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%
ADM*;
IibraRY
Contains Convention
'•
i
4.
COPYRIGHTED IN 1336 BY WILLIAM B. DANA COMPANY, NEW
.
Proceedings of Investment Bankers' Association
:/•
*■
.
YORK.
ENTERED AS SECOND-CLASS MATTER
,'J■
JUNE 23, 1379, ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER
new york, December 12,1936.
vol. 143.
w'sas
BROOKLYN TRUST
NATIONAL
1866
1
i
'
.
> i
.
*
PHILADELPHIA
BANK
new
york
is
CHASE
tra-
ditionally a bankers' bank.
BROOKLYN
NEW YORK
For
Member
City of
THE
BOSTON
NEW YORK
President
t.
A
the
of
Kidder, Peabody & Co.
McLaughlin
George V.
no. 3729
THE CHASE
COMPANY
Chartered
THE ACT OF MARCH 3, 1S79.
Federal
Deposit
Corporation
many
it
years
has
Insurance
served
*'
'
large number
a
-
-
•'
■.
•
t.
of banks and bankers
■> "
■
■
■
'■
.
as
'
■i
.
New York
and
COMMERCIAL BANKERS SINCE 1852
Wells Fargo
Bank
correspondent
depository;
reserve
Member Federal
Deposit Insurance Corporation
STATE
'•and
AND
Union Trust Co.
MUNICIPAL
SAN FRANCISCO
Member Federal Deposit
RESOURCES
OVER
United States
BONDS
Insurance Corporation
Government
$200,000,000
Securities
The
Hallgarten & Co.
FIRST BOSTON
Eatabliahmd 1850
CORPORATION
Brown Harriman & Co.
Incorporated
63 Wall Street, New York
BOSTON
NEW YORK
NEW YORK
Telephone: BOwling Green 9-5000
CHICAGO
London
Chicago
PHILADELPHIA
Boston
San Francisco
Representatives in other leading Cities
.
Wertheim & Co.
120
Chicago
Philadelphia
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
throughout the United States
npi
The
Broadway
State and
New York
Amsterdam
London
Municipal Bonds
NewTorkTrust
f
j.
CARL M. LOEB & CO.
61
BROADWAY
Company
Capital Funds
.
.
$32,500,000
(
-
\
-
Barr Brothers & Co.
INC.
NEW YORK
New York
Chicago
Paris
London
Berlin
Amsterdam
!
IOO BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
United States Government
SECURITIES
EDWARD B. SMITH & CO.
NEW YORK.
State
New York
31 Nassau Street
-
Municipal
Industrial
PHILADELPHIA
Cleveland
New
York (5th
•
*
Pittsburgh
Ave.)
•
BOSTON
•
Allentown
London
•
Easton
European Representative's Office:
8 KING
Railroad
WILLIAM STREET
-
Public Utility
BONDS
LONDON, E. C. 4
Correspondent
*
Edward B. Smith & Co., Inc.
Minneapolis
CHICAGO
St. Louis
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
R.W.Pressprich&Co.
Members New York Stock Exchange
Philadelphia
New York
Chicago
San Francisco
/
Financial
n
Dec.
Chronicle
1936
12,
BAKER, WEEKS
A.
G. Becker & Co.
& HARDEN
J. & W. Seligman
Investment Securities
Incorporated
& Co.
Members
Established 1898
New York Stock Exchange
No. 54
Wall Street
New York Curb Exchange
Philadelphia Stock Exchange
Chicago Board of Trade
Investment Securities
Commercial Paper
52 WALL
NEW YORK
STREET, NEW YORK
'
*
Graybar Building, New York
New York
London Correspondents
w
Commercial Trust Bldg., Philadelphia
Chicago
Buhl Building, Detroit
6 Lothbury,
And Othsr Cities
Bourse
SELIGMAN
London, E. C. 2
BROTHERS
Building, Amsterdam
52, Avenue des Champs-Elysees, Paris
Foreign
Leading Out-of- Town
£
Australia and New Zealand
Investment Bankers and Brokers
BANK
1
:
BIRMINGHAM
NEW
NEWARK
OF
SOUTH
WALES
(ESTABLISHED 1817)
(With which
amalgamated the Western Australian
are
Bank and The Australian Bank of Commeroe, Ltd.)
New
MARX & CO.
Jersey State & Municipal Bonds
Newark Bank & Insurance Stocks
Paid up Capital
Reserve Fund
Reserve Liability of
£8,780,000
6,150,000
8,780,000
Proprietors
BIRMINGHAM, ALABAMA
£28,710,000
J. S. R1PPEL & CO.
AND
MUNICIPAL
SOUTHERN
18 Clinton St.
Newark, N. J.
CORPORATION BONDS
PALM
BEACH
AND
WEST
PALM
BEACH
Aggregate Assets 80th Sept., 1935- £116,559,000
A. C. DAVIDSON, General Manager
747 BRANCHES AND AGENCIES In the
Australian States, New Zealand. Fiji, Papua.
Mandated Territory of New Guinea, and London.
The
Bank
tralasian
transacts
every description of Aus¬
Business.
Wool and other
Banking
Produce Credits arranged.
DETROIT
Head Office:
MICHIGAN MUNICIPALS
FLORIDA BONDS
and
London Office:
George Street,
Specializing in
29 Threadneedle
SYDNEY
Street, E.C. 2
Agents Standard Bank of South Africa
New York
CORPORATION BONDS
WATLING, LERCHEN & HAYES
Members
New York Btoek Kxoh.
New York Curb Assoc.
Detroit Btoek Exchange
CARLBERG & COOK, INC.
Palm Beach—West Palm Beach, Fla.
Bell System Teletype:
W-Palm Beach No. 84
Chisago Stock Excb.
884 BUHL BLDG.(
DETROIT
ST.
NATIONAL BANK OF NEW ZEALAND, Ltd.
LOUIS
Established 1872
Chief Office In New Zealand: Wellington
Sir James Grose, General Manager
'
!
Head Otflcs: 8 Moorgate, London, E. O. 2, Eng.
PUBLIC UTILITY
Subscribed Capital.....
BONDS
Stik
CO.
A
BAINT LOUIS
Charles A. Parcel Is & Co.
Members
Detroit Stock
J
0O9OUVK ST.
fi.0ee.900
Paid up Capxtal.......
£2,000,000
Fund......
Reserve
.....£1,000,000
Currency Reserve..
The
Bank
conducts
£500,000
description »/ banking
every
business connected teith Nets Zealand.
Exchange
Correspondents throughout the World
London Manager, A. O. Norwood
PENOBSCOT BUILDING. DETROIT. MICH.
Members St. Louis Stock Exchange
'
•
1
'
-
1 '
'
.
'
MIAMI
Wo
buy mnd sell for
own
Florida
Missouri and Southwestern
our
Stocks and Bonds
Hong Kong & Shanghai
Smith, Moore & Go.
Incorporated in the Colony of Hongkong.
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No. 6 of 1929
of the Colony.
account
Municipal Bonds
(jORra€^,^l#R £(lo.
MIAMI
Ingraham Bldg.
BANKING CORPORATION
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
Bell System Teletype MMI 18
Authorised Capital (Hongkong Currency)
Paid-up Capital (Hongkong
Reserve Fund in Sterling
Reserve Fund in SUver
NATIONAL BANK
Head Office
.
•
•
•
•
FULLY PAID CAPITAL
RESERVE FUND
•
.
•
Royal Bank of Scotland
8.000,000
£66,800,985
Over
200
Years of Commercial
CHIEF
LONDON AQENCY
6 and 7,
King William Street, E. C. 4
STREET, NEW YORK
8
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and Uganda
Head Office: 26,
Banking
FOREIGN
DEPARTMENT
Bishopgate, London, England
HEAD
Branchs$ in aJFths
principal Toums in
EGYPT and the SUDAN
£3,944,171
Deposits
£8,000,008
....
72 WALL
HUGHES, Agent
£3,780,192
Reserve fund
Cairo
(Hong¬
HI20.000.000
DE C.
Incorporated by Royal Charter 1727
Capital (fully paid)
of EGYPT
Hf10.000,000
kong Currency)
C.
£0,500,000
...
(Hongkong Cur¬
rency)
Reserve liability of Proprietors
Foreign
Foreign
Hf50.000.000
Ourrenoy)..Ht20.000.000
OFFICE—Edinburgh
Branches in
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
Paid Up
Capital
£4,000,000
...£2,000,000
Reserve Fund
£2,200,000
The Bank conducts every description of
General Manager
and
William Whyte
Total number of offices, 254
Associated Bank, Williams Deacon's
Kenya Colony
Bishopsgate, London, E. C.
Bank, Ltd.
banking
exchange business
Trusteeships and Executorships also
undertaken
Volume
Financial
143
Chronicle
ni
stern, kempner & co.
New York
14 Wall Street
Hammons & Co.
INCORPORATED
Underwriters and Distributors
OTTO FUERST & CO.
NEW
REctor 2-4400
New York
120 Broadway
YORK
120 Broadway
Members New York Stock Exchange
Gables: "Llndros"
Tel. Barclay 7-1580
Chicago
Philadelphia
1616 Walnut
231
Street
So. La Salle
Street
Andover 3400
Kingsley 4400
Portland, Me.
Notices
Boston
120 Exchange Street
24 Federal Street
Portland
The First National Bank
Hubbard 5310
2-1941
of El Monte, located
in tne State of California, is closing
its affairs.
All note holders and other creditors
of the association are therefore hereby notified
at El Monte,
to
present the notes and other
E. O.
claims for payment.
HARVEY, Cashier.
Dated: October 2, 1930.
Hammons & Co.. Incorporated
of
Harper & Turner
inc.
California
Los Angeles
634 South Spring
Trinity
Street
2191
San Franeiseo
659 Russ Building
Sutter 5907
Investment Bankers
Direct Wire Facilities to Leading
stock
Exchange building
PHILADELPHIA
Business Established 1812
Cities in United States
Financial
IV
12, 1936
Dec.
Chronicle
Per¬
Modification of Revenue Act to
Corporations to Build
mit Business
UpJReserves Urged
MEYER LEGGATT a CO., Inc.
debt
Trading Specialists In
ALL PACIFIC NORTHWEST
Bell System
Teletype—PTLD 270 and PTLD 271
ATwater 7476
Bldg.
Portland, Oregon
Federal
rapidly-mounting
the
as
toward
for the drift
cause
one
First National
Bank of Boston, in the December issue
of
its
"New
England
Letter,"
also
named as factors contributing to this
trend the increased mortgaging of the
future income of consumers by extend¬
ing instalment credit and the distribu¬
tion
in
dividends,
bonuses
and in¬
creased wages, because of the provision
general
MUNICIPAL and CORPORATION SECURITIES
Porter
Citing
of
the
insecurity,
the
Revenue
Act
of
of
1936,
that
would
ordinarily be set aside for reserves for
business enterprise.
The hope is ex¬
of
part
which
profits
current
pressed by the bank "that the Revenue
of
Act
1936
will
be
modified
so
to
as
corporations to build up and
safeguard the necessary reserves."
In
permit
"Letter"
its
"when
the
instalment
in
bank
that
observes
within reasonable bounds,
kept
credit
serves
it
useful
a
pur¬
immedi¬
ately at the disposal of consumers that
would not be
otherwise possible.
It
also accelerates recovery."
Continuing,
pose
that
places
goods
the bank states:
For
in
by
Finance
Instead
and
cars
sents
18
is
months
used
fined
to
being
reducedi
tended
all
buying
within
income
the
under the
Federal
provides
easy
homes.
ishables,
present
being
are
total
amount
of
at
12%
mately
lower
stimu¬
was
entered this field
1934
which
repairs
sales
retail
per¬
plan.
in
1935
or
$4,000,000,000,
total
of
except
the instalment
on
to
fdrma
all
luxuries,
instalment
the
of
financing
and
ex¬
instalment
and
lower
practically
met
estimated
roughly
payment
bringing
of
both necessities
goods,
of
con¬
payments
Housing Administration,
means
At
not
is
movement
in
new
repre¬
considered
were
Down
of
This
govern
on
depression.
periods
line,
reach
brackets.
lated when
The
the
the
usual
This
standards
financing.
and
along
which
credit
automobile
months
cars.
before the
standard
lowering of
low¬
the
being
24
now
on
doubling the terms
proper
The
are
months
12
Sales
of
Association
been substantially
have
of
established
standards
National
of payment, it
period
the
past
the
Companies
ered.
the
time
eome
1925
approxi¬
sales
for
is
that
year.
Specialists in
California Public
Whereas
Utility Securities
Inquiries Invited
a
period
for
their
1
SAN
JOSE
"
times
and
make
future
depression,
are
paying off
While
that
amount
by sales of automobiles.
60% of the new automobiles
partial
of
instalment
basis.
payment
therefore,
this
indirectly
mitted
The
during
about
along
chief
of
the
all
repre¬
sold
are
gainfully
persons
industry
is
trans¬
the
that
to
reserves
stretch
three
old
Any
a
period
a
which
will
departure
of
Business
are
possibly
be
no
two
be
or
acceutuated
1%
of
the
to
taxable
increasing until
constitute 3%.
recognized
such
the
as
to two
by
stand¬
extension
three
or
years
in the down payment,
economic
our
comes,
there
contribution
from
credit,
payment
sharp reduction
threat to
of
will
will
gradually
instalment
period
limit
to the
jobs,
outstanding obligations that
thereafter it
radical
of
the
period
of
situation
1937,
in
losses
employee's
benefits,
and
ards
and
over
This
required
age
1949
boom
a
or
the
meet
years.
payrolls
of
pay
ahead
the
by
during
in¬
an
become
capacity, and then when depression
in
in¬
directly and
may
cuts
a
from
automobile
fact
with
on
depression,
line.
danger lies in
down
of their
a
the
removed
times
this
in
is
of
is
the
as
of
creasing proportion of the population
loaded
true
but
Furthermore,
times
good
10%
slump
any
all
business
prop
Inasmuch
employs
occupied,
In
important
an
industry.
dustry
for
60%
approximately
sented
FRESNO
only
is
it
account
of the retail trade of the country, the
remains
about
pro¬
of
commitments
basis.
sales
prolong
to
accelerating
period
a
consumers
instalment
small part
tends
.through
total
Montgomery Street, San Francisco
DOuglas 4264
OAKLAND
.
prolongs
conservative
very
total
fact
selling
prosperity
also
debts
a
that
Edgerton Bourne & Co.
it
during hard
on
★
instalment
of
duction,
is
a
system.
enterprise
is
likewise
following
a
policy that makes for improvidence and insecurity
by
the widespread
and
genercus
granting of
bonuses
the
Complete Investment Facilities
the
It
and
extent
this
do
to
company
stimulates
Nelson Douglass &Co.
with
follow
cerns
to
not
are
in
corporation
average
dividend
is
within
it
so,
trade
Corporations
to
afford
and
wage
that
and
large
this
this
is
all
provides
practice,
small
the
PASADENA
Seventh Street
•
Los
Angeles
LONG BEACH
but
be
many
position.
company
profits
in
tax
to
in
order
distribute
the
to
under
form
avoid
the
of
the
new
the
bulk
of
dividends
payment
Revenue
of
Act.
able
con¬
The
which
gradually building up its capital that
seriously depleted by
the
depression
is
prompted
of
good!.
employment.
may
been
210 West
To
capacity
to
surpluses
favorable
or
increases.
the
has
was
now
its
current
andi
bonuses
the
penalty
If
such
a
Volume
jeopardize
able
extent
a
able in
COUGHLIN-McCABE AND COMPANY
provide
during this depression
to keep running and
they did
enterprise dipped into its
of about $26,000,000,000
as
business
the
plants will not be
many
depression
employment
when
Without
depression.
another
cushion
next
to
an
weather
to
reserve
the
the
such
to
cerns
during good times it will
financial position of many con¬
extent that they may not be
continued
is
practice
v
Chronicle
Financial
143
INVESTMENT SECURITIES
reserves
the
for
and dividend
other
items,
an overwhelm
of meeting payrolls, interest
purpose
Without adequate
and
losses
absorbing
payments,
business reserves
Bell System
Security Building
DENVER,
ing burden of relief will be thrown upon the gov¬
depressions. As we have pointed
Teletype DNVR 39
COLORADO
ernment in future
previous issues of this "Letter,'' the capa*
in
out
government to assume this burden is
city of the
being impaired by increased debts and heavy ex
penditures.
Nevada-California Electric Corporation Preferred Stock
Mountain States Tel. & Tel. Co. Capital Stock
Opposing Extension of Unlistec
Trading on
National Securities
Exchanges
Brief
unlisted
of
Denver
Corporation Securities *
Stockyards Common Stock
Tramway
Union
Denver
opposition to the extension
trading on registered na¬
A brief in
Ideal Cement Company
Capital Stock
tional securities exchanges was filed on
Securities and Exchange Com¬
'The
that
Chicago
First National Bank Bldg., KEystone
change is opposed to any extension of
unlisted
trading
on
exchanges
and,
the amendments, sug¬
that it adopt
standard for determining
it by
on
the Commission
gests to
primary
unlisted
a
the
of
duty
OlOl
Denver
exercise the powers im¬
Commission to
posed
probable
the
recognizing
Co.
Investment Bankers
The
brief
Stock Ex¬
Washington.
in
mission
states
Amos C. Sudler &
Chicago Stock Exchange
Nov. 24 by the
with the
Specializing in Rocky Mountain
applications
trading
whether
Municipals
appropriate in the puband for the protection of
are
necessary or
lie
interest
investors."
brief
The
points
"unlisted
that
out
trading privileges as of Dec. 15, 1935,
have been accorded 1,370 issues of stock
and 564 issues of
the
faced
Having
constant,
extension—of
the
tion—not
Established 1922
this point,
steady reduc¬
to
consequences
the
demands
progress
INCORPORATED
bonds," and adds:
number of issues
the
Unlisted
trading
involves
proportionately
fewer
issues
than the earlier problem.
The Commission has,
by the very postponement of the unlisted trad
ing problem, acquired greater experience,
more
prestige and* an organization with which to meet
a
problem less difficult than one which it met
in the early days of its down existence and of
unlisted
the
in
the
it
Act
And
classification.
trading
CIDLO, SIMONS, ROBERTS & CO
administering.
is
submit that any exchange re¬
trading
privileges
in
any
security be required to prove not only that the
trade
therein
on
the
registered
exchange has
finally
been
of
is
or
public
we
—INVESTMENT
unlisted
questing
incompatible with the
character
a
but
interest
COLO.
DENVER
Security Building
the
that
also
applicant
SECURITIES—
NATIONAL BANK BUILDING
FIRST
ex
change is qualified to do better.
DENVER
support of its position, the Chicago
Stock Exchange's four major arguments
In
The
1.
sound
follow:
principle
that
in
Excerpts
brief.
the
in
submitted
are
therefrom
it
of
creates
unlisted trading is un¬
a hybrid! class of trad¬
CHARTERED 1858
ing confusing to the public.
The
2.
the
primary
public
Investors
vestors.
full
of
protected
better
each
on
stated
continuing
.
have
listed;
has
SEC
The
favor
trading.
may
are
of the Commission is
the protection of in¬
by
the
where
exchange
considerations
for the continuation of
htye
do
not
support
its
application
an
trading privileges in
for
any
that it is
extension
security
necessary or
of
is
an
investors.
brief also said:
and
Congress
the
Commission
intended
sought elimination of unlisted
ing by a gradual adjustment rather than
precipitous change.
reason
Permanent
listed
fully
cost
544
and
issues
fully
of
sequences
stock
a
of
and
1,681
and registered.
629
Dec.
issues
issues
of
1,
of
stocks
2,645
bonds
There was no
to
The
mor¬
Chicago Stock Exchange to the
of unlisted trading appeared
21 issue, page 3237.
HENRY E. SCHAPER, Asst. Secretary
HARRY M. MANSELL, Asst. Secretary
IRVIN A. SPRAGUE, Asst.
Vice-President
Pres.
MERRITT, Asst. Vice President
F. LEE, Asst. Vice President
GEORGE
GEORGE
STUART L. HOLLISTER, Asst.
KNOWLES, Asst. Secretary
ALBERT G. ATWELL, Asst. Secretary
HENRY B. HENZE, Asst.
Secretary
JAMES M. TRENARY, Asst. Secretary
ARTHUR H.
ERB, Asst. Secretary
THOMAS J. MADDEN, Asst. Secretary
H. IRVING PRATT, JR.,
Comptroller
Asst. Secretary
TRUSTEES
hesi¬
the opposition
extension
in our Nov.
HENRY L. SMITHERS, Asst. Secretary
President
BENJ. STRONG, Vice President
ROBERT S. OSBORNE, Asst. Vice President
WILLIAM C. LEE, Asst. Vice President
FRANK LYMAN
JOHN J.
PHELPS
ARTHUR OURTISS JAMES
WILLIAM M.
reference
HENRY G. DIEFENBACH, Asst. Comptroller
ELBERT B.
were
high.
the
Guardian,
capacities.
KINGSLEY, President
LLOYD A. WAUGH, Asst. Comptroller
President
FREDERIC W. ROBBERT, V. Pres. & Comp.
THOMAS H. WILSON, Vice Pres. & Sec y
CARL O. SAYWARD, Asst. Vice
1936,
but
registering fully listed issues.
nevertheless precipitous and the
Previous
of
to
trad¬
by a
face the staggering task or possible con¬
change was
tality
securities
up
of bonds which delisted
issues
listed
tancy to
registration,
WILLIAM M.
WILLIAMSON PELL, 1st Vies
ALTON S. KEELER, Vice
gradual elimination of unlisted trading, but with
good
Company acts as Executor, Administrator, Trustee,
Committee, Court Depositary, and in all other recognized trust
appro¬
priate in the public interest or for the protection
The
October 1, 1886
ex¬
approval by the
for
requirement
of
affirmative showing
of
$2,000,000.00
$28,309,969.80
.....
Surplus and Undivided Profits,
This
basic
The
Commission
unlisted
f-
un¬
case
a
trading,
Capital,
privilege of unlisted
these
New York
46-47 WALL STREET
considerations
certain
the
While
.
.
tension.
4.
United States Trust Company of
traded.
are
3.
in
and
securities
listing of
they
concern
interest
KINGSLEY
CORNELIUS N. BLISS
WILLIAM VINOENT ASTOR
JOHN
FRANK L.
POLK
WILLIAMSON PELL
GEORGE F.
BARKLIE
HENRY
GEORGE de FOREST LORD
SLOANE
BAKER
ROLAND
L.
FRANCIS
T.
JOHN P. WILSON
Member Federal Deposit
REDMOND
HAMILTON BRADLEY
Insurance Corporation
P. PLIMPTON
Financial
VI
12, 1936
Dec.
Chronicle
State and Municipal Bonds
DEPARTMENT
BOND
St/X
Mercantile-Commerce
Bank and Trust
Locust
^
Company
Co.
a
BA/NT LOUIB
SOfOUVt St
•
Eighth*- St. Charles
<SS25>
St.Louis
corresp ondents
NEW YORK
14
Wall
CHICAGO
St.
KANSAS
135 S. LaSalle St.
CITY
1004 Baltimore Ave.
INVESTMENT SECURITIES
GOVERNMENT
STATE
INDUSTRIAL
MUNICIPAL
State and
PUBLIC
Municipal Bonds
REAL ESTATE
Preiss, Wibbing & Go.
Members
St. Louis Stock Exchange
INVESTMENT SECURITIES
320
Security Building
ST.
UTILITY
LOUIS, MISSOURI
•
!
Members
St. Louis Stock Exchange
Telephone:
OEntrall766
Long Distance:
St. L. 71
A. T. & T. Teletype St. L. 196
WALDHEIM, PUTT & CO.
A. T. & T. TELETYPE ST. L 67
Members
MEMBER ST. LOUIS STOCK EXCHANGE
New York Stock Exchange
New York Curb (Associate)
Chicago Stock Exchange
Seddon, Morfit
&
Harvey, Inc.
St. Louis Stock Exchange
308 North Eighth Street
SPECIALIZING IN SOUTHERN MUNICIPALS
320 NORTH FOURTH
ST.
SAINT LOUIS
*
ST. LOUIS
Private Wires to
Principal Centers
LAMBORN & CO.. INC.
99 Wall Street. N.Y. C.
SUGAR
Export—Import—Futures
DIgby
-2727
STIFEL, NICOLAUS & CO., Inc.
—Founded
1890—
Continuing the security business
of
Roosevelt & Son
Investment Bonds
Founded 1797
St. Louis
Chicago
.
.
Cleveland
Seasoned Investments
Detroit
•
Dick & Merle-Smith
Members Net York Stock
Exchange
30 Pine St.
New York
STATE AND
MUNICIPAL
30 State St.
Boston
BONDS
kentucky
BOND DEPARTMENT
Mississippi Valley Trust Company
St.
state
the
3% warrants
bankers bond
co.
Incorporated
Louis
ld. 238-9.
louisville
alavl'l86'
Volume
Chronicle
Financial
143
VII
Cooperation of Business with Gov¬
ernment
Urged in Solution
of
Economic
Problems
STATE AND MUNICIPAL BONDS
Pointing out that it is evident that
the
left
has
imposing
the
of
New
with
country
an
Mississippi, Louisiana Highway, Port Commission
economic questions
the Guaranty Trust
in "The Guaranty
of
array
still to be answered,
Co.
Active Markets
made toward business re¬
progress
covery
York,
Tennessee, Arkansas, Missouri
Survey," its monthly review of financial
and
conditions
business
States
and abroad,
cessful
in
Edward D. Jones & Company
United
the
states that the
suc¬
Members
handling of these problems will
and
minds
the
forceful
most
STOCKS
business
the final analysis,
economics, and not politics, controls the
leadership,
for,
in
situation
business
and
clear
cooperation
exists
BONDS
LOUIS
ST.
CEntral 7600
true
and
"The
says
New York Curb Exchange Associate
AND
BOATMEN'S BANK BUILDING
"A
for
government
between
business,"
outlook.
and
need
urgent
I
St. Louis Stock Exchange
require the close cooperation of the best
Survey,"
issued
Nov. 30, which notes that "the scope of
activity
governmental
rapidly in recent
ing has occurred
so
nomic
it
field
fortunate
that
if
has
widened
largely in the
be
would
public
so
and this widen¬
years
officials and
Bitting, Jones & Co., Inc.
eco¬
most
un¬
busi¬
leaders should fail to combine their
ness
Municipal, Corporation
knowledge, experience and aims in a
joint effort to promote the national
and Institutional Securities
welfare."
From "The Survey" we also quote:
all
Of
the
ernment
the
is
that
Nation's
tion
of
nomic
ence
in
to
make
in
a
that
country's
their
effects
as
MUNICIPAL
BONDS
is vital
its solution is
neces¬
Trading Department specializing in
to the solution of others.
No intelligent and
effective
consideration of national policies of a
sary
and
unless
possible
is
government
tion
the
value
of
its
the
CORPORATION
—
soon
opportunity
an
The problem
felt.
of
eco¬
undue influ¬
system
them
because
sense,
partly
exert
may
monetary
prosperity gives
peculiar
the
combina¬
a
and
MO.
SAINT LOUIS
Four Eleven North Seventh St.
gov¬
soundness
There exists
partly political
character,
the
reviving
as
of preserving the
currency.
factors,
on
problems facing the
moBt urgent and
the
present
vital
most
economic
at
fiscal
Unlisted Securities.
situa¬
are
under
currency
control.
The principal elements
problem
securities
ment
spending
Bank
purchase
eral
of
due
banks
partly
to
devaluation
of
issued
gold
direct
have
to
appears
this
Budget
this
of
several
that
the
of
question
of
agitation
relief,
agencies, the
policy
with
provide for
between
This
itself
involves
of
reduced
budget
govern¬
combination
of
problem
of
defending
tempted
raids
both,
by
balanced
form
or
a
become
has
it
more
likely to come before the
the
not
threatening
in
recent
with the widening conception of the social
functions of government.
It is especially serious
in
dmocracy
a
the pressure
ernments
the voting power of
and, unless democratic gov¬
because
groups;
can
devise
of
effective
an
of
means
cop¬
ing with the problem, it will become increasingly
difficult for them to maintain their solvency.
Business Regulation
second
The
great
group
government
the
still
to
National
Labor
of
problems
tion
to
to
make
acquire
mission
laws
are
power
of
or
by the
Relations
now
before
Act
Both the
courts.
and
the
Railway
the Supreme Court,
as
Works Administra¬
loans and grants to municipalities
of
the
Public
construct
plants and trans¬
other
recently-enacted
power
lines.
Several
vital
importance,
eral
future.
category will
come
for consideration re¬
The attitude of in¬
the
taxes
to be im¬
up
of court
decisions.
dustrial
workers
toward
posed
upon
them
is still to be
under
problems
in
the
of
the most
near
including
"The
the
Social
that
the Social
Security Act
that
exhausts the list
confront the government
it merely enumerates a few
will
future;
important.
Survey" takes occasion to state
"a few commentators have shown
that the emphatic
popular endorsement of the Administra¬
tion, together with its enhanced ma¬
jority in Congress, may have the effect
of removing restraints and increasing
the danger of drastic and hasty legisla¬
a
tendency to
The
fear
general view, however,
appears to be that the major objectives
of the Administration's program, as the
tion.
.
.
.
and
ers
of
in
the
President may inject a note
caution
tration
by
with
impressing the Adminis¬
magnitude of the re¬
the
sponsibility involved in its leadership.
seen.
This brief outline by no means
of
President himself stated last year, have
already been accomplished,
that the faith demonstrated by the vot¬
several problems in this gen¬
the meantime,
gardless
confront¬
centers
decided
Labor
Act
the
be
In
distant
in General
around the question
of the regulation of business
in general.
To a
considerable extent, the nature of this question
ing
Utility Act of 1935,
Supreme Court in
are
years
is
Security Act and the Public
at¬
themselves
regard
In one
another, this problem lias always existed;
or
but
CITY, MO.
BUILDING, OMAHA, NEBRASKA
means
against
Treasury
who
by
revenues,
still remain the
logical beneficiaries of public largess.
as
is
BRANCH OFFICE—FARNAM
and expenditures.
there will
the
KANSAS
way
and permanent bal¬
is
groups
a
Co.
&
1009-15 Baltimore Avenue
funds.
on
increased
expenditures,
Sterri brofes
is
the
"pressure
numerous
definite
a
the
into
system, and the ques¬
the
claims
Federal receipts
when
Even
of
revenue
supposed
infla¬
important
reorganization
toward
BONDS
public
questions need to be settled in such
to
as
GOVERNMENT
business
preserving the
most
budget.
the
of
ance
CORPORATION
MUNICIPAL
for
fortunately,
as
resolves
the
which
Federal
tion
These
the
to
has been
potential
of
currency
ment
groups"
the
Vital Factor
a
variety
the
of
factors,
of
in
the printing of
tionary influences, the problem of
soundness
Vi. 3143
has been
partly
active
Mo.
Fed¬
the
money
agitation,
less
Kansas City
AT&T—KC262
by the Treasury.
persistent
become
Balanced
Because
and
New
BANKERS
918 Baltimore Avenue
progressed.
has
recovery
by
turn,
through
inflation
although
greenbacks,
of
of bank
form
increase
in
purchased
'been
has
currency
the
imports
6ilver
there
Finally,
by
which,
dollar.
the
against
the
INVESTMENT
govern¬
quantity
securities
and
stock,
gold
the
the
the
have been swollen by the
reserves
government
Reserve
monetary
in
power
govern¬
together with
increased
PrE5EDtt!WrmHt.SnldBrCa.
currency
of
funds by
borrowed
greatly
Available purchasing
deposits.
Purchases
the banks,
by
the
of
have
ment,
involved in the
known.
well
are
more
Memorandum
of
Facts,
Investment
of(America
Bankers Association
Association organized Aug.
meeting
in
old
8, 1912, at
New
Waldorf-Astoria,
York.
First
1912,
annual
convention,
20-22,
Nov.
Waldorf-Astoria, New York.
Attendance
at
organization meeting,
Aug. 8, 1912, 120.
Anticipated
attendance
tion, 950.
this
conven¬
of
present
.
Charter
members—List
charter
members
(99),
given below.
(Continued
on next
page)
by
cities,
12, 1936
Dec.
Chronicle
Financial
VIII
page)
(Continued, from previous
Nov.
21,
1912, 290;
Jan. 1, 1913
(charter roll closed),
347; Dec. 2, 1936, 749 main offices
(new high) ; 803 branch offices.
Members of original Board of Gover¬
Membership,
WOODARD ELWOOD & CO.
tion
:
the Weil, Roth &
Cincinnati.
Foster, Calvin Bullock, New
Co.,
Irving
C.
A.
Weil,
E.
Harry
INVESTMENT SECURITIES
RAND
present at twenty-fifth conven¬
nors
York.
TOWER
who
convention
first
at
Delegates
MINNEAPOLIS
expected at twenty-fifth:
William G. Baker Jr., Baker, Watts
were
&
Paul
Co., Baltimore (past
W. Cleveland, Paul
President).
Cleve¬
W.
land & Co.,
Inc., Chicago.
Trowbridge Callaway, Callaway, Fish
&
allison-williams
company
Co., New York (past
R.
Dick, Dick
President).
Merle-
&
Fairman
Smith, New York.
NORTH
MINNESOTA
DAKOTA
SOUTH
DAKOTA
O.
A.
New
Bullock,
Calvin
Foster,
York.
Cincinnati.
Edgar Friedlander,
Municipal Bonds
gan
George
NORTHWESTERN BANK BUILDING
Corp., New York.
N. Lindsay, Speyer
Otto
&
Co.,
&
Co.,
York.
New
MINNEAPOLIS, MINN.
Hoysradt, First of Michi¬
J.
Warren
Miller
Hayden,
Miller,
Cleveland.
Barclay, Moore &
Clark Moore Jr.,
J.
Co., Philadelphia.
John
Nickerson, John
Nickerson
Co., Inc., New York.
John
W.
Prentiss,
Hornblower
C. C. RIEGER & CO.
&
&
Weeks, New York (past President).
John A. Preseott, Prescott, Wright,
INCORPORATED
Snider.
(past
City
Kansas
Co.,
President).
H.
William
Investment Securities
Nicholas
Eli
Roberts,
Watson
T.
&
Co., Inc., New York.
MINNEAPOLIS
1126 First National-Soo Line Bldg.
Co.,
&
Putnam
Putnam,
Hartford.
A. Rushton, Babcock, RushCo., Chicago.
Mason B. Starring. Kidder, Peabody
Joseph
Bell System Teletype
ton &
MPLS. 138
&
Co., New York.
Harry E. Weil, the Weil, Roth &
Ir¬
ving Co., Cincinnati.
Sidney J. Weinberg, Goldman, Sachs
& Co.,
CHREST & COMPANY, INC.
Clark
J.
New York.
Moore Jr.,
of the
Barclay, Moore
partner
charter member firm of
&
Co., Philadelphia, has the distinction
of
Investment Securities
the
being
twenty-fifth
tended
only man present at the
convention who has at¬
convention.
In
unceasing interest
a memento will be
previous
every
appreciation of his
in the Association,
735
Rand Tower
Minneapolis
presented
to
of
session
Moore
Mr.
him at the first
convention
the
the
served
general
Friday.
Association as
on
Governor from 1922 to 1925.
MEMBERS
CHARTER
New York
D. Barney &
Chas.
NORTHERN WISCONSIN SECURITIES CO.
&
Burr
Inc.
Co.,
Co.
(then,
George
H.
Burr & Co.)
Callaway, Fish & Co.
Chase
Investment Securities
Bank
National
York
New
(then,
of
the
Harris,
City
of
Forbes
&
Co.)
Clark, Dodge & Co.
(then, Wm. A. Read
Dillon, Read & Co.
MINNEAPOLIS
WAUSAU, WISC.
&
Co.)
Eastman, Dillon & Co.
First
The
Boston
Corp.
(then,
Old
Colony Trust Co.)
Goldman, Sachs & Co.
Guaranty Trust Co. of New York
Hallgarten & Co.
Frederic H. Hatch & Co.
I. H. Overman, Inc.
GUY A. NELSON CO.
A. M. Kidder & Co.
SECURITIES
-
Securities
Chas. H. Jones & Co.
Kean, Taylor & Co.
INVESTMENT
Investments
Hayden, Stone & Co.
F.H.A. Insured
Kuhn, Loeb & Co.
W. C. Langley & Co.
Lee
Mortgages
Higginson
Corp.
J. P.
238
800 First Nat'l-Soo Line
Minneapolis
-
BAKER BLDG.
Lee
Hig-
Morgan & Co.
John
Nickerson &
Bldg.
Minnesota
(then,
ginson & Co.)
Co., Inc. (then, John
Nickerson Jr.)
MINNEAPOLIS
R.
W.
&
A. T. & T. Teletype Mpls. 79
Pfessprich & Co.
(then, Watson
Pressprich)
E. H.
Rollins & Sons, Inc.
J. & W.
Seligman & Co.
Speyer & Co.
Volume
Financial
143
Stone
&
Webster
and
Blodget,
(then, Stone & Webster)
Spencer Trask & 'Co.
IX
Chronicle
Inc.
J. G. White & Co., Inc.
&
Low
Co.
&
department
investment
White, Weld & Co.
Wood,
(then,
Low,
Dixon
Co.)
Philadelphia
Barclay, Moore & Co.
Barclay & Moore)
Snowden,
(then,
Battles & Co., Inc.
Biddle, Whelen & Co.
The First National Bank
of St. Paul
(then, Townsend
Whelen & Co.)
Cassatt & Co., Inc.
Chandler & Co., Inc.
U.
E. W. Clark & Co.
Drexel & Co.
Morris
Elkins,
S.
Government
and
Municipal Bonds
•
Krumbhaar
&
&
M. M. Freeman
Co.
(then,
Elkins,
Morris)
& Co., Inc.
Graham, Persons & Co.
(then, Graham
& Co.)
.
Janney
Co.
&
(then,
Montgomery,
Clothier & Tyler)
Chicago
Ames, Emerich & Co., Inc.
Babcock, Rushton & Co.
Baker,
Fentress
Co.
&
Mannheimer-Caldwell, Inc.
Lyon,
(then,
INVESTMENT SECURITIES
Gary & Co.)
H. M.
Byllesby & Co.
Central
Republic
E.
T.
&
C.
Co.
Central
(then,
NATIONAL
FIRST
BANK BUILDING
Co. of Illinois)
Trust
Joiner
&
Co., Inc.
St.
(then, McCov
Paul, Minnesota
Co.)
McNear
W.
McNear
Northern
The
&
Co.
(then,
Woodin,
& Moore)
Trust
Co.
John Nuveen & Co.
H.
C. Speer & Sons
Co.
Boston
Baker, Young & Co.. Inc.
(then, Baker,
Ayling & Co.)
Bond & Goodwin, Inc.
Bannett
Burr,
&
Co.
&
(then,
Parkinson
Burr)
A. B.
GREENMAN, McGUIRE & DRISCOLL
Incorporated
Conant & Co., Inc.
(then, Conant,
Almon A. Greenman
Arthur G. Driscoll
William B. McCallum
T. Frank McGuire
Young & Co.)
INVESTMENT SECURITIES
Estabrook & Co.
Hornblower &
Weeks
Jackson & Curtis
E-1408 First National Bank Building
Kidder, Peabody & Co.
ST.
PAUL, MINNESOTA
Baltimore
Members
Minneapolis-St. Paul Stock Exchange
Baker, Watts & Co.
Owen Daly & Co.
Equitable Trust Co.
(then,
Mortgage & Trust Co.)
Equitable
Robert Garrett & Sons
W.
Lanahan & Co.
W.
(then, Whelan,
& Lanahan)*
Duer
Mackubin, Legg & Co: (then, Mackubin,
Goodrich & Co.)
Co.
Trust
Mercantile
Mercantile
(then,
of
Trust
Baltimore
&
Deposit
STANLEY GATES & CO.
Co.)
Strother, Brogden & Co.
Cincinnati
The
Central
Trust &
Trust
Co.
(then,
Investment
Central
The Fifth Third Union Trust Co.
(then,
FIRST
Fifth-Third National Bank)
Provident
Savings
Bank
NATIONAL BANK BUILDING
ST.
W. E. Hutton & Co.
The
Securities
Safe Deposit Co.)
PAUL, MINN.
& Trust
Co.
Seasongood & Mayer
The
Weil,
Roth
&
Irving
Co.
(then,
Weil, Roth & Co.)
St. Louis
Francis,
Bro. & Co.
Mississippi Vallev Trust Co.
Smith, Moore & Co.
Stifel,
Nicolaus & Co., Inc.
theimer
(then,
Al-
Harold E Wood & Company
& Rawlings Investment Co.)
G. H. Walker & Co.
Whitaker & Co.
INVESTMENT SECURITIES
Cleveland
Cleveland Trust Co.
FIRST
Hayden, Miller & Co.
Otis & Co.
NATIONAL BANK BUILDING
SAINT PAUL,
MINNESOTA
Denver
The International Trust Co.
Peters,
Writer
&
Christensen,
(then, James N. Wright & Co.)
(Continued on next page)
Inc.
Minneapolis, Minn.
Cedar Rapids,
Iowa
Chicago, 111.
Financial
X
Dec.
Chronicle
1936
12,
(<Continued from previous page)
Kansas
City
Commerce Trust Co.
Prescott,
Snider
Co.)
Wright,
(then,
Co.
John A. Prescott &
First National Bank andTrust Company
Los Angeles
I
James It. Martin & Co.
(then, Torrance,
Marshall & Co.)
William R. Staats Co.
of Minneapolis
Milwaukee
•
STATE AND MUNICIPAL BONDS
•
Edgar, Ricker & Co.
The
Securities
Co.
of
Milwaukee, Inc.
(First Savings & Trust Co.)
115 SOUTH FIFTH STREET
Minneapolis
MINNEAPOLIS, MINNESOTA
Thrall West Co.
&
(then, Minnesota Loan
Trust CO.)
Wells-Dickey Co.
Detroit
First of Michigan
Corp (then, Security
Trust Co.)
New Orleans
Whitney National Bank of New Orleans
(then, Witney Central Trust & Sav¬
ings Bank)
Pittsburgh
Northwestern Municipals
Moore, Leonard & Lynch (then, Darr &
Moore)
Portland
Charles H. Gilman & Co., Inc.,
Wells-Dickey Company
Established
San Francisco
Anglo California National Bank of San
1878
Francisco
McKnight Building
MINNEAPOLIS, MINN.
ST. PAUL
Paris
(then.
National
Anglo
Bank)
&
London
,
Spokane
DULUTH
Spokane and Eastern Branch of SeattleFirst National Bank (then, Spokane &
Eastern Trust Co.)
Toronto
Dominion
Securities Corp.,
Ltd.
New
Piper, Jaffray
& Hopwood
Member Firms of Investment
Bankers Association of America
The
Board
of
Governors
or
the
In¬
vestment Bankers Association of Amer¬
elected
the
following houses to
membership at the Augusta, Ga., con¬
ica
5 TOCKS—BONDS—GRAIN
vention:
COMMERCIAL PAPER
Members
New York Stock
California Group—
Cavanaugh, Morgan & Co., Los Angeles.
Co., Los Angeles.
Geo. R. Miller & Co., Inc., Pasadena.
F. E. Harris &
Exchange and other principal Exchanges
Minneapolis
St. Paul
Canadian Group—
Bartlett, Gayley & Co., Ltd., Toronto.
Central States
Group—
Harrison & Austin, Inc., South Bend.
Robert
Showers, Chicago.
Seerley & Co., Chicago.
Straus Securities Corp., Chicago.
John J.
Eastern
Pennsylvania Group—
Philadelphia.
Butcher & Sherrerd,
C. S. Ashmun Company
INVESTMENT SECURITIES
1212
FIRST NATIONAL-SOO LINE
BUILDING
MINNEAPOLIS, MINN
Michigan Group—
Carey & Co., Detroit.
Carlton M. Higbie Corp., Detroit.
Sidney R. Small & Co., Detroit.
J. H. Petter & Co., Grand Rapids.
Matthew
Minnesota Group—
Angland & Co., Inc., Minneapolis.
Charles A. Fuller Co., Minneapolis.
Mississippi Valley Group—
Ruppert & Co., Inc., St. Louis.
H. L.
New York Group—
Colyer, Robinson & Co., Inc., Newark.
Bennett Bros. & Johnson, New York.
Cohu Brothers, New York.
Emanuel & Co., New York.
D. M. S. Hegarty & Co., Inc., New
York.
M. R. WATERS &
—ESTABLISHED
SONS, INC
1883—
Holsapple, Harvey & Co., New York.
Lord, Abbett & Co., Inc., New York.
Frank C. Masterson & Co., New York.
Newman Bros. & Worms, New York.
INVESTMENT
SECURITIES
Schroder, Rockefeller & Co., Inc., New
York.
1036 BAKER
BUILDING
MINNEAPOLIS,
MINN.
Northern Ohio Group—
Gillis, Wood & Co., Cleveland.
Kraus-Cunningham & Co., Cleveland.
Ohio
Valley Group—
J. J. B. Hilliard & Son,
Louisville.
Volume
XI
Chronicle
Financial
143
Pacific Northwest Group—
Patten, Eyman & Co., Seattle.
Arthur E. Nelson &
Co., Spokane.
Southeastern Group■—
ESTABLISHED
1891
Davenport & Co., Richmond.
Southern Group—
A. C. Biese &
Specialists in
Co., Jacksonville.
Courts & Co., Atlanta.
Clement A. Evans & Co., Atlanta.
Anagnosti & Walker, Inc., New Orleans.
New Jersey Securities
Lamar, Kingston & La Bouisse, New
Orleans.
1
Levy & Rooney, Inc., New Orleans.
Jack M. Bass & Co., Nashville.
Robinson, Webster & Gibson, Nashville.
Texas
State and
Bank and
Municipal Bonds
Insurance Stocks
Gas, Electric
Guaranteed Gas
and Water Bonds
and Electric Stocks
Group—
Investment Service Securities Corp. of
Texas, Dallas.
Walker, Austin & Waggener, Dallas.
Underwood, Edwards & Co., Inc., Fort
Worth.
Aves &
J. S. Rippel & Co.
Wymer, Houston.
Western Pennsylvania Group—
Peoples-Pittsburgh Trust Co.,
1
18 Clinton Street, Newark,
Pitts¬
burgh.
Phillips, Schmertz & Co., Pittsburgh.
Newark
MArket
N. J.
3-3430
New York REctor 2-4383
Chairmen of Various Committees of
Investment Bankers Association
of America
On
Dec. 6 the following were ap¬
pointed Chairmen of the various com¬
mittees of the Investment Bankers As¬
sociation of America for the
year
1936-
1937:
BRAUN, BOSWORTH & CO.
Standing Committee Chairmen
Business
Conduct—Rudolph J. Eiehler
(Bateman, Eiehler & Co., Los An¬
geles).
MUNICIPAL
Business
Problems—Earle Bailie (J. &
W. Seligman & Co., New York).
Commercial Credits—J. Norrish Thorne
(Goldman, Sachs & Co., New York).
Constitution and By-Laws—E. Warren
Willard
(Boettcher &
Co.,
Inc
Denver).
Education—Francis F. PattouT(A. G.
Becker & Co., Chicago).
Federal Taxation—James J.
BONDS
Inquiries Invited on OHIO and
Cincinnati
Chicago
Detroit
Toledo
MICHIGAN Issues
Minot Jr.
(Jackson & Curtis, Boston).
Finance—D.
T.
Richardson &
Richardson
(Kelley,
Co., Inc., Chicago).
Foreign Securities—Frederick M. War¬
burg (Kuhn, Loeb & Co., New York).
Government
and Farm Loan Bonds—
Robert G. Rouse
(Guaranty Trust Co.
Provident Savings
Bank & Trust Co.
of New
York, New York).
Group Chairmen's—Jean
C.
Witter
(Dean Witter & Co., San Francisco).
Industrial
Securities—Karl
Municipal Bonds
Weisheit
(Edward B. Smith & Co., New York).
Companies—Colis Mitchum
(Mitchum, Tully & Co., San Fran¬
cisco)
Membership—Cloud Wampler
(Law¬
rence Stern &
Co., Inc., Chicago).
Municipal Securities—John S. Linen
(Chase National Bank, New York).
Investment
OHIO
CINCINNATI
.
Public
Service
Securities—Francis
Frothingham
Boston).
Railroad
(Coffin
&
Burr,
E.
Communicate with us for
Inc.,
Securities—Fairman
R.
(Drumheller,
White, Seattle).
Ehrlichman
man
Local
offerings
MUNICIPAL BONDS
Real Estate Securities—Ben B. Ehrlich-
and
or
Dick
(Dick & Merle-Smith, New York).
State
bids
covering
&
We
specialize in Ohio, Southern
and South-western Issues
Taxation—Harold E.
Wood
(Harold E. Wood & Co., St.
Paul).
State Legislation—T. Weller Kimball
(Field, Glore & Co., Chicago).
THE
WEIL, ROTH & IRVING CO.
New York
Cincinnati
Vice-Chairman—Jay N. Whipple
(Bacon, Whipple & Co., Chicago).
Trading—John O. Stubbs
(Whiting,
Weeks & Knowles, Inc., Boston).
Washington—Orrin G. Wood
(Estabrook & Co., Boston).
►
Westheimer & Company
Subcommittee Chairmen
Distribution—John
K.
(Starkweather & Co.,
Inc., New
York).
Vice-Chairman—Henry H. Egly
(Dillon, Read & Co., New York).
Salesmen's Compensation—H. Vaughan
Clarke (H. Vaughan Clarke & Co.,
Philadelphia).
INVESTMENT SECURITIES
Starkweather
Members
New York Stock Exchange
Baltimore Stock Exchange
CINCINNATI
Cincinnati Stock Exchange
Washington Stock Exchange
Chicago Board of Trade
BALTIMORE
New York Curb (Associate)
Commodity Exchange, Inc.
WASHINGTON
DAYTON
Financial
xii
Chronicle
12, 1936
Dec.
■
^
;
HI
H. L. Emerson & Co.
Underwriters and Distributors
Investment Securities
INCORPORATED
of
UNION TRUST
BLDG.
CLEVELAND
State, Municipal and Corporate
Securities
Johnson, Kase & Co.
otis & co.
(Incorporated)
Established 1899
Investment Securities
cleveland
New York
Chicago
Denver
Cincinnati
Columbus
Toledo
Pittsburgh
Akron
CENTRAL
NAT'L BANK
BLDG.
CLEVELAND
curtiss, house & co.
1201 Union Trust
Building
New York Stock
Members
Exchange
New York Curb (Associate)
Cleveland Stock Exchange
of
TELEPHONE
FRED F. WILKISON
MAIN 7071
CLEVELAND
INVESTMENT
SECURITIES
HIPPODROME
borton, bates & co.
BUILDING
CLEVELAND
Business Established 1906
Union Trust Building, Cleveland
Established 1866
Members Cleveland Stock
Exchange
H. Hentz & Co.
Members
New
York
Stock
Exchange
New
York
Curb
Exchange
New
Cotton
York
Chicago
Exchange
of
Board
Trade
Exchange
Grain
Winnipeg
New Orleans Cotton Exchange
PETER, LANDER & CO.
And
other
Leading
Exhanges
Incorporated
N.
Y. Cotton
buhl building
Exchange Bldg.
NEW YORK
DETROIT
DALLAS
BOSTON
LONDON
MIAMI
detroit
AMSTERDAM
PARIS
GENEVA
JamesTalcott,Inc,
factors
R. C. O'Donnell & Company
I
8 S 4
investment securities
y
2166 Penobscot
Building
i936
DETROIT
A. T. & T. Detroit 443
Telephone Cherry 7040
Members Detroit Stock Exchange
225
Fourth Avenue, New York
"the
factor"
on
request
Volume
XIII
Financial Chronicle
143
WHITLOCK, SMITH & CO
Members
DETROIT STOCK
EXCHANGE
MARKETS QUOTED IN ALL
MICHIGAN
BONDS
MUNICIPAL AND CORPORATE
1446 Penobscot
Building
DETROIT, MICHIGAN
Cherry 4900
WRIGHT, MARTIN AND GO.
INVESTMENT SECURITIES
Brokers for Dealers and Banks in
DETROIT AND MICHIGAN
Clapton anli Company
SECURITIES
Members of the Detroit Stock Exchange
510 Fidelity
2066 Penobscot BIdg.
Cherry 3921
BIdg.
DETROIT
detroit, michigan
SECURITIES
INVESTMENT
WHITLOCK, SMITH & CO.
MUNICIPAL
MICHIGAN
AND
CORPORATION BONDS
MITCHELL, HERRICK & CO.
Members
Detroit Stock Exchange
1446 Penobscot BIdg.
joo
CHerry 4900
Cuyahoga Building, Cleveland
DETROIT
CLEVELAND
AKRON
CANTON
CINCINNATI
COLUMBUS
Charles A. Parcells &
Wellington & Co.
SPRINGFIELD
Co.
Members of Detroit Stock Exchange
Members New York Stock Exchange
INVESTMENT SECURITIES
Members Pittsburgh Stock Exchange
Union Trust BIdg.
Pittsburgh
Capital Financing from 1912 to 1936
—Summary by
Educational De¬
partment of
I. B. a.
Incident to the
sary
ers
639 PENOBSCOT
New York
120 Broadway
twenty-fifth
RANDOLPH°5625
DETROIT, MICH-
TO
MEMBERS
convention of the Investment Bank¬
DETROIT
ALL^MARKETS
Co.
Guy G. Wedthoff
anniver¬
STOCK EXCHANGE
2956 PENOBSCOT BUILDING
Association of America, at Augusta,
Dec. 2-6, the Educational Depart¬
ment of the Association made available
Ga.,
BUILDING
on
condensed history of capi¬
tal financing from 1912 to 1936:
The United
States was a
tranquil
Nation in 1912 when the Investment
Bankers Association
of America was
formed.
Business was in a mild sec¬
the following
following the 1907
panic.
Big things were finished—that
is, the railroads had been built and com¬
ondary
Detroit
Cherry 2480
A. T. & T. Tel. Det 462
s. r. livingstone
reaction
& co.
Members
New
YorklStock Exchange
New York Curb (Associate)
Detroit Stock Exchange
bined into the great systems as we now
know them.
"Mammoth" industrial cor¬
porations had been brought into exist¬
ence through consolidation of small pro¬
prietorship and family enterprises.
financial
and
business
giants
Listed and Unlisted Securities
The
DETROIT
who
walked the stage at the turn of the cen(Continued on next page)
Municipal and Corporation Bonds
1356 Penobscot Building
Cadillac 4333
Financial
XIV
Chronicle
Dec.
1936
12,
0Continued from previous page)
tui*
were
and the institutions they
gone
formed had outgrown the dominance
individuals.
June
The pistol shot in
of
Sarajevo,
28, 1914, transformed things.
Greatest of the many surprises Amer¬
ica furnished the world during the war
the
was
JAivGsYmenY OocunYios
latent
the calmness in financial
Sou/A AaSa//e
d>fr&ef
/35
tremendous
capacity
demonstrated by its financial machinery.
Old World financiers were amazed at
districts here
upon our actual entrance into the
hostili¬
ties
uttedly
in
April,
1917;
it was so
different from the demoralization of the
rest of the world in 1914.
No
realized fully how the
one
trial by
fire from 1914 to 1917 had matured the
financial capital of the world.
new
deluge
of
terialized
they
foreign-held
had
The
securities
ma¬
been
anticipated, but
absorbed and hundred of mil¬
as
were
lions of loans
were
extended to
foreign
borrowers who had
previously depended
Lombard Street.
upon
&
^ompany
Financial institutions that had made
practically
no foreign loans prior to 1914
staggered at the suggestion of a billion
dollar Anglo-French credit late in. 1915.
'
4
But when
Investment Securities
the loan
The
29 South La Saile Street
capital market machinery first
high gear upon the declara¬
of
tion
in half,
into
went
CHICAGO
that figure was cut
taken in stride.
was
by the United
war
States.
In
1917, 1918 and 1919, $24,500,000,000 of
government bonds were sold to people
Telephone Randolph 4553
who had been described by a commenta¬
tor
prior to the Liberty Loan campaigns
thrifty" and "unaccustomed to
"not
as
buying government bonds."
Naturally the market
for the
along
HARRISON, O'GARA & CO,
was
Capital Issues Committee for indispen¬
sable
of new capital. Foreign loans
except for the
tremendous
passed along by the govern¬
sums
amounts
ment to its allies.
utilities, industrial
Railroads, public
and business
enterprises which had re¬
quired $1,500,000,000 new capital in quiet
209 South La Salle Street
1912
CHICAGO
Members
Correspondent
New York Stock Exchange
Chicago Board of Trade
required to get
best it could, petitioning the
as
stopped,
Investment Securities
"protected"
was
government during this period.
Private enterprise
Paine, Webber & Co.
i
.
had
to
only
with
manage
$900,-
000,000 in 1918.
Their needs naturally
ran much higher than in 1912, as may
be judged from the fact that railroad
freight traffic was 55% heavier, the
physical output of factories 45% greater,
and electrical power consumption 120%
more
in 1912.
than
Municipal, State and other local gov¬
ernment units obtained only $223,000,000
new
than
WlNTHROP, M ITCH ELL & CO.
'
'
'
'
'
'
•
'
*
-
'
capital in 1918, less by $125,000,000
the average annual requirements
from 1912 to 1917.
But
with
domestic
Building
26 Broadway-
Chicago, Illinois
New York, New York
MEMBERS
NEW YORK STOCK EXCHANGE
NEW
YORK
CHICAGO
CURB
STOCK
close
the
of
war
and
rowing, private enterprise started about
its deferred financing and found the
STOCKS, BONDS and COMMODITIES
Board of Trade
the
the end of tremendous government bor¬
1
mands
market
capable
put upon it.
American history,
in
interval
near
century,
the
self-sufficient.
the
the
of
any
de¬
For the first time
except for a brief
turn
country
In
of
the
the
present
financially
was
first
two
years
EXCHANGE
following
EXCHANGE
$5,000,000,000 of new
Simultaneously business experi¬
enced its primary post-war boom.
The
commodity price panic of 1920 and the
rise of interest rates to 7% and 8% re¬
railroads,
war,
utilities
and industries took
capital.
duced but did not stop the flow of new
capital,
which
is
one
reason
for
the
short duration of the 1920 depression.
States and cities joined the parade to
the capital markets, taking a total of
$2,000,000,000 in the one year, 1921, and
averaging $1,400,000,000 over the next
10 years.
Their first
move was provid¬
public buildings and im¬
provements that had been skimned dur¬
ing
schools,
ing
the
war.
ahead with
From
their
there
they
went
hard road and super¬
highway programs.
In addition to domestic
almost
were
$6,000,000,000
sent
abroad
in
requirements,
of capital
the
five
funds
years,
1924-28, mostly to aid reconstruction.
By 1927 and 1928, although domestic
corporations were taking new capital at
Volume
Financial
143
the rate of five and six billions
interest
rates
dropped to
With easy
5^2% range.
ditions, the issuance of
replace
year,
to
con¬
money
securities to
new
expensive earlier financing
more
the
almost
to
rose
a
4^%
a
$2,000,000,000 level
for those years.
the
capital markets
In the decade following the war
railroads
came
for
than
more
The
first
$4,000,000,000 of funds.
went toward recon¬
equipment exhausted by
money
struction
of
Later
demands.
war
the
to
came
electrifica¬
construction of signal sys¬
tems, grade crossings and other facili¬
ties that have made possible the ex¬
traordinary safety
record of
recent
tion projects,
years.
During
the
period
same
public
the
requisitioned more than $11,000,000,000 primarily for the purpose of
building generating capacity and trans¬
mission lines for supplying electric light
and
power.
Electrical
service was
available in less than 6,000,000 homes
utilities
1928 more
The
generating capacity of the indus¬
when the war closed, and by
19,000,000 homes were wired.
than
power
try was doubled in that interim.
That
development of the power indus¬
try was a large source of new employ¬
ment and
little
Where
payrolls in the 1920s.
than
more
100,000
people
were
engaged in the business in 1917, 251,020
1927.
by
employed
so
were
had
from $95,000,000 in
grown
Payrolls
1917 to
$367,000,000 by 1927.
For rebuilding the war-time
industrial
equipment of the country and then ex¬
tending it to new dimensions, all other
almost
took
business
$20,000,000,000 in
10 years
following the war. With these
funds, capacities were increased until
by 1929 48% more physical volume of
production could be added to the out¬
put of 1919. In this expansion, factory
employment rose 36% from its low in
the
post-war depression and factory
payrolls were increased 62%.
Investment bankers
mentalities
of
and
war
the
instru¬
prosperity, bringing estab¬
needed money in touch
that
lishments
with
were
in this financing
necessary
the
of
capital.
These
tremendously
since
pre-war
days.
An
estimated
200,000 of bond and stock holders has
increased to some 20,000,000.
In ad¬
have
sources
there
dition,
life
sources
expanded
are
63,000,000 holders of
insurance
policies, 14,000,000 mu¬
tual savings bank depositors and more
millions
with
savings in commercial
Their funds go into
banks.
productive
employment through the security'invest¬
of
ments
the
banks
and
insurance
companies.
These
are
the
people
who financed
the power plants, railroads,
steel mills,
public schools, who furni&hed money
paving streets and surfacing high¬
for
ways.
The
machinery for transmitting
ings into
stalled
steel
sav¬
after
Before it could get started again
1930.
a
brick and
complication was introduced
new
in
the form of the original Federal securi¬
ties legislation
in 1933.
Only after its
modification in 1934 and the
promulga¬
simplified regulations in 1935
did the wheels roll again.
In the in¬
terim, local governments were the only
agencies, aside from the Federal gov¬
tion
of
ernment, that could do financing read¬
ily.
Neither of
affected
by
the
these
borrowers
regulatory
were
measures,
and they never found new
capital more
cheaper.
corporate financing resumed in
abundant
New
or
1935 and made further progress in 1936.
Meanwhile,
urgent
tremendous
amount
been
refinancing
of
and
refunding
a
has
accomplished.
But for
10 years from 1921
corporations
of
annual average
capital.
months
to 1930,
all types required an
of $4,370,000,000 of new-
In the last five years and 10
they have received a total of
only $1,860,000,000.
Chronicle
xv
Financial
xn
12, 1936
Dec.
Chronicle
★
★
ADDISON WARNER & GO.
I
"
'
•
.
'
' '
'
,*
Investment Securities
MEMBERS
High Grade State
Chicago Stock Exchange
Chicago Curb Exchange
South
39
Salle
La
Street
CHICAGO
FRAnklin 5335
Municipal Bonds
ILthe
northernj
Kerfoot, Leggett & Go.
trust company
CHICAGO
★
Investment Securities
*
Board of Trade
Building
CHICAGO
BANK OF MONTREAL
Established l8l7
Montreal
Head Oilice
Capital
-
-
-
-
Rest and Undivided
Total
Assets
in
$36,000,000
-
Profits
Excess
^
$39,935,033
of
$800,000,000
President
Sir
Charles
Gordon, G.B.E.
Vice-Presidents
H. R. Drummond, Esq.
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
General Managers
"ty.
A.
Bog
—
Jackson Dodds
*
Branches and
Agencies
In Canada
;.d Newfoundland—
In London:
47 Threadneedle St.,
More than 500 Branches.
9 Waterloo
E.C. 2;
Place, S.W. 1.
In the United States—New York, 64
Wall St.;
Chicago: 27 South La Salle St.:
San Francisco:
(San
Bank of Montreal
Francisco),
333
California
Street.
stocks & bonds
Bought and sold for cash,
or
carried
*
on
conservative terms
Inactive
and
unlisted
securities
Inquiries Invited
FINCH, WILSON & CO.
Investment Securities
Members New
York
120 BROADWAY
Stock Exchange
NEW YORK
Volume
Financial
143
xvn
Chronicle
•
Ames, Emerich & Co., Inc.
208
105 South La Salle Street
South LaSalle St.
CHICAGO
Building
La
Salle
and
Streets
Adams
•
Chicago, Illinois
•
■
Originators and Distributors
-
of
Chicago's Center
Investment
Securities
of Finance
and Commerce
•
•
Nichols, Terry & Dickinson
Municipal Bonds
incorporated
—o—
INVESTMENT SECURITIES
BALLMAN & MAIN
105 West Adams Street
Board
THE CANADIAN BANK
inc.
TORONTO
OFFICE
Established 1867
Underwriters—Dealers—Distributors
...
$30,000,000
Paid-up Capital
20,000,000
Reserve
120 South
Chicago, Illinois
La Salle Street
Telephone State 4151
touch with
and financial life
of Canada and is well equipped to
serve
corporations, firms and in¬
dividuals interested in Canadian
This Bank is in close
the
& Tract
Rogers
OF COMMERCE
HEAD
Chicago
of Trade Building,
Tel. State 7907
CHICAGO
commercial
business.
Branches
in
every
John W. Clarke
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco;
Seattle; Los An¬
INCORPORATED
geles; London, England; Havana;
Kingston, Jamaica; St. Pierre in
St. Pierre et Miquelon; Bridgetown,
Barbados, and Port
of
Spain,
,
Board of Trade
Trinidad.
NEW YORK
ILLINOIS MUNICIPALS
Chicago
Building
AGENCY
Exchange PI. & Hanover St.
1
F. H. PRINCE &
V
CO.
Channer Securities
Company
BANKERS
1
boston, mass.
HIGH-GRADE INVESTMENTS
Municipal, County and
39 South La
School Bonds
Salle Street
,
u
Members New York &
Boston Stock Exchanges
CHICAGO
Financial
xnn
Chronicle
Dec. 12,
Kingdom of Bulgaria
This advertisement is neither
any
of this Stock.
1936
an offer to sell nor a solicitation
of offers to buy
The offering is made only by the Prospectus.
7% Settlement Loan 1926
The
Trustees
of the above-named Loan
they have received from the
Government sufficient sums in
foreign exchange to provide for a
payment
of 21 Va% of the interest
coupon due January
New Issue
announce that
Bulgarian
30,000 Shares
1,
1937, and they are accordingly arranging
for the coupon to be
paid at this rate. As
explained in the League Loans Committee's
Cummins Distilleries Corporation
announcement of March 25, 1936, payment
at this rate will not be
taken as a
complete
discharge.
marked
(A Delaware Corporation)
paid,
Coupons
with
and
will
will
accordingly
indication
an
then
be
of
the
be
amount
returned
to
the
holders.
The Trustees have also
received from the
Bulgarian
Government certain
sums
in
Cumulative Convertible Preferred Stock
Sterling
(Annual Dividend $0.80—Par Value $10.00)
are
The
Price
Dollars
$10.00 Per Share
Trustees
may be obtained from such of the undersigned
registered dealers in securities in this State.
Smart &
YORK CITY
be
Wagner, Inc.
prepared
January
Bonds,
$35
Harry L. Henry & Co.
to
1,
on
1937
coupons
of
the
Dollar
after that date, $7.53 on each
or
$3.77 on each $17.50 coupon,
presentation of such coupons, with an
letter of transmittal, at the
.
office
of
either
stamping of
should
FRANCISCO
then
of
LOS ANGELES
undersigned for the
payment
thereon.
After
will be returned and
coupons
be
from which they
Company
the
such
stamping, the
SAN
above
notice,
the
directed by the Trustees,
to the holders of the
appropriate
BALTIMORE
Newfield and
the
as
pay
coupon and
upon
Denault & Co.
the
agreed to the proposed
alterations.
LOUISVILLE
LOUIS
the
Improve
Referring
to
undersigned will,
ST.
for
announce
budgetary
situation,
and
on
the
recommendation of the Commissioner of the
League of Nations in Bulgaria, the
Trustees
Copies of the Prospectus
Neuwoehner, Gremp & Co.
also
be more than covered
by Increases in other
duties
and
therefore would
Chicago
NEW
capital
asked
for their consent to
alterations in the rates
of certain duties assigned
to the service of
the
above-named Loan.
In
view
of
the
Director General's assurance
that the loss
of revenue caused by these
alterations would
Minnich, Bradley & Associates, Inc.
Frank C. Masterson & Co.
representing
being applied to redemption.
information of bondholders that since the
publication of their announcement of June
10,
1936,
the
Director
General
of
the
Bulgarian Debt Administration has
PRINCIPAL UNDERWRITER
as are
and
repayments made by the Refugees and
these
sums
re-attached
to
the
Bonds
detached.
were
With
reference
to
the
communique
published by the League Loans
Committee
jointly with other bondholders'
organizations
on November 16,
1936, notice is hereby given
that up to January 30,
1937, in addition to
December 10, 19S6.
the
partial payment of 2iy2% of
the face
value in accordance with the
terms of the
Trustees' notice published
above, holders of
coupons
Dividends
Dividends
tranche
for
New York & Honduras Rosario
(paramount Qicluresjnc.
First
Dividend
j
the
Please take notice that the Board of
Directors
has this
day declared
a
dividend of $12.00 per share on the
first preferred stock of this com.'
pany,
to
of business
at
austin
c.
of
transmittal,
O.
W.
Speyer & Co.
American Fiscal Agents.
New York, December
10,
LANGLEY, Treasurer.
Dividends
Packing Company
December 8, 1936
The Board of Directors
has declared
dividend of fifteen cents
($.15) per
share on the Class A and
the Common
Stock of the
Corporation payable Decem¬
ber 23, 1936, to holders
of
a
record at the close of
cember 14, 1936.
Dividend
COMMON DIVIDEND NO. 242
At
a
special meeting of the Board of
Directors, held in Palmyra, N. Y., this
such stock of
business
C. FORD BLANC
HARD,
on
day, a quarterly dividend of 25$ per
share, in cash, an extra dividend of
iV/ii per share, in cash, and a special
dividend of $2 per share, in Ten'Year
4|/2% Convertible Notes, were declared
De¬
Secretary.
December 10, 1936.
Please take notice that the Board of
Directors has this
day declared a
dividend of 60$ per share on the
second preferred stock of this com'
pany, payable December 26, 1936
The
December 17, 1936.
December 10, 1936
Secretary
Directors
of
this
Corporation
have
de¬
ness
a
divldend7bfl37Hc per share on'the
Preferred"capital stock. They have also declared
a'dividend
ofJJ2Xc
capital stock
per
share^ on~~the
The dividends
on
common
stock of the
holders of record
clared
keough
the
on
Company,
payable December 24, 1936,
United Shoe Machinery Corporation
the close
c.
1936.
The Garlock
Preferred
austin
for
January.
Second
on
above
J. Henry Schroder Banking
Corp.
outstanding
the close
g>anmountQ>iclures$hc.
of business
the
coupons
undersigned.
ElectricP ower Associates, Inc.
at
accept
with
appropriate letter
at the office of either of the
Secretary
stockholders of record
to
surrender their
keough
December 10, 1936
to
desiring
cancellation,
December 15, 1936.
on
full
their
dend in respect of
earnings for the year 1936,
and includes the amount
which, in previous
years, was separately paid in the month
of
payable December 26, 1936
stockholders of record
final
capital stock, payable on
December 24, 1936, to stockholders
of record
at the close of business on
December 14,1936.
This distribution represents the
final divi¬
in
of
coupons.
payments may
Broadway, New York, N. Y.
December 8, 1936.
DIVIDEND NO. 337
The Board of Directors of this
Company
today declared a dividend of One Dollar
and Sixty-five Cents
($1.65), per share, on
Preferred
for each partly-paid
$17.50 coupon
settlement
against
surrender
Holders
Mining Company
120
due January 1, 1937, of
the Dollar
this Loan are entitled
to $1.73
partly-paid $35 coupon and $0.87
of
each
December
to
stock'
the close of busi'
at
12, 1936.
R. M.
Waples, Secretary
Common
both "Preferred
and Common stock
to
are payable
January 5, 1937,
stockholders"' of record at the close of
busi¬
December 15, 1936.
Utility Equitie$ Corporation
ness
HOMESTAKE MINING COMPANY
CHARLES G.
BRANOROPT, Treasurer.
Dividends Nos. 782-783
MThe Board of Directors has declared dividend
No. 782 of one dollar ($1.00) per
share, and an
extra dividend No. 783 of two dollars
($2.00) per
share, payable December 24,1936 to stockholders
of record 12:00 o'clock noon December
19, 1936.
Checks will be mailed by the
Irving Trust
Company, Dividend Disbursing Agent.
R. A.
December 1, 1936.
CLARK, Secretary.
INDIANA PIPE LINE COMPANY
26
DIVIDEND NO. 17
A $1.50 dividend
on
the $5.50 Dividend
Priority Stock is payable December 24th
Broadway
°5k*,&?^mber 23 • 1936.
Afdividend of Twenty (20) Cents per share
has
been declared on the
Capital Stock ($10.00 par
value) of this Company, payable
December 17.
1936 to stockholders of record
at the close of
business December 4, 1936.
J. R. PAST,
$6.60 Dividend Priority Stock
to holders of record at the close
of business
December 15,1936.
After giving effect to the above
payment
this will leave, as at December
1,1936, an
accumulated unpaid dividend of
$4.50 per
share on the Priority Stock.
H.
Secretary
H.
GANSLOSER,
Vice
President.
Volume
Financial
143
yrsr
Chronicle
announcement appears as a matter of record only and is under no circumstances to be construed as an offering of these securities for sale or as an offer
buy or as a solicitation of an offer to buy any of such securities. The offering is made only by the Prospectus dated December 11,1936. This announcement
is published on behalf of only those of. the undersigned who are registered dealers in securities in this State.
This
to
Pacific Finance
Corporation
of California
»
27,000 Shares*
Preferred Stock "5% Series"
(Cumulative $100 Par Value)
With Common Stock Purchase Warrants Attached
♦
being part of 35,000 shares described in the Prospectus
Price $101
(plus accrued dividends from November 1, 1936)
may be obtained from only such of the undersigned
registered dealers in securities in this State.
Copies of the Prospectus
as are
Dean Witter & Co.
William R. Staats Co.
'
Conrad, Bruce & Co.
Estabrook & Co.
Sch wabacher & Co.
Dulin & Co.
El worthy & Co.
Wm. Cavalier & Co.
December 11, 1936
Bangor and Aroostook
Railroad
Company
To the Holders of Securities of
Notice
to
the
holders
of
the
Company's 7% Preferred
Capital Stock
Call for
Manati
Following hearings
Redemption
Sugar Company
on
the Plan, the United States District
Court for the Southern District of New York has
approved
that,
equitable to all classes of security hold¬
ers the Plan of Reorganization of Manati Sugar Company,
dated October 1, 1936, proposed by this committee.
of
The holders of more than 67% of the company's bonds have
already deposited their bonds with the committee. These
holders need take no further action until advised by the
Notice
the
hereby is given to the holders
and declared fair and
of
PREFERRED CAPITAL STOCK of
and Aroostook Railroad Company
pursuant to resolutions duly adopt¬
ed, on November 12, 1936, by the Board of
Directors of the Company, the entire issue
of said stock, consisting of 34,800 shares
7%
Bangor
value of one hundred dollars ($100 •
HAS BEEN CALLED FOR RE¬
par
share,
per
hundred ten
(to wit,
share).
dollar
JANUARY
ON
DEMPTION
(110)
1937
1,
at
committee.
one
In order
per cent of its par value
hundred ten dollars ($110) per
quarterly
dividend
of
one
and seventy-flve
cents
($1.75)
per
The
share, for the quarterly period ending De¬
31, 1936, duly will be paid on Jan¬
cember
1937, by check mailed In the cus¬
to stockholders of record
1,
uary
tomary
1936.
manner,
close
the
at
of
business
November 25,
on
Upon surrender, on or after January
1, 1937, of Preferred Capital Stock certifi¬
cates, duly endorsed for transfer to Bangor
and Aroostook Railroad Company, at the
offices of Central Hanover Bank and Trust
are
or
certificates of
Harriman &
of Brown Brothers
Boston,
Mass.,
or
at
ferred Capital Stock
the
of
ers
will
Company
at
CROMWELL,
B. A.
C.
the
the
stock.
JAY, Chairman,
J.
MILLER,
TOMPKINS,
Committee
December 11, 1936.
will cease and the hold¬
representing said
vote
to have any right to
shall
fail
to
redeem
said
Bangor,
Maine,
November
30,
1936.
BANGOR
as
certificates
cease
stock.
Dated
&
New York
Counsel
WESTERN
at, or otherwise participate in, meetings ol
the stockholders of the Company,
unless
the
JOHN
ANDREW
SULLIVAN
price of one hundred ten dollars ($110) per
share will be paid.
On January 1, 1937
all dividends on said 34,800 shares of Pre¬
shares
common
54 Wall Street,
the
office
Treasurer
of Bangor and
Aroostook
Railroad
Company,
Graham
Building, Bangor, Maine, the redemption
Square,
of
the
deposit for preferred and
BEN-FLEMING SESSEL, Secretary
Co., 59 Wall St., New York City or 10 Post
Office
on the New York Stock Exchange and
intends to apply for the listing thereon of
already listed
committee
Company, 70 Broadway, New York City, or
of
Old
Colony Trust Company,
Boston,
Mass.,
carried out
that the reorganization may be
promptly as possible, holders of bonds not yet deposited and
of preferred and common stock are urged to forward their
securities immediately to Bankers Trust Company, De¬
positary, 16 Wall Street, New York, which will issue
appropriate certificates of deposit. Letters of transmittal
which should accompany such securities and copies of the
plan of reorganization may be obtained from the depositary
or from the committee.
The certificates of deposit for bonds
one
AND
AROOSTOOK
RAILROAD
COMPANY
TABLET
&
STATIONERY
CORPORATION
Notice Is hereby given that Tan extra divi¬
dend at the rate or Fifty Cents per share on the
issued and outstanding shares without par value
of the Common Stock of Western Tablet &
Stationery Corporation
has been declared pay¬
able on January 2, 1937, to the holders of record
shares at the dose of business ^.on ..De¬
of such
By
cember 21. 1936.
FRANKLIN
A.
W.
FIELD,
Treasurer.
,
7
W. W. SUNDERLAND, Treasurer.
AMERICAN
MANUFACTURING
COMPANY
Noble and West Streets
Brooklyn, New York
r
The Board of Directors of the American Manu¬
facturing Company has declared a dividend of
$3.00 per share on the Common Stock of the
Company payable December 31 to Stockholders
of record December 15, 1936.
The checks will be mailed December 26th for
this as well as for the previously declared divi¬
dend of $1.25 per share on the Preferred Stock.
ROBERT
B. BROWN, Treasurer.
Dec. 12,
Financial Chronicle
XX
1936
NEW ISSUE
$10,000,000
THE PORT OF NEW YORK AUTHORITY
General and Refunding
Fourth Series,
Bonds
3%, Due 1976
To be dated Dec. 15, 1936
To
mature
Dec. 15, 1976
Principal and semi-annual interest (June 15 and Dec. 15) payable at the principal
offices of the Paying Agent or Agents.
Subject to redemption prior to Dec. 15, 1950, only through the operation of the Sinking Fund. Subject to this limitation,
redeemable in whole, or in part, at the option of The Port of New York Authority on interest payment dates, at 103%
beginning on Dec. 15, 1941, and thereafter on or before Dec. 15, 1945; at 102% thereafter and on or before Dec.
15,1950; at 101% thereafter and on or before Dec. 15,1955; and at 100% thereafter to maturity. Payments
will be made into the "Fourth Series, 3%, Due 1976, Sinking Fund," commencing in 1941. The
moneys in the Sinking Fund will be applied to the retirement of the Bonds of the Fourth
Series, by purchase or call. Coupon Bonds will be issued in the denomination of $1,000,
registerable as to principal, or as to both principal and interest, and when
so registered reconvertible into coupon form upon payment of a nominal fee.
Exempt in the opinion of Counsel from Federal and New York State Income Taxes
Legal in the opinion of Counsel for investment in New York and New Jersey for state and
municipal officers; banks and savings banks, insurance companies, trustees and other
fiduciaries, and eligible for deposit with municipal officers or agencies in New Jersey and
New York for any purpose for which bonds of such States, respectively, may be deposited,
and with permission of the Comptroller eligible to secure certain deposits of funds of
the State of New York.
The above bonds form part of $22,000,000 General and Refunding Bonds, Fourth Series, 3%, Due 1976,
authorized (1) to raise funds for Midtown Hudson Tunnel construction purposes, and (2) to refund out¬
standing bonds of the following issues, to wit: George Washington Bridge (Series B) 4j^% bonds, Bayonne
Bridge (Series C) 4% bonds, Inland Terminal (Series D) 4)4% bonds, and Holland Tunnel (Series E) 4)4.%
bonds. The proceeds of the present sale are to be applied to the construction of the second (North) tube of
the Midtown Hudson Tunnel. The remaining $12,000,000 of bonds are expected to be applied to refund¬
ing purposes.
cashier's check in
Sealed proposals for the purchase of the above
check
$10,000,000 of bonds will be received by the Port
The Port Authority
on
office of the General
form and
must
be for all
must
The Port Authority will announce the acceptance
at or before 6 o'clock in the afternoon of
the day upon
or none.
be accompanied by
a
of $200,000.
reserves
of bids
porary
Each offer
an amount
the right to accept or
reject any and all bids, and generally to take such
action as may best serve the public interest.
Dec. 15, 1936, and must reach the
Manager of the Port Author¬
ity, 111 Eighth Avenue, New York City, at or be¬
fore ten thirty o'clock in the morning on that
date, or such adjourned date as the Authority may
determine. Proposals must be in the prescribed
Authority
or
about
certified
which bids are received, and tem¬
Bonds will be available for delivery within
days thereafter.
ten
All legal proceedings incident to the issuance
and sale of these Bonds are subject to the approval of
Julius Henry Cohen, General Counsel for The Port of New Tork Authority, and of
Thomson, Wood & Hoffman, Bond Counsel.
Copies of the Official Statement of the Port Authority regarding these Bonds, of the resolutions
pursuant to which they are to be issued, and of the prescribed bidding forms, may be
obtained at the offices of the General Manager of the Port Authority,
111 Eighth Avenue, New York.
All sales by the Port Authority will be
'
to be construed
made within the City of New York, and the above is not
as an
offer to sell Bonds elsewhere.
THE PORT OF NEW YORK AUTHORITY
Dec. 10, 1936.
FRANK C. FERGUSON, Chairman
Dividends
Dividends
POSITION WANTED
ILLUMINATING AND POWER SECURITIES
CORPORATION
Boston. Mass., Dec. 9. 1936
At
a
Dividend "No. 63 of $1.00 per share has been
declared on the Common Stock of this Corpora¬
tion, payable December 18, 1936, to stockholders
of record at the close of business December 11,
regular meeting of
the Board of Directors
of The First Boston
1936
R. F. LEACH, Treasurer.
Corporation held on
*936, a dividend of
$2.00 per share was declared on the
capital stock of the Corporation
December 10, 1936.
December 9,
THE
payable December 22,19^6 tostock-
nolders of record
business
on
as
STATES
LEATHER
CO.
be paid on December 24, 1936, to all holders of
record at the close of business December 18,1936,
of the close of
December 11,1936.
A. A.
UNITED
A dividend of $4.00 per share to apply on
account of dividends in arrears on this date, will
of Voting Trust Certificates for Prior Preference
stock of this Company.
Gerade, Treasurer.
O.
CAMERON, Treasurer
New York, December 10, 1936
J
Advertiser seeks position with
financial house
or
#
interested in
institution
securing services
executive experienced in
buying department, investiga¬
tion, analytical, accounting
and reorganization work. Box
S2, Commercial & Financial
Chronicle, 25 Spruce St., NewYork City.
of
Volume
Financial
143
YTT
Chronicle
Head
Office
Montreal
Rest and Undivided Profits $40,036,534.73
Capital $36,000,000.00
Total Assets
Statement
$805,081,998.02
as at
31st October, 1936
ASSETS
LIABILITIES
Cash
Capital, Surplus and Undi¬
.$, ^6,036,534.73
vided Profits
691,312,054.08
Deposits
Bank's Notes in Circulation
Bills
27,749,972.00
137,838.65
Payable
168,979.49
Credit
Other Liabilities
.
•
•
hand and due from
.
$101,365,130.46
.
.
Exchanges for Clearing House
Bonds and Debentures
27,725,906.15
(not
exceeding market value)
.
442,781,097.95
.
1,030,297.08
8,169,988.82
25,400,166.98
Stocks
Call Loans in Canada
.
Call Loans outside Canada
of
Acceptances and Letters
on
banks and bankers
.
$606,472,587.44
Other Loans in Canada
2,676,619.07
and
174,141,011.90
Elsewhere
.
14,000,000.00
under
Acceptances and Letters of
Credit (as per contra)
.
7,168,979.49
Bank Premises
Customers'
.
.
Liability
Other Assets
.
.
.
.
~
.
.
.
3,299,419.19
$805,081,998.02
$805,081,998.02
Head Office—Montreal
Over 500 Branches in Canada
NEW YORKs
64 Wall Street, A J. L. Haskell,
R. Ball, Agents.
K. C. Winans, G.
CHICAGO:
27
cisco),
333
Bank of Montreal (San Fran-
J" H" Pangman> Manager.
WEST INDIES: Barclays Bank
inquiries at
(Dominion, Colonial
and Overseas).
California St., F. G. Woods, President.
The Bank welcomes
Newfoundland
LONDON, ENGLAND.- 47ThreadneedleSt.,EC.2.,
Edward Pope, Manager; 9 Waterloo Place, S.W. 1.,
South La Salic St., J.G.S. Orchard, Mgr.
SAN FRANCISCO—
and
any
point where it is represented.
BANK OF MONTREAL
Established 1817
xxn
Financial
This advertisement appears as a matter
buy,
or as a
of record only and is under
solicitation of an offer
to
buy,
no
any
Chronicle
Dec.
circumstances to be construed
offering of these securities for sale,
as an
12, 1936
or as an
offer to
of such securities. The offering is made only by the Prospectus.
NEW ISSUE
$23,000,000
Consolidated Gas Electric
Light and Power Company
of Baltimore
Series N, 3Vi%
1st
Refunding Mortgage Sinking Fund Bonds
Dated December 1,1936
.
.
•
'
:
.■
Due December 1,1971
'
•
.
/
•'
■
;
.
.
Price 104% and accrued interest
Copies of the Prospectus may be obtained only from such of the under*
signed as are registered dealers in securities in the State of Hew Tor\.
White, Weld & Co.
The First Boston Corporation
Minsch, Monell & Co., Inc.
Joseph W. Gross & Co.
Lee Higginson Corporation
Brown Harriman &. Co.
Bonbright & Company
Incorporated
Jackson & Curtis
Spencer Trask & Co.
This advertisement is not
buy,
Blyth & Co., Inc.
Incorporated
or a
offering of these Debentures for sale,
an
solicitation of
The
Kidder, Peabody & Co.
an
offer to buyt
any
or
an
of such Debentures.
offering is made only by the Prospectus.
$1,500,000
Poor &
Ten Year 4%
Company
Sinking Fund Debentures
Due October 1, 1946
Price 991/2% and Accrued Interest
Copies of the Prospectus
may
be obtained
from the undersigned
Harris, Hall & Company
(Incorporated)
December 8,
1986
offer to
-
4f
'
■
.
■
f
Financial Chronicle
Volume 143
xxm
$10,000,000
Island Railroad Company
The Long
4% Refunding Mortgage
Due March
1, 1949
BY ENDORSEMENT
AND INTEREST
COMPANY GUARANTEES
RAILROAD
PENNSYLVANIA
THE
Bonds
THE COMPANY OF PRINCIPAL
DUE AND PUNCTUAL PAYMENT BY
Coupon bonds, dated September 1, 1903, in the denomination of $1,000, registerable
principal and exchangeable for fully registered bonds under conditions provided
in the mortgage.
Interest payable March 1 and September 1.
NOT CALLABLE
The issue and guaranty
as to
BEFORE MATURITY
undersigned are subject to the
Commission and all legal proceedings in con¬
the approval of counsel for the undersigned.
of the Bonds and their sale to the
approval of the Interstate Commerce
nection therewith
are
subject to
THE CHASE NATIONAL BANK OF
THE CITY OF NEW YORK, Successor Trustee
i
■
,t
Copies of the circular dated December 9, 1936, describing these Bonds and giving informa¬
tion regarding the Company, may be obtained from the undersigned on request.
OFFERING PRICE
105%% AND ACCRUED INTEREST TO DATE
OF DELIVERY, TO
YIELD
3.44% TO MATURITY
aforesaid, The Long Island Railroad Company has agreed to sell and Kuhn, Loeb
agreed to purchase the above Bonds at 103$4% and accrued interest to date of
delivery. Kuhn, Loeb & Co. reserve the right in connection with the marketing of the
Bonds, or otherwise, to purchase or sell these Bonds or other securities of the Com¬
pany in the open market or otherwise. The Company has agreed to make appli¬
cation in due course to list these Bonds on the New York Stock Exchange.
Subject
as
& Co. have
Kuhn, Loeb & Co.
New York, December 9,
1936.
Notices
THE
FIRST
NATIONAL BANK
CITY
TION
NOTICE
OF JUNC¬
We wish to
that
announce
(OREGON).
OF LIQUIDATION
r
|The First National Bank of Junction City
(Oregon), located at Junction City, in the County
State of Oregon, is closing its affairs.
All note holders and other creditors of the associa¬
tion are, therefore,
hereby notified to present
the notes and other claims for payment.
MAX MCGRAW & CO.,
INC.
of Lane,
O.
B.
WASHBURNE,
Cashier.
has been succeeded
by
M?Graw & Company
INCORPORATED
NOTICE
NOTES
OF* INTEREST
PAYMENT
ON
OF
MORTGAGES
AND
REAL
Investment Sbgvrities
ESTATE CORPORATION
on the unpaid balance (90%)
and Real Estate Cor¬
poration, dated January 1, 1936 will be paid on
December 21, 1936 to the registered owners at
the close of business on December 15, 1936.
AARON COLNON, President.
Interest of 2%
120 South Lh Salle Street
of the notes of Mortgage
Ghigaoo
Telephone Centred 2707
Chicago
MAX
Elko, located at
Elko, in the State of Nevada, is closing its affairs.
All note holders and other creditors are therefore
hereby notified to present the notes and other
"The First National Bank of
★
E.
E.
ENNOR, President.
JAM ES A. K EATING
Dated: November 10, 1936."
Sales Manager
National Bank in
is closing
All note holders and other creditors
of the association are therefore hereby noti¬
fied to present the notes and other claims for
payment.
**
JONAS E. KILLIAN,'President.
1936.
BURT J. DICK EN S, JR.
Manager, Trading Department
Riverside located at
Riverside, in the State of California,
its affairs.
Dated :_October^8,
Executive Vice President
JUDSON LARGE, Secretary and Treasurer
claimsfor pay ment.
First
CLYDE H.ANDREWS
MCGRAW
President
HARRY H.
WILDEMAN
Manager, Statisticcd Dept.
RUDOLPH M. SWANSON
Asst.
Secy.—Asst. Treas. & Cashier
Financial
xxiv
Chronicle
Dec; 12,
This advertisement is not, and is under no circumstances to be construed as, an offering of the following securities
for sale, or as a
of an offer to buy any of such securities.
NEW
1936
solicitation
The offering is made only by the Prospectus.
ISSUE
$12,000,000
Associates Investment
Ten Year 3
Dated
December
Company
%
Debentures, Series Due 1946
1, 1936
Due December
Price 100%
1, 1946
plus accrued interest
'
m
'
;
Copies of the Prospectus
in this State
:
.
may
as
are
'
■'
be obtained from such licensed dealers
participating in this issue.
F. S. MOSELEY & CO.
FIELD, GLORE & CO.
BROWN HARRIMAN & CO.
Incorporated
LEE HIGGINS0N CORPORATION
HAYDEN, STONE & CO.
HARRIS, HALL & COMPANY
(Incorporated)
December
10, 1936
This is not
a
Prospectus.
The offer of this stock is made only by
means
of the Prospectus.
100,000 Shares*
Universal-Cyclops Steel Corporation
Common
Capital Stock
($1 Par
*
Of which, 39,353
-
24/100 will constitute
an
original issue.
Price $19.00 per share
The
Prospectus
may
he obtained, in any State in which this announcement is circulated only from such of the undersigned
and other dealers as are licensed and offering these securities in such State.
A. G. Becker & Co.
Incorporated
Cassatt & Co.
Incorporated
December 10,
19S6
i
Singer, Deane & Scribner
Volume
Financial
143
matter of record only and is under no circumstances
This advertisement appears as a
construed
of
as
an
to be
sale, or as an offer to buy, or as a solicitation
The offering is made only by the Prospectus.
offering of these Bonds for
offer to buy, any
an
XXV
Chronicle
of such Bonds.
$7,250,000
Pennsylvania State Water Corporation
First Collateral Trust
Series Due 1966
Bonds, 4
To be due November 1, 1966
'
Tojbejdated November 1, 1936
Price 103% and
accrued interest
Copies of the Prospectus may be obtained from such of
undersigned
as are
the
registered dealers in securities in this State.
W. C.Langley & Co.
Halsey, Stuart & Co. Inc.
Chandler & Company
Incorporated
Hemphill, Noyes & Co. Paine, Webber & Co
'
»
December 7,
1936.
A. C. Allyn and Company
Incorporated
H.M.Payson&Co. Cassatt & Co.
Incorporated
YYVT
aa f 1
Financial Chronicle
Dec.
1936
12,
Leatt
a
CHICAGO'S
FINANCIAL
DISTRICT
The Field Building
....
Chicago's newest, larg¬
and finest office structure is
est
a
full block
on La Salle, Adams and
It is 43 stories high and towers
long and fronts
Clark streets.
535 feet above the flow of
busy traffic below.
This
magnificent building has been carefully
planned to accommodate tenants of all sizes
and all lines of
business, from the individual
a small suite, to the great financial
industrial organization requiring up to
requiring
or
40,000 square feet of space on
a single floor.
building is such that
every space has direct outside light. . . there
being no interior light courts.
The construction of the
IDEAL LOCATION
Situated in the very center of Chicago's great
financial section
directly between the
.
Stock
.
.
Exchange and the Board of Trade
.
.
.
the Field Building is the ideal business home
all
for
organizations maintaining frequent
with prominent financial houses,
leading law firms, large industrial corpora¬
tions
and insurance companies. A Jarge
majority of the leaders in these lines are
contact
located either in the Field Building itself
or
within
a
radius of
two
blocks.
SUPERLATIVE SERVICE
Under
ownership and management by the
Estate of Marshall Field, the service in the
Field Building far surpasses all ordinary
standards.
40 high speed elevators ... un¬
janitor service
complete, modern
law library . . . air-conditioned assembly
room
free messenger service . . . circu¬
lating drinking water . . . these are only a
few of the many unusual services available
excelled
by the noted etcher, S. Chester Danforth, will be
executives
J
[A fulLsiged reproduction (13"x20") of this striking etching of the Field Building,"!
upon request.
sent to
155
South
La
Salle
Street
...
...
to
the tenants of the Field Building.
REASQNARLE RATES
The ideal business home
stock
brokers
for:
Considering the high character of the
industrial corporations
investment
houses
insurance
companies
investment
counsels
insurance
brokers
lawyers
estate
patent attorneys
railway
sales organizations
airline
sive.
offices
executive offices
offices
public accountants
advertising agencies
engineering
architects
firms
research organizations
of
few desirable retail shop locations
with
access
A NO
available,
from Adams street and the Main Arcade.
THE
OWNED
are
FIELD
OPERATED
Rates are fully in line with the budgets
responsible, discriminating tenants who
demand service and office accommodations
that
capitalists
in
A
BY
prop¬
erty and the superlative service rendered,
Field Building rent schedules are not exces¬
THE
can
not
Chicago.
be secured in any
other building
For full particulars, address
Robert Carpenter, Manager.
BUILDING
ESTATE
OF
No. 3729
DECEMBER 12,1936
Yol. 148
CONTENTS
:■
<
Editorials
page
3729
Financial Situation
Two
Important Federal Court
Decisions
3742
__3743
__
Neutrality and Intermeddling—._
Comment and Review
New
Capital Issues in Great Britain
Week
on
the European
3745
____
3734
Stock Exchanges
Foreign Political and Economic
Foreign Exchange Rates and
Course of the Bond Market
Situation
Comment
Indications of Business Activity
Week
on
the New York Stock
Week
on
the New York Curb
Exchange
Exchange
3735
3739 & 3779
3745
3746
3732
3778
News
Convention Proceedings of Investment
ciation
Bankers Asso¬
3681
__
Current Events and
Bank and
3761
3776
Discussions
Trust Company Items
General Corporation
3829
3872
and Investment News
Dry Goods Trade
State and
3873
Municipal Department
Stocks and Bonds
3779 & 3828
Quotations
Foreign Stock Exchange
Dividends Declared
3783
3828
Stock Exchange—Stock Quotations.
3795
Stock Exchange—Bond Quotations. .3794 & 3804
Curb Exchange—Stock Quotations
.3810
Curb Exchange—Bond Quotations
3813
Auction Sales.
New York
New York
New York
New York
Other
Exchanges—Stock and Bond Quotations.
Bond Quotations
Canadian Markets—Stoek and
Over-the-Counter Securities—Stock &
3816
3821
Bond Quotations. 3824
Reports
3738
Foreign Bank Statements
Course of Bank Clearings
Federal Reserve Bank Statements
General Corporation and
-
Investment News
3779
3791
3829
Commodities
The Commercial Markets
and the Crops
Cotton
Breadstuffs
Published Every
Saturday Morning by the William B. Dana
3862
3865
3870
Company, 25 Spruce Street, New
York City
of the Board and Editor- WUIIam Dana Seibert. President and Treasurer; William D. Biggs. Business
Chicago—In charge of Fred H. Gray, Western Representative. 208 South La Salle Street
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens, London, E. O.
Copyright, 1936, by William B Dana Company.
Entered as second-class matter June 23.1879. at the post office at New York, N. Y., under the Act of March 3. 1879.
Subscriptions
In United States and Possessions, $15.00 per year. $9.00 for 6 months- in Dominion of Canada, $16.50 per year, $9.75 for 6 months.
South and Central America. 8pain, Mexico and Cuba, $18.50 per year. $10 75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia. Australia and Africa. $20.00 per year $11 50 for 6 months.
Transient display advertising matter. 45 cents
Herbert D. Seibert, Chairman
Manager.
per agate
Other offices:
line.
Contract and card rates on request.
(Telephone
3680
Financial
Government and
Chronicle
Dec.
Municipal Bonds
Investment Securities
Corporate Financing
Foreign Exchange
Travellers' Letters of Credit
issued
jointly with
BARING BROTHERS &
CO., LTD.
of London
o
KIDDER,
PEABODY
6-
CO.
Members New York and Boston Stock Exchanges
17 WALL STREET
115 DEVONSHIRE ST.
•
NEW YORK
1416
-
BOSTON
CHESTNUT ST.
PHILADELPHIA
Hallgarten & Co.
Established 1850
New York
Chicago
London
12, 1936
Volume
3681
Convention Proceedings
I. B. A.
143
CONVENTION
25th ANNUAL
Association
Investment Bankers
of America
HELD AT
AUGUSTA, GA., DECEMBER 2-6 1936
INDEX
TO
REPORTS AND PROCEEDINGS
Page
Page
3681
3686
-.3689
Dr. Leon Harp, Securities Commissioner of Texas
3694
J. D. Ross of SEC
3697
Karl T. Compton, President of M. I. T
__3700
C. W. Kellogg, President of Edison Electric Institute_3704
C. A. Dykstra, City Manager of Cincinnati, Ohio
3705
L. A. Downs, President of Illinois Central System
3706
Annual Address of President,
Address of Chairman
Address of
Address of
Address of
Address of
Address of
Address of
Orrin G. Wood
Securities Committee
Industrial Securities Committee
Federal Taxation Committee—
State and Local Taxation Committee
Foreign Securities Committee
Government and Farm Loan Bonds Committee--Municipal Securities Committee-.
Real Estate Securities Committee
Report of
Report of
Report of
Report of
Report of
Report of
Report of State Legislation
25th
able
tions
$
was
3708
3710
3714
3717
3718
3718
3719
3721
Edward B. Hall Elected
Officers
New Member Firms of
form
or
Educational
3728
America
I. B. A
Chairmen of Various Committees
of I. B. A
— -—
another," said President Wood, "yet," he added,
service to the business and the
public during the last 25 years has been along
He stated that "our fight against
lines out¬
fraud and
our
cooperation with law-enforcing agencies have borne
much fruit," and that "our continuous efforts toward sup¬
plying the investor information in regard to his securities
has been productive of general good."
President Wood ob¬
served that "one of our newer problems is Federal regula¬
tion of the securities business."
He stated that "the Asso¬
lined in 1912."
ciation and its members
should be actively and
intelligently
municipal bonds
and
& Co.
Phelps, Fenn
/
Broadway
NEW YORK
Members
ESTABLISHED
1800
*
New
York
Baltimore
Alex. Brown &
Stock
Exchange
Stock
Exchange
Sons
Offices :
BALTIMORE
WASHINGTON, D. C.
FREDERICK, MD.
Underwriters and Distributors
of
Investment Securities
3728
3728
3728
"much of the Association's
of the
39
3728
3728
3728
President—Address
Elected
Capital Financing from 1912 to 1936—Summary by
Department of I. B. A
Memorandum of Facts, Investment Bankers Ass'n of
briefly surveyed on Dec.
state
3727
Real
3728
Confer with National
Opposition to Tax Limitations on
Property
Annual Convention
history
with Applica¬
Resolution Authorzing Committee to
Association of Securities Commissioners
Investment Bankers Association of
4 by Orrin G. Wood,
of Estabrook & Co. of Boston, in his address as President
of the Association, at its twenty-fifth annual convention,
held at Augusta, Ga., Dec. 2-6.
Many of the problems con¬
fronting the investment business "are still with us in one
The
America
Making Avail¬
by Board of Governors of I. B. A.
Its Facilities in Connection
for Unlisted Trading Privileges
Members
to
Resolution Reaffirming
President
of
3725
Committee
Motion Passed
Orrin G. Wood—With
Recalls Salient Features
of
Association's History—Many of Problems of
1912 Still With Us—Urges Cooperation of Members
With SEC—Voices Optimism as to Business
Address
Annual
3725
Bureaus
of Edie-Davidson, Inc
Report of Railroad
Report of
Resolution
Landis of SEC
Address of Lionel D. Edie
Committee-.
3722
Urging Support by Members of Better Business
Report of Public Service Securities
e
New York
Representative'
*
TWO WALL
STREET
I. B. A. Convention
3682
'
Proceedings
Dec.
12, 1936
'
/
sipate
and
Established 1812
mun[ici pal
1
f,
•
mm
INSURANCE
T
"W—w
v,
bc)nds
MEMBER
FEDERAL
w
DEPOSIT
CORPORATION
Municipal Bond Department
Head
The National City Bank
Office:
Wall Street
55
of New York
New York City
cooperative
with
sion
many
the
ascribed to
[Securities
and Exchange] Commis¬
adding:
"Criticism of any
proposed course of action by the Commission should be con¬
structive or based on reasoned objections—not
merely on
its
in
as
problems,"
security
any
if
exist
the
where
better market
a
security
is listed.
He
for
can
the
investor
object
only
will
if he
believes that the over-the-counter market is a better market
for the particular security.
...
My own belief is that
the SEC will act with fairness and with due regard to a
market for the security."
proper
Bankers
ment
that
"its
"I
am
Conference, Inc., President Wood explained
field
Association.
.
With respect to the Invest¬
of
activity
is
than
narrower
of
that
In
bers doing a
year
"an
nificant
to
active
the
and
us
in
one
country,"
he
"has
said,
New
of
observed
"that
keep
we
that
optimism
states, and
based
on
going forward to greater heights."
our optimism," he counseled, for "optimism
are
There
"Let
us
leads to
accomplishment, but let us also temper our
optimism with cool judgment."
President Wood's address
and
progress
follows in full:
J—History of the Association
It is
in
pleasure and duty to welcome
my
behalf
continue
of
to
the
Board
enjoy the
of
Governors.
which has been prepared for you, andl the
hospitable city of Augusta.
Tradition imposes each year an obligation
upon your President to review
the developments during his term of office.
I am grateful for the fact
recreational
that the
account
last
your
As
several
this
briefly,
behind
facilities
is
the
of
some
the
antedates
possibility
become
was
our
an
twenty-fifth
the
members
in
more
the
of
heartening than
was
possible for
and guests
convention, I
our
of
this
association
Bankers
institution
should
life.
like to
The
recall,
inspiration
Association of America
by several years.
In
who termed themselves "bond bankers" discussed
association.
an
section
and
of
Investment
founding
forming
1875
annual
highlights
a group
of
additional
formed
be
can
Presidents.
actual
1910, in Chicago,
the
this
this year
formation
the
program
of
was
of
Their
the American
already
first
Bankers
thought
was
to
Association, which
venerable organization.
Some of
will be amused, in the light of the conservatism
a
a
of
been
group
bankers,
rejected,
issued!
a
for
a
whose
then
petition
the American
to
resolved upon
independent
"quite generally throughout the
meeting to be held Aug. 8, 1912, in
an
call
The
letter
announced the intention
"high-grade organization which will have for its purpose the
the investment banking business."
several
men
meeting
in
are
present at this
here
New
convention
who
could
York.
tell
Among
us
the
first-hand
founders
about
who
that
are
at
are:
PauljW. Cleveland (Paul W. Cleveland <fc Co., Inc., Chicago).
Trowbridge Callaway (Callaway, Fish & Co., New York) (Past
President.)
Falrman R. Dick (Dick &
Merle-Smith, New York).
A. C. Foster (Calvin Bullock, New York).
Edgar Friedlander, Cincinnati.
Warren J. Hoysradt (First of
Michigan Corp., New York).
George N. Lindsay (Speyer & Co., New York).
Otto Miller (Hayden, Miller &
Co., Cleveland).
J. Clark Moore Jr. (Barclay, Moore & Co.,
Philadelphia).
John Nlckerson (John Nlckerson &
Co.,
Inc., New York).
William H. Putnam (Putnam &
Co., Hartford).
Nicholas Roberts (Ell T. Watson &
Co., Inc., New York).
Joseph A. Rushton (Babcock, Rushton & Co., Chicago).
Mason B. Starring (Kidder,
Peabody & Co., New York).
Harry E. Well (The Well, Roth & Irving Co., Cincinnati).
Sidney J. Weinberg (Goldman, Sachs & Co., New York).
Our
realize
flourishing existence today is
that
stitution
our
is
for
25
organization.
all
the
more
a
tribute
to their work.
We
should
the fundamental provisions of our original con¬
unchanged and complete harmony has prevailed in
years
have remained
That
so
record
in
view
would
of
be
the
remarkable for
any
group,
but it
different types of securities
members, and the fact that we are constantly
and strenuously
competing with each other in buying and selling securities
though simultaneously we may be partners in syndicate
operations.
business
conducted
The late
officially to this convention
hope that you have and will
you
I
investment
had
That
organization
the
reason,
30
York, at the old Waldorf-Astoria.
forming
betterment
increase in the sale of securities to procure new
capital for
industry." "Based on the course of general business," said
Mr. Wood, "we have reason to
hope that the coming year
will see a further demand [for new
capital] from industry."
He
a
country to investment houses''
sig¬
been
of
Association
organization.
this
"More
business."
our
tribute to the fair-mindedness of these two
big
associations, however, that they have been able to live and work
group
Bankers
It supplements and does not compete with us."
work," he said, and he urged mem¬
corporate business who had not already joined
as
Bankers Association was refused because,
feeling that might bring discredit to that stable
a
*
the Conference to give "favorable consideration" thereto.
Discussing general conditions, President Wood referred to
the
American
It is
harmony.
The
believer in its
a
the
organization.
financial
the inertia which opposes change."
Referring to "over-thecounter" market dealings,
Mr. Wood said:
"I think no
over-the-counter market dealer can object to the listing of
of
other things, of
among
old
organization today, to know that the privilege of organizing
our
section
a
later
by
many
our
George B. Caldwell, Chairman of the organization meeting and
President, said in his opening remarks on Aug. 8, 1912:
first
our
".
the time Is here when It Is our
duty to use every means at hand to Improve
securities, to stand together in protecting an Inviting field for the many houses
dally springing up and having little or no
capital, likewise experience and. what
Is more dangerous, little care for
what they offer, beyond their ability to market
and their immediate profit."
.
.
our
In
response
problems,
to
among
that
dedication
others,
were
the meeting
outlined
as
proceeded
needing
and the
following
solution:
Securing greater uniformity in State laws governing the issuance of
municipal
securities.
Standardization of laws of various States creating
and regulating the issuance of
public service securities.
The need for regular and informative
Standardization of mortgages.
public service commissions
reports by corporations.
The advantages and disadvantages of
listing securities on exchanges.
Problems of distribution—ways and means of
reducing advertising and selling
expenses.
Means of making public offerings reliable and
Means of detecting fraud and methods of
attractive.
encouraging the prosecution of criminals
reating and selling worthless securities.
more
Volume
3683
Proceedings
I. B. A. Convention
143
HARRIMAN & CO.
BROWN
INCORPORATED
and dealers in
Underwriters of capital issues
State, County and
United States Government,
Municipal bonds and in Railroad, Public
New York
63 Wall Street,
T elephone:
BOSTON
BOwling Green 9-5000
PHILADELPHIA
•
securities.
other investment
Industrial and
Utility,
CHICAGO
•
SAN FRANCISCO
•
Representatives in
Albany
Buffalo
•
Los
Cincinnati
•
Angeles
Minneapolis
•
Reading
m
•
Cleveland
•
Pittsburgh
•
St. Louis
•
Many of these problems confronting) the business in 1912 are still with
in one form or another, yet much of the Association's service to the
business
the
and
public,
the last
during
25 years, has been along lines
with lawenforcing agencies have borne much fruit.
Our continuous efforts toward
supplying the investor information in regard to his securities has been
productive of general good.
The year books of the Association show how
genuinely our organization has sponsored sane and wholesome State laws
on
security regulation, educated municipalities in economical financial
practices, encouraged disclosure of full facts for the investors' use.
It
outlined
fight against fraud and our cooperation
Our
1912.
Public
the
was
as
in
Committee of your Association,
Service Securities
other major factor, that brought order out
any
much
as
of chaos in early regu¬
latory procedure in regard to public utilities.
The public utility forum to
be held tomorrow attests our continued attention to this great problem.
securities have been established so long among investors that
to realize that for 15 years our Public Service Securities
Public utility
it
difficult
is
gain such securities a status as legal investments in
Committee labored to
It
is
with
problem
comprehensive analysis of the railroad business that influ¬
of legislative policies which eventually improved the
the
provided1
the
enced
position
that the Railroad Securities Committee first struggled
of the railroads.
It was a committee of 1917 that
ago
years
the
shaping
railroads
the
of
security
their
and
done
have
Committees
Railroad
Servioei and
holders.
invaluable
Both our Public
work in improv¬
The vigilance of the Railroad Securities Com¬
mittee in pressing for the strict performance of trusteeships under equip¬
ment trusts has helped to preserve the high character of those securities
mortgage provisions.
ing
boom
through
depression.
of our standing
and
climax
The
date
to
its
was
in
the
long period
leadership
debacle of
the
in
getting
constructive
of
capital
the
effort of
markets
our
reopened
of
1933, in its original form, prevented
ing, however imperative new capital became to private
new
financ¬
enterprise.
President,
and
to
and
economic
Robert E.
Washington
stipulatin
our
Christie Jr.,
which
function.
Many of
with
our
to
of
is
sincere
my
the public
of
ment
securities
the hours spent by our
authorities over the flexible
remember
you
government
1933,
that
will
we
the machinery for translating the
production
in
was
savings
and products through the employ¬
effectively
preserved
because of the
this
followed
be
1929
I
the reopening
Those
of
need
us
at
believe
that
whose business
times
one
outstanding
sign-post
of
recovery
have
been
government financing in the 24 years and 10
offered
1, 1936, a total of $125,000,000,000
publicly in this country.
Of this huge
$100,000,000,000, or an average of $4,000,000,000 a year,
money for construction, expansion and improvements.
During this period the productive capacity of manufacturing industries
increased so that the physical output of factories at their peak was 81%
represented
new
The railroad system of the country was expanded
of freight traffic it couldi accommodate 70%
The electrical power industry grew from a
generating capacity of little more than 5,000,000 kilowatts in 1912 to
almost 34,000,000 kilowatts In 1935.
Steel ingot production in 1912 was
30,000,000 tons, and that was a fair year; but the industry has since,
produced 54,000,000 tons of ingots in a year.
In 1912 the automobile
industry was in its infancy and the automobile was considered the extrava¬
gant toy of the wealthy few.
Since then this great industry has been a
powerful factor in leading us out of two great depressions.
In 1912 the
oil industry,
the rubber industry, the great chemical industry and the
electrical equipment industry, as they exist today, were unknown.
Yet in the expansion of all these industries, and many more, the mem¬
greater than
until
in 1912.
post-war peak
the
in
to
this Association
of
have been
a
potent factor in supplying the neces¬
capital; and the parallel between new financing and business
expansion is no more coincidence, as we in our business well know.
So much for the history of our Association and of the economic period
new
through which it has lived.
pause
lives
and
have
recall
period.
confront
The Association has assisted in solving many
spanned.1 the life of this
the momentous
Asso¬
Association
this
to
The first
successors
concerns
the Association,
so
long will
and
have the opportunity to be useful to its membership
public.
The founders
have proved that problems can
investment
the
ones
guide-posts on the road to progress.
problems continue in our business,
So long as
this:
is
many new
us.
History is useful only as a series of
lessons I deduce from our history.
of this Association andl their
be solved by intelligence and
future of the Association lies in the willingness of
governors and committee members to face new
problems with determination and intelligence, and their wisdom in shaping
patient work.
The
the
coming generation of
the
work of the Association and
its policy to meet changing economic and
The second concerns our business.
During the past
25 years of fast-moving political events and great increase in economic
progress, the investment banker has performed a socially useful service by
providing funds for the epansion and development of industry, and in the
political conditions.
main
in
of the capital markets in 1935.
changes which
taken place in the field of business and finance during that 25-year
ciation
have
belief that
into brick and steel, jobs
capital
enormous
January, 1912, to Nov.
almost
sum,
our
Association gave to this vital question confronting it in
Furthermore, when the economic historian studies the depression
approach
the
from
from
Two
could not "operate.
It
Liberty Loan issue, the largest that history records.
Fourth
the
Aside
months
and
social
original statute that created conditions under which
of the
At the organization meeting doubt
problems of our business.
$1,500,000,000 annually; yet six years later, in September and October
in one three-weeks' period, this country subscribed $7,000,000,000
our
demonstrated! to the public
honesty of purpose and the sincerity of
consultation
in
members
political and business events
stirring
of 1918,
Many
here know the unnumbered man-hours spent in preparation of
National Recovery Administration code under the able leadership of
you
then
the
the
nearly the degree of accuracy with which they
problems; many still exist, either in old forms or new;
1929.
Securities Act
The
of
for
sary
Association
foresee
not
expressed as to the ability of this country to produce enough capital
the
normal demands of business
andl industry, then estimated at
was
bers
committees have been
each
years
did
founders
foretold
fact-finding
for
after
of
Our
Washington
•
ahead of them in 1912 with
principle-establishing agencies in the service of issuers and investors
the same measure as they have served our own business interests.
So
and
in
•
Syracuse
greater tonnage than in 1912.
various States.
the
/
Detroit • Hartford • Indianapolis Portland, Me. • Providence
•
with
our
own
sound
securities
interest
we
for investors.
should be the first
Abuses
there
to assist in
have been;
but
eliminating them
good name is subject to
result I do not anticipate.
In
a
country abounding in natural resources and a natively ingenious
and energetic population we can look forward to further and greater ecofor
an
attacks
industry which
which
may
is not jealous of its own
prove
destructive.
Such
a
*
3684
I. B. A. Convention
Dec.
Proceedings
12,
1936
►
Underwriters, Dealers and Distributors
1
..
Municipal\ Public Utility, Railroad
and Industrial
Bonds and Stocks
in New
England and New York
INQUIRIES INVITED
Estabrook & Co.
Founded 1851
15 State Street
MEMBERS
Boston
New York and Boston Stock Exchanges
Springfield
nornic
progress.
share,
if it proceeds
this
In
the
progress
Hartford
banking
investment
will
business
investor
wisely and with service to the
its prime
as
purpose.
our
by the States
for
and] this
years,
many
cooperative in improving State
incomplete.
us—change, I
members
It
too
are
not in
efficiently.
is
and
We
in
are
set-up and mechanics which
of
our
both costly and
are
smoothly
run
or
prime requisite in such a
a
standards
interest
the
laws
its
members
of
the
and
Commission
the
attitude
of
towards Fed¬
Association
this
regulation, which
fill the gap between the regulation of the States, improve
of our business,
andi drive from it those who do not serve
help to
the
to
as
We should welcome
the
investor.
should
in
its
members
Our
regulations
intelligent Federal
the
actively
be
of
and
intelligently
of
comply with
Association
The
Commission.
Criticism
problems.
many
should
and
must
and
with
cooperative
proposed course
any
the
of
action
by the Commission should be constructive or based on reasoned
objections—not merely on the inertia which opposes change.
Lastly, if
the
Commission
the
business
weight of
should
and
something
propose
the
to
investor,
which
objection against it; and I believe if
they will receive full consideration.
We
our
all
must
alone.
realize
that
They belong
Commissioners,
jurisdiction to the other.
help
We
believe
under
and
for
realize, too,
regulation
the
to
State
various
overlap
problems
not
are
from
one
speakers of this morning
this statement.
such
disturbance
that mistakes
transitions
will
the SEC able men whom I
on
to
wish
its
to
say
organized
own
this
on
the
about
word
a
in
I
career.
committee.
effort
its
do
part
propose
have all
of
Investment
form
permanent
not
You
the
to
business,
and!
speak
received
its
and
months
send
a
does
ago
the
letter
to
not
our
with
compete with
Board
our
of
strongly
urge
I
am
our
the
early
the remainder
degree of uniformity.
of
"Blue
give
and the
in the laws
be
to
Each State,
as
it
are
which
roads
many
in
to the
as
regulations
need
For several
suggestions by securities commissioners,
to
be
past
years
investment bank¬
possibility of substantial uniformity in practice
Skahan,
laws,
particularly
those
the
of
regulatory
In
type.
then President of the National Association of
the various States and the Federal Government,
gained
of
by
Securities
the
subject by
tion
a
vote which
to
between
and the advantages
of uniform forms and procedure.
convention further impetus was given to
the
continued
commissioners
the
of
special
appoint subcommittees for the
of the
and
closing
important
National
effect better
to
States
various
purpose
this
committee
established
the
the
At
means
Association of Securities Commissioners
coopera¬
empowering it
of studying particular forms and
particular sections of the several Securities Acts, for the purpose of suggest¬
ing and recommending uniformity in these fields.
that
these
committees,
work with all
and
ican
Bar
Board
of
through
outside agencies
the
It further recommended
Secretary
that
of
Association,
might be of benefit to them in this
especially the Investment Bankers Association,
Association, and the SEC.
I am gladl to report
more
Governors
every
Field
which
at
its
in
way
the solution
also state that
ciation
of
bring to
committee
a
this
of
shall be glad
we
Securities
the Amer¬
that
your
meeting yesterday unanimously authorized
incoming President to appoint such
in
Commissioners
as
he
difficult but
important problem.
to cooperate with
in
such
other
your
fit to cooperate
sees
I
the National Asso¬
problems
as
they
may
Inc.,
definitely launched
on
about the purposes
It
is
of
determined
a
larger
believer in
Association
its work.
authorized
this advice
careful
a
Some
me
to
corporate
have done so.
and
favorable
to
there
adopted this
was
type
a
lack
of
any
of legislation,
attention.
our
During the past session of Congress two amendments were made to the
Exchange Act of 1934, now incorporated in the Act as Sections
12(f) and 15.
Section 12(f) has caused the most concern to those dealing
in
Conference,
Bankers
now
Sky" legislation
there
that
prescribing rules,
in
powers
Securities
A majority of our members
to
between
session
securities
in
the
over-the-counter
market.
It
has
do
to
exchanges.
mits
an
stock
centage
may,
be
The particular section
addition
exchanges.
of
the
to the
Taken
new
under certain
list
in
issues
of
which mostly
securities
connection
of
securities
circumstances, and
Section
which
with
concerns
allowed
now
with
been
a
sold
permission
stock
on
business per¬
unlisted
15(d),
have
the
our
the
with
continuance and possible increase in dealings in unlisted securities
of
trading on
large
per¬
1935
since
the
SEO,
admitted to such trading.
The
fears of the over-the-counter dealers
arising from this section are
perhaps to two causes:
First, a feeling that the SEO may believe that it is easier to control
dealings in securities listed on stock exchanges than in the over-the-counter
market, and therefore may lean to the policy of allowing unlisted trading
due
facilities
days
is
broad
Commissioners, appointed a committee to study this question.
At the
recently-held convention of that Association, Mr. Landis, Chairman of the
SEC, in the course of his address stressed the importance of coordination
wish
on
goes
consideration.
In
adopted
provisions
security is to be widely offered.
securities
Mr.
time
to you
a
fundamental
State
1936
be made
possible.
We
must
membership urging those members doing
business to join the Conference.
I
us.
Governors of
certain
the
as
literature.
a
with
have
result
a
investors
as
they feel
membership than our
Association, and with the approval of the SEC, to cooperate with that body.
Its field of activity is narrower than that of this Association.
It supple¬
ments
was
procedure, including rules, regulations and forms for compliance with
business
experience under the laws is broadened, changes
undoubtedly be made.
newly
Eventually the situation
This Association interested itself in the
and
and that,
as
our
be made,
The
have been
and
ers
States
shall
officer
forms.
may
having
regulations will
I
before.
gone
The State laws, however, necessarily provide that the admin¬
traversed where
there
work,
and
two guest
our
little
as
SEC
to
bring the full
objections are valid
our
Federal
of
these
of
many
Perhaps
make
to
with
the
to
fortunate to date in
anxious
are
the law
must
visualize
to
us
have been
problems
well
as
Securities
may
the
inimical
believe
we
should not hesitate to
we
of
others.
and
does not
it
new
time of transition and
a
conviction
a
the
ours
what had
on
chaotic condition.
a
number
a
many
new
problems to each
believe that
many
far-sighted to have other than the good of their customers
regulation.
will
improve
istrative
objectives—for I
and
in
and
patience.
have
I
eral
to
regulation is
But Federal
regulation.
intent
troublesome, and when the machinery is
time
tried
approaching
active
been
Association has
has brought change
hope,
heart—but changes in
at
Providence
and its efforts were welcomed by the States.
The result of the
cooperation thus developed is that there is now practical uniformity of law
problems is Federal regulation of the securities busi¬
in our business is not new.
We have had regulation
newer
Regulation
and
New York
problem,
II—Regulation
One of
ness.
Wall Street
40
say,
can
regardless
of
the
natural
in the first place, that
object to the listing of
i
I
any
markets
think
no
for
such
securities.
over-the-counter
security where
a
better
Let
market
market
me
dealer
for the
Volume
3685
Convention Proceedings
I. B. A.
143
/
\
EDWARD B. SMITH & CO.
of Capital Issues.
Underwriters and Distributors
Government, State,
in
Dealers
Brokers and Dealers in
Bonds.
Municipal
County and
Bonds
Railroad, Public Utility, Industrial
Investment Securities.
other
and Stocks and
New York
.
31 Nassau Street
PHILADELPHIA
BOSTON
•
•
CLEVELAND
LONDON
•
•
Correspondent
.
EDWARD B. SMITH & CO., INC.
STREET
105 WEST ADAMS
•
A
'
■
investor
will
exist
believes
that
the
ticular
simply
SEO
will
the
the
if
;
■■
security
is
listed.
over-the-counter market is
a
He can only object if he
better market for the par¬
listing will not create a better market but
the old one.
My own belief is that the
with fairness and with due regard to a proper market for
with
interfere
act
security.
second
The
financial
resources;
present their
other
case
side,
we
is
Stock exchanges
difficult.
more
are
and usually with a reasonable amount of
they are able to engage counsel and properly
organized,
bodies well
the
however,
matter,
compact
so
v,
■■
■■
.
that
andi
security,
will
■
■,
ST. LOUIS
CHICAGO
MINNEAPOLIS
for unlisted trading privilege
to the Commission.
On
have an unorganized group of over-the-counter dealers,
Yet, as stated above,
in
trial
last
over-the-counter dealers, I am glad to say that
your Board of Governors, at its meeting on Thursday, has authorized the
setting up of machinery to function through the local groups and, with
Washington counsel, to adequately present the case of its members against
listing where the local groups, after study, are of the opinion that listing
and
finance
in
hastily
in
cases,
the
position
of
the
should not take place.
Sept.
of
exclusive
45%
increase
of
increase
has
utilities
and
of the preceding 12 months.
This
fields of corporate financing—railroads,
Total financing for the calendar year will
financing
the
over
place
taken
any
all
in
industrials.
that of
exceed
.
has been an active one in our business.
For the 12 months
30 the total of new andi refunding issues publicly offered,
those of the Federal Government, was $5,819,000,000, an
The year
ended
i
the Securities Business and General Business
Year in
Ill—The
since 1930.
year
a
of
volume
this
Yet
in
less
than
three and
almost
one-half
months' period ended
12
whereas
$1,000,000,000,
times
Sept.
the
in
10
preceding
the
30,
years
months.
12
prior
financing required) an annual average of almost $4,000,000,000.
Despite the large increase in the output of electricity during the last three
corporate
induslry has been a particular laggard in this
the electric power
years,
Yet none of the three groups—utilities, railroads, or industrials—
respect.
the demand for new capital in
their respective fields for any year in the period 1920 to 1930, inclusive.
However, based on the course of general business, we have reason to hope
that the coming year will see a further demand from industry.
Such a
will
approach for the calendar year 1936
result
is
necessary
not
but to further the progress
the
From
new
first
interest
of
investment sources
the standpoint
of employment.
only
the
for
from
securities
our
clients
business,
are
to
industry,
witnessed
the
can
have
only the result which
inflationary increase in
sound
are
a
issues
on
fixed income-bearing securities.
advice more difficult and
to
provide
the
In
new
now
how¬
issues in which
range,
witnessing—a
a
year
we
con¬
have
further decrease
Each upward
move
makes
the repercussions from the inevitable
downward movement more serious to our industry,
be in no way responsible for the result.
longer
During the
sharp increase in common stock prices and
a
yield
investment
we
security prices.
burden you with
may
year,
The Federal Reserve Board's index of
resume.
at 109
for
an
intensified
lines of retail tradie.
under
struggling
certain
ingots than in all but three years of
falling behind are the railroads,
produce more steel
Those industries which are
competition,
the construction
industry,
that we are going forward to
greater heights.
Why should we be bound by 1923-24-25 indices in a
country which is growing and where energy and our resources can carry
us
much farther?
But let us take our optimism with a grain of salt.
All the skies are not clear and storms do come.
In the long run optimism
well tempered will carry us much farther.
There is a European situation
distressing to all thinking men.
We still have an unbalanced Federal
budget, which can be a source of deep trouble.
We have an untried
Undistributed Profits Tax, against which the Board of Governors of your
Association last spring went on record.
We see as a result of it a flood
of year-end dividends, which may well distort the picture of the country's
true purchasing power, and some of which the future may well prove it
was
unwise to declare.
Let us keep our optimism, for optimism leads
Optimism
progress
cool
and based on
states,
reason,
and accomplishment, but let us also temper our optimism with
Especially in new issues, let us not let down the wellsound finance lest our errors come back to plague us in the
judgment.
known bars of
to come.
years
IV—Work
start
To
year,
tion
report
of the Association During the Last Year
on
the affairs of
the Association
during the last
I should relate a number of changes in the personnel of the Associa¬
staff.
Robert Stevenson 3rd, who joined the staff last January, was
Secretary
to
associated
become
Board
at
Sulphur,
elected)
White
also
of the Board of Governors at
Felske, who
left
us
to
At the spring meeting the
the appointment of David Dillman as Educational
the
spring
meeting
succeed
O.
Longford
with Harris, Hall & Co.
confirmed
I believe he will prove a
Director.
new
the
staff member
is known to you
useful addition to
as
a
our
staff.
A third
member for several years and the
and Farm Loan Bonds
from National City Bank of
retiring Chairman of the Association's Government
From
the accumulation of funds by investors with no
invest
may
own
place, from a purely selfish standpoint, we all realize that refunding
tinuous
in
our
particularly desirable.
operations draw daily more nearly to a close.
ever,
of
short
production stood
financing was
to 1930 such
such
1936,
a
existence.
its
to
significant to us and the country, however, has been the increase
in the sale of securities to procure new capital for industry.
This reached
More
that there seems little need for me to
indus¬
September on the basis of a 1923-25
average equaling 100, compared with 91 in the previous September.
Fac¬
tory employment, according to the Federal Reserve Board index, increased
8.2% between September, 1935 and) 1936, and payrolls by 12.9%.
The
output of electricity is exceeding all records.
The automobile, industry
bids fair to exceed its production record for every year except 1928 and
1929.
Even the steel industry, about which we were so much concerned
other than
Neither individually nor, in many
gathered groups, are they in a position to adequately
and present their case to the Commission.
Realizing this weakness
widely scattered through the country.
self-evident
so
the course of business augurs well for an increase
The evidences of general economic recovery
capital.
its demand for new
are
\
' ■
"
.
despite the fact that
we
Committee, Dudley O.
New York.
caused
become
Toledo.
and
I
Smith, who came to
us
Mr. Smith fills the vacancy in the office of Municipal Secretary
by the resignation of James D. MaGee, at the close of June,
associated) with the member firm of Braun, Bosworth & Co.,
He comes to us with a long experience in
am
sure
will prove a
worthy successor
to
in
the municipal business,
to Mr. MaGee in
this im¬
portant section of our work.
the important Finance Committee and the Treasurer will
this report, and I recommend them to your attention.
In
passing I will state that for the first time In several years we have an
excess
of
income
over
outgo.
Having had nothing to do with this
fortunate outcome, I take no pride in it, nor do I believe it of particular
Reports
supplement
of
I. B. A. Convention
3686
HARRIS,
Proceedings
Dec.
HALL & COMPANY
•
(INCORPORATED)
•
WEST
111
12, 1936
MONROE
STREET
4
■
CHICAGO
.
Telephone Randolph 5422
Underwriters and
Distributors of
Corporate Securities
/
/
Officers and Directors
EDWARD B. HALL
COLLINS
JULIEN H.
importance.
for which the Association should
The object
of
its
budget.
membership during
Our
increased, and todlay,
of
Governors,
is to do
strive
If it does, the membership will take care
good work for its membership.
the
last
few
has
years
greatly
with the members recently approved by your Board
at 795,
stands
the largest membership
has
the Association
had.
ever
As
have varied
None
in
the
Association, the activities of your various committees
according to circumstances and
been
have
several of
found
I
wanting.
should
tell
to
them, but their reports will be available to
than
commendations
I
can
I
give.
recommend
detail of
and are better
in
you
you
especially
them
to
your
During
the year we have had several
have
which
not
completed
their
I wish
to
speak to
mittee
under
Under
great
material
the
The
Mr.
its
Chairman,
committee
of the Undistributed
which
presentation
Service
in
it
Profits
gathered
work which
a
mend
be read to the
Those of
do
who
you
has been especially active in
year
work
the
the
of
Group
Tax
that
tax.
to
under
convention
chairman¬
utilities
its
at
meeting
very
situation.)
work, and I wish to com¬
Chairmen's Committee under
able
the
and
chairmanship of Charles B. Orouse.
Local group meetings
by the Central States Group in Chicago, the Mississippi Valley
St. Louis, the New England Group in Boston, the Southeastern
Group in Washington, and the Texas Group in Houston, at which addresses
were made by outside
speakers, and much profitable discussion took place.
Judging by the results of the Boston meeting, which was the only one I
able
local
is
to
to
attend,
our
I
am
membership.
whose hard
groups
the
largest number
I
certain
We
work
of
that
all
are
before,
group
members
the
of
meetings which
Association.
our
I
Association
know
can
of
have
work
average
of
national
local
as
staff
to
the
I
has
of great
proved
taken
the
of
members
have
been
the
faithful
Davis.
No
President
tion.
Augusta seemed
the
best
White
Sulphur,
and
the
convenience
of, one
set against it the charm of this old Southern city
closing, I
for
wish
their
of
to
thank
support
of the Association
especially
the
and unerring
the various
committees
whose cordial
members of
kindness
for
to
their
me,
the
Board
the
chairmen
of
loyal work, and the
hospitality made
my
trip around
so
and
which
in
home to
by such
far removed
from
little
the
means
can
Vice-President,
and
hard-working,
intelligent work of
refrain
Alden
your
as
of
more
force¬
meetings, and
group
activity
in
daily work of our
what
knowing
I
is
especially
Field Secretary,
Arthur
commending the work of our
whose firm arm assists the Presi¬
after it
from
White
Sulphur
by
the
time
of
the
tion
Dependent
Thereon
Asserting that the verdict of the Nov. 3 National Election
reflected "acceptance of new
concepts of what the aims of an
enduring governmental system must be" James M. Land s,
Chairman of the Securities and
Exchange Commission, in
addressing the Investment Bankers Association of America,
at Augusta, Ga., on Dec.
4, declared that "recovery cannot
follow the traditional cyclical
patterns.
Any interpretation
of our national aims as
looking for the return of the shallow
prosperity of boom days is false," he said.
Chairman
Landis told the gathering that "the
intensity of our present
sellers' market is in
danger of bringing about a subtle dulling
of responsiblity," and he cautioned that "we
cannot accept
the
individual
the
them
usual.
Days"—Responsibility for New Recovery Rests on
Industry and Finance—Direction of Administra¬
markets that built
to his
Driven
Cyclical Patterns"—Terms as False
Any Interpretation Looking for Return of "Boom
any
from
Little,
"Traditional
in
place
group
important
more
has frequently
loyal
♦
Chairman Landis of SEC Before Investment Banker*
Association
Declares
Recovery
Cannot
Follow
this
shaking legs to make his maiden speech, and whose comforting
is finished assures you that there never was
anything like it,
which is probably but unfortunately true.
This year his work and that
of the staff has been particularly arduous in connection with the conven¬
voice
and
facilities.
that
believe
usual.
mention
Executive
is
way
than
Association,
matters,
member that he
taking place
Your
the
in
no
brought
fully the usefulness of the Association
the main
dent
meetings
successful.
am
of
success
the
these
indebted
made them
especially pleased by this type of work.
As I have stated
I believe that the activities of the groups are fundamental to the
year.
of
the members
members
able
(The
the
held
value
In
able,
an
attend) will miss a
not
group
in
Group in
was
can
recreational
Governors
and
you
rooms
I hope you will
its
various types
on
used
conscientious
were
and
Matthews.
much valuable
was
Committee,
intelligent and instructive presentation of the
The
as
spacious
Stockton
collected
opposition
Securities
Frothingham, will
Sunday morning.
of
the
material
Public
your
time
of
pressure
unsuccessful,
ship of
on
leadership
to the effect
as
of
report
us,
clime,
warmer
special committees at work, two
A third), the Municipal
of the work done by your Federal Taxation Com¬
you
able
corporations.
though
for
a
a large city.
The work of housing
three hotels, two of which have had to be opened
imagine, entails a mass of detail.
If you miss the
in
activities.
hope will be of lasting benefit to the Association.
of
seek
to
place in the East outside of
large convention
the country so pleasant.
Special Committee, after much conscientious study, completed
I
GENE B, HEYWOOD
.
necessary
available
a
demands put upon them.
the
like
attention.
of
was
hotel,
usual
is
NORMAN W. HARRIS
.
LAHMAN V. BOWER
.
election,
it
conceptions of the place of speculation in our security
a justification for the
prices of the late
Twenties.
And if
have a
responsibility to think beyond
conceptions that time has proved hollow, that
responsibility
also devolves upon you."
^
we
Toward the end of his remarks Mr. Landis
stated that
"you cannot forget that the last recovery was
your recovery
and that it almost
destroyed you.
became
Fairly
the
or
unfairly,
you
scapegoats of a bewildered and discouraged
people."
"This new recovery," he went on to
say, "cer¬
tainly in its initial stages, will also be your recovery.
Its
responsibilities
them
is
first
are now yours.
your
them is first your
tion
depends
concern.
How long you will discharge
How well you will discharge
challenge.
The direction of administra¬
to these questions."
In another part of his address Chairman
Landis essayed
that "failure in the field of
security legislation is too
to
upon your answers
tragic
contemplate."
He went
on
to say:
■
Volume
I. B. A. Convention
143
For
3687
Proceedings
Fifty Years
DEALERS
UNDERWRITERS, BROKERS
Industrial,
Public UtilityRailroad and
Municipal
BONDS
Established 1886
W. E. HUTTON & CO.
MEMBERS NEW YORK STOCK EXCHANGE
New York, N. Y.
Cincinnati, Ohio
Detroit, Mich,
Baltimore, Md.
Boston, Mass.
Philadelphia, Pa.
National desire is
so
intensely bent upon success, so deeply determined
that the conditions of the late Twenties shall not repeat themselves,
you, to
that
whom that desire is directed, we, who are in part agents to super¬
If we fail, others will take charge;
intend its consummation, dare not fail.
their sanctions, their mechanisms, will
Lansing, Mich.
Dayton, Ohio
Lexington, Ky.
directed by Mr.
Landis to two "character¬
istics of present day security distribution"—"the insistence
upon speed," which, he said "still dominates both under¬
writing and distribution," and "problems that flow from the
prospectus."
He stated that "the Securities Act of 1933
concluded that in this demand for speed lay one of the prime
bases for the break-down of the process during the Twenties.
The risk of underwriting, it felt, should really rest on some¬
thing more than the ability to judge the mere overnight
marketability of an issue."
"What new independence has
been achived by the small security dealers," he said
"is
threatened too much by the shortness of the underwriting
was
commitment."
Among other things, Mr. Landis said that "in the field
regulation the same needs and the same
emphasis upon administration for recovery are present."
of holding company
In
depression.
the
to
.
.
of power between a handful of men and a
there can be no question as to the final
And if this handful seeks again a verdict, to the
outcome.
charges of the past will be added this refusal to think in terms
of adapting an industry to the needs and social aims of a
people.
Failure here on the part of government would be
its failure to interpret aright our national desires."
Mr. Landis' speech follows in full:
James M. Landis
During the last few months, despite the feverish
regulation
of
mentioned.
made
banking
investment
and stock
search for political issues,
exchanges
was
scarecely
political issues.
So well had the principle of Federal regulation of
accepted as a traditional part of American
economic life, that even political skirmishes avoided this field.
But to
infer from this that the outcome of the election had no bearing upon the
security
transactions
been
future of these principles
K
The verdict of Nov. 3 reflected fundamental and deep
national desires.
reflected an enthusiastic acceptance of new concepts of
an
enduring governmental system must
national desire
to'move closer to
an
be.
It
what the aims of
It reflected the intensity of the
ideal of industrial and financial security.
its^ability to respond to and to effectuate this desire lies, in a large sense,
the justification of finance.
In
y
At the beginning of
moment the
this'new political
.opening of the.political year
1936, it is well to recall for a
of 1932.
The contrast reveals a
year of
problem of the coming four years
campaign, so will it inevitably find expression
that were obviously
both in new legislation and in
the administration of those laws which relate to the
direction of these forces
Today, instead of ministering to a depression, our problem is
of recovery.
to administer a recovery.
This shift in emphasis—from ministering to a depression to
a
recovery—is nowhere more
administering
strikingly illustrated than in our own field.
Only two years ago our concern lay with the absence of capital issues, sagging
markets, and a frightened and
embittered public.
Two years ago we were
bending our every effort to restore life and health to a sick, fearful industry.
Almost the whole of our energies was given to the
ment of the
in
stimualtion and encourage¬
tiny flow of capital issues in our security
of
terms
markets.
Today one
wholly reversed situation—rapidly rising markets,
a
expanding volume and an apparently insatiable demand for capital issues.
Indeed, the situation is such that already apprehension over the
trend has
Questions as to what can be done to prevent a stock market
boom used to be grimly
Now throughout the country there is an
academic.
unmistakable concern as to whether our Commission or the Governors of the
Federal Reserve System, or both of
the recurrence of 1929, and
these agencies, have the power to check
secondly, the question is also asked, if these
agencies have the power, will they have
Indeed,
the courage to exercise it?
hear increasingly the general inquiry not only as to the powers
we
the government, but as to the direction of its efforts in meet¬
and courage of
"Where," they ask, "is government
Will it turn left or right or will it pursue a
ing the new problems of the recovery.
going in the next four years
ment
how
?
Will the next four years be years of more or less govern¬
middle course?
regulation?"
you
and others ask that question of government, government
be asking the same question of you.
In other words,
to me in truth to
are
you
going to interpret the mandate of 27,000,000 voters ?
to and to try to
Those votes bespeak
national desires; they bespeak the hopes and fears of
women
To listen
understand the public voice is certainly as much a duty of
industry and of finance as it is of the government.
American
men
and
directed not so much to the forms of government control as to the
The interpretation of
objectives of the society in which they wish to live.
these desires for finance
secondarily
of Federal regulation would be erroneous.
Amid
and recriminations of the campaign, there came slowly
And, just as that attitude crystallized in the political
already in motion.
seems
These two achievements of the past four years could not be
was
conditioned by and con¬
the direction and control of the recuperative forces
Where
Address of
concern
depression but rather the direction of a recovery.
the forefront a recognition that the
was
been aroused.
.
our
was
political campaign of last summer and last fall concerned
the flights of oratory
writ large and clear in the framework of the Public Utility
Holding Company Act of 1935.
.
.
Where yesterday we
saw the tragedies of irresponsible action, today we are face to
face with the tragedies of selfish and irresponsible inaction.
In this contest
1933
1936, however, the scene has changed and the emphasis has shifted.
The issues in the
not the defeat of a
thinks
nation
1932 and
depression.
a
He likewise said "these national desires of the new recovery
are
In
Every national measure
and the whole thought of the Nation was
cerned with
Comment
emphsis.
attuned to the
emergencies of the hour—the great tide of bankruptcies, foreclosures, bank
closings and industrial stagnation.
The whole administration of govern¬
eternally
ment
be different.
difference in
tremendous
that
of
is thus primarily with the industry itself and only
government.
In
short,
knowing whether our Commission and the
far
more
important
than
Governors of the Federal Reserve
System can and will exercise certain latent powers is the question whether
the operations
occasion for
of private finance, so largely in your hands, will create the
their use.
The challenge offered by the verdict of Nov. 3
is thus a challenge
that, to my mind, is directed mainly towards those in
control of industry
and finance.
tion
on
your
And may I suggest here that the inclina¬
part to heed such a mandate might not
by an altrusitic sense of social responsibility.
be prompted wholly
I. B. A. Convention Proceedings
3688
Municipal Bonds
State and
SALMON
Secretary of the
P.
Dec. 12, 1936
#
CHASE
'
Treasury —1861-1864
CITY
OF THE
BANK
NATIONAL
CHASE
THE
■ ,
BOND
OF NEW YORK
DEPARTMENT
Pine Street Corner of Nassau
Bell System Teletype NY 1-1010
Tel. JOhn 4-2000
>
,
tluWacts which the Securities and Exchange Commission
repitition of the public resolution that 1929 shall not
has been carefully built upon law to the end that finance shall
It is your
Each of the
administers is in fact, a
Law
recur.
notfa
be
game
of magic to mystify,
bewilder and mislead the investing
deriving honest business profits from open
who come to its counters in good faith, glad to pay
commission for a fair service performed.
To reach this end was
public, but a forthright business
dealings with customers
a
fair
indeed
any
a
tedious task, for you may
recall how few were the customers with
ago—the customers who had taken
real estate, and holding company securities which
faith remaining two and three years
all the investment trust,
were
concocted for their consumption in
we
advances—is clear.
have made advances—great
Through publicity we have
checked many of the outstanding defects in the
In these accomplishments we
and by the legal
and accounting professions of the obligations embodied in the legislation.
But now, the intensity of our present sellers' market is in danger of
bringing about a subtle dulling of responsibility.
It seems to be character¬
origination and distribution
were
aided by a measure
before
Indeed one can draw a strange con¬
of originators and experts
tearful protestations
almost
the
liability sections of the 1933 act, even after its
individuals to cut
The impact of almost daily
tilts with accountants, some of them called leaders in their profession, often
leaves little doubt that their loyalties to management are stronger than
against the provisions of the
corners
their
the current tendency of these same
and
amendment,
in the matter of
forthright disclosure.
of responsibility to
sense
lead readily to acquiescence
the leaders
that the form of statement can be less rigidly
controlled and left more largely to
professional responsibility alone.
plicity and more adequate presentation is
but
sired,
choice"
of
The choice
It is a
underwriting and distribution.
which still dominates both
The Securities Act of 1933 concluded that
break-down of
the process during the Twenties.
The risk of underwriting, it felt, should
really rest on something more than the ability to judge the mere over-night
marketability .of an issue.
In delaying the organization of the selling
group, something has been accomplished.
Some of the pressure that the
originating underwriters used to exert upon the selling group members in
the "sticks" has been tempered.
The importance of preserving and en¬
couraging the independence of the small security dealers and their freedom
from subservience to the originating houses of Wall Street and LaSalle Street
must be recognized.
But what new independence they have achieved
under the existing system is threatened too much by the shortness of the
underwriting commitment, by the drive for the immediate organization of
the selling group, and by the pressure exerted by underwriters to unload in a
in this demand for speed, lay one
few hours the risks they are
of the prime bases for the
to it
are
the problems that flow from the prospectus.
Its length results not so
that it deserves.
of the law,
much from the requirements
but from the fact that the writing of what
should be popular
nurtured in the drafting
responsibility for perfecting the mechanism of the
portrayal of business facts is dominated by lawyers
The
of trust indentures.
prospectus rests not alone upon the Commission.
used,
and
its
honored.
purposes
Otherwise,
The prospectus must be
the objectives of existing
Imeption these facts not in the. spirit of carping criticism of
of the Commission cannot alone assume
Failure in the field
responsibility.
National desire is so
too tragic to contemplate.
of security legislation is
intensely bent upon success, so deeply determined that the
is
directed,
dare
not
we,
mechanisms,
not repeat
who
If
fail.
will
investment
I mention them rather as factors for whose success we
late Twenties shall
are
we
conditions of the
themselves, that you, to whom that desire
in part agents to superintend its
fail,
But have
national life in this field will be attained.
no
consummation,
their sanctions, their
others will take charge;
be different.
doubt, the objective of our
The cost of that achievement is
the same theme, the same comparisons in the field of
trading upon our organized exchanges.
Our problems there are even more
the
appearances of recovery.
That recovery cannot follow the traditional
cyclical patterns.
Any interpretation of our national aims as looking for
clearly those that spring not from the depths of depression, but from
the return of the shallow
prosperity of boom days is false.
financial circles still see the country as one
Twenties.
as
poor
board
that wants
repitition of the late
But those financial circles have already earned the
prophets of the tempo of America's desires.
room
a
I know that some
is
a
poor
reputation
The atmosphere of the
litmus test of the hopes of our national life.
a pur¬
taxation, is, to use a psycho¬
Of one thing we can feel sure,
mainly
term,
ideology.
escape
relationship to earning power, present or
prospec¬
that will permit maintenance of values of that character,
justification.
Every aspect of trading must therefore be
tive, a mechanism
lost
has
its
potentiality of such a condition.
How far,
thinking carry that emphasis ?
What
plane that reflects and can reflect no real wealth ?
adjusted to operate against the
we
well ask, does our traditional
may
price liquidity, on a
Those
administration for re¬
the dominating questions that underlie
are
problem of segregation on the floor
of the exchanges, in fact essential to any solution of the place of dealer
activity on these exchanges, was the relationship of that activity to the
building up of undue speculative positions and the effect of that activity on
price trends.
We cannot accept the conceptions of the place of speculation
in our security markets that built a justification for the prices of the late
In our consideration of the
covery.
And if
Twenties.
time has
we
have a responsibility to think beyond conceptions that
liquidating at
that one constantly hears about the difficulty of
moment's notice huge blocks of securities in the markets,
real concern be with the causes that place strains and stresses
a
should not the
of
character upon the financial mechanism
this
Instead
proved hollow, that responsibility also devolves upon you.
of the common concern
If these strains spring
?
Instead of trying
absorb the huge
be directed towards closing the invest¬
ment machinery to the play of irresponsible forces of such a character.
Investment rarely seeks the board room.
It rarely follows the hunches
desires the answer is plain.
useless speculative
from
task of constructing a mechanism that will
the hopeless
of that type, effort must
pressures
customers' men or the advice of ignorant
whose recent rise presents a
consequence
ism is
How far our trading mechan¬
in relation to significant trends.
qualities, rather than to the minutes
the purposes of speculation, may well represent
the hoped for sobriety of the new recovery and the
the difference bet ween
the old.
of
One of the fundamental
hopes of the Exchange Act was that through some
consciousness of the nature of corporate enterprise we, as a
at
the
track
race
Nation, should
Pure speculation we can
develop into investors—rather than speculators.
tolerate
Investment,
market spreads, regards them as of minor
adjusted to emphasize these
and seconds essential for
mania
investment counsel,
problem of national consequence.
though it doe6 not despise close
elsewhere, where it cannot stalk under the
or
But on the exchanges we sought a reflection
enticing garb of investment.
relationship to something more permanent than mere
of values that have a
One
Yet today one wonders where the growing emphasis lies.
liquidity.
just how the battle between the dull registration statements of
wonders
And
listed securities and the fascination of the trans-lux will eventuate.
responsibility for that outcome will not be ours alone, nor will its glory,
if such there be, be the
of prediction tod
monopoly of political party or economic creed.
leftness of government in this field is no more
The rightness or
than next month's market
y
can
But the direction of the effort is less in our hands than in yours.
count.
What
bring to tomorrow's market will mark the direction of
tempo you
responsibility
What
action.
capable
On trueness to the ideals
.
government responsibility in this connection, you
that two years ago gave
assume
you
means
more
today
the
than
immediate tenor of our activity.
In the field of holding company regulation
the same needs and the same
emphasis upon administration for recovery are present.
1936
industry in
budgets
capacity is
Surplus
is
familiar
a
one.
uses
in
on
cases
should plainly be that of courage to assume responsibility
Yet it is clear that our
the growing needs of communities.
determination
is
not
these
that
needs
private sources, but that the manner ttf meeting
tragedies of the last decade.
shall not
operate.
lhings
These
administration of that adjustment is a
that is
cannot,
inhere
demanded.
of course,
in
demands
it
of
rather than the potentiality of
costly to maintain, and
demand
adjustment
and
the
condition in the nature of the recovery
The administration of the content of such a program
follow prejudiced and I rocrustean lines.
flexibility sufficient
our
from
We have had our fill of write-ups of security
balanced by engineering mythology
to
be met
them shall not repeat the
worth, of empires of power costly to acquire, more
uneconomical
Every
the point of exhaustion.
The direction of business administra¬
ployment of both men and capital.
tion for recovery
national
Meanwhile invention
demand.
of electric power made for an increasing
many
toward the need for expansion and the concomitant em¬
indication points
for fulfilling
The picture of
Maintenance and construction
curtailed in the years of depression.
were
and education in the
issues
negligible beside the cost we know will attend failure.
It is easy to pursue
logical
the
legislation will be far from being reached.
banking methods.
the Commission's anti-manipulation activities,
ported flow of trading abroad, or our forms of
the
paid to assume.
The hope
that adequate investment information would be widely circulated is perhaps
the keynote of the Securities Act.
Yet today, in a market that has a
plethora of buyers, the selling document too rarely has the attention paid
Then, there
particular forces,
unstable market on matters such as mar¬
inhere in these complaints with respect to
may
place the whole burden of an
gin requirements,
of talkative
present day security distribution deserve
First is the insistence upon speed
comment.
tolerated.
is an open one for the profession.
government.
characteristics
other
Two
for
Sim¬
of course an end much to be de¬
simplicity that misleads is not to be
a
here of more or less regulation
"Hobson's
Such an experience does not
the investor.
in the plea recently made by one of
profession
of the accounting
truth
to
of acceptance by private finance,
and experts alike.
istic of originators
trast
of securities.
the relation¬
tomorrow's market conditions to those that brought on
I know of the efforts to lay the blame for mar¬
ket imperfections onto matters over which the Exchange considered,
as
a
community of its members, has no control.
Irrespective of what
catastrophe of 1929.
the
that when price has no
1928 and 1929.
Through
the sanction of disclosure we have checked to some degree the useless waste
that had hitherto attended the flow of savings into industrial enterprise.
But that
responsibility, as much as ours, to think in terms of
ship of today's and
to
meet
There must
the engineering and economic
time.
These national desires of the new recovery are
writ large and clear In the
framework of the Public Utility Holding Company
tunities for economical integration
Act of 1935.
Oppor¬
and expansion—the types of opportun-
Volume
I. B. A. Convention
143
3689
Proceedings
Goldman, Sachs & Co.
30 Pine Street
New York
Investment Securities
Commercial Paper
Commercial & Travelers Letters of Credit
Foreign Exchange
60
La Salle St.
208 So.
Congress St.
Boston
Chicago
North
314
1416 Chestnut St.
ities that investment banking has a
on
every
incoherent
some
responsibility to discharge—are present
Yet the action that the judgment of the operating
hand.
of the investment banker
lack of
dictates
and
man
finds itself thwarted elsewhere through
trust in the
destiny of American enterprise.
responsibility that should lodge in the hands of
The
who wish to do and to
men
act, has moved strangely into the hands of men who had no vision but that
of the past, and of men whose political
hatred for the direction of American
life made them believe that through some abracadabra of legal learning they
could
turn
it
we are
irresponsible inaction.
and
a
Nation,
question
Where yesterday we
backward.
sponsible action, today
no
In this contest of power between a handful of
longer lethargic but vocal and tense, there
the charges of the past will
to
adapting
on
an
be
no
verdict,
a
be its failure to
a
Failure here
people.
interpret
aright
our
na¬
the stage is now set, if there be no misconstruction
as
of these aims, the unnecessary cost
recovery now
men
be added this refusal to think in terms of
the part of government would
But
can
And if this handful seeks again
industry to the needs and social aims of
tional desires.
the tragedies of irre¬
face to face with the tragedies of selfish and
the final outcome.
as to
saw
and what
may
be unwonted delay in
a
overdue, is chargeable elsewhere than to government.
Administration in this field has thus been partly driven into stagnancy,
forced to take up the gauntlet of a legalistic challenge, but still hopeful that
a
recognition of the demands of the new recovery will become plain to
a
handful of men, and hopeful that from such a recognition will spring the
readjustment and employment that already
of expansion,
program
a
year
should have been in the doing.
ago
The
challenge of the
coming
years
is
thus
a
Out
one.
of
the
Its problems are too large to permit play
on
or
recriminations.
Upon matters such
these
dare not waste
we
The direction of the resolve of Nov. 3 is too clear.
time.
of its depth is too fully measurable.
that
as
resolve
upon powers
into
administrative
cannot
be
known
other than those politically responsible to
understood.
The intensity
But the exact methods of translating
action
an
until
its
effect
electorate is fully
That translation is first and foremost your problem and your
opportunity.
unilateral action.
Its
new recovery
is not and cannot be
only rest on
success can
a
Edie-Davidson,
the
at
Inc.,
final
told
a
matter of
the
session
of
Bankers
Investment
its
annual
convention
in
Augusta, Ga., on Dec. 6.
Although Dr. Edie did not
any members of the
Federal Administration by
name, his address was regarded as a reply to earlier asser¬
tions by James M. Landis, Chairman of the Securities and
Exchange Commission, who had declared that when and if a
stock
market
collapse
responsibility.
The only effective
weapon
bankers
the
occurs
Edie asserted, has been
for
must
controlling
tight money and
a
the
boom,
a
bear
Dr.
higher discount
rate, and he predicted that this weapon will not be used at
He said that a return to the money rates prevail¬
ing from 1920 to 1929 would virtually wipe out the surplus
of
banks, which have accumulated
low-interest-bearing
securities.
The government's easy money policy, he con¬
tended, has passed the stage of "economic necessity" and
is now purely political, with every effort being made in
Washington to make sure that the responsibility will fall
present.
the bankers who underwrote and distributed the large
of bonds outstanding, rather than on those really
upon
volume
Dr.
Edie
be
keep
as
27,000,000 votes
stretching things
long
a
may mean
to different people,
to make it mean
way
rates at levels as extremely,
money
low
Speaking extemporaneously,
said:
Whatever the mandate of
it would
as
abnormally, and
mandate
a
to
dangerously
as
those
now
prevailing.
If these rates change, and if some of
currently being sold to the public at all-time high prices later
on
take a real tumble,
who will be blamed?
In all probability, the
investment banker will be blamed, and that is almost certain to be the
these bonds
unless
case
the
to
The administration of the
of
mention
the
part of government or on your part for petty hatreds, mere political ambi¬
tions
dent
Association
responsible for the condition.
brave
crucible of the depression has evolved a firm determination as to the char¬
acter of the new recovery.
Broadway
St. Louis
Philadelphia
the
banker
anticipates that situation and makes
the responsibility for
with agencies of the Federal Government.
recognition of the need for
that
public
policy
a
.
.
of
it
easy
very
clear
money
rests-
.
My appeal to you is to define the responsibility for these money rates:
to establish this responsibility in
the eyes of the public so that in-
continuing industrial and financial reorientation—practical in attainment,
and
You cannot forget that the last
the
true,
but always Idealistic in direction.
recovery was
your recovery
and that it almost destroyed
unfairly, you became the scapegoats of
This
Its
new
recovery,
responsiblities
first your concern.
a
certainly in its initial stages, will also be
are
now
yours.
How well
you
How long
you
answers
must be
will discharge them is first
mean to you
that
means
you
event
clear
your
to
challenge.
these ques¬
to us that we must not fail, more
dare not fail.
Policy
marks
I. B. A., Asserts Easy Money
of Government Threatens
Bankers—Re¬
Regarded as Bearing on Those of J. M.
Edie,
Before
The
Federal
Government, through its policy of fostering
rates, will be responsible for a runaway stock
market and its eventual collapse, Dr. Lionel D. Edie, Presi¬
money
had
I
in
the
market
representation
you
of the
can
look
back
upon
a
policy of
facts.
originally planned
His prepared
rather formal remarks about the interest
some
and the outlook for the gold standard,
rate
previous parts of the program
more
about two years ago
Washington the justification for
a
remark
as
built up and' on a
1930,
follows:
but in the light of
of the last two
to the point if I discussed the
remember
made
to
Landis
low
turn
a
address follows:
I
D.
of
truthful
Outlook for Interest and the Gold Standard."
be
Lionel
and
Dr. Edie addressed the convention under the title of "The
your recovery.
clear, unequivocal and free from hesitation.
If the mandate of last November
clearly does it
or
will discharge them is
The direction of administration depends upon your answers
tions and the
Fairly
you,
bewildered and discouraged people.
a
"On
subject in
policy of cheap
debt
burden
level of interest rates such
the United States could
as
of the
rather informal way,
a
discussing with
the
some
days, I felt that it might
one
of the officials in
and this official
money,
which
this
prevailed,
country
say,
from
has
1920
not
possibly remain a solvent country."
In other words, Washington has looked upon a policy of easy
money as a
necessity in order to keep the country solvent.
Now, I think no one would quarrel with the idea of trying to keep the
solvent.
country
I. B. A. Convention
3690
Dec.
Proceedings
12,
Company
Bankamerica
Government
i
Municipal and Corporation
Securities
SAN
LOS
•
FRANCISCO
BELL
the risk of putting the country in certain new pitfalls which may
run
be
just
For
as
serious
was
as
attempt
an
paying interest, the
he
the
was
of
the pitfall which we originally were trying to avoid.:.
man
make
to
to
man
whom
we
solvent,
making him
solvent.
The
man
money
who
was
the rate of interest was a cost item,
trying to make solvent.
But in the process
whom
were
we
the debtor
are
running into a
now
situation
where
we
make another class of people insolvent, and if we make them insolvent
may
responsibility id going to
the
country solvent' by getting
the attempt to make the
instance,
cheap
SYSTEM
But in the course of trying to become solvent
I We 'want to be solvent.
Aye
ANGELES
upon the shoulders of the invest¬
like it or not. The man who buys
a bond at a fantastically high price and who later on suffers a loss of 20
points on that bond is not likely to be very high in his praise of the
services of the
investment
banker, the underAvriter, and the distributor
who sold' him the bond.
That is true not only of the individual, but also
ment
be placed
banking profession, whether
Financial
tions that
an
being faced with
are
very
serious
ques¬
outgrowth of easy money, and in our desperate anxiety to
by reducing the cost of money to him, we are now
he is threatened with some
future test of his solvency as an outgrowth of the same policy.
Now, as that problem is gradually worked out through the next few
years, there is going to be a very decided effort to fix responsibility; to
fix responsibility for loss on bonds due to a change in money rates.
The responsibility will fall on either one of two parties—on people in
Washington, or on the private parties who are engagedl in the profession of
itiA estment banking in one form or another.
Already an effort is being made by the authorities in Washington to
make sure that when the turn in money rates comes the blame does not
putting
the
creditor
them.
in
a
position
where
through publicity in one form or
another, to make a pretty clear case for themselves, and to be sure that
the responsibility will be fixed upon the shoulders of the private banker.
That introduces to the subject certain political angles which I believe
are
inevitable if we are going to give proper attention to the problems
that face us over the next few years.
We have got to realize that the
question of easy money is not entirely an economic question.
It is in no
small part today, and in the future, a political question, because it is a
question which involves, in the eyes of the public, your relationships Avith
the
on
officials in
Now,
I
have
They
are
undertaking,
given
shortly; and I have heard others
very
opposite
of
the
to
some
of
use
no
such
consideration
stand up here this morning
to
this problem:
Is
we
must
we
must
if
all
visible
can
to
I
that
in
of
is
rates
one
to
great
ahead
of
lost
going
and
us,
failed
we
trouble
the
under
to
"When
our
observe
are
"If
been made."
that
is
witnessing
are
we
a
are
we
of
case
and
eyes,
what, in
are
Ave
a
in
A great turn
reality,
so
has
control.
by the end of the
of
control,
there
market
buying government
rates
was
made
lows;
which
new
great
during
for
It
took
has
six to
nine months
was
for
that
doubt in
no
anybody's
mind
the
to
as
In the
a
under
for
so
the
arresting
great
and
the
and
out
making
great
wave
The
bond
business
lows;
people
is
the
happened'?
new
so
everything
of
purpose
deflation,
What
way.
lows,
new
power
of 1932 the officials
aggressive policy in the open market
very
They did
made
no
highs.
new
summer
made
"Aha,
said,
the
control.'*
of
But
following the adoption of this aggressive policy
deflation and liquidation had been stopped, and the
of
wave
established.
were
went
to
People
greater
deceived
were
after this
months
even
decisive
by
immediate
raised
situation.
the
In
been
taken
extremes.
July
ratios
reserve
that
the fact
had
action
Against the background of these historical parallels, let
authorities
by the
up
clear indication of what
the stock market made
lows;
the six to nine
the
effect
nine months
lows
the markets
a very
reverse.
then
was
everything
Reserve
continued
the
to
people had discovered that
year
able to make
was
bonds.
and
easy
during the
It
was
people were deceived during that lag of six to nine
Washington cut loose with
liquidation
Well,
way.
attention.
no
the
the
of the government to exercise its effect, but when
Now, look at the thing in
money
under
to
check
to
and that the signals throvm
February had been
effect,
determined
were
paid
announced
talk of the town
common
loss
in
force, I want to
some
February,
entirely out of control; that the Federal Reserve
was
crystalized
of the
in
then
was
stock market
the
happen six months later.
effect
nature
that
the
and
Avith
you
Boaard,
But
no
Reserve
to
home to
comparisons.
Reserve authorities
drastic step on the part
at
reason
answer,
inclined' to
am
the banking world.
of
Reserve
speculation
highs,
new
there had' been
Federal
of
no
see
abrupt turn of
and when people say,
taking place
historical
that the stock market
of
violent and
a
rates?" I
the signals, and
that
Federal
of
wave
make
in
for
us,
upon
that idea
carry
the
following six months
the
due
money
the part
on
things
two
or
1929
all-time
of
of
this
year
member
us
have
Federal
the
banks
50%,
look
a
Reserve
and
in
so
doing they intimated to the public that easy money had gone far enough.
Now, in this case, when you say that easy money had gone low enough
you are, in effect, on the other side, saying that bond prices have gone
high enough.
In July of this year the Federal Reserve started out to
call
halt
a
We
bull
market,
whatever
in
this
market,
stating that
money
whether
it
may
country,
been
one
the
be.
they
in
discussions
of
a
direction
in
inflation
is
They
into
country of
Btocks,
on
confined'
are
reverse.
ways
real
and
of
means
estate,
com¬
or
At the present time there is only one
the bond market.
That is a
many
be
can
indicated
for practically
classes of securities
are
by simply
every
high-
selling at
a
entirely without precedent in the history of this
runaway
which I
or
and that is in
in the history of Great Britain.
or
have
go
this
is
all-time highs have been made
new
afraid
inflated.
in
it
and the measurement of it
rate basis that is
country,
bonds.
in
grade bond in the list, and that
We
York
discussions
market
real
Members New York Stock Exchange
market
had
or
bull
Kean, Taylor & Co.
bull
bull
a
modities,
the
often
on
have
curbing
Wall Street, New
than
public that the Federal
had
scarcely
are
hand, I think that the other type of fundamental
have been
may
abruptly,
can come very
violent turn in the stock market of 1929.
very
market is
to catch
lag
other
order
In
to
They
taking place.
In
make
•
enough
with
been
order to get
come.
of two forms.
already
rather
us
mental
money
busy
day to day in
signals
the things
of
some
not blinded you would see that the turn has already
alert
sort
the
Bonds
a
were
not
the
of
some
that within the next six to nine months I
the bond
market
behind
you
eye.
you
Federal
Municipal
is about to
one
going to call the turn in
is
examine
to
the sign-posts,
of
follow intently from
in
On the other
the
question is
some
you
It
at
/
such gradually slow processes that they
as
say
that
kind.
turn
1
There
ought not to expect anybody to do that; that
for,
example of
an
would
suppose
Feb.
to tighten.
going
are
intellectually honest about these matters
the turn
come
to the naked
We had
And
facts of the
on
that.
as
are
study and
can
come
within six to
State and
we
watch
warning when
These turns
they
rates
money
approach to this
common
new
prediction
that
that
it possible
and predict a turn in money rates?
morning
that
say
pretending to do the impossible, and it is impossible to make
that
or
prediction and
positive
a
the evidence and
over
that it is just over-stretching the
would agree with me that we
the
with equal positiveness that the
say
problem and after going
con,
to
the
in
feel
I
market
14
and
absolute
an
But
the
of
down
come
o'clock
10:09
is
some
going to tighten and tighten
were
the case; and I have come to have a feeling that in the light
was
uncertainties
the arguments pro
case
and I have heard
speeches in the last few weeks,
positively that interest rates
say
months because the
Washington.
