
20%
20%
127
7%
Feb
Jan
20%
10%
Mar
34%
20%
9%
35
10
*
20
North Amer Aviation
60
27%
Jan
35
Mar
27c
3,300
21c
Jan
385
6%
Jan
14
1,145
6%
Jan
12%
11
Jan
14
Jan
100
4%
13%
Jan
18
400
4%
Jan
5% Mar
30% Mar
*
*
-*
Occidental Pete
44
4.75
42
9%
27c
Products
13%
26c
Pioneer Mill
60
80
2,703
3,703
35
530
110
104%
Radio Corp
Republic Pete
Richfield Oil pref
Jan
Riverside Cement A
Feb
Shasta Water
*
Silver King
13
Schumacher Wallbr pref—
Jan
Apr
Apr
*
Mar
Jan
Mar
Mar
Jan
19%
Feb
Jan
Jan
Mar
4%
18%
Jan
79%
2
13%
11%
13%
4%
14%
4%
30%
280
1,340
28
27
Jan
11%
Feb
44c
6%
Apr
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Feb
*
1
*
6%
12%
6%
2
13
526
5,358
3
Jan
500
2
Jan
13%
600
9
Jan
6%
2
14%
6%
2%
13%
Jan
Apr
Jan
Mar
13%
Coalition
13%
17
17%
350
17
Mar
19
Jan
34
33%
34
12%
140
33
Jan
36
|Jan
100
27%
1,072
27%
43%
65%
27%
43%
167
28%
Mar
Jan
100
37
Jan
52%
Feb
65%
10
53%
Jan
43%
Jan
84%
7%
Southern Calif-Edison. .25
5% % preferred
6% preferred
14%
11%
24%
25%
27%
84%
7%
25
Apr
Feb
84%
Apr
100
84%
6%
12%
26%
186
25
25
Jan
Feb
Feb
Mar
Jan
28%
Feb
26%
Mar
Jan
Jan
119
13
11%
Pacific Eastern Corp
Jan
16%
Mar
29%
26%
Feb
Jan
86
Mar
848
Feb
4.75
-
Jan
Jan
10
31
75o
6%
44%
6%
Feb
Jan
15%
3,147
2,915
1,301
22o / Jan
Jan
Jan
5
Montgomery-Ward
*
Mountain City Copper. - *
Sou Pac-Golden Gate pref.
Standard Oil (N J)..
Union Carbide
Pacific G & E common..25
Jan
2.40
Apr
60
100
com
6% preferred.
Feb
3
112
100
No Amer Inv
58o
11
355
45
Jan
200
9
42
15c
30%
8%
111%
16
16%
107% 107%
18% 20%
765
20
Jan
100
30c
10Q
7%
2%
Feb
25o
Jan
Mar
Mar
Apr
Jan
6% preferred
95o
21%
8%
6%
25%
Magnavox Co Ltd
Magnin (I) & Co com
Feb
4%
14%
4%
155
Ang Gas & Elec preflOO
63c
*
2 Pacific-Western Oil--—*
Park-Utah Mines
1
110
Los
'75c
*
3
1
65o
Jan
29
Lockheed Aircraft
69c
Feb
3
Feb
3.90
54
Jan
Feb
Jan
Jan
7%
Mar
1.60
McBryde Sugar
Oahu Sugar—
Feb
Mar
4
2.95
19
3.30
14c
Nash Motors
31%
10%
Mar
3.05
"30c
Jan
Jan
1.45
14
3.15
1
11%
3.15
6,785
2,550
2,489
5,550
10,105
2
38% Mar
10% Feb
4
2
50c
46%
29
Feb
46c
73
*
19%
67
"•48c
13%
Leslie-Calif Salt Co.——*
Jan
Mar
200
Pacific Clay
7%
-
17%
Lucky Tiger Gold
10
MJL&M&MOil
1
2 Menasco Manufacture .*
Lincoln Petroleum
.390
1.85
Jan
20
11%
63
17%
26
300
11
1.85
Packard Motors
5,582
B
3.95
O'Connor Moffatt
9%
Langendorf Utd Bak A—*
1
International Cinema, ill
Internatl Tel & Tel
Apr
30%
90
Feb
Feb
29%
Island Pine Ltd com
8%
20
Honokaa Sugar
18
Honolulu Oil Corp Ltd...*
Hunt Bros A com.
*
Apr
Mar
Jan
23%
27%
51
25%
Mar
Feb
Jan
51
Jan
17
Mar
50c
Jan
10
Mar
25%
39%
21.%
1
14%
Home F & M Ins Co
Jan
Mar
108
1.10
21%
.5
17
39%
8,000
25%
650
Pineapple
50
1.10
2
9
710
1,275
1,282
21%
26%
Hawaiian
24
Mar
22%
16%
112
23
39%
22%
1
22%
Apr
Jan
Jan
Jan
1,125
Mar
Feb
80o
5,385
Mar
Mar
14%
100
18%
8%
47%
30%
99
1
65
*
Italo-Petroleum
1
Preferred
1
2 Kinner Air & Motor—1
Kleiber Motors
10
Jan
Jan
Jan
1
25%
Idaho-Maryland
Feb
4%
18
*
Elec-Chem_20
Preferred
20
Holly Development
1
2
92%
12%
790
65
General Metals
Feb
10%
96%
96%
350
7%
Great West
Feb
Jan
14%
7%
Gladding-McBean
Feb
109
14%
7%
Feb
2
31%
Jan
5%
1%
Jan
106%
435
1,294
16
1.15
Feb
Mar
Jan
Feb
10
Gen Paint Corp A com...*
B common
*
Apr
100%
5
*
*
Elec Bond & Share
Mar
93
Galland Merc Laundry...*
General Motors com
Jan
600
7%
40%
87%
12%
6% pref '27
Cardinal Gold
1
Dumbarton Bridge.—- -10
2
Cst Cos G & E 6% IstpflOO
Cons Chem Indus A
*
Apr
63
7
Mar
Claude Neon Elec Prods. .*
Feb
65
Jan
25
250
9%
82%
23%
4%
650
100% 100%
15
12%
101% 101
30% 31%
>%
105
105%
9%
9%
94%
95%
94% 95%
6
Mar
1
200
5
Jan
85
1%
35
1,325
Mar
Jan
1
35
5
4%
6%
52
Claude Neon Lights
Calif Cotton Mills com. 100
995
815
200
250
Mar
80
Chrysler Corp
Apr
Mar
Mar
83
5
10
*
7%
80%
5
86
Caterpillar Tractor.
Jan
Jan
82
Calif-Ore Pow
Sullivan—10
*
86
102% 102%
72% 75%
18%
4%
47
Jan
Jan
Mar
29
Cities Service
100
*
13
14%
7%
13%
33%
Apr
Feb
29%
6%
California Packing Corp..*
Calif Water Service preflOO
20
Feb
Apr
5%
28
Mar
29
1%
15%
Jan
10% Mar
55
34
Calamba Sugar com
20
Calaveras Cem Co com...*
1%
Apr
29
190
4,730
*
7lc
9,601
4%
7%
Jan
25
Calif Engels Copper
Calif Ink Co A com
Jan
Mar
28
—
Jan
Jan
Jan
22%
7% preferred
Apr
Feb
39o
650
4%
20%
180%
15%
85
.
23%
177%
310
7%
*
Baldwin Locomotive
High
Mar
190
6%
Apr
Jan
30
13
-.3
Aviation Corp
4
530
33
*
5
Corp
High
Apr
1,800
6%
Consolidated Oil
32
Bank of Calif N A
50
268
17%
12%
"l"3%
Atlas Imp Diesel B
Low
3%
23%
157%
37,665
56c
Bancamerica-Blair
15
Atlas Imp Diesel Eng A..5
200
Week
Shares
Alaska-Juneau Gold .—.10
4%
3%
23%
166%
Range Since Jan. 1 1936
Shares
71c
18
66c
Ark Natl Gas A
Atlas
Last
162
*
—5
Anglo-Natl Corp
Argonaut Mining
Sales
Friday
165
1
Amer Toll Bridge
both inclusive, compiled from official sales lists
3%
23%
*
100
Amer Tel & Tel
San Francisco Stock
Price
*
American Radiator
Mar. 28 to Apr. 3,
Sales
Friday
(Asso.)
York Cotton Exchange
New York Coffee t SugarEx.
Oakland
Portland
Seattle
Honolulu
Taooma
Beverly Hills
Stockton
Exchange
Apr. 3, both inclusive, compiled from official sales lists
New
New York
Sacramento
to
of
New York Curb Ex.
Los Angeles
San Francisco
San Francisco Curb
Mar. 28
Jan
Jan
Jan
14%
17%
37%
31%
28%
56%
107%
Jan
Mar
Apr
Feb
Apr
Feb
United Corp
United States Pete
*
United States Steel
100
*
West Coast Life
7%
Feb
Apr
MiUer & Lux ctfs 6s—1945
Feb
Sou Pao-Gold Gate
97%
3%
9%
1,000
25c
Jan
55o
Feb
106
48%
Jan
65%
Feb
18
20
60
15
Jan
9%
9%
240
5
Jan
97%
98%
97%
98%
$5,000
1,000
971
973
Apr
98
Jan
Jan
98%
Apr
9%
Jan
Feb
Jan
24%
130
Feb
41c
65%
18
5
Western Air Express ....
8%
40c
65%
41c
Feb
Mar
Bonds—•
*
No par value,
c
5%s'49
Cash sale, x Ex-divldend. y
Efrights,
x
Listed, t In default.
2298
April 4 1936
Financial Chronicle
Canadian Markets
LISTED AND
Provincial and
Province of Alberta—
Bid
Municipal Issues
Ask
6s
Jan
1
1948
83**
4H8--
Oct
1 1956
80**
85**
82**
Prov of British Columbia—
5s
...July
Province of Ontario—
5**s
Toronto Stock
Rid
Ask
103 % 103 H
Last
Week's Range
for
Oct
1 1942
111*4 112 H
116*4 117 H
Sale
of Prices
Week
97
98**
5s
May
15 1943
1 1959
97
4s
June
1 1962
104 ** 105 **
4**s
Jan
15 1965
109H 110H
Province of Manitoba—
....Sept
Stocks I Concluded)
100
200
198
200
232
Cosmos Imperial
*
21
21
21
31
17**
Jan
22**
Jan
Crow's Nest Coal
116
100
30
30
50
30
Apr
30
Apr
28*4
10,350
25
Mar
34*4
Jan
Province of Quebec—
6*4
16*4
1,310
9*4
280
Consumers Gas
103** 105
6s.
June 15 1954
105** 107
4**s
Mar
2 1950
113
114
Distillers-Seagrams
5s
Dec
107
4s
Feb
1 1958
110
111
Dominion Steel A Coal B 25
4J4s
May
1 1961
112** 113*4
Prov of Saskatchewan—
100*4 101
June 15 1936
Apr
15 I960
4**S--.-.-Apr
15 1961
4*4s
4J4s
111
4**s
May
1 1936
109
110
5s
June
15 1943
99 ** 100 J*
100
98
15 1946
99
4**s
Sept
5-»
Mar
-
11951
94
Nov
5**s
109
I
110
115
15 1952
101
116
4**s
..Oct
.
95**
26
25
15*4
25*4
5*4
15**
*
9*4
9*4
»
Preferred
Dominion Stores.
110
Province of Nova Scotia
High
6*4
Eastern Steel Products...*
11
14
14**
1,270
25*4
24 *4
26*4
9,078
94
94
5
70
71
115
64**
Jan
103
53**
„
-
«.
-
70
*
150
54
54
55
27
27
27
510
2*4
Jan
4
29**
28
29**
45
13
13*4
12*4
13**
49*4
7*4
47**
6
Ask
104
Sept
1 1946
103
106** 107*4
102*4 103**
110
111
5s
Dec
1
4**s
Dec
Iilly
15 1944
101
102
4 **s
July
1 1960
1 14
1148,4
1954
'
*
...
Government Guaranteed
June 15 1955
Bonds
115** 116
Feb
1 1956
113** 113*4
1 1957
111
5s
July
July
1 1969
115*4 116**
5s
Oct
1
1969
6fl
Feb
I
1970
117** 118*4
117*4 118
111**
Ask
Canadian Northern Ry—
6 **s
July
11946
125
125*4
Grand Trunk Pacific Ry—
4s
Jan
1 1962
108
109**
3s
Preferred
I 1962
..Jan
Grand Trunk Ry—
6s
Sept
I 1936
&
98M
102
99*4
102**
Co.
New York Curb {Associate)
Stocks—
Par
for
*
1.80
100
9**
*
4*4
Abitlbl
6% preferred
Alberta Pacific Grain
_-
Preferred
100
Preferred,.
31
2*4"
Jan
6*4
Jan
30
3
Jan
25
Jan
11*4
Jan
15
Jan
105
Mar
55
5
4
12*4
6
39
2*4
189
2**
Mar
145*4
250
141*4
Jan
150
3**
Jan
5
Jan
3*4
30
30**
126
27
Jan
30**
Apr
30*4
400
30
Feb
31*4
Mar
Brazilian-...
*
12**
12
12*4
5,896
9*4
Jan
15*4
Jan
Brewers A Distillers
»
1.15
90c
1.30
7,055
85c
Mar
1.40
Jan
British American Oil
*
25*4
23*4
11*4
Jan
BC Power A
*
32
30
32
565
28*4
Jan
32*4
Mar
Building Products A
*
35
34**
35
290
33
Jan
37**
Jan
43
44
255
37*4
Jan
47*4
Mar
25
4*4
Mar
6
Feb
Mar
*
Bread
4J4
26
4*4
41,293
1st preferred
100
93
93
B preferred
.50
42**
42**
7**
68
68**
105
85
85**
35
Preferred
Canada Packers
"~7**
*
Canada Cement..
6*4
100
.
"85"
"
*
Canada
Steamships
Canada Steamships pf_ Ido
10J*
Canada Wire A Cable A
Canadian Bakeries pref 100
"48**
B
Canadian Locomotive.
3
-
*
Canadian Oil
Preferred-
„
„
„
_
125
^
^
II*
Clerlcy Cons Mines
*
Cockshutt Plow
14 *4
125
100
Canadian Wineries
*
_
.
~25
8*4
Jan
520
34**
12*4
Mar
7 *4
40
Mar
Jan
17*4
Feb
-
•
m
-
35*4
;
3,053
101** 103
85*4
85*4
35*4
33*4
5*4
131
35
166
305
6
97
Jan
Mar
85*4
27*4
Jan
5*4
Apr
Jan
105
Jan
Feb
90**
Mar
39
Feb
7*4
Jan
Feb
Pantepeo Oil......
1
5*4
5,335
3*4
Jan
105
23**
Penmans Limited
5*4
*
Porto Rico pref
*
„
„
„
A....50
Simpsons Ltd A
93
5
15**
16
505
22*4
24*4
30
24 *4
*
St Lawrence Corp
24
93
15**
*
Riverside Silk A
4*4
24
100
30
9**
*
10**
5*4
Mar
27
Jan
Jan
97
Mar
11*4
Jan
18V*
Jan
24*4
Jan
31
Mar
10*4
Apr
19
10
29
20
52
10**
Feb
6*4
85
1,284
9**
Jan
9**
Mar
10**
Mar
Feb
Apr
15
Jan
76
76
76
235
74
Feb
80
Feb
Steel of Canada
64*4
62**
64*4
910
57
Jan
64*4
Apr
58*4
355
Preferred
.......26
Tip Top Tailors
WW
58*4
»
57
8**
5
8**
Preferred
100
105
106
22
Twin City.
Union Gas
*
10
10
12
...»
United Steel com........*
Walkers (Hiram) com....*
....
•
10*4
3*4
925
10*4
536
3*4
30
18*4
18*4
18**
6
111*4
100**
57
Mar
11
Jan
Jan
106
Mar
58*4
Apr
12*4
12*4
Feb
Jan
4*4
Feb
Mar
Feb
Jan
9**
9
Jan
2*4
Feb
Jan
34 H
19
90
6
Apr
10
Jan
51
Apr
65
j an
Apr
17*4
6
51
101
13**
100
Jan
8*4
28
51
14
49**
102
3,140
1,629
6
100
...50
3*4
28
*
•
10**
29
100
14
990
35
111*4 111*4
100** 101*4
231
17*4
Jan
Jan
13**
109*4
100**
JaD
111*4
Apr
102
Mar
51*4
Jan
Apr
53
58
85
58
Mar
158
154
168
230
149
Jan
170
Feb
100
212**
207** 212*4
38
190
Jan
222**
100
208
208
208
15
200
Jan
221
Feb
100
190
188
191
212
Mar
213
Feb
274
276
.100
'
100
...100
100
178
9
188**
271
Jan
Feb
300
Feb
175
178
97
164
Jan
182
Feb
230
231
66
225
Jan
235
Mar
155
------
155
137**
Toronto Mortgage
50
33
16
90
2
1
Mar
58
Mar
95
Feb
Mar
115
90
Mar
90
118
160
Feb
52**
90
Jan
Mar
82
55
118
118
28
90
55
100
Landed Banking.
.100
Toronto General trusts. 100
155
84**
Huron A Erie
Toronto Stock
Mar. 28
to
120
Feb
Feb
Exchange—Curb Section
Apr. 3, both inclusive, compiled from official sales lists
Friday
Sales
Last
Stocks—
Par
Week's Range
for
Sale
6**
15
26
Apr
of Pr ices
Week
Price
Low
High
Range Since Jan. 1 1936
Shares
Low
High
8
638
Feb
Jan
15
Feb
Jan
27
Mar
Jan
57
Feb
4
88*4
6
25
175
6*4
»
14
Mar
Jan
Mar
Mar
3*4
5**
95
8*4
8
Jan
Apr
Feb
Canadian Wire Box A
Consolidated Press
Feb
Mar
17*4
Feb
Jan
49**
9
Mar
12*4
Feb
175
8
Mar
11
Jan
1*4
Jan
4
Mar
14*4
Apr
15
115
5
125
6,572
1,451
455
756
37*4
123
2*4
10*4
7**
16
200**
18
Jan
Jan
126**
Mar
Jan
3*4
Jan
Jan
15*4
8*4
Feb
Mar
18*4
Mar
Jan
Jan
292
Feb
Mar
Cons SAG Dref
Preferred
Jan
5
Mar
2H
Jan
Feb
5,145
6**
Mar
33
370
31**
Mar
35
Feb
21
21**
130
20
Mar
1J4
1*4
25
Apr
27*4
2**
Feb
21
Jan
23
Feb
*
22
*
*
18
13**
8*4
1%
22
English Electric A_.
1,001
13
13**
1*4
Jan
Mar
Mar
Mar
Feb
Jan
5
5
5
5
Mar
9
Jan
35
10
33
Feb
35
Apr
5
2
Apr
2.00
*38"
37**
*
6*4
6**
*
5
2.00
5*4
38
6*4
120
2
Jan
32
Jan
40**
4
Jan
7**
56
Jan
78
Feb
Mar
75
40
20
127
10
4*4
10*4
4*4
119
4*4
Jan
761
19
*
2*4
665
74
*
Hamilton Bridge....
*
Preferred
..100
22
135
35
2.00
100
Shoe
2
32
8
17
13**
7**
....*
DeHavlland Aircraft
Humberstone
Mar
25
1,175
1,031
21**
100
Crown Dominion Oil
Honey Dew
Honey Dew pref
3**
*_1
Canadian Marconi
B
3*4
Feb
32**
»
.....*
Malting..
Canada Vinegars
Feb
2*4
4
3
25*
.._*
.....
Dominion Bridge
10
4
3**
17*4
13**
10
4V*
18*4
16**
8*4
*
Silk
Canada Bud
Canada
*
3
...*
Preferred
Bruck
3
*
...
Dom Tar A Chemical
1,851
283
(TE)
Brewing Corp
Feb
4,730
15
Bissell
Feb
10*4
125
*
75
49**
3**
(WD).
93
Apr
9
Beath A Son
Jan
887
8*4
17**
275
5*4
95
Jan
7
8*4
€83
1,760
Jan
58
245
3*4
13*4
17
7*4
79
82*4
95
3*4
12**
17
Jan
6*4
40
Jan
93
9*4
8*4
2.26
90**
Feb
43**
•
Feb
90
8
20*4
9/8
1.50
•
44
65
6**
265
Page-Hereey
95
46
14*4
Feb
1.50
10
Jan
880
46
Mar
18*4
45
Jan
4**
15
Mar
20*4
Jan
Mar
48**
49
69
Jan
Mar
Apr
6
27
25
Jan
18*4
17*4
40
90
4
*
Preferred
Consolidated Smelters
2*4
10*4
6*4
65
60
619
5
38
26**
Canadian Dredge
Canadian lnd Alcohol A
Consolidated Bakeries
10*4
7
Feb
150
36
48
*
Conv preferred
Canadian Car..
22
7
25
100
preferred
Jao
40
916
»
Canadian Cannera
1st
2*4
17
Feb
14
4
Jan
30
Canada
175
7
Jan
30*4
\
Feb
Jan
30**
43
107
40
Jan
Feb
Blue Ribbon 6 ** % pref.50
Brantford Cord 1st pref .25
Burt (FN)
Mar
764
102
Jan
93
40
12
144
com
3
1.25
32
Jan
Feb
106
High
210
105
2*4
145
100
4*4
Low
1,697
12
__
*
Bell Telephone
Blue Ribbon
.
1.90
12
Range Since Jan. 1 1936
Shares
105
12
100
Beauharnols Power
"
31
*
Beatty Brothers
High
9
Loan and Trust—
Sales
Low
Jan
5
17
Canada Permanent.... 100
Week
Price
6*<
18
16
Royal.......
Toronto Stock Exchange
of Prices
Feb
2.25
68
17
Nova 8 cot la..
Apr. 3, both inclusive, compiled from official sales lists
Week's Range
Feb
14**
Jan
20
37**
7
Toronto
Sale
54
Jan
17**
36
6
Montreal
WA. 3401-8
Last
Jan
40c
35
20**
36
•
Canada..
Commerce.......
Dominion......
Imperial...
Toronto Stock Exchange
Commodity Exchange, Inc.
Friday
44**
3*4
*
...
to
6*4
..100
New preferred
Banks—
STOCK BROKERS
Mar. 28
Feb
18*4
67*4
19*4
100
Westons (Geo) com..
Preferred
Member*
king Street West, Toronto.
Feb
Mar
5
106 f
*
Preferred
Duncanson, White
15*4
HJ4
7*4
Mar
125
8
100
Ontario Equitable
Mar
Mar
7
1.50
*
.
Preferred...
15
--
*
Western Canada Flour
Canadian
20
♦
13,374
Apr
Simpsons Ltd pref....100
Bid
A*k
4*48
68
.*
Power Corp
Pressed Metals..
4**s
20**
.
5
Jan
Feb
29*4
Orange Crush 2d pref
15 1942
HM
106
...
National Grocers
Bid
Ask
112*4 113*4
1.45
100
Maple Leaf Mill
Canadian Pacific Ry—
1951
1.40
Monarch Knitting pref 100
Moore Corp com..
*
Sept
1
13**
13*4
8
Jan
12**
*
M cColl-Frontenac
6s
Sept
340
550
*
*
27
13
13*4
7*4
50*4
13*4
*
com
B
Railway Bonds
4**s
4*48
Feb
3*4
Preferred
Canadian National Ry—
Mar
30
3
./
Dominion
59
Jan
3*4
Massey-Harria com
1944
Mar
13
Mar
»
Loblaw Groc A
Private wires to Toronto and Montreal
Feb
Feb
72**
8*4
Laura Secord
Inc.
Jan
too
Apr
Imperial Tobacco pref._£l
14 Wall St.
I
Mar
Feb
6*4
Lake of the Woods
5s
96
Feb
16*4
28*4
540
Preferred
**s
Jan
24*4
13
7*4
Kelvlnator
4
Jan
6*4
B
93
Mar
13*4
Feb
Feb
7*4
Internatl Nickel
92*4
20
10
8
.»
Internatl Utilities A
4s perpetual debentures.
50
Mar
17*4
11*4
Imperial Tobacco
Bonds
Uiu
Jan
200
Hamilton Cottons pref..30
Hinde A Dauch
.»
Canadian
Canadian Pacific Ry—
Jan
11
*
pflOO
Preferred
CO.,
Jan
4**
14*4
8**
*
Ford A
Frost Steel A Wlrelst
Gypsum
Harding Carpets
New York
High
Jan
14*4
„
Great West Saddlery pf 100
&
513
189
•
Fanny Farmer
Goodyear Tire
Wood,
Low
117
1 1941
Prov of New Brunswick—
Range Since Jan. 1 1936
Shares
Price
Aug
109
Low
Par
4**s
2 1959
Sales
3 1937
95**
1 1953
Exchange
Friday
L.Jan
5s
6s
12 1949
4**S-_--_. Oct
UNLISTED
20
10**
8
4**
7
Mar
Feb
Feb
23
Feb
Jan
12**
Feb
Mar
m
*
Jan
*
33
33
60
30
Jan
37
Feb
45
32**
50
260
40
Apr
70
Feb
20
7
Mar
5
32
Feb
20*4
Jan
7
7
7**
35
Mar
Feb
Jan
24*4
7*4
30
Jan
42
Jan
33*4
Jan
39*4
Feb
Jan
13**
Mar
Mar
34*4
43**
Mar
*
32
32
32
Imperial OH
*
23**
22**
13,463
Int Metal Indust
*
5
192
4
100
5*4
39**
24*4
5**
39
39**
125
International Petroleum..*
38**
36*4
13,386
14
39
Jan
140
15
Mar
17**
Feb
1
Jan
1*4
Mar
Jan
4
Mar
Preferred
Mercury Mills pref
*
13
13
Montreal Power
*
32**
National Breweries
*
32**
42**
39*4
13**
32*4
42**
*
15
15*4
National Steel Car
55
840
North Star Oil
5
1.25
1.25
50
Preferred...
5
3.80
3.95
200
♦
No par value.
/ Flat price.
9
31*4
3.15
Feb
Jan
Feb
2299
Chronicle
Financial
Volume U2
Canadian Markets—Listed and Unlisted
Toronto Stock
Par
Stocks (Concluded)
Rogera-Maj estio
Week's Range
of Prices
Low
High
21X
Jan
21X
55
9
Jan
2 X
310
Toronto Elevators
*
Toronto Elevators
pref-100
24
*
3
Toronto Stock
43c
24,350
28o
Jan
62o
Teck-Hughes Gold......*
Toburn Gold
1
4.55
4.45
4.60
15,065
4.30
Mar
6.40
Jan
Mar
1.40
1.40
1.45
905
1.20
Jan
1.60
Feb
Mar
Towagamac
Exploration. 1
30c
28c
30c
2.800
20c
Jan
37c
Feb
Mar
Ventures
2.15
2.02
2.24
33,865
2.50
Feb
1.15
1.05
1.15
8,397
1.00
Jan
1.32
Feb
Wayside Consolidated .60c
White Eagle
.....*
16c
16c
18c 100,150
15X0
Feb
20Xo
3c
4c
11,000
3c
Jan
9 Ho
Feb
Feb
Wright-Harg reaves
*
8.00
7.65
8.10
8,505
7 55
Mar
9.00
Feb
Ymir Yankee Girl
*
45c
43c
45c
2,100
38c
Mar
71c
Jan
Jan
6X
116
Jan
22
Jan
Feb
50
2.50
Feb
30
Jan
38
Feb
32
Jan
40
Feb
Feb
10
111
Feb
114
Mar
34
Jan
39
,110
112
Mar
119
23
Mar
29
60
400
3X
*
Waite-Amulet
Feb
Toronto Stoc k Excha nge—M i n i ng
Sale
Week's Range
Sale
Acme Gas A
of Prices
High
Low
Price
Range Since Jan. 1 1936
for
Week
Low
Shares
14c
54c
Feb
18c
Apr
Feb
14c
14c
....1
64 Xc
58c
1
52c
52c
52c
500
60c
Jan
70c
Feb
1
2c
2c
2Hc
40,200
lHo
Jan
3Xo
Feb
.*
...»
8c
7Xc
8c
42,000
3Xo
Jan
lOXc
Feb
4.50
4.50
340
4.10
Jan
4.95
Feb
AJax Oil & Gas
Alexandria Gold
Algoma Mining...
Anglo-Huronlan
65c
70o
Jan
Jan
97c
65c
Apr
13c
120
14c
7.650
12c
Mar
250
Feb
4c
4Xc
22,000
2J*c
Jan
Feb
8Xc
4Xc
7c
82*c
76,300
6Xc
Jan
6X0
llXc
3J*o
6Xc 401,250
3Xc
Mar
7c
Jan
28c
22c
21o
Feb
400
Jan
75c
65c
...1
...1
Bagamac Rouyn
1
Barry-Holllnger ...—...1
Ashley Gold....
Astorla-Rouyn..
........
Base Metals
9,200
79,890
4Xc
..1
Axntfield
15c
5,600
30c
18,020
Feb
Bear Exploration...
1
39c
28c
40c
25,800
28c
Mar
500
Jan
Beattie Gold Mines
*
1.40
1.30
1.45
1.30
Mar
1.84
Feb
60c
Mar
76c
Jan
Apr
23c
Jan
61c
61c
64c
13Mc
Big Missouri
Bobjo Mines.....
Bralorne Mines—
9,183
19,564
13c
16c
41,970
13o
7.20
7.35
15c
60c
B R X Gold Mines
4.90
Buffalo Ankerlte.
7.50
3,160
5.55
Jan
7.55
Mar
14XC 18 Xc
21,600
9o
Jan
25Xc
Mar
4.90
2,612
3.80
Jan
6 50
Feb
4.65
9c
72*0
»
15Xc
llXc
Calgary A Edmonton .—*
1.32
Buffalo Canadian
Bunker Hill
1.25
Mar
Jan
60
Jan
18c
Feb
73c
Jan
1.39
Feb
Jan
l4o
Feb
618
5c
10 Xc 10 He
Calmont Oils
9**C
2o
91,200
16c 144,490
1.32
4,940
9J*c
Canadlan-M alartlc—...
1.10
1.08
1.20
15,881
95Xo
Mar
1.40
Feb
Cariboo Gold....
1.45
1.32
1.46
1,250
1.15
Jan
1.60
Mar
...
.1
.....1
1.38
1.35
1.41
2.86
3.34
1.07
1.11
1.651
4c
3Ho
4Hc
24,195
Jan
1.69
Mar
3.44
Central-Patricia
Clerlcy Consolidated
.*
.*
2.40
....*
44 X
Coniaurum
Dome Mines
1.60
Eldorado
Jan
6c
2.64
52
5c
4,250
4X0
Jan
70
Graham-Bousquet
Granada Gold...
1.12
9,500
1.05
MaJ
1.38
7,330
6.90
Jan
9.50
4H0
5 He
15,500
3c
Jan
10c
5J*c
4Xc
Mar
lie
75c
75c
Mar
1.45
20 Ho
14X0
Jan
28c
14 Ho
3HC
7c
23c
17,050
16c
25,250
Jan
26Xo
11,000
3Xo
Jan
7 Ho
18X0
Mar
30c
72o
Jan
1.430
Feb
..*
1
26 H
26 X
26 H
1,467
22 X
Jan
28 X
Feb
18c
15c
21c
14,700
14Xo
Jan
22o
Feb
5Xc
3 He
4Xc
6c
3Xc
3Hc
._.*
1
5
27c
27c
29c
2c
Oil Selections...
*
6c
6c
Oslsko Lake
1
12c
9Xc
12c
1
1
1
1
1
22c
22c
3Xc
Hudson Bay......
Klrkland Townslte
3**c
lXo
Jan
Jan
7C
Feb
12o
Jan
34c
Mar
2 He
11,250
10,500
lXo
Jan
4Xc
Jan
16c 17 He
23,030
14c
Mar
22c
Feb
4 Xc
Jan
7o
Jan
7o
Jan
140
Feb
24c
13,400
7,500
13,600
18 Xo
Jan
8IH0
Feb
3 He
4c
7,500
2X0
Jan
5Ho
92c
99c
2,635
92c
Apr
1.20
Feb
9 He
6c
9Xc 10 He
91,200
4o
Jan
lfic
Mar
4XC
7c 701,465
lc
Jan
7o
Apr
Robb Mont bray..
..1
....1
Temlskamlng Mining
1
5Xc
4Xc
6c
56,800
4Xo
Sudbury Mines
5XC
5XC
7c 288,500
W ood-Klr kland
5}*c
Lake Mar on
*
Malroblo Mines...
1
Mandy Mines
Night Hawk Pen
Nordon Corp
Parkhill Gold
Paw nee-Kirk land
.
.
.
Pend-Orellle
Porcupine-Crown
.
.
Ritchie Gold
.
6c
75c
Jan
1.03
Apr
2o
Jan
5c
Jan
30c
Jan
77o
Feb
8c
8 He
57,600
7c
Jan
11 Ho
Jan
Mar
17H
Jan
Last
Jan
Mar
42 HO
760
Mar
55Xc
29c
Jan
570
30c
Jan
62c
Feb
45c
5,690
38c
55 Ho
70c
38,800
53,487
40c
53c
44c
42
46c
53 H
8c
50c
54
9c
20c 22 He
3c
3 He
43,870
3,600
18,200
2,309
27,300
162,899
27,800
16,550
Jan
Mar
680
Jan
Jan
69 H
Feb
5c
Jan
19c
Feb
12c
Jan
29X0
Mar
2Xo
Mar
6X0
Feb
6.05
Mar
7.75
500
9c
Jan
14Xc
Feb
3.85
26,892
8.12
Jan
4 73
Feb
152*c 172*c 161,350
10c 15 He 135,750
5Xc
Jan
Mar
5Xc
Jan
19X0
I6X0
Mar
49 X
Mar
1.67
Apr
15c
Feb
Bruck Silk Mills
Building Products A
1.42
432*
40
3,065
1.22
1.67 1590925
Apr
Jan
8c
80,900
2Xc
Jan
28c
29,400
21c
Jan
42o
Jan
1.38
61,900
1.19
Apr
1.65
Jan
1,300
13c
Jan
24c
Feb
1.27
Jan
20
Jan
40
Feo
2.70
2.45
Jan
3.05
Jan
43c
8Xc
60c
49 H
542*
54**
44c
24,650
44H
28X0
Jan
35o
Jan
44o
Apr
Apr
37c
532*
2,416
16,451
37c
700
34c
Jan
70o
Jan
82*c 10 He
47,580
8Xc
Mar
14Xo
Mar
62c
26,485
40c
Mar
79c
Feb
56c
4.40
3.95
75c
73c
26 X
38 X
26X
39 X
40
23
Jan
175
31
Jan
145
110
16,880
50,000
2Xo
Jan
4X0
Feb
Pickle Crow
1
91,269
3.95
Mar
6.15
Mar
Pioneer Gold.......
1
10
102*
1,195
9.60
Jan
12.00
Jan
Premier Gold
1
2.30
2.25
2.36
6,992
1.80
Jan
2.48
Mar
Prospectors Airways..
*
2.60
2.55
2.60
500
2.50
Mar
3.25
Jan
Preston (new)
*
23c
21c
25c
17,940
21c
Mar
28o
Mar
Quebec Gold Mines......)
"2II5
1.25
90c
Mar
1.34
Jan
Cons Mining A
500
5c
teb
7Xc
Jan
38,100
1.44
Jan
2.20
Apr
1.21
1.09
90o
6c
Dominion Bridge
Dominion Coal pref
5X0
1
65c
65c
1.06
1.17
South Tlblemont.
.*
6
Mar
9X0
Feb
29**
Jan
39 H
Feb
19,590
2.15
Mar
3.45
Jan
Dominion Steel A Coal B 25
1,600
25,019
56c
Jan
72c
Jan
Dominion
1.00
Jan
1.33
Feb
Jan
Jan
21,235
2.87
Jan
3.40
200
4.40
Jan
6.25
Glass
Preferred
Textile
Preferred
Dry den
Paper
.'.*
100
*
3Hc
4Hc
Mar
8X0
Feb
East Kootenay Power
36c
29,500
73,225
3XO
32 Ho
18HO
Jan
38Xo
Feb
Famous Platers C Corp..*
20c
24c
12,200
18c
Jan
36o
Feb
..*
"4"05
...1
16c
*
4.30
2,820
Jan
4.96
Feb
General Steel Wares
21,200
60
Jan
I8X0
Feb
20,979
11,185
Mar
1.15
Feb
Goodyear T pfd inc 1927100
83o
2.26
Mar
2.90
Feb
Sullivan Consolidated
1
1.00
87o
1.03
Sylvanlte Gold
1
2.43
2.40
2.55
Foundation Co of Can
3.00
-
*
No par value.
58
Jan
74
Feb
5
Jan
7
Feb
22 X
Jan
25 X
Jan
665
1.75
Jan
3X
15 X
Feb
26 X
40
Feb
Apr
Feb
Mar
116
Jan
75
6X
Apr
7
Mar
6X
15X
6X
Mar
8
Feb
27 X
121
1,145
555
Jan
Feb
21
Mar
30
Jan
Jan
50
50
13X
8X
284
Feb
18
30
9
Feb
128
10
iox
17**
31X
Feb
30
39
Mar
Mar
120
20
100x 101
31
31X
13 X
26X
25
20
12 X
Jan
Feb
290
20
35
Jan
8
23X
Jan
5
48
Jan
50
82
99
Jan
105
Jan
201
23X
Jan
34
Mar
994
34 X
Jan
48
Jan
3,320
9X
Mar
12 X
Feb
8
Mar
ilX
Jan
iox
Jan
Jan
15X
9X
Feb
7 X
Jan
293 X
Mar
930
4,531
1,025
510
.201
Feb
Feb
15X
15
15X
125
15
Mar
17
25X
28 X
3,130
25
Mar
34 X
Jan
40 X
Feb
17H
Feb
38
37
38 X
960
32
Jan
15X
15X
16
638
14 X
Jan
""ex
111
115
140
111X
142
6H
6X
"144"
6X
*
Feb
79
Jan
Apr
136X
6X
5
Jan
7
25 X
670
20
20
16 X
13
16X
4X
Feb
8
144
~~20~~
55
146
Jan
100
24
4X
115
Jan
4X
725
144
2X
Jan
136 X
Jan
144
5X
106
10
70
72
2X
4X
65
Feb
82
1,585
228
71
*
15Hc 16Hc
3.80
121
45
37 X
Jan
6X
260
7
25 X
Electrolux Corp
~4X~c
1
37
100
35c
Stadacona-Rouy n
St Anthony Gold
Sudbury Basin
Sudbury Contact
3.25
*
100
100
1,294
Domlnon
.*«.*
3
Jau
16
26
*
Seagrams
Apr
35 X
2.70
6
14X
26 X
275
Apr
2.28
3.03
15
27 X
282
1.21
34
6X
6X
Smelting.25
1.12
9c
3.23
6X
6
24 X
111X U2
8
Jan
2.30
1
7
8
Mar
352*
South Amer GAP
mx
13
50o
*
33
*
1.00
1
125
25
18,995
Royallte Oil........
San Antonio...
"l~13
Dist Corp
13X
35
8
1.12 186,000
9c
73,225
1.21
Roche-Long Lac....
60c
9,200
Feb
13X
9X
Crown Cork
2.20
Feb
5X
Jan
Mar
8
Cockshutt Plow
32 X
4X
13X
9X
Canadian Pacific Ry
Jan
190
680
*
B
7Hc
1.12
Sherrltt-Gordon ......... 1
81scoe Gold
..._...)
Class
90c
1
Sheep Creek......
Hydro-Elec pref 100
Candn Industrial Aloohol.*
1.94
Read Lake-Gold Shore...*
Reno Gold
Candn
7Hc
1.25
*
.1
*
15X
4X
6
Candn Foreign Investm't.*
1.39
Read-Authler.....
Celanese
Preferred 7%
28
Feb
Jan
34 X
Feb
6.15
Quemont Mining
...26
Preferred
Canadian
1,782
Feb
3Hc
Jan
Feb
~"39X
32
4X
Jan
38
160
Jan
30 X
9X
4X
Feb
Jan
8
32
84o
1.20
Jan
17 X
Mar
535
Steamship
3,294
1.74
5.60
1.75
26 X
141
Mar
iox
*
Corp...*
*
Preferred
100
Canada Wire <fe Cable cl A *
Canadian Bronze
....*
Canadian Bronze Dref_-100
Canada Canners conv pref*
Canadian Car A Foundry.*
Canada Forglngs cl A
12H
Jan
2Ho
125
209
12
Jan
3c
144X 145X
iox
12X
Mar
1.37
250
3
3.50
6.00
1
Mar
33
50Xc
i.l
..
116
3
16,463
Jan
Mar
12X
80c 112,860
4.85
107
6,342
30
100
Rights
* "26"
30
Canadian Converters ..100
50
Canadian Cottons
100
101
Canadian Cottons pref. 100
4.50
50
15
iox
6X0
2.60
Jan
109
10 x
Mar
2Hc
16
2X
150
2.68
Jan
24 X
Jan
Feb
10
2X
Canada
Feb
29
14X
Can North Power
8O0
11
"24 X
Mar
4Xc
Mar
160
Mar
Jan
54 X
68 X
26c
Jan
Jan
67 X
1.00
58c
51X
68 X
1.50
Ho
20
100
Jan
4,000
Jan
53 X
1,249
Mar
24,000
38X
7X
Mar
70c
Jan
6X
22c
Jan
Jan
27
~"~7~X
1.20
Jan
4
30
4X
*
*
Preferred
6
10
32
*
Canada Cement
10
32
4X
13X
7Xc
42*c 174,000
32*c 31,500
Apr
*
B
500
65c
7
145 X
3,143
22*c
High
Low
200
-.100
Brazilian Tr, Lt A Pr
*
British Col Power Corp A.*
88c 108,800
122*c 12Hc
.
33
Bell Telephone
26c
68Xc
3Xc
9
Shares
11
.........
11
100
66c
1.20
High
9
......*
Preferred
lists
Range Since Jan. 1 1936
Jot
108
Bathurst Power A Paper A*
Bawlf N Grain
7.15
1.12
Peterson-Cobalt.
1254
Week
of Prices
Low
100
Preferred
92*c
6c
...
Perron Gold
MONTREAL
53X
-
Anglo-Canada Tel pref—*
Associated Breweries
*
3.65
3Xc
Olga Oil A Gas New.....*
Omega Gold
Pamour-Porcuplne
.*
Paymaster Consolidated..]
Montreal Curb Market
4X
*
100
Preferred
6.70
1.19
12Xc
Northern Canada Mining *
O'Brien Gold
Feb
Sales
9
*
Agnew-Surpass Shoe
Alberta Pac Grain A
26c
Noranda
«c
Week's Range
Sale
Price
Par
51X
23Hc
1.22
..........5
Jan
both inclusive, compiled from official sales
Stocks—
Feb
40H
1.60
74Xc
Murphy Mines........
Newbec Mines.
4c
Montreal Stock Exchange
Mar. 28 to Apr. 3,
92*c
Model Oil
1
2,500
Feb
152*
35 Ho
16 Ho 16 He
.J...
5Xc
Friday
13 H
lie
14 H
26 Xc
1.23
...
Feb
5c
PHONE HARBOUR
10,000
Merland Oil
Morris-Klrkland.
4Xo
360 ST. JAMES ST. W.,
45,100
6Xc
Moneta-Porcuplne
Mar
Jan
Members
48,560
15Xc
Mining Corp..........
Feb
7Xc
2c
Canadian Commodity Exchange Inc.
3c
*
Minto Gold
9c
Jan
1,000
Drury & Thompson
67c
3.75
McWatters Gold
Mar
3Xo
3c
Montreal Stock Exchange
1.03
6.90
...
Feb
CANADIAN SECURITIES
60c
15XC
McVlttle-Graham
6Xc
3c
87c
3Xc
McMillan Gold
Feb
81,200
28,500
9 Ho
Feb
54
1
Feb
3,050
Mar
48~Xc
5
Feb
1.18
12c
,_*
Mclntyre Porcupine..
McKenzle Red Lake
Feb
1.08
36c
40c
Maple Leaf Mines
Mar
78c
Jan
1.15
Jan
....1
Manitoba & Eastern
3X0
Jan
*
Jan
20 Xc
Macassa Mines
Jan
40c
Jan
47c
Little Long Lao.........*
lXo
5,124
Home Oil
21c
..1
Lowery Petrol
3,000
59c
Jan
Feb
11,900
36 Xc
.....
2Xc
50o
5Xc
Lamaque-Contact .......1
Lee Gold Mines
Feb
1,150
44,016
8c
Lebel Oro
4.50
2,100
24,500
15
1
Mar
70c
3c
......1
3.00
8Xc
11c
1
Lake Shore Mines
235
60c
Feb
5c
22c
68c
Kirklan d-Lake
3.50
Apr
8Xc
22c 24 He
9c
Kirkwood-Hudson Bay
Mar
*
96c
...1
8X0
Feb
Barker Gold
Howey Gold
J M Consolidated
Jan
2c
"~65c
Hollnger Consolidated ...6
Homestead Oil
1
3Xo
......*
Jan
Halcrow-S way ze ........ 1
1
Feb
37,200
Foothills Oil
East Crest Oil..
Feb
19c
1
250
56c
22c
....
4Xo
Jan
3.50
7Xc
Feb
5Hc 142,350
87c 104,965
9Xc
Gunnar Gold.
Jan
13X0
70Ho
Mar
15c
Greene-Stabell
Feb
16o
2o
11 Xc
6X0
Mar
9.10
.....1
Grandoro
Jan
5Xc 112,500
61,050
3c
5
Cobalt Contact.........1
Dalhousle Oil.......
•
Feb
1.06
4Xc
Goodfish Mining.......
7o
Jan
77 Xc
21c
Goldale
Nlplsslng
Jan
Jan
5c
....*
God's Lake
High
66,500
12 He
17c 20 Xc
8c
6c
20c
Coast Copper
Feb
1.80
42
5Xc
Franklin Gold.........
4Xc
Mar
3o
8.75
4HC
.....*
—1
...1
Central Manitoba.......1
Churchill Mining
1
10 He
Jan
1.07
—....
Federal-Kirk land
Hard Rock
916
45
12c
Feb
eoc
9.00
Dominion Explorers....
Falconbridge
2.20
44
»
Jan
Jan
33,100
2.49
1.24
91,340
1.11
2.41
19,062
3.23
Chemical Research......*
Castle Trethewey
Alder mac Mines
Brett-Trethewey
High
Oil........*
Afton Gold
Low
Shares
Sales
Friday
Par
Week
of Prices
High
Low
Price
Range Since Jan. 1 1936
for
Week's Range
Last
Par
official sales lists
Sales
Friday
Stocks—
Stocks—
C u r b Section
Apr. 3, both inclusive, compiled from
Mar. 28 to
Exchange—Mining Section
Last
Jan
Jan
Feb
3 X
Jan
2H
both inclusive, compiled from official sales lists
Mar. 28 to Apr. 3,
1.60
Feb
Feb
•
25
24 X
3X
38o
25
35 X
35X
115
115
United Fuel pref......100
43c
10
39
: 114
114
1
85
36
High
Low
Tashota Goldfields..
Mar
2X
165
1.15
1.00
33 X
38
36
1.16
11
35
15
Week
Par
3.00
Mar
111X
2X
100
Walker ville Brew
4X
30
15
*
♦
*
Preferred—
135
4%
21*
*
100
Stop A Shop com
Supertest Pete ord
Tamblyns (G).„
Shares
Price
Stocks (Concluded)
23 X
Jan
30
4X
»
....
Preferred
1X
2X
115X 116
100
High"
Low
Shares
2
*
.
.
for
of Prices
Low
High
Week
*
Simpson (R) pref
Shawlnigan
Standard Paving
Week's Range
Sale
for
Sale
Range Since Jan. 1 1936
Last
Range Since Jan. 1 1936
Last
Prairie Cities Oil A
Sales
Friday
Sales
Price
Exchange—Mining Section
Toronto Stock
Exchange—Curb Section
Friday
19X
Jan
Jan
Feb
28 X
Feb
Feb
25
1
Feb
2X
20
20
Mar
21X
Feb
3,330
13
Mar
16
Feb
185
5
4X
55
Mar
5X
Jan
Jan
58 X
Mar
2300
Financial
Chronicle
April 4 1936
Canadian Markets—Listed and Unlisted
Montreal Stock
Exchange
Friday
Last
Par
Week's Range
of Prices
Week
Price
Low
Gurd,
Charles
-*
Gypsum, Lime & Alabast.*
Hamilton Bridge
5 Preferred
High
7%
33
Holllnger Gold Mines
6
15
Howard Smith Paper
Preferred
*
100
12 %
255
245
45*
Jan
5
25>*
Feb
4,115
13.60
Mar
Imperial Tobacco of Can_6
14
135*
145*
155*
6%
4,040
135*
Mar
145*
Mar
75*
445*
35*
Jan
75*
Feb
475*
505*
45*
7,762
4
80
80
83
165
57
2 0%
185*
20 H
871
165*
4
415*
*
65*
McColl-Frontenao Oil
*
Montreal Cottons
Preferred
40
Jan
415*
Mar
Lake Shore Mines
1
5
555*
*
""54"
*
240
555*
995*
Jan
5o
Jan
1.60
2.15
40,120
1.60
Apr
2.30
Mar
455*
250
44
8.85
20c
43
Mar
37
Jan
52
Jan
Jan
9.15
1,500
6.90
Jan
9.50
Feb
26c
7,600
20o
Apr
440
Feb
500
22 %c
Apr
27%c
Feb
23c
23c
23c
500
23c
Jan
35c
Feb
41c
52c
49,140
28% 0
Jan
58o
535*
535*
545*
1,104
8c
8c
4,300
28
Mar
Mclntyre-Porcup M Ltd
40
O'Brien Gold
Feb
Parkhill Gold
Perron Gold
1
277
15
Mar
100
34
Jan
10,114
445*
105
1995*
65
18
5
53
Jan
54%
Jan
:;i8
Apr
240
Feb
88
95
Mar
Mar
21
Mar
Jan
160
48
57
Jan
*
155*
155*
16
575
115*
Jan
185*
Feb
Quebeo Power
Regent Knitting
*
175*
17
175*
495
145*
Jan
18
5
55*
145*
245
70c
Jan
4.70
Jan
14,900
18%c
Jan
31%
Feb
1.25
1.40
9,900
1.12
Jan
1.75
Feb
6.20
10,560
3.95
Mar
6.20
Mar
105*
100
9.80
Jan
11.60
Jan
~1~25
1
91c
1.25
6,700
90c
Mar
1.32
Jan
2.15
2.00
2.20
9,615
8,820
15,957
1,040
1.43
Jan
2.20
Apr
Mar
3.40
Feb
83o
Mar
1.15
Feb
4.30
Mar
5.35
Jan
,
Siscoe Gold
3.05
3.21
3.23
2.88
Sullivan Consol
1
98c
90c
1.00
Teck-Hughes Gold
l
4.50
4.45
4.70
2.05
2.20
900
1.60
Jan
2.50
Feb
50c
"165*
165*
165*
1,500
15c
Mar
21c
Feb
Ventures Ltd
White Eagle Silver
*
4c
4c
2,000
3%c
Mar
5c
Mar
Wright-Hargreaves
*
7.70
8.10
3,850
7.65
j an
8.90
Feb
4c
55*c
Feb
55*
Jan
Jan
5.80
6.00
Quebeo Gold
Read-Authier Mine
Wayside Cons Gold
Power Corp of Canada
Jan
35c
3.75
2?c 245*c
1
Feb
46%
100
400
10
Pickle-Crow Gold
Pioneer Gold ofBC
Mar
Mar
Feb
35c
1.38
Jan
Feb
175*
40
Jan
180
Jan
4.45
22 5* c
60
55
60
75
435*
59
Jan
4.10
*
44
Jan
52
35c
Pamour-Porcupine
103
94
50
Jan
20o
8c
Jan
240
*
Mar
2o
Lamaque Contact Gold.
Mar
92
18
31%
225*c 225*c
Mar
235
100
Mar
15
2,500
47c
39
155*
545*
Feb
34
Mar
41
55
50
Jan
100
28
100
155*
Ottawa L H & Power.__100
35
Jan
315*
200
555*
100
415*
155*
Jan
Mar
86
54
National Steel Car Corp..*
26
10
98
60c
30c
Feb
28
425*
Penmans
15
5,959
98
Ottawa Traction..
Greene-Stabell Mines
J-M Consol Gold
35
43
Jan
315*
35*c
1
Jan
175*
Mar
76o
35*c
Goldale Mines
Feb
4
33
Montreal Telegraph
40
Montreal Tramways—100
Preferred
Feb
22
100
National Breweries
Ogilvie Flour Mills.
885*
Jan
Jan
45c
Mar
;
Jan
125*
37o
Mar
20c
Jan
2,764
Mar
30o
9.00
*
Jan
165*
24c
60o
315*
Francoeur Gold
Jan
200
33c
64c
10,100
2,162
5,600
445*
Falconbrldge Nickel
Feb
30c
30c
1.80
3
325*
Niagara Wire Weaving—*
Feb
6
75*
High
25c
5
28
*
54
Jan
Low
35*c
Consol Chib Gold FieldsDome Mines
Jan
55*
35
32 %
30c
32c
Bulolo Gold Dredging....5
Cartler-Malartio Gold
1
Jan
815
100
"ioo
100
Montreal L, H & Pr Cons.*
Montreal Loan & Mtge..25
Mar
415*
75*
16
16%
100
20
4
100
Massey-Harris
Mar
14
4
Preferred
Jan
145*
119
Range Since Jan. 1 1936
Shares
61c
30c
Brazil Gold & Diamond.
175*
Jan
"49 %
*
1
Jan
*
*
1
Big Missouri Mines
11
*
100
Base Metals Mining
Beaurort Gold..'
Jan
94
International Power
Preferred
Jan
974
Int Nickel of Canada
Lindsay (CW)„.
Jan
65*
36
589
210
Week
Mines—
85*
Jan
for
of Prices
Low
High
Price
Par
Mar
13
75*
(Concluded)
85*
119
75*
Lake of the Woods
Jan
65*
Stocks
High
5
94
—£1
Low
75*
115*
95
Preferred
Shares
33
33
Sales
Week's Range
Sale
110
45$
100
Market
Last
Range Since Jan. 1 1936
75*
75*
6%
Curb
Friday
for
Sale
Stocks (Concluded)
Montreal
Sales
Preferred
14
14
*
Rolland Paper pref
100
"2%
25*
50
10 %
95*
St Lawrence Paper pref. 100
29
265*
Shawlnigan W & Power-.*
215*
25*
105*
21
Sberwln Williams of Can.*
18
*
*
65
25
58
.....
Vlau Biscuit
125*
100
97
1,600
15
Mar
Jan
104
Mar
Jan
8
Feb
11
Apr
295*
235*
Apr
205*
Jan
4,016
195*
Jan
75
25*
Jan
1,611
18
Feb
Feb
1.85
5,330
65*
Mar
175*
Jan
20
Jan
135*
135*
468
12
Jan
14
Mar
65
834
67
Jan
645*
Feb
58
575
495*
Jan
67%
Mar
150
35
565*
Tuckett Tobacco pref. .100
Jan
625*
"135*
Southern Can Power
Steel Co of Canada
Preferred.
295*
215*
5
205
1025* 104
*
St Lawrence Corp
A preferred
Mar
150
*
150
Jan
155
Feb
3
55
2
Jan
*
22
22
20
22
Mar
32
Jan
100
4
4
5
4
Apr
4
Apr
Mar
Wabasso Cotton
Windsor Hotel pref
25*
Winnipeg Electric pref. 100
Woods Mfg pref
100
16
16
55
56
565*
5
50
35*
115*
Jan
18
52
Feb
Feb
675*
Jan
Arno Mines
55*c
2o
Jan
80
Mar
Cndn Malartlc Gold
1
1.15
1.13
1.21
115
98c
Mar
1.42
Feb
Central Patricia Gold
1
3.20
2.97
3.33
2.43
Mar
3.42
Duparquet Mining...
1
8c
6%c
6%c
Mar
10% 0
Jan
1.10
85*c
1.10
11,275
22,500
200
1.09
Mar
1.38
Mar
55c
62c
1,200
55c
Mar
71c
Jan
Mar
Eldorado Gold
Howey Gold
Kirkland Lake Gold
Canada
50
Canadienne
565*
100
Commerce.....
137
—100
155
158
57
83
137
6
Jan
58
Mar
Jan
515*
133
140
Feb
49c
49c
200
47c
56c
Jan
3.75
3.75
3.80
250
22%c
Jan
38c
Feb
2.35
2.35
2.35
400
2.20
Mar
3.40
Jan
Sherritt-Gordon Mines
1
1.15
1.11
1.16
Jan
1.32
Feb
*
34c
32c
36c
3,750
26,840
1.00
Stadaconna-Rouyn Mines
18% 0
Jan
39o
Feb
Sylvan! te Gold
1
2.44
2.44
100
2.38
Mar
2.89
Feb
2.50
Feb
Unlisted Stocks—
Abitlbl Pow & Paper Co..*
Cum 6% pref
100
Ctfof dep6% pref...100
Royal..
2.00
2,193
9%
95*
125*
2,444
1.00
1.25
•
175*
Brewing Corp of Can
3
35*
Preferred
Canada Bud Breweries
Can & Dom Sugar
16 J*
*
1585*
161
149
Jan
170
190
188
191
187
185
Mar
214
Feb
275
275
69
271
Jan
300
Feb
Canada Malting Co Ltd..*
177 5*
175
178
148
Feb
Canada Wire & Cable pflOO
HANSON BROS
i
164
ESTABLISHED
181
Preferred
330 Bay St, Tironta
8
Jan
4%
Feb
18%
1,800
Mar
45
58
8
Feb
100
995*
81%
Feb
157
■
35
Feb
5
99%
Mar
35*
6,053
3%
Feb
7
953
9%
Feb
5
145*
35*
6
6%
55*
55*
145
7%
Feb
145*
245*
145*
10
16%
Feb
255*
28%
Feb
585*
265*
585*
1,450
585*
24
24
365*
20
65
24
10
29%
365*
10
40
1015* 102
5
45*
355* 365*
34
355*
45*
..100
36 5*
355*
*Nc par value.
Feb
1.40
32J*
"35*
Royallte Oil Ltd
*
United Amusement Co B_*
Weston Ltd
*
Industrial Bonds
Feb
12%
2,440
2,395
35*
185*
57
995*
Consolidated Paper Ltd—*
Donnaconna Paper A
*
Donnaconna Paper B
*
Eastern Dairies pref
100
Ford Motor of Can A.
»
General Steel Wares pf 100
13
127
11
325*
32%
McColl-Frontenao OllpflOO
Price Bros Co Ltd..... 100
Public Utility and
1883
75*
"57
*
Int Paints (Can) pref.30
Massey-Harris Ltd preflOO
Municipal
255 St. James St., Montreal
Ottawa
Jan
Canadian Government
INCORPORATED
,
1.60
1.10
275
100
Sparks St
1.95
115*
11
»
100
Feb
Jan
1
..100
Montreal
Nova Scotia
7,180
San Antonio Gold M Ltd.l
M c V it tie-Graham
Brewers & Dist of Van
Banks—
56
Unlisted Mines—
90
Jan
Jan
Mar
104%
6%
1,665
210
Jan
Mar
40
1,280
Feb
39%
Feb
18
18
60
18
Apr
135*
135*
25
16%
Jan
/Flat price.
Montreal Curb Market
Mar. 28
to
Apr. 3, both inclusive, compiled from official sales lists
Friday
Last
Sale
Stocks—
Par
of Prices
Price
Acme Glove Wks Ltd B__*
Cum preferred
Beldlng-Corti cum pref. 100
Bright (T G) & Co Ltd...*
Brit Amer oil Co Ltd
----
Cndn Dredge & Dk Ltd..*
Canadian Vickers Ltd
*
Canadian Wineries Ltd...*
«...
26%
---- --
2%
130
City Gas & E'ec Ltd
*
25%
*
*
23%
10
------
21
------
47%
a.
2%
------
3%
21
------
1.00
------
------
6%
100
English Elec of Can A
*
English Electric Co Can B*
7%
109
Dom Tar & Chemical Ltd *
Cum pref
2%
10
Commercial Alcohols Ltd. *
Dominion Stores Ltd
3%
110
Catelli Mac Prods pref A 30
Dom Eng Works Ltd
56
22
130
-----
*
Brit Col Packers (new)
*
Can Nor P Corp Ltd pf 100
Canada Vinegars Ltd....*
Low
High
21
2
1.00
32
9%
6%
74%
20
for
Range Since Jan. 1 1936
17
55
27%
3%
■-
11%
70
47
59
Jan
27%
Feb
5%
Feb
Mar
3%
605
130
10
25
7%
26
13,857
10%
2,777
30
3%
35
Jan
75
2%
18%
10
1.75
2
210
32%
175
9%
50
6%
1,145
77
21
140
1.05
1.17
2,385
22%
24%
13,280
25
30
137
3
50
15%
Melchers Dlst Ltd A
B
*
*
cum
pref. 100
B
*
United Distillers of Can..*
United Securities Ltd__100
WalkerviUe Brewery Ltd.*
Walker-Good & Worts—*
Preferred
99
------
*
Sou Can P Co Ltd pref. 100
Thrift Sts cum pf 6%%.25
*
405
99
------
70c
------
3%
29%
3.00
Feb
1.35
Feb
4%
50
Jan
Jan
36
12
81%
26%
Feb
Jan
100
Jan
Feb
Mar
7%
80
58.
.Mar
Jan
24
Feb
7
Jan
12%
Feb
85c
Jan
2.50
Feb
9
Jan
19%
Feb
10%
1941
Feb
1.46
Feb
106% 107%
20%
Jan
39%
Feb
Canadian Vickers Co 6s *47
15%
700
15%
Mar
Cedar Rapids M & P 5s '53
Consol Pap Corp 5 %8.1961
99
99
14%
Feb
Jan
2.25
9%
Mar
Mar
13%
5%
Feb
4
6%
Jan
8
97%
Mar
101
25
85
70c
110
25
1,546
84%
Feb
60
12
15
3%
15%
Jan
50o
105
8%
25
Mar
4
7
1.50
98
7%
65c
Feb
10%
Feb
Jan
Feb
Mar
103
—
—
-
34
—
104
Dom Gas & Elec 6%s.l945
Dominion Tar 6s
1949
Donnaconna Paper 5 %s *48
Duke Price Power 6s._1966
East Kootenay Pow 7s 1942
90%
103
78%
—
-
-
90%
79%
105% 105%
Jan
100
Mar
Eastern Dairies 6s
Jan
10
Feb
Fam Play Can
Corp 6s '48
102% 103
Jan
Fraser Co 6s unstpd—1950
6s stamped
—.1950
102% 104
30
392
2%
28%
Mar
18%
292
17%
Jan
Jan
90c
25
Mar
Paper 68.1945
value) 3s
1939
1949
3%
34%
Feb
Feb
Gatineau Power 5s...1956
General Steelwares 6s. 1952
Northwestern Pow 68.1960
Certificates of deposit-..
Nova Scotia L & P 5s. 1958
Ottawa Lt Ht & Pr 58.1957
Ottawa Traction 5%s.l955
Ottawa Valley Pow 5 %s *70
19
Feb
Gt Lakes Pap Co 1st 6s '50
Power
Corp of Can 4 %s '59
5s
Dec
Price Bros <fc Co 6s
1 1957
1943
Certificates of deposit
_
.'ovlncial
Pap Ltd 5 %s *47
Quebec Power 5s
1968
Shawlnigan W & P 4 %s '67
85%
87
Simpsons Ltd 6s
97
97%
100% 101%
/53% 54
85
81%
82
/52
53%
90%
104% 105%
34
34%
90
104
50%
105
51
90
98
111
/49%
/91%
103
96
110
103
Montreal Tramway 5s 1941
104
Feb
Mar
1947
'
108%
3
Mar
_
Ask
104% 105%
New Brunswick Pr 5s. 1937
85%
90%
91%
113% 114
/33%
par
103%
100%
Feb
25
1 1947
Montreal Island Pr 5 %s '57
Montreal LH&p ($50
—
19
33%
7%
99%
10%
2%
—
Jan
3,810
60
—
Jan
Can North Power 5s..1953
Can Lt & Pow Co 5s..1949
396
108
Jan
Jan
10%
Minn & Ont
70c
19
1 1942
Feb
McColl Frontenao Oil 6s *49
86
105% 106%
104% 105%
8
Feb
Massey-Harris Co 5s.
100% 101%
Canada Bread 6s
Feb
7%
98%
10%
2%
6%S
6%s
27%
MacLaren-Que Pr 5%s '61
Manitoba Power 5%s.l951
Maple Leaf Milling 5 %s '49
82
Apr
4
-
—
82%
103% 104%
1
6
39
Bid
102% 103%
105% 106%
Feb
Feb
Utility Bonds
Smith H Pa Mills 5%s *53
Int Pr & Pap of Nfld 6s *68
Lake St John Pr & Pap Co
115% 116
24%
9%
28%
18%
Jan
30
65
3
Feb
9
REctor 2-6600
Ask
48%
99
Jan
112
65c
25
Feb
75o. Feb
/48
Apr
1.40
8%
BUI
Feb
2%
12%
4
Mitchell & Co Ltd (Robt)*
Power of Can
Sarnia Bridge Ltd A
20
27
1.35
10%
Industrial and Public
106% 107%
55
1.15
------
4
3%
24%
26%
•
Jan
Jan
1.05
New York
System Tele. NY 1-208
Apr
1.75
23%
*
Mar
100
22 •:
•
Bell
Apr
*
_.l
1.10
48%
Home Oil Co Ltd..
Corpcl A—... *
13
Jan
Imperial Oil Ltd
*
Inter City Baking Ltd..100
Int Paints (Can) Ltd A
*
Class B
26
Jan
Feb
37
16
Inter-State Royalty A
Jan
9
107%
16%
Broadway
Feb
445
16
Inter Util
9
Jan
*
38%
Mar
27%
Voting trust ctfs
2%
36%
15%
12%
IOO
Jan
Mar
201
3
7%
130
21
10%
1.50
------
Corporation
•
Royal Securities Corporation
Jan
Jan
35
17%
17%
*
130
21%
48%
2%
10%
1.00
Int Petroleum Co Ltd
Mar
Jan
Mar
15%
-
SECURITIES
Municipal
•
Mar
3%
2%
15%
-
18
17%
3
110
Mar
15
*
—
Government
High
4,419
*
-
Low
60
Fraser Cos Ltd
-
CANADIAN
Week
Shares
Foreign Pow Sec Corp
------
Aiiiiaii
Private wire connection between New York, Montreal and Toronto
17
..50
Asbestos Corp voting tr__*
Bathurst Pow & Pap cl B_*
Beauharnols Power Corp.*
Sales
Week's Range
1949
Southern Can Pow 5s. 1955
Steel of Canada Ltd 6s '40
103%
65%
65%
65
65%
103%
105% 106%
98
99
81
82
93% 94%
100%
114% 115%
114% 115%
101% 102%
104
105
103% 104%
104% 105%
104%
112
98
99
83
84
83
84
Financial
Volume 142
-rethe- Coun ter
vO
Our March issue of
STOCKS & BONDS
Copy
York Security Dealers Association
Quotations
Philadelphia.
Ask
Bid
d3%s May 1 1954
a3%8 Nov
1 1954
O3%8 Mar
1 1960
a3%s Jan 15 1976
1975
a3%s July
1962
a4% s Mar
1964
a6s
May
1957
o4s
Nov
1958
a4s
May
May
1959
a4s
a4s
Oct
1980
1977
1960
114% 114%
114% 115%
1966
1972
1974
1976
115
115 %
116
1977
Bank and Insurance Stocks
115%
115% 116%
April 1
Apr 15
June 1
Feb 15
Jan
1
Nov 15
Mar 1
May 1
Mar 1
June 1
July 1
Dec 15
Deo 1
Jan 25 1937
a4%s Sept
a4%s Mar
a4%s
o4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4a
•
City Bonds
a4%s
<z4%s
a4%s
<z4%s
a4%s
1 1975
Request
on
Private wires to principal cities in United States and Canada.
•
Over-the-Counter Securities—Friday April 3
on
New York
a3%s July
Companies
I
Open-end telephone wires to Baltimore, Boston, Newark and
•
mm
Survey of
a
57 Insurance
Whitehall 4-3700
Trinity PL, N. Y.
New
Facts & Figures
Contains
Established 1914
Members
yy
"
Hon, Rose Slftgsn
74
2301
Chronicle
1978
1981
A Nov 1 1957
1963
1965
1967
1971
1979
Bought,
Sold and Quoted
MUNDS, WINSLOW & POTTER
115% 116)4
116% 117
40 Wall Street, New York
115% 116)4
118
117
Whitehall 4-5500
117% 118)4
Members New York, Chleago and other Stock and Commodity Exchanges
118% 119 %
119
120
120 %
121
104H 104)4
New York Bank Stocks
New York State Bonds
Bid
Canal A Highway—
5s Jan A Mar 1946 to *71 b
Bid
As*
Ask
Par
World War Bonus—
—
Bid
Ask
Par
Bid
Ask
Bank of Manhattan Co. 10
Improvement—
4s Mar & Sept 1958 to *67
Canal Imp 4a JAJ '60 to *67
Barge C T 4s Jan 42 to *46
Barge C T 4%s Jan 1 1945.
Highway
Highway Imp 4)4s Sept'63
Canal Imp 4)4s Jan 1964..
Can A Imp High 4%s '65..
132
132
12854
...
125
100
75
85
National Bronx Bank___50
20
25
National..50
50
85
16
18
39)4
41)4
National Safety Bank. 12 )4
Penn Exchange
10
12)4
35
37
Peoples National
50
50
180
186
Public National
26
43)4
45 %
100
975
1000
Sterling Nat Bank A Tr.25
2015
Trade
13.55
Chase
125
City (National)
114 %
117)4
Fifth Avenue
100
30
National...100
Kingsboro
8)4
9)4
18)4
30)4
12)4
Bank
18
20
100
75
60
Flatbush National
Yorkvllle
Bank
As*
Bid
Ask
George Washington Bridge
Port of New York—
106 54
Gen A ref 2d
102
4)4s ser B 1939-53.MAN
10454 105
3%s '65
1936-50—J AD
113
4s
107
Gen A ref 4s Mar 1 1975.
ser
Merchants Bank
60
Bensonhurst
Port of New York Authority Bonds
Bid
2954
50
Commercial National.. 100
2.10
4)48 April 1940 to 1949.. b
28)4
Bank of Yorktown__66 2-3
First National of N Y..100 1975
2.90
ser
B
Inland Terminal 4)4a ser
Bayonne Bridge 4s series C
1938-53
JAJ 3
104 %
105)4
Holland Tunnel 4%s ser
New York Trust
107)4 109
Companies
E
Par
113)4 114)4
MAS
1936-60
114)4
D
MAS
1936-60
Bid
Ask
Par
Bid
Ask
Italians. 100
105
115
Empire
Bk of New York A Tr__100
478
485
Fulton
100
205
215
62)4
Guaranty
100
290
295
12
Irving
10
16)4
17)4
1750
100 1700
Banca Comm
United States Insular Bonds
Bid
Philippine Government—
Bank of Slcllly
Bronx
Ask
Bid
As*
100
4a 1946
101)4
Honolulu 58
3.50
1959
104
105
U S Panama 3s June 1 1961
4)48 July
1952
104
105
Govt of Puerto Rico—
5s
Aprl
1955
5s
Feb
1952
101)4 103)4
107
108)4
3.00
20
7
100
County
Brooklyn
60)4
10
8)4
117
9)4
122
County
Kings
23)4
Lawyers
25
48
Manufacturers
20
50)4
24)4
51
118)4 119)4
4)4s Oct
110
5)48 Aug 1941
Hawaii 4)4s Oct 1956
,'.10
Bankers
10
112
114)4 116)4
20
Central Hanover
112)4 115)4
112
Chemical Bank A Trust. 10
58
60
New
11254
Clinton Trust
50
70
75
Title Guarantee A Tr
113
114
Colonial Trust
25
14)4
114
Continental Bank A Tr.10
18)4
20
20
63)4
64)4
Corn Exch Bk A Tr
York
52)4
16)4
113
Conversion 3s 1947
115
110
4)48 July 1958....
58 July 1948
U 8 conversion 3a 1946....
25
117
20
11
120
12
Underwriters
100
72
82
United States
100 2020
2070
Federal Land Bank Bonds
Bid
s
s
1946 opt 1944
1957 opt 1937
s
1958 opt 1938
I
101)4
102)4
103)4
108)4
4)48 1956 opt 1930...JAJ
4)48 1957 opt 1937...JAJ
Ask
101)4
103)4
106)4 106)4
JAJ
JAJ
MAN
JAJ
%s 1955 opt 1945
8
99)4 100)4
99)4 100)4
101)4 102)4
109)4 109)4
105)4 105)4
MAN
1956 opt 1946
Bid
Ask
MAN
1955 opt 1945
s
4)48 1957 opt 1937
MAN
4)48 1958 opt 1938..MAN
4)48 1942 opt 1935..MAN
Chicago Bank Stocks
104)4
108%
1009,6 100)4
Par
Bid
Ask
100
Trust
250
STOCKS
33 1-3
Trust
National
Bid
A sk
165
100
295
300
Harris Trust A Savings. 100
360
390
Northern Trust Co
210
825
865
169
Continental Illinois Bank A
JOINT STOCK LAND BANK BONDS &
MUNICIPAL BONDS
Par
First
American National Bank A
100
Bought—Sold—Quoted
Insurance
MUNICIPAL BOND
DEALERS-COUNSELORS
Par
f
Aetna
Teletype CGO. 437
State 0540
Casualty A Surety 10
Bid
106
Companies
Par
Ask
Joint Stock
Bid
Atlanta
Atlantic
99
5s
100
5s
100
Burlington 5s__
California
Chicago
,
110
Home Fire
Security
10
Land
Ask
100
......
---
100
5s
/i 154
6s
1254
100
Denver 5s
First Carollnas
First of Fort
101
74
Dallas 5s
76
92)4
5s
Wayne
5s_.
100
First of Montgomery 5s
First of New Orleans 5s
87
First Texas of Houston 5s.
99
93)4
First Trust of Chicago 5s.
_
100
Fletcher 5s
95
94)4
---
89
95)4
100
...
Greenbrier 5s
97
100
5s_
80
Illinois of Monticello 5s.._
98
Iowa of Sioux City 5s
100
9754
985*
97
99
100
99J4 10054
100
1C0
—
74
.10
15
16
2)4
15)4
78)4
16%
Maryland Casualty
Mass Bonding A Ins
.
.
81
10
25
2854
5354
5554
.10
American Surety
Automobile
38)4
40%
9754
9854
Joint Stock
Par
Bid
98)4
QQSy?
Virginian 5s
Land
.
inn8>?
98)4
99)4
Par
Ask
25
47
49)4
Merch Fire Assur com.2)4
Merfeh A Mfrs Fire New'k 6
66
70
1
11%
13)4
10
19
21
10
National Casualty
National Fire
74
77
954
105%
National Liberty
728
New Amsterdam Cas
6
23
25
New Brunswick Fire
10
35
13)4
37)4
2954
2654
4954
31%
28%
New Hampshire Fire
10
45
48
5154
New York Fire
25%
4%
27%
Northern
40
42
Northwestern
11)4
13
Pacific Fire
Fire
10
10
Connecticut Gen Life.. .10
Contlnental Casualty— ..5
2)4
Eagle Fire
Employers Re-Insurance 10
5
Etrrsr
854
10
48
100
4%
52
102%
Firemen's of Newark- ..5
77)4
12%
5
31)4
80%
13%
33%
1
Franklin Fire
2
10
20
National Union Fire
143
5
New Jersey
North
20
5
12.50
River
2.50
100
Carolina...—-100
10
26
..100
20
24
100
25
29
.....100
53
58
38
Lincoln
Atlantic
30
36
North
....
88
92
22)4
Republic (Dallas)
10
25)4
Rochester American
10
10
Accident
5
.
5
St Paul Fire A Marine..25
—5
41%
17)4
43%
19%
Seaboard Fire A Marine..6
47
50
68%
73%
Security New Haven...10
Southern Fire
10
—5
30
32
11
14
29
138
20)4
39)4
Preferred
Rossia
Great Amer Indemnity -.1
29
30
27)4
10
Phoenix
Providence-Washington
30
Great American
12
Atlanta
50
108)4
127
2254
16
H)4
148
21)4
130
28
preferred.
47
104
25
21%
6
12)4
National.25
.10
General Alliance
2d
354
101
2)4
Globe A Rutgers Fire.. .15
Ask
554
718
Globe A Republic
Bid
7
9
74)4
17)4
Georgia Home
Bank Stocks
8
As*
2754
72)4
15)4
4)4
3)4
Glens Falls Fire
97
La Fayette 6s.
554
26)4
100
Boston
Camden
30%
Bid
Shippers... .25
Baltimore Amer.
Bankers A
Fidelity A Dep of Md__ .20
Fire Assn of Philadelphia 10
33
100
Virginia-Carolina 5a
5
Federal
76
/30
5s
6
Lincoln Fire
«•
100
Union of Detroit 5s—
Knickerbocker
City of New York
—
9954 100)4
34
/32
5s
Ins Co of North Amer__I0
28%
37%
Carolina
99)4 100)4
Antonio 5s
88
2654
34)4
mmm
100
...
85
10
10
mmm
100
Southern Minnesota 5s
Tennessee
100
107
St Louis 5s
25
American Reserve
Ohio-Pennsylvania 5s—...
Oregon-Washington 5s
Pacific Coast of Portland 5s
Pacific Coast of Los Ang 5s
Pac Coast of Salt Lake 5s.
Pao Coast of San Fran 5s..
6s
Importers A Exporters.. 10
mm*
9954
99
5s
3954
mmm
100
North Carolina 5s
Phoenix
3754
American Re-Insurance .10
9854
Pennsylvania
10
American of Newark
New York 6s
Southwest
83
100
Kentucky of Lexington...
Maryland-Virginia 5s
Misslssippl-Tenneeeee 5s..
Homestead Fire
American Home
100
San
100
Greensboro
Illinois Midwest 5s
Louisville 5s
56%
American Equitable— —5
Ask
98
96
Lincoln 5s
Potomac 5s
100
Fremont 6s
Bid
53)4
American Alliance
Bank Bonds
10
Agricultural
St., Chicago
Aetna Fire
Aetna Life
120 So. La Salle
Seaboard Surety
10
Springfield Fire A Mar..25
Stuyvesant
..5
31
33
14 %
!554
215)4 222
12
14
23)4
25)4
40)4
28
139)4
42)4
30
143)4
7)4
Moines
74
75
80
San Antonio
100
6
10
Virginia
5
8
5
First Carollnas
Fremont
For footnotes
see
page
2304
Potomac..
5
Virginia-Carolina .....100
%
...—
30
21H
22%
Sun Life Assurance
100
525
20
30
Travelers
100
631
36)4
38%
Harmonia
10
27%
2854
U S Fidelity A Guar Co..2
U S Fire
4
55
57
Hartford Fire
10
76%
...10
67
80%
79%
83%
61%
38)4
39
41
Halifax Fire
Hamilton
Fire
Hanover Fire
%
35
,10
.10
Hartford Steam Boiler. .10
Des
Pennsylvania
70
....100
Dallas
Denver
Home
.5
U S Guarantee
Westchester Fire
2.50
15
36)4
641
16
m
2302
Financial
Quotations
Chronicle
April 4 1936
31
Over-the-Counter Securities—Friday April 3—Continued
on
DEFAULTED
Guaranteed Railroad Stocks
3o$*pb Walker $ Sons
Dealers in
Offerings Wanted
11
Stork Exchange
Members J^ew York
120 Broadway
Railroad Securities
DUNNE&CO.
Tel. REctor
NEW YORK
20
2-6600
STOCKS
1
Members New York Security Dealers Ass'n
GUARANTEED
Pine Street,
New York
JOhn 4-1300
Sine©1855,
Bought
(Guarantor In Parenthesis)
Dividend
Beech Creek
Bid
Sold
—
Quoted
on
Request
Asked
6.00
90
195
200
6.00
100
John
95
10.50
..100
Vicksburg (Illinois Central)
Albany A Susquehanna (Delaware A Hudson).... ..100
-100
Allegheny A Western (Buff Roch A Pitts)
—
Earnings and Special Studies
Par in Dollars
Alabama A
BONDS
RAILROAD
Guaranteed Railroad Stocks
105
...50
2.00
Boston A Albany (New York Central)
Boston A Providence (New Haven)....
-100
8.75
136
139
8.50
155
& Co.
Yor\Security Dealers Association
C
,
(
165
Canada Southern (New York Central)
E. Sloane
Members 7<[ew
(New York Central)
—100
3634
3834
41 Broad St., New York
HAnover 2-2455
•
Bell System Teletype NY 1-624
•
58
-100
3.00
55
(L A N-A C L) 4%— —100
4.00
96
99
—100
5.00
99
101
Chicago Cleve Cine A St Louis pref (N Y Central) -100
Cleveland A Pittsburgh (Pennsylvania)
50
5.00
95
100
8.50
85
88
Betterman stock
2.00
49
61
2.00
45
•47
5.50
87
91
Carolina Clinchfleld A Ohio
Common 6% stamped
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
-100
Georgia RR A Banking (L A N-A C L)
-100
178
10.00
185
4.00
76
80
50.00
950
1100
3.875
69
71
New York Lackawanna A Western (DLAW).. -.100
5.00
94
98
50
4.00
96
99
7.00
57
60
—60
4.50
68
72
1.60
37
39
Lackawanna RR of N J (Del Lack A Western).. —100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
Northern Central
50
(Pennsylvania).J..*,*.—...-,.,.—
Old Colony (N Y N H A Hartford)
Oswego A Syracuse (Del Lack A Western).
Pittsburgh Bessemer A Lake Erie (U S Steel)
3.00
Rensselaer A
168
178
181
80
6.90
115
145
150
3.00
preferred
111
6.00
Saratoga (Delaware A Hudson)...
(Terminal RR)
St Louis Bridge 1st pref
Second
160
7.00
Preferred
75
7.00
Preferred
Pittsburgh Fort Wayne A Chicago (Pennsylvania) —100
72
75
3.00
145
150
10.00
252
256
6.00
92
96
—100
5.00
99
106
-100
5.00
80
85
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)— —100
Utlca Chenango A Susquehanna
(D L A W)
Valley (Delaware Lackawanna A Western)
Vicksburg Shreveport A Pacific (Illinois Central)
.
5.00
81
86
Warren RR of N J (Del Lack A Western)
3.50
52
55
West Jersey A 8ea Shore (Pennsylvania)—
3.00
65
68
Preferred
Railroad
Bonds
Bid
Akron Canton A Youngs town
68. 1945
Augusta Union Station 1st 4s, 1953...................
Birmingham Terminal 1st 4s, 1957.........
Boston A Albany 1st 434s, April 11943...........
Boston A Maine 8s, 1950............................
Prior lien 4s, 1942
Prior lien 4348, 1944
Convei tlble Be, 1940-45
•
99
102 X
106
69
98
Georgia Southern A Florida 1st 6s, 1945..............
Goshen A Decker town 1st 634s, 1978
Hoboken Ferry 1st 5s, 1946
Kanawha A West Virginia 1st 5s, 1955
Kansas Oklahoma A Oulf 1st 5s, 1978
99
94V4
.........
96
6034
...........
6234
102
...............
88
90
101
102
104
.......
105
Little Rock A Hot Springs Western 1st 4s. 1939........
Louisville A Nashville 1st A ref 4s, series D, 2003
...
10034
10034
Macon Terminal 1st 5s,
103
104
1965
Maryland A Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955......
'
/42
.............
..........
Island-Frisco Terminal
-
-
72
.........
80
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949......
Montgomery A Erie 1st 5s, 1956
New York A Hoboken Ferry general 5s. 1946
Pennsylvania RR 35*8, series C, 1970.................
Portland RR 1st 334®. 1951
Consolidated 5e, 1945
74
•
.
59
61
95
77
80
10034
10034
72
7334
9134
93
.......
88
90
...........
434s, 1957
St Clair Madison A St Louis 1st 4s, 1961
92
Shreveport Bridge A Terminal 1st 5s, 1955............
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951....
Toledo Terminal RR 434s. 1957
Toronto Hamilton A Buffalo 434®. 1966..
'mm
85
■
mm
65
69
90
.......
92
111
112
96
....
Virginian Railway 1st Hen A ref 334s, series A, 1966
Washington County Ry 1st 334s, 1954..
Philadelphia, Pa.
mm
86
/67
........
Cincinnati Indianapolis A Western 1st 5s. 1965.........
Cleveland Terminal A Valley let 4s, 1995
'
■
105J4
......
New York
98
88
83
Chicago Union Station 334s, series E, 1963
Choctaw A Memphis, 1st 5s, 1952......
Rock
Stroud & Company Inc.
92
100
...
.......
Private Wires to
90
88
...
Quotations—AppraUaU Upon Request
70
87
.......
EQUIPMENT TRUST CERTIFICATES
103
65
.............
Buffalo Creek 1st ref 6s, 1961..
Chateaugay Ore A Iron, 1st ref 4s, 1942
7634
8134
•
91)4
......
.......
Asked
75
534®. 1945..............
.*
m
103
10234
67
70
Railroad Equipment Bonds
Bid
Atlantic Coast Line
Baltimore A Ohio
434®434s—_
Bid
Ask
61.75
1.25
Missouri Pacific
4>4s
Boston A Maine
63.00
2.00
5s
65 00
3.50
2.00
634®
65 00
3.50
63.75
4>4s
2.75
65.00
4.00
5s
63.76
2.75
3)4® Dec I 1936-1944.
63.50
2.00
New Orl Tex A Mex
434®—
New York Central 434®—
434s.
5s
63.00
2.00
63.00
2.00
Canadian Pacific
63.00
2.00
Cent RE New Jer
62.50
1.75
4^8
43$s_.
Chesapeake A Ohio 5>^s834®
434®
64.50
434s
Pennsylvania RR 434®
Paul" 4^s
A St
Chicago RIA Pao 43$S—
1.00
61.00
0.50
5s
62.50
2.00
1.00
65.25
4.25
Jan A July 1936-49
2J4s series G
4.25
66.76
6.00
6.00
Public
Utility Stocks
Ask
4s series E due
71
79
71
6s
1.25
Par
61.50
66.75
Mifw
5s
3.75
INC.
Hta»282 62 William Street, N.Y.
3.75
62.00
434®
5s
Northern Pacific
65.25
68
Chlo
2.25
64.50
N Y N H A Hartf
robinson, miller & co.
2.00
2.25
63.10
5s
Offerings Wanted
2.00
63.10
434s
62.00
6s
Chicago A Nor West 43<js
63.00
63.00
5s
N Y Chic A St L
Canadlan National
Bonds and Preferred Stock
3.50
63.00
58
NORTHERN NEW YORK UTILITIES, INC.
Ask
65.00
79
62.00
1.00
62.00
1.00
63.00
62.75
2.00
63.00
...
2.00
62.75
2%
5s
62.75
69
71
90
9134
3
534
634
7
634
7
pref.*
Assoc Gas A El orlg pref..*
$6.50 preferred
*
$7 preferred
Atlantic City El $6 pref—'
—
Par
Mississippi P A L $6 pf...*
6% pref. 100
Miss Rlv Pow
Mo Pub Serv $7 pref--.100
Mountain States Pr com.»
7%
65.50
4.50
6s
65.60
4.50
534®-
65.50
4.50
63.00
2.60
Erie RR
4Hs.
534s
113
11234 114
121
114
84
59
61
New
65.50
4.50
2434
25
N E
65.50
4.50
92
94
New
62.75
1.75
82
84
$7
Eng G A E 5 J4 % Pf
Pow As8n 6% pf__100
Eng Pub Serv Co—
prior lien pref
*
Jersey Pr A Lt $6 pf. *
6s
62.25
1.50
627.5
1.75
95
434®—
63.25
2.75
63.90
3.00
62
65
New Orl Pub Serv
5s
63.00
2.50
5s
63.90
3.00
69
72
N Y Pow A Lt $6 cum
62.00
1.25
534®
63.90
3.00
5434
56
Great Northern 4J^s
5s
62.00
—
Texas Pacific 4s
New
7%
63.00
2.00
Hocking Valley 5s._
62.00
1.25
434®
63.00
2.00
109
Illinois Central
11034
63.00
2.00
5s
63.00
2.00
106
108
62.75
2.00
62.00
1.00
46
47
104
105
43$s
5s
534®
634®
62.00
1.25
—
1.00
62.00
Loulsv A Nashv
434s
5s
Maine Central 5s
2.00
61.75
5s
2.00
61.75
Long Island 4 3$ a
1.00
4%
63.25
434s.
65.00
63.25
Internat Great Nor
64.00
Union Pacific
434s
62.00
58
1.00
1.00
99
102
5s...................
100
102
1.00
634®
10034
10234
1.00
6s
101
103
3.25
Wabash Ry
434®
Western Maryland
434s
Columbus Ry Pr A Lt—
1.00
62.00
62.00
5s
Virginian Ry 4348
63.00
2.00
6.60%
100
preferred
10534 10634
10634 10734
Continental Gas A El—
7%
preferred
..100
Dallas Pr A Lt 7% pref. 100
Dayton PrA Lt 6% pf.100
Derby Gas A Eleo $7 pref. *
9734
9512
112
'
"
m
111
434®
3.25
4.00
65.25
4.00
5s
57
60
63.00
2.00
Essex-Hudson
100
192
198
65.50
4.50
Foreign Lt A Pow units..*
95
121
Idaho Power $6 pref
64.00
65 25
10334 105
Western Pacific 5s
534®
65.50
ABBOH, PROCTOR & PAINE
Gas
BROADWAY, NEW YORK CITY
Stock and Commodity Exchanges
For footnotes
see
page
2304
$7
pf..*
*
100
Illinois Pr A Lt 1st pref..*
7%
preferred
Interstate
Natural Gas..*
192
198
110
111
43
44
2034
2234
$7 preferred
»
Ohio Power 6% pref...100
Ohio Pub Serv 6% pf..l00
10934 11134
10934 11054
7% preferred
100
Okla G A E 7% pref...100
Pacific Pow A Lt 7% pf 100
Penn Pow A Lt $7 pref...*
Philadelphia Co $5 pref..*
Pub Serv of Colo 7% pf 100
Queens Borough G A E—
6% preferred
100
7%
preferred
100
7% pf.100
United G A E (N J) pf.100
Utah Pow A Lt $7 pref
*
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pf.100
94
96
71
73
Utloa Gas A El 7% pf-.lOO
7% preferred
..100
Los AngGAE6% pf..l00
Memphis Pr A Lt $7 pref *
84
86
Virginia
Ry
100
Washington Ry A Elec—
5%
preferred
..100
Western Power $7 pref. 100
100
10434
7634
7834
10834
8034
109 34
8334
102
8034
82
107
10334 10434
88
Texas Pow A Lt
—
99
102 34
103 34 106 34
192
Toledo Edison 7% pf A 100
United G A E (Conn) 7% pf
78
90
107
South Jersey Gas A El. 100
Tenn Elec Pow 6% pref 100
29
112
87
105
Sioux City G A E $7 pf.100
Sou Calif Edison pref B.25
56
mmm
5134
10134
11034
103 34
54
92
5034
N Y A Queens E L P pf 100
Nor States Pr $7 pref.. 100
Ohio Edison $6 pref
*
28
90
423*
103 34 105
109
pref.*
11134
72
4134
pf.*
Jamaica Water Sup pref .50
Jer Cent P A L 7% pf-.lOO
7% pf—100
2534
71
cum preferred... 100
7% B 100
6% preferred C
100
-
125
2434
100
Rochester G A E
Kan Gas A El
Members of New York Stock Exchange and other
—
4.50
Interstate Power $7
120
mm
113
Gas A Elec of Bergen. .100
Hudson County Gas
100
634®
Minn St P A S S M 4s._.
434
43
84
5S
14 34
41
84
Southern Ry 434®
334
Nassau A Suff Ltg pf.,100
Nebraska Pow 7% pf.,100
75
434®
1234
Newark Consol Gas...100
111
75
Southern Pacific
68
113
33
75
534®
Ask
67
30
5s
St Louis Southwestern 5s.
preferred
Bid
111
100
434®
Denver A R G West
St Louis-San Fran 4s
2%
Alabama Power 57 pref..*
Arkansas Pr A Lt $7
non-call Dec 1 1936-50
Pere
Marquette 434®
Reading Co 434s
2.00
Bid
27
62 34
72 34
100
90 34
2754
198
6334
73 34
102
109 34 11034
90 34
92 34
67
60
9834
61
99 34
108
111
110
112
10434 10634
Financial
Volume 142
I
Quotations on Over-the-Counter
Securities—Friday April 3—Continued
Specialists in—
Securities of the
Associated Gas & Electric
75 FEDERAL ST.,
BROADWAY, NEW YORK
Telephone between New
Bell System
1947
5s
General
/40
/30
•
66 H
Amer Wat Whs &
97 H
86
92
'53
70 H
69
Appalachian Power 7s 1936
Associated Electric 5s. 1961
101H
62
63
4Ha '68
28 H
Mtn States Pow 1st 6s 1938
30
Assoc Gas & El Co
Assoc Gas & Elec
....
5s-.1944
Nassau El RR 1st
Newport N & Ham 58.1944
New Eng G & E 58.—1962
New York Cent Eleo 5s '52
Corp—
3Hs—1978
3%b—1978
4s.....1978
28 H
29
29 H
30
N Y Edison ZHb D
Income deb
32
Northern N Y Utll 58.1955
Income deb
Income deb
Income deb
H
1965
100 H
66 H
103
68 H
104
102 H 103 H
104 y8 10454
..1973
63 H
64 H
Old Dom Pow 5s May 15'51
1973
1940
Bellows Falls Hy El 5s 1958
Bklyn C A Newt con 5s '39
69 H
95 H
71
Pacific Gas & El
97
Parr Shoals Power 58.1952
100
Pennsylvania Elec 5s. 1962
Penn Telep Corp 1st 4s '65
PeoplesL4P5H8 ...1941
104
102 H
92 H
104
95 H
103 H
101
70
.
72
102% 103H
—
mm
105
105
10554
flOM
72 H
106
108 H 108 H
98
97
Duke Price Power 6s-.1966
Tel Bond A Share 5s._1958
85
Union Ry Co N Y 5s..
1942
4H8-2004
no
14
Utlca Gas A El Co 58.1957
125
126
Virginia Power 5s
1942
Wash A Suburban 5 His 1941
106
107
94
96
82
Public Serv of Colo 6a. 1961
105
74
75
Pub Serv of N H 3 H s
105
77 H
79
Pub Serv of Okla 4s A. 1966
105 M 105H
87 H
86 H
101 %
101
105 M
mmm
104 H 105%
Scranton Electric 5s.
.
1937
---
72
70
85
mm
•
100 H 101H
42
41
105 H 106 H
108 M
108
Western Mass Cos 4s. 1939
Western Pub Serv 5 Ha '60
105 H
102 %
107 H
/io
108 %
13
104 H 105
108 H
83
104 H 104 %
88
78
102^
56 H
102
87
92
103 H
94
105% 106 H
Wisconsin Pub Ser 5 Mb '59
105 H
1946
102
Penna State Water 5 Ha '52
101
Penna Water Co 5s
1957
1st 58 series C
Clinton W Wks Co 5s. 1939
Commonwealth Wat (N J)
5s series C
1957
5 Ha series A
1947
Community Water Service
5 Ha aeries B
81
86
104
1960
103
...
75
106
79
100
99
1952
96
Haekensack Wat Co 5s '77
108
Huntington Water 5s B '54
102
6s
1964
102
5s
1962
104 H
Bell System Tel.
N Y 1-588
Bid
Bid
Ask
'41
B'way Barclay 1st 6s. 1941
Certificates of deposit...
/33H
35H
B'way A 41st Street—
1st leasehold 6HS..1944
/40H
Bldg 6s. 1948
1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s_.1948
Court A Remsen St Off Bid
B way Motors
Chanln Bldg Ino 4s...
-
1st 6s
1942
1936
(Bklyn)
1st 6 Mb (LI)
Majestic Apts 1st 68..1948
/56H
58 H
64 H
69
67 H
93 H
95 H
71H
1948
6s
...
1st 6s...1941
130
1947
6s
n
75
/33
1st mtge 2s stmp A reg'55
9
Eqult Off Bldg deb 5s. 1952
68
71
Deb 58 1952extended...
71 %
73
50 Bway Bldg 1st 3s lnc '46
4854
50 H
w
-
-
103 H
-
-
46 H
34 H
mmm
52d A Madison Off Bldg—
1947
Film Center Bldg 1st 6s '43
/49H
v
78 H
42 Bway 1st
•
••
/44H
47
1st 6 Ha
Oct 1 1941
1944
10
12
Nov 15 1939
/9H
101
106 H 107 %
Union Water Serv 5 Ha '51
105 M
105 M
West Virginia Water
1st Hen A ref 5HS..1953
104 H
104 M 105)4
Water Serv Cos lnc 5s. 1942
-
-
-
1 Park Ave 6s_.Nov 6 1939
107
..1943
Roxy Theatre—
1st fee A l'hold 6 Hs.1940
60
93 H
153 M
55 H
60 Park PI (Newark) 6s
53 M
55 H
616 Madison Av lst6Ha'38
/54H
/19H
61 Bway Bldg 1st 5 Ha 1950
General 7s
1945
/46
/II
Savoy Plaza Corp—
Reaity ext 1st 5Ha. 1945
/25
'37
1958
71
1939
2 Park Ave Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st 6 Ha
Oct 19 1938
95 %
42 H
45
100
102
99 H
104
102
5s series C
1960
104 H
1949
103
1952
103 H 106
W'msport Water 5s
Bid
1954
2-6s
43
.Cont'l InvDebCorp 2-6s '53
Home
Mtge
6s
Ask
Series B 2-6s
...
Potomac
Bond
Co 5 Ha A
1934-43
73
Corp
mmm
(all
1953
75
mmm
Potomac Cons Deb Corp—
47
1953
2-68
45
/52H
52 M
1954
Series A 2-6s
75
Debenture
Potomac Deb Corp 2-6s '53
Potomac Franklin Deb Co
—
1953
2-6s
42
H
42 H
44 H
44 H
42 H
44 H
Potomac Maryland Deben¬
Mortgage Bond Co of Md
lnc 2-5s
1953
77
—
/36
/36
38
Realty
ctfs
(Mtge Security series)..
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 2-68.1953
2-6s
Realty
Debenture Corp 2-6s
Nat Bondholders part ctfs
(Mtge Guarantee series).
1953
Atlantic
ture Corp
Potomac
38
deb
Bond
A
'53
/29
67
...
42 H
44 H
43
45
Mortgage
1953
2-6s
Union Mtge Co 5 HsA 6s'37
Universal Mtg Co 6s *34-'39
Nat Bondholders part
/52H
152 M
75
42
44
Telephone and Telegraph Stocks
Bid
100
148
Pac A Atl Telegraph
124
89
3
N'west Bell Tel pf 6 H % 100
122
Bell Telep
New York Mutual Tel. 100
144
100
Tel..100
Par
Ask
115H 120
122% 125H
(N J) com.*
91
43
•
92
102
25
Preferred
25
Ask
19
29
21
19
20
100
111
113
111
A
Roch Telep $6.50 1st
So A Atl Telegraph
-
Bid
116H 118H
pf.100
Peninsular Telephone com*
--
'
62 H
43
25
21
25
Sou New Engl Telep... 100
48
93 H
105
110
144 H
146 H
S'western Bell Tel pref.100
123 %
126
Trl States Tel A Tel—
10
Preferred.
138H 141
1st 5 Ha
New
England Tel A Tel 100
121
Wisconsin Telep 7%
11
12
pf.100
114
116
100K
65H
/29H
22 H
Federal Intermediate Credit
Bank
Debentures
48
15
49H
FIClHs—Apr
15 1936 b .30%
F I C 1 Ha
May 15 1936 5.30%
F I C 1 Ha...June 15 1936 5 .30%
FIC lHa—July 15 1936 5 .30%
FICIHa—Aug 15 1936 5.30%
FICIHa—Sept 15 1936 5 .35%
Westinghouse Bldg—
1st fee A leasehold 6s '39
123
26
Bid
/55H
/47H
Trinity Bldgs Corp—
70 H
9454
1950
27
69H
/40H
1953
Cont'l Inv Bd Corp 2-5s *53
Mtn States Tel A
1945
69
'40
Tendon Terrace Apts 6s
55
Sherry Netherland Hotel—
1st 5 Ha
May 151948
Syracuse Hotel (Syracuse)
1st 6 Ha
Oct 23 1940
65 H
83 H
70 H
26
Textile Bldg 1st 6s
63H
12
/24
/24
6s
/48 H
1951
1st mtge 5 Ha
Westmoreland Water 5s '52
Ask
55
Int Ocean Telegraph...
91H
Bldg—
104
78
Llnooln Tel A Telegraph..*
57
Apr 15 1937
Lincoln Bldg lnc 5 Ha. 1963
Loew's Theatre Realt Corp
lit 6s
1947
1950
Nat Union Mtge Corp—
36 H
68.1951
6s '42
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
1st 6 Ha
104"
99
5s series B
6s series A
---
76
/34H
Hearst Brisbane Prop
Lewis Morris Apt
103"
93
102
Surety Guaranteed Mortgage Bonds and Debentures
51
Harrlman Bldg 1st
/50
103
Western N Y Water Co—
Wichita Water Co 5s B. *56
109
105
Am Dist Teleg
/70H
income
75 H
...
'mmm
104 H
1957
102
51
Realty Assoc Sec Corp—
74
79 H
98 H
102
/49
/82
67 H
53
103 E 67th St 1st 6s.. 1941
69
Roohelle) 1st 6s
1936
Lefcourt Empire Bldg—
1st 5Hs
June 15 1941
Lefcourt Manhattan Bldg
1st 4s
*
1941
1st 4-5s extended to 1948
5s '51
1st mtge 5s
96 H
....1958
of Canada.. 100
Bell Telep of Pa pref__.100
Cincin A Sub BeU Telep.50
Cuban Telep 7% pref-,100
Emp A Bay State Tel. .100
Franklin Telegraph
100
Gen Tel Allied Corp $6 pf.
51
Kelth-Albee Bldg (New
103
1970
Par
65
unstamped
Graybar Bldg 5s
101
1949
1960
Preferred
/49
5 Ha
105
Terre Haute Water 5s B *56
44
/33
1949
1946
Fuller Bldg deb 6a
1960
84"
43
5s
Fox Theatre A Off Bldg—
5s series B
H
97H
102 H
102 H
6s series A
.
97
33M
/41
/42
165 Bway Bldg 1st 5Hs '51
80
80
1958
1939
1400 Broadway Bldg—
1st 6 Mb stamped
1948
42 H
42 H
100% 102M
Prudence Co 5 Ha stpd 1961
40 Wall St Corp 6s
6s
40 %
40 H
f32%
/49H
1st 6s
/34H
N
1960
1st lien A ref 5s
(Central Funding series)
76 %
35
82
6s series A...
Sou Pittsburgh Wat 6s *55
-
Nat Bondholders part ctfs
1946
1937
N Y Title A Mtge Co—
5Hs series BK
...
5Hs sereles C-2
5Hs series F-l
5 Ha series Q
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
OUver Cromwell (The)—
»
500 Fifth Avenue—
502 Park Ave 1st 6s..1941
89
91
1946
N Y Eve Journal 6 Hs.
1949
87 H
6Hs.1939
S f deb 5s
32
1947
6s
75 M
31
Metropol Playhouses Ino—
1st A gen 6s
unstamped
71H
N Y Athletic Club—
East Ambassador Hotels—
6Mb
69H
/29
72 M
Metropolitan Corp (Can)—
Munson Bldg 1st
f53
1st A ref 5 Mb
Ask
Metropolitan Chain Prop—
Apr 28 1940
1st 6s
Dorset (The)
-
95%
95%
101 %
Issues) 2-5s
Ludwlg Bauman—
35H
/34H
Broadmoor (The) 1st 6s
m
55 H
1967
1st lien A ref 5s
Real Estate Bonds and Title Co. Mortgage Certificates
/45
/52H
103 H 105
Indianapolis Water 4 Ha '40
Bid
Jan 11941
95H
100%
102
Allied Mtge Cos Ino—
All series
2-5s
1
Alden 1st 6s
4 Ha
1958
Scranton Spring Brook
Water Serv 5s
1961
Texarkana Wat 1st 5s. 1958
Kokomo WW Co 58.. 1958
A CO
N.Y.
93 %
100 %
104 H
100 H
1941
102 H 103 H
Lexington Wat Co 5 Ha '40
INCORPORATED
150 Broadway,
1950
Roanoke W W 5s
Illinois Water Serv 5s A '52
Jamaica Water Sup 5 M* '55
inquiries for copies of our compre¬
hensive statistical reports on real estate issues.
2360
105 H
South Bay Cons Wat 5s '50
106
1977
Jopiin W W Co 5s
We invite
100
107
1st A ref 5s A
99
...1952
5s
Real Estate Securities
98 H
103
Plalnfield Union Wat 5s '61
Sedalla Water Co 6 Ha *47
Greenwich Water A Gas—
Interstate Water 6s A. 1940
BArclay 7
108
Scranton Gas A Water Co
--
Indianapolis W W Secure—
AMOTT, BAKER
104
.1965
St Joseph Water 5s
107
•
5 Ha series B
101H
1948
_
Rock A L Ont Wat 5s. 1938
101H
102
103
5s series B_
H
100 H 102
99% 101
1948
Richmond W W Co 5s. 1957
1942
Ssserels A
1948
Pittsburgh Sub Wat 5s '58
...
...1942
D
1950
Pinellas Water Co 5 Ha '59
83
E St L A Interurb Water—
6b series
88
106
1st A ref 5s
Phila Suburb Wat 4a
105
6s series B__
1940
Prior Hen 5s
102 H 104
100
5s series A
98~"
87
101H 103
1st consol 5s
...
105 H
1958
...1958
1st mtge 58
94 H
96
1st consol 4s
101
Davenport Water Co 5s '61
4 Ha
96
Peoria Water Works Co—
105 '
1946
6s series A
92 H
•
Ore-Wash Wat Serv 5s 1957
1st lien A ref 5Ha.. 1954
92
West Penn Pr 3 Hs ser I *66
Yonkers RR Co gtd 5s
103
1941
5s
/35
78
Westchester El RR 5s. 1943
104
103
105
Ohio Water Service 5s. 1958
95
101H
107
Ohio Valley Water 5s. 1954
Consol Water of Utica—
107
Un Trac Albany
104
5 Ha series A
1951
City of New Castle Water
37
101K
107
102
5s_.950
5 Ha
(Wash)
1951
6s
83
Sou Cities Utll 5s A..1958
106 %
105 H
-
...
100
S'western Gas & El 4s. 1960
105% 105 %
/46
Newport Water Co 5s. 1953
Ohio Cities Water 6 Ha '53
1946
103 H 103 H
105H
103 H
'68
Chester Wat Serv 4 Ha
Connellsvllle Water 5s. 1939
103 %
3Ha *65
Federal Pub Serv 1st 6a *47
Federated Utll 5^8-1967
42d St Man & St N 5s. 1940
Green Mountain Pow 5s '48
Iowa Sou Utll 5^8—-I960
Kan City Pub Serv 3s. 1951
Kansas Elec Pow 1st 6s '37
Kan Pow A Lt 1st 4H8 '65
100
80
55 H
Duquesne Light 3^8.1965
New York Wat Serv 5s '51
79
102 H
El 6s '47
Sou Calif Gas 1st 4s. .1965
51
105 %
Edison El 111 (Bos)
.1948
Rochester Ry 1st 5s. .1930
San Diego Cons GAE 4a '65
SchenectadyRyCo 1st 5s'46
Sou Blvd RR 1st 5s.. 1945
103 H 104
50
Pub Utll Cons 5 Ha
Sioux City Gas A
82
78
C *60
105 H 106 H
—
City W (Chat) 6s B...1954
104 H
102 H
*65
Cent Ark Pub Serv 5s 1948
Central G A E 5Hs—1946
1st lien coll tr 6s
1946
Cent III Light 3Hs.—1966
cent Ind Pow 1st 6s A 1947
Cent Maine Pr 4s ser G '60
Colorado Power 5s...1953
Columbus Ry P A L 4s *65
Coney Isld & Bklyn 4s 1948
Conn River Pr 3%b A.1961
Consol E & G 5-6s A.. 1962
Consumers Pow 3%b. 1970
Dayton Ltg Co 5s
1937
Blacks tone V G & E 4s
93
California Wat Serv 5s *68
Citizens Water Co
101M 102
59 H
3^s H '61
1951
1954
58 H
5%b
102 H
92
Butler Water Co 5s... 1957
1954
5 Ha series A
1973
Participating 8s
New RocheUe Wat 5s B '51
5s series B
Conv deb
Conv deb
104 H
New Jersey Water
102 H 104
105
99%
102 H 105
105 H 107
---
Conv deb 5s
Muncle Water Works 5s '65
1957
56
1948
101H
102 H
104 H 104H
101H 103
*.
•
Water Works
5s series C
35
B
Monmouth Consol W 5s '56
Monongahela Valley Water
5 Ha
1950
Morgantown Water 5s 1965
Birmingham
1973
5s series
103
102 H
102H 103 %
4^8—1978
4Ha
Ashtabula Wat Wks 5s '58
Atlantic County Wat 5s '58
Long Island Wat 5 Ha.1955
Middlesex Wat Co 5 Ha' 57
105
105 H 106
98%
Ask
104 % 105%
107 H 109
98 % 100
1956
Alton Water Co 5s
106 H 107 H
104 % 104^4
Conv deb 4s
Okla Nat Gas 6s A...1946
Bid
Ask
99H 100 M
Alabama Water Serv 5s '57
m
56
55
32 H
36
Ohio Ed 1st A cons 4S.1965
Bid
Ask
Bid
88
89
Ark Missouri Pow 1st 6s
Tel.: HAnover 3-0510
Water Bonds
5H8-1955
Lehigh Vail Trans ref 5s '60
Long Island Ltg 5s... 1955
Los Angeles G A E 4s. 1970
Metrop Edison 4s ser G '65
Monongahela W P Pub Ser
1st & gen 4J^8
1960
68 H
99
•
NEW YORK
Teletype: New York 1-1073
EXCHANGE PLACE,
Bonds
KeyBtone Telep
••
Amer States P S
5%b.1948
El 5s '75
Ariz Edison 1st 5s
1948
1st 6s series A
1945
York and Boston
Ask
Bid
Albany Ry Co con 5s. 1930
INCORPORATED
40
Teletype—N.Y. 1074
Public Utility
Information—Inquiries Invited
Swart. Brent & Co.
BOSTON
Hancock 8920
COrtlandt 7-1868
Direct Private
Complete Statistical
Curb Exchange
Member» New York
150
Water Works Securities
System
& CO.
s. A. O'BRIEA
2303
Chronicle
f70M
For footnotes see page
2304.
Bid
As*
1
1
1
Ask
FICIHa—Oct
15 1936 5 .35%
I
1
15 1936 5.40%
15 1936 5.40%
15 1937 5 .50%
1
•
1
1
1
I
•
1
1
1
1
FIC 1 Ha
«
•
1
FICIHa—Dec
1
1
•
1
I
•
<
1
•
F I C 1 Ha
Nov
Jan
FIClHs—Feb
15 1937 5 .50%
2304
Financial
Quotations
Chronicle
April 4 1936
Over-the-Counter Securities—Friday April 3—Continued
on
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Investment
Sought, Sold &\Quoted
QUAW & FOLEY
DISTRIBUTORS
Members New York Curb Exchange
PINE
30
STREET
Company Securities
63 Wall
NEW YORK
GROUP.
Street, New York
Kneeiand 8C Co.—Western
Telephone ANdrews 3-5740
Sylvania Industrial Corp.
Par
61
2.19
19%
21
Amer General Equities Ino
Exchange. Ino.
Fund
Teletype N. Y. 1-1666
14%
1.13
1.25
6%
Bancshares Ltd part shs50c
Bankers Nat Invest Corp *
.50
4%
4%
.43
18%
in the
Canadian Inv Fund Ltd.l
4.15
Over-the-Counter Market
Central Nat Corp cl A...*
Class B
*
COMPREHENSIVE SERVICE
.63
Established
115 Broadway, N. Y.
Bell System Teletype
<*
2.66
«...
3.35
Industrial Stocks
Amer Air Lines inc
American
Ask
r
11%
0
27 X
73
30
[)
112
76
3
118
34}*
36}*
22
24
v to-
Arch
Book
100
25
*
American Hardware
Amer Maize Products
21}*
—100
American Mfg
Preferred.-
7% preferred
100
Cumulative Trust Shares. *
io %
*
American
Bid
100
Macfadden Publica
American Republics com.*
Andian National Corp—*
46
Art Metal Constructlon.10
15}*
6H
51%
17
5X
Maytag warrants.
8
6X
4%
32
3
6%
30
114
116
Beneficial Indus Loan pf.*
52}*
54 H
100
52
53}*
Canadian Celanese com..*
25
28
100
120
125
Bowman-Biltmore
1st
Hotels
preferred
Preferred
3
National
*
Casket.
*
Nat Paper & Type com.
5%
..
1( 3
preferred
3
$1 cum pref
Columbia Broadcasting A
*
Class B
53"
45
46}*
3
ox
19}*
Columbia Baking com
50~~
*
11
21
52;%
52}*
54
Consolidation Coal com—
*
Crowell Pub Co com
$7
*
54%
5
Oldetyme Distillers.
26
Remington Arms
1( 3
107
NY
*
55
58
5
55
58
3
100
119
...
Dictaphone Corp
Preferred
Dixon (Jos) Crucible—100
Doehler.Dle Casting pref.*
"
5
'mmm
55
3
59
100
19
36}*
2
)
7%
OH
Galr (Robert) Co com...
8%
Preferred
Gen Fireprooflng $7 pf.100
Golden Cycle Corp
10
Graton & Knight com
Preferred
*
100
4%
Great Northern Paper..25
Herr-Hall-Marv Safe..100
29 %
35
30 X
Klldun Mining Corp
1
King Royalty common...*
38
3%
3%
17%
Wilcox-Gibbs
common..
20 %
1.13
shares
1.56
RR Equipment shares..
Steel shares
1.16
1.27
1.66
1.35
1%
Preferred
Am Wire Fabrics 7s__1942
Bear Mountain-Hudson
River Bridge 7s
1953
mmm
22
109}*
/96
/96
mmm
98
98
98
100
98
101
Bethlehem Steel 5s
1936
Butterick Publish 6%s *36
100}*
/37
Chicago Stock Yds 5s. 1961
Cudahy Pack conv 4s. 1950
101
1st
3%s.
1955
Deep Rock Oil 7s
1937
Federal Farm Mtge Corp—
1Kb
Sept 11939
104
mmm
39
104%
101H 101H
mx 78 %
101.4
101.6
Glldden Co 5%s
1939
102 H
102 H
Haytian Corp 8s
1938
fl7
19
24
.60
Incorporated Investors..»
Investors Fund of Amer..
.70
22.61
24.31
1.09
1.19
mm
3%s
ser D '61
Chicago
Chain
19%
104
•
No
95 %
32
67
-
on
Ask
97
99
89}*
94%
1941
*2.70
3 03
18%
19%
2.91
3.01
1.13
1.21
Voting trust ctfs
UnNY Bank Trust C 3Un N Y Tr Shs
Wellington
Store
101}*
100
se
3%
rF_....
Fund
-
4%
2%
2
18.40
20.18
Boston
Securities
*
$2.60 conv pref
.._*
Bohack (H C) common..*
7% preferred
Diamond Shoe pref
Ask
7X
Par
mmm
88
m
m
8%
50
109
Edison Bros Stores pref 100
Flshman (M H) Stores
•
Preferred
100
Green (H L) 7% pref-.lOO
115
100
Katz Drug preferred
102% 105%
Stores
*
14%
*
85
Bid
•'
11%
»
100
100
Neisner Bros pref.....100
16%
-
8
100
(I) <fc Sons com
6%% preferred
Murphy(G C) $5 pf
Reeves
99
Par
preferred
111*
Melville Shoe pref
10
Miller
44
7%
100
17%
106
Kobacker
108
38%
9%
100
Ask
100
17
100
Bid
Kress (S H) 6% pref
Lerner Stores pref
37%
(Daniel) pref... 100
Rose 5-10-25C Stores
6
Sohlff Co preferred....100
12%
111
5%
7
33 J*
six
103}* 106
114
116
105
92
109X
-
mmm
—-
mmm
United Cigar Sts 6 % pf. 100
6% pref ctfs
28
SOX
28
U S Stores preferred...100
SOX
4
11
102% 103%
84
86
106
107
04%
fl4%
84
95
Sugar Stocks
16%
-mmm
/68
/22
/62
64
65
Cache La Poudre Co..—20
14
1
*
Ask
22%
Eastern Sugar Assoc
Preferred
1
Par
23%
15%
25%
24
X
Savannah Sugar Ref
7%
preferred
*
100
West Indies Sugar Corp..l
1%
Bid
Ask
117
115%
SH
4X
(serial)"
on New
Exchange.
X Quotations per 100 gold rouble bond equivalent to
77.4234 grams of pure gold.
1
B
NEW YORK
-
Bid
133
05%
New York Stock
Standard Shares
U S El Lt & Pr Shares A—
m
100.15 100.18
value.Interchangeable. 6 Basis price, c Registered coupon
d Coupon. / Flat price,
to i When Issued,
x Ex-dividend.
Now selling
York Curb Exchange.
t Now listed
1.74
1.16
Chain Store Stocks
-
Shipbuilding 5s-.1946
6%s_1944
par
1.59
1.53
16%
Aug 15 1937 102.2 102.5
Aug 15 1938 102.31 103.2
1%8
r.. June 115 1939
101.5 101.7
Merchants Refrlg 6s..1937 100
Nat Radiator 5s
1946
38
/36
103 H 103 H
70
1.44
BURR & COMPANY INC.
Haytian Corp Amer
Inland Steel
Journal of Comm 6%s.l937
Loew's Inc deb 3%s„ 1946
1.04
Trusteed N Y Bank Shares
United Gold Equities (Can)
—
1%8_.
Penn-Mary Steel 5s...1937
Reynolds Investing 5s 1948
Scovllle Mfg 5%s
1945
Shell Union Oil deb
3%s *51
Std Tex Prod 1st
6%s as '42
Struth Wells Titus
6%s *43
Willys-Overl'd 1st 6%s '33
7.53
6 77
57 William St.
2s
N Y
•
2.61
24
Bid
No Amer Refrac
Otis Steel 6s ctfs
14.74
2.66
9%
Blckforda Inc
Home Owners* Loan Corp
1%8
Aug 15 1936
1.68
13.56
100
i
127
Ask
7 25
...
B
2%
...
Huron Holding Corp.
Miscellaneous Bonds
■
7.25
new
Trusteed Amer Bank Shs B
Trusteed Industry Shares.
1.86
1.24
7% preferred
Bid
1.31
1
1.43
shares
Borland Shoe Stores.—*
104}*
1.23
1.20
1.55
«...
120
7%
American Tobacco 4s. 1951
C
D
19
30
.22}*
2.59
5.75
Merchandise
3X
15%
45
BB
Group Securities—
12 H
7
102
White Rock Mln Spring$7 1st preferred
1
mm,
4.01
48
60
Lawrence Portl Cement 100
—
37%
100
5%
-—4*
2.59
B
0.63
44
49
3.81
29
i
4
56"
53
—
2X
100
47
6.02
98.68
AA
Petroleum
10%
37%
1.17
*
25 27
Mining shares
5%
104 %
U S Finishing pref'.
Warran North am—
4 25
1.08
State Street Inv Corp
Food shares..
7%
25% 26 X
X39% 41}*
125% 130%
8%
0%
46%
Foundation Co-
4.00
Trustee Standard Oil Shs A
8
!
mm
22%
21.61
Standard Am Trust Shares
Standard Utilities Inc...*
Super Corp of Am Tr Shs A
...
23.22
shares
5.02
20.32
1.72
342
17
6%
8%
28.80
9.66
*
Spencer Trask Fund
1.58
«
337
28
*
12.27
26.74
Guardian Inv Trust com.*
>
*
45
Chemical shares
4%
109
shares
41
3.73
21%
35%
103
104
Foreign shares
32.06
2.21
44
*
American
29.84
Selected Cumulative Shs._
Selected Income Shares
Selected Industries conv pf
2.04
41
*
'
1H
1.82
Building shares
100
72
Flour Mills of America...*
7.60
Trustee Standard Invest C
D
7H
24
m
5.00
1.72
98
50
1.74
21
34%
21
1.59
1.58
73
70
.65
Selected Amer Shares Inc.
Selected American Shares
Automobile
71
50
Preferred
mmm
Supervised Shares
40
Douglas Shoe preferred.100
Draper Corp
*
Driver-Harris pref
100
4.85
.40
2.25
1( 3
mm
13.22
4.55
2.08
Rockwood & Co
Preferred
12.72
Republic Investors Fimd.5
Royalties Management...
4.20
10.21
j
4%
Representative Trust Shs.
---
Agricultural shares
38%
*
com
100
preferred
Dentists' Supply Co of
1.14
1.69
*
B
16%
1.77
Tobacco shares
*
$7 1st preferred
51
48}*
90
I
*
m
24
Preferred
5
5%
24%
22 H
44%
1.61
2.75
3.78
*
Fundamental Tr Shares A.
62
Quarterly Inc Shares..25c
5.98
»
New stock
*
43%
15%
1.03
Fundamental Investors Inc
55%
113
4%
-
Carnation Co $7
pref__100
Carrier Corp 7% pref__100
Climax Molybdenum
*
52}*
110
3.39
55
...
2.48
Fixed Trust Shares A
100 H 105
3.35
Securities... 100
Pacific Southern Inv pref.*
4%
6.85
B
Realty, Surety and Mortgage Companies
Par
Bond <fc Mortgage Guar. 20
Empire Title & Guar... 100
m'
m
*
1.10
Fidelity Fund Ino
r
'
77%
3.39
—-
Class B
4}*
1
''
Plymouth Fund Inc A. 10c
4.65
Equit Inv Corp (Mass)..5
Equity Corp cv pref
1
3%
41%
10%
25c
2.61
Northern
1.14
38
Diversified Trustee Shs B.
D
73%
Class A
4.02
Dividend Shares
1.96
Series 1958
35
Deposited Bank Shs ser A.
Deposited Insur Shs A
Deposited Insur Sh ser B.
C
5%
-
mm
mmm
49}*
3
m
m
78
Preferred
48
4}*
Ask
200
*
com..
*
75
Bid
23
71
10
1.76
4.50
1.82
Series 1956
»
...
*33
..100
Common B shares
w
'mmm
3.35
10
com
28 10
1 61
4.40
Series 1955
2.66
8% preferred
Par
2.81
Series AA
Series ACC mod
25.85
1
N Y Bank Trust Shares
No Amer Bond Trust ctfs.
5%
29.55
%
Crum & Forster Ins
6%
21.26
No Amer Tr Shares 1953—
4%
Accumulative series
Tel. BArclay 7-0700
NY 1-1493
1
5%
2%
19.66
Voting trust certificates.
46
27.48
mod
com..
9%
51%
Nation Wide Securities. .1
4.55
43
Series AA
1920
8%
50%
Mass Investors Trust
Mutual Invest Trust
20
Commercial Nat'l Corp...
Corporate Trust Shares...
Members New York Security Dealers Association
6%
Maryland Fund Inc
...
Century Trust Shares...*
Bristol & Willett
100.48 102.50
Bancamerlca-Blalr Corp
First Boston Corp
Schoellkopf, Hutton &
Pomeroy Ino com
Major Shares Corp
*
.75
4.76
45%
43
Investment Tr of N Y
*
Investm't Banking Corps
4%
7%
British Type Invest A... 1
Bullock Fund Ltd
1
4s*
43
*
7% preferred
Investors Fund C
13%
4
Bid
10
Invest Co of Amer com
1.31
Basic Industry Shares...*
A
Par
1.21
Am Insurance Stock Corp*
Assoc Stand Oil Shares...2
BOwllng Green 0-3565
Broadway, New York
17.98
2.01
Amerex Holding Corp...*
Amer Business. Shares... 1
Amer & Continental Corp.
/New York Security Dealers Association
jCommodlty
Ask
16.90
Administered
C. E. UNTERBERG & CO.
.
Bid
*
Affiliated Fund Inc com..
,,
Trading Correspondent
Investing Companies
Climax Molybdenum Co.
Members
Incorporated
BOwling Green 9-1420
Bid
| Ask
1
%
7
1
12
l
Lawyers Mortgage
1 Lawyers
Title &
PaT\
20
Guar._100l
m
I
l
l
i u
I
2
Financial
Volume 142
u
Quotations
2305
Chronicle
SALES
AUCTION
Over-the-Counter SecuritiesFriday April 3—Concluded
on
The following
securities
were
sold at auction
on
Wednesday
of the current week:
By Adrian H. Muller & Son, New York:
German and
Foreign Unlisted Dollar Bonds
Barranquilla 8s'35-4(Ht6-48
Bavaria 6Hs to
1945
Palatinate
1945
Hungarian
16H
Hungarian defaulted coups /20-40
Hungarian Ital Bk 7 Hs '32 /22
Jugoslavia 5s
1956
38
39
/44-55
/27
(Mass.), commoni no par; 1 Woodmere Club, Inc. (N. Y.), stamped, par
$100; 1 perpetual membership National Town A Country Club (111.) temp,
ctf.; $250 North Shore Country Club, Inc. (N. Y.), 50-yr. inc. bond, reigs-
30
tered, due May 1, 1964
81
84
29
Coupons
Koholyt 6H8
23 H
Leipzig O'land Pr 6Hs '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7%
1948
Mannheim A Palat 7s. 1941
Munich 7s to
1946
Mimic Bk Hessen 7s to '45
/26
1953
/29
/41H
Burmelster A Wain 68.1940 /107
Call (Colombia) 7%..1947
Callao (Peru) 7H%—1944
Ceara (Brazil) 8%
1947
/2H
City Savings Bank, Buda¬
pest, 7s
1953 /22
Columbia scrip issue of '33
/62
Issue of 1934 4%
/44
Costa Rica funding 5% '51
/54
Costa Rica Pao Ry 7 Hs '49
/25
gg
1949
/53
43 H
Buenos Aires scrip
Utll
6s '48
East Prussian Pow 68.1953
30
/28
31
/28
31
Natl
Bank
1948-1949
66
46
56
30
scrip
Alegre 7%
Porto
Protestant
26
Westphalia 6s '33
'36
Rhine Westph Eleo 7% '36
Rio de Janeiro 6%
1933
Rom Cath Churoh 6 Hs'46
Frankfurt 7s to
1945
f27
/25
French Govt 5Hs
1937
160
French Nat Mall S3 6s '52
145
150"
R C Church Welfare 7s '46
German Atl Cable 7 s. .1945
f2S
32
Saarbruecken M Bk 6s '47
27
7%
1957
Salvador 7% ctf of dep '57
Salvador
German
30
f27
German defaulted coupons
Salvador 4%
/56
Jan to June 1934
/38
July 1934 to Mar 1936..
/24H
German scrip
/8
German called bonds
/25-45
German
Dawes
Coupons
Dec 1934 stamped
/9H
April 15 1935
/18H
German
Young
Coupons
12-1-34 stamped
/12
June 1 1935
/14H
Guatemala 8s 1948
/40
92
Haiti 6%
1953
Santa
July to Dec 1933
...
Santander (Colom) 7s. 1948
Sao Paulo (Brazil)
1957
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
68.1943
1947
Saxon State Mtge 6s__
1956
Serbian 5s
9%
19 H
Serbian coupons
Stem A Halske deb 6s.2930
13
1940
7s
26
82
26
35"
42
H
By Crockett & Co., Boston:
$ per Share
Stocks
Shares
5 Merrimack Mfg.
24 H
55 Easter Utilities Associates convertible
Nashua
100
Mfg.
warrants
4
Co., common
Co., preferred, par $100
Cons.
37%
5H
4%
Investment Trust
$10
10%
1 Columbian National Life Insurance Co., par $100
81
30 Boston Sand A Gravel Co. preferred, par $50
8H|
50 Southern Holding Co.; 50 Southern Surety Co., par $2.50 ; 50 Nauhein
Pharmacies, Inc., convertible preferred
$5 lot
46 Rockland Light A Power Co., par
34 H
19
12"
16H
39"
/67 H
/62
96
98
/26H
f27
$ per Share
Slocks
1
15
8
Show Association, par $50
1 Bryn Mawr Horse
Pennsylvania Academy of the Fine Arts, par $100
1H
Central RR.
Co., par $50
360 Frank Samuel & Co., Inc., no par
unstamped. 1936
1946
Tucuman City 7s
1951
96
By Barnes & Lofland, Philadelphia:
Shares
44 Bellefonte
Stinnes 7s
1945
——75 flat
-
25H
47
Wurtemberg 7s to
stock
26
/72
/II
/15H
/29
/38
/44-55
/260
/44
1947
Per Cent
17
28
Vesten Elec Ry 7s
$100
$35
par
$5,000 Country Club of New Bedford, Mass., 2d Mtge. 5s, May 1, 1953, coupon
May 1, 1935 A sub. on, $100 pieces
11 flat
/25
30
of
16 H
/18
..1950
pref.,
Co., preferred
$4 lot
40% flat
$2,500 Worcester Street Ry. 5s, June: 1947
99% A int.
$2,500 Worcester Transportation Assn. 6s, June, 1952, reg., with 25 shares
Stettin Pub Utll 7s... 1946
Tucuman Prov 7s
Manufacturing
Kinney
$1,000 Motor Mart Trust 7s, March, 1936, coupon Sept. 1932 A sub. on
$1,500 Boston Metropolitan Bldg. 1st mtge. 5s, ctfs. of deposit
15H
25
/22
/26
/21
$20 lot
110
1%
8H
40 cts.
-70c. lot
5H
P* Bonds—
27
/34H
/32H
/12-16
7s unstamped
750 preferred, par $10
$100.
par
1 Boston Chamber of Commerce Realty Trust, 2d
/16
/23H
/23
/25
1947
Santa Fe scrip
24 cts.
-
Cordage Co.,
Plymouth
25
(Brazil)
8%
26 H
9
Hanover Harz Water Wks
6%
scrip
Catharina
9%
5
55
295
13 Boston Sand & Gravel Co. preferred, par $50—
/40
/30
/38H
..1946
many) 7s
Prov Bk
27H
38
Co., par $12.50
158 Waltham Grinding Wheel Co., par $100
1 Dennison Manufacturing Co. preferred, par $100
1 Boston Athenaeum, par $300
20 International Match Corp. participating preferred, par
(Ger¬
Church
$ per Share
Manufacturing Co. preferred, par $100
187 The Moxie Co. class B
/24
1968
$87 lot
Stocks
Shares
2
/24
/78
/15H
Panama 5%
Inc.
17 Boston Sand & Gravel Co. common
/25
/23
1945
to
55
28 H
26
Massachusetts Thread Mills,
1
par;
750 Highway Service, Inc., common, and
/25
1962
National Hungarian A Ind
Mtge 7%
1948
Oberpfals Eleo 7%...1946
Oldenburg-Free State 7%
7Hs
Hungary
European
Building A Landbank 6H%
1948
26
/82
Prov Bk Westphalia 6s
Mortgage A In¬
vestment 7 Ha
1966
28"
/64
1946-1947
B)
no
By R. L. Day & Co., Boston:
10 Merrimack
Panama 6H%
CCAD7
6 Hs (A A
(Del.),
Syndicate
25 Dwight Manufacturing
Nat Central Savings Bk of
/24
/24
/24H
1945
Dulsburg 7% to
/27
/27 H
/25
f24
11%
/27
1945
Duesseldorf 7s to
38 H
33
11%
£88
Dortmund Mun
/35H
/30
Municipal Gas A Elec Corp
Recklinghausen 7s. .1947
68%
Brown Coal Ind Corp—
6 Ha
1943
National
Nassau Landbank 6 Hs '38
27
70
Bank
1962
/22
Land M Bk Warsaw 8s *41
18 %
13
/20H
/17H
/10
/24H
/68
Brazil funding 5%. 1931-51
Brazil funding scrip
7 Ha
Hungarian Discount A Ex¬
change Bank 7s
1963
19%
19%
Cons
Bogota (Colombia) 6 Hs '47
Bolivia 6%
1940
Brandenburg Eleo 6s_.1953
British
26
/IS
/27
.
Clt 7% to
$ per Share
Stocks
Corp. (Del.), par $50; 100 Metals Production Co. (Col.), par $1; 100 Na¬
tional Aircraft Materials Corp. (Del.), no par
$5 lot
$500 Norwood Golf Club Inc. (N. J.) 20-yr. 4% reg. deb., 1940; 100 Cuban
/18H
fl8%
Antloquia 8%
_1946
Bank of Colombia 7 % -1947
Bank of Colombia 7 % 1948
Bavarian
Ask
/24
/30H
1946
Anhalt 7s to
Bid
Ask
Bid
Shares
511 Gilbert Mammoth Last Hope Mines Co. (Nev.), par $1; 1 Kloman Motor
3
$325 lot
103
325 Bitu-Rock Corp. common, no par
Philadelphia, Pa., par $20
Co. common, no par
10 Philadelphia National Bank,
25 Philadelphia Electric
97 H
29
Tacony-Palmyra Bridge Co. common,
40
38%
33%
no par
25
12.American Dredging Co., par $100
By A. J. Wright & Co., Buffalo:
29
$ per Share
Shares
Slocks
10
International
Angel
Corp
$0.10
.........
ISoviet Government Bonds
Bid
Bid
Ask
7% gold rouble
91.01
87.28
1943
For footnotes see page
NOTICES
CURRENT
Ask
Union of Soviet Soo Repub
Union of Soviet Soc Repub
10% gold rouble..-1942
87.28
—The Bond Club of Philadelphia will again
paper,
2304.
"The Philadelphia
Investment
this
year
publish its burlesque
Bankers Guyed," and will offer
this publication, according to
prizes amounting to $250 for contributions to
Earl B. Putnam Jr., founder of the paper,
Cincinnati
Members
UNION
and persons
CO.
BALLINGER
and
Stock Exchange
TRUST BLDG.,
of doubtful or proven journalistic talent" to contribute stories
advertisementsIsatirizing investment activities and practices.
members, however, are not the only ones
CINCINNATI
feature of the club's Annual
Field Day to be held on a date yet to be
announced, probably late in May or early in June.
An instruction sheet
be obtained from Mr. Putnam
Brothers, 1529 Walnut St., Philadelphia.
All copy to qualify
indicating the type of material desired may
Stocks and Bonds
Wire
at
System—First Boston Corporation
Buckley
must
"The Philadelphia Investment Bankers
be submitted by April 30.
Guyed" was published for the first time as a
Sales
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Association
tended
Range Since Jan. 1 1936
Last
Stocks—
—Announcement is made of the formation of the
both inclusive, compiled from official sales lists
Friday
Low
Shares
feature of the club's 1935
Field Day.,
Cincinnati Stock Exchange
Mar. 28 to Apr. 8,
Club
invited to contribute. Material is
The paper will be published as a
requested also from outside sources.
Specialists in Ohio Listed and Unlisted
who will direct its preparation.
inviting "fun-lovers, wags, wits,
Notices have been sent to club members
in
with
New York.
Southern Municipal
This organization is in¬
primarily to promote social contact between traders specializing
Southernfmunicipals and to provide a forum for discussion of topics
pertaining to this field.
High
in
headquarters
An organization committee, consisting of J. O.
S. Dickson & Co., W. M. Unbe-
Clark of Gertler & Co., E. A. Uhler of R.
Aluminum
Industries
*
25H
.
Amer Prod prior pref. ...7
*
Partic pref
Baldwin
3H
m m m m m
mm
»
•*
20H
100
103
Churngold
♦
13
Cinti
♦
1st preferred
Advertising Prod
»
Cinti Gas & Elec pref. .100
C N O & T P pref
.100
Cincinnati Street Ry.. ..50
Clnclnnati Telephone -.50
Cinti Union Stock Yard..*
_
Cooa-Cola A
—
Found Invest pref
Gibson Art
*
Kahn 1st pref
*
Jan
Sharpies of Sharpies, Becraft &
8
Jan
& Co. is now
5
6
767
3H
Jan
6
Apr
Mar
73
ing will be held on
73
Mar
1,329
14 %
78
100
219
#
Jan
17H
Feb
Jan
16H
Jan
105
Jan
116H
Feb
1H
92
Mar
Mar
23
Feb
64
10
44
Jan
65
Mar
Mar
22
Mar
Jan
15
8H
22
50
16
14%
377
8
24%
5
22 H
95
82
47
90
Mar
95
Mar
29H
29 %
218
29
Mar
30
Mar
7H
100
7
Jan
43 H
109
43
105
5
24H
116
7H
200
5
5H
5
1H
Jan
19H
Mar
40
93
23H
25
24
1H
46
Randall A
*
7H
Jan
45
Jan
105
Mar
27%
Jan
2
Jan
7H
Feb
4%
Feb
5H
Mar
1%
Mar
Mar
30
Jan
30
45
Mar
32
7H
Jan
Jan
20
8
25
Feb
Feb
47
17H
25
16
32
48 H
Mar
Jan
Jan
21
Jan
Jan
9
33H
Jan
35%
Feb
20H
Mar
20%
Mar
33%
33H
60
6H
6H
31
20H
20 H
11
.100
2297.
Gerlach,
Milwaukee and Chicago bond
Previously, he was associated with
A native of La Crosse, he attended
Co. of Baltimore.
Wisconsin and Beloit College at Beloit, Wis.
Charles Gerlach &
Co. recently moved to larger quarters at Suite 626,
National Bank Building, Milwaukee.
the firm are Charles F.
Other partners of
Gerlach, and Erwin G. Schleiger.
members of the New York Stock Ex¬
M. Mulford and Alexander Pinney have been
Announcement is also made of
the appointment of Theodore F. Kliesrath as sales manager.
Mr. Mulford,
who will be the floor member of the firm, has been a member of the New
—Craigmyle, Marache & Co.,
change, announce that Roy
admitted
tolgenerai partnership in the firm.
for 10 years.
Mr. Pinney has been associated with
Marache & Co. for several years and before that was with
Lee, Higginson & Co. Mr. Kliesrath also has been associated with the firm
Craigmyle,
for several years.
—The investment
Jan
4H
*
The University .of
York Stock Exchange
170
10
Milwaukee and Wisconsin.
the Tin Decorating
First Wisconsin
Mar
31
H
17H
7H
17H
,
1929, Mr. Bunge has represented
Mar
Jan
has joined Charles Gerlach & Co. as a
it was announced by Charles W.
President of the firm.
houses in
Jan
20
31
*
Vice-President and partner,
Jan
85
168
been active in the bond business In Wis¬
the past seven years,
consin for
Since
124
5%
Friday, April 3.
—William W. Bunge who has
Mar
232
Co. and John Maclaren of C. G. Novotny
The initial meet¬
formulating a program of future activities.
Feb
7%
*
7% pref
100H
OH
11
105
Apr
90%
-.25
For footnotes see page
8
Mar
Jan
22
7%
Procter & Gamble
Wurlitzer
12H
24H
90
7H
24
5
U S Playing Card
102
Apr
21H
105
*
B
20H
5
14H
7H
43
MoOres Coney A
•
73
92 H
*
Nash..
5
20 H
20H
102% 103
12H
12H
22
29%
Meteor
B
11
Feb
14%
2\%
100
Kroger
Mar
6
22
*
Hobart A
Jan
30
64
*
Goldsmith
4H
Co., Hueling Davis Jr. of Carter & Chadwick, Bert
no
116H
7%
89%
21%
100
*
Mar
6H
kant of Demorest &
7
8
♦
Formica Insulation
3H
Mar
7
102H 104
?0
Early & Daniel.
24
27
7
115H H5H
*
Eagle-Picher Lead
Jan
102
*
Crosley Radio
19%
73
*
Burger Brewing
3H
70
6H
6H
...8
Carthage Mills pref... .100
Champ Coated
3H
27
formed as midwest
and Portland,
Me.
firm of Bond & Goodwin, Inc., of Illinois, has been
affiliate of Bond & Goodwin, Inc., of Boston, New V ork
The new firm, under the management of David F.
Vice-President and director, is expected to open offices within
weeks in the'Rookery Building at 209 South LaSalle St.
Mr. Thomas
Thomas,
three
was
formerly resident manager
of the Chicago office of Burr & Co., Inc.
2306
Financial
Chronicle
April 4 1936
General Corporation and Investment News
RAILROAD—PUBLIC
'
Alaska Juneau Gold-Mining
$4,281,110
Article VI of the plan provides:
Co.—Earnings—
1934
$4,582,559
1935
Calendar Year—
Gross recovered values
UTILITY—INDUSTRIAL—MISCELLANEOUS
1933
$3,960,165
1932
$3,236,183
2,443,544
2,409,047
2,179,547
2,154,731
$1,837,566
$2,173,512
$1,780,618
71,652
$1,081,452
57,915
Oper. & marketing costs.
"There shall be offered to the creditors and stockholders of the debtor
for subscription, at $1.50 per share, 200,000 shares of new common stock.
Each creditor and stockholder shall be entitled to subscribe for that portion
(computed to tne nearest tenth of
common
Operating profit
-
—
-
_
99,187
68,251
$1,936,753
Exp. on outside prospects
88,114
Depreciation
135,440
Federal taxes
149,400
$2,241,763
20,448
99,243
199,306
$1,852,270
6,164
207,400
141,452
$1,139,367
51,320
208,628
59,049
Profit before deplet'n.
Common dividends
$1,922,765
$1,497,253
1,101,750
$820,371
720,000
Other income
share) of such 200,000 shares of
a
new
stock
common
as the number of shares (represented by certificates for new
stock and (or) scrip) which he, as a creditor or stockholder, shall
be entitled to receive outright bears to the total number of shares
(repre¬
bv certificates for new common stock and scrip) to be received
outright by all creditors and stockholders.
The warrants to subscribe shall
provide that no subscriptions will be received for fractional shares, and that
as to fractional shares
any warrant may be combined with other warrants
so as to represent in the
aggregate rights to subscribe to full shares."
Each creditor of the old company whose claim has been allowed by the
court will be entitled to participate in the above-described
offering and to
subscribe at $1.50 per share for new common stock (computed to the nearest
ninth of a share), at the rate of 4.49 share of new common
stock, for each
$10, or remaining fraction thereof of 90% of his allowed claim.
Each stockholder of the old company of record at the close of business
on April 6,1936, will be entitled to
participate in the above-described offeretg and to subscribe at $1.50 per share, for new common stock (computed
to the nearest tenth of a
share), at the rate of .449 share of new common
stock, for each share of common stock of the old compay held by htm at
sented
Total income..-
...
-
$1,563,799
1,800,000
1,760,549
$162,216
$395,503
$100,371
1,500,000
1,491,700
$1.00
1,440,000
$0.58
def$236,201
Balance, surplus..
Shs. cap. stk. outstand¬
1,500,000
$ 1.04
ing (par $10)
Earnings per share
$1.28
Balance Sheet Dec. 31
1935
Assets
1935
$
1934
$
1934
$
1
$
Liabilities—.
15,000,000 15,000,000
18,226,412 18,125,987 Capital stock
Cash
617,229 Accts. payable, &c.
194,516
225,145
275,443
Receivables
168,141. Accrued taxes
149,400
202,500
303,113
Notes receivable..
542,668 Deprec. reserve— 2,528,587
2,394,792
450,762
559,662 Capital surplus
261,571
261,571
Supplies..
552,132
Deferred charges.. 1,059,474
2,632,649
2,868,851
1,039,786 Surplus—
Capital assets
Total-
20,766,724 21,053,473
Total
——
_
-.20,766,724 21,053,473
such record time.
No subscriptions will be received for fractional shares.
As to fractional
shares, any subscription warrant may be combined with other warrants so
as to represent in the
aggregate rights to subscribe to full shares.
Subscription warrants will be mailed, not later than April 7, 1936, to
creditors and stockholders entitled to participate. Rights to subscribe may
be exercised by surrender of sucn subscription warrants at or before
3p.m.
on April 27, 1936, upon
payment for stock subscribed for to Irving Trust
Co., 1 Wall St., New York.
New common stock subscribed for will be
issued as soon after April 28, *1936, as may be practicable.—V. 142, p. 1109.
-V. 142, p. 2142.
Alton
;
$931,969
236,291
7,504
$894,916
180,868
def20,452
Net after rents
1,849,744
377,321
def23,064
2,012,947
2,495,125
528,050
46,448
372,647
defl2,829
Brake
American
Ser share eachholders of record June 13, Sept. 12 and Dec. 121, Oct. 1 and
1 1937 to on the capital stock, par $25, payable July
respectively.
an.
New Director—
1,867,633
393,071
def38,834
1802.
Shoe
&
Foundry Co.—To Reclassify
Stock—
■
Regular Dividends—
The directors have declared three regular quarterly dividends of 25 cents
1933
Leavenworth P. Sperry, has been elected
From Jan. 1—
Gross from railway
Net from railway
142, p.
$972,190
177,103
6,751
281,609
26,550
_
1934
1935
1936
$1,290,634
Net after rents
—V.
American Hardware Corp.—-Three
RR.—Earnings.—
February—
Gross from railway
Net from railway
a
director.—V.
American Light & Traction Co. (&
40, p. 1816.
Subs.)—Earnings—
12 Months Ended Feb. 29—
Gross operating earnings of subsidiary cos.
1936
1935
(after
.$37,085,062 $34,702,292
19,862,452
18,325,492
Maintenance
2,326,754
2,347,417
Provision for retirement of general plant..;
2,252,172
1,915,419
General taxes and estimated Federal income taxes.
4,658,751
4,516,030
eliminating inter-company transfers)
General operating expenses
—
The stockholders will vote April 28 on amending the certificate of in¬
corporation so as to reclassify present authorized stock of the company.
—V. 142, p. ,1973.
American Business Shares, Inc.—Asset Value—
1936, shows net asset value equal to $1.16 per
share, as compared with $1.12 per share on Dec. 31 1935 and $0,803 per
share on March 31,1935.—V. 142, p. 1455.
Net earnings from operations of subsidiary
Non-operating income of subsidiary cos
$7,984,930
355,257
$7,597,932
418,861
Total income of subsidiary companies
$8,340,188
Int., amortization and pref. divs. of subsidiary cos:
Interest on bonds, notes, &c
3,481,105
Amortization of bond discount and expense
161,596
Dividends on preferred stocks
637,500
Proportion of earns, attrib. to minority com. stk__
7,140
$8,016,793
Equity of Am. L. & T. Co. in earns, of subs
$4,052,845
Income of Am. L. & T. Co. (exclusive of income
received from subsidiaries)
1,041,515
$3,756,390
cos.
,
The report at March 31,
American Electric Securities
Corp.- -Earnings—
1933
1932
1935
1934
$51,143
$49,210
$54,331
$48,321
36,421
Cr83,236
34,888
Cr3,402
7,264
34,726
4,168
342,181
$170,799
$87,500
33,160
$26,868 def$289,07l
24,605
36,960
$54,340
Interest received
sale of securs.
Gross income
Expenses
40,712
21,348
-
Prov. for income tax
Total profit
$108,739
...
1935
$25,357
13,120
18,810
527,492
$23,629
27,332
21,750
348,443
Accounts recelv
Accrued interest-.
Invests.-—at cost-.
Misc.inv.—at
cost
Accrued taxes
Coll. loan payable.
617
"""799
x
$45,911
23,123
65,000
$31,962
$4,541,827
283,214
80,643
$4,750,099
804,486
$4,177,969
$3,945,613
$1.43
$3,373,483
$1.22
—
Common shares-
Balance
Earnings
10,000
170,038
30,000
•
161,372
24,908
7,373
Surplus
260,731
965
185,372
Total
$596,198
$421,953
Dlvs. unclaimed--
—V.
„
per
142,
P.
share of
2143.
$421,953
1,393
Represented by 30,000 no par shares in 1935 and 24,908 shares in 1934.
—V. 142, p. 1109.
'
x
.
American Encaustic
The company in a circular
Tiling Co>.f Inc.—Successor, &c—
letter dated March 27, 1936, addressed to the
creditors and stockholdrs of American Encaustic Tiling Co., Ltd., states:
As you have heretofore been advised, on Feb. 24. 1936, the plan of re¬
organization of American Encaustic Tiling Co., Ltd.. the old company, was
approved and confirmed by the Court.
On Feb. 24, 1936, American En¬
caustic Tiling Co., Inc., the new company under the plan to take over the
properties and assets of the old company, was organized.