And I
am
satisfied that anybody who wants
to be honest and reasonable has
got to admit that he cannot make any absolute forecast or prediction about
what is going to happen to money rates.
I have listened to authorities on
to
subject make
them
of
the
institutions, therefore,
are
make the debtor solvent
fall
this
have made the
banking system solvent, but today we are loading up
the banks of this country with bonds at prices that are extremely and
abnormally high, and if there should be a return of interest rates, not all
the way to the level that prevailed in the 20s, but even halfway to the
level that prevailed in the 20s, I think it is true that for half of the
banks in this country a large part of their capital, surplus, and undivided
profits would be Avipedi out; and if we should return the whole way to the
level of interest rates that prevailed up until about 1930, the Federal
Deposit Insurance Corporation itself would be insolvent.
We
TELETYPE
-you
financial institution.
of the
SAN DIEGO
•
the
This is
great bull market.
of inflation.
Many people have
the United States.
There is only
in
discovered any inflations
solely
sky-high,
a
question
inflation
to
and
the
it
is
bond
only
in
this
market.
a
country today—
Bond
question
of
prices
time
are
before
Volume
143
J. B. A. Convention
.
W. C.
Langley & Co.
New York
115 Broadway
up
by the government in July.
nine months, or whether it will be
two to three years, I don't know.
I do not think anybody can possibly
tell.
But what I want to do today is to draw your attention unmistakably
to the fact that the signals have been thrown out, and it is proper for
the
signal
first
the
Now,
time
Whether
thrown
was
lag will be six to
Let us not be deceived by the fact
that after the signal is given to us the market has made new highs.
The
stock market did exactly the same thing in '29.
Everything did it, in
the other direction, in the summer of '32, and everybody was deceived
to
us
attention to those signals.
pay
by virtue of the fact that markets
signals
authorities
bull
Let
it
situation
rate
the
is
debt
a
the Secretary of
promptly announced that he stood ready to fundi the
then existing money rates.
In other words, rates
Treasury rather
short-term
safe trend of movement.
Reserve had raised reserve ratios,
put in
Federal
the
After
further, because I think
of control before the money
signals of control a little bit
these
to require several more gestures
going
by the
bonds.
face
us
is
today people are being deceived
so
establish new highs after
Washington have indicated their desire to arrest the
in
in
market
extremes after the first
government bond market is able to
fact that the
the
And
thrown out.
were
went to new
the
on
Treasury was perfectly
obligations and convert
them into long-term
obligations on the level of rates that prevailed in
July of this year.
That, I think, is the effective answer to those people
who say that
the Treasury wants money down to a 2% basis.
The
Treasury has gone on record by saying that it does not want money down
to a 2% basis.
It was satisfied with the level of rates that prevailed in
July, and, in fact, is willing to cooperate with the Federal Reserve in
low
were
enough
The
Treasury.
the
satisfy
to
willing to take some $15,000,000,000 of short-term
preventing
low
in
from
rates
money
going
to
more
extremes
on
the side of
rates.
It is
no
contemplate
Washington
a
the authorities
of control over the money
control of excess reserves.
Whether
further signal
It will be ostensibly
situation.
market
January or February of next year
secret that in
by some kind of
operations in the open market, I do not know at the present moment, but
whatever the method may be the objective will be the same—to stop the
increase in excess reserves, and by that device to put a stop to the tendncy
or
they will do it by raising reserve ratios again, or
not
out of control on the down side.
ol money rates to get
the
of
action
The
Reserve will
Federal
probably
go a
step farther than
It will probably go to the
putting the stabilization fund of this country on the same basis
as
the equalization
fund in Great Britain.
This fund has resources of
about $2,000,000,000.
At the present time, when gold is brought into
this country,
it goes into the reserves of the Federal Reserve banks and
tends to pile up excess reserves.
In Great Britain, when gold is imported
tiie gold does not go into the reserves of the Bank of England; the gold
is hidden in the equalization fund.
I will not attempt to describe the
technical mechanism by which that is accomplished, but it would be a
very simple matter to ask for legislation at the next session of Congress,
in conjunction with the proposal to extend the powers of the President
anybody contemplates at the present moment.
extent of
of
value
the
over
prevent
future,
Federal
Reserve
Federal
dollar,
the
Reserve
be
for
legislation
If
such
the position
in
that
would,
in
the
in the reserves of the
legislation were adopted the
from showing up
System.
Banking
would
ask
to
of gold
imports
of having
3691
Proceedings
fixed
the maximum
if
is
the
to
answer
in
and
prediction about
fast
a
coming than
particular day or a
is already here, in my
The turn
the future.
humble
the nature of that
be deceived about it merely because for a period of a few
months government bonds are able to establish new high
and the problem is, on our part, to recognize
opinion,
and
weeks
hard
some
particular date
turn
the turn in money rates is
question of when
make
to
not
or
to
few
a
prices.
I
As
in
matters with various banking
these
discuss
months
recent
has
there
up
grown
a
authorities, I feel that
rather unanimous
opinion—an
absolute control over money
that by virtue of this absolute control it can keep money rates
opinion to the effect that the government has
and
rates,
a;,
this level forever.
I
have
lot
a
of
market movements
for
respect
of
a
the power of the government to control
but I have no respect whatever for
certain type,
to keep money rates at this level.
contrast for you. two different types of government
the power of the government
would like
And I
control
stock
to
markets.
over
market
boom
of
is
It
the
thing
one
1929
type.
for
We
the government to arrest a
will admit that government
But it would be a very different thing to admit that
1929 to step in and to say: "We will
S. Steel common at 260.
We will peg the price of
all these other stocks at this present level, and we will hold the prices
there indefinitely."
That would be a very different kindl of government
power, and I do not believe there is a single person here who would
suppose for a moment that the government had any such power.
It is
one
thing to curb a real estate boom, but it is a very different thing for
the government to step in and say: "We are going to establish these peak
prices in real estate as of 1926.
We are going to establish these prices
and we are going to hold them here indefinitely."
You and I know the
government does not have the second type of power.
Now, when we say that the government today has the absolute power
to do anything it wants to do with the money rates, I think we 6houldi
has
thjit power.
the
government
peg
make that
the
had the power in
the price of U.
same
absolute
The government does have the power,
kind of distinction.
power,
to arrest a bull
market in government bonds, and in
emphatically that the government
all-time peak levels and
That is a very different kind
of government power, and no government has the power to do that kind
of price-fixing.
We have seen price-fixing tried innumerable times in the
past.
We have seen it work for short periods of time, but we have never
seen
it work for an extended period of time.
And that does even to the
point of trying to fix the price of gold.
I think that the banking profession has been over-sold on the idea that
the government has absolute power to keep the money rate at an extremely
rate bonds generally, but I deny
money
has
any
power
to peg the prices of bonds at these
to hold them there no matter what
and absurdly low
abnormal
When I
see
a
happens.
level.
tendency towards an unanimous opinion I
begin to be very
suspicious about the soundness and accuracy of that opinion.
mous
the
ideas
time
"new
These unani¬
about
generally take firm hold on the public imagination just
the market is ready to make a fundamental turn.
when
time.
looking
back
unanimity
of
upon
that
opinion
period I think we all would
in itself, a signal that a
was,
agree
that that
about
turn was
to come.
andi of keeping that
maximum point in the future.
Now, in July, when they fixed a maximum
point, immediately their maximum point was violated because they lacked
this control; more gold imports were registered, and they went into excess
point of the excess reserves of the banking structure,
think that
I
reserve.
in
1937
we
will have a situation
in which further
gold imports will not be allowed to get into excess reserves.
When these
but logical to suppose that they will have an
effect upon the money market.
The nature of that effect, and the sharp¬
ness of that effect
are very difficult to predict ahead of time, because we
do not know exactly where this maximum point on excess reserves will be
fixed.
In July the Federal Reserve indicated that they thought $1,800,000,000 of excess reserves was about enough.
They have not been able
to holdi it there because of the lack of this legislation that I have just
mentioned.
When they make their move in January or February of next
steps
are
taken
it
is
$1,000,000,000 below the figure which they had in mind last
July.
should
excess
feel
I
adopt
reserves
it has been in 1936 to date.
same as
that
cycle;
that
honds
made
the
BONDS
If
that as the objective, and if after February of next
in this country should be held to a maximum of
$800,000,000, it is inconceivable to me that the tone of the money market
and the tone of the bond market in the remainder of 1937 should be the
they
year
to
MUNICIPAL
there is a possibility that they will not stop at $1,800,000,000, but
they will write excess reserves down to $800,000,000, or a figure
year
that
case.
we
are
making
a
very
highs
That is
a
merely
a
and that the fact that government
that has nothing to do with
months after
delusion and a
few
snare
to anyone who is trying
follow the true course of events.
In
more
July of
of
them
1936 we had the signals beginning to be thrown up, and
are coming, and I think that we are in one of those broad
periods where a very fundamental turn is taking place in the money rate
situation in this country.
I feel that that is a more sane and practical
B.J.Van Ingen & Co. Inc.
broad fundamental turn in the money
the turn began in July,
new
The
philosophy of 1928 and '29 became all but unanimous at that
It was hard to find anybody who did not subscribe to it, and yet
era"
57 William Street
New York
i
3692
I. B. A. Convention
Dec.
Proceedings
12,
1936
Darfcy &) Co.
Municipals
If you
examine into this unanimous opinion, or near-unanimous opinion,
banking circles at the present time, I think you begin to have less and
in
less
respect
effect
that
There
was
It did not
unanimity
no
governments
such opinion
no
bonds could have been
same
was
could have long-term
you
There
nitely.
of
of thinking.
clear line
any
unanimity of the opinion.
the
for
bought for
a
basis indefi¬
2.6
a
three years
7-point discount.
two or
of
the
opinion to
of
on
spring out
those
when
ago
This unanimity
from them, after they have finally been drawn into that market
away
and their
buying their governments
find
some
the
in
reason,
rationalizing
position
a
tendency
the
is
these
that
rates
money
conditions, and
very
high
the government has the
under
a
present
to keep them there forever.
power
become
has
great
questions, and to stop,
many
what
is
unanimous recently should
so
be
Let
indicate
think
should
we
predictions
watch.
best
your
cycle.
when
by
detect the
to
ing
out
be very slow
these
a
Point
money,
think,
very
No.
and
may
1
we
in the
happen
a
points
of
for
the
to
money
will
we
rate.
I
will have
you
in the
turn
now,
absolute
any
interest
signals
and
from
year
run
rate
into
but these signals,
years,
of trying to feel our course
way
tangled and tortuous path -in the forest.
is
this:
We
are
all
the supply
supply
of capital.
they
of
are,
excess
what
so
a
normal
money,
supply;
they
as
getting
a
To illustrate how different
to
1922
see
and
what is true in
supply that
a
was
There
even
up.
was
as
They
high
went
excess
up,
and if
reserves,
we
were
mod¬
a
much greater than
go
down under this
sharply.
up
100%
as
more
plenty of supply, but
was
Money rates did not
went
a
in Germany, there was a
'23,
month.
supply of money which, instead
down, pushes them
$2,000,000,000 of
People talk about money and
thing.
present time.
rates?
money
us
In
case.
at the
same
They went
interest
in this country today, having, say,
to
let
those
excess
reserves
run
to
of
Another
Johnson
of the progress,
care
supply
this
in
the
done
The
country.
been
has
country
Rich people have
of
the growth,
in this country.
system
means.
the
large
a
and
surtaxes
have greatly curtailed this source of
forms
of
source
think
half
capital has been cut in
the
we
which
the
because
behalf
of
the
as
saving
little
forced saving by
fellow,
and
if
in the
the
very
unneces¬
his part is out, and
on
making
do
we
is
have made it
we
it diminish very greatly in
see
of
masses
contribution
of millions you have a
tens
Voluntary saving
save.
the
of
last
the
in
country
individual's
not
In
the future.
deduction from
a
make
deduction
the
employer make the contribution, but the contribution
makes is, in effect, also a form of forced saving,
employer did not make the
his
of
the
the
it by millions and
form of
a
the
employer
if
employee
of
have the
direct,
been
Where
expect to
have
we
payroll
has
saving
fellow.
this
in
taxes
By introducing social security
must
we
place of it
in
of
graduated
for the little fellow to
sary
employee,
form
of
he would
a
a
contribution
be paying
increase.
wage
what otherwise would be
the
The
increase to the
wage
to the government
money
forced
direct to the
in lieu
is
saving
of the people
mass
on
the
payrolls of -this country.
Now, what becomes of this capital acquired through forced saving?
It
is sterilized in a government fund.
It goes into a form of government
security which has nothing to do with the productive capital requirements
the future.
So that here again we have a
change in the nature of the
supply of capital—the supply of saving of the country.
Now, there is one final consideration on the side of supply of capital.
In years
gone by, if
you
followed the rate of increase of deposits in
of
rate
and
found
you
interest.
of
that
The
that
increase
savings deposits
dictated
was
would
go
largely by
very
4%
up
in
a
given
4%
that
merely meant that the interest on the deposits was
being left in the bank.
It was a reinvestment of the interest income derived
year,
[ ^ew Tork Stock ^xchan8e
{
Yofk Curb €xchange
The
form of taxation.
new
fundamental change in the sources
a
saving
income of corpora¬
capital.
of
by this
capital
new
that this
multiply
you
sum.
savings banks,
SMembers
cm embers
us
considerable
steeply
little
small, when
I
the
source
large total
the
Bennett tyros. &
of
individual
say
com¬
$1,000,000,000 and
between
source
source
capital to take
income taxes in all
people—the
There is such
of pushing
that this
country since the
tax on undistributed
new
the capitalistic
source
the
I would
the side
on
see
years.
which exaggerates the problem, and the virtue
case
is that it enables
reserves
of
and the
sharply that the rate
thing
rates
a
happened to
pressure
up
in
form
entirely forgotten.
one
adequate supply of
very
our
been
let us take
exaggeration
erate
has
if they were
as
graduated
readily
The amount of national savings,
at the
up
new
savings by people of
few
a sophomore into an economics course
into his head one idea: money is not the
distinction
the money
but it has been the most lucrative single source
The
looming ahead of
derive
of
think,
the supply of capital in this
dried
second
proportion
of
But
capital
been
we
a
We are
thing
such
in
taking place
are
I
completely destroyed' this
the modernization of
Now,
funda¬
But that will not tell us anything
surpluses, has ranged
capital.
have
from which
result
university we would get
we
angle.
has
we
so
and
forgotten
and
it, and after that
upon
different condition
a
You will then,
per annum,
almost
the
woulcUsi&rt pounding
as capital.
And we would pound that into him from every
when I listen to the discussion that goes on in New York
banking circles today about the interest rate question I find that any
and
same
And
and
Now, in the days when
different.
are very
has
capital.
much at the
looking too
all failing to look at
are
of corporation
of capital
a
the other hand, that the change will
on
the only useful
are
substitute
a
period of several
a
confusing the two things that
was
final
be,
and gradual over
I
tests,
through
as
point fixed
expect
few things that
a
of
source
national
new
tions
basic
very
be limited and restricted;
is going to
maximum
corporation surpluses.
$2,000,000,000
of
generally
pretty
this
well taken.
very
principal
calculate
of
the
rates.
money
reserves
a
capital.
of
is
has been
and signals which I
posts
sign posts
day,
some
It
abrupt change.
very
offer these
what must
and
be that
may
few of the sign
watching these
chance
It
I
all
to
as
to you
suggest
a
the supply of capital,
been
discussing
for
must
we
suggest to you
war
going to happen to the money market in the future.
day, I want to
excess
taken
supply
distinction
The
would crack
we
supply of capital.
me
the
and try to
look and listen,
have
to
are
purely from the side of money.
about the
think
thing as
same
seems
we
going to be
to ask a
Now, in taking this skeptical attitude toward the paramount opinion
the
is
I
looking at the supply of money today we have to realize
are
has been
market
of
that
when
supply of
that there
step
is not the
money
circles
we
the
dollars
open.
problem of the outlook
When
that
twice as easy; and if we were
money
$10,000,000,000
distinction
a
us
warning to
a
is
of
banking
mental
challenge the unanimity of this opinion, and I think the very fact that
it
a
in
to
run
market wide
that
of the country
absolutely natural and normal
are
develop
to
unanimous opinion throughout the length and breadth
very
I
some
of
process
other money rate bondls at
have established that position then they have to
philosophy, by which to justify the position, and
after they
and
prices,
them
let
Supply
opinion is something that has grown up after people have seen a market
run
I
$4,000,000,000, that would not make
to
bond
from
savings.
That
is
true
not only of savings banks—it is true of a
They receive income from bonds, or from stocks,
great many individuals.
and
they
been
turn
around
primary
a
and
reinvest
the
of
that
supply
in
further
capital.
That
has
of capital
in this country.
Well,
have cut that supply of capital down by about one-third merely by the
fact that you have reduced the interest rate
by about one-third.
When a
man
receives, instead of a 4% or 4^% coupon, a 2^% to a 8%%
source
you
INVESTMENTS
Railroad
Public
Utility
Municipal Bonds
his ability to
coupon
Now, in all these
cutting off the
rate
newYork^.Y.
eDIgby 4-5200
Chicago, III.
Private Wire
Connections
135 So. La Salle St.
Randolph 7711
bonds,
I
not
find
these
is thereby
curtailed.
have been drying
of supply of
the next 12 months to find
could
One Wall Street
reinvest
ways we
source
new
up
$4,000,000,000 of
new
We have been
the well.
capital, and if
we
were
obliged in
capital to put into corpo¬
various
think
that
you
would
supply
of
crack the
bond market
wide
capital readily available,
open.
You
because through
changes in taxes and in our financial structure you have
fundamentally altered the nature of the supply factor.
And you will note
that
you
have made this alteration, you have curtailed the future
supply of capital in this country, regardless of what happens on the side
of money
supply.
it.
would
not
of
capital
fountain
ress,
to
the
in
build
You could
run your
excess
reserve up
to any figure, and
constitute an equivalent for or a substitute for the savings
that have in the history of this country always been the great
from
order
up
which
to
our
we
have
derived
apply the results of
great
supply of capital
resources
invention
capitalistic system.
itself
may
in
order to promote
and science,
We face
be greatly curtailed
a
and in
prog¬
order
condition In which
in the future.
Volume
I. B. A.
143
Municipal Bonds
and
State
Brothers
Lehman
New,
the
for
the past three or four years we have had a condition
to complete stagnation of demand for capital as the world
that
capital.
was
as
has
ever
we
During
that
condition on the side of supply of capital at
face a very great increase in the demand
that
face
we
time
same
near
may
People
seen.
afraid
were
to borrow;
they were unwilling to
borrow; they lacked the confidence necessary to persuade them to
That is not a normal situation.
It is not a permanent situation,
of these
borrow.
and one
days it is going to change.
on the side of demand for capital, I
difference between a demand change and
a
supply change.
The supply change is likely to come very, very slowly.
A demand change can come overnight, and come like a whirlwind, and I
would illustrate that by reference to what happened in some of our com¬
When
modity markets
market
hand,
cotton
what
who
anybody
1932
in
was
following
the cotton
had two years' supply of cotton on
and unless and until we could get rid of that surplus stock of
the observation was that the price of cotton could not rise.
Well,
the fact that
pointed to
a
change
in
All of
still
was
changed
we
to 12c.,
had' not
single bale, but the demand had changed, and with that abrupt
demand we had more than a doubling in the price of the
happened?
there
and
few years ago.
a
remember
will
You
about a change
talk
you
just say a word about the
to
want
sudden the price of cotton went from 5c.
supply above ground.
The supply
a
years'
two
commodity.
Now, the same was true of copper,
basic
and of wheat, and of practically every
Why did the abrupt change come
in the world.
material
raw
about ?
The supply was exactly the same
after the price had doubled as it was before the price had doubled.
The
supply gradually was whittled down oveT a period of two or three years as
Purely because of a change in demand.
consumption used up the basic product.
I find this to be true as a matter of
psychology among business men
think about the future trend of the
price, whether it is cotton, or bonds, or whatever it may be, you tend to
think about supply more than you do about demand.
In looking at the
statistical position you are always looking at the supply side of the equa¬
tion, and in trying to size up this bond market problem you are always
tending to look at the supply side of the equation; and when you look at
supply you are not making the necessary distinction between supply of
capital and supply of money; but even if you were making the necessary
distinction you would still be thinking about supply.
My suggestion to
you is that that is a slant which endangers yourself being blindfolded and
not seeing the change if, as, and when it comes, because the chances are
very great that the change will come on the side of demand rather than
and
bankers:
among
the side of
on
trying- to
in
supply.
5
demand because this country has been
starved for capital for the past seven years.
We have accumulated a great
backlog of need and of requirement, and it will take a great many billions
of dollars to catch up.
We will be filling the void for some time to come.
We could employ a great many billions of dollars of capital in residential
building industries alone.
We could run our capital goods industry at
100% of capacity for the next 12 months, and we still would be engaged
in catching up with a backlog of requirement; we would not have even
begun to over-expand and to develop a higher standard of living for
Changes will come on the side of
the
country.
There
much
is
a
have
We
issues
for
for
capital
have gotten
we
of
out
Bank
the
Bank
seen
of
England.
England.
into
the
that
when gold shipments
of
assume
What
assert
itself in
requirements
run
the
to
occurred they affected the reserves
of the central
Secondly, and as a direct
affected the money
standard, when
develop a boom in business and a
you
period of expansion,
natural for money rates to tighten for the
You have a philosophy
prevailing in official circles, in both London and in Washington, that there
is one thing that must not be allowed to happen, and that is any advance
in the discount rate.
They are willing to present to the world the super¬
it
was
necessary
and
it was
What do you have today?
discount rate to go up.
ficial
principles of
a
gold standard, but they are not
going to put into
might jeopardize their ability to maintain
gold standard1 anything which
a discount rate of 2%.
which you have destroyed the function of gold
destroyed the power of gold
shipments to affect the reserves of the central banks, and a gold standard
based upon the principle of a
perpetual 2% discount rate, is no gold
standard at all, and it is a delusion and a snare to call it a gold standard.
It is not a new type of gold standard.
It is not any type of gold standard.
Geld is used merely as a convenient device to give you a set of quotations
in the foreign exchanges.
It is like the speedometer on your car.
It
gives you a register toward which an arrow can point, but it does not
central the power that drives the car, or the power that stops the car.
A new type of gold standard, so-called, is one in which your first line
of defense in case of strain and attack is your equalization fund; your
stabilization fund1.
The second line of defense is to let the exchange rate
Now, a gold standard in
slrpments,
fall,
a
gold standard in which you have
the last
and
line of
defense,
and the line of defense that you are
supposed never really to touch, is to raise the discount rate.
Now, that is a great revolution in the philosophy which governs
powerful
most
the
six,
used
American.
We
perpetuating this philosophy of easy money.
I doubt very much if it ever
can
succeed.
I think that a lot of it id going to prove to be a sort of
emergency
and
psychology in
official circles; that it will gradually fade out
people will get back to a more normal conception
discount rate, and of the interest rate.
of the true function
of the
Today people come to you
from Washington and say that you are
a
of
a
seven
state of affairs where there is almost
capital.
Harris, Ayers & Co., Inc.
ESTABLISHED
think it
that
we
will
see
kind
of
balance:
balance
of
capital
you
Investment
it develop more aggressively and more rapidly
does
will
face
a
that
give
situation
you?
where
Well,
there
it
is
gives
this
you
danger that
1919
Securities
70
PINE ST.
NEW YORK, N. Y.
be
going to have an indefinite continuation of the kind of money market and
of the kind of bond market that we have witnessed in the second half of
to me utter folly for
people engaged in the banking
profession to count upon that as a sort of
Utility Bonds
Utility Preferreds
natural order of events for the
1936.
And it
next several
This has
seems
years.
a
direct bearing upon
the question of the gold standard.
going to go into the gold question to any great extent,
relate it for the purpose of balancing these remarks.
We have
Power
have
I
am
heard, of course, all about the gentlemen's agreement, the three-
I want to
make to you is that the so-called gold standard
We
The
which
you have today, and which you may not have tomorrow, is dictated by an
efsy money policy in London and in Washington.
The gold standard of
print
Bank Stocks
but I do want
agreement among France, Great Britain and the United States.
had Mr. Morgenthau call this a new type of gold standard.
in a
that we are faced with the possibility
great boom in the stock market—we already have one in the bond
market—and they say: "It is up to you to control all this."
Well, if you examine the problems in all honesty, and if it is up to
period of expanding business boom;
all about it, to push it to one 6ide, in 1936,
to
the two
structures in the world today—the British and
have warped the gold standard for the purpose of
financial
We
past.
the
curtailed, and where there is a very strong
probability that the demand for capital will be sharply increased.
Now, under those conditions the natural assumption is that you are not
of
supply
to
gold came
the next year of two.
kind
not
the central
If England imported gold the gold went
The very essence of the gold standard was
outgrowth of that, gold shipments always
rate.
If gold glowed out of England it came out of the
Bank of England, and the Bank of England raised the discount rate.
Now, what happens today?
If gold comes out of England it comes out
of the equalization fund, and it does not raise the discount rate, and the
set-up is such as to try to maintain the shell, the outside framework of a
geld standard, but to prevent the gold standard from functioning in the
orly way in which a gold standard was ever intended to function, and that
is to regulate the reserves and the money rates of the banking structure.
For the past, say, 50 years, there has been built up a literature and
science as to what kind of discount rate policy ought to be followed.
That
literature
has demonstrated over and over
again that under the gold
banks.
is already beginning to come back to life.
We have
evidences of It in the second half of 1936, and it is only reasonable
I
Now,
to
imagine,
It has meant, first
two fundamental things.
always meant
billions of dollars in a single year—in relatively recent years.
that potential demand can come to life.
We have seen it.
complete stagnation in the demand for
over
I
capital
new
We have been inclined to forget
because
as
has
past
all, that when gold was shipped between countries it affected
reserves of those countries.
If England shipped1 gold, the
bank
that
know
We
of us,
any
demand
this
seen
bond
seen
eight
ano
than
the
of
those conditions and circumstances.
mind under
have
may come to life
would picture to his
and latent situation here which
dormant
quickly
more
3693
Convention Proceedings
Chain Store Securities
I. B. A. Convention
3694
then let
you,
to curtail
boom is to advance the discount rate and to have tight money,
a
in both
the officials
and
be perfectly fair and face this fact: the one and only
tried in the history of the world to curb and
us
that has ever been
weapon
bankers and business
Washington and in London are now saying to the
men
of
the world
this weapon to
curb
a
boom is not
going to be used next time.
think
I
this
the
and
attitude,
new
this
under
unless the
that
clearly define the responsibilities
policy, that they
new
where
future
very
We
building
are
is
one
call
your
both
this
a
boom
are
unless
you
where
officials
government
and
that it tight
fact that the history of
say
last 150
the
I
should
to
in
years
to
like
to
held
boom,
have
have
a
conditions.
be
the next
end
remarks
my
responsible
for
upon
control
that
of
keynote: that if
the
and control of speculation, and
recovery,
so
on,
pretty clear division of responsibility.
a
responsible for keeping
money
cheap
rates
during a
period of
and
that you
Whoever is
a
Pointing out that "there is no complete
uniformity in the various State laws," the speaker said:*, -I
In fact I doubt that any two
in one State may
realize
boom
is
as
substantial
—
Steps incident to the bringing into operation of securities
legislation in England and the United States were traced by
Dr. Leon Harp, Securities Commissioner of Texas and
Association
of
Securities
security
a
some
We are working to this end in the National
already have made
we
It will be possible to eliminate
progress.
.
possible the States should get down to
some
all types of laws
except the injunction type and the so-called
"uniform type" which^has
already been adopted by about one-fourth of the States.
Dr.
Harp stated that "we should teach the people to dis¬
in making their investments and
to thinkffor
themselves."
''If" he continued "we properly educate public
opinion against the securities evil doer, build up confidence
in the fair and honest dealer, and teach them to make proper
investigations before buying their securities, we will have
arrived at the goal every securities commissioner and every
investment banker devoutly
desires to reach."
In full
Dr. Harp's address follows:
criminate
Upon receipt of the invitation from Mr. Wood to speak to
"Regulation of Investment Banking by State Govern¬
ments"
Dr.
Leon
Harp
Before
Investment
Bankers Association Discusses English
Company
Legislation and Securities Laws of United States
—Advocates Uniformity of State Legislation
National
far
so
Association of Securities Commissioners and
I
the
in
of uniformity.
semblance
What may be
not be classed as a security in the adjoining State.
that
subject of
of
of them are alike except in broad principles.
Each State has written its own definition of security.
responsible for not curbing the boom.
President
1936
that
And I
money.
advance the discount rate and
willing to
are
money
going
of
entitled
are
because the
country and in Great Britain shows that you can't possibly curb
think
I
control
to the
exist
day of grief in
to a
come
that
willing to have tight money again.
must never have
we
attention
are
we
situation
a
up
thing
period of tight
you
going to
are
they will be made the great economic goat,
boom will not be curbed unless
there
clearly understand
country very
12,
except Nevada."
I
of this
bankers
Dec.
Proceedings
Com¬
began
The search led
believe, is
I
was
through several splendid libraries and to disappointment.
me
"There has
on
your
of the best informed
one
aroused
you on the
State Governments"
concise history of securities legislation in general.
a
Somewhat alarmed I called
more
than
Field Secretary, A. G. Davis who, I
men
in this country
when Mr. Davis wrote
ever
on
such legislation.
follows:
me as
been gotten out a very comprehensive work combining
economic research, legal theories, &c. on the subject of
Blue Sky Legislation.
There have been numerous addresses and phamplets
but each treats of some particular phase of the problem in the light of the
particular author's experience."
historical
never
data,
I find that Mr. Davis's statement of the case is eminently correct.
that
missioners, in
tion of America
that
the
the
no
After studying further, however, I reached the conclusion
had written
one
record
itself
has
connected story of securities legislation because
a
of connection.
semblance
no
There is utter lack of continuity.
progression.
some
crying need
tors in those
that
the
have
we
broaden
had
such
into
gap"
"stop
is
no
orderly
Enactments
delayed
were
calamity had befallen investors.
arose or a
days did not look forward because
field would
recently
There
The early Acts passed in
England and this country were retrospective.
until
vast
no one
knew
Therefore, until
expanses.
legislation
which
Legisla¬
dreamed
or
enacted
was
We need not be surprised at the lack of broad securities legislation before
and during the transitory period from
arisen that demanded it.
ments.
1485 to 1700.-No emergencies had
There being few securities there were few enact¬
Trading systems, practices and customs
call for such
legislation.
up
to that time did not
The term "securities fraud" had not been coined.
There not having been securities fraud there was no legislation to prevent
fraud in the issuance and sale of securities.
If fraud had not arisent
later we would not be here today
essence
of securities legislation.
minds
as
we
Lawmakers
discussing securities laws, for fraud is
Let
up
an
keep the word fraud uppermost in
proceed through this discussion.
first
thought
of
securities
laws
when
fertile
some
originated the idea of raising capital through the issuance of shares.
mind
Before
the issuance of shares in companies in England large commercial and indus¬
trial undertakings
were
princes, shippers and
Municipal Bonds
spas¬
modically.
our
Colorado
I felt
had neglected an interesting and fertile field and had shunned
someone
solemn duty.
a
addressing the Investment Bankers Associa¬
on Dec. 4.
English company legislation, and
organization and promotion of companies in our own
country were discussed by Dr. Harp, whose remarks also
bore on Acts regulating the issuance and sale of securities.
In the case of England,, he said, "the first legislative enact¬
ment that I have found any trace of in a cursory research
that is designed to prevent fraud in the sale of securities is
an old statute enacted in
England in 1697." In the United
States, he said "no effective and comprehensive securities
laws were passed prior to 1911."
"It was in that year" he
continued "that the State of Kansas passed the first law
that was labeled 'Blue Sky Law.' "
"From that year, down
to and including 1936" he added, "States have been enacting
blue sky laws or amending laws previously passed," and all
States, he indicated "now have some form of blue sky law
of Investment Banking by
"Regulation
search for
a
carried
on
partnerships.
through guilds
Then
whereby the individual could invest his
under the company's rules.
individual merchant
or
the
came
own
money
regulated
at his
The earliest sort of company
company
discretion
own
is
the chartered
Crown company.
The East India Company, the Levant Company, the
Royal African Company, the British Company, South African Company,
or
Hudson's
DENVER WATER
Bay Company, and the notorious South Sea Company
Crown companies.
were
It
was
DENVER SCHOOL
for
MOFFAT TUNNEL
company.
debts.
company
existence.
It
was
The
the
were
all
difficult to obtain such charters and objections
raised because members of
a
chartered company were not responsible
"Common
ancestor
Law
of the
Company"
day
present
then
English
When promoters invented the Common Law plan
came
Into
joint-stock
a
mania of
speculation set in.
Offerings of all Western Municipals Requested
The
that—were
by thousands and speculation spread like wild fire.
hatched
get-rich-quick schemes—and fabulously rich at
Investors plunged into the vortex without reason to lose all they possessed.
People trading with such companies did not know with whom they were
contracting, or whom to sue.
The Crown sought to remedy this by grant¬
ing "Common Law Companies" letters-patent without applying for charters
The J. K. Mullen Investment Co.
by special Act.
In
a
few years nearly all companies were chartered thus.
1717 Stout St.,
Denver, Colorado
Tel. MAin
A. T. & T. Teletype DNVR 37
6221
Rhoades & Co. Private Wire
In
1855 Parliament passed an Act enabling companies to avail themselves
of
the
principle of limited liability.
liability Act
company
After
at
which
time
500,000,000.
the
the
passage
of the limited
financing again burst Into flame. In 1862 there
153 such companies; in 1897 there were 4,682.
subscribed
and
loan
In 1907 there
capital
were
were
40,000,
amounted to about $8,~
You will find the Act reported in 18 and 19 Victoria, p. 133.
In 1862 Parliament
Its provisions are too
passed
a company
numerous
Act for the whole United Kingdom.
to mention here.
It is evident that law-
Volume
I. B. A.
143
3695
Convention Proceedings
CHAS. D. BARNEY & CO
1873
ESTABLISHED
Members New York
Stock Exchange
Investment Securities
henceforth to play the leading
role
atten¬
tion to the activities of the promoter.
From that day down to this day the
promoter has been carefully observed by those whose duty it is to prevent
fraud or punish the perpetrator of fraud.
In those early days Lord Cairns
Those in authority began to pay more
in the commerce of the world.
said in Erlanger vs.
Need Sombrero Company as
follows:
.
He holds the promoter
that
every
liable for various acts and mentions one
thing
and scrutinize today-—the
properties that the promoter recites in a conveyance to
Securities Commissioner must face
values placed upon
the company.
If time would
permit I would like to dwell upon
various other English
the Act of 1908. This is the most com¬
the organization and operation of
corporations.
The Act consists of more than a thousand articles and more
than 600 printed pages.
You will find it set out in Vol. 5 of the Laws of
England. I think every student of corporation law should read this statute.
It recognizes fraud in its many colors and makes provisions against fraud¬
ulent acts and deception.
So much for English company legislation.
The organization and promotion of companies in our own country seems
to have become an American characteristic or habit.
I am told that in
New York State about 5,000 corporations are chartered each month.
In
Texas the State Department grants about 3,500 charters a year.
I have
not seen the figures from Delaware but I suspect that that State leads the
procession. Not all the stock of these corporations is at once offered to the
general public, but billions upon billions of dollars worth of stock is annually
placed in the hands of investors in this country.
The trade and practice
has grown until we are the greatest investing nation in the world.
Upwards
of 20 millions of Americans are share holders in one form or another.
Corporations keep on growing in number and in size.
Some single corpora¬
tions number their stockholders into hundreds of thousands.
I believe the
company
Acts and I must mention
prehensive law ever enacted governing
American Telephone &
none
whom
of
own
Telegraph Co. is owned by
more
than
653,000 stockholders—
The study of
of the capital stock.
1%
through a bewildering maze of capitalization, the
which is staggering.
The whole of our social, economic and
corporate set-ups leads
total volume of
involved in corporate securities that a
brings deep concern or privation
A stock market crash means the crash
not only of corporate values but of real estate and other values.
So many
of us are investors in stocks that when stock values are wiped out or
political systems have become so
major re-adjustment in the stock market
and suffering to all the population.
and other values suffer. Such a
the factory worker, the miner who
seriously depreciated our livestock, land,
catastrophe affects the small farmer,
bowels of the earth, the corner grocer, the house-maid,
chauffeur and gardener. It affects the interest of the banker, the railroad
grovels in the
president and the lonely sheep herder in
it all and knows not why he
I
the bleak hills who had no part in
should suffer.
not here to condemn corporate
am
^
undertakings.
is the best ever devised for raising large
want such competition
The corporation plan
capital and giving all manner of
and you have shown it not only through good
but through your whole-hearted support
conduct in dealing with investors
of securities legislation
We have feebly
let
now
us
and your unstinted aid to
Securities Commissioners.
organization and
subject—Acts that
traced the laws dealing with company
consider laws that bear directly upon our
regulate the issuance and sale of
The first legislative
in his nands the creation and moulding of the com¬
pany.
He has the power of defining how and when, and what shape and
under what supervision it shall start into existence and begin to act as a
trading company
.
This control over the company—so plenary
and absolute—involves a correlative responsibility, and out of tnis relation
arises the doctrine, now well settled, of the fiduciary relation of the promoter
toward the company he creates."
"The promoter has
.
you
Charlottesville
Easton
Winston-Salem
Washington
Baltimore
makers realized that corporations were
PHILADELPHIA
YORK
NEW
securities.
found any trace of in a cursory
prevent fraud in the sale of securities
enactment that I have
research that is designed wholly to
I have never seen this
reported in 8 and 9 William III.
My allotted time will not permit me to quote the statute in full and I will
only mention some of its provisions.
I hope some of you investment
bankers will find time to remove the dust from this old volume and read this
law. It is an Act "to restrain the number and ill practice of brokers and
stock jobbers."
It provides, among other things, the following:
"No person is to act as broker or stock jobber in London or Westminster
without license of the Lord Mayor of London.
A broker must take an
oath and enter into an obligation.
Number of brokers are not to exceed
100.
Admittance fees are not to exceed 40s.
Brokers' names and their
is
an
old statute
statute alluded to
enacted in England in
1697.
by any modern writer. It is
£laces of business arepenalties on persons not complying with the Act and
ondon.
It provides
to be fixed on the royal exchange and Guild-hall,
who discounts tallies, exchequer
a
record
not
to
10%.
be classed
person a
bills, &c.
It requires the broker to keep
therein on all contracts.
It limits the
book and make an entry
broker's fees to
as
It states that persons selling corn,
brokers.
It requires the broker to
Strange to say, this old law,
with some of our modern
passed 239 years ago, is almost
enacted in England soon after
1720.
ment
that might be classed as a
the crash of the South Sea
You will recall that this company was
in history.
fraud statute
Company in
the first million share company
Its promotion involved schemes that are
Securities Commissioners today.
bankers and
"bally-hoo" promotion.
well known to invest¬
It was the first big
They honored the king of England by electing
Directors. The promoters bought the favors
him Governor of the Board of
of men in high
governmental, financial and social position.
"sucker list" was the largest
ever
I suspect their
and time.
dreamed of up to that day
trade in the South Seas the
whole of the public debt,
amounting to about 250 million dollars.
They also agree to pay to the
Government many millions of dollars in cash as a bonus in order to get the
monopoly.
England was turned into a vortex of speculative mania.
The
company took advantage of mass psychology and shares went from $100
to $1,000 per share within a period of 12 months.
Everybody was in the
market—the banker, merchant, seamstress, street peddler, potentate and
peasant.
At this time there occurred the largest volume of stock switch¬
ing ever known in connection with the shares of a single ocmpany. I doubt
whether there has ever been anything commensurate to it since.
Through
false and exaggerated reports, crooked bookkeeping, high powered sales¬
manship and bold front tactics they pushed market values so high and fast
that housands of holders of low income Government securities rushed
pell-mell to exchange them for South Sea stock.
Thus, without going into
the market and buying Government paper in order to carry out their
Government contract they merely speeded up the printing presses to print
more company shares to exchange for Government paper.
All of you know
what happened.
The crash came. Millions lost all they had. The debacle
In exchange for a
company
charter and a monopoly on
assumed and agreed to pay in full the
chance to take an interest in our commercial and industrial life.
We could never have become the richest, the most resourceful and the
people
a
greatest inventive people on
the face of the earth without such a plan for
Through this plan we built the world's
companies, power plants, steel mills, packing
houses, oil refineries, communication systems, &c.
Every citizen of any
pooling our American
dollars.
greatest railroads, insurance
monetary resources at all can now
these corporations
become a joint owner of the assets of
I stand for individual
individual creative thought and
through the purchase of stock.
effort and corporate
enterprise.
I
am for
I hope to God that no dictator will ever
free speech.
this country in his
the plan we now
hold the destiny of
hand or that our children will ever be herded into regi¬
ments to have their
thinking done by commisariats.
We must hold onto
have of investing our funds in corporation
stocks, but such
securities trading must be regulated by
not regulate the great corporate monster that we have
devour us.
The very nature of the plan of financing
Edgar, Ricker & Co.
financing must be controlled and
If
law.
do
we
invented
it
will
through the issuance of shares or stock calls for
the 20-odd million American share
sary to
regulation.
How many of
look beyond their stock certificates and learn for themselves what
How can a stock holder hope to cross a continent and look
into the books of the corporation
in which he holds a few shares or make a
What chance has a small
stock holder to make a minute study of the character and reputation and
fitness of those who manage his enterprise?
How can he find out immedi¬
ately that manipulation, over-capitalization, unconscionable switching and
washing out has taken place inside the corporate set-up ?
By what standards
must be judge a stranger who approaches him to sell him new securities or
trade him out of his old unless some agericy can offer him assistance?
correct
appraisal of a distant factory or mine?
Who, among you investment
ence
in
with
a
bankers using honest endeavor and experi¬
earning a fair yield, wants to compete
selling sound securities,
gang
of pilfering, cheating,
offering your
unconscionable swindlers who might be
worthless stock? None of
prospect 20 or 40% income on
Investment Securities
holders have the time or training neces¬
it is all about ?
his
identica
laws.
The next statute of consequence
was
cattle, &c. are
keep upon
stamped to establish his identity."
metal token properly
750 North Water Street
Milwaukee
3696
I. B. A. Convention Proceedings
EXCLUSIVELY
Dec.
12,
1936
MUNICIPALS
Stratiahan,Harris & (ompany
INCORPORATED
NEW
brought
on
YORK
DETROIT
general business depression.
a
TOLEDO
Thousands of old established
firms and companies, in no manner associated with the South Sea
promotion,
went to the wall.
The pall of bankruptcy and ruin darkened the streets
more
effectively than had any London fog
estates
were
and
before the crash
who
sold
out
traded
or
This
demand for securities regulation.
the promoter and seller
law books for
The next
same
A law
deception
misrepresentation.
or
a
This statute
importance
any
was
It did, however,
in the year 1844.
It presented the theory that promoters of a company
should prepare and file a sort of prospectus or statement
of facts in connec¬
tion with the incorporation of the
company.
At a later date this statute
was
broadened
so
to
as
include personal
liability ,fpr false statements
In the United States
the first law that
how the
States
passed.
been
effective and comprehensive securities laws
was
enacting
were
in that year that the State of Kansas passed
to be found.
name came
have
no
It
labeled "Blue Sky Law."
was
All States of the Union
I
am sure
all of you
know
From that year down to and including 1936
blue sky
now
laws
have
or
some
amending laws
form of blue
previously
sky law except
the State of Nevada.
There is
In fact I
doubt that any two of them are alike
except in broad principles.
Each
State has written its own definition of security.
What
may
one
be
a
security in
State may not be classed as a
security in the adjoining State.
and gas lease is
security in Texas.
It is not a security in Arkansas and
Each State has provided certain exemptions without reference
to what other States may have done in this
respect.
However, for conveni¬
and
upon
broad
grounds
all
State
laws
may
be divided into
four
classes, viz:
1.
2.
Laws regulating both the security and dealer
Laws regulating only the security.
Laws regulating only the dealer
Fraud
Acts
Thirty-seven
issuer
must
or
now
an
are
on an
offered
for
By this
sale
dealer
or
after
register his intent to sell
may
his
refused.
or
one may
Under this
give a short notice and proceed with the sales unless
until
or
enjoined by court.
I have talked with representatives of various State Commissions about
all
these types of law.
Each type has its loyal defenders.
the dealer and salesmen.
anything
In New
the injunction
except
In
Texas
we
qualifying both the security and
York they take a strong stand
against
form
of
regulation.
New
York
has
for
enjoyed the protection offered by the Martin Fraud Act, which
injunction act.
Their contention is that registration of securities by
many years
is
an
a
State agency leads investors to believe that State authorities have made
through investigation into the soundness and fairness of the securities
and that
they are entirely safe, when, as a matter of fact, States do not
provide enough talent to discover the hidden weaknesses of all the securities
offered
investor.
an
I admit the question is open to argument but I believe
the registration type
calling for the qualification of both security and dealer
State of Texas
Since May 1935, we have
is the best type of law for the
refused
this
to
register millions of dollars worth of securities because
means
or
have saved the investor before he parted with his
money.
we
law works to the best interest of both the
our
honest issuer and dealer of securities
I
that
realize
semblance
of
in
far
so
uniformity.
well
as
possible the
as
We
It will
progress.
except the injunction
working to
are
be
type and
the investing public.
as
State should get
Association of Securities Commissioners and
substantial
dis¬
we
outright plans to defraud the investor and by
We think that this feature of
possible
the
this
down to
end in
the
some
National
have already made some
we
eliminate all
to
called
so
One question is settled and that is we
withius.
,
require
the
exempt,
qualification
a
a
of securities.
permit, which must set
permit from
offering securities for sale.
however, in
all
States, such
They
a
The
forth
State commission
Numerous kinds of
State
as
approved stock exchange.
types
"uniform type"
laws
of
which has
use
We should feel free in consulting each other and
plenty of
tion
is
common sense in
impossible
Some
States do not require dealers to register who trade
only in exempt securities.
For the most part, however, dealers in all classes of securities must
Some of these
spends in
register.
States require dealers
no
bold
so
as
to
together for the good of the millions
we
should
making the laws effective and practical.
The first thing a State should do after its passes a workable
law, stripped
of all the red tape possibile, is to set up the
machinery manned by the most
competent talent to administer the law.
The highest type of administra¬
securities
37
going to have securities laws
have such laws it is incumbent
we must
commissioners and dealers to work
of investors.
are
Few lawmakers would be
Since
under
the
provisions
States
most
have
made.
Some
States do not appropriate as much
money for a year's work as an individual
Thirty-seven States require the licensing of dealers in securities.
investors while other States make
here to stay.
are
advocate their total repeal.
and United
States bonds, &c. and many States exempt from
qualification any security
listed
be
may
qualified if not coming within given standards.
issuer
an
securities
A few of our States have enacted the injunction type of law.
on
application for
other department before
securities
be granted
plan
broker.
or
broker.
injunctive laws.
States
first file
or
certain information called for and obtain
or
of
already been adopted by about one-fourth of the States.
3.
4.
be
securities with the State agency and in a case of this kind
registration may
An oil
a
Louisiana.
ence
States
some
classes
must
covered certain frailties
complete uniformity in the various State laws.
no
In
qualification and notification type of law.
certain
notifcation but
a
or
failure to disclose pertinent information.
passed prior to 1911.
Then there is the
arrangement
would be loath to give up our system of
also enacted in England
The State agency has power
described in the notification do not mee'
its requirements.
it remained upon the
precedent for blue sky legislation.
/blue sky law of
certain described securities within the State.
Many, in
to widespread
hurriedly passed which held
than 100 years before it was repealed.
more
were
CHICAGO
to restrain sales if the securities
Large
who
year gave rise
was
inadequate to meet future needs but
give the world
them.
persons
worthwhile securities
personally liable to the purchaser for losses that
because of fraud,
crude and
for
catastrophe, together with the French
"Mississippi Bubble" which burst the
was
Opulent
out
fled the country in fear of reprisals.
came,
despair, committed suicide.
occurred
darkened
ever
confiscated by the Government.
the inside
on
CLEVELAND
to furnish
bonds
to
protect
the
such requirements.
Another type of law calls for notification instead of
registration.
One
time.
to
The
Texas
gamble away
State
issuer merely notifies the constituted State
agency that he intends to sell
racketeer
a year
take in through fraudulent schemes in 30 days
may
dealer
told
that he has known securities racketeers
me
money in
more
one
Commissioners
who
are
working
ashamed to mention them above
Commissioners
than the State of Texas
game
know
that
how
long
for
whisper.
a
enough detectives and investigators.
records show
crap
to administer and enforce its securities law.
salaries
so
I know of
I know
small
that
some
I
am
States that have
no
Our political system is such that few
they will remain in
Commissioners average only 2 M
think
the
in service.
A
office.
years
I
Commissioner must of necessity be in office about two
years before he is in
a
position to administer the affairs of the office properly.
have
a
shameful and
estimate I have
seen
who suffer most.
on
billion dollars per year.
judges of
so
long
as
I believe that
and
he should
intimidation.
a
Securities Commissioner, like the
He
I think he should be free of political
should
neither
experience in the investment field
Weed, Hall
&
Co.
YORK
STOCK
or
physical
and
should
fear
nor
if
you
will
Any
never
be
and
pardon
man
arrogant.
practical
Rio
Grande
who suffers from
appointed
Securities
The next requirement necessary is the confidence
of registered dealers.
Right here I want to say
EXCHANGE
humble
Commissioner in my home State, and I believe these
specifications would
apply to other States.
and cooperation
MEMBERS
NEW
political
be
be well trained, should have had actual
vernacular, he should have plenty of "guts."
moral,
wonder that the lowest
no
should hold office during good behavior and
he is thoroughly competent.
I think
It is
the volume of securities frauds in this
country is a
some of our courts,
threats
Right here we
nonsensical waste and it is the investing public and
the reputable dealers
State of Texas.
missioner.
They have
They
are
a
word for the Investment
never
Bankers
of
the
at any time failed the Securities Com¬
the front line guards who
never
go to
sleep at their
posts of duty.
Since corporate financing has done so much for this
country and since it
is the best plan to develop our
resources
and carry on uninterruptedly our
commercial, industrial, and economic life,
Securities Commissions should
see to
it that
many
minds of the idea that the entire plan is carried
chicanery.
DETROIT
NEW
YOR I
many
an
educational campaign is carried on in all States to dispossess
Losses in stocks, bonds, and debentures
other forms of investments.
investments.
Many of
During the past several
years
us
on
with trickery and
are no more serious
went
in
for real
than
estate
losses in this line have been
astounding.
Merchants who invest tmwisely in merchandise must take
their
The
losses.
factory
owner
must
charge off for depletion and out-
Volume
3697
Convention Proceedings
I. B. A.
143
Blai r
Ban cam erica-
CORPORATION
Investment
44 WALL
STREET, NEW YORK
PHILADELPHIA
CLEVELAND
DETROIT
BOSTON
SYRACUSE
KANSAS CITY
CHICAGO
HARTFORD
LOUIS
ST.
Securities
LONDON OFFICE
(London) Ltd.
Blair & Co.
truth about securities investments
fairly before American investors.
Billions of dollars will be made in the
future out of securities investments just like billions have been made in
We need to lay the
moded machinery.
the past.
We should teach the
people to discriminate in
themselves.
worth of careful
investigation and the
dealers who sell them their
making their investments
them the
importance of the experience of the
Securities values being so great and
We should and must impress upon
and to think for
securities.
today, I think much more importance should
given to the subject in our educational institutions.
We can do much
remove the fear that comes to the public's mind involving all manner
important in our life
so
securities by
be
a
that
to
of
with reference to old and valuable
disseminating information
us do something to enable the average man
Let
securities.
part owner of our great
he
be
and then let us see to it
regards the management of these various
corporate enterprises,
treatment as
gets fair
to continue to
with the common enemy—the professional
securities swindler—in such a manner as to brand him a public enemy as
we have branded the bank robber, the train robber, the dangerous highway
Let
corporations.
us
deal
robber and bandit, and the
damnable kidnapper who
children for monetary gain.
If
build up confidence in
would steal and torture
,
properly educate public
we
opinion against the
securities evil-doer,
dealer and teach them to make
the fair and honest
their securities, we will have arrived
at the goal every Securities Commissioner and every investment banker
devoutly desires to reach.
I pledge you my best efforts as President of the
National Association of Securities Commissioners in aiding the Investment
Bankers Association of America to move forward in the great investment
proper
investigations before buying
field of this country.
extension
But the need for financing
of
Association of America, in
before the Investment Bankers
Augusta, Ga., that "those in public power
believe that the handling of this great utility is a public
at
and water
totally distinct from our great
competitive system of ordinary business." In his comments
on public and private distribution systems, Mr. Ross said
that "any attempt at a partnership, it is safe to say, has
never been a success, and never can be a success."
In the
function, being in
a
class with streets, sewers, roads
systems, necessities that are
view of Mr. Ross "both
..
.
municipal and Federal systems may
private power concerns, but only for the
sale of power, and not in any way with a
be inter-tied with
or
manufacturing of lamps, ranges, re¬
the home requires further
put into
appliances that go to make the home more comfort¬
manufacturing requires further financing, and so, the cheaper
frigerators and all the
This
able.
manufacturing and lower rates go
The
for a still greater volume of
electricity.
"What is the best way to lower the price of
and factories and business houses of the United
mention better lighted streets and electrified railways.
question then becomes:
electricity in the homes
States?"
not
to
On this question you
will hear from both public power and private power.
assigned to me the task of discussing public power
Your convention has
well known because of my over 30 years'
projects. I wish to make it clear
I am reflecting my own views and
not necessarily those of the Securities and Exchange Commission, which
body you well know has no function that is in any way related to the ad¬
ministration of public power projects that have been or are being developed
by the Federal Government. As you know, the functions of the SEC are
confined primarily to the protection of the investor so as to assure the safety
of every dollar that he invests in securities. As a member of the SEC it is
my wish to aid my associates in the impartial administration of those
Acts of the Congress over which we have been given jurisdiction and thereby
upon
which subject my views are
experience in connection
render
with public power
speaking upon this subject that
that in
a
service of value to the
Public
advocates
power
is the only
State
Power Voiced by J. D»
Ross of SEC—Looks for Increased Use of Both
Public and Private Power—Opposed to Linking of
Public and Private Systems—Would Favor Tying of
Municipal
and
Federal Systems
with Private
Concerns Only for Interchange of Power
Advancing his views in support of public jownership of
power, J. D. Ross, a member of the Securities and Exchange
Commission, and for a number of years head of the municipal
power development of Seattle, made the statement on Dec. 4
interchange
4f
does not end here.
kilowatt-hour put into industry means a greater volume
industry requiring further financing.
Every additional kilowatt-hour
Every additional
people of our country.
yardstick, the public plant,
believe that the
method by which rates can
be reduced to the point when they
should be.
Support of Public Ownership of
convention
in a tremendous
and distribution.
the greater will be the use, and this will result
of financing for the generation, transmission
rates,
regulation
throughout the country a
Sometimes they have fought the
be held up for years in the courts. The
has brought to its banner
excellent, honest men.
number of very
battle hard and made good,
only to
tremendous amount of good in some
regulatory bodies have thus done a
States, especially in the control of
State regulation
issuing of bonds and stocks,
but all in all.
has not been a complete success.
in the reduction of rates of
private power. Let me call to your attention the great and fundamental
difference between private power company financing under our existing
methods of regulation and public power methods of accounting as used by
municipal plants and the plants of the Federal Government.
Under State regulation a power company is not usually required to
amortize its bonds, and so goes along through the years refunding its bonds
Public
power
has a tremendous influence
they come due from new
as
bond issues.
The theory of
fund that at the
end of the useful life of the plant will build a new one, or under a better
system the company may be allowed to put it into new construction.
The
history of regulation, however, has shown us that these depreciation allow¬
The company is
an
annual
ances
allowed often up to 3% depreciation.
depreciation allowance is that it will go into a
have been largely used for purposes
On the other hand, a
structure based on
as
other than replacement of prop¬
'
erty.
its bonds come
about 1H % in
*
has a financial
canceling its indebtedness
its books depreciation from
municipal plant or a Federal plant
the idea of paying off and thus
due.
It usually charges off on
Federal plants to about 3% in
municipal plants, but actually
partnership of management."
"To those who believe that
the handling of light and power is logically a function of
private power concerns." said Mr. Ross, "let me say that the
tremendous demand for power that we have seen just before
the depression, and that we are now to see, will bring a
condition of affairs that becomes evident on a little thought,
namely, that there will be an increased use for all the facilities
of the Nation in both public and private power."
And he
added "there is no private power investment destroyed by the
public plants. The yardstick
.
.
will set the pace for rates
.
Marshall Wright &
Co.
delivered
under the head "Public Power, Its Financing and Its Advan¬
the Nation."
in
tages."
The
address
Mr. Ross
of
was
In his remarks he said "I wish to make it clear that
in speaking upon this subject I am reflecting my own views,
and not necessarily those of the SEC." The address follows:
In presenting to you
that you will be interested in it from
the standpoint of your interest
the standpoint of financing as well as from
a
citizen.
there is an opportunity in
the field of finance that is far-reaching.
there is expansion of the use of
a
between
yourselves
and
your
If you will make that business
customers
interest rate that you can and that very act
of the use of electricity
Wherever
electricity, that expansion will bring to you
vastly greater opportunity for financing.
you
will give the best
will make still greater expansion
possible.
On account of these facts the rates
the
,
"I
"
PORTER BUILDING
In the field of finance you are interested in the stability of
public power bonds and the security that is back of them, but besides this
mutual
SECURITIES
the subject of public power, or in fact any subject
relating to power, it is natural to suppose
as
INVESTMENT
charged for light and power throughout
Nation become of tremendous interest
to you because the lower the
PORTLAND, OREGON
,
3698
I. B. A. Convention
Proceedings
Dec.
12,
1936
HEIDELBACH, ICKELHEIMER & CO.
49 Wall
Street, New York
PRIVATE
BANKERS
Foreign Exchange
Import and Export Letters of Credit
Travelers
Orders executed
uses
amount about
an
bonds,
Cheques and Credits
New York Stock
on
equal to this depreciation for the
amortizing of its
private company does not use for the
purpose of
an amount that a
reducing its debt.
a public power
system keeps slipping away year
If the system is growing rapidly, its bond&
outstanding may be
year.
greater in total amount year by
year, but the capital cost back of every
kilo watt-hour ^output is
getting less and less. Since the ideal of the public
plant is for service instead of profit,
of output is soon reflected in
the'declining
capital cost per kilowatt
lowering of rates.
as
these rates
and this in turn
both power
business
reduced
are
a
to the manufacturer
greater amount of electricity is required
requires'greater manufacturing
h* Those in ^public
public function,
manufacturer,
electricity promotes.
use of
Jbelieve
power
being in
systems, ^necessities that
with
streets,
the life-blood
are
olies, monopolies] totally distinct
ordinary .business.
Electrical power has become
well
as for every
from
sewers,
of the
our
roads
and
Nation, natural
water
monop¬
great competitive system of
necessity.
The rivalry of cities in the
inducing ;of industry to come within their limits has become
of greater
importance ,to .those cities than the competition between
private and public
power.
The hand that controls the electric switch
today dominates civiliza¬
tion.
We have passed from the iron
age and the machine age into the
■electrical age^and our industries and
manufactured products depend on
electricity.
you some facts from my own work in the
plant, which it has been
my
privilege to direct and with which I have been
■connected for .over 30 years.
$5,000,000
about
It
per year.
light^andjpower.
30%
Every
of the
The gross
100,000 customers in all classes of
about $1,500,000 of bonds
Contrast
revenues.
system .which does not amortize any bonds.
used
this*30%
of
its'gross
$30,000,000 of stock.
on
this $1,500,000
about
a
another
revenue for
In the
are
with
Suppose that
paid off; that is
private
a
power
a power company
dividends; $1,500,000 would
on
Whenever
concerns
and
pay
5%
in addition,
the system pays
in State and city taxes and donations to the
general tax
fund of the city.
Surely, since
the
bankers
should appreciate is the fact that
by paying off its bonds regularly a public
plant keeps its value 'greater than its indebtedness and this
keeps a con¬
of stock of the last decade that has
Compared with
friends
of the
some
the line and with
across
Contrast this with the pyramiding
brought
cities
so
and
of
some
our
own
Canadian
public plants, the United
reaching that
concerns
us
now.
It is the fact that the
can
use of
electricity is only a small fraction of what it
The whole industrial structure of our Nation is cramped
easily be.
from the lack of power.
should be.
the
There
The work in the home is vastly greater than it
6,000,000 farm houses in the Nation that are without
are
advantage of electricity.
in the home per annum is
only
from
1,000 kilowatts
national average.
up
The average number of kilowatt-hours used
673, yet the
in
use
some
above 4,000 per annum,
By the time the national
plants will probably be still just
as far
or
public systems rises
over
six times
average rises six
ahead.
the
times, those
The market is about what
Next year will show a tremendous increase.
The simplest plan of the sale and distribution
of public power is naturally
building
of
a
the generating
a
city
own
or
one
one safest for
power system may be divided physically into three
parts;
plants, transmission lines, and the distribution system. When
case
of the Federal generating
plants, the simplest system and the
preeminently better than all others is for the Federal Government
districts
or
The
Government
would
sell
lines.
the
wholesale
to
the
cities,
companies to be served, delivering the current at their gates or
at such points as the
corporation or company can
own
to
ownership and operation of each plant and to build the main
transmission lines.
and
The
a public power system for its
simplest method is for it to handle the whole system itself.
have complete
its
the financier.
district undertakes the building of
use, the
In the
therefore, the
The system
wholesale
is* then simplified
customer.
most successful because
This
no one can
system
to
two
conveniently reach with
parties, the Governent
of distribution is
handle such
service
as
well
by far the
as
the
one
that pays for it.
The
localihandling'of
of complaints.
distribution allows for the satisfactory adjustment
It molds the handling of the
electricity supply to the local
needs of the
community.
It allows the work to be done by
and it allows the
profit to remain at
local people,
if the Government wished to distribute direct.
make
to
dividends
Any compromise of
that
on
Cities and districts
perpetual
ideals
between these
a rate
injurious to the public when their proper right is
a
lower rate.
best inter-tied to Federal plants where there are
are
both sides, because their ideals and their system
on one or
same.
Both municipal and Federal systems
may be inter-tied with private power
but only for the interchange
concerns,
prescribed by
uniform
residence
of each
retail
Federal
a
buy.
a company to
might
have
give a
city plant from which a
a
compelled to give
rate
district
or
In fact, it is doubtful if cities
to which power is sold should be
A
On this account, and for other
doubtful if it is strictly fair to compel
certain retail rate
company must of necessity
but the needs
sale of power and not in any
or
partnership of management.
reasons, it is very
a
districts
or
certain retail rate.
justification,
considerable
subject to considerable variance.
are
One
wish to promote irrigation and another close by to promote manu¬
may
facturing.
However, the question of uniform retail
rates is only a matter of
secondary importance.
In
the
case
of private
Government plants,
a
it is
companies
power
especially where there
systems, would wish such
assumed
are few
that
the large
public district or city
buy current from it on a fair basis.
The price would be several mills;
say 3 H mills at the power house.
Perhaps
company to
the company could make the current for
the
of
to
the
3^-mill or
a
mill
more.
It is the
Government that the advantages of public power be passed
In
customer.
the home the
kilowatt-hour, probably eight
customer
several cents per
pays
10 times the cost at the power plant, yet
or
there is only one mill differential to
pass on to the reduction of bills in the
home.
home
is not in the power
consumer
plant at all, but in the lines and dis¬
tribution system.
This proves in turn that the power plant is about oneeighth of the yardstick and the other seven-eighths must now be added by
some
system which will make
a
reduction in the cost of distribution from the
plant to the customer.
power
How is this
to
be
done?
Evidently not by demanding
several cents at the consumer for the
plant.
This is the real question
systems.
advantage of
a
There is only one answer to the
question.
people themselves locally
through
a
reduction of
mill at the generating
between public and private power
now
public
power
It must be done by the
plants
through their
or
insistence that the private
companies get the spirit of modern times and
make the proper reductions.
The
be
people of America
reduced.
They
not asking that their bills for light and power
are
really asking that they get
are
current
more
for the
same money.
This points to the production of greater quantities of energy—
two, three
four
or
or
five times
as
much
today. It can be given to the
people at the lowest of rates and yet with still greater profit to the power
It is
a
remarkable fact
that
the
concerns
with
wherever
there is
a
municipal plant with
radially away from it and find the rates of private
companies equally low when
yet,
as
whether it be public or private.
concern
low rates you can travel
you
start and rising at
the low rates
are
more
distant points, and
doing better than those further
distant.
The great
and
Federal power plants at Boulder,
Bonneville
moves
are
Tennessee and the Coulee
rapidly proving themselves to be
made in America.
ever
Lawrence at Messina is not
one
of the greatest
It is regrettable beyond words that the St.
now
being constructed.
It takes time to build
these plants and the demand is
rising at a tremendous rate, doubling about
every
7 M,
number of other
a
years
throughout the country and doubling regularly at Seattle
municipal plants every 53^
years, up
to the time of
the depression.
The doubling of all power facilities in this short time is almost
beyond the
imagination.
years,
It
means
in the
from
eight times in 15M
case
of the doubling of 53^ years that in that
years
and must be 16 times
With the reduction of light
now.
country development would be at least
M On the Canadian side the Provincial
Government distributes direct to
rural homes in many cases, but in this
country this work is being handled
irrigation,
by the Rural Electrification Administration through
cooperatives,
wealth of the country.
a success,
partnership between a
a
time all facilities must be doubled and must be increased four times in 11
home.
Another important fact is that each
city and district can pay taxes to
itself, whereas taxes cannot be dreived from a State or National distribution
even
wholesale rate.
same
that rapidly pays out its debt and whose
a concern
and
a
sells wholesale to public and private
You cannot make
success.
earth, and whose ideal is
of operation are the
we
make it.
the most economical and,
power company
This very fact shows that the other
seven-eighths of the cost to reach the
districts of our
States is overcharged millions of dollars
every year.
But there is another question far more
a
economic benefits
much disaster.
rural
be
can
two would be
on
as
the public
to
partnership, it is safe to say, has never been
a
for service instead of profit.
wish
One thing that this convention
servative sound value back of its bonds.
private
a
capital cost, and
supporting, but pays
a fair tax.
priority of contracts
that carries its indebtedness forever when its structures have rotted
concern
private power system does not redeem its bonds, it should
notjobject to the competition from a public plant that is not only selfa
be given in
holding the right to cancel the contract in favor of
they too should be willing to give the
never
into
outstanding bonds, amounting to
$1,333,333, is also paid and
about $500,000
this
Seattle plant, in addition to amortizing
the interest
year,
of that plant are around
revenues
close to
serves
year
gross
Seattle municipal
com¬
a public,
city or district system, giving the company a reasonable time to get another
source of supply, say two or three
years.
way with a
May I tell
possible wholesale to districts and
as
systems, but the companies should be allowed to contract for power, with
are
.
a
preference should
same,
Any attempt at
that the handling of this great utility is a
class
a
as
far
as
uinform rate throughout the district served.
a
Both public and
private distribution systems should be given the same rate.
Wherever a
public power system sells current, though the wholesale rate charged is the
and greater financing for
plant^and system and for the
thatjthe "greater
panies at
the Government
MtOne fact here that is interesting to financiers and
Is that
which gives governmental help in the promotion of rural electrification but
still leaves the distribution in the hands of the local
people interested.
Power should be sold
Thus, the,capital cost of
by
Exchange and in Foreign Markets
a system
With
the
great
Federal
navigation
and
plants
flood
goes
as
great in 22 years
and rlower rates throughout the
as
rapid
the
as
in these low rate plants.
tremendous
control—permanent
improvement
additions
to
in
the
Volume
I. B. A. Convention
143
369)
Proceedings
CASSATT & CO.
INCORPORATED
NEW YORK CITY
PHILADELPHIA
It must be remembered that the great objectives
of these plants is the prevention
individuals,
the
production
individual
or
Let
us
of electricity,
quantities
great
resources
by the
vision and the faith to build them.
The people must now realize that
Electricity will not come to them of itself, and it will not come to
them for nothing, and it cannot be operated for nothing.
the current from the plant to the home and the retailing of
in taking
it from house to
Instead of waiting for the Government to do anything in this work
the people should themselves take
hold and form their
power
districts where
the power company is unwilling to serve them at a proper rate.
In
forming such
firmly convinced that
effort should be exhausted first to buy out the
every
power company property.
I
have been through a
been
misquoted in
some
watt-hour to
home, with
furnaces.
a
of
its
we
I have
concerning competition so wish
rates
down
This is what public power can do.
as
It has been necessary for the
The very life-blood of a city is its industries
homes.
investment
an
quitting the job.
in
good faith,
and something
to
the company for
My reason for this plan is that I made a careful survey in
Seattle and found that for every
and ourselves in the
$3 taken in by the private power
concern
public plant SI was lost to us in duplication and com¬
petition and this dollar loss alone would be quite sufficient to retire the bonds
issued to buy the private concern
due.
and
with
volts.
and
pay
off those bonds as they became
Serial utility bonds are all that is necessary for such a purchase.
to which
some
other
furnish
own
He pays for the property anyway over and over
He
it.
agencies will buy out the competitor they
can
again
for two power systems, on account of duplication and
Much has been said about the grid system
carried out in England.
concerns as
is
of inter-tying all lines of all
It must be remembered that England
only about the size of one of our States and that it is very thickly popu¬
lated.
The
grid system in England was probably a good move, but in
America to carry the idea out completely would be an enormous waste of
money.
There is one place where private power and public power agree,
namely, whatever is best economically for either concern they will naturally
carry out.
or
In other words, where an inter-tie is best between public plants
private plants, the necessity and the economy becomes evident and the
work is done.
If either the private plant or the public plant wishes to buy
a
Is
That is, the limit
We
one.
transmit
can
point where it
a
Transmission
source.
say
the least.
Chicago and
A
can
over
be bought
Either the St. Lawrence
beyond in Wisconsin.
on
more
cheaply than from
cable in large quantities would
one
1,000-mile radius of distribution is rather
Muscle Shoals could
or
Every part of the United
one
of the
new
large plants
plant when built.
Our trouble is that we think in too narrow
instead of tomorrow.
Government plants,
small indeed later
on.
from these plants.
There
We think of today
a groove.
have been many criticisms against
but the fact is that this generation will
There will be
no
It will not be more than 10
be crying for more of these plants.
new
them
as
years
before the Nation will
The Columbia River has considerable
capacity, but unfortunately it is more than
densely populated regions of America.
the
see
need of 1,000-mile transmission lines
1,000 miles from the
As there becomes greater and greater
difficulty in supplying the Nation with power, attention
can
be turned to the
great lignite veins that underlie Dakota and across eastern Texas, Louisiana,
Mississippi and Arkansas.
With a
1,000 miles transmission the Dakota
lignite beds could furnish Chicago, and the Arkansas beds could furnish the
districts
as
far
as
New York.
The better coals could be kept for industrial
and domestic use.
It must be remembered that if we consider the short space of 20 or 30
the life of bonds issued to build power systems,
can
transmit twice
for that matter
a
plant.
can pay
This is
public plant
pays
a
as
city
or
other public
can and
twice as much per horsepower for the construction
point that seems to have gone unnoticed.
off its bonds,
bonds would be only 15 years.
as
a
far economically as a private company
say
in 30
years,
Since the
the average life of those
The total interest would only be one-half
much and at the end of the 30 years there will be no bonds at all.
Sofi
after 30 years it does not matter what the cost of the structure was because
This fact is self-evident.
much.
possible to
now
single cable with
economy.
States would be within transmission distance of
of
competition, cost the customer twice as much as one, or more than twice
as
engineering, but one of
transmit current is an economical
and the St. Lawrence
The
again every 20 years and has purchased it in the past about twice.
well
is
over a
question that always confronts long distance transmission
we can
materially lower the cost.
plant
as
perhaps 1,000 miles
It almost any distance so far as science goes, but as far as finances go we can
sented to him for nothing.
Where those public
of direct
high voltage somewhere from 300,000 to 500,000
very
not one of science and
years as
cut their rates in two,
on
For short distances there is perhaps not much ad¬
development by the manufacturer it
some
The
taxpayer would then not have to pay a cent, but gets the property pre¬
might
considerable talk in the hope of a new method
transmit 500 or 600 miles or
Nothing for over-capitalization, but a fair
at a fair price.
price that will compensate the bondholders and the stockholders who have
made
go
ditional appliances, but there is a field in very long distance transmission
more
company
of interconnection should
vantage in large transmission lines on account of cost and upkeep of Ad¬
of about 29^c. in the
low as 3.4 mills in steel
But I also believe that every effort should be exhausted in buying the
private
case
brought down the rate from 20c. per kilo¬
low industrial
self-protection of the city.
and
my statements
Seattle
maximum 5c. rate and an average rate
very
There is also
startling to
competitive battle at Seattle for over 30 years.
About three-fourths of the people will patronize any public plant.
to state here that in
each particular
words,
merits.
only transmit it to
district or in instituting a public plant in a city, I am
a
other
own
ground return and
About seven-eighths of their cost in many places is yet spent
house.
In
its
current transmission.
they must bring the current themselves from the present power lines or
by mutual agreement for either sale
exchange of power and this is done.
or
and the
Government where no
hope that the Government will also build the main transmission
lines for the distribution of this power.
plants.
from the other, it can easily connect
of individuals is strong enough financially, or perhaps
group
should say, has the
we
of
natural
building of these great
reached by the building
of the cornering of electricity by a few
it is then all paid off.
steam power.
This is the great advantage that hydro power has
hydro, but as it retires its bonds its hydro becomes debt
free while the steam plant
is still paying for fuel and its operation.
Government generally makes a
average
The
financial set-up for 50 years in which the
life of the bonds will then be about 25 years and the average interest
will be only half of the initial interest rate.
To those who believe that the handling of light and power is
logically
a
function of private power concerns let me say that the tremendous demand
for power that we
have seen just before the depression and that we are now
Merrill, Lynch &. Co.
40 Wall
over
When a city builds a plant it might get current at as low a
cost as it could from
Street
NEW YORK
3700
I. B. A. Convention
i
Proceedings
Dec.
12.
1936
Patten, Eyman & Company
Investment Dealers and Brokers
Offices:
Suite 805
Exchange Building,
SEATTLE
A.*T, &JT. Teletypes Seattle 162 and 163
to see,
will
bring
condition of affairs that becomes evident
a
thought, namely, that there will be
the Nation
Telephone: ELiot 3460
increased
an
use
little
dwelt upon the provisions of the Public Utility Holding Com¬
for all the facilities of
Act, as to which he said, "would it not be better in the
public interest, first to discover the inherently bad or danger¬
features of the holding company plan, and then to adopt
a procedure which will conserve the good and eliminate the
bad?"
"Out of my rather limited knowledge of public
utility holding companies," he added, "I am pretty well
convinced that there exist such companies which have avoided
the bad practices and employed the good ones in the public
interest."
"Therefore in the public interest," be continued,
"I most sincerely hope that the recent legislation on these
matters may be reconsidered, not on the basis of attack on,
vs.
support of, holding companies, but in the spirit of fostering
what we have that is good and eliminating what is evil, and
in the spirit of cooperation between our agents the Govern¬
ment, and our servants the public utility companies which, is
possible if the approach is made on this basis."
From his
on
a
in
both public and private power.
And there Is no private
investment destroyed by the public plants. The yardstick—a public
plant here and there throughout the country owned by the Government or
power
city with, transmission lines under the same ownership and an area In which
distribution is done by the public themselves without restraint, will set the
for
pace
rates
in the Nation,
The cry against the great public plants has been the fear of the yardstick
and not really the fear of any damage to private property, for In only a few
everybody in
years
double
power must
every
It would be better for both private power
stick
were more
facility.
and public
accurately defined and Its length fixed
the great Federal
plants should be given
power
if the yard¬
To do this each of
financial set-up definitely allo¬
a
cating the investment for power purposes.
As to rates in the home, the home owner unconsciously budgets his light
bill and so as a general rule he does not wish his bill lessened, but wants his
rate lessened so he can get more
for his money.
The power concern Is, therefore, guaranteed that in three or four months
at the most the residence load will
come
back at least to normal after
a
cut
in rates.
The investment banker can help the situation
Just
low rates
as
profit,
so
current
in
to a tremendous degree.
bring greater volume of business and greater
lower rates for money will call for greater volumes of money and
greater total
profits to the bankers, and build the physical needs of the
You will find about the
promote
same
same
cross-section of people in any group whether
a
cross-section in the investment bankers.
tremendous
business
every reasonable request
to
ous
remarks
that
by
looking
comes to you
You will
It is in your hands to
carefully
be it public
into
or
the
merits
built up in
been
bring the money to the needs of the people rather than having the needs
of the people crying to
you
for
same
and light system
more
extensive service to the
technical and administrative talent.
On the side of Government
of ability
ownership, I
to operate and at the same
service.
can see no
comparable evidence
time technically develop
Legislation Affecting Holding Companies—Before
B. A. Argues Against Governmental Ownership
I.
Arguing in favor of private ownership in the public utility
business, Karl T. Compton, President of the Massachusetts
Institute of Technology, speaking before the Investment
on
Dec. 5 stated that
"in
the last analysis, the public interest in a public utility centers
in two requirements, good service and low rates."
While
observing that "the public is not much concerned with the
or that tool, per se, but rather with the thing
which the tool produces," Mr. Compton said that "in the
present case the public's interest in the tool is its concern
lest legislation, or private monopoly, or Government owner¬
ship, or methods of financing should cast the public utility
business into a form which may prove incapable of producing
the best results in services and rates."
Mr. Compton
choice of this
a
public
True, many Federal agencies of the Government like the Bureau
Standards
but these
Karl T. Compton of M. I. T. Urges Reconsideration of
has
have shown astounding technical de¬
the
Geological
Survey, the Bureau of Chemistry and
and the Reclamation Service have done their work loyally and
—■—♦
Bankers Association of America
On the whole they
age.
power
Our telephone service is of about
years.
velopment. have given continually better and
of
money.
The electric
100 years.
the last
developed within less than 60
public at reducing rates, have been efficiently managed by the best available
of
private, and try
also quote:
we
On the side of private ownership, we see that the great railroad
system,
the backbone of our Industrial, agricultural and economic life has been
the
Nation.
it be the private utilities or public utilities or any group of people.
find the
pany
are
not
Soils
effectively,
operating agencies in a comparable category.
In presenting his contentions against governmental owner¬
ship "of at least these public utilities in fields where large
improvements are still possible," the speaker added the
following qualification:
Tt believe all fair minded
occasional
and
searching
must admit that governmental
men
investigation
threatened competition,
and
even
a
certain
if not carried too far,
are
supervision,
amount
of actual
necessary
accom¬
paniments to private ownership if the best public Interest is to be served.
The address of Mr. Compton, delivered at the Public
Utilities Forum of the Association, is given in full herewith:
In the last analysis, the
public interest in
requirements: Good service and low rates.
which
be
can
so
a
public utility centers In two
To achieve these objectives,
simply stated, is not a simple matter; and hence
we
struggle
with such complex questions as public vs. private ownership, governmental
regulation, rate bases, holding companies, and the like.
Sometimes, per¬
haps. we are inclined to forget that some of these elements are not objectives
la themselves, but are only tools for providing good service at low rates.
While the
owner or
the operator of a tool may have a natural interest In
having his tool used and paid for, the public is not much concerned with
the choice of this
We specialize in
producers.
lest
or
that tool per se, but rather with the thing which the tool
In the present case the public's Interest in the tool is its
legislation,
or
private monopoly, or Government ownership,
or
concern
methods
of financing should cast the public utility business into a form which
may
incapable of producing the best results in service and
prove
The
OREGON
usual
holders
as a
tion
ownership, the
or
dividend return
in increased wages.
MUNICIPALS
rates.
approach to these problems is centered largely around the
question of how large the profits shall be and who shall get them: the stock¬
one
on
their investment, the Government by taxa¬
consumer through reduced rates, or the employee
These questions are all highly important, but there is
other consideration, which I believe to be more basic and of
more
reaching social significance than any of these, but which is generally
far-
over¬
looked in discussions of the public utility probelm: "What conditions will
best promote those technical developments which will give the best service
to the
Offerings Requested
public 5, 10, 25 years hence?"
Undoubtedly the ultimate public welfare is of
this year's rates, or profits, or service.
new
technological improvements
tribution
to
public welfare than
management or
are
are
In
many
more
Importance
inherently capable of far greater
this
or
than
of the public utility fields,
con¬
that scheme of regulation of
I would therefore urge a study of past exeprience
profits.
and present trends to ascertain
what type of regulation,
management or
ownership will most favor continual improvement of the service, and then
JAXTHEIMER & COMPANY
WILCOX BLDG.
the encouragement of this type by legislation and all other means.
Take
this illustration:
A few weeks ago I was in
a
committee meeting
in Boston when it became highly important to have the advice of a member
who
was
then
in London.
I
called the long distance telephone operator
and asked to
PORTLAND, OREGON
speak with
asked
hold the line and, within less than a minute we were In con¬
me
versation
years
to
with
our
complete
friend at such and such
ease
and distinctness.
a
club in London.
Think back
10,
20,
She
30
and realize the tremendous technical progress which has been made
Volume
I. B. A. Convention
143
available to the public as
Water at Mason
field!
public service In the communications
a
Such development is the very
"public interest" in
a public utility would be to find those conditions under which this type of
technical progress can most certainly be made.
In the search for those
conditions I would study the varied experiences of many agencies, always
with the query: "What features have made for progress and good service;
what for stagnation, inefficiency and failure to grasp opportunities?"
My first thought, therefore, on the question of the
of public utilities is that they are practically all
The first striking feature
This situation is necessary
Our streets could not give
good and economical service.
in the interest of
space to
cables
is
or
competing systems of gas and water mains, sewers, electric power •
street cars.
The inconvenience of competing telephone systems
All
obvious.
services
these
installations,
expensive
require
so
varies
age
A municipal sewer system is complete within its local drain¬
widely.
and
discharge
By
region.
economically distributed
over
area
within not more than about 250
advantages in inter¬
of break¬
connections over far wider areas, to provide reserve power in times
down
or
other emergency without
be
methods electric power can
present
an
miles from the generating station, but there are great
economical load factors.
Telephone and telegraph must
wide systems to fulfill their missions adequately.
Rail¬
nation
roads likewise form a nation-wide network, and the public suffers through
lack of their
better coordination despite continual
flagrant abuses and much
political flouting for purposes of dema-
nothing inherently anti-social or anti-democratic in
there is
goguery,
best served
a
Patents on inventions, for example, are monopolies
thereby.
granted to stimulate invention and to encourage the rapid bringing of in¬
Similarly, franchises are monopolies granted to
ventions into public use.
efficient
the
rendering
public
of some
service.
Public utility
monopolies are of this latter type and are a practical necessity.
The question is sometimes asked:
"Why
are gas
The answer
is
because
and electric distributing
these latter services require
no
expensive and fixed equipment permanently connecting to homes or factories.
If the art of grocery distribution, for example,
stage at which food is delivered to the home
a
times
should ever develop to the
through pneumatic tubes from
distributing system—or if milk were delivered through pipes, then un¬
doubtedly grocery and milk distribution would become monopolistic public
management
under
a
initiative, courage and willingness to take technical risks
essential
are
to
rapid technical progress.
governmental
Our
failed.
largely
will curb exploitation of the public
monopoly, and at the same time will maintain within the structure
that individual
which
problem is to discover that type of regulation,
ownership which
and
regulation
In this we have
been directed
has
so
far
almost
entirely at the curbing of exploitation and has generally ignored and some¬
times even penalized attempts
new
courages
tax
electric
companies the
Thus, in electric
production costs.
the amount of employment per
utilities,
the interest which must be paid to secure the
true whether the system
Turn
now to
be publicly or privately owned.
another aspect of our
How can the public ensure
question.
possible rates ?
privately owned
utilities by the public, through its government; the other is for the govern¬
ment actually to take over the public utility business by any one of several
processes.
Both are being done, and either one can be carried to the limit
country:
one
is continual investigation and regulation of the
if the public makes up its mind to do so.
,
Granting that these two avenues are open, what are some of the
tions that enter into the
Obviously what the
procurement of best service at lowest rates ?
problem:
considera¬
problem of finding the best solution to the basic
public wants or does is not always to its best interests, for it may be un¬
or
swayed
prejudice,
by
or
manipulated
by
propaganda of
politicians on one hand or self-interested business groups on the other.
Proper education of the public, with facts and arguments pro and con, is
therefore
highly necessary basis for any wise action in these matters.
a
I should hope, in the public interest,
constructive approach
that there will soon come a more
than that typified in the recent Wheeler-Ray burn
bill enacted by the last Congress.
I do not question the sincere desire of
benefit the public, and I
the authors of this bill to
believe that there is
adequate evidence of abuses in the management of public utilities, in
What is
curb these abuses.
several
instances, to justify a legislative attempt to
numerous
so
disheartening is the manner and spirit In
which this legislation was carried through.
The "Public Utility Holding Company
some
dozen
or
so
situations
which
Act of 1935" starts out by listing
endanger public interests and acts of
profiteering at the expense of investors or consumers, and
"It is hereby declared to
and to
then states,
be the policy of this Act—to meet the problems
and eliminate the evils connected with the public
utility holding company—
provide at the end of five years for the abolition of the public utility
holding
company."
me
It is unfortunately a fact that
suggest an anologous procedure.
not all husbands
treat their wives
This is really a matter of
public
with the proper loyalty and affection.
concern.
A bill is introduced in Congress
which starts out by listing a dozen or so ways in
their wives, or have abused
which husbands may abuse
their wives and then states:
clared to be the policy of this Act—to meet the
"It is hereby de¬
problems and eliminate the
evils connected with marriage—and to provide at the
end of five years for
the abolition of marriage."
The intent may
bit
precipitate.
be quite laudable but the method is, shall we say, at least
For holding companies, like marriages, perform some
undistributed profits is a case in point since this dis¬
improvement of plant, though it is fair to say that it may encourage
larger expenditures for research.
Another is the appearance, in the current
Federal investigation of the A. T. & T. Co., of a questioning of the right
to
charge against operating expenses paid by today's customers the cost of
research
aimed
providing
at
better
service
for
tomorrow's
customers.
(Apparently forgetting that today's customers enjoy the benefits of similar
research paid for by yesterday's customers, and oblivious of the fact that
unfavorable action
Interest
to
an
on
extent
this
that
question would
would
damage the ultimate public
A third example of short-sighted
regulatory pressure arose a couple of years ago when a governor's committee
was
We Offer
probably more than offset the entire
advantages of governmental regulation.)
investigating the rate structures of Massachusetts utilities.
The new
an
Accurate and Dependable
Trading
Service to Banks and Investment Dealers
high-pressure steam electric generating plant of the Boston Edison Co., a
notable advance in efficient generation built to care for expected increased
demands for power, was criticized as not being a "prudent investment" to
be properly
considered in the rate base because then, in the middle of the
Edgerton, Riiey&Walter
depression, It had a very low load factor.
Underwriters and Distributors
Fortunately there have been some exceptions to this short-sightedness of
bodies.
sliding scale systems whereby profits beyond a fixed minimum are shared
by the customers through reduction in rates, by the stockholders through
and by the employees in increased wages.
extra dividends,
good schemes, however,
procedure rather
technical
Even these
have emphasized alertness and conservatism of
than courageous initiative to proceed into unexplored
that there is
a
wide divergence in the
degree to which the different ones admit of technical growth.
sewage systems,
Diego
LOS ANGELES
621 South
Whittier
Spring Street
Telephone TRinity 4115
nical development than are electrical communications
where between these probably lie the railroads
and gas.
Members:
Water and
for example, are more nearly in their ultimate state of tech¬
San
Teletype A.T.T. LA 377
fields.
A second feature of public utilities is
of
Investment Securities
Notable is the attempt to retain the incentive to
initiative while avoiding exploitation of the public through the adoption of
regulatory
and power.
Thus it
Some¬
may
well
Two
have developed in this
different approaches to the answer to this question
a
on
utility
plant amounts to more than four
dollar value
depends largely
funds used in building the
efficiency with which this building is done.
This is equally
public
system, and the
toward technical progress, as the following
examples show.
The
is the high ratio of capital require¬
public
whereas in the average of manufacturing in¬
the production costs,
other
Let
our
For
of the business is relatively small, and the rate to customers
on
utilities.
As to monopolies,
costs.
dustries it is only three-fourths of the
and
considered, and are highly
coal and food distributing systems are not so
production
directions and in
monopolistic, while gasoline,
systems considered to be public utilities and
competitive?"
to
annual interest on capital investments in
It is, in fact, encouraged by law when the public interest is
monopoly.
permit
A third peculiarity of public utilities
ments
informed,
become tinged with suspicion, due to
While the idea of monopoly has
some
improvement.
With one. favorable
major public interest; with
another, continuing reliable routine service is the principal concern.
costly duplication of generating equipment
and to permit more
be unified
will bring the maximum
utility.
technical improvement is a
opportunity for
that it receives the best possible service at the lowest
which advantageous monopoly must exist
over
Milwaukee Wis.
.
be that the type of ownership or control which
that
duplicating systems would mean duplicating and therefore higher costs.
The size of the region
.
ultimate public benefit differs from utility to
foundation of good service and low rates.
monopolies, at least within any given region.
i
Securities
Investment
North
3701
Proceedings
Chicago Board of Trade
Los Angeles Stock Exchange
3702
I. B. A. Convention
Proceedings
Dec.
12, 1936
COFFIN & BURR
Incorporated
Purchasing and Distributing
Government, Municipal, Corporation
Public
and
Service
Company
'
Bonds
*
•
'
•
.
BOSTON
very
Would it not be better, in the public interest, first
useful functions.
to discover the
plan,
and
inherently bad
then to adopt
the
eliminate
bad?
NEW YORK
a
or
dangerous features of the holding company
procedure which
will conserve the good
and
'
are:
Stock -leverage, whereby minority investors holding common stock
inordinate profits compared with majority investors in bonds or
preferred stocks—this profit increasing by leaps and bounds up through
successive stages of holding companies.
(2) Upstream loans, against securities of holding companies which are
supported by no real property.
(3) Excessive charges by the holding companies against their operating
companies for management or construction or equipment, to the detriment
of investors and customers of the operating companies.
(1)
may reap
Such bad practices are neither inherent in the holding company system,
nor are
they universal.
Unfortunately their existence cannot be denied and,
if this system is forced out, the basic blame will not be upon Congress or the
President, but
those anti-social and irresponsible individuals in the
upon
privately owned public utility business whose actions have been based upon
that socially most immoral motive—the desire to get
and who thus made
something for nothing,
great business vulnerable to attack.
a
Among the advantages of the holding
company system are:
Out of my rather limited knowledge of public utility holding
companies,
am
pretty well convinced that there exist such companies which
have
Therefore, in the public interest, I most sincerely hope that the recent
on these matters may be reconsidered, not on the basis of attack
on, vs.
support of, holding companies, but in the spirit of fostering what we
have that is good and
eliminating what is evil, and in the spirit of coopera¬
tion between our agents the government and our servants the
companies which is possible if the approach is made
Next
I venture,
"dynamitic"
utilities.
with trepidation, to suggest
question
Perhaps
of
private
different
vs.
answers
be
or
on
public utility
ownership
obtained
railroad,
we
Realistically, therefore, let
have to
of
public
according
see
up
what facts and
ex¬
in the last 100
industrial, agricultural and economic life has been built
The electric power and light system has been
years.
years.
Our telephone service is of about the
On the whole they have shown astounding technical develop¬
ment, have given continually better and more extensive service to the public
same
at
age.
reducing
technical
have
rates,
and
been
administrative
efficiently managed
by the best
available
ability
to
public service.
and
operate
at
the
same
time
technically
develop
a
True, many Federal agencies of the Government like the
communication
industries
have
handled
the
well.
fields than have independent agencies, and they
own
I would make
some
exceptions, however, public health service has been
good, due, I believe, largely to the high standards set by the private medical
and the inherently altruistic nature of the work which has
profession
attracted
high type of personnel.
a
the whole, been well handled.
on
of land
ments
individual
and
ability
Municipal water and
peculiarly necessary, such
necessity for operation
to
They
pay.
sewage
have,
These services, however, have peculiari¬
which render public ownership
ties
more
as
require¬
less independently of
or
furthermore,
are,
that
in
category
in
which public interest demands chiefly reliable routine service rather than
Navy
they
development of increased and improved service.
are
splendid operating services, but they are in
services, the only large ones in
are career
a
The Army and
unique class because
Government, and public
or
opinion demands their efficiency and freedom from political interference.
Also it is true that
municipal public utility
some
gas
and electric companies
have operated efficiently and given good service at low rates.
particularly true in towns and small cities where
plant gives economical
power
and local pride and
freedom from
sense of
public utility companies
the
at
were,
development bodies.
Diesel engine
public responsibil¬
as
directors, with
political interference.
\
Consider next the matter of technical progress.
research
This has been
modern
a
ity induce high-minded citizens to donate able service
the
In the early days the
time, the manufacturing and
same
Now the utility companies
are
distinct from
equipment manufacturing companies, and the equipment
have largely taken over the responsibility for research
This is natural.
fields, then
one
disappeared.
guide
companies
and development.
If, however, it should proceed to the extent that the utility
of the strong arguments for private ownership would have
"What
us in our
are
the facts regarding research and development which
judgment of the relative advantages of public
or
jjpivate
ownership?
In the
telephone industry
effective
A. T. & T. Co
the country.
are centered in the Bell
company,
possible to the customers.
has consistently
Here practically all research
Laboratories, operating under the
the holding company for all the operating companies in
as
The operating companies
charge by the holding
as
have the high water mark in consistent,
we
technical improvement; of service.
development
been spent
pay the
bills,
and the benefits
are
as
part of the service
passed on
as
quickly
In this industry, several percent of revenue
on
research, and
a
high standard of technical
qualifications is maintained for employees.
In the electric power and light
industry,
panies, like Detroit Edison,
have carried
most of the research is being
on
notable research
Institute, a significant program of research is being supported in various
laboratories, looking toward better equipment, improved service and new
for
uses
electricity.
over
Through this institute and its member companies,
$1,000,000 is being spent annually for these
which represents about one-fifth of 1 % of net income.
industry would be
Jersey
more
healthy if it
of electrons—work that has created
were
To illustrate its value, I
larger.
$50,000,000
within about 30 years since the electron
was
objectives,
This is good, but the
would recite the experimental work which has been in the
And
programs.
Also through the association of operating
companies, the Edison Electric
somewhat
New
The
as
done by the equipment companies,
although some of the operating com¬
talent.
On the side of government ownership, I can see no
comparable evidence
of
comparable category.
ability to handle such situations
have followed rather than led the way.
and
go on.
developed within less than 60
and
of
Many other Government bureaus and agencies also have performed faithful
service, but in general they have shown less ability to improve
can
On the side of private ownership, we see that the
great railroad system,
the backbone of our
electrical
a
Department shows faithful routine service but
evidence
service even in their
as
the realistic point of view.
us
operating agencies in
Office
no
routine
I think the proper point of view is the realistic one, strained a little toward
the idealistic side.
Post
companies no longer perform or support research and development in their
this basis.
approach to that most
an
public
can
the question is approached from the idealistic
periences
of the
are not
certainly shows
avoided the bad practices and employed the good ones in the public interest.
legislation
Survey, the Bureau of Chemistry and
Soils and the Reclamation Service have done their work loyally and effect¬
further
(1) Distribution of risks, thus permitting cheaper financing and pro¬
tecting investors and consumers alike.
(2) Inherent possiblities of more efficient management and servicing.
(3) Operating in territories where antiquated regional legal restrictions
would make operation under any other form of management impossible
(for example, Philadelphia could not get electric power from the Susque¬
hanna River under existing laws, except through the device of several
separate operating companies united under a holding company.)
I
Bureau of Standards, the Geological
ively, but these
record
;
Among the bad practices which have occurred in holding companies
PORTLAND
a
discovery and use
year's worth of business
first discovered.
In the railroads the situation is less
satisfactory from this point of view.
Pennsylvania
Municipal Bonds
Having developed vigorously
to a certain point, they have tended to
up
rest
on their laurels.
The operating companies do little or no research,
leaving this to the equipment companies.
Perhaps because these are not
centralized, their record of achievement is not impressive in comparison
with what might have been
An
accomplished except in the field of safety devices.
encouraging sign is the attention which the Association of American
Railroads has recently been giving to the subject, but how whole hearted
and effective it will be remains to be seen.
Undoubtedly
my
remarks will
be countered by reference to streamlining, Diesel and high-pressure steam
motive power, air conditioning, and the like;
to which
I would recounter
that these improvements have simply been appropriated from other labora¬
tories and
adapted to the railroads; and that, whatever railroads have done,
the art of transportation has gone ahead
C.C.C0LLINGS
them
and
COMPANY
Fidelity Philadelphia Trust Bldg.
Teletype
PENnypacker, 6463
Phla. 597
generation,
revenue
had
Whitehall 4-8050
tion.
technical fashion for
been
a
like the telephone industry, several percent of
continually devoted to technical improvement and if,
telephone, electrical, automobile and aircraft industries,
men
a
high
per¬
had been brought into the organiza¬
For the railroad problems are
every bit as technical and the new
opportunities
There
who
a
One cannot but wonder what might have been accomplished
centage of highly trained technical
New York
by leaps and bounds all around
have stood relatively still in
in railroad transportation
if,
like
PHILADELPHIA, PA.
Philadelphia
while they
are
are
are
probably nearly
many
as great as in
forward-looking and able
trying to bring about
these.
men
in the railroad industry
a more progressive program
and it is greatly
I. B. A. Convention
143
Volume
3703
Proceedings
F. S. MOSELEY & CO.
Members New York,
Boston and Chicago Stock Exchanges
Corporation Securities, Municipal Bonds
and Notes, Commercial Paper
Boston
New York
Chicago
Indianapolis
Kansas City
St. Louis
hoped that they may carry
to be
their colleagues with them.
Sometimes
banking field do not
have a responsiblity to use means at your disposal to inject new life into the
situation. A critically needed form of such new life is technically trained
men.
The present situation is not attractive to such men, and both tradi¬
tion and seniority rules are a handicap. But something serious and vgiorous
really needs to be done in the interest both of customers and investors.
Perhaps I have gone off my track in these remarks; but they do bear upon
the public interest and they do bear on the question whether public or private
ownership would most expedite improvement of service.
Turn now to the Government's record in such matters.
A bright spot
here is the work of the Department of Agriculture and the affiliated State
experiment stations in improving soils, crops, stock and helping the farmer
to get the most out of his farm.
Here Congress and State Legislatures
have been continuously interested and generous.
The objectives of this
Governmental aid are good, and easy to understand and, besides, the farmers
constitute a predominate bloc of the population and have many votes.
In
I have wondered
whether you men in the investment
other fields, however,
some
the picture is not so rosy.
the former Director of
When
the Budget, in the early days of
the de¬
impelled by administrative order and personal conviction to
national budget, he cut the scientific services more severely
pression, was
balance
the
trained man and a firm
Under the circumstances
I respect him for so doing because he held his official duty and his convictions
regarding the surpreme importance of safeguarding national credit above his
personal inclinations and his beliefs in less critical matters.
But the point
is that the scientific services were so severely cut because they had relativley
little political power—and the cutting had to be done where it would not be
politically blocked.
I cite this simply as a striking illustration that our
legislators do not feel strongly about the public value of research, or suffi¬
ciently appreciate the capital loss in discharging a trained technical staff, or
the permanent losses entailed in interrupting a scientific program.
During
this
same
difficult financial
period, private industrial organizations
did not in general reduce research activities despite reduced income, and in
many cases they even increased their research activities, in order more
quickly to put themselves again in an advantageous position.
Take another illustration.
Several billions of dollars have been spent
recently by the Government in building public works.
Despite urgent
recommendations by practically every national scientific and engineering
organization, and despite what I believe to have been the sympathetic
attitude of the Public Works Administrator, none of this huge expenditure
was set aside for research and development work aimed at knowledge on
which better public works can be built in the future.
The reason was
simply because there was no allowance in the appropriation Act whereby
funds could be used for this purpose.
(Some research work was done by the
Reclamation Service and other agencies when it was necessary for the
immediate construction.)
This again indicates that our legislators, as a
group, are not much interested in such matters, probably do not under¬
stand them, and center their interests on things more obvious, personal and
immediate.
I can imagine no private enterprise, however backward, which
would spend billions of dollars on a product without taking steps looking
than
any
others—though himself a technically
beliver in the permanent
to its
future
work.
improvement.
Once again,
employment.
values of scientific
there has been a hue
and cry to find new industries to provide
Critics have called our technologists barren
passed another modern miracle and
and impotent
given birth to
some great new industrial activity.
But we know what the limitations are,
and the long period of pure scientific research, invention and technical
development which must first lay the foundations.
Herbert Hoover, while
Secretary of Commerce, gave a warning that was generally unheeded be¬
cause generally not understood when he pointed out that industrial develop¬
ment was so rapidly overtaking pure scientific discovery that industry ran
danger of a shortage of new "building blocks" on which to build.
Weil, no
group has been more eager to find new industrial projects than has the
National Government during the period of the depresison.
But though
urged, by one technical group after another and even from within the
governmental group itself, to follow the one proven and sure path to this
objective by stimulating research in the basic sciences, no constructive action
because they have not
I base the conclusion also on the actual
abuse of situations on the other.
good results which threats of governmental competition
of them little short of
some
Thus far I have tried to
approached
like, for in
as an
an
For example, if our
If they be
I
work
be needed, and everybody would prosper happily.
Government were such as to encourage a fine type of
drawing the most gifted and best trained
service in all its branches,
of the country to a
men
approach these questions as a realist.
idealist, I can get any answer to these questions that
ideal situation either public or private ownership would
well, regulation would not
career
have produced—
astonishing.
noble career dominated by a high sense of public
responsibility and altruistic purpose—and if we could count on our
and representatives
officers
vision, judgment and
to
consistency—then I would have not the least fear of
placing the public's interests in
enumerate the flaws and
Take
distrotions in it.
look at the other side.
a
the public utility field in the hands of
and I need not
But, realistically, this is not the picture,
the Government.
abuses, sharing profits on a
and
If private industry could eliminate its
reasonable basis between investors, customers
technically, and if it in¬
thought the public interest, then
employees, and if it were truly progressive
telligently and consistently made its first
I would also feel perfectly happy
excuse
about private owneship and could see no
governmental restrictions or seizure.
for severe
that under existing
As we all know the
But of the two imperfect pictures I believe
picture is not really so perfect.
conditions private ownership is the fairer picture and
that the public interest
will in this manner be best served.
considerations of basic nature and to view both
I have tried to present
sides of these questions
of
elected
exercise the highest type of intelligence,
I must admit both fallibility and possibility
fairly.
Such prejudice may arise from environment, as
prejudice.
suggested
The
paragraphs from a letter which I recently received.
in the following
said:
writer
particular work, public utility regulation, I have found the
especially as the defenders of private against public interest.
origin in the engineering schools where the engineering
professors prepare the students for the defense of private interests, and
where tnere is little open-minded regard for the public aspects of industrial
organization.
This situation obtains in your own institution.
Your
engineering professors not only glorify public utility organizations which
cannot be rationally defended, but snipe generally at ideas of economic
reconstruction and at government efforts concerned with protection and
advancement of public interest.
Here is a basic defect in education, and
unfortunately it is grossly accentuated in the employment of engineers
by the public utility companies."
"In
my
engineers
This
fact has its
To this,
"You
and more, I replied in part as follows:
are
undoubedly
right
in your thought that the majority of en¬
gineering school graduates are sentimentally favorable to the privatelyowned public utilities and I think there are several sufficient and proper
reasons for this feeling.
One is the romance of discovery and building
which surrounds this industry.
A second is the fact that, despite whatever
lapses and failures may be pointed out, the industry has been vigorous and
has built up a tremendous service in a surprisingly short length of time.
It has also a reputation of having given the public continuously improved
service at decreasing rates.
this picture our young men see various examples of stag¬
inefficiency and graft in publicly operated affairs.
Whatever
be said of unjustified profits in private public utility organizations can
certainly be at least matched by inefficiency, raw deals and operarion for
"Over against
nation,
may
personal benefits in organizations under the control of political bodies.
"Of course neither of these criticisms can be applied wholesale.
I know
of many public utility executives who are decidedly socially minded and
who have strenuously and effectively worked to avoid exploitation of the
public.
I know similarily of
high-minded governmental officials and effi-
ESTABLISHED
1872
HOPPER, SOLIDAY & CO.
MEMBERS PHILADELPHIA STOCK
EXCHANGE
yet been taken,
has
I think there is fair
hope that real interest in such matters
members of the present
action.
by several
Administration may soon lead to some favorable
is such evidences of lack of interest or
vision, at least along directions of technoloigcal progress, that
my mind the strongest argument against governmental owner¬
But on the record to date, it
limitation of
constitute to
Investment Securities
those public utilities in fields where large improvements
possible in the type, extent and economy of the service to be ren¬
ship of at least
are
still
dered.
To this conclusion
men
I would add a qualification.
must admit that
I believe all fair minded
governmental supervision, occasional searching in¬
vestigations and even
a
certain amount of actuai and threatened com¬
1420
WALNUT STREET, PHILADELPHIA
petition—if not carried too far—are necessary accompaniments to private
ownership if the best public interest is to be served.
This conclusion is
based partly on
of not
the human frailty, of individuals and organizations alike,
best efforts except under stress.
In a young
putting forth their
enterprise this stress often comes
new
venture, like the
zeal; but in the long steady pull, competition,
powerful preventives of laxity on one hand and
partake of the reformer's
danger,
from the excitement of achievement, in a
Authority perhaps; this stress may
Tennessee Valley
inspection are
H. Boardman
Hopper
| David S. Soliday
Wm. E. Shmidheiser
3704
I. B. A. Convention
Dec.
Proceedings
12,
1936
Government, Municipal, Corporation Bonds
Public
H.
Utility Preferred Stocks
Vau^han Clarke & Company
S. E. Cor.
15th & Locust Sts.
Philadelphia
Pennsylvania
Pennypacker 8700
dent governmental bureaus.
The point that I would make is simply that
because of abuses on one side, one cannot necessarily argue for the other
side."
With these remarks, I conclude by saying that there is one rather recent
development which
of
more
seems to me to
extended application.
it has been most notable to
the trend in recognizing social
and public interest by joint consideration of
public.
Extra
dividends
have
been
frequently by price reductions.
electric system, any more than I
plant
In
by
This
wage
and
the
bonuses and
to exemplify
and
part,
also
we
The
private
being
high
and
rates;
somehow
look
of the enterprise.
success
This feature
finds
its
industry
expression in the private public utility industry
in the sliding scale plan which, ideally, should
fix a suitable
contractual
minimum of interest paid to investors and wages paid to employees and a
similar maximum in rates to customers.
requirements
decreased
split three ways:
are
Such
rates.
a
plan
ITofits beyond these contractual
increased dividends, increased wages,
difficulties in
encounter
may
a
depression
but 1 believe that it is basically sound, for it preserves the valuable element
of reward for private initiative and progressive
policy, yet introduces the
Along
lies, in
some
my
such lines, worked out wisely to meet individual situations,
opinion, the safest and best
business to survive the attacks
more
effective
thus
far
manner
on
course
it and to
for the private public utility
serve
required.
based
in
the public interest in a
than is likely to come from any other plan of operation
suggested.
large
Emphasized by Political Pressure Far Beyond Its
Importance—Holds
Rates
Higher with Munic¬
ipal Than with Private Operation—Incursions of
Federal
Government into
Electric
Field
prise.
and
competitive
electric
prejudice
the other that it is most difficult to break through these
encrustations and get down to the basic economics of the
on
The
the
of
can
due
be
claim
possible
years'
best
there
electric service
experience
attained
never
in
an
the
this country
through
was
at
and
lowest
is
that
private ownership
efficiently
and
simple—the people want
feasible
this
and1
cost.
goal
on
operation.
honestly
operated
to
The
verdict
the average
I
do
not
municipal
is
of
Kellogg's
relative
risk
it
times
capital
large
as
the
mopolocy
of
large
invest
in
his
into the picture
While
of
the
often
New
not
Deal
subsidies,
tions.
The
both
The
Tennessee
in
the
risk
not
of
in
a
high
making the
no
both
than
more
avoid
to
the
by thus protecting the
the
such
enterprises
most
city
any
the
at
governmental
largely
was
subsidies
whether,
was
they
believed
municipality
or
municipal
a
with
they
than from
the
could
come
various
better
get
private
a
the nature
of
for
with
these
company.
above outlined;
and
into the electric
taxpayers'
hidden
they
operating
flagrant
River
its
or
to
expenses
examples
took
TVA.
tributaries
other
were
to
the
costs
than
elec¬
of
case
dams
the
propor¬
charge
things
in
The
huge
on
was
found
were
business,
power
took
money,
subsidies
Valley Authority, the so-called
Tennessee
of
matter
moment.
which
construction
tricity.
such
enter¬
the Federal Government has
years
Government got
paid
form
the
hidden
great
Federal
hidden
for
is
it
Before the recent developments the question
of
mentioned,
from
some
of
few
way.
citizens
previously
were
the
big
a
of
service
there
When
in
body
cheaper
of
rate.
arrival
question, but during the last
the
gross
desirable
unavoidable
that
so
order
in
capital
is
proportionately
a
dare
this
investment and,
country,
competitive
practice
monopoly—regulated
a
this
annual
the capital required
with industry as a
as
of
standard
private ownership and operation of electric utilities
before
in
which
a
investor
realization
the
investment
of
amount
in
over¬
why the electric
dollar
competition
to
monopoly has
high
industry
per
industry, however,
to
to
him
this
Such statements
reason
relatively
all
the
least
the
led
service,
duplication
the
to
the
induce
to
feasible
Up
the
built
by TVA
to improve navi¬
expected
gation and help control floods.
Obviously the more of their cost that
could be charged to these other functions, the less there would be to
charge
to
electric
for
85%
fixed
public interest in the matter is plain
best
50
He likewise said:
Mr.
efficiency does not affect
at
eight
regulated
a
for
in
therefore,
of
has
the
71c.
is
willing
is
It
which
charged
lowest
were
question of practical economics."
"With the passage
of the years, however," he said, "it has become so encrusted
with the barnacles of politics on the one hand and
examples
satisfactory.
more
that
economic
in
lies
electric
gross
advanced
invested
or
amount
enterprise.
utilities
is
cost
the
of
an
ratio
considerations
a
capital,
frequently
case
such
investment
Electric
situation."
the
In
of
are
is
The
figures,
industry,
dollar of annual
and
is
capital
census
general
investors
whole;
"Government Ownership: Theory vs. Experience" was the
title of an address by C. W. Kellogg, President of the Edison
Institute, at the Dec. 5 session of the Investment
Bankers Association.
Mr. Kellogg stated that "the question
of whether a city or other governmental
body should manu¬
facture and sell the electricity supply for its citizens or
leave that matter to a publicly-regulated private
company
last
investment
that
Holds
monopoly
a
average
the
In
investor,
Kellogg of Edison Electric Institute Before I. B. A.
Question of Ownership of Electric Service Is
private electric
a
seen
from
unsuspecting public.
an
the situation.
be
to
The
on
waste
C. W.
was
have
time been bitterly criticized as
their monopoly gouge the public
through
order to produce the greatest
per
cooperative elements that make socialistic schemes ideally attractive.
I
follows
as
intimation
grasped from
has
revenue.
which
the
the economics of
in the
quote
interests"
been
me
never
(for
utilities have from time to
"vested
with
the ideal
co
managed
the average the private plant has proved
on
and healthy situation, for all groups become partners, mutually interested
seems
do that there
inefficiently
address:
responsibility
investors, employees
accompanied
stupidly
both), but
be basically on the right track and worthy
In recent actions by directors of corporations,
see
Race 1666
•
the
charges
TVA
and
power,
of
(page
cost
hence
the cheaper
In
the
on
63,
of
case
the
be—
Wilson
about
or
Dam
6V£s%,
Muscle
at
was
allocated to
electricity.
Shoals, which
cost $46,951,000,
Army Engineers reported that $37,000,000 (or 79%) was
electric power, but the TVA, when given
charge of this
development, reduced the allocation to electricity to $19,-
to
Shoals
529,000.
This
ment
is
and
much
six
lower
times
.as
amount
large
as
the other TVA activities.
A
to
seem
States
chargeable
Muscle
would
furnishing hydro-electric power is in the form of
the investment.
According to the last annual report of
1935 report), of the total
investment in programs of
$48,487,500 only $3,142,500,
the United
the power
of
further
measure
of
is still over 41% of the total invest¬
the per cent, allocated to electricity in
the
electric power is
L. E. MAHAN & COMPANY
obtained
inadequacy of the TVA cost allocations to
by comparing the dams on the Tennessee River
which
the
proposes
to
(fiom
page
mittee
the
TVA
279,
United1
States
these
dams
Appropriation
000,000
Army
for
represent
at
estimated
an
before
cost
subcommittee
of
$337,000,000
of
House
Com¬
in
March, 1936), with the $75,000,000 which
Engineers estimated would be required to con¬
navigation
Committee
would
build
of hearings
Appropriations
on
struct
report
alone (House Document No.
purposes
1936).
On
this
basis
the
difference
of
38,
$262,-
electric
power.
This would require allocating
of the cost to electricity.
Similarly, in the case of the Bonne¬
Dam, nearing completion by the U. S. Army Engineers
Corps on the
Columbia River, 40 miles above
Portland, Ore., Col. Robins, in charge of
the work, testified last
May before a Congressional Committee that from his
about 78%
ville
MUNICIPAL AND CORPORATION
BONDS
engineering analysis 69%
able to
The
difference between
engineers just cited
report
So
609
OLIVE STREET
ST. LOUIS, MISSOURI
of
the
estimated
cost
of
$65,000,000
was
alloc¬
electricity.
is
the
much
and
measure
the percentages allocated
the
of
6%% allocated
government
subsidy
to
electricity by expert
by the TVA through its last
to electricity.
for
subsidy arising out of allocation of construction costs.
In
the matter of
operating expenses, more hidden subsidies may be found.
In
the same 1935 Report of the TVA it is stated'
(page 33) that the seven
small municipalities
buying TVA power had made
showing on the basis of retail rates lower even than
and
to
plants
shows
the
substantiate
are
set
forth
the
on
claim
pages
towns)
financial
73 to 76.
how the subsidy worked.
seven
the
where during
In the
the
satisfactory financial
a
such
reports
of
Inspection of
case
year
in
of Tupelo,
question
a
city
these
some
as
Seattle;
seven
small
of the figures
Mississippi (one of
731 major domestic
I. B. A.
143
Volume
3705
Convention Proceedings
Missouri and Southwestern
Stocks and Bonds
Smith, Moore & Co.
St. Louis
The First Boston
300 new customers obtained, the total
was reported as $1.675—about the
salary of one man.
While Tupelo (a TVA customer) was thus claiming
such low cost, the TVA itself in the same year, with Federal funds behind
it, reported 154 persons on the payroll of the Division of Operation of its
Mississippi Division, and carried over $100,000 for sales promotion work,
part of which was available for Tupelo.
The Electric Farm and Home
Authority also spent in that year over $200,000 for promotional and edu¬
cational programs.
All of these form subsidies%t very large proportions,
much larger percentages than obtain with most city-owned plants, for all
seven
little city plants combined reported but $9,000 for commercial and
appliances
new
sold and nearly
were
and
commercial
business
business
new
expense.
expense
operating expenses,
Total
including taxes and de¬
reported by Tupelo in its last report were only 24.5% of the
with a well-operated private plant with about the same number of
preciation,
costs
customers.
theory and
practice.
When it was launched by the Federal Government, it was sup¬
posed to serve as a yardstick to measure the fairness of rates charged by
privately-operated plants.
In oractice it seems to have become a yard-stick
for measuring the size of government subsidies
directed against private
is
TVA
example
anotther
thus
of
the
contrast
between
business.
is far from being
The TVA
the only subsidy the Federal
Government, in
adopted policy, has offered to municipalities for electric develop¬
Through the PWA and the WPA the Federal Government has offered
the newly
ment.
urged their
acceptance) direct cash subsidies, first of 30% and later of 45% of the
cost of construction of an electric plant to any city which desired' to erect
a
municipal plant to compete with its private utility.
It is interesting
to record that in the case of scores of American cities even these excessive
subsidies were insufficient to lure the electorates into voting for bonds to
pay for the remaining 70% to 55%, respectively.
These subsidies were
to
throughout the country (and in many cases
municipalities
pure
no interest charges or
show more clearly the
gifts with
would
obligation ever to repay.
desperately poor case for
Nothing
municipal
fancied necessity for
such huge subsidies for their support.
to
seem
ownership and operation
of electric utilities than the
government to offer
There are two other questions which these excessive
Federal Government
evoke:
1. On what theory should people In one city (througn Federal taxes) be called
upon to pay nearly half the cost of an electric plant In some other city?
2. What Is the reason for such excessive governmental solicitude about electricity,
which forms about 2% of the wage earner's budget, where residence rates have been
brought down almost continuously for the last 50 years (and are now but 60%
of what they were two decades ago) and when household electricity costs but one-
subsidies
governmental electric
to
fourteenth as much as the tax
The
thus
recent
differ
incursions of
entirely from
develop
ent naturally
burden?
the
Federal
Government into the electric field
municipal owner¬
the oft-repeated experiments in
operation of electric utilities in the very
subsidy involved, which is collected from the people
whole
for the benefit of specific communities.
No
ship
and
heavy governmental
of the Nation as a
doubt the gradual
public realization of what the process involves and how it works
it a shortlived phenomenon in our national history.
Municipal
due to its theoretical appeal, and in many cases its
apparent political value, is likely to spring up anywhere at any time.
To
summarize—the question of municipal ownership
of the electric
service in our cities has been emphasized by political pressure far beyond
its
true
importance to the average citizen.
As the present conditions
show, after decades of experience with thousands of cities, the cost of
electricity for the ordinary householder is but 2% of his budget and,
after allowing for the tax exemption which municipalities enjoy, household
rates
are
actually higher with municipal than with private operation.
That is the reason why the vast majority of cities and towns in our country
general
will
make
ownership, however,
are
glad to leave to private
and
regime clamors that it is a lack of money
wasteful
which
On the other hand,
the tax limit may even lend color to false pretenses of
economy and achievement."
In conclusion he said:
prevents the giving of proper service.
The quality and economy of a
city government depend upon
the Integrity
and under¬
and servants, and upon the spirit
and competence of its officers
characteristics, and given a
form and tradition of governmental responsibility to the people, a city
can determine for itself what governmental services are worth
their cost
to it, and what taxes are necessary to provide such services.
Any outside
interference in such matters tends to defeat the professed object of those
standing
who
it,
urge
responsibility
Given these
inhabitants.
of its
by
to
tax limits are at
impairing
Government's relation of
destroying the
or
by the people.
When that relation exists
best needless; when it is absent, they are vain; in all times
and control
they are either actually or potentially
and places
vicious.
date," said Mr. Dykstra in the earlier part of his
address, "all that has been accomplished by the system of
tax limitations now in effect in many States of the United
States has been some tax relief for certain real estate in¬
terests.
Nowhere has there been any outstanding success
in tax reform.
Tax limitation advocates in the last few
"To
have found no factual basis for
They rest on the following assumptions:
years
1. Through
to
a
their arguments.
the device of tax limitation, assessments
100% basis in the States adopting such
All the evidence tends to prove
can
be brought
limitation.
the exact opposite.
There seems to be
only one way to get 100% assessment throughout a State, and that is by
supervision.
The States which have tax limitations still have
competitive under-valuation.
Moreover, it is quite clear that the real
estate forces which fight first for limitation, retire to a second line of defense
and immediately begin a campaign for reduced assessment.
All American
central
experience to date shows this to be true.
£
2. The second assumption is that tax
tion of our
This is
limitations will force the reorganiza¬
tax structure.
a case
of having the cart before the
horse.
What we need is to
develop a revenue-raising program.
Once that is done it would probably
not be necessary to consider limitation at all.
For then limitation would
not be needed.
Nowhere at the present time is there agreement on any
revenue-raising program, and curiously enough the same group which is
interested in tax limitation almost universally opposes the State income tax.
3. A third assumption is that
at
to
like rates.
limitation will bring taxation of
Professor Leland, for instance,
produce this result by limitation.
4. A fourth assumption
is that public expenditures
curtailed to meet the loss in real estate taxes,
of
Intangibles
insists that it is impossible
will be adjusted and
and that therefore the cost
government will be reduced.
not worked out that way.
budgeting.
It has proved to be
It just has
for proper
Limitation is not a substitute
merely a means of accumulating
Under the Smith law in Ohio, for instance, we managed to create
burden of deficiencies of $100,000,000.
Meanwhile, from 1912
1922 taxes in our counties and cities increased 96%.
debts.
a
bond
to
5. A fifth assumption is that it is
sideration to a single
differences
must
possible to reduce all local finance con¬
situation and rule—that
conform
to
communities regardless of
the same limitations.
companies the raising of the relatively large
furnishing of high technical skill required by electric
service, so as to conserve the credit of the city or town for those essential
ccmmon needs like schools,
streets and other public works which must of
necessity be financed by the municipality.
One can only conclude that
the agitation for municipal ownership of electric utilities is kept up by
those who see only the admittedly attractive theory but blind themselves
to the patent facts of long and varied experience in this country.
capital
St. Louis Stock Exchange
Corp. Wire
thb
Festus J. Wade, Jr. &
Co,
ST. LOUIS, MO.
Members St. Louis Stock Exchange
Opposition to
I.
B.
Restricting Taxing Power of Govern¬
Voiced by C. A. Dykstra Before
Convention—Results of Tax Limitation
Units
mental
A.
in Ohio
the taxing power of governmental
units were criticized by C. A. Dykstra, City Manager of
Cincinnati, Ohio, in addressing the annual convention of the
Investment Bankers Association of America at Augusta,
Measures
Dec. 2.
"Tax Limitations and Local Finance"
subject of the remarks of Mr. Dykstra, who stated
that "in no city has the tax limitation been a protection to
the taxpayer.
Sometimes," he said, "it is merely an excuse
to cover up inefficiency, or worse.
The apologist for a
Ga.,
was
Distributors
to restrict
on
the
Corporation Stocks and Bonds
3706
I. B. A. Convention
Proceedings
Dec.
12, 1936
Canadian
Government, Provincial
Municipal and Corporation Bonds
Wood, Gundy & Co.
Incorporated
Wall Street,
14
Direct Private
It should be obvious that fiscal plans must be adapted to government
needs rather than the other way around.
The assumption of Mr. Nelson
that tax limitation will give an unprecedented push to the whole movement
to simplify governmental structure is not borne out by the facts.
Actually
one of the results of limitation has been to increase the number of local
governments instead of to reduce them.
What we have done is to develop
ad hoc authorities to escape debt limitation.
Dykstra continued:
Ohio ?
estate
our
tax
the small taxpayer has not
the
on
From 1930 to 1934 real
dropped from $13,000,000,000 to
relation
what
duplicate
about
was
on account
While
1934.
the
local
reduction
$40,000,000, the actual reduction
of additional levies.
Thus
uses.
due
the
to
10-mill
only $31,000,000
was
taxes were actually $15,000,000 short.
real estate taxpayer, using
average
a
$3,000 value
as
base, saved $12, and the 3% sales tax cost anywhere from $20 to $40
urban resident.
is
much
worse
somewhere
a
per
It should be apparent, therefore, that the small taxpayer
off,
better
though the larger
even
and
off
our
of real
owner
estate may
be
public utility organizations have profited
just
same
much
as
a
way
that private incomes
not a
are
At
this
we
point and in
to
owe
ultimate
ourselves,
the Constitution
consumed
upon
our
a
new
effort
our
ourselves
adoption of
Moreover, in the last election
limitation:
off the premises."
ourselves in
to
"There
Meanwhile,
approximate
a
shall be
we
sales
tax
responsibility for
remember,
that
too,
collection.
tax
statute and constitutional law
naively believe that if taxes
as
on
food
have voluntarily hampered
balance in taxation by imposing
by freezing the limitation device into
We should
tax—
introduced into
we
no
better
a
arbitrary, rigid, and unchangeable restrictions in
tax brackets
tion.
and have retarded the
tax,
we
are
Apparently
thus
we
two
have great
for
respect
method of ending our dificulties.
a
seem too
of
State constitu¬
our
breaking down local
Private
by the
light
are
token
from
high, the remedy is to limit them by
It
seems to me
that
we are
any tax program the proper
is that
we
starting
on
this whole problem of government
and government simplification at the wrong end.
we
want
place to begin is in
determination of what it
a
governmental authority to do.
In arranging
Having determined this,
ought to find out what is the legitimate cost of such services.
step is to decide whether these services shall be paid for on
or on an
over-all basis.
that
we can
is
very
cost
expensive,
probably cut overhead enormously by the device of
an
and
over-all
revenues
public services.
Meanwhile, also
to
fying government agencies.
communities
to
carry
what
we
Instead
expand
their
we
consider to be the necessary
ought to be in the business of simpli¬
we are
multiplying them by tempting
opportunities
for
creating
debts
toward
to
paid they
are
These debts
are
paid by the
taxpayer, who is one and the
both
same
part of the cost of doing business.
a
public debt is easily converted into
a
a
a
private debt.
municipality purchases
electric
an
public plant from the community.
a
the
because of changing conditions and changing
More and more we tend to raise
public services.
private income by the device of adding to the social income of
American
experience,
primarily for the
If there is
one
thing clear in
our
people
150 years of
it is that public expenditures continue to increase
that the people insist on doing certain things as
reason
communities that they used to do for themselves.
In spite of this Amer¬
ican experience, no American political
campaign fails to produce the candi¬
dates for office who promise to cut public expenditures if
only the electorate
will mark the ballot in the right way.
been elected, but
the less.
none
public
Many times these promisors have
and public debt have continued to mount
expense
...
Recognizing the fact, then, that
public services and that
we
are
going to have
more
and
more
need to find the necessary revenues to
support
we
make'decisions
pay for services as 'we go or rim
the question of whether we shall
on
the chance of funding deficiencies.
Cer¬
tainly nothing is gained by making it impossible for government to defray
current
operating costs out of
revenues
currently collected.
The
Smith
1% law probably cost Ohio $100,000,000 in funded current obligations.
Moreover, we must remember that the curtailment of desirable and neces¬
sary services
From
our
actually destroys the incentive for the payment of taxes.
experience to date it is probably fair to say that instead of
improving fiscal practices, legislation of the limitation type
them
of
limitation
tax
desirable
is
an
It
is
negative
constructive and in the social interest.
improve State and local fiscal systems
would
have arrived somewhere
seems to
make
unintelligent and ineffective
results.
as
well
by this time.
and
selfish
If the energy which
have devoted to tax limitation had been devoted to
we
in
that
accomplishing
rather than
to
and
worse,
method
dealt
make up deficiencies.
almost 100% waste.
There are other fundamental considerations that we cannot
neglect.
We must recognize, for instance, the fact that governmental expenditures
of
The next thing to do is set up a tax system which will bring
in the necessary
local
service basis
At this point we must remember that the
billing and collecting for all individual services
collection.
a
Our next
a
operating concern, or when, for instance, a private
an
purchases
company
other
as are any
be pertinent to suggest that
may
they
as
exactly what happens when
plant
spent in
that public expendi¬
assume
different from private debt.
very
and insofar
such services, we must
expense
To
are
These moneys
are spent.
easily be transferred into the realm of public debts,
may
same
it
company
so
Taxes and debts
debts
This is
We
law.
understand
fallacy so
discussion except for the fact that many
no
and the ultimate
consumer
individual.
and
this
public debt is not
even
through the public services.
bad
the
recognize
and
part of the ordinary operation of business is
considers
a
must
part of the purchasing power of the nation
moneys no matter how earned or collected.
tures
attitudes
one on income.
We
expenditure,
and
spent for wages and commodities, and that tax revenues
are
It is fair to say, therefore, that in Ohio tax limitations have
stampeded
us into the
adoption of a sales tax which almost every student of taxation
namely,
private
to
personal expense to the tax roll.
Above all, we should recognize the fact that the great bulk of taxes raised
cannot be fixed for future years
well.
as
expenditure
shift individual
to
minds is to discover what
our
business.
of
have persuaded themselves that public expenditure is
Although replacement sales taxes provided
the replacement
Meanwhile, the
public
means
should turn
operation
palpable that it should require
$45,000,000 in additional public funds, the State took $18,000,000 for its
own
of
it
the
in
The
$300,000,000 in 1930 and $150,000,000
were
play
and
$8,000,000,000,
dropped from $400,000,000 to $90,000,000.
The cumulative delinquencies increased from $62,000,000 in 1930
$175,000,000 in
limit
on
but has actually been increased.
values
taxes levied
in 1934.
to
It is clear that the burden
tangible personals
taxes
practically the
What have been the actual results of the recent tax limitation amend¬
ment in
been reduced,
New York
Toronto and Montreal
to
Another problem to which we
part
are
In part Mr.
Wires
an
intelliegnt effort
taxing systems,
as
we
Those States which have
more
fundamentally with this problem have made more progress
intelligent tax reform.
Every study of tax limitation proposals made by
responsible groups indicates not only its foolishness but its futility.
It is apparent that the demand for tax limitation
comes
from
one pressure
and that the purpose of it is the shifting of public cost.
Success
for one group is bound to mean competition between
groups for the shifting
of taxes.
Pushed to the absurdity for the sake of the
group,
HARRY B. HOUSSER
F. J. PHELAN
REYNOLDS L. MERRY
argument, we may
predict that in the
race
for exemptions we may look forward to the time
when
by constitutional amendment
same
time—perhaps
on
the
services to those which even
Enquiries Invited
This is not the time
nor
shall abolish all taxes,
voting day—add still
same
now
we
cry out for a proper
All Canadian Bonds and Stocks
fundamental law by
our
of the same interests, who, through the device of special assessments
some
now
and at the
government
the place to rehearse the frantic and sometimes
successful campaigns to read tax limitations into
on
new
financing.
gone sour, were in part
local governments.
it is this
same
responsible for saddling vast debts upon
our
Nor need it be pointed out here that in many places
assessment debt which is "the
staggering burden" under which
real
estate groans.
This assembly knows too well that it was this kind of
debt finally saddled on the general
taxpayer that broke the camel's back
in the last few years
And yet the tax load is not
lightened; it is merely
shifted to
H. B. HOUSSER & CO.
As
is
address
to draft
Members Toronto Stock
elsewhere
was
a
noted
in
followed by the
resolution
on
these
columns
appointment of
a
Mr.
Dykstra's
sub-committee
tax limitations.
Exchange
Royal Bank Building
TORONTO
f
those less able to pay.
Railroads Coming Out of Depression With New Repu¬
tation—Address by L. A. Downs, President Illinois
Central
System Before I. B. A.
Discussing "Modern Methods of Mass Production
,
as Ap¬
plied to Railroad Industry," L. A. Downs, President of the
3707
Proceedings
I. B. A. Convention
143
Volume
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man-hours in the production
billion passengermiles of transportation.
This transportation," he said, "is
cheap and widely used because it is mass transportation,
produced by mass production methods."
At the close of his
left and to win more business.
of railway men will never forget^
They had to revise the standards that had been built up over the years by
painstaking effort and get down to elementals. It was a job of re-education
that required a lot of new thinking and hard work.
How the situation was met is now a matter of record.
As I have in¬
dicated the improvements that were made in the service are well known.
Those who are acquainted with financial affairs know how greatly expenses
were reduced.
However, I doubt if many people other than working railway
men appreciate how much the refinement of mass production methods con¬
address he made the following comments:
tributed to the result.
Central System,
Illinois
are
one
of
our
Dec. 3 that "railroads
production industries, employ¬
stated
foremost mass
on
ing this year some 2K billion
roundly 300 billion ton-miles and 20
of
railroads
The
with a new reputation.
coming out of the depression
are
their service improvements are being
alert, progressive industry. The newest
Up and down and across the country
acclaimed
as
the achievements of an
figure of American
as a streamliner"—pays glowing
vitality which they have demonstrated under the
speech—"as modern
tribute to the vigor and
terrific stress of the hardest times
their methods of maintenance
public prestige
in
they have experienced in a century
They have come forward in service,
being.
of
they have come forward in
forward
I submit the record for your
and operation and they have come
and popular esteem.
judgment.
Mr.
his address, which was delivered before
Dowds, in
the Railroad Forum of
the Investment Bankers
noted that "the methods that are
Association,
used in the mass production
modernized, and
modern¬
ized," but he added, "relatively few people outside railway
circles have any occasion to know about the materials and
of rail
transportation are constantly being
the service output
on
or
used behind the scenes on the
to know how greatly mass
the railroad have been
production methods
modernized in recent years."
Pointing out that "the severity of this depression
effect
in the
on
rail transportation far
in its
eclipsed anything experienced
past," Mr. Downs continued in part:
By way of illustration,
years.
take the five major depressions of the last 80
From 1907 to 1909 the Illinois Central
suffered a 4% loss in annual
from 1893 to 1896 an 8% loss, from 1873 to 1878 a 20% loss,
and from 1857 to 1858 a 24% loss; but from 1929 to 1933 the loss was more
gross revenue,
Other railroads had about the same
than 50%.
record in this and past
Gross revenues of Class I railroads were 3 billion, 184 million
dollars less in 1933 than in 1929; the accumulated deficiency for the six
depressions.
years
For
1930-35 compared with 1929 was 15 billion, 262 million dollars.
many years prior to 1929 the railroads of the United States had
operated on a small margin of so-called profit,
and railway men had some
make them go as far as seemed possible.
However, the experience that had been gained in stretching dollars prior to
1929 was no adequate preparation for the terrific economies that had to be
made to meet the unprecedented decline in traffic and revenues which
experience in stretching dollars to
followed.
of
By 1933 the railroads had been set
back some 20 years in amount
of traffic.
They had 20th
annual revenue, some 30 years in volume
century needs
and a 19th century income.
made in operating expenses
the service; in fact,
It
Drastic reductions had to be
and they had to be made without impairing
while the expenses were being
reduced, the service had
improved to hold the business that was
was an
experience that our generation
Class I railroads made
amounting to 10 billion, 194 million
work that was put off
because it could be put put off without injury to the service.
We were able
to borrow on the future to this extent, but such work will have to be done,
as indeed some of it has already been done since 1933.
Other reductions
were made because there was less business on the railraod, requiring fewer
train-miles and less work on the track and in shops, yards and offices,
making it possible to close stations, abandon trackage.
Some part of these
reductions will become permanent economies, but most of them have been
disappearing in the last three years and will continue to disappear as business
gets better.
However, there were still other reductions in expenses that
were made possible by the development and increased use of new and im¬
proved materials, modern tools and better methods and by fundamental
changes in the art.
These are mostly permanent economies extending into
In the six years
an
1930-35 compared with 1929 the
aggregate reduction in expenses
dollars.
In
some
part
this reduction represents
the future.
of the industry is constantly being
tools and methods that are
railroad,
to be
The economies
of
track
effected through improvements in the way
and structure, the maintenance of
maintenance
equipment,
&c.,
were
dwelt upon by Mr. Downs, who
further said:
of the reasons why it
make a continuing reduction in the
unit cost of railway operation in the face of decreased volume of traffic.
In 1921 the operating cost of moving a ton of freight a 1,000 miles was
$10.78.
In 1929 it was $7.44.
With the decline in volume since 1929 it
might be expected that the unit cost would increase, but instead of that it
was further reduced to $6.63 in 1935.
Considering the permanent econo¬
mies which will continue into the future, the unit cost will certainly be
These developments
has been
in mass production are some
possible for the railroads to
further reduced with
increased volume.
that it is needless to say that opportunities for per¬
the railroad have not been exhausted.
Research is
It would seem to me
manent economies on
To illustrate: Draft gears and couplings are under
University. Rails are being tested
in the laboratory sustained by the railroads at the University of Illinois.
Rails are also being tested in the track by the use of detector cars which
locate hidden fissures within the rail.
Air conditioning is being studied co¬
going on all the time.
test in the
railroad laboratory at Purdue
determine how it may be improved. Each
of mater¬
ials and practices.
These efforts are further supplemented by the research
activities that are constantly being conducted by the manufacturers of the
tools and materials which the railraods use in such large quantities.
And
it should also be said that not all research work is done in laboratories.
Every railway man who goes about his job with an alert and questioning
mind is, in the best sense, a research worker, seeking new ways to improve
the service and cheapen the cost of producing it.
New materials, new
tools and new methods are being dveloped all the time.
operatively by the railroads to
railroad also has its own
research program going into all manner
3708
I. B. A. Convention
Canadian
Proceedings
Bonds
and
Dec.
■
1936
12,
Stocks
—Dealers and Brokers—
Members
Toronto Stock Exchange
Matthews & Company
80
King Street West
Toronto, Canada
Cables MATCO
Telephone Elgin 5191
,
Report of Railroad Securities Committee of I. B. A.—
Chairman
F.
R.
Dick
Finds
roads
Prospects
of Roads
"Immeasurably Improved" as to Earnings
and
Credit—Dangers
of
Unsound
Regulatory
Policies of Government Not Materially
Changed
The
immediate
point
of
view
of
prospects
of
earnings
that
sold
the
on
Bankers
America, the Chairman of which
Dick
&
that
is
Mer'e-Smith, New York.
Association
Fairman
Mr.
R.
of
dangers of unsound regulatory policies of the
do not seem to have changed materially, and
it may seem that the problems of
coopera¬
within the industry have not made much
progress."
is made
to
the
formation
two
years
as
be
to
It
sions
taking place and that at least
are
a
has
start
to increased traffic and increased
earnings has been so great
as to indicate
very strongly that there is no barrier to a
restoration of credit provided railroad traffic and
the
to
improve."
The railroad
If
the
of
as
such
The
certain
aspects
of
the
again
the
to
of
a
would
the
hopeless.
between
industry
great,
tbe
which
a
highly intricate machine.
upon
number
and
of
all
them,
the final
"Encyclopedia
continue
in
its
the
to
the
burden
result
Brittanica"
confine
opinion
important
seem
its
most
would
report
important
collapse
of
up
this
of the
worst
circles
reservoirs
industry.
stages
of
problem lies in the possibility that
may have
been so great as to
depression
Mr.
the
of
conservative
Eastman
may
no
investment
has phrased
this
money
danger
as
longer attract private capital."
depression
the
concensus
of
opinion
in
was
this
depression
and
all
other
depressions,
as
far
as
the
railroad
depressions receiverships took
these
receiverships,
however,
was
place.
The
that
they
general
were
character¬
confined
to
regard
receivership
in
not
limited
not
that
road
the
in
were,
from
that
issues
of
freedom
capital
legal
from
standpoint.
the
depression,
however,
collapse
developed
to
bonds
defaulted.
such
of
in
loss
years
of
prior
depres¬
stockholders
in
was
the
In
equally satisfac¬
nineties
high
a
continued
to
during the
comparatively,
even
all during
pay
market
prices
of
worst
where
in
quite dif¬
important
many
of
five-fold increases
or
been
record has
important systems fell actually,
depression earnings of 40, 50, even 60
below
operating efficiency.
the
point
a
Earnings
in spite of four-
ago,
in
and
railroad
early
par,
above
sold
highest
receivership.
approval
In
structures
strong roads
stocks
many
the
of
of underlying
the
trustees.
underlying bonds; the record
comparative
nineties
matter of fact, the only type of
'
a
the
conservative
a
and
as
privilege.
noted
to
with
and
the
Investors in
type
for
reasons
of
regardless
best
the
to
present
The
all
merely
and
Dividends
practically
in
the
passed,
were
all
railroad
of
volume
even
stocks
business
the best roadB,
on
fell
to
microscopic
figures.
Whereas
the
depression
from
and
of
this
Even
"resiliency
a
of
the
of
whole
investor
confidence"
serious
nature
to
railroad
future
what
credit
might
general,
increased
traffic
of credit
and
difficult
was
be
termed
the
During
earnings
the
response
has
barrier to
no
most
industry, at
The effect
lacking.
increased
that there is
present
the
to
the
rail¬
on
the
have changed.
to
in
was,
speculators,
of
as
as
its effect
to
seemed
evidence
ago
of
most
character
changed situation
to indicate very strongly
as
is
losses
chastening
standpoint,
year
security prices to
it
in
the
to
therefore, in
however, and especially during the last six months, the
year,
great
the nineties,
The
investment
influence
predict.
of
resulted
investors.
an
of
limited
was
has
conservative
last
depression
investors,
least
been
so
restoration
a
provided railroad traffic and eanings continue to improve.
While
true that conservative investors
interested
diate
in
what
future, there
confidence has
barrier
In
to
will
been
not
broad
a
the previous
look beyond the present and are more
the next depression than in the imme¬
happen in
ample ground for hope that the shock to investor
seems
so
great
recovery
constitute
to
as
of credit in
the
the Railroad
reports of
in
itself
railroad
Committee
impassable
an
industry.
the
trend
earnings of the carriers was pointed out, and the effect
improvement on security prices analyzed).
This improvement has,
of course, not been
uniform, and during certain periods in the last two
years gains have been interrupted by declines, giving rise to the
fear that
in
traffic
improving
and
the
the
might be limited
recovery
the
a
its
temporary
has
of
report
stated
months
this
for
in
opinion
to
net
fear
in
two
main
last
May,
and
that
reasons
improvement
that
at
the
Traffic
this
in
in
many
in
net
this.
upward.
move
railroads
maintenance
for
the
discussed
was
committee
your
strongly corroborated by the facts.
the
earnings, and
increases
in
possibility
a
and
merely
last six
major
a
has been
gain,
deferred
up
Such
scope.
opinion that the hesitation
maintenance have been
The
making
in
committee
your
recession
continued
increases
During
continued
spite of
the
fact
to
report large
that expenditures
sharply increased.
cases
would
was
In
have
be prevented
by
the necessity of
clearly not warranted.
the
was
first
place,
There
were
undermaintenance
was
undoubtedly overestimated, at least on important mileage.
Pessimistic
analyses based on money expenditures failed to take into consideration
MUNICIPAL
the
REAL ESTATE
great
improvement
that
had
taken
place in
In
the
second
the fact was overlooked that increases in gross earnings do not
merely increase net proportionately, as would be the case if there were no
change in cost ratios.
Stating this in another way, the increase in the
of
cost
low
all
operation
required
in
percentage of the increase
Class
I
19.3%
or
operating
increase
transporting
in
McDonald, Moore & Hayes, Inc.
Rapids
increased
an
volume
is
a
very
In
August, 1936, for example,
roads, with an increase in operating revenues of $56,595,000,
over
August, 1935, increased their expenses other than taxes,
rents
in
and
revenues.
revenues.
maintenance
(Special
$12,362,000,
only
credits
to
charges under the Railroad Retirement Act
Grand
methods.
place,
CORPORATION
cases
<
years
in
Detroit
many
first mortgage
the
of
Such bonds
in
depression
the
protected
banks
enjoying such
further
be
depression,
time
MICHIGAN SECURITIES
savings
least
ferent.
of
concerned.
was
in
controlling
railroads
roads,
a
to
and
example, with
way,
fully
were
for
During the
to
as
probably that a real restoration of credit was
This hopelessness was in large part due to the radical difference
former
#of
too
as
therefore, will
situation
is
report
another
the
bonds
at
road
time.
opening
the
to
substantial
be
unreadable
possibility that "the industry
During
In
and
the railroad
investment
istic
report
a
endeavored
upon
these aspects of the railroad
financial
prevent
even
Committee,
the present
One
the
or
confusing
whole.
at
Committee
involved,
making
be
industry in the United States
Railroad
matters
In full, the report follows:
the
did
years.
earnings
continue
bonds
proportion of the stock
been
place the industry upon a sounder basis."
Accord¬
ing to the report, during the last year, and especially dur¬
ing the last six months, "the response of security prices
the
to loss
was
tory,
The report states that the
committee is convinced that "fundamental changes of view¬
point
limited
were
receivership,
for
case,
of
should
strong
really wasteful."
made to
in
of/ the century railroad bonds
Association of American Railroads, one of the
purposes of
which "is to eliminate such
competitive practices as are
shown
to
Defaults, however,
limited to junior type bond issues.
one
corporate
of the
ago
the
during
suitable
was
the surface
Reference
during
even
was
matter
immunity
bonds
"the
tion
defaults
and
outstanding at conservative amounts.
Pacific
railroad
bonds
reports
government
on
the
were
of
This
Dick, of
Dick further
This
par.
Stating
type
Investment
structures,
in excessive amounts.
nineties.
defaults
the
issues
interest,
pay
Northern
improved," according to the report of the Railroad Securi¬
of
to
above
capital
outstanding
the
to
continued
ties
Committee
top-havy
were
extend
not
the railroads, "from the
credit, have immeasurably
and
with
l»onds
Immediate
expenses
21.8%
or
due
to
excluded.)
are
of
the
reversal
This
figure
of
of
about
21% has been fairly uniform for the period from May, 1936, through
of August, 1936.
Your committee, therefore, has been confirmed
judgment stated) in prior reports, that increased gross revenues would
result in a far larger
proportionate increase in net.
the
month
in
its
In
regard,
committee
however, to the credit
was
in
the past
more
effect
uncertain.
last
May the improvement in credit of
but
at
the
same
time
the
failure
of
our
bonds
of
these
For
increases
example,
in
stronger systems
of
railroads
in
in
net
your
the report of
was
mentioned
receivership to
Volume
3709
Proceedings
I. B. A. Convention
143
CANADIAN INVESTMENT SECURITIES
r
■
BELL, GOUINLOCK & CO.
LIMITED
25 KING
MONTREAL
STREET WEST
TORONTO,
TELEPHONE:
pointed out, as well as the possibility that the failure of
in their recurities might be evidence of a less satisfactory
trend for railroad credit than might seem to be apparent at first glance.
Since last May, however, there has likewise been a substantial recovery
in the bonds of receivership roads, and while at the present time progress
respond
was
market
recovery
earning power has
in
be
can
expected
reorganizations
in
may
probably not reached the point where reorganizations
the immediate future, nevertheless the time when
be effected seems to be rapidly
been great, but the rate of
has the improvement
only
approaching.
Not
improvement seems
merely limited to a general
price increase in low-priced issues, it extends to the restoration of con¬
servative
investor confidence
in bonds formerly considered
speculative.
Pox example, when railroad bonds formerly considered speculative rise in
price and continue to attract investment money at yields of less than 4%%,
a
high degree of recovery in conservative investor confidence is indicated,
and not merely a market move brought about by speculators, in line with
the general advance in all securities.
On the whole, therefore, the fears
previously expressed that the shock to investor confidence had been so
be
to
increasing.
constitute a barrier to a sound restoration of credit, would
been completely eliminated by the evidence furnished by the
the last six months.
immediate prospects of the railroads, therefore, from the point of
great
to
as
to have
seem
The
of
view
railroad security prices for
of
action
of
The evidence here is not
earnings
unsound
and
regulatory
credit, have immeasurably improved.
The
policies of the government do not seem
dangers
to have
materially, and on the surface it may seem that the problems
of cooperation within the industry have not made much progress.
With
reference to the question of internal cooperation, it must be remembered
changed
management of our railroads
the
that
earned
have
their positions
lies in the hands of executives who
by producing low-cost mass transportation
under
Now that the industry as a whole is threat¬
ened by the intensity of this competitive effort that insured success in
the past, these same executives are forced by circumstances to turn their
attention
to
the elimination
of unsound elements in the competitive
struggle.
It was to assist in bringing this abount that two years ago the
Association of American Railroads was formed.
One of the purposes of
this organization is to eliminate such competitive practices as are shown
to be really wasteful, some of which have in the past, from the viewpoint
of a single railroad, proven satisfactory, but which today are demonstrably
harmful to the industry as a whole.
The development of this new and
broader viewpoint and its conversion into tangible cooperation cannot be
accomplished overnight.
If one looks from the outside at the progress
which has been made, it may be difficult to see any evidence of important
changes.
On the other hand, your committee is convinced that these
fundamental changes of viewpoint are taking place and that at least a
start has been
made to place the industry upon a sounder basis.
Many
investors have expressed dissatisfaction with the progress that haB so far
been made, and such dissatisfaction is probably healthy and tends towards
further progress.
On the other hand, any feeling of hopelessness would
Beem
to be clearly unjustified.
It is true that if one confines one's view¬
point to looking ahead and observing the distance of the objectives to be
gained, the aspect is gloomy.
On the' other hand, if one looks backward
even
two years, a great change in the relationships in the industry can
be
seen.
Discussions affecting vital interests are frank; problems are
highly competitive conditions.
analyzed objectively and intensely conflicting views in
and policies are debated calmly and sympathetically.
Under the leadership of Mr. Pelley the organization
and
by degrees
province of any
is taking hold1 of
regard to methods
is being built up
WINNIPEG
CANADA
ELGIN
2236
little progresB
although mention
trucks, which is, of course, at least
a
step in the right direction.
On the unfavorable side, however, is the
der ision of the Commission limiting the continuance of the present freight
surcharges to Jan. 1, 1937.
These surcharges are estimated to be pro¬
ducing over $100,000,000 annually in revenues for the carriers.
However,
ycur
committee may perhaps be somewhat overly pessimistic on this
point, as the Commission has invited the carriers to file rates on indi¬
vidual commodities which may permit the carriers to retain a substantial
proportion of the revenues now received under the surcharge provisions.
Until the present proceedings are concluded, therefore, the definite policy
of the Commission in regard to rates at this time cannot be ascertained;
and it is to be hoped that the dramatic increases in traffic that are taking
place will bring to an end any fears that the present rate structure is a
agencies
has
of
been
Up to the present time but
transportation.
made in
to this phase of the industry,
regard
be made of the bill
must
to regulate
As a matter of fact, in the rate
it was demonstrated that the increases
in
traffic on the group
of commodities to which the surcharges were
applied was somewhat greater than in the commodities which were free of
barrier
of
movement
the
to
freight.
hearings in regard to the surcharges
the
surcharges.
The
without
rates.
of
importance
review
a
In
1922,
of
for
present decision cannot be fully appreciated
decisions of the Commission in regard to
example, during a period of depression, rates were
the
previous
admittedly inadequate, based on the
increased volume would bring about an adequate net.
prophecies and hopes of the Commission were not fulfilled, but in
1926, increases in the Western District were refused on the basis that there
was
no
emergency.
This absence of emergency was given as the reason
for refusing other increases in later proceedings and, in fact, justifying
decreases, up until the spring of 1931.
Later in that year, the emergency
reduced, even though the earnings were
expectation
that an
Thi
CANADIAN
BONDS
Government
problems that formerly fell outside the
single road and were either neglected or else referred to
individual roads largely absorbed in individual
committees of men from the
problems.
Those who feel like criticizing the time taken in
bringing about these fundamental changes in the handling of" the problems
o* the industry probably fail to realize the inherent inertia in organizations
Municipal
operating
When Henry Fordi, for example, was
in a small shop it was a matter of no
great moment to change his model and, if the change did not succeed,
to try again.
When, however, the Ford business grew to its present size,
changes became much more difficult.
As a matter of fact, when the
Ford Motor Co. changed from the Model "T" in the spring of 1927 its
as
large
as
making only
the
a
railroad industry.
down completely for a period of five months.
The
changing their methods to meet the new demands
industry, cannot close down.
This difficulty of change Inherent in
plants were closed
railroads, however,
of
the
in
large organizations can
be considered, in a way, as the necessary price to
for the economies of mass production.
the whole, therefore, distinct progress has been made
pay
On
in the past
along the lines of better cooperation within the industry, and the
apparent lack of progress is due more to the difficulties involved than to a
lack of energy or realization of the importance of the problem.
year
Space does not permit a detailed1 discussion
of American Railroads in
regard
Association
but
a
brief
brought
reference must
be made in
merce
over
to the railroad industry,
regard to the changes that must
about in connection
Commission,
but
of government as a whole exercised
labor costs, taxes and competition with other
the powers
the railroads in regard to
MILLS, SPENGE & CO., LIMITED
25 KING STREET WEST
TORONTO
of the problems facing the
with regulation if the industry is again
to be placed upon a sound financial foundation.
By regulation is meant
not merely the complete power over rates exercised by the Interstate Com¬
be
Corporation
few automobiles
MONTREAL
HAMILTON
WINNIPEG
3710
I. B. A. Convention
Proceedings
Canadian
Dec. 12, m6
Securities
McLeod,Younc,Weir & Co.
LIMITED
Metropolitan Building, Toronto
MONTREAL
too
was
t>
obvious
advance
to
rates
be
denied;
that
at
but the general
time
application of the railroads
refused
was
OTTAWA
the
on
emergency was
then
$5,000,000
per
month
1933,
granted, the proceeds to be pooled under
were
Distributing
of
the
rates
that
Plan.")
have
seen
will;
the
all
these
regard
traffic
then
that
the
amounting to about
periods
in
but
such
was
such
been
to rates
phase of the economic cycle—depression,
depression and improvement.
During
the undesirability of rate advances
or
even
road
by the Commission.
If the same policy
applied during the present improvement in
be
to
business
conditions,
the prospect
of the railroads
ever
funds
not
result
funds
least
in
and
the
lower
and
lower
at
sometime
and thus
the
industry,
financial
adequate
collapse that
all
have
reserves
has
While your committee is
action
proper
is
depression,
supply
of
and
the present
private
quarters the view
capital
those
who
hold
this
better
run
the underlying fact
place in
and
if the industry is to
adequate
earn
that
answer
is
the
future,
as
interest
railroacfe
held that
taken prior
then
indeed
limit
debt
many
cases
plans
the
looks
and
thus
maintain
provision is
limited! amounts,
for
interest
standard
proposals
bulk
in
of
of
set
for
In
standards
effective
up
in
75% of improvements.
as
the
railroads put
financing
be
in
into
the future
to
constitute
are
must
issued
to
be
come
except
a
in
An
effect in the
for the reorganized roads such
as
provisions
reorganization.
issue bonds
in reorganization.
because bonds cannot
set
a
complete
almost
from
for
stocks
it
In
un¬
period from
large percentage
abandonment
not
of
in present
is obvious
and
to
that
from
the
bonds,
very small percentage of the
required without violating the standard set and! again
increasing
the debt beyond the ratio determined to be safe.
Stringent limitation on
increases in debt will
automatically close the door to all but a small
amount of savings bank and life insurance
company money, as these institu¬
new
tions cannot
in
a
money
payments
which
buy bonds where the payment of interest is
during depressions
they invest.
are
an
the
in
more
to
past,
however,
of
the
attract
There
failure
a
attractive
provide
the
in
and
to
life
would
private
for
necessary
supply of
necessary
result in government ownership.
stabilization
the
your committee
industry
money
that
so
from
does not believe.
will
it
conservative
again
in
investors
at
is
nothing in the whole problem that would
accomplishment, and, as the necessity for this stabiliza¬
clearly seen, there is every hope that adequate measures will
bring it about.
an
not fixed.
essential characteristic of
Views Surtax
and
DICK, Chairman.
any
Interest
security
The
of I. B. A.
Undistributed Profits Uneconomic
Headed by S. J. Wein¬
on
Unsound—Committee
berg Points
the
improvement
If the standards set up
maintained,
Such
banks
speculators
to
Necessity for Sound Sinking Funds
in All Industrial Bond Issues
some
practically all the drastic
no
to
reorganization
future
In
are
as
charges
up
the
there
made
1923 to 1930 might mean
the
maintained.
much
as
policy, therefore, such
increase
are
by
FAIRMAN R.
to the next
future
dark.
the industry upon
proposed
now
savings
Report of Industrial Securities Committee
scaling of debt to microscopic
a stock basis, is necessary;
a
by
supplied
revenues,
apparently fail to take into consideration
the fact that the
scaling of debt to microscopic proportions is of no value
reorganization
is
taken
money
the next depression,
view
unless such extreme standards
be
additions.
be the outcome,
rates.
such
prevent
supplied
money
high-cast
at
this depression.
not
are
will
The
possibility of restoring credit
to place the industry upon a sound
repeated,
and
low
to the
measures
the
is apparently
amounts, and the placing of
but
as
long
to avoid, in
as
collapse is
to
the
in
necessary
permitted to
so
taken
foundation, nevertheless if these
is
obscured
taken
hopeful
that
rates
the railroads -must be
build up
provided
axiom
healthy condition,
a
low-cost
to
for improvement would
That this
tion
the
service
the
in
rendering the industry sufficiently
insure an adequate supply of money to
capital to
affecting
better
from
companies
improvements
emphasized
is
general
a
level of earnings very much
higher
the past, and it is to be doubted whether
would be approved by either the public or governmental
Without this approval the proposed shift of the supply of rail¬
insurance
every
necessitate
earnings
has
change in the policy of preventing the railroads charging
an
adequate net.
From 1922 to date, therefore, we
decline,
will
considered necessary in
authority.
in
are sufficiently high to compensate for the losses
Theoretically, sufficiently high dividends may be possible,
dividends
than
Sept.
to
gone through the pit
but in spite of this there
prosperity,
HAMILTON
prosperity
30,
1932,
being permitted to charge rates that will produce adequate revenues would
seem
to
be
remote.
Unfortunately the present competitive influences
remain
of
depressions.
"The Marshaling and
1,
earn
has
and
the country
emerging from it,
now
past economic phases,
stabilization
in
Since
railroads
improvement,
(Temporary increases
great.
during the period from Jan.
depression and is
to be little
seems
too
grounds
LONDON *
closing of the door to the low-cost savings bank and life insurance
company money, therefore, means that the railroads must
appeal to the
speculator, who will be willing to supply funds only if the returns
dbring
P81 "That
investment
bankers
must
not
relax
in
their
in¬
sistence upon sound sinking funds in all industrial bond issues
in spite of the fact that
issuing companies undoubtedly will
be
more
strongly opposed than ever before to these, because
of the weight of the undistributed
profits tax," is emphasized
in the report of the Industrial Securities Committee of the
Investment Bankers Association of America
the annual convention of the Association at
on
Dec. 3 by the Chairman of The
Weinberg, of Goldman,
presented at
Augusta, Ga.
Committee, Sidney J.
Sachs & Co.
On this point the
report said:
In the report of this committee submitted to the
1935
need for adequate sinking funds in industrial bond issues
some
length.
Convention, the
was
discussed at
Judging from the issues of this year, companies putting out
industrial bonds and the investment bankers selling them
are
for the most
part in agreement with the principles set forth there.
However, a new
problem in connection with sinking funds has been created since those
principles were laid down by the passage by Congress of the undistributed
profits tax.
The length and
scope*of
discussion of this legislation.
the surtax
do not permit a detailed
undistributed profits in its present form is uneconomic and
And in the particular field of sinking
funds, if the Act continues
unsound.
in force
our report
Suffice it to say that this Committee believes
on
drawn, it will doubtless make issuing companies far more
reluctant than they have ever been before to
put out bonds carrying suffi¬
as
now
ciently strong requirements for the annual retirement of debt.
this
difficulty which the Revenue Act of 1936
produce, investment bankers
may
In view of
be counted upon to
urged to be more than ever insistent upon
the inclusion of soundly drawn
sinking fund provisions in industrial bond
indentures.
>
W
After all,
are
while the undistributed profits tax in its present
form may well prove to be
"
H. V. SATTLEY & COMPANY
Incorporated
only a temporary difficulty, the need for provid¬
ing for periodic and substantial reductions in funded debt is permanent.
The report gives a
summary of certain of the more per¬
tinent
figures in connection with corporate capital flotations
during the first nine months of 1936 and comment on what
appear to be the three main trends of the year in the in¬
dustrial field is made.
These trends
are:
First, the continued preponderance of refunding in relation to the total
of industrial
Michigan Municipal
Bonds
financing'done;
Second, the expansion in
of continued
new money
issues relative to 1935, the likelihood
expansion in the
new money field and the large number of
successful small issues, particularly those floated in sections of the
country
removed from the main capital centers;
and,
Third, the importance of convertible and
warrant
bearing issues in the
industrial financing of the year.
The last feature of the
year
1936 is the main topic of the
first discussed the reasons
which have made this an easy year in which to finance
by
the use of convertible and warrant
bearing issues.
Second,
there are pointed out a number of circumstances in which the
principle of financing with such issues is well applied by industrail companies.
Next, the report goes into certain general
report.
915 Hammond
Building
DETROIT
Cherry 6363
Under this heading
are
considerations in connection with convertible and warrant
bearing issues, namely the dual nature of such securities and
Volume
A. Convention
143
3711
I.
B.
Proceedings
Company Limited
Gairdner &
Canadian Government,
Municipal & Corporation
Securities
320
J. A. Gairdner
O. A. Doherty
J. P.
Crysdale
A. G. Walwyn
Montreal, Quebec
the danger that they may be used as a substitute for adequate
security in a fixed income bearing issue.
The final part of
the discussion of privileged senior issues is a treatment of
the technical features of such issues, namely step-up and
dilution
and
The report investigates the pros
provisions.
provisions
and points out the weaknesses and strengths of each in turn
without attempting to indicate that any one method is
generally preferable to another.
In addition to the above extracts the report had the
of certain of the more commonly used of these
following to say:
The most significant feature of the past
has been the remarkable increase
in the field of
industrial
in the number and in the dollar amount
offered to the public.
of new issues
year
corporate securities as a whole,
securities, as indeed in the broader area of
first nine months of
Total corporate flotations during the
1936 have amounted to $3,360,627,730, according to
This is the largest
volume of new offerings since 1930 and is over twice the amount floated
for the corresponding period in 1935.
New industrial issues have kept pace
with corporate offering as a whole and, as was the case last year, amount
to over 30% of the total.
Of the $1,013,892,626 of industrial financing
undertaken through public channels, about 78% has been in the form of
the figures of
the "Commercial and Financial Chronicle."
bonds and notes, about 12% in preferred
stocks.
Approximately
dustrial
companies
30%
has been
stocks and about 10% in common
by public offerings of in¬
capital and the balance has
of funds raised
used for
new
When
20% for 1935, this showing
encouraging increase in the percentage of new capital
been for the purpose of
refunding outstanding debt or preferred stock.
compared with the figure for new money issues of
indicates
a
very
refunding
operations have continued to hold the chief interest of the financial com¬
munity.
This is a natural result of the continued ease in interest rates and
the pressure exerted upon such rates by the large reservoirs of credit which
are still seeking employment.
Refinancing at lower interest charges has
quoted show quite plainly that in the industrial field
augmented this year by improvement in earnings, which is
been further
With industrial returns showing higher
interest or dividend coverage all along the line, the group of companies
whose investment position warrants refunding at lower rates continues to
taking place generally in industry.
corporations able to
refinance can keep pace with today's great demand for new securities is
somewhat questionable.
The supply of refundable bonds with excellent
credit ratings has been greatly reduced, and now a tendency for refunding
securities of lower rating appears to be growing stronger.
In a period of
extremely low interest rates like the present, a danger exists that yields on
the highest grade investments may become so unattractive to a large
portion of the market as to create a synthetic interest in securities promising
higher yields but lacking investment merit.
Accordingly, it must be
emphasized that today is a time when this danger must be guarded against
more than ever by using the greatest care to maintain sound investment
But whether the increase in the number of
expand.
standards.
year's growth of new money issues in the industrial
This
perhaps more to our business in the long run than
of refunding.
by the existence of
more
occasioned
extremely favorable circumstances in the money market,
case
leaders
who
with
raise new
aware
their plans.
With
of
opportunities
every
companies have perfectly free access to
of the investment banking
sufficient quantity to
which
are
considered
capital markets through the medium
supply their needs can be found
our
that capital in
outside of the cities
organization of today but also
principal money markets.
financing is the increased
In the first nine months
and about 75% of all the
industrial preferred stocks publicly offered were either convertible or carried
stock purchase warrants.
In the light of present day interest rates and
stock market conditions, it seems probable that a large number of issues
of this type will continue to be sold.
Privileged senior issues, as we shall
refer to this class of securities, are in many cases especially attractive from
of the year's industrial
A third development
use
of convertible and warrant
of the year
the investor, and furthermore, they are
the point of view of
most
satisfactory type of issue from the point
tion.
With growth in the use of
the immediate future,
in
bearing securities.
about 24% of all the industrial bonds
are
several reasons for the frequency
issues have been offered this year.
fit in so conveniently
many
to
with the refinancing programs now
a
argument for
strong
outstanding as well as the
be ac¬
preferred stock into common
of senior capital
The possibility that this reduction may
charges upon it.
is
that they
being undertaken
Linked to this is the desire of many manage¬
possible.
reduce the amount
complished by ultimate conversion of debt or
stock
with which privileged senior
One of the strongest of these is
Addition of the conversion or warrant feature permits
the sale of a lower interest or dividend rate security than
would otherwise be
ments
convertible and
companies.
in most instances
fixed
securities of this type likely to continue
discussion of certain aspects of
bearing issues may be timely in this report,
warrant
by
frequently the
of view of the issuing corpora¬
this type of security,
particularly with
capital a severe burden during the
worst of the depression.
That privileged senior issues are being used chiefly
in refinancing programs
of one sort or another is shown by the fact
that more than 90% of the proceeds of such industrial securities for the
first nine months this year have been applied to the retirement of outstand¬
companies
which found their prior
ing obligations or
preferred stocks as against, but 70% of
all industrial
A third basis for the current
popularity of financing with privileged senior issues is the general interest
of the investing public in common stocks.
The great improvement in
corporate earnings which has been taking place during the past year com¬
bined with the prospects for continued betterment in the investment
standings of many companies makes especially attractive at the present
time securities which offer the purchaser not only a senior position in the
proceeds used for that purpose.
security
capitalization
Without
but
doubt,
also
the appreciation possibilities of common stock.
the frequency with which securities
another reason for
i
Municipal
Bonds
In
by enterprises of
It is appearing more and more
public
growing faith in the ability of such companies to earn worthwhile
capital and that possibilities for raising money by the
sale of common stock are increasing.
Willingness
on
the part of smaller
companies to risk new money and on the part of individuals to undertake
It is to
capital ventures usually signifies the return of better times.
them rather
than to
our
large industrial corporations, well-fortified with
cash even after the depression, that we must
look for the initial
moves
Shannon, Kenower & Company; Inc.
in
PENOBSCOT
BUILDING
raising capital from outside sources.
There is another reason why the number of
successful issues in common
stock this year by small companies deserves comment.
the feeling that our present investment
It has been held
by
some
RANDOLPH 3262
been making itself evident.
that the "little fellow" who requires permanent
financing is unable to find investment bankers who will help him.
that we perform our function principally for the benefit of the
DETROIT, MICHIGAN
In certain quarters
banking structure does not meet
the needs of very small corporations has recently
say
$1,000,000 in
such common stock issues were
offered or underwritten by investment houses outside of New York, Chicago,
Philadelphia or Boston.
There have also been a substantial number of
small bond issues, many of which have been floated outside of the big
financial centers.
From these facts it should be clear that not only do small
These have met with satisfactory
small size should be noted.
returns on additional
new
months of 1936
be called small; that is, less than
Thirty-one per cent of the number of
size.
quarter showing more satisfactory
certain from the results of these small offerings that the investment
a
of the type that can
public or
bankers during the first nine
Evidently
have been so
opportunities of this sort will inevitably increase.
reception from the public in most instances.
has
either sold to the
were
underwritten by investment
of new money that they have pro¬
this connection the number of new common stock issues
or
they have been
industrial common stock
offered to stockholders and
past year indicates that
None¬
As in the
capital is a natural
outlook for business generally.
are
certain of the successful employment
corporate results,
of the
funds has been gaining
although caution still restrains many, there exists a considerable group of
medium
issues which
were
demand a
too small to
in industrial earnings, along with the expansion
in volume of trade and the hopeful
where
are
Approximately 71% of the number of
issues have nearly trebled in the past year.
of refundings, the growth in flotations to
businesses
that
and the record
so.
adversely affect the demand for new capital.
new money
result of the improvement
ceeded
doing
It is true that there still exist numerous factors of
rapidly.
uncertainty which
theless,
field means
the continued importance
Despite the tremendous increase in refinancing
the volume of securities offered to raise additional
even
of companies
criticism.
ready and willing to serve the
vestment dealers the country over are
securities
Local in¬
needs
national market for their
The facts do not support such
large corporations.
There
financing.
The figures
W.
360 St. James St.
G. P. Watt
cons
Bay Street
Toronto, Ontario
Critics
country's
1
3712
I. B. A. Convention
Proceedings
Dec.
12,
1936
Balcer, Simonds &Go.
Members Detroit Stock Exchange
Established 1920
Underwriters and Distributors
Buhl
Building
DETROIT
of the privileged type have been offered is the fact that in
institutional
of
market like the present one, impressive agency ratings are
highly important
be
for the success of
high
enough
straight senior issues.
rating
make
to
their straight
institutions, it has been necessary to add
option to convert into
buy
or
investors could be aroused.
this
form
of financing
straight sale of
'
And
the other hand in
on
readily
most
market like
a
companies
than
be
under which
he may
common
first
are
also
a
when
a
common
warrant
stock.
bearing privileges
were
frequently
frank substitute for adequate security.
as a
During
depression such issues naturally did not fare well and the reputation of
privileged securities as a whole suffered—whether justifiably or not.
The
the
a
well be entitled to expect
bond
a
would sell debentures
or
far
Two
quite satisfactory.
today
a
The
privileges has been
This Committee is gratified that investment bankers
apparently applying real
are
such securities*
measures
of quality
to the issuance of
It is only by the maintenance of tried and tested standards
of sound investment
preferred stock to
As
be judged at this time the investment calibre of the
great majority
as can
of this year's issues which carry conversion or warrant
or
this Committee believes it desirable to add
company
preferred stock and he will appreciate that in part he has
convertible and
attached to senior issues
number of
stock privilege to fixed income securities will be mentioned.
occurs
In the past,
practice of the past two years seems decidedly changed in this respect.
buyer there
preferred stock of this type in return for the investment of his money.
of these situations in which
or
identified his interests with those of the
an
today's
would
stock.
If he clearly understands this circumstance, he will not
surprised if the price of his security fluctuates somewhat more than
common
straight bonds
a
salable to
stock.
From the point of view of the security
circumstances
securities
inducement in the form of
an
common stock before the interest of individual
is cheaper for
common
an
Where companies do not have
banking practice in the consideration of issues of this
be placed behind a substantial amount of prior debt in the
capital structure.
The principle of convertibility or stock purchase warrants is
particularly
class that we shall be able to place
applicable to such issues.
that
return and yet
have but
compensation for
this
this
Committee, to
pany,
Junior securities in this position
a
secondary claim
on the assets and
secondary position they
are
entitled,
are
it
seems
to
opportunity to share in the prosperity of the com¬
can best be given them by the addition of a
an
stock feature.
income securities sold
The second situation
by companies which
occurs
in
the
case
of fixed
engaged in relatively
are
carious businesses, or are doing rather
poorly at the time of offering.
pre¬
Here
the risks generally make a straight senior issue
appear unattractive.
Yet
the man who is willing to advance money in this kind of a situation'is
entitled
to a senior position for his
security.
In order that he may be
adequately compensated for the risk, he is also entitled to some of the
appreciation possibilities of the
to
be.
stock, whatever those
may prove
problems created by this situation.
Beyond remarking
senior
common
Better than any other type of security the
privileged senior issue
meets the
issues in
upon
these two instances,
to discuss the proper
application to
it is not
a
tiie
of offering
privileged
intention of this report
company's financing program of the
principle underlying convertible and warrant bearing securities.
That is a
matter for determination by the individual investment banker and the
company
of
a
he
The decision will, of course, be based upon the needs
serves.
particular situation.
tioned here.
that neither issuing companies
nor the
One is the fact that the sale of
always involves
a
potential dilution
of
the
is the fact that the purchaser of a
distinct
There is
senior
an
things.
There is
a
the
stock.
Investment
security
by itself.
What the investment banker should
be at pains to make perfectly clear is the fact
an
senior
separate
the call on the equity which goes with the
Precise distinction between the value attributable to each
of these two components is impossible.
receives
pays for two
added value for
security.
equity interest
as
that
part of his purchase.
or warrant
bearing securities involves certain
are
sufficiently important to be worthy of attention here.
treatment of the so-called
These
are
the
"step-up" and "dilution" provisions of privileged
'
bond and preferred stock issues.
The great majority of the privileged senior issues sold
during this year
have contained provisions for
successively stepping up the price at which
the privilege may be exercised.
types.
In
price
These step-up provisions are of two general
the conversion
the
upon
warrant
price is made higher at the end
In the other,
periods of time.
depends
converted
vast
one
upward revision of the exercise
or
extent
to
which
the
issue
has
previously
the warrants exercised and the senior
security retired.
or
majority of the bonds and preferred stocks offered in the
with
either
have
been
convertible
scheduled
warrant
or
take
to
been
In the
recent past
features, changes in the exercise price
place
periodically.
But
there
have
been
the investor than the kind of
privilege in which the exercise price changes
are
they are men¬
privileged senior security
a
common
security of this type
value for
The issuance of convertible
more technical considerations than those discussed so
far.
Two of these
technical aspects, which are handled in several different and
disputed ways,
perhaps
We
reason
bankers, in the opinion of this Committee, should make clear to issuing
companies the full significance of this fact in all its ramifications.
The other
and
are
investing public are
Suffice it to recall to mind here two characteristics
necessarily well acquainted with them and for that
the issuance of second and
scattered instances of securities containing
step-up provisions which make
the changes in the exercise price
depend on the volume of the issue retired.
This second type of step-up provision is
of issues of the privileged type that are familiar to all of us.
prone to forget
of necessity
bearing a common stock privilege is not a
business, provided that the risks involved in their purchase
understood by the investment banker and
fully disclosed to the public.
of stated
the general desirability
certain circumstances
grade senior securities
proper part of our
which opportunity
common
under
third
As
earnings.
them on a higher plane in the minds of
investing public than they have hitherto enjoyed.
This is not to say
the
limited in
the buyer in a
Since
a
sense
part of the price
he has paid goes for the common stock
feature, the owner of a privileged
senior issue must expect his
security to exhibit some of the characteristics
probably less well understood by
periodically.
Step-up provisions based
to force conversion
on
the conversion
or
warrant
of a stated amount
volume have the effect of tending
exercise of the warrants because of the
or
among holders of such securities to take
competition
advantage of their privilege before
price is advanced by reason of the retirement
of the issue.
Since the extent of such exercise is not
usually published,
the investor cannot tell when the price at which his
option is exercisable is going to change except
through communication with
the company in the case of a stock or
with the trustee in the case of a bond
or
with his investment dealer.
investors
will
This
means
have to rely upon their
that in most parts of the country
dealers for
this
vital
information.
Therefore, it is especially the duty of dealers to keep themselves informed
as to the status of
any such privilege by correspondence with the particular
company
trustee
or
as
the
case
be,
may
and in
turn
keep their clients
informed.
From the issuing company's
point of view the advantage of a step-up
provision based on volume is that the
company is able to know in advance the
number of shares
of stock that will be required for
complete exercise of
From the investor's standpoint a privilege of this sort also
the privilege.
has
certain degree of
advantage in that if the privileged securities are
issued shortly before a
prolonged depression or before any adverse occurrence
in the affairs of the
company, the favorable lower exercise price is not
a
eliminated
Municipal and Corporation
before
option
become of value again.
a
can
security set
issue retired
the
company
up so that
has
a
chance
to
However, it
recover
and
before
the
must be remembered that
the exercise price depends on the volume of the
never advance as
materially in price as can one containing
periodic step-ups because dealers and professional investors who
follow such
Bonds
issues
can
closely will hasten
profitable to
to
exercise
the
privilege
do so, thereby shortly bringing about
as
a
soon
as
it
becomes
rise in the conversion
or warrant
price. On the other hand the statistical position of such securities
is, of course, improved every time the exercise
price goes up by reason of
the lesser amount
is far less
outstanding.
Nonetheless, since this type of provision
clearly understood by the investor and since it is possible that the
uninformed may be penalized by their
ignorance of the conditions which
determine the exercise price, this Committee believes
that the sponsoring
bankers
CROUSE 6 COMPANY
1800
dealers
as
STOCK EXCHANGE
who
particular
to
price
The second
PENOBSCOT BLDG.
and
make
informed
warrant
MEMBERS
DETROIT
should
how
may
sell
issues
efforts
close at
to
hand
with
keep
the
this
their
form
of
clients
step-up
and
provision
other
dealers
change in the conversion rate
or
be.
technical
feature which
merits discussion
in
this report is
the
provision placed in all soundly set up privileged senior issues for the
protection of the claim of such securities against dilution of the common
DETROIT
stock.
The practical effect of nearly all such clauses is uniform with
respect
to treatment
stock
may
of the dilution which is brought about
by stock dividends,
split-ups and recapitalizations.
Therefore such types of dilution
be dismissed at the outset.
When it comes to protection against the
I. B. A.
143
Volume
3713
Convention Proceedings
Municipal & Corporation Bonds
Watling, Lerchen & Hayes
Ann Arbor Trust
Ann Arbor,
334 Buhl Building
Building
Detroit, Michigan
Michigan
additional stock, however, we find that two
followed today by issuers of con¬
vertible and warrant bearing securities and that there is a considerable
difference of opinion in investment banking circles as to which of these
caused by sale of
dilution
widely
divergent practices are being
practices is the more sound.
discussion with the intention
the weaknesses
The Committee has prepared
•
being used.
In the first
and more common of the two
found in the
to be
the following
possible some of
of dilution provisions currently
of pointing out as clearly as
and strengths of both types
standard dilution provisions
convertible and warrant bearing issues
of this year, the
prevailing exercise price of the option is made the basis for determining
whether dilution has occurred.
That is to day, under this theory, dilution
privileged security holder's call on the common is considered to have
place if the company sells more common in any way—either to
or to the public—at a price below the prevailing exercise
of the
been taken
stockholders
Sales of stock above the exercise price are not deemed to create a
The criticisms which may be made of this first type of dilution
price.
dilution.
provisions permit an actual dilution
adjustment if sales of common stock
market price of
the stock.
At that time, however, the original purchaser is bound to have
a profit.
Second, such provisions adjust for dilution in cases where the
stock is issued for less than the conversion or warrant price but at a fair
market price.
Two examples will illustrate the truth of these statements.
Suppose a company has outstanding debentures which are convertible at 50.
The common stock is selling at 100 so that the debentures are selling at
200.
The company offers stockholders the right to subscribe to new stock
at 70 on a one for two basis.
The immediate effect of such an offer is
to make the stock sell ex-rights at 90 and the debentures at 180.
Now,
under the terms of the type of dilution provision we have been discussing,
no adjustment in conversion price is necessary because the new stock was
sold above the prevailing exercise price.
Yet a reduction in the value of
the call on the stock held by debenture owners obviously has taken place.
The only way the debenture holder may protect himself in this example is
to convert before the stock goes ex-rights and cease to be a debenture holder,
or he will see the price of his security drop to 180.
In this case, the technical
provisions of the debenture do not protect him automatically against
fluctuations in value which can be produced at any time by an arbitrary
decision of the board of directors, and, accordingly, the uninformed holder
can be severely penalized.
The correction for this is for the investment
dealer to inform his customers of any such offering in time for them to
provision are as follows: First, such
to take place without a corresponding
are
made at prices above
protect their
the exercise price but below the
position.
second example will illustrate
A
of dilution
the other ground on which this type
criticized. Let up suppose that m the
had been selling at 25 instead of at 100.
provision may be
example
In this
stockholders the company makes a
public sale of additional stock and it sells the new stock at approximately
the prevailing market price, which, presumably, is the fair value of the
stock at that time.
Under the circumstances outlined the type of dilution
clause we are discussing would demand that a substantial adjustment be
made in the exercise price.
If, for instance, the company increases its
outstanding stock in this manner by 30%, the conversion price instead of
being 50 would be adjusted to approximately 44 M.
Thus, although the
sale of the additional shares presumably will strengthen the position of the
issuing company and may increase the possibility of its stock reaching the
exercise price, the common stockholders would be forced through the
workings of this provision to give up more in the way of a privilege to the
senior issue than they originally bargained for.
That is, the total potential
used above the common
example,
dilution
the
instead of an offering to
stock to stockholders at a
Compared to the first method
price.
benefit of the stockholders as a
at
whole and in any event are
normally made
market price of the stock at that time. Provisions
type meet both the objections which are brought out above to the
conversion price as the basis of adjustment.
The owner of the
prices close to the fair
of this
use
of
privileged security is protected against an automatic loss when additional
common shares are sold to stockholders below the market but abjpve con¬
version
price.
On the other hand it is not necessary
sale is
for the common to
when a fair
additional share of the equity to the senior issue
made at the market but below the conversion price.
give up an
Opponents
of dilution clauses
which provide for adjustment in the
sold to stockholders at a
when additional shares are
exercise price only
their opposition on the fact that such provisions
do not give the senior security holder any greater protection against
managerial dishonesty than the owner of common stock has.
In their
opinion the common stock which has been reserved for conversion or the
price below the market base
exercise of warrants is
entitled to separate consideration
from that which is
of the public.
In addition to the normal pro¬
all of the shares alike, whether reserved for conversion
outstanding in the hands
tection available to
or
outstanding, the shares
by reason of their
under option are held to have
special distinction
connection with a senior issue and are
higher degree of protection than
thought to be entitled to a
stock already
Both
consequently
the shares of
outstanding.
methods
of preventing dilution
of the option have elements
believes necessary
stocks is a matter
stock through complete exercise of
planned at the time the senior security
authorized.
The
of this first kind of dilution
strength
provision lies in the added
protection it affords holders of convertible or warrant bearing issues against
certain acts of management which could, if not providded against, diminish
the value of the
privilege.
price, this first type of
holder immediate
This
For example, if the management should sell a
Camipbell, McCarty
dilution provision would give the senior security
in his exercise price.
protection through an adjustment
protection would be over and above
would have at law
that which the privileged security
stock interests against any
along with other common
to others than the
the management's
inside information was substantially below a fair price, the convertible or
warrant bearing security holder would also be protected by an adjustment
in exercise price.
In both these instances the management would be acting
against the interests of the common stock as well as those of holders of the
privileged issue. Consequently, opponents of provisions based on exercise
price feel that the added protection afforded by such provisions against
dilution of the privilege is unnecessary because in addition to the unUklihood of open unfairness of this sort, all security holders with an Interest
in the stock have a measure of protection in the law.
However, those
investment bankers who uphold the provision evidently believe this added
GOVERNMENT, MUNICIPAL
such malpractice.
In addition, if stock were sold
stockholder at a market price which in the light of
any
protection is necessary and offsets the other disadvantages discussed above.
In the second type of provision, which has also been used during the past
eleven months,
is made the
& Company
"insiders" below the market price and the conversion
block of stock to
market price at the time of the
dilution of the senior
sale Instead of exercise price
Under this theory it is held that
security holder's option can only occur upon the sale
basis for measuring dilution.
and
CORPORATION BONDS
Buhl Building
1
of
weaknesses. Choice of the type of protection he
in convertible or warrant bearing bonds and preferred
for determination by the individual investment banker.
strength and both have
of the outstanding common
privilege would exceed what was
was
price below the fair market
of protecting the privileged security
holder, this type of provision may be of more advantage to the senior
security holder through permitting the company to finance with common
stock at times when under the other type of provision it would be too
costly because of the necessity of lowering the exercise price. Such financing
may so increase the earnings even on the increased number of shares as
to improve the likelihood of the stock's advancing to or above the exercise
price.
Supporters of dilution provisions drawn on this basis believe that
the common stock subject to the option of the senior security holder Is
entitled to no more protection against dilution than are the outstanding
shares.
The fundamental idea underlying clauses of this kind is that there
should only be an adjustment in the exercise price when the outstanding
common stock has received a benefit in the form of a subscription right,
which benefit is not received by the shares subject to the conversion or
warrant privilege.
A sale of stock to stockholders at a price below the
market necessarily dilutes the value of the shares outstanding.
One has
to only compare the price of the stock with rights and ex-rights to de¬
termine this.
In the opinion of this school of thought whether the sale
is made at a price below or above the exercise price has no bearing on the
issue; the conversion or warrant privilege is bound to be less valuable after
such an operation and owners of the privilege are entitled to protection
against such a forced decrease in the value of an essential part of their
security.
Investment bankers who hoid this view believe that in drawing
up the provisions which are designed to protect the privilege from sales of
stock below market, it is not necessary to provide against sales to out-,.0
sidere.
In such cases the outstanding stock receives the same treatment
as does that subject to exercise of the privilege.
Furthermore, it can fairly
be assumed that any sales to outsiders will only be entered into for the
of additional common
Detroit
3714
1. B. A. Convention
Proceedings
Dec.
12, 1936
Maynard H, Murch & Company
In vestment Sec urities
Union Trust
Building
Cleveland, Ohio
Members Cleveland Stock
Exchange
■
f
Before
making such a choice, however, he should be sure that he
thoroughly
understands all the strong and weak
points of each method of obtaining
that protection.
In selling privileged issues investment bankers
should
always bear In mind
customers
such
informed
investors
During the
reviewed
dustrial
a
to
that
as
they
all
to
exercise
course
assume
moral obligation to
a
developments that
their
privilege.
.
keep their
.
of the past year the members of this Committee
have
of the circulars issued in connection with in¬
security offerings.
There is
one
general criticism which
can
all these prospectuses and that is that they are too
long.
Although the requirements laid down by the Securities and
Exchange Com¬
mission permit summarization or condensation of
information set forth in
the registration
statement, all such summarization and condensation is
made at the risk of
being held liable for misleading statements and omis¬
sions.
The Commission might well exercise its
prerogative
permitting the omission of certain items entirely
newspaper prospectuses.
as
further
by
it does in the rules for
Fundamentally, giving information
to prospective
purchasers of its securities in tne clearest and most concise
fashion is the
concern
of the
issuing company.
However, the experience of investment
bankers in dealing with offering circulars
quite naturally gives them con¬
siderable influence in determination of the form that
statements made in
prospectuses are to take.
ment of the
The purpose of the circular is
primarily enlighten¬
It would be well for investment bankers to
security buyer.
strive for completeness with conciseness and to
cooperate with the Securities
and
Exchange
Commission
in
eliminating
unnecessary
information
in
prospectuses.
Before concluding this report the attention of members of
this Association
is
again drawn to the matter of competition, for issues.
The evils
inherent
in this practice were pointed out in last
year's report, and it
would be purposeless to detail them
again.
Yet many of these unfortunate
abuses continue.
Particularly has there been noticeable a tendency toward
the
narrowing of spreads.
"Without taking advantage of issuing
companies,
investment banners must allow themselves a reasonable
margin upon
which to do business and
as
compensation for risks.
Most
true, entail.risks of less magnitude than those involved in
risks will increase
as
new
refunciings, it is
new
money comes in demand again.
issues.
But
If investment
Urged
year of great
business.
The outlook for the future is cheerful.
In any period of advance
like the piesent investment barucers should be
thinking not only of how to
improve and
increase the voiume of
tneir business but also of how to better
methods and standards in the
public interest
safeguard the type of securities sold.
the
coming
year
will
contribute
and
how
to
and
strengthen
It is the hope of this Committee that
improvements
both
in
volume
and
in
practices.
,
.
INDUSTRIAL
SECURITIES
COMMITTEE
Arthur E. Ivusterer
Ranald H. Macdonald
Emmett F. Connely
John W. Cutler
Irvin L. Porter
F.
Charles H. Stix
Hearn W. Streat
Frank C. Trubee, Jr.
Lester Watson
Dewey Everett
Albert H. Gordon
Wm. B. Hubbard
Chapman H. Hyams, 3rd John W. Watling
Sidney J. Weinberg, Chairman
Existing Laws
.
.
industry,
as to suggest that this Association
should
do all within its power to
bring to the attention of our gov¬
ernment the inherent weakness in
this particular type of
taxation."
Attention is called in the report to that fact that
"already in contemplation of the tax we have witnessed an
unprecedented and almost preposterous declaration of extra
dividends" which it says "are
.
.
.
stimulating in a way, an in¬
flated sense of
prosperity." The Association is urged in the
report to "seriously address itself in co-operation with the
Federal and State governments to the
modification and sim¬
plification "of certain injustices and inequalities in
existing laws." In full the report follows:
some
the
Introduction
purpose
has referred to numerous
publications and official documents but has dis¬
cussed the subject with tax consultants
and has reviewed the
capable and
interesting reports submitted by the Federal
Taxation Committee of the
Association in preceding
years.
We have been impressed with the fact of
the gradual
multiplication and ramification of tax items entering into the
sources of government
revenues and with the
increasing difficulty of
prop¬
The situation is
one
which largely
an
epoch of emergency taxes, to help carry a
mounting
burden of Federal debt and toward
providing for
unprecedented peace-time
expenditures.
That their resultant
perplexities are not uncommon, it may
be worthy of note that it took
8M years for a committee of noted accountants
and lawyers who had the task of
making the income tax laws intelligible
to
despairing British taxpayers, to present a suggested
"Codifying Bill"
which contains 417 provisions and 8
schedules, with 350 pages of explana¬
tions.
To the nearly 800
separate provisions embodied in 19 Acts of Parlia¬
been attached 1,800
judicial
have
decisions,
"many of which
The First Cleveland
Municipal Bonds
Corporation
'l
Underwritersj Distributors and Dealers in
Government, Municipal and
McDonald-Coolidge& Co.
Williamson Building
CLEVELAND,
Corporate Securities
I
700 National
OHIO
City Bank Building
CLEVELAND
CLEVELAND—CINCINNATI—DAYTON
of
of enlightment in attempting to draft a suitable
form of.
report for the discharge of our duties for the
year, this Committee not only
ment,
Ohio
Un¬
subject of extended criticism by the committee (headed
by
T. Stockton
Matthews, of Baltimore), which states that in its
judgment the tax "is so violative of the principles of
building
proper reserves, so deeply rooted in American business and
has evolved from
George E. Abbot
Winthrop H. Battles
Holds
"important and significant changes have taken place under
erly interpreting and applying them.
Respectfully submitted,
A.
the Revenue Act of 1936 which affect not
merely the matter
of rates, but
proclaim a new tax philosophy by the
government."
The surtax on undistributed income is the
For
improvement in the industrial securities
B.
In its report submitted at the annual
Convention of the
Investment Bankers Association at Augusta, Ga. on Dec.
5,
the Association's Committee on Federal
Taxation notes that
,
a
I.
*
bankers will act upon a rule of
reason, a sound set of practices in tne matter
of spreads is bound to follow.
This has been
of
Modification and Simplification of
be
made of nearly
Committee
Profits Tax
Complete Reversal of Pro¬
tection
Necessary in Guarding Industry—Extra
Dividends Declared As Outgrowth of Tax
Regarded
As
Stimulating Inflated Sense of Prosperity—
number
great
Taxation
distributed
affect the rights of
may
.
Federal
CINCINNATI
COLUMBUS
TOLEDO
AKRON
are
I. B. A. Convention
143
Volume
3715
Proceedings
Hayden, Miller & Company
Established 1903
Investment Securities
CLEVELAND, OHIO
Union Trust Building,
1250
Members Cleveland Stock
of ambiguous
irreconcilable because they rest on conflicting interpretations
or
incomprehensible language employed in the Income Tax Acts."
We refer to this multiplicity of our Federal tax laws and to their intri¬
because the subject
cacies
of Federal taxation, entirely apart from our
and in some cases over-lapping State, county,
numerous
municipal, &c.,
committee
has assumed such proportions that we do not believe a
taxes,
of laymen is
sufficiently versed with all of them to render a comprehensive
and apply them. Like
bill—we have
not the means but we appreciate the compliment and will proceed to try to
throw some light on this subject to the end that eventually there will be
effected some changes or modifications in certain existing tax legislation
and regulations which will simplify the structure, if not lighten the load.
Admittedly, the field is one which profoundly concerns the future status
of the business occupation and social lives of all citizens.
Our advocacy of
sound legislation on behalf of equitable distribution of the tax burden, as
analysis and report, or to authoritatively interpret
asked to change a 10 dollar
the old negro, though, who was
well
against inequitable or discriminatory tax measures,
protest
our
as
should be diligently pursued and if need be publicly
A modest evidence of our
by this Committee as a part of its
meeting
The substance thereof and the disposition
Report and approved by the Board of Governors at its
Interim
last
the resolutions presented
in
bodied
proclaimed and defended.
views and convictions in this regard was em¬
spring at White Sulphur.
made of them are a matter of record.
We refer to them now, merely as a
Association to do whatever is
reminder of the expressed intentions of this
appropriate in the spirit of the best American tradition to assist
in carrying
forth therein.
out the views set
Supplementing these resolutions, your Committee presented a concrete
approved by the Board of Governors, to the effect
that by reason of Federal taxation and balancing of the national budget
being of such paramount importance to our members and the clients whom
they represent, we not only prepare ourselves to actively and intelligently
suggestion, which was
this subject but that there be employed a tax expert to officially
pursue
represent the Investment Bankers Association before the proper tax
or
bodies
committees in Washington.
In the light
of the facts which prompted these recommendations and of the
legislative developments in the meantime, we desire to
and to urge upon
Whatever
taken.
reaffirm our views
the executives of our Association that suitable action be
be
which is accorded our voice before
the reception
do not feel that this Association now should
refrain from, but rather that it should be more alert in sponsoring in the
Congress or elsewhere,
we
future, as it conscientiously has
endeavored to do in the past, principles of
policies which in our opinion are sound.
fiscal
The Revenue Act
of 1936
of 1936 which
Act
taken place under the
affect not merely the matter of rates, but
principles as well, and which proclaim a new tax philosophy by the govern¬
ment.
We cannot attempt to review and comment, in the space and time
allotted for this report, upon the many
We have
report of previous
Federal Taxation Committees by eliminating references
of the sections of the Act, where only changes in rates of taxes may
to most
be noted and which
to confine
information is readily accessible to all concerned, and
ourselves to those where more significant changes
introduce a new and
which
occur or
debatable tax philosphy.
The effects of the tax
never
changes and provisions of the Act.
concluded therefore to depart from the generally adopted from of
$5,000,000 the tax now is $1,922,600 as against
were
$1,712,000 under
and $495,000 under the 1926
the extent
and the inroads
which it makes upon the estates of men of means whose natural desire is to
pass on to their heirs a just proportion of the rewards of financial success.
Mutual Investment Companies: The new law accords special treatment
to
Investment Trust Companies of the open-end type which meet the
definition in the statute of a "Mutual Investment Company."
Subject to
their complying with certain rather rigid requirements of the statute, such
corporations as distribute all of their income will be liable for no Federal
income taxes whatever.
They will, however, be subject to the Capital
Stock Tax and Excess Profits Tax.
Unincorporated Investment Trusts
which have been classed as Associations, and hence, taxed as corporations,
Act.
These figures
to which this
may
submitted simply as an illustration of
are
"soak the rich" form of taxation has grown
also be entitled to the benefits of
Other
this provision.
We omit reference herein to Surtax on
of Tax:
Items
Accumulation of Profits, to Surtax on
Improper
Personal Holding Companies, to Gift
the tax commonly known as the
Tax, having apparently been created as a result of conditions
Tax; also to miscellaneous taxes such as
"Wind Fall"
This tax, together with the
and the problems
connected therewith are so many and varied, that we respectfully wish them
on the Chairman and members of the succeeding Federal Taxation Com¬
mittee for their deliberate consideration and subsequent explanation.
arising out of the invalidating of the
Receipts, Disbursements and
other
AAA.
Security Act, involve such endless details
Federal Social
customary
Debt Statement of the Government: An¬
discussion of a topic contained in the
and important
reports of preceding
Committees which will be conspicious by its absence
the mercy of our successors, is the Receipts,
herein but which we leave to
While
recognized
to be at the foundation of problems of taxation, while their proper and
economical handling vitally concerns every citizen upon whose shoulders
rest the burden and the responsibility of helping to provide the money with
which to meet the current expenses and to repay the huge sums borrowed,
and while every sensible thinking person still fervently should believe that
the only possible solution and ultimate relief from a constantly mounting
and Debt
Disbursements
Statement of the Federal Government.
the financial status of the government
tax
and its fiscal policies are
burden must be based upon the principle
ment be
that the budget of the govern¬
balanced, we, the lay members of your Committee,
feel that in
conflict of opinion in regard to some of the present
deference to a
agitated and discussed for a number of years, without avail.
It has been
the source of considerable conservations and correspondence between cer¬
Association.
now
of this Committee and counsel, as
well as executives of the
of the case
Briefly, according to advice of counsel, the status
is that the
the United
subject, it is
question is pending before the Supreme Court of
States and that until the
Court has decided the controverted
persuade either the Treasury Department or
the Congress to consider a change of this statute.
Dubious Items and Inequities in the 1936 Tax Law: We purposely have
thought to be impossible to
deferred for the concluding paragraphs
of this report those sections
on
our
part and toward the
which it seems to us
due and made thereunder.
and paid during
forcibly
aware
1937 for the taxable
of these numerous
Hence, when taxes
are
We refer to:
really
calculated
of 1936, taxpayers will become
changes which, when compared with
year
payments applicable to the 1934 Act, doubtless will prove more burdensome
in many cases
than generally is realized.
Income Tax on Individuals:
No changes of
consequence
have been made
in this section of the Act except that despite the rates remaining the same as
embodied in the 1935 Act, the fact is that when income taxes
for the year
are
computed
MERRILL, TURBEN & CO.
1936, they will be higher than the taxes computed for 1935 in
the case of incomes in excess of $50,000 for the reason, as previously stated,
the rates embodied in the
that
when the latter Act
is the
1935 Act
not applicable until
were
superseded the former.
1936
A new feature of the 1936 Act
provision that the normal tax as well as the surtax applies to dividends,
whereas heretofore dividends in the hands of individuals were exempt
from
Investment Securities
normal tax.
Corporation Income Tax: The 1934 Act provided for a 13 K % tax.
The
1935 Act changed this so that the rate began at 12 M% on very small in¬
comes
visions
in excess of $40,000.
are now
15% on incomes in excess of $40,000.
affects very small incomes,
the
These rates
superseded by the pro¬
of the 1936 Act, which carries a sliding scale of from 8% on the
first $2,000 to
1934 Act,
This change favorably
but affects unfavorably large incomes
as
Union Trust Building
against
under which payments up to this time have been made.
CLEVELAND, OHIO
Special reference to Surtax on Undistributed Profits of corporations is made
under
a
subsequent heading in this report.
Estate
|
fax: Although the Estate Tax imposed under the 1926 Act and
the 1932 Act (as amended in 1935) remain unchanged by the 1936 Act, it
seems
pays
worthy of note that a
$1,000,000 estate today, after exemptions,
$222,600 as against $179,000 under the 1934 Act, $124,000 under the
the 1926 Act.
These differentials gradually
1932 Act, and $44,000 under
increase in
proportion to the amount of the estate until, for example,
on an
and
prompted the most serious consideration
reasonable modification and simplication of
that this Association should direct its best talents and
regulations of the law which have
felt because the Act of 1936 superseded the previous Act before pay¬
ments were
day
this subject we would rather withhold comments.
Federal Taxation of Stock Transfers: This subject is one which has been
intricate phases of
efforts.
increases, in the Revenue Act of 1935,
;
the 1934 Act, $1,163,000 under the 1932 Act,
tain members
Important and significant changes in taxation have
Revenue
estate of
Exchange
Local and Long Distance
Telephone MAin 6800
3716
I. B. A, Convention
Proceedings
Dec.
12, 1936
Paal H.Davis & ©o.
Members
Principal Stoek Exchanges
Underwriters and Distributors of
Industrial Stocks and Bonds
South La Salle Street,
10
Capital Gains and Losses Tax:
The repeal of or
drastic revision of this
a
tax is among the reforms in our present tax
system that
made without substantial loss of
investments
well
as
as
principle
so
inflation.
A tax
be
can
which
is
so
as
heavy and in
indefensible and unworkable, that it suppresses the
activity at
which it is directed, completely defeats its
be
presumably
own
There is said to
purpose.
strong sentiment in and out of Congress for the repeal of this tax and
it is reported that the administration leaders would not be
opposed to rea¬
a
sonable changes to make it
more
workable and to
remove
discriminatory
provisions.
Capital
Stock
Tax and Excess
Profits
Tax:
The
direct
connection between these two forms of taxes wherein it
be given
to
and important
was
essential that
the value declared for capital stock tax
purposes so as to reduce to a minimum the amount of excess
profits tax is
anomalous.
The wisdom of it seems doubtful in that the total
amount of
capital stock tax and
excess profits tax is determined
by and dependent
elements of chance and "guesswork" which subject two concerns in
like position to varying degrees of taxation.
upon
Undistributed Income:
on
It is
this piece of legislation that
we
desire to look straight in the face and then ask of
ourselves, are we going in
the wrong direction, or is it this section of the new law
going wrong?
Be¬
cause of its serious nature and
consequences, we are making it the theme
song of this report.
as
concise
an
We hope that
interpretation of
you will bear with us while we
present
our views of it as we can.
net
Beginning with
income,"
next
12%
on
20%, and 27%
provision carries
far-reaching
Without
The
law
carries
corporations
preclude
a
7% tax
on
the next 10%,
on
the first 10% of so-called "adjusted
17%
on
the next 20%, 22%
the remaining "adjusted
net
on
income," this
the
new
penalty upon the retention of profits that well may have
upon the future of American business and
industry.
a
effects
going into
needless
detail
concer
ing the
use
of
the
term
"ad¬
justed net income," let us say that it means in the main the
regular net
income less the amount of normal income tax
paid on profits and less credit
for interest on government obligations.
This tax clearly calls for the most thoughtful consideration
of those who
whether
some
again
tax
presents
worded
to
as
safe and traditional
policy of retaining
a reasonable portion of profits, if not for immediate
expansion, then for the proverbial rainy day of the future.
Reason-
retention
of
profits in previous
most of the funds in the
years
for
a
rainy day,
days of depression with which
provided
to finance
payrolls,
to
pay interest on funded debt and even in many notabie cases to distribute
dividends to those who have to rely upon such funds
for their subsistence.
Can it be desirable to alter so fundamental a
policy by means of a penalty
which fosters a lack of prudence, a lack of
provision for the rainy day, a
lack of incentive to accumulate reserves for
relief, for emergencies, and for
future expansion?
We, of course, are aware that in most instances there
are means
in such
of overcoming
to
the tax through the medium of
a
dividend payable
a
deavor
form of security as may be taxable in the hands
of the recipient.
The confusion and technicalities that will result in
many cases
appears
to
avoid
avoid this tax
present
problems of
be; a complete reversal of the
a
vexing nature.
in
an
en¬
The law
policy of protection that sound
INCORPORATED
problems,
The
chance of
mere
technically comply with the law
as
IQQ SOUIH Wa SAUUt Street
.
•
Chicagp
the
"borderline," is at
against
scientific nature.
as
having been
contract
a
an
No
corporation
mere
should
unfair
enjoy
liberal dividends and that
current
either
advantage
a
just
nor
dis¬
or
ability
deficit—an
a
beginning of the year—is
a
law that is
Then, too, the law is without provision that
sound.
should reckon with the financial requirements of
expansion, of additional
building, of additional
appears not
machinery
seems
or
take into account that
to
additional plant facilities
or
to presuppose
the
reduction
often
so
inventory
of
earnings
debts.
are
that earnings result in just
not reckon with the well known fact that
the formative
and
upbuilding period of
or
so much
cash to the corporation—a fallacy that is at once obvious.
The
the like.
additional
The law does
frequently, and especially during
a
business, the earnings
sufficient to meet the growing demands of an
expanding business.
is
particularly true of smaller corporations whose businesses have
attained
a
more or
less settled volume.
corporations than larger ones,
law
bound up in
accounts receivable
or
The law is much harder
on
in¬
are
All this
not
yet
smaller
but with its far reaching effects upon both
classes.
.
Though we have not gone into details concerning numerous factors in¬
volved in this tax, we call attention to the fact that the law
permits a carry¬
over of dividends paid over and above the amount
of
earnings in any one
In other words, if a corporation pays in dividends
year.
succeeding
a
half
a
a
million dollars,
million dollars, the excess payment can be used
years as a credit against the
earnings of such years.
If no dividends are paid, then, in addition to the normal income tax and
other forms of taxation, a corporation is
compelled to pay to the government
20 H % of its undistributed net income.
In
our
judgment the Undistributed Profits Tax, in its present form, is
violative of the principle of building proper
reserves, so
American business and industry,
as to
so
deeply rooted in
suggest that this Association, mindful
that the best and surest type of taxation is that which still will
leave business
and
industry to operate under sound financial policy, should do all within
its power to bring to the attention of
in this
particular type of taxation.
our government
We
are
funds must be obtained by the government.
the funds that
conceive
to
be
we
lift
our
voice in this report.
all well
the inherent weakness
aware
that necessary
It is not against the raising of
It is simply against what
we
change in our tax philosophy that may prove far more
detrimental to the best interest of America than is
perhaps generally realized.
Already, in contemplation of the tax, we have witnessed an unprecedented
a
&
Bankers Building
CHICAGO
-
un¬
law which imposes penalty upon failure
earnings, when there may have existed
Lewis, Pickett
of Industrial Securities
and
element of chance.
actual impairment of capital at the
neither truly
but
slightly beyond
We submit that earnings of and by themselves are not the test of
to distribute
em¬
for its existence,
to be
of
believe,
we
Corporations in like relative positions should be taxed
relatively alike.
advantage resulting from the
to pay
by
which
exempt from
contract
a
suggestive of taxation of
once
are
will,
Bonds
Underwriters and Distributors
and
tax
1936,
Water Works Revenue
S7oundedJVtneteenJ/undred7en
in¬
determination
holding such contracts
confusing
many
May 1,
The
Specialists in
F. A. Brewer&Co.
^
American
imposition of the
dividends.
of
bracing similar conditions and with like justification
for two
sonable
payment
result in numerous inequities.
so
and industry should not be forced to
or
the
of the corporations
and has earned but
depart from the
guarding
entered into prior to
contracts
from
believe that in the interest of sound finance and
progress, American business
need
in
necessary
provision intended to
having
them
the
The law
It is, as you know, a completely new feature of the
Corporation Income
Tax Law under the 1936 Act and imposes surtaxes on
undistributed net
income.
considered
which by mere chance, happened to be so phrased
careful consideration
Surtax
heretofore
managements
dustry.
that will encourage capital
release obstructions placed upon business and act
resistance to stock market
a
and
revenue
Chicago
Co,
Volume
COMPANY
&
BANNING
3717
Proceedings
I. B. A. Convention
143
INCORPOPATED
Wholesale and Retail Distributors
Stocks and Bonds
CHICAGO
100 West Monroe Street
stances have
been at the possible sacrifice of the
porations and their stockholders, as well as contrary to
Kentucky maintains
usual sound business
w
well be realized that the government,
emergency
It
required to
in order to raise funds
"We have not
to
our
Edward J. Costigan,
Whi taker & Co., St.
the
on
gross
may
dealers will not go West for further
Matthews, Chairman
Garrett
&
new
Pennsylvania recently joined the procession by an increase of its personal
a
sizeable item against low coupon
assess
a
securities
or
obviously
non-dividend paying stocks.
regular ad valorem tax against securities of
This, of
course,
is
disadvantage.
Your Committee is of the opinion that fees collected
or
license of dealers
by States for the
and from the registration of securities
State laws should be used for the purpose of administering
appropriate local security legislation and should not be legally applicable
other purposes.
to
In
great many instances these funds are received into the general fund
a
of the State and used without regard as to their source.
Obviously this
procedure represents double taxation to the extent that it is practiced and
subjects those against whom the tax is levied to an increasing pressure for
Baltimore
Sons.
of the
taxation ideas.
property tax from 4 to 8 mills on the value of personal property
,
_
Stockton
In the drafting
It is hoped that other
equal or exceed 100% of the net.
under various
Frank Weed en,
Marshall,
Weeden & Co., San Francisco
Spokane & Eastern, Spokane Div.
of Seattle, First National Bank Pearson Winslow,
Bonbright & Co., Inc., New York
Allan M. Pope,
First Boston Corp., New York
Robert
which
particularly unfortunate sales tax providing a
income of all brokers, agents or factors.
goss
of this legislation, no consideration was given to the fact that 2%
registration
M.
T.
2% levy
10%
be in keeping with the trend of the times.
_
Boatmen's Nat. Bank, St. Louis
William
duplication tax from the same property and is dangerously
at a considerable
Inc., N. Y.
.
Kercheval,
D.
Royal
of the Federal income
in other States, with both a property and income tax
corporations incorporated outside of their jurisdiction.
Roy L. Shurtleff,
Blyth & Co., Inc., New York
Sigmund Stern,
Stern Bros. & Co., Kansas City
Read & Co., New York
of 1 % on the market value of stocks and
of
highly discriminatory and places holders of securities of foreign corporations
B. w.Mcnarrr.
E. H. Rollins & Sons,
Louis
as
A number of States
TAXATION^ COMMITTEE
William H. Draper Jr.,
Dillon,
subjects
with State gov¬
Association seriously should
FEDERAL
well
as
New Mexico maintains a
inequalities in some of the existing laws are
Federal as well as
address itself.
Respectfully submitted,
a tax
Massachusetts, the income tax rate has been increased
appears to
not intended to be
which, in cordial cooperation with the
ernments,
This,
In
vindictive.
But we have endeavored to squarely face and frankly criticise in a con¬
structive way this and other particular sections of the Act which seems to
us to be so inherently unsound.
This Association can ill afford to com¬
placently stand by. We believe that the modification and the simplification
of certain injustices and
outside securities of equal
burdensome.
that might have been made under normal
approached this subject in a spirit of re¬
taliation or resentment and our comments are
discriminate against
Special Session of the Legislature authorized a State
recent
a
tax amounts to a
well have made the scientific
situation, could not very
study of the newer types of taxes
circumstances.
in addition
tax.
passed through severe times.
It is to be borne in mind that we have
meet an
to
income tax closely following the exemption and rates
Conclusion
can
taxation tends
grade.
inflated sense of prosperity.
They are stimulating, in a way, an
policies.
This
which in many in¬
ultimate good of the cor¬
declaration of extra dividends
and almost preposterous
increased
revenue
without regard as to
the financial requirements of the
department enforcing the local security laws.
Activity with respect to
Report
State
of
I.
Involving
Local
and
A.—Finds
B.
Trend
Limitations
From Greater
Burden
Committee of
Exemptions
Shifting of Taxation
Taxation
Toward
and
Numbers
Tax
of Voters
to
assumed substantial proportions this year.
proposals
Aside from
a
few referendum
constitutional amendments voted on in November,
a
no
of
the
State
Local
and
Taxation
Com¬
The first of these tendencies is exemplified by an increasing effort through¬
out the country
for limitation of the property tax by legislation
stitutional provisions.
or
State
con¬
This Committee, however, understands this subject
or
Colorado
limited
vided
was
a
as
person,
any
association
corporation
or
doing
business
enacted
has
income
a
constitutional
amendment
authorizing
the residents of that
tax, leaving
to what the result may
an
$45.00 minimum payment per month for the indigent over 60 which
carried with
a
glad hurrah and which could
mean
an
increase in the
annual tax burden of from $12,000,000 to $60,000,000, based on estimates
as
to
those conceivably eligible.
As the bill was originally sponsored by
the school authorities for school purposes
it is interesting to note that the
forces of education appear to be losing front
before increasing
pressure to
subject the proceeds of this tax to the claims of the indigent pension bill.
Your Committee ventured timidly into the field of discriminatory
ation
necessary
with respect to such
a popular
and fluctuating subject.
of those who have not.
Association
lReal Estate
o
Boards has included in its legislation program a recommendation for State
control of local tax levies and bond issues under appropriate safeguards and
a
restriction of the
of property taxes.
of special assessments for financing public improve¬
Their
program
includes
a
recommendation that
be created by each State vested with the right,
agency
of 25
use
or
more
proposed
tax
taxpayers directly affected,
upon
Established
state
1908
the petition
to review in public hearings any
and veto
power
with respect
proposed bond issue.
They also suggest that the written consent be secured of
all
a
levy or bond issue with the power to make a downward re¬
vision with respect to the proposed taxation,
to the
C.W. McNEAR & COMPANY
These suggestions are in addition to their program on the limitation
ments.
property owners representing
than
more
a
majority of
MUNICIPAL BONDS
one-half the frontage of the
new
property affected before any special or benefit assessment proceedings
can
be initiated for the financing of any new public improvement or under¬
taking.
Other
than the foregoing
summary,
its attention to taxation directly
your
Committee has concentrated
affecting dealers and security holder and
subdivided its efforts into three major channels:
36th
Floor,
Bankers
Building, Chicago
1
Existing taxation affecting dealers in securities.
2 Proposed taxation which would affect security dealers.
3 Proposed taxation disadvantageously affecting holders of securities.
By existing taxation
or
local
taxation
securities.
on
applied
dealers,
your
Telephone Randolph
Committee has had in mind State
t^o those engaged in the business of dealing in
Certain items of interest may serve to illustrate our objective.
In certain States
a tax on
all
obligations of the United States
or
recently enacted income tax laws assessed
income other than that
derived from
District of Columbia and local issues issued subsequently to Nov. 4. 1932.
tax¬
proposed against security holders but after a short sojourn in thjs
prolific and confusing pasture, withdrew and concluded that no commen t
exemplified by the tendency to eliminate
interesting to note that the National
un¬
State completely
Obviously the public motive is directed against those who have, for the
is
a
In addition, the amendment pro¬
be.
the general sales tax and substitute an income tax with broad exemptions.
It
as
commodity broker.
State
confused
was
dealt with in the municipal report and refrains from comment.
The second of these tendencies is
by
security
Investment Bankers Association of America,
Joseph M. Scribner, of Singer, Deane & Scribner, of Pitts¬
burgh, stated that the past year has developed but little new
legislation in the field of State and local taxation; at the
same time, he said, "two tendencies, however, are somewhat
more
emphasized than in the past; namely, the trend
towards
tax
exemptions involving limitations and that
towa ds relieving a greater number of voters by a shift of
the burden to the minority."
Air. Scribner continued:
support
very
be briefly summarized.
number of such proposals were defeated, a bill is pending in
Texas which will levy a tax of 3 % upon the gross amount of commissions
of the
is being
or
Although
received
Chairman
mittee
taxation proposed against dealers has not
definite suggestions have been made and may
Min¬
ority
The
new
1886
3718
I. B. A. Convention
Proceedings
Dec.
12,
1936
The past year has been marked by a further
improvement in the status of
foreign securities.
Many settlements between bondholders
and
debtors in
default have been made which will
eventually lead
sumption of debt service. Thus, the Austrian provinces,
foreign
to the re¬
municipalities and
corporations resumed service in full
sinking fund payment
their dollar bonds;
on
on most of its loans issued in the
El Salvador.
Cuba resumed
United States, and
settlements were reached with the Province of Buenos
new
Aires, and
suspended
the obligations outstanding in the United
States.
on
The work of the Institute of International Finance is
determined
by the conditions prevailing from time to time in
markets.
INCORPORATED
are
their
MINNEAPOLIS-. PAUL
the American markets and
on
debt service,
default studies
as
rather
bulletins which
were
Credit Position of Canada.
Credit Position of Japan.
Special Bulletin on Securities in
Credit Position of Austria.
Bulletin
Special Bulletin on Securities
Analysis of Foreign Dollar Bond Defaults.
Bulletin No. 86.
Bulletin No. 87.
Bulletin No. 88.
Statistical
For
Bulletins:
time the
some
staff of the
Report of Foreign Securities Committee of I. B. A.
Says Developments in Field Have Been Limited—
Institute of International Finance
Reports Further
Improvement in Status of Foreign Securities
of
foreign
securities have been offered
early this year" the Foreign
Securities Committee of the Investment
Bankers Association
of America in its
report added that "otherwise the develop¬
ments in the
foreign securities field have been limited."
The
Committee, under the chairmanship of Burnett
of New
Vol.
IV.
No.
3, January,
1936; Vol. IV, No. 4,
gold
York, further
foreign countries have
block and what appears at the date
of this writing to
importance
of the major currencies
than to outweigh the
disturbances.
as more
have
not
been
be
been
a
sound
of such
Houses which deal
actively in foreign securities report a continuous and
growing interest in
high grade foreign bonds.
It appears not
unlikely that a number of ad¬
ditional foreign dollar issues will be
refunded in the coming year.
General
The activities of your
Committee during the past year have been limited
largely to matters relating to the Institute of
International Finance. Your
Committee is very gratified to
report that the Institute has gone forward
with its work
during this year and that this result has been
accomplished,
through the continued energetic support of such
people as Dean
Madden and Professor
Nadler, but also through the cooperation of your
first,
Association
with
New
York
Protective Council, Inc.
University
and
the
Foreign
Bondholders
The absence of cooperation and
financial support
from these groups this
past year might, and your Chairman believes
would,
have forced the termination of
these worthwhile activities.
It is therefore
with considerable gratification
that the continued
support of your Asso¬
ciation is noted
A
detailed description
work
performed
by the Institute in the
past year is contained in the
report of its director, which is
Your Committee is represented
on
hereto attached.
the Executive Committee of the Institute
by Messrs. Nevil Ford, N. Penrose Hallowell
and Burnett Walker.
J
Respectfully submitted,
Finance
John T.
well
as
from others who have learned that the Institute is
of information in connection with foreign
financial
conditions
annual
was
report
submitted
the
Institute
of
at
Madden, Director
prevailing abroad, and information relating
the convention
of the Institute:
of appreciation
have
been received
from
those
with new and up-to-date material of an
Thus,
as
many
studies
new
available.
are
prepared,
official and authoritative nature.
the
specific
For illustration, while the bulletin
documents
conditions
preparing
in
and
that
study
publications
country
was
were
of
and
directly under the supervision of the Research
of funds has
not made it
in
Director.
The
staff has
possible to compensate its members adequately
for the woi'k performed or to supply them with the
necessary understudies.
On Aug. 15, of this
year, Dr. Harry C. Sauvain, who has been connected
with the Institute since
1928, became Associate Professor of Finance at
Indiana University.
Due to the decreased
budget
must operate for
Executive
on
which the Institute
the new fiscal year, his place has not been filled.
Committee—Dining the past
year
the Executive Committee of the Institute;
the following members
Burnett
were on
Walker, Nevil Ford,
N. Penrose Hallowell, Dean John T.
Madden, and Benjamin Strong Jr.
As
usual,
this
spared
Committee,
time
no
and
under
effort
the
to
chairmanship
assist
the
in
Burnett
of
work
the
of
Walker
Institute.
Benjamin Strong, the representative of the University, asked to be relieved
in the middle of the year and was
replaced by L. G. Payson,
member of
a
the Council.
Research
Committee—The
Research
Committee,
which
is
composed
of
very
follows
of
year
W.
A.
experience.
this committee, which renders its services gratuitously,
Sholten,
Chairman;
A. J.
Accola, J.
F.
Fowler,
Co.
R.
by
Research Committee for the past two years, W. A.
Sholten has given a great deal of his time and
expert knowledge to further
the work of the Institute.
Budget—The budget for the fiscal
year,
1935-1936, is given below:
Receipts—
1935-36
$10,000.00
2,961.17
244.40
4,000.00
3.00
Total receipts
$17,208.57
Office supplies and postage
Office salaries
$499.69
3,994.50
10,307.46
Research salaries
Periodicals and publications
1,232.83
Miscellaneous expenditures
Office equipment
Travelling
6.75
---
Printing bulletins
expense
300.24
19.65
90.00
i
Total payments
$16,451.12
Surplus
of Investment Securities
value
performed its work well and has given full satisfaction, although the lack
Expenditures—
Underwriters and Distributors
financial
great
on
Foreign Bondholders Protective Council
Street, Chicago
is
the Canadian Provinces which will shortly be released.
MStaff—As in the past, the work of the Institute has been carried on
a
Binder sales
120 South La Salle
needed
in preparation,
economic
acquired which
were
information
Canada
on
dealing with
Subscriptions
a
were
Library—The library at the Institute is constantly being supplemented
Bulletin sales
Incorporated
who
served.
I. B. A. underwriting
F. S. Yantis
inter¬
As Chairman of the
International
as
to
national
Cortesi, S. L. Reed, P. F. Schucker, G. F. Train and E. Schwarzenbach.
DeWitt Millhauser.
of
authoritative
an
investments, economic and
exchange and trade.
Many of the inquiries have come from
foreign individuals, corporations and governmental bodies.
In every case,
these questions have been answered as
fully and promptly as possible.
During the past
Bowman C. Lingle
Charles S. Garland
its foreign invest¬
on
Inquiries—Innumerable inquiries have been received from subscribers
as
source
consisted
N. Penrose Hallowell
Rudolph J. Eichler
of the
on ail foreign securities issued in the
United States for the period 1920-35
aggregated approximately 6.61%.
and the members have been most
generous of their time and
Robert W. Gouinlock
Gerald E. Donovan
exhaustive study
an
helpful in offering suggestions and making
helpful criticisms regarding the bulletins. Meetings have been held regularly
Burnett Walker, Chairman
Charles E. Abbs
engaged in
nation has suffered substantial loss
as a
eight members, has been
FOREIGN SECURITIES COMMITTEE
The
United States
has
of the
been
have
as a creditor nation.
Their conclusions have
been put in book form for publication before the end of the
year.
It is of
particular interest to note that in contrast with the general belief that the
foreign investments, but the disappearance of the
beginning in the realignment
Director, Research Director and other members of the
Institute
experience of the United States
Many letters
certain
Default—Foreign
Default—Statistical
ments, the study reveals that the return
"several refunding issues
reported:
in
in
Credit Position of Argentina.
Special Bulletin on Securities in Default—Hungary.
Special Bulletin on Securities in Default—Peru.
July, 1936.
*
Default—Colombia.
Securities
on
Bulletin No. 85.
developments in
to
and abroad:
Bulletin No. 84. General
Dollar Bonds in Default.
such as to
encourage new
promptly
entirely
the Institute published the following
widely commented upon by the press both at home
Bulletin No. 80.
& Co.
have
activities
year,
Bulletin No. 81.
Bulletin No. 82.
Bulletin No. 83.
The political
which
than restricting its
done in recent years.
was
Bulletins—During the past
MINNESOTA
Walker, of Edward B. Smith
largely
foreign securities
On this
actively traded
met
stating that
the
the
account, the Institute has resumed the publication of
studies dealing with the credit conditions of those countries
whose securities
BIGELOW, WEBB & CO.
While
with
The only new default occurred when Poland
transfer service
$757.45
Subscriptions—Subscriptions
to
the services
of
the
Institute
of
Inter¬
national Finance have held up remarkably well. Many
foreign governmental
offices as well as private and central banks are included
ps subscribers.
At home, subscriptions have been entered
by various government depart¬
ments, by college and university libraries, by public libraries, by individuals
who
own
foreign
bonds,
by
banks,
investment
houses
and
investment
counsellors.
JOHN
A
MADDEN, Director.
Complete Trading Service in
Listed
T.
and
Unlisted
Securities
Report
of
Government
and
Farm
Loan
Bonds
Committee of I. B. A.
During the year ended Sept. 30 there has been
ing demand for long-term bonds, according to
an
increas¬
a
detailed
report presented to the annual convention of the Investment
Volume
3719
Proceedings
I. B. A. Convention
143
its Committee on Gov¬
In pointing out that as
of Sept. 30 the Federal Government debt had reached a new
high figure, the committee, headed by Dudley C. Smith,
Chairman, said:
As of Sept. 80, 1980, the total gross debt of the United States Govern¬
ment, as reported in the daily Treasury statement of that date, was
$83,832,894,228, an increase of $4,411,562,558 over the reported total
Bankers Association of America by
Loan Bonds.
ernment and Farm
,
and
& Company
debt as of Sept. 80, 1035, of $29,421,881,670.
These figures include
interest-bearing and non-interest-bearing direct government obligations,
matured
also
ernment
as
both principal and
to
of
States Gov¬
debt, but do not include the obligations
unredeemed
agencies which are guaranteed by the United
Federal
various
CHICAGO
$4,667,000,000 as of Sept. 80, 1980, as against
for Sept. 80, 1935.
The aggregate debt,
both direct and guaranteed, at the end of September, 1936,
to
about
$38,500,000,000 as compared with about $88,790,-
000,000 for
the
same
date in
•
The following table • affordB a more
1935.
trend of the
complete picture of the
total
gross
-v"v ■ ■
Gross Debt Less
+Net Balance in
General Fund
$74,216,460
1,118,109,535
306,803,320
492,926,476
1,798,553,090
2,187.582.078
Aug. 81, '19 (highest post-war debt)26,596,701,648
Dec. 31,'30 (lowest post-war debt)-16.026,087,087
21.362.465,376
29,421,331,670
33.832.894,228
March
31, 1933
Sept. 30, 1935
Sept. 30, 1936
Chicago Board of
*
This item represents the excess of assets over liabilities in the general fund as
reported in the dally statement of the Treasury. For the year 1935 silver seigniorage
of $170,739,346 and the balance of increment resulting from the reduction in weight
of the gold dollar of $143,567,505 are included in the net balance.
For the year
1936 silver seigniorage of $329,078,269 and gold Increment of $139,904,732 are
The committee
Tax Limitation
'■
•
.
.*
Trade
.
Legislation
at the present time
where the power to tax real
limited either by statute or constitutional provision and where
applies both to debt service and operating costs for the State
and its political subdivisions.
While the character of the limitations varies
greatly the States, broadly speaking, falling within the above category are
the following:
Alabama, Arkansas, Indiana, Michigan, Nevada, Ohio,
Texas, Washington and West Virginia.
The Municipal Securities Committee in past years has on several occasions
voiced its disapproval of legislation which limited the power to tax, as such
property is
percentage of government securities held by banks of
the country on June 30, 1936, the report pointed out, was
The
such limitation
approximately 45% as compared with 43% a year earlier.
The committee added that the banks and the Federal Re¬
System hold between
• *
also reported:
There are nine States
Included.
50% and 55% of the interest-
including guaranteed obligations.
bearing debt,
.
$1,207,827,886
25,478,592,113
15,719,283,768
20,869,528,900
27,622,778,581
31,645,312,160
$1,282,044,340
March 31. 1917 (pre-war debt)
•(
Chicago Stock Exchange
Net Balance in
General Fund
•
MEMBERS*
COMPARATIVE PUBLIC DEBT STATEMENT
Gross Debt
■•'■•Vv
-
public debt (excluding
guaranteed obligations):
serve
(/
$4,809,000,000
approximately
therefore,
Street
La Salle
South
120
These guaranteed obligations
interest.
amounted to approximately
amounted
1
FULLtft. GRUTT£N D£N
gross
all
/
provisions for debt service. While there will be no
these understanding municipal credit as to the
widsom of this position, a difficult question arises as to whether we should
take any position regarding the application of tax limitation laws when debt
service requirements are excepted.
It may be well to consider this subject
briefly, as it appears that the tax limitation thereby will be advanced
aggressively in various States during the coming year.
The public will have good reason to be tax conscious during the next few
years and it will be a particularly opportune time for those favoring the tax
limitation measure to advance their cause.
The principal motives back of this movement are the following:
1. To reduce the present tax burden on real estate.
2. To reduce public expenditures and what is commonly viewed as
legislation might affect
difference of opinion among
Report of Municipal Securities Committee of I. B. A.
Finds Progress in Refunding Plans—Possibility of
New Municipal Bankruptcy Act in Next Congress—
Decision Affecting Priority of Limited Tax Bonds
;
Under the chairmanship of D.
T. Richardson of Kelley,
the Municipal Securi¬
Bankers Association
Richardson & Co., Inc., of Chicago,
ties Committee of the Investment
stated in its report that, "considering the situations where
refunding plans have been agreed to by interested parties
and are now awaiting merely the mechanical operation of
issuing and exchanging new bonds, unusually good progress
has been made.
We believe it is safe to say that with the
exception of
a
governmental waste.
A tax limit, if
As
occurred
clearly reflected by the marked
in income returns. Probably the sharpest advance in several years
dining the three weeks following the election when many long-
term issues made
Various syndicate accounts, old
and new, were closed, and prices generally marked up.
Low inventories
together with a small visible supply of new issues and the belief that elec¬
continuation of low interest rates undoubtedly
accounted for the advance.
municipals has lessened materially during the past
While the yield from
few
the reduction is not disproportionately large when compared
the substantial lowering of interest paid on savings banks deposits.
years,
with
The latter has been
reduced about 50% over a somewhat similar period
Federal income tax levies.
and municipalities including those of
our
territories, possessions, and their political divisions totaled about
$1,443,000,000 during the first 10 months of this year, as compared to
approximately $1,645,000,000 during a like period in 1935.
Of these
amounts, permanent financing during the period in 1936 (about $986,000,000) was larger than during the corresponding months of 1935 (about
$932,000,000) while temporary loans were less in 1936 by about $255,700,000.
and, of course, is subject to
Volume—Sales of bonds by States
The volume of new issues
added to the new issues,
accumulate inventories.
for the year,
expenditures tax limitation laws have not
in a more satisfactory way.
especially desirable that constitutional
amendments should not be
limitation legislation. It should be recognized that
experiment and any changes which experience might
made the basis for tax
tax
.
limitation is an
prove
desirable after such
legislation is passed cannot, without undue
gave
refunding was completed, which,
municipal dealers
a
fair chance to
Beginning with July, when sales were at their low
expedited after
be recognized
that the
unimproved.
and Oregon voted to
and Michigan voted against a provision to
exempt real estate from taxes levied by the State or any local subdivision
except to service debt already incurred.
At the recent
election Colorado, Georgia, Minnesota
reject tax limitation measures
WEBBER, DARCH & COMPANY
until the present time, the amount of new issues financing
dropped off considerably and the same can
be said of refunding operations.
The month of September was, however, an
for permanent
exception when sales of bonds
financing totaled about $159,300,000, the largest amount
June 1934, when approximately $179,700,000
were sold
The RFC has continued to purchase bonds from the PWA and
to sell them at more or less regular intervals.
during any single month since
Regarding the Municipal Bankruptcy Act, the committee
had the following to-say:
Investment Dealers—Underwriters
Railroad—Public Utility—Industrial
and
Municipal Securities
Municipal Bankruptcy Act
This Act, adopted May
24,1934, to continue for two years, was extended
Jan. 1, 1940.
It will be recalled that during the previous term
last April to
of the United States
unconstitutional.
vs.
•
Supreme Court, the provisions of this Act were held
The decision was on a case from Texas known as Ashton
Cameron County Water District
was
filed with the Court and, on
No. 1.
Later
a
petition for a rehearing
June 17th last, a stay was ordered until the
be disposed of. The Court has since acted on
the petition for rehearing and, by order entered on Oct. 12th last, it was
denied.
While this action of the Supreme Court brings to a conclusion the
Municipal Bankruptcy Act in its present form it seems probable that a
new bill will be presented during the early part of the coming session of
208 South La
Salle Street—Chicago
petition for rehearing should
Congress.
delay,
constitutional changes have been made. It should also
practical effect of tax limits is not fully understood
by the voting public, and they are likely to be misled because of the strong
appeal of the idea of reducing taxes.
Actually, the majority of voters will
probably be harmed rather than benefited by such legislation, as it is of
advantage primarily to holders of large blocks of real estate, improved and
be
declined from November 1935 to June 1936.
During this period, a large amount of
when
It is
about 35-100s.
tion results foreshadowed a
of reduced public
this problem
record advances, with long New York City 4>£s leading
with an improvement of
means
be effective remedies. It is desirable that this issue be
dealt with constructively, and it is suggested therefore, that efforts be
directed toward the preparation of an effective budget control bill which
can be referred to as a model act or pattern, as one means of dealing with
steady advance in prices of municipals, as
lessening
a
proved themselves to
been, with but few recessions,
Market—Since the faU of 1935 there has
generally has shown that
reduced income from real
property.
rapid appreciation in prices in what are called 'second' or
'third' grade municipal securities."
The report also said:
a
real estate.
general tax burden will be reduced as experience
other forms of tax must be levied to replace the
relatively few situations, the trouble is now
"This," says the report, "is evidenced by the
behind us."
result in a reduction or at least
It does not assure, however, that the
rigid enougn, may of course
restricted tax on
a
Telephone Central 2188
3720
I. B. A. Convention
Proceedings
Dec.
..1
.
J.
.
CALIFORNIA
.
-
.
•
•'
<<
''
-f-
ft
•
1 \
.
.
12, 1936
,
DISTRIBUTION
Bennett Richards & Hill
INCORPORATED
UNDERWRITERS
OE
DISTRIBUTORS
AND
MUNICIPAL AND CORPORATION SECURITIES
'■
■
'
.
Member Los
Angeles Stock Exchange
SOUTH SPRING STREET
621
LOS ANGELES
*
Nevada adopted for the first time
5% tax limit
a
on levies by the State
Washington voted to con¬
local subsidivions, including debt charges.
or
tinue the.
existing 40-mill tax limit for another two
It was, however, withdrawn, due
City of Springfield, Onio, with
indefinitely
on
limi¬
tax
a
issuance of limited tax bonds is permitted, this same question of priority
would have arisen,
your committee under¬
have not been
pupils,
nation
was
According to reports, the teach¬
paid salaries for October and, along with about 12,300
belongings.
Apparently
inadequate and the additional levy rejected by the electorate
Priority of Limited
Supreme Court of Texas
on
Oct. 28, 1936 handed down
holding that the holders of successive issues of bonds of
ridge Independent School District et al.
an
an
opinion
independent
The Supreme Court reversed the
holding of the Intermediate Appellate Court.
The school district in ques¬
tion had several issues of bonds outstanding,
but, due to the tact that the
valuation of its taxable property had decreased to less than
50% of wnat it
was, the district was unable to raise, witbin its bond tax
pay the interest and
limit,
missioners
provision
levy of taxes of sufficient amount
to pay
the interest of the proposed
bonds and to provide a sinking fund sufficient to
pay the principal at ma¬
turity.
The holder of
that the effect of such
taxing
a
an
earlier issue of bonds sued the district, claiming
provision of the statute
of the district to such
power
an
extent
was to
as
to
appropriate the bond
give each issue of bonds
priority or superior claim over any later issue.
The Court of Civil Ap¬
peals at Eastland, Texas, sustained the plaintiff's position in this respect.
a
;
The Supreme Court of Texas, however, reversed the Eastland Court
and
held the clause in the statute above referred to "was intended to
apply to
all bonds as a class, and was not intended to
apply so as to give preference to
bonds In the order of their issuance.
This must be true, because such
statute
clearly contemplates that
as to
provide for the levy and collection of
service
them.
In
a
all issues of bonds the district must
tax
was
authorized to refund at any time most of the outstanding
bonds of the State when of
H.
advantage to the State to do
The matter
the
purpose
of definitely and finally disposing of the question.
Valley Group of
matter to the
Aug. 1 this
Supreme Court.
year
The Court In
ruled that the bonds
due and there is
are not
no
North Dakota—The State of North Dakota acting through its Industrial
a call for payment of its Series
A, B, and O bonds. The
original contract of sale of these bonds to the underwriters expressly pro¬
vided that the bonds would not be optional.
privilege
was
gone into
raised at the time the bonds
General at Bismarck.
and is cooperating with other interested parties
instituted by a fraternal order, soliciting relief from the attempt
to redeem these bonds, which action is
permitted by the North Dakota
was
statutes.
If the attempt to secure relief through the State courts fails, it
is expected that the action will then be transferred
courts on constitutional
with
one
another, and that
issue by the
Had
the
issue will have
a
are
preference
upon a
over any
parity
other
political subdivision unless the statute specifically pro¬
preference or priority.
same
vides for such
.
no
political subdivision
a
Supreme Court of Texas
upheld priorities in this case, it is
likely that many Texas municipalities would have found it impossible to
to
the
United
States
grounds.
Homestead Exemptions
The Increase in homestead exemptions is clearly apparent.
voters.
does
not
seem
be
to
quite
Theoretically, these exemptions
able if home
a
was
having the matter carried through the courts to its ultimate conclusion.
Suit
particularly the smaller
The effect of the decision appears to be
issued and the matter
The Minnesota Group of our Association has followed
this situation very carefully
in
The question of the optional
were
thoroughly by the attorneys, Wood & Oakley, and the Attorney
fact that the clause referred to Is practically identical with clauses in the
political subdivisions in Texas.
agreement that they may be
Commission issued
constitution and statutes of Texas relating to
that successive issues of bonds of
of
The Court also held
them.
sizeable scale
cities, counties and other
as
option bonds and could not
refunded, the Board of Fund Commissioners is without authority to refund
however, of removing taxable property from
in Texas, in view of the
decision handed down
a
were not
be refunded prior to maturity except by agreement.
that since the bonds
The Mississippi
Association assisted other civic leaders in carrying this
our
Which they transpire as to time."
consequences
by the State
finally brought before the Supreme Court of the State by
State Board of Sinking Fund Commissioners in a friendly suit for the
annually of sufficient amount to
this
This decision is of far-reaching
While Benjamin
was
connection, the statute applies with equal force,
and with absolute Impartiality, to all bond
issues, regardless of the order in
,
so.
Charles, prominent municipal attorney, and other counsel held to the
and its important subdivisions were directly affected.
maturing principal of its bonded
The statute authorizing the issuance of the bonds provided
that at the time of issuing bonds the district was required to make
a
Maturity
opinion in May, 1935, to the effect that the State Board of Fund Com¬
an
,
indebtedness.
for
obligations.
contrary, the position of the Attorney General left considerable confusion
Texas are upon a parity with one another in respect to
their claims against the revenues and taxing power of the district.
The decision was rendered in the case of Bankers Life Co. vs. Brecken-
sufficient funds to
be, by materially
in the minds of investors with the result that sales of bonds
Tax Bonds
school district in
formerly
it naturally would
Missouri—It will be recalled that Attorney General McKIttrick rendered
It is under¬
necessary in order to continue operation of the school system.
The
as
to the exact status of the
Court Actions with Respect to the Call of Bonds Prior to
This action resulted from the failure
were directed to take home their personal
were
as
population of about 70,000, closed its
a
Nov. 6 last.
stood that the city has received its full share of State funds.
these
accompanied,
depreciated markets and developments ultimately requiring court determi¬
of the people to vote a special 3-mill levy.
ers
Had it
been unfavorable, it is probable that in many of our other States where the
stands, to some irregularity in the petition and court action concerning it.
The practical effect of a tax limitation was
clearly illustrated when the
schools
Your committee considers this decision of decided im¬
portance in its effect outside of Texas, as well as within that State.
years.
Arizona also had planned to present to the voters of the State
tation proposal.
sell future issues.
owners
As
ones.
a
are
the assessment
rolls
to
beneficial to home
as
well off
as
had the removal from the tax rolls not been made.
be raised for debt service,
The effect,
evident—that is,
on
a
many
owners,
practical matter, however, it is question¬
the end,
are, in
so
they would have been
Obviously, funds must
maintenance and operations.
If the base for
taxation is not broadened, then rates of existing tax impositions necessarily
have to be increased
Where this is not done, new avenues of taxation
must
be found.
promptly
offset
The actual value of the supposed benefit is likely to be
and
where
created the total costs in
one
new
revenue
producing
mediums
must
be
form or another may soon heavily outweigh
Volume
3721
Convention Proceedings
I. B. A.
143
Y
Revel Miller & C □.
650 South Spring Street
;■V
LOS ANGELES
"
SANTA ANA
Teletype: BELL LA 477
SAN FRANCISCO
INVESTMENT SECURITIES
MUNICIPAL BONDS
CALIFORNIA
INVESTMENT STOCKS
•
1
CORPORATION BONDS
•
.
MEMBERS
ANGELES
LOS
EXCHANGE
STOCK
A
k
the benefit.
This
was
North
among
tax limita¬
emphasis.
of this State approved
concisely expressed in our comments on
It is restated here
tions.
more
fully for the purpose of
3rd last, the voters
Carolina—On Nov.
homestead tax exemption of not
It is reported that the Legislature will be asked to
other constitutional amendments a
exceeding $1,000.
approve exemptions of
Along with this amendment was one
providing for
It is claimed by advocates of this
classification will result in substantial revenues from
classification of property for
amendment that the
taxation.
Another amendment was passed providing for an
intangibles.
the limitation for income taxes of from
to indicate prompt
taxation as
November last, the voters of this
small majority of about 3,000, an
a
State
amendment to their con¬
State Legislature to ".
permissable for the
making it
increase in
The above would seem
juj
created.
Utah—At the general election
approved, by
6 to 10%.
preparation for increasing existing forms of
homestead exemptions are
stitution
thus*equalizing the exempton
but $300 at this time,
for personal property.
.
.
.
homesteads and personal
property, not to exceed $2,000 in value for homes and homesteads, and $300
for personal property.
Property not to exceed $3,000 in value, owned by
disabled persons who served in any war in the military service of the United
States or of the State of Utah, and by the unmarried widows and minor
provide for the exemption from taxation of homes,
orphans of such persons may be exempted as
provide."
the Legislature may
Tax Commission of
Oklahoma who compiled for the use of the State Legislature in their con¬
sideration of homestead exemptions and limits of such exemptions figures
reflecting losses in revenues to cities, towns, counties, and school districts
The
Buyer" reports findings of the State
"Bond
in the State at
With
loss
in
an
varying scales of exemptions.
reported to show an estimated
$2,000 the
approximately $3,253,000, and with complete
homesteads, regardless of value, a revenue shrinkage of about
exemption of $500 the figures are
revenues
about
of
$1,494,000;
with an exemption of
estimated loss is placed at
exemption of
The dividends are:
$3,947,000 is estimated.
Counties
School districts
Complete
Exemption
$369,853
1,443,630
2,133,486
$2,000
Exemption
$300,675
1,190,189
1,762,043
$500
Exemption
$146,690
537,328
810,375
Revenue Loss to—
Cities and towns
it is interesting to
the estimated
revenue loss resulting from the $2,000 exemption and that resulting from
complete exemption.
While $500, $1,000, or $2,000 levels of homestead
exemptions may not on the surface appear large, it is evident that in
Oklahoma at least they bear a substantial relationship to full exemption.
Report of Real[Estate Securities Committee of I, B, A.—
Prospects in Real Estate Field Most Promising Since
Depression—Comments on Federal
tending to spread into a greater number of housing
This trend, somewhat augmented by an acceleration
of the marriage rate, is rapidly absorbing available homes in
desirable districts and is actively stimulating the building of
new homes."
The report goes on to say:
During tne past few years many buildings have been demolished without
being replaced. During tnis period our population has steadily increased. A
housing shortage, at least in respect to the better locations, would be a
logical result of these various developments. An actual shortage, of course,
would bring about an increase in rents, improve collections and make it
unnecessary for landlords to give concessions to their tenants.
This more
favorable outlook for improvement in real estate income should likewise
now
units.
induce funds for conservative mortgage loans
relatively small difference between
Rural Resettlement and Retirement of
The removal of lands from tax
programs
been
The subject was
Increase in Building
again
to
a
call attention
corresponding
of
to it
feels it
and to reiterate that it appears
this type are effected on a sizeable scale,
the remaining property owners
them to bear unless relieved by
offsetting provisions for a proportionate part of the outstanding indebted¬
ness.
This, along with tax limitations and homestead exemptions, pre¬
viously referred to, deserves close observation and study on the part of all
interested parties, taxpayers as well as bondholders.
may
in building activity nationally
of this year.
CONSTRUCTION
COST OF BUILDING
Labor, Bureau of Labor Statistics)
8 Months
1935
1936
Ended Aug. 31
$61,283,000
263,422,000
180,233,000
40.023.000
104,013,000
29,879,000
60,069,000
19,586,000
125,562,000
East North Central
West North Central
—I..
South Atlantic
—
West South Central
Mountain
-
-
Pacific
in many instances be too heavy for
Total...
% Inc.
$39,909,000
149,594,000
82,783,000
29,643,000
75,970,000
14,042,000
31,723,000
11,548,000
73,947,000
$884,070,000
New England..
Middle Atlantic
East South Central-
taxation upon
additional
ESTIMATED
those interested in municipal
provision
proportion of the outstanding indebtedness of the
Where property acquisitions of
burden
for the first eight months
from the United
Bureau of Labor Statistics, indicate the
of Labor,
Department
general improvement which has taken place
rolls as a result of certain governmental
political subdivision affected.
the
States
Activity
construction figures, obtained
(United States Department of
equitable that an acquiring governmental body make adequate
for
The following building
referred to in our report of October 1935 under
In view of its importance your committee
above heading.
the
advisable
is far ahead of the results of the past
1937 should continue at a rate 50% greater
placed at 500,000 units annually.
Sub-Marginal Lands
is becoming of increasing concern to
securities.
at reasonable rates.
few years
than in 1936. It has
been estimated that approximately 200,000 new homes will have been built
in 1936, so tnat a total of 300,000 units for 1937 might well be reached. Even
this figure is far snort of the normal of new nome construction, which has
Home building this year
and during
Complete exemption would seem to be extreme, yet
note from the above the
Lending Activity
the report of the Real
Estate Securities Committee of the Investment Bankers
Association states that the most important observation of the
Committee since its report of last May "is a marked improve¬
ment in the general real estate situation."
' 'Prospects for the
year 1937, moreover," says the Committee, "appear to be the
most promising since the depression period.
Particularly
is the outlook bright for residential properties. A number of
factors account for this.
With improved business con¬
ditions, larger incomes and more employment are in evidence.
Where families doubled up during the depression, they are
general situation,
Viewing the
$509,159,000
Special Assessment Bonds
Our committee,
of our Association, has
relative
to
the
in
attempted to tabulate the laws of the various States
issuance
States vary and we are
States where
of special
assessment
bonds.
The laws of our
special assessment bonds can be deducted from the gross debt
In some of our
special assessment bonds are payable from special taxes levied against
States they are primarily
payable from a special tax, but in such cases where this tax proves to be
insufficient they automatically become a. general obligation of the entire
municipality
It is this difference in the law which has been confusing to
municipal dealers, and we hope that we will have compete data on all of
the States at an early date, in which case the information will be published
abutting
Southern California
attempting to compile a manual which will show the
determining the net indebtedness of a municipality.
States
Covering
with the assistance of Arthur G. Davis, Field Secretary
property
in "Investment
owners,
With offices in the 10
principal cities,
other
whereas in
we
offer
and
complete facilities for primary
secondary distribution.
I
.
Banking."
Respectfully submitted,
MUNICIPAL
SECURITIES COMMITTEE
D. T. Richardson, Chairman
Henry Hart,
Milton G. Hulme,
Devereux O. Josephs,
John S. Linen,
I. A. Long,
John S. Loomis,
Harry R. Niehoff,
John-Nuveen, Jr.,
Aaron W. Pleasants,
A. W. Snyder,
Roswell B. Swazey,
Hazen S. Arnold,
Frederic J. Blanchett,
Vic E. Breeden,
Joseph E. Chambers,
John S. Clark,
George T. Curley,
Brownlee O. Currey,
John Dane,
Rush S. Dickson,
E. Fleetwood Dunstan,
Howard H. Fitch,
George C. Hannahs,
-
Claude W. Wilhide.
Griffith-Wagenseller&Durst
i^Mumcipal R
Corporation
626So SprnfJG Sr
TfttMTV
LOS
Beverly Hills
Redlands
576/
AMCBLSS
Claremont
Long Beach
San Bernardino
Santa Ana
San
Santa Monica
Pasadena
Diego
53.5
76.1
117.7
34.9
37.0
112.9
89.3
69.5
69.9
73.7
3722
I. B. A. Convention
Proceedings
Dec.
12. 1936
with buying,
building and financing residential property, continues in full
force, although the government guarantee feature will expire on July 1,
1937.
Since the effect of the Act, however, will be largely lost if Govern¬
ment insurance is
removed, it is believed that the government guarantee
will probably be extended by
FHA has served
DntmMw. Ehriithman
nevertheless
should
Congress. Tnis Committee feels that while the
useful purpose in stimulating mortgage lending
activities,
with substantial private funds available, the Government
a
permit the guarantee
feature
to
expire on
new
mortgages
after
July 1,1937.
& tDhitf
ESTABLISHED
Reorganizations—Federal Survey
A great deal
of progress has been made during the past year in reor¬
ganizing defaulted real estate situations.
Foreclosures were considerably
1921
less numerous in the real estate field this year than in 1935.
Federal
the
Government, Municipal and Corporation
Loan Bank
Home
foreclosures during
thejflrst|half£of this
year was approximately 25% less
than in the same period last year.
The report of the SEC on its study and
Securities
investigation of the work, activities,
personnel and functions of protective and reorganization committees for the
holders of real estate bonds has in it many items of interest.
Commission and
the
based
the
on
facts disclosed
committees investigated by it, there is need for
heretofore
systems
SEATTLE
TACOMA
PORTLAND
ABERDEEN
BELLINGHAM
employed.
The
a
to
as
indicates
YAKIMA
interest of security holders.
Since
reorganizations is completed,
operation with committees
Tne above figures indicate that building construction for the first eight
months of the year show the greatest recovery in the east north central and
central
an
ideal system of this nature cannot be
system of adequate checks and balances
a
ation to the scope
to effect
with the least apparent
improvement in the west north central, south Atlantic and New England
Undersupply of Dwellings Affecting Rents
National
Association of Real
its 27th Annual
Estate Boards has recently released
Survey of the real estate market, covering 252 cities, in
Respectfully submitted.
REAL ESTATE
Jean C. Witter, Chairman, San Fran¬
cisco (Dean Witter & Co.)
A. O. Allyn, Chicago, (A. C. Allyn &
of the cities show lower rents.
"The most typical advance in rents reported is 10%.
This Is true both
for detached houses and for apartments.
Rents for single-family dwellings
in representative cities are now at least 88% of their 1926 level.
ment rents are still at only approximately 58% of that level."
Spencer Brush, San Francisco, (Brush,
Simons,
Denver,
Simons, Day & Co.)
Report
space,
outlying sections of
cities show far less space absorption than does downtown
property. Central
office properties show rents higher than last year In only 28% of the
cities,
but it
is
structure
indicated that
a
year ago
the
and rates
depression low
were
passed for this type of
was
lower In only 1 % of the cities at the time
of this report.
Rents for outlying business properties are reported
ago
in 40% of the cities
office structures
six months ago.
rents
against 27% six months ago.
In only 2% of the cities
lower, and in only
lower.
as
higher in 18% of the cities
are
^
of 1 %
are
as
are
higher than
a
year
Rents for outlying
against 13%
reporting
so
outlying business property
outlying office property rents reported
Thus the trend for this classification of property, while less marked
than in the
case
of
Public
(Sidlo,
Service
1. B. A. Suggests
Issues
Affecting
as a
Association, its Public Service Securities Commis¬
sion made the statement that "the Government has entered
the electric field in ways that
many believe to be not
only
unconstitutional, and those who are injured are
trying to test this issue."
The move "by many municipali¬
ties and districts to compete with
existing local services" was
also referred to in the report, and the
suggestion was made
by the committee that a commission be named "to study
the entire problem from the broad
point of view of all the
issues involved, to the end of proposing
legislation that may
open the way to a rational development of the industry."
unfair but
The committee states that it "believes that the
power ques¬
an economic and social
problem the wise solution of
general equity is selling for higher prices than
a year ago
risen
A
committee
$1,000 bond
as
of Dec. 31,1933, reached $433 at the end of
September, 1936.
Eastern issues advanced to $452, mid-western to $330,
and Pacific Coast issues to $602. Theatre issues are the
price leaders of this
index, advancing to $549; office buildings at $482 are next, followed by
hotel issues at $447.
Apartment hotel issues at $277 are the laggards.
Real Estate Financing
been
as
growing demand by institutions, trust funds and some Individuals for
prime first mortgage real estate bonds legal for the investment of savings
a
banks and trust funds.
The Committee feels that financing of larger real
projects, in the future
as
in the past, will in all probability be accomp¬
lished by public offering of securities through Investment bankers.
As a matter of passing interest, a new method of real estate
Commission of
an
investment plan,
filing with the Securities and Exchange
issue by the 965 6th Avenue Corp.
Called the amortizing
this method of financing building construction contem¬
plates the issuance of equity shares, redeemable at par through
gradual
amortization and accompanied by an additional surplus share to
provide a
continuing equity In the property.
were
our
As
our
plication table
market.
is
taken by the
measures
mortgage market and to stimulate
a
important, but sometimes it has too little
was no
a
new
had outstanding 102,744 insured mortgages in amount of
$414,490,557. As
of the same date there were outstanding
1,152,167 modernization loans
dearth of investment
a
a
speculative position of equities.
The
of the meeting of promises at
too great
the
reliance in
highest
maturity, but it does hold
a continuance
grade
With these material savings in Interest
on
to customers,
ments
not
have also
easy
a
warning against
of present market levels
on
long list
a
bonds.
charges for the most part passed
the next period of refunding may easily result in adjust¬
Government excursions into the electric field
to make.
depressed security values
on
electric light and power properties
within the range of its activities, to levels lower than those to which their
intrinsic merit entitles them.
Thus
have the anomaly of securities on
properties of comparable inherent merit unable to enjoy equality of market
credit.
All this is
These market conditions
Government
of financial
are
we
unhealthy in the extreme and needs
induced by transient conditions.
subject to fluctuations and instabilities that
a
warfare of
attrition,
A cooperative purpose, and not a catch-as-catch-can warfare in this
business,
can
produce dependable values, and the market stabilities that offer
long-time protection to the investor.
but
a
the insured mortgage system and having to do exclusively
Without
dependable values, he is
speculator.
Where does
a
dispassionate inquiry into this business, then, lead us?
First, it would appear, to
a
consideration of the fundamental right of society
right of society to have such service
Title II of the
They are
are the produce of the varying
it may be called, of opposing forces.
as
expires on April 1, 1937, and probably will not be extended.
supply.
apparent existing stability of low rates, which largely determine se¬
curity quotations, may be seriously shaken at almost any time.
This is
not to question the certainty of coupon
payments on low-yield bonds and
with regard to it.
as
had dawned in which the multi¬
The artificiality of the present situation In this
respect has resulted in
unduly high corporate bond prices and
institutions making modernization loans under Title I of the Present Act
Act, known
era
longer true.
by the uncertainties that confront business, has led to refunding operations
reflect, not so much inherent values, as distortions
produced by a highly unbalanced relation of accumulated funds seeking
alone
The importance of the Federal Housing Administration,
the other hand, is definitely increasing.
As of Sept. 1, 1936, the FHA
by the
The record of market quotations of
at rates of return that
cally completed.
we
The insurance
<r
primarily concerned with the long-time
and to hold rates low has engendered an artificial situation
that, accentuated
fortunes of
$425,276,357.
quote
we
Similar dangers now overhang the bond
The need of the Government to sell its
growing debt at low rates
previously indicated, the activities of the Home
Owners' Loan Corporation, as far as new loans were
concerned, are practi¬
totaling
report
correction.
last two reports the various
Federal Government to rehabilitate
building activity.
on
ours
persuaded to think that
confidence and
Federal Lending Activity
We outlined in
the
It was so before the last collapse in
market, when people lost patience to hold to fundamentals and
the stock
of
financing
has come to our attention with the
From
bearing on or relation to real values.
yet, with minor exceptions, no public offerings
became evident, it is felt by various members of this Committee that there
estate
as
securities is interesting and is
investment to
have
of real estate bond issues since the improved trend in real estate conditions
is
such
questions, the permanent solutions.
per
for most of the difficulties
cure
it."
^
index of 250 eastern, mid-western and Pacific Coast
issues, an average
While there
around
follows:
as
price level lower
Reflecting the improvement to date and anticipating further recovery,
prices of real estate securities have scored substantial gains from the low
levels reached during the depression in practically all markets.
According to
price of $211
have
that
than last year.
an
of
to
In its report to the annual convention of the Investment
Bankers
which will be the ultimate
Real Estate Prices Improving
Real estate
Committee
tion is
of residential real estate, Is definitely upward.
in 77% of the cities of the country, while
only 1% show a
Securities
Commission Be Named
Power Industry with
Study
View to
Legislation Enabling Its Rational Development
Office and Business Space Still Plentiful
For both business and office
Co.)
Slocumb &
While the outlook is splendid for residential property, office and business
is still in over-supply in most large cities, according to this survey.
Office space continues to lag behind business space both in demand and in
Bitting, St. Louis (Ken¬
Bitting & Co., Inc.)
Baltimore, (Stein
C. Prevost Boyce,
Bros. & Boyce)
But apart¬
space
T.
Burns,
Minneapolis
(Northwestern Nat. Bank & Tr.
Co. of Minneapolis)
Elmer
Dittmar,
San
Antonio,
(Mahan, Dittmar & Co.)
James
J.
Minot
Jr.,
Boston,
(Jackson & Curtis)
William Moore, Detroit, (McDon¬
ald, Moore & Hayes, Inc.)
T.
Edward
O'Oonnell, Spokane,
(Murphey, Favre & Co.)
Co., Inc.)
Bur dick
SECURITIES COMMITTEE,
Wendell
Kenneth H.
neth H.
reporting, as compared with 66% so reporting six months ago.
Only 1%
show an over-supply.
"An under-supply of apartments is reported in
45% of the cities, as
against 43% of the cities six months ago.
Only 4% show an over-supply.
"Rents are reported higher than last year for apartment space in
83%
of the cities, and for single-family dwellings in 91% of the cities.
Only 1%
rental recovery.
and character of any necessary controls and the machinery-
them.
I
which report was included the following comment:
"An under-supply of single-family dwellings is shown in 76% of the cities
When its report on
this Committee should, we believe, in co¬
types of securities, give full consider
on other
portions of the country,
regions.
The
some
in many instances
which will minimize the opportunity for exploitation.
south
protective
complete change in the
Commission
reorganization system of both the dominant and the minority groups who
misused their power is the necessary objective in the
EVERETT
attained, the SEC hopes to perfect
east
According to
those
major
problems to which it feels corrective legislation should be directed. In its
summary of the report the Commission states that the elimination from the
SAN FRANCISCO
WALLA WALLA
the
According to
Board, the number of urban real estate
question.
Society
This
may
can
only lead to the conclusion that It is the clear
as
it wants.
It is in the end
a
social
in the end prefer government ownership and eper-
Volume
ation, or private
3723
Proceedings
I. B. A. Convention
143
ownership and operation, or any combination of the two.
that premise, there is an immediate and unavoidable
But if we start from
collary, i. e., that
may
correctly advised so that it
the public shall be fully and
make its final choice free from the
influence of propaganda
and special
pleading, from whatever source they come.
P But at
,
once we are
Pacific Coast Securities
If, however,
confronted with claim and counterclaim.
the principle of a correctly informed public opinion, freed from special
pleading and prejudiced points of view, is to be accepted—and how can
It not be—then the analysis of these conflicting claims is unavoidable.
Let
1
us
Corporate and Municipal
explore the subject further.
In the first place, then, the
inj,ways that
many
Government has entered the
electric field
believe to be not only unfair but unconstitutional, and
this issue.
They clearly have that
those who are injured are trying to test
The argument of the Government is that it is attacking grave evils
the business as privately conducted, and so is performing a needed emer¬
right.
In
gency
service, and in its view the ends sought justify the means adopted.
Government, with its great influence upon public
But in its activities the
responsibility, is inculcating
whole that is not
based upon a just presentation of the factors involved.
It is because in the
long run the public will decide the final issue that the just presentation of
the case assumes such supreme importance.
The people's Government
should be the first to sense the high moral obligation to its citizens in lead¬
ing, in giving and in insisting on, fully informative statements.
The public should appreciate that the private companies are giving an
abundance, a reliability and a standard of service that is unsurpassed else¬
where in the world; and be it not overlooked, at constantly reducing rates.
Average rates are now some 44% lower than in 1913, while other costs
of living are approximately the same percentage higher.
The cost of elec¬
tricity is now probably less than 1 % of the family budget of living expenses
with a proportionate
opinion, and therefore
into the public
mind an attitude toward the business as a
Building up a $12,000,000,000 investment
point from the Government, is
not only a great accomplishment, but has been of inestimable value to the
country.
The "London Economist" in a recent issue, speaking of electric
service, said: "Technically, the American industry leads the world."
It
is inconceivable that this job could have been done without the abuses
of the average
industrial worker.
without assistance at any
in this service,
in.
creeping
only not immune to
Government itself is not
particularly susceptible to it.
So the kettle
each other names.
To curb these evils, State
the disease of abuse, but is
and the pot should not call
regulatory commissions were
under their jurisdiction there has been
mcuh gained for the public interest.
Abuses remain, but there is good rea¬
son for belief that they can be progressively eliminated by a continuance
and a strengthening of commission regulation.
Yet the Government
starts with the premise, which the public is taught to believe, that State
commission regulation has broken down.
But the dispassionate point of view will recognize the fact that private
effort and private money assumed and ran all the risks of a new and evolv¬
ing business, and, unaided, raised the business to its present level of effi¬
ciency, standards and service.
This could only have been accomplished
by the progressive development of the most available and profitable mar¬
kets, otherwise it would have failed.
But as the technical art advanced,
it was soon learned that quantity production at lowering rates and decreas¬
with wide powers, and
created,
unit of output, and that extending areas of co¬
distribution, were the ways best both to serve the public and
ing margins of profit per
ordination and
security holders.
everyone,
Barring abuses, such an
evolution merits the pride of
and not mere criticism.
travail and the magnificent accom¬
plishment of private effort, for the Government to step in and point out
abuses, inveigh against unduly high rates, involved corporate and financial
structures, and to bring anathema down on tne shoulders of the entire indus¬
try.
That was presenting only one side of tne picture to the public.
All
this, however, has served at least one useful purpose.
It nas put utility
operations on the defensive, has stimulated, though it did not originate,
the efforts to correct existing abuses, to improve service and to lower costs.
The Government misleadingly gives the impression that it alone nas con¬
ceived ideas, which had in fact been the guiding tnougnts in the progressive
minds in the industry for years.
If all this were better understood, the
public thought would be clearer and less partisan.
It might parenthetically be stated here that this committee has persist¬
ently in past years advocated the elimination of abuses; simplicity of finan¬
cial and corporate structures; giving increased authority to State commis¬
sions to cure abuses; has voiced its opposition to many holding company
practices; and has held that the public should be well and honestly served.
It cannot now be accused of approaching the subject in any more partisan
spirit.
Though there is much concentration of power in a few hands, this
committee feels that it is no remedy merely to transfer concentration of
authority to Washington.
The remedy surely lies in a regulation that will
both curb existing evils and open the doors to sound economic advance.
And it does feel that facts should be made known and the public accurately
informed.
The Government and the private operators have an equal
It was easy at
this stage, after the
responsibility in this respect.
Let us pursue our inquiry, our search
RUSSELL, HOPPE,
STEWART & BALFOUR
Investment Securities
Wilcox Building
PORTLAND, OREGON
The result is that power
put up the losses.
the incidental
subsidized.
charges to
This merely has the
general taxation.
effect of shifting actual and proper power
The public must pay them,
of them, and so is
the large part
see
development is the real and not
is heavily government
objective, and that government power
though it does not
misinformed.
idea as a verity.
Government does not
include interest during construction as a cost of construction; when it ob¬
tains rebates on freights not available to others; when it franks all its liter¬
ature; when it includes no interest on costs in its operating expenses; when
it pays almost no taxes; when its power investment is in part allocated to
navigation?
These and other elements do not make it possible to have a
36-inch yardstick, to say nothing of the fact that if it had 36 inches of actual
charges and costs, and comparable taxes, no two situations are alike, and
on that score comparisons but mislead.
How could they be alike, with no
two stream-flow characteristics the same, with varying costs of fuel, with
all sorts of varying conditions of operation?
Consider New York City
service, all underground at great cost, and another city with all its service
But it is
overhead.
Is
thing.
no such
The public accepts the
yardstick?
about the
What
How can there be when the
supposed to set up an accounting method that
but it has never done so. In many ways
violated the laws of its own creation. Again, the public
Also, the TYA is
comparable to private costs,
it appears to have
should
know the
On the
facts.
Columbia River in Washington are
developments,
other great and expensive
Bonneville and Grand Coulee.
There is no need to discuss
expenditures in detail.
But here is almost no need of ex¬
these enormous
investigators have repeatedly
of consequence on the river.
tidewater at Seattle, or the
370-mile water route to tidewater at Portland ?
A report submitted by the
Secretary of War in 1933 says that estimated navigation on the river from
tide water to its confluence with the Snake River could not justify a gov¬
ernment contribution toward power development in addition to the lock
costs in the four dams proposed, of over $5,000,000.
The dam now being
built at Bonneville, whose pond will extend back but 50 miles of the 180
miles to the mouth of the Snake River, is given an estimated lock cost of
some
$3,000,000.
Yet some $20,000,000 of the Bonneville costs nave
apparently been allocated to navigation, though a railroad follows the river
for the entire distance, and the estimate of possible river traffic is not likely
to be realized.
Nor are there damaging floods on the river, for through¬
out its course on leaving Canada it flows between steep banks and an un¬
populated country.
A great irrigation project is tne argument for the Grand
Coulee development, at immense cost, over many years to come.
And
this work is probably the death knell of a great salmon industry on the river.
Also, these power projects were started without any knowledge of where
the outputs would be sold, at what price, or whether or not they would be
self-supporting, despite the recommendations of the above-mentioned re¬
port that no construction should be undertaken until contracts were exe¬
cuted for the sale of power to assure repayment of annual expense and re¬
payment of the investment.
This is a great menace to orderly procedure,
and the due safeguarding of existing investment, whether private or mu¬
nicipal.
In the one case of the Boulder Dam, conceived and begun under
penditure
for
navigation.
Government
.pointed out that there will never be navigation
Will Wenatchee use the 150-mile rail route to
administrations, was the output contracted for before work
This great enterprise is a conspicuous example
for fair statement.
public believe that private interests
were stealing the water powers, whicn were the heritage of the people.
The
facts would, however, seem to be that before the passage of the Water Power
Act each development on a navigable stream (wnere the Government has
previous
jurisdiction) was made under an Act passed in each individual case by the
Congress, and after the passage of the Water Power Act in 1916 50-year
leases only could be made, the plants to be recoverable by the Government
of
impression it is
Government would have the
The
leave much room
The
Government) less depreciation. Tnis does not
The public should know these things.
passes the Tennessee Valley Authority Act, in¬
(as passed on by the
at cost
for theft.
Government now
augurating, by words of its own, a power
would be a yardstick
and got the
to
policy of the Government.
and a curb to tne private
public ear.
develop power was
interests.
There
It sounded well
But tne only authority of the Federal Government
believed to be incidental to its authority over navi¬
So stress was laid on the improvement to navigation.
would be improved, but was there navigation to justify
expenditures to secure it? Consider the Tennessee River.
From
Knoxville it flows southwest by Chattanooga into northern Alabama, and
gable streams.
True, navigation
the great
then, after
turning westward in that State,
flows almost north to the Ohio
Paducah, Kentucky.
The water route from Knoxville to
Pittsburgh is some 1,618 miles; by rail via Cincinnati, some 618 miles—
River,
near
By river from Knoxville to New Orleans is
600 miles—at least 1,400 miles shorter.
From
Knoxville to St. Louis, 925 miles by river, against 540 by rail.
Will long-haul freights take the tortuous and long water routes rather
than the far shorter and quicker rail routes, at 1 cent per ton mile?
By no
means.
What is left?
Some local freights, which in no way can justify
the great expenditures being allocated to navigation In order that power
at least
some
1,000 miles shorter.
1,992 miles; by rail,
justifiable expenditures for
navigation and flood control dis¬
general government expenditures and the taxpayers unknowingly
costs may appear
flood control.
appears
in
low.
There, are, of course,
But the money spent for
construction was begun.
perfect conception
on
and execution.
of
If ever an enterprise did, this one hits
Surely the public is not fully informed.
public mind is also greatly confused in the matter of litigation.
all cylinders.
The
The
receiving is that the utilities are deliberately trying to
hamper and delay by clever legal processes, tne effort of the Government to
perform a needed public service.
This, however, is very far from the fact.
In this country anyone injured by a legislative enactment can bring his
recent Congressional
be unconstitutional.
Respect for law and the orderly processes of a democratic government
should make the Government the first to desire the prompt settlement of
such issues.
Yet the reverse has been the governmental policy.
It has
been rather to prevent issues from coming to trial by all the ingenuities at
its disposal, and then to have tried a hand-picked case of its own.
This is
grievance before the courts for adjudication.
Several
acts have not only done injury, but are believed to
a
harsh charge,
The result
but the facts
justify it.
proceed with the claimed
of this attitude is to
unconstitutional
forward with both physical construction and administrative
detail, so that much is entrenched and made reality whether or not.
Re¬
cently some fifty separate suits were brought under the Holding Company
Act in the District of Columbia and elsewhere.
The Attorney General of
the United States complained of the number and the consequent clogging
of the docket, yet when it was proposed to consolidate these suits into three
or four at one time, he evaded the issue.
Later, when 19 companies Joined
to bring suit against the TVA, the companies were accused of "ganging up"
against the Government.
All this is not to prejudice any issue, but to
point out the method that confuses the public and keeps business dis¬
traught and uncertain.
It does not somehow spell responsible government.
The public should not be misled.
Much nas been made of the British Grid and of what this country could
law, getting
•
learn from this
and other national
approaches to the subject in Europe.
I. B. A. Convention
3724
nation with nation.
The public in consequence compares
is
a
but little larger than New
fornia.
Italy is not as large as Cali¬
Belgium is not as large as Massachu¬
York State.
Sweden is scarcely larger.
setts and
That, however,
The national problem of England involves an
misleading comparison.
area
Germany is only one-fifth larger than California.
Connecticut.
Prance is very little larger than Germany.
Thus
what Is
regional
national
a
Either is much smaller than Texas.
problem with these countries is but a localized
It was the advance in interconnection and
British study of our methods,
problem with us.
standardization In this country that led to
But in this country there already exist grids
and their Grid is the answer.
on
England are in effect
New York, California and New
extensive scales.
grids today; also the eastern Pennsylvania and New Jersey and Maryland
interconnection of the Southern States, the great network from
areas, the
There is, of course, much to learn from Con¬
Chicago to West Virginia.
Dec.
Proceedings
to
unfairness
the move is
legally established business, great as that is,
economics as established by time and
against all the principles of sound
subject.
recognized by all who give any thought to the
national Government has stimulated, both
This tendency the
by its general attitude and its
Federal funds for purely
operations, and by its loans and grants of
own
12, 1936
The attitude is, in these advances, that the Government
local enterprises.
concerned with whether or not a project can be judged to be self-
is solely
liquidating, entirely ignoring any question of
justice, decency, or fair play.
By such competitive enterprises, all that is accomplished is to multiply
to increase the capital costs of service, to
jurisdictions and authorities,
make uniformity and
All this is a tendency against the best
complicate the problems of practical operation, to
reliability of service more difficult.
Some 250 of such competing projects have been
interests of the consumer.
though not all are as yet operative.
Yet the
Act of Congress, that corporate structures be
approved by the PWA,
Government demands, through
directions long been practiced
here, but the public should realize that American practices have set the
standards and promoted the vision of our foreign friends.
Ours is a prob¬
simplified, in cases prohibited, that confusions be eliminated.
lem different and special to ourselves.
policies and violations of sound economics.
tinental adaptations of what has in so many
The public should understand that there
There is
is nothing new In these national
It is right and proper tnat the Government should
pictures of today.
public cannot winnow all the wheat from
no
neither
is
correctly informed
nor
study the national problem, so that the future may unfold in a proper and.
orderly fashion, but what private enterprise has done and is doing should be
how it wishes to be served, and for
Tne public easily draws the con¬
given its meed of praise and protection.
of putting cheap kilowatt hours on
the switchboard of some government hydro
plant, whereas the unadorned
fact is that It Is only then that the largest expense
and the technical diffi¬
Tne investment in power plant capacity is
culties of the business begin.
less than the further cost of getting the switchboard
the operating costs of
and
consumer,
ridiculously smaller.
technical difficulties
The
of paralleling and syn¬
chronizing different supplies of power over wide areas at one time seemed
Yet all this has already been accomplished
almost too great to overcome.
It is
for considerable areas.
yet by no means either technically or eco¬
as
nomically certain that even an approximation of a national grid (in our
of the
sense
in
the
and
already exist
Connections
past.
Carolina
North
Such studies nave been made
national) is Justifiable.
term
to
from
Boston to Buffalo, from
Mississippi, from Virginia to Pittsburgh and Chicago
beyond, from the State of Washington to Yuma, Arizona.
In
some
load-dispatching authorities nave been set up by joint agreements in
cases
True, some connections are little more than physi¬
far-reaching manner.
It must not be assumed that these interconnections are ideal.
effective,
very
distances.
a
that very extended regions are
So Niagara Falls has helped out Boston; Wilson
transmission is important.
North Carolina drought.
But nothing is clearer than that inti¬
of coordination is the goal to be sought, and the non-dependence of
macy
important consuming centers on
a
single source of supply.
There is much
the power question is an
believes that
committee
have arisen around it.
most of the difficulties that
the
imposition of tax burdens, all represent the opportunist,
experimental, and in no small way the punitive method of attacking the
While such course may muddle a way through, the final result
problem.
bear
will
relation
little
social, that
are
essential
uncertain
At the
and
position,
way
reality among uneducated citizens
a
approach?
How
can
an
increasing problem as to what extent this is either economically
Long distance transmission
in the effort to reach an imaginary
solution,
sort
some
These problems have been studied and
with local State authorities and the
have accumulated
some sort
court of appeals
or
that
while not interfering
peculiarities of purely local conditions
statesmanship.
by
an
The issue is
now
being
opposition of personalities and
There have been many commissions appointed, that
of mere hostilities.
vast amount of
a
valuable information, but suggestions
conflicting and confused, though all contain expressions that get
Some years ago many
State-wide study by
of the companies in up-State New York joined in a
independent engineers of the water power resources of
best location of steam relay,
and their connection with the State's markets, under instructions
company
interests
limiting the generality of the study.
abortive,
but
that no
territorial areas served by them were to be considered
or
there
was
This committee proposes the appointment of
but this time
the State, of the best method of their use and the
The work proved to be rather
vision
nevertheless the
the effort
and
made.
one
the way to a rational development of the
control of
it wants
economically justifiable hydro plants in the Federal jurisdiction;
wasteful
no
that
it
the
recent
suggestions
This danger is clearly shown
districts
to nobody's gain, and give but
for dividing the country into
whose boundaries disrupt existing systems
power
paper
Manly,
Vice-Ohairman of the
Federal
Power Commission, in a
written for the World Power Conference, recently held in Washing¬
under the title "Regional Coordination and
Integration of Electric
Utilities: the Federal Point of View," has discussed these
foresight and ability.
at issue.
It is
a
questions with
definite contribution to the whole question
George N. Tidd, President of the American Gas & Electric Sys¬
tem, and F. L. Carlisle, Chairman of the Consolidated
Edison Co. of New
York and the Niagara Hudson System, have also made
valuable contribu¬
Manly's paper is wortn while.
He says:
"Engineering studies and practical experience alike have demonstrated
proper interconnection and coordination of power facilities releases
capacity to meet these growing loads and at the same time lowers the cost
of energy to the distributing system."
that
i
,
so
by the cheapest path and from the cheapest available
that It may reap the savings
its
investments
inherent in any special combination of
capital
safeguarded and the credit of operations such
be raised
can
guarded; it wants
as
repeal
of
new
plan evolved that does not strain the constitutional
a
existing
that
needed; it wants the just rights of society safe¬
Such
laws;
a
solution might involve the modification
might involve
it
constitutional
might consolidate existing agencies or create new ones.
or
amendment;
It is
a
it
problem in
statesmanship to test the ablest minds of the country, but it would be
an
honor to any one to be appointed to such a task, an honor and responsibility
that could not be refused.
task.
Suppose such
Above all, it is a group and not an individual
commission was made up of representatives of the
a
Government, of the private interests, preferably in equal number, and of
a
third and
essential
public-spirited citizens, recognized
group—a group of
for their high standing, their community
tions to the discussion.
A quotation or two from Mr.
duplicating investments; it wants public or private
circumstances; it wants no speculative profits to any one but it wants both
from of government.
little heed to State jurisdiction in important cases.
Basil
or
wisely choose between them; it wants as customer to have
may
current routed to it
complishments and sets back present gains.
What the public wants
operations equally protected and regulated and comparably operated,
source so
accomplished and instead of building on that, disrupts present ac¬
industry.
is abundant, reliable and cheap power; it wants its Government to retain
Though the Government can give great aid in these directions, there is the
been
still another commission,
study the entire problem from the broad point of view
to
of all the issues involved, to the end of proposing legislation that may open
danger that the over-centralized point of view ignores what has already
ton,
conflict
In other words, the problem needs solution from
and necessities of service.
restudied before the Government
interested itself at all in the problem.
in
a
nowhere, of solicitation for cooperation and the rights of society.
goal.
as
be
the issue must have
of supervision
State adjustments and accords,
accomplishes extra
made are
seems to
this problem, as a problem be approached ?
confused by the discussion of details,
possible or operatively dependable and helpful.
Now it
The issue of such a contest gives might, rather than
the supremacy.
national
are in
must remain disturbed.
And above-all, self-government, the wish of
As time has passed it becomes apparent that
of
Until this
Wishful thinking must give
be private or public.
Is not the solution to shift the
of hostile groups.
reason,
economic,
investment in the industry
the investment market
to realistic thinking.
all, cannot be
scientific,
public demands that large systems shall not get out
time the
same
questions,
But the root solution is now needed.
be measurably achieved, billions of
can
us
the
to
involved.
led to think that current can now
But it is
developments, with
Government power
with
experiments
farm service, the
the point of view of constructive
of the actual kwh. may easily be overdone
The Holding Company
Bill, the practices of the PWA, the setting up of the Federal Power Com¬
mission,
misconception about the long distance transmission line.
The public is
be transmitted anywhere, any distance.
economic and
the wise solution of which will be the ultimate cure for
social problem,
short dis¬
This conception of long distance
relayed and secured in their services.
a
It is rather
particular kwh. travels, but by its short journey it releases
tance that the
otner kwh.'s for further short Journeys, so
Dam,
Some are
It should in any event be kept In mind that
less so.
some
current is never transmitted these long
in control.
are
This
a
Otherwise personal aims and not an informed public
breach of this trust.
of hand, whether they
cally that, but many have real capacities for interchange of current.
should be held to accountability for
Misinformation from any quarter
kilowatt hour to the
production versus distribution are
and correctly informed, and that
Government authorities to lead in this direction.
the moral obligation lies on
will,
with regard to this great
that reason it believes it to be of para¬
importance that it should be fully
mount
It is apparent that the public
need to extend this discussion.
adequately
This committee believes that the public must ultimately decide
industry.
clusion that the question Is merely one
Surely, the
the chaff in this confusion of
ness,
so
Such
a
chairman, and have
time
consciousness, their disinterested¬
that society as such could have equal place at the council table.
commission should make its own rules of
procedure, appoint its
door closed against its investigations.
In the
own
mean¬
might be given in the field of operations, that the essential
pause
status quo
no
might continue till the commission reported.
This sounds time
Also:
•
consuming, but in retrospect it would prove to have been a saving of both
"Any consideration of the coordination of generating and transmission
time and money.
in such regions necessarily involves the relations of Federal,
municipal and privately-owned utilities and the establishment of a basis
upon which they may cooperate for their common benefit and for the ad¬
facilities
vancement of the
And
public welfare."
In any event, this committee
to the
believes that every
urge
should be given
simplification of corporate and financial structures, and permission
granted for corporate simplification to be effected, now rendered difficult
or
impossible by existing tax impositions and other impositions flowing from
again:
the
"Electric energy is something more than a commodity; it is the very
an industrial nation, which must flow abundantly and without
interruption if the nation's strength and well-being are to be preserved."
life-blood of
"This would involve, among others, arrangements for taking power at
all times from the cheapest generating sources, joint use of transmission
lines, a common load-dispatcher service, and a method for determining
and distributing the credits and debits arising from coordinated operation:
all with the object of obtaining the same economies that would accrue if
the companies were under the same management."
"Coordination, on the other hand, is a process which may be applied to
all classes of utilities—Federal, State, municipal and private—as a means
of harmonizing their operations and securing a large part of the economies
and other benefits that may be obtained by an integrated system."
In conclusion, he says:
tendencies of the present anti-
Reference is made to the move by many municipalities
and districts to compete with existing local services
plified and progressively reduced; for the lowest possible rates consistent
with
maintaining integrity of property values and
fair return
a
on
legiti¬
stability.
It is but
tions
in
a
patent observation that many of the failures and reorganiza¬
business
the
are
traceable to
borrow is to invite trouble.
to be
Quite apart from any
excessive
funded debt.
To
over-
The sound conception that debt is something
repaid has its just limitations in the long-time character of the utility
services, with their inevitable slow turnover of capital, but sinking funds
should be made
would
seem
use
to be
a
of to keep funded debt in
bounds.
For that
whittling down the actual
par
it
amount of excessive debt.
One theory is
debt can be improved by the application of
what is called the "improvement
fund," and while this is
practice it is often far from being effective.
It cannot
so
In theory, in
compare with the
actual reduction of the face amount of debt as a method of
tiveness.
reasons
sound principle that a sinking fund should be constantly
that the ratio of property to
weighing the advantages and disadvantages of the various
plans that have been suggested, the writer would suggest the advisability
of avoiding commitment to any particular scheme.
Each region In which
a major Federal project is located has its peculiar problems and must be
dealt with accordingly."
"Without
This brings us to one of the most unhappy
Rates of service should continue to be sim¬
mately invested capital is the lowest stone in the foundation of financial
Speaking of "Coordination" he says:
utility activities
Holding Company Act.
practical effec¬
.
It is apparent thai; the
authority of the SEO to
secure
full statement
of facts with regard to new security issues has worked much good.
While
full credit must be given for these gains, the costs of registration still seem
Volume
documents could perhaps be simplified to advantage.
to be too great a
tendency with this
as
from
reaching the public through the medium of newspaper advertising.
The Better Business Bureaus are glad that they have been able to recipro¬
cate for this assistance of the press by serving as investigators and sources
There seems also
with other Washington authorities
not to recognize both the sufficiency and the advantages
information
of
of local adminis¬
trations.
Almost
We note with regret the increasing tendency to
corporation bond issues.
call for bids on utility
the
This practice is unfortunate, as it neither aids
the company nor serves the public interest.
to secure better
prices for the
company
and profit.
But the ill results should be noted.
New
wno
One of the greatest aids
are
offered for public bidding, all this is lost;
ings under the
New
the
same
There is
a
saying that
a
He- was
paign
slightly higher prices that
the
President
The margin of
President
in
1919-20,
New
the
York
Bureau
officers, directors
as
voluntary fraud-fighting
Business Bureau,
first
Better
his
presidency
in
A.
the
new
of
the
Association
Bureau
the
organized in 1922.
materialized
New York,
Prescott, President of the Association in
and
Howard
late
Bureau
of
Beebe
F.
off to a flourishing start.
Henry R. Hayes,
in 1927-28, is now Treasurer of the Better
agency
New
of
Bureau being
1920-21,
of the
John
1921-22.
actually initiated the
of those who
New York
Roy 0. Osgood of Chicago furthered the cam¬
saw
Business
the
of
one
was
President.
administration
in
1922-23,
at times get for its goods by the
a company may
during
with
formation
that resulted in the
later its
during
competitive.
workman is worthy of his hire.
and the
fact, the late George W. Hodges of New York, President of
Association
movement
Thus various offer¬
of responsibility to a company
sense
which its relations have been merely
In
course.
the
York, Chicago; to houses good, bad and indifferent; and no one in
time of trouble feels tne
organizations helped finance
The Investment Bankers Association's interest in
of
mortgage may go to widely scattered nouses in Boston,
same
America
Bankers Association of
Investment
Exchange.
these
agencies antedates actual
friends—only acquaintances, ready to bet to their
feel no sense of responsibility to the company and
correspondingly give but meager service to investors.
consistent
advisers.
or
company ceases to have
advantage, wno
have likewise supported
friends have been such
organizations
most
cially, through cooperation, and by personal services
and
when it must hire funds for its needs, it seeks tne advice and cooperation of
those in the financial field who know its problems, who have assumed
responsibility for placing its securities and who are jealous of its financial
If securities
the
as
Stock
of
the
among
its inception.
Association members in other cities and other stock
exchanges have likewise supported their local fraud-fighting agencies, finan¬
individual operation should devote all its energies to its own affairs,
own
and
business
from
An
understand investment' markets.
York
Members
operations is the advice and assistance of those wno have had
long financial experience and
responsible
Bureaus,
advertisers.
prospective
on
all
organizations
Its alleged object is, of course,
and to reduce both banker influence
to successful
well-being.
3725
I. B. A. Convention Proceedings
143
unduly high, and much of the elaboration of detail in the required public
York
Chairman
City and
of
the
of the
Board
bidding method is not only at best scarcely noticeable, on the average long¬
affiliated organization, the National Conference on Prevention of Fraudulent
time cost of its money, but may, as a matter
Transactions
of fact, result in serious im¬
Investment
pairment of this average during adverse market conditions, when no bank¬
houses
ing
feel
under obligation.
Acquaintances
not ready to
are
themselves out to provide temporary funds in time of
the
put
Fraudulent
need.
Friends are.
the losers, and it is
Both the company and the investor are in the long run
itn
fraud
ful negotiation of the terms of an offering, the benefit of banking
of
the
the
and
of
assurance
a
judgment,
continuing interest and aid in time of trouble.
There should, of course, be no contractual relation between company
service
as
satisfactory.
was
This is
securities for award to the highest bidder, wherever
up
the
whoever he may.
or
are
alive
to
James
alive to its abuses, we seek only the treatment that is
are
letter,
difficulties that confront the utility business, we
the
will
come to
herein
all through the
recommendation! of such
a
M.
need
Landis,
New York
in
and
the
of
the
as
who guides
President
best-
"the
United States."
Exchange
work
man
Leon Harp,
Commission has
increased
done
Chairman
of
the
SEC,
long
not
in
stated,
ago
a
City in the Commission's efforts to suppress fraudulent dealings in
We sincerely hope that there will be no curtailment of your activities in
this respect and we look forward to the continuance of our effective cooperation."
commission as is
Ernest Angell,
said
Nov.
on
SECURITIES COMMITTEE.
SERVICE
laws
D.
Commissioners,
follows:
as
securities.
believe gain
suggested.
PUBLIC
Securities
"The SEC appreciates the assistance rendered by the Better Business Bureau of
The
its due.
Industry of electric generation and distribution is even yet in its infancy.
The issue depends upon an informed public opinion, and we
of
Prevention
on
regulatory agencies.
that it does not result in abuses.
We
of
Securities
and
on
referred to yesterday by
the
for the
Conference
Securities.
anti-fraud
of
counsel
represents the Association
officer of the Association and the
an
was
on
committee
Keyser,
America,
National
by the Bureaus and other
voluntary fraud-fighting agencies in cooperation with the State and Federal
The remedy is not to put an end to a wholesome relationship, but to
be.
see
man
importance
in
Y.
of
the
of
Association
advent
The
different matter from putting
a very
Davis,
fighting,
National
informed
and
banker, though the mutual relationship would naturally continue so long
Paul
Association
Committee
Transactions
Arthur G.
surely to the gain of the investing public that it has tne confidence of care¬
Securities.
in
Bankers
Executive
Regional Administrator of the Commission in New York,
9, 1936, in part,
as
follows:
"I am very glad to say to you that the Commission and particularly this regional
Callaway Declares
Trowbridge
Bureaus
Business
Better
I.
in
B.
A.
of
Protection
office, find most helpful the active cooperation of your Bureau and its affiliated
bodies, especially the prompt reference to the Federal and State enforcement officers
of complaints of fraudulent security practices and transactions. The vigilant effort
Ally of
Best
of these voluntary agencies are of genuine value and we should view with regret
the diminution or abandonment of your work In this direction.
"The instances in whieh the Bureau is able at times to effect Incidental restitution
Public
Against Unscrupulous Practitioner—Resolution of
Urges Support of Members Be Given
to the victims of fraud Is of distinct Interest to us and these Instances would appear
to be in the aggregate a substantial contribution to remedial measures which the
Association
public bodies, by their very nature, cannot themselves undertake."
Bureaus
At its annual convention in Augusta, Ga., on
Only six weeks
Dec. 5, the
Investment Bankers Association of America adopted the
fol¬
members of
in
the
lowing resolution
urging
by
support
the
nizes
the
other
voluntary
Investment
America
officials in
and
securities
laws against fraud in
enforcing the
carried1
as
With
urges
each member
upon
of
the
Association
this
recognition
generous
tremendous
As
new
of
of
one
the
itself
New York, a past President of the Investment Bankers Asso¬
statement at the convention in which he said
clares,
interests that
voluntary
fraud-fighting
protection
of
the
against
everyone
the
interested
unscrupulous
in
tion of America, has reaffirmed its
sponsorship.
York City,
It
the efforts
was
resulted
in the
in 1922, these organizations have had
Bankers Association
of
Martin
the
officers
Fraud
Act
of
was
New
the Martin Fraud Act that gave
no
the measure,
detection
to
and
realized that
exposure
York
this Association
State.
The
Btatute
may
rise to the first Better Business
Bankers
that
♦
purpose.
work.
as
regardless of the loss of revenue entailed, in order to keep the crooks
constitution de¬
against loss through
protection
negligent or irresponsible
.
.
Legislation
Committee
of
the
Investment
the annual convention
great importance of all dealers in securities
or
innovations of practice and procedure, and
any
they
very
particularly consider the
applicability of
any
such new type securities."
The committee, beaded by
T, Weller Kimball, of Field, Glore & Co., Chicago, adds:
a
the country has been one of the generous contributors to
Publications have subscribed liberally to their finances, hut
liberally through the public education they have, carried in news
and editorial columns.
Too few readers realize that, further, the press
has, almost universally, imposed a voluntary censorship on advertising
ccpy,
Mr. Wood, in his address
Association
existing provisions of law to the issuance, sale or dealing in
Innovations
in
types
of
securities
inapplicable an exemption provision
securities
In recent
to
which
the
new
times there are
may,
by
their
provisions,
render
assumed to apply to the class of
type may generally belong.
s
To illustrate:
being issued certain types of quasi-municipal
securities and various styles and classes of revenue bonds which apparently
were
not
securities
contemplated when the
was
consequence,
exemption provision
as
to municipal
written into a number of the State securities laws.
As
a
the one-time perfectly appropriate exemption may not now
fit these new types of securities.
The press of
just
Blinkers
be issued from time to time, according to changed con¬
ditions,
was
public authorities created under it.
Such an agency could solicit
the support of all legitimate business interests, act as a blearing house
for. complaints, and establish contacts with the victims of shysters in
e\ery field.
The Better Business Bureau of New York City, first of the many such
organizations now operating throughout the country, was formed to serve
their
Investment
taking particular notice of any new type of securities which
that
the
this
afford
"stresses the very
better friend
Association of America, as sponsors of
privately supported agency specialized in the
of reprehensible practices, would be indispensable
The Investment
the
Bankers Association in its report to
by Paul V. Keyser, committee counsel for the Investment Bankers
Association of America.
In fact, throughout its 25 years the Association
has fought for the fraud-prevention type of security-regulation legislation.
It
one
its vital duties, the following:
State
The
drafted
Bureau;
to
.
America.
and members of
in
anniversary convention to
particularly glad that
sense, has rededicated
of the most important
a
Laws
Mr. Calla¬
added:
New
in
of State Legislation Committee of I. R. A.—
Importance of Consideration by Dealers of Appli¬
cability of Existing Law to New Type of Securities
—State
Legislative
Action Affecting Securities
They will be elated to read the resolution adopted by the convention—
but not surprised.
Since the first Better Business Bureau was organized
in
a
an
Report
prac¬
titioner of deception will be gratified to know that their best
than the Investment
among
.
ally in the last 25 years, the Investment Bankers Associa¬
way
have received
supporting these and other
are
agencies,
public
we
dealers, to surround the offerings of Its members with greater safeguards.
States, the local business, industrial, financial
and newspaper
silver
preamble of
"
Business Bureaus in every important city of
"Better
fraud-
Friday, emphasized this point.
on
The
United
this
at
am
of America,
objectives in the minds of its members in 1912.
ciation and President of the Better Business Bureau of New
the
It deserves and
of the voluntary
Association of America and
fraud-fighting agencies, I
the Investment Bankers Association
that
letter to all
a
encouragement.
member of the Investment Bankers
a
officer
Trowbridge Callaway, partner in Callaway, Fish & Co.,
a
of the services
working to stamp out fraud in securities transactions,
the
respective localities.
York, issued
in
fighting agencies by both governmental and private organizations that are
transac¬
by such Bureaus and other voluntary agencies in their
on
President of the Exchange,
Gay,
should receive your support."
importance of giving proper support to the work of combatting securities
fraud
R.
missioners and other public authorities is the best proof of Its value.
recog¬
agencies throughout the country in cooperating with and
public
in
of
by Better Business Bureaus and
done
Charles
members, said, among other things:
"The record of the Better Business Bureau as an effective agency to combat fraud
is outstanding and the use that has been made of its facilities by Securities Com¬
Association
Bankers
public value of the work
assisting
tions
the
the New York Stock Exchange reaffirmed Its interest
ago
appreciation of the cooperation it is getting from Better Business
Bureaus.
work of the Better Business Bureaus:
Resolved, That
and
It is proper, of course, to
seek sound amendments to the laws, based on
interim dealers should
the new conditions, but such requires time and in the
be
particularly thoughtful in determining their position.
"'The
resolution adopted at the recent
convention of the
National Association of Securities Commissioners, autboriz-
I. B. A. Convention
3726
committee to study provisions of
of recommending uni¬
formity, was referred to in the report, and a resolution was
adopted at the Augusta convention of the Investment Bank¬
ers
Association authorizing the President of the latter to
name a committee to cooperate in the matter.
This resolu¬
tion is given in this issue under another head.
Prom the
report of the State Legislation Committee we quote:
ing the appointment of
a
before sales can be made, whereas theretofore filing of the notice of
South Carolina—A bill for
Legislature and
Virginia.
year
Bills for amend¬
Kentucky—A biU providing for the continuance or renewal of a bond
given by
registered dealer, from year to year, in lieu of the requirement for
a
bond to be given annually with the renewal of
was
It is
the administration of the law was trans¬
and Securities to the Department
be headed by a director who shall administer
the securities law under the supervision of the Commissioner of Business
The Act further provides that the director of this division
shall have had at least four years of
successful business experience.
Louisiana—Three bills to amend the Louisiana securities law
duced in
were
intro¬
Legislature, two of which were enacted and one failed of
the
only to such
introduced in the
passed by both the house and the Senate during the
The bill, however, was not signed by the Governor until
a
combination of the regulatory and the fraud act type of securities
The
regulatory features differ slightly from the usual though somewhat broader
exemptions, while the "fraud act" features are amplified and strengthened.
The principal modifications are as follows:
the dealer's registra¬
The Act provides for a Division of Securities
Regulations.
within such department, to
Regulations.
was
Section 4—Exempt Securities
enacted by which
ferred from the Department of Banking
of Business
entirely new law
was
tion, failed of enactment.
A bill
an
law and is based primarily upon the "Uniform Sale of Securities Act."
follows:
as
sell, subject
Oct. 23, and became effective by official proclamation on Oct. 28,1936.
existing securities laws or for new laws were enacted or proposed in
these States
to
the State might subsequently take.
as
regular session.
legislatures were in regular session during the
New York, Rhode Island, South Carolina and
ment of
constituted the authority
sell
to
procedure
1936,
State
12, 1936
obtaining permission from the Chief of the Division of Banking and Insur¬
ance
intention
Kentucky, Louisiana, Massachusetts, Mississippi, New Jersey,
Nine
namely:
Dec.
to sell a security by sending such notice to the Commissioner by
registered
mail, and the placing of such notice of intention in the mails, properly
addressed, was deemed sufficient filing. In brief, the amendment requires
State securities Acts for the purpose
a new
Proceedings
Under the law prior to this amendment, the filing of a notice of intention
enactment.
1.
Subsection
(b), being an exemption for foreign governmental securi¬
ties, has been modified by adding thereto the proviso that "such security
has been registered with the Securities and Exchange Commission," &c.
This
addition harmonizes the provisions of the Federal and of the State securities
laws respecting foreign governmental securities, and avoids any possible
criticism which may be leveled at a blanket exemption for such securities.
2. Subsection (f) provides an exemption for securities listed on the four
larger exchanges and for the approval of other exchanges by the Commis¬
sioner upon a finding of fact according to standards set out in the subsec¬
tion for that purpose.
The establishment of statutory standards against
which the Commissioner may make a finding of fact, definitely avoids any
criticism on the basis of delegated legislative power or of possible arbitrary
action.
Section 9 of the law, relating to Application Statements for Qualification
of
Securities,
by
amended
was
adding
(15)
paragraph
to
thereof
the
3.
Subsection (h), relating to negotiable promissory notes. &c., has been
re-written in the light of more recent experiences.
following:
Section
"Provided, that in lieu of the requirements of paragraphs (1) to (14),
inclusive, of this section, the dealer may file with the Securities Commis¬
sioner a copy of his application and all information in connection there¬
with filed with the Securities and Exchange Commission of the United
States, which shall be deemed a sufficient compliance with said paragraphs."
Paragraphs
(1)
referred to,
(14), inclusive,
to
prescribe the detailed
information necessary to be included in the statement for qualification of a
security to be filed with the Commissioner.
tribution, the filing of
a copy
If the issue is of national dis¬
of the statement filed with the SEC is made
sufficient, thus avoiding duplication of labor and expense.
A separate Act was enacted having
law, providing (a)
(b) that
any
a
any person
the effect of amending the securities
misrepresentation concerning any security in the course of selling, trans¬
ferring, exchanging, trading, or in disposing, in any other manner, of said
security, shall be guilty of a felony and, upon conviction thereof, shall pay
fine of not more than $1,000 or be imprisoned in the penitentiary for not
a
than five years, or
more
A
third bill
was
both such fine and imprisonment.
introduced but failed of enactment.
In substance it
provided that all dealers in securities should file with the Secretary of State
a
bond in the
tion,
as a
sum
of
of a corporation to issue its own securities in the process of a bona fide
liquidation.
2. Subsection (f) has been modified so as to include an exemption trans¬
action for the issuance of securities by a corporation in the process of re¬
organization under a statement filed with the SEC in accordance with the
provisions of the Federal Securities Act.
This avoids the necessity of a
registration under the State law when registered with the SEC.
Section 11
provides for reorganization under the State law in terms which avoid the
necessity of registering with the SEC when reorganized under this Act.
The two together avoid duplications of registration.
comprehensive definition of the term "security," and
who, with intent to deceive, makes or causes to be made
$250,000
as
indemnity against fraud and misrepresenta¬
condition precedent to the issuance by the Secretary of State of a
Section 7—Registration by Notification
The "Uniform Sale of
Seciyities Act" has a number of classes of securities
registerable by notification.
Most of them relate to real estate bonds,
construction bonds, &c.
All real estate classifications have been omitted
from the registration
by notification provision of this law. In lieu thereof
is a new subsection which describes a class of securities, being those of
"seasoned corporations" as defined by the SEC or as such may hereafter
be defined, and which may be registered by notification.
This class of
securities is registerable by giving notice to the Commissioner of intent to
sell, the filing of a copy of the prospectus filed with the SEC and the pay¬
ment of the fee.
This will permit
providing that pending
a
was
hearing on application for review by the Com¬
effect of the order
or
This section has
amended by
mission of any order or finding made, two or more members of the Com¬
dealer,"
dealer
finding to be
Section 2
This is
(2) of the law, defining the term "security," was amended to
Two other bills were introduced—one to amend the definition of the term
"security" to include fractional undivided interests in oil,
gas
or
other
mineral rights or deeds; the other for the appointment of a joint special
commission to study the Blue Sky law and to investigate certain activities
Each of these, however, failed of
enactment.
New York—The penalty section
of the New York law
reducing the penalty for violation from a fine of not
fine of not
to
more
more
was
a
than $500, and imprisonment of not more than two years
imprisonment of not more than one year.
To provide for the filing, by prospective issuers, with the law de¬
in Albany of certain detailed information of substantially the
as is required under the Federal Securities Act, respecting
non-exempted securities prior to the offering for sale of such securities;
to provide penalties for any false statements contained in such information;
(a)
partment
entirely
new section, included for the purpose of taking care of
peculiar to this State at the time.
It provides a
comparatively easy method for registration for resale and
for trading purposes of that group of securities which were issued and out¬
standing in the hands of the public at the date this law became effective.
Since issuers are not particularly interested in filing the detailed information
for the registration of an outstanding issue, this method was adopted to
avoid outlawing the resale in blocks or the general trading or dealing in
such securities when done by registered dealers.
The requirements are
not burdensome.
The powers and duties under the dealers' registration
and the injunction clauses afford public protection.
a
situation
somewhat
Section 15—Advertising
This section is largely new.
It sets out the requirements respecting
advertising generally, and provides that unregistered underwriters and
syndicate participants may have their names appear on advertising matter
in conjunction with the name of registered dealers.
It also provides spe¬
cifically for the printing of an appropriate legend upon such advertising
matter limiting the purpose of sucn advertising.
character
same
provide for the delivery of a prospectus and for the service of process
case of a foreign corporation.
This bill was substantially the same
like bill of 1935, which failed of favorable consideration by the com¬
in the
as
10—Registration of Outstanding Securities for Resale and
for Trading Purposes
an
amended by
than $5,000 to
Four other bills were introduced, as follows:
to
as to permit the filing of the consent to service either by the
by the issuer.
reasonable and
alcoholic beverages."
of the Department of Public Utilities.
Section 18—Fraud Act Provisions
This section is rewritten to subdivide the subject matter into sub-topics
for clarity and for definiteness.
It also somewhat strengthens the usual
"fraud section" to be more in keeping with the fraud type of laws.
Virginia—A bill to amend the Virginia law by broadening the exemption
a
mittee to which it
was
been modified merely by adding the words "or of the
so
or
Section
reviewed, until the public hearing by a majority of the Commission.
include "warehouse receipt for
securities
with release for sale under
Section 9—Consent to Service
13 of the Massachusetts law
mission may stay or suspend the taking
the immediate sale of seasoned
of national distribution in the State concurrently
the Federal Act.
certificate of authority to engage in business.
Massachusetts—Section
5—Exempt Transactions
1. Subsection (d) has been modified by adding thereto the words "in
liquidation of such corporation," which removes any doubt as to the right
referred.
provisions to include
(b) To regulate the trading in real estate securities by prohibiting, in
effect, trading in real estate securities, except those issued by the United
States, the State of New York, the City of New York, or any of their po¬
litical subdivisions, and except issues of less than $100,000 in amount,
the year.
unless such real estate securities shall have been listed
certain types
of automobile service contracts
was
its securities law.
or
admitted to un¬
defeated.
The
listed trading privileges on an exchange.
(c)
To provide for the licensing and regulation of security salesmen.
To eliminate the requirement to file "State Notices," and "Further
State Notices," and to substitute therefor a requirement to file "Issuer's
State Notice"; to amend the definition of the term "dealer" to include one
who purchases or bids to purchase securities for the purpose of resale, and
requiring any foreign dealer, as thus defined, to designate the Secretary of
State as his or its agent to accept service of process; any sale or offer for
sale or any purchase from the public by such foreign dealer to be deemed
equivalent to appointment of Secretary of State as agent for service of
Erocess, the same as if such appointment for such service of process had
made.
een
Each of these four bills failed of enactment.
Island—The
securities
law
was
amended
in
the
following
The definition of the term "broker" was amended by adding "or
for any consideration acts as an investment counselor and advises the pur¬
chase and sale of such securities."
The effect of this is to bring investment
counselors within the definition of the term "broker" and to subject them
to the provisions of the law, the same as brokers are now subjected to the
(b)
law.
Section 3 of the law
was
amended by placing the administration of the
Act under the "Chief of the Division of Banking and Insurance" instead
of under a special Commissioner.
(d)
Section 4 of the Act
materially amended, by which amendment
the Chief of the Division of Banking and Insurance shall make such investiwas
?:ations notice shall deem necessary or advisable and may require any person
iling a as he of intention to sell securities to furnish such information under
oath, including reports by reputable accountants, engineers and other
experts, and at the expense of the person seeking permission to sell such
security,
or
as may in the judgment of
ascertain whether the sale of such
tesult in fraud
or
said Chief be necessary to enable him
security would be fraudulent or would
would be against public interest.
number of the States
were
inhibition against the use of the use of the word
in extra session during
so as
to make
to
the
"gold" in connection with
securities not actually payable in gold, non-applicable as to securities issued
prior to June 5,1933, and
as to
securities issued under
an
indenture executed
prior to June 5, 1933, provided such latter securities have printed thereon
legend that the provision for payment in gold was included therein in
pliance with the terms of the indenture (mortgage)
prior to the approval,
73rd
Congress;
and
on
that
a
com¬
which was executed
June 5, 1933, of Public Resolution No. 10 of the
notwithstanding such
Public Resolution No. 10, such bonds
at the time of
(a) The definition of the term "Security" was amended by adding
"including oil, gas or mining royalty, so-called, or lany fractional interest
thereof."
The effect is merely to broaden the definition to include oil,
gas or mining royalties, as well as leases.
(c)
a
Of these, however, only Illinois enacted any amendments
Illinois—Section 12-b of the securities law was amended
(d)
Rhode
Legislatures of
are now
provision,
by
reason
of
payable in currency which is
payment legal tender for the discharge of public and private
debts.
,
In General
During the
year
certain questions
or
problems, not strictly In the
scope
of
State legislation but closely akin to legislation, have come to the attention
of your committee and the Field Secretary, and have had some considera¬
tion by both the committee and the Field Secretary.
These are:
(a) A continuing effort toward uniformity of forms and rules and regula¬
tions under the several Scate securities laws, particularly those of the
regulatory type;
(b) A very definite suggestion by State Securities Commissioners that
trust indentures should undergo material changes and modifications as to
a
number of the present more or less customary provisions;
ic)
(d)
Reorganizations and reorganization securities;
Reputed belated filings of applications for registration of securities
under the State laws after filing with the SEC.
Uniformity—In the early days of "Blue Sky" legislation there
utter lack of any
of the
issuance
degree of uniformity.
and
sale
of securities
Once the idea took hold in
The theory of
was
entirely
some
new
was
an
State control
in this country.
Kansas, other States began to "follow suit."
Each succeeding State made an effort to improve upon all that had gone
Volume
and
before
two
approached
Although
Ideas.
I. B. A. Convention
143
eacn
laws emerged
the
to its independent
general purpose, no
Even definitions dif¬
problem according
had for its objective the same
eacn
with closely similar provisions.
different
meanings as there were States which had legislated on the subject.
That
which was a security in one State might not be a security in another State.
A person or firm under certain circumstances might be a dealer or broker in
fered
one
widely.
"security" itself nad almost as many
The term
State and not
Provisions for appropriate
in another.
so
differed widely, for no logical reason.
States, with certain fundamental provisions uniformly
other States.
number of the
approximate uniformity of law in a
are
Up to the time of the early stages of the
adopted in many
depression, approxi¬
Now
passing, the
The question
uniformity, with its advantages of conformance, of administration and
uniformity of State securities laws was steadily progressing.
mate
the confusion
that
incident to the depression is
of thougnt
Attention
called to
was
North Carolina, Oregon and West Virginia,
Should
and
distribution of securities issued pursuant to any plan of reorganization is
to become more and more complicated instead of less so.
This will be
especially true in the case of large corporations with country-wide dis¬
this process
continue, it will readily be seen that the lawful disposition
tribution of their securities.
enacted in New York State providing that
Since that report a law was
whenever there has been
a
default under a bond, note or other obligation
therein or under a trust indenture, or
certificate evidencing an interest
or a
instituted by or with the consent of the
whenever proceedings have been
obligor for the modification of such obligation or indenture or reorganiza¬
qualified holder of such an obligation may apply to
tion of the obligor, any
the court for an order directing the trustee
of
a
enforcement, again looms prominently.
These State laws, however,
rules and regulations under
and forms for compliance with these laws.
Such is obligatory, for the elas¬
ticity
Naturally,
necessary
varying conditions.
to
different individuals, they also differ.
being prepared by
as
The result
there are States in
different roads need to be negotiated as
many
which the security is to be offered for sale.
For several years past there have been
including brokers, investment bankers, securities commissioners,
persons,
and
even
members of the investing
public, as to the possibility of substantial
uniformity in practice and procedure, including rules and regulations under
and the forms for compliance with the
the
economies
and
the
uniformity to all concerned.
several State securities laws, particu¬
On different occasions there have been
larly those of the regulatory type.
recited
would flow from such
advantages which
As
early as 1931, Mr. I. M. Bailey, then
Securities Commissioner of North Carolina and President of the National
Association of Securities Commissioners, in his
of
a
annual address to the Com¬
specifically emphasized this point, and in speaking
missioners' convention,
committee of that Association created to study the problem
of uniform
committee has been created by this
Association, and no greater opportunity is today afforded to the members
of any committee to render an outstanding service, than to this committee."
"In my opinion, no more important
the depression, however, did not seem conducive
The continued period of
In the interim the subject continued to be discussed.
On every
appropriate occasion our Field Secretary, Mr. Davis, has stressed the
Importance of the movement to the industries of the country and to those
engaged in the underwriting and distribution of securities. He has not been
without sympathetic listeners, although more definite action has been slow
1936, Mr.
Skahen,
President of the National Association of
the
question.
Commissioner Montgomery of Indiana was made Chairman.
Early in September of this year a number of the Commissioners, including
Securities
Commissioners,
appointed
a
special
committee to study
the members of the Executive Committee and the committee on uniformity,
met in Chicago and invited Mr.
Davis to meet with them in a consideration
Mr. Montgomery" sent out a questionnaire to all
of the ideas
country covering many
He later made
a
summary
the Commissioners of the
developed at the Chicago meeting.
of all the replies with deductions as to a consensus
At the recent convention of the Commissioners at Denver, Hon. Warren
W. Martin, Assistant Attorney General of Indiana, assigned to the
Department,
and
Montgomery, made
an
had
who
address to the convention in which he very definitely
recommended and urged that definite steps be taken
nearly
as
toward preparing, as
practicable, uniform forms and procedure for use in all the States
where the form of the law would
Later,
bill
have
been
of interstate
mittee,
issued
Securities and Exchange Commission at
by the
the provisions of the Act. it shall be
bondholders' committee to use any of the instrumentalities
commerce
or
the mails to solicit the deposit with such com¬
other agency designated by it, of any securities; to carry or
or any
be carried through the mails or
cause to
tisement, prospectus
James
M.
Landis,
the owners
holders of securities in negotiating for any settlement
or
in prosecuting any
thereof;
certificates
bill
sideration it
It was further provided that the SEC might
bondholders'
to
committees upon written
conditions percedent to the issuance thereof,
received
law, its introduction and the
enacted into
not
was
and that
specify the names of the members of the committee.
such certificate should
While this
makes
subject of reorganizations.
Notwithstanding the provisions in the Securities Act of 1933 applicable
to bondholders' committees,
reorganizations, &c., this bill provided for a
separate and distinct act and was not in the nature of an
amendment to the
that if there is need for any further legisla¬
securities law.
It would
tion respecting
this phase of the securities business, such should be
seem
amendment incorporated in the Federal
relative to the discretionary powers of
the Commission to make pertinent rules
and regulations and provide for
appropriate exemptions in prescribed situations, particularly so with respect
to small or
proposed efforts toward uniformity, certainly national laws should
the
drawn
so
as
at
least
with the State laws
Clearly,
a
the same subject.
portion of this subject matter is not within the scope of
of the
Securities
and Exchange
of coordination between the various
Government, and the advantages to be gained by
of uniform forms and procedure.
At the closing session, the con¬
vention passed the following resolution:
mittee to take cognizance of the
tions
with
view
the
Your committee recommends
situation.
be given to the whole subject matter of reorganiza¬
of
establishing
sound practice and avoiding
some
entangling complications and expensive
duplications.
Delays in Filing Applications—During the mid-summer it came to the
attention of the committee that some of the State
were
Securities Commissioners
inclined to complain quite bitterly of the fact that
applications
for
registration
qualification
or
the close of the 20-day waiting
all too frequently
of securities
under their
nearly to
period under the Federal Act as to give no
and
the
bear
appropriately act upon the application prior to the expiration of
that frequently great /pressure was brought to
20-day period; also,
insisting upon
an
immediate favorable consideration
which the Commissioners felt not
•
of the application,
warranted under the provisions of their
.
"Be It Resolved that the special committee appointed for
be continued
the
The whole subject, however,
Committee.
intermingled with State activities that it seems fitting for this com¬
so
to
States
be
permit of appropriate coordination of those laws
to
on
duties of the State Legislation
is
If anything is to be gained through
predominantly local issues.
opportunity to the Commissioner to examine the statements of facts
the establish¬
cooperation between the commissioners of the various
that that committee be empowered to appoint
ment of more effective
by
Securities Act so as to carry with
he stressed the very great importance
means
con¬
its mention in any study of the
necessary
Commission, also addressed the convention, in the course of which address
States and the Federal
dis¬
collect any money upon any such security for
authority
of
on
thereof
claim thereon, or in making any demand for payment
or to receive or
tribution to any person, &c.
issue
to act for holders of securities;
the above mentioned methods of communication to act for
to use any of
respective State laws were filed with the State Commissioner so
permit.
Chairman
in interstate commerce any adver¬
communication in which such bondholders' com¬
or
mittee is designated or held out as an agency
or
by Congressman Wilcox,
(HR-12078) providing in substance that unless a certificate of authority
unlawful for any
Commissioner
with
worked
studiously
Securi¬
application, or who has acquired
holder.
In March 1936 there was introduced in Congress,
a
shall
that systematic thought
of opinion on the various phases of the problem.
ties
proceedings hereunder and in any event at
it be gift or inheritance from such a
Soon thereafter
general problem of coordination and uniformity.
of the
The law defines a qualified
who has acquired the same by purchase
one
it other general provisions of the law
crystallize.
Again in
as
institution of
or
least six months prior to the making of the
the solution of so difficult a
to sustained intensive attention necessary to
to
obligation
an
application and
forms, said:
problem.
of
before default
Washington, in accordance with
sporadic suggestions by various
and the obligor to furnish him
and addresses of the holders of such obligations so far
names
they have knowledge or information thereof.
holder
Although designed to arrive at the
point, they employ different and often divergent roads.
same
is that
list of the
as
necessarily provide that the administrating
officer shall have broad powers in prescribing
had legislated on the subject
according to four distinct theories of dealing with the problem.
country seems to be getting back to the sounder principles.
of effective
made
securities under the several securities laws.
the fact that five states, viz:
California, Indiana,
of the postion of reorganization
Its efforts were welcomed by
Interested itself, and aptly so, in the problem.
Results
approach¬
This Association
ing chaos for the nation-wide distribution of securities.
tne States.
exemptions
The situation was rapidly
3727
Proceedings
Reorganizations—In the 1935 report by this committee mention was
and
sub-committees for the purpose of studying particular forms and particular
sections of the several securities acts, for the purpose of suggesting and
recommending uniformity in these fields, and it is recommended that these
committees through the field secretary work with all outside agencies which
might be a benefit to them in this work, and more especially the Investment
Bankers Association, the American Bar Association, and the Securities and
Exchange Commission.
Through the Field
statutes.
efforts
Secretary, some
have been made to
modify this situation as to render these complaints no longer
so
with the Securities Commissioners to the
tunity of performing the duties
conduct
so
end of affording them the oppor¬
required of them by their statutes if In
business and
that sound cooperation we believe our
turn we are to expect
our
justifiable.
the importance of cooperating
Your committee cannot too strongly stress
justly warrant.
+.
"Be It Resolved that the National Association of Securitias Commissioners
accept such forms that might be drawn and presented by the committees
on uniform registration statements, as far as they are applicable to the laws
of the several
This
resolution
cooperate in
able
by
to
the
clearly
embodies
an
invitation
to
no
group is
better
absence
of
coordination
and
different ways in order to convey the same
States.
of President Wood
point out the multiple duplications, the difficulties encountered
total
extraordinary
the
expense
forms
where
a
securities
The bringing into
issue
resultant picture under so many
is to be offered in
play of this ability,
a
number of
coupled with the ability
of the Commissioners to adhere to the actual requirements of their laws,
passed on Dec. 4 by the Board of Governors of
Bankers Association of America, at its
annual convention at Augusta, Ga., was referred to in the
address of President Orrin G. Wood, who in his comments
on over-the-counter market trading said:
A motion
the
should produce the very best results.
whether it deems the prospective benefits are such as to warrant its
more
Investment
Stock Exchanges are compact bodies well
Your committee feels that the time is opportune for this Association to
say
Passed
Making
this Association to
Perhaps
the efforts toward uniformity.
occasioned by the necessity of setting up a factual statement in so many
different
by Board of Governors of I. B. A.
Available to Members Its Facilities for
Supporting or Opposing Applications for Unlisted
Trading Privileges—Action Referred to in Address
Motion
States."'
active efforts in that direction, and if so the procedure it wishes to
adopt.
a
reasonable
counsel
and
properly
over-the-counter
present
resources;
their
case
organized, and usually with
so they are able to engage
for
unlisted trading privileges
On the other side, we have an unorganized group of
Commission.
to the
of financial
amount
Neither
gathered groups, are they in a
dealers, widely scattered through the country.
Trust Indentures—Another recurrent subject which came along for further
individually, nor, in many cases, in hastily
consideration during the latter part of the year was that of trust indentures
position to adequately finance and present
—the feasibility and plausibility of
effecting
some
rather specific modifica¬
tion In the usual form and content of such indentures.
All, perhaps, are
entirely familiar with the report of the SEC on that subject.
ties Commissioners, likewise, have
State Securi¬
The
been wrestling with the thought.
subject was placed on the agenda of the Securities Commissioners'
vention at Denver.
Con¬
There the following resolution was adopted:
indenture problems be
referred to a committee of three and that the committee be instructed to
confer and advise with any agency which they may deem necessary and
expedient, and more especially with the Investment Bankers Association,
the
American
Bar
Association,
and
the
Securities
and
Exchange
Commission."
"Be It Resolved that the matter of studying trust
Realizing this
I
am
their case to the Commission.
weakness in the position of the over-the-counter dealers,
glad to say that your Board of Governors, at its meeting
has authorized the
Dec. 4,
setting up of machinery to function through the local
and, with "Washington counsel, to adequately present the case of
members against listing where the local groups, after study, are of the
groups
its
opinion that listing should not
The motion
take place.
passed by the Board of Governors reads as
follows:
It is moved that Investment
be made available to
Bankers Association of America machinery
members for supporting or opposing applications for
3728
I. B. A. Convention Proceedings
unlisted trading privileges and (or) supporting or opposing applications for
delisting; that such action must be initiative by
less
than five members
local
of the
petition signed by not
a
where the petition originates;
group
that such petition shall
be received and approved
executive
the
committee
of
in which it
group
disapproved by the
or
originates,
by
or
a
mittee for the purpose; such petition shall then be received and approved or
disapproved
by
National
a
Association shall be
Committee
which
of
President
the
of
the
member; such committee to consist of not less than
a
three members; that upon approval of and receipt of instructions from the
National
Committee,
Counsel
the
for
shall present and handle the petition in
this action
I acknowledge
question; that, announcement of
by the board, shall^be promptly made in writing to the entire
world)
their
responsibilities and duties which I
go
I
reaffirming its opposition to tax limitations
was adopted Dec. 6 by the Investment
real property
equitable distribution of the tax burden"
is through "studies of all taxable resources and such measures
effective budgetary control legislation."
as
the
2
Municipal Securities Committee of the
appointed a sub-committee to draft a reso¬
tax limitations
on
Governors.
be submitted
to
the Board of
to
John S. Linen of the Chase National Bank of
New York, the new Chairman of the Municipal Securities
Committee was made Chairman of the sub-committee, the
other members
being Henry Hart of the First of Michigan
Corp., Detroit, and E. Fleetwood Dunstan of the Bankers
Trust Co., N. Y.
The naming of the committee followed
the forum on tax limitations which was addressed by C. A
Dykstra, City Manager of Cincinnati, Ohio, who condemned
measures to restrict the
taxing power of governmental units.
The address will be found elsewhere in these columns.
The
resolution adopted on Dec. 6, follows:
authorized
the
record
appointment of
opposed to tax limitation.
as
a
committee to work
Commissioners toward uniform
We have set up
the
are
with
State
qualification requirements—the
objective we have had in view for years.
an
reaffirming
Whereas special
Interests
are
continuing to give aggressive support to
Investment
Bankers Association
of America
when
applications
security to unlisted trading on an exchange
a
or
for delisting.
The Association starts its second quarter century
with the largest
bership in Its history—but I do not wish to put undue emphasis
numbers—a much
mem¬
on mere
important sign of good health has been the
more
con¬
tinued growth of group activities.
Another indication that this organization is an ambitious and promising
25 years of age is a certain amount of healthy discontent among the
one at
members.
We all feel that this
body in view of the number, character and
its
has
of
ability
member
firms,
unrealized
possibilities
of
usefulness.
Your Governors, I know, are eager to make the Association more and more
useful and I
am
willing to take the
of issuing
consequences
a
general in¬
vitation to critical suggestions.
I think it is in order here to say a few words in answer to the question:
Why cannot the I. B. A. do the work of the Investment Bankers Con¬
ference Inc—Why do we need two independent, but over-lapping taxing
bodies,
to speak?
so
members,
whereas
registered
to
The
there
is that the I. B. A. has less than 800
answer
are
6,000
some
dealers with the SEC.
as
organizations
can
belong is
expense,
different
that
necessary
expense
from
Individuals
organization to which all
an
to cooperate with both dealers and the
It is not
connection.
because if the I. B. A.
and
That Commission has been instructed
supervise their dealings and it is felt that
of them
additional
through its Board of
machinery to assist the presentation of both sides of
the Securities and Exchange Commission
to
case
filed for admission of
Commission in
efforts to limit the power to tax real property, and whereas;
the
of
important matters.
biggest step taken to date toward
the solution of the
Association
sense
the program given us at this convention and on the constructive
on
The Association redidicated itself to the fight on fraud In
Bankers Association of America at its Augusta (Ga.) con¬
vention.
The resolution recommended that "approach to
lution
keen
a
its interest in private fraud fighting agencies.
A resolution
Dec.
with
congratulate Mr. Wood [the retiring President] and his co¬
want to
action taken on several
Securities
Oppo¬
assume
grateful appreciation for the
always receive from the membership.
workers
The Association is definitely on
Resolution Adopted by I. B. A. Reaffirming Its
sition to Tax Limitations on Real Property
by election
me
With the honor (as is usual In this
Importance and difficulty, and with
We
On
for the honor that Is done
you
moral support and active assistance which the officers of this Association
membership
on
and thank
to this office in-our National Association.
Association
Bankers
Investment
12, 1936
Augusta, Ga., Edward B. Hall, of Harris, Hall & Co., of
Chicago summarized "the constructive action" taken at the
convention; his remarks follow:
com¬
mittee of not less than three to be appointed by the group executive com¬
Dec.
at
were
a
of unnecessary double
case
to attempt
the job, the
necessary
to be borne by the members could not be materially
the
expense
of the Conference.
Furthermore,
it
seems
Governors has previously spoken in opposition to such efforts, and whereas;
the members of the Association dealing in municipal securities, because
desirable that the I.
of their close contact with the problems of municipal finance throughout
regulation problems from time^to time, which might be difficult if it were
playing the active part whichJ;he Conference is organized to play in the
the country, are in a position to observe the effect of tax limitations
on
both the credit standing and operating results, and whereas;
experience over
In"fact reduce the
a
period of
cost of government and do not result in either a scientific
necessarily equitable distribution of the tax burden, and whereas;
or
the
of
cost
all
borrowing by municipal
bodies,
where
tax
limitations
America, through its Board of Governors, reaffirms its opposition to tax
limitations
real property, and believing that such limitations on the power
on
A.
should continue
a
position, frankly
on
Federal
process.
Somebody might ask:
hardly
be in
to
its views and recommendations
express
"If the I. B. A. can't do the Conference job, why
not let the Conference do the I. B. A. job?"
dealers—levies
applying to debt service exist, is increased to the detriment of the taxpayers.
Therefore, Be It Resolved that the Investment Bankers Association of
B.
independently, to
regulatory
has proved that tax limitations do not
years
and
any
for
assessments
special
one
The Conference is open to all
purpose
and could take over
of the work accomplished at this convention—or of its work
during the past 25 years
as
outlined in Mr. Wood's Presidential address.
As President Mr. Hall succeeds Orrin G.
brook & Co., Boston.
Wood, of Esta-
<
to tax as applying to either debt service or operating costs are detrimental
to the economical and efficient maintenance of government,
the
that
scientific
more
approach
solution
the
to
of
the
recommends
Officers
Elected
at
Annual
equitable dis¬
comprehensive studies of all taxable
and such
resources
measures
of
♦
Adopted at I. B. A. Convention Authorizing
Appointment of Committee to Confer with Na¬
with
Association
View
to
of
the
Securities
Commissioners
Bringing About Uniformity of Pro¬
visions of State Securities
the
annual
Association
resolution
Whereas,
recent
at
was
convention
Act
Augusta,
adopted:
the National
annual
a
special
Ga.
by
the
Investment
Dec.
on
the
4
Bankers
following
Securities
of
appropriate
'committee,
Commissioners
resolution,
its
at
authorized
the
with power to appoint subcommittees,
for the purpose of studying ^particular forms and particular sections of the
several State Securities Acts and for the
purpose of
suggesting and recom¬
mending uniformity in these fields; and
Whereas, by that resolution it
work
with
recommended that these committees
was
all outside agencies which might be of benefit to them in this
work; especially the Investment Bankers Association of America; and
Whereas, the said National Association of Securities Commissioners at
Its
said
convention further
indenture
problems
resolved
be referred
to
that
a
the
matter
committee
of
of
studying
three,
and
trust
that
committee be instructed to confer and advise with
any agency which
may
deem necessary and expedient, and
ment Bankers Association of
^ Be tit Resolved by
Association
of
the
they
especially with the Invest¬
more
America;
on
Dec. 6 of the annual convention
Bankers
were
Association
of
America,
the
elected:
Vice-Presidents—Earle Bailie, J. & W. Seligman & Co., New York;
Rudolph J. Eichler, Bateman Eichler & Co., Los Angeles; James J. Minot
Jr., Jackson & Curtis, Boston; Claude G. Rives Jr., Whitney National
of
New Orleans;
Cloud
Wampler,
Lawrence
Stern
&
Co.,
Inc.,
Chicago.
Treasurer—D. T. Richardson, Kelley Richardson & Co., Inc., Chicago.
Governors—One-Year Terms—Francis E. Frothingham, Coffin & Burr,
Inc., Boston; Orrin G. Wood, Estabrook & Co., Boston; J. Howard Arthur,
First
National
Ehrlichman
&
Bank
of
White,
Pittsburgh;
Seattle,
Ben
Wash.;
B.
Ehrlichman,
Drumheller,
George
S. Stevenson, Stevenson,
Gregory & Co., Hartford, Conn.
Governor—Two-Year Term—IIearn W. Streat, Bancamerica-Blair Corp.,
New York.
Governors—Three-Year Terms—Perry E. Hall, Morgan Stanley & Co.,
New York; John S. Linen, Chase National Bank of New York;
Inc.,
Devereux
O
Josephs,
Graham, Parsons & Co., Philadelphia; E. F.
Connely, First of Michigan Corp., Detroit; William R. Daley, Otis & Co.,
Claude W. Wilhide, Baker, Watts & Co., Baltimore; Colls
Cleveland;
MItchum, Mitchum, Tully & Co., San Francisco; James M. Hutton Jr.,
W.
E.
Hutton
&
Co.,
Cincinnati;
John
A.
Prescott,
Prescott
Wright
Snider Co., Kansas City; Harold E. Wood, Harold E. Wood & Co., St. Paul.
the Board of Governors of the Investment Bankers
that this Association acknowledge, with thanks,
extended; that this Association take such steps as may be
to meet and confer with the National Association of Securities
Commissioners or its designated committees on the above subject matters;
necessary
and to that end and purpose, that the President of this Association be and
he Is hereby authorized to delegate to such committee
seems
A*
B.
America
the courtesy thus
him
I.
Secretary—Robert Stevenson 3d, Chicago.
Association
convention,
appointment of
of
of
President—Edward B. Hall, Harris, Hall & Co., Chicago
Executive Vice-President—Alden H. Little, Chicago.
Bank
At
closing session
Investment
following officers
Resolution
tional
At the
ef¬
as
fective budgetary control legislation.
Convention
of America
tribution of the tax burden and the control of public
expenditures is through
or committees as
.proper the necessary power and authority, or to appoint
special .committees
or
subcommittees
The resolution of
Commissioners
is
to him may seem
as
the National
referred
to
the
we
For text of this article
such
Memorandum
advisable.
of the
give elsewhere.
report
see
advertising
page x.
to
of
Facts,
Investment
Bankers
Association of America
Association of Securities
in
Legislation: Committee, which
Capital Financing from 1912 to 1936—Summary by
Educational Department of I. B. A.
State
For text of this article
see
advertising
page
vi.
New Member Firms of Investment Bankers Assocation
Edward *;B.
Hall
Elected
Bankers Association of
President
of
of America
Investment
America—Explains Attitude
For text of this article
see
advertising
page
vii.
of Association Toward Work of Investment Bankers
Conference
Inc.—Summarizes
Action
of
Con¬
Chairmen
vention
With his election
Bankers
on
Association
Dec. 6
of
as
President of the Investment
America
at
its
annual
convention
of
Various
Committees
of
Investment
Bankers Association of America
For text of this article
see
advertising
page
viii.
The Financial Situation
much
IN bankers gathered atlate last week to annual con¬
A formal address the twenty-fifth investment
higher
Bankers Association of
that his
America, another government official, this time the
Chairman )f the Securities and Exchange Commis¬
Nation.
vention
of the
Investment
sion, sought to place
responsibilities that
upon
suppose an
tration much inclined to take credit for
good, real
imaginary that
or
bear.
the
to
there has been an obvious and grow¬
paign, there
and
a
tendency to lay the blame for this danger upon
"manipulation" and other devices that have become
the betes noires of officialdom.
Now the Chairman
expressed the opinion that "amid
the
that
nition
of the coming
of
control
brought forward at
the annual convention of the National Asso¬
ciation of Manufacturers during the past
week came from the President of the Associa¬
tion and took the form of a proposal that "in¬
problem
four
the
years
and
recuper¬
ob¬
were
viously already in action."
His
reply to the "unmis¬
that
takable concern"
finds throughout
"as
try
these
of the Federal Re¬
of
whether
the
have
exercise
"the
re¬
1929," and,
have,
they
"they
the
check
to
currence
it,"
courage
that
was
challenge of Novem¬
3rd
ber
have the
agencies,
power
to
our
Gov¬
the
or
System, or both of
serve
if
coun¬
whether
to
Commission
ernors
the
he
is
thus
a
chal¬
country
that
it is incumbent upon
them
of
ers
One of the suggestions
general
dustry,
of
sectors
ative forces that
ly tells the financial lead¬
recog¬
direction
the
was
change Commission blunt¬
cam¬
Planning Depressions Away
a
Securities and Ex¬
of the
slowly
came
the forefront
business
and
economic life
our
.
.
those
mainly towards
control
in
of
in¬
dustry and finance," that
is, toward those to whom
words
his
were
addressed
and others like them. Con¬
tinuing this general theme
to the end of
closed
he
his address,
with
the
warn¬
ing that "the mandate of
last
that
November"
a
Must Not Assume
Responsibility
This is
disruption and consequent human suffering
may be eliminated, or at least mitigated."
sibility
that upon such
ought to be laid the duty of for¬
mulating some plan to be given effect col¬
lectively or by government action to eliminate
or
mitigate the severity of depressions, we
venture
the opinion that the matter had
If it is intended to suggest
a
committee
further thought.
best be given no
ence
has
the
of the
If experi¬
of their researches
of
volumes.
We
fill
now
the
do
not
thousands
the
manage
profess familiarity
what
called
ponderous literature that has
in the field, but we are under the
are
shared to our knowledge
by some of the ablest students of the subject,
that no better method has been discovered for
is
of
strategy
now
mistakenly
Democratic
the
definite impression,
Party have no intention
later
with what have become known as
cycles" than that of the application
of good hard horse sense by each business
man
to his own business problems.
We are
convinced that the most promising line of
action lies in less interference with natural
dealing
laws,
finding
obliged
"business
particularly, perhaps, through mone¬
there
But there is
and credit tinkering.
The situation's
certainly not one to be dealt with successfully
here
tion
by resort to the methods of what is commonly
known as planned or managed economy.
^
a
with
that has of late been heard
official lips, to the net effect that business
itself must bear the responsibility for a number
of
Federal government
during the past four years and for unfortunate con¬
(if any) that have flowed, or may presently
The President on several
flow, from these policies.
occasions has undertaken to place
the blame
upon
industry for the highly hazardous budgetary situa¬
absorbed the
unemployed and thus relieved the government of
the apparent necessity of supporting large sections
of the population.
He has told industry it must pay
tion, since it has not, so he alleges,
vy.
alleybi?"
serious ques¬
a
of
vast
import
that should not be dismissed
but
may
with
elder:
the
Sammy,
"Sammy,
worn't
of
themselves
lament
to
Weller,
Mr.
tary
emphatically reiterates and carries a
of control¬
There
Nation.
with all of the
up
task
cynics, doubtless, who will
remark
that those
who
The results
some
government glad
a
ling, guiding and directing
the economic activities of
subject that for many years has occupied the
attention of some of the best minds in the
practical and academic worlds!
a
opportunity to take
the
over
tfre more we try by organized,
arbitrary efforts to prevent depressions, the
worse they
are likely to be.
As to the causes of depressions, that is a
that
shown
upon
abdicated, leaving its du¬
demonstrated nothing else, it has
step farther the argument
sequences
heavy respon¬
place
to
which, according to
President in 1933, has
ties to
means
ill-advised policies of the
a
group
Carrying the Argument Farther
the
ex¬
determine the
to
and their remedies, the
sidered
from many
no
American
in
occur
business.