On March 20,
1936, the court made an order modifying Article V, subdivision (d), and
Article VI of the plan to read as below quoted.
On March 27, 1936, the
Court made an order providing for the carrying out of the plan. It is ex¬
pected that the plan will be consummated on or about April 28 1936.
Cash and common stock of $1 par value of the new company, payable and
deliverable to the old company's creditors absolutely and without sub¬
scription or payment will be paid and delivered as soon after April 28, 1936,
as may be practicable.
>
New common stock deliverable to the old company's stockholders ab¬
solutely and without subscription or payment will be delivered, as soon
after April 28, 1936, as may be practicable, against surrender of the certifi¬
cates for the old
company's stock.
and (d), of the plan provide:
(c) Unsecured Creditors—Each unsecured creditor shall receive:
(1) in cash, 10% of such amount of his claim as shall be allowed in the
reorganization proceedings;
(2) for each $10, or remaining fraction thereof, of the 90% balance of
his allowed claim, one share of new common stock, and
(3) a warrant evidencing the right to subscribe at $1.50 per share, for a
pro rata number of shares of new common stock, as provided in Article VI
of the plan.
(d) Stockholders—Each stockholder shall receive:
(1) New common stock, against surrender of the certificates for capital
stock of the debtor, at the rate of one share of such new common stock
for each 10 shares of the capital stock of the debtor, provided that fractional
shares of new common stock, shall not be issued, but, in lieu of the issuance
of fractional shares of new common stock, there shali be issued non-voting,
non-dividend-bearing scrip representing tenths of a share, in bearer form.
Scrip certificates aggregating one or more full shares of new common <stock
will be exchangeable for full shares of new common stock on or before
Dec. 31, 1938, after which date the new company will sell in the bext avail¬
able market, as soon as may be practicable, the aggregate number of shares
of new common stock represented by outstanding scrip certificates.
The
holders of scrip certificates shall be entitled to receive upon surrender thereof,
after Dec. 31, 1938, only their prorata share, without interest, of the pro¬
ceeds of such sale; and
(2) awarrant evidencing the right to subscribe at $1.50 per share, for a
pro rata number of shares of new common stock as provided in Aricle VI
of the plan.
'
stock-
-
American Thread Co.—To Close Northern Plant—
,
Water Works
&
Electric
Co., Inc.— Weekly
Output—
Output of electric
energy
for the week ended March 28 totaled 39,040,000
kilowatt hours, a decrease of 2.3% over the output of 39,960,000 kilowatt
hours for the corresponding period of 1935.
Comparative, table of weekly output of electric energy for the last five
years
follows:
Week End.—
Mar.
7
Mar. 14
1935
1934
1933
40,311,000
40,547,000
40,214,000
39,960,000
35,441,000
36,293,000
36,673,000
36,466,000
26,745,000
27,161,000
27,484,000
1936
43,606,000
44,172,000
Mar.21--—36.228,000
Mar. 28---39,040,000
—V. 142, p. 2143.
American Woolen
27,419,000
1932
29,676,000
29,498,000
28,629,000
29,108,000
Co.—Management Wins Proxy Contest
Cancellation of 16,600 Shares of Preferred
Stock Approved—
Lionel J. Noah, President, on March 27 announced the re-election of the
management slate of three directors, comprising Charles Hayden, William
B. Warner and Robert H. Montgomery.
Despite the opposition of a
minority group headed by E. Howard Bennett of Boston, the entire
management program was approved, including the re-election of Frank S.
Connett as treasurer, and Robert H. Montgomery as clerk, and the can¬
cellation of 16,600 shares of preferred stock.—V. 142, p. 2144.
Article V, subdivisions (c)
,
common
The directors of the company have voted to close its plant at Stonington
Conn., owing
it is said, to Southern competition.
The company has a
plant at Daiton, Ga.—V. 137, p. 3499.
American
$596,198
804,486
1934
Res. for Fed. taxes
Total
785,436
$5,094,360
253,933
90,327
pref.shs.
(par $1)
10,800
Deferred charges..
Accounts payable-
Partic.
Total income
Balance transferred to consolidated surplus
Dividends on preferred stock
1935
Liabilities—
1934
Assets—
—.
Expenses of American Light & Traction Co
Holding company interest deductions
Balance Sheet Dec. 31
Cash
12,656
620
Dividends received
Other income
on
3,448,915
161,331
637,500
$2,264 loss$326,031
Calendar Years—
Net loss
...
American
Writing Paper Co., Inc.—Plan Adopted—
The protective committee for
holders of first mortgage 6% gold bonds
headed by D. Samuel Gottesman as chairman, announces that it has adopted
and approved the plan of reorganization proposed by the company under
Section 77-B of the Bankruptcy Act.
In this connection the committee states in a letter to holders that "it is
the purpose of the committee to accept
theplan in behalf of all bonds of the
in their behalf to take all such
give effect to the provisions of
company deposited with the committee and
action as may be necessary or advisable to
the plan."
"All holders of certificates of deposit," continues the letter, "who shall
period of 30 days commencing March 28 1936, withdraw from
deposit agreement shall be deemed to have finally assented to and
adopted the plan and shall be bound by all its provisions.
"Holders desiring to withdraw from the deposit agreement should notify
either Chase National Bank ,New York, or Old Colony Trust Co. of Boston,
not within the
the
depositaries, of such intention.
Each withdrawing holder shall pay to the
depositary for account of the committee, as a contribution toward its ex¬
penses and obligations, a sum equal to 1H% of the principal amount of
his bonds.
The committee shall not be under obligation to any person
other than holders of certificates of deposit under the agreement."
Other members of the committee include Benjamin L. Allen, Elbert A.
Harvey, George E. Warren and Oliver Wolcott.
Edward A. McQuade,
22 East 40th St., New York, is Secretary for the committee and Cook,
Nathan, Lehman and Greenman of New York and Herrick, Smith, Donald
& Farley of Boston are counsel.—V. 142, p. 1805.
2307
Chronicle
Financial
Volume 142
American Zinc, Lead •& Smelting Co.—Time for De¬
posits Extended—
The time for depositing preferred stock under the
Specialists in
plan of exchange for
shares of its prior preferred stock and common stock has been extended
from March 30,1936, to June 30, 1936, inclusive.—V. 142, p. 2144.
All Rights and
Scrip
Anglo-Chilean Nitrate Corp.—Deposit Time Extended—
The time for the deposit of 20-year sinking fund 7% debenture bonds,
due Nov. 1, 1945, of the Anglo-Chilean Consolidated
the radjustment plan dated Jan. 27, 1936, has been
cluding April 30, 1936.—V. 142, p.
Nitrate Corp. under
extended to and in¬
McDonnell & Co
1627.
1995,
was
paid
on
Member*\New
bonds, due
1936 on the first mortgage gold 4%
that date.—V. 142, p. 2144.
A. P. W. Paper Co.,
120
Traffic Statistics for Calendar
x
1936
Expenses
Depreciation
rev. per
Number of
x
1935
1934
1933
$6,440,321
6.231,281
75,267
$6,163,211
5,981,226
74,670
$6,385,879
6,616,072
$5.94
1.797 cts.
pass
mile
tons of freight
$201,031
64,119
Income Account for
73,949
$107,316 def$304,143
47,843
103,735
$133,772
$265,150
28,750
Profit
$209,417
20,688
75,645
Freight
Passenger
Mail express
Profit
Prov. for Fed.income tax
$155,159 def$200,408
6,993
1,270
$221,642
Net profit
Shares of capital
$180,467
337,109
$0.65
337,109
$0.54
1,107
$128,093,948
$119,826,437
$133,133,538
18,726,710
33,134,512
4,796,022 '
16,537,881
30,843,588
15,417,928
27,849,273
4,467,868
4,482,381
Transportation—rail line.
48,423,929
43,816,637
Miscellaneous operations.
195,193
y4,323,192
Crl76,075
117,421
6,396,937
Cr96,852
15,342,513
31,536,604
4,920,730
43,997,003
79,306
5,962,474
$109,423,484
26,262,908
10,476,179
47,754
$102,083,480
26,010,468
10,352,828
35,222
(net)..
$15,738,975
Cr677,572
Dr713,195
$15,622,418
Cr330,223
Pr723,322
$14,575,195
Cr77,612
Dr691,047
income..
$15,703,352
$15,229,319
$13,961,760
181,911
268,409
169,502
476,360
506,448
384,677
5,069,664
1,027,460
75,227
122,404
3,051,947
1,061,712
1,940,360
121,151
113,149
1,976,462
109,915
95,825
197,142
292,847
722
3,854
870
19,089
854
13,425
$22,749,966
$20,179,851
$16,957,827
875
10,228
$20,899,752
1,557
35,226
95,958
12,803,052
123,416
136,442
5,506
36,447
60,605
12,803,366
125,972
146,640
8,327
45,205
74,633
12,803,629
182,989
144,373
8,327
147,661
75,993
12,804,313
166,904
151,556
$9,554,315
6,208,640
4,854,120
$7,001,314
6,208,640
4,854,120
$3,698,671
5,960,294
$7,545,008
6,208,640
x2,427,060
7,629
23,396
Malnt. of
$154,052 loss$239,237
Transport, for invest
z337,109
337,109
$0.45
equipment
General expenses
Nil
Total expenses
Net railway oper. revenue
Proportion of net profit of Arnold Constable & Co., Inc., allocated to
526 shares of stock of Arnold Constable & Co., Inc., not acquired,
z No
y
Taxes
Uncollectible railway rev.
shares.
par
Accts.
payable
<fe exp.
1,381,921
43,171
$489,028
526,163
10,491
694,379
1,254,414
104,793
2,508,013
2,736,197
Deferred income..
214,677
51,245
229,575
Res. for conting..
$625,375
615,117
12,687
737,193
Cash
Accts.& notes rec
Miscell. accts. rec.
Inventories
Investments
tnvestm'ts
Acer, wages
unclaimed cred's
Deferred charges..
103,170
39,477
37,443
28,750
91,000
32,500
20,688
Mlsc.non-oper.phys.prop.
95,200
Dividend income
42,500
Inc.from funded securities
1,864,023
1,685,545
2,060,581
1,685,545
income tax
40,099
a
Net ry. oper.
Capital stock
of
1
will
Arnold
Miscellaneous rent Income
curities and accounts..
Income from sinking
Co., Inc.,
acquired
Miscell. Income credits
Surplus
6,905
1,912,424
22,073
Gross income.
1,687,107
$6,084,1401
$6,189,401
$6,189,401 $6,084,140
Total
Miscellaneous rents.....
Represented by 337,109 shares of $5 par value,
b After deducting
for depreciation,
c After deducting reserve for discounts, doubtful
&c.
d After deducting amortization of $98,692 in 1936 and
$83,794 in 1935.—V. 142, p. 1806.
a
tax accruals
Miscell.
reserve
Interest on funded debt..
accounts,
Interest on unfunded
Associated Gas & Electric Co.—Exchange Plan—
of Option A of the plan
of rearrangement of debt capitalization under which debentures may be
exchanged, par for par, for Associated Gas & Electric Corp. income de¬
bentures, expires on April I, 1936.
Holders who wish to be certain of
receiving the Associated Gas & Electric Corp. debentures deliveraDle
under Option A should deliver their Associated Gas & Electric Co. de¬
bentures on or before April 7, 1936, or forward them for exchange in an
envelope bearing a post mark not later than that date.
While Option B of the plan (sinking fund income debentures of Asso¬
ciated Gas & Electric Co.) may be available after April 7, 1936, the right
is reserved to terminate this option at any time without notice.
Debentures should be forwarded to Transfer & Coupon Paying Agency,
61 Broadway, New York, N. Y.
It is announced that the period of the extension
Consolidated Statement of
—Increase-
1936
$85,845,463
12,819,030
Gas
1935
Amount
$82,441,049 $3,404,414
12,303,498
515,532
Transportation
Heating
4,927,188
1,396,926
4,882,522
1,367,650
Water
1,237,270
1,192,189
1,246,091
1,295,061
Ice
debt
Miscell. income debts
Net corporate Income.
dividends
Preferred
Common dividends
Lines
California-Arizona
bonds sinking fund
S.F.&S. J. J.
....—-
V.Ry.Co.
4
4
1
44,666
29,276
2
x8.821 xl
xl02,872 x8
amount (1%)
paid March 1,1932, but are
that year.
General Balance Sheet Dec.
$107,418,066 $103,535,871 $3,882,195
54,287,462
51,630,994 2,656,468
11,134,913
10,372,683;
762,230
Net operating revenue..
Pro v. for retire'ts (renew.&repl.)
_7
$41,532,194
$463,497
1
9,307,298
8,846,905
460,393
5
$32,688,393
Total gross operating revs
Oper. exps., maintenance, &c
$32,685,289*
$3,104
$41,995,691
Operating income
x
4
5
Decrease.
Note—The
above
statement
is
exclusive of non-recurring expenses.
System Output Up 6.4%—Flood Conditions
Curtail Sales—
net electric output of
74,056,425 units (kwh.), which is 6.4% above the corresponding week a year
ago.
This output is decidedly favorable when consideration is given to the
floods which drastically curtailed consumption in parts of Pennsylvania,
For the week ended March 21, the System reports
Hampshire.
The reduction in use of current in the stricken areas was
New
York and
New
Invest, in road &
not due to a
supply, which was confined to outages of a very few hours in
districts, but resulted from inability of people in the communities
served to carry on anything like their usual business.—V. 142, p. 2144
most
Associated
Telephone Co., Ltd.—To Issue
Preferred—
filed a registration statement with the Securities and
Exchange Commission under the Securities Act covering 106,312 shares of
preferred stock, $1.25 series.
Underwriters of the issue and the amounts to be underwritten by each
are; Bonbright & Co., Inc., 45,524.8 shares; Paine, Webber & Co., 31,893.6
shares; Mitchum, Tully & Co., 21,262.4 shares, and Blyth & Co., Inc.,
The company has
10 631 2 shares
Proceeds from the sale of the issue will be used to repay General Tele¬
phone Corp. for funds borrowed to redeem the company s $1.50 preferred
stock.—V. 141. p. 583.
Topeka & Santa Fe Ry.—41si Annual Report—
Year Ended Dec. 31 1935—The remarks of President S. T.
Bledsoe will be found under "Reports and Documents" on
Atchison
subsequent
pages.
31—System
1933
1932
$
$
equip-1,138,535,405 1,143,580,648 1,155,759,628 1,154,229.731
Exp. for additions & bet¬
terments and road ext.
during curr. fiscal year.
Cr6,539,905
Cr5,176,409
Cr3,406,642
1,529,897
Inv. in term. & coll. cos—
31,527,546
30,372,271
27,723,928
28,092,744
Sinking fund
996
16,378,084
463
16,683,433
571
10,689,113
326
10,666,584
29,626,610
32,900,929
1,323,000
27,690,575
27,743,939
1,370,500
27,454,766
25,749,561
1,290,000
23,938,925
22,384,243
105,000
Miscell.
physical property
-
Cash
Timedeposits"-
25,804
balAgents and conductors..
Miscell. accts. receivable.
Materials and supplies.-Int. and divs. receivable.
Traffic & car service
15,446
20,097
1,580,923
363,016
1,753,238
21,823
300,144
2,224,137
832,962
5,398,238
17,634,095
1,151
34,054
1,333,293
708,678
3,234,590
16,922,745
916,840
27,069
383,826
3,145,558
18,871,506
62,362
35,853
438,902
2,511,325
...
Unadjusted debits......
1,624,445
1,439,702
1,484,050
1,272,235,849 1,271.982,682 1,271,026,075 1,268,178,333
Total
*
TAdbiLUUs
124,172,800
242,706,000
717,800
Funded debt
309,653,262
Traffic & car service bal.
671,213
And. accts. & wages pay.
9.369,475
Misc. accounts payable525,669
Interest matured, unpaid
804,433
Dividends, matured, unpd
282,500
Fund.debt matured,unpd.
400
Unmatured divs. declared
3,104,320
Unmatured Int. accrued..
3,367,222
Unmatured rents accrued
70,061
Other current liabilities—
399,818
Deferred liabilities
2,291,658
Tax liability
3,238,428
Accrued deprecla'tlon—
180,607,666
Preferred stock
Common stock
on
capital stock...
124,172,800
242,706,000
717,800
309,660,263
716,403
7,942,458
1,897,802
788,387
273,372
4,600
3,104,320
3,369,503
74,416
385,025
2,294,656
3,392,836
176,191,801
124,172,800
242,706,000
717,800
309,664,262
773,820
7.400,228
447,682
815,554
267,509
3,104,320
3,377,220
89,987
339,090
2,715,873
6,514,216
158,432,684
3,424,659
88,102,394
unadjusted credits.
2,904,483
2,817,169
A<through incomeTsmp!
88,200,385
88,160,433
88,126,022
Fund, debt
124,172,800
242,706,000
717,800
309,672,262
702,081
6,904,912
791,635
787,724
267,434
4,097,702
3,382,794
„85-5®1
322,487
2,525,820
4,127,290
168,140,558
3,085,359
Other
646,548
855,026
4,328,105
16,896,457
3,212
35,229
1,684,645
Other current assets
Deferred assets
1,258,003
16,627
2,126,853
Special deposits
Loans and bills receivable
Prem
failure of the
'
$
1934
$
1935
Other investments.....
Taxes.
$1,122,513
2,427,060
share on com
xln addition to this
were
Assets—
%
8,425
$2,273,357
2,427,060
$1.38
$0.33
Nil
$0.55
dividends amounting to $3,640,590 (1H%)
included in previous year's total,
y Includes credit
$1,024,052 cancelling accruals in 1934 under the Railroad Retirement Act of
Earns, per
of
2,427,060
$100)
4,105
,
$1,519,245'
Deficit
Shs.com.outst. (par
7,900
$4,069,346
2,427,060
10,800
bonds sinking fund--.-
Earnings and Expenses of Properties Irrespective
of Dates of Acquisition
12 Mos. End. Jan. 31—
Electric
51,897
162,734
562,513
Deductions—
Rent for leased roads
Total
163,537
and
other reserve funds
Con¬
stable
not
$18,352,677
Cr43,958
Dr736,842
$17,659,793
Non-Operating Income—
Income from lease of road
Minor, int. in stk.
Leasehold <fc good¬
40,596,815
62,595
5,542,193
Crl47,867
Z>r79,693
$93,803,318 $101,918,323
26,023,119
31,215,215
11,398,973
12,824,970
48,951
37,568
Income from unfunded se¬
$425,605
Reserve for Federal
Deferred liability.
store fixtures.._
d*Le behold inapt.
Joint facility rents
$306,552
126,451
Oust, deposits and
b Land, bldg. and
t
Equipment rents (net)...
1935
1936
Liabilities—
1935
1936
Assets—
Sundry
Railway oper. Income.
Consolidated Balance Sheet Jan. 31
i
c
$135,686,392
Traffic
stock
£'outstanding (par $5) _
arnings per share
$104,720,630
11,970,642
11,402,676
Operating Expenses—
14,172
y585
expenses.
1933
1932
$97,426,943 $107,400,213
12,202,076
14,520,806
10,197,418
11,212,519
1934
$109,685,779
13,447,074
and miscell.
12,553,538
Maint.of way and struct.
29,035
11,479
Crl ,684
value of investments.
Other deductions
Calendar Years—System
1935
Total revenue........
Res. for fluct. in market
Miscellaneous
carried one mile shown above includes water ton
miles, San Francisco and Galveston Bays.
Operating Revenues—
Other income
$3.88
1.118 cts.
1,362,028
555,019,765
$8.96
2.198 cts.
. $3.88
1.120 cts.
1,864,091
639,025,428
$6.42
1.873 cts.
$4.26
mile
1.129 cts.
No. of passengers carried.
2,263,197
Passengers carried 1 mile. J748,116,001
Av. rev. per pass, per
$6,834,459
6.552,834
80,594
9,069,545,000
$3.99
1.184 cts.
1,619,4 78
573,645,245
$8.97
2.531 cts.
26,993,999
AVer. rev. per ton per
Aver.
Year End. Jan. 31—
26,946,886
Average revenue per ton.
Corp. (& Subs.)—Earnings—
1932
1933
25,136,680
9,718,655,000 9,351,567,000 8,711,882,000
Tons rev.
1 mile
made beginning April 1 1936, must carry warrants, talons,
contingent interest coupons due Oct. 1 1939, to Oct. 1 1947, inclusive,
regular coupons due Oct. 1 1936, to Oct. 1 1937, inclusive, stamped "50%
paid hereon" and April 1 1938, and subsequent regular coupons.—V. 142,
P. 616.
"
Years—System
1934
1935
25,767,496
carried
freight carried
Tons of rev .freight
transactions
Net sales
RECTOR 2-7815
TEL.
that the bonds be quoted ex-interest 1H % on April 1 1936; that the bonds
shall continue to be dealt in "flat" and to be a delivery in settlement of
Constable
NEW YORK
BROADWAY,
Inc.—Interest—
The interest due April 1 1936 (1M %) on the Albany Perforated Wrapping
Paper Co. first mortgage & Collateral trust 20-year 6% sinking fund gold
bonds, due 1948, "with warrants," was paid on that date.
The Committee on Securities of the New York Stock Exchange rules
Arnold
/New York Stock Exchange
York Curb Exchange
,
Ann Arbor RR.—Interest—
The interest due April 1
returned thru
466,161
461,954
453,794
Sink, fund., &c., reserves
380,131
376,439
372,864
Profit & loss—balance—
302,466,346
309,328,569 314,528,509
Total—
1,272,235,849 1,271,982,682 1,271,026,075 1,268,178,333
income and
surplus—
473,529
383,563
298,291,161
2308
Financial Chronicle
Earnings
of
System
[Includes Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa
Fe
Ry., Panhandle & Santa Fe Ry.l
Bangor & Aroostook RR.-—Earnings—
Period End. Feb. 29—
1936—Month—1935
1936—2 Mos.—1935
Railway oper. revenues_$10,123,449
$9,124,621 $21,106,648 $18,933,337
Railway oper. expenses.
8,976,950
8,343,987
18,523,072
17,268,223
Railway tax accruals
917,464
861,899
1,846,269
1,729,943
Other debits
36,096
73,663
63,761
191,515
Net ry. oper. income
Average miles operated
$192,937
13,234
.
Dr$154,928
13,307
$673,544
13,234
Period End. Feb. 29—
Gross oper. revenues
T.
expenses
Tax accruals
recent
a
an
estimated cost of
February-
1936
Gross from railway
Net from railway.
Net after rents i
From Jan. 1—■
Gross from railway
Net from railway
Net after rents
142,
454,552
defl6,112
def66,450
476,412
7,619
def47,325
1628.
p.
Atlanta & West Point RR,
February—
142,
railway
$111,894
11,434
def5,920
231,805
16,679
def20,642
226,426
20,088
defl5,879
rev. per
1935
1934
$3,975,610
1,360,556
7,860,235
1,797,153
688,824
7,180,705
1,639,436
622,076
was
a
to its individual provisions.
1,110,199
249
395
325
$2,279,069
518,723
$1,985,290
501,210
income. $1,587,315
68,087
$1,712,776
50,343
$1,760,346
65,621
$1,484,079
57,808
$1,655,402
funded debt.
745,044
$1,763,120
783,029
$1,825,967
800,152
$1,541,888
807,885
oper.
on
19
59
32,905
3,471
53
32,143
535
32,179
32,446
Net income
Preferred dividend (7%)
Common dividend
$873,753
243,600
354,480
$947,394
243,600
354,480
$993,576
243,600
283,584
$701,493
243,600
283,584
Balance, surplus
Shs.com.outst.(par $50)
$275,673
141,792
$4.44
$349,314
141,792
$4.96
$466,392
141,792
$5.29
$174,309
141,792
Earns, per sh.
on com..
Assets—
Reorganization—
Invest,
$
road
1934
$
$
Preferred stock... 3,480,000
Common stock.
mtged.prop. sold
physical
Funded debt
Traffic & car
property
Invest.in affil.
cos.
Other investments
Cash
Special deposits
Loans & bills
44,018
682,715
113,470
369,149
458,758
rec_.
146,332
688,932
164,860
339,215
522
bals. receivable.
Net bal. rec. from
315,442
253,870
Misc.accts.recelv.
28,826
61,387
Mat'Is & supplies-
recom¬
827,217
Int.
car serv.
45,690
286,812
827,249
accrued..
604
491
curr. assets.
2,918
3,026
275
235
Other def'd assets.
22,068
248,941
653,882
16,434,000 18,200,000
serv.
bals. payable...
Accts.& wages pay
73,139
134,133
Misc. accts. pay..
Int. mat'd unpaid.
5,562
124,922
52,841
308,515
264,800
150,243
150,001
30,329
26,719
88,542
15,182
mat'd unp'd
Unmat. int. accrd.
Other curr. liabil..
Deferred liabilities
Unadjusted debits
Total
38,053,994 39,842,871
92,692
261
260
109,986
147,477
Acer. depr. equip.
3,460,160
Other unadj. cred.
3,436,460
Prem.
on
fund, dt
106
17,164
27,639
through surplus392,653
Profit and loss
5,687,643
381,025
5,637,442
21,218
178,323
rec.
Other
Add'ns to property
Total
.38,053,994 39,842,871
-Y. 142, p. 1629.
hearings before the U. S. District Court at Philadelphia the
an independent
group of preferred stockholders
653,882
cap. stk.
Tax liability
Working fund adv.
At
on
3,480,000
7,089,600
2,148,099 Divs.
477
Traffic &
7,089,600
Prem.
880
Miscell.
agents & cond'rs
under consideration.
1935
Liabilities—
&
Deposits In lieu of
given careful consideration
now
in
1934
equipment. ....34,377,727 34,737,116
George H.
plan
$3.23
Balance Sheet Dec. 31
Stebbins, McKinley & Price, counsel for objecting preferred
stockholders
have addressed a circular to all
preferred stockholders stating that their
interests are "materially and
adversely" affected by a plan of reorganization
of the Baldwin Locomotive Works
which is
54,689
1,447,857
317,292
1,289,201
286,893
228
Independent Preferred Committee Opposed to Reorganization—
same
996,876
$2,241,860
529,083
Interest
"Prompt response is desirable to permit early consummation of the
plan.
"The Special Master appointed by the Court to
consider the
recent court
229,321
882
1935
mended it to the Court for
preliminary approval."
1932
$5,432,727
224,032
255,119
Inv. on unfunded debt..
Miscellaneous charges..
Amort, of disc, on fd. dt.
Pennsylvania.
as
1933
$5,911,878
510,631
board of directors believes that this
plan provides equitably for
each class of bondholders and
stockholders and, if carried out, will enable
the company to continue
operations and take advantage of
any improve¬
ment in general business
conditions.
"For these reasons the board recommends
that all bondholders and
stockholders accept the plan after it has been
whole and
*
996,080
52,487
Railway
"A plan of reorganization
prepared in cooperation with and
having the
approval of the protective committees
organized by holders of consolidated
mortgage bonds and holders of each class of capital
stock, is being submitted
for your consideration in connection with
the proceedings for the
reorgani¬
zation of this company now
pending in the District Court of the United
States for the Eastern District of
as a
$224,032
$8,851
7,181,928
2,239,962
1,102,469
notice to bondholders and stockholders of the
company,
"The
1934
1,000,712
69,159
1,529,880
269,358
_.
reorganization plan.—V. 142, p. 1974.
In
119.777
5,770,459
$5,432,726
Net oper. revenue
$2,097,945
Tax accruals & uncollect.
again
Houston, President, states:
136,452
6,664,010
$5,364,638
$211,451
$8,865
$5,805,512
902,177
General & miscellaneous
Transp. for invest. (Cr.)
adjourned, this
time until April 15, at
noon, to give the preferred stockholders additional
time to present an alternative
Baldwin Locomotive Works—Plan
of
212,115
9,367,569
$5,660,931
$273,081
$9,463
$6,167,890
1,081,398
1,034,966
57,746
1,428,005
324,164
Transportation
Co.—Meeting Again Adjourned—
The adjourned annual
meeting held on April 1
1,814,167
566.353
7,892,833
2,514,938
1,459,554
1628.
Autocar
$9,303
>
___.
1932
1,696,222
$5,364,739
211,451
Traffic.
$3,551,047
1,154,470
807,119
1933
1,940,541
Railway oper. revenue $6,067,315
Maint.ofway& struct..
1,101,143
1933
$3,756,203
1,013,629
518,619
Net from railway
Net after rents..
—V. 142, p.
mi. road
Gross income
1936
625,268
2,057,280
$5,660,931
273,081
233,879
RR.—Earnings—
$4,145,759
1,183,302
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
$278,249
1934
1935
Other income
February—
$257,859
Freight revenue
$5,564,848
Passenger revenue
252,098
Mail, express, &c-.^.._
350,369
180,303
def21,393
def59,814
Atlantic Coast Line
$582,514
137,593
Income Account, Calendar Years
$85,363
defl0,075
def29,108
1628.
p.
Av. frt.
1933
$112,731
7,853
defl0,656
$399,971
121,722
freight..251,724,174 250,056,978 231,791,264 240,968,177
Maint. of equipment
1934
$325,343
67,484
Passengers carried
228,725
Pass, miles—revenue...
11,284,262
Freight revenue
$5,564,848
Passenger revenue
$252,099
369,901
def37,403
def88,101
274,185
28,625
def8,105
Net after rents
Tons revenue freight
Ton miles, rev.
$174,856
def25,461
def49,245
$135,766
14,408
def3,545
Net afte rents
From Jan. 1—
Gross from railway
Net from
1935
$624,204
41,690
1935
,
—Earnings.—
1936
Gross from railway
Net from railway
—V.
$240,835
9,828
$429,200
29,229
■'
1933
defl8,625
533,514
41,682
defl7,178
_
—V.
1934
$231,585
1,611
def24,397
$358,373
33,030
V
Traffic Statistics Calendar Years
'
-Earnings.
1935
$262,300
15,860
defl5,892
808,687
131,039
$154,663
_
Deductions
announcement
$3,750,000, as soon as contracts can be
let and construction materials ordered.
The completion of this line
will, it is said, save from 142 to 226 miles in
the movement of freight over Atchison lines
between Colorado and Texas
and on portions of line in Oklahoma and New
Mexico.
It is stated it will
give the Atchison the shortest route between Denver
and Amarillo and
intermediate points.—V. 142, p. 1457.
Atlanta Birmingham & Coast RR.-
$1,563,930
791,543
119,396
$232,833
17,874
Other income
begin construction of the line from Boise
City,
Okla., to Las Animas, Colo., involving construction of 111.26 miles of new
main track at
1936—2 Mos.—1935
$214,959
60,296
Operating income
Dr$256,343
13,315
Gross income
Bledsoe, President of the company, in
said that the system will
1936—Month—1935
$696,588
$830,356
399,530
396,832
64,225
75,151
Operating
To Build New Line—
S.
April 4 1936
Dividends will be payable
semi-annually thereafter at the rate of 4% per
annum from June 15
1936—V. 142, p. 1629, 2146.
counsel represented
of the company, and formally filed
written objections to this plan,
charging
was
inequitable, unfair and confiscatory.
The Court has not yet
on the fairness and
equity of the plan, but has ruled that the company
shall first obtain the written
approval of the plan
Baton Rouge Electric
that it
Period End. Jan. 31—
Gross earnings
>
Operation
Maintenance
ruled
preferred and
by
a
common
majority of the
stockholders, and the acceptance by two-thirds of
each class of creditors before
considering the objections.
Counsel states further:
"Therefore, do not deposit your stock with any
...
Taxes.
Interest & amortization.
agent, or sign any agreement or irrevocable
power of attorney until you
have given this communication
careful consideration; otherwise,
you will
have assented to a plan which is
unjust and unfair, and which takes from
you all your prior, contractual rights as a
preferred stockholder of Baldwin,
and demotes you to the inferior
position of a common stockholder along
with all the present common
stockholders of
Balance for
-V.
share.
"2. It proposes to cancel all future cumulative
dividends on the preferred
stock, which, under existing, prior, contractual
rights, call for payments
of $1,400,000 per year,
equivalent to $7 per share.
"3. It proposes to cancel the
$20,000,000 of $100 par value preferred
stock plus the accumulations which are
preferred as to assets of the com¬
pany, to the extent of $27,000,000 over the common
stock, and issue in
exchange $7,800,000 par value of new common stock and
400,000 warrants
of nominal value.
"4. By proposing to cancel the
present junior issue of 1,105,660 shares
common stock, without
par value, and issue in exchange $1,437,358 of
par value new common stock and 221,132
warrants, all of which new
securities are identically the same as those
proposed to be given to the
preferred stockholders, the present common stockholders will share
ratably
in the future earnings and likewise in the assets
of the company.
"5. Relative priorities as between the senior
your preferred stock
have
preserved."—V.
not
been
142,
dividends and surplus
February—
1936
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 142, p. 1630.
Bell
Operating re venues
Uncollectible
oper. rev..
Operating expenses
Operating taxes
Net operating income.
-V.
Baltimore & Ohio RR.—Securities—
142,
p.
Berkshire Street
Calendar Years—
exceeding
$1,900,000 of equipment trust certificates, series H, by
company's waiving
the right of redemption and
adjusting dividends thereon.
Operating revenues
Operating expenses
All the certificates were sold to
the
United States and
were issued
quested the applicant to waive its privilege of
redeeming the trust certifi¬
to their respective dates of
maturity.
This the applicant is
willing to do.
The definitive certificates will be dated Dec.
15 1935, and will have
attached a dividend warrant for $11.65
payable on June 15 1936, and
representing in respect of each $1,000 interest in the equipment
trust, the
dividend for the entire period from the date of issue
of the
temporary certi¬
ficates exchanged for definitive certificates to
and including June 14 1936.
Tax accurals
$93,712
Operating income
1935
—Earnings.—
1934
1933
416,666
168,192
62,875
326,815
114,231
17,878
84,944
48 369
def1,098
def37,854
292,695
$95,422
10,950
def31,216
220,725
Pennsylvania—Earnings—
1936—Month—1935
1936—2 Mos.—1935
$5,245,842
$4,904,647 $10,640,228 $10,070,903
12,441
16,942
26,611
39,318
3,537,871
3
^ ggl
7,153,176
7,110:309
373,849
298,094
760,678
591,896
$1,321,681
$1,104,730
$2,699,763
$2,329,380
Ry.—Earning
1935
1934
1933
1932
$400,845
301,121
18,241
$390,979
311,350
16,746
$367,163
$438,437
284,038
17,975
387,625
22,368
$81,483
Non-operating income..
$62,882
1,436
$65,150
365
675
$28,444
2,256
Gross income
Deduct, from gross inc.
$81,848
287,285
$64,318
285,886
$65,825
292,146
$30,700
284,468
$205,437
$221,568
$226,322
$253,768
cates prior
$132,663
$141,862
34,670
def9,314
in
temporary form and are held by the government, registered in the name
of the Federal
Emergency Administrator of Public works, who has re¬
$248,049
117,083
37,254
$144,978
39,981
def4,504
2146.
March 24 modified its supple¬
on
mental order of June 30 1934, so as to
permit amendment of not
$309,917
140,000
37,254
$241,508
97,115
43,962
Telephone Co. of
Period End. Feb. 29—
preferred stock, as more
certificate, and the common stock,
p. 2145.
The Interstate Commerce Commission
common
1936—12 Mos.—1935
$1,566,852
$1,434,850
841,379
760,196
71,978
83,079
177,027
178,192
166,549
165,331
$30,134
1111.
p.
Gross from railway
Net from railway
of
fully shown by
142,
81,892
6,089
15,788
13,791
Beaumont Sour Lake & Western
Ry.
unfair in
per
87,383
6,717
16,749
13,863
Balance
$40,689
Appropriation for retirement reserve.
Preferred dividend requirements
Baldwin, without adequate
consideration.
"This ingenuous plan is a snare and a delusion
for the uninitiated preferred
stockholders in matters of
reorganization to induce them .to exchange their
senior stock into a speculative common
stock of doubtful value, and is
the following respects:
"1. It proposes to cancel the
preferred stockholders' right to $7,000,000
of accumulated, unpaid
dividends, when and if earned, equivalent to $35
Co.—Earnings-
1936—Month—1935
$165,404
$147,696
x
Netdefciit
x Deductions
from gross income include
$209,980 interest accruing to
the N. Y. N. H. & H.
RR., but not included in the income
account of that
company.
Financial
Volume 142
Balance Sheet
1935
Assets—
Invest,
in
Other investments
6,000
Special deposits .—
Misc. accts. rec—
Mats. & supplies__
curr. assets.
Unadjusted debits
& rents
57,496
91,568
9,900
6,876
26,596
1,850
4,551
95,685
44,294
22,095
4,039
7,570
1,850
3,708
mtgd. prop, sold
Cash
Other
$5,398,100
1,457,000
3,333,000
15,443
4,378,404
unpaid. 4,505,639
Acer, int., divs.
liabilities
343
other
Acer,
Mdse. & Jobbing
408,734
reserves__
4,339
9,208
153,669
189,845
3,874
4,540
14,210.502 14,003.968
Deficit
-V.
$777,761
Mat'ls & supplies-
493,318
9,479
41,727
4,978
purchase the Bedford Weaving
This will be an all cash transaction, no stock or
given in exchange therefor.—V. 142, p. 1974.
Corp. of Bedford, Va.
are to
be issued or
Bessemer & Lake Erie
The Interstate Commerce Commission on March 21
authorized the com¬
to issue not exceeding $7,000,000 equipment trust certificates of
100 and int. in connection with the procurement of
pany
1936, to be sold at
certain equipment.
The
certificates
competitive bidding.
requested by 19 corporations,
through
sale
for
offered
were
Information respecting the certificates was
1936
$529,472
def2,428
1933
$172,556
defl43,224
defl54,046
—V.
142,
652,415
def272,837
def254,036
-817,120
defl34,899
985,224
def50,255
35,126
defl25,320
340,752
def255,301
def257,095
Best & Co.,
x
27,275
37,629
Contrib. for exten.
14,485
33,745
8,921
21,732
34,693
9,170
1,686,502
3,934,407
reserve.:
29,610,278 31,378,698
Total
1932
1933
1934
$382,115
214,967
loss$78,877 loss$166,485
210,485
445,030
-
■
191,985
203,726
690,250
256,760
Crl4
43,750
Cr 19
640,382
Cr285
$281,585
4,796,528
$536,819
5,039.186
$1,941,863
11,453,945
614,890
used & idle property—
for
Fed. income
428,734
124,677
Prov.
6,250
Other deductions
Minority interest
prof.$238,709
4,990,797
Special reserve for carry¬
ing charges
Inc.- -Earnings—
1934
1935
3,423,891
Miscellaneous credits
1933
$12,542,994 $11,207,840 $11,131,204
10,159,353
10,586,106
147,777
151,402
152,535
152,520
Net income from sales_$13,328,753
Deprec. & amortization.
Federal, &c., taxes
68,355
$711,971
11,836
150,000
$328,965
12,755
$550,135
$166,210
300,000
$1.05
$1,133,953
13,786
750,000
$953,448
12,700
450.000
$370,167
$490,748
300,000
$3.73
300,000
300.000
$3.14
$2.33
Surplus
Shs.com.stk.out.(no par)
Earnings per share
'
150,000
Condensed Balance Sheet Jan. 31
1936
S
Land, buildings,
equipment, &c— 6,100,370
paid
$521,197
464,330
Real estate mtge_.
950,000
246,600
6% pref. stock
b Common stock. 3,750,000
Other accruals
5,737 824
1
332,913
in
Res've for conting.
22,725
advance
Prepayments,
30,832
&c_
Cash
1,734,071
Earned surplus—
19,840
1,577,307
171
posits
1,002,483
Accts. receivable.. 1,925,426
18,585
Supplies on hand—
3.659,548
of bldg.,
machry., &c_
prov.
for foreign
exchange valuation...
Deductions from surplus
(net)
249,890
139,037
134,572
853,773
Surplus bal. Dec. 31-
$4,453,334
$4,990,797
$4,769,528
$5,039,186
526,282
1935
5,136,915
$343,339
373,711
950,000
204,700
3,750,000
8,424
4,776,324
on
$727,538
30,103
$433,776
9,750
1,291,961
2,768,202
1,012,277
2,327.388
crued int. rec—
Inventories
a
p.
Less
bonds,
&
no
par
shares.—Y.
142,
101,451
1111.
342,649
81,258
y
Plant properties. 4,949,880
719,643
1,038,701
Deferred charges-72,224
Patents
480,826
5,208,218
1.038,701
32,199
will benefit the consumer in lower electric rates.
April 1, 1935, the Woonsocket Electric Machine & Power Co. consol.
bonds, due 1943, of which only $106,000 were publicly held,
were retired by call.
In connection with the elimination of Pawtucket
Gas Co. of New Jersey $990,000 of preferred stock of chat company held
by the public was liquidated on Oct. 18, 1935.
As of Nov. 1, 1935, an
issue of $7,300,000 mtge. & Coll. trust, 30-year, 4% series C bonds were
sold on a favorable basis and on Nov. 30, 1935, the series A and series B
mtge. & coll. trust 5% bonds, due 1951 and 1952, totaling $5,938,000 were
redeemed.
The consol. mtge. 5% bonds, due 1938, of Pawtrucket Electric
Co., $176,000 of which were outstanding in the hands of the public, were
retired by call on Jan. 1. 1936.
On
mtge. 4J^%
z
Retirement
11,783,752
Total
x
$5,524,483
2,668,220
$5,537,756
2,549,640
252,189
530,000
-
—_
Common dividends
Earned surplus Dec. 31
former
$1,033,682
$1,230,041
4,100,555
4,080,378
$5,134,237
Cr10,034
$5,310,419
$2,890,597
43,730
77,652
1,082,712
$5,144,271
49,500
77,652
1,082,712
$5,310,419
49,500
77,652
1,082,712
$1,686,502
Balance
Pref. dividends (B.G. Co. of N.J.)_.
Preferred dividends
$1,796,997
2,148,386
Total surplus
Direct charges (net)
$1,597,459
563,776
$5,038,983
Earned surplus Jan. 1
485,673
3,934,407
Balance
175,445
530,000
509,298
$1,684,002
579,426
Net earnings
Interest and amortization
219,506
530,000
449,410
accruals
$3,934,407
$4,100,555
566,956
subsidiary companies, Pawtucket Gas Co. (R. I.)
(1*1. J.), were liquidated in October, 1935.
For
purposes
the
of the subsidiaries have been con¬
eliminated in foregoing statement.
accounts
solidated and intercompany items
295,030
1,632,904
4,990,797
2d pref.
4,453,333
10,967.043
11,783,752 10,967,043
Total
$120,746 in 1934
After depreciation of $9,910,277 in 1935 and $9,787,929 in 1934.
z Repre¬
by 400,000 no par shares less 73,413 shares in treasury in 1935 and
73,419 shares in treasury in 1934.—V. 140, p. 4390.
y
sented
Borg-Warner Corp.—New Directors—
At the annual meeting Philip
D. Armour, and Ray P. Johnson were elected
held by E. S. Ekstrom and F. L. Morse,
directors to succeed to the posts
both d6C63>SG(i
R. C. Ingersoil has been elected a
E. S. Ekstrom.
Vice-President, succeeding the late
Corp. division has been producing refrigerators, stoves,
washing machines and ironers at capacity since Jan. 1, according to Howard
Blood, President of Norge.
The company is building an addition to the
plant of its Detroit vapor stove division for production of air conditioning
equipment.—V. 142, p. 1975.
The
Norge
Boston & Maine
RR.—Applies to Issue $3,600,000 Bonds *
The company has applied to the Interstate Commerce Commission for
authority to nominally issue $3,600,000 series MM 5% mortgage bonds in
reimbursement for expenditures made in paying off
underlying bond
1
view of the condition
of the market and the immediate necessity for
funds resulting from destructive floods in New
of the bonds was decided upon.
England the plan for issuance
underlying obligations for which B. & M. seeks reimbursement are;
$1,872,000 Fitchburg RR. 5s matured Jan. 1, 1934; $380,000 Worcester
Nassau & Rochester 4% bonds matured Jan. 1, 1934 and $150,000 4s ma¬
tured Jan. 1, 1935; and $1,250,000 of Boston & Lowell 5% bonds matured
March 1, 1936.
Authority is sought to pledge and repledge the bonds as collateral security
for notes which may be issued to Reconstruction Finance Corporation
for others.—V. 142, p. 2146.
The
Bridgeport Brass Co.—Two New Directors—
E. Kent Hubbard and F. Kingsbury Bull have
been elected directors.
Sells Thermostat Division—
has sold its thermostat and bellows division to the recently
organized Bridgeport Thermostat Co. of $750,000 capitalization.
The new company began operations on March 30 and directors have
The company
and Pawtucket Gas Co.
comparative
1,020,000
295,030
Common stock-- 1,632,935
cum.
After reserve for depreciation of $130,089 in 1935 and
In
1933^
$1,104,576
reserve
Note—The
Years
1934
$5,847,817
2,932,216
Maintenance
1,500,000
1,020,000
Surplus
maturities.
Consolidated Income Account for Calendar
Taxes (including income taxes)
58,176
39,780
1st pref.
stock (par $50)- 1,500,000
cum.
class B (par $10)
Electric Co.—Report—
1935, Pawtucket Gas Co. of New Jersey and Pawtucket Gas Co. (R. I.) were liquidated and have been dissolved. • The
property of Pawtucket Gas Co. (R. I.), the former operating subsidiary,
was taken over by Blackstone Valley Gas & Electric Co., effective as of
Sept. 1, 1935.
Figures appearing in this report for any period prior to
the liquidation of the subsidiary companies are consolidated figures for
Blackstone Valley Gas & Electric Co. and subsidiary companies.
The
elimination of the subsidiary companies, in addition to simplifying the
corporate structure, is expected to result in economies in operation and
Operating expenses
49,036
&c
Statutory reserve.
8%
6%
During October,
Total gross earnings
423
526,282
changes valuat'ns
Res. for contings.
7%
share on the com¬
mon stock, no par value, payable April 30 to holders of record April 11.
A
similar payment was made on Jan. 2 last, this latter being the first distri¬
bution made since March 1, 1932, when a dividend of 12
cents per share
was paid.—V.
142, p. 1630.
1935
cap.
cum. 2d pref.
class A (par $50)
Blaw-Knox Co.—10-Cent Dividend—
Valley Gas &
21,373
1,160
in
int.
stk.&surp.of sub
Res. for foreign ex¬
The dLectors have declared a dividend of 10 cents per
Blackstone
_
of
real estate
Min.
84,045
or use
than plant props
sale
pective
accts.
Real estate other
11,069,041 10 406,498
Total
b 300,000
&c.
111,902
16,458
future exps., &c_
Defd. liabs.—pay-
receiv., &c
Surplus tools—held
for
subsequent
11,069,041 10,406,498
depreciation charges,
465,941
571,459
737,556
for
Depr. rec. on pros¬
x
Total
370,000
671,217
deposits
liability
mtges.,
Miscell.
sale
tomers'
Estd.
$
770,000
pay.—banks
Accts. pay. & cus¬
Accrued items
Notes, accts. & ac¬
1934
$
Liabilities—
Notes
Marketable securs.
stocks,
7,430
876,901
1,832,941
21,341
$
hand & in
banks
notes
1935
1934
$
Assets—
Cash
Business secur. de¬
Inventories
993,752
2,389,710
Res.
$
Accounts payable.
1
_
$4,931,101 $12,935,972
$5,129,834
in net values
1935
S
Liabilities—
234,377
Goodw 11
Creditors
1936
1935
$
Investments
$5,229,506
x After deducting all expenses incidental to operation, including ordinary
repairs and maintenance.
Consolidated Balance Sheet Dec. 31
Returns deducted.
Assets—
Total-
Adj. of inventory, &c
Write-off of goodwill
Reduction
Common dividends.
x
185,112
227,214
220,766
Preferred dividends.
a
malnt.
bench
Operating reserves
$610,481
240,844
earnings
Depreciation
Carrying charges on un- 1
Net loss
1936
77,647
4,636,929
Retirement reserve 5,085,081
1935
Total
Previous surplus
Years End. Jan. 31-
3,178
249,834
(E. W.) Bliss Co. (& Subs.), Brooklyn, N. Y.—Earnings
1630.
p.
.
Interest accrued..
29,610,278 31,378,698
tax estimate
Gross from railway
Miscell. liabilities
x Pawtucket
Electric Co. consol. mtge. bonds, $176,000; called for
payment Jan. 1, 1936, for which funds have been deposited with trustee,
plus $8,800 for premium due at call are not included above.
Note—For comparative purposes
the accounts appearing above for
1934 are consolidated and represent Blackstone-Valley Gas & Electric Co.
and subsidiary companies.
The subsidiary companies were liquidated in
1935.—V. 141, p. 2878.
From Jan. 1—
Net from railway
Net after rents
to
Earned surplus
Total
x
$344,249
defl24,604
defll2,327
def31,397
Netafterrents
Date
1934
1935
$417,249
def46,779
43,674
February—
Gross from railway
Net from railway
384,903
46,547
50,000
Calendar Years—
Earnings for Month of February and Year to
519,400
227,686
57.101
Taxes accrued
58,564
5,289
177,649
51,016
payable
Unadjusted credits
The highest bid,
partnerships and firms, and two bids were received.
100 and int., was made by the United States Steel Corp.
344,557
Consumer's depos.
7,681
95,333
109,759
Unadjusted debits
Treasury bonds...
RR.—Equip. Trust Certificates of
1936—
Accounts payable -
Bonds
x
Gas
disct. & expense
Belding Heminway Co.—To Purchase New Unit—
10,611,000
690,900
debt
Unamortized
The company has entered into a contract to
bonds
funds
Sinking
Special deposits
1111.
142, p.
11,458,000
16,349
230,392
133,777
.
Prepayments
$741,243
Total
$777,761
$741,243
Total
8,661,700
12,390
6,211
162,669
462,818
58,292
_
12,390
8,661,700
Montaup El. Co
premises..
Miscellaneous
990,000
($100 par).—
Com. stk. ($50 par)
Prem. on com. stk.
consumers'
on
1,294,200
Gas Co. of N. J.
Notes
Installed
Appl.
depreciation
Oth. unadj. credits
684,223
242,768
609,672
and
liability
17,474
Consumers.
1934
$
Lia bilitles—
Liabilities—
$
6% preferred stock
1,294,200
($100 par)
5% pf. stk. Pawt.
637,114
22,144
722,636
Notes receivable—
34,355
3,546
34,325
Tax
Property, plant &
equipment
26 ,905,088 28.421,592
7
Investments
3,284
Accts. receivable—
&
rents payable—
Deferred
$
1935
1934
$
Assfiis—
Cash
Matured int.,divs.
Deposits in lieu of
1935
1934
1935
$5,398,100
1,457,000
Loans & notes pay. 3,333,000
Misc. accts. pay__
19,745
$493,576
79,348
6,000
$496,145
59,856
Comparative Balance Sheet Dec. 31
31
Capital stock
Long-term debt
&
road
equipment
Misc.physical prop
Dec.
Liabilities—
1934
2309
Chronicle
approved purchase of an independent local plant,
are
negotiations for which
under way.
J. Van Harten, assistant
treasurer, will be the executive officers of the new concern, which will
employ approximately 500 men.
The company, whose gross business is estimated annually at $1,000,000
to $1,500,000, will specialize in the manufacture of temperature control
for automobiles, electrical refrigeration, residential furnaces, &c.—V. 142,
p. 1975.
.
W.
F.
MacDonald, chief engineer,
and W.
Financial
2310
Broad Street Investing Co.,
Inc.—Stock Offered—
Sales
Street
the public offering
,
balance
Canadian National Ry.—Earnings—
I
[All-inclusive System]
has furnished financial and investment advice
and service to the company since June 1932. Earle Bailie is chairman of the
company and Francis F. Randolph is president.
At the close of 1935 the
company's investments consisted of a diversified list of common and pre¬
ferred stocks: approximately 79% of investments were in common stocks
and approximately 21% in preferred stocks.
Broad Street Sales Corp. is a wholly owned subsidiary of Tri-Continental
Corp.
Leonard G. Hunt, formerly of Boston, has been elected vice-presi¬
dent in charge of distribution.—V. 142, p. 1112.
Net
& ref. 5% 50-year gold bonds have been
called for redemption on July 1, next at 105 and interest.
Payment will
be made at the Irving Trust Co., trustee, 1 Wall St., New York City.
—V. 142, p. 1631.
p.2147.
Canadian Pacific Lines in Maine.—
508,107
90,324
29,363
Operating expenses
889,424
1,684,000
2,032.622
941,928
984,000
1,844,494
830,799
645,529
1,538,422
$4,680,939
250
$4,765,952
$4,737,509
867
513
$5,572,994
4,735
Interest on bonded debt.
$4,681,189
1,890,000
$4,766,819
1,890,000
unfunded debt..
204,971
Cr547
239,777
Cr3,537
$4,738,023
1,890,000
319,742
Crl6,577
$5,577,729
1,890,000
255,844
Cr32,519
22,246
22,246
22,246
22,246
548
285
301
266
provision
Taxes
Operating income
Non-oper. income, net-Gross income
Int.
on
Int. charged to
construe.
and expense
Miscellaneous deductions
Net
—V. 142. p.
$2,563,970
income
$2,522,310
$2,618,048
$3,441,891
Operating expenses for the year 1934 included $650,584 for amortization
incurred in connection with chanigng customers' electric
equipment to standard frequency.
Operating expenses for the year 1935
do not include any comparable amount, the unamortized balance of these
expenditures having been charged to surplus during that year.
160,541
def68,189
defll7,029
Vermont.—Earnings.—
1935
1933
1934
$72,012
def23,119
def45,008
,$65,564
def31,945
def53,676
$55,288
def24,963
def47.138
141,416
def58,340
defl01,916
148,980
def45,027
def87,885
112,944
def51,138
def97,993
1632.
Canadian Pacific
Ry.—Earnings
Year to Date
Earnings for Month of February and
Gross earnings
1936—Month—1935
1936—2 Mos.—1935
$9,280,593
$8,656,019 $18,604,415 $16,922,663
8,413,196
Net profits
7,805,874
17,124,445
15,868,204
$867,397
Working expenses
$850,144
$1,479,969
$1,054,458
May Issue Additional Stock—
The stockholders on May 6 will vote on authorizing
$65,000,000 of ordinary capital stock.—V. 142, p. 2147.
Carriers & General
common
of
common
the issuance of
Corp.—Listing—
The New York Stock Exchange has authorized the
of
listing of 42,777 shares
stock (par $1) (to be issued as recited below) and 10,694 shares
stock to be held in reserve against the exercise of options, making
total of 737,814 shares applied for.
The directors on Feb. 28 1936, authorized the purchase by the corporation
investment companies, Southern Bankers Securities
Southern Bankers Securities Corp.
Of the above
stock 42,777 shares will be issued in partial pay¬
ment for such assets and 10,694 shares will be held in reserve against the
exercise of options.—V..142, p. 1976, 1810.
of the
and
of two
assets
Corp.
x
in
From Jan. 1—•
Net from railway
Net after rents
a
Amortiz. of debt discount
385,693
115,225
57,071
1936
$76,644
def37,511
def61,035
February—
railway
Net from railway
Gross from
872,831
240,750
1,523,592
Retirement
expenses..
459,790
106,469
47,483
142, p. 1632.
Period End. Feb. 29—
$16,021,966 $15,569,733 $13,556,181 $13,897,401
5.803,921
5,687,234
x7,033.360
*6,734,980
Oper. revs., electric
Maintenance
425,224
82,113
24,299
Canadian Pacific Lines
1932
1933
$197,008
62,918
34,104
Net after rents
Subs.)—Earnings—
1934
1935
Calendar Years—
$236,976
47,468
17,868
From Jan. 1—
Gross from railway
Buffalo General Electric Co. (&
$219,398
49,804
20,466
Gross from railway
Net from railway—_..
Net after rents
and New York City on March 30 extended until June 1
their tentative agreement for the sale of the company's rapid transit and
power plant properties to the city.
The pact would have expired April 1.
—V. 142, p. 2146.
1933
1934
$261,534
52,013
21,272
Net after rents
Brooklyn-Manhattan Transit Corp.—AgreementJ With
The B.-M. T.
-Earnings.—
1935
1936
February—
railway
Net from railway
Gross from
All of the outstanding 1st mtge.
City Extended—
$132,567 def$864,790 def$613,786
.def$288,460
revenue
—V. 142,
—Y.
Co.—Bonds Called—
1936—Month—1935
1936—2 Mos.—1935
$13,066,507 $12,421,805 $25,809,061 $24,529,392
13,354,967
12,289,238
26,673,851
25,143,178
Period End. Feb. 29—
Operating revenues
Operating expenses
Corp.
Bronx Gas & Electric
Bond Increase Voted
The stockholders at a recent special meeting approved new by-laws
authorizing the creation and issuance of 1st mtge. bonds to the amount of
$5,000,000 for refunding purposes, and increased the capital stock to
400,000 no-par shares from 200,000 shares.—V. 142, p. 1632.
a
^
sheet.
Tri-Continental
April 4 1936
Canadian Canners, Ltd.—Stock and
Corp., general distributor, announced March 30,
of shares of the capital stock of Broad Street Investing
Co., Inc., a general management Investment company of the "open-end'
type receiving investment advice and service from Tri-Continental Corp.
The company's registration statement filed with the Securities and Ex¬
change Commission, which became effective March 30, covers 431,617
shares of no par value.
The shares are offered at an offering price approximately equal to liqui¬
dating value plus a premium equal to 6H% of the offering price.
The
liquidating value at the close of business March 27 was $29.09 a share and
the initial offering price based thereon was $31.11 a share.
The current
liquidating value compares with $26.69 a share on Dec. 31, 1935, and with
$28.54 a share on Jan. 1, 1930, the date of the company's first published
Broad
Chronicle
Second
53,471 shares of
common
of expenditures
Consolidated Balance Sheet Dec. 31
1935
$
1934
$
$
Liabilities—
84,260,564 83,598,099
5,242
Investments
5,372
Cash
609,380
417,392
1,181,617
Notes <fe accts. rec.xl,356,744
Mat'ls & supplies670,580
906,884
308,046
309,161
Prepd. taxes & ins.
Fixed assets
Unamortized
Net after rents
1935
1934
$
Assets—
y
$5 cum. pf. stk. .11,209,050 11,209,050
z
Common stock
15,125,800 15,125,800
39,800,000 39,800,000
debt
Funded
dlsct. & expense
669,600
691,846
Other del'd charges
140,015
3,596,055
Ry.—Earnings.—
1936
$1,165,220
80,034
def29,422
1935
$1,101,215
125,599
15,337
2,379,567
188,448
2,204,121
215,155
def29,770
def564
2,650,000
1,297,961
Consumers' depos.
344,202
Corp. & affll. cos
Taxes accrued
Interest
274,132
accrued
649.671
accr.
on
Other
curr.
liabils.
98,325
pref
3,375,000
612,938
370,032
542,621
662,628
98,325
66,864
Res. for retirement
of fixed assets-_
—V.
Mlscell.
Corp.—15-Cent Pref. Div.■—
The directors have declared a dividend of 15 cents per
Central Maine Power
Operating revenues
Operating expenses
z
Total
Other income
Represented by 117,990 no—par shares
Represented by 733,790 no-par shares.—Y. 141, p. 3069.
1935
p.3529.
Burlington & Rock Island
1936
$57,408
defl4,358
def28,326
130,864
def22,148
def53,738
Net after rents
Net after rents
—-V.
142, p.
Burma
1933
1934
1935
def24,901
$59,094
def8,067
def22,890
$61,807
2,505
defl7,897
133,116
defl8,178
def47,876
133,089
def6,461
def36,781
135,555
4,435
def29,091
$63,232
def9,489
1631.
Corp.*, Ltd.—Interim Dividend—
The directors have declared an interim dividend of 12 9-10 cents per
on the
American depositary receipts for ordinary stock, payable
April 4 to holders of record Feb. 26.—V. 142, p. 1112.
share
Bush Terminal
Co.—April Interest—
The interest due April 1 1936 on the first mortgage 4%
bonds, due 1952, was paid on that date.—V. 142, p. 2146.
Butler Brothers,
&
50-year
Chicago—New Director, &c.—
Duane L. Peterson, General Sales Manager,
succeeding Edward Sheehy, deceased.
Frank
announced that Joseph A. Powers, Assistant
appointed Director of Operations.—V. 142, p.
Calumet
Hecla
has been elected a director,
S. Cunningham, President,
has been
1631.
to the President,
Consolidated
Copper
Co.—Gets
Navy Contract—
The Navy
Department has awarded a contract for 300,000 pounds of
ingot to this company. The price was 9.425 cents a pound.—V. 142,
1976.
copper
p.
Cambria & Indiana RR.Fgbruary—
Gross from railway
Net from railway
Net after rents
•Earnings.
1933
1936
$118,732
53,320
93,451
1935
1934
$93,724
31,568
84,862
$89,997
30,117
83.875
$102,946
37,473
86,667
242,776
113,787
199,164
196,017
71,567
184,172
190,275
68,374
181.182
218,301
89,152
191,625
Net after rents
;
$3,250,109
56,364
$3,193,773
1,803,677
84,345
$3,306,473
59,522
1,771,746
125,743
$1,305,750
648,591
$1,312,622
1,299,655
$657,159
Total income
-
Provision for Federal income taxes
$12,967
paid and accrued on pref. stock of
subsidiary companies
Guar.
divs.
Preferred dividends
Balance
Consolidation—At the beginning of 1935, company owned or controlled
Androscoggin Electric Co., Livermore Falls Light & Power Co., Turner
Light & Power Co., Dennistown Power Co., and Waterford Light & Power
Co.
In the early part of the year, the properties of Androscoggin Electric
Co., Livermore Falls Light & Power Co., and Turner Light & Power Co.
consolidated into a new corporation called Androscoggin Electric Corp.
In July, Central Maine Power Co. acquired by consolidation the property of
Amdroscoggin Electric Corp., Waterford Light & Power Co., and Dennistown Power Co.
At the same time it took over the property of Central
Securities Corp., a wholly owned subsidiary which did not do a public
utility business, and acquired a direct property ownership in place of the
stock interest which it formerly owned in the Kennebec Co.
This resujted in greatly simplifying the accounting of the company,
making it necessary to keep only one set of books where eight sets were
formerly required, and reducing the amount of clerical labor necessary to
keep the company's records.
As a result of this consolidation, Central Maine Power Co. itself is no
were
longer
a
holding company
as
defined by the Federal government in the
Utility Act passed last year.
Refinancing—Androscoggin Electric Corp. was organized in Feb. 1935,
and shortly after its organization registered and sola on May 14 1935, an
issue of $4,000,000 4K% bonds due April 1 1955.
These bonds took the
place of $5,000,000 Androscoggin Electric Co. funded debt, part of which
came
due on Oct. 1 1934, and a part of
which were called shortly after that.
The bond market continued to advance through the spring and summer of
of 4% 25-year sinking fund bonds of Central Maine
Power Co. was registered and sold on Nov. 18 1935.
These bonds had a
total par value of $15,600,000 and provided funds with which several issues
of Central Maine Power Co. bonds outstanding were called and paid off.
At the time these bonds were issued, the Company owed New England
Public Service Co. $750,375. In addition to paying this debt, the company
1935
and
an
connection
issue
the call premium on the bonds to be redeemed and expenses in
with the new bonds issued and to buy in $291,000 Central
Maine Power Co. first mortgage bonds.
of borrowing made necessary by these expenditures
Not believing it wise to increase its long-term mortgage
made an arrangement with the First Na¬
tional Bank of Boston to borrow from it $2,000,000 on unsecured notes,
maturing and bearing interest as follows:
The
was
—V. 142, p. 1460.
36,840
Walter S. Wyman, President, says in part:
had to pay
From Jan. 1—
Gross from railway..
Net from rail way......
$5,915,519
2,665,410
52,956
Net income
R R.—Earnings.—
From Jan. 1—•
Gross from railway
Net from rail way
1934
$6,048,320
2,907,503
$3,140,817
-
Loss from merchandise and jobbing.
Interest and miscellaneous deductions
Bullock's, Inc.—To Issue Preferred Stock—
February—
the $1.50
y
The company has called a special meeting of stockholders for April 7
to authorize the issuance of 40,000 shares of 5% preferred stock.—Y. 141,
Gross from railway
Net from rail way
on
Co.—Earnings—
Calendar Years—
Net operating income
receivable only,
share
preferred stock, no par value, on account of accumulations payable May 1
to holders of record April 20.
A like amount was paid each of the 13 pre¬
ceding quarters, prior to which regular quarterly payments of 37M cents
per snare were made.
After the May 1 distribution accumulations will
amount to $3.15 per share.—V. 142, p. 455.
88,065,734 90,660,867
reserves
Earned surplus
.88,065,734 90,660,867
Accounts
1,655,315
2,176,211
363,647
81,709
130,035 ,defl74,072
142, p. 1632.
4,299,750
192,502
153,537
79,281
10,933,923 14,226,075
5,529,132
Res .for contin .Iiab.
x
$825,595
63,936
def65,888
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Central Illinois Securities
Niag. & East.Pr.
Divs.
Total
1933
1934
$1,110,502
207,859
87,018
Adv. from Buffalo
Accounts payable-
debt
Central of Georgia
February—
Gross from railway
Net from railway
total
amount
$2,000,000.
debt at that time, the company
California Water Service
Co.—Earnings—
W 12 Months Ended Feb. 29—•
Gross
Net
revenue
earns,
before Fed. taxes, deprec. & charges..
—V. 142, p. 1976.
1936
$2,130,153
1,049,019
1935
$2,074,391
1,011,007
v.Maturities—
Amount
Annual interest rate
1936
$600,000
3%
1937
$600,000
3%
1938
$500,000
3&%
1939
$300,000
4%
As this Is rather a large
elusive, 1935, $144,820, or a total of $362,354, representing company's
contributions, was adjusted during current year by a corresponding credit
unsecured loan, an agreement was made with the
bank that the company would not, until this loan is paid, increase the rate
of dividend over that now being paid on its preferred stock (one-half the
to
the payment of these notes at
,
this substituted note from time to time so
will be called for as specified above.
Electric Corp. had outstanding $500,000 preferred stock
which Central Maine Power Co. had agreed to retire in case of sale, con¬
solidation or merger of the properties of that company. The Maine P. U.
Commission authorized the issuance of Central Maine Power Co. five-year
5% serial notes to be offered in exchange for this preferred stock. Practically
all of the preferred stockholders accepted the notes and the rest were paid
company may renew
Andrscoggin
58,469,985 58,750,304
capital
through stock
or
3,517,359
1,074,000
Cash
4,535,518
310,618
714,739
1,276,426
6%
6%
Investments in se¬
curities
27,801
Other investment.
327,652
16,736
703,227
Cash
Cash in closed bks.
Notes «fc accts. rec.
income..
Mat. and
supplies.
Cash on dep.
Andros. Elec.
pref. stock.
500,000
2,500,000
2,500,000
Common stock.
Prem. on
Funded
debt"-"."J"32,100,000
Notes
pay.
28,103,500
(not
4,800,000
Notes
payable
payable.
698,000
222,528
153,220
depos.
Divs. declared
175,328
162,954
163,829
139,028
282,246
358,240
162,120
Accrued liabilities.
351,427
Pro v. for Fed. tax.
253,080
77,188
2,763,044
506,385
277,166
Reacquired secur.
Mat'd bonds & int.
Matured bond int.
757,712
5,417,543
1,105,195
4,647*.832
Reserves
1,226,124
Capital surplus.
of
value
book
of
Excess
securi¬
-
145,315
913,200
64,890
-
1,002,493
612,534
surp.
Earned surplus...
80,619,13 1 66,371,239
Total
value.
Earnings for February (incl. subs.)
Expenses & depreciation
Taxes, incl. Fed. inc. tax
Non-oper. income—net.
$284,475
149,294
—
—
income
142,
$3,086 848
1.779.972
$1,306,876
1,297,181
$1,286,113
1,297,164
been
Central RR. Co. of New
1,164,371
543,043
Net after rents
—V.
395,952
142,
2151.
p.
1936—12 Mos.—1935
1936—Month—1935
$163,779
85,060
$153,077
68,362
$1,847,772
Expenses & depreciation.
Taxes, incl. Fed. inc. tax
20,771
18,943
224,975
operating income.
income—net.
$57,948
$65,772
54
$697,821
3,185
$712,576
49
$57,997
26,276
$65,826
26,888
$701,006
315,870
$713,316
317,304
$31,721
18,930
$38,938
18,930
$385,136
227,160
$396,012
227.160
Net
Gross income
Deductions
...
income
Net
Pref. div. requirements.
$1,825,849
900,965
212,308
924,976
740
—V. 141, p. 4013.
Charleston & Western Carolina Ry.- —Earnings.—
1934
1933
1936
1935
$168,872
$129,181
$166,331
$156,729
64,220
32,872
Net from railway
47,811
42,800
43,545
14,040
Net after rents
27,157
25,865
Gross from railway
From Jan. 1—
paid at one-half the full rate since
Jersey—Annual Report—
railway
Net after rents
142,
339,459
264.401
123,270
83,215
313,510
81,505
48,600
340,132
97,928
57.907
Gross from railway
Net from
68,145
31,585
1633.
p.
Chesapeake Corp.—Bonds Called—
1.799.685
1977.
p.
288,754
4,300,005
1,206,317
684,027
1
railway
Net from railway
$3,085,798
146.777
$116,160
108,099
have
dividends
Note—Pref.
Oct. 1, 1934.—V.
$262,937
108,099
Pref. div. requirements.
4,967,295
1,712,599
From Jan. 1—
Gross from
—V.
$135,181
Gross income
Deductions
Net
$3,021,424
64,374
$3,027,466
59,382
$258,160
4.777
$281,150
3,325
Net oper. income
4,720,469
922,958
5,438,244
1,448,274
Net after rents
February—
1936—12 Mos.—1935
$6,091,826
$5,904,932
2,210,225
1,997,839
854,135
885,669
1936—Month— 1935
$525,904
$506,697
174,373
167.733
70 381
80,804
Feb. 29—
Period End
Gross operating revenues
1933
$2,151,808
662,127
98,733
1934
$2,454,375
794,752
490,157
1935
$2,251,911
436,085
Non-oper.
cost
Contributed
Represented by 125.000 shares of no par
202,772,446 206,799,795
Total...
1936
$2,811,258
781,326
285,094
February—
ties of subs. cos.
x
13,276,696
2,511,008
310,799
Period End. Feb. 29—
Due N EPS Co..
80,619,131 66,371,239
67,358,996
28,288,481
Profit and loss..
Gross oper. revenues—
106,821
unclaimed
Total
Corporate surp.
Accrd. deprec..
Central Vermont Public Service Corp.—Earnings—
14,728,141
demption
over
Insur. & cas.res.
8,614
270,208
58,078
472,458
67,318,781
30,247,968
16,558,215
7,383
258,888
162,872
512,108
202,772,446 206,799,795
Total..
Bonds called for re¬
trao-
tlon properties..
318,744
Net from railway
Accounts
399,258
114,000
2.303,583
44,450
16,487
Deferred debits
140,962
Gross from railway
1,793,000
Consumers
Other assets
Oth. def. assets.
curr.
924,694
916,564
issued
139",759
trusteesl4,834,962
77,727
10,226
6,967,875
debt mat'd un¬
72,934
533,372
1,131,542
Oth.
accts..
accrued
pref. stk.
308,965
with
Special deposits...
Abandoned
x
current)
2,259
139,759
331,621
Int. receivable
agents &
25,200
493,164
327,876
27,881
825,960
103,150
companies
Unbilled
114,000
Co.
affll.
of
Androscoggin
Corp. pref. Btk.
assets
Miscell.
Interest & rents
_.
143,099
Int. & divs. rec.
Ins., &o., funds.
Oth.unadj. accts.
Traffic. &c., bal.
501,842
1,736
385,109
1,502,208
635,100
7,926,500
2,517,163
developm't 2.037,654
accounts.
Mat'ls & suppl's
11,212,200
924,215
64,121
9,024,198
paid
3,765,566
405,301 Oth. curr. liab..
777,140 Taxes
1,169,311 Prem. on funded
debt
4,142
333,930 Deferred accts
1,955,885 Unadj. accounts
Special deposits.
Traffic, &c.,bal.
$
7,956,200
69,224
Int., divs. & fd.
Agts. & conduct.
660,800
ownership for fu¬
ture
3,516,931
1,174,000
Notes &mtges
1934
7% preferred stockl 1,422,700
53,343,500
1,723,975
1,058,896
330,282
49,442
Misc. phys. prop
Sees, unpledged
Advances
$
6% pref. stock
$6 div. ser. pf. stk.
Property held in fee
1,832,791
1,158,413
19,037
Accts. & wages.
Other investm'ts
5,390,892
2,060,000
5,894,881
240,000
5,823,816
Bonds
Loans & bills rec
Liabilities—
" $
$
27,436,800
52,398,000
5,500,784
2,060.000
6,169,905
240,000
5,877,949
Stocks
1935
Consolidated Balance Sheet Dec. 31
S
1934
$
matured
Inv.inaflil.cos.:
Misc.
in cash.
1934
Liabilities—
27,436,800
153,299,327 156,937,072 Capital stock
Imp. leased rys. 14,007,503
13,985,887 Funded debt un¬
Road & equip..
that final payment
Assets—-**
$
1
1935
1934
3
1935
time by paying what amounts to practically 1% premium.
If it so
anticipates, it must pay the notes of latest maturity then outstanding.
.
Since Jan. 1 1936, the note maturing in 1936 has been reduced by a pay¬
ment of $300,000 and the note maturing in 1937 has been exchanged for a
note of a like amount maturing within six months.
The bank has agreed
1935
Balance Sheet Dec. 31
1
any
Fixed
general expenses.
its common stock, without the
regular dividend) nor pay any dividend on
consent of the bank.
The company has the right to anticipate
that the
2311
Chronicle
Financial
Volume 142
"
J. P. Morgan & Co., as sinking fund agent, are notifying holders of
10-year 5% conv. coll. trust bonds, due Dec. 1, 1944, that $476,000 prin¬
cipal amount of the bonds have been drawn by lot for redemption on
June 1, 1936 at 105 and accrued interest out of moneys in the sinking
fund.
Bonds so drawn will be redeemed and paid upon presentation and
surrender, with unmatured coupons attached, to the office of the sinking
fund agents, on and after June 1, after which date interest on the drawn
bonds will cease.
Traffic Statistics for Calendar
1935
1934
Years
Any drawn bonds may
1932
1933
into common stock of the
22,868,995
22.897,935 20,253,865
20,813,670
Tons carried one mile
1701340,243 1689050,778 1510973,865 1548584,742
Revenue per ton per mile
1.365 cts.
i .339 cts.
1.399 cts.
1.478 cts.
Passengers carried
16,272,637
16,348,064
16,108,372 18,703,829
Pass, carried on mile...333,075,634 342.071,328 337,297,092 379.663,655
Rev. per pass, per mile.
1.219 cts.
1.229 cts.
1.242 cts.
1.334 cts.
be converted on or before the redemption date
Chesapeake & Ohio Ry. Co.—V. 142, p. 1978.
Total revenue freight
Combined Operating
Operating Revenue—
Merchandise
2,802,000
8,402,000
4,060,035
2,692,000
8,762.000
661,338
275.866
Anthracite coal
641,111
272,932
419,970
716,261
145,598
_
Water line..
410,982
723,998
165,774
Water transfer
Incidental
Miscellaneous
4,205,023
Operating Expenses—
Maintenance or way, &c.
1,991,274
Maintenance of equip:.
5,489,603
Transportation expenses 12,351,756
551,072
x885,957
Traffic expenses
General expenses
193,2.50
Miscell. operations
240
Transp. for inv.—Cr
2,571,000
8,207,000
5,066,452
763,371
291,969
422,890
790,966
138,822
2,432,000
7,889,000
4,189,035
611,994
249,059
396,737
682,503
130,788
$30,357,469
10,969,223
511,803
1,097,277
146,242
2,306,481
5,768,363
12,182,201
604,440
1,140,202
181,514
483
509
'1,653,109
1,825,578
4,972.514
5,098,950
11,622,633
523,224
xl,295,909
180,525
121
$21,462,672 $20,247,793 $19,648,591 $22,182,692
8,174,777
7,752,738
8,059,967
8,774,323
4,857,581
4,500,328
4,431,876
4,545,868
9,939
3,406
8,181
21,060
689,472
910,733
1,330,002
1,030,272
110,487
84,503
97,215
116,369
Total.
revenue
Railway tax accruals
Uncollectible revenue
Hire of equipment
Joint facility rents
$2,192,693
Net oper. income
Non-Operating Income—
$3,060,752
$2,253,768
$2,507,298
324,794
168,106
222,302
373,746
37,762
359,311
249,253
216,941
375,436
81,675
Non-oper. phys. prop
119,880
Dividend income
242,928
301,831
29,877
301,189
131.126
223,269
292,088
29,630
1,231
53,026
1,231
59,290
1,231
68,265
1,231
310,257
$3,232,680
2,388,924
328,075
278,244
$4,098,577
2,385,014
$3,449,971
2.384,794
355,019
344.480
$4,101,402
2,379,907
355,662
405,602
2*573,421
2,648^87*7
2,702", 554
11,547
13,262
70,502
291,212
Miscell. rent income
Income from funded sec.
Inc. from unfunded sec.
Release
of
premium
Miscellaneous
Gross income
-
Rent for leased roads..
Miscellaneous rents
Miscell. tax accruals.
Sep. oper. prop, loss
Int. on funded debt
Int.
on
unfunded debt..
of invest¬
20,267
2,515,160
37,068
343,309
309,739
ment
organization
Miscell. income charges.
204
225
_
—
11,420
11,392
11,392
13,278
15,054
21,191
20,297
20,29/
19,044
17,738
Income
applic. to sink.
fund, &c., res. fund ._
$1,556,368 $2,328,782
$1,845,821
x The Railroad
Retirement Act of 1934 being declared unconstitutional
the amount charged to operating expenses during August to December,
inclusive, 1934, aggregating $217,534, and from January to March, inNet loss.
$2,367,929
1933
1932
$798,860
$884,805
2,799,477
2,706,790
73,827
47,913
45,334
$3,473,637
1,380,000
891,716
$3,684,282
780,000
90,650
$3,579,477
Surplus as at Dec. 31.
$1,159,867
$1,201,920
$2,813,632
$2,799,477
120,000
$25)
$5.75
$5.12
$7.37
:
Appropriated to reserves
Earns, per sh. on
shs.com. stk.(par
Balance Sheet
Assets—
30,000
1,792,326
19,542
11,821
5,290
863,158
388,738
2,915,268
969,111
Invents, (mdse.)..
$6.65
1935
Accounts payable
Deferred credits..
1934
$3,000,000 $3,000,000
124,421
149,921
4,900
4,982
Redemption of pre¬
113
113
3,692,771
1,15.. ,867
3,740,684
ferred stock
Sundry
trucks &
stable equipm't.
Autos,
780,000
31
Common stock..
$1,294,806
20,000
Market,
securities 1,448,706
x Furn. & fixtures19,167
Notes receivable..
x
Dec.
Liabilities-
1934
1935
Plant, wareh'ses
and real estate. .$1,255,974
reserves..
Surplus
1,201,920
601,192
325,811
2,913,903
Cash
Accts. receivable..
Investments
1.016,164
lted. of pref. stock
deposit account.
113
113
Deferred charges..
90,099
98,390
$7,982,154
Total..
x
After deducting
$8,097,5391
Total
$7,982,154 $8,097,539
depreciation.—V. 142, p. 1282.
Chicago Burlington & Quin cy RR.—Earnings—
1936
$7,451,313
1,793,775
896,730
Net after rents
1934
1933
,602,805
977,292
169,073
$5,797,894
1,691,036
814,042
$5,024,039
1,112,808
181,116
14,661,626
3,584,748
February—
railway
Net from railway
Gross from
11 ,675,091
2 ,006,149
1,796,035
367,301
12,012,040
3,462,907
1,723.205
10,269,191
2,168,071
301,957
1935
From Jan. 1—
Gross from railway
Net after rents
—V.
142, p.
—
2151.
Chicago & Eastern Illinois Ry.—Earnings—
February—
railway
Net from railway
Gross from
261,155
64,836
1934
$1,033,717
182,636
def36,826
1933
$968,658
157,556
def70,217
2,217,028
495,028
104,150
2,057,010
351,488
def77,925
1,892,100
241,189
def210,156
1936
$1,322,085
302,536
79,575
1935
$1,088,517
2,636,765
From Jan. 1—
Gross from railway
Net from
258
1934
$614,671
2,813,632
$1,939,867
780,000
Total surplus
Dividends paid
Net after rents.
Maintenance
(Consolidated)—Earnings—
$690,034
1,201,920
Adjustments
Met from railway
on
funded debt.
Co.
1935
Earnings for the year...
Previous surplus
x
...$29,522,640 $29,022,116 $27,401,329
Total.
Net
1932
1933
1934
1935
.$12,020,647 $11,167,220 $10,820,213 $12,104,999
Bituminous coal
Passenger
Express and mail
Account for Calendar Years
Chesebrough Mfg.
Calendar Years—
railway
Net after rents.
—V.
142,
p.
617,165
169,394
2151.
Chicago Milwaukee St. Paul & Pacific
The Interstate Commerce
authorizing
Commission
on
RR.—Acquisi'n
March 25 issued
a
certificate
Henry A. Scandrett, Walter J. Cummings and George I. Haight,
and operate that portion of a line of the Minneapolis &
St. Louis RR. extending from
Storm Lake, through Truesdale to Rem¬
brandt approximately 12 miles in Buena Vista County, Iowa.
trustees, to acquire
2312
Financial
The property proposed to be
acquired is the southernmost portio n of a
segment of line. Storm Lake to Spencer, Iowa, 36.9
miles, which the coreceivers of the M. & St. L. have been
given permission to abandon by
certificate issued March 25 (see below).
Court Authorized
Instalment
Payment
on
Certificates Due April 1—
Equipment
Trust
R.J. Marony, New York fiscal
representative of the company, announced
April 2 that he had received a court order
authorizing the trustees of the
road to make an initial
payment of 20 % of the amount of the
principal or
equipment trust certificates series C, due April
1, 1936, also a second 20%
payment on the principal of the same series of
equipment trust certificates
that became due
The instalment payments to be made
to
such equipment trust certificates
on
$359,800.
Earnings for Month o/ February crnd Year to
February—
From Jan. 1—
Gross from railway
Net from railway..
Netafterrents..
1935
1934
1933
$7,618,531
739,494
def376,116
$6,292,357
def32,790
$6,208,437
1,235,391
264,090
$5,450,910
706,271
def344,092
15,746,716
2,601,687
479,062
—
Netafterrents
13,009,381
1,678,892
def229,197
13,019,790
2,713,317
687,802
11,243,676
1,482,004
def663,560
\y;; '
903,058
—Y. 142, p. 2148.
.
^
Chicago Great Western RR.—Earnings—
February—
railway
Net after rents.
1935
1934
1933
$1,096,236
$1,070,439
125.933
191,032
def31,406
$916,280
74,554
defl74,717
2,350,882
63,554
def406,457
From Jan. 1—
Gross from railway
Net from railway
2,240,012
230,545
def216,225
2,227,933
428,874
def42,108
1,926,997
213,598
def282,022
def91,116
—Y. 142, p. 2148.
•
,
Chicago & Illinois Midland Ry.—Earnings.—
February—
1936
Gross from railway
Net from railway
1935
$309,395
100,344
83,707
1933
110,052
98,171
$246,713
69,241
59,952
$206,345
57,860
583,324
170,740
155,329
518,809
159,083
139,026
410,047
84,875
70,647
50,510
*-•••
■■■,../
Grossfromraaway
605.557
193,840
165,022
Net from railway
Netafterrents
142, p. 1633.
—V.
•
Gross from railway
Net from railway.
$840,569
177,878
53,577
Netafterrents
From Jan. 1—
Gross from railway
Netafterrents
142,p.
1934
$576,280
50,775
def65,794
1,677,093
369,368
117,826
Net from railway
—V.
1935
1,202,871
140,014
def94,612
1633.
Netafterrents
$554,207
76,641
def48,385
$541,107
70,756
def52,612
1,153,080
183,846
def63.596
1,075,950
101,209
defl43,211
1936
1935
1934
1933
$5,201,053
726,932
def52.427
$5,351,351
933,920
168,005
$4,658,174
340,208
def484,928
12,503,843
Netafterrents
10,703,560
1,429,596
defl09,444
11,104,294
2,076,802
588,489
771,262
def898,604
680,992
def875.185
Netafterrents
—V. 142, p. 2148.
9,500,815
1936
Netafterrents
-
From Jan. 1—
Gross from railway
$288,711
February—
Netafterrents
—V. 142, p. 1462.
&
1933
for common stock of National Gas
Electric Corp.
Current market reported 2% bid, 3 asked.
shares United Light & Power Co. "B"
common stock.
Current
market reported 7 h bid, 8 asked.
&
1,000
Other miscellaneous
holdings of which the only one of substantial value
is the interest in the office
building at Manitowoc, Wis. carried on the books
of $35,000 and leased at a net
rental of $3,000
per annum.
^
Balance Sheet
From Jan. 1—
Gross from railway
Net from railway
Netafterrents
Netafterrents
From Jan. 1—•
Gross from rail way
Net from railway
Netafterrents
—V. 142, p. 2151.
monwealths Power
Ry.—Authorized
to
Total
1935
1934
1933
$4,665,432
681,473
def6,481
$4,249,211
366,061
def391,277
10,640,563
359,237
def942,588
9,282,425
367,553
def948,266
9,698,658
1,527,328
153,779
8,929,376
945,764
def550,837
Sec., M. L. Rafish.
$4,262 and its
1934
$1,086,261
191,563
47,531
Community Power & Light Co. (& Subs.)—Earnings—
Period End. Jan. 31—
2,186,782
183,586
defllO.857
Years End. Jan. 31—
1936
1935
Gross earnings
$46,821,002 $47,474,007
exp. & taxes.. 40,368,004
40,201,845
U
Residue receipts..... $6,452,997
1933
$919,419
64,389
def74,219
<
2,279,710
420,035
136,499
1,837,292
95,632
defl88,837
Operation
Maintenance
3,871,798
2,581,199
$7,272,162
4,363,297
2,908,865
xl934
1933
$45,601,782 $44,421,102
37,530,218
37,726,934
$8,071,564
4,842,939
3,228,626
$6,694,168
4,016,501
2,677,667
Cleveland Electric Illuminating Co.—To Amend
Regu¬
lations'—
The preferred stockholders at their
annual meeting on April
consider amending the code of
regulations to provide that regular
22
will
meetings
of the directors shall be held at least
once in each quarter calendar
year;
also to permit the use of facsimile
signatures on certificates of shares of the
company's capital stock.—V. 142, p. 456.
Net from railway
Netafterrents.
—V. 142, p. 1635.
$110,998
1,727
Net
1936
1935
962
$1,323,645
22,006
$1,375,157
24,875
$104,097
22,644
71,007
$1,345,651
283,183
851,522
$1,400,033
320,955
857,108
$16,824
income
142,
$103,134
$112,725
25,180
70,720
Non-oper. income—net-
$10,444
$210,946
$221,969
2149.
p.
Connecticut
Co.—Earnings—
1935
1934
1933
$8,238,658
6,687,446
473,230
1932
$8,250,654
6,722.449
$7,865,257
6,183,883
529,114
476,468
$8,528,589
7,115,421
492,372
Operating income.—. $1,077,981
146,881
$999,091
172,611
$1,204,906
166,558
$920,796
189,143
$1,224,862
Deduct, from gross inc.
2,101,599
$1,171,702
2,289,905
$1,371,465
2,277,544
$1,109,939
2,270,669
Operating
Operating
revenues
expenses
Tax accruals
Net loss
$876,737
1935
.
Assets—
Invest,
in
$1,118,202
Balance Sheet Dec.
lines
mtgd. prop, sold
Inv. lnaffil. cos
Liabilities—
5,382,395
419,575
Cash
15,502
244,252
Q4
Special deposits
Loans & notes rec.
Misc. accts. rec
$
Loans
and
2,650,699
4,712 Accrued interest &
rents payable.
405,302
1,400
Other curr. liabil..
12,659
Deferred liabilities
1,819,228
Tax liability
and
.
-
1,000
other reserves-.
447,960
166,250
454,900
Acer, depr., equip.
and
5,870
10,320
Deferred ansets—
3,581,366
39,689
3,413,661
Unadjusted
debits
Total
1934
1933
$569,464
281,277
275,202
$439,432
181,377
167,393
$506,786
262,289
251,751
$364,225
157,461
115,146
1,120,529
550,458
536,156
890,206
375,310
349,110
984,437
479,532
451,909
764,713
346,416
259,365
29~2~688
53,598.315 55,164,972
-V. 142, p. 948.
Consolidated
$
4,128,024
1,482,568
319,206
12,239
1,811,494
653,151
534,105
buildings.8,555,124
8,617,926
Oth. unadJ. credits
404,715
Misc. fund res'ves
3,064,948
Deficit.-j
7,986,260
Total
401,073
2,893,700
5,392,644
53,598,315 55,164,972
Biscuit
nounced last week
headed
6,388
1934
notes
payable
7,195
405,302
13,502
544,577
$1,160,729
Capital stock
19,877,000 19,877,000
Long-term debt.-.20,417,625 20,480,281
5,388,199
payable
4,128,024
232,500 Miscell.
accounts
52
investments
$906,079
1935
$
&
Misc. phys. prop.
Deposits in lieu of
~
31
1934
$
road
equipment
42,458,141 44,821,893
Expend, on leased
Co.—Securities Offered—As an¬
(V. 142, p. 2149), a banking syndicate
by F. S% Yantis & Co., Inc., Chicago, and
including
Goodwin, Inc., New York, Rawson Lizars & Co.,
Webber, Darch & Co. and Dempsey, Detmer &
Co., Chi¬
cago, are offering 68,000 shares ($1
par) stock'at $10 per
share and $200,000 1st
mtge. 5^2% sinking fund bonds,
series B, at 100% and int.
A prospectus dated March 26
Bond &
affords the
Clinchfield RR.—Earnings.—
From Jan. 1—
Gross from railway
revenues
1936—12 Mos.—1935
$3,761,481
$3,781,457
1,890.090
1,899,020
200,974
163,660
346,771
343.619
Materials & supp.
Other curr. assets.
x Includes
city's 55% of net devisable receipts as defined by ordinances.
—V. 142, p. 456.
Netafterrents
1936—Month—1935
$315,758
-$297,806
159,201
149,244
14,754
15,941
30,803
29,486
Operating revenues.
Other
2,627,606
79,957
def273,798
of company
expenses $4,515.
However, during the year company
no dividends on its
investments in utility common stocks
although
substantial earnings accrued to those shares
and the future seems to
give
promise of income from these sources.
With the exception of the Assistant
Secretary, the sole compensation of
officers and directors has been directors' fees
aggregating $220 for the year.
.
$1,047,129
125,796
def22,691
$266,095
—
Earnings—For the 12 months ended Dec. 31,1935 the income
Gross income
$4,557,040
194,172
def464,927
$1,281,520
def35,083
def211,964
84,332
57,964
Total
Officers—Pres., Herbert W. Briggs; Vice-Pres. & Treas., John K.
Garrigues-Vice-Pres., George deB. Greene; Sec. & Asst. Treas., Jesse L.
Terry;
Asst.
Non-operating income..
$5,158,597
def43,488
def715,707
Operating
February—
Gross from railway
Net from railway
——$266,0951
Calendar Years—
;
1935
Corp.—-
Surplus
Int., amortization, &c._
1936
Capital stock and scrip ($1 par).$123,798
Reserved for Issuance to former
creditors of American Com¬
28,902
11,490
518,429
122,541
def62,565
Chicago Surface Lines—Earnings—
Chicago Rys. (60%)
South Side Lines (40%).
values.'.-_$225,703
Organization expense.
558,409
126,198
def28,252
Chicago St. Paul Minn. & Omaha Ry.—Earnings—
February—
Gross from railway
Net from railway——
at book
Cash
Balance
Retirement accruals
1936
—V. 142, p. 1978.
of Dec. 31, 1935
Liabilities—
def41,638
Earnings for Month Of February and Year to Date
Netafterrents
as
Assets—
Net oper.
55,084
The protective committee for
Burlington Cedar Rapids & Northern Ry.
consol. 1st mtge. 5% bonds due
April 1, 1934, has been authorized to inter¬
vene in the
proceeding before the Interstate Commerce Commission in¬
volving proposals to merge the Chicago Rock Island & Pacific
Ry. and the
Chicago Rock Island & Gulf.
February—
Gross from railway
Net from railway
93,044
def 21,738
def22,723
debentures, plus a scrip certificate for 5-20ths shares in the case of
series A
6% debentures, 4-20 shares in the case of convertible
6% debentures and
2-20ths share for the 5M% series debentures.
Letter of President to stockholders
dated Jan. 7 1936,
announcing
annual meeting held Jan.
21,1936, contained the following on the company:
The principal investments of the
company as of Dec. 31 1935 were:
16.287M shares American Gas & Power Co. common stock
Current market
reported 1 bid, 1M asked.
8.260M shares General Public Utilities, Inc. common stock.
Current
market reported 10M hid, 12 asked.
def31,920
..
defl2,778
1933
$43,350
Commonwealths Distribution, Inc.—Present Status—
$237,908
.
169
138,014
8,920
3,068
126,584
defl7,704
def20,085
def 11,851
Organization—Company was formed in 1934 for the purpose of
liquidating
the remaining assets of the defunct American
Commonwealth Power Corp.
and distributing the proceeds.
The capital shares of the
Commonwealths
Distribution, Inc. were distributed to debenture holders of
American Com¬
monwealths Power Corp. at rate of 10 shares
per
$255,316
41,355
Pacific
1934
$63,046
1,960
$60,844
def6,528
def6,454
157,098
1,553
def5,651
From Jan. 1—
Gross from railway
Net from railway..
-V.
Island
1935
$70,418
def3,067
def6,126
69,884
573,086
122,720
def27,452
Earnings.
1936
•
Gross from railway
Net from railway.--
def8,853
652,418
171,290
42,082
Rock
Intervene—
1934
v
Net from railway
Net after rents
—V. 142, p. 1634.
Chicago
1935
$316,641
84,157
22,150
777,105
:
Columbus & Greenville Ry.
Taxes
Chicago Rock Island & Gulf Ry.—Earnings.—
February—
Gross from railway
Net from railway
750,979
100,215
def41,883
$383,744
69,044
2,164
received
$6,245,523
defl23,967
def960,712
From Jan. 1—
Gross from railway
Net from railway
108,204
def34,112
1933
Chicago & North Western Ry.—Earnings—
February—
1933
824,205
78,042
def58,672
deft,738
—V. 142, p. 2148.
was
Gross from railway
Net from railway
1934
$354,635
32,691
def35,881
999,762
138,241
From Jan. 1—
Gross from railway
Net from rail way
Investments
Chicago Indianapolis & Louisville
Ry.—Earnings.—
February—
1936
1935
$403,183
36,820
def30,979
33,512 + shares voting trust certificates
1934
$304,748
-Earnings—
1936
$484,281
48,300
def23,029
$1,000 principal amount
1936
$1,048,955
defl32,895
def378.571
Gross from
Net from railway
Net after rents
Net after rents
From Jan. 1—
Colorado & Southern Ry.February—
Netafterrents
Date
1936
Gross from railway
Net from railway
April 4 1936
Gross from railway
Net from railway
Net after rents
April 1, 1935.
on
amount
Chronicle
following:
Bonds are dated March
1, 1936; due March 1, 1946.
Interest payable
semi-annually on March 1 and Sept. 1.
City National Bank & Trust Co.
of Chicago and Arthur T.
Leonard, trustees.
History & Business—Company was incorp. in Illinois Dec.
29, 1920.
Is
engaged in the manufacture and sale, at wholesale
and retail, of bread,
crackers, cookies and other bakery goods.
Company owns in fee its plant at Mt. Vernon, 111.,
consisting of 41,861
square feet of land adjacent to the tracks of
the Southern Ry.
Company
also,occupies under a one year lease a warehouse at 3841
Ogden Ave.,
Chicago.
Financial
Volume 142
By amendment to its articles of incorporation, filed in the office of the
Secretary of State of Illinois on March 17, 1936 the company changed its
Biscuit Co." to "Consolidated Biscuit Co."
Company is to acquire the property, goodwill and going business of
Hampton Cracker Co. (Ky.), in exchange for 113,000 shares of common
stock and 1,353 shares of $7 cumulative preferred stock (no par).
Such
shares represent a lump sum payment for tangible and intangible property
and the goodwill and going concern value of Hampton Cracker Co. and
cannot be allocated as to any particular item of property.
The book value
corporate name from "Davidson
Consumers Power Co.—Bonds Called—
have been deposited with City Bank Farmers Trust Co., 22
for the redemption on May 1, 1936,
bonds, series of 1928, 4J4%, due
1958 at 105 and accrued interest, after which date interest on the bonds
will cease.
Bondholders may receive payment of bonds at any time prior
to May 1, 1936, at the redemption price with interest to May 1, 1936.
Funds
William St., New York, N. Y., trustee,
of first lien & unifying mortgage gold
—V. 142, p. 2150.
of tangible property to be acquired by the company is in excess of the par
value of such 113,000 shares of common stock and the stated value of such
1,353 shares of preferred stock.
2,500 of such 113,000 shares of common
stock and $29,000 are deliverable by the common stockholders of Hampton
Cracker Co. to Industrial Capital Corp. as a finder's fee for arranging for
the purchase by F. S. Yantis & Co., Inc., of 63,000 shares of such common
2313
Chronicle
Continental Can Co., Inc.—To
The stockholders will vote April 20 on
Increase Stock—
changing the stock (as outlined in
V. 142, p. 1980).
They will also vote on a plan for offering 75,000 shares
of common stock for purchase by officers and employees at not less than
per
share.—V. 142,
p.
1980.
stock.
The Hampton Cracker Co. is engaged in the manufacture and sale of
bakery products and owns, in fee, property located at 2900 Magazine St.,
Louisville, Ky., consisting of 34,000 square feet of land adjacent to the
tracks of the Kentucky & Indiana Terminal Ry.
Hampton Cracker Co.,
since incorp. Dec. 3, 1926, has consistently expanded its activities.
Capitalization (Dec. 31, 1935) After General Effect to Present Financing
The sale of $200,000 principal amount of series B bonds offered by
(a)
this prospectus;
(b) The issuance of 113,000 shares of common stock in connection with
the acquisition of the Hampton Cracker Co.; and
(c) The issuance of 1,353 shares of $7 cumulative preferred stock no
par value in connection with the acquisition of the Hampton Cracker Co.
and the redemption of such shares will be as follows:
Authorized
x
1st mtge. 5 M % sinking fund
Series A_. II1 _.._„T_
Series B___
Outstanding
bonds:
Sundry notes issued pursuant to an employees
savings plan, all bearing 5% int., maturing
serially from 1937 to 1938
Common stock ($1 par)
1,000,000 shs.
oper.
Company's first mortgage deed of trust under which such series A and
are issued provides that the aggregate principal amount of
which may be outstanding at any one time is limited
to $2,000,000.
In connection with the acquisition of Hampton Cracker
Co. the company has authorized 1,353 shares of $7 cumulative preferred
stock (no par), and will issue all of such shares as part consideration for
the assets of Hampton Cracker Co.
Company will apply part of the
proceeds of its series B bonds to the retirement of such $7 cumulative
preferred stock (no par).
/>.
Since Dec. 28, 1935, $17,000 first mortgage 7% gold bonds, maturing
serially, semi-annually, from 1935/to 1944, being the remaining bonds then
outstanding out of an authorized issue of $75,000 of such bonds have been
surrendered and canceled.
Interest coupons pertaining to such bonds
x
series B bonds
aggregating $444.50 have not been surrendered for cancellation, but funds
adequate for their payment are held for that purpose by R. O. Kaufman,
Mt. Vernon.
111., successor trustee under the indenture securing such
bonds.
Such indenture has been released.
Since Dec. 28, 1935, the company has purchased $10,000 of series A
bonds in anticipation of sinking fund requirements.
z Such notes bear interest at the rate of 5% per annum, but if held by the
y
employee to maturity bear an additional 1% interest per annum.
Since
Dec. 28, 1935, $1,355 in principal amount of said notes have been paid.
$10,863,171
835,517
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
Interest, amort, and pref. dividends of subs.—
Interest on bonds, notes, &c
3,943,017
3,976,076
300,126
1,070,219
13,865
7,644
stock
_•
Dividends
common
790,984
281,347
1,069,774
discount and pref.
Amortization of bond
expense
$9,735,539
$11,698,688 $10,526,523
Total income of subsidiaries.
z22,020
213,000 shs.
first mortgage bonds
1935
eliminating
$33,258,584 $31,056,909
12,197,639
13,232,563
1,493,348
Maintenance
1,555,906
4,214,800
Provision for retirement
; 4,248,851
3,415,581
General taxes and estimated Federal income taxes.
3,358,091
on preferred stocks
of earnings, attributable
Proportion
,
„
(& Subs.) — -Earnings
1936
(after
earnings of subs,
inter-company transfers)
General operating expenses
y$250,000
200,000
$250,000
200,000
1
Continental Gas & Electric Corp.
12 Months Ended Feb. 29—
Gross
to
minority
stock
Equity of Cont. Gas & Elec. Corp. In earnings of
subsidiaries
$6,390,683
Income of Cont. Gas & Elec. Corp. (exclusive of
income received from subsidiaries).
38,470
$5,172,456
40,125
$6,429,153
155,933
$5,212,582
154,344
$6,273,220
$5,058,237
2,600,000
164,172
■M
2,600,000
164,172
$3,509,048
1,320.053
$2,294,065
1,320,053
$2,188,995
$10.20
$974,012
$4.54
Expenses of Cont. Gas & Elec. Corp..
Holding company deductions—
Interest on 5% debentures, due 1958
Amortization of debenture discount and expensei
Earnings per share
—V. 142, p. 2151.
Continental Steel Corp.—Listing—
The New
shares of
York
common
Exchange has authorized the listing of 200,648
which are issued and outstanding.
Stock
stock (no par)
Earnings for Calendar Years
Consolidated Income Summary for Stated Periods (Inc. Subs.)
[Including Hampton Cracker Co.]
1935
Net sales
Net income before int. & Fed. inc. tax.
1934
$4,786,163
252,826
$3,575,153
240,517
$2,351,165
373,517
sinking fund
Annual interest requirements on the first mortgage 5H%
bonds, series A and series B, of the company, are $24,750.
Pro Forma Condensed Balance Sheet, Dec.
$159,442
Cash in escrow
6,237
—
208,649
211,045
Notes & accounts receivable-Inventories
& investment assets
13,805
Property, plant & equipment-
550,074
Trade
1
120,693
Other
rec.
names
& goodwill
Deferred charges
$1,269,947
14,474
Accounts
payable
and the balance of such net proceeds
of materials,
23,314
17,750
450,000
213,000
Res. for recapitalization exp.
5fis
First mortgage
Capital stock ($1 par)
Paid-in surplus
179,593
329,538
surplus
$1,269,947
Total
estimated to be $21,767 is to be used
accounts to trade creditors and discount
■
bills for purchases
■
The common stock ($1 par) has been or is to be acquired by the under¬
writer from shareholders of the company and not from the company, and
the net proceeds
to the company.
thereof
the series
B
are
deliverable solely to such shareholders and not
Inc., is the principal underwriter of
stock.
The underwriter has agreed to
S. Yantis & Co.,
Underwriters—F.
and
bonds
common
purchase from the company subject to certain conditions and to the approval
of counsel, the series B bonds at 92% and int. to the date of delivery.
The
underwriter has agreed to purchase from J. E. Davidson and Ray W.
Bundy, stockholders of the company, and from Clem Fangman, Henry
Fangman, Geo. W. Cofield, E. K. Hampton, H. M. Hampton, M. E.
Hampton, L. O. Haskins, Elizabeth Hochodel, Frank Joyce, John A. Naill,
John R. Inglis, Richard Johnson, W. L. Hampton, and Kentucky Title
Trust Co., trustee under the will of Henry Bosquet, the shares of common
stock offered at a price of $8 a share.—V. 142, p. 2149.
Consolidated Gas Electric Light & Power
more
2
_
Total oper. revenue..
expenses
Retirement
expense
Taxes
Operating income
Non-operating income..
Gross income
Net
charges
income
Preferred
Months
Feb. 29 '36
Feb. 28 '35
dividends
Common dividends
!,473.471 $21,496,650 $19,267,541
8,913,110
9,036,641
~
1,739,020
674,856
762,164
231,655
311,046
350,448
44,009
$6,129,453
3,135,555
448,016
x783,319
$5,488,157 $31,606,502 $29,205,956
2,743,767
16,278,401
14,646,486
426,225
2,465,518
2,406,129
668,600
x3,859,373
3,566,851
$1,762,561
31,561
$1,649,564
22,698
$9,003,209
350,353
$8,586,489
228,764
$1,672,262
481,677
59,353,562
2,915,543
$8,815,253
2.884,445
$1,340,399
185,885
700.438
_____
Miscell. oper. revenue.
Operating
12
Feb. 28 '35
$3,930,933
1,868.112
281,622
48,784
$1,794,123
453,723
Rev. from gas sales
Rev. from steam sales..
Interest paid
Depreciation
Fed.inc.taxespaidor accr
Earn, persh. of
com.
stk.
$1,190,584
193,370
700,438
56,438,018
1,137,279
4,202,629
$5,930,808
1,159,034
4,202,577
$345,186
$1,861,651
57,980
581,428
218,665
$1,003,577
Contract Purchase Corp. (Mich.).—Debentures Offered
—Cray, McFawn & Co., Detroit, recently offered at 100
and int. $300,000 10-year
sinking fund convertible
debentures.
Bonds offered for sale only to persons resident
within the State of Michigan.
Dated March 1
1936; due March 1 1946.
Interest, payable semi¬
annually, M. & S., at office of Union Guardian Trust Co., Detroit, trustee.
Corporation has covenated in the indenture that it will refund to the holders
of debentures of this issue any normal Federal income tax, up to 2% upon
or measured by the interest thereon.
Free from general personal property
taxes in the State of Michigan.
Each $1,000 debenture is, by its terms,
convertible at the option of the holder into 40 shares of common stock at
any time until maturity or until 20 days prior to previous redemption.
Redeemable in whole, or in part, at the option of the corporation on the
first business day of any month upon 60 days' notice at 103 if red. before
March 1 1940. and thereafter at par plus a premium of j^% for ecah full
year intervening between the redemption date and
A circular dated March 2 affords the following:
March 1 1946.
Corporation—Organized in Michigan in February 1936, to conduct a
general finance business.
Is successor, through consolidation, to business
of Contract Purchase Corp.. (Del.), organized May 1 1933.
Principal
business consists in purchasing at a discount and generally dealing in
contracts and evidences of debt, arising from the sale, at retail, of new and
used motor vehicles and in loaning money on new and used motor vehicles
in the hands of dealers.
Such purchase contracts are discounted by the
corporation for dealers in motor vehicles.
Corporation presently confines its dealings to motor vehicle paper.
Corporation also engages to a limited extent, in the rediscounting of auto¬
mobile retail contracts of other finance companies.
Corporation is the owner of all of the capital stock of Contract Purchase
(Del.), which in turn owns all of the capital stock except
Investment Co.
directors'
qualifying shares of Merchants'
Bank of Detroit.
The bank
bank charters granted
$454,075
$0.99
$296,775
$0.85
$1,098,110
$4.54
$569,197
$4.09
by the State of Michigan.
Sinking Fund—A sinking fund, equal to 10% of the net earnings of the
corporation as defined in the indenture, is to be applied, pursuant to the
terms of the indenture, to the retirement of debentures, either through
purchase in the open market, if available, or through call by lot.
Purpose—Proceeds will be used as additional working capital.
Capitalization—
Authorized
7% cum. conv. cl. A preference stock ($10 par)_
15,000 shs.
Common stock ($10 par)
*60,000 shs.
*
Of this amount 12,000 shares are
Outstanding
15,000 shs.
25,000 shs.
reserved for conversion of debentures,
12,000 shares are reserved for conversion of preferred stock, and 5.000 shares
reserved against the exercise of an option granted the underwriters of
the initial series of debentures to purchase that amount of stock at $25
per
share.
income taxes,
Taxes for
Herbert A.
Maryland territory served by the company, extreme cold weather, and sales
of electricity to the Pennsylvania RR.t begun in only a limited degree on
Feb. 10, 1935.—V. 142, p. 1636.
$658,390
22,745
266,907
64,000
are
1936 are estimated; the amount may prove insufficient.—
Wagner, President, announces that the volumes of electricity
and gas sold in the first two months of 1936 by the company were the
highest for any such two month period in the company's history.
Electric
sales were 26% and pis sales 10% greater than in the 1935 period.
There
was one more day in February, 1936, than in February, 1935.
Increased sales were ascribed to industrial recovery in the compact
x
$698,839
a After
deducting all expenses of business, but before interest paid,
depreciation and Federal income taxes paid or accrued.—V. 142, p. 1463.
of the predecessor corporation
to $74,503 after providing for
Such earnings before Federal
available for payment of interest charges on these debentures,
amounted to
$86,157 or over five times interest charges on this issue.
Earnings—Consolidated
net
earnings
for the year ended Dec. 31 1935, amounted
all charges, including Federal income taxes.
Balance Sheet of Predecessor
Company
Dec. 31 *35
June 30 *35
Liabilities—
Dec. 31 '35
June 30 '35
$162,740
Assets—
Balance
$1,162,812
35,235
314,520
154,665
operates under one of the limited number of industrial
Months
Feb. 29 '36
Perioa—
Fixed
Co. of Balti¬
(& Subs.)—Earnings—
Revenue from elec. sales
6 Mos. End. 5 Mos. End. 11 Mos. End.
June 30*35
Nov. 30*35
Nov. 30'35
41,525
expenses
Accrued
Purpose—Net proceeds to be received by the company from the sale of
$200,000 series B bonds are estimated at $166,250.
Of such net proceeds,
$144,482 will be applied to the redemption of 1,353 shares of $7 cumulative
preferred stock (no par), deliverable to Hampton Cracker Co. as part con¬
sideration for the acquisition by the company of Hampton Cracker Co.
to pay open
30'35
$1,179,075
73,698
533,516
89,881
$481,978
Net income
Net profit
$752
Note payable
Employees' notes payable. _.
Earned
Total
June
a
28, 1935
Liabilities—
Assets—
Cash—unrestricted
Year End.
1933
$199,810
1,251,151
Notes payable
$1,350,000
26,275
13,490
$927,500
O&sli
Notes & contr rec.
1,777,806
Accounts payable-
Federal taxes
Repossessed coll. at
Amounts
9,589
29 110
Indust. bk. charter
41,458
1
1
Res. for conting...
Deferred charges..
10,468
11,267
sales prices.
16,039
4,998
withheld
5,523
est.
4,391
2,801
25,000
122,999
25,000
Deferred income.-
Capital stock
200,000
Paid in
Other assets
150,000
from dealers
surplus
Earned surp us—
Total
$1,997,997
$1,500,928
Total
105,841
97,655
200,000
150,000
76,934
$1,997,997 $1,500,928
2314
Financial
Chronicle
April 4 1936
Crowell Publishing Co.—Annual Report—
Albert E. Winger, Executive Vice-President and Treasurer, states:
The year 1935 showed very satisfactory progress, substantial gains over
1934 being made in our average net
paid circulation, advertising income and
'■
_1
'
.
■
I
:
the sale of Collier books, as set out hereunder:
Average Net Paid Circulation (Last Six Months of Each Year)
Crowell
2,343,529
2,582,274
1,924,264
1,483,551
94,310
123,078
88,581
40,301
8,679,888
Woman's Home Companion
The American Magazine
The Country Home
Publishing Comp►any
Increase
1935
2,437,839
2,705,352
2,012,845
1,523,852
Collier's
8,333,618
346,270
x
Total..
x
1934
Largest magazine audience in the world.
Advertising Income
i935
1934
Increase
$7,173,862
6,370,908
2,465.466
754,003
$2,041,035
371,896
239,814
185,383
$19,602,367 $16,764,239
$2,838,128
Collier's
$9,214,897
6,742,804
2,705,280
Woman's Home Companion
The American Magazine
The Country Home
Publication Corpo ration
939,386
Total
Collier Book Sales
•
1935
1934
Increase
Total sales
ANALYSIS UPON
$4,377,201
$3,387,315
$989,886
Earnings for the year 1935, after depreciation, taxes and other charges,
and after providing for
preferred stock dividends amounted to $3.12 per
REQUEST
share
on
the
stock .which compares with $1.43 per share for 1934.
common
Dividends amounting to $1.75 per share were paid on the common stock,
the balance of the earnings being used to
improve the current position of
the company and to provide for improvements in the
plant and for machinery
and equipment.
Consolidated Income Account Year Ended Dec. 31 1935
[Includes P. F. Collier & Son Corp.; P. F. Collier & Son, Ltd., and
Reynolds Publishing Co., Inc.]
before charging deprec., Federal income taxes, co's
contribution to employees' profit sharing fund &
adjustment
of reserves
Co.
Campaanoli &
!
Profit
Adjustment of reserves
Telephone HAnover 2-3290
Aircraft
Net profit
$2,374,150
Balance, Jan. 1, 1935
3,072,536
Adjust. in respect of Federal income taxes for prior years
3,890
Dividends from wholly owned subs, not
consolidated, declared
out of earnings of prior years
25,490
_
Corp.—Stock Offered—Paul D.
offered the common stock
Sheeline & Co., Boston, recently
of this company at $4 per share.
A prospectus,
Total surplus
Balance, Dec. 31,1935
throughout the world, in the development, manufacture and sale of
aero engines, and the licensing of other manufacturers to carry
out similar activities on a royalty basis.
The company owns exclusive American rights under United States
patents covering a new principle of airplane flight and other improvements
in airplane and engine design.
Since date of incorporation it has been
engaged in experimental and development work.
Assets—
Investments in wholly-owned
subs,
not
consol.
(having
principle and other improvements in airplane and engine design acquired
which holds the United States patents.
CrouchBolas Inc.
(Conn.) under common control with Crouch-Bolas Aircraft
Corp. owns 10,000 shares (10.11%) of the outstanding common stock of
Crouch-Bolas Aircraft Corp. which it acquired in return for granting to
Crouch-Bolas Aircraft Corp. exclusive American manufacturing and licens¬
ing rights for patented improvements in Amphibian Aircraft.
from Crouch-Bolas Inc.
Goodman-Crouch and
Harold
Bolas each
own
a
40% interest in
Crouch-Bolas Inc. received in return for assigning to that corporation the
patent applications upon which the patents held by it are based, repre¬
senting over two years' continuous work by them at their own expense
plus an expenditure by them estimated as being in excess of $29,000.
The firm of Boardman and Grout, the individual members of which have
purchased an interest in Crouch-Bolas Aircraft Corp., owns a 10% interest
in Crouch-Bolas Inc. received in payment of
legal services rendered over a
period of five years at an estimated value on a retainer basis of $1,500 per
year plus services to be rendered in the future and Providence Braid Co.,
which has purchased a 9.5% interest in Crouch-Bolas Aircraft
Corp., owns
a
10% interest in Crouch-Bolas Inc. in payment for financing CrouchBolas Aircraft Corp. in the early stages of its existence.
Purpose—Company, which
up to the present
has been financed from
ready to commence its construction and licensing
program, and additional operating capital is required for this purpose.
The net proceeds from the sale of this issue will be used for the manu¬
private sources, is
now
facture of aircraft embodying the patented features controlled
by the com¬
pany, for the prosecution of a licensing program and for general corporate
Other Investments
Capitalization—The corporation has
an
Cash
104,733
now
fully paid
outstanding.
The company proposes to issue
100,000 shares of common stock.
The
contract covering the distribution is in the form of an option to Paul D.
Sheeline/& Co.
the entire 100,000 shares at $3 per share, exercisable as
within 30 days, 10,000 additional shares within
60 days, 10,000 additional shares within 90
days, 20,000 additional shares
within 180 days, 25,000 additional shares, within 270
days and 25,000
additional shares within 360 days, from the effective date of the registration
of the stock under
(jhe Securities Act or the approval of the sale of the stock
by the Department of Public Utilities of Massachusetts, whichever is later.
follows:
10,000
132,820
1,283,770
&
uncon¬
Instalment
rec.
35,806
(less res.)..
contracts
Employees' savings & profit
sharing fund
53,640
Accrued divs.
25,400
on
pref. stock..
provision—Fed., State
and municipal
Provision for book collection
455,141
expense
verted postage
Accts. & bills
1,962
1,412,566
1,419,037
Accounts payable & sundries.
Tax
__
deposits
507,957
recelv.
278,338
Cash bonds
(less reserves)
7,166,090
137,254
...
Other defd. liabs. <fc credits
Reserves
Inventories
35,731
y 13,565,060
Surplus
z5,061,458
Total
$31,278,746
1,910,780
2,256,477
Deferred assets & charges
Total
$31,278,7461
x Represented
by 752,629 (no par) shares (including 252 shares held for
exchange for shares of previous issues of common stock and for shares >f
P. F. Collier & Son Co. preferred stock),
y As follows:
unfilled sub¬
scriptions, $7,699,115; depre. of buildings, equipment and furniture, $5,756,377; sundry reserves, $109,567.
z Includes
$958,100 reserved for
redemption of preferred stock.—V. 142, p. 1463.
Crucible Steel Co. of America—Bonds Called—
The
company is notifying holders of its 10-year 5% gold debentures
May 1, 1940, that it will redeem on May 1, 1936, at 101 and accrued
interest, $2,000,000 principal amount of the bonds of this issue.
Desig¬
nated bonds should be presented for payment at the
Corporate Trust
Department of the Chase National Bank, trustee, 11 Broad St., New York.
—V. 142, p. 1287.
due
Cumberland County Power & Light
Co.—Earnings—
[Including Cumberland Securities Corp.]
authorized capital of 1,000 shares
of $6 non-cumulative preferred stock
(no par) none of which is outstanding,
and 299,000 shares ($1 par) common stock of which
are
7,396
91,938
Reacquired securities, at cost:
3,335 shs. of common stock
purposes.
shares
365,000
not consolidated
Postage
$871,000
x7,891,159
71,000
Notes & trade accept, payable
Due from wholly-owned sub.
owns and controls
6% sinking fund notes
consolidated
tangible assets of $121,371) at cost
company's policy is to
moderate production and to an extended
7% cum. prf. stock (par $100)
Common stock
Due to wholly-owned sub. not
net
exclusive American manufacturing and licensing rights to the "Dragonfly"
$3.12
Liabilities—
Land, bldgs., machry., equip.,
furniture & goodwill
$13,727,036
Book plates & copyrights
3,793,673
Plant located at Pawtucket, R. I.
The development work is now complate and the
Manufacturing and Licensing Rights—The corporation
$4,103,357
Consolidated Balance Sheet Dec. 31, 1935
and
R. J.
60,970
1,311,738
Earns per share on 752,629 (no par) common shares
aircraft and
a
$5,476,065
7 % cumul. pref. stock dividends
Common stock dividends.
dated Dec. 11 1935, affords the following:
History—Corporation was incorporated Jan. 29 1932 in Delaware and is
authorized by its certificate of incorporation to engage in the United States
apply the new principle to
licensing program.
358,666
370,468
93,640
82,736
Federal income taxes
Co's contribution to employees' profit
sharing fund
New York
41 Broad Street
Crouch-Bolas
$3,279,659
Depreciation
Incorporated
Period End. Feb. 29—
Gross operating revenues
Expenses & depreciation.
Taxes, incl. Fed. inc. tax
Rental of leased property
1936—Month—1935
$352,988
$349,551
188,594
178,538
47,135
44,473
21,962
21,962
1936—12 Mos.—1935
$4,129,909
$4,121,514
2,144,835
2,238,794
498,806
496,286
263,548
263,548
on
shares
Paul D. Sheeline & Co. will also receive from Crouch-Bolas Inc. 100 shares
of common stock of Crouch-Bolas Aircraft
Corp. for each 1,000 shares of
stock taken under the
option.
The price to the investor is fixed at $4 per
share.
Listing—Company has agreed
the
New York Curb Exchange
Paul D. Sheeline & Co.
to make application to list the stock
or
other exchanges to
Net operating income.
Non-oper. income—net.
Net
[Since the date of issue of this prospectus the agreement between Paul D.
Sheeline & Co. and Crouch-Bolas, Inc., whereby Paul D. Sheeline & Co.
$1,222,720
55,604
$1,122,886
60,798
$108,851
54,280
$1,278,324
696,454
$1,183,684
671,241
$49,620
$54,571
19,997
$581,870
239,964
$512,443
239,964
-•
income
Pref. div. requirements.
19,997
—V. 141, p. 4013.
Curtiss-Wright Corp.—Rights to Stockholders—
on
be designated by
$104,578
4,273
$100,324
50,704
Deductions
$95,297
5,027
Guy W. Vaughan, President of the company, announced that at the
March 27 meeting of the board of directors it was decided to
provide funds
for expansion of engineering facilities and to meet
requirements of increased
volume of business by an offering of additional shares of common stock
was
to the stockholders for
canceled.
the holders of class A stock, as well as the holders of common stock.
The price and amount of the offering, he said, will be later determined
on a basis considered attractive to shareholders.—V.
to have received certain shares from
Crouch-Bolas, Inc., has been
The 10,000 shares of Crouch-Bolas Aircraft Corp.
common
stock owned by Crouch-Bolas,
Inc., less 933 shares used in reduction of
outstanding
loans of Crouch-Bolas Aircraft Corp. and in payment of
of Crouch-Bolas Aircraft Corp. has been returned to CrouchAircraft Corp., reducing the outstanding stock by that amount.
Common stock of Crouch-Bolas Aircraft Corp. owned by Crouch and Bolas,
various directors and certain
others, amounting to 49,009 shares, has been
placed in escrow with the Providence National Bank until such time as
subscription.
The rights, he said, will be granted
to
142,
p.
2151.
expenses
Delaware
&
Hudson
Bolas
Co.—Annual Report, Year Ended
Dec. 31 1935—For remarks of President L. F. Loree see
Delaware & Hudson RR. Corp.
the company declares a
dividend,
The comparative income statements and
comparative
balance sheets for the year 1935, are given under
"Reports
and Documents" on subsequent pages.
the escrow agreement being subject to
termination only by a two-thirds vote of all stock not escrowed.]
Management—The executives are R. J. Goodman-Crouch,
Chairman,
Treasurer and Gen'l Mgr.; Maxwell C. Huntoon, President: Harold Bolas,
I
Vice-President
and
Providence, R. I.
The directors
Chief
Engineer;
Robert
O.
Read,
Vice-President,
and Paul D. Rust Jr., Sec., Marblehead, Mass.
R. J. Goodman-Crouch, Maxwell C. Huntoon, Harold
are
Bolas, Robert O. Read, Paul D. Rust Jr., Jonathan Grout, John J. Godfrey
and Frederick T. Moses.
Paul D. Sheeline & Co. have the right to
designate two directors, under
they propose to nominate Paul D. Sheeline, Boston, and William O.
Everts, Brookline, Mass.
which
As of
April 1 1930 the company transferred to The Dela¬
Corp. all of the common carrier property
owned and leased, operated by it within the United States.
Company received the entire capital stock of the railroad
corporation, consisting of 515,470 shares (no par^value).
ware
& Hudson RR.
Financial
Volumt 142
Consolidated Income Account
of Company and Subsidiaries
Eliminated)
(Inter-Corporate
Transactions
1932
1933
1934
1935
Calendar Years—
„
$23,617,721 $22,571,515 $23,770,567
Transportation revenues$23,307,544
Coal,iron & miscell. sales
& revs, from miscell.
21.237,524
24,434,240
$46,085,488 $49,084,156 $45,477,242
Transportation expenses 19,834,862
19,^09,157 19,661,098
Coal, iron & miscell. sales
$50,566,381
21,913,012
23,850,237
Total
&
20,144,876
21.077,212
19,331,447
operations
23,160,758
2,687,682
2,413,536
2,182,719
2,422,470
$4,505,643
Other inc.—Misc. int.—
65,535
Miscell. inc. credits..
1,204.103
$6,415,068
77,561
1,301,085
$3,248,798
71,232
1,210,155
$2,804,929
61,334
1,163,889
$5,775,281
$7,793,714
$4,530,185
$4,030,152
1,777,071
4,017,247
559,091
582,200
1,776,716
4,056,877
577,111
682,207
1,776,874
4,093,709
274,833
Taxes
Net
after taxes..
revs,
Total income
1935
Railway oper. revenues_$22,884,178
Railway oper. expenses- 20,555,726
"
credit
$2,748,406
$1,837,855
$894,347
176,733
27,564
56,424
25,839
138,130
256,563
72,786
26,561
138,078
158,451
28,419
74,611
33,915
134,124
90,136
38,000
77,055
39,935
128,367
income $2,753,142
$3,275,884
$2,267,375
$1,267,840
898,768
2,086
947,335
1,932
1,977
55,668
957,379
balance
-
Rent from pass. tr. cars.
Rent from work equip._
inc
,
Oper. Income Debits—
1,776,261
3,959,970
366,414
542,998
Rent for leased roads.
funded debt..
unfunded dt..
on
Int.
on
'
2,192,514
2,596,83 1
2,332,802
862,657
2,446,978
$3,062,876
$1.^38.726
$4,895,528
$5,424,899
Miscell. inc. charges..
Deprec. & depletion
Net deficit
Consolidated General Balance
417
Uncoll. railway revenues
Rent for locomotives
2,684
1935
$
2,695,642
261
319
153
308,118
297.227
$1,328,692
$2,016,405
$952,025
def$67,043
29,743
74,554
79,701
46,956,921
Loans receivable
132,675
Int. & divs. rec.
390,562
70,210
49,090,086
633,235
481,137
Accts. receivable
6,060,518
6,120,618
1,015,000
1,412,323
funds.
29,743
67,928
29,868
90,395
1,509
5,365
3,719
formaint.,
or
1,326,547
4,218,061
12,783,677
711,357
5,000
806,313
Oth. accr. liabil.
850,907
1,208,932
1,401,460
Long-term debt.
87,034,666
89,331,308
Accrued
products)
taxes..
op.
4,812,434
161,202
308,112
of
5,113,344
145,647
374.352
N.
Invest,
deprecia'n 32,228,433
2,804,359
75,646
69,671,558
73,018,687
Other reserves..
Deferred charges
Def'd liabilities.
1,109,651
1,172,893
x
Deferred
268,063,493 271,869,0761
For which final accounting has
10,438
27,391
15,239
55,572
12,592
54.424
24,336
51,976
34,688
Gross income
—
$1,518,726
$2,205,834
$1,173,041
$165,716
1,786,261
846
3,187
2,449,838
33,427
1,787,876
1.819,489
1,759,038
844
853
437
3,908
2,868,879
4,455
2,634,803
19,664
73,156
86,863
3,029
73,156
168,390
$3,699,772
$4,477,591
Deduc.fr. Gross Inc.—
Rent for leased roads
Miscellaneous rents
20,143
5,986
2,912,526
31,780
48,840
19,045
$2,774,977
$2,601,063
Miscell. tax accruals
Interest
Int.
on
funded debt-
unfunded debt..
on
Amort, of disc, on fd.dt.
to
deficit
carried
—
profit and loss—
884,037
General Balance Sheet Dec.
1935
.268,063,493 271,869,076
Total
Inv. in rd. & eq.
291,415
x
&
Hudson RR. Corp.—Annual Report, Year
1935—President L. F. Loree says in part:
Funded Debt—The total funded
debt of Delaware & Hudson RR. Corp.,
,700,000
1,140,820
1,124,221
Non-negot
585,587
667,109
700,000
:
to affil
6,432
4,650
1,256,956
873,032
2,090
48,434
255
...
255
Special deposits.
Loans & bills
payment of which was
assumed by Delaware & Hudson RR. Corp. in 1930,
paid to the extent presented for redemption.
Sinking Fund—The sum of $490,000, being 1% of the par value of the
1st & rer. mtge. gold bonds outstanding on June 1, 1935, was paid during
the year to the trustee under the mortgage securing that issue, making a
total so paid to Dec. 31, 1935, of $10,692,430. The sum paid was expended
in additions and betterments to the mortgaged property, in accordance with
Misc. accts. rec.
matured Oct. 1,1935, and were
Mat'l & supplies
Ins & divs. rec.
the
balances
4,650
wages
Operating Revenues—The gross operating revenues
178, a decrease of $312,134, or 1.35% under 1934.
in 1935 were $22,884,-
Operating Expenses—The operating expenses in 1935 were $20,555,726,
increase of $107,820, or 0.53% over 1934.
The operating ratio was
as compared with 88.15% in 1934.
Eliminating the effect of a
credit to 1934 operating expenses of $792,947 representing an accounting
adjustment made at the request of the Interstate Commerce Commission,
applicable to equipment rebuilt in prior years, and a charge of $226,210
representing accrual for this company's contribution to the Railroad Retire¬
ment Fund pursuant to the Railroad Retirement Act of 1934, and eliminating
from the 1935 operating expenses the credit of $226,210 resulting from the
rec.
Int. mat'd unpd.
771,348
bals. recelv'le.
328,902
2,155,844
tured
67,600
426,149
5,000
436,038
unpaid.
Unmat. int. accr.
from agents &
144,155
.
525,869
2,206,264
427,418
39,956
Funded debt ma¬
794,430
Net bals. receiv.
Unmatured rents
154,455
Other curr. liab.
115,582
658,000
115,582
658,371
Oth. def'd liabil.
2,461,656
2,120,287
532,476
807,763
517,368
754,393
14,683,066
15,011,050
3.311,571
3,408,839
45,942
14,421,384
11,715,274
accrued...
595,291
14,805
2,355,549
14,071
Othercurr. assets
265,968
476,637
Wkg. fund advs.
72,006
62,267
Tax
liability
Insurance res...
Ins. <fe other fds.
1,022,181
973,253
Other def. assets
36,224
Accrued
51,597
deprec.
equipment
unadjust.
Other
credits
in
46,332
53,097
215,914
deb.
Add'ns
212,586
advance
Oth. unadj.
307,411
2,280,878
10,427
37,078
pay.,
payable
Misc. accts. pay.
Traf. & car serv.
miums paid
12.117.051
546,677
Audited accts. &
Rents & ins. pre¬
agreement.
15,768,766
227,384
Traf. & car serv.
5,002
Miscellaneous
outstanding Dec. 31, 1935, was $57,500,000, a decrease during the year of
$1,110,050. The final instalment on the outstanding equipment 6% gold
notes, series A, issued to pay for 1,500 freight cars allocated to Delaware &
Hudson Co. by the U. S. RR. Administration in 1920, assumed by the
Railroad Corporation in 1930, and due on Jan. 15, 1935, was paid on that
date.
The Delaware & Hudson Co. 20-year 5% convertible gold bonds,
trust
84,738
58.610.050
debt
cos...
Loans&billspay.
Stocks
conductors..
122,235
57,500,000
construction.
matured
Bonds
Cash
28,473,019
Funded debt un¬
5,229,185
5,229,185
Other investm'ts:
Delaware
.
28,473,019
Grants in aid of
Inv. in affil. cos.:
Advances
Ended Dec. 31,
Capital stock
$
S
Liabilities—
99,461,057
281,964
98,877,162
1934
1935
$
Misc. phys. prop.
Notes
been made.—V. 142, p. 2151.
31
1934
$
Assets—
Stocks
Total
14,320
-56,025
1,818
funds
reserve
954,393
credits
1,010,825
618,760
2,810,064
81,033
and
Res. for fire loss
1,025,404
1,098,199
other
for deple'n
Skg. fds. <fc specs.
(net)
unfunded
from
31,575,925
Res.
x..
Miscell. invest..
deposits
4,915
4,488
514,155
eliminated
prop.197,360,019 198,181,013
5,942,836
5,982,657
in
3,752
4,818
3,992
Income from fund.secur.
Net
856,633
Corporate surp.
Deferred assets.
4,764
Dividend income.^
Miscell.rent income
for
Y.
grade crossings
as¬
sets
Misc. non-op. phys. prop.
29,743
74,873
1,309
5,103
3,837
_
Miscell. income charges-
Indebt. to State
construc'n.
Other current
1,384,160
3,976,238
Oth. accts. pay.
Mat'l & supplies
Non-Oper. Income—
51,458,150
Wages payable-
Inventories (mfd.
Net railway oper. inc.
Inc. from lease of road.
Miscellaneous income
$
Capital stock
51,448,250
Loans payable.. 14,139,385
Int. & divs. pay.
676,047
Mat'd bds. pay.
67,600
2,006,176
Mktable secure.
Cash
Working
1934
803
2.776
76,545
301,490
Joint facility rents
securities and accts
$
Liabilities—
53,872
Income from sinking and
1935
1934
$
Assets—
3,002
47,366
273
293,172
Rent for pass, train cars.
Rent for work equipment
Income
Sheet Dec. 31
Eliminated)
(Inter-Corporate Items
33,490
1,080,538
Railway tax accruals
Other deds. from inc.:
Int.
$23,255,774
22,361,427
$2,328,452
Rent from locomotives.
Gross ry. oper.
1932
1934
1933
$23,196,312 $22,205,142
20,447,906 20,367,287
Oper. Income Credits—
Hire
of
freight cars—
Joint facility rent
miscell.
of
exps.
2,361,574
1,668,203
1,616,198
1,439,742
Income from investm'ts.
Comparative Income Account
Calendar Years—
Net ry. oper. revenues
21.338,202
operations
2315
Chronicle
to
prop,
through inc. &
surplus
an
Deficit
42,831
89.83%
reversal of such accrual when the
Act was declared unconstitutional by the
decrease in operating expenses
United States Supreme Court, there was a
of
as
$232,707, or 1.11% under 1934. The adjusted
compared with 90.59% in 1934.
operating ratio was 90.81%
Equipment—During 1935, $1,404,519 was expended for addi¬
tions and improvements.
Other property carried in the road and equip¬
ment accounts at $1,988,414 was retired.
The net decrease in the road
and equipment account during the year was $583,895.
' |k-*m<
Road and
Industrial Department—Eighty-one new industrial plants were located
along the railroad in 1935. In addition, there were extensions to 28 plants
already established.
Four new side tracks were constructed.
Pensions—At the close of the year 1935, 512 retired employees were
receiving pensions, an increase of 19 over the number at the!close of 1934.
The amounts paid to pensioners during the year aggregated $313,864.
)
H
for
anthracite
financial
The
in
statements
and Documents"
on
1935
will be found under "Reports
subsequent pages:
Traffic Statistics for Calendar
1935
1934
(rev. frt.) 17,022,042
1 mile.2263562843
A v. rev. per ton per mile
$.00918
Frt. rev. per mile rd. op$24,392
Trainloads in tons (rev-
No. tons
carr.
No. of tons
v
enue
carr.
freight).933.73
692,124
36,358,471
Av. amt. per pass, per m.
$.0291
Pass. rev. per mile road$1,860.40
Av. no. pass, per tr. mile
28.20
No. passengers carried..
No. pass, carried 1 mile-
Denver & Salt
February
Gross from railway
Net from railway
18,226,665
Years
1933
16,725,535
1932
16,155.518
2240042920
2000578467
1981132474
$.00931
$24,107
$.00988
$22,864
$23,288.79
888.09
802,690
39,361,588
$.0289
$1,801.96
848.87
894,319
26.53
Total
From Jan. 1—
Net after rents.
142, p.
2151.
.1933^^
$151,233
74,616
64,034
„
593,483
290,898
323,571
Gross from railway
——V.
113,415,621 114,138,142
of no par value.—V. 142, p.
Lake Ry.—Earnings.—^
1936
:'
1935
1934
$334,876
$131,752
$88,513
174,622
56,263
27,355
189,903
82,607
16,129
Net from railway.
297,422
137,831
187,668
1638.>tfW
Detroit & Toledo Shore
February—
Gross from railway
Net from railway
...
Net after rents
259,679
109,975
89,215
214,634
82,584
60,655
It*.
Line RR.—Earnings.—'
71
1935
1934
19331 "7
$352,159
$334,866
$255,334
213,057
207,493
149,168
121,417
113,640
77,605
1936
$413,976
255,989
146,113
Net from railway
813,514
508,858
707,215
427.912
638,305
392,101
J
505,366
294,228
Net after
293,697
246,886
213,398
152,957
From Jan. 1—•
Gross from railway
—V.
pents
p. 1463.
142,
The company
decreased compared with 1934.
During 1935 the company sold its current minings, as above stated, of 4,340,895 net tons, and in addition, sold 67,496 tons from storage and other
sources.
Its total sales, therefore, aggregated 4,408,391 net tons, compared
with 4,733,032 net tons in 1934, a decrease of 324,641 net tons, or 6.86%.
Excluding depletion and depreciation charges, the net income in 1935
was $140,556, compared with $377,251 in 1934.
Including depletion and
depreciation charges, the company's net income deficit in 1935 was $666,221.
compared with $503,447 in 1934.
Hi
The company's operations were not affected by any strikes or loss of time
due to labor troubles during the year 1935.
demand
Represented by 515.740 shs.
Coal Co.— Time for Exchangina Bonds
in a letter to holders of undeposited 1st mtge. 6% sinking
of Dierks Lumber & Coal Co.; The Choctaw Lumber Co.,
Dierks Lumber &
Production, Marketing and Earnings—The anthracite produced by Hud¬
son Coal Co. during the year 1935 aggregated 4,340,895 net tons, a decrease
of 405,159 tons, or 8.54% below 1934, as compared with a decrease of 11.99%
for the entire industry.
Company's output was 9.13% of the total produc¬
tion of all anthracite operators in 1935, estimated at 47,562,591 tons.
The
x
Net after rents
amounted to $1,080,538, an increase of
$181,770, or 20.22% over 1934.
Eliminating the effect of adjustments
included in the 1934 and 1935 tax accruals, applicable to prior years, taxes
for the year 1935 increased $9,985, or 0.91% over 1934.
This increase is
due mainly to increased gross earnings taxes brought about principally by
the increase in the Pennsylvania tax rate from 8 mills to 14 mills.
it* H
Taxes—Taxes for the year 1935
Hudson Coal Co.*
113,415,621 114,138,142
Total
38,764,306
$.0287
$1,570.28
23.70
$.01016
fund gold bonds
and Pine Valley
1,210,017
46,253.906
$.0301
$1,844.24
25.54
bondholders' protective committee dated Jan. 31, 1936
trustees' of the above companies mailed in December,
companies had
by order of
1935 we were advised that the plan of reorganization of these
been approved and confirmed by the U. S. District Court
confirmation duly entered Dec. 24,1935; and pursuant thereto,
you were re¬
quested to send, or deliver, to Union National Bank in Kansas City, Kansas
City, Mo., the bonds held by you in order that there might be delivered
equal exchange therefor, the new 1st mtge. 6% income interest
sinking fund bonds of this company, issued and secured by
indenture of mortgage as provided in the plan or reorganization.
* ** ** i
"The order of confirmation provided that all of the outstanding old bonds
must be surrendered in accordance with any order of the Court in the re¬
in
registered
supplemental
organization proceeding, within
which the plan was
four calendar months from the date upon
approved by the court, in order to participate
in the plan;
such old bonds not so surrendered within that period shall be can¬
celed by decree of the court, and shall not entitle the holder thereof to any
rights against this company, or to any participation in the benefits of the
plan.
»
"As the plan was approved by the court upon Dec. 24, 1935, such four
months would expire upon April 24, 1936.
Accordingly, we wish to repeat
and emphasize the notice contained in the aforesaid letter from the bond¬
holders' committee that it is particularly important that all undeposited
bonds be presented, or delivered, promptly for exchange, in order tOiparticipate in the plan.
<
and any
"The first
804.21
Lumber Co., states:
"By letter of the
and letter from the
payment on account of accrued and unpaid interest on the new
payable April 1. 1936.
Such payment can be made
bonds will be due and
made th$ exchange for the new bonds, as the terms
to the registered holders thereof.
In
receive such interest payment and avoid any hazard of
forfeiting your rights to receive the new bonds, we, therefore, urge that you
immediately iorward the old bonds for exchange.—V. 142, p. 458.
only to those who have
of the
indenture limit the payment
order that you may
2316
Financial
Dominion Stores,
Ltd.—Sales—
Four Weeks Ended—
Jan.
Eastern
1936
22
Mar. 21
1935
1934
1933
$1,413,478
1,452,088
1,513,367
25
Feb.
Chronicle
$1,226,611
1,352,553
1,417,909
$1,373,111
1,481,037
1.528,273
$1,398,267
1,501,638
1,555,614
—V. 142, p. 1815.
Donnacona Paper
1935
1934
1933
1935
$150,308
Common dividends
Other Income
Deprec. & depletion
147,891
205,993
150,000
Balance, surplus
$59,184
$529
$308
$6,035
_
Robt. P. Kernan, President, says in part:
The financial statement shows a profit of $207,075 before
depreciation,
depletion and bond interest, a slight increase over the profits for the previous
year.
The current assets over current liabilities amount to $733,176, an
interest,
coupon 5H% bonds due 1948, which will be presented to the
at a special meeting to be called within the near future.
gold
bondholders
$
1935
80,256
Cash
3,154
17,832
201,688
263,244
487,365
297,491
Adv. on wood oper
380,795
271,422
Real estate
10,863,375 10,847,232
Deferred charges—
27,507
21,612
Accounts payable.
b230,326
96,900
12,601
1st mtge. bonds... 6,584,000
Deprec. reserve.
3,565,528
Plant reserve
10,067
Insurance reserve.
15,003
a Capital
1,449,460
Surplus
Accts. receivable.-
a
44,374
100,000
Bank loans
Inventory
Total
$
Bank overdraft-..
11,963,885 11,718,8361
Total
6,584~006
3,485,831
30,391
18,039
1,449,460
6,740
Balance to
& Northern
Operating
Net after rents
From Jan. 1—
Gross from railway
1933
$102,474
def390,473
def421,943
Gross from railway
Net from railway
$78,600
def348,060
def360,567
$91,050
def403,973
df414,640
$57,759
def306.068
def313,469
200,509
def777,591
def857,512
Net from railway
Net after rents
149,803
def730,137
def778,329
176,304
def780,193
def806,701
111,821
def618,042
def633,296
—V. 142, p. 1638.
Duluth South Shore & Atlantic
February—
1936
Gross from railway
Net from railway
Net after rents
1934
$147,332
6,655
$151,668
2,930
defll,277
def24,713
From Jan. 1—
$111,776
def30,651
def63,954
318,900
14,199
defl4,539
277,301
defl4,312
def51,333
279,283
defl0,030
def67,794
237,319
def35,182
def93,684
—V. 142, p. 1638.
Eastern
Massachusetts Street
Period End. Feb. 29—
Railway
Railway
oper. revenues.
oper.
Ry.- —Earnings—
1936—Month—1935
$631,208
$564,207
390,598
369,454
36.242
29,668
expenses.
Taxes
$1,178,061
780,556
' 59,329
$412,349
16,451
$338,176
19,662
$212,035
Gross corp. income...
on funded debt,
$165,085
9,380
$174,465
$428,800
$357,838
Interest
rents, &c
Deprec. & equalization.
64,325
112,028
_
Net income
—V.
142,
p.
66,300
109,260
$35,682
129.089
227,987
def$ 1,095
133,622
226,097
$71,724
def$l,881
$2,585,406
567,823
77,652
77,652
49,500
55,471
49,500
$1,564,931
P. G. Co. of N. J
Applicable
to
minority interest
Balance applicable to E. U. A
$1,641,138
Other income from sub. companies..
Z)r32
725,000
930,733
65,920
309,824
$1,950,931
104,961
$1,874,757
182,001
$2,169,861
284,163
$1,845,970
Total income
....
Expenses, taxes and
interest
Balance
$1,692,756
$1,885,698
2
Comparative Balance Sheet Dec. 31 (Company Only)
1934
S
$'
.
Cash
(at cost)... 5,022,144
114,406
Dividends
receiv.
39,848,943
1934
$
S
1,950,000
2,700,000
Accounts payable-
1,600
Taxes accrued
1,000
600
Unadjusted credits
5,022,144
158,777
77,456
5,362
12,296
Prepayments
Unadjusted debits
no
Liabilities—
Notes payable
companies
40,276,061
Other Invest., Fall
River Elec. Light
Co.
1935
58,092
8,312
12,058
x
Com. and
3
conver¬
tible shares
16,502,467 16,502,467
Capital surplus...22,774,090 22,774,090
Earned surplus... 4,280,168
3,129,566
45,507,726 45,108,3271
685,700%
common
par value.
Total
...45.507,726 45,108,327
shares, 789,668 convertible shares (including scrip);
Balance Sheet Dec. 31 (.Incl. Subs. Cos.)
1935
Prop.,
plant
1935
$
Liabilities—
and
Pref.
equipment
Investments
37,935,231 39,316,693
10
3,287
Cash
828,318
923,716
Notes receivable..
21,723
27,234
574,584
352,511
consum. prem.
176,591
148,483
637,293
24,664
41,727
4,978
37,043
178,172
606,648
Materials & suppl.
Prepayments
Sinking funds
Special deposits..
Unamortized debt
disc, and expense
Unadjusted debits
Treasury bonds
11,458,000 10,611,000
payaole
Montaup
to
Elec.
888,300
Miscell
667,800
426,757
78,615
Accounts payable.
Consumers' depos.
307,260
liabilities.
75,581
5,307
3,550
277,060
352,076
51,017
77,647
31,998
230,392
7,681
Retirement reserve 6,717,578
Gas bench mainten¬
6,142,061
384,903
Operating
Taxes accrued
Interest
accrued._
ance reserve
27,275
35,329
46,725
8,921
Contrib. for extens.
95,333
115,568
2,284,200
trea¬
sinking
Co
on
S
(none
fund)
972,316
1934
$
E.U.A.) 1,294,200
(incl.
sury and
Merchandise and
Miscellaneous..
stock
owned by
Bonds
Notes
902,685
Jobbing
Appl. installed
i
1934
$
reserves
51,004
Unadjusted credits
50,000
...
x
37,629
40,129
45,229
9,420
Com. and capital
stocks
Texas
Electric
Co.
Owned by E.U.A.14,425,850 14,424,250
Owned by others
270,800
508,650
(Del.)—Earnings—
Premium—
(Including Constituent Companies)
12 Mos. End. Dec. 31—
1935
Gross earnings
$7,731,438
Operation.
Maintenance
Taxes
Net oper. revenue
On
1934
$3,161,795
$3,212,946
1932
$7,099,389
3,244,099
260,289
569,978
$7,612,161
3,662,537
343,843
On
$3,025,022
owned
<
92,661
87,487
stk. by E.U.A. 2,346,546
After acq. of stk.
4,014,051
by E. U. A...
3,360
$3,212,946
1,353,053
803,000
$3,025,022
1,405,066
658,000
$2,987,913
1,478,830
723,833
$868,340
$1,056,893
$961,956
579,624
579,638
579,533
$288,718
$477,269
$382,318
$205,717
283,546
$288,718
$477,269
$382,318
def$77,829
Total
41,507,190 43,173,600
Total
333,757
994,166
$785,250
579,623
2,491,413
owned
Earned surplus—
Before
acq.
of
$2,984,553
$3,161,795
Int. and amortization..
1,334,455
Reserve for retirement.
959,000
stock
by others
621,228
sources.
stock
by E. U. A... 2,722,489
1933
$7,653,545
3,390,041
317,680
732,878
3,509,654
349,565
710,424
Inc. from other
249,500
309,824
1638.
Eastern
1 Q'?'*
.
$1,824,510
35,489
309,862
Non-subsidiary income
Consumers
$1,265,939
780,911
72,679
$2,313,282
565,728
77,652
39,605
30,758
_•
Accounts receiv'le:
1936—2 Mos —1935
$204,368
7,667
Other income.
$2,369,774
580,621
(including income taxes)
Assets—
Gross from railway
Net from railway
Net after rents
$8,160,804
3,670,165
Preferred dividends of subsidiaries:
B. V. G. & E. Co
x
1933
$8,175,572
3,838,691
303,175
725,000
995,424
Maintenance
Retirement reserve accruals
Taxes
Total
Ry.—Earnings.—
1935
$159,659
6,901
def6,597
$8,491,427
4,115,461
345,958
725,000
935,233
1.
expense
Investm'ts in subs.
1934
$938,754
1934
Total gross earnings
Assrta—
Ry.—Earning s1935
$1,218,308
1935
11,963,885 11,718,836
1936
$1,795,735
856,981
$1,150,602
surplus...'