"you dare not fail."
The address
that
it
to
see
join in
national depression study commit¬
causes of depressions
results of its studies
to be made available to the government, "to
the
end
that another period of business
creating
tee"
the
cesses
affected
all
.
to
grown
lenge that, to my mind,
is directed
unhealthy
particularly in the securities markets,
flights of oratory and
recrimination of the
to
come
boom develop,
presenting his interpretation of "the verdict
In
of Nov. 3rd," he
the
have
time past
some
ing uneasiness in official circles lest an
all things
during the past four years would be glad to
Nation
of high and low rank
New Deal managers
,
that
Adminis¬
power
repeatedly told business that it must do this,
or the other—or take the consequences.
For
have
the business community
would
one
and thus enlarge and distribute
wages,
in order to sustain the recovery
Administration has procured for it and the
purchasing
cynicism
or sarcasm,
which should be
con¬
dispassionately in order that proper action
be taken while there is yet time.
of course,
It is obvious,
that the politicians should not be
permitted
gospel which would lay a
foundation for later disclaimers when chickens come
to
now
spread abroad
a
home to roost, or to escape
agers
dire
of business
consequences
as
by pointing to the man¬
the parties responsible for the
that must inevitably, sooner or
later, follow upon a persistence
in the unwise public
policies of the past four years.
Certainly the finan¬
cial leaders of the country should definitely and un¬
equivocally repudiate the assertion of the Chairman
of the Securities and Exchange Commission that
"its
responsibilities [of "this new recovery"] are now
yours," but they should not forget that there is a
modicum of truth in that other statement of his
Financial
3730
that
"the
last
What
are
untoward
apparently rather widely feared?
now
Deserving of first place is the state of the national
budget, the
it.
The facts
current fiscal
are
For the
familiar, but staggering.
period the deficit has already surpassed
But it is not only the fact that the
Si,500,000,000.
Federal government
is living
so
greatly beyond its
alarming, as
income that is disturbing, not to say
serious
The method that has been
that of itself is.
as
employed to finance the over-spending of the Treassince the depression deficit came into ex-
ury ever
istence has created
its
own
highly hazardous situation
a
pay
the banks of the country,
which have paid for them
One
suit is that the commercial banks now own
re-
by far
largest amounts of United
States government
held, and the proportion
consisting of government obhgations
obligations they have
of their assets
ever
comparable with any previous record.
even
Another consequence
is that bank deposits, now for
part standing to the credit not of the United
States government but
tions
of individuals and
corpora-
(since the government has long ago spent the
funds
obtained),
higher than they ever
are
were
in
history, despite the fact that business activity
our
is still
substantially below former peaks and not-
withstanding the fact that it is now fully recognized
that it
of funds similarly created in the
was an excess
late twenties that lay at the root
that
came
to
of the difficulties
head in 1929.
a
early months
Administration
During
of its existence, the Roosevelt
revived
the
older
"open
market"
policy of President Hoover by having the Federal
Reserve
banks
amounts of government
buy large
securities in the open market, thus
the
excess
reserves
that
a
"little
apparently
meet
requirements, for
of the dollar
a
good thing."
a
resulted to
few months later the gold
was
since there has been
ever
be
enough inflation
not
is the case with the obligations of the Fed-
as
and for this there is an excellent
which must not be
^hat
ignored in this discussion,
wen recognized in
jn(jee(j n
reduced drastically,
an enormous
and
and persistent
\n establishing low yields, which, of course,
merejy another way of saying that they have led
reacj1ing high price levels.
inaiSSolubly linked hot only with arbitrarily mainGained easy money
woui(j he termed
an(j
but also with what anywhere else
"manipulation" by the Securities
Exchange Commission. This manipulation takes
severai
for ^
forms, the way having been admirably paved
hy legislation in a variety of forms. The spe-
c|aj status
Reserve
given to government obligations at the
banks, the control of thousands of banks
hy the Reconstruction Finance Corporation, the positions of influence and
authority given to the Board
the Federal
of
Governors
0f
^he
Federal
a
like sort
ber banks, which
serve
higher
reserves
being
are
reported
enormous
are
of the
mem-
prior to the recent increase in
requirements
With the
cess
reserves
exceeded
well
reserve
re-
$3,000,000,000.
requirements in effect,
ex-
again approaching $3,000,000,000,
at
these
$2,160,000,000
this
excess
at
reserves
week.
So
present that
purchase increasing amounts of its obligations.
so-called
as
the
the
sums
with which to manipulate the
directly, and
Chairman
Commission
took
was
of
Securities
the
excesses
Yet
any
giving serious consideration to another increase
reserve
requirements, this time to the full extent
permitted by law.
Whether action of the kind will
be taken must, of course, for the present
remain
a
Exchange
to
warn
against high security
of the type that led to the collapse of 1929.
serious
discussion of high bond
prices
ought logically to start with the government bond
Ho condemnation of manipulation lies in
condone the
are
responsible for
or
practices of the Federal Government in
the issue and sale of its
own
obligations and in the
management of the market for its bonds. Complaints
on
the part of the government about the initiation
and development of enterprises that offer no substantial promise of financial success for those whose
money
builds them is in striking contrast with the
It is
are
and
prices, dubious security market practices, and other
banks.
in
govern-
hesitancy is felt
strangely silent about all this when
occasion
ment
commonly reported that the authorities
no
thought expedient.
The
enormously
member
well
taking advantage of these opportunities whenever
it is
already
of
as
government, place in the hands of the authorities
ment bond market
he
of the Treasury,
corporations under the direction of
numerous
large
in
The
Stabilization Fund and the various trust
practice of that
deposits
a
position to bring real pressure upon the banks to
they would support another 50% increase in the
inflated
and
place the Treasury in
the mouths of officials who
excess
System, the
Deposit Insurance Corporation,
other factors of
market.
increased the volume of
Reserve
Comptroller and his examiners, to say nothing of
tinues.
importation of gold naturally further
The present level of
prjceg existing in the government bond market is
influx of gold from abroad, which, incidentally, conThis
well-informed circles
government obligations have consistently led
way
Indeed,
adopted with the thought
would
inflation
But
content
greatly increasing
of the member banks.
this policy was avowedly
These effects, of course, take the out-
eraj Government,
reag0I1
are
securities markets
high prices, but nowhere are prices so
funds under the management
This, however, is not the whole story.
the
high
m
for them, but with
by creating the funds with which to do so.
the most
of the country>
war(j form 0f
jn
savings to
plethora of funds naturally
^ j)e observed on all sides in the
funds have been placed not with individual
necessary
is not
The Securities Markets
rp]ie effectg of this
.g
investors with
the
again be about as great as they are now. The inflationary potentialities of this situation are obvious,
The obligations issued to provide the
right.
1936
continue to attract practically the entire output
gold of the world (as appears highly probable)
it would not be very long before excess reserves would
that have been used to finance
means
12,
new
that flow from the deficit
consequences
itself and the
Dec.
we
of
you."
the conditions that threaten the
developments
and
recovery
your
was
recovery
it almost destroyed
...
Chronicle
same
gling" projects from
other.
government in the establish-
and financing of
one
a
multitude of "boondog-
end of the country to the
But, after all, the main point is that the gov-
ernment, in view of the inflationary tactics of the
past half a decade, and as long as it continues to
practice them,
can no more
expect to be effective
subject of conjecture, but even if it were, it could
hardly be considered more than merely scratching
with its injunctions to business to act with discre-
the surface of the needs of the situation, and should
large doses of alcohol and insisted that his patient
tion than could the physician who administered
Volume
in
act
Financial
143
all
respects
though
as
he
wholly
were
sober.
.
ists.
as
Other Sources of Danger
other
are
ent situation which
Washington,
Just at
they
as
danger in the pres¬
ought to be
of worry at
causes
in the business community.
are
time when
a
of
sources
production capacity is
excess
virtually disappearing from the
scene
and inade¬
quate capacity in many instances is taking its place,
when deferred maintenance and
ments
are
tions, the
dends
neglected improve¬
becoming urgent considerations, corpora¬
one
after the other, are paying out in divi¬
practically all their earnings and
so
further
stimulating demand for consumption goods and
dering it the
more
funds wherewith to make the
required.
where funds
the form of
invita¬
super-abundant, the obvious reply is
while current disbursements
so
of saving would
expense
give further impetus to the inflationary factors
sion of late.
Bank in
of
This
There
course
are a
does
be overlooked in any
of
social
exhaust the list.
aspects that could not
production.
as
the rapidly rising labor
Here it is
matter of the
a
security taxes, higher wages and loss of ef¬
ficiency
among wage-earners,
all largely the result
governmental activities and policies.
Most
of its
out
what the consequences
it
of all this
permit the public to
its accepts
that
for
suppose
a
be,
nor
should
moment that
The Administration
such responsibility.
originated these policies
may
was
ready enough to
to
general policies, but also by presenting
counsel should have been most
considered.
It must
now
through to the end. We
of the
carry
were
the
of
day
a
or so ago
Association
turers
which
in
and business
detail.
program
The
Bankers
Association
of
courteously but frankly
policies
of both the
discussed in some
were
of addresses at the Annual
Convention of the National Association of Manufac¬
likewise
realistic
revealed
disposition to adopt a
a
attitude, avoiding conflict with an Admin¬
istration
possessed
of
where conflict could
time
business.
almost
dictatorial powers
safely be avoided, but at the
holding fast to the realities of every day
What is most urgently
exercise
to
men
the
needed is for busi¬
best judgment
they
practices, not in the light of vague pronouncements
about "social
hard
facts
responsibilities" but
by which they
are
on
the basis of the
surrounded in the
workaday world, pushing forward with sound enter¬
prise where such action is indicated but steadfastly
refusing to proceed with undertakings that give no
of
profit
permanent
temporary inflationary conditions
because
merely
superficially sug¬
quick profit or because these same leaders
gest
a
who
warn
business
against
demand that
excesses
they proceed with them in order to furnish employ¬
It is
ment.
of
reckoning
clearly essential that when the day
comes, as come
find itself in
as
sound
a
it must, American busi¬
condition
as
is humanly
possible in the circumstances under which it has
had to work.
Federal Reserve Bank Statement
must
BAN KIN Gfstati sties of the current week disclose a
seasonal rise of
in circulation, which
currency
doubtless will be carried to further heights
in the few
The currency
remaining weeks of the holiday season.
gain provides an offset for the time being against the
additions to our monetary gold stocks, and
not, however, turn from this general
subject without giving expression to certain other
considerations which may or may not be taken
for
modest inroads
on
member bank
reserve
recorded for the week ended Dec. 9.
over
balances are
Excess reserves
legal requirements fell $50,000,000 to $2,160,to the
official estimate.
granted by the reader. The discussion of these mat¬
000,uuu,
according
ters that is now
advance
of the circulating medium has been
lege debate.
taking place is not, after all, a col¬
Nor ought it to devote all of its ener¬
nounced and
gies to the fixing of responsibilities for what has
taken
save
place
world in
or
what
which
we
may
take place.
This is
a
real
live, and the current situation
presents certain very difficult problems to the busi¬
man,
whoever may be responsible for it. These
problems cannot be avoided or evaded, and must not
The industrial and financial leaders of the coun¬
try cannot accept responsibility for the results of
policies that have been foisted upon them, but they
should accept
responsibility for doing the best that
within them lies in the situation as it
actually
ex¬
is in
early in 1933.
a
protracted,
so
that
more
The
pro¬
hand-to-hand
than at any other time in history,
only for the brief period of the banking strain
money now
be.
can
bring to bear in the determination of policies and
fresh
Responsibility that Must Be Accepted
ness
an
before the Illinois Manufac¬
government
glad to note that one
place responsibility where it belongs.
We
exist
that responsibility
Exchange Commission at the Conven¬
Investment
America took the occasion
to
as may
consideration by
under
speakers who followed the Chairman of the
Securities and
tion
carefully sought and
or
Congress"—advice which he himself followed in
ness
opposition from those whose
of the
fully with the government not
legislation enacted
address
accept responsibility when it initiated them in the
face of almost universal
realistic grasp
clearly and vigorously such objections
cer¬
tainly industry should not accept responsibility for
a
only by assisting in the development and carrying
assurance
of
of public discus¬
expressing the opinion that "business
should cooperate
men
course
The Chairman of the Chase National
situation in
ness
complete discussion of the sub¬
ject, such for example
costs
all
not at
number of other
that such is the case, as well
they will not be jockeyed into
recent address to the Chamber of Com¬
a
directly to the undistributed profits tax
which business did its best to defeat.
that
of New York reflected
merce
same
to be traced
thoughtful in the business com¬
aware
position of accepting responsibility that is not
already abundantly virile. Here is a situation which
patently is fraught with real hazard. It is, however,
fully
are
theirs, is evident from the
turers
enlarged dividends continue to en¬
consumption at the
courage
be to
an
enterprises to enter the capital market
are
that for them to do
in
capital expenditures
If public officials object with
tion to these
ren¬
difficult for themselves to find the
more
determined
the
But there
That the
munity
■
3731
Chronicle
use
It is significant that the advance over
is $656,000,000. Plainly enough, this is
large part to the business improvement,
year ago
due
in
coupled with the fact that the number of banks is far
less than it was up
to_1933, making it necessary for
more upon currency than
upon checking accounts for the transaction of business
The [return of currency from circulation after the
holidays will be a matter of considerable interest, for
many
communities~to rely
3732
Financial
that movement
upon
for
action
credit
depend theTextent of '[the
with
indicates that
gold additions in the week to Dec. 9 totaled $18,000,000, placing the aggregate at
The Treasury faded to reimburse
these
additions,
however,
12 banks fell
$8,809,324,000.
reserves
Total
changed at $9,068,774,000.
of which
fell
$4,232,669,000.
$43,906,000 to
Reserve
notes
$7,052,683,000,
the
member
a
bank
recession
general account balance by $16,547,-
$93,081,000; an increase of foreign bank balances
by $5,793,000 to $65,198,000, and
member bank balances
000.
The
80.3%.
moved
non-
to 80.4% from
up
Discounts by the system fell $339,000 to
$5,999,000, while industrial advances
to
$25,493,000.
bankers bills
for the
ment
increase of
were
market
off $203,-
holdings
reported at $3,088,000,
are
week.
Open
up
of
$1,000
Holdings of United States Govern¬
obligations
again unchanged in total at
were
the
on
common
a
stock,
payable Dec. 24, representing the first payment since
Others in
1930.
diversified group
a
of industries
which took favorable action this week included the
following:
American
Brake Shoe & Foundry Co.
National Supply Co.
Air Reduction Co.
Grant
T.
W.
Co.
Tennessee Corp.
Industrial Rayon Corp.
Government Cotton Report
The;on conditions of the Dec. cotton crop, based
final forecast of 1936 1, last,
for
as
This estimate must be
Nov. 1.
on
was
of 12,407,000 bales, substantially the
crop
close to the actual
a
same
accepted
as
fairly
as
figure, for the largest part of the
11,494,170 bales, had already been ginned prior
crop,
to Dec.
by $11,095,000 to $163,415,-
ratio
reserve
an
share
a
ac¬
individual
$44,247,000 to $6,730,989,000;
drop in
a
B. F. Goodrich Co. declared
special dividend of $1
making the latter medium
balances of
in the Treasury
was
Deposits with the 12 banks
consisting of
000
un¬
The increase of all forms
variations
000 to
gold
virtually
were
Federal
counted for $29,870,000,
use
the
as
$1,697,000 to
in circulation for the weekly period
$31,000,000,
in
record of
new
a
certificate fund of the
of money
a share in comparison
37%c. in previous quarters; both dividends are
payable Dec. 21.
$11,206,000,000.
12, 1936
larger quarterly of 62%c.
The Federal Reserve credit summary
for
Dec.
already foreshadowed in
may
control
Washington.
itself
Chronicle
1.
;
The crop,
the harvest of which is
nearing
now
com¬
pletion, has suffered and benefited alternately during
the season, from adverse and favorable weather
conditions,
that the final estimate is not far
so
moved from that
of
interim, the outlook
only
at
was
bales.
11,121,000
re¬
July 1, last, although in the
time for
one
However,
gains suffered and enjoyed
the
a
crop
losses
of
and
were
not
equally
pro¬
$2,430,227,000, but the Federal Reserve Banks quite
clearly are effecting important variations in the
nounced throughout the country.
It
appears
that
nature of the
the forecast has fallen off 1,080,000 bales since
holdings.
Long term securities,
repre¬
the heaviest loss
sented by bonds, moved up $27,000,000 in the last
In these States
statement week to
into the
entirely at the
$408,326,000, the increase being
of note holdings.
expense
THE present week againto distribute larger and
corporations acting found a large number of
tial
as
in previous weeks
proportion of them
eral
tax
substan¬
influenced by the Fed¬
were
undistributed
on
a
earnings.
Of
course,
in
order for dividends to be credited for tax
purposes
against the present year's income they must be paid
within the calendar year;
fiscal year
is not
ends
that is, unless
date other than Dec. 31, which
on a
in most instances.
so
company's
a
Among those acting
this week
was one of the
country's larger railroads,
Chicago Burlington & Quincy RR., which de¬
the
clared
a
dividend of
$4
payable Dec. 18, and
distributed
a
year
a
share
compares
on
$1.50
Another road, the Pitts¬
ago.
utility
group,
Co. declared
and Stone &
spring and ginnings
extra
Co.
a
and
other
share, which will be the first
dividend of 75c.
a
a
on
Jan. 15, 1936; how¬
company
$15,000,000 bond issue during the
sented
funds.
pay¬
Telegraph Co. de¬
paid off
a
declared
Of
bales.
extra
per
169.9
a
share in addition to
a
was
bales, while the fivehigh
as
14,667,000
as
the explanation of
the smaller
curtailment activities of the
crop
compares
pounds
This year's
the crop
At
with 186.3 pounds last
average
ginnings
up
the
for the five
to Dec. 1
same
there
1
acreage
amounted to
92.64% of the
were
30,054,000
acres
left for
abandonment since July 1 having
area
planted
qunetly only 27,331,000
1934, 27,515,000
ment of
were
and
1928-32.
date in 1935, 87.17% of
2.8%; in 1935 abandonment
1.9%, but the
in
year
years
had been ginned and in 1934, 93.60%.
Dec.
harvest,
The yield
is calculated at 197.6 pounds,
year
estimated crop; at
was
acres were
acres were
was
smaller and
only
conse-
left for harvest;
left after
an
abandon¬
3.2%.
The New York Stock Market
PRICEremained irregular this week, pendingsecuri¬
trends in the New York market for clari¬
ties
fication
of
the
uncertainties.
by
a
were
$1
average
course,
this
acre
which
were
of
and eastern
reported to have
Agricultural Adjustment Administration.
was repre¬
a
are
amounted to only 10,638,000 bales
of late is in the
crops
largely out
share, payable Dec. 24, and the
early in 1932. The National Steel Corp.
an
(1928-32)
year
year,
by Bethlehem Steel Corp., which declared
first since
The 1935 crop
The steel industry
dividend of $1.50 a
occasion turn out to be
and the 1934 crop to 9,636,000
a
share, payable Jan. 15, in
share
it should be noted that this
of treasury
share, in
utilities, declared
Western Union
comparison with $2
ever,
a
regular 50c. quarterly distribution,
ment since 1932.
a
dividend of 25c.
on
The central
improvement in amount sufficient to offset
Webster, Inc., which controls Engineers
Service
dividend of 25c.
clared
In the public
the Cleveland Electric Illuminating
an
addition to the
Public
special dividend
a
share, payable Dec. 23.
a
stock,
Aug. 1.
the Texas and Oklahoma losses.
with only $2 a share
burgh & Lake Erie RR., declared
of
the capital
Oklahoma, where
picking sometimes extends quite late
larger than anticipated.
realized
dividends, and
in Texas and
portions of the cotton belt
Corporate Dividend Declarations
extra
was
numerous
internal
and
Early softness in stocks
internal
was
offset
rally in later sessions of the week, and net changes
quite unimportant in most
an
exception,
higher in
some
quotations.
demand,
as
groups.
Base metal
such shares moved sharply
instances owing to gains in lead
Some specialties likewise reflected good
but the
general
list
of industrial,
mer¬
chandising, railway and utility shares held close to
Volume
former J
Financial
143
the somewhat dubious effect upon
corporate finance of the large distributions
made
minimize
to
of earnings
taxation.
of surplus
effect
the
Strikes in various industries offer little comfort to
holders
of securities.
occasioned
On
Cautiousness in the market clearly
levels.
is due in part to
also is
uneasiness
certain
A
of increased reserve
by the likelihood
tutional troubles
abdication of
a
King Edward VIII was followed by
rally in relief
certainty.
a
the termination of that un¬
over
The market reflects
some
reinvestment
Exchange
137 stocks
high levels for the year while 15 stocks
new low levels.
On the New York Curb
new
touched
Exchange 131 stocks touched new high levels and 26
stocks touched
New
at
York
Call loans
low levels.
new
Stock
remained
Exchange
the
on
the
unchanged
1
1%.
On
year.
to
came
The British Consti¬
head on Thursday, and
Stock
York
New
the
touched
•
requirements, early next
3733
Chronicle
the
New York
Stock Exchange the
sales at
half-day session on Saturday last were 1,000,580
shares;
on
Monday they were 1,676,910 shares; on
Tuesday, 1,618,530 shares; on Wednesday, 1,855,900
shares;
on
Thursday, 2,439,770 shares, and on Fri¬
On the New York Curb Ex¬
dealings, in accordance with usual practice at this
day, 2,611,590 shares.
time of the year,
change the sales last Saturday were 288,320 shares ;
and further stimulus is afforded
by the favorable trend of trade and industrial reports.
Trading
from
on
the New York Stock Exchange increased
hardly
than 1,500,000 shares at the start
more
of the week, to approximately
small in most
were
sections
were
dealings
of stocks during
Shares of the oil
of tha industry,
position
Movements
dull.
were
groups
Saturday.
in best demand, owing to improve¬
were
the
in
ment
were
but other
indecisive when
week
resumed for the
Some enthusiastic
Monday.
on
buying of low-priced shares was
noted, apparently for the simple reason that they
Utility shares slowly receded, owing
low-priced.
are
to
the lack of any decisive
Court
ruling by the Supreme
dustrial and rail issues showed only small
in both directions.
better
churned about, however, and
shares
The
more
leading the
on
Industrial and utility shares
way.
When uncertainty ;as to the British
groups.
Crown
was
forward
quite generally in
removed!"on Thursday, prices moved
trading also increased.
and metal issues
dull.
Base
metal
securities markets, and
Industrial stocks, railroad
our
favorites, but utility shares
were
Movements
lar.
yesterday
stocks
were
forged
demand for copper and an
but most
ami
was! continued
Wednesday, with carrier
uncertain, but gains also predominated in
were more
such
absorbed much of the
improvement
general
participat¬
Low-priced stocks were
ing in the modest advance.
attention.
changes,
Leading issues were somewhat
Tuesday, with almost all groups
on
became
In¬
questions affecting these companies.
on
were
moderately irregu¬
ahead on steady
advance in lead prices,
industrial, railroad and utility stocks merely
hovered around former levels.
In the listed bond market movements were favor¬
able,
ties
as a
were
new
whole.
United States Government securi¬
neglected,
issues of
as
interest
was
centered
on
the
2%% bonds and 1%% notes, offered
Monday for cash and in exchange for December and
February maturities.
The
received, and allotments
on
new
securities
were
well
the $700,000,000 bonds
were
announced yesterday at only
15% of applications.
High-grade corporate bonds
Issues in the domestic list
offered for cash
were
firm throughout.
with
a
speculative tinge showed gains.
Defaulted
foreign dollar bonds, chiefly of Latin-American
scriptions,
were
de¬
in keen demand, despite the lacka¬
daisical attitude of the debtors.
kets
on
Tuesday, 564,050
on
Wednesday, 636,630 shares; on Thursday,
778,143 shares, and on Friday, 843,105 shares.
general movement of share prices in the stock
The
week
toward
irregularly higher
market
the brief session last
companies
shares;
2,500,000 shares in the
later sessions.
Changes
Monday, 482,335 shares;
on
showed
Commodity
points of strength,
mar¬
especially in the
grains and base metals, and these performances aided
the stock market.
Foreign exchange dealings were
modest, with the tone a little uncertain in sterling and
other leading European currencies.
But the small
gains and losses evened out in the
general levels unchanged.
end, leaving the
this
levels.
Following some indecision and caution in
buying
a
on
better
Monday the market on Tuesday reflected
tone, although price fluctuations were con¬
fined within
quence
a
narrow
occurred
ceipt of the
land's
was
No change of conse¬
range.
the following day, but with re¬
on
news on
Thursday of the King of Eng¬
market turned
abdication, the
active and
This trend was pretty much dissi¬
strong for a spell.
pated by the noon hour, and irregularity in trading
Yesterday prices moved for¬
increased trading volume,
again asserted itself.
ward in most groups on an
but many
issues at the close were lower than on
Friday of last week.
General Electric closed yester¬
day at 51% against 50% on Friday of last week ;
Edison Co. of N. Y.
Consolidated
at 44% against
45%; Columbia Gas & Elec. at 17% against 17%;
Public Service of N. J. at 47% against 48%; J. I.
Case
Threshing Machine at 148 against 155; Inter¬
national Harvester at
Roebuck & Co. at
65% against 65%; Woolworth at 65%
Ward & Co. at
against 66,
100% against 97%; Sears,
96% against 96%; Montgomery
and American Tel. & Tel. at 188%
Western Union closed yesterday at
against 188%.
83% against 87% on Friday of last week; Allied
Chemical & Dye closed
yesterday at 234% against
231% bid; E. I. du Pont de Nemours at 180%
against 182; National Cash Register at 30%
against
30%; International Nickel at 62% against 61%;
National Dairy
Products at 23% against 24%; Na¬
tional Biscuit at
32% against 32%; Texas Gulf Sul¬
phur at 40% against 40; Continental
Can at 65%
against 68; Eastman Kodak at 176 against 176;
Standard Brands at 153% against 15%; WestingMfg. at 146% against 145; Lorillard
house Elec. &
at
23% against 23%; United States Industrial Alco¬
at
hol
40%
against 38%;
Canada Dry at 23%
against 19%; Schenley Distillers at
52% against
52%, and National Distillers at 293^ against 30%.
The steel stocks made some headway and closed
yesterday with gains over Friday of the previous
week.
United States Steel closed yesterday at 76%
against 74% on Friday of last week; Inland
at
118%
against
118;
Bethlehem
Steel
Steel at 73%
against 71%; Republic Steel at 27% against
26%,
81% against 80%.
In the motor group, Auburn Auto closed yesterday
at 33 against 33 on Friday of last week; General
Motors at 68% against 68; Chrysler at 123% against
and
Youngstown Sheet & Tube at
123, and Hupp Motors at 2
against 1%.
In the
rubber group,
Goodyear Tire & Rubber closed yester¬
day at 28%
against 28 on Friday of last week;
3734
United
B. F.
Financial
States
Rubber
Goodrich at 33
shares in the main
closed
higher than
at
47% against 45%, and
against 30%.
The railroad
enjoyed moderate advances and
Friday
on
week
a
vania RR. closed yesterday at
Pennsyl-
ago.
40% against 41
on
Friday of last week; Atchison Topeka & Santa Fe at
72% against 72%; New York Central at 44%
against 43%; Union Pacific at 131% against 126;
Southern
Pacific
at
42% against 41%;
Southern
Railway at 24% against 22, and Northern Pacific
at 26% against
26%. Among the oil stocks, Standard Oil of N. J. closed
Chronicle
Dec.
1936
12,
the abdication of Edward VIII and the accession
This
to the throne of George VI.
shadowed for
fore-
occurrence,
days, occasioned
some
a
spirit of
ex-
treme caution in the British market, despite further
indications of continued trade and industrial im-
The Paris Bourse
provement in the British Isles.
uncertain because of the domestic political dif-
was
ficulties and the international tension occasioned
by the Spanish civil
war
and the difficulty of making
the budget balance. There was talk in Paris of seek-
ing
American loan, despite the obvious fact that
an
yesterday at 06% against 66
the Johnson Act would prevent any advances to that
Friday of last week; Shell Union Oil at 26%
against 26%, and Atlantic Refining at 30% against
31%. In the copper group, Anaconda Copper closed
The Bank of France reported a 4,000,000,000 franc
yesterday at 50% against 48%
the loan obtained in the London market early this
on
on
Friday of last
week; Kennecott Copper at 59 against 57%; American
Smelting & Refining at 96% against 96%, and
Phelps Dodge at 53% against 53%.
Leading trade and industrial reports
cidedly favorable this week.
Steel ingot produc-
tion for the week
ending today
American
and
Iron
Steel
estimated by the
was
Institute
at
76.6%
capacity, the best figure recorded since 1930.
level compares
the
de-
were
of
The
with 75.9% last week and 55.7% in
corresponding week of last
Electric
year.
production for the week ended Dec. 5
by the Edison Electric Institute at 2,243,916,000
kilowatt
hours,
an
all-time high record.
The figure
with 2,133,511,000 kilowatt hours in the
compares
preceding week and 1,969,662,000 kilowatt hours in
the
week
same
of
1935.
Car
loadings of
freight for the week ended Dec. 5
according to the American
This
week
was
gain of 64,973
a
and
of
106,439
cars
Railway
cars
revenue
744,957
were
cars,
Association.
the previous
over
December
Friday of last week.
on
on
The spot
was
as
In London the
3/16
on
price for rubber
against 18.97c. the close
Domestic
on
copper
closed
Friday of last week,
price of bar silver yesterday was
pence per ounce,
unchanged from the close
Friday of last week, and spot silver in New
York closed
close
In
on
yesterday at 45%c.
the
matter
on
against 45%c. the
cable
to which the German Government has been reduced,
German investors nevertheless absorbed readily
500,000,000 mark loan,
of
the
transfers
foreign
a
ex-
panded to 600,000,000 marks on Monday, when it ap-
peared that the issue was 20% oversubscribed,
Little business
was
done
the London
on
Stock
Exchange in the initial session of the week,
Constitutional issue prevented
The tendency
mitments.
and small losses
were
any
as
extension of
the
com-
to reduce holdings,
was
British funds
the rule.
were
marked fractionally lower, while industrial stocks
Week-end
New
from
York
occasioned
re-
recessions
mostly followed the same tendency.
ports
in
Anglo-American trading favorites, and other interRubber
national securities also drifted downward.
More confidence
van
was
displayed
on
the
Some of the industrial stocks
of the upswing.
still had
hesitant tone, but the great majority
a
Oil
advanced.
and rubber
shares moved
forward
readily, while other commodity issues likewise im-
The
proved.
gains.
international
group
showed
small
The delay in announcing the result of the
and prices were irregular in that session.
funds
were
soft, and only
British
few industrial stocks
a
escaped the results of the slow but steady liquidation.
Commodity issues also
were
uncertain, but
favorable overnight reports from New York brought
fresh
buying of Anglo-American
market
on
was
securities.
The
not greatly affected by the abdication
Thursday, which
was
officially announced after
the close of trading but was known to be impending
earlier in the day.
exchanges,
cable
$4.90%
as
the
British funds advanced after
session.
Industrial
were
closed
in active dealings
4.66%c., unchanged from the close
yesterday at
Friday of
stocks
undertone, while international
Friday of last week,
on
Paris
on
which the authorities
early weakness and showed only small changes for
London closed yesterday at
against $4.90 3/16 the close
and
as
Friday of last week.
transfers
a most
constitutional crisis caused dubiety on Wednesday,
The spot
19.00c.
Friday of last week.
on
against 46%c.
against 12.64c. the close
as
yesterday at 10%c., the close
21
as
Friday of last week.
Friday of last week.
on
at
the
price for cotton here in New York closed
yesterday at 12.87c.
yesterday
corn
same as
December oats at
Chicago closed yesterday at 48%c.
the close
funds produced
London market, Tuesday, with British funds in the
Chicago closed yesterday at 107%c., the
close
event of illegal exportation of
of the commodity mar-
course
Friday of last week.
on
noted on the Berlin market,
unfortunate impression, since it reflected the straits
commodity.
indicating the
was
the recent decrees for the death penalty in the
as
stocks improved on an advance in the price of the
kets, the December option for wheat in Chicago
closed yesterday at 127%c. as against
124%c. the
close
Little activity
year.
the corresponding
over
week of last year.
As
gold loss because of the necessity for repayment of
power
reported
was
country, which remains in default on its war debt,
in modest demand.
on
displayed
securities
a
firm
likewise
Prices improved yesterday
the calm acceptance by the
r
c
uropean
RICE trends
were
v
Stock Markets
mixed this week
British funds,
issues
stocks
and
international
all
ad-
vanced.
i
-rut
people of the monarchical change.
industrial
on
last week.
parjs Bourse
on
stock
was
very
quiet
on
Monday,' and
ex-
mostly lower, owing to the difficulty of maintaining
changes in the principal European financial
the Popular Front and the prevailing fears that the
centers, with political developments the dominant
British constitutional crisis might have unfortunate
factors in almost all instances.
international
Exchange
stitutional
was
quiet throughout, owing to the Con-
crisis
The London Stock
that
eventuated
on
Thursday in,
repercussions.
Rentes fell fraction-
ally, while larger losses appeared in bank and industrial stocks.
International securities
were
steady.
x
Financial
Volume 143
Changes
were
small
ing movements again toward moderately lower quo¬
equities alike drifted
and
French rentes
tations.
downward, despite strength in franc exchange, but
of the
some
Movements
chief
commodity issues were in good demand.
irregular
were
Wednesday, with the
on
tendency still toward lightening of
commit¬
possibilities of
and
British situation
The
ments.
unpleasant developments in Spain occasioned
French
dation in rentes.
trial stocks also
were
The tone
the losses.
liqui¬
bank, utility and indus¬
soft, but a late rally minimized
improved
on
Thursday, despite
peak.
indications that the British crisis was at its
calmness
The
at
London
sufficient vol¬
to occasion small advances in rentes
Rentes
yesterday.
while
and French
Gains were the rule in a quiet session at
equities.
Paris
in¬
French
encouraged
vestors, who bought sparingly but in
ume
advanced
fractionally,
on
from the
King, signed by his own hand.
listened
in
read
the Berlin Boerse was listless, with
Com¬
Thursday that he was presenting a message
mons on
stunned
silence
The House
the abdication was
as
I do the gravity
I can only hope that I shall have the
understanding of
taken and the
it," the
as
"Realizing
by the Speaker.
of this step,
peoples in the decision I have
my
which have led
reasons
me
to take
"I conceive that I am not
said.
message
overlooking the duty that rests on me to place in
the forefront the
I
public interest when I declare that
conscious that I
am
can
longer discharge this
no
heavy task with efficiency or with satisfaction to
I have accordingly this morning executed
myself.
an
instrument of abdication in the terms following:
% Edward VIII of Great Britain, Ireland, the Brit¬
ish Dominions
Beyond the Seas, King Emperor of
India, do hereby declare my irrevocable determina¬
tion
larger gains appeared in equities.
Trading
Prime Minister Baldwin announced to the
Tuesday, with the prevail¬
on
3735
Chronicle
to
renounce
descendants.
for
throne
the
myself and my
My desire is that effect should be
the tone soft as
dealings
Monday.
given to this instrument of abdication immediately.'
There
little public interest, and the pro¬
My execution of this instrument has been witnessed
was
very
small
in
resulted
activities
fessional
resumed
were
on
losses
and
The Ger¬
man people were not informed through their con¬
trolled press of the British crisis.
Weakness was
the rule on Tuesday, despite very limited trading.
gains, with the recessions more numerous.
announcement that
Official
a
Reich loan of 500,-
600,000,000 marks of applications accepted failed to
000,000 marks had been oversubscribed and
stimulate
were
Declines of 1 to 2 points were
dealings.
afnong
common
speculative favorites, while others
Wednes¬
The situation was unchanged on
dull.
day, as most of the active issues again receded in
Losses were mostly fractional, but a
that session.
few stocks fell
permitted to learn on Thursday that Great
were
passing through a crisis, but the news
little effect on the Boerse.
After early softness
Britain
had
The German people
1 to 2 points.
was
with minor changes.
the market steadied and closed
The tone
but the
was
soft yesterday in the
German market,
by
of Kent.
British Crisis
a
one year
ago on
father, renounced that throne on Thursday
ended
one
But my
in
of the strangest crises ever faced by the
The fact that a crisis was approaching
made known to the people hardly more than a
week ago,
after a long period during which it was
hoped that the difficulties could be
was
evident
Edward had
surmounted.
It
that King
intention of changing his views with
early this week, however,
no
regard to the throne, nor his intention to marry
Mrs. Warfield Simpson, twice-divorced American.
Numerous conferences were
Prime Minister
bers of his
held by the King with
whom I have tried to
Prince of Wales and
are
the constant wish of my
of them in the confident
I have
thought it right to follow is that which is
best for the
the
of
stability of the throne and empire, and
happiness of
my
I
people.
consideration
the
which
tended to
to
I take my leave
heart.
hope that the course which
both before
me
and
throne
the
tend in full
and
I
which
measure
am
deeply sensible
they have always ex¬
after my
know
accession
they
to my successor.
I
will
am
ex¬
most
delay of any kind
giving effect to the instrument which I have
and
that
all
necessary
steps
should be
immediately to secure that my lawful suc¬
cessor, my
brother, his Royal Highness the Duke of
York, should ascend to the throne."
After this momentous and solemn declaration was
read, Prime Minister Baldwin outlined the conver¬
sations
Edward
he
had
and
earlier stages
during recent
made
it
months with King
plain that during the long
of such discussions he took no one into
of his
his confidence and did not even inform any
His views regarding the
colleagues in the Cabinet.
marriage with Mrs. Simpson that the King desired
to consummate were communicated Nov. 16.
"I told
him
I did not think that
particular marriage was
one
that would receive the
approbation of the coun¬
try," Mr. Baldwin related.
But the King replied
that he intended to marry
Mrs. Simpson and was
abdication
on
Thursday through
This termination of the brief reign of
the entire British
Empire, but a measure of relief was felt regarding
the ending of the crisis.
There is every assurance,
London reports indicate, that the Duke of York will
discharge the duties of Kingship in accordance with
King Edward was a sad blow to
British traditions.
as
serve
The upshot was that King Ed¬
Speaker of the House of Commons, in a brief
message.
Moreover, further
up.
Stanley Baldwin, advisers and mem¬
family.
ward announced his
the
mind is made
King, and whose future happiness and prosperity
the Duke of York, and thus
English.
was
decision, and I have before reaching
delay cannot but be most injurious to the peoples
executed
KING EDWARD VIII, who ascendedthe death of
the British
than
of his brother,
appeals which have been made to me to
different
them.
taken
favor
deeply appreciate the spirit which has
final determination most fully pondered over
my
in
his
I
anxious that there should be no
changes were small.
throne less
York, the Duke of Gloucester and the Duke
actuated the
take
the Royal Highnesses, the
three brothers,
my
Duke of
prepared to go.
The possible compromise of a mor¬
ganatic marriage was studied but rejected, and all
other
phases of the matter likewise received atten¬
tion.
The formal decision to abdicate was reached,
however, on Wednesday, and
a
minimum of delay.
censure
then made known with
Mr. Baldwin had no word of
for King Edward
and only praise for the
spirit and determination of the
the Commons to
Monarch.
He urged
rally behind the new King, and the
3736
Financial
session
ended
with
introduction
of
the
necessary
legislation for the change desired.
Chronicle
ment, economic
tion.
21
republics
so
far
tory,
delegates
from
the
21
American
as
a
unit
peace
sentatives
of
the
buckled down this week to serious consideration of
would act
as
a
for
strengthening the peace structure in the
Americas and perhaps in the world at
large.
Sev¬
eral
proposals quickly were submitted in open
sions, but
no
sooner
than differences
of course,
began to
lems that
were
small in
are
In all likelihood the
presented will
conference will be
also mean,
recent
This is natural,
appear.
for the interests of 21 nations
to be diverse and various.
ses¬
precise texts presented
were
mean
sure
prob¬
merely that the
protracted affair.
They may
however, that actual achivements will be
a
comparison with the promise held out in
months.
The
fundamental
point of diver¬
gence seems at the moment to consist of the different
attitudes toward
Europe and the League of Nations
by the United States and by Argentina.
Speaking in behalf of the United States Govern¬
assumed
ment, Secretary of State Cordell Hull proposed an
integration of existing peace treaties without much
regard for the European
Dr. Carlos Saavedra
scene.
five
are concerned.
fact that President Roosevelt
toward
the
of
course
peace a
took the first
steps
Mr. Hull proposed, in the
gathering.
a
lengthy address, to make the drive for
live, forceful
aided by conscious and
one,
unremitting application of the principles embodied
in
the four
and
the
existing inter-American
Kellogg-Briand pact.
fice, he cautioned, and the nations of the Americas
should endeavor to build
American
republics
position, he said.
differences,
no
are
an
in
a
"There
"armory of peace."
are among us no
profound mistrusts
such
early rifts, especially when the fundamental aims
of all the
as
are
participants
those
are
of the 21
considerable
in such undoubted accord
American republics.
degree the initial
To
a
divergence at the
conference appears
and
to be based on personal views
predilections of Dr. Saavedra Lamas. The able
Argentine Foreign Minister recently presided over
the session of the League of Nations at
Geneva, and
more
recently still he
prize for 1936.
was
that he desires to
sway
influence in
awarded the Nobel peace
In these circumstances it is natural
world
his country toward greater
affairs, and not merely in the
affairs of the two Americas.
It is instructive that
League circles in Geneva promptly expressed dubiety
regarding the proposal of the United States for
integration of existing treaties and
a
virtual isola¬
tion of the Americas in the event of
a
European
Along such lines the Buenos Aires conference
be expected to
fight things out for
a
time.
result should favor the contentions of
gation, for
ters
much
Variants
many
as
of
other countries
the
the
United
seem
States
war.
may
But the
our own
dele¬
to view mat¬
delegation does.
United
have been submitted
States proposals
already
by others, but few have aligned
themselves with Dr. Saavedra Lamas.
when
the
Foreign Minister Saavedra Lamas
Chairman
permanent
thanked the
of
the
Dec.
on
4,
named
was
gathering.
He
delegates for this unanimously accorded
honor and welcomed the
group anew.
of a great union has been
The concept
attained, he declared in
his
speech of acceptance, which rang with praise of
President Koosevelt
as
the initiator of the
But the careful reservation
association
of
was
the American
directed against
other committees
Europe.
were
to foster the tasks of
meeting.
made that any closer
nations
must
not
Numerous technical
be
and
appointed at this gathering
neutrality, limitation of
arma-
radical
deep hatreds,"
the
the determination to be
peaceful
calling of the
very
neighbors."
The
conference, Mr. Hull
peace
re¬
the rest of the world that
on
concern
threatening conditions elsewhere.
the grave
An
eight-
point program accordingly was suggested, calling fdr
education of the world for
peace and for
international
conferences
contain
a
common
event of
were
frequent
safeguard it against
existing
peace
consummation, since they
"virtually all the essentials
machinery."
peace
for
to
Mr. Hull called attention to the
war.
treaties and urged their
of adequate
Point 4 of the program called
American
conflict in
this
policy of neutrality in the
hemisphere. The nations
urged to adopt commercial policies designed
prosperity, as a basis for enduring peace.
to foster
Cultural
and
legal
cooperation
were
emphasized,
delegates finally called
upon
to work for
and
the
the
faithful
observance
of
undertakings between
nations.
In furtherance of the aims thus
expressed, Secre¬
tary Hull laid before the gathering last
Sunday a
draft treaty designed to
implement the proposals. It
called for
not
to
a
ship
pledge by the 21 American republics
arms or
war
anywhere in the world,
erents.
It provided
materials to
nor to
also for
belligerents
lend money to bellig¬
a
consultative
mittee, which would be empowered to offer
tion in
any
was
all
The conference settled down to
business
or
Secretary continued. "On the contrary, we are
inspired by the impulse to be constant friends and
and
in
The
peculiarly advantageous
the Americas view with intense
unusual
treaties
peace
Words will not suf¬
United States and seemed to
prefer mere peaceable
or
they
Secretary of State Cordell Hull took up last
Saturday the task of furthering the aims of the gath¬
ering, his initiative being quite proper in view of the
declarations.
nothing alarming
that
unit in this connection.
marked, served notice
is
The repre¬
nations indicated
Lamas, Foreign Minister of Argentina, opposed the
There
coun¬
against the rest of the world,
as
problems
republics
means
and intellectual coopera¬
progress
reaching provisions, much along United States lines,
barring aggression in the Americas and making the
Aires, and the fanfare of the event
matter of his¬
1936
immediately indicated that they desired far-
WITH the opening of the Inter-AmericanBuenos
Peace
Conference nicely accomplished at
a
12,
Delegates of the five Central American
tries
Inter-American Peace Conference
Dec.
conflict.
com¬
media¬
Likewise included in the draft
a
provision making immediately effective for
the American
republics the Gondra treaty of
1923, the Kellogg-Briand pact of 1928, the InterAmerican
Conciliation
Convention
and
the
Inter-
American Arbitration
Treaty of 1929, and the NonAggression Treaty of 1930. This practical
proposal
promptly brought into the open the differences as
to international
viewpoints between Mr.
Dr. Saavedra Lamas.
all
It appeared
Hull
and
immediately that
delegates with the exception of those from Argen¬
tina favored the American
although
proposals in principle,
minor alterations naturally were re¬
quired here and there. Dr. Saavedra Lamas did not
make his
was
some
opposition apparent in open forum, but it
reported nevertheless that he viewed with dis-
Financial
143
Volume
trust what he
appeared to regard as a
of the Monroe Doctrine and
a
European diplomatic connections.
thus reached its first
tions
The conference
and it is
during most of this week in
join with the other American republics on a
suitable
The various subcommittees con¬
compromise basis.
tinued their formal
shadowed
by the London committee formed for the purpose,
persuade the Argentine Minister to
the endeavor to
activities, but these were over¬
tensive
the
European Alliances
Jt
\
political
overshadowed this week
were
developments
by the British
ing and they continued to point to the dangers
the
of
The British and French Gov¬
to minimize the difficulties in
present situation.
ernments endeavored
Spain
the
Wednesday, a plebiscite in
by proposing,
which
Spaniards could determine the form of
This measure, however, is
not likely to receive the approval of the countries
that have taken an active interest in the outcome of
government they desire.
Fascist and Socialist regimes on
the rebellion.
Continent continued to eye
and
each other with distrust
France, renewed in a speech at Paris, late
the French
last week,
pledge of support for Great Britain and
Belgium against any aggression.
made with
the
Foreign Minister Yvon Delbos, of
animosity.
This speech was
obvious reference to the
earlier British
Belgium, and apparently
represents an effort to bring about more binding
military engagements among the three countries.
Germany was invited to join the circle, through par¬
ticipation in another Locarno pact.
The Russian
Government last Saturday altered its new Constitu¬
pledge
tion
so
support for
of
that
declaration would follow almost
war
a
obli¬
gations.
Berlin reports suggest that the Reich is
intent upon building a navy strong enough to defeat
any Russian Atlantic fleet.
It is instructive that
automatically in fulfillment of anti-aggression
the Reich launched
on
Tuesday a 26,000-ton battle¬
ship, which will be a sister-ship to a similar
launched
treaty
months ago.
some
vessel
The German-Japanese
Communist Internationale of
the
against
apparently is occasioning repercussions in
Moscow
Tokio, where it was reported that Foreign Minister
Hachiro Arita may
resign.
Also indicative of the
current trend was a demand on
Wednesday by Dr.
Hjalmar Schacht, Minister of Economics of Ger¬
many,
for German colonies.
The peace of Europe
and all the rest of the world may
the
Reich obtains
a
the
steadily has
insurgents
be menaced unless
colonial empire, Dr.
Schacht
loyalists
The
been
have
supported
League of Nations Council met at Geneva on
Thursday to hear the protest of the duly constituted
rebels, but the proceedings were overshadowed
proposal, made Wednesday by the British
a new
It
and French Governments.
that
suggested "fully effective control" of arms ship¬
note
ments to
Spain, and as a second step it was proposed
that the
Spanish people hold a plebiscite to deter¬
mine
the
of
form
The United
States
government they really desire.
was
informed of this move, as
all the Latin American
were
States.
from Paris indicated that Russia
the
war
The reports
promptly accepted
the
to
proposal "in principle," but no replies are said
have been received from the three Fascist coun¬
Indeed, the democratic method of determin¬
tries.
ing what the Spanish people want seems hardly cal¬
culated
and
appeal to the rulers of Germany, Italy
to
It was assumed in the French capi¬
Portugal.
lip service to the plan might be paid, how¬
tal that
ever,
if the French were willing to grant in return
recognition of the Italian conquest in Ethiopia,
and such other concessions as Berlin might desire.
a
defenders
The
face
a new
mented
the
of Madrid expected
assault by
day to
As the week wore on, however,
insurgents.
impression
every
General Franco and his aug¬
grew
that the impasse might last a
long time, and possibly all winter.
The insurgents,
meanwhile, continued their slaughter of the helpless
capital by means of daily air¬
inhabitants of the
bombings and extensive artillery bombard¬
ments.
"What military objective such sporadic
plane
bombings
can
have it is hard to say," a Madrid corre¬
spondent of the New York "Times" remarked on
"They kill off a few dozen inhabitants,
Tuesday.
generally harmless non-combatants, and destroy a
few more houses, bringing momentary terror to
many
and death to some.
But when all is said and
done, and the bombers have
the rebel
In
reeturned to their bases,
siege of Madrid has not advanced one iota.
fact, the populace merely becomes all
embittered
forces
his
and
all
the
against them."
more
determined
to
hold
In the northern part of
this week by Basque
contingents against the rebels.
any
the more
against General Francisco Franco and
vanced toward the insurgent
SOMETHING like a stalemate has been reached
between the Spanish loyalists and
Germany, Italy,
Portugal and Soviet Russia to join in an offer of
mediation between the contenders in Spain.
The
Spain some gains were made
Spanish Rebellion
disclosed at Paris
was
invitation had been sent to
an
Madrid
declared.
in
been
while
liberally by
Russia.
by
crisis, fresh incidents were not lack¬
constitutional
everywhere that the most ex¬
realized
to
by Portugal, Italy and Germany,
furnished
to the
European
now
aid
Spanish Government against the aid being extended
by the primary differences.
ALTHOUGH
apparently has been abandoned even
intervention
all
"crisis," and private conversa¬
in progress
were
generalization
drift away from
3737
Chronicle
The Basques ad¬
capital at Burgos, and
important further move will threaten that city.
Admiral Cary T. Grayson, Chairman of the
insurgents, and their respective supporters beyond
Rear
the borders of
The lines outside Madrid have
American National Red Cross,
important extent for a month,
Monday, that fully 500,000 persons were killed
Spain.
not been moved to any
and indiscriminate
the rebels
activity.
lately have been the chief indications of
to
flagged.
in Paris
5,000 German fascists had reached Spain
this week,
in the shape of a rumor that
60,000 Italians are being assembled to help the rebels
by
an
attack
on
Discount Rates of Foreign
The report from London last
help General Franco and his rebels had an echo
Barcelona.
The pretense of non¬
in
Spain since the start of the revolution. Conditions
were described as "dreadful beyond words."
But the international interest in the con¬
flict has not
week that
airplane bombings of Madrid by
reported in this city,
Central Banks
THE Bank 5offrom ZlA% to 4%. its discount rate
Noiway increased The 33^% rate
Dec.
on
had been in effect
it
was
since May 23, 1933, at which time
lowered from 4%.
ing centers are shown
Present rates at the lead¬
in the table which follows:
3738
Financial
DISCOUNT
RATES
OF
FOREIGN
CENTRAL
Chronicle
Dec.
278,475 francs
Rate In
Country
Pre¬
Effect
Date
Dec. 11
Established
Rale in
vious
Rate
Argentina..
Mar.
3K
3H
Austria
Country
Holland
r
4
Effect
Rate
francs
1936
2
Dec.
2 1936
2^
4
Aug. 28 1935
4
July
July
3
Nov. 29 1935
2
May 15 1935
H
2H
India
Belgium—
Ireland
3
Bulgaria...
June 30 1932
6
Aug. 15 1935
7
4H
3«
3X
Canada
4H
May 18 1936
Mar. 11 1935
in
advances
The discount rate remains at
against securities.
2%.
A comparison of
the various items for three
years is furnished below:
5
2H
Italy
Japan
An increase of 175,000,-
a year ago.
appear
vious
Established
...
Hungary
000
Pre¬
Date
Dec. 11
1 1936
12,
BANKS
Batavia
...
Chile
10 1935
1 1935
..
Apr.
6 1936
3.65
Changes
4^
June
21935
Dec. 4, 1936
Dec. 6, 1935
Feb.
1 1935
3J*
6H
for Week
6
Dec. 7, 1934
5M
6H
July
1 1936
6
Francs
Francs
Francs
Francs
May 28 1935
Norway
4
Dec.
Jan.
24 1935
4
Java
4
-.
July
18 1933
5
Jugoslavia
Czechoslo¬
3
Jan.
1 1936
5
Danzig
Denmark
Oct.
21 1935
6
Oct.
4
19 1936
3M
England
2
June 30 1932
Estonia
5
Sept. 25 1934
2M
5H
4H
2 H
Finland
.
Lithuania..
vakia
..
4
France
Deo.
2
...
Oct.
4 1934
15 1936
Poland
5
Oct.
25 1933
6
Portugal...
5
Dec.
13 1934
5H
Rumania
4H
Dec.
7 1934
6
3H
May 15 1933
4
..
South Africa
Spain
5
4
..
Greece
3$
5 1936
July
Sept. 30 1932
5
Sweden
2H
7
Germany
STATEMENT
3.29
4
Colombia
BANK OF FRANCE'S COMPARATIVE
Morocco
...
Oct.
7 H
Switzerland
Dec.
1 1933
Nov. 25 1936
13 1933
10 1935
5H
♦Gold holdings
—4,000,000,000 60,358,742,140
Credit bals. abroad,
No change
5,315,045
a French commercial
bills
discounted
._
b Bills bought abr'd
Adv. against secure.
Note circulation.
3
Cred.
2
cTerm. adv. without
curr. accts
—907,000,000 6,064,805,141 10,084,517,900
3,256,950,686
—4,000,000 1,442,568,761 1,296,641,126
950,666,473
+ 175,000,000
3,638,910,211 3,392,124,587 3,219,810,386
+622,000,000 87,273,856,865 81,689,278,475 81,289,897,005
—4,398,000,000 10,729,483,967 11,637,604,583
20,551,999,350
interest to State._
Propor'n of gold
Foreign Money Rates
65,904,918,441 82,314,313,166
17,217,034
10,325,915
No change
12,298,601,962
—1.64%
61.59%
on
hand to sight liab.
70.62%
80.83%
Includes bills purchased in France,
b Includes bills discounted
abroad,
resenting drafts of Treasury on 10-bllllon-franc credit opened at
Bank.
a
IN bills Friday market discount rates for short
LONDON open 1@1 1-16%, against %%
on
were
as
Friday of last week, and 1 1-16 @1)^% for three
months' bills, as against
13-16@^% on Friday of
on
last week.
%%.
Money
At Paris the
Dec. 8 from
call in London
on
open
market rate
Friday
on
was
lowered
was
2%% to 2)4%, and in Switzerland
on
since Oct. 14
this week
was
small loss.
a
As the
gain in gold
attended by an expansion of
circulation,
£7,265,000
fell off £7,122,000.
reserves
Public
deposits increased £6,930,000, while other deposits
£14,359,119.
Of the latter amount, £12,135,-
fell off
was
from bankers' accounts and
other accounts.
The
reserve
35.20% from 38.10%
weeks ago.
Loans
Last
a
£2,224,000 from
proportion dropped to
week ago and 42.15% two
the proportion
year
35.49%.
was
on
government securities decreased £715,000
and those on other securities rose
£433,217.
The
latter consists of discounts and
creased
£316,373,
£749,590.
rate.
and
all
No change
Below
we
which
Bank of
Gold
a
year
9,
1936
was
years:
stands
Public deposits
Other deposits
Bankers' accountsOther accounts
Govt, securities
Other securities
Disct. & advances.
Securities
Reserve notes & coin
Coin
and
Dec. 12,
1934
Dec.
lation record
a
loss of
the total down to
13,
Dec.
14,
1932
Bullion
reserve
112,000,000 marks, bringing
5,562,660,000 marks. Circulation
a
year ago totaled 4,044,580,000 marks and the
year
before 3,716,833,000 marks.
A decrease also appears
in bills of
exchange and checks of
203,764,000 marks,
10,187,000 marks and in other daily
in advances of
maturing obligations of 81,949,000 marks.
Reserve
foreign currency registers an increase of 107,000
marks and in investments of
63,000 marks.
Below
we show a
comparison of the different items for three
in
years:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Dec. 7. 1936
Dec.
7, 1935
Dec. 7, 1934
Reichsmarks
Gold and bullion
Of which depos. abroad
Reichsmarks
Reichsmarks
Reichsmarks
+312,000
on
66,409,000
88,277,000
78,648,000
21,141,000
21,204,000
5,516,000
5,296,000
4,177,000
-203,764,000 4,704,575,000 3,951,769,000 3,707,422.000
a206,670,000
155,626,000
180,643,000
*
a28,272,000
Reserve in foreign curr.
Bills of exch. and checks
Silver and other coin
+ 107,000
other Ger.bks.
8,417,000
-10,187,000
+63,000
Other assets
1933
35.20%
40.16%
47,53%
33.31%
2%
Bank rate
35.49%
2%
2%
2%
2%
57,271,000
521,997,000
a675,635,000
Liabilities—
Notes in circulation
Other dally matur. obllg.
Propor'n of gold & for'n
curr. to note
*
Validity of
clrcul'n.
notes
on
latest available.
1.6%
THE New York
THE statement for the week 4,000,000,000 francs,
gold holdings of of Dec. 4 shows a de¬
cline in
bringing the total down
to
of
new
sold
issue of
commercial bills
previous
year.
French
discounted, bills bought abroad and
creditor current accounts
register
decreases, namely
907,000,000 francs, 4,000,000 francs and 4,398,000,000 francs, respectively.
The reserve ratio stands at
61.59%, compared with 70.62% a year ago and
80.83% two years ago. Notes in circulation record
an
increase of
622,000,000 francs, making the total
87,273,856,865 francs, in comparison with 81.689,-
large scale
was
included in
at
on
an
Treasury issues, but
Oversubscription
were
eager to
exchange offering.
discount
of
$56,000,000 due in
exchange for
97
were
The Treasury
days
bills.
One
was awarded
0.041%, while another
273 days went at
of 0.092%, both computed
A
on
2%%
1%% notes that
Monday two issues of discount
discount basis.
the
by the Treasury, while hold¬
156,000,600 bills due in
average
issue of
age
the
2.22%
Figures of Nov. 23
indicated for
these bonds and also for the
82,314,313,166 francs
the
slow otherwise.
maturing notes
60,358,742,140 francs, in
comparison with 65,904,918,441 francs last year and
a
money market was occupied this
bonds offered for cash
ers
2.31%
Money Market
week with the several
were
91,519,000
756,331,000
681,565,000
other banks exDlred March
31,1936.
New York
dealings
8,762,000
41,695,000
661,602,000
778,885,000
—112,000,000 4,562,660,000 4,044,580.000 3,716,833,000
—81,949,000
671,354,000
735,486,000
856,840,000
a278,692,000
290,417,000
312,597,000
Other liabilities
the usual
Bank of France Statement
to 66,409,000 marks.
up
at
now
Advances
458,852,000 410,930,885 393,221,328 381,891, 433 372,256,239
17,490,000
6,842,570
7,926,190 14,544, 387
8,537,123
125,868,942 131,591,435 140,260,653 132,324, 874 120,659,474
86,984,500 94,387,267 103,302,606 95,561, 394 86,291,044
38,884,442 37,204,168 36,958,047 36,763, 480
34,268,430
81,717,024 84,212,941 85,821,413 72,906, 692 74,249,011
29,071,325 22,991 392 20,749,244 22,044, 016 29,788,096
8,145,960 10,079,807 10,135,945
8,400, 921 11,740,213
20,925,365 12,911.585 10,613,299 13,643, 095 18,047,883
50,462,000 49,132,107 59,515,607 69,814, 357
43,048,977
249,314,840 200,062,992 192,736,935 191,705, 790 140,305,216
liabilities.
Sept. 25,
Germany Statement
'
to
of
been transferred to the account
1.6%, in comparison with 2.31% last
and 2.22% the previous year.
Notes in circu¬
year
Notes
STATEMENT
£
Circulation
Proportion of
Dec. 11,
1935
now
to the State."
aggregated 88,277,000 marks and
78,648,000 marks. The reserve ratio
Investments
Dec.
Issue.
have
ago
the year before
Assets—
BANK OF ENGLAND'S COMPARATIVE
and
"Temporary advances without interest
increased
made in the 2% discount
show the different items with com¬
parisons for previous
of these bills had matured
advances, which de¬
securities,
See notation to table "Gold Bullion in Euro¬
page of this
312,000
last, and each week in the intervening
period has shown
119
as
subsequent
on a
Note—"Treasury bills discounted" appeared in blank in the statement
marks, bringing the total
This is the first increase in the item
ago.
Banks,"
pean
'HE statement for the first
quarter of December
shows an increase in gold and bullion of
£249,314,840, in comparison with £200,062,992
year
in
gold had been returned to the Bank.
on
THE statement forinthe week ended Dec. 9the total
gain of £143,554
gold holdings, raising shows a
a
following devaluation
10,000,000,000 francs of the Bank's gold was taken over by the French
stabilization
fund, but it was announced a few days thereafter that
6,000,000,000 francs of the
the
Bank of England Statement
to
Rep¬
Gold holdings of the Bank were revalued
Sept. 26, 1936, in accordance with de¬
valuation legislation enacted on that
date.
Immediately
day from 1 )4% to 1)4%.
same
c
*
on
an
an aver¬
annual bank
portion of the shorter issue
was
awarded at
par, or no interest whatever.
Bankers'
bill and commercial
paper rates were unchanged,
with little business done.
Call loans on the New
York Stock
Exchange held
at
1% for all transac-
Volume
3739
Chronicle
Financial
143
*
tions, while time
money was
'
'
'
demand for sterling and at the same time there was
offered freely at 1%%
*
for all maturities
up
offsetting demand for American securities from
an
to six months.
London.
New York Money Rates
r\EALING
^
in detail with call loan
rates
the
on
Stock
Exchange from day to day, 1% was the
ruling quotation all through the week for both new
loans and renewals.
still
at
reported
1 %%
The market for time money
standstill,
a
this
week.
More paper
short.
has been
active this week.
very
has been available but the supply is still
Rates
%% for extra choice
are
names run¬
ning from four to six months and 1% for
known.
at
The market for prime
for all maturities.
commercial paper
nominal
continue
Rates
is
having been
transactions
no
It
seems
that the real firmness of sterling
in terms of the dollar is at this time less influenced
less
names
•
by the movement of funds into the security markets
than by
within extremely
narrow
limits, due entirely to the close cooperation
of the
several
exchange equalization funds.
Both
the dollar and
sterling might be easier at this time
with respect to
Continental currencies identified with
the
monetary agreement but for the fact that the
Continental exchange controls
have been buying both
sterling and dollars heavily in the past few weeks.
For instance it is
The Netherlands
Bankers' Acceptances
On the whole
commercial year-end covering.
the exchanges have been moving
the
entered
reported
on
reliable authority that
exchange control has since Holland
approxi¬
agreement bought
monetary
THE marketchange this bankers' The demand has
for prime week. acceptances has
shown
mately 250,000,000 guilders of sterling, dollars and
been
between $4.89 9-16 and $4.90 13-16 for bankers'
no
good but prime bills
Rates show
Official quotations
change.
no
still hard to obtain.
are
as
issued
by the Federal Reserve Bank of New York for bills
to and including 90 days are
%% bid and 3-16%
asked; for four months, 5-16% bid and %% asked;
up
for five and six
The
months, %% bid and 5-16% asked.
gold.
Vi% for bills running from 1 to 90 days, %% for
71- to 120-day bills and 1% for 121- to 180-day bills.
The Federal ^Reserve Bank's
holdings of acceptances
increased from $3,070,000 to $3,088,000.
ket rates for
dealers
concerned,
are
maa>
far
so
as
they continue to fix their
as
The nominal rates for open market ac¬
rates.
own
Open
acceptances are nominal in
ceptances are as follows:
with
Prime
Prime
H
eligible bills
eligible bills
—160 Days—
Bid
Ashed
H
»i«
90 Days—-
M
.
120 Days—
Bid
>ie
he
M
si«
H
H% bid
bid
As the London market
Reserve Banks
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
following is the schedule of rates
various
the
for
classes
of
at
paper
now
in effect
the
different
Reserve banks:
threatened
business.
DISCOUNT RATES OF FEDERAL RESERVE BANKS
Date
take
place
Established
Rate
8 1934
Feb.
2 1934
2
Jan.
17 1935
1H
New York....
Philadelphia
take
May 11 1935
May
9 1935
Jan.
14 1935
2X
2H
2
2
St. Louis...
—
19 1935
business
Jan.
3 1935
2H
2H
2H
2H
2*4
2
Dallas
2
May 14 1935
May 10 1935
May
8 1935
San Francisco
2
Feb. 16 1934
this
there
was some
sterling,
a
were
exchanges
With
during last week,
indication of commercial demand for
mar¬
inactive with the result that the major
were
of King Edward
VIII
Thursday the hesitancy of the security markets
don
on
on
cloth
will continue.
The Lancashire cotton and
trade, which had received considerable impetus
in view of the coronation
suffered renewed
preparations, would have
depression had the Constitutional
problem been settled in
other
any
During
manner.
period of advance in British industry the
genuine improvement only in the last few
Lancashire
shipments of piece goods for
square
September amounted to
yards, the best production since
Compared with
a year ago,
Lancashire exports
Egypt, British West Africa, Colombo and Dutch
increased, although there
one
was a
was
a
decline
Lancashire is still with the coal
of the depressed
a
areas,
although,
coincident shortage of
skilled labor.
Industrial reports indicate no slackening in British
business. November production figures
to
are
exceed the high record established in
The backward Lancashire district is
than at any
time in several
that the coal districts
were
more
expected
October.
encouraging
years.
It is well known
among
the darkest spots
industry is
active, with increased domestic demand supplemented
by higher exports.
A curious feature of the trade revival in
Renewed confidence in Lon¬
the successful outcome of the crisis caused
—r
general industrial
widely believed that the
in Great Britain, but now the coal mining
limited.
abdication
terminated abruptly.
It is
buoyant tone displayed by business during the past
East Indies
seasonal manifestation at the year-end.
the
acceptability of the Duke of York
strangely enough, there is
Owing to the British Cabinet crisis the security
kets
score.
in Indian demand.
STERLING exchange followsweeks.trends in4 evi¬
the Trading has
dence during the past few
as
The swift
scheduled, has allayed the fears of
as
on
mining districts
extremely limited although,
British
collapse in
by the substitution of the Duke
and business situation.
to
Course of Sterling Exchange
been
con¬
Cabinet
May 12 would alone in Great Britain
The universal
1933.
2H
2
—
Minneapolis
Jan.
2
Kansas City
his
indicating that the coronation will probably
place
1,414,572,000
2
-
and
approximately £70,000,000.
2
2
Chicago..
serious
the nine months ended in
2H
Atlanta
_
a
Edward
estimated only a few days ago that
solution of the crisis
months.
2H
Richmond
Cleveland.
on
to
amount
Previous
Dec. 11
Feb.
cause
was
strongly indicated, the
Lancashire district remained relatively idle and has
Effect on
2
a
the loss incident to the failure of the coronation to
shown
Rate in
Boston
to
It
the entire
Federal Reserve Bank
King
between
few years
The
$4.89% and $4.91%, compared
has also renewed conficence in the
..........................—..........
Rates of the Federal
The range for cable transfers
of between $4.89 13-16 and $4.91%
range
troversy
3i«
Eligible non-member banks....................................—.
Discount
between
sight
of between $4.89%@
week ago.
30 Days—
60 Days—
H
3te
Asked
FOR DELIVERY WITHIN THIRTY DAYS
Eligible member banks
a
a range
wdek.
$4.91 5-16 last
has been
of York,
—180 Days
Bid
Asked
for sterling this week has been
range
bills, compared with
bill-buying rate of the New York Reserve Bank
is
The
is
a
England
widespread development of demand for
orna-
Financial
3740
wrought iron and other metal work
mental
pig iron is running ahead of production to such an
extent that
producers
are
being compelled to ration
Clearings of the provincial banks, which
supplies.
The November figures show
increase of
an
15.8%
over
weeks increased
$12,943,000 from England
circulation
and is
£13,285,000, surpassing
about
approximately £34,345,000 above the Christ¬
peak last
mas
largely affected by foreign hoarding,
was
Because of the active condition
year.
of trade next week's circulation is expected to reach
a
totals
capital issues
expected by the end of the
are
the high¬
£236,160,000.
to aggregate more than £208,000,000,
year
since
These
1930, when the total was
figures represent entirely new borrowing and
exclude
all -conversions,
capitalizations and
reserve
A large
government borrowing for funding purposes.
proportion has been raised for industry at home but
loans to
overseas
borrowers have been small.
$14,676,000 total
are
year
believes it
,
Net Change in
Cold Earmarked for Foreign Account
$145,000
that approximately $172,000 of gold waa
Francisco from Hongkong.
Note—We have been notified
received at San
above
The
figures
$2,387,600 from Canada and $1,108,400
land.
There
exports of the metal or change
were no
account. On
India.
There were no exports of the metal, but gold held
earmarked for foreign account decreased $1,125,200.
Canadian exchange during the week ranged from
gold held earmarked for foreign
in
available, but the City
not yet
considerable pro¬
a
of 7-64%.
to a premium
par
tables show the mean London check
The following
rate
Paris, the London open market gold price,
on
paid for gold by the United States:
and the price
LONDON CHECK RATE ON PARIS
MEAN
105.15
105.14
105.13
Saturday, Dec. 5
Dec. 7
Dec. 8
Monday,
Tuesday,
.
I
Wednesday, Dec. 9
Thursday,
Dec. 10
Friday,
Dec. 11
LONDON OPEN MARKET GOLD
probable that at least 75% of the distri¬
butions have been increased and
Saturday, Dec. 5
ll^d.
141s
Monday,
Dec. 7
Tuesday,
Dec. 8
141s. 9Hd.
sion levels.
PRICE PAID FOR GOLD
This is
harden.
to
Street
showing
are
largely
a
year-end
a
phenomenon, which, it is thought, may become more
marked than it has been for several years.
seem
that London bankers have for
some
warning Treasury authorities that their
It would
time been
easy money
policy is altogether too liberal and is detrimental to
the
gilt-edge
investment
market.
Because
capital tends to
believed
also
that
in order to lend
market.
Call
%%.
of the low yields
proper
It is
into shares.
rates
is
support to the bill
against bills continues to be
money
at
move
improvement in
some
necessary
available
Two-months'
three- and four-months' bills
bills
%%,
are
27-32%, against 19-32%-
21-32% last week, and six-months' 13-16%, against
11-16%.
Gold
offer in
on
London
the
market
this
week
continues to be taken for unknown destination.
considerable part is
York
A
believed to be for resale in New
by private institutions, though it is possible
also that the
in the open
fied.
A
exchange equalization fund is sometimes
market.
recent
Chancellor
However, this cannot be veri¬
dispatch from London stated that
Neville
Chamberlain said in
House
the
of Commons that any gold released by Great
Britain
under the terms of the tripartite currency agreement
would
come
from the stock held by the British ex¬
change equalization fund.
in
answer
I
to
a
question
as
The statement
was
$35.00
BANK)
Wednesday, Dec. 9
Thursday,
Dec. 10
Friday,
Dec. 11
I
35.00
35.00
Saturday, Dec. 5
Monday,
Tuesday,
PRICE
BY THE UNITED STATES (FEDERAL
RESERVE
Money rates in Lombard
105.13
105.14
105.14
Wednesday, Dec. 9—141s. 9d.
Thursday,
Dec. 10—-142s. Hd.
Friday,
Dec. 11—-142s. 9^d.
i
142s. Id.
portion of the whole has been restored to pre-depres-
tendency
from India,
from Eng¬
$3,542,500 came
which
of
received,
for the week ended on
are
On Thursday $7,038,500 of gold was
Wednesday.
Com¬
plete statistics of British industrial dividends for the
current
None
171.000 from India
Friday $912,100 of gold was received from
£458,851,964.
New
est
Currently the Bank's circulation
high level.
new
Switzerland
1,562,000 from
high record of last Aug. 5, when the increase in
the
INCLUSIVE
Exports
Decrease:
England in the last
follows:
as
was
Imports
1935.
The circulation of the Bank of
two
York,
AT NEW YORK, DEC. 3-DEC. 9,
GOLD MOVEMENT
reflect the state of trade better than do those of the
City, continue to rise.
reported by the Federal
the week ended Dec. 9, as
Reserve Bank of New
12, 1936
the gold movement for
At the Port of New York
which is
bringing compensation to the country blacksmiths
for the loss of their former occupation. Demand for
Dec.
Chronicle
'
Dec. 7
Dec. 8
$35.00
35.00
35.00
Referring to day-to-day rates sterling exchange on
Saturday last
dull, slightly off from Friday's
was
Bankers'
close.
sight
$4.89 13-16@$4.90; cable
was
transfers,
$4.89%@$4.90 1-16.
pound
steady in limited trading.
was
Monday
On
The
the
range was
$4.89 9-16@$4.90 for bankers' sight and $4.89%@
On Tuesday sterling
$4.90% for cable transfers.
slightly firmer
sight
off
$4.90%@$4.90 13-16;
was
$4.90
slightly.
The
transfers.
On
range
was
$4.89%@$4.90% for
bankers'
Thursday the pound
The
sight
bills
range was
On
relatively
for
$4.89 15-16@$4.90%
and
Friday sterling
was
for
The
steady.
$4.90%@$4.90 7-16 for bankers' sight and
$4.90 3-16@$4.90%
quotations
on
for
Friday
cable
were
finished
$4.89 3-16,
for
at
$4.89
ninety-day
payment
seven-day grain
bills at
at
Commercial sight
sixty-day
3-16,
(60 days)
bills
Closing
transfers.
$4,90 5-16 for demand
$4.90% for cable transfer^.
ments
was
$4.89%@$4.90 9-16
was
range
cable transfers.
bills
transfers,
sight and $4.89%@$4.90 11-16 for cable
steady.
and
cable
was
Bankers'
On Wednesday sterling eased
11-16@$4.91%.
bankers'
demand.
commercial
on
bills
$4.88 13-16,
at
at
docu¬
and
$4.88 3-16,
$4.89 9-16.
Cotton
and
grain for payment closed at $4.89 3-16.
made
to whether countries ad¬
hering to the agreement would be permitted to take
Continental and Other Foreign Exchange
gold from the issue department of the Bank of Eng¬
FRENCH francs are firm, fluctuating in slightly
accord
with the sterling-dollar rate. There is
land
more
or
only from the stock held by the exchange
equalization fund. Gold available in the
this week
Monday,
was
as
£221,000;
Wednesday, £270,000;
on
Friday, £350,000.
open
market
follows: On Saturday, £48,000; on
on
on
Tuesday,
£545,000;
on
Thursday, £139,000, and
a
confident tone in the Paris
market, owing chiefly
to the fact that the threatened desertion of the Blum
Cabinet
by
materialize.
the
Left
extreme
elements
While the Communist
vote with M.
Blum
on
the
ment's failure to intervene
failed
to
Party refused to
question of the Govern¬
the side of the Spanish
on
Volume
Financial
143
Nationalists,
few days later at
a
the Communists declared that
the
turn
party conference
a
they would not over¬
sign of
no
renewal of confidence in the
a
Government's fiscal policies, or of a return
French gold to the Bank of France.
of the
had been increased to
had every
of hoarded
The exact amount
gold movements to each country in the tri¬
to
ness
total of
a
of the short-term debt which
road-building
rather than
pub¬
The outward movement from New York is not
lished.
Nevertheless
certain, for example, that
a
have some
observers
market
idea of the direction of these
It is
gold movements.
considerable proportion
Holland fol¬
must have moved into Switzerland and
The lowering of the Bank
lowing the devaluations.
rate in these two countries is
proof of such inflow.
the Berlin market's
the
rediscount
successively from
Sept. 25 to 2%
on
from
hoarding.
authorities
encouraging
For the
a
return of gold
The exports
the
of capital
The
abroad
money
a
not caused solely by
refuge, while
a
or
Treasury has under consideration
to increase the
the terms of the devaluation law all
gold must
now
authorities
gold
was
In
became liable to
offered
in francs.
a
equivalent to the difference
It is
but
oppose
it
suggested that
now
is believed
medium term loan to
that
cover
The Treasury may have to
in France far in excess
3.53%,
against 3.53%;
on
on
on
Bu¬
Poland at 18.87%,
Finland at 2.16%, against 2.16.
closed at 0.89%, against 0.89%.
rate
to
exchange and in gold.
to
nothing
lieved
or
Treasury
since devaluation.
Its purchases
have reached about
are
be¬
250,000,000 guilders
The Swiss Bank has also been
a
heavy recipient of gold,, sterling and dollar exchange.
would
at
Treasury will seek
Amsterdam finished
on
Friday
54.42, against 54.41 on Friday of last week; cable
transfers
year-end requirements.
at
54.43,
against 54.42; and commercial
bills at 54.31, against 54.28.
Swiss francs
closed at 22.98% for checks and at 22.98% for cable
sight
loan outside
domestic funds hidden
against
transfers,
re¬
checks
finished
at
22.98
and
22.99.
Copenhagen
21.88% and cable transfers at
21.89% against 21.88 and 21.89.
seems ex¬
Checks
on
Sweden
closed at 25.28 and cable transfers at 25.29, against
25.27
The German mark situation continues unfavorable.
and 25.28; while checks on Norway finished
at 24.63
Tuesday last stated that the
500,000,000-mark national loan had been so
Berlin dispatches on
heavily oversubscribed by the public that its total
The Dutch
steady improvement.
been investing heavily in sterling and
premium
accommodation
show
During the past few weeks the Netherlands exchange
control has
Bankers' sight on
a
to
on
continues
a
of all possible Treasury
necessary
Austrian
3%% rate had been in effect since May 23,
situation
tremely remote.
recent
16.91%.
Italian lire closed
1933, when it was reduced from 4%.
quirements, the probability that the French citizenry
provide the
16.91% and
against 0.74;
dollar
Communists
seek such
of France, for while there are
will
sight bills and at 16.91
against
transfers, against 5.26% and 5.26%.
discount
the required legislation.
It is rumored in France that the
a
Friday of last week; cable
Antwerp belgas
5.26% for bankers' sight bills and at 5.26% for
The
price after its repeated warnings
should be offered in the form of rentes
bills,
on
THE Norwegian National 7Bank 4% from 3%%.
increased its re¬
Dec.
price in France and the world
before devaluation that hoarders would gain
by hoarding.
In
the French center finished at
♦
It is difficult, however, for the Govern¬
a
Friday
sight bills and 40.24 for cable transfers, in
Greek exchange
price equivalent to the actual value
ment to offer such
on
transfers,
against 18.87; and
of undeclared
were
on
4.66%, against 4.66%.
charest at 0.74,
The argument is made that a large amount
gold would be delivered if hoarders
price.
Paris closed
on
seem
tax
a
between the official
sight bills
where holders notified the
to have done so), they
cases
(and few
and Oct. 6, 1936.
Czechoslovakia at
privately owned
already have been surrendered to the
held.
Government
to 54.47
schillings closed at 18.72, against 18.72; exchange on
Under
notification must have been given that
or
54.39
quotations for Berlin marks were 40.23% for
cable
price to be paid for gold
surrendered by individuals and corporations.
68-06
5.265*
to
before devaluation of the European currencies
comparison with 40.22 and 40.24.
at
Now the French
cable
bankers'
from domestic
caches.
measure
to 22.99
closed at 16.91 for bankers'
substantial return of
from abroad
5.26)*
22.98)*
4.66%, against 4.65%
Final
have caused
as
8.91
32.67
40.20
parity
transfers at
the threats of puni¬
4.67
to 16.92H
105.15, against 105.15 on Friday of last week.
New York
Large num¬
16.905*
19.30
The London check rate
at
4.65 11-16 to
6.63
16.95
5.26
New dollar
of the Treasury Department, nor
a
3.92
13.90
Holland (guilder)
held
for
measures
This Week
Switzerland (franc)
alarmed by the turn in domestic
funds to Paris, whether
Range
Parity a
Belgium (belga)
policies. Neither the low rediscount rate, the cajoling
tive
Old Dollar
'France (franc)
who bought foreign securities or sent
were
social pressure."
Parity
Italy (lira)
seeking to make profit.
were
bers of persons
severe
New Dollar
probability of the devaluation of the franc, from
speculators
new
ing European currencies to the United States dollar:
against the
which many were endeavoring to take
The
following table shows the relation of the lead¬
between Sept. 26
were
of capital
transfers
illicit
for
private offenders, and not State measures, are re¬
the French
abroad by French citizens.
measure was
effectively advertises the official theory that
reason
export of capital and the failure to report capital
punitive
or
described in the law hardly ever occurs.
rule
and
dispatch in
smuggling of the aggravated character
measures
same
enforced punitive
a
description of the law decreeing
penalty
But
time before
some
Oct. 15, but these reductions were
made in the hope of
death
abroad.
In
its
incurred through
was
"Times," "a political demonstration
preventative
a
sponsible for the present
France, however, the position is not quite the
same.
It is true that the Bank of France reduced
consolidate part
According to
program.
of gold by the
published daily.
The latter
4,100,000,000 marks.
the Government's re-employment, rearmament
the New York
are
The issue is
forced loan.
a
debt serves, official sources state, to
partite agreement is not known, although the receipts
United States
The loan
900,000,000 marks.
attribute of
supposed to bring the Reich's new long-term indebted¬
Popular Front Government.
Essentially the French position is unchanged and
there is
3741
Chronicle
and cable transfers at 24.64, against 24.63
and 24.64.
York.
#
Spanish pesetas
are
not quoted in New
Financial
3742
EXCHANGE on the Southevidence. These
American countries
trends long in
follows
changes
Owing to the great improvement in the export trade
of the
American countries there is
South
tendency to
remove
which have
is
the
severe
prevailed for
so
has for
strong
a
exchange restrictions
long
a
This trend
time.
especially evident in Argentine
peso
The free
pesos.
time been gradually approaching
some
equality with the official rate. In Thursday's market
the free peso went to a new
high level, fractionally
above 30 cents,
and within less than three cents of
the official
At the same time in London
strengthened to 16.20 to the pound,
quotation.
the official peso
following the lowering of the Government's selling
The
rate to 16.
government's buying rate continues
unchanged at 15 to the pound.
Argentine
pesos
paper
closed
Friday, official
on
Friday of last week; cable transfers at
on
against
32.70,
market close
Brazilian
against 6.00.
5.19,
unofficial for
free
are
8.75, against 8.45.
free market in milreis is 5.95@6.00,
or
Chilean exchange is nominally quoted
Peru is nominal at 25.25,
against 5.19.
Important Federal Court Decisions
The
remark that
common
a
judicial decision, ob¬
viously of more than personal or local interest, will
probably have "far-reaching" influence appears to
have
usual
than
more
of two
appropriateness in the
case
rulings handed down by the United States
The decision uphold¬
Supreme Court last Monday.
ing the so-called "fair trade" laws of Illinois and
California, prohibiting the sale of trade-marked or
branded
goods at prices less than those fixed by the
producers, touches a wide area of retail transac¬
tions, including the practice of "loss leader" selling
decision
The
stores.
lower court in
case
in department and chain
prevalent
particularly
regarding
the action
of
a
granting a stay of proceedings in a
involving the constitutionality of the Public
ify the question of judicial discretion, is favorable
to the Federal Government in that it
against 25.00.
prevents undue
the Federal authorities in formulat¬
pressure upon
ing and presenting their case.
30.00@30.25, against 28.85@28.96.
milreis, official rates,
The unofficial
at
The
32 11-16.
was
12, 1936
Utility Holding Company Act, while serving to clar¬
quotations, at 32.70 for bankers' sight bills, against
32 11-16
Two
ex¬
generally firm in sympathy with sterling.
are
Dec.
Chronicle
The Illinois
a
cases
involved the
constitutionality of
State statute of 1935 which allowed the
of
owner
or
trade-marked
a
"which is in fair and
of
modities
others" to
the
competition with
open
same
producer
branded commodity
or
general
com¬
class produced
by
stipulate, in a contract relating to sale
♦
resale, that the buyer shall not resell the com¬
or
EXCHANGE onfeatures of Eastern countries most
the Far interest. For the pre¬
sents
no new
part the Far Eastern currencies move in close sym¬
This is due to
pathy with the sterling-dollar rate.
the fact that the British and American
funds maintain
equalization
relatively steady rate, while the
a
Far Eastern currencies
are
held in close relation to
modity except at
willful
and
price fixed by the vendor. The
a
knowing sale, advertising
sale of such
a
price, "whether the
for sale
tract,"
selling is
or
offer for
or
commodity at less than the stipulated
person so
or
is not
advertising, offering
party to such con¬
a
declared by the statute to be "unfair
was
and "actionable at the suit of any
competition"
sterling either by Far Eastern exchange control opera¬
person
tions
ity in question was the alcoholic liquors controlled
or
by legal enactment.
Closing quotations for
28.52
against 28.51
yen
checks yesterday
were
Hong¬
Friday of last week.
on
damaged thereby."
The particular commod¬
The deci¬
by the Seagram-Distillers Corporation.
sion
dealt
specifically with the Illinois suits, but
kong closed at 30%@ 30 11-16, against 30.66@30M;
since the California suits had to do with
Shanghai at 29.85@30 1-32, against 29.80@30 1-32;
of that State
Manila at 50%, against 50 5-16; Singapore at
nois, the decision covered both causes.
575^,
It
against 57.65; Bombay at 37.09, against 37.05; and
Calcutta at 37.09,
Gold Bullion in
contended, in opposition to the statute,
was
of which
European Banks
"the
was
to
was
the Act neither
of
such
of
as
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
us
shown for the corresponding dates in the
are
previous
of the property
The Court
held, however, that
private
persons.
The law, Justice
opinion declared, "contains
no
element
compulsion, but simply legalizes" the actions of
the
parties, "leaving them free to enter into the au¬
thorized
four years:
owner
attempted to fix prices nor delegated
to
power
Sutherland's
of
price-fixing law" the effect
deny to the
which he will sell."
exchange) in the principal European banks
"a
right to determine for himself the price at
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
par
statute
essentially identical with that of Illi¬
that the statute
against 37.05.
a
contract
or
not
as
they
may see
fit."
Re¬
garding the application of the Act to persons who
Bants
1935
1936
of—
1934
1933
£
£
1932
were
r
£
England
France
Germany b.
Spain
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden
Denmark
..
Norway
249,314,840
482,869,937
1,906,850
c87.323.000
a42,575,000
47,491,000
106,207,000
82,500,000
24,321,000
6,553,000
6,603,000
f
200,062,992
527,239,347
3,362,155
90,209,000
42,675,000
52,342,000
99,431,000
46,743,000
22,086,000
6,555,000
6,602,000
192,736,935
658,514,505
2,872,200
90,666,000
65,081,000
70,308,000
71,513,000
69,482,000
15,785,000
7,396,000
6,583,000
140,305,216
666,750,956
36,935,000
90,333,000
62,888,000
86,049,000
74,290,000
89,166,000
11,443,000
7,399,000
77,744,000
61,710,000
14,341,000
7,937,000
6,573,000
8,014,000
1,137,664,627 1,097,207,494 1,250,937,640 1,236,839,646 1,273,573,172
Prev. week. 1,045,487,000 1,101,930,825 1,250,862,951 1,239,656,154 1,273,985,612
Total week.
a
Amount held
Oot. 29,
1935; latest figures available,
Bank of Germany are exclusive of
reported as £1,413,600.
c
gold
of the French franc cannot be exactly determined,
as
26, 1936, empowers the Government to fix
content somewhere between 43 and
the parity between francs and
49 milligrams.
However,
pounds sterling Is approximately 165 francs
pound (the old parity was about 125 francs to the pound).
we
It Is
on
this
to the
new
sale
of
the willful and
The
Court
the
sider the
branded
not
was
case
of
the contractual
a
or
knowing sale
trade-marked
called
person
upon,
or
offer for
commodities.
therefore, to con¬
who might be ignorant of
conditions, but only that of
"who has had definite information
and
a person
respecting such
who, with such knowl¬
edge, nevertheless proceeds willfully to resell in dis¬
regard of it."
Turning to the protection which the Act aimed
to afford to the
"we
are
here
basis
have here converted the French Bank's gold holdings from francs to pounds*.
the Court pointed out that what was for¬
was
contractual restriction
now
calculated on the basis on which the Bank of France has revalued Its gold holdings,
that
bidden
b Gold holdings of the
gold held abroad, the amount of which Is
yet, since the legislation enacted Sept.
franc's
parties to the contract as well as to those
who were,
Amount held Aug. 1, 1936; latest figures available.
Note—The par of exchange
the
not
£
191,705,790
616,632,306
17,259,550
90,435,000
76,361,000
76,681,000
but with
a
producer, the Court remarked that
dealing not with a commodity alone
commodity plus the brand or trade-mark
Volume
Financial
143
which it bears
of its origin
evidence
as
and of the
quality of the commodity for which the brand or
trade-mark
stands.
they do not
own
Appellants own the property;
the mark or the goodwill that the
3743
Chronicle
law at this
man
study.
It
point seems to call for careful legal
be pointed out, however, that while
may
the abandonment of "loss leaders" would
involve
valuable
contributing aid to business,
.
.
.
and distinc¬
tive trade-marks, labels and brands are legitimate
aids to the creation or enlargement of such good¬
hitherto sold
at
unrestricted,
may
will.
the
mark
symbolizes.
.
.
The
.
.
.
Goodwill is
.
a
ownership of the goodwill
.
.
There is nothing
preclude the purchaser from removing
ity has been parted with.
in the Act to
the mark
.
brand from the
or
loss, competition, if otherwise
be expected to check any extrava¬
still to be reckoned with.
are
consumer
will pay,
Ultimately, of course,
but consumer resistance to
rising prices is too important a factor in trade to be
overlooked.
.
.
commodity—thus sepa¬
The decision in the
is of
rating the physical commodity, which he owns, from
the
granted
goodwill, which is the property of another—and
utility holding company cases
different character.
a
a
Acting at the request of
Government, a New York District Court
the Federal
stay of proceedings in a group of cases in¬
selling the commodity at his own price, pro¬
then
volving the constitutionality of the Utility Holding
utilizing the goodwill
Company Act until the Supreme Court should have
he
vided
do
can
of the latter
without
so
price cutting of branded articles by
public
was a
upon
the suit against the Electric Bond and
Company, thereby permitting the latter case
to be used
question upon which the Court
action
It recognized the existence of "a
declined to pass.
Share
the producers of such articles
retail dealers upon
the
passed
aid to that end."
as an
The effect of
or
a
gant rise of prices, and that laws against monopoly
.
unchanged, notwithstanding the commod¬
remains
naturally
higher prices to consumers for the articles
by the government as a test case.
Court of
The
by the
of the District Court was reversed
Appeals of the District of Columbia.
The
great body of fact and opinion tending to show"
Supreme Court, in overruling the decision of the
that such
Court of
was
injurious to the good¬
impowered to stay proceedings, but that the time
articles, and "injurious to the general public
such
during which the stay in question was to operate
exceeded "the limits of a fair discretion." "Already,"
wellit
recognized also that there is "evidence,
opinion and argument to the contrary."
The ques¬
tion, accordingly, was one "fairly open to differ¬
ences of opinion."
The Illinois Legislature had evi¬
dently proceeded
on
the assumption that such price
cutting
was
injurious, and in view of that determina¬
tion it
was
not for the Court to interfere and im¬
pose
applies, of
fair-trade laws of Illinois and
course,
only to the
California, it creates
presumption that similar laws of other States, of
which
there
are
number,
a
are
equally valid.
It
does
a
said Justice Cardozo in his
not, however, serve to revive any such law that
State court of last resort has set aside on the
to
more
even
to
case
is not to be
valid
Appeals found unconstitutional,
dead letter unless the Court grants a
Moreover, being lim¬
authority, it does not open wide the door to price fix¬
ing in sales contracts which are to operate in inter¬
state commerce.
There is much reason to
fear, how¬
that the States will be besought to enact legis¬
ever,
lation
permitting price fixing by contract in other
transactions in which the classification dealt with
may
be expected to meet judicial approval as reason¬
able and not
of the
i
arbitrary, and where, in the language
altogether, or valid in parts, or void in its
until this Court has had
Such
a
having
accordingly fixed "the uttermost limit" for
the suit selected as a
test," and sent the case back to
the District Court for
determination of the motion
principles which
The decision is im¬
portant as indicating a willingness on the part of
the Supreme Court, not to grant the government
indefinite time in preparing and arguing a case, but
to
a
stay in accordance with the
Supreme Court announced.
lighten the pressure exercised when a
cases
It
court.
mark
number of
involving the same statute crowd
was
a
guard against depriving
their
suppleness
lower
a
suggestive application of the re¬
of Justice Cardozo that
of
"we must be
on our
the processes of justice of
adaptation
to varying
con¬
ditions."
Neutrality and Intermeddling
fair and substantial relation to
It is
object of the legislation, so that all persons sim¬
ilarly circumstanced shall be treated alike."
It is
equally to be feared that the decision will encourage
price
efforts to frame a Federal statute under which
nominally voluntary and per¬
be made available in furtherance of
fixing agreements,
missive, may
general national planning.
It is too
early to predict the effect of the decision
"loss leader" practices or the further develop¬
private brands. The bearing of the decision
ment of
upon
its say."
stay, the Supreme Court held, was too long,
time-being "as the date of the first decision in
cited, there is "some ground of dif¬
ference
upon
a
Supreme Court in an earlier case which Jus-
tice Sutherland
the
in that
predicted now. The Act may be held
Whatever the decision, the respondents
the
ited, apparently, to sales within a State under State
How the District
.
stayed by the terms of the challenged order
legislative price fixing or to general price
fixing by private agreement.
.
to be
are
for
either to
.
entirety.
The decision does not give judicial approval
review.
by before this Court will be able
the Act.
in New York will decide the issues
the
a
may go
upon
pass
and it
will remain
a
the
the Feld-Crawford law of New
which the Court of
than
With the possibility of an intermediate appeal
Circuit Court of Appeals, a second year or
year.
ground of repugnancy to the State Constitution;
York, for example,
opinion, "the proceedings
in the District Court have continued more
Court
contrary opinion.
a
While the decision
a
Appeals, held that the District Court was
producers and distributors of
and business of
will
as
price cutting
the restrictive provisions of the Robinson-Pat-
greatly to be hoped that the extended reports
proceedings at the Inter-American Peace Con¬
ference at Buenos Aires which are being published
of
daily in leading American newspapers
will be not
carefully read but also seriously pondered.
There is danger that the enthusiastic welcome which
was accorded to President Roosevelt, the friendly
only
address with
which he opened the Conference, the
optimistic utterances of Secretary Hull, and the
general atmosphere of cordiality in which the pro¬
ceedings of the Conference began may d^ert atten-
3744
Financial
Chronicle
Dec. 12. 1936
tion from the serious business of the assembled dele¬
pledged to adopt the "common and solidary atti¬
gates. It is in every way desirable that peace among
tude" indicated
the American
through the Committee, take cognizance of the out¬
republics should be maintained and
by the Saavedra-Lamas treaty, and,
the spirit of mutual goodwill
strengthened, and any
joint action that tends to make the attainment of
break and decide whether
those
and
thereby put into effect the neutrality provisions
set
forth
objects easier
comed.
It will be
certain should be wel¬
or more
extremely unfortunate, however,
if, under the guise of cementing
States
or
other American State
any
tions which
either
are
the United
peace,
obliga¬
assumes
practically certain to be dis¬
ally regard the outbreak
according to their letter and spirit, will call for
intermeddling with the affairs of neighboring States.
The
particular occasion of anxiety at the moment
is the proposed
can
neutrality convention for the Ameri¬
republics, the draft of which
the Conference
submitted to
was
by Secretary Hull
Monday.
on
The
proposed convention is to be read in the light of
in
address
lined
which
Secretary Hull,
eight-point
an
substance, national education for
Dec. 5, out¬
on
peace program
an
advocating, in
frequent
peace,
conferences, completed ratification of five existing
agreements, joint neutrality, a liberal
peace
mercial
policy,
"practical
international
com¬
coopera¬
tive
automatically if
The
tion, but
speech
understandings
agreements.
or
covered by the draft
of the important
some
was
are
and the
ones are,
obviously intended to
Not
conven¬
the way for
pave
favorable consideration of the document.
The
convention begins
jects of five treaties
or
tained in Articles
among
them the
such restrictions
trade with
ties
disputes.
One of these treaties, known
on
Oct.
10, 1933, after condemning
wars
of
aggres¬
of,
them, "and that they will not recognize any
territorial
arrangement
means, nor the
by
validity of the occupation
tion of territories
Further, "in
obtained
not
pacific
or
acquisi¬
brought about by force of arms."
a case
of non-compliance with these ob¬
ligations, the contracting States undertake to adopt
in their character
as
neutrals
a common
and
solidary
attitude," and to exercise such political, legal
nomic pressure as international law
of
diplomatic
armed intervention.
or
or eco¬
permits short
The first of
to any
further
within
their
"agree
republic in
state of
a
There
are
the
that
convention
tional
American interna¬
lawyers of the highest repute have strongly
disapproved.
munitions with
convention
calls
for
the
as a
starting-point, the
creation
of
a
Permanent
weaker
Secretary of State
be,
is
make
a
tee may
act of its
settlement
member
or
of
a
States,
own
motion in efforts to effect
controversy between two
or
it
may
or
a
more
advise with conciliation
mediation bodies in the States concerned.
If, notwithstanding the efforts of the Committee,
hostilities break out,
the signatory Powers will be
obviously
The
of whether the
aggressor
without
immediate
or
anywhere in
result
would
of
Canada, which apparently is not
more
less
likely
any way
ex¬
or
to
may ap¬
probably, to Europe. There
or
a
prohibition that would
less destructive, or that
tend to shorten its
course.
happen would be the transfer to
parties to the convention of
All
coun¬
trade which
a
and
Latin
America
regard
as
legitimate,
contributing in the least to the "education
peace'^ which Secretary Hull urges
as
desirable.
The other criticism is that the creation of
manent
and
the
overwhelming majority of people in the United
States
for
and
blame,
give the munitions trade of the belliger¬
else, and
war
tries not
without
The Commit¬
No
fighting strength the bel¬
regardless
nothing whatever in such
their
alternate.
recognized.
other agreement that the Conference
the
an
or
and
Power
ents either to
Foreign Minister of each of the signatory Powers,
and only "under exceptional circumstances" may
places be taken by
is
pected to adhere to the proposed convention
would in
or
war
tary supplies in the United States
any
or
party is to be debarred from obtaining mili¬
that would
mittee is to be composed of the
of
stronger Power may have been the
weaker
arms
unequal in natural resources, strategic
may
the observance of the
The Com¬
state
a
geographical position
ligerents
Inter-American Consultative Committee to assist in
treaty provisions.
embodies, and makes binding
belligerent from the moment that
a
existence of
matter how
the
of
The first is
present neutrality law of the United States, that,
prove, or
.
With these various treaties
be made
to
namely, which prohibits neutral trade in
the
re¬
signatory Power, the worst feature of
be to
some
American
specified.
serious criticisms
two
course
sought to apply in dealing with
to those
Secretary Hull's proposed convention.
the
Manchukuo, and of which
credit
any
any
with another American
war
addition
an
course,
United States has
loans
other evidences of
or
neutral to impose further commercial
any
America.
which the
flotation
any
republic," while by Article X the right is reserved
Latin
doctrine
the
of
behalf of the government of
or on
to any
for the
or
indebtedness, and the establishment of
general provisions just quoted embodies, of
Stimson
territories
through the issuance of bonds
imple¬
or
or
The contracting
prohibit
to
respective
the two
so-called
to apply
are
of the belligerents,
of the belligerents."
parties
the
territorial questions arising
taken
so
country for trans-shipment to,
any
settle
any
measures
Article VIII, however, immediately
war
upon every
by violence
impose
it pleases upon
as
by neutrals of "arms, ammunition
ments of
sion, provides that the contracting parties will not
between
prohibitions
or
belligerent, provided freedom of transit
a
prevent.
tion
as
signed at Rio de Janeiro
con¬
qualifies this freedom by prohibiting the exporta¬
strictions
the Saavedra-Lamas treaty,
are
equally to all belligerents unless multilateral trea¬
to
national
the situation which the
VII, VIII, IX and X. Article VII
fringed, and the
ous
for the peaceful settlement of inter¬
of
distinct from commercial intercourse is not in¬
as
Kellogg Anti-war Pact, intended to provide, in vari¬
ways, means
and noti¬
leaves each neutral Power free in terms to
by
by reciting the main ob¬
conventions,
war
adoption of the convention would create,
use
points
The
however, to become effec¬
Power declares
indication
an
as
neutral
all of these
proposed convention.
are,
a
or sever¬
state of war,
a
neutrality provisions, of the highest impor¬
tance
tion," re-establishment and strengthening of inter¬
international
creating
fies the other States of its action.
national
law, and observance of treaties and other
the
neutrality provisions
regarded when put to the test, or which, if adhered
to
in
later
they will jointly
as
Consultative
duties
would open
which
Committee, with the
the
draft
convention
a
Per¬
powers
proposes,
the way to joint intermeddling with the
political affairs of
any
American State whose rela-
Volume
Financial
143
3745
Chronicle
SUMMARY TABLE OF NEW
tions with
threaten
The
war.
since
of its neighbors
event
of the functions which the Com¬
one
of seeing that the pro¬
mittee is to exercise is that
exportation of arms or munitions
convention makes absolute is adhered to.
of
hibition
which the
the
establish for the
Americas a supervisory and inquisitorial authority
akin to that whose attempted exercise by the League
of Nations has proved hopelessly futile. The position
of the United States as a member of the Committee
The convention
thus proposes to
Roosevelt's
of the "good neighbor," since the United
as the dominant Power in the two hemis¬
would, if diplomatic history is a guide, domi¬
peculiarly unfortunate for Mr.
would be
policy
States,
pheres,
nate the Committee in very
Great Britain and France have
cil of the
that
dominated the Coun¬
much the same way
If there is one thing more
League.
than
earnestly
United States shall refrain
other that the Latin American States
any
Month
desire, it is that the
posed convention seems to
10,807,000
933.
12,787,000
13,056,000
12,544,000
20,939,000
922.
923.
924.
925.
920.
927.
928.
929.
930.
934.
935.
936.
provisions of Secretary Hull's
the neutrality
encountered
Buenos
The
Aires.
sharp opposition
law
Hull,
in
July
August
September
October
November
1935—January
.
May
July
.
November
the United States nor any
May
is on the whole de¬
which
relinquish rights instead of maintaining them, or
policies which are certain to break
down under the first
August
September.
October
November
New
land Bank, Ltd.
^
statistics have been compiled by the^Mid-
These compilations of issues of new capital,
are
whose securities have been offered; issues for con¬
version or redemption of securities previously held in the
United Kingdom; short-dated bills sold in anticipation of
long-term borrowings; and loans of municipal and county
authorities which are not specifically limited.
In^all cases
the figures are based upon the prices of issue.
company
ISSUES IN THE UNITED KINGDOM BY MONTHS
NEW CAPITAL
averages,
United
February
March
May
June
July
August
September
October
November
11 months
December
Year
1,202,000
588,000
170.000
5,000
254,000
154,000
287,000
16,592,000
12,620,000
12,386,000
4,108,000
19,728,000
20,010,000
53,909,000
6,682,000
7.719,000
4,707.000
188,000
12,544,000
2,852,000 171,600,000
11,218,000
2,852.000 182,824,000
194.000
137,000
751,000
964,000
221:660
84,000
232:666
27,000
451:666
30,000
73,000
268,000
128,000
163,000
1,356,000
2,014,000
2,939,000
3,637,000
1,770.000
1,528,000
3,763,000
2,069,000
935,000 20,692,000
33,963.000
19,687,000
0,961,000
10,456,000
19,505,000
18,411.000
24,403,000
6.194,000
78.000
9,546,000
26,944,000
568,000
20,939,000
1,572,000 197,010,000
1935
£16,592,347
12,620,080
12,386,235
4,108,238
19,727,811
£33,963,149
19,687,120
6,961,500
10,456,037
19,505,122
18,410.698
24,402.925
6,194.413
7,164,097
10,026,260
12,780,859
£126,515,415
£137,148,113
£171,006,269
6,353,481
13,041,044
11,217,941
£132.868.896
£150,189,757
£182,824,210
has characterized the
been reflected in moderate
bond market
gains in the
Government bond
The Treasury's offering
peak.
railroad bonds
The
have also been
of $700,000,000 in
(a new low coupon rate
bonds
bonds) was substantially
High-grade
averages
for long-
oversubscribed.
continue strong and active.
Union
Lower-grade
railroad bonds have been steady.
Illinois Central jt. 4%s,
1963, declined % to 84%; New York Central 4%s, 1913,
gained % to close at 95%; Southern Railway 4s, 1956,
1995, advanced % to 117; Chicago
Atchison gen. 4s,
Station 3%s,
closed at
1963, closed unchanged at 110%.
certain issues showed good gains.
A
1949, closed at 33%, up 2%.
firm
issues.
Mis¬
advanced 1% to 42; Wisconsin Cen¬
souri Pacific 5s, 1977,
tral 4s,
The defaulted railroad section re¬
81%, up 1%.
ceived support, and
has been
tone
in evidence in high-grade
Lower grades have been more erratic,
fairly strong as the week
progressed.
utility
but turned
Further activity has
International Hydro-Electric 6s, 1944, which
1936
£10,853.233
7,007,995
7,081,462
9,590,367
22,440,935
12,048,454
14,997,397
9,878,332
6,747,571
23,446,272
13,056,095
Market
which recorded new highs for some groups.
States
closed at 83%, up
April..
13,042,000
828,000 17,210,000
strength
Continued
been shown in
1934
1933
January
14,000
3,058,000 150,190,000
1,395,000
this week and has
13-17-year 2%%
subject to revision, exclude all borrowings by the
British Government for purely financial purposes; shares
issued to vendors; allotments arising from the capitalization
of reserve funds and undivided profits; sales of already issued
securities which add nothing to the capital resources of the
which
13,050,000
3,136,000
The Course of the Bond
at a new
serious test.
Capital Issues in Great
141,000
375,000
222,000
15,000
173811000
11 months
term
The following
6,748,000
28,446.000
It
sirable, will not incorporate in it provisions
commit itself to
....
July
hoped that the Conference, if it feels that
kind of peace agreement
156,000
33,019,000
18,502,000
6,877,000
8,795,000
17,196,000
15,344,000
20.712,000
4,346,000
8,018.000
22,730,000
18,271,000
.....
April
body the super¬
part of its international relations.
vision of any
is to be
some
March
Latin American Power
afford to turn over to such a
can
9,878,000
413,000
9,686,000
Year..
committee
consultative
1,228,000
161934000
1936—January
There is a large field in which a
can be useful, but neither
enforcing them.
37,000
386,000
25,000
10,853,000
7.008,000
7,082,000
9,590,000
22,441,000
12,048.000
14,998,000
690.000 15,815,000
December
June..
45,000
190,000
63,000
152248000
11 months
waiving neutral rights at the insistence
545"666
7,344,000
3,940,000
9,204,000
September
October
impracticable pacifism, but by asserting and
an
957,000
2,346,000
1,135,000
660,000
668,000
872,000
3,622,000
1,921,000
118,000
13,000
£
359,000
3,355,000
650,000
Total
3,043,000 137,148,000
1,133,000 39,268,000
4,761.000
August
February
of
£
14,433,000
9,688,000
11,076,000
3,443,000
18,788,000
19,571,000
49,999,000
...
March
should be
"re-established, revitalized and strengthened by
general demand." The interests of peace, whether
advanced by
£
9,122,000
February
the
large, will not be
£
106741000
Year
speech to which we have referred, urges
in the Americas or in the world at
Countries
583,000 35,903,000
June
principles of the
Secretary
which
Foreign
Brit.
Countries
11 months..... 97,618,000
May
June
directly counter to the neutrality
international
Other
Ceylon
£
April
reproduce, run
ISSUES IN THE
India and
1,763,000
49,000
1,433,000
221,000
873,000
7,000
850,000
12,000
62,000 10,945,000
32,000 4,609,000
1,000 5,014,000
5,485,000
137~666
566,000
61,000 2,465,000
1,899,000
April
130,828,000
143,502,000
184,648,000
208,228,000
United
March
at
111,418,000
Kingdom
8,682,000
5,309,000
6,011,000
8,665,000
11,397,000
7.021,000
9,958,000
3,165,000
5.631,000
20,764,000
11,016,000
provisions, like those of the
which they in part
American law
288,352,000
337,823,000
248,466,000
220,297,000
85,974,000
108,726,000
126,515,000
137,148,000
171,606,000
197,010,000
Midland Bank Limited]
iCom piled by the
February
the pro¬
make such mixing in¬
£197.910.000
422,527,000
204,900,000
247.484,000
209,602,000
199,174,000
221,561,000
257,505,000
308,515.000
304,185,000
273,103,000
225,581,000
101,836,000
223,103,000
DISTRIBUTION OF NEW CAPITAL
UNITED KINGDOM BY MONTHS
GEOGRAPHICAL
surprising to learn from press dispatches
convention have
Nov. 30
£190,762,000
375,748,000
190,442,000
228,131,000
202,065,000
197,479,000
195,495,000
932.
921.
December
that
Year to
Nov. 30
931.
920.
evitable.
It is not
11 Months to
of
£33,107,000
33,021,000
15,501,000
9,742,000
13,468,000
21,401,000
29,425,000
28,111,000
48,769,000
27,970,000
12,945,000
19,910,000
4,409,000
919.
mixing in their political affairs, but
from
Limited]
November
1934—Janury
UNITED KINGDOM
CAPITAL ISSUES IN THE
[Compiled by Midland Bank
neutral American State in the
extend to every
of war,
appeared to
intermeddling, moreover, would
one or more
.
£8,310,263
7,167,385
13,447,603
8,247,859
14,614,014
17,541,251
6,001,777
21,208,047
20,610,166
53,909,166
6,682,428
7,719,440
4,700,804
12,543,554
9.546.101
20,943,859
11%, while other speculative holding com¬
debentures have been in fair demand. New offerings
consisted of $23,000,000 Consolidated Gas, Elec. Lt. & Pr. Co.
pany
Balto.
of
Water
3%s,
coll.
1971,
tr. 4%s,
$7,250,000
Pennsylvania
State
High-grade industrial bonds have been steady, while there
considerable
has
been
and
speculative issues.
20,939,125
£197,010,049
and
1966.
strength
among
the medium-grade
With the exception of convertible
securities, fractional changes have been the rule among the
steels.
80%.
Hygrade Food Products A 6s, 1949, were up 3% at
Some gains have been recorded among paper com-
3746
Financial
issues;
pany
American Writing Paper 6s, 1947, reached
high for the
new
year,
Most of the oils
points.
were
virtually unchanged at the
close, but Union Oil of California
higher at 105%.
vances
The
in the group
There has been
ticularly in
an
South
conv.
ranging
U. S.
All
1036
Govt.
on
%
10 points.
up to
American
issues.
The
5s, 1963
(stamped),
Cuban
Public
Moody's computed
as a
bond prices and bond yield averages
MOODY'S BOND
(Based
Baa
Germans
given in the following tables:
are
All
120 Domestic
A
Rises have also been
have been lower, as have been Belgian and Japanese
group
Corporate* by Groups
Aa
to 71.
Polish, Czechoslovakian and Austrian bonds.
(REVISED)
by Ratings
Aaa
%
rose
noticeable in Colombian, Costa Rican, Italian Government,
obligations.
120 Domestic Corporate *
Corp.*
12, 1936
Works 5%s, 1945, advanced 4% points to
64%, and Panama
par¬
tic
120
Dec.
Average Yields)
Domes¬
Bonds
were
sharply, ad¬
upward tendency in foreign bonds,
MOODY'S BOND PRICES
Daily
Averages
4s, 1947,
sugars continued to rise
(Based
a
closing at 77%, an advance of 7%
Chronicle
RR.
YIELD AVERAGES
(REVISED)
Individual Closing Prices)
120 Domestic Corporate
Corporate by Groups
120
Daily
Averages
120 Domestic
by Ratings
1936
Domes-
Indus.
P. U.
on
80
For-
Aaa
ticCorp.
Aa
A
Baa
RR.
r.
u.
Indus.
Deo. 11— 112.08
106.17
117.72
113.89
104.11
91.81
100.88
105.98
112.05
Deo. 11—
3.60
3.09
3.77
4.50
3.95
10— 112.68
106.17
117.72
113.89
104.11
91.81
100.88
105.98
112.05
10—
3.66
3.09
3.27
3.77
4.50
3.95
3.67
3.36
9— 112.71
106.17
117.50
113.68
104.11
91.81
100.88
105.79
112.05
9—
3.66
3.10
3.28
3.77
4.50
3.95
3.68
3.36
8— 112.78
7— 112.80
106.17
117.50
113.68
104.11
91.81
100.88
105.79
112.05
8..
3.60
3.10
3.28
3.77
4.50
3.95
3.68
3.36
117.50
eitne
3.27
3.67
3.36
113.89
103.93
91.81
100.88
7—
3.66
3.27
3.78
4.50
3.95
3.68
3.36
106.17
117.50
113.89
104.11
91.81
100.88
105.79
105.79
112.05
5— 112.81
112.25
5—
3.66
3.10
3.27
3.77
4.50
3.95
3.68
105.98
117.50
113.68
103.74
91.81
100.70
105.60
112.25
4—
3.07
3.10
3.28
3.79
4.50
3.96
3.69
3.36
105.98
117.50
113.89
103.74
91.66
100.53
112.25
3—
105.98
117.29
113.89
103.56
91.66
100.53
105.60
112.25
2—
3.67
3.11
3.27
3.80
4.51
3.97
3.69
3.35
1
105.79
117.29
113.68
103.56
91.66
100.53
105.41
112.05
1
3.68
3.11
3.28
3.80
4.51
3.97
3.70
3.36
3.69
3.13
3.28
3.81
4.52
3.99
3.71
3.36
—
112.74
106.17
105.60
Weekly—
mm —
— mm
3.10
3.07
—
3.10
3.27
3.79
4.51
3.97
3.69
mm
5~.68
3.35
...
...
Weekly—
Nov. 27— 112.64
105.60
116.86
113.68
>20- 112.62
i13-u 112.25
105.60
116.64
113.48
105.22
110.64
113.27
102.66
0— 111.03
104.85
116.00
112.45
102.12
_
mmm
'
3.35
112.77
4
3- 112.74
2— 112.61
t
5.05
Oct. 30- 110.85
23- 110.85
104.48
115.78
115.78
91.51
112.05
100.18
91.51
100.00
91.35
99.83
91.51
103.20
112.25
104.48
103.38
99.83
101.58
91.20
99.31
Nov. 27—
105.22
112.05
105.04
112.05
20
3.69
3.14
3.29
3.82
4.52
4.00
3.72
3.36
104.67
111.84
13
3.71
3.14
3.30
3.85
4.53
4.01
3.74
3.37
5.58
103.93
111.23
0
3.73
3.17
3.34
3.88
4.52
4.01
3.78
3.40
5.60
111.03
Oct. 30
3.75
3.18
3.35
3.91
4.54
4.04
3.79
3.41
4.04
3.79
4.42
103.74
5.64
5.59
101.76
91.05
99.31
103.74
110,83
23
3.36
3.90
10- 110.91
104.67
115.57
111.84
101.94
91.51
99.83
16
3.74
3.19
3.37
3.89
4.52
4.01
3.80
3.42
5.64
104.07
115.78
99.83
110.83
9..
3.74
3.18
3.38
3.89
4.52
4.01
3.80
8.42
5.66
104.11
116.57
101.94
101.41
91.51
2
91.05
99.48
103.20
110.43
2—
3.77
3.19
3.40
3.92
4.55
4.03
3.82
3.44
6.08
Sept 25.. 110.08
111.64
111.23
111.03
103.56
103.56
110.83
9„ 110.82
110.24
110.83
3.75
3.18
4.55
5~.6i
103.93
115.78
Sept. 25—
3.78
3.18
3.41
18.. 110.80
103.93
116.00
111.03
101.00
90.14
98.45
103.20
110.43
18—
3.78
3.17
3.41
3.94
4.61
4.09
3.82
8.44
6.68
11— 111.04
4— 111.13
103.74
116.00
111.03
101.23
89.84
98.28
103.20
110.43
11—
3.79
8.17
3.41
3.93
4.63
4.10
3.82
8.44
5.07
103.39
115.78
110.83
110.88
89.25
97.78
102.84
110.24
8.81
8.18
3.42
3.95
4.07
4.13
3.84
3.45
6.70
AUf. 28— 110.91
21.. 110.71
102.84
115.35
110.43
100.35
88.51
96.94
102.60
109.84
102.66
114.93
110.43
100.18
87.93
90.11
102.60
109.64
14— 110.59
7- 110.42
101.23
90.59
98.97
103.02
4
Aug. 28—
21
3.93
4 68
4.06
3.83
3.45
5.88
3.84
3.20
3.44
3.98
4.72
4.18
3.85
3.47
5.71
—
3.85
3.22
3.44
3.99
4.76
4.23
3.85
3.48
5.76
102.60
114.93
110.43
100.00
88.22
96.44
102.84
109.44
14—
3.85
3.22
3.44
4.00
4.74
4.21
3.84
3.49
6.75
102.60
114.93
110.43
100.00
88.07
96.28
102.60
109.64
7—
3.85
3.22
3.44
4.00
4.75
4.22
3.85
3.48
5.82
Jul/131
110.13
102.48
114.93
110.24
99.83
87.78
95.78
102.48
109.44
July 31—
3.86
3.22
3.45
4.01
4.77
4.25
3.86
3.49
5.75
24
109.92
102.12
114.72
109.84
99.48
87.49
95.29
102.48
109.05
24—
3.88
3.47
4.03
4.79
8.51
5.75
17
109.76
101.70
114.72
109.64
99.14
87.07
94.97
102.48
108.60
17—
3.90
3.23
3.48
4.05
4.82
4.30
3.86
3.53
5.77
10- 110.05
101.58
114.93
109.64
98.97
80.50
94.49
102.48
108.66
10—
3.91
3.22
3.48
4.06
4.86
4.33
3.86
3.53
3.93
3.22
3.49
4.08
4.91
4.36
3.88
3.54
5.80
3.23
4.28
3.86
5.82
3- 110.04
101.23
114.93
109.44
98.02
85.79
94.01
102.12
108.46
June 20._ 109.88
101.00
114.30
109.05
98.45
80.07
94.17
101.58
108.27
June 26..
3.94
3.25
3.51
4.09
4.89
4.35
3.91
3.55
3.77
19- 109.93
101.06
114.30
108.85
98.62
80.07
94.49
101.68
108.08
19—
3.94
3.25
3.52
4.08
4.89
4.33
3.91
3.56
5.85
3
12- 110.01
101 23
94.33
101.58
108.00
12—
3.93
3.23
3.51
4.87
4.34
3.91
3.53
5.95
5- 109.99
100.88
114.30
108.85
98.28
85.65
93.69
101.23
108.46
5..
3.95
3.25
3.52
4.10
4.92
4.38
3.93
3.54
0.00
May 29.. 110.01
22.. 110.20
101.00
114.51
109.05
98.45
85.65
93.85
101.58
108.40
May 29—
3.94
3.24
3.51
4.09
4.92
4.37
3.91
3.54
5.91
100.88
114.09
108.85
98.45
85.38
93.53
101.23
108.46
22„
3.95
3.26
3.52
4.09
4.94
4.39
3.93
3.54
5.92
15- 109.98
100.88
113.68
108.85
98.45
85.65
93.69
101.06
108.40
15—
3.95
3.28
3.52
4.09
4.92
4.38
3.94
3.54
5.89
8— 109.70
1— 109.69
100.35
113.48
108.46
98.11
84.90
93.06
100.53
108.27
8-
3.98
3.29
3.54
4.11
4.97
4.42
3.97
3.55
5.84
99.83
113.07
107.88
97.78
84.28
92.43
100.18
107.49
1—
4.01
3.31
3.57
4.13
6.02
4.46
3.99
3.59
5.90
114.72
109.05
98.45
86.36
4.09
A or.{24
109.80
100.18
113.27
107.09
97.78
85.10
92.90
100.35
107.88
Apr. 24—
3.99
3.30
3.58
4.13
4.96
4.43
3.98
3.57
5.80
17
109.96
100.53
113.48
107.88
98.11
86.07
93.85
100.53
108.08
17—
3.97
3.29
3.57
4.11
4.89
4.37
3.97
3.56
5.83
9.. 109.75
100.88
113.68
108.08
98.11
86.50
94.49
100.70
107.88
9—
3.95
3.28
3.56
4.11
4.80
4.33
3.96
3.57
5.83
5.83
3.. 109.64
100.70
113.89
108.08
107.88
3—
3.90
3.27
3.50
4.12
4.88
4.34
3.97
3.67
Mar. 27.. 109.68
100.53
113.48
107.88
98.11
85.93
94.01
100.35
107.88
Mar. 27„
3.97
3.29
3.57
4.11
4.90
4.36
3.98
3.57
5.85
20— 109.51
100.70
113.68
108.27
98.28
85.79
93.85
100.53
108.27
20—
3.96
3.28
3.55
4.10
4.91
4.37
3.97
3.55
5.80
13— 109.11
100.63
113.07
108.27
98.11
85.79
94.01
100.18
108.08
13..
3.97
3.31
3.55
4111
4.91
4.36
3.99
3.56
6.94
0— 109.40
Feb. 28.. 109.03
101.41
113.48
108.60
98.80
87.64
96.11
100.53
108.27
0—
3.92
3.29
3.53
4.07
4.78
4.23
3.97
3.55
5.87
101.23
113.07
108.40
98.45
87.04
95.46
100.53
107.09
Feb. 28..
3.93
3.31
3.54
4.09
4.78
4.27
3.97
3.68
0.03
21.. 108.95
14.. 108.48
101.41
113.07
108.27
98.45
88.22
95.95
100.35
108.08
21..
3.92
3.31
3.55
4.09
4.74
4.24
3.98
3.56
6.92
101.06
113.07
108.08
97.95
87.78
95.13
100.53
108.08
14..
3.94
3.31
3.66
4.12
4.77
4.29
3.97
3.66
0.07
7.. 108.21
Jan. 31.. 108.03
100.53
112.86
108.08
97.45
86.78
94.17
100.35
107.88
7..
3.97
3.32
3.50
4.15
4.84
4.35
3.98
3.67
6.10
100.00
112.25
107.88
96.94
85.93
93.00
100.18
107.49
31..
4.00
3.35
3.57
4.18
4.90
4.42
3.99
3.69
6.18
24.. 107.89
17.. 108.34
100.00
112.25
107.88
97.28
85.93
93.00
100.00
107.88
24..
4.00
3.35
3.57
4.16
4.90
4.42
4.00
3.67
0.11
99.66
111.84
108.27
96.78
85.10
92.43
99.83
107.88
17—
4.02
3.37
3.55
4.19
4.96
4.46
4.01
3.67
0.17
10— 108.02
*— 107.94
High 1936 112.81
98.97
111.64
107.49
96.11
83.87
91.20
99.14
107.11
10—
4.00
3.38
3.59
4.23
5.05
4.54
4.05
3.01
6.26
97.95
111.03
106.22
95.13
82.40
89.84
98.80
105.98
3—
4.12
3.41
3.62
4.29
5.16
4.63
4.07
3.07
6.23
100.17
117.72
113.89
104.11
91.81
100.88
105.98
112.25
Low
1936
3.60
3.09
3.27
3.77
4.50
3.95
3.67
3.35
Low 1930 107.77
5.58
97.01
110.83
106.73
94.97
81.87
89.55
98.62
105.79
High 1936
4.14
3.42
3.63
4.30
6.20
4.65
4.08
3.68
0.81
High 1935 109.20
97.45
110.83
106.73
94.81
81.61
89.25
98.62
105.60
Low
1935
4.15
3.42
3.63
4.31
5.22
4.07
4.08
3.69
5.78
Low 1935 105.66
1 Yr. Ago
88.07
103.56
95.78
86.92
08.17
79.70
82.79
94.17
4.75
3.80
4.25
4.83
6.40
5.37
5.13
4.36
0.97
Dec.11'35 107.55
90.78
110.43
105.98
94.33
80.45
88.36
97.78
105.22
High 1935
1 Yr. Ago
Deo.11'35
2 Yrs.Aoo
Dec. 11'34 105.15
87.35
103.38
95.46
80.36
69.78
80.36
82.53
93.69
86.21
97.95
94.33
100.53
Jan.
4.19
3.44
3.67
4.34
6.31
4.73
4.13
3.71
6.13
4.80
3.81
4.27
4.87
6.24
4.87
5.15
4.38
6.42
2 Yrs.Aoo
Dec.11'34
i
•These prices are computed from average yields on the basis of one "typical" bond (4% coupon, maturing In 30
years) and do not purport to show either the average
levellor the average movement of actual price quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the 1 utter being the truer ploture of the bond market.
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Fight, Dec. 11, 1936.
Business continues highly active, with most lines expect¬
ing
a
further surge forward
proach.
tion
The announcement
relieved
the Christmas holidays ap¬
of the English King's abdica¬
as
highly tense situation, which had been re¬
flected generally in the markets of the world.
The removal
of this great uncertainty was reflected
especially in the
a
securities and commodities markets.
Exchange showed
a
most
cheerful
The New York
reaction
to
the
Stock
British
announcement, securities moving up generally, with the vol¬
of trading exceptionally large, totaling
2,439,770 shares
ume
November
which
was
the
third
consecutive
department store sales
for the same month in 1931.
a
more-than-seasonal
total to
744,957
motors
and
textiles,
year
in
of 64,973
cars, bringing the
gain of 106,439 cars over
corresponding week last year.
Although
steel
shoes,
this
the total
reported
Car loadings last week showed
increase
This
cars.
total for the
the
month
exceeded
retained
drugs
and
was a
the
lead,
activity
increased
in
electrical
appliances.
Retail
trade volume increased 4% to 8% over the preceding week,
and was 12% to 25% in excess of that for the
comparative
week of last year.
Wholesale volume held at 20% to 25%
the like week of
over
a year ago.
Except in the Southeast,
generally cold east of the Rocky Mountains,
with frequent rains in the South and considerable snow in
Thursday.
In spite of the domestic labor disturbances,
business generally is more than holding its own.
The "Jour¬
nal of Commerce" weekly business index was
Northern districts.
changed at 97.9
tures
on
virtually un¬
for the
as
compared with
previous week and
sponding
week
of
1935.
a
a
revised figure of
figure of 84.4 for the
The
98.0
corre¬
steel
the week
was
At the end of the week subzero tempera¬
prevailed in the upper Mississippi Valley and central
Great Plains.
Zero temperatures again obtained in the
industry reports the
heaviest business since 1929, the rate of
ingot production
estimated currently at 76y2% of capacity.
It is claimed the
interior of the Northeast and in the Mid-West as far south
steel makers
at
are
veritably swamped with orders, with
some
mills refusing further business, an
unprecedented situation.
Output of electricity by the electric light and
try for the week ended Dec. 5 set
ing
an
advance of 13.9%
over
a
the
new
Department store sales for November
Federal
Reserve
Board
to
be
the
power indus¬
high record, show¬
period last year.
same
were
highest
reported by the
in five years.
as
Chicago and Omaha.
was
The lowest temperature reported
26 degrees below zero at Havre,
Mont., on Dec. 6, but
Battleford, Sask., the temperature dropped to 46 degrees
While cold, stormy weather of the
week, with
frequent precipitation, prevented much outside work, gen¬
below zero.
erous
rains in the southern portion of the
country and con¬
snow
or rain in
Northern States were decidedly
siderable
helpful in relieving droughty conditions.
the
week
there
was
considerable
snow
At the close of
on
the
ground in
Financial
143
Volume
Northeastern
the
New York and up
Maine.
northern
States, ranging from 2 to 8 inches in
to nearly a foot in much of central and
Weather in the New York City area has
rain the latter
part of the week; mild temperatures prevailing.
Today it
was raining and cold here, with temperatures ranging from
43 to 49 degrees.
The forecast was for rain and colder
tonight.
Saturday partly overcast and colder.
Overnight
at Boston it was 38 to 46 degrees;
Baltimore, 42 to 48;
Pittsburgh, 38 to 52; Portland,. Me., 38 to 44; Chicago, 18 to
38; Cincinnati, 30 to 48; Cleveland, 30 to 56; Detroit, 26
to 40; Charleston, 50 to 52; Milwaukee, 2 to 34; Savannah,
50 to 52; Dallas, 32 to 44; Kansas City, 16 to 30; Spring¬
field, Mo., 24 to 30; Oklahoma City, 22 to 32; Salt Lake
City, 20 to 38; Seattle, 36 to 44; Montreal, 36 to 42, and
AND RECEIVED
REVENUE FREIGHT LOADED
Winnipeg, 18 below to 4 below.
Weeks Ended—
to
advance
this
week, closing at
A
compared with 195.0 last week.
established this Thursday.
new
Ry.
Chesapeake & Ohio Ry
Chicago Burl. & Qulncy RR
Chicago Milw. St. P. & Pac. Ry_.
Chlcago & North Western Ry
25,988
17,850
21,160
16,745
3,263
2,206
4,787
17,237
43,145
Atchison Topeka & Santa Fe
Baltlmore & Ohio RR
Gulf Coast Llnes__
International Great North'n RR.
Missouri-Kansas-Texas
RR
Missouri Pacific RR
New York Central Lines
5,259
24,169
67,634
N. Y. Chicago & St. Louis Ry...
Norfolk & Western Ry
-
6,905
7,118
29,246
6,115
Wabash Ry
196.8 Friday, as
high of 196.9 was
x
20,850
31,371
24,887
15,665
18,227
14,562
3,199
2,110
4,353
15,613
38,405
4,592
22,810
61,625
6,097
7,041
27,377
5,415
Dec. 7
1936
18,586
26,970
20,506
15,427
18,840
13,972
2,804
2,037
5,026
15,074
38,475
4,429
17,773
57,604
6,488
5,217
24,905
5,482
355,253 324,199 299,615
Total
Nov. 28
Dec. 7
1936
1936
1935
6,196
16,547
9,573
8,726
8,563
11,310
1,419
1,929
3,095
9,373
46,142
11,459
4,959
44,320
6,498
6,620
X9.277
9,752
6,218
16,408
10,001
8,998
8,534
11,311
1,405
1,913
3,197
9,344
42,254
10,367
4,869
43,588
6,053
5,989
X8.799
8,750
4,747
13,387
7,143
7,296
7,243
9,159
1,415
1,958
2,549
7,568
37,380
8,511
3,753
33,989
5,005
4,551
x6,818
8,341
215,758 207,998 170,813
Co.-Paciflo Lines
between S. P.
Excludes cars Interchanged
Dec. 5
and Texas &
New Orleans RR. Co.
advances for rubber, wheat, corn,
were
TOTAL LOADINGS AND
RECEIPTS FROM CONNECTIONS
(Number of Cars)
Prices of hides, copper and sugar were unchanged.
The movement of the Index during the week, with com¬
silver.
parisons, is
1936
22,338
34,088
Southern Pacific Lines
steel, lead,
cotton, wool and coffee, and declines for silk, cocoa, hogs and
There
Nov. 28
1936
Pittsburgh & Lake Erie RR
Moody's Daily Index of Staple Commodity Prices con¬
tinued
Dec. 5
Pere Marquette Ry
Moody's Commodity Index Advances
Received from Connections
Weeks Ended—
Loaded on Own Lines
Pennsylvania RR
+
FROM CONNECTIONS
(Number of Cars)
generally unsettled, with considerable
been
_
3747
Chronicle
Weeks Ended—
follows:
as
-195.0 Two weeks ago, Nov. 27
194.8 Month ago, Nov. 10
_195.7 Year ago, Dec. 11
195.8 1935 High—-Oct. 7 and 9—
Low—March 18
196.2
196.9 1936 High—Dec. 10
Low—May 12
196.8
Fri.,
4
Sat.,
5
Mon.,
7Tues.,
8
Wed.,
9
Thurs., 10
Fri.,
11
190.6
186.3
164.2
175.3
148.4
196.9
162.7
Further Advanced During
Week Ended Dec. 5, Reaching Highest Level Since
October, 1930, According to National Fertilizer
Chicago Rock Island & Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Association
Association of American
The
65,886
72,214
77,149
Total.
Wholesale Commodity Prices
Railroads, in reviewing the
1936, reported as follows:
week ended Nov. 28,
Loading of revenue freight for the
week ended Nov. 28 totaled 769,984
cars.
Continuing the upward trend of the past six weeks, whole¬
commodity prices during the week ended Dec. 5 reached
the highest point since October,
1930.
Last week the
weekly index, compiled by the National Fertilizer Associa¬
tion—based on the 1926-i928 average of 100%—registered
Due to the Thanksgiving
109,516 cars
holiday, this was a reduction of
13.9% below the preceding week.
sale
or
81.8%,
Increase of 108,106
corresponding week in 1935, and 191,799
cars or 39.3% above the corresponding week in 1934.
The corresponding
weeks in those years also contained a holiday.
The total for the week of
Nov. 28, this year, however, was a reduction of 107,088 cars or 13.6%
below the corresponding week In 1930 which did not contain a holiday.
Miscellaneous freight loading totaled 278,817 cars, a decrease of 46,231
cars
below the preceding week, but an Increase of 50,580 cars above the
corresponding week In 1935, and 97,366 cars above the corresponding
compared with 81.2% in the previous week.
A
it stood at 80.2% and a year ago at 78.5%.
Association's announcement, under date of Dec. 7,
month
The
as
ago
continued:
upward during the week with all of the
remaining unchanged.
Five of the
11 principal group indexes last week were at the highest levels yet reached
in the recovery period.
Although the advances in the food group out¬
numbered the declines, the group index remained unchanged for the week,
The general trend of prices was
indexes
group
either
reflecting largely
were
a
advancing
or
Farm product prices
grains and livestock all moving upward.
The
sharp drop in the price of eggs.
higher with cotton,
textile index has advanced in each of the
increases
recent
being
last eight weeks with the two most
particularly sharp.
Due largely to the increase
effect on the first
point reached since
May, 1930.
Rising prices for ammonium sulphate and steamed bone and
the elimination of discounts on potash salts as of the first of December
resulted in an upturn in the fertilizer material index.
Forty-nine price series included in the index advanced during the week
and 14 declined; in the preceding week there were 37 advances and 13
declines; in the second preceding week there were 51 advances and 18
in the price of
of
finished steel products which went into
December, the metal index advanced to the highest
The total for the week
cars or
week in 1934.
carload lot freight totaled 145,538 cars,
but an increase of
the corresponding week in 1935, and 8,769 cars above the
Loading of merchandise less than
a
of 24,193
decrease
7.898
same
cars
above
WEEKLY WHOLESALE
COMMODITY PRICE INDEX
Compiled by the National Fertilizer
Association.
amounted to 151,545 cars, a decrease of
week, but an increase of 31,269 cars
in 1935.
Live stock loading
Week
Each Group
Dec. 5,
Group
Bears to the
Preced'o
28,
1936
83.1
Foods..
25.3
Ago
Week
Nov.
1936
Total Index
83.1
Month
Nov.
7,
1936
81.3
Year
Ago
Dec. 7,
1935
83.5
amounted to 15,944 cars, a decrease
stock for the week ended Nov. 28 totaled 12,412 cars,
below the preceding week this year but an increase
decrease of 2,960 cars
of 2,559 cars above
the same week in 1935.
products loading totaled
Forest
32,587 cars, a decrease of 3,830 cars
week, but an increase of 6,632 cars above the same
week in 1935, and 13,919 cars above the same week in 1934.
Ore loading amounted to 13,369 cars, a decrease of 13,061 cars below the
below the preceding
85.4
82.2
79.4
81.4
100.8
96.5
95.5
102.4
83.0
81.7
80.5
77.6
Cotton.
69.4
67.4
68.1
66.6
Grains.
102.2
99.3
100.5
73.2
79.5
79.0
76.7
81.2
preceding week, but an increase
76.3
and
Fats and oils
-
Cottonseed oil
23.0
of 3,402 cars
week, but an increase of 2,916 cars above the same week
above the same week in 1934.
In the Western districts
alone, loading of live
a
Latest
Per Cent.
below the preceding week,
12,795 cars below
above the corresponding
week in 1935, and 47,948 cars above the same week in 1934.
prf
Grain and grain products loading totaled 30,975 cars, a decrease of
5,919 cars below the preceding week, but an increase of 821 cars above the
corresponding week in 1935, and 7,194 cars above the same week in 1934.
In the Western Districts alone, grain and grain products loading for the
week ended Nov. 28 totaled 18,703 cars, a decrease of 3,772 cars below the
preceding week this year, but an increase of 970 cars above the same week
the preceding
in 1935 and 71 cars
(1926-1928=100)
cars
week in 1934.
Coal loading
below the preceding
declines
of Nov. 28, however, was an
18.9% compared with the
Farm products
if 4,558 cars above the corresponding week
corresponding week in 1934.
11,209 cars, a decrease of 85 cars below the
preceding week, but an increase
in 1935,
and 9,790 cars above the
Coke loading
amounted to
8.2
Textiles
74.8
70.5
71.4
7.1
Metals
89.1
87.9
86.7
84.0
6.1
Building materials
83.3
83.2
83.1
77.6
of 3,432 cars above the same week in 1935,
in 1934.
of cars loaded with revenue
freight, compared with the corresponding weeks in 1935 and 1934.
Loading of revenue freight in 1936 compared with the two previous years
1.3
Chemicals and drugs
96.5
96.5
96.3
95.6
and in
Fertilizer materials
69.1
68.5
67.9
64.5
74.6
72.7
92.6
92.0
Livestock
17.3
Fuels
79.7
79.7
79.7
10.8
Miscellaneous commodities..
80.8
80.8
79.3
71.5
73.7
•
0.3
0.3
Fertilizers
74.7
74.7
0.3
Farm Machinery
92.6
92.6
6,742 cars above the same week
All districts
reported increases in the number
1930 follow:
1930
81.8
81.2
80.2
78.5
Car Loadings in Week
Up 9.6%
Loadings of revenue freight for the week
Ended Dec. 5
ending Dec. 5
a'gain of 21.9 % when compared with 1935 and a rise of 40.5%
of revenue freight
on their own lines, compared with 324,199 cars in the pre¬
ceding week and 299,615 cars in the seven days ended Dec. 7,
A comparative table follows:
654,947
594,790
Week of Nov. 14
2,787,012
2,825,547
3,701,056
3.061.119
4,095,623
759,318
784,672
Week of Nov. 21
789,500
•585,034
561,942
679,984
629,728
647,924
571,878
488,185
3,840,292
4,668,611
829,023
779,752
701,050
787,072
33,287,689
29,181,612
28,740,391
43,114,709
weeks in February__
March
Four weeks in July
when comparison is made with the same week of 1934.
The first 18 major railroads to report for the week ended
1935.
Four weeks in June
2,183,081
2,920,192
2,461,895
2,340,460
3,026,021
2,504,974
2,351,015
3,072,864
2,501,950
3,147,988
Five
1936, totaled 744,957 cars.
This is an increase of 64,973
cars, or 9.6%, from the preceding week, a gain of 106,439
cars, or 16.7%, over the total for the like week of 1935,
and an increase of 193,472 cars, or 35.1%, over the total
loadings for the corresponding week of 1934.
For the week
ending Nov. 28 loadings were 18.9% above those for the like
week of 1935, and 39.3% over those for the corresponding
week of 1934.
Loading for the week ended Nov. 21 showed
Dec. 5, 1936 loaded a total of 355,253 cars
3,351,801
2,169,146
2,927,453
2,408,319
.2,302,101
2,887,975
2,465,735
2,224,872
3,098,001
2,628,482
3,565,051
Four weeks in
'
Revenue Freight
1934
Five weeks in May
All groups combined
Revised.
1935
Four weeks in April
100.0
r
1936
2,353,111
3.135.118
2,418,985
2,544,843
Four weeks in January
Five
weeks in August
Four weeks in
September.
Five weeks in October
Week of Nov.
7
Week of Nov. 28
Total
In
the
following
table
we
3,470,797
4,380,615
3,550,076
3,653,575
4,586,357
3,575,454
3,683,338
4,608,697
undertake to show also the
loadings for separate roads and systems for the week ended
Nov. 28, 1936.
During this period a total of 118 roads
showed increases when compared with the same week last
The most important of these roads which showed
were the
Pennsylvania System, the New York
Lines, the Baltimore & Ohio RR., the Atchison
Topeka & Santa Fe System, Southern Pacific RR. (Pacific
Lines), and the Illinois Central System:
year.
increases
Central
Financial
3748
Chronicle
Dec.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CAR8)—WEEK
f Freight Loaded
Railroads
1936
Ann
605
Boston
& Maine
Chicago Indianapolis & LouisV.
583
502
1,247
Group B (Concluded!)—
Georgia—
Georgia A Florida
1,133
1,998
7,473
1,741
Arbor
1,236
6,989
1,325
6,453
1,161
234
232
10,934
2,472
9,323
1,817
1,313
1,537
1,203
452
System
314
271
444
344
1,689
1,248
18,617
16,032
17,738
14,199
1,032
11,721
6,074
9,490
3.903
833
39
Delaware & Hudson..
Delaware Lackawanna A West.
17
19
92
66
976
869
Macon Dublin A Savannah
191
152
3,708
7,120
1.882
7,802
6,471
2,006
4,460
8,212
6,378
5,761
Mississippi Central
237
116
109
335
319
1,944
1,506
2,456
1,677
2,367
1,875
2,476
1,458
1,855
129
465
Grand Trunk Western
1,224
1,327
1,370
342
160
10,838
8,954
1,714
3,177
15,912
8,947
1,835
4,125
Lehigh A Hudson River
138
116
1.466
9,028
2,927
4,470
2,398
38,405
1,329
3,398
1,849
34,109
N. Y. N. H. A Hartford
9,705
9,341
New York Ontario A Western..
N. Y. Chicago A St. Louis
1,838
1,627
4,592
7,147
6,097
4,076
5,367
266
166
40
48
42,254
12,230
1.678
34,497
10,496
1,740
10,367
8,232
5.883
6,421
2,542
3,041
1,745
27,487
8,609
1,341
3,858
3,253
4,058
Central!
.....
b New York Central Lines
2,457
6,053
4,041
4,699
475
259
379
17
17
412
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
Mobile A Ohio
314
338
233
148
1,317
1,047
5,453
983
1,244
665
Rutland
587
508
542
990
868
Wabash
5,415
3,612
4,723
3,123
4,093
8.750
2,419
3,247
7,281
2,958
145,682
127,703
105,299
167,476
138,369
622
521
328
803
107
376
303
24,633
2,251
21,194
1,372
16,408
2,486
12,908
1,580
388
292
242
8
7
1,414
5,894
1,226
12
18
5,448
1,076
4,454
11,394
9,902
464
626
592
70
43
267
332
327
31
453
322
290
709
575
62,415
49,745
42,539
31,765
25,756
102,346
83,791
75,804
66,759
52,686
2,097
9,025
2,520
6,564
3,536
-
Total
Grand total Southern District
Northwestern
District—
723
675
512
14,815
2,132
12,116
1,764
15,986
3,387
10,253
2,355
11,311
Great Western
1,737
14,267
3,534
8,534
3,095
3,108
Belt Ry. of Chicago
Chicago
Chicago
Chicago
Chicago
A North Western
Milw. St. P. A Pacific.
18.227
St. P. Minn. A Omaha
Duluth Missabe A Northern...
Duluth South Shore A Atlantic
3,522
1,026
535
291
518
377
282
330
286
Elgin Joliet A Eastern
7,129
5,306
3,043
7,820
5,559
117
306
249
216
150
118
11,419
9,433
9,618
3,138
2,159
515
494
490
588
442
Ft. Dodge Des Moines A South.
Great Northern.;
Green Bay A Western
Lake
160
342
718
265
65
91
1,555
1,427
4,127
8,471
1,227
3,836
1,661
2,599
3,531
1,603
1,912
2,409
Superior A Ishpeming
680
31,371
3,251
2,884
Nashville Chattanooga A St. L.
Tennessee Central
12,261
6,906
1,611
1,047
6,810
2,209
977
6,982
73
1,468
7,545
2.677
116
Lehigh A New England
Lehigh Valley
Montour..
Louisville A Nashville
3,138
11,644
4,425
Erie
206
2,373
318
Detroit Toledo & Ironton
Detroit A Toledo Shore Line...
225
2,388
Detroit & Mackinac
Monongahela
1935
1,016
5,332
8,385
Central Indiana
Central Vermont
Maine
Central
575
747
1,038
1936
1,670
22,798
23,648
Gulf Mobile A Northern
Illinois
from Connections
1934
1935
1936
1935
Eastern District—
Bangor & Aroostook
Total Loads Received
Freight Loaded
Railroads
from Connections
1934
1935
1936
ENDED NOVEMBER 28
Total Revenue
Total Loads Received
Total Revenue
12, 1936
Wheeling A Lake Erie
Total
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Pacific
4,560
9,379
Spokane International
Spokane Portland A Seattle
168
96
105
347
225
1,680
1,792
873
1,421
1,035
78,016
66,953
57,838
50,652
39,698
20,850
17,110
15,536
2,841
2,556
2,065
6,218
2,474
4,633
1,988
389
329
169
96
70
15,665
13,670
1,140
9,597
2,807
1,563
4,007
12,655
1,409
8,264
8,998
1,058
8,451
2,700
1,321
2,704
6,955
Northern
Total.
7,728
Allegheny District—
Akron Canton A Youngstown.
Baltimore A Ohio
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey...
Cornwall
Cumberland A Pennsylvania..
Llgonler Valley
205
164
130
22
22
Long
569
675
775
2,738
1,003
44,894
10,273
3,904
2,730
1,498
43,588
17,494
3,244
Island
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co
1,109
791
61,625
13,278
52,237
Union
14,721
(Pittsburgh)
West Virginia Northern
Western
11,248
8,861
84
Total.
76
2,766
2,515
138,517
Pocahontas
1,304
32,789
14,576
112,147
93,147
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
Burlington A Qulncy..
106,374
11,482
3,111
Rock Island A Paoiflo.
A Eastern Illinois
Colorado A Southern
1,427
3,554
Denver A Rio Grande Western
Denver A Salt Lake
Fort Worth A Denver City
24,887
Norfolk A Western
22,810
19,103
17,157
16,571
12,740
795
727
663
10,001
4,869
1,289
7,204
3,513
1,157
4,354
2,945
3,190
774
39,932
33,164
16,933
1,588
1,755
.81
127
951
438
357
286
RQ
91
132
84
96
14,930
12,896
System
5,533
4,157
19,650
Included
in
U.
P.
33
a
16
1,135
1,478
•
1,163
312
360
189
14,782
12,925
11,419
729
641
923
839
1,179
10,263
504
7
1,459
1,306
1,413
1,956
7,926
(13
1,495
104,365
89,686
76,521
56,126
43,070
3,738
Utah
745
52,846
982
1,849
828
Southern Pacific (Paclflo)
St. Joseph A Grand Island
797
1,214
1,456
Toledo Peoria A Western
Union Paclflo System
District—
Chesapeake A Ohio
474
6,298
1,922
1,174
2,195
806
Nevada Northern
North Western Pacific
Peoria A Pekin Union
83,631
2,388
1,222
2,741
794
1,146
1,927
Illinois Terminal
5*148
6_,586
2,087
A Illinois Midland
1,886
68
3,355
Maryland
30
Central Western District—
Atch. Top. A Santa Fe System.
Alton
12,619
Norfolk A Portsmouth Belt Line
Virginian.....
Total.
Western Pacific
Total
Southwestern
District—
Alton A Southern
171
137
140
4,932
Burlington-Rock Island*
177
124
146
321
191
216
139
288
194
3,808
Fort Smith A Western
Gulf Coast Lines
3,199
International-Great Northern..
2,110
2,574
2,331
1,405
1,913
1,136
2,246
1,018
1,303
1,486
2,668
2,053
Southern District—
Group
Atlantic
A—
Coast Line
8,544
1,300
Clinchfleld
Charleston A Western Carolina
7,514
1,079
7,438
4,626
2,064
1,144
955
~
424
307
350
755
Kansas Oklahoma A Gulf
Durham A Southern
145
110
113
194
332
Kansas
Gainesville Midland
37
42
35
103
51
1,041
942
1,092
392
380
392
340
279
247
8,157
19,363
6,364
16,887
6,774
15,740
1,203
1,144
4,050
4,383
15,229
11,764
188
142
129
854
678
39,931
34,046
33,265
34,994
26,930
Norfolk
Southern
Piedmont
A Northern
Richmond Fred. A Potomac
Seaboard Air Line
Southern System
Winston-Salem
Southbound
182
A
Arkansas
158
187
2,026
1,527
City Southern
Louisiana
1,546
1,342
1,411
1,482
Group B—
Alabama Tennessee A Northern
918
1,549
1,049
Louisiana Arkansas A Texas...
206
129
98
466
309
941
Litchfield A Madison
325
334
360
909
650
Midland
743
673
650
340
184
96
73
323
196
4,353
4,407
3,616
2.544
15,618
13,282
11,959
3,197
9,344
Valley
Missouri A Arkansas
Missouri-Kansas-Texas Lines..
Missouri
Pacific
40
64
Quanah Acme A Pacific
St. Louis-San Francisco
St. Louis Southwestern
33
183
7,460
16
15
118
115
93
119
103
8,274
2,666
7,727
5,435
2,648
7,647
2,354
6,993
4,912
4,695
2,151
3,266
4,154
18.014
3,484
1,620
2,155
6,225
1,703
6,401
5,074
1,542
14,219
237
261
178
78
84
31
24
18
58,212
51,666
46,412
Texas A New Orleans
284
182
201
133
123
Texas A Pacific
699
Atlanta Birmingham A Coast..
Atl. A W. P.—W. RR. of Ala..
Central of Georgia
1,936
994
2,580
3,541
Natchez A Southern
Total
272
571
666
804
637
787
657
576
1,193
3,978
3,635
3,107
1,433
2,742
Terminal RR. Assn. of St. Louis
Wichita Falls A Southern
2.484
Weatherford M. W. A N. W__
Columbus A Greenville
420
323
246
298
272
Florida East Coast
932
720
868
776
764
2,527
3,288
and
Note—Previous year's figures revised,
the Michigan Central RR.
"Annalist"
Prices
Weekly
*
Index of
Again Advances
to
Previous figures.
Wholesale
a
a
Total
Not available.
Commodity
the
more
prices continued last week,
led by
advancse
were moderate for the most
part.
The "Annalist" Weekly
Index of Wholesale Commodity Prices made another
six-year
high mark, advancing to 132.0
Dec. 1.
on
on
Dec. 8from 131.6 (revised)
The "Annalist" continued:
The gains were greatest in hogs, wheat and
rye, cottonseed oil, rubber
finished steel.
Tin, wool, butter, cocoa and coffee also advanced,
while corn, eggs, steers,
bananas, potatoes and silk lost ground.
THE ANNALIST WEEKLYINDEXOF WHOLESALE COMMODITYPRICES
Another advance marked the trend of wholesale commodity
prices during the week ended Dec. 5, according to an an¬
nouncement made Dec. 10
...
133.1
an
advance in each of the past six weeks and now stands
83.0% of the 1926
average,
Dec.
1, 1936
X132.7
Dec. 10, 1935
122.7
129.3
129.1
*122.0
X122.5
119.1
166.9
166.9
169.8
Metals
118.7
above the low of this year, which was reached
week ended May 16.
The Bureau continued:
Building materials
136.2
rose
materials
and
change.
lighting
Wholesale
prices
creased 1.1%
117.9
111.5
111.8
111.8
111.8
articles and
97.7
97.7
98.4
90.9
90.5
84.9
132.0
*131.6
129.2
78.0
*77.7
76.7
*
old dollar basis...
was
miscellaneous
of semi-manufactured
raw
some
extent.
x
Revised.
no
articles
and
materials
are
raw
materials
in¬
Finished products
The index numbers of semi-manufactured
the highest since June,
1930.
The index for non-agricultural commodities, as shown by the group "all
commodities other than farm products," rose 0.4% during the week, and
that for the industrial group, "all commodities other than farm products
and processed foods," increased 0.2%.
Preliminary,
commodities—showed
registered by the farm products group,
and 1.0% respectively during the week.
Miscellaneous
on
and
which advanced 1.4% over the preceding week.
Chemicals
All commodities
during the
above the level of the preceding week and two—
The largest increase
also advanced to
All commodities
the level for October, 1930.
Since the fourth week in October, wholesale prices show a
increase of 2.3%.
The current level is 6.3%
cumulative
fuel
Fuels
Textile products
by the Bureau of Labor Statistics,
United States Department of Labor.
With a rise of 0.5%
for the current week, the Bureau said, the index has shown
commodity prices
Farm products
Food products
•
Eight of the 10 major groups used by the Bureau in classifying wholesale
(1913=100)
Dec. 8, 1936
47,679
Increases in
Wholesale
Commodity Prices
During Week Ended Dec. 6 Noted by United States
Department of Labor
at
and
37
60.366
Further
New High Mark During
speculative commodities, although the
36
b Includes figures for the Boston A Albany RR., the C. C. C. & St. Louis
Week Ended Dec. 8
The upward trend of
*
1.1% and 3.5% respectively
over the
These two groups have increased
corresponding week of 1935.
Financial
143
Volume
increases in the prices of barley, corn, rye,
In the farm products group
choice calves and steers, hogs, ewes, lambs, live poultry
New York, cotton, apples, peanuts, sweet potatoes, white potatoes at
wheat, good to
at
Boston and
New York, and wool more than offset decreases
in the prices of
live poultry at Chicago, eggs, lemons, oranges,
Chicago.
Bach group shared in the rise.
The
index of
of the Federal Reserve
Board of Governors
the
System advanced to 93%, the highest level since the middle
of 1931.
The index for the last two months and for No¬
vember, 1935 is shown below:
at
white potatoes
reached
whole stands at 86.7, the highest point
index for the group as a
since June, 1930.
Adjusted for seasonal variation
materials rose 0.7% above the preceding
week,
increased
1926 average.
This rise was due to
steel, yellow pine lath, chestnut, cypress
of structural
prices
Douglas fir sheathing and drop siding, Ponderosa
and shingles,
lumber
butyl acetate, china wood oil, rosin,
Average prices of floor tile,
yellow pine flooring, turpentine and sewer pipe declined.
The
present level of building material prices is the highest since July, 1930.
Higher prices of denatured alcohol, copra, coconut oil, corn oil, palm
niger oil, soy bean oil, menthol, and ground bones caused the chemicals and
drugs group to rise 0.7% despite decreases in palm kernel oil and phenol.
California red wood, spruce,
pine,
91
and for the first 11 months of
Total sales for November were 8% larger
the year 11% larger than in the
82
stated:
Under date of Dec. 10 the Board also
bringing the index to 88 4% of the
90
99
93
104
-
Nov.
Oct.
Nov.
1923-1925 average =100
Index of department store sales
Without seasonal adjustment
The index of building
1935
1936
fair to good steers,
cows,
and
3749
Chronicle
corresponding periods of 1935.
REPORT BY FEDERAL
RESERVE DISTRICTS
gravel, sand, wire nails and cast iron pipe.
wall tile,
Because of increased prices of many iron
and steel items, a slight increase
prices of agricultural implements, and an advance
in the average
in the
moved up 0 6%
Pig tin, which had advanced in the week ended Nov. 28,
price of antimony, the metals and metal products group
during the week.
declined slightly during the week ended Dec. 5.
fe&The foods
in
the
of butter,
and New York.
increased in price were bacon, fresh and
coffee, lard, raw sugar and edible tallow.
grits, white corn meal, and dressed poultry in Chicago
which
the food items
Among
cured pork, veal, cocoa beans,
and vegetables, meats and other foods
The subgroups of fruits
advanced
goods moved the index of the textile products group 0.4%
advanced
due
fractionally
Federal Reserve Districts—
%9
+10
55
33
+8
+9
56
29
prices for work
and cotton thread decreased
The index—99.4—
An increase was
subgroup, but the sub¬
group of leather moved slightly downward.
No change was shown in
average prices of the shoes and other leather products subgroups
A small increase in the price of bituminous coal, while other prices were
remaining unchanged, was insufficient to affect the index of the fuel and
slightly.
4.9% above the corresponding week of a year ago.
^
lighting materials group.
sulphite
woodpulp and crude rubber were offset by a decline in the price of middlings
so that the index of the miscellaneous commodities group remained at the
same
level
as
The index
cottonseed meal, linseed meal, chemical
that of the preceding
of
the
week.
Bureau of Labor
Statistics includes 784 price
series
in the country's markets
and is based on the average for the year 1926 as 100.
The following table shows index numbers for the main groups of com¬
modities for the past five weeks and for Dec. 7, 1935, Dec. 8, 1934, Dec. 9,
weighted according to their relative importance
1933 and Dec. 10,
+ 10
+ 14
+ 14
30
11
53
27
26
18
Philadelphia
Cleveland
+5
+ 10
Atlanta
+ 11
+ 14
Chicago..
+ 13
+ 13
68
29
20
St. Louis
+8
+ 11
37
Minneapolis
+3
+9
44
22
14
+5
+8
21
+ 13
+ 19
22
11
+2
+ 10
102
40
+8
+ 11
547
268
Kansas City
Dallas
San Francisco
»
day this year than Jast year,
as
In most cities the month had one less business
and In November this year there were four Saturdays
November figures preliminary;
compared with five a year ago.
Electric
Output
for
Ended
Week
Dec.
statement,
productionfof electricity by the electric
light and power industry of the United States for the week
ended Dec. 5, 1936, totaled 2,243,916,000 kwh., or 13.9%
above the 1,969,662,000 kwh. produced in the corresponding
Edison
The
Electric vdnstitute,* in its weekly
week of 1935.
the highest ever reached
compilation of these figures started.
Electric output during the week ended Nov. 28 totaled
2,133,511,000 kwh.
This was a gain of 13.7% over the
1,876,684,000 kwh. produced during the week ended Nov. 30,
1935.
The Institute's statement follows:
The current week's output was
since the
'
'
-
PREVIOUS YEAR
PERCENTAGE INCREASE OVER
Dec. 5, 1936
Nov.
Week Ended
Week Ended
Week Ended
Week Ended
Regions
(1926=100.0)
1936,
5,
Mark
disclosed that the
Major Geographic
1932:
_
14
+7
33
above the previous
registered during the week by the hides and skins
Increases in the price of
of
New York
Establishes New All-Time High
The hides and leather products group rose
was
Included
Boston
week.
in price during the
Reporting
higher
to
Canton raw silk, certain silk yarns,
trousers.
Cities
to Nov. 30
November*
Total
caused the index of the
housefurnishing goods group to rise 0.5% over the preceding week.
A fairly general increase in prices of cotton goods and woolen and worsted
Clothing
Stores
* of
Advancing prices of carpets and felt mattresses
week.
Number
Jan. 1
foods declined.
and dairy products and cereal
Number
from a Year Ago
Richmond
0.5% during the week notwithstanding declines
cheese, evaporated milk, wheat flour, hominy
group rose
prices
Percentage Change
Nov.
28,1936
21,1936
14,1936
Nov.
•
New England
Dec.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
5,
28,
21,
14,
7,
7,
8,
1936
1936
1936
1936
1935
1934
9,
1933
10,
1936
Commodity Groups
11.8
11.1
10.0
8.3
Middle Atlantic
13.8
13.3
12.8
11.6
Central Industrial
16.8
16.3
14.6
13.8
7.6
8.3
83.0
82.6
82.4
82.0
81.3
80.9
76.7
70.9
63.1
Farm products
86.7
85.5
85.2
85.5
84.2
79.1
71.7
56.0
84.8
84.4
84.5
83.5
82.6
86.4
74.9
63.3
58.7
99.4
99.3
98.3
96.8
96.2
94.8
85.0
89.0
74.6
74.3
73.5
72.4
71.7
72.9
69.3
75.9
77.6
77.6
77.5
77.4
77.4
75.9
76.0
74.6
87.5
87.3
87.1
86.5
86.4
85.4
83.3
79.4
Building materials.
88.4
87.8
87.8
87.7
87.5
85.4
85.1
85.3
70.6
Chemicals & drugs.
83.3
82.7
82.5
81.9
81.6
80.7
77.8
73.6
Housefurn'g goods.
83.6
83.4
83.4
83.3
82.2
82.4
81.8
Rocky Mountain
10.8
12.3
16.0
8.2
9.2
8.4
6.5
13.7
12.4
11.9
73.5
63.3
18.0
12.3
72.3
84.0
14.3
71.6
88.0
18.1
52.8
Fuel & ltg. materials
18.8
70.8
products-..
10.3
44.7
Foods
West Central
Southern States
1932
8.0
All commodities-
Hides
and
Pacific Coast
products
Textile
and
Metals
Miscellaneous
74.1
74.1
73.9
73.5
72.0
67.4
71.0
65.6
Raw materials
84.0
83.2
83.1
83.0
82.1
X
X
X
X
Semi-mfd. articles..
81.0
80.1
79.5
78.7
76.8
X
X
X
X
Finished products-.
All com'dities other
83.2
82.9
82.8
82.4
81.9
X
X
X
X
t than farm prods.
All com'dities other
82.2
81.9
81.3
81.8
80.7
77.8
74.1
67.1
Oct.
3...
Oct.
10...
80.8
81.2
81.5
81.7
and foods
80.3
17...
Oct.
24...
31
2,175 ,810
78.9
78.3
77.6
69.6
2,243 ,916
Dec.
19...
Dec. 26...
Sales Reach Year's Peak
new
a
high
level
compares with a
for the group and
figure of 113.8 in October and 105.0 in November, 1935.
The index for the drug chain group in November advanced
to
129.0, which is also a new high level, from 127.0
The index in November, 1935, was 118.9.
in Octo¬
ber.
99.5
October and 92.4
Preliminary index figures for the grocery group was
in
November
as
compared with 99.2 in
is
the
130.0
shoe
as
group
against
for November
114.5 in November
the preliminary index
145 in October and
The
1930
1929
1,711
1,724
1,729
1.819
1.806
1,583
1,525
1,653
1,656
1,647
1,652
1.628
1,617
1,621
1,532
1,475
1,510
1,519
1,663
1,554
1,415
913,684 + 13.4
1,677
1.669
1,676
938,560 + 11.9
953,119 + 12.4
876.684 +13.7
969,662 +13.9
1,691
1,617
1,705
1,684
1,743
1,608
1,554
1,767
1,788
1,644
1,650
895,817 + 14.3
897,180 +14.7
RECENT MONTHS
1,619
1,657
1,539
1,508
1,528
1,533
1.623
1,655
1,600
1.671
1.672
1,676
1,565
1.624
1,799
1,824
1,816
1,747
1,741
1,728
1,713
1,722
1,672
1.747
1.748
1,770
1,617
1,798
1,794
1,818
1,718
1,806
1,841
1,860
1,638
(THOUSANDS OF KWH.)
P. C.
Month
V fm
of—
Jan
Feb
March
.
April...
May—
June
July...
August.
Sept
—
8,664.110
8.025,886
8.375.493
8.336,990
8.532,355
8.640,147
9,163,490
9.275.973
9,262,845
Oct
Dec
1935
7,762,513
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
Ch'ge
-
(-11.6
-13 9
-11.7
-12.9
(-13.1
(-16.7
-
(-17.5
j
-14.8
(-18.8
1933
6,480,897
7,056,116
7,116,261
7,309,575
6.832.260
7,384,922
7.160,756
7,538,337
6,809,440
7,058,600
7,218.678
5,835,263
6,182,281
6,024,855
6.532,686
6,931.652
7,094,412
6,831,573
7.009,164
1932
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
1931
7,435,782
6,678,915
7,370,687
7,184,514
7,180,210
7,070,729
7,288,576
7,166,086
7,099.421
7.331,380
6,971.644
7,288.025
85,564,124 80,009,501 77,442,112 86,063,979
93,420,266
Total.
1934
7.131,158
6,608,366
7,198,232
6,978,419
7,249,732
shown above are based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Note—The monthly figures
last year.
group
"J I
ifATAvFOR
Nov
in November last year.
For
1931
1.506
of November sales for a group
department chains regularly reviewed advanced
to 116.8 of the 1929-31 average for the month as 100.
This
of 5-and-10
is
1932
1,646
1,619
1,619
1,622
.847,264
5...
7...
1933
1,659
1,657
1.668
983,431
002,005
Nov. 28...
2.169 ,480
2,169 ,715
2,196 ,175
2,133 ,511
Dec.
Store Age" index
867,127 + 16.1
863.086 +16.5
Oct.
Nov. 14...
Not computed.
"Chain
2.169 ,442
2.168 ,487
Dec. 12...
November Chain Store
863,483 +16.4
2.170 ,127
2,166 ,656
.
1934
1935
1936
Nov.
Years
Kilowatt-Hours
Ch'ge
Oct.
81.3
in Millions of
P. C.
of
—
WEEKS
Weekly Data for Previous
(In Thousands of
Kilowatt-Hours)
Week
Nov. 21...
than farm prods.
x
13.9
.
DATA FOR RECENT
metal
products
l
Total United States
leather
for the apparel
October. A year ago
preliminary figures indicate an index
of 128 as compared with 123 in
it was 108.
On
the
basis
of the
above
individual group figures the
Indexes of Business
Activity of Federal Reserve Bank
York—Distribution of Goods During First
of
November ^Compared
Favorably with
preliminary composite index for all groups in November
was 110.8, which is a new high point, as against the revised
of New
index of 109.5 in October.
October
Half
Rate
"During the first hah of
Usual Gain in Department Store Sales
from October to November Reported by Board of
Governors of the Federal Reserve System
Larger than
October to No¬
and the seasonally adjusted
Department store sales increased from
vember, on a daily average basis,
November, the distribution of
goods compared favorably with the October rate, according
to the limited amount of data available," said the New York
Federal Reserve Bank in presenting its monthly indexes of
business activity in its "Monthly Review" of Dec. 1.
The
Bank continued:
3750
Financial
Reports to the Department of Commerce from 37 cities throughout the
country indicate expansion in wholesale and retail trade, as demand for
winter
apparel
conditions.
and holiday
have advanced
appear to
goods
was
stimulated
In the New York metropolitan
area
by favorable weather
department store sales
than seasonally to the highest level after
more
seasonal adjustment in almost five years.
Considerably less than the usual
seasonal
curtailment occurred in railroad shipments of bulk commodities
and of merchandise and miscellaneous freight,
reflecting in part shipments
of goods by rail
instead of by water owing to the shippping strike, and
increased loadings of supplies and new cars for the automobile
industry.
Prior to 1935, the first year in which new automobile models were
generally
announced
in
the
the movement
autumn,
of goods
connected
with
the
Chronicle
Dec.
1936
12,
October 1936, raw silk from 7,699,000
pounds, valued at $ll,777,000ito
5,995,000 pounds valued at $9,658,000; coffee from 163,258,000
pounds,
valued at $11,392,000 to 121,485,000
pounds, valued at $8,967,000; tallow
from $947,000 to $59,000; hides, furskins and leather from
$10,448,000 to
$9,039,000 and copper from $3,462,000 to $1,637,000.
Export ? of gold amounted to $117,000 compared with $42,000 in
Septem¬
ber 1936 and $76,000 in October 1935.
Imports of gold amounted to
$218,929,000 compared with $171,866,000 in
^.mber 1936 and $315,-
424,000 in October 1935.
Silver exports amounted to $268,000
compared
$204,000 in September 1936, and $260,000 in October 1935.
Silver
imports amounted to $26,931,000 compared with $8,363,000 in September
1936 and $48,898,000 in October 1935.
with
automobile industry was relatively small in November.
October indexes of business activity
are
(Adjusted for seasonal variations, for usual
MERCHANDISE TRADE BY MONTHS
shown below:
Exports,
Including
Re-exports,
General
Imports,
and
Balance
of
Trade
year to year growth, and where necessary
'
for price changes)
October
10 Months Ended. Oct.
Increase (+)
Decreased—)
Exports and Imports
Oct.
Aug.
1936
1935
Sept.
1936
1935
Oct.
1936
1936
1,000
and
miscellaneous
67
.
73
74
1,000
1,000
80
51
76
88
88
78
Excess of exports
Excess of imports
Dollars
1,997,681
1,977,589
+ 208,114
52,707
98,435
20,092
72
74
75
72
68
68
85
96
96
96
86
92
97
101
Advertising
60
65
65
New passenger car registrations
Gasoline consumption
82
90
102
92
88
90
63
65
66
67 p
45
39
41
41
65
70
67
68
40
42
40
Month
69
91p
or
Period
1931
1933
1934
1935
1936
1,000
1,000
1,000
1,000
1,000
Dollars
Re-exports—
January
1932
1,000
Exports, Including
Dollars
Dollars
Dollars
Dollars
Dollars
Velocity of demand deposits, outside N. Y. City
Velocity of demand deposits, New York City
42
February
249,598
224,346
March
General Business Activity—
Bank debits, outside New York City
Bank debits, New York City
235,899
April
215,077
203,970
187,077
180,772
164,808
180,228
204,905
193,540
184,070
May
June
July
New life insurance sales
60
52
55
54
Factory employment, United States
Building contracts
88r
95r
95r
96p
42
57
46
44
New corporations formed in New York State
October
58
56
50
58
November
General price level*
148
156
1 56
189
194
191
193p
10
141
143
144
143p
12 mos. ended Dec— 2,424,289
150,022
153,972
154,876
135,095
131,899
114,148
106,830
108,599
132,037
153,090
138,834
131,614
120,589
August
September
December
* 1913 average=100, not adjusted for trend.
mos.
ended Oct— 2,046,680
March
Trade
in
October—Imports
and
Exports
April
at
Washington
on
Department of Commerce
Dec. 1 issued its statement
on
trade of the United States for October and the
ended with October,
1931.
In
The report
October
United
mately 20% in value
2%.
The gain in
is
the
foreign
10 months
with comparison by months back to
follows:
as
—.
August
September
October
November
December
10 mos. ended Oct...
exports of merchandise increased approxi¬
September 1936, while imports declined about
of seasonal
Exports of United
States Merchandise and
(goods entered for storage in bonded warehouses, plus
entering merchandising channels immediately upon arrival in the
United States) amounted to $212,001,000 in
October, compared with
$215,659,000 in September 1936, and $189,357,000 in October 1935.
Imports for consumption (goods entering merchandising or consumption
channels immediately upon arrival, plus withdrawals
from bonded ware¬
houses for consumption) amounted to
$212,643,000 in October, compared
$218,382,000 in September 1936, and $189,806,000 in October 1935.
October
1936,
merchandise
compared
October 1935.
merchandise
of
with
exports
net
a
amounted
to
balance
of
export
For the 10 months ending October there is
exports
amounting
to
$20,092,000
$52,707,000 in
$31,939,000
a
in
net balance of
compared
with
the
net
October
Compared with October of last
due
to
187,482
192,774
198,701
202,799
191,217
190,396
194,181
192,379
215,659
212,001
larger shipments
of
year, the increase in exports was
unmanufactured
cotton
and
for Consumption
1936
Imports for consumption
Month
or
Period
Oct.
Increase (+)
1,000
1936
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
218,184
189,806
261,931
212,643
1,754,892
1,696,318
1,966,640
1,979,925
+ 211,748
1934
1935
1936
1,000
1,000
1,000
1,000
Dollars
Merchandise—
1933
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
February
245,727
220,660
March
231,081
April
.
+283,607
1932
1,000
January
210,061
199,225
182,797
177,025
161,494
177,382
201,390
190,339
180,801
....
May
June
July
October
and
November
of
Ended.
1931
Exports—U. S.
mainly
tobacco
Mos.
1935
Dollars
Exports (U. S. rndse.)..
September
machinery, vehicles, and iron and steel
10
Decreasei—)
1935
August
export balance of $98,435,000 in the
corresponding period of 1935.
manufactured articles, particularly
Imports
Exports and Imports
1,000
General imports
goods
balance
128,541
133,518
166,832
152,491
177.356
170,500
170,533
156,754
176,631
169,030
161,647
189.357
169,385
186,968
influences,
October 1935.
net
135,706
132,753
158,105
146,623
154,647
136,109
127,229
119,513
131,658
129,635
150,919
132,258
States
over
exports was largely the result
Exports, including reexports, amounted to $264,708,000 in October 1936,
compared with $220,149,000 in September 1936, and
$221,296,000 in
The
96,006
83,748
94,860
88,412
106,869
122,197
142,980
154,918
146,643
150,867
1,787,382 1,121,219 1,187,500 1,371,878 1,691,132 1,977,589
2,090,635 1,322,774 1,449,559 1,655,055 2,047,485
12 mos. ended Dec—
while the decline in imports was
contrary to the usual seasonal movement.
with
135,520
130,999
131,189
126,522
112,276
110,280
79,421
91,102
98,411
105,499
104,468
97,087
185,706
179,694
173,455
174,460
166,679
170,384
168,708
149,480
153,773
May
June
July
The Bureau of Statistics of the
198,564
182,024
195,100
192,791
200,752
185,404
179,968
178,221
220,149
264,708
1,340,568 1,298,099 1,767,435 1,789,567 1,997.681
1,611,016 1,674,994 2,132,800 2,282,874
183,148
174,946
210,202
February
Foreign
176,223
163,007
185,026
164,151
165,459
170,244
173,230
172,126
198,803
221,296
269,838
223,469
General Imports—
January
Country's
172,220
162,752
190,938
179,427
160,197
170,519
161,672
171,984
191,313
206,413
194,712
170,654
101,515
108,015
105,217
114,203
119,790
144,109
131,473
160,119
193,069
184,256
192,638
156P
Composite index of wages*
Cost^of living*
Revised.
+286,457
87 p
70
Other chain store sales
Mail order house sales—
Dollars
1,789,567
1,691,132
53
73
70
grocery sales
r
1,000
Dollars
264,708
212,001
31,939
Imports
77
51
72
Distribution to Consumer—
Preliminary,
1,000
Dollars
221,296
189,357
Exports
78
72
68
Department store sales, United States
Department store sales, Second District
V
1936
Dollars
Primary Distribution—
Car loadings, merchandise
Car loadings, other
Exports
Imports
Chain
1935
December
146,906
151,048
151,403
132,268
128,553
109,478
104,276
106,270
129,538
151,035
136,402
128,975
118,559
99,423
106,293
103,265
111,845
117,517
141,573
129,315
157,490
190,842
181,291
189,808
169,577
159,617
187,418
176,490
157,161
167,902
159,128
169,851
188,860
203,536
192,156
168,442
173,560
160,312
181,667
160,511
159,791
167,278
167,865
169,683
196,040
218,184
267,258
220,931
195,689
179,381
192,392
189,569
196,999
181,097
176,584
175,462
217,534
261,931
products.
Exports of unmanufactured cotton increased from 390,755,000
pounds, valued at $45,871,000, to 471,166,000 pounds, valued at
$58,402,000 and unmanufactured tobacco from 60,488,000
pounds, valued at
$23,665,000, to $66,238,000 pounds, valued at $26,180,000.
Among the manufactured exports, there were moderate increases, com¬
pared with October of last year, in electrical apparatus, office
appliances, and
printing machinery while exports of industrial machinery increased from
$11,097,000 to $15,243,000; agricultural machinery and implements from
$2,244,000 to $4,274,000; passenger automobiles from
$3,804,000 to $6,-
10 mos. ended Oct.
2,006,842 1,310,775 1,276,122 1,739,538 1,754,892 1,966,640
2,377,982 1,576,151 1,647,220 2,100,135 2,243,081
12 mos. ended Dec.
Imports for
Consumption—
'>-1
January
November.
183,284
177,483
205,690
182,867
176,443
170,747
174,559
168,735
174,740
171,589
152,802
December
149,516
February
March
April
May
.....
June
055,000, aircraft including parts from $996,000 to $2,389,000, and iron and
steel manufactures from $10,287,000 to
$14,132,000.
The October increase
August
in
September
passenger
the
new
automobile exports
models and
demand, which
than in the
so
was
not
was
associated
primarily
with the change over to
a reflection of an increased
foreign
far during the current year has been
only slightly larger
rresponding period of 1935.
In the
10 months
ended
October.
1935, passenger automobile exports amounted to 132,540
units,
valued at $74,032,000 and in the
corresponding period of 1936 to 135,346
10 mos. ended Oct.
GOLD AND
Other commodities to be exported in
considerably larger value in October
1935 were dried and evaporated
undressed
furs,
130,584
123,176
112,611
112,509
79,934
93,375
102,933
104,662
105,295
95,898
medicinal
and
pharmaceutical
preparatipns,
dollars.
beverages,
grains and
newsprint,
alcoholic
tin
and
SILVER BY
with
those
beverages being largest in terms
in
un¬
October
10
212,643
■i
decline
were
Mos.
Ended
Oct.
Increase (+)
Decreasei—)
1936
1935
1936
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
—328,904
Gold—
Exports
76
117
of actual
Imports
315,424
218,929
1,548
1,339,990
27,308
1,011,085
315,347
218"812
1,338,442
983",778
81,487,000 pounds, valued at
$9,084,000 in October, 1935, and 91,761,000 pounds, valued at $14,128,000
a
1935
crude
in October, 1936; while grains and preparations increased
from $8,191,000 to
$12,929,000 and alcoholic beverages from $4,642,000 to
$7,491,000.
Imports of the other items listed above ranged, in each case, from
roughly
$1,000,000 to $1,500,000 more in value than in October 1935.
expressed vegetable oils, (edible
and inedible) which fell from $6,640,000 in October
1935 to $4,449,000 in
199,796
188,529
193,631
196,583
200,095
218,382
MONTHS
Exports and Imports
feeds,
crude rubber, flaxseed,
fertilizers,
Crude rubber imports amounted to
Among imports to show
149,470
126,193
189,590
194,296
chemical
In the import trade, noteworthy gains were made
by meats, grains,
and nuts, cocoa, alcoholic
fruits
rubber,
125,269
127,170
186,377
Exports, Imports, and Net Balance
-
wool,
149,288
124,010
117,262
149,893
137,975
168,482
152,246
175,485
166,070
166,756
155,313
173,096
180,381
168,683
189,806
162,828
179,760
fruits, lard, fish,
specialties, paints, glass and glass products, and crude petroleum
Included among these commodities
exported in smaller value than in
October 1935, were fresh apples, canned
fruits, and coal-tar products.
manufactured
91,893
88,107
109,141
123,931
141,018
152,714
147,599
128,976
125,047
153,396
141,247
147,467
135,067
1,786,137 1,123,900 1,180,574 1,360,340 1,696,318 1,979,925
2,088,455 1,325,093 1,433,013 1,636,003 2,038,905
12 mos. ended Dec.
$76,839,000.
1936 than in October
92,718
84,164
with
October
units valued at
July..
134,311
129,804
Excess of exports
Excess of imports
+25,759
Silver—
Exports
260
268
Imports
48,898
26,931
17,520
246,863
2,318
176,099
48,637
26,663
229" 343
173" 781
Excess of exports
Excess of imports
—15,202
—70,764
Volume
Financial
143
Dividend Payments in 1936 by Companies of
Oil Group 40% Above 1935—Estimated
Silver
Gold
or
1933
1934
1935
1936
1933
1934
1935
1936
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
363
338
1,551
859
253
46
23,637
2,315
209
734
269
665
1,425
1,2#
1,661
3,128
1,593
1,638
2,404
1,789
12,885
203
1,717
197
Period
Dollars Dollars
Exports—
14
January
4,715
51
21,521
""*4
28,123
16,741 I,+T*>837
22,925
1,780
4,380
6,586
114
85,375
81,473 F14.556
58,282 *22,255
34,046
2,173
310
2,957
140
10,815
February
March
April
May
June
July
August
September
October
November
December
51
193
49
5
235
166
77
343
59
695
102
32
86
42
76
117
2,572
7,015
3,321
2,281
242
464
170
590
27,308
17,987
19,041
149,755 45,981
122,817
7,002
13,543
7,795
148,670 28,106
140,065 169,957
230,538 277,851
52,460
16,287
16,074
51,781 46,085 67,524
3.585 156,805 171,866
13,010 315,424 218,929
121,199 210,810
92,249 190,180
1,763
4
52,309
52,759
1,548
1,960
141
237
535
|1,547
138
2,009
1,472
204
260
268
13,840
16,551
352,880
end. Dec 366,652
mos.
62
1,741
1,424
1,162
1,698
1,014
10 mos.end. Oct
12
540
,
*
143
512
769
2,318
17,520
18,801
Imports—
128,479
1,947
30,397 452,622
14,948 237,380
6,769 54,785
1,785 35,362
1,136 70,291
January
February
March
April
May
June
1,497
1,085
1,545
1,696
2,174
1,687
July
August
September
October
November
December—..
10
mos.
12
mos.
end. Oct
189,336 973,223 1339990 1011085
end. Dec 193,197 1186671 1740979
855
1,693
1,520
5,275
15,472
5,386
11,602
3,494
4,106
4,083
4,977
of
ments
1,000
Month
3751
Chronicle
3,593 *19,085 *58,483
2,128 16,351 .17,536
1,823 20,842 *8,115
1,955 11,002 14,490
4,989
4,435 13,501
10,444 23,981
5,431
2,458 30,230 I 6,574
21,926 30,820 16,637
20,831 45,689 I 8,363
14,425 48,898 •26,931
15,011 60,065
8,711 47,603
51,165 79,004 246,863 176,099
60,225 102,725 354.531
(Corporate) Profits During Third Quarter of
Earnings of 229 Companies Reported
66% Above Same Period Year Ago by New York
1936—Net
Federal
Reserve Bank
In its
"Monthly Review" of Dec. 1, the Federal Reserve
expansion in
volume of business in the July to September quarter of this
year,
which in the case of basic industrial production
amounted to 23% over a year ago, was again accompanied by
large percentage increases in business profits.
For a list
of 229 industrial and mercantile concerns, which issue in¬
terim earnings reports, third quarter profits were 66%
larger than in the corresponding period of last year and 19%
above the third quarter profits of 1930, but remained 41%
less than in 1929," according to the Bank, which went on
to
say:
said:
Larger distributions this
companies, which
just beginning to show net profits a year ago, and other large per¬
were
increases
centage
were
reported
by
the shipping,
accessories
shown .in
well
as
better from
did
a
profits viewpoint than in the third
Net profits
of the
same
229 companies for the first nine months of 1936
65% larger than in 1935, but were 4% less than in 1930, and 39%
1930 profits were
shown by the automobile, clothing and textile, and metals and mining
groups, and smaller increases were shown by seven other groups, but no
group had profits exceeding those of the first nine months of 1929.
The
proportion of individual companies reporting net losses was reduced to 10%
below 1929.
For this period, considerable increases over
of the total in 1936 from
23% in 1935.
Standard Oil Co. of New Jersey's distribution
000
$2
or
share this year will be the highest of any member of the group
a
and includes regular semi-annual dividends
deficits
of this year, earned a mod¬
income, after payment of fixed charges,
of net
amount
previous two years, and this gain,
in the
a
distributed
a
as
against
following marked im¬
Standard Oil Co. of Indiana will distribute approximately
a
or
4-75ths
share
$36,517,623,
Regular quarterly dividends of 25c.
largest total of the group.
supplemented this year by extras of 15c., 25c. and $1 a share,
were
respectively, In the second, third and fourth quarters or a total of $2.40 per
share, compared with only the regular $1 annual rate in
1935.
Socony-Vacuum Oil Co., in addition to the semi-annual payments of
20c. and 25c.
share In March and September, respectively declared a
a
special dividend of 25c.
a
share payable in December.
000
30c.
or
exceeded
a
share paid last year.
Its disbursement of
is more than double the $9,345,-
about $21,805,000 or 70c. a share this year
Although Socony's total payments were
Petroleum
by those of International
Co., Ltd., and Imperial
Oil, Ltd., these companies have paid the same dividends this year as they
International Petroleum's dividends of $2.50 a share will
paid in 1935.
total $36,310,000, while the
$1.25
a
share on Imperial Oil will approximate
$33,706,000.
Oil Co.
of California in
extra dividend of 5c. a share in
of 25c.
each
quarter this year has paid an
addition to the regular quarterly dividend
share, compared with only the regular annual dividend of $1 last
a
Humble Oil & Refining in the last two quarters supplemented its
year.
$1.25
a
4
share in 1935.
Other leading companies to pay more
Oil Co., 60c. a share compared with
this
year
than in 1935 were Ohio
30c. last year; Standard Oil of Ken¬
tucky, $1.35 a share against $1.25; and Atlantic Refining Co., $1.25 a
In addition to its common dividends
compared with $1 in 1935.
Atlantic Refining has paid two quarterly
dividends on the preferred stock
it issued this year.
South Penn Oil Co. declared
a
final quarter extra dividend of 52Kc. a
share in addition to the regular quarterly dividend
of 37Mc.
a
share, which
together with the payments previously made this year bring total dividends
by South Penn in 1936 to $2.60 a share compared with $1.35 a share in 1935.
Chesebrough Manufacturing Co.'s final quarter extra dividend of $1.50 and
by this company in 1936 as against $6.50 a share in the preceding year.
Standard Oil Co. of Ohio resumed dividend payments on its common
stock this year
after
a
lapse since January, 1933.
Its recent final quarter
declaration of an extra dividend of $1.25 a share in addition to the regular
quarterly of 25c. a share bring total payments in 1936 to $2 a share. Stand¬
ard Oil Co. of Nebraska also resumed dividends with a payment of 25c. a
Net operating income before payment of fixed charges
previous years.
share
54% less than in 1929.
December with a payment of
Net operating income
17% larger than
of telephone companies for the first nine months
Net income of other public utilities was
a year ago.
15% larger than last
but was 22% smaller than in 1930 and 25%
year,
this
while Creole Petroleum,
during the first nine months of 1936 remained 33% less than in 1930 and
year,
In the pipe
i
(Net Profits in Millions of
Dollars)
this year
than in 1935, while Southern Pipe Line Co. and Northern Pipe
First Nine Months
Automobiles
89.6
Automobile parts and
1935
1936
1929
1930
1935
22.2
25.3
33.4
48.9
307.7
145.0
132.4
227.0
5.7
6.4
11.4
79.0
36.1
36.2
46.0
4.7
1.9
4.2
20.4
12.7
3.2
8.7
30.7
32.2
43.3
124.6
100.2
81.5
117.2
2.0
Clothing and textiles
...
Electrical equipment
Food and food products
1935
1934
8.2
Chemicals and drugs
Third
Fourth
Quarter
Quarter
Quarter
$19,872,088
*18,122,737
24,312,981
32,406,332
46,801,053
63,101,797
1936
43.1
Buildingjsupplies
Second
Quarter
1936
ac-
► cessories (excl. tires)
Coal and coke
1930
1936 than in the preceding year.
disbursements in recent years follows:
First
Year
1929
which initiated dividends last
share, has paid 50c. a share this year.
The record of quarterly
Third Quarter
Corporation Group
a
Pipe Lines, Indiana Pipe Line Co. and New York Transit disbursed more
'
.'
20c.
line group, Buckeye Pipe Line Co., South West Pennsylvania
Line Co. paid less in
1929.
'
of Mission Corp.
several
income for the first nine months instead of the deficits shown for
less than in
totaled $32,304,000, the company also
stock dividend of 1,399,345 shares
a
share of Mission for each share of Standard of New Jersey.
earnings in the first half of the year resulted in some net
provement in
was
of 50c. a share each and extras
In 1935 when
share in June and December, respectively.
its cash dividends of $1.25 a share
of
of approximately $52,400,-
regular quarterly of $1 a share will make a total of $7 a share distributed
...
The Class I railroads during the third quarter
erate
the second and
fourth quarters.
share
quarter of 1929.
were
larger members of the group are on a
the fact that several of the
as
semi-annual dividend basis with payments being made in
bringing its total payments this year to $1.50 a share as compared with
the table had larger profits than in 1930, but only the chemical
(exclusive of coal and coke), and shipping
groups
substantial
occurred also in the automobile parts and
one-half of the 20 groups of concerns
and drug, metals and mining
company
total as compared with last year,
year-end extra and special dividends declared by many of these companies
regular quarterly dividend of 25c. a share with extras of 25c. a share each,
More than
concerns.
by practically every important member
fourth quarter payments reflects the
More than the average
building supply, and machinery and tool industries.
increase in profits over last year
clothing and textile,
year
of the group account for the increased
while the sharp increase In
Standard
The largest relative increase was shown by the steel
the Standard
$239,000,627
compared with $170,113,682 in 1935, an increase of ap¬
proximately 40% and the largest for any year since 1930
when the record total of $286,526,728 was distributed,
according to figures compiled by Carl H. Pforzheimer & Co.,
New York. That year and 1929 were the only years in which
cash dividends by these companies exceeded the current
year's total. According to the firm, aggregate disbursements
of the group for the fourth quarter of 1936 are estimated at
$114,399,982, compared with $70,516,298 in the fourth
quarter of 1935 and represent the largest total of cash divi¬
dends paid by these companies in any quarterly period. In
noting the foregoing, an announcement in the matter also
the second
Bank of New York stated that "the continued
$239,000,627 Largest Since 1930
Cash dividend payments by the companies of
Oil group for the year 1936 are estimated at
of 25c. and 75c.
Business
Standard
Disburse¬
0.5
0.5
1.3
3.2
1.5
1.1
2.5
1.3
—0.2
—0.3
0.4
4.1
1.8
0.8
2.0
35.1
16.7
9.0
14.8
88.8
54.5
29.5
131.3
1932
1931
year
$29,911,506 $114,399,982 $239,000,627
70,516,298 *170,113,682
17,653,161
18,582,065
67,289,092
169,092,529
19,546,576
42,457,920
128,938,375
43,858,468
44,112,501
181,050,895
51,263,688
48,530,230 220,739,182
42.9
49.5
1933
$74,817,051
63,821,486
58,908,391
34,527,547
46,278,873
57,843,467
Totals
for
97.4
40.3
27.9
37.6
122.0
75.8
Household supplies
5.3
1.9
3.0
4.2
13.9
6.4
4.6
8.1
2.7
3.1
6.8
24.0
15.5
8.7
18.4
16.0
5.9
12.0
16.1
45.8
24.9
31.1
43.8
Does not include
1,399,345 shares of Mission Corp. distributed by Standard
6.8
Machinery and tools
*
Oil Co. of New Jersey.
Metals
and
mining (excl.
coal and coke)
6.9
3.5
3.2
3.7
21.8
14.4
10.6
12.5
51.2
26.1
18.6
29.7
113.6
67.5
39.9
67.5
Paper and paper products.
1.7
1.2
0.8
0.9
4.2
4.1
2.0
2.4
Printing and publishing
6.6
5.2
1.5
1.8
21.8
20.9
6.1
7.1
30.6
32.8
0.9
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Office equipment
Oil
Shipping
12.3
11.6
1.2
Railroad equipment
0.1
mm
mm
5.8
11.8
0.3
1.5
3.7
1.6
—1.5
2.2
29.1
241.9
142.1
7.6
62.3
33.4
2.6
3.4
2.1
0.9
1.1
8.7
5.4
2.1
2.3
18.3
14.8
8.5
12.8
53.3
39.5
21.7
32.3
466.2
232.2
165.5
275.4
1.342.4
848.9
494.2
813.1
393.3
278.7
126.3
196.6
945.3
648.2
—4.6
66.5
84.2
Steel
Tobacco
Miscellaneous
Total, 229 companies...
144 Class I Railroads—
Net operating income
*
Net Income
*
*
*
321.2
434.9
—66.2
42.8
144.7
169.8
122.7
140.6
82 Telephone Companies-
Net operating Income
*
*
48.6
66.4
37.8
43.8
*
*
Seasonal Increase Noted in Industrial Production
in October
"Volume of industrial
October and there was
payrolls,"
a
production increased seasonally in
substantial rise in employment and
according to the Board
of Governors of the
which said that "prices of a number
of industrial raw materials and finished products have
advanced."
The foregoing was noted by the Board in its
monthly summary of general business and financial con¬
ditions in the United States, based upon statistics for Oc¬
tober and the first three weeks in November.
The summary,
issued Nov. 27, said:
Federal Reserve System,
Production and Employment
54 Other Publ%c UtilitiesNet income
Deficit.
67.1
* Not„avallable.
52.4
187.7
180.9
In October the Board's seasonally
was
at
adjusted index of industrial production
109% of the 1923-1925 average, about the level of the three pre-
3752
Financial
ceding months.
Chronicle
Steel production was in larger volume that any any other
Dec.
month since 1929, and the rate of activity was sustained in the first three
crops
weeks of November.
in part the influence of higher prices.
to October.
Output of automobiles
rose
sharply from September
The increase in this period was less than a year ago, reflecting
well
and animal products has been larger than in previous years, reflecting
Activity
textile
at
mills,
which
usually
increases
output showed
further increase.
a
October,
in
declined
In the meatpacking industry
Coal production increased seasonally,
Demand for products manufactured in this District has continued active
and
between the middle of September and the middle of October.
employment
largest
general
were
factories
at
Increases In
the durable goods industries, with the
among
expansion reported
producting automobiles and
for
more
largely of
seasonal character.
a
Factory payrolls
rose
as
reported by the F. W. Dodge
a
decline
Distribution
department stores and by mail order houses serving rural area8
increased from September to October by a larger amount than is usual at
car
Variety store sales showed
season.
a
of the
less than seasonal rise.
Freight-
during the first three weeks of November, following two and
Since the middle of October prices of
a
a
half months
number of In¬
dustrial raw materials, particularly nonferrous metals, hides, rubber, silk,
have shown
considerable rise and there have also been sub¬
a
stantial increases in the prices of some finished products, including auto¬
mobile tires, glass, woolen goods, and cotton goods.
bank
increased
reserves
in
reserves
the
weeks
four
ended
Nov.
18,
On that
$2,270,000,000 larger than legal require¬
were
ments, the highest level since the increase
compared
in
reserve
requirements which
continued
$15,400,000,000.
by
over
to
increase,
and
on
Nov.
18
amounted
about
to
Since the end of last May these deposits have increased
$800,000,000, reflecting
a
Holdings of United States Government obligations at reporting banks
have recently declined somewhat further.
Since the end of June the decline
has amounted to about
$300,000,000 and has been at New York City, with
little change elsewhere.
Holdings of other securities have declined in recent
weeks, reflecting chiefly a reduction in the amount held by New York City
Loans to customers have shown
some
Business
Ail
lines
below excerpts
give
covered
in
Federal
from
the
monthly reports
on
The Reserve
the
following remarks are Boston,
Philadelphia, Cleveland, Chicago, and San Francisco:
First (Boston) District
In
reporting
business activity in New England for the second consecutive
month "was moderately lower than in the preceding month
after allowances had been made for usual seasonal
changes,"
the Federal Reserve Bank of Boston, in its Dec. 1
"Monthly
Review," also noted:
I
pansion in the month to the highest level since early
trade
confirmed this
reports
part of retailers.
for
After
further
1930.
ex¬
Wholesale
merchandise
the
on
field, difficulties with
automobile models held up
new
assembly lines and In turn activity at local parts and material plants to a
up
of
large supply of parts kept most plants
a
a year ago.
Seventh
(Chicago) District
Industry and trade in the Seventh District has shown a
steadily rising trend in recent weeks and remains considerably
above the 1935 level, although at this time last year activity
likewise was expanding, it was stated by the Chicago Federal
Reserve Bank in its "Business Conditions Report" of Nov.
28.
The Bank also said:
sustained steel production at a high level through October
sources
and into
November, and October pig iron production was the largest of
the year so far.
models
new
The manufacture of automobiles
those
from stove
above-average
Building construction,
heavier
than
a
in
as
month
October.
Indicated
Output
of
over
food
was
over
a
products,
month
the movement
0.8% in the number of wage-earners employed
of building
The
Nov.
on
materials
employment and
such
packing-house
as
was
commodities,
above
a year
Sales volumes likewise in¬
earlier, although distribution of butter and cheese
under October last year.
October.
as
an
declined.
the preceding month.
but greater than average for the period.
creased
output
September,
castings
butter, and cheese, expanded in October, and not only
ago
as
bylcontracts awarded, totaled somewhat
and
earlier,
1
The movement of grains continued below
Seventh
than
District
had
been
corn
totaled 3,500,000
crop
forecast
month
a
earlier
and
estimates for several other crops also were raised, because of the favorable
conditions
prevailing in October.
The sholesale distribution of commodities in the District, as indicated by
reporting trade groups, increased in October
a year ago.
over
of steel
A sharp gain was shown in industrial
payrolls for October
Production
sharply,
factories, and furniture manufacturers shipped
volume
September and October.
Distribution as represented by sales of depart¬
England during October continued at a level aboutl2%
rose
accelerated, but failed to equal the year-ago volume.
was
Shipments from malleable casting foundries increased
did
weather
of
demand
a
...
degree, although the building
higher
increase
increased
operating at better levels than
bushels
was an
larger than since 1930 and the gain
allowing for seasonal variations, store inventories showed
Actual increases in activity occurred in many of the major
industries,
but these increases were smaller than those which usually occur between
There
were
22.5%; for the first 10 months the increase
Collections also improved considerably in most lines.
in
higher than In October
In addition
experienced greater than seasonal increases in
14%.
normal
ment stores in New
trade
last year in the month was
continued active.
during October the level of general
that
of retail
OctoberDepartment store sales
of
business of the various Federal Reserve banks.
districts
higher than since early 1930.
Increasing requirements of the automotive industry and from miscel¬
Reserve Districts
We
in Oc¬
seasonal, and
because of the greater number of hours worked and higher wage rates paid.
further increase.
Conditions in Various
than
greater
Compared with a year ago gains in principal cities were; Cleveland,
7%; Cincinnati and Canton, 11%; Dayton, 20%; Massillon, 19%; Toledo,
Payrolls in many cases showed larger Increases
laneous
Summary of
were
somewhat
3%; and Springfield, 22%.
rise in deposits outside New York City.
Time deposits at reporting banks have remained at about $5,000,000,000
level.
banks.
September,
gains in mining activity and employment in various lines of
were
In the industrial
Adjusted demand deposits at weekly reporting member banks in leading
have
with
trade.
became effective in the middle of August.
cities
The
•
Industrial employment In this section Increased more than 2%
was
chiefly as the result of transfers of gold to the United States.
date member bank
lower than at present.
"Monthly Business Review" of Nov. 30 that Fourth Dis¬
business "at the present time is flourishing in most
manufacturing fields and also in retail and wholesale trade.
Indexes of activity in important lines advanced to new high
levels for the recovery movement in October and gains over
last year were larger generally than in earlier months of
1936," the Bank said, adding:
over
Bank Credit
Member
about 14%
or
trict
there
and wool,
76,
Indexes in the latest month
general level of wholesale commodity prices advanced somewhat
of little change.
this index was
Fourth (Cleveland) District
tober
miscellaneous freight and of coal.
Commodity Prices
The
1923-25 average from 88 In the previous three months; in October
year
depression low reached in 1932-33 was around 54.
loadings increased further in October, reflecting chiefly a larger volume
of shipments of
District during October increased
Our adjusted index of productive activity rose to 89%
The Federal Reserve Bank of Cleveland announced in its
for private non-residential construction.
this
The volume of
year.
...
two minor declines.
last
in publicly-owned projects partly offset in the total by an increase in awards
Sales by
years.
by considerably
slightly smaller in October than in September, with
was
ahead of last
slightly, continuing the steady upward trend since the fall of 1934, barring
than the usual seasonal amount.
Value of construction contracts awarded,
Corp.,
several
ma¬
chinery, while changes in employment in the nondurable goods industries
were
been running substantially
Output of factory products in this
than the usual seasonal amount
more
has
unfilled orders appears much larger than a month ago or at the same time
and production of crude petroleum continued at recent high levels.
Factory employment increased by
as
Manufacturing
less uniform among the leading producers, but in the first three weeks
of November production increased further and was larger than last year.
slightly from the high level of September.
Prices of commodities, agricultural
industrial, have increased during the month ending Nov. 21.
as
the fact that this year the date of the shift to production of new models
was
1936
12,
The agricultural situation continues favorable and Income from sales of
the hardware and
drug trades
were greater
over
September.
Gains in
than usual for the month, and
in Massachusetts in representative manufacturing establishments between
grocery
September and October, and the amount of the aggregate weekly payroll
while the gain in the electrical supply trade was somewhat less than seasonal.
Increased by 1.5%, according to the Massachusetts Department of Labor
and Industries.
New England manufacturing and non-manufacturing in¬
The department store, retail shoe, and retail furniture trades again recorded
dustrial employment increased 1.3% and payrolls Increased 4.7% between
September and October, according to United States Department of Labor
data,
«
«
raw
decrease in the daily average rate of consumption
and
wool
in
New
England between September and
October, contrary to the usual seasonal change, the volume of orders on
was large and the prices of raw materials were
rising since the third
in
October.
...
During October the sales volume of 811 retail establishments in Massa¬
chusetts
was
October
a
$24,093,959,
year
ago
an amount
by these
same
10.4% larger than that reported in
concerns.
In
each
of the
11
major
divisions increases were reported over a year ago, the
largest being in the
furniture group, with a gain of 16.9%.
The smallest increase of 1.7% was
reported In the coal group.
Third
two
months
the
highest level since 1930.
Output of manu¬
facturers, coal and crude oil combined was 89% of the
1923-25 average as compared with 77 a
year ago; the trend
has been almost steadily upward since
early 1933."
The
Bank also had the following to say in its "Business Review"
of Dec. 1;
Retail trade sales did not increase
as
much
at
they usually do from Sep¬
wholesale
establishments,
while
declining
during the month, also were appreciably larger than last
decline,
exceptionally large increases over the corresponding month of 1935, al¬
though the retail shoe and furniture trades declined from the preceding
month, in accordance with seasonal trend.
i
According to the Federal Reserve Bank of San Francisco,
"industrial activity, building, retail sales of general mer¬
chandise, and industrial employment and payrolls continued
to increase in the
Twelfth Federal Reserve District during
Under date of Nov. 26 the Bank stated:
October."
Volume of industrial output was larger than in any October since 1929,
and the number of workers engaged in manufacturing
operations was close
to the monthly average for that
year.
Industrial
payrolls, however,
con¬
tinued somewhat below pre-depression levels, largely as a result of a net
declined during October and farm prices averaged somewhat lower than in
September.
of some
difficulties
strike.
In addition to seasonal influences, a reduction in marketings
crops
in
is reported to
shipping
have resulted partly from
commodities
by
water
because
anticipation of
of the
maritime
Cash income of District farmers from crops, livestock, and livestock
products is estimated by the United States Department of Agriculture to
have totaled $680,000,000 during the first nine months of 1936 compared
with
$597,000,000 in the comparable period last
year
and $412,000,000
in 1932.
Cost
of
Living Lowered During October by Reduced
Prices, According to National Industrial
Food
as
tember to October but gains over last year continued well maintained Into
Sales
of
The volume of marketings of agricultural products In the Twelfth District
(Philadelphia) District
Philadelphia Federal Reserve
District have continued to reflect steady
improvement,"
according to the Federal Reserve Bank of Philadelphia. The
Bank said that "production and
employment in October
November.
following
reduction in the length of the work week.
"Industrial conditions in the
reached
counterseasonally,
Twelfth (San Francisco) District
was a
cotton
hand
week
rose
.
Although there
of both
sales
year.
.
slightly
.
.
Conference Board
In consequence of a substantial reduction in food
prices,
the cost of living of
wage earners in the United States declined
Financial
143
Volume
0.2% from September to October, the
Coherence Board announced Nov. 12.
National Industrial
The cost of each
of expenditures into which the budget
other group
is divided,
Living costs in
in October, 1935,
and 19.5% higher than in April, 1933, the low point of the
depression, but 15.3% lower than in October, 1929.
The
however, rose during this month-interval.
October of this year were 3.3% higher than
Board further reported:
declined 1.7% from September to October, which is contrary
seasonal movement.
Since October, 1935, however, food
Food prices
usual
the
to
and since the low of 1933, 38.5%.
In October of
this year food prices were still 23.0% lower than in October, 1929.
Rents increased 0.6% from September to October, which raised them
11.1% above the level of a year ago and 28.9% above the low point of
January, 1934.
In October, 1936, rents were only 12.3% below the
prices have risen 3.3%
1929 level.
October,
advanced 0.3% from September to October.
Clothing prices
1936, clothing prices were 0.8% lower than
in October,
and still 25.5%
below their October, 1929, level, they were
than at the low point
Although
in October, 1935,
21.6% higher
advanced seasonally 1.1%.
They were slightly, 0.2%,
October, 1935, but 7.9% below the October, 1929, level.
thos of
above
to motion picture
information concerning which is collected as of October each year,
of increases in the admission charges
consequence
theatres,
and also because of a more
housefurnishings.
than in October,
5.0% lower than in
moderate increase in the cost of
sundries in October, 1936, was 0.9% higher
The cost of
higher than at the low of 1933, but
1935, and 5.2%
October, 1929.
October, 1936, as
1936,120.5 cents In October, 1935,
value of the dollar was 116.7 cents in
The purchasing
compared with 116.4 cents in September,
1923.
and 100 cents in
the
of
output
below, but new
the preceding week; shipments were 11%
orders 3% above that week, according to
regional associations covering the
from
Cost of
shipments
production;
a
Per Cent of Increase
or
Decrease
(+)
(—) from
1936
1936
September, 1936
to October, 1936
Food *
33
84.6
86.1
week was 13% above produc¬
tion; shipments were 7% below output.
Production in the
week ended Nov. 28 was shown by reporting softwood mills
7% below the corresponding week of
9% below and new orders 17% above
week last year.
of the corresponding
Housing
80.8
80.3
During the week ended Nov. 23, 563 mills produced 178,227,0<J0
and
softwoods
combined; shipped 174,158,000 feet;
orders
of
606 ;
All
73.8
73.6
211,172,000
production,
238,493,000
orders,
Family
Budget
12
78.3
Nov. 28.
These, with West Coast and Western pine, reported shipments below output.
All reporting softwood regions except redwood and Northern pine showed
orders above the corresponding week of 1935.
All softwood regions but
Western pine,
redwood and Northern hemlock reported shipments below,
and all but Southern pine, West Coast and redwood reported production
hemlock
reported
above similar week
of last year.
reported for the week ended Nov. 28,
+ 0.3
228,347,000 feet,
or
85.6
+0.7
84.4
+ 1.1
feet
88.0
30
94.9
94.5
85.7
85.9
—0.2
116.7
116.4
+0.3
86.2
and
.
Indexes of the United States Bureau of
1936.
a Revised series.
4% Below
Labor statistics for
the Na¬
Nov. 16.
This compares with a maximum of 15,939,000 unemployed
in March, 1933, and an average total of 1,132,000 unemployed
in 1929, the Conference Board said, adding:
in the United States in September,
increase of 9,116,000 workers as com¬
pared with the depression low of 34,631,000 employed in March, 1933.
The number of employed workers in September was 3,409,000, or 7%
below the average of 47,156,000 workers employed in 1929.
Manufacturing industry has contributed most to reemployment, with
an
advance of 3,033,000 workers from March, 1933, to September, 1936.
Employment in all types of enterprise
43,747,000 workers, an
construction
1,288,000;
industries,
service
with a total of 1,488,000 reemployed
has reemployed 1,358,000 workers;
and trade, distribution, and finance,
next in importance
industry
was
The
workers.
1,142,000.
including manufacturing, extraction of minerals,
and public utilities contributed 4,913,000
54% of total reemployment.
Non-agricultural
enterprises in general accounted for 7,628,000 workers, or more than 83%
"Industry" in general
transportation,
construction,
workers,
reemployed
the
of
The
5%,
increase
total
employment.
of workers
number
1936,
industries and also in trade,
stood at
96% of the 1929 level.
than
in
1929.
Employment
Manufacturing employment stood at 87% ;
83%; the public utilities at 81%; transportation
extraction of minterals at 67% ; and forestry and fishing at 59%.
task
The
of
not alone
a
reducing
problem
about
4,434,000
labor force.
at 77%;
potential
It also involves
Since 1929,
nation's labor supply.
workers have been added to the country's
new workers since 1933 approximates 2,000,000.
new
The increase in
accounts for the fact that
since March, 1933, unemployment has declined only 7,000,000, although
there has been a reabsorption in employment of 9,000,000 workers.
Roughly one-third of the unemployed in September, 1936, or 3,317,000
persons,
were
engaged
by governmental agencies in emergency work.
During 1936 the total number of workers so employed has varied between
3,200,000 and 3,700,000.
The Conference Board points out that the
significant fact about the government labor force is that its size roughly
approximates the growth of new workers in the entire labor force. Whereas
the entire labor force increased by 3.589,000 workers from Mareh, 1930,
to March,
1936, the number of government workers in the latter month
The
addition
totaled
of
these
3,684,000
new
potential
Orders Received
1935
1936
1935
1936
1935
1936
746,223
49,115
788,330
41,578
686,143
48,797
698,177
40,171
854,765
57,309
760,382
43,928
785,338
Softwoods
Hardwoods
Total lumber
829.908
734,940
738,348
912,074
Production
804,310
during
weeks ended Nov. 28,
the four
1936, as reported
below that of corresponding weeks of 1935, and
by these mills, was 4%
41% above the record of comparable mills
during the same period of 1934.
the same weeks of 1935 and
Softwood cut in 1936 was 5% below that of
hardwood cut was 18% above output of the
during
Shipments
below
those
of
the four
2% and hardwoods, gain of
22%.
Orders received during the four
above those of corresponding
of 1934.
1935 period.
weeks ended Nov. 28, 1936, were 0.5%
softwood showing loss of
corresponding weeks of 1935,
weeks ended Nov. 28, 1936, were 13%
weeks of 1935 and 53% above similar weeks
Softwoods in 1936 showed gain in orders of 12% and
hardwoods
corresponding weeks of 1935.
On Nov. 28, 1936, gross stocks as reported by 476 softwood mills were
3,883,224,000 feet, the equivalent of 148 days' average production, as
compared with 3,502,871,000 feet on Nov. 30, 1935. the equivalent of
gain of 30% above the
133 days' production.
On
Nov.
28,
1936,
unfilled orders as reported by 476 softwood mills
the equivalent of 38 days' average production,
988,975,000 feet,
compared with 638,815,000 feet on Nov.
30, 1935, the equivalent of 25
days' production.
♦
Automobile Factory Sales
Set New [November
Record
shipped from the factories of
Automobile Manufacturers Association members during last
month than in any previous November in the history of
the industry, the preliminary report released Dec. 8 by the
More motor vehicles were
unemployment, the Conference Board points out,
of reabsorbing displaced workers.
placement of new arrivals into the
the
in the
Shipments
Production
distribution, and finance, in September,
construction at
is
nearly
National Lumber
ended Nov. 28, 1936:
(in 1,000 Feet)
were
employed in agriculture was 500,000, or
September,
in
greater
service
or
in
of 569 mills reported as follows to the
average
Trade Barometer for the four weeks
unemployed workers in September,
1936, was 8,975,000, according to new estimates of
tional Industrial Conference Board made public on
Agriculture
Year Ago
give herewith data on identical mills for the four
week period ended Nov. 28, 1936, as reported by the
National Lumber Manufacturers Association:
An
Board Reports Number
of Unemployed Workers in September at 8,975,000
—Compares with Peak of 15,939,000 in March, 1933
The total number of
Four Weeks Ended Nov. 28
a
We
National Industrial Conference
was
softwood mills was 162,921,000
feet; shipments were, respectively,
and orders received, 224,498,000
....
Based on food price
the
feet,
+0.4
100
feet
Lumber Production During
Oct. 13 and Sept. 15,
Production was 11,306,000 feet.
Reports
of 456 identical
and 172,808,000
191,149,000 feet.
85.3
Sundries
1936,
week's production
88.0
5
mm
Gas and electricity
,
Mill
feet, and a year ago it was 174,515,000
156,900,000
Coal
Purchasing value of dollar.
1936, by 479 soft¬
37% above the production of the
Shipments as reported for the same week were 161,203,060
feet, or 3% below production.
Production was 166,921,000 feet.
Reports from 103 hardwood mills give new business as 16,109,000 feet,
or
42% above production.
Shipments as reported for the same week were
totaled
mills
mills.
Last
+ 0.4
68.8
Northern
California redwood, Southern cypress and
orders above production in the week ended
Identical
+0.3
78.6
69.0
shipments,
feet;
feet.
12,955,000 feet, or 15% above production.
m —
Fuel and light
♦
Sept.
m
«.
Weighted aver, of all items.
booked
week were:
195,856,000 feet;
but
regions
feet of
Revised figures for the preceding
244,456,000 feet.
+0.6
in
Women's
1935: shipments were
shipments and orders
The Association fur¬
ther reported:
—1.7
20
Oct.
Reported
2% below output.
were
business of the previous
new
same
Living
1923—100
Relative
Importance
Men's
operations of im¬
portant hardwood and softwood mills.
Reported new busi¬
ness during the week ended Nov. 28 was 37% in excess of
wood
Clothing
Manufacturers Association
reports to the National Lumber
Lumber orders
Indexes of the
Item—
restricted this month
by the maritime strike. National production reported during
the week ended Nov. 28, by 7% fewer mills, was 16% below
Mills,
October, chiefly
increased 0.4% from September to
The cost of sundries
shipments, both of which have been
hardwoods
of 1933.
Coal prices
in
3753
Chronicle
workers
persons.
Association disclosed.
Factory shipments for the month amounted to 337,446
and trucks, the Association reported.
This was a 55%
increase over the preceding month and a 12% increase over
November of last year.
In addition, it represented a gain
cars
of
235% over the five-year November average.
On the basis of this estimate, factory shipments
year
to date were
for the
placed at 3,119,865 units—a 23% increase
period last year and an 86% increase over
(1931-1935) average for the period.
The report, which covers the operations of all but one of
the major automobile producers in the United States, is
over
the
same
the five-year
summarized below:
Weekly
Report
of
Movement,
28, 1936
Lumber
Nov.
Week
Ended
November, 1936
October, 1936
November, 1935
Five-year November average--
The
lumber
Nov. 28,
industry
during
the
holiday
week
ended
t
1936, stood at 49% of the 1929 weekly average of
In spite of Thanks¬
giving Day, reported new orders increased over each of the
previous three weeks and again gained over production and
production and 49% of 1929 shipments.
337,446 11 months 1936
3,119,865
217,340 11 months 1935
2,537,897
300,388 Five-year average for 11 mos.. 1,681,540
100,731
.
Automobile Financing in October
of retail financing for October, 1936,
organizations amounted to $106,c01,399, a decrease
The dollar volume
for 456
Financial
3754
of
16.9% when compared with September, 1936; an increase
35.0% compared with October, 1935, and an increase of
49.0% compared with October, 1934.
The $75,207,952
shown for wholesale financing for October, 1936, is an
increase of 30.6% over September, 1936; a decrease of 4.3%
from October, 1935, and an increase of 61.8% over October,
of
1934.
AUTOMOBILE FINANCING
Chronicle
small
Financ¬
New Cars
Total
Year
ing
and
Unclassified
Volume
Volume
in
Volume
Thousand
Number
in
Number
in
Number
in
Dollars
of
Thou¬
of
Thou¬
of
Thou¬
Cars
sand
Cars
sand
Cars
sand
Dollars
Dollars
Dollars
was
prices declined only one-fifth of a cent in the month.
The
continued high level of mill activity maintained cotton prices at the 12c.
level in mid-November, or one-half cent higher than a year earlier.
improvement in the potato crop this fall tended to hold down the
potatoes.
Farmers were receiving an average of 98c.
which was 86c. above the price of a year ago.
bushel in mid-November,
Milk
Cars
average
fall due to the extremely
of 95c. a bushel in midIn Iowa and the Western
average
an
the
and
Cotton
Used and
Volume
Month
Fanners were getting
crop.
1936
12,
belt, corn prices were around a dollar.
corn
a
*
usual,
than
November, or about 38c. more than a year ago.
Some
wholesale
less
higher than last year's figure of $8.54.
prices held up better than usual this
Corn
usual seasonal rise in
Retail Financing
declined
prices
however,
market,
still
Dec.
production continued rather high during the month, and butterfht
prices registered another unseasonal decline.
Egg prices moved up about
5c.
in the month,
and at an average of 32.5c. a dozen farmers were
getting about 2%c. more than a year ago.
With a record turkey crop going to the Thanksgiving market, prices to
turkey
dropped slightly
raisers
despite
good
a
holiday
demand.
Local
market prices
456 Idem ical
Summary for
Orga nizations
of turkeys averaged! 15c. a pound in mid-November against
20c.
a
pound
a
index
of
1936—
a
The
October
134,052
100,086
128,150
106,501
324,435
57,578
75,207 b275,747
September
79,109
60,791
190,283
175,661
49,040
45,710
On
3,644,371 1,454,133 1,610,381 932,781 2,033.990 521,352
ended Oct- 1,384,450
1935—
October...
47,988
44,024
85,395
76,411
82,148
78,903
229,302
221,655
41,318
78,577
143,907
145,244
34,160
34,880
farmers for commodities bought stood at
five points more than a year ago.
The principal
for the increase has been the sharp upturn in feed prices this fall.
or
whole, however, prices received by farmers have risen faster during
the
th
of articles bought.
In mid-November the ratio
This was just one
month earlier, but five points higher than a year ago.
past year than prices
prices received to prices paid stood at an index of 94.
of
September-
prices paid by
127 in mid-November,
reason
Total 10 mos
year ago.
point lower than
a
Total 10 mos.
960,111 1,077,880 592,409 1,543,458 367,702
ended Oot. 1,112,021 2,621,338
Gain
Continued
October
190,236
196,440
838,807 2,122,813
788,827
October
Total 10
109,583
116,437
44,599
44,130
80,653
80,003
70,303
71,501
56,848
46.495
September
Cash
Farmers'
in
Income
Bureau
the
During
Agricultural
of
of
by
Reported
1934—
Economics
25,704
27,371
Farmers'
cash
from
income
sale
their
products
$886,000,000 in October compared with $752,000,000 in September and with $802,000,000 in October of
last year, it was announced on Nov. 30 by the Bureau of
Agricultural Economics, United States Department of Agri¬
amounted to
mos.
ended Oct-
Orga nizations
282 Idem ical
Summary for
935,672 515,651 1,187,141 273,175
e—
■
1936—
122,158
100,695
55,341
306,458
72,085 d258,335
September
October..
76,562
58,486
129,782
96,275
176,676
162,060
45,596
42,210
The Bureau said:
culture.
The gain in
Total 10 mos.
ended Oct. 1,348,137 3,444,257 1,387,156 1,561,050 904,012 1,883,207 483,144
October this
cotton and hogs
of
year
last
over
was
due chiefly to larger sales
and to the higher prices of cotton, potatoes and dairy
The peak in farm marketings and in income from crops occurs
October.
Due to smaller production of several important crops this
products.
1935—
in
46,114
42,178
82,047
73,236
77,651
74,187
214,387
39,699
75,906
September
132,340
339,841
31,537
32,009
206,153
year
such
than
October
usual
Total 10 mos.
The
910,501 1,038,546 570,659 1,629,309 339,842
ended Oct. 1,083,820 2,460,931
179,886
185,414
55,586
45,363
September.
October
43,249
42,737
78,179
77,502
67,209
68,224
101,707
107,912
23,960
25,486
tbese
754,338
823,978 2,006,142
ended Oct.
Of
organizations,
37
bave
908,390 500,621 1,097,752 253,717
automobile financing,
discontinued
b 0*
this number, 36.3% were new cars, 03.0% were used cars, and 0.7% unclassified,
c The data given for the 282 organizations are included in the data for 456 organiza¬
Of
tions.
282
the
livestock and
from
livestock
crops
products
increased
increased
more
less
than
The volume of sales of these products was relatively heavy this
hogs.
October and
accompanied by well-sustained prices.
was
Government
farmers
payments to
October
in
amounted
to
$22,000,000
as
Total 10 mos.
a
from
usually from September to October, especially in the case of dairy products
and
1934—
apples and potatoes, income from
September to October.
corn,
as
income
organizations,
24
discontinued automobile financing,
62.0% used cars, and 0.7% unclassified.
have
d Of this number, 37.3% were new cars,
compared with $6,000,000 in September and with $62,000,000 in October
of
last year.
moving
The Agricultural Conservation payments have begun but
more
slowly than anticipated; present estimates
somewhat
are
of
November and December indicate that total
government payments to farmers for the year 1936 will amount to about
$300,000,000 compared with $5jS3,000,000 in 1935.
It now appears that
payments
farmers'
be
to
total
made
in
income
cash
from
their
products
and
from
government
payments for the year 1936 is likely to reach about $7,800,000,000.
Wheat
National
Board
and
French
Regulate
to
Imports
Exports of Grain
Income
Regulations recently issued under the authority of the
French Wheat Law of Aug. 15, 1936, place France's entire
import and export trade in foreign wheat, spelt, maslin, rye
and all products derived from the milling of those products in
the hands of the National Wheat Board, according to a
report to the Bureau of Agricultural Economics, United
States Department of Agriculture, from its Paris office, it
was announced by the Bureau on Nov. 27; the announcement
added:
The regulations provide that imports or exports of the grains
products referred to
of
an
import
and grain
be made only after delivery to the customs service
can
or export
authorization issued by the National Wheat Board.
authorizations will be fixed
Conditions for the issuance of such
Minister of Agriculture.
by the
subject to
The sale of the imported product is
the control of the monopoly.
The only foreign grain operations not
subject to the monopoly control are
transit
or transshipment trade, the operations of frontier traffic, covered by
international conventions, the handling of grain through the system of
customs warehouses and operations connected with the maintenance and
renewal of the security stock.
The National Wheat Board established for the control of prices,
in the wheat law enacted
control
measures
Aug. 15 this year.
on
for
be played
Farmers
During
Period
1929
to
1935
Com¬
Farm operators,
in so far as income and purchasing power
concerned, have not been at an economic disadvantage
to
other gainfully-employed workers in the
United States during the normal post-war years, according
to new estimates of agricultural income recently published
by the National Industrial Conference Board.
The Con¬
ference Board's estimates, contained in a new study, "Income
in Agriculture, 1929-1935," make available farm income
figures which are more nearly comparable with estimates of
are
relation
in
income for workers in other industries than have heretofore
been available.
The
new
estimates include not
only
incomo
from agricultural opertions, but the substantial additional
income that farmers recoive for work done off their farms.
They also valuo farm incomo received in kind at retail prices
paid by urban workers instead of at farm prices. An an¬
nouncement Nov. 6 by the Conference Board bearing on its
study also had the following to say:
In addition, the Conference Board's estimates make available for the first
Outstanding in the new
the provisions for the important role to
are
produc¬
prodded
tion, marketing and disposal of surplus wheat in France was
of
pared Favorably with that of Other Gainfully
Employed Workers in United States, According to
Study of National Industrial Conference Board
time
estimates of net agricultural income by geographic regions.
These
by the wheat cooperatives, the curbing of the activities of private grain
show that average farm income for the country as a whole is materially
dealers, the fixing of the amount of wheat that may be sold annually by
lowered by the concentration of 54% of all farm operators in the South and
producers, and the maintenance of fixed prices to be paid to producers
for wheat
generally low income conditions in that
area.
The net occupational income of farm operators in 1929, with income in
of specified grades.
kind valued at retail prices, averaged between $1,310 and
to the Board's
Farm Products
Prices of
October
Declined [Slightly
to
Mid-November,
of Agricultural Economics
from MidAccording to Bureau
their
products declined one point during the month ending
Nov. 15, the Bureau of Agricultural Economics, United
States Department of Agriculture, reported on Nov. 30.
The price index in mid-November stood at 120, this figure
being still 12 points higher than a year ago, the Bureau
said, adding:
There
were
5c.
a
major changes in prices during the month.
and fruit prices fell as a consequence
citrus crop.
Wheat
ciop
in
prices
declined during late October under the influence of better
in
the
Growers
Southern
were
mid-November, which
Hog prices declined
local
farm
Mountain
was
markets
on
was
an
average
about 18c.
slightly to
Nov.
but
Hemisphere,
receiving
15.
an
In
more
than
average
spite
recovered!
of $1.06
a
during
heavy
early
bushel for wheat
year ago.
of $8.74
of
a
a
of
as a
hogs
and
$1,397.
Thus,
whole, with the South included,
Pacific Ooast States, where part-time farming
an
areas
Slightly lower
was
large in 1929, farm
over other workers.
In the
where large-scale agricultural operations predominate,
advantage for farm operators, though less pronounced.
there appeared almost no advantage one way or the other.
averages
are
indicated for farm operators in the Middle
Atlantic and East North Central regions, and the same or slightly higher
the West North Central region and the South.
Average net farm income in 1935, excluding Federal Government rental
and benefits-payments, amounted to between
a
whole.
This,
compared
$873 and $919 for the country
with average income of $1,041 for fully-
employed wage-earners, disregarding the unemployed, in manufacturing.
The average net
incomeTof individual
farmers was approximately equal to
that of manufacturing wage-earners in
New England, the Middle Atlantic
States, and East North Central States.
/
100 pounds
runs
theV>untry
$1,391
atdistinct income advantage
States,
also
In all other
as
prospects
November.
between
approximately equal to incomes received in other employment.
operators enjoyed
Eggs jumped
of a bumper
was
prevalent and income from work off the farm
there
$1,349, according
In the same year the occupational income of all other
persons
In New England and the
was
averages in
few
dozen,
study.
occupied
individual farm incomes for
were
The general index of prices received by farmers for
about
gainfully
in
the
to
earners' income.
Pacific
Coast,
net farm income
In the Mountain States and on
was
materially higher than wage-
Volume
Farmers'
Financial
143
1935-36
in
Reached New High
According to
Purchases
Cooperative
Level
3755
Chronicle
(Pounds—96 Degree Equivalent
Marketing Season,
FCA
cooperative
purchasing of supplies amounted to $309,000,000 in the
Reaching the highest levels on record, farmers'
1935-1936
increase of almost onestatement issued Dec.
6 by the Cooperative Division of the Farm Credit Adminis¬
tration, which added:
fourth
marketing
season,
or an
1934-1935, according to
over
a
in
purchasing cooperatives reporting,
which was
Farmers
The number in 1934-35 was 1,906.
2,112, was also a new high.
arelnow cooperatively purchasing farm supplies and general merchandise
in 45 of the 48 States, and a larger percentage of associations sell oil and
Some 45 % of the 2,112 associations
gasoline than any other type of supply.
and 12% coal.
furnish oil and gasoline, 42% feed, 30% seed, 25% fertilizer,
1,000,000 farmers
Approximately
now
are
members of cooperatively-
owned and controlled purchasing associations which are most numerous
the mid-western and northwestern States and in New
..
___
China and Hongkong
Costa Rica
Czechoslovakia
.
Dutch East Indies
Guatemala
Haiti..
Mexico.
members as a
Netherlands
Nicaragua
Peru
United Kingdom
Unallotted reserve
150
supplies
to their members compared to $33,400,000 last year.
Minnesota with 211
associations ranked first in number of members—114,000—and was second
dollar
No sugars
countries:
volume
State ranked first with
New York
business,
of
94
14,483
294,308
564,205
288,114
20,597
263,302
6,668,480
211,384
334,902
920,200
290,250
5,741,627
217,865
2,701,750
11,114,100
350,667
8,198,211
32,438,429
T.414
7,519,254
65,929
267;
Colombia,
26;
13,342,707
entered against the 1936 quotas for the following
204 pounds; Brazil, 1,197; British Malaya,
have been
Australia,
Honduras, 3,432,568
sideline activity
In
;
Total.
engaged primarily
while
$68,000,000 was reported by
farmers' marketing associations which sell supplies to their
Remaining
in
York and California.
amounted to $241,000,000 during the 1935-36 season,
additional cooperative purchasing business of
Balance
Quota
45,781,136
Belgium
mThe business of the 2,112 farmer cooperatives which are
infpurchasing
Against
1936
14,577
294,308
564,205
288,114
20,597
263,302
6,668,480
211,384
334,902
921,614
6,031,877
217,865
10,221,004
11,114,100
350,667
8,264,140
Argentina.
Canada
Dominican Republic
number of farmers'
The
Charged
Quantity Which
May Be Admitted
Area
quota
West Indies,
Dutch
;
Germany, 117;
and
6; France, 175;
Italy, 1,751; Japan, 4,000 ; Salvador, 8,208,542,
Venezuela, 290,002.
farmers' purchasing associations furnishing $42,000,000 worth of
Monthly
10
of
of Sugar Statistics
Statements
First
Months of 1936—Deliveries
AAA for
Below Similar
'
in
volume
dollar
of
Other
business—$20,020,000.
Massachusetts, $16,400,000; Missouri, $16,400,000;
leading States were
Wisconsin, $15,800,000;
Period Year
Ago
$10,820,000; and Virginia, $9,760,000.
Sugar Section of the Agricultural Adjustment Adminis¬
tration,, issued on Nov. 30 its monthly sugar statistical state¬
^More than half of the associations in Minnesota, Wisconsin, Ohio, and
Indiana sell oil and gasoline to their members and three-fourths or more of
reports obtained from cane refiners,
$13,460,000; Iowa,
Illinois,1$15,220,000; Indiana, $13,930,000; California,
those in Illinois, Colorado, North
Dakota and Montana.
The
ment
consolidating
beet sugar processors,
Total deliveries of sugar during the
covering the first 10 months of 1936,
importers and others.
5,495,898 short tons,
first 10 months of 1936 amounted to
Short
4,765,609
Tons
Imported by United
Sugar
of
States from Off-Shore Areas During
of Year
of
Act
tration
5,052,910 Short Tons
tenth monthly
The
First 10 Months
Against Quotas Under Jones-Costigan
1936 on the status of the
report of
quotas fixed under the Jones-Costigan Sugar Control
5 by the Sugar Sec¬
sugar
and Allotment Act was issued on Nov.
The
Administration.
the Agricultural Adjustment
of
tion
value, the Administration said.
Deliveries during the
same period last year,
converted to raw value on a com¬
parable basis, totaled 5,670,394 short tons.
The Adminis¬
raw
The
Islands and Hawaii during the first 10 months
Virgin
includes all sugars from Cuba, the Philippines, Puerto
This report
the
those
areas
Rico,
Hawaii recorded as entered or certified for entry
prior to Nov. 1, 1936.
The statistics pertaining to full-
Islands
Virgin
from
adding:
announced,
Section
of
value, the Sugar
and
actually entered before
Nov.
1, 1936, all quantities certified for entry, including such certified
quantities in transit on Nov. 1, 1936.
The figures are subject to change
countries
duty
and polarization data for all
out-turn weight
final
after
addition to the sugar
in
include,
importations are
available.
were
nine
first
Quotas
150,596 short tons of sugar,
the continental sugar
for
months
for
of
Regulations,
Sugar Quota
Data
1936.
the various
cane
raw
areas
for October are not yet available.
offshore areas are shown as revised by General
Revision 2, issued July 2, 1936, and
Series 3,
Supplement 1 thereto issued July 27,
1936.
Included in the quantities charged against the 1936 quotas are 127,574
tons of sugar originally entered under bond in December, 1935, pursuant
to the provisions of General Sugar Order No. 1, Revision 1.
The quantities charged against the principal offshore areas during the
first 10 months of 1936 are as
follows:
The AAA went
in Table
quota
Stocks of sugar
on
Total..
refiners, 285,487 short tons; refined sugar
2,008,983
2,085,022
1,098,738
97,909
consumption sugar held by importers (in terms
short tons.
These stocks, converted to raw
which cover the first 10 months of the
of Agriculture to
for various sugar
determine consumption requirements and establish quotas
producing areas.
The statement of charges against the
Nov. 5.
following is the statement of the Sugar Section of
The
the AAA:
(IN SHORT TONS, RAW
Jan.
Equivalent)
67,308
87,343
3,698
420,352
126,033
21,029
59,963
627,377
67,191
36
255,933
3,984,929
3,945,070
-
19,583
Total
28,494
73,155
49,102
7,195
652
...»
16,021
....
—
bl0,272
33
285,487
Section, from reports submitted on Form SS-15A
representing 22 reflneries.The companies are* American Sugar Re¬
& Co., Inc.; California & Hawaiian Sugar Re¬
fining Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Henderson;
Imperial Sugar Co.; W. J. McCahan Sugar Refining & Molasses Co.; National
Sugar Refining Co. of N. J.; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere
Sugar Refinery, Savannah Sugar Refining Corp.; Sterling Sugars, Inc.: Sucrest
Corp., and Western Sugar Refinery.
b Includes 311 short tons not for direct consumption.
< Includes sugars received at refineries in Louisiana from their own sugar mills
and not chargeable to continental quota until marketed as refined sugar.
Dy
Compiled in the AAA Sugar
17 companies
fining Co.; Arbuekle Brothers: J.Aron
TABLE 2—STOCKS,
PRODUCTION AND DISTRIBUTION OF CANE AND
UNITED STATES REFINERS AND PROCESSORS,
BEET SUGAR BY
JANUARY-OCTOBER, 1936 (IN TERMS OF SHORT
SUGAR AS PRODUCED)
TONS REFINED
Domestic Beet
8~587
Refiners
1, 1936-.
Production
Deliveries
quotas for Cuba and the
other insular areas, a
which may be admitted
from
full-duty countries was entered or certified for entry during the
first 10 months of the year.
The following table shows, in pounds, the
amount of sugar which may be admitted in 1936, the amount charged
against quotas during the period January-October, and the amount which
may be admitted during the remainder of the year from the area specified:
33
Factories
a
Refiners and
Beet Factories
20,251
Sugars
charged against the
large part of the sugar
addition to the sugar
146,804
3,698
55,937
1,944
-
Initial stocks of refined, Jan.
Full-Duty
In
1,104
38,353
694,568
Total
844,169
111,520
b428
52,375
1,908
Miscell. (sweepings,&c)
Balance
126,033
29,616
80,214
Philippines
Continental.c
Remaining
Against Quota
458,705
-
Philippines
862,134
672,243
797,124
699,953
on
&c.
Oct. 31,
1936,
Direct
4,750
3,338
1,405,186
865,066
•
Stocks
by
Fire
sumption
1,
1,430,417
Virgin Islands
Other countries
Lost
Con¬
for
Meltings
91,039
28,900
45,873
3,194
a
is
1936 Quota
Hawaii
Deliveries
Receipts
on
Source of Supply
'
uantity Charged
Puerto Rico
MELTINGS
JANUARYSUGAR VALUE)
SUGAR: REFINERS' STOCKS, RECEIPTS,
DELIVERIES FOR DIRECT CONSUMPTION FOR
1—RAW
OCTOBER, 1936a
4,765,609
Area
Cuba
the first 10 months of the year was released on
1936 sugar quotas during
Cuba
'
Such stocks do not
other than refiners.
calendar year, were
obtained in the administration of the Jones-Costigan Act and Public
Resolution No. 109, approved June 19, 1936, which require the Secretary
The data,
Hawaii
931,360
861,807
959,763
3,696
(In*Short Tons—96 Degree
of refined sugar) 87,375
value, equal 1,357,110 short
compared with 1,417,637 short tons last year.
include raws for processing held by importers
Puerto Rico
included in the above amounts charged
against the various quotas since the direct-consumption sugar quota is
included in the total quota for each area.
The following tabulation indi¬
cates the direct-consumption sugar quotas, amounts of direct-consumption
sugar admitted during the period January-October, 1936, as well as the
amounts which may be admitted for the remainder of the year:
sugar
by beet factories, 485,011 short tons, and direct
tons; refined sugar held
1936
Direct-Consumption Sugars
Direct-consumption
held by
held by refiners, 434,189 short
hand Oct. 31 were as follows: Raw sugar
Stocks
5,052,910
Hawaii
Virgin Islands
above.
value, total 5,495,898 short tons, as shown
Against Quotas
1,000,829
901,839
1,059,294
5,926
Puerto Rico
3,489,977 short tons (deliveries shown
994,487 short tons (Table 2);
(Table 3); and by continental cane sugar
(Table 4). These deliveries, converted to raw
2, less exports); by beet sugar factories,
mills, 83,509 short tons
Amounts Charged
•
Philippines—Total
in form for consumption, fpr the 10 months
by importers, 609,038 short tons
Regulations
IfcLess amount reallotted on July 27
;
to say:
on
The 1936 deliveries of sugar,
Sugar Quotas
Established
Cuba
meltings of raw sugar during
period were as follows: By refiners,
(Tons of 2,000 Pounds—96 Degrees)
Under the Latest
well as the 1936
by using the factor 1.0575347
the calendar year 1935.
TABLE
1936
,
domestic consumption shown in the
which is the ratio of refined sugar produced to
AND
Area
/
deliveries for
deliveries have been converted to raw value
tonas as
value, charged against the
and 955,207 short tons, raw
value, against the quota for the continental sugar beet area during the
There
quota
refiners'
January-October, 1935, statement of 3,682,472 tons as
report shows that the quantity of sugar charged against
the 1936 quotas for Cuba, the Philippines, Puerto Rico, the
1936 amounted to 4,765,609 short tons, raw
explained:
total
Final stocks of
>
refined, Oct. 31, 1936-.
Compiled by the AAA, Sugar
beet sugar
250,180
3,725,649
b3,541,640
434,189
859,783
619,715
c994,487
485,011
1,109,963
4,345,364
4,536,127
919,200
Section, from reports submitted by refiners and
factories.
three factories.
b Deliveries include sugar delivered against sales for export.
The Department of
Commerce reports that exports of refined sugar amounted to 51,663 tons during
January-October, 1936, based on preliminary data for the month of October.
c Larger than actual deliveries by a small amount representing losses in transit,
through processing, Ac.
a
Preliminary data used for
Financial
3756
TABLE
OF DIRECT-CON¬
JANUARY-OCTOBER,
REFINED SUGAR)
DELIVERIES
AND
RECEIPTS
3—STOCKS,
SUMPTION SUGAR FROM SPECIFIED AREAS,
(IN TERMS OF SHORT TONS OF
1936
.
Deliveries
Receipts
or
Stocks
on
Oct. 31,1936
Usage
425,137
a70,837
18,590
105,401
52,063
1,479
9,579
4,685
1,908
6,817
373,226
18,590
113,072
49,931
509
975
109
109
a2,239
6,289
6,259
a2,269
134,221
562,192
609,038
87,375
al22,748
Cuba
Hawaii
-
Puerto Rico
_
Philippines
L
England
*•
China and Hongkong.
Other foreign areas
Total
Dec.
1936
12,
Argentine Sugar Production in 1936 Season Reported
Above Preceding Season
_
Stocks on
Jan. 1, 1936
Source of Supply
Chronicle
5
......
In customs custody and control.
Complied In the AAA Sugar Section, from reports and Information submitted
on Forms SS-15B and SS-3 by importers and distributors of direct consumption
Sugar production in Argentina in the 1936 season amounted
953,004,186 pounds compared with 858,940,570 pounds
to
in the 1935 season, an increase of
approximately 95,000,000
pounds, according to figures compiled by the Argentine sugar
industry and reported to the United States Commerce
Department by Acting Commercial Attache D. G. Clark,
Buenos Aires. These figures, the report states, can be taken
as final,
although a very minor quantity of sugar will be
produced from beets later in the year. An announcement by
the Commerce Department, issued Dec. 7, continued:
Includes sugar in bond and
a
sugar.
Rural Economics and Statistics has just announced
The Department of
final figures regarding
what is known to that Government body
1935-36 production season.
4—DELIVERIES
TABLE
DIRECT-CONSUMPTION
OF
SUGAR
FROM
SUGAR MILLS
LOUISIANA
tons In terms of refined sugar,
as
the
actually covers May 1, 1935 to
season
May 1, 1936, and can consequently be more accurately reported as the 1935
According to these figures, the production of 37 factories which
season.
Louisiana mills amounted to 83,509
during the period January-October, 1936.
Deliveries of direct-consumption sugar by
This
operated during the 1935-36 season aggregated 385,378 metric tons and
Approximately 49% of the
resulted in the milling of 4,390,043 tons of cane.
production of 190,000 tons, was granulated sugar, 48%, or 186,000 tons was
'
'
'
lump and refined sugar, and the remainder was composed of crude sugar
"AAA Announces Basis for Allotment of
Rican Sugar Quota
Puerto
1937
The basis upon which the 1937 Puerto Rican sugar quota
be allotted to processors was announced on Nov. 25
will
by the Sugar Section of the Agricultural Adjustment Ad¬
ministration.
The 1937 quotas have not been announced
yet, but the basis of allotments was announced so that pro¬
cessors and producers in Puerto Rico who are now preparing
to harvest this season's crop may have the information upon
which to base their plans.
The announcement of the Sugar
Section
of
the
continued:
AAA
Th6 basis for the allotments is contained
which has been
in Puerto Rico Sugar Order No. 5
signed by Acting Secretary of Agriculture Gregg.
Author¬
ity for making the allotments is given by existing sugar legislation.
for marketing sugar in the United States under the
processor
sugar quota
ments
the
are
case
There
about 8,000
producers of
local
consumption, taking into account the carry-over
of about 121,000
equitable allotment of the marketing quota to all producers
the order.
25,000 tons of the total 1937 quota for Puerto
The order provides that
Rico
be filled from surplus stocks of sugar
may
and the balance of the
of the 1937 crop.
filled from surplus stocks will be allotted to pro¬
quota may be filled from the processing
The 25,000 tons to be
cessors
in
held by the respective
31,1936, either in Puerto Rico or in customs' custody
proportion to the quantities of such stocks
processors, as of Dec.
The allotment among processors
of the balance of the 1937 sugar quota
of sugar produced
for Puerto Rico Is to be made on the basis of the amount
from the 1936-37 crop of sugar cane to
which 1937 producers* marketing
There will be added to the allotments made to growers
the allotments made to processors who are
in 1936, including
also growers, the allotments of
and the total of such marketing allotments will be
1937 sugar marketing quota, less the
be filled from surplus
The Individual
adjusted
25,000 tons which is to
growers
control the use of the land in 1937.
control his marketing allotment will be
submits evidence satisfactory to the Sugar
such control prior to
a
included in the total, if he
Section of the AAA that he had
1937 and that he cultivated the 1936-37 crop.
him, the order provides that the unfilled portion Is to be reallocated among
all other growers within the same
mill area who are able to supply the
deficiency, in proportion to 1937 marketings allotments of such growers
and
to
It
is
the extent that such growers are
able to supply the deficiency.
provided in Public Resolution No.
respective
sugar
This
far
season so
3,166,000 bags have left for the United States against
3,910,000 in 1935, while to European destinations has gone 2,288,000 bags
against 2,772,000
Other parts of the world have taken but
last year.
bags this
season
against
however, to the fact that prices
above those ruling last
year
at
461,000
109 that the quotas for the
producing areas for 1937 shall be the same as the initial
quotas established by the Secretary of Agriculture for the
1936, subject to modification
or
Adjustment Act, as amended.
Consumption in the United States Is at a higher level than the basis of the
initial quotas established for
1936 which resulted in an initial Puerto Rican
The final 1936 quota for Puerto Rico, as the
1936 quota of 801,297 tons.
result of increased consumption and reallotment
of deficits in supplies in
other areas, was 901,839 tons.
To United States 3,163,000; 3,910,000, 3,273,000 and
Europe 2,288,000, 2,772,000, 2,044,000 and 2,993,000.
To all others
5,783,000 in
to
329,000, 461,000, 300,000 and 492,000, or total exports of
1936, 7,143,000 in
5,617,900 in
1935,
of 3.7%
Noted in Sugar Consumption in
European Countries During First Nine Months
World Deliveries of Green Coffee July Through Novem¬
ber Reported 9% Below Similar Period of 1935
World deliveries of green coffee for the first five months
the new
crop year, July-November, are running 9%
behind the corresponding 1935 period, with deliveries in
of
United States off 12%, a loss of 5.4% shown for European
and a decrease of 12.3% for all other countries, the New
York Coffee & Sugar Exchange reported on Dec. 2.
It
continued:
.
World deliveries
so
far this
in 1935 period, a loss of
were
Brazilian
1,043,388 bags
as
season
total 9,620,869 bags against 10,578,041
957,172 bags
Of the total, 5,886,116 bags
9%.
or
compared with 6,929,504 bags last year, a decrease of
15.1%.
or
On the other
3,734,753 bags against 3,648,537 in 1935,
hand,
Consumption of sugar in the 13 principal European coun¬
during the first nine months of 1936, January through
September, totaled 5,592,938 long tons, raw sugar value,
as contrasted with 5,394,663 tons consumed during the similar
period last year, an increase of 198,275 tons, or approxi¬
mately 3.7%, according to Lamborn & Co., which further
tries
said:
The 13 countries included in the survey are Austria, Belgium, Bulgaria,
Germany,
Holland, Hungary, Irish
Free State,
Italy, Poland, Sweden and the United Kingdom.
1,381,218
tons as
against 1,694,994 tons on the same date in 1935,
of 313,776 tons, or
Production
hand for these countries on Oct. 1, 1936 amounted to
a
decrease
approximately 18.5%.
of sugar
for
the
current season which started on
13 principal European cotmtr.es for the
Sept. 1, 1936, according to advices received
from F. C. Licht, the European sugar authority, is forecast at 5,927,000
long tons,
an
raw sugar as
compared with 5,599,000 tons in the previous
increase of 328,000 tons, or
5.9%.
*
,
season,
"other"
coffees
gain of 86,216 bags
a
or
totaled
2.4%
In the United States, during the five months, deliveries aggregated
869 against
5,271,041
Coffees
537,
In
a
or
the previous
of both
Brazilian
year,
and
16.9%, while the latter
loss of but 14,784 bags
or
a
other
growths
and
an
a
showed losses,
3,660,504,
a
the
decrease of
1,595,753 bags against 1,610,-
0.9%.
were
reported
decrease of 254,000 bags or 5.4%.
2,346,000 Brazil and 2,139,000 "others"
2,038,000 in 1935,
4,637,-
decrease of 633,172 bags or
a
were
Europe deliveries of 4,485,000 bags
4,738,000 in 1935,
of Year
France.
1934 and 7,102,000
»
12%.
Increase
on
pound
3,617,000, while
618,388 bags
Sugar stocks
point,
one cent per
following figures.
former deliveries totaling 3,042,116 bags against
Czechoslovakia,
than
exports has been fully made up by the increased value of the shipments.
calendar year
adjustment for increased consumption or
other conditions set out In the Agricultural
13
Trade observers
last.
now are more
this time, and contend that the loss In
The
is unable to fill the 1937 marketing allotment included for
grower
Brazil, the world's largest coffee producer, has shipped
during the first five months of the new crop year, JulyNovember, 5,783,000 bags to world consumers against
7,143,000 during the corresponding period of 1935, a decrease
of 1,640,000 bags or 28%, the New York Coffee & Sugar
Exchange announced on Dec. 1, adding:
for whom marketing allotments are to be cal¬
order, however, provides that in the case of a person who does not have
If
Reported Shipping Less Coffee to World Con¬
During First Five Months of
Crop Year 28% Below Year Ago
sumers—Shipments
during the corresponding five months of 1933.
stocks.
culated will be the growers who
such
raw sugar in Cuba on Nov. 15 amounted to
672,251 long tons, compared with 874,687 long tons on the
same date la^t year, the report shows.
A comparison of the first five months of the last four seasons reveals the
allotments relate.
to the total
period.
329,000
in the United States.
any new growers
1935
the 1937 crop may be
the 1937 United States marketing quota and
than is required to meet
is contemplated under
Dec. 1. Shipments to the United States aggregated 1,501,053
long tons in 1936, compared with 1,467,129 long tons in the
Rico are also large
more
tons of sugar,
During
15, 1936
Brazil
Since the total cane supply for
cane.
Nov.
1 to
Exports of raw sugar from Cuba from Jan. 1 to Nov. 15/
1936, totaled 2,362,198 long tons, compared with 2,293,124
long tons in the corresponding period of 1935, according to a
report to the United States Commerce Department from the
American Commercial Attache at Havana, it was announced
independent cane growers in Puerto Rico who sell
mills. Practically all the mills in Puerto
to the
cane
Increased
Cuba
from
Period Jan.
basis of the allotments of 1936, except in
new growers.
are
Exports
Sugar
The producers' marketing allot¬
is ground.
to be calculated on the
of
1937
for Puerto Rico will be based on the total marketing allotments
of the producers whose cane
Raw
Acting Commercial Attache reported.
The stock of
Except for shipments of sugar from surplus stocks the allotment for
each
and by-products, the
as
as
compared with
They were divided
compared with 2,701,000 and
decrease of 355,000 bags or 13.1% for Brazilian coffees
increase of 101,000 bags or 4.9% for all other growths.
Petroleum and Its Products—Oil Stocks Cut in October
—Crude Inventories Set New 15-Year Low—Further
Price Markups Expected—Daily
Average Production
Dips
A decline in stocks of all oils of 5,049,000 barrels was
experienced during October, with gasoline stocks easing
528,000 barrels in the month, statistics made public by the
Bureau of Mines on Dec. 10 disclosed.
The further drop in
stocks was in the face of a record oil production peak, some
60,000 barrels above the previous month's output.
Daily average crude production in the United States during
October of 3,090,200 barrels was 57,800
barrels above
Financial
143
Volume
September and established a new record high. The broadest
gain in output (in Texas) was closely linked to the rising
trend in drilling activities in that State.
In the Lone Star
State, during October, there were 862 oil wells drilled with
an initial of 447,400 barrels, in contrast to 787 wells with an
initial of 373,800 barrels a month earlier.
The rising trend in crude production in Texas in the past
several months make it probable that many areas in the
State set new all-time output highs during the month under
review, the Bureau pointed out.
California showed little
change in its October outturn as compared with September.
A gain in Oklahoma to 589,000 barrels daily lifted the total
to a new high since
mid-1933.
October production in
Louisiana established a new record.
Kansas and New
Mexico were in line with their September trend.
More recent figures, those covering the final week of
November, indicate clearly that the higher allowable recom¬
mended for the Nation for that month by the Bureau of
Mines failed to materially halt the drain upon the industry's
oil reserves.
Holdings of domestic and foreign crude at the
close of the Nov. 28 week dipped 824,000 barrels to a new
15-year low at 288,630,000 barrels.
Domestic stocks were
off 625,000 barrels, a dip of 199,000 barrels in foreign stocks
accounting for the balance of the loss.
Trial of the 26 major oil companies and the 70 individuals
named by the Department of Justice as violators of the
Sherman Anti-Trust Act suffered further delay on Nov. 8
in Madison, Wis., when William J. Donovan, chief defense
counsel, entered a plea asking that indictments be quashed
on the group that statutory procedure was not followed in
drawng up the Special Grand Jury which returned the
indictments.
reserved by Judge Patrick T.
he conceded that the
procedure such as described by Mr. Donovan would have
been "very irregular," he was not wilhng to concede that
such procedure would have prejudiced the rights of the
defendents.
Charges in the case are that the defendents
acted in conspiracy in restraint of trade in negotiations
between oil companies and jobbers in 10 mid-Western States.
Oklahoma, leader in the inter-State oil compact movement,
fitly became the first State to ratify its program for conser¬
vation of crude oil through participation in the inter-State
group for another period of two years.
The bill, passed by
the House on Dec. 9, now is before Governor Mar land, prin¬
cipal sponsor of the inter-State compact plan. Similar action
by other States to extend their participation in the compact,
which otherwise would expire Sept. 1, next, is under way.
The member States also are backing a movement to have the
incoming Congress extend for two years the authorization
for the compact necessary under the Constitution.
While only two relatively small companies have joined
Decision upon the plea was
Stone who made it known that while
with the Continental Oil Co. and
increase in crude oil
Barnsdall Oil in the 17-cent
2,785,300 barrels.
Oklahoma brought its output substantially under the
recommended figure, the 39000-barrel dip paring the total
to 529,100 barrels in contrast to the Bureau's^estimate of
567,000 barrels.
Kansas, although cutting down by 5,200
barrels, was about 5,000 barrels above its recommended level
of 155,900 barrels.
An increase of 19,105 in Texas lifted
production to 1,175,850 barrels, against the Bureau's
1,145,200 barrels.
Arkansas and California both showed
aggregate totals far in excess of their recommended levels,
both also showing higher production.
Price changes follow:
Dec. 5—Globe Oil &
17-cent
a
Derby Oil & Refining Co. met
oil prices institutedjDec. 4 by the
Refining Co. and the
barrel increase in crude
Continental Oil Co., effective
Prices of
Jan. 4.
Corning, Pa
1.28
1.28
Illinois
Western Kentucky..
1.18
.85
.75-.80
Mld-Cont't, Okla., 40 and above.Winkler, Texas
Smackover, Ark., 24 and over.—.
MHh
Sunburst, Mont
Huntington, Calif., 30 and
5
to
cents
cents
.
strengthening of the motor fuel price structure
in the mid-West was disclosed in the announcement by
Standard of Indiana that, effective Dec. 9, it would advance
all "normal" tank-wagon prices on its several grades of gaso¬
line by 3-10 cent a gallon to all dealers in sections where such
price prevail.
Subnormal prices were advanced by the same amount
in the same areas, except solithwest Kansas, where increases
were made Dec. 4.
In the Michigan area, it was pointed
Further
to the new
tractor fuel
also are included in the Michigan ruling with furnace oils
moving up on a comparable basis on Dec. 15.
Stocks of finished and unfinished gasoline continued to
display stubborn resistance to the normal seasonal expansion
usual at this time of the year, aided by continued high
consuming demand.
Inventories rose 323,000 barrels in
the week ended Dec. 5 to 57,696,000 barrels, according to
the American Petroleum Institute.
Holdings at both re¬
fineries and bulk terminals broadened, but a reduction in
unfinished gasoline stocks offset these gains.
Refinery
operations eased fractionally to 77.9% of capacity, with
daily average runs of crude to stills dipping 30,000 barrels
to 2,990,000 barrels.
Gas and fuel oil stocks advanced
1,725,000 barrels to 110,287,000 barrels.
Representative price changes follow:
out, prices where subnormal will be advanced
normal basis except in Detroit.
Kerosene and
.97
132
1.15
over
1.22
Kettleman Hills, 39 and over
5 cents
Petrolia. Canada
2.13
OF NEW JERSEY BOOSTS
OF INDIANA ADJUSTS GAS
Jersey
boosted
FUEL
STOCKS
SHOW
ONLY
NOMINAL
EXPANSION
Standard
Oil
Co.
of New Jersey on Dec. 7
gallon, effective Dec. 9.
will be advanced by the same amount.
Subnormal prices
Octane), Tank Car Lots, F.O.B. Refinery
Chicago
$.05
-.05)
New Orleans. ,06%-.06)
Los Ang., ex.
Texas
.07
.05)
Gulf ports
Gulf
07
.05)
Tulsa...
06
-.06)
Shell Eastern
.07
U. S. Gasoline (Above 65
New York—
New York—
Colonial Beacon..$.07
J.$.06%
Socony-Vacuum.. .07
Tide Water Oil Co .07%
Richfield Oil(Cal.) .07%
Warner-Quinlan_
.07%
Standard Oil N.
_
Water White, Tank Car, F.O.B. Refinery
Kerosene, 41-43
'Los Angeles.. .03%-.05
$.05
(Bayonne)
Fuel Oil, F.O.B. Refinery or
$ .95
Phlla., Bunker C
1.05
1.65
Diesel 28-30 D
Gas OH, F.O.B. Refinery or
Terminal
I Tulsa MIG I.$.02%-.02%
I Chicago,
N. Y. (Bayonne)—
27 plus
C..
| New Orleans
$1.00-1.25
$1.15
C
-.03%
03
Terminal
California 24 plus D
N. Y. (Bayonne)—
Bunker
$.03%
Texas.$.03%-.03% i New Orleans.
J Tulsa
I North
■;
New York
I
5.04
$.02%-.02%|
MGI
Gasoline, Service Station, Tax Included
.17
z
.175
Not including 2% city
.175
San Francisco
.18
St. Louis
•
.194
sales tax.
Crude
Average
Daily
.19 I
.20 \
.181
.16
.195
$.195
Jacksonville
175
Buffalo
Chicago
.23
Philadelphia
Pittsburgh
Houston
.167
.17
Boston
$.201
New Orleans
.21
Detroit
Newark
.195
Denver..
Cincinnati
$.167
New York
Brooklyn
Minneapolis
Cleveland
Los Angeles
z
z
Oil
Off
Output
Barrels
10,460
in Week Ended Dec. 6
American
The
Petroleum
estimates
Institute
that
the
daily average gross crude oil production for the week ended
Dec.
1936,
5,
of 10,450
was
This
3,000,200 barrels.
was
a
decline
barrels from the output of the previous week.
The
figure remained above the 2,930,300 barrels
current week's
calculated by the United States Department of the Interior
total of the restrictions imposed by the various
to be the
Daily
oil-producing States during December.
average pro¬
duction for the four weeks ended Dec. 5, 1936, is estimated
at
3,028,050 barrels.
Dec.
ended
as
1935,
7,
a
The daily
totaled
average
output for the week
2,785,300 barrels.
Further
reported by the Institute follow:
States
domestic use and receipts in bond at principal
ports for the week ended
Dec.
3 totaled 737,000 barrels,
daily average of 105,286 barrels, compared with a daily average of 187,571
barrels for the week ended Nov. 28 and 151,393
weeks ended Dec
barrels daily for the four
5.
Receipts of California oil at
ended Dec.
5 totaled
Atlantic and Gulf Coast ports for the week¬
135,000 barrels, a daily average of 19,286 barrels,
compared with a daily average of 19,286 barrels for the week ended Nov. 28-
barrels daily for the four weeks ended Dec. 5.
Reports received from refining companies owning 89.9% of the
barrel estimated daily potential refining capacity of
3,954,006
the United States, in*
stills, on a Bureau of Mines basis
2,990,000 barrels of crude oil daily dining the week, and that all companieshad in storage at
advanced
tank-car kerosene prices %-cent a gallon at New York and
Baltimore to 5 cents a gallon.
The advance also affected
Norfolk, Wilmington and Charleston, where the price was
lifted )/8-cent to 5 cents a gallon. *A corresponding markup
.
prices
lifted normal prices of motor fuel in sections
prices are posted to dealers by 3-10 cent a
where such
dicate that the industry as a whole, ran to
PRICES—MOTOR
kerosene
tank-car
gallon at these points.
a
Dec. 7—Standard of Indiana
1.40
KEROSENE PRICES—STANDARD
New
of
7—Standard
Dec.
H cent at New York and Baltimore and lA cent at Norfolk, Wilmington
and Charleston to 5 cents a gallon.
No. 1 fuel oil was also advanced to
Imports of petroleum for
1.15
At Norfolk, Wilmington and
5 cents a
gallon, all changes effective Dec. 8.
The company also raised
the price of Esso heat oil light by %-cent a gallon at all points
with the exception of Wilmington where it does not post this
grade.
United
$1.10
Central Field,
PRODUCTS—STANDARD
gallon.
a
1 fuel oil at
the price was lifted from 4.625
Charleston, the advance was from 4.875 cents to
and 12,143
REFINED
schedule affecting No.
the revised
Under
Barrel at Wells
I. degrees are not shown)
52.45 Eldorado, Ark., 40..
1.16 Rusk, Texas, 40 and over
1.42 Daret Creek
Bradford, Pa._
Lima lOhlo Oil Co.)
the
No. 1 fuel oil also was posted by
on
New York and Baltimore,
details,
Typical Crudes per
(All gravities where A. P.
quotation
company.
the advance
all companies will be in
That the advance was
inevitable in view of the strong statistical position of the
industry is generally conceded and only the date when all
companies will advance prices is in doubt.
Substantial month-end reductions in Oklahoma and Kansas
offset increases in other States, resulting in a net dip in the
Nation's crude output for the week ended Dec. 5 of 10,450
barrels to 3,000,200 barrels, according to the American
Petroleum Institute.
This compared with estimated De¬
cember demand of 2,930,300 barrels set by the Bureau of
Mines and actual production in the like 1935 period of
becomes effective upon Jan. 4, next,
line with the revised price schedule.
the
in the
prices instituted by the latter on Dec. 4,
generally believed that by the time that
it is
3757
Chronicle
of the end of the
and
refineries, bulk terminals, in transit and in pipe lines
as
week, 57,696,000 barrels of finished and unfinished gasoline*
110,287,000 barrels of gas and fuel oil.
Cracked gasoline production
by companies owning 95.9% of the potential
cracking units indicates that the industryfasfa
whole, on a Bureau of Mines basis, produced an average of 710,000 barrels-'
daily during the week
charging capacity of all
Chronicle
Financial
3758
DAILY AVERAGE CRUDE
OIL PRODUCTION
(Figures in Barrels)
V
.
,
\
.
4
•
B.
'(
.
Actual P roduction
4 Weeks
Dept. of
Week
Ended
Ended
Dec. 5
Dec. 7
Int. Cal¬
Nov. 28
Dec. 5
culations
1936
1936
1936
529,100
160,200
568,100
165,400
569,500
62,050
62,050
65,700
63,450
64,650
33,600
33,600
33,750
157,650
83,900
444,000
175,000
153,950
152,600
76,950
151,500
443,150
442,750
170,350
169,700
153,950
(Dec.)
Oklahoma—
567,000
155,900
-
Kansas
Panhandle Texas
North Texas
West Central Texas
-
West Texas
East Central Texas
East Texas
—
Southwest Texas
Coastal Texas
1936
458,550
165,000
64,950
151,950
COKE
Total Texas-.-.-.
1,145,200
1,175,850
1,156,700
1,154,250
1936
1,057,000
79,700
159,300
77,500
157,900
77,750
156,850
36,850
124,350
204,800
239,000
235,400
234,600
161,200
26,800
Coastal Louisiana
27,700
114,900
27,800
113,250
29,750
43,500
27,800
114,150
29,650
46,500
17,950
18,100
3,400
83,300
3,800
—
-
110,600
29,300
Eastern.
14,300
4,500
78,300
83,250
36,750
13,300
4,150
57,300
2,376,900
2,427,200
2,444,550
2,446,600
2,100,500
553,400
573,000
566,100
581,450
2,930,300
3,000,200
3,010,650
3,028,050
2,785,300
1,220,000
920,000
184,000
46,026,000
203,300
165,900
46,237,000
166,600
66,315,000
239,000
58,600
9,767
51,900
8,650
25,100
4,183
1,540,300
5,405
813,100
2,853
6,084,700
coke:
Daily
44,850
average
21,350
made into coke, local sales and colliery fuel,
b Includes
Sullivan County, washery and dredge coal, local sales, colliery fuel, and coal shipped
by truck from authorized operations,
c Subject to revision,
d Revised,
e AdJusted to make comparable the number of working days in the three years.
1 Aver¬
age rate based on five working days on account of Thanksgiving Day holiday.
Includes lignite, coal
a
AND
WEEKLY
ESTIMATED
MONTHLY
(IN THOUSANDS
PRODUCTION
OF
COAL
BY
OF NET TONS)
(The weekly estimates are based on railroad car loadings and river shipments
and
Total United States
1929
e
f200,800
average
STATES
California
1935
1936
Tot. for period 1,004,000
684,800
Total east of California-
1935
period 9,450,000 10058000 7,498,000 d384585000 332,317,000 486,037,000
1,375,000
1,187,000
1,727,000
fl890,000 1,676,000 1,500,000
Beehive
29,550
Montana
New Mexico
1936 d
c
102,350
Colorado
40,200
Nov. 30
average
Daily
29,700
46,600
18,100
3,400
82,650
Michigan
Wyoming
Calendar Year to Date
Nov. 21
Pa.anthra.:b
Tot. for period
Arkansas
(IN NET TONS)
coal:a
Tot. for
Daily
Total Louisiana
4,279,000 tons of anthracite
Week Ended
Nov. 28
Bltum.
North Louisiana----
1936
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
58,500
59,800
25,600
159,150
45,900
435,000
110,400
162,650
75,600
12,
follows:
statement
135,500
,
and
coal
produced during October, 1935.
During the calendar year to Nov. 28, 1936, a total of
384,585,000 tons of bituminous coal and 46,026,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 332,317,000 tons of soft coal and 46,237,000 tons of
hard coal produced in the same period of 1935.The Bureau's
Average
Week Ended
of M.
.
Dec.
of bituminous
tons
are
State
subject to revision on receipt of monthly tonnage reports from district and
of final annual returns from the operators.
sources or
Note—The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Week Ended—
Monthly Production
State
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
Nov. 21 Nov. 14 Nov. 23
GASOLINE AND GAS AND FUEL OIL. WEEK ENDED DEC. 5, 1936
Oct.
Sept.
Oct.
1936 p
1936
1936
1935
1936 p
1935
r
(Figures in thousands of barrels of 42 gallons each)
2
2
2
9
10
244
233
170
1,034
993
72
82
92
81
435
362
428
Alaska
Daily Refining
Crude Runs
Capacity
to Stills
Alabama
Stocks of Finished and
Unfinished Gasoline
Arkansas and Oklahoma
Stocks
of
'
-*>
Finished
District
tial
Total
Rate
East Coast.-
P.
Oper¬
At Re¬
ated
fineries
C.
554
612 100.0
612
Gas
in
P.
age
Reporting
Unfin'd
and
C.
Daily
Aver¬
Poten¬
90.5
Terms., Nap'tha
&c.
4,643
Distil.
Fuel
Oil
9,057
785
146
94.8
103
70.5
887
1,068
237
657
457
96.2
409
89.5
4,337
3,409
673
5,962
384
84.8
254
66.1
160
48.5
106
66.3
732
453
330
Texas Gulf__
La. Gulf
I
3,011
399
3,419
1,423
i
2,191
91
222
1,769
710
97.0
637
89.7
5,192
250
1,872
7,886
169
163
96.4
134
82.2
904
355
196
1.906
No. La .-Ark.
80
72
90.0
49
68.1
175
Rocky Mtn_
California--.
60
61.9
39
65.0
791
852
789
92.6
484
61.3
8,500
Reported
97
I
89.9
3,553
—
2,769
401
Est. unrepd.
77.9
66
95
29,863
1,882
221
42
769
2,119
1,170
73,650
18,624
544
5,691 108,025
771
2,262
865
'36
Nov.28 '36
3,954
3,954
3,954
3,954
2,990
3,020
19,489
6,462 110,287
z6,729 Z112.012
vised.
28,573
18,424
November
of
Decline
1,530
86
70
278
232
308
167
148
641
539
694
959
709
3,960
3,367
3,464
185
790
183
172
787
645
31
30
34
146
138
Michigan
12
12
11
39
40
42
76
80
87
352
280
358
New
40
37
36
163
118
137
Western
Maryland
-
Mexico
from
59
North and South Dakota
Preceding
60
Tennessee
330
168
334
552
516
450
2,298
1,950
10,745
1,815
9,706
2,158
2,361
103
104
97
444
r460
-
8,367
128
Texas—
14
14
17
66
63
68
Utah
97
90
110
384
336
415
281
274
213
1,200
rl,065
1,081
Virginia
Washington
41
179
175
1,586
8,993
8,242
646
436
2,636
2,318
8,530
2,317
138
140
628
516
628
1
3
5
4
8,227
43,284
37,200
154
-
Other Western States
43
2,068
668
b
43
1,986
West Virginia—Southern a
z
Grand
Re¬
a
Coal
68
172
2,500
Ohio
Pennsylvania bituminous
*
c
bituminous
♦
184
10,058
1,220
9,833
800
1,000
4,253
3,764
37,768
4,279
11,278
-
total
10,633
9,227
47,537
40,964
42,047
Includes mines on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G..
the
Estimates
Small
1,304
74
on the B. &
Show
1,652
154
Comparable with week Dec. 5 but not prior weeks.
Preliminary
343
5,799 108,063
December, 1935, daily average,
y
376
937
Pennsylvania anthracite
y2,742
Estimated Bureau of Mines basis,
3
4,810
Iowa
Wyoming
31,745
z31,859 Z18.785
U.S.B.of M.
x
5
3,729
Kansas and Missouri
Total
xDec. 5 '35
747
5
5,087
Indiana
Northern
xEst.tot.U.S.
Dec. 5
565
1
1,072
Montana
154
475
——
785
1
1,104
436
Illinois
11,463
Ind.,111., Ky.
Okla., Kan.,
Mo
172
1
1,151
Georgia and North Carolina
Kentucky—Eastern
Appalachian.
Inland Texas
165
178
Colorado
8
Production
Panhandle
Arizona,
♦
Month
and
b Rest of State, Including
Tucker counties,
c
Includes
O. in Kanawha, Mason and Clay counties,
and
district
California,
Idaho,
Grant, Mineral and
Nevada and Oregon,
p
Preliminary,
r
Revised.
Less than 1,000 tons.
According to preliminary estimates made by the United
States Bureau of Mines, bituminous coal output during the
month of November, 1936, amounted to 40,615,000 net tons.
This compares with 43,284,000 tons produced in the pre¬
ceding month and 33,404,000 net tons during November,
1935.
Anthracite production during November amounted
to 4,093,000 net tons, a decline from the 4,253,000 tons
pro¬
duced in October, but an increase from the 3,160,000 tons
The Bureau's statement follows:
mined in November 1935.
Average per
Total for
Month
Working
(Net Tons)
Days
No.
of
Woring
Day
(Net Tons)
Cal. Year
to
End
of
November
(Net Tons)
November, 1936 (preliminary):
Bituminous coal-------
Anthracite
40,615,000
4,093,000
239,200
_
Beehive coke
23.1
1,758,000
177,600
386,490,000
23
25
9,568
1,551,300
27
1,603,000
26
43,284,000
4,253,000
236,600
Anthracite
Beehive coke
Zinc
"Metal
27
33,404,000
3,160,000
Anthracite
Beehive coke
101,000
24.5
1,363,000
24
131,700
26
3,885
33,936,000
46,383,000
815,500
to about
♦
Coal
Declines
During
Week
Ended
Nov. 28, 1936
United
States
Bureau
of
Mines
consumers
Markets"
in
London—Domestic
Strong
its
issue
Dec.
of
10
its
ended Nov. 28 is estimated at 1,004,000 net tons.
This is a
decline of 216,000 tons from the
preceding week, and com¬
pares with 920,000 tons produced in the corresponding week
last year.
The Bureau reported that a total of
43,284,000 tons of
soft coal and 4,253,000 tons of hard coal were mined
during
the month of October.
This compares with 37,768,000
domestic market during the last week amounted
Inquiry improved toward the close on the advance in
The price of 10^c., Valley, was firm.
Shipments of
copper
during November were heavy, even though some producers
experienced difficulty in moving the metal from ports tied up by the strike
of seamen.
Production of copper increased, and domestic mine output
probably touched 70,000 tons, according to preliminary estimates.
Demand for
in
weekly coal
report showed that production of soft coal decreased slightly
in the week ended Nov. 28.
The total output is estimated at
9,450,000 net tons, a loss of 608,000 tons from the preceding
week.
Production during the week in 1935
corresponding
with that of Nov. 28 amounted to 7,498,000 tons.
Anthracite production in Pennsylvania
during the week
4,500 tons.
prices abroad.
to
of
in
Prices
Copper
Sales of copper in the
Bituminous coal
The
Mineral
Advance
Lead
reported that to the surprise of most traders in non-ferrous
metals, the London market resumed its upward trend in
prices last week.
Though speculators again purchased
metals abroad, regular consumers as well as armament makers
figured in the buying.
Consumption of copper, lead, and
zinc in this country continues active. Production is increas¬
ing, but not at a rate to cause any uneasiness over the price
structure.
In fact, bbth lead and zinc appeared firmer. Tin
was up on good buying and optimism over the outlook for
the renewal of the control plan.
The rate of activity in the
steel industry in this country made a new high for the move¬
ment by advancing to 76.6% of capacity for the current
week. The publication further stated:
November, 1935:
Production
and
and
163,600
8,763
46,254,000
October, 1936 (revised):
Bituminous coal
Metals
Non-Ferrous
copper
domestic parity,
abroad increased and the price moved well above
setting at 10.425c., refinery, against the
domestic price
of 10.275c.
There
were no
ment to be
bids on the 2,500,000 lb. of copper for the Navy Depart¬
opened yesterday, because of the Walsh-Healy Act.
Lead
Transactions In lead during the last week continued at about the same rate
as
in the preceding
London
higher,
seven-day period, sales totaling about 4,900 tons.
With
and the movement of the metal into consumption here
increasing, the undertone was very firm.
Quotations held at 5.20c., New
York, which was also the contract settling basis of the American Smelting
&
Refining Co., and at 5.05c.( St. Louis.
East
were
Sales of its
own
brands in the
reported by St. Joseph Lead Co. at a premium.
Producers believe that shipments of
refined lead to
consumers
ber will total somewhere between 53,000 and 55,000 tons.
in stocks is expected.
for Novem¬
Another reduction
Volume
Financial
143
The following tabulation shows lead
far
refiners in the United States so
stocks at the works of smelters
63,436
58,194
11,178
194,111 177,315
6,406
6,115
Refined lead
11,053
2,633
14,640
Antimonlal lead
In base bullion:
Smelters & refineries
__
2,067
In transit to refineries.
refineries 16,308
293,506 269,950
Totals
domestic statistics, coupled with the higher
of
higher market
a
£17 per ton yester¬
The very bullish
quotations abroad, naturally
speculators.
day, generally attributed to purchases by
talk
Several sellers sold zinc during
here.
the 5.05c. St.
general advance
the week for the second-quarter delivery at a premium over
Should the market remain firm abroad, a
basis.
Louis
revealed
and of
almost embarrassingly
The November statistics
quotation is imminent.
in the domestic
the manufactured and natural gas
reduced to 45,829 tons,
that stocks of the common grades have been
high grade the surplus at the end of the month was
the month, a decrease
the figure of
Association's
$29,425,900 for
reported revenues
industry aggregated
The natural gas utilities
of 2.4%.
for September, 1935.
which were 7.0% above the figures
of $23,666,200,
Gas
reported that revenues of
utilities totaled $53,092,-
100 in September, an increase of 1.6% from
$52,259,700reported for September, 1935. The
report further disclosed:
Revenues of the manufactured gas
Zinc
Interest in zinc centered in the advance in London to
revived
September Revenues of Manufactured and Natural
Utilities 1.6% Above a Year Ago
The American Gas Association
Nov. 1
Oct. 1
Nov. 1
Oct. 1
& process.
In process at
and
of
reported by the American Bureau
short tons:
Metal Statistics, in
In ore, matte,
as
3759
Chronicle
totaled 27,899,600,000
sales for the month
were 88,436,500,000 cubic feet, an increase of 17.4%.
For the nine months ending Sept. 30, manufactured and natural gas
revenues
aggregated $573,599,900, an increase of 6.3% over the cor¬
responding period of 1935.
Revenues from domestic customers were 2.2%
reported for September
Sales of manufactured gas
cubic feet, an increase of
above the
same
showed
users
1.5%, while natural gas utility
Revenues from
period of last year.
an
industrial-commercial
increase of 16.1%.
low at 11,698 tons.
(Dec.
Yesterday
9)
second-quarter
at 5.15c., St.
quotation on prompt and
zinc sold
delivery
Louis, and late In the day one seller advanced his
November
near-by to 5.15c.
Tin
Business in the domestic tin market was more active
was
cable to the Commodity Exchange on
is understood
sales, and on
reported sold.
Dec. 8 more than 300 tons were
A
during the week than
A fair tonnage was involved in daily
generally believed.
that the difficulties regarding the voting
tin scheme have been virtually solved.
"It
Dec. 8 read as follows:
right in the new
The International Tin
Committee
Dec. 11 to fix the quota which
will be put into operation on Jan. 1.
Expectations of a 95% quota are
widely held, though some influential sources believe the statistical position
expects to be in a position at its meeting on
<
quota."
warrants a 90%
Some observers in the trade here believe quotas may remain
increase in the visible
,
supply.
Dec. 3, 50.225c.; Dec. 4,
Chinese tin, 99%, was nominally as follows:
Dec.
50.000c.;
5,
unchanged
and in spite of the marked
in view of the increased world demand for tin
50.000c.;
Dec.
7. 50.125c.;
Dec. 8, 51.125c.; Dec. 9,
51.500c.
compared with 2,991,887 tons in October. The daily
showed a gain of 1.8% over that of October,
or from 96,512 tons to 98,246 tons.
On Dec. 1 there were
164 furnaces making iron; this was a gain of three furnaces,
161 being in operation on Nov. 1 last.
The "Age" further
tons,
rate last month
reported:
,
and
Production
Continue Above
a
of
Slab
Furnace Corp.; one
October,
on
during November, 1935.
comparing
Oct. 31 and 85,266 tons on Nov. 30,
Nov. 30 stood at 57,527 short tons,
with 68,892 tons on
The Institute's statement follows:
1935.
SLAB
ZINC
STATISTICS
1936
18,348
19,798
17,484
39,201
45,131
47,656
65,351
57.448
62.886
52,243
57,098
65,816
67,317
64,325
28,430
20,787
55.449
25,276
28,621
57,561
65,900
80,125
85,432
54,621
20,935
42,166
64,338
55,713
51,750
61,356
28,412
24,536
54,134
54,138
18,461
49,041
83,686
34,012
29,935
30,679
56.816
87,475
59,216
63,820
58,864
91,010
96,512
31.625
17,615
57,821
59,142
50,742
43,754
36,174
38,131
39,510
November
47,201
41,308
38,964
37,848
36,782
23,733
36,199
February
55,299
60,950
March
65,556
January
April
May
_____
June
First six months
.
This latter figure also com¬
with 48,172 tons shipped
Inventories
1935
1934
1933
1932
31,380
33,251
31,201
December
1936, and with 37,469 tons in the corresponding
Shipments rose from 54,035 tons in October
57,107 tons in November.
IRON IN THE UNITED
1931—GROSS TONS
SINCE JAN. 1,
1931
month of 1935.
pares
furnacejof
;
PRODUCTION OF COKE PIG
Year Ago
American Zinc
Institute on
slab zinc were
produced during the month of November, 1936.
This com¬
pares with 46,297 tons produced
during the month of
and one River
Mystic Iron Works furnace,
STATES BY MONTHS
Zinc
to figures released by the '
Dec. 7, 45,742 short tons of
According
.
the month were:
One Midland,
Pittsburgh Crucible Steel Co.; one Cambria, Bethlehem Steel Co.; one
Gary, Carnegie-Illinois Steel Corp.; one Duluth, American Steel & Wire
Co.; one Ensley, Tennessee Coal, Iron & RR. Co., and one North Bir¬
mingham, Sloss-Sheffield Steel & Iron Co.
Furnaces blown out or banked included the Troy furnace of the Troy
Among the furnaces blown in during
DAILY AVERAGE
Shipments
2,947,365 Tons
"Iron
Republic Steel Corp.
November
to
Output Placed at
Iron
Pig
Age" in its issue of Dec. 10 stated that pro¬
duction of coke pig iron in November wras 2,947,365 gross
The
;
July
August
September
October.
(ALL GRADES)- -1929-1936
12
mos.
average.
17,115
19,753
20,800
21,042
50,069
31,898
33,149
43,592
86,208
74,331
'
98,246
67,950
57,556
(Tons of 2,000 Pounds)
PRODUCTION
Shipped
Stock at
Durino
Durino
End of
Period
Period
Period
Produced
Retorts
(a)
Shipped Operating
End of
for
Export
Period
Average
OF
PIG
COKE
FERROMANGANESE
;
Orders
End
OF
AND
(GROSS TONS)
Unfilled
Retorts
During
IRON
Period
of
Ferromanganese y
Pig Iron x
Period
1936
1935
1936
1935
1929
Total for year
Monthly
aver.
631,601
52,633
602,601
50,217
75,430
6,352
57,999
68,491
18,585
Total for year
Monthly aver.
504,463
42,039
436,275
36,356
Monthly aver.
Monthly aver.
Monthly aver.
18,273
314,514
26,210
129,842
19,875
213,531
17,794
218,517
18,210
124,856
21,023
18,560
2,947,365
July
August.
27,190
105,560
23,653
15,978
352,663
29,389
April
35,135
33.468
36,735
35,329
May
34,572
June
34,637
35,120
35,547
36,221
36,716
37.469
35,455
34,877
41,205
38,455
35,627
29,353
32,306
38,824
42,351
47,063
48,172
40,463
41,971
431,412
35,951
465,659
38,805
January
41,917
46,468
79,207
01
February
36,228
39,918
75,517
01
March
42,483
38,159
79,841
01
37,922
80,782
01
*33,849
41,400
01
22,725
15,919
19,805
13,175
12,735
15,983
19,007
2,106,453
December
366,933
30,578
Monthly aver.
24,368
2,991,887
June
Half year
1934
Total for year.
2,065,913
September
May
300,738
25,062
344,001
28,667
88,902
20,205
20,658
2,594,268
2,711,721
2,730,393
March
8,478
26,651
April
23,099
324,705
27,059
128,058
1,520,263
1,761,286
1,776,476
1,978.411
13,528,226
November
47,769
1933
Total for year.
9,799,000
2,648,401
2,586,240
October.
31,240
143,618
1932
Total for year.
19,667
18,363
15,549
10,048
12,288
17,762
18,302
17,541
12,961
24,766
24,988
1,477,336
1.608.552
1,770,028
1,663,475
1,727,095
1,552,514
February
1931
Total for year.
2,025,885
1,823.706
2,040,311
2,403,683
January
529
1930
28*887
Year
-
18,245
17,126
21,007,802
185,173
1935
January
February
March
_.
July.
August
September
October
November
December
Total for year.
Monthly aver.
32,658
33,210
35,196
33,719
32,389
33,836
33,884
32,942
34,870
34,777
36,650
*33,462
38,329
*34,298
117,685
116,276
111,806
108,680
107,625
112,909
115,723
112,446
106,316
95,969
85,266
83,758
32,230
33,157
32,535
32,450
30,387
31,230
31,244
30,482
32,445
32,934
33,868
25,993
25,816
20,000
22,435
35,878
26,967
36,939
39,238
47,080
47,367
59,456
*33,080
35,126
*33,896
51,183
5
42,311
38,205
*34,291
38,004
*36,657
May
44,905
43,977
81,710
June
44,947
41,654
85,003
45,553
July
41,891
88,665
41,048
*36,919
01
40,700
*36,934
0!
41,308
*37,350
August
43,614
46,085
86,194
01
41,308
♦37,418
September
42,283
51,847
76,630
01
40,672
*36,843
October
46,297
54,035
68,892
45,742
57,107
57,527
41,733
01
November
OJ
*38,052
43,103
*38,607
*
Equivalent retorts computed on 24-hour basis,
25,834 gross tons,
„
y
The 1934 production ot this iron
Included in pig iron figures.
Steel Shipments Decline in
November
Shipments of finished steel products by subsidiaries of
United States Steel Corp. in November amounted to 882,643
tons.
This total when compared with the previous month
shows a decrease of 124,774 tons. There were, however, two
working days in November than in October. Shipments
November, 1935, aggregated 681,820 tons.
Below we
tabulate the figures by months since January, 1932:
a
35,872
*34,358
34,334
*32,456
36,189
*34,516
37,778
*35,749
37,888
*36,296
38,176
*36,972
38,135
*36,734
38,358
*37,006
38,326
*36,897
39,157
*37,893
40,125
*38,588
,42,219
OF SHIPMENTS OF
TONNAGE
STEEL PRODUCTS BY MONTHS
YEARS INDICATED
FOR
-
,56,829
Year 1932
Year 1933
Year 1934
Year 1935
Year 193ft
January
426,271
285,138
534.055
721,414
February
413,001
388,579
395,091
338,202
324,746
272,448
291,688
275,929
331,777
385,500
588,209
583,137
676,315
783,562
,316,019
Month
.41,638
,35,968
,28,370
March
April
,2(7,090
,44,458
-
May
—
June
July
August
256,793
335.321
455,302
603,937
701.322
668,155
643,009
745,063
985,337
369,938
378,023
370,306
668.056
591,728
598,915
578,108
54,064
886,065
950,851
923,703
961.803
343,962
366,119
418,630
686,741
1,007,417
681,820
882,643
310,007
575,161
572,897
November
275,594
430,358
227,576
600,639
a(5,160)
b(44,283)
a(19,907)
a(23 750)
3,974,062
5,805,235
5,905,966
7,347,549
September—
December
,60,513
Yearly adjustment.
75,891
Export shipments are in¬
979,907
984,097
624,497
614.933
547,794
October
,65,173
cluded in total shipments.
Note—'These statistics include all corrections and adjustments reported at the
year-end.
was
charcoal pig iron.
less
32,341
*33,726
43,252
These totals do not include
in
59
1936
April
x
Total for year
661,515
b Addition,
c Cumulative monthly shipments reported during
the calendar year are subject to some adjustments reflecting annual tonnage recon¬
a
Reduction,
ciliations, which
will be comprehended in the total tonnage
stated in the annual report.
shipped tor the year as
Financial
3760
Daily Steel
The
Output in November Greatest
September 1929
Chronicle
Dec.
and will hasten others that have been lagging.
Since
has given price protection
company
17
on
As
12, 1936
example,
an
oil refineries.
steel
one
Much of such
business will not be rolled until the second quarter.
daily output of steel ingots during November
was
railroad
Recent
buying, which mills estimate at 900,000 tons of rails
greater than in any month since September, 1929, and was
and about 270,000 tons of track accessories, will contribute in large measure
the highest of any
to the support
November in the history of the industry,
according to the American Iron and Steel Institute.
Production
averaged 173,496
during the month,
of 168,333
age
an
gross
gross
increase of 3%
tons of ingots
over
the October
day
aver¬
tons and 43% above the average dai
y
reached in June of that year,
when 196,118
gross
tons
produced per day.
The average daily output in Sep¬
tember, 1929, which has not since been exceeded, was 181,115
were
gross
Although
said to be
because November contained
the
as
shipments will not
beyond that date because of
go
physically impossible for
mills to get out by that time all
some
Some steel mills have returned to their
tendered
sheet orders
the old
at
prices which they could not
complete by Jan. 31, and in some instances these have been sent back
by the buyers with permission to bill at the new prices.
of orders by the mills is almost unprecedented.
The actual refusal
The record-breaking volume
of business booked by the mills is illustrated by the fact that an important
district office of
large
a
entered
company
more tonnage
in November than
in all of 1932.
Steel ingot production this week is estimated at 76^ %, but is possibly
Total tonnage produced during the month, 4,337,412 gross
in
may
leading steel producer has announced that all orders at the
a
of the sheets they have booked.
tons.
tons, fell short of the October total of 4,545,001
27
31, and
old prices not shipped by Jan. 31 will be billed at the higher prices, it is
customers
Maximum average daily output in the record year 1929
was
be completed until March
inability of mills to get out the tonnage.
per
output in November, 1935, of 121,170 gross tons.
t
of steel production in the first quarter,
only 25 working days
preceding month.
tons
gross
as
against
Output in November
1935
totaled 3,150,409 gross tons.
higher in view of the fact that actual output in November, at 79.05%,
several points above highest
was
records
MONTHLY PRODUCTION OF OPEN HEARTH AND
BESSEMER STEEL
INGOTS—JANUARY, 1936, TO NOVEMBER, 1936
(Reported by companies which in 1935 made 98.03% of the
of the Bessemer ingot production)
open hearth and
100%
day below the
a
clearly indicates that
It
be
can
Calculated
Number
Daily
of
Working
Days
1936
*Per Cent of
Gross
Tons
Capacity
51.40
February
3,045,946
2,964,418
March
3,342,619
Production
(Gross Tons)
58.58
January
112,813
118,577
128,562
54.03
The November daily output of
the highest for any November in the
below the all-time peak month,
13%
for the full year
Total output for
1929.
outlook for December
47,000,000-ton total will be recorded for 1936.
definitely predicted that steel plant operations at the present
higher will continue at least through January and probably through
or
Increased output at some plants will be prevented
only by shortages of scrap, pig iron, coke or raw steel, some companies
feeling the pinch of insufficient blast furnace and open-hearth capacity.
Pig iron shipments to the foundry trade this month will be the largest of
and
improbable.
Monthly
Production
only
average
a
the entire first quarter.
the year,
Calculated
was
11 months this year was 42,487,717 tons, and the
rate
year.
history and
was
June, 1929, when the daily average was 196,118 tons, and was only .1,143
tons
Operations during the month were equivalent to 79.05%
of the total capacity of the industry, which compares with
76.70% in October and with 54.73% in November of last
173,495 gross tons,
industry's
weekly estimates, indicating that tonnage
being made at several plants.
are
ingots at
further rise in pig iron prices in the first quarter is not
a
Meanwhile,
furnaces
sell
that
in
New
England
are
now
quoting the $1.25 higher prices recently announced by the Mystic furnace
at
Everett, Mass., and Indian iron has also been advanced the
The continued shortage of coke has brought an advance
same amount.
of 10c.
ton in
a
the beehive grade.
Additional price advances of the past week include a $5 a ton increase in
27
25
cold-rolled
26
strip,
commodity
except
and lamp stock,
grades
which
are
$4; cold-finished alloy bars, $4; rail steel merchant bars, $3; skelp, $2
up
9,352,983
54.64
119,910
78
(by
3.942,254
First quarter
69.09
151,625
155,625
153,263
26
bolts and nuts, about 10%; large rivets, $4; cast iron pipe, $2 a ton; silvery
producer);
one
senger
car
axles, $5
ton; freight car wheels, $1
a
each; pas¬
and locomotive tender wheels, $2 each; trolley wheels, about 5%;
April
May
4,046,253
70.91
June
3,984,845
69.83
Second quarter........
11,973,352
69.94
153,504
78
First six months
21,326,335
62.29
136,707
156
July
3.922.731
68.74
150.874
26
has
August
4,195,130
4,161,108
73.52
26
72.92
161,351
160,043
Seaboard Air Line has bought 1,000 cars; Reading, 425; Montour RR., 500;
12,278,969
71.73
157,423
78
26
pig iron and Bessemer ferro-silicon, $1.25
26
ducers
Third
quarter,,
prices.
on
September
„
of pipe have
Pipe, tin plate and reinforcing bars
which
quarter at unchanged
the only important products
are
price increases have been announced.
no
Railroad equipment buying is still a market feature.
26
ordered
3,000 freight
cars
buy 2,000
cars;
Southern Pacific
and will rebuild 1,750 in its own shops;
Western Pacific, 100, and Western Maryland, 100.
will
Pro¬
fluorspar, $1 a ton.
a ton;
opened their books for first
the Missouri-Kansas-Texas has
The Great Northern
a car
building program,
details of which have not been announced; the Milwaukee Road will build
Nine months
33,605,304
234
76.70
79.05
168,333
173,496
27
4,337,412
November
143,612
4,545,001
October
65.44
500
additional,
Denver &
*
25
January
2,870,161
February.
48.02
27
2.774,271
2,865,292
First quarter
52.22
49.78
8,509,724
.
March
106,302
115,595
110,204
49.92
110,516
77
24
totaled
than
more
accessories, for the Wabash,
Western, and
With
26
the
a
but
a
settlement
101,562
26
Meanwhile,
97,543
27
ing records for this time of
June
2,258,664
40.81
90,347
25
7.532,927
43.62
96,676
78
16,042,651
46.75
103,501
155
2,267,827
2,915,930
2,825,004
39.40
87,224
107,997
113,000
26
car
48.78
51.04
27
tons for
a
mill
the
at
plant
of the Midland Steel
46.38
102,676
78
24,051,412
46.63
103,225
233
3.142,759
52.58
November...
3,150,409
3,073,405
54.73
121,170
26
55.53
122,936
25
9,366,573
54.24
120,084
of
50c.
27
off
possibility.
are
break¬
Pending projects call for
season.
has taken bids on 14,000
Refining Co. has ordered 12,000 tons of pipe from
a
ton
a
pipe line.
have
occurred
at
bringing the "Iron Age" composite price
peak for the
year.
in the steel industry.
Pittsburgh and Philadelphia,
up
to $16.50, within 25c. of its
With the withdrawal of strip makers from the market
fourth quarter prices, the new prices are in full effect, resulting in an
78
116,398
an
Republic Steel Corp
The steel scrap market reflects the stronger tone
at
October
as a
year.
building at Cleveland.
National Tube Co. for
25
8,008,761
Fourth quarter
strike
tion, although this is normally
Advances
December
with
Rio Grande
Structural steel lettings will tend to go higher because of the price situa¬
The Humble Oil &
Nine months
the Denver &
Belated
tons,
output has recovered lost ground and retail sales
upward of 30,000 tons.
Third quarter
15,000
shortage of glass, owing to labor troubles, still looms
45.88
44.06
September
12,640 tons for
of the
2,640,602
August
including
tons,
Products Co., the immediate threat to automobile production is removed,
2,633,661
July
70,000
The
number of smaller lots.
May
First six months
135.
15 locomotives and the Seaboard
Air Line, five, while the Southern Pacific is in the market for 20.
April
Second quarter
is inquiring for
Ohio
&
Rio Grande Western ordered
railroaders
1935
and the Chesapeake
increase in the "Iron Age" finished steel composite price to
The pig iron composite price is unchanged.
THE
"IRON AGE"
2.274c.
lb.
a
COMPOSITE PRICES
Finished Steel
Total
33,417,985
vnrouiawju
as
follows:
Dec. 31.
iui
cnuu
jfwu
48.54
107,453
ou auiiutw capacities, as 01 uec. oi
311
01 me preceuiug year
Deo. 31, 1935,
Open-hearth and Bessemer ingots 68,475,509 gross tons.
1934, Open-hearth and Bessemer ingots. 68,849,717 gross tons.
Dec. 8, 1936, 2.274c. a Lb.
One week ago
One month ago
One year ago.,
(Based on steel bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
2.249c.j
2.197c.
2.130c.
rolled strips.
(.
These products represent
85% of the United States output.
Low
High
1936
Unfilled
Tonnages,
Heaviest Since 1929,
Ingot Output Higher
Steel
The "Iron
Age," in its issue of Dec. 10, stated that with
the heaviest unfilled tonnages on their books since
1929,
and orders still pouring in except in those
products for which
books^have been closed at fourth quarter prices, steel com¬
panies are exerting all pressure to complete shipments of
these orders Jan. 31 so that they realize at the earliest
pos¬
sible moment the higher prices announced for first
quarter.
Bookings are largest in sheets, strip, wire products, bars,
rails and track accessories and lightest in
plates, shapes and
pipe, but these last-named products will benefit later on
Mar. 10
2.124c.
Jan.
1934
2.008c.
Jan.
2
1933
1.867c.
Apr.
18
1932
Force
2.084c.
1935..
1.926c.
Feb.
2
8
1931...1
1.945c.
Dec. 29
1930...:
2.018c.
Dec.
1929
2.273c.
Oct.
29
1928
2.217c.
July
17
2.212c.
Nov.
1927
9
1
Pig Iron
Dec. 8, 1936, $19.73 a Gross Ton
One week ago.
One month ago
One year ago
$19.73
Based
on
average
of basio Iron at Valley
furnace and foundry irons at Chicago,
18.73
Philadelphia,
18.84
Southern Iron at Cincinnati.
Buffalo,
Valley,
and
Low
High
1936
$19.73
1935
18.84
Nov.
5
17.83
from the considerable volume of railroad
equipment orders
and building construction work that is now
being rushed to
1934
17.90
May
1
16.90
Jan.
1933
16.90
Dec.
5
13.56
Jan.
1932
14.81
Jan.
5
13.56
Deo.
6
the
1931
15.90
Jan.
6
14.79
Dec.
15
1930...
18.21
Jan.
7
15.90
Dec.
16
contract
stage in order to escape the price advances.
The "Age" further reported:
Mills have announced that
on
identified construction projects. Including
railroad equipment, they will protect contractors at fourth
quarter prices
on all jobs quoted on
by Dec. 31, with the
contracts
shall
shall be in
be
entered
into
by Jan.
31
and
that
specifications
by March 31, with rolling and shipment at mill convenience.
This concession to the construction field has revived
many inactive projects
$18.73
Aug. 11
May 14
27
3
1929
18.71
May 14
18.21
Dec.
17
1928
18.59
Nov. 27
17.04
July
1927...
19.71
Jan.
17.54
Nov.
24
1
4
Steel Scrap
understanding that binding
steel
Nov. 24
Based
on
No.
1 heavy melting steel
Dec. 8, 1936, $16.50 a Gross Ton
One week ago
quotations at Pittsburgh, Philadelphia
$16.17
One month ago
One year ago
16.33
13.42
and Chicago.
Financial
143
Volume
1935
-
1934
1933
-
1932
1931
15.00
17.58
16.50
15.25
1930
1929
1928
1927
-
American
The
Iron
9
9.50
23
Sept. 25
Apr.
6.75
Jan.
3
6.43
July
5
8.50
Dec. 29
11.25
Dec.
9
14.08
Dec.
3
13.08
July
2
13.08
Jan. 29
Dec. 31
Jan. 11
Nov. 22
7 an¬
and Steel Institute on Dec.
l^ad received indi¬
nounced that telegraphic reports which it
98%
will be 76.6% of capacity
of steel companies having
cated that the operating rate
of the steel
June
$12.67
10.33
Sept. 22
Dec. 10
Mar. 13
Aug. 8
Jan. 12
Jan. 6
Feb. 18
$16.75
13.42
13.00
12.25
8.50
11.33
-
—
capacity of the industry
compared with 75.9%, one
74.0% one month ago, and 55.7% one year ago.
This represents an increase of 0.7 points, or 0.9%, from the
estimate for the week of Nov. 30.
Weekly indicated rates of
the week beginning Dec. 7
for
week ago,
operations since Nov. 5, 1935, follow:
steel
Dec.
2
50.9%
52.6%
53.7%
55.4%
56.4%
Dec.
9
55.7%
5
Nov. 11
Nov. 18
Nov. 25
10
52.0% May 25
Feb.
17
Mar. 16
1
68.2%
51.7% June
8
69.5%
52.9% June
53.5% June 15...-.70.0%
70.2%
55.8% June 22
74.0%
60.0% June 30
Mar.
2
Mar.
9
16
54.6%
Mar. 23.....53.7% July
Dec. 23
49.5%
46.7%
Mar. 30
Dec.
Dec.
1936—
49.2%
49.4%
49.9%
49.4%
50.0%
6
Jan.
Jan.
13
Jan.
20
Jan.
27
Feb.
3
Apr.
6
Apr.
30
1936—
67.9%
Feb.
Feb. 24
13
20
27
4
11
18
Apr.
Apr.
May
May
May
67.2%
69.0%
70.9%
71.5%
71.4%
70.0%
72.2%
72.5%
71.5%
6
62.0% July
13
July
20
July
27
64.5%
67.9%
70.4%
71.2%
70.1%
69.1%
69.4%
Aug.
3
Aug. 10
Aug. 17
Aug. 24
Aug. 31
"Steel" of Cleveland, in its summary
7.
Sept. 14
Sept. 21
Sept. 28
Sept.
—
-68.2%
72.5%
74.4%
75.4%
75.3%
75.9%
Oct. 19...—74.2%
Oct. 26
74.3%
Nov.
2
74.7%
Nov. 9
74.0%
Nov. 16
74.1%
Oct.
5
Oct.
12
Nov. 23.
,—74.3%
30—.75.9%
7
76.6%
Nov.
Dec.
of the iron and steel
How to
produce the tonnage now on mill books before
have become the largest since
operations,
National
Jan. 1 when higher
the problem facing the steel industry,
where backlogs
which last week increased
1 point to 76)4% of
the remainder of the
month.
Mills have started allotting tonnage.
the
been most noticeable.
On one day, Dec. 1, the orders
mills are reported to have reached proportions which
Virtually all materials have been affected,
booked
by some
would have been considered as a fair
The week brought
but in sheets particularly
month's total not long ago.
forth the heaviest railroad purchases
in many years,
Since Nov. 1 the carriers have purchased some
739,000 tons and many thousands of tons of track accessories.
Automobile production, 100,395 units was down about 3,800 from last
supplier's labor trouble reacted
manufacturers.
Although shape awards were only up about 1,000 tons to 17,257, the
volume of new pending business was unusually extensive.
The steel pipe
upon
104,283.
was
Four thou¬
25 coal barges for Jones & Laughlin
featured by award for a 120-mile
sand tons of
Ohio, 37,471; Missouri
plates will be required for
oil line in Texas.
Steel Corp.
30,000; Chicago Milwaukee St.
Nickel Plate, 13,536; Delaware
Quincy,
Erie,
21,333;
were
ordered.
higher
"Steel's" scrap composite is up
districts much stronger, predictions of
by some experts.
$16.25, largely the result of advances in eastern Pennsylvania.
prices are being made
13 cents to
The Week with the
3,025 and Pacific Fruit Express, 2,000.
Norfolk & Western, 8.
Price advances for the first quarter which have been announced since last
week include: Cold-rolled strip, up $5 a ton; railroad spikes, up $3; cold1,000; the Santa Fe,
has ordered
The Santa Fe ordered 27
rolled
and commodity steel, $4; cold-drawn alloy bars, $4;
manufacturing trade, $3; mill-run-cold-rolled sheets,
lamp stock
$4; hot-rolled sheets, pickled in
$4
Discounts on bolts
ton.
a
an
$3 to $12 per
$13,000,000 compared with the preceding week and a
of $2,000,000 compared with the
corresponding
week in 1935.
After noting these facts, the Board of
Governors of the Federal Reserve System proceeds as follows:
of
decrease
9
total
Reserve bank credit
amounted to $2,468,000,000, an
This increase corresponds with in¬
creases of $31,000,000 in money in circulation, $35,000,000 in non-member
deposits and other Federal Reserve accounts and $2,000,000 in Treasury
cash and deposits with Federal Reserve banks offset in part by the increases
of $18,000,000 in monetary gold stock and $3,000,000 in Treasury currency
and a decrease of $44,000,000 in member bank reserve balances.
Member
bank reserve balances on
Dec. 9 were estimated to be approximately
increase
of
the breakdown, $4.
and nuts have been
Heavy rivets are up
revised, equivalent in
10%.
Refractories have been
1,000 for the first quarter.
A Massachusetts pig
increase of about
ducer has announced the
second price increase
advanced
iron pro¬
within a month, this time
for $1.25.
in November, 98,331 gross tons, was
1930, and represented a gain of 1.9% over the
of 96,509 tons.
However, the November total, 2,949,942
Average daily pig iron production
the
highest since May,
October average
tons, was a decline of
Eleven months'
2,991,794 tons.
1.4% from October's
gain of 45.6% over the 18,924,987 tons in
At the end of November 165 stacks were
active, the largest number since May, 1930.
This was a gain of four stacks
production, 27,557,512 tons, is a
the corresponding
period of 1935.
since the end of October.
Lake Superior iron ore for
Total shipments of
the season were 44,882,023
of 58.03%.
28,362,368 tons in 1935, an increase
district were up 2 points to 70%; Youngstown, 3 to 78; Wheeling, 3 to 92; Cleveland 2 >4 to 79 *4; New England 3 to
91.
Detroit was down 5 points to 95%.
Other districts were unchanged.
Operations in the Pittsburgh
Steel
the week ended Dec. 7 is
according to the "Wall Street
75% in the pre¬
two weeks ago.
The "Journal"
production • for
ingot
This compares with
Journal" of Dec. 9.
vious
and
week
further
74J^%
reported:
against 67% in the" two pre¬
credited with 8214%. compared
week before and 8034% two weeks ago.
The following table gives a comparison of the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
Steel is estimated at 70%,
United States
Leading independents are
ceding weeks
U.
Industry
.
Independents
Steel
+1
70
+3
82)4
46
+1
67
27
+1)4
35
+1)4
)4
31)4
+2
15)4
—2
1936
77
1935
57
1934
31H
1933
30
+2
+ Vx
+1)4
+2
1932
15)4
—1)4
15)4
26)4
27 X
—
+3
—IX
27
—1)4
26
—2
37
—2
43
—2
33
—2
64
—3
65
—3
63
—3
1929
—2)4
82
—1)4
82
1928
82
+2)4
62
1931
*
1927
65 )4
+2)4
63)4
-
~T3
+2
City and
Member Banks in New York
Returns of
Federal Reserve Banks
daily average volume of Federal Reserve bank credit
outstanding during the week ended Dec. 9, as reported by
the Federal Reserve banks, was $2,478,000,000, an increase
Dec.
locomotives and the
rail steel bars to the
Chicago—Brokers' Loans
The
On
Norfolk & Western
rebuild 11,000 box cars;
The Great Northern plans to
1930
With scrap markets in most
Pacific, 33,850; Chicago Burling¬
Paul & Pacific, 30,000;
Lackawanna & Western
11,000; Pere Marquette, 9,200; Chicago & Eastern Illinois, 7,000; Atlantic
Coast Line, 4,000.
Approximately 78,000 tons of fastenings and accessories
&
ton
This was largely because a
the assembly lines of one of the largest
market
included: Atchison Topeka & Santa Fe,
52,000 tons; Norfolk & Western, 40,000
116,918 tons; Baltimore & Ohio,
tons; Chesapeake &
with 8114 % in the
aggregating 409,000 tons.
week's
$53.90
placed at 77% of capacity,
1929.
capacity, show no sign of slackening during
buying wave has
rails and cast iron pipe.
rail awards
The week's larger
tons, compared with
markets, on Dec. 7, stated:
prices go in effect is
steel index is unchanged at
general to
1936—
1936—
1935—
Nov.
reflecting the increases in steel
$34.99*
The current finished
20 cents and is now at
composite has gained
The iron and steel
Low
High
1936
3761
Chronicle
Below is the statement of
the Board of Governors of the
System for the New York City member
banks and also for the Chicago member banks, for the
current week, issued in advance of full statements of the
member banks, which latter will not be available until the
Federal Reserve
coming Monday:
LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
ASSETS AND
$1,000,000 for the week.
MEMBER BANKS
(In Millions ot Dollars)
New York City
Dec.
9
1936
Dec.
2
1936
Dec. 9
1935
1936
$
$
$
§
Dec. 11
Chicago
Dec. 2 Dec. 11
1936
1935
$
$
1,776
reported in the System's holdings of bills
discounted, purchased bills and industrial advances.
A decrease of $32,000,000 in holdings of United States Treasury notes was offset by increases
of $27,000,000 in United States Treasury bonds, and $5,000,000 in United
Relatively small changes were
States
The statement in full for the week
ended Dec. 9, in
com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 3792 and 3793.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Dec. 9, 1936, were as follows:
Increase
(+)
or
Decrease
(—)
Since
Dec. 9,
$
Bills bought
U. 8. Government securities
►
(not
1936
Dec. 2, 1936
$
6,000,000
3,000,000
2,430,000,000
Bills discounted
advances
8,680
7,883
2,078
2,061
and dealers:
In New York City
Outside New York City
Loans on
securities to others
984
75
928
74
891
59
1
38
1
37
701
706
744
141
140
136
135
170
13
12
130
25
1,464
130
32
1,451
124
39
1,172
14
6
388
14
6
386
16
6
246
3,722
3,722
3,289
1,115
1,105
980
454
1,054
453
1,049
377
1,018
97
265
97
263
95
239
2,486
61
79
487
2,547
56
84
496
2,610
59
80
493
627
39
189
81
629
37
193
71
641
38
195
81
6,387
605
83
6,417
613
83
5,920
572
152
1,609
438
47
1,590
437
47
1,462
400
58
2,501
2,536
2,265
652
408
404
5
653
4
533
409
421
356
354
26
24
44
Capital account
1,452
1,450
1,458
237
236
229
Loans to brokers
(except banks)
Accepts, and com'l paper
Loans on real estate
9)
Other Reserve bank credit
Total Reserve bank credit.-..
Monetary gold stock
Treasury currency
Money in circulation
Member bank reserve balances
25,000,000
4,000,000
2,468,000,000
—11,206,000,000
2,525,000,000
...
...
..
6,497,000,000
6,731,000,000
Other loans
U. S. Govt, direct
11, 1935
$
—2.bbo"ooo
Other securities
Reserve with F. R.
4-2,000,000
—8,000,000
4-4,000,000
4-1.000,000
—6,000,000
4-18,000,000 4-1,138,000,000
4-3,000,000
4-78,000,000
4-31,000,000
—44,000,000
Balances with
domestic banks..
Other assets—net
Demand
deposits—adjusted....
Time deposits
United States Govt,
4-656,000,000
4-691,000,000
deposits with Fed-.
eral Reserve banks
2,465,000,000
Non-member deposits and other Fed¬
4-2,000,000
—93,000,000
507,000,000
4-35,000,000
—43,000,000
-
deposits...
Inter-bank deposits:
Foreign banks
5
Borrowings
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
Treasury cash and
eral Reserve accounts...
Bank
Cash in vault
Domestic banks
—1,000,000
obligations..
Obligations fully guaranteed, by
United States Government
27
150
17
Liabilities—
Dec.
Including
$21,000,000 commitm'ts—Dec.
bought
Loans to banks
Treasury bills.
Industrial
8,745
Other liabilities
$2,160,000,000 in excess of legal requirements.
investments—total..
Loans and
As
explained above, the statements of the New York
Chicago member banks are
and
given out on Thursday, simul-
3762
Financial
taneously with the figures for the Reserve banks themselves,
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
and covering the same week, instead of
close
of
business
Dec.
2.
The condition statement of weekly reporting member banks in
101 lead¬
ing cities
Dec. 2 shows increases for the week of $58,000,000 in total
on
loans and investments, $53,000,000 in deposits credited to domestic banks
and
$37,000,000 in balances with domestic banks, and
000,000 in
reserve
to
ceptances
others
and
the form of a large carry-over from previous years.
In the
mining industry, he said, Canada was now well launched upon
what was undoubtedly another major movement in the
history of her development.
It had been estimated, he said,
that a total of more than $200,000,000 annually was
being
placed in circulation by the mining industry.
A recent sur¬
vey by the bank* indicated that of all Canadian industries
that of mining, with its collateral activities, was the greatest
contributor to the Federal income tax.
decrease of $60,-
a
(except
commercial
banks)
paper
increased
increased
$5,000,000, holdings of
$3,000,000, real
estate
on
Statement
Settlements
loans
United
Government
States
direct
obligations
increased
$22,000,000 in the New York district and $13,000,000 in the Chicago dis¬
trict, and declined $14,000,000 in the San Francisco district, $11,000,000
in the Boston district, $7,000,000 in the Cleveland district and
$5,000,000
at all reporting member banks.
Holdings of obligations fully guaranteed
by the United States Government declined $1,000,000.
Holdings of "other
securities" increased $33,000,000 in the New York district and
$31,000,000
at all reporting member banks.
Demand deposits-adjusted increased $28,000,000 in the New York dis¬
trict and
Condition
of
ac¬
$2,000,000 and loans to banks declined $1,000,000.
"Other
loans" increased $13,000,000 in the Chicago
district, $8,000,000 in the New
York district and $27,000,000 at all reporting member banks.
of
1936
12,
wheat crop was estimated at $197,000,000 as compared with
$156,000,000 last year, and said that an added factor in the
uplift was an export demand which was rapidly dissipating
the depressing cloud that had overshadowed the market in
Total assets
declined
Holdings
Dec.
balances with Federal Reserve banks.
Loans to brokers and dealers changed little during the
week, loans
securities
Chronicle
of
the
of
as
Bank
for
International
of Nov. 30, 1936
Bank for
International
Settlements
amounted to
604,907,229 Swiss francs on Nov. 30, against
602,888,230 Swiss francs on Oct. 31, it is shown by the
Bank's statement of condition for the end of November,
issued in Basle, Switzerland, on Dec. 4.
Cash on hand and
on
current
account
19,261,891 francs,
as
with
banks
Nov.
on
30
amounted
to
compared with 16,321,830 the previous
month.
The statement for Nov. 30, was contained as follows in
Associated Press advices from Basle, Dec. 4 (figures in Swiss
francs at par):
$13,000,000 in the Minneapolis district, and declined $18,000,000
ASSETS
in the Boston district, all reporting member banks
showing no net change
for the week.
Time deposits increased $19,000,000 in the New York dis¬
Gold in bars
trict
Cash:
and
declined
banks showing
deposits
banks
net increase
a
remain
$16,000,000 in other districts,
practically
of $3,000,000
unchanged.
all reporting
for the week
Deposits
member
Government
credited
to
domestic
increased
$15,000,000 in the Philadelphia district, $11,000,000 in
the Chicago district, $10,000,000 in the Cleveland
district and $53,000,000
at
all reporting member
banks.
Nov. 30
On hand and
principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Dec. 2, 1936, follows:
Increase
or
Decrease
(—)
Assets—
2, 1936
Nov. 25, 1936
$
Loans and investments—total
22,459,000,000
Loans to brokers and dealers:
In New York City
+5,000,000
+3,000,000
+87,000,000
+42,000,000
+2,000,000
3,228,000,000
Reserve with Fed. Reserve banks.
Cash in vault
Balances with domestic banks
Liabilities—
Demand deposits—adjusted
Time deposits
United States Govt, deposits
5,371,000,000
401,000,000
2,512,000,000
6,281,000,000
450,000,000
—70,000,000
—32,000,000
+ 11,000,000
—35,000,000
+653,000,000
+952,000,000
—2,000,000
—1,000,000
+27,000,000
—5,000,000
—1,000,000
+ 112,000,000
+221,000,000
+31,000,000
—60,000,000
+40,000,000
+142,000,000
+3,000,000
+1,553,000,000
+194,000,000
—33,000,000
+53,000,000
—4,000,000
Borrowings
of
Montreal
Addressed
by
+776,000.000
+7,000,000
—1,000,000
Shareholders7
Annual
Meeting
Gordon—Sees
Business
Trend Upward
Sundry investments
Treasury bills
3.
.
-
Montreal,
addressing the annual -meeting of the bank's
shareholders in Montreal, on Dec. 7, listed five fundamental
features outstanding in Canada's
progress during the past
Sundry investments
Total
Other assets *
Guarantee of central banks
2.
Sundry items
»
on
bills sold
32,390,579.40
119,960.55
__
1,492,026.07
1,094,421.00
........604,907,228.81
Total assets....
602,888,230.14
LIABILITIES
Capital paid
up
125,000,000.00
1.
Legal reserve fund
2.
Dividend reserve fund
3.
General
3,784,029.10
6,091,706.43
12,183,412.83
reserve fund
Total
2.
125,000,000.00
3,784,029.10
6,091,706.43
12,183,412.83
22,059,148.36
43,398,334.18
274,627,834.47
97,200,072.77
110,409,227.14
108,395,620.31
4,200,614.88
5,393,240.70
388,740.36
3.
4.
153,280,000.00
76,640,000.00
1,419,300.00
43,288,534.47
98,505,577.73
11,903,649.41
;
German Government deposit
French Government deposit (Saar)
22,059,148.36
153,280,000.00
76,640,000.00
274,741,234.18
Long-term commitments:
1. Annuity trust account deposits
283,504.97
French Government guarantee fund
1,422,900.00
Total
Short-term and sight deposits (various currencies):
1. Central banks for own account
Not exceeding three months
2.
Not exceeding three months
Other depositors:
Not exceeding three months
11,195,547.54
Central banks for account of others:
3.
Sight
69,801.18
112,968.30
458,541.54
396,473.27
27,546,018.61
27,540,641.25
1,377,721.57
39,114,722.53
1,376,971.12
38,098,300.66
Total
Sight deposits (gold)
MlSC6llEn60US!
1.
Guarantee
2.
Sundry items.:
year:
on
commercial bills sold
...
Total
The recovery in agriculture, the
extraordinary activity in mining, the
record in newsprint production, the
gratifying increase in the
tourist trade and the striking
expansion in export trade.
40,492,444.10
39,475,271.78
604,907,228.81
Total liabilities..—
all-time
602,888,230.14
♦
Charles stated:
A wide variety of factors is
combining to give full play to the enterprise
of our people and among these factors is
the growing conviction that there
are no short-cuts to better times and
that the observance of age-old economic
laws must be the basis of sound
progress.
We still have problems to face
but,
64,184,066.20
Over bix months:
Asserting that the forces of recovery are once more in the
ascendant, Sir Charles Gordon, President of the Bank of
Sir
970,913.03
123,507.97
Treasury bills
Total
President
222,220,106.56
1,372,065.52
Between three and six months:
Sight
Bank
43,682,385.62
33,555,786.92
220,131,441.59
2.
+477,000,000
—61000,000
+37,000,000
—2,000,000
Foreign banks
41,371,744.96
33,836,012.55
34,291,131.63
Maturing within three months:
Total
15,464,000,000
5,037,000,000
449,000,000
Inter-bank deposits:
Domestic banks
24,490,250.05
6,156,724.09
Sundry bills and investments:
others
Other securities
23,917,038.37
Total
Time funds at interest—Not exceeding three months
1.
(except banks)
2,024,000,000
Accepts, and com'l paper bought.
324,000,000
Loans on real estate
1,152,000,000
Loans to banks
63,000,000
Other loans
4,068,000,000
U. S. Govt, direct obligations
9,173,000,000
Obligations fully guaranteed
by
United States Government
1,246,000,000
Outside New York City
on
securities
to
Loans
284,265,252.64
Treasury bills
$
—1,000,000
290,636,181.51
27,669,178.92
31,462,661.54
52,739,408.13
2.
4, 1935
+58,000,000 +1,941,000,000
969,000,000
212,000,000
119,079,236.59
165,186,016.05
Treasury bills
Dec
$
129,672,246.18
160,963,935.33
Commercial bills and bankers acceptances
Since
Dec.
16,321,829.67
17,992,986.72
42,728,627.69
1.
Sundry investments
(+)
19,261,891.00
5,050,082.53
with banks
Sight funds at interest
1.
A summary of the
38,538,764.55
Rediscountable bills and acceptances:
Deposits credited to foreign banks de¬
clined $7,000,000 in the New York district and
$4,000,000 at all reporting
member banks.
on current account
Oct. 31
40,666,427.19
as regards these
problems, I stand squarely
on
things.
Commenting
on business conditions in the United
States,
always have an important bearing upon condi¬
tions in Canada, Sir Charles noted that the
major trend has
beenldefinitely upward and that more stability has been
given to the Canadian outlook by the fact that the reciprocal
trade agreement was endorsed
by the American people.
The hope may be
expressed, he said, that trade relations will
be improved still further.
After six years of Canadian
which he said
Government deficits averaging over
$138,000,000 per year,
Sir Charles said it was
gratifying to note that at last there is
in
sight a balanced budget—the corner-stone of any program
restoring business confidence and the free functioning of
private enterprise.
Commenting on the uplift given by the best wheat price
level in years, he pointed out that the value
of this year's
VIII
Abdicates
Marry
American-Born
tional
Barrier—Duke
and
Emperor—First
British
Throne—Desire
Divorcee
of
York
Meets
to
Constitu¬
Succeeds
Voluntary
as
King
Abdication
in
British History
the opposite side of the
fence from the pessimists and I believe
that, with the experience gained in
the past few years, we in Canada will
steadily work our way toward better
for
Edward
King Edward VIII on Dec. 10 abdicated the throne of
Britain, to be succeeded by his brother, the Duke of
York, who assumes^the title of King George VI.
This was
the first voluntary abdication in the
history of the British
crown, and was occasioned by the King's expressed deter¬
mination to marry Mrs. Wallis Simpson, an American-born
woman who has resided in
England for many years. Mrs.
Simpson has been twice divorced, and it was this fact that
caused the King's abdication. Prime Minister
Baldwin, who
Great
announced Edward's decision to the House of Commons on
Dec. 10, conferred with the monarch on
many occasions
during the past month. Edward told the Premier that he
was
irrevocably determined to marry Mrs. Simpson, and
asked him if it would not be
possible for Parliament to pass
a law that would
permit a morganatic marriage. The Prime
Minister, after consulting with his colleagues
on
the Cabinet,
informed the King that such a step was without sanction in
the British Constitution, and added that the unanimous
Financial
143
Volume
Dominions, which would have been necessary,
consent of the
impossible to obtain. The King thereupon declared that
and would continue to plan his marriage
who has obtained a divorce decree nisi,
and whose divorce- will become final in about five months.
The situation was without precedent in British history.
United Press advices of Dec. 10 from London reported
was
he would abdicate
with Mrs. Simpson,
the
King's abdication in part as follows:
A
the King a
stunned House of Commons received from
breathless,
historic document giving up the "heavy
burden" of kingship because
of the
in which he finds himself.
of York, his brother, will succeed to the throne, it was an¬
difficult personal situation
The Duke
10H
Duke's daughter,
in the House of Commons
The scene
one
was
father dies witnout
in
of the most solemn
that
mighty throne.
But His Majesty's Government was
determined not to permit a divorcee
of Windsor. The King
and commoner to share it with Edward of the House
He
equally determined to make her Queen or marry her in any case.
therefore decided
Constitution, a
against fighting his Ministers and the
losing struggle.
The historic occasion came at
3:42
p. m. on
Thursday, Dec. 10,1936,
after
Edward had been on the throne 324 days.
Just before Big Ben, the voice of the Empire,
chimed the three-quarter
The Prime Minister at once
hour, the Speaker called on Mr. Baldwin.
from his seat and walked to the bar of the House.
arose
In
effort of will power he kept steady,
voice which by a mighty
a
the
England, said:
King, sir, signed by His Majesty's
stocky country squire, the very epitome of conservative
"A message from
His Majesty the
hand."
own
supervision of
the
imports at
Spanish
importation
the principal
ports, both by land and by sea, to prevent the
of munitions.
The plan was approved on Dec. 2
by the com¬
representative abstaining from
voting.
Meanwhile the government was placed still more
under radical control when on Dec. 7 Antonio Mije Garcia,
a Communist, was appointed General Commissar of War to
succeed Julio Alvarez del Vayo, a Socialist, while another
Communist was appointed War Commissioner for the cen¬
tral front.
United Press advices of Dec. 7 from Madrid
commented on these government changes as follows:
These significant changes in the Loyalist high command were made on
the
of what the government believes may he the decisive battle for
possession of Madrid.
The Fascist rebels are expected to make the most
mittee, with the Portuguese
emotions of the
words:
Dominions beyond
King, Emperor of India, do hereby declare my irrevocable deter¬
to renounce the throne for myself and my descendants."
of the war tomorrow.
formidable attack
Communist party's Politbureau, or
Central Committee.
Senor Anton is
Secretary of Madrid's Provincial Communist Committee.
In apparent preparation for the "big push" tomorrow,
rebel artillery
opened a terrific bombardment of the city tonight.
As the big guns roared
buildings shook in an area two miles from the front lines.
The rebels for
days have been massing artillery, tanks and airplanes for their decisive
Senor
Never before has a King voluntarily given up
England's long history.
heir
old Princess Elizageth, becomes
year
presumptive to the throne, Britain's next Queen if her
a son being born to him.
was
for
eve
nounced.
The
3763
Chronicle
Steering
drive
on
is
Garcia
a
member of the
of
and
Committee,
its
the capital.
quiet throughout today,
machine gunning were
reported from Carabanchel and the Aranjuez-Madrid highway to the south.
Loyalist militiamen near Carabanchel passed most of the afternoon
trying to hit the monarchist flag above the carabineros' barracks.
Further south a series of advances by insurgent columns met strong
resistance, and at nightfall militiamen said they had repulsed the attacks.
Guadalajara was reported in ruins as the result of yesterday's bombard¬
ment by 22 insurgent planes.
The dead and seriously wounded approach
1.000.
Many were buried beneath the debris of buildings.
Although the northern and' western fronts were
movement
of troops,
artillery firing and
the
Speaker then read the King's message, and the
The
Assembly can only be imagined when he came to the solemn
"I, Edward VIII of Great Britain, Ireland, the British
the Seas,
mination
"1
imy brother
successor,
that all
Highness the Duke of York,
Royal
His
.
.
.
immediately to secure that my
be taken
should
steps
necessary
be no delay
that there should
anxious
most
am
Condition of Canadian Banks
Comparative Figures of
following we compare the condition of the
banks for Oct. 31, 1936, with the figures for Sept.
In the
And then:
lawful
should
Canadian
30, 1936,
and Oct. 31, 1935:
STATEMENT OF CONDITION
OF THE BANKS OF THE
CANADA
ascend the throne.
DOMINION OF
'
"EDWARD, R. I."
Oct.
Assets
Only
signature, Edward,
Emperor. That will be when he signs the Act of Abdication which
King and
willjbe enacted immediately by the House of Commons
and the House of
The moment that his pen leaves the paper, while
rule and at that instant, the Duke
ceases to
raised again to
Belvedere, his
At that moment, the
the castle.
Edward, for a few pitiful
the masthead.
hours, is still King and Duke of Cornwall.
With his other resources, he thus
annual income of perhaps about
will go into exile with an
House of Commons
The
and Parliament, he
with the consent of the new King
It is possible that,
will retain the Duchy and its revenues.
$500,000.
and House of Lords
yesterday
11) approved a bill giving effect to the abdication,
and a Royal Commission gave Royal assent to the act, this
final step having been announced at 1.50 P. M.
A farewell
message to his subjects was broadcast last night by King
Edward over an international hookup.
The message trans¬
mitted at 10.P. M. London time, was heard in New York
Time.
5 P. M. Eastern Standard
Spanish Government Swings Further to
British and French
revealed
was
Left,
as
Rebels
Madrid—U.S. Approves
Deposits with Bank of Canada
Notes of other banks
United States & other foreign
and France
Russia and Portugal to co¬
operate in efforts to mediate the Spanish civil war by pro¬
posing a plebiscite by the Spanish people on the form of
government they prefer. France has also appealed to the
United States, the Vatican and the South American repub¬
lics to support the proposal, it was indicated in a Paris
dispatch Dec. 9 to the New York 'Times".
On Dec. 10 a
statement was issued at Washington by Acting Secretary of
have
asked
Italy,
Germany,
State R. Walton Moore, which
It
announced
is
said:
the Govenments of Great
by
Britain and France that
Germany, Italy, Russia and Por¬
tugal to join them in a mediation offer to end the Spanish civil war.
It is the very earnest hope of our Government that the six nations men¬
tioned may find a peaceful method of accomplishing the great purpose in
view.
This expression represents no deviation from our well-known policy
of non-interference in
the affairs of other countries.
It simply voices,
they have invited
I
as
be' involved
indescribable
The
the
certain,
am
should
in
deep
distress
affords
fresh
and
inescapable evidence that
the perils of war are not confined to
ments
time
as
I
this
goes
helpless
their
to
the actual combatants, bad as that is,
within the reach of the deadly instru¬
men,
women
devastating effects.
and
children—and that
Human intellect, which
beyond what was once
capacity
to
may
on,
turn
be able
and,
cessation of the present struggle
all nations away from
war as
an
utterly senseless
and international controversies.
say that
I have kept the President and Secretary Hull fully
concerning this matter and that they are in full accord with
means
of
*
their attack
this week the International Non-intervention
forwarded to both sides in the civil war a plan
the
Madrid
Committee
domestic
settling
statement.
While
on
set
expedients to bring about
ruinous
informed
be
its
in these days
dreadfully increase
possible, the horrors and wreckage of war, should surely
devise
and
entire population
employed—to
can
shown
dreamed'
to
the
to
now
limit
no
has
people that Spain
marked by heavy loss of life and
suffering.
conflict
but extend
the American
of
conflict
bitter
a
Spanish rebels were intensifying
47,038,217
173,845,599
5,765,756
38,655,673
190,854,376
5,707,866
22,914,449
102,800,829
23,208,284
114,028,553
secured,
Including bills redlscounted
Deposits made with and balance
from other banks in Canada
due
4,284,627
4,994,286
5,232,292
21.7S0.334
26,479,935
19,005,002
97,668,520
banking correspond¬
ents In the United Kingdom
Due from banks and banking correspond¬
ents elsewhere than In Canada and the
100,671,568
99,306,757
1,096,674,545 1,107,267,951
917,640,839
162,447,153
103,951,963
170,681,652
101,557,144
142,853,453
55,375,328
108,547,066
66,258,008
707,850,681
160,359,901
104,965,842
60,314,783
687,836,073
156,028,254
73,758,684
52,130,116
855,599,556
153,041,866
14,711~ 503
26,371,644
29~,625" 578
93,517,715
92,704,840
96,670,586
12,922,236
13,356.416
8,909,674
4,554,604
14,252,539
8,859,429
5,453,693
United Kingdom
and
government
Dominion
Provincial
government securities
Canadian municipal
securities and Brit¬
ish, foreign and colonial publlo securi¬
ties other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans In Canada on stocks, deben¬
and other securities of
marketable value to
tures, bonds
a
sufficient
cover
Elsewhere than In Canada
Other current loans & dlsc'ts
In Canada.
Elsewhere
of Canada
Provincial governments
cities, towns,
and school districts
Loans
to
municipalities
estimated loss pro¬
Non-current loans,
vided for
Real estate other than
bank premises—
sold by bank..
premises at not more than cost
Mortgages on real estate
Bank
74,773,993
75,176,183
76,394,127
63,828,086
54,328,225
7,031,645
7,028,148
6,869,389
9,650,163
9",092", 198
12,910,643
1,529,398
1,750,445
1,911,135
letters of
credit as per contra
Minister of Finance
for the security of note circulation
Deposit in the central gold reserves
Shares of and loans to controlled cos
Other assets not included under the fore¬
Deposit
8,964,196
4,510,841
64,267,847
any) written off
less amounts (if
Liabilities of customers under
with the
going heads
of
Governments
the
currencies-
Cheques on other banks
Loans to other banks In Canada,
Loans to the Government
Proposal For Peace.
Dec. 9 that Great Britain
on
16.485,028
44,340,624
182,876,712
6,006,622
23,448,649
111,396,901
Canada
Notes of Bank of
Loans to
It
17,378,381
Dominion notes
'
Intensify Bombardment of
5,578,995
10,906,033
12,566,042
Total.
5,320,819
12,057,562
Due from banks and
(Dec.
at
4,860,865
7,705,177
Elsewhere
the ink is still wet, he
of his brothers.
flag of the Duchy of Cornwall was dipped over
was
1935
of York is King.
this morning at Fort
The King signed the fateful papers
country residence, in the presence
Then it
1936 Sept. 30. 1936 Oct. 31,
$
subsidiary coin-
Current gold and
In Canada
Lords.
)
31.
in all probability, will he write that
once more,
3,202,338,006 3,204,835,636 3,058,636,974
Total assets
Liabilities
Notes in
Balance due to
116,282,712
50,045,200
80,185,869
12,902,070
36,177^434
33",862",821
47,097^040
664,281,664
647,739,862
625,206,281
Dominion govt, after de¬
ducting adv. for credits, pay-lists,
Advances under the Finance Act
&c.
Provincial governments. _
Deposits by the public,
mand in Canada
126,468,158
117,971,877
circulation
Balance due to
payable on de¬
public, payable after
1,510,319,426 1,500,864,504 1,465,301,708
notice or on a fixed day In Canada
376,661,721
405,640,225
408,490,394
Deposits elsewhere than In Canada
Loans
from other banks in Canada,
secured, including bills redlscounted-.
Deposits made by and balances due to
Deposits
by the
other banks in
Due to
Elsewhere
correspond¬
United Kingdom
than
in Canada
and
payable
Letters of credit
outstanding
foregoing heads
and unpaid
Liabilities not incl. under
Dividends declared
Rest or reserve
fund
Capital paid up
11,061,490
9,906,679
30,310,640
981,004
64,267,847
2,600,943
2,542,761
133,750,000
145,500,000
30,199,333
1,268,333
63,828,086
2,709,686
800,735
132,750,000
28,094,425
2,060,310
54,328,225
2,335,703
3,190,303,508
Total liabilities
Note—Owing to the omission
the above do not
17,256,408
9,463,299
the
United Kingdom
Bills
15,084,692
13,600,970
Canada
banks and banking
ents in the
145,500,000
3,189,950,119'3,046,241,876
of the cents In the Official reports,
exactly agree with the totals
given.
2,544,813
132,750,000
145,500,000
the footings In
3764
Financial
Bulgaria Remits Funds for Payment of 213^% of Jan. 1
Interest on 7% Settlement Loan 1926
Speyer & Co. and J. Henry Schroder Banking Corp., as
American Fiscal agents for the Kingdom of Bulgaria
7%
Settlement Loan 1926, announced Dec. 9 that the Bulgarian
Government has transferred sufficient funds to provide for
payment of 21%% of the interest due Jan. 1, 1937.
Pay¬
ment will .be made on or after that date at the rate of $7.53
$35 coupon and $3.77 per $17.50 coupon.
Coupon will
stamped with the amount of the payment and returned to
per
be
the bondholders to be reattached to the bonds.
The agents also announced that, in accordance with the
communique published Nov. 16, 1936, by the League Loans
Committee (London) jointly with other bondholders' organi¬
zations, bondholders have the option of accepting an addi¬
tional payment of $1.73 for each
partly-paid $35
and
coupon
$0.87 for each partly-paid $17.50 coupon in full settlement
against surrender of their coupons.
The communique of
Nov, 16
was
referred to in
issue of Nov. 21, page 3235.
our
Funds
Deposited for Payment of 223^% of Dec. 1
Coupons on City of Porto Alegre (Brazil) 8% Gold
Bonds, External Loan of 1921
Ladenburg, Thalmann & Co., as special agent, is notifying
of City of Porto Alegre (United States of
Brazil)
40-year 8% sinking fund gold bonds, external loan of 1921,
that funds have been deposited with them, sufficient to
holders
make
a
payment, in lawful currency of the United States of
America, of 223^'% of the face amount of the coupons due
/Dec. 1, 1936, amounting to $9 for each $40
$4.50 for each $20 coupon.