1935
Duluth Missabe
$1,903,902
685,594
665
Income Account for Calendar Years (Incl. Subs. Cos.)
Represented by 121,804 (no par) class A shares and 123,088 (no par)
b Includes accrued liabilities.—V. 140, p. 3039.
February—
261,804
$2,007,605
857,003
Balance for dividends
Common dividends paid
class B shares,
t
162,085
Interest
Interest and amortization
1934
S
Liabilities—
$2,085,903
18,666
1,250
$2,079,898
21,694
1,511
T23,194
Net earnings
1934
$
$2,112,566
Taxes
Consolidated Balance Sheet Dec, 31
1935
Assets—
35,489
309,862
2>r32
309,824
Expenses
improvement of $27,558 in the current position of company at the end of the
fiscal year.
An amount of $65,840 has been set aside for bond
which it is proposed shall not be paid in cash but in
newly authorized class A
shares of the company in accordance with a plan
changing the terms of the
present outstanding $12,000,000 1st mtge. 20-year sinking fund
1933
$1,734,546
309,824
$1,802,774
Total income
$241,383
30,625
204,721
_
1934
$1,776,077
Income from subsidiary companies:
1932
$206,522
$207,075
Bond & debentureint
Associates—Earnings—
Income Account for Calendar Years (Company Only)
Non-subsidiary income
Co., Ltd.—Earnings
Calendar Years—
Profits for year
April 4 1936
Utilities
Divs.
on
pref.
constituent
stock
Balance, surplus
Common
Earnings for Month of February {incl. subs.)
dividends
Comparative Consolidated Balance Sheet Dec. 31
1935
Assets—
1934
$
1935
$
Liabilities—
Plant & property.47,761,068 47,482,720
Cash
2,720,560
Notes receivable..
126,276
Acc'ts receivable..
Interest
1,341,512
143,973
1,244,797
receivable
1,398
189
656,184
28,031
599,945
22,679
90,217
Appli'ces on rental
Prepayments
Special
74,728
193,118
deposits
192,325
49,518
56,459
1,777,887
debits
71,234
1,877,808
60,945
Unamort. dt. disc.
and expense
Unadjusted
a
2,602,816
Mat'ls & supplies.
Miscell. investm'ts
Subsidiary
6,000,000
Preferred stock.
9,385,228
9,385,228
24,524,500 24,739,500
Notes payable
8,704,900
8,655,000
Accounts payable.
386,997
463,803
Customers' depos.
233,533
259,791
Int. & taxes accr_.
569,074
603,819
Sundry liabilities
29,463
16,337
Retirement res've. 2,636,146
2,221,996
Operating reserves
189,813
168,533
Unadjusted credits
63,219
24,228
Cum. pref. divs. of
.
sub.
co.
not
paid
54,801,517 54,374,8761
Total
Represented by 123,281 shares of
no par
9,328
361,265
1,708,049
1936—Month—1935
1936—12 Mos.—1935
$727,045
$723,240
$8,498,933
$8,247,751
Operation
350,824
330,069
4,135,422
3,909,915
Maintenance
24,786
27,443
342,671
315,346
Retire, reserve accruals.
60,416
60,416
725,000
725,000
Taxes (incl. inc. taxes).
97,888
88,706
952,752
998,857
Interest and amortizat'n
43,727
46,415
574,646
565,055
Balance
cos.:
9,328
361,265
1,466,046
54,801,517 54,374,876
value.—Y. 140, p. 2183.
,
Period End. Feb. 29Gross earnings
$149,402
B. V. G. & E.
$
6,000,000
Bonds
a
a
1934
$
Common stock..
Paid-in surplus
Earned surplus...
Total
x Includes
30 shares of Edison Electric Illuminating Co.
capital stock
reserved to be exchanged for
capital stock of Electric Light & Power Co.
of Abington and Rockland.
of
cos
.41,507,190 43,173,600
Co.,
$170,188
$1,768,440
$1,733,575
77,652
77,652
31,355
30,487
49,500
53,334
$1,628,946
$1,553,088
pre¬
ferred dividends
The P. G. Co. of N. J.,
Preferred dividends
Applicable to min. int
Applicable to E. U. A
-V. 142, p. 2154.
Eisler Electric Corp.—Substitution
on
List
The New York Curb Exchange has
approved the
of common stock, $1
par, in lieu of
—V.
142,
p.
listing of 379,777 shares
379,777 shares of common stock, no par.
2155.
Electric Household Utilities
Corp.—New Director—
Maurice H. Bent
was
elected
Electric Power Corp.
a
director
on
March 24.—V.
141,
p.
112.
(Germany)—Not to Register Bonds
The company has advised the New York Stock
Exchange that appli¬
cation for permanent registration will not be made for the
following securi¬
ties of the corporation which are
listed on the exchange: First
mortgage
Ebasco Services
Inc.—Weekly Input—1
For the week ended March 26, 1936, the ldlowatt-hour
system input of
the operating companies which are subsidiaries of American Power
&
Light Co., Electric Power & Light Corp. and National Power & Light Co.,
as compared with the
corresponding week during 1935, was as follows:
Increase
Operating Subsidiaries of— '■»
American Power & Light Co.
Electric Power &
1936
96,347,000
Light Corp. 39,876,000
& Light Co..
82,046.000
National Power
—V. 142, p. 2154.
1935
85,752,000
34,445,000
69,663,000
Amount
10,595,000
5,431,000
12,383,000
m
%
12.4
15.8
17.8
sinking fund gold bonds, 6H% series, due March 1, 1950, and first
gage sinking fund gold bonds, 6H% series, due April
1, 1953.
mort¬
Under the present rules and
regulations of the Securities and Exchange
Commission, exemption for these securities will expire on May
15, 1936.
—V. 140, p. 1485.
Edison Electric
Illuminating Co. of Brockton—Report.
The consolidation of Edison Electric
Illuminating Co. of Brockton and
the Electric Light & Power Co. of
Abington & Rockland was approved by
the Massachusetts Department of Public Utilities in
May 1935 and pur¬
suant thereto 28,350 shares of capital stock of the Brockton
company were
authorized to be issued in exchange for
capital stock of the
Abington
com.
Financial
Volume 142
the basis of three Brockton shares for four Abington shares.
The
consolidation of the companies was made effective on June 1 1935.
State¬
ments appearing in this report; for comparative purposes, are consolidated
figures of the two companies with inter-company transactions eliminated.
2317
Chronicle
Consolidated Balance Sheet Nov. 30
pany on
Income Account for Calendar Years
Electric light and power operating revenues
Merchandising and jobbing revenues (net)
Non-operating revenues..
Total gross earnings
$2,603,835
39,268
506
$2,643,610
$1,183,245
93,769
...
Operating expenses
Maintenance
$2,613,370
37,150
569
$2,651,089
SI,170,470
195,000
486,126
$685,773
1,195
Interest
Balance
Earned surplus Jan. 1
$715,823
1,951
$684,577
1,073,809
$713,872
1,117,291
$1,758,387
surplus
$1,831,163
Direct credits
327
Balance...
Dividends declared
$
accrued exps.
3,732,771
stations.160,279,211 162,770,605 Accts. pay. (affil.
544,480
companies)—
78,476
184,295
2,378,444
2,147,970 Due Empire Gas
& Fuel Co... 11,257,875
Inventories
10,514,052
10,397,221
Accts. receivable:
Note pay. (bank)
due
Customers--.
subeeq't
2,840,896
2,076,607
to Nov. 30 '36
Affiliated cos.
4,800,000
381,431
517,755
Non-curr.
Other notes &
Accepts,
rec.
Mat'ls & suppl.
Special cash dep.
M'ktable
2,001
109,815
$1,073,809
exp. unamort.
1935
1935
$
x
Capital stock
3
3
Prem. on cap. stk.
105,682
286,602
5,090
Notes receivable..
4,249
Capital stock.
293,013
288,093
165,850
109,743 Notes
installed
Miscellaneous
payable
Accounts
30.832
15,502
143,829
15,648
4,457
118,298
premises
Mat'ls &
14,706
..
supplies-
143,974
Prepayments-----
15,184
5,809
Unadjusted debits
11,896,912
82,200
20,050
payable-
372
102,242
1,505,132
18,397
10,535
993",801
1,073,810
249
11,896,912 11,794,902
x Represented by:
1935—241,398 shares including 30 shares reserved to
be exchanged for capital stock of Electric Light & Power Co. of Abington
&
Rockland; 1934—213,048 shares;
par
value $25.
Note—For comparative purposes the accounts appearing above for 1934
include Electric Light & Power Co. of Abington & Rockland, with inter¬
banks
Miscell.
184,020,747 185,688,447
Total
Oth. def. charges
x
Represented by 700,000
no par
1936—12 Mos.—1935
$3,612,342 $45,492,199 $43,990,459
1,453,469
18,864,844
18,060,204
215,484
2,622,017
2,510,903
451,918
4,937,849
5,395,460
—
—
sources-
$1,585,553
59,306
$1,491,468 $19,067,487 $18,023,890
52,233
640,446
626,800
Balance
Interest and amortiz
$1,644,860
665,385
$1,543,702 $19,707,934 $18,650,690
693,320
8,348,280
8,405,308
—
Balance
$979,475
$850,381 $11,359,653 $10,245,382
Appropriations for retirement reserve
5,079,328
4,860,861
Dividends on preferred stocks, declared2,253,113
2,233,862
Cumulative pref. divs. earned but not declared
1,227,026
736,455
Amount applicable to minority interest—
7,858
12,019
Balance applic. to Engineers Public Service Co.,
before allowing for unearned cumulative pref.
divs. of certain subs, companies
Cumulative pref. dividends of certain subsidiary
1936
$1,354,650
340,368
219,584
From Jan. 1—
Gross from rail way
.
Net from railway
Net after rents
1935
$1,193,607
391.856
292,483
def22,372
$568,352
30,230
defl09,427
2,727,003
2,270,408
685,155
467,893
1,461,379
162,081
def71,753
1,150,336
75,327
defl98,623
744,189
504,766
1934
$743,872
94,943
1933
—V. 142, p. 1465.
El Paso Electric Co.
Period End. Jan. 31—
(Del.) (& Subs.)—Earnings-
1936—Month—1935
1936—12 Mos.
$253,356
106,422
12,385
29,204
$233,408
100,531
12,998
26,612
$2,823,811
1,247,434
166,501
311,190
1935
$2,693,488
1,147,272
153,191
313,542
$105,344
36,103
$93,265
36,086
$1,098,685
433,383
Balance
$69,240
$57,178
Appropriations for retirement reserve
Preferred div. requirements of subsidiary company
Pref. div. requirements of El Paso El. Co. (Del.)-
$665,301
335,000
46,710
184,054
Baiance for common dividends and surplus....
$99,537
$
1
Liabilities—
$
-
Unamort.
debt
Taxes
Balance
Interest & amortization.
disc't & exp..
Unadj.
debits—
10,294,981
224,517
8,192,702
138,551
41,075,434
b Common stock
58,059,513
Com. stock scrip
—
58,058.003
5,193
69,450,138
69,621,938
Subsld.
49,519
78,679
Bonds
146,498,500 144,580,900
Coupon notes
2,919,500
2,919,500
Notes payable
853,754
995,378
Acc'ts payable..
1,494,394
1,891,985
Cust's' deposits.
826,116
749,355
DIvb. declared..
54,439
51,432
Int. & taxes accr.
3.359,944
3,686,844
173,083
Sundry liabilities
463,577
Retire, res've.. 22,931,381
21,928,494
Contrlb. for ext.
18,149
Oper. reserves—
1,431,481
1,074,216
424,643
Unadj. credits—
305,203
Cum. pref. divs.
not decl. (sub.
7,185,275
5,011,931
companies)
on
The company, as a result of plans
being formulated for
a
controlled cos.
The El Paso company intends to sell
$11,000,000 of bonds and deben¬
registration statement is being prepared. Outstanding
funded debt totals $11,837,000, including debts of subsidiaries, less certain
amounts retired through sinking fund operations in the last 15 months.
While the option wiU expire on April 18 if not exercised, officers of En¬
gineers Public Service have not yet detrmined their probable action.
The option calls for the purchase of about 92,000 shares at $25 a share,
or a total of around $2,300,000.
It will not represent new financing by the
El Paso company, as it will be a transfer from present to new owners of
shares already outstanding.—V. 141, p. 748.
Empire Oil & Refining Co. (& Subs.)—Earnings—
1935
1934
1933
1932
$49,460,880 $42,499,872 $35,019,308 $44,119,437
Operation and maint... 41,620,715
37,945,573 32,700,531
38,599.303
Years End. Nov. 30—
Gross earnings...
Net earns, from oper.
bond. debt..
other debt-.
discount & expense
Prov.
for
$5,520,134
520,847
$8,528,424
2,663,016
860,016
$5,085,497
2,754,535
683,940
$2,792,047
2,846,056
468,065
$6,040,981
2,936,068
330,259
614,288
690,839
606,511
$963,134 y$l,212,912
14,787,652
19,345,809
143,673
197,041
$2,168,143
22,190,710
256,610
on
4,405
coupons
Fed.
$2,318,777
473,270
bond
Federal & State taxes
interest
$4,554,298
531,198
590,527
Total income
of
$7,840,164
688,260
xJNon-oper. income
&
State
63,300
income tax
69,600
Net inc. before prov.
for depr. & deple...
Previous surplus
Adjusts, to
surp.
(net)-.
Total surplus
$4,347,160
10,911,598
17,558
..$15,276,316 $15,894,459 $18,329,938 $24,615,463
Dividends.-.
Deprec. & depletion..
-
5,426,219
1,500,000
-—
4,982,862
3,542,285
3,769,655
gwplus as of Nov. 30—- $9,850,097 $10,911,598 $14,787,652 $19,345,809
»
x Includes
$395,308 in 1935; $392,271 in 1934; $366,156 in 1933, and
$357,176 in 1932, excess of par value over cost of bonds purchased for
retirement,
y Loss.
$82,853)
576,507
Earned surplus. c5,802,097
refunding of
tfEQSf6r£lbl6
Amortization
stocks &
of directly
$59,366; 1934,
purchase of $3,500,000 bonds of the Western Gas Co., a subsidiary. In
the option it is provided that if El Paso Natural Gas plans to refinance
and pay the bonds mentioned, it shall give notice to Engineers Public
Service, whereupon that company shall have 30 days to exercise the option,
and that if not exercised in that time the option expires.
The option is
on
stocks..
—
cap.
Affects Old Option—
debts of itself and subsidiaries, has given effect to an option obtained by
the Engineers Public Service Co. some years ago in connection with the
on
cos.:
Pref. stock—.
Prem. & disc't
(earned surp.,
El Paso Natural Gas Co.—Plan
Interest
Interest
697
...
sur.
a
$
$
Pref. stock... 41,075,633
Pref. stk. scrip..
a
Min. int. in com.
—V. 142, p. 1119.
tures, for which
1934
1935
1934
..
Prop, pl't & eq-319,321,561 319,533,381
Investments
13,006,665
12,681,911
Cash
6,661,697
7,884,159
U. S. Treas. bills
2,000,156
Notes receivable
573,029
628",472
Accts. receivable
5,781,377
6,476,841
Int. receivable..
248,805
304,675
Mat'ls & suppl's
2,590,557
2,436,502
Appli. on rental585,408
250,117
Prepayments--.
330,364
312,033
Sink, fund cash.
93,157
177,650
Special deposits.
520,134
567,834
$139,285
Maintenance
1,452,014
Consolidated Balance Sheet Dec. 31
$644,265
263,750
46,710
194,519
Operation-
$2,402,184
931,296
$1,079,482
435,217
Gross earnings
$2,792,326
companies, not earned
1935
Net after rents
184,020,747 185,688,447
shares.—V. 140, p. 3387.
1936—Month—1935
Maintenance
.cscts
Elgin Joliet & Eastern Ry.—Earnings.—
Net from rail way
Surplus--i:
2,423,111
39,778
530,868
10,911,598
$3,860,910
1,578,183
213,749
483,423
Operation
3893.
February—
Gross from railway
36,915
638,455
9,850,097
reserves
Engineers Public Service Co. (& Subs.)—Earnings—
Period End. Feb. 29—
Gross earnings
Edison Electric Illuminating Co. of Brockton on June
p.
3,072,448
reserve
10,617
36,459
5,099
96,079
eliminated; that company having been consolidated with
1 1935.—V. 140,
company items
change
price
Balance
Inc. from other
18
_.
449,550
24,235
33,568,066
Crude & ref. oil
Injuries & dam.
Taxes
99,411
1,632,497
Contrlb. for exta—
20,844
Operating reserves
12,980
Unadjusted credits
Retirement res've.
Total
421,766
3,964,545
closed
148,400
79,574
18,480
197,400
Taxes accrued
11,794,902
412,001
3,291,383
186,042
Consumers' depos.
Miscell. liabilities.
434,296
29,434
debt-
Depr. & deplet- 30,495,450
to
Earned surplus.
Total
945,000
—
Mont. Elec. Co.
consumers'
on
5,326,200
2,380,468
Prem. on cap.stk
Consumers
Mdse. & jobbing
Appli.
6,034,950
2,802,760
of Ab. & Rock.:
Ace'ts receivable:
69,600
4,557
$
Elec. Lt. & P. Co.
Investments
Cash
1934
$
Liabilities—
Prop., plani & eq.ll ,030,142 10,895,101
in
Total
1934
%
Bals.
230,580
on
Customers' dep.
Bond discount &
33,687
charges
accrued
bonded
35,206
insur.,
$993,801
Drilling
Int.
& accts. rec'le
37,438
come tax
16,527
notes
Note—On June 1 1935 Electric Light & Power Co. of Abington & Rock¬
land was consolidated with Edison Electric Illuminating Co. of Brockton.
For comparative purposes the accounts of the two companies have been
Assets—
628,600
7,716,599
notes
& accts. pay—
117,287
1,076,095 Prov. for Fed'l
&
State
in¬
2,049,812
138,029
1,108,887
2,247,046
3,572
securs.
Non-curr.
taxes, int. and
other prepay's
eliminated in the foregoing statement.
3,085,613
vice
Prepaid
Balance Sheet Dec. 31
&
fineries & ser¬
$1,831,163
757,354
consolidated with intercompany items
47,377,800
1,482,707
Notes payable—
Accts. payable
.
70,000,000
49,041,800
7,160,783
Miscell. investsCash..
$1,758,714
764,914
Earned surplus Dec. 31
Capital stock. 70,000,000
Bonded debt
re-
;
$
$
Liabilities—
x
accts. rec'le
Net earnings...
Total
83,669
195,000
485,823
Retirement reserve accruals
Taxes ^including income taxes).
pipelines,
1934
1935
1934
$
storage faoil's,
1934
1935
1935
Assets—
Leaseholds, oilproduc. prop.,
Total
—
363,825,582 357,991,659
Tptal
—
606,245
5,528,166
363,825,582 357,991,659
a Represented by 158,080 shares $5
(cum.) dividend convertible pref.,
196,934 shares (1934—196,932 shares) $5.50 cum. div. pref. and 75,000
shares $6 cum. div. pref., of no par value (entitled to $110 per share upon
redemption or voluntary liquidation, or $100 per share upon involuntary
liquidation, plus accrued divs., except that after June 30 1938 the $5 pref.
is entitled to $105 per share upon redemption or voluntary liquidation).
Total preferred stock authorized, 431,000 shares.
b Represented by 1,909,968 shares (1934, 1,909,817 shares)« of no par
value.
Authorized, 2,349,000 shares.
c Before provision for cumulative dividends on preferred stock of Engi¬
neers Public Service Co. not declared, $5,808,842; excludes surplus of sub¬
sidiary companies accumulated prior to acquisition in the amount of
$7,875,643.
Note—Engineers Public Service Co. has outstanding common stock pur¬
chase warrants which were originally issued attached to certificates for the
$5.50 cum. div. pref. stock, 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.)
div. conv. pref. stock, convertible at option of holders up to June 30 1938
into 1K shares of common stock for each share of preferred.
The comparative statement of earnings for calendar years was given in
"Chronicle
of Feb. 8, page 952.—V. 142, P. 2155.
Fafnir Bearing Co.—To
Pay Bonus to Employeei
Approximately 1,200 employees of the company were notified on March 26
April 1,
that they would be given a bonus of 5H% or more on their pay
the close of the first quarter quarter of this year.
The company paid bonuses of from 5 to 8 H % of their pay to workers each
quarter of last year.—V. 141, p. 4165.
Famise Corp. of Philadelphia—Stock Offered—Public
offering by means of a prospectus of 45,000 shares of com¬
mon stock, priced at $2 per share, was made April 3 by
Reichart, DeWitt & Co., Inc., and a group of dealers in
New York, New Jersey, Connecticut, Maryland, District
of Columbia and other Eastern States.
This offering does
not represent new financing by the corporation, but consists
of shares owned by certain individual stockholders.
According to the prospectus, the corporation, first formed in 1930,
manufactures, sells and distributes foundation garments and other allied
products of feminine wear.
It has an authorized capital of 50,000 shares of class A common stock,
and 175,000 shares of common stock which carry the voting power.
It is
expected that in due course the company will apply for listing of the
common shares on one of the New York Exchanges.
2318
Financial
Chronicle
April 4 1936
Lawrence S.
operated at
Ware, President, reports that the business has not only
profit every year during its existence, but each year has shown
a
increase in net profits over the previous year, regardless of economic
an
conditions.
Corporation has distributing outlets
(branches, franchise
offices or dealers) in California, Connecticut, Delaware, District of Colum¬
bia, Florida, Georgia, Illinois, Kentucky, Louisiana, Maine, Maryland,
Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio,
Pennsylvania, South Dakota, Tennessee, Utah, Virginia, West Virginia,
and Wisconsin.
During the fiscal year 1935, 31 new franchise offices were
opened.
Quarterly dividends at the rate of 25c. per share per annum have been
paid on the class A stock from Jan. 1, 1935 to date and an initial dividend
of 20c. per share was paid on the common stock on Feb. 1, 1936.—V. 142,
p. 459.
Balance
Assets—
1935
Cash
U. 8.
Accts.
Federal Screw Works—Consolidated Balance Sheet Dec. 31
Cash
Notes & accts
Liabilities—
Loans to officers
5,826
Accts. receivable..
Cash in closed bks.
Notes rec'le (not
receivable-
60,771
2,226
891,358
986,630
1
1
12,094
Land, buildings,
mach. & equip.
Factory supplies &
prepaid expenses
Formulae,
proc¬
esses,
Land, bldgs.,ma¬
chinery & equip.
for
3,000
3,000
6,959
a
13,695
3,000
y
1,737,000
1,741,000
199,350
539,384
Capital stock
Deficit
Net after rents
—V. 142. p.
1,225,840
Includes $20,866 ($40,000 in 1934) of finished products not considered
Corp.—Registers Common with SEC—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933 covering
15,671
common stock.
The shares include 15,250 shares of authorized
stock, but unissued, and 421 shares of common stock now held in
the treasury.
The 15,250 shares of stock will be offered pro rata to common stockholders
in ratio of one new share for each eight shares owned.
The 421 common
shares will be offered to employees in accordance with terms and conditions
835,271
277,470
159,578
770,643
237,505
140,509
def687
1640.
Ry.—Earnings.—
141,
1769.
p.
Company—Interim Dividend—
def 29,133
69,637
def30,796
def48,558
def26,672
58,011
74,262
def34,895
def56,073
Net after rents
57,398
def53,228
def75,390
def39,873
def40,683
def57,961
—V. 142, p. 1641.
Foster
Wheeler
Corp. (& Subs.).— -Earnings—
[Incl. Foster Wheeler, Ltd. (Eng.), and Soc. Anon. Foster Wheeler (France)
Calendar Years—
1933
1932
V
1934
1935
Unfilled orders
$2,736,021
$2,528,557
$4,704,000
$6,07'3,400
a
Loss from manufactur¬
ing and trading
Other income
Pat. infringement judg't
Realized foreign exch...
-
870,795
112,801
495,141
375,107
93,884
421,398
112,539
72,188
52,368
3,857
Adjustment of res've for
income tax of prior yrs
24,604
46^13
60JOOO
$232,814
285,893
$256,619
274,920
$396,060
301,900
b22,838
b~5~,589
48,860
$697,994
305,140
80,000
7,964
$541,545
$537,128
$746,820
$1,133,599
124,726
$541,545
818,440
$537,128
1,355,568
$746,820
2,102,388
$1,258,324
3,360,713
$276,895
Deficit-
Depreciation
Res. for contingencies..
$818,440
$1,355,568
$2,102,388
Reduction of book value
of
Directors have declared a dividend o.7 93 H cents a share on the American
debenture receipts, payable on April 13, to holders of record of April 6.
On April 4 last year,
$24,334
$31,783
defl7,183
def25,839
$27,725
defl8,368
1—
Gross from railway
Net from railway
Income taxes
Fiat
1933
1934
1935
1936
$34,590
defl8,146
def28,732
be approved by directors.
The prospectus says that in case the shareholders do not purchase all
the common it may be necessary to enter into an underwriting contract.
—V.
736,514
110,872
Fort Worth & Rio Grande
shares of
may
$352,071
101,159
49,648
910,949
267,587
150,879
Net after rents
$1,539,147 $1,720,825
moving,
x After depreciation of $696,418 in 1935
and $627,870 in 1934.
y Represented by 158,500 shares (no par).
The earnings for the calendar year were published in our issue of Feb. 29,
page 1465—V. 142, p. 1983.
as
$391,044
123,802
70,146
997,000
current because slow
common
1933
1934
1935
$345,969
44,759
def10,080
From Jan. 1—•
Net from rail way
Net after rents
Gross from railway
Net from railway
Total
City Ry.—Earnings.
1936
$429,085
134,053
78,756
Gross from railway
Conv. 6M% 10-yr.
$1,539,147 $1,720,8251
Ferro Enamel
$1,592,013 $1,504,416
Total
$1,592,013 $1,504,416
From Jan.
as
market,
sees,
and
miscell. investments..
42,500
dividend of 81H cents was paid on the American
a
Net deficit
debenture receipts.—V. 140, p. 3041.
Preferred dividends....
First National
14,845
1,443,730
862,801[
1
&c
Fort Worth & Denver
5.580
34,756
27,309
9,848
600,0001
17,056
1
-
$45,841
36,000
21,443
764,779
15,000
February—
prepd. taxes, &c.
Deferred gold note
readjust, expense
expenses,
Common stock.-
1934
$61,920
Represented by 180,000 no par shares,
y After reserve for depreciation
of $428,185 in 1935 and $446,510 in 1934.—V. 142, p. 1120.
Unexp. ins. prems.,
Total..
712,514
February—
Federal
gold notes
Goodwill
Income tax..
Accrued
Surplus
Gross from railway
Net from rail way
Income tax
288
Fed.
x
payable
Jan.1 '36
x
41,970
13,105
Investments
150
323,522
Dlv. pay.,
y
13,469
69,333
<
300,431
Inventories
1935
Liabilities—
Accounts
$100,149
52,427
228,339
2,399
339,265
$155,116
44,783
Prov.
current)
x
$60,276
equip, and prop¬
erty purchases._
Sundry curr't liab.
7,273
18,787
7,394
1934
Equipment obiig..
Obllg. relating to
167,901
324,292
and directors
1935
Accounts payableAcer. interest, &o.
$92,630
$126,117
150,826
261,049
rec.
Inventories
a
1934
1935
99,656
Notes receivable.-
Total
Assets—
1934
$140,738
sees, at cost.
Dec. 31
Sheet
Corp. of Portland (Ore.)—Accumulated
Dividend—
Deducted from surplus
Surplus Jan. 1
The directors have declared
a
dividend of 25 cents per share on account
of accumulations on the $2 cum. and partic. class A stock, no par value,
payable April 15 to holders of record March 25.
A similar dividend was
paid in each of the 14 preceding quarters, prior to which regular quarterly
dividends of 50 cents were distributed.—V. 141, p. 4165.
Surplus Dec. 31..
a
After deducting all costs, incl. operation and mainteance of plants,
erection and installation of apparatus, selling, general and admin, expenses,
b Foreign taxes.
Consolidated Balance Sheet Dec. 31
Flintkote Co.—Files Amendments with SEC—
The company has filed an amendment with the Securities and
Exchange
Commission in connection with the 330,614 shares of class B stock which
are to be offered April 8.
In the amendment the company called attention to the fact that it has
been informed that Atlas Corp. and Lehman Bros, will reserve from the
initial public offering all the shares of common stock purchased by them,
namely 15,000 shares and 10,000 shares respectively.
been
informed
offering
up
that
to 30%
Flintkote also has
Lehman Bros, may reserve from the initial public
of the shares purchased by them and that the other
several underwriters may reserve from the initial public offeiing up to
20%
of the shares purchased by them.
The maximum aggregate number of
shares which may be so reserved from the initial public offering is 90,084 2-10
shares.
[Incl. Corporation and Foster Wheeler, Ltd. (Eng.) and Societe Anonyme
Foster Wheeler (France) ]
Assets—
Three
of the
submitted with
contracts
a
filed
in the
amendment
request for confidential
of Flintkote Co.
treatment.
were
Eastern dated Dec. 27, 1935, provides for purchase by Flintkote of asphalt
flux for its East Rutherford plant during 1936.
The third agreement with
Shell Petroleum Corp., dated Dec. 19, 1935, provides for the purchase by
Flintkote during 1936 of asphalt flux for its New Orleans plant.—V. 142,
P. 2156.
Florida East Coast Ry.
February—•
Gross from railway
Net from railway
Earnings
1936
$1,082,875
456,824
345,282
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
1934
1933
$991,425
307,495
196,594
$1,007,644
434,671
307,599
$926,666
423,844
302,086
1,717,856
424,863
1,859,969
738,591
488,800
1.696,185
689,323
456,202
197,041
—V. 142, p. 2156.
Fort Smith & Western Ry.February—
1936
$68,702
16,952
9,022
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
142,780
37,451
20,971
Net from railway—
Net after rents
—Earnings
1935
$52,200
Q79
def5,913
1934
1933
$56,166
4,766
defl,077
$54,097
3,335
def 1,419
199,387
15,869
3,238
108,835
5,547
def2,808
120,162
13,767
def385
—V. 142, p. 1640.
Formica
Installation
Calendar Years—
Co.—Earnings—
1935
1934
1933
1932
$2,125,676
$1,598,170
!$1,242,606
$1,171,405
93,324
1,551,669
244,148
71,381
1,201,671
227,669
55,495
892,159
212,504
53,394
887,851
203,096
Profit from operations
Other income (net)
$236,534
$97,448
6,253
$82,448
4,836
$27,063
Total profit
Federal income tax
$242,432
21,443
65,976
$103,701
$87,284
$27,913
77,876
79~951
84",052
$155,012
144,000
$25,825
$7,333
loss$56,138
22,500
$11,012
$25,825
$7,333
def$78,638
$0.86
$0.14
$0.04
Nil
Deductions from sales
__
Gen. & admins, exps.
Depr. of plant & equip.
_
Net profit
Divs. decl. & payable
Surplus
Earns,
per
sh.
on
5,898
850
180,000
shs. cap. stk. (no par)
& expense
Accrued
152,352
1,296,730
622,204
1,229,951
Accrued interest..
Inventories
Investments
rec.
ploy.
with
&
79,929
113,780
fran¬
chise taxes
44,115
77,076
226,099
226,099
58,145
Res. for contlng..
differences
1,890
65,643
Min. int. in subs..
in¬
917
1,127
$7 preferred stock,
1,75V,800
12,319
1,751,800
Common stock..
4,044,495
5,679,012
276,895
818,439
30,359
Deferred credits..
2,972,955 z4,823,716
27,475
cos
Fixed assets
Deferred charges..
Patents
inc.
91,157
319,948
on
billed contracts.
Acer.
$366,655
Res.. for exchange
em¬
subscrips.
Deposits
y
on
4,081
555,962
costs
$507,821
14,306
28.493
111,689
purchased
129,563
x
Earned surplus
Good will & devel¬
Total.
—
$7,321,393
$9,191,882'
Total
$7,321,393 $9,191,882
x Authorized 300,000 shares
(no par value); reserved for conversion of
preferred 44,545 shares; issued and outstanding. 241,127 shares, y After
depreciation of $2,703,287 in 1935 and $3,275,814 in 1934.
z The stock¬
holders on June 24 1935 approved a total reduction of $1,634,516 in the
book value of fixed assets with a corresponding decrease in the book value
of common stock and capital surplus.—V. 142, p. 2156.
Foundation Investment Co.—Dividend Plan
-
1935
1,944,218
705,115
492,082
Net after rents
wages
108,471
152,859
4,454
1934
com mis.,
secur.
oped patents
One agreement with Shell Eastern Petroleum Products, Inc., dated
Jan. 3, 1936, provides for purchase by Flintkote of its heavy fuel oil for its
East Rutherford, N. J., plant during 1936. Another agreement with Shell
Accrued
due after 1 year.
Bal.
1935
Accounts payable-
$650,198
1,476,845
Trade notes receiv.
Marketable
surance
terial contracts.
Liabilities—
1934
$915,692
1,203,026
Notes & accts. rec.
Another Amendment Filed with SEC—
The company has filed another amendment with the Securities and Ex¬
change Commission.
This amendment for the most part relates to ma¬
1935
Cash
The stockholders
Approved—
have
approved a plan to eliminate dividend arrears,
$25,50 a share as of Dec. 15, 1935.
Under the plan
present 6% preferred will be exchanged for non-cumulative 5% preferred
stock.
In addition, holders will get $5 in cash and l-10th share new pref.
in lieu of back dividends.—V. 133, p.3974.
which amounted to
(Peter) Fox Brewing Co.—Earnings—
8 Months Ended Feb. 29—
Net profit after charges and Federal taxes
Earnings per share
(par $5)
—V. 142, p. 784.
General
011
1936
1935
$96,694
$49,757
100,000 shares capital stock
Asphalt
$0.96
0.49
Co.—Annual Report—-
Arthur W. Sewall, President says
in part:
Properties Disposed of—In the 1934 annual report reference was made to
the disposal of certain properties, including the capital stock of New York
& Bermudez Oo. and Bermudez Co., which companies hold asphalt and
heavy gravity oil concessions located in a small district in Eastern Venezuela.
Venada Co., Ltd. of Toronto, Ont., took delivery of these shares April 10
1935.
All sums received by General Asphalt Co., whether as option or as
purchase money, were credited to surplus accounts against which were
charged the book values previously carried by General
Asphalt Co. for
these investments.
The properties have not yet been operated by the
purchaser and no royalty oil has accrued under the right, created as a part
of the sale, by Bermudez Co. in favor of General Asphalt Co.
In connection with this sale, an option had been given to Venada
Co.,
Ltd. to a lease of freehold oil lands owned by our Trinidad subsidiaries.
This
option Venada assigned to McColl-Frontenac Oil Co., Ltd. of
Morntreal, Que., which organized a wholly-owned local subsidiary, Antilles
Petroleum Co.
(Trinidad), Ltd., to take formal leases.
These were duly
.executed in Trinidad in Dec. 1935.
They provide, among other things, for
the prompt drilling of three test wells and for an oil royalty in favor of our
Trinidad subsidiary.
The lessee promptly commenced work and has since
completed the erection of necessary tanks and other field facilities, including
two steel derricks and the provision of modern rotary
drilling equipment.
The first of the required test wells was nearing completion early in 1936.
Additional Trinidad Oil Royalty—The United British Oilfields of Trinidad,
Ltd., to whom in 1933 company assigned its 2,000-acre Crown Oil Lease has
applied for and will in due course receive from the Colonial Government of
Trinidiad the 21-year extension of said lease (or a new lease in its place) in
pursuance of the terms of the assignment agreement.^ The lessee has carried
Financial
Volume i42
on
active and
successful drilling work on this property,
and to Dec. 31 1935
produced crude oil in volume to yield royalty deliveries to our Trinidad
ubs idiary of 42,698 barrels.
Continuous drilling operations were in progress
had
the year.
Oil Royalty—Under
at the close of
1923 with
1,971,071 barrels
total amount of
royalty oil so delivered since the inception of this contract to Dec. 31 1935
was 18,607,010 barrels.
These deliveries are subject to payment by com¬
pany of production taxes and transportation charges to the port of delivery,
at present Curacao, N.W.I.
To the extent that royalty oil is moved into
company's refineries, there are also involved the cost of transportation
Venezuelan
the agreement made in
companies forming part of the Royal Dutch-Shell Group,
of royalty oil were delivered to company in 1935.
The
N. J., and the payment of U. S. excise
is 21 cents per barrel.
engagement by Barber Asphalt Co. of Dr. Walter P.
Rittman, of Pittsburgh, Pa., as consulting petroleum technologist having
expired, a new agreement was entered into between the parties, dated
from
Curacao
to Perth Amboy,
tax, which at present
Stock Options—The
1938, providing for compensation
May 1 1935 and terminating March 1
the form of two options to purchase for cash shares of the capital stock
owned by Barber Asphalt Co., as follows: 2,000 shares at
$13 per share, to expire March 1 1936; 2,000 shares additional at $15.25
per share, to expire March 1 1938.
Both options were outstanding Dec. 31 1935, but on Jan. 2 1936 Dr.
Rittman exercised the first option, whereupon 2,000 shares were delivered
to his nominee.
Dr. Rittman is reimbursed for out-of-pocket expenses
in
of company,
incurred under the agreement,
but he receives no salary or
compensation
other than the above described options.
Consolidated Income Account for Calendar Years
1935
1934
1933
Total vol. of bus. done-
1932
$9,293,751
$8,084,072
$7,109,997
$6,717,933
8,817,229
_
8,428,522
6,981,772
6,959,133
Oper. exp., maint. & ad¬
ministrative expenses.
$476,522 loss$344,450
69,776
513,995
Net trading profit
Other income, i
$128,225 loss$241,199
151,007
112,231
$169,546
443,746
4,875
$279,232 loss$128,968
448,702
483,524
6,925
8,775
14,350
$546,298
349,046
3,150
Total income
Deprec., deple. & amort.
Interest
Extraord'y charges (net)
40,666
17,513
28.000
pf$153,435
$296,588
$218,745
$621,268
194,177
$218,745
$815,445
U.S.& Trinidad inc.taxes
Net loss
96,545
Common dividends
$296,588
surp$56,890
Deficit
Consolidated Balance Sheet Dec.
Real
$
$
equip.,
mineral deposits,
3, 047,314
Accts.,
bills,
Inventories
66,389
40,666
(est.)
54,000
72,000
269,305
228,029
1,994,855
130,228
,816,063
63,053
Res. for obsoles'ce,
transport, prop.
Adv.
stock,
901,032
expenses
901,012
207,812
at cost
Total
4,133,330
292,994
Conting. reserve..
707,012
Invests., at cost.,
Treasury
369,286
Equip, trust ctfs..
....
Deferred
4,133,330
payable.
S. & Trinidad,
818,561
after
reserves
Accounts
U.
incl. taxes
&c.,
receivable,
c
(par
$10)
,201,534bl3,563,184
2,233,699
a8
<fcc
Cash
$
S
Liabilities—
Common stk.
est.,
1934
1935
1934
1935
Assets—
31
279,571
14,943,822
19,921,1091
payment un¬
50,000
'
der option
Total
11,340,743
3,737,625
14,943,822 19,921,109
depreciation, depletion and amortization of $342,668 since
b After depreciation, depletion and amortization amounting
to $4,892,350.
c Consists of 27,110 shares in 1935 and 27,109 shares in
1934.—V. 141, p. 2888.
After
a
Jan.
1 1935.
Corp.—Annual Report for 1935—Alfred
President, states in part:
General Motors
P.
Sloan Jr.,
Industry's Responsibility
Its
of
General Motors Corp.
Every effort has been made to discharge adequately
that obligation.
It is felt that this responsibility embraces not only the
obligation of presenting, in detailed form, important facts of a statistical
character with respect to the corporation's affairs, but in addition, such
salient matters of a general and economic nature as will enable the stock¬
The responsibility of the management of an industrial organization to
stockholders has always been fully recognized by the management
holders to obtain
as
tion's position and
However,
to
undesirable.
complete an understanding as
is possible of the corpora¬
of influences that may affect its trend in the future.
forecast that effect in definite terms would be
attempt to
submission of facts of a general and economic
justifies elaboration.
No one can deny that, as our national economy
becomes more and more involved, the margin of error within which, as a
nation, we can operate and maintain the essential economic balance, to say
nothing of making progress, is being constantly narrowed.
If our country
is to remain a democracy in fact, it is essential that, through the process of
education, there be developed a better understanding not only of the factors
involved in our increasingly complicated national economy, but also of the
economic consequences of the things that are done, as well as the things
that are not done, which influence the lives, the happiness, and the security
of all the people.
The management of General Motors Corp. recognizes
such a responsibility and assumes the obligation, with respect both to its
stockholders and to the community at large, of promoting in every proper
way a more comprehensive understanding of industry; what it contributes;
why it contributes; how it can contribute more, and why it may contribute
less.. In no better way than through the agency of industry itself will the
The responsibility for the
nature
economic facts with respect to industry's progress, and their influence on
human progress, be presented to the forum of public opinion.
The more
the people discuss and debate
these facts in which they are
vitally concerned,
conduct
the better their understanding and the surer and wiser will be the
of our national affairs as affecting human progress and security.
On the other hand, this responsibility should be definitely limited to
establishing in the public mind this broader knowledge and this greater
understanding.
It is important to recognize that industry, as such, must
not concern itself with promoting the fortunes of any political agency,
because many of the vital problems that must be dealt with will involve
action outside of industry and frequently, political action.
In accordance with this thinking, reports are submitted at the end of each
quarter outlining the results of the quarter's operations, supported by such
comments as may seem pertinent.
These reports are supplemented from
time to time by messages on special subjects, as circumstances may justify.
As soon as possible after the close of each year, an annual report is sub¬
mitted—the purpose being to deal comprehensively with all important
events that have developed within the year under review.
Financial Review
Earnings—Net earnings
from operations for 1935 were
of $94,769,131 for 1934.
This compares with net earnings
$167,226,510.
After paying
regular dividends on the preferred stock requiring $9,178,220 for 1935,
there remains $158,048,290, being the amount earned on the common stock
outstanding.
This is equivalent to $3.69 per share on the average number
of common shares outstanding.
For 1934, after deducting preferred divi¬
dends, there remained earnings of $85,590,911 on the common stock,
equivalent to $1.99 per share.
The net earnings of $167,226,510 for the year 1935 reflected certain
items which are set forth herewith,
(a) There was deducted a distribution
of $4,647,025 to the operating organization, through "an appreciation fund,"
in recognition of the contribution by the employees to the improved year
that the stockholders had enjoyed.
This took the form of a payment on
Dec. 23, 1935, of $25 to each of the 185,881 members of the organization in
the United States who had been in the service of the corporation since
July 1, 1935.
Employees eligible to participate in the corporation's bonus
fund were not included,
(b) There was included a non-operating profit of
$2,603,541, of which $591,308 represents a profit arising from the sale by
General Motors Corp. of certain securities and $2,012,233 represents a
revaluation to current market values of securities held by the General
Exchange Insurance Corp.
(c) There was charged against earnings an
amount of $1,510,577 which reflected a reduction in the goodwill and patent
account, due to certain activities liquidated,
(d) There was excluded from
reported earnings in 1935 that portion of the earnings of certain foreign
subsidiaries which could not be remitted due to exchange restrictions.
Tne
earnings excluded, based upon the previous par rate of exchange or the
current
nominal rate, whichever was lower, amounted to $5,659,475-
$4,705,,
equivalent to $0.13 per share of common stock.
Of this amount,
433, or $0.11 per share, represented earnings of Adam Opel, A.G. (converted
reichsmark).
In comparing the net earnings for the current year with previous years,
attention is called to the fact that, due to advancing the new model introduc¬
tion dates to around Nov. 1 from Jan. 1, as had been customary heretofore,
the operations of the motor manufacturing and accessory units were ad¬
vanced by substantially two months, so that their earnings were favorably
affected, as compared with previous years.
As a result, earnings for the
fourth quarter of 1935, amounting to $1.18 per share, constituted a record
for any fourth quarter, the previous record being $0.90 per equivalent share
in 1927.
The earnings of future years, however, should not necessarily be
adversely affected unless the previous practice of introducing new models
in January should be reinstated.
Dividends—Regular dividends were paid on the preferred stock during the
year, requiring $9,178,220.
The regular quarterly dividend rate on the
common stock was increased from $0.25 to $0.50 per share, effective with
the Sept. 12, 1935 payment.
Dividends totaling $2.25 per share were paid
on the common stock during the year.
Dividends paid on the preferred and
common stocks during the
year were equivalent to 63.2% of the total
earnings available, as compared with 77.7% for the year 1934.
Dividends
disbursed during the six year period, largely the period of the depression,
beginning with the year 1930 and including 1935, were equivalent to 98.7%
of the total earnings available for the period.
Dividends disbursed during
the 10-year period, terminating with the year 1935, represented 76.8% of
the total earnings available.
Net Working Capital—Net working capital at Dec. 31, 1935 was $319,961,219, and compares with $273,174,677 as of the corresponding date a
year ago, an increase of $46,786,542.
This increase in net working capital
is accounted for principally by (a) the excess of $61,571,542 in earnings over
dividend disbursements for the year, (b) an increase of $4,705,799 in reserves
other than depreciation and (c) a reduction of $5,702,164 in the investment
in General Motors Management Corp., of which $5,305,963 is due to the
at
23.8 cents
192370854
per
repayment of part of the indebtedness of that corporation to General Motors;
partially offset by (a) an increase in net plant account which had an un¬
favorable effect of $13,499,328 on net working capital and (b) an increase
of $9,927,258 in investments in subsidiary and affiliated companies and
miscellaneous items, of which $7,749,083 represents an additional invest¬
ment in General Motors Building Corp., due to the retirement on Feb. 1,
1936 of the mortgage on its Detroit building.
This mortgage was retired
in order to save interest charges.
The increase of $13,499,328 in net plant
account is due to the excess of expenditures for plant over the net increase
in depreciation reserves and properties sold or charged off.
The necessity
for these plant expenditures was the expansion of tne corporation's manu¬
facturing facilities.
Real Estate, Plant and
Equipment Account—Total real estate,
plant and
equipment account as of Dec. 31, 1935 amounted to $592,150,300.
This
with $553,947,449 at Dec. 31, 1934, representing an increase of
$38,202,851.
Reserves for depreciation as of Dec. 31, 1935 amounted to
$272,972,681.
This compares with $248,269,158 as of Dec. 31, 1934, an
increase of $24,703,523.
The net book value of real estate, plant and
compares
equipment, therefore,
increased $13,499,328 during the period.
An
Operating Review
review, notwithstanding the effect of many adverse
the forces of recovery throughout
so that the general trend of in¬
dustrial activity continued upward, not only domestically but in practically
all countries throughout the world.
This was reflected throughout sub¬
stantially all of the corporation's operations both at home and abroad.
This improved world-wide trend, so far as the automotive industry is con¬
cerned, is indicated by the following summary which displays registrations
of new cars and trucks distributed among the major markets of the world
for the 10-year period terminating with tne year 1935:
During the year under
1,325,000
Capital surplus— 5,749,296
Earned surplus— 3,002,937
2319
Chronicle
influences, largely political in character,
the world continued in the ascendancy,
Registrations of New Cars and Trucks in Major Markets
of the World
-Foreign Markets
Entire
U.S. &
Br. Isles
Oermany
Other
Total
World
Year—
Canada
65,445
765,486 1,027,051 4,831,273
196,120
1926——3,804,222
94,606
752,365 1,060,592 4,169,846
213,621
—3,109,254
139,554
855,994 1,214,503 4,904,991
218,955
3,690,488
138,282 1,010,159 1,390,962 6,002,760
242,521
4,611,798
687,055 1,012,963 4,180,503
96,090
229,818
3,167,540
500,845
779,442 3,084,788
68,343
210,254
2,305,346
382,668
643,661 1,970,620
48,276
212,717
1,326,959
418,240
761,628 2,547,972
92,270
251,118
1,786,344
571,854 1,036,048 3,400,868
150,329
313,865
2,364,820
635,606 1,204,631 4,557,469
201,225
367,800
.3,352,838
Total
Industry
The
position in each market for the year 1935
the best previous year and in the year 1929, is
automotive industry's
related to its position in
shown in the following summary:
Volume in
Volume
1935 as
Best Year
Prior to
1935
Major Markets—
P. C.
to
in 1935
of Best
Year Prior
1935
as
P.
C.
of
Year 1929
United States and Canada
1929
72.7%
72.7%
Foreign markets: British Isles
1934
117.2%
133.9%
62.9%
151.7%
145.5%
Germany
Other foreign
markets
Total foreign
Entire world
markets
1934
1929
1929
1929
86.6%
75.9%
62.9%
86.6'
75.9<
far as the important manufacturing countries
of Great Britain and Germany are concerned, the year 1935 established an
all-time record for the registration of automotive products, exceeding the
year 1934, which had likewise established a new record.
So far as the
markets outside of the United States and Canada are concerned, it will be
noted there is an indicated recovery to the extent that registrations of
automotive vehicles were 86.6% of the record year of 1929.
In the United
States and Canada, registrations of passenger cars and trucks were 72.7%
of the record year 1929, but it must be remembered that the year 1935 was
favorably affected by the advancement of the date of the industry's new
model introductions.
Had that change not occurred and had the usual
seasonal trend prevailed in the last few months of the year, registrations
for 1935 would have been less than 70% of the 1929 total.
There can certainly be no greater evidence of the strength of the economic
position of the motor car, both for the transportation of passengers and for
the transportation of merchandise, than this demonstration of world-wide
recovery from the influences of the depression period.
The automotive
industry continues to have, next to the essential items of food, shelter and
clothing, the most important lien on the purchasing power of the com¬
munity.
It continues to expand its sphere of usefulness as the servant of
mankind, not only adding much to the comforts and conveniences of living,
but widening the horizons for both observation and opportunity as well.
The corporation's total net sales in terms of value of its various products,
automotive and otherwise, but excluding all intercompany and inter divi¬
sional transactions, amounted to $1,155,641,511 during the year under
review.
This compares with $862,672,670 for the year 1934, a gain of
34.0%.
The corporation's sales to dealers of cars and trucks produced at home and
abroad, amounted to 1,715,688 units during the year.
This compares with
sales of 1,240,447 units for the year 1934, a gain of 38.3%.
The corpora¬
tion's total unit sales of cars and trucks in 1935 were equivalent to 90.3%
of its record of 1,899,267 units reached in 1929.
The above indicates that, so
Domestic
Operations—The corporation's total sales of motor cars and
the United States, in units, were 1,370,934 for the
trucks to dealers within
1935, as compared with 959,494 for the previous year, an increase of
411,440 units, or 42.9%.
Based upon registrations of new motor vehicles, both cars and trucks,
in the United States for the year 1935, the corporation secured 37.5% of
the total volume, as compared with 39.7% for the year 1934.
The corpora¬
year
relation to the total industry, was adversely affected by
delays in production at the beginning of the year, as well as by an interrup¬
tion of production during the month of May, due to labor difficulties at one
tion's position, in
of its important car
manufacturing divisions.
Overseas Operations—For many years past, the export of the corporation's
products to overseas countries has had a favorable influence on its general
economic position, and still more importantly, has contributed subetantialy
to its earning ability.
During the past decade, there has been developing an
2320
Financial Chronicle
ncreasing trend in the manufacture of automotive production the
part of
the industrial or manufacturing countries of the world.
Recognizing the probable influence of this trend on the corporation's
position in future years, and having established effective
distributing or¬
ganizations throughout all the countries of the world for the sale of
its
products, there was adopted, about 10 years ago, a policy of
expanding the
source of supply of cars and trucks
by engaging in manufacturing operations
in countries
strategically located.
This policy became effective in Great
Britain during 1925,
through the manufacturing operations of Vauxhall
Motors, Ltd., and in Germany, during 1929, through the
manufacturing
operations of Adam Opel A. G.
The association of the corporation with
these properties has been dealt with in
previous annual reports.
Consolidated Income Account for Calendar Years
1935
a
estate plants & equipment
35,361,006
$
32,616,832
30,149,825
37,173,647
88,151,923
9,392,828
in
undivided profits and losses of
!
'
•
sub. & affll. co.'s not consol—
1,329,224
10,578,493
9,077,583 Dr3,490,747
Net profit from operating and
investments
206,555,934 116,554,950
Less provision for:
^
1928
97,229.506
5,902,081
1,527,648
2,793,991
v.;.
Empl. savings & lnvest't fund.
Guaranteed settlement of 1929,
Notwithstanding the handicaps just enumerated, the policy adopted
by
the corporation has resulted in
maintaining and actually improving, rela¬
tively and absolutely, the volume enjoyed in the markets
outside of the
United States and Canada.
As a matter of fact, the
participation of
General Motors products in such markets
reached an all-time high in the
year 1935, measured by the number of units.
It will be observed that, with unit sales of
284,281 cars and trucks over¬
seas, the year 1935 established a new
record, exceeding the previous record
of 282,157 units sold in
1928.
As compared with the year
1934, sales to
overseas markets in 1935 showed an
increase of 63,721
3,445,876
2,669,440
1.846,444
1,543,885
2,219,155
3,445,876
and
4,515,884
3,071,532
5,013,146
5,514,748
2,302,559
1927 invest, fund
classes, maturing Dec.
1934, 1933 and 1932
31,
Total
Deduct Investment fund
rever¬
sions acct. of employees sav¬
ings
withdrawn before class
maturities
4,240,655
loss337,470
Empl.savs.& invest, fd. (net) pf2,068,871 ;i
Empl. bonus and payment to
2,213,325 pf1,169,123
5,350,617
General Motors Mgt. Corp.
Amts. provided for empl. bonus
11,355,786
3,677,755
pay. by certain foreign subs.
having separate bonus plans.
Special payment to employees
366,000
297,700
under stk. subscription plan.
6,632
13,442
21,112
36,154
9,659,446
6,202,222
1,588,000
5,386,771
Net inc. bef. inc. & profit
taxes.196,896,488
for U. S. and foreign
515,310
_
28.9%,
unit sales of 220,560 in 1934.
Net wholesale value of
$248,088,354
an increase of
$45,824,729, or 22.7%, over the net wholesale value
showed
of
1932
$
205,226,710 105,976,457
Balance after depreciation
Gen. Motors. Corp.'s
equity
in past years.
or
1933
$
1,155,641,511 862,672,670 569,010,542 432,311,868
Profit from oper.&inc.fr.
invest.240,587,715 138,593,289 118,301,748
46,566,474
Provision for depreciation of real
exchange and fluctuations in exchange rates, and governmental
encourage¬
ment with respect to local manufacture.
Such pol icies of nationalism, some
with the urge of necessity, have resulted in
closing or greatly restricting
markets in which American automotive
products enjoyed excellent volume
units,
1934
$
Net sales
The trend toward automotive
manufacturing abroad, previously referred
to, was accelerated during the period of the depression
by the development
of numerous restrictions
against international trade, such as increased
tariffs, inauguration of quotas and embargoes, limitations
upon available
over
April 4 1936
(9) A discussion of executive compensation and its costs to the corporation.
(10) Number of employees, payrolls and stockholders.
$202,263,625 in 1934.
Attention is called to the fact that
volume, as
measured in terms of net wholesale
value, did not establish a new record.
This is accounted for by the fact that
the value per unit has .declined due to
the increasing percentage of units in
the lower price classes".
Prom the inception of the
corporation's participation in overseas markets
through the year 1928, approximately 100% of such sales emanated from
United States and Canadian sources.
During the year 1935, inly 47.4%
of the corporation's sales in
these markets came from United States and
Canadian sources—the balance
being produced by the overseas manu¬
facturing operations.
Notwithstanding this fact, the position of the
corporation's American products has been more than
well
Total
2,736,011
110,352,728
95,641,506
29,465,897
15.411,957
12,217,780
284,711
discussing the transportation problem, President Sloan
states that, in his
opinion, the only way to restore the prin¬
ciple of free enterprise is to establish each transportation
.167,430,590
94,940,771
83,423,726
230,599
G.M. Corp. propor. of net inc. 167,226,510
$5 series preferred stock dividends
9,178,220
94,769,131
9,178,220
83,213,676
9,178,845
164,979
9,206,387
agency on its own foundation of fact ana effectiveness and
permit each to develop its maximum contribution to national
Amount earned per share of $10
measured by their proportion of the total of
sold in these markets.
maintained,
Provision
as
income taxes
Americanjautomotivejproducts
Net income
In
welfare.
Mr. Sloan's discussion of this
subject
lows:
Even
social
a
was as
Amt. earned
c
misconception as to fact than
highway and the
enjoys a valuable franchise in the use
or our
wonderful system of national
highways.
There can be not question
as to that.
There can be no question,
either, as to the economic justifica¬
tion of those
users, as a group, bearing the cost of the facilities which
their
general use demands.
The sole question to be
determined, is: What is
that cost ?
anifestly, in dealing with a problem so great, it is
highly essential
that the facts be
made available and that these facts be
developed on the
basis of an
unprejudiced, disinterested examination
of all the circumstances,
fortunately, such information is available.
Entirely aside from the question as to whether the user of the
highway
pays adequately in the form of taxes
for the cost and maintenance of the
franchise that he
enjoys, there has
into the picture during the
past
policy of penalizing the user of the highway
through the process
lew years a
^diversion.
"diversion"
is
S
a
the
practice
of applying motor
vehicle fees and gasoline taxes to
other than highway purposes.
The un¬
soundness of diversion is
easily apparent.
The practice is largely dis¬
credited by both Federal and
State authorities concerned with the
highway
problem.
It places a
disproportionate and undue burden on the user of
our
highways.
It constitutes a serious threat to the
expansion of highway
transportation and its
ability to render service to the
community at the
lowest economic cost.
In the original
development of our modern highway
system following the advent of the
motor car and truck, it was the
general
practice of most states to refrain from
the diversion of
highway revenues to
other than
revenues
highway
purposes.
have
During the last five
years,
however, State
greatly diminished and legislators have resorted to motor
vehicle taxes, as a fruitful source
of funds for all manner of
expenditures
^htirely unrelated to highway
cost and maintenance.
35 States
engaged in this practice.
State taxes levied
upon the
In the year
other
Subjects Covered by Mr. Sloan
in His Report Are Summarized
as
Corp.'s equity
1934
1933
$
■
1932
$
$
—
......
428,157,067 334,552,268 302,787,711 292,225,074
stock... 96,476,748
64,443,491
53,826,354
53.993,330
Surplus for period.
was
331,680,319 270,108,777 248,961,357 238,231,744
adjusted each
year to reflect such
surplus, but the report inc. of G. M. C.
equities).
Consolidated Balance Sheet Dec. 31
Assets—
1935
Invest,
1934
$
;
Investments—
$
1933
v
1932
$
$
in sub. & affil.
co.'s not consolidated
245,641,384
235,714,125
228,893,524
211,030,901
General
Motors Mgt.
Corp. 6% debs, due
subsequent to 1 year.
General
33,553,555
39,255,719
38,525,000
39,875,000
f23,549,722
e20,160,161
dl6,644,233
11,808,781
592,150,300
4,017,587
50,325,642
185,450,398
11,741,527
2,243,738
553,947,449
4,244,435
51,836,955
148,326,541
35,639,240
3,000,828
512,703,982
15,053,982
51,837,677
150,952,197
26,141,792
499,982,231
17,433,418
51,839,435
151,152,747
19,327,083
209,977
2,300,864
1,675,960
838,877
10,008,549
982,574
Motors
7,025,745
1,235,522
3,070,585
2,346,632
4,126,901
2,762,870
56,600,244
196,325,118
28,708,269
138,598,157
18,834,045
115,584,600
2,500,779
24,828,887
75,478,612
3,280,910
Corp.
stocks held in treas'y
Fixed assets—
Real estate, plants and
equipment
Deferred expenses
Goodwill, patents, &c_
Cash in banks & on hand.
U. S. Govt, securities...
Temp, loans & market
sec
General Motors
ment
Manage¬
6% bonds
•
375,000
Sight drafts with bills of
lading
attached
C.O.D. items
and
Notes receivable
b Accounts
and trade
rec.
acceptances
Inventories
_
Prepaid expenses
Total....
1,414,266,298 1,268,532,026 1,183,674,006 1,115,228,641
Liabilities—
.
Accounts payable
Taxes, payrolls and
70,275,797
Employees'
39,259,271
33,578,894
22,990,606
31,873,542
21,544,738
16,720,512
17,576,143
10,077,267
11,250,122
11,278,956
15,193,660
sun¬
dry accrued items
savings fund
payable within 1 year..
Contractual
liability
Gen. Mot. Mgt. Corp.
Accrued divs.
on
i
to
U. S. and foreign income
taxes
pref. stk.
1,677,893
838,877
368,005
29,599,585
1,562,805
15,742,691
1,562,805
12,673,537
1,562,805
272,972,681
2,518,956
11,342,206
20,344,214
248,269,158
5,677,893
187,536,600
435,000,000
1,628,588
8,834,717
22,875,287
1,838,877
187,536,600
435,000,000
208,939,143
301,213
9,710,537
13,415,345
1,368,006
187,536,600
435,000,000
2,126,540
331,680,319
2,241,517
270,108,777
2,259,096
248,961,357
Reserves—Deprec. of real
estate, plants & equip—
Employees' inv. funds.
Employees'saving fund
Sundry contingencies._
Follows:
A financial review of General Motors'
1935 operations.
An operating review: (a) The
industry as a whole,
(b) Domestic
operations, including comments on economic
situation, early introduction
of new models and labor
employment stabilization,
(c) Overseas opera0n® an(i comments on
world trade conditions
affecting these operations.
(4) A discussion of the corporation's 1936
automotive products.
(5) A discussion on the importance of
transportation, together with com¬
ments on government
regulation and taxation.
(6) Corporation's plant developments.
(7) A discussion of the corporation's labor
economics, together with statistics
on
average working hours per week and average
hourly wage rates.
(8) A discussion of tne cost of
government, with statistics on total taxes
paid by General Motors within the United
Statse, and taxes per share
of General Motors
common stock, per
employee and as a per cent of
payroll.
J;
no effect has been given to
a In the net losses (the excess of such losses
over undivided profits) of
subsidiary
and affiliated companies not consolidated since acquisition to Dec. 31 1930
(prior
to 1931 these equities were not carried to
(1) Industry's responsibility in the national welfare.
(2)
(3)
viz:
viz:
270,108,777 248,961,357 238,231,744 301,266,482
158,048,290
85,590,911
74,034,831 df9,041,408
Z>r9,478,864
above
as
Cash divs. paid on com.
1934,
Approximately 20% of the proceeds of
highway users was diverted in that year to pur¬
than the
development, maintenance and protection of the
nations
highway system.
The decrease in available
highway funds
through diversion creates a
tendency to neglect highway safety projects
and we thus lose the
benefit of roads engineered and built for
safe travel.
poses
Gen. Motors
Total surplus
come
meant
exchange restrictions,
1935
before the community
exists with respect to
the question of the taxation of the
highway user.
The highway user
during
-
Surplus forward
Surplus for year
progress.
concern
year
year
■
of common stock outstanding
Surplus Account for Years Ended Dec. 31
in a
moment in which there is
any greater
outstanding during the
?
.
Note—In recognition of foreign
substantially the
the
loss$0.21
the 1935 earnings of certain foreign subsidiaries.
flexible, and
There is hardly any problem of national
b$1.72
42,705,665.
expands the jurisdiction of the Interstate Commerce
Commission to transportation
by highway.
The Congress of the United
States now undertakes to
apply the same type of regulation to highway
transportation, that it has previously applied to transportation
by rail.
And it is reasonable to
suppose that the final result will be
at
On average number of shares of common stock
d On average number of shares
to their present unfavorable position.
Instead of giving the national
economy the benefits of this new,
more economical form of
transportation, With the rseulting
lower cost of goods and
services, the tendency will be to throttle
its efficiency and limit
its effectiveness to the now
existing standards.
The
accepted standards of transportation cost will
be the yardsticks of the past.
The consideration of
existing facilities, including relics of the past, will tend
toward a disregard of the
possibilities that engineering and
manufacturing
progress offer,s in the form of
lower transportation costs.
Instead of the
deadening hand of strait jacket governmental regulation,
^ouidit not be wiser to establish
each agency on its own foundation of fact
and effectiveness and
permit each to develop its maximum contribution to
the national welfare ?
This would restore the principle of free
enterprise
and
encourage the exercise of individual initiative.
That is the real road to
74,034,831 def9,041,408
c$1.99
43,043,848 shares.
42,943,949 shares.
During the year the Federal Motor Carrier Act became
effective—the
purpose of which is the
regulation of the rates and the practices of certain
classes of motor carriers of
freight and passengers moving in interstate
commerce.
This Act
benefit
85,590,911
d$3.69
but before providing for depreciation of real
estate, plants and equipment.
b On average number of shares of common stock
outstanding during year viz:
of the political
consideration upon the economics of our railroad
systems, is
a
same.
158,048,290
contingencies in 1934)
superficial glance at the problem of
transportation as affecting
progress should emphasize the prime importance of
and economic
importantly contributing
stck
outstanding
a Profit from operations and income from
investments (Including dividends re"
ceived from subsidiary and affiliated
companies not consolidated) after all expenses
incident thereto (and after a special
provision of $5,500,000 for
fol¬
dealing with this great question in a sound and constructive
way.
Accord¬
ing the the corporation's
viewpoint, two important questions of policy
arise in which the economics of
transportation are importantly involved.
Governmental regulation of transportation
by rail developed out of the
necessity for protecting the public against
monopolies.
There has resulted
the exercise of remote control
through bureaucratic interference with free
enterprise so vitally essential to
progress.
This, together with the effect
factor
on com.
par common stock
a
Bonus to employees
$5 preferred stock
c
Common stock
in sub.
cos.
Surplus
Total
171,708,486
939,079
11,907,362
9,590,844
187,536,600
435,000,000
gd
with respect
surplus-_
-
H
498,466
1,562,805
"4
Int. of minor .stockholders
to capital and
—
"*
1,414,266,298 1,268,532,026
2,492,846
238,231,744
1,183,674,006 1,115,228,641
Represented by 1,875,366 shares of no par value,
b Less reserve for doubtful
in 1935, $1,992,193: 1934, $2,211,390; in 1933, $2,676,922 and in
1932,
$2,533,295.
c Par
$10.
din
1933, 629,076 shares of common, $13,377,014;
39,722 shares $5 series pref. (no par), $3,267,219.
e In 1934, 727,562 shares of
a
accounts
$16,892,941; 39,722 shares $5 series (no par) pref., $3,267,219.
f In 1935,
794,335shares of common, $20,282,502; 39,722 shares $5series (no par) pref., $3,267,-
common,
219.
Financial
Volume 142
Cadillac-La Salle Sales Gain-
General
American
Earnings.—•
Georgia RR.
During the first 20 days of March, retail sales of Cadillac and La Salle
were 149% greater than the corresponding period a year ago, and the
largest for this period since 1929, according to Nicholas Dreystadt, General
Manager of the Cadillac Motor Car Co. Sales for the first 20 days of March
also were 36% more than for the first 20 days of February.
"A steadily growing demand for custom Fleetwood bodies on the larger
Cadillac V-8, V-12, and V-16 chassis has been noted since announcement
of the 1936 series last October," Mr. Dreystadt said.
The medium priced
La Salle line and the Cadillac series 60 also have shown good gains, he
stated.—V. 142, p. 1985.
cars
Common
2321
Chronicle
Transportation
Corp.—Rights
The holders of common stock of record
April 2,
given the right to
are
subscribe at $44 per share for common stock, (par $5) to the extent of one
share for each five shares held.
The right to subscribe expires April 22,
1936.
$237,867
$258,606
$206,261
37.978
26,494
32.150
48.635
11.330
11.405
470.597
46.006
521.221
88.830
443,351
59.891
69,087
57,453
89,446
40,735
39.978
Issue to Be
Offered at $44—
The corporation in an amendment filed with the Securities and Exchange
of the shares
taken
not
underwriters at
a
by stockholders are to bo offered publicly by the
price which may vary from the offering price to stock¬
holders.
Names of underwriters and the percentages of unsubscribed stock to be
purchased by each are: Kuhn, Loeb & Co., 2.1%; Charles D. Barney &
Co., 13%; Brown Harriman & Co., Inc., 8%; Field, Glore & Co., 5%;
and A. G. Becker & Co., Central
Republic Co.. Clark, Dodge & Co.,
Dominick & Dominick, Goldman, Sachs & Co., Hallgarten & Co., Hemp¬
hill, Noyos & Co., Ladenburg & Thaimann & Co., Lee, Higginson Corp.,
G. M.-P. Murphy & Co., Paine, Webber & Co., J. & W. Seligman & Co.,
Edward B. Smith & Co., Lawrence Stern & Co., Inc., and White, Weld
& Co., 3% each.—V. 142, p. 2156.
1
General
Gross from railway
Net from railway
527.493
Net after rents
A special meeting in place of
Gillette
Calendar
Safety Razor Co. (& Subs.)—Earnings
Profit
on
1934
1933
1932
1,228.215
$5,878,165
$5,025,951
15.842
58.372
56.598
208.402
$7,757,505
144,079
1935
Years
Profit from operations..
Profit on sale of securs..
foreign exch
79.462
114.443
144,660
283.061
$6,323,519
541.722
Depreciation & obsel
Exchange variance, &c_.
31.251
Int. & amortiz. discount
174.361
y Reserve against foreign
exchange losses
206.290
Income taxes
801,089
.050.981
$5,435,611
1,184.645
Other income
Net profit
Previous surplus
Payment
approval of stockholders will place the corporation in position to arrange
for the marketing of the increased stock when desired.—V. 142, p. 623.
General Public Utilities, Inc.
Operating
(& Subs.)—Earnings—
1936—Month—1935
$392,139
$356,408
240,268
221,790
expenses
$1,648,875
20,339
$135,555
$1,735,217
$1,669,214
Exps. and taxes of G. P.
U., Inc. (excl. oper.
divisions)
Charges of subs, cos
34,464
Interest
72,575
Divs.
on
$9,521,086
1,550,000
1.998.769
$7,375,673
1,550,000
2,051,410
$7,265,419
1,550,000
1.998.769
$4,932,281
$3,774,263
$3,716,651
$1.51
Surplus Dec. 31
$8,481,050
1,550,000
1,998.769
$5,972,317
$5 pref. stock
$1.34
$1.05
$1.98
Earns, per sh. on 1,998,769 shs. com.stk.out,
from net income foreign earnings subject
z Adjustment of tax and other reserve
charged against income in prior years no longer required.
y Reserve provided to exclude
serious monetary restrictions,
Consolidated Balance Sheet Dec. 31
1934
1935
1935
Liabilities—
$
$
Cash
Marketable secur.
2 .850.761
1 .157,053
Merchandise in v..
,539,075
35.280
449,157
875.602
57,689
423,704
872,500
pref. stock
3,242
3.242
38.910
38,910
1.545.677
741,037
For'n curr. assetssecurs.
stock
Est.
com¬
650,000
English
Res
,719,341
4.152.532
92,640
295.950
Dividends
38,796
mach'y,
enuipra't, Ac.._
114,499
payable
387,500
387,500
for inc. taxes.
997,404
1,064.615
accrued.
Deb. int.
40,487
Contractual
oblig.
58312
127.127
Res. for for
.
tr.-mks.,
exch.
200.000
200.000
Res. for for. earns.
goodwill, Ac...15,031,503 16,143,446
20^.923
173", 342
Res. for litigation,
and
surplus
—Y. 142, p. 2156.
$38,730
$20,359
$342,411
$270,265
gold
b
[Exclusive of Lefcourt Realty Corp.]
Calendar Years—
1935
c
1933
$2,838,564
119,795
349.871
41.220
depreciation. &c
Loss of unimproved properties
110.403
163,524
Loss of other companies, not consol--
y26.325
due
1940
3,239,000
convert.
2 ,325.000
2.325.000
Common shares. 15 ,140.767
15.140.767
shares
Surplus
Total
26.655.997 30.023.180
5 .822,317
4,782.281
Total
$2,215,373
71.723
i
1,351.905
con v.
debs,
$5 div.
pref.
1934
_
5%
Oct. 1
Corp. (& Subs.).— -Earnings
Gross income, real estate operations.
$2,993,075
Loss of improved prop., after interest,
382.073
d Res. for conting.
10-year
General Realty & Utilities
772,501
under
bank
for'n countries.-
Deferred ch ar ges.
of
pit.
Loan from
$
605,404
construction
&
1934
$
accr'd
&c
cost
ing
524,586 al,091,926
Real est.,
for
available
common
Items,
other in v. held in
Patents,
Balance
Accts. pay.,
1,021.479
4,887,123
1,027.702
G. P. U., Inc.,
on
$5
funded debt.
on
2,580
36.407
72,966
846,455
$5,504,866
1,760,553
56,035
z421,751
Total surplus
Div.
Market
3.942
803.275
$3,659,022
3,716,651
directors' notes
Accts. A notes rec.
30.948
$152,955
Total..
$1,704,268
938
798.192
$4,229,001
3,774,263
Adjustments
2.840.330
$134,617
209.923
20,000
$4,489,206
$151,870
1,084
Non-operating income.-
877,446
for
Assets—
Net oper. income
690.994
264.883
direc¬
on
res've
1936—12 Mos—1935
$4,638,216
2,933.947
560,638
412,676
conting. & paym'ts on
to
Period End. Feb 29—
Gross oper. revenues—
rec.
491.271
54.973
267.620
$4,568,805
4,932,281
tors notes
Transfer from
the annual meeting of stockholders will be
held on April 13, to vote, among other matters, upon a proposal to increase
the authorized capital stock from 200,000 shares to 500,000 shares.
This
39.451
—V. 142, p. 1642.
Common dividends
Capital Corp.—To Increase Stock—•
48.892
From Jan. 1—
Total income
Commission states that its 169.600 shares of common stock will be offered
to stockholders at $44 a share.
The stock is being offered to present holders
on the basis of one share for each five shares held of record April 2.
Any
1933
$263,020
Net after rents
to
Stock—
1934
1935
1936
February—
Gross from railway
Net from railway
26.655.997
30.023.180
a Subject to serious
monetary restrictions and after deducting $129,917
related foreign current liabilities,
b Represented by 310,000 no par shares,
Represented by 1,998,769 no par shares (20,000 treasury shares valued
$150,000 charged to surplus),
d Incl. reserve created as follows: From
capital surplus, $1,334,559, from earned surplus, $17.346.—V. 142, p. 1817
c
Total loss from real estate oper
Income from other
sources
Profit-..
Salaries, State tax & miscl.
$112,943
$230,198
$539,720
253,131
113.967
378.200
(net)
$140,188 loss$l 16.231 loss$161.520
196.809
191.818
286.921
expenses.
at
Glidden Co.—To Eliminate Funded Debt—
A
saving approximating $216,000 over the next three
by the company as a result of a plan by directors
years
affected
Net loss
$56,621
$308,049
$448,441
Exclusive of share of loss of Lefcourt Realty Corp. for year 1933 applic¬
to General
Realty & Utilities Corp.'s holdings in common stock of
company, which share amounts to $235,340 after making provision
for accrued preferred dividends.
y
able
that
on
will
be
March 23
of eliminating all funded debt.
The company will call $3,260,000 5H '7a debentures at 101 as of June 2
and will also eliminate about $60,000 of bonds of subsidiaries when due.
This
financing will
be taken
care
of with treasury cash and
a
three-year
bank loan at 2H%.
In
making the announcement President A. D. Joyce said the company
was being rushed with emergency orders as a result of the flood.
He said
it probably would not increase plant operations "as we have been building
inventories for spring delivery and this demand will mean that these stocks
Consolidated Balance Sheet Dec. 31
1934
1935
Assets—
682,593
int.
Acer.
&
1935
Liabilities—
$
$
Cash
divs.
exp.
& amts. due
rec
on
221,791
Res.
213,298
real estate
loans.
9,355,000
9,601,624
42,244
19,766
in
Invest,
Since
cost,
y
Common stock
250.899
Surplus
Total
reduced
to
$2,000,000.
on
At
x
1,542,797
1.290,750
23,112,263 23,895.683
market
values
z
not
in
excess
of
Represented by shares
.
.
.
on
March
142,
p.
27 declared
an
usual."
.
heavy for interior finishes to rejuvenate stores, hotels, homes and apart¬
damaged by the mud and water.—V. 142, p. 624.
initial dividend
(Adolf) Gobel, Inc.—Earnings—
Company made a net profit for the fiscal year ending Nov. 2, 1935, of
$234,084 (without deduction of interest on 6K% notes subsequent to
May 1, 1935, charged to reorganization expense).—V. 142, p. 1985.
Gimbel Brothers,
Years End. Jan. 31—
Net sales...
—
-.
—
Expenses and costs
of 25 cents per
stock, par $20, payable April 20 co holders of record
1468.
—
Total income
Depreciation
Other charges
Offer Rights—
Federal tax.
$2,956,383
598,638
$2,325,446 Ioss$972,804
220,555
$3,555,021
1,616,949
$2,546,001 loss$972,804
1,683,644
1,738.703
1,390" 486
200,000
--
—
$4,478,829
Dr322,319
1,245,698
Other income (net)
200.000
48,523
Interest
General Time Instruments Corp.—To
Inc. (& Subs.)— Earnings—
1936
1935
1934
1933
$82,067,823 $77,155,345 $72,878,398 $72,196,484
77,588.994
74,198.962
70,552,952
73,169,288
$4,156,510
1,693,479
Operating profit
.
Telephone Corp.—Initial Common Dividend—
tne common
4.—V.
1,54],826
1,235,100
no par shares,
1290.^
The directors
April
z
9,244.719
Represented by 227.450
value.—V. 142, p.
General
share
13.476
11,372.500
332,164
par
5,817,272
6% pref. stock-.11,372,500
8.702 707
out earlier than
ments
y
23.112,263 23.895.683
of $1
3,350,000
44,853
3.808.202
Other assets
Total
a2,500,000
adv.
move
Joyce said the company plants in Reading, Pa., and New Orleans would
TI e demand has been particularly
bear the burden of the flood business.
estate
advance. «fec
3.775,764
Real estate invest.
a
real
508,888
mortgages, &c.. 5,917,876
Rents received In
stocks
of allied cos
against
on
M arketable secur
mortgage
x
will
500.108
Notes payable
currently
S
and sundry
creditors
from rent'g agts.
Adv.
1934
$
Accts. pay., accr'd
757,175
-
1,488,844
1,699,028
The company on March 29 announced that it will offer stockholders rights
subscribe to one share of common stock for each 3 1-3 shares held.
A
total of 75,644 shares of common stock will be offered, it was stated.
Net proceeds of the offering will be used to redeem 9,635 shares of the
6% cumulative preferred stock at $110 per share, to restore the consolidated
cash position of the corporation after its payment of accumulated dividends
to
its 6% preferred, and the balance to the general funds of the corporation.
The offer will be underwritten by Kidder, Peabody & Co.; W. E. Hutton
on
& Co.; G. M.-P. Murphy & Co., and Field, Glore & Co., who have
agreed
to purchase any of the 75,644 common shares not subscribed
by present
stockholders under the terms of the subscription offering.—V. 132, p. 4773.
Georgia & Florida RR.
Period End. Feb. 29—
Railway
-Earnings—
1936—
-1935
-1935
$82,625
$75,188
Net deficit from rv. oper.
Net ry. oper. deficit
1,664
9.016
2.315
6.041
9.183
Non-operating income.
1,160
1,425
19.461
2,808
oper. revenue.
_
_
$161,930
$144,407
10,496
23,961
3,226
Net profit
$1,017,332
Earns, per sh. on pref stk
Deficit applic. to int..
$7,856
$7,758
1,037
$16,653
1,797
$20,734
899
$8,755
$8,796
$18,451
$22,808
Third
Period—
Gross earnings
—V. 142, p. 2159.
Week
of March
-Jan.
—
1936
1935
$24,400
$27,900
1
to
1936
$237,630
2 073
Mrch
21
1935
$220,609
$2.15
Nil
Nil
$2,227,858
347,586
$2,854,345
loss626,488
$3,614,677
$2,575,444
$2,227,858
Balance at beginning of year
12,116,154
Prov. for redemp. of pref. stock ac¬
12,116,154
12,116,154
Comparative Consolidated Surplus Jan. 31
Earned Surplus
1936
—
Balance at beginning of year
Net profit for year (as above)
$2,575,444
1,017,332
Credit arising from acquisition of pref.
stock at a discount
Balance at end of year
Paid-in Surplus—
quired during
1935
1934
21,900
«.
4,500
year
Balance at end of year
$12,120,654 $12,116,154 $12,116,154
Property Surplus—
Balance at beginning of year
Gross deficit.
Deductions
$347,586 loss$626,4871oss$4459058
$6.32
-$8,631,767
Deprec. & amortiz. of increased values
resulting from prop, appraisals
Balance at end of year
Total surplus
—_
170,235
$8,758,858
$8,885,949
127,090
127,090
$8,461,532
$8,631,768
$8,758,858
$24,196,863 $23,323,366 $23,102,870
Note —The earned surplus at Jan. 31,1936 is before deduction of an
appro¬
priation of $5,082,500, being the par and stated value of the pref. and
common stock repurchased.
2322
Financial
Comparative Consolidated Balance Sheet Jan. 31
1935
1936
Assets—
S
Cash
4,616,995
XJ. S. Govt. &
a
mdse
516,625
316,270
238,230
rent & other exp
2,080,574
1,699,889
46.979
Mtge. Int. deferred
95,400
706,614
346,198
Sundry cred., long-
Accrd.
6,466.208
terms 7,466.165
Sundry debtors
351,169
Mdse. on hand...12,472.470
11,921,579
Contract terms
516,625
In transit--
d Other assets
3,392,314
265,673
99,903
fixtures.—
h
Delivery
Land
&
equip.
Res.
3,768,785
274,580
now
233,731
for riplac.
325.805
of
Dashold Improve.
Defd. income from
but
sale
3,370,114
494,280
60.000
Preferred stock
expenses,
Ins., taxes, &c—
charges,
Prov.
for
of pref
60,127
181,371
1
16,090,000 16,120,000
1
Goodwill
After
Total
79,863,820 80,037.936
reserves
of $226,347
sented by 961,500 n
•
shares. —V. 142,
par
p.
2159.
p.
Sales
Taxes
Interest & amortization-
8.348
25.409
170.201
12.528
def26,052
def50,751
177,565
1936—12 Mos.—1935
$438,563
$5,670,659
201.278
21.247
45,194
2,424,435
234.308
529.113
$5,686,042
2,356.841
222.749
545.569
$170,843
91,133
$2,482,801
1,078,406
$2,560,882
1,082.151
$79,709
$1,404,394
$1,478,731
750.000
567,183
567.182
common
$ 87,211
$287,214
$2,205,003
212,622'
254.054
149,459
dividends and surplus
$1,588,866
15,927
-
Other income—
1935
1934
$
Property,
$
and
6 ,291,630
5,827,278
1 ,698,396
in
covered
106,071
1,692,681
S5cura
prop,
by land
Cash
c
Receivables
3 .827.943
2 ,470.192
$1,604,794
6.357
252,737
-
Other
$1,939,790
89,470
408.642
Surplus as at Dec. 31 1935
$1,441,678
Earnings per share on 1.323,640 shares capital stock (par $1)-$1.01
Note—Provision for depreciation of physical properties to the amount of
$89,236 is included in the above statement for the year ended Dec. 31 1935.
Balance Sheet Dec. 31
1935
LintrHitie*—
Assets—
Cash in banks & on hand——
$355,584
U. S. Government securities.
200,187
32.220
Accts. & notes receivable
Inventories
232,174
taxes
other expenses
&
64,006
—
Capital
stock
subscriptions
(payable within 3 years)..
Capital stock
x2,333.550
Total
30.765
101.823
2,402
yl ,305,320
Subscrih. for by employees,
but not Issued
94,639
491,620
Res.
199,035
Other reserves
584,216
233,723
258.733
312,132
245,503
Capital surplus.-. 9,389,197
9 389,197
g
$3,230 3541
Total
18,320
1 .441,678
$3,230,354
-
Par value $1.
NoLe—Of 150,000 shares originally reserved for employees. 76,360 had
not been issued or subscribed for at Dec. 31
1935; of such 76.360 shares,
49.260 had been allotted to specific employees, and will be subscribed,
paid for and issued over a period of three to five years; the balance of 27,100
is reserved for issuance to employees at the discretion of the board of direc¬
tors.—V. 142, p. 1985.
-.52,215.534
51.950.2051
y
CraHom-P^ige Motors Corp.—To Increase Com. Stock—
The stockholders at their annual meeting in April will be asked to increase
authorized common shares of $1
par to 3,500,000 from
2.500.000.
earnings for the calendar
1469.—V.
page
142,
p.
year were published in our issue of Feb.
cumulative preferred stock.
Hemphill. Noyes & Co. are to be the principal underwriters.
Names of
underwriters and offering price to the public will be disclosed by
amende
en..,
......•••
Proceeds from sale of the issue are to be used for redemption of
company's
6% debentures and participating preference stock.—V. 141, p. 1099.
Hat
Corp. of America—Accumulated Dividend—
The directors have declared
a dividend of
$1.62H per share, the regular
further dividend of $1.50 per share in order to reduce
cumulative preferred stock, par $100, both
payable May 1 to holders of record April 16.
Dividends amounting to
I7.87H per share were paid on Feb. 1, last, and S2.62H per share on Nov. 1,
Aug. 1, May 1 and Fen. 1 1935, these latter being the first payn ents to be
made on this issue since Oct. 1, 1930. when the present stock was
exchanged
for the old Cavanagn-Dobbs preferred stock.
quarterly rate, and
accumulations,
on
Accumulations
a
the 6V£%
on
the above issue after the May 1 payments will amount
p.
(& Subs.)—Earnings—
9 Mos. End.
Period—
Mar. 31,*35
Mar. 31.'34
$7,914,597
6,938,480
$7,043,641
6,577,525
$5,641,376
5,462.829
$976,117
293,920
$466,116
292,861
$178,547
33,846
Federal taxes.
$1,270,037
94,818
88,211
171,500
$758,977
128.988
155,810
37,001
$212,393
155,265
154,447
Net income
$915,508
$437,178
1 oss$97,319
Costs and expense—
Depreciation-
(net).
Interest
of 25 cents per share
up
April 1.
8, 1935;
Quar¬
to and including
Year Ended
Dec. 31, '35
Net sales
Gray Telephone Pay Station Co.—Smaller Dividend—
on the common stock, par $10, payable April 15 to holders of record
This compares with $1.50 paid on Nov. 15, 3935: 50 cents on April
$1 on Nov. 15, 1934, and 25 cents per share paid on Jan. 2, 1934.
having become cumulative beginning
1291.
Holland Furnace Co.
Other income
made
29,
Times, Inc.—To Issue Debentures and Stock—
Compensation Plan—
were
10 ,675,520
51,950.20
debentures and 24.000 shares of 5^*??
April 7 will be asked to approve the extension of
plan" for certain executives of the company's
operating sbsidiary, W. T. Grant Co. (Mass.).—V, 142 p. 2160.
on
terly distributions of 50 cents per share
Jan. 3. 1933.—V. 142, p. 954.
52,215,534
T.10 company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act covering $3,000,000 4H%
"executives' compensation
quarterly dividend
surplus...10,430,111
Total
613,458
2162.
to $4 50 per share, the stock dividends
a
300.000
payable in
May l. 1932 —V. 142,
The directors have declared
conting..
After
Subsequent to approval, 600,000 shares will be offered to stockholders at
$3 a share, on the basis of one new share for each four held.
Funds will be used to retire $600,000 notes, incurred in 1935, plus $400,000
notes obtained since
Dec. 31, as well as to supply $800,000 additional
working capital.
Principal stockholders, who have advanced funds on
these notes, have agreed to underwrite 400,000 of the shares.—V. 141,
p. 3691.
on
for
1935 and $3,507,120 in
was
the
(W. T.) Grant Co.—To Vote
3% serinl notes..
other
Earned surplus
for depreciation of $140,739,
41,026
85,392
Hartford
& equipment—
contracts payable
Deposits...
Compensation insurance res—
12.632
1,777.729
277,248
Construction
Property, plant & equipment
—at cost
$52,707
Haoil..
deducting reserve for depreciation and depletion of $3,808,022
1934.
b On which unpaid balance of $450,000
six equal annual instalments,
c After
deducting reserve
for doubtful accounts. &c.
d Represented by 49,162 shares of common
stock acquired for allotment and sales to officers and employees; no
plan
for allotment has been adopted: owned by
subsidiary company,
e Repre¬
sented by 1.016.961 shares, no par value, of which 49.162 shares are owned
by consolidated subsidiary,
f Represented by 125.050 shares of no par
value,
g Due $75,000 annually beginning May 1
1937.
h Represented
by 136,782 shares no par value less 5,478 shares owned by consolidated
subsidiary.
in
The
Accts. payable & accr. exps—
Prov. for Fed. & State taxes.-
169.005
Vo',402
60,779
Total
a
Total surplus
Capital stock sales expense written off
Dividends paid
1 500" 000
4 068,253
18,000
liab.
accr.
curr.
Earned
594.904
1,903.068
639,676
12 .505.000
Accrued Interest.-
MHcell.
$1,344,885
Surplus as at Dec. 31 1934 (after deducting tax adjustments of
$6,391 net, applicable to prior period)
taxes
12 ,712.012
491,620
d Treasury stock
M Iscellaneous
Deferred charges—
Net income
Accrued
36,871,777
Other assets
813
-
Provision for Federal income & excess profits taxes
$
pref stk.hl3,130.400
1,075.000
Notes payable
Accounts payable.
3,841,477
2,580,123
-_36 977,450
Investments
1934
$
Common stoek__12,712,012
b$7 preferred stock
e
equipment-
b Equity
1935
Liabilities—
plant
Inventories
Total income
Loss on sale of capital assets
-Consolidated Balance Sheet Dec. 31-
(M. A.) Hanna Co.-
a
624.333
142. P. 1122.
4.019,616
Profit
The stockholders
187.548
Co,—Earnings-
Balance
$75,385
Appropriations for retirement reserve.
contract
reserve
5.814
def28.125
def8,836
Preferred dividend requirements
$6,224,619
Administrative expense
After
1933
$81,476
17.495
$165,203
89,817
-
Balance for
Shipping & delivery expense.
Selling & advertising expense
insurance,
1934
$94,639
1936—Month—1935
Balance
-V.
Gross profit—
x
1935
$428,597
196.861
19,535
46,996
Assets—
Prepaid
def20,839
def33,921
Period End. Jan. 31—
v
-
Bad debts
680.452
125.700
43,748
1469.
Gross earnings
Co.—Earnings—
Earnings for the Year Ended Dec. 31 1935
Cost of sales, including Fed. & State excise taxes
;•
206.326
13,752
$99,151
16.715
def3.576
Gulf States Utilities
in
Goebel Brewing
-
797.235
155.283
of
$380,209 in 1936 and $388,821 in 1935.
b After
1936 and $158,421 in 1935.
c After
reserves of
$10,103.
d After reserves of $200,000.
e After
deprec. of $11,085,720
in 1936 and $10,058 493 in 1935
f After deprec. of $4,848 426 in 1936 and
$4 540,273 in 1935.
g After amortization of $92,577 in 1936 and $165,670
in 1935.
H After deprec. of $65,211 in 1936 and $85,966 in 1935. i Repre¬
a
817.769
197.922
6,122
def38,679
Operation
79.863.820 80,037.9361
Total
51.550
def20.362
defl 5,759
...
Maintenance
reserves
14,983
1936
railway
142,
$318,627
84,098
2.359
85.149
$100,941
6.599
Net after rents
^-V.
1933
$382,234
Island RR.— -Earnings.-
Net after rents
redmp.
Date
1934
1935
$400,273
February—
stock...
2,413,500
2,418,000
1 Common stock.. 4.807,500
4,807,500
Surplus
24,196,863 23,323,366
57,129
165,135
ratge. exp., &C-supp
495,000
handling securities
to
2161.
Gross from railway
Net from railway..
Net from
395,000
Deferred
p.
From Jan. 1—
Gross from railway
as-
3,771,794
713,195
fixed
of
229,884
142,
Gulf & Ship
243,647
taxes
railway
Net after rents
—V.
Year
1,049.167
311,204
133,615
-
Gross from railway
Net from
of February and
1936
$508,113
148,937
61,643
Net after rents
From Jan. 1 —
possible
of
for prior years._
105,300
used In
Inventory of
pensions...
for
Res.
store operations.
Prepaid
February—
Gross from rail way
Net from railway
Insurance
assess,
busi¬
for
ness purposes
/
26,842,250 28,435,000
pay.,
for
and
bldgs. ac¬
quired
not
taxes,
111,111
Mtges.
Res.
1,176.349
45,048,786
g Leaseholds
Int.,
term
316,270
1,031,213
Land & buildlngs43,190,582
f Store
893,422
211,055
1,456,270
Mdse.
Earnings for Month
In transit-
2,152,132
e
1,595,516
matter of convenience in
as a
owned by G. M. & N.
$
Sundry creditors..
41,796
b Def.pay terms
c
1935
■
Trade creditors for
receivable:
Reg. ret
$
Trade creditors—
4,564.263
mu¬
nicipal bonds.
Accts.
Liabilities—
April 4 1936
The substitution is desired
1936
$
Chronicle
-V. 142, P. 1987.
Holly Sugar Corp.—Initial Common Dividend—
Directors
Great Northern
Ry.—Earninqs—
1936
'1935
1934
Gross from railway
$4,376,679
$4,399,053
$3,841,548
Net from
def50,339
def395,222
769.802
746,996
156,300
9,166,158
592,801
def305,016
8,763,296
1 118.160
def284,854
February—
lg33
^
railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
on March 30 declared an initial
quarterly dividend on the com¬
stock at the rate of 25 cents a share, payable May 1 to holders of record
April 15.
This will be the first dividend paid on the common stock since
the organization of tne company 20 years ago.
"While current earnings
would probably justify a larger dividend than has been
declared," said a
statement issued by the company after the directors'
meeting, "nevertheless
it is believed at present the common stockholders' interests are
best served
by payment of a nominal dividend and the use of the remaining earnings
mon
79,905
$3,128,110
„
13,040
def640,495
6,709.791
227,569
def59,534defl,156,908
7.976.821
1,279,627
in the retirement of bonds and
stantial working capital."
The
—V. 142, p. 2160,
directors
also
declared
preferred stock and the building up of sub¬
dividend of $1.75 per share on the 7%
preferred stock for the quarter ending May 1, 1936, payable
May 1 to holders of record April 15.
The company recently paid up all
accruals on the preferred stock.
The sum of $300,000 was set aside to satisfy the
sinking fund requirements
of the preferred stock for the fiscal years
ending March 31, 1934, 1935
and 1936.
This sum will be used in purchasing the
company's preferred
stock.
In accordance with the articles of
incorporation, offers of stock
to this sinking fund will be called for and the lowest
priced stock so of¬
fered will be purchased and retired.
Inasmuch as the company holds
6,800 shares of its preferred stock in its treasury, it will offer some portion
of this stock for purchase out of the
sinking fund.—V. 142, p. 1291.
a
cumulative
Green Bay
& Western RR. —Earnings.
February—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
1935
1934
12,774
$109,433
21,307
12,407
90,203
12,496
5.291
251,287
53,239
27,799
217,590
34,433
20,152
176,352
$125,559
25,655
13,796
def 632
1933 89
84,170
11.945
5,2
°
166,483
20,692
6,081
—V. 142, p. 1817.
Gulf Mobile & Northern RR.—Seeks
Change in Collateral
The company has applied to the Interstate Commerce Commission for
authority to pledge $888,000 of G. M. & N. temporary first mortgage 5s,
series "C," under the company's 4% collateral trust issue, in substitution
for a like amount of New Orleans^Great Northern Ry. first 5s now pledged.
Home
Dairy Co., Inc.—50-Cent Class A Dividend—
The directors have declared
a dividend of 50 cents
per share on account
on the $2 cumulative class A
stock, no par value, payable
April 15 to ho.ders of record April 5.
A similar payment was made Jan. 15,
last, and on Oct. 15, July 15 and April 15, 1935, this latter being the first
of accumulations
;
Financial
Volume 142
to be made on this issue since April 1 1932, when a regular
quarterly dividend of like amount was distributed.
Accumulations after the payment of the April 15 dividend will amount
to $5.50 per share.—V. 142, p. 128.
distribution
Telep. & Teleg. Co.—Pays Larger Dividend—
Home
The company paid a dividend of 87H cents per share on the common
stock, par $50, on March 31 to holders of record March 26.
This compares
with 75 cents paid each three months from April 1, 1935 to and including
Jan. 2, last; 6234 cents per share
each quarter from July 1, 1931, to Jan. 2,
1935, inclusive, and 87 34 cents per share paid previously each three months.
In addition an extra dividend of 25 cents was paid on Jan. 2,1936.—V. 142,
p.
1470.
Rapid Transit Co., Ltd.—Earnings—
Honolulu
$67,448
$157,633
$139,857
Operating expenses...
46,430
109.951
97,625
Net rev. from transp
Rev. other than transp
$21,818
3,056
$21,017
$47,682
5,494
$42,231
from opers
Deductions
$24,875
18,307
$23,253
$46,545
16,953
$53,176
37,805
$6,567
$6,300
$15,370
$12,639
Net
rev.
from transp...
rev.
Net revenue
—V. 142, p.
33,906
(& Subs.)—Earnings—
Net sales, autos & parts.$63,077,414
Cost of sales,incl. selling,
adv., shipping, admin.
and general expenses_y60,376,400
1932
$52,567,561 $23,521,458 $25,861,671
y53,788,356
25,823,422
28,320,787
parts._prof$2,701,014
$1,220,795
$2,301,964
42,259
67,161
49,793
$2,459,116
66,658
prof$2,743.273
1,714,503
289,441
$1,153,635
1,981,759
103,808
$2,252,171
2,157,758
$3,392,458
3,036,891
$3,239,202
7,275,592
$4,409,929
11,685,521
$5,429,350
20,145.503
$4,036,390
$7,275,592 $14,716,153
from
of
sales
autos and
1933
1934
19^5
Calendar Years—
Int. earned & other inc._
Total
4,313
1471.
Hudson Motor Car Co.
Loss
2,235
loss
Depreciation
Int. paid or accrued
Allowance for domestic &
154,580
foreign income taxes
Net loss
prof$584.749
Previous surplus
4,036,390
Res. for conting.restored
482,677
Total surplus
on obsolete equip.
Loss
$5,103,816
463,124
.
Write-off of plant facili¬
2.567,508
ties, rearrang. of plant
Profit & loss surplus.. $5,103,816
Earns, per sh. on 1,543,810 shs.
$4,036,390
$7,275,592 $11,685,521
Nil
Nil
Nil
and fixtures, &c.
capital stock
$0.38
(no par)
y
Includes allowances for amortization of dies, jigs
Arte s—
■
Real
and
Cash
1935
$
b Capital
equipment.20.972,158 22,567,292
2,575,538
9,5.84,006
Accts. receivable._
1,809,995
$
Liabilities—
plant
745,275
Bank loan
1,800,000
5 .7*5*0*666
debt
Funded
4,885,116
4,562,046
Accrued accts.,&c.
Prov tor inc. taxes
and Insurance-_
391,902
393,452
88,806
10,000
96.592
1 ,500.883
199,945
1,212*976
Customers' dep. &
Depos. lnsur. cos.
Inventories
Prepaid taxes. Int.
debt
10,000
Funded
44.036
45,741
Contingency
413,750
406,517
Investments
Depos
balance..
credit
in
with closed
banks
Deterred charges._
30, 2881, and the other dated May 1.
17, 1882, and expiring Sept.
switching service and provides terminal
in perpetuity with the aboye mentioned two
Indianapolis Union Ry. performs
under
facilities
agreements
companies and also with Baltimore & Ohio RR., Chicago,
Indianapolis & Louisville Ry. Illinois Central RR. and New York, Chicago
& St. Louis RR.
Under said agreements those companies are obligated to
reimburse lndianapolisr Union
Ry. for the net cost of maintenance and
operation and taxes, apportionments thereof being made in accordance
with the use of the properties by each of those companies on the basis of
wheelage.
In addition thereto those companies pay to Indianapolis Union
Ry. an annual rental at the rate of 7% per annum on a fixed valuation,
plus cost of additions and betterments.
The annual rental is paid to
Indianapolis Union Ry. in the following proportions; Cleveland, Cincinnati,
Chicago & St. Louis Ry.-New York Central RR., 32.57%; Pennsylvania
RR.. 32.57%; Baltimore & Ohio RR., 12.21%; New York, Chicago & St.
Louis RR., 6.37%; Chicago, Indianapolis & Louisville Ry., 8.14%; and
Illinois Central RR., 8.14%.
Security—The ref. & impt. mtge. is a direct lien, subject to the lien of the
gen. & ref. mtge. of the company, on all property owned by the company,
and on the leasehold right, title and interest of that company in and to the
proprietary
property of the Belt Railroad
conditions of the said leases
& Stock Yard Co., subject to the terms and
from Belt Railroad & Stock Yard Co. to
Indianapolis Union Ry. and to a mortgage executed by Belt Railroad &
Stock Yard Co., dated May 1. 1909, due May 1, 1939, securing an au¬
thorized issue of $1,000,000 bonds.
Valuation—In its valuation report as of Dec 31, 1927 upon Indianapolis
Union Ry. the ICC found a final value for rate-making purposes, of the >
property owned by the company and used for common carrier purposes,
of $11,615,031 (excluding working capital of $384,969), and of the property
owned but not used, leased to other common carriers, of $4,968; and further
states a present (1927) value of property held for purposes other than those
of a common carrier of $108,006, making a total of $11,728,005.
This
valuation brought down to Dec. 31,
1935 by adding recorded costs of
additions
and
betterments
and deducting retirements is increased to
$12,067,569.
purpose—Proceeds of the sale of $4,714,000 ref. & impt. mtge. bonds, of
cash to be furnished by the company and any cash
by the two proprietary companies, will be used to
redeem, on July 1. 1936, at 103% $3,714,000series A 5% gen. & ref. mtge.
bonds due Jan. 1 1965, and at 105 \ $1,000,000 series A 4H % ref. & impt.
mtge. bonds, due July 1 1980. of the company.
\
Listing—Application will be made in due course to list these bonds.on
series B, together with
that may be advanced
equipment.. 59,860,762
2,468,979
402,363
Sinking fund—cash & sec...
65,837
Misc. physical property.....
Inv. in road and
3,714,000
3,659,000
Series A
Series B
1,015
Ref. & impt. mtge.
171,125
15,972
Traffic & car ser. bal. payable
154,344
72,607
7,274
Interest matured
accounts
receivable—
1,911.113
4,036.390
C641.644
Deferred assets
Rents
& ins.
Tax liability
advance
Illinois Central RR System.
-Earning s.1934
1935
1936
$6,945,144
$7,379,702
$8,971,504
1,927,100
1,485,440
1,947,720
1933
February—
1,111,120
1,132,402
903,109
17,756.229
3,811,105
Net after rents
14,997.454
2,770,775
1,487,949
$6,281,026
1,262,633
473,494
Other unadjust.
Fund,
Gross from railway
Net from rilaway
2,084,903
Earnings of
From Jan.
12,924,407
2,705,949
1,083,803
13,935,194
3.627,493
2,015,472
..
..
..
1935
1934
1933
$7,901,366
1,657.230
1,013,050
$6,551,789
1,359,505
953,091
$6,031,802
1,658.911
1,081,211
$5,543,291
1,159,214
602,463
15,697,373
3,356,276
2,020,828
13,309,146
2,551,052
1,626,294
12,106,226
3,134.338
1,954,155
11,253,072
2,347,879
1,185,393
1—
Gross from railway...
Net from railway
Net after rents
-
..
-
1934
1935
1933
1936
$485,903
178,355
$394,935
$374,241
$326,186
118.697
105.764
76,738
129,884
76,911
50,956
27,587
From Jan. 1—
Gross from railway
970,572
351,682
255,552
railway
Net after rents
—Y.142,
p.
799.373
776.005
222,936
232,079
121,995
138,800
666,540
156,914
57,453
1471.
Indianapolis
Interborough
Rapid
Federal
Julian
Judge
Thomas E. Murray, Jr.,
for
sums
Ry.—Bonds
Co. and A. G. Becker & Co.
have
Sold—Hallgarten
sold
at 103% and
&
int.,
yield about 3.35%, $4,714,000 ref. & impt. mtge. 3%%
series B.
A circular dated March 31 affords the
following:
to
bonds,
Dated March 1, 1936; due March 1, 1986.
To be
ment as to both principal and interest, jointly and
guaranteed by endorse¬
severally by the Penn¬
sylvania RR. and New York Central RR.
Coupon bonds to be issued in
$1,000 denom., registerable as to principal and fully registered bonds in
authorized denoms.; coupon bonds and registered bonds to be interchange¬
able under the provisions of the mortgage.
Interest payable M. & S. All
or part of the series B bonds may be redeemed at the option of the company
on 60 days' notice, on March
1, 1941, or any interest date thereafter to
and incl. March 1, 1946, at 108; thereafter to and incl. March 1, 1951, at
107; thereafter to and incl. March 1, 1956, at 106; thereafter to and incl.
March 1, 1961, at 105; thereafter to and incl. March 1, 1966, at 104;
thereafter to and incl. March 1, 1971, at 103; thereafter to and incl. March
1, 1976, at 102; thereafter to and incl. March 1, 1981, at 101; thereafter to
and incl. March 1, 1983, at 100H; and thereafter at 100; in every case with
accrued interest to the date of redemption.
Fletcher Trust Co. of Indian-
ApoliSf trust€6»
Issuance and
guaranty subject to the approval of the Interstate
Commission.
Transit
Enter\ 3,726
Co.—To
W. Mack granted on March 30 permission to
receiver, to permit the entry of 3,726 judgments
by claimants In tort or
R. T. wenc into receivership.—
totaling $887,403 against the company
began before the I.
International Great Northern RR.—Earnings—
1936
1935
1934
1933
$889,145
$939,993
$1,002,038
$821,419
Net from railway
100,456
184,631
293,528
178,020
Net after rents
def27,772
55,104
124,413
49,768
February—
Gross from railway
From Jan. 1—
1,915,238
360,975
88,126
1,836,038
237,897
Gross from railway
railway
defl3,359
International
Salt
Calendar Years—
Commerce
^
Co.
(&
1,909,919
500,278
179,556
1,655,413
361,251
111,513
Subs.)—Earnings—
1932
1933
1934
1935
from sales
and manufacturing
$2,946,577
Selling expenses
1 1,837,631
Gross
,
profit
$3,046,361
1,749,035
Depreciation & depletion
$2,749,452
$2,666,686
/878,894
693,398
692,001
494,569
1578,384
exps__J
General & admin
Prov. for Fed. inc. taxes
Union
632,366
$13,685,066
a
Represented by five "certificates of ownership," designated as capital
stcok which are held by the Pittsburgh, Cincinnati, Chicago & St. Louis
RR. and Cleveland, Cincinnati, Chicago & St. Louis Ry., through owner¬
ship 60 and 40% respectively.—V. 142 p. 2162.
—V. 142, p. 2163.
Illinois Terminal Co.—Earninos.-
Net from
1,380,961
402,363
Total.
$13,685,069
Total..
Net after rents
Net after rents
&
Profit and loss
Net from
—V. 142, p. 2162.
February—
Gross from railway
Net from railway
thru Inc.
Sinking fund reserves
damage cases, ail
V. 142, p. 2162.
Only
Company
1936
February—
Gross from railway...
Net from railway
Net after rents
thru inc. & surp
debt red.
surplus
Verdicts—
From Jan. 1—
Net after rents
119,795
42,953
872,125
deprec.—equipment..
credits
Acer,
299,857
Other unadjusted debits
After
Gross from railway
Net from railway
14,562
Prem. on funded debt
303
38,199,769 31,402.454
Total.
depreciation,
b Represented by
1,596,660 no par shares,
c 51.850 shares at market value,
d 52.850 shares at cost.
Note—In compliance with 1935 amendments to Michigan General Corpo¬
ration Law, treasury stock is now deducted from capital and surplus at
original cost, whereas it has been stated in previous annual reports as an
asset at quoted market at Dec. 31 each year.—V. 142, p. 2162.
unpaid
Deferred liabilities
paid In
prems.
7,495
62,265
207,675
86,745
45,807
Aud. accts. and wages pay
Add. to prop,
38,199,769 31,402.454
bonds.1,000,000
164,628
Material and supplies
1 ,815,790
surplus... 5 ,103,816
Treas. stock—Dr.dl ,132,446
a
^
Gen. & ref. mtge. bonds:
—
Misc.
res.,
581
Grants in aid of construction.
Improv. on leased ry .property
Inv. in affiliated companies._
a$l,436,374
Capital stock
Traffic & car-ser. bal. rec___
250,000
1936
Dec. 31, 1935
Liabilities—
Assets—
Special deposits
Earned
Total
of
1884, and expiring April 30, 2881, which said two leases are supplemented
by certain agreements dated April 22, 1897, Nov. 29, 1909, March 1, 1912,
and March 1, 1912, respectively.
Said leased property comprises a belt
line almost encircling the City of Indianapolis.
Cash
226,515
due
&c
the lessee of the railroad and properties
lease dated Jan. 2. 1930.
Indianapolis Union Railway Co. owns a passenger station and facilities
in Indianapolis, Tnd., including 14.13 miles of track, of which 1.72 miles
are first main track.
Company operates in addition 64.85 miles of track,
of which 14.16 miles are first track, owned by the Belt Railroad & Stock
Yard Co. and leased to Indianapolis Union Ry. by two leases, one dated
General Balance Sheet as of
stock...19 ,958.250 19,958,250
3,125,369
payable- 4 .527,016
Accounts
Chicago & St. Louis Ry. and is
that company under a 99 year
1934
$
1934
$
est.,
St. Louis RR. and Cleve¬
the New York Stock Exchange.
Consolidated Balance Sheet Dec. 31
1935
Company—Pittsburgh, Cincinnati, Chicago &
land, Cincinnati, Chicago & St. Louis Ry. are the proprietary companies
of Indianapolis Union Ry. (a union railway company organized in Indiana),
owning respectively three-fifths and two-fifths interest in the latter.
Penn¬
sylvania RR. controls through stock ownership Pittsburgh, Cincinnati,
Chicago & St. Louis RR., and is the lessee of the railroad and properties of
that company under a 999 year lease dated March 26, 1921.
New York
Central
RR. controls through stock
ownership Cleveland, Cincinnati,
Oct.
1936—2 Mos —1935
-1935
$77,188
55.370
Gross
2323
Chronicle
554,985
37,470
548,913
64,746
532,884
69,550
74,461
$689,739
45,035
$712,257
$734,774
$776,354
261,654
$516,491
27,598
$683,668,
bonds and notes.
$544,089
235.305
$706,409
236,023
min. int
13
19
21
15
$308,772
$470,368
350,179
$490,709
350,640
$514,684
378,695
$120,189
2,559,575
$140,069
2,456,172
$135,989
2,338,281
Total surplus
$2,616,853
Adjust, of prior years'
contingent liabilities..
Red .of prior yrs.depr.,&c
Prior period adjust, for
Federal tax, &c., net.
594
Flood loss
64,798
Loss from properties dis¬
12.558
mantled
$2,679,764
$2,596,241
$2,474,270
897
10,475
Surplus at end of year. $2,538,904
Earns, per sh. on cap. stk
$1.28
$2,658,166
$1.96
$2,559,575
$2.04
Inc. from
operations._
Other income
Total income
Int.
on
Earns, applic. to
Net
Divs.
income.:
paid during year..
Added to surplus
Sur. at beginning
of year
350,084
def$41,313
2,658,166
22,742 •
244.044
64.096
28,333
Cr7,633
m
«•
m»
mm m*
mm
18,098
26,191
$2,456,172
$2.14
2324
Financial
Comparative Consolidated Balance Sheet Dec. 31
1935
Assets—
y
1934
s
Cash
1935
Liabilities—
$
Prop. & plants._12,290,112
12,608,958
1,231,801
952,193
U. 8. Treas. 2y8%
notes
201,653
Accts. & notes
rec.
(net)
638,713
of
617,456
Mln. Int. in subs..
630,961
$
7,782,138
4,714,500
80,394
63,102
657,456
Fed.
58,931
unreleased
deposits in closed
388
416
tax reserve..
40,046
66,522
Unci. dlvs. & Int..
Inventories
Bal.
1934
$
Capital Stock.— 7,781,706
Bonds
4,678,500
Accounts payable70,765
Acer, payrolls, &c.
70,857
Accrued Interest-58,481
x
1,287
43,277
1,287
/
Deferred rents
banks
61.260
72,381
46,163
2,658,166
2,538,904
Surplus
Notes recelv. mat.
after
Dec.
31,
./
1933, &c
Accts.
rec.
30,023
Investments
grice for sinking fund purposes) or for the days' notice of series A bonds
y lot
the first day of any month on 30 redemption at 100 H and int.
8~6~644
on
corporation
56,631
33,072
1
1
205,724
203,924
15,284.211
15,471,619
Trade, brands, &c.
Bond discount
5—15.284.211
Total
15.471,619
Represented by 233.383 shares no par value in 1935 and 233,395 in
y After deducting reserve for depreciation of $7,258,195 in 1935
and $6,764,671 in 1934.—V. 142, p. 1989.
x
1934.
International
Nickel
Co.
of
Canada, Ltd.—Will Not
Retire Preferred Stock—
Rumors recurring from time to time that the company plans to retire
its 7% cumulative preferred stock were denied on March 31 by President
Robert O. Stanley, in his annual address to the stockholders at their annual
meeting in Toronto.—V. 142, p. 1989.
International Rys. of Central
Period End. Feb. 29—
Gross revenues
America—Earnings—
1936—Month—1935
1936—2 Mos.—1935
$491,759
224,438
$993,298
472,696
$838,555
456,708
$254,540
applic.
$409,079
237,219
exp. & taxes—
Inc.
before Dec. 1, 1958, and at 100 and int. thereafter.
$184,641
$520,602
$381,847
fixed
to
charges
-V. 142, p. 2163."
International Silver
Co.—Earnings-
Calendar Years—
1935
Net sales
1934
1933
$10,520,436
9,757,137
$9,736,016
8,603.169
Depreciation
582,651
Maintenance and repairs
238,570
148.376
191,957
541.340
228.527
Costs and expenses
Ordinary taxes
Rents, &c
Provision for decline in market price
of silver
1352,970
r. 760,362
501,316
160,039
129,903
in
accordance
funded
7,857
Deferred charges._
Oper.
or
retired
Com. stock of the
Total—.
April 4 1936
Sinking Fund—On April 1 of each of the years 1937 to 1946, inclusive,
as long as any of these series A bonds
^limited to $3,750,000) remains out¬
standing, provision will be made for retiring a principal amount of such
series A bonds equal to that amount by which net earnings for the preceding
calendar year, after all expenses and all taxes but before charges for retire¬
ment reserves, amortization and interest, exceed
14% of the aggregate
amount of first mortgage bonds at any time theretofore issued, for other
than refunding previously outstanding first mortgage bonds, plus any out¬
standing prior lien bonds, provided that the series A bonds to be so retired
in any year shall not exceed a principal amount of $50,000.
On April 1 of
each year subsequent to April 1, 1946, provision will be made for retiring
series A bonds or a principal amount equal to $50,000.
For the purpose of
meeting this sinking fund requirement, the company may deliver to the
trustee series A bonds, for cancellation, and (or) cash to be used for the
purchase and cancellation of series A bonds (at not to exceed the redemption
on
20,245
148,764
non-cur
Chronicle
or
otherwise used
with
these
as
a
sinking fund provisions
Series A bonds
Bank of
Chicago, trustee.
History and Business—Company was incorp. in Towa June 1,
its corporate existence has subsequently been extended to June
1914, and
1, 1954.
Company owns no subsidiaries and is directly engaged in the public utility
business wholly within the State of Iowa, providing electric service at retail
in 113 communities, including a number of county seat towns and smaller
rural communities.
Company also supplies electric service at wholesale to
11 communities. In addition, gas service is supplied at retail in three com¬
munities.
Company estimates that the territory served by it has a total
population of approximately 100,000.
The principal communities in which the company distributes electricity
at retail
are
Fairfield, Maquoketa, Anamosa, Manchester, Monticello,
Marengo, De Witt and Guthrie Center. At Maquoketa a municipally
owned plant has also been in operation since 1920.
The company is primarily a distributor of electricity.
Tn the calendar
year 1935, over 85% of the total gross operating revenue was derived from
sales of electricity and over 82% of the total kilowatt-hours sold, used and
unaccounted for, were purchased from others.
At Fairfield the company owns and operates a coal gas plant and dis¬
tributes the output.
Natural gas, purchased from the Northern Natural
Gas Co., is distributed in Atlantic, and natural gas, purchased from the
Natural Gas Pipeline Co. of America, is distributed in Muscatine.
Capitalization (Giving Effect to Present Financing)
100,000
loss$498,257
$73,038
$91,292
110,934
155,006
166.559
10,429
1,639
loss27.082
Other income
Profit of Internat
Silver Co. of Can.
provision
marketable
$.29,683
against loss
*286,709
"Write down—Government securities.
Federal and State taxes
13,461
23,500
29,086
1 ,000
loss$496.687
178,371
$206,183
237,828
$242,623
59,457
Deficit
$675,058
$31,645 sur$183,166
General Balance Sheet Dec. 31
1935
$
Real estate
599,686
Mach., tools & fixt 3,713,122
Inventories
5,571,410
1935
599,686
Invest, in Interna¬
5,945,688
Common
stock-—
9,119,731
Accounts
payable-
143,711
5,945,688
9,119,731
149,400
51,076
58,213
900,284
876,842
sees..
401,279
462,453
rec—
7,827
114,679
10,709
134,205
133,967
Accrued int.
Due from empl—
Deferred charges._
Stocks and bonds.
95,938
586,733
Cash
886,585
Accts. & notes
rec.
liabilities
Prov.
of Canada, Ltd.
2,568,120
867,177
858,130
2,595,115
S
Preferred stock
Acer.
tional Silver Co.
U. S. Govt.
1934
$
Liabilities—
3,892,422
5,778,800
for
Federal
taxes
22,000
38,500
30,184
30,184
133,274
stock
Pref.
520,000
Common stock
Amount authorized is unlimited, but additional
Note—As of Dec. 31, 1935,
gated $720,870.
and
1,291,833
1,633.375
512,725
first mortgage bonds,
808,332
div.
scrip
Preferred dividends
1
payable
Surplus
59,457
dividends in
arrears on
preferred stock
31,
aggre¬
Full preferred dividends were paid to March
1932,
thereafter until Dec. 21,1935, when a distribution of one-sixteenth
the annual rate was made.
none
Purpose—Net proceeds from the sale of the series A bonds and serial notes
estimated at $4,562,135 and will be used by the company for the follow¬
are
ing
1934
$
Assets—
$3,750,000
1,040,000
other than of series A, may be issued from time to time only in accordance
with the terms of the indenture.
101,984
Net profit
Preferred dividends
7% cumulative
6M% cumulative
($100 par)
4% serial notes
x
on
& misc. invest.
securs.
Outstanding
x
$3,750,000
1,040,000
3,000,000
$230,769
Cr55,940
$229,683
loss$3, 6,894
4,348
Interest paid
Additional
First mortgage bonds
Series A, 4%, due 1961
Preferred stock ($100 par)
Profit
loss$376,894
Adj. for fluctuation in Canadian exch_
Profit
re¬
4% Serial Notes—Dated April 1, 1936; due semi-annually Oct. 1, 1936.
to April 1, 1946.
Interest payable A. & O., in Chicago and New York.
Principal and int. payable in such coin or currency of the United States as
at the time of payment shall be legal tender for the payment of public and
private debts. Serial notes of each maturity redeemable at the company's
option, as a whole or in part, on the first day of any month on 30 days'
notice, at the following redemption prices: 4% in case of serial notes matur¬
ing from Oct. 1, 1936, to Oct. 1, 1937, both incl.; 5% in case of serial notes
maturing from April 1, 1938, to April 1, 1940, both incl.; 4% in case of
serial notes maturing from Oct. 1, 1940, to Oct. 1, 1941, both incl.; 2% in
case of serial notes maturing from April 1, 1942, to Oct. 1, 1942. both incl.;
and no premium in case of serial notes maturing thereafter.
Coupon notes
in the denom. of $1,000, registerable as to principal only.
First National
Authorized
Profit
be
not
may
credit under the first mortgage.
purposes:
(a) Approximately $1,989,93& for redemption at 103 and Int. on May 1,
1936, of $1,877,300 1st lien & ref. mtge. gold bonds, series A, 6%,
due 1949.
(b)
Approximately $957,413 for redemption at 103
and
int.
on
June 1,
1936 of $907,500 1st lein & ref. mtge. gold bonds, series B, 5%, due 1950.
(c) Approximately $524,520 for redemption at 103 and int. on June 1, 1936,
of $496,000 1st lien & ref. mtge. gold bonds, series C 5J^%, due 1949.
(d) Approximately $76,356 for redemption at 105 and int. on July 1, 1936,
of $70,700 25-year 1st mtge. 6% bonds, series D, due 1959.
(e) Approximately $891,660 for redemption at 102 and int. on July 1,1936,
of $849,200 secured convertible bonds, 6%, due 1939.
(f) Approximately $108,882 for redemption or other payment with accrued
interest, of $106,000 of various notes, purchase money obligations,
and a bank loan; and
(g) The balance, estimated at approximately $13,366, for other corporate
purposes.
Total
15,445,663 16,209,505
Total
Earnings for Calendar Years
15,445.663 16,209 505
International
Telephone
&
Telegraph
Corp.—Cow-
munication with Tasmania—•
1934
1933
$1,273,135
12,174
$1,207,297
12,602
$1,377,902
647,217
50,901
State, local and miscellaneous taxes__
86,837
Income taxes
24,320
$1,285,309
$1,219,899
684,872
62,576
85,342
time
through
676.393
53,513
74,426
$568,627
165,000
$452,519
$415,567
155,000
155,172
$403,627
$297,519
$260,395
Total operating revenues
Other income (net)
Total gross earnings
Tasmania, large island State of Australia, 180 miles south of the main¬
land, was connected by telephone with the rest of the world March 25 for
the first
\
1935
$1,365,600
12,302
—V. 142, p. 1820.
the inauguration of
a
submarine telephone
cable
to Australia.
_
Operation
Maintenance
The cable is one of the longest submarine telephone cables in the world
and has six telephone circuits, numerous telegraph channels and a special
for radio broadcasting.
Companies associated with the Inter¬
circuit
national
Telephone &
Provision for retirement
reserve.
Telegraph
Corp. in England and Australia were
involved in its manufacture and installation, and among the messages
exchanged were those between H. P. Brown, Director General of Australian
Government communications, who was at Hobart, Tasmania and Col.
Sosthenes Behn, President of the corporation, who is in New York.
There
are approximately 16,000 telephones in Tasmania.—V. 142, p. 1990.
International Vitamin
Corp.—Listing—
The New York Curo Exchange has approved the listing of 200,000 out¬
standing shares of capital stock, $1 par, and wih list 25,000 additional shares
of capital stock, $1 par, upon notice of sisuance.
The Manufacturers Trust Co. is transfer agent for the company's 300,000
shares of common stock.—Y. 142, p. 1292.
Net earnings before int. deductions
The maximum annual interest requirements on the $3,750,000 series A
bonds and on the $1,040,000 serial notes being offered by this prospectus
will be $150,000 and $41,600 respectively.
Underwriters—The name and address of each underwriter, and the
respective amounts of series A bonds and serial notes severally underwritten
are as
follows:
Name—
Bonds
-
Notes
$1,500,000
1,500,000
750,000
Harris, Hall & Co., Inc., Chicago
Blyth & Co., Inc., Chicago..
Brown Harriman & Co., Inc., New York
$416,000
416,000
208,000
Balance Sheet Dec. 31, 1935
Iowa Electric
Co.—Offerings—Harris, Hall & Co. (Inc.),
Blyth & Co., Inc., and Brown Harriman & Co., Inc., on
March 31 offered at 98 and int. $3,750,000 1st mtge. bonds,
series A, 4%, due Jan. 1 1961.
The same bankers are offering $1,040,000 4% serial notes
(due semi-annually Oct. 1 1936 to April 1 1946) at prices
ranging from 96.01 and int. to 105.05 and int., according to
Assets—
Preferred stocks
Investments
Common stock.
and advances
Special deposits
Prepaid accts. & deterred chgs.
Cash in banks and
on
hand
Working funds
(net):
Materials and supplies
-
$8,438,715
Total
$8,438,715
—V. 142, p. 1645.
First Mortgage Bonds—Dated Jan.
1, 1936; due Jan. 1, 1961. Interest
payable J. & J. in Chicago and New York. Principal and int. payable in
such coin or currency of the United States as at the time of payment shall be
legal tender for the payment of public and private debts. Red. (other than
for sinking fund) at company's option, as a whole or in part, on first day of
any month on 30 days' notice, at 102 H and int. on or before Dec. 1, 1940;
at 102 and int. thereafter, and on or before Dec. 1, 1945; at 101M and int.
thereafter, and on or before Dec. 1, 1950; at 101 and int. thereafter, and
on or before Dec. 1 1955; at
100H and int. thereafter, and on or before
Dec. 1, 1958; and at 100 and int. thereafter. Coupon bonds in the denom.
of $1,000, registerable as to
principal only, will be exchangeable for fully
registered bonds in denom. of $1,000 and $10,000. Harris Trust & Savings
Bank, Chicago, trustee.
Funded debt
_
Accounts receivable
Total
dated March 30 affords the following:
$2,925,208
512,725
4,228,600
230,019 Deferred liabilities
76,825
19,203 Current liabilities
343,292
3,583 Reserves
258,678
1,435 Contributions for extensions.
77,844
177,521 Earned surplus
15,541
77,235
528,147
14,423
Debt discount and expense
maturity.
A prospectus
Liabilities—
Property, plant, equip., &c.—$7,387,149
Iowa
Mention
Electric
Light
&
Power
Co.—Further
Data—
made in these columns
(V. 142, p. 2163) of the
offering of $3,600,000 1st mtge. bonds, series E, 4%, due
Dec. 1, 1955 and $1,250,000 3% coupon notes, due semi¬
annually Oct. 1, 1936 to April 1, 1941. A prospectus dated
March 26 affords the following:
First
payable
in
such
was
Mortgage Bonds—Dated Dec. 1, 1935; due Dec. 1, 1955.
Interest
J. & D. in
Chicago and New York.
Principal and int. payable
coin and currency of the United States as at the time of payment
shall be legal tender for the payment of public and private debts.
Red. at
company's option, as a whole or In part, on first day of any month on 30
days' notice at 106 and int. on or before Nov. 1, 1940; at 104 and int. there¬
after, but on or before Nov. 1, 1945; at 1023^ and int. thereafter, but on or
before Nov. 1, 1950; at 101 and int. thereafter, but on or before Nov. 1,
1953; and at 100 and int. thereafter. Coupon bonds in the denomination
of $1,000, registerable as to principal only, will be exchangeable for fully
registered bonds in denom. of $1,000 and $10,000. Harris Trust & Savings
Bank, Chicago, trustee.
M 3% Coupon Notes—Dated April 1, 1936; due semi-annually Oct. 1, 1936
to April 1, 1941.
Interest payable A. & O. in Chicago and New York.
Principal and int. payable in such coin or currency of the United States as
at the time of payment shall be legal tender for the payment of public and
private debts. Notes of each maturity redeemable at the company's option,
as a whole or in part, on first day of any month on 30 days' notice at the
redemption prices.
Coupon notes in denom. of $1,000.
Continental-Illi¬
nois Nat. Bank & Trust Co. of Chicago, trustee.
These notes will be subject
to redemption at the option of the company, as a whole or in part, on the
first day of any month upon 30 days' published notice, upon payment of
the principal together with int. to the date of redemption plus a premium
which shall be 2
% in the case of notes maturing on and before April 1,
1940; 1 }4% in the case of notes maturing Oct. 1, 1940; and ^ of 1% in the
case of notes maturing April 1, 1941.
History and Business—Company, which maintains its principal office at
Cedar Rapids, Iowa, was incorp. in Iowa, May 25, 1925 as Iowa Railway
& Light Corp.
Present name adopted on May 31, 1932.
Company is directly engaged in the public utility business wholly within
the State of Iowa, providing electric, gas, heating and electric railway
service, together with an appliance merchandising service, to a group of
communities in central Iowa.
Company estimates that the territory served
by it has a total population of approximately 300,000.
Among the principal
communities in which electricity is distributed at retail are Cedar Rapids,
Marshalltown, Boone, Perry, Marion, Nevada, Jefferson, Belle Plaine,
Tama, Toledo and Mount Vernon.
Manufactured gas is supplied in Mar¬
shalltown, Boone, Ames, Nevada, Mount Vernon, Lisbon, Belle Plaine,
Carroll and Vinton.
Natural gas purchased from the Northern Natural
Gas Co. is distributed in Jefferson.
Company has no present intention of
changing the general character of its business.
An electric railway freight and passenger business is conducted over the
company's 27 mile track between Cedar Rapids and Iowa City, and a number
of industries are served in both terminal cities.
Some local transportation
service is provided in Cedar Rapids over the tracks of the railway, and a
local bus transportation service is operated in Marshalltown.
A district
heating service is rendered in parts of Cedar Rapids, Boone, Perry, Marion
and
Preferred Dividends—
The directors have declared dividends on account of accumulations of
87M cents per share on the 7% cum. pref. stock, series A; 81)4 cents per
share on the 6H % cum. pref. stock, series B, and 75 cents per share on the
6% cum. pref. stock, series O, all of $100 par value, and all payable April 20
to holders of record March 31. Similar distributions were made on Jan. 20
last, Oct. 21, July 20 and March 20, 1935; Dec. 20 and June 15, 1934, prior
to which no dividends had been paid since June 30, 1932, when regular
quarterly distributions of $1.75 per share on the 7% pref., $1.62H Per
on the 6)4% pref. and $1.50 per share on the 6% pref. stock were
made.—V. 142, p. 2163.
share
Iron
,
Vinton.
Company owns all of the outstanding stock of its subsidiary, the Iowa
land & Building Co., which owns and operates the office building in Cedar
Rapids, housing the company's main offices and other tenants.
Company owns all of the outstanding stock of the Iowa Producers Co.,
a practically dormant concern, formerly engaged in livestock shipping
activities in connection with the railway.
The Tama & Toledo RR., all of the stock of which is owned by the com¬
pany, operates approximately 3 miles of electric freight railway connecting
the town of Toledo with the Chicago and Northwestern Ry. and the Chicago
now
Milwaukee St. Paul & Pacific RR. at Tama.
The system of the Iowa Electric Light & Power Co. as it is now composed
the growth and development of an electric railway and small
lighting business originated at the end of the last century by local interests
which have continued in control and in active charge of operations.
represents
Capitalization
upon
Completion of Present Financing
Authorized
Outstanding
x
®$6,000,000
1st mtge. bonds; 10-year 7s, series C, due 1942
20-year 4>£% bonds, series D, due 1955
Series E, 4%, due 1955
3% coupon notes
Preferred stock ($100 par)
7% cumulative
6 3^% cumulative
6% cumulative
Class A stock (no par)
Common stock (no par)
a,
...
31
Dec.
1935,
5,206,232
1,561,600
4,395,900
25,000 sh.
85,000 sh.
25,000 sh.
200,000 sh.
Additional first mortgage bonds may be issued
terms of the indenture.
in accordance with the
x
Note—As of
3,000,000
3,600,000
1,250,000
$1,250,000
15,000,000
accumulated and unpaid dividends on the
preferred stock aggregated $2,006,659 and on the class A stock (payable
only after preferred dividends are fully paid) were $500,416.
Company has assumed the payment of $11,000 aggregate principal amount
of municipal bonds which are not redeemable in advance of their several
maturities, and are carried in the balance sheet under deferred liabilities
and current liabilities in the amounts of $10,000 and $1,000 respecitvely.
Condensed Statement of
Earnings for the Calendar Years
1935
1934
1933
Total operating revenues
Other income (net).
$4,582,536
46,418
$4,427,728
29,410
$4,329,303
29,555
Total gross earnings
$4,358,858
1,703,622
187,731
234,472
78,000
$4,628,954
1,915,596
$4,457,138
1.745,818
Maintenance-
223.877
State, local and miscellaneous taxes.
289,575
219,735
272,043
98,070
Operation
105.725
Provision for income taxes
Net
earnings
Provision for
retirement
reserve
Net earnings before interest deduct.
$2,094,181
640,239
$2,121,472
618,079
$2,155,033
605,380
$1,453,942
$1,503,393
$1,549,653
The annual interest requirements on all first mortgage bonds to be out¬
completion of this financing will be $691,500 and the maxi¬
mum interest charge on an annual basis upon the 3 % coupon notes will be
$37,500.
Purpose—Net proceeds from the sale of the series E bonds and notes
are estimated at $4,839,475 and will be used by the company for the follow
ing purposes:
(a) Approximately $3,762,000 for redemption at 102 and int. on June
1,1936 of $3,600,000 1st & ref. mtge. 5% gold bonds, series B, due 1946; and
(b) The balance amounting to approximately $1,077,475 together with
other available corporate funds in the amount of $97,525 for the payment
on or before May 1, 1936, of $1,175,000 of bank loans bearing various rates
of interest and maturing at quarterly intervals up to Sept. 1, 1940.
The bank loans were incurred in the fall of 1935 in connection with re¬
standing
upon
funding $4,000,000 1st & ref. mtge. 5J4% gold bonds, series A, due 1945,
in part with $3,000,000 1st mtge. 20-year 4M% bonds, series D, due 1955.
Underwriters—The name of each underwriter, and the respective amounts
of series E bonds and coupon notes severally underwritten are as follows;
Ser. E Bds.
Name—
Coupon Notes
$1,325,000
$460,000
1,325,000
460,000
400.000
139,000
300,000
104,000
250,000
87,000
Harris, Hall & Co., Chicago
First Boston Corp., New York
Brown
Harriman & Co., New York
Coffin & Burr, Boston
F. S. Moseley & Co., Chicago
Balance Sheet Dec. 31 1935
Liabilities—
Assets—
Property, plant, equip.
&c
$30,566,991
510,719
Debt discount and expense.
462,017
Prepaid accts. & def'd charges
499,279
Contingency fund.
29,420
Cash..
446,727
Working funds
5,510
Investments and advances
_
Due from sub. cos
5,036
Due from other public utility
$11,163,732
Class A stock--
750,000
5,500,000
13,587,500
124,772
250,000
Funded debt
Deferred liabilities
Notes payable
(1936)
Note payable to Northw. Lt.
& Power Co
Accounts payable
33,659
companies
Accounts receivable'(net)
Materials and supplies
Preferred stock
Common stock
Accrued payroll
431,241
Due to other public utility cos
353,041
Due to sub. companies
Dividends payable
Amount pay. for
Accrued interest
equip., &C-.
-
50,000
110,485
43,391
42,500
22,671
91,223
279,901
221,838
Miscellaneous current liabil..
326,681
14,661
Reserves
566,628
Accrued taxes
Contributions for extensions.
Earned surplus
Total
I
$33,343,643
Total
2325
Chronicle
Financial
Volume 142
Manufacturing
Fireman
Co.—Admitted to
Un¬
listed Trading—
The New York Curb Exchange has admitted to unlisted trading priv¬
ileges the rights of holders of common stock represented by voting trust
certificates to subscrioe at $15 per share for additional shares of common
stock represented by voting trust certificates, in the ratio of one additional
share of common stock represented by a voting trust certificate for each
five shares of common stock represented by voting trust certificates.
See also V. 142, p. 2163.
Isotta-Fraschini Co.—Interim Dividend-—
payment of QM cents on the American
April 13 to holders of record of April 6.
paid and on March 8, 1935, 5 cents was paid.
The company has ordered a
debenture receipts, payable on
On Aug. 23 last
—V. 141, p.
25 cents
923.
was
Jamaica Public Service Ltd.
Period End. Feb. 29—
(& Subs.)—Earnings—
1936—Month—1935
Operating exp. & taxes.
Interest & amortization
Balance
_
-
$72,207
42,654
8,781
$66,412
40,688
8.735
$20,771
Gross earnings
$16,988
1936—12 Mos. —1935
$866,010
$830,192
510,735
494,497
104,407
106,214
$250,866
$229,480
—Y. 142, p. 1645.
Laughlin Steel Corp.—$30,000,000 Bonds Of¬
fered—Mellon Securities Co. (Inc.), Edward B. Smith &
Co., The First Bbston Corp., Brown Harriman & Co., Inc.
Blyth & Co., Inc., Goldman, Sachs & Co., Bonbright &
Co., Inc., and Kidder, Peabody & Co. on April 2 offered
at 97 and interest $30,000,000 1st mtge. bonds, series A,
4M%> due March 1. 1961.
A prospectus dated April 2
affords the following:
Jones &
Principal and interest payable at principal
of
York, or at
principal office of First National Bank, Chicago, without deduction for
Penn. tax up to 5 mills, as provided in the indenture.
Conn. 4 mill tax,
Calif. 2 mill tax, and Mass. tax not exceeding 6% on the income, refundable
upon application as provided in the indenture.
Coupon bonds in denom.
of $1,000. registerable as to principal only.
Red. at option of corporation,
otherwise than through a sinking fund, in whole, or in part by lot, on any
interest date, on at least 30 days' notice by publication, at the following
percentages of the principal amount; on or before Sept. 1, 1940, 105; there¬
after on or before Sept. 1, 1945, 104; thereafter on or before Sept. 1, 1950,
103; thereafter on or before Sept. 1, 1955, 102; thereafter on or before
Sept. 1 1959, 101; thereafter at the principal amount; in every case with
Interest payable M.
& S.
office of Union Trust Co. of Pittsburgh, corporate trustee, or, at option
holder, either at principal office of Guaranty Trust Co., New
accrued
interest.
Sinking Funds—(a) on July 1, 1938, and annually thereafter on July 1,
2% of the aggregate principal amount of series A bonds theretofore issued,
and (b) on July 1, 1937, and annually thereafter on July 1, 10% of earnings
available for dividends, as defined in the indenture, for the preceding
calendar year—payable, at the option of the corporation, in cash and/or
bonds (to be valued at prices paid therefor not in excess of the applicable
call price for the sinking funds, exclusive of accrued int.), any cash paid
into the sinking funds to be applied by the corporate trustee either to the
purchase up to the applicable call price (exclusive of accrued interest) for
the sinking funds or to the redemption of bonds.
If bonds of any series
other than series A are outstanding under the indenture, the sinking fund
payments based on earnings may be made in, or applied to the redemption of,
a series other than series A chosen by the corporation, or to the
bonds of
purchase of bonds of a series other than series A chosen by the corporate
trustee.
Proceeds from the release of property may, at the option of the
corporation, be added to the sinking funds.
Redeemable by lot on Sept. 1, 1937, through one sinking fund, and on
each Sept. 1 thereafter through both sinking funds, on at least 30 days,
notice by publication, at the following percentages of the principal amount;
on or before Sept. 1, 1940,
102 H; thereafter on or before Sept. 1, 1945,
102; thereafter on or before Sept. 1, 1950, 101H; thereafter on or before
Sept. 1, 1955, 101; thereafter on or before Sept. 1, 1959, 100)^; thereafter
at the principal amount; in every case with accrued interest.
Listing—Corporation has agreed to make application in due course for
the listing of these series A bonds on the New York Stock Exchange and
their registration under the Securities Exchange Act of 1934.
Purpose of Issue—Net proceeds (approximate $27,875,000) together with
the net proceeds of $5,000,000 one to five year serial bank loans are to be
applied substantially as follows:
(a) $25,000,000, as estimated by the corporation, to cover the cost of
the immediate construction at its Pittsburgh Works of a continuous wide
strip-sheet plant and additional electric generating capacity therefor.
(b) $5,500,000 to discharge indebtedness of the corporation to Union
Trust Co. of Pittsburgh, which indebtedness was contracted on Feb. 18,
1936, to provide in part the funds paid on Feb. 21, 1936, to the corporate
trustee under the indenture of first mortgage of Jones & Laughlin Steel Co..
dated May 1, 1909. for the retirement and redemption on May 1, 1936, or
all the outstanding first mortgage 30 year 5% gold bonds of Jones &
Laughlin
105.
Steel Co., due May 1, 1939 (assumed by the corporation), at
balance of $10,400 required for redemption was paid to the
The
corporate trustee by the corporation out of its treasury
funds on Feb. 21,
1936.
$2,375,000 as estimated by the corporation, to cover expenditures to
be made subsequent to Feb. 29, 1936, to complete the construction of a
new 44 inch electrically driven blooming mill at its Pittsburgh Works and
to complete the construction of additions and improvements to the four-high
cold reducing mill at its Aliquippa Works and for other miscellaneous
(c)
construction projects.
History and Business—Corporation was incorp. Dec. 19, 1922 in Penn¬
sylvania, to acquire the business and assets of Jones & Laughlin Steel Co,
which had been incorp. in 1902 to acquire the business of Jones & Laughlins,
Ltd., a partnership.
This partnership had been formed to consolidate the
interests of the Jones and the Laughlin families, which had been engaged in
the business of manufacturing certain iron and steel products for many
?rears. From a smallgrown until its estimated steel of the capacity is now
ts predecessors has
beginning in 1850 the business ingot corporation and
3,660,001 gross tons per annum.
Corporation is chiefly engaged directly or through Its subsidiaries in the
businesses of:
(1) the manufacture and sale of iron and a diversified line of
rolled steel products, such as billets, sheet bars, skelp, merchant bars,
structural shapes, steel piling, junior beams, plates, bars for concrete
reinforcement, tie plates, railroad spikes, forging steel, cold finished steel,
fabricated structural work, seamless and welded pipe and other tubular
products, wire and wire products, including nails and fence, and tin mill
Sroducts, including black plate; (2) the production and sale of coke and the
y-products produced in the manufacture of coke; (3) the mining and quarry¬
ing of ore, coal and limestone primarily for use by the corporation; (4) the
transportation of ore on the Great Lakes and of coal on the Monongahela
and Ohio rivers for use by the corporation and the transportation of iron
and steel products of the corporation via the Monongahela, Ohio and
Mississippi rivers, principally to the south and southwest; and (5) the
operation of two connecting railroads at Pittsburgh and Aliquippa.
The corporation and certain of its subsidiaries maintain warehouses at
various points in the United States through which a substantial tonnage
of certain finished products of the corporation is distributed.
As an incident to its business, the corporation through certain of its
wholly owned subsidiaries provides housing facilities for its employees and
operates a street railway, a motor coach line and a water system.
23,162
174,496
$33,343,643
New Continuous Wide Strip-Sheet Plant
A portion of the proceeds from the sale of the series A bonds is to be
applied by the corporation to the immediate construction at its Pittsburgh
2326
Works of
Financial
continuous wide strip-sheet plant and additional electric
generat¬
ing capacity therefor at an estimated cost of $25,000,000.
The decision to build this plant was reached
comprehensive study made by it over
by the corporation after
a
extended period, which study led
to the following conclusions:
That the steel products of its
Aliquippa
Works were sufficiently diversified to insure its
operation at a rate com¬
mensurate with that of the steel
industry as a whole and at the same time
193524
yield
some
impossible to
operate the Pittsburgh Works
profitably with its present line of products
and the load factor
they contribute.
The effect of this difference in the
composition and cltfiracter of the
respective finishing capacities of the two Works is shown in the
following
table comparing their
operating rates for the years 1932 to 1935, inclusive,
and for January and
February, 1936, based on the respective ingot capacity
of each Works, with that of the
industry
%
Pittsburgh
Works
as a
whole:
Works
Combined
as a
22.99
23.95
35.53
38.57
46.81
January, 1936
February, 1936
19.54%
45.13
42.23
57.27
53.50
31.75
31.19
44.48
33.53
37.38
x48.55
x51.46
66.88
54.75
x54.09
Preliminary.
V.;1;,
■
i
1st mtge. bonds, series A,
43^%, due March 1, 1961
Bank loans maturing serially from 1937 to
Outstanding
$30,000,000
a
1941, inclusive b___
5,000,000
Inter-State Iron Co.—Purchase money
mortgage non-interest
bearing notes, due serially $11,029.41 on April 20, 1936, and
thereafter on each Jan. 20, April 20,
July 20, and Oct. 20 to
andincl. Jan. 20,1951, and $11,029.53 on
April 20, 1951_c_.
672,794
Sundry purchase money obligations payable
485,743
7% cumulative preferred stock ($100 par)
d58,713 900
Common stock ($100 par).
57,632,000
a Subject to the
provisions contained in article two of the
indenture the
aggregate principal amount of first
mortgage bonds which may be out¬
standing at any one time is limited to $100,000,000.
Subject as aforesaid,
it is not intended to limit the
principal amount of the fust mortgage bonds
series A, 4]4.%, due March
1, 1961, but the principal amount thereof
the
issue
of which the board of
directors of the corporation has
authorized is
$30,000,000.
b Corporation has made
arrangements to borrow $3,500,000 from
Union
Trust Co. of Pittsburgh and
$1,500,000 from Mellon National Bank
Pittsburgh, aggregating in all $5,000,000.
These loans will mature onefifth each year from 1937 to
1941, inclusive, and will be evidenced
by serial
promissory notes executed by the corporation in usual and
ordinary form
These notes are to bear interest at rates
varying from 1}4% to 4% per
annum and are not to be issued
under any indenture.
c Guaranteed
by the corporation by endorsement as to
principal and as to
interest accruing after maturity.
d On Dec. 31,
1935, there were dividends in arrears of $23
per share on
the 7% cumulative preferred stock
amounting to $13,504,197, on the
number of shares outstanding in the hands
of the public, and are
accruing
at the rate of $342,497
per month.
The capitalization of Frick-Reid
Supply Corp., of the capital stock of
which outstanding in the hands of the
public the corporation owns 76.28%.
is as follows:
$2,072,000
2,209,606
...
of the several
principal underwriters
several amounts underwritten
by them are as
names
and'the
follows:
MeUon Securities Co., Inc.,
Pittsburgh
Edward B. Smith & Co., New York
The First Boston Corp., New York
$10,500,000
4 500 000
_
Z.Jl
Brown Harriman & Co.,
Inc., New York
Blyth & Co., Inc., New York
"
_„H
_
Goldman, Sachs & Co., New York
Bonbright & Co., Inc., New York
Kidder, Peabody & Co., New York
Kuhn, Loeb & Co., New York
Morgan Stanley & Co., Inc., New York
II"
I
—..I
2*250i000
'875
000
i* 500
000
1
*937 500
:v 750 000
750*000
2 437 500
4!500! 000
Consolidated Income Statement for Calendar
Years
1933
„
'
Sales and
„
1934
Kansas City Power & Light
Period End. Feb. 29—
Gross earnings
Operating
expenses
Interest charges
Amort, of disc. & prems.
Depreciation
Federal & State inc. taxBalance
-V. 142, p. 1990.
Bents
Royalties
Prov. for doubtful notes and accounts
Balance.
Other income
,
$47,982,341
J 563.553,841
32.251,604
4,500,336
2,237,937
2,850,368
182,488
18,568
113,861
32,723,926
5,465,213
2,164.008
3,208,545
145,370
40,636,058
7,101,827
2,583.728
3,453,266
10,142
26,757
12,994
2,457
$2,476,096
1,028,098
Maintenance and repairs
Taxes, other than Fed. inc. taxes
Selling and administrative expenses....
Total income
$4,238,381
1,014,999
$9,617,546
994,370
$3,504,194
5,057,632
145,966
$5,253,380 $10,611,916
4,859,108
5,511,549
824,058
1,693,476
783,001
1,983,206
loss$4,070,973
395,901
Miscellaneous other charges
$2,371,934
343,315
31,753
4,371
4,175
$4,471,048
2,369,798
2,629,596
$100,974
282,883
216,765
41
$2,751,373
$398,716
Consolidated Balance Sheet Dec. 31
1935
Pass, carried one mile
Rev. per pass, per mile-.
Plants, &c
Bonds
&
*130,824,144 127.810,408 Preferred
Royal.
paid
unmined
3,664,804
4,445,211
on
2,998,415
Real estate sales
contracts
2,340,604
1,716,632
Res.
Def.
charges...
liabil.
comp., fire ins.
fund & pension
54,081
Conting.
Other
116,001
11,932,238
115,879
11,735.914
72,102
10,247,387
1.856 cts.
1.828 cts.
1935
$8,588,947
221,517
1,033,248
137,378
1934
x
7,224,941
4,584,327
43,733
1,564,464
3,686,260
53,975
1,066,635
2,326,949
130,057
155,024
$9,650,065
$9,362,763
$9,875,438
987,963
1,713,080
571,367
3,159,741
26,019
760,746
013,230
911,718
1,644,292
569,914
3,060.842
14,291
896,170
01,612
951,115
1.639.524
543,436
2,872.492
20,261
818,703
04,833
$7,205,687
2,775,404
776,886
3,377
$7,095,617
2,554,447
775,509
2,290
$6,840,697
2,522,066
933,440
2,515
$7,411,816
2,463,621
1,023.125
2,825
$1,995,141
Gross revenue
$8,233,887
310,337
1,137,180
194,032
1,026,407
Transportation
Misceli. operations
General
Transportat'n for invest.
Total oper. expenses—
Net
revenue
Taxes
Uncollectible revenues—
Operating income
-
4,134,898
3,000,000
3,000,000
164,109
24,384,620
21,471,303
__
30,391,510
Earned surplus.
18,085,505
.184,965,130
$35,000,000 financing plan is completed.
Mr. Laughlin also announced that
the directors voted to change the
pending financing plan to call for a $30,000,000 issue of first
mortgage
bonds and bank loans in the amount of
$5,000,000 extending over a fiveyear period, instead of issuance of
$40,000,000 first mortgage bonds.
—V. 142. p. 1472.
595.335
3,246.759
50,340
§63,842
06,562
$1,776,647
$1,586,111
$1,437,671
21,139
20,067
152,762
159,607
26,387
160,237
167.268
Inc. from lease of road..
81
53
51
54
16,897
46,360
14,631
46,447
13,299
46,599
15,174
45.716
38
474,252
Misceli. rent income
Misc. non-op. phys. prop
Dividend income
Inc. from fundedsecur..
from unfunded
62
75
25
343,361
388,917
445,925
_
23,075
^
securities & accounts-
33,362
*205,620
26,720
Miscellaneous income—
618
326
187
357
Total non-op. incomeGross income
$614,643
2,609.784
$835,746
2,612,394
$719,430
2,305,541
$931,454
2.369,124
404,685
35,611
242,343
167.921
391.306
31,199
242,364
167,873
786
2,944
2,680,920
58,052
17,087
Deductions—
••*.• «w *
Hire of fr't cars, deb. bal.
Rent for equipment
Joint facility rents
Rent for leased roads—
Miscellaneous
rents
641
Misceli. tax accruals3,940
on funded debt.
2,686,560
Int. on unfunded debt..
Cr23,951
Amort, of disc, on fd. dt.
17,528
Interest
205,521
i,< v..
•
343,897
27,746
239,419
168,962
738
4,975
2,690,101
32,680
12.498
4
—
_
376.136
50.048
243.896
166.367
2,414
3,857
2,700,420
162,795
12.516
36
_
29,066
31,398
$3,621,522
1,009.127
$3,550,087
1,244.546
105,000
$3,749,883
1,380.759
525,000
$955,731
Preferred dividends
28,987
$3,565,515
955,731
Total deductions
Net loss
30,236
$1,009,127
$1,349,546
$1,905,750
—
Balance, deficit
x Includes
$178,403 received from Kansas City, Shreveport & Gulf
Terminal Co. in prior years on account of interest on advances for additions
and betterments.
Balance Sheet Dec. 31
1935
Assets—
1934
$
& equipment.
116,781,716 117,058,615
Deposited In lieu
ol
Misc.phys.
prop
Stocks
Bonds
Notes.
Advances
invest'ts.
Cash..;
rec
and
3,833,371
973,324
971,603
1,949,507
2,030,915
21,414
2,244,555
4,403,489
936,052
1,949,507
2,030,915
balance
ceivable
565,390
21,434
2,186,557
5,851,564
728,860
567,164
7,275
1,400
130,509
107,867
re¬
Mat'ls & suppl's
1,097,536
Int. & divs. rec.
Work, fund adv.
153,415
15,009
17,432
17,633
Dlsct.
on
164,387
378,672
1,175,818
103,535
20,165
17,831
4,980
Smith Ry
K. C. & Grandview
10,000,000
10,000,000
3,000,000
3,000,000
285,000
324,000
495,600
301,024
211,259
654,715
16,934
608,932
116,577
564,390
566,163
Ry. Co.
1st M.
ser.
A.
TexarkanaUnion
Station
trust
ctfs., series A.
Equip, oblig
285.000
car ser¬
vice bals. pay.
pay'le.
Misc. accts. pay.
Int. & divs. ma¬
tured unpaid.
Funded debt
tured
55,692
43,064
257,310
274,838
171.181
curr.
liabil.
Other def'd liab.
liability...
Acer .dep.,
eqpt.
Oth.unadj. cred.
Add'n
to
1,000
1,000
546,730
108,960
581,808
153,758
4,804,280
210,643
551,568
int.
& rents
Tax
152,022
ma¬
unpaid.
Unmatured
Oth.
funded
Oth. unadj. deb¬
its
21,000,000
M.5H% bds
of Texar.&Ft.
wages
183,721
304,852
curr. assets
290,149
30,000.000
Audited accts. &
rec.
Oth.
construction
320,885
1st M.3% g.bds. 30,000,000
Ref.&imp.M.5s. 21,000,000
Preferred stock.
Traffic &
from
Misc. accts.
S
29,959,900
21,000,000
1st
balances
receivable
Net
1934
29,959,900
21,000,000
_
3,823,524
car
serv.
$
stock.
Grants in aid of
mortgaged
property sold.
1935
Liabilities—
Common
104,758
572,603
526.917
4,642,194
200,332
prop,
thru. inc. and
surplus
Appr. surp., not
spec, invested
and
Total
136,116,422 137,669,210
Total
550,097
568,316
1,082,787
1,041,854
10,649,509
11,926,087
loss
credit balance
181,532,641
Chairman Resigns—
a
1,019,372
1,642.731
Rent from equipment
Joint facility rent income
prepaid
3,765,034
G. M. Laughlin Jr., chairman of the
board announced his resignation on
March 30, effective after
'
Operating Expenses—
Maint. of way & struc..
Maint. of equipment—_
Traffic
Rents and insur.
Capital surplus.
184,965,130 181,532,6411
Total.
After depreciation reserve of
$71,585,388.
1932
$7,968,278
190,455
1,049,006
214,524
.
Profit
Total
1933
$8,279,077
$9,981,091
—
Other def. assets
4,857,706
4,220,334
24,672,419
71,921
96,393
883
110,249
17,022.123
1.859 cts.
1.823 cts.
3,848.256
4,027.882
811,041,731 822,016.026
0.982 cts.
1.002 cts.
$10,606
$11,186
4,007,575
Passenger
Mail, express, &c
Incident & joint facility.
debt
reserve
reserves
1932
883
Comparative Statement of Operations for Calendar Years
agts. &conduc
system
1,670,103
2,208,002
5,686,982
32,204,875
$
58,713,900
57,632,000
accid't
7,527,477
4,112,045
5,515,285
2,520,000
Accrued interest
Notes & accts.
receivable
cur.
for
58,713,900
57,632,000
1934
and
4,137,638
assets
Inventories
pay.
Res. for taxes..
Other
fire ins. & pen¬
sion system fd.
U. S. Govt, oblig
Oth. market sec.
Accts.
payrolls
Accrued interest
and
Cash
stock.
purch'g oblig.
ore.
mtges., &c.._
Accident comp.,
$
Common stock.
Funded debt and
$3,347,038
1933
879
(fr't)._ 4,214,056
Operating Revenues—
Freight
Loans & bills
1935
Liabilities—
stocks
of other cos.
1934
Rev.fr'tcarr'd 1 mile—.841,605.809 833,891,377
Rev. per ton per mile
1.021 cts.
0.993 cts.
Rev. per mile of road
$11,358
$10,981
Traffic
1934
$
$3,685,545
879
Passengers carried
Special deposits.
Assets*"-*
$339,255
1935
Other
Loss.......
Co.—Earnings—
General Statistics for Calendar Years
Miles operated
Statistics—
Inv. in affil. cos.
Profit before other
charges
Interest on funded debt
Prov. for Federal income taxes
The plan
Kansas City Southern Ry.—Annual
Report-
Invested in road
Depreciation and depletion
Amortization of stripping and pre¬
paid mining royalties
Furnace relining and
rebuilding, &c_.
RR.—Files
1936—Month—1935
1936—12 iWos.—1935
$1,437,139
$1,310,751 $15,904,143 $14,894,368
662,080
581,266
7,629,120
6,843,295
134.893
147,309
1,655,268
1,767,797
9.115
10,967
114,865 »
131,609
184,064
184.392
2,216.028
2.204.929
63,850
47,561
603,314
599,697
$383,136
...
Maint. of invest, organ.
Misc. income charges—
1935
oper.
revs., less cash dis¬
counts, and returns and allowances$44,631,257
Cost of sales and operations
Western
Income
15-year 6% sinking fund gold debentures, due June
1, 1943
Common stock (83,562 no
par shares)
Underwriters—The
&
capitalization of
$329,814, against present capitalization of around $800,000.—V.135, p. 1326.
No. of tons carr'd
Funded Debt and Capitalization
(Giving Effect to Present Financing)
Valley
the Interstate Commerce Commission a
plan of reorganization.
contemplates formation of a new company with aggregate
19.75%
44.14
Kaw
The company, which operates 35 miles of line In
Kansas, has filed with
Whole
30.01%
April 4 1936
City
Reorganization—
of Ingot Capacity OperatedAliquippa
Industry
12.10%
—
Kansas
an
profit per ton on the total output, even when
operating at low
rates of capacity, but that the steel
products of its Pittsburgh Works were
used largely in construction
projects, by railroads and by other so-called
capital goods industries, which required relatively small
tonnages of steel
during the depression, with the result that it was and still is
x
Chronicle
a
136,116,422 137,669,210
Note—The above statement includes the
Fort Smith Ry. Co. and the Kansas
properties
are
accounts of the Texarkana &
City & Grandview Ry. Co., whose
operated under lease agreements.—V. 142, p. 1991.
Kellogg Switchboard & Supply Co.—New Director—
Meeting Postponed—
S. Ashley Guthrie has been elected a director and
Percy Davis, who
desired to retire because of ill health, was not reelected.
Due to deaths of
Financial
Volume 142
2327
Chronicle
-
1936
$33,564
def44,120
def60,453
-
73,556
def84,722
defll7,348
February—
of reorganization
Vote on proposed plan
postponed to April 24.—
was
V. 142, p. 1820.
Kansas Oklahoma & Gulf
February—
1936
1933
1934
1935
$142,809
63,249
36,810
$150,936
80,614
51,863
$125,217
59,587
32,973
384,679
203,540
147,2981
309,419
148,395
94,783
295,763
157,356
100,305
266,508
129,961
75,773
Net from railway
Net after rents
1933
1934
.§27,886
def31,668
1935
$31,272
def37,391
def52,431
$18,634
def29,483
def42,647
def46,749
„
Gross from railway
$181,648
95,520
67,783
Gross from railway
Net from railway
Net after rents
Gross from railway
Net from railway.--—Net after rents
From Jan. 1—
Ry.—Earnings.-
Earnings
Superior & Ishpeming RR
Lake
Seymour Guthrie and G. R. Jacobs, the board has been reduced to seven
members from nine.
67,046
44,207
def51,566
def78,329
59,099
d®|77,359
def68,228
def98,877
defl07,545
—V. 142, p. 1645.
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 142, p. 1645.
Dec. 28 '35
deprecia¬
Years Ended—
before
Dec. 30 *33
Dec. 29 *34
Dec. 31 '32
$1,400,883
629,146
$2,049,502
657,006
$1,239,004
654,973
$712,617
10,639
$771,737
13,436
$1,392,496
25,371
$472,275
25,076
Depreciation
.
Operating profit
Interest received
Gain
766,729
long cotton fu¬
on
ture transactions closed
on
423,031
41,061
during the year../,
Disc,
169*995
deb. bds. retire.
34,720
25,915
$555,404
293,676
11,284
29,560
27,414
233,280
29,737
212,885
17,015
55,685
$1,208,204
233,082
233,237
Other interest charges,.
23,349
Amort, of bond discount
25,915
6,016
107,423
Loss
on
duction
at
plant
85,046
82,947
Net after rents
86,069
1935
Calendar Years—
Railway oper. revenues. $1,493,251
1,013,308
Railway oper, expenses.
133,422
Railway tax accruals—
Uncoil, railway revenues
91,347
Equipment rents
62,376
Joint facility rents
102,075
$1,323,616
$1,057,940
214,255
216.935
218,772
218.567
$950,712!
$877,372
!
397.442
397,442
$0.18;
$0.76
share
Dec.! :8'35
Assets—
Liabilities—
$182,233
29
208
485
431
$184,337
$181,593
188,280
pay.,
502,314
payrolls, Ac
payable
366,757
371,405
60,276
$3.86
General Balance Sheet Dec. 31
in road
Invest.
additional taxes.
130,983
Adv. by customer.
Dividends
Prov.
for
Bankers
32,168
691,700
734,632
120,548
3,032
20 yr.
5,189,375
Pref.
130,180
17,882
15,261
78,208
7,025
65,823
37,669
47,994
Insur.
7,543
oflr
nf
&
Common stock..
Total
1936—Month—1935
$12,835
$12,540
5,088
6,223
459
1,678
711,600
1,214,800
3,580,600
1,728,576
354,689
950,712
Profit
3,668,600
1,728,576
345,197
877,372
in
$150,414
65.053
17.057
16,432
$151,242
70,624
17,244
17,876
$5,864
2,196
$3,332
2,309
$51,871
24,185
$1,023
$27,636
$2:,729
20,000
24,500
20.000
24,374
dividends and surplus
$16,687
$23,770
-V. 142, P. 1123.
| Kinner Airplane & Motor Corp., Ltd.—Righti
2,475,487
2,475,487
special dividend of 50 cents per
common
25 cents per share was also declared on the common stock.
Both dividends
payable May 1 to holders of record April 14.
and November of each
year from 1931 to 1935, inclusive, in August and November of 1930, and in
November of 1929, 1928 and 1927.
In addition an extra cash dividend of
$1 per share was paid on Dec. 10, 1935 and an extra of 50 cents was paid
on^Dec. 20, 1934.—V. 142, p. 1820.
Similar stock dividends have been paid in May
Feb.
25
22
The company had an average
—V.
142,
1934
1933
$16,633,230 $17,182,877 $15,401,157 $14,628,143
17,534,229
17,609,448
16,692,181
14,844,670
17,939,108
18,072,214
17,389,973
15,231,342
weeks ended March 21
p.
1936
as
of 4,271 stores in operation during the four
against 4,313 in the like period last year.
1645.
Lefcourt
Realty Corp.—Accumulated Dividend—
The directors have declared a dividend of 25 cents per share on account
of accumulations on the $3 convertible cumulative preferred stock, no par
value, payable April 15 to holders of record April 8.
A dividend of 50 cents
per share was paid on Jan. 15 last, Oct. 15, July 15 and April 15, 1935,
and $1 per share was paid on Jan. 15, 1935, this being the first payment
made on this issue since July 15, 1932, when a regular quarterly dividend of
75 cents per share was paid.—V. 142, p. 1645.
$826,830
82,389
47.441
$943,618
$926,610
121,412
12,855
111,388
$814,431
449,258
$809,351
196,817
$754,233
556,101
$1,006,167
556,909
$707,587
of securities
$449,258
to market
earned surplus.
Dividends paid
Balance, surplus
Earnings per share on
31,778
29,210
-—
$2.31
$2.16
$2.32
capital stock. _
of $67,222 in 1935, $67,548 in 1934 and $59,681
Includes depreciation
Consolidated Balance Sheet Dec. 31
Loans on call
$567,916
150,000
-
165,000
208,700
859,247
108,700
1,112,938
a Accts. rec.—trade
140,299
Other receivables.
27,170
Inventories
242,875
U. S. Govt, secur.
held
&
Dividends
103,108
2,149
94,726
2,584
122,053
121,317
19,186
1,747,699
23,946
1,744,175
6,525
920,493
449,258
payable
Acer. Fed. & Cana¬
dian inc. taxes-
18,997
Payable to transfer
agent on redemp.
of scrip, ctfs. not
yet presented
for
Capital stock
Stock to be Issued
46,497
44,936
779,039
817,098
of Drug Inc. not
78,791
presented for ex¬
change
Capital surplus
3,001
920,493
Earned surplus
707,587
cost
Land
for
bldgs.,
& def. charges.
82,148
.
Trade-marks, good¬
will, &c
$3,625,277
Total
1934
payable and
accrued expenses
134,452
sale to employees
—at
Accts.
467,885
Corp.
Savers
stock
1935
Liabilities—
1934
1935
$935,610
Cash
$3,363,0241
capital stock
—
Total
$3,625,277 $3,363,024
a After reserves of $10,000.
b After depreciation of $930,535 in 1935 and
$875,561 in 1934.—V. 141, p. 3231.
Lima Locomotive
Works, Inc.—Registers Common with
SEC—
The company has
Kroger Grocery & Baking Co.—Sales—
Mar. 21
2,075,930
$861,229
122,860
3,305
Advertis'g supplies
stock, no par value, payable in special 6% preferred
stock, par $10, at the rate of 1-20 of a share of special preferred stock
for each 50 cents in dividends.
The regular quarterly cash dividend of
Jan.
2,129,089
$940,595
!
mach., equip.,&c
1935
1933
$2,902,761
Federal and Canadian
for
quotations
b
401^.
1936
1934
$2,990,318
Other losses and charges.
Life
(S. H.) Kress & Co.—Special Stock Dividend—
4 Weeks Ended—
$7,728,217 $7,821,055
Total
income taxes
The company is offering stockholders of record April' 10 the right to pur¬
one additional ($1 par) common share at 50 cents for each five shares
A total of 200,000 shares is being offered.
Rights expire May 15.
are
3,289
2,060,289
52.338
Total income
Provision
chase
held.
a
surplus
Profit and loss
foreign exchange
on
$45,496
24.766
March 30 declared
and
income
interest and
Munlc. & oth. seer
on
3,289
1,963,738
Add'ns to property
$3,330,807
1934.
1936—12 Mos.—1935
Appropriations for retirement reserve.
Preferred dividend requirements
the
65,268
unadjusted
credits
and
•
Assets—
on
834,475
53,899
equipment
Other
other income
$3,667
The directors
843,702
21
Accrued deprec. on
goods sold, selling, advertis-
Cost of
x
share
18,726
85,275
allowances
Income from securities,
15,867,808 16.148,358
1,306
1,424
—V. 141, p.
229
29,176
liabilities
liability
$1,263,689
x
Previous
common
Deferred
1935
returns,
Key West Electric Co.—Earnings—
Deficit for
233
5,155,000
459,300
depreciation of $5,757,380 in 1935 and $5,149,775
Represented by 397,442 no par shares.—V. 141, p. 159S.
Balance
Dividends matured
$855,320
less
ing and administrative expenses
After
Balance
Interest & amortization.
356
Miscell. accts. pay.
(& Subs.)—Earnings—
discounts
Adjustment
Taxes
16,678
103,339
11,740
partic.
Earned surplus
Operation
Maintenance..
payable.
2163.
Life Savers Corp.
QiiTva
Capital surplus...
15,867,808 16,148,358
21,808
sub.
pref. stock
y
539
2,182
22,159
$7,728,217 $7,821,055
Total
Sales,
59,772
in "hands of public
180,848
Cum.
Period End. Jan. 31—
Gross earnings
17,406
109,417
payable
wages
Calendar Years—
5,155,000
of
paid
prems.
—V. 142, p.
deb.,
5}i%
stk.
Pfnf
180,848
bal.
through
Other unadj. debits
815,818
607.729
called for retire.
Trade marks, trade
&
4,064
8,602
Mat'ls & supplies.
676,000
series A
equip¬
5.757.091
$4,707,000 $4,707,000
Audited accts. and
Tax
Miscell. accts. rec.
172,500
264,228
from brokers
352.844
326,929
buildings,
108,310
105,645
from
rec.
1934
1935
Liabilities—
Capital stock
Traffic & car serv.
unpaid
agents & cond'rs
Amounts receivable
Unamort. disct. on
150,966
Cash on hand
process¬
ing tax on cotton
236,849
189,369
107,423
261,965
poss.
accept
for
Prov.
Insur.,
16,023
16,023
26,628
investments
In advance
Prov.for Fed.taxes
goodwill
1935
1934
-$5,344,751 $5,393,587
In equip-- 1,218,773
1,249,722
Assets—
72,774
69,577
439
y
$6,687
$4.57
Int. & divs. receiv.
467.001
5,091,528
559,053
56,791
x
$20,409
$3.92
Insur., &c., funds.
250.000
4,798,297
559,053
69.577
stock...
$
brokers
171,760
Investments
W
$3,943
$4.75
47,070
(par $100)
shares
Dec. 29*34
900,000
145,088
Common
Total
-sur$l1,999
.
Traffic & car serv.
$
2,360,017
shares—
pat.,
188,280
$214,941
235,350
Special deposits—
sold
2,313,141
ment, &c
211,815
deficit.
Ni
payable
through
Preferred
names,
$185,278
$215,455
$102,076
397,103
Accounts pay a He.
Accrued
Interest,
349,309
machry.,
Notes
re
deb. bonds
$146,472
35,761
504
bal. receivable..
Notes
1,264,477
Accounts and notes
Land,
$181,337
34,118
437
Net bal.
Dec. 28*35
S
1,662,919
Value of life insur.
x
$151,689
33,589
Invest, in affil. cos.
$807,649
397,403
$1.86
Dec. 29'34
Escrow dep. on pro¬
prepd. Int. & exp
31,600
Miscell. phys. prop
33*356
13,420
3,444
Consolidated Balance Sheet
Unexpired
91,930
66,022
163
Invest,
Earned surplus
Misc.
149,468
85.049
61,548
32
419
$320,848
208,802!
Shs. com .stk .out. (no par)
Inventories,
$1,579,505
1,125,613
$224,397
Other
Deb. bonds, ser. A
iQq?
982.743
Total interest accrued-.
$60,518
260,330
$1,162,957
receivable
1933
$1,443,351
132,675
$192,796
Net ry. oper. income-
Earns, per sh. on
$955,864
Prov. for partic. div
tax
1934
$1,447,589
1,025,870
123,608
83,740
62,649
Other income
Balance
$515,967
807,649
Pref. stock, series A—
Common stock
cessing
;
Lehigh & Hudson River Ry.—Earnings—
52,624
$285,585i
877,372!
Total surplus
funded
53,172
87,665
Kendall Co. dividends—
Cash
1473.
—V. 142, p.
Dividends.
Net profit for yearPrevious surplus
per
433,676
43,387
50,508
pur-
chased during the year
Earnings
663,651
232,360
199,157
$223,814
'
pref. stock of
subs, in hands of public
Expenditures for rehabili¬
tating and starting pro¬
!
550,935
125,620
121,903
Gross from railway
46,881
Other deductions
fixed assets
Provision for taxes
Divs.
$218,897
of
disposition
on
58*653
$1,587,858
256,464
18,218
28,621
$764,317
Total income
Bond Interest
-
$338,753
125,203
112,159
Net from railway
tion, interest & taxes, $1,367,590
1933
1934
1935
$251,971
41,587
45,974
698,656
196,256
160,186
Net after rents
From Jan. 1—
(& Subs.)—■Earnings—•
RR.—Earnings.—•
1936
$388,374
128,941
105,489
Net from railway
Kendall Co.
Profit
Lehigh & New England
February—
Gross from railway
filed a registration statement with the Securities and
Exchange Commission under the Securities Act covering 41,400 shares of
common stock.
According to the prospectus, the stock to be offered is
treasury stock and at present is being carried as an investment.
The
consideration to be received for the stock will be credited to investment
account and
the excess received, if any, will be credited to income.
Pro¬
ceeds will be used only as an addition to working capital.
sales of the common stock may be effected in
York Stock Exchange at the market price ex¬
isting at time of the sale, or they may be sold in whole or in part through
private negotiations.—V. 142, p. 1475.
The prospectus states that
whole or in part on the New
Link Belt Co.—New President,
&c.—To Retire Preferred
Stock—
Alfred
Kauffmann
has
been
elected
President succeeding George P.
Torrence, resigned.
Wells, J. Reece Lewis and B. A. Gayman were elected
succeed Henry F. Pope, George P. Torrence and Evans Woollen
Wellington
directors to
2328
Financial
whose terms expired theis
year.
Mr. Kauffmann whose term also expired
this year was reelected a
dirctor.
K The stockholders have approved a resolution for the retirement of
2,285
% preferred stock reacquired and held in the
m^8
Ms The
stockholders
have
also
approved
treasury.
amendment
an
articles
to
of
incorporation providing for the retirement of any preferred stock reacquired
in the future.—V.
142, p. 1821.
Lincoln Stores,
Inc.—Earnings—
.
Years Ended Jan. 31—
Sales.
1935
1934
1933
$4,736,121
$3,570,871
$3,020,551
3,345,136
58,461
2,789,346
51,348
2,620,069
45,691
23,000
23,000
35.000
16,241
$143,589
$144,275
$144,856
taxes
N et profit
com. stk. outstand¬
ing (no par)
Earnings per share
49,858
$2.20
49,483
$2.24
49,900
$2.29
49,650
$1.05
Balance Sheet Jan. 31
Assets—
1936
Cash
1935
Liabilities—
$102,217
$149,811
7,670
5,233
42,689
30,493
33,378
23,288
11,763
397,962
925,845
31,615
12,854
330,997
850,426
43,461
Advanced paym'ts
Receivables
life Insurance
Cash
deposit
In
Inventory
a Total
cap.assets.
Deferred charges.
Total
1936
accrued
7% preferred stock
35,162
299,200
474,000
34,800
315,100
500,000
Common stock
637,696
Total
1934
1933
$48,746
6,919
.
1932
$43,169
$36,777
9.988
11,548
$41,828
$33,182
$25,229
$0.63
$0.45
$0.31
$0.18
60,000
1934
Liabilities—
1935
$219,098
$333,693
600,000
25,390
600,000
23,568
18,462
15,926
Res. for Fed. tax..
7% pref. stock
1934
$214,990
600,000
Accounts payable
Mtge.
$204,590
600,000
1,747
Common stock
Accts. receivable..
Inventories
8,216
.
5,000
pay. curr
91.229
71,152
Investment
1,000
"
6~,919
X19.601
Res. for other taxes
2,641
j
Mortgage payable-
1,000
Unexpired insnr..
Total
x
80,000
142,
p.
Total.
90,000
34,104
Surplus
$955,443 $1,045,337
Includes accruals.—V.
$955,443 $1,045,337
x
Aug. 31 '35
$
Land, bldgs.,
mach'y, &c._ 70,983,613
Due fr. affil.
Accts.
&
71,511,042
132,138
3,718,804
3,376,181
1,495,802
1,210,199
32,504,979
11,856,467
c
$6.50
$
32,969,882
Investments, &c 12,017,268
Skg. fd. require,
anticipated
316,229
1,865,808
1,964,614
Deferred charges
of-subs
Sub. stk. outst'g
Accts. pay.,curr.
Notes pay.,curr.
2,020,193
2,627,964
d Sink,
18,903,387
7,720,000
1,368,200
3,526,184
18,918,387
7,720,000
$458,126
281,426
469
1936—12 Mos.—1935
$5,961,011
$5,556,290
3,750,226
3,396,410
1,558
Cr6,633
$225,982
7,491
$176,231
1,496
$2,209,227
31,264
$2,166,513
27,590
$233,473
76,837
$177,727
76,823
$2,240,491
921,131
$2,194,103
932,655
Balance
y$156.636
y$100,904
Property retirement reserve appropriations
Dividends applicable to pref. stock for period,
whether paid or unpaid
$1,319,360
430,000
$1,261,448
420,000
356,532
356,517
Gross corp. income
x
Balance
$532,828
$484,931
y Before property retirement reserve appropriations and dividends,
z
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.
Regular dividends on this stock were declared for payment
on Feb. 1. 1936.—V. 142, p. 1960.
Louisville & Nashville
London Terrace Apartments
City—Seek Bond Interest—
1935
1934
1933
$5,895,161
Net after rents
$5,816,205
1,261,766
971,995
1.707,179
1,369,421
$5,002,178
1,271,730
956,195
From Jan. 1—.
Gross from railway
Net from railway.,
Net after rents
14,368,955
3,483,588
2,689,947
11,931,123
2,583,692
1,999.231
11,803,093
3,413,303
2,779,364
10,151,504
2,451,198
1,806,689
—V. 142, p. 2164.
Ludlow
Calendar Years—
Gross profit
Depreciation
Selling, administrative & general
expenses
Operating profit
Interest received and other income
Total income
Life insurance premiums
Corp.),
N.
$477,250
14,295
;
$374,989
6,059
19,168
2,573
—
«.
1932
as
&
the
net
as
of
$352,568, to which, in the language of the referee, the bondholders
unquestionably are entitled."—Y. 142, p. 960.
—
-
«
252
77,550
56,362
$290,574
179,900
def$87,517
Includes stock dividend of $224,885.
Balance
Assets—
1935
$110,674
hand
$191,420
$170,027
155,710
91,715
375*539
182,894
235,884
Invest,
in
&
ins.
9,764
2,407
4,127
2,652
capital stk. taxes
91,411
Cap. stock (par $5)
Surp. provided at
674,885
70,992
450,000
30,294
excess
17,591
8,400
360,051
15,000
324,150
1
1
5,568
Properties
Deferred charges..
&
organization and
paid in since
Earned surplus
$1,260,175 $1,069,3251
reserve
profits
10,960
Patents
After
and
Res. for Fed. inc.,
&
—at cost
x
salaries
wages
41,620
Total
estate,
& State in. taxes
sundry securities
reserve
real
Acer,
112,673
Idle plant at realiz¬
able value
y
25,000
company
policies
rec.
1934
$15,902
personal prop. &
value of life
Mortgages
1935
$15,131
of invest, in affil.
Acer,
adv.
to affiliated cos.
Surr.
f
respect to acquis,
other mark. sec.
Inventories
31
Liabilities—
Accts. payable, tr.
Amt. payable with
Notes & accounts
receivable
'
Sheet Dec.
1934
Cash In banks and
earnings of the
froperty for 14 months earnings, leaving available a month, or 1 a 1936 the
total of
224,000 net additional at a minimum of $16,000
of April
—
695
Surplus
x
The balance of this fund after the November distribution
$128,568, to which must be added the
—
*•«•••»
cap. assets, &c_
Municipal bonds &
1
—
$384,710
x472,227
Y.
the Continental Bank
50,115
113,780
$362,756
12,233
...
16,449
(23-24
1934
$526,652
$464,317
12,934
...
494,874
.,
for
for
doubtful
depreciation
V. 141, p. 3231.
of
notes
$163,341
256,850
Total
and
in
$1,260,175 $1,069,325
accounts
1935
256,850
270,523
183,005
and
of
$5,000.
$129,970 in
y
After
1934.—
McCrory Stores Corp.—Rights—
Long Island Lighting Co.—^Exempted—
The Securities and
Exchange Commission has issued an order declaring
the company to be
exempted from provisions of the Public Utility Act
which would require it to
register, because of its owning, controlling or
holding with power to vote 10% or more of the outstanding securities of
five affiliated public
utility companies.
The subsidiary companies are
Kings County Lighting Co., East Hampton Electric Light Co., Queensborough Gas & Electric Co., Nassau & Suffolk Lighting Co. and
Long
Beach Gas Co., Inc.
The Commission found the
company and its subsidiaries are predomi¬
nantly intrastate in character, that they carry on their business substan¬
tially in the single State of New York and that the companies are
organized
under the laws of the State of New York.—V.
142, p. 2164.
Long Island RR.—Earnings.—
1936
1935
1934
$1,947,644
342,194
63,244
$1,767,535
280,613
defl5,427
$1,764,652
208,220
def62,043
1933
$1,805,651
539,302
263,059
3,782,998
523,379
def42,591
3,578,108
395,736
defl85,679
3,642,275
698,388
169,462
3,757.298
1,122,999
560,104
Under the provisions of the plan of reorganization dated June
15, 1935,
modified by all modifications dated on or before Dec. 2,
1935, holders
of common stock and class B common stock of record at the close of
business
as
April 4, 1936, will be offered the right to subscribe for common stock
($1 par), to be issued pursuant to the plan and the amendments to the
on
certificate of incorporation contemplated in the plan, at $10.75
per share,
to the extent of 6-10th of a share for each share of common
stock and(or)
class IB common stock held (such right to subscribe to be
computed to the
nearest full share to which such holder is entitled to
subscribe).
to subscribe
director and Chairman of the Board.
The rights
expire April 27, 1936.—Y. 142, p. 2165.
McGraw-Hill
to Distribute
Publishing Co.—Complete Arrangementss
58,200 Common Shares—
James H. McGraw, Jr., Chairman of the
Board, has announced that
arrangements have been made for the distribution by F. Eberstadt & Co.,
Inc., of 58,200 shares of the company's common stock, a majority of which
was recently acquired by the
company from employees and former employees
in settlement of stock purchase loans.
This offering does not involve any
new
Lord & Taylor—New Chairman and Director—
1935
$649,112
50,296
134,500
789,909
41,088,279
property had available net earnings of $352,569.
The committee, of which Lee S.
Buckingham is Chairman, was formed
several months ago to
oppose a plan of reorganization proposed by the
owner.
The committee, said to represent
holdings of more than $1,300,000
in bonds, has submitted
an alternative plan which is declared to
provide
new securities and interest
rates more in keeping with the present and
potential value and earning power of the property.
The plan is being con¬
sidered by Special Master Ehrhorn of the Federal
District Court.
Statements of earnings show a steady improvement in
rentals, according
to Mr. Buckingham.
The committee s request to the trustee declared:
TI?e referee's report of May 13 1935 showed a total available for dis¬
tribution of $293,568, to which bondholders
unquestionably are entitled as
a
Typograph Co.—Pays Initial Pref. Dw.—
The company paid an initial dividend of $1.50 per share on the
6%
cumulative preferred stock, par $100, on April 1 to holders of record March
21.—v. 136, p. 3174.
x
committee has requested
Walter Hoving has been elected
—V. 142, p. 628.
_
889,968
41,875,813
cos.
credits
Trust Co., as trustee, to
pay bond coupons matured Nov.
—V. 142, p. 1477.
RR.—Earnings.—
1936
$7,230,276
1,837,139
1,400,105
Gross from railway.
Net from railway
on
Net from railway....__
Net after rents
,
Provisions for Federal and State income taxes and
capital stock tax
d Sinking fund and
during fiscal year.—Y. 142,
p. 2164.
From Jan. 1—
Gross from railway
....
1,290,511
674,398
on Aug
31.
c Represented by 136,722 no
par shares,
instalment payments on long-term debt due
February—
expenses
Int. & other deductions.
Total
128,647,139 129,274,196
After depreciation of $27,852,676 Nov.
1935 ($26,982,442 Aug. 1935).
b Represented by 1,500,595 no
par shares on Nov. 21 and 1,490.095 shares
Gross from railway
Net from railway
Net after rents
revenues
Rent for l'sed prop.(net)
a
sum
1936—Month—1935
$559,213
332,905
326
Operating
Operating
128.647,139 129,274,1961
°f Jan. 31 1935.
of $165,000 is
Co.—Earnings—
1,015,052
262,281
1,770,846
Accrued interest
Surplus
_
120
Light Corp. Subsidiary]
Moving expense
Idle plant expense
Interest paid, &c
Loss on disposition of
Reserve
Due to affil.
The reorganization
def25,043
-.■."•'v'.
,■
1,368,200
4,940,160
1,595,457
778,460
fd., &c_
Deferred
Total
12,920,229
pfd.
Fed. & State tax
289,339
Advances
37,353,281
Bonds & mtges.
Debenture bonds
Inventories
37,720,781
12,920,229
cum.
stock
notes
receivable
Aug. 31 '35
Liabilities—
154,290
secur.
Nov. 21 *35
b Common stock
4,031,672
2,874,851
cos.
Cash
U.S.Govt,
•
112,476
34,330
2,304
Lynch Corp.—Earnings—
Condensed Consolidated Balance Sheet
$
;•
[Electric Power &
4,536
131,076
789.
Nov. 21 '35
887
148,107
defl0,071
Louisiana Power & Light
Loews Inc.—Balance Sheet—
Assess—
144,464
18,071
1933
$46,500
def6,424
defl7,415
$71,038
17,071
7
Net after rents
—V. 142, p. 1646.
_
trade
marks & Patents
1934
$71,771
8,404
def4,424
174,475
39,439
5,714
February—
Balance Sheet Dec. 31
1935
1935
From Jan. 1—
Gross from railway
Net from railway
(net), $6,934; balance
above, $61,359.
Cash
629,833
236,865
147,011
1936
Net after rents
$1,550,255 $1,449,450
x After
allowing for dividends on pref. stock,
y Income account in detail
follows:
Gross profit on sales,
$112,705; selling, admin. & gen. expenses,
$43,782; bad debts, expenses, $630; non-oper. expense
Goodwill,
694,966
241.938
157.939
$84,934
15,429
def2,249
Balance
$52,089
Real estate & bldg.
664,130
196,649
116,257
Louisiana Arkansas & Texas Ry.— •Earnings.February—
Other income (net)
y$61,359
9,270
shs. com. stk. (par $10)
Assets—
1933
$322,048
127,381
i
75,772
1934
571,679
1935
Res. for Fed., &c., taxes
as
$329,941
113,550
73,003
1935
.....
Gross from railway
Net from railway
Period End. Jan. 31—
Lindsay Light & Chemical Co.—Earnings—
Calendar Years—
Profit for year
on
$333,624
101,231
63,533
844,982
307,555
199,343
.
Net after rents
—V. 142, p. 1646.
Fed. & State taxes
$1,550,255 $1,449,450
Net profit
Earns, per sh.
$410,374
148,650
1 89,623
From Jan. 1—
Gross from railway
Net from railway
$10,244
17,627
a After reserve for
depreciation of $384,302 in 1936 and $293,963 in 1935
—Y. 142, p. 628.
x
Ry.—Earnings.
1936
Net after rents
1935
$79,939
24,258
Accounts payableComml exps.accr
Real estate mtges.
closed bank
Louisiana & Arkansas
February—
Gross from railway
Net from railway
$77,917
Depreciation
Accrued Fed. and State
Shs.
April 4 1936
$2,759,918
4,493,121
76,410
Cost of goods sold, selling and general exps__
1936
Chronicle
financing by the
company.
A registration statement covering these shares has been filed
with the
Securities and Exchange Commission.—V. 142,
p. 131.
McKesson & Robbing, Inc.—Net Sales—
Month—
January
February
—V. 142,
1936
1935
1934
$11,605,621 $10,532,634 $11,549,832
11,475,413
10,071,120
9,753,342
p.
1993.
1933
$8,598,303
7,650,743
Financial
Volume 142
Missouri Illinois RR.—Earnings.—
McQuay Norris Mfg. Co.—New Director—
Jesse McDonald has been
deceased.—V. 141, p. 1101.
Mack
elected
a
director, succeding C. R. Kalb,
Net after rents
Trucks, Inc.—Directorate Reduced—
.
W. R. Edson, R. E. Pulton, W.D. Sargent, J. E. Savacool and A. V.
Stout retired from directorate.—Y. 142, p. 1476.
Street
Maryland &
Pennsylvania RR.—Seeks $100,000
RFC
4,703
The new loan would be used to retire at maturity May 1 50% of the
$200,000 of Maryland Pennsylvania Terminal Ry. first mortgage 5s.
The
Terminal Ry., trie application states, will request authority to extend the
remaining $100,000 of bonds for five years.—V. 140, p. 3556.
Masonite
1936
Mohawk Hudson Power Corp.—Income Account—Statement of Income Years
Ended Dec. 31 CParent Company)
revenues
Uncollectible oper rev—
Operating expenses
Operating taxes—
Dividends
on
companies:
preferred stocks
on
common
12,419
Interest
on
bonds
on
advances
1,829,640
6,601
Total income
--
$2,753,686
19,485
342,719
....
$3,889,328
847,933
Interest
$2,615,634
2,125,340
6,997
$3,158,605
;
13,352
276,867
983,473
$1,543,549
1,568,666
46,390
Expenses
Taxes
1934
$509,219
1,365,112
19,677
1,994,886
431
334,474
stocks
Other income
$4,747,971
300,795
i
Net income
Previous surplus
1936—Month—1935
$2,864,975
4,757
1,771,540
353,647
$2,555,059
12,609
1,695,235
301,338
Total
_•
Organization
written off
expense
Net loss taken up on merger or dissolution of
$545,877
$735,031
1936—2 Mos—1935
$5,728,764
9,569
3.617,353
703,536
Balance, Dec. 31——
$5,197,982
24,713
3,493.142
599.109
$1,398,306
1935
com.
Liabilities—
stks.
__
Lt.
The company, manufacturer of electrically welded steel tubing and pro¬
ducts fabricated from steel tubing, has filed a registration statement under
the Securities Act of 1933 covering 20,214 shares of its common stock
<$2.50 par). It is expected that a public offering of the shares will be made
by P. Eberstadt & Co., Inc. of New York following the effective date of
the registration statement.
Sale of the stock ocvered by the registration statement will not involve
new financing for the company as the shares are now outstanding and
owned by certain stockholders of the company.
The company recently announced earnings for 1935 of $403,238, equiva¬
lent to approximately $2 per share on its new common stock of $2.50 par
value.
The company expects to apply in the near future for the listing of its
common stock on the New York Curb Exchange.—V. 142, p. 1477.
57,853
Gross from railway
Net from railway
Net after rents
26,784
279,701
163,407
127,929
Net after rents
From Jan. 1—
219,961
105,897
70,060
215,662
100,152
65.298
208,900
90,928
57,945
—V. 142. p. 1647.
Minneapolis Gas Light Co.—To Issue Bonds—
The company has filed a registration statement under
11950, and transferable receipts for the company's AH% first mortgage gold
bonds, series due in 1950. of which $10,778,000 are outstanding.
The company is offering its 4% bonds for exchange to the holders of
outstanding 4}i % bonds in an equal principal amount plus a cash payment
on each $1,000 of bonds exchanged, consisting of the difference between the
redemption price on July 1,1936, and the price at which the new bonds may
The
sum
also includes accrued interest
or
March 25 issued
a
Cash
rec.
sec.
defl54,015
Gross from railway
.
Net from railway
Net after rents
1935
$504,708
11,570
def40,747
1934
$530,659
37,977
defl9,122
1,172.714
16,137
defl27,399
1,031,792
def37,387
defl37,040
1,129,565
83,775
def21,613
1,000,326
def68,480
defl90,251
—V. 142, p. 2166.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.
February—
1936
$1,629,817
defl45,733
Net after rents..—
From Jan. 1—
def408,173
1935
$1,355,278
defl47,379
def326,817
1934
$1,543,794
122,713
defll6,362
112,089,9131
.105,621,631
Gross from railway
3,401,897
2,913
def509.719
2,862,762
def273,235
3,082,369
148,813
def660,469
def346,897
1933
$1,252,837
defl71,698
def442,008
2,646,407
def265,169
def837,643
Consolidated Income Account Calendar Years
1933
1934
1935
$11,732,717 $11,557,883 $12,842,477 $15,076,850
6,083,435
6,282,429
6,105,985
5,860,498
Gross income..
Deduct'ns from gross inc
Dividends on
preferred
2,208,463
2,208,463
2,208,989
2,210,155
$3,440,819
stocks of sub.
$3,066,991
$4,527,502
$7,006,197
cos
Net income
Consolidated Profit and
Loss Account Dec. 31
1934
1935
Previous balance
$10,534,496
Net income for the year ended Dec. 31
3,440,819
Miscellaneous credits
Total credits..
—
pense
company's
written off
organization
$13,975,315 $13,599,898 $14,923,272
743.360
ex¬
300,795
166,804
2,597,803
450,846
1,598,648
Miscellaneous debits.
$7 preferred dividends
874,836
462,675
Balance, Dec. 31—
$11,182,462 $10,534,496 $10,532,907
dividends
Consolidated Balance Sheet Dec. 31
[Including Subsidiary Companies]
1935
$
1935
1934
$
Assets——
Liabilities—
$
b $7 pref.
stock. ?9,989,951
Prop., plant, &c.248,482,854 247,462,856
c $7 2d pref. Stk.
25,021,531
Sinking fund and
special depos.
252,711
220,916 dCommonstock 19,196,993
stock
of
Investments
6,895,904
10,399,700 Pref
subsld. cos— 33,702,197
Cash
2,856,675
3,211,204
Notes and accts.
receivable..
—
M'ktable secur.
Funded
a3,876,479'
ceivable
37,250
Mat'ls & suppl.
Prepayments
3,583,386
37,250
def7,375
98,198
7,410
def3,487
Net from railway
Net after rents..
—V. 142, p. 1477.
8,539
Missouri & Arkansas
74,808
def6,505
defl8,719
Net after rents
From Jan. 1—
defl,027
Gross from railway
130,630
13,736
Net from railway
Net after rents
def3,778
—Y. 142, p. 1648.
$65,831
7,140
def2,847
$73,806
6,200
9,500,000
16,000,000
3,588,752
3,056,558
859,324
3,297,243
3,254,645
852,583
2,538,771
247,834
2,508,201
10,801,118
7,743,693
chase plan—
Accrued liabil—
Res.
def4,406
of prop,
&c
131,050
13,211
def6,714
157,144
19,447
def3,244
def24,289
def42,571
Other
reserves1,854,777
Capital
reserve
arising trom
942,176
1,197,442
reduction of
9,598,497
stock
Profit
and
surplus
Total-
95,694
c
271,504,932 274,801,283
9,598,497
11,182,462
10,534.496
loss
Total..—— .271,604,932 274,801,283
a Accounts receivable only,
b Represented by 399,662 no par shares,
Represented by 249,838 no par shares,
d Representedjoy^l,595,432_no
par
0
paint
liabilities
def22,801
1934
for retire't
Res. for conting.
1933
$43,690
defl3,573
1935
33,702,497
Pay'ts by empl.
under stk.pur¬
Ry.—Earnings—
1936
$68,543
8,046
February—
Gross from railway..
Net from railway
$
debt of
companies
12,936 Long-term liabil,
relating to Sa2,035,160
candaga Reser
1,256,215
6,581*660 Accts. payable.
defll,153
96,436
defl,752
defll,894
2,813
127,314
20,374
Net after rents
From Jan. 1—
Gross from railway
1934
39,989,951
25,021,531
19,196,993
subsid. cos. -100,614,000 100,713.500
Ad vs. from affil.
.
13,572
2,053,292
1,342,104
5,694,089
1933
$34,727
def5,285
1934
$52,144
6,780
746
1935
$45,899
def2,000
255,221
2,797,634
$7 2d preferred (paid to June 30 1933
Mississippi Central RR.—Earnings.—
1936
$63,011
9,142
1933
$10,532,907 $10,390,103
3,G66;991
4,527,502
5,667
Consumers' dep.
February—
Gross from railway.
Net from railway
1932
Operating income
$11,719,579 $11,532,640 $12,661,412 $14,361,194
Non-oper. income, net..
13,138
•
25,243
181,064
715,656
Deferred charges
—V. 142, p. 2166.
of preferred stocks reacquired,
revenues—$39,538,739 $37,865,028 $34,530,698 $35,323,527
Operating expenses
16,966,970
15,920,485
13.985.354
12,819,217
Maintenance expenses-2,057,170
2,169,375
1,537,929
1,627,041
Retirement provision
4,495,963
3,657,428
2,387,168
2.357,546
Taxes
4,299,057
4,585,100
3,958,836
4,158,528
Int. and di vs. re¬
Net from railway
Net after rents
105,621,631 112,089,913
Total
Total oper.
1933
$466,266
def42,987
defl00,834
Gross from railway
Net from railway
92
291,705
37,250
Of which $835,100 is reserved in respect
see under balance sheet below.
only)
1936
$521,503
def71,243
575,295
Common dividends..
Earnings for Month of February and Year to Date
February
9,598,496
1,568,666
d Por details
certificate
Iowa.
Gross from railway
9,598,496
1,559,957
Earned surplus
549
316,048
257,401
250,361
278,934
37,250
Accts. receivable
Parent
permitting Lucien C. Sprague and John Junell, co-receivers, to abandon a
line of railroad extending in a general southwesterly direction from Spencer
to Storm Lake, approximately 36.9 miles, in Clay and Buena Vista counties,
Net from railway.
Net after rents
From Jan. 1—
c
Unamort. balance of expenditures—
Minneapolis & St. Louis RR.—Abandonment—
on
of capital stk.
3,500,000
cost
extensions of its plant and property.—V. 140, p. 480.
The Interstate Commerce Commission
reduct'n
from
Securities
Corp
on
the4H% bonds to June 1,1936,and M of 1% of interest from June 1,1936,
to Jan. 1, 1937.
The exchange offer will become effective on June 1 if holders of at least
$5,500,000 of the 4H % bonds accept the offer by May 11.
Any balance of the new bonds not required for exchange will be sold
to underwriters and the proceeds will be applied to the redemption of un¬
exchanged 4^% bonds, which the company intends to redeem on July 1
at 103 %.
Any remaining proceeds will be used to reimburse the company
improvements
221,664
276,036
reserves
—
the Securities Act
of 1933 for the issuance of $11,000,000 first mortgage 4% bonds, series of
be sola to the underwriters.
266,441
81,534
144,636
Cap. res., arising
Oth. invests., at
c
_
liabilities
Miscell.
6,215,576
6,215,576
Total
1933
$108,531
54,102
37,298
1934
$100,866
42,126
26,474
16,000,000
266,441
51,150
133,786
.
Res. for conting.
option
Pref. stk. of Pow
Valley RR.—Earnings.—•
1935
$99,213
43,118
Taxes accrued.
warrants
Marketable
payable
pref. stock
23,195,000
8,280,750 Interest accrued
20,970,000
7,322,000
Corp
Int. & divs.
9,500,000
27,288
Corp
Pr. Corp. com
El.
$
N.
jDi vs. accrued on
Other sub. cos
&
1934
84,208,475
Hudson Power
Inv. in N. Hud.
stk.
from
Acets.
N. Y. Pow. &
$
Capital stock. 84,208,475
Ad vs.
60,637,131
9,106,114
250,448
60,637,131
9,106,114
230,814
.
Adv. sub. cos.;
Statement—
1936
$134,583
76,458
$1,568,666
1935
$
d
Bonds
_
$1,559,958
Company)
1934
$
Assets—
Pref. stocks
February
229,967
35,548
2,612,993
...
—-
Balance Sheet Dec. 31 CParent
$1,081,018
Michigan Steel Tube Products Co.—Files Registration
Gross from railway
Net from railway
1,598,648
sidiary companies
Invests, sub. cos
operating income.
sub¬
Amount written off book value of reacquired secur .
Dividends on $7 preferred stock
—V. 142, p. 1822.
for
1935
$570,551
Income from subsidiary
1935
$301,198
$0.93
$540,014
$1.83
Michigan Bell Telephone Co.—Earnings—
Midland
_
Corp.—Earnings—
Period End. Feb. 29—
Net
2,200
def21,263
Miscellaneous credits
28 Weeks Ended March 14—
Net profit after Federal taxes, deprec., int., &c
Earns, per sh. on 266,689 shs. com. stk.(no par)
—V. 141, P. 303.
Operating
31,218
12,492
—V. 142, p. 1648.
Interest
The company has applied to the Interstate Commerce Commission for an
additional loan of $100,000 for five years from the Reconstruction Pinance
Commission and for the extension for five years of an outstanding $100,000
RFC loan.
|
122,423
33,823
8,564
5,361
_
Dividends
Loan—
137,575
.
151,198
31.447
Net from railway
Net after rents
Railway—To Reduce Direcorate—
The stockholders on April 22 will vote on a proposed reduction in number
of directors from 11 to mne.—V. 142, p. 2165.
1934
$64,745
13,609
155,854
def5,046
From Jan. 1—
Gross from railway
1933
$54,449
def6,507
defl7,996
1935
$75,928
18,917
4,533
1936
$67,409
8,754
February—
Gross from railway
Net from railway
The stockholders voted on March 25 to reduce the authorized number of
directors to seven from 12 and reelected seven former directors
The stockholders also authorized a reduction in capital stock by 21,700
shares to 817,973.
Market
2329
Chronicle
shares.—Y. 142, P. 464.
2330
Financial
Chronicle
issue.
Missouri Pacific RR.—Earnings—•
February—
1936
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1934
172,990
$5,501,145
1,288,106
559,079
$4,705,021
897,822
181,611
11,184,510
1,671.916
273,999
11,211,263
2,592,311
1,116,283
Nashville Gas & Heating
Mobile & Ohio
1936
$711,905
93,068
1935
1934
The company is notifying holders of its 10-year 4^% debentures that
National Bank of the City of New York, as fiscal agent, has
designated by lot for redemption on May 1, 1936, for account of the sinking
fund, $143,000 principal amount of these debentures.
Drawn debentures
■will be redeemed at 104 and accrued interest at the corporate trust
depart¬
ment of the fiscal agent, 11 Broad St., New York.—V. 142, p. 1297.
the Chase
1933
$637,013
56,941
def31,479
$675,204
107,053
$508,334
8,622
190
def67,186
1.436,263
,196,890
22,396
_____
1,244,817
defl27,987
1,377,176
217,644
5,671
defl63,174
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
46,856
National
27.882
1,049,183
22,754
to offer tne stock to the
Monongahela Ry. —Earnings.—
February—
1936
1935
1934
$521,379
350.212
241,418
$333,682
Gross from railway
879,751
Net from railway
551,547
334,619
661,504
389,285
188,506
Net after rents
From Jan. 1—
Net after rents
202,161
105,417
Utilities
720,662
443,094
246,974
won from the Commission an order
declaring that, because of changes which
it had made in its corporate structure, it no
longer was a
holding
The Commission said the company had on the date of
tion statement three public utility subsidiaries—The
As
a
company
result its
filing its registra¬
Montana-Dakota
Co., Montana Cities Gas Co. and the Missoula Gas & Coke Co.
Since then, it added, the first two of these companies
had, with the approval
Power
of the
Commission,
Trust
Mountain
Interstate
&
Commerce
Carbondale
Commission
on
RR.—Acquistion—
March
21
authorized
the
acquisition by the company of the properties of the Grassy Island RR.
The Grassy Island and the Moosic were
incorporated in Pennsylvania.
RR. owns the entire capital stock of the Moosic.
The capital
stock of the Grassy Island,
consisting of 100 shares, (par $100), is owned
by the Erie Land & Improvement Co., a wholly owned
subsidiary of the
Erie.
The Erie
&
Gulf
Oil Co.—Removed
from
Natomas
Mullins
Calendar
Manufacturing Co.
1935
Water system
Miscellaneous
Years—
1935
Gross
profit..
Expenses
Depreciation
1934
$1,291,812
85,555
$999,000
46,533
103,237
14,455
82,017
19,302
Cr23,715
14,748
97.187
7,868
128,523
$1,230,692
62,486
$1,114,198
63,793
$681.852
90,263
$1,293,178
$1,177,991
138,633
$772,115
166,034
$1,138,669
265,314
$1,039,356
189,758
$606,081
9,371
10,241
$1,403,983
$1,229,115
117,353
$625,693
62,502
75,385
_
$1,187,873
$828,164
590,830
510,236
76,543
73,712
,
Other income.
-
1932
$465,151
367,732
156,064
22.661
Federal income tax.
68.822
131,847
$356,476
320,561
286,502
156,168
12,250
2,365
$1,550,850
77,840
17,165
Insurance
Taxes—Property
Corporate & other (except-income)
$825,849
9.292
146,361
15,732
1,766
10.958
10,604
Gross income
Salaries and general expenses
1933
$1,110,072
14,043
revenues
Other expenses
1933
1934
$1,371,341
12,180
142,683
Trading—
Earnings—
-
Previous balance
Other surplus credits.
Operating profit
Other income
$520,500
18,442
$244,216
6,173
loss$58,645 loss$250,587
Total
income.
Deduc. from income
$538,942
71,572
$250,389
71,030
Cr7,146
Banc-
Co.—Earnings—
Calendar Years
Gold dredging
Rock operations
The New York Curb
Exchange has removed from unlisted trading priv¬
ileges the capital stock, $1 par.—V. 142, p. 1994.
the
"In the Interest of creditors, however, it will be better to have 70%
owned by interests which are purchasing the stock for the purposes of
reselling it, w.th the resultant insurance of a free market; Commercial In¬
vestment Trust, on the contrary, Intends to make a closed Issue out of
its purchase.
Consequently, if the latter agrees to take 70% It wou.d de¬
prive the prospective creditor purchasers of the advantage of an open
market to realize upon their security in case of need."
Bancamerica-Blair's first oid, for only 70% of the stock, was lower on a
per share basis than tnat of Commercial Investment Trust.
Superintendent
Pink urge<jl acceptance of the latter, out the Court
permitted the former to
submit a revised bid, wnJc.h has now been accepted because of its assurance
of creating an open market for the shares.—V. 142, p. 1824.
Reclamation dist. assessments for int_
Mountain
of meeting
option
■'
Land rentals
Moosic
The
the
Blair Corp. of $101.50.
been merged with the applicant, while the applicant
had disposed of the entire capital stock of the Missoula Gas
& Coke Co.
was now interested in that
company only by virtue of an indebtedness
from it of $148,999 —V. 142, p. 792.
and
Investment
offer.
Justice Valente in his opinion stated in part: "Under ordinary circum¬
stances I should, as a matter of fairness, permit Commercial Investment
Trust as the original hignest bidder to meet the revised bid of Bancamerica-
281,053
130,317
Commercial
am erica
489.695
relatively few which registered with the Securi¬
Exchange Commission under the Public Utility Act of 1935, has
and therefore was exempt from the provisions of the
Act.
registration was declared ineffective.
allow
132.400
55.840
Co.—Exempt—
The company, one of the
ties and
offered $100.31
$236,723
151.900
public in the near future.
The Court rejected the bid of the Commercial Investment Trust which
each for the entire 100,000 shares, and said It would not
1933
$376,741
238,389
—V. 142, p. 1478.
Montana-Dakota
Surety Corp.—Goes to Bancamerica-Blair—
The bid of Bancamerica-Blair Corp. of $101.50 a share for 70% of the
capital stock of the corporation was approved on March 27 by Supreme
Court Justice L. A. Valente, who directed Louis H. Pink, Insurance Super¬
intendent, to hold the remaining 30% pending completion of a plan under
which creditors will be permitted to purchase the remaining stock at the
same
price.
Although no details have been worked out yet, Bancamerica-Blair plans
—V. 142, p. 1478.
Gross from railway
Net from railway
Co.—Reorganization—
National Distillers Products Corp.—Debentures Called—
9,724,845
1,897,662
502,709'
RR.—Earnings.
February
cents per share were paid on
See under United Gas Improvement Co. below.—V. 141, p. 1601.
—V. 142, p. 2166.
Gross from rail way
Net from railway
oividends of 12 H
Feb. 1, last, and on Nov. 1 and Aug. 1, 1935.—V.142, p. 1994.
1933
$5,449,635
841,726
13,868,756
3,293,457
1,575,250
Net after rents
1935
$6,963,152
1,651,247
753,579
Gross from railway
Net from railway
April 4 1936
In addition, extra
def$35,751 def$239,913
22,894
10,674
..
Income tax accrued
Special adjustments
Est. prov. for Federal
36,952
195,723
36,048
420,149
iZ
27,675
944,869
Earned surplus.
income tax
846",447
373", 432
$431,440
Dividend declared (net).
$265,314
$189,758
43,589
Consolidated Balance Sheet Dec. 31
Net profit.
Earn, per sh.
and
x
$423,781
on
B shares
x$1.41
Nil
After dividend requirement of $7 per sh.
Balance
1935
Sheet
Nil
*7
31
500,000
_
427.250
401,2f 3
Class B
342,691
503,9£ 6
Other assets
56,238
75,934
Not** & accts. pay
Pats. & good willDeferred charges—
34,233
27,185
28,794
28,976
Res. for royalties.
Miscell. accruals—
receivable
1934
pref. stock—a$l,438,750 b$1438,750
Common stock.
Class A
Inventories
com.
stckk
(par $7.50)
res.
for
262,690
9,847
100,703
147,376
6,025
76,592
413,316
488,938
271*849
202.462
8,954.902
receivables-
5,078
Properties
Total
15,000
253,317
242,332
691,837
263,562
$3,045,475
$2,817,927
Total
Represented by 26,968 shares (no par) issued and outstanding (stated
and 1,807 shs. reserved for old pref. stock not yet ex¬
changed.
b Represented by 28,775 no par shares (since
exchanged for new
pref. stock),
c After depreciation reserve of $2,730,460.—V.
142, p. 1296.
Mystic Iron Works, Inc.—To Reopen Plant—
This company, which had been closed for five
years, will reopen its plants
about May 1, it was announced. The
plant will employ 130 men. A skeleton
crew has started
making necessary repairs to the blast
furnaces.—V. 126.
p.3939.
Nashua Mfg. Co.—Vice-President
Resigns—
Richard Lennihan has resigned as Executive Vice-President. He
placed
his resignation before the board of directors and the
Executive committee
on March 10, with the
request that it become effective not later than
July 1.
The executive committee has
accepted the resignation accordingly.
R. L. Whitman will join the Nashua
organization on March 30 and will
be in full charge of sales and
merchandising. He announced that the present
merchandising policies of Nashua Manufacturing Co., installed by
in
the
annual
report,
Nashville Chattanooga & St. Louis
will
be
Mr.
continued.—
x
Earnings for
February—
1935
Year
to
Date
1934
1933
$1,023,607
75.422
22,630
$932,040
45,536
def1,880
$1,073,658
184,568
121,897
$866,785
73,179
23,975
2,092.167
177,701
59,790
From Jan. 1—
Gross from railway
Net from railway
Net after rents
p.
Of February and
1936
Gross from railway
Net from railway
Net after rents
1,965,913
148,429
2,183.249
412,714
9,991
281,801
1,822,722
191,575
97,664
1648.
National Automotive Fibres Inc.—Dividend Increased—
The directors on March 31 declared a dividend of 37
H cents per share
on
the no par class A stock, payable
May 1 to holders of record April
10.
This compares with 25 cents per share
Nov. 1, and Aug. 1,
paid on Feb. 1 last, and on
1935, the latter being the initial distribution on the
264,385
current liabilities
$
67,923
140,647
96,228
121,403
reclam,
on
dist. bds. curr—
9,770
Res. for life insur_
benefits
Liability
3,000
on
district
reclam.
bonds—
1,328,764
2,763
8,962,380
Paid in surplus
19,288
Capital surplus.—
578,089
Earned surplus
431,440
Deferred
y
credits—
Capital stock
Total
1,346,312
2,587
8,962,380
597*377
265,314
11,544,063 11,391,601
After depletion and depreciation of $499,741 in
1934.
y
Represented by 995,820
no par
Gross oper.
earnings
Oper. & gen. exp. & taxes
Operating profits
Non-oper. earns. (net)__
1935 and $415,416 in
shares.—V. 142, p. 792.
Nevada-California Electric Corp. (&
Period End. Feb. 29—
1936—Month—1935
$510,386
$436,108
283,279
242,928
Subs.)—Earnings
1936—12 Mos.—1935
$5,469,445
2,639,141
$5,136,849
2,876,008
$227,107
2,307
$193,180
8,580
$2,830,303
75,487
$2,260,840
109,895
$229,414
113,952
50,117
$201,761
120,968
51,518
$2,905,791
1,408,681
617,476
Discount & exp. on sees.
sold
Profit arising from retire.
$2,370,735
1,469,613
614,517
8,089
8,513
100,328
102,664
of bonds & debentures
def 1,107
450
196,108
148,695
16
3,409
17,740
28,511
$56,132
$17,802
$957,673
$304,124
Total income
Interest
Other misc.
additions &
deductions (net dr.)
—
Surp. avail, forredem.
of bonds, divs, &c
—V. 142, p. 1824.
Nevada Northern
Ry.—Exempted—
The Securities and Exchange Commission has
granted the application of
the road for exemption from
provisions of the Public Utility Act of 1935
which wou-d require it to register because of its control of more than
10%
of the outstanding voting securities of the Bruceton
Light & Power Co.
Month
1934
$
payrolls,
Acer. Fed. lnc.tax.
Liab.
-11,544,063 11,391,601
Depreciation
Lennihan as recommended
V. 142, p. 1296.
1,900
100,747
value $50 per share)
142,
412,778
56,600
203,800
5,310
18,652
9,210,357
Deferred charges—
312,127
x
Audited
48,589
Capital surplus
—V.
rec.
1935
Liabilities—
S
Fed.
Earned surplus
$3,045,475 $2,817,927"
Notes & accts.
Accrued interest-Inventories
Secure. & invest'ts
Res. for adjust
a
warr.
1934
730.461
vouchers & other
Corp.ctfs.
Reclam.dist.
Other
118,023
66,524
14,057
102,925
taxes
Total
nance
1,052,053
Land sales contr's.
296,453
com. stock
(par $1)
Est.
$
Cash & ctfs. of dep
Reconstruction Fi¬
U. S. Treas. notes.
1935
64,084
Accounts and notes
Nil
pref. stock outstanding.
Liabilities—
equipment, &c C$1,747,066 SI,716,501
409,203
on
Dec.
1934
Real estate., plant,
Cash
Assets—
•
a
Assets—
1935
$186,504 loss$268,427 loss$696,109
class A
February—
1936
From Jan. 1—
Gross from rail way
Net from railway
Net after rents
142, p.
New
792,
1935
1934
$29,080
5,329
2,736
$25,358
4,009
1933
$16,423
def7.353
1,889
def10,177
92,200
Net after rents
—V.
Ry.—Earnings.—
$44,429
18,865
13,702
Gross from railway
Net from railway
52,893
3,360
defl,890
49,119
4,948
681
39,786
def 10,597
39,179
29,822
defl7,155
1649.
England Gas & Electric Association—Receiver for
Company Asked—
,
A petition for appointment of a receiver for the
company was filed In
Probate Court, Dedham, Mass., March 31, following
alleged failure of
Howard C. Hopson and 13 others to answer a bill in
equity. The
petition
filed by counsel for John J. Powers of Braintree, a
stockholder.
In the petition Mr. Powers alleged the
respondents were about to sell
capital stock of the Dedham & Hyde Park Gas & Electric Co. to the Boston
Consolidated Gas Co. for an "inadequate" price.
was
The sale
tne New
was
about to be effected
"not in good faith for the benefit of
England Gas & Electric Association, Dut for ulterior
motives and
Financial
Volume 142
the
for
structure
York Central RR., as guarantor or under leases or
to the securities or obligations of such companies.
alleges.
petition
F.
of providing cash for use of other units of the complex
controlled Dy said Hopson and John I. Mange," the
purpose
financial
H. Golding, President of the Association,
2331
Chronicle
ham Is based on the alleged proposed
Park Gas &
for a receiver filed in the name of John J. Powers at Dedsale of the stock of Dedham & Hyde
Eloctric Light. Go. to outside, interests.
The statements in the
"The petition
petition are so far from the facts that it is obvious that it has been filed
purely for publicity purposes.
It. will be recalled that Mr. Powers, the
owner of turee of tne preferred shares of the Association, which he acquired
in the open market less than a month before he brought action, is the
plaintiff in a suit against the trustees and directors of the Association
filed on March 10."—V. 142, p. 1824.
New
1932
1933
1934
1935
Calendar Years—
$3,218,035
3.681.938
$3,462,359
3.921.624
$3,414,136
3,856,405
$3,662,627
$463,904
47,178
$459,265
59,594
$442,268
53.667
$404,857
$511,082
47,130
$518,859
92.517
$495,936
130.351
$464,691
167,446
$463,953
$426,341
526,495
$365,585
462.228
553.468
$297,245
600.759
$926,181
revenues
expenses
$952,837
$919,053
$898,004
Net operating loss
Tax accruals
Operating loss
Other income
Gross loss
Deduct, from gross inc-Net deficit
4,067,484
59.834
—V. 140, p. 2544.
Ry.—Earnmgs-
New Orleans Texas & Mexico
$198,245
76,762
66.253
$152,898
41.354
49.465
$137,767
33.497
393,036
135.336
118,537
Net after rents
From Jan. 1
1933
1934
1935
1936
February—
Gross from railway
Net from railway
342.124
118.356
137.328
291,185
44,639
$102,436
6.580
17.442
Gross from railway
86.214
109.749
227.867
33.636
59.114
of System
$1,181,819
222,267
The
1935
1936—2 Mos.—1935
$2,338,930
$1,912,522
442,005
311,543
$860,085
79,668
Passenger
55.292.024
Allother
36.640,632
$
$
$
Oper .revenues—Freight. 218,260.324
204,155.074 194.286.544 193.328.132
54.752.612
53.231.808 60.151.922
35.822.750
36.177,195
40,156.086
310.192.980 295.081.881 283.341.102 293.636.140
91.753.219
84.621.673
93.073.110
96.776.251
117.380.073 109,968.199 101.722.945 110.546.897
22.450,342
21.578.676
23,556.613
23,041.131
Total
Maintenance
-
Transportation
Allother
'
Net oper.
72.995.525
20.619.432
162.208
revenue...
Railway tax accruals...
Uncollectible ry. revenue
Equipment & Joint facililty rents—net
15.465.361
2,476.728
Interstate Commerce Commission on March
24 authorize" the
com¬
bonds, series C.
The report of the Commission says in part:
By our certificate of Jan. 15 1936 we approved, as desirable for the
improvement of transportation facilities, maintenance to be applied to the
property of the applicant, consisting of the purchase and installation of
35,000 tons of new rail and other track material and estimated to cost $2,593,000.
The applicant proposes to finance this maintenance through the
aid of the Federal Emergency Administration of Public Works, pursuant to
an agreement dated Feb. 25 1936, with the United States of America, repre¬
sented by the Administrator of Public Works.
To evidence this loan the applicant proposes to issue pursuant to a trust
indenture made by it under date of
as trustee, $2,593,000 of 4%
serial
Dec. 1 1935, to the Bankers Trust Co.,
collateral notes.
The trust indenture
provides for a total issue or $7,000,000 of notes, and the applicant was
authorized by our order of that date in that proceeding to issue not exceeding
$4,407,000 of such notes. Specific provision is made in the trust indenture
for the issue of $2,593,000 or notes now contemplated. The trust indenture
also provides, in effect, that the total amount of unpaid notes outstanding
thereunder shall not exceed 55% of the aggregate principal amount of
C
bonds
pledged
security
as
therefor,
irrespective
of the
market
To meet this requirement the applicant proposes to pledge
bonds to the amount of $4.-
value thereof.
under
the trust indenture additional series C
646.000,
which
make
will
total
a
of $12,730,000 of such bonds pledged
which will be outstanding
proposed, represents
The $7,000,000 of notes
the indenture.
slightly less than 55% of the aggregate principal amount of the collateral.
—V. 142, p. 2167.
,'/ New Orleans Public Service Inc.—Earnings—
75.417.808
26.456,637
173.395
70.913.121
24.836.981
178.056
[Electric Power & Light Corp. Subsidiary]
Period End. Jan. 31—
1932
1933
1934
$
42,351.290
9.820.886
3,820,110
par not exceeding $2,593,000 4% serial collateral notes,
be used for maintenance, and to pledge under the trust
indenture of Dec. 1 1935, to the Bankers Trust Co., as collateral security
for all the notes issued thereunder, $4,646,000 of 5% ref. & improve, mtge.
Central RR.—Earnings—
Years—
Calendar
47,567,324
11.160,445
4,511.840
Securities—■
*
York
New
49,533.067
11,473.030
5.377.669
railway
Netafterrents
thereunder after the issue of the amounts of notes herein
1936—Month—1935
End. Feb. 29—
Period
Operating revenues.
Net ry. oper. income
—V. 142. p. 1649.
56.192,221
12.278.516
Net from
under
Earnings
1—
Gross from railway
series
—
Net from rail way
Net after rents
Date
pany to issue at
the proceeds to
England Steamship Co.—Earnings—
Operating
Operating
Gross
From Jan.
Year to
1936
1935
1934
1933 ^
$27,986,471 $24,034,165 $23,282,782 $20,372,367
5.871.172
5.488,858
5.093.405
4.585.262
2,718,738
2,036.882
1.365.873
1,020.900
Netafterrents
„
of February and
Earnings for Month
issued the foLowing state¬
February—
from railway
Net from railway
ment Marcn 31:
otherwise, with respect
66.459.520
30,083.642
90.672
16,737.156
15.518,613
36.748.524
53,816
29.160.928
194.773
33.269,163
134.690
20.812.987
61.854
Total oper. income...
36.802.340
29.355.701
33,403,853
139.008
4.989.741
131,178
4,182.543
126.361
4,785.432
918.242
1.937.052
2,594.911
3.545.802
614.400
348.653
385.163
10.695.431
5,395.959
7,387.682
6.009,558
6.594.447
5.081.152
139.479
6.817.340
5,218.299
1,249,449
1,884
,$02
^,079.935
2,562.573
169,105
185.648
186,309
$540,944
Dr904
$533,291
782
$5,366,030
45.477
$5,373,351
8.578
$540,040
$534,073
$5,411,507
$5,381,929
233,004
241,026
2.889.883
2,917.100
y$307.036
y$293,047
Property retirement reserve appropriations.
Dividends applicable to preferred stock for period,
whether paid or unpaid
$2,521,624
2,124.000
$2,464,829
2.124,000
Gross corp. income
Interest & other deduct's
Balance
544.586
y
z
Before
544.586
$146,962
Deficit
20.874.841
157.484
3,305,336
1936—Month—1935
1936—12 Mos.—1935
$1,574,308
$1,383,138 $15,554,891 $15,170,485
1,033.364
849,847
10,188.861
9.797.134
Net revs, from oper.Other income (net)
15,472.219
Net ry. oper. income.
Miscell. operations—net
Operating revenues
Operating expenses
$203,757
reserve appropriate»ns and dividends,
unpaid to Jan. 31, 1936, amounted to $1,amounting to 87% cents a share on $7 pref.
retirement
property
Dividends accumulated and
611.067.
stock
Latest dividend,
April
paid
was
1,
Dividends on this stock are cumulative.
1933.
—V. 142. p. 964.
Non-Operating Income—
Inc. from lease of road.
Miscell. rent income
Miscellaneous
non-oper-
ating physical prop'y.
Separately oper. proper¬
ties—profit
1
Dividend income
Inc. from funded securs.
from
Income
unfunded
securities and accounts
Income from sinking
and other res. funds..
160,123
142.417
Miscellaneous income—
income
Miscellaneous
rents
oper.
33.411
207.175
54.791.301
26.423.122
44 497.022
26.282.478
1.046.525
1.250.090
1.504.887
2.515.288
52.577.534
444.534
400,370
12,947
28,744.885
3.581.176
147,324
41.436
28.153.486
3.792.578
25.659.830
proper-
Int.
on
funded debt._i_
Int
on
unfunded debt..
7.448
28.549,102
3.455.939
Miscell. Income charges.
22,860
ties—loss
142.732
93.907
28.348.690
3.988.230
642,590
115,046 def7,682,335 def5,412,513 dfl8.256,400
income
Net
Net income was after the
inclusion in expenses of
depreciation charges as
14,808.074
6,439,095
Condensed General Balance Sheet as of
14,440,644
Dec. 31 1935
16,664,076
follows
Liabilities—
A 3 sets
equipment..1,081,107,967
Impts. on leased ry. prop..
151,289,788
Dep. In lieu of mortgaged
property sold
16,552
Miscellaneous physical prop
33,817,324
stock
504,139,930
Equipment obligations
Mortgage bonds
Collateral trust bonds
520,900.000
Invest, in affiliated cos.:
Non-negotiable debt to af¬
Inv. In road &
158,664,847
17,332,468
35,189.932
157,460,266
Stocks
Bonds
Notes
Advances
Other
.
26,075,868
5,529,450
1,104,851
14,148,169
Notes
Advances
541.643
23,467,302
70,000
Miscellaneous
Cash
Time drafts & deposits
4,944,020
Special deposits
59,281
Loans & bills receivable
ances
&
car-service
Capital
40,736.000
75,760,100
Miscellaneous obligations._
filiated
Loans & bills payable
&
Traffic
ance
wnich
it
been
has
tions of abandonment of its street car lines.
The time extension request
file
declarations
of
was
abandonment
made by company as it did not wish to
of car lines while litigation was under
although it has started bus operation on a number of street car routes.
These declarations of abandonment must be approved by New York
State Transit Commission and filed with the Department of State by the
car-service
bal¬
2,130,933
Interest matured unpaid...
Dividends matured unpaid-
4,452,529
agents & conductors
Miscell. accounts receivable
13,120,266
Material & supplies
24,504,103
4,490,105
343,599
202,128
Int. & dividends receivable.
Rents receivable
Other current assets
Working fund advances...
193,724
Insurance & other funds...
16,475.022
1,681,185
2,505,596
157,076
unpaid
308,890
5,438,257
2,960,192
6,096,164
54,433,044
Other current liabilities
Deferred liabilities
'
liability
town lines.
Bvs
Line
Replaces 34th Street Trolley—
Trolley cars were replaced by motor buses April 1 on the
34th St. and the
116th St. lines of the New York Railways system.
With the motorization of these two lines the entire
Manhattan trolley
network of the New York Railways Corp., with the exception of the 23d
St. crosstown line, became a thing of the past, except for the occasional
"franchise" street cars being operated pending final disposition of Federal
litigation. The 23d St. line will be motorized on April 8.
The new bus route is being operated by the New York City Omnibus
Corp., the same subsidiary of the New York Railways which operates or
controls the lines on Madison, Fourth, Sixth, Seventh, Eighth, Ninth,
Lenox and Lexington Avenues.
It also operates the Broadway line and
the Eighth Street crosstown line.—V. 142, p. 1824.
New
Connecting RR.—Earnings—
York
1934
1935
$2,727,298
Operating revenues
Operating expenses
650,506
1933
1932
$2,558,597,,
$2,700,496
590,909
$2,730,165
572,940
400,783
377,626
444,577
$1,708,804
$1,779,599
$1,535,228
407,903
578,792
4,483,538
deprec.—road
deprec.—equipm't
Accrued
deprec.—miscell.
58,611
64,639
100.578
89,141
Joint facility rents—Dr.
353,668
380,540
418,011
381,243
Net oper. income
Non-operating income--
$1,256,610
45,234
$1,263,624
53,116
$1,261,009
71,881
$1,064,845
75,821
$1,301,843
1,323,163
$1,316,740
$1,332,890
1,321,016
$1,140,665
1,322,411
$4,996 prof$l 1.875
$181,746
Gross income
Deduct, from gross inc—
2,436,383
164,940,491
Accrued
physical property
Other unadjusted credits..
$1,668,888
Operating income
Equipment rents—Dr__
1,321,737
16,826,098
$21,320
Net loss
Earnings for Month
February—
3,503,580
94,000,690
Gross
from
.
railway
Net from railway
Net after rents
of February and
1936
$248,779
203,960
-
1935
$244,052
186,516
Year to
Date
1934
$219,403
175,458
1933
$227,758
186.636
through inc.
& surplus
Miscell. fund reserves
Profit <fc loss
7.246,555
1,701,055
195,968,343
137,099
131,301
101,245
110,326
Gross from railway
Net from railway
483,005
390,991
468,753
366,336
473,457
389,516
474,593
384,476
Netafterrents
Add. to prop,
3,490,303
25,739,421
Other deferred assets
to
Tax accruals
Unmatured interest accrued
Fund. debt matured
Unmatured rents accrued—
Accrued
Net balance receivable from
not
5,821,757
payable
Miscell. accounts payable..
Tax
time extension applies also to four routes in addition to the New
Railways Corp. street car routes that, under terms of franchises, are
be motorized until company has abandoned all car lines and com¬
pleted motorization of service. Tnese lines are: Spring and Delancy, 79th,
86th and 96th streets.
The company has completed motorization of its
street car lines with exception of 14th, 23d, 34th and 116th Streets crossTne
York
Calendar Years—
Ins. & casualty reserves—
bal¬
receivable
5,500,000
85,382
65,300,762
companies
Audited accts. & wages pay
investments:
Stocks
Bonds
Traffic
granted by the New York City Board
Rights otherwise would have
granted franchises.
expired April 26 on routes not then motorized.
The New York Railways Corp. (which see) is at the present time engaged
in litigation, brought by preferred stockholders, over its reorganization
under Section 77-B of the Federal Bankruptcy Act.
The New York City
Oniinbus Corp., which was formed to succeed the New York Railways
Corp.. is granted 90 days after the sett lement of this litigation to file declara¬
for
company.
Miscell. tax accruals
Separately
30.911
121,560
28.413
328.319
59.441.181
26.366.304
840.400
84,082
-
Rent for leased roads
«
City Omnibus Corp.—Gets Time Extension—
way
Release of premiums on
funded debt
Gross
\
New York
The corporation on March 27 was
of Estimate additional time within wnich to begin bus operation on routes
258,940
241,407
251,762
224,565
From Jan. 1—
—V.
142, p.
1650.
Rents & insurance premiums
paid In advance
Other unadjusted debits...
1,799,406,095
Total
New
42,164
9,877,087
Total
1,799,406,095
does not include the assets or liabilities of
lessor, affiliated, terminal or other companies, nor the liability of New
iVofe—This
balance sheet
York
Merchandise
Co., Inc.—Would Sell 32,091
Shares—
The company
has filed a registration statement with the Securities and
Exchange Commission under the Securities Act covering 32,091 shares of
common stock.
According to the statement, 8,391 shares will be offered
2332
Financial
the
to
public through underwriters; 7,440 shares are to be offpred em¬
ployees, and 16,260 are to be issued as a stock dividend.
Of the shares
to be offered publicly, Shields & Co.
will underwrite 4,195 shares and
King, Crandall & Latham, Inc., will underwirte 4,196 shares.
The proceeds will be used for additional
working capital which, the
states, will tend to reduce borrowing requirements during the
which at the peak in 1935 amounted to $1,400,000.
Lisling—The New York Curb Exchange will list 32,091 additional shares
of common stock, no par, upon notice of issuance.—V.
142, p. 1300.
company
year,
New York &
Pennsylvania Ry.—Abandonment—
The Interstate Commerce Commission
permitting
the company
to
abandon
on
March
19 issued
a
certificate
its
entire line of railroad
extending
Canisteo, N. Y., ot a connection
with the Pittsburg Shawmut & Northern RR. at
Ceres, N. Y., 57 miles,
all in Steuben and Allegany counties, N.
Y., and Potter and McKean
from
a
connection with
the Rrie
RR.
Chronicle
Operating and Traffic Statistics, Calendar
at
1935
Tons of
counties, Pa.
In
an
unprecedented
storm
occurred,
trestles and several miles of the line from Canisteo
which
southerly.
washed
out
Aver.
treasury, and that it is doubtful whether operation of the remainder of the
line can be continued any longer from
earnings and cash on hand.
Results of operation in the year 1931-35 are
shown, in order, as railway
Av.
York
New
Haven
Hartford
Total freight
each ton of
Av.
says in part:
Bankruptcy—Directors authorized the filing of a petition in the U. S.
District Court for the District of Connecticut
for a reorganization under
Section 77 of the National
Bankruptcy Act. This step was taken reluctantly
and only after every practical means available
for meeting company's
obligations had been exhausted.
The step was the unavoidable result
of
(a) continued low gross revenues which had decreased from
$142,000,000 in
1929 to approximately $71,000,000 in
1935; (b) exhaustion of collateral
through loans granted by the Government in 1934; and
(c) inability to
obtain additional funds, together with the
uncertainty of meeting cash
requirements in 1936.
On Oct. 23 1935 the petition was approved
by Judge Carroll C. Hincks.
Pending the appointment of trustees company was continued in
possession
On Nov. 8 1935, the court
appointed as trustees, Howard
S. Palmer, together with
Winthrop M. Daniels of New Haven, Conn., and
James Lee Loomis of Granby, Conn.
These appointments were ratified
by
the Interstate Commerce Commission and the
trustees qualifed Dec. 7,1935.
they have been
1,045,392
570
551
536
623
604
589
$41,002,618
$39,609,355
$38,918,308
$41,383,338
$2,271
$2,203
1.693 cts.
1.652 cts.
$2,335
1.787 cts.
1.900 cts.
$20,033
$19,355
$19,031
$20,186
revenue.
_
freight
ton per mile
per mile of road.
of
interline
of local
revenue
carried
gers
790,511
888,715
7,295,936
6,619,456
7,809,530
22,039,780
sengers carried
rev.
922,214
7,932,064
Total rev. pass, carried—
of
21,609,727
29,827,877
21.619,583
29,029,550
24.603,737
33.301.982
1,034.475.478
30,920,975
passen¬
mile. .1,036,305,605
pass, car'd one
rev.
one
986,115,933
916.317,253
874,217
826,620
724,631
$22,108,806
734,150
$21,638,295
$20,474,645
$24,809,836
mile per mile of road—
Total
passenger
revenue-
Average amount received
from each
71 50 cts.
72.54 cts.
70.53 cts.
74.50 cts.
2.133 cts.
2.194 cts.
2.234 cts.
2.398 cts.
$26,073,615
$25,705,484
$24,573,860
$29,469,706
141.68 cts.
126.39 cts.
143.24 cts.
166.05 cts.
passenger—
Av. rev. per pass
per mile
Total
service
passenger
train revenue..
Net operating revenue per
revenue train mile
Includes revenue from milk handled on freight trains as
follows: in 1935,
$168,619; 1934, $208,512; 1933, $281,477; and 1932, $408,309.
x
Comparative Income Statement for Calendar Years
1935
1934
1933
of its railroad.
Average miles operated.
2,070
2,069
$
$
Since that date
Operating Revenues—
Freight
Passenger
Mail, express, &c
in possession of the
property.
The Court on Nov. 12 1935 directed
company to prepare and file a plan
of reorganization on or before April 23, 1936.
A committee of the board of
directors is now working on the preparation of
a plan in
compliance with
this court order.
Attention of the stockholders is called to the
fact that under the terms of
order of the Court entered March
13, 1936 upon petition of company, it
is unnecessary for either preferred or
common stockholders to file
claims.
The stock outstanding is to be evidenced
by the stock books of the compnay
as of May 1, 1936.
For the purposes of
an
being heard on any question arising
proceedings or of consenting to any reorganization
plan a stock interest
be evidenced by presentation of tne stock certificate
or the certificate
depository satisfactory to the Court that such stock is
held for safe
keeping.
Participation in a duly approved
reorganization plan will, of
course, require the presentation of the stock
certificates.
in the
may
of
a
Results—The operation of the
property for the year 1935 resulted in a
deficit after fixed charges of
$3,560,469, an improvement of $1,971,645 over
the year 1934.
The improvement is accounted for in
part by the crediting
back of $494,448 additional charges
which had been included in
1934
accounts in connection with the Railroad
Retirement Act which was declared
unconstitutional by the Supreme Court
during the year 1935. The deficit
of $3,560,469 does not include
guarantees of
$1,123,439 on separately
operated property, but does include charges for
depreciation and equipment
retirements in the amount of
$3,431,654.
reflects both train load and speed) showed
an
improvement
year.
The average train load was the highest since
j per car per day.
trains
was
The policy of speeding
continued without
up
over
During the year, under the company's
voluntary pension plan which has
been continued by the
trustees, $830,107 was paid pensioned
employees who
1,355 on Dec. 31, 1935.
The average
age of pensioners is 72
years and the average pension per month is
$49.75.
•
During the year $72,424 was paid as the
company's and trustees' porportion of insurance premiums under
the group insurance
plan first made
effective Sept. 1 1922.
There are 8,126
employees insured for a total of
$11,342,500.
During the year long-term debt decreased
$1,107,622 and loans and bills
Connecticut Co. filed a
petition in the U. S. District Court for the
District of Connecticut, for a
reorganization under Section 77-B of the
Bankruptcy Act.
On Nov. 29.
1935 the New York Westchester & Boston
Ry. filed a petition in the same
Court for a reorganization under the
same section
of the Act.
These
petitions necessarily followed the action of
company in filing its petition.
The Connecticut Co. was
continued in possession of its
property without
the appointment of a trustee or
trustees, and is now conducting is business
under the supervision of the
Court.
Clinton L. Bardo of
Clementon, N J.,
was appointed
trustee of the
property of the New York Westchester &
Boston Ry. and is now in
possession of and
operating the railroad of that
company under the supervision of the Court.
_
,
.
.
Maint. of equipment—
Traffic
38.636.829
20.474.645
4.917.445
2.465.394
730.437
40.975.029
24.809.836
5.628.867
2.660.973
898.545
69.283.110
67,224,751
74.973.252
7.689.636
12.070.641
7.867.558
12,191,272
889,726
26,954.430
1.553,147
3,260,884
Cr2,806
7.882,880
11,305,146
873,280
25.083.690
1,346.531
2,737.171
Crl .671
9.327.713
11.326.896
1.005,696
26.876.299
1.520.005
2.930.342
Crl.744
52,714,212
16.568.8)8
4,511,878
49.227.027
17,997.725
4,445.005
46.632
52.985.207
21.988.045
4.800.077
32,111
17.155.857
1.032.205
Transportation
27.680.623
Miscoll. operations
1.663.412
General
2,278.465
Transport, for investm't
Cr560
Total
52.414,423
Net oper. revenue
18,698.857
Tax accruals
4,134,126
Uncollectible
21,942
20.595
Operating income
14,542.788
Hire of freight cars
1,930.162
Rent of equip, (net)....
26,695
Joint facility rents (net)
4,406,382
12,036,425
2,086.446
202,523
4.130.436
13.506.086
1,825.903
3.996.186
1.822 455
Crl 8.678
4.108.712
8,179,549
5,617,020
7,695,427
11.243.367
22,564
1,917,011
111,436
373,934
1,968,312
31.504
46,761
1,818.860
225.810
333.437
revenues..
Net ry. oper. income.
Crl 1.430
Non-Operating Income—
Dividenaincome
Inc. form funded securs.
Inc. fr. unfund securs—
Inc. from lease of road..
2,274,228
54.440
77.559
76.462
89.779
2.139.,534
245,043
333,599
1,942.195
90,117
inc..
4.470.817
Gross income
Deductions—
Rent for leased roads
Int. on funded debt
Int. on unfunded debt—
5.086,441
12,650,366
10,703,461
3,940,550
11,635.977
4.804,929
16.048,296
2,769,073
11,301,750
1,341.415
798,596
2,789.689
11,386.882
1,213.050
845.954
2.782.067
11.532.630
1,333.317
841,795
2,788,874
11,650.764
1,111,399
3,560,470
5,532,114
4,853.832
393.047
858.142
Miscell. rent income
Miscellaneous
Total
non-oper.
Miscellaneous
Net
corporate deficit.
Preferred
150.091
423,688
2,130,468
1.425,902
dividends..._
...
Deficit
3,560,470
5,532,114
4,853.832
890,306
1,251.189
Condensed Balance Sheet Dec. 31
1935
Impts.
1934
<5
Assets-—
Road &
^
equip..351,523,398 356,829,618
on leased
railway prop. 13,109,663
Sinking funds..
640,108
Depos. in lieu of
mtged.
13,062,270
668,320
1935
Grants in aid
of
construction..
96,161
1,596,553
108,848,115
149,814
140.569
97.211.000
Debentures
124.577,250 124,577,250
Equip, obllga'ns 13.068,000
13,564.000
Non-negot. debt
Bonds
43.080.836
43,080,836
toaffil. cos...
21,103,165
22,133,315
3,231,139
22,196,654
20,502,913
4,186,498
2,169,110
3,164,819
Coll. trust bonds
& misc. obllg.
Special deposits.
Accts. receivable
Mat'ls & suppl's
Loans & bills reo
Interest, divs.
381,135
3,562,586
5,757,894
613,622
2,623,327
2,586,326
77,836
2,649.136
UnadJ.
3,899,585
4,315,974
debits—
bal. pay.
22,213,378
25,806,958
1,656,334
1,897,229
4,322,124
wages pay a ole
Mat'd int., dlvs.
252,199
2,473,068
curr. asseys
serv.
400,000
21,802.378
25,614,963
2.039,075
Audited accts. &
618,425
&
rents rec'able.
423,878
L'ns & bills pay.
Traffic
&
car
6,658,641
Deferred assets.
Oth.
$
49,036,700
49,036,700
Common stock.
157,118,600 157,118,600
Prem.on cap.stk
12,538,038
12.538,038
Notes..
Advs. miscell...
Cash
1934
$
Liabilities—
Preferred stock.
Mortgage bonds 96,986,500
prop-
erty sold
569,520
Misc. phys. prop
3,085,363
Stocks
109,006.753
and
debt, incl.
miscell.
accts.
payable
Unmat'd Interest
and rents
Oth.
4,644,757
4,107,096
3,007,043
2,655,466
liabil.
686,081
Deferred liabils.
293,723
11,554,714
10,996,641
52,014,302
11,673,421
12,107,132
curr.
TJnadj. credits._
Accrued deprec.
Add'ns to prop,
55,072,753
through inc.&
surplus
Sk. fd. reserves.
Total
To Buy
Federal
587,046,680 593,308,207
1,835,532
639,666
P. & L. deficit—
cents per mile in
authority to
1
2.076
$
721,790
Operating Expenses—
Maint. of way & struct.
Pursuant to court order the sub-lease of
Connecticut Ry. & Lighting Co.
property made by company to the Connecticut Co was
rescinded, and since
Dec. 17, 1935 the operations of the
Connecticut Railway & Lighting Co.
property have been separately accounted for
by Connecticut Co.
On Dec. 18, 1935
company joined with the trustees of its
property in
disaffirming the original lease of the Connecticut
Ry. & Lighting Co.
property.
No payments have been made on account
of company's so-called
"guarantee on the bonds of the New York
Westchester & Boston Ry. since
the proceedings for
reorganization of company were instituted.
Fare Rates—On Feb.
28, 1936, the ICO ordered the railroads to
place
into effect on or before June
2, 1936, passenger rates not in excess of two
coaches and three cents
per mile in Pullman cars, and to
eliminate the Pullman
surcharges. The trustees are giving careful considera¬
tion to the effect of this order
upon the net earnings of the
property.
Freight Rates—In last year's report reference
was also made to the applicaliou filed by the railroads of
the country with the ICO for
$
71,113.279
Total
the previous
numbered
1932
2,068
39,400.842
21.638.295
4.822.919
2,675.773
745.281
4.713.796
2,731,886
Joint facility
1931, as were the miles
the more important
passenger
detriment to the on-time
performance record.
Revisions of methods and
reorganization of personnel were made to
improve
the service and produce economies.
40,834,001
22.108.806
Incidental
The gross revenues continued to
increase during 1935. and the total
operat¬
ing revenues amounted to $71,113,>80, an increase of
$1,830,170, or 2.6%
Over the year 1934.
Freight revenue increased
$1,433,159, or 3 6%, of
which approximately $1,244,000 was
additional revenue received from the
emergency surcharges effective April 18. 1935.
Passenger revenues increased
$470,511, or 2.2%.
Total operating expenses of
$52,414,423 showed a decrease of
$299,789,
or 0.6% under the year 1934.
The ratio of
operating expenses to revenues
was reduced from
76.09% for the year 1934 to 73.71 %, an imorovement
of
2.38.
These more favorable showings were
made in the face of unavoidable
increases in expenses arising from the
restoration of the
remaining 714 % of
the 10% deduction from
employees' wages (2^% on Jan. 1 and
5% on
April 1, 1935); increased price of coal at the
mines; and increased expendi¬
tures for repairs to steam locomotives
and passenger train
cars.
Railway tax accruals amounted to
$4,134,126, a decrease of $377,752
under the year 1934.
This tax bill is
equivalent to a payment of 33.57
cents from each dollar of
operating revenue remaining after
deducting operat¬
ing expenses, equipment and joint facility rents.
The operating performance in 1935 was
generally better than in recent
years.
With practically no change in the
volume of
freight service, the
gross ton miles per freight train hour
(the unit of performance which
$2,462
pas¬
—
no.
1,043,225
949,131
revenue
sengers carried
No. of commutation pas¬
Total
;
freight
passengers carried
No.
16.807,763
,178.265,714
1,149,904
598
rev. per
rev.
Nq.
RR.—Annual
Report—H. S. Palmer, President,
1,161,307
Aver, amount received for
Aver.
1932
rev.
per train mile
x
1933
649
tons of
per train mile..
of tons all
no.
No. of
&
of
no.
Years
71,982,089
16,664,551
mile.2,421,834,718 2,397,755,198 2,178,162,988
freight car'd
rev.
freight
$2,000 in its
~
one
1934
18,054,889
1 mile per mile of road-
The applicant
operating revenues, $78,833, $67,484, $40,480,
$46,654 and $32,433;
railway operating expenses, $66,150, $55,510, $35,176, $44,628 and $29474; railway tax accruals, $1,754, $1,664, $522, $654 and
$71; net railway
operating income, $5,117 in 1931, $4,476 in 1932 and $980 in
1933 and net
railway operating loss, $3,522 in 1934, and $638 in 1935.
Applicant attributes the decline in traffic in recent
years to the general
business depression and to a large extent to the
competition of trucks oper¬
ating in the tributary territory.
It alleges that its officers have, for the
past 15 years, endeavored to sell the line to other railroad
companies, in¬
cluding the Erie and the Buffalo & Susquehanna, the latter now contro'led
by the Baltimore & Ohio, and that there was some
encouragement from the
Erie prior to 1929.
Since then no railroad
company has been interested
in acquiring the line.—Y. 142, p. 631.
freight car'd.
carried
Tons of
states that the revenues have been insufficient to
permit of the restoration
of any of the line destroyed by the storm; that it has less
than
New
rev.
do
1935,
July
April 4 1936
increase freight rates and charges to enable
them to meet, in part, increases
in operating expenses due to restored
wages of employees and the
increased
cost of materials ans
supplies.
The application as a whole was
denied, but
the Commission authorized a
system of emergency charges to be added to
certain existing freight rates and
charges, for a period to terminate June 30,
1936.
The charges so authorized were
established effective April 18, 1935,
and have been continued in effect since
that time.
Notwithstanding the
increased revenue from these
emergency charges, the railroads still
require
additional revenues to enable them more
nearly to meet the increased costs
of operation.
The railroads have applied for
authority to continue these
emergency charges and the Commission has conducted
hearings on the
application. A decision may be expected within a short
time.
5,626,638
Total—
1,827,246
615,626
1,587,053
587,046,680 593,308.207
Equipment—
Judge Carroll C. Hincks at New Haven on March 27
approved
petition of the trustees of the road for premission to
expend $3,220,000
10 steam passenger locomotives, 50
light-weight passenger coachos
and the purchase or reconditioning of four
dining cars. Payments will be
made by cas.i and equipment trust
certificates.—Y. 142, p. 2167.
a
for
New York Power &
Operating expenses
Retirement
provision—
813,370
1,465,556
2,285,148
1,240,770
2,403,500
2,667,675
041
1
2, 900^000
2, 451,9
Taxes
$8,925,701
30,791
Gross income
Deduc'ns from gross inc.
$7,797,470
5,7 2
$7,162,944
15,182
$8,070,209
12,049
$7,803,4^5
4,76^012
$7,178,126
4,867.049
$8,082,259
4,639,197
$2,311,077
$3,443,062
$4,609,499
income
a
&
Notes
accts.
20,970,000
companies
2,075,174
666,273
d2,375,062
679,052
Prepayments
1,287,793
Deferred charges
4,144,082
Accts.
23,195,000
Res.
payable.
for
liab
6,633,935
29,660
8,010
1,035,895
1,465,183
269,828
264,607
Mat'd int.,
Deferred assets
55,541
1,233,241
11
liabilities
330
3
330
liability
Accrued deprecia'n
2,000
4,367
1,565,707
33,307
1,440,337
20,543
14,240
13,883
Deferred
Tax
523
equipment
Oth. unadj. credits
Add'ns
5,534,547
6,155,744
to
prop'ty
through surplus.
46,464,423 43,349,871
Deficit...
a Represented
$100 par value,
142,912,095 142,582,700
Total.
142,912,095 142,582,700
by 96,091 no par shares,
b Represented by
c Represented by 1,057,895 no par shares,
d
shares of
Accounts
New York &
in Northern Queens.
February—
Gross from railway
The company now operates under perpetual franchises
important highways.
Net from railway
Net after rents
142,
North
York
Railways
Corp.—Plan
Upheld
in
Court—Ruling Removes Last Barrier to Place Buses on
Appeals
the Lines
reorganization plan of the corporation, approved by the District
was affirmed March 28 by the
United States Circuit Court of
At the same time the Court affirmed the lower Court's earlier
confirmation of the Special Master's ruling which held the carrier insolvent
at the time it filed its petition for reorganization.
The decision, written by Judge Martin T. Mantin, modified the lower
Court's ruling to the extent that it held that the Fifth Avenue Coach Co.
should not receive 10,000 shares of the new common stock under the reor¬
ganization plan.
This was to be compensation for the Coach company's
The
olders.
Sledge to purchase, at $10 a share, all stock not subscribed by the bond-
second District Court order, which overruled
objections to the allowance of claims filed by the trustees of the income
bonds for the full face amount of the bonds and interest accrued to the
date of the
It
was
filing of the reorganization petition.
held by Judge Manton that
the Coach company's compensation,
should be fixed by the District
than the 10,000 shares
ated interest
constructive trustees
?>any held about $11,114,831 in incomefor the
bonds,
as
was
also
claimed
that
the
Coach
company
Coach com-
with $7,057,918 accumu-
New York Railways.
It
succeeded in acquiring the
$11,000,000 in bonds at 10% of their face value in September, 1933.
Judge Manton ruled that there was no basis for the contention that the
Fifth Avenue Coach Co. was in any fiduciary relationship, such as would
make directors liable for taking advantage of their positions.
Boykin Wright, counsel for New York Railways and the New York City
Omnibus Corp., stated that the decisiori removed the last obstacle standing
in the way of completing the morotization of the New York Railways
system. (See also New York City Omnibus Corp. above.)—V. 142, p. 1479.
New York State Electric & Gas
Corp.—Loan Approved
The corporation has been authorized by the New York
Commission to issue not later than June 1, next, $1,000,000
Public Service
$970,000. The proceeds will be used for rural electrification, estimated to
cost $1,330,000.
The corporation plans to construct 565 miles of rural line extensions
which will cost about $2,000 a mile.
This will make electric service avail¬
able to 5,675 homes, of which
current.—Y. 142, p. 2168.
New York Steam
4,585, or about 80%, are expected to take the
Corp.—Bonds Called—
is notifying holders
series due 1951), due May 1, 1951, that
redemption out of sinking fund moneys
on May 1,
1936, at 105, $62,000 principal amount of these bonds.
Pay¬
ment will be made on bonds so drawn on May 1 at the principal office of
the bank, 22 William St., New York.—V. 142, p. 1480.
New York
Telephone Co.—Earnings1936—Month—1935
1936—2 Afos.—1935
$15,890,432 $14,766,655 $32,549,999 $30,634,224
rev.
73,933
82,600
148,342
166,000
# 11.145,661
10,894,142 22,528,152 22,090.687
1,979,021
1,695,936
3,958,132
3,415,899
Period End. Feb. 29—
Uncollectible oper.,
Operating expenses
Operating taxes
Net operating income-
—V. 142, p.
$2,691,817
$2,093,977
$5,915,373
$4,961,638
Niagara Hudson Power
Corp.—Refunding in View-—
stockholders and consumers.
Of the
$213,105,400 funded debt at the close
of 1935, $195,634,000 is
callable and $109,634,000 of the callable debt carries annual interest rates
of 5% or more.
The balance of $86,000,000 comprises the two largest
single issues of the system; $66,000,000 of New York Power & Light Corp.
4J^s, callable at 105, and $20,000,000 of Buffalo General Electric Co.
4Hs, callable at 107
In addition to simplification and consolidation of underlying debt to
be effected through the refunding program now under consideration,
it also is planned to reduce the amount of underlying preferred stock,out¬
standing, of which $186,229,787 was held by the public on Dec. 31.—V. 142,
p. 1996.
Noranda Mines,
directors to
Ltd.—New Director—
March 30 elected Leo Timmins to the board
succeed his father, the late Noah Timmins.—V. 142, p. 1996.
The stockholders
on
Ry.—Earninqs—■
1936
1935
1934
1933
$3,342,418
39,008
def94,976
$3,265,880
379,242
133,642
$2,498,068
def97,696
def218,354
7,586,841
13,915
def273,755
def207,493
def477,201
after rents
Net
From Jan.
Net from railway
Net after rents
—V.
of
def504,894
def768,629
1—
Gross from railway
6,870,542
6,668,408
5,370,172
664,025
def688,280
263,034 def1,201,008
142, p. 2168.
Norfolk
&
Ry.—Annual Report Year 'Ended
the remarks of President A. C.
Western
Dec. 31 1935—Extracts from
Needles, together with a comparative income account, bal¬
ance sheet and other statistical data, will be found under "Re¬
ports and Documents" on
subsequent pages.
Income Statement
for Calendar Years
1935
1934
1933
1932
$
73,661.075
1,841,601
Operating Revenues—
Freight
Passenger
$
68,617,070
1,780,032
$
65,628,308
1,475,236
$
58,851,540
1,673,663
1,084,467
1,127,122
1,217,850
1,145,586
Express
432,735
423,864
322,145
300,561
590,560
260,735
480,580
258,091
494,645
382,806
transportation.
Incid. & jt. facil. revs..
78,044,384
72,707,867
69,262,891
62,775,611
Mail.
.
_
All other
/
Total
-
219,787
520,693
■
i
Operating Expenses—
Maint. of way &struc._
8,577.223
Maintenance of equip— 14,411,433
7,633,685
6,243,604
1,433,018
16.043,045
1,360,071
13,483,654
1,317,916
17,949,958
164,650
2,022,480
for invest.—Cr.
59,599
16,551,259
165,717
2,783,879
6,399
15,335,719
154,169
2,502,989
20,743
15,831,447
44,499,165
44,531,257^39,017,307
37,745,533
33,545,219
8,840,000
7,105
28,176,610
7,768,000
10,663
30,245,584
25,030,078
7,340,000
5,328
7,200,000
14,768
24,698,114
20,397,946
22.900,255
17,815,310
2,762,841
Dr27,447
Dr129,690
2,351,231
Dr49,977
Drl80,914
1,934,941
Dr28,154
Dr150,688
1,464,322
Dr58,711
Dr59.823
1,756,099
24,656,354
3,856
134,081
80,442
22,653
1,323,772
1,345,788
19,161,098
3,021
93,793
82,893
11,314
1.785.878
Traffic
Transportation
Miscell. operations
General
Net revenue from oper..
Tax accruals
Uncollectible revenue
Total oper. income...
Non-Oper. Income—
Hire of freight cars (net)
Hire of other equip. (net)
Joint facility rents (net).
2,605,703
Totals
Net ry. oper. income
Inc. from lease of road.
27,303,818
.
Miscell. rent income
phys. prop
Dividend income
Inc. from funded secur.
Income from sink, fund,
_
officials of the corporation are engaged in studies of
corporate and capital changes in the program of ultimately eliminating the
various subsidiary operating companies in New York State.
In particular, plans, it is said, are being made to refund several of the
underlying bond issues in order to effect savings in annual charges up to
possibly $2,000,000 a year for the system, and which will be passed on to
It is reported that
meeting to
with respect to the conversion o
Net from railway
Misc. non-op.
1650.
will on April 24 hold a special
$3,657,478
Totals
of first mortgage gold bonds (5%
there have been drawn by lot for
Operating revenues
Lloyd—Special & Annual Meetings—•
also to amend by-laws
Northern Pacific
Transp.
City Bank Farmers Trust Co., as successor trustee,
German
February—
first mortgage
4% bonds due in 1965, to be secured by its first mortgage executed on
July 1, 1921, to the Equitable Trust Co. of New York as trustee.
The
bonds are to be sold at not less than 97 and int., to realize not more than
540,667
def82,769
defl81,574
Gross from railway
He held that if "possible" it should be less
provided in the reorganization plan.
The preferred stockholders' committee contended that the
670,528
107,779
12,949
preference shares into registered shares; change the number of directors
as well as their domicile, and the time limitation within which dividends
are to be presented and their superannuation.
The annual meeting for the years 1934 and 1935 will be held on June 16,
1936.—V. 142, p. 2168.
should it underwrite the new common stock,
Court.
$629,780
def31,345
def82,664
2168.
p.
The American shareholders
Court,
The Court also affirmed a
r
elect directors,
Appeals.
673,714
74,589
defl9,830
630,344
63,108
def7,410
Gross from railway
—V.
1933
1934
$331,746
56,679
7,902
1—
From Jan.
asked that the city grant, in exchange for the surrender
of these franchises, a 29-year bus franchise to its bus subsidiary, the QueensNassau Transit Lines, Inc.
This company now operates buses on two
lines which closely parallel parts of two of the street car routes.—V. 135,
p. 3166.
The company
.
—.35,226,224 35,571,855
Norfolk Southern RR.—Earnings.
1936
1935
$313,938
$340,819
Net from railway
33,716
44,164
Net after rents
def2,401
def2,548
Queens Transit Corp.—Asks to Run Buses—
The corporation has submitted to the Board of Estimate an application
for the right to substitute motor buses for trolley cars on 34 miles of track
New
Total
35,226,224 35,571,855
Total
-Y.142,p. 1825.
only.—V. 141, p. 3080
receivable
on
235,360
Other curr. liabil..
loss—
surplus
Total
69,989
payable
rents
67,155
debits 1,203,009
Unadjusted
22,374,792 20,572,291
Accr'd int., divs.&
4,200
93,413
632
divs. &
unpaid
rents
19,167
27,773
Other curr. assets.
348,175
1,974,332
wages
437,985
4,200
Mat'ls & supplies.
843,361
payable..
Misc. accts. pay..
94,567
21,080
pay.26,951,234 26,469,960
Audited accts. and
8,193,291
Misc. accts. receiv.
4,557,616
liabilities
Loans & notes
29,660
investments
Loans & notes rec.
Res. for contlng.
Other reserves
&
5,005,250
23,429,612
Special deposits
670,471
1,496,187
retire't
of fixed assets
Profit
5,005,250
Long-term debt—23,429,625
Intangible assets.. 8,193,291
Cash
147,296
3,297,243
2,654,492
3,588,752
2,441,809
668,924
1,432,727
Consumers' dep.
Accrued
Capital stock
Other
candaga Reser
.
$
equipment-25,330,560 25,316,049
117,573
126,288
Investment in affil¬
21,956
iated companies
21,956
and
Misc. phys. prop..
relating to Sa-
4,590,232
1934
$
Liabilities—
$
Investment in road
66,975,500
Long term Hab.
1,221,586
receivable
.
1935
1934
Assets—
14,463,900
8,937,107
31
Dec.
Balance Sheet
1935
9,609,100
$6 pref. stock,
Advs. from affil.
Mat'ls & suppl's
2,866,197
2,919,254
$3,070,528 $2,881,879 $2,685,212
x Deductions from gross income include $1,651,027 in 1935, $1,586,549
in 1934, $1,528,796 in 1933 and $1,471,043 in 1932 interset accruing to
the N. Y. N. H. & H. RR. but not included in the income account of
$
9,608,800
b 7% pref. stock 14,463,900
c Common stock
8,937,107
Funded debt— 66,974,500
assets.—132,226,948 131,299,191
78,161
Special deposits,
29,110
Investments
623,994
301,690
Cash...
2,028,088
1,868,357
Fixed
inc.$37,375 inc.$180,985
$3,113,292
Net deficit....
1934
$
Liabilities—
$
3,024,378
income
that company.
1935
1934
1935
$99,208
2,971,320
$88,914
Gross deficit
xDeduc. fr. gross
Balance Sheet Dec. 31
Assets—
$121,888 prof$12,425prof$153,923
22,679
24,950
27,062
$111,151
22,237
Operating loss
Non-operating income._
$8,956,491
4,346,992
f
accruals
Tax
856,043
1,404,556
2,333,846
$3,641,182
Operating income
Non-oper. income, net..
Net
Operating revenues
Operating expenses.....
$24 '547 ,998 $23,564,724 $21,835,902 $22,479,393
10,089,835
9.201.617
8,959.247
10 307 ,578
Total oper. revenues
Maintenance expenses
1935
Calendar Years—
1932
1933
1934
& Boston Ry.—Earnings—
1934
1933
1932
$1,691,627 $1,701,041 $1,685,141 $1,872,531
1,470,125
1,490,086
1,365,697
1,396,896
332,653
332,843
307,019
321,712
New York Westchester
Light Corp.—Earnings-
^935
Calendar Years—
2333
Chronicle
Financial
Volume 142
3,533
66,976
12,447
67,028
1,050,875
2,120.340
22,518,286
3,486
82,157
62,744
68,778
1,410,589-
6,495,838
11,136,166
1,338,269
198,252
2,784,062
38,503
61,498
55,213
49,169
43,358
65,246
5,091
51,642
4,170
344,222
5,798
179,942
3,763
28,636,512
99,434
2,688
Interest on funded debt.
2,839,914
Int. on unfunded debt
73,260
Misc. income charges—
265,364
24,257,066
101,378
2,939
3,537,911
14,568
320,088
26,620,347
101,004
2,491
3,892,785
14,698
21,365,058
100,979
308,230
1,959
4,116,630
22,524
311,046
3,280,660
3,976,884
20,280,181
4,319,207
22,301,140
4,553,139
16,811,918
919,692
14,064,830
919,692
14,064,830
919,692
12,658,347
5,295,659
1,406,483
$13.76
7,316,618
1,406,483
$15.20
3.233.879
1,406,483
$11.29
&c., reserve funds
Inc. from unfunded
se¬
curities & accounts
Miscellaneous income
Gross income
Rent for leased roads.._
Miscellaneous
rents
Total.
Net income,.
25,355,852
Dividends on adjustment
pref. stock (4%)
919,692
Common dividends
14,064,830
Balance, surplus
10,371,330
Com.shs.outs.(par$100)
1,406,483
Earnings per sh. on com.
$17.37
2334
Financial Chronicle
Balance Sheet Dec. 31
1935
$
.
in
Ohio Oil Co.
1934
$
Assets—
Invest,
1935
$
22,992,300
22,992,300
& equipment.456,405,353 454,318,928 Common stock
.140,648,300 140,648,300
Imp. on leased
Long-term debt. 52,139,532
86,909,532
ry. property..
Traff .& car serv.
17,474
bal. payable..
Sinking funds..
1,637,102
1,473,680
87,077
90,094
Dep.
in
lieu
of
Inv. in affil.
7,425
5,246,595
8,466,700
cos.
Other investm'ts 20,323,665
Cash
8,841,492
Time
Special deposits
fd.
3,047,469
252,057
215,486
735,392
1,136
held in trust).
58,721
43,252
72,469
573.926
16,600
157,000
rec
4,553,154
3,375,289
Unmatured
3,042,889
Misc. accts. rec.
Mat'l & supplies
Int. & divs. rec.
5,950,160
10,940
Oth. curr. assets
70,833
Deferred assets. 13,658,704
Unadjust. debits 3,141,090
30,129
173,576
13,528,345
3,698,107
Sk. fd.
1,193,239
reserve..
r,724,299
3,405
664,032
644,211
336,944
121,988
346,767
$7,480,872
13,083
830,340
12,816
273,143
229,400
531,763
$2,216,924
6,056
$8,948,562
105,719
9,223
46,137
128,885
75,000
13,730
19,525
Net income
$5,492,011
$5,415,306 loss$122,360
$7,242,981
unoper. leases.
Non-productive wells
511,509
Inventory losses
Retirement losses
General expense
355,323
2,743,399
10,635,000
67,060,908
1,002,641
Loss
on
sale of fix .assets
44,734,284
„
14,235,000
44,730,569
Minority interest in
Total
529 728 794
Aviation, Inc. (& Sub.)
Calendar Years—
1935
3,743
Net income after adj.
Preferred dividends
Common dividends
551.976.683
$5,488,268
3,301,197
1,969,013
Deficit
Shs .com .stk .out. (no par)
-Earnings—
Earnings
1934
579,194
42,121
442,139
169,816
450",433
137,552
$83,535
65,118
$1,061,372
1,268,294
Bonds
3,295,521
2,354,075
Other assets
Stocks (non-sub.
Cash
$328,244 $1,139,572
400,000
200,000
Ctfs. of deposit-_.
Market,
securities
1,685,512
5,104,399
_
Corp
on
$359,282
.
sales
for
42,750
con¬
tingencies
331,596
Capital stock.3,435,033
Capital surplus
1,733,883
371,970
c
131,108
Earned surplus...
Due fr. U.S. Govt.
depts.,
95,529
current.
Due fr. U. S. Post
410,943
Off. for services.
Tr. notes & accts.
86,707
368,530
3,435,033
1,697,158
362,350
86,707
82,359
126,350
rec.
(less res've)
Sundry accts.
accr'd
377,138
rec.,
int., &c__
34,756
Investments
a
b
mach. & equip.,
Total
1,028,915
1,030,795
175,806
_
155,866
$6,369,857
a After
ciation of
of $1 par
$6,369,857 $6,284,459
b After depre¬
Represented by shares
February—
1936
..
..
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 140, p.
1935
1934
1933
$243,311
def8,732
def23,715
$205,197
def28,975
def46,848
$189,208
def24,109
def48,92l
$152,912
def51,923
def85,710
518,545
2,011
def26,490
-
406,721
def67,733
defl06,633
403,343
def35,471
def85,568
327,682
defl06,373
defl72,754
1651.
Ohio Bell
'
Period End.
Telephone Co.—jEarnings—
Feb.
1936—Month—1935
1936—2 Mos.—1935
revenues..$3,123,720
$2,843,674 $62,221,295
$5,733,683
Uncollectible oper. rev._
6,711
8.872
16,075
17,592
Operating expenses
1,868,771
1,779,152
3,771,323
3,650,326
Operating taxes
440,248
382,497
871,535
738,925
$807,990
$673,153
-V. 142, p. 1825.
$1,562,362
1936
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
1935
$36,866
19,232
11,379
Net from railway
Net after rents.
p.
$38,132
15,357
5,729
1934
$23,861
6,683
def2,870
$26,642
10,587
253
75,205
41,144
32,791
75,165
34,146
14,412
53,985
17,989
defl,871
53,726
20.377
the notes will cease to accrue
on, from and after
1999.
Oldetyme Distillers Corp.—Listing—
The
New
$2,183,046
64,815
18,750
198,850
77,389
20,250
398,180
33,830
42.869
direct service equip
Premiums paid on com¬
62,198
stock purchased.
x57,081
xl0,280
3,840
1,243
8,422
2,567
$2,015,924
$1,929,789
$1,826,732
$1,642,408
99,420
Earns, per sh. on com
$4.32
x
Treasury stock purchased.
99,420
$3.88
99,420
$4.34
99,440
$1.76
M iscell. surplus c har ges
_
Earned surplus
Shares
of
common
out¬
standing (no par)
1936
1935
Liabilities—
Land, buildings
fixtures, &c._—$3,270,019 $3,361,936
Cash
157,990
434,197
Accounts
Other assets
Deferred charges.
.
1,423,608
1,186,112
20,628
50,635
.
..
York
Curb
May 1, 1936.
Total
Public
Service
Co.-
y
-Admitted
Registration—
The New York Curb Exchange has admitted to
the $1.30 cumulative 1st preferred
stock,
(non-voting)
no
no par,
Otis Steel Co.—Bond Issue Authorized—
The stockholders at their annual
meeting March 27. authorized a new issue
of $25,000,000 4K
% 1st mtge. bonds, $13,000,000 of which are to be issued
to refund
$10,827,500 6% 1st
mtge. bonds; $1,300,000 3-year secured notes
maturing Jan. 29, 1938, and the present balance of $557,149 for
prior taxes
which has been funded and is
payable in instalments.—V. 142, p. 1999.
$861,500
275,000
1,888,980
161,644
68,587
83,100
22,249
1,102,021
1,929,789
$6,108,993 $6,392,870
After depreciation
to
and amorti¬
Listing and
listing and registration
and the common stock
par.—Y. 142, p. 1652.
Panhandle Producing & Refining Co.—Annual
v
Exchange has approved the listing of 496,100
outstanding shares of capital stock, $1 par. and will list 103,500 additional
shares of capital
stock, $1 par, upon notice of issuance.—V. 142, p. 134.
I
x
Represented by 99,420 no par shares,
zation.—V. 142, p. 306.
Pacific
1935
$489,700
250,000
x Common stock..
1,888,980
Accounts payable.
181,483
Accrued
65,597
accounts.
Reserve for taxes
92,395
Insurance reserve.
22,894
Capital surplus.
1,102,021
Earned surplus
2,015,924
1,358,398
1,174,248
23,979
40,112
$6,108,993 $6,392,870
1936
7% 1st pref. stock.
6% 2d pref. stock,
receiv¬
able
Total....
and
p.
i,157,098
1,349
602
unpaid thereon to the date of redemption.
The notes, upon
on and after
May 1, will be redeemed at the principal office of the
First National Bank & Trust
Co., Tulsa, Okla., or, at the option of the
holder, at the principal office of Chemical Bank & Trust Co., New York.
on
$2,292,186
61,461
17,250
273,405
1652.
surrender
142.
$2,421,716
41,068
15,750
223,696
disposition of in¬
on
Inventories
ing 5% serial notes, series A, dated Nov. 1, 1933, at a redemption
price
equal to the unpaid principal amount thereof together with the interest
Interest
$273,960
1,909,086
y
1933
Oklahoma Natural Gas Co.—Notes Called—
—V.
$514,690
1,642.408
tax.
for prior years
Loss
Assets—
The company has called for
redemption on May 1, 1936, all its outstand¬
accrued
Fed. income
Balance Sheet Jan. 31
February—
Gross from railway
142,
$464,105
1,826,731
$491,927
98,162
62,900
$1,326,840
Oklahoma City-Ada-Atoka Ry.—Earnings.—
—Y.
$2,359,968
1,924,946
Premiums paid on pre¬
ferred stock purchased
Addit'l Fed. inc. taxes
mon
29—
operating income
$2,568,177
1,855,824
113,663
84,000
1,915,008
119,498
80,621
$2,260,285
99,683
97,777
prior
Total surplus
Divs. on 1st pref. stock.
Divs. on 2d pref. stock__
Divs. on common
Operating
Net
$2,636,241
1,976,498
119,639
76,000
1,929,789
Net profit—
Previous balance
Excess prov.
for
year
Northwestern Pacific RR.- —Earnings.
Gross from railway
Net from railway
Net after rents
$2,607,055
Federal taxes
c
1933
$2,470,400
Gross income
$1,037,114 in 1935 ($877,895 in 1934).
value.—V. 142, p. 964.
1934
$2,507,718
128,523
Expenses
Deprec. & amortization.
Total
1935
$2,466,690
140,365
Otherincome
771,848
1,070,150
57,269
155,866
$6,284,459)
Years Ended Jan. 31
1936
of $553,194 in 1935 ($516,342 in 1934).
reserves
Outlet Co.—25-Cent Extra Dividend—
The directors have declared an extra dividend of 25 cents
per share In
addition to the regular quarterly dividend of 50 cents
per share on the com¬
mon stock, no
par value, both payable May 1 to holders of record April 20.
a similar extra dividend was
paid on Feb. 1 last, and on Aug. 1, 1934.
An
extra of 50 cents was paid on May 1. 1934.
Gross operating profit..
8,422
Flying equipm't.
139,705,659 174,206,108!
Total
139,705,659 174,206,108
x
Represented by 84,675 common shares and 28,421 preferred shares
(retired in Dec. 1935).
y After depreciation and depletion of $153,614,537
in 1935 and $150,383,038 in 1934.
z Represented by 6,563,377 no
par
shares in 1935 and 6,648,052 in 1934.—V. 141, p. 3389.
Income Account
237,461
Land, buildings,
Deferred charges.
Goodwill
—
205,567
Fds. in closed bks.
2,300,423
1,734,418
1,310,000
1,422,806
1,498,818
21,805,198 Minority int. in
subsidiaries
2,203,771
98,417
108,927
6,342,073 Preferred stock. 54,807,700
58,094,300
2,270,241 7 Common stock 59,235,791 100,000,000
Earned surplus7,482,973
10,789,515
5,104,399 Capital surplus. 10,432,351
credits
Total
36,657
405,509
135,223
Inventories
(est.)
Tax liability
$283,108
132,925
2,258,492
33,250
4,970,456
93,314,154 123,789,583
439,168
615,900
Fixed assets..
Deferred charges
1934
contracts
Reserve
Western Air Ex¬
press
Accounts payable
Accrued liabilities.
Deposits
(short term)
2,094,733
Liq. div. rec. from
y
1935
$
2,270,336
33,250
Treasury stock
(at cost)
Consolidated Balance Sheet Dec. 31
ties
3,387,899
Deferred
products
21,067,320
Mat'l & supplies
2,157,664
x
1934
$
.
Prov. for annui¬
2,300,423
3,487,107
Crude oil & ref'd
$206,921def$1104,451
Liabilities-
$0.59
1935
Liabilities—
$
Notes payable-.
plan...
companies)..
1934
$0.53
3,716,587 Accts. payable.
for empl's' an¬
$1,146,675
$14,788
$7,242,981
3,404,577
3,296,427
$3,516,368 sur$541,977
6,648.052
6,648,052
1934
$
6,185,827
nuity
42", 223
Operating profit for period.
$882,803
6,648,052
$0.32
$0.33
Dep. with Ins.co.
$1,314,522
167,847
$18,417
33,205
Net loss
Non-oper. income adj. (net)
Surplus adjustments—net credit
$1,134,005
72,633
$218,058
.
1935
Cash
Accts. receivable
Income credits
7,656
Consolidated Balance Sheet Dec. 31
Assets—
42,992
Gross loss
3,381
$5,411,924 def$130,016
3,341,232
3,386,352
2,953,496
6,563,377
share
$3,753,000
3,834,252
390,929
per
1933
$1,928,862
2,083,953
Shipments and operating revenues
$3,674,893
shipments & oper. earnings—
2,461,388
Selling, traffic & adm. exps. of trans¬
port and manufacturing subsidiariesi
572,747
Research and experimental expenses.
Depreciation
681",302
Cost of
Other dedlctions
earn¬
ings of subsidiaries—
127,892,997 153,759,322
[Including wholly-owned subsidiaries.]
1935
.
rent loss of controlled
142, p. 2168.
Assets—
10,029
970,664
449,591
26,064
57,765
164,332
7,612
979,573
423,201
27,519
280,909
392,622
11,314
129,361
Prov. for equity in cur¬
subsidiary
through inc. &
surplus..
47,234,000
Add.to prop.thru
529,728,794 551,976,683
North American
$8,801,866
146,696
Fund, debt ret'd
balance
-V.
$1,320,240
896,684
Miscellaneous
3,042,889
inc. & surplus
Profit and loss
Total
$6,637,680
843,192
Taxes
509,784
389,596
3,272,552
10,387,000
Unadjust.credits 71,577,989
207,872 Oth. curr. liab..
921,263 Deferred liabil..
5.171,285 Joint liabilities.
222,782
841,012
1932
$6,767,832
956,467
Interest
10,000
int.
accrued..
agts. &cond__
sales
on
Canceled
declared
Net bal.rec.from
Profit
Other income credits...
Total income
tured unpaid.
Unmatured divs.
car serv.
1933
..$45,627,101 $42,896,319 $35,355,473 $50,245,681
13,865,887
11,639,420
10,369,682
16,778,957
Operating expense
10,203,356
11,052,431
11,295,871
13,738,479
Taxes
1,906,081
1,985,063
2,046,640
1,664 <306
General expense.--^.-.
4,742,923
4,675,458
3,591,781
3,443,985
Depletion
1,579,047
1,210,453
1,332,616
1,257,794
Depreciation
6,561,974
5,695,814
5,398,644
4,560,293
1,339,464
954,701
Int. mat'd unpd.
1934
sales
Raw material cost
(cash
Divs.mat'd unpd
Funded debt ma
277,915
56,394
.
Loans & bills rec
bal.
wages payable
Misc. accts. pay
Relief
5,346,804
&
deposits
Traff. &
14,373
5,248,307
8,972,671
44,655,526
4,250,000
drafts
1935
Net
Audited accts. &
mtge.prop.sold
1936
Consolidated Income Account for Calendar Years
Preferred stock.
Misc. phys. prop
April 4
(& Subs.)—Earnings—
1934
$
Liabilities—
road
1
Report
Roy B. Jones, President, says in part:
an adjourned special
meeting or stockholders held in Wilmington, Del.,
on Oct. 8 a plan for the
readjustment of the company's capital structure
and the funding of its current liabilities, which it was deemed
would greatly
improve the company's position, was approved by a majority of both the
At
preferred and common stock; and a provision for obtaining written
consents
from three-fourths in amount of the
preferred stock outstanding, in accor¬
dance with the company's charter, was
adopted.
The period in which such
written consents should be received was fixed at six
months, which will ex¬
pire on April 8.
Consents from only about 60% in amount of the
pre¬
ferred stock outstanding have been received to date.
2335
Financial Chronicle
Volume 142
Consolidated Income Account for Calendar Years
Decrease in notes of $5,750,000 was due to the transfer to the Insurance
fund of notes of the Pennsylvania Tunnel & Terminal RR., the entire capital
1935
1934
1933
1932
$2,722,660
2,321,905
$2,379,343
2.165,939
$1,945,917
1,692,613
$1,924,214
Costs, oper. & gen. exps.
1,697,590
Advances to affiliated companies show a net increase of $997,834, due to
additional advances for construction and other corporate purposes.
Operating income
Non-operating income..
$400,754
9,461
$213,403
29,243
$253,304
8,217
$226,624
3,555
Other investments decreased $16,847,143, and reflect largely the changes
in bonds and notes, chiefly United States Government securities, held as
$410,215
$242,646
22,188
13,796
135,888
$261,521
$230,179
26,241
18,219
140,435
2,161
131,013
186,612
27,911
Gross oper. income
Total income.
Ad valorem & prod. taxes
21,091
17,338
Itang. develop, costs
General
136,952
expense
Lease rentals
746
988
33,798
165,408
29,077
1,685
19,798
32,207
162,114
29,577
3,223
11,444
4,020
22,078
$26,009
134,400
$194,878
134,656
$234,663
134,736
$353,949
135,656
$160,409
$329,534
$369,399
$489,605
...
Deple. & lease amortiz..
Deprec. & retirement
Interest
Bad debts
Exp. proposed reorgan
Loss on disposal of assets
Other charges
10,332
Net deficit
Preferred dividends
x
23,720
8,677
140,827
1,006
97,101
170,443
27,599
Deficit
'~4~6l"l
22,048
29,486
22,198
Accrued but not paid.
x
1935
1935
Liabilities—
1934
1934
acc't.$l,416,238 $1,409,880
Other investments
50,230
56,915
Cash
66,488
•27,011
Preferred stock.._$1 ,680,000
Oil...
Notes payable
Prop'ty
Mat'ls & supplies.
from
Due
and
299,231v
264,066
employees..
2,461
4,159
4,542
3,249
153,477
122,024
51,752
Deferred
341,811
269,780
liabilities
15,093
43,462
195,298
141,804
Res. for pref. divs.
,680,000
1,548,544
Redemption prem.
168,000
8,765
168,320
3 ,410,324
3,265,316
preferred stock.
receivabfe
Deferred charges..
Total
1 .054,872
413,545
298,263
Common stock..
payable-
$1,683,200
1,054,872
Accrued liabilities.
officers
Work in process...
Notes and accounts
$2,088,419 $1,964,554
Other reserves
Deficit—.
6,445
$2,088,419 $1,964,554
Total
After depreciation, depletion and amortization of $4,668,200 in
x
and $4,546,678 in 1934.
V.
y
Accounts
33,405
44,384
141,
y
1935
Represented by 198,770 shares no par value.—
Corp.—Annual Report—The in¬
period from July 1 1935 to Dec. 31
1935 were given in
of last week's "Chronicle."—V. 141,
Paramount-Broadway
account for
come
the
1935 and the balance sheet for Dec. 31
the
p.
year there were sold to the U. S. Government $8,410,000 add30-year 4% secured serial bonds and $13,024,000 20-year 4% equip,
During the
tional
trust certificates in payment of further amounts advanced for electrifica¬
tion work and electric locomotives in accordance with the financial arrange¬
ments made with
advertising
1604.
pages
1935
a
Notes
&
$
received
Acer, wages, taxes,
7,635,353
Reacquired stock.
Dep.
jl22,065
Notes payable
6,990,969
c796,360
Loans to employ..
$
Capital stock... h24,468,040124,387,395
Accounts payable.
721,480
670,745
5,213.821
6,127,582
7,688,845
8,114,691
b Investments
1934
$
Liabilities—
accts.
Inventories.
e
1935
1934
$
&c
Res.
633,780
491,369
for
Fed.
&
141,761
1,226,930
5,105,990
5,299,210
428,475
in
1,483,294
1,577,806
Dividend payable. 2,663,504
3,631,983
203,400
183,735 Capital surplus
204,310
Earned surplus
10,957,100 11,853,744
86,267
1,224,428
465,202
dl22,065
closed
banks
84,087
Def. chgs to future
operations
Land
.
foreign inc. tax.
f Bldgs., mach'y &
fixtures,
g
&c
Machinery
pat.
rights
Foremulae,
&
process
copyrights.-.10,500,000 10,500,000
Total
-41,032,875
43,037,1411
41,032,875 43.037,141
Total
After
deducting reserve for doubtful notes and accounts,
b Afte
adjust to market value,
c 32,480 shares reacquired at costd Collaterally secured (per contra),
e After deducting reserves,
f After
reserve for depreciation of.$5,407,096 at Dec. 31, 1934, and $5,721,202 at
Dec. 31, 1935.
g Less amortization,
h Includes 4,842,735 shares issued
and outstanding at Dec. 31 1935 and 48,427 shares issued Jan. 10, 1936,
in
payment of dividend,
i Includes 32,480 shares reacquired,
j For
account of employees (per contra).
The comparative consolidated income account for the year 1935 was given
in V. 142, p. 1481.—V. 142, p. 1999.
a
reserve
to
Peabody Coal Co.—To Retire Stock—
At a special meeting held March 25, stockholders ratified a proposal to
reduce the number of shares outstanding and to change the par value of
the class B stock to $5 from no par.
Canceled stock is in the treasury and
consists of 13,950 shares of 6% (par $100) preferred, 1,922 24-40ths shares
of class A
common
(par $1,000)
and 967,323 shares of class B common.
authorized number of shares of each class remains unchanged and
likewise the number of shares in the hands of the public is not changed.
The
—V. 142, p. 1999.
Pennsylvania Reading Seashore Lines.—Earnings.—
1933
1936
1935
1934
$449,329
def6,855
defl41,050
$366,984
def81,075
def201,488
$382,854
def63,151
def225,216
$106,352
def31,647
def79,316
810,419
def67,970
def338,636
707,705
def249.924
780,120
def 101,451
def507,946
def419,305
216,015
def72,289
defl64,980
February—
Gross from railway
Net from railway
...
Net after rents
—
From Jan. 1—
Gross from railway.
Net from railway
_
Net after rents
—V.
142, p.
...
—
Electrification—The electrified line between New York, Philadelphia .Bal¬
timore and Washington was opened for complete operation of passenger
on Feb.
10, 1935, and for freight service on May 20, 1935.
The
RR.—89th Annual Report- -M.
W.
Clem-
ent, President, says in part:
Results—The surplus for the year was equal to 2.8% upon the outstand¬
ing capital stock, which compared with 2.5% in 1934.
The surplus per
share (par $50) was $1.38, compared with
The Year 1935—The year 1935 was the
!
$1.23 in 1934.
sixth year of the economic dis¬
operating revenues improved over 1934 by
7% (due in part to increase in freight rates), but continued subnormal,
being 46% less than the annual average for 1925-1929.
!
Better business conditions prevailed during the last five months of 1935.
Moderate increases in freight rates were granted by the Interstate Com¬
merce Commission on certain classes of commodities, effective April
18,
1935, but these will expire by limitation on June 30, 1936, unless their con¬
turbance
of
business.
freight yards, several branches,
connecting freight lines and related improvement work.
The necessary
electric passenger and freight locomotives to equip the lines are in service.
The entire electrification program was the result of study and plans
made over a long period of years and has resulted in an unparalleled trans¬
portation service to the public in the populous metropolitan areas in the
territory along the Middle Atlantic Seaboard, and has placed the com¬
pany in an advantageous position to handle profitably increased traffic
business recovery proceeds.
of electrification constituted the largest single project of
ever undertaken, and was of direct and widespread benefit in in¬
creasing production and creating employment throughout the country.
Collection and Delivery Service—To supplement and extend the scope of
the collection and delivery service for less than carload freight, established
experimentally by the company on its system lines on Dec. 1, 1933, and
which has been made permanent, a cash on delivery service was established
on Sept. 1, 1935.
This supplementary service provides a means by which
merchants are enabled to extend materially their areas of sales without
furnishing additional facilities of their own to establish credit relations.
Under this plan the invoice price of merchandise is collected by the railroad
upon delivery to the consignee, and remittance made to the shipper by the
railroad company.
This constitutes an additional forward step in meeting
modern trends of business practice, and is available at all points on the
Pennsylvania RR. as well as at a large number of points on other railroads.
This adds materially to the convenience of the collection and delivery service
which, since its establishment, has grown progressively until it now amounts
to approximately one-third of the railroad's less than carload traffic.
The
number of such shipments in 1935 represented an increase of 50% over those
of 1934, the first full calendar year of its operation.
A further step of far-reaching importance will be made by the company,
effective April 1, 1936, through the elimination of all charges for collection
and delivery for less than carload freight, which have been in effect on ship¬
ments moving distances beyond 260 miles; so that, effective as of that date,
it will render a complete door-to-door transportation service for less than
carload freight between all points on its system lines, regardless of distance,
at no additional cost above the regular freight rates.
Similar privileges
will also be extended to shipments from other railroads and to shipments
destined to points on other railroads that may establish the service.
This
is regarded as the most important move yet undertaken to recover to the
rail lines a large volume of traffic now moving by motor trucks. • It will
greatly expand the present scope of collection and delivery operations by
affording patrons the most modern, convenient and low-cost transportation
service for less than carload shipments, and should enhance materially the
value of the service to the shipping public.
[The ICC on March 31 by a
7 to 3 decision suspended until Nov. 1 next the schedules under which
roads in the Eastern territory proposed to inaugurate full pick-up and de¬
livery service on less than carload lots.—Ed.]
Legislation—For many years the annual reports of this company have
directed attention to the regulation of the railroads and legislation proposed
Congress and the State Legislatures which affected them.
The rail¬
and will continue to be, the basic transportation agency of the
importance to the public in the movement of
goods and passengers.
They should be in a healthy condition, and any
legislation enacted should be helpful to them in performing the best trans¬
portation service at the lowest cost to the citizens of this country.
How¬
ever, attention is again directed to the low return earned by the railroads
of the country upon their investment in road and equipment.
It was
1.93% in 1935; 1.85% in 1934; 1.83% in 1933; 1.25% in 1932; 2.00% in 1931;
3.30% in 1930, and 4.84% in 1929.
Any policy which is adopted should
be such as will permit them to earn a fair return upon their investment,
permit the payment of fixed charges and reasonable dividends upon their
stocks and be of such amount as to attract sufficient capital at fair rates
to make the improvements and modernization of their plants and equip¬
ment that are now, and in the future will be, required.
in
roads are,
country, and of tremendous
A
1481.
Pennsylvania
There were
service
This program
$1,614,514 $4,519,731
1933.
Since the close of the year there have been sold $18,420,000 15-year 2% %
equipment trust certificates on a 2.71% basis, the proceeds of which will be
utilized in part payment for 10,000 new freight cars, and $40,000,000 gen¬
eral mortgage 3 % % bonds, series C, due April 1,1970, were sold on a 3.95 %
basis, the proceeds of which, with other funds of the company, will be util¬
ized to pay, on May 1, 1936, $50,000,000 40-year 5% secured gold bonds,
due Nov. 1, 1964, which have been called for redemption.
The $40,000,000 bonds sold were part of the $60,000,000 general mortgage series O
6% bonds pledged with the trustee as.part collateral for the 15-year 6M %
secured gold bonds, the interest rate having been reduced to Z%%.
The
sale of these bonds, as well as the $50,000,000 50-year 4)4 % general mort¬
gage bonds issued and sold in 1934, at reduced interest rates, will effect
reductions in the annual fixed charges.
The remaining $20,000,000 gen¬
eral mortgage bonds are now held in the treasury of the company.
as
Assets—
in
its kind
-Bal. Sheet Dec. 31—
Parke, Davis & Co. (& Subs.)
Cash
the Public Works Administration
paid $6,043,000 equipment trust obligations which matured, and $3,648,000
4% secured serial notes issued to the Government in 1934 to finance the
purchase of steel rails, were paid off in advance of their maturity.
$8,000,000 15-year 6)4% secured gold bonds were purchased and canceled, and a
further decrease was made by operation of sinking funds.
The balance of
the 15-year 6)4 % secured gold bonds outstanding ($52,000,000) was paid
at maturity on Feb. 1, 1936, and the collateral deposited thereunder has
work included the electrification of large
2901.
p.
temporary investments.
The account appearing on the general balance sheet "cash and securities
held for payment of 15-year 6)4% secured gold bonds, due Feb. 1 1936,"
represents the proceeds from the sale of $50,000,000 general mortgage 4M %
bonds in 1934, Government securities and other treasury resources, which
were used on Feb. 1, 1936, to pay the balance of the 15-year 6)4 % secured
gold bonds outstanding, aggregating $52,000,000.
Funded Debt—The net increase in total funded debt was $3,564,340.
been returned to the company.
Consolidated Balance Sheet Dec. 31
Assets—
x
stock of which is owned.
The
tinuance is authorized by the ICC and the State commissions in accordance
with a petition filed by the carriers.
Substantial increases in operating
by higher wages, increased cost of fuel and increased
expenditures for maintenance of roadway, track and equipment.
The
property and equipment were maintained in condition to insure safe and
efficient operation.
Rigid economy prevails in all branches of the service,
r The construction,
equipment and service improvement programs were
continued during the year, reflecting the faith of the management in the
future of the country and in the railroad industry.
It is hoped that im¬
provement in general business activity will continue, so that the company
may reasonably expect to benefit, provided its expenses are not increased
unduly by legislative action, and provided rates generally are not reduced.
1
Operating Ratio—The operating ratio (percentage of operating revenues
used to pay operating expenses) in 1935 was 71.53%, compared with 71.57%
expenses were caused
distinctly encouraging step during the past year was the passage by
Congress of the "Motor Carrier Act 1935," providing for regulation by the
ICC of transportation by motor truck and bus on the public highways.
Other proposed legislation having for its purpose more equitable opportuni¬
ties for all forms of transportation, includes a bill to regulate carriers by
water in domestic commerce and a bill to liberalize the "long-and-shorthaul" clause of the Interstate Commerce Act.
The railroads are continually faced with legislation which increases their
cost of operation without any real benefit either to themselves or the public.
Legislation which increases the costs to railroads, such as compulsory pen¬
sions, unemployment insurance, six-hour day, increases in corporation tax
rates and in the rate of tax on capital stock, are shared by industry gen¬
State Legislatures are continually confronted
proposed legislation peculiar to the railroads,
of
trains; train limit bills, limiting the length of freight and passenger trains;
erally.
Congress and the
with demands for additional
such
an
as
excess
crew
bills, requiring unnecessary men on many classes
amendment to the Hours of Service
Act, reducing the present maximum
bill providing for govern¬
hours of service for certain classes of employees; a
inspection and control of tracks and bridges; a bill providing for
investigation and inspection of train dispatching offices; a bill providing
for the inspection and installation of signal apparatus, and a bill providing
for the payment of dismissal compensation to employees displaced as a con¬
sequence of railway abandonments or unification of lines, facilities or opera¬
mental
tions.
Increased operating costs would inevitably result from any of these pro¬
posed measures and would seriously affect the public, as they must finally
become a factor in the fixing of rates and charges.
The railroads believe that reasonable regulation is necessary, but the
regulation should be such as to build up and encourage strong transportation
systems and furnish the public with speed, comfort and convenience at as
low a cost as is consistent with good management.
_
decreased $7,466,994.
companies, includ¬
ing $6,000,000 Philadelphia Baltimore & Washington RR. general mortInvestments—Investments in affiliated companies
The decrease in bonds was due to sale of bonds of other
IR. bonds, offset partly by purchases, including West Jersey &
fage first consolidated mortgage bonds, which mature July 1, 1936.Seashore
Freight Rates—Reference was made in the annual report for 1934 to the
petition of the railroads of the country, including this company, to the IOO
for authority to moderately increase freight rates and charges in order to
meet, in part, the marked increase in operating expenses resulting from
the higher level of wages and the higher costs of fuel and other material
2336
Financial
Chronicle
and supplies, which threatened further serious impairment of their resources
and credit, and their ability to maintain an adequate and effective railroad
service.
On March
26, 1935, the Commission, after
hearings, denied the petition but authorized modified emergency
certain classes of traffic effective April 18, 1935, and due to
expire on June 30, 1936.
The increases have not resulted in any disturbance in business
conditions,
or in the loss to competing agencies of transportation of
any appreciable
volume of traffic, and their continuance is necessary to enable the railroads
to meet partially their increased costs of operation.
Based on 1935 opera¬
tions, the annual expense to the railroads of this country as a result of higher
level of wages and higher costs of fuel and other material and
supplies is
approximately $260,000,000 in excess of 1933, while the estimated additional
revenue from the increased rates for the year
ending April 18, 1936, will be
about $100,000,000.
The railroads of the country, including this company,
petitioned the ICC on Jan. 24, 1936, for authority to continue in effect
such increased rates.
As yet no hearings have been held by the Commission
in this proceeding..
Stockholders—The capital stock of the company at the close of the
year
was owned by 227,251 holders, a decrease of 5,747
compared with Dec. 31,
1934, with an average holding of 57.9 shares.
Proposed Increase in Authorized Indebtedness—Consent of the stockholders
being requisite before the company can incur further funded indebtedness in
excess of the present available margin
(which is less than $1,000,000), the
stockholders will be requested at the annual meeting,
following the com¬
pany's usual procedure, to approve an increase of the authorized indebt¬
edness in an additional amount of $75,000,000, and to
grant authority to
the board of directors, in their discretion, to issue and
dispose of general
mortgage bonds or other bonds or obligations of the company from time to
time, but not in excess of the aggregate amount of indebtedness authorized
by the stockholders.
This approval is essential so that the board of direc¬
tors may have sufficient authority to provide for the
company's future capi¬
tal requirements, thereby
enabling the management to continue the devel¬
opment of the property, equipment and facilities, and their more efficient
and economical operation; to pay maturing
obligations, and to refund ex¬
isting indebtedness at lower interest rates.
The last
holders in
Bonds...i
Notes..
Advances....
6)4j %
Other
Cash.
investments..
Traffic and
Net bal.
xl934
yl933
of
pass,
55,544,011
52.890,369
Other current assets
2,217,260,257
2,209,927,783
2,020,216,530
No. of
Unadjusted
No.
car'd
revenue
6,548
114,012,754
Total
revenue
revenue
:..
0.891 cts.
3J^s.
11,070
$25,266
$23,215
..
liability
Premium
on
funded debt
Accr'd depreciation—Road & equipment
Reserve for loss and
xl934
Sinking fund
1933
Incidental
(net)
reserves
Miscellaneous fund
_
_
reserves
....
payable
Profit and loss, balance
1932
10,471
10,511
$
Total
10,892
$
$
272,047,434 251,229,985 238,968,329 235,347,937
59,797,178
57,740,587
52,930,251
59,738,930
23,806,333
23,540,519
22,828,051
24,950,752
11,757,735
10,756,431
9,656.829
10.986,086
403,505
401,177
332,354
369,752
Passenger
Mail, express, &c
damage—Freight-.
Add'ns to prop, through Income & surp.
Funded debt retired thru. inc. & surp..
Dividends
10,443
_
.
Other unadjusted credits
$
revs..367,812,186 343,668,699 324,715,814 331,393,458
—V.
30,288.324
26,370,632
26,457,504
66,059,376
62,853,659
65,274,608
7,210,989
6,793,672
6,187,981
7,228,351
Transportation.
131,793,479 122,719,249 113,132,735 122,648,843
Miscell. operations
4,691,515
4,270,900
3,683,981
4,283,125
General
17,028,945
16,252,345
15,018,759
16,593,005
Transp. for invest.—Cr.
266,221
416,027
479,400
473,832
Traffic
Total ry. oper. exps.
Net rev. from ry. oper.
263,100,184 245,967,837 226,768,347 242,011,603
104,712,002
97,700,862
97,947,467
89,381,855
Railway tax accruals.