It
was
States
of Brazil,
Member
payment is optional with
Government of
but,
such payment if accepted by the holders, must be
accepted in full payment
of the coupons and of the claims for interest represented
Nov.
Value
of
Bonds
Exchange
The
New
York
Listed
on
New
on
York
Stock
totaled
the
5,115,513
ended
week
total
As of Dec.
1, 1936, there
928,137 par value listed
market value of
This
a
Exchange, with
a
par
the
on
week of Nov.
14, the SEC stated:
The figures given for
round-lot volume for the New York Stock
total
Exchange represent the volume of all round-lot
that Exchange as distinguished from
Stock
Exchange,
reported
13,500,700 shares,
was
11.9%
14
published
are
higher than the
based upon reports filed with
As
showing
by its members.
These reports
are
classified
Aver.
Marlet
Aver.
Value
Price
Value
1,075
;
187
Other than
as
specialists initiated
floor
349
as
specialists initiated off floor
432
Reports showing
no
on
transactions
366
The number of reports in the various classifications may total more than
entries in
the
than
more
YORK
because, at times,
a
single report may carry
classification.
one
covering the week ended Nov. 14
Commission
NEW
STOCK
EXCHANGE—TRANSACTIONS
Foreign Government
IN
Chemical
Building
Electrical equipment manufacturing..
Food
Rubber and tires
Amusements
Land and realty
Machinery and metals
Mining (excluding Iron)
Petroleum
Paper and publishing
Retail merchandising
Railway and equipment
Steel, iron and coke
Textile
Gas and electric
Gas and electric
(operating)
(holding)
Communication (cable, tel. & radio)..
Miscellaneous utilities
Business and office
equipment
Shipping services
25,144.218
Shipbuilding and operating
U. S. companies
operating abroad
Foreign companies (incl. Cuba & Can.)
Miscellaneous businesses
43.679,640,206
107.75
99.46
10,496,380
76,975,571
100,227,865
42,870,056
23,620,485
260,625,472
150,553,112
77,266,354
13,440,596
52,011,208
164,170,845
404,149,558
72,252,679
96.67
18,845.014
84.86
9,157,120,428
523,179,794
9,134,307
2,384,085,271
189,724,439
884,420,001
411,550,251
21,400,000
23,165,963
121.42
104.67
105.93
99.88
55.49
104.51
75.07
99.24
105.57
72.97
106.55
95.49
108.58
78.19
111.25
75.00
17,986,625
103.93
104.68
on
the Exchange
1.
transactions of members except transactions of
specialists and odd-lot dealers in stocks in which registered:
Initiated on the floor—Bought
Total
2.
1,496,580
Initiated off the floor—Bought.
Sold...
Round-lot
629,530
transactions
of
specialists
in
Btocks
In
which
1,258,950
1,250,600
Total....
97.01 43,179,898,054
Total...
5,115,513
In round lots—Bought.
Sold
2.
In odd lots
506,600
245,400
96.96
Total.
752,000
96.77
(Including odd-lot transactions
Market
Value
Oct.
1
Nov. 1
Dec
1
$
39,473,326,184
39,453.963,492
38,751,279,426
39,405,708,220
39,665.455.602
'
1
Feb.
1
Mar. 1
Apr.
1
May 1
June 1
July
1
Aug. 1
Sept. 1
specialists):
Bought
104.36
1,788.297
2,108,935
Sold
65.23
'
105.92
Total...
95.88
*The term
3,897,232
"members"
includes
all
exchange members,
their firms and their
partners, including special partners.
Percent
of members' transactions to total
Exchange transactions.
In cal¬
culating these percentages the total of members' transactions is compared with twice
the total exchange volume for the reason that the total of members' transactions
includes both purchases and
sales, while the total exchange volume Includes only
a
sales.
SEC
Eases
Requirements of Form 8-A in Relation
Financial Data
95.92
us,
gives
a
on
to
Acquired Companies—Technical
Instructions for
Forms
12
and
Average
Value
Price
$
1935—
Oct.
88.99
Nov. 1
88.27
Dec.
89.39
1
1
Jan.
90.73
Mar. 1
91.30
Apr.
1
1
May 1
89.49
June 1.
90.69
July
90.62
%
89.93
1
business
securities sold
39,398,759,628
40,347,862,478
91.85
such business is not
40,624,571,422
41,807,142,328
41,524,856,027
39,648,252,468
41,618,750,056
94.44
93.59
94.47
93.90
93.83
94.24
Aug. 1
41,685,172,818
94.78
91.62
Sept. 1
Oct.
42,235,760,556
43,305,464,747
95.79
90.54
Nov. 1
Dec.
1
43,179,898,054
43,679,640,206
95 39
to
its
Exchange Commission
instructon
books
for
an¬
Forms
8-A, 12 and 12-A, under the Securities Exchange Act of 1934.
The amendment to Form
8-A, which is used by issuers of
listed securities for registration of additional
securities,
provides that financial statements need not be furnished for a
91 08
91.71
1
amendments
90.24
1936—
89.85
91.29
%
38,374,693,665
38,170,537,291
38,464,704,863
On Dec. 4 the Securities and
nounced
Market
Feb.
40,659.643,442
41,064,263,510
41,111,937,232
40,360,681,526
40,147,199,897
39,617,835,876
39,864,332,759
39,457,462,834
39,061,593,570
average
Price
89.79
12-A
two-year
Average
1935—
Jan.
of
~
following table compiled by
comparison of the total market value and the total
price of bonds listed on the Exchange:
1934—
18.94
registered:
1.
75.67
78.10
2,476,563
2,638,950
Transactions for account of odd-lot dealers In stocks in which
54.02
4,822,123 104.62
46,206,487 128.86
240,287,800 70.89
1,186,765,826 70.40
6,118,750 111.25
9.29
2,509,550
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which
registered—Bought.
Sold
100.41
78.57
4.11
1,109,383
registered—Bought
97.19
69.10
5.54
479,853
Total..
Changes Made in
Sept. 1
737,760
758,820
Sold
104.13
107.00
•
Round-lot
134.13
108.14
Cent
13,500,700
102.48
105.67
Per
Week
84.93
101.11
STOCKS
-
Total for
93.89
104.14
105.08
17,366,180 75.41
4,838,439 104.98
46,423,438 129.46
241,775,757 71.33
1,192,043,779 70.77
6,187,500 112.50
Leather and boots
Tobacco
All listed bonds
107.99
ALL
(SHARES)
$
10,518,554
181,275,789
100,348,854
39,652,462
17,045,826
261,980,946
150,924,862
79,424,036
13,810,159
54,155,442
162,793,834
424,208,034
74,054,559
19,403,112
9,135,043,635
526,501,485
10,218,293
2,379,589,413
188,960,110
888,034,671
408,179,686
22,250,000
Financial
issued by
Week Ended Nov. 14,1936
Sold
Aug. 1
were
follows:
as
FOR ACCOUNT OF MEMBERS *
24,766,550,317 108.12 24,364,566,651 106.29
2,230,936,816 67.54 2,241,858,143 67.03
Autos and accessories
follows:
Other than
Price
%
United States Government
as
transactions:
specialists
Nov. 1, 1936
Marlet
volume
the New York
following table listed bonds
Dec. 1, 1936
by the ticker.
the New York
the ticker.
on
Stock Exchange
$43,179,898,054.
are classified by govern¬
mental and industrial groups with the
aggregate market
value and average price for each:
The
on
Number of reports received..
Reports
total market value of
In the
sales of stock effected on
the volume reported
The total round-lot volume for the week ended Nov.
Total volume of round-lot sales effected
with 1,405 bond issues aggregating $45,value listed on the Exchange Nov. 1, 1936,
SEC
Exchange
announced by the
total
$43,679,640,206.
Week,
Curb
shares in 100-share transactions during
14, which amount was 18.94% of
1,408 bond issues aggregating $45,025,-
compares
018,484,420
with
were
the New York Stock
on
Previous
York
Nov.
transactions
was
The data
Exchange issued the following
announcement on Dec. 4 showing the total market value of
listed bonds on the Exchange on Dec. 1:
New
Exchange of 13,500,700 shares,
Securities and Exchange Commis¬
sion yesterday (Dec. 11).
This was below the previous week
ended Nov. 7, when members traded in 5,779,917 shares of
the total transactions of 14,805,170 shares, a percentage of
19.52%.
The data issued by the Commission are in the series of cur¬
rent figures being published weekly, in accordance with its
program embodied in its report to Congress last June on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended Nov. 7 were given in our issue of Dec. 5,
page 3545.
The report for the New York Curb Exchange
for the week ended Nov. 14 has been delayed, the Commis¬
sion said, and will be published at a later date.
In making
available the data on the New York Stock Exchange for the
it
Dec. 1, 1936
Stock
Below
14
for
the number of reports received
Market
1936
Trading in stocks by members of the New York Stock
Exchange, excepting odd-lot dealers, for their own account
thereby.
No present provision, the notice states, has been made for the
coupons
due Dec. 1, 1931 to Dec. 1, 1933 inclusive, but
they should be retained
for future adjustment.
,
12,
New York Stock Exchange During
on
Ended
Reports—Data
Delayed
The data
the holders,
Dec.
Trading
Week
further announced:
Pursuant to the Decree of the Chief of the Provisional
the United
and
coupon
Chronicle
acquired
or
to be acquired with the proceeds of
by the registrant, provided that
significant with respect to its cost, or its
or
to be sold
assets, sales, or operating revenues, and provided that no
substantial interest in the business was held by a director,
principal officer, affiliate, or principal stockholder of the
registrant, or by a principal underwriter of securities sold by
the registrant within three years.
The amendments
95.92
and 12-A
97.01
both
to
the instruction books for
Forms 12
only technical changes, and were the same in
instances.
Form 12 is used for registration on an
were
Volume
Financial
14 J
exchange of securities of certain companies making annual
reports to the Interstate Commerce Commission or the
Federal Communications Commission, while Form 12-A is
exchange of securities of com¬
used for registration on an
which make annual
Commission.
The
amendments correct the instructions to the two forms by
inserting in various places the words "for the fiscal year
ended on the preceding Dec. 31" instead of the wording "for
panies in receivership or bankruptcy,
reports to the Insterstate Commerce
the fiscal year
ended Dec. 31, 1934."
3765
Chronicle
similar exemption from registration for securities issued
by banks or bank holding companies in exchange for, or
resulting from a modification of, other of their securities
previously exempted under Rule AN8.
"In both cases the exemption is available until 120 days
a
such securities ha3
appropriate registration form for
after the
Commission said.
been authorized," the
Markets Need
Rules—Latest
Dealers in Over-the-Counter
Registry Dec. 31, SEC
Brokers,
Renew
not
Data, However, Required.
by SEC Under Utility Holding
Act—One Ruling Subjects Dividends
Capital or Unearned Surplus to Approval by
Four New Rules Issued
Company
from
Commission
The Securities and
Dec.
Exchange Commission
announced
on
Utility
of four rules under the Public
issuance
6 the
Holding Company Act of 1935.
The first of the new rul¬
ings—Rule 12C-2—requires that registered holding com¬
panies must first obtain the approval of the Commission
before declaring or paying dividends on their own securities,
or securities of their subsidiaries, under Section 12 c) of the
Act.
Under the rule, which will become effective Jan. 1,
1937, the only restriction is with respect to dividends to be
paid out of capital or unearned surplus.
The Commission
explained that it is the first major rule under Section 12,
which deals with intercompany loans; dividends; security
transactions, sale of utility assets, proxies, and other
transactions.
adopted to give the Commission
the payment of dividends in order
"to protect the financial integrity of companies in holding
company systems, to safeguard the working capital of public
utility companies, to prevent the payment of dividends out
of capital or unearned surplus.
.
.
." follows:
The
which
rule,
was
broad powers to prevent
Dividend Declarations and Payments
Rule 12C-2.
approval by order of, the Commission,
subsidiary company thereof shall
declare or pay any dividend on any security of such company out of capital
or unearned surplus other than a dividend in liquidation of a subsidiary,
all of those securities are owned by the recipient of the dividend.
This
rule shall be and become effective on and after Jan. 1, 1937.
registered
The
holding
three
company
nor
issued by the SEC on Dec. 6
other rulings
approval by a Federal court, as directors of a
registered holding company; and exemption of certain foreign
utility subsidiaries.
The following summary of the three
rules was issued by the Commission:
holding company registering under the Act would
disrupted due to the fact that it would have
furnish service except
Therefore, until the Commission's
approval had been obtained there would have been a period during which
the service company could not have operated.
Rule 13-3A meets this
situation in that an exemption from the provisions of Section 13 is granted
for a period of 30 days to companies which hereafter register under the
Act.
The exemption is subject to the requirement that service be furnished
at cost and that accounts shall be maintained in accordance with the uniform
classification of accounts for service companies recently adopted by the
Commission.
If during the 30-day exemption period mentioned above a
service company submits an application for approval such company may
continue to provide service until the Commission shall have taken final
been illegal for its
approval
on
service company to continue to
by the Commission.
the application.
inquiries:
letter you state that it is your understanding that your registrar
broker-dealer transacting business in the over-the-counter markets
In your
tion
as
1936 and you ask what steps
automatically terminates on Dec. 31,
be taken to renew such
should
registration for the ensuing year.
of over-the-counter
markets, promulgated by the Commission in May, 1935, under authority
of Sction 15 of the Securities Exchange Act of 1934, provision was made
for termination of registration on Dec. 31, 1936. . However, the amend¬
ment to the Act, approved by the President on May 27, 1936, contains no
such provision.
Your registration continues in effect under Section 15
of the Act as amended, subject, of course, to any appropriate order for
cancellation, suspension or revocation pursuant to Section 15 (b) and
subject to your right to withdraw such registration
upon appropriate
It
is
true
under the rules
that
for the regulation
notice.
While there is
to the
no
occurred which renders no
has
registration, attention is
need for renewal of
directed
in the event that any change
longer accurate the information furnished
necessity for filing supplemental reports
under any item of your
application or of any reports
requirements with reference to such
supplemental thereto.
supplemental reports are set
forth
in full in Rule MB-2.
It would be well for you to
any
examine your file copies
further supplemental report is necessary
Brief
of the original appli¬
ascertain whether
supplemental reports filed by you to
cation and of all
Extension
Opposing
at this time.
Trading
Unlisted
of
on
SEC by
Exchanges Filed with
National Securities
Chicago Stock Exchange
advertising page iv.
For text of this aroicle see
v
of 16 Receiverships of National
Completed During November, Comptroller
rency Announces
Liquidation
The
of whose
assets
previous rule of the same number, the
exceed 5%
to not
assets, and the parent company
of the value of the parent
company
in the United States
Not only is such a foreign
of the Act but so long as
company
will not
shall be exempted from all provisions
securities of a public utility company or
of the Act if it does not own any
result of any service contract
company's
itself is not a subsidiary of another company,
then such foreign subsidiary company
and does not derive any income as a
with a company within the
United States.
subsidiary company exempt from all provisions
the conditions
stated in this Rule exist, such a
be a subsidiary company of the public
be deemed to
utility company within the United States.
and other
receiverships restored
to solvency, aggregated $155,646,040, or an average return of 76.53% of
total liabilities, while unsecured depositors received dividends amounting
including offsets allowed, to depositors
Total disbursements,
institutions, exclusive of the 42
creditors of these 530
to an average
of 62-42% of their claims.
Dividend payments during
National
banks
to
the
•
banking holiday of
by
by the Securities and Exchange
Commission to make available an exemption from registra¬
tion for common stock issued by banks or bank holding
creditors of all active receiverships since
March, 1933, aggregated $751,667,976.
-1
^
the
\ ^
—
—
liquidated and
finally closed or restored to solvency during November:
insolvent"national"banks""Ciquidated~and*finally closed
The following are
the 16 National banks
to solvency during the
or restored
month of november,
1936
Per Cent
Per Cent
bursements
Total
Dividends
Including
Returns
Paid
Offsets
to all
Unsecured
Allowed
Creditors
Claimants
Total Dis¬
Date of
Failure
3-28-34
Conrad, Iowa .a *_
1-19-33
Twelfth Street Nat. Bk.,St. L., Mo.*
7-14-32
Ross Co. Nat. Bk., Chllllcothe, Ohio
9-19-33
First Nat. Bk., Hatton, N. Dak.a...
12-30-30
National Bank of Goldsboro, N. C_.
3-31-27
First Nat. Bank, Columbia City, Ind.
3-15-29
National Bank of Emmetsburg, Iowa
12-16-32
First Nat. Bank, Motley, Minn
2-11-25
Nat. Bk. of Commerce,Pierre,S. Dak
2- 9-33
First Nat. Bank, Lumberton, Miss.
|v 3- 4-32
First Nat. Bank, Bardwell, Ky
V' 1-10-34
First Nat. Bank, Burnham, Pa.b.._
12-22-31
First Nat. Bank, Chardon, Ohio_a__
6- 8-32
First Nat. Bank, Jayton, Texas
4—26—32
First Nat. Bank, Highland, Kan...
First Nat. Bank,
First Nat. Bank,
9- 5-33
Clearfield, Iowa.b
$24,063
100
47.8272
106.01
1,256,948
1,367,458
17,565
258,847
103.33
858,739
480,512
58,009
722,647
291,251
210,701
133,112
43,201
100,869
143,201
83,849
75.50
71.145
68.42
65.425
99.41
99.485
97.88
45.63492
69.70
44.44
56.17
31
66.63
51.333
71.16
44.17
74.72
64
73.63
59.75
86.02
20.63
104.68
107.95
61.28
'
86.018
54.63
37.27
Receiver appointed to levy and collect stock assess¬
covering deficiency in value of assets sold, or to complete unfinished liquida¬
b Formerly in in conservatorship.
October
ment
Issued
November, 1936, by all receivers of insolvent
of all active receiverships aggregated
creditors
$2,620,923.
tion.
Banks as Stock Dividend
Exempted by SEC from Registration
An amendment to Rule AN8 under the Securities Exchange
Stock
receiverships of
completion of the liquidations of 16
1936, making a total of
530 receiverships finally closed or restored to solvency since
the so-called banking holiday of March, 1933, was announced
on Dec. 9 by J. F. T. O'Connor, Comptroller of the Currency.
The Comptroller said:
*
Common
Banks
of Cur¬
National banks during November,
Dividend payments to the
amended
rule being slightly broader in scope in exempting from the provisions of
Section 17(c) officers or directors of banking institutions who are acting
as
directors of a registered holding company or subsidiary on express
approval by a Federal court.
Section 17(c) prohibits interlocking relation¬
ships between banking institutions and registered holding companies and
subsidiaries except in accordance with rules adopted by the Commission.
Rule 3B-2 relieves public utility companies operating within the United
States from the duties and obligations which would be imposed upon them as
holding companies by the Public Utility Holding Company Act of 1935 if
such companies would be considered holding companies under this Act
solely because of a foreign public utility subsidiary company operating in
Mexico or Canada.
This rule provides that if any such public utility
company in the United States owns all of the outstanding securities of a
public utility subsidiary company doing business in a foreign country
contiguous to that State in which the parent company operates, the value
Rule 17C-3 amends the
holding
made pubby David
Trading and Exchange Division,
Saperstein, Director of the
in reponse to numerous
adopted to take care of the situation which would
companies register under the Act.
Before the
have had its business somewhat
action
business in the over-theDec. 6 by the Securities
original application up to date.
The Commission
on
Dec. 6 an excerpt from a letter written
he
whenever additional
adoption of this Rule any
after
on
on
Rule 13-3A has been
exist
advised
were
and Exchange Commission that they are exempt from renew¬
ing their registrations under the Secuiities Exchange Act of
1934 on Dec. 31, but must bring the data contained in the
provide temporary exemption from Section 13 of the Act of
future registering companies; exemption from Section 17(c)
of officers or directors of banking institutions who are
acting,
markets
counter
The
Except upon application to, and
no
Brokers and dealers transacting
closing dates,
A report as
a
to the completion of the
tional banks during October, was
5, page
liquidations of Na¬
given in our issue of Dec.
3549.
Act of 1934 has been made
companies as a stock dividend on their common stock pre¬
viously exempted under Rule AN8.
The Commission also
announced on Dec. 8 that it has made immediately available
Modification of
porations
Revenue Act to Permit Business Cor¬
to
Build
Up
Reserves Urged
National Bank of Boston
For text of this
article
see
advertising
page
iii.
by First
3766
Financial
Kentucky Bank Holdings of Real Estate Obtained
Through Foreclosure Limited to Five Years, Ac¬
cording to Ruling of State Assistant Attorney
General—Rules
Invalid Act Extending Time to
Chronicle
1936
12,
Dec.
$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:
O
O
10 Years
CS
iiii
O
O
A ruling to the effect
for
advices from Frankfort, Ky.,
1934
estate
Act,
which
10
to
undertook
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1
I
the
extend
to
time
of
192
o o
holding
such property as
for
property
is
longer
a
to be
necessary
period
I
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is my
!sonhnh'6«
of
time for
corporations
or
corporations, to hold real estate, and any
b-
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Bills in Two Series to Amount
$100,000,000—$50,000,000 of 91-Day Bills and
$50,000,000 of 273-Day Bills—Both to Be Dated
Dec. 16, 1936
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thereabouts, was made on Dec.
10 by Secretary of
the Treasury Henry Morgenthau Jr. Tenders to the offering
will be received
at
the
Federal
Reserve banks, or the
branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, Dec. 14, but not at the Treasury Department,
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Announcement of a new offering of two series of Treasury
bills, both to be dated Dec. 16, 1936, in amount of $100,000,-
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$50,025,000. The new
91-day bills, maturing March 17, 1937, and 273-day bills,
maturing Sept. 15, 1937; each series will be offering in
amount of $50,000,000, or thereabouts.
The bills will be
sold on a discount basis to the highest bidders, and on their
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should be escheated to the
any bank hold real estate
estate comes within
unless the real
years
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said
of
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hold it for a period of 10 years, you should
can
...
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Commonwealth.
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opinion that the Legislature could not pass an Act providing for
period
longer
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of real
for holding
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be
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prohibits
out,
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was
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pointed
Funk
General
Constitution,
corporation's charter provides
are
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Deputy State Banking Commissioner.
Smith,
the
from
corporations
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for holding
Funk said.
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Section
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reporting this, added:
invalid, General
is
.years,
given to Leonard 0.
except
i
purchased in judgment sales, despite a 1934 legis¬
or
The
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lative Act, was given on Nov. 23 by the Assistant Attorney
General of the State, General A. E. Funk.
Associated Press
real
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that Kentucky banks may not hold
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than five years real estate obtained by foreclosure
more
suits
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at their face
amount.
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particular series for which each tender is made, Secretary
Morgenthau pointed out.
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to
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will
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$1,000,
$10,000,
and in amounts
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$100,000, $500,000, and $1,000,000
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:
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(maturity
value).
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tender
tender
must
pressed
on
99.125.
for
be
multiples of
than
Fractions must
The
price
considered.
offered
Each
be
must
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ex¬
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than three decimal places, e. g.,
more
from incorporated
banks
■"S
securities.
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10% of the face amount of Treasury bills appliedi for, unless the tenders
accompanied by
are
bank
guaranty of
express
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payment
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$1,000 will be
$1,000.
the basis of 100, with not
Tenders
and trust
less
amount
an
in
Dec.
or
banks
aJ
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thereof
the
to
closing hour will be opened and public announcement
of the acceptable prices for each
series will follow as soon as possible
thereafter, probably on the following morning.
The Secretary of the
up
Treasury expressly
of
tenders,
in
any
refer
and
to allot less
any
or
all tenders
than the amount applied
for,
and his
action
to
a
the price
advisedi of the acceptance or rejection
offered
for Treasury bills allotted
Treasury
gain from
from
bills
the
on
Federal
Dec. 16, 1936.
as
to
disposition
principal
and
thereof will
and
interest,
also
be
exempt,
to
from
taxation, except estate and inheritance taxes.
(Attention is in¬
Treasury Decision 4550 ruling that Treasury bills are not exempt
the gift tax.)
No loss from the sale or other disposition of the
bills
Treasury
for
or
shall
the purposes of
any
any
allowed
tax
now
deduction, or otherwise recognized,
hereafter imposed; by the United States
Department
the
prescribe
terms
of
Circular
the
^
p
Revised figures.
a
Does not Include gold
other than that held by the Treasury.
b These amounts are not Included In the total, since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 Is Included
under gold, standard sliver dollars, and silver bullion, respectively.
This total Includes credits with the Treasurer of the United States
payable In
in (1) the Gold Certificate Fund-Board of Governors, Federal
gold certificates
Reserve System, In the amount of
$5,835,375,938, and (2) the redemption fund for
Federal Reserve notes in the amount of $11,661,006.
d Includes
e
Includes
$1,800,000,000 Exchange Stabilization Fund.
$60,800,000 lawful
money
deposited
as
«
a reserve for
Postal
Savings
as. a
deposits.
or
f The amount of gold and silver certificates and Treasury notes of 1890
should be
deducted from this amount before combining with total money held In the
of its possessions.
Treasury
their
be
3
S •? ^
o o
o
*
c
exempt,
other
or
made at
immediately available funds
be
will
the sale
must be
Payment at
all
vited
other
or
thereof.
V-4
^
| (2
parts
or
Any tender which does not specifically
particular series will be subject to rejection. Those submitting
Reserve banks in cash
any
right to reject
such respect shall be final.
tenders will be
The
the
reserves
3
3^
No.
418,
Treasury
bills
amended,
as
and
govern
and
the
this
notice
conditions
of
issue.
Treasury
to arrive at the total amount of money In the United States.
g Includes
money
held by the Cuban
agency
of the Federal Reserve Bank of
Atlanta.
h The money In circulation Includes any paper currency
held outside the
con¬
tinental limits of the United States.
Note—There Is maintained In the Treasury—(1)
Stock of
The
Money in the Country
Treasury Department at Washington has issued
the
customary monthly statement showing the stock of money
in the country and the amount of circulation after
the
moneys
Federal
are
for
held in
the
Re-serve banks
United
deducting
States
and agents.
Treasury and, by
The figures this time
Oct.
lation at
31, 1936, and show that the money in circu¬
that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve
System) was
$6,350,995,090, as against $6,266,539,446 on Sept. 30, 1936,
and $5,712,596,930 on Oct. 31, 1935, and
comparing with
as
a
reserve
for United
States
notes and Treasury notes of 1890—$156,039,431 In gold bullion; (it) as
security for
Treasury notes of 1890—an equal dollar amount In standard sliver dollars (these
notes are being canceled and retired on receipt); (111) as
security for outstanding
silver certificates—sliver in bullion and standard silver dollars of
a
monetary value
equal to the face amount of such silver certificates; and (iv) as security for
gold
a value at the legal standard equal to the face amount
of
oertiflcates—gold bullion of
such gold certificates.
and a first lien
on
Federal Reserve notes are obligations of the United States
all the assets of the issuing Federal Reserve Bank. Federal
Reserve
notes are seemed 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 Treasurer of the United
States, against Federal
Reserve notes In actual circulation.
"Gold certificates" as herein used
Includes
credits with the Treasurer of the United States payable In gold
certificates. Federal
Reserve bank notes and National bank notes are In process of retirement.
Cooperation
Business
of
of
Solution
3767
Financial Chronicle
143
Volume
with Government Urged in
Problems—Preservation of
Currency by Guaranty Trust
Economic
Soundness of Nation's
of Issues
Co. of New York Held Most Urgent
Aug. 9 (given in these columns of Aug. 11, 1934, page 858)
was
issued, amount to 112,991,230.27 fine ounces, the
Treasury announced.
The tabulation made available on
Dec. 7 by the Treasury follows:
SILVER
For text of this article see advertising page
vi.
Week Ended Dec. 4,
$237,912,000 Received to Offering of $100,000,000 of Two Series of Treasury Bills Dated
Dec. 9—$50,012,000 Accepted for 97-Day Bills at
Rate of 0.041% and $50,027,000 for 273-Day Bills
at Rate of 0.092%
Tenders of
On Dec. 7 Henry Morgenthau Jr.,
Secretary of the Treas¬
$237,912,000 had
announced that tenders aggregating
ury,
received
been
hanks
j at
the Federal Reserve
branches thereof up to 2 p. m., Eastern Standard
and the
Time, that
bills, dated
of $100,000,000, or there¬
the Secretary said, $100,-
day, to the offering of two series of Treasury
Dec.
9, 1936, offered
in amount
Of the tenders received,
abouts.
in our issue of Dec.
91-Day Treasury Billss Maturing March 16,
1937
thereabouts, the total
amount applied for was $106,205,000, of which $50,012,000 was accepted.
The accepted bids ranged in price from par to 99.984, the latter being
equivalent to a rate of about 0.059% per annum on a bank discount basis.
Only part of the amount bid for at the latter price was accepted.
The
average price of Treasury bills of this series to be issued is 99.989, and
the average rate is about 0.014% per annum on a bank discount basis.
this
series,
which
273-Day
was
for
$50,000,000,
Treasury Bills,
or
Maturing Sept.
8, 1937
total
$50,027,000 was accepted.
The accepted bids ranged in price from 99.940, equivalent to a rate of
about 0.079% per annum, to 99.925, equivalent to a rate of about 0.099%
per annum on a bank discount basis.
Only part of the amount bid for at
the latter price was accepted.
The average price of Treasury bills of this
this
For
amount
annum
was
for
$50,000,000, or thereabouts, the
applied for was $131,707,000, of which
to be
series
which
series,
on
a
issued
bank
is
99.930, and
discount
the
average
rate is about 0.092%
per
basis.
Week
New Orleans—.
announced on Dec. 7 that $13,657,240.24
received during the week ended Dec. 4 by the
various mints and assay offices.
It was stated that of this
amount $10,136,525.93 represented imports, $282,614.94
secondary and $3,238,109.37 new domestic gold.
According
to the Treasury the gold was received as follows by the various
mints and assay offices during the week ended Dec. 4:
gold
was
ASSAY OFFICES
RECEIPTS OF GOLD BY THE MINTS AND
Imports
$22,713.92
8,970,200.00
1,120,331.06
22,933.93
Philadelphia
New York
San Francisco
Denver
347.02
New Orleans.
Seattle
Total for week ended Dec.
Receipts of
$10,136,525.93
$91,143.99
135,900.00
New Domestic
$142.10
179,600.00
18,620.48
12,154.61
16,537.85
8,258.01
2,060,127.82
575,840.94
$282,614.94
$3,238,109.37
422,398.51
Newly-Mined Silver by Mints and Assay
Treasury Purchase Totaled 1,631,-
from
Offices
819.47
4,1936
Secondary
Fine Ounces During Week
Ended Dec. 4
1,631,819.47 fine ounces, purchased
by the Treasury 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 ended Dec. 4.
A statement issued by the
Treasury on Dec. 7 indicated that the total receipts from
the time of the issuance of the proclamation and up to
Dec. 4 were 115,840,611.47 fine ounces.
Reference to the
President's proclamation was made in our issue of Dec. 31,
1933, page 4441.
Below is the statement issued Dec. 7 by
Silver amounting to
the Treasury Department:
RECEIPTS
OF SILVER BY THE MINTS AND
ASSAY OFFICES
Week Ended Dec. 4, 1936:
Philadelphia
San Francisco—
Denver
—
Amended
Fine Ounces
1,453,767.37
157,063.57
20,988.53
Total for week ended Dec. 4,
Total receipts
The
...
1,631,829.47
115,840,611.47
receipts of newly-mined silver during the week ended
columns Dec. 5, page 3550.
Nov. 27 were noted in these
112,991,23027
In the "Chronicle" of Dec. 5, page
3550, reference was
during the week ended Nov. 27 k
♦
Treasury Offers Low Rate
Securities in Dec. 16 Financ¬
ing—13-17-Year 2J^% Bonds Offered for $700,000,000 Cash—Offering Also Provides for Maturing
Notes—Five-Year
1H% Notes Also Offered for
Issues
Maturities—Maturity
Preferential Treatment of
Cash
Total
$786,651,900—
Small Investors Ended—
Over-Subscribed Seven
Allotted 15%
Offering
Times—
Subscriptions Over $1,000
low interest rates for long-term Government
Treasury this week completed its Dec. 15
financing operation.
The financing involved an issue of
13-17-year 2^% Treasury bonds of 1949-53, offered for
cash in amount of $700,000,000, or thereabouts, with the
Bearing
new
bond issues, the
right reserved to increase the offering by an amount sufficient
to accept all subscriptions for which Treasury notes of series
B-1936, maturing Dec. 15, 1936, or Treasury notes of series
C-1937, maturing Feb. 15, 1937, are tendered in payment
and accepted.
Along with the offering of Treasury bonds,
an issue of 1
% Treasury notes of series C-1941 was offered,
the amount of this offering being limited to the amount of
Treasury notes of series B-1936 and of series C-1937 tendered
and accepted.
The 1M% rate borne by the notes is the
lowest on any note of a similar maturity previously offered.
Cash subscriptions to the 2^% bonds approximated
$5,000,000,000, or seven times the amount offered.
The
Treasury announced yesterday (Dec. 11) that the cash
subscriptions up to $1,000 were alloted in full and those in
excess of $1,000 were alloted 15%, but not less than $1,000
subscription.
one
any
The Treasury said that prelim¬
all" of the maturing
bonds and notes.
for which provision is
made in the current week's offering total $786,651,000; in
the case of Treasury notes of series B-1936 the amount
maturing Dec. 15, 1936 is $357,921,200, while there are
$428,730,000 series C-1937 notes maturing Feb. 15, 1937.
The Dec. 15 financing was announced by Henry Mor¬
genthau Jr., Secretary of the Treasury, on Dec. 6, and the
bonds and notes were offered on Dec. 7.
The cash sub¬
scription books for the offering of 2^% bonds were closed
at the close of business Dec. 7, while the exchange books,
for the receipt of subscriptions of the maturities securities
tendered in payment for the bonds or ll/i% notes, were
closed at the close of business Dec. 9.
In announcing on
Dec. 7, the closing of the subscription books, Secretary
Morgenthau said that "cash subscriptions placed in the
mail before 12 o'clock midnight Dec. 7, and exchange sub¬
scriptions placed in the mail before 12 o'clock midnight
Dec. 9, will be considered as having been entered before the
closing of the subscription books."
Noting the over-sub¬
scription in one day in the case of the cash feature of the bond
offering, advices from Washington to the "Wall Street
inary reports indicated that "practically
exchanged for the
new
The amount of the maturing issues
Journal" of Dec. 8, had the following to say:
The cash bond offering was
.
oversubscribed about four times at 5 p. m.
Secretary Morgenthau, but he warned that
final basis of allotment. The
first day's results correspond roughly with those on the $600,000,000 cash
bond offering in June.
At that time the oversubscription at the end of the
first day was about four times but reached eight times when all subscript ons
yesterday (Dec. 7), according to
this
preliminary figure does not indicate the
were
finally received.
The
Secretary
was
pleased with the reception accorded the offering,
saying that it "went very
the investing
weU" and that "a2H% 13-17 year bond is what
enthusiastically."
public will buy at this time
Below is the announcement
on
Dec. 7
on
issued by Secretary Morgen¬
the closing of the subscription books:
Secretary of the Treasury
Morgenthau announced last night that the
offering of 2H% Treasury bonds of
Dec. 7, 1936, for the receipt of cash
subscription books for the current
1949-53 closed at the close of business
subscriptions.
The subscription
books for the bond offering and also for the offering
Treasury notes of series
C-1941 will close at the close of business
exchange subscriptions, in payment of which
B-1936, maturing Dec. 15, 1936, or Treasury notes
of series C-1937, maturing Feb. 15, 1937, may be tendered.
Cash subscriptions placed in the mail before 12 o'clock midnight, Dec. 7,
and exchange subscriptions placed in the mail before 12 o'clock midnight,
Dec.
9, for the receipt of
Treasury notes of series
Dec.
Silver^Transferred to United States Under Nationali¬
zation Order During Week Ended Dec. 4 Amounted
to 1,757 Fine Ounces
Transfer of silver to the United States under the Execu¬
tive Order of Aug. 9, 1934, nationalizing the metal, was in
amount of 1,757 fine ounces during the week ended Dec. 4,
it was made known in a tabulation issued by the Treasury
Department on Dec. 7. Total receipts since the order of
1,757.00
1936..
through Dec. 4, 1936.
made to the silver transferred
of 134 %
4, 1936
Total receipts through Dec. 4, 1936
Total for week ended Dec.
-
-
thau
(Under Executive Proclamation of Dec. 21, 1933) as
1,190.00
470.00
97.00
—-——
—...—
-
Seattle
notes would be
The Treasury
of
-
—
Denver
on
Gold Receipts by Mints and Assay Offices During
Ended Dec. 4—Imports Totaled $10,136,526
----------
-
San Francisco.*----
page
For
Fine Ounces
-
New York
5,
3550. Each issue of the bills was offered in amount of
$50,000,000, or thereabouts; one of the series was 97-day
bills, maturing March 16, 1937, and the other 273-day bills,
maturing Sept. 8, 1937.
There matured on Dec. 9 an issue
of Treasury bills in amount of $50,000,000.
Secretary Morgenthau issued on Dec. 7 the following de¬
tails of the bids to the offering of bills dated Dec. 9;
STATES
of Aug. 9, 1934)
1936—
Philadelphia
039,000 were accepted.
The offering of bills was referred to
TRANSFERRED TO UNITED
(Under Executive Proclamation
+.
9, will be
considered as having been entered before the
close of the
subscription books.
Announcement of the amount of
ment will
The
probably be made on Dec. 11.
new
interest
cash subscriptions and the basis of alot-
bonds will be dated Dec. 15, 1936, and will bear
date at the rate of 2)4% per annum,
from that
Eayable semi-annually. atThey option of theDec. 15, States
be redeemed
the will mature
United 1953,
ut
on
may
and after Dec.
15, 1949.
The Dotes will also be dated
3768
Financial
Dec. 15, 1936, and will bear interest from that date at the
rate of
1}4%
payable semi-annually. The notes
15, 1941, and will not be subject to
call for redemption before that date.
Both the bonds and
notes are exempt from such taxation as is accorded
previous
issues of similar securities.
The financing will increase the
public debt only by about $300,000,000, inasmuch as the
Treasury must refund in cash $400,377,000 of Treasury bills
maturing on Dec. 15, and also meet about $138,000,000 of
interest on the public debt payable at that time. Maturing
not s not tendered in
exchange for the new securities will
also be paid off in cash by the Treasury.
Besides carrying low interest rates, the Dec. 15 financing
.eliminated the clause in previous offerings under which the
small investors were given preferential treatment in the
allotment of subscriptions.
As to comment by Secretary
Morgenthau at a press conference on Dec. 6 regarding
the elimination of this clause, and also on the low interest
rates quoted in the latest
financing, Washington advices,
Dec. 6, to the New York "Times" of Dec. 7, said:
will mature
epr annum
on
Abuses have been uncovered under the plan of giving preferential treat¬
In
instance
one
in the
case
individual
subscriptions
of numerous officers and
names
another
subscribers, Secretary Morgenthau said at
subscriptions
were sent
employees of
a
single bank, and in
in by 21 members of a family.
commonly oversubscribed,
are
made in small amounts
were
In the allocation of cash subscriptions to
which
a press conference.
the policy has
been to allot small
subscriptions in full and make allocations for the larger subscriptions
sliding percentage scale.
From
1933 to June,
been given to individual subscriptions not over $5,000.
In the present offering the Treasury expects to apply a single percentage
in making allotments to all subscriptions, large and small.
every one who made a
that the
new
When it
indicated, to
was
subscription would get
an
Under the
see
new
how it works,
"even break."
It
was
felt
policy might reduce the "padding" of bids.
was
remarked that the
plan would result in bidders for
new
small lots of the bonds not obtaining the full amount sought, it was stated
in
reply that the Treasury's so-called "baby bonds"
investors,
a
consideration
not
when
present
preferential treatment to the small subscriptions
were
available to small
old system
the
of granting
started.
was
Recent
at a
new
interest and
are
selling
Since the issue of 2% consols in April,
issue carries the lowest interest quoted on any long-term
bond offered publicly
by the Government,
a
fact to which Mr. Morgenthau
The consols and Canal bonds, however, carried the circulation privilege,
responsible for their marketability at the low rate fixed.
was
retired
were
in
notes of series
connection
with
2)4%
the
program
retirement
for
of
the lowest interest rate of
carry
of a similar maturity publicly offered.
issues paying
on an
3% Treasury notes of
or
15, 1937, may be tendered.
offered for cash, and in
now
15,
1936, and Feb.
exchange
1937, will be
15,
15, 1936, and will bear interest from that date at the rate of
payable semi-annually.
per annum
They will mature Dec. 15, 1953,
but may be redeemed at the option of the United States on and after Dec. 15,
1949.
The Treasury notes of series C-1941, now offered only in exchange for
Treasury notes maturing Dec. 15, 1936, and Feb. 15, 1937, will be dated
Dec.
15, 1936, and will bear interest from that date at the rate of 1)4%
payable semi-annually.
per annum
will not be subject to call for
They will mature Dec. 15, 1941, and
redemption before that date.
The Treasury bonds and the Treasury notes will be accorded the same
exemptions from taxation
and
accorded other issues of Treasury bonds
as are
Treasury notes, respectively, now outstanding.
These provisions are
specifically set forth in the official circulars issued today.
Subscriptions will be received at the Federal Reserve banks and branches,
and at the Treasury
submit
may
Department, Washington. Banking institutions
subscriptions
for
of customers,
account
but
gener¬
only
the
Federal Reserve banks and the Treasury Department are authorized to act
official
as
With
agencies.
subscriptions
cash
to
respect
for
one-half of the
combined capital
trust company
bonds,
applications
from
case
to an
amount
exceeding
not
and surplus of the subscribing bank
or
and cash subscriptions from all others must be accompanied
by payment of 10%
to
the
companies for their own account will be received without
deposit but will be restricted in each
of the amount of bonds applied for.
exchange subscriptions, either for the Treasury bonds
With respect
for the Treasury
or
notes, such subscriptions should be accompanied by a like face amount of
either 2%%
Treasury
of series B-1936, maturing Dec. 15, 1936,
notes
or
3% Treasury notes of series C-1937, maturing Feb. 15, 1937, both of which
will
be
accepted at par, and with respect to the notes of series C-1937
accrued interest will be paid to
Dec. 15, 1936.
The right is reserved to close the books
to any or all subscriptions
as
classes of subscriptions at any time without notice.
or
be received subject to
must be made or
completed
In order to provide an
offered for
cash
Subject to such reservations, exchange sub¬
on or
Payment for
before Dec
any
bonds
or notes
allotted
15, 1936.
equitable allotment and distribution of the bonds
all classes of subscribers, all banking institutions
among
and others concerned
All subscriptions
allotment and subject to the reservations set
scriptions will be allotted in full.
again urged to cooperate in the manner outlined
are
the President of each Federal Reserve Bank, and made public at that time.
national
The amount of Treasury notes of series
1936,
is $357,921,200,
$428,730,700,
Treasury 1)4% notes
new
B-1936, maturing Dec. 15, 1936,
Treasury notes maturing Dec.
dated Dec.
Treasury bonds
new
for par, and in payment of which only 2% % Treasury
par
The Treasury bonds of 1949-53
for
Treasury bonds of 1949-53, and
additional amount of the
an
\M% Treasury notes of series C-1941, both
series C-1937, maturing Feb.
They
bank notes.
The
offering
in the letter of May 27, 1936, addressed by the Secretary of the Treasury to
called attention.
which
thereabouts, of 13-17-year 2H%
issue of 5-year
exchange basis,
1900, and issues of 2% Panama Canal bonds in August, 1906, and Novem¬
ber, 1908, the
an
forth in the official circulars.
bond issues have been offered at 2 % %
premium in the open market.
and
will
Low Interest Rate
i
and accrued interest, through the Federal Reserve banks, $700,000,-
or
banks and trust
scriptions not exceeding $10,000, and since that time the preference has
system, to be tried out at least once, it
000,
at the same time is
on a
1935, full allotment has been given all cash sub¬
1936
12,
Secretary of the Treasury Morgenthau is today offering for subscription,
at par
ally
Government bonds, issues of
Dec.
Secretary Morgenthau's announcement on the new finan¬
cing, issued Dec. 6 (for publication Dec. 7), follows:
Dec.
-
ment to small
Chronicle
114% and
a
any note
There have been several five-year
or
377,000, and interest
are
five-year issue offered last June carried 1 h %.
of which
any
may now
the Treasury notes now offered.
payable
B-1936-maturing
C-1937-maturing Feb.
and of series
Dec. 15,
on
15,
1937, is
be exchanged for the Treasury bonds
Treasury bills to the amount of $400,-
the public debt to the amount of about $138,000,000
on
Dec. 15, 1936.
on
'
The
rates on bonds and notes attracted
new
unusual attention because
of the recent intimation by the Board of Governors of the Federal Reserve
System that action would be taken again, either in January
increase
reserve
requirements
control and reduce
excess
member
of
banks
to
or
obtain
The
following
better
UNITED
credit
Under
$34,141,777,000, the top of
one
a
financing,
money
were
on
1936—Department
bills.
public debt,
the
a
an
are
issue of securities,
being paid off,
an
as
as a
1.
16, will be paid
the $400,000,000 of Treasury bills now
additional $300,000,000 would be added to
The
$100,000,000 above the record debt in June, resulting from payment of the
making the forecast last September that it might be necessary to ask the
next Congress for additional money for
relief, which in turn would mean
added borrowing
Today's offering exhausts the President's estimate, also made last
September, that the Treasury would borrow only $750,000,000 of net new
money during the present fiscal year. With today's financing, the Treasury
will already have borrowed at least $20,000,000 more than Mr. Roosevelt's
Morgenthau agreed that the estimates of $750,000,000 no
The probability is that the Treasury will borrow at least
prediection,
pending
money
House
money for relief
request
to
Congress
in
January
expenditures.
At
the last quarterly financing date
(Sept. 15), the
Treasury offered $400,000,000 of 20- 23-year 2%% Treasury
bonds of 1956-59 for cash and
bonds
in
an
additional amount of the
exchange for maturing \lA% Treasury notes of
series D-1936, due Sept. 15, 1936.
This offering of bonds,
although of a longer maturity than previous issues bearing a
similar interest rate, also met with a ready
response.
Cash
subscriptions to the offering amounted to $5,129,722,700, of
which $469,965,250 were allocated; of the $514,066,000 of
llA% notes which matured on Sept. 15, $511,860,800 were
tendered and accepted for the bonds.
Reference to this
financing of the Treasury was made in these columns of
Sept. 12, pages 1645-46, and Sept. 19, page 1793.
Treasury,
pursuant
to
the
Sept. 24, 1917,
States for 2)4%
bonds of the United
of 1949-53.
of the
authority
amended, Invites
as
and accrued interest, from the people of the United
States, designated Treasury bonds
The amount of the offering is $700,000,000,
or
thereabouts,
sufficient to accept all subscriptions for which
an amount
of
Series
Series
B-1936,
C-1937,
maturing
Feb.
maturing
Dec.
15,
15,
1937,
1936,
are
accepted.
Preasury
Treasury
notes
in payment
of
and
Description of Bonds
The bonds will be dated Dec.
1.
or
tendered
(Clv
II.
15, 1936, and will bear interest from
that date at the rate of 2)4 % per annum, payable semi-annually on June 15
and
Dec.
15
in
each
on
until the principal amount becomes payable.
year
They will mature Dec.
the United States
15, 1953, but may be redeemed at the option of
and after Dec.
and accrued interest, on any interest
of
redemption given
shall
prescribe.
In
in
such
case
15, 1949, in whole
or
in part, at par
day or days, on four months' notice
manner
as
the
Secretary
of the
Treasury
of partial redemption the bonds to be redeemed
will be determined by such method as may be prescribed by the Secretary
of the
Treasury.
notice, interest
before June, but the Secretary declined and
the White
asking for the additional
of the
par
notes
bonus, it was said.
It would be about $300,000,000 more than the $34,188,543,000 debt which the President estimated, as of the end of the present
fiscal year ending June 30, 1937. Mr. Roosevelt, however, pointed out in
Mr.
Service
with the right reserved to the Secretary of the Treasury to increase the offer¬
$34,441,777,000 would be the highest in history, about
$500,000,000 additional
Secretary
Second Liberty Bond Act, approved
subscriptions, at
ing by
longer held.
Debt
Washington, Dec. 7, 1936.
a
Highest Debt in History
forecast.
572—Public
Offering of Bonds
result of current
$34,141,777,000 figures.
A public debt of
No.
Circular
I.
week of additional Treasury
On the assumption that these bills, due on March
through
maturing
and after Dec. 15, 1949
Treasury Department, Office of the Secretary,
owed by the Government
$34,441,777,000, since the Treasury for
Due Dec. 15, 1953
Interest payable June 15 and Dec. 15
being redeemed.
period of six weeks is issuing $50,000,000
off
1936.
brief period last June, when the bonus
method of calculation, the
could be placed at
AMERICA
Dated and bearing interest from Dec. 15,
quarter since December, 1933, it will increase the national debt to another
bonds issued to World War veterans
OF
Redeemable at the option of the United States at par and accrued interest
While the $300,000,000 of net new money is the smallest raised for any
during all of its history except for
STATES
2}4 % Treasury Bonds of 1949-53
reserves.
from the New York "Herald-Tribune" of Dec. 7:
high,
Department
Treasury
February, to
Regarding the present financing's effect on the public
debt, we take the following Washington advices, of Dec. 6,
new
official
the
are
circulars:
2.
the bonds called for redemption shall
any
such
cease.
The bonds shall be exempt, both as to principal and interest, from all
taxation
any
From the date of redemption designated in
on
now
hereafter
or
imposed by the United
States,
State,
any
or
of the possessions of the United States, or by any local taxing authority,
except (a) estate or inheritance taxes, or gift taxes, and (b) graduated addi¬
tional income taxes,
war-profits taxes,
the income
tions.
The
or
commonly known as surtaxes, and excess-profits and
now
or
hereafter imposed by the United States, upon
profits of individuals, partnerships, associations, or
interest
on
an
amount
of bonds
Liberty Bond Act, approved Sept. 24, 1917,
of which does not exceed in the aggregate
partnership, association,
provided for in
3.
clause
The bonds will
or
(b)
be
authorized
as
by the
corpora¬
Second
amended, the principal
$5,000, owned by
any
individual,
corporation, shall be exempt from the taxes
above.
acceptable to secure deposits of public moneys,
but will not bear the circulation privilege and will not be entitled to any
privilege of conversion.
4.
as
to
$500,
Bearer
bonds
with
interest
coupons
attached, and bonds registered
principal and interest, will be issued in denominations of $50, $100,
$1,000,
$5,000,
$10,000
and
$100,000.
Provision
will
be
made
143
for the interchange
of bonds of different denominations and of coupon and
.
and
branches
generally
stitutions
but
the
at
will not be
act
Federal
the
at
Department,
agencies.
accepted at
deposit but will be restricted in each case to an
capital and surplus of the
Cash subscriptions from all others
trust company.
The Secretary of the Treasury reserves the right to close the
to any or
all subscriptions
books
classes of subscriptions at any time without
or
sub¬
scription, in whole or in part, to allot less than the amount of bonds applied
for, to make allotments in full upon applications for smaller amounts
make
to
allotments
reduced
upon,
and
applications for larger
reject,
to
or
amounts, or to adopt any or all of said methods or such other
methods of
be
allotment and classification of allotments as shall be deemed by him to
in the
public interest; and his action in
all of these respects shall
any or
Subject to these reservations, subscriptions in payment of which
be final.
Treasury
of Series B-1936
notes
Payment at par and accrued interest,
later allotment.
on
if
for bonds allotted on
any,
completed
cash subscriptions must be made or
on or
before Dec
In every case where payment is not so
15, 1936,
completed,
payment with application up to 10% of the amount of bonds applied
the
in his
for shall, upon declaration made by the Secretary of the Treasury
discretion,
forfeited to the
be
United
itself and its customers up to
of existing
excess
qualified depositary
Any
for which it shall be qualified
any amount
deposits, when
Reserve
notified by the Federal
so
Treasury notes of Series B-1936, maturing Dec. 15,
bank of its district.
1936, will be accepted at
par
in payment for any bonds subscribed for and
Treasury notes of Series C-1937, maturing Feb. 15, 1937, with
allotted.
dated Feb. 15, 1937, attached, will be accepted at par in payment
coupon
for
States.
by credit for bonds allotted to it for
will be permitted to make payment
in
bonds subscribed for
any
and allotted,
and accrued interest
the
on
maturing notes from Aug. 15, 1936 to Dec. 15, 1936 ($9.94565 per $1,000),
will
be
paid
when
made
following acceptance of the notes.
of Treasury notes of Series
render
the subscription
B-1936
fiscal
the
to make allotments
indicated by the Secretary of the
to the amounts
up
of the respective districts, to issue
receive payment for notes allotted, to make delivery
Treasury to the Federal Reserve banks
allotment notices, to
of notes
full-paid subscriptions allotted, and they may issue
on
2.
The Secretary of the Treasury may at any
prescribe
interim
delivery of the definitive notes.
receipts pending
supplemental
rules and regulations
amendatory
or
time, or from time to time,
banks.
governing
Federal Reserve
will be communicated promptly to the
the offering, which
.
JR., Secretary of the Treasury.
HENRY MORGENTHAU
♦
Payment
Settlement of Debt
United
States in amount of $1,315,052,424, representing $155,093,973
of new payments on principal, interest and annuities due
on Dec. 15, and $1,159,958,451 of previous defaults.
Formal
Expresses Desire to Arrange
On
15
Dec.
notices
sent
were
1.
fiscal
As
United
of the
agents
from it
A
Britain, Hungary, Italy,
15.
Dec.
on
French
Government to arrange a settle¬
debt due
the United States was indicated
of the
desire
of her
war
Reserve
banks
are
the basis and up to
the amounts indicated by the Secretary of the Treasury
Federal Reserve banks of the respective districts, to issue allotment
to the
French debt, on
and they
may
issue
interim receipts
2.
For
offering,
from time to time,
amendatory rules and regulations governing the
be communicated promptly to the Federal
which will
Reserve
ing
cussed,
or
STATES
UNITED
OF AMERICA
1 H% Treasury Notes of
Interest
payable
15
June
1936.
and
as
15
The
1.
of the
Secretary
pursuant
to
the
authority
of the
Liberty Bond Act, approved Sept. 24, 1917, as amended, invites
subscriptions, at par, from the people of the United States for 1M% notes
of the United
States, designated Treasury notes of Series C-1941, in pay¬
ment
of which
1936,
or
the
only Treasury notes of Series B-1936, maturing Dec.
15,
Treasury notes of Series C-1937, maturing Feb. 15, 1937, may be
The amount of the offering under this circular will be limited
tendered.
of Treasury
amount
tendered
and
notes of Series
B 1936 and of Series C-1937
accepted.
II.
the rate of 1K%
and Dec.
Description of Notes
per
15 in each year.
annum,
Delbos,
M.
French
Minister of Foreign
were casually dis¬
which several subjects
an
effort
proposal
indicate if
States
negotiate with the United
to
he ' would
or
might make.
There
was
no
not
was
the
to
or
could not be anything for Ambassador Bullitt
department
except
what
was
by
M. Delbos,
were
marked by
said
just stated.
cannot
be
too
strongly said
that the
conversations
the way of definite proposals or opinions or even of
Bullitt
has,
of
course,
let
it be understood
that he is
not
position to discuss the debts officially unless he should be authorized
a
by this government to do so and, even then, would not be in a position to
state
or
express
any
ment toward any
opinion of what would be the attitude of this govern¬
proposal that might be submitted.
A resolution
requesting the French Government to reopen
negotiations with the United States on the war debt was
introduced in the French Chamber of Deputies on Nov. 24
by Rene Richard.
Action on the resolution was deferred
on
Dec. 2 by the Foreign Affairs Commission
of the
on
June 15
They will mature Dec. 15, 1941, and will not
$1,500,000,000
>
The notes shall be exempt, both as to principal and interest, from all
2.
taxation (except estate or inheritenace taxes or gift taxes) now or hereafter
imposed by the United States,
any
State,
or any
of the possessions of the
United States, or by any local taxing authority.
rules and regulations as shall be prescribed or approved by the Secretary
of the
Treasury in payment of income and profits taxes payable at the
maturity
The
4.
of the notes.
will
notes
be
acceptable to
deposits of public moneys,
secure
but will not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denomina¬
5.
tions
of $100,
$500,
$1,000,
$5,000,
$10,000 and $100,000.
The
notes
will not be issued In registered form.
III.
Subscriptions
branches
and
stitutions
will
the
generally
only the
authorized
reserves
at
to
may
Federal
act
be
as
received
at
the
Federal
Department,
Reserve banks
Reserve
Washington.
banks
Banking
and
in¬
and the Treasury Department
agencies.
The
Secretary
of the
are
Treasury
the right to close the books as to any or all subscriptions or classes
of subscriptions
Survey
by
Both
Year
Reveals
State
and
Federal
in
Overlapping Taxes—
Eight Imposts Yielding
Revenue to Both
Government and State governments each
approximately $1,500,000,000 annually from over¬
lapping taxes, according to a Treasury survey made public
on Nov. 29.
The analysis showed that during the fiscal year
ended July 1, 1935 collections from eight representative
State-imposed taxes aggregated $1,665,000,000, compared
with $1,263,000,000 from the same sources in 1930. Govern¬
ment statistics revealed that six of these eight taxes provided
The
Federal
approximately $1,350,000,000 in Federal revenues during the
The Treasury said that the survey was made
of "public interest and in response to repeated
requests from State and local officials, and other individuals
and organizations".
The Treasury analysis was commented upon as follows in
a Washington dispatch of Nov. 29 to the New York "Journal
because
submit subscriptions for account of customers,
official
Treasury
Each
last fiscal year.
Subscription and Allotment
Treasury
Realized
Governments
receive
The notes wiil be accepted at par during such time and under such
3.
2.
with
Chamber.
payable semi-annually
be subject to call for redemption prior to maturity.
but
debt.
cablegram from Ambassador Bullitt mention¬
The notes will be dated Dec. 15, 1936, and will bear interest from that
1.
date at
1.
there
Ambassador
in
Offering of Notes
Treasury,
the effect that
of the
specifications.
Washington, Dec. 7, 1936.
Second
reports to
settlement
the desire above mentioned, but did not
make
what
event
nothing whatever in
Treasury Department, Office of the Secretary,
I,
that
a
them the debt.
would
communicate
It
Circular No. 573—Public Debt Service.
1936—Department
in
Of course,
to
Due Dec. 15, 1941.
Dec.
he
the press
arrange
specification of the time or terms.
Series C-1941
Dated and bearing interest from Dec. 15,
among
a
to
before, during
the day
when
had
he
noticed
desires
received
we
Delbos expressed
M.
and
MORGENTHAU JR., Secretary of the Treasury.
have all
we
Government
conversation
a
Affairs,
banks.
HENRY
time
some
French
the
Last Sunday
The Secretary of the Treasury may at any time, or
or
statement follows:
Moore's
Mr.
pending delivery of the definitive bonds.
prescribe supplemental
with accumulated interest.
1932, amounts to $4,061,234,000,
notices, to receive payment for bonds allotted, to make delivery of bonds
full-paid subscriptions allotted,
by R. Walton Moore, Acting Secretary
State, at a press conference in Washington, Dec. 1.
The
which payments have not been made since
of
Federal
States,
of the payments due.
Belgium, Czechoslovakia, Estonia,
are
Great
France,
ment
authorized and requested to receive subscriptions, to make allotments on
State Department to
27 by the
Nov.
on
Finland,
Latvia, Lithuania,
Poland, Rumania and Yugoslavia.
Finland, which is the
only country not in default on its debt, had already advised
the State Department that it will meet the amount due
The nations
through sur¬
General Provisions
payments will be due the
nations advising tbem
13 debtor
the
debt
war
in a statement issued
to
subscriptions,
to receive
requested
and
basis
,
Federal Reserve banks are
States,
of the United
agents
and
authorized
of Series C-1937 should be
or
is tendered.
V.
on
General Provisions
V.
1. As
$1,315,052,424 Due United States Dec. 15 on War Debt
—Finland Notifies of Intention to Pay—France
IV. Payment
1.
$1,000), will
allotment, and the basis of the allotment will be publicly announced.
upon
or
when surrendered, and accrued
paid following acceptance of the notes.
C-1937 are
Treasury notes of series
or
In the case
C-1937 tendered in payment, coupons dated
Allotment notices will be sent out promptly
tendered will be allotted in full.
and may be made
Dec. 15, 1936, or in
15, 1936 to Dec. 15, 1936 ($9.94565 per
interest from Aug.
on
The Secretary of the Treasury reserves the right to reject any
■
and should accompany the subscription.
par,
Feb. 15,1937, must be attached to the notes
be
"
C-1937, maturing Feb. 15, 1937, which will be
of Treasury notes of Series
notice.
2.
'
allotted hereunder must be made or com¬
before Dec. 15, 1936, or on later allotment,
on or
Treasury notes of Series
from banks and trust companies for their own account
or
promptly upon
out
Payment
only in Treasury notes of Series B-1936, maturing
banking institutions
Others than
accompanied by payment of 10% of the amount of bonds applied
must be
as
pleted
Reserve banks and the Treasury Department are
official
will be received without
for.
1. Payment at par for notes
Banking in¬
Washington.
amount not exceeding one-half of the combined
subscribing bank
will be sent
notices
IV.
permitted to enter subscriptions except for their own account.
Cash subscriptions
Allotment
and
banks
Reserve
submit subscriptions for account of customers,
may
as
shall be
be allotted in
allotment.
Subscription and Allotment
be received
Treasury
Federal
only the
authorized to
said methods or such other methods of
shall be deemed by him to be
Subject to these reservations, all subscriptions will
final.
full.
III.
will
Subscriptions
(
reject, applications for larger
to
or
upon,
public interest; and his action in any or all of these respects
in the
Department, now or hereafter prescribed, governing United States bonds.
1.
.
allotment and classification of allotments as
The bonds will be subject to the general regulations of the Treasury
5.
allotments
amounts, or to adopt any or all of
prescribed by the Secretary of the Treasury.
and regulations
reduced
make
to
and for the transfer of registered bonds, under rules
registered bonds,
3769
Chronicle
Financial
Volume
at any time without notice.
The Secretary of the Treasury reserves the right to reject any sub¬
of Commerce":
The report covers
estate and inheritance taxes; Individual income
corporation income taxes; gasoline taxes; motor
and
vehicle registrations and
scription, in whole or in part, to allot less than the amount of notes applied
license levies;
general sales taxes; liquor excises, licenses and liquor store
for, to make allotments in full upon applications for smaller amounts and
profits taxes,
and tobacco excise and license taxes.
Taxes imposed by
Financial
3770
local
laws
the general authority
under
governments
Firm Not
were as
follows:
was
not a
the
1935, $1,655,000,000; in 1934, $1,376,000,000; in 1933, $1,109,000,000; in
Board
1933
The
distinguished from
a
future
31%."
"very substantial changes
in the tax
or
both
securities'
against
as
1930.
only two in
Twenty-three
States reported collections
from tobacco excise taxes and licenses in 1935, compared with 16 in
States
market, for sale to
a
anyone at a
of selling orders.'
excess
except Alabama and
under
1930.
done
excise taxes and licenses in 1935, and 12 States reported profits from the
operation of liquor stores.
the
defined
the
in
a
profit.
care
of
They were purchased
partnership's!own
The meaning of 'dealer in
controlling regulation,
has
been
It is limited to
considered
one
who, as
definition
largely
so
"dealer
of a
in securities"
Federal
for
income
tax
stated after the Supreme Court session Monday that they had
purposes,
Kansas reported collections from liquor
resale, to any buyer, at
as
profit, 'as
stock of securities to take
merchant, buys and sells securities to customers for the profit thereon "
Government counsel, who had objected to the inclusion of "specialists"
a
Twenty-five States reported collections from general sales taxes in 1935,
All
adequate reason for disturbing
Board, in upholding the Com¬
times by the courts, and this Board.
many
found to have increased from 19 in 1930 to 30 in 1935.
were
no
The
purchase to create
a
buying orders in
account for
large number of States took place between 1930 and 1935."
The number of States collecting income taxes from individuals or corpora¬
tions
Appeals' ruling.
solely in expectation of a rise in the market, for the
noted that
further
report
of Tax
in expectation of a rise in the
and
Net aggregate increase of 1935 collections over those of 1930 was
structures of
"specialist," and that it found
"The stocks in dispute were purchased for the firm's own account solely
$154,000,000, or by 12%, between 1930 and
$546,000,000, or by 49%, between
1933, they increased by
or
"Specialist"
missioner of Internal Revenue, had said:
"It may be noted," the report said, "that whereas aggregate collections
from these taxes dropped by
$392,000,000,
a
12, 1936
In its opinion in the Schafer case, the Court said the Schafer Bros, firm
of these taxes
1932, $1,165,000,000; in 1931, $1,253,000,000, and in 1930, $1,263,000,000.
1935.
Dec.
granted under the State
not included.
are
In the fiscal years named State collections
In
Chronicle
because
"specialists"
either in the Revenue Act or the
not
were
specifically
mentioned
Treasury regulations
1935, all States except Nevada, and the
In
District of Columbia, collected estate or inheritance taxes, two additional
States, Alabama and Georgia, having introduced such taxes in 1932.
"Collections from every one of the eight taxes here considered are con¬
centrated in relatively few States," the report said.
the
estate and inheritance
taxes
and Pennsylvania, throughout the years
States,
Massachusetts,
considerably
more
New
York
Right of Congress to Levy Payroll Tax on Employers
For Unemployment Provision of Social
Security
Act Upheld By Federal District Judge Sweeney in
Boston—Ruling In Case Brought By Stockholder
"Nearly one-half of
collected by two States, New York
was
1930 to 1935, inclusive.
and
Wisconsin,
regularly
Three
collected
of Boston & Maine RR.
than four-fifths of the individual income taxes, and four
States, California, New York, North Carolina and Wisconsin,
A
than
more
ruling upholding the right of Congress to levy a payroll
tax on employers for the unemployment
compensation pro¬
vision of the Federal Social Security Act was handed down
on Dec. 7
by Judge George C. Sweeney in the Federal Dis¬
trict Court of Boston.
The ruling was given in answer to a
petition by George P. Davis of Waltham, Mass., a stock¬
two-thirds of the corporation income taxes.
"Five
States, California, Illinois, Michigan, New York and Ohio, col¬
lected three-fourths of the sales taxes in 1934 and two-thirds of the sales
taxes in
1935; and three States, Louisiana, Ohio and Texas, collected about
one-half of the tobacco taxes from 1932 to 1935.
Status of
Motor Taxes
holder of the Boston & Maine RR.
"The motor taxes show lesser concentration, eight States collecting about
gasoline taxes throughout the period.
nine
States
collected
70%
In the fiscal
years
1934 and 1935,
of the total liquor excise taxes, licenses and
liquor store profits."
,
In 1934, the only year on which data of this type were obtained, it was
found that nearly $318,000,000, or 23% of the aggregate collections from
eight taxes covered
was
collecting liquor taxes,
shared with local governments.
it
was
said,
Of the 45 States
1-9 shared the receipts with
local
governments.
an
which
♦
«,
Mr. Davis' application
injunction to restrain the road from paying the tax
was denied by Judge
Sweeney. The bringing of the action
was noted in our Dec. 5 issue,
page 3553.
In the Boston
"Transcript" of Dec. 7 it was noted that the action was the
first to test the validity of the law.
By request of the peti¬
tioner, who was represented by Edward I'. McClennen of
Boston, Judge Sweeney, according to the "Transcript", ruled
directly on the constitutionality of the act. The paper from
for
half of the motor vehicle registrations and licenses, and about 45% of the
This
Senate
Action
in
Removing from Office Judge H. R.
Ritter Upheld by Court of Claims at Washington
Washington upheld, in a unanimous
validity of the removal by the United
States Senate, of Halsted L. Ritter, as Federal District
Judg;e at Miami, Fla. The Senate action was referred to in
our issue of April 18,
1936, page 2604.
According to As¬
sociated Press accounts from Washington Dec. 7 it was said
that the verdict of a court of impeachment is not subject to
judicial review. From the same accounts we quote:
Dec. 7, the
on
Denying Judge
Court for
gave
an
Hitter's
motion
to
call
immediately
its independent decision, which was taken here
to the
on
the
as a
step in an appeal
high tribunal.
It explained that the Constitution gave the Senate "the sole power to
try all impeachments."
"Our conclusion is," the court said, "that we have no authority to
review the impeachment proceedings held in the Senate and decide whether
the accusations made against the plaintiff were such that he could
properly
be impeached thereon."
It declined to pass on the question of whether his acquittal on the first
a
Mr. McClennen took
an
exception to the
case to the United States Circuit
Today's decision holds the Social Security tax to be valid, that enactment
of the law
in excess of the legislative powers of
Congress, that
payment of the tax is for the general welfare, and that Title IX (of the
not
was
Social Security Act), is constitutional.
Judge Sweeney announced his decision from the bench, summarizing its
the bill seeking an injunction against the
major points, then dismissing
Boston & Maine.
For
all practical
the railroad
purposes,
dropped out
of
the
case
and
in any subsequent litigation the Government will defend the law.
The decision concluded
as
"I
the
therefore rule that
Security Act is
a
follows:
tax
imposed
under
Title
IX
of
the
Social
valid excise under the taxing powers imposed in Congress,
that it does not exceed the limitation of uniformity, that it is to
provide
for the general welfare of the United States and is therefore
constitutional."
The Court of Claims ruled only on the question of jurisdiction.
six articles was
to say:
on
Court of Appeals.
Supreme
interpretation of the impeachment laws, the Court of Claims
quote went
for purposes of appeal.
ruling, indicating his intention to carry the
The Court of Claims at
decision
we
was
"bar to prosecution under the seventh."
Treating the
purpose of the tax
paid in, the Court held that "the Act
its face plainly is one for the purpose of raising revenue to
go into the
several welfare funds of the United States. It is out of this
general fund that
on
any
appropriations of Congress must be made for relief
It is
an
or
other purposes.
Act to provide for the general welfare of the United States."
Referring to
question on the type of tax, whether it be direct, duty or
excise, Judge Sweeney said: "In this case we are concerned only with the
a
question whether the tax sought to be imposed is
power of
"In
Congress to levy and collect the tax
the light of many taxes
as an
a
valid exercise of the
excise,
which have been held valid
as
excises, I
of the opinion that the tax laid by Title IX is valid as an
excise."
Mr. Davis also is the plaintiff in another action
against the Social Security
Act. This action challenges both the Old Age Pension tax and the
am
Legal Status of "Specialists"
Determined
"Dealers in Securities"
States Supreme Court in
as
by United
Rulings
Involving
Income Tax Deductions in
Inventory of Accounts—Decisions in Case of Albert
Unemploy¬
ment Insurance tax.
Edison Electric
In the second case he is suing as a stockholder
in
the
Illuminating Co,
Fried & Co. and Members of Schafer Bros.
Pointing out that important Federal income tax problems
of brokers and dealers were the subject of two
clarifying
opinions and one order by the United States Supreme Court
on
Dec. 7, the Washington correspondent of the "Wall
Street Journal" stated that the High
Court definitely
established the legal status of dealers and brokers and
"specialists" under the revenue statutes and Treasury
regulations.
These advices went on to say:
In the opinion covering "specialists," the Court decided in favor of the
partnership firm of Albert Fried & Co., holding that "specialists"
on
the
New York Stock Exchange are in fact "dealers or merchants" in
respect
of the securities wherein they specialize.
It ruled therefore that
they
entitled to the benefit of Article 105 of Treasury Regulation 74 under
which dealers may inventory their holdings and compute tax
liability on
that basis.
are
Denied Review in Vaughan Case
In conformity with
review in the case of
&
Co.
market
their
certain
holdings in
securities,
and in
1929
in Connection with Federal Social
a
Vaughan
inventoried
at
the securities in which they specialized.
the
The
Rights
Security Act
A court suit which has prevented the Ohio Civil
Service
Commission from selecting social workers
may result in an
important test of how far the Federal Government can go
in compelling States to adhere to its standards
for such
persons,
it
was
disclosed
Commission said
that
on Nov. 28, when officers of the
they believed the case is the first
challenging a State's civil service organization's efforts to
fulfil the requirements of the Federal Social
Security Board.
The Commission
recently canceled oral examinations for
approximately 900 social security jobs.
Associated Press
advices of Nov. 28 from Columbus,
Ohio, described the suit
as
this decision, the Court denied the Government
Vaughan & Co. and William W. Vaughan.
specialized in
Ohio Case May Determine Question of States'
follows:
Horace S.
Keifer, lawyer, who obtained
injunction restraining the
an
Commission from holding further examinations and
certifying eligible lists
appointments to welfare positions, contends that the qualifications
for
set up
for five types of jobs
Court of Appeals, Second Circuit, approved this method of
computing tax
insofar as the securities specialized in by Vaughan & Co. are concerned.
aid for the blind and for
The Supreme Court refused to disturb this conclusion.
are
"arbitrary and
a gross abuse of discretion."
program.
Another Supreme Court opinion yesterday involving broker taxes was
decision against the partnership of Schafer Bros., New York
City.
In
this case the Court held that securities in the trading account of the firm
a
could not be inventoried at the market price
It thereby sustained the
ruling of the Commissioner of Internal Revenue who raised the taxable
income of Schafer Bros, in 1929 by $511,667.
(C) of the Revenue Act of 1928 to
inventory method of determining gain or loss
of the firm's
own
trading activities in 1929.
He said in his
qualify for positions in the
dependent children activities of the social security
petition that the Civil Service Commission "was informed
and had good reason to believe that if said qualification were
not adopted
and adhered to by it, large sums of money,
representing grants in aid to
the State under the provisions of the Federal Social
Security Act, would
be withheld by the Social Security Board."
Opponents of the job qualifications object principally to that of
The specific ruling of the Commissioner was that the
partnership was
not entitled under Section 22
He represents three persons who were unable to
use
the
on securities held as a result
one
to
three years' full time paid experience in social welfare work.
Hundreds of persons who have spent years in social
said to be barred from qualifying for the Social
welfare
work
are
Security Boards because
they were not salaried welfare workers.
Financial
143
Volume
"Original Cost" Order by FCC Is Upheld by United
States Supreme Court—Unanimous Decision De¬
nies
Contention by Telephone Companies that
Rule Is "Arbitrary"
The United States Supreme Court, in a unanimous opinion
presented by Justice Cardozo on Dec. 7, upheld the "original
cost" provision of the Federal Communication Commission's
order for a uniform system of accounting by telephone com¬
panies.
The American Telephone & Telegraph Co., 36
other companies under the Bell System and seven inde¬
pendents, had opposed the "original cost" order, together
with one stipulation that certain charges shall be "just and
reasonable," and another dividing plants in present use from
those held for future use.
Both these stipulations were also
unanimously sustained by the Supreme Court.
Justice
Cardozo denied the complaint that the orders were "harsh
and arbitrary."
The ruling was described as follows in a
Washington dispatch of Dec. 7 to the New York "Times":
and bookkeeping of the tele¬
Powers to make orders for the accounting
phone companies had previously been lodged with the Interstate
Commission, which had framed
Communications
the
But
Commerce
1, 1933.
drew
revised set of rules effective Jan.
a
Commission,
taking over this authority,
rules, which were to take effect last January.
up new
The American Telephone & Telegraph Co.
and others brought suit in the
There
District of New York.
Federal Court for the Southern
judge court sustained the Commission's orders, and they were
a
three-
upheld today
by the Supreme Court.
the "original cost" of
dedicated it to the public
original
The order principally opposed was that defining
property to the company which first owned it and
and requiring that the accounting company must enter such
use,
cost in its property investment accounts.
An account designated "telephone plant
acquisition adjustment
must contain the difference between the actual or
account"
estimated "original cost"
Cardozo
explained
under
that
"original cost" provisions
the
there must be four new balance sheets, namely,
Telephone Plant in Service
Telephone Plant Under Construction, Property Held for Future
Telephone
Describing the func¬
Use, and Telephone Plant Acquisition Adjustment.
tions of each account, he stated:
"The
of the
sum
accounts
three
which represent the original cost
property acquired by the accounting company from
may
be less
or greater
of
other telephone utilities
by the account¬
than the investment in such property
principles laid down" in
an opinion by Associate Justice Cardozo.
A Washington dispatch of Dec. 7 to the New York "Herald
stay "in accordance with the
a
Tribune" outlined this
This
taken
of by the account,
care
Co.
by
on
President
North American
Fogarty of
Supreme Court Ruling on Cases Affecting
Co. and American Water Works & Electric Co.
enjoin permanently the enforcement of the provisions of
the Public Utility Holding Company Act against these com¬
panies."
Mr. Fogarty added:
to
before the courts have dealt
In these two cases the proceedings so far
solely with the question of whether these suits
in the lower Federal Court without awaiting
should be brought to trial
final decision by the United
in the Government's suit against Electric Bond &
The District Court of the District of Columbia on last Jan. 6
States Supreme Court
granted the Government's motion to stay the suits of the North American
Co. and American Water Works & Electric Co. pending the outcome of
On June 22 the Court of Appeals
The Supreme Court
reversed that decision.
yesterday reversed the decision of the Court of Ap¬
the District of Colum¬
the latter court to determine the
in accordance with the principles laid down
peals, vacated the decision of the District Court of
bia, and remanded the two suits back to
Government's motion for a stay
in
the
opinion accompanying
the decision.
that it is "satisfied that the limits of a fair
as
in the suit against
this Court of any
monent
selected
we
as
The Supreme Court stated
discretion are exceeded in so far
in effect after the decision by the District Court
the stay is to continue
the Bond & Share Co., and until the determination by
appeal therefrom."
The Court also stated:
"For the
fix the uttermost limit as the date of the first decision In the suit
a
test, laying to one side the question
whether it should even
far."
go so
On the
question as to whether the stay should be allowed to continue even
for the short time that now
remains until the decision of the New York
District Court in the Electric Bond & Share suit, the Supreme Court indi¬
cates that the
burden is upon the Government to show just ground for a
stay even of this shorter length,
and that no such showing has thus far been
Since the Government has undoubtedly made all the showing it can make
believe this decision opens the way for a prompt
the constitutionality of the Utility Holding Company Act upon
in support of this stay, we
of
issues
trlct
applicable to our own companies that are not presented in the ElecBond &
Court
Ruling
Upholds
Point
on
Stay
in
United
States
Supreme
Act
Cases—Tribunal
Government Suit Against
Utility
Until
Electric Bond & Share Co.
The Government
Is Decided
necessary to
appeal from the New York district.
Court did not find it
the District of Colum¬
state that the Supreme
determine whether a stay was needed in
bia District Court.
of
expressed some puzzlement over the opinion
Government attorneys
satisfied with the
District of
Columbia cases a year ago was ordered to be reconsidered and a shorter
duration for it advised, the purpose of the Government was accomplished.
The injunction suits of the utility companies other than the Electric
Bond & Share, already have been delayed for a year, and a further limited
stay remains a possibility.
Meanwhile, the Electric Bond & Share case
has been advanced to a point where a district court decision in New York
is expected momentarily, and this case is held certain to be the first to
reach the Supreme Court, the objective sought all along by the Government.
The utility holding company cases involved in the decision as to a stay
today were those of the North American Co. and the American Water
Works and Electric Co.
They were among a number of utilities who
brought suit in the district court here last November to enjoin enforcement
of the Holding Company Act on the ground that it was unconstitutional.
The Government complained that the extent of the utility suits would
clog the courts and asked for the stay pending decision in the Electric
Bond & Share case initiated in New York.
The stay was granted Jan. 9,
with general approval and were
the court, but greeted it
effect.
net
the
Although
they obtained in the
which
stay
The Court of Appeals
tested.
the Court in this respect was con¬
reversed the
of the District of Columbia
the case for further
lower court's order and remanded
proceedings in the
The Government appealed.
District Court.
Supreme Court's hearing on arguments
appeared in these columns Nov. 14, page 3079.
A reference to the
in the
case
»
Court Unanimously Upholds
Sale of Trademarked Goods
Below Prices Fixed by Producers—Decisions Vali¬
States
United
Supreme
State Laws Prohibiting
date California and Illinois Statutes
Supreme Court on Dec. 7
The United States
handed down
opinions, upholding California and Illinois
"fair trade" laws prohibiting the sale of standard trademarked and labeled products at prices fixed below those of
producers.
Justice Stone, who is ill, did not participate
decisions, which were delivered by Justice Sutherland.
the
ruling distinguished between the right
The
Dec. 7 obtained
a
petition to stay a number of suits brought by utilities com¬
panies in the District of Columbia until the constitutionality
of the retailer
the good¬
bought for resale and in his right in
in property
represented by his trade-mark
on the merchandise.
The court said that the title to the
trade-mark did not pass, and therefore the manufacturer
had the right to set the sale price of the merchandise and
will of the manufacturer,
as
the trade-mark considered together.
in
The decisions were summarized as follows
There
two
were
The
statute.
identical
Chancellor Alfred
decision
the
is
court
The
Feld-Crawford
and
law
two
on
California
the
chose
have a
to
have the
York
New
of
Act
Illinois
the
of
2
assumed
New York Court of
to
Stein.
A.
Section
with
expected
is
the
of
2
Section
identical
Illinois
the
on
far-reaching effect on retail
14 States have similar laws.
A New Jersey law with
purposes and language has been declared invalid! by Vice-
opinion
since
practices,
almost
cases
Washing¬
a
"Times":
dispatch of Dec. 7 to the New York
ton
Act
upheld
by
is word-for-word
the court.
Thus
the
effect of a reversal of
practical
Appeals ruling.
take
to
the
cases
involving the
Illinois
State law as
principal text for its opinion, merely remarking that the same issues
were presented by the California
cases.
In one of the Illinois cases, Seagram-Distillers Corp., a wholesale liquor
the
distributing
company
whiskey
Seagram's
other
and
sought
liquors
an
injunction against the Old Dearborn Distributing Co., which has a chain
of four retail liquor stores in Chicago, to prevent the retailing company
from
selling
Seagram
executed
tracts
The
products at
retail
prices below those fixed: in
con¬
between the two companies.
injunction
was
granted
and
upheld
by
the
Supreme
Court
of
Illinois, whence it was brought to the Supreme Court on writ of certiorari.
of the State court's
decision constituted the validation of
Affirmation
the law.
The other
case
was
a
similar suit by the Joseph Triner Corp. of Illinois,
Schenley products, against Carl W. McNeil, doing business as
Liquor Store, except that it was stipulated that no contract had
executed and that the liquor on which the retailer had cut the prices
for
agents
McNeil's
had
not been
bought from the Triner Corp.
The two California cases involved: the same
principle in the
same manner.
They originated when injunction suits were brought by the Pyroil Sales
Co.
Pep Boys, Manny, Moe and Jack, of California, and by Max
Co., and Sales Builders, Inc., against Clarence G. Kunsman.
cases came from the Supreme Court of California,
whose judgments
against the
&
upholding the law were affirmed.
The decision, in the opinion of
least
a
observers,
through State action.
bitterly fought issues in
of "loss
many
opened the
leaders,"
or
for at
that
code was the discussion of the banning
the practice of selling nationally known and standard¬
ized brands at less than the manufacturers' resale prices
customers
Extra
into
the
an
in order to attract
store.
Christinas
and
New
Federal Workers by
In
way
Code under the National
It was recalled that one of
partial revival of portions of the Retail
Industrial Recovery Act
the
partial victory in
the legal controversy regarding the validity of the Utility
Holding Company Act of 1935, when the United States
Supreme Court by a unanimous order remanded to the
consideration of the Federal District Court the Government's
on
Court in the Electric Bond & Share
lasted until the Supreme
the Electric Bond case on
on
The opinion went on to
These
Wins
It argued the neces¬
it said the stay exceeded
to continue in effect after the
pressing need."
The District Court's stay here was to have
Court ruled
Factor
Share case.
Government
Government's strategy but
of
"discretion was abused by a stay
matter
decision by the New York District
suit.
been
made by the Government.
test
general
a
in the
Company Act
F. Fogarty, President
ruling by the United
States Supreme Court on Dec. 7 on the Utility Act cases
was simply on the question of court procedure, and not on
the merits of the cases, in the suits brought "by-the North
that case.
as
two unanimous
It was pointed out on Dec. 8 by J.
of the North American Co., that the
Share Co.
follows:
the limits of fair discretion in so far as it was
recorded
in such manner as
direct."
Public Utility Holding
American
as
sity for suppleness in the processes of justice, but
acquisition shall be disposed
of, written off, "or made for the amortization thereof
Statement
that
indefinite duration in the absence of a
telephone plant ac¬
quisition adjustment (a rule), which provides that the amount
in this account with respect to each property
the Commission may
opinion
opinion did not find fault with the
declared
ing company itself.
"The difference is
the motion
Court directed the District Court to determine
for
last, despite the fact that the power of
and the amount really paid for the property.
Justice
3771
Chronicle
Year
Holidays
Granted
Executive Order
Executive Order issued at the White House
on
Nov.
of the law is decided in the Government's suit against the
27, President Roosevelt ordered that Federal employees be
Electric Bond & Share Co. and its affiliates.
given extra time
The Supreme
off
over
the Christmas and New Year
Financial
3772
holidays. The Order provides that all offices in Washington,
D. C., be closed at 1 p. m. Dec. 24, the day preceding
Christmas, and all day Jan. 2; Dec. 26 is a legal holiday in
the District of Columbia.
It also provides that all employees
in the field service of the executive departments, independent
establishments and
other agencies
of the Government,
excepting those excluded for public reasons, shall be given
similar time off as those located in Washington.
Chronicle
President of the
Investment Co. of America, at the hearing
Securities and Exchange Commission on invest¬
ment trusts.
In presenting his views Mr. Lovelace said:
before
the
feel
I
consideration should be given by
that
the Commission and the
investment companies looking toward a proposal to Congress for the enact¬
ment of
national investment act, under which investment companies
a
could
acquire Federal charters, along the line of the National Banking Act, the
law to be administered by the Commission in a manner similar to that
which
the leading
State insurance Commissions
now
in
administer their re¬
spective insurance Acts.
Federal District Court in Richmond Grants Temporary
Companies qualifying could have uniform accounting which I feel should
"Windfall
provide that all profits or losses realized from the turnover of securities
Injunction
Collection
Restraining
Action
Similar
Tax"—Follows
by
of
Harrisonburg
(Va.) District Court
junction to two processing firms restraining N. B. Early,
Virginia collector of internal revenue, from collecting the socalled "windfall tax."
The firms granted the injunction are
Rapidan Milling Co. and the Mine Run Roller Mills.
Attorneys for the plaintiffs contended the tax, levied under
the Revenue Act of 1936 to reach 80% of the processing tax
lost with the invalidation of the Agricultural Adjustment Act,
was unconstitutional, it was stated in the Richmond "Timesthe
on
Dec. 2, which added:
Sterling Hutcheson, United States district attorney,
and Mills Kitchin,
jurisdiction
Early from "requiring or attempting
Judge Pollard's order restrains Mr.
require the filing of a return by the plaintiffs
to
collecting
commonly known as a tax on unjust
claimed to be due by the plaintiffs
(windfall tax)."
enrichment
The decision also relieved the
Rapidan Milling Co. and the Mine Run
Mills of filing a return in connection
Roller
under Title 3 of the Revenue
from "assessing or attempting to assess or
imposing a lien upon the property of the plaintiffs for any tax
or
assessment so
long
as
with this particular type of
the order remains.
of the collector of internal revenue
appeal to the Fourth Circuit Court of
Judge Pollard required a $500 bond
and Government attorneys noted an
Appeals.
...
In reaching
who
on
Nov. 23, granted a temporary order in
returned
levies
.
„
to
the
United States District Court
Mr. Early from collecting the windfall tax on
Shenandoah
Milling
Co.
when the Agricultural
Adjustment Act was declared unconstitutional.
Neither court, however, ruled on the
richment" tax which allows levies up
constitutionality of the "unjust en¬
to 80% on the processing monies
Archibald Robertson, who represented the plaintiffs in the cases
and in Harrisonburg, contended the Government
here
is attempting to collect a
said, makes it no tax at all.
Although Judge Pollard made no comment concerning the constitu¬
tionality of the tax, Judge Paul said he had his own doubts as to its con¬
stitutionality and "would like to hear" the Government's views along
leavy held unconstitutional, which, he
items, and this income should be subject to taxation at regular corporation
rates.
Mr.
Lovelace expressed the view that "if investment
companies are to perform useful investment functions and
become really important factors in the financial field, it is
logical to expect development along British lines."
He
went
to say:
on
Extended
Dec.
to
15
for
Filing
of
Employees'
Security Forms—Requirements Where Em¬
ployee Is Known Under
on
Employer's Payrolls
a
midnight Tuesday, Dec. 15, for the filing of employees'
application forms for Social Security accounts under the
Federal Old-Age Benefits program.
Expressing appreciation of the cooperation evidenced
the part
of employers and employees in the task of setting
up Social Security account numbers for some 26,000,000
workers, the Board indicated that because of the many
requests for information which had been received from em¬
ployees, and the time necessary to answer those requests,
an extension of the final date for filing had been decided
upon.
It was added that while reports from its field offices
indicated to the Board a last-minute rush had developed in
which thousands of employees had filed their applications
on Dec. 5, it nevertheless seemed apparent that many would
find themselves unable to do so before midnight that day—
the official time limit for filing.
References to the forms required to be filed by employers
and employees under the Social Security Act incident to
Old-Age Benefits was made in these columns Nov. 7, page
2936, and Nov. 21, page 3245.
In accordance with an opinion of the Bureau of Internal
Revenue, the Social Security Board announced on Dec. 4
that employees, in filling our applications for Social Security
account numbers, should use the name by which they are
known on the payroll of their employer.
This information
was made public in response to inquiries from many parts
recognized and
necessary
invest
of the
outstanding
securities
If there should be
a
by SEC of Investment Trusts and Invest¬
Companies—J. B. Lovelace of Investment
Co. of America Recommends Enactment of National
Examination
ment
Investment Act
'
there
on
be permitted in
the case of an
of any company except in
mutual stock investment company set up along the
but with smaller override and much
lines of the present "open-end" trust,
charges, the funds of which were always invested in
smaller redemption
stocks, and there should be a similar mutual company the investments of
the small investor
which were continuously kept in bonds, the adviser to
20% in the stock fund, or,
could suggest putting 80% in the bond fund and
in the bond fund.
in other instances, 75% in the stock fund and 25%
The adviser would determine the type
of commitment for his client, but
the
responsibility for maintaining the investments in a carefully selected
of stocks
bonds
or
would
with
rest
of the mutual
the management
The job for the investment trust manager would be one of
selection and supervision, not of timing of commitments,
and the charges
for such
that of the usual
service might in consequence be only about half
a
counsel fee.
investment
day (Dec. 3) E. E. MacCrone of MacCrone
was also heard by the Commission.
Mr.
MacCrone, it is stated, was connected with the Investment
Co. of America at its inception, but later relinquished his
same
& Co. of Detroit
interest therein.
Charles R. Gay Urges Business Men to Treat Economic
Problems Realistically—Tells Buffalo Chamber of
All
Commerce
be
enacted
a
national
Dec. 3 by J. B. Lovelace,
Should
Classes
Recognize
Recent
Changes in Ecnomic Philosophies
Leaders
of
American
industry
urged
were
to
become
"more articulate" in championing sound couses,
and to "read
the signs of the times" in dealing with economic problems,
in an address on Nov. 30 by Charles R. Gay, President of
the New York Stock Exchange, before the Chamber of Com¬
merce of Buffalo, N. Y.
If corporate management betrays
its
obligations to public, employees or stockholders,
Gay said, it will be subjected to "punitive restrictions."
Mr.
He
pointed out that substantial readjustments in economic phi¬
losophies have occurred recently, and he predicted further
such adjustments in the future.
The rapid improvement in
business, he declared, makes it imperative that business,
banking, farmers, laborers and investors cooperate to insure
that the benefits of improved conditions are experienced in
all sectors of
In
economic life.
our
urging cooperation
elements of
all
between
our
eco¬
nomic society, Mr. Gay said:
The business
mits
of
whose concepts
man
himself
to
provincial
well
the
in
the
if
The
to
ideas
days
business.
all
about
the
sound but who
are
People have
of
utility
banking and trade
ahead
of
the
gathers
enough
per¬
going to do
beyond narrow
still
die-hards
going to have
"letting well
of
grown
business;
are
As recovery
us.
soporific thought
cooperation
the
to
as
I
enjoyed in
The
kind
eccnomic
Things
from
men
construction
capital will,
been
of
cutting the forest tree
earth, or
not
and
hard time
a
it will
headway
alone"
fades
be
from
minds.
our
will
of economics
himself to lapse back into the old laissez faire attitude is
it
on
that
security or in securities of any one
one
any
equal to 10% of the assets, nor should it be permitted to own
remaining in industry,
made
in
10% of the voting stock of any company, nor more than 10%
than
more
5%
except that underwriting commitments might
amount
an
than
more
and
was
should not be permitted
He also suggested that an investment company
company,
harm
Board added that any evidence or
thought necessary to explain a difference between
the payroll name and the name as shown by vital records,
such as birth certificates, should be either attached to the
application card or forwarded separately to the Wage
Records Office of the Social Security Board in Baltimore.
Act
factor in the money market.
capitalization, Mr. Lovelace, aceordng^
to advices from Washington to the New York "Times,"
favored the encouragement of what he described as a simple
capital structure in which borrowing would be permitted,
but limited to the point where "assets, after all liabilities,
but before the debt, should equal or exceed 200% of the debt."
The dispatch, Dec. 3, further said:
of
In the matter
statement
recommendation
In the period of evolution the functions ex¬
panded and trusts became less a means of precarious investment than a
of the country.
The Social Security
A
benefits which had been
moneyed individual to secure financial
On the
Board at Washington announced on
Dec. 6 that under a Treasury decision provision was made for
an extension of time from midnight Saturday, Dec. 5, until
investihent
In that way they enabled this
experienced to invest their own money.
class of
Name Other than That
The Social Security
on
They
Originally investment trusts represented the standardized investor.
company.
Social
securities held less than one year
on
trading profits or losses and carried into the income
dividend and interest income, fees earned and similar
list
r
this line.
Time
charged to, surplus and
or
deductions allowed for any
or
underwriting.
returned when the AAA died.
tax on a
such profits
any
losses realized
or
as
account along with
to
the decision, Judge Pollard concurred with Judge John Paul,
in Harrisonburg restraining
Gains
would be treated
should be carried to,
year
paid on
otherwise out of his reach.
proceedings.
Act of 1936" and enjoins him
one
sought to aggregate the funds of people ho were too nervous or too in¬
special assistant attorney-general, argued the court did not have
in the injunction
than
more
taxes should be
no
such losses.
Judge Robert N. Pollard, in the United States
District Court in Richmond, Va., granted a temporary in¬
On Dec. 1,
Dispatch"
held
of
see
of
secure
not
even
not tolerate
digging of
raw
materials
from the deposits of
the forward vista,
be
a
the
from
the
savings in banks
use
of labor and
sounder cooperation than has
the past.
cooperation
knowledge than
may
the
or
factory and railroad with
so
easily
that
we,
as
I visualize will
a
be based
"be let alone," to
drift
much wider
along paths which
though they have long been trodden.
a
on
people, possessed prior to the depression.
static economy in
a
changing world.
are
An informed public
of cooperation
The kind
that I visualize will seek to hasten
W. W. Aldrich
Legal
to
Artificial
of Federal Tax Structure
the full
unchanged for
Winthrop W. Aldrich, Chairman of the Chase
requirements should again be raised to
Reserve
years,
many
law, and should then be left
Dec. 8 in address¬
National Bank of New York City, said on
ing the Illinois Manufacturers Association at Chicago.
action is essential in averting a disastrous boom
This
which
would cause an unjustified rise in the prices of commodi¬
ties, stocks and real estate, he declared.
Mr. Aldrich, who
-spoke on "Business Recovery and Government Policy—
National
Federal census
also urged a
International,"
and
unemployment, as well as a revision of the existing tax
structure "to the extent that it is necessary to permit capital
•of
become
to
venturesome
The capital gains tax, he
again."
system, and it
exaggerates stock market
booms and immobilizes large
blocks of securities.
He criticized the accumulation of a
huge reserve fund under the new Federal Social Security
Act, and said that this fund threatens the whole future
stability of the plan itself. Mr. Aldrich stressed the desira¬
bility of placing the plan on a current cost basis.
He
praised the adoption of a monetary agreement by Great
Britain, France and the United States, and said that the
pact creates a foundation for much economic improvement.
In
discussing Federal methods of credit control, Mr.
definite concern
manifested
have
authorities
Reserve
with
and have already taken one
refer to their action, announced on
July 14 and effective Aug. 16 of this year, raising the reserve require¬
ments of member banks by 50%.
The subject is again under discussion,
and there is rather widespread expectation of further action on their part.
I believe that the reserve requirements should again be raised by an
respect to the great volume of excess reserves,
important
equal
amount
would
reduce
low
too
in
1917,
bank
volume
of
Reserve
credit
authorities
full
moved
reserves
will in the
rapidly.
too
I
that the Federal
requirements to the
leave them unchanged,
branches of industry; we
are
aware
of the crying need for modern housing in many parts of our
country.
These needs can be satisfied on a sound basis only by applying
the savings of the Nation.
It cannot be denied that during a period
when the government has had to finance deficits aggregating billions of
dollars a low money rate policy was necessary for the government.
How¬
ever, we all hope that the era of large governmental deficits will soon be a
thing of the past, for the people who have looked to the government for a
livelihood will find and are finding an increasing volume of employment
in private industries; also the revenues of the government are mounting.
Is it not, therefore, of the utmost importance to inquire in an impartial
way what the effects of continued low money rates will be on our economic
future?
Will not a continued low money rate policy drive a number of
individuals who previously invested their funds in bonds into speculative
stocks?
Is this desirable?
If this tendency is already prevalent, to what
extent is it going on?
Banks which operate trust departments are in an
excellent position to study this question.
Here, too, the impartial and
unbiased findings of the banks ought to be a guide to policies of the
government.
many
still
with
they did last time. We ought to
as
the first resort
resort, because, in a time when a real tightening of
to this before they act, as
method
than
rather
increasing
of
the
last
requirements
reserve
market is called for by a boom, there will be a large number
of individual banks which will not have excess reserves even though excess
the
money
the
reserves
in
familiar
methods
and
tions
aggregate
of
discount
be large.
We could
through Federal Reserve
may
control
rate
requirements
which
are
then
open
affect
use
the more
market opera¬
first
the great
the method of raising reserve
those which are liquid and those
all
affects
banks,
both
not.
$688,000,000 by the suggested increase
Reducing the excess reserves to
in
methods
These
increases.
markets and the liquid banks, whereas
money
reserve
requirements would still leave a very great excess and would still
market. We should then, however, be in a position
to
act
effectively with the older methods when a further reduction of
excess reserves
is compelled by boom symptoms.
.leave
a
New
The
State
York
numbers
Bankers Association
in its membership
these different groups.
An Institute of Research
for Banking, if sponsored by the Association, could be closely identified
with the problems
and affairs of the members, particularly through an
all
of
representatives
which is functioning day in and day out throughout the year in
search for facts having a bearing on the multitudinous problems
agency
continuous
would
Such
ample
have
opportunity
to
test
itB
be readily
to establish should have broad
Its practical suggestions would
practical experience.
theories by
adopted.
Institute
The
finance.
oi
Institute as we propose
to cooperate with any
an
agencies interested in the
not the interests of such agencies
State.
It seems fair to assume
that it would, within reasonable time, contribute much of value to the
additional knowledge which must be acquired if we are, in common effort,
to build for the future a banking structure which will stand the test of
time.
As its usefulness grows I can vision a real contribution
on its
part to the work of such organizations as the American
Institute of
Banking.
The results of its efforts will be of value only as they are
made available for use to all bankers and others interested in the field
of finance.
No agency is better equipped in personnel and in organization
to make practical use of the
findings of such an Institute than is the
and
will
a
general problems of banking whether or
are
confined within the borders of the
American
Banking.
of
Institute
very easy money
Hecht Sees Great Gains
S.
R.
Possible Through Tri¬
partite Monetary Pact—Banker
Predicts Eventual
International Currency Stabilization
years.
respect
the
desirability of banking research,
said:
widely
use
v
•
Ball, in urging the
Mr.
certainly
I am assuming, in saying this, that excess reserves are
diffused among the individual banks of the country, as
proved to be true when the August increase was made in reserve require¬
ments.
The Federal Reserve authorities will, of course, inform themselves
for
We all know the degree
put into he capital goods of the country.
which has taken place in many
obsolescence
of
trust
future raise reserve
near
by the law and then
allowed
limit
the result
with
of
contraction
the
Reserve requirements were, I believe, put much
that both the expansion of credit and
on
the basis of increases or decreases in the
to $688,000,000.
000,000
(taking the
reserves
by the law, an action which
figures of Dec. 2) from $2,210,-
allowed
limit
full
the
to
excess
I
them.
reduce
to
step
his
keeping
interests
said:
Federal
The
of
be
to
said, has no place in the general income tax
Aldrich
the
past decades has been in
the street throughout
in
man
savings in banks, receiving three to 4% interest
on
his money.
At the present time, the interest on thrift accounts and
savings deposits has been reduced to 2%, or even less in most cases.
May
that not be a deterrent to the thrift habits of our people?
It cannot be
said that the United States is fully developed and needs no more savings
habit
Urges Increase of Reserve Requirement
Limit—Says Step Is Needed to Avert
Boom—Banker also Suggests Revision
limit allowed by
small
The
i.
said, in part:
Dr. Taylor
the conver¬
production into more wages, more buying, better housing, savings
above living costs, and these savings converted, in turn, into better facili¬
ties for cutting production costs.
A revolving wheel, so to speak, the cir¬
cumference representing the welfare of the entire Nation.
of
sion
3773
Financial Chronicle
143
Volumi
The
tripartite monetary agreement between Great Britain,
and the United States has already resulted in .de
France
facto
exchange stabilization,
and may eventually result in
conference which
will
economic
international
another
permanent stabilization and world economic peace,
achieve
Rudolph S. Hecht, Chairman of the Hibernia National Bank,
told the New Orleans Association of Commerce on Dec. 3.
In the view of Mr.
Hecht the monetary pact will stimulate
improve¬
out that
the gold
end "the
viscious cycle of currency depreciation in which the world
has traveled for so long, and bring the principal currencies
of the world into something like the same relationships to
each other as they were when the cycle
of devaluation
started."
In discussing the faults of the former gold stand¬
particularly through an
He pointed
while the agreement does not promise a return to
standard on the former fixed basis, it will probably
international
commerce,
French internal situation.
ment of the
ard, Mr. Hecht said:
Low Money Rates Seen as Incentive to Speculation—
Dr. A. W. Taylor, Before New York Chapter of
American
Institute
of
Banking,
Warns
Bankers
Against Continuation of Federal Policies—R. N.
Ball Urges Research
into Problems of Banking
Personnel
Present
low
rates
money
may
drive
many
persons
who
speculative stocks, Dr. A.
Wellington Taylor, Dean of the New York University Gradu¬
ate School of Business, said on Dec. 7 before the Bankers
Forum of the American Institute of Banking in New York
bonds into
Dr. Taylor also warned against the creation of a huge
reserve to finance the Social Security Act.
If the Treasury
City.
these funds to
mature,
redeem government obligations as they
said, both
he
government
securities and bank de¬
posits would decrease, resulting in "one of the most drastic
experiments in forced deflations that a country ever at¬
tempted."
Raymond N. Ball, President of the New York State
Bankers Association, told the Forum that adult education
in
banking
personnel
is
growing in
advocated the .establishment
of
a
the
commission
to
undertake
a
and he
York Association
continuing research
into
Blaine, President of the Marine Midland Trust
Co. of New York, said that private banking interests and the
Federal
recovery.
in
gold,
standard
gold
broke down, not because there was anything
principle of settling international balances
automatic
all
of
because the vast upheaval in world relations following the
it impractical to continue it.
England foresaw that the old
control of international affairs through the settlement in gold
but
made
war
existing
differences
would
no
longer
be practical,
Government
should
cooperate
in
the
interests
of
A private banking system which is not able to
accordingly,
and
new
of
repatriation
As
and realistically
capital and other similar abnormal movements.
early as 1929 this question of the gold standard was freely
discussed in England, and this resulted in 1929 in the
appointment of
which made its report in 1931, briefly called the
MacMillon report.
This report advocated that England should have a
managed currency, and indeed it has had just that since it went off the
gold standard in September, 1931.
For, domestically, the currency is
irredeemable and therefore entirely detached from gold, while internationally
the
Royal Commission
gold settlements
other
One
are
permitted so that the relationship of the pound to
stabilized.
gold currencies can be controlled and
Hundred
Fifty
Years
of
Philadelphia
Banking
Reviewed by John S. Sinclair, President of Federal
Reserve Bank of Philadelphia in Address at Penn
Athletic Club
Addressing the weekly luncheon of members of the
Athletic Club,
President
of
Penn
in Philadelphia, on Dec. 3, John S. Sinclair,
the Federal Reserve Bank of Philadelphia,
stated that "the problem
said, militates against a prompter and more effective return
credit system
factors that
order of things, and they argue that while the gold
standard worked all right under old conditions it would be folly to believe
that it could take care of the violent movements resulting from the flight
accepted this
•cooperate fully and constructively with the government, he
to normal conditions.
and that the
only by intelli¬
gent direction which took into consideration the many modern
enter into these international relationships.
British financiers,
importance,
by the New
banking requirements of the State.
James G.
old
stability of the exchanges could in future be accomplished
formerly invested in
uses
The
fundamentally wrong with the
of how to manage and control our
in order to avoid excessive expansion and con¬
traction and attain a reasonable degree of business stability
3774
Financial
still is witli
Mathew
it
as
us
Carey."
Hundred
and
in the days of Robert Morris and
was
Mr.
Fifty
divorced from industrial
service
At
the
beginning
including
savings
with
Their
90 banks
409%.
while
millions,
an
1,300
liberal
a
settlements
millions
banks
have
to
Philadelphia
in
total
close
was
estimate
the
among
1863
in
to
of
as
253%.
of
expansion
this
account
were
their
and
capital of 57 millions in
a
last year and reached
From
there
year
millions
290
1890,
January,
banks,
local
factual
contributed
will
it
account
significant
a
share
seen
I have
am
the honor and
of
Philadelphia,
aware
today.
In
because
we
responsibility of presiding
complexities they
magnitude and
have made great
character of
problem is
our
perplexities that
and
are
over
are
it
much
at
190
less
from
more
that
the Federal Reserve
confronting
greater than
banks
our
those of
old
involved.
Convention
in
New
York
City—Industrial
Urge Cooperation with Administration
in Social Aims—Proposal by John R. McCarl
Leaders
Dec.
on
10 of its annual convention
held in New York
City the National Association of Manadopted a "Declaration of Principles for American
Industry," the basic principles of which is cited as follows:
facturers
Better living, better housing, more of the necessities, comforts and luxuries
of life, steadier work, more certainty of a job, more security for old
age—
these are the natural desires of every human being. They are the
progressive
objectives of American industry.
Accomplishments
made
possible
through
business system in raising the standard of
erated in the declaration, which said:
We believe that the greatest future progress
the
living
American
were enum¬
is possible under
a
com¬
petitive private enterprise, profit and loss system, which permits reward
to the individual in
It holds out to every youth the incentive of opportunity, and assures America
A
"pledge to Advancement"
as
To
continue
to
advance
pledge
our
toward
skill,
our
our
better
contained in the declara¬
living,
efforts and
we,
as
manufacturers,
our resources.
cooperation to Government, local, State and national,
in the furtherance of those
measures
which will promote the best interests
of the American people.
Prosperity for
can
a
for
President Roosevelt
under the sponsorship of the Council for
Industrial Progress was held in Washington on Dec. 10 and
11, and the speakers included Secretary of Labor Perkins,
Assistant
Attorney
General
John
Dickinson,
Senator
Wheeler of Montana, and George L. Berry, Federal Coordin¬
ator for Industrial Cooperation and John G. Paine.
Mr.
Berry opened
Dec. 10, following greetings from
industry
and the anti-trust laws.
The open discussion of industrial
problems by representatives of management and labor was
led by Mr. Paine, Chairman of the Music Publishers Pro¬
tective Association, and William Green, President of the
American Federation of Labor.
The message from President
Roosevelt, read by Major Berry, bore a White House date
a
forum
President Roosevelt.
Nov. 16.
on
Mr. Dickinson then discussed
It follows:
I have learned with very great interest of your invitation for
representa¬
tives of labor and industry throughout the country to meet on Dec. 10
and 11 with $he Council for Industrial Progress for a
conference, the prin¬
cipal purpose of which is to consider a program of industrial legislation.
I regret that absence from
conference in person.
present
my
Washington will prevent
me from
greeting the
Nevertheless, through you I desire to extend to all
hearty felicitations and warmest greetings.
I trust that the
forthcoming deliberations
between representatives of labor and industry
will, by advancing the best interests of each, promote the stability of our
whole national economy.
As pioneers the path of the Council for Industrial
free from
Progress has not been
difficulties, but I confidently expect that from its labors there
will come constructive thought which will hold and stabilize the
gains we
have already made while at the same time creating additional
employment
opportunities
An
and
generally
improving
industrial
conditions.
item
bearing on the conference appeared in these
Dec. 5, page 3561.
At the first day's session,
according to a dispatch Dec. 10 from Washington to the
New
York
"Times," recommendations by labor of a
four-point program of legislative action, including a 30-hour
week bill to protect and extend the gains of
recovery, and
insistence by industrial
management upon strict con¬
stitutional conformity in any future steps taken to regulate
business were among the day's developments.
nation depends on productivity and peace.
an era
Productivity
+
National Maritime Strike Enters Sixth Week—Workers
of good feeling.
We urge the Government to make an enumeration of the
unemployed,
as those able to accept work, willing to take it, and unable to
get it,
in
defined
classified
as
to States and
occupations and
as to
those who
unemploy¬
are
able.
Stating that "American industry welcomes the Adminis¬
tration's current
moves toward a balanced Federal
budget
higher taxes and the projected reorganization of
Government
agencies in the interest of efficiency and
economy," the declaration added in part:
without
Government very properly should take through taxation from the income
of production, as from other sources, such portion as is necessary to
perform
economically the constitutional functions imposed upon it.
share
costs
of the
income
from
production is
drawn
by
If too large
taxation
a
production
rise, consumption slows down and the constructive effect of expanding
economic activity upon our standard of living is
Adequate financial
reserves are necessary
for
seriously retarded.
progress
and stability.
It is
a
basic responsibility of business to build up reasonable reserves during times
of prosperity so that business may
pperate and
pression whenever they set in.
combat the forces of de¬
No penalty should be imposed upon just
financial allocations set aside for emergencies and expansion.
indispensable to progress and stability and
as
Reserves
are
such should be encouraged
and fostered.
We offer
our
full cooperation to the Federal Government in working out
tax procedures that will
accomplish these equitable objectives.
Industrialists should cooperate withl the Federal Govern¬
ment
in solving unemployment and other social problems
arising out of the depression and in seeking to prevent or
alleviate future crises of similar nature, it was asserted on
Dec. 9 by principal speakers at the Congress of American
Industry, constituting the 41st annual convention of the
National Association of Manufacturers.
Colby M. Chester,
Corp. and President of the
Association, in his keynote address urged cooperation with
the Administration in seeking to further social and economic
progress. E. T. Weir, Chairman of the National Steel Corp.,
said at a dinner on Dec. 9 that
industry should try to solve
human problems arising out of the depression because it was
best equipped to do so.
John R. McCarl, former Comptroller General of the
United States, who was a speaker at the Dec. 10
session,
suggested with a view to aiding industry in reestablishing
itself suggested a program to bring about better relations
between Government, labor and industry.
From the New
Chairman of the General Foods
York "Herald Tribune"
we
quote:
He recommended "a National Industrial Board, of limited
membership
—possibly nine; six to be chosen from industry, who would bring to the
council table the practical problems of management and worker; these six
o
Progress Holds Conference in
be destroyed by internal dissensions, by labor conflicts and by wars.
Industry seeks
t
Industrial
columns,
follows:
pledge to the future
We
was
of the Nation
A conference
proportion to his achievements and the risks incurred.
of constantly new horizons of achievement.
tion
men
Washington—Speakers Include Major Berry, Secre¬
tary Perkins and Senator Wheeler—Greetings from
than
of
Principles
for
American
Industry
Adopted by National Association of Manufacturers
At the final session
Council
millions
Declaration
at
,
reflecting
strides since the days of the colonies and the
so
them
formulating and enacting wise and beneficial laws," Mr. McCarl continued.
having assets of 800 millions, and I
institution
an
the problems
of
stamp
Board could be of valuable assistance to any administration in
Washington, in the performance of its duties in giving effect to our Federal
laws and in working out recommendations for the consideration of
Congress,
Philadelphia
advancement of this
the
to
a
2,225
17,000
almost
be
be free to render the quality of
compared
as
placed
grown
of
banks,
community and of the Nation.
Bank
to
approximated 2,000
1890,
have
sum
"Such
32,000 millions in 1929.
the record high of
unadorned
as
could be rendered only by those who have
increase of about
an
Philadelphia bank clearings,
stupendous
a
56
exceeded
resources
deposits of these banks early this year
millions,
general
this
capital
with
Total
of
institutions,
as
rather than merely industrialists or business men.
Sinclair, according to the Philadelphia "Inquirer," said:
millions.
required, and such
acquired that ability and status which
After tracing the early history of banking in the city, Mr.
12, 1936
All, however, while thus engaged would be so
activity
.
of
Years
Dec.
student of government.
a
had for his subject, "One
Banking in Philadelphia."
Sinclair
Chronicle
select three from other fields, an outstanding economist, a financier and
'
Ship Yard at Chester, Pa., Strike
Entering its sixth week, the national maritime strike still
shows no sign of settlement.
The insurgent strike along the
Atlantic and Gulf coasts, although not having the approval
of the International Seamen's Union, continued this week
to receive support of the various rank-and-file
groups of the
union, while at the Pacific Coast negotiations that were
expected to end the strike of workers on coastwise lines failed.
The strike at the Atlantic and Gulf ports was called on Nov. 1
by a "strike strategy committee" of the International Sea¬
men's Union, headed by Joseph Curran, in
sympathy with
the West Coast strike, which went into effect on Oct. 30.
Previous reference to
the strikes
was
made in
our
issue of
Dec. 5, page 3357.
Members of the Marine
Engineers' Beneficial Association,
of the I. S. U. who have joined the insur¬
gent strike along the Atlantic Coast, voted at a meeting in
New York on Dec. 7 to continue support of the strike.
This
action was taken despite the fact that national officers of the
Engineers' Association agreed on Dec. 6 with national
officers of the Masters', Mates' and Pilots' Association to
sever sympathetic relations with the strikers.
At meetings held on Dec. 7 at 14
port cities along the
one
of the groups
Atlantic and Gulf coasts, including New York City, members
of the Eastern and Gulf Sailors' Association, the deck hands'
group of the I. S. U., passed resolutions
tional officers and placing control of union
dropping their
na¬
affairs in the hands
pending a general election.
The Marine Fire¬
men, Oilers and Watertenders' Union, another division of
the I. S. U., also voted on Dec. 7 to remove its officers.
of local agents
Although losing
dock
workers
some
support last week, when the French
removed
the boycott of American vessels,
insurgents' strike received encouragement this week
when, on Dec. 7, a general strike was called at the Sun Ship¬
building & Drydock Co., at Chester, Pa., after a tanker,
the Alfred Hill, manned by a non-union crew, put in for re¬
the
pairs.
Dec.
It was stated in United Press advices from Chester
7 that leaders of the Industrial Union of Marine and
Shipbuilding Workers of America said the tanker, an Atlantic
Refining Co. vessel, had been manned by a crew hired after
the start of the seamen's strike in the Port of
Philadelphia.
R. J. Baker, President of the American Steamship Owners'
Association, announced on Dec. 10 that 917 American ships,
carrying crews totaling 56,946 men, have cleared the Port
of New York since the beginning of the strike at the Atlantic
Coast.
Financial
143
Volume
230 ships are tied
Along the Pacific Coast approximately
by the strike, which is being participated in by about 37,000 workers with thousands more indirectly affected.
Re¬
up
garding the failure of the negotiations to end the strike of
Pacific Coast workers on coastwise lines, we take the follow-
Dec. 11:
ling from the New York "Herald Tribune" of
*
On
while each side rejected
Coast,
Pacific
the
offers, striking
peace
legislation
steamships and
their operation by the Government.
A resolution adopted by strikers
at a mass meeting in San Pedro, Calif., asked the President to discontinue
Federal aid to the operators of the Dollar, Matson and American-Hawaiian
lines, so-called "Big Three," because, they charged, these lines were
prolonging the strike by using income for operations from their Federal
Roosevelt to recommend
besought President
unions
maritime
possible the repossession of Government-owned
making
subsidies.
+
Popular Vote in Presidential Election was 45,812,155,
New High Record—Roosevelt Plurality Also Record
Figure
popular vote in the last Presidential election was
45,812,155, the largest in the history of the United States,
it was revealed on Dec. 9, with the publication of official
returns from every State except Rhode Island. Early figures
of the election were given in the "Chronicle" of Nov. 7,
The total
President Roosevelt's plurality over Governor
11,069,699, also a record
figure.
The Democratic candidate received 60.7% of the
popular vote, as compared with 57.3% in 1932. An analysis
of the vote, as contained in Associated Press Washington
2938.
page
Landon latest figures indicate, was
advices of Dec. 9, is given
below:
under lock,
has
of international order, and rests on
Obstacles
Conference
Others
Lemke
(Union)
Thomas (Socialist)
Colvin
80,181
37,609
12,729
168,911
Aiken (Social-Labor)
Scattering and void
In percentages, as
compared with 1932, the parties stacked up
Part!/—
1936
1932
Democratic
60.7
57.3
Republican
36.4
39.6
I
J
523 to 8, the victors' plurality was the largest ever given
more
any
1932
3.1
2.9
Carrying every State except Maine and Vermont, for an
000
this way:
1936
Parti/—
Others
than the total which elected Wilson in 1916.
electoral vote of
and almost 2,000,-
Roosevelt's plurality
1936 exceeded the total vote given to
four years ago was 7,060,016 and in
Democratic nominee.
The total vote exceeded that given to any
Democratic nominee prior to
the neutrality convention proposed by the United
plan had not been officially proposed,
but had been discussed at informal conferences.
Secretary
of State Cordell Hull has been seeking to mediate differences
between the various delegations, and was reported to be
opposes
The Brazilian
States.
confident that
A
Inter-American
of
Conference
Peace
Approves Proposal of Secretary
for Ratification of Existing Peace Pacts
at
Hull
As
seen
by
made known that the Conference's Committee on
was
Organization had unanimously approved a resolution
by the United States urging all nations which have not com¬
pleted ratification of five existing inter-American peace
pacts to take that action.
The proposal, presented at the
Conference by Secretary of State Hull of the United States
is expected to be adopted at the full Conference next week. In
Associated Press accounts from Buenos Aires on Dec. 10
Peace
it
provide the same benefits and obligations
that Argentina and 15 other League of Nations' members represented here
enjoy under Article X of the League covenant. The first reaction seems to
have been that Brazil, if she wants her political and territorial Integrity
guaranteed, has only to join the League.
A reference
approved
as
with
Peruvian amendments
for bilateral
conciliation commissions adopted by
the Montevideo Pan-American Con¬
ference in 1933 and recommendations
of that conference for inter^American
trade barriers.
bilateral trade treaties and opposng increases in
Optimistic reports of progress came in the meantime from
spokesmen
where
struggled for
Informed
an
for
United
the
States,
Brazil
the conference
and Argentina
agreement on the machinery for a neutrality treaty.
sources
said
the draft
the
Inter-American Peace Conference
negotiators expected to write on the basis of the United States' proposal
would retain the major provisions
It would be
He
issued
of the plan when it goes to committee.
phrased, they said, to leave no doubt of Mr. Hull's intentions.
statement
a
last night to rectify what he said were misrepre¬
emphasized that the pact would be strictly continental and not
worldwide, that it would affect neither exports from this continent to
countries
An
nor
an
ference
on
other
"move in the direction of or away from sanctions."
eight-point
Hull in
peace program was
proposed by Secretary
pondent at Buenos Aires of the New York "Times" said
in part:
calling together of the peace conference had
served notice to the world of this hemisphere's intense concern over the
grave
Eight Point's in Hull's Plan
of Enduring Peace."
American Public Works
works administrators of the
principal cities of the country.
The organization's purposes, as set forth
in the constitution, are to advance public works construction, maintenance
They were as
Each Nation must
Frequent
3.
conferences between representatives
of nations and inter¬
Consummation of the five well-known peace agreements will provide
In the event of war in this hemisphere there should be a common
policy
upon
6.
Nations should adopt commercial policies to
bring each that prosperity
international
spread information on improved practices in
high professional and social
cooperation
is
stand¬
original organizations have been
two
throughout the country.
used by city engineers
ciation of Public Works officials was
mittee
on
The International Asso¬
organized in 1919.
Work of its com¬
records has brought about sub¬
uniform street and sanitation
practices in many cities.
stantial improvement in these
$
of Board of
Co.—Succeeded as Presi¬
Aiken—Walter Buckner Named
Buckner Appointed Chairman
Thomas A.
New York Life Insurance
L.
A.
by
Executive
Vice-President
Dec. 9 to the position
the New York Life Insurance
Co. and Alfred L. Aiken succeeded him as President of the
of Chairman of the Board of
announced at the company's home office
following the regular monthly meeting
of the directors.
Mr. Aiken as President of the company
will be an ex-officio member of the board of directors and all
standing committees of the board.
At the same meeting Dec. 9 the directors appointed VicePresident Walter Buckner to the position of Executive Viceit
company,
was
in New York City
President. '
The announcement issued by the company
essential
to
restore
many
Buckner, who advances to the position of
Board, has been with the New
employee now on the
Chairman of the
York Life for a longer period than any other
company's rolls, having started as an office
company's Milwaukee office over 56 years ago.
Elected President of the company on
served during the most trying
.
.
boy in
.
March 11, 1931, Mr. Buckner has
economic and financial depression in
the com¬
pany's entire history of 91 years.
Although Alfred L. Aiken may
be known chiefly as a banker to many
people outside the insurance business, he has long had direct and
connection with the affiars of the New York Life Insurance Co.
started working for the New York
company's
New Englaqd department.
with
directors.
the
He first
the
After serving the company for
the banking business in Boston, resuming his con¬
1917 as a member of the board of
New York Life in
He resigned upon becoming officially
in 1924, was elected
dent in 1931.
intimate
Life in 1894 as Assistant Manager of
connected with the com¬
Second Vice-President in 1925, and Vice
Presi¬
.
Assistant Cashier of the State
National
Insti¬
Worcester Na¬
tional Bank from 1913 to 1914.
In July of 1909 President Taft offered
him the position of Assistant Secretary of the Treasury, which Mr. Aiken
Bank in Boston, Mr. Aiken was
President of the Worcester County
1908 to 1913 and President of the
declined for business reasons.
1914
Mr.
Aiken
was
Bank of Boston, where he
Chairman
of
appointed Governor of the Federal Reserve
helped to organize the Federal Reserve
System
During that time he was
the Liberty Loan Committee for New England and had
period of the World War.
distribution of Liberty Bonds in that area.
He was elected
Bank, in Boston, in 1918 and was a
charge of the
with
President of the National Shawmut
between nations and prevent (demoralization
which national character and conduct are threatened.
said
in part:
indispensable relationships
public
works officials.
and served during the
which enduring peace is founded.
Practical
to
in existence for many years.
The American Society of Municipal Engineers dates back to 1894.
One
of its contributions has been the establishment of standard specifications
The
In
of neutrality.
5.
operation;
ards among public
tution for Savings from
between their peoples are essential.
adequate peace machinery.
4.
800 members in the
including engineers and public
Beginning his banking career as
make itself safe for peace.
2.
and
pany
Peoples of the world must be educated for peace.
course
announcement
of Nov. 30:
nection
follows:
1.
Municipal
of
Society
The following is also from the
January, 1937.
five years, he went into
and threatening conditions in many countries.
He called his program "Eight Pillars
American
the
by the joint national headquarters of the two organizations.
After maintaining a joint secretariat for two years, members
of the two organizations voted to establish the unified asso¬
ciation,- "the better to serve the needs of those concerned
with design, operation and administration in the public
works field."
The new constitution will go into effect in
the
address at the second plenary session of the Con¬
Dec. 5.
Regarding the proposal, the corres¬
Mr. Hull declared that the
of
Consolidation
Engineers and the International Association of Public Works
Officials into a single organization, the American Public
Works Association, was announced from Chicago on Nov. 30
Thomas A.
sentations.
Mr. Hull
Association
Thomas A. Buckner was elevated on
disputes.
Chilean and
ratification not only of those pacts, but also of a plan
room,
5
■
of Municipal Engineers and Inter¬
of Public Works Officials
Consolidated—New Organization to Be Known as
American Public Works Association
dent
resolution
The
Conference appeared in our Dec.
Society
national
accords provide for outlawry of aggression and the peace¬
ful settlement of international American
urges
the
to
issue, page 3558.
stated:
was
The five peace
Argentines, the
Lamas and other leading
Saavedra
Dr.
Brazilian plan, if offered, would
works administration, and to encourage
The impasse which has developed at the Inter-American
Peace Conference at Buenos Aires was broken on Dec. 10
when it
dispatch of Dec. 9 to the New York
difficulties as follows:
Aires
Buenos
"Times" discussed the conference
Association,
Buenos Aires
problem could
satisfactory solution of the
a
be found.
There will be more than
Alfred E. Smith's 15,000,000 in 1928.
Committee
were
Saavedra Lamas, it is said, also expressed opposition to the
Monroe Doctrine and to any generalization of it.
He also
Vote
(Communist)
(Prohibition)
Browder
27,751,612
16,681,913
1,378,630
891,858
187,342
of all laws.
the Argentine Foreign Minister, objected to a
Brazilian plan to offer an American security pact as a supple¬
ment to the various neutrality measures now pending.
Dr.
machines
Candidate—
Vote
Candidate—
Landon
moral law, the highest
development of an agreement at the
encountered when Dr. Carlos Saavedra
the
to
Lamas,
official figures for that State, the totals are:
Roosevelt
reestablished, revitalized and strengthened;
for its great principles.
between nations is a foundation
permanent substitute
no
are
Faithful observance of undertakings
8.
Including the complete un¬
official count been made.
no
International law should be
7.
armies and navies
American
Rhode Island, where litigation has kept the voting
Only in
3775
Chronicle
3776
Financial
Member of the Federal Advisory
Chronicle
At
Department of the University of Pennsylvania
from foundries operating in the
Philadelphia Federal Reserve
District.
The total output in October was not
only the
largest cince March 1930 but was even 8% above the average
monthly production of 1926.
In contrast, the output of
gray iron castings declined during the month, especially in
the foundries operating in the
City of Philadelphia. Generally
the production of gray iron
castings increases in October,
but this year the seasonal forces
contributing to an increase
in activity evidently
operated in September rather than
October.
The Research Department further announced:
...
time he
one
was
President of the Massachusetts Bankers'
Association,
President of the Savings Bank Section of the American Bankers' Associ¬
ation and
a
Member-of the
(pouncil.
Six Elected Resident Members of Chamber of Commerce
State
of
New
of
York
At its regular monthly meeting held Dec. 3, the Chamber of
Commerce of the State of New York elected the following
resident members:
as
1936
12,
trial Research
Council of the Federal Reserve Board.
From 1923 to 1924 he was Chairman of the Board of the National Shawmut Bank.
Doc.
Shipments of both iron and
Emmet J. McCormack, Moore & McCormack Co., Inc.
In
Robert H. Blake, Cunard White Star, Ltd.
both
steel
castings declined during the month.
of plants deliveries failed to keep
groups
pace
with production.
Even with this relationship the volume of
unfilled orders for gray iron cast¬
Henry Smurthwaite, Furness Withy & Co., Ltd.
ings
H. Jeppesen Isbrandtsen, Tsbrandtsen-Moller Co.
barely
was
sustained
while
the
backlog for
steel
castings
shrank
approximately 12%.
Caswell Moen Smith, Equity Conservation Corp.
'"
•
John J. King, The Hooper-Holmes Bureau.
No. of
Per Cent
Per Cent
Firms
Spring Meeting of Executive Council of A. B. A.
Held at Hot Springs, Ark. on April 18-21
The
to
on
Dec.
4
of
Banking
Studies
Production
Vice-President Mercantile-Commerce Bank & Trust Co., St.
Louis, Missouri, Chairman of the Committee, presided, Tom
K. Smith, President of the
Association, who came to New
York incident to Association matters,
particularly the annual
mid-winter meeting of the Administrative Committee which
on Dec. 7, attended the session.
will be
Mr. Netherland stated that the
purpose of the meeting of
Banking Studies Committee was to consider the con¬
the
tinuing researches which the committee is carrying
on
in
respect to government lending agencies which are in com¬
petition with chartered banks. It is also studying the Postal
Savings System.
He said that although a large amount of
these
on
no
various
conclusions
subjects
or
had
been
compiled
recommendations had yet
and
been
K.
Smith
President
of
A.
B.
A.
Announces
Trust
Research Project
For the purpose of
furthering banking research and educa¬
the income from $250,000 of the American Bankers
tion
Association Educational Foundation
a
has
been set aside for
special piece of work in trust business, it was announced
on Dec. 7
by Tom K. Smith, President of the
in New York
Association.
The announcement came in the course of an
address before the Bankers Forum dinner of the New York
Chapter,
American
Institute
of
Banking
Section
the
of
Association at the Hotel Roosevelt.
Mr. Smith stated that
the money has been allocated to the Graduate School of
Banking conducted by the Association, as the best qualified
institution in the banking field to undertake the
program for
which the school will also
employ some of its own funds. The
work will be under the direction of Gilbert T.
Stephenson of
Wilmington, Del. In making the announcement Mr. Smith
said:
—5.7
511
+ 18.7
Shipments
+ 70.6
3,559
28
—8.2
+ 29.8
Unfilled orders
Raw stock—Pig iron
+ 37.9
—8.9
+ 33.6
17
750
—0.1
+ 20.1
24
23
2,042
1,519
+ 19.4
Scrap
Coke
23
566
+2.4
+ 12.5
+ 1.9
+34.5
8
5,326
4,658
+ 8.3
+ 119.1
668
+ 51.8
+ 114.1
+ 157.5
+ 4.0
Steel Foundries—
Production
Jobbing.
For further manufacture
+ 119.9
+ 4.0
Shipments
8
4,995
—3.0
Unfilled orders
7
5,044
—11.9
Raw stock—Pig iron....
+ 95.6
6
432
—15.0
+ 26.4
Scrap
6
<4,458
+ 12.7
—40.7
Coke
6
211
+ 36.6
—20 5
ITEMS
ABOUT
BANKS,
a
TRUST
COMPANIES,
&c.
Second Vice-President of the Chase
National Bank of New York at the Hamilton Trust Branch
at 191 Montague Street,
Brooklyn, died in Mattituck, L. I.,
Dec.
9 at the home of his daughter.
Mr. Hecker, who
Brooklyn, was 53 years old. Following his gradua¬
tion from Boys High School in
Brooklyn in 1897, Mr. Hecker
was
employed as a stenographer by the Hamilton Trust Co.
In 1908 he became an Assistant
Secretary, and following the
institution's merger with the
Metropolitan Bank in January,
1921, he became Assistant Cashier. With the merger of the
Metropolitan with the Chase National later in 1921, Mr.
Hecker was named manager of the branch, becoming Second
on
lived in
Vice-Piesident in 1932.
Directors
of
have declared
Federation Bank
&
Trust
Co., New York,
dividend of 40 cents per share on the capital
sstock, payable Jan. 9, 1937 to stockholders of record Jan. 2,
1937.
This compares with a dividend of 30 cents per share
paid
a
on
the
Jan. 3, 1936. At the same time it was announced
bank contemplated placing its stock on a semi¬
annual dividend basis next year.
The directors also voted
to increase the surplus account to $825,000
by transferring
$100,000 from undivided profits.
With this increase the
bank will have total capital funds of $1,650,000,
including
capital of $825,000 and surplus of $825,000.
♦
A
be
dinner-meeting of the New York Commodity Club will
held at Oscar's Restaurant, in New York, the evening of
Dec.
17.
The guest speaker
at
the
meeting will
be
L.
F.
Livingston, Manager of the Agricultural Extension section
of E. I. du Pont de Nemours &
Co., Wilmington, Del. Mr.
Livingston has chosen
tion
of
Science
and
as
his general
theme "The Contribu¬
Chemistry to American Agriculture."
♦
The
Board
of
Governors
of
Commodity Exchange, Inc.,
meeting held Dec. 9, voted to close the Exchange for all
business on Saturdays, Dec. 26, 1936 and Jan.
2, 1937.
at
a
•
.
"I have been impressed with the need
for
both
from
3,556
3,045
For further manufacture
that
formulated.
T.
29
Jobbing.
Joseph C. Hecker,
The Banking Studies Committee of the American Bankers
Association, held an all day session here on Dec. 4 in New
York City at the Waldorf-Astoria Hotel.
Wood Netherland,
data
Oct. 1935
Short Tons
ing
Committee of A. B. A.
analyzed,
Change
from
Sept. 1936
Gray Iron Foundries—
spring meeting of the American Bankers As¬
sociation Executive Council will be held at The Arlington
Hotel, Hot Springs, Arkansas, April 18-21 inclusive, it was
announced in New York on Dec. 7 by F. N.
Shepherd,
Executive Manager of the Association.
It is pointed out
that in Association affairs the meeting of the Council is
second in importance and authority only to the Annual
Convention held in the Fall, and is usually attended by about
300 bankers and members of their families from all
parts of
the United States.
Reports kre received from the various
Divisions, Sections, Commissions and Committees of the
Association, and questions of policy and operation of the
organization and its units are considered.
New York
Change
1936
Be
1937
Meeting in
October
Report¬
legislation
particularly
and
managerial
more
policies.
In
facts upon which to base
the
field
of banking
necessary to devote our energies to seeing that our
agencies dig out information to put into circulation
so
it
is
fact-finding
that it may be of
practical benefit.
With the idea of conducting an experiment to
improve
technique of both banking research and education, we have set aside
the income from $250,000 of our Educational
Foundation for a special piece
the
of work in trust business.
The school has been able to secure the services
of Gilbert T. Stephenson, who will leave his
present position as VicePresident in charge of the Trust Department of the
Equitable Trust Co. of
Wilmington.
"Mr. Stephenson has outstanding
qualifications to lead in this program.
a practical trust officer for a
number pf years.
He is an author
He has traveled in other countries to study
He has been
of standing in the trust field.
the services of their trust institutions.
head of
our trust
field for
our
For the past two years he has been
faculty in the graduate school.
We have selected the trust
first work because trust institutions
are
limited in number in
comparison with the total membership of the Association and
intensively in a smaller field.
We hope to formulate
more
we can
a
work
Smith
added
that
employees enrolled in these
"we
now
have
over
1,600 bank
trust courses."
Increased
Activity During October in Foundries in
Philadelphia Federal Reserve District Reported by
University of Pennsylvania
The production of steel
castings continued to increase
during October according to reports received by the Indus-
following the action of the Corn Exchange Bank
Trust Co. and the Bankers Trust Co. in
voting Christmas
bonuses to their employes, several other New York
City
banks have taken similar action.
The Merchants Bank of New York
employees
on
bonus equal to 5% of total
1936, payable Dec. 15.
a
Directors
Dec.
wages
8 voted to
paid during
,r
of
the Continental Bank & Trust
Co., at a
meeting Dec. 7, voted the payment of additional compensa¬
tion of one-half of one month's
salary to officers and em¬
ployees with the bank one year or more.
Announcement
President
of
the
was
made
on
Dec. 6
Trade Bank of
by Henry L. Schenk,
York, that all em¬
approximately 5% of their
New
ployees will receive about Dec. 20
salary. It was explained that the bank has
percentage of its profits for this purpose.
annual
set aside
a
On Dec. 2 the Public National Bank & Trust Co. authorized
method of
procedure which will be applicable to all phases of banking service."
Mr.
Since
extra
payments to its employees equal to 5% of their salary
for the calendar
year.
The payment is expected to be made
on Dec. 18.
The Harbor State Bank, which will be
merged on Jan. 1
the
New York Agency of the Bank of
Mexico,
with
also announced
on Dec. 2 a
special Christmas bonus to its
employees, averaging two weeks' wages. The Bank
Mexico likewise voted special
employees' bonuses, ranging
salaried
of
from two to four weeks' pay.
♦
Volume
Financial
143
resignation of Jackson E. Reynolds as President of the
of the City of New York, effective Jan.
The
First National Bank
1, 1937, and the election of Leon Fraser as his successor, was
on Dec. 8 by George F. Baker, Chairman of the
Board.
Mr. Fraser, former President of the Bank for Inter¬
national Settlements, has been a Vice-President of the First
3777
Chronicle
of the Pouch Terminal Co. and
Dock Co., was elected on Dec. 8
Oscar G. Pouch, Secretary
Treasurer of the American
a
National Bank, of Brooklyn, N.
director of the Lafayette
July 1, 1935. Although relinquishing his post
President, Mr. Reynolds will continue to maintain offices
at the bank, serving in an advisory capacity.
The following
is Mr. Baker's announcement of Dec. 8:
At a meeting of the board of directors held this day, the resignation
of Jackson E. Reynolds as President was accepted and Leon Fraser was
National since
as
to Mr.
Reynold's wish to retire.
the present are
the board reluctantly
Mr. Reynolds, who is 64 years old, has been engaged in
banking for only the past 20 years, having been in his ear her
years a teacher and lawyer.
It was while practicing law
he came to the attention of the late George F. Baker
a
dividend of 5% to the
36,000 depositors and creditors of the
institution, bringing to
35% the amount of the bank's funds
thus
that
who
elected President. Since then, Mr.
Reynolds, at various times, has served as Chairman of the
New York Clearing House Committee, President of the New
York Clearing House Association, and director of the Federal
Reserve Bank of New York.
He was also Chairman of the
international committee which drew up the statutes of the
Court
Fraser—has
during his 47 years a teacher, newspaper reporter,
business man, lawyer and financial diplomat.
Like Mr.
Reynolds, he also participated in the formation of the Bank
for International Settlements.
Mr. Fraser became VicePresident- and director of the "World Bank" in 1930, and
later was elected President and Chairman
resigned early in 1935.
of the
*
meeting of the trustees of the Bank of New York &
Trust Co., New York, on Dec. 8, the regular quarterly
dividend of $3.50 per share was declared, payable on Jan. 2,
1937 to stockholders of record Dec. 18, 1936.
A bonus to
At
a
5% of annual salary, was also
voted.
Stockholders were advised in a letter mailed Dec. 8
that the trustees had decided to set aside $1,000,000 for an
employees,
equivalent
to
employees' retirement fund and to increase the undivided
profits account by a special credit of approximately $1,700,000.
Both these sums were derived from realized net
profits after taxes on securities sold since June 30, 1932. It
is stated that these profits have heretofore been carried in a
reserve against the book value of securities held, but in view
of the appreciation in the security portfolio as well as the
improvement in loans, the trustees felt chey might prudently
transfer such realized net profits to the undivided profits
account after making provision for employees' retirement
The letter pointed out that in December, 1931, and
again in June, 1932, substantial charges were made against
the undivided profits account to provide for shrinkage in the
value of securities and to allocate reserves against possible
fund.
losses
the
on
Since that time, it is stated,
outstanding loans.
company's securities have increased materially in value,
and the present reserve
for loans, after making the capital
adjustment above mentioned, was adequate, in the opinion
of the trustees.
«
Rosendale, former Vice-President of Irving
William M.
Trust
cent.,
thus
nearly $10,000,000,
or
Co., of New York, and a banker for more than half a
Dec. 5. He was 70
years old.
Born in Manhattan Nov. 30,1866, Mr. Rosendale
was educated in the public schools and at City College.
His
banking career began on Nov. 30, 1881, when he obtained a
position with the old Market Bank, which later, through a
merger, became the Market and Fulton Bank.
After serving
Co. of Worcester,
Trust
Assistant Cashier and Cashier, he became Vice-President
and, after the bank became a part of Irving Trust Co., he
was in charge of the Market and Fulton Office for a number
of years.
He retired on Dec. 31, 1932, after slightly more
than 51 years in banking.
Mr. Rosendale was one of the
organizers of the American Institute of Banking and for years
was actively interested in the work, serving at one time as
President and for a number of years as a member of the
Board of Regents.
He was widely known to the diamond and jewelry trade,
the tobacco industry and to New York drug and chemical
concerns.
At one time he was Treasurer of the Drug and
Boston
to reach
checks
homes before Christmas.
♦
10% dividend, amounting to
will pay a
♦
Directors
York,
on
of
the
Corn
Exchange Bank Trust Co.,
New
Dec. 9 elected Edmund Q. Trowbridge to the board.
announcement by the
noting this, the Boston
the payment will bring
$4,463,231 total dividends paid to date.
tors
to
according
16,
Dec.
on
to
•
in
"Courant" of Dec. 4 carried the following
Hartford
affairs of the Industrial
regard to the
a
meeting Dec. 4 of the board of directors of the Sterling
Co., New York, Frank J. O'Leary
was
elected
an
Assistant Cashier.
of Hartford, Inc., will hold two
capital from $100,000 to $125,000
by a stock dividend, giving holders of shares one new one for every four
held.
Owing to a situation existing since the establishment of the bank,
action will then be taken to correct the long-existing condition by then
returning the capital back to $100,000.
This will be accomplished by
liquidating 1,000 shares at $70 a share by withdrawal of $25,000 from
Stockholders
of
special meetings,
the
Dec.
and $45,000
capital
Industrial
Bank
16, to increase
from paid-in surplus.
stockholders now
operation
this
After
Announcement
was
made
on
Oct.
four
there is
having
$4
a
Industrial
Seventh Ave.
—■-»
,
.
of maintaining the current dividend
will be $20 as against $16.
was in process
of organization in
share the holder's income
Bank of Hartford, Inc.,
market occurred. Although originally
then of $100* par value and
offered at $350 a share, were not taken up.
The original unsubscribed shares became 800 by the change in par value
and now become 1,000 by the stock dividend, and these are the shares to
1929, when the upset in the
October,
approximately
oversubscribed,
be
200
shares,
liquidated.
of the changes now proposed Industrial Bank of
of $100,000 and paid-in surplus of $172,000
Total resources Oct. 31 were $641,793.
profits of $29,345.
the completion
Upon
Hartford, Inc., will have capital
undivided
and
*
paid to some
defunct District National Bank of
Washington, D. C.
This dividend—totaling more than
$1,000,000—-is the second paid by the institution, the first
distribution of 50%, amounting to nearly $2,000,000, having
been paid in September, 1933.
P*"
Also commencing Dec. 9, a 10% dividend is being dis¬
tributed to the depositors of the closed Northeast Savings
Bank of Washington. This payment will amount to approxi¬
mately $200,000 and will affect some 8,000 depositors. It
is the fourth distribution, the total previously paid amount¬
ing to about $903,000. Justus Wardwell is the receiver for
Beginning Dec. 9, a 25% dividend is being
10,0CK) depositors of the
both banks.
*
Dec. 1 according to the Cleve¬
land "Plain Dealer" joined the official staff of the Cleveland
Trust Co., Cleveland, Ohio, as research economist associated
with Col. Leonard P. Ayres, Vice-President of the in¬
stitution.
He succeeds B. B. Smith, who resigned to accept
Loren M. Whittington on
position of economist with the New York Stock Exchange.
the
»
$973,269. were to be mailed on
Dec. 7 to the nearly 20,000 depositors of the defunct Com¬
merce Guardian Trust & Savings Bank of Toledo, Ohio, was
announced on Dec. 1 by Charles L. Ault, Deputy Superin¬
tendent of Banks for Ohio and Secretary of Associated De¬
checks,
That
totaling
positors, Inc., which is now in charge of the liquidation of
the institution.
The Toledo "Blade" of Dec. 1, from which
learned, further said:
is
this
Depositors, Inc.,
balances of $350 or under.
This offer is made, the letter explains, at the suggestion of Judge James G.
Martin of Common Pieas Court, who, the letter says, asked the depositors'
association to make every effort to maintain an open market on claims
With
so
each
offer
that
It
check
65%
any
will
go
a
letter
in which Associated
for all remaining claims with
depositor who wishes or has need to realize on the
can do 60 on a fair market basis.
balance of
her claim
or
was
final
pointed out that any sale of a balance at 65% would mean a
to such depositors of 87%% on the entire claim, inasmuch
return
65%
Mr.
located at the bank's midtown office at Thirty-ninth St. and
four shares will have
book
gain except that by reason
no
rate of
as
Dec. 8 by the Public National
holding
value of $74,27 a share, or $371.85.
As of
31, 1936, the book value of stock of the bank was $92.83, so that
shares were equivalent to
$371.38.
By reason of capital change
shares
five
♦
Bank & Trust Co., New York, of the appointment of George
Pankin as Assistant Vice-President.
Mr. Pankin will be
Bank, Inc., of
Hartford, Conn.:
his
At
an
liquidating trustees on Dec. 4.
In
"Transcript" of Dec. 4 added that
♦
National Bank & Trust
Lawrence, Mass.,
$345,000, to deposi¬
State National Bank of
The defunct Bay
will
Chemical Club.
the Inman Trust Oo. of
and the Lawrence Trust Oo.
Although an order from J. F. T. O'Connor, Comptroller of the Currency,
is needed before the actual release of the money, Mr. Deitrick was confident last night that this could be obtained in time for the dividend
Cambridge, the Brockton Trust Co.
century, died in St. Luke's Hospital on
as
claimed by four subsidiaries of
assets of $2,152,889
the Bancroft
bank,
of the assets of the Federal
Federal
Tied; up in a suit pending in
been paid.
far
additional
are
The
been
three years
Board.
He
per
have
Thirty
National
Bank for International Settlements.
President of the First National—Mr.
We quote further from
prior to Christmas in 1933.
of Nov. 26:
tion
that profession and enter banking. He
Vice-President of the First National Bank in 1917
new
repaid.
up
and five years later was
The
This dividend, amounting to $1,062,227,
the first payment to depositors since a 10% distribu¬
far
will be
the
♦
urged him to give
Court, on Nov. 25, granted
petition of Frederick S. Deitrick, receiver of the Federal
National Bank of Boston, Mass., for release of an additional
acceded
services for
and that he
The board is happy that his
still to be available in an advisory capacity
will have his office in the bank.
became
Judge McLellan, in the Federal
the
the Boston "Herald"
elected to succeed him, both effective Jan. 1 next.
After 20 years of such outstanding service
Y.
♦
announced
already has been paid of the original amount.
said that the total number of credit claims in the bank now is
Ault
slightly more than 19,000.
There are 16,508 claims with balances of
or
less.
If these claims are purchased there would remain in the
to
be
liquidated only 3,000
$360
bank
deposit claims.
♦
According to the "Michigan
tions
have been made to
pay
Investor" of Nov. 28, prepara¬
$363,000 on Dec. 7 to former
3778
Financial
depositors of the defunct Peoples Wayne
Hamtramck, Mich.
County Bank of
*
The
State
National
Bank
of
Texarkana,
Ark.,
of
as
Nov. 25 increased its capital from $200,000 to $260,000.
♦
The Hibernia National Bank in New Orleans, New Orleans„
La., has announced to its shareholders that the directors have
authorized
an
increase of $300,000 in the
common
capital of
the institution by the declaration of a dividend in common
stock out of the undivided profits of the bank, payable
pro
rata to
the holders of common stock.
The announcement
further states that there has been set aside out of the present
year's
earnings
dividend
on
sufficient
amount
an
the old
well
as
the
as
to
new
pay
4% cash
a
stock
be
to
now
authorized, this dividend being payable as follows: 40 cents
per share on Jan. 2,1937, to holdeis of record Dec. 22, 1936,
and 40 cents per share on July 1, 1937, to holders of record
June 25, 1937.
♦—
Concerning the affairs of the defunct Interstate Trust &
Banking Co. of New Orleans, La., the New Orleans "TimesPicayune" of Nov. 26 said:
Proposal
Interstate
tableau
to
pay
Trust &
of
5% dividend
a
to all
depositors
Banking Co. of New Orleans,
distribution
filed
in
the
Civil
and creditors of the
La.,
about Dec. 15, if
District Court is
unopposed,
a
was
announced
Wednesday (Nov. 25) by Jasepr S. Brock, State Bank Com¬
missioner, through his special agents, O. H. Pittman and Walter Cook
Keenan, and Charles W. Hogan, liquidator.
A 10% payment was made to depositors
July 8, 1986, and the liquidators
are
holding funds
June
23,
1934,
for
another
10%
by preference suits
payment,
which
and other
held
was
litigation
now
as
of
pending
on
up
appeal to the Louisiana Supreme Court.
Distribution
said,
"is
of
the
funds
being withheld! by
asserting
preference
over
held
the
by
up
reason
of
general
litigation,
litigation
Commissioner
instituted
by
Brock
claimants
depositors."
"A decision favorable to the
in
the
lower
court,"
general depositors has already been rendered
"and every effort is being made by the
to bring this litigation to a successful conclusion
he added,
liquidating authorities
at
the earliest possible
The
Co.
on
State
in
a
Banking
liquidation
at
date."
Department placed the
Interstate
Trust
&
Banking
the
beginning of 1934, after it had been operating
5% basis since the bank holiday in March, 1933.
Corp.,
subsidiary
of the Transamerica Corp., will hold a special meeting on
Dec. 15 to consider dividend action.
The dividend, if de¬
clared, will be payable Dec. 26 to stockholders of record
Dec.
18.
The
directors have fixed
the determination
of the
Dec.
18
a
as
the
record
stockholders entitled
to
notice of and to vote at the annual meeting of stockholders
to be held on Jan. 12, 1937.
According to the corporation, the net income for the year
1936 before Federal taxes is expected to equal about
$2 per
share on 1,451,384 shares outstanding, and
any dividend
action which may be taken on Dec. 15 will take into con¬
sideration the surtax problem on undistributed
earnings.
♦
The
Bank
Comptroller of the Currency recently authorized
of
America
(head office
National
Trust
the
&
Savings Association
to maintain branches at the
San
Francisco)
City of Calistoga, Chlif., and the City of Sutter Creek, Calif.
•
On Nov. 28 the United States National Bank of
Ore.,
Portland,
authorized by the Comptroller of the Currency to
operate a branch at the City of Roseburg, Ore.
was
♦
The
Bank
of
Montreal
Dec.
12,
1936
was in sharp demand and reached a new top at 34 at its
high for the day and Dow Chemical broke into new high
ground at 142
with a gain of 234 points.
Increased trading and advancing prices were the features
of the dealings on Tuesday.
The gains were generally small
and for the most part were among the lower priced issues,
though there were several new tops registered among the
preferred stocks of the public utility group.
Among the
latter
Canadian Hydro Electric,
were
International Utilities
pref., Electric Power & Light 2d pref., and Puget; Sound 6%
pref. Columbia Oil & Gasoline was particularly active and
sold up a point to 10; New Jersey Zinc, 234 points to 7834;
Aluminum Co. of America, 234 points to 13034; Godchaux
Sugar B 2 points to 31 and United States Finishing pref.,
534 points to 15.
Industrial
specialties were in good demand on Wednesday
the volume of business continued to rise, and while the
as
gains
particularly noteworthy, they were fairly
not
were
well scattered
throughout the list. New peaks were reached
by a number of popular trading issues including National
Steel Car, Cuneo Press, United States Finishing pref., West
Texas Utilities, United States Radiator and Electric Power
& Light second pref. A.
Other active stocks included
American Air Lines Inc., 2 points to 20; Thew Shovel 234
points to 45; American Potash & Chemical, 2 points to 38;
and Babcock & Wilcox, 1 point to 127.
Low priced issues were in sharp demand in the general rise
of stocks on Thursday.
The volume of trading was unus¬
ually heavy, the transfers reaching a total of 777,203 shares
with 533 issues traded in.
Public utilities showed good im¬
provement and a number of the more active stocks worked up
to higher levels.
Specialties also attracted wide attention
and a number of new tops were registered in this group.
Prominent among the popular speculative shares moving up
to new high levels were Carrier Corp., Jones & Laughlin
Steel, United States Finishing pref., United States Radiator
pref. and Youngstown Steel Door.
Other noteworthy gains
were
Aluminum Ltd. 9 points to 74, National Investors
pref. 834 points to 116 and New Jersey Zinc 334 points to
8334The volume of business continued to
1
Tlie directors of the Bancamerica-Blair
date for
Chronicle
(head
office
expand on Friday,
day totaling approximately 843,000
against 777,203 on the preceding day.
Specialties
and public utilities were again in demand and considerable
attention was given to the low priced stocks in these groups.
Outstanding among the advances registered at the close
were Aluminum Co. of America 4
points to 139, Aluminum
Ltd. pref. 634 points to 11634» Babcock & Wilcox 234 points
to 130, Jones & Laughlin Steel 5 points to 90, National
Steel Car 634 points to 58, Newmont Mining 334 points to
110 and United States Radiator pref. 534 points to 72.
As
compared with Friday of last week, prices were higher
Aluminum Co. of America closing last night at 139 against
132 on Friday a week ago, American Gas & Electric at 4134
against 4034, Atlas Corp. at 1634 against 1634. Carrier
Corp. at 2834 against 2334, Creole Petroleum at 3334 against
3234, Electric Bond & Share at 20 34 against 20, Fisk Rub¬
ber Corp. at 1134 against 1034, Hudson Bay Mining &
Smelting at 3234 against 3134, Humble Oil (New) at 7434
against 7234, International Petroleum at 3434 against 3434,
Lake Shore Mines at 5934 against 5834, New Jersey Zinc
at 8534 against 7734, Newmont Mining Corp. at 110 against
10734, New York Telephone pref. (634) at 11934 against
.11934 and United Shoe Machinery at 9434 against 94.
the
transfers
for
the
shares
Montreal, Canada)
DAILY
has announced the election of W. A.
Bog as Vice-President
and member of the Executive Committee and the
appoint¬
ment of G. W. Spinney as Joint General
Manager in his
TRANSACTIONS
AT
THE
YORK
NEW
CURB
EXCHANGE
Bonds (Par Value)
Stocks
(Number
Week Ended
Dec. 11. 1936
place.
of
Shares)
Foreign
Domestic
Foreign
Oovernm't
Corporate
Total
________
THE
Prices
on
CURB
the New York
EXCHANGE
Curb
Exchange displayed con¬
siderable irregularity on Monday and
Tuesday, but the
market steadied as the trend turned
definitely upward.
Industrial specialties attracted some
buying and the public
utility stocks have slowly improved.
Oil shares also have
moved fractionally higher.
Profit taking was apparent from
time to time, but this
disappeared as the market grew
stronger and the volume of transfers increased.
Saturday
Monday..
Tuesday.
Wednesday.
Thursday
Friday
Sales at
Exchange
42,000
2,364,000
2,914,000
2,716,000
39,000
90,000
108,000
2,429,000
$256,000 $14,621,000
Jan 1 to Dec. 11
1935
1936
1936
1935
3,592.585
2,108,185
126,115,675
67,971,016
$13,691,000
$19,903,000
455,000
305,000
$756,212,000
$1,076,768,000
674,000
256,000
17,486,000
12,394,000
15,223,000
12,032,000
$14,621,000
$20,663,000
$786,092,000
$1,104,023,000
Bonds
Domestic
Foreign government..
Foreign corporate
Total
ENGLISH
were
active and strong
inclined to move
$1,763,000
2,435,000
ATew York Curb
The oil shares and aviation issues attracted most
of the attention, but there were occasional
spurts of buying
in the public utilities.
Some of the
specialties that
$674,000
$31,000
33,000
21,000
141,000
63,000
178,000
139,000
Week Ended Dec. 11
fractions.
during the earlier part of the week were
downward, particularly Pepper ell Manu¬
facturing Co. which slipped back 3
points to 140; Aluminum
Co. of America, 3M points to
12834; and American Hard
Rubber 134 points to 3234Soft spots due largely to profit
taking were apparent during
most of the trading on
Monday. This gave the market an
irregular appearance despite the fact that several new tops
for the year were registered as the
day progressed.
High
class specialties again
declined, but most of the recessions
were
among the shares that moved on the side of the advance
during the previous week such as American Cyanamid B,
Youngstown Steel Door, American Hard Rubber and
Pepperell Manufacturing Co. International Hydro-Electric
$45,000
3,592,583 $13,691,000
Total
Stocks—No. of shares.
Curb movements were
irregular and the volume of trading
comparatively small during the brief session of the Curb
market on Saturday.
There was a moderate tendency
toward higher levels, but the
gains were generally in minor
$1,687,000
2,261,000
2,345,000
2,144,000
2,736,000
2,518,000
288,320
482,335
564,050
636,630
778,143
843,105
FINANCIAL
MARKET—PER
CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Dec. 5
Dec. 7
Dec. 8
Dec. 9
Dec. 10
Frl.,
Dec.
11
Silver, per oz__ 21 5-16d.
21 5-16d.
21 3-16d.
21% d.
21 l-16d.
21 5-16d.
Gold, p.flneoz_141s.ll%d 141 s.ld.
x41s. 9%d.l41s. 9d.
141s. 9d.
142s.9%d.
Consols, 2% %_ Holiday
83
84
83%
84%
British 3% %
War Loan
Holiday
106
105%
105%
105%
105%
..
British 4%
1960-90
Holiday
116
116%
116%
The
116%
price of silver per ounce (in cents)
States on the same days has been:
/
BarN.Y.(for'n) Closed
U.S.Treasury. 50.01
U.
116%
in the United
45%
45%
45
45%
45%
50.01
50.01
50.01
50.01
50.01
77.57
77.57
77.57
77.57
77.57
S. Treasury
(newly mined)
77.57
3779
Financial Chronicle
143
Volume
GOLD
We execute orders for the
of
sale
securities
and
foreign
for
purchase
or
account
£248.660,346
Wednesday.
The Bank of England gold reserve against notes amounted to
on Nov. 18, showing no change as compared with the previous
of
the
market about £2,150,000 of bar gold was disposed of at the
daily fixing. Offerings were taken mainly for New York, prices continuing
to be fixed at about dollar parity.
It was announced yesterday by the Secretary to the United States
Treasury that the right of private individuals to export gold, which had
been previously permitted under licence to countries on an effective gold
standard, was now abolished.
In future gold exports will be made only
through the Stabilization Fund to countries adhering to the monetary
agreement concluded on Oct. 13 last, which provided for an official re¬
ciprocal exchange of gold against currencies between parties to the agreeIn the open
domestic correspondents.
MANUFACTURERS TRUST COMPANY
OFFICE AND FOREIGN DEPARTMENT:
PRINCIPAL
55
BROAD
STREET, NEW YORK
ment.
,
regularizes a condition which in fact already existed
affects the right of private institutions to import gold into
the United States for sale to the Treasurj.
The new decree only
Member Federal Reserve
System
and in
Member New York Clearing House
Association
Member Federal Deposit Insurance
Corporation
no
way
.
Nov. 25
Average
requirements of Section 522 of the Tariff
1922, the Federal Reserve Bank is now certifying
of
for
daily to the Secretary of the Treasury the buying rate
cable transfers in the different countries of the world.
We
give below a record for the week just passed:
FOREIGN
RATES
EXCHANGE
BANKS TO TREASURY
DEC.
5,
CERTIFIED
TO DEC.
1936,
11,
Nov. 23
Nov. 24
Tanganyika
ACT OF 1930
£65,298
8,423
Territory
349,767
407,500
35,449
3,426,442
89,002
British mdia
1936, INCLUSIVE
Australia
New Zealand
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
New York
France
Netherlands
Unit
Dec. 7
$
186.914*
.169156
.012750*
.035329
Dec. 8
Dec. 9
Dec. 10
S
$
$
Belgium
S
.186971*
.186971*
.186914*
.186971*
.169203
.169205
.169163
.012750*
.012750*
.012750*
.012750*
.035307
.035312
.035325
.035326
.035314
.218645
.218586
.219020
.218950
.218808
.218858
England, pound sterl'g4.899000
.021585
Other countries
.169115
.012750*
Belgium,
belga.
Bulgaria, lev
Czeciiobl-kia, koruua.
Denmark, krone
.186928*
lis. 11.47d.
of gold
£1,215,503
11,750
53,461
5,800
1,000
U. S. A
British India
France.
Germany
Other countries.
—
5,300
21,660
26,180
Venezuela
.169171
Austria, schilling
1
11.37d.
11.42d.
11.42d.
11.42d.
11.71d.
11.50d.
16,141
Siam
Dec. 11
S
Dec. 5
Euro re—
.,
The following were the United Kingdom imports and exports
registered from mid-day on Nov. 16 to mid-day on Nov. 23:
Exports
Imports
British West Africa
RESERVE
FEDERAL
BY
UNDER TARIFF
lis.
lis.
lis.
lis.
lis.
lis.
142s. 1.33d.
Nov. 21
Pursuant to the
Act
2Hd.
2d.
2d.
2d.
10%d.
Id.
142s.
142s.
142s.
142s.
141s.
142s.
Nov. 20
RATES
EXCHANGE
of £ Sterling
Ounce
Nov. 19..
FOREIGN
Egmvalent Value
Per Fine
Quotations:
£4,451,162
The amount of gold
shipped last week from Bombay was
£1,287,514
about £326,000
SS. Strathmore.
per
SILVER
4.896854
4.907375
4.904916
4.902041
.901750
Finland, markka
.021562
.021600
.021593
.021562
.021590
France, franc
.046570
.046676
.046647
.046621
.046620
week have been smaller.
.402292
.042246
.042300
.042275
.402310
as
.046580
.402303
.008957*
.543807
.197875*
.052601
.246083
.188250
.044458*
.007275*
.082000*
.252533
.229828
.022980*
relchsmark
Greece, drachma
Germany,
Holland, guilder..Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty_.
Portugal, escudo
Rumania, leu
Spain, peseta........
Sweden, krona
r_.
Switzerland, franc
Yugoslav^, dinar
Prices
.008955*
.008958*
.008962*
.008962*
.008964*
.543796
.544357
.544357
.544235
.544382
.197875*
.197750*
.197750*
.197550*
.197750*
.052607
.052605
.052610
.052606
.052611
.246045
.246508
.246450
.246237
.246340
.188400
.188333
.188425
.188300
.188366
.044508
.044516*
.044516*
.044475*
.044478*
.007291*
.007292*
.007278*
.007291*
.007291*
.081333*
.080428*
.079625*
.079964*
.252958
.252866
.252675
.252740
.229814
.229837
.229837
.229810
.229817
.022980
.022980*
.022980*
.022980*
.022980*
to
A
developed towards the end .of the week, the
in any volume, although there
lower rates.
There have been
sales, but offerings have continued on rather a meagre scale.
immediate outlook is uncertain, as the market is sensitive and would
respond easily to pressure either way.
The following were the United Kingdom imports and exports
registered from mid-day on the 16th instant to mid-day on Nov.
.295270
.295145
.296395
.296395
.296229
£80,421
Japan
.295312
.296562
.296562
.296395
1,955
2,857
New Zealand
Other countries
-
-
British India
France
Switzerland
3,634
Austria
2,990
2,850
r.
.295312
.296354
.296354
.296354
.296395
.295270
.295312
.296562
.296562
.296395
.296604
Portugal
1,676
.305416
.305208
.304583
.305750
.305375
.305375
Other countries
6,441
.369952
.369888
.370525
.370479
.370379
.370490
Japan, yen
.284353
.284216
.285462
.285736
.285366
.574187
.573875
.575000
.575000
.574687
Sweden
.285323
Singapore (s. S.) dol'r
.575000
3.902812*3.901041*3.909635*3.906562* 3.904250*3, 904000*
Australia, pound
Coin at face value.
Quotations during the week:
IN
*13.935178* 3, 932291*
New Zealand, pound
Africa—
3.931964 * 3.929464 *3.938392 *«.935535
South Africa,
4.846015*4.842187*4.853593*4.847678*4.847232* 4.846785*
pound.
Nov. 19
21d.
1.000492
1.000649
.000769
Nov. 20
21d.
.999166
Nov. 21
21 3-16d.
21%d.
20 15-16d.
21 l-16d.
21.052d.
America—
Canada, dollar.....
Cuba, peso.
Mexico, peso.....
Newfoundland, dollar
3.000745
1.000360
.999951
.999166
.999166
.999166
.999333
.999166
.277500
.277500
.277500
.277500
.277500
.277500
Nov. 23
.977441
.997611
.998085
.997968
.998236
.998281
Nov. 24
Nov. 25
America—
IN
LONDON
Bar Silver per Oz. Std.
Cash
2 Mos.
*
I
£137,143
£124,029
x
Australasia—
South
Dependencies
Poland
.295270
India, rupee
North
Aden &
4,113
7,193
British India
Malaya
Belgium
.296604
23:
_x£41,293
11,479
11,615
47,850
7,315
Southern Rhodesia
10.954
16,536
Manchuria
.296437
.295270
(yuar) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar..
of silver
Exports
Imports
British
Chefoo
past
slightly easier tendency
The
China—
movements during the
but
level of prices not attracting fresh buying
were some bear covering purchases at the
China
Asia—
fluctuate,
The market has been quiet and the tone indefinite,
the Indian Bazaars and speculators have both bought and sold.
.079166*
.252462
continued
have
^
•
NEW YORK
{Per Ounce .999 Fine)
21d.
21d.
21 3-16d.
21 %d.
20 15-16d.
21 l-16d.
45% cents
45% cents
45% cents
Nov. 18
Nov. 21
Nov. 19Nov. 20
Nov. 23
•
45% cents
45% cents
-
Nov. 24..
21.052d.
Argentina, peso......
.326566*
.326480*
.327075*
.327033*
.326825*
.326850*
Average
Brazil (official)
.086506*
.086759*
.086588*
.086955*
.086888*
.087055*
.059333
.059350
.059444
.059425
.059677
.059575
The highest rate of exchange on New York recorded during
from Nov. 19 to Nov. 25 was $4.90% and the lowest $4.88%.
.051725*
mllreis
(Free) mllreis
Chile, peso
Colombia, peso
.051700*
.051725*
.051750*
.051725*
.051725*
.573900*
.573900*
.573900
.573900*
.573900*
.573900*
Uruguay, peso.
.800000*
.800000
.800000
.800000*
.800000*
.800000*
the period
*
Nominal rates* firm rates not
COURSE
available.
Bank clearings
PARIS
BOURSE
Quotations of representative stocks as
of the past week:
received
by cable
each day
Dec. 5
Dec. 7
Dec. 8
Dec. 9
Francs
Francs
Francs
Francs
Dec.
10
Francs
8,100
Dec.
11
Francs
8,100
Banque de Paris et Des Pays Bas
8,200
1,355
1,355
8,000
1,332
Banque de 1'Unlon Parisienne..