25,234,425
23,731,426
24,459,600
28,231,430
Uncoil, railway revenues
150,321
135,986
120,451
75,227
.
658,384,800
*
32,739,500
32,763,500
26,829,000
7,478,250
57,797,000
26,829,000
7,478,250
27,190,000
7.478,250
35,189,000
1,539,000
395,455
5,960,327
14,132,475
1,519,000
195,164
6,577,236
15,626,230
6,199,698
5,821,014
866,965
1,146,232
16,961,796
96,397
334,759,164
3,376,476
1,732,417
10,346,956
211,708,023
9,379,318
653,338
86,382,013
13,167,696
184,532,669
50,816,000
1,519,000
295,164
5,754,829
14,969,976
19,051,808
4,207,713
2,319,892
1,445.576
73,833,450
8,174,474
1,523,689
73,367,416
9,634,386
1,756,171
61,075,198
10,620,693
1,322,467
70,394,641
64,135,287
61,976,859
49,132,038
281,619
2,128,966
282,813
2,183,853
316,413
2,062,178
366,544
2,080,352
14,221
22,794,114
14,974
24,005,349
6,824,731
16,579
25,228,107
6,670,933
1,045
31,437,448
5,828,853
.
Net ry. oper. income.
Non-Oper. Income—
Inc. from lease of road.
Miscell. rent income
Separately oper.
ties—profit
proper¬
Dividend income
Inc. from funded securs.
Income from unfunded
securities & accounts.
Income from sinking and
other reserve funds...
Miscellaneous income...
Total
non-oper. inc..
5,676,359
,
953,136
2,371,709
3,016,747
2,565,801
4,458,647
106,358
4,262,698
67,766
4,186,474
122,168
4,186,780
132,568
40,013,891
41,619,599
104,149,178 103,596,458
46,599,392
36,413,423
Gross income.
106,808,064
Deducti0715——
Rent for leased roads...
51,108,925
Miscellaneous rents.._.
Miscell. tax accruals
Separ. oper. prop., loss.
642,029
148,939
34,316
funded debt
30,036,302
on unfunded debt..
184,752
Miscell. income charges.
803,003
Int.
Int.
on
51,472,566
963,141
140,583
64,040
28,413,478
590,195
871,209
51,915,454
1,063,237
147,379
101,631
28,268,140
1,659,908
1,159.540
95,731,430
51,138,672
1,024,019
158,769
53,541
28,409,499
277,527
1,095,867
13,337,315
1,736,268
402,047
97,004
111,524
14,131
6,065,354
6,116,899
646,437
1,459,844
17,073,755
100,319
335,652,072
3,780,473
1,113,979
8,720,257
211,397,413
9,300,658
28 571
6,142,363
6,019,389
593,864
1,477,432
20,771,430
104 240
430,251
250,602,621
3,619,686
561,809
79,553,312
211,344,934
8,885,909
144,054
82,025,518
6,583,848
190,248,738
79,684,233
6,583,848
208,620,765
p.
2169.
Petroleum Corp. of America—Asset Value—
The company reports that net asset value on March 31, 1936, was $20.24
on
2,000,000 shares of capital
stock outstanding.
This compares
with net asset value on Dec. 31, 1935, of $17.11 per share on
2,010,160
shares and with net asset value of $10.68 per share on 2.071,360 shares on
March 30. 1935.
To
Retire
Stock—•
The stockholders on April 22 will consider reducing the capital of the
corporation by the retirement of 70,460 shares of capital stock now owned
by the corporation as well as any additional stock that may be acquired
prior to the meeting date.—V. 142, p. 795.
Penn
Western
Gas
&
Electric
Co.—Annual
Report
Year 1935—
C. I. Crippen, President, says in part:
Company was organized to effectuate the reorganization of American
Electric Power Corp. under the plan approved Aug. 9, 1935, by the U. S.
District Court of Delaware.
To that end it issued, on
Aug.
Ry. oper. income.
79,327,256
Hire of equip.—Deb. bal
7,031,896
Jt. facil. rents—Deb. bal
1,900,719
10,142,739
488,250,260
2,290,391,054 2,282,171,369 2,181,636,897
142,
share
Ry. Oper. Expenses—
Maint. of way & struc.. 32,550,696
Maint. of equipment.70,090,780
565,375,650
—
Other current liabilities
Tax
$22,357
1935
$
10.142,739
1,762,410
85,964
14,131
Unmatured rents accrued
Pennsylvania RR. Reg'ona System.
Mileage operated
Ry. Oper. Revenues—
1933
$
1,750,602
Dividends matured, unpaid..
Funded debt matured, unpaid
9,880
$27,460
89,858,876
8,096,327
5,948,856
10,142,739
Railroad retirement fund contributions
'
y
6,400,267
129,942
228,015
658,384,800
20,299,861
Miscellaneous accounts payable
Interest matured, unpaid....
0.934 cts.
12,405
57,361
3,653,557
7,232,884
11,772,439
26,437,952
7,198,239
89,069
219,642
86,931,182
3,987,874
6,295,738
32,736,500
funds—Deposits
per
Total ry. oper.
-
Mortgages and ground rents payable
Traffic and car service balances payable-
Income Statement for Years Ended Dec. 31
Joint facility
debt
Girard Point Storage Co. 1st mtge.
929
0.887 cts.
129,375
42,966
3,976,909
5,996,925
14,526,388
27,375,791
562,061,990
......
Equipment trust obligations
$2.26
13,116
Pennsylvania RR.
Freight
-
Other deferred liabilities
977
car'd
mile of road..
x
stock
Reserve for injuries to persons
per mile of road—
Freight
on
Pennsylvania RR
7,274
104,075,235
$2.10
19,167,337
971,098
9,165,000
1934
$
Funded debt assumed
"
1,007
67,583,187
1,860,000
7,942,724
658,384,800
Guaranteed stock trust certificates..--.
2.729 cts.
$2.04
25,059
47,500,000
93,659,198
22,550,148
Funded debt of acquired cos. assumed by
0.98 cts.
0.914 cts.
rev. tons
1935
Capital stock
per
ton per mile
No. of
1,034
$2.09
156,741
1,640,614
438,740,865
26,488,050
39,376,238
127,956,837
2,290,391,054 2,282,171,369 2,181,636,897
;
/
trainload(tons)
$
"
Liabilities—
29,757,235,318 28,326,533,959 26,821,295,472 25,225,675,778
Aver. rev. per ton.- ;1'
Average
—
Unmatured interest accrued
tons
of
carr.ed 1 mile
Aver,
2.622 cts.
7,418
123,345,009
debits
!
carried
rev. tons
...
Other deferred assets
per
2.613 cts.
....
Insurance and other funds
2,190,742,188
7,722
129,941,499
e
Working fund advances-
61,045,637
2.697 cts.
from agents & conduc'rs...
rec.
...
revenue from
per mile of road...
161,575
45,876
4,898,671
6,808,596
13,643,645
25,731,623
5,610,285
138,632
211,391
94,575,791
3,750,316
12,000,410
service bals. receivable-_
Miscellaneous accounts receivab
yl932
56,739,729
passenger per mile.
8,535,000
;
Audited accounts and wages payable.._
Leased and aff'liated cos. and various
xl935
No.
car
1933
618,670,575
559,768,168
6,870,204
107,071,413
121,264
1,637,065
439,193,223
48,304,318
40,626,238
108,260,755
221,737
279,117
—
Materials and supplies
Interest and dividends receivable..
Traffic Statistics for Calendar Years
$1.00
;
Loans and bills rece'vable
Funded
$1.04
52,047,371
76,812,155
47,479,774
Special deposits......
conservatively used; for through the funds thereby obtained, aided by
requirements
outstanding debt.
Therefore, in
that five-year period the net increase of the entire funded
debt, including
also the securities issued for new
equipment and electrification, averaged
less than $6,000,000 per annum.
These figures reflect the payment of
$60,000,000 of 6K% bonds which matured Feb. 1 1936; and the retirement
of $50,000,000 of 5% secured bonds due Nov.
1, 1964, which have been
called for redemption on May 1 1936.
$1.05
1,1936
.......
other treasury resources, the company has met all its
capital
and also paid off over $140,000,000 of
revenue
liability
as
:1V
'
617,304,550
573,908,534
6,880,965
113,320,365
held for pay. of 15-year
sec. gold bonds due Feb.
Premium
Average
...
carried
secur.
secur.
Demand loans and deposits
Time drafts and deposits
authorized increase of Indebtedness, sanctioned
by the stock¬
is now almost exhausted.
That authorization has been
each passenger
115,750,081
379,738
1,642,549
439,156,814
23,357,273
33,626,238
128,954,670
269,360
physical property
Invested in affiliated cos.—Stock
Cash &
S
570,159,068
7,583,858
.....
Miscellaneous
Invest, in
1934
Ǥ>
617,060,290
General expenditures
Impt. on leased railway property...
Sinking funds
most
Average
*v
Equipment
1931,
No. Of pass, carriedNo. pass, car'd 1 mile
'
'
Invested in—Road
on
1936
Sheet Dec. 31
1935
,
transportation
numerous
increases
April 4
General Balance
19,
1935,
92,640 shares of
common stock and options on the remaining 9,264 shares
of the authorized common stock at their par value of $12 per share.
In
exchange company received all of the security holdings of the American
Corp., comprised principally of:
98,966 shares (85.3%) of the common stock of Sioux City Gas & Electric
Co.—the minority interest being owned by Iowa Public Service Co.
174,404 shares (42.3 %) of the common stock of Iowa Public Service Co.—
the majority interest being owned by Sioux City Gas & Electric Co.
224,446 shares (100%) of the class B common stock of Pennsylvania Gas
& Electric Corp.
6,000 shares (100%) of the capital stock of American Rys. Corp.
By Sept. 20, 1935, the expiration date of the stock options, all of the
9,264 shares under option had been taken up, thus bringing $111,168 cash
into the company's treasury and increasing its issued
capital stock up to
the full authorized amount of 101,904 shares.
Company began its operation as a public utility holding company virtually
under the shadow of the Public Utility Act of 1935, as that measure became
effective Aug. 26, 1935.
The new law granted a short period in which to
accomplish voluntary readjustments of capital structure before Dec. 1,
1935, the date set for the registration of utility holding companies with the
Securities and Exchange Commission.
During that period company
effected certain minor adjustments of its security
holdings with a view to
placing itself in a position conveniently to distribute its equity holdings pro
rata among its own stockholders in the event that
liquidation at some later
date should become either necessary or desirable. These
adjustments were
Electric Power
-
as
follows:
(1)
A cash dividend of $74,225 (75 cents per share) received Nov. 25
its holdings of 98,966 shares of Sioux City Gras & Electric Co.
stock, was reinvested to the extent of $73,450 in the purchase of
2,938 additional shares of that stock at their par value t{$25 per share).
1935
on
common
Total deductions
82,958,266
23,849,798
Disposition of Net Inc.—
Sink & other res. funds.
4,938,888
Dividends
13,167,696
Kate
(2%)
*
Net income..
--
Construe, exp., operat
def. & adv.
lines & affil.
to
*
of
capital
x
82,157,894
13,573,536
5,095,380
13,167,696
(2%)
4,812,971
6,583,848
(1%)
4,754,105
6,583,848
346,525
420,138
701,853
(1%)
g
4,960,700
3,024,364"
7,464,213
1,533,730
13,167,696
13,167,696
stock
stock
$1.81
$1.64
$1.46
$1.03
For purpose of comparison, the amounts
charged to operating expenses,
account of the Railroad Retirement Act, later de¬
unconstitutional, have been omitted.
beginning August, 1934,
Note—Operating revenues for 1933 included $1,564,742 received from in¬
freight rates and paid to Railroad Credit Corp.
Payments were
discontinued on March 31, 1933.
(2) Company's holdings of the entire 224,446 class B common shares of
Pennsylvania Gas & Electric Corp. were reduced to 224,188.8 shares—
a 2.2-for-l ratio—by
selling to Pennsylvania Gas & Electric Corp. at a
nominal price, the 257.2 shares by which the
original holdings exceeded
(3) Company's holdings cf the entire 6,000 (no par) shares of capital
stock of the American Rys. Corp. were converted by that
subsidiary into
a new issue of capital stock in the amount of
101,904 shares (50 cents par)—
a
13,167,696
clared
crease in
This increased the holdings of Sioux
City Gas & Electric Co. common stock
to 101,904 shares—a 1-for-l ratio to company's own
capital stock.
the desired ratio.
782,514
outstanding (par $50) 13,167,696
Earnings per share on
capital
84,315,289
19,281,169
leased
cos
Balance, surplus
Shares
82,515,213
21,633,965
1-for-l ratio.
Upon advice of counsel and with due regard to the interests of the com¬
security holders, the directors instructed the officers to file a
notification of registration under protest with the SEC, with full reservation
pany and its
of all rights of the company and its security holders to contest the con¬
stitutionality of the law.
These instructions were duly carried out and
company became a registered holding company under the new law on
Dec. 1, 1935.
The financial statements which follow include the consolidated income
present subsidiaries for the two full calendar years 1934 and
account of the
Financial
Volume 142
the eight months
latter correspond¬
ing approximately to the period within which Penn Western Gas & Electric
Co. has been in control of the propertis) ;„the consolidated earned-surplus
1935 (divided in the case of the year 1935 as between
ending Aug. 31 and the four months ending Dec. 31—the
of Dec. 31, 1935.
,
dividend received on company's holdings of common stock of
Sioux City Gas A Electric Co. during November, 1935, was paid out of
the surplus of Sioux City Gas & Electric Co. accumulated prior to com¬
pany's acquisition of the stock.
balance sheet as
Pittsburgh & Lake Erie
Consolidated Income (Company and
y
Dec.
Operating revenues—
-$12,190,831
78,357
277,895
Non-oper. revs.—net
Year
$1,124,291
149,193
217,143
$848,603
2,451,566
443,970
550,180
2,225,507
265,359
399,407
1,754,176
122,013
186,833
From Jan. 1-—
Net after rents
Ended
Ended
'35 Aug. 31 '35 Dec. 31 '34
31
$4,339,369
Net after rents
$1,268,750
256,282
302,959
2,912,042
441,043
554,944
Net from rail way
Gross from railway
z
Total gross
earnings-_$12,468,726
5,321,613
Operation.
600,961
201,234
1,233,225
432,376
Maintenance
Prov. for retire. &
Pittsburgh & Shawmut
1,083,741
800,849
General taxes
—
Fed. & State inc. taxes..
on
pref. stock of
a
Min.
com.
$2,459,163
1,489,886
20,891
$4,039,175
2,275,183
37,888
38,976
1,379
80,188
2,759
121,905
4,139
1,046,711
348,731
697,980
1,047,920
216,720
93,044
123,675
—V.
subs.
$3,634,166
$1,218,784
$2,415,382
$3,788,123
1,640
1,202
438
150
Less—Int. chgd. to con-
stru^pii--.—...
$3,632,525
$1,217,581
$2,414,944
$3,787,973
186,602
37,891
19,115
Net after rents
$189,351
$44,219
$251,201
Represents principally the interest of class A stockholders of Pennsyl¬
vania Gas & Electric Corp. in the net income of that company and its
subsidiary companies, based on allocating an amount of net income equiva¬
lent to $1.50 per share per annum to such stock plus 50% of all net income
in excess of such amount,
y Statement of consolidated income of Penn
Western Gas & Electric Co. and subsidiary companies,
z Statements of
combined income of companies the stocks of which were acquired, effective
Sept. 1, 1935, from the estate of American Electric Power Corp., debtor.
Note—Expenses of the predecessor company, American Electric Rower
Corp., are not included in the foregoing statement for any of the periods
$233,571
-
Gross from railway
Net from rail way
Net after rents
142, p.
154,068
def 10,148
20,582
1,909
10,778
def3,502
183,122
36,360
17,446
137,168
12,179
6.839
Consolidated Balance Sheet Dec. 31
Plant, property,
rights, fran¬
a$64,439,221
chises, Ac
4,929.625
b Investments
100,182
Sinking funds A special deps.
Bond discounts A exp. in pro¬
cess
or
2,330,640
amortization
Prepaid acots. A def. items..
Cash in banks A on hand
Accounts receivable (net)
Materials and supplies
770,821
2,404,738
1,242,661
601,026
Capital stock (par $12)
$1,222,848
Cum. pref. stock of subs
15,356,612
Min. int. in common stock &
—
$233,515
69,751
79,859
$219,680
75,723
77,091
$153,284
23.377
18,083
476,675
148,410
160,190
410.884
311,775
132.389
51,915
40,109
From Jan. 1—
Gross from railway
Net from railway
136,249
142, p. 2001.
Ponce Electric
Co.—Earnings—
1936—12 Mos.—1935
1936—Month—1935
Period End. Jan. 31—
$29,790
13,584
1,325
2,626
Maintenance.
_
Taxes
Balance
1,791
2,579
$314,140
174,027
22,422
31,000
$329,068
214,460
17,402
28,585
$11,387
$86,689
159
Operation
$29,639
13,880
$12,254
Gross earnings.
939
$68,619
1,649
$11,227
$85,749
30,000
25,270
$66,969
$30,479
$2,274
Interest charges.
60,044
352,807
510,428
payable
Accounts payable.
Accrued int. payable (net)—
1,257,065
Accrued taxes..
164,612
120,403
63,346
retire. A depletion.. 10,375,560
possible loss on street
pref. stocks
Ac
Purch. money oblig.,
Other current liabilities.
Res. for
Res. for
ry.
investment, Ac
non-prod, wells, Ac—
injuries A damages
for contingencies
350,703
390,807
300,000
91,734
857,380
133,796
Res. for
Other
reserves
Capital surplus
Earned surplus
$76,818,915
Total
$76,818,915
of underlying book values of securities of
subsidiary companies over cost or value thereof as determined by boards of
directors of the owning companies, $4,789,837. b At cost or value thereof as
determined by the board of directors of a subsidiary company which does
not purport to represent present market or realizable values:
Securities of
Atlantic Ice & Coal Co.—1st & ref. mtge. 6% sinking fund gold bonds due
Dec. 1, 1951, principal amount $2,638,800, at cost, $2,525,555; Stocks—at
value as determined by the board of directors of a subsidiary company on
July 8, 1935, 92,768 shares of class A preference stock, par value $50 per
share, and 221,656 shares of class B common stock of no par value, together
valued at $2,000,000; common stock of American Rys. Corp. (100% owner¬
ship) (no value given); agents'accts., represented principally by preferred
stock of subsidiary companies, $282,679; other investments, less reserve,
$121.389—V. 141, p. 1281.
Total
a
After deducting net excess
Suburban-Counties Gas & Electric Co.
Philadelphia
—Bonds Called—
1st & ref. mtge. gold
A total of $87,500
Phoenix
Securities
1,
and interest.
Co.—V. 141,
bonds, 4J4% series, due May
1957, have been called for redemption on May 1 at 105
Payment will be made at the Fidelity-Philadelphia Trust
p. 2125.
Corp.—To
Vote on
Compensation
Contracts—
The stockholders
will vote at their
annual meeting on April 15 on pro¬
posed contracts for the employment for one year of
President and Walter S. Mack Jr. as Vice President.
Wallace Groves as
The arrangement
March 1 1936, of
equal
Yt%
provides for the payment to each, for the year beginning
salary of $25,000 and of further compensation of an amount
to 2
of any net profits actually realized by the corporation in the year .
The employment agreement says it is "understood and agreed
net asset value of the corporation as of Feb. 29, 1936, as shown by the
a
that the
re¬
corporation as of that date," was $9,122,299.
"If the net asset value of the corporation," the agreement states,
com¬
puted on a comparative basis, at Aug. 31, 1936, plus the amoimt of any
distributions on the common stock of tne corporation during the six months
period ending on that date, is less than $9,122,299, no additional com¬
pensation in respect of the six months' period ending on that date shall be
payable hereunder, and similarly, if the net asset value of the corporation
on Feb. 28,1937, plus the amount of any distributions on the common stock
of the corporation during the twelve months* period ending on that date ^
port of the
additional compensation in respect of the six
months' period ending on such date shall be payable hereunder.
In explaining the purpose of the new contract, Philip DeRonde, Chair¬
is less
man,
than $9,122,299,
no
said:
,
.
,
glad to be able to report continued progress in the en¬
of the assets of the corporation. The report shows
an improvement in the net asset value of the corporation of 64.10% for the
year ended Feb. 29, 1936.
^
+
"Work involving the development and practical carrying out of com¬
plicated reorganization or refinancing plans calls for considerably more
energy and ingenuity than would be involved in ordinary investment
"The directors are
1131.
American
Rican
Porto
dividends and surplus
work.
Vice President Walter S. Mack Jr.. have
been very ective in this work and their efforts on behalf of the corporation
have been most successful.
For these reasons the board of directors wishes
to recommend to the stockholders a special employment arrangement for
Mr. Groves and Mr. Mack for one year."
V. 141, p. 2902.
Groves, and
Tobacco Co.-
■To
Amend
Ctf.
The stockholders on April 9 will consider amending the certificate of
incorporate to pi ovide that the directors of the company shall be annually
Should such amendment be approved
of each class of stockholders the meeting will be
the certificate of amendment and at the
will be elected for the term of one year.
elected for the term of one year.
by two-thirds interest
adjourned until after the filing of
adjourned meeting, four directors
—V. 141, p. 3236.
Pressed Steel Car
Co.—Pittsburgh Industrialists Support
Company*s Reorganization Plan—
/
of Pittsburgh have rallied to back the proposed
co. reorganization plan, and have given it their unqualified endorsement
and support, believing that it "will be of enormous value to the security
holders of the company, w ill make for the financial and industrial growth of
the company, and be of great benefit to the City of Pittsburgh.
In a letter sent to the trustees of the company, George D. Wick and Walter
A. Bonitz, 33 prominent officers of leading corporations in the Pittsburgh
territory, after a careful study of the proposed reorganization plans for the
company, urge the security holders to rally behind the company reorganiza¬
tion plan.
They state in their letter that "the proposed company plan to
us is specifically and basically sound, and has, in our judgment, the ele¬
ments in it which should make for financial and industrial growth of the
company—a great benefit to the City of Pittsburgh."
They further state
"that the aid of General American Transportation Corp. in the management
of the Pressed Steel Car Co. will be of enormous value to the security
Leading industrialists
holders of the
-
company."
by such men as Charles A. Rowan,
The letter, signed
President, West-
inghouse Airbrake Co.; A. W. Robertson, Chairman of Board, Westinghouse Electric & Mfg. Co.; J. T. Tierney, President, The Koppers Co.;
S. E. Hackett, President, Jones & Laughlin Steel Corp.; J. D. A. Morrow,
President, Pittsburgh Coal Co.; H. B. Higgins, Vice-President, Pittsburgh
Plate Glass Co.; J. E. Lewis, President, Harbison-Walker Refractories Co.;
Henry M. Reed, President, Standard Sanitary Mfg. Co.; J. E. Nelson,
Treasurer, Gulf Oil Corp. of Pa.; C. W. Bennett, President, American Sheet
& Tin Plate Co.; B. F. Fairless, President, Carnegie-Illinois Steel Corp.;
F. M. Hesse, Vice-President, National Steel Corp.; Frank R. Phillips,
President, Philadelphia Co. and subsidiaries; C. M. Yohe, Vice-President,
Pittsburgh & Lake Erie RR.; Geo. T. Ladd, President, United Engineering
& Foundry Co.; and seven banks in the Pittsburgh district, points out that
with the difficulties and intricacies of the railroad and railroad supply
business, which they know, they believe that the paramount question before
the security holders of the Pressed Steel Car Co. is management and that
the solution to that question lies in the consummation of the company plan,
provides for a partnership with the General American Transporta¬
which they characterize as' "careful and outstandingly successful
in allied fields."
The Commissioners of Stowe Township, Pa., the Burgess of McKees
Rocks, Pa., and Dr. Warren M. Persons, have also endorsed the company
plan.
This unusual announcement made jointly by three committees represent¬
which
tion Corp.,
in its management
ing the company's cumul. pref. stockholders, holders of the 5% conv.
bonds, and common stockholders, is now being sent to all the security
holders.
Hunter S. Marston is Chairman of the Pressed Steel Car Co. 7%
stock protective committee; Charles Hayden is Chairman of the
deposit committee for 10-year 5% conv. gold bonds of Pressed Steel Car Co.;
Arthur W. Loasby and C. A. Painter are members of the protective com¬
mittee for the common stock of Pressed Steel Car Co.
Kuhn, Loeb & Co.
are reorganization managers.
•
cumul. pref.
$500,000 Loan Approved—
R. M. Gibson on March 30
additional $500,000 in certificates of
Federal Judge
issue
an
authorized the trustees to
indebtedness for operating
Issuance of $2,000,000 in certificates was approved about two
months ago.
The trustees said the company has contracts in excess of
$8,000,000 for railroad cars and equipment.—V. 142, p. 2001.
expenses.
hancement of the value
President Wallace
39.166
25,528
of Incorporation-
1,964,500
Res. for
Res.
Balance for common
-V. 142, p.
39,747,000
1,224,675
Deferred liabilities
Notes
Divs. pay. on
$12,254
Appropriations for retirement reserve.
Preferred dividend requirements
2.274,591
surplus of subs
Funded debt of subs
,
1933
1934
$277,516
87,981
106,727
557,994
182,705
208,218
Net after rents
Balance
1935
Liabilities—
def330
Earninqs.—
1935
1936
railway
Net from railway
indicated..
Assets
$60,826
$93,104
1.652
def6,209
Pittsburgh & West Virginia Ry.
February—
a
1,005
1482.
Gross from
—V.
def734
$75,978
1—
Net after rents
Net income
1935
1936
$104,168
29,326
18,904
Net from railway
From Jan.
671
RR.—Earnings.
1933
1934
Pittsburgh Shawmut & Northern
Febaruary—
—V.
90,032
1482.
142, p.
Gross from railway
301,085
$1,406,933
stkhidrs.
int. in net inc. of
221,768
726,448
10,202
$3,866,097
2,216,335
31,094
Int. on unfunded debt-.
Amortiz. of bond disc't
119,164
4,139
Amortiz. of organiz. exp.
subs
276,895
800,606
307,265
155,657
575,679
80,554
284,246
128,922
236,211
859.925
350.691
def959
128,894
25,628
35,597
122,904
12,694
18,257
123,449
16,511
12,981
Net from railway
1933
$40,002
15,621
19,837
1—
.
Net after rents
non-productive
well drilling exps. &
abandoned leaseholds.
Prov. for
Divs.
Net after rents
1934
$67,665
1935
$61,510
7,052
9,012
11,629
8,171
Net from railway
From Jan
RR.—Earnings.—•
1936
$73,318
February—
Gross from railway
deplet.
reserves
$8,050,999 $11,682,072
3,438.153
4,626,171
399,727
548,215
13,531
46,230
142, P. 2000.
—V.
$7,851,461 $11,383,199
199,538
298,872
Gross from railway.
$4,417,726
1,883,459
1933
1934
1935
$1,528,297
313,604
363,685
Gross from rail way
Net from rail way
Four Mos. zEighl Mos.
Ended
Total
Subsidiaries)
1935
Year Ended Dec. 31,
RR.—Earnings.—•
1936
Febiuary—
The cash
Statement of
Commission on March 24 app roved a loan o
by the Reconstruction Finance Cor¬
purchasing a locomotive.—V. 141, p. 932.
exceeding $7,000 to the company
poration to assist it in
„
,
RR.—Reconstruction Loan—-
Pioneer & Fayette
The Interstate Commerce
not
the consolidated
months ended Dec. 31, 1935, and
for the four
account
2337
Chronicle
Properties
and
Realization
Corp.—Removed from
Listing
Registration—
Curb Exchange has removed from listing and registration
certificates for capital stock, 33 l-3c. par.—V. 142, p. 2001.
The New York
the voting trust
Propper-McCallum Hosiery Co., Inc.—New Directors—
At the
adjourned annual meeting of stockholders
Robinson, Clarke
held March 24, Harry
W. Tobin and Ernest M. Torbet were
elected directors.
2338
Financial
Chronicle
Republic Natural Gas Company
First
&
Collateral
Mortgage 6's
6's
BOUGHT, SOLD AND QUOTED
YARNALL & CO.
Walnut
Street
Ltd.—New
Bond
Republic Natural Gas Co. (Del.)—Oil
Development—
W. H. Wildes,
President, in his remarks to stockholders
tions for the six months
ended Dec. 31, 1935, stated:
Philadelphia
A. T. & T.
Co.,
The company has filed a
registration statement with the Securities
and
Exchange Commission under the Securities Act of
1933 covering $3,500,000
4)^% equipment mortgage bonds, due 1946.
Proceeds from sale of issue
are
to pay off
notes, also for capital expenditures
including $600,000
alterations and additions to
interurban electric railway
passenger equip¬
ment and $200,000 for
construction and equipment of motor
coach shop
buildings and storage facilities.
Underwriters include Blyth &
Co., Inc., Dean Witter & Co., William
Cavalier & Co., Weeden & Co.
and J. Barth & Co.
Amounts to be under¬
written by each will be
disclosed by amendment.—V.
140, p. 4412.
Due 1954
1528
Realty
Issue—
and
Convertible Income
April 4 1936
Railway Equipment &
Teletype—Phila. 22
covering
opera¬
"The company
shortly after reorganization entered upon a
conservative
development and the increase in the book value of
properties
during the six months ended Dec. 31, 1935, is
largely accounted for by
the cost of
drilling five wells on acreage owned as of
July 1, 1935, and in the
program of oil
Stockholders approved also the contract with Mr.
Tobin which gives
him,
Sales Manager, the right to purchase
30,000 shares of unissued common
142, p. 2001.
as
acquisition of
stock under certain conditions.—V.
Public Service Co. of New
new
favorably situated with respect to its
present
operations.
The drilling of these wells has
resulted in an in¬
the allowable
production of approximately 12,000
barrels of oil
per month."
The company is
fields and
Hampshire—Earnings—
[Incl. Manchester Street Ry.]
1936—Month—1935
1936—12 Mos —1935
$420,975
$431,036
$4,936,780
$5,052,599
Exps. & depreciation.
200,503
187,636
2,353,446
2,346,939
Taxes, incl. Fed. inc. tax
66,016
74,180
767,027
847,913
Period End. Feb. 29—
Gross oper. revenues
plan
acreage
in
crease
dated
statement
successor to
Republic Gas Corp. per reorganization
May 15, 1935 (outlined in V. 141, p.
933).
The financial
given in last week's "Chronicle," p. 217i.
was
__
Net oper. income
$154,456
1,870
$1,816,307
37,467
$170,944
70,006
$1,853,774
906,730
$947,044
544,232
$1,064,510
Net income
Pref. div. requirements.
—
—V.
141,
p.
4023.
Period—
Profit before
1936—Month—1935
Gross earnings
Operation
$1,261,893
446,517
65,922
175,778
.
Maintenance
Taxes
Balance
Inc. from other
544,004
.
$514,839
34,733
$5,963,850
34,821
$5,603,881
416,888
416,800
$608,495
318,339
$549,573
322,941
$6,380,738
3,855,639
$6,020,681
3,929,196
$226,631
$2,525,098
1,367,896
Balance
Interest & amortization.
1,583,970
$976,767
Prior preference dividend
requirements
550,000
Preferred dividend requirements
Deficit for
dividends and surplus.
common
-V. 142, p.1655.
Month of January—
Revenues and income
Operating
1936
—$10,453,623
7,114,013
expenses
Express taxes
Interest and discount
Other deductions
on
195,671
144,353
6,090
funded debt.
Rail transp. rev. (payments to rail
and other
riers—express
—
1932).
Purchase money obligations..
Income from forfeited leases..
Discount on Pan American
Petroleum Co. bonds
Crl72,785
Loss.for the period.
Consolidated Statement of Assets and
Liabilities
$2,993,496
$
$2,996,369
March 26 asked the Interstate
Commerce Commis¬
sion for authority to serve as a
director of this
company.
D. W. Scandrett, Vice-President
of the Northern Pacific
Ry., has been
authorized by the Interstate Commerce
Commission to serve as a director
of this
receivable
Raritan River RR.—New Director—•
Reading Co.—Promotion—
Mat'ls & supplies
Other current
Sink.
&
&
.
38,265
28.015
funds.
special
in
&
41,400
res.,
Claim
of Calif.:
6%, 1944.-24,981,000
24,981,000
Accr. int. there
42.592
45.593
$125,826)..
for
3,231,701
.Due
Sales
(net)
684,906
refund
1st
of
Fed.inc. tax.
230,189
Capital assets...34,490,178 42,221,416
990,065
1,040,592
$16,135,552 $13,836,299 $10,259,660
13,312,492
11,820,566
8,795,722
&adm.exp_._
2,299,034
2,368,318
2,317,576
shs.
8,579,221
2,545,385
$2,028,277
55,797
212,457
prof$635636
$93,941
407,159
$577,686
$1,760,022
444,625
468,354
901,706
217,209
$1,490,666
422,656
$2,878,938
3,304,882
Loss
409,220
446,275
Net loss
Previous earned
Sundry credits
Taxable funds
457,241
$219,860
$958,341
surplus_def3132,022def2,153,572
...
Total
370
__
.
Dividends paid
Sundry adjustments
$3,351,882
Inc. taxes
foreign corp..
Prov. for loss on
$3,111,913
25
26,103
1,377,985
$3,132,022
8
1,513
20.116
deposit
accts. in closed banks.
Total earned deficit.
$l,055,047sur$426,314
»
Addit. Fed. taxes paid..
1,835
1,813
on
Marketable
sees..
Recs. due from U.
S. Govt
Inventories
Land contr. & misc.
accounts
Total fixed assets
Deferred charges..
p.
Liabilities—
$
Accounts payable-
711,629
1,592,454
57,909
51,537
763,327
848,521
Taxes
Res.
for
365,376
251,806
9,997,500
9,997,500
Less
51,531,439 51,531,439
67,350,968 67,494.289
52,656,556 64,160,256
reserves of $70,976 in 1935 and
$122,533 in 1934.
y After reserve
$399,293 in 1935 and $368,423 in 1934.
z After
reserve of $74,893 in
1935 and $102,487 in 1934.
a After reserve
for depletion and
of $21,384,312 in 1935 and
depreciation
$19,718,159 in 1934.
b After reserve of
in 1935 and $125,826 in
$129,455
1934.
of
Note—Contingent
Sale Date
liabilities
are not
included in this statement.
Postponed—
The date of sale of the
properties of the company and Pan
American Petro¬
leum Co. has been
postponed by Federal Judge William
P. James from
March 31 to April 30.
Hearing on upset price has been adjourned
to April 25
_
Capital stock
3,905,213
276,966
3,636,401
131,249
$
1,085,504
500,000
144,368
133,660
657,764
392,223
201,384
27,157
9,000,000
3,132,022
4,871,815
li~7~022
129,392
311,327
3,892,878
140,840
Deficit
Capital surplus
Rochester Gas & Electric
-
on May 1 and Feb.
1, 1934.
Corp.—Bonds Called—
All of the
outstanding 5% consol. mtge. gold bonds due
of the Rochester Ry. &
July 1 1954
Light Co. (former name of this
company) have been
called for redemption on
July 1 next at 110 and interest.
Payment will
be made at the Security Trust
Co. of
Rochester, Rochester, N. Y. or
at the Bankers Trust
Co., 16 Wall
may be presented any time after
receive full redemption price
St., New York City.
The bonds
April 1 for redemption
July 1, and will
including July 1 interest.—V. 142,
p. 1134.
Rockland Light & Power
Co.—Bonds Called—
The company has called for
redemption on May 1 all of its
$5,700,000
outstanding 1st ref. mtge. 4MJo bonds, series
A, due 1958, at a
of 105 and accrued interest.
price
Payment will be made at the
trust department of Bankers Trust
corporate
Co. in New
York.—Y. 141,
p.
2445.
Roxy Theatres Corp.—All Taxes Paid—
All
past due taxes and
penalties, as well
to the City of New York
by the
12,965,780 12,264,735
x After
depreciation of $5,741,080
Includes $378,165 dividend
declared
1302.
Richmond Insurance Co. of N.
Y.—Extra
Dividend—
The directors have declared an
extra dividend of 5
cents per share in
addition to the regular
quarterly distribution of 10 cents
per share on the
common stock, par $5, both
payable May 1 to holders of
record April 10.
Like payments were made on Feb.
1, last; Nov. 1, Aug. 1,
May 1 and Feb 1
1935, and compare with an extra of 25 cents
per share paid on
and
Aug. 1, 1934
conting.,
772,289 Miscell. payable.
834,870 Deferred credits
1,467,007
4,363,549
1934
403,662
175,206
29,551
9,000,000
3,377,985
4,871,815
Notes payable
Accrued payroll.-
commit. & misc.
y775,891
696,656
Total
y
1935
$
Claims upon closed
banks
x
1934
hand and
in banks
Total...
extras of 2H, cents per share distributed
1,096,988
$2,153,572 sur$422,656
Consolidated Balance Sheet Dec. 31
1935
Assets—
Cash
52,656,556 64,160,256
684,439
9,253,053
12",963
Total deficit
Drafts outstand'g,
sight and foreign
Net receivables
684,439
par out
standing)
Deduct deficit
$853,637
172,085
103,865
Depreciation
no
1932
191,289
67,354
9,145,400
Govt, claim
$9,096,330
$352,585
Tool amortization
9,145,400
6%
Common (2,061,257
prof$524026
71,709
(net),.
39,901
.
mtge.
bonds
Res. for U. S.
x
Operating loss
Other income
Interest received
1,246,205
1932
(.& Subs.)—Earnings—
Consolidated Income Account for Calendar
Years
1935
1934
1933
1,183,148
Acer. int. there¬
on to Mar. 4
Deferred charges..
308,099
896,374
con¬
co_.
Accts. payable
7% pref. stock
Cost of sales
Sell., gen.
to
trolled
581,356
308,099
payablel6.926.574 16,988,279
Pan Amer. Petr.
Co.:
Rhoads, formerly assistant to the Vice-President in
charge of operation and maintenance, to the
position of Assistant to Presi¬
dent.—V. 142, p. 2170.
Reo Motor Car Co.
Jan. 14
1931.
Pur. money ob
Accts.
adv. to
b Misc. inv. &
long
term receivs.
(Ies3
42,019
Richfield Oh Co.
on to
2,336,628
2,276,786
1st mtge.bds.,
Impounded funds.
Inv.
Deferred credits
Prior to rec. liabils.:
funds
deposits.....
3,989,725
1,287,921
14,827
contract
liab. of wholly
owned cos
released
property
Oth.
a
Edward W. Scheer, President of this
company, announced the appoint¬
ment of William W.
428,795
8,310,081
942,656
3.5S1.800
Purch.
20,334
423,570
6,526,956
903,735
437,875
Miscell. accounts
7,
contr. cos
George M. Shriver, Senior Vice-President of the
Baltimore & Ohio RR.,
has been authorized
by the Interstate Commerce Commission to
be a
director of this
company.—V. 129, p. 2532.
taxes, &c
21,523
S
62,421
Accts. pay., accr
2,858,344
empl.
accts. receiv
on
company.—V. 142, p. 1655.
3,844,116
230,925
1934
$
Liabils. to receiver:
Notes payable..
Customers' accts.
1,417,054
Dec. 31
1935
Liabilities—
on
4,138,459
Notes receivable
309,492
receivable
Officers
&
as at
1934
$
Assets—
y
car¬
privileges)
$2,160,769 $14,327,979
*
1935
637,154
237,466
819,108
17,335
purchased
1935
$9,834,958
6,557,540
134,196
145,278
1,575
$10,229,668
31,4101oss2,577,368
—
Inventories
New Directors—
Walter S. Franklin
Loss—
Cash in banks &
hand..
Railway Express Agency, Inc.—Earnings-
$1,567,023 $13,199,679
1,305,526
9,868,423
2,400,473
12,471,915
35,868
1,089,008
sold
$2,143,433 $12,807,036
Interest accrued from Jan.
15 1931 cn obligations
of Richfield Oil Co. of
Calif, and Pan Ameri¬
can Petroleum Co.:
v
Pan American Petroleum
Co. bonds (to Mar. 4
$1,399,856
Balance
$290,156
Appropriations for retirement reserve.
or
-
-
$2,091,484
1,357,371
550,000
1,583,970
_
properties abandoned
-
Loss.
$2,174,843
Net profit of Richfield Oil
Corp. of New York to
April 30 1935 (date of sale May 14
1935)
1936—12 Mos.—1935
$1,215,023 $13,898,720 $13,276,070
451,374
5,394,035
5,024,778
V
73,310
782,260
737.617
175,498
1,758,573
1,909,792
$573,674
sources.
on
abandoned
on
-
Loss
Jan. 15'31 to
Dec. 31 '35
Year 1935
deple., deprec., loss
properties, &c_
Depletion on producing properties..
Depreciation on other properties
Puget Sound Power & Light Co. (&
Subs.)—Earnings
Period End.
Jan. 31—•
Calif.—Earnings—
[Including Wholly Owned Subsidiaries]
$1,901,558
837,048
$100,938
45,400
Richfield Oil Co. of
$1,857,747
43,811
$83,748
45,360
Gross income
Deductions
$169,220
1,724
$156,326
72,578
Non-oper. inc.—net
Total
12,965,780 12,264,735
in 1935 and
$5,473,863 in 1934.
subsequent to Dec. 31,1935.—V. 142,
as current
taxes, have been paid
corporation, Howard S. Cullman,
trustee
Caffey on March 24.
Comptroller of the City on that
date
informed Federal Judge Francis
G.
A check for $45,665 sent to the
covered all the
Since Mr.
remaining
Cullman
was
arrears for
1932.
appointed receiver of the
theatre on Dec. 15.
1932, the theatre has paid the
City for taxes and penalties, the sum
of
Financial
Volume 142
The company
1935
1934
1933
1932
$1,706,509
Surplus brought forward
Prem. res. from prev. yr.
$1,352,632
2,523,555
3,793,292
$2,097,912
3,020,390
3,109,349
$3,119,921
785,599
222,017
225.476
802,601
279,433
4,245,940
3,743,129
939,640
369,767
245,013
595,815
2,663,560
3,976,163
727,791
222,899
474,376
Premiums written
Loss res. from prev. year
earned-_1
Int. and rents
Saguenay Power Co.,
Co. of America- -Earnings-
Rossia Insurance
Calendar Years—
Gain from investments.-
res'ves
released by
security appreciation-
58,649
$9,829,948
$9,554,700 $13,014,214
$8,902,571
$1,474,629
2.020,532
715,242
2,825,230
1,406,405
1,872,178
Disbursements—
Commission
paid
-
Premium reserve
Dividends (cash)
Taxes
1,954,616
785,599
2,523,555
379,882
727,791
403,833
120,000
value
-
1,299,835
2,036,020
$1,706,509
2,131,331
Surplus--
$1,352,632
1934
1935
reserve-_$2,825,231 $2,663,560
727,791
715,242
139,200
liabilities
147,500
Liabilities—
1934
1935
$797,823 $1,080,527
2,077,901
Bonds & mortgages 2,366,209
2,192,340
2,664,125
Stocks
Funds held by ced¬
331,391
378,923
ing cos...
Cash
Premium
Reserve for losses.
All other
Reserve
for
tingencies.
con¬
-
—
641,364 Surplus
654,617
1,706,509
.$7,319,303 $6,795,709
Total
Rutland RR.—Earnings.—
February—
1936
Gross from railway
$249,069
Net from railway
def7,667
Net after rents
defl7,529
239.399
11,966
def4,882
1933
$237,969
21,850
12,333
490,456
def23.608
def52,025
509.685
def4,446
def34,483
482,526
18,100
def7S6
1934
From Jan. 1—
489,828
def29,887
def48,735
142, p. 2171.
—V.
Inc.—Sales—
Safeway Stores,
Feb. 22—Mar. 21
-
The company
3,256
a year
1934
1933
$16,486,586 $14,995,855
17,508,289 15,375,857
24,776,706 20,770,761
17,810,088 15,885,573
3,387 stores in operation on March 21, 1936, as against
1936
1935
$23,106,110 $18,842,638
23,470,722 20,281,505
4 Weeks Ended—
Jan. 25--
had
ago.—V. 142, p. 2002.
Net from railway
Net after rents
From Jan. 1—
Joseph Ry., Light, Heat & Power
Co.—Earnings—
Net after rents
$2,564,242
1,588,152
Louis Southwestern
Other income-
income
Non-oper. income
Net ry. oper.
on
and expense..
bond interest
balances in closed banks.
Federal and State taxes on
Provision for loss on
—
_«.
Crll6
Cr319
capitalized on construction
Net income before
$968,980
366,350
14,878
7,787
2,395
1,500
$978,070
366,350
14,878
11,645
2,504
funded debt
Amortization of bond discount
Interest on other debt
Interest
Federal income tax & provi¬
&c
$583,012
31,500
246,000
ropriation
replacements
Appropriation for replacements.
abandoned street railway property,
as authorized by P. S. Commission of State of
$576,185
28,500
245,500
15,700
sion for replacements,
6,098
Missouri.
Previous surplus
Reduction of liability
7,850
$294,335
942,311
$289,812
978,105
outstanding in
for tokens
$185,838
253,920
$483,272
644,302
$400,480
522,311
$116,180
Net deficit-
$68,081
$161,029
$121,830
2171.
—V. 142, p.
Corp.—To Redeem Scrip Certificates—
certificates, series of 1933, 1934 and 1935, are being
having been declared upon the preferred stock of
Gimbel Brothers, Inc., owner of all of the capital stock of the Saks Realty
Corp., all scrip certificates heretofore issued have become due and are pay¬
able upon surrender of the scrip at the office of Lehman Brothers, New
York City.
Bearers of scrip certificates are entitled to receive such pay¬
ment only out of the funds deposited with Lehman Brothers for such
payment, without interest, and have no further rights or claims in respect
Saks Realty
Holders
of scrip
notified that a dividend
corporation.—V. 142, p. 136.
thereof against the
Amount charged to surplus
re-acquisition Buchanan
Co
Exchange has removed from
$1 par.—V. 142, p.
leges the capital stock,
taxes
Preferred stock dividends
Common stock dividends
1935
•
2,270
78,000
280,000
79,117
2,423
78,000
105,000
Net after rents
$
$
Com.stk. ($100par) 3,500,000
(includ.)
7,327.000
intangibles)
15,458,959 15,353,352 Funded debt
61,992 Purch. price of prop
investments
17,355
187
payable in ann.
187
Sink-, fund assets—
16,000
1,275
installments
1,375
Special cash deps. _
50,000
Notes pay. (banks)
Cash in banks & on
10,060
95,372 Notes pay. (others)
hand
111,309
65,252
Accounts payable -
accts.
194,744
185,688
231,189
receivable
196,720
7,416
defl8,057
137,672
7,389
def41,817
209,567
86,327
33,506
127,177
24,645
def29,497
4,100
receivable.--
Water Supply
San Diego
Co.—Bonds Called—
1st mtge. 5% s. f. gold bonds, due Nov. 1, 1955,
redemption on May 1 at 102 and interest.
Payment
will be made at the Union Bank & Trust Co. of Los Angeles, Los Angeles,
Calif., or at the Guaranty Trust Co. of New York, N. Y. City.—V. 141,
p. 2290.
of $37,000
A total
Savannah Electric & Power
Period End. Jan. 31—
Gross earnings
l
Operation
Maintenance
Taxes
Balance
-
-
amortization.
Balance
Co.—Earnings—
1936—Month—1935
$165,463
$160,481
63,797
58,370
10,946
9,153
18,208
17,370
$72,511
$75,587
31,414
33,119
$41,096
$42,467
1936—12 Mos.—1935
Balance for common
$1,774,904
$1,838,370
714,283
115,831
199,395
659,071
107,965
206,586
$808,859
$801,281
409,779
397,176
$399,079
154,166
149,114
60,000
$404,105
150,000
149,114
60,000
$35,798
Appropriations for retirement reservedividend requirements
Debenture divic
Preferred dividend requirements.
Savage Arms
1934
$
1,560,000
3,500,000
7,327,000
x
$44,990
dividends & surplus
18,000
50,000
51,652
78,470
8,476
(& Subs.)—Earnings—
1935
$293,838
1934
$175,821
121,470
120,462
3,140
Other income
Other deductions
Federal and State taxes.
131,299
loss$270,846
7,277
$61,135 loss$108,315 loss$269,669
3,184
13,060
21,779
30,484
y14,950
y 17,090
$175,507
profit
6,610
30,849
Provision for slow mov¬
inventories
100,000
20,500
Prov. for contingencies.
1933
1932
$4,589 loss$145,547
121,882
$55,359 loss$117,293
5,776
8,978
$172,368
Operating profit
Total
salaries
&
payable
Wages
Corp.
Profit-
Depreciation
16,000
ing
40,934
Reduction of inventories
20,960
Current acct. with
Other notes & accts
3,748
25,878
133,254
78,708
-
8,465
23,152
133,254
fiscal agent
72,261
$27,468 loss$236,326
$101,549
Net profit
loss$349,374
2,680
Dividends
Current acct. with
Current acct. with
1,018
affiliated co
2,612
3
Interest accrued..
affiliated cos—
int.
Accrued
on
108,972
100.708
Accrued int., taxes
33,199
& merchandise-
29,254
Div. pay. on pref.
& other accounts
Prepaid insurance,
taxes & oth. exps
19,610
19,538
52,777
24,015
com.
stock (no par)
Earned per
only.
Consolidated Balance Sheet
Prov. for Fed. inc.
& L.
3,328
(parent co.)
200
tax
Notes
Balances in closed
banks & restrict.
237
281
5,516
813,997
3,288
deposits
Notes & accts. rec.
-
Deferred charges—
—
pay.
Surplus—
43,903
12,194
43,802
12,141
2,340,393
2,175,060
800,000
978,106
800,000
907,647
Inventories
Deferred assets
Total
16,985,488 16,909,063
16,985,488 16,909,063
1,452,695
20,785
1935
_
$179,100
3,354,300
3,354,300
421.285
551,705
|
Total
1934
$100,600
pref. stock
Common stock.
1 Earned surplus
537,678 Capital surplus—_ 1,687,479
32,421
162,022 Accts. payable
33,247
Accrued items
1,289,628
60,845
18,496 Prepay. & reserves
$5,820,598 $5,832,450
1,648,229
38,871
41,665
149,000
$5,820,598 $5,832,450
$5,395,070 ($5,275,541 in 1934) for depreciation and
J. S. Arms Co.
y Represented by 167,715 shares
stock (no par).—V. 142, p. 798.
After deducting
including investment in
of common
-V. 140, p. 3402.
2d
y
1
416,155
154,607
,
Dec. 31
Liabilities—
1934
$3,776,355 $3,824,626
goodwill,
Accts. receivable..
x
Total
assets
Cash
869,654 Unredeemed tickets
Spec. surp. reserve
Fixed
Patents,
1935
.
&c
deps. (refundable)
Reserves
Assets—
x
(not
current)
Consumers'line ex
tension & other
167,715
$0.54
share
x
taxes
36,135
16,110
stock--
Cities
$27,468 def$236,326 def$352,060
167,715
167,715
167,715
$0.10
Nil
Nil
After deducting all expenses incident to operations, including those for
ordinary repairs and maintenance of plants and ordinary taxes,
y State
$101,549
Surplus
Shs.
funded debt
Materials, supplies
Total
$55,806
50,173
22,975
1656.
—V. 142, P.
Calendar Years—
props,
(Personnel)
$111,411
def3,627
def27,505
218,468
66,706
2,425
Gross from railway
Net from railway
Misc.
Co.
$58,691
28,978
defl,211
Net after rents
30
1935
Liabilities—
$
5% cum.pref.stk. 1,560,000
1934
util.—other
Mdse. accounts rec
1933
1934
1935
1936
$105,219
Net from railway
$978,106
$907,647
Balance Sheet Sept.
from
Earnings.—
—V. 142, p. 1134.
Surplus at Sept .30
Service P.
unlisted trading privi¬
2002.
Uvalde & Gulf RR.-
San Antonio
February—
$1,242,646
$907,647
County Power Transmission
Additional Federal and State income
Assets—
from
Unlisted Trading—
Interest &
$1,267,917
Due
Co.—Removed
Oil
Consolidated
Creek
Salt
6,000
public
Consumers'
764,079
389,044
11,436
385,703
$269,523
D eductions
Amorti
rtization of
Pub.
$2,460,136
909,724
470,496
12,775
180,169
5,669
have been called for
Provision for Federal income tax.
hands of
$2,833,452
388,184
Grom Jan. 1—
Total operating revenue
Interest
1936—2 Mos.—1935
$1,214,870
$1,457,488
495,513
263,425
Gross from rail way
$959,217
9,763
135,587
def4l,743
defl01,814
Ry. Lines- —Earnings—
1936—Month—1935
Net rev. from ry.opers--
$2,435,705
1,476,488
$976,089
1,981
def41,951
1656.
—V. 142, P.
1934
1935
30—
5,714,083
733,124
158,117
defl2,952
def73,259
127,649
def50,180
defl06,143
173,830
def45,209
defll5,087
Gross from rail way
Net from railway
The New York Curb
St.
Years Ended Sept.
330,015
def57,743
Francisco & Texas Ry.—Earnings.
1933
1934
1936
1935
$59,415
$84,279
$83,372
$62,086
def25,073
547
def24,024
def23,688
def56,173
def29,447
def58,862
def50,450
St. Louis-San
Gross from railway
Gross income
1935
$238,490
1,361
defl3,790
12,763,090
2171.
—V. 142, p.
Railway oper. revenues.
—V. 142, p. 1830.
Gross from railway.
6,473,090
1,342,794
707,118
Period End. Feb. 29—
$7,319,303 $6,795,709
Net from railway-!——
Net after rents.
5,879,798
353,360
defl22,267
1933
1934
$3,077,243
618,870
298,834
Net after rents
St.
435,717
5,356
Other assets
1935
$2,852,988
196,208
def35,949
7,016,212
1,018,101
616,440
Net after rents.
From Jan. 1—
31,108
29,387
428,217
Real estate--
1,500,000
1,500,000
2,131,331
Capital
Balanced due from
58,649
Ry.—Earnings.—•
1936
$3,362,368
388,554
198,829
February—
Dec. 31
817,631
342,791
207,336
1656.
St. Louis-San Francisco
$2,097,912
Comparative Balance Sheet
Accrued interest—
Net after rents
—V. 142, P.
Net from railway--
2,293
profit and loss items. _
companies
1933
$388,989
147,344
81,377
850,060
349,958
222,454
985,299
403,156
261,905
1,135,986
416,385
271,851
Gross from railway
101,612
estate
Assets—
From Jan. 1—
Gross from railway-
Net from rail way
Net from railway
2,696
11,036
-
Brownsville & Mexico Ry.- -Earnings.
1934
1936
1935
$425,882
$581,184
$447,261
169,366
Net from railway
202,608
164,061
99,285
Net after rents
123,864
99,135
February—
February—
16,484
Loss from investment-
Total
802,601
3,020,390
491,016
over
90-day balances
Reduction in book
Securities and
$30,000,000 4% first mortgage bonds,
$5,000,000 serial debentures, maturing
June 15, 1937, to June 15, 1947, at interest varying between 2
% and 4%,
and $5,000,000 5}4% preferred stock.
It is expected part of the issue will be offered in Canada.—V. 141, p. 1782.
Gross from railway
Miscellaneous
of real
1,476,471
3,087,105
1,145,930
2,663,560
388,671
180,000
77,826
Expenses
Deduction due to
Ltd.—Registration Filed—
registration statement with the
Gross from rail way
Conting. res.
Loss reserve
has filed a
Exchange Commission covering
series A and B, maturing 1966,
St. Louis
Decrease in other
Losses
2339
Chronicle
2340
Financial
Schenley
Distillers
Corp.—Annual
Chronicle
Statement—
Harold Jacob!, President, says in part:
1935 company, with the approval of its stockholders, sold
issue of $15,000,000 5H% cumulative preferred stock.
From the pro¬
ceeds received, company was enabled to pay off its then
existing bank
loans and was also placed in a more favorable position to continue and
carry
Period End. Feb. 29—
In December
an
its program of increasing its inventories of maturing
whiskey and
improving and enlarging its manufacturing and warehousing facilities.
The net proceeds received, after deducting
underwriting costs and ex¬
penses,
aggregated $14,302,478.
This amount together with the
net
earnings for the year (before depreciation and other non-cash charges)
made available during the year funds in the amount of
$22,768,642, which
out
used for
were
Additions to inventories
Additions to plants, equipment and properties
Increase in outstanding accounts receivable
Increase in cash in banks and on hand
Increase and(or) decrease in sundry assets and liabilities (net)—
Approximately 90% of these funds
are
$12,565,860
2,534,644
2,768,653
4,820,386
79,097
reflected in the increase in
current
assets.
Notwithstanding company's strong cash position, it is still the judgment
of officers, concurred in by directors, that the time to begin the
payment
of dividends on common stock has not yet arrived.
The company acquired during the past year New England
Distilling Co.,
located at Covington, Ky.
As at Dec. 31 1935, company owned and held in bonded warehouses a
total of about 34,613,280 proof gallons of whiskey.
Consolidated Income Account for Calendar Years
1935
Sales, less returns, allowances, discounts, provision
for Pa. floor tax on mdse. sold & delivered, &c._$63,045,936 $40,275,470
44,537,294
24,619,819
Gross profit on sales
$18,508,642 $15,655,650
Storage, bottling and miscell. income and profits—
334,348
140,126
$18,842,990 $15,795,777
administrative
8,733,649
6,411,561
Selling,
and
distributing, advertising,
general expenses
Total
Other charges
$10,109,341
677,874
profits taxes
1,396.198
Prov. for Fed. inc. cap. stock & excess
Profit
for
on
Non-operating inc.—Net
defl05
134
Retirement accruals
8,333
10,364
10,412
$37,665
$35,826
$446,442
Maintenance
Taxes
Int. & amortiz., &c
Net income
—V.
142,
$6,970,960
3,522,307
year
whiskey destroyed by fire (net)
1935
1934
1933
$1,644,891
25,462
$1,765,653
$1,503,772
8,160
$975,080
51,663
Total earnings
$1,670,353
Mining, mill, &c., exp_.
1,050,130
Administrative expenses
59,525
Depreciation
45,691
$1,511,932
882,621
41,161
54,366
93,181
$1,803,726
992,927
77,653
49,067
136,515
$1,026,743
927,673
38,161
37,078
21,509
$421,827
488,187
$547,563
610,233
$433,686
366,140
Tax
reserve
Net
x After deducting $389,196
charged to surplus in respect of credit arising
from whiskey destroyed by fire,
y Amount of earned surplus appropriated
as at Sept. 30 1935 for balance of controverted claim of the
Commonwealth
of Pennsylvania for floor tax and interest accrued from Jan. 1
1935, of
$6,450,000 less portion of reserve restored to earned surplus, representing
amounts equivalent to floor tax recorded as a current liability
during the
three months ending Dec. 31
1935, less additional interest accrued of
$395,000, balance (as above) $6,055,000.
Note—Depreciation provided during 1935 amounted to $305,280 (1934,
$266,755).
Consolidated Balance Sheet Dec. 31
1935
Assets—
Cash
in
1935
LiaMUties—
$
in
6,386,767
1,566,380
Notes & accounts
receivable
8,636,662
5,868,007
.25,630,798 13,064,937
y Invests. & other
assets
300,000
505,907
Prepaid exps. and
deferred charges
512,860
427,359
zLand, buildings,
mach.,equip., Ac 7,601,115
5,364,577
Brands, tr.-marks,
1
1
good-will, &c—Inventories-
1934
$
$
5H% pref. stock.. 15,000,000
trans. & on hand
x
1934
$
bank,
....
Common stock
5,250" 5o6
5,250,000
Notes pay. to bks.
Loans & accepts.
1,500,000
payable
2,234,995
Accts. payable and
137,188
liabilities 2,492,242
1,967,516
accrd.
Sundry taxes
pay¬
able and accrued
252,475
191,848
1,394,455
1.754,220
269,412
637,265
90,407
Ac., taxes
Res. for liquor floor
tax
(Pa.)._
—
for
Res.
claims
182,500
182,500
250,000
375,000
10,000
A
contingencies—
Minor, int. in subs
10,000
Capital surplus
1,426,664
2,407,516
Earned surplus.__20,215,054 12,179,785
Total
x
reserve
p.
49,068,203 26,797,171
-
After
reserve
for
doubtful
Total
accounts,
49,068,203 26,797,171
allowances,
&c.
of
$200,000
reserve for losses of $100,000 in 1935 and $55,000 in 1934.
z After
for depreciation of $624,414 in 1935 and $326,307 in 1934.—Y.
142,
1656.
Scott Paper
Co.—Stock Increase Voted—i
The stockholders
at
their
annual
meeting
March
on
27
approved the
proposed increase in authorized no par common stock to 1,000,000 shares
from 300,000 shares and an increase in $100 par preferred stock to
150,000
shares from 141,599 shares.
Stockholders had been notified that the
proposed increase in
common stock
would restore
an
ample
which nearly had been exhausted by the recent
dividend.—V. 142, p. 969.
Spring
Brook
Water
Service
of un¬
50% stock
reserve
issued stock,
Scranton
Co.—Lower
Water Rates—
The Pennsylvania P. S. Commission
March 19 ordered the company
on
overcharges since 1928 and file
tariff schedule.
The refunds, affecting 375,000
a^new
consumers in more than 60 communities in
the Wllkes-Barre area, are estimated at more than
$4,000,000.
Refund payments are to include interest at 6% per year.—V.
140, p. 3057.
Seaboard Air Line Ry.
February—
railway
Net from railway
Net after rents
From Jan.
Earnings
1936
$3,123,440
480,263
89,099
—
1935
1934
1933
$2,821,205
$3,127,983
784,546
$2,772,538
428,568
76,233
380,514
525,161
145,625
5,689,880
816,856
127,792
6,381,382
1,567,283
755,454
5,689,766
1,095,656
343,460
1—
Gross from railway
6,317,179
935,440
152,681
Net from railway
Net after rents
1,220,467
$0.35
1935
1,220,467
$0.45
Sec. owned
Zinc
1934
(cost).
415,392
192,601
1935
1934
$71,931
122,047
$60,031
31,383
48,271
75,381
94,643
30,000
50,000
stock taxes
Reserves:
Receivables
18,947
Inventories
108,055
Total fixed assets- 8,604.679
Other assets
122,047
Fed. Inc. & capital
57,688
;
$2,322
sur.$2,322
1,220,467
$0,002
31
Accounts payable.
Divs. payable
concentrates
(at cost)
Dec.
1,220.467
$0.36
Liabilities—
$297,035
354,703
Due from smelter.
100,097
$62,670" sur$67,546"
$66,360
$319,915
156,879
1932
68,469
129,327
8,637,366
2,267
1,077
Workm's' comp.
insurance
Net proceeds tax
State corp. fran¬
chise tax
V.
-
$9,621,942 $9,732,457
142,
61
7,275
Cap. stk. ($5 par). 6,250,000
Surplus—
3,181,495
Treasury stock.-_ Drl47,665
Total
7,370
6,250,000
Total
3,247,855
Dr 147,665
$9,621,942 $9,732,457
1303.
p.
Broadway Building (Broadway Exchange Corp.),
City—Reorganization Plan—
The first mortgage bondholders
reorganization committee (Jonathan M.
Steere, Chairman) has submitted to the court its
plan of reorganization.
In brief, the plan provides for
payments on the first mortgage bonds
of 3% fixed interest, cumulative from
April 1 1935, and, as earned. 1M%
for interest and 1H% for
sinking fund, all being cumulative from April 1
1938.
Additional payments
(non-cumulative) on the first mortgage and
payments (non-cumulative) on the general mortgage will be made to the
extent that net
earnings become available, with a maximum of 5% interest
the first mortgage and
3% interest on the general mortgage.
Under the plan, first mortgage bondholders will
on
receive approximately
28% of the stock of the reorganized company, and will have control of the
voting trust and the board of directors, and general
mortgage bondholders
will receive approximately 22% of the
stock, and the remaining 50% will
be issued to the present stockholders if
they pay $112,000 in cash.
Simon Rifkind has been appointed a
special
fairness of this plan of
reorganization and
master to pass upon the
plans which have been submitted
by other interests.
The members of this committee, which consists
of Jonathan M. Steere,
Vice-President Girard Trust Co.,
Chairman; Gordon L. Parker, investment
officer Rhode Island Hospital Trust
Co.; Stanley W. Cousley, Vice-Presi¬
dent
Fidelity-Philadelphia Trust Co.; Barnard Flaxman, statistician
Hartford Fire Insurance Co., and
George J. Wise, real estate consultant.
New York, are serving without
compensation.
Commitee's counsel is
Marshall, Bratter & Seligson, 150 Broadway, New York
City.
This committee has received powers of
attorney from 483 bondholders
owning $2,911,000 of the first mortgage bonds out of a total of
$8,510,500 of
outstanding bonds.
Bondholders are invited to communicate with the
secretary of the committee, Herbert R. Williams, care of Girard Trust
Co.,
p.
1135.
(L. C.) Smith & Corona Typewriters,
Inc.—Refunding
Plans—
The company has completed a
plan for refunding its outstanding debt
a lower interest rate.
The retirement of
outstanding bonds and bank
through the issuance of new debentures that will be
underwritten and offered by a syndicate
composed of Shields A Co., F.
Eberstadt & Co., Inc., and Bioren & Co. in
accordance with the plan.
The 6% sinking fund gold bonds now
outstanding in the amount of
$969,700, under the plan are called for redemption at
101M and int.
on May 1.
The bonds were issued in 1924 in the amount of
$1,031,100.
In addition to reduction of bank loans the
7% bonds of the Miller-BryantPierce Co., a subsidiary, also will be retired.
at
loans will be financed
The company now ranks among the four
largest producers of typewriters
in the world and also holds a
leading position in the manufacture and sale
of other business machines, supplies, &c.
It operates five plants in the
United States and one in Canada.
Its products are sold
through branch
offices in leading cities of this
country and Europe
tice and
as
well
as
foreign dealers.
through domes-
Bonds Called—
Holders of the first mortgage 6% sinking fund
gold bonds, due Nov. 1,
1939, are being notified that all of the bonds of this issue
outstanding will
be redeemed on May 1, 1936, at
101H and interest, at the principal office
of the Equitable Trust Co. of New
York, 25
Broad
—V. 141, p. 4025.
Street, New York.
Sorg Paper Co.—Accumulated Dividends—
to reduce rates, give customers refunds for
Gross from
38,073
Balance Sheet
Assets—
Cash
Philadelphia.—V. 142,
by customers—
1st mtge. on bldg.
inN. Y. City-
After
~
Balance, deficit
Shs.cap.stk. out.(par $5)
Earns, per share.-
204,320
Res've for Federal
Adv. paym'ts, Ac
y
,
income
Dividends paid
N. Y.
--$14,160,054 $12,179,785
1,050,OOOshs. capitalstk. (par $5)
$7.65
$6.63
Earns, persh. on
w——
Other earnings
yDr.6,055,000
Balance, Dec. 31 1934
$388,349
King Coalition Mines Co.—Earnings-
Calendar Years—
Ore sales
1,686,517
Miscellaneous charges
$1,562,830
674,505
74,389
203,281
4,095
100,000
126,400
2172.
p.
Silver
8,333
xl,387,834
Balance Dec. 31.._
12,179,786
Credit arising from settlement of insurance claims
1936—12 Mos.—1935
$1,620,305
666,118
81,530
203,985
4,337
100,000
126,565
Operation
1936
(& Subs.)—Earnings—
1936—Month—1935
$137,512
' $131,442
53,480
51,620
5,717
7,442
21,844
17,672
revenues
$9,384,215
1,025,420
$8,035,268
-
Operating
1934
Cost of goods sold
Total
April 4
Sierra Pacific Electric Co.
—V. 142, p. 1484.
A dividend of $3 per share was paid on account of
accumulations on the
6% cumulative preferred stock, par $100, on March 25 to holders
of record
March 24.
This compares with $3 paid on Dec.
21, 1935; $1.60 paid on
Oct. 26, 1935, $1.50 paid on Dec. 20, 1934, 50 cents
per share paid on
Aug. 1, May 1, 1934 and on Dec. 1, 1933.
These were the only payments
made since the regular quarterly dividend of $1.50
per share was paid on
April 1, 1932.—V. 142, p. 310.
Southern
Grocery Stores, Inc.—Earnings—
Years Ended Dec. 31—
1935
Sales
National Food Products
accumulated dividends
90% of the
common
1934
$14,945,801 $14,824,258
Net profit after taxes
Paid dividend class A stock
76,534
90,000
—
Corp.
were
owns
241,942
120,000
all of the class A (on which
$148,500
on Dec. 31,
1935), and more than
still owed
stock.
*
Balance Sheet Dec. 31
Sears Roebuck & Co.—To Increase Stock
Rights—
Assets—
The company announced on March 31 that stockholders would be asked
April 27 to authorize an increase in the no par shares by 200,000 the
new shares to be offered to
employees.
The capital stock would be in¬
on
creased to 5,200,000 shares and would be offered at
$45 a share.
The
privilege of employees to subscribe to the 200,000 new shares at $45 a share
will expire Dec. 31, 1941.
The company has more than 400 retail store
managers, 10 mail order
plant managers, 10 factory managers and some 250 members of the buying
force as well as other key employees, who are
among those to be selected
for participation in the plan.
Sales for Four Weeks Ended
1936
Feb. 26---March 26
V.
142,
p.
1656.
1935
1933
1934
Accounts
Inventories
Prepaid
$197,383
52,116
recelv'le
Funds in suspended
banks
-
expense--
Investments
Plant A equip.,
13,867
1,536,948
60,695
344,168
less
depreciation
Deferred charges._
A
Liabilities—
1935
Accounts payable-
hand
Goodwill
1934
$25,541,825 $23,147,066 $20,395,895 $15,826,847
33,965.053
29,007,986
22,362,353
14,215,630
1935
Cash In banks and
783,371
13,683
$318,141
$211,547 Notes payable
103,144 Fed. A State inc.
1934
60,000
tax
13,226
Real est. mortgage
64,000
1,411,566 Res. for fire insur.
9,070
52,432 Class A stock.
845,552
337,523 Common stock
1,431,046
Surplus
261,198
783,379
_
$207,747
50,592
65,000
5,120
845,552
1,431,045
294,536
lease¬
holds
Total
$3,002,233 $2,899,595
-V. 141. P. 1607.
Total
$3,002,233 $2,899,595
Financial
Volume 142
New England Telephone Co.—$16,000,000
Privately—The company has sold to institutions,
through Chas. W. Scranton & Co., $16,000,000 30-year
3 H % debentures at 100^.
The issue had been approved by
the P. U. Commission of Connecticut.
The proceeds will be
used to redeem $10,000,000 of 5% debentures, due in 1970,
at 110, and to retire about $5,000,000 of other obligations.
—V. 142, p. 2172.
Southern
Bond Sold
2341
Chronicle
floor space.
This
of common stock.
building was paid for through the issuance of 8,000 shares
Dtiring the year 1935 approximately $3,100,000 of additional capital
was provided by the sale of 70,000 shares of common stock.
This addi¬
tional capital, together with the earnings in excess of dividends, have in¬
creased working capital from $9,211,288 as of Dec. 31 1934 to $13,824,799.
The ratio of current assets to current liabilities as of Dec. 31 1935 was 3.37
to 1.
Dividends paid and declared in 1935 amounted to $513,105, includ¬
ing 75 cents a share on the common stock, which marked the resumption of
common dividends at the rate of $3 per annum.
Consolidated Balance Sheet Dec. 31
1935
Southern Pacific Co.—Abandonment Denied—
A
The Interstate Commerce Commission has reaffirmed a previous decision
denying authority to the company to abandon 55 miles of lines between
Kelton and Lucin, Utah.
Earnings for Month Of February
and Year to Date
1933
1934
998,708
$7,332,163
1,312,300
190,646
$6,048,632
483,339
def727,672
20,288,477
4,156,954
1,687,097
-
Gross from railwayNet from railway
Net after rents
1935
$8,372,927
1,975,252
818,430
16,991,903
3,567,179
1,227,683
15,115,113
2,575,775
-
.
3i5,504
1933
$271,184
def94,132
def94,972
-
def51,673
Net after rents.
GrSfromnrail~^ay
def61,259
def76,484
802,908
defll2,443
709,056
defl69,262
defl86,089
defl97,019
defll7,897
defl72,399
defl87,888
def202,040
620,797
,
549,799
—V. 142, P. 1658.
The carrier's accusations were contained in a brief
Commerce
arms
without
paying
or
offering to pay just compensation,"
the
Southern said.
The carrier said TVA had refused to relocate its tracks or to pay it the
ICC valuation of $422,708.—V. 142, p. 2172.
„
.
Southern United Gas CoReorganization—
The reorganization committee (W. W. Turner, Chairman) in
the
of certificates
holders
letter to
proceedings for the company in the Federal Court of
Chicago, 111., as further amended by the last amendment thereto, provided
for the elimination of the new first lien sinking fund gold bonds, series A,
(which were to be sold for the purpose of obtaining cash with which to
care of expenses of reorganization and provide adequate working capi¬
tal) and which provided that the underwriter named in said amended plan
of reorganization should receive 20,000 shares of common stock of the new
corporation, in lieu of the right to purchase said series A bonds, was con¬
firmed by the court, with a further modification, however, that the number
of shares to be issued to said underwriter be reduced from 20,000 to 13,000
fihEfOS
968,450
—16,506shs.
61,422>j» shs.
6% income bonds
"Warrants for common stock
13,010
—
shs.
each holder of $1,000 bond of the Southern United Gas
Co., will receive $500 par value in new bonds, 5 shares of preferred stock
and 25 shares of common stock.
The holders of unsecured obligations will receive 1 share of preferred stock
for each $100 par value of obligation.
The holders of common stock will receive 1 warrant to purchase 1 share
of common stock for each 10 shares of common stock held in the old com¬
pany.—V. 141, p. 4176.
Southwestern Associated Telephone
1936—Month—1935
$77,960
$68,523
100
200
Operating revenues
—1935
$134,919
$155,682
Net-operating incomem<
-V. 142, p. 1658.
Southwestern Bell
200
400
45,248
4,332
96,032
9,138
90,462
8,658
$24,415
-
1933
$28,702
1934
1936
1935
$35,917
344
def340
def 10,935
def5,115
68,708
def7,822
def17,866
95,975
16,261
3,252
$32,538
def3,829
def9,760
66,250
def6,001
defl8,669
55.335
def22,701
def36,092
defl7,710
—V. 142, P. 1658..
Spokane Portland & Seattle Ry.
1936
$482,050
80,247
def37,734
February—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Earning s.1933
$330,675
138,369
61,281
def8,925
868,962
168,522
def8,576
$252,654
52,767
def26,365
669,428
229,728
78.528
78,443
def 16,118
—
1934
1935
$421,390
1,010,199
218,110
Net after rents
511,993
78,068
def83,351
—V. 142, p. 1658.
1935
-
1934
1933
$1,634,974
1,383,772
42,428
Cr426
236,299
$1,655,674
1,377,300
37,055
Cr360
242,662
$1,594,198
1,325,324
41,741
252,183
1932
$1,788,387
1,662.003
47,537
Cr 1,150
267,143
$27,101
Calendar Years—
Operating revenues-—Operating expenses
$983
$24,418
$187,145
Taxes
Non-operating income.Deducts, from gross inc.
Deficit.
$18,743
$50,312
$35,399
Telephone Co.—Directorate Reduced
Cr633
Balance Sheet Dec. 31
Liabilities—
1934
1935
Assets—
Invest, inroad &
.
paid
1934
$2,900,000 $2,900,000
2,890,300
Loans & notes pay.
910,000
980,000
Misc. accts. pay_.
105,450
92,012
Matured int., divs.
and rents unpaid
1,333
1,853
Accrd. int., divs. &
rents payable71,848
71,869
Long-term debt... 2,890,300
Deferred liabilities
Tax
Rents & insurance
prems.
advance
1935
Capital stock
equipment
$7,857,276 $7,884,013
Deposit in lieu of
14,644
mtged.prop. sold
Misc. phys. prop..
4,943
4,943
Other investment
6.000
6,000
Cash
200,518
'96,945
Materials & suppls.
124,310
128,524
Other curr. assets.
26,396
28,252
9,974
-
2,811
140
655
819
1,130
60,735
1,357,416
60,508
171,219
1,224,433
.
and
equipment.
Other unadj .credits
Deficit
Total....
$8,230,211 $8,167,041
—V. 142, P. 1485; V. 141, p.
1,154
103,421
and
Accrd.deprec. ,road
90
Other unadj. debits
Total
liability
other reserves.
in
Deferred assets
61,495
116,786
$8,230,211 $8,167,041
3238.
Standard Gas & Electric Co.—Ordered to
Co.—Earnings-
1936—2 Mos.
48,913
4,532
Uncollectible oper. rev-
Operating expenses
Operating taxes
3,182,317
Total———22,299,492 16,530,669
$47,406
6,919
-
Net after rents-.
From Jan, 1—
Gross from rail Way
Under the plan,
Period End. Feb. 29—
17.273
804,776
722,279
Spokane International Ry.—Earnings.
............
Under the plan approved by the court, the capitalization of the new cor¬
poration will be as follows:
First lien
532,492
373,295
65,871
$921,586 in 1935 and $855,626 in 1934.
b Repre¬
in 1935 (1934, 175,000 shares),
c After
$1,937,201 in 1934.—V. 142, p. 1833.
February—
Gross from railwayNet from railway
take
Preferred stock ($100 par)
Common stock
1,222,719
3,980,000
461,591
339,857
Springfield Street Ry.—Earnings—
a
of deposit evidencing the deposit of first lien
6% gold bonds, series A, states:
The amended plan of reorganization which was filed by the committee In
the reorganization
1,750,000
1,444,638
3,650,000
sented by 253,000 no par shares
of $2,005,558 in 1935 and
reserves
filed with the Inter¬
Commission concerning the Vasper-LaFollette branch,
which will be flooded in May by waters from the Norris Dam.
"In entire disregard of its duty and obligation under the Constitution,
TV A is undertaking and proceeding to take the said property by force
and
After depreciation of
16,630,6691
Net after rents
The Tennessee Valley Authority was charged by the company on March 30
with violating the Constitution by making the carrier abandon one of its
branch lines "by force and arms" without payment of just damages.
state
22,299,492
NetfromrailVay
Railway—Puts TVA Case Before ICC—
Southern
4,053,600
.
a
Southern Pacific SS. Lines.—Earnings.—•
1936
1935
1934
$409,045
$373,280
$334,956
def48,963
def59;901
def75,745
February—
$
$
4,053,600
2,530,000
48,275
manage't bonus
947,626
Conting. reserves3,648,939
Capital surplus
Earned surplus
5,001,012
Total
Net from railway.
Net after rents--
Liabilities-—
_
—V. 142, P. 2172.
Gross from railway
Net from railway
Si
1,990,409
1,263,403 6H% pref.stock-Inventories
2,160,648
1,297,835 b Common stock..
c Accts. receivable 16,400,174
12,662,332 Accounts payableDue from empl's..
1,816 Notes payable
1,395
Cash
800,227 Pur. money oblig.
1,097,101
Other assets.
354,447 Taxes accrued
368,903
Deferred charges.150,609 Divs. payable
280,862
Accrued payroll &
Fixed assets.—.--
12,613,225
943,503
defl494,521
1936
$10,111,002
2,236,025
February—
Gross from railwayNet from railway
Net after rents
From Jan. 1—•
1934
1935
1934
Q
'
oo
Pay Interest—
John J. O'Brien, President of the company announced that an order
authorizing the company to deposit interest to April 1, 1936, on its out¬
standing notes and debentures and to pay on and after April 1, 1936,
interest from Oct. 1, 1935 to April 1, 1936, at the rate of 6% per ftnnnm
on its 20-year 6% gold notes, due Oct. 1, 1935, and 6% conv.
gold notes,
due Oct. 1, 1935, has been entered by the District Court of the United
States for the District of Delaware.
This order was made pursuant to a petition filed by the company in its
proceedings instituted in that Court for reorganization under Section 77b
of the National Bankruptcy Act.
The board of directors has been reduced to 10 from 12, thereby eliminating
two
Weekly Power Output—
existing vacancies.
Electric output for the week ended March 28, 1936 totaled 74,859,425
a decrease of 8.3% compared with the corresponding week last
Earnings for Month Of February and Year to Date
1936—Month—1935
1936—2 Mos.—1933
$6,408,034
$5,946,105 $12,812,643 $11,952,627
30,297
28,231
61,515
55,565
4,115,179
3,800,475
8,222,985
7,697,186
Period End. Feb. 29—
Operating
revenues—--
Uncollectible oper. rev_-
aHOperating expenses—
Rent
for
lease
of oper.
3,868
700,000
6,951
698,000
7,737
1,455,000
13,902
1,390,000
$1,558,690
$1,412,448
$3,065,406
$2,795,974
property.
Operating taxes
a
k.w.h.,
Net operating inc.—
a Includes from February, $7,745 in 1936 & $21,800 in 1935; $14,435 for
period of 1936 and $42,300 in 1935, which may be refunded, in whole or in
part, in event of adverse rate decisions.—V. 142, p. 1833.
(
Southwestern
Gas
&
Electric
Co.—Permanent
Bonds
Ready—
The Bankers Trust Co. announced that on and After April 6 it will be
ready to deliver permanent 1st mtge. 4% bonds, series D, in exchange
for outstanding temporary bonds of that issue.—V. 142, p. 137.
Spiegel, May, Stern Co., Inc. (& Subs.)—Earnings—
1935
Calendar Years—
Sales-
1934
1933
$34,011,683 $26,242,559 $13,540,792
31,310,025 22,758,393
12,034,017
Operating expenses.
$2,701,659
$3,484,165
223,884
Operating income
181,14Q
Miscellaneous income
1932
$7,114,360
7,408,482
$1,506,775 def$294,122
178,066
90,453
year.
'
Excluding Duquesne Light Co., Pittsburgh District, the increase
over
last year was 10.6%.—V. 142, p. 2172.
Standard Tube Co.—To Issue Stock—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act covering 159,967 shares
of class B common stock.
According to the prospectus the company will
first offer the stock to shareholders.
An underwriting agreement with
Allison & Co. fixes the minimum number of shares to be purchased by certain
shareholders at 85,000 shares and the company will request its shareholders
to limit their maximum subscriptions to an aggregate of
104,967 shares.
The balance will be offered publicly, i
Staten Island
February— .
railway.
Net from railway
Gross from
Rapid Transit Ry.—Earnings.—
1936
..
—
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
--
--
$132,156
def6,993
def44,070
1935
$119,814
$148,613
def5,649
def51,218
27,763
def6,726
$130,813
25,401
def9,911
266,286
def16,608
def89,313
238,688
defl7,260
deflll,781
291,421
55,631
defl2,402
270,903
53,519
defl5,535
1934
1933
—V. 142, p. 1486.
Stercbi
Bros.
Stores,
Inc.—Admitted
to
Listing
and
Registration—
The New York Curb
Total income
Federal taxes
Interest
—-
$2,925,542
372,824
141,382
Depreciation.
Operating loss of Selectograph Co—
Approp .as res .for conting.
—
.
Profit
Preferred
79,535
—
250,000
$2,331,800
$2,749,362
329,355
—
$1,684,841 def$203,669
212,479
61,150
46,622
67,996
68,000
25,500
461,097
dividends
Surplus
$2,002,445
Earns.persh.oncom.stk.
$847
M.
$3,665,305
463,126
135,345
67,472
$2,288,265
$14.20
$1,317,716 def$318,291
395,226
211,731
$922,490 def$530,022
$6.02
Nil
J^-Speigel, Chairman, says ih part:
ere
expanded through the purchase of a building1
expanc
St., Chi
go, containing 535,000 square feet of
Exchange has admitted to listing and registration
the $6 cumulative first preferred stock, $50 par, and the 5% non-cumulative
second preferred stock, $20 par.—V. 142, p. 2004.
Subway Terminal Corp.—Interest Payment—
Holders of 1st mtge. 6K% serial gold bonds
are
being notified that, in
accordance with recent practice in connection with payments of interest
on these bonds, the company offers to pay to holders thereof who wish
to
accept the same the instalment of interest due April 1 1936 at the rate of
4% per annum, that is, at the rate of $20 per $32.50 coupon.
Payment will be made by check of the company on presentation of cou¬
with proper ownership certificate, at the company's office, at 647
South Spring Street, Los Angeles, Calif.
In the case of bonds on which all
coupons have matured, the bonds themselves should be presented for nota¬
tion of the payment.
Coupons so paid will be surrendered to the trustee for cancellation.—
—V. 140, P. 2369.
pons,
Financial
2342
Chronicle
April
1936 4
Tampa Electric Co .—Earnings—
Period End. Feb. 29—
Telephone Bond & Share Co.
1936—Month—1935
$359,511
133,730
19,760
41,103
1936—12 Mos.—1935
$4,062,407
$3,876,208
1,629,986
1,505,079
245,534
227,776
463,689
453,758
$164,917
162
$167,491
1,804
$1,723,196
32,545
$1,689,594
17,723
$165,080
35,833
$169,295
35,833
$1,755,742
430,000
10,935
$1,707,317
429,999
926
$128,332
Maintenance
Taxes
$358,033
131,575
21,254
37,711
915
Operating revenues
Operation
$132,536
$1,314,806
Debenture 5s June 1958
Net oper. revenues--
SOLD
BOUGHT
Non-operating inc.—Net
QUOTED
Balance.
Stern Brothers
Net income
—V.
Street, New York
Broad
A. T. & T.
142, p. 2173.
The New York Curb Exchange has approved the listing of 340,000 out¬
standing shares of capital stock, $1 par, and will list 20,000 additional shares
of capital stock, $1 par, upon notice of issuance.—Y. 141,
p. 3551..*
(,& Subs.)—Earnings—
Tennessee Central
Consolidated Income Account, Year Ended Jan. 31 1936
February—
purchases, net
$6,349 net gain
$4,055,236
—
Operating expenses, before depreciation, interest and provision
for claims, contingencies and Federal income taxes
Prov. for deprec. of building, impts., and store fixtures and
equip., incl. addition of $50,000 to special reserve previously
set up against book value of improvements to leased premises
Int. on bonded indebtedness, incl. other interest of $932
Provision for claims and contingencies-Provision for Federal income taxes
3,528,527
— _
226,429
225,145
9,500
27,700
Total earned surplus Jan.
$37,934
3,071,656
______
31, 1936
—
Net after rents.
From Jan. 1—
Gross from railway
Net from railway
Liabilities—
Net after rents.
Cash, Incl. $59,500 deposited
in excrow, contra incl. in
mdse. held
$583,228
xl,113,993
1,041,831
provision for contingencies.
receivable—
Accounts
Inventories-
•
31,230
y473,286
in transit-..
incl.
exps.,
$236,562
$36,795
27,000
29,317
156,396
one year
Prov, for Fed. income taxes..
Prov. for claims & conting..
z3,483,574 6% s.f. bonds, maturing 1947
premises, at cost
invest,
Class A stock
at cost,
Common stock (par $1)
reciprocal
and deposits with
25,800
insurance companies
Cap.
sur.,
par
deducting
after
Texas Mexican
.$14,252,545
3,521,101
3,071,655
surplus
.$14,252,545
Total
After allowance for doubtful accounts of $122,931.
y After allowance
depreciation of $732,583.
z After allowance for depreciation, including
special reserve of $200,000 against improvements to leased premises of
$546,991.
a Represented by 15,366 no-par shares.—-V. 142, p. 2172.
x
for
Studebaker Corp.—Retail
Deliveries—
Retail deliveries of Studebaker cars and trucks
totaled 3,803 for the first
20 days of March compared with 2,298 in the corresponding period of 1935,
according to President Paul G. Hoffman.
Mr. Hoffman noted that this
is an increase of 65% as against an increase of 49% for the year to date.
—V. 142, p. 1136.
International
Swift
Co.,
Ltd.—Earnings—
[Figures in Argentine Gold]
1935
1934
1933
$5,849,628
$7,343,390
$5,893,017
1,342,334
1,224,716
903,354
$4,507,294
930,483
$6,118,674
882,897
$4,989,664
1,471.093
$5,437,777
$7,001,571
$6,460,757
511,678
55,059
374,341
566,752
134,716
671,165
$4,496,169
4,044,071
$5,628,938
3,903,949
$6,123,055
4,445,105
$452,098
.
$1,724,989
$1,677,950
$3.00
$3.75
$4.08
deprec. and for amort, of
leasehold properties
Prov. for
Net gain from
Other income
operations
Total income
Loss on conversion to Argentine curr.
of net current values of for'n subs—
-
Interest
paid
Income tax
Earnings per share on 1,500,000 shs.
of capital stock (par $15)
Consolidated Balance Sheet Dec. 31
1935
for
842,611
Liabilities—
$
$
■
Accounts
payable. 4,804,723
Prov. for inc. taxes
478,639
Other accruals
Due to
Min.
employees
int.
in
1,298,969
268,131
.
2,626,718
303,504
1,784,964
232,078
com.
stock of sub
15,623
11,651,868 11,380.570
Capital stock
22,500,000 22,500,000
173,057
Capital surplus—
207,633
Earned surplus
18,104,809 17,755,812
Legal reserves
3,884,234 3,767,407
Reserves
79,138
resale
Due from empl. on
40,809
62,683
1,080,698
1,569,407
11,449,111 10,565,918
Deferred charges..
372,538
132,796
purch, of sec...
Other investments
y
1934
1935
$
3,987,307
3,185,313
U. S. Govt. sec... 7,819,568 11,154,996
Marketable sec... 6,136,089
5,791,571
x Accts. receivable 4,544,068
3,734,857
Inventories
26,941,830 24,247,430
Deposit in escrow.
Co.'s shs. acquired
(Argentine Cold)
1934
$
Assets—
z
Fixed assets
Total
x
After
in 1934.
63,214,630 60,524,108
After
1935 and $391,238
for depreciation of $26,223,617 in 1935 and $25,Par $15 Argentine gold.—V. 141, p. 3551.
reserve
z
Tacony-Palmyra Bridge Co.-—Files With SEC—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933, seeking to issue
$2,500,000 4J^% first mortgage bonds and 9,500 shares of 5% cumulative
convertible preferred stock.
The registration statement also covers 20,000
shares of class A participating stock to be reserved for conversion purposes.
According to exhibits accompanying the registration application, $1,250,000 of the bonds will be purchased by Prudential Insurance Co. of America
and a like amount will be taken by Mutual Benefit Life Insurance Co. of
Newark.
The bonds are being purchased at 100.
With respect to the 9,500 shares of preferred, Arthur
Perry & Co. have
agreed to take at $100 a share that portion of stock which is not subscribed
and paid for at the rate of $100 a share on or before April 25 by the com¬
pany's stockholders.
Proceeds of the issues are to be used for refunding purposes .- -V. 142,
P. 1304.
Teck-Hughes Gold Mines, Ltd.—Earnings—
Period End. Feb. 28—
Net income after taxes,
depreciation, &c
Earns, per sh. on 4,807,-
144shs.cap.stk.(par$l)
—V.
142, p. 138.
1936
Net from railway
Net after rents—
1
$97,004
26,506
14,559
200,979
53,016
32,073
1935
$96,445
29,175
15,306
$68,730
12,916
4,779
$42,205
defl2,310
def20,425
236,349
97,935
72,314
131,014
18,815
2,462
103,516
def4,320
defl9,843
1934
1933
Texas Corp.—Reports Net Profits of $17,065,037 for 1935
Against a Profit of $5,545,205 in 1934—Net profits of the
corporation and subsidiaries in 1935, after all charges were
$17,065,037, as compared with a profit of $5,545,205 in the
previous year.
The company's pamphlet report, which has
been mailed to stockholders, shows that net sales in 1935
were $295,328,901.
Gross operating income in 1935 totaled
$300,237,109 as compared with $272,618,752, reported in
1935
The income account and balance sheet
as
of Dec. 31
published in the advertising pages of today's issue.
W. S. S. Rodgers, President, and T. Rieber,
Chairman,
are
state in
part:
.
The company further strengthened and consolidated its position
by con¬
tinuing its policy of capital investment (a major portion in producing
properties), the amount reinvested in the business being the largest since
During the year, conditions in the industry, except on the Pacific Coast,
gradually improved, due largely to better control of crude production
particularly in East Texas, and an increased demand for petroleum products
Generally improved conditions resulted in a better statistical position oii
Dec. 31 1935, as compared with previous years.
Producing—Our total gross crude oil production in 1935 was 45,706 858
barrels as compared with 37,418,308 barrels in 1934.
Gross production
represents our share of production from company operated wells and from
wells operated by others (before deducting royalty
interests) plus our
royalty production from wells operated by others.
Our activities during the year in developing new crude oil reserves were
successful, resulting in a material increase in reserves after current with¬
drawals.
At the end of the year, acreage in the
United States owned in fee
was
775,905; under lease, 5,823,531, and holdings in foreign countries, 792,196
a total of 7,391,632 acres.
The number of producing wells at the end of
the year was
7,265.
Pipe Lines—During the year we entered into a number of new areas
pipe lines, including participation in the organization of the Kaw
Pipe Line Go. in Kansas.
Manufacturing—Our total runs of crude oil to stills in the United States
were 76,132,008 barrels in 1935 compared with 70,928,086 barrels in
1934
with
dewaxing plant at our Port Arthur Works.
Marketing—Our volume of sales in 1935 was satisfactory.
Marketing
operations were conducted in every State of the Union and in the principal
countries of Europe, Asia, Australasia, Africa, Central and South America
Marine—Company's owned and chartered equipment, ocean-going and
inland, was operated during the year to capacity, surpassing all previous
years from the standpoint of volume and efficieny.
Tank Cars—On Sept. 1 1935, the company disposed of its entire fleet of
tank cars to the Pennsylvania-Conley Tank Car Co. for cash.
At the same
time, a 10-year renewable lease arrangement .was made with the Pennsyl¬
vania-Conley Tank Car Co. for our yearly requirements of tank cars on a
basis which will effect a substantial annual saving.
Redemption of Bonds—As of Aug. 1 1935, we redeemed the outstanding
bonds of California Petroleum Corp. (Va.); i. e., $6,610,000 514% deben¬
tures, due in 1938 and $3,890,000 5% debentures, due in 1939.
This was
accomplished without recourse to bank borrowing, payment being made
from treasury cash, and results in an annual interest saving of more than
$500,000.
Since Jan. 1 1936, we have called for redemption on April 1 1936 $30 000,000 Texas Oorp.'s 5% debentures, due in 1944, of which there were
$89,933,000 outstanding Dec. 31 1935.
A portion of the money required
for this redemption will be paid out of treasury cash and the balance
taken
care of by means of bank borrowings repayable over a
five-year period at
low interest rates.
63,214,630 60,524,108
Rotal
for doubtful accounts of $629,669 in
reserve
y
058,341 in 1934.
89,524
50,537
530
Net income applic. to minority int._
Cash...
328,744
337,701
Calendar Years—
Income from operations
61,400
Ry.—Earnings.—
Gross from railway
Net from railway
1934.
of capital stocks purch.
and held in treasury
Earned
Total.
2,973,000
3,679,500
a76,830
329,358
$5,043,330 repre. net excess
of cost over stated value or
7,499,600
Goodwill and tradename
35,520
369,202
116,358
72,371
151,822
Mtge. on real estate, excl. of
instlm't pay. within oneyr.
Land, bldg. & impts., incl.
improvements
to
leased
26,942
372,072
95,000
1933
$154,825
36,804
20,984
—V. 142, p. 1659.
of interest on bonds
Mortgage instalment payable
within
Unexpired insurance & other
prepaid expenses
Store fixtures and equipment-
Non-current
Acer,
or
$54,568 for
/
1934
$181,957
57,009
—V. 142, p. 1659.
Gross from railway
Accts. pay., incl.
1935
$181,471
42,750
405,422
120,273
83,071
Net after rents
From Jan. 1—
Consolidated Balance Sheet Jan. 31, 1936
Assets—
Ry.—Earnings.—
1936
$190,732
45,490
29,355
Gross from railway
Net from railway
February—
Net credit carried to surplus
10,128
$1,267,188
(K.) Taylor Distilling Co., Inc.—-Listing—
Teletype N. Y. 1-752
Gross merchandising profit, incl. discounts on
inc. from leased depts., and miscell. rev. incl.
on sale of equipment--
-
Interest
MEMBERS NEW YORK STOCK EXCHANGE
15
—
Retirement accruals
Eastman, Dillon 8 Co.
1936—3 Mos.—1935
1936—6 Mos.—1935
$632,677
$542,199
$1,214,844
$1,177,023
$0.13
).ll
$0.25
$0.24
,
Reserves—A reserve of $2,000,000 was set up by a charge to earned surplus
of this amount as of Dec. 31 1935, to provide for future
exchange fluctua¬
tions of foreign currencies.
There has been no change in
the status of the corporation's Death and
Disability Plan for Employees; the right is reserved to withdraw or modify
such Plan at any time.
However, it has been deemed advisable to now
create a reserve for this purpose of $5,000,000 by charging this sum
to earned
surplus
as
of Dec. 31 1935.
Taxes—In the 1934 annual report, we stated that the total amount
of
paid or accrued by the corporation for the year 1934 amounted to
more than $70,000,000, and that petroleum products continued to
bear an
unjust share of the cost of government.
For 1935, taxes paid or accrued
taxes
aggregated $78,522,676.71.
Taxes paid and accrued by the Corporation
$8.41 a share on outstanding stock, as compared with
$7.63 per share levied for governmental purposes in 1934.
Taxes on petroleum products and operations paid by the petroleum
in¬
dustry and its customers in 1905 exceeded the sum of $1,125,000,000
-an
amount approximately equal to the industry's annual payroll.
State
taxes on gasoline rose above $600,000,000 for the first time, and
Federal
taxes on gasoline approximated $170,0C0,000.
The average retail price of gasoline in 1935 was 13.55c. per
gallon, and
the average State and Federal tax was 5.29c. per gallon—in effect a retail
sales tax of nearly 40%.
This tax is equivalent to approximately 90% of*
the wholesale price.
The cost to the industry of collecting these taxes
was approximately $22,500,000.
A study completed by the industry during the yer reveals the fact that
approximately 205 different taxes are now being paid by or through the
petroleum industry.
Of these, 41 are Federal levies, 122 are imposed by
the States, and the remaining 42 are divided among counties,
municipalties
districts and other taxing units of government.
Applied to the practical
in 1935 were equal to
Financial
Volume 142
Chronicle
operations of the petroleum industry, these taxes amount roughly to $1.14
per barrel of crude oil produced.
The average motorist contributed $31.74 in 1935 through Federal and
State taxes
gasoline. Although this tax was originally levied for the sole
purpose of building and maintaining highways, during 1935 more than
$100,000,000 of State gasoline taxes was diverted to non-highway uses.
on
Net sales
1934
295,328,901 268,214,921
4,908,207
4,403,831
.
Miscellaneous income
1935
Assets—
Liabilities—
equipment
Dep. in lieu
Common
184,756,128
_
and
depletion)
_
243,548,196 228,648,933
x Taxes.
j
7,610,306
7,224,159
Amortiz. of drilling costs on producing wells and
expenditures incurred on dry holes
3,534,227
2,224,329
.
-
Non-oper. income (net)
45,544,379
7,730,974
Bal. before int., deprec. & deplet. & Fed. inc. tax 53,275,353
Int. & amort, of disc. & exp. on funded & long-term
debt
^
Other interest charges
Depreciation and other amortization.
34,521,330
6,817,340
41,338,671
70
Depletion and leases forfeited
4,328,149
1,161,347
Provision for Federal income tax
5,426,338
311,450
25,568,531
3,373,362
965,012
23,703,000
70
629,856
10,642,078
Other investm'ts
88,574
Cash....
2,179,557
504,679
construction
38,755,000
23,703,000
6,599
.
Fd. debt unmat.
Traf. &
10,916,768
tals.
104,744
Aud.
1,298,933
Time drafts and
81,062,000
82,821,200
car serv.
518,993
506,688
1,376,676
1,306,082
49,099
payable.
264,259
55,995
and
accts.
wages payable
Miscell.accounts
600,000
Special deposits-
61,666
109,331
Loans & bills rec
84,851
190,786
Int.
mat'd unpd
53,197
5,910
5,910
462,763
Div. mat'd unpd
Fund.debt. mat.
3,870
689,847
4,870
711,169
90,820
123,463
Traffic
and
serv.
bals.
rec.
payable
car
rec.
544,968
142,528
811,171
Mat'ls & suppl's
Int. & divs. rec.
3,201,547
11,837
Agts. & cond.bal
Misc. accts.
unpaid
118,385
11,891
14,694
Other def. assets
374,074
Unmat.int.
1,031,299
2,828,618
24,901
4,885
15,194
633,780
Oth.
assets
curr.
accr
Unmatured rents
accrued
Other
llab.
82.386
Other def. llab_.
35,335
38,956
474,009
501,829
Tax
Rents and insur.
5,167,272
307,732
25,231,537
$
38,755,000
Grants in aid of
of
Misc. phys. prop
Inv. in affil. cos.
Work, fd. advs.
Balance
1934
S
stock.
Preferred stock.
184,809,659
deposits
Gross operating income._
-300,237,108 272,618,752
Costs, oper., selling & gen. exps. (excl. of deprec.
1935
1934
$
.
Inv. in road and
mtged. prop..
Consolidated Income Account for Calendar Years
1935
2343
Balance Sheet Dec. 31
curr.
liability
Prem.
on
38,281
fund.
debt
prep'd
12,143
1,389,552
11,734
22,002
deprec.
13,083,790
Oth. unadj. cred
Addns. to prop.
prem's
Oth. unadj. deb.
497,720
12,073,736
344,578
30,333,618
30,330,233
14,123,583
13,433,388
17,046
Accrued
1,368,800
thr.inc. &
sur.
Profit and loss—
Net profit for year
Profit applicable to minority interests
17,079,316
14,279
f
5,693,977
148,772
credit
Total
Net profit carried to earned surplus account
17,065,037
5,545,205
x In addition, State gasoline and Federal excise taxes were
paid (<
crued) to taxing authorities in the amount of $69,751,023 in 1935 and
175,156 in 1934.
Consolidated Balance Sheet Dec. 31
1935
1934
S
§
j\. ss cts
a
Tot. fix. assets
Cash
Long-term
&c.
2,949,905
3,998,774
Notes and accts..
receivable
v
Marketable
sec.
Investments
39,822,177
—
27,355,632
4,728,408
39,367,445
Empl. stock pur.
2,435,033
88,793,156
Mat'ls & suppl's
5,721,974
accounts
1,793,009
2,995,952
88,191,160
5.715.881
1.927.882
8,912,931
9,978,501
Merchandise
Pats,
at
(par
cost
8
525)c—233,501,725 233,744,325
Deferred charges
11,855,241
11,794,110
Prov. for Federal
Income
30,152,696
2,500,000
1934
5
stock
Accr'd liabilities
rec.,
misc. inv.,
Capital
taxes.
2,008,481
1,610,257
2,313,182
2,311,292
Funded debt-.. 93,253,676 103,600,076
Reserves
7,000,000
Capital & surplus
Dlvs.
of minor,
int.
817,442
4,057,779
14,798,776
Acc'ts payable..
Earned
1,096,029
56,402,269
1,041,532
surplus
(paid in)
46,733.237
46,830,683
Deferred
credits
473,776,967 474,842,4181
Total
473,776,967 474,842,418
After depreciation, depletion and amortization reserves of $300,980,806
1935 and $300,586,022 in 1934.
c After deducting 511,174
(501,470 in
1934) shares held in treasury at $12,779,350 ($12,536,750 in 1934).—V.
142, p. 2173.
a
February—
railway
Net from railway
1936
$3,006,789
593,134
174,487
...
Net after rents
From Jan.
Gross from
1934
1933
\ 12,549,127
425,457
88,773
$2,344,548
311,966
defll2,101
$1,963,988
21,207
def403,699
5,218,921
857,459
165,958
4,758,729
589,709
def260,722
4,188,869
185,860
def646,054
1—
6,120,021
railway
Net from railway
Net after rents
1,215,845
416,276
1936
$185,331
54,350
31,372
Net after rents
1935
1934
$118,697
19,007
4,240
347,647
102,888
55,815
Net after rents
237,794
52,831
20,616
255,149
45,980
14,503
$180,914
$146,622
205,274
40,646
17,680
147,003
95,200
139",5ll
$381,298
908,390
3,491
$1,951,418
44,761
(net)._
$1,293,179
51,156
Federal taxes
Net profit
Previous surplus
1935
Miles operated.
1,950
1933
1,950
1,950
1932
1,950
Operations—
Passengers carried
Pass, carried
one
739,642
728,863*
554,905
680,396
mile...117,859,222 103,061,505
81,156,122 108,219,075
Rates per pass, pr mile.
1.82 cts.
7,993,851
Freight (tons)
1.86 cts.
8,124,405
Tons per mile
1,580956052 1528,757636
Av. rate per ton per mi.
1.175 cts.
1.163 cts.
Av. train-l'd (rev.) tons.
524
2.11 cts.
accept.
cost
1.098
cts.
543
1.246
cts.
448
Operating Revenues—
1935
Mail
799,238
488,455
923,993
550,462
Express.
Miscellaneous
1934
1933
1932
$18,571,394 $17,777,334 $16,208,919 $16,511,723
2,146,414
1,916,115
1,718,193
2,297,841
Passenger
_
Incidental, &c__
—
Total....
817,433
425,887
897,262
455,925
795,407
397,858
697,011
412,579
815,687
459,671
723,433
531,043
$23,479,956 $22,289,956 $20,229,967 $21,339,398
Maintenance ofway, &c
Maintenance of equip
2,407,945
Traffic expenses
4,101,069
831,928
Transportation
7,127,782
_
expenses
General expenses
1,266,536
285,190
Cr29,896
Miscell. operations
Transp. for invest
2,305,458
3,825,446
764,426
6,584,468
1,438,170
239,740
Cr46,867
1,999,463
3,528,754
745,119
6,168,945
1,236,302
206,803
Cr26,397
2,046,834
3,794,637
814,819
6,727,261
1,292,813
240,752
Cr47,585
$15,110,841 $13,858,988 $14,869,530
7,179,115
6,370,980
6,469,868
1,296,640
1,218,051
1,204,006
1,212,119
accruals, &c
1934
Net inc. bef. fix. chgs.
Non-operating income..
Gross income
on
...
funded debt
Int. on unfunded debt..
Misc. rents, taxes, &c_
..
Net income
$5,961,064
878,494
$5,166,974
865,986
$6,839,557
1,258,443
848,362
$6,032,960
1,260,626
829,780
$6,101,632
$5,052,104
476,357
$4,732,752
509,783
$3,942,553
439,207
$3,871,848
512,408
$5,528,461
4,055,899
22,372
67,912
$5,242,535
4,123,303
11,988
75,300
$4,381,760
4,184,837
18,994
74,170
$4,384,257
4,211,242
$1,382,278
$1,031,944
$103,758
$92,710
296,288
$1,382,278
$1,031,944
$103,758 def$203,578
1,383,936
845,849
and
1,811,944
cos.
142,305
100,846
Anon, des Estab.
Mech. Monopole
520,931
429,405
128,906
80,473
Res've
for
25,578
88,329
empl's*
insurance
ma-
2,255,512
1,980,087
10,273
cess
7%
834,822
Prepaid exp., &c._
123,822
1,387
365,400
2,631,600
Earned surplus... 1,906,657
z
Goodwill,
patent
rights, &c
z
300,000
payable—
Other liabilities—
60,674
Total
current
not
Accrued accounts.
Pref. div., payable
Jan. 2, 1935
(Societe
Land, bldgs.,
$7,000
100,000
Mtge. note of sub.
Acc'ts
& accts .rec., &c
Affil.
1934
$643,929
due Dec. 6,1936
1,033,740
Inventory (lower of
cost of mkt. val.)
1935
Notes pay. to bks.
621,184
cum. pref. stk.
Common
stock.
365,400
2,631,600
1,242,023
831,203
69,872
$6,597,423 $4,871,1971
$6,597,423 $4,871,197
Total
y After reserve for depreciation of $985,793 in 1935 and $914,478 in 1934.
Represented by 263,160 no par shares.—V. 142, p. 1659.
Timken-Detroit Axle Co.—Special
a
Meeting—
special meeting April 14 to consider election
of directors; amend purpose clause of Articles of Incorporation; amendment
to Code of Regulations changing date of annual meeting from third Satur¬
day of March to second Tuesday of April and to change provisions as to
voting record dates for annual and special stockholders' meetings.—V. 142,
p. 971.
Transamerica
Corp.—Capital Stock Reduced—
The stockholders
on March 26 held a special meeting for the purpose of
voting upon a proposed reduction of the capital of the corporation, to be
effected by the retirement and cancellation of 1,665,916 shares already
acquired by the corporation and held as treasury shares.
The stockholders
approved the proposed reduction and the capital has now been reduced from
$24,847,484 to $23,181,568.
The corporation now has 23,181,568 shares
issued and outstanding.—V. 142, p. 2173.
Twin State Gas & Electric Co.
[Including
Berwick
Period End. Feb. 29—
&
Salmon
—Earnings—
FaUs
1936—Month—1935
Electric
Co.]
1936—12 Mos.—1935
Expenses & depreciation
Taxes, incl. Fed. inc. tax
Deductions
Net
income
ref. div. requirei
-V. 141, p. 4027.
s.
$197,196
107,481
24,763
$2,303,112
1,412,099
261,349
$2,319,890
1,349,457
270,218
$51,913
$64,952
361
$629,664
2,977
$700,215
1,893
$52,084
24,486
revenues.__
$199,092
124,138
23,041
171
oper.
$65,313
26,081
$632,641
300,066
$702,108
314,644
$27,598
20,790
$39,232
20,790
$332,575
249,475
$387 464
249,481
Union Bag & Paper Corp.
8,773
71,531
Nil
labor
Mtge. note of sub.
1,083,807
$5,257,749
843,883
Preferred dividends
Liabilities—
& accts.
Gross income.
Rentals, &c
Int.
$6,192,760
885,270
$7,078,030
1,152,336
873,590
Total oper. income
Hire of equipment
$0.56
including materials,
& trade creditor
i.
Operating income
Other operating income.
$1.35
Pers'l & misc. notes
Gross
Total oper. expenses..$15,990,556
Net earnings..
7,489,400
Tax
$1,610,838
sold,
$173,588
The stockholders will hold
Income Account for Calendar Years
Fr■eight
$908,390
$2.60
of goods
1935
receivable
2.12cts.
7,111,241
6,673,412
1476,741079 1325,239789
524
647728
$1,2427023
$1,906,657
$334,938
chin'y, eq., &c_.
Plant orders In pro¬
1934
$1,675,566
Consolidated Balance Sheet Dec. 31
y
Ry.—Annual Report—
34,638
.,819,154
9107764
Earns, per sh. on 263,160
shs. com. stk. (no par)
a After
deducting
factory expenses.
20,569
248,500
$173,678 loss$182,098
1,610,838
1,857,664
Adj. of mach. & eq. acct.
Balance, surplus.
1932
$863,967
779,960
Cr2,964
L, 168,144
790,669
47,251
24,945
125,601
6,000
48,000
Adjustments, &c
(at cost)
Statistics of Opertions for Calendar Years
1933
$1,528,441
867,040
92,592
paid, less int. earned
Depreciation
—V. 142, p. 1659.
Texas & Pacific
1934
1935
$1,978,105
984,045
42,462
Int.
1933
$98,833
20,677
9,254
From Jan. 1—
Gross from railway
Net from railway
$34,925
Custs. notes, trade
RR.—•Earnings.—
$120,202
30,556
14,339
51,671,276
1,817,898
$709,395
1,242,023
Other deductions
Assets—
February—
railway
Net from railway..
$1,644,941
1,825,855
Thompson Products, Inc. (& Subs.)- -Earnings—
Calendar Years—
Manufacturing profitSell., gen. & adm. exps._
Cash
Gross from
$193,966
228,891
$15,813
a
—V. 142, p. 1659.
Toledo Peoria & Western
$1,380,033
291,243
142, p. 2005.
Preferred dividends
1935
$1,341,236
303,706
Net deficit
-V
Total surplus
Texas & New Orleans RR.- —Earnings.—
$158,160
35,806
$213,103
228,916
Gross income
in
Gross from
$175,210
37,893
Deductions
755,143
3,128,940
13,623,790
Capital
Total
Operating income
Non-oper. income
surplus
(unapprop'd). 56,341,398
to operations.
System—Earnings-
[Railway and Bus Operations]
Period End. Feb. 29—
1936—Month—1935
1936—8 Mos.—1935
Operating revenues
$1,120,678
$1,035,722
58,831,019
$8,580,848
Operating expenses
832,505
780,229
6,618,692
6,457,216
Taxes
112,963
97,334
871,091
743,599
payable..
Notes payable..
.204,957,188 205,040,640
Total...
—V. 142, p. 2173.
Third Avenue Ry.
1935
Liabilities—
257,074,288 264,733,011
33,621,798
25,849,769
204,957,188 205,040,640
balance
•To Issue Stock-
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act, seeking to issue 65.359
shares of capital stock.
According to the statement the company expects
to offer the stock to present stockholders at a ratio of one share of new stock
for each three shares now held.
The company also expects to enter into an
underwriting agreement as regards those shares not taken by stockholders.
Proceeds from the sale of the issue will be used to repay bank loans and
to advance funds to a subsidiary to defray the cost of construction and
equipment of a pulp and paper mill.—V. 142, p. 1836.
Financial
2344
Co.
Investment
Union
Detroit—New Financing—
of
for the company, one of the leading instalment
banking organizations in the Middle West, specializing particularly in
financing deferred-payment purchases of automobiles, household equip¬
ment and appliance, was announced March 30, and
will consist of an
offering of $750,000 of 10-year 5% convertible debentures, due in 1946.
Ames, Emerich & Co. of Chicago will head tbe underwriting group.
A
registration statement covering the financing, which will be done to provide
additional working capital for expansion of the company's business, has been
filed with the Securities and Exchange Commission in Wasnington.
Net earnings of company in 1935, after all charges and provision for
A
financing
program
Federal income taxes,
of accounts
volume
were
The debentures to be
as
against $97,571 in 1934.
Gross
last year was $14,-
$6,505,639 in 1934,
.
marketed will carry a conversion privilege entitling
for common stock at varying ratios
to exchange tneir securities
1941.—V. 139, p. 1721.
"holders
until
$212,333
and commercial paper purchased
196,075 as compared with
United
America—Balance Sheet—
[Including Store Operating Subsidiaries]
Liabilitias of the Tiuslee Dec. 31, 1935
x
United
y
Whelan
Cigar Stores
transit-- $2,634,193
receivable, less reserves
475,940
Drag Stores
$1,811,536
198,902
3,404,141
230,821
2,703,202
5,748
Assets—
Cash in banks, on hand & in
Accounts
Merchandise inventories
companies
receivable
Securities of other
Mortgages
184,437
184,437
.
Combined
$4,445,729
674,842
6,107,344
236,570
Investments in and advances to wholly
owned real estate subsidiaries:
Investments
Advances
1,729,782
1,500,235
19,347
-
(net)--
fee—-—
Furniture, fixtures and equipment:
In stores, depots, offices, &c., less
Real estate owned in
-
100,000
amortization
Goodwill--
-
accounts
8,009
1,611,422
72,209
384,372
15,663
110,602
202,813
53,647
138,131
1
supplies
1,181,510
38,818
92,211
Construction in progress
^^^eiwdcfre^t.Tnsurance, taxes, &c._
iitergroup
*
1,729,782
1,480,773
119,347
429,911
33,391
384,371
7,654
——
In storage, less reserves
Leasehold impts., less
Financial—UGI company did not issue any securities during the year.
Allentown-Bethlehem Gas Co. sold privately $2,500,000 1st mtge. bonds.
3H% series, dated Sept. 1, 1935, and due Sept. 1, 1965, in order to retire
on Oct. 1 $2,267,000 1st mtge. gold bonds, 5H% series, due 1954, to reim¬
burse the treasury for the retirement of $150,000 Highland Gas Co. bonds
July 1, 1935, and for capital expenditures.
Connecticut Light & Power Co., during July, 1935, sold at private sale
$10,000,000 1st & ref. mtge. 3^% bonds, due July 1, 1965, and used the
proceeds to redeem $5,185,000 1st & ref. mtge. sinking fund 5H% bonds,
series B, due Feb. 1, 1954, and $2,566,000 Eastern Connecticut Power Co.
1st sinking fund 5% bonds, series A, due April 1, 1948, and for capital
expenditures.
Erie County Electric Co. sold at private sale $400,000 general mortgage
3j^% bonds due Oct. U 1950, and used the proceeds supplemented by
excess
cash and
638,171
53,648
776,303
Pr90,030
1
$6,687,010 $18,095,259
payable for merchandise pur¬
series B, to pay off bank loans, and for working capital.
Pursuant to the provisions of the Securities Exchange
Act of 1934. com¬
May 171 1935, filed application with the Securities and Exchange
Commission, and with the Philadelphia and New York Stock Exchanges for
permanent registration of its common and preferred stocks.
These applica¬
tions were accepted and the securities mentioned above became permanently
registered as of July 1, 1935.
Nashville Gas & Heating Co.—UGI has an investment in the Nashville
Gas & Heating Co. of $1,610,094, represented by $800,000 preferred stock,
and
$1,583,440 common, being 99% of the common stock outstanding, and
$522,225 of advances.
For the past four years the earnings of the Nashville
company have fallen off substantially, resulting in a default by the company
in sinking fund payment due March 1, 1935. and in interest payments due
May and Nov. 1, 1935, on its $2,729,000 of 1st mtge. 5% sinking fund gold
$1,563,675
77,951
and other
on
$790,589
$2,354,264
84,473
162,425
188,642
69,120
257,763
95,760
95,760
5,647,067
15,225,046
taxes
and accrued charges
real estate owned
Excess ofbook assets over
the trustees'
of
bankruptcy and claims against
bankrupt estate &c. (realizable
liabilities, applicable to expenses
the
the
value
unknown)
---------
^
9,577,979
-
—.$11,408,248
$6,687,010 $18,095,259
x United Cigar
Stores Co. of America and store operating subsidiaries,
y Whelan Drug Stores Delaware Corp. and store operating subsidiaries.
Notes—(a) Reserves for income taxes for 1935 have not been provided
Total
-
May 1, 1937.
UGI is guarantor of principal and interest
$1,954,000 of the bonds.
77-B
chases, store oper. & other expenses
Accrued store operating & other exps_
Accrued franchise, personal property
Mtges. payable
com¬
5H% gold bonds, series A. $1,000,000 1st mtge. 5% gold bonds,
mtge.
on
Nashville company filed a petition for reorganization under Section
the National Bankruptcy Act, which petition was approved on
Liabilities—
Accts.
in the
& ref. mtge. gold bonds, 53^% series A, due
gen.
April 1, 1960, in the amount of $891,000.
St; Louis County Water Co. sold at private sale $3,800,000 1st mtge.
bonds, 4% series, due 1955, and 4,200 additional shares of its $6 cum. pref.
stock.
Proceeds were used to redeem, on June 1, 1935, $2,800,000 1st
bonds due
$11,408,248
Total
funds from the sale of marketable securities
pany's treasury, to retire
pany as of
At Hotel Lincoln
Stationery and
Drl9,461
,
90.030
reserves
provided in the lease, the balance being used for additions and betterments
and for interest on working capital.
The quantity of gas sold for the year was 17,814,042 1,000 cu. ft., a de¬
crease of 336,442 1,000 cu. ft., or 1.9%, compared with 1934.
The number
of active meters at the close of the year increased from 452,333 to 456,544,
or 4,211 meters,
The terms of the present lease
provide that it may be terminated by
either the City of Philadelphia or UGI at the end of the first 10-year period,
namely, Dec. 31, 1937, notice of such termination to be served on the other
party at least
18 months prior thereto.
The Mayor, pursuant to an
ordinance of council, has served notice on UGI and Philadelphia Gas Works
Co. of the city's intention to terminate the lease on that date.
matured
Cigar Stores Co. of
Combining Statement of Assets and
April 4 1936
Chronicle
of
July 5, 1935, by the Federal Middle District Court of Tennessee and the
company was continued in possession of its property.
The Nashville com¬
pany mailed to its creditors and stockholders a proposed plan of reorganiza¬
tion dated Sept. 20, 1935.
A committee representing a substantial amount
of unguaranteed bonds objected to the proposed plan, and after extended
negotiations and consideration, a new plan of reorganization was proposed
which was approved by UGI board at a meeting held Feb. 25, 1936.
The
new plan, which was dated March
2, 1936, was adopted by the board of
directors of the Nashville company March 10, 1936, and subsequently filed
with said court.
Under this plan UGI will pay the principal of the guarantee
bonds and interest to their maturity May 1, 1937.
The holders of un¬
guaranteed bonds are to receive new 15-year 5% 1st mtge. bonds, par for
par, and UGI, in satisfaction of its claim as guarantor, will receive all the
or
of
ofJhe Nashville company, namely, 20,000 shares ($100 par)
$2,000,000.
UGI will receive no securities in exchange for its holdings
preferred and common stock, nor any payment on account of its ad¬
and its present investment of $1,610,094 will be charged to con¬
vances,
for
(b) Income tax returns for the year 1934 have not been audited by
Revenue.
(c) United's investment in the Whelan Drug Stores group is carried on
the books at $4,615,000 but has been eliminated from this statement and
the corresponding assets and liabilities and capital substituted therefor.
(d) Dividends paid on account of claims against United Cigar Stores
Co. of America, bankrupt, amounted to $4,927,783 at Dec. 31, 1935.
The income statement for the calendar year was published in V. 142.
tingent reserve.
the Bureau of Internal
P.
1660.
United
Co.—Annual Report—John
Improvement
Gas
E. Zimmerman,
President, says in part:
now
President
from the
Results—Company's income both from subsidiaries and from its other
in the preceding year.
Dividends received from
constitute company's main source of revenue
were $1,147,241 less than those received in 1934.
The operating companies
have felt the effects of major rate reductions,
thus limiting their revenues
to moderate increases.
On the other hand, operating expenses, particuarly
taxes, have substantially increased with a consequent decrease in earnings
followed by reductions in dividends of many of the companies.
It should
be noted that none of the subsidiaries paid dividends on common stock in
in 1935 that were in excess of their earnings for that year, except the New
Haven Gas Light Co. which paid out in dividends approximately $510,000,
or $20,400 more than the earnings for the year.
The combined statement of U GI and subsidiaries shows that there was
$25,388,179 applicable to the common stock of company, which is a reduc¬
tion of 8.1% from the year 1934, and is equivalent to $1.09 per share com¬
pared to $1.19 for the preceding year.
As a result of the greater increase in expenses than in revenues, there was a
decrease in operating income of $1,100,737, or 2.6%, compared with 1934.
Non-operating income increased $245,275, or 16.6%, which cqntinues to
reflect increased income from the sale of electric and gas appliances.
Earnings of utility subsidiaries applicable to their common stocks
of 2.5%.
Subsidiary Utility Companies' Statistics—Sales of electricity and gas, the
of the year and sales of major appliances of
number of customers at the end
the Philadelphia Gas Works Co.),
SEC
as
orderly way to test its constitutionality by filing bills in equity Fn the
appropriate Federal courts to restrain the Commission and other officials
of the U. S. Government from
3,199,769
896,089
17,314,890
408,473
Number of electric customers
^
3,505,613
917,046
kwh.)
Sales of gas (1,000 cu. ft.)
Number of gas customers
Sales of major appliances:
17,098,889
"404,334
10,240
7,507
3,290
2,719
8,033
7,570
2,426
2,286
1,959
7,839
2,875
1,734
in subsidiary companies have
decreased by a net amount of $924,735 during the year.
This is accounted
for by a decrease of $949,751 brought about by transferring the investment
in stocks and bonds of the Nashville Gas & Heating Co. from investments
in subsidiary companies to a separate account on the balance sheet, in¬
cluding other Nashville Co. items.
This method of treatment was adopted
because the Nashville Co. on July 5,1935, filed a petition for reorganization
under Section 77-B of the Bankruptcy Act.
This decrease in investments
was offset slightly by the purchase of a few additional shares of American
Gas Co., UGI now owning all but some fractional shares of the outstanding
Investments in Subsidiaries—Investments
stock of that company.
Other Investments—During the
year
30,775 shares of common stock of
Co. of Baltimore, being all of
Gas Electric Light & Power
company's investment in that company, were sold, entailing a loss of $1,618,019, this loss being charged to contingent reserve.
'
There were also sold 497 shares of Sierra Pacific Electric Co. preferred
stock at substantially the purchase price, thus disposing of the entire in¬
vestment in that company.
Philadelphia Gas Works Co.—Operating revenues for the company totaled
$15,025,488 for 1935, a decrease of $297,474, or 1.9%, compared with 1934.
Operating expenses were $9,479,186, a decrease of $148,515, or 1.5%,
largely as a result of the smaller quantity of gas supplied to customers.
There was expended $1,030,189 on maintenance of plant and equipment.
Out of the gross income of $5,289,250 the required rental of $4,200,000.
was paid to tne City of Philadelphia and $800,000 was paid to UGI as
enforce the provisions of the
tionality of the Act, and these suits, together with
are still pending.
a
number of others,
Income Statement for 12 Months Ended Dec. 31 (Company
Only)
'.
1935
Dividends—Subsidiary companies.-.$22,272,581
—..
..
.
Other companies
6,334,361
1934
1933
$23,419,823 $23,486,602
7,539,044
8,183,075
Total dividends.
$28,606,942 $30,958,867 $31,669,678
272,977
304,269
498,376
37,443
48,659
85,586
Notes, bonds & miscell. interest.__
1,863
3,991
54,892
Interest—Advances to sub. companies
Bank balances
.
..
Total interest.
Miscellaneous
$312,284
income—Services
$356,918
$638,854
361,438
375,415
453,179
to
subsidiary companies.
Other income incl. professional ser¬
vices, reimbursement items & com¬
pensation for operation of Phila¬
delphia Gas Works.
Total income-.
786,510
802,434
863,378
$1,147,949
Total miscellaneous income
$1,177,849
$1,316,557
---$30,067,175 $32,493,634 $33,625,089
Salaries, traveling exps., office rentals,
supplies, &c.
1,321,823
542,860
General expenses
Income available for taxes, interest,
dividends & surplus
-$28,202,492
Provision for taxes..
Interest
on notes
.
1,328,271
395,510
^COme-®-c-J-55"
Dividends on $5 dividend
Dividends
on common
Excess of dividends
1,445,279
364J19
$30,769,853 $31,815,091
466,518
payable, &c
544,266
1,987
37
.
Electric—RefrigeratorsRanges (including rentals)
Water heaters (including rentals)
Gas—Refrigerators
Ranges
.
Automatic water heaters (including rentals)--
Consolidated
attempting to
against company and its subsidiaries.
Suits were accordingly in¬
stituted by company and by certain of its subsidiaries to test the constitu¬
-----
l935
Sales of electricity (1,000
umou^^and
very careful consideration determined not to register with
required by the terms of the Act, but to proceed in the recognized
Act
.
investments was less than
subsidiary utility companies ^excluding
were as follows:
o_
nevertheless most of its
Directors after
r,
subsidiary companies, which
amounted to $25,690,610, a decrease
„
bill originally introduced,
destructive features have been retained.
582 646
493
--S27.735.936 $30,223,600 $31,231,952
pref. stock.
3,826,080
23,251,753
3,826,080
27,902,093
3,826 080
27,902,072
income.-_sur$658,104
$1,504,572
$496,199
$1.18
stock
over
Earns, per share on common
$1.03
$1.13
Balance Sheet Dec. 31 (Company Only)
1935
1934
$
Inv. in sub.
$
1935
Liabilities—
cos.208,675,794 209,600,529
Other investm'ts
y
$5 dlv.
1934
$
$
pref'd
stock
75,146,600
75,146,600
at cost or less. 118,417,343
122,244,768 x Com. stock...204,109,642 204,109,604
Invest, in Nash.
Accts. payable.
158,666
89,071
Gas & Ht. Co.
1,610,094
Accrued taxes..
533,128
584 718
Advances to sub.
Contingent res. 29,662,766
3l,28o!969
companies
7,813,174
8,321,125 Earned surplus. 33,023,009
32,294,625
Other advances.
1,169,871
881,446
Cash
3,828,341
1,471,307
DIvs. &int. rec.
611,527
762,248
Accts. and notes
receivable
57,404-
Mat'ls & suppl.
Office equipm't-
28,215
45,184
Deferred charges
376,862
Total
124,848
36,144
63,064
10,108
..342,633,811 343,505,5861
Total
342,633,811 343,505,686
™x«R,e£resented ky 23,251,755 shares of
23,251,750 shares
no par
value).
y
no par value in 1935 (1934).
Represented by 765,216 shs. (no par).
Note
Company is guarantor of $1,954,000 principal amount and interest
thereon of Nashville (Tenn.) Gas & Heating Co. 1st
mtge. 5% bonds due
Financial
Volume 142
May 1, 1937, of which $37,000 are now held by the company.
The Nash¬
ville Gas & Heating Co. defaulted in the payment of the semi-annual interest
due May 1, 1935 and Nov. 1, 1935.
U. G. I. deposited with the trustee an
amount sufficient to purchase the coupons on the guaranteed bonds due on
those dates.
On July 5, 1935, Nashville Gas & Heating Co. filed a petition
to reorganize under Section 77B of the Bankruptcy Act, and was continued
in temporary possession of its property.
Company is also guarantor of
interest only on $12,153,000 Connecticut Railway & Lighting Co. 1st and
ref. mtge., 4^% bonds due Jan. 1, 1951.
In addition, bonds not now
guaranteed as to interest become interest guaranteed when acquired by the
sinking fund.
Company is obligated to undemnify Koppers Co. of Del.
on account of that company's guarantee of the payment of dividends at the
rate of $3 per share per annum on 198,997 shares of pref. stock of Con¬
necticut Gas & Coke Securities Co. for 25 years from Oct. 1, 1926.
Philadelphia Gas
Years (Incl. Subs, but Excl.
Income Account for Calendar
Works Co.)
xl934
1935
Operating revenues of utility subs
Oper. expenses: (incl. maint., deprec. & taxes
$99,994,574 $97,662,323
58,180,103 54,747,115
Operating income
Non-operating income
$41,814,471 $42,915,208
1,726,714
1,481,439
Gross incomeInterest
$43,541,185 $44,396,647
11,961,371
12,156,821
—
542,123
488,328
738,808
751,089
-
funded and unfunded debt-.
on
Amortization of debt discount & expense
Other deductions
Net income
Dividends
on
-
-
-
-
y4,608,272
Earns, available for common stocks of util.
2,259,945
2,168,243
Balance of earns,
applicable to
$23,522,366 $24,101,694
applicable to U. G. I. Co
yl49,054
476,147
oper.
$74,340,728
34,537,208
4,287,252
7,174,259
4,357,287
7,746,114
9,023,180
Maintenance—
Provision for retirement
General taxes and estimated Federal income taxes
8,300,576
sub. & controlled cos_$21,328,556 $20,041,431
Non-operating income of sub. and controlled cos__
2,589,737
1,574,750
Net
from oper'ns of
earns,
Total income of subsidiary and
controlled cos__$23,918,293 $21,616,182
Int., amort, and pref. divs. of sub. & controlled cos.:
Interest on bonds, notes, &c
—
Amortization of bond discount and pref. stk. exp.
Dividends on preferred stocks
Proportion of earns., attributable to min. com. stk-
11,473,591
11,434,778
668,581
4,258,617
1,551,000
$5,718,167
Equity of United Lt. & Pow. Co. in earnings of
subsidiary and controlled companies
of in¬
come received from subsidiaries)
650,104
4,258,486
1,817,944
$3,703,204
Income of United Lt. & Pow. Co. (exclusive
10,514
9,756
$5,728,681
$3,712,961
254,032
267,604
2,319,045
222,020
2,318,605
234,797
$2,933,582
$891,954
—
Total income
-
Expenses of United Light & Power Co
Holding company deductions:
Interest on funded debt
Amortization of bond discount and expense---_
Balance transferred to consolidated surplus
—Y. 142, p.
2175.
United
of utility subs,
U. G. I. Co
Earns, of non-utility subs,
1935
1936
earnings of sub. and controlled cos.
(after eliminating inter-company transfers)
$80,094,360
General operating expenses
37,639,221
4,638,769
subs_$25,690,609 $26,361,639
Minority interests
Light & Power Co. (& Subs.)—Earnings—
United
12 Months Ended Feb. 29—
Gross
$30.298,882 $31,000,409
pref. stocks & other prior deductions-
2345
Chronicle
Light & Rys. Co. (& Subs.)—Earnings—
1935
1936
12 Months Ended Feb. 29—
of subs, and controlled cos. (after
$70,807,705 $66,190,129
'
33,104,561
30,535,954
General operating expenses
3,882,990
3,841,054
Maintenance.
6,635,084
6,248,386
Provision for retirement
—
8,032,398 ■' 7,861,157
General taxes and estimated Federal income taxes
Gross oper. earns,
eliminating inter-company transfers)
Total
$23,671,419^ $24,577,841
—
Losses of Nashville Gas & Heating Co. applicable
90,885
yz75,983
to U.G.I. Co
Earns, of subs, applicable to U. G. I. Co
Defd. int. & divs. on cum. pref. stocks
$23,595,437I$24,486,956
of subs.
»"m
applicable to U.G. I. Co.
yl55,467
173,018
Other income of U. G. I. Co
7,794,594
—
-
Net earns, from opers. of sub. and control cos__$19,152,671
Non-operating income of sub. and controlled cos_ _
1,909,382
9,073,811
Total income of sub. and
$31.545,497 ? $33,733,784
Total
Balance applic. to common
Earnings
per
3,826,080
3,826,080
stock of U. G. I. Co_$25,388,179 $27,637,671
share on common stock- -
$1.09
_——-----
trolled "companies—
preferred stocks
Proportion of earnings, attributable to minority
common
~~x 1934 figures restated for comparative purposes.
""""
y Dividends on cum. pref. stocks and interest on notes payable of sub¬
sidiaries
applicable_to_1935 have been deferred as follows:
Amount DeT"
stock exp.
on
stock
Welsbach Co.—dividends
85,750.00
48,655.57
$24,645.00
82,166.00
48,655.57
$213,050.57
170,484.57
is
on
on
notes
pay.&stks. held interco., leaving
z
1935, filed original petition for
Balance
-V.
Arizona Power Co., under Section 77B of
effected Oct. 1, 1935 when Arizona Power Corp.
The above statements includes, for comparative
purposes, the income, expenses, &c., for 12 months ended Dec. 31, 1934
and nine months ended Sept. 30, 1935, of Arizona Power Co., adjusted to
give effect to the plan of reorganization.
operations for these periods are deducted
earnings applicable to U. G. I. Co.
The adjusted net results of
in arriving at the balance of
Adv.
and
75,146,600
75,146,600
stock.-204,109,642 204,109,604
companies
241,010,750 244,406,200
2,232,462
161,889
Mat'ls & 8uppl.
14,333,219
5,872,233
Deferred charges
22,687,845
13,481,361
6,068,839
19,561,508
rec.
404,909
27,052,956
companies
1,392,558
75,408,891
3,231,178
28,284,142
439,406
3,357,511
1,280,624
3,167,475
1,297,187
Notes and accts.
payable
Divs. payable.
_
Fed.
Includ.
1,278,959
12,809,626
3,171,290
Other accruals._
184,632
reserve
.
&
Earnings per
Charles
Other
on
cos.
of
in
10,947,244
3,356,984
154,317
54,025,500
36,725,375
14,471,048
pref.
on
stks.
subs,
94,433
arrears
61,273
Surp. appl. UGI 55,303,614 c56.073.018
b Excess
over
cost
$1,580,067
7,026,928
$1,392,962
5,483,827
391,033
391,033
$4.03
391,033
$3.56
$176,105
4,458,318
373,846
$0.47
$2.15
-
1,686,400
•
property purchased since Jan. 1, 1933.
President, says:
considering the above comparisons, it should be noted that the item
1935 is $763,962, whereas the comparable figure
the profit on the sale of the company's investment in
Penn-Maryland, Inc., in that year, was $953,658. Furthermore, net income
In
for 1934, due largely to
was
$51,417.
Consolidated Balance Sheet Dec. 31
1935
y
a
3,432,633
Liabilities—
$
x
Property,
plant
and equipment-
Notes
rec.
-
-
283,500
9,122
4,655,139
1,694,654
1,883,550
Div.
4,934,563
a
.
-.-.812,936,904 815,185,628
Represented by 23,251,755 no-par
Total
800,000
(paid
195,517
1936).—
Accounts payable. 1,194,369
Miscell. accruals—
367,285
of
Union
Railroad
(Pa.)—Equipment
Trust
7,354,773
340,504
Merchandise, &c__
Deferred charges
others
-
349,266
5,822,748
331,740
Misc. current liab-.
Res've for conting.
Reserve
for
40,110
271,258
645,407
509,286
161,872
1,000,000
ship
237,055
Res. for pension fd.
Surplus
Total
15,745,710 15,029,722
Total
34,394
7,262,807
7,0~2~6~928
—15,745,710 15,029,722
Represented by 391,238 no par shares,
y After reserve for depreciation
$26,757,709 in 1935 and $27,875,738 in 1934.
z Represented by 205
a After reserve for depreciation of $45,924 in 1935 and
$14,040 in 1934.
b Includes marketable securities.—V. 141, p. 611.
x
of
shares at market,
United States Steel
Certificates—
March 23 authorized the com¬
$2,700,000 equipment trust certificates of 1936,
in connection with the procurement of certain
555,110
raw
mat'ls loaned to
113,750
226,157
shares in 1935 and 23,251,750 in
The Interstate Commerce Commission on
pany to issue not exceeding
to be sold at 100 and int.,
604,909
Dep. to insure the
& hurricane ins.
800,000 of surplus of Philadelphia Electric Co. and American Gas Co. at
dates of acquisition, approximately 97% of the common stocks of those
companies, at such dates, having been acquired in exchange for stock of
U. G. I. Co., par for par.—Y. 142, p. 2005.
$
(paid
pay.
return
812,936,904 815,185,628
1934.
b Bet amount by which par or stated value of subsidiary companies,
securities and acquired surplus exceeds cost of such securities to the U. G. I.
Co. and subsidiary holding companies,
c Includes approximately $12,-
1934
4,934,663
Jan. 2,
long
term
_
loans
in 1936)
Capital since Jan.
Treasury stock
$
Common stock—
Bank
819,112
8,815
b Investments
4,488,388
Cash
977,438
Accts. receiv., &c_ 1,383,681
Pension fund
33,091
z
1935
1934
repairs, &c
Total..
inventory
income in
The reserve had been extinguished by Dec. 31, 1935.
The difference in these items alone amounts to more than $2 per share
on the outstanding stock of the company at Dec. 31, 1935.
1935
Mlscell. assets
stated
value of subs,
sec.
-'$176,105
Munson,
S.
1, 1933
31,890,520
14,520,684
reserve
reserves-.
Divs.
par)
share
com.
Depreciation
447,553
re¬
placement res. 57,125,933
Conting.
$1,392,962
Assets—
Accrued Interest
Renewals
$1,580,067
$61,677
7,262,807
Balance, surplus
Profit & loss surplus
Com. shs. outst. (no
&c.,
tax,
889,200
12,191
125,000
$843,743
782,066
income
Mat'd bond int.
payable
300,814
reserve
2,132,000
973,151
credits
Deferred
900,000
for the year 1934 was benefited by $676,455 through charges to
created in 1932, whereas the comparable benefit to net
due and called
(current)
900,000
x31,884
"other income—net" for
Subs, fund debt
Notes and accts.
_
Dividends
x
and surpl. sub
deposits
1932
$2,482,348
1,404,852
S
Fund, debt sub.
Div. and coupon
receivable
$
3,662,999 Pref. stock sub.
companies
76,683,723
8,788,250
3,123,856
17,208,393 Cust. dep., &c._
Min. Int. & cap.
2,034,720
4,276,065
S. f. & spec. dep.
9,637,292
Cash
19,247,710
Mktable secur—
918,692
1933
53,215,464
1,521,688
placemt' in lieu of dep.
Depreciation
Income charges (net)
Pref. stock...
Common
accts.
rec.(not curr.)
Divs. & int.
1934
Liabilities—
a
606,177,675
132,401,167 136,404,416
Investments
1934
$4,446,854
1,841,787
Prov. for renewals & re-
Net
1935
1934
Prop., Plant and
equipment
601,168,330
Co.—Earnings—
1935
$3,600,695
1,825,068
Calendar Years—
Estimated Fed. taxes.—
Consolidated Balance Sheet Dec. 31
$
2176.
p.
Operating income
Adm., sell. & gen. exps_
(Excl. Philadelphia Gas Works Co.)
$
142,
U. S. Industrial Alcohol
business.
1935
$1,106,250
stock dividends—
7% prior preferred, first series
6.36% prior preferred, series of 19256% prior preferred, series of 1928—
Note—The reorganization of
Assefs—
275,002
346,212
619,517
Prior preferred
Nashville Gas & Heating Co., on July 5,
commenced
$2,346,982
$3,237,061
1
reorganization under Section 77B of the Bankruptcy Act, which petition
was approved by the Court %s properly filed under said section, and the
company was continued in possession of its property.
Operating revenue,
expenses, &c., are excluded from above figures, but the losses.applicable
to U. G. I. Co. up to July 5, 1935, are shown as one item.
the Bankruptcy Act, was
1,375,000
42,988
deductions-7-
company
$42,566.00
—
stocks in hands of the public.
$3,764,970
1,375,000
42,988
275,002
346,212
619,284
$155,466.57
155,466.57
Expenses of United Light & Rys. Co.
Holding
$3,937,987
173,017
subsidiaries).
Total income
W elsbach Co.—interest
9,276
$6,068,241
172,692
$5,895,548
income received from
573,640
$4,477,560
ferred 1935
of which
$3,928,710
r
Applicable to
U. G. I. Co.
Co.—dividends $54,000.00
Nashville Gas & Heating Co .—dividends
24,645.00
-
1,554,504
t
Equity of United Light & Rys. Co. in earnings
Merchants Ice & Cold Storage
Total
10,089,842
625,630
3,028,120
1,821,011
bonds, notes, &c
on
Amort. of bond discount and preferred
Dividends
10,111,649
607,116
3,027,675
$5,494,601
Interest
81.19
_
1,523,232
$21,062,053 $19,226,808
cos
Interest, amort, and pref. divs. of sub. and con¬
2,331.239
2,270,033
U. G. I. Co..$29,214,259 $31,463,751
Expenses, provisions for taxes & interest
Balance applic. to capital stocks of
Dividends on $5 dividend pref. stock
controlled
$17,703,575
Corp.—Number of Stockholders
on
March 7—
Holders of common stock on March
7, the record date for the annual
were 182,111, compared with 185,409 on Dec. 1 1935, a decrease
3,298.
In March 1935 the corporation/ had 190,926 stockholders.
Holders of the preferred stock on March 7 amounted to 62,082, compared
meeting,
equipment.
The certificates were offered for sale
through competitive bidding.
In¬
19 corporations,
respecting the certificates was requested by
partnerships and firms and two bids were received.
The highest bid,
100 and int., was made by the United States Steel Corp.—V. 142, p. 1659
formation
-
of
Jan. 30, the record date of the last dividend, and with
63,383 in February 1935.—V. 142, p. 2006.
with 62,583 on
Financial
2346
Utah
Light & Traction Co.
Period End. Jan. 31—
Earnings—
1936—Monlh- -1935
$85,592
$97,250
76,365
79,540
Operating revenues
Operating expenses
1936—12 Mos.—1935
$1,054,299
$1,000,294
921,690
911,436
Chronicle
April 4 1936
Toronto, on March 16 1936, upon presentation for cancellation of coupon
No. 8, and in the case of bonds maturing July 5 1931 or prior thereto upon
presentation for endorsement of interest on the bonds themselves.—V. 139,
d. 1256.
Wentworth
Net rev. from oper
Rent from leased prop..
$9,227
42,861
$17,710
34,667
Gross corp. income
Balance
Before property
a
$52,351
52,680
$52,377
52,705
Int. & other deductions.
$88,858
544,389
2,696
$628,232
263
Other income (net)
a
$132,709
493,100
2,523
$635,943
639,893
632,175
$328
$329
$3,943
$3,950
retirement reserve appropriations and dividends.—
Y. 142, p. 973.
Net
rev.
West Coast
on common
1936—Month—1935
$996,851
581,749
$906,091
547,207
1936—12 Mos.—1935
$1,452,322 $10,045,310
6,206,546
5,917,890
$415,102
from oper
$358,884
3,981
$4,245,776
41,654
185
(net)
The directors have declared a dividend of 37 3^ cents per share on account
of accumulations on the 6% cum. preferred stock, par $25, payable April 1
to holders of record March 20.
This will be the first payment made on the
$415,287
238,148
$362,865
240,821
$4,287,430
2,881,191
$4,126,420
38.646
Western Air
$4,165,066
2,924,980
$1,406,239
747,299
Western
Maryland Ry.—Earnings—
Period End. Feb. 29—
1936—Month—1935
$1,195,438
$2,745,986
$2,460,767
488,359
432,494
4,444
387,241
361,411
5,741
954,086
835,048
8,934
788,293
712,931
12,947
$436,938
263,745
$367,152
265,741
$843,982
528,237
$725,878
533,023
$173,193
$101,411
$315,745
$192,855
Net operating revenue.-
Netrailway
1,704,761
oper.
income
1,704,761
$1,045,821
$1,210,441
745,766
Before property retirement
appropriations and dividends,
z Dividends accumulated and unpaid to Jan.
31,1936 amounted to $4,688,093.
Latest dividends amounting to 58 1-3 cents a share on $7 pref.
stock and 50 cents a share on $6 pref. stock, were paid on Jan. 15,1936.
Dividends on these stocks are cumulative.—Y. 142, p. 1139.
Utah
February—
1935
1936
From Jan. 1—
Gross from railway
1934
$77,436
21,202
3,248
1933
$56,017
10,774
def9,373
$152,958
73,680
43,250
278,962
115,694
railway
Net after rents
193,897
66,556
25,079
67,805
Virginia-Carolina
138,237
287,944
134,767
76,025
40,422
1,891
Chemical
hold
Corp.—Special Meeting—
special meeting April 27 to consider pro¬
posed retirement of all outstanding shares of 7% prior preference stock.
See also V. 142, p. 2176.
a
Virginia Electric & Power Co.—Earnings—
Period End. Jan. 31—
Operation
515,248
95,496
173,834
Maintenance
Taxes
1936—12 Mos.—1935
$15,362,447 $15,171,353
493,229
6,072,340
5,957,041
85,761
1,013,423
980,646
158,616
1,601,945
1,849,202
$575,198
6,666
$568,452
sources.
$581,865
147,420
$568,452
Interest & Amortization
Balance
Balance
$434,444
Appropriations for retirement reserve
Preferred dividend requirements
common
158,369
$410,082
div. & surplus
$6,674,737
6,666
$6,384,462
$6,681,404
1,963,296
$6,384,462
1,899,149
$4,718,107
1,800,000
1,171,631
$1,746,476
$4,485,313
1,800,000
1,171,611
$1,513,702
1936
1934
1933
831,689
721,346
$1,343,307
733,080
614,146
$1,186,363
637,156
568,178
$1,110,107
565,051
488,392
2^88,060
2,642,170
L679.472
1,411,503
Net after rents—
From Jan. 1—
Gross from railway
Net from railway
Net after rents...
1,419,151
1,182,385
2,423,295
1,304,579
1,157,029
2,299,247
1,185,598
1,024,844
—V. 142, p. 2177.
Stock—
a
authorized
Wabash Ry .—Earnings.—February—
Net after rents
1935
$3,292,654
839,655
396,666
1934
1933
$3,037,326
841,842
373,132
$2,666,153
425,679
defl07,251
7,264,865
1,713,951
821,632
From Jan. 1—
Gross from railway
Net from railway.
6,521,790
1,503,772
583,555
5,949,432
1,499,436
537,033
5,316,313
729,377
def336,717
System, Inc.—New Director—
Julian B. Erway has been elected a director, succeeding N.
who
F. Towner,
resigned.—V. 142, p. 2007.
Net after rents
—V. 142, p.
Co.—Exchange Offer Extended—
The directors are sending holders of 7 % prior preferred stock a second
letter, informing them that the offer to exchange one share of this stock
for 1
shares of 6 % preferred and $3 in cash has been extended t o May 1,
for although holders of almost a majority of the prior preferred stock favor
the exchange, the board is "loath to declare the offer operative unless a
considerably larger percentage accept."
On May 1 the plan will either
be accepted, or deposited stock returned without cost to owners.
See
also V. 142, p. 975.
Bros.
Pictures,
Inc.—Considering
Debenture
Refunding—
The company, it is understood, has been holding preliminary discussions
bankers with a view to arranging refunding of its $31,924,000 6%
convertible debentures, due in 1939 and callable at 102.
It is believed new
with
convertible 4%% debentures may be planned to replace the present issue.
It is understood, however, that there is no plan to register the new issue
n the immediate future.—V.
142, p. 1491.
Period End. Jan. 31—
Co.—Stock Dividend—
The directors have declared a dividend of 25 cents per share payable
class B stock, on the $10 par common class A and B shares, on April 1
holders of record March 21.
Scrip certificates for fractional shares will
in
to
be
issued.
Similar payment was made on Jan. 2, last.
A cash dividend of
25 cents was paid on Jan. 1, 1935, and 50 cents was distributed on Nov. 1,
1933, this latter payment being the initial cash distribution on the common
stocks.
A 5% stock dividend payable in class B stock was paid in 1934, and
a stock dividend of 11% was paid on Aug. 22, 1933.—V. 141, p. 4029.
Wellington Building Corp., Ltd.—To Pay Bond Interest
Under an order made by the Supreme Court of Ontario, payment in
Canadian funds of the instalment of interest which became due on July 5
the
1st
mtge. bonds, together with interest thereon to March 5
1936, at the rate of
%, was made by the London & Western Trusts Co.,
on
1,470,552
185,356
31,379
1,177,761
def80,733
def231,879
(& Subs.)—Earnings—
1936—Month—1935
Gross earnings
1936—12 Mos.—1935
$179,303
95,725
7,258
'
16,011
$171,748
90,634
7,984
15,858
$2,058,367
1,076,089
112,819
$60,307
28,876
$57,271
29,684
$686,593
347,432
$681,616
363.909
Balance.
$31,431
Appropriations for retirement reserve
$27,586
$339,161
210,791
119,451
$317,706
203,750
119,452
Operation
Maintenance
Taxes
Interest & amortization.
182.864
Preferred dividend requirements
Balance for
common
dividends & surplus
Western Ry.
$2,011,691
1,044.408
97.053
188,613
def$5,496
$8,918
of Alabama.—Earnings.—
February—
1936
Gross from railway
Net from railway
1935
$116,989
def779
def5,480
From Jan. 1—
Gross from railway
Net from railway
1934
$100,311
def8,664
defl2,528
238,773
Net after rents
202,436
defl7,080
def25,481
1933
$109,628
$85,936
defll,611
defl4,273
4,553
2,221
*
3.612
def5,505
Westvaco Chlorine Products Corp.
Years Ended—
192,326
defll,555
defl6,478
225,507
11,680
6,479
(& Subs.)—Earns.
Dec. 28 '35
Dec. 29 '34
Dec. 30 '33
Dec. 31 '32
$618,343
$595,997
$463,164
$381,222
$1.63
$1.55
$1.08
$0.79
Net profit after all chges.
and taxes
Earns, per sh. on 284,962
shs. com. stk. (no par)
—V. 142, p. 476.
February—
railway
Net from railway
1936
$1,076,546
232.179
158,474
Net after rents
From Jan.
—V.
142,
p.
1935
$1,049,323
189,934
103,929
$925,002
271,483
170,416
$686,301
177,866
81,087
2,129,560
465,132
278,004
1,776,542
505,402
307,195
1,360,982
327,463
131,339
1934
1933
1—
Gross from railway.:...
Net from railway
2,214,144
516,513
360,159
1492.
•
■
Wheeling Steel Co.—New Director—
George D. Crabbs has been elected
a
Wichita Falls & Southern
February—
director.—V. 142, p. 2007.
RR.—Earnings.—
_.
1936
$28,506
def2,316
def6,431
1935
$36,736
3,001
def997
$38,017
4,618
defl,340
$38,479
6,791
68,855
Gross from rail way...
75,327
7,370
def2,471
84,584
15,162
2,421
76,548
13,328
2,246
From Jan. 1—
Gross from railway
Net from railway
474
def8,080
'
1934
1933
1,222
—V. 142, p. 1661.
Willys-Overland Co.—Certificates Approved—
The issuance of $750,000 trustee's certificates to finance the manufacture
of 15,000 additional cars was authorized in U. S. District Court at
Toledo,
Marcn 20, by Judge George Hahn, after the National City Bank, New
York, trustee for the bondnolders, withdrew its bill of objection.
Pro¬
visions for adequate protection of the bondholders' rights were made in the
financing plan before the bank withdrew the bill.
David R. Wilson was named permanent trustee of the company, which
is operating under the Bankruptcy Act pending reorganization.
A firm
also was named to make an appraisal of the plant.—V. 142, p. 1839.
Wilson-Jones Co.—$1 Dividend—
The
directors have declared a dividend of $1 per share on the no par
stock, payable May 1 to holders of record April 24.
A similar
payment was made on Nov. 1, last as against 75 cents paid on May 1 1935
and 50 cents on Nov. 1 and April 2 1934.
This latter payment was the first
common
made since June 1
was
Wehle Brewing
1932
1,642,068
128,089
defl46,245
2177.
Net after rents
Waltham Watch
Warner
* 1933
$563,380
def46,732
defl26,636
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1491.
Waldorf
1934
$654,825
50,193
def6,666
Net after rents
1936
$3,716,015
912,679
466,311
Gross from railway
Net from railway
Net after rents
142, p.
1935
$727,712
10,601
defl06,378
1,753,118
118,447
defl08,829
Net after rents
Gross from
meeting May 7 will vote on a proposed reduction
preferred stock from 19,709 shares to 15,223 shares.
The stockholders will also consider a proposal to change
the
humber
directors from nine, to not more than nine nor less than six.—V. 141, p. 3552.
—V.
RR.—Earnings—
Wheeling & Lake Erie Ry.—Earnings.—
Detinmng Co.—To Reduce Pref.
The stockholders at
$3,460,061
—V. 142, p. 1661.
1935
V $1,488,365
$3,554,739
1936
$815,946
23,739
def75,490
Net after rents...
Virginian Ry.—Earnings—
February—
Gross from railway
Net from railway
the
Western Pacific
February—
railway
Net from railway
$333,098
$186,314
—Jan. 1 to March 21—
1936
1935
—V. 142, p. 1140.
—V. 142, p. 1837.
Vulcan
.
Balance
1936—Month—1935
$1,359,777
$1,306,059
earnings
Bal. for
—
Western Public Service Co.
The stockholders will
Inc. from other
(est.)
142, p. 2007.
—V.
1935
1936
Net from railway
—V. 142, p. 1660.
Gross
—Third Week of March—
Period—
Gross earnings
Gross from
$139,579
56,690
32,973
Net after rents
Net from
reserve
Ry.—Earnings.—
Gross from railway
Net from railway
in
Gross income
Fixed charges
Net income
Deficit
1936—2 Mos.—1935
$1,362,257
revenues
$1,240,086
I
y
regular quarterly dividend of
the current
a
Express Corp.—New Directors—
Other income
Balance
y$177,139
y$122,044
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
paid or unpaid
1932 when
Thorns J. Wolfe and E. H. Brown were elected directors, succeeding
W. N. Garland and J. W. Miller, who resigned last year.—Y. 142, p. 140.
Operating
Gross corp. income
Int. & other deductions.
stock outstanding„
Telephone Co.—Accumulated Dividend—
37K cents per share was distributed. Accumulations after
payment will amount to $5.62H per share.—V. 135, p. 1494.
(& Subs.)—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Jan. 31—
Operating revenues
Operating expenses
$949,668
80,923
$0.78
Net profit after provision for Federal taxes
Earnings per share
1935
$589,098
1936
Sales
preferred stock since June 1
Utah Power & Light Co.
Other income
Mfg. Co., Inc.—Earnings—
3 Mos. End. Jan. 31—
1931 when
a
quarterly dividend of 37 H cents
per
share
distributed.
The company announced that it is not the present intention of the board
of directors „o give consideration to the payment of a further dividend
upon
the company's stock until the annual meeting in October following the end
of the current fiscal year
Wisconsin
Period End. Feb. 29—
Total revenues
Otherincome.net
on
funded debt
Net deficit
—V.
142, p.
1492.
p.
4179.
Ry.—Earnings-—
1936—Month—1935
$794,965
59,624
98,983
59,421
149,531
$645,639
19,119
129,824
32,571
146,040
$307,935
Net railway revenues.._
Net after rents
Int.
(Aug. 31 1936).—V. 141,
Central
$308,436
1936—2 Mos.—1935
$1,611,635
$1,345,715
218,678
72,615
92,592
230,796
117,305
63,522
309,375
307,728
$519,273
$602J)47
*
Financial
Volume 142
Wisconsin Gas & Electric Co.—Bonds
Power
2347
—John F. Kent and Benjamin N. Trahan have taken over the manage¬
Registered—
The company has filed for the issuance of $10,500,000 of first mortgage
4><j% bonds due on April 1, 1966. Of the net proceeds, $10,395,000 will
be applied to the redemption on June 1 of $9,900,000 of the company's
first mortgage gold bonds, series A, 5%, due on June 1,1952, at 105. Inter¬
est on the bonas to be retired will be paid out of other company funds and
any balance of proceeds will be used for general corporate purposes.—V.
141, p. 3242.
Wisconsin
Chronicle
&
Light Co.—Exemption from
visions of Public Utility Holding Company Act of 1935—
ment of the
Chicago office of Burr & Co., Inc., at 209 South La Salle St.
Messrs. Kent and Trahan have long been identified with investment banking
in Chicago, Mr.
Kent having been
&
Trahan
Co.
and Mr.
Trahan &
George H. Burr & Co., which
Pro¬
—C. E. Welles &
an
principal in the firm of Kent, Grace
a
Vice-President and
was
Secretary of Schimberg,
The present firm of Burr & Co. is the successor firm of
Co.
founded in 1897.
was
Co., members New York Stock Exchange, have opened
Investment Department under the management Edwin Harden, formerly
The Securities and Exchange Commission has issued an order exempting
the company from all those provisions of the Public Utility Holding Com¬
pany Act of 1935, which would require it to register under said act because
of its pwning, controling, or holding with power to vote,
tion with their Investment Department of Carl L. Clever, Edward Norrls,
the outstanding voting securities of the
Kenneth Fisher, John Steinhauer, Richard McMahon and Charles Lindow.
10% or more of
public utility companies it controls
(South Beloit Water, Gas & Electric Co., Milton Electric Co. and Sumpter
Light Co.).—V. 141, p. 1112, 1458, 3242, 3397, 3553; V. 142, p. 1662.
of E. A. Harden & Co., Inc.
James
H.
O'Connell,
—Remer,
Charles
Mitchell
&
Howard D. Whitehouse
Wright Aeronautical Corp.—Gets Government Order—
of
The War Department announced it had ordered 512 new aircraft engines
company.
The total cost is approximately $3,850,000.
The
from this
order includes 432
powerful single
the
Wright Cyclone nine-cylinder engines
said to be the most
radial production type in the world.
bombers recently ordered.—V. 141, p. 3242.
new
row
They will power
Machinery Corp.—To Air-Condition Trains—
The company has just received an order from the Baltimore & Ohio RR.
to build air-conditioning systems for 57 railroad cars, according to S. E.
Lauer, Vice-President in charge of sales for the York company.—V. 142,
p. 2007.
Youngstown Sheet & Tube Co.—Refunding Issue Ap¬
proved—
stockholders on March 31 approved the issuance of $90,000,000
bonds to be used in refunding present first mortgage bonds.
Stockholders
also waived preemptive rights to 600,000 shares of common stock so that
The
the debentures
might be issued with a convertible feature.
contemplated that $60,000,000 first mortgage series C bonds, to
in 25 years, and $30,000,000 convertible debentures, maturing
in 15 years, will be issued for the refunding plan. Proceeds will be used to
retire the $84,962,000 first mortgage series A and B 5% bonds outstanding.
Directors are empowered to fix the conversion rate for the debentures,
Whitehouse
Co. and
F. A.
the
Scott and S.
vacancies
the
year.
Livingston Mather
elected directors.
were
They fill
note
A.
McAlpin
announced
1, 1936,
as
the
Berryman,
of
appointment
Vice-President in Charge
formerly Vice-President of the
was
Hlinois
Continental
associated with this company and Its precedessors for a period
was
Quincey & Co., 24 Broad St., N. Y. City, have prepared for
together with
an
of April, 1936, on each
interest table
different $1,000 bond or
Home Owners Loan Corporation and
on
Federal Farm Mortgage bonds.
—Frederic P. Robert and Paul A. Schmuck, formerly with E. A. Pierce
&
Co., have formed the firm of Robert & Co., dealers in securities, with
offices
149
at
Broadway.
They
will
specialize
and
reorganizations
in
underwritings and will clear through the New York Stock Exchange firm
of Watson & White.
—Distributors Group, Inc., announce that John B. Boucher, formerly of
Hartford, and Anthony A. Becker, formerly of G. H. Walker & Co., are
associated
now
brokers
and
with
dealers
their
the
trading department.
firm
has
installed
a
For the convenience of
private telephone wire to
Hartford, Conn.
—Hoit, Rose & Troster, 74 Trinity Place, N. Y. City, have prepared for
distribution their current edition of "Facts and Figures," which contains
a
CURRENT
J.
distribution their current interest table for United States Treasury issues
caused by the death of John L. Severance in January, and
resignation from the board of J. G. Argetsinger.—V. 142, p. 1492.
Inc.,
of April
as
accrued during the month
It is
one
Reitzel,
Harden,
the associa¬
of about 13 years.
mature
which must be issued within
M.
announce
Corporation Financing, Consolidations, Mergers and Reorganizations.
Mr.
—Chas. E.
York Ice
The Welles firm also
of 56 fire and casualty insurance companies, based
survey
of Dec.
as
NOTICES
31,
1935 and data
on
statements
on
bank stocks and other over-the-counter
securities.
—The investment banking house of Estabrook & Co., founded in 1851,
is
observing its 85th anniversary.
The business
originally established
was
in Boston under the name of Brewster, Sweet & Co., and the name either
of Brewster
of Estabrook appears in the three titles under which
or
firm has been known.
York office
The last has been carried for 40 years.
opened in
was
1898,
and
the
offices in Chicago, Baltimore and elsewhere besides the five present ones.
The present New York partners are Charles F. Hazelwood, Gerald Whitman
and Roger H. Williams.
The Boston partners
F. Clarke, Richard Pigeon, Philip L.
At the start of its
from the then
with
Investment Bankers Association.
the firm did considerable business in gold arriving
the
on
Lawrence Portland Cement Co.,
Department
Stores,
Inc.,
Plate
Pittsburgh
—Charles J.
cessor
&
O'Brien, formerly with Equitable Trust Co. and its suc¬
Chase National Bank, has become associated with Reynolds,
Co.,
members New York
Stock
Fish
Exchange, in their branch office at
18 East 48th St., New York.
Lyon Carter, Herman
are
newly discovered California field.
identified
largely
career
Kaufman
Glass, United Wall Paper and A. C. Horn Co.
—A study of 23
Spalding and Orrin G. Wood, the
last named being the President of the
Inc., 120 Broadway, N. Y. City, have prepared
special report containing analyses
Congoleum-Nairn,
The New
various times there have been
at
—Bonner & Bonner,
a
A decade later it
Governmental financing
of the
Civil
was
representative companies in the chain store field has
been prepared by King, Crandall & Latham, Inc., 60 Wall Tower,
City
N. Y.
The analysis includes 1934 and 1935 sales, earnings and dividend
figures.
—Foster, Marvin & Co., members of the New York Stock Exchange,
War.
that Henry W. Doyle is now associated with them.
Mr. Doyle
Since then its activities have grown to include all the recognized branches
announce
of investment banking.
has been associated with Abbott, Proctor & Paine for the past five years.
It has been
a
member of the Boston Stock Ex¬
change since 1851 and of the New York Stock Exchange since 1878.
—H. D. Shuldiner & Co., members of New York Security Dealers
—IraHaupt & Co., 39 Broadway, N.Y. City, members of the New York
Stock
Exchange,
and
specialists
prepared for distribution,
Book
for
New
Collections
of
New
a
New
in
Jersey
Jersey
Bonds
municipal
(third
Municipalities."
comprehensive study of the tax collections of
edition)
bonds,
have
This
entitled,
booklet
"Tax
contains
a
Jan.
1, 1936, the percentage that these outstanding amounts bear to
—Weingarten & Co., members New York Stock Exchange,
outstanding at the end of each of the past three years of levy.
of
title
tax
reported
liens
outstanding for
of the
each
an
A
individual
—William Reid, a partner of J. S.
President
—Real
bond
estate
prices
increased
1.2%
for
the
month
according to statistics compiled April 3 by Amott,
face
value
average
increased from
price
the
on
Co.
&
the
on
March 31.
on
The
highest
investment business.
to
Corp., 1 Wall St., New York City, Is distributing
current list of State,
a
county and municipal bonds yielding from 0.50%
3.90%.
—Morgan, Howland & Co., members New York Stock Exchange, an¬
nounce
that George H. Johnson Jr. has become associated with them.
—Hanson & Hanson, 25 Broadway, N. Y. City, have available for dis¬
Philadelphia issues gained 2.7% for the month and
appreciation.
analysis of Washington & Suburban Companies collateral
—First of Michigan
The average price per $1,000
Feb. 29 to $408
an
5>£s, due March 1, 1941.
—Warren W. Mansfield and Frank W. Horne have formed the firm of
Jan. 1 was $389.
on
Bonds covering 22
showed
$403
Baker
The
bid
price
rose
to
$376.
tribution
New
York City issues, with a gain of 1.3%, showed the second highest rise.
analysis of Powdrell & Alexander, Inc., common stock.
an
—Peltason, Tenenbaum & Harris, Inc., Boatmen's Bank Bldg., St. Louis,
have issued
current list of Arkansas
a
Municipal Bond Quotations.
The price of these issues increased from $393 to $398.
Boston
issues
gained 1.1%, Buffalo issues lost
Issues used in compiling the averages decreased
Theater
issues, which decreased 6.1%
March, the
average
—Schoellkopf,
Burnet & Co., members of the New York Stock Exchange.
1.7%.
gained 14.4%
Hutton
&
0.8%, hotels
rose
Inc.,
announce
that
Empire Gas & Fuel Co. earnings for the past four fiscal
0.6%
Apartment hotel issues fell 0.9%.
Pomeroy,
—Hiltz & Co., Inc., 39 Broadway, New York has issued a comparison of
in
price rising from $592 on Jan. 1 to $619 on March 31.
buildings increased 0.4%.
—William R. Taylor has been admitted as a general partner of W. E.
1.4%, and Pittsburgh
in February,
Issues covering housekeeping apartments gained
and office
James
—Ernest H. Abbes, formerly with
J. Arthur Warner & Co. in their
H.
Dewson Jr., Francis Petersen, and John T. Stephenson Jr., are now asso¬
ciated with them in the New York office.
Mr.
was
formerly with
Schlater,
five years.
Mr.
Petersen will head the trading department; he
eight
years.
a new
of George
—James Talcott,
Wis.,
J.
which
—Bristol
are
connected
In addition to the New York
years.
removal
the admission of James W. Sanders
of their
New York
office to
11
as
Wall
general partner, and the
Street.
Mr.
Broadway,
New York,
are
distributing
the
the City of St. Paul, Minn.
Exchange Place, New York, has issued its fort¬
nightly circular on high grade railroad bonds.
—Herrick, Berg & Co.
announce
the opening of an office at 230 Park Ave.
under the management of J. Harold Cassin.
—Kidder, Peabody & Co.
announce
that A. L. Lippitt is now associated
with them in their uptown office.
of Janney & Co.,
has
been associated with the New York Stock Exchange firm of Burton, Cluett &
Dana for the past five years and for the previous 16 years was President of
Philadelphia.
—Josephthal & Co., 120 Broadway, New York, have prepared
on
Sanders
J. W. Sanders Co., New York sales agents for producing steel companies.
115
—John H. Mason has been elected Chairman of the Board of Directors
—Elder & Co., members of the New York Stock Exchange, New York
Cotton Exchange and associate members of the New York Curb Exchange,
announce
Willett,
—Homer & Co., Inc., 40
Marks, senior partner of the firm, and Daniel Laser are both former
partners in Jno. F. Clark & Co., the former having served that organization
than 31
&
financial study of
New Orleans and Racine,
with leased private wires from New York.
and its predecessor firm for more
Inc., has been appointed factor for J. C. Siegelman
—Lazard Freres & Co., Inc., 15 Nassau St., New York City has prepared
a
office in New York at 30 Broad Street, under the management
office, the firm maintains offices in Chicago,
announce
April issue of their "Over-the-Counter Review."
Mr. Stephenson will be in the sales department.
C. Jennings, resident partner.
associated with
business department.
Denton has become associated with them.
was
—Marks, Laser & Co., members of the New York Stock Exchange, have
opened
new
years.
now
Co., Inc., New York City, Importers of velveteens.
Noyes & Gardiner, and before that, with Stone & "Webster and Blodget,
formerly with A. Iselin & Co., and before that, with Roosevelt & Son, for
Hare's Ltd., is
—Wagner, Stott & Co., members New York Stock Exchange,
that Kay C.
Dewson, who will be in
charge of the municipal bond department,
for
a
Mansfield & Company, 49 Pearl St., Hartford, Conn, for the conduct of
of March,
raising the total appreciation for the first three months of 1936 to 4.9%,
market action of 200 typical Eastern issues.
trust
an
ity to the State Audit Department of New Jersey.
Bache & Co., and formerly a Vice-
Guaranty Trust Co. of New York, has been elected
—Howard & Bobbins, Inc., 115 Broadway, New York, has prepared for
distribution
com¬
piled from the reports made by the Chief Financial Officer of each municipal¬
of the
director of the Central National Corporation of New York.
municipalities
The figures contained in the hand book have been
upon.
new
appendix the amounts
announce
under the management of Ezra G. Leavitt and Sanford Stern.
the total levies of each particular year, and the percentage of current taxes
feature has been added to the booklet which lists in
Asso¬
with Shields &
the opening of a branch office at 2561 Broadway (N. W. corner 96th St.)
200 New Jersey munici¬
over
palities for the past three years, giving the amounts of taxes outstanding
on
Seymour H. Rosenberg, formerly
Co., has become associated with them in their trading department.
booklet supplementing their Statistical Hand
Municipal
Jersey
ciation, announce that
a
circular
on
United
Spiegel-May Stern Co.
—Bryan,
Gas
Penington
&
Colket
have
prepared
an
analysis
Corporation.
—C. F. Herb& Co.
announce
the removal of their office to 30 Broad
St#
Financial
2348
April 4 1936
Chronicle
gUpxrris and gxratmjeuis.
PUBLISHED
AS
ADVERTISEMENTS
NORFOLK AND WESTERN RAILWAY COMPANY
ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 1935
FORTIETH
Roanoke,
To the Stockholders:
1935.
for 1935,
following
compared with those for 1934:
OF ROAD AND TRACK IN OPERATION
MILES
'i1935
Decrease
Miles
1,506.55
Main Line
Branches—
1,506.56
>.
■
.095 cents
\.58
1,685,131 tons
L.47
increased
.92 miles
.33%
increased
$5,044,004.99
increased
.016 cents
1,156,050 tons
63,546 tons
38,855 tons
7.35%
2.44%
*4
2.32%
3.80%
14.77%
10.22%
.01
6,11k tons
183,385 tons
29.37%
44.61%
Revenue from freight trans¬
portation
$73,661,074.79
Avge. rate per ton per mile. .672 cents
Avge. tons of revenue freight
per train mile
..1,541.19
Shipments of coal...31,578.626 tons
Shipments of coke
493,787 tons
Shipments of ore
.341,300 tons
Shipments of pig and
bloom iron
14,845 tons
increased
decreased
increased
Lines operated under
2,131.76
19.19
27.21
26.99
27.21
26.99
2,166.77
2,185.96
19.19
637.43
13.18
8.00
1,814.15
14.42
one-half
4,609.11
4,650.72
41.61
tion of basic rates of pay in effect
2,168.52
4,621.68
1
19.18
2,112.57
V
-
-
2,185.31
4,652.30
30.62
V
trackage rights
operation,
_
Second track
Third track
Sidings and yard tracks
1,^99.73
Total miles of all tracks in oper__
Average miles of road operated
Average miles of track operated
'
agreement with representatives of
In accordance with
restored
deduction
one-quarter of which deduction was
1934, an additional one-quarter of said
restored January 1, 1935, and the remaining
1932,
1,
July
1,
was
OPERATING RESULTS
Operating
Railway
or
7.34 per cent.
making
increased $1,398,699.54, or 8.45 per cent., principally
of increased business and higher wages cost, and
decreased $761,398.80, or 27.35 per cent.,
of credit adjustments after the Railroad
mainly by reason
Retirement Act of
The ratio
57.02
of
1934
was
declared unconstitutional.
Operating Expenses
per
At Lambert Point, Va.,
There
Pier "S" to
At Lynchburg, Va., express
.
March
interest,
4y2
At
per
your
constructed
bridge
Company paid $102,000 Convertible 10-25 Year
Of this issue,
One-quarter of the principal amount of the notes was paid
September 1, 1935, and the balance December 1, 1935.
These payments have reduced your Company's outstand¬
ing Funded Debt to $52,139,531.92, which includes, by order
of the Bureau of Accounts of the Interstate Commerce Com¬
mission, $6,086,031.92 of bonds of City of Norfolk, Va., issued
provide funds to purchase land and construct Municipal
Terminals
at
which
bonds
they
lien
Norfolk,
are
not
now
under
assumed
lease to your
nor
are
converted into a reinforced
reinforced
two
to
replace
overhead
At
three
box
concrete
bridges.
culverts
vehicular
A
highway
bridges
constructed at
were
Grundy, Va., station building was extended.
Signal
to Loch
pole line was reconstructed from North Roanoke
Laird, Va., from Roanoke, Va., to Price, N. C.
Eleven
at
grade crossings wrere eliminated during the year,
Abingdon, Va., by overhead bridge, and ten by aban¬
donment of Speedwell Extension.
EQUIPMENT
'
Equipment received during the year was as follows:
.
10 passenger coaches, all steel
(de luxe type, air-conditioned).
(de luxe type, air-conditioned).
8 passenger and baggage cars, all steel
10
cement cars,
5
100,000 lbs. capacity, all steel.
automobile trucks.
1 motorcycle.
•
In addition to
equipping the two principal through main
line trains—The Pocahontas and The Cavalier—in the early
of the
part
with
year
coaches
new
of
the
de luxe
type,
refinished dining and lounge-dining cars and modern stand¬
ard
Pullman
equipment, 12
passenger
coaches and 4 diners
reconditioned and air-conditioning apparatus installed,
were
making
total of 41 air-conditioned cars in
a
close of the year.
service at the
.
Authority was granted during the year for the recon¬
ditioning of and installation of air-conditioning apparatus
in
22
additional
during 1936,
principal
which
coaches
be
will
placed
thus providing air-conditioned
in
service
for
equipment
trains.
passenger
Company,
by your Company,
was
Christiansburg and Abingdon, Va.
At Durham, N. C., wye track was constructed to connect
with Durham and Southern Railway.
cent. Bonds due September 1, 1938.
and from issuance of $10,000,000 of short term notes.
bridge
constructed and two others eliminated.
was
Concrete
and accrued
1944, at a total cost of $36,393,000.
This sum was made
up of $26,393,000 realized from investment securities sold
or matured and accumulated cash in your Company's treas¬
to
Va.,
Roanoke,
wrere
'%
1, 1935, pursuant to call at 105
$13,000 of bonds were held in your Company's treasury.
On July 1, 1935, pursuant to call at 105 and accrued
interest, your Company paid $34,660,000 Divisional First
Lien and General Mortgage 4 per cent. Bonds due July 1,
ury,
At Villamont, Va., a
concrete box culvert.
outstanding.
On
building was extended to pro¬
vide facilities for handling mail.
one
change during 1935 in the amount of capital
was no
low-level coal pier, making
a new
April 1, 1936.
Fifty trailers were purchased for use at
expedite handling of freight.
on
per
CAPITAL STOCK AND FUNDED DEBT
standard
in
possible the transfer of coal direct from road cars to vessels
without breakage, will be completed and placed in service
cent, and 22.76 per cent., respectively, for the year 1934.
stock
used
main line.
to Operating Revenues
cent., and that of Transportation Expenses
to Operating Revenues 23.00 per cent., compared with 61.25
was
of
slag
wTere
cubic yards of
ballasting on the
stone and 41,790
173,746 cubic yards
prepared
because
General Expenses
with 131 lb.
total of 419.05 miles of track now laid
a
1,716.51 miles of track are laid with 130 lb. rail.
rail.
.
Equipment
decreased $1,631,611.68,
or
10.17 per cent.,
through economies, and chargings made in previous year
for retirement of obsolete equipment.
Transportation Ex¬
penses
STRUCTURES!
AND
212.78 miles of track were laid with standard 131 lb. rail,
Revenues increased $5,336,Freight Revenue increased $5,044,004.99, or 7.35 per cent., due in part to emergency freight
rates, which became effective April 18, 1935.
Passenger
Revenue, from fares only, increased $61,569.67, or 3.46 per
cent., while Passenger Train Revenue, from all sources, in¬
creased $147,871.07, or 4.26 per cent.
Operating Expenses decreased $32,092.07, or 0.07 per cent.,
although all accounts were affected adversely by complete
restoration
of
wage
deductions
and increased cost of
materials and supplies.
Maintenance of Way and Struc¬
tures increased $943,538.43, or 12.36 per cent., due to larger
rail renewal and maintenance program.
Maintenance of
Gross
AND BETTERMENTS
ADDITIONS
16.79
1935, thus completing restora¬
prior to February 1, 1932.
restored April 1,
was
WAY
517.33,
all
railway forces, providing for restoration of the ten per cent,
deduction
from
wages
and salaries,
originally effective
February
Total miles of road in
_
DEDUCTION FROM WAGES
625.20
629.43
13.18
Total miles
'.
decreased
606.02
Lines operated under lease,
34.92 tons
increased
increased
594,444 tons
Shipments of lumber
■
556.96
537.78
Other branches
'.V.'
decreased
increased
1.977
68.24
68.24
Operated as second track__
.
1934
Miles
Miles
cents
Rev. freight carried_39,345,242 tons
Average haul of freight..278.63 miles
mile
the Fortieth
Report for the year ended December 31,
is a brief statement of results
Annual
The
submits herewith
of Directors
Board
Yoiu*
Average rate per passenger per
Va., March 24, 1936.
'--.v-
BUCHANAN BRANCH
The
and
existing Buchanan Branch, between Devon, W. Va.,
Grundy, Va., is being extended a distance of fourteen
Securities Exchange Act of 1934 required issuers of
securities listed on approved stock exchanges to apply to
and
one-half
Buchanan
County,
such exchanges for permanent registration
Buchanan
Branch."
a
upon
the terminals.
The
of their securir
ties, in order to continue to the security holders the advan¬
tages of such listing.
tion
was
effected
for
On July 1, 1935, permanent registra¬
your
Company's First
Consolidated
nous
coal
the
upper
for
this
to
Railroad
construction
Mortgage
4%
Bonds
and
for
Norfolk and Western-Pocahontas Purchase Money Mortgage
Joint
COMPARISONS
revenue
figures with
The
Fork and Garden
be
known
increased
increased
increased
85,661
1.26 miles
$61,569.67
as
of this
purpose
Creek
in
"Extension
of
is
to
extension
of bitumi¬
produced from important coal deposits in
of Levisa River.
Construction work
extension
of
has been
per
this
cent,
placed under contract, and is
completed.
extension
was
The location and
January 16,
approved
1935, by the Interstate Commerce Commission.
Your
Company has located
a
BRANCH
branch line about twenty-four
6.37%
1.97%
3.46%
miles in length up Dismal Creek from the mouth
of Dismal
Creek
shows the following changes:
to
DISMAL CREEK
REVENUE
Comparison of traffic and operating
those for 1934
Number of passengers
1.431.040
Avge. haul of passengers.65.11 miles
Kev. from pass, fares._S1,841,601.75
be
thirty-seven
4% Bonds.
TRAFFIC AND OPERATING
Levisa
Va.,
watershed
about
First
up
provide railroad facilities for the transportation
Mortgage 4% Bonds and its Adjustment Preferred Stock and
Common Stock, for The Scioto Valley and New England
Company's
miles
Buchanan
on
the Extension
of
County, Va., to be known
Buchanan
as
Branch in
"Dismal Creek Branch."
branch will also make accessible bituminous coal
This
deposits in
2349
Chronicle
Financial
Volume 142
iA
watershed of Levisa River.
Construction work
upon this branch is progressing under contract, and is about
twenty-seven per cent, completed.
The location and con¬
struction of this branch was approved January 16, 1935, by
the
'
Output of Coal (Gross Tons).
coal mines were placed in
operation and three
a
had 15,973 members,
OBITUARY
member of your Company's Board of
Directors since May 23, 1912, and, in point of service, the
oldest member of the Board, died September 20, 1935.
Mr.
w.
20 of this [Pamphlet] report.
The
year.
After
1935.
24,
pension at the close of 1935 was $734.16 per annum, com¬
business world
pared with $721.32 per annum at the close of 1934.
At the close of 1935 the Trustees held securities of
ing the
$4,136,821.89.
He will be
greatly missed by your Company's Board.
Flickwir, also a member of your Company's
Board of Directors since March 23, 1916, and Chairman of
David
Company were released and all deductions made
and salaries, as had been required by said Act,
were refunded May 31, 1935.
To meet the unconstitutionality of the 1934 Act, the Rail¬
your
road Retirement Act of 1935 was approved August
29, 1935,
Retirement Act of
1935, an Act was also approved, effective
1936, levying upon the employee an income tax of
3Ms per cent, upon compensation not in excess of $300 per
month, and upon the carrier an excise tax of 3y2 per cent, of
such compensation, to be paid into the United States Treas¬
ury.
From this fund annuities will be paid to employees,
March 1,
will
who
years
be
attaining the age of 65
eligible thereto upon
undeT
or,
conditions,
certain
completing
service
a
A Railroad Retirement Board will ad¬
period of 30 years.
minister the fund.
in various
on
ing
the constitutionality
Act
behalf of all railroads attack¬
the Railroad
Retirement
is
estimated
that
$1,000,000 in 1936, and
from
this
a
cost
Company
your
similar amount will be deducted
salaries of employees.
Deductions from
and salaries were begun as of March 1, 1936, but are
and
wages
wages
being held by
Company to await the
your
course
Social
as
Security Act,
devoted service
1
excise
an
and
ap¬
tax, effective January 1, 1936, at the rate of
1936, 2
per
cent, per annum for 1937, and 3 per cent,
annum
for
1938
and
thereafter,
to
provide
a
per
of
measure
security for those employees who may become unemployed.
This
is payable to the United States Treasury,
placed in a trust fund known as the "Unem¬
ployment Trust Fund," to be administered by the Social
Security Board.
The entire cost of this provision must be
borne by employers, and in the case of your Company is
will
be
estimated to amount to
Board
Pocahontas
The
capital
stock,
Coal
and
Coke
COMPANY
Company, all
of whose
except qualifying
shares held by Directors,
is owned by Norfolk and Western Railway Company, is a
land-owning
sell
coal.
of land
are
in
under
come
is
company
Of
and does not itself mine and cannot
holdings
of approximately 293,000
Virginia and West Virginia, about 179,000
lease
from
and from
its
to
operating companies.
royalties paid by these
sales of
acres
acres
Its principal in¬
operating companies
S.
as
of
Roanoke, Va.,
the vacancies
and
I.
of
David
Inc.
,
,
^
,
Revenue from Royalties, Coal
and Coke
Revenue from other
1935
Operating Expenses
1934
(+)
Bee
or
(—)
__$1,095,103.56
85,417.00
$1,032,478.52
164.611.25
+$62,625.04
—79,194.25
$1,180,520.56
$1,197,089.77
—$16,569.21
$158,913.59
$167,131.59
—$8,218.00
sources.
Gross Revenue.
regret
the
loss
death
by
on
W.
W. Booth,
Board
the
were
elected members of the Board to fill
occasioned by the deaths of W. W. Atterbury
Flickwir.
of Philadelphia, Pa.,
fill
to
the
vacancy
was
due
elected
a
member
resignation
to
of
E. H. Alden.
CHANGES IN ORGANIZATION
Pursuant to the Company's Pension
Regulations, William
S. Battle; Jr., Vice-President in charge of Real Estate, Taxa¬
tion and Public
and E. H.
as
Relations, was retired as of March 31, 1935,
Alden, Vice-President in charge of Finances, was
of January 31, 1936.
Sydney F. Small, formerly Assistant to the President, was
appointed Vice-President in charge of Real Estate, Taxation
and Public Relations, effective April 1,1935.
I. V. Jessee,
formerly Auditor of Disbursements, was
appointed Comptroller, effective December 1, 1935.
I. W. Booth, formerly Secretary and Assistant Treasurer,
was
appointed Vice-President in charge of Finances and
Secretary, effective February 1, 1936.
The
following promotions
J.
H.
Gearhart
G.
W.
Rhodes
"W.
D.
were
made:
Assistant to the President.
Assistant Treasurer.
McGee
J.
timber.
follows:
r,
with
Franklin, of Philadelphia, Pa., and J. P. Fishburn.
F.
Briefly summarized, results for 1935, compared with 1934,
were
records
1935, of J. C. Cooke, Comptroller.
Mr. Cooke
entered
the
Accounting Department
of your Company
June 24, 1890, and advanced through various accounting
positions until his appointment March 1, 1933, as Comp¬
retired
$288,000 in 1936.
POCAHONTAS COAL AND COKE
His fine
October 27,
excise tax
and
member of the Board, and his mature
material aid in its deliberations.
personal qualities had gained for him widespread respect
and affection, and his passing is sincerely regretted.
W.
cent, per annum upon payrolls for the calendar year
per
a
as
a
CHANGES IN BOARD OF DIRECTORS
by Congress,
adopted
of
Superintendent
General
troller.
of events.
proved August 14, 1935, affects carriers through the levying
of
capacities with that Company and its successor,
and Western Railroad Company, until 1895,
Division, he resigned to take up other work.
SOCIAL SECURITY ACT
The
since January 25,
the Eastern General
Mr. Flickwir's
experience and his intimate knowledge of your
Company's property were available through many years of
when,
Your
will
tax
Board
Mr.
wide railroad
of 1935 and the tax Act.
It
of both
the
Norfolk
the
-
1935.
31,
October
died
judgment was
A suit has been instituted
Committee of
Flickwir was born in
Philadelphia, Pennsylvania, September 26,1852, and received
his education in the public school system of that City.
He
began his railroad career with the Allegheny Valley Railroad
Company and subsequently became an assistant engineer
with the Shenandoah Valley Railroad Company, continuing
1921,
In conjunction with the Railroad
1, 1936.
W.
Executive
the
wages
effective March
physical property, made his counsel of ex¬
materially aided in the Company's success.
and
structure
by the United States Supreme Court, and all funds set aside
by
of the Amer¬
treme value and
approved June 27, 1934, effective August 1, 1934, providing
for retirement of employees, was declared unconstitutional
from
because of his recognized ability, he
World War,
perience in railroad construction and operation, as well as
his knowledge of your Company's corporate and financial
by Congress, and
Retirement Act, adopted
Railroad
the
Dur¬
Expeditionary Forces in France, at which time he was
commissioned Brigadier General.
His wide and varied ex¬
RAILROAD RETIREMENT ACT
The
outstanding railroad executive.
an
as
recognition throughout
ican
value, including interest to date of purchase, of $4,152,745.52
market value of
had won
He
made Director General of Transportation
was
book
until his retirement on
with that Company
continued
and
April
average
a
January 31,
graduating from Yale University in 1886, he
entered the service of The Pennsylvania Railroad Company
1866.
913 upon the pension roll,
the calendar
W. Atterbury, a
Atterbury was born in New Albany, Indiana,
During 1935 there were 106 employees retired on pension.
a
31,
Outstanding bonds on
1935, were $10,387,000, and at the date of this
report, $10,385,000, of original issue of $20,000,000.
1935, and $2,000 subsequent thereto.
December 31,
PENSION RESERVE FUND
and
purchased and cancelled to December
of bonds had been
in ratio of members to employees.
A com¬
plete cinancial statement of the Relief Fund, which has been
audited by a Committee of contributing members, will be
for
$495,-
total of $8,980,528.32 applicable to purchase and
retirement of mortgage bonds.
Through this fund $9,613,000
669.29,
0.16 per cent,
6
coal mined dur¬
-
aggregated $8,484,859.03, and from sales of lands
have
FUND
At the close of 1935 the Relief Fund
of
+588,090
From the beginning of operation of the sinking
fund in 1906 to December 31, 1935, accruals from royalties
equivalent to 78.10 per cent, of total number of employees, a
decrease in the year of 239 members and an increase of
increase
10,069,474
_
1901, $266,439.10 accrued from royalties on
ing 1935.
operation.
net
10,657,564
+4,562.00
—$29,879.52
provision of Pocahontas Coal
Lands Purchase Money First Mortgage, dated December 2,
operations were abandoned. At the close of 1935 there were
125 companies organized for producing coal and coke, with
a total of 191 separate mines, of which 149 were in actual
a
+4,352.28
—i^'£17.52
679.577.57
$230,935.52
fund
sinking
the
Under
1,689 persons. Six plants,
$220,000, re-em¬
On December 31, 1935, there were
23,559.12
$885,195.57
684,139.57
$201,056.00
Net Income
ploying 10 persons.
found at page
—$20,965.24
27,911.40
Sinking Fund and Bond Interest
destroyed by fire, were rebuilt at a cost of
RELIEF
+S4.386.03
$934,0/2.21
Other deductions
Net Revenue....
ninety-six new industries were located on
your Company's lines, with a capitalization of $5,611,300,
and employing 4,018 persons.
There were also forty-nine additions to established plants,
new
S263.017.56
$913,106.97
During 1935
Three
95,885.97
$267,413.59
INDUSTRIES
costing $4,552,000, and employing
^
+12,614.03
108,500.00
Taxes..
Commission.
Commerce
Interstate
(+) or
Bee. (—)
1934
1935
.«
upper
the
Inc.
.
Dimmitt
Auditor of Disbursements.
General Foreign Freight Agent.
The Board expresses to the officers and
employees its
appreciation of the fidelity and capability with which they
have served the Company throughout the year.
By order of the Bo^rd of Directors,
A. C.
NEEDLES,
President.
Financial
2350
Chronicle
April 4 1936
INCOME STATEMENT
Increase
1935
(+)
Per
or
Cent.
Decrease (—)
1934
Operating Income:
Operating Revenues:
Freight
Passenger
~
7.35
15.27
22.88
$72,707,867.05
+5,336,517.33
7.34
$8,577,223.51
14,411,433.09
1,433,017.80
17,949,958.69
164,650.35
2,022,480.40
59,598.88
$7,633,685.08
16,043.044.77
1,360,070.62
16,551,259.15
165,716.96
2,783,879.20
6,398.76
+943,538.43
—1,631,611.68
+72,947.18
+1,398,699.54
—1,066.61
—761,398.80
+ 53,200.13
12.36
$44,499,164.96
$44,531,257.03
57.02%
61.25%
$73,661,074.79
1,841,601.75
1,217,850.10
432,735.60
300,561.50
590,560.64
j
Express
All Other Transportation
Incidental and Joint Facility
423,863.89
260,735.48
480,579.95
+$5,044,004,99
+61,569.67
+72,264.25
+8.871.71
+39,826.02
+ 109,980.69
$78,044,384.38
Mail
Revenue
Totals.
$68,617,069.80
1,780,032.08
1,145,585.85
3.46
6.31
2.09
Operating Expenses:
Maintenance of
Way and Structures
Maintenance of Equipment
Traffic.
-
Transportation
Miscellaneous Operations
;
General
Transportation for Investment—Credit
Totals
,
Ratio of Expenses to Total Operating Revenues.
Net Revenue from operations
10.17
5.36
8.45
.64
27.35
-$32,092.07
.07
t .23 %
+$5,368,609.40
19.05
$33,545,219.42
+$1,072,000.00
13.80
—3,558.61
33.37
$20,397,946.12
+$4,300,168.01
21.08
$2,762,840.82
Dr27,447.35
Total Operating Income.
$7,768,000.00
10,663.90
$24,698,114.13
Uncollectible Revenue.
$28,176,610.02
$8,840,000.00
7,105.29
Tax Accruals
$2,351,231.15
Dr.49,977.28
Dr.180,913.63
+ $411,609.67
17.51
—22,629.93
—51,223.60
28.31
Non-Operating Income:
Hire of Freight Cars—Net
Hire of Other Equipment—Net.
Joint Facility Rents—Net
Dr. 129,690.03
Totals.
'
$2,605,703.44
•
'
*
'
'
T.
$2,120,340.24
+$485,363.20
22.89
$27,303,817.57
$22,518,286.36
+$4,785,531.21
21.25
$3,533.29
66,975.85
12,447.02
67,028.37
1,050,874.84
65,245.78
61,498.47
5,091.17
Net Railway Operating Income
,'
46.08
$3,485.97
82,157.24
62,744.19
68,778.37
1,410,588.62
51,641.97
55,213.00
4,170.14
+$47.32
—15,181.39
—50,297.17
—1,750.00
-359,713.78
+ 13,603.81
+6,285.47
+921.03
V
-
Other Non-Operating Income:
Income from Lease of Road
Miscellaneous Rent Income
Miscellaneous Physical Property
Dividend Income
Income from Funded Securities..
Income from Unfunded Securities and Accounts.
Income from Sinking and other Reserve Funds..
Miscellaneous Income
Totals.
1.36
18.48
80.16
2.54
25.50
26.34
11.38
22.09
$1,332,694.79
$1,738,779.50
-$406,084.71
23.35
$28,636,512.36
$24,257,065.86
+$4,379,446.50
18.05
$99,434.19
2,688.33
$101,378.22
2,939.38
—$1,944.03
—251.05
8.54
2,535,487.56
765.00
Gross Income.
3,199,211.67
4,437.88
30,600.00
303,661.28
14,567.86
184,311.99
85,703.85
50.072.31
—663,724.11
—3,672.88
—30,600.00
Deductions from Gross Income:
Rent for Leased Roads
Miscellaneous rents
Interest on Funded Debt:
Mortgage Bonds
Convertible bonds
Equipment Obligations
Miscellaneous Obligations
"~~3~0~3~,661~28
...
Interest
on Unfunded Debt
Income applied to Sinking and other Reserve Funds.
Amortization of Discount on Funded Debt
Miscellaneous Income Charges
73,259.89
190,597.46
74,766.60
Totals.
1.92
20.75
82.76
"+58,692.03
+6,285.47
—85,703.85
+ 24,694.29
4&32
3.41
$3,280,660.31
$3,976,884.44
-$696,224.13
17.51
Net Income
Dividends on Adjustment Preferred Stock.
Extra Dividend on Common Stock
$25,355,852.05
'
919,692.00
2,812,966.00
$20,280,181.42
919,692.00
2.812,966.00
+$5,075 670.63
25.03
Income Balance:
$21,623,194.05
$16,547,523.42
+ $5,075,670.63
30.67
Transferred to Profit and Loss.
PROFIT
AND
LOSS STATEMENT
Increase (+) or
Decrease (—)
1935
1934
$153,759,322.38
21,623,194.05
23,586.13
$155,024,130.26
16,547,523,42
1,591.77
-$1,264,807.88
+5,075.670.63
+21,994.36
666,429.56
642,536.70
166,375.55
17,597.02
+23,892.86
—166,375.55
17,411.72
$176,089,943.84
$172,399,754.72
+$3,690,189.12
$11,251,864.00
587,273.46
851.592.78
32,999,000.00
623,794.11
$11,251,864.00
1,777,093.84
Credits:
Balance, January 1
•
Credit Balance from Income
Credit from Retired Road and
Equipment
Repayment by Trustees for Norfolk and Western Pension Reserve Fund covering payments
to retired employees
Adjustment of Ledger Value of Equipment to basis of Physical Inventory..
Miscellaneous Credits
Total Credits.
—185.30
Charges:
Appropriation of Surplus for Dividends
on
Common Stock
Debit from Retired Road and Equipment
Debt Discount Extinguished through Surplus
Appropriation of Surplus—Redemption of Long Term Debt
Appropriation of Surplus to Norfolk and Western Pension Reserve Fund..
Decrease in value of rails, etc., returned by Lessees and materials retired from
temporary
service
—1,189,820.38
+851,592.78
+27.999,000.00
"""Brooo,000.66
562,717.38
+61,076.73
21,016.65
10,734.41
—10,282.24
Premium paid
on Norfolk and Western Railway Company Divisional First Lien and General
Mortgage Bonds, due July 1, 1944, called for payment July 1, 1935
on Retirement of Miscellaneous
Physical Property
Miscellaneous Charges
1,^26,200.00
Loss
+1,726,200.00
+132,365.79
132.365.79
14,122.11
27,740.47
—13.618.36
$48,196,946.66
$18,640,432.34
+$29,556,514.32
J $127,892,997.18
$153,759,322.38
—$25,866,325.20
Total Charges
Balance, December 81
DETAIL OF DIVIDEND PAYMENTS
Per
No.
Stock of Record
Payable
Cent
Outstanding
Stock
Amount of
Dividend
Adjustment Preferred Stock:
127
April 30, 1935
May 18, 1935
1
$22,992,300.00
$229,923.00
229,923.00
128
August 19, 1935
July 31, 1935
1
22,992,300.00
129
November 19, 1935
October 31, 1935
1
22,992,300.00
229,923.00
130
February 19, 1936
January 31. 1936—
1
22,992,300.00
229.923.00
-
-
$919,692.00
Common Stock:
119
March 19, 1935
February 28, 1935..
2
140,648,300.00
120
June 19. 1935
May 31, 1935
2
140,648,300.00
2,812,966.00
121
September 19, 1935—
August 31. 1935-.-
2
140,648,300.00
2,812,966.00
December 19, 1935
November 30, 1935.
2
140,648,300.00
122
~8
$2,812,966.00
2,812,966.00
$11,251,864.00
Extra
15
March 19, 1936
February 29,1936.
2
To
140,648,300.00
2,812,966.00
14,064,830.00
$14,984,522.00
Volume 142
Financial
Chronicle
2351
CONDENSED GENERAL BALANCE SHEET, DECEMBER 31,
1935
Comparison with
Dec. 31, 1934
ASSETS
Investments:
Investment in Road and Equipment:
Road
+$2,141,191.22
$328,437,734.23
127,967,618.70
Equipment
Improvements on leased railway property
Sinking Funds (Account City of Norfolk bonds,
Deposits in lieu of mortgaged property sold
see
footnote below).
Miscellaneous Physical Property
*
Investments in Affiliated Companies (see details
page 17 pamphlet report):
Stocks:
Pledged
Unpledged
—54.765.95
$456,405,352.93
17,473.97
1,637,102.38
7,425.00
5,246,595.52
+17,473.97
+ 163,422.16
—6,948.61
—1,711.88
$647,100.00
1,379,271.42
-
+710.00
—136,208.75
—370,472.04
$2,026,371.42
9,000.00
6,431,329.17
Bonds
Advances.
8,466,700.59
Other Investments
(see details page 17, pamphlet report):
Stocks
$101,516.00
20,221,248.90
Bonds
Miscellaneous
—2,505.00
-24.329,350.92
900.00
—5.00
"20,323,664.90
Total Investments.
$492,104,315.29
Current Assets:
C&sli*
In
'..*•»
»v
Treasury
,
■ r.»1
$8,621,482.99
161,287.44
In Transit
Held in Trust for:
Relief Fund
58,721.41
$8,841,491.84
Time Drafts and Deposits
Special Deposits..
+3,494,687.63
—4,250/00.00
—296,011.00
+&9,794.34
+ :i,T17,864.97
277,915.50
56,394.26
4,553,153.83
222,782.55
841,012.47
5,950,160.43
10,940.35
70,833.28
Loans and. Bills Receivable
Traffic and Car-Service Balances Receivable
Net Balances Receivable from
Agents and Conductors.
Miscellaneous Accounts Receivable..
Material and Supplies
Interest and Dividends Receivable
Other Current Assets
Total Current Assets.
.
+ 14,910.52
—80,250.10
+778,875.38
—19,189.10
—102,743.33
20,824,684.51
Deferred Assets:
Working Fund Advances
Norfolk and Western Railway
Company and Pocahontas Coal
Purchase Money Mortgage Bonds
$17,157.91
—1,069.14
10,387,000.00
3,138,333.01
116,212.85
and
—248,000.00
+426,725.13
—47,297.09
Coke Company Joint
Cost of Securities held in Trust for Relief Fund
Other Accounts
Total Deferred Assets.
13,658,703.77
Unadjusted Debits:
Rents and Insurance Premiums
paid in Advance.
Discount on Funded Debt
Other Unadjusted Debits
Securities Issued
or
$59,672.02
3
—31,784.52
—851,592.78
+326,360.78
~081,4~18.3 9
Assumed—Unpledged:
Par Value of
Holdings at close of Year.
Total Unadjusted Debits
$23,100.00
3,141,090.41
Total.
$529,728,793.98
LIABILITIES
-$22,247,889.11
'
Capital Stock:
Adjustment Preferred
Held in Treasury
$23,000,000.00
7,700.00
...
$22,992,300.00
Common.
Held in
$140,650,700.00
2,400.00
Treasury.
140,648,300.00
Total Capital Stock-
$163,640,600.00
Long Term Debt:
Mortgage Bonds
$46,066,500.00
13,000.00
Held in Treasury
$46,053,500.00
Convertible Bonds
♦Miscellaneous Obligations.
—102,000.00
Total Long Term Debt.
Current Liabilities:
Traffic and Car-Service Balances
Audited Accounts and Wages
52.139,531.92
Payable-
$87,077.12
3,047,469.14
252,057.13
58,721.41
43,252.50
72,469.00
157,000.00
3,042,889.00
509,784.18
389,596.38
Payable
Miscellaneous Accounts Payable
Relief Fund (Cash held in
Trust)
Interest Matured Unpaid
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Other Current Liabilities
Total Current Liabilities-
+426,725.13
+102,427.71
'
Western
Purchase
Railway Company and Pocahontas Coal
Money Mortgage Bonds
and
Coke
Company Joint
10,387,000.00
Unadjusted Credits:
Tax Liability
Insurance and Casualty Reserves
Accrued Depreciation—Road
Accrued Depreciation—E quipment
Accrued Depreciation—Miscellaneous
Physical Property.
Other Unadjusted Credits
$5 ,575,649.62
378,140.61
14 ,444,686.14
45 ,787,393.88
1 ,563,034.42
3 ,829,084.33
Total Unadjusted Credits.
Additions to Property through Income and
Surplus:
Road
•_
Appropriated Surplus
Corporate
Total
Bonds of
+24,896.79
+338,044.12
+2,861,006.82
—159,466.04
+763,274.41
$21,425,242.41
23,305,326.27
+ 190.597.46
+32,999,000.00
44,730.568.68
—3,715.02
$93,157,807.82
127,892,997.18
Loss—Balance
Total
+ 689,323.96
$1,193,239.14
47,234,000.00
Funded Debt retired through Income and
Surplus.
Equipment
Surplus.
-248,000.00
71,577,989.00
Corporate Surplus:
Sinking Fund Reserves
*
1,725".66
+34,273.82
3,272,552.20
Joint Liabilities:
Profit and
—702,643.54
—156,765.08
—692,140.00
+71,333.00
+ 147,000.00
$3,138,333.01
134,219.19
Total Deferred Liabilities.
and
—3,016.93
+ 1,708,004.48
7.660.315.86
Deferred Liabilities:
Cost of Securities purchased for Relief FundOther Accounts
Norfolk
-$34,668,000.00
6 "086,031.92
—25,866,325.20
22J. ,050,805.00
$529,728,793.98
-$22,247,889.11
City of Norfolk, Va., issued to provide funds to purchase land and construct
Municipal Terminals at Norfolk, now under lease to Norfolk
and Western Railway Company, included in
Long Term Debt by directors of Bureau of Accounts of Interstate Commerce Commission.
These bonds
were not assumed by your
Company, nor are they a lien upon the terminals.
Financial
2352
April 4 me
Chronicle
RAILWAY COMPANY
THE ATCHISON TOPEKA AND SANTA FE
FORTY-FIRST ANNUAL REPORT FOR THE
February 25, 1936.
following report for the fiscal
year January 1, 1935, to December 31,1935, inclusive.
The lines comprising the Atchison System, the operations
embraced in this report, and the mileage in
are
operation at the end of the year as compared with the
Dec.
31,
Dec.
1935
*
1934
1,918.15
"
1,870.88
"
13,300.50
"
1,870.88
13,259.47
consists of
31,
9,511.47 miles
9,470.52 miles
1,918.07
"
Atchison, Topeka and Santa Fe Railway.
Gulf, Colorado and Santa Fe Railway
Panhandle and Santa Fe Railway
Decrease
previous
follows:
year, are as
"
41.03 miles.
This decrease
73.53 miles of branch lines abandoned and minor
the
during
year
adjustments aggregating .78 miles; less the Magunden and
Oil City branches in California aggregating 22.98 miles,
owned jointly with the Southern Pacific Company, operated
during 1935 by this company, and 10.30 miles between
Abilene and Solomon, Kansas, operated under trackage
Railroad Company.
The a/verage mileage operated during the year ended
Decemtper 31, 1935, was 13,285.21 miles, a decrease of 34.00
arrangement with the Union Pacific
miles under
operated during the pre¬
the average mileage
ceding year.
27,004.14
and the latter 50.06 miles.
1935
1934
$128,093,947.63 $135,686,391.88
102,083,479.45 109,423,483.77
$26,262,908.11
$26,010,468.18
Net operating revenues
79.69%
$10,476,178.76
47,754.01
35,623.08
$15,229,318.58
Equipment and joint facility rents
Net railway operating income
Other income-
$15,703,352.26
4,950,532.15
314,565.42
Interest
terest
95,957.89
296,641.42
$22,357,366.91
12,803,366.80
bonds, including accrued in¬
adjustment bonds
on
on
Net decrease in
The
credit
————*
;
$6,774,660.34, covering net additions to
of
equipment for the year, analyzes as follows:
Retirements:
22
.nAn
Steam locomotives
4770
13
579
Miscellaneous
6,326,494.53
$7,432,695.08
Additions:
$437,169.67
26
Freight-train cars
Company service equipment
191
Miscellaneous
equipment—Automobiles.
—
$9,554,315.11
$7,001,314.01
Loss,
$312,020,661.17
Appropriations for the year:
Dividends on Preferred Stock—
No.
74
(2 H%)
paid
The retirements and
Of the 579 company
retired 93 were converted to company
retired one was converted to company
,
service equipment retired one was
(2^%)
February 1, 1936
Dividend
on
is
a
and expenses of the
ending December 31, J.935, in com¬
statement of revenues
System for the year
parison with the previous year-
Year Ending
Operating Revenues:
Freight
Passenger
Mail, express, and
3,104,320.00
of
way
and
equipment-
.
for
$39,951.85
-Net.
Miscellaneous
debits
Donations
connection
425,943.33
with
$2,695,892.44
39,951.85
26,010,468.18
10,352,827.70
35,222.57
252,439.93
123,351.06
12,531.44
Railway operating income. _
Equipment rents—-Net—Or—
Joint facility rents—Net—Dr_
15,738,975.34
677,672.25
713,195.33
15,622,417.91
330,223.37
723,322.70
116,557.43
347,348.88
10,127.37
15,703,352.26
15,229,318.58
474,033.68
80.64
79.69
.95
2,655,940.59
and dividends
owned, including United States
Government securities, interest on time accounts, rents
from lease of road and other property, and other miscel¬
securities
to
Includes credit of $1,024,051.57
cancelling accruals in 1934 under the
Railroad Retirement Act of that year.
CAPITAL STOCK AND FUNDED DEBT
outstanding Capital Stock on December 31,1935, con¬
The
sisted of:
$242,706,000.00
124,172,800.00
Common
Preferred
m
$366,878.800.00
••
corresponding to amounts outstanding on December 31,1934,
no changes having taken place during the year.
laneous receipts.
CAPITAL EXPENDITURES AND REDUCTION
OF BOOK VALUES
The number of holders of the
Capital Account, as shown by the
General Balance Sheet, [page 24, Pamphlet Report] at De¬
cember 31, 1935, aggregated $1,209,528,735.33 compared
with $1,213,150,981.97 at December 31, 1934, a decrease
during the year of$3,622,246.64, which analyzes as follows:
Construction and acquisition of new mileage, including the
bonds and stocks of other System railway companies:
acquisition of
$2,360.00
Mexico & Orient Ry
$2,260.00
Additions and betterments:
Fixed property
-
$537,770.34
1932
Preferred
41,784
42,237
40,560
39,824
1931
17,049
17,393
17,471
17,666
18,243
39,049
The Funded Debt of the
System outstand¬
December 31, 1934, amounted to
$309,660,262.00
the Funded Debt
occurred during the year:
on
The following change in
Obligations retired:
Equipment:
—
follows:
Common
December 31
ing
100.00
New Mexico Central Ry
Company's capital stock at
the close of each of the last five years was as
The total charges to
.
Operating Revenues
31,1935— $298,291,160.58
"Other income'' consists of interest accrued
Betterments
79,222.18
26,262,908.11
10,476,178.76
47,754.01
Railway tax accruals
Uncollectible railway revenues
*
tracks, etc
Net additions
96,852.60
invest¬
Ratio of Operating Expenses
industry
Surplus to credit of Profit and Loss, December
Kansas City,
2,188,829.37
2,290,924.55
328,154.50
4,607,292.00
77,771.74
2,073,745.66
Net railway operating income
11,073,560.00
2,229,997.26
on
.
16,537,881.01
30,843,587.50
4,467,868.07
43,816.636.85
117,421.15
6,396,937.47
and
equipment
received
Transportation—Rail line.
operations
18,726,710.38
33,134,512.05
4,796,022.57
48,423,928.85
195,192.89
*4,323,191.81
176,074.78
Maintenance of
Net operating revenue
4,854,120.00
Sinking
Surplus appropriated for in¬
vestment in physical prop¬
in
11,402,675.57 1,150,862.45
Total operating expenses.. 109.423,483.77 102,083,479.45 7,340,004.32
10,800.00
road
Decrease
Operating Expenses:
$6,208,640.00
-
retired
Increase or
135,686,391.88 128,093,947.63 7,592.444.25
ment—Cr
$300,947,101.17
erty
Loss on
Year Ending
Dec. 31, 1934
109,685,779.50 104,720,630.36 4.965,149.14
11,970,641.70 1,476,432.66
13,447,074.36
12,553,538.02
Transportation
Common Stock—
Fund-
1935
miscel¬
General
S. J. V. Ry. Co. Bonds
RESULTS
COMPARISON OF OPERATING
The following
Miscellaneous
(2%) paid September 3,1935--
No. 110
S. F. &
,
converted to a
freight-train car.
paid
75
include the
additions reported above
Of the 4770 freight-train cars
service equipment.
Of the 13 passenger-train cars
service equipment.
$3,104,320.00
August 1,1935
No.
0^03474
following conversions:
structures
302,466.346.06
—
-
96,228.60
116,532.81
8,103.66
$6,774,660.34
Traffic
Total-
166,181.89
574,344.87
16.771.77
equipment—Automobiles
Other locomotives
3
Maintenance
and
Profit
credit of
December 31, 1934
$348,902.02
-
Freight-train cars
Passenger-train cars
Company service equipment
laneous
Net corporate income (representing amount
available for dividends and surplus)
to
$3,622,246.64
Capital Account during the year
Credits in bold face.
1,936,567.00
—
Total operating revenues.
Surplus
Government
12,803,051.80
charges
-
$1,155,274.41
$22,749,966.22
$19,804,680.81
Rent for leased roads and other
129.71
7,729.06
8,774.84
States
Dec. 31,
Miscellaneous tax accruals
5,434.16
securities and sinking funds
7,046,613.96
$20,179,850.73
60,604.50
Gross income
i
174,183.11
Miscellaneous physical property
Other investments, including United
80.64%
$10,352,827.70
35,222.57
393,099.33
Operating ratio
Railway tax accruals
Uncollectible railway revenues
55,960.32
10,000.00
16.915.38
25,000.00
25,343.22
14,659.88
STATEMENT
The following is a summary of the transactions of the
System for the years ending December 31, 1934 and 1935:
Operating revenues
Operating expenses
640.00
43,422.84
1,618.11
1,150,780.36
368.03
21,752.00
433.47
211,982.95
Chicago Produce Terminal Co
Denver Union Terminal Ry. Co
General Improvement Co
Houston Belt & Terminal Ry. Co
Kansas City Terminal Ry. Co
Pueblo Union Depot & R. R. Co
Railroad Credit Corporation
Railway Express Agency, Inc.
Santa Fe Stock Corporation
Santa Fe Tie & Lumber Preserving Co
Santa Fe Transport Corporation
Santa Fe Transportation Co. (California)
Santa Fe Transportation Co. (Delaware)
St. Joseph Terminal R. R. Co
Terminal Development Co
Union Passenger Depot Co. of Galveston
Union Terminal Co. (Dallas)
12
INCOME AND PROFIT AND LOSS
V
$5,700.00
615.70
Central California Traction Co
11
The Company is also interested jointly, through owner¬
ship of stocks and bonds of the Central California Traction
Company and the Sunset Railway Company, in 102.97
miles of railway, of which the former company owns 52.91,
,
companies:
Alameda Belt Line
Berkeley Water Front Co
Your Directors submit the
of which
Investments In terminal and collateral
Beaumont Wharf & Terminal Co
To the Stockholders:
1935
FISCAL YEAR ENDING DECEMBER 31,
S. F. & S. J. V. Ry. Co.
6,774,660.34
770,265.74
Total System
6,542,164.94
I
First Mortgage 5% Bonds
$7,000.00
Funded Debt outstanding December 31,1935-$309,653,262.00
Volume 142
Financial
TREASURY
Neither
Company
'
;
of
'•
■
.
its
wholly owned
affiliated railway companies has any notes or bills payable
outstanding in the hands of the public, nor has any one of
them borrowed any money from any sources
whatsoever,
nor
deferred the payment of any of their bills or other
obligations.
The Company held in its treasury at December 31, 1935,
$34,223,929.27 cash, apd in addition owned $26,731,350.00 of
your.
nor
any
United States Government securities which
cost of
are
carried at
$26,747,121.15 in the general balance sheet.
table:
''I—■
4*
11
'
l«W
Increase
1935
J
or
Decrease
1934
$
$
300,000.00
416,400.00
36,183.39
119,000.00
356,778.00
32,485.57
8
181,000.00
59,622.00
3,697.82
752,583.39
9.723,595.37
,
508,263.57
9,844,564.13
244,319.82
120,968.76
10,476,178.76 10,352,827.70
Capital stock
Miscellaneous
123,351.06
__
Total
State, Local, and Miscellaneous.
Grand total
GENERAL
For the calendar year 1935 the freight car
loadings were
1,222,997, being slightly less than for the calendar
year
1934,
but the average revenue per car in 1935 was $5.29
greater
than in 1934.
An excessively heavy movement of livestock
in 1934 at reduced
emergency rates because of the
drought
accounts
than
for
the
decline in carloading-as all freight other
shows a small increase over 1934.
The
livestock
emergency rates
larger earnings
There
1935
was
over
in 1934 account partly for 1935 showing
per car.
an
increase in miles traveled by passengers in
17.07 per cent, and an increase in pas¬
1934 of
senger revenues of 12.33 per cent. The increase in passenger
was in part the result of
improved business conditions
travel
and in part attributable to the convenience and comfort of
air-conditioned equipment.
_
Lack of moisture in the western
Kansas,
Oklahoma,
Texas,
and
portions°of
the states of
during the early spring,
followed by high winds, damaged the wheat crop to such an
extent that the yield was the smallest on record and other
materially reduced.
Rainfall in this area sub¬
sequent to May, 1935, did much to restore vegetation which
is better now than it has been for several years.
The re¬
mainder of the central and southwestern territory showed
crops were
substantial improvement over 1934 in such crops as
corn,
oats, cotton, sorghum, broom corn, rice, and hay.
In Arizona and California moisture conditions were better
than for some years and all crops made good
yields and were
disposed of at reasonably satisfactory prices.
The acreage sown in wheat in Kansas, Oklahoma, and
Texas, in the fall of 1935, due to more favorable moisture
conditions, is estimated to be 23,619,000 acres, which is
slightly in excess of the five-year average and of that sown
in the fall of 1934.
There is uncertainty as to the effects
of recent deficiency in moisture, recurrence of
relatively
light sand storms in limited areas, and of long continued
cold weather during the greater parts of
January and Feb¬
ruary.
There was a fair covering of snow over much of the
wheat area and it is hoped that this prevented any great
damage.
Agricultural and moisture conditions in the remainder of
Santa Fe territory are satisfactory.
Southern California
deficient
was
in
moisture
until
the
end
of
January, but
abundant general rains have satisfied all current
require¬
ments and replenished storage and sub-soil water
supplies.
The 10 per cent wage reduction, applicable to all officers
and employes of the Company, which became effective
February 1, 1932 continued until July 1, 1934, when 2^
per cent of the basic wage was restored. On January 1, 1935,
there was a further restoration of 23^ per cent, and on
April 1,
1935, 5 per cent, resulting as of that date in the restoration
of full basic rates.
These restorations added
approximately
$6,150,000 to the Company's 1935 pay roll.
The Railroad Retirement Act, which created a
system of
compulsory pensions payable to railroad employes and
required the railroads, beginning August 1, 1934, to set
aside a sum equivalent to 4 per cent of the
wages not in
excess of $300 per
month for each employe, and also to
withhold 2 per cent of such wages both to be paid into the
States Treasury, was held by the United States
United
Supreme Court to be unconstitutional and void
on
May 6,
1935.
Following this decision sums collected from employes
were promptly paid over to
them and operating expenses
were
credited in May, 1935, with accumulated
pension
charges aggregating $1,845,070.70.
A
new
retirement
act
and
an
excise
tax
act, designed
together to replace the Railroad Retirement Act of 1934,
were passed by Congress and approved by the President on
August 29, 1935. The general effect of the retirement act
and excise tax act of 1935 is
2353
of the act which had been
declared unconstitutional, except
that the levy upon the railroads is 3 y%. per cent of wages not
in excess of $300 per month instead of 4 per cent, and a like
tax
of
3V2 per cent is levied upon such wages of the em¬
ployes. These taxes and deductions are to begin March 1,
1936.
Your Company has joined with other railroads in
testing the validity of this act. Based on 1935 pay rolls the
estimated cost to this Company of such acts would be
$1,900,000 for 1936 and $2,286,000 for 1937.
The unemployment features of the Social Security Act also
apply to railroads, effective January 1, 1936. The estimated
cost to this Company is $670,000 for 1936 and $1,340,000
for 1937.
TAXES
Federal, state, local, and miscellaneous railway tax accruals
for the year 1935 aggregate $10,476,178.76, an increase of
$123,351.06 compared with the year 1934. A comparison of
these accruals for the two
years is presented in the following
Federal Taxes:
Income
Chronicle
substantially the
same as
that
Your
Company has acquired through the General Improve¬
Company, a wholly owned affiliate, controlling interest
in the Southern Kansas Stage Lines Company which operates
[directly or through affiliates, a motor transportation system,
including passenger service between Chicago and California
and intermediate points principally in the territory served
by your Company.
The Southern Kansas Stage Lines
Company also conducts a freight truck service over a con¬
siderable area in which your Company furnishes rail service.
The purpose of this acquisition was to coordinate rail
and
highway transportation; to improve and expedite service by
substitution of one form of transportation for another where
convenience to the public and economy will result and so to
conduct both rail and highway transportation that each will
supplement the other.
This accords with the policy of
Congress as embodied in the recently enacted Motor Carrier
Act and is expected to increase traffic and provide elasticity
and economy in
operation.
Competing railroads have
affiliated motor lines reaching a large part of our territory
which are being steadily extended, and it is essential in
order to hold and develop your Company's traffic that a
ment
.
similar service be rendered.
x
Your
Company has been considering for some time a
program for faster passenger service.
It has acquired a
3600 horse power Diesel electric locomotive in two units of
1800 horse power each which has been undergoing a series of
tests preliminary to being assigned to regular service.
A
small fire on a trial run crippled one unit and postponed thje
service use of the complete engine, but it is hoped to have it
in service by the time this report reaches the stockholders.
The other unit is now being used in service.
The entire
performance has been of a high order and this general
type of locomotive promises to be used extensively in the
future.
This locomotive is designed to handle standard
passenger train equipment.
Study is also being made of
light weight equipment. A stainless steel coach designed by
the Company's engineers has just been placed in service
and a Corten steel coach will soon be completed for a similar
service test.
'
Appropriations
1935 and
aggregating
$2,200,000 were made for
general policy of reducing
1936 to continue the
curvature
along the transcontinental main line. Under this
or reduced to make
possible more sustained high speed operation with increased
safety and comfort. This will reduce transportation expense
although the retirements and equivalent replacements
resulting from the reduction in curvature are chargeable to
operating expenses and will exceed the immediate saving in
transportation.
program
curvature is being eliminated
Gross
expenditures for additions and betterments in 1935
$4,250,759. This represented an increase of $1,965,645
over the preceding year, but was limited to the necessary
requirements.
The 1936 program will be somewhat larger
than last year and includes 500 50-ton box cars and 50
70-ton hopper cars in the way of new equipment, the rein¬
forcing of 300 stock cars and the rebuilding of 500 automobile
cars and 200 refrigerator cars.
1
were
The
use
of air-conditioned
cars
has contributed
so
much
to the comfort of passenger
travel that 15 Pullman standard
sleeping cars, 15 Pullman tourist sleeping cars, and 48 cars
for coach travel will be so equipped this year providing sub¬
stantially complete air-conditioned day coach and sleeping
car equipment for all important trains.
In 1935, 105 miles of 112-lb. rail, 5
1 mile of 90-lb. rail were'laid in
miles of 110-lb. rail,
replacement of old
rail. 2,072,936 ties were inserted in renewals. For the current
year the rail program calls for 333 miles of 112-lb. rail at an
estimated cost of $3,600,000 including labor and fastenings.
and
During the
1935 the Company paid out in pensions
employes $1,085,475.43, there being 1991
pensioners on the roll as of December 31, 1935, compared
with
$1,023,905.85 paid in 1934 and 1824 pensioners,
December 31, 1934. Pensioners retired during 1935 have an
average service of 30 years with the Company and an average
age of 64 years.
its
to
Mr.
year
retired
Charles Steele
since June 5,
a
member
1901, retired
of the Board of Directors
April 25, 1935. For nearly 34
years he rendered your Company faithful and invaluable
service.
His wise counsel and kindly presence at meetings
are greatly missed.
on
Your Directors take pleasure in again expressing their
appreciation of faithful and efficient service rendered by
officers and employes.
S. T. BLEDSOE, President
For
see
Comparative General Balance
"Investment News" Columns.
Sheet,
Income Account, etc.,
,
Financial
2354
April 4 1936
Chronicle
THE DELAWARE AND HUDSON COMPANY
YEAR ENDED DECEMBER 31, 1935
HUNDRED AND SIXTH ANNUAL REPORT FOR THE
ONE
New York, N. Y.,
March 25, 1936.
The Delaware and Hudson
Company:
Indebtedness to State of New York
following statement presents a consolidated income
for grade crossings
eliminated for
which final accounting has been
account of your company
the years
'
89,331,307.86 —2,296,642.07
87,034,665.79
payable
$
$
$
Long Term Debt:
Bonds and mortgages
The
(+)
(—)
Increase
Decrease
1934
1935
Items
To the Stockholders of
and its subsidiary companies for
1935 and 1934, with inter-corporate transactions
87,891,298.99
89,845,462.43 —1,954,163.44
32,228,432.64
1,010,825.42
31,575,925.03
954,393.22
618,760.65
884,036.54
+652,507.61
+ 56,432.20
—265,275.89
33,858,018.71
33,414,354.79
+443,663.92
2,810,064.28
2,804,359.10
+ 5,705.18
81,033.29
Total.....................
eliminated:
+342,478.63
514,154.57
856,633.20
made......
V5.645.75
+5,387.54
Reserves:
Increase (+)
1935
Items
1934
Reserves for depletion
Decrease (—)
ciation
and depre¬
-
Reserves for fire losses
Iron
and
and
$
23,307,544.57 23,617,721.46
Transportation revenues
Coal,
$
,$
Revenues:
miscellaneous
Other
reserves
—310,176.89
sales
Total
miscellaneous
revenues" from
21,338,202.30 23,850,237.58 —2,512,035.28
—176,456.04
1,439,741.59 1,616,197.63
operations
Income from investments
Deferred liabilities:
Grade crossing
elimination projects
subject to future settlement with
State of New York under state
46,085,488.46 49,084,156.67 —2,998,668.21
Total.
aid
Expenses:
provision of Grade Crossing
Elimination Act
+425,705.40
19,834,862.30 19,409,156.90
Transportation expenses
Coal, Iron and miscellaneous sales
and
expenses
of
miscellaneous
19,331,447.41 21,077,212.13 —1,745,764.72
operations
39,166,309.71 40,486.369.03 —1,320,059.32
Total.
2,413,536.09
credits to income or
Deferred
surplus
Capital Stock and Surplus:
6,415,068.23 —1,909,425.57
6,919,178.75
121,119,808.19 124,476,837.29 —3,357,029.10
Total..
Net Revenues After Taxes
—9,900.00
51,458,150.00
73,018,687.29 —3,347,129.10
51,448,250.00
69,671,558.19
Capital stock in hands of public—
Corporate surplus........——.—
8,597,787.64 —1,678,608.89
2,182,719.41
+230,816.68
4,505,642.66
Net Revenues.
Taxes
Deferred Credits:
Total Liabilities
.........
268,063,492.82 271,869,075.62 —3,805,582.80
Other Additions to Income:
65,535.29
1,204,102.97
—12,025.62
—96,982.13
1,378,646.01
—109,007.75
1,776,261.00
3,959,970.31
366,414.33
542,998.03
1,777,070.73
4,017,247.51
559,091.22
582,199.72
—809.73
—57,277.20
—192,676.89
—39,201.69
6,645,643.67
Miscellaneous income credits
77,560.91
1,301,085.10
1,269,638.26
Miscellaneous interest
6,935,609.18
—289,965.51
DELAWARE AND HUDSON COMPANY
THE
Total.
PROFIT AND LOSS
ACCOUNT—YEARS 1935 AND 1934
Other Deductions from Income:
Rent for leased roads
Interest
on
funded debt
Interest
on
unfunded debt
Miscellaneous income charges.
Increase
Net
Income
Before
951,445.54
669,573.22
—172,719.30
+ 5,991.20
11,931.16
34,619.54
—22,688.38
1,470,176.71
1,655,638.30
—185,461.59
180.422.63
89,901.81
197.647.64
98,211.10
197,092.10
56,060.50
349,838.27
72,611.97
—16,669.47
+ 33,841.31
—152,190.63
+ 25,599.13
566,183.18
675,602.84
—109,419.66
903,993.53
980,035.46
13,200.00
17,000.00
—76,041.93
—3,800.00
890,793.53
963,035.46
—72,241.93
778,726.24
675,564.42
Dividends—-
Realized profits from sale of securi¬
ties and other investments (net).
Depreciation
and Depletion
*870,362.75
Depreciation and Depletion
2,192,513.62
Net Income Deficit
858,105.06 —1,728,467.81
—404,317.64
2,596,831.26
*3,062,876.37 *1,738,726.20
*
on
time loan..
Total.....................
Expenses:
and
General administrative
expenses
THE DELAWARE AND HUDSON COMPANY
other
—
Taxes (other than
federal income)-
Interest on loans
AND
Foreign exchange losses
SUBSIDIARY COMPANIES
Total......
CONSOLIDATED GENERAL BALANCE SHEET—DEC. 31, 1935-1934
;
3t
■:
Net
Profit
Net
Income
1934
1935
Decrease
Transferred
Surplus
to
Account Below
Increase (+)
+
Federal
Before
Federal Income Tax
;+X-u
ASSETS
Items
............
Taxes
(Inter-Corporate Items Eliminated)
?
•+-V '3..'
+ 3,954.89
3,954.89
Miscellaneous income and interest
+ 1324150.17
♦Deficit.
(+)
(—)
S
$
$
Income:
Interest on bonds
Total.
Decrease
1934
1935
Items
(—)
NOTES:
Current Assets:
$
Cash in banks and
on
hand
1
■'
2,695,642.51
Working funds
79,701.30
Marketable stocks and bonds at cost
Loans receivable
Interest and dividends receivable.
-
Accounts receivable
46,956,920.57
132,675.47
390,561.62
6,060,518.08
$
2,006,176.13
$
+ 689,466.38
70,209.77
+9,491.53
49,090,086.21 —2,133,165.64
—500,559.76
633,235.23
—90,575.30
481,136.92
—60,099.86
6.120.617.94
Inventories—manufactured prod¬
assumed in 1935 by the company as lessee
guaranteed rentals totaling $83,875.00 paid in 1935 by
Royalties totaling $47,685.31, paid or
of certain coal lands, and
the company as lessee of certain railroad properties have not been
above expenses, as the company was reimbursed by sub-tenants for
amount which has been excluded from Income.
The above statement reflects only
Hudson Company
as
a
Material and supplies
1.412.322.95
—397,322.32
operating deficits of affiliated or underlying
4,812,434.19
5,113,343.93
161,202.49
—300,909.74
—15,555.64
Balance
for mainte¬
nance, operation or construction
Other current assets
145,646.85
SURPLUS ACCOUNT—DECEMBER
on
January
received on capital
Total
62,289,101.22
65,088,331.57 —2,799,230.35
and
earnings or
subsidiary and/or controlled companies.
the income and expenses of The Delaware
holding company, and does not Include any
1,015,000.63
ucts
included in the
corresponding
a
1, 1935, Including
stock issued
31, 1935
premium of $4,535,450.00
$59,504,989.44
Add:
carried as a reserve as
of January 1, 1935, created out of prior years'
profits, plus miscellaneous income applicable to
prior years..—--Net profit for the year ended December 31, 1935,
Cancellation of the balance
Deferred Assets:
Deferred assets
374.35Jl.62
—66,239.51
197,360,019.30 198,181,012.95
5,942,836.07
5,982,657.24
—820,993.65
+ 39,821.17
-
308,112.11
$239,063.12
.
Investments:
,
Investment in property
Miscellaneous investments.
-
per
890,793.53
above account
1,129,856.65
$60,634,846.09
Total
203,342,676.54 204,123,849.02
Sinking Funds and Special Deposits:
Sinking funds and special deposits—
Total funds and deposits
Less inter-corporate bonds held
—781,172.48
I
1
+ 886,340.68
4,675,508.68
+970,587.10
1,025,404.16
Total
Deferred Charges:
5,785,159.26
5,646,095.78
in funds
6,671,499.94
1,109,650.58
—84,246.42
as
of December 31, 1935, as per
1,098,198.79
1,172,892.83
—74,694.04
268,063,492.82 271,869,075.62 —3,805,582.80
$75,018.00
684,002.65
608,984.65
annexed Balance Sheet
$59,950,843.44
ACCOUNTANTS' REPORT
We have made an examination of the
Deferred charges to income or sur¬
Total Assets
XXX'Xvy
"X.\ ;xx:,
Taxes, etc., applicable to period prior to January
1, 1935, paid during 1935.
Cancellation of interest charges against an affili¬
ated company credited to income prior to 1935.
Balance
.
plus
■>■'■■••a.;:/.
Deduct:
annexed balance sheet, as of December 31,
1935, of The Delaware and Hudson Company appearing on page 7 [Pamphlet Report],
loss and surplus accounts covering the operations for
the year ended that date.
In connection therewith we inspected the securities on
hand and verified, by confirmations received from fiscal agents or other holders
and of the above profit and
thereof, all securities held for the company's account: we examined or tested account¬
ing records of the company and other supporting evidence,
LIABILITIES
obtained information and
Increase
1935
1934
$
Items
$
(+)
explanations from officers and employes of the company, and made an examination
of the accounts of The' Hudson Coal Company, an affiliate, and of the Chateaugay
Decrease
(—)
Ore and Iron
Company, the major subsidiary of the latter company, but we did
also reviewed but did not audit
not make a detailed audit of the transactions; we
Current Liabilities:
Loans payable
$
Wages payable
Other accounts payable
Total
14,139,384.67
676,047.38
67,600.00
1,384,160.05
3,976,238.16
12,783,677.13 + 1,355,707.54
—35,310.11
711,357.49
+ 62,600.00
5,000.00
+ 57,612.95
1,326,547.10
—241,823.18
4,218,061.34
20,243,430.26
Interest and dividends payable
Matured bonds payable
19,044,643.06 + 1,198,787.20
850,907.20
Accrued taxes
liability
controlled companies, including
whose accounts are under the
supervision and control of the Interstate Commerce Commission.
affiliated company, included
the company at the cost Of
No market values were obtainable for bonds of an
in
"investment
funds";
they
were
appraised
by
$1,093,000.00.
In
our
opinion, based upon such examination, the annexed balance sheet and the
and loss and surplus accounts, together with the notes thereon, present,
accepted principles of accounting conslstingly maintained by the
relative profit
in accordance with
Accrued Liabilities:
Accrued
the reports of the various other subsidiaries and/or
The Delaware and Hudson Railroad Corporation,
for
806,313.04
+44,594.16
personal in¬
juries and damages..
1,208,931.90
1,401,460.16
—192,528.26
2,059,839.10
2,207,773.20
—147,934.10
company
Individual
1935, the
surplus account for the period.
during the year under review, on the basis indicated therein, the
position of The Delaware and Hudson Company as of December 31,
operating results for the year ended that date, and the
STAGG, MATHER & HOUGH,
Total
141 Broadway, New York, N. Y.
March 13,
1936.
-
Public Accountants.
Financial
Volume 142
Chronicle
,
2355
DELAWARE AND HUDSON COMPANY
THE
Increase
BALANCE
SHEET—DECEMBER 31, 1935-1934
1935
Items
1934!
(+)
Decrease (—)
ASSETS
1935
Income from lease of road
Decrease
1934
Miscellaneous rent income
(—)
and
Marketable stocks
cost
49,619,567.27 —1,981,772.01
47,637,795.26
(Market value at December 31,
1935, $40,862,771.20.)
Included
ties
herein
carried at
922,759.48
lateral to
by
the
are
deposited
as
company
of
col
let
of
count
foreign
governmental
490,290.33
—490,290.33
392,866.69
—64,147.95
327,635.71
328,718.74
443,001.52
hand
Interest
on
on
unfunded debt
aind
In
+44,633.87
+ 29,305.76
4,781,021.14
—511,495.23
*2,601,062.87
*+173.914.04
Deficit.
THE DELAWARE AND
and
(ex¬
HUDSON RAILROAD
CORPORATION
GENERAL BALANCE
SHEET—DECEMBER 31, 1935-1934
clusive of marketable bonds at cost
of
+ 1.647.35
—48,840.06
4,269,525.91
■
advances
-Li,614.61'
—462,687.91
31,779.69
*2,774,976.91
NetTncome Deficit
*
589,454.89
618,760.65
1,787,875.61
48,840.06
debt...
Total
companies
2,912,525.78
Amortization of discount on funded
(Market value at December 31,
1935, $433,286.25.)
affiliated
—1,698.26
—685,409.27
1,786,261.00
2,449,837.87
33,427.04
funded debt
Interest
+ 115,365.81
44,633.87
funds of $1,213.92, per contra
to
25,876.41
2,179,958.27
Fixed
Rent for leased roads
(prepaid taxes and Insurance)
Special and reserve fund securities, at
cost^ including
uninvested
cash
loans
24,17/.lo
For
Fixed Charges:
ac¬
Deferred charges to Profit and Loss
Investments
+2.18
—2,797.79
+ 1,097.35
1,494.549 00
Available
Income
restrictions
on
844.25
6,985.69
19,045 47
Total
Accounts receivable in respect of ac¬
crued interest, dividends, etc
Cash in banks and
846.43
20,142 82
Miscellaneous Income charges
Syndi¬
on
—687,107.53
In¬
Charges
in
2,205,833.68
3,187.90
From
Deductions
come:
payable by an
company and guar¬
by The Delaware and
extended
+605.61
Miscellaneous tax accruals
Report]
cate)—Payment
—10,774.43
Miscellaneous rents
affiliated
Time
+453.22
12.592.37
189,428.60
1,518,726.15
Total Income
Miscellaneous
loans
Hudson Company.
loan (Participation
10,438.45
55,571.87
190,034.21
Total
$7,862,-
totaling $6,050,000.00 (Table 1) [Pamph
anteed
+3,882.02
—97.23
56,025.09
1,817.94
a
Miscellaneous Income
$9,247,057.18 which have been
deposited as collateral to se¬
bank
—495.81
14,320.47
serve funds
000.00 per contra, and securl
ties carried at a cost of
cure
+ 1,012.42
4,487.63
Income from sinking and other re¬
$11,-
loans payable
secure
3,751.61
4,915.00
+*6,625*42
securities
unfunded
from
and accounts
securi¬
cost of
a
4,764.03
4,817.77
3,991.82
Income from funded securities
Income
$
29,743.20
67,928.47
physi¬
cal property
Dividend income
bonds, at
'
29,743.20
74,553.89
Miscellaneous nonoperating
Investment Funds:
$
$
Other Income:
Increase (+)
Items
$1,768,355.08, included above
ASSETS
as
investment funds)
67,696,820.20 +3,579,839.01
71,276,659.21
Increase
120,349,569.25 119,116,635.09 +1,232,934.16
LIABILITIES
1935
Items
Bank loans payable (secured by col¬
lateral,
per
Special and
reserve
Miscellaneous
Stocks
funds, per contra
reserve.
30,534*24
Deferred liabilities
+800,000.00
+ 196,808.52
+29,305.76
—239,034.12
Bonds
Notes..
Advances
—
Total
O&sh
Issued—515,739 shares
at
par
value of $100
each
400.00
400.00
515,735 shares
and conductors
59,504,989.44
+445,854.00
Contingent Liabilities:
+ 1,430.00
—637,936.21
48,434.52
255.00
794,429.72
144,155.09
154,454.79
595,290.84
+383,924.04
—46,344.52
—23,081.81
----
525,869.61
2,206,264.40
14,804.95
265,967.91
2,355,548.94
14,070.67
—10,299.70
—69,421.23
—149,284.54
+734.28
—210,669.17
5.312.164.0^
—124,442.65
72,006.15
1,022,181.36
36,223.92
-
476.637.OB
5,187,711.44
973,253.38
51,596.72
—15,372.80
1,130,411.43
Total
1,087,117.55
+43,293.88
Deferred Assets:
The company has obligations Issued
Working fund advances
and/or
assumed in
respect of
principal, Interest, dividends and
rentals, as indicated on Tables 1
and 5 [Pamphlet Report].
The
and other funds
Other deferred assets
Insurance
Total--
Delaware and Hudson Railroad
Unadjusted Debits:
Rents and insurance
Corporation has agreed to in¬
demnify the company against
premiums paid
Other
5
Total Assets
The company guarantees the pay¬
ment of all compensation liabili¬
+ 9,738.70
+48,927.98
46,332.49
215,913.72
53,096.72
—6,764.23
212,585.92
+ 3,327.80
265,682.64
-3,436.43
113,415,620.88 114,138,142.29
unadjusted debits
Total--
[Pamphlet Report].
62,267.45
262,246.21
in advance
to the
Table
873,032.53
255.00
receivable.
+ 445,854.00
59,950,843.44
1.256,956.57
supplies
------Interest and dividends receivableOther current assets
Materials and
Total Capital Stock and Surplus 111,524,343.44 111,078,489.44
on
5,002.00
receivable from agents
Miscellaneous accounts
capital stock, per
shown
receivable
service balances re¬
ceivable
51,573,500.00
51,573,500.00
annexed account
obligations
+ 16,600.00
—81,522.30
4,650.00
771,347.91
Traffic and car
Surplus, Including premium of $4,-
respect
6,432.00
2,090.00
«■»
Net balance
with
-
•»
Loans and bills
51,573,900.00
4 shares in treas
claims
-583,895.13
+9,451.22
700,000.00
1,124,220.60
667,109.30
106,835,251.80 107,473,188.01
Special deposits
51,573,900.00
ury
any
5,229,184.63
281,964.13
Current Assets:
Authorized—557,115 shares
on
99,461,057.35
4,650.00
Stocks
M iscellaneous
535,450.00
(+)
(—)
Other Investments:
Capital Stock and Surplus:
Capital Stock—
Lees—
98,877,162.22
291,415.35
5,229,184.63
700,000.00
1,140,820.60
585,587.00
equipment
physical property—
Investments in affiliated companies'
Investment In road and
Miscellaneous
(—)
$
7,062,000.00
117,122.40
589,454.89
239,034.12
30,634.24
7,862,000.00
313,930.92
618,760.65
contra)
Accounts payable
Decrease
Investments:
Increase (+)
Decrease
1934
1935
Items
1934
-722,521.41
LIABILITIES
ties of The Hudson Coal Company
under the Pennsylvania Work¬
men's
Increase
Compensation Act.
1935
Items
Il20,349,569.25
NOTE:
The book figures shown above in respect of investments
in and advances
and loans to affiliated companies do not Indicate the equities in the various affiliated
and/or
based
controlled
on
the cost
reductions in
The values carried are
of acquisitions, plus subsequent loans and advances, less various
companies
valuations
of
as
and indebtedness
deemed advisable
by the management.
No effect has been given to the annual earnings or deficits
underlying subsidiary and/or controlled
companies except
through dividends received therefrom, which have been included in the annual
profit and loss accounts of The Delaware and Hudson Company.
According to
of
the
affiliated
^Capital
(+)
Decrease
(—)
(515,740 common
value)---------
28,473,019.24
28,473,019.24
Governmental Grants:
Grants in aid of construction.----
122,235.32
84,737.43
of no par
+ 37,497.89
and
the reports prepared by the various companies, the combined equities shown therein
indicate that the total valuation carried on the books of the parent company at
Long Term
Funded debt
CORPORATION
1935 AND
1934
(+)
Decrease (—)
$
$
$
22,884,178.00
20,555.726.13
23,196,312.00
20,447,906.31
—312,134.00
+ 107,819.82
Railway
Operations
2,328,451.87
12,117,051.42 + 3,651,714.56
73,268,765.98
70,727,101.42 +2,541,664.56
Current
Liabilities:
and bills payable-..-and car service balances
payable
1934
1935
From
2,748,405.69
Audited accounts
Uncollectible Railway Revenue.
1,080,537.59
898,767.89
546,677.13
307,411.03
328,902.43
—21,491.40
2,280,877.85
10,426.81
37,078.01
67,600.00
426,149.32
115,582.01
2,155,848.34
+ 125,029.51
427,417.78
—416,990.97
—2,878.24
+ 62,600.00
—9,888.70
—319,292.46
accounts payable—
matured unpaid....
Miscellaneous
Interest
Funded debt matured unpaid
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
39,956.25
5,000.00
658,000.17
436,038.02
115,582.01
658,370.51
4,130,509.87
4,713,792.47
-583,282.60
2,461,655.89
2,120,287.20
+ 341,368.69
517,367.62
754,393.22
3,408,837.13
+ 15,108.17
+ 53,369.93
—327,983.89
—97,266.49
19,691,648.35
-356,772.28
—370*34
—419,953.82
+ 181,769.70
417.34
2.086.32
—1,668.98
1,247,496.04
1,847,551.48
—600.054.54
Hire of freight cars—credit balance
Rent from locomotives
176,733.15
256,562.90
27,564.57
Rent from passenger-train cars...
56,423.86
33,489.73
72,786.03
Railway Operating Income
227,384.67
and wages pay¬
able
Total
Railway Tax Accruals
58,610,050.00 —1,110,050.00
15,768,765.98
Traffic
Increase
Revenue
57,500,000.00
affiliated
Loans
COMPARATIVE INCOME ACCOUNT—YEARS
Railway Operating Revenues..
Railway Operating Expenses
unmatured..------
companies
Total
THE DELAWARE AND HUDSON RAILROAD
Items
Debt:
Non-negotiable debt to
$71,276,659.21 is conservatively stated.
Net
stock
shares
of December 31, 1935.
certain securities
1934
119,116,635.09 +1,232,934.16
Deferred Liabilities:
Other
deferred liabilities
—
Rent Income:
Rent from work equipment
Joint facility rent income
Total
Rents Payable:
Rent for locomotives
Rent for passenger-train cars
Rent for work equipment
Joint facility rents
Total
Net Railway Operating Income
25,839.23
26,560.66
—79,829.75
—5,925.16
—16,362.17
—721.43
138,130.07
138,078 56
+51.51
424,690.88
527,477.88
3,002.11
—317.54
47,365.81
53,872.02
—6,506.21
273.38
260.59
Tax liability
Insurance reserve.
Accrued
Other
—102,787.00
2.684.57
Unadjusted Credits:
+ 12.79
293,172.12
301,489.56
—8,317.44
343,495.88
358,624.28
2,016.405.08
unadjusted credits
Total—
532,475.79
807,763.15
14,683,066.49
3,311,570.64
19,334,876.07
-
15,011,050.38
Corporate Surplus:
Additions to property
come
through in¬
42,830.63
45,942.26
+3,111.63
*14,421,383.75 *11,715,274.45 *+2706,109.30
and surplus
Profit and loss
Total
—15,128.40
1,328,691.94
."""""I
depreciation—Equipment
—687,713.14
Total Liabilities
*
Deficit.
-
*14,375,441.49 *11,672,443.82 *+2702 997.67
113,415,620.88 114,138,142.29
-722,521.41
Financial
2356
Chronicle
April
The Commercial Markets and the
1936 4
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, April 3, 1936.
Coffee—On the 28th ult. futures closed 4 to 6
points lower,
Rio contracts closed 2 to 4
points lower, with transactions of 1,250 bags. There was a
further drop in Brazilian milreis, the decline extending 100
with transactions of 2,500 bags.
reis to 17.850 milreis to the United States dollar.
This
was
partially offset by gains of 125 to 150 reis in Rio de Janeiro
fptures and a mark up of 100 reis in the official spot price for
No. 7.
The actual market continued stagnant, although
spot Colombian coffees were holding steady. Harve futures
were 34 to 1 franc higher.
On the 30th ult. futures closed 1 to 4 points lower, with
transactions of 10,500 bags.
Rio contracts ended unchanged
to 3 points lower, with sales of 4,750 bags.
Rio de Janeiro
futures were 150 to 175 reis lower.
Cost and freight offers
from Brazil were unchanged to 5 points lower with Santos
Bourbon
4s at
Havre futures
from 8.20
to
8.50 cents.
Tone
was
dull.
2 34 to
234 francs higher.
On the 31st ult. futures closed 9 to 10 points off for Santos
contracts, with sales of 8,000 bags.
Rio contracts ended 11
to 14 points lower, with transactions
totaling 16,000 bags.
were
Rio de Janeiro futures
were
25 to 100 reis lower.
Cost and
Santos
freight offers from Brazil were 5 lower to 5 higher.
Bourbon 4s were quoted at from 8.20 to 8.45 cents.
The
spot market continued dull.
Havre futures were 2 to 2%
francs lower.
On the 1st inst. futures closed 9 to 12 points
higher for
Santos contracts with sales of 17,000 bags.
Rio contracts
closed 5 to 6 points higher, with sales of 7,750 bags.
Rio de
Janeiro futures
unchanged. Cost and freight offers
unchanged to 5 points higher, with Santos
Bourbon 4s from 8.20 to 8.50 cents.
Local spot prices con¬
tinued nominally unchanged in dull trading.
Havre futures
closed 134 to
francs lower, but this market's effect here
has been nil recently because of the fluctuations in the francdollar rate, which make changes in price of coffee futures
from Brazil
were
were
there difficult to calculate.
.■
On the 2d inst. futures closed 1 to 3 points lower on Santos
contracts with sales
totaling 4,500 bags. Rio contracts closed
unchanged to 3 points higher, with sales of 11,750 bags. Rio
de Janeiro futures were unchanged to 50 reis higher. Cost and
freight offers from Brazil were 5 points higher to 5 points
lower, well described Santos 4s being quoted at from 8.25 to
8.50 cents. Spot prices remained nominally unchanged, with
the dull tone continuing. Havre futures were 34 to 1*4 francs
higher, with trading there quiet. To-day prices closed 2 to 4
points up for Santos contracts, with sales of lb contracts.
Rio contracts closed 4 to 7 points up, with sales of 19 con¬
tracts. Rio de Janeiro futures were 75 reis to 100 reis lower,
while the open market exchange rate improved 20 reis to
17.68. Cost and freight offers from Brazil were unchanged
to 10 points lower. Local spot prices continued nominally
unchanged.
Rio coffee prices closed as follows:
May
July
4.731 September
_4.851 December
4.95
5.00
March-
8.501 September
8.26 December
—8.331
Cocoa—On the 28th ult.
Transactions
London
totaled
20
lots
futures
or
268
8.39
-8.44
closed 3 points lower.
tons.
Cash cocoa in
slightly higher with futures l*4d. firmer to
Transactions in that market totaled 10 tons in
future contracts.
Closing: May, 5.02; July, 5.08; Sept.,
5.14; Oct., 5.15; Dec., 5.21.
On the 30th ult. futures closed
unchanged for the day.
Transactions were 53 lots, or 710
tons.
London cash cocoa unchanged and futures unchanged
to l*4d. lower, with 20 tons the volume of trade.
Local
closing: May, 5.02; July, 5.08; Sept., 5.14; Oct., 5.15;
Dec., 5.21.
On the 31st ult. futures closed unchanged.
Trading consisted chiefly of switches from May to December
deliveries.
A cable from the Gold Coast Colony reported
that exports for the first five months of the 1935-36 crop
year (October to February, inclusive) amounted to 181,442
tons, a new high record for any similar five-months' period.
The volume of transactions on the local Exchange in futures
was
111 lots, or 1,487 tons.
Local closing: May, 5.02;
July, 5.08; Sept., 5.14; Dec., 5.21.
On the 1st inst., futures
closed unchanged to 1 point lower.
Sales were limited to
98 lots or 1,313 tons.
Trading continued to center around
the May contract.
There was a moderate amount of
liquidation of this contract again in evidence.
Commission
houses were sellers, while the trade took the offerings quietly.
London cash cocoa unchanged.
Futures there were un¬
changed to l*4d. higher, with 220 tons dealt in.
Local
closing: May, 5.02; July, 5.08; Sept., 5.13; Oct., 51.5;
Dec., 5.21.
On the 2d inst. futures closed 3 to 4 points higher. Transac¬
tions for the day totaled 73 contracts or 978 tons. There was
only a moderate amount of buying, but prices responded
was
unchanged.
line with other refiners.
London
quiet with futures
was
unchanged to %d. lower.
•
On the 30th ult. futures closed 1 to 3 points higher.
September and July ended at 2.85c., the highest for any
future month since June, 1928.
Sales were 818 lots, or
40,900 tons.
In the market for raws Puerto Ricos were
cleared early at 3.80c., Arbuckle buying 10,000 bags loading
June 1, and Godchaux 4,300 tons, due May 27.
Later,
Colonial paid 3.85c. for 1,000 tons of Philippines, June-July
shipment, and 3.86c. for 2,000 tons in the same shipping
position, and Rionda bought a cargo of Cubas, May ship¬
ment, at 2.93c. (3.83), up 8 points.
Further Philippines
were held
at 3.87c.
News regarding the Supreme Court
decision had no effect on prices.
London futures were 34d.
higher to 34d. lower.
On the 31st ult. futures closed 3 to 7 points lower with
transactions totaling
12,400 tons.
Prices reacted today
after seven sessions of successive new highs, losing 5 to 7
points after the opening, recovering most of the loss later
but
subsequently turning easier and registering about
maximum declines for the day.
In the market for raws
there were two sales of Cubas, May shipment, reported,
Savannah taking 15,000 bags at 2.93c. and Godchaux 18,000
at 2.90c., off 3 points.
London futures were
to Id.
higher while raws were firm with offers at 5s., or about
9534c. f.o.b. Cuba.
On the 1st inst. futures closed 1 to 4 points lower except
for December, which was quoted 11 points lower.
Total
sales were 258 lots or 12,900 tons.
In the market for raws
6,000 bags of Puerto Ricos, second half May shipment, were
reported sold at 3.80c. to a trade buyer.
Cubas were the
only sugars on offer in any volume.
Sellers were asking
generally 2.95;c., although one lot was thought available
at 2.88c., or possibly 2.90c.
Duty-free sugars, at 3.85c.,
consisted
of
but
one
lot
of Puerto
Ricos
and
lot
one
of
Philippines for June-July shipment were held
at froin 3.87 to 3.90c.
Buyers were believed willing to pay
3.85c. for Cubas.
Preliminary estimates were that refiners
had accepted about 45 to 60 days' business at 4.85c. on
Monday prior to the advance to 5c.
London futures were
unchanged to *4d. lower while Lamborn reported raws
steadier at 4s. 1134d., or about 94c. f.o.b. Cuba.
On the 2d inst., futures closed 1 to 4 points lower.
Sales
were 237 lots or
11,850 tons.
A few cargoes were openly
offered in the raw market, but buying interest was nil.
One
lot of Cubas was offered at 2.90c.; another at 2.95c., while
in duty frees one lot of Puerto Ricos and one cargo of Philip¬
pines were offered at 3.85c.
June-July shipment Philippines
were at 3.90c. generally.
The low levels in futures were
11 to 12 points below the eight year highs made on Monday
and Tuesday.
Licht's first estimate of beet sugar sowings in
Europe without Russia, of 1,620,000 hectares, compares
with 1,565,000 last season. Russia he estimates at 245,000,
against 1,200,000 in 1935.
London futures were unchanged
to Id lower, with trading quiet.
To-day prices closed 2 to 7
points up.
On a moderate amount of buying futures held
firm throughout the session, closing at slightly under -the
top prices of the day.
In the market for raws no sales were
reported, but holders were reported firm in their ideas.
Philippines.
Santos coffee prices closed as follows:
May
July_
readily to this light demand and held firm throughout the
session. Cash cocoa in the London market was unchanged,
with futures 134d up and l*4d down. Sales in that market
were 100 tons. Local closing: May 5.06; July 5.12; Sept. 5.17;
Oct. 5.18; Dec. 5.24. To-day futures closed 4 to 5 points up.
New commission house buying appeared, causing increased
activity in trading. Offerings from primary markets were
reported as scarce. Closing: May 5.11; July 5.16; Sept. 5.21;
Dec. 5.29; Mar. 5.37. Sales 313 contracts.
Sugar—On the 28th ult. futures /closed unchanged to
3 points higher with September selling at 2.82c., the highest
for futures since June, 1928.
In the market for raws it
was learned that further sales
made Friday totaled about
25,000 tons, Cubas selling at 2.85c.; Puerto Ricos at 3.75c.
and Philippines at 3.78c.
Saturday National paid 3.75c.
for 5,000 bags of Puerto Ricos, second half April shipment,
and 3.80c. for 5,000 tons of Philippines, May-June, JuneJuly shipment, this latter price being the highest for duty¬
frees since Jan. 6, 1930.
It was also reported in the Philip¬
pine Islands sales had been made at a parity of 3.83c.
In
the refined market Sucrest was up 10 points to 4.85 cents in
Some sellers asked 2.95c. for their Cubas.
were
unchanged to *4d higher.
offered at 0.93 of
a
Raw
cent f.o.b. Cuba.
July
reported
was
were
follows:
as
2.521 May
September
Prices
2.781 January
March
London futures
sugar
2.771
2.64
2.78
•
-
Lard—On the 28th
ult. futures
•
'
.i
closed unchanged to 5
points higher.
The undertone was firm.
Closing hog prices
nominally steady at about Friday's average.
The top
price was nominally $10.80.
Total receipts at the principal
Western markets were 11,500 against 14,200 for the same day
.
were
Financial
Volume 142
year ago.
At Liverpool the nearby deliveries were reported
firm, due to the limited stocks abroad, and on Saturday,
closing prices were 6d. higher on the spot position, 3d. higher
on May, unchanged on July and 3d. lower on the distant
September.
Export clearances of lard from the port of New
York as reported on Saturday were light and totaled 16,800
pounds destined for London.
On the 30th ult. futures
closed unchanged to 2 points higher.
Trading was light,
but the undertone was steady during most of the session.
Both cash and loose lard prices finished unchanged and the
demand for cash lard continues spotty.
Chicago hog prices
were 10c. higher at the close, the
top price registering $11.80
and most of the sales ranging from $10 to $10.75.
Total
receipts for the Western run were 71,200 against 1,700 for the
same day
last year.
Export clearances over the weekend
from the Port of New York were 426,310 pounds destined
for Liverpool.
Liverpool lard futures closed unchanged on
the spot, 3d. higher on May, 6d. higher on July and 3d.
higher on Septemoer.
On the 31st ult. futures closed 10 to
15 points lower, with the distant October delivery selling at
7 points down from previous close.
There was considerable
profit taking irom speculative interests; this and some foreign
selling were the contributing factors in the decline.
Closing
hog prices were 5c. to 10c. lower at Chicago.
The top price
was $10.70.
Western hog receipts were fairly heavy and
totaled 54,200, against 55,200 for the same day last year.
Lard stocks for the last half of March are not expected to
increase due to the limited receipts during the past two weeks.
Liverpool lard futures also reacted and prices at the close
were od. lower on all
positions.
Shipments of lard from the
Port of New York, as reported yesterday, were moderately
heavy and totaled 106,400 pounds destined for Hamburg.
On the 1st inst. futures closed 2 points up, with the
exception
of distant October, which sold 10 points lower.
The firmness
of lard was ascribed to expectations of a bullish
monthly lard
stock report and also to the higher hog market.
Lard stocks
at Chicago during the month of March decreased
2,396,169
pounds.
Total stocks now are 32,874,751 pounds, against
46,273,792 pounds on April 1, 1935.
Liverpool lard futures
closed easy, 6d. lower, and during the past two days prices
have declined Is.
Export clearances of lard from the Port
of New \ork as reported on the 1st inst., were the heaviest
in some time and totaled 863,667,pounds, the bulk of which
was being
shipped to the United Kingdom and a small lot
was destined tor
Antwerp.
Receipts of hogs at the principal
Western markets were moderately heavy and totaled
47,0U0,
against 45,860 tor the same day last year.
Prices of hogs at
Chicago closed 5c. to 10c. higher, the top price registering
$10.80, and the bulk of sales ranged lrom $10.25 to $10.75.
On the 2d mst. futures closed 10 to 12
points lower on
the nearby months and 2 point* lower on the distant October
option.
A sharp break in Liverpool lard futures together
with pronounced weakness of
he wheat market here—
were factors operating against lard values.
Influenced by
a
*
these
bearish
lactors speculative longs loosed considerable
holdings on the market and under this pressure prices
sagged, closing at-near the lows of the day.
Buying of lard
for foreign account continued on a small scale.
There were
no export shipments of lard from the New York on
Thursday.
Hog prices closed virtually unchanged on the heavyweights,
of their
but
the
underweights
were mostly 10c. higher.
The top
unchanged at $10.80 and most of the
sales ranged from $10.25 to $10.75.
The western hog move¬
ment was fairly heavy and totaled
39,900 against 46,600 the
same day last year.
To-day futures closed 5 to 8 points off
owing to the relative weakness in grains.
Hogs were firmer
with the top $10.90.
price at Chicago
was
DAILY CLOSING PRICES OF LARD
Sat.
May
Ju!y-March
-
-
September-
Mon.
-.-11.25
11.25
FUTURES IN CHICAGO
Tues.
11.12
11.25
Wed.
11.10
Thurs.
11.00
~F*ri.n
10.92
11.22
11.20
11.07
11.12
11.00
10.92
11.20
11.22
11.20
11.10
11.10
11.15
11.05
11.00
10.90
10.87
10.80
Pork—Quiet; mess, $32.37 per barrel; family, $31.37,
nominal, per barrel; fat backs, $22.25 to $28.25 per barrel.
Beef: quiet; Mess, nominal;
Packer, nominal; family, $18.50
to $19.50 per barrel,
nominal; extra India mess, nominal.
Cut meats: steady; pickled
hams, picnics, loose, c. a. f.,
4 to 6 lbs., 15Mc.; 6 to 8
lbs., 14%c.; 8 to 10 lbs., 14^c.;
Skinned, loose, c. a. f., 14 to 16 lbs., 20%c.; 18 to 20 lbs.,
2034c.; 22 to 24 lbs., 1934c.
Bellies, clear, f. o. b., New
York: 6 to 8 lbs., 233/c.; 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, firsts to higher than extra
and premium marks,
3034 to 3134; Cheese, State, whole milk,
held, 1935, fancy, 21 to 22c.
Eggs, mixed colors, checks
to special packs, 16 to 21c.
Oils—Linseed oil deliveries
Some crushers
ducing posted price to
again.
China wood oil
are
a
reported to be improving
following the lead in re¬
are
not
basis of 9c.
per
pound in tanks.
staged its sixth successive decline yesterday,
dropping to 17.3c. per pound in tanks.
Quotations: China
wood: tanks, forward, 17.3 to
17.5c.; drums, spot, 18c.;
Cocoanut: Manila, tanks,
April-June, 434c.; Coast, 434 to
434c.; Corn: crude, tanks, West mills, 834c.; Olive: denatured,
spot, Spanish, 71 to 72c.; shipment forward, 70c.
Soy Bean:
tanks, mills, 6J4 to 7c.; C. L. drums, 8.6c.; L. C.
L., 9.4c.
Edible, 76 degrees, 1934c.
Lard: prime, 1334c.; extra
strained winter, 13c.; Cod, Crude,
Newfoundland, nominal;
Chronicle
2357
Norwegian Yellow, 37c.
Turpentine,
39 to 48c.
Rosin:
$4.50 to $6.25.
Cottonseed
Oil
Crude, S. E., 834c.
March--
April
— .
May
June
sales, including switches, 26 contracts.
Prices closed as follows:
9.50®
9.53 @
9.50®
9.56®
!July
9.571 August
I September
I October-_
9.50®
9.44® 9.47
9.15® 9.20
9.20®
Petroleum—The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of 4'Business Indications/'
in the
article
entitled
"Petroleum and
Rubber—On the 28th ult. futures
Products."
Its
closed
4 to 7 points
fairly active, with transactions
totaling 1,690 tons.
Spot ribbed smoke sheets in New York
advanced to 15.91 as against 15.87 on Friday.
London and
Singapore closed dull and quiet, with prices virtually un¬
changed.
Closing: May, 15.91; July, 15.95; Sept., 16.05;
On the 30th ult. futures closed unchanged
Dec., 16.16.
to 3 points higher.
Transactions totaled 850 tons.
Spot
lower.
The
market
was
ribbed smoked sheets declined to 15.88 from 15.91.
and Singapore closed steady.
During the
London
day 340 tons
were
tendered for
delivery against April contracts.
This was the
first day that such notices could be issued.
Closing: Apr.,
15.84; May, 15.88; June, 15.92; July, 15.96; Aug., 16.02;
Sept., 16.08; Oct., 16.11; Nov., 16.17; Jan., 16.20; Feb.,
16.23.
On the 31st ult. futures closed unchanged to 4
points lower.
Transactions totaled 600 tons.
Although
trading was very light, the undertone held steady throughout
the session.
Prices for spots in the outside market were
virtually unchanged at 15J^c.
No shipment business worthy
of note was reported during the day.
Certified stocks of
rubber in warehouses licensed by the
Exchange decreased
40 tons to a total of 24,270 tons at the close of business on this
date.
Local closing: Apr., 15.84; May, 15.83;
June, 15.92;
July, 15.96; Aug., 16.00; Sept., 16.05; Oct., 16.07; Nov.,
16.12; Dec., 16.18.
On the 1st inst. futures closed 7 to 11
points higner.
Transactions
totaled
1,250
tons.
The
,
market showed considerable firmness
throughout the session,
due to larger replacement demand by factories.
Prices in
the outside market were raised 34c. per pound and are now
again quoted at 16c. for spots and nearby deliveries.
Some
dealers were even asking as much as 16
l-16c., although
there seemed to be enough rubber available at the lower
price.
The London and Singapore rubber markets closed
steady, with prices unchanged to l-16d. higher.
Local
closing: Apr., 15.94; May, 15.98; June, 16.02; July, 16.06;
Aug., 16.10; Sept., 16.14; Oct., 16.18; Nov., 16.22; Dec.,
16.26.
On the 2d inst. futures closed
unchanged to 7 points higher.
tons. Spot ribbed smoked
sheets remained unchanged at 15.93. London and
Singapore
closed unchanged to l-16d higher. Malayan
exports during
March amounted to 46,552 tons, as
compared with 38,436
tons during the previous month. Detailed
exports during
March were as follows: United Kingdom,
4,400; United
States, 32,953; Continent of Europe, 4,535; British posses¬
sions, 2,020; Japan, 2,014, and other countries, 630 tons.
Local closing: Apr. 15.96; May 16.00; June
16.04; July 16.08;
Aug. 16.11; Sept. 16. 15; Oct. 16. 18; Nov. 16.22; Dec. 16.26.
To-day futures closed 12 to 15 points down. Sales were 144
contracts. The London and Singapore markets closed
quiet
and virtually unchanged as to prices. Local
closing: May
15.85; July 15.93; Sept. 16.03.
Transactions
amounted
to
620
Hides—On the 28th ult. futures closed 3 to 4
points
down.
light, totaling 4 contracts, or 280,000
Fluctuations confined within narrow limits. The
Transactions
pounds.
were
stocks of certificated hides in
warehouses
licensed by
the
deceased by 2,266 hides.
Domestic spot hide
situation reported quiet with no sales.
Closing: June, 11.78;
Sept., 12.11; Dec., 12.43; Mar., 12.73.
#
On the 30th ult. futures closed 3 to 4
points lower. Trans¬
actions totaled 240,000 pounds.
Trading was very light
exchange
The spot hide market also dull and
virtually
Closing: June, 11.74; Sept., 12.08; Dec., 12.39;
and featureless.
no
business.
Mar., 12.69.
On the 31st ult. futures closed 3
points lower.
was
very
tracts.
and
light, with transactions limited
The tone of the market
was
easy.
Chicago spot markets ruled quiet, with
June,
portance reported.
Closing prices:
12.05; Dec., 12.36; Mar., 12.66.
Trading
only four con¬
Both New York
to
no
sales of im¬
17.71;
Sept.,
On the 1st inst. futures closed 2 to 4
was
points lower. Trading
exceedingly limited,transactions totaling 320,000 pounds.
The stocks of certificated hides in warehouses licensed
by
the exchange remained unchanged at 865,572 hides.
Trading
in the domestic spot
hide market was dull and listless. Prices
remained unchanged on a basis of 10c. a pound for
light
native cow hides.
New York City calfskins were
quiet and
steady. Local closing: June, 11.67; Sept., 12.03; Dec., 12.33.
On the 2d inst. futures closed 7 to 9
points higher. Trans¬
actions totaled 400,000 pounds. Sales in the South American
spot markets amounted to 23,500 Argentine light frigorifico
steers at 1014 cents and 2,000
Uruguay frigorifico steers at
1334 cents. No sales of consequence were reported in the
domestic spot markets during the day. Stocks of certificated
hides in warehouses licensed by the
exchange remained un¬
changed at 865,572 hides.
Local closing: June, 11.76; Sept.,
12.10; Dec. 12.41. To-day futures closed 10 td 25 points
higher with sales of 16 contracts. Spot hides were active
.
with total sales
aggregating 97,500 hides. Some 25,000 light
Financial
2358
reported to have sold at
decline of 3^c. Futures closed with June at
11.91c., Sept. at 12.25c. and Dec. at 12.06c.
native cows,
10 % cents a
March take-off were
Freights—During the greater part of the week
was quiet, but towards the end interest broadened
Ocean
the market
somewhat.
Charters included:
Grain booked: 3 loads
prompt, New York, Antwerp.
9c.; 814 loads New York, Marseilles, Genoa first half April, 14c.; 5 loads
York, Copenhagen first half May, 12c.
Sugar: Prompt, April.
Cuba to United Kingdom, Continent, 13s 6d; same from Santo Domingo,
12s 6d.
Trips—Prompt West Indies round, 95c.; West Indies round, 65c.
Prompt, North Atlantic delivery, United Kingdom, Continent, $1.50,
New
revival of the demand for
domestic coal west of the Ohio, through as far as western
'Kansas.
In mid-week the lower temperatures
of Lake
Michigan improved the Chicago market.
New York is now
moving more coal into home consumption.
Spring prices are
Coal—This
week brought a
but not yet completed.
Bituminous dump¬
ings at New York on Tuesday were around 475 cars.
Last
in the making,
production as forecast rose by 800,000
tons to 6,200,000.
This makes three weeks' production
19,100,000 tons, and the weekly average 6,366,000 tons
against 27,853,000 and 9,284,000 tons a year ago.
week's bituminous
Copper—The feature of the week was the strength and
displayed in European copper, which was
very
active, prices advancing to approximately 9.10c. per pound,
c.i.f. European ports.
The demand abroad was reported
the best in many days.
This does not contrast so well with
domestic business, which is comparatively light.
Indications
are
that the total sales for the month will approximate
demand
Current business in the domestic market still
only to those producers who continue to quote 9}4c.
pound.
Sentiment in copper is improving.
An item
35,000 tons.
goes
per
that did much to increase
the statement of Sam A.
optimism in the copper trade was
Lewisohn of Miami Copper Co.,
are buying copper more liberally, and that
supplies of the metal will be needed to replace
flood damage.
He also suggested that the domestic price
may
be advanced before long.
The action of foreign
producers in expressing themselves as satisfied with the
curtailment agreement which was decided on a year ago, had
a wholesome effect on sentiment both here and abroad, as it
that the utilities
considerable
presumed that the agreement will be allowed to run
The original copper agreement provided
producers might reconsider
quotas and other provisions for possible amendment and
change.
However, according to the understanding here, all
provisions are left as they were.
is
now
its full three years.
that at the end of the first year
Tin—Nothing spectacular developed in the tin
market
A fair demand was noted, though generally
comparatively quiet, with a firm undertone.
American tin deliveries for March were placed at 5,520 tons.
The deliveries consisted of 5,400 tons from Atlantic ports
and 120 tons from Pacific ports.
Stocks of tin here at the
end of the month were 1,267 tons, with 2,701 tons landing,
making a total in sight here of 3,968 tons. Inquiries in the
market reached approximately 100 tons, among which was
one from the Chrysler Motor Co. for June or July Straits or
refined tin. A lot of prompt sold at 47.20c. and some tin for
delivery on June 1st went at 46^c.
Other inquiry was
noted for May and June.
Tin afloat to the United States
is 4,291 tons.
Commodity Exchange warehouse stocks are
the past week.
the market was
the
same
at
1,267 tons.
Lead—There
was
a
moderate demand for the metal the
the books for May having no
firm, but
there is no
much the
next price change will be.
It is estimated that shipments
of lead during March wall have been 40,000 tons.
Though
this is not a large total by comparison with boom times in
the® metal, it is regarded as satisfactory under present con¬
ditions. Producers are entering April in a well sold condition.
The price of lead ore in carload lots is virtually unchanged
past week, the opening of
The price situation however, is
indication now of when and by how
marked effect.
at
$49 per ton.
consecutive
zinc at 999
tons, were the smallest for any week this year, consisting
of 949 tons of prime Western and 50 tons of brass special.
Unfilled orders of prime Western totaled 42,792 tons, with
shipments of 5,300 tons. Total unfilled orders, brass special
included, came to 44,271 tons, indicating total shipments
of 5,340 tons.
Most of the sales were for March and April
shipment, and all business went through at the recognized
price of 4.90c. per pound, East St. Louis. Predictions are
made in some quarters that by the middle of April a brisk
buying movement will set in for the metal.
the price cf zinc holds firm for the twenty-fifth
week at $31 to $32 per ton. Last week sales of
sharp recovery
the past week.
Overcoming the handicaps resulting from
floods, steel operations for this week are estimated at 62%
of capacity.
This represents an increase of 8.3 points or
153^% over the previous week. The rate during the corre¬
sponding week of last year was 44.4% of capacity. Opera¬
tions at 62% of capacity imply a daily ingot production of
136,540 tons, or the best rate since June, 1930, when the
average for that month was 137,815 tons per day.
Predic¬
tions are now being rather freely made that the rise in
operations will not stop until a pace of 65% to 70% is reached.
Steel operations in the Pittsburgh District this week are
50% of capacity, the rate prevailing during the third
A year ago the Pittsburgh gait was 38%.
probably be showing a 60% rate
before the end of the week, the highest in several years.
back to
week of March.
The Buffalo District will
Capacity steel production is being scheduled by a number of
companies. The automobile industry is again forging ahead
as
a large consumer
of steel.
The automobile production
for March is estimated at 400,000 units, as against an esti¬
mated
production in February of 275,000 cars and trucks.
1935, had been 429,793 units.
It is
Production in March,
expected that tin plate manufacture will leap from 55% to
60% of capacity—the rate during the flood—to 90% of
capacity. Considerable tin plate was damaged by floods, and
this is the most active time of year for shipping tin plate to
the can makers for packing the 1936 crops.
The chief reces¬
sion in demand has been in heavy steel, structurals, sales of
which last week were 11,000 tons only, as against an average
for the year
of 25,000 ^ons or more per week.
The outlook
buying continues good.
Thus the Rock Island
may come into the market for as much as 40,000 tons of rails.
There are inquiries from the Southern Pacific for over 20,000
tons of structural steel for relocating eight bridges in Central
for railroad
The Soo Lines will probably buy both
The Norfolk & Western recently bought
20,000 tons of rails and close to 500 tons of track accessories.
The Pacific Fruit & Express Co. has out an inquiry for 3,000
refrigerator cars. > The Erie will probably issue an inquiry for
Valley, California.
rails and fastenings.
18,00*0 tons of rails,
v
Pig Iron—The marked activity in the steel industry is
bound to eventually effect in a most substantial way the pig
being placed in operation.
placed in blast a
furnace at Neville Island, Pa., and the Shenango Furnace
Co., Pittsburgh, will start its stack within a few weeks. The
furnace of the Mystic Iron Works, Everett, Mass., should be
started in April, while the long delayed resumption of the
Colonial Iron Works at Riddlesburg, Pa., should take place
iron trade. More blast furnaces are
The Davison Coke & Iron Co. has recently
before long. With the effects of the flood fairly well overcome,
shipments of pig iron are going forward in more normal
volume. However, pig iron sellers are hoping that the foundry
industry will recover from flood damage as rapidly as the steel
industry has. In the St. Louis district it is reported that many
of the farm implement plants are working night shifts and
hence consuming much pig iron for castings manufacture. It
is estimated that sales in the New York district last week
were
2,400 tons of pig iron, which compares with a previous
2,200 tons.
1
estimate of
Wool—The feature of the week in the wool trade
was
the
13,000,000 pounds of foreign apparel wool at
Boston. This one week's receipts were more than received
during the greater part of the year 1935. The major part of
this wool was consigned directly to consuming mills. Smaller
quantities consigned to local wool houses went into bond.
The imports from the several Australian selling centers
totaled 25,592 bales, or approximately 10,000,000 pounds.
From South America came the following: 2,333 bales from
Buenos Aires and 333 bales from Montevideo, or approxi¬
mately 2,600,000 pounds. Other apparel wool imports from
London and elsewhere totaled about 300,000 pounds. From
this it would appear that manufacturers are determined not
to be caught short of wool. Some observers of the foreign
situation are of the opinion that this season's wool in Aus¬
tralasia will be cleaned out as completely as domestic wool
receipt
of
stocks in the United States. The wool situation at the top
pricp seems at
a
standstill, with nothing transpiring to
serve
incentive for operations either way. Since the beginning
of 1936 domestic wools, despite the decline in mill demand,
have moved gradually to a higher selling level. The average
as an
price of the territory group now is six per cent above that pre¬
vailing at the beginning of the year, and the fleece wool group
shows a similar advance though the tendency was checked
the latter part of March. Dealers are holding wool for firm
prices, but mills show no strong inclination to reach for it at
the current levels. Should this attitude of mills continue for
Zinc—Notwithstanding the prolonged dullness of trade,
Steel—The steel industry has shown a very
April 4 1936
Chronicle
great length of time, it will very likely have an important
bearing on the price movement. The contracting situation is
generally unchanged. Dealers are operating in a small way
in southern California and Idaho at lc. to 2c. a pound below
the level of earlier purchases. Some new Arizona wool has
been sold here at 90c., which is about the price paid for
similar old clip wool. Pulled wools on larger supply and
decreased mill demand, are softer. Choice AA quoted at the
peak at $1 to $1.02p£ is now offered at 95c. to 97c., the
average AA at 92c. to 94c. Choice white B has moved off a
couple of cents to 79-81c., with the average B at 77c. to 78c.
Scoured shorn wools are steady, though in slow call.
any
Silk—On the 30th ult. futures
closed unchanged to 3c.
Transactions totaled 1,330 bales.
A brisk de¬
mand was reported for spot silk in the uptown market, With
orders calling for prompt delivery.
Spot advanced 2^c. to
$1,853^.
Japanese advices reported the open market there
for grade D up 20 yen in Yokohama and 10 yen in Kobe.
The market for futures there was 1 yen lower to 2 higher, and
unchanged to 5 yen firmer, respectively.
Local closing:
April, 1.72; May, 1.71; June, 1.69; July, 1.65; Aug., 1.65;
Sept., 1.65; Oct., 1.64^; Nov., 1.643^.
On the 31st ult.
futures closed lc. higher to l^c. lower.
Sales totaled 630
bales.
Trading was light and fluctuations ruling within a
narrow range.
Consumption figures for March are awaited
stronger.
Financial
Volume 142
with
interest.
Estimates vary quite widely, some
40,000 bales, while others placing the figures as
34,000.
Advices from Japan revealed very little
change in the silk situation there.
Yokohama grade D fell
2x/2 yen /to 812^.
Kobe held at 810 yen. Yokohama
futures closed unchanged to 6 yen lower, while Kobe futures
closed 2 higher to 3 yen lower.
Local closing: April, 1.72;
May, 1.71; June, 1.69; July, 1.66; Aug., 1.65^; Sept., 1.64;
Oct., 1.633^; Nov., 1.63.
On the 1 inst. futures closed 3c.
great
seeing
low
over
as
to 5c. lower.
Transactions totaled 800 bales.
The exports for the week
ending this evening reach a total
91,587 bales, of which 29,062 were to Great Britain,
6,868 to France, 11,812 to Germany, 8,613 to Italy, 17,846
to Japan, 1,000 to China, and 16,386 to other destinations.
In the corresponding week last year total exports were
87,389 bales.
For the season to date aggregate exports have
been 4,881,903 bales, against 3,636,755 bales in the same
period of the previous season.
Below are the exports for
of
the week:
The market
yielded under moderate selling pressure following the receipt
of weak cables from Japan.
Sentiment was also pessimistic
concerning the forthcoming report on consumption for the
month of March, which was expected to be disappointing.
Japanese cables reported Yokohama futures as having broken
13 to 27 yen, while the Kobe bourse finished the session with
losses of 16 to 24 yen.
Grade D was down 2l/> to 5 yen at
810 and 805 yen. Sales of silk in the primary outside markets
575 bales, while trading in futures amounted to 7,550 bales.
Local closing:
April, 1.683^; May, 1.66; June, 1.64K;
July, 1.62; Aug., 1.61; Sept., 1.60; Oct., 1.60; Nov. 1.60.
On the 2d inst. futures closed unchanged to 33^c. lower.
Transactions totaled 1,690 bales.
Spots declined l^c. to
SI .81. The report on consumption of silk for the month of
March of 36,000 bales against 32,000 in February, was
quite a disappointment to the trade in that many had
expected the figures to come nearer 38,000 bales. The mar¬
kets of Japan ruled 2 yen higher to 3 yen lower for futures,
while Grade D broke 15 to 20 yen to the level of 790 yen.
Local closing: April 1.683^; May 1.65; June 1.633^; July 1.60;
August 1.58; September 1.58; October 1.57; November 1.57.
To-day prices closed
to 6 points up, with sales of 65
contracts.
Raw silk futures were quiet but steady through¬
out the session.
The New York spot price of crack double
extra silk remained unchanged at $1.81. Closing: May 1.69;
June 1.663^; July 1.633^; August 1.61
September 1.593^;
October 1.60; November 1.58 3^.
Week Ended
Mon.
1,213
1,681
Tues.
1,849
New Orleans
Pensacola, &c
387
1,304
541
3,812
735
2,377
169
224
3,163
*
140
401
~
Jacksonville
—
Charleston
6
45
>
Lake Charles
30
M
—
287
-
103
«.
_
*
Houston
Corpus Christ!
76
—
15
197
-
375
4
78
4
3
174
66
346
294
808
7,218
8,738
7,397
4,027
50
3,681
3,163
1,904
7,196
—
—
mmmm
mmrnm
—
2,684
mm
mmmm
mmmm
.
mmmm
1,597
'
'
~
~
-
1,069
—
230
Savannah
2,759
Charleston
\
mm
698
m
m
mmmm
-
m
1,000
mm
mm
3,283
100
5,621
«...
—
mmmm
mmmm
-
—
m
—
_.
«.
122
63
Gulfport
750
........
Los Angeles
1,059
m
m
m
m
1,102
35,770
7,350
shows the week's total receipts, the
Aug. 1 1935 and stocks to-night, compared with
year:
mm
'■'mm
mm
1,700
.
1,254
v
-
7,934
6,868
11,812
8,613
17,846
1,000
5,969
6,142
7,262
39,229
17,455
13,253
20,510
950
24,050
1935-36
16,386
3,109
1935 to
1
Galveston
Ger¬
France
Corpus ChristlTexas City
160,673
181,599
31,191
250
Beaumont
New
Lake
836
6,970
233,072 243,610
4,487
8,754
99,931 24,002
1,550
77,169
2^ 158
96,543
143,707
Orleans--
Charles--
Mobile
Jacksonville
Pensacola, &c
Savannah
__
Other
Total
Italy
Japan
China
70,333
93,260
17,351
many
149,471 133,932
232,737 33,825
57,071 53,921
Houston
350,106
396,244
65,223
2,109
9,612 204,647 1078,774
13,116 269,828 1320,609
400 46,151 271,308
2,769
6,343
494
8,464
8,724 190,691 1089,651
13,233
39,313
470
745
14
150
132,065
91,085
190"404
7,015
44,946
2,782
18,846
32,382
50
2,361
36,810
2",343
16~024
3,040
36,562
29,470
4,393
8,800
9,039
6,694
137,544
155,337
179,871
4,351
12,094
3,006
'
9,781
8,851
3,042
3~5o6
24,879
761
300
4,051
1~,283
1,388
New York
1,026
1,224
7,605
1,880
688
Gulfport
"884
1,420
2",897
Boston
1,123
55
792
1,130
100
1,700
1.656
6,881
~"l4
Baltimore
Philadelphia
"IIo
"45
"77
Los Angeles
27,306
3,162
11,269
34,311
312
294
Week
This
5,181
2.657
160,861
54,973
5,642
238,465
61,398
240
Francisco
Total
1137,942615,241
Total
1934-35.
Total
1933-34.
240
4,718
712,006 305,116 1281,868
35,352 794,3784881,903
605,140312,658 322,304392,556 1276,458 88,124 639,5153636,755
1089,431693,298 1241,484 563,385 1474,395 231,520 830,626 6124,139
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Apr. 3 at—
Leaving
Great
Britain
Galveston
3,400
3,808
8,673
Houston
New
Orleans.
.
Ger¬
Other
Coast¬
many
France
Foreign
wise
1,000
4,000
3,909
2,931
922
10,358
20,100
24,951
1,600
258
5,467
Stock
Total
561,781
423,035
437,180
182,211
42,135
125,797
32,226
142,429
30,100
33,848
27,429
Savannah
"""4
Charleston
"982
"""■4
"400
1,382
Norfolk
Total 1936-Total 1935
1 1934
1936
16,863
10,212
13,786
Speculation
Since Aug
Week
248,486
14
229
Seattle
Stock
1934-35
Since Aug
1 1935
91,587
33,580 87,389
24,799 137,694
Exported to—
Great
Apr. 3 1936
Exports from— Britain
active,
This
1,244
2,450
5,376
From
San
m
mmmm
8,920
19,855
—
Total 1934
Total 1934
Receipts to
Apr. 3
3,307
mmmm
—
29,062
Total 1935--
Aug.
m
*
■
1,304
Total
m
Other ports
lasJt
2,759
mmmm
_
—
'
Norfolk
The following table
total since
928
mmmm
mm mm
24
m
536
mmmm
1,419
m
mm*
+
100
•
mmmm
Mobile
11,087
36,572
1,970
17,615
5,436
mmmm
-
Pensacola, &c__.
Total
1,029
9,285
2,155
■
—
Lake Charles
Mobile
Totals this week.
5,200
Other
China
Japan
1,431
4,498
430
30
37
18
--
New Orleans
Italy
many
746
5,726
6,366
1,970
5,764
1
m
17
Baltimore
5.453
10,769
2,655
10,274
1,737
2,450
1
-
12
106
119
71
Norfolk
—
—
5
Wilmington
357
750
4
Total
Fri.
701
1,700
Savannah
Thurs.
339
153
Mobile
Wed.
2,219
2,456
1,212
2,655
2,150
650
Houston
Corpus Christi-_
France
Britain
Galveston
Norfolk
the
Sat.
Receipts at—
Galveston-
Ger¬
Great
Wilmington..
Friday Night, Apri 3, 1936.
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
35,770 bales, against 48,797 bales last week and 47,370
bales the previous week, making the total receipts since
Aug. 1, 1935, 6,213,004 bales, against 3,775,874 bales for
the same period of 1934-35, showing an increase since Aug. 1,
1935, of 2,437,130 bales.
of
Movement
Exported to—
Apr. 3 1936
Exports from—
Charleston.
COTTON
The
2359
Chronicle
1935
though
irregular.
in
12,280
7,334
7,197
10,840
6,718
9,927
cotton
the trend
for
50,918
49,123
44,799
future
1,862
1,347
4,500
92,763 1,946.794
74,734 2,109,811
80,209 2,891,444
delivery
of prices continued
was
more
or
more
less
Towards the close of the week the market firmed
considerably on a more bullish interpretation of the pro¬
posed plan for disposition of cotton being held under Gov¬
up
Galveston
Texas
5,453 1,472,572
44,423
10,769 1,644,798
2,655
267,507
38,030
10,274 1,597,410
871,553
62,769
6,847 1,028,810
647
272,420
4,539
934,869
13",III
Corpus Christi
Beaumont
New Orleans
68
-
445,483
127,179
12,406
3,788
182,211
88", 225
11,644
3,476
108,399
42", 139
44",050
17,915
21,527
32,226
22,839
23,144
23,430
"20". 039
243
Houston
2,224
591,881
4,990
456,883
45,065
30,334
464,609
"4",411
City
3,955
2,738
14,470
758,116
57,495
830
556.212
Gulfport
360", 275
"410
127,760
147,136
3,691
296,183
113
20
430
285
70,663
6,741
111,189
"375
206", 180
"740
4
Mobile
55,782
21,086
34,936
694
138,243
56,498
16,408
49,048
22", 995
"658
23",905
1,737
2,450
Pensacola, &c
Jacksonville
Savannah
Brunswick
Lake Charles
Wilmington
174
Norfolk
346
2
108
N'port News, &c_
New York
Boston
l',i02
Baltimore
"
1,750
Philadelphia
Totals
25,937 3,775,874 2,039,557 2,184,545
35,770 6,213,004
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at —
Galveston
Houston
New
Orleans-
Mobile
Savannah
1935-36
1934-35
1933-34
1930-31
285
"""740
"l",078
2,128
174
108
966
223
526
206
346
694
275
374
790
1,077
410
430
17,029
16,626
3,570
821
10,718
14,286
54,916
4,295
1,646
3,996
6,205
21,028
2,062
3,342
"3",394
'""487
182
"'"375
Charleston
_
Norfolk
N'port News.
All others
Total this wk_
Since
1931-32
'11,525
Brunswick
Wilmington.
1932-33
13,768
7,261
31,760
8,174
1,487
2,224
6,847
13,111
5,453
10,769
10,274
1,737
►
"
"
6,212
1,508
3,486
"3", 070
"3", 128
"2", 023
35,770
25,927
68,255
55,548
93,799
40,426
Aug. 1_ 6,213,004 3,775,874 6,598,451 7,469,033 8.960,134 8,117.777
On the
28th
on
the
12c. loan.
,
ult.
prices closed 5 to 9 points up.
The
market was quite active with a fair volume of business,
though fluctuations kept within a narrow range.
The firm
spot situation is being reflected in the nearby months, and to
a
moderate extent in the
of this
459
Charleston
ernment control
more
distant deliveries.
The result
tightness in the spot month has led to considerable
price fixing in the nearby positions.
May closed at 11.30c.
for a net gain of^six points, while July finished at 10.93c., up 5
points. Rather conspicuous in the buying of distant deliveries
were
spot interests and houses with foreign connections.
There doesn't seem to be any appreciable break in the dry
conditions of 4he Southwest, and this is having its effect.
There have not been as yet any indications as to what price
the pool will sell May.
This delivery has moved up almost
$1.50 a bale since trading ceased in the old March delivery.
Average price of middling as based on the 10 designated spot
markets for the week from Saturday, March 21 to Friday,
March 27, was 11.49c., against 11.36c. in the preceding week
and 11.27c. in the like week a year ago.
On the 30th ult.
prices closed 1 to 5 points lower.
Trading was moderately
active, though prices moved within a very narrow range.
May cotton ended 1 point lower for the day. and the average
of middling
prices at the eight
delivery points against
future contracts was 1 point off at 11.72c.
The spot price
at tender points thus showed an unchanged premium of 43
points or more than $2 a bale over the contract calling for
delivery in less than 60 days.
There were reports that the
Government pool had sold 7,000 bales of spot cotton on Sat¬
urday, and it was said pool holdings were 269,000 bales
Financial
2360
January and
cotton pool.
Oscar Johnston, pool manager, was quoted as stating that
85% of the pool cotton is low middling %-inch or better, and
exclusive of 28,100 bales delivered to the pool on
March contracts and 13,000 bales in the staple
tenderable
on
The officially reported spot
future contracts.
yesterday were 4,113 bales in the Southern markets,
against 8,601 Saturday.
The drought area of the belt is
still unrelieved.
Light rains reported at scattered sections
in the East.
The Exchange Service made world all-cotton
consumption for February 2,238,000 bales counting American
in running bales, and foreign in 478-lb. bales, compared with
2,060,000 in February last year and an average of 1,983,000
in February the last five years.
On the 31st ult. prices
closed 3 to 14 points up. Trading was very inactive during
most of the session, with prices ruling within a very narrow
range.
However, towards the close quite a demand developed
in the form of short covering and prices responded readily and
closed at the highs of the day.
There was nothing in the news
to account for this sudden action on the part of shorts.
However, the recent stability of values and the fact that prices
did not yield to the bearish prediction concerning the weather,
were held responsible for this nervous display on the part of
shorts.
May again failed to respond to the firmness in the
spot position, this being due to pressure in the form of selling
against purchases of spot cotton from the pool and the disposi¬
tion of longs to liquidate holdings.
The spot markets were
quiet.
High-grade cotton was in demand, but little was for
sale.
The average price of middling at the eight delivery
points was 11.76c.
On the 1st inst. prices closed 8 to 18
points down.
This sharp decline was the result of active
selling influenced by reports from Washington outlining a
plan for the disposition of 4,500,000 bales of 12c. loan
cotton, which was said to have the Administration's approval.
Selling pressure was especially pronounced in the old crop
months.
May sold down to 11.14c. and July to 10.80c.,
representing losses of 16 to 18 points, while October declined
12 points to 10.20 and December 11 points to 10.77.
The
Washington plan provides tentatively for owners of 12c.
loan cotton to take it back at a price below the current
market level, so they could sell it at a slight profit.
The
Commodity Credit Corporation would assume the carrying
charges of approximately l^c. and, in addition, pay the
farmer enough to allow him to sell at a profit.
This was
construed by the trade as decidedly bearish in that it indicates
the
release
of
a
considerable
quantity of cotton now
held off the market and consequently providing more spot
cotton and more futures contracts.
It had a discouraging
sales
traders long of cotton, especially in the old
crop months, and resulted in general liquidation.
Liverpool
cables reflected heaviness in that market.
There is much
effect
on
many
A trade paper estimated
a probable
total of 31,140,000, while correspondents of a
commission house predicted 32,993,000.
These figures com¬
pared with 28,872,000 acres planted last year.
Southern
spot markets as officially reported, were 13 to 27 points lower.
On the 2nd inst. prices closed 9 to 13 points higher.
A
different view appears to prevail among traders now con¬
cerning the new plan for disposition of cotton being held
confusion
on
new
crop
April 4 1936
Chronicle
New York
Quotations for 32 Years
1936
11.62c.
1928
19.80c.
1935
11.20c.
1934
14.35c.
19.35c.
1925
24.55c.
1932
1931
1930
12.20c.
6.40c.
6.25c.
10.50c.
16.80c.
1927
1926
1924
1922
29.65c.
29.30c.
18.00c.
1929
20.45c.
1921
11.90c.
1933
1923
10.85c.
14.40c.
14.75c.
10.00c.
10.50c.
10.95c.
11.55c.
8.15c.
1912
1920
41.75c.
1919
28.90c.
1918——35.30c.
1917
19.90c.
1916
12.00c.
1915
9.90c.
1914
13.40c.
1913
12.60c.
-
1911
1910
1909
1908
1907
1906
-
1905—
—
.
highest, lowest and/ closing prices
New York for the past week have been as follows:^
Futures—The
Saturday
Monday
Mar. 30
Wednes
Tuesday
Mar. 28
Mar. 31
at
Thursday
Friday
Apr. 2
ay
Apr. 1
Apr. 3
Apr. (1936)
Range..
11.32ft
11.29ft
Closing. 11.30i»
11.22ft
11.29ft
11.16ft
May—
11.18-11.29 11.18-11.30
Range.. 11.25-11.30 11.29-11.33 11.30-11.34 11.14-11.30
11.22-11.24
11.29-11.30 11.32-11.34 11.16-11.17 11.29
Closing. 11.30 —
June—
Range..
11.16ft
11.09ft
Closing. 11.12n
11.07ft
11.12ft
10.98ft
July—
10.89-10.95 10.89-10.95 10.92-10.99 10.80-10.95 10.83-10.95 10.88-10.97
Range
10.92-10.94
10.94
10.81
Closing. 10.93-10.94 10.89-10.90 10.99
Aug.—
Range.
.
10.86 ft
10.76ft
Closing. 10.83ft
10.79ft
10.81ft
10.68ft
Sept.—
•
Closing
.
10.68-10.68
10.54-10.56
Range..
10.87ft
10.68ft
10.73ft
10.62ft
10.69ft
10.55ft
Oct.—
10.22-10.30 10.21-10.29
Range— 10.18-10.25 10.20-10.24 10.22-10.32 10.20-10.30
10.22-10.23
10.20-10.21 10.29
10.32 —
10.23 —
Closing. 10.25 —
Nov.—
Range.
.
10.27ft
10.17ft
10.22ft
Closing
10.21ft
10.27»
10.18ft
Dec.—
10.20-10.28 10.19-10.28
Range.. 10.15-10.23 10.17-10.21 10.18-10.28 10.17-10.26
10.22
10.28
10.19
10.28 —
10.18
Closing. 10.23 —
Jan.
(1937)
10.25-10.32 10.26-10.32
Range.. 10.17-10.23 10.18-10.20 10.19-10.30 10.20-10.29
10.26
10.32
10.22ft
10.30 —
10.22-10.23 10.18re
Closing
Feb.—
Range..
Closing
.
10.33ft
10.20ft
10.23ft
10.29ft
10.35ft
10.25ft
March—
10.31-10.39 10.30-10.37
Range.. 10.20-10.24 10.21-10.26 10.24-10.37 10.27-10.32
10.32ft
10.39ft
10.28ft
10.37
10.23ft
Closing. 10.25ft
Nominal.
ft
Range for future prices at New York for week
April 3 1936 and since trading began on each option:
Range Since Beginning of Option
Range for Week
Option for—
ending
Feb.
Mar. 1936..
10.16
Mar. 18 1935 12.70
1936-
10.51
Sept. 30 1935 11.34 Oct.
Apr.