550
552
539
Canadian Pacific
295
292
291
301
"306
25,600
25,500
1,080
25,700
25,700
25,800
Bank of France
Canal de Suez
cap
j.
8,100
1,351
549
*
-
—
a
year ago.
1,410
1,050
1,380
1,380
Mio
25
26
26
26
27
510
510
501
515
Comptotr Natlonale d'Escompte
Coty S A
832
828
828
805
130
130
120
120
Courrleres
221
222
221
221
New York
618
620
606
613
Chicago
1,085
1,390
Cle Dlstr. d'Eleotrlcitie
Cle Generate d'Electrlcltle
Cle Generale Transatlantlque
Citroen B
-_
Credit Commercial de France..
-
1,065
compared
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Dec. 12)
bank exchanges for all cities of the United States from which
it is (possible to obtain weekly returns will be 11.4% above
those for the corresponding week last year.
Our preliminary
total stands at $6,300,372,168, against $5,656,492,190 for
the same week in 1935.
At this center there is a gain for
the week ended Friday of 14.2%.
Our comparative sum¬
mary for the week follows:
with
THE
OF BANK CLEARINGS
this week will show an increase
Clearings—Returns by Telegraph
Week Ending Dec. 12
1,660
1,450
1,670
1,620
1,650
1~650
1,430
1,390
1,390
1,410
Energle Electrlque du Nord
338
330
330
323
Kansas
Energle Electrlque du Littoral..
628
628
612
615
Kuhlmann
688
672
680
San Francisco.
1,350
1,340
1,300
1,310
711
711
712
718
Detroit
748
Cleveland
Eaux
L'Alr
Lyonnalse cap
Holi-
day
Liqulde
Lyon (P L M)_
Nord Ry
759
381
Orleans Ry 6%
770
758
381
381
381
1935
$3,072,984,686
267,170,870
289,000,000
179,939,000
77,130,605
78,200,000
125,009,000
101,750,982
77,547,293
70,967,507
55,618,602
40,571,000
St. Louis
692
Credit Lyonnalse
Per
1,340
"381
Philadelphia
-
_
$2,690,645,429
227,990,988
283,000,000
18
17
18
1,789
1,788
1,739
Baltimore
Rentes, Pepetual 3%
77.30
76.00
76.60
76.80
77.10
76.60
76.30
75.75
75.90
75.90
76.60
76.10
75.80
75.75
+0.5
65,900,000
115,806,000
91,301,469
78,074,604
62,668,182
46,373,791
30,354,000
+ 18.7
+ 7.9
$3,945,061,556
+ 12.4
670,067,680
+ 21.5
$4,615,129,236
1,041,362,954
+ 13.8
86,300,372,168
Pittsburgh
179,000,000
73,947,093
$5,250,310,140
1,050,062,028
City..
$5,656,492,190
+ 11.4
1,778
76.00
Pathe Capital
Rentes 4%, 1917
—
1918
Rentes 4%s, 1932 A__
Rentes 4% %, 1932 B
Rentes 5%. 1920
Rentes 4%,
Royal Dutch
Saint Go bain C A C
80.40
80.60
79.80
79.60
79.00
79.25
79.40
98.60
98.60
98.00
98.40
4,650
4,670
4,620
4,690
1,690
1,675
1,650
1,665
1,250
...
1,240
1,205
1,249
80.80
60
Soclete Generale Fonciere
60
60
58
157
Societe Francalse Ford
159
158
80.90
4,720
"61
156
1,450
1,430
1,392
1,392
Soclete Marseillaise
540
540
540
540
Tublze Artificial 811k, pref
131
133
132
144
Union d'Electrlcltle
465
459
447
451
79
78
76
82
Societe Lyonnalse
Wagon-Li ts
THE
ENGLISH
GOLD
AND
SILVER
MARKETS
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 25, 1936:
We
Other cities, 5 days
5 days.
98.90
81.00
Schneider A Cle.
Twelve cities, 5 days.
Total all cities,
All cities,
+ 14.2
+ 17.2
+ 2.1
$4,435,889,545
814,420,595
Boston
New Orleans..
19
Pechlney
Cent
1936
120
1 day
Total all cities for week
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
+ 4.3
+ 11.4
—0.7
+ 13.2
+ 19.9
+ 33.7
+0.8
by the
cannot
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the lastfday
of the week in all cases has to be estimated.
4
In the elaborate detailed statement, however, which" we
present further below, we are able to give final and
for the week previous—the week ended
results
For that week there was an
of
clearings for
the
complete
Dec. 5.
increase of 17.0%, the aggregate
whole country having amounted
to
3780
Financial
$7,414,456,513, against $6,336,845,364 in the same week
in 1935.
Outside of this city there was an increase of
14.9%,
the bank clearings at this center having recorded a
gain of
18.4%.^ We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals register a gain of
18.4%, in the Boston
Reserve District of 14.2%, and in the Philadelphia Reserve
District of 9.8%.
In the Cleveland Reserve District the
totals are larger by 26.1%, in the Richmond Reserve Dis¬
trict by 16.6%, and in the Atlanta Reserve District
by
13.8%.
The Chicago Reserve District enjoys an improve¬
ment of 18.7%, the St. Louis Reserve District of
14.6%,
and the Minneapolis Reserve District of
14.7%.
In the
Kansas City Reserve District the totals record an increase
of 10.0%, in the Dallas Reserve District of
12.6%, and in
the San Francisco Reserve District of
7.4%.
In the following we furnish a summary
by Federal Reserve
Chronicle
Week Ended Dec. 5
inc. or
1936
Mich.—AnnArbor
Reserve Diets.
1st
Boston
2nd
New York. 12
3rd
408,891
Detroit
Lansing
Ind.—Ft.
Wayne
21,250,000
South Bend
1,559,531
Terrd Haute...
5,082,909
23,796,391
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
Sioux
1,309,878
11,082,793
3,870,729
City
Waterloo
b
111.—Bloomingt'n
12 cities
"
S
$
3,431,077,794
2,968,862,700
Tenn.— Memphis
HI.— Jacksonville
"
450,209,387
410,170,844
"
333,333,797
264,354,191
Riohmond.
6
"
151,788,740
130,183,579
6th
Atlanta
10
"
154,714,446
135,906,011
7th
Chicago
18
"
564,305,623
475,433,007
8th
St. Louis
4
"
156,559,945
136,616,125
9th
Minneapolis 7
10th KansasCitylO
"
113,314,828
98,773,193
"
148,765,282
135,291,791
11th Dallas
"
68,371,567
60,719,374
•'
285,062,340
265,472,514
7,414,456,513
6,336,845,364
2,903,310,256
2,525,779,402
Total
-.109 cities
Canada
32 cities
99,900,000
28,123,497
27,961,448
Ky.—Louisville..
Philadelphia 9
Cleveland. 5
Outside N. Y. City
475,433,007
Mo. St. Louis
202,422,637
6th
5
12th San Fran..11
S
243,155,894
4th
+9.8
+26.1
+ 16.6
+ 13.8
+18.7
+ 14.6
+ 14.7
-+10.0
+ 12.6
+ 7.4
+17.0
+14.9
319,208,766
237,278,258
210,065,969
169,879,691
112,177,876
441,088,386
94,309,603
72,340,682
102,774,671
88,053,368
Minn.—Duluth.
49,146,677
45,417,958
Mass.—Boston.
Fall River
Lowell
New Bedford..
Springfield
Worcester
Conn.—Hartford
New Haven
R. I.—Providence
N.H.—Manches'r
Total (12 cities)
766,020
3,839,026
280,307,116
691,483
361,387
988,927
3,917,647
2,278,551
13,425,561
4,495,921
12,975,600
1,901,556
325,928,793
749,133
205,325,216
168,428,117
5,355,702,632
4,507,429,373
2,125,082
246,978,871
749,540
385,961
1,623,639,949
Mont.—BUlings
404,604,994
Ninth Federal
653,621
—9.0
325,746
622,414
2,892,143
1,440,999
10,464,942
3,328,666
8,740,600
1,132,118
+ 20.5
+ 9.1
10,251,500
1,198,550
+33.2
+2.9
+ 16.3
+8.3
+ 58.7
Feder al Reserve D istrict—New
Second
Buffalo
Elmira
803,627
Jamestown
New York
Rochester
Syracuse
WestchesterCo.
Conn.—Stamford
N. J.—Montclair
Newark..
Northern N. J.
7,203,085
+ 35.5
1933
553,778
1,604,211
177,184.239
523,390
289,853
619,878
2,458,785
1,280,871
7,189,344
3,104,326
7.211,700
502,262
243,155,894
6,502,196
5,238,512
739,189
22,960,126
540,640
443,310
+27.1
917,053
+31.4
24,700,000
+21.4
+ 14.5
492,912
Total (12 cities) 4,662,101,765
3,938,455,738
+ 7.6
+ 33.5
—0.6
+ 27.5
+ 16.4
+ 14.1
+ 10.1
526,148
,329,181,292 2,883,789,424
7,622,524
5,956,422
3,041,171
2,884,989
al,742,595
al,615,608
2,395,937
2,190,690
514,744
450,000
18,579,387
16,026,031
36,604,430
27,643,367
+ 18.4 3,431,077,794 2,968,862,700
Federal Reserve Dist rict—Phllad
elphia
Pa.—A1 toona
541,823
a*470,000
475,351
Bethlehem
Chester
Lancaster
Philadelphia
Reading
8cranton
Wllkes-Barre.
.
York
N. J.—Trenton.
_
541,375
+0.1
a451,150
350,225
+4.2
+35.7
1,166,474
393,000,000
+ 10.9
1,145,438
+26.1
2,340,182
+ 38.7
1,007,316
1,423,734
3,196,000
+ 26.5
+ 31.8
351,365
866,582
310,000,000
1,022,385
2,024,556
1,132,626
1,094,754
2,385,000
450,209,387
410,170,844
+ 9.8
319,208,766
+26.8
+ 18.7
365,460,133
274,595,047
71,100,000
24,141,994
18,210,447
59.600,000
20,521,934
16.215.711
+ 15.9
—4.5
+ 36.7
b
b
b
96.610.645
2,391,308
55,790,404
21,116,808
2,492,137
48,307,199
17,041,535
1,595,503
445,673
2,400,717
701,041
602,560
3,124,260
3,179,856
63,583,242
25,096,972
2,004,902
669,738
656,119
3,582,364
—12.8
1,712,770
611,989
509,315
3,399,448
113,314,828
98,773,193
+ 14.7
85,532,042
72.340,682
1,725.786
21,564,995
1,831.294
1,705.379
57,618,774
2,620,864
—40.9
117,047
108,321
2,107,974
25,641,010
2,434,662
2,320,845
66,222,905
2,756,352
529,542
532,013
+ 10.0
102.774.671
88,053.368
682,324
33,683,067
6.588.542
2,500,000
.
Tenth Federal
Reserve Dis trlct—Kans
113,654
128,963
3,103,711
Pueblo
2,141,763
4,218,062
100,930,474
3,612,421
674,457
653,087
89,695
119,749
2,800,889
32,258,961
2,887,508
2,828,690
89,207,661
3,111,081
883,305
1,104,252
Total (10 cities)
148,765,282
135,291,791
33,188,690
Kan.—Topeka
Colo.—Col.Sprgs.
Eleventh Fede ral
Texas—Austin
+ 11.1
+ 15.0
+ 18.9
+ 19.7
+ 4.7
—8.2
Reserve
City
+26.7
+ 7.7
341,106
2,117,529
as
+ 10.8
+ 2.9
—25.8
+ 49.1
+ 13.1
+ 16.1
—23.6
60,633
b
'
464,327
461,316
District—Da lias—
1,569,356
St. Worth
Galveston
Wichita Falls..
1,175,563
+ 33.5
1,010,140
53,692,820
7,035,853
2,786,000
..
Dallas
46,616,379
+ 15.2
37,414,237
7.747,692
2,784,000
al,024,813
—9.2
6,380,412
2,486,000
—14.9
2,395,740
+37.2
1,855,888
1,964.025
60,719,374
+ 12.6
49,146,677
45,417,958
a872,240
3,287,538
b
587,009
b
280,816
687,624
68,371,567
-
Twelfth Feder al Reserve D1
Wash.—Seattle-
36,734,970
11,352,000
1,155,105
Spokane
Yakima
Ore.—Portland..
29,156,968
17,731,805
4,741,314
Utah—S. L. City
Calif.—L. Beach.
Pasadena
San
4,265,088
Francisco.
172,291,000
San Jose
Santa Barbara
3,544,584
1,802,558
.
Stockton
2,286,948
Total (11 cities)
Grand
331,498
1,212,368
436,000,000
1,443,910
3,244,672
1,274,535
1,804,728
4,212,000
+ 3.9
432,140
2,120,415
526,418
805,796
b
3,532,991
73,112,560
29,840,699
Total (7 cities).
Total (5 cities)
661,896
723,253
+ 18.4
+ 20.0
2,771,502
538,368
1,201,070
+0.1
b
b
202,422,637
1,149,165
29,900,000
827,922
4,511,146,257 3,811,065,962
8,871,764
8,244,449
4,839,721
3,625,996
a2,596,947
a2,612,133
3,936,336
3,086,414
523,893
450,000
28,506,629
24,988,028
52,122,531
47,357,490
592,591
+ 56.8
344,019,812
York-
9,763,047
1,460,038
39,300,000
+ 99.1
+ 49.0
Reserve Dis trlct—Minn eapolls
La.—Shreveport.
+ 14.2
411,578
179,411,595
113,906,441
_
Mo.—Kan. City.
St. Joseph..
669,098
—7.7
820,456
682,610
232,506,029
+ 14.6
Omaha
1934
+ 13.5
3,590,434
1,711,039
13,041,278
3,867,153
b
b
+ 23.8
+ 12.8
136,616,125
Hastings
1,856,291
211,029,256
285,468,997
N. Y,—Albany..
Bingham ton
Third
+ 80
b
218,753
6,305.406
1,927,306
273,000
N. D.—Fargo
S. D.—Aberdeen
2,026,521,340
_%
+0.9
+ 11.1
156,559,945
Total (4cities).
Wichita
Reserve Dist rict—Boston
+ 30.7
+ 21.4
550,381
3,140,963
15,366,938
454,000
Lincoln
Federal
+ 22.8
+ 15.0
Minneapolis
St. Paul
Inc. or
First
+ 46.5
96,610,645
85,532,042
Clearings at—
Me.—Bangor
9,703,000
500,000
Neb.—Fremont-
Portland
599,251
11,947,000
832,452
3,764,126
16,390,889
769,783
8,339,598
2,697,293
274,595,047
113,906,441
+2.5
Dec.
606,560
717,084
+ 32.9
575,000
117,871,153
Week Ended Dec. 5
1935
86,200,000
29,454,061
20,462,064
b
Quincy
365,460,133
We now add our detailed statement
showing last week's
figures for each city separately for the four years:
1936
482,586
50,650.769
1,335,192
+ 18.3
89,230,667
Helena
452,076,311
+ 78.2
554,841
77,354,685
1,834,312
1,965,900
Eighth Federa 1 Reserve Dis trlct—St. Lo uis—
S
%
1933
1933
+ 14.2
285,468,997
+ 30.9
+ 57.0
b
334,012
313,883,077
607,704
3,328,274
852,422
1,292,469
564,305,623
Decatur
Peoria
3,938,455,738 + 18.4
325,928,793
4,662,101,765
+ 39.6
413,598
354,147,768
1,209,679
5,218,608
1,270,425
1,550,356
Chicago
Springfield
1934
—47.2
3,642,267
19,378,075
1,002,213
9,977,740
3,187,248
1,231,130
Indianapolis...
Total (18 cities)
Dec.
1934
774,138
95,408,463
2,388,005
1,291,642
1,040,975
15,990,000
1,064,283
124,853,093
3,748,498
2,301.346
Grand Rapids.
Inc. or
1935
Dec.
%
SUMMARY OF BANK CLEARING8
1936
1935
Seventh Feder al Reserve D istrict—Chi
cago
Rockford
Week Ended Dec. 5, 1936
1936
12,
Clearings at—
districts:
Federal
Dec.
total
285,062,340
strict—San
34.299,823
9,901,000
985,017
26,087,463
15,556,820
4,314,852
4,165,099
163,428,959
2,960,074
1,966,855
1,806,552
265,472,514
Franci
SCO—
+7.1
27,125,482
+14.7
9,348,000
743,348
22,273,660
13,159,535
3,403,900
2,998,119
121,541,827
1,923,276
+ 17.3
+ 11.8
20,459,128
6,610,000
487.104
+26.6
1,437,318
17,840,083
11,387,622
3,185,580
2,833,903
101,058,665
1,839,449
1,546,557
1,180,026
+7.4
205,325,216
168.428,117
+ 14.0
9.9
2.4
£
+5.4
+ 19.7
—8.4
1,370,751
(109
7,414,456,513 6,336,845,364
+ 17.0 5,355,702,632 4,507,429,373
Outside New York 2,903,310,256 2,525,779,402
+ 14.9 2,026,521,340 1,623,639,949
cities)
228,000,000
1,093,001
1,801,463
1,496,734
950,611
2,381,000
Week Ended Dec. 3
Clearings atInc. or
1935
1936
Dec.
1934
1933
*
Total (9cities).
Fourth
237.278,258
Feder al Reserve D istrict—Clev eland-
Ohio—Canton
b
Cincinnati
68,720,633
95,077,366
17,820,200
*1,900,000
Cleveland
Columbus
Mansfield
Youngstown
b
._
Pa.—Pittsburgh
.
Total (5 cities).
Fifth Federal
W.Va.—Hunt'ton
149,815,598
333,333,797
b
57,810,843
72,715,642
11,670,900
+ 18.9
1,200,000
+58.3
b
120,956,806
264,354,191
D.C.—Washing'n
203,194
3,464,000
37,307,188
1,083,535
63,396,818
24,728,844
Total (6 cities).
151,788,740
130,183,579
Richmond
f
S. C.—Charleston
Md.—Baltimore
+ 30.8
+ 52.7
b
+ 23.9
+26.1
+ 75.1
43,193,431
58,620,318
b
37,437,364
46,401,956
7,291.300
912,554
b
97,604,015
210,065,969
b
77,836,517
169,879,691
+ 14.3
89,650
3,340,000
28,975,187
897,930
41,367,829
14,560,071
+ 16.6
112,177,876
89,230.667
+ 9.2
+ 36.8
+ 22.3
%
166,966,856
134,344,682
49,050,851
21,825,685
1,052,753
Winnipeg..
Vancouver
150,580,503
133,413,176
63,220,516
17,643,008
24,699,812
5,963,628
2,637,930
4,719,861
7,447,853
1,877,992
1,918,075
3,371,181
4,561,934
4,254,167
352,309
607,232
1,827,131
695,586
974,699
694,201
575,388
314,022
653,510
717,378
1,149,218
2,489,138
357,120
806,240
653,470
576,500
488,460
847,148
452,076,311
441,088,386
Ottawa
27,028,342
Quebec
Victoria
7,097,223
2,804,499
5,560,093
5,889,618
1,984,355
1,903,411
London
3,104,736
Edmonton
9,523,100
1,125,105
99,207
3,942,000
33,901,598
1,074,099
54,696,838
18.464,134
—1.1
Toronto.
Montreal
b
Reserve Dist rict—Richm ond—
355,849
3,425,000
40,741,829
1,482,116
77,524,856
28,259,090
Va.—Norfolk
b
Canada—
4,419,762
Regina
4,347,643
349,145
Halifax
Hamilton
Calgary
St. John
Brandon
Lethbrldge
478,305
1,629,748
702,809
962,785
878,085
Saskatoon
Moose Jaw.
Brantford
Fort William
New Westminster
Medicine
Sixth Federal
Tenn.—Knoxville
Reserve Dist rict—Atlant
Ga.—Atlanta
3,302,411
15,779,780
47.000,000
Augusta
*1,500,000
1,358,385
Macon...
1,199,432
16,706,000
19,709,800
1,547,574
967,477
15,709,000
+ 6.3
16,323,767
+20.7
1,368,163
+ 13.1
14,094,000
16,016,002
1,119,720
Fla.—Jacksonville
Ala.—Birm'ham
►
.
Mobile
Miss.—Jackson..
►
b
b
+ 38.5
+ 12.2
2,670,197
12,167,706
+ 20.0
43,000,000
+ 10.4
+24.0
1,043,959
863,242
b
Vicksburg
La.—New Orleans
209,103
35,158,269
164,218
33,932,810
+ 27.3
+3.6
Total (10 cities)
154,714,446
135,906,011
+ 13.8
■
Hat
Peterborough
4,573,555
17,710,713
56,400,000
Nashville
638,787
253,032
643,918
627,192
b
134,000
3,380,164
9,730,059
33.400.000
879,938
669,889
10,390,000
11,652,106
Sherbrooke
Kitchener
1,183,174
3,331,423
377,482
Windsor
Prince Albert
M one ton
809,789
Kingston
619,316
Chatham
670,712
917,144
Sarnia
b
Sudbury
540,100
26,762,327
143,212
23,147,091
Total (32 cities)
117,871,153
94,309,603
a
*
Not
included in
Estimated.
totals.
b No
%
+ 10.9
—10.8
146,239,609
121,703,312
67.776,993
16,187,970
5,313,739
4,359,803
2,383,283
4,259,968
6,061,006
1,949,933
1,629,777
3,358,748
5,062,674
4,617,879
367,612
596,218
1,726,253
+ 1.0
637,660
—1.2
+ 11.0
818,088
750,488
540,217
—19.4
258,166
—1.5
674,161
636,850
1,176,928
+0.7
—22.4
+23.7
+ 9.4
+ 19.0
+6.3
+ 17.8
—20.9
+5.7
—0.8
—7.9
—3.1
+2.2
—0.9
—21.2
+26.5
—12.6
+3.0
+33.8
+5.7
1,898,571
333,245
+0.4
904,146
—5.2
646,891
+ 16.3
+ 10.6
+24.3
541,887
501,553
691,366
+2.5
404,604,994
clearings available.
107,530,912
125,684,694
47,919,184
15,471,294
4,297,419
4,785,366
2,342,347
3,981,545
5,131,913
1,789,946
1,658,977
2,539,573
4.461.686
3,775,969
354,555
439,506
1,488,217
560,665
882.138
682,454
490.231
249.139
614,297
635,073
1,036,523
2.004.687
292.232
788,853
613,918
469,383
460,895
586,221
344,019,812
Financial
143
Volume
3781
Chronicle
TREASURY CASH AND CURRENT LIABILITIES
3
holdings of the Government as the items stood
1936 are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury of Nov. 30, 1936:
The cash
Nov.
30,
CURRENT ASSETS
AND
LIABILITIES
GOLD
$
Liabilities—
Assets—
.11.184,249,406.97 Gold certificates:
Outstanding (outside
Gold
2,911,630,769.00
of Treasury)
Gold
fund—Bd.
ctf.
Sys. 6,983,375,937.68
fund—
of Govs., F. R.
Redemption
Fed. Res. notes...
Gold
reserve
Exch. stablliza'n fund.
Gold in
Total
11,184,249,406.97
11,405,405.85
156,039,430.93
1,800,000,000.00
321,897,863.51
general fund..
11,184,249,406.97
Total
$346,681,016 of United States notes and $1,174,672 of
Treasury notes of 1890 are also secured by
Note—Reserve against
Treasury notes of 1890 outstanding.
the Treasury.
silver dollars in
SILVER
$
Liabilities—
Assets—
763,224,983.50 Silver ctfs. outstanding.1,211,375,077.00
506,476,897.00 Treasury notes of 1890
Silver
Silver dollars
1,174,672.00
outstanding
Silver in
.1,269,701,880.501
Total.
57.152,131.50
general fund
.1,269,701.880.50
Total.
GENERAL FUND
321,897.863.51 Treasurer's checks out¬
standing
57,152,131.50
2,813,545.00 Deposits of Government
officers:
16,919,650.00
Silver (see above)
United States notes
Federal Reserve notes..
Minor ooin
...
Silver bullion (oost value)
Silver bullion
5%
124,605,966.79
675,204,000.00
secur.
Uncollected
of U. S
credit
Govt,
of
To
*m 05
00*1
J
•
CO I
*i
i
01 1
I
12,120,564.52
0OI
ilk.
toi
05 i
© I
**
M 05
to |
■
I
05 O
Vim
*©
* m
o os
M tO tO 01 O
;
I
I
I
*1
©i
-4i
•
© —i
'
•
CD
~!Tl
I
©Ml
-4 tO I
to Ml
I
I
I
to
J
05 I
Ml
I
© ©
01 I
I
1
!
05
I
'
I
I
I
I
l-l I
to I
I
*1
l->
'
.
!
1
I
I
«*
.
©
**011
>*©051
©I
©
00
CO
CO
Total
I
moo
I
1934.
F Note 2—The amount to the credit of disbursing officers and certain
to;
I
under the President's proclama¬
I
|
to l
Mi
00 00 -J 00 00 ©01
®*©©tO©M
I
1934 and the amount returned for the silver received
9,
I
i-1©
-J *1
1,405,614,615.48
Balance today
2,371,000.61
*1
00 *
COOl
I
was
*1
o to I
©011
* O i
'
-4
.
1
C5 Ml
333,366,658.51
931,285,028.33
Seigniorage 'see note 1).
Working balance..
1,484,943.91
1,606,088,547.931
Aug.
-J
0O CO 00
CO * M
140,962,928.64
dollar
officers...
*;
©;
m •
I
sulting from reduction
In weight of the gold
other
of
of U. S
dated
to
200,473,932.45
1,251,471.42
Total
tion
M
01
M
•tO|
408,460.09
ex¬
1,606,088,547.93
Note 1—This Item represents seigniorage restating from the Issuance of silver
certificates equal to the cost of the silver acquired under the Silver Purchase Act of
'
1
© *00 I
O M0, ,
* * -5 1
01
M * Q5 00 tO m m
"®
V "*
To credit of Treas¬
•
*
© 051
-4©l
Balance of Increment re¬
Philippine Treasury:
urer
'
•
01
—I
M
00 01
to
-4 00 * tO © © ©
11,163,629.97
of U. S
credit
h>
©*©*MM
I
if Ml
70,700,229.37
items,
to m
|
M
37,161,354.19
credit of Treas¬
Govt,
m<
©
V|t
disbursing
other
officers...
Foreign depositaries:
urer
60,800,000.00
45,247,248.34
changes. Ac
credit of Treas¬
I
lawful
lawful money)
bank
other
to
* * I
Ml
Deposits for:
Redemption of Nat.
banknotes(5% fund,
depositaries:
To
reserve,
courts,
Special depos. acct. of
sales of Govt,
*
ss
officers, Ac
Reserve banks..
urer
g:
Postmasters, clerks of
1,576,468,87
Deposits in:
To
1,726,568.31
Trustees,
Other deposits
43,795.01
To
M * * 00 © CO
O O CO 05 50 CO
Savings
money
Collections, Ac......
and
*1
I
05 5011
9,470,861.82
System:
(reoolnage
value)
©"©'mm*!-©
•
Postal
Unclassified—
Nat.
of
Board
1,883,857.50
5,387,311.55
1,959,189.88
342,924,721.22
Subsidiary silver coin...
M«4M©0
_
* * M© cs w
I
to I
Post Office Dept
287,647.00
Fed. Reserve bank notes
National bank notes
Fed.
$
Liabilities—
Assets—
Gold (see above)
00 1
00MOM-IM©
^
to to 0i
to
'
©mm
m|
w<
MM
00 tO M * Oi * I
Pi
*01©
01 tO M 01 tO I
moommcomi
-4 Oi ©
*-4©
m
a
agencies today
$2,494,205,651.41.
AND
RATIONS
OCT.
31,
GOVERNMENTAL
CREDIT
AGENCIES
ON
00 to I
I
©010001
* tO — 1
I
CORPO¬
AS
OF
Ml
I
to©
05
M
01 MOO
-4 W © -4
tOM
I
IfMM'o
*M
corporations and credit agencies, financed wholly or in part
I
*
©
©
i
M*
00
® *
M-4©*©©tOQOM
-4 © © M m m-|
I
by the United States, was contained in the Department's
"Daily Statement" for Nov. 30.
The report is the 29th
such to be issued by the Treasury; the last previous one, for
Sept. 30, 1936, appeared in our issue of Nov. 14, page 3088.
The report for Oct. 31 shows in the case of agencies
financed wholly from government funds a proprietary in¬
terest of the United States as of that date of $2,790,209,736,
M
HHMHOStOlf
05
*.©00 01 -100 ilk©
M 05 Iv
05 © 01 01 © M
M MM to 00 to© MO
»©®M©MM00M*
> C0 -| © 01 * 05 to -I 05
00!
I
->•
m
tO
0l*tOM0ltOMtO<
mco*M m © to to 01 ©
©to to 00 to © to ©
"**©
©©©0<OO©OM©
01 * * m 0i © —4 *4 1—* m
•
I.I
I
I
001
Ml
I
I
I
—4 I
051
I
I
I
©
to I
I
I
I|*I
I
1
-1M
M, M ©
WOJ-4
©©
CO © M
01
—I
|
tO I
MMl
05 MOi tO* 01 01
M © to ^ 00 05 *
O m i
with $1,200,972,968 as of Sept. 30.
In the case
of these government agencies, the Goverment's proprietary
interest is the excess of assets over liabilities, exclusive of
tO 01 © M © tO ©
M
—I
MOM
M1
1
tO
-4 *cfi
oi;
5"!
001
m© MMl
m 00 01 W I
M CO to M i
©I
*1
00 05 -4
©"©*01
oS*
issl
fs&i
*©00
© o M
JO
© M© to 00 01 01
M -4 tO -4 01 © *
tO © © M tO tO ©
to I
MMl
©l-l
TABLE
* M ©
M ©
00©
'
1
M
M
01
privately-owned interests.
Non-stock (or Includes non-stock proprietary
©
tO©
m
m
01
M'
!
I
I
compares
FOOT NOTES FOR ACCOMPANYING
'
1
I
with $2,785,600,772 Sept. 30.
I The Government's proprietary interest in agencies financed
partly from government funds and partly from private
funds as of Oct. 31 was shown to be $1,197,144,078.
This
inter-agency items, less the
00
©
-4
* M © tO M 01 01 CO
M
'
which compares
b Excess
01
to*
to W M
tO
1938
The monthly report of the Treasury Department, showing
and liabilities as of Oct. 31, 1936, of governmental
to
1—1
1
to
©!
©«
-4m
§1 m O © M II ©000
00 m M
* Oi ©
M
I
-4 I
©OM
m M tO m i
Interests),
lnter-agency assets (deduct),
M
m
m m tO
*
O*©©*-.' ©00M
Deficit (deduct).
c
j
;
©;
©
assets
•
;
to
©
to
REPORT
to;
©
©
D
MONTHLY
OO©01-J©©M0lOO
e
and liabilities (except bond Investments),
Also includes real estate and other property held for sale,
f
g
Excludes contingent assets and liabilities amounting to
©MM
kjjft M©
O
tO*tOM©tO*MM
© © -4 tO M © tO m CO ©
*M
!<ri
Adjusted for lnter-agency Items and Items In transit.
d Exclusive of lnter-agency assets
"©
$21,142 for guaran¬
I
period ending Oct. 25, 1936, after which time the organization
Maritime Commission.
Includes U. 8. Housing Corporation, U. 8. Railroad Administration, U. 8.
£;
M
to
; .w:
taken over by hte L nited States
i
M
•
obligations held by the
i
3
01
01
OI
© *1
I
© 01 I
I
S
a
5
paia-in surplus
Shares of State building and loan associations,
to
©
©
tO*tOM©tO*MM
..
-
©®-4tOMOtOMM©
tOMto©M©toVito
tO©-4©©tO*MM
©©©©©©©00©
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3782
Financial
Chronicle
GOVERNMENT RECEIPTS AND EXPENDITURES
Trust
Through the courtesy of the Secretary of the Treasury,
are enabled to
place beforefour readers today the details
Government receipts!and disbursements for November,
1936
and
Trust accounts
-Month of November
1936
1935
Transactions In
Internal Revenue:
$
$
tax
$
employees
18,986,232
419,833,874
147,586,245
Mlscell. Internal revenue
141,808,092
958,560,365
other
7,951,626
2,501
31,225,546
178,692,290
161,044,376
87,168
23,234,881
10,903,870
51,225,408
9,465,608
Seigniorage
5,516,581
2,673,029
25,801,832
19,593,396
5,583,313
4,745,226
23,524,449
22,765,171
232,774,058
234,296,827
1,640,862,173
1,468,196,530
Total receipts
100,000
29,817,007
34,954,717
2,434,690
1,329,753
206,650,175
b Excess of credits
4,844,492
"*7,727,399
54,082,996
897,321
5,665,174
32,627,758
14,756,149
40,662,400
5,000,000
33,273,647
114,072,051
155,484,603
37,359,787
30,072,196
197,381,138
47,924,520
47,991,291
241,292,190
8,009
59,498,843
115,388
1,635,465
695
30,810,545
Emergency Conserv. Work.a..
27,369,507
Farm Credit Administration
a
2,066,876
Tennessee Valley Authority a
Debt charges—Retirements..
3% % bonds of 1946-56
3% % bonds of 1943-47
3H % bonds Of 1940-43
3%% bonds of 1941-43
3H % bonds of 1946-49
3% bonds of 1951-55
3M % bonds of 1941
3y± % bonds of 1943-45
3H% bonds of 1944-46
2,068
19,557,052
81,682,969
7,705,445
15,690,848
on
Total, general.
1,514,746
2,237,473
38,277,100
262,778,341
6,349,400
12,773,182
305,064",800
10,134,840
477,173
1,290,831
4,256,074
8,860,952
280,264,400
farm prod.
46,232,150
2,167,767
Internal revenue
4,556,050
1,022,282
Refunds—Customs
4,039,164
8,226,308
Interest
3% bonds of 1946-48
3H% bonds of 1949-52
2%% bonds of 1955-60
254% bonds of 1945-47
254 % bonds of 1948-51
103,832,717
b147,526
272,008,376
1,709,218,770
1,732,650,115
4,818,336
$758,955,800.00
1,036,702,900.00
489,080,100.00
454,135.200.00
352,993,950.00
544,870,050.00
818,627,500.00
755,476,000.00
834,463,200.00
1,400,534,750.00
1,518,737,650.00
1,035,874,900.00
491,375,100 00
2,611,112,650.00
1,214,428,950.00
1,223,496,850.00
1,626,688,150.00
981,848,050.00
4% bonds of 1944-54
238,810,337
Aug 24,1935)
Agricultural Contract Adjusts.
Soil Conservation & Domestic
Allotment Act
403,780
17,408,894
250,354,687
2M% bonds of 1951-1954
254% bonds of 1956-59
6,505,198
12,965,731
18,149,401,750.00
United States Savings bonds:
Series A
1
$192,001,173.50
255,488,925.00
Series B
447 490 098.50
———————
Recovery and relief:
>
469,'631.'350i00
Adjusted Service Bonds.
Agricultural aid:
Agrlcul. Adjust. Admin
2,070,023
Commodity Credit Corp—
>
Fed.
Emer.
Relief
Admin, (incl. Fed.
Sur¬
plus Com. Corporation).
Civil Works Administration
t
Emerg. Conserva'n work..
Dept. of Agrlcul., relief
bl4,128,995
2,475,177
402,423
75,800,288
b4,328,399
b60,090,500
bll,768,425
23,097,827
24,360,304
8,229,678
Total bonds
b22,551,717
410,209,660
55,506,668
254 % series B-1936. maturing Dec. 15,1936..
354 % series A-1937, maturing Sept. 15,1937..
3%
3%
25,985
65,526
160,607
51,285,963
55,615,685
21,419
268,676
258,266
1,796,565
508,837
6,633,809
7,313,651
13,282,053
92,791,992
b5,369,408
b22,254,694
States,
Ac
Loans to railroads
Public highways
b3,452,042
b363,068
b3,294,091
30,090,148
River and harbor work
Rural Electrlflca'n
Admin.
Works Progress
18,094,974
156,442,952
8,615,806
14,926,02
62,689,940
124,769,052
63,404,227
378,106
51,442
1,829,694
169,656,326
48,507,622
828,557,621
34,675,845
167,453,172
home-owners:
Home-loan system
2,418,269
11,180,593
Emergency housing
Federal Housing
Admin...
28,563,011
4,459,230
2,706,690
14,228,469
13,141,739
1,010,442
1,133,702
6,460,523
5,203,674
13,790,618
4,894,494
62,506,712
15,358,793
,
15.1938..
15,1939..
15,1939..
15,1939..
15,1940—
15,1940..
15,1940—
154 % series A-1941, maturing Mar. 15, 1941..
154% series B-1941, maturing June 15,1941..
154,211,479
2,400,273
1,1938..
15,1938..
15,1938..
series B-1938, maturing June
series C-1938, maturing Mar.
series D-1938, maturing Sept.
series A-1939, maturing June
series B-1939, maturing Deo.
series C-1939, maturing Mar.
154 % series A-1940, maturing Mar.
154 % series B-1940, maturing June
154 % series C-1940, maturing Dec.
$357,921,200.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056,800.00
455,175,500.00
- 596,416,100.00
1,293,714,200.00
526,233,000.00
941,613,750.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
r
96,221,171
33,055,506
15,1937..
15,1937—
2yi %
3%
2U %
254 %
154 %
154 %
272,773,889
661,407
series B-1937, maturing Apr.
series C-1937, maturing Feb.
2|Mj % series A-1938, maturing Feb.
368,377
1,765,284
19,265,192,018.50
Treasury Notes—
153,291,577
20,791,523
Public Work (incl. work
rel'f);
Boulder Canyon project—-
municipalities,
2,264,245
5,579,301
Relief:
Loans and grants to
2,469,952
656,556
b2,620,056
Farm Credit Admin...
Federal Land banks
THE
$49,800,000.00
28,894,500.00
119,974,320.00
4H% bonds of 1947-52
100,000,000
2,937,730
OF
NOV. 30, 1936
Treasury bonds:
238,037,831
55,355,218
Adjusted service ctf. fund..
; Agrlcul. Adjust. Admln.a c_.
Agrlcul. Adjust. Admin. (Act
STATEMENT
STATES,
$198,668,820.00
5,707,500
154,748,115
National defense:a
or advances from the Treasury
Bonds—
74,386,893
46,735,300
DEBT
products
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
2H % Postal Savings bonds (12th to 49th ser.)
823,029
Retirement funds (U.S. share)
Diet, of Col. (U. S.
share)
Veterans' pensions & benefits:
Veterans' Administration a
223,122,486
preliminary statement of the pilblic debt of the United
made up on the basis of the daily
Treasury statement, is as follows:
25,014,655
38,786,375
135,103,616
The
4,502,945
5,000,000
305,301
..
States Nov. 30, 1936, as
33,199,444
1,019,268
10,000,000
Army
Navy
418,389,469
(deduct).
PRELIMINARY
47,179,521
13,639,642
a
273,453,602
10,845,937
c Payable from processing taxes on farm
to be deducted from processing taxes.
88,156,541
9,376,641
11,673,661
Postal deficiency
Railroad Retirement Act
Social Security Act
39,493,204
23,951,508
UNITED
a
28,182,000
51,140,344
Expenditures—
a
2,585,546
270,454,1/9
of the daily Treasury statement for the 15th of each month,
1,936,326
—
9,242,000
Excess Of expenditures
196,128
24,970,750
—
575,000
49,909,695
31,030,940
a Additional expenditures on these accounts for the months and the fiscal
years are
included under Recovery and Relief Expenditures, the classification of which will be
shown In the statement of classified receipts and expenditures
appearing on page 5
1,523,643
Processing tax
156,002
Excess of receipts or credits...
56,429,923
3,708,750
Public buildings
65,068,398
.99,705
1
Panama Canal tolls, Ac
Public highways .a
River and harbor work
Panama Canal a
104,307,791
6,847,800
Total.
sees.
Principal—for'n obligations
Interest—for'n obligations.
General—Departmental
1,952,903
295,568
vestments
6,333
Miscellaneous receipts:
Other miscellaneous
28,276,226
Unemployment trust fund—In¬
326,427,887
821,244,761
35,452,288
Customs
All
80,125,344
5,945
16,952
Proceeds of Govt.-owned
90,083,548
Other—
699
3,868
farm prod'ts
on
6,509,361
checking acc'ts
(Sec. 13b, Fed. Res. Act as
amended)
For retirem't of Nat. bk. notes
1935-36
$
33,294,550
Unjust enrichment tax
Taxes under Social Sec. Act—
Taxes upon carriers A their
Processing tax
6,774,318
of governmental agencies (net)
—July 1 to Nov, 30
1936-37
1935-36
$
$
Melting losses, Ac
Payment to Fed. Res. banks
Receipts—
Income
1936-37
$
Chargeable agst. lncrem.on gold:
1936-37 and 1935-36:
General and Special Funds
1936
12,
July 1 to Nov. 30—
,
$
and the five months of the fiscal years
1935,
-Month of November
1936
1936
-
Expenditures—
we
of
Dec.
Accounts, Increment
on Gold, &c.
Admin....
All other
Aid to
$10,848,925,550.00
4% Civil Service retirement fund, series 1937
Resettlement Administra'n.
Subsistence homesteads
Miscellaneous:
Export-Import
Bks. of Wash.
Admin, for Indus.
Recovery..
Reconstruction Finance Corp.
—direct loans A expend'8..
Tennessee Valley
Authority..
Total recovery and relief
..
Total expenditures
Excess of receipts
Excess of expenditures
207,241
-
376
412,689
to 1941
4%
b722,457
149,758
6,603,894
5,525
671,092
10,069
4,161,844
b30,727,199
b4,057,503
b240,074,558
4,281,867
311.100,000.00
Service retirement fund,
series
3,128,000.00
4% Canal Zone retirement fund, series 1937
3,261,000.00
Postal Savings System series,
maturing
June 30. 1939 and 1940
100,000,000.00
2%
Federal Deposit Insurance Corporation
series, maturing Deo. 1, 1939—
259,611,436
261,511,135
1,176,241,395
1,428,029,075
539,875,836
533,519,511
2,885,460,165
3,160,679,190
....*
307,101,777
299,222,684
1,244,597,992
11,366,414,550.00
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series,
maturing Jan. 1, 1937
254 % Unemployment Trust Fund series, ma¬
turing June 30, 1937
......
Total Interest-bearing debt outstanding....
Matured Debt on Which Interest Has Ceased—
Excess of expenditures (exclud¬
ing publio debt retirements)..
Trust sects.. Increment on
Old debt matured—issued prior to Apr. 1,1917
307,101,777
299,222,684
1,244,597,992
1,692,482,660
4,556,050
46,232,160
38,277,100
305,064,800
302,545,727
252,990,534
1,206,320,892
1,387,417,860
—10,845,937
+135,103,616
+223,122,485
326,497,236
242,144,597
1,341,424,508
1,610,540,345
6,847,800
31,030,940
49,909,695
270,454,178
319,649,436
211,113,657
1,291,514,813
Increase (+) or decrease
(—) in
the publio debt
Public debt at begin, of month
38,694,369
1,275,896,589
406,957,458
of 1932-47
—38,365,429
+ 172,419,288
+15,619,224
454% Third Liberty Loan bonds of 1928
45a % Fourth Liberty Loan bonds of 1933-38.
354 % and 454 % Victory notes of 1922-23
Treasury notes, at various Interest rates
Ctfs. of Indebtedness, at various Interest rates
Treasury bills
Treasury savings certificates
.......
...
33,778,543,494
28,700,892,625
1,514,050.00
2,473,750.00
48,160,350.00
29,634,021,334
33,794,162,718
29,634,021,334
718,550.00
17.865,200.00
7,707,450.00
22,603,000.00
278,575.00
346,681,016.00
156,039,430.93
190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unclassi¬
fied sales. Ao
366,739,798.50
2,033,418.04
3,269.152.79
Accounts, Increment
on GoId,.&c.
562,683.954.40
r
Total gross debt....
Receipts—
15,299,820
Increment resulting from reduc¬
16,588,998
90,145,231
—
TREASURY MONEY
163,o85
65,780
1,336,500
312,257
1,515,446
33,684,363
17,465,b01
92,993,650
10,209,985
27,188,836
138,349,986
The
following compilation, made
33,794,162,718.16
195,266,983
HOLDINGS
up from the daily Gov¬
statements, shows the money holdings of the
Treasury at the beginning of business on the first of Sep¬
tember, October, November and December, 1936:
ernment
29,402,454
60,339,141
-
101,961,076
tion In the weight of the gold
trust fund...—
4,712,270.26
143.052.195.26
Debt Bearing No Interest—
United States notes
+933,128,709
29,461,602,046
33,794,162,718
-
33,088,426,568 50
..
37,019.000.00
Less gold reserve...—.
33,832,528,147
Trust accounts
.
1,340,086,167
358,014,865
103,891,000.00
2,352,929,000.00
854 %. 4% and 454 % First Liberty Loan bonds
1927-42
+23,951,509
Less nat. bank note retire't
Total
47.091,000.00
4% and 45£ % Second Liberty Loan bonds of
gold,
Seigniorage
Unemployment
56,800,000.00
...
1,692,482,660
Summary
dollar
100,000,000.00
18,687,875
21,637,614
Treasury bills (maturity value)...............
Excess of expenditures.
Less publio-debt retirements.
Trust
I
to 1941
2%
974,832
Foreign
1937 to 1941
Financial
143
Volume
Oct.
Sept. 1, 1936
Holdings in U. S. Treasury
Net sliver coin and
Net United States notes..
Net National bank notes.
Net Federal Reserve notes
Net Fed
5,493,345
4,328.229
Net subsidiary silver
Minor coin, &c
139,290
287,647
5,387,312
5,505,496
5,739,264
3,535,659
156,039,431
999,799,478
156,039,431
931,790,986
156,039,431
♦908,885,612
156,039,431
843,760.047
775,751,555
752,846,181
941,242,940
fund
Cash balance in Treas..
1,131,526,000 1,168,993,000 1,006,107,000
155,234,559
350,127,447
Dep. in Fed. Res. bank..
167,246,232
Dep. in National banks—
To credit Treas. U. 8..
10,621,621
10,961,835
11,692,537
40,253,438
To credit disb. officers.
38,353,041
39,067,788
1,564,544
Cash in Philippine Islands
1,717,681
2,089,336
2,843,925
1,824,381
2,437,695
Deposits in foreign depts.
675,204,000
124,605,967
4% non-cum. pref. A
1.903,692,203 2,187,582.078 1,763,629,481 1,405,614,616
5342,968,516 silver bullion and $1,959,190 minor, &c.,
coins
1 Dec.
20
5c
Jan.
1 Dec.
$1M
$1H
Jan.
2 Dec.
20
15
2 Dec.
15
Arkansas
$7 preferred
Power & Light,
$6 preferred
Preferred
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The
BRANCHES
AUTHORIZED
Northwest
corner
Douglas County, Ore.
30—The
Nov.
State
Town
branch:
of
Location of
of Jackson and Cass Sts., City of Roseburg,
Certificate No. 1292A.
National Bank of Texarkana, Ark.
Foreman, Little River County, Ark.
Location of
Certificate
No. 1293A.
City of Calistoga,
Calif.
Location of branch:
Certificate No. 1294A,
Francisco,
Napa County, Calif.
Francsico,
City of Sutter Creek, Amador County,
Dec. 2—Bank of America National Trust & Savings Assn., San
Location of branch:
Certificate No. 1295A.
Calif.
Calif.
VOLUNTARY
LIQUIDATION
$50,000
Effective, Nov. 10,1936.
Liq. Agent, W.C. Marshall, 460Mont¬
gomery St., San Franfcisco, Calif.
Absorbed by: First National
Nov. 30—The First National Bank of Elko, Elko, Nev
Bank in Reno, Nev.
Charter No. 7038.
50,000
2—The First Nat'l Bank of Junction City, Junction City, Ore.
Dec.
Effective, Nov. 21,1936.
Liq. Agent, C. B. "Wasnburne, Junction
Ore.
Absorbed by:
"The United States National Bank of
Portland," Portland, Ore.
Charter No. 4514.
OF TITLE
CHANGE
COMMON CAPITAL
STOCK INCREASED
1—The First National Bank of Oconto, Oconto, Wis.
From $30,000 to $35,000 (amount of increase $5,000).
Dec.
CHANGES IN CAPITAL STOCK AS
REPORTED BY NATIONAL BANKS
Pref. Stock
Change
Outstanding
Com. by Div.
Capital
No. of Shs.
Name and Location
Date of
Increase in
No. of Shs.
After
Par
Par Value
11-30-36 The
Windham
County
Bank of Danielaon,
11- 7-36 The
First
$50,000
Conn
Bank
National
Value
1,000 shs.
$25,000
2,000 shs
Nat'l
Jan.
2 Dec.
50c
Jan.
50c
Jan.
1 Dec. 21
1 Dec. 21
18c
Jan.
25c
Dec.
22 Dec.
25c
Jan.
2 Dec.
14
50c
Jan.
2 Dec.
14
$1H
Jan.
2 Dec.
—
—.
_
Bancohio Corp.
'quarterly)
Barber Co., Inc. (special)
Beatrice Creamery (quarterly)
----
47,300
100,000
$2,700
Highland Park, N. J
None
900 shs.
11- 7-36 The First Nat'l Bank & Trust
Nat'l
2,000 shs.
200,000
150,000
$50,000
C 1500,000
Seaboard
$67,500
Citizens
Bank of
312H shs.
P
25,000
$25,000
C
100,000
625 shs.
P
None
$50,000
C
100.000
Montgomery, W. Va
11-14-36 The First Clark National Bank
of
\
Northfork, W. Va
C Common stock.
P Preferred stock.
DIVIDENDS
first
we
Then
we
follow with
a
second table in which
dividends previously announced, but which
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
we
show
the
have not yet
pany
News
" General Corporation and Investment
Department" in the week when declared:
name
in
our
The dividends announced this week
Name of Company
Share
Holders
Payable of Record
Adams Express Co.
(year-end dividend)
Ainsworth Mfg. Co
Air Reduction Co., Inc.
Dec.
Jan.
(quarterly)
Jan.
Extra
Jan.
Allied Products, preferred (quar.)
Common (initial)
Dec.
__
Aluminum Co. of
America, 6% preferred-
American Box Board
Co..
American Brake Shoe & Foundry (quar.)
23 Dec.
14
23 Dec. 21
15 Dec. 31
15 Dec. 31
2 Dec.
24 Dec.
14
14
Jan.
1 Dec.
10
Jan.
4 Dec.
24
Dec.
21 Dec.
14
Extra
Dec. 21 Dec.
14
Preferred (quarterly)
Dec. 21 Dec.
14
Dec.
15 Dec.
5
Dec.
15 Dec.
5
Jan.
2 Dec.
19
Jan,
2 Dec. 19
American Coach & Body Co
Extra
American
Crystal
Sugar
Preferred (quarterly)
lep. of N. J. (quar.)
American, District Teh
Dec.
18 Dec.
15
Dec.
18 Dec.
15
Jan.
Extra
26 Dec.
18
Dec.
26 Dec.
18
Dec. 26 Dec.
18
2 Dec.
14
16
r40c
(ord.) —
50c
---
30 Dec. 26
Dec. 22 Dec. 14
Jan.
35c
Jan.
2 Dec.
15
50c
40c
B (quar.) —
Jan.
2 Dec.
Jan.
2 Dec.
15
15
15
2 Dec.
Jan.
2 Dec.
15
Canada Southern Ry.
(semi-ann.)
$1H
Feb.
1 Dec.
28
r40c
Dec.
31 Dec.
16
Dec.
31 Dec.
16
Canadian Celanese Ltd., common
7% cumul. partic. preferred
(quar.)
r$lH
.
$1
Jan.
2 Dec.
r
S1H
Jan.
2 Dec.
18
r
Ltd. (quar.)
50c
Jan.
1 Dec.
21
$1H
$1H
$1M
$1H
Dec.
15 Dec.
10
Dec.
50c
Dec.
18 Dec.
9
$1H
$1H
Dec.
24 Dec.
17
Dec.
24 Dec.
17
60c
Dec.
24 Dec.
17
Dec. 23 Dec.
16
Capital Management (special)
Carman & Co., Inc., A (quar.)
Carolina Power & Light, $7 preferred
$6 preferred
Carpel Corp. (extra)
Carthage Mills, Inc
Class A (quarterly)
Class B (quarterly)
Celanese Corp. of America, com
—
7% cumulative series prior preferred (quar.) 7% cumulative 1st preferred (semi-ann.) —Chapman Valve Mfg. Co. 7% pref. (semi-ann.)
Chartered Investors (resumed)
Chemical Bank & Trust Co. (N. Y.) (quar.)—
Chicago Burlington & Quincy RR. Co
—
Cincinnati Gas & Electric, 5% pref. A (quar.)—
Cincinnati & Suburban Bell Telep. (quar.)
Cleveland Electric Illuminating (quar.)
$1
$1H
$3H
$3H
pref
1 Dec.
16
Dec. 31 Dec.
16
Jan.
Dec.
1 Nov. 25
Dec. 21 Dec.
Jan.
$4
Dec.
2 Dec.
18 Dec.
10
15
11a
2 Dec.
15
18
50c
Dec.
22 Dec.
10
Dec.
22 Dec.
10
1 Dec.
18
$1H
$1.12
Jan.
Jan.
$1,125 Jan.
2 Dec.
50c
Dec.
24 Dec.
17
30c
Dec.
23 Dec.
12
50c
Dec.
21 Dec.
15
$1.30
Dec.
21 Dec.
15
25c
Jan.
2 Dec.
18
60c
Dec. 22 Dec.
18
75c
Jan.
50c
Dec. 31 Dec.
14
31 Dec.
14
$1
$4
$2
$4
Dec.
2 Dec.
15
Dec. 24 Dec.
12
Jan.
12
Dec.
1 Dec.
24 Dec.
14a
1 Dec.
18
$2H
Dec.
15 Dec.
10
35c
Dec.
21 Dec.
12
Dec.
21 Dec.
12
Jan.
15 Jan.
45c
(quarterly)
Dec. 24 Dec.
5
14
50c
Dec.
12
50c
Jan.
25c
Dec. 21 Dec.
20c
Shares—
—
B (quar.)
18
1 Nov. 14
h$ 2
$1H
Dec.
10c
Dec.
18 Dec. 11
31 Dec. 31
21 Dec. 15
Dec.
60c
Dec.
21 Dec.
15
$1
75c
Dec.
21 Dec.
14
Jan.
Jan.
1 Dec. 21
1 Dec. 21
Jan.
1 Dec. 21
Jan.
2 Dec. 21
Dec.
22 Dec.
14
$1
$1H
preferred (quarterly)
6% preferred (semi-ann.)
Diesel-Wemmer-Gilbert (quar.)
6 H%
Jan.
2 Dec. 21
30c
Extra
Jan.
2 Dec. 21
25c
50c
Extra
$3
(semi-annual)
Dec.
24 Dec.
Dec.
24 Dec.
17
Dec. 24 Dec.
15
17
2 Dec.
15
12
(increased)
IS Dec.
2C Dec. 31
Dec.
31 Dec.
Dec.
Jan.
18
2
IS Dec.
12
2 Dec.
60c
Dec.
24 Dec.
15
18
50c
Dec.
24 Dec.
18
$1H
Lines (resumed)
(quar.)
:
Co. 6% pref. (quar.)
Drug Stores
preferred (semi-ann.)
Jan.
15c
Economical-Cunningham
—
6% preferred (quarterly)
Economy Grocery Stores (increased)
Electric Controller Mfg. Co. (special)
Increased
Electric Power Assoc., Inc., class A
Empire Safe Deposit Co. (quar.) —
Endicott Johnson Corp.. (quar.) —
Dec.
Jan.
40c
preferred (quar.)
(quar.)
Jan.
$1H
$1M
__
$1H
$1
50c
$3 pref. (semi-ann.) __
Dome Mines (quar.)
Eastern Steamship
2 Dec. 21
Dec.
50c
Dominion Rubber Co.,
21 Dec.
c35c
$1H
(quar.)
Di Giorgio Fruit Corp.
Dolese & Shepard
Jan.
25c
Steel Products
Diamond Shoe Corp
& common
Dec.
15 Nov. 30
37Hc
$3
$1H
Jan.
Jan.
20 Jan.
2 Dec.
19
Jan.
20 Jan.
5
37 He
Dec.
24 Dec.
$2H
Dec.
21 Dec.
14
$1
15c
Dec.
21 Dec.
14
Dec. 23 Dec.
Dec. 28 Dec.
14
5
15
(initial)
(quar.)
(quar.)
Fanny Farmer Candy Shops (quar.)
Eureka Vacuum Cleaner
Fafnir Bearing Co.
Extra
Federal Knitting Mills (special).
Federal Mogul (quarterly)
Fifth Avenue Bank (quarterly) _
First Boston Corp
Fisk Rubber Corp. preferred—
Dec.
24 Dec.
11
Florence Stove Co.
Dec.
18 Dec.
14
Frankenmuth Brewing
Dec. 26 Dec.
16
(increased)(quar.).
—
75c
Jan.
2 Dec.
19
18
$1.35
(quar.)
Equity Corp., common
Extra
12
25c
A & B (special)
Davega Stores Corp. (semi-ann.)
Davenport Hosiery Mills
Deere & Co. preferred (quar.)
(Corrected: previously reported as common.)
Dennison Mfg. Co. debenture stock.
——
Dentists Supply Co. of N. Y. 7% pref
Detroit Gray Iron Foundry (quar.)
Preferred
2 Dec.
35c
Special
6% prior
12
Jan.
50c
h
Special
Crum & Forster Co.
Preferred
15
2 Dec.
45c
(quarterly)
Cleveland Graphite Bronze Co
Cohn & Rosenberger (initial)
Columbia Broadcasting System, Inc. (quar.) —
Special
Columbia Pictures Corp. (quar.)
Compressed Industrial Gases (extra)
Connecticut Gas & Coke Securities, pref. (qu.)__
Consolidated Mining & Smelting Co. of Can(s-a)
Preferred
18 Dec.
Jan.
25c
Consolidated Retail Stores, Inc.,
Preferred (regular)--
,
18
r
(quar.)
Canadian Cottons, Ltd.
Prefered (quarterly)
American Hard Rubber Co. (resumed)
24 Dec.
Jan.
American Potash & Chemical (increased)
Republics Corp. (increased)
14
Dec.
$1
15
American
21 Dec.
75c
15
5
Dec.
80c
f--
15 Dec.
'
Jan.
(quarterly)
Dec. 22 Dec.
Dec. 15 Dec.
Preferred (quarterly)
American Equities Co
American Fork & Hoe Co. (extra)
17
Dec.
Canada Packers, Ltd.
Echlin Mfg.
Dec.
24
75c
Preferred (quarterly)
When
2 Dec.
24 Dec.
Dec.
(quar.)
Building Products, Ltd., class A and
Class A and B (extra)-Calamba Sugar Estate (quarterly)
Eagle Pitcher Lead Co.
Per
24
50c
Buckeye Steel Casting (extra)
Duncan Mills 7% pref.
are:
14
8
2 Dec.
Jan.
37Hc
'•* '-»—
Brach (E. j.) & Sons (extra)
Brazilian Traction Lt. & Pr. Co., Ltd.
Preferred
current week.
26 Dec.
Dec.
Jan.
$1
Extra
grouped in two separate tables.
In the
bring together all the dividends announced the
15
81H
37 He
(quarterly)
Devoe & Raynolds A &
A & B (extra)
are
1 Dec. 21
62 He
25c
Laughlin, Inc. (quar.)
Detroit
Dividends
18
14a
18
30c
Bethlehem Steel (resumed)
Crum & Forster Insurance
Norfolk, Va
10-28-36 The Montgomery Nat'l Bank,
Co. of Summit, N. J
11-14-36 The
Dec.
25c
Belding-Heminway Co
Bickford's, Inc. (increased quar.)
Preferred (quarterly)
r
Binks Manufacturing Co. (extra)
Y. (quar.).
preferredCrandall-McKenzie & Henderson, Inc
C $225,000
27 shs.
of
18
Jan.
(quarterly)
of Yorktown (quarterly)
Continental Security Corp.
None
18
14
$3 H
Bank of the Manhattan Co. (quar.)
Continental Baking Corp. preferred
Continental Bank & Trust Co. of N.
Charges
P
31 Dec.
Dec. 31 Dec.
Dec.
37 He
Bonus
Retirement
24 Dec.
24 Dec.
14
Dec.
31 Dec.
2 Dec.
Preferred
To: "The First National Bank of Kenton."
ton, Ohio.
4
Dec.
$1H
Extra-
1—"The First Commercial National Bank of Kenton," Ken¬
Dec.
21
40c
(quarterly)
Canadian Westinghouse,
1—Bank of America National Trust & Savings Assn., San
Dec.
4
2 Dec.
Jan.
10c
Extra
Nov. 28—The United States National Bank of Portland, Ore.
18 Dec.
10c
(quar.)_.
Special
BANKS
18 Dec.
Dec.
80c
(quarterly)
Boston Herald Traveler Corp.
NATIONAL
Dec.
$1H
(quarterly)
Bank of N. Y. & Trust Co.
Bliss &
Jan.
75c
—
Special
Extra-
Jan.
75c
Electric Co. (quar.)
Arrow-Hart & Hegeman
Extra
Preferred
branch:
—
Extra
not Included in statement "Stock of Money."
Jan.
5c
Class B
Preferred (quarterly)
2,138,532,396 2,416,468,134 1,992,376,642 1,606,088,548
200,473,932
228,747,161
Deduct current liabilities.
228,886,056
234,840.192
Dec.
8Hc
10
7
15 Dec.
7
15 Dec.
1 Dec. 20
Dec.
$1
stock—
Extra
Treasury
Includes on Dec. 1,
new
2 Dec.
Jan.
Extra
Bank
11,163,630
37,161,354
2,371,001
2,736,415
and in banks
*
Payable of Record
25c
A. & K. Petroleum, class A (quar.)
Preferred
tificates of indebtedness
In
Payable in
$1H
(Del.), 1st pref—
Axton-Fisher Tobacco, class A
Class B (quarterly)
Treasury notes and cer¬
cash
American Superpower Corp.
American Wringer, Inc
Ashland Oil & Refining Co.
Dep. in spec'l depositories
account Treas'y bonds,
Net
Share
Company
S
477,937,294
400,120,648
2,813,545
1,883,857
16,919,650
785,203,509
Total cash In Treasury.
Less gold reserve
Name of
Holders
When
Per
1936
485,257,406
413,833,268
2,893,377
2,020,380
16,402,505
549,968,636
418,856,972
3,199,255
3,295,530
15.137,620
393,394
3,928,737
5,019,334
432,245
bank notes.
Res
Dec. 1,
$
-',S
S
505,342,875
403,778,832
3,152,244
3,002,450
15,712,720
coin and bullion.
bullion
Net gold
Nov. 1, 1936
1, 1936
3783
Chronicle
Jan.
2 Dec.
18
25c
Dec. 23 Dec.
20c
Jan.
15
17
1H%
$2
12Hc
Dec.
25c
Dec.
62 He
25c
$6
$2
$1H
$4H
2Hc
5c
Dec.
2 Dec.
15 Dec.
3
23 Dec. 15
23 Dec. 15
Dec. 21 Dec.
15
24 Dec. 18'
1 Dec. 311
Dec. 22 Dec.: 11
Dec. 20 Dec. 10
Dec.
Jan.
21 Dec.
12
Dec.
21 Dec.
11
Dec.
21 Dec; 11
Dec.
,
3784
Financial
Per
Name of Company
Foster & Kleiser 6% class A
Co.
Oarlock Packing
Share
371§
Special (in 10-year 4H% cony, notes).
General Optical Co., preferred
General Printing Ink Corp. common
$6 cumulative preferred (quar.)
General Reinsurance Corp
General Telephone Allied Corp. $6 pref-.
Gilbert (A. C.) Co. (resumed)
Preferred (quarterly)
Godman (H. C.) Shoe Co. 2d preferred-.
Goldblatt Bros, (quar.)
h$ 1
$2)4
$1H
50c
h$ 8
62 He
87Hc
h$ 1)4
37Hc
50c
Extra.
Golden Anchor
.
$1
$1
Grant
25c
Steel Co. (quar.)
Class A
Jan.
Jan.
Dec.
19
14
1 Dec.
15
1 Dec.
15
21 Dec.
10
Dec. 22
80c
Dec. 22 Dec.
17
Dec. 22 Dec.
17
Dec. 21 Dec.
10
20c
Dec. 21 Dec.
Jan.
1 Jan.
10
1
Dec. 26 Dec.
Extra
6.3c
11c
11
Dec. 26 Dec.
Automobile (regular)
11
Dec. 26 Dec.
11
—
—
11
Dec. 26 Dec.
11
19c
(regular)
Dec. 26 Dec.
1.5c
Extra
-
Dec. 24 Dec.
Dec. 24 Dec.
Dec. 26 Dec.
11
Extra
-—
26 Dec.
11
Dec. 26 Dec.
11
Dec. 26 Dec.
Dec. 26 Dec.
11
Parker-Wolverine Co.
Penick & Ford, Ltd
Penn-Mex Fuel Co
Dec. 26 Dec.
Dec. 26 Dec.
11
Dec. 26 Dec.
11
Dec. 26 Dec.
11
Dec. 26 Dec.
11
Dec. 26 Dec.
11
Dec. 26 Dec.
11
Dec. 26 Dec.
Dec. 26 Dec.
11
11
1.2c
Dec. 26 Dec.
Dec. 26 Dec.
11
7c
Extra
--
Dec. 26 Dec.
11
4c
,---
(regular)
Railroad Equipment
Extra
11
1.4c
(regular)
Dec. 26 Dec.
6c
Dec. 26 Dec.
11
3.4c
(regular)
Extra—
Dec. 26 Dec.
11
11
5c
Extra
—
—
Co -
Plantation
Heller (W. E.) & Co., pref. (quar.)
Hershey Chocolate Corp. (extra)
Hollinger Consolidated Gold Mines
Jan.
Dec.
15 Dec.
5
Dec.
5
10
1
Jan.
15 Dec.
15 Jan.
Dec.
19 Dec.
II
Bearing Co-----Baking, N. J. (quar.)
60c
$1H
Horn & Hardart
(quarterly)
75c
75c
Extra
6% pref. (quar.)
Hunter Steel Co.,
Ideal Cement Co.
Dec. 23
25c
20c
43 Mc
60c
Extra
Howe Sound Co.
11
25c
-
Hawaiian Sumatra
Hoover Ball &
Dec. 26 Dec.
60c
—
Hawaiian Sugar
11
$1.40
(quarterly)... — - - Agricultural Co. (monthly)
Harbauer Co.
Extra
11
Dec. 26 Dec.
12c
(regular)
Dec. 26 Dec.
2.2c
Extra
Utilities
Hawaiian
11
2.4c
Railroad (regular).
Tobacco
11
3He
Extra
11
Dec. 26 Dec.
2.2c
(regular)
Petroleum
Dec. 26 Dec.
Dec. 26 Dec.
7c
Extra
Steel
11
30c
(increased)
Extra
-
$1
- - - - - -
wJf
Dec. 28 Dec.
18
Dec. 22 Dec.
15
Dec. 31 Dec.
14
Dec. 31 Dec.
14
Dec. 22 Dec.
12
Jan.
Dec.
22
Dec. 23 Dec.
Dec. 23 Dec.
11
11
Dec. 26 Dec. 21
Dec. 21 Dec. 15
21 Dec. 15
Dec.
Indiana
Gas"&"ChemTcaI
Corp., $6 pf. (initial) _ .
Industrial Rayon Corp
Quarterly
A. (semi-ann.)
17
17
$1
50c
Dec.
26 Dec.
22 Dec.
Jan.
Dec.
14
Dec. 24 Dec.
14
15
$1
- - - - - -
Extra
International Mining—_—
International Nickel, pref. (quar.)
International Utilities Corp., $3 prior
Dec.
19 Dec.
11
Dec.
24 Dec.
15
Dec.
24 Dec.
15
45c
Dec. 24 Dec.
17
$13*
pref
h$ 1%
cl5%
Investment Co. of Amer.,
60c
Quarterly
Investors Fund C
(quarterly)
Special
—
12
22 Dec.
10
Dec.
22 Dec.
10
25c
(quarterly)
------Steel Corp., preferredElectric, $6 pref. (quar.)...
7% preferred (quarterly)
Kansas Power, $6 preferred (quar.)
Dec.
Dec.
26 Dec.
16
Dec.
28 Dec.
15
$13*
h$ 2
$1H
$13*
Preferred
Dec.
22 Dec.
10
28 Dec.
23 Dec.
11
Jan.
Dec.
14
Jan.
Dec.
14
Dec.
Dec.
Jan.
Jan.
Dec.
Dec.
15
19
19
Dec. 24 Dec.
Dec. 22 Dec.
(special)
(special)
(quarterly)—j—Portland Cement (resumed)
14
2 Dec.
19 Dec.
17
21 Dec.
23 Dec.
18
Jan.
Dec.
Leath & Co. (resumed)
Dec.
Lily-Tulip Cup Corp. (extra)
Lion Oil Refining Co. (quar.)
Locomotive Firebox Co.
Dec.
16
10
18
Dec. 26 Dec. 22
7
Dec.
18 Dec.
23 Dec.
Dec. 18 Dec.
10
Dec.
Manning _.JH
Marchant Calculating Machines
,
14
15
Dec. 21 Dec.
—
Extra
14
Dec.
(extra)
Mead, Johnson & Co. (quar.)
11
Dec. 24 Dec.
Preferred (seini-ann.)
McGraw Electric Co.
15 Dec.
Dec.
24 Dec.
26 Dec.
Dec. 26 Dec.
18
Dec.
11
11
15
18
Melville Shoe Corp., com.
Dec.
1 Dec.
23 Dec.
Merchants Bank of New
Dec.
31 Dec.
21
Dec.
31 Dec.
16 Dec.
21
Dec. 23 Dec.
15
Preferred
(semi-annual)
Jan.
(extra)
York (quar.)
Extra
Midland Oil Corp.,
preferred (quar.)--
Dec.
Midland Steel Products
Minnesota
—
Mining & Mfg. Co. (quar.)
—
Mohawk Hudson Power, 1st
preferred
1
15
Jan.
2 Dec.
15
Dec.
$13*
$1H
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Dec.
Jan.
Jan.
Jan.
Dec.
Dec. 21 Dec.
21 Dec.
Dec.
Dec.
23 Dec. 15
23 Dec. 12
24 Dec. 11
Dec. 21 Dec. 16
Dec. 22 Dec. 15
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
Jan.
Prosperity Co
$1 div. payable in new pref. stock—
Procter & Gamble, 8% pref. (quar.)--.
Providence Washington Insurance Co. (R.
Special
14
15
16
Dec.
Dec.
19
Dec.
Dec.
Jan.
Dec. 24
Dec.
Dec.
Dec.
Dec.
11
58 l-3c Jan.
$2
I.) —
Dec.
15
Dec.
15
Jan.
Dec.
15
Dec.
Dec. 21
$1H
Feb.
50c
Jan.
Jan. 26
Dec. 19
13c
Dec.
Dec.
h$ 1
(quar.)..
Dec.
Dec.
10
Dec.
24 Dec.
15
B stk
$12
$2
$13*
20c
20c
5c
-
common..
14
1
17
,
17
,
9
'
12Hc
25c
50c
40c
Dec. 19 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Inc.—
stock (resumed)
& B (qu.) —
15
15
Dec.
24 Dec.
Dec.
Dec.
19
Dec.
Dec. 22 Dec.
11
Dec. 22 Dec.
11
30c
Dec.
Dec.
20 Dec.
Jan.
2 Dec.
10
Jan.
2 Dec.
14
Dec.
21 Dec.
2 Dec.
14
24 Dec.
24 Dec.
10
Dec.
14 Dec.
10
Dec.
Jan.
14 Dec. 10
15 Dec. 31
15 Dec. 31
15 Jan.
2
Jan.
15 Jan.
$1H
Jan.
$1H
$2H
Dec.
Dec.
Producing Co. (quar.)
25c
pref. A (quar.)
37 He
Jan.
37Hc
$13*
$1H
Jan.
$2H
Extra
--.
pref. (quar.) —
6% preferred (quar.)
Feb.
(quar.)
$13*
— - -
h$7
Spang, Chalfant & Co., 6% preferred
Spiegel, May, Stern (special)
Springfield Gas & Electric Co., pref. ser
Stein (A.) & Co. (special)
Preferred (quarterly)
Strook (S.) & Co., Inc
Stone & Webster Co. (resumed)
Submarine Signal Co
Special
Superheater Co. (quarterly)
A (qu.)_
(quar.)
Extra
$13*
50c
25c
50c
—
7% pref
19 Feb.
Dec. 31 Dec.
Jan.
1 Dec.
10
15
10
2
10
24
21
Dec. 24 Dec.
Dec. 18 Dec.
12
Jan.
2 Dec.
15
Dec. 26 Dec.
18
14
Jan.
4 Dec.
Dec.
21 Dec.
16
Dec. 23 Dec.
Dec. 14 Dec.
17
$2H
12Hc
12Hc
Dec.
14 Dec.
Jan.
15 Jan.
50c
50c
Jan.
75c
Jan.
18
9
Jan.
$2
50c
Dec. 24 Dec.
2
Dec.
9
5
17
2
2 Dec.
23 Dec.
II"
15
15c
Dec. 26 Dec. 18
Dec. 23 Dec. 20
Dec. 18 Dec.
9
15c
Dec.
18 Dec.
50c
Dec.
15 Dec.
27Hc
15
8
$3
Dec. 15 Dec.
8
12Hc
12Hc
Dec. 21 Dec.
11
Dec. 21 Dec.
11
25c
Dec. 21 Dec.
Dec. 24 Dec.
17
111?
25c
Trunz Pork Stores
Tubize Chatillon Corp.,
'
sP A
Extra
Transcontinental & Western Air—
Initial (special)
■
$1!i
Special
— -------Supertest Petroleum Corp., ord. bearers (s.-a.)__
Common bearer (semi-ann.)
Preferred B (semi-ann.)
Taylor Milling Corp. (increased)
Technicolor, Inc. (initial)
Telephone Investment (semi-aim.)
Tennessee Corp
Texon Oil & Land Co., common
Textile Banking Co. (quar.)
—
11
42c
5H % pref. (quar.)
Co. (quar.)..
12
10c
(quar.)
(quarterly)
15a
Dec. 23 Dec.
Dec. 24 Dec.
10c
Extra
5% preferred
Southwestern Bell Telep.
15a
30c
-
6% preferred (quar.)
Water Co., 7%
15a
20c
20c
133*c
—
South Pittsburgh
5
50c
(quarterly) —
6% conv. preferred (semi-ann.)
Shawmut Assoc. (quar.)
Tilo Roofing
Extra
19 Dec.
25 Jan.
Dec. 24 Dec.
Dec. 24 Dec.
$13*
Seaboard Commercial Corp., class A
Class A and B (extra)
Preferred (quar.)
r-r-.-r
Shamrock Oil & Gas Corp. (initial)
Preferred
15
14
Dec. 20 Dec.
$1
(special).
(Bernard) Cigar Co
Sloan & Zook
15
1 Dec.
Jan.
25c
Mtn.~&~Pacific Co.,
South Calif. Gas, 6%
15
$2
Preferred (quarterly)
Savanah Sugar Refining
Singer Mfg Co.
24 Dec.
$2
Extra
Shell Union Oil Corp.,
Dec.
Dec. 24 Dec.
Dec.
50c
Special
Class A and B
18
2 Dec. 22
Dec. 24 Dec.
Jan.
(extra)
BuUding & Equipment Corp.—
Scottish Type Investors,
16a
Dec. 23 Dec.
75c
(extra)
(quar.)
Extra
Schwartz
Preferred
16
Dec. 21 Dec.
Jan.
37Hc
(quarterly)
Extra
St. Louis .Rocky"
19
11
$1.30
—
St. Louis Bank
14
41 2-3c
Machine (quarterly)
Rose's 5-10 & 25c. Stores
14
Jan.
50c
(initial) i
Extra
Russeks Fifth Ave.
25c
40c
—
Reynolds Investing Co., Inc., $6 cum. pref—
Manufacturing Co. (special)
Preferred (quarterly)- — -- —
--Reece Button Hole Machine (quarterly)
Sangamo Electric
12
24 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Reliance
Richman Bros. Co.
10
10
Dec.
6% preferred
—
Republic Investors Fund, Inc., common—
Div. at the rate of l-80th unit of 6% pref
Reece Folding
10
10
Dec. 23 Dec.
2 Dec.
of Colorado, 7 % pref. (mo.)
6% preferred (monthly)
5% preferred (monthly)
Railway & Light Securities Co., com
Railway & Light Securities Co., pref.
Rath Packing Co. (quarterly)
Remington Arms Co.
10
Jan.
-—
-
Public Service Co.
4 Dec.
4 Dec.
Dec. 24 Dec.
Dec. 22 Dec.
preferred
Trico Products Corp.
8
8
11
15
15
5
15 Jan.
19 Dec. 10
Dec. 26 Dec. 15
Dec. 26 Dec. 17
Pierce Governor
15
18 Dec.
16
Dec.
Pittsburgh & Lake Erie RR. (increased)
Plough, Inc. (quarterly)
Poor & Co., class A (resumed)
Pressed Steel Car, Inc., first preferred-
15
Dec.
15
Jan.
7% preferred (quarterly)
Second preferred (quarterly)
Second preferred (participating)
15
15
24 Dec. 16
Dec. 31 Dec. 15
8
2 Dec.
Jan.
Extra
1 Dec.
15
1 Dec.
24 Dec.
Dec.
Jan.
Pennsylvania Exchange Bank—
Pie Bakeries, Inc. (increased)
1 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
24 Dec. 10
20 Dec. 31
20 Dec. 31
2 Dec. 16
Dec.
1 Dec.
15
24 Dec. 14
$1.65
Dec.
Dec. 24 Dec.
Extra
15
2 Dec.
Dec.
Jan.
«• —
15
2 Dec.
—
Jan.
8% preferred (quarterly)
$2 non-cumul. preferred (quar.)
Minneapolis, Moline Power Improvement—
2 Dec.
(extra)
Jan.
Common
Prcfcrrod
9
Jan.
Jan.
preferred
2d preferred
Special
20c
Kansas Gas &
$7 preferred (quarterly)
(I. B.) Rubber Co.
12
$13*
$1H
$1H
Jones & Laughlin
Knott Corp.
Lambert Co.
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
2
15a
15a
90c
6H % preferred
6% preferred
--Irving Air Chute (quarterly)-Jeannette Glass Co. (quarterly)
Kleinert
Jan.
20c
7% pref—
Iowa Southern Utilities,
Feb.
Dec. 23 Dec.
preferred (series 1931) -----opt. $7 cash, or.
$3 H prior
11
20c
- --
Hole Sewing Machine
-
31
31
19 Dec.
60c
Extra
International Button
15 Dec.
15 Dec.
Dec.
$1%
(quarterly)
Jan.
25c
Extra.Interlake Steamship
Jan.
50c
Insurance Co. of N.
Lawrence
26 Dec.
Dec.
42c
Pneumatic Tool (quar.)
Dec.
75c
Independent
Paramount Pictures, Inc., 1st
Second
2 Dec. 24
Dec.
Dec.
11
Jan.
Jan.
Parker Pen Co. (extra)
5c
Mining (regular)
15
7
Extra
11
4.7c
-
Extra
16
Dec.
50c
$2 preferred (quarterly)
11
3.8c
Merchandising (regular)
12
1 Dec.
/i50c
New York Power &
3.1c
.
12 Dec.
22 Dec.
Dec. 15 Dec.
$1H
New York & Honduras Rosario Mining
2 He
(regular)
Investing Co.
Dec.
Jan.
M6 2-3«
28c
(regular)---Industrial (regular)
12
$1
*13*
Assoc., 6% pref
11
2.6c
Food
14
21 Dec.
20c
6% preferred (quarterly)
Dec. 26 Dec.
9c
Extra.,
12
24 Dec.
Dec.
81.31H
$2 preferred
3.6c
(regular)
Electrical Equipment
Dec.
Dec.
62Hc
New Britain Machine Co. (resumed)
Preferred (quarterly)
Dec. 26 Dec.
Dec. 26 Dec.
5c
Distillery"a'nd Brewery (regular)
Jan.
81
4.8c
Chemical (regular)
Jan.
14
50c
(Herman) Corp
3.3c
2.6c
Dec.
Dec. 21
21 Dec. 15
Dec. 18
Dec. 12
Jan.
Extra
2.4c
-
Extra
55c
Nehi Corp., 1st preferred (quar.)
13c
Building (regular)
Dec. 24 Dec. 14
25c
Co.
Light, 7 % pref. (quar.)
6% preferred (quar.)
Niles-Bement Pond, div. payable in stockOne sh. Gen. Mach. Corp. for each 4 shs. heldNorthern States Power of Del., 7% pref. (quar.)
6% preferred (quarterly)
1
Northwestern Teleg. (semi-ann.)
Ohio Service Holding Corp., $5 non-cumul. prefOilstocks, Ltd. (semi-ann.)
Special
Oklahoma Natural Gas, 6% preferred (quar.)Old Colony Insurance Co. (quar.)
Special
Oshkosh Overall Co. (extra)
Otis Steel, 85H conv. pref. (quar.)
85 H convertible preferred
Packer Corp. (quar.)
Dec.
Holders
Jan.
$13*
15 Dec.
1
2 Dec. 23
Dec.
When
Payable of Record
Dec.
New England Power
Jan.
1936
12,
Jan.
18 Dec.
7
15 Dec. 31
2 Dec. 15
15 Dec.
1
$2
$50
$13*
60c
87Hc
Dec.
j 75c
Greyhound Corp., new
New (quarterly)----— Griggs Cooper & Co. 7% pref. (quar.)-Group Securities Inc., Agriculture (reg.)
Extra
12
h$ 2
*
Aviation
Preferred (quarterly)
Murphy (G. C.) Co., preferred (quar.)
Mutual Investors Fund (extra)
National Battery Co., preferred (quar.)
National Candy Co. (quarterly)
1st & 2d pref. (quarterly)
National Enameling & Stamping Co. (quar.)
National Steel Corp (quar.)
Nelson
35c
-
_/
Monroe Chemical Co_
Jan. 10 Dec. 10
Dec. 26 Dec. 22
Dec. 26 Dec. 22
$1
(W. T.) Co. (quarterly)
Rapids & Indiana Ry. Co. (semi-ann.)—
Great Western Fuse Co. common
Greif Bros. Coperage Corp., class A (quar.)
Great
Share
of Company
15
12
18
Dec. 23 Dec. 17
2 Dec. 17
Dec. 30 Dec. 22a
Dec. 22 Dec.
7
Dec. 24 Dec. 19
Dec. 24 Dec. 19
Jan.
40c
Per
Name
12
Jan.
Jan.
40c
Gorton-Pew Fisheries Co. (quar.)
Goodrich (B. F.) Co. common (special)
Granite City
Dec. 24 Dec.
Dec. 23 Dec.
62Hc
(Canada) (quar.)
class B (quar.)
Gorden Oil Co. (Ohio)
Class B (extra)
Dec.
Dec. 24 Dec.
Dec. 24 Dec.
22 He
63c
Mining Co. (initial).
Goodyear Tire & Rubber
Preferred (quarterly)
Dec.
Holders
Payable of Record
Jan.
37 J
pref. (quar.).
common (quar.)...
Extra
When
Chronicle
$53*
Dec. 24 Dec.
Dec. 22 Dec.
Feb.
1 Jan.
10
10
17
9
Volume
Financial
143
Per
Name of Company
Share
When
Chronicle
Holders
Per
Name of Company
Payable of Record
Twin City Rapid Transit, preferred
United Chemicals, Inc., preferred
Dec.
Dec.
18
Dec.
Dec.
18
United Loan Industrial Bank (Bklyn, N. Y.)_.
Extra
Jan.
Dec. 21
United Shirt Distributors (quar.)
Extra.
United Shoe Machinery Corp., common
Dec.
Dec.
Dec.
Jan.
Dec.
17
15
Jan.
Dec.
15
Dec.
Dec.
17
Nov.
Dec.
Nov. 15
Dec. 15
Preferred
United States & International Securities, pref.
United Stove Co. (increased)
Utility Equities Corp., $5M div. priority stock.
Valve Bag Co., preferred
Preferred (quar.)._
Virginian Railway
1'referred (quarterly)
Vlchek Tool (quarterly)
.
Dec.
■
Sspecial
1st preferred
Dec.
Feb.
Jan.
Dec.
Dec
Dec.
12
Dec.
American Sumatra Tobacco Co. (quar.)
Extra
American Surety Co. (semi-annual.)
American Telp. & Teleg. (quar.)
American Thread Co.. preferred (seml-ann.)
American Tobacco, pref. (quar.)
16
Dec.
16
Dec.
18
Dec.
Dec. 23
Dec.
Dec.
12
Dec.
American Water Works & Electric Co., common
1st $6 preferred (quar.)
American Woolen Co., Inc., pref. (quar.)
Dec.
Dec.
14
Anaconda
Jan.
Dec. 20
Jan.
Dec. 20
Dec. 15
Dec. 15
Anaconda Wire & Cable (extra)
Anchor
Anheuser Busch, Inc., (quarterly)
Apex Electrical Mfg. Co. (special)
37Mc
Dec.
Dec.
Western Tablet & Stationery Corp., extra....
50c
Jan.
Western Union Teleg. Co
75c
Jan.
Dec.
Dec.
Dec.
Cap Corp.,
18
10c
Extra
Dec. 21
Wolverine Tube Co
Copper Mining Co
common
15
give the dividends announced in previous weeks
paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Per
Share
When
30c
50c
Abbott Laboratories Co. (quar.)
Extra
Dec.
Dec.
75c
Abraham & Straus, Inc..
Acme Steel Co. (quarterly)
10
5
14
la
Nov. 30
Nov. 30
Dec. 14
Jan.
1 Dec.
Dec.
19 Dec.
19 Dec.
Dec.
Jan.
2
2
Jan.
2
Jan.
Dec. 19
Dec.
Dec.
Special, payable at the rate of 1 sh. for each 20
Dec.
Dec.
Dec.
Dec.
15 Dec.
17 Dec.
15
5
5
10
10
10
10
8
7
d Dec. 1 7 Dec. 7
Dec. 17 Dec.
7
Art Metal Works (quarterly)
25c
Nov. 30
Nov. 30
Asbestos Mfg. preferred (quar.)
Associated Breweries of Canada
Dec.
15 Dec.
1
Dec.
17
Associated
Jan.
15
Jan.
15 Jan.
15 Jan.
2
Dec.
Dec.
Dec.
19
18
Dec.
15 Dec.
1
Dec.
18
30c
Affiliated Funds, Inc. (extra)
Agnew Surpass Shoe Stores.jpref. (quar.)..
Agricultural Insurance Co. (Watertown, N. Y.).
Akron Brass Mfg. Co.. Inc—
Extra
stock—
Dee.
Dec.
Preferred
1st $6 preferred
Associates Investment Co.
6
-—
.
Dec.
-
(quar.)
Finance, 1st pref. (semi-ann.).
Atchisod Topeka & Santa Fe. pref. (s.-a.)
Atlanta Birm. & Coast RR. Co., 5% pfd. (s.-a.)
Atlantic Coast Line Co. (Conn.)
Atlantic Coast Line RR. (resinned)
Atlantic Gulf & W. Indies SS. Line, pref
Atlantic & Ohio Teleg. (quar.)
Atlantic Refining Co. (quarterly)
Special
Atlas Powder Co. (special)
Autocar Co., $3 preferred (initial)
Auto City Brewing Co. (quarterly)
Dec. 12
Dec. 15
Allegheny & Western Ry. urtd taemi-ann.)
Allied Products Co., new (initial)
Dec.
19
Dec.
14
Preferred
Dec.
14
Dec. 21
(quarterly)
Allied Stores, 5% preferred (quar.)
Allis-Chalmers Mfg. Co. (quar.)
Nov. 30
Nov. 30
Extra
All Metal Products (extra)
Aloe (A. S.) (extra)
Dec.
10
Dec.
(quar.)
Extra
12
$6 preferred (quarterly)
Albany & Susquehanna RR. Co. (s.-a.)--
5
Extra
--
-
Feb.
Jan.
1 Dec.
2 Dec.
Dec. 23 Nov.
Dec. 23 Nov.
Dec. 23 Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
1
Automatic Voting Machine (quar.)
Jan.
Dec.
5
Jan.
(quar.)
„
—
preferred
Aluminum Goods Mfg. Co. (quar.)—
Aluminum Manufacturing. Inc. (quarterly)....
7% preferred (quarterly)...
-American Agricultural Chemical Co
Dec.
31
Avon, Geneseo & Mt. Morris RR., 3X% gtd—
Babcock & Wilcox (quarterly)
Aluminum Co. of America,
Dec.
Dec.
10
4
Dec.
15
Dec.
12
American
Dec.
21
Dec.
15
American Bank Note (quarterly)
Extra
Preferred
Dec.
Dec.
Dec.
preferred (Initial) —
American Chicle Co. (quar.)
—
Special
American Cigarette & Cigar—
Pay. in l-20th sh. Amer. Tob. Co. com. B stk
6% pref. (quar.)
American Cities Pow. & Light, class A (quar.)
Optional payment of 1-16th sh. of class B.
American Commercial Alcohol (resumed)
Stock div. of 2 shs. Amer. Distilling, 5% pref.
for each 5 shs. held—
American Cyanamid Co., class A and B com
Special
American Enka (quarterly)
Dec.
1
Dec.
1
Dec.
1
Preferred
Dec.
(quarterly)
Fork & Hoe
12
Dec.
14
Dec.
Dec.
8
Dec.
Dec.
8
25c
Dec.
1
Jan.
Dec.
18
Dec.
Dec.
10
Dec.
16
50c
Dec.
Dec.
26c
Jan.
Dec.
25c
75c
10c
20c
50c
40c
Dec.
18
14a
Jan.
Dec.
14a
Dec.
Dec.
Dec.
4
Dec.
14
11a
12
;—
hS3
Dec.
Dec.
15c
Jan.
25c
Dec.
$1
Dec.
Dec.
Dec.
15
News N. Y. Corp...
Bi-monthly
American Paper Goods Co., 7%
Extra
—
pref. (quar.)
—
m
■
mm m
Bornot, Inc.,
5
1
1
25c
I?
mm
~
Nov. 27
Dec. 15
Nov. 14
Jan.
1
Dec.
4
Dec.
Dec.
4
Dec.
Dec.
Dec.
4
Dec.
Nov. 27
Deo.
Nov. 25
Nov. 25
Dec.
Nor. 27
Dec.
Dec.
5
15 Nov. 15
15 Dec.
5
15 Dec.
1
Jan.cl5 Jan.
Dec.
Dec.
Dec.
4
18 Nov. 27a
Dec. 22
Dec.
5
Dec.
8
Nov. 30
23 Dec.
8
Dec.
$2 class A.
RR. Co
Ry. (quar.)
Boston Storage & Warehouse Co. (quar.).
Boston Wharf Co. (semi-annual)
Boston Woven Hose & Rubber Co., preferred—
Bower Roller Bearing.
30.015c
Brandywine Corp
Brazilian Traction Light & Power, pref. (quar.)
Brewer iC.) & Co., Ltd. (monthly)...
Brewers & Distillers of Vancouver...
_
Extra..
British-American Oil, Ltd. (quar.)—
Extra
1
1
4
Dec. 15
(quarterly)
Briggs Mfg. Co. (extra.)-.--.
Brffio Mfg. Co., Inc., class A (quar.).
Common (quar.)
Bristol Brass (quar.)
1
1
Dec.
Dec.
Borg-Warner Corp. (quarterly).
Preferred
Dec.
Dec.
mm
cl. A stk. at the rate of 1-10
Boston Elevated
!i«
$2
mm
Boston & Albany
5
Jan.
Dec.
50c
mm
Dec.
Jan.
Dec.
American Seating Co. (resumed)
mm m mm
Dec.
15c
Optional payment of 1-10 of a sh. of com.....
American Service Co., $3 cum. preferred
....
tial)
Cum. class A (initial)
mm
Dec.
30c
75c
...
mm
Class B,payable in
Class B
Dec.
mm vm mm m
Preferred (quarterly)
American Safety Razor, old (quar.)—........
,
Dec.
50c
—
4
Dec.
Dec.
(quar.)
payable in cl. A stk. at the rate of 2-10
11
....
a
....
Class A,
C1&SS
15
Nov. 27
4
2 Dec.
Boni-Ami—
Dec.
Dec.
15 Dec.
2 Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Nov. 30
Dec.
5
Dec.
Dec.
2 Dec. 15
18 Nov. 30
15 Dec. 23
Jan. 15 Dec. 19
Dec. 12 Nov. 20
Dec. 19 Dec.
9
Dec.
(Sidney) & Co., Inc., preferred.
Bolsa Chica Oil Corp., 8% pref. (resumed)
Bohn Aluminum & Brass
Dec.
Dec.
Dec.
(quar.)
American Rolling "Mill Co. (quar.)
Quarterly
Special
$1 */A
15 Dec. 31
2 Dec. 15
2 Dec. 12
2 Dec. 12
Jan.
Bloomingdale Bros
Dec.
l|l
—
American Radiator & Standard Sanitary
Extra
Dec.
Dec.
American Power & Light Co., $6 preferred
$5 preferred
S1H
hS 11X
SIX
SIX
25c
..........—..
Dec. 15 Nov. 30
cDee.15 Nov. 30
Jan.
Blumenthal
8
Dec.
Blaw-Knox Co
Bloch Bros. Tobacco Co., 6% pref.
Dec. 15
Dec.
8
Dec.
8
Dec.
American
'■■■■
Dec.
Dec.
........—--
Preferred (quarterly)
9pOCiU,l
Dec.
Dec.
Dec.
14
15 Nov. 27
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Jan.
2 Dec. 15
Telephone of Canada (quar.)
Bell Telep. of Penna.. preferred (quar.)
Bendix Aviation Corp
Benson & Hedges, preferred (resumed)
Berghoff Brewing Corp. (extra)
Bethlehem Steel, 7% pref. (quar.)
5% preferred (quarterly)
Biltmore Hats, Ltd., 7% preferred (quar.)
Binks Manufacturing Co. (initial)
Birmingham Water Works, 6% pref. (quar.)—
Black & Decker Mfg. Co. (resumed)
9
12
14
Jan.
Bell
Dec.
Dec.
Dec.
Jan.
1
Dec. 24 Dec.
Jan.
1 Dec.
Dec.
Dec.
1
15
15 Dec.
Jan.
pref
15c
American Hardware Corp
American Metals Co., preferred
American Meter Co
(quarterly)
(quarterly)
40c
5
American Mfg. Co., common
Preferred (gunr >
Creek RR.
Dec.
Jan.
Jan.
1
Special
Balding Corticelli, Ltd. (quar.)
Preferred (quar.)
Bellows & Co., Inc., class A (quar.)
4
—
(quarterly)
B-G Foods, Inc., 7%
Dec.
Special
10
Dec.
14
Dec.
American Maize Products (quar.)
10
Dec.
Jan.
10
24 Dec.
Dec.
American Machine & Metals
Dec.
Jan.
Dec.
Jan.
American Ice Co., preferred
American International Corp. (resumed)
American Locomotive Co., preferred
Nov. 25
Jan.
Beech-Nut Packing Co.
Extra
35c
Monthly
Jan.
Beech
2
15
25c
—
14
2
1 Nov. 25
15 Dec.
Dec. 31 Dec.
Dec. 24 Dec.
American Gas & Electric Co., common (quar.)__
American General Corp. (special).
(quar.).
..
American-Hawaiian Steamship Co. (quar.)....
American Hide & Leather, pref. (quar.)
American Home Products Corp
—
21 Dec.
Dec. 20 Dec.
Common (special)
50c
S3X
SIX
SIX
six
Extra
American Express Co. (quarterly)
American Felt Co
Dec.
Jan.
Preferred
SIX
68 He
21
7% preferred
.......
Bangor Hydro-Electric Co. 7 % pref. (quar.)
6% preferred (quar.)
Bankers Trust Co. (quar.)
Bank of Great Neck (G. N., N. Y.)
Bastian Blessing Co. (quar.)
Preferred (quarterly)
Bayuk Cigar Co
Special
;
18a
American Chain Co.. 5%
2 Dec.
Bangor & Aroostook RR. (quarterly)
3a
Preferred (quarterly)
American Capital, preferred
(quarterly)
Special
5
Dec.
2
15 Dec.
15 Dec.
Bandini Petroleum (monthly)
8
Dec.
(quarterly)
American Bern berg Corp., preferred.....
American Can Co., common extra
14
19
19 Nov. 30
19 Nov. 30
1 Dec. 19
Dec.
Baldwin Co., preferred (quarterly)
Preferred A (quarterly)
Baldwin Rubber Co.
31
12
7
1
15 Nov. 30
Jan. 15 Dec. 31
Dec. 21 Dec. 14
Dec.
Baker (J. T.) Chemical (resumed)
Dec. ' 8
Dec.
8
—
Jan.
Dec.
Extra
15
2
30
30
11
2 Dec. 17
15 Nov. 20
15 Nov. 20
Dec. 24 Dec.
Dec. 26 Dec.
Dec.
Dec.
7
20
15 Nov. 27
15 Nov. 27
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Dec. 21 Dec. 15
Alpha Portland Cement
.
L Jan.
Dec.
Altorfer Bros., preferred
Aluminum Industries, Inc.
Asphalt Roof Corp., 6% pref. (quar.)
Bakeries Corp., 7% pref (semi ann.)
17 Dec.
Dec.
As tor
11
Dec.
Preferred (extras)
Alabama Power Co., $7 pref.
Feb.
Dry Goods Corp. 6% 1st pref-.
6% first preferred (quar.)
Associated Insurance Fund, Inc. (extra)
Associated Telep. & Teleg. Co., 7% 1st pref—
11
Jan.
Dec.
Special
11
Ordinary (extra)
Alabama Great Southern RR., ordinary
American
Dec.
h$3H
37 He
Addressograph-Multigraph
A
Aero Supply Mfg., class
Class A (quarterly)
American
2 Dec.
Dec. 15
Dec. 21
Dec. 21
Dec. 22
Nov. 30
Dec.
2
SIX
Acme Wire (extra)
,
Dec.
Jan.
1 Dec. 20
Dec. 21 Dec. 10
2 Dec.
2
Jan.
2 Dec.
2
Dec. 21 Dec. 11
Art Metals Construction Co
Nov. 27
15
1 Nov. 30
2 Dec. 10
15 Nov. 20
Jan.
7% preferred
Armstrong Cork Co (extra)
Arnold Constable Corp
10
Dec.
15 Dec.
Jan.
Jan.
Jan.
Armour & Co. (Del.), 7% pref. (quar.)
Armour & Co. (111.), $6 prior pref. (quar.)
Holders
Payable of Record
Jan.
1
21 Dec. 10
2 Dec. 18
30 Dec. 20
Dec. 21 Dec. 10
Extra
Name of Company
1
7
5
Dec.
-
we
6
15 Dec.
15 Dec.
2 Dec.
Jan.
0
7% preferred (quar.)
Common (resumed)
Appalachian Electric, $7 pref. (quar.)
$6 preferred (quar.)
Appelton Co., preferred
Apponaug Co. (quarterly)
Argo Oil Co. (semi-annual)
and not yet
2 Dec.
Dec.
-
_.
Preferred (quar.)
15
Jan.
Dec.
Dec.
...
15
2 Dec.
2 Dec.
Dec.
Dec.
Extra
31 Dec.
Jan.
—
$50
Preferred (quarterly)
10
10
Jan.
Jan.
American Sugar Refining (qjaar.)
Preferred (quarterly)
25c
Western Pipe & Steel Co. (quar.)
2 Dec.
2 Dec.
2 Dec.
10
15 Nov. 30
15 Nov. 30
Dec.
Dec.
Western Light & Telep. Co., pref. (quar.)
Western Grocers, Ltd. (quar.)
Jan.
Dec.
.
%l%
Western Fuse Co
Below
Jan.
—
25c
Stock dividend
Waldorf System, Inc. (extra)
West Kootenay Power & Light Co., pref. (qu.).
Western Air Express Corp. (resumed).,
22 Nov. 30
21 Nov. 30
21 Nov. 30
Dec.
Jan.
-
100%
Vogt Mfg. Co
10 Dec.
1
27 Jan. 29
Dec.
(quar.)
_
.12
Dec.
Feb.
.
16
16
Holders
Dec.
Preferred (quarterly)
American Steel Foundries (resumed)
7% preferred
Preferred (quar.)
American Stores Co. (quar.)
10
When
Payable of Record
Dec.
....
2d preferred (quar.)
American Snuff Co. (quar.)
Extra
10
Dec.
Jan.
.
Dec.
Dec.
Extra
Dec.
Dec.
Share
American Seal-Kap Corp. of Del
American Smelting & Refining (quar.)
Dec. 21
17
Jan.
3785
,
Dec. 18
Nov. 30
Dec. 10
Nov. 21
Dec.
1
Dec. 10
Nov. 25
Dec. 15
Dec. 20
29
Dec.
Dec.
11
Dec.
15
15
Dec.
Nov. 30
Nov. 30
Dec. 15
Dec.
15
"
Financial
3786
Per
Share
Name of Company
British Columbia Power, class A (quar.)
Bridgeport Brass Co. (quar.)
Special
Bridgeport Gas Light Co. (quar.)
Bridgeport Machine Co., common
Preferred (quarterly)
Briggs & Stratton Corp. (quar.)
Bright (J. G.) Ltd. (quarterly)
6% preferred (quarterly)
Broad Street Investing Co
—
Brooklyn-Manhattan Transit, preferred (quar.)
Preferred (quar.)
Brooklyn & Queens Transit, pref
Brooklyn Union Gas Co. (quar.)
.—Brunswick-Balke-Collender, pref. (quar.)
Buckeye Pipe Line Co
Bucyrus-Erie Co., preferred (quar.)
Budd Wheel Co., 1st pref. (quar.)
1st preferred (participating dividend)
_
40c
10c
50c
50c
sili
pref. (qu.)
sigi
25c
—
2 Dec. 16
Dec. 31 Dec. 17a
Dec. 31 Dec. 17a
3a
Dec. 15 Dec.
Jan.
Oongoleum-Nairn, Inc. (quarterly)
Dec. 22 Dec.
2 Dec.
10
Jan.
5
Consolidated Amusement, Ltd., 8% prer
1
Consolidated Bakeries of
Dec.
5
Jan.
2 Dec.
Jan.
30c
16 Dec.
5
15 Nov. 30
Dec. 21 Dec.
1
Dec. 21 Dec.
Jan.
Dec.
hS2M
r$lM
r$lM
15 Dec. 31
2 Dec. 15
Dec. 23 Dec.
2 Dec.
15
Jan.
2 Dec.
15
2 Dec.
15
Jan.
2 Dec.
15
Jan.
Dock
1 Dec.
1 Dec.
15
-
Extra
Jan.
2 Dec.
Dec.
15
Dec.
Dec.
Dec.
5
Dec.
Capital Administration Fund, class A_
2; Dec. 15
Jan.
7% preferred (quar.).
Cannon Mills
Dec.
14
Dec.
Dec.
14
Dec.
14
Jan.
preferred (quarterly)
Cariboo Gold Quartz Mining Co. (quar.)
Series A,
Dec.
Dec. 20
Oct.
15
Dec.
preferred (quar.)
Nov. 14
Dec.
preferred (quar.)
Carolina Telep. & Teleg. Co. (quar.)
Dec.
10
pf. stk.
-
15 Dec.
1
1 Dec.
15
28 Dec. 16
1
Dec. 20 Dec.
Jan.
2 Dec. 15
D^3.
2 Dec.
15
23 Dec.
1
15 Nov. 30
Dec.
Dec.
1
15 Dec.
1 Dec. 30
15 Nov. 16
Dec.
15 Nov. 16
Feb.
Extra
of Bait, (qu.)-
Jan.
Consolidated Glass Ltd. (quarterly).
Consolidated Laundries, preferredConsolidated Steel Corp
Consumers Power Co.. $5 preferred (quar.)-.—
2 Dec.
6% preferred (quar.)
6.6% preferred (quar.)..
7% preferred (quar.)
6% preferred (monthly)
-6.6% preferred (monthly)
Continental Assurance (Chicago, HI.) (quar.)-Continental Diamond Fibre Co
Continental Gas & Electric, pref. (quar.)—....
Continental Insurance Co
....
Continental Oil Co. (Del.)-.—
....
2 Dec. 15
15 Nov. 30
Dec. 15 Dec.
5
Dec. 21 Dec.
5
Jan.
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Jan.
2 Dec.
Jan.
15
2 Dec. 15
Jan.
2 Dec.
Jan.
2 Dec.
15
Dec. 31 Dec.
15
7
Dec. 21 Dec.
2 Dec.
Jan.
Centrifugal Pipe Corp. (special)
Certain-Teed Products, pref. (quarterly)
6% prior preferred
Dec.
10
15 Dec.
15 Dec.
1
Dec. 21 Dec.
Copper weld Steel Co
Extra (payable in form of certificates)
Corn Products Refining Co. (extra)
Corroon & Reynolds, preferred A
Cosmos. Imperial Mills, 5% pref. (quar.)
Crane Co., 7% pref. cumulative
7% preferred cumul. (quarterly)
Cream of Wheat Corp
15
15
Dec.
...
19 Dec.
Dec.
...
1 Dec.
Dec.
Continental Steel
Preferred (quar.)
Cook Paint & Varnish Co. (extra)
7
Jan.!
Jan.
Dec.
1 Dec.
Jan.
Dec.
15 Dec.
Dec.
...
10
15 Dec. 31
1
12
2 Dec.
19
Jan.
Dec.
Dec. 22 Dec.
12
Crosley Radio Corp
Crowell Publishing Co. (quarterly)
Dec.
Nov. 15
Extra
Crown Central Petroleum Corp. (initial)
Crown Cork International Corp., cl. A (quar.).
19 Dec.
2 Dec.
5
15
Crown Cork & Seal Co., Inc., $2X cum.pr.
Common (special)
:.4
2 Dec.
15
5
Dec.
Jan.
—.
6M% pref. (semi-ann.)_«
Chesebrough Mfg. Co. (quar.)
Extra
Chicago District Electric Generating—
Clark Equipment Co. (quar.)
Chicago Electric Mfg., class A
Chicago Flexible Shaft (quar.)
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Mail Order Co., extra
Chicago Pneumatic Tool, preferred
Chicago Rivet & Machine (quar.)
Extra
Chicago Towel Co., preferred (quar.)
Chrysler Corp., Common,
Ohurngold Corp. (quar.)
Cincinnati New Orleans & Texas Pacific (s.-a.)_
10a
17
Dec.
2 Dec. 14
21 Dec.
5
Cuban Tobacco Co., preferred
Cuneo Press, Inc.. preferred (quar.)
Dec.
21 Dec.
Dec. 22 Dec.
15
4
Dec.
15 Dec.
Dec. 22 Dec.
5
Curtis Publishing Co., preferred
Dec.
15 Nov. 13
Dec.
21 Dec.
Jan.
1
Jan.
1
Jan.
1
........
preferred
Curtiss-Wright Corp., class A (initial)
Cutler-Hammer Co. (quar.)
7%
Dec.
Jan.
15 Dec.
1 Dec.
Jan.
1 Dec.
18
12
1
4
18
•
15
Jan.
2 Dec.
2
Jan.
1 Dec.
2a
$2
SI
S3M
SI
SIM
Jan.
11 Dec.
15a
Dec.
Jan.
15 Nov. 28a
1 Dec. 31a
Dec.
.
....
....
—..
Dec. 21 Nov. 27
15 Nov. 28
40c
Dec.
50c
Dec.
Dec.
15 Nor. 28
Dec.
20 Dec.
15 Nov. 28
10
...
...
Dentist's Supply Co. of New York (quar.).....
7% preferred (quar.)
Deposited Bank Shares of N. Y. (semi-ann.)
Derby Oil & Refining Corp., $4 preferred
Detroit Gasket & Mfg. Co. (extra)
Detroit Hillsdale & Southwestern RR. (s-a)_....
Devonian Oil (quarterly)
Diamond State Telep., pref. (quar.)
15
Dec.
10
14 Nov. 20
Dec. 21 Dec.
3
Dec. 26 Dec.
Dec. 26 Dec.
4
4
Preferred
21
2 Dec. 21
Dec.
21 Dec.
Dec.
m
31
Jan.
11
2 Nov. 15
Dec.
15 Nov. 30
Dec.
21 Dec.
8
5 Dec.
19
Jan.
Dec.
15 Nov. 30
Jan.
15 Dec.
2 Dec.
10
2 Dec.
10
Jan.
2 Dec.
15 Nov. 30
15 Nov. 30
m
2 Dec.
Jan.
7% preferred (quar.)
Dolphin Paint & Varnish $2 class A
Dominion Coal Co., 6% pref. (quar.)..
Dominion Glass Co., Ltd. (quar.)
Dec. 21 Dec.
2
Jan.
Jan.
Dixie-Vortex Co. (quar.)
Class A (quarterly)
Dodge Manufacturing Co
Dec.
Jan.
2
15
2 Dec. 15
2 Dec. 15
Jan.
Doehler Die Casting Co
Dec.
2 Dec.
Jan.
Extra
15
62Mc
15
Jan.
Extra
12
37 Mc
4
15 Dec.
Jan.
Delaware Rayon Corp. 7% pref. (quar.)
De Long Hook & Eye (quar.)....
2 Dec.
3
Dec. 26 Dec.
Dec. 15 Nov. 30
15 Nov. 27
4
15 Dec.
15 Dec.
Dec. 21 Dec.
...
Dec. 22 Dec.
Jan.
Dec.
1
8
Jan.
Dairy League Cooperative Corp., 5% pref
Dayton & Michigan RR., 8% pref. (quar.)
Dejay Stores, Inc
Dec. 22 Dec. 12
Jan.
Dec.
11
Dec.
Extra
Delaware RR. Co. (semi-ann.)
Dec. 21 Nov. 27
Jan.
11 Dec. 26
14
Dec.
24 Dec.
Dec.
24 Dec.
Dec.
.....
9
...
14
20 Dec.
1
Jan.
2 Dec.
15
Jan.
-
2 Dec.
15
15
15
Jan.
(quar.)
Jan.
Dominion Textile Co. (quar.)
Preferred (quarterly)
2 Dec.
2 Dec.
Jan.
15 Dec. 31
5 Nov. 28
Jan.
5 Nov. 28
Jan.
Draper Corp. (special)
Quarterly
Draper Corp. (quarterly)
....
.
Jan.
Jan.
31 Jan.
21
5
5
Drive-Harris Co., 7% preferred (quar.)
Jan.
2 Dec. 21
Dec. 22 Dec.
7
2 Dec.
15 Feb.
15
2 Dec.
11
Extra
mmm
15 Sept. 30
Dec. 24 Dec. 10
2 Dec. 19
Jan.
5
Dec. 15 Dec.
(quarterly)
Preferred (quarterly)
Duplan Silk Corp. (semi-ann.)
Preferred (quarterly)
du Pont de Nemours (E. I.)
Debenture (quarterly)
Durham Duplex, class A & B (special)
Preferred (special)
Duro-Test Corp. common
Dec. 24 Dec. 17
2 Dec. 16
Jan.
Eastern Gas & Fuel Assoc., pref. (quar.)
15 Dec. 10
1
15 Dec.
1
Dec. 15 Dec.
Jan.
1 Dec. 15
Dec. 30 Dec.
$6 preferred (quarterly)
East Mahoning RK Co (semi-annual)
Jan.
Dec.
15 Doc.
5
Dec.
East Tennessee Teleg. Co.
Jan.
2 Dec.
Jan.
Jan.
2 Dec.
2 Dec.
17
5
5
Jan.
2 Dec.
Cincinnati Union Terminal Co.—
Jan.
1
Jan.
2 Dec. 21
-
pref. (quar.).
City Auto Stamping Co. (quar.)
City Ice & Fuel Co. (quarterly)
Clark Controller Co. (special)
Claude Neon Electric Products (quar.)
Clearfield & Mahoning RR. Co. (s.-a.)
Cleveland Cliffs Iron Co., preferred
Climax Molybdenum Co
Clinton Trust Co. (quar.)
—
Clorox Chemical Co. (quarterly)
(special)
(quarterly)--Electric, 6% pref. (quar.)
(year-end extra)
Dec.
Jan.
2 Dec.
Dec.
Coca-Cola International Corp., com.
Extra
(quar.)—-
Jan.
Dec.
16
15
15 Nov. 30
2 Dec. 21
15 Nov. 22
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 24
.
10
Dec.
Coast Counties Gas &
i.).,
(semi-ann
19
15 Nov. 30
Coca-Cola Co., common
Common (quarterly).
Dec.
Dec. 21 Dec.
Jan.
Extra
Cluett, Peabody & Co., Inc., com.
Jan.
Duke Power Co.
Extra
Cincinnati Northern RR. Co. (s.-a.)
5% preferred (quar )
Citizens Water Co. (Wash., Pa.),
Jan.
2 Dec.
15 Nov. 30a
18 Dec.
3a
11 Jan/
2
2 Dec.
2 Dec.
S3M
Dec.
Dec.
2 Dec.
Dec.
50c
Jan.
Jan.
Jan.
$1.10
$2M
SIM
24 Dec, 14
Dec. 21 Dec.
1
Jan.
21 Dec.
15 Dec.
50c
Extra
(qu.)
1
14
Dec.
Crown Drug Co_
Crown Wilamette Paper, 1st pref
Crucible Steel Co., preferred
15 Dec.
SIM
h$l
Extra
Preferred (quarterly)
15 Nov. 30
7
15 Dec.
Dec. 24 Dec.
4
19
70c
(payable in new pref. ser, A stock)
Quarterly
Dec. 24 Dec.
2 Dec.
75c
pref
Champion Paper & Fibre Co.—
6% preferred (quarterly).
Chesapeake Corp. (quar.).
Chesapeake & Ohio Ry (quar,).
1
15 Dec.
Dec. 21 Dec.
Dec.
SIM
Chain Belt (soecial)
Chain Store Investment Corp., $6M
1
15 Dec.
Creole Petroleum Co
Dec.
65c
12
8
15 Nov. 30
Crocker Wheeler Electric Mfg. Co
Jan.
SIM
SIM
$1.10
/i$23
15
Dec. 28 Dec.
12
50c
/i$1M
preferred
15
Dec.
Consol. Gas, Elec. Lt. & Pow. Co.
Preferred (quarterly)
12
Jan.
$1
(quar.)_.—
pref. (quar.) — $1,125
$1
Central Illinois Public Service, $6 pref
$1
6% preferred..
TiSlM
Central Maine Power, 7% preferred
ft$l M
$6 preferred
—
1
15 Dec.
Jan.
Dec. 21
SI-20
$2
37Mc
Central Illinois Light Co., 4M %
5
Dec.
25c
—
Extra
(quar.)
15 Dec.
Dec.
Dec.
Dec.
—
Central Cold Storage Co. (extra)
Central Hanover Bank & Trust Co.
Preferred
15
15
Dec.
(quar.)
Oatalin Corp. (special)
Caterpillar Tractor Co. (extra)—
Pay. at the rate of 6-200th a sh. of 5%
Cayuga & Susquehanna RR. Co. (s.-a.)
Celluloid Corp., 1st partic. preferred
Central Aguirre Assoc. (quar.)
15
2 Dec.
Dec.
Preferred
Preferred
Extra
„
11
15
2 Dec.
Dec.
(extra)—
Co., resumed
Carter (J. W.) Co.
(semi-ann.)
5
Dec.
Jan.
Carman & Co., Inc., A
Carnation Co., 7%
Colgate-Palmolive-Peet, extraPreferred (quarterly)
Commercial Credit Co. (quar.)
io
Jan.
Class B
Class A
15
Jan.
Canadian Wirebound Boxes, class A._
Class A
1
Jan.
Jan.
Canadian Foreign Investment (quar.)
Preferred (quar.)
Canadian General Electric Co. (quar.)
Preferred
2 Dec. 15
19 Dec.
9
Dec. 15 Nov. 30
Dec. 15 Nov. 30
25 Dec. 31
Jan.
Canada Wire & Cable Co. preferred
5
15
Jan.
Jan.
Mtge. (quarterly)
2 Dec.
2 Dec.
Dec.
$2M non-cum. preferred (s.a.)
Consolidated Edison Co., preferred (quar.)
Consolidated Edison Co. (N. Y.) (quar.).
Dec.
2 Dec.
2 Dec.
Dec.
(quar.)
Consol. Car Heating Co., Inc. (quar.).
Consol. Diversified Standard Securitie
15
24 Dec. 16
3
17 Dec.
5
15 Dec.
15 Nov. 30
Dec. 31 Dec. 25
Jan.
Consolidated Biscuit
Dec.
Jan.
_
Canada (quar.).
Extra
2 Dec. 21
7% cumul. pref. (quar.)
Extra
10
15
5
Dec.
2 Dec.
19 Dec.
2 Dec.
1 Dec.
2 Dec. 23
15 Nov. 21
15 Nov. 21
Dec.
(quar.)
Consolidated Aircraft Corp., $3 pref. (quar.)--
Connecticut Light & Power Co.
Dec. 21 Dec.
Dec. 15 Dec.
$1
50c
—
Extra
10
Jan.
r50c
Canadian Canners, Ltd. (quar.)
Preferred (quarterly)
Dec.
Dec.
Compressed Industrial Gases (quar.)
Confederation Life Association (quar.)—
Jan.
Jan.
1
15
5
1 Dec.
5
15 Dec.
Dec.
15
r37Mc
(quar.)
SI
Extra
15
40c
Canada Northern Pow.Corp., Ltd., com. (quar.)
Extra
2 Dec. 21
Dec. 15 Nov. 20
Jan.
1 Jan.
SIM
62 Mc
Canada Bud Breweries
6%
1
2 Dec.
25c
Campbell. Wyant & Cannon Foundry (extra)
A pref
Case (J. I.)
2 Dec.
Dec. 21 Dec.
-
Feb.
37Mc
Canada Bread Co., class
Class B preferred
Carter (Wm.l Co.,
15
Jan.
1
50c
25c
.•—
...
Calumet & Hecla Consol. Copper Co
Canfield Oil Co.,
8
Jan.
15
Jan.
$4M series of 1935 (quar.)_. SL06M
Jan.
$2
Commercial National Bank & Trust (quar.)
30c Dec.
Commercial Solvents Corp., common (s.-a.)—
Dec.
20c
Special
Dec.
10c
Commonwealth Distribution (special)
Dec.
Commonwealth Edison Co. (special)
Jan.
Commonwealth & Southern, $6 preferred
Jan.
Commonwealth Teleph. Co. (Wis.), 6% pf. (qu.)
Jan.
Commonwealth Utilities Corp., 7% pref. (quar.)
Jan.
6% preferred B (quarterly)
Jan.
6 M % preferred C (quarterly)
Dec.
Compo Shoe Machine (quarterly)-.
2
40c
*—
*
Canadian Dredge &
18 Dec.
15 Jan.
15 Apr.
2 Dec.
Apr.
1
21 Dec.
Conv. preference
Jan.
SIM
$1
California Packing Co. (quarterly)
Canada Permanent
Extra
10
5
15 Nov. 30
15 Nov. 30
15 Dec.
SIM
60c
Calamba Sugar Estates (quar.)
Extra
California Ink Co., Inc. (quar.)
Canada Malting Co.
Extra,
Dec.
Jan.
SIM
(quar.)
Byron Jackson (special)
Extra
Commercial Investment Trust Corp. (quar.)-
50c
(quar.)
Butler Bros, (resumed)
Butler Water Co., 7% preferred
10
19 Dec.
19 Dec.
Dec.
20c
Dec. 21 Dec.
Dec.
Dec.
20c
Columbia Oil & Gasoline
Preferred (participating)
Dec. 21 Dec.
Holders
When
Payable of Record
32c
Special—
4
1936
12,
SIM
Colt's Patent Fire Arms (quar.)
15 Dec. 31
4
15
Dec.
$1M
$1
SIM
Share
of Company
18 Dec.
Dec. 29 Dec.
Dec.
$1**
75c
75c
Name
18 Dec.
Dec.
7Mc
SIM
__
-
Dec.
Dec.
20c
Bullard Co
Burt (F. N.) & Co., Ltd.
Preferred (quarterly)
Jan.
75c
$1.65
SIM
Per
Holders
Payable of Record
40c
Common
Buffalo Niagara & Eastern Corp., 1st
Preferred (quar.)
——
When
Dec.
Chronicle
Nov. 28
Jan.
Feb.
Jan.
...
Extra
(s.-a.)
Eastman Kodak Co. (quarterly)
Extra
Preferred
(quarterly)
1
Jan.
15 Nov. 25
8
25 Jan.
Dec.
15 Dec.
Dec.
10
Dec.
Dec.
1 Dec.
15
5
8
Nov. 28
Eaton Mfg. Co. (special)
Dec. 22 Dec.
Nov. 28
Nov. 28
Eddy Paper Corp. (increased)
Edison Bros., Stores, Inc., (quar.)...........
Eisler Electric Corp. (resumed)
To be distributed after listing on Curb.
Dec.
Electric Auto-Lite
5
20 Dec.
Dec. 15 Nov. 30
Dec. 20 Dec. 10
Dec. 10
Dec. 21 Dec. 14
2 Dec. 14
Jan.
Nov. 28
Nov. 28
5
1 Dec.
5
15 Nov. 30
15 Nov. 30
Dec.
$2
$1.06 M Dec. 15 Nov. 30
Preferred (quar.)
Electric Products Corp
Electric
ment
....——
-—
Shareholdings Corp., pref., opt. pay¬
of 77-1000th sh. of com. stk. or cash
Dec.
Dec. 21 Nov. 10
Dec.
17 Dec.
1
Volume
Financial
143
Per
Name of
Share
Company
Electric Storage Battery Co., common
Cumulative partic. preferred (final)
SIM
SIM
30c
Jan.
15 Dec.
Jan.
31
15 Dec. 31
15 Dec. 31
Dec.
29 Dec.
19
50c
Jan.
Dec.
Dec.
2 Dec.
15 Dec.
15 Dec.
15
50c
SIM
-
_
Dec. 21 Dec.
Dec. 21 Dec.
9
15
25c
Extra
12Mc
Dec.
Jan.
1
1
9
10c
-
Ewa Plantation Co
Jan.
Dec.
25c
com.
60c
Dec.
2 Dec.
15 Dec.
15 Dec.
50c
Dec.
15 Dec.
4
60c
Equitable Office Building Corp
European Electric Corp., Ltd., cl. A & B
Evans Products Co. (quarterly)
Special
Dec.
17 Dec.
7
8
4
60c
Extra
Fairmont Creamery Co., 6M% pref.
17 Dec.
7
Dec.
Dec.
21 Dec.
21 Dec.
5
50c
-
Dec.
25c
Extra
Fairbanks-Morse (quar.)
Jan.
1
SIM
r7Mc
J'SIM
(quar.)
Falconbridge Nickel Mines (quar.)
Falstaff Brewing Co. (resumed)
Famise Corp. (increased)
Fansteel Metallurgical Corp
$5 pref. (quar.)
Farmers & Traders Life Insurance (quar,)__
-
8c
5
31 Dec.
Dec. 15 Dec.
Dec. 21 Dec.
4
Dec.
31
SIM
Dec
82 M
Jan
16
2
50c
3
15
Dec
Faultless Rubber Co. (quar.)._
Fedders Mfg. Co
Federal Mining & Smelting Co. preferred
Federal Motor Truck
Federated Dept. Stores
Jan.
15
Dec.
10
10c
50c
87 Mc
SI
Fidelity & Deposit Co. (Md.) (extra)
Fidelity & Guarantee Fire Insurance
Fidelity-Phenix Fire Insurance
(e)_
Filene's (Wm.) & Sons
Finance Co. of Amer. (Bait., Md.), com. A & B
7% preferred
7% preferred class A
50c
-
1 Dec.
22 Dec.
Dec. 22 Dec.
Dec.
Dec.
12
21 Dec. 14
7
17 Dec.
2 Dec.
Dec. 31 Dec.
Jan.
2 Dec.
22
Jan.
1
15
Dec.
28 Dec.
8
50c
Dec.
15 Dec.
5
24 Dec.
24 Dec.
14
14
12Mc
National Bank of Chicago (quar.)
First National Bank of
Dec.
Jan.
24 Dec.
2 Dec.
Dec.
15 Nov. 30
50c
-
Dec.
8Mc
82 M
S2M
•
Dec.
43 Mc
Dec.
14
19
Si M
Si
Jan.
15 Nov. 30
2 Dec. 31
Dec.
31
_
,
(semi-annual)
First State Pawners Society (Chic., HI.)
Flintkote Co. common
Dec.
18 Nov. 18
2 Dec. 11
Mining Co
(Geo. W.) Co., common (quar.)--
Special
Hinde & Dauch Paper Co. of Can. (increased)
Hiram Walker-Gooderham & Worts (quar.)
15 Dec.
5
Dec.
16 Nov. 28
Dec.
21 Dec.
5
90c
Dec. 23 Dec.
Jan.
2 Dec.
12
Dec. 21 Dec.
Extra
15a
60c
15
General American Investors
15
Dec. 21 Dec.
10
Ideal Financing Assoc., $8
Dec.
19 Dec.
15
2 Dec.
21 Dec.
15
Dec.
21
Dec.
1
1
15c
Preferred (quar.)
General Box Corp
21 Dec.
10
Dec.
21 Dec.
10
82
Special
Dec.
35c
General Baking Co., common
Dec.
21 Dec.
10
8c
Dec.
h% 7
Dec.
15 Dec.
4
15c
Dec.
21
Dec.
10
75c
General Cable Corp., 7% preferred
General Candy Corp. class A
Class A (extra)
15 Dec.
Dec.
21 Dec.
10
Feb.
19
May
22
4
SIM
June
25c
Dec.
21 Nov. 27
50c
Extra
Mar.
SIM
General Cigar Co., Inc.. preferred (quar.)
Preferred (quar.)
It-.
General Electric Co. (quar.)
Dec.
21
1
1
Nov. 27
10c
General Gas & Electric Corp. $5 preferred
General Gas & Electric (Del.), $5 prior
Dec.
45c
Dec.
15 Dec. 10
17 Nov. 27
SIM
General Finance Co. (quar.)
General Foods Corp. (extra)
Dec.
15 Dec.
7
pref
(quar.)
General Metals Corp. (extra)
General Mills, Inc., 6% cum. pref. (quar.)
General Motors Corp. (quar.)
General Public Service Corp., $6 pref
$5M preferred.,
General Public Utilities, Inc., common (special).
$5 preferred (quar.)
General Railway Signal
Preferred (quarterly)
(new)
Refractories Co
14
SI
Dec.
23 Dec.
18
Dec. 23 Dec.
18
1
85c
Dec.
21 Dec.
4
2 Dec.
15
90c
Jan.
50c
General Water Gas & Electric Co., $3 pref
Common (increased)
25c
Dec.
SIM
.
Jan.
Dec.
Jan.
75c
15 Dec.
5
Dec.
22
1
24 Dec.
14
Dec.
22
Dec.
20 Dec.
12
Dec.
17 Dec.
7
2 Dec.
15
1
Extra.
Quarterly
Internationa!
Harvester (quar.)
Extra
Preferred
International Nickel Co
International Ocean Teleg.
(quar.)
International Power Security, pref
Preferred
International Printing Ink (special)
International Products Corp., 6% preferred
International Salt Co. (quar.)
Extra
International Shoe Co. (quar.
Extra
2 Dec.
15
15 Dec.
31
Interstate Hosiery
25c
Dec.
18 Dec.
4
Extra.
Dec.
18 Dec.
4
Kansas Electric Power,
Feb.
1 Jan.
16
40c
Jan.
2 Dec.
15
50c
Gold & Stock Teleg. (quar.)
(B. F.) Co., $5
cum.
preferred
Goodyear Tire &Rubber Co., $5 conv. pref.(new)
Goodwill Station (WJR) (extra)
17
1 Dec.
20
SI
Jan.
1
Dec.
18
Jan.
1
Dec.
18
5c
Extra
2 Dec.
2 Dec.
Jan.
Dec.
18 Nov. 27
20c
Preferred (quarterly)
Goebel Brewing (quar.)
Jan.
Jan.
60c
SIM
Globe-Wernicke Co., preferred (quarterly)
Godchaux Sugars, Inc., A
Dec.
18 Nov. 27
SIM
SIM
S4M
75c
Jan.
17
2 Dec. 31
Dec.
15 Dec.
1
Dec.
21 Dec.
10
Dec.
15 Dec.
4
SI
Dec.
15 Dec.
83 M
Dec.
15 Dec.
Great Western Sugar Co. (quar.)..
Preferred (quarterly)
Greene Cananea Copper Co. (quar.)
Greenfield Tap & Die, $6 pref
Green RR.
(semi-ann.)
preferred
preferred
Extra
Investors Fund of America, Inc.
(quar.)
Preferred
Jan.
Jan.
$3
Dec.
h$3
Xw4 %
Dec.
Dec.
Jan.
Dec.
15 Dec.
4
2 Dec.
15
19 Dec.
19 Dec.
5
2 Dec.
15
5
30 Nov. 27
83 X
8Mc
Jan.
2 Dec.
31
Dec.
31 Dec.
11
81.90
SI A
SIM
$1A
Dec.
Jan.
22 Dec.
2 Dec
2
Jan.
Dec.
2
Jan.
1
SIM
SI
2 Dec.
2
Dec.
Dec.
4
Jaii.
Dec.
Jan.
20c
SI A
Dec.
5
Jan.
Dec.
12a
5
12-1-41 Nov. 27
7
Dec.
2 Dec.
24 Dec.
14
Dec.
10 Dec.
1
Dec.
10 Dec.
1
Dec.
17
Dec.
1
$1 A
h SI
S3
Apr.
Dec.
Jan.
Dec.
Jan.
Mar. 15
21 Dec.
15
15 Dec.
Dec.
19
31
1
2 Dec. 31
Dec.
15 Dec.
1
Dec.
Dec.
15 Dec.
21 Dec.
11
683
Dec.
15 Dec.
1
37 Ac
12 Ac
50c
Dec.
15 Dec.
Dec.
Jan.
15 Dec.
2 Dec.
Dec.
15 Dec.
1
Dec.
15 Dec.
2 Dej.
17
$1
$4
81.331-3
12 Ac
62 Ac
SIM
Jan.
Dec.
15 Dec.
Feb.
15 Fet
Dec.
15 Dec.
Jan.
1
la
la
15
3a
5
1
2 Dec.
5
15
2 Dec.
15
Dec.
15 Dec.
1
Dec.
15 Dec.
2 Dec.
1
15
Jan.
S3
50c
Jan.
2 Dec.
15
Dec.
15 Dec.
15 Dec.
1
2c
Dec.
15 Nov. 30
Dec.
1
2c
Dec.
15 Nov. 30
Dec.
22 Dec.
15
Dec.
15
SI
12Ac
37 Ac
22 Dec.
Dec. 21 Dec.
Jan.
Common
Jewel Tea Co., Inc., common (quar.)
Special
(W. B.) Co. (special)
Jenkins Bros. (quar.).
60c
Dec.
Jan.
50c
12
SIM
15
lAc
4 Dec.
Jan.
Dec.
Dec.
5
Dec.
Co. (quar.)
(quar.)
Extra
Investors Royalty
Jones & Laughlin Steel Corp. preferred
75c
75c
82
5
Jan.
8
50c
Second
Investment Corp. of Phila. (quar.)
12
Dec. 21
15
82
Dec.
25c
Dec.
Jan.
Irving (John) Shoe Corp
6% preferred (quar.)
Irving Trust Co. (N. Y.) (quarterly)
Jaeger Machine Co. common
25c
8
Jan.
82
50c
25c
18
25c
10
10
21 Dec.
(resumed)
Dec. 26 Dec.
Dec. 19 Dec.
25e
Beneficial interest certificate
Gas
Iron Fireman Mfg. Co. (extra)
10
10
Dec.
Dec.
6% preferred (quar.)
10
2
Grand Rapids Varnish Co. (quar.)
Great Lakes Dredge & Dock Co. (extra)
Great North. Iron Ore Prop, (beneficial int. ctfs.)
7% pref. (quar.)
Intertype Corp. common...
First
2 Dec.
Dec. 21 Dec.
Jan.
21 Dec.
50c
Dec.
Dec.
G or ham Mfg. Bo. common
Great Lakes Towing Co. (resumed)
Preferred
Mills (quar.)
Interstate Natural
56 Mc
Glidden Co. (quar.)
Preferred (quarterly)
5
Dec.
25c
Jan.
SIM
/S2M
(quar.)
Gleaner Harvester Corp
Glen Falls Insurance (quar.)
Jan.
40c
Jan.
Jan.
26 Nov. 25
Dec. 31
SI A
e5%
SI A
62 Ac
Extra
Inglewood Gasoline (monthly)
International Silver Co., preferred
International Teleg. of Me. (semi-ann.)
International Vitamin (quar.)
50c
SIM
SIM
S2M
Dec.
Ingersoll-Rand Co., pref. (s.-a.)
25c
Georgia Power Co. $6 preferred (quar.)
$5 preferred (quar.).
Georgia RR. & Banking Co. (quar.)
Gillette Safety Razor (quar.)
26 Nov. 25
Jan.
International Business Machine
10
15
21 Dec.
2c
24 Dec.
10
5
5
15 Dec,
15 Dec. 31
lc
Dec.
2 Dec.
11
5
S4
689 M
75c
(quar.)
6% preferred (quarterly)
Indiana Pipe Line Co
Indianapolis Power & Light, 6% pref. (quar.)__
6M% preferred (quar.)
Indianapolis Water Co. 5% cum. pref. A (qu.)-Indian Refining Co., common.. —
Com. div. is pay. in 5-yr. 5% int. bear, notes.
Inland Steel Co. (special)
2 Dec.
Dec.
Jan.
2 Dec.
15 Dec.
Dec.
82
Imperial Chemical Industries, ordinary shares._
Imperial I ife Assurance of Canada (quar.)—
Imperial Tobacco Co. of Canada (quar.)
Incorporated Investors
Indiana General Service Co., 6% pref. (quar.)_
Indiana & Michigan Electric Co., 7% pref. (qu.)
14
15 Dec.
Dec.
Dec.
$1A
12 Nov. 19
Dec.
Dec.
Jan.
2
11
Jan.
(quar.)
(Wis.), $6 pref
24 Dec.
Jan.
—
$6 preferred
Dec.
$3 conv. preferred (quar.)
General Theatres Equipment
(quar.)
Illinois Commercial Teleph.
Dec.
Jan.
26 Dec.
26 Dec.
h$3
h$ 10
25c
Dec.
5c
86 preferred
15 Nov. 30
General Telephone Corp. common
General Time Instrument Corp.
Illinois Bell Telephone (quar.)
Illinois Commercial Telep., $6 pref.
15 Dec.
SIM
SI M
50c
25c
82 convertible preferred (quarterly)
Dec.
SIM
12 Nov. 21
SIX
preferred (quar.)
Dec.
7
17 Dec.
5c
Jan.
10
24 Dec.
Dec.
Dec,
87 Ac
r50c
-
50c
2 Dec.
19
Dec.
50c
SIM
SIM
SIM
5
19
37 Ac
75c
(quarterly)
Mines (quarterly)
2 Dec.
Dec.
15 Dec.
24 Dec.
81
Preferred
Jan.
Jan.
1
Dec.
62 Ac
37 Ac
Hygrade Sylvania (quarterly)
Idaho Maryland
Extra
$1
18
25c
1
SIM
18
25c
Extra
F«b.
25c
Preferred (quarterly)
General American Transportation
Extra.
2 Dec.
15 Dec.
SIX
75c
-
19
Jan.
30c
-
30c
Gar Wood Industries
2 Dec.
2 Dec.
Dec.
-—
(extra)
Mfg. (quar.)
SIM
SIM
15
10
Jan.
Jan.
Dec.
Extra
Dec.
Jan.
10
50c
(quar.)
Houdaille-Hershey, class A (quar.)
Class B (quar.)
Class B (extra)-Household Finance Corp., A & B (quar.)
Partic. preferred (quarterly)
Hudson Bay Mining & Smelting Co., Ltd
Humble Oil & Refining Co. (quar.)
81.20
__
15 Nov. 30
Dec. 21 Dec.
25c
Holophane Co., Inc
15a
21 Dec.
20c
-
SIM
SIM
SIM
(D. H.), Ltd. (quarterly)
15 Nov. 20
15 Nov. 20
21 Dec.
Dec.
25c
Preferred (quar.)
Hoskins
Dec.
14
10
5
Dec.
Hollander (A.) & Son (extra)
Holland Furnace
12
1
24 Dec.
Dec.
(resumed)
Horn (A. C.) Co. (initial)
Horn & Hardart Co. (N. Y.)
15
17
Dec.
Inc.
1
15 Dec.
5
24 Dec.
Dec. 21 Dec.
—
(quar.)
21
20c
I
(monthly)
21 Dec.
Dec.
Hibbard. Spencer. Bartlett & Co,
10
21 Dec.
Dec.
Stock dividend
14
21 Dec.
Dec.
Hershey Creamery Co. of Harrisburg, Pa., pref-
Hobacker Stores,
Jar vis
Dec.
11
2 Nov. 30
15 Nov. 30
2 Dec.
14
15c
Jan.
25c
Dec.
15 Nov. 20
«10%
SI
28
Dec.
15 Nov. 20
Dec.
21 Dec.
21 Dec.
Dec.
7
7
hSlM
SIM
Dec.
15 Nov. 30
15 Dec.
1
Dec.
2 Dec.
15
50c
Dec.
19 Dec.
9
2 Dec.
15
50c
Dec.
19 Dec.
9
14 Dec.
21 Dec.
19 Dec.
7
Founders (quarterly)
$2
Dec.
9
7
Extra
$2
Dec.
19 Dec.
19 Dec.
SIM
Dee.
19 Dec.
9
11
Extra
Preferred (quarterly)
••
14
24 Dec.
Dec.
——
-
.
24 Dec.
Dec.
—
-
15 June
2 Dec.
Dec.
Dec.
Extra
Hercules Powder Co
Holmes
11
2 Dec. 11
31 Dec. 31
Dec. 31 Dec. 31
Dec.
Preferred (quarterly)
Hercules Motors (quar.)
Preferred
2 Dec.
1
Jan.
Preferred (quar.)
Hepburn & McTavish__
Dec. 31iDec.
Dec. 22 Dec.
Dec.
Jan.
Jan.
June
81
Investors Cprp., com
Fox (Peter) Brewing Co. (quar.)
Franklin Rayon Corp. common ($1 par)
Common, no par
Free port Texas Co., preferred (quar.)
Gannett Co., $6 preferred (quar.)
Goodrich
12
50c
81
Fourth National
Special
15 Dec.
Homastake Mining (monthly)
Extra
25c
Ford Motor of Canada (quar.)
Formica Insulation Co
Preferred
1
Dec.
Home Fire & Marine Insurance
Jan.
10a
15 Dec.
15 Dec.
5
1
15
1
Dec.
5
2 Dec.
5
Dec.
2 Dec.
Jan.
15 Dec.
2 Dec.
Jan.
21 Dec.
Dec. 15 Dec.
15
5
Hazel-Atlas Glass Co_.
Hazehine Corp. (increased)
Jan.
15
1
15 Dec.
Dec.
Hearst Consol. Publishers, 7% pref. A (quar.)-Heath (D. C.) & Co. preferred (quar.)
62 Mc
2 Dec.
15 Dec.
15 Dec.
Dec.
Dec.
23
12Mc
12Mc
Fohs Oil Inc. (quar.)
Foote-Burt Co. (increased)
Jan.
A (quar.)--—
2 Dec.
2 Dec.
2
16 Dec.
7
20 Jan.
15 Dec. 31
Dec.
Hawaii Consol. Ry. Ltd., pref.
Preferred A
Jan.
Jan.
15 Nov. 24
1
15 Dec.
1
15 Dec.
Dec.
Extra
S25
Jan.
1
Jan.
Harrisburg Gas, 7% pref. (quar.)
Hawaiian Traction Co. (quar.)
R7^e
25c
Class B (quarterly)
Class B (extra)
Dec.
Dec.
15
25c
Florsheim Shoe Co., class A (quar.)
Class A (extra)
15 Dec.
31 Dec. 16
Jan.
2 Dec. 10
5
Dec. 15 Dec.
Dec. 21 Dec. 15
Dec. 21 Dec. 15
Dec. 31 Nov. 30
Dec.
Dec.
2 Dec.
25c
15 Nov. 30
Dec.
6% preferred (quar.)
Hammond Clock Co. (resumed)
Opt. payment of cash or 6% cum. conv. pf. stk
Harbison-Walker Refractories Co., pref. (quar.)
Jan.
SIM
4
Dec.
Hammermill Paper (quar.)
24
Dec.
10
2 Dec.
Dec. 21 Dec. 10
Dec. 15 Nov. 30
Extra
Dec.
SI
Dec.
2 Dec. 22
Jan.
Hamilton United Theatres, 7% preferred
Hamilton Watch Co., preferred
-
50c
Jersey City, quarterly
First National Bank (N. Y.) (quarterly)
First National Rank (Toms River. N. J.) (qu.)First National Stores, Inc. (quar.)
Special
First Security Corp. of Ogden(Utah), A & B(s-a)
21
Jan.
Extra
—
Holders
When
Payable of Record
Dec.
Greyhound Corp., new (quar.)
Guaranty & Fire Insurance (s.-a.)
Guaranty Trust Co. of New York (quar.)
Gulf Oil Corp
Gulf States Utilities $6 preferred (quar.)
$5A preferred (quar.)
Gurd (Chas.) & Co. (special)
Hackensack Water Co.. preferred A (quar.)
Halifax Fire Insurance Co. (N. S.) (s.-a.)
Hall (O. M.) Lamp Co
Haloid Co. (quarterly)
Helme
•
8.2306%
Finance Co. of Penna. (quar.)
Financial Assoc., Inc. (quar.)
Series A
1
TiSlOM
Feltman & Curme Shoe Stores, pref. (quar.)
Extra
1
87 Mc
-
Per
Share
Name of Company
Hecla
2
A nr.
50c
Extra
Apr.
50C
Quarterly
Jan
82 M
Extra
General
Dec.
Dec.
40c
Elgin National Watch
El Paso Electric (Del.), 7% pref. (quar.)
$6 preferred B (quarterly).
El Paso Electric (Texas), $6 pref. (quar.)
El Paso Natural Gas (initial, quar.)
Emerson Drug Co. preferred (quar.)
Empire Power Corp., partic. stock
$6 cumulative preferred
Emsco Derrick & Equipment (quar.).:
First
1
1
Dec. 21 Dec.
Dec. 21 Dec.
15 Nov. 14
15 Nov. 14
5
15 Dec.
40c
3787
Holders
When
Payable of Record
SIM
SIM
SIM
SIM
Electrolux Corp. (quar.)
Extra--i
Chronicle
—
9
Financial
3788
Per
Share
Name of Company
$1
Sirs
Jefferson Electric Oo
Jersey Central Power & Light 5H % pref. (qu.)
6% preferred (quar.)
—
7 % preferred (quar.)
—
Johns-Manville
Extra
1
■
-
—
;;
Kalamazoo vege able Parchment Co. (ounr.)—.
Kansas City Power & Light 1st pref. (quar.)....
Kansas Electric Power, 6% pref. (quar.)..
7% preferred (quar.)
.....
Kansas Utilities Co., 7% pref. (quar.)
Katz Drug Co—
Preferred (quar.)
Kaufman (Chas. A.) Co. (resumed)
Kaufmann
-
25c
Extra
(guar.)
Keith-Albee-Orptieum, preferred
Kelley Island Lime & Transport (quar.)...—
Extra
15 Dec.
15 Dec.
Extra.....
...
Kimberly-Clark Corp. (quarterly)
Preferred (quarterly)
Special)
Kings County Lighting Oo. common (quar.)
7% preferred B (quar.)
6% preferred O (quar.)
5% preferred D (quar,)..
King-Seely Com
Kingston Products Corp. (quar.)
—
Klein (D. Emil) Co. (quar.)
—
Preferred (quar.)
Extra
11
10
10
25c
15 Nov. 30
2 Dec. 15
15 Dec.
5a
5a
15 Dec.
2
2
Jan.
Dec. 23
Jan.
1
Dec.
12
Dec.
12
3
Dec.
•
1 Dec.
15
Mesta Machine Co
Extra
15
12
Dec.
Dec.
Dec.
Jan.
15
Dec. 15
Dec. 28
Dec. 28
Jan.
Dec. 15
Dec.
2
Dec.
1
Dec.
1
Dec.
15
Dec. 21 Dec. 10
Dec. 15 Dec. 10
Dec. 15 Dec. 10
2
Dec. 12 Dec.
Dec. 20 Dec.
Dec. 24 Dec.
Dec. 21 Dec.
Jan.
Dec.
Class B
Jan.
14
Mar.
Feb.
June
May 15
Aug. 15
Sept.
-
Decl'37 Nov
15
15 Dec. 31
Dec. 15 Nov. 30
3%
18 Nov. 27
Dec. 18 Nov. 27
75c
Dec.
40c
Dec. 14 Dec.
Dec. 14 Dec.
Dec. 18 Dec.
Dec. 18 Dec.
Jan.
1 Dec.
$1
60c
$2
Dec.
15|Dec.
50c
15 Dec.
Dec. 21 Dec.
1 X%
50c
Dec. 21 Dec.
Mar.
1 Feb.
Dec.
4
5
5
3
3
10
1
10
Jan
2 Dec.
65c
Jan.
2 Dec.
5
15
11
15
17
$1.10
$1
Jan.
15 Dec.
11
Dec.
21 Dec. 21
$1
$1W
—
—
..........
*
Dec.
Jan
23 Dec.
2
J
Manufacturing (special)
—
Jan.
Dec.
Dec. 31 Dec.
Class B (quarterly)
Class B (extra)
Extra..
Preferred- (quar.)
Louisville Gas & Elec. Co. (Del.), cl. A & B
Louisville & Nashville RR. Co. (extra)
Louisiana Land & Exploration Co. (quar.)
Extra
Ludlum Steel Co., extra
Lunkenheimer Co..
Preferred (quarterly)
(qu.)
Jan.
30c
30c
37Hc
10c
25c
6|»
.......
18a
2 Dec.
17
15 Dec.
1
15 Dec.
15 Dec.
1
1
Dec. 24 Nov. 20
Dec. 23 Nov. 30
Dec. 15 Deo.
la
Dec.
15 Dec.
Dec, 21 Dec..
Dec.
Jan.
Jan.
Jan.
cumT pref. (semi-ann.).-----
Dec.
15
15 Nov. 27
Dec.
21|Dec.
Dec.
Mountain City Copper Co. (initial)
Mountain Producers Corp. (semi-ann.)..
Mueller Brass Co. (quarterly)
Dec.
21lDec. 10
21 Dec. 15
$5
25c
50c
...
Dec. 24 Dec.
$1
75c
50c
15 Nov. 30
Dec. 18 Dec. 10
Dec. 15 Dec.
1
Jan.
1 Dec. 20
2 Dec. 15
Jan.
Jan.
9 Dec. 19
2 Dec. 11
Jan.
Jan.
2 Dec. 11
Dec. 15 Dec. 12
Dec. 15 Dec. 12
Dec. 18 Dec. 11
91X
50c
25c
—
10c
37Hc
Marine Midland Trust (quar.)
Extra
1
20c
Marlin-Rockwell Corp. (quar.)
► Special
Marsh (M.) & Sons, Inc. (quar.)
Mar-Tex Oil Co., common (initial)...
Class A (initial)
Maryland Fund, Inc. (quar.)
50c
,
$2
-
—
40c
5c
5c
5c
—
7Hc
ei%
Additional distribution
25c
(new) (quar.)
25c
—
14
Dec.
Dec.
18 Dec.
2 Dec.
11
15
1
15 Dec.
1
Dec. 15 Dec.
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Jan.
Dec.
Dec. 23 Dec.
5
Dec. 23 Dec.
5
Jan.
Mumingwear, Inc
Stock div. of H sh. of Wayne Knit. Mills for
each sh. of Munslngwear held
Murphy (G. O.) Co. (extra)
Murray Corp. of America (resumed)
Muskegon Motor Specialties, class A--------Muskegon Piston Ring Co. (quar.)
75c
50c
h$3
25c
Dec.
15 Dec.
21 Dec.
Dec.
19 Nov. 13
Dec.
Dec.
19 Nov. 13
15 Dec.
5
Dec
17
%1P
5c
Dec
2X
Jan.
Jan.
15 Nov. 30
15 Dec. 31
26 Dec. 15
25c
25c
Dec.
$1H
$1
—;
Dec.
Dec.
Dec.
40c
36c
75c
Extra
$1.15
Preferred (quar.)
Bond & Share Corn, (special)
National Breweries (quarterly)
$3
50c
Dec.
Jan.
Jan.
50c
...
Dec.
20c
Dec.
30c
—
Ve
17Hc
h$lH
National Fund Corp. A (quar.)
National Grocery Co., Ltd., preferred
...
—
-—
National Lead Co. (quarterly)
Extra
Class B (quarterly)
Preferred A (quar.)
—
Malleable & Steel Casting—
Oil Products Co. (extra)
Standard Oo. (quarterly)
Sugar RefiningCo. of N. J-
National Supply Oo. of Del., preferred
National Tea Co. (quar.)
Dec.
Dec.
Jan.
Dec.
Dec.
Jan.
Dec.
$1H
Dec.
25c
Dec.
15 Nov. 30
2 Dec. 15
2 Dec. 15
15 Nov. 30
15 Nov. 30
15 Nov. 30
15 Nov. 28
2 Nov. 28
22 Dec. 12
17 Dec.
8
2 Dec. 15
21 Dec.
5
22 Dec. 12
22 Dec. 12
23 Dec. 12
21 Dec.
4
h$8H Dec.
12Hc Dec.
37Hc Dec. 21 Dec.
Feb.
*a
$2
75c
50c
$3H
Dec.
Dec.
Dec.
Jan.
15 Nov. 28
18 Dec. 10
2 Dec. 15
2 Dec.
1
Dec. 22 Dec.
2 Dec.
11
Jan.
15c
Jan.
Dec. 15
Dec. 28
Dec. 28
Dec. 15
20c
—.—
60c
37 He
(Ohio), 7% pref. (quar.)
Newberry (J. J.) Co., (quar.)
Extra
New England Gas & Electric Assoc.. pref.
New Jersey Power & Light Co. $6 pref. (quar.)—
$1H
60c
40c
50c
$1
$1
4
1 Jan. 18
15 Nov. 27
35c
20c
National Transit
Natomas Co. (quar.)
Extra
1
Dec. 15 Nov. 13
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Dec. 21 Dec. 10
43c
(Detroit) (quar.)
1
8
10
Preferred (quarterly)
National Cash Register Co
National Casualty Co. (quarterly)
20c
15 Dec.
22 Dec.
24 Dec.
Dec. 15 Dec.
Nationa
$5 preferred (quar.)
15
75c
National Biscuit Co.
National Bond & Investment Co. (quar.)
Neisner Bros, (quar.;
Extra
Newark Telephone Co.
5
Dec.
50c
•-
National Automotive Fibres, class A (spec.)
National Aviation Corp. (resumed)
National
National
National
National
15
2 Dec. 23
Dec. 23 Dec. 12
65c
of Am. 6% pref. (quar.)..
National Gypsum. A and B
7 % 1st preferred (quarterly)
5% 2nd preferred (quarterly)
National Investors Corp. preferred
2 Dec.
Jan.
25c
Extra
Muskogee Co., common
National Dairy Products
A & B preferred (quarterly)
National Distillers Products (extra)
4
5a
10
10
Dec. 21 Nov. 28
1
Dec. 15 Dec.
Mullins Mfg. Corp. class A & B (special).
Muncie Water Works Co., 8% pref. (quar.)
Mutual Chemical Co
Dec.
Dec. 21 Dec.
Dec. 28 Dec.
Dec. 28 Dec.
Extra
7
Dec.
15
Morse Twist Drill & Machine
Mother Lode Coalition Mines (resumed)
Motor Products
National Casualty Co.
15 Dec.
5
2 Dec. 21
2 Dec. 15
2 Dec. 15
15
Dec. 15
Jan.
la
19 Dec.
9
Dec. 24 Dec. 14
5c
15
15
Dec.
$3
$1
Extra
Extra..
Mathieson Alkali Works (quar.)
Preferred (quarterly)
Dec.
Dec.
40c
.....
Extra
1
$2H
"IS
;
-
1 Dec.
Dec.
Lykens Valley RR. & Coal Co. (s-a)
Lynchburg & Abingdon Teleg. (semi-ann.)
Lynch Corp. (extra)
Mack Trucks, Inc. (quar.)
Year-end dividend
Magna Copper Co. (year end dividend)
Magnin & Co. (extra)
Manischewitz (B) & Co. (resumed)
7% preferred (quarterly)
Mapes Consol. Mfg. Co. (quar.)
Margay Oil Corp
Marine Midland Corp. (quar.)
-
1 Dec.
15
Dec.
Jan.
Special
11
Jan.
Dec. 31 Dec.
Dec. 31 Dec.
Jan.
7% preferred (quarterly).
Morristown Securities Corp., common..
Dec. 24 Nov. 25
Jan.
2
15
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Dec. 21 Dec.
Jan.
Jan.
Jan
Myers (F. E.) & Bros. Co. (quar.)
Nachman-Spring-Filled Corp
National Acme Co. (special)
$i %
2 Dec. 15
15 Nov. 25
15 Nov. 25
Dec. 24 Dec. 14
Mar. 31 Mar. 15
June 30 June 15
Jan. 15 Dec. 22
Jan. 15 Dec. 22
Dec. 18
Jan.
Jan.
Dec. 10
Dec. 10
Jan.
Class A (extra)
18
im
1
10
10
2 Dec. 17
1
15 Dec.
Dec.
2 Dec.
Jan.
Dec. 21 Dec.
11
15
15 Dec.
15 Dec.
Jan.
Dec.
..
Special
Montgomery (H. A.) Co. (quar.)
Quarterly.-Quarterly
Montgomery Ward Co. (quarterly)
Special..
Class A (quarterly)—
Moore Corp
;
Preferred A & B (quar.)
Moore (Wm. R.V Dry Goods (quar.)
Morris Financing Co. (quarterly)
20c
Long Island Lighting Oo. 7% pref. A (quar.)—
6% preferred B (quar.)
Loose-Wiles Biscuit Co., 5% preferred (quar.)..
Lord & Taylor (quarterly)
Lorillard (P.) & Co. (quar.)
Dec.
Dec.
75c
*
Dec. 22 Dec.
2 Dec.
Jan.
Extra
50c
ndon Packing Co. (quar.)
Lone Star Cement Corp. (quar.).....
2 Dec. 15
15 Nov. 30
1
Dec. 15 Dec.
Dec. 22 Dec. 10
1
Dec. 12 Dec.
7% pref. (quar.)
Mobile & Birmingham RR., 4% gtd. (s.-a.)
Mohawk Carpet Mills (quar.)
...
Mutual System, Inc., common (quar.)
Preferred (quar.)
Dec. 31 Dec.
Dec. 31 Dec.
2
Dec.
Mock. Judson, Voenringer
11
11
50c
$1
12Hc
Extra..
Masonite Corp.
15
Jan.
$2
$1X
37 He
(extra)
Preferred (quar.)...
Lily-Tulip Cup Corp. (quar.)
Lincoln Printing Co. (increased)Lindsay Light & Chemical Co., pref. (quar.)
Link Belt Co, (quar.)
Special.
Preferred (quarterly)
Liquid Carbonic Corp. (quar.).
Little Schuylkill Navigation EE. & Coal Co
Lock Joint Pipe Co., common
8% preferred (quar.)
Loew's, Inc. (quar.)
Extra
Lone Star Gas
10
5
10
Dec. 24
Dec. 24
Jan.
Modine
1
9
Jan.
Missouri Cottons, Ltd., pref. (quar.)
Extra
Monsanto Chemical Co. (quarterly)
Jan.
.
±—
Minneapolis-Honeywell Regulator (spec.)
Monongahela West Penn Public Service, pref
Lava Cap Gold Mining
juarterly............
Lexington Teleph Co.. 6H% pref. (quar.).
Libbey-O wens-Ford Glass Co
Llbby, McNeill & Libby, com.—Div. is opt.
1 sh. Of com. for each $10 of divs. due.
Preferred (semi-ann.)
Life Insurance Co. of va. (quar.)
Life Savers Corp. (quar.)
Special
Liggett & Myers Tobacco (extra)
12
Midwest Oil Co
10
15 Dec.
Dec. 21 Dec.
Dec. 18 Dec.
Dec, 21
Lang (John A.) & Sons, Ltd. (quar.)
1
Dec. 29 Nov. 30
Dec. 29 Nov. 30
Dec.
Monarch Knitting Co., 7% preferred
Monolith Portland Cement
5
4
15 Dec.
4
15 Dec.
2 Dec. 22
Dec. 22 Dec.
Dec. 21
Dec.
Dec.
Dec. 29 Nov. 30
Dec. 29 Nov. 30
1 Dec. 16
Mississippi River Power, pref. (quar.)._.
4
Dec.
Mid vale Co
5
Dec.
2 Dec.
5
10
10
14
Dec. 28 Dec. 14
Dec. 19 Dec. 12
Mid-West Abrasive Co
11
20
1
16
30
30
2 Dec.
Dec. 23
Dec. 21
19
5
Dec. 24 Dec.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 19 Dec.
15 Dec.
12 Dec.
Jan.
1
Dec.
Dec. 29 Nov. 30
Dec. 29 Nov. 30
Mission Corp. (initial)
Dec. 31
2
Feb.
1
Dec. 16
15
Dec.
Dec.
Jan.
12
1
Dec.
Dec. 21 Dec.
Dec. 28 Dec.
Jan.
$1H
1
15
19
1
Dec. 22 Dec.
Dec. 22 Dec.
Dec. 21 Dec.
Jan.
—
2 Dec.
Jan.
Quarterly..
Quarterly
40c
fc$2H
Michigan Gas & Electric, 7% prior lien.-.
$6 prior lien
Jan.
(F. H.) Co., preferred B (quar.)
Preferred BB (quarterly)
Lazarus (F, & R.) Co. (quar.)
Leath & Co., preferred (quarterly).
Lehigh Coal & Nav. Co. (special) ...
Lehigh Portland Cement Co. common (special)
Preferred (quar.)
Lehman Corp. (quar.)
Special
Le Tourneau, Inc. (quar.).....
...
h
15c
26c
Dec.
$1H
15
15
Jan.
Lawson
Jan.
Dec.
xw5%
Quarterly--Metropolitan Edison Co. $7 prior pref. (quar.)-J6 prior preferred (quar.).
5 prior preferred (quar
r.).
$7 preferred (quar.)
$6 preferred (quar.)
$5 preferred (quar.)--
1 Dec.
1
Dec. 24 Dec. 14
Feb.
Jan. 20
Dec. 24 Dec. 14
...
--
Metal Box Co. (interim)
1 Dec.
Dec. 22 Dec.
Dec. 15 Dec.
..........
$1!
$1
20c
Jan.
Jan.
........
Jan.
20c
Jan.
$1H
$1H
Clark (quar.)
preferred (quar.)
Dec.
Dec.
35c
ft50c
30c
60c
(N. Y.) 7% pref
Merchants Refrigerating
Merck & Co., Inc—
Extra
15 Nov. 30
Jan.
$1H
Dec.
75c
$1
Extra
Dec. 22 Nov. 27
Jan.
Koppers Gas & Coke, preferred (quar.)
Kresge (S. S.) Oo. (quar.)
Preferred (quar.)
Kress (S. H.) & Oo. (extra)
Kroehler Mfg. Co., class A preferred (quar.)—
Kroger Grocery & Baking Co., 6% pref. (quar.)
7% preferred (quarterly)
Krueger (G.) Brewing Co. (quar.)—
Lackawanna BR. of N. J., 4% gtd. (quar.)
Lake Shore Mines, Ltd. (quar.)
,
1
2 Dec.
-
Landis Machine Co
14
21 Dec.
2 Dec.
25c
Keystone-Custodian Fund, series S-2
Keystone Public Service, $2.80 pref. (quar.)
Keystone Watch Case Corp. common..
Quarterly...................
4
Dec.
Dec.
;—
Ltd., class A
—-Memphis Natural Gas Oo
Preferred (quar ).
—
Memphis Power & Light Co., $6 pref. (quar.)_7% preferred (quarterly)
Merchants & Manufacturers Securities
Par tic. preferred (special)
Merchants & Miners Transportation Co
10
Jan.
$1.60
$1.02
70c
$1
$2 H
Kentucky Securities Co..
$1
—
2 Dec. 30
2 Dec. 30
21 Dec. 12
2 Dec. 17
Jan.
Dec. 15 Nov. 30
1
Dec. 15 Dec.
Dec. 22 Dec. 12
Dec. 22 Dec. 12
Dec. 26 Dec. 11
Dec. 26 Dec. 11
Dec.
4c
Melchers Distilleries,
Jan.
85c
Copper (increased)..
Bonus
Landers Frary&
Extra
Extra
$1H
Extra
Jan.
75c
75c
25c
Mead Johnson & Co. (quarterly)
Extra.
Preferred (semi-ann.)
12Hc
50c
Kelsey-Hayes Wheel Co., A & B (initial)
Kelvinator Corp. (quar.)
Jan.
Dec.
25c
—
McQuay-Norris Mfg. Co. (quar.)
1
Dec.
-
Preferred
Kennecott
Dec.
25c
Dept. Stores, Inc
25c
Dec.
McKeesport Tin Plate (quarterly)
McKenzie Red Lake Gold Mines, Ltd.
McKesson & Bobbins, Tnc., pref. (quar.)
11
h$7
Jan. 28 Jan.
Dec. 15 Dec.
Jan.
2 Dec.
Dec. 21 Dec.
20c
25c
Jan.
50c
25c
Special
15 Nov. 30
15
18
Holders
2 Dec. 15
21 Dec.
5
4
15 Dec.
Dec. 15 Nov. 14
25c
Extra
Dec. 24 Dec.
Jan.
2 Dec.
I
When
Payable of Re"ord
Maytag Co. (resumed)
McCall Corp. (extra)...
McColl Frontenac Oil Co. (quarterly)
McKee (A L) Co., class B (quar.)..-
11
10
10
10
11
11
Jan.
1 Dec. 18
Dec. 21 Dec. 10
«>ec. 31 Dec. 21
Jan.
1 Dec. 14
Jan.
2 Dec. 15
2 Dec. 15
Jan.
Jan.
2 Dec. 21
2{
Dec.
12, 1936
Master Electric Co. (quar.)
Dec.
Dec.
1 Dec.
Jan.
1 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Dec.
Share
Name of Company
Jan.
Corp. (quar.)
Preferred (quar.)
Kalamazoo Stove Co.
Per
When | Holders
Payable of Record
Jan.
Dec.
Chronicle
Dec.
Nov.
Dec.
Dec.
Nov.
14
30
14
14
30
30
15 Nov.
Dec. 30 Dec. 24
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Dec. 24 Nov. 30
Dec. 29 Nov. 30
Dec. 29 Nov. 30
Volume
Financial
143
14
Nov. 30
dividend)
Dec.
Newport Industries (resumed)
10
Jan.
Jan.
Extra
New Process Co
Dec.
14
Plymouth Fund, Inc.
Dec.
15
1
Dec.
15
Dec.
(semi-annual)
New York & Mutual Teleg. Co. (semi-ann.)
New York & Queens Electric Light & Power
New York Steam Co., $7 pref. (quar.)
$6 preferred (quarterly)
New York Telep.. 6)4% pref. (quar.)
New York Telephone 6)4% pref. (quar.)
New York Trap Rock Corp.—
$7 preferred (payable in $6 pref. stock)
Niagara Hudson Power Corp., common
Niagara Shares Corp., class B
Preferred (quarterly)
Noblitt Sparks
Special, option of l-20th share of stock or cash
15
Dec.
Preferred
31
Dec.
4
Dec.
Dec.
15
15
Dec.
18
Dec., 18
Nov. 25
Dec.
Nov. 30
Dec.
Nov. 30
Dec.
Dec.
Dec.
Nov. 30
10
Dec.
Nov. 30
Dec.
Norfolk & Western Ry. Co. (quar.)
Extra
Dec.
Nov. 30
Dec.
Nov. 30
North American Co. (quar.)_.
Dec.
Dec.
Mines
1
4
Dec.
Dec.
4
Preferred (quarterly)
North American Rayon, class A & B
Extra
Jan.
Dec.
15
Dec.
Dec.
Dec.
Dec.
5
North Central Texas Oil (special)
Northeastern Water & Electric (initial)
Dec.
Dec.
2
Extra
5
5
Dec.
Dec.
......
....
Jan.
-—
Jan.
15
Jan.
25 Dec. 31
15 Dec. 31
Jan.
preferred (quar.)
Pratt & Lambert, Inc
non-cum.
Dec. 21 Dec.
Jan. 15 Dec.
Jan. 15 Dec.
*
Extra
Dec.
Prentice (H. G.) Mfg. Co. (extra)
Pressed Metals of America (extra)
Quarterly.
Prudential Securities, 4% A (quar.)
Extra
Dec.
15 Dec. 31
18 Dec. 15
Dec.
18 Dec.
Public National Bank & Trust Co. (quar.)
Publication Corp. 7% 1st pref. (quar.)
Jan.
Jan.
Dec.
15
21
15 Dec.
Dec. 15 Dec.
Dec. 26 Dec.
16
7% original preferred (quar.)
Common (increased)
Public Service Elec. & Gas, pref. (quar.)
Public Service of N. H., $6 pref. (quar.)
$5 preferred (quarterly)
Public Service of N. J. (quarterly)
Dec.
Dec.
19 Nov.
15 Nov.
Dec.
Dec.
6% preferred (monthly)
$5 preferred (quar.)
Dec.
Dec.
19 Nov. 20
Dec.
19 Nov. 20
19 Nov. 20
3
17 Dec.
Dec.
Dec.
5
Jan.
Dec.
22
Northland Greyhound Lines, Inc., $6)4 Pf. (qu.)
Northwest Engineering Co
Dec.
Dec.
11
Dec.
Dec.
Nov. 30
Northwestern Teleg Co. (semi-ann.)
Novadel Agene Corp., com. (quar.)
Jan.
Dec.
15
Dec.
Dec.
10
Nova Scotia Light & Power Co. (quar.)
Ohio Brass Co
Jan.
Dec.
16
Dec.
Dec.
8
Pure Oil Co., 5)*% preferred (quar.)
6% preferred (quar.)
8% preferred (quar.)
Purity Bakeries Corp. (extra)
Pyrene Mfg. Co., common (special)
Quaker Oats Co. (quar.)
Preferred (quar.)
Quaker State Oil Refining (quar.)