May
1936- 11.14
June
1936-
July
1936—
Aug.
1 11.34 Mar. 31 10.33 Aug. 24 1935 12.07 May
10.58 Sept. 30 1935 11.38 Oct.
1936-
Apr.
10.80 Apr.
1 10.99 Mar. 31 10.21 Jan.
9 1936 11.97
Jan.
9 1936 11.55
10.39
2 10.42 Sept.
Sept. 1936- 10.54 Mar. 30 10.68 Apr.
9.80 Jan.
Oct.
1936- 10.18 Mar. 28 10.32 Mar. 31
10.12 Mar.
Nov. 1936-
18 1935
8 1935
17 1935
8 1935
May 25 1935
Nov. 25 1935
3 1935 11.40 July
26 1935
9 1936 11.45 Dec.
3 1935
3 1936 10.19
8 1936
Jan.
Jan.
9 1936 10.69 Jan.
2 1936
Feb.
25 1936 10.42 Jan.
27 1936
2 10.20 Mar. 27 1936 10.39 Apr.
2 1936
Dec.
1936-
10.15
Mar. 28 10.28
Mar. 31
9.76
Jan.
1937-
10.17
Mar. 28 10.32
Apr.
2
9.94
Feb.
193710.20
Mar. 28 10.39
Apr.
Mar. 1937-
acreage.
The
Visible
Cotton tonight, as
Supply of
by cable and telegraph, is as follows.
well as afloat are this week's returns,
made
up
Foreign stocks as
and consequently
>
under Government control
on
On closer study
the 12c. loan.
having a number of appealing
features from a bullish standpoint.
Above all, it will give
traders a definite line on what to expect and removes much
the
plan
is
regarded
as
uncertainty that has been hanging over the market
of the
for such
a
long period of time and doing so much to restrict
of this much better
feeling among the trade, a wave of buying developed, which
resulted in a recovery of the previous day's losses and ad¬
freedom
of
As
trade.
a
consequence
considerably above the previous
day's close.
Trade houses were conspicuous buyers of May
and July, particularly the latter, and there was an excel¬
lent demand from foreign interests.
The proposed liquida¬
tion of 4,500,000 bales of pool cotton is now believed to
contain constructive possibilities, in as much as the plan
vanced
prices
under the
limits the
amount
to be
sold during
to 750,000 bales and farmers will
be allowed to sell under ll^c. a pound.
The amount
not
cotton
be
to
more
disposed of will
depend
on
how much
is
cotton than
they
can
sell.
The offer to the farmers
extends only to Aug.
the
31, after which cotton will be held off
until the new crop movement is passed, and
market
cotton
was
with the new crop.
Spot
Southern spots were 2 to 15
not compete
quiet but firm.
points higher.
The market was a
comparatively dull affair.
There was an easing tendency
to prices most of the session. ' A prominent
spot house
features the opening trade with a sale of about 4,000 bales
of October.
There was some buying for foreign accounts
along with good local demand for nearby positions.
Wall
Today prices closed 2 to 7 points down.
Street,
the
Continent and
Liverpool
were
on
the buying
side, while commission houses, the South and New Orleans
sold.
Most
dealers
were
watching for official details con¬
cerning the plan for liquidation of Government cotton.
continuance
to
arouse
of
any
The official
1936
603.000
.bales.
1935
711,000
1934
1933
956,000
744,000
87,000
Apr. 3—•
Stock at Liverpool
Stock at Manchester
tonight
United States,
82,000
132,000
110,000
793.000 1,088,000
258,000
597,000
149,000
303,000
26,000
23,000
67,000
86,000
14,000
91,000
8,000
8,000
5,000
7,000
854,000
545,000
259,000
25,000
84,000
129,000
690,000
209,000
189,000
19,000
76,000
80,000
7,000
4,000
Total Great Britain
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa.
Stock at Venice and Mestre
Stock at Trieste
584,000
527,000 1,115,000 1,042,000
Total European stocks
1,274,000
India cotton afloat for Europe—
237,000
1.320,000 2,203,000 1,896,000
Total Continental stocks
American cotton afloat for Europe
224,000
154,000
227,000
Egypt, Brazil,&c.4 afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India
97,000
105,000
Stock in U. S. ports
300,000
289,000
717,000
841,000
2,039,557 2,184,545
Stock in U. S. interior towns
1,902,472 1,492,794
20,496
33,949
U. S. exports to-day
38,000
160,000
270,000
251,000
42,000
509,000
395,000
811,000
1,058,000
2,971,653 4,278,494
1,620,120 1,839,230
3,976
22,642
78,000
Total visible
6,824,978 6,633,835 8,778,415 9,668,700
supply
Of the above, totals of
American and other
descriptions
are
as
follows:
American—•
Liverpool stock
bales.
293,000
47,000
165,000
167,000
Manchester stock
Bremen stock
Havre stock
120,600
Other Continental stock
244,000
466,000
48,000
60,000
211,000
127,000
60,000 1,003,000
227,000
270,000
435,000
64,000
977,000
U. S. exports to-day
will
consequently
(Friday) we add the item of exports from the
for Friday only.
evening.
season
crop
by the trade, and farmers will not take possession
wanted
of
levels
bill
Smith
the present
of
to
foreign figures are brought down to Thursday
To make the total show the complete figures for
all
dry,
cold weather in the
The
Southwest failed
interest in the late months.
quotation for middling upland cotton in the
week has been:
New York market each day for the past
March 28 to
April 3—
Middling upland
.
H Sat.
.11.70
Mon.
11.69
Tues.- Wed. Thurs.
11.72
11.56
11.69
Fri.
11.62
224,000
251,000
2,039,557 2,184,545 2,97i;653 4,278,494
1,902,472 1,492,794 1,620,120 1,839,230
3,976
33,949
20,496
22,642
Total American
4,991,978 4,614,835 6,413,415 7,848,700
American afloat for Europe
U. S. ports stock
U. S. interior stock
East Indian, Brazil, &c.—
Liverpool stock..
310,000
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
309,000
72,000
46,000
48,000
22,000
59,000
154,000
112,000
160,000
65,000
38,000
42,000
509,000
811,000
366,000
717,000
105,000
78,000
289,000
395,000
841,000 1,058,000
....1,833,000 2,019,000 2,365,000 1,820,000
4,991,978 4,614,835 6,413,415 7,848,700
Total visible supply
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Tinnevelly, good, Liverpool
Continental imports
490,000
34,600
97,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
467,000
40,000
46,000
22.000
64,000
237,000
Manchester stock
6,824,978 6,633,835 8,778,415 9,668,700
6.50d.
6.35d.
6.40d.
5.28d.
11.62c.
11.20c.
12.30c.
6.55c.
9.55d.
8.72d.
9.25d.
8.07d.
5.43d.
5.62d.
4.73d.
4.61d.
5.89d.
6.09d.
5.71d.
4.92d.
for past week have been 109,000 bales.
Financial
Volume 142
2361
Chronicle
New Orleans Contract Market—The
Market and Sales at New York
closing quotations
in the New Orleans cotton market for
past week have been as follows:
for leading contracts
Market
Closed
the
SALES
Futures
Spot Market
Closed
Total
Contr'ct
Spot
Saturday
MOO
900
100
100
Apr. (1936)
May
49,824
3,100
80,824
2,400
Since Aug. 1
31,000
Friday
Apr. 2
Apr. 3
11.18-11.19 11.16
11.11
11.20
11.21
11.24
10.84
10.87-10.88 10.76
10.85
10.83
1020&1021O
101761018a 10.26
—
September
October
..
10.21
10.26
10.19
10.22-10.23 10.18
10.24
10.18
10.22
10.19
10.27
10.20
10.29
bid 10.25
bid 10.31
bid 10.27
November
the
Towns
Interior
the
movement—that
the
is,
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
1017&1018O 10.13
December
Jan.(1937) 10.17
February
10.13
10.20
bid 10.20
.
March
Spot
detail below:
Options
-V'
Ship¬
Week
26
Ala.,Blrming'm
105
58,013
Week
36
37,322
8
15,397
Montgomery.
8
80,224
85,454
109,184
263
64,690
677
371
62
'
Ark., BIythville
242
1,118
61,429
84,574
Forest City..
41
18,034
3
16
27,012
36,527
161
Helena
110
58
Hope
48
31,743
455
13,762
16,513
54
Selma
76
739
66,804
15,670
"980
110,842
1,147
£2,560
"358
378
13,534
129
31,047
337
47
Pine Bluffj
Atlanta
2,882
Augusta
1,675
>
34,433
24,330
65,938
279,929
175,927
Walnut Ridge
64
Albany..
14
Athens
Columbus
207
104
9,936
159,001
91
Little Rock_.
Newport
258
4,489
4
808
Jonesboro
64
""32
493
266
400
28,800
800
1,120
37,339
53,069
1,500
61,631
16
60
15,103
325
41,308
25,114
La., Shreveport
2
22,948
""26
333
71,305
117,439
185
Mlss.Clarksdale
2,133
21,982
26,060
849
72
Macon
Rome
711
368
180
760
388
5,462
28
20,722
311
1,023
41,611
87,398
32
23,059
382
168
Week
164
12,037
Jan.—
5,773
38,722
3..
99,705
10_.
98,804
92,756
15
4,939
66
1,620
81,272
2,646 110,704
1,000 13,711
796 20,199
5,758
27— 158,112
17..
24.. 103,103
31..
86,523
1935
| 1934
,
1933
1934
44,884100.030 2,249,736 l,767.312i2,027,706
15,541
1,376
3
133,082
2',822
3,720
170
47,115
18,605
4,597
9
21,618
453
6,016
15,567
2,452
11,364
8
30,427
37,720
536
11,417
2
28,332
358
170,053
3,571
362
5,741
162.418
288
6,767
189
5,741
1,739
1934
40,323
28,060
11,172
93,539
75,888
74,103
76,655
43,330
Feb.
28..
3,535
1935
54,614' 85,3112,196,265 1,740,4571,964,746 17,101
65,908 103,831 2.311.287 1.825,4372,122,362
52,473114,611 2,285.388 1,801,024 2.084,406
50
Yazoo City..
80,522 143,715
1936
34,262
23.455
45,509
26,023
27,759
8,480
22,351
84,994 2.158,658 1,708,0421,910,901
73,560 2,124,667 1,677,356 1,861,686
70.903,2.103,575 1,639,950 1,815,174
40,895
239,676
1935
78,953
74,506
66,834
77,204
50,871
31,693
148
1934
1935
1936
62,371101.016 2,361,505 1,883,029 2,181,268
55,462 105,070 2,337,209 1,851,022 2,152,086
56,534
64,035
4,810 114,609
3,401 58,779
36,524 603,306
1933
84,550 150,873 2,382,257 1,911,1382,188,745 169,268
1936
63,630
"282
1,550
3,129
I
Deo.-
599
24,839
47,486
14,693
31,106
1934
1935
,1933
70,572
147
Receipts from Plantations
20,277
1934
1935
7..
430
Stocks at Interior Towns
Receipts at Ports
Ended-
14..
4,175
Steady.
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
17,981
Mo., St. Louis.
N.C.,Gr'nsboro
Vlcksburg..
Steady.
The
21,310
3,015
7.374
105
tions.
21..
6
Steady.
indicates the actual movement each week from the plantar-
21,903
23,577
35,913
"342
30,952
17,491
2,840
56,000
8,788
10
Natchez
100
40,761
170,141
Columbus
Greenwood..
Jackson
49
14,077
6S.958
93,915
25,750
12,597
18,968
57,457
128,962
Steady.
Plantations—The following table
the
from
Quiet.
Southern
4,050
157
24,821
4,604
,
17,335
275
6,124 161,801
1,826 136,344
5
20,159
8,136
23,464
43,581
121,908
27,499
46,517
29,039
28,048
84,615
17,066
76,763
87
37 .11,295
Eufaula
Season
.
Apr.
Week
Receipts
Stocks
ments
3
Ship¬
Apr.
Week
Season
Stocks
ments
Receipts
bid
Steady.
Steady.
Steady.
Quiet.
Steady.
Steady.
Steady.
Receipts
Movement to Apr. 5 1935
3 1936
Movement to Apr.
Towns
bid
Tone—
corresponding period of the previous year—is set out in
'
Thursday
10.84
August
700
Ga.
Apr. 1
June
July
Total week.
"A
Mar. 31
1,400
900
Wednesday
Tuesday
Mar. 30
-
__
At
Monday
Mar. 28
700
700
Steady, 6 pts. adv_- Very steady
Quiet, 1 pt. dec--_- Steady
Steady, 3 pts. adv__ Very steady
Quiet, 16 pts. dec— Steady
Steady, 13 pts. adv_ Steady
Quiet, 7 pts. dec— Steady
Saturday
Monday
Tuesday
WednesdayThursday
Friday
22,543
42.943
1,007
8,103
24,345
24,391
31,149
Mar.
Nil
8,216
6..
48,205
13..
38,439
28,622 63,824 2,057.037 1,603,937 1,759,566
24,2871 80,965 2,012,824 1,587,972 1,720,902
30,138 76,2971,967,167 1,559,937 1,687,665
1,535,485 1.662,788
48,797 24,491
Nil
8,322
42,301
20-.
47.370
1,713
22,525
2,103
43,060
39
39,702
68,2551,902,472 1,492,794 1,620,120
Nil
Nil
25,587
27..
64,579|1,944,895
Apr.
3_.
35,770
25,927
1,667
Oklahoma—
1,034
382,514
2,122
15 towns*
S.C., Greenville
Tenn., Mem phis
139,611
20,143 1,824,683
218
54,443
2,358
Worlds Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
Austin
69
"~44
14,933,
"l5
4,565
for the last two
34
46,278,
191
568
35,659,
311
8,500
13,077
46
3
23,980
8,095
8
Paris
2,311
158
2
3,950
10,43tf
10,847
17
1.375
42
6,725'
48
1,465
620
26
16,529!
720
26,788,
56,345
425
3,561
16,498
372
9,784
18,425
11,979
51,833
418
Dallas
1,500
134
33,807
15
Brenham
476
10,522
Texas, Abilene
312
Robstown.
"l4
San Antonio.
Texarkana.
1,968111,426
1,766
107,346
3,54l| 55,988
16,0921,284,957| 34,986433,725
5,061
24,408
79,442
4
.
293
Waco
20,9471
205
10,880
35!
399
8,821
137|
are
seasons
also
obtainable;
from all
the
sources
takings
or
*
37,770 4,786,577
Oklahoma.
Week
3,571
1,320
Via St. Louis
Via Mounds, &c
Via Rock Island
169,924
63,669
2,539
10,044
225
Via Louisville
Since
Week
Aug. 1
5,741
2,480
171,914
83,347
"150
12,054
136,371
450,809
77
4,297
149,336
4,000
538,862
3,658
4,925
.13,413
Via
934,374
16,954
854,572
1,102
658
183
23,571
10,979
7,377
23,053
8,328
227,141
10,147
214,490
8,762
258,522
10,988
249,040
4,651
675,852
5,966
605,532
Virginia points
Via other routes, &c
Deduct Shipments—
ipr
d 1
.
Total to be deducted
.
Leaving total net overland *_
*
Including movement by rail to Canada.
-1934-35-
1935-36
In Sight and Spinners'
Since
Week
Since
Aug. 1.
Week
35,770
4,651
115,000
6,213,004
675,852
3,670,000
25,927
5,966
105,000
3,775,874
155,421
*38,423
10,558,856
782,134
136,893
*42,691
7,641,406
Takings
Receipts at ports to April 3
Net overland to April 3
Southern consumption to April 3
over
-_
605,532
3,260,000
343.060
16,081
11,953", 601
sight April 3.
Nbrth spinn's' takings to April 3
-
_
901,342
8,671
8,000.547
799,927
26,556
Decrease.
Movement into
sight in previous
Week—
Bales
1934r—April 6
1933—April 7
1932—April 8
-
132,000
39,000
25,000
10,000
7,271,420 20,756,460
Total supply
141,922
128,144
166,075
years:
Ttn.lp<!
Since Aug. 1
1933
-1
11,181,008
12,007,167
14,339,588
1932
1931
Quotations for Middling Cotton at Other Markets
Closing Quotations for Middling Cotton on
Total takings to April
Of which American
*
a
Embraces
Saturday Monday
Apr. 3
Tuesday
Wed'day Thursday
Friday
receipts in Europe
Weather Reports by
1 day
Galveston, Tex
Amarillo, Tex
Corpus Christi, Tex
DaUas, Tex
Del Rio, Tex
El Paso, Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
Oklahoma City, Okla
Fort Smith, Ark
Little Rock, Ark
New Orleans, La
dry
dry
dry
dry
dry
dry
2 days
;
-
11.84
11.71
11.73
Birmingham, Ala
11.80
11.70
Montgomery, Ala
Mobile
11.55
11.54
11.57
11.40
11.54
11.47
11.72
Jacksonville, Fla
Miami, Fla_.
Pensacola, Fla
11.79
11.83
11.66
11.90
12.00
11.80
11.79
11.95
11.63
11.46
11.59
11.95
11.52
12.00
11.60
11.99
12.03
11.86
11.99
11.93
11.65
11.65
11.55
11.40
11.45
11.35
—
—
Houston
11.68
11.68
11.73
11.57
11.69
11.54
Little Rock
11.55
11.54
11.58
11.31
11.44
11.37
Dallas
11.21
11.20
11.24
11.07
11.19
Fort Worth
11.21
11.20
11.24
11.07
11.19
'
11.13
11.13
;
Tampa, Fla.
Savannah, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Charleston, S.C
Asheville, N. C
1
•
0.02 in.
1 day
Shreveport, La
Meridian, Miss
Vicksburg, Miss
11.80
Rainfall
0.18 in.
dry
dry
dry
dry
dry
dry
dry
Austin, Tex
Abilene, Tex
Brownsville, Tex
New Orleans
12.00
us
by tele¬
section will cause additional lateness.
11.51
—
Telegraph—Reports to
graph this evening denote that less than the usual amount of
seed was sown during March and there is a chance that the
cold wave may result in the replanting of much that has
already been planted.
Heavy rains in the eastern part of
the cotton belt, will still further delay the start of the new
cotton crop, while the cold weather across the western
11.61
11.60
3,260,000 bales in 1934-35—
mated.
11.48
—
from Brazil Smyrna, West Indies, &c.
1 the total estimated consumption by
takings not being available—and the aggregate amount taken by Northern
spinners, 10,261,482 bales in 1935-36 and 9,038,631 bales in
1934-35, of which 6,078,882 bales and 4.820.431 bales American, b Esti¬
11.63
»
6,633,835
465,406 12,298,631
194,406 8,080,431
271,000 4,218,200
and foreign
11.58
Savannah
6,633,835
This total embraces since Aug.
11.62
Montgomery
Augusta
Memphis
8,000,547
1,728,000
553,000
1,355,200
416,000
7,099,241 18,932,466
446,442 13,931,482
9,748,882
254,442
4,182.600
192,000
3_a
Southern mills, 3,670,000 bales in 1935-36 and
Galveston
Norfolk.
6,824,978
6,824,978
April 3
Mobile, Ala.
—
Week Ended
94",202
73,000
16,000
29,000
6,000
Deduct—
Visible supply
Rain
94,202
116,998
*
Aug. 1
612,611
consumption to March 1_.
Total in
Bombay receipts to April 2
Other India ship'ts to April 2.
Alexandria receipts to April 1_
Other supply to April 1_*&—
6,879",719
4,295", 259
11,953,601
1,953,000
660,000
1,527,600
367,000
116",998
Of which other
283
Season
6,881,039
1--
American in sight to April 3—
-1934-35—
1935-36
Since
Aug. 1
Week
Season
6,948,422
Visible supply March 27
Visible supply since Aug.
Aug. 1
Overland Movement for the Week and Since
Apr. 3—
Shipped—•
1934-35
1935-36
Cotton Takings,
Week and Season
74,2001492794
30,807 3,255,498
76,1931902472
Includes the combined totals of 15 towns in
out of
sight for the like period:
Week
Total, 56 towns
from which statistics
amounts gone
0.84
dry
days
0.38
days
0.78
0.55
days
1.38
days
1.42
days
in.
2
3
3
3
3
3
1
3
2
3
2
in.
in.
in.
in.
in.
1.52 in.
days
day
days
0.88 in.
days
0.88 in.
1.77 in.
days
days
2.32 in.
2.80 in.
2 days
3.68 in.
3 days
2.92 in.
5 days
4 days
2.53 in.
1.52 in.
Thermometer
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
75
76
90
84
92
84
86
92
74
88
88
90
74
82
80
82
87
80
82
82
80
84
84
84
76
84
87
82
86
84
74
76
low 46
low 14
low 38
low 28
low 52
low 52
low 32
low 42
low 40
low 38
low 34
low 40
low 20
low 26
low 30
low 46
low 40
low 34
low 38
low 48
low 30
low 36
low 48
low 70
low 42
low 58
low 52
low 30
low 36
low 34
low 43
low 24
61
45
64
mean 56
mean 72
mean 68
mean 59
mean
mean
mean
67
57
63
mean 61
mean 65
mean 47
mean 54
mean 55
mean
mean
mean
mean
64
64
57
mean 60
mean 68
mean 55
mean 60
mean 66
mean 77
mean 59
mean 71
mean 70
mean 56
mean 61
mean 59
mean 59
mean
mean
mean
50-
2362
Financial
Rain
Charlotte, N. C
Raleigh, N. C
"Wilmington, N. C
Memphis, Tenn
Chattanooga, Tenn___
Nashville, Tenn_
Rainfall
4 days
__4 days
3 days
2 days
2 days
-2 days
3.35
2.24
2.00
0.26
3.68
0.26
high
high
high
high
high
high
in.
in.
in.
in.
in.
in.
76
84
84
74
78
76
low 34
mean
low 38
mean
55
61
low 46
mean
mean
56
mean
54
mean
57
Feet
Memphis
zero
Feet
9.3
32.8
40.0
5.6
30.9
15.1
of gauge.
Above
zero
of gauge.
Nashville
Above
zero
of gauge.
Shreveport
Vicksburg
Above
Above
of gauge.
zero og fauge.
__
zero
India Cotton Movement from
28—Vancouver, 1,254
HOUSTON—To Japan—March 28—Friesland, 6,352
April 2—
Dryden, 844
To Genoa—April 2—Endicott, 1,004;
Montello, 2,184
To Antwerp—March 26—Bruxelles, 100..March
31—Syros,2l
o Barcelona—April
2—Endicott, 1,650
To Ghent—March 26—Bruxelles, 46
March 31—Syros, 700
To Trieste—April 2—Endicott, 780
To Havre—March 26—Bruxelles,
1,120
March .31—Syros,
3,189------
35.2
35.6
1934-35
To
Since
2,093
Hamburg—March 30—Dittmar Koel, 1,555
Copenhagen—April 2—Topeka, 450
To Gdynia—March 30— Dittmar Koel, 69
April2—Topeka,
To
Bombay
132,000 1,953,000
Sine
Week
Aug. 1
73,000 1,728,000
Aug. 1
21,000 1,530,000
Great
nent
Great
Conti¬
Britain
Total
| China
7
To
nent
Japan &
China
1935-36—
14,000, 29,000 43,000
|
4~666
1933-34-
42,000
1,000( 49,000
Other India-
67,000
42,000
54,000
40,000
52,000
280,000
232,000
251,000
660,000
553,000
631,000
1935-36-
39,000
39,000
239.000
421.000
16,000
16,000
155,000
1933-34-
18~666 51,000;
398,000
69,000
181,000; 450,000
1934-35-
16,000
52,000
1933.34-
22~666
3
29,000
42,000
82,000
306,000
195,000
233,000
58,000
49,000 123,000
100
62
5,764
50
28—Topeka, 550
28—Ogontz, 580
3,361
50
March 31—Ivor, 1,045
1,595
580
To Gothenburg—March 28—Topeka, 1,750
To Montyluto—March 28—Topeka, 200.
To Abo—March 28—Topeka, 71
To Ghent—March 31—Burgerdijk,
1,750
200
:
71
125
714
125
To Rotterdam—March
31—Burgerdijk, 714
To Genoa—March 31—Sapinero,
722_-_April
1—Maddalena
Odero, 1,962
Total all—
53,000
13
7
Passages—April 1—Ogontz, 3
To Gdynia—March
To Oporto—March
803,000 1,150,000
857,000 1,129,000
439,000
742,000
1934-35-
1935-36-
262
To Bremen—March 28—West Camack,
3,361
To Hamburg—March 28—West Camack, 50
Total
&Z:
Bombay—
1934-35-
225
1—Ogontz, 262
To Leixoes—April 1—Ogontz, 13
To Bilboa—April 1—Ogontz, 7
To Puerto Colombia—March 31—Tillie
Lykes, 62
NEW ORLEANS—To Liverpool—March
28—Ogontz, 5,764
To Dunkirk—March 28—Topeka, 50
Since Aug. 1
'
\ Conti-tJap'n&
Britain
545
1,611
1,099
To Buena Ventura—March 31—Tillie
Lykes, 100
For the Week
Exports
From—
I-I.IIIII
31—Syros, 1,611..
2—Topeka, 1,099
1—Ogontz, 225
To Lisbon—April
To Oporto—April
746
780
2,391
I
-
To Rotterdam—March
To Gothenburg—April
1933-34
Since
Week
Koel, 2,472
To
2 322
To Oslo—April 2—Topeka, 545
121
1,650
891
4,273
2,472
2,093
1,555
450
Liverpool—April 2—'Tripp, 4,273
To Bremen—March 30—Dittmar
To Manchester—April 2—Tripp,
7,196
3,188
April 2—Topeka,
-
'
,
April 2
Aug. 1
368
523
45.3
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:
Week
5,376
1,304
1,254
4,309
630
To Venice—April 2—Endicott, 530
To Dunkirk—March 26—Bruxelles,
14.4
of India cotton at
Receipts—
Japan—March 27—President
Cleveland,
1,150—March 28—Golden Hind, 2,552
March 31—
Golden Mountain, 1,000; Asuma Maru, 674
To Liverpool—March
28^—Lochmonor, 439; Bradgiow, 865
To Bremen—March
All Ports—The
1935-36
Bales
ANGELES—-To
.
April 51935
^
Above
LOS
65
low 35
low 30
low 38
April 3 1936
•"
April 4 1936
Thermometer
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:
/
New Orleans
Chronicle
701,000
630,000
803,000 1,810,000
857,000 1,682,000
439,000 1,373,000
701,000
Alexandria
Receipts and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
2,684
To Barcelona—March 31—Sapinero, 401
CORPUS CHRISTI—To Liverpool—March
401
26—Merchant, 1,538-
1,538
26—Merchant, 432
MOBILE—To Liverpool—March 21—Topa Topa, 911
To Manchester—March 21—Topa
Topa, 686
To Bremen—March 18—Bjonn, 1,069
To Rotterdam—March 19—Idarwald, 436
To Gdynia—March
18—Bjonn, 100
To Japan—March 16—Dryden, 1,419
To China—March 16—Dryden, 1,000
PENSACOLA, &c.—To Liverpool—March 31—Hastings, 134
To Manchester—March 31—Hastings, 96
To Bremen—March 31—Arizpa, 698
NORFOLK—To Hamburg—March 31—City of Newport
News,
859
March 30—Luebeck, 200
To Manchester—Additional—Quaker
City, 63
To Havre—April 1—Independence
Hall, 122
LAKE CHARLES—To Ghent—March
29—Syros, 100
CHARLESTON—To Liverpool—March 29—Schoharie, 2,055
To Manchester—March 29—Schoharie, 1,228.
To Hamburg—March 29—Schoharie, 24
SAVANNAH—To Liverpool—March 26—Schoharie, 1,559
To Manchester—March 26—Schoharie, 1,200
GULFPORT—To Havre—March 27—City of Alma, 750
To Japan—March
27—Dryden, 1,700
432
To Manchester—March
911
686
1,069
436
100
1,419
1,000
-
134
96
698
-
Alexandria, Egypt,
Apr. 1
1934-35
1933-34
125,000
7,686,109
Receipts (cantars)
1935-36
145,000
6,776,777
130,000
7,658,581
—
This week
Since Aug. 1
This
Exports (Bales)
Week
—
To Liverpool
—
To Manchester, &c
To Continent & India
To America
Total exports—
Since
This
167,333
119,642
18", 666 514,918
1,000 30,902
19,000 832,795
Since
Week
1
Aug.
Aug.
This
1
3,000 107,702
111,136
15",660 556,839
3,000 32,494
21,000 808,171
Since
Week
Aug.
1
5,000 226,390
7,000 141,828
14,000 499,642
3,000 60,428
29,000 928,288
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Apr. 1
125,000 cantars and the foreign shipments 19,000 bales.
1935
.
1934
l„
d.
Cotton
8 J* Lbs. Shirt¬
Forwarded
Total stocks.
Middl'g
32s Cop
ings, Common
to Finest
UpVds
Twist
to Finest
Middl'g
Upl'ds
d.
d.
s.
d.
d.
d.
d.
b.
s.
24
1,559
1,200
750
1,700
91,587
Mar. 20
66,000
639,000
321,000
20,000
1,000
200,000
71,000
1
Of which American
Total imports
;
Of which American
Amount afloat
Of which American
Mar. 27
59,000
606,000
303,000
11,000
4,000
207,000
75,000
45,000
606,000
300,000
17,000
186,000
70,000
April 3
68,000
603,000
293,000
20,000
1,000
189,000
79,000
The tone of the Liverpool market for
spots and futures
each day of the past week and the
daily closing prices of
Spot
Cotton
ings, Common
s.
2,055
1,228
as
follows:
-
8^ Lbs. Shirt¬
32s Cop
Twist
100
-
spot cotton have been
*
63
122
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Mar. 13
were
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in yarns and
cloths is steady.
Demand for cloth is improving.
We
give prices today below and leave those for previous weeks
of this and last year for comparison:
d.
Total
1,059
d.
d.
Saturday
Monday
Tuesday
Wednesday
Thursday
Market,
Friday
A fair
12:15
Quiet.
Quiet.
A fair
Moderate
Moderate
business
business
demand.
demand.
doing.
doing.
6.48d.
6.51d.
P. M.
Dee.—
27
10K@115i 10 0
@10 2
6.41
10J4 @11H
19 36
9
4
@96
7.20
Mid.Upl'ds
Futures.
19 35
Market
Jan.—
3
9 6
@10 0
6.44
9
5
@97
6.07
10«@11H
10^ @11$*
9
9
4
9
9H@11H
@11H
9J*@11 Y<
6.13
10$*@11$*
9 4
@96
@96
@96
4
@96
6.17
@96
@96
6.14
10M@Hh
10M@11H
9
9 4
9 4
@96
7.07
7
9W@11H
9
2
@94
6.07
9 2
@94
7.05
14.
9&@11H
9 2
@94
6.21
10J*@11K
10>*@11J*
9 2
@94
@94
6.17
9
@94
9K@11
@94
6.04
92
@
94
7.09
9^@11
9^@llH
9^@11H
9^@11H
9
1
@93
6.12
WA@llK
9
@94
7.10
9
2
@94
@93
6.30
10
9 1
6.34
95i@ll
8 7
@91
6.30
9 2
@94
6.44
9X@11K
9
@92
6.36
Steady,
1 2
opened
7.10
9 2
10^@11H
10M@1 IH
[
to
3
6.50d.
Steady,
Quiet but
un¬
6.42d.
Steady,
Quiet but
6.50d.
Steady,
pts. changed to steady, un- 1 pt. dec. stdy., 1 to 2 to 5
pts.
2 pts. adv. chgd.
to 1 to 1 pt. adv 3 pts. dec.
advance.
pt. dec.
decline.
7.06
9
6.47d.
10
17
24
31-
10
@11H
10
@96
9 4
4
4
7.23
8.18
7.08
7.15
Market,
Steady, unSteady,
Steady,
Quiet,
Stdy., 2 pts
Steady,
chged. to 2 3 to 6 pts. 2 to 4 pts. 1 to 5 pts. dee. to 1
pt. 1 to 5 pts.
pts. dec.
advance.
advance.
decline.
advance.
advance.
4
P. M.
Feb.—
21
28
2
2
Prices of futures at
Mar. 28
13
20
'
@11«
2
9 0
@92
6.59
Mon.
pr.
0
AprU—
3
9^@11J*
Shipping
9
1
@93
News—-As
6.50
shown
95^ @11
on
9
0
@92
previous
a
6.35
page,
the
exports of cotton from the United States the past week have
reached
91,587 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
are
Wed.
given below:
Thurs.
Fri.
Close Noon Close Noon Close Noon Close Noon
Close Noon Close
3
New Contract
March
d.
d.
d.
6.16
6.20
6.01
6.03
6.04
5.88
5.90
5.91
October
5.53
5.56
5.57
5.47
d.
d.
d.
d.
d.
d.
d.
d.
6.22
May
July
December
27
Tues.
to
Mar.—
6
Sat.
Liverpool for each day
(1936)
January (1937)
—
5.46
March
5.45
May
5.44
July
5.42
October
5.32
5.51
5.49
•»«.
-
-
-
-.
...
5.50
5.50
5.48
6.05
6.08
6.07
6.03
5.98
5.92
5.94
5.94
5.89
5.84
5.58
-
5.60
5.61
5.57
5.54
—
5.54
-
5.51
5.53
5.50
-
5.52
w.
-
-
5.50
5.46
5.38
5.51
6.06
5.87
5.92
5.57
5.60
5.51
6.06
5.92
5.60
5.54
5.54
5.51
5.48
5.51
5.54
5.54
5.50
5.48
5.51
5.54
-
<■»
5.49
5.50
5.47
5.48
5.50
-
-
5.37
5.38
5.39
5.48
5.36
--
6.01
~
-
»-
mm
December
5.53
5.53
5.52
Bales
GALVESTON—To Liverpool—March 28—Tripp, 3,990
To Genoa—March 30—Endicott, 870
To Manchester—March 28—Tripp, 1,736
To Barcelona—March 30—Endicott, 25
To Ghent—March 28—Bruxelles, 4
To Trieste—March 30—Endicott, 382
To Havre—March 28—Bruxelles, 577
To Venice—March 30—Endicott, 179
To Dunkirk—March 28—Bruxelles, 169
To Puerto Colombia—March 30—Tillie Lykes, 38
To Oporto—March 31—Ogontz, 525
To Bilboa—March 31—Ogontz, 143
To Lisbon—March 31—Ogontz, 60
To Passages—March 31—Ogontz, 47
To Leixoes—March 31—Ogontz, 187
To Kobe—April 1—Fries land, 1,683
To Osaka—April 1—Friesland, 472
•
-
3,990
870
1,736
25
4
382
577
179
169
38
525
143
60
47
187
1,683
472
BREADSTUFFS
Friday Night, April 3, 1936.
Flour—As
result of the pronounced weakness in
wheat,
flour prices declined.
Advertised brands of family patents
were moved down 10c.
per barrel.
Bakery grades, generally
5c. lower.
These further
a
declines, especially in wheat, wiil
undoubtedly encourage buyers in their hand-to-mouth
opera¬
tions, and unless some drastic change takes place
affecting
growing wheat, or the foreign political situation becomes
Financial
Voltame 142
dangerous,
fJour is
appreciable change in the slack demand for
no
Wheat—On the 28th ult. prices closed 54 to 134c. down.
slumped off today as a result of selling pressure
induced by a number of bearish influences.
The weather
reports were very favorable for the new crop, and this in
conjunction with a falling off in spot demand in both wheat
and flour, was responsible to a considerable extent for the
day's slump in prices.
Export movement of Canadian wheat
The market
slower.
Another bearish influence was a Department of
Agriculture forecast of big crops this year, on the basis of a
large spring wheat acreage.
Futures at Minneapolis dropped
sharply in relation to Chicago.
In addition, receipts at
Kansas City and Minneapolis were large for several weeks,
causing the mills to be less concerned about their future
supplies.
On the 30th ult. prices closed unchanged to
5*0. higher.
Outside of some pressure in the new crop
deliveries, trading was comparatively light.
However, a
fairly firm undertone was maintained throughout the session.
Selling of July wheat was credited almost entirely to a certain
professional trader, but these offerings were readily absorbed
by buying apparently influenced by the reports of continued
dry weather over the Southwest winter wheat belt with no
immediate outlook for a break in the dry spell.
Liverpool
wheat was steady as was Winnipeg.
There was nothing
spectacular in the Canadian market nor in Canadian export
business over the week end.
On the 31st ult. prices closed
134 to 254c. down.
This sharp drop in wheat was attributed
to the wet weather forecast for the Southwest and reports of
snow in parts of western Kansas.
The May option held up
fairly well in face of the heavy selling pressure that developed
on this bearish weather news.
This firmness of May in the
early trading was due to substantial buying of this contract
by Northwestern mills and a leading trader on Chicago
Board.
However, May did eventually yield to the persistent
selling pressure and prices eased nearly 2 cents from the early
high before further support appeared.
The break in wheat
on this date sent
prices into new low ground for the present
movement, forcing new crop months to the lowest levels for
the season.
On the 1st inst. prices closed 34 to %c. higher.
In the early trading the new
crop months dropped to the
low levels of the season.
This was due to selling influenced
by the wet weather over most of the wheat belt, including
parts of the Southwest.
In later reports it was revealed that
the moisture in the dry belt was light and covered only a
part of western Kansas.
This with indications that fair
dry weather would continue in Kansas, influenced con¬
siderable covering on the part of professional shorts.
As a
result prices recovered sharply, the May option recovering
a full
134c. from the low. May widened its premium over
was
Jnly.^ A better milling demand for cash wheat played its
part in the strengthening of the old crop month.
On the 2nd inst. prices closed 1% to l%c. down.
This
sharp break in wheat was due almost entirely to the pro¬
nounced
bearishness
winter wheat.
prices
the Chicago Board were 34 to 1 cent higher, while
compared with May corn was unchanged to 34c.
Demand was fairly good. Only 9,000 bushels of
on
the basis
expected.
of
estimates
Private estimates
of
the
coming
indicate
a
as
higher.
reported purchased
corn were
on a
wheat. Cash interests were good buyers of corn, presumably
removing hedges against sales of cash corn for shipment.
Shipping sales were 112,000 bushels.
The cash corn basis
was unchanged to
1 cent higher.
Rotterdam corn closed
34 to 34°. off.
On the 1st inst. prices closed 34c. to 34c. higher.
The
strength in this grain was attributed to buying led by cash
houses.
There was a comparative scarcity of offerings and
this made the market quickly responsive to demand.
Ship¬
ping sales were larger at 87,000 bushels.
Offerings to arrive
showed
noticeable increase.
a
The cash
On the 2nd inst.
cline
largely
was
wheat.
Commission
houses
the
acreage
due to favorable
Northwest, further precipitation
Nebraska, and weakness in outside markets.
May sold down to the lowest point since Dec. 7, and July
and September struck new bottom levels for the season.
Wheat
was
nominally lc. lower in the cash market, with
no
sales reported.
local
and
This de¬
in
heavy break
the
traders
were
active
were the
of real interest in the
in
news or trading, prices moving largely
with the other grains.
The open interest in
25,352,000 bushels.
sympathy
corn
was
DAILY
CLOSING PRICES
OF CORN
Sat.
No 2 yellow
Mon.
82%
78%
IN
NEW YORK
Tues.
78
Wed.
Thurs.
78%
78
Fri.
77%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
May
July
September
59%
59%
-
60
-
Season's
60%
60%
60%
60%
59%
59
60%
60
59%
60%
59%
59
60
59%
58%
Season's Low and When Made
High and When Made
84%
Jan.
5 1935 September
67%
Mar. 25 1935
65
June
6 1935 December60%
June
1 1935
68%
July 29 1935 May
56
Aug. 13 1935
September
December
May
Oats—On the 28th ult.
prices closed 34c. to 34c. higher.
nothing in the news to warrant this firmness,
it apparently being due to the firmness of other grains.
On the 30th ult. prices closed 34c- higher.
Trading was
very light with tone steady.
Nothing of significance in
There
the
was
news.
On the 31st ult.
was
was
prices closed 34c. to 34c. lower.
Trading
light and without special feature.
The decline in oats
largely a sympathetic movement in line with the decline
in wheat and
corn.
On the 1st inst. prices
closed 34c. to 34c. up. There was
news or trading.
This firm¬
almost entirely a sympathetic movement
nothing of significance in the
ness
of
oats
was
with wheat and
I
corn.
On the 2nd inst.
prices closed %c. lower. There was very
little activity in this grain, prices yielding in sympathy with
the heavy decline in* wheat.
Today prices closed unchanged
to 34c. off.
Trading light and without special feature.
DAILY
May
July
September
larger spring wheat
was un¬
principal buyers. Today
prices closed unchanged to 34c. down.
There was nothing
promise of
in Kansas and
with
sympathy
CLOSING PRICES OF OATS IN NEW YORK
Sat. Mon. Tues.
Wed. Thurs.
No. 2 white
a
basis
prices closed % to %c. lower.
in
sellers, and cash interests
of 537,000,000 bushels, or 104,000,000 bushels in excess
of last year.
Other bearish factors in the decline were the
moisture conditions in
corn
changed to 34 cent lower.
wheat
crop
to-arrive basis, suggesting
small offerings from the country.
On the 31st ult. prices closed 34c. to 134c. off.
The decline
in this grain was largely in sympathy with the weakness of
very
of
crop
winter
2363
Chronicle
DAILY
40%
CLOSING PRICES
OF
OATS
Sat.
Season's
September
-
40%
25%
26%
26%
39%
40
39%
Fri.
39%
FUTURES
Mon.
25%
26%
26%
Tues.
25%
25%
26%
IN CHICAGO
Wed. Thurs. Fri.
25%
25%
25%
26%
26
26
•
26%
26%
26%
Season's Low and When Made
When Made
Jan.
7 1935 September
31%
June 13 1935
35%
June
4 1935 December
33%
June 13 1935
37
Aug.
1 1935 May
29%
Aug. 17 1935
High and
44%
December
May
....
—
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
Today prices closed irregular—%c. lower to %c. higher.
feature of the trading was the relative weakness of
May wheat as contrasted with the new crop deliveries.
May
July
Despite-the slow tendency of the new crop months to follow
the action of May wheat, new low prices for the season
were recorded both for July and
September.
The weakness
of May was in face of the fact that for the second time in
31%
31%
31%
31%
31
31%
31%
31%
This marked
The
the last
than
a
few
days primary domestic receipts were smaller
The open interest in wheat was 99,662,000
year ago.
bushels.
DAILY CLOSING PRICES OP
No. 2 red
DAILY
WHEAT
Sat. Mon.
_
112%
-
CLOSING
PRICES
OP
WHEAT
Sat.
May
July-.
September
-
111%
96%
87%
86%
IN
Tiies.
110%
NEW YORK
Wed.
1105*
FUTURES
Mon.
97
87%
86%
Tues.
95 %
85%
Thurs. Fri.
1095* 109%
IN
CHICAGO
Wed. Thurs. Fri.
96 %
94%
94%
85%
83%
84
83%
84%
82%
82%
Season's High and When Made
i
Season's Low and When Made
September
102%
Apr. 16 19341 September
78%
July
6 1935
December
97%
July 31 1935 December
81
July
6 1935
May
—98%
Aug.
1 19351 May
88%
Aug. 19 1935
—
DAILY
CLOSING PRICES
OF WHEAT
Sat.
May
July-.
October
82%
83%
83%
Corn—On the 28th ult. prices
PUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
82%
83%
84%
81%
82%
83
81%
82%
83 %
80
81
79
80%
81%
80%
closed 34c. to 54c. higher.
Receipts of corn continue comparatively light, and this
together with the improved shipping demand and the firm¬
ness of wheat, especially the spot
position, were the con¬
tributing causes in this upward movement of corn. Buying
of futures by handlers of the actual grain was
particularly
noted.
Local shippers reported sales of around 75,000
bushels.
The basis for spot transactions was steady to 1
cent higher.
On the 30th ult. prices closed 34c. to 34c. up. The firmness
of corn was influenced largely by the spot market.
Cash
-
w
31%
31%
30%
31%
Rye—On the 28th ult. prices closed %e. to lc. higher.
strength was due to substantial covering of
shorts influenced by the strength in the Minneapolis and
Chicago wheat markets.
This market was found to be in
a strong position technically as a result of the steady pressure
last week, especially in the May option, a substantial portion
of this pressure being in the nature of short sales.
The mar¬
ket therefore was found to be highly responsive to a moderate
demand.
To-day's rally was the first in a week, in which
No. 2 Western, cash, rose 354c.
On the 30th ult. prices closed 54c. to 34c. higher.
The
strength in this grain was attributed to a better spot situation
and some shorts covering.
The strength of the other grains
apparently had their influence.
On the 31st ult. prices closed 34c. to 54c. off.
The news
was generally bearish, with grains displaying weakness all
aiong the line, the bearish weather reports and no appreciable
demand in the spot markets—these being quite sufficient
to account for the easing tendency of rye values.
On the 1st inst. prices closed 54c. to 34c. higher.
This
was largely due to a better milling demand for cash wheat
and rye.
The market appears to respond rather readily to
demand recently.
On the 2nd inst.
prices closed % to 34c. off.
There
was
nothing of interest in the trading or news on rye, prices
easing off in sympathy with the weakness in other grains,
especially the pronounced weakness of wheat. Today prices
closed % to 34c. up.
Nothing of real interest developed
in the trading, the market being largely a dull affair.
DAILY
CLOSING PRICES
OF
RYE
Sat.
May
July
September
52%
52
52
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
52%
52%
52%
51%
51%
51%
52%
52%
52%
51%
61%
51%
52%
52
52
Financial
2364
Season's
September
High and
76
December
63 %
May
-
DAILY
When Made
Jan.
51935
June
3 1935
Aug
62%
Season's Low and
December
-
June 13 1935
Aug. 19 1935
OF RYE FUTURES IN
Sat.
snow
June 13 1935
48%
46Ji
1 1935 May
CLOSING PRICES
When Made
45
September
Mon.
Tues.
Thurs.
May
43%
43%
42%
42%
41%
44%
44%
43%
43%
42%
CLOSING PRICES
Mav
Inurs.
40
40
40
39%
38%
38%
38%
38
39%
39
39
38%
38%
Wheat, New York—
No. 2 red, c.i.f., domestic--.109%
Manitoba No. 1, f.o.b. N.Y- 87%
.,
New York—
77%
No„ 2 yellow, all rail.
Oats, New YorkNo. 2 white
39%
Rye, No. 2, f.o.b. bond N. Y_. 63%
Barley, New York—
47% lbs. malting-.
50%
Chicago, cash.
.50 83
FLOUR
Weather
Report for the
here
2265.
see page
Week Ended April 1—The
general summary of the weather bulletin issued by
Department of Agriculture, indicating the influence of
weather for the week ended April 1 follows:
the
the
With active storm conditions, the week was characterized by frequent
weather over much of the country. At the
beginning of the period a slight depression in the Southeast was attended
by heavy rains in that area and they were again widespread there about the
middle of the week.
On the morning of Mar. 25 an energetic •low
was
central over Utah and moved thence eastward to the central Plains and
northeastward across the western Lakes; it was attended
considerable
precipitation west of the Rocky Mountains and also over the Eastern States.
At the close of the week an extensive "high" had moved into the northern
Great Plains, bringing subzero temperatures to some localities, and, at the
same time, an extensive "low" was central over Nevada, attended by wide¬
spread precipitation west of the Rockies, with especially heavy rains in
changes and wide variations in
California.
,
.
,
,
,
conditions during the week.
Valley eastward tempera¬
tures were decidedly high for the season, with the weekly means over large
areas from 8 degrees to as much as 14 degrees above normal.
On the other
hand, the Northwest and Pacific sections experienced a decidedly cold week,
especially the former, where the temperatures averaged more than 20 de¬
grees below normal in some places.
In the East freezing extended to south¬
western Virginia, while in the Midwest the freezing line reached Oklahoma
City.
A considerable northwestern area had subzero temperatures, the
lowest being —18 degrees at Sheridan, Wyo., on March 30.
On the other
hand, in Gulf sections temperatures did not go as low as 50 degrees at any
There were wide variations in temperature
From the west Gulf States and the Mississippi
time during the
week.
.
,
a
was
large section of the dry Southwest had another practically rainless week.
While there were some favorable aspects to the week's weather as affect¬
ing agriculture, conditions on the whole were rather adverse.
Abnormally
high temperatures in the East advanced vegetation rapidly, with early fruit
trees now beginning to bloom as far north as Virginia, grass and grain crops
while truck in the Southern States shows improvement.
However, in most places east of the Mississippi River, additional rains kept
the soil too wet for active field work and very little planting, or preparation
forplanting, could be accomplished over considerable areas.
West of the Mississippi River conditions were decidedly variable. While
the Northwest had additional helpful precipitation, mostly in the form of
snow, the Southwest remained dry and duststorms were again extensive and
severe in many localities of several States.
An unfavorable feature of the
grew
rapidly,
week in the far West
was
the abnormally low temperature, record-breaking
Frost and freezing did more or less damage
in some northwestern sections.
early crops in parts of several States, most extensively in California.
Farm work made mostly satisfactory progress in the trans-Mississippi
States from Iowa southward.
Some corn was planted as far north as Okla¬
homa, but most parts of that State are too dry for seeding.
In Gulf sections
planting corn was more active and considerable is up to satisfactory stands.
In the Cotton Belt fairly good progress was made in the preparation of the
soil in central and western districts, and some additional cotton was planted
in southern localities; much land has been prepared in the Mississippi Valley
and some local planting was reported as far north as southern Arkansas.
In the eastern belt additional rains further retarded field work and prepara¬
to
tions for seeding are now considerably behind an average season.
Texas needs moisture rather badly, and Oklahoma is becoming
Most of
decidedly
Soil conditions in the Cotton Belt range from decidedly too wet in the
East to too dry in western sections.
Small Grains—Winter wheat is greening up slowly in the Ohio Valley
and is showing continued improvement in southern sections; condition
varies from poor to good, with somelocally thin spots.
Wheat is fair to good
in Missouri and eastern Kansas, but a large southwestern area, comprising
western Kansas, southwestern Nebraska, and most of Oklahoma and Texas,
as well as adjacent areas of Colorado and New Mexico, is in more or less
serious need of moisture; in this region condition of wheat is mostly poor
and the crop has deteriorated in localities.
In most of the Northwest winter
grains are in fair to good condition, except for some winter killing in Mon¬
tana.
General improvement of winter cereals was reported from the South¬
east, while grains are in good condition in most of the East.
The weather of the week was largely unfavorable for outside work in the
spring wheat region, with moderate to heavy snows, but the additional
moisture was of much benefit.
Duststorms in the Pacific Northwest blew
out some spring-seeded wheat on light lands.
Oat seeding has progressed
northward to Iowa, while this work is in progress in the Ohio Valley.
Oats
are coming up fair to good in eastern Kansas, while good stands were re¬
ported from Tennessee.
Only very broad generalizations have been attempted and, consequently,
there may be local areas here and there, with conditions different from those
in its general field.
It will be noted that moisture is mostly ample to
dry.
abundant east of the Great Plains States and also in considerable areas west
Rocky Mountains.
In fact, in much of the East, the soil has been
time, and still is, persistently too wet for proper working.
a rather
extensive belt extending from southern Texas and the
Rio Grande northward, moisture would be either helpful at this time, or is
badly needed. In most of this area there is a decidedly urgent need for rain.
Extremely dry sections are shown for central Texas, the southwestern Plains,
and locally, farther north.
Also, there is a considerable area west of the
Rockies, centering in Utah, where moisture would be beneficial, or is
urgently needed.
It is of interest to note the general mountain snowfall conditions in the
Western States as having a bearing on the amount of water that will be
available for irrigation during the coming summer.
Detailed reports have
not as yet been made as to snows in the mountains and the data at the
present time are somewhat limited, but from those at hand it is quite ap¬
parent that the present situation is favorable rather generally and the out¬
look for a good summer supply of water decidedly encouraging.
The higher mountains in the southern portion of the area have had nearly
normal snowfall, while in many central and northern mountains it has been
decidedly above normal and rather generally better than last year. In some
northern mountains, especially in Wyoming, present indications are that the
of the
for
some
The approach of Easter and the continuance of springlike
temperatures further stimulated consumers' demand, and
retail trade reached its highest level since the start of the
current year.
floods
some sections the effects of
still hampering business, store sales
Although in
were
the
for
to
on
30%, notably in the Northwest.
spring apparel and accessories.
wear
Interest again centered
Activity in children's
also showed considerable gains.
Trading in the wholesale dry goods markets in growing
measure reflected the sharp improvement in the retail field.
Merchants in the flood
areas
started to release considerable
orders for
replacing their ruined stocks, and reorders irom
other sections of the country were received in heavy volume.
Wholesalers'
business
reached
its
best
level for
the year,
although considerable further improvement is required to
make up for loss of business during the earlier part of the
year.
With stocks in wholesalers' hands none too ample,
and with deliveries by mills blowing down, due to necessary
repairs of many plants damaged by the floods, the recent
rush for goods by retailers is said to have made spot deliver¬
ies practically unobtainable.
Good demand existed for
outing Uannels, prices of which were advanced J^e. a yard
during the early part of the week, and a markup in the prices
of cotton and part-wool blankets by 2c. to 3c. a pound was
said
to
be imminent.
A moderate improvement manifested
itself in trading in
sheers and crepes,
silk goods.
Interest centered on printed
but novelty weaves were also moved in
fair volume,
'lhe greige goods market showed increased
activity with printed tabrics again leading in demand.
Activity in rayon yarns was well maintained.
The recent
floods were reported to have damaged one of the largest
viscose mills to such
an
extent
possible before several weeks.
avert
that reopening will
This factor
was
not be
expected to
the usual seasonal accumulation of stocks with its
re¬
sulting weakening of the price structure.
Pigment yarns
were still leading in the volume of business,
but a marked
improvement was also noted in the demand for acetate
yarns.
,
heavy over a large southeastern area, centering in eastern
Tennessee and extending to adjoining States.
It was rather heavy also in
the North Atlantic States and in Pacific coast sections.
On the other hand,
Rainfall
GOODS TRADE
Friday Night, April 3, 1936.
the country as a whole again far exceeded the volume during
the corresponding period of last year, with gains recorded up
$4 00<a>4.10
Spring pats.,high protein $6 60 >6.80 Rye flour patents
Spring patents.
6.15 >6.45 Seminola, bbl., Nos. 1-3- 7.65@.—5.-45 >5.75 Oats, good
2 40
Clears, first spring
4 70 J4 95 Corn flour
-—
2 00
Soft winter straights
Hard winter straights— 5 70@ 5 95 Barley goods—
5.85@6.10
Coarse
2.85
Hard winter patents
5 10(15.30'
Fancy pearl,Nos.2.4&7 4.00®4.75
Hard winter clears
For other tables usually given
New York,
recent
GRAIN
Corn
THE DRY
tn.
39%
„
the snow water.
42%
Wed.
40
Tues.
Closing quotations were as follows:
1
normal, because of the dry
44%
39%
_
_
portions of Utah, the run-off will be less than
Fri.
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
11"
July
40
40
-
DAILY
Mon.
locally the heaviest since 1899.
condition of the soil, which will absorb much of
BARLEY FUTURES IN CHICAGO
Sat.
May
storage is the heaviest since 1922 and
In the northern Cascades snowfall during the past season was more than
double the normal in many places.
In some sections, however, such as
WINNIPEG
Wed.
July. I _ I DAILY CLOSING PRICES OF
1936
April 4
Chronicle
Domestic Cotton Goods—Trading in gray goods showed
slight improvement during the early part of the week.
Although total sales remained rather Insignificant and were
mostly limited to spot deliveries, the announcement of the
a
Bouse subcommittee of its decision not to impose new proces¬
sing taxes, stimulated inquiries for May deliveries.
Few
actual transactions, however, were consummated.
While
the continued uncertainty over floor stock refunds and other
tax
problems remains a handicap to an improvement in
forward business, there has lately been a disposition to
buy
a
little more ahead, probably because of a growing belief
that current quotations are scraping bottom.
Demand for
fine
goods continued brisk, and with practically all inquiries
calling for spot delivery, the shortage of these goods became
increasingly acute.
Premiums were frequently asked for
immediate shipments, but such demands met wit h stout re¬
sistance on the part of most buyers.
Lawns, dimities and
piques were in active call.
Closing prices in print cloths
were as follows: 39-inch 80's, 7% to 7
7-16c.; 39-inch 72-76's
6Kc.; 39-inch 68-72's, 5 15-16c.; 38^-inch 64-60's, 5Mc.
383^-inch 60-48's, 4 9-16c.
'
*
Woolen Goods—Trading in men's wear fabrics
continued
dull although the quickening flow of goods in retail
channels
resulted in a scattered moderate revival in some divisions.
Mill operations were maintained at previous levels as
unfilled
are still sufficient to assure
present rate production
until the end of June.
While clothing manufacturers are
orders
believed
to
fair interest
and
have covered
was
most
of
their fall requirements
displayed in flannels and tropical worsteds'
growing call for sports woolens was noted.
Reports
clothing centers gave a very promising account
with more seasonable weather conditions
resulting in im¬
proved sales of suits and topcoats and with many merchants
encountering difficulties in replenishing their diminishing
a
from retail
stocks.
Trading in women's wear goods continued fairly
reflecting the urgent demand of retailers for /quick
deliveries of spring garments.
Initial showings of fall sports
fabrics met with a satisfactory response.
active
Over
Fojreign Dry Goods—Business in linens continued
quiet
Scattered fill-in orders on dress goods and
suitings
were re¬
ceived
but little interest was shown in household
lines.
The burlap market was rather irregular,
owing to the failure
of the Calcutta mills to agree on a new
production schedule
to replace the old production-control
agreement which ex¬
pired at the end of March.
A few small orders were placed
by bag manufacturers against fall requirements.
Burlap
prices, despite fears of increased production in Calcutta
ruled fairly steady in sympathy with
slightly higher Calcutta
cables.
Domestically lightweights were quoted at 3.95c
heavies at 5.35c.
,
Financial
Volume 142
2365
Chronicle
State and City Department
MUNICIPAL
Specialists in
Dealer
Illinois & Missouri
Bonds
BONDS
Markets
WM. J. MERICKA
CO.
INCORPORATED
Union Trust Bids.
One Wall Street
CLEVELAND
NEW YORK
135 S. La
SallefSt.
CHICAGO
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
DIRECT
WIRE
1,183,000 Jersey City, N. J., various purposes bonds sold by the New
Jersey Highway Extension Sinking Fund Commission to an
account managed by Lehman Bros, of New York, which paid a
price of 108.11 for $775,000 5s and 111.25 for $408,000 6s.
The bonds, maturing serially from 1941 to 1949, incl., were
re-offered by the bankers at prices to yield from 3.70% to
4.05%, according to maturity.
1,159,000 Clifton, N. J.,
% general school and water refunding bonds
sold by the New Jersey Highway Extension Sinking Fund
Commission at a price of 95.299 to a syndicate headed by B. J.
Van Ingen & Co., Inc. of New York.
The bonds mature
serially from 1944 to 1949, incl. and were re-offered for general
investment to yield from 4.30%
to 4.50%, according to
maturity.
1,040,000 Pottawattamie County, Iowa, 1 ^ % primary road refunding
bonds, due annually from 1937 to 1944, incl., awarded to a
group headed by the Iowa-Des Moines National Bank &
Trust Co. of Des Moines at 100.067, a basis of about 1.48%.
1,026,000 Dallas County, Iowa, 1% % primary road refunding bonds
sold to Halsey, Stuart & Co., Inc. of Chicago at 100.76, a
basis of about 1.56%.
Due serially from 1937 to 1944, incl.
314 N. Broadway
CHICAGO
ST. LOUIS
MUNICIPAL BOND SALES IN MARCH AND FOR THE
FIRST
QUARTER
Although the volume of sales of State and municipal bonds
during the month of March was larger than in either of the
two preceding months of the current year, this was due
principally to the disposal by the Reconstruction Finance
Corporation of an issue of $41,469,000 Chicago Sanitary
District, 111., bonds.
Moreover, the RFC held another of
its sales of Public Works Administration holdings of munic¬
ipal bonds in March, thereby contributing an additional
$5,845,000 to the month's total. These two items, it will be
seen, account for a principal portion of the total of $128,998,523 bonds marketed during .the past month. The figure
for March compares with awards of $98,025,427 in February
and $89,501,614 in January of the present year.
Although
offerings of new bond issues were not very numerous in the
initial three months of 1936, the results of municipal financ¬
ing in that period nevertheless compare quite favorably with
the record for the comparable period of last year.
Accord¬
ing to our compilations, the aggregate amount of permanent
municipal liens marketed during the first quarter of 1936 was
$316,525,564 as against $300,921,678 in the like period of
1935.
The issues of $1,000,000 or more marketed
are
as
during March
follows:
$41,469,000 Chicago Sanitary District, 111., 4% series B refunding bonds
sold by the Reconstruction Finance Corporation to a large
syndicate headed by the Harris Trust & Savings Bank of
Chicago, at a price of 101.
The sale was made privately, the
RFC having made no public announcement of its intention to
dispose of the issue.
Although the bonds mature July 1
they are subject to call in varying amounts from 1937 to 1954,
inei
i
1 % to 3.77%, according to optional date.
yield after the optional date is 4%.
pri
In each instance the
5,000,000 California (State of), 2% % veterans welfare bonds, maturing
se ially from 1938 to 1954, incl., were sold at auction to the
Backamerica Co. of San Francisco and associates at 102.217,
a
basis of about 2.49%.
Public re-offering was made on a
yield basis of from 0.90% to 2.70%, depending on maturity.
3,647,000 Louisville, Ky., bonds, bearing interest rates of from 3M%
to 4H% and due serially from 1960 to 1970, incl., sold semiprivately to an insurance company at a reputedly "high price."
The trend toward lower interest rates
according to maturity.
2,500,000 Camden Co., N. J., 4% general and refunding bonds were
purchased by Lehman Bros, of New York and other invest¬
ment houses.
Due serially from 1949 to 1965, incl.
Reoffered to yield from 4.10% to 4.15%, according to maturity.
2,500,000 Seattle, Wash., 3J4% municipal power and light reveune
bonds, due serially from 1938 to 1953, incl., sold to the Bancamerica-Blair Corp. of New York and associates at a price of
96.90.
Publicly reoffered at prices to yield from 2 to 3.70%,
according to maturity.
2,540,000 Minneapolis, Minn., bonds, comprising four separate issues,
went to Phelps, Fenn & Co. of New York and associates at
various prices as follows:
$1,000,000 2.60s, due from 1939 to
1966, incl., brought a price of 100.15, a basis of about 2.58%;
$530,000 2.60s., due from 1939 to 1966, incl., also sold at
100.15, or a 2.58% basis; $840,000 2s, maturing from 1937 to
1946, incl., went at 100.04, a basis of about 1.99% and
$170,000 2.40s, due from 1937 to 1953, incl., were sold at
100.60, a basis of about 2.32 %. Public re-offering of the bonds
was
made by the bankers at prices to yield,
according to
interest rate and maturity, from 0.40% to 2.60%.
2,000,000 Missouri
(State of), building bonds sold privately to the
Baum-Bernheimer Co. and Stern Bros. & Co., both of Kansas
City as 2s, at 100.10, a basis of about 1.98%.
Due $1,000,000
eacn in 1942 and 1943.
1,700,000 Cincinnati, Ohio, bonds, including $1,000,000 2s, due from
1937 to 1961, incl. and $700,000 2J4s, maturing from 1937 to
1961, were sold to an account headed by Lehman Bros, of
New York at a price of 100.01, a basis of about 2.10%.
1,500,000 Vermont (State of), 1%% funding bonds purchased by the
National City Bank of New York and associates at a price of
101.02.
Due serially from 1938 to 1947, inclusive.
None
securities
1,200,000 Delaware River Joint Commission, N. J., 4J^% bonds sold
by*the New Jersey Highway Extension Sinking Fund Com¬
mission to Yarnall & Co. of Philadelphia and associates at a
price of 114.385.
Due serially from 1951 to 1955, incl.
The
bankers re-offered the bonds at price of 115.50 and interest.
1,195,000 Paterson, N. J., various purposes bonds sold by the New
Jersey Highway Extension Sinking Fund Commission to the
FirsttNational Bank of New York and associates at a price of
107.628.
The sale comprised two issues of 4j£s, maturing
serially from 1942 to 1949, incl.
Public re-offering was made
by the'bankers at prices to yield from 2.70% to 3.75%,
according to maturity.
1,170,000 Cass County, Iowa, 1%% primary road refunding bonds
purchased by the Harris Trust & Savings Bank of Chicago and
^
associates at a price of 100.102, a basis of about 1.73%.
Due
serially from 1937 to 1945, inclusive.
States Possessions
came
to
market
below of all the various
placed in March in the last five years:
1936
Perm't loans (U. S.)_
*Temp. loans (U. S.)
Bonds U. S. Poss'ns.
loans
Can.
1933
1932
S
S
$
$
128,998,523 150,313,900 98,012,229
13,928,639 109,163,071
74,934,468 110,195,000 102,833,356 135,074,800 158,427,500
None
None
None
None
405,000
9,658,501
364,900
10,680,272
4,600
28,087,547
None
None
None
None
None
None
None
None
None
None
(perm't).
Placed in CanadaPlaced in U. S
fund
General
1934
1935
$
bonds
(New York City).
213,591,492 260,873,800 211,525,857 149,008,039 296,083,118
Total
*
Includes temporary securities by New York City in March, $51,000,000 in
1936; $50,550,000 in 1935; $39,110,400 in 1934; $135,074,800 in 1933; and $64,450,000 in 1932.
The number of
places in the United States selling permaissues made during
March 1936 were 370 and 475, respectively.
This contrasts
with 343 and 472 for February 1936 and with 310 and 365
ment bonds and the number of separate
for March 1935.
For comparative purposes we add the following table show-,
ing the aggregates for March and the three months for a
series of years.
In these figures temporary loans, New York
City's "general fund" bonds and also issues by Canadian
municipalities
are
Month of
March
1936
1935
1934
1931
Offered for public investment at prices to yield from
United
the
March
1932
1.90% to 3.40%, according to maturity.
of
with any new issues during March.
A comparison is given in the table
1933
3.39%.
short-term State
municipal issues featured the financing of that nature
in the month of March.
The City of New York, for example,
was able to borrow
$6,000,000 on special corporate stock
notes due Nov. 12 1936 at an interest rate of 0.45%.
The
premium of $420 paid by the purchasers, further reduced the
rate on the loan to a net figure of 0.439%.
The rate was the
lowest the city ever paid for either long- or short-term funds
and furnished additional evidence of the high credit rating
which the city now enjoys.
Sale of the $6,000,000 issue,
together with other funds borrowed in accordance with its
agreement with local banks, increased to $51,000,000 the
amount obtained by thfe city on temporary loans during
March.
All of the inteukn issues marketed by States and
local units during the month amounted in the aggregate to
$74,934,468.
The Canadian municipal bond market was very inactive
during March, with the result that the issues sold amounted
to
only $9,658,501.
The City of Montreal accounted for
$9,242,000 of the month's total, having sold that amount of
refunding bonds to two Canadian banks at an average
interest cost of 3.11%. »Short-term financing consisted of the
sale of $45,000,000 Treasury bills by the Dominion of Canada.
2,600,000 Erie Co., N. Y., tax revenue and emergency relief bonds,
maturing annually from 1937 to 1945, incl., awarded to a group
headed by the Chase National Bank of New York as 2.20s., at
100.059, a basis of about 2.18%.
Marketed on a yield basis
of from 0.70% to 2.50%,
on
and
-
1930
1929
1928
1927
1926
1925
1924
19231922
1921
1920
1919
1918-
1917-
1916
1915
1914
c
-
-
excluded:
For the
Month of
March
For the
3 Months
-$128,998,523 $316,525,564
.8150,313,900
300,921,678
98,012,229
218,265,914
13,928,639
67,335,063
109,163,071
282,703,824
b279,508,181
449,603,589
125,428,605
316.829,935
105,775,676
251,388,122
cl29,832,864
364,000,414
88,605,561
372,613,765
116,898,902
359,623,729
111,067,656
326,927,507
101,135,402
295,559,537
69,575,262
246,574,494
116,816,422
292,061,290
51,570,797
204,456,916
58,838,866
174,073,118
50,221,395
106,239,269
28,376,235
75,130,589
35,017,852
101,047,293
32,779,315
120,003,238
<167,939,805
144,859,202
43,346,491
165,762,752
1913
3 Months
$14,541,020
21,138,269
$72,613,546
22.800.196
e69,093,390
123,463,619
1910
1909
32,680,227
1908
18,912,083
10.620.197
20,332,012
17,980,922
14,723,524
9,084,046
1912
1911
1907
1906
1905
—
1904.
1903.
♦
1902
7.989,232
1901
10,432,241
8,980,735
5,507,311
6,309,351
12,488,809
4,219,027
4,915,355
5,080,424
1900
1899
1898
1897
1896
-
1895---.
—_
1894
1893
6,994,246
8,150,500
1892..
Note—Including
New
York
State
bonds,
$22,500,000; d $27,000,000; e $50,000,000.
a
$45,025,000;
75,634,179
104,017,321
79,940,446
90,769,225
58,320,063
57,030,249
35,727,806
46,518,646
40,176,768
31,519,536
23,894,354
34,492,466
18,621,586
23,765,733
35,571,062
15,150,268
21,026,942
24,118,813
17,504,423
22,264,431
b $100,000,000
2366
Financial
Owing to the crowded condition of our columns we are
obliged to omit this week the customary table showing the
month's bond sales in detail.
It will be given later.
RECONSTRUCTION
FINANCE
CORPORATION
Repoit on Loans Made to Drainage and Irrigation Districts—
The following is the text of a statement (P-1230) made
public by the above Federal
March 26:
agency on
Loans for refinancing two drainage districts in Missouri, two drainage
in Arkansas, and one irrigation district in Oregon, and for re¬
financing and rehabilitating one ditch company in Nebraska and one irrigadistricts
gation district in Montana, aggregating $968,500, have been authorized by
This makes ai total to date of $118,336,817.65 authorized under
provisions of Section 36, Emergency Farm Mortgage Act of 1933, as
the RFC.
the
amended.
The districts and company are:
DeWitt Drainage and Levee District, Carroll County, Mo
$21,000
Locust Creek Drainage District, Linn and Sullivan Counties, Mo. 127,500
Jonesboro Storm Sewer and Drainage District No. 30, Craighead
County, Ark
Long Prairie Levee District, LaFayette County, Ark
Talent Irrigation District, Jackson County, Ore
Elm Creek Ditch Co., Buffalo County, Neb.:
Refinancing
Rehabilitation
135,000
196,500
420,000
$17,500
;
„■
26,000
>
43,500
Ashley Irrigation District, Flathead County, Mont.:
Refinancing
$21,000
4,000
Rehabilitation
25,000
A loan for $46,000 has been authorized for refinancing a school district in
Arkansas under the provisions of Public—No. 325—74th Congress (S.
This makes a total to date of $534,800 authorized under this Act.
3123).
The district is:
Special School District of Arkansas City, Desha County, Ark
$46,000
The refunding loans are based on deposit of 100% of the outstanding
If less than 100% is deposited, the amounts authorized are
indebtedness.
automatically decreased.
Loan authorized to the following district has been rescinded:
Granada Drainage District, Prowers County, Colo
Chronicle
published in September, 1935. The new booklet serves to
bring up-to-date the tax collection figures contained in the
handbook.
The basic figures given in the new booklet are
said to have been obtained from reports made to the office
of the State Auditor, by the financial officers of the various
municipalities.
Combined with the above mentioned hand¬
book, this new booklet should provide a ready reference
guide for investors and dealers in New Jersey municipal
securities.
The tax collection figures in the supplementary
booklet are given as of Jan. 1, 1936.
New Jersey—Amendment to Municipal Finance Act
Ap¬
proved—A dispatch from Trenton to the Newark "Evening
News" of March 24, reported as follows on an important
amendment to the Municipal Finance Act of 1931, passed
by the Legislature on the previous day:
Quick work by the Legislature last night marked introduction and passage
under suspended rules of a bill by Senator Hendrickson of Gloucester
amending the Municipal Finance Act of 1931 to permit the Supreme Court
to vacate, modify, restrict or stay anything in the Act.
Senate passage of the bill was unanimous.
The vote in the House was
33 to 22.
Some of the House members were disposed to question the haste
with which the measure was being put through, apparently fearful it had a
significance or special application not disclosed.
Supporting arguments for the bill were that the present law permits
bonds, issued under the Act, to contain a provision reinvesting the bond¬
holder, in event of default, with the rights and remedies he would have
had on any bond surrendered in exchange for the new bond, if issued under
any other law.
The amendment, it was said, would extend the same
privilege to new bonds issued in exchange for bonds previously issued under
the Municipal Finance Commission Act.
New
Unable to Agree on Finance
Relief—Trenton news dispatches of April 2 reported
as follows on the
present status of the unemployment relief
revenue question in the State Legislature:
$36,000
The
Connecticut—Changes in List of Legal Investments—The
on March 25 issued the
following
list (Bulletin No. 3) of the changes made at this time in the
list of investments considered legal for savings banks and
State Bank Commissioner
trust funds:
Lake Superior District Power Co.
First and
Duke Power Co.
Windsor Locks Water Co.
First 5s, 1951.
Northern Connecticut Power Co.
First and refunding 5 Ms,
refunding 5s, 1956.
First and refunding 4 Ms, 1955.
First and refunding 3Ms, 1967.
First and refunding 4s, 1967.
First 5s,
Deduction
Newburgh, New York.
1946.
Florida—State Supreme Court Requested to Define Bond—
The following is the text of an Associated Press dispatch from
Tallahassee to the Jacksonville "Times-Union" of March 25:
The
definition
of
a
bond under
Florida law
of the
House to
sought today in the
Supreme Court.
In two cases,
the Court was asked to decide whether revenue certificates,
pledging the proceeds of public utilities or buildings constructed with
Federal loans, would render the taxpayer liable for the debt.
One of the test suits involved a plan to install a $300,000 water supply
system for the island communities of Pinellas County, the other a $1,800,000 dormitory-building program in three State-owned colleges.
In both cases, the Court was asked to determine whether there is a dis¬
tinction between bonds and revenue certificates.
Both building programs
would be done with Federal funds, 45% as a loan and 55% as a direct grant.
Answering the Pinellas County case, brought by John R. Herrick, a
taxpayer, John C. Blocker of St. Petersburg contended the debt to Public
Works Administration would be repaid with revenues of the water system,
a vote of freeholders would not be necessary for the revenue certificates to
New
The water line would extend from Indian Rocks to Pass-A-Grille.
At issue in the other suit was a constitutional provision against bonding
the State.
Attorneys for the Board of Control and the Board of Education,
against which the case was directed, declared the State's credit was not
pledged in the building program, since the dormitories would be selfliquidating through rentals.
The plan calls for three dormitories at the University of Florida, a
dormitory and dining room at the Florida State College for Women, and
two dormitories at the
Florida Agricultural and Mechanical College for
negroes.
The loans were authorized by the 1935 Legislature.
Massachusetts—Changes in List of Legal Investments—
The following bulletin (No. 5), showing the changes made
up to date in the July 1, 1935 issue of the list of legal in¬
for savings banks and trust funds,
by the Commissioner of Banks on March 31:
ADDED
TO
LIST
OF
JULY
1,
was
issued
1935
Public Utilities
As of Feb. 21,1936:
Rochester Gas & Electric Corp.
gen.
mtge. series F
4s, 1960.
As of Feb. 27, 1936:
series E 3 Ms, 1965.
As of March 3,
s. f. 3Ms, 1961.
Connecticut Light & Power Co. 1st & ref. mtge.
1936:
Connecticut River Power Co. 1st mtge. series A
Railroad Bonds
As of March 6,1936:
Virginian Ry. Co. 1st lien & ref. series A 3 Ms. 1966.
27, 1936:
Great Northern Ry. Co. gen. mtge. series G
4s, 1946, and gen. mtge. series H conv. 4s, 1946.
As of March
conv.
City of New Britain, Conn.
City of Norwich, Conn.
17, 1936:
of
York
date but the resolution had not been drafted at the
adjourned for the day, so the action was deferred
day.
We quote in part as follows from an account of the pro¬
ceedings forwarded from Albany to the New York "Herald
Tribune" of April 1:
one
Today's action was the first definite move by the State to cooperate with
the city in planning for the fair, although New York Assemblymen have
been pleading for State aid ever since the session began.
Under the terms
of the agreement reached at the conference, the legislative committee will
do its investigating during the next fortnight and report its recommenda¬
tions by
April 20.
This is
necessary
if funds
are to
be provided before next
year.
Lehman Calls Conference
Today's conference was called by Governor Lehman as the result of a
request from Mayor LaGuardia for a special message on the necessity of
State cooperation.
Present with the Mayor and Governor were Grover A.
Whalen and George McAnney, of the New York World s Fair 1939, Inc.,
the organization or New York citizens pushing the plan; Comptroller Frank
J. Taylor, Franklin Barker, Counsel to the fair corporation; Senator John
J. Dunnigan, majority leader, and Senator George R. Fearon, minority
Speaker Irving M. Ives and Assemblyman Irwin Steingut, the
minority leader, and Senator Jeremiah F. Twomey, Brooklyn Democrat,
and Assemblyman Abbot Low Moffat, New York Republican, chairman,
respectively, of the finance and ways and means committees.
The conference was held behind closed doors, but Mr. Lehman called in
reporters later to announce that agreement had been reached on the pro¬
cedure to be followed.
The legislative committee, he said, would "look
into the tentative estimates prepared by the fair corporation,
study the
State's relation to the project and determine the extent of State
participa¬
tion that seems necessary."
This committee, he continued, then would
report to the Legislature, "making specific recommendations during the
pending session."
$4,125,100 Sought of State
leader;
At the conference, it was learned, fair officials and city officials estimated
that $4,125,100 would be required from the State if the fair were to be a
success.
This amount, Mr. McAneny emphasized, would be used
strictly
for improvements to
the site and highways leading to it and would not be a
part of the general funds for buildings and other construction work on the
fair proper.
As the resolution finally appeared in the Senate tonight, the duties of the
committee were morb clearly outlined, as was the membership of the
body.
Specifically named to the committee are Senators Dunnigan, Fearon and
Twomey, Speaker Ives and Assemblymen Steingut and Moffat.
Besides,
on
Sales
Tax
by the majority
Payment is April 15—The Depart¬
on April 1 that return forms had
throughout the city in connection
ment of Finance announced
with the collection of the emergency sales tax.
The tax for the present period extends from Jan. 1 to March 31 and the
FROM
LIST
OF
JULY
1,
1935
Long Island Lighting Co. 1st ref. mtge. series B
5s, 1955.
Public Funds
Town of Colchester, Conn.
Town of Henniker, N. H.
City of Jacksonville, Fla.
Town of Richmond, R.I.
City of St. Louis, Mo.
Town of Stafford, Conn.
New
Jersey—Tax
Collections \ of
Municipalities—Ira
Haupt & Co., New York City, have just issued a booklet on
the tax collections of municipalities in the above
State,
method
been sent out to all vendors
Public Utilities
As of Feb.
some
World's Fair—The creation of
Deadline
Baltimore, Md.
Canton, Ohio.
Macon, Ga.
Superior, Wis.
Warren, Ohio.
REMOVED
on
time it
Bonds
of
of
of
of
of
agreement
the resolution provides, three Senators shall be appointed
leader and three Assemblymen by the Speaker.
Bonds and Notes
City
City
City
City
City
an
City—State Legislature Moves Toward Aid of
a joint
legislative com¬
immediately the advisability of State
participation, financial and otherwise, in the 1939 World's
Fair at New York City was approved by the Senate on
March 31 after a conference of legislative leaders, Mayor
La Guardia, fair officials and Governor Lehman.
It is said
that the Assembly would have approved the proposal on the
1939
issue.
vestments
reach
The only new idea advanced was that of a State lottery, suggested
by
Harry J. Donahue of Passaic.
Mr. Donahue was the plan's only backer.
same
was
efforts
financing relief failed again today, and as a result the Legislature will con¬
vene Monday night for the 12th week of its session with the
problem still
apparently a hopeless one.
The House was scheduled to meet at 10.30 a. m. today, but it was not
until 2 p. m. that enough members could be gathered to hold a meeting.
Then it was found that no one could agree on anything.
The session was
devoted, for the most part, to a plan proposed by Henry Young Jr., of
Essex, calling for a luxury tax, a mileage tax on trucks and buses, in intra¬
state transportation, and an additional tax of one cent a gallon on gasoline.
mittee to investigate
1946.
Northern Connecticut Lt. & Pow. Co.
Jersey—House Again
Plan for
News Items
Additions
April 4 1936
which has been prepared as a supplement to their statistical
handbook for New Jersey municipal bonds, which was
last date for payment, without
incurring penalty, is April 15. The rate of
prevailed in 1935, or 2% on all taxable sales.
5% of the amount of the tax will be
payable. Should the tax remain unpaid after the first month, there will be an
additional penalty of 1 % for each month's delay.
Deputy ComptroUer Solomon pointed out that the emergency business
tax which, last year, was payable in two instalments, the first on March
15
and the second on Sept. 15, is all payable in one instalment this
year—on
tax for 1936 is the same as
On and after April 16 a penalty of
or
before June 15.
New
York State—Parley Voted to End Jam on
Budget—
conference committee, composed of three Senators and
five members of the Assembly was appointed on March 31
A
to break the deadlock between the two bodies
over Governor
Lehman's budget and more particularly over the elimination
Volume 142
Financial
by the Republican majority in the Assembly of items aggre¬
gating $15,562,000.
These included one of $11,160,000 for
debt service which .Governor Lehman,
Comptroller Tremaine and Attorney General
Bennetjit have insisted must be
restored under the requirements of the State Constitution.
The conference was demanded by Speaker Ives when the
principal budget bill, which was passed by the Senate on
March 30 with Democratic
amendments restoring most of the
Republican cuts, had been transmitted to the Assembly.
That body adopted a resolution
calling for a parley.
For the Senate, the temporary President, John J. Dunnigan;
George R. Fear on and Chairman Twomey of the
finance committee, will act.
Speaker Ives, Oswald D. Heck,
majority leader; Irwin Steingut, minority leader; Chairman
Moffat of the ways and means committee, and
Assemblyman
Horace M. Stone, will represent the Lower House.
Chronicle
to
2367
yield about $45,000,
are
other parts of the temporary tax
program.
The Commission has been requested to defer action
on the license schedule
until after the State liquor referendum is conducted
probably on April 14,
to ascertain if additional
city revnues may not be obtained from a city liquor
license.
The City Commission is considering a more
permanent revenue plan for
raising $250,000 annually to service about $9,000,000 of 30-year refunding
bonds.
The permanent plan proposes State legislation to increase
ad
valorem taxes and a county-wide 1-cent
gasoline tax to replace the tempo¬
taxes.
7
rary
FEDERAL
.
tion
COURT
DENIES
RECEIVERSHIP
PETITION— Peti¬
receivership for this city under the Federal Bankruptch Act
for
denied by Federal Court in
was
Otis
a
decision which
denied the right of W.
MacMahon, local
real estate broker, to bring a taxpayer's suit under
Petitioner said that he would bring a new suit in the
equity division
of the Federal Court.
the Act.
Meanwhile, the City Commission went ahead with plans for effecting a
permanent revenue program designed to raise
$250,000 annually to refund
the city's $9,700,000 bonded indebtedness
over a period of 30
years.
The
commission adopted a resolution
asking the county's legislative delegation
to
introduce its proposed bills for a one-cent
gasoline tax and a constitutional
amendment providing a 3 3^-mill ad valorem
levy for municipal debt re¬
funding purposes.
„
Other Legislative Matters—The
the
following is a summary of
outstanding developments in the Legislature on March 31:
Opponents of the Federal control of youth amendment, at a hearing, said
might regiment youth and probably would be found unconstitutional.
Mayor F. H. LaGuardia denounced labor exploiters, and others also spoke
that it
in favor of the amendment.
The Assembly refused to concur in the budget reductions made
by the
Senate and asked for a conference committee, naming its own members.
The Senate also named its conferees.
Governor Lehman, Grover A. Whalen and Mayor LaGuardia conferred
with legislative leaders on the proposed World's Fair for New York
City.
It was agreed to appoint a legislative committee to invite State
participa¬
tion; $4,125,000 would be needed from the State.
The Assembly passed a bill requiring the display of the American
flag at
public meetings; the bill requiring display of the flag in the classrooms,
which
was
defeated
ARIZONA
SALT RIVER VALLEY WATER USERS'
ASSOCIATION, Ariz.—
BONDS OF SUBSIDIARY DISTRICTS
OFFERED FOR INVESTMENT
—Boettcher & Co. of Denver are
offering for investment $665,000 bonds
of the Roosevelt
Argicultural Improvement District No. 1 and
$1,578,000
bonds of Agricultural Improvement
District No. 2, both of which districts
have been absorbed by and
incorporated into the Salt River Valley Water
Users' Association.
District No. 1 bonds are dated Aug. 1 1924 and
will
mature serially on
are
Aug. 1 from 1936 to 1954, while District No. 2 bonds
1924, and will come due serially on Jan. 1 from
1939
District No. 2 bonds bear interest at
6% and are in the denom.
Principal and interest on this issue are payable at the
dated May 31,
to 1954.
of $1,000.
Treasurer
of
Maricopa County, in Phoenix,
Trust Co. in New York.
County
or
at
the
Farmers
Loan
&
Monday night, was reconsidered and amended.
Governor Lehman's social security program was sidetracked; the
public
enemy law was made permanent; the Wads worth old age pension bill was
on
amended and passed; a bill to continue the Temporary
Administration until July 1 passed both houses.
Emergency Relief
ARKANSAS BONDS
Southern Issue Municipal Traders Form Association
—Announcement is made of the formation of the Southern
Markets in all State, County & Town Issues
Municipal Association with headquarters in New York. This
organization is intended primarily to promote social contact
between traders specializing in Southern municipals and to
provide a forum for discussion of topics pertaining to this
SCHERCK, RICHTER COMPANY
LANDRETH BUILDING, ST.
LOUIS, MO.
field.
An organization committee, consisting of J. G. Clark of Gertler &
Co.,
E. A. Uhler of R. S. Dickson & Co., W. M. Unbekant of Demorest &
Co.,
Hueling Davis Jr. of Carter & Chadwick, Bert Sharpies of Sharpies, Becraft
G. Novotny & Co., is now formulating
program of future activities.
The initial meeting was held on Friday,
April 3.
ARKANSAS
& Co., and John Maclaren of C.
a
State & Municipal Bonds
Virginia—Apvroval Pending on Municipal Debt Funding
following report is taken from a special dispatch
Bill—The
out of Richmond to the "Wall Street Journal" of March 31:
One of the bills
and
as
yet unsigned by Governor
WALTON, SULLIVAN & CO.
George C. Peery, of Virginia,
LITTLE ROCK, ARK.
which has been given unusually careful consideration by his ad¬
visers, would authorize counties, cities and towns to issue bonds, without a
vote of the people, to fund a floating debt.
\
The bill, which provides for funding of debt incurred prior to Jan.
one
1,
1936, is limited in its operation to Jan. 1, 1938.
Bonds issued under its
provisions would pay a maximum of 6% interest and would have to be
retired in 30 years.
The bill provides that a tax must be levied to pay the
principal and interest, notwithstanding any conflicting tax limitation.
The bill was introduced in the House by Delegate W. H. Perry, of Scott
County, and is a factor in the current dispute between the Scott County
Board of Supervisors and the County School Board, which was
brought to
a head by the supervisors' refusal to
pay out any more county funds for
school purposes until the school board reorganized its financial affairs.
Washington—Corporate
Supreme Court
Tax Law Nullified by Court—
March 27 declared the 1935
corporate net income tax law unconstitutional, according to
an Associated Press
dispatch from Olympia.
The act pro¬
vided for a 4% tax on corporate net incomes and payments
The State
were
to have been made
on
on
or
LOUIS, MO.
ARKANSAS
ARKANSAS, State oi—AVAILABLE FUNDS
PURCHASES—Preliminary reports of gasoline tax,
FOR ROAD
BOND
motor vehicle regis¬
tration and bridge toll revenue indicate
$1,096,400 will be available April 7
when tenders are received by State
Refunding Board for purchase of high¬
way bonds, notes and certificates.
Indicated division is $506,500 for high¬
way and toll bridge bonds and $589,900 for road
district bonds.
In four
purchases since effective date of Act 11 of 1934, the Board has
purchased
$6,037,463.51 par value of obligations at a total cost of
$4,249,190.64.
MORRILTON,
Ark.—BOND ELECTION—It
on April 28 in order to vote
on
is
election will be held
in
hospital bonds.
said that a
the issuance of
special
$55,000
A similar issue approved
by the voters last November was invalidated
by the Arkansas Supreme Court for including a provision for maintenance
of the hospital.
before March 15.
CALIFORNIA
CALIFORNIA,
OFFERINGS
ST.
State
oi—WARRANT SALE—Ray L. Riley, State
a total of $2,377,137.14 State warrants was
sold
premium of $6,669.39, on the complete
batch, the war¬
rants being awarded as follows:
$1,000,000 to the Capital National Bank
Comptroller, reports that
WANTED
on
Arkansas—Illinois—Missouri—Oklahoma
March 31 for
a
of
Sacramento; $190,000 to the Merchants National Bank of
Sacramento;
$240,000 to the Anglo California National Bank of San
Francisco; $240,000
Francisco; $200,000 to Schwabacher & Co. of San
Francisco; $150,000 to Donnellan & Co. of San
Francisco, and $357,137.14
to Stone & Youngberg of San Francisco.
(The sale of these warrants was
authorized by Governor Merriam on March
25, as reported in these columns
—V. 142, p. 2194.)
MUNICIPAL BONDS
to Weeden & Co. of San
Francis, Bro,
ESTABLISHED
& Co.
1877
Investment Securities
ST.
LOUIS
TULSA
CHOWCHILLA,
bond
issue
to
Calif.—BOND
finance
election to be held
on
construction
ELECTION—A
of
sewers
will
be
proposed ' $15,000
voted
upon
at
an
April 14.
r
KERN
Bond Proposals and
Negotiations
COUNTY SCHOOL DISTRICT (P. O.
Bakersfield), Calif.
—BOND SALE—The issue of $30,000 Rosedale Union
High School District
bonds offered on March 30—V. 142, p. 1860—was awarded
& Co. of San Francisco for
LIVERMORE
ALABAMA
LOS
ANGELES,
APPROVED—We
Birmingham
Corporation
Nashville
Knoxville
Chattanooga
B. Howard, City Clerk, reports
that the notice given in these columns recently of an election to be
held
on April 14 in order to vote on the
proposed issuance of $300,000 in re¬
erroneous.
HUNTSVILLE, Ala.—BONDS AUTHORIZED—'The City Council
12
adopted
refunding bonds.
a
resolution
providing
for
the
issuance
of
on
$224,000
MOBILE, Ala.—NEW TAX LEVY FOR MUNICIPAL DEBT RE¬
PROGRAM—According to advices received by McAllister,
Smith & Pate, Greenville, S. C., and New York, the
City Commissioners
have levied a new mofified sewer or water meter tax in addition to
present
water rates as part of a three-fold temporary taxation
program to place the
FUNDING
municipal debt refunding program into effect. The new water meter tax,9 ffective April 1, will yield approximately $130,000 annually in additional reveA gasoline tax of one cent a gallon within the city and one-half cent
within police Jurisdiction is expected to yield $75,000. and a lift in the busi¬
ness license schedule after a proposed State referendum on
liquor legalization.
venues.
informed
PURCHASE OF
ELECTRIC COMPANY PROPERTIES CONTEM¬
PLATED—The following report is taken from a Los
Angeles news dispatch
of March 26:
"Ezra F. Scattergood, Chief Electrical Engineer and
General
ALABAMA
funding bonds—V. 142, p. 2026—was
Calif.—BUSINESS LICENSE TAX ORDINANCE
are
was
or more.
Memphis
FLORENCE, Ala.—CORRECTIONS.
March
HIGH
by Robert Dominguez, City Clerk, that an
approved by the City Council at a meeting held on March
10,
to become effective 30 days after
publication, or April 23,"which is desig¬
nated as the "License Tax Ordinance," and
imposes a levy of from $5 on
any business where the gross annual receipts are less than
$10,000, up to a
maximum payment of $3,835 annually for a business
taking in $30,000,000
ordinance
EQUITABLE
Securities
premium of $306, equal to 101.02.
SCHOOL
DISTRICT,
Alameda
County, Calif.—BOND ELECTION—An election will be held on April 11
for the purpose of voting on the question of
issuing $18,000 school building
improvement bonds.
Municipal Bonds
New York
to Donnellan
a
UNION
Manager of
Light, today announced that 'efforts of the
city
bureau to secure the electric properties of the Los Angeles Gas &
Electric Corp. will be settled amicably in the near future.'
"Mr. Scattergood said he expected the deal, which would
eliminate the
last of the large private electric utilities, to be agreed
upon in 30 days.
"Referring to the city's effort to negotiate a compromise of its con¬
demnation proceedings against the electric properties of the
company,
Addison B. Day, President of Los Angeles Gas &
Electric, said, 'Many
conferences looking to an amicable settlement of the matter
have been held,
the Bureau of Power and
power
but no definite conclusions have been reached.'
"Unofficial figures on the value of the electric
$25,000,000
to
$50,000,000.
The
city
power
finance the deal by 30 or 40 year bonds."
LOS
ANGELES
OFFERINGS
COUNTY
(P.
O.
Los
properties vary from
bureau probably would
Angeles),
Calif.—BOND
REJECTED—We are informed by Samuel B.
Franklin,
Manager Municipal Department of the Gatzert Co. of Los
Angeles, that
the Board of County Supervisors requested
offerings of bond on Feb. 24.
A large number of offerings were submitted to the
county but the only
Financial
2368
bonds accepted
were
$2,000 Los Angeles County A. & I. No. 24 bonds
the ground
He states that all other offerings were rejected on
at 31 flat.
that the prices were too high.
PLACENTIA, Calif.—BOND ELECTION—A proposal to issue $75,000
plant bonds will be submitted to the voters for approval at an
water
election to be held on April 14.
m
,
REDWOOD CITY, Calif.—BOND VALIDITY QUESTIONED—We
informed by B. E. Myers, City Treasurer, that the validity of the
are now
t425,000 not to exceed 4%by a test case in court. *Jt is saidthe voters last
refunding bonds approved by that a decision
eptember, is being proved
is.not expected before June.
CITY, Calif.—BOND ELECTION CONTEMPLATED—
decided to hold an election some
the issuance of $200,000 in harbor im¬
provement bonds.
Chronicle
April 4 1936
on March
1 as follows:
$4,000, 1940 to 1948, and $3,500 in 1949.
Prin. and int. (M. & S.) payable at the County Treasurer's office.
Legality
approved by Pershing, Nye, Bosworth & Dick of Denver.
Due
WELD COUNTY SCHOOL DISTRICT NO: 96 (P. O. Keenesburg),
„
Colo.—BOND CALL—J.
Frazier,
District
Treasurer,
is
said
to
have
called for payment as of April 15, on which date interest shall cease, at the
office of Amos C. Sudler & Co., Denver, at the First National Bank, Denver,
or
atjthe County Treasurer's office, the following 5 M % bonds, aggregating
$20^000
school bonds, dated April 1, 1919.
,
7,000 school bonds, dated Feb. 15, 1920.
The bonds are said to have been called subject to an election on March 28
REDWOOD
The
CONNECTICUT
City Council is reported to have
time in May, in order to vote on
BERNARDINO COUNTY (P. O. San Bernardino), Calif.—
L. Allison, County Clerk, will receive bids until
April 6 for the purchase of $85,000 4% bonds of Barstow Union
High School District.
Dated May 1, 1936.
Due May 1,1951. Certified
check for $1,000 required.
Assessed valuation of district., $8,132,955.
Bonded debt of District, none.
Estimated population, 5,000.
SAN
BOND OFFERING—H.
11
a.
m.
SAN DIEGO COUNTY (P. O. San
SEYMOUR, Conn —BOND SALE—The R. F. Griggs Co. of Waterbury recently purchased an issue of $45,000 2M% improvement bonds.
The purchasers are paying a premium of $125.10, plus expenses, bringing
the cost to about 100.75, a basis of about 2.15%.
Dated April 15, 1936.
Due $3,000 yearly on April 15 from 1937 to 1951 incl.
Diego), Calif.—BOND OFFERING
by the voters at an election held last October, for the purpose
5% Mattoon Act and Road Improvement District bonds.
of retiring
PIERCE-BIESE CORPORATION
DISTRICT (P. O. Santa Ana), Calif.—
CONTEMPLATED—In connection with a report
of $615,000 in
refunding bonds, it is stated by J. M. Backs, County Clerk, that it has
been decided not to call an election at this time on school bonds.
SANTA
SCHOOL
ANA
BOND ELECTION NOT
that
election might be called to vote on the issuance
an
BONDS
FLORIDA
by the County Clerk that no date of sale
for the $2,600,000 not to exceed 6% bonds approved
NOT SCHEDULED—It is stated
has been fixed as yet
JACKSONVILLE
Miami
Orlando
Tampa
COUNTY CONSERVATION DISTRICT (P. O.
San Jose), Calif.—BOND ELECTION POSTPONED—It is stated by the
Secretary of the Board of Supervisors that the date of election on the issuance
of $400,000 in conservation project bonds, previously reported as April 21
—V. 142, p. 2027—has been changed to May 12.
SANTA
CLARA
VALLEJO, Calif.—BOND SALE—The $300,000 street bonds offered
March 27—V. 142, p. 2027—were awarded to the Bankamerica Co. of
2Ms for a premium of $789, equal to 100.263.
Due from
on
San Francisco as
1937 to 1946.
WILLIAMS, Calif.—BOND ELECTION— On April 21 the city
proposal to issue $15,400 city hall, firehouse and jail oonds.
wil
Orlando, Fla.^^^HJacksonville, Fla.
vote on a
Bell
COLORADO
ALAMOSA COUNTY SCHOOL DISTRICTS (P. O. Alamosa), Colo.
—WARRANT CALL—Funds are said to be available for tne payment of
the following warrants, interest to cease on March 29:
School District No. 3, all registered.
School District No. 5, all registered.
School Discrict No. 8. all registered.
School District No. 15, ail registered.
Consolidated Sch. Dist. No. 1, all registered on or before Jan. 22, 1935.
Consolidated Sen. Dist. No. 23, all registered on or before Dec. 31, 1934.
APPLETON SCHOOL DISTRICT NO. 39 (P. O. Grand Junction),
Colo.—BOND SALE DETAILS—It is reported by the District Secretary
$6,000 school bonds reported sold in these
that the
V.
142, p. 817—were
Due $500
columns last January—
purchased by A. C. Sudler & Co. of Denver, as 4s.
from 1940 to 1951, inclusive.
BOULDER, Colo.—BOND CALL—The
payment on April
in various paving
City Clerk is said to be calling for
9, on which date interest shall cease, a total of $164,000
improvement district and Storm Sewer District No. 2
bonds.
CLEAR CREEK
COUNTY SCHOOL DISTRICT NO. 5 (P. O.
Idaho
Springs), Colo,—BOND SALE—Subject to the approval of the voters,
the district has sold an issue of $60,000 3M% school building bonds to the
J. K. Mullen Investment Co. of Denver, at a price of 99.50, a basis of
about 3.55%.
Due yearly as follows: $2,000, 1939 and 1940; $3,000,
1941 to 1948, and $4,000, 1949 to 1956.
CROWLEY COUNTY SCHOOL DISTRICT NO. 1 (P. O. Ordway),
Colo.—DESCRIPTION OF BONDS—The $77,500 refunding bonds reported
142, p. 653—bear interest at 4%, are
yearly on Dec. 1 as follows: $2,000,
1937 to 1941; $1,000, 1942 to 1946; $1,500, 1947 to 1949; $2,000, 1950 and
1951; $3,000, 1952; $4,000, 1953 and 1954; $5,000, 1955; $6,000, 1956;
$7,500, 1957 and 1958, and $8,500, 1959 and 1960.
sold to O. F. Benweil of Denver.—V.
dated Dec. 1, 1935, and will mature
CROWLEY COUNTY SCHOOL
DISTRICT NO. 7, Colo.—BOND
has purchased an issue of $18,500 4% re¬
subject to approval at an election to be held on April 15.
Dated May 1, 1936.
Due Nov. 1 as follows: $500, 1940 to 1949; $1,500,
1950 to 1954, and $2,000, 1955 to 1957.
Orlando
Colo.—BONDS SOLD—The Town Clerk states
FREDERICK,
$500*from 1938 to 1949 incl.
DISTRICTS PLAN DEBT
Treasurer, interest to cease on April
all registered on or before
outstanding registered warrants.
Ordinary county revenue,
Feb. 28 1936.
LAS
ANIMAS COUNTY
(P. O. Trinidad) Colo.—
CALLED—The following warrants are said to have been called
13:
WARRANTS
for payment,
March 24:
Ordinary county revenue, all registered to and including Oct. 18, 1935.
Road fund, all registered to and including May 29,1935.
.
County high school, special fund, registered to and including No. 12,848,
Aug. 10, 1935.
County high school, general fund, registered to and including No. 702,
interest on which ceased
1935.
Nov. 22,
is
PUEBLO, Colo.—BONDS CALLED—Geo. J. Stumpf, City Treasurer,
said to be calling for payment various Special Improvement District bonds.
said to be calling for payment various Special Improvement District
bonds.
COUNTY SPECIAL TAX SCHOOL DISTRICT
Tampa), Fla.—BOND SALE—The $22,000 issue of 4%
sale on March 24—V. 142, p. 1861—
was purchased at par by the Public Works Administration.
Dated Dec. 1,
1935.
Due $1,000 from Dec. 1, 1937 to 1958, incl.
No other bid was
HILLSBROUGH
NO.
3
(P. O.
semi-annual school bonds offered for
received for the bonds.
RIVERVIEW
SCHOOL
DISTRICT
SCHOOL
NO.
SALE—Subject to an election to be held on April 20 an
school building bonds was sold recently to O. F. Benweil
—Funds
are
said to be available for
the payment of all warrants
prior to Jan. 1, 1935, of the ordinary county revenue warrants,
to cease on April 13.
It is reported that various school district
are also being called, interest to cease April 3.
registered
interest
warrants
COUNTY SCHOOL
DISTRICT NO. 34 (P. O. Ault), Colo.—
reported that a total of $98,000 6% school bonds
the bond department, International Trust Co.
April 1, on which date interest ceased. Dated April 1, 1921.
BONDS CALLED—It is
called for payment at
of Denver, on
Due
on
April 1, 1951; redeemable on
WELD
April 1, 1936.
COUNTY SCHOOL DISTRICT NO.
SALE DETAILS—In connection
Colo.—BOND
76 (P. O. Frederick),
with the sale of the
school bonds to Bosworth, Chanute, Loughridge & Co. of
reported in these columns in February—V. 142, p. 1152
that the bonds were approved by the voters on Feb. 28,
ratifying the sale.
Denom. $1,000, one for $500.
Dated March 1, 1936.
$39,500 3%
Denver at par, as
—it is stated
O.
Tampa)
Fla.—BOND
SAFETY
Fla .—PROPOSED DEBT READJUSTMENT—
proposed plan of debt readjustment for the
HARBOR,
Petition for confirmation of a
also has been filed in Federal
municipality is insolvent and
The total bonded debt is
$763,000 with past due interest $331,000.
The plan, Mayor Zinzer said,
droved by 62% of the bondholders, would reduce the indebtedness to
unable to meet its obligations as
they mature.
1,500.
SEBRING, Fla.—CITY SEEKS REDUCTION IN DEBT PRINCIPAL
-The Sebring council on March 17 took steps to obtain a compromise of the
1,000,000 bond debt hanging over the city. They agreed to forward to the
Council also
granted the association's request to
1934-35 budget pending a
delay final action on
decision from the bondholders' committee.
appropriations total over $2,000,000, which would require a
levy of 1,500 mills.
The proposed agr
le
agreement calls for a reduction in principal from $2,800,000
to $1,400,000, which is based on the city's reputed ability to pay, and
provides for cancellation of all past due interest coupons.
It further provides a reduction in interest from the present average of
6% to 1% for the first 10 years, 2% for the next 10 years, 3% for the next
10 years, 4% for the next 10 years, and 5% from then until paid. The bonds
The budget
_
_
.
would mature in 50 years.
Levy 20-Mill Tax
would levy a tax of 20 M mills on the
assessed valuation of about $1,300,000, with an anticipated yield
Under the agreement the city
present
of $28,000 annually for the first five or six years. Of that sum $14,000 would
be set aside for interest payment and the balance placed in the sinking fund.
nvolved in the refunding
and water plant or its proceeds would be
negotiatiins, the contract provides.
GEORGIA
Ga.—PRICE PAID—The
Robinson-Humphrey Co.
of
Atlanta, paid a premium of $2,960, equal to 116.444, in purchasing the
$18,000 4% school bonds recently—V. 142, p. 2195.
DUBLIN,
(P. O. Atlanta), Ga.—TEMPORARY BORROW¬
said to have borrowed $2,050,000 for
ING—The County Commissioners are
operating expenses from the First National Bank,
National Bank, the Fulton National Bank, and
Georgia, all of Atlanta, at a rate of 1M %•
HALL
COUNTY
1
the Citizens & Southern
the Trust Company of
(P. O. Gainesville), Ga .—BONDS VOTED—On
the county gave their approval to a proposal to issue
March 17 the voters of
$75,000 courthouse bonds.
TUNNEL
HILL
SCHOOL
SOLD—The
Secretary
DISTRICT (P. O. Tunnel Hill) Ga.—
of the Board of Education states that
$25,000 school bonds were purchased
recently by Mr. W. C. Martin, of
Dalton.
$500,
were
(P.
above city under the National Bankruptcy Act
Court at Tampa.
The petition stated that the
BONDS
WASHINGTON COUNTY SCHOOL DISTRICT NO. 3, Colo.—
BOND SALE—An issue of $9,900 4M% refunding bonds has been sold to
O. F. Benweil of Denver, subject to ajpproval at an election to be held on
May 4.
Dated June 1, 1936.
Due Dec. 1 as follows: $100, 1940;
1941; $600, 1942; $700, 1943, and $1,000, 1944 to 1955.
Pi WELD
DISTRICT
Superintendent of the Board of Public Instruction
building bonds were purchased by the First National
SALE—It is stated by the
that $3,500 school
Bank of Tampa.
FULTON COUNTY
4, Colo.—BOND
issue of $9,000 4%
of Denver. Dated
May 1, 1936.
Due $1,000 yearly on Nov. 1 from 1937 to 1945.1
SAGUACHE COUNTY (P. O. Saeuache), Colo.—WARRANT CALL
COUNTY
PUEBLO
taxing districts under the Wilcox
District Court at Tampa.
The
petitioners are: Special Road and Bridge District No. 3, and Special Tax
School Districts Nos. 2, 3, 4, and 5, with delinquent bond principal and
interest totaling $8,414,500; and 1936 maturities which cannot be paid,
totaling $1,584,358.
Special Master Wilburn will consider the plans of
readjustment, according to report.
Neither the municipal light
ANIMAS COUNTY SCHOOL DISTRICT NO. 72, Colo.—
BOND SALE— Subject to approval at an election to be held on April 16,
Oswald F. Benweil of Denver has purchased $5,000 4% school building
bonds. Dated May 1,1936.
Due $500 yearly on Nov. 1 from 1937 to 1946.
LAS
is
96
(P. O. Fort Lauderdale), Fla.—TAXING
REVISION—Petitions for readjustment of $10,-
000,000 in debts for five Broward county
Bankruptcy Act have been filed in U. S.
the
GRAND COUNTY (P. O. Hot Sulphur Springs) Colo.— WARRANT
CALL—It is reported that the following warrants are being called for
Poor fund, all
No.
that
$6 000 4% semi-ann. water system bonds were purchased as follows: $5,000
Public Works Administration, and $1,000 to local investors. *4Due
to the
payment at the office of the County
Teletype
Jacksonville
FLORIDA
COUNTY
BROWARD
SALE—O. F. Benweil of Denver
funding bonds,
System
10
IDAHO
COUNTY (P. O. Pocatello) Idaho—BOND SALE DE¬
TAILS—The Deputy County Auditor states that the $65,000 tax antici¬
BANNOCK
pation bonds purchased by the Continental National Bank 8c Trust Co. of
Salt Lake City, at 2M%. as noted here recently—V. 142, p. 2028—-are
dated July 1, 1936, and mature on July 1, 1937.
BANNOCK
CLASS
FERED
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
A, NO. 1 (P. O. Pocatello), Idaho—BONDS NOT TO BE OF¬
AT PRESENT—With reference to the proposed bond issue of
$370,000, voted Oct. 18,1935, the Government has not as yet approved the
project, which is subject to a 45% grant. If the project is approved by the
Government, the district will then be in a position to offer the bonds for sale.
Financial
Volume 142
Ida.—BONDS SOLD—J.
CAMBRIDGE,
E.
Glasby, Village Clerk,
by the
reports that $17,700 4% semi-ann. water system bonds approved
voters last November, have been purchased by the Public Works Admin¬
istration.
Idaho—BOND OFFERING—It is stated by E. L.
FIRTH,
Smith,
Village Clerk, that he will receive sealed bids until April 17, for the purchase
of a $14,000 issue of water works bonds.
(These are the bonds that were
previously scheduled for sale on March 27, as noted in these columns—-V.
142, p. 1861.)
IDAHO, State ot—BOND CALL—-Myrtle P. Enking,
called for payment on April 1, the following
is said to have
institutional
improvement;
State Treasurer,
bonds: $130,000
and $4,000
$25,000 capital; $4,000 highway,
It is said that interest totaling $22,936 is also to be paid.
NEW PLYMOUTH, Idaho—BOND OFFERING—L. I. Pur cell, Village
Clerk, will receive bids until 5 p. m. April 3 for the purchase of $14,500 water
works bonds, which will bear interest at no more than 6%. Certified check
for 5% of amount of bid, payable to the Village Treasurer, required.
general bonds;
BANNER
SPECIAL LEVEE AND
DRAINAGE DISTRICT (P. O.
111.—BONDHOLDERS OFFERED 28 CENTS ON DOLLAR—
of $252,000 defaulted bonds were offered 28 cents on the
dollar by the above district in a petition for a financial readjustment filed
in the U. S. District Court, according to report.
It is said that with 75%
of the bondholders agreeing to the scale-down, the Reconstruction Finance
Corporation has agreed to lend $76,000 to lift the burden of delinquent
holders
the farmer owners.
CHICAGO PARK
an
early
opportunity of receiving
OF BONDS
cash for their past-due
and availing themselves of the other advantages of the offer.
Halsey, Stuart & Co., Inc. advise that they know of no dissents to the
offer, their problem being principally to locate the remaining 15% of bonds
necessary to make the refunding effective.
Chicago Park District has
coupons
announced that it will not
of the 1935 levies of
essential step in the refunding program—
proceed with the abatement
superseded park district—an
the
until the necessary percentage of old bonds is within its
"This refunding offer," the bankers say in their letter,
control.
"cannot be classed
wherein different groups of
often at the expense of others.
All refunding bonds will have equal security and no bondholder can hope
for preferential treatment.
If the offer is declared offective, the new
refunding bonds will be supported by a general levy against all assessed
property within the corporate limits of Chicago, while if it is not declared
effective, the holders of the old bonds must continue to look to each respec¬
tive district to cure its existing defaults, for Chicago Park District cannot
legally assume the bonded indebtedness of the superseded park districts,
except to the extent that such indebtedness is refunded into its own bonds.'
ordinary plan of reorganization
creditors are striving to better their position,
with
the
COOK COUNTY (P. O. Chicago), 111.—WARRANT SALE—Welsh &
Green of Chicago and Harold E. Wood & Co. of St. Paul, jointly, obtained
the award on March 30 of $600,000 highway tax-anticipation warrants of
1936, bidding an interest rate of l%% at. par
The terms are the lowest at which the county
plus a premium of $840.
has ever sold such instru¬
placed the warrants at a price to yield 1.50%. The
Illinois Co. of Chicago, the second highest bidder, made two offers, one of
par and a premium of $342 for 1 % % notes and the other of par and a
premium of $1,656 for 2s. Stifel, Nicolaus & Co. of St. Louis, the only
other bidder, offered a premium of $5 for 1.85s.
ments.
TIPPECANOE COUNTY (P. O. Lafayette),
—The County Auditor
The bankers
COOK COUNTY FOREST PRESERVE DISTRICT (P. O. Chicago),
HI,— WARRANT SALE—The $100,000 tax anticipation warrants offered
March 30—V. 142, p. 2195—-were awarded to Stifel. Nicolaus & Co.,
Inc. of St. Louis, on a 1.85% interest basis, plus a premium of $5.
Welsh
on
of Chicago, were next high bidders, offering to take the notes on a
VA% interest basis, plus a $40 premium.
DEERFIELD, 111.—BOND ELEDTION—A proposal to issue $39,000
debt funding bonds will be submitted to the ovters at an election to be
held on April 21.
& Green,
JACKSONVILLE SCHOOL DISTRICT, III.—BOND SALE—The
& Savings Bank of Chicago and the Elliott State Bank of
Jacksonville have purchased $65,000 3A% school bonds at a price of
105.23.
The remaining $60,000 of the authorized issue of $125,000 will be
Harris Trust
construction
bonds, and $60,320 funding bonds.
IOWA
HILLSBOROUGH
SCHOOL DISTRICT
(P.
SALE DETAILS—We are advised by
Iowa—BOND
O. Hillsborough),
the District Secretary
school bonds purchased by the Carleton D. Beh Co. of
reported here recently—V. 142, p. 2196—were sold as
2Mb, for a premium of $201. equal to 100.91, a basis of about 2.63%.
Due on Dec. 1 as follows:
$1,000, 1938 to 1942; $1,500, 1943 to 1953, and
$500 in 1954; optional on Dec. 1, 1945.
that the $22,000
Des Moines, as
COUNTY PRIMARY ROAD
Inc., offered on March 30, a
$10,118,000 primary road refunding bonds, obligations of 20
separate Iowa counties.
The bonds bear coupon rates of 1)4, 1and
2%, mature variously 1937 to 1945 and are offered at prices to yield 0.35
to 2.09 %.
The bonds offered re present in total amount almost half of those
sold under authority of the Refinancing Act during the past three weeks.
of
total
They constitute, in opinion of counsel, valid and binding general obligations
of the issuing counties and as such all taxable property in the respective
counties is subject to the levy of taxes to meet the annual principal and
requirements,
without constitutional or statutory limitation on
rate or amount.
The State primary road fund is annually budgeted so that allotments
from it are made each year by the State to the several counties and used by
them
to
pay
annual principal and interest requirements of the bonds.
stated that no Iowa county has been required to impose an
to pay either principal or interest on its primary road
Since 1927 it is
ad
valorem
tax
indebtedness.
The primary road fund, supported by gasoline taxes and motor vehicle
fees, averaged in the six-year period 1930-1935 $16,153,037, according to
reports from the Iowa State Highway Commission and in 1935 amounted
$15,218,000.
to
The Commission has estimated that when the refinancing
The bankers are advertising
the above bonds on page XIV.
of)—WARRANTS CALLED—State Treasurer Leo J.
Wegman announces that $120,000 more of the $3,500,000 issue of State
sinking fund warrants sold to the Carleton D. Beh Co. of Des Moines will
IOWA
(State
be retired April 1.
This leaves $560,000
Mr. Wegman
of the 5% interest bearing
issue to
be retired,
said.
CITY,
Iowa-VALIDITY OF LIGHT PLANT REVENUE
TESTED—The following is the text of a letter sent to us
IOWA
BONDS TO BE
March 27 by Wm. L. Condon, City Clerk:
"The case to which you refer has been set for
on
of Johnson County, Iowa on April 27.
hearing in the District Court
The action in this case is to test the
validity of the election held on April 17,1934, in which the voters authorized
the issuance of $917,000 of light plant revenue bonds for the purpose of
building
or
acquiring a municipal light and power plant and distribution
system.
A similar case has been instituted by the Iowa City
Power Co. in the Federal District Court at Davenport, Iowa, and
Light &
this case
hearing on April 7. The company has also sought to restrain
the Public Works Administration from extending the city any aid for this
has been set for
project and I understand that this case is to be
Columbia Court on April 6."
tried in the District of
JEFFERSON COUNTY (P. O. Fairfield), Iowa—BOND
SALE—The
$12,000 issue of primary road refunding bonds offered for sale on March
27—V. 142, p. 1680—was awarded to the Dexter Co. of Fairfield, as Is,
paying a price of 100.33, a basis of about .78%.
Dated May 1 1936.
Due $6,000 in 1937 and 1938.
CITY SCHOOL DISTRICT (P. O. Mason City), Iowa—
OFFERING CONTEMPLATED—It is reported that the School
before May 1, a $40,000 issue of refunding bonds,
MASON
BOND
Board will offer for sale
complete the retirement of a $250,000 issue voted
to
about 20 years ago.
INDEPENDENT SCHOOL DISTRICT, Iowa—BOND
OFFERING—Frank Sturtz, Secretary of the Board of School Directors,
will receive bids until 2 p. m. April 6 (date changed from March 31—V.
MONTOUR
142, p. 2196) for the purchase of the following
to bear interest at no more than 4%:
school building bonds, which
are
$4,000 bonds.
Due $1,000 on Dec. 1 from 1945 to 1948.
24,900 bonds.
Due on Dec. 1 as follows: $400, 1937; $500, 1938; $1,000
1939, 1940, 1941 and yearly from 1943 to 1948, and $2,000, 1949
to
1955.
Cutler of Chicago will
Printed bonds and legal opinion of Chapman &
INDIANA
principal and interest
all the counties in the
plan is fully carried out the annual requirements for
on all primary road indebtedness now outstanding of
State will be between $8,000,000 and $8,250,000.
sold in the near future.
be furnished by the district.
Morocco), Ind.—BOND OFFERING—
Township Trustee, will receive bids until 2 p. m. April 18
BEAVER TOWNSHIP (P. O.
Henry Brandt,
Ind.—BOND OFFERING
for the pur¬
will receive bids until 2 p. m., May 4
follows: $136,000 courthouse
chase of two issues of bonds, as
interest
DISTRICT, 111.—HOLDERS OF 70%
REFUNDING PLAN— In an announcement to dealers on
April 1, Halsey, Stuart & Co., Inc., refunding agent for Chicago Park
District, stated that about 70% of the bonds of the Park districts superseded
by Chicago Park District have now assented to the latter's refunding offer
or are in pocess of doing so.
The refunding agent announced that a definite
time limit for receiving deposits is imposed by the necessity of making the
many complicated tax
adjustments essential to the completion of the
refunding.
April 15, next, is indicated as the approximate limit date, and
holders are being informed of the importance of action prior to that date.
It is stated that if the requisite percentage of bonds is deposited by April 15,
the new refunding bonds will be available about June 1, thus affording
APPROVE
bondholders
OFFERING—Katharine Beecher, City
REFUNDING BONDS—Halsey, Stuart & Co.,
Peoria),
taxes from
HAUTE, Ind.—BOND
TERRE
Comptroller, will receive bids until noon April 10 for the purchase Of $17,500
city hall site bonds, to bear interest at no more than 4%.
Denom. $500.
Dated April 15, 1936.
Interest payable June 30, and Dec. 30.
IOWA, State of —PUBLIC OFFERING OF
ILLINOIS
The
2369
Chronicle
school building bonds. Denom. $500
payable semi-annually. Due each six
months as follows: $500, June 15, 1937; $1,391.50, Dec. 15, 1937; and $500
on June 15 and $1,200 on Dec. 15 in each of the years from 1938 to 1949,
incl. Certified check for 2 A % of amount of bid, required.
CARR TOWNSHIP (P. O. Medora), Ind.—BOND OFFERING—Richard
W. Phillips, Township Trustee, will receive bids until 2 p. m. April 17 for
the purchase at not less than par of $11,400 coupon school buildingbonds,
which will bear interest at no more than 5%, in a multiple of M %. Denom.
$570. Dated Feb. 1, 1936. Interest payable Feb. 1 and Aug. 1. Due $1,140
yearly on Dec. 1 from 1937 to 1946, incl.
Approving opinion of Matson,
Ross, McCord & Clifford, of Indianapolis, will be furnished to the pur¬
for the purchase of $22,291.50 4H%
and $200, one for $391.50.
Interest
chaser.
OFFERING—Richard W. Phillips, Township Trustee, will receive
April 17 for the purchase at not less than par of $27,500
to bear interest in a multiple of H%, but not to
exceed 5%. Denom. $500. Dated Dec. 1 1935. Interest payable Jan. 1 and
July 1. Due $500 on Jan. 1 and $1,500 on July 1 in 1937; $1,000 each six
months from Jan. 1, 1938 to Jan. i 1950, incl.;
and $500 July 1, 1950.
Approving opinion of Matson, Ross, McCord & Clifford, of Indianapolis,
will be furnished by the district.
BOND
NASHUA
INDEPENDENT
SCHOOL
DISTRICT,
Iowa—BOND
OFFERING—L. W. Lehmkuhl, Secretary of the Board of School Directors,
will receive bids until 7:30 p. m. April 9 for the purchase of $40,000 bonds.
Due $2,000 yearly on May 1 from 1938 to 1954, and $3,000 on May 1 in
1955 and 1956.
ONSLOW
INDEPENDENT
SCHOOL
DISTRICT, Iowa—BOND
OFFERING—L. B. McKinstry, Secretary of the Board of Directors, will
of $22,000 school building
Printed bonds and approving
receive bids until 10 a. m., April 6 for the purchase
bonds.
Due serially from
1937
to
1951.
opinion of Chapman & Cutler, of Chicago, will be furnished
by the district.
TITONKA, Iowa—BOND SALE—The $16,500 3% waterworks bonds
offered on March 24—V. 142, p. 1863—were awarded to Jackley & Co. of
of Des Moines, at par.
Due $500 March 24, 1939; and $1,000 yearly on
March 24 from 1940 to 1955.
COUNTY (P. O. Keosauqua), Iowa—BOND SALE—
refunding bonds offered on April 3—V. 142,
2197—were awarded to the Centerville National Bank and the Iowa
Trust & Savings Bank of Centerville, as 1 J4s, for a premium of $226, equal
to 100.251, a basis of about 1.43%.
Wheelock & Cummins, Inc., of Des
Moines, were second high, offering a premium of $225 for l)4s.
Dated
May 1, 1936.
Due $15,000 yearly from 1937 to 1942.
VAN BUREN
bids until 2 p. m.
The $90,000 primary road
school building bonds,
p.
CICERO, Ind.—BONDS VOTED—At an election held recently the
approved an issue of $20,000 4% 40-year bonds to finance acquisition
a municipal water works plant.
The measure was approved by a vote of
voters
of
104 to 2.
CURRY SCHOOL TOWNSHIP
(P. O. Shelburn), Ind.—BOND
SALE—The $12,500 refunding bonds offered on March 21—V. 142, p.
1506—were sold to Marcus R. Warrender of Indianapolis. Dated April 1,
1936.
Due $500 July 1, 1937, and $1,000 Jan. 1, and July 1 from 1938
to 1943, incl.
The issue of $20,000 bonds offered at the same time has not been sold.
Dated April 1, 1936.
Due $500 July 1, 1937; $1,000 Jan. 1, and $500
July 1 from 1938 to 1950, incl.
MARION COUNTY (P. O. Indianapolis),
Ind.—OTHER BIDS—The
$840,000 advancement fund bonds awarded to the Harris Trust & Savings
Bank of Chicago and the Mercantile-Commerce Bank & Trust Co. of St.
Louis, as 2s, at par plus a premium of $4,511, equal to 100.537, a basis of
about 1.93%—V. 142, p. 2196—we're also bid for as follows:
Int. Rale
Bidder—
Blyth & Co., Inc.; A. G. Becker & Co., and First of
Michigan Corp
--2%
Brown Harriman & Co., Inc.; F. S. Moseley & Co.,
and Boatmen's National Bank-2)4 %
Otis & Co., Chicago; E. H. Rollins & Sons, Chicago,
and Halsey, Stuart & Co., Inc
2%
Northern Trust Co., Chicago; First National Bank of
Chicago; Union Trust Co. of Indianapolis; Fletcher
Trust Co., Indianapolis, and Indianapolis Bond &
2%
Share Corp.
Premium
$4,502.00
9,744.00
2,260.00
Watling,
Knight & Co
(P.
O.
Girard),
Kan.—BOND SALE— The
assistance bonds to the
•
CITY, Kan.—BOND SALE DETAILS—In connection with
che report given in these columns in February, to the effect that $50,000
3% semi-ann. refunding bonds were being offered by the Small-Milburn
Co. of Wichita—V. 142, p. 1507—it is stated by the City Clerk that the
bonds were sold to the State School Fund, at par.
Due serially from
Aug. 1, 1939 to 1948.
DODGE
GALVA, Kan.—BOND SALE DETAILS—It is stated by A. D. Morgan,
City Clerk, that the $16,500 water works bonds reported sold recently—V.
2029—were purchased by the Kansas State Bank of Wichita, as
and mature serially from 1 to 16 years.
HUTCHINSON,
states
2)4%
COUNTY
3&s,
at
par,
1,627.00
Inc.; Lawrence Stern & Co.,
Lerchen & Hayes, and Bartlett,
CRAWFORD
CITY,
County Commissioners have sold $45,000 public
Ranson-Davidson Co. of Wichita.
p..
Lazard Freres & Co.,
Inc.;
KANSAS
Kan.—BOND OFFERING—Sealed bids will be
received until 10 a. m. on April 13, by James F. Clough, City Clerk, for
the purchase of a $20,000 issue of 2% coupon refunding bonds.
Denom.
$1,000.
Dated April 1, 1936.
Due $1,000 on April 1, 1937, and $1,000
each six months thereafter, final maturity being Oct. 1, 1946.
Bond
will not be sold for less than par and accrued int.
Bidders may bid on the
first 10 maturities, the last 10 maturities and on the bonds as a whole
Bids will be subject to the purchase of the bonds by the State School Fund
Commission.
The city will prepare transcript and print bonds, which will
be ready for delivery on or about April 13.
Int. payable A. & O.
A
certified check for 2% of the bid is required.
ARKANSAS
7,627.20
Kan.—BOND SALE—Willard
Welsh, City Clerk
that $52,500 canal and bridge bonds authorized recently—V. 142
&,ated May 1 1936. Dueby
1863—were purchased in
Stern Bros. &years. Kansas City, as 2s. at par
Co. of
from 1 to 10
2370
Financial
JEFFERSON
COUNTY
O. Oskaloosa), Kan.—BOND SALE—
The $8,000 issue of 2 M % coupon semi-ann. public work relief bonds offered
for sale on March 20—V. 142, p. 1863—was awarded to the Brown-Crummer
Investment Co. of Wichita, paying a premium of $3.85, equal to 100.048,
a basis of about 2.24%.
Dated March 1 1936.
Due from March 1 1937
1946, incl.
Chronicle
(P.
MARSHALL COUNTY (P. O. Marysville),
Kan.—BOND OFFERING
bids will be received until 2 p. m. on April 3, by William M.
Griffree, County Clerk, for the purchase of two issues of 2M% semi-ann.
bonds aggregating $44,900, divided as follows:
—Sealed
$14,900 Works Progress Administration bonds.
Due on April 1 as follows:
$1,400, 1937 and $1,500, 1938 to 1946, incl.
30,000 public assistance bonds.
Due $3,000 from April 1 1937 to 1946,
incl.
April 4 1936
MUHLENBERG COUNTY
(P. O.
Greenville), Ky.—BONDS SOLD
—It is reported by the Clerk of the
County
semi-ann. funding bonds have been sold.
WHITLEY
COUNTY
(P.
O.
Court that $36,373.68 4M%
Williamsburg),
Ky.—BONDS
VALID—The vality of a $190,000 bond issue was upheld on
March 24 by the Court of Appeals in a test suit filed by the county against
a local taxpayer,
according to an Associated Press dispatch from Frankfort
on
that date.
The bonds
were
issued for road and bridge purposes.
LOUISIANA
AVOYELLES PARISH SCHOOL DISTRICTS (P. O. Marksvillo), La.
—BOND OFFERING DETAILS—Further details are available concerning
the offering of $65,000 school district bonds on April 7—V. 142,
p.
MARSHALL
COUNTY
(P.
O.
with
the
Marysville).
Kan.—BOND SALE
of the $14,900 Works Progress
Small-Milburn Co. of Wichita, at a price of
reported in these columns recently—V. 142, p. 2029—it is stated
DETAILS—In
connection
sale
Administration bonds to the
100.89, as
by the County Clerk that the bonds were sold as 2Ms, and mature on
March 1, as follows:
$1,400 in 1937, and $1,500, 1938 to 1946, giving a
basis of about 2.08%.
AD¬
JUDGED
2197.
Cliffe E. Laborde, Secretary of the Parish School
Board, will receive bids
a. m. for the purchase of the bonds, which are divided as follows:
$15,000 District No. 14 bonds.
Due serially from 1937 to 1956, incl.
20,000 District No. 1 bonds.
Due serially from 1937 to 1950, incl.
30,000 District No. 9 bonds.
Due serially from 1937 to 1956, incl.
until 10
Denom. $500.
Dated April 1 1936.
Bidders are to name rate of int.,
excess of 6%.
Certified checks for $750, $1,000 and $1,000
required with the $15,000, $20,000 and $30,000 issues, respectievly.
Approving opinion of Chapman & Cutler of Chicago will be furnished to the
purchaser of the $20,000 issue, while the opinion of Benjamin H. Charles
of St. Louis will be supplied to the purchasers of the other two issues.
but not in
are
NORTON
SCHOOL
DISTRICT, Kan.—BOND ELECTION—A
spe¬
cial election is to be held
on April 7 for the purpose of
voting on the question
issuing $50,000 school building bonds.
of
PARSONS, Kan.—BOND SALE—An issue of $22,000 fire-police build¬
ing construction bonds has been sold to the Brown-Crummer Investment
Co. of Wichita, at a price of 101.017.
SABETHA, Kan.—BOND SALE—Lulu Christenson, City Clerk, states
that the American National Bank of St. Joseph has purchased $25,000
3M% semi-ann. water works improvement bonds for a premium of $50,
equal to 100.20, a basis of about 3.47%.
Due on Sept. 1, 1945.
VERMILION, Kan.—BOND ELECTION—An election
April 6jat which
mitted
to
will be held
on
proposal to issue $21,000 waterworks bonds will be sub¬
a
vote.
a
WYANDOTTE
COUNTY
(P.
O.
Kansas City),
Kan.—BONDS
RULED LEGAL—On March 21 the State Supreme Court handed down
a
ruling that an issue of $250,000 emergency poor relief bonds which the
country plans to float would not be in violation of the State tax limitation
laws.
Statewide importance is attached to the ruling, because if the
ruling had been against the bond issue over 30 counties in the State would
have been prevented from issuing bonds for poor relief.
*
KENTUCKY
KENTUCKY,
of—FARM DEBT REVISION COMMISSION
NAMED—An Associated Press dispatch from Frankfort on March 26 had
the following to say:
"A
State
Commission
to
work with
the
Federal
Debt Adjustment Ad¬
ministration was named today by Governor Chandler in connection with a
State meeting of the Federal Resettlement Administration here
today.
"The Governor, ex-officio Chairman of the Commission, named Ben
new
Niles, Henderson; George Dunlap, Versailles; Ed. Weathers, Hopkinsville;
Middleton, and H. Bruce Price to the State Federal
John W. Jones, North
Debt Administration Commission.
KENTUCKY,
State
of—REPORT
ON FINANCIAL
STATUS—
Kentucky enjoys the distinction of a full century without a default on its
obligations, it is brough out in a study of the period 1830-1930.
The State
is the only one in the;South that did not default during that
time, and its
over-all per capita debt is lower than any other Southern State with the
exception of Georgia, according to Thomas Graham, Vice-President of the
Bankers Bond Co. of Louisville.
BOGALUSA, La .—BOND SALE DETAILS—It
Clerk that the $15,000 5%
1937 to 1943.
"highest credit
any Southern State."
Present State debt consists of 5% warrants which amounted to
$23,194,715 at the end of February, including $2,136,592 of highway warrants.
Funds are reported on hand sufficient to retire the balance of
$1,156,392
Int. payable A. & S. 1.
BOSSIER
PARISH
(P. O. Benton), La.—BOND OFFERING—It is
reported that sealed bids will be received until May 12, by D. W. Brownlee,
Secretary of the Police Jury, for the purchase of an $18,000 issue of jail
construction bonds.
DONALDSONVILLE, La.—BOND SALE—The $65,000
$10,000 incinerator bonds offered on March 31—V. 142, p. 1681—
awarded to Edward W. Brown & Co., Inc. of New Orleans, as 4Mb,
for a premium of $1,576, equal to 102.101, a basis of about
4.33%.
The
next best bid came from Leonard J. Daniels & Co. of
Shreveport.
They
offered
a
premium of $107 for the bonds, provided that maturities from 1938
4M% coupon, and maturities from 1959 to 1969 a 4M%
Due on April 1 from 1938 to 1969.
to 1958 carried a
rate.
Dated April 1, 1936.
IBERVILLE PARISH SCHOOL DISTRICT NO. 2 (P. O. Plaquemine), La.—BOND ELECTION—An election is said to be scheduled for
May 5, to vote on the issuance of $60,000 in school construction bonds.
LOUISIANA,
State
of —PAYMENT
NOTICE
ON
HIGHWAY
BOND PRINCIPAL—Notice is being given to all holders of certificates of
participation in proceeds of State of Louisiana Highway bonds, series "F,"
being certificates issued under agreement dated April 23, 1932, between
Pyramid Securities Co., Inc., and Hibernia Bank & Trust Co. and various
intervenors named therein, that James P. Ewin, duly substituted in the
manner provided in said agreement for Hibernia Bank & Trust
Co., the
former trustee, will make a final distribution to holders of such certificates
of the funds available for the payment thereof;
being 7.7987% of the face
value thereof, upon the presentation and surrender of said certificates on
after March 12, during the usual business hours, at
my office, No. 901
Queen and Crescent Building, 344 Camp St., New Orleans, La.
or
^
RAYNE SEWAGE DISTRICT NO. 1 (P. O.
Rayne), La .—BOND
SALE—The $50,000 ssue of sewerage bonds offered for sale on March 10
—V. 142, p. 1154—was awarded to Scharff & Jones, of New
Orleans, as
Clerk.
a
premium of $158, equal to 100.316, according to the District
Due serially from March 1 1938 to 1966.
Dated March 1 1936.
MAINE
rating of
of road warrants
toward
this
now
end
so
period April 1 with
outstanding, and
that the
a
a movement
commonwealth
may
already has been started
start its
new
biennial
clean slate for that department.
Ways and Means
Ways and
being considered by the General Assembly to raise
new revenues of $12,000,000 to $15,000,000
annually for the biennium to
meet the tentative annual budget requirement of
$23,315,000, which is
slightly lower than for the last fiscal year. Abolition of the real estate tax,
means are
eal of the sales tax, reduction of the passenger automobile tax, and
by the Supreme Court of the chain store tax has curtailed
prospective income about $11,100,000 from the $21,650,000 of the last
fiscal period.
It is expected that $500,000 of this will be mdae up by the
street improve¬
ment and
were
4Ms, paying
This, coupled with the "constructive program" of the present administra¬
tion toward balancing the budget and orderly retirement of
existing debt,
in the opinion of Mr. Graham, entitles the State to the
is stated by the City
paving bonds purchased on March 24 by the
First State Bank & Trust Co. of Bogalusa, as reported in these columns—
V. 142. p. 2197—were sold at par.
Coupon bonds dated April 1, 1936.
The total issue of bonds is said to be $36,500.
Denom. $500.
Due from
RUMFORD
AND MEXICO
WATER
DISTRICT
(P. O.
Rumford),
Me.—BOND CALL—John P.
MacGregor, Treasurer, announces that
the following bonds, dated May 2, 1932, have been called for
redemption
on May 1,
1936, at the First National Bank of Boston, Boston, Mass.,
in accordance with the provisions of said bonds.
Bonds numbered M5,
M8, M15, M23, M24, M26, M29, M30, M35, M42, M84, M92, M134,
M187, M204 and M216 maturing May 1, 1937, and bonds numbered
M226, M239, M248 and M254 maturing May 1, 1952.
Interest on the
bonds here called will cease May 1, 1936.
MARYLAND
rep
invalidation
manufacturers' tax
on liquor.
Power to cut appropriations is vested in
Governor Chandler, and he is definitely committed to the
policy of the
State living within its income.
Eight counties in the State were in default on voted road and bridge
bonds and 17 counties on funding bonds as of Feb.
1, according to
Mr. Graham.
Twenty per cent of the counties need assistance in liquidating
their indebtedness, he says, " and the Governor has assured that full con¬
sideration will be given this problem.
We feel that in the near future some
plan will be evolved to help retire this debt, which was created largely to
build the State primary road system.
"Kentucky cities and towns are in fine shape and no defaults are rcorded
for cities of the first five classes with the
exception of Pineville, and there
are only three defaults in sixth class cities.
School districts have an excellent
record
on the whole and defaults are
minor, with the exception of county
board of education issue.
"One type of bond perculiar to Kentucky has a remarkable record—•
school
holding company mortgage liens and statutory mortgage liens.
obligations, out of 125 different issues that have been outstanding,
MARYLAND, State of—BOND ISSUANCE ADVOCATED—Governor
Harry Nice on March 30 advocated the passage of State bond issues totaling
$5,600,000 by the Legislature before the special session adjourns, it is
reported in news advices.
It is said that the issue would include $3,200,000
for the State Road Commission to repair winter damages;
$900,000 for
county road fund liquidation, and $1,500,000 for flood damage reconstruc¬
tion, increased from the original request of $1,000,000.
WASHINGTON SUBURBAN SANITARY
DISTRICT, Md.—BOND
OFFERING—T. Howard Duckett, Chairman of the
Sanitary Commission,
Bldg., 14th & K Sts., N. W. Wash¬
will receive sealed bids at 804 Tower
ington, D. C., until 3 p. m. on April 8 for the purchase of $350,000 3M%
series JJ bonds.
Dated April 1, 1936.
Due in 50 years; redeemable in
30 years.
Interest payable semi-annually.
The bonds carry all the
exemptions as to taxes of Maryland municipals and are guaranteed un¬
conditionally as to both principal and interest by Montgomery and Prince
George's counties by endorsement on each bond.
A certified check for
$3,500 must cacompany each bid.
The approving opinion of Masslich
& Mitchell of New York will be furnished the successful bidder.
The
Public Service Commission of Maryland has been asked to
approve
the
issue.
In these
there has been only one default and that has been cleaned
up.
"Revenue obligations, such as water and sewer, show only two
and these originally were of a promotional nature."
REPORT
ON SALE
OF
NORMAL
SCHOOL
BONDS—The
defaults,
following
report is taken from the Louisville "Courier-Journal" of March 24:
"The Board of Regents of Western Kentucky State Teachers College,
Bowling Green, meeting Monday night at The Seelbach, accepted a joint
bid of Almstedt Brothers, J. J. B. Hilliard & Son and the Bankers Bond Co.
for a $309,000 4%, 30-year bond issue.
"After the board, in executive session, decided to accept bids on the
basis of 4% interest and the option to call the issue on any annual interest
date, the issue
was auctioned.
Several Cincinnati concerns bid jointly.
"The Louisville group's bid was par and a premium of $5,000.
State
Superintendent of Public Instruction Harry W. Peters, who presided,
accepted it.,
"The board rescinded a previous action which offered the bonds to the
Public Works Administration.
This was done, Mr. Peters explained,
because the Federal agency would not pay a premium and
preferred that
the bonds be sold through a private agency.
"Proceeds of the issue will be used to match a Federal grant of $252,000
for
a classroom and
laboratory at the Bowling Green school. The total cost
of the building, which is now under construction, will amount to $561,000,
it was said by Dr. H. H. Cherry, President of the school."
MASSACHUSETTS
BEVERLY, Mass.—BOND SALE—An issue of $40,000 coupon Rial
Side Sewer bonds offered on April 2 was awarded to
Tyler, Buttrick & Co.
of Boston, on a bid of 100.613 for lMs, a basis of about
1.045%.
BEVERLY", Mass.—OTHER BIDS—The $70,000
awarded to
a
coupon school
Newton, Abbe, & Co. of Boston as lMs, at
1.47%, were also bid for as follows:
a
basis of about
Bidder—
In
connection
Int. Rate
First National Bank of Boston.
Estabrook & Co
Rate Bid
1^%
1^%
Tyler, Buttrick & Co
Halsey, Stuart & Co., Inc
100.80
100.83
100.76
First Boston Corp
1%%
100.699
1%%
100.67
Beverly National Bank
Merchants National Bank of Boston
l%%
l%%
100.29
Ballou, Adams & Whittemore, Inc
Beverly Trust Co
ls2%
100.14
1H%
Par
2%
100.599
Hornblower &
Other bids
Weeks
were as
100.33
follows:
Rate Bid
Estabrook & Co
given here recently, that the city sinking
fund, on March 26, sold an aggregate of $3,647,000 in bonds—V. 142,
p. 2197—we quote herewith from a Ixmisville dispatch to the "Wall Street
Journal" of March 28:
100.432
Merchants National Bank
First National Bank of Boston
a
with
the report
"The Louisville sinking fund has sold privately $3,647,000 city bonds to
New York investment house, which in turn is believed to have been
bidding for
cessful bid
basis of
one
was
of the large metropolitan insurance companies.
The suc¬
premium of $878,448 or a price of 124.087 and a yield
a
2.95%.
"Proceeds
will be invested in short-term paper to be applied to retire¬
ment of issues maturing earlier than those sold.
The bonds, coupon rates
and maturities sold were: $500,000 school 4s,
1970; $484,000 refinancing
4Ms, 1970; $1,035,000 sewer 4s, 1969; $28,000 sewer 4Ms, 1969; $250,000
3Ms, 1969; $14,000 park board 4s, 1968; $79,000 school 4Ms, 1966;
$465,000 sewer 4s, 1965; $750,000 memorial auditorium 4Ms, 1964, and
$42,000 sewer 4Ms, 1960."
sewer
bonds
price of 100.16,
Bidders
LOUISVILLE, Ky.—DETAILS ON SINKING FUND BOND SALE—
The
Beverly National Bank, of Beverly, was second high, bidding 100.44 for
lMs. Dated April 1,1936. Due $8,000 yearly on April 1 from 1937 to 1941.
100.41
Whiting, Weeks & Knowles
Newton, Abbe & Co
100 35
100 26
~
Beverly Trust Co
BRISTOL COUNTY
(P. O. Taunton),
Mass.—NOTE OFFERING—
Esther Kingman, County Treasurer, win receive bids until
10
for the purchase at discount of the
100 223
100il5
...
following temporary loan
a. m.
April 7
notes:
$125,000 tuberculosis hospital maintenance notes, date April 19, 1936. and
payable April 9, 1937.
12,000
industrial^ farm loan notes, dated April 9, 1937, and
payable
Denominations to suit purchaser.
Payable at the National Shawmut
Bank of Boston, in Boston, where
delivery to purchaser will be made on or
about April 9.
Financial
Volume 142
2371
Chronicle
to genuineness and validity by the National
Ropes,Gray, Boyden & Perkins,
incident to this issue will be filed with said bank, where
be inspected at any time.
Notes will be certified as
Shawmut Bank of Boston, under advice of
and all legal papers
they
may
We Buy
for Our Own Account
MICHIGAN MUNICIPALS
BROCKTON, Mass.—BOND SALE—The two issues of coupon registerable bonds aggregating $228,000, described below, which were offered on
April 2, were awarded as follows:
$128,000 macadam pavement loan 1936 bonds to the First Boston Corp.
on a bid of 100.271 for 1Mb, a basis of about 1.16%.
Due $26,000
on April 1 in 1937, 1938 and 1939; and $25,000 on April 1 in 1940
Cray, McFawn fit Company
DETROIT
1941.
and
100,000 municipal relief loan bonds to the Brockton National Bank on a
bid of 100.19 for l^s, a basis of about 1.71%.
Due $10,000
A. T. T. Tel. DET347
Telephone CHerry 6828
yearly on April 1 from 1937 to 1946.
Dated April 1 1936.
Prin. and semi-ann. int. (April 1
City Treasurer's office, or at the National Shaw¬
holder's option.
Whiting, Weeks & Knowles and the Harris Trust & Savings Bank of
Boston were second high on the pavement loan, offering 100.524 for lj^s.
Second high bidder on the relief loan was Newton, Abbe & Co. of Boston,
offering 100.137 for l^s.
The following is a complete list of the bids for the two issues:
—On $128,000—
— On $100,000—
Denom. $1,000.
MICHIGAN
and Oct. 1) payable at the
mut Bank of Boston, in Boston, at
Int.
1M%
Ik~%
100*137
1 H%
100.271
100.06
100.025
Bid
100.19
100.10
2%
2%
1 H%
1 H%
First National Bank of Boston
100.82
bonds that funds have been
100.415
to pay
19345
BIRMINGHAM,
100.48
134%
100.17
100.33
Estabrook & Co.and R. L. Day &
100.877
2%
EASTHAMPTON, Mast.—NOTE SALE—An issue of $150,000 notes,
maturing $100,000 on Nov. 6 and $50,000 on Nov. 25, 1936, which was
offered on March 31 was awarded to the Merchants National Bank of Bos¬
Other bidders were:
.22% discount basis.
Discount
Name—
.235%
.325%
.345%
Whiting, Weeks & Knowles, Boston
First of Boston Corp., New York
Leavitt & Co., New York
ESSEX
COUNTY
O.
(P.
Numbers
1,2, 3
District
3
82
County
1
85
District
94
District
2, 5, 7, 9,
10,12,14,16,
17, 43. 45
1,2, 3'
96
District
6
101
District
1
District
1
74
75
District
D-strict
1
75
County
1
77
77
District
1
102
Township
4
102
County
78
District
104
District
1,2,3
79
District
1, 3, 5, 6
1,2
104
County
4
80
80
District
1
111
District
1,2. 3
Township
4
111
County
5
SALE—Brown
Harriman
&
Co.
of
234%
100.357
234%
Par
$85,169,000
84,471,330
301,523.62
-
Valuation 1935
,
211,830.73
Borrowed against
2,356,617-20
anticipation notes outstanding against 1934
anticipation notes outstanding against 1935.
------
Mass.—BOND SALE—The
MERRILL
OTTAWA
from 1937 to
1956.
Dated April 1,1936. Principal and semi-annual interest
(April and Oct. 1) payable at the First National Bank of Boston, in Boston.
Estabrook & Co., of Boston bid 101.034 for 234s.
Other bids were as follows:
Int. Rate
234%
234%
Bidder—
Hornblower & Weeks
3%
Tyler, Buttrick & Co__
DISTRICT, Mich.—BONDS SOLD TO PWA—
Rate Bid
100.829
100.599
100.59
MALDEN, Mass.—BONDS AUTHORIZED—The Aldermen on March 17
onds.
Eassed an order authorizing the issuance of $718,000 high school building
MASSACHUSETTS (State of)—NOTE OFFERING—Charles F. Hurley.
receive bids until noon April 6 for the purchase on an
basis of $4,000,000 notes, dated April 15, 1936, and due April 2,
1937.
Interest is to be computed on the basis of a 360-day year.
Principal
and interest will be payable in Boston or New York, at option of purchaser.
Delivery is to be made in Boston.
State Treasurer, will
interest,
$22,000 4%
COUNTY
R.A.D.
Portion
9
9
11
Interest
Bond No.
County
Township
No.
5%
5%
4H%
4^%
4^%
4^%
4H%
43^%
126-158
County
11
Township
District
11
12
'County
Township
12
12
District
13
Combined
14
Combined
15
County
15
Township
16
Combined
L7
Combined
all
others
$1,000.
25-27
25-27
25-27
50-60
12
16-19
58-72
46-60
35-48
5H%
5H%
5%
5H%
The
Maturing
May
May
May
May
May
May
May
May
May
May
May
May
May
May
13-17
m
Road Assessment District No.
Denom. $1,000.
First National Bank of Boston
SCHOOL
(P. O. Grand Haven), Mich.—BOND CALL—
It is announced that the Board of County Road Commissioners will on
May 1, 1936, redeem at par and interest the following Covert Act highway
refunding bonds, dated May 1, 1933:
coupon bonds
142, p. 2030—were
of 100.106 for 234s,
Due $3,000
1
bonds.
$120,000
$60,000 water filtration plant and water mains loan bonds.
yearly on April 1 from 1937 to 1956.
60,000 sewer loan bonds.
Due $3,000 yearly on April 1
1,
The Public Works Administration has purchased an issue of
$450,000
described below, which wore offered on March 31—V.
awarded to Halsey, Stuart & Co., of New York on a bid
a basis of about 2.24%:
1,2,3
No further interest will be paid on these bonds other than the May 1,
1936 coupons.
Interest coupons must accompany these bonds when
presenting same for payment and vice versa.
Uncollected to Date
$17,252.41
72,058.37
264,511,68
None
Levy
$2,673,367.26
2,461,094.69
.
Bond
Portion
<•
82
2, 4, 5, 6, 8, 9,
10, 11
1,2
Valuation 1934
LEOMINSTER,
No.
Numbers
District
Mass.—NOTE OFFERING—Lionel
Bonvouloir,
City
Treasurer, will receive bids until 11 a. m. April 8, for the purchase at dis¬
count of $500,000 revenue anticipation temporary loan notes.
Denoms.
16 for $25,000, 8 for $10,000 and 4 for $5,000.
Notes will be dated April 9,
1936, and will be payable Dec. 2,1936, at the First National Bank of Boston,
in Boston, or at the Central Hanover Bank & Trust Co. in New York.
Delivery will be made at either of these banks on or about April 9.
Notes will be authenticated as to genuineness and validity by the First
National 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.
Financial Statement, March 28, 1936
h
Portion
No.
May 1, 1936:
District
Bond
District
73
HOLYOKE,
Tax
COUNTY (P. O. Mount Clemen?), Mich.—BOND CALL
following highway refunding bonds, payable at the County Treas¬
Mich., are, in accordance with
urer's office, court house, Mount Clemens,
the refunding schedule, called for payment
repairs caused by
Tyler, Buttrick & Co
Newton, Abbe & Co
Tax
MACOMB
—The
District
—
1933---
MOUNTAIN, Mich.—BOND OFFERING—Bids will be received
City Clerk, for the pur¬
until 7:30 p. m. April 6 by Harold C. Lindholm,
chase of $2,000 general obligation bonds.
County
.
Year—
April 1, 1936, interest coupons.
71
72
the successful biiders on March 27 for an issue of
Tax titles
PAYMENT—
Lawrence), Mass.—TO ISSUE BONDS—
$20,000
flood control bonds, paying 100.4199 for 2s, a basis of about 1.92%.
Due $2,000 each year from 1937 to 1946 incl.
Other bids were as follows:
Bidder—
Int. Rate.
Rate Bid
Hornblower & Weeks
234%
100.445
Estabrook & Co
234 %
100.30
First Boston Corp
—
234%
100.25
were
INTEREST
OF
District
Mass.—BOND
FITCHBURG,
Mich.—NOTICE
City Treasurer, announces that holders of 1935 refunding
deposited with the National Bank of Detroit
71
The county will shortly issue $50,000 bonds to finance
the recent floods, chiefly to Merrimack River bridges.
Boston
H. Corson,
IRON
alone)
ton on a
1952 to 1965.
H.
100.524
Co__l%%
Whiting, Weeks & Knowles (bidding
Halsey, Stuart & Co., Inc
offered on March 31—V. 142, p. 2198—the district disposed of
$29,000 bonds and gave an option on an additional $15,000.
The Hubbard
State Bank of Bad Axe took $15,000, the Huron County Savings Bank
of Harbor Beach $4,000, the Port Hope State Bank of Port Hope $2,000,
and a local individual $8,000.
The Hubbard State Bank also took an
option on a second $15,000.
The original $47,000 offered would mature
yearly on Nov. 15 as follows:
$1,000, 1936 to 1945: $2,000, 1946; $1,000,
1947; $2,000, 1948; $1,000, 1949; $2,000, 1950; $1,000, 1951, and $2,000.
Rate
Newton, Abbe & Co
Whiting, Weeks & Knowle6 and Harris
Trust & Savings Bank
134%
Home National Bank of Brockton
134 %
bonds
1 H%
Bid
100.19
First Boston Corp
Rate
Int.
Rate
Rate
1M%
Bidder—
Brockton National Bank
5 (P. O. Ubly),
Mich.—RESULT OF BOND OFFERING— Of the $47,000 coupon school
BINGHAM TOWNSHIP SCHOOL DISTRICT NO.
18-24
36-50
25-35
12 bonds
above described
are
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1940-1945
1941
1941-1943
1941-1943
1941-1943
1941-1945
1941
1941-1944
1941-1945
1941-1945
1941-1945
1941-1945
1941-1945
1941-1945
in denominations of $500*
bonds should be presented for
payment at the place of payment designated in such bonds on May 1, 1936,
after which date interest on said bonds shall cease.
PORTLAND TOWNSHIP SCHOOL DISTRICT NO. 3 (P. O. Portland), Mich.—BOND SALE—The $32,000 coupon (registerable as to
principal) general obligation school bonds offered on March 31—V. 142,
p. 2198—were awarded to the Maynard-Allen State Bank of Portland at
a price of 100.35.
Dated Nov. 1, 1935 and due Nov. 1 as follows: $1,000
from 1937 to 1962, incl. and $2,000from 1963 to 1965, inclusive.
ST.
JOSEPH
SCHOOL
DISTRICT,
Mich.—BOND OFFERING—
Education, will receive sealed
of $154,000 not to exceed 4%
int. coupon or registered school bonds.
Dated May 1 1936.
Denom
$500.
Due Feb. 1 as follows: $9,000, 1937; $10,000, 1938 to 1940 incl •
$11,000, 1941 and 1942; $12,000, 1943 and 1944; $13,000, 1945 and 1946*
$14,000 in 1947 and 1948 and $15,000 in 1949.
Prin. and int. (F. & A )
payable at the District Treasurer's office.
Bidder to furnish bonds and
coupons at own expense.
A certified check for $3,000 must accompany
each proposal.
The approving opinion of Chapman & Cutler of Chicago
Burton G. Starke, Secretary of the Board of
bids until 1 p. m. on April 6 for the purchase
will be furnished the successful bidder.
SANILAC COUNTY
(P.
O.
Sandusky),
Mich.—BOND
CALL—
MILTON, Mass.—BOND SALE—The $40,000 coupon bonds offered
March 31—V. 142, p. 2198—were awarded to Tyler, Buttrick & Co. of
Boston as 134s at a price of 100.29, a basis of about 1.45%.
The sale
comprised:
$20,000 sewer bonds.
Due $2,000 on April 1 from 1937 to 1946 incl.
20,000 water bonds.
Due $2,000 on April 1 from 1937 to 1946 incl.
Each issue is dated April 1, 1936.
Other bids were as follows:
George C. Gardner, County Treasurer, announces that the county has
elected to redeem certain Black River Drain District refunding bonds for
Rate Bid
100.21
Clerk will receive sealed bids until 7:30 p. m. on April 7 for the purchase
of $21,000 4% special assessment paving bonds to mature April 1 as follows*
on
.
Int. Rate
134%
Bidder—
First National Bank of Boston
They
are
dated May 1
1933
not be
responsible for interest after that date.
SOUTH
HAVEN, Mich.—BOND OFFERING—G. Carroll Ross, City
100.20
100.03
100.76
100.769
$2,000 from 1937 to 1946 incl. and $1,000 in 1947.
134%
100.599
134%
100.39
Dec. 1, 1935 and due $1,000 each Dec 1 from 1938 to 1954, incl. Principal
and interest (J. & D.) payable at the City Treasurer's office or at the Chase
134%
-
101.03
134%
134%
Halsey, Stuart & Co., Inc
Estabrook & Co
Hornblower & Weeks.
134%
O'Malley Associates
First Boston Corp
SOUTHBRIDGE, Mass.'—TEMPORARY LOAN—The Second National
Bank of Boston was awarded an issue of $200,000 notes at 0.369% discount.
Due Nov. 10, 1936.
Other bids were as follows:
Bidder—
Discount
Newton, Abbe & Co__
First National Bank of Boston
———
Faxon, Gade & Co.
0.38%
0.46%
0.57%
MICHIGAN
UNION SCHOOL DISTRICT, Mich.—BOND CALL—
Walter D. Kline, Secretary of the Board of Education, announces the call
for redemption on May 1, 1936, at par and accrued int., of bonds numbered
from 239 to 273, incl., or the 5% refunding issue, dated May 1, 1934, due
May 1,1944 and callable on any int. date.
They are in $1,000 denoms. and
should be presented for payment at the National Bank of Jackson or at the
Chase National Bank, New York City.
Clair and Lapeer.
bear 5H % interest and should be presented for payment on May 1, 1936 at
the State Bank of Sandusky, at Sandusky,
The Drainage District will
134 %
Newton, Abbe & Co
Coffin & Burr
JACKSON
the counties of Sanilac, St.
ZEELAND,
offered
on
Mich.—BOND SALE—The $17,000 street lighting bonds
March 31
National Bank, New
were
awarded
to the
Zeeland
State
Bank.
Dated
York City.
MINNESOTA
CANBY, Minn.—BOND ELECTION—An election will be held on April 7
the purpose of voting on the question of issuing $38,500 municipal
building bonds.
or
CLAY
(P. O.
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO.
81
Moorhead), Minn.—BOND OFFERING—F. C. Soper, Clerk of
the School Board, will receive bids until 8 p. m. April 1 for the purchase
of $30,000 school building bonds.
Bidders are to name rate of interest
but not to exceed 4%.
Denom. $1,000.
Dated May 1, 1936.
Principal
and semi-annual interest payable at any suitable bank
or
trust company
designated by the purchaser.
Due yearly on May 1 as follows:
$1,000.
1939 to 1962, and $2,000
1963 to 1966.
Certified check for $1,000
payable to the district required.
District will furnish the executed bonds
and the approving opinion of Junell. Driscoll, Fletcher, Dorsey & Barker
of Minneapolis.
2372
Financial Chronicle
Northwestern Municipals
Trauernicht, of St. Louis.
Legal
approval
by
&
Charles
*
SCHOOL DISTRICT (P. O. Hazlehurts), Miss.
—BONDS SOLD—It is stated by the
Secretary of the School Board that
$27,500 4% semi-annual high school bonds approved
by the voters last
November, have been purchased at par by the Public Works Adminis¬
tration.
Due in 25 years.
Oregon, Washington
WELLS-DICKEY COMPANY
Atlantic 4201
Due $500 from Dec. 1, 1936 to
HAZLEHURST
Minnesota, North and South Dakota, Montana,
Telephone—Minneapolis
April 4 1936
$5,000 special street improvement bonds.
1945, inclusive.
Denom. $500.
Dated Dec. 2, 1935.
.
JACKSON
SEPARATE
Miss.—MATURITY—In
Teletype—Mpls287
SCHOOL
DISTRICT
(P.
connection with the sale of the
bonds to
O. Jackson),
$553,000 school
a syndicate headed
by the Jackson State National Bank as 4s
a price of
102.12, as reported in these columns last January—Y. 142,
333—it is stated by the City Clerk that the bonds are dated Dec.
1,
1935, and mature on Dec. 1 as follows:
$13,000, 1936 to 1940; $24,000,
1941 to 1945; $26,000, 1946 to 1950;
$27,000, 1951 to 1955; $21,000, 1956
and 1957;
$22,000, 1958 and 1959, and $17,000 in 1960, giving a basis
at
p.
MINNESOTA
DOVER, Minn— CERTIFICATE OFFERING—Geo. Panduro,
Village
Clerk, will receive bids until 1 p. m. March 31 for the purchase of
$8,000
water main improvement No. 1 certificates of
indebtedness.
of about
DULUTH, Minn.—CERTIFICATE SALE DETAILS—In connection
with the sale of the $200,000 certificates of indebtedness at
3%, as reported
in these columns recently—V. 142,
p. 2199—it is
reported by A. C. Gilbert,
City Treasurer, that the issue was sold to a syndicate comprised of local
clearing house banks,, through the First and American National
Bank,
and the
certificates mature
on
LAUREL, Miss.—BONDS OFFERED FOR INVESTMENT—The First
National Bank of Memphis has purchased and is now
offering to investors
an issue of
$73,000 4%% refunding bonds, at prices to yield 4.30% to
maturity. Denom. $1,000. Dated Dec. 1 1935. Principal and semi-annual
interest payable at the Chase National Bank, in New York.
Due $13,000
Dec. 1 1956; and $30,000 on Dec. 1
jn 1957 and, 1958.
before Dec. 31, 1936.
or
DULUTH, Minn.—FINANCIAL STATEMENT— The following in¬
formation is furnished in connection with the offering scheduled
for April 6,
$150,000 issue of not to exceed 6% coupon semi-ann.
municipal
unemployment project bonds described in these columns recently —V.
142.
p. 2198:
of the
Statement of the Financial Condition
(Incorp.
as a
as
of March 21
MERIDIAN, Miss.—MATURITY— In connection with the sale of the
$364,000 4% semi-ann. school bonds to George J. Carter,
Inc., of Meridian,
reported in these columns last December—Y. 141, p. 4049—it is
stated by the Secretary of the School Board that the
bonds mature on
Dec. 1 as follows:
$8,000, 1936 to 1939; $16,000, 1940 to 1944; $17,000.
1945 to 1950. and $15,000, 1951 to 1960.
1936
at par, as
city, March 2 1887. Population 1930, U. S. Census,
101,417)
Actual true value of prop., 1934 for 1935
purposesReal
$122,844,298
Personal
30,669,361
50,509,092
Money and credits
■
o\. Personal.
-
Tax rate
...
$105,566,880
1934 for 1935 purposes—
State..
County.
$13.34
... ....
.
.
.
L. Rice, Secretary of
us that the Commission is calling
following 5% semi-annual bonds, interest ac¬
cruing thereon to date of payment, issued under the provisions of Chapter
115, State Laws of 1926, as amended by Chapter
241, State Laws of 1930.
and Chapter 116, State Laws of
1926, for hospital purposes:
$500,000
class F, and $500,000 class G bonds. Dated
May 1, 1931. Due on May 1,
1951. Callable in five years. Payable at the National
City Bank in New
York City.
Interest shall cease on date called.
$44,485,153
10,572.635
50,509,092
v-i-t'
Money and credits
MISSISSIPPI, State of—BOND CALL—Greek
the State Bonding Commission, informs
for payment on May 1, the
$204,022,751
Assessed value of prop., 1934 for 1935 purposes-
■■■
PIKE
16.93
...
School.,
36.19
—
City..*.
36.94
—
The rate on money and credits is $3
per
State, 1-6; county, 1-6; city, 1-3; school, 1-3.
Bonded debt—
General
$103.40
$1,000,
3,80%.
JONES COUNTY (P. O.
Laurel), Miss.—BONDS SOLD—We are in¬
formed by Chas. T. Watters, Clerk of the Board of
County Supervisors,
that $200,000 refunding bonds were sold
recently, as 4s, ar par plus ex¬
penses, to an undisclosed purchaser.
divided
COUNTY
CONSOLIDATED
DISTRICT
NO.
4
fellows:
as
MISSOURI
$5,134,333.31
Special assessment bonds
Water bonds
SCHOOL
(P. O. Bowling Green), Mo.—BONDS SOLD—It is
reported that $21,000
4% semi-ann. refunding bonds have been purchased by Festus J. Wade Jr.
& Co. of St. Louis.
Dated Dec. 1, 1935.
51,000.00
1,749,969.50
Gas bonds
531,030.50
$7,466,333.31
Note—Of this general bonded debt of $5,134,333.31, the sum of
$1,895,000.00 is without the statutory limitation by special legislative
Acts.
Outstanding floating indebtedness.
None
Less deductions allowed—
BUCHANAN COUNTY (P. O. St. Joseph), Mo.—BONDS VOTED—
142, p. 1865—the voters approved
unemployment relief bonds and the $1,400,000 of county judgment refunding bonds, the first
by a count of 6.976 to
1,693; the latter by a count of 7,567 to 1,302.
At the election held on March 24—V*
the issuance of the $300,000 in
COOPER COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 3
O. California) Mo.—BONDS SOLD—The District Clerk states that
(P.
Special assessment bonds
Water and gas bonds,
Sinking fund
$51,000.00
2,281,000.00
917.00
...
$12,000 bonds
voters last
$2,332,917.00
$5,133,416.31
--$9,123,831.46
Net indebtedness
Actual investment in water and gas plants,,,,
out
of
an
issue of
$25,000 school bonds approved by the
October, have been purchased by the Commerce Trust Co. of
Kansas City.
*
DEXTER, Mo.—BOND ELECTION—A proposal to issue $25,000
auditorium bonds will be voted upon at an election scheduled for
April 7.
"
MINNESOTA (State of)—BOND SALE—A syndicate headed
by the
National City Bank of New York and including the Bankers Trust
Co.,
E. B. Smith & Co., the First Boston Corp., Brown, Harriman &
Co. of
New York, the First National Bank of
Chicago, the Wells-Dickey Co. and
Piper,
FARMINGTON, Mo.—BONDS VOTED—A bond issue of $18,000 for a
municipal swimming pool and athletic field has been approved
by the
voters.
LAMAR SCHOOL DISTRICT, Mo.—BONDS VOTED—At
an election
on March 24 a
proposal to issue $48,000 school bonds was approved
Jaffray & Hopwood of Minneapolis, the First National Bank &
Trust Co. of St. Paul, and the First and American National Bank and the
Northern National Bank of Duluth, was awarded the $2,650,000 issue of
held
registered trunk highway bonds offered on April 2—V. 142, p.
on the bonds at 2
M %.
paying a premium of $16,427.35, equal to 100.6199, a basis of
about 2.46%.
Dated May 1, 1936.
Due on May 1 as follows:
$500, 1948
to 1951; and $650,000, 1952.
REDUC¬
Missouri real
personal property, on which taxes will be paid this
year, at
$3,181,308,843, decrease of $26,810,599 from figures of the
preceding year.
Decrease was principally in real estate
assessments, which total $2,808,773,569 against $2,839,385,281 in 1935.
Total personal valuation is
$372,535,275 against $368,734,162 last year, increaso of
$3,801,113.
Commission's valuations have been certified to State Board
of Equali¬
coupon
2031.
and
or
The successful bidders fixed the interest rate
are
BONDS
OFFERED
FOR
PUBLIC SUBSCRIPTION—'The successful
bidders reoffered the above bonds for general investment at
prices to yield
from 2.25 to 2.40%, according to maturity.
MOUNTAIN LAKE, Minn.—BOND SALE—The issue of
$45,000 lifeht
power plant bonds offered on Feb. 28—V. 142, p.
1328—has been
awarded to the Farmers State Bank, of Mountain Lake, on a bid of
par for
3s. Dated March 1, 1936. Due $3,000 on March 1 from 1939 to
1953, ine*
by the voters.
MISSOURI, State of—ASSESSED VALUATIONS SHOW
TION—State Tax Commission reports aggregate valuation of
and
estate
zation.
and
RED
School
WING SCHOOL DISTRICT, Minn.—BOND OFFERING—The
Board will receive bids until April 14 for the purchase of
$100,000
Interest payable semi¬
2M% school refunding bonds.
Denom. $1,000.
annually.
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.
•
ST. PAUL, Minn.-—BOND SALE—The $100,000 issue of
coupon public
welfare bonds offered for sale on April 1—V. 142, p. 2199—was awarded to
Phelps, Fenn & Co. of New York, as 2.20s, paying a price of 100.28, equal
to 2.15%.
Dated April 1 1936.
Due from April 1 1937 to 1946
inclusive.
WACONIA SCHOOL DISTRICT
(P. O. Waconia), Minn.—BONDS*
TO BE SOLD—The Clerk of the Board of Education reports that
$52,000
school bonds approved by the voters in November 1935, are
being taken
over
by the State of Minneasota,
as
3s.
MONTANA
BILLINGS, Mont.—BOND ELECTION—The city will hold
election
on
a special
April 6 at which proposals to issue $25,000 and $50,000 bond
issues for airport buildings and airport
improvements will be voted upon.
GREAT FALLS, Mont.-BONDS AUTHORIZED—A
resolution author¬
izing the issuance of $140,750 refunding bonds was passed
by the City
Council recently.
GREAT FALLS SCHOOL DISTRICT NO.
1, Mont.—BOND ELEC¬
TION—The district will hold an election on
April 18 for the purpose of
on the question of issuing $125,000 school
building bonds.
voting
LEWISTOWN,
Mont.—BOND
DOUGLAS COUNTY
(P. O.
POSTPONED—In connection with
Memphis
Bought—Sold—Quoted
INCORPORATED
TELEPHOI
TELEPHONE RAYMOND 1189
New Orleans
stated
by the Village Clerk
been purchased by a
k
*
Omaha),
Neb.—BOND ELECTION
originally scheduled for
April 14, to vote on the issuance of $2,000,000 in bonds to
pay the in¬
debtedness of the county, as noted here
recently—V. 142, p. 2032-—it is
reported now that legal technicalities will delay the
balloting on these bonds.
FRONTIER COUNTY (P. O.
Stockville), Neb.—BOND ELECTION
—The County Commissioners have ordered an election
to be held on
April 14
at which a proposal to issue
$27,500 court house bonds will be
submitted
to the
the
election
voters.
IMPERIAL
Schor ff L Jones
is
semi-ann. refunding bonds have
.
Nashville
Knowille
$12,500 3%
local bank.
MISSISSIPPI MUNICIPALS
SCHOOL
DISTRICT
(P.
O.
Imperial),
Neb.—BOND
SALE DETAILS—The Secretary of the Board of
Regents reports that the
$16,500 3H % semi-ann. school bonds purchased by the First
Trust Co of
Lincoln, as noted here recently—V. 142, p. 2032—were sold
at par
and
may be called for payment any time after Jan. 1 1937.
NORTH
April 7
voters.
a
PLATTE, Neb.—BOND ELECTION—At an election
on
proposal to issue $81,719 viaduct bonds will be submitted
to the
OMAHA, Neb.—BOND DEBT REDUCED—Finance Commissioner
MISSISSIPPI
GRENADA,
Miss.—BOND SALE—W. Y. West, City Clerk, states
& Anderson, of Memphis, have purchased the following
4%
onds, aggregating $15,000, paying a premium of $262.50, equal
101.75, a basis of about 3.63%:
that Sau
u ;rs
semi-am
to
$10,000 special street improvement bonds.
to 1945, inclusive.
an
NEBRASKA
CHESTER, Neb.—BONDS SOLD—It
that
Corporation
New York
A.T.T. TEL. N. O. 180
hold
.
EQUITABLE
Chattanooga
will
center-armory
MOORE, Mont.—BOND SALE DETAILS—-In connection with the sale
funding bonds to the State Board of Land Com¬
missioners, reported in these columns recently—Y. 142,
p.
2032—-it is
reported by the Town Clerk that the bonds mature in 10
years, bear interest
at 5 %, and were sold at par
Municipal Bonds
Birmingham
city
on April 6 at which a
proposal to issue $15,000 civic
construction bonds will be voted upon.
of the $6,000 judgment
MISSISSIPPI
Securities
ELECTION—The
election
Due $1,000 from Dec. 1, 1936
But¬
ler reports that in the last three years
nearly 4 millions of city bonds have
been retired, largely through the use of
surplus money from city funds
and that as of March 1 the
existing bonded indebtedness is $10,217 000*
A considerable proportion of the retired
bonds
were
paid off before
ma¬
turity. Savings of $498,628 are shown for the three
years.
Beginning with
the tax levy to be certified in
August, Mr. Butler says he will recommend
a decrease of $150,000 in the levies for
bond service.
Bonds due and uaid
in 1933 totaled
$1,001,000; in 1934, $964,200; in 1935, $783,450, and
paid
on March 11,
1936, $1,197,368.
P
Financial
Volume 142
(P. O. Steinauer),
Neb.—
Secretary of the Board of Education states
that the $14,000 school construction bonds purchased by Steinauer &
Schweser of Lincoln, as reported here recently—Y. 142,
p. 1866—were
sold as 4s at par and mature $1,000 from 1937 to 1950 inclsuive.
STEINAUER
DISTRICT
SCHOOL
BOND SALE DETAILS—The
Neb.—BONDS AUTHORIZED—The Board of Trustees
recently passed a resolution authorizing the issuance of
$274,027.25 refunding bonds.
SPENCER,
F
of
the
village
VALENTINE, Neb.—BONDS AUTHORIZED—An ordinance
passed authorizing the issuance
has been
of $70,000 refunding bonds.
connection with the sale of the $36,000
street, sewer and park improvement bonds to Edward L. Burton & Co.,
and the First Security Trust Co., both of Salt Lake City, as reported in
these columns
recently—V. 142, p. 2200—it is stated by the City Clerk
sold as 3%s, paying a premium of $1,015.50, equal to
that the bonds were
Due $2,000 from Sept. 1, 1936 to 1953 incl.
102.82, a basis of about 3.39%.
HAMPSHIRE
NEW
of the bonds bid for, payable
each proposal.
Longfellow of New York will be
A certified check for 2%
Trust Co., Summit.
to the order of the
Board of Education, must accompany
Legal opinion of Hawkins, Delafield &
furnished the successful bidder.
ESSEX FALLS, N. J.—BOND OFFERING—Millard Van Dien, Borough
until 8 p. m. on April 13 for the purchase of
$75,000 not to exceed 4% interest coupon or registered sewer bonds of 1936.
Dated April 1, 1936.
Denom. $1,000. Due $3,000 on April 1 from 1937 to
1961 incl. Bidder to express the rate of interest in a multiple of % of 1%.
Clerk, will receive sealed bids
Principal and interest (A. & O.) payable at the Citizens National Bank &
Trust Co., Caldwell.
A certified check for 2% is required. Legal opinion
of Hawkins, Delafield & Longfellow of New York will be furnished the
successful bidder.
NEVADA
ELY, Nev.—PRICE PAID—In
2373
Chronicle
rJNASHUA, N. H.—OBTAINS $200,000 LOAN AT NO INTEREST—
Samuel Dearborn, City Treasurer, has obtained a loan of $200,000 for 60
days at no interest from the Second National Bank of Nashua.
The loan
was arranged on that basis because of the desire of the bank to cooperate
with the city in flood rehabilitation work and to allow the municipality
time to negotiate longer-term loans on favorable terms.
The city rejected
the one bid which was received at the offering last
week of $200,000
notes.
J.—BOND OFFERING—Fred
LITTLE SILVER, N.
L. Ayres, Borough
Clerk, will receive sealed bids until 8 p. m. on April 14 for the purchase of
$14,000 not to exceed 6% interest coupon or registered fire apparatus bonds.
Dated Dec. 1, 1935.
Denom. $1,000.
Due Dec. 1 as follows: $2,000 in
1936 and $3,000 from 1937 to 1940 incl.
Rate of interest to be expressed
by the bidder in a multiple of % of 1%. Prin. and int. (J. & D.) payable at
the Borough Treasurer's office.
The maximum amount required to be
obtained through the sale of the issue is $14,000.
The bonds will be pre¬
pared under the supervision of the Continental Bank & Trust Co., N. Y.
City, which will certify as to the genuineness of the signatures of borough
officials and the seal impressed on the instruments.
A certified check for
2%, payable to the order of Clark P. Kemp, Borough Traesurer and Collec¬
tor, is required.
Legality to be approved by Caldwell & Raymond of New
York.
MONROE
County,
Gloucester
TOWNSHIP,
N. J.—BONDS AU¬
THORIZED—The Township Committee on March 5 gave its final approval
an ordinance authorizing the issuance of $170,000 refunding bonds, to
to
be dated Dec. 1, 1935 and to mature
1950.
serially on Dec. 1 from 1940 to
N. J .—SHARP INCREASE IN TAX RATE-The City
Commission has adopted the 1936 bduget after further revising downward
the amount to be raised by current taxation.
For city pruposes, exclusive
of schools, county and State tax, the amount to be raised by tax is $21,026,830.23.
This is a reduction of $557,458.56 from the tentative budget
NEWARK,
H. L. Alle*& Company
considered last week.
New York
100 Broadway
•
Adoption of the budget followed consent by State Auditor Darby to
having Newark issue eight-year bonds to cover relief items of $383,420
instead of including a direct appropriation, on which Darby had at first
insisted.
Indications are the elimination of relief items from the budget will
Telepho^K&cror 2-7333
A. T. & T. T&lj&e N. Y. 1-528
Last year's rate was $3.36.
bring the city tax rate to about $3.72.
NEW
J.—NO BIDS—There were no
MILFORD, N.
bids submitted
below,
for the purchase of $85,000 coupon or registered bonds described
which were offered for sale on March 31—V. 142, p. 2033:
NEW JERSEY
$50,000 sewer assessment bonds of 1936.
Due March 1 as follows: $9,000
in 1938 and 1939 and $8,000 from 1940 to 1943, inclusive.
35,000 sewer bonds of 1936.
Due $1,000 on March 1 from 1937 to 1971,
MUNICIPALS
inclusive.
Bought
Sold
-
-
Quoted
Each issue is dated March 1 1936.
Principal
(M. & S.) payable at the Peoples Trust Co. of Bergen County,
Interest not to exceed 6 %.
and interest
Hackensack.
LOBDELL & CO.
48 Wall St., New
123 S. Broad St.,
York
NORTH ARLINGTON, N.
Phlla.
Kingsley 1030
HAnover 2-1720
J. -BONDS NOT SOLD-No bids were re¬
ceived at the offering on March 26 of $60,000 6% coupon or registered water
bonds —V. 142, p. 2033.
Dated Dec. 15 1932 and due serially on Dec. 15,
1943 to 1966, incl.
A. T. & T.: NY 1-735
*
NORTH
BERGEN
TOWNSHIP,
N.
FINANCING PETITION—In connection
municipal bonds
New Jersey
and General Market Issues
B. J. Van Ingen
57
WILLIAM
&. T.: N. Y.
A. T.
& Co. Inc.
Telephone: John 4-6364
STREET, N. Y.
Newark Tel.: Market 3-3124
1-730
terest, the establishment
new
ment that the
jersey municipals
J.-COURT APPROVES
RE¬
with the report )f the approval
by Federal Court in Newark on Ma.-ch 30 of a petition by tin township for
the refinancing of its obligations under Section 80 of the Federal Bankruptcy
Act, we learn that the program covered by the petition is that made public
last January by the so-called Conciliation Committee of creditors of the
township.
The Committee, it is said, has received the assent of 51% of
creditors to its refunding plan.
The action by the township represents the first procedure under the
Federal Municipal Bankruptcy Act by a Now Jersey municipality.
The
refunding plan, involving approximately $16,000,000 of bonds and notes
now in default, is the largest refunding operation so far proposed under that
law.
The committee reports that holders of $8,047,891 of North Bergen
bonds and notes have accepted the plan to date.
Terms of the readjustment plan, announced in January, provide for the
issuance of new refunding bonds, cash payments to discharge unpaid in¬
of an annual debt retirement
members
are
fund and a require¬
township operate on a cash basis.
W. E. Wetzel of Trenton, N. J. is
chairman of the committee,
George A. Bangs, Indianapolis,
and other
Ind., Theodore B. Furman,
New York. Vincent B. Miner,
St., Trenton, N. J., is secretary of the committee.
Hoboken, N. J. and Fred M. Oliver,
West State
Colycr, Robinson $, Company
NORTH
INCORPORATED
1180
Raymond Blvd., Newark
REctor 2 2055
NEW
JERSEY
authorizing the issuance of $129,000
by the varying factions of Asbury Park bondholders was taken on March 26
when a representative group of 100 creditors, meeting at the call of the
City Council, agreed to send representatives to a meeting to be held in
the near future, probably in Newark, to discuss the different refunding
plans which have been offered to date.
Representatives from the Junius A.
Rippel group, Newark; the Edwin H. Barker group. New York; the Asbury
Park Council, and bondholders who are not represented in legal actions
now in the courts against the city will be asked to attend the conference
in an effort to work out some plan acceptable to all.
Walter Reade, New York and Shore theater operator, challenged state¬
ments made by James J. Carpenter Jr., counsel for the Rippel group,
that his clients were willing to work in harmony with the City Council in
refinancing efforts.
Mr. Carptenter stated his objections to the city plan are based on what he
termed the low interest rate of 3.786 offered in that plan compared to the
city's ability to pay.
He asserted the city plan to refund the entire debt
$10,000,000 was not necessary, as the financial difficulties Asbury Park
is in at present resulted from short-term bonds which must be refinanced
and not the interest rates to be paid on long-term maturities in the future.
Mayor Hertick, in answering Mr. Carpenter, based the city's chief
objections to the Rippel refunding plan on the fact that it was predicated
on Chapter 60 of the State laws, placing the city on a theoretical cash
basis, and would not be to the best interest of the taxpayers, who, he said,
are the best indication as to the city's ability to pay.
A letter objecting to the city plan, and carrying the refusal of the Barker
group to attend today's conference, was read by Mr. Carpenter, who said
ft was given to him by Joseph Hewitt, New York financial expert attached
of
N. J. —BOND SALE—An issue of $45,000 2%% tax
bonds was recently awarded to C. C. Collings & Co. of Philadelphia,
premium of $88, equal to 100.195, a basis of about 2.18%.
Dated
March 1 1936.
Due March 1 1939.
revenue
for
a
POINT PLEASANT BEACH, N. J.—BONDS APPROVED ON FIRST
READING—An ordinance authorizing the issuance of $181,000 4%% re¬
funding bonds was passed on
recent meeting.
NEW
the Barker group and other
approved by the voters at a recent
HOT
the
of government.
SCHOOL
DISTRICT,
N.
3.—BOND OFFERING—
District Clerk, will receive sealed bids until 8 p.m.
on April 14 for the purchase of $208,000 2,2%,2%,3,3%,3%,3% or 4%
coupon or registered school bonds.
Dated April 1, 1936. Denom. $1,000.
Due April 1 as follows: $7,000 from 1938 to 1941 incl. and $10,000 from 1942
to 1959 incl.
Principal and interest (A. & O.) payable at the Summit
election to be held
the question of issuing $15,000
N. M.—BOND ELECTION—At an
>
ROSWELL, N. M.—BOND ELECTION—At an election to be
April 7 the rssidents of the city will vote on the question of issuing
city hall construction bonds.
'
1
held on
$75,000
Offerings—Wanted
New York State
Municipals
County—City—Town—School District
Gordon Graves & Co.
MEMBERS NEW
1
WALL ST.,
YORK STOCK EXCHANGE
Whitehall 4-5770
N. Y.
NEW
•
proposal to adopt the commission form
CHATHAM
William M. Hopping,
SPRINGS,"
April 7 the voters of the town will pass on
hospital park bonds.
on
bond¬
CAMDEN, N. J .—VOTES COMMISSION FORM OF GOVERNMENT—
At an election held on March 31 the electorate approved by a wide margin
Super¬
bonds
election will be taken by the Public
Works Administration.
holders.
taxation in 1936 is $4,056,433.
MEXICO
SCHOOL DISTRICT, N. Mex.—BOND SALE—The
intendent of Schools informs us that the $72,000 school building
city bonds and invite them to attend the contemplated conference.
This
action was taken over Mr. Carpenter's objections.
He said the City
Council and his clients should first come to an agreement on their respective
before approaching
Council at a
HOBBS
the Barker group.
Ward Kremer, special city attorney, who acted as chairman of the meeting,
named to communicate with the various interests holding defaulted
CAMDEN, N. J .—TAX RATE UNCHANGED —The tax rate for 1936
has been set at $4.30 per $100 of assessed valuation, which was the figure
last year.
Although the new budget, at $6,551,933, is $230,773 more than
in 1935, the difference is expected to be made up through refunding of
outstanding debt at lower interest rates.
The amount to be raised by
first reading by the Borough
PATERSON, N. J.—BOND OFFERING—William Dierdorf,
Borough Clerk, will receive sealed bids until 8 p. m. on April 15 for the
purchase of $3,000 4%% refunding bonds of 1936. Dated March 15, 1936.
Denom. $1,000.
Due Dec. 15, 1941. Legal opinion of Hawkins, Delafield
& Longfellow of New York City.
WEST
was
refunding plans
refunding bonds.
ORANGE, N. J. -BOND SALE—The city has sold privately an issue of
$135,000 general refunding bonds, maturing as follows: $13,000 from 1937
to 1941, incl., and $14,000 from 1942 to 1946, incl.
These are the bonds
which were reported as being scheduled tor sale on April 1.
PLAINFIELD,
PARK, N. J.—SEEK ADJUSTMENT OF FACTIONAL
DISPUTES IN REFUNDING MUDDLE—A definite step toward accord
ASBURY
to
N. J.—BONDS PASSED ON FIRST READ¬
Council gave first reading to an ordinance
ING—On March 13 the Borough
MArket 3-1718
A. T. & T. Teletype
NWRK 24
New Yor* Wire:
PLAINFIELD,
148
YORK
AUBURN, N. Y.—BOND SALE—Barr Bros. & Co., Inc., of New York,
were awarded the $159,021.04 bonds offered on March 31—V. 142, p. 2201.
They offered a price of 101.796 for 2% bonds, a basis of about 1.59%.
The obligations are divided into two issues as follows:
$90,656.04 public improvement bonds.
Denom. $1,000, except bond No. 1
Bonds No. 1 will be registered, while
be in coupon form, fully registerable.
Due
April 1 as follows: $9,656.04 in 1937 and $9,000 from 1938 to
1946 incl.
*
which will be for $656.04.
the
others
will
2374
Financial
$68,365.00 school bonds.
Denom. $1,000 and $500, except bond No. 1
which will be for $365.
Bond No. 1 will be registered and the
others issued in coupon form, fully
registerable.
Due April 1
as follows: $14,365 in
1937 and $13,500 from 1938 to 1941 incl.
BUFFALO,
N.
Y.—BOND SALE—A
syndicate
headed
by
Halsey,
Stuart & Co. of New York, and
including Ladenburg, Thalmann & Co.,
the Bancamerica-Blair
Corp., Schlater, Noyes & Gardner, Inc., and Burr
& Co., Inc., all of New
York, was awarded the $1,000,000 coupon, regis¬
terable as to principal, work and home relief bonds offered
on April 1—
V. 142, p. 2201.
of
The group is paying a premium of $550, a price equivalent
a basis of about/2.69%.
Salomon Bros. &
100.055, for 2.70% bonds,
Hutzler of New York were second high with an offer to
pay a premium of
$1,590 for 2%% bonds.
Dated April 15, 1936.
Due $100,000 yearly on
April 15 from 1937 to 1946 incl.
The
bankers, as noted in their advertisement on page III, made public
offering at prices to yield 0.70 to 2.90%. The bonds, the bankers
believe,
are legal investment for
savings banks and trust funds in New York State.
They will constitute, in the opinion of counsel, general obligations of the
city, payable from unlimited ad valorem taxation.
Assessed valuation,
1935-1936, is officially reported as $962,298,300, and net bonded debt,
including this issue, as $95,358,655.
Taxes for the last four years are
reported over 93% collected.
Financial Statement Feb. 29 1936
Property Valuations
Fiscal Years—
Assossod Valuation
*
1933-1934
1934-1935
1935-1936
$998,133,470
40,637,305
1,038,770,775
$930,155,600
969,222,560
$923,498,120
38,800,180
962,298,300
100%
82%
100%
80%
100%
82%
-
Chronicle
The bonds bear date of May 1, 1936 and are to mature on
May 1 as
follows: $21,000, 1939* $20,000, 1940 to 1946
incl.; $25,000, 1947 to 1951
incl.; $30,000,1952 to 1956 incl.; $40,000 from 1957 to 1961 incl. and $45,000
from 1962 to 1966 incl.
LAWRENCE, N. Y .—BOND ELECTION -The Village Board has called
an election for April 22 at which a
proposal to issue $135,000 bonds to finance
the purchase of the property of the Lawrence
Country Club.
MOUNT KISCO, N. Y.—CERTIFICATE SALE—The Trust
Company
of North Westchester has purchased an issue of
$22",500 certificates of in¬
debtedness to bear 3 % interest and mature in 6 months.
NEW YORK CITY—TAX COLLECTIONS OF
$39,425,332 REPORTED
TO SET NEW RECORD—Because of
a record-breaking rush
by property
to pay their real estate taxes for the current
year on Wednesday
Comptroller Frank J. Taylor announced on April 2 that he had sufficient
cash in the City Treasury to retire within the next week
$20,000,000 worth
of 2% revenue bills, which do not mature until June
30, 1936.
On April 1, the first day for paying taxes for the current
year, the city
received the unprecedented sum of $39,425,332.42,
approximately $13.000,000 more than was received on the same date last year.
Taxes are due
and payable on April 1. but property owners still have until the end of the
month to pay their instalments for the first half of the
year without in¬
curring a penalty of 10%.
However, if they choose to pay the entire year's
tax during April they obtain a discount of
4% as a bonus.
Touay $5,000,000 worth of bills will be redeemed, and on Monday another
$5,000,000 will be cleared off the books.
On Thursday $10,000,000 worth
owners
will
Real property
Special franchise
Total
Percent
Assessed
Value
Actual Value —
Real
39,066,960
to
Special franchise
rates
all purposes
(per
>;■
$1,000)
$20,469
$25,396
$22.2715
Population of the city as of July 1 1935 estimated at 597,347; 1930
U. S. census was 573,076.
*
Figures for years prior to 1934-35 include personal property valuations.
Amount
Purpose of Issue —
General (all purposes not listed below).
a
s
,
A
........
Special Assessment:
(a) Payable from special
3,423,539.96
_$117,641,487.85
$10,182,071.33
Deficiency refunding
-j
Totals
Alljwater bonds
5,154,876.12
fully supported by earnings of the property.
legally payable solely from earnings.
are
How¬
ever, none of these bonds are
The legal debt limit is regulated by the Constitution of the State of
New
York which limits the total non-exempt debt to 10% of the assessed valua¬
tion of real property and franchises.
On Feb. 29 1936 the debt margin was
$2,392,221.26.
Authorized but unissued bonds on same date totaled
$772,779.67, leaving
net
a
debt
margin
of
$1,619,441.59
to
the
cover
proposed issue.
Sinking Funds Feb. 29 1936
Cash
on
hand
issued
between
Jan.
29
Feb.
and
27
of
1936.
••
against the first
half of 1936
represented
Due
' ,
'
6,000,000 .45% special corporate stock notes/due Nov. 12,1936, awarded
at public sale to the Chase National Bank of New York and
associates at par plus a premium of $420.
5,000,000 1% certificates of indebtedness for home and work relief
purposes.
Due Aug. 3, 1936.
3,000,000 1% obligations similar to the above, due May 1, 1936.
2,000,000 1% additional certificates, maturing Aug. 3, 1936.
taxes.
TO REDEEM $5,000,000 REVENUE NOTES—Frank J. Taylor, City
Comptroller, has announced that he will redeem up to $5,000,000 revenue
1, 1933, on or before April 8. Tenders must in¬
clude the serial numbers and the principal amount of the notes offered for
redemption.
notes of the issue of Nov.
NEW YORK, State of—SUIT FILED AGAINST BUCKLEY ACT—
Constitutionality of the Buckley Act, passed by the Legislature last year
order to give counties more freedom in reducing expenses and which
was adopted by Monroe
County, has been attacked with the filing of a suit
by a taxpayer, according to report.
The suit was filed a day after the
Appellate Division, Fourth Department, unanimously opened the way for
ousting 100 Democrat job holders.
It upheld the right of the county
manager to discharge a deputy county welfare commissioner and other
county employees.
The attorney for the taxpayer is quoted as saying that finances of the
county must be protected and that the county may be faced with suits for
salary in cases of discharge.
He also attacked the validity of various
in
Monroe bond issues.
in bank
or
half of
revenue bills
June 30, 1936.
$1,603,655.25
171,900.00
1,125,000.00
18,255,637.74
22,600,000.00
19,880,000.00
1,791,000.00
5,000,000.00
Home and work relief
General refunding
Tax loan
first
$35,000,000 2%
assessment
and general taxes
were
tration accounted for $3,909,000 of the total, while the balance
the proceeds of the following:
Sinking Funds
(b) Payable from general taxes only_
Utility debt—Water.
bills
agent,
NEW YORK, N. Y.—MARCH FINANCING—
Financing by the city
during the month involved the disposal of obligations having an aggregate
par value of $54,909,000.
Sales of 4% bonds to the Public Works Adminis¬
Amounts in
Outstanding
$48,817,950.11
The
from the syndicate of 26 banks, headed by J. P. Morgan & Co.,
which takes care of the city's short-term financing under the
bankers' agreement of 1933.
The bills were secured by tax payments for
Bonded Debt Feb. 29 1936
...
be retired.
this year
as
the
Tax
April 4 1936
date.
$6,543,674.81
3,638,396.52
Securities (City of Buffalo bonds)
NEW YORK (State of)—PLANS SALE OF BONDS— State
Comptroller
S. Tremaine is reported to be contemplating the announcement
of an offering of bonds. The offering is expected to include
Morris
Total.
-
Amount of term bonds for which sinking funds are provided
Unfunded Debt Feb. 29 1936
Tax anticipation notes
Delinquent
relief and improvement bonds.
$1,500,000.00
None
None
1
None
Warrants
Contracts and unpaid bills
Cash
$18,785,637.74
tax notes
Bond anticipation notes
Bank loans
*
$10,182,071.33
soon
on
hand Feb.
*490,638.34
*1,671,561.59
29, to meet these obligations totaled $6,418,519.30.
Tax Data
rolls of
ensuing fiscal year, and collection enforced in the same manner as
general city taxes.
The Constitution of the State of New York limits the amount to be
raised
by tax in any one year to "2% of the assessed valuation of all
property, inn
addition to providing for the principal and interest on
The city has
existing indebtedness".
never
levied taxes in
excess
of actual requirements in order
margin against delinquencies.
Taxes levied for past four years with amounts collected in each
year of
amounts collected to Feb. 29 1936:
levy, and
IM
1932-1933
1933-1934
1934-1935
$26,591,148.56 $21,262,218.63 $24,614,987.93
613,311.59
434,502.36
350,499.15
General city tax levy
Unpaid local
assessments._
Collect in
year
Uncollected
$27,204,460.15 $21,696,720.99 $24,965,487.08
24,079,558.21
19,136,555.81
22,422,710.50
of levy...
end
at
$71, equal to 100.175. a basis of about 2.07%. Rutter & Co. of New York
were second
high bidders, offering a premium of $156 for 2.20s.
Dated
March 1, 1936.
Due March 1 as follows: $4,000 from 1937 to
and $4,500 in 1946.
of
year of levy
Per cent uncollected
Uncollected Feb. 29 1936.Per cent uncollected
$3,124,901.94
11.5%
$2,560,165.18
$2,542,776.58
11.8%
10.19%
966,375.58
1,033,046.48
1,559,145.72
3.55%
4.76%
6.25%
Taxes levied and amounts collected to Feb. 29, of each
year, present year
compared with three previous years:
1Q11-1Q14
Total levy (as above)
Collected to Feb. 29 of each
year
1014-101 1
101^-IQIfi
$21,696,720.99 $24,965,487.08 $21,646,483.10
18,299,675.93
ROME, N. Y .—BONDS AUTHORIZED -The Borough Council has
authorized the issuance of $345,000 refunding bonds, to be dated March
15 1936, and to mature yearly on Dec. 15 as follows: $19,000, 1937 to
1940;
$22,000,
$3,397,045.06
84.34%
Per cent collected
21,588,906.59
19,450,170.18
$3,376,580.49
86.48%
UNION (TOWN) UNION FREE SCHOOL DISTRICT NO. 5
(P. O.
Johnson City), N. Y.—OTHER BIDS—The $285,000 bonds awarded as
par plus a premium of $1,159.95, equal to 100.407, a basis of
about 2.67%, to a group composed of Adams,
McEntee & Co., Inc.,
Manufacturers & Traders Trust Co. of Buffalo and George D. B. Bon-
bright & Co. of Rochester, were also bid for
as
Burr & Co., Inc. and C. F. Childs & Co
E. H. Rollins & Sons, A. C. Allyn & Co., and
Rutter
AURORA, N. Y.—BOND SALE—'The $13,600
89.85%
coupon
or
reg-
tered bonds described below, which were offered on March 27 were awarded
to the Marine Trust Co. of Buffalo, as
2.20s, for a premium of
to
$41, equal
100.301,
a
Int. Rate
-
Blyth & Co., and Roosevelt & Weigold, Inc
Trust
Co
.
Phelps, Fenn & Co
-
Edward B. Smith & Co_
UTICA,
N.
$286,501.95
2.75%
285,963.30
285,969.00
2.80%
Halsey, Stuart & Co
2.90%
286,115.53
2.90% Premium $752
3%
Rate 100.42
3%
$285,680.01
3%
285,225.15
Y.—CERTIFICATE
ISSUE
OFFERED
FOR
SALE—
Thomas J. Nelson, City Comptroller, will receive sealed bids until noon
on April 8 for the purchase of
$1,006,000 tax anticipation certificates of
indebtedness.
Dated April 10, 1936.
Denom. $50,000.
Due Aug. 10.
1936.
Rate of interest to be named in the bid.
Certificates payable at
Chemical Bank & Trust Co., New York City, and will be
the
to
approved
legality by Clay, Dillon & Yandewater of New York City.
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
KIRCHOFER
one for $600.
Dated April 1, 1936.
Principal
(April 1 & Oct. 1) payable at the Bank of East
Aurora, the Marine Trust Co., Buffalo, or at the Manufacturers & Traders
Trust Co., Buffalo, at holder's option.
Other bidders were:
&
ARNOLD
INCORPORATED
RALEIGH, N.
C.
A.
T.
T.
TELETYPE
RLGH
80
Direct Private Wire to Pask & Walbridge our New York
Correspondent
NORTH
Denom. $1,000, except
and semi-annual interest
CAROLINA
BEAUFORT COUNTY (P. O. Beaufort), N. C.—BONDS
APPROVED
—The Local Government Commission is said to have
approved the issu¬
ance of $23,500 in refunding bonds to care for school
notes.
Int. Rate
Bacon, Stevenson & Co., New York
Manufactures & Traders Trust Co., Buffalo
Erie County Trust Co., East Aurora
HEMPSTEAD
—
Bancamerica-Blair Corp., and Bacon, Stevenson &
Co
Workers
Amount Bid
2%%
-
basis of about 2.11%:
$6,000 debt equalization bonds.
Due $2,000, April 1, 1940, and $4,000,
April 1, 1941.
7,600 general funding bonds.
Due $1,600, April 1, 1937, and $2,000 on
April 1 in 1938, 1939 and 1940.
Name—
follows:
$2,196,312.92
DEPEW, N. Y.—BOND SALE—-The issue of $18,000 coupon or reg¬
istered debt equalization bonds offered on March 28 was awarded to the
Manufacturers & Traders Trust Co. of Buffalo, as 4s.
Dated April 1
1936.
Due April 1 as follows: $500, 1940 and 1941; $1,000,
1942; $6,000,
1943 and 1944.
EAST
1941; $19,000, 1942 to 1954.
TANNERSVILLE, N. Y.—BONDS VOTED—On March 17 the residents
of the village voted 95 to 19 in favor of a proposition to issue
$33,000 park
bonds.
as
Uncollected
1945, incl.,
ONEIDA, N. Y.—BOND SALE—The $121,000 coupon or registered
bonds offered on April 2—V. 142, p. 2034—were awarded to
Halsey, Stuart & Co., of New York, on a bid of 100.197 for 2.60s, a basis of
about 2.59%. Dated Dec. 1 1935.
Due Dec. 1 as follows: $3,000, 1936 to
1948; $4,000, 1949 to 1951; and $5,000, 1952 to 1965.
&Co_
Total to collect
regis¬
tered emergency relief bonds offered on March 31—V. 142. p. 1868—was
awarded to Halsey, Stuart & Co. of New York at 2.10%, for a premium of
2.70s, at
Tax Collection Data
„
coupon or
hospital
Taxes for fiscal year beginning July 1 1935, are due
July 1 1935, one-half
of which may be paid
during the month of July without penalty and onehalf during the month of December without
penalty.
No discounts for
prepayment are allowed.
All unpaid taxes are sold
annually about June 1.
Local taxes due and
unpaid on March 1 of each year are spread and added to general
city tax
to provide a
$20,000,000
0
ONEIDA, N. Y.—BOND SALE—The issue of $40,500
UNION
FREE
SCHOOL
Amount Bid
2.25%
2.70%
$13,620.40
13,625.98
13,625.00
—The Local Government Commission is said to have
approved the issuance
of $234,000 in bonds, divided as foHows:
28
COLUMBUS COUNTY (P. O.
Whitevil'e), N. C.—NOTE SALE DE¬
TAILS—In connection with the sale of the $9,000 notes to the
Farmers &
Merchnats Bank of Tabor, at 2.90%—V. 142,
p. 2202—we are advised
hat the notes are dated March 18 1936, and mature on June
14 1936.
2.75%
DISTRICT
NO.
(P.
O.
Long Beach), N. Y.—BONDS NOT SOLD—No bids were received at the
offering on April 2 of $861,000 not to exceed 6% interest coupon or regis¬
The district is expected to re-offer the issue at an early
tered school bonds.
CHATHAM COUNTY (P. O.
funding
bonds.
Pittsboro), N. C.—BONDS APPROVED
$209,000 school, and $25,000
Financial
Volume 142
ALAMANCE
COUNTY
(P.
O. Graham),
N. C.—FINANCIAL
STATEMENT—The following statistical information is furnished in
connection with the offering scheduled for April 7, of the $226,000 not to
exceed 4% semi-ann. coupon school building bonds, report on which was
given in these columns recently—V. 142, p. 2202:
Financial Statement March 1, 1936
Outstanding Debt
$1,568,500.00
County bonds
Bonds now offered
Bonds assumed by county (school district)
School notes (State of North Carolina)
Revenue anticipation notes
2375
Chronicle
226,000.00
49,000.00
159,750.00
$2,149,290.78
Sinking Fund
$17,001.95
5,374.66
Cash
Real estate
238,698.21
7,979.68
26,571.79
Uncollected—prior years.
Estimated actual valuation
;*
■
1934-1935
1935-1936
$28,214,683.00
$29,915,862.00
$30,039,523.00
.98
.95
.95
306,672.94
17,794.14
valuation
316,544.26
38,616.71
Rate per $100
Amount levied
Amount
uncollected
Uncollected prior years._
Estimated actual property
317,515.10
151,684.59
53,548.91
53,000,000.00
valuation
Outstanding Including Bonds now Offered
1935-36
$8,000
1944-45
$48,000
1953-54
$91,000
1936-37
17,000
1945-46
88,500
1954-55
77,000
1937-38
37,000
1946-47
56,500
1955-56
102,000
1938-39
38,000
1947-48
60,500
1956-57
107,000
1939-40
41,000
1948-49
72,000
1957-58
112,000
1940-41
43,500
1949-50
60,000
1958-59
*320,000
1941-42
43,500
1950-51
76,000
1959-60
56,000
1942-43
43,000
1951-52
82,000
1960-61
20,000
1943-44
48,000
1952-53
86,000
1961-62
10,000
*
Includes $200,000 term bonds for which sinking fund is being main¬
Maturity of Bonds
.nA ftnn
$30,000,000.00
35,000.
WAKE FOREST, N. C.—NOTE SALE—A $5,000 issue of tax anticipa¬
tion notes is reported to have been purchased recently by the Durham
Population: 1930 U. S. census,
Loan & Trust Co. of
30,216; estimated present,
Durham at 5%.
NORTH
DAKOTA
GOLDEN GLEN SCHOOL DISTRICT
BONDS VOTED—On March 23 the residents
of tan
issue of $22,000 school
(P. O. Edgeley), N. Dak.—
of the district voted in approval
building bonds.
COUNTY (P. O. Mohall), N. Dak.—BONDS SOLD—
of court house bonds was purchased by the State
RENVILLE
of University and
the County Auditor.
School Lands, according to
Taxes
1933-1934
Assessed
1-00
246,106.43
70,157.18
241,019.91
18,545.70
A $25,000 issue
$27,630.82
Total sinking fund
1935-36
$23,372,388.00
1.00
Amount uncollected
5,254.21
Real estate mortgages
1934-35
$22,924,091.00
1.00
Rate per $100
Amount levied
146,040.78
Total debt
1933-34
$22,853,220.00
Taxes—
Assessed valuation
STARK COUNTY
(P. O. Dickinson),
$95,000 coupon courthouse
Board
SALE—The
March 28—V. 142.
Allison-Williams Co.;
West
3Hs,
3.46%. H. E.
Dated
and
N. Dak.—BOND
and jail bonds offered on
1869—were awarded to a group composed of the
the Wells-Dickey Co.; the Northwestern National Bank, and Thrall
& Co., of Minneapolis, and Harold E. Wood & Co., of St. Paul, as
for a premium of $525, equal to 100.552, a basis of about
Mueller, of Hazen, was second, offering a premium of $500 for 3J^s.
March 1 1936.
Due $5,000 yearly on March 1 from 1938 to 1954;
$10,000 March 1 1955.
p.
.
MITCHELL, HERRICK &
700
tained.
Population, U. S. Census, 1930,
42,140; estimated present, 50,000.
CABARRUS
COUNTY
(P.
O.
STATEMENT—Kirchofer & Arnold,
Concord),
N.
MUNICIPALS
OHIO
AKRON
CANTON
C.—FINANCIAL
Inc. of Raleigh, have prepared the
following statement showing the county's financial condition as of Dec. 31
OHIO
1935:
Valuations, Tax Levies and
Collections
1933-1934
$95,106
12,481
9,423
$250,207
250,531
234,420
$38,525,212
38,683,437
36,176,726
1934-1935
Uncollected
Levy
Valuations
1935-1936.
Outstanding Debt
*
$1,239,550.00
50,936.10
Total debt
Deductions—'Sinking funds
1937-4028 1947-53280 195-02876
$1,188,613.90
Net debt
*
Includes State loans for
school purposes.
Per capita net debt
Ratio of net debt to assessed
valuation.
Population 1930 census, 44,331.
Tax rate
$26.81
3.2%
1935-36, $.61.
$45,000 school building bonds.
Greensboro), N. C.—BONDS AUTHOR¬
meeting passed an ordinance
authorizing the issuance of $495,000 school bonds.
GUILFORD COUNTY (P. O.
IZED—The County Commissioners at a recent
MONROE,
C.—BOND OFFERING
N.
NOT SCHEDULED—We are
E. Easterling, Secretary of the Local Government Com¬
mission, that no definite action has been taken as yet in regard to the
issuance of the $170,000 not to exceed 6% semi-annual refunding bonds
mentioned in these columns recently—V. 142, p. 2202.
informed by W.
MONTGOMERY COUNTY (P. O. Troy), N.
—The issuance of $25,000 in
C.—BONDS APPROVED
refunding bonds is said to have been approved
by the Local Government Commission.
NORTH CAROLINA,
State of—REPORT
ON
TAX RECEIPTS—
than on the corresponding date in 1935.
He said
collection, although rates are higher now, would not exceed
peak year 1929, however.
Tax resistance in North Carolina has been shifted from local governments
to the State Government because the State has been forced to assume the
most expensive functions of public service formerly maintained by local
units, Mr. Maxwell reports.
Four years ago, he said, local taxes were
four times as much as States taxes.
The levies were $14,159,838 county
and city and $3,181,000 State.
Five years ago the county and city taxes were $65,354,302 and the State
$36,776,964, but last fiscal year local taxes had dropped about $20,000,000
to $35,571,031 while State taxes had increased to $50,292,799.
This fiscal
year State expenses were set at $63,518,774.
"The State is now carrying the major part of the tax load not because it
is extravagant," Mr. Maxwell said, "but because it has assumed the major
responsibilities of schools and roads to relieve the burden of local taxes."
Monday, were greater
tax
those of the
STANLY COUNTY
(P. O. Albemarle), N. C —BOND OFFERING—
11 a. m. on April 7, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of two issues of coupon or registered bonds aggregating
$242,000, divided as follows:
Sealed bids will be received until
$209,000 school bonds.
Due on April 1 as follows: $6,000, 1939 to
$lo,000, 1946 to 1950; $25,000, 1951; $10,000, 1952 and
$15,000, 1954 and 1955, and $17,000 in 1956.
33,000 jail bonds.
Due $3,000 from April 1 1938 to 1948, incl.
Interest
rate is
1945;
1953;
exceed 4%, payable A. & O.
Denom. $1,000.
A separate bid for each separate issue (not less than
not to
Dated April 1, 1936.
and accrued interest) is required.
Bidders are requested to name the
multiples of
of 1%: each bid may name not more than two rates
for each issue.
Principal and interest payable in lawful money in New York
City.
No bid for less than all of the bonds will be considered and all bids
must be on a form furnished by the above Secretary.
The approving
opinion of Reed, Hoyt & Washburn of New York will be furnished.
A
certified check for $4,840, payable to the State Treasurer, must accom¬
pany the bid.
Financial Statement March 1, 1936
Outstanding Debt.
County bonds
$1,442,000.00
District school bonds (assumed by county)
181,000.00
par
rate in
Bonds now offered
Notes
(State of North Carolina school)
Tax anticipation notes_;
242,000.00
154,950.00
85,000.00
$2,104,950.00
Total debt
Sinking Fund.
Stanly County bonds
$39,000.00
C., bonds
Due from N. C. State Highway and Public Works Comm
24,000.00
202,645.66
Town of Albermarke, N.
Cash
Total sinking
Maturities
1936-37
fund
of Bonds Including Bonds Now Offered.
1945-46
$89,000
$76,000
69,000
65,000
74,000
77,000
77,000
99,000
81,000
1944-45
279,000
1946-47
85,000
84,000
82,000
81,000
79,000
64,000
62,000
50,000
1954-55
ASHTABULA COUNTY (P. O. Jefferson),
12 primary election a proposal to
—At the May
Ohio—BOND ELECTION
issue $111,400 relief bonds
will be voted upon.
BELOIT VILLAGE SCHOOL DISTRICT, Ohio—BOND
election to be held on April 3 a proposition to issue
building improvement
BEREA,
Ohio—BONDS
the issuance of
City Council
ELECTION
$13,900 school
for approval.
bonds will be submitted to the voters
AUTHORIZED—An ordinance authorizing
plant bonds was adopted by the
$18,000 sewage disposal
recently.
FEDERAL
of
Vice-President of
decided
so-called
BROOKLYN, Ohio—PLANS REFINANCING UNDER
BANKRUPTCY MEASURE—The protective committee for holders
village bonds, the chairman of which is James Kase,
Johnson, Kase & Co. of Cleveland, announces that the village has
to seek a refinancing of its indebtedness under the provisions of the
Federal Municipal Debt Readjustment Act.
The committee has tenta¬
tively approved the program proposed by the village and has
acceptance of the plan in writing of holders of 51 % of the outstanding
obtained the
bonds
municipality, this being the amount required by the Federal Act to
permit action pnder the Federal legislation.
Holders of 75% of the
debtedness involved must make written approval before the plan can
become effective and binding on all creditors, assuming it is first sanctioned
by the Court. Believing the plan proposed the best available and the one
most likely to restore the village's debt structure on a sound basis, the
committee urges all creditors to cooperate in putting the program into effect
by forwarding their bonds, together with the proper letter of
to its depository, the Cleveland Trust Co., Cleveland.
The village has a total bonded debt of $1,119,068.34 and, in addition, has
outstanding $65,500 notes issued in anticipation of long-term financing.
Refunding bonds have been authorized by the Ohio Tax Commission in
amount of not more than $1,184,500. The unfunded debt of about $70,000
is not involved in the plan and this sum, it is said, is expected to be reduced
to approximately $20,000 through negotiations by the village with the
creditors.
The village has a tax valuation of $5,069,680.
of the
Showing an increase over last year's figures, State income tax receipts
for the fiscal year through noon March 16 totaled $5,559,302.
Receipts
for the month amounted to $3,818,203.
Commissioner of Revenue A. J.
Maxwell said income and sales tax receipts, which were due simultaneously
income
of
less
$1,000.
payable
the
New York,
incl.
AKRON, Ohio—BOND OFFERING—Don H. Ebright, Director
Finance, will receive bids until noon April 20 for the purchase at not
than par of $30,000 4% park and playground bonds.
Denom.
Dated April 1, 1936. . Principal and annual interest (April 1)
at
City Treasurer's office, or at the Chase NatPnal Bank, in
at holder's option.
Due $5,000 yearly on Oct. 1 from 1937 to 1942,
Certified check for 2% of amount of bonds bid for, payable to the Director
of Finance, required.
—At an
GRANVILLE COUNTY (P. O. Oxford), N. C.—BONDS AUTHOR¬
IZED—The Board of County Commissioners on March 16 voted to author¬
ize the issuance of
SPRINGFIELD
COLUMBUS
CINCINNATI
CO.
CLEVELAND
CUYAHOGA BUILDING,
11,585.38
$277,229.04
in¬
transmittal,
Briefly the plan as
No reduction in the
announced by the committee
principal amount of the
contemplates:
bonded debt, but an exchange
1936,
dollar of existing bonds for 30-year bonds dated June 1,
subject to call on any interest-paying date and bearing interest upon a
graduated scale, 2% for the first five years, 3% for
next
years,
4% for the third five years and 5% thereafter until
A cash payment equal to six months' interest upon the outstanding
at the original rate borne by such bonds, respectively, and the waiving
all other past-due interest.
The payment by the municipality of the expenses of the committee,
those heretofore incurred and those incurred in connection with the
out of this plan, which will enable the committee to reimburse those bond¬
holders who have heretofore paid their assessment and call for no further
out-of-pocket expenses by bondholders.
The payment forthwith into the sinking fund of six months' interest
take care of the next maturing interest instalment.
And whenever an amount equal or exceeding $5,000 is available in the
sinking fund above the next interest instalment, that the same shall
toward the reduction of the principal first by calling for tenders, and
bonds are not tendered below par, by the calling of bonds at par by lot.
dollar for
the
five
maturity.
bonds
of
both
carrying
to
be used
if
spreading of all of the assessments, both delinquent and
The
so/ as to allow
and to enable
a greater period of time within
the property owners to dispose
unmatured,
which to pay the assessments
of the property as the market
develops.
BRYAN,
4H% municipal electric
27—V. 142, p. 1869—
March 1 1936 and
and Aug. 1 from 1938 to 1946 inc.
Ohio—BOND SALE—The $18,000
light and power system impt. bonds offered on March
were sold to C. L. Newcomer, local investor.
Dated
due
$1,000 on Feb. 1
TO
4%
follows: $8,000
Principal
BUTLER COUNTY (P. O. Hamilton), Ohio—BONDS SOLD
PWA—The Public Works Administration has purchased $124,000
highway bonds.
Dated March 1, 1936. Due Nov. 1 as
from 1937 to 1947, incl., and $9,000 from 1948 to 1951, incl.
and interest (M. & N.) payable at the County Treasurer's office.
CANTON TOWNSHIP
BOND
to
May
SCHOOL DISTRICT, Stark County.
Ohio—
decided to ask the voters
building bond issue at the
ELECTION—The Board of Education has
proposed $114,000 high school
12 primaries.
approve
a
CINCINNATI,
Ohio—NOTICE
OF
RESCINDMENT
OF
BOND
OFFERING—Henry Urner, City Auditor, in an announcement concerning
postponement of the proposed sale of $2,841,000 2 J^% Southern
Ry. refunding bonds, previously noted in these columns, stated as
"Since mailing to you the notice of sale on April 9, 1936 of $2,841,000.00
the
$50,000
52,000
35,000
35,000
35,000
35,000
25,000
25,000
follows:
determined
City of Cincinnati (Southern Ry.) refunding bonds, it has been
to rescind the sale.
The reason for such action is the fact that an amend¬
ment to Section 2295-6 of the General Code of Ohio which would remove
all doubt as to the status of the refunding bonds will not become effective
until May 5, 1936.
These bonds will again be offered for sale prior to the
next interest payment date of the bonds to be called and retired with the
proceeds of the above bonds,
such date being Nov. 1,1936."
;>
2376
Financial
Chronicle
CIRCLEVILLE, Ohio—BOND SALE—The $13,000 street
improvement bonds offered
to Prudden
&
Co.
on
of Toledo.
and sewer
March 28—V. 142, p. 1869—were awarded
Dated Aug. 14, 1935, and due $1,000 on
July 1 from 1938 to 1950, incl.^Midl
«
CONNEAUT, Ohio—BONDS AUTHORIZED—The City Council
cently adopted
funding bands.
-
ordinance
an
authorizing
the
issuance
of
$70,600
re¬
debt
'
"MILFORD, Ohio—BONDS VOTED—An $18,000 bond issue
CUYAHOGA COUNTY (P. O.
Cleveland), Ohio—BOND OFFERING
H. Stahler, Clerk
of the Board of County
Commissioners, will
will receive bids until 11a.m.
April 24 for the purchase at not less than par
of $8,700 4M% special assessment
sewer and water
supply impt. bonds.
Denom. $500, except one for $700.
Dated Nov. 1 1933.
Prin. and semiann. int. (A. & O.
1), payable at the County Treasurer's office.
Due $500
yearly on Oct. 1 from 1936 to 1948, except that in 1941 $700 will come
due,
and in the years 1942,
1944, 1946 and 1948 $1,000 will mature.
Certified
check for 1 % of amount of bonds bid
for, payable to the County Treasurer,
required. Approving opinion of Squire, Sanders &
Dempsey of Cleveland
will be furnished by the
county.
'
funds for street improvements
election held on March 24.
—Geo.
nection
with
offering of $1,050,000 emergency
2035:
relief bonds
poor
p.
Financial Statistics
as
on
•
of April 1, 1936
Assessed valuation, 1933 real estate and
public utilities
and estimated personal
tangible
$1,768,415,840.00
Assessed valuation 100% of actual valuation.
current offering of
Purpose of Loan—
Rate
4
-6%
.
1936-56
1936-58
Due
-6%
2M~6%
4M-6%
4M-6%
4
-6%
Poor relief
Roads (county portion)..
Roads (property portion)
Sewer and water
Refunding
Outstanding
$3,089,000.00
8,266,500.00
1936-44
9,924.700.00
3,560,320.99
3,598,179.01
8,102,000.00
13,076.750.00
2,267,000.00
1,550,000.00
1936-52
1936-43
1936-50
3M~6%
1936-50
1M%
Tax anticipation notes
(scrip)
Tax anticipation notes
*1939
1936
'
Dated Feb. 1, 1936.
Interest payable semi-annually.
Due $500 yearly
Feb. 1 from 1941 to 1962, incl.
Certified check for 5% of amount of
bonds bid for, payable to the
village,
on
required.
MOUNT
STERLING, Ohio—BOND SALE—Fox, Einhorn & Co. of
Cincinnati recently were awarded an issue of
$25,000 sewer bonds, as 3Ms,
at par plus a premium of
$26.26, equal to 100.105, a basis of about 3.24%.
Dated Dec. 2 1935 and due $1,000 on Dec. 2 from
1937 to 1961, incl.
NEW PHILADELPHIA, Ohio—BOND
OFFERING—Lester B. Stonebrook, City Auditor, will receive sealed bids until noon on
April 11 for the
purchase of $10,000 4% coupon municipal building bonds.
Dated Dec. 1,
1935.
Denom. $500.
Due $500 on Dec. 1 from 1937 to 1956, incl.
Prin.
and int. (J. & D.) payable at the Citizens National
Bank, New Philadelphia.
A certified check for $100 must
accompany each proposal.
The approving
opinion of Squire, Sanders & Dempsey of Cleveland will be furnished the
OHIO, State of—AVERAGE YIELD OF 30 CITY BONDS FALLS
BELOW 3% FOR FIRST TIME—As a result of
price increases in bonds of
several of Ohio's largest cities
during the week ended
April 2, the average
yield of 30 Ohio cities compiled by Wm. J. Mericka &
Co., Inc., whose
New York office is located at One Wall
Street, fell below 3% for the first
time, standing at 2.99 as compared with 3.00 for the
preceding week.
Average yield for 15 largest Ohio cities declined from 2.99 to 2.98. And for
15 secondary cities from 3.01 to 3.00.
Averages are weighted according
to outstanding debt of each
city.
PHILLIPSBURG SCHOOL DISTRICT, Ohio—BONDS VOTED—
The voters of the district on March 17
gave their approval to the
issuance
$53,434,450.00
Indebtedness^^
„
of special assessments
11,800,179.01
Less notes issued in
anticipation of collection of
delinquent taxes (scrip)
$23,695,879.01
........
Net indebtedness
Population—1920 U.
Population—1930 U.
$29,738,570.99
943,495
1,201,455
S. Census
S. Census
DOVER SCHOOL
DISTRICT, Ohio—BOND
OFFERING RESCINDED
—Ruth Stieber, Clerk of the
Board of Education, announces the cancella¬
tion of the sale scheduled for March
28 of $43,000 4% school
building impt.
bonds, dated April 1, 1936 and due $2,000 each six
months from April 1,
1940 to Oct. 1, 1950 incl. and
$1,000, April 1, 1951. Thev will be reoffered
in the latter part of
April.
Ohio—BOND SALE—The
sinking fund will purchase an
issue of $37,800
4% refunding bonds.
Dated April 1, 1936.
Due Oct. 1
as follows:
$2,800, 1937; $3,000 in 1938 and. $4.000from 1939 to
1946. incl.
Int. payable A. & O.
<
4
|rj
P
FAYETTEVILLE SCHOOL DISTRICT, Ohio—BONDS
VOTED—The
voters of the
district
on
March 24 gave their approval to the
proposed issu¬
$47,000 school building bonds.
v.;.'
FRANKFORT, Ohio—BOND OFFERING—William
•
The
'
■
■
J.
of about
-
:
BancOhio Securities
First Cleveland Corp......
Seasongood & Mayer.
"...
Weil, Roth & Irving Co
Ryan, Sutherland & Co
Fox, Einhorn & Co
Mitchell, Herrick & Co
Stranahan, Harris & Co
;
Assel, Goetz & Moerlein (both issues)
Braun, Bosworth & Co
Bohmer, Reinhart & Co
Prudden & Co..
„
>
Rate
=:
Ohio—BOND
$150
gj
,
IRONTON,
for
OFFERING—Ralph
P.
Mittendorf,
City
Auditor, will receive sealed bids until noon on
April 29 for the purchase of
$375,000 not to exceed 6% interest
refunding water works bonds.
Dated
June 1 1936.
Denom. $1,000.
Due $25,000 on June 1 from 1937 to
1951,
incl.
Principal and interest (J. & D.) payable at the First
National Bank
of Ironton.
The refunding issue will
enjoy the same status of the original
bonds, which were issued in 1916 under
legislation known as the "Bense
Act" and were
payable from an unlimited tax on the
general tax duplicate
and also from water
works system revenues.
Proposals must be accom¬
panied by a certified check for
$3,750, payable to the order of
the city.
LAKE COUNTY (P. O.
May 12 the voters of the Painesville), Ohio—BOND ELECTION—On
county will be asked to approve a Proposed
$50,000 bond issue for poor relief.
.
..Cftwdbtfl
•
-*
-"—I
LIMA, Ohio—BOND ELECTION—A proposal to
issue $52,000 debt
funding bonds will be submitted to the voters for
approval at the May 12
primary election. ,g
i*
i
mi
LISBON, Ohio—BOND
■
SALE—The Peoples State Bank of
Lisbon has
issue of $16,000 water works
bonds.
LUCAS COUNTY (P. O.
Toledo), Ohio—BOND ELECTION—The
County Commissioners on March 28
passed a resolution to
posed $854,000 bonds issue for
primary elections.
^
submit
poor
relief to
the
voters
at
the
a
pro¬
May
12
2M%
2M%
2M%
2M%
2M%
2M%
-
LUCAS COUNTY (P. O.
Toledo), Ohio—BOND SALE—The issue of
$282,000 refunding bonds offered on March
30—V. 142, p. 1869—was
awarded to Otis & Co. of
Cleveland, at 3%, for a premium of $3,203.52,
equal to 101.136, a basis of about
2.91%.
Fox, Einhorn & Co.; Edward
Brockhaus & Co.; Nelson,
Browning & Co., and Grau & Co., all of Cin¬
cinnati, jointly, were second high,
offering a premium of $1,851 for 3s.
Dated March 1,1936. Due March
1,1951; redeemable on and after March 1,
1942.
Rate Bid Premium
Van
Lahr, Doll & Isphording, Inc., Cincinnati
3M%
Stranahan, Harris & Co., Toledo; Mitchell, Herrick &
Co.,
Cleveland, and Johnson, Kase & Co., Cleveland..
3%
Braun, Bosworch & Co., Toledo and Ryan, Sutherland
& Co., Toledo
3M%
Charles A. Hinsch & Co., Inc., Cincinnati;
Middendorf &
Co., Cincinnati; Bohmer, Reinhart & Co.,
Cincinnati,
and
Widman, Holzman & Katz, Cincinnati
3M%
First Cleveland
Corporation, Cleveland and Seasongood
& Mayer, Cincinnati.
3M%
Field, Richards & Shepard, Inc., Cleveland; Bancohio
Securities Co., Columbus, and
Nida, Schwartz &
Seufferle, Inc., Columbus
3%
Prudden & Co., Inc., Toledo;
McDonald, Coolidge & Co.,
Co., Cleveland, and Assel, Goetz & Moerlein,
Cincinnati 3M %
$400.44
follows:
.
439.00
210.00
73.00
54.22
None
102.00
$18,289.66 Special Assessment Issue
Int. Rate
Premium
2%
$3.85
32.92
2 M %
2M%
81.00
2M%
76.81
2 M % See City Portion
2M%
2M%
73.73
187.00
------2M%
2M%
...2M%
131.00
53.04
..
-
...
.......
'
71.00
3%
92.00
3%
32.00
3%
23.78
4%
None
4M% See City Portion
Exchange Bank (Steubenville)
M. Bliss Bowman & Co
The
following companies bid on an "all or none" basis:
Seasongood &
Mayer; Mitchell, Herrick & Co.; Assel, Goetz & Moerlein:
Bohmer. Rein¬
& Co.. and Weil. Roth &
Irving Co.
hart
STRASBURG, Ohio—BONDS SOLD TO PWA—The Public Works
Administration has purchased $6,500
4% municipal building bonds at par.
Dated Sept. 1, 1935.
Denom. $500.
Due $500 on Sept. 1 from 1937 to
1949. incl.
fllE
*4
STRUTHERS, Ohio—BONDS AUTHORIZED—The City Council
adopted
an
has
ordinance authorizing the issuance of $27,000
refunding bonds.
SYLVANIA,
recently
adopted
Ohio—BONDS
a
resolution
refunding bonds.
TOLEDO SCHOOL
AUTHORIZED—'The
Village Council
authorizing the issuance of $28,905.92
DISTRICT, Ohio—NOTE SALE—Tax
anticipa¬
tion notes in the amount of
$254,000 have been sold by the Board of Edu¬
cation to the Ohio Citizens Trust Co. of
Toledo on a 2M% interest basis.
The notes will mature
by Feb.
1,
1937.
-
j
3
r.
Int. Rate
Prudden & Co
_n
2M%
2M%
PURPOSES—The city is considering a diversion of
water works
department revenues to meet general
operating expenses in 1936, according
to report.
Some doubt exists as to the
legality of such a move and Law
Director Martin S. Dodd has been
asked for a decision on this
VINTON
COUNTY (P. O.
McArthur), Ohio—BOND ELECTION—
the May 12 primary election a
proposal to issue $19,600 poor relief
bonds will be submitted to the voters for
approval.
At
j
WOODWARD, Okla—BONDS VOTED—At
2,545.77
1,636.00
Premium
$38.85
34.00
an
election held
on
March
25, the voters are said to have
approved( the issuance of $35,000 in park
improvement bonds, to be used in connection with a
Public Works Ad¬
ministration grant.
OKLAHOMA
481.00
Ml
Seasongood & Mayer
120.96
126.86
281.00
point.
1,156.20
3,078.00
MADISON COUNTY (P. O.
London), Ohio—BOND SALE—The
$9,000 emergency poor relief bonds offered on March
30—V. 142, p. 1869—
were awarded to
Cool, Stiver & Co., of Cleveland, as 2Ms, for a
premium
of $78.99, equal to
100.877, a basis of about 2.05%.
Dated April 1 1936.
Due yearly on March 1 as follows:
$900, 1937; $1,000, 1938 and 1939;
$1,100, 1940 and 1941; $1,200, 1942; $1,300.
1943; and $1,400,_1944._^_
were as
138.00
TOLEDO, Ohio—PROPOSES WATER FUNDS FOR
GENERAL OPER¬
ATING
Other bidders were:
Bidder—
Other bids
Bidder—
269.00
169.66
3%
3%
*3%
3%
4%
4M%
Provident Savings Bank & Trust Co
^
F
$100.10
62.57
8.85
301.00
2M%
•
BancOhio Securities Co
Byan, Sutherland & Co
First Cleveland Corp
Assel, Goetz & Moerlein
Fox, Einhorn & Co
Mitchell, Herrick & Co J
Weil, Roth & Irving Co
Stranahan, Harris & Co
Braun, Bosworth & Co
Bohmer, Reinhart & Co
Prudden & Co
Nat'l
Premium
.......-2M%
Provident Saving Bank & Trust Co
Exchange Bank, Steubenville
M. Bliss Bowman & Co.
(both issues)
Bidder—
Certifiea check
each issue.
debt funding bonds
$41,710.34 City Portion Issue
Bidder—
Seasongood & Mayer
semi-annually.
on
to
STEUBENVILLE, Ohio—OTHER BIDS—The following is a complete
list of the bids submitted for the
two issues of bonds which were awarded
on March ?25 to the BancOhio
Securities Co. of Columbus, as noted in our
issue of March 27:
Denom. $100.
required with bid
March 1 from 1937 to 1948.
Int. payable
"for"
Toledo,
2.42%.
Nat'l
an
349
was
March 30—V. 142, p. 1869—were awarded to
Ryan, Sutherland
as 2Ms, for a premium of $238, equal to
100.475, a basis
Cool, Stiver & Co. of Cleveland were second high with
an offer to
pay a premium of $485-63 for 2Ms.
Dated April 1, 1936.
Due
$6,000 yearly on April 1 from 1938 to 1945, and
$7,325 April 1, 1946.
on
& Co. of
Price, Village
Clerk, will receive bids until noon April 18 for the
purchase of the following
5% bonds:
$1,200 sanitary sewer bonds.
Dated Sept. 15, 1935.
Due $100 yearly
on Sept. 15 from
1937 to 1948.
1,200 water system impt. bonds.
Dated Nov. 1,1935.
Due $100 yearly
on
purchased
vote
SANDUSKY, Ohio—BOND SALE—The $55,325
offered
ance of
proposed
$15,000 school building bonds.
PORTSMOUTH, Ohio—BOND
2,267,000.00
Deductions applicable to gross funded debt
ELYRIA,
cf
SALE—The $117,500 coupon special
assessment improvement bonds offered on
April 2—V. 142, p. 2035—were
awarded to Seasongood &
Mayer;
Van Lahr, Doll & Isphording, and
Chas. A. Hinsch & Co., all of
Cincinnati, as 3 Ms, for a premium of $188.85,
equal to 100.161, a basis of about 3.48%.
The National Bank of Ports¬
mouth was second,
offering a premium of $1,175 for 3Ms. Dated May 1,
1936. Due $12,500, Oct. 1,
1943; and $15,000 yearly on Oct. 1 from 1944 to
1950, incl.
Less poor relief bonds
payable from excise tax
on public utilities
$5,019,000.00
Less poor relief bonds
payable from selective
sales taxes
4,609,700.00
Less bonds issued in
anticipation of collection
____
an
Clerk, will receive bids until noon April 30 for the purchase at not less than
of $11,000 4% waterworks mortgage revenue bonds.
Denom. $500.
54 "against."
♦Callable.
Gross Funded
20 at
>
$1,050,000.00)
4
-
Buildings
Bridges,
provX
to
a vote of 798 to
successful bidder.
Funded Indebtedness
(Including
approved by
par
con¬
the
was
MORRISTOWN, Ohio—BOND OFFERING—Sadie Hamilton, Village
CUYAHOGA COUNTY (P. O.
Cleveland)Ohio—FINANCIAL
STATEMENT—The financial statement given below is released in
April 10—V. 142.
April 4 1936
MARION COUNTY (P. O.
Marion), Ohio—BOND SALE—The $16,000
poor relief bonds offered on March 30—V.
142, p. 1869—were awarded to
Cool, Stiver & Co. of Cleveland as 2Ms, at par plus a premium of
$144.83,
equal to 100.87, a basis of about 2.06%.
Dated March 1, 1936 and due
serially on March 1 as follows: $1,700, 1937; $1,800, 1938;
$1,900, 1939;
$2,000, 1940; $2,100, 1941; $2,200, 1942; $2,300 in 1943 and $2,500 in 1944.
COTTON COUNTY SCHOOL
DISTRICT NO. 101 (P. O.
Temple).
Okla.—BOND OFFERING—It is stated
by A. R. Jarrett, Superintendent
of Schools, that he will receive
sealed bids until 2 p. m. on
April 10, for the
purchase of a $20,000 issue of school
bonds.
These bonds were
approved
by the voters on March 17.
ENID SCHOOL DISTRICT
(P. O. Enid), Okla.—BOND
ELECTION
an election will be
held on April 7 in order to
have the
proposed issuance of $250,000 in school
building bonds.
~
ERICK SCHOOL DISTRICT
(P. O. Erick), Okla.—BOND SALE—
It is reported by the President
of the Board of Education
that $10 957
5 M % semi-ann.
funding bonds have been purchased by Calvert &
Canfield.
of Oklahoma City.
—It is reported that
voters pass on the
*
Financial
Volume 142
2377
Chronicle
incl. and $5,000 from
$2,000 from 1947 to 1951
OREGON
to name the interest rate
Ore.—BOND REFUNDING AUTHORIZED—The State
approved a plan recently whereby the city
will refund more than $3,000,000 bonds under the National Bankruptcy
Act.
It is said that interest rates will be cut from 6% to as low as 1%,
but again increased, on a graduated scale, to 5%.
It is understood that the
par value of the bonds will not be changed but the maturities will be ex¬
ASTORIA,
Bond Commission is said to have
tended 30 years.
DISTRICT NO. 64 (P. O. Oregon
City), Ore.—BOND SALE— The $8,000 issue of coupon school bonds
offered for sale on March 20—V. 142, p. 1870—was awarded to Hess,
Tripp & Butchart, of Portland, as 334s, at a price of 100.18, a basis of
about 3.73%.
Dated March 1, 1936.
Due from March 1, 1938 to 1956,
incl.
The second highest bid was an offer of 100.25 on 4s, submitted by
CLACKAMAS COUNTY SCHOOL
the First State Bank
of Milwaukee.
Ore.—BOND OFFERING—
April 13, by A. O. Mosier,
exchange of $76,000 refunding bonds,
for the purpose of redeeming or exchanging a like amount of bonds now
outstanding, dated Aug. 1 1921, and now subject to redemption.
GRANT COUNTY (P. O. Canyon City),
Sealed bids will be received until 2 p. m. on
County Treasurer, for the sale or
SCHOOL DISTRICT NO. 5 (P. O. Harrisburg),
Ore.— WARRANT SALE—The $2,500 issue of warrants offered for sale
on March 31, was purchased by the Federal Security Co. of Portland, as
3Hs, according to report.
Dated April 1, 1936.
Due on April 1, 1939.!
The $3,000 issue of School District No. 42 bonds offered for sale at the
same time, was also purchased by the Federal Security Co. of Portland, as
334&. it is said.
Dated April 1, 1936.
Due $1,000 from April 1, 1939 to
1941, incl.
LINN
COUNTY
Ore—BOND OFFERING—William B. Adams, City Re¬
corder, will receive bids until 8 p. m., April 13 for the purchased $5,000
5% refunding sewer bonds.
Dated April 30, 1936.
Certified check for
Milwaukie,
2%, required.
OSWEGO,
Ore.—BOND OFFERING—We are informed by
the City
until 8 p. m. on April 11 for the pur¬
$77,000 issue of sewage.system bonds.
Interest rate is not to
exceed 4%, payable semi-annually.
Due as follows: $3,000, 1937 to 1942;
$4,000, 1943 to 1948, and $5,000, 1949 to 1955, all incl.
These bonds were
approved by the voters on Jan. 3, by a count of 176 to 42.
Dated April 15, 1936.
The approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland will be furnisopd. A certified check for
$1,600, must accompany the bid.
Clerk that he will receive sealed bids
chase of
a
,
WASHINGTON
COUNTIES UNION HIGH
SCHOOL DISTRICT NO 22-JT
CLACKAMAS
AND
SCHOOL DISTRICT NO. 9-JT AND
O. Sherwood), Ore.—BONDS SOLD—The $30,000 issue
school bonds offered for sale on March 30—V. 142, p.
purchased by the Citizens Bank of Sherwood.
Dated April
Due from April 1. 1939 to 1955, inclusive.
(P.
semi-ann.
was
of 3%
2036—
1 1936.
in a multiple of 34 of
1952 to 1961 incl. Bidder
Principal and interest
1 %.
certified
(M. & N.) payable at the Farmers National Bank, Ephrata.
A
check for 2% of the issue must accompany each proposal.
The approving
opinion of Townsend, Elliott & Munson of Philadelphia will be furnished
the successful bidder.
KANE SCHOOL
102.11, basis of about 2.82%.
second, offering a premium of
to 1955, incl.
LATROBE
Halsey, Stuart & Co. of New
$1,288.96. Due $4,000 yearly
SCHOOL DISTRICT, Pa .—BOND ELECTION—At
April 28 the voters of the district will pass on
LEMOYNE
DISTRICT, Pa.—BOND SALE— On
$30,000 3% school bonds to the Valley
a premium of $201, equal to 100.67.
SCHOOL
the district sold an issue of
Bank of Chambersburg
LIMESTONE TOWNSHIP
SCHOOL DISTRICT (P. O. New
of Internal Affairs.
ment
OLYPHANT. Pa .—BOND
OFFERING—Peter Metrinko, Borough
for
2%, payable to the order
of the Borough Treasurer, must accompany
each proposal.
They will be issued subject to the
of Townsend, Elliott & Munson of Philadelphia.
OFFERING—C. E. Landis, Borough Secretary,
Pa .—BOND
PENN,
favorable legal opinion
8 p. m. April 6 for the purchase at not less than par
registerable as to principal, bonds. Bidders are to name
a single rate of interest for the issue, making choice from 3%, 334 %, 334 %.
334%, 4% or 434%. Denom. $1,000. Dated May 1, 1936. Interest pay¬
able semi-annually.
Due $1,000 yearly on May 1 from 1943 to 1955, incl.
Certified check for $500, payable to the Borough Treasurer, required.
Approving opinion of Burg win, Scully & Churchill of Pittsburgh will be
furnished to the purchaser.
The borough will print the bonds.
will receive bids until
of $13,000 coupon,
PENNSYLVANIA
(State of)—BOND
ISSUES APPROVED—The fol¬
the local bond issues
approved recently by the
of issue and the date of
approval:
Date
St., Philadelphia
Pa .—BOND
SALE—The
$65,000 bonds described below, which were offered on March 30—V. 142,
p. 2036—were awarded to Yarnall & Co. of Philadelphia as follows:
$41,000 debt funding and improvement bonds as 234s, for a premium of
$261.17 equal to 100,637, a basis of about 2.71%.
Due May 15, as
follows: $1,000,1945to 1953; $2,000,1954, and$2.500,1955 to 1966.
bonds as 234s, for a premium of $152.88, equal :to 100.637,
basis of about 2.69%.
Due May 15 as follows: $2,500, 1945 to
24,000 refunding
1953; and $1,500, 1954.
registerable^as to principal only.iin'denoimInterest payable May 15 and Nov. 15.
Bonds are coupon in form,
each.
BETHLEHEM SCHOOL DISTRICT, Pa.—BOND ISSUE
connection with the recent report in
DETAILS—
these columns of the sale to the
city sinking fund of $202,000 2% coupon non-electoral refunding bonds at
a price of 101.475, we learn that the obligations bear date of April 1, 1936,
are registerable as to principal only and mature on April
1 as follows:
$12,000, 1937 and 1938; $11,000, 1939 to 1946, incl. and $9,000 from
1947 to 1956, incl.
Interest payable A. & O.
Denom. $1,000. Legality
Clifford F.
approved by Townsend, Elliott & Munson of Philadelphia.
Frey is Secretary of the Board of School Directors.
Pa .—BOND
Secretary, will receive bids until 8 p.m.,
4% coupon, registerable as to
CALIFORNIA, Pa.—BOND ELECTION—'The Borough Council has
passed an ordinance providing that a proposal to issue $75,000 street im¬
provement bonds be submitted to the voters at an election on April 28.
SCHOOL
DISTRICT,
Pa .—BOND OFFERING—
Harry G. Lightcap, District Secretary, will receive bids until 8 p. m.
April 16, for the purchase of $19,000 coupon bonds.
Bidders are to name
the rate of interest.
Denom. $1,000.
Dated April 1, 1936.
Interest
CALIFORNIA
1947; and $4,000 on April 1
Certified check for $1,000
payable April 1 and Oct. 1. Due $3,000 April 1,
in each of the years 1948, 1949, 1950 and 1951.
$250,000
Mar. 24
90,000
Mar. 25
14,000
County—Refunding bonded indebtedness
North East Borough School District, Erie County—
Erecting, enlarging, repairing and equipping any
school building in the Borough of North East
Hamburg Borough, Berks County—Refunding bonded
Mar. 25
35,000
SCHOOL
CLAIRTON
DISTRICT,
Pa.—BOND OFFERING—3. W.
McConnell, District Secretary, will receive bids
the purchase of the following coupon bonds:
until 8 p. m. April 13 for
$85,000 school bonds, series 11.
Due $5,000 on April 1 in each
1937, 1938 and 1939, and $10,000 yearly on April
of the years
1 from 1940
to 1946.
Due $5,000 yearly on April 1 from
70,000 school bonds, series 12.
1947
to 1960.
$1,000.
Dated
April
1,
1936.
Certified check for
$3,000
required.
N».The bonds
are
to bear interest at a rate
of not more than 3%, expressed
by the bidder in a multiple of 34 of 1 %.
They will be sold subject to the
approval of the Pennsylvania Department of Internal Affairs and the
favorable legal opinion of Townsend, Elliott & Munson of Philadelphia.
CLIFTON
HEIGHTS,
Pa.—BOND OFFERING—Edward
Borough Secretary, will receive
SCHOOL
R. Quinn,
bids until 8p.m. April 14 for the
of $30,000 2% municipal improvement bonds.
check for 2% of amount of bid, payable to the
DERRY
DISTRICT,
purchase
Denom. $1,000. Certified
Borough, required.
Pa —BOND
OFFERING—H.
M.
Miller, District Secretary, will receive bids until 9 a. m. April 18, for the
purchase of $35,000 3% bonds.
Interest payable April 15 and Oct. 15.
Due $1,000 on Oct. 15 in odd years and $2,000 on Oct. 15 in even years,
from 1937 to 1959rand $1,000 on Oct. 15, 1960.
Certified check for $500
required
EPHRATA SCHOOL
DISTRICT, Pa.—BOND OFFERING—George L.
receive sealed bids until 7 p. m. on April 20
Nies, District Secretary, will
of $60,000 not to exceed 334 % interest coupon, registerable
principal school bonds.
Dated May 1, 1936. Due May 1 as follows:
for the purchase
as
to
School District, Delaware County—
Snowden
Township,
Mar. 25
55,000
Mar. 26
130,000
Mar. 26
indebtedness
20,000
County—Road im-
Allegheny
provements
DISTRICT, Pa.—BOND SALE—The
$97,000 coupon bonds described below, which were offered on March 28—
V. 142, p. 1871—were awarded as 3s to Leach Bros., Inc., of New York,
for a premium of $67.90, equal to 100.07, a basis of about 2.98%:
PHILLIPSBURG
SCHOOL
$70,000 bonds.
27,000 bonds.
Denom.
$1,000. Dated July
1956.
1,1936.
and Julyll.
***_—
NOTE ORDINANCE— Mayor
Interest payable Jan. 1
art
Due June 30,
PITTSBURGH, Pa.—MAYOR VETOES
McNair on March 23 vetoed the ordinance providing for an
for Works Progress Administration projects.
The
city council, it is said, may institute mandamus proceedings to
mayor to sign the ordinance.^.This possibility was discussed at the time
the ordinance was drafted.
nil
M M *4 aal m M al
William C.
issue of $500,000 notes
compel the
SAEGERTOWN SCHOOL DISTRICT, Pa.—BONDS NOT SOLD—
one bid submitted for the $14,000 not to exceed 4% interest school
March 21—V. 142, p. 1871—was rejected. Dated Dec.
1,1935.
'
The
bonds offered on
SAEGERTOWN
SCHOOL DISTRICT, Pa.—BOND OFFERING—
Secretary, will receive bids until 8 p. m. April 20
Bessie M. Smith, District
the
bonds.
purchase of $14,000 Public Works Administration construction
Bidders are to name rate of interest, making choice from 2 34.
234,3.334,331,334 and 4%.
Dated Dec. 1 1935. Interest payable June 1
and Dec. 1.
Due $500 in each of the years from 1936 to 1958, except for
1945, 1948, 1950, 1952 and 1955, in which years $1,000 will come due.
Certified check for $250 required.
STATE COLLEGE
M. M. Babcock,
SCHOOL DISTRICT, Pa .—BOND
District Secretary, will receive
OFFERING—
sealed bids until noon on
April 15 for purchase of $100 000 2, 234, 231, 234, 3, 334, or334% cou on
refunding bonds.
Dated April 15, 1936.
Denom. $1,000. Due
on April 15 from 1940 to 1949, incl.
Bidder to name one rate of interest
on all of the bonds.
They will be registerable as to principal only and issued
subject to favorable legal opinion of Townsend, Elliott & Munson
Philadelphia.
A certified check for 2%, payable to the order of the Ditrict
Treasurer, must accompany each proposal.
$10,000
of
STONYCREEK TOWNSHIP SCHOOL DISTRICT (P. O. Oakjand,
SOLD TO PWA-'The $12,000 4% improvement
March 16—V. 142, p. 1689—were sold to the Public Works
Administration, the only bidder.
Due $500 on April 1 from 1937 to 1960,
R. D. No. 7), Pa .—BONDS
required. '
Denom.
Amount
Mar. 23
for
OFFERING—Fred D. Sayer, Borough
April 17 for the purchase of $28,000
principal, municipal building bonds. Denom.
$1,000.
Dated March 1, 1936.
Interest payable March 1 and Sept. 1.
Due $4,000 yearly on March 1 from 1940 to 1946, incl.
Cert, check for
1% of amount of bonds bid for, required.
BROOKVILLE,
Approved
Refunding bonded indebtedness
East Berlin Borough School District, Adams County
—Erecting, equipping and furnishing additional
school buildings
—
Curwensville
Borough School District, Clearfield
3%,334%.4%and434%. Denom. $1,000. Dated May 1, 1936. Interest
payable May 1 and Nov. 1.
Due May 1 as follows: $8,000, 1944; $2,000,
1945 and 1946; and $1,000, 1947, 1948, 1949 and 1950.
Certified check for
$500 required.»
In
Sec¬
sealed bids until 8 p. m. on April 21 for the purchase of
$215,000 3, 334, 334, 3%, 4. 434, 434, 4% or 5% coupon funding bonds.
Dated May 1, 1936. Denom. $1,000. Due Nov. 1 as follows: $5,000, 19o9
and 1940; $10,000, 1941 to 1943 incl.; $15,000 from 1944 to 1948 incl., and
$25,000 from 1949 to 1952 incl. Bidder to name one rate of interest on the
issue. The bonds will be registerable as to principal only. A certified check
retary, will receive
Aldan Borough
PENNSYLVANIA
nation of $500
Bethle¬
hem), Pa .—BOND OFFERING—W. L. Ferry, Secretary of the Board of
Directors, will receive sealed bids until 2 p. m. on April 11 for the purchase
of $8,000 334% coupon (registerable as to principal) school bonds.
Dated
April 1, 1936. Denom. $500. Due April 1, 1954; redeemable in whole or in
part on April 1, 1938, or on any interest date thereafter. Interest payable
A. & O.
Sale is subject to approval of issue by the Pennsylvania Depart¬
Municipality and Purpose—
State College Borough, Centre County—Acquisition
of works and property of the State College Water
BADEN,
Pa.—BOND OFFERING—George
A.
Blazier,
Borough
Secretary, will receive bids until 8 p. m. April 13, for the purchase of $17,000
coupon bonds.
Bidders are to name rate of interest, making choice from
a
March 3
National
for
Co..
DISTRICT,
an
the
question of issuing $75,000 bonds.
pose
Moncure Biddle & Co.
SCHOOL
to
Pennsylvania Department of Internal Affairs, Bureau of Municipal Affairs.
The information given includes the name of the borrower, amount and pur¬
Commonwealth of
BELLEFONTE
to
York were
from 1940
election to be held on
lowing is a summary of
PENNSYLVANIA
1520 Locust
of $64,000
DISTRICT, Pa.—BOND SALE—The issue
3% school bonds offered on March 30—V. 142, p. 2036—was awarded
E. H. Rollins & Sons of Philadelphia, for a premium of $1,350.40, equal
bonds offered on
incl.
WEST CHESTER SCHOOL
DISTRICT, Pa.—BOND SALE—George
$150,000
1.
E. Snyder & Co. of Philadelphia have been awarded a new issue of
234% bonds, on their bid of 100.576. The bonds mature serially May
1937 to 1965 incl.
The bonds are dated May 1 1936, in $1,000 denoms. and mature serially
on May 1 as follows:
$3,000, 1937 and 1938; $4,000, 1939 to 1945 incl.;
$5,000. 1946; $4,000, 1947; $5,000, 1948 to 1952 incl.; $6,000, 1953; $5,000,
1954; $6,000, 1955 to 1958 incl.; $7,000, 1959; $6,000, 1960; $7,000, 1961 to
1963 incl.; $8,000 in 1964 and $5,000 in 1965.
Interest payable M. & N.
Legality to be approved by Townsend, Elliott & Munson of Philadelphia.
RHODE
ISLAND
NEWPORT, R. I.—NOTE OFFERING—B. F. Downing, City Treasurer,
will receive bids until 5p.m. April 7 for the purchase at discount of $400,000
revenue anticipation temporary loan notes.
Notes will be issued in the
following denominations: 12 for $25,000, 8 for $10,000 and 4 for $5,000.
Dated April 8, 1936.
Due Sept. 4, 1936.
Notes will be authenticated as to genuineness and validity by the First
National Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins,
and all legal papers incident to this issue will be filed with said bank, where
they may be inspected.
Notes will be delivered on or about April 8 at the First National Bank of
Boston, 17 Court Street office, Boston, for Boston funds, and are payable at
the First National Bank of Boston, in Boston, or at the Central Hanover
Bank & Trust Co., in New York City.
11993354
2378
Financial
Chronicle
Financial Statistics
Valuation 1934
Valuation 1935
-$81,653,300
75,737,700
Levy—
Tax titles
Borrowed against
Uncollected
Mar. 23 1934 $178,470.33
Mar. 23 1935
164,109.89
debt—city
Floating warrants
Sinking fund
Sinking fund investment (City of Sioux Falls
bonds)
Appropriation for city
To be derived from:
(a) Taxes
$106.00
Uncollected
$9,857.33
88,989.02
148,685.81
Tax anticipation notes
outstanding—$190,000 in addition to this issue.
RHODE ISLAND, State of
(P. O. Providence)—BOND OFFERING—
Antonio Prince, General
Treasurer, will receive sealed bids until noon on
April 7 for the purchase of $500,000 not
to exceed
3K% interest unem¬
ployment relief bonds.
Dated Sept. 16, 1935.
Denom. $1,000.
Due
Sept. 15, 1940.
They will be issued in either coupon or
registered form,
as desired, and
$1,406,924
1,383,300
1,376,380
Mar. 23 1936
Mar. 23 1936
Mar. 23 1936
(b) Other sources
Tax levies and collections:Of the
taxes levied for 1935
over 95% has been
collected at the present time.
Receipts and expenditures:
Year—
1935.
$3,000,000, of which $1,000,000 have
already been
issued.
The authority is
Chapter 2251 of the Public Laws of 1935.
Interest
is payable
semi-annually. Proposals from other than
banking institutions
in Rhode Island must
check
-
of
be accompanied
by a certified
of the General
Treasurer.
-
-
1934
1933
1932
Rate of taxation, 1936:
coupon bonds may at any time, hereafter be
converted into
at the option of the holder
ofthe bonds are part of a total
registered bonds
authorized issue
April 4 1936
Bonded
1,136,000.00
10,764.86
190,165.15
114,000.00
»
little
a
Receipts
-$1,420,897.95
1,077,154.53
Expenditures
$1,409,654.56
1,025,929.81
960,998.80
1,161,079.28
929,526.92
947,564.78
School..
State.
926,200.00
571,200.00
355,000.00
$12.50
......
....—-—
County-
.
.
.
„
....
..._ .
5.02
13.56
...—-
for
$5,000,
payable to the order
Copy of the opinion of
the Attorney-General of the
State with respect to the
legality of the bonds
will be furnished the
successful bidder.
Total. -i'. w ^
Population last Census, 1930, 33,362.
.
.$31.08
......
TENNESSEE
Southern Municipal Bonds
McALISTER, SMITH
BENTON
& PATE, Inc.
67 BROAD STREET
CHATTANOOGA, Tenn
Power Board
NEW YORK
C.
Authority hook-up.
CHARLESTON, S. C.
SOUTH
COOKEVILLE, Tenn.— BONDS AUTHORIZED—The City Commis¬
sioners recently passed an
ordinance
watermain extension bonds.
CAROLINA
AIKEN, S. C.—BOND CALL—The
City Treasurer
for
is said to be
calling
following bonds:
April 1—-$78,000 4M % water works
bonds, numbered 264 to 341.
Denom. $1,000.
Dated Oct. 1, 1910.
Due on Oct. 1 1950.
On May
1—$30,000 4H% water and
sewerage bonds, numbered 224 to
243, for $500 each, and 244 to
263, for $1,000 each.
Dated
Nov. 2, 1903.
Due on Nov. 2, 1943.
payment at his office the
On
CHARLESTON, S. C —BOND EXCHANGE OFFER—'The
city officials
are
offering to holders of presently
outstanding refunding 4s of 1937-38 an
exchange of new serial bonds. The
offering, which totals $3,350,000 will be
dated April 1, 1936, and
mature $50,000 Jan.
1, 1940-42; $150,000, 1943-63;
and $50,000 in 1964.
The bonds will bear
interest at 4% until April 1,
1939, and at 3% thereafter. The
exchange is to be made under authority
of an Act
recently passed by the General
Assembly. The bonds are expected
to be ready for
delivery on or about Aprli 15, 1936.
FURMAN SCHOOL DISTRICT
(P. O. Furman), S. C.—BOND SALE
—The $8,000 issue of
school bonds offered for sale
on March 31—V.
142,
p. 2037—was purchased
by a local investor, according to the
Chairman of
the Board of Trustees.
Due $500
annually from 1937 to 1952 incl.
ORANGEBURG COUNTY (P.
O.
Orangeburg) S. C .—BOND
OFFERING—It is reported that sealed
bids will be received until
April 7,
by H. E. Moore, Clerk of the Board
of Highway
Commissioners, for the
purchase of an issue of
$190,000 highway bonds.
SOUTH
CAROLINA, State of—TAX RELIEF BILL GIVEN AP¬
PROVAL—The
Senate
—BONDS AUTHORIZED—'The City Electric
March 24 is said to have authorized
Mayor Bass to sell
a municipal distribution
system on a Tennessee Valley
on
$100,000 in bonds for
Telephone WHltehall 4-6765
GREENVILLE, S.
COUNTY
(P. O. Camden), Tenn.—BONDS SOLD—We
informed by the Clerk of the
County Court that the $50,000 4% semi¬
annually school bonds scheduled for sale on
April 4, as reported in these
columns
recently—V. 142, p. 2037—were sold prior to the date specified.
Dated Nov. 1, 1935.
Due $2,000 from Nov.
1, 1937 to 1961, inclusive.
are
.
TENNESSEE, State of—BOND
paying a price of 103.429,
Bought
to
TEXAS
BROOKS
COUNTY
Due
REPORT
DISTRICT
(P. O. Britton)
registered school
outstanding and registered up to and
including No. 845, are being
called for payment at the
First National Bank, Britton.
is reported that all
MOBRIDGE, Si Dak .—BOND
OFFERING— On and after April 11 City
Treasurer Bess B. Bunker will
offer for sale at not less than
par the following
described 4% coupon bonds:
$7,000 general obligation water
bonds.
Denom. $500.
Interest payable
April 1 and Oct. 1. Due $1,000
yearly on April 1 from 1938 to 1944.
55,000 general obligation auditorium
bonds.
Denom. $1,000.
Interest
payable Feb. 1 and Aug. 1. Due yearly on Feb. 1 as
follows: $2,000,
1938 to 1944; $3,000, 1945 to
1951; and $4,000, 1952 to 1956.
10,000 general obligation pavement bonds.
Interest payable Feb. 1 and
Aug. 1.
Due yearly on Feb. 1 as
follows: $500, 1939 to 1954; and
$1,000 1955 and 1956.
42,000 general obligation pavement
bonds.
Denom. $1,000.
Interest
payable Feb. 15 and Aug. 15.
Dated Aug. 15
1934.
Due yearly
as follows:
$1,000, 1935, 1936 and 1937; $2,000, 1938 to
1949; and
$3,000, 1950 to
1954.
.
ONI DA, S.
Dak.—BOND SALE—The $9,100 issue of
4% semi-ann
auditorium building bonds offered
for sale on April 1—-V.
142, p. 2205was purchased
by the Onida National Bank, the
only bidder. Dated Oct. 1
1935.
Due from 1937 to 1951 incl.
h SIOUX FALLS,
Andrew Norstad,
S. Dak.—BOND OFFERING—We
are
informed by
City Auditor, that the City Treasurer will
receive sealed
on April
15, for the purchase of $59,000,
33^% coupon
city hall, 1936, series B.
Denom. $1,000. Dated
May 15, 1936. Due on
May 15 as follows: $3,000, 1937 to 1955 and
$2,000 in 1956.
Bonds can be
registered at the option of the
holder, as to principal only. Prin. and int.
(M. & N. 15) payable in legal tender at
the Chase National Bank in New
York City.
The successful bidder to
pay for the cost of printing said bonds
and any legal
expense in connection with the
furnishing of approving
opinion.
No bond will
bids until 10
a.
m.
be sold at less than
par with accrued interest.
bonds are the
remaining unissued portion of a total authorized
$300,000, approved by the voters at an election
held on Sept.
These
issue
of
26, 1933.
These bonds are stated to be
general obligations of the entire city.
(This report supplements the
offering notice given here recently.—V. 142,
p. 2205.)
Assessed valuation:
Official Financial Statement
Real estate
$31,455,611.00
6,808,909.00
1,032,155.00
Personal property
Railroads
Telegraph
Telephone
Express and Pullman
Gas, lights, &c
4,072.00
928,721.00
961.00
-
Total
_
1,892,000.00
_
$42,122,429.00
O.
Falfurrias),
Tex.—BOND
CALL-
house
on
are
Interest shall
DAKOTA
SCHOOL
(P.
following 5% bonds:
bonds, numbered 41 to 68.
Dated April 10, 1914.
April 10,1954, redeemable any time after five years.
Funds
will be on hand at the
Guaranty Trust Co., New York, to pay
April 10, 1936 coupons on the above bonds.
19,000 Public road bonds, numbered 16 to 34.
Dated April 10, 1914.
Due April 10, 1954, redeemable
any time after five years.
These
$28,000 Court
bonds
INDEPENDENT
Houston, Texas
Chester Downs, County
Treasurer, is reported to be calling for payment, at
par and accrued interest, on April 10, on which date interest shall
cease, at
the office of the State
Treasurer, the
Sixty per cent, or 940 of the school
districts have no bonded debt, it is
Districts bonded for less than the
8% constitutional limitation total
or 87% of all
districts.
Dak.—WARRANTS CALLED—It
Quoted
by the general
1,347
S.
—
Incorporated
said.
warrants
Sold
create
SOUTH
CAROLINA, State of—SCHOOL DISTRICTS EXCEED DEBT
LIMITS—Two hundred and eighteen
South Carolina school districts have
bonded indebtedness in excess
of the constitutional limitation
of 8% of the
assessed property
valuation, the State Department of Education
reports.
Florence County is also
reported above the limit.
However, taking the
State as a whole, bonded
debt for school
purposes is 2.1% of the total
assessed valuation.
SOUTH
—
Sterling Building
hospital commissions.
Creation of the commissions
will allow the cities to fill
long-felt needs for
larger and more complete
hospitals by issuance of low interest securities.
BRITTON
re-
yield
H. C. BURT & COMPANY
The present law
passage of an ;act
bidders
104.75, to
TEXAS BONDS
March 15.
in the
of about 3.27%.
successful
priced at
317%.
CAROLINA, State of—MUNICIPAL BOND ISSUANCE
FORECAST—Early issuance of large batches of bonds
by several South
seen
basis
a
BONDS OFFERED FOR INVESTMENT— The
offered the above bonds for public
subscription,
about
SOUTH
assembly authorizing such municipalities
$450,000 issue of 3^%
Dated April 1, 1936.
Due on April 1, 1956.
The second highest bid was an offer
of 103.27, tendered by E. B. Smith
& Co. of New York, and associates.
on
Carolina municipalities is
SALE—The
semi-ann. court building bonds offered for sale on
April 2—V. 142, p. 2205—
awarded to a group composed of the Chase
National Bank of New
York, the Robinson-Humphrey Co. of Atlanta, and the Commerce Union
Bank of Nashville,
was
March 25 passed and enrolled
for ratification a
bill designed to
give permanent relief to
property taxpayers by deferring
annual executions from
March 15 to April 15 and
decreasing the penalties
during the interval, according to the
Columbia "State" of March 26. The
measure was
forwarded to the Governor for his
signature. The new taxrelief bill would reduce
the penalty to 1%
up to Jan. 1; 2% to Feb. 1; 3%,
March 1; 4%, April
1; 7%, with executions, to April 15.
applies the 7% penalty on March
1, and executions
authorizing the issuance of $18,000
LOUDON COUNTY (P. O.
Loudon), Tenn.— BONDS OFFERED TO
INVESTORS—The First National Bank of Memphis is
offering to investors
at a price to yield 4
%, an issue of $30,000 AH % State aid highway refunding
bonds.
Dated Feb. 1 1936.
Prin. and semi-ann. int. Feb. 1 and
Aug. 1
payable at the Chemical Bank & Trust Co. of New York.
Due Aug. 1 1947
ORLINDA SPECIAL SCHOOL
DISTRICT (P. O. Orlinda), Tenn.—
BOND OFFERING—H. M.
Johnson, Chairman of the Advisory board,
will receive bids until 11a.m.
April 10, for the purchase at not less than par
of $7,000 5% coupon school
improvement bonds.
Denom. $500.
Dated
Dec. 31, 1935.
Interest payable annually on Dec. 31.
Payable serially
on Dec. 31 from 1936 to
1949.
report, we
are
part of an
cease
ON
on
BOND
original issue of $34,000.
the said bonds as of the date called.
REFUNDING—In
connection
with
the
informed by Dewar
above
Robertson & Pancoast of San Antonio
public road bonds being called for pay¬
ment on April 10 are
being refunded.
The road bonds are being refunded
into an issue of $15,000
4H% bonds, which will mature from 1937 to 1946.
incl., and the court house bonds are
being refunded into an issue of $25,000
4% bonds, maturing from 1937 to 1946, incl.
It is stated by H. H. Dewar
that his firm is
handling the refunding and the bondholders are urged to
that the $37,000
communicate
court house and
with
them
at
the
National
Bank
of
San Antonio.
GREGG COUNTY
Commerce
Building,
(P. O. Longview), Tex.—BONDS DEFEATED—
The voters of the county at a recent election
rejected
issue $100,000 bonds to finance construction of
county
a
proposal that the
an
airport.
LA
GRANGE, Tex.—BOND SALE DETAILS—It is stated
by the City
Secretary that the $10,000 water bonds purchased
by a local investor, at a
price of 102.50, as reported in these columns
recently—V. 142, p. 2205—
were sold as 4s, to Schwartz
Bros, of
Schulenburg, and mature $500 from
Jan. 1 1939 to 1958, optional after five
years; giving a basis of about 3.45%
to option.
MALAKOF SCHOOL DISTRICT
(P. O. Malakof), Tex.—BOND
SALE—'The Secretary of the Board of
Education reports that $7,500 school
purchased at par by the Public Works
Administraiion.
bonds have been
PAMPA INDEPENDENT SCHOOL
DISTRICT (P. O. Pampa), Tex.—
BONDS SOLD—Roy M.
Millen, Business Manager of the Board of Educa¬
tion, states that $50,000 4% semi-ann. school
bonds have been purchased
by the State.
Dated Oct. 1, 1935.
Due on Oct. 1 as follows:
$2,000,
1936 to 1945, and $3,000, 1946 to 1955.
PITTSBURG, Tex.—BOND ELECTION—At
April 14
to
a
a
proposition to issue $50,000
vote.
PUTNAM
SOLD—The
SCHOOL
DISTRICT
(P.
O.
election to be held"on
bonds will be submitted
an
sewer revenue
Putnam),
Tex.—BONDS
District Secretry states that
$25,000 4% semi-ann.
bonds have been purchased
by the Public Works Administration.
REEVES COUNTY (P. O.
school
Pecos), Tex.—ADDITIONAL INFORMA¬
TION—'In connection with the
$90,000 courthouse and jail bonds
approved
by the voters at the election held on Feb.
8, as reported in these columns—
V. 142, p. 1335—it is stated
by the County Judge that unless a
Public Works
Administration grant of $75,000 is
approved, the bonds will not be issued.
SACHSE SCHOOL DISTRICT
(P. O. Sachse), Tex.—BONDS SOLD—
Public Schools that $8,000
school
It is reported by the
Principal of the
bonds have been sold.
SAN
ANTONIO, Tex.—BOND ELECTION NOT
SCHEDULED—We
informed by James
Simpson, City Clerk, in connection with a
an election would
report
be held soon to vote on
the issuance of
$100,000 in
fire station and work
shop bonds, that the City Commission
has taken no
action as yet on the
proposition.
are
that
Financial
Volume 142
J SAN SABA INDEPENDENT SCHOOL DISTRICT (P. O. San Saba),
Tex. —BOND SALE DETAILS —It is reported by the Secretary of the Board
of Education that the $10,000 school bonds sold to the State Board of
Education, as noted here last January —V. 142, p. 663 —were sold as 4s at
par, and mature annually in 30 years.
INCREASES IN MU¬
refunding
municipal bonds to total outstanding bonds has increased at a phenomenal
rate in Texas during the last few years, according to J. T. Barton, assistant
in the Bureau of Municipal Research of the University of Texas.
He points
TEXAS,
State
of —REPORT
ON RECENT
Inc., of Chicago, Drumheller, Ehrlichman & White, of
Seattle; Stranahan, Harris & Co., of Toledo; Field, Richards & Shepard,
Inc., of Cleveland; Hartley, Rogers & Co., of Seattle; McDonald-Coolidge
& Co., of Cleveland; Bacon, Stevenson & Co., and Burr & Co., both of
New York, paying a price of 96.90 for 3 Ms, on the bonds divided as follows:
Ballman & Main,
$1,500,000 refunding bonds, Series LS-3, maturing serially from April
1938 to 1953, incl.
Total authorized issue, $1,500,000.
To
NICIPAL BOND REFUNDING—The proportion of funding and
that
out
stances
number of municipalities have falllen into straitened circum¬
result of borrowing unjustifiably large amounts during the
a
as
a
boom years
when opposition to bond issuance is at a minimum.
Many
cities also have been guilty of the common error of giving insufficient at¬
tention to the aggrangement of debt maturities, with a result that impossible
situations have arisen when heavy maturities have fallen due within relar-
tively short periods of time.
Still another result of unplanned issuance of instruments of indebtedness
s that city officials have made little attempt to synchronize their issuance
with general economic conditions.
This lack of foresight has meant that
periods of diminishing property values and declining tax collections have
not been anticipated and that municipal construction work often has
taken place during times of high construction costs, the report says.
.
TYLER
DISTRICT
SCHOOL
2379
Chronicle
(P. O. Tyler), Tex. —BOND SALE
The Citizens National Bank of Tyler, is reported to have purchased $200,000
4% semi-ann. school bonds, paying a price of 100.26.
(These bonds are
said to be part of the $350,000 issue approved by the voters at the election
on Feb. 25—V. 142, p. 1689.)
Eresently outstanding, $1,500,000.
onds, Series LT-5, due serially from
and
To be dated April 15,
of payment prior to
maturity.
,
successful bidders re
priced to yield
from 2.00% to 3.70%, according to maturity.
The 1938 maturity yields
the 2.00%, while the 1951 to 1954 maturity dates are for 3.70%.
BRIDGE BOND ISSUANCE PENDING—In a letter dated March 25
we are advised by I. Comeaux, Chief Accountant, Department of Finance,
that the ordinance passed by the City Council approving the sale of $1,300,000 bridge bonds, as noted in these columns recently—-V. 142, p. 2038—
has not yet become effective.
He states that there is no litigation pending
but in all probability a friendly suit will be brought to test the validity
OFFERED
BONDS
FOR
offered the above bonds
on
INVESTMENT—'The
March 30 for public subscription,
of the bonds.
Collier, City Treasurer, that
of Resolution No. 11807 of the city, as provided in
bonds are being called for redemption at his
at the fiscal agency of the State, in New York City, on May 1, on
BOND CALL—It is announced by H. L.
under the provisions
the bonds, that the following
office,
order to vote
Nos. 1 to 500, of municipal light
Nov. 1, 1927.
$75,000 in school construction bonds.
the issuance of
or
which date interest shall cease:
Nos.
UTAH
Utah—BONDS
SOLD—It is reported by the District Clerk that the $75,000 school bonds
approved by the voters last October, have been sold to local purchasers.
PAYSON.
Utah—BOND ELECTION— The City Council has voted to
purpose of voting on the question
special election for April 28 for the
a
1
to
j
and power of 1926, Series LW-2,
1,000. municipal light and power,
dated
1927, Series LV-2, dated
Nov. 1, 1928.
of issuing $32,000 sewer bonds.
URGED
U. S. SENATE COMMITTEE
PARK CITY SCHOOL DISTRICT (P. O, Park City),
call
'•
Principal and interest (A. & O. 15) payable
1936.
in lawful money of the United States at the fiscal agency of the State in
New York City, or at the office of the City Treasurer in Seattle.
No option
YOAKUM
SCHOOL
DISTRICT
(P. O. Yoakum)
Tex.—BOND
ELECTION—It is reported that an election will be held on April 25, in
on
April 15, 1942 to 1944,
$10,000,000.
to 1954, incl.
Total authorized issue,
presently outstanding, $6,300,000.
1946
To be
15
be
ING RFC SPECIAL LOANS TO CITY—The
TO PASS BILL AUTHORIZ¬
following report is taken from
special dispatch out of Washington, D. C., to the "Wall Street Journal"
of April 2:
"Members of the Banking and Currency Committee of the Senate were
a
urged Wednesday to pass the Schwellenbach
struction Finance Corporation to make loans
bill authorizing the Recon¬
to municipalities to pay off
municipally-operated street railways.
"The bill is designed to meet a situation in Seattle where a street railway
was bought from Stone & Webster in 1918 by the city.
Senator Schwellen¬
bach of Washington said the city would give the income bonds of the rail¬
way for loans sufficient to improve the line and to pay off $8,000,000 or
indebtedness.
The city was not willing to give its own bonds to be backed
by taxes to the RFC for loans.
.
"Senator Adams of Colorado and Senator Couzens of Michigan stated
they were opposed to the Government supplying funds where the city itself
refused to secure the loan with its own obligations.
Senator Adams con¬
tended the bill left open the right of any city to come in for such loans,
although it was primarily designed to take care of Seattle.
indebtedness of
.
SALT LAKE CITY
Utah—BOND SALE—An issue of $50,000 1M%
airport bonds was sold on March 25 to a group comprised of the First
Security Trust Co., Ure, Pett & Morris, Inc., Edward L. Burton & Co.,
and Snow, Bergin & Co., all of Salt Lake City, at a price of 99.30, a basis
of about 1.74%.
Denom. $1,000.
Dated April 1 1936.
Principal and
semi-annual interest payable at the City Treasurer's office.
Due $10,000
yearly on April 1 from 1937 to 1941.
We Are
Specialists in
I.MAINE—NEW HAMPSHIRE—VERMONT
E. H. Rollins & Sons
Incorporated
200
Devonshire
St., Boston, Mass.
VERMONT
HARD WICK,
Vt .—BOND OFFERING—The Board of Selectmen will
receive bids until 10 p. m.,
April 16, for the purchase at not less than par of
$30,000 coupon refunding bonds.
Bidders are to name rate of interest, in
a multiple of %%.
Denom. $1,000.
Dated April 1, 1936.
Principal and
semi-annual interest (April 1 and Oct. 1) payable at the National Shawmut
Bank of Boston, in Boston.
Due $2,000 yearly on April 1 from 1937 to
1951, incl.
Bonds are engraved under the supervision of and certified as to genuine¬
ness by The National Shawmut Bank of Boston, their legality will be ap¬
proved by Storey, Thorndike, Palmer & Dodge, whose opinion will be fur¬
nished the purchaser.
All legal papers incident to this issue will be filed
with said bank where they may be inspected.
Bonds will be delivered to the purchaser at The National Shawmut Bank
of Boston, 40 Water Street, Boston.
Financial Statement, Feb. 1,1936
Assessed Valuation, 1935
Total Debt, including this issue
Outstanding notes (to be paid with proceeds of this issue)
_ .
$1,842,360.00
77,925.95
30,000.00
Total Levy
$57,132.20
53,664.80
43,397.11
1935
1934
1933.
Uncollected
$16,297.60
7,685.77
4,681.28
$40,000
SOUTH BOSTON, Va. Water & Sewer 5V2S>
Oct. 1,
Wash.—BOND OFFERING—Sealed bids will be received
April 6 by C. V. Fawcett, Commissioner of Finance, for
$297,000 issue of 4% coupon water bonds of 1936. Denom.
$1,000.
Dated Nov. 1 1935.
Due on Nov. 1 as follows:
$5,000, 1937 to
1949; $157,000 in 1950, and $75,000 in 1951.
Principal and semi-annual
interest will be payable at the office of the City Treasurer, or at the State s
fiscal agency in New York City, at the option of the holder .
The approving
opinion of Thomson, Wood & Hoffman, of New York, will be furnished to
the successful bidder.
Required bidding forms will be furnished by T. A.
Swayze, City Controller.
Delivery of said bonds will be made on or
before May 1.
The issuance and sale of said bonds is authorized by
Ordinance No. 11241 of the city, passed Dec. 4 1935.
It is stated that
these bonds are obligations only against the special city water fund.
A
certified check for 5% of the bid, payable to the Secretary of the Sinking
TACOMA,
until 2 p. m. on
the purchase of a
Municipal Issues
1949
Fund Board, is
BOND
of
an
required.
OFFERING POSTPONED—We
are
now
advised that because
relative to coupon rates and maturities,
of bonds has been postponed indefinitely.
amendment to the ordinance,
the above described offering
UNION GAP, Wash .—BOND
SALE ARRANGED—A
$23,000 issue of
semi-annual water works revenue bonds will be purchased by the
Works Administration, according to the Town Clerk.
Denom.
$1 000
Dated Nov. 1 1935.
Due as follows: $1,000, 1940 to 1958, and
$2,000 in 1959 and 1960.
4%
Public
WEST
VIRGINIA
ROWLESBURG, W. Va.—BOND CALL—We are advised by Widmann
Holzman & Katz of Cincinnati that $30,000 5% street improvement bonds
of the above named town have been called for payment at the Kanawha
Valley Bank, Charleston, W. Va., as of April 1, on which date interest
ceased.
Dated Sept. 2, 1921. Due serially, last maturity Oct. 1, 1951;
optional any time 10 years after date.
WEST VIRGINIA, State
of—BOND OFFERING—Sealed
bids will be
received until 1 p. m. on April 8, by Governor H. G. Kump, for the purchase
of an issue of $1,200,000 4% coupon or registered road bonds.
Dated
convertible into
Due $48,000
at the rate of
which is a multiple of H of 1%, which may be
part of the issue may bear one rate and a part a
Sept. 1, 1935.
Coupon bonds in $1,000 denominations,
fully registered bonds of $1,000 and $5,000 denominations.
from Sept. 1,1936 to 1960, incl.
The bonds will bear interest
4% or in any lesser rate
named by the bidder.
A
Not more than two rates will be considered in any one bid.
Principal and int. (M. & S.) payable in lawful money at the State Treasurer s
or at the option of the holder, at the National City Bank in New
York.
The bonds cannot be sold at less than par and accrued interest.
Purchasers will be required to pay accrued interest to date of delivery.
Delivery will be made in New York City. The purchaser or purchasers will
be furnished with the final approving opinion of Caldwell & Raymond, or
New York, but will be required to pay the fee for such approval.
A
certified check for 2% of the face value of the bonds bid for, payable to the
State, is required.
different rate.
at
3.40% basis and interest
office
F. W. CRAIGIE & COMPANY
Richmond, Va.
A. T. T. Tel. Rich. Va. 83
Phone 3-9137
Financial Statement
VIRGINIA
RALEIGH
COUNTY
Assessed
(P.
O. Beckley), Va .—BONDS SOLD—The
$75,000 4% semi-ann. court house construction bonds approved by the
voters last October, have been sold to local investors, according to the
Clerk of the County Court.
WAYNESBORO, Va .—BOND SALE—The $72,000 3% refunding bonds
142, p. 2205—were awarded to Frederick E.
Nolting, Inc., of Richmond, for par, plus a premium of $2,239.20, equal to
103.11, a basis of about 2.70%. Robert Garrett & Sons of Baltimore were
second high, offering a premium of $647.28.
Dated April 1, 1936. Due on
April 1 as follows: $2,500 in 1937 and 1938; $3,000,1939to 1952, and $5,000,
offered
on
March
31—V.
1953 to 1957.
valuation
Bonded Indebtedness—
1.
State refunding
held in escrow by
by the
bonds approved by
the Public Works
Administration.
F LEWIS COUNTY
(P. O. Chehalis), Wash.—BONDS
Harold Quick, County Treasurer, is reported to have called
on
March 27, on which date interest
expense,
CALLED—
for payment
ceased, various general fund, current
and soldiers' and sailors' warrants.
Wash.—ADDITIONAL INFORMATION—We are now
city has no connection with the $190,000
health building and refunding bonds authorized recently, because
this is a State-owned project, thereby corroborating the report given here
recently—V. 142, p. 2205.
PULLMAN,
nfbrmed by the City Clerk that the
4M%
SEATTLE, Wash.—BOND SALE—The $2,500,000 issue of municipal
and light revenue bonds offered for sale on March 27—V. 142,
2205—was awarded to a syndicate composed of the Bancamerica-Blair
Corp., the Central Republic Co. of Chicago, B. J. Van Ingen & Co., Inc.,
power
p.
-
or(_
4,500,000
2,240,000
$85,595,000
Outstanding notes
None
1. Issued pursuant to the good roads amendments to the Constitution and
payable serially, last maturity Sept. 1,1960.
2. Payable serially $250,000 each year, last maturity June 1, 1953.
3. $560,000 to be retired annually, July 1, 1936, 1937, 1938, 1939.
All of the original issue (1919 Virginia debt $13,500,000) retired except as
Total bonded indebtedness, not
including this offer
$861,225 of the 1919 Virginia debt bonds (3M
the State of West Virginia to be exchanged for
deferred certificates which had not
BREWSTER, Wash.—BONDS SOLD TO PWA—It is stated
Town Clerk that the $9,000 4% semi-ann. water system
the voters last December, have been purchased by
_0
78,855,000
bonds
3. 1935 Virginia debt refunding bonds
2.
.
.
State road bonds
hereinafter stated.
WASHINGTON
$1,729,495,451
1935
been deposited with the
prior to April, 1919.
$450,800 remain in escrow, having not
of Virginia
%) were
Virginia
Commonwealth
_
been called for, although eligible
provides any part of the bonds remaining
1, 1939 shall be conclusively presumed to
have been lost or destroyed and shall be immediately canceled by the State of
West Virginia.
Hence the State will be liable for payment for whatever
part of the $450,800 presented for payment prior to Jan. 1,1939.
Population (1920 census), 1,463,701; (1930 census), 1,728,510.
These bonds are issued under authority of amendment to the Constitu¬
tion known as $50,000,000 State Road Bond Amendment, and under
authority of an act of the Legislature of the State of West Virginia known as
Chapter Nineteen, Acts of 1935, Regular Session.
To secure the payment of this bond, principal sum and interest, when
other funds and revenues sufficient are not available for that purpose, it is
agreed that, within the limits prescribed by the Constitution, the Board of
Public Works of the State of West Virginia shall annually cause to be
levied and collected an annual State tax on all property in the State, until
said bond is fully paid, sufficient to pay the annual interest on said bond and
for exchange since 1919.
The law
in escrow and uncalled for on Jan.
2380
the
Financial
principal sumlthereof within the time this bond becomes due
payable.
y/
,
Chronicle
and
exchange
•
WISCONSIN
BENTON JOINT SCHOOL DISTRICT No. 1
(P. O. Benton), Wis.—
BOND SALE—The $6,000 issue of
4% annual high school improvement
bonds offered for sale on March
20—V. 142, p. 2038—was purchased
by
the Benton State Bank at a
price of 102.10, a basis of about 3.70%.
Dated
Jan. 4, 1936.
Due $400
yearly from Jan. 4, 1937 to 1951, inclusive.
BROOKLYN, Wis.—BOND OFFERING—Sealed
bids
until 10 a. m. on April 6
of a $10,000 issue of
will
CALGARY, Alta.—PROPOSED BOND ISSUE—The city plans to issue
$1,100,000 bonds to fund that amount of relief costs.
be received
by Henry A. Snyder, Village Clerk, for the purchase
electrical distribution, general
obligation bonds.
Interest rate is not to exceed 4%,
payable M. & S.
Denom. $500.
Dated
March 1, 1936.
Due $1,000 from March 1, 1938 to
1947, incl.
Bonds
and legal opinion to be furnished
by the purchaser.
Principal and interest
payable at the Brooklyn State Bank.
A certified check for $200 must
accompany the bid.
'.>
CANADA
•
basis
CHIPPEWA
aggregate amount outstanding at the
few months,
namely, $120,000,000.
BOND
.
urer's office.
CLARK COUNTY (P. O.
Neillsville), Wis.—BONDS AUTHORIZED
County Board authorized the issuance of $175,000 refund¬
ing bonds to retire outstanding hospital obligations.
GALESVILLE,
Wis.—PURCHASER—We
are
informed
by
W.
R.
of
the
Commission
proposed
"The Commission said it was
of the project so that it could be
referendum vote Apirl 7.
"The proposed District will
a
issuing
a
County
report approving the feasibility
County
be composed of the
City of Tomahawk,
Wilson, King, Tomahawk, Bradley,
Skenawaen, Harri¬
Harding, Rock Palls, Birch, Russell, Corning,
Merrill, Schley, Scott
the towns of Sono,
son,
and
'
Pine
municipalities vote in favor of creating the District it will be
formed
without further action by the State
Commission: if only part of the munic¬
approve it those municipalities which
recorded a favorable vote
must make application to the
Commission within 10 days after the refer¬
at this time is
for city bonds.
the new issue
dictated by the current excellent condition of the
market
JONQUIERE
-
SCHOOL
1936.
KAMLOOPS, B. C.—ISSUES OPTION—Wood, Gundy & Co. of Toron¬
to have obtained an
OSCEOLA
SCHOOL
DISTRICT
NO.
2
(P. O. Osceola), Wis.—
OFFERING—Burley Dehmer, District Clerk, will receive bids until
3p.m. April 11, for the purchase of $22,000
high school auditorium and
grade school building equipment bonds.
Interest is not to exceed
314%.
Denom. $1,000. Dated April 1, 1936.
Interest payable April 1 nd Oct. 1.
Due yearly on April 1 as follows:
$1,000, 1937 to 1946, and $2,000, 1947,
1948 and 1949; and
$3,000, 1950 and 1951.
BOND
WONEWOC, Wis.—BOND ELECTION—The Village Board
a
has decided
proposed $23,000 sewage disposal plant bond issue to the
voters
election to be held on April 7.
option to purchase
system rehabilitation bonds at
BOND
CALL—William H. Wendt, City
Comp¬
troller, recently announced that on April 15 the
city will call in $3,100,000
of bonds,
although they are not due until July 1,
according to report. The
city will pay interest to July 1, it is
said, but will ascape paying State
deposit insurance charges on the money between the
two dates.
CORPORATION,
Que—INTEREST PAY¬
MENTS—The corporation is paying bond interest due
Feb. 1 and March 1,
endum."
MILWAUKEE, Wis.—BOND
Canadian
the month of
in that month
HALIFAX, N. S.—TO ISSUE BONDS—The city will call for bids
shortly on an issue of $309,000 3H% refunding
bonds, to provide for the
redemption of an issue of 6s maturing May 2 1937.
Sale of
ipalities
MAZOMANIE UNION FREE HIGH SCHOOL
DISTRICT, Wis.—
OFFERING—Aaron Klebesadel, District
Clerk, will receive bids
until 10 a. m. April 4 for the
purchase of $16,000 4% refunding bonds.
Denoms. $1,000 and $500.
Dated April 1, 1936.
Prin. and annual int.
April 1 payable at the Peoples State Bank of
Mazomanie.
Due serially
in 15 years.
Cert, check equal to amount of bonds
bid for, required.
Bonds and any required
legal opinion must be furnished by the
purchaser.
that
HALIFAX, N. S.—BOND SALE—The city recently awarded $200,000
River.
'If all
an
issue of $26,000 4% water works
price of 98.
a
KITCHENER, Ont.—OTHER
BIDS—The $90,000 5-year 3s and
$60,000
3M% bonds which were sold recently to the Dominion Bank of
an average price of
103.018 (104.53 for the 3s and 102.01 for
10-year
Canada at
3Yis),
:
were
also bid for
as
follows:
Bidder—
'
,
Dominion Securities Corp
Waterloo Bond Corp....
...
101.14
101.07
100.973
100.96
—
100.88
100.60
100.40
—
A. E. Ames & Co
Seagram, Harris & Bricker..
Frank L. Craig, Toronto
J. S. Forgie, Ltd
McLeod, Young, Weir & Co,
Griffis, Fairclough & Norsworthy
Mills, Spence & Co
C. H. Burgess & Co
Wood, Gundy & Co
an
WYOMING
CARBON COUNTY SCHOOL
DISTRICT NO. 3 (P. O.
Rawlins),
Wyo.—BOND ELECTION—A special election will be held
on April 11 to
vote on the question of
issuing $13,000 school building bonds.
SHERIDAN, Wyo.—BONDS AUTHORIZED—An ordinance has been
passed which authorizes the issuance of
$210,000 refunding water bonds.
i
100.312
-100.21
,—
100.18
.
100.17
100.024
—...
99.26
99.26
WEST, TORONTO
MIDLAND, Ont .—OBLIGATIONS IN DEFAULT—Obligations in de¬
fault at the close of 1935 included
$147,760 in bond principal and $97,092
in interest.
The debenture debt amounted to
$1,146,416.
OXFORD COUNTY,
notes has been sold to
of 99.77.
Ont.—NOTE SALE—An issue of $100,000
2%
McLeod, Young, Weir & Co. of Toronto at a
price
Due in nine months.
vvV:
.
ST. JOHN, N. B.—BOND SALE—An issue of
$30,000 3H% improve¬
Nesbitt, Thomson & Co. of Toronto at
103.13,
basis of about 3.04%.
Due Nov. 1, 1943.
ment bonds has been sold to
a
SOREL, Que.—BOND SALE—The $25,000 4%% improvement
bonds
offered
BRAWLEY, CATHERS & CO.
ST.
bids addressed to the
Secretary-Treasurer will be received until 8 p. m. on April 6 for the purchase
of $29,000 4, 4M or
4H% bonds, dated May 1 1936 and due
serially on
May 1 from 1937 to 1956 incl.
V..-
Information and Markets
KING
LAPRAIRIE, Que.—BOND OFFERING—Sealed
ST. CATHERINES, Ont.—BONDS
AUTHORIZED—The private bills
committee of the Provincial Legislature has approved an
iasue of $150,000
bonds.
Canadian Municipals
25
ELGIN
on. March 28—V.
142, p. 2038—were awarded to the
Universal
Service Securities of Montreal at a price of 101.275.
Dated March
and due serially on March 1 from 1937 to
6438
1966, incl.
follows:
1, 1936,
Other bids were
Bidder—
ALBERTA
(Province of)—DEFAULTS ON
PRINCIPAL OF MA¬
TURING ISSUE—The Province failed to
make payment of the
$3,200,000
6% bonds which matured on April 1, thereby
becoming the first in Canada
to default on its funded debt
charges.
Interest on the
maturity was paid
That the Province
31, when
would not be able to meet the
debt became evident
Premier Aberhart announced that
he
on
had rejected the
Federal Government's offer of a loan
because of the terms involved.
These
consisted of a demand by Ottawa that
the Province "earmark"
specific revenues to secure the Dominion's advance.
The Province sought
to borrow $2,650,000 toward
the maturity, the difference
of $550,000
having been available in the sinking fund.
latter
COMPULSORY DEBT CONVERSION BILL IN
ADVANCED STAGE
—The Social Credit Administration's
program providing for the
compulsory
conversion at a reduction in interest and
revision in the character of the
approximately $160,000,000 of debt held by the public is
being prosecuted
with unusual haste, the bill
authorizing the plan having been submitted to
the provincial legislature for second
reading on April 2. The measure was
presented to the law-making body on the
previous day, only a few hours
after the announcement of Premier
Aberhart that the Government would
have to default on a maturity of
$3,200,000 6% bonds, as noted previously
above. An effort is being made to clear
up the default, according to
report,
through the medium of a loan from the Imperial Bank of
Canada.
The
institution, however, has demanded as a condition that the
Federal Govern¬
ment guarantee repayment of
the advance.
The debt conversion bill
contemplated by the province empowers the
Government to force the holder of
any provincial obligation to
accept in
as
Rate Bid
Coinptoir National de Placement.
Banque Canadienne Nationale
CANADA
March
Price
....
.—
Bartlett, Cayley & Co
Dyment, Anderson & Co
McTaggart, Hannaford, Birks & Gordon
Nesbitt, Thomson & Co—
Harrison & Co
Ave.
.—.,-.---101.979
.......—..............101.925
......
to submit
at
offerings
year up to
period of 1935.
3% direct relief debentures, dated Feb. 1, 1936, and
maturing serially
from 1 to 10 years, to Deominion
Securities Corp. and the Bank of Nova
Scotia at a price of 100.52, a basis of
about 2.92%.
Tenders were also asked on
$44,000 of 3H% debentures maturing in
1962 and $309,000 3H% debentures also
maturing in 1962, but no award
was made on these issues.
today that it had
Municipal Power
entered upon the ballot in Lincoln
:
DARTMOUTH, N. S.—TAX RATE HIGHER—The city has increased
the 1936 tax rate to
$3.60 from $3.55 last year.
'.;y
announced
Lincoln
k
Of this total, $54,406,400 was for
refunding
provide new capital.
This total compares
March, 1935, and $25,926,999 in 1934.
All financing
in March over the
past five years has been placed in the Canadian
market,
the largest issues sold
comprising two issues of Treasury bills sold by the
Canadian Government, one
amounting to $20,000,000 and the other
amounting to $25,000,000, each issue being for a term of three months.
LINCOLN COUNTY (P. O.
Merrill), Wis.—POWER DISTRICT PLAN
APPROVED—The following is the text of an
Associated Press dispatch from
creation
i
in any of the
past five years.
purposes and $2,755,832 to
with $15,464,900 in
coupon
$75,000 in 8% semi-annual swimming pool bonds—
V. 142, p. 2038.
Denom. $1,000.
Dated July 1, 1936.
Due $5,000 from
Jan. 1, 1938 to 1947, and each
year thereafter until the entire issue shall
have been retired,
District.
figure it has been for the past
$241,618,899 compared with only $46,613,600 in the same
Figures compiled by Wood, Gundy & Co.,
Ltd., show
Government, provincial and municipal financing
during
March totaled $57,162,232,
greatly exceeding the volume
LA CROSSE, Wis .—BOND
ELECTION DETAILS—P. L.
Kramer,
City Clerk, confirms the report given in these columns
recently, to the
effect that an election will be held on
April 7 in order to vote on the issuance
of from $50,000 to
Madison on March 16:
"The State Public Service
same
EXCEED
Sear, according to the Dominion Securities Corp. The month's
rought the total Canadian financing for the first
quarter of this
semi-annual lake
a basis of about 3.03%, as
reported here recently—V. 142, p. 2206—were
purchased by the Bank of
Galesville.
Due $1,000 from 1939 to
1953, incl.
y'.yy y.y.yy.y:"
OFFERINGS
$76,000,000 IN MARCH—Sales of new
Canadian bond issues in
March, excluding Dominion Treasury bills, totaled
$76,333,222 compared with $2,064,900 in the
corresponding month last
—On March 17 the
Shonat, Village Clerk, that the $15,000
3M%
impt. bonds sold on March 20 at a price of
104.20,
of
comparison, the cost basis on a $30,000,000 issue dated Nov.
1, 1935
was
1.30%.
The present issue of
$25,000,000 will provide funds to retire a like amount
of Treasury bills which matured
on April 1, and will thus
leave the total
$24,000 water main improvement bonds.
Denom. $1,000.
Due on Nov. 1
as follows:
$1,000, 1937 to 1940, and $2,000, 1941 to 1950.
9,500 sewer improvement bonds.
Denom. $500.
Due on Nov. 1 as
follows: $500, 1937, and $1,000, 1938 to 1946, incl.
Dated Nov. 1 1935.
Principal and interest payable at the City Treas¬
for
(Dominion
of)—SALE
OF
TREASURY
BILLS SETS
RECORD LOW—A new record in low cost
short-term financing was estab¬
lished March 31 by the Dominion
Government when it sold $25,000,000
of three-month
Treasury bills at an average cost of 0.927, the average
price being 99.76701.
The previous record low was
0.999, obtained on an
issue of $20,000,000 of three-month
Treasury bills dated March 16, 1936.
The cost basis has been
declining steadily for months.
As a
FALLS, Wis.—BOND SALE—It is reported by the City
Clerk that the
following bonds aggregating $33,500 have been sold
locally
as 3s:
approved
April 4 1936
equivalent amount of perpetual stock, to bear interest at
not less than
2M% and having a minimum maturity of 35
years, during
which period it will not be
redeemable. The measure will require one mora
reading, after that of April 2, in order to become a law. It is
not believed
that Premier Aberhart will
declare the debt conversion plan
effective,
pending further discussion of the province's financial
difficulties with the
Dominion Government. Although the default
by the province on April 1
resulted in a cessation of
trading in its obligations, there was no disposition
on the part of creditors
to sell their bonds at distressed
prices.
an
100.97
100.27
100.05
99.08
Credit Anglo-Francaise, Ltd
Dominion Securities Corp
SYDNEY, N. S.—BOND OFFERING—D. J. O'Connell,
City Treasurer,
will receive sealed bids until 5 p. m. on March 31 for
the purchase of
$214,000
as follows:
4Yi% sinking fund bonds, divided
Amount—
Maturity
$33,000...
33,000
I
Amount—
1, 19501 $25,000
1,1950
25,000
Oct.
Dec.
33,000—T
50,000...I
These bonds
-Mar.
1,1951
1,19511
Apr.are
Maturity
.Sept. 1,1951
July
2,1952
Mar. 1,1953
15,000
in denoms. of $1,000 and
are dated 18
years
prior to
maturity date.
A sinking fund of 4% has been established
to date.
Funds
Canadian, bonds and coupons payable at par at the
Royal Bank of Canada,
Halifax and Sydney.
Payment of principal and accrued interest to
date of
delivery will be required in Halifax funds.
WENTWORTH
COUNTY,
Ont.—BOND
SALE—Nesbitt, Thomson
an issue of
$125,331 3 H % 10-year
basis of about 3.15%.
Other bids were as
& Co. of Montreal have been
awarded
bonds at
a
follows:
price of 101.79,
a
__
Bidder—
Rate Bid
Canadian Bank of Commercel01.50
Dyment, Anderson & Co
101.234
J. L. Graham & Co
.100.525
A. E. Ames & Co
100.38
J. S. Forgie & Co
100.22
Wood, Gundy & Co
99.66
Bidder—
Griffis, Fairclough
owrthy
—
&
Nors-
99.57
Harrison & Co
Frank L.Craig
99.27
Dominion Securities Corp
97.279
99.23
@FedFRASER