7
Dec.
15
Dec.
15
Jan.
15
Jan.
Dec.
Dec.
15
Jan.
Dec.
15
Dec.
Dec.
Nov. 14
Dec.
L
Ohio Oil Co.,
Preferred
Dec.
Jan.
(quarterly)
Nov. 30
(monthly)
)c Jan.
Dec.
15
6% preferred (monthly)
5% preferred (monthly)
Oklahoma Gas & Electric, 6% pref. (quar.)
7 % preferred (quarter1 y)
Old Dominion Co., irregular dividend
Omnibus Corp., preferred (quar.)
Jan.
Dec.
15
Jan.
Dec.
15
Dec.
Nov. 30
Dec.
Nov. 30
Jan. 26
Ohio Public Service Co. 7% pref.
Feb.
Jan.
Nov. 30
Dec.
Dec.
10
Dec.
Dec.
10
Dec.
y)Extra
Nov. 30
Dec.
Ontario Silknit, Ltd., 7% pref. (quar.)
Ontario Steel Products, preferred
Dec.
Dec.
Dec.
1
15
Dec.
Oct.
Otis Elevator Co
Dec.
Nov. 30
Preferred (quar.)
Oils & Industries
Dec.
Nov. 30
Dec.
Dec.
31
12
Preferred
Dec.
Dec.
12
Preferred
Dee.
Dec.
12
(participating)
preferred.
Ozark Coop; (quarterly)
Pacific & Atlantic Teleg. Co. (s.-a.)
Pacific Can Co
(quarterly).
Otis Steel
new conv.
Nov. 30
Dec.
15
Dec.
10
Dec.
10
Pacific Finance Corp. (quar.)
Extra
Dec.
7
Dec.
7
Pacific Lighting Corp. 6%
Pacific Lumber Co
Dec. 31
Extra
pref. (quar.)
Dec.
2
preferred
Pacific Telephone & Telegraph
Preferred (quar.)
Dec.
1
Pacific Tin Co. (extra)
Pacific Western Oil Corp
Dec.
7
Packard Motor Car Co. (increased)
Pan American Petroleum & Transport
Nov. 10
Pacific Public Service, 1st
Dec.
10
Dec.
10
Dec.
5
(Payable in 7-year 3 )4 % notes)
Pan American Southern (resumed)
Dec.
Dec.
Preferred (quar.)
Nov. 30
1
15 Dec.
1
Jan.
1
Dec.
16
5
$15*
50c
I
5
$15*
55c
Jan.
Dec.
Dec.
15
19
55c
Feb.
Jan.
20
55c
Mar.
Feb.
20
Dec.
Nov. 23
Dec.
Dec.
Nov. 30
Nov. 30
Jan.
$1
$1
$25*
$1
Extra
Dec.
15
Jan.
Dec.
15
30c
Dec.
10
25c
Water & Power (quarterly)
Extra
Perfection Stove Co. (quar.)
(quarterly)
Rochester Telephone, 6)4%
40c
Dec.
Special
Philadelphia Co., $6 cumulative pref. (quar.)..
$5 cumulative preferred (quarterly)
Philadelphia Electric Power, pref. (quar.)
Philadelphia Insulated Wire
Philips Packing Co. (extra)
Phoenix Finance Corp., preferred (quarterly)
Pictorial Paper Package Corp. (quar.)
..
Extra
Pioneer Gold Mines of British Columbia
Pittsburgh Ft. Wayne & Chicago Ry. Oo. (quar.)
7% preferred (quarterly)
12 Dec. 21a
2 Dec. 18
1
15 Dec.
Dec.
15 Dec.
Jan.
1 Dec. 15
14 Nov. 28
Dec.
1
15
Dec. 31 Dec.
19
Dec. 31 Dec.
19
25c
4
Dec. 31 Dec. 19
24 Dec.
9
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Dec.
15 Dec.
15 Dec.
5
Dec.
15c
Dec.
Jan.
1 Dec.
19
10c
Jan.
1 Dec. 19
UH
3734c
$13*
Jan.
2 Dec.
60c
Dec.
Dec. 21 Dec.
Dec. 21 Dec.
5
19
5
5
21 Dec.
11
fc$89*
Dec.
15 Dec.
15 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 15 Dec.
8
$15*
Dec.
8
7
Dec.
23 Dec.
9
Dec. 23 Dec.
9
Dec.
1
25c
$3
16c
$1
$1
Safeway Stores—
Common and extra div. payable in pref. stock,
1-50 share for each common share
Jan.
15 Dec.
7
5
1 Dec.
15
1 Dec. 15
Dec. 21 Dec. 10
Dec, 21 Dec. 10
Jan.
2 Dec. 15
2 Dec. 15
1 Dec. 15
Dec. 31
Dec. 31 Dec. 15
Jan.
Jan.
Jan.
—
Dec
1
Dec.
II
Nov. 24
Jan.
Dec.
Dec.
Joaquin Ligh & Power, pr. pref. (quar.)_
preferred A (quar.)
Savage Arms Corp. (resumed)
Preferred (resumed)
Savannah Electric & Power Co., 8% deb. A (qu.)
7)4% debenture B (quarterly)
7% debenture O (quarterly)
6)4% debenture D (quarterly)
Schenley Distillers Corp. (quar.)
1
Extra ."payable in 8li% pref. stock
5)4% preferred (quarterly)
Scranton Electric Co., $6
Jan.
Dec.
Dec.
Dec.
Dec.
15
Jan.
Dec.
1
$15*
$15*
Jan.
Dec.
10
Jan.
Dec.
10
15 Dec.
5
Jan.
2 Dec.
10
Jan.
2 Dec.
10
Jan.
Jan.
2 Dec.
5
10
pref. (quar.)
a
Preferred (quarterly)
(quar.)
Sears Roebuck Co. (quarterly)
Seaboard Oil Co. (Dei.)
Extra
10
17
17
Dec.
21 Dec.
17
Jan.
1 Dec.
16
15 Dec.
3
15 Dec.
Jan.
Dec.
Scranton Lace Co
Special
2 Dec.
21 Dec.
Dec.
Dec.
Nov. 30
Dec. 31
r20c
15 Dec.
Dec.
Dec.
Dec. 10
Dec.
1
15
36
15 Nov.
Dec.
Dec. 21 Dec.
Nov. 24
1
_
Dec.
Scott Paper Co. (quar.)
Extra
50c
Dec.
15 Nov. 30
15 Nov. 30
Dec.
Dec.
85*c
215*c
Jan.
1
8
Dec.
Jan.
19
20
Dec.
5
11
Dec.
Dec. 21
Jan.
16 Dec.
21 Dec.
Dec.
Dec.
$1
25c
5
Dec.
15 Nov. 30
Dec.
50c
9
Dec.
Dec.
Jan.
16 Dec.
Dec.
Jan.
tig
9
Dec.
Dec.
Jan.
25c
10
Dec.
19 Dec.
19 Dec.
Dec.
Preferred A (quar.)
Preferred B (quar.)
90c
Phelps Dodge Corp
10
1 Dec.
Prior
$1
30c
25c
Pfeiffer Brewing Co. (quar.)
10
1 Dec.
Jan.
11
Dec.
Petroleum Corp. of America
Petroleum & Trading Corp., A
Pfandles Co. (quar.)
1 Dec.
Jan.
15c
Extra
Dec.
Dec.
Jan.
7i$3
$3
(quar.)
Royal Typewriter Co., Inc., preferred
Preferred (quarterly)
Ruberoid Co. (quarterly)
Special year-end dividend
Ruud Manufacturing Co. (quarterly)
Safety Car Heating & Lighting Co
Dec.
75c
15 Nov. 27
Dec. 31 Dec.
14 Dec.
pref. (quar.)
San
25c
Extra
15 Nov. 30
15 Nov. 27
$2
$2
$2
(quar.)
Dec.
Peter Paul, Inc. (quarterly)
4
15 Dec.
4
15 Dec.
15 Nov. 30
15 Nov. 30
Dec.
Dec.
25c
Dec.
7
Dec.
14
Dec.
$in
Extra
Nov. 25
1
21
7
22 Dec.
75c
Robert's Public Market, Inc. (quar.)
Extra
Dec.
Dec.
Dec.
15 Dec.
14 Dec. 24
Dec.
25c
Non-voting common (semi-arm.)
Dividend obligation (semi-ann.)
River Paper Co
Riverside & Dan River Cotton Mills, pref
Preferred (semi-ann.)
Robertson (H. H.) Co. (quar.)
Nov. 28
Dec.
Jan.
11
Dec.
Dec.
8
Dec.
Dec.
(quarterly)
Dec.
12
Dec.
Jan.
Dec.
25c
Dec.
12
Dec.
Dec.
tin
pref.
25c
Pepperell Mfg. Co. (special). _
Pere Marquette Ry., prior preferred
Perfect Circle Co. (quarterly)
Dec.
1
15 Nov. 30
Nov. 30
Dec. 15
Dec.
Extra
37Mc
6)4% preferred (quarterly)
Peoria Water Works Co., 7% pref. (quar.)
Dec.
Dec.
1
15 Dec.
Dec.
15c
25c
~
1 Dec.
Dec.
Jan.
el%
50c
Quarterly
Jan.
$15*
$15*
$15*
$5
fc$20
com
Dec.
Dec.
25c
Electric Co.,
Peoples Drug Stores, Inc. (quar.)
15
1 Dec.
15
Dec. 26 Dec.
9
Dec.
$1
1 Jan.
$1,125
/i$12
$1)4
$3)4
$2H
(quarterly)
6% preferred (quar.)
7% preferred (quar.)—-—
St. Joseph Lead Co
Special
St. Louis Bridge Co. 1st pref. (semi-ann.)
2d preferred (semi-annual)
3% 2nd preferred (semi-annual)
St. Louis Rocky Mt. & Pacific, preferred
San Francisco Remedial Loan Assoc. (quar.)
Preferred (quarterly)
12Hc
Feb.
Jan.
20c
Extra
21
Feb.
15 Nov. 30
15 Nov. 30
1 Jan. 15
30c
Republic Steel Corp., 6% preferred
6% preferred A (quarterly)
Revere Copper & Brass, Inc., 7% pref
hM % preferred
Reynolds Metals Co.. common, extra—
5M% cum. conv. preferred (quar.)
Reynolds (R. J.) Tobacco Co. (quar.)
Reynolds Spring
Roos Bros,
Dec.
1
Dec.
Dec.
55c
Remington-Rand, Inc
Quarterly
4
Dec.
27 Feb.
30c
Reliance Insurance Co
Extra
4
Dec.
1
8
Feb.
20c
(Daniel), Inc. (quarterly)
Preferred (quarterly)
Reliance Grain Co., Ltd., 6)* % pref. (quar.)--..
15 Dec.
Jan.
11
15 Dec.
24 Dec.
30c
Extra
15 Feb.
Jan.
24 Dec.
$1>*
Ross Gear & Tool Co.
pref. (mo.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Pennsylvania RR
Pennsylvania Salt Mfg. Co. (quar.)
Penn Western Gas &
Dec.
Reeves
15 Dec.
19
19
10
1 Dec. 10
1 Dec. 16
Dec.
Dec.
Extra
Feb.
(initial)
Jan.
—
Queens Borough Gas & Electric Co., 6% cumul.
$1 J*
preferred (quarterly)
Radio Corp. of Amer., $3 )4 cum. conv. 1st pref87Hc
$1H
Railway Eauip. & Realty Co., Ltd., 1st pf. (qu.)
60c
Rapid Electrotype (quar.)
37)4c
Ray best os-Ma nh at tan, Inc. (quar.)
-—
25c
Special
50c
Ray-O-Vac, 8% preferred (quarterly)
50c
Common (increased)
50c
Reading Co., 2d preferred (quar.)
Real Silk Hosiery Mills, pref
ft$10^
20c
Reed Roller Bit Co. (quar.)
Dec.
Dec.
Preferred (quarterly)
Pet Milk Co.
15 Dec.
Dec.
Penna. Power Co., $6.60
Special
23
Dec.
Pennsylvania Gas & Electric Corp.—
7% & $7 preferred (quarterly)
Penna.
1
Dec.
Extra
Penna. Glass & Sand, vot. tr. ctfs.
31
Dec.
(quarterly)
Pathe Film, $7 preferred (quar.)
Paton Mfg. Co., Ltd., 7% pref. (quar.)
Peerless Weighing & Vending Machine Co—
Preference, voting trust certificates
Penick & Ford Co., Ltd. (quar.)
Peninsular Telephone (quarterly)
7% preferred (quarterly)
Penney (J. C.) Co., common (quarterly)
Park & Tilford, Inc.
Jan.
-——
Richmond Federicksburg & Potomac (s.-a.)
7
1 Dec.
10c
Rich's Inc., preferred
Extra
7
2 Dec.
Jan.
Quarterly Income Shares
Preferred
2 Dec.
Jan.
Extra
Rice-Stix Dry Goods, 1st & 2d
Ricbardson Co.
Dec.
Extra
Jan.
7% prior lien stock (quarterly)
6% prior lien stock (quarterly)
7
Dec.
Paraffine Co., Inc. (quar.)
Dec.
Public Service of Northern Illinois (special)
Public Service Co. of Oklahoma—
7
Dec.
IB
Extra
5
11
Jan.
5
5
15 Nov. 30
19 Nov. 27
19 Nov. 27
19 Nov. 20
Dec.
Dec.
(resumed)
2
Dec.
Dec.
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
18
15
22 Dec.
Dec.
Procter & Gamble Co., 5% preferred (quar.).i..
Prudential Investors, preferred (quarterly)
Dec.
Ohio Confection Co. class A
4
18
7
Dec. 22 Dec.
7
15 Nov. 25
Dec.
Jan.
Ohio Edison Co., $5 preferred (quar.)
10
Dec.
Northern Pipe Line Co
North Illinois Finance Corp. (increased)
North & Judd Mfg. Co. (quar.)__
Special
2 Dec.
Dec. 21 Nov. 24
Pottsburgh Screw & Bolt
Powdrell & Alexander Co. (quarterly)
Power Corp. of Canada, Ltd., 6% cum. pf. (qu.)
(quar.)
a
Dec. 22 Nov. 30
2 Dec. 10
Extra
Pocahontas Fuel Co
Preferred (semi-ann.)..
Premier Gold Mining Co.
Jan.
Dec.
Noranda
(extra)
Plymouth Oil Co
6%
20 Dec.
15 Dec.
Dec. 28 Dec. 21
Dec. 22 Nov. 30
Dec.
Class A (special)
New York & Harlem RR. Co. (semi-ann.)
Holders
When
Payable of Record
Dec. 21 Dec.
20 Dec. 31
Pittsburgh Plate Glass
Plymouth Cordage Co. (quar.)
New River Co.. preferred
New York Air Brake
Dec.
Share
Name of Company
Payable of Record
Dec.
New England Telep. & Telegraph
Newmont Mining Corp. (year end
Per
Holders
When
Per
Share
Name of Company
3789
Chronicle
Dec.
2 Dec.
15 Dec.
15 Dec.
Dec.
15 Dec.
Dec
15 Dec.
Dec.
15 Nov.
6
Dec.
15 Nov.
6
Financial
3790
Per
Share
Name of Company
•
Schlff Co., common (quar.)
Extra
.
Preferred (quar.)
...
—.
Second National Investors Corp. preferred
Securities Acceptance Corp. of Omaha (quar.)—
_
Extra dividend payable in 6% pref. stock.—
Security Acceptance Corp..
........—...
6% preferred (quar.),
...
Quarterly
...
Selected Industries, conv. stock
.....—
K'Prior preferred (quarterly)
.....
Servel, Inc., 7% cum. preferred (quarterly)—..
Seton Leather Co. (resumed)
Sharon Steel Corp. (quarterly)--
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Nov. 30
h$lk
Dec. 23 Dec. 12
Dec
14 Dec. 19
Dec. 14 Dec. 19
15c
50c
e50c
37 Ha
_
Ji$12*
$151
Special.....
;
Preferred (quarterly)
Shattuck (Prank G.) (quarterly)-.---....
Can., pref.
19
$lfi
50c
Dec. 22 Dec. 10
30c
75c
a
Extra
'
Preferred
Dec.
Dec.
—
—
Mar.
(quar.)
June
(quar.)..
(quar.)
Nov. 18
Dec.
Nov. 18
Dec.
Dec,
Dec.
Dec,
Dec.
10
10
50c
Dec.
Dec. 21 Dec. 12
Dec. 21 Dec.
Dec. 15 Dec.
4
1
Jan.
Dec.
Dec.
Jan.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
(quar.)
Dec.
Dec.
Dec.
Dec.
Y Extra
Southwest Oonsol. Gas Utilities Corp
Southwestern Gas & Elec., 7% pref. (quar.)
Southwestern Light & Power, $6 pref
South West Penna. Pipe Lines
Dec.
Jan.
Dec.
Dec.
-—
40c
Dec.
20c
Dec.
$15*
$15*
Feb.
—
Spencer Kellogg & Sons (quar.)
Spencer Trask Fund
Spiegel May stern Co., preferred (quar.)_
Square D Co., class B
Preferred (quarterly).
55c
Standard Brands (quarterly)
Preferred (quarterly)
Standard-Coosa-Thatcher Co., 7% pref. (quar.)
Standard Oil Co. of California (quarterly)
Nov. 30
Dec.
1
Jan.
5
Dec. 11
Dec.
5
Dec.
5
Nov. 18a
Dec. 10
5
Dec.
Dec. 15
Dec. 10
Dec. 10
Dec. 20
Dec. 20
Dec. 19
Nov. 30
Dec.
7
Dec. 10
Dec. 15
Dec. 15
Dec. 10
2 Dec. 15
Dec.
7
Dec, 12
Dec. 15
Dec.
5
Jan. 15
Dec. 19
Dec. 19
20c
Jan.
Dec.
$15*
$15*
Jan.
Dec.
Jan.
4
Standard Oil Co., Indiana (quar.)-.-..—--—
25c
Dec.
4
15
Nov. 16
Nov. 16
Nov. 16
Extra—
Standard Oil (Kentucky)
$1
25c
25c
25c
50c
75c
Dec.
Nov. 16
Dec.
Nov. 30
Nov. 30
Nov. 27
Jan.
—
Extra
Standard Oil of Nebraska (resumed)—
Standard Oil Co. (N. J.), $25 par (s.-a.)
Dec.
5c
Extra
25c
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov. 16
25c
Dec.
Dec.
Nov. 16
Dec. 10
118
Extra
$100 par value stock (s.-a.)
Dec.
Jan.
Dec. 10
Dec. 31
Dec. 15
Nov. 30
Dec. 15
Nov. 20
$2
$3
Extra
Standard Oil of Ohio (quar.)
Special.
Preferred (quar.).
Standard Products Co. (quar.)
Standard Silver Land Mining (quar.)
Standard Steel Construction, $3 class A
Stanley Works (quar.)
...
25C
lc
7i$12*
Jan.
Dec.
Jan.
Nov. 16
Nov. 16
40c
60c
.
Sterchi Bros. Stores, Inc., resumed
Feb.
Jan.
Dec.
Dec.
Dec.
$15*
Extra..
Nov. 20
Nov. 20
25c
Special
5% preferred (quar.)
Starrett (L. S.) Co
Dec.
35<
!5C
-
Dec.
Dec.
75c
315*<
Jc
Extra
Dec.
Dec. 18
Dec. 18
Dec.
Nov. 30
Dec.
Dec.
Dec.
Nov. 30
30c
75c
6% 1st preferred (quar.)
5% 2d preferred (special)
Sterling Brewers (increased)
Stokely Bros. & Co
Conv. preferred (quar.)
Non-con v. preferred (quar.)
Stromberg-Carlson Telep. Mfg. Corp
6 2* % preferred
Sun Oil Co., common...
l
$1
30c
20c
—
-
Com. stk. div. of 6 shs. for each 100 shs. held.
Sun Ray Drug Co. (quarterly)
....—
Extra
Sunray Oil Corp.
52*% preferred (quar.)
Sunset-McKee Salesbook Co., cl. A (qu.)
Class B (quarterly)
Sunshine Mining (quar.)
Nov. 30
Jan.
Dec.
1
Dec. 18
Jan.
Dec.
"""20c"
5c
—-
—
Special
Toledo Edison Co. 7% pref.
Jan.
(monthly)
5% preferred (monthly)—
Jan.
Dec.
Jan.
Dec.
(quarterly)•
Troy & Greenbush RR., A (semi-ann.)-Truax-Traer Coal Co., preferred (quar.)-—Truscon Syeel Co., 7% pref
Tubize-Chatillon, 7% preferred (quar.)
Tunnell RR. of St. Louis (semi-ann.)
Twentieth Century-Fox Film Corp., commonPreferred (quar.)
Twin Disc Clutch (quar.)
-~
208 S. La Salle Street Bldg. Corp. (Chicago)
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
4
Dec.
1
Dec. 10
Dec. 10
ft$1.315* Dec.
Dec.
5
Dec.
20c
5
Dec.
1
Class A (quar.)
50c
-
5% preferred (quar.)
Inc
—
52*% par tic. pref
Tamolyn (,U.) Ltd. (initial, quarterly)
Quarterly
Quarterly
Quarterly
Taylor (K.) Distilling Co
4
Jan.
Dec.
——
Dec.
United Aircraft Corp
United Amusement, A & B (extra)-.
United Biscuit Co. of America (quar.)
Dec.
Dec.
Mar.
Feb.
Preferred (quartesly)
"United Carbon Co. (quar.)
United-Carr Fastener (quar.).
Dec.
Dec.
Telephone Bond & Share 7% 1st pref
$3 first preferred
-
Tennessee Electric Power Co., 5% pref. (quar.).
Dec.
6% preferred (quarterly)
Jan.
7%.Preferred (quarterly).
Jan.
Dec.
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec.
la
Dec.
la
Texas Gulf Producing Co
Dec.
Nov. 20
Texas Gulf Sulphur Co. (quar.).
Extra..
Thatcher Mfg. CoExtra
'
Dec.
Dec.
1
Dec.
Dec.
Dec.'
1
Nov. 30
Dec.
Nov. 30
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
12
Dec. 21
Dec.
3
1
1
Dec.
Nov. 30
Nov. 30
———————
Dec.
Jan
1
Dec.
15
Tan
Dec.
15
Jan.
Dec.
15
Jan.
Dec. 24
Dec.
5
Dec. 21
Dec.
Jan.
Dec.
Dec.
15a
Dec.
Nov. 20
Dec.
Nov. 30
Dec.
Jan.
Dec.
Dec.
Nov. 30
Dec.
Dec. 21
Dec. 11
Dec.
1
Dec.
4
Dec.
Dec.
Dec.
Nov. 30
Dec. 23
Nov. 30
4
lc2
Extra
—-
25c
Jan.
Jan.
Dec.
16
—
—
Jan.
h%7
Dec.
Dec.
—Zi$ 11.812* Dec.
-
Dec.
1
3
Stock dividend of 2* share Clewiston Realty &
Development Co., common.Preferred (quarterly)
.
...
Preferred
Preferred
Preferred
lu
Nov.
20
15
Mar. 15
June 15
Dec.
Dec.
Apr.
(quarterly)
(special)
common
_ _
14
Dec.
Jan.
Dec.
Jan.
14
10
5
Dec.
Dec.
10
Mar
keb
15
hme
—
14
Dec.
Dec.
Coll
Dec.
Jan.
Mines
15
Dec.
8
Dec.
-
-—
50c
58 l-3c
-
-
'
-
Preferred (quar.)
Van Norman Machine & Tool Co
Extra
fc$52*
$22*
122*c
$12*
$12*
Feb.
Dec.
Dec.
Nov. 18
May
Jan.
26
Nov. 21
Nov. 21
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
16
„
5
5
10
Dec*, 10
Dec.
Dec.
Dec.
Dec.
Nov. 30
$4
Dec.
Nov. 30
Dec.
Dec.
11
Dec.
-
40c
20c
50c
-—-
Veeder-Root (quar.)
Extra
Venezuelan Oil Consol., Ltd. (interim)
Victoria Bondholders Corp
Victor Equipment Co., $1 pref. (quar.)
Dec.
5
Jan.
Dec. 20
Dec.
1
Dec.
1
Nov. 30
10
Is.
Victor-Monaghan Co., 7% preferred (quar.)...
Viking Pump (special)
Preferred (quarterly)
Virginia Electric & Power $6 pref. (quar.)
Vulcan Detinning Co. (special)
Dec.
Dec.
Dec.
—
,
Dec.
.
(quarterly)
(quarterly)--
Wagner Electric Corp
Walgreen Co. preferred (quar.)
Waldorf System, Inc. (quar.)
-------
-—
—
$12*
30c
Apr. 10
July 10
Oct.
Dec.
———
Jan.
Apr.
July
-
Dec. 10
Jan.
-
(quarterly)
(quarterly)
Dec.
Jan.
Upper Michigan Power & Light Co.—
6% preferred (quar.)
Utah Power & Light, $6 preferred
$7 preferred
Utica Knitting 7% preferred-Valley RR. Co. of N. Y. (s.-a.)
Van de Kamp's Holland Dutch Bakers
Preferred
Preferred
Preferred
Dec.
Dec.
Jan.
Preferred
Preferred
Dec. 16
Jan.
-—
United States Tobacco Co.
Common
Preferred (quar.)
United Stockyards Corp
Verde" Extension
Dec.
July
(quarterly)
(quarterly)
Extra
Dec. 15
Dec. 15
Dec.
Dec.
Dec. 15
Dec.
4
Dec.
Dec.
Dec.
Nov. 24
Jan.
11
Dec.
Dec.
Dec.
Dec.
10
10
Nov. 23
Nov. 23
11a
Dec.
Dec.
Dec.
Dec. 15
Dec. 15
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
18
4
5% preferred (quar.)
United Gas Improvement (quarterly)-.
—
Preferred (quarterly)
United Light & Railways, 7% pref. (mo.)
6.36% pref. (monthly)
6% prer. (monthly)
United Milk Products Co.—
75c
Cumulative participating preferred (quar.) 25c
United National Corp., partlc. pref
United New Jersey RR. & Canal Co. (quar.)—
$22*
United Paperboard Co. preferred$42*
10c
United Profit Sharing Corp. (resumed)h$l .20
United Public Utilities Corp., $3 pref.
h$1.10
$22* preferred
$15
United States Co. (quar.)
75c
United States Freight Co. (extra)
$1
United States Graphite Co.,
(extra)
50c
United States Gypsum Co. (quar.)—
Extra
$12*
United States & International Security 1st pref-.
United States National Corp. (liquidating)—
United States Pipe & Foundry Co. common (qu.)
37 2*c
United States Playing Card Co. tquar.)..
25c
Ouarterlv
Universal Products Corp
Jan.
Bonus..
7
Dec.
Dec.
Jan.
Special-
Nov. 30
Jan.
Initial
Dec.
United Gas & Electric Corp., common
Preferred (quar.)
Dec.
Dec.
Teck-Hughes Gold Mines
Nov. 30
Feb. 15
Jan. 15
Dec.
Preferred (quar.)
United Corp. (resumed)
Preferred (quarterly)—
United Drug Co.
——
United Dyewood Corp. common (quar.) .....
Preferred (quar.)
......
United Elastic Corp. (quarterly)
—.—
United Engineering & Foundry (special)...—
United Fruit Co. (quar.)--
United
\
Nov. 30
Dec.
la
Jan.
Dec.
Dec.
Universal Consol. Oil (resumed)
-—
Universal Insurance (Newark, N. J.) (quar.)
Dec. 10
Dec. 10
15
15
Dec. 15
Nov. 23
Dec.
Dec.
4
Dec. 10
Dec. 10
Dec. 10
Dec.
Extra
Nov. 30
Nov. 30
Dec.
Dec.
Jan.
Union Investment Co
Nov. 30
Oct.
Jan.
6% preferred (quar.)
Union Gas Co. of Canada.
Nov. 30
Apr.
July
Dec. 18
Jan.
--
(Mo.) pref..
Dec.
Jan.
Dec.
Dec.
(111.) prof.—
Dec.
18
Dec.
Dec.
Dec.
Union Carbide & Carbon Corp
Union Electric Light & Power Co.
Union Electric Light & Power Co.
Dec.
17
Nov.
5
7
7
Jan.
-
Dec.
Dec.
Dec.
Jan.
50c
Quarterly (normally payable Mar. 15)
Tacony-Palmyra Bridge (quar.)
Dec.
Jan.
Dec.
—*——
Feb.
50c
35c
Extra
1
5
8
10
15
27
12
Dec. 19
Jan.
30c
30c
35c
-
Dec,
Dec.
Dec.
Dec.
Dec.
United Stores Corp., preferred
U. S. Sugar Corp.—
8
Dec.
Dec.
Dec.
Dec.
Dec.
Dec. 10
Dec. 10
4
Dec.
Jan.
Dec.
Dec.
Dec. 11
Dec. 11
Dec.
—
—
United States Steel Corp., preferred
Dec.
Nov. 30
Dec.
Quarterly
Nov. 25
Nov. 16
15
15
Dec.
8
Dec. 12
Dec.
Underwood Elliott Fisher Co. (quar.)——-—
Union Brewing
Stock dividend
Nov. 25
Dec.
1
Dec.
Dec.
Preferred
Dec.
Dec.
Dec.
5
Dec. 15
Dec. 15
Dec. 15
Dec.
Jan.
_
Dec.
1
2
5
Dec.
Tonapah Mining Co.
Traders Finance Corp. 6% pref. A (quar.)
7% preferred (quar.)..
—
Tradesmens Nat. Bank & Trust Co. (extra)--—
Trans-Lux Daylight Picture Screen Corp.,special
Transue & Williams Steel Forging
—
Tri-Continental Corp
Dec.
Dec.
40c
Jan.
(monthly)
6% preferred
Dec.
Jan.
685*c
375*c
375*c
$15*
i
Payable in 5 years 6% deb. notes
Sutherland Paper Co. (quar.)
t
Extra
Swan Finch Oil Corp., preferred
Swift & Co. (quarterly)
...
Special
Sylvania Industrial Corp. (quar.)
—-—
-
18
Dec. 18
Dec. 10
25c
75c
—
-
Dec.
435*c
435*c
125*c
A$35*
25c
20c
1
30
18
Timken-Roller Bearing (quarterly)Extra.
Dec.
4
Dec. 11
Dec. 11
Dec. 21
Dec.'10
Dec. 10
Feb. 20
May 20
Aug. 20
15
1
Nov. 30
Nov. 30
Nov. 30
Nov. 30
Dec. 12
Dec.
5
Dec. 20
Dec.
Dec.
Dec.
Holders
Sept.
——
Dec.
Dec.
Dec.
Dec.
Feb.
Dec.
Southern Colorado Power Co., 7% pref.
Southern Natural Gas Co. class A
Southland Royalty Co
South Penn Oil Co. (quar.)
...
Jan.
—
(quar.)
Todd Shipyards Corp.
Preferred (quar.)
Southern Calif Edison Co., orig. pref. (quar.)Series O 52*% preferred (quar.)
Southern Canada Pow. Co., 6% cum. pref. (qu.)
(quarterly)
4
...
....
Preferred
Timken-Detroit Axle Co.
Dec.
Socony-Vacuum Oil Co., Inc. (special)
Sonotone Corp., preferred (quarterly)
Soss Mfg. Co. (quarterly)
—
South Carolina Power Co., $6 pref. (quar.)
South Porto Rico Sugar Co., common (quar.)-.
Extra
Dec.
Dec.
Tobacco Securities Trust Co. ordinary (final)—
—-
-
7.2% :preferred (quarterly)...
6% preferred (monthly)
7.2% preferred (monthly)
Texas Corp. (quar.)
—
Extra
1
Sloss-Sheffield Steel & Iron, pref.
S. M. A. Corp. (quar.)
Extra
Talcott (James),
New (initial)
Tide)!Water Assoc. Oil, 6% prefferred (quar.)
Tilo Roofing Co. (quarterly)
4
-
Sunstrand Machine Tool
Jan.
Jan.
---
Dec.
Publishers, pref
eachsh .held)
(quar.)
Dec.
Dec.
Thompsons Products Inc
Preferred (quar.)
Preferred
Preferred
(Pref. stk. div. of 1-3 sh. of pref.for
Preferred
Dec.
—
Dec.
12c
50c
25c
;
Siscoe Gold Mine, Ltd. (quar.)
Skeltar Oil Co., 6% preferred
t
——
Resumed
Third National Investors Corp. common
Dec.
-
...
6% preferred (quar.)
7% preferred (quar.)
-
Dec.
Signal Oil & Gasoline, A & B (extra)----.
Signal Royalty Co., A (extra)
Signode Steel Strap, payable, lsh. of—
Signode Internat., Ltd. for each sh. held
Simmons Co
Simmons Boardman
24 Dec.
24 Dec. 12
Dec. 24 Dec. 12
Jan
2 Dec. 19
Dec.
Dec.
Dec.
Texas & Pacific-Ry. Co., preferred
Thew Shovel Co. .7% preferred
When
Payable of Record
Dec.
Dec.
-—
-
preferred
cum. conv.
24 Dec. 19
24 Dec. 19
$15*
....
52*%
Per
Share
Name"of Company
12, 1936
h$ 26.125* Dec.
Jan.
Extra
Shell Union Oil Corp. common
Sherwin-Williams of
15c
Dec.
Dec.
Dec.
Dec.
Dec.
Holders
Payable of Record
75c
75c
$15*
...
.
When
Chronicle
Oct. 11
Nov. 30
11
Jan.
Dec.
Dec.
Dec. 10
19
Ware River RR. guaranteed (semi-aim.)
Warren (S. D.) Co. (resumed)
Jan.
24 Dec. 10
24 Dec. 10
2 Dec. 31
Dec.
18 Nov. 30
Washington Water & Power $6 pref. (quar.)
Waukesha Motor Co. (quar.)
Wayne Pump Co. (initial)
Wellington Fund (quar.)
Dec.
15 Nov. 25
1 Dec. 15
2 Dec. 15
Dec.
hS 2M
Dec.
,S1«
25c
Jan.
50c
Jan.
15c
Dec.
Extra
30 Dec. 15
Dec. 30 Dec. 15
1
Dec. 15 Dec.
10c
Western Maryland Rwy, 7 % 1st pref_
Western Tablet & Stationery Corp.—
$7
21
Woodley Petroleum Co. (quar.)
2 Dec.
Jan.
2 Dec. 15
2 Dec. 15
Jan.
30 Dec. 31
25c
4-30-37 3-31-37
7-30-37 6—30—37
10-30-37 9-30-37
Yellow Truck & Coach Mfg. Co.,
Yosemite Portland Cement
Yukon Gold Co
1-30-38 12-31-37
Dec. 23 Nov. 27
Dec. 21 Dec.
7
7
Dec. 21 Dec.
10c
5c
Young (L. A.) Spring & Wire (quar.)
Youngstown Sheet & Tube, preferred
Preferred (quarterly)
Youngstown Steel Door Co. (quar.)
25c
$1
14 Nov. 27
2 Dec. 14
Jan.
Feb.
1 Jan.
Jan.
2 Dec.
Feb.
1
Jan.
20
25c
Jan.
25c
25c
Dec.
25c
Jan.
_
18
5
15 Dec.
25c
25c
Westinghouse Air Brake (quar.)
Quarterly
Quarterly
Quarterly.
Quarterly
Special
Westinghouse Electric & Mfg
Partic. preferred
10
Dec.
10c
S1H
„
10
$1
_
Special interim dividend
Wrigley (Win.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Special
12 Mc
50c
(initial)
Wesson Oil & Snowdrift Co., Inc
Extra
24 Dec.
Dec. 24 Dec.
2 Dec.
Dec.
Jan.
&
Wright Aeronautical Corp. (resumed)
Wright Hargreaves Mines, Ltd. (quar.)_
Extra
Payable of Record
10c
5c
Extra
Woodside National Bank of New York__
Worcester Salt (extra)
Holders
When
Per
Share
Name of Company
Payapjte of Record
Share
"Ward Baking Corp. preferred
Preferred
Holders
When
Per
Name of Company
5% preferred
3791
Financial Chronicle
Volume 143
Mar.
1
Feb.
20
1
Mar. 20
2 Dec.
Jan.
25c
25c
Jan.
40c
Special
Apr.
Dec.
15c
__
Yale & Towne Mfg. Co
Dec.
30c
22 Dec.
2 Dec.
17 Dec.
21 Dec.
Dec. 21 Dec.
Dec. 15 Dec.
Dec.
Dec.
30c
Dec.
Jan.
22 Dec.
2 Dec.
12
Weston Electrical Instruments, class A (auar.)
30c
50c
Jan.
2 Dec.
18
a
20c
Jan.
Jan.
2 Dec.
2 Dec.
19
c
The following corrections have been
Black & Decker Mfg. Co., dividend payable
5
19
15 Dec.
1
1
19
10c
10
Transfer books not closed for this dividend.
Weston
1 Dec.
15 Dec.
Jan.
25c
Westmoreland, Inc. (quar.)
5
Dec.
5c
75c
h$ 8X
MH
Westmoreland Coal Co. (special)
19
10
7
7
Dec. 26 Dec. 11
Nov. 28 Nov. 25
7435
7% pref
14
6
(Leo), Ltd. (quar.).
:
Extra
West Penn Electric Co., class A (quar.)
Dec. 30 Dec.
17
S1H
Feb.
1 Jan.
5
UK
$1H
h$ 3
Feb.
1 Jan.
5
W
West Penn Power Co., 6% pref. (quar.)
7 % preferred (quarterly)
West Texas Utilities $6 preferred
West Virginia Water Service Co., $6 pref
23 Dec. 12
2 Dec. 21
2 Dec. 21
Jan.
Jan.
(quar.)
White Rock Mineral Springs Co. (quar.)
1st & 2nd preferred (quar.)
I__
Dec. 24 Dec.
12
2 Dec.
16
29 Dec. 22
Dec. 29 Dec. 22
Jan.
2 Dec. 22
Extra
"II
Williams (R.O.) &Co
Dec.
Dec.
.....
4
An extra dividend on the outstanding common stock has been
common
10
p
American Chain Co. pref. stock, called for redemption with
Payable in Canadian funds, and in the case of non-residents
r
a
reduction of
a
tax of 5% of the amount of such
In trust shares.
15 Nov. 30
21 Nov. 20
21 Nov. 20
Dec. 21 Nov. 20
...
15 Nov. 30
15 Nov. 30
Dec.
Extra
Dec.
Holders have option of dividend in cash
Caterpillar Tractor, extra div. of 50c. or 1-200 sh. of 5%
t
u
Payable in U. S. funds,
x
Less tax.
y
w
2H% payable
based on liqui¬
pref. stock.
Less depositary expenses,
A deduction has been made for expenses,
z
Per 100 shares
Condition of the Federal Reserve Bank of
New
The following shows
City
New York
the
by
of Canada'
dividend will be made
Deposited Insurance Shares, series A & B stock div. of
s
Weekly Return of the New York City
Clearing House
issued
Clearing House is given in full below:
Bank of
STATEMENT
in
OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, DEC. 5, 1936
New York
at
York
the condition of the Federal Reserve
the close of business Dec. 9, 1936,
comparison with the previous week and the
corresponding
date last year:
*
Clearing House
Net
Surplus and
Members
Profits
Deposits,
Average
Average
.
Dec.
9,
1936 Dec.
147,885,000
11,191,300
391,692,000
25,431.700
«53,577.400 <zl,456,909,000
487,589,000
52,738,100
178,070,700 61,512,522,000
463,188,000
35,132.900
762,785,000
64,217,500
252,725,000
16,866,400
515,473,000
90,750,600
515,979,000
59,220.500
66,445,000
3.911,600
6,000,000
20,000,000
_
National City Bank
<7?,500,000
20,000,000
Chemical Bk. A Tr. Co__
Guaranty Trust Co
90,000,000
Manufacturers Trust Co.
Cent. Hanover Bk. A Tr.
Corn Exch. Bank Tr. Co.
First National Bank
42,935,000
21,000,000
15,000,000
Irving Trust Co___
Continental Bk. A Tr.Co
50,000,000
10,000,000
Chase National Bank
4,000,000
f100,270,000
Fifth Avenue Bank
/121,233,300 c2,009,937,000
46,735,000
3,4J0.600
69,954.500
<1894,499,000
16,465,000
2.702,200
8,494,300
82,782,000
23,129,200
313,873,000
500.000
Bankers Trust Co
25,000,000
Title Guar. A Trust Co._
10,000,000
Marine Midland Tr. Co.
5,000.000
New York Trust Co
12,500,000
7,000,000
Com'l Nat. Bk. A Tr.Co.
Public N. B. A Tr. Co¬
il
7,873,900
355,000
1,178,000
49,877,000
580,000
3,065,000
22,608.000
46,187,000
836,531,800 10,092,696,000
597,815,000
8,595,100
522,480,000
1,431,000
•
As per official reports:
National, June 30. 1936; State, Sept. 30, 1936; trust
companies, Sept. 30, 1936.
e As of Aug. 1, 1936.
/As of Sept. 30, 1936.
Includes deposits In foreign branches as follows: (a) J247.396.000; (ft) $95,223,000;
(c) $112,474,000; (d) $53,614,000.
The New
York
"Times"
publishes regularly each week
trust companies which
are not members of the New York
Clearing House.
The
following are the figures for the week ended Dec. 4:
returns
of
number of banks and
a
INSTITUTIONS
NOT
IN
CLEARING
HOUSE
THE
WITH
BUSINESS FOR THE WEEK ENDED FRIDAY, DEC.
NATIONAL
AND
STATE
Loans,
Disc,
and
BANKS—AVERAGE
Other Cash,
Including
Investments Bank
Notes
Res.
N.
CLOSING
OF
Dec.
11,1935
S
Gold certificates on hand and due from
3,325,357,000 3,396,137,000 3,208,845,000
United States Treasury x
1,257,000
973,000
56,387,000
1,785,000
Redemption fund—F. R. notes
Other cash t
68,067,000
50,372,000
3,395,209,000 3,453,497,000 3,260,474,000
Total reserves.
Bills discounted:
Secured
by
U.
Govt, obligations,
fully guaranteed
S.
direct and (or)
1,810,000
3,216,000
1,346,000
Other bills discounted
3,186,000
1,462,000
2,134,000
4,562,000
4,648,000
3,944,000
Bills bought in open market
1,100,000
Industrial
6,299,000
1,099,000
6,304,000
7,932,000
108,414,000
376,298,000
160,531,000
101,245,000
55,842,000
384,763,000
159,235,000
497,470,000
645,243,000
645,243,000
741,817,000
657,204.000
657.294,000
755,496,000
84,000
7,860,000
143,706,000
10,864,0C0
36,163,000
85,000
254,000
6,339,000
158,521,000
10,860.000
155,650,000
33,450,000
32,699,000
Total bills discounted
advances
United States government
Bonds
Treasury
Treasury
securities:
notes
bills
Total U. S. Government securities.
_
Total bills and securities
Due from
1,803,000
foreign banks
Federal Reserve notes of other banks
Uncollected items
Bank premises
All other assets
188,505,000
4,715.000
12,136,000
4, 1936
Total assets
FIGURES
Dep.,
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
Deposits
Elsewhere
1936
Assets—
24,795" 666
75,644,000
79,569,000
5,775,000
Totals
12,481,000
31,260,000
172,666.000
31,556,000
35,672.000
91,433,000
46,376,000
22,795,000
3,500,000
2,
$
$
Bank of N. Y. A Tr. Co.
Bank of Manhattan Co.
'
-
Time
Demand
Deposits,
Undivided
Capital
above
dating value of shares.
Dec.
Dec.
weekly statement
h On account of accum¬
accumulated dividend.
Dec.
I11ZZZ
Wood all Industries (quar.)
The
stock.
/ Payable in common stock,
g Payable in scrip,
ulated dividends,
j Payable in preferred stock.
Dec.
Dec.
preferred
6H% preferred
7% preferred
declared
31. 1951.
share of
$1 principal amount of such debenture bonds per
at the rate of
10
15 Nov. 25
15 Nov. 30
Dec.
Wisconsin Public Service, 6% pref
Dec. 5.
Payable in stock.
payable by means of 15-year ZM% debenture bonds due Dec.
10
19 Dec.
19 Dec.
Dec. 21
Wisconsin Investment Co
Wisconsin Power & Light, 6%
7 % pre ferred
Jan. 15.
Bearing Co., dividend payable
e
2 Dec. 22
Jan.
Winn & Lovett Grocery, class B__
Class A (quarterly)
made:
Dec.
(quar.)
6% preferred (quar.)
$5 prior preferred (quar.)
12
Dec. 24 Dec.
Jan.
wf1^? i.'* 9°- Jnc" 7% P^f. (qu.)
Wieboldt Stores, Inc.
Timken-Roller
15
7
7
Dec.
75c
$6 preferredIIIIIIIIIIIII
Whitaker Paper Co. (resumed)
______
Bajruk Cigar Co., special dividend payable Dec. 15.
15
1 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Steel",
Preferred
2 Dec.
Jan.
Jan.
50c
Weyenberg Shoe Mfg. (increased)
Wheeling
Extra
15
—
4,251,090,000 4,320,046,000 4,221,424,000
Liabilities—
783,011,000
886,042,000
883,585,000
F. R. notes in actual circulation
Deposits—Member bank reserve acc't.. 2,937,157,000 2,997,784,000 2,946,822,000
.
U. S. Treasurer—General account
)
$
%
Manhattan—
Grace National
28,888,100
Sterling National—
21,231,000
Trade Bank of N. Y.
$
$
$
5,792,900
5,857,000
2,171,900
29,141,700
2,229,000
1,658,569
307,165
110,000
659,000
842,000
5,493,000
4,277,000
23,752,000
96,380,000
22.582,000
72,429,000
188,189,000
6,044,506
4,375,000
60,617,000
Foreign bank
——
11,677,000
26,866,000
4,814,356
96,700
837,000
290,114
43,564,000
Other deposits
3,100,853,000 3,153,412,000 3,150,965,000
Total deposits
Brooklgn—
Peoples' National
TRUST
COMPANIES—AVERAGE
Res.
Loans,
Disc,
and
Cash
Invest.
N.
137,147,000
50,261,000
Deferred availability items
Capital paid In
FIGURES
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
Dep.,
Dep. Other
Y. and
Banks and
Gross
Trust Cos.
.
Manhattan—
$
Empire
59,519,800
Federation
8,991,299
11,358,116
20,899,400
28,711,000
63,767,760
Fiduciary
Fulton
—
Lawyers
United States.
$
*7,949,100
229,146
*1,010,752
*4,460,700
*7,934,200
24,089,538
156,380,000
50.259,000
50,825,000
7,744,000
8,849,000
8,992,000
151,716,000
50,998,000
49,964,000
7,250,000
Deposits
Elsewhere
All other liabilities
$
.$
2,827,200
2,756,093
661,500
425",700
3,656,400
20,020,000
$
11,832,800
1,382,637
1,520,341
16,990,838
7,500,000
*
4,251,090,000 4,320,046,000 4,221,424,000
Total liabilities
1
50,825,000
7,744,000
8,849,000
9,369,000
72,821,000
11,373.054
11.515,031
22,052,100
38,524,500
75,137,074
to deposit and
F. R. note liabilities combined
Commitments to
make Industrial ad¬
Ratio
of total reserves
f "Other cash" does not
85.5%
85.2%
8,844,000
vances
.
82.9%
8.851,000
9,948,000
Include Foderal Reserve notes or a bank's own Federal
Reserve bank notes.
Brooklyn—
Brooklyn
Kings County
♦
78,469,000
34,639,813
3,665,000
2,291,130
44,470,000
9,261,441
267,000 118,324,000
Includes amount with Federal Reserve as follows: Empire,
ciary, $672,006; Fulton, $4,232,800; Lawyers, $7,102,800.
41,060,403
$6,450,100; Fidu¬
by the United States Treasury for the gold taken
when the dollar was on Jan. 31, 1934, devalued from
59.06 cents, these certificates being worth less to the extent of th <
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
These are certificates given
over
from the Reserve banks
100 cents to
Financial
3792
Dec.
Chronicle
Weekly Return of the Board of Governors of the Federal Reserve
12,
1936
System
Thursday afternoon, Dee. 10
showing the condition of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
The
returns
following
was
issued by the Board of Governors of the Federal Reserve System on
for the latest week
appear
in
department of "Current Events and Discussions
our
COMBINED RESOURCES AND LIABILITIES OF THE
Dec.
Three ciphers (000) omitted
9,
1936
on
Nov.
25,
Nov.
1936
CLOSE OF BUSINESS DEC. 9, i936
Oct.
Nov. 4,
1936
Oct.
Oct. 21,
28,
11,
1935
*
$
$
$
Dec.
14,
1936
1936
1936
$
$
$
S
10,
Nov.
18,
1936
1936
$
7,520,349
17,487
235,413
247,464
246,357
8,768,838
11,407
247,458
243,801
249,355
8,635,831
12,273
265,825
253,547
8,581,384
13,136
251,328
9,068,774
9,068,785
9,027.703
9,002,282
8,981,991
8,911,546
8,913,929
8,875,346
8,845,848
7,773,249
3,994
2,005
4,351
1,987
4,211
1,854
3,345
4,128
4,142
2,738
2,935
3,421
2,686
3,103
3,067
3,963
1,900
3,022
3,084
5,999
6,338
6,065
5,245
6,866
7,077
6,107
6,170
8,159
6,106
3,088
25,493
3,087
3,086
25,980
3,086
26,037
3,086
26,281
3,087
26,474
3,087
26.299
3,089
26,427
3,098
26,480
4,679
378,077
378,077
1,443,363
1,639,097
608,787
378,077
1,443,363
608,787
2,430,227
2,430,227
2,430,171
8,809,324
11,986
hand and due from U. S. Treas.x
Redemption fund (Federal Reserve notes)
Other cash *
Total
2,
1936
S
ASSETS
Gold ctfs.
Dec.
FEDERAL RESERVE BANKS AT THE
reserves
8,811,021
11,407
8,730,839
8,726,337
8,650,837
12,585
258,858
11.853
11,354
8,609,328
12,471
Bills discounted:
Secured
S. Government obligations,
by U.
direct and(or) fully guaranteed
Other bills discounted--
Total bills discounted
Bills bought In open market.
-
Industrial advances
25,696
408,326
1,417,283
604,618
Treasury notes
Treasury bills
Total U. S. Government securities
381,326
1,449,163
381,326
379,960
1,449,163
599,738
1,443,363
606,904
379,960
1,443,363
606,904
379,960
1,443,363
599,738
606,904
1,443,363
608,787
2,430,227
United States Government securities—Bonds--
2,430.227
2,430,227
2,430,227
2.430,227
2,430.227
2,430,227
.
4,196
32,790
215,116
575,958
181
Foreign loans
Tota
on
gold
------
2,466,460
2,464,807
2,465,348
"""220
"""221
221
""22I
""226
26,074
582,369
bills and securities
23,823
25,464
48,066
26,926
718,925
48.066
2,465,358
2,464,595
2,466,865
2,465,720
2,465,913
2,467.964
2,473,927
Gold held abroad
Due from foreign banks
"""226
"""220
""218
""216
641
24,852
24,720
24,797
24,791
19,477
556,847
573,806
654,301
554,980
48,067
40,255
48,062
39,116
48,062
38,307
841,169
48,062
40,657
44,766
651,945
48,066
43,285
615,194
48,078
46,200
42,673
41,725
23,289
573,938
48,067
40,988
12,236,522
12,301,473
12.224,679
12,302,740
12,134,953
12,048,652
12,065.573
12,106,944
12,268.707
10,917,344
4,232,669
4,202,799
4,169,201
4,134,270
4,142,981
4,134,747
4,086.242
4,091,064
4,093,187
3,653,741
6.693,447
88,337
63,782
163,492
6,616,920
135,246
88,904
6,039,613
159,828
248,062
Federal Reserve notes of other banks
Uncollected Items
Bank premises
All other assets
Total assets
50,304
LIABILITIES
Federal Reserve notes in actual circulation
6,730,989
93,081
65,198
163,415
reserve account
United States Treasurer—General account--
Foreign banks.
Other deposits
Total deposits
Deferred availability Items
7,096,589
109,628
6,794,650
79,079
6,850,652
50,485
59,405
53,955
152,320
152,525
52,702
143,893
7,080,209
7,097,732
6,824,565
54,589
48,804
6,693,359
142,440
153,316
6.732,003
99,903
65,479
154,170
7,070,398
6,988,002
7,051,555
7,009,058
7.000.898
6,34 3,555
575,644
130,232
145,501
27,088
34,237
577,408
130,241
657,033
824,207
130,243
555,360
145.501
145,501
27,088
145,501
720,127
130,224
570,910
130,219
145,501
145,501
27,088
27,088
34,291
94,549
46,778
578,938
130,283
145,501
27,088
34,249
35,111
650,064
623,656
130,275
130,247
145,501
27,088
34,251
14,906
27,088
34,290
14,487
34,295
13,503
13,565
13,201
12,236,522
12,301,473
12,224,679
12,302,740
12,134,953
12,048,652
80.4%
80.3%
80.3%
80.1%
80.1%
80.1%
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total
6,775,236
7.052,683
Deposits—Member banks'
reserves to
145,501
130,243
24,031
31,849
130,440
13,302
34,236
12,721
27,088
34,242
13,341
144,893
23,457
30,701
35,197
12,065,573
12.106.944
12.268,707
10,917,344
80.0&
80.0%
79.7%
77.8%
28,084
4,399
27,088
34,236
deposits and Federal
Reserve note liabilities combined
21,491
21,544
22,040
22,138
t 22,436
22,574
22,790
22,774
23,086
4,568
Commitments to make Industrial advances
5,082
4,832
4,054
5,130
5,250
4,262
4,337
6.579
Maturity Distribution of Bills and
Short- erm Securities—
1-15
days1 bills
discounted
16-30 days bills discounted
_
81-60 days bills discounted
.
495
.
542
479
511
565
564
73
62
64
311
504
386
860
788
594
1,077
527
264
874
206
148
145
144
317
209
319
525
431
520
528
43
9
156
155
162
252
117
1,173
5,999
6,338
6,065
5,245
6,866
7,077
6,107
6.170
8,159
6,106
5
2,275
2,006
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
31
1,950
134
163
220
141
83
545
1,895
£9
158
204
264
154
67
31
158
587
204
116
227
174
285
278
295
808
435
471
2,620
2,592
2,514
2,566
2.617
2,739
497
1,376
3,088
1-15 days bills bought in open market
16-30 days bills bought in open market.
-
31-60 days bills bought In open market.
61-90 days bills bought in open market.
Over 90 days bills bought in open market
Tota
272
268
_
.
489
3,087
3,086
3,086
3,086
3,087
3,087
3,089
3,098
4,679
928
1,022
1,017
991
852
1,035
1,092
1,081
894
1,651
647
407
334
348
433
457
301
332
469
522
bills bought In open market
1-15 days industrial advances
16-30 days Industrial advances
31-60 days industrial advances
668
819
780
880
677
608
588
507
683
721
930
1,053
334
805
23,395
23,356
23,314
23,496
1,039
23,571
29,069
25,696
25,980
26,037
26,281
26,474
26,299
26,427
26,480
32,790
121,372
29,281
26,739
151,028
2,101,807
44,586
135,042
28,951
148,587
2,073,061
49,968
42,362
35,561
37,521
91,024
44,586
37,521
42,362
40,187
139,372
32,521
143,297
2,065,069
34,319
49,968
156,053
168,653
26,739
2,150,548
189,340
32,521
86,948
43,749
2,143,477
184,628
28,951
2,133,618
Total U. 8. Government securities
23,121
2,136,765
2,133,860
156,053
2,114,144
57,280
70,643
2,183,974
2,430,227
61-90 days U. S. Government securities
Over 90 days U. 8. Government securities
949
23,097
99,674
16,011
43,749
137,175
1-15 days U. S. Government securities
18-30 days U. S. Government securities
31-60 days U. S. Government securities
713
22,637
25,493
Tota llndustrlal advances
962
984
22,591
61-90 days Industrial advances
Over 90 days Industrial advances
797
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,171
34,319
27,250
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
181
'
Over 90 days other securities
Total
181
other securities
Federal Reserve Notes—
In actual
circulation
Collateral Held by Agent as
Notes Issued to Bank—
Gold ctfs.
on
By eligible paper
-
Total collateral
"Other cash"
These
are
oents on Jan.
the
4,473,196
303,995
4,466,513
4,443,261
300,280
4,397,757
263,010
4,388,746
302,504
4,399,643
308,579
4,378,990
285,803
3,966,374
332,243
4,202,799
4,169,201
4,134,270
4,142,981
4,134,747
4,086,242
4,091,064
4,093.187
3,653,741
4,492,338
4,464,838
4,437,838
4,695
93,000
4,365,838
4,361
93,000
4,360,838
4,445
85.000
3,534
84,000
4,369,838
5,289
88,000
4,395,838
5,147
93,000
4,362,838
4,290
90,000
4,437,838
4,395
98,000
88,000
3,909,843
4,404
109,000
4,557,533
4.525,372
4,493.985
4,468,127
4.463,199
4,463,283
4.457,428
4,023,247
J
does not Include
Federal Reserve notes,
certificates given by the United States
4.530,233i
provisions of the Gold Reserve Act of 1934
6,590
t Revised figure.
Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
31, 1934, these certificates being worth less to the extent of the
312,633
Security for
hand and due from U. 8. Treas..
United States Government securities
•
4,497,999
295,200
4,586,628
R. Agent
4,538,157
305,488
4,232,669
Issued to Federal Reserve Bank by F.
Held by Federal Reserve Bank
59.08
difference, the difference Itself having been appropriated as profits by the Treasury under
of the Federal Reserve System (
Weekly Return of the Board of Governors
WEEKLY STATEMENT OF RESOURCES AND
certificates
band
on
and
$
Cleveland Richmond
Phlla.
$
%
S
RESOURCES
Gold
New Yort
Boston
Total
Federal Reserve Bant of—
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE
LIABILITIES OF EACH
(000) Omitted
Three Ciphers
Atlanta
8,809,324
from United States Treasury
Other cash *
11,986
247,464
9,068,774
Total reserves
OF BUSINESS DEC. 9. 1936
$
S
%
%
$
%
San Fran
Dallas
Louis Minneap. Kan. City
St.
Chicago
%
%
I
due
Redemption fund—Fed. Res. notes..
3793
Chronicle
Financial
143
volume
622,322
172,060
256,392
264,666
1,606
16,362
183,573
681
709
217
1,549
6,602
13,967
7,429
20,798
282,634
190,856
271,068
179,706
644,669
587,395 3,325,357
1,785
1,518
489,139
122
617
344
68,067
26,765
15,479
13,059
247,458 1,711,874
511
2,327
25,134
11,872
610,843 3,395,209
516,026
662,553
316,034
261,657 1,737,519
292
85
12
75
101
3
115
2
3,216
1,346
47
46
22
271
58
45
12
67
19
131
34
346
58
146
15
182
21
35
4,562
339
294
120
108
385
86
61
87
87
218
1,100
6,299
317
4,822
1,217
2,726
485
1,485
471
1,066
804
1,396
1,808
47,706
19,458
16,909
36,023
58,690
125,034
25,038
53,339
21,930
302,631
646,457
Bills discounted:
Secured by U. S. Govt, obligations,
3,994
93
2,005
direct and (or) fully guaranteed..
Other bills discounted
37
5,999
Bills bought In open market..
Industrial advances..
130
3,088
25.493
Total bills discounted.
225
2,914
U. 8. Government securities:
408,326
Treasury notes
Treasury bills
....
29,267
108,414
35,115
1,417,283
604,618
Bonds
101,586
43,337
376,298
121,880
51,995
21,088
73,196
31,226
16,666
57,845
24,677
165,587
70,640
67,539
160,531
41,294
143,330
61,145
15,240
52,900
28,812
22,567
21,146
73,398
31,311
208,990
245,769
125,510
99,188
283,933
115,809
90,707
125,855
100,637
214,396
216,457
2,430,227
174,190
645,243
2,464,807
177,459
657,204
214,468
247,411
128,390
100,127
285,861
116,512
91,849
126,928
102,141
21
20
10
8
26
4
3
15
84
6
17
6
220
353
7,860
143,706
10,863
36,163
737
1,232
56,408
1,959
1,779
2,661
1,455
52,212
6,525
2,919
77,356
4,833
15,420
1,534
1,344
31,460
3,368
23,996
5,079
3,267
1,558
26,082
2,453
667
26,074
582,369
48,078
46,200
Total U. 8. Govt, securities.
Total bills and securities..
4,469
30,118
3,580
1,704
1,181
551
213
303
264
359
345
849,999 4,251,090
783,143
975,853
502,705
391,557 2,108,807
429,456
301,420
434,438
308,401
899,653
Due from foreign banks
Fed. Res. notes of other banks..
Uncollected items
Bank premises
All other resources...
Total
12,236,522
resources.
57,733
3,113
481
43,545
24,333
2,284
1,369
LIABILITIES
370,153
886,042
310,783
413,426
208,427
187,296
948,753
183,444
136,317
160,416
92,729
334,883
4,232.669
372,620 2,937,157
43,564
2,472
383,883
441,848
218,818
1,963
131,858
2,556
167,043
9,510
197,383
1,947
1,958
7,192
227,202
2,859
1,566
1,893
484,647
1,474
4,504
Deposits:
65,198
Member bank
Foreign bank
Other deposits....
Total deposits.
23,752
6,070
6,005
2,851
96,380
1,649
16,084
4,173
155,323 1,013,207
16,197
2,304
7,571
2,284
1,848
7,810
4,131
196
3,259
17,842
382,773 3,100,853
394,461
473,447
227,826
167,721 1,038,823
208,480
140,111
231,916
177,805
508,467
57,843
9,383
137,147
43,998
54,563
51,212
77,133
12,224
12,569
27,190
3,770
15,688
2,946
31,802
50,261
9,902
2,874
1,513
15,558
50,825
7,744
8,849
13,406
4,656
3,149
3,960
3,613
546
1,003
1,142
898
1,415
848
26,772
3,822
3,783
1,252
1,328
32,492
10,164
9,645
1,696
1,849
473
791
741
910
457
9,369
899,653
4,139
93,081
7.052,683
Deferred availability items..........
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies...........
All other liabilities...
Total liabilities
Commitments
4,830
163,415
reserve account
U. 8. Treasurer—General account.
578,938
130,283
145,501
27,088
34,249
35,111
12,236,522
make
to
21,491
"Other cash" does not Include Federal
Three Ciphers (000) Omitted
Federal Reserve Agent at—
1,007
4,718
5,186
3.448
3,000
3,110
1,309
2,557
1,040
3,360
579
256
14,371
754
783,143
975,853
502,705
8,844
247
1,343
New Yort
429,456
301,420
434,438
47
1,157
72
3 41
492
St.
Chicago
S
$
$
Louis Minneap. Kan. City
San Fran.
Dallas
*
%
S
$
$
980,141
382,513
4,085
172,089
11,673
103,179
31,388
191,644
8,200
140,402
12,408
210,871
23,575
10,450
47,630
208,427
187,296
948,753
183,444
136,317
160,416
92,729
334,883
438,000
222,000
171,000
986,000
166,632
131,000
168,000
104,000
389,000
85
12
288
102
3
158
7
438,085
222,012
216,288
436,093
325,032
22,090
983,115
97,073
14,249
22,667
370,153
886,042
310,783
413,426
4,492,338
396,000
995,706
3,249
325,000
93
293
396,093
998,955
325,293
392,243
Atlanta
%
Cleveland Richmond
Phila.
4,290
as
294
RESERVE NOTE STATEMENT
S
$
S
4,538,157
305,488
4,232,669
In actual circulation
1,893
308,401
2,353
2,162
"
391,557 2,108,807
849.999 4251090
Boston
%
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
by Agent
12,207
21,350
1,391
7,573
1,577
5,610
2,625
Reserve notes
Total
Federal Reserve notes:
held
23,098
4,259
5,616
4,231
FEDERAL
Collateral
2,872
Industrial
advances
*■;
1,526
6,730,989
F. R. notes In actual circulation.....
•
35
220,835
security
for notes Issued to banks:
Gold certificates
on
hand and
due
from United States Treasury
Eligible
paper
U. S. Government securities
4,586,628
30,000
10,000
5,000
196,734
141,003
173,158
45,000
90,000
Total collateral
986,000
104,007
389,000
Federal Reserve System
Weekly Return for the Member Banks of the
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained,
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System
upon the figures for the latest week appears in our department of11 Current Events and Discussions,
Immediately preceding whicn we also give the figures of New York and Chicago reporting member banks for a week later.
*
101 leading cities, as It did prior to the banking holiday In 1933, instead of 91 cities, and has
The amount of "Loans to banks" was Included heretofore partly in "Loans on securities—to others" and partly
deposits—adjusted" represents the total amount of demand deposits standing to the credit of Individuals, partnerships, corporations,
associations. States, counties, municipalities, Ac., minus the amount of cash items reported as on hand or in process of collection.
The method of computing the item "Net
demand deposits," furthermore, has been changed in two respects In accordance with provisions of the Banking Act of 1935:
First, It Includes United States Government
deposits, against which reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deduoted 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
The statement beginning with Nov. 6, 1935, covers reporting banns in
also been revised further
to show additional Items.
so as
In "Other loans." The item "Demand
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
Federal Reserve District—
ASSETS
Total
$
St.
Chicago
$
Cleveland Richmond
Phila.
DISTRICTS, ON DEC 2 1936 (In Millions of Dollars)
Atlanta
$
22,459
$
$
S
1,191
9,557
1,167
1,847
624
583
3,049
3
6
69
Loans to brokers and dealers:
Louis Minneap. Kan. City
670
406
42
6
2
Dallas
San Fran
$
$
%
%
$
S
Loans and investments—total.
New Yort
Boston
101 LEADING CITIES, BY
%
513
2,161
3
3
16
42
159
691
4
2
3
In New York City
969
13
938
9
Outside New York City
212
26
76
18
11
2,024
149
839
146
224
52
197
72
29
46
324
43
142
24
4
9
5
30
10
9
25
2
21
1,152
88
241
61
182
25
26
72
43
6
18
24
366
1
1
9
8
Loans on securities to others
banks).
(except
.....
Acceptances and com'l paper bought
Loans on real estate..
Loans to banks
...
U. S. Government direct obligations..
Obligations fully guar, by U. 8. Govt.
Other securities
Reserve with Federal Reserve Bank.
32
2
304
1,601
180
207
115
171
537
140
123
145
160
385
3,951
330
887
265
198
1,606
223
178
258
186
695
18
495
94
55
57
39
165
60
12
51
44
156
151
1,242
303
273
80
85
388
108
47
141
52
358
5,371
295
2,653
266
826
130
149
108
293
63
396
340
141
91
72
17
35
18
10
67
12
5
11
10
20
139
219
176
265
206
124
435
148
100
275
182
243
85
570
88
112
41
42
105
24
18
24
30
233
1,372
1,023
6,984
808
1,111
434
321
2,310
416
293
486
378
900
5,037
Other assets—net
124
15,464
Balance with domestic banks
280
1,007
268
707
194
177
817
180
121
146
122
1,018
449
9
107
49
46
23
31
78
9
3
15
34
45
886
284
128
411
224
301
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
6,281
251
2,606
336
377
450
9
410
4
Other liabilities
~~879
28
"370
22
17
Capital account
3,555
234
1,587
227
340
254
1
Foreign banks....
r
Borrowings
79
401
2,512
Cash In vault
Inter-bank deposits:
Domestlo banks
1
3
4,068
9,173
1,246
3,228
v
Other loans
2
4
•223
16
1
3
6
34
"~8
"31
9
5
2
7
346
91
87
354
86
57
90
78
324
3794
Dec.
Stock and Bond Sales—New York Stock
DAILY, WEEKLY
AND
1936
12,
Exchange
YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and
account
deferred delivery sales are disregarded In the
is taken of such sales in computing the
range for the year.
United States Government Securities
York
Below
furnish
we
a
Stock
day's
the New
on
Transactions
Exchange
current
a
week:
one
or
more
32ds
point.
Dec. 5
(High
| Low.
Dec. 7
Dec. 8
Dec. 9
Dec.
10 Dec.
1936
Number of
Shares
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
[Close
121.20
121.24
121.23
121.26
121.24
121.20
121.23
121.23
121.23
121.23
121.23
121.20
121.23
121.24
121.23
121.24
9
1
33
20
14
(High
110.14
110.15
110.14
110.13
110.14
110.14
110.11
110.13
110.10
110.15
[Close
110.16
110.14
110.15
110.13
110.13
110.15
$1,000 units...
(High
2
19
5
7
2
116.8
Total sales in $1,000 units—
116.5
116/5
116.4
116.2
116.3
116.7
[Close
116.9
116.7
| Low.
t
26
116.9
116.4
116.2
116.3
118
116.2
116.4
2
11
5
114.20
114.18
114.17
11,203,280
114.20
114.18
114.17
114.18
114.17
2
'
$1,000 units—
'm
-r
«
1
mrnmm
3
111"
111.2
111.3
111.3
111.2
111.3
111.3
111
111.2
111.3
111.3
$77,572,000
Week Ended Dec. 11
1936
Stocks—No. of shares.
13,683,000
15,436,000
16,442,000
13,057,000
Jan. 1 to"Dec. 11
1935
1930
1935
11,203,280
11,709,671
467,500,522
347,085,796
$3,797,000
11,997.000
61,778,000
$4,943,000
71,730,000
$304,755,000
326,840,000
2,726.611,000
2,092,762,000
$77,572,000
S84,623,000
$3,358,206,000
$3,103,110,000
Bonds
Government
State and foreign
Railroad and Industrial
Total
111
Stock
Below
$1,000 units—
2
2
6
106.15
106.14
106.16
106.15
106.14
Low.
106.14
106.14
106.13
106.12
106.14
106.13
Close
106.15
106.14
106.14
106.15
106.14
106.13
2
5
12
8
12
the
are
5
(High
7,950,000
$658,258,000
352.090,000
and
Bond
daily closing
Averages
averages
of representative
2
3s. 1951-55
Total sales in $1,000 units
(High
Low
•
108.7
108.7
Close
3s, 1946-48
108.7
2
108.4
108.1
108.3
108.4
108.1
stocks and bonds listed
on
the
New^York StockJExchange
compiled by Dow, Jones & Co.:
as
107.31
108
108.1
108.3
106.13
107.31
108
Stocks
Bonds
107.31
1
2
1
96
10
(High
108.10
108.14
108.16
108.15
108.13
10*8*16
Low.
108.10
108.14
108.13
108.15
108.13
108.16
$1,000 units..
3^8, 1940-43
10
Close
108.10
108.14
108.14
108.15
108.13
2
16
106
26
1
109.16
10
30
20
20
Total
10
First
Second
10
Indus¬
Rail¬
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
Total
1
(High
Date
108.16
Total sales in $1,000 units...
_■
109.17
109.15
109.19
mmrnm
109.16
Low
109.12
109.16
109.15
109.19
mmmm
109.14
Close
3^8, 1941-43
109.16
109.16
109.15
109.19
mmmm
109.16
10
65
1
1
Total sales in $1,000 units..
19
(High
109
109.3
109.1
108.30
108.29
108.30
Low
109
108.30
109.1
108.30
108.29
108.26
Close
3Ks, 1946-49
109
109.3
109.1
108.30
108.29
Total sales in $1,000 units...
5
52
10
5
(High
■
108.8
108.8
108.4
Low
108.8
108.3
108.4
108'
108.8
108.3
108.4
Total sales in $1,000 units..
1
3Ks, 1941
51
mm-mm
(High
5
•»
m
-
-
109.17
123
m
m
mm mm
109.12
109.12
3
110.14
110.11
110.11
110.12
110.12
110.13
110.10
110.11
110.9
110.8
110.13
110.13
110.11
110.11
110.12
5
101
36
1
8
14
High
104.19
104.18
104.12
104.11
104.8
104.4
Low.
104.11
104.15
104.12
104.10
104.6
Close
104.15
104.17
104.15
104.10
104.7
$1,000 units...
156
130
41
16
54
34
(High
106.18
106.20
106.24
106.25
106.22
106.22
|low
106.18
106.20
106.18
106.22
106.21
106.22
106.18
106.20
106.24
106.25
106.21
106.22
3
1
108
6
61
2
104.8
104.14
104.15
104.10
104.12
104.9
104.5
104.7
104.17
104.14
104.9
104.7
104.7
5
5
m
Low.
m
m
—
-
—
$1,000 units..
131
4
11
103.2
103.4
103.4
103.2
102.31
102.29
Low.
103
103.4
103
103.1
102.26
102.28
Close
103.2
103.4
103.4
103.2
102.26
102.29
(High
2Kb, 1951-54
Total sales in $1,000 units...
11
105.81
Dec.
8.
180.57
54.45
35.07
64.53
107.73
113.76
94.96
106.71
Dec.
7.
105.79
180.13
54.10
34.93
64.29
107.71
113.86
94.74
106.79
105.78
Dec.
5.
181.05
54.56
35.28
64.72
107.74
113.81
94.78
106.85
105.80
Rates
quoted
are
Treasury Bills—Friday, Dec. 11
for discount at purchase.
Bid
Dec.
15 1936.
Deo.
16 1936.
Deo. 30 1936.
6 1937.
Jan.
13 193720 1937.
Jan.
27 1937.
j<eb.
3 1937.
Feb.
10 1937.
Feb.
17 1937.
Feb.
24 1937.
Mar.
3
1937.
Mar. 10 1937.
24
39
457
15
59
(High
102.18
102.22
102.22
102.23
102.20
102.18
]lx>w.
102.16
102.18
102.18
102.17
102.12
102.13
[Close
102.18
102.22
102.21
102.17
102.12
39
224
6
31
4
Apr.
1937.
7 1937.
Aug. 25 1937
Sept.
Sept.
Apr. 28 1937
Ashed
0.10%
0.12%
0.12%
0.12%
5 1937
May
May 12 1937
May 19 1937
May 26 1937
0.12%
0.12%
June
2
1937
June
9
1937
0.12%
16 1937
0.12%
0.12%
0.12%
0.13%
0.13%
June
June 23
1937
June 30 1937
July
7 1937
July
14 1937
July
21
1937
0.13%
July
28 1937
0.13%
4
1937
Aug.
11
1937
0.13%
Aug.
18
1937
1937
0.13%
0.13%
0.13%
8 1937
0.13%
Aug.
1
0.13%
102.16
Total sales in $1,000 units...
Mar. 17 1937.
Mar. 24 1937.
Mar. 31
Bid
0.10%
0.10%
Deo. 23 1936.
Jan.
Asked
0.10%
0.10%
0.10%
0.10%
0.10%
0 10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
0.10%
Mar. 16 1937.
'
Total sales in
106.70
Jan.
104.9
104.17
m'm
■
104.17
mm'mm
(High
2Kb. 1948-51
105.90
94.93
4
110.15
[Close
105.94
106.75
113.76
109.14
2
110.14
$1,000 units
106.76
95.19
107.83
109.12
109.16
mm
104.15
Total sales in
95.38
113.91
64.89
United States
110.14
2KB, 1945-47
113.88
107.74
35.23
109.14
Close
Total sales in $1,000 units...
Total sales in
107.75
65.20
55.11
1
109.12
Low
2Kb. 1955-60
64.81
35.16
181.16
108
10
(High
3)^8, 1944-46
35.12
55.50
9.
12
109.16
----
mm
54.97
182.18
Dec.
108
109.16
109.15
Low.
[Close
m
181.10
Dec. 10.
108
108
109.17
Total sales in $1,000 units...
rn
Dec. 11.
108.30
2
108.3
Close
3Hs, 1949-52
235
2 Kb.
1956-1959
Federal Farm
Mortgage
3Kb, 1944-64
(High
[Close
(High
3a, 1944-49
] Low.
[Close
105.5*
105.7*
105.9*
105*7*
10*5*6*
105.3
105.8
105.7
106.3
105.4
105.7
105.9
105.7
106.3
105.4
a
4
6
39
26
31
105.19
105.19
105.18
105.19
105.14
105.15
Low.
105.19
105.18
105.18
105.19
105.14
105.15
105.19
105.19
105.18
105.19
105.14
105.15
3
35
1
1
1
5
Total sales in $1,000 units...
Federal Farm Mortgage
2Kb. 1942-47
Dec.
15 1941...
June
Low.
Close
Total sales in $1,000 units...
Home Owners' Loan
Int.
Maturity
Dec.
(High
(High
104.29
10*4*29
10*4*28
10*4*26
10*4*25
]Low.
[Close
104.26
104.26
104.27
104.25
104.26
104.23
104.26
104.29
104.29
104.27
104.26
104.24
Total sales in $1,000 units...
Home Owners' Loan
1
28
66
38
1
118
•
("High
Low.
103.5
103.9
103.8
103.5
103.5
103.6
103.6
103
103.5
103.9
103.8
103.6
103
103.2
103.5
103.4
103.4
103.3
103.5
103.4
103.3
103
103
(Close
103.2
103.5
103.4
103.3
103
21
Total sales in $1,000 units...
above
table
5
31
35
19
6
includes
only
53
61
June
15 1939...
l3/8%
101.21
101.23
Sept. 15 1938...
15 1941...
m%
1K%
IK %
1K%
1K%
m%
101.15
101.17
Feb
101.29
101.31
June
15
101.28
101.30
Apr.
15 1937...
1939...
15 1940...
Dec.
15 1940...
Mar. 15 1940.—
101.28
15 1939
1
1938...
1938
Rate
Bid
103.14
2K%
2K%
2K%
103 22
102 25
102.27
103.27
103.29
3%
101
101.19
4
11
sales of
5
101.30
Mar. 15 1938...
3%
103.16
103.18
102 30
Sept. 15 1937...
3
102.20
102.22
102.10
110.9
to 110.9
110.11 to 110.11
Deferred delivery
New stock,
r
Cash sale.
x
Ex-dividend.
1/
Ex-rights.
.104.10 to 104.15
106.19 to 106.19
FOR
NEW
YORK
Bid and asked prices; no sales on this day.
n
103.24
101.28
t Companies reported in receivership
a
coupon
17
103.10
102.8
FOOTNOTES
*
Asked
2K%
K%
63
Transactions in registered bonds were:
Treasury 2Kb, 1945-1947
100.30
June
103
Treas.3Ks, 1944-46
6 Treas. 2Hs. 1955-60
Maturity
100.28
Mar. 15 1941...
103.1
103.2
Treas.3Ks, 1943-45
Asked
103.4
Low.
]
2
Bid
103.4
103.7
103.6
Total sales in $1,000 units...
Home Owners' Loan
(High
2 Kb. 1942-44
bonds.
32ds of
more
102.31
[Close
1939-49..]
Note—The
or
Int.
Rate
1 K%
Mar. 15
104.26
2Kb. series B,
one
point.
4
(High
3s. 1942-47
3s, series A, 1944-52
0.10%
Figures after decimal point represent
10*5*4*
105.5
105.5
Total sales in $1,000 units...
Federal Farm Mortgage
Apr. 14 1937.
Apr. 21 1937.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, Dec. 11
Low.
Total sales in $1,000 units...
Federal Farm Mortgage
1
S3,797,000
111
[Close
1
$11,997,000
11,970,000
Stock
111
111
(High
Total sales in
$61,778,000
9,164,000
2
m
j Low.
Total sales in
$273,000
1,021,000
549,000
861,000
430,000
663,000
$6,984,000
10,401,000
12,431,000
13,548,000
10,408,000
$885,000
1,785,000
2,733,000
2,144,000
2,464,000
1,986,000
114.17
mmm
Close
Total sales in
Sales
Bonds
114.17
114.20
York
Exchange
114.17
Low-
35^8, 1943-47
$5,826,000
Total
Bond
\
.
14
[High
3Ks.1946-56
New
110.15
]Low.
'<
Municipal &
For'n Bonds
1,000,580
1,676,910
1,618,530
1,855,900
2,439,770
2,611,590
Sales at
121.24
3
Total sales in
I United
I States
State,
Mis cell.
Bonds
121.24
110.16
4s, 1944-54
and
11
Total sales in $1,000 units...
3^8, 1943-45
YorkJStockJExchange,
Railroad
Stocks,
WeeI Ended
Dec. 11,
Total
Treasury
4Kb, 1947-52
the New
daily record of the transactions in
Quotations after decimal point represent
of
at
No
Daily, Weekly and Yearly
Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during
the
unless they are the only transactlonslof the'day.
range,
STOCK
PAGES
Abbott,
Proctor
Members* New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
Stocks, Bonds, Commodities for institutions and individuals
New York
Chicago
Volume
LOW
AND
Boston
•
Buffalo
.
HIGH
SALE PRICES—PER
SHARE,
Tuesday
Dec. 7
Wednesday
Dec. 8
Dtc. 9
75
$ per share
*62
15
*2634
*34
312
78%
412
7734
4%
*100
78%
4%
14i2
♦175
4"34
45s
*55
58
48l2
#37%
38
*108
112
*231
234
3038
30%
18%
I884
86
6834
33%
5%
♦8234
68%
33%
5%
37
1043| 104%
*85
87%
♦40%
41
*62%
*136
119
♦166%
52%
»9138
*65
67
*6578
67
66
66
67
67
15%
2684
34%
3%
14%
15%
15
2684
34%
3%
27%
34%
27%
34%
15%
26%
34%
1478
26%
*34
68%
65
139
120%
...
54
92%
6684
-
3%
79%
78
43s
78%
4%
4%
145s
106
14%
1484
484
4%
4%
57
58
58
57
57
58
47
37%
104
*86%
r3934
♦653s
101
87%
40%
68%
86%
40%
*65%
65
*136
64
139
118
119
*136%
118%
166% 166% ♦166%
523s 53%
53
91
*14%
31%
29
♦99
6%
*1234
♦156
6%
52%
17%
*40%
17%
6%
*38%
34
14%
32%
29%
99%
6%
13%
300
7
52%
1784
4234
18
7
34
*90
14%
31%
29
*99
6%
*12%
*156
6%
52%
18
4234
*18%
684
3934
50%
284
3884
20
14
14%
44
44%
♦119% 120%
22% 22%
II84
11%
18%
50%
234
♦18%
49
♦133
*63
10%
♦76%
49r
139
69%
11
50%
234
14%
43%
119
*
#60%
♦130%
h 28
0 55%
*138%
*2384
187%
*98
67s
7
53
7
43%
18%
18%
684
6%
39%
39%
50%
*50
234
3
1834
14%
1834
14%
43%
43
119
53
43
18%
*41%
*18%
3834
5084
27S
19%
14%
44%
117
118
12
49
*133
139
*63
70
IO84
23%
*160%
35%
34%
36
34%
24%
23%
22%
*133
139
*63%
10%
78%
11
78
65%
70
11%
78%
65%
65
2378
6%
53%
18%
12
78
68
73s
54
19%
4234
18%
*156
48%
65
*143
6%
*1278
*156
48
78
♦149%
♦105%
29
♦99
48
65
96
300
14%
31%
2178
23%
39
14%
3234
29%
99%
6%
13%
22%
11%
65
♦160%
32
2238
11%
23%
§ 3434
k*35%
k*2334
34
~
23
18
6%
34%
34%
3%
1,500
4,300
79
300
7%
54%
18%
44
18%
54
42%
14%
31
92"906
*50
53
43
44
2,700
2,100
3,900
38%
6,000
50
234%
31
1834
76
86
86
73%
31
5%
3634
102
86
19%
7384 76
30% 30%
5%
5%
*36%
3634
100% 102%
87
40%
9,200
2,100
6,000
33,900
300
30,600
2,500
4038
68
2,800
67
*65
♦156
7
54%
18%
44%
*18%
6%
♦38%
6%
13%
290
10
7%
56%
19%
19%
47%
1834
6%
22
50
2%
♦18%
14%
43%
39%
50
2%
1834
14%
44
118
22%
1134
11%
12%
11%
4834 49%
*48% 49
*133
139
*121% 144%
*65
II84
7934
67%
23%
*160%
34%
68
18%
634
39%
150
*65
11%
80%
69
68
...
1,100
10,000
600
2334
162
1,800
14,100
4,400
110
10,200
4,700
2,000
5,100
7
10,000
50
17,100
1,300
1,000
5,600
1,600
6,300
10,200
1,600
5,400
6,300
3,800
68
12
80%
6884
24%
162
63,900
2,900
3,800
73,700
10
31,400
33%
2334
2,700
39
39
96
9734
14,300
*149% 150%
*106% 107%
*6534 66
*143%
59% 60%
200
130
27%
56
1.400
190
200
300
100
9,200
2434
189%
1,600
8,300
1,500
5,200
97%
98%
147% 147%
Jk 25%
~25~
♦101%
#10%
#68%
26%
103
10%
693s
67%
1%
1%
1%
7%
1*36
5
78
37%
78%
48%
78%
19%
20
4734
♦105% 106%
*29
5%
103
1034
7%
4%
*60
25%
32%
53s
7%
478
2584
25%
25%
103
♦102% 103
10%
10%
10%
69
67% 68%
1%
1%
1%
7%
7%
7%
5
4%
5%
♦60
78
36
36
*60
78
37% 39
477s
47% 48
82
8334 *79
19%
197s
19%
19%
105% 105% *104% 105
*28
28
28
29%
534
684
6%
6%
47%
*78%
'
2588
103
2534
103
103s
10%
6734
68%
1%
1
7
538
*60
38%
473s
7%
5»4
"25%
103
10%
6734
1%
7
5%
78
78
39%
3934
4984
81%
19%
49%
*80%
82
rl934
1984
105% 105%
29% 30
5%
5%
106
31%
*5%
42%
17%
24,300
103
10%
78
*60
40%
51%
81%
*82
20%
107
32%
6%
43
50%
20%
100
warr
100
Pref A without warr
100
2 X % prior conv
pref .No par
Allegheny Steel Co
No par
Alleg & West Ry 6% gtd__100
Allied Chemical & Dye.No
par
AUled Mills Co Inc
..No
par
Allied Stores
90
43%
51%
85
20%
Year 1935
7% Jan 2
58
Apr 28
2
100
3,200
66,200
300
2,800
*106
108
90
32
32
1,000
7
98
Feb
8
157
Jan
7
23
Aug 14
684 Jan 7
Apr
110
Jan
51
June
3534 Feb 14
37% Oct 13
21% Jan 8
28
June
8
9
2
Mar
86% Nov 10
4% Mar
195
Deo
6% Sept
10438 Mar
8%
Deo
Feb
173
Apr
Sept
74
186
60
Nov 10
_
Oct
Apr
?4 Mar
2% Mar
—
61% Nov 18
60% Nov 17
54% Nov 19
40% Oct
"
111% Deo
245
Aug
34
Nov 17
37% Nov
24%
13%
Mar
5% Nov
Deo
20%
74
17% Sept
11%
Jan
84
Nov
Oct
7484 Nov
4% Mar
6% Apr
103
52% Nov
116
2
Mar
134 Mar
6% Apr
Nov
2%
Dec
Sept
x20% Jan
Apr
187
3%
Dec
14%
Deo
14%
14%
Deo
Deo
33%
Deo
21
Jan
32
Deo
125
Mar
173
24%
Sept
Deo
9
Nov
22is Dec
3% Mar
/49
June
Jan 31
90
Nov 24
75%
Oct
No par
35% Jan 21
76
Deo 11
12
Mar
37%
Oct
No par
Leath Cos Inc new 1
1934May 31
34% Nov 12
14
Mar
2234 Nov
50
3134Nov 14
100
No par
(Del)..No
Jan
6
10
Can
37
July
25
Preferred
100
conv pref
100
Chicle
No par
(Alleg Co)..25
Amer Colortype Co
Am Comm'l Alcohol
75
Oct 28
July 17
American Car A Fdy...No par
Preferred
100
American Chain
No par
5%
4
49
__50
Am Brake Shoe A
Fdy.No par
5 H% conv pref
100
American
69
par
10
Corp..20
American Crystal Sugar
10
6% 1st pref
100
Amer Encaustio Tiling new__l
No par
100
Amer A For'n Power...No par
Preferred
No par
2d preferred
No par
65
7
Jan
40
Apr 28
2
114% Dec 11
162%May 29
30
Apr 30
57% Apr 27
124
31
111
May
Jan
3
Nov 23
87%May 11
Nov 16
27
7% July 10
20% July 1
16% Jan 9
89
Apr 8
3% Apr 30
984 Jan 2
175
Oct
2
6% Apr 30
10
13
Jan 20
6% conv pref
Amer Home Products
50
American
Ice
No par
6% non-cum pref
100
Amer Internat Corp
No par
American Locomotive.-No par
Preferred
100
Amer Mach A Fdy Co.-No par
Amer Mach A Metals..No par
Amer Metal Co Ltd
No par
6% conv preferred
100
Amer News N Y Corp. .No par
Amer Power A Light
No par
$6
preferred
preferred
$5
100
Amer Smelting & Refg.No par
Preferred
100
6% cum
100
Snuff
25
Preferred
100
Stores
2% Sept 24
16% Sept
9% Apr
23% Apr
66
Apr
21
May
10
Apr
Apr
Apr
27
124
z35% Jan
7% Feb
Jan
7
23»4 July
32% Deo
7
9
157
18
Apr 30
25% Jan 2
5634 Jan
1361s Jan
104
100
129
87
Common class B
25
Preferred
100
Founders Inc
10
100
Am Water Wks A Eleo.No par
No
par
Woolen.....No par
100
Preferred
{Am Writing Paper.
1
No par
Preferred
Amer Zinc Lead A Smelt.*..1
Preferred
55% Apr 15
73
Nov 20
68
169% Sept
Dec 11
93
Dec
6
Mar 13
24
122% Nov 30
29% Jan 14
2
165% Aug
37
2834 Nov 18
Oct 13
Nov 10
Preferred
100
Armstrong Cork Co
Arnold
Constable
Corp
No
par
5
66% Jan 2
104
Aug 18
47% Feb 24
7is Jan
9
Deo
65
Deo
Jan
33%
Deo
66
Feb
96
30
Mar
25% Mar
8
2% Mar
22% Mar
6%
72
Feb
Aug
34 May
284 Apr
2
Mar
14
Mar
3% Mar
12
8%
3
Mar
Apr
Oct
28
Oct
/29%
Apr
1% Oct
14% Oct
4% Mar
9
Mar
32
Mar
18% Mar
4% Apr
13% Mar
10% Mar
134% Mar
1534 Mar
4% Mar
20
Mar
31%
Apr
15234 Mar 11
121
108%May 28
73% Jan 22
145% Deo 7
61% Dec 4
145% Nov 6
101% Dec
Jan 29
36
63% Aug 29
145
Sept 23
26% Jan 28
190% Nov 27
June
34% Aug
*9%
Deo
3534 Nov
19%
9284
3%
Deo
Deo
Deo
9%
Deo
9% Aug
42
Aug
17
Aug
38% Aug
15% Oct
6% Nov
40
Nov
38% Nov
4% Jan
3734 Feb
11% Nov
2734 Nov
75% Deo
33% Nov
12% Deo
9% Nov
25% Deo
Sept
32% Nov
159
Feb
Mar 17
Feb
21%
26%
64%
Deo
Jan
Deo
144
May
117% Aug
Jan
76
June
125
Feb
143
July
12
Mar
88
Feb
113
32%
Deo
43
Jan
Dec
70%
Feb
63
50%
124
Deo
18% Jan
98% Mar
Apr
7434 Mar
129% Jan
72%
25% Nov
Deo
140% May
27% Nov
160% Nov
104% Nov
107
Nov
141
Nov
17% Nov 18
35
Jan 11
27»4
Oct 30
10934 Sept
11% Feb
7034 Feb
2
10
Feb
78
2
7% Mar
48
Mar
38%
2234
Deo
Deo
94% Nov
4% Mar
IO84 Sept
1
35% Mar
6884 Nov
% Mar
2% Mar
2%
Deo
2
3
Mar
II84
5%
Dec
Dec 10
31
Mar
49
Aug
8
Mar
30
Deo
16%
Apr
37
Nov 12
2634 Mar
7
Mar
1
43% Dec 11
55% Nov 5
87
9
5
Jan 10
784 Mar
50
5
4
9
45
122
par
Nov
103
July 1
Apr 30
May 11
105% Jan 3
4%June 10
No
Oct
May
33%
39»4 Oct 21
37
pref
168
Mar
491s Aug
41% Aug
118
conv
Jan
10
.% Mar
10% Mar
8% Mar
14% July 28
87% Sept 2
74% Sept 3
27% Jan 4
43
3
15134
32% Deo
130% Nov
36% Nov
9
June
149%
Jan
111
9
Jan
Jan
15% Jan 2
97
May 13
8
Deo
110
72
150
Jan
42%
z24
7
2
30
13
28
3
25
25
19
4% Apr 30
3% July 3
Mar
Nov 30
6
Jan
Nov
Jan
21
July 16
54% Nov
104
8%June
20
May
19% Apr
9234 Jan
7% Sept
5234 Sept
a4May
70
43
69
88% Mar 13
136
Deo
5734 Feb
47% Nov
134
Anchor
$6
Feb 13
15
Jan
Armour of Illinois new
Jan 14
15% Nov 12
Dec 3
45
Jan 20
40,500
Jan 27
46
80
2
51% Nov 18
5% Jan 14
May 18
""360
3
48% Dec 11
21% July 20
8% Mar 6
28
7% preferred
100
Armour&Co(Del)pf 7% gtdlOO
Oct
175
35
Archer Daniels Mldl'd.No par
Jan
15% Nov 19
35% Nov 20
32
Aug 29
101
Sept 12
7% Nov 30
14% Feb 17
24
Andes
4
72% Dec 11
116% Dec 11
113% Oct 26
25
Copper Mining..50
..No par
$6.50 conv preferred-No par
5
56
34
48% Jan
41% June
13% Jan
5
6
44
Cap
Nov
137% July 17
Anaconda W A Cable..No par
Anaconda
Nov 17
140
102% Feb
25
$5 prior pref
Jan
20% Mar 21
149% Apr 30
25
American
Jan
57% Mar
133% Jan
Tobacco
preferred
Feb 20
100
Am Sumatra Tobaoco.-No par
Amer Telep & Teleg
100
1st
24
30
28
28
9
28
30
2
3
20
20% Apr 30
10734 Jan 4
2434 Sept 1
48% Apr 30
No par
Amer Sugar Refining
Preferred
Am Type
2
43
American Seating Co ..No par
Amer Shipbuilding Co-No par
American
Jan
36% Feb 20
1834 Apr 30
Preferred
2d preferred
37
No par
American Rolling Mill
25
Amer Safety Razor new. 18.50
American
4% Oct 30
31% Oct 29
No par
Am Rad A Stand San'y.No par
.
Nov 20
89
20% Nov 28
Amer Hawaiian SS Co
Amer Hide A Leather
1
39% Dec
125% Mar 29
12
2
Apr 30
Apr 30
1
584 Dec
2934 Jan
25
preferred
20% Nov 13
9% Mar 23
58
Deo 11
No par
$6
400
3,200
26% July
32
1
Feb
Highest
share $ per share
per
5% preferred
Allls-Chalmers Mfg
Alpha Portland Cem
3,300
"3",066
27
g
No par
Copper Mining
20
A P W Paper Co
No par
600
2%
12%
12%
12%
share
Nov 12
7434 Feb 10
1534 Nov 5
2
Jan
178
Lowest
Corp..
Preferred
*5%
6%
42
*41% 42
42
*41% 42
42
4334
43% 44%
♦118% 119% *118% 119% *118% 119% ♦118% 119% *119
119% *119
119%
*109% 110% 109% 109% 110% 110% a:109% 109% *107% 109
*10734 109%
6
6
6%
6%
6%
6
6
6%
6
6%
6%
6
*81% 83% *82
83%
83%
83% *80% 81
80% 80%
79% 81
130
*110
130
♦115
*105%
130
*113% 130
*113% 130
*113% 130
58
59
6884
5834
57%
57% 2:57% 57%
57
58
58
59%
15%
15%
214%
14%
15
15
14%
15%
15%
1534
15%
1534
For footnotes see page 3794.
r*41%
100
25% 20~600
xl0234 10234
500
10%
10%
6,000
68%
67% 68% 10,400
1
1%
1% 13,800
7%
7%
7%
8,100
5%
584
6% 112,300
25%
warr
American
2,700
100
16
No par
Pref A with $30
Pref A with $40
700
140%
96
zl% Jan 14
July 17
Aug 5
Apr 28
Jan 2
Jan 2
Jan 2
Apr 28
250
24
95
70
118
13
{Allegheny Corp
per
Mar31
Alaska Juneau Gold Mln___l0
Albany A Susque RR Co.. 100
Amer Steel Foundries..No par
Preferred
100
*136
188
42
$
110% Aug 3
59
Apr 28
9% Apr 30
17%June 9
22% Jan 21
Mar 25
Amer European Sees
Amer Express Co
7%
58
20
48%
19%
39%
$ per share
01
American
4,900
98
98
97
97% 97%
97% 97%
97%
99% 9984
99%
9934
99%
98
9934
98%
9834
99%
♦146% 148
*146% 148
*145
*146% 148
146% *14484 147%
16%
16
16
16%
163^1 16% 16%
15%
16%
.
10
Way El Appliance..No par
Vicksburg RR Co..100
Am Coal of N J
3534
27%
55%
Air
140
34%
33%
23%
129
Address Multlgr Corp
600
13%
2%
2%
18%
19%
Xl4%
1434
43% 44%
120% 120%
22
22%
II84
12%
48% 49%
*121% 144%
12%
80%
23%
2334
23%
*160% 182
*160%
34% 35
34% 35
35%
35% *3484
*33
35
34
32% 3434
24%
23% 2334
23%
23% 2334
23%
39
39
39
39%
39%
38% 39
*38% 39
95
96%
96
95
95% 96
96%
98%
96%
150
1493s 1493s *149% 155
*149% 150
150% 150%
10634 *105% 10678 *106
IO6S4 106
IO684 *106% 107%
68
*66
67
67
67
*64% 67
*64% 67%
143
145% *145
*143%
*143%
61
5834
60%
58
58
58%
5984
59
60%
132
128
*12734 129%
128
*128
129
129
130
28
28% 28% *27%
28
*27%
28
2734 27%
56
56
55%
56
56
5534
56%
56%
56%
140
140
140
♦135
140% *135
140%
140% *135
23 s4
24%
24
23%
23%
2334 24%
♦23% 2438
18734 186% 18734 187
18734 187
18934
188% 188
400
8,300
*156
7%
56%
46
99%
6%
*12%
Adams Mlllls
Advance Rumely
No par
Affiliated Products Inc.No par
Air Reduction Inc new .No
par
American Bank Note
Preferred
300
10,600
6%
♦12%
No par
No par
Am AgricChem
101
101
*100
107
34
34
♦30% 34
14%
14%
14%
14%
32
x29
31%
2934
28
28% 29
28%
.
25
1,400
3934
*65%
*98
100
2,600
68
99%
No par
Acme Steel Co
Adams Express
88
90
98
Par
Abraham A Straus
Preferred
Amalgam
6% com preferred
Amerada Corp
3,900
1,900
*118
35
4%
53%
52%
6684
22
65%
13~666
*136% 139
114% 117%
168
*167%
54%
543s
5434
56
92
9134
91%
92%
7134
6934
71% 72%
116
116
116% 116%
120
11%
78%
14%
30%
18%
Range for Previous
Highest
Ala A
138
22
77%
64%
22%
3,000
119
119
70
3%
62%
52%
234
31%
18%
♦85%
71%
30%
5%
3634
101%
186
39%
♦65%
65%
137%
U7%
168
44
10%
4,100
4%
106
14%
56%
56%
56%
44%
233
231
18%
14%
*65
1,400
78%
4%
*100
37% 38
37%
11034 11034 *108
43
2%
78
43
4%
54
6%
39%
50%
234
18%
14%
39%
*50
3
*175
52%
58
47%
46% 46%
3734
37% 37%
111% *110% 112
231% 231
232
31%
30% 31%
18%
1784 18%
85% *85% 86
71%
71% 71%
33
31% 31%
5%
5%
5%
3734
36% 36%
103
*100% 101%
86%
86% 86%
41
§ 39% 40%
68% ,*65% 68%
* 64%
65
65
139
*136% 138
119
118% 118%
167% 167% 167%
53%
53% 64%
91%
91% 9134
66%
6684 69%
115
*114% 116
104
100% 100%
33
*30% 34
14%
14%
14%
32%
31% 31%
29%
28% 29
99% *99
99%
6%
6%
6%
13% •12% 13%
111% 111% *110%
231
231% 230
30% 303s
30%
18% 18%
18%
85% 85%
85%
68
69
69%
33
32
33%
5%
5%
5%
*36% 37
*36%
104
57
14,300
27%
34%
3%
15
27%
4
58
47
Il434
106
14%
4io
4%
58
38
300
*175
57
6684
66
66%
6634
*114% 115% 115% 116
115
*101%
*10134
*100%
3334
14%
56
47
66%
4%
*100
*175
58%
58%
37%
91
14%
78
78%
4%
106
57
*55
*62%
77%
4%
*100
10
66%
27
Lowest
Shares
70
3795
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
Norfolk, Va.
2
Week
11
Richmond, Va.
•
EXCHANGE
15%
3
3%
*66
Indianapolis
•
STOCKS
NEW YORK
the
$ per share
70
♦175
57
58i8
58i8
48i2
68%
70
4%
58i4
68
Dec.
$ per share
*65
♦100
143s
58
$ per share
66
♦175
"
Sales
Friday
10
66
*100
14
37
$ per share
Dec.
Cleveland
.
Record—Continued—Page
CENT
Thursday
66
*65
67
15i8 114%
27
26%
35
i.34
3%
3%
L*65%
NOT PER
Toronto
for
Monday
Dec. 5
*6612
•
New York Stock
143
Saturday
$ per share
Montreal
•
5
10% Sept
Jan 30
96% Oct
3% Mar
Nov
5
} Nov 28
1% June
7
36
Jan 13
117
Jan
110% Jan 20
7% Jan 25
Jan
Aug
97
Apr
3% Apr
84
Jan 28
55% May
125
Jan 28
85
62% Mar 23
18% Nov 17
Jan
25% July
4
Mar
17%
109
12%
Dec
Deo
Jan
Apr
Deo
4
Deo
52
Aug
122% July
109
6%
70%
110
Deo
Jan
Jan
Jan
5034
Dec
9%
Dec
Saturday
Monday
Dec. 7
Dec. 8
107
*100
22
24*2
23*2
25*4
24%
106
*101
102
102
102
102
*102
103
*117
122
*117
122
*117
122
*117
124
73
73
72
46
46
43*2
31
3134
47%
25*4
46*4
25%
48
25*4
3078
47is
24
103
102
*117
48
14,900
102*2 102%
900
24
25
21%
44%
44%
30%
46
31
2:40*4
31*4
22%
1,900
42
30%
31%
31
48%
40
24
42
25
31%
2,300
9,500
*117% 122
*117*2 122
*11778 122
*117*2 122
*11778 122
*74
80
*76
78
*75
78
76
76
*76
78*2
*28*4 128*4 *128*4 135
129
*128*4 130*2 *128*4 130*2 129
*128*4 130*2
15%
15*2
115%
15%
157g
1578
15*4
15%
15*4
15*2
*1538
16
33
33
32*2
3378
32
32*2
32*2 32%
32%
33%
33
33
7%
7%
7%
7%
77S
*7*2
8
8
*7*2
8
*7*2
8
*39
41
*39
39
41
*38
42
41*2
*38
41
*39*2
42
6%
6*2'
6%
6*2
6%
6%
6*2
6%
6*2
678
*11778 122
*74
80
67g
658
9
10*4
9%
10*4
8
87g
8%
87g
8%
9134
9278
90%
907g
*90%
91
917g
22*8
3578
21%
36
4478
44
9134
*89
2178
35*2
*44
91
2178
22*2
36
35%
36*2
2178
35%
44
44
44
*10238 10334 *102% 103
103*2 103*2 *102% 106
67*2
7178
91%
91%
92
22%
36*2
23
21%
35%
44
44
92%
25%
26%
21
19
19*4
13%
28
22%
27%
22%
22%
65%
65%
65*8
2278
65%
71
72%
71*2
73
7178
*19
22%
100
400
13%
1,800
21
2078
2112
1*2
20%
34
34
3412
116
117
115
36*2
45*2
94*4
*94
94*4
*44*2
2:44%
4478
2678
27%
26%
27*4
85
83*2
84*2
83*2
7%
7%
778
15%
15*2
15%
84*2
778
4*4
1578
58*4
58*2
58*s
58*4
58*2
58%
*51*2
53%
45
7*4
39%
4*8
*43%
7*8
*37%
53%
50*2
*43%
44%
7
7
19%
20
19%
129
1%
1%
178
30,600
20%
21*4
20%
21%
45,200
3178
337g
*3178
3378
119*2
130
210
35%
26,000
*37%
39%
47
47*2
1978
17*4
19*8
17*8
*
*
110
13%
16%
13*4
13%
55*4
31%
29%
7%
54%
17%
*
110
7%
29*2
7%
*29*4
7%
31
28
19*4
4,300
19%
37,100
32%
32
2,500
Bullard Co
30%
8
31%
30
15%
31%
47g
26*4
29%
2978
6,300
28*2
14%
15
14%
31
31
3078
2%
4*4
29*2
7,300
8
500
30*4
500
15*8
15*4
5,300
31
31%
3,600
17,000
27%
28
3,700
Byron Jackson Co
California
43%
2%
2%
2U
2%
2*4
2%
2%
2%
43,800
12%
12%
12%
13%
13*8
13*2
137g
28,000
Calumet & Hecla Cons Cop..5
6
32%
19*2
32%
33
19%
33
13%
33%
22
33*2
34
3,100
2378
Campbell W & C Fdy__ No par
Canada Dry Ginger Ale
5
30
22
100
54
44*8
42%
12%
13
33
33%
32%
33*2
32%
19*2
19%
19*s
1978
19*4
81
81%
82%
2778
43*4
28%
43%
27%
19*4
42%
19%
83
28
42%
43
1,170
62,800
*56
*56
13*4
62*2
12%
13
62%
63
*61*2
17
50
15%
15*2
*49*2
*49*2
7%
7*2
*7%
7%
153
155%
*135
142
*135
....
*10178 103
*101% 103
*153
51
*98*2
*98%
153
142
89*s
89*s
88
89%
27%
28%
33
27%
28*4
*32%
32%
34%
34*2
7%
8
38%
38%
13
13%
13%
13%
13*4
13%
41,600
61%
62
62%
63*2
64
64%
1,300
Cannon Mills
,
1,200
16%
*16
51
*15*4
*49*2
*50
*98*2
*98%
*102
103
103
16%
51
....
103
16*2
103
7*2
£16
16
51
16
51
*98*2
£50
50*4
---
103
7%
7%
7%
7*4
7*2
£150
147% 152%
150
152
151*2
152*2
*127*4 132
142
*127*4 132
137*2 137% *135
89%
90
88
88%
89%
88%
88*4
88%
27%
28*2
27%
28
27%
27%
27*2
27%
34%
34%
77
75
75%
34%
7%
37%
34%
34
35
8
38*4
10%
37
7%
778
37*
33%
*73
34
34%
77
34%
7%
778
37%
38*2
34
35
34*2
35%
76*2
34%
8%
39%
10%
108*2
*75%
76*2
*73*8
34%
34i2
34%
7%
38
77g
7%
39*2
39*4
*13%
14%
67
67
13*2
35*2
35%
34
13*2
66*2
14%
137«
65
14
66*4
*108*8
65
62%
*108%
-
35*2
34%
*108*8
34%
34%
14'41
62*2
13%
*63
*108*8
35
35*2
*47
12,700
6,500
220
2,200
55,300
14*2)
64%
64%
36
51
6,600
310
2,000
600
*45
84
84*2
85
87
87
88
4,400
677g
68
2%
67%
68*2
68
68*8
68%
69*8
67*2
69
12,100
2*2
*234
3
2,100
7
3*8
8%
2*2
2%
11*8
*8%
31%
178
6%
•7%
2*2
2%
11%
9%
11*2
31%
2
*31*8
4%
4
2%
5%
2%
*8*8
178
4
12*2
9%
317g
2
4*8
11%
*8*8
31*8
1%
4
12%
9*4
31*8
17g
4%
3%
3%
3*2
37g
3%
10%
10%
23%
64
10%
11*4
*10*4
1078
22%
23%
22*2
23
6278
22%
*62*2
2
2
578
6
*60
2
6
63
2*8
6
*61
2
5%
6
6
*5%
578
5%
26*2
26*2
25%
26*2
*25%
For footnotes see page
3794.
3%
2
6
5*2
27
12%
9*4
*30%
1%
4*8
13*8
9%
32
178
4*4
3%
7%
778
22,400
2*4
2%
16,900
13
Common
Checker
No par
Cab
5
Chesapeake Corp
No par
Chesapeake & Ohio
25
tChic & East 111 Ry Co
100
6% preferred
100
Chicago Great Western...100
Preferred
400
Chicago Mall Order Co
5,700
178
4*8
3%
3*8
3%
4,800
11
11*4
10%
11
2,100
22%
23%
23
23%
7,400
62%
62*2
62%
*61
62%
100
2*8
178
6*8
2
6*4
2
6
578
6
57g
5*8
578
26*2
27
26*2
26*2
*25%
Oct
Oct
June
4% Mar
18*2 Feb 24
53
Nov 4
32*2
82*4
8
Feb
Feb
85
Mar
7
103*2 Oct 3
9% Feb 19
Dec
186
June 22
45% Mar
7
143
July 15
Nov 6
83*2
z91
6
Jan
Jan
Apr
36*2
Jan
19*2
6
Apr
21%May 22
32*4
19
35% Deo 11
16% Nov
55
Apr 30
May
1
86
25% Jan
6
35% Mar 13
4
28
29
2
21
Nov
8% Dec 11
54
35
2
9,800
6*4
2,700
578
2,200
27
800
8*4June
57*2 Sept
101
19
Sept 26
22%
34
57
Feb 21
12
Nov 28
108*2 Oct
74
4
8
Mar 13
Aug
3
22% Jan
2
69
Jan
2
51
Jan
2
l%May 19
278 Jan
Feb
Mar
6*8 July„
96% Mar|» 109%
38% Jan
_
2
Nov 10
4
19*4 Mar 24
Oct
2
71
37
Nov 30
69% Apr 17
100
Nov
4
3*4 Jan 13
8% Dec 10
2% Feb
13% Dec
May 12
4
77% Nov
2
Jan
3% Mar,
7
107% Deo
1*4 Apr 28
6
6,800
4%
3%
8%
30
54% Jan 16
116
4
4*4
31*8
2
Feb 19
100
31*4
2
32
11
6*4
6% prior pref
100
ChampPap & Fib Co 6% pf 100
100
23
6
1
fChic Ind & Loulsv pref
3%,
107g'
17g
Certain-Teed Products
410
4*4
16
68% Nov 18
6% Nov
1
30,800
22%
*61
100
8%
2
1078
Jan 20
Apr 30
12%May 8
45% Jan 8
Apr
50
Aug 20
92% Jan
100
12%
*31
237g Dec 11
6
6%May 22
8*2
12%
12
2
3
60
47% Jan
85
2%
40% Apr
97%May
49
2*2
6
100
85
6*4
Jan
Jan
Cerro de Pasco Copper.No par
*41
2*4
*4 July
2*2 Mar
7*2 Mar
8% Sept
Century Ribbon Mills. .No par
87
5%
30*2 Aug
4478Nov 18
4
No par
Celanese Corp of Amer.No par
tCelotex Co
No par
5% preferred
100
Central Aguirre Assoc..No par
Mar
33% Oct 22
5
400
48
2*4
32
Nov 25
"7,700
87
2*8
11% Mar
3
3
16*2 Nov
Apr
6*2 Apr
*40*8
6%
2%
1% Mar
6% Mar 20
27% Dec
86% Dec
4 £100
Caterpillar Tractor
Apr
Apr
Mar
16% Nov 25
Jan
Preferred
5*4
6
Central RR of New Jersey .100
87
6*8
1
10
33*4 Nov 28
Jan
Central Foundry Co
13% Mar
1
9
31% Nov
91
1
Mar
2*2 Mar
3% May
8*4 Mar
Jan
5,300
49
2
10
Case (J I) Co
Preferred certificates
10
4,900
23
5
Mar 23
9
33*2 Deo
87
4,300
87
68%
27g
Mar
14
100
Carriers & General Corp
4*4 Mar
3*4 Mar
5
115% Sept 16
'
13%
*108%
35%
35%
48%
48%
1
Stamped..;
6,000
*40
*2
49
14
64*2
69*2
""150
3% July
37
25
Jai^
Sept 25
!&78May
10% Apr 30
No par
Preferred A
Mar
Carolina Clinch & Ohio Ry.100
102% 103
7*2
7%
151
34
90
*98*2
10%
10%
10%
*10*8
10%
*10%
10%
10%
*10%
11
*103*4 108*2 *103*4 108*2 *103*4 108% *103*4 108*2 *103*4 108*2 *103%
69
67
69
68*4
69%
66*4
67
66%
67*4
6678
67%
*108
1
Capital Admin class A
76
79
*76
No par
No par
Canadian Pacifio
13%
63
13
62
*15%
...100
Canada Southern
Mar
53
34% Nov 18
34*8 Oct 7
13*4
42l2
80*2
*28%
Preferred
43
2l78Nov 9
19% Dec 11
Apr 27
2
2
14% Apr 29
14% Dec 7
30% Dec 7
2% Jan 2
16*2 Apr 29
54%June 15
22
Apr 30
30*4 Apr 30
% Jan 2
2*s
28%
15,200
90
M6
2% Jan
8*4 Jan
Packing
Callahan Zinc-Lead
83%
25*4
6
59% Dec 10
6,500
24%
May
Oct 20
Oct
57
25
10
14
65% Jan 15
106
20% Apr 28
pf ctfs.100
1% Apr
12*4 Mar
8% Apr 30
4*4
25*2
83%
29
42%
2%
4*8
4%
26%
83*4
29%
42%
2%
12%
13
36*2 Mar
Jan
% June
51% Mar
11% Jan 10
5% conv preferred
30
Copper & Zinc
6
Byers Co (A M)
..No par
5*4
30% May
5
5
58*4 Sept 22
85
Butte
2678
85
50% July 24
4
8%May 19
100
Butler Bros
4%
Jan 17
97% Feb 41
44%May 11
45
Sept 21
No par
Debentures
25%
81%
8*2 Apr
24*2 Feb
23% Jan
4*2 Jan
No par
No par
{Bush Terminal
Bush Term Bldg gu
187g Feb 13
6478Mar 6
69
Apr 4
33*2 Jan
40*4 Jan
Burroughs Add Mach. .No par
30*2
3% Mar
8
32%
7%
28*4
11% Jan 30
6%Nov 25
Jan
29*2
15
4*2
25*4
preferred
Budd Wheel
Bulova Watch
30*2
90% Nov 18
100
No par
100
No par
10,300
7%
Jan 21
Apr 27
2
8
2
14,800
31*2
Mar
878 Jan
107g
31%
4%
Budd (E G) Mfg
7%
Dec
21
107% Sept
9% Jan
59
32%
14%
247g
300
104
103
52",400
Jan
38
32% Aug 10
47
5
10%
3078
4%
14%
90
Nov 18
2
June 30
41
Bruns-Balke-Collender.No par
7% preferred new
110
13*4
6% Mar
39% July
63% Mat
47%June 30
No par
Bucyrus-Erie Co
5
7
37% Dec
yl2%July 2
43% Apr 30
series A.No pat
No par
58*4
15
42%
*
$6 preferred
16% June
28% Mar
100% Apr 13
1% July 16
BklynManh Transit..-No par
Brooklyn Union Gas
Brown Shoe Co
9% Mar
Oct 30
38% Nov 12
120
6
No par
59%
28*2
28%
46*4
19%
19*4
300
21*2 Dec
9
9
7
64
100
Preferred
14% Mar
Nov 19
61
32% Nov
178 Dec
25% Jan
tBotany Cons Mills
58
31
82*2
54*4
54%
110
30%
25*4
82*2
29
500
46%
28*2
14%
4*8
24%
400
39
*38
5,200
19
15
4%
1,000
7%
19
31
25*4
7,400
46%
18%
28%
28
28
7,200
600
15
29*4
16%
Jan
135% Nov 18
8
Jan
39
Corp
15% Mar
1
1678 Apr 30
Aug 20
15
10
60
44
Dec
80% June 12
class A.50
Bridgeport Brass Co—No par
Briggs Manufacturing-No par
Briggs & Stratton
No par
Bristol-Myers Co
5
Brooklyn & Queens Tr.No par
52
20
No par
Class B
Borden Co (The)
117g Mar
34
5
41
Boston & Maine
7*8
76% Nov
5
No par
Bon Ami class A
Borg-Warner
2,300
19
31%
57*2
T3178
29%
6
79
Nov 10
72
7
77% July 11
5
Boeing Airplane Co
Bohn Aluminum & Brass
1,300
4,800
46*4
*29%
5678
33*2
29%
25% Oct
11% Mar
Sept
4
5
7
14i2 July
18*4May
No par
3,900
102*4 102% *101% 102
49%
497g
49%
50*8
58*4
32%
29%
7%
55%
89%May
32% Oct
1% Dec
3,800
52
13%
13%
13%
13%
13%
*100
105
*100
105
*99*2 105
10
10
10%
10*4
10*8
10*4
33
16% Mar
5
28% Dec
Rights
Oct
"72" "Feb
2
23
Bloomingdale Brothers.No par
Blumenthal & Co pref
100
Jan
14
June
107% July
Bigelow-Sanf Carp Inc.No par
Black & Decker Mfg CoNo par
Blaw-Knox Co
107%
28% Nov 12
July 30
8 £106*2 Deo 10
Feb
Feb
June
57g Mar
105
16% Apr 28
20
100
preferred
preferred
3*4
32
Nov 23
21% Dec 11
22*4 Nov 10
114% Jan 15
45% Apr 30
7*4
54*2
54%
5%
7%
9*8 Mar
13*8 Jan
4
*43
13*4
55%
170
Beth Steel new
106% Mar
130
21% Jan 20
16*2
39
39
*
110
83
5
59%
7*4
31
26%
86%
37g
19%
18%
1878
17%
Co.No par
pref
Belgian Nat Rys part
Bendix Aviation
7*4
15%
£59%
47
*46
19%
85
4
39%
54*2
30
77g
30*4
85*4
778
*38%
33
7*2
7*2
44
29%
30*4
847g
7
55*4
30
30
11,300
51
32%
55*4
32%
29%
7%
2678
44
1678
10*4
43
26%
7
19
13%
10*8
43
27
85
44
48
*46%
*99*2 105
*95*2 104*2
10*4
10%
26%
7
54*2
*
109
44%
*43
101*2 101*2 *101% 102%
50
50*8
4978
50*4
46*2
197g
17%
46*4
19%
230
517g
39%
54
101*2 101*2 *101*2 10278
49%
49%
49*2
50
3,400
90
44
7*4
39
53*4
53*8
53%
44
90
95
94
61*4
51%
7
700
30%
1%
51%
50*2
*43
20
2
July
78 Nov 28
3578 Dec 11
28% Nov 20
Aug 18
47,400
4
1578
59%
517g
3%
1578
No par
Jan
7% Mar
36*8 Mar
118
8
2
May
18
100
$5 pref w w
Beech-Nut Packing Co
Belding Hemlnway
110
25
Creamery
74%
44
4*4
4%
1578
58*2
52
4%
No par
100
preferred
7*2 Apr
6
41% Oct 7
49% Feb 28
Apr 30
73%
72%
94*2
44%
27*8
84%
7%
7%
1st
Beatrice
21
27% Nov
1,100
178
21%
84*4
8
4*8
15%
100
5
Bayuk Cigars Inc
8
Jan
34
27%
preferred
2
978 Dec
Jan 18
30
*7*2
6 Vi % conv
Barnsdall Oil Co
5*2 May
2% July
1% Feb
93% Dec 11
93% Dec 11
Apr 30
Jan 3
Nov 24
*4 Dec 7
24% Nov 4
13% Jan 6
82% Jan 10
14% Jan 6
16%June 26
10
No par
12
5
9
Jan 31
4% Mar
Mar
36
37% Mar
1
Apr
78 June
%
1%
1
Feb
Feb
Mar
5
2 5% May 13
3378 Nov J 3
tChic Mil St P & Pac_.No par
Preferred
100
1*2 Apr 30
27g Feb 11
278 Apr 27
57g Feb 11
% Mar
Chicago & North Western. 100
2*2 Apr 29
47g Feb 21
1% June
100
6% May
Chicago Pneumat Tool.No par
Conv preferred
No par
tChic Rock Isl & Pacifio... 100
40%May
Preferred
7%
preferred
6% preferred
Chicago Yellow Cab
100
100
No par
17% Deo
197g Deo
28
May
35*2 May
11% Dec
81
29*2 Apr 30
Rights
Barber Co Ino
Barker Brothers
Oct
Apr
10% Jan 15
48
7,500
27%
84%
Preferred
Mar
46*2 Jan 24
7% Mar 18
20
30%
26%
Mar
No par
(Del)..-No par
30*4
94*2
Mar
Beneficial Indus Loan..No par
30
44*2
Jan
4
15
Best & Co
3,600
45
*44*2
106%
5,800
2,000
94*4
94*4
95*2
45
44*2
Nov 30
6
20%
30% Feb 14
54*4 Mar 5
5
5% June 30
29%June 30
3
Apr 9
2*2 July 9
12,500
119*2 £115% 119*2 *116
*115*2 119*2 *116
34*2
*34%
35*2
34%
35*2
35% 36%
37*8
43*4
44
45
45
43%
44%
44%
44%
36
37%
45*2
131
June 26
22*2
65
60
1%
Jan 17
14
Mar
Nov 27
26%June
28*4
1978
129*2
2078
£112
22%
64%
58*2
*32
32%
28
117
1%
Nov 18
Apr
3
35% Apr 10
22%
64%
74%
61
34%
1%
1%
84
19*2
118
28%
129
1%
21%
34
1%
Aroostook..
Bangor &
Dec
Jan
2
1578
100
21
100
4178
50
100 £109%
.
Dec 10
31% Oct 19
54% Nov 10
22%
64*4
56
30
Preferred
Deo
92*g
37%
Jan
33% July
Baltimore & Olilo..
Dec
60
66% Mar
49
27*2
129
30
20
100
_i.
*83%
5578
55*2
*33%
13*2
13%
13%
19%
18%
55
28%
29*4
29
29*2
*52%
20
1,800
128% 129*4
126*4 127*4
54
53*2
19
18%
19*2
*126*4 129%
8,300
25
103*4
27%
2278
64%
727g
64%
230
20*4
*102
*83%
27%
4,600
36,300
115
£24%
103
103
*83%
27*2
56,300
21*4
19%
26
21,700
130
2078
*112
115
26
13%
13%
83%
28
%
2578
£106% 106*2 *105*8 106%
105
al05
107
13%
83%
650
27%
*128
19*4
*112
26
26%
25%
*102% 103
*102% 103
25*2
*103
%
26
21%
20%
300
34
129
129
44
25%
31*2
29,600
10,500
*43
*2
34%
%
*2
37
100
35% Mar
48
Sept
26%June
100
227g
Mar
8
Oct 14
88% Aug
48
Apr
13% Apr
11
2% July
1,600
Nov
18% Nov
Sept
107
109
21% Apr
Assented
93%
90
109
2
2
24
22
24
4
17
Pref assented
*109% 110*8
109% 110
115
13%
37*4
Jan
90% Jan
Preferred
Preferred
Apr
7% Mar
807g Apr
Feb 21
59
& Santa Fe._100
1,300
70
2778 Nov 19
Oct 30
124
Oct 30
112
98
Highest
108
7
Dec
102
1936
$ per share $ per share
97g Oct
3% Mar
share
per
22% Feb 27
May 13
3
Jan 20
12% Apr 30
100
Atlantic Coast Line RR—100
Atl G & W I S3 Lines..No par
Preferred
100
Atlantic Refining
25
4% oonv pref ser A
100
Atlas Powder
No par
Preferred
100
Atlas Tack Corp
No par
Auburn Automobile—No par
Austin N'«hols
No par
Prior A
No par
Avia'n Corp of Del(The)new.3
Baldwin Loco Works..No par
51,300
93
87g
93*2
20%
20*2
19
1878
19%
112*2 112% *112
85*2
55
29*2
8%
2578
*83%
19*2
19*2
9
92%
12912 130
2:13*2
*126*4 134
55
8%
32
22%
67*2
72*4
27%
22%
67,300
*4
137g
85*2
28
1378
*83%
10*4
31
130
20*4
19,100
9%
44%
%
130
130
20
20%
20*4
2058
18%
1878
19
19*8
.112l2
112*2 112*2 *112
25*2
26%
2534
26
91*2
32%
26%
*25%
27*4
26%
*127
130
*4
30
10*4
*43
31*2
600
978
109% 109% *109% 110*8
%
33%
31%
27*4
26*4
*127
91%
22%
*4
%
32l2
38
31
20
1,000
6,900
9
92
91*2
22%
37%
8*2
9
92
91%
109% 109%
*10934 110
"""loo
10*4
10*8'
9%
19 300
47%
22%
Atoh Topeka
$
share
per
8% Jan
95
..100
100
6% 1st preferred
7% 2d preferred
400
73*2
49
31
25
Associated
122
72%
74*2
102% 102%
$
No par
100
Dry Goods
1
Artloom Corp
~~9~, 600
102
122
73%
44%
45
31*2
24%
103
.
103*2
103*2 103% *102
46
47%
47*4
48*2
103*4 103*2
103% 104
23*2
24
5,100
Preferred
*117
74%
73
73*4
72
73%
Shares
16%
Lowest
Highest
Lowest
Par
107
*100
107
23*2
23*2
25
10212
2412
16
1578
15*2
*100
the
Week
$ per share
5 per share
1578
15%
*100
106
Friday
•
10
Dec.
9
$ per share
15%
*100
107
*100
15
15*4
15*4
15%
15%
$ per share
$ per share
$ per share
Dec
Dec. 11
Thursday
Wednesday
Tuesday
Dec. 5
100-Share Lots
On Basis of
YORK STOCK
EXCHANGE
NEW
for
12,
Range for Previous
Year 1935
Range Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
HIGH SALE PRICES—PER
AND
LOW
Dec.
New York Stock Record—Continued—Page 3
3796
1
12*2 Apr 30
4
12% Oct 19
24% Dec
4
65*2 Dec
1
19% June
*4 Mar
3% July
4% Mar
20
Mar
1*2 Apr 23
3
Feb
8
% July
3*2 Apr 24
8
Jan 11
1% Mar
8
July 15
3*4 Apr 28
19% Jan
2
32%
Oct
7
1*4 July
9*4 July
.
Jan
0B
Volume
Monday
Dec. 5
Dec. 7
♦20%
13%
21
45
45
123
13%
1237*
19%
19%
88%
88%
Dec
$ per share
20% 20%
13%
43%
121
19%
88%
14%
44
123%
89
11
11%
11
11%
33
33
32%
33
*97
*97
*110% 111
39% 39%
*87%
111
39%
♦87%
\
8
Wednesday
Dec
$ per share
Dec.
$ per share
20%
21
M7*
*42
14%
20%
14%
45
43%
21%
*97
ni
41%
90
90
♦47
•
90
*51
22%
14%
22%
45
45
123
*51
11%
88%
33
33
*97
113% 111
39%
39%
*82
40,800
6,000
330
*110% 111%
39% 39%
40
*82
*82
A
*47
§—.
K 69
3,100
67
69
69
68
68
68
68
69
69%
69%
128
128
127
♦127
*127
128% 128
*127
128
128% *127
128%
125%
125% 125% *123% 124% *124% 126
124% 124% 125% 125% 125
*57
*57
*5612
*57 e 58%
58%
*56%
*6684
18 4 19%
1934
17%
17% 17%
17%
17%
17%
17% 17%
19%
103
103
103
103
103 ,103% *103
103
103%
102% 102% 103
1,200
*51
........
*66
•
59%
59%
♦113
114
*23
25
4184
*24
30%
26%
118
24
24
30
*27
30
*26
30
♦25
118
118
104
104
07
97
73%
127%
81%
126
16%
3%
37%
43
45%
72
117*
3484
•16%
15%
19%
♦17%
297*
117% 118
37% 37%
15%
15
19%
15%
•77
78
78
78
♦87
90
*78
00%
110
47%
25
*20
61%
25
*27
47% $45%
25% i*24%
30% 2 28
46%
25
28
♦25
29
29
47
2484
**25
45%
*24
61%
46
25%
4,700
270
15*,300
330
30
40
297*
*27%
*
20
2,700
43
72
*87%
700
117% 120
120% 121%
£121
123
2,800
37% 37% *37
3634 3684
37%
600
*42% 43
*42% 427* *42% 42%
42% 42%
17% A17%
17% 17%
17%
17%
17%
1784 43,500
18
17%
102
102
104
104
1,000
al02% 102% 103% 103% C104
104
101
99
250
101
100
997g 100
100% il00% 100% *92
72
70
73%
72%
687g 71%
68% 6984 15,600
68% 697*
*119
122
*115
120
100
114
114
*114% 120
127% ♦114
80
79
76
79% 80
795* 7984
14,400
77%
76% 78«4
125
*120
*118
125
114
400
♦117
124% ♦1147* 12484 114
16
15% 16%
1584
16%
16%
16%
18% 81,800
16%
16%
3%
3%
3%
3%
3% 111,000
3%
3%
3%
3%
3%
71
2,000
71%
71% 71%
7I84
717* 27% 271% 72%
69%
12
12
12%
3,600
12%
117g 12%
12% |123*
12% 12%
34
34% 347*
37%
14,500
34%
34% 3434
34%
34% 34%
♦19
20
♦19
19%
21%
1.400
19%
19% 20% *19
1934
36%
11%
84%
19%
19%
42,600
25
♦28
177g
3%
115
*20
♦24
17%
16
114
*20
25
25
43
*120
60% 607* 5 60% 61%
1123* H2% 2113
113%
♦22
30%
26%
118
110
600
-
60%
112% 112%
45%
25%
36%
73%
25
43%
43
81%
113%
58
*22%
43%
36%
♦120
58%
113
59
-
50%
*78
100
18%
*16%
19%
40
15
168*
163*
16%
18%
14,500
78
77
79
*77
80
60
90
87
87
89
89
110
18%
15%
17%
15%
17%
163*
15%
*77
78
78
*87
90
♦87
15
*78
110
♦78
110
*78
110
*78
Chile
10
110
5
4%
47*
47*
47*
47*
*4%
47*
5% lV.900
47*
4%
5
17
17
16%
♦16% 17
16% 16% ♦16% 17
4,000
1778
fl6% 168*
44% 46
4584 46%
447* 45%
44%
45% 28,600
44% 45% §448* 4584
107
♦107
107»4 107% 107%
107% 107% 107
1065* 107% 107% 107%
1,200
7 '4
8%
8%
8>4
8%
8%
884
884
8%
8%
8%
8%
1,100
14%
14% 14%
14% 14%
14% 14%
14% 14%
14%
1484
1478 110,400
*10484 106
*10434 106
♦10484 106
*10434 1057* ♦104% 106
*10434 106
11
11
11
11,
11
11%
10% 10%
10%
11
11%
"V.600
10%
1
1
1
1
1
1%
1%
1%
1%
11
1%
1% 25,500
8
9
8%
7%
7%
8%
9%
8%
9%
8%
34,900
8%
8%
31
33
31% 33
3484
33% 368*
30%
35%
33%
36%
35»4 * 4,480
19%
19%
19%
19%
19%
19%
19% 19%
19% 2084
21%
15,200
217*
29
29 4
30
31
29%
27»4 28%
30%
12,100
26% 28
27% 28
3
3
3
3%
3% P 3%
3%
3%
3%
3%
3% 19,600
3\
*106
108
*103
107
107
106
108
108
105
*104
300
108% 107
65
677g 68%
6712 68%
67% 68
66% 17,300
67% 67% *66%] 67%
21
21 fl 21
21
21% 21%
21%
21% 21%
21%
21% 21%
2,100
42
417* 42%
40%
41%
43% 4384 x42% 43%
41% 42%
41%
3,400
39%
27%
*63
70%
♦166
67g
48%
♦134
3%
39%
3
28
3884
27%
64
63
708*
«...
7
4884
m
70
*166
6%
477*
387*
28
28
3%
39%
28%
63
63
64
70%
170
36%
36%
29%
29
36%
29%
7484
71%
72
54
52% 52%
45% 46
45% 45%
3%
3%
37g .J*1*
114
♦109
125
*109
17
167* 17%
16%
49% 49%
49% 49%
•117% 124
*116% 124
3%
3%
2%
8%
19%
19%
19% 19%
12% 12%
12% 12%
*52
88%
20%
♦113
38%
20%
114
125
38% 38%
19% 20%
♦113% 114
7
7%
7%
21%
21%
80
80
♦80
82
50
*46%
♦77%
20%
47%
69%
7%
21%
50
36
27*
39%
288*
63%
69%
170
168
7
7
47%
48
3
,>27*
3*
39%
,29%
64
.'63%
70% 1697*
40 1
3084
39%
29%
168
36%
36
36%
*28%
29%
71%
28%
71%
2884 ft28%
71%
*52
46
.
81*
109
16%
49%
121
2%
17%
12%
124
38%
198*
114
7
20%
*80%
*46%
53
*52
63
46%
♦46%
3%
109
167*
49%
121
3
18%
12%
125
38%
20%
114
Jan
Jan
Chrysler Corp
City Ice & Fuel
5
No par
.100
Preferred
.100
6
No par
C C C & St Louis Ry Co pf 100
Clev El Ilium Co pref. .No par
Clev Graph Bronze Co (The).l
Clev & Pitts RR Co 7% gtd.50
Special
60
Cluett Peabody & Co..No par
Equipment
Preferred
7%
21%
7
20%
7%
207*
*46% 50
797*
80%
187*
19
96% 100%
30% 30%
307* 31%
79%
187g
79%
94
94
93
65%
93*4
94%
95
96%
81%
31%
31%
*30
31%
31
31
♦30
32
46
31%
45%
18%
317*
46%
18%
30%
31%
46
.
91* o912
«ei2
11
20
20
61
95
*57%
31%
8884
257*
9484
♦23
23%
♦22
49%
•10%
50%
11
50%
10%
76
77%
75
47%
50
35
85%
1%
2%
7%
15%
49%
35%
•16
20
♦58
61
•31
39%
25%
81%
39%
26%
95
♦1
*2
♦7%
1584
120
•114
181% 182
•132% 134
♦115
....
9
87g
*175% 177
♦163
37%
13%
42%
113
12%
5%
164
37%
14
43%
113
13%
584
♦1
♦2%
7%
15%
31%
39
26%
95%
24
51%
10%
76%
49%
36%
1%
2%
7%
15%
67*
10%
19%
*59%
31%
*38%
2584
♦94%
23%
49%
♦10
7 |
7%
20%lf207*
50
♦46%
145
52%
*80
19
18%
18%
67*
67*
6%
145
*143% 146%
(J52%
82
50
6%
28%
76
*81
79
18%
36
82
19
145
*166
67*
48%
36
27«4
76%
*53
31%
46
18
7
19
47%
19%
7%
47
187*
7
145
145
145
*145
11
11
11
10
20
♦17
21
•16%
60
60%
31%
39%
26%
95%
31%
31%
39
39
23%
50%
10%
60%
10
20%
47
No par
Colorado & Southern
100
4% 1st preferred
4% 2d preferred
100
.100
3034
31
46%
18%
7%
145
Preferred series A.
.100
preferred
100
Commercial Credit
...10
4H% conv pref..
.100
Comm'l Invest Trust..No par
$4.25 conv pf ser *35-No par
Commercial Solvents..No par
Commonw'lth & Sou ...No par
$6 preferred series...No par
Conde Nast Pub Inc...No par
Congoleum-Nairn Inc..No par
Congress Cigar
No par
Connecticut Ry & Ltg pf-.lOO
Consolidated Cigar....No par
Preferred
100
Prior preferred
100
Prior pref ex-warrants . . 100
Consol Film Industries...... 1
39%
94
51
74%
50%
35%
♦7*
♦1«4
7%
178
176
163
♦159
....
42%
113
12%
5%
164
87%
14
43
113
13%
5%
164
36%
13%
42%
36%
13%
43%
163
35%
13
427*
112% ♦111%
12%
127*
12%
6%
5%
5%
112
For footnotes see page 3794.
164
163
*159
*14%
*112
22%
51%
12%
75%
50%
3534
1
2%
8
tConsolidated Textile..No par
Consol Coal Co (Del) v 10..25
5% preferred v 10
.100
Container Corp of America.20
Continental Bak class A No par
Class B
No par
.100
.
Continental Can Ino
20
Continental Diamond Fibre. .5
Continental Insurance...$1.50
Continental Steel Corp .No par
Corn Exoh Bank Trust Co..20
Corn Products Refining
Preferred
Coty Ino
25
100
No par
25
Crane Co
100
Cream of Wheat ctfs
No par
Crosley Radio Corp...No par
Crown Cork & Seal..—No par
$2.25 conv pre! w w..No par
Pref ex-warrants....No par
Rights.................
Cuba RR 6% pref
Cuban-American Sugar
Preferred
100
10
...........100
Curtiss-Wright............. 1
.......1
Class A
Davega Stores Corp...—..5
Deere <fc Co
No par
Preferred
20
Diesel-Wemmer-Gilb
12,500
2,800
Denv A Rio Gr West
Corp. 10
100
Delaware Lack & Western..50
pref.-lOO
Detroit Edison..—......100
Co...100
15%
133% 134
115%
115
9%
115
10%
176%
163
36
36%
367*
3684 37%
13%
13%
1334
13%
13%
43%
43% 447* 244
4434
♦112
113
♦111% 113
113
12%
12%
12%
12%
13%
5%
5%
5%
5%
578
.No par
Diamond Match
600
Participating preferred...25
15,200
Distil Corp-Seagr's Ltd No par
1,000
5% pre! with warrants..100
300
600
3,700
600
Dixie-Vortex
Co
m.No par
No par
800
90
22,500
1,000
50
1,600
5,900
11,100
130
19,800
9,700
Oct
48
June
July
110
Aug
126
May
72% Nov
53% Apr
15% June
93
Deo
116% Nov 16
Oct 29
47% Deo 9
36% Feb 20
37% Mar 11
Mar
4
11
22
23
28
5
24
30
Jan
9
7
128
97
Jan 10
14%June 26
2% Apr 30
59% Apr 28
7
July 3
30% Aug
16
Jan
15
Aug
28?
8
June
3
6684 June 24
72% Jan 27
73% Feb
4% Sept
15% Apr
27% Apr
102
Jan
13
28
30
30
3
3% Apr 28
11% Apr 30
101
Jan
6
5% Sept 23
%May 5
2
June 18
12%June 18
15%May 14
10% Jan 6
1% Jan 2
67% Jan 3
Dec 11
65
17%June 30
35% Apr 30
2% Apr 30
28%June 6
25
Deo
1
55% Apr 30
63% Aug 22
158
Aug 20
4
July 1
Oct 26
41
Nov
136
2
Mar 27
35
15% Mar 16
43% Jan 7
46% July 22
136
4
Jan 15
52
Jan
7
27
Jan
2
19% Apr 28
36% Jan 20
14% Apr 30
4% Jan 4
128 May 12
4
Apr 29
58
Oot
Feb
72
Aug
97% July
16% Oct
84 Mar
29% Jan
5% Mar
105
27
Oot
23%
Jan
3
Nov
71
Oct
11
Deo
Mar
45*4 Nov
Feb
7% Feb 13
20% Feb 13
48% Oct 30
109
Jiily 14
9% Nov 30
15% Mar
106%June 30
12% Nov 25
1% Jan 16
9% Deo
8684 Deo
26% Mar
35% Nov 18
4
Nov 18
109
Nov 18
3% May
14% May
15% Feb
72% Feb
1% Mar
6% Mar
100% Dec
2% Jan
8g Aug
22
Deo
4% Mar
% Apr
46% Jan
62>4 Jan
Jan
7% Jan
22% Feb
3484 Nov
105% Nov
6% Deo
12% Deo
101% Deo
8% Deo
1% Nov
23% Deo
11% Deo
17S Deo
69
Deo
46
Feb 11
28% Mar
99% Nov
20% Deo
44% Deo
4
Mar 20
% Jan
15% Mar
35
87% Jan 13
24% Mar
40% Dec 11
46
Apr 8
69% Oct
82%June
168% Apr
7% Mar
50% Deo
140
Nov
19
18
15
6
2
37% Nov 18
35% Sept
91% Nov 9
58% Nov 9
49% Nov 9
Deo
Dec
4
14% Mar
9
20
Deo 11
44% Jan 14
24% Apr 13
114
Deo
Jan
4I84 Mar
60
Oot
148% Oct
4% Mar
35% Jan
II84 Sept
23% Mar
4
74% Mar
3% Mar
14
Mar
47% Apr
1
Jan
5
Jan
5% July
40% Jan
37
Deo
15
Mar
89% Mar
9% Mar 11
21% Deo 4
2
Jan 21
73
Mar
70% Jan 27
61
83
5
16
19% Nov 19
10134 Dec 11
32% Nov 6
33% Nov 4
5434 Oct 13
23% Feb 20
9% Feb 7
6
June
90
Nov
284 Nov
Deo
69«4 Deo
78% July
165
May
7% Deo
397* Mar
19% Deo
48% Nov
2
Nov 12
18% Nov 27
5684 Oct 5
124% Deo 11
3% Deo 4
127
7
4
Mar
6% Mar
Deo
105% Deo
2% Deo
14
Deo
8%'May
80% May
47%
2484
105%
4%
12%
Jan
Nov
June
Deo
Deo
Nov
June
75
Nov
Mar
47
Deo
Jan
18% Deo
23% Mar
11
Deo
9% Dec
38
z95
22% Mar
19
100
Mar
1% Feb
10% Deo
58% Nov
28
Sept
24% Deo
43%. Jan
19% Jan
5
Deo
Feb 17
65
Mar
130
11% Oct 24
21% Jan 31
2
Aug
6
Jan
5% Oot
35% Aug
26% Jan
34% Jan
19
Deo
153
25
Deo
1
Deo
9
4% July 10
8% Oct 13
18% Jan 17
3
Jan 15
I8484 Nov 21
Feb 7
6% non-voting deb
100 129
Duquesne Light 1st pref...100 xl 11% June 12
Eastern Rolling Mills—.5
5% July 1
156
Eastman Kodak (N J)-No par
Apr 28
6% cum preferred....—100 152 July 24
II584 Feb 14
10% Deo 11
185
Aug 8
118
134
166
Nov 30
Deo 11
Mar 13
40% Nov 16
15% Nov 16
47% Nov 6
115
33
Deo
50%
41
Deo
Jan
Nov
41% May
38% Deo
Nov 16
Feb
.....——.3
Jan
56%
Oot
Deo
Mar
Apr 30
Preferred. ...........—100
39%
'
80
133
Eleo & Mus Ind Am shares...
83
82
114
Electric Boat
Mar
74
36% Deo 7
1% Jan 15
6
31
Oot
5% Jan 10
%May 20
1% Jan 6
28
27
23
30
5% Sept 22
Deo
1584
Nov
40% Jan 25
43
Aug 6
34% Jan 2
95% Deo 4
28% Jan
584 Apr
30% Apr
110% Jan
10
Apr
90% Deo
72%
No par
....100
Co
4
Eltlngon Schild—
No par
Eleo Auto-Lite (The)....—.5
50
69
Du P de Nemours(EI)& Co.20
Eaton Manufacturing
48% Deo
3% Mar
35% Mar
Nov 14
Oct 5
Oct 28
Apr 30
Deo 10
8
Deo
Nov 12
30%
37%
18%
93%
13% Aug 27
40% Deo
21
17% Deo
101% Nov
49% Deo
94
51
Duplan Silk.
Jan
95
61
6
7
22% Deo
58% Sept
11% Nov
Jan 10
Jan
Feb
Mar
29
100
Preferred..
.......100
Dunhill International.—....1
Feb
V
6% Mar
62
Dresser(SR)Mfg conv ANo par
Convertible class B—No par
"10%
Nov
Douglas Airor Co Inc..No par
Duluth S 8 & Atlantic
Deo
9% Nov
85
42
7
109
21% Nov
June 12
Oct
Deo
6984 Mar
684 Jan
Mar
13
19
50
107% Dec
7
61%June 4
12% Deo 11
82% Oot 6
Dominion Stores Ltd—No par
Mar
Feb
5
10% Jan 6
59
Sept 9
36%May 17
43% Jan 6
7% Apr 27
Jan
9
Nov
110
7
Deo
101
9
1
7
21
24
8
6% Jan
58% Deo
33% Jan 3
18% Deo 11
Jan 27
63% Jan
Feb 17
13% Oct 26
44% Jan 8
2584 Mar 4
Deo
7%May 4
28
Apr 30
95% Apr 29
1% Sept 28
9
Sept 26
Nov 18
24% Feb 21
5% Feb 17
82
6284 Deo
Nov 21
91% Nov 17
3% Deo
44
102
5
41% Jan 2
7% Apr 28
50% Jan 6
Dome Mines Ltd
Preferred....
"moo
87
20
100% July
9
48% Deo
Mar
2
6
Jan
27% July
80
June
90% Jan
80% Jan
55
Deo
6% Nov
27% Deo
89
Aug
48
2
44
Oct
37
80
6684 Nov
36
Nov
93% Deo
24% May
100
May
8
20% Jan 6
106% Feb 28
30
Oct
3% Apr
12% May
26
Oct 13
Dec
Jan
14
99% Mar 13
Delaware & Hudson
600
-
136% Aug
*45% Jan
51% Jan
23% July
108% Oct
103
Aug
84% Sept
35%May 26
16%June 4
4,000
10,000
13,100
4,900
31,200
2,300
6,900
Aug 14
39% Apr 30
107% Jan 3
•*
8% Jan 6
28% Sept 17
21% Jan 2
19% Jan 2
..No par
Preferred
8% preferred
...No par
Cutler-Hammer Ino...No par
1,100
100
Cudahy Packing
.......50
Curtis Pub Co (The)...No par
170
117
180% 181
133%
9%
No par
400
74%
182
..No par
Consol RR of Cuba pref...100
61%
31%
39%
26%
94%
75%
117
Consol Oil Corp
Preferred
*60
74
♦114
Consol Laundries Corp......5
5% non-cum preferred..100
Devoe & Reynolds A..No par
11%
7%
Consol Ed Co of N Y..No par
$5 preferred
No par
130
22%
357*
1
2%
7%
15%
No par
20
11
♦7*
♦I84
7%
15%
Preferred
♦16
31
June 30
Nov 30
Cushman's Sons 7% pref.. 100
700
13
May 20
Det & Mackinac Ry
22%] 22%
48%i 50
35%
145
Apr 28
42
20
700
48
31
540
*8%
10%
*48
3078
31%
47%
19%
7%
51
Corp v t 0
No par
$2.75 conv pref
No par
Columbia Gas & Eleo..No par
Col Pict
11
22%
49%
51
7% 123,500
22,300
80%
17,200
10
36%
1%
2%
500
99% 101%
48
1%
2%
7%
15%
700
90
7
Preferred..—......
100
Cuba Co (The)
No par
6,900
Feb 26
Mar 30
Jan
500
760
82
94
_
Oct 31
98
111% Aug 13
47% Oct 10
48
10 No par
Crucible Steel of America..100
810
4
7
2
7,700
6,500
July
Jan
30,600
14,500
Feb 10
33
16
Cr W'mette Pap 1st pf.No par
Crown Zellerbaoh v 10.N0 par
40
1,100
1,700
X22%
50%
900
19%
257*
35
200
26,500
8O84
31%
39%
11%
75%
50%
38%
20%
113
2,000
2,400
9,100
1834
26%
95%
50
7%
56%
47
257*
9334
36%
2%
31%
181% 182%
x36%
13%
78
♦80%
♦163
120
36
28%
21
95
35
2%
7%
19%
7%
146%
60% 61
*39
100
90
107% Jan
4
Nov 16
7% preferred..—
67*
20%
80%
257*
76
1
48
20
113
25%
♦94%
74%
49%
1
*7
82
*38%
16%
15%
♦114
120
118% *112
I8K4 182% 180% 182% 181
132% 132% ♦132% 134
1327* 1327* 133%
•115%
115% 115% ♦116
115%
9
9
884
8%
87*
8%
9%
♦175
176% 176% 177% 176
177% *176
♦114
49
8,200
23% Jan 21
Nov
Nov 17
5
19,100
5,100
35
13% Nov 17
46% Mar 24
58
Continental Oil of Del
7%
50
7
134
30,900
10,000
70
6934 Sept
4
Jan 31
40%
170
89% Nov 17
Nov
4% Jan
60
Jan 15
...
Preferred.
Oct
84
Preferred
100
Colonial Beacon Oil
No par
Colo Fuel & Iron Cor p. No par
6%
Feb
Mar
12
55% Jan 16
...
Collins & Aikman
v
9
31
Nov 17
50
23
124
Colgate-Palmollve-Peet No par
6% preferred
100
Columbian Carbon
Oct 23
138% Nov 12
No par
..1
200
8512 Jan 21
15% Jan 2
72% Jan 2
30% Jan
1484 Deo
No par
......100
Coca-Cola Co (The)
Class A
Motors..
63%
3
8
Highest
$ per share $ per share
25
Sept
6
31>4 Deo
9
Deo
9
3% Mar
74% Nov 17
129
July 28
Continental
*134
39 VI39
38% 38%
197* 20%
197*120%
113% 113% ♦11184U14
79
46%
7%
49%
63%
69%
17% Sept 19
7
22,000
30
$ per share
25
3
46% *46% 46%
4%
47*
4%
♦105
112
*106% 112
I 10 i109
16% 17% A17%
17%
17%
18%
53
49% 60% ,-,51
54
52%
121
121
J:
123
124
12478
27g
27* rJ2%
284
278
3
18
18
1734
1778
|17
177*
12% 12% i#12%
12%
12%
1278
124
127
126J 1124 *[125% 126
19
317*
45%
18%
71
170
27*
39%
2934
46% *46%
4%
14
3%
78%
82
*36
748* i i74'4
19
79
*166
64
*134
19%
♦46%
•77%
*18%
.
i
7%
167*
48% *47%
♦134
♦134
29
124
07*
48%
♦134
36%
127
69%
♦166
7
•72
•124
27*
3%
39%
$ pet share
25
_
3
Highest
No par
Copper Co
Clark
10
....
Chickasha Cotton Oil
Childs Co
3,200
50%
♦47
Par
City Investing Co
City Stores
""*220
Lowest
Lowest
6"700
"
11%
347*
*97
*97
40
39
300
88%
10%
33%
11%
33
12478
19%
.
EXCHANGE
7,700
26,600
45
I884
.
11
110% 110%
237*
1384] 14%
*51
88%
10%
•-a.
Shares
122% 124%
19%
193*
88% 88%
19%
33
110% 110%
*39% 40
$ per share
Year 1935
On Basis of 100-Share Lots
Week
21«4
137*
*51
19%
88%
33
Dec. 11
10
44
122% 123%
11%
the
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
,
Friday
$ per share
14%
43%
121% 122%
19% 19%
88% 88%
107*
*32%
NOT PER CENT
Thursday
9
*51
197*
*51
*51
Tuesday
Sales
for
SALE PRICES—PER SHARE,
LOW AND HIGH
Saturday
$ per share
3797
New York StocklReCOrd—Continued—Page 4
143
Nov
6
17% Feb 4
7% Feb 21
34% Jan
684 May
17% Mar
13% Mar
6% Mar
% June
% June
2
June
12% May
103
Mar
44% Deo
12% Jan
58% Deo
32
Nov
17% Deo
1
Deo
1% Deo
8% Deo
19
Aug
116
Nov
146% Nov
86% Mar
126% Feb
132
Oet
104
Feb
115
Aug
3% Mar
110% Jan
8
Jan
141
Jan
16% Jan
3% Mar
19% June
107
Jan
3% Mar
5% Sept
172% Nov
164
July
30% Oct
8% Nov
38% Oot
113% Sept
14% Deo
8% Feb
New York Stock Record—Continued—Page 5
3798
SALE PRICES—PER SHARE,
LOW AND
HIGH
Saturday
Monday
Dec
$
per share
87
19%
88%
79
43
♦1
$ per share
18% 19%
87
8712
80
18%
3%
*23%
Dec. 9"
79
80%
43
42%
43%
1%
3%
24%
69%
1%
3%
23%
5%
1%
24
$ per share
18% 20%
88
907s
79
84%
*42%
1%
5
24
43%
1%
5%
24%
5812 59
59%
112
112
*112% 113
*112% 113
*14%
14%
14% 14%
14%
14%
*73% 80
*73% 80
*73% 80
♦74
78% *74
78% *73% 76
*58%
*75
*59
87
10
10
15%
*75
15%
28%
*28
24
10
15%
13%
30%
6%
15%
27
24
13%
30%
5%
9%
85
27
23%
13%
29%
5%
24%
13%
30
5%
*77
978
15%
27%
85
$ per share
20%
22%
90% 94%
85% 87%
42% 43%
1%
1%
6%
4%
23% 23%
56% 66%
*112% 113
14% 14%
15%
28
24
13%
5%
5
5%
378
25
63%
*185
190
*183
*95%
97
*96
74
*70
74
*117
125
5
*117
8%
5
5
4%
4%
4%
44%
44%
♦110% 111%
*42%
110
125
8%
5%
5%
44%
110
40
34%
44
*38%
35%
104%
35
•32
7%
4434
44%
•110% 114
39
39
♦115
120
46% 47%
*72% 78
27% 27%
*111% 115
•70
43%
5%
27%
*103
103% 104%
61
52%
53
36%
32%
7%
•
36%
32%
7%
43%
*112
37
32%
7%
43%
114
7
42%
*112
38%
120
47%
477s
46
74
74
26%
112
27%
112
75
73%
73%
43
43
28
51%
3584
*31%
38% 39%
120
*117
43%
6%
105
104
6%
27%
105
6
6
28
105
*72
26%
115
*73%
43
6%
28%
*103
32%
7%
43%
39
113
113
10%
148
"~9~
21%
•46%
118
*50
0%
22%
48%
118
51%
*145
9
21%
46%
148
9%
21%
46%
*117
120
50
50
*145
10%
15%
10%
16
9,600
Erie
30
30%
25%
13%
3184
5%
7,900
2,000
9,900
preferred
100
Second preferred
100
Eureka Vacuum Cleaner..—6
Evans Products Co
5
6,400
Exchange Buffet Corp-No
4%
24%
6434
8,250
2,090
Fairbanks Co..
2,900
Fairbanks Morse & Co .No par
25%
25
13%
30%
5%
13%
29%
5
4
4%
24%
22%
64%
64
120
46%
*74
78
26%
267S
240
Federal Min & Smelt Co...100
*107
9%
5
•
478
45
£878
5%
9%
5
5
5
45
44
9%
5%
5%
44
110% 111
43%
4334
40% 40%
112% 112%
4334 44
120
120
113
114%
26%
2678
115
♦111
75
78
*75
43%
43%
5%
5%
28%
44%
5%
28%
8,800
50
630
20
21%
47
47%
2%
70%
*77
2%
67
70l2
80
2%
3
234
3
151
51
39%
2%
151
61%
40%
27S
51%
118
51%
*150% 152
617s
51%
40%
3978
284
278
80
60
78
78
80
80
80
20
39
83%
83
83
24%
2478
24%
25%
16
88
88
88
88
40%
54%
40%
40%
54%
41
40%
54%
54%
5%
6%
5%
678
31%
6%
6%
31%
5%
30%
5%
6%
3078
85
85
*145
*64
35%
355s
*71
85
16%
3%
62%
*13%
51%
55
67
*129
♦34
*36
84% 85
28% 2878
111% 1177s
102% 103%
12%
13%
94
20%
.20%
38%
39%
3878
3978
38%
3934
*64
34%
*76
16%
129
147% *145
69
17%
~17%
167s
*106
4034
54%
6%
6%
33
634
33%
83%
84
5%
5%
6%
67s
31% 32
£83% 84%
28% 28%
112% 113
103% 103%
127s
127g
93
84
17%
13
13
*94
96
*94
278
3
5
5
4%
22%
42%
4%
*22%
5%
4%
23
4%
4%
22%
39%
49
49
49
20%
20%
20%
42%
43
278
5%
4%
22%
£4084
48
49
47
£19%
20
18%
For foot notes see page
No par
Gen Amer Investors...No par
Preferred
No par
Gen Am Trans Corp..
General Baking
800
900
22,100
3,600
49,200
2,400
25,800
5,100
6,400
5,200
96
60
3
20,000
6,600
3,900
2,300
8,500
5%
—5
6
334 Jan 6
lli2May 11
100
8%May 20
97
100
7% cum preferred..
49
100
140
—
.No par
.No par
Gen'l Gas & Elec A... .No par
Conv pref series A.. .No par
$7 pref class A
.No par
$8 pref class A
.No par
General Mills........ .No par
Preferred
100
General Motors Corp.
$5
7012 Jan
No par
10
.No par
preferred
Dec
3
Jan 21
Gen Time Instru Corp .No par
Gillette Safety Razor. .No par
Conv preferred
..No par
Gimbel Brothers—
$6
No par
Goodrich Co (B F)
$5 preferred
...1
No par
Goodyear Tire & Rubb. No par
$7 2d preferred
No par
$5 preferred
..No par
Gotham Silk Hose
No par
100
Preferred
Graham-Paige Motors
1
Gr'by Con M S & P 2d stpd 100
55
57%
5784
57%
129% *129
129% ♦129
*34
347s
*34% 34%
34%
36
*36
37%
37% *36
13
13
13
13%
13%
28
2778 28
2778 28
♦121
120
121% 120% 121
*102
1037s 103%
1037s *102
4878
49% 4978
50% 50%
*128
130% 130% *128
17
17
167s
*16% 17%
107
106
106
*106
1
Preferred
68
*65
68
37
36
37
6,100
80
*73
80
10
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
Greene Cananea Copper... 100
17
28,000
37,300
Greyhound Corp (The).No par
Guantanamo Sugar
No par
17%
434
6534
13%
65
16%
4
65
1384
*53%
4%
6584
1334
57
60%
59%
60%
129%
129% *129
34%
36
14
28
120
34%
34%
37%
15%
143s
28
2884
*120
121%
*36
103
103% *102
4978
4934 60%
130
17
106%
*128
130
17
17%
IO6I2 106%
470
700
600
12,500
20
200
40
15,600
1,900
110
40
3,700
10
1,800
70
43s Feb
...
Preferred
.....
100
Gulf Mobile & Northern.. 100
Preferred
100
—
Gulf States Steel......No par
Preferred
——100
Hackensack
638
30
125
Nov
Mar
55
Dec
15
111
3
123
6
77
Jan 10
2
Apr 28
26i2May25
33U Apr 30
3212 Apr 30
17 July 6
30is July 7
13%June 25
70
Aug 21
6
Jan
6
Oct 15
52i4Septl8
37b Jan 2
6UN0V 2
13% Jan 21
74
Sept jll
21*8 July 8
87
Jan
2
1025s Dec 5
8I2 Apr 28
77
2
Jan
6
June30
6
Aug 24
7012 Jan
Oct
Nov
9
123ig Nov 28
53i2Sept2l
10% Sept 21
1
June 20
Dec
638 Feb
5
Deo 11
118i2Marl4
4i2 Deo 11
47U Deo 11
62
Dec 11
89
Deo
9
70
44i8NovlO
193s Oct 2
90
Jan 24
2712Nov 18
92
308s Nov
484 Mar
7b May
4712 Deo
53S Nov
7
13U Dec
Mar
5i2 Mar
84% Jan
325s Mar
73s Mar
115
Jan
5% Mar
107b
43
Dec 10
62i4Nov30
223s Oct 17
3214 Jan
6
4638 Oct 14
31
Jan
7
41
Jan
6
50i2Mar
9
4
105
6
Jan
9
14
Jan
2
109
100
Jan
4
June 10
May 19
June 22
30is Jan
120
Jan
Nov 28
14912 Aug 14
65
Oct 17
3978 Nov 18
95
Jan 23
1778 Nov
48% Deo
£13% Oct
146
Aug
2
Mar
103s Nov
638 NOV
4
Mar
18i| Nov
19
Mar
76
46i2 nov
127U
20%
Jan
30
Sept
%
Jan
Feb
3
8
1
12
Jan 20
100
104
Nov 24
116
Jan
265s Mar
X107U Jan
Nov
64U July
145U
407b
377b
U2
15U
Oct
Nov
July
Aug
Aug
Apr
Aug
72% Oct
£120% Deo
693s Nov
120
Nov
10
Mar
21
Dec
3
Aug
6U Deo
425s Nov
175s Feb
93% Jan
1U Mar
155s Mar
80
Jan
84 Apr
1434 Mar
1684 Jan
14
Apr
12
Mar
70U Jan
2U Mar
~23%
Feb
1U Apr
7% Mar
1534 Mar
Apr
70
2% Apr
Apr
20
109
Oct
4% Nov
41U
109
3U
Dec
Oct
Deo
39% Deo
33% Deo
51
Nov
95g Mar
265s
119
Jan
Jan
Jan
92
Jan
161*2
Dec
85
Deo
4i2
Oct
1358 Nov
5
16
Jan
Deo
35% Deo
347b May
140
May
50
34
Feb
95
Feb
234 May
43%May
11% Deo
34U Deo
33% Nov
1
Feb
Mar
9
26%
21
Apr
255s Nov
4
115 Jan
Jan
38U Sept
9U Mar
19
125i2Nov 17
1051b Mar 18
62UNOV17
135i2Deo 1
I8I4N0V 24
434
14U Dec
29>4 Jan
35% Nov
Mar
9
Nov 18
49% Dec
26
1984 Mar 4
62iz Oct 8
63
Aug 8
12912Sept 9
345s Oct 10
37
Aug 4
15i2 Deo 11
32
19U Aug
Aug
93
1% June
5% Mar
2U Mar
1438 May
18U Mar
6
9
484 Deo
66
Deo
Jan 24
Deo
100 >8 Sept
Nov 19
5514 Jan 14
55
July 27
712 Feb 28
10U Feb 17
3278 Dec 10
86i2Nov24
3178 Apr 15
1143s Dec 11
lOSU Deo 11
1458 Deo 1
96i2 July 18
4i2 Feb 19
11% Mar 20
638 Jan 15
£255s Nov 9
2
15i2Nov
15s July
July
914 Jan
30i2 Jan
28% Jan
Nov
307s Nov 28
Jan
24
Deo
36% Nov
18
637s Jan
Deo
97b Mar
603s Mar
1934 Mar
SOU Apr
17U Mar
H2i2June
6
3
Jan
7934 Deo
18
Hamilton Watch Co.—No par
Preferred
100
6M % preferred
3038 Dec
Oct
30
Hat Corp of America cl A
Jan
Sept
25i2 Deo
10278 Deo
587b Aug
15% Jan
5978 Feb
33
.100
Feb
2U Mar
20>4
Dec
25
Oct
Water.—.25
Preferred...
"l9"
Aug
"45U
81
7% preferred class A
26
Hall Printing
—.10
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
Mar
16
Apr
1318 May
84i2 Apr
44% Nov
19i2 Jan 3
68
July 29
May 21
Grand Union Co tr ctfs—
1
-28%
3U Aug
25
Mar
84
No par
Dec
NOV 10
July
Apr
8
3934June 11
50
.1
4
2
7b Feb
16% Mar
Deo
May
11
106
XJ%M
Deo
8i2 Deo
4% Jan
2
2
8
Deo
72
Oct
Jan 27
Aug
V/>v
95
Oct 30
118
Deo
215s Nov
£85
Aug
77
No par
4H% conv preferred
Gobel (Adolf)
Goebel Brewing Co
Deo
334 Mar
125
71
No par
preferred..
Glidden Co (The)
Dec
5% Mar
3
55
General Refractories.. .No par
Gen Steel Castings pf. .No par
Gen Theat Equip Corp .No par
115
o-s
15
3
116
Jan
Deo
39U Dec
Jan
65
4%
152
110
1
Nov 17
59%Jline 20
Jan 17
.No par
a
Jan
Apr 28
*73
76
3i2 Apr 28
32i2 Apr 28
—100
14
1912
13*2
147s
40's
19
22
80
30
10512 Aug 27
1778 Nov 30
1458 Nov 18
104i2 Apr 21
105
preferred...
7i2 Deo
14
136
35%
_
Apr 14
44
100
35%
477b Dec
9734 Oct
355s Feb
53i2Nov 10
Great Northern pref
..100
Great Western Sugar..No par
*65
1131 j Nov 19
43U Deo 11
127
Feb 17
3338 Feb 18
7b Jan 2
33,600
3,500
68
Oct 15
34i2 Apr 30
40% 42 'j
4134 4278
4178 43
39
3978
39%
39% 39%
38% 39%
147%
147% *145
147% *145
147% *145
35
6
Deo 11
Mar
46UNov 9
11538 Nov 9
4934 Nov 10
4012 Deo 11
36% Deo 1
10534 Nov 10
685s Nov 30
387b Nov 18
3234 Deo 9
1134 Mar
4712 Mar
72
Realty~&~ Utilities
Jan
Jan
Feb 17
$6
Mar
Apr
Apr
38
Gen
5s Mai
4
48
General Printing Ink. .No par
$6 preferred
.No par
.No par
65i2 Nov
sb
54
18% Jan
534 Jan
Gen Railway Signal— .No par
Anr
40
Gen Outdoor Adv A.. .No par
Common..
.No par
Gen Public Service
2
6
92
Oct 24
Jan
15
Mar
Mar
Mar
Mar
May
123i2Nov 30
1214 Mar 4
578 Mar 6
100
235s Nov 9
5D2 Oct 9
12884 Nov 27
17
718
8>2
634
10i2
Deo
8U Nov
Nov 30
275s Sept 21
534 Jan
16
*63
Oct 13
59
1134 Jan 11
Gt Nor Iron Ore Prop .No par
68
205
Nov 17
...No par
—No par
14i2
17
9
Oc$
5,200
40%
Deo
70»4 Oct
20
General Cable.
14
684 Mar 2t>
25
155
7
Conv pref series
No par
Granite City Steel.—.No par
Grant (W T)
...No par
24%
42
1J
Jan 23
141
5
General Cigar Inc
Jan
5,100
5%
1578 Aug 10
407b Jan 8
8>4 Mar
42U Apr 30
1034 Apr 28
No par
Class A
4
1512 Dec 11
General Bronze
preferred....
nov
48%
19%
66%
3794.
8,100
7
Nov 13 xl35
76
13s July 6
318 Apr 30
16
Apr 29
2412 Aug 4
28*2 Jan 16
*129
*106
84
287fi
113%
3
278
484
4%
22%
39%
55
108.
3278
1037s 104%
54
51%
578
6%
29%
2834
113% 114%
104% 105%
13%
1278
28%
113
13%
*128
106
6,600
90
40%
54%
584
55
13%
104
106
700
15,000
13%
53%
56%
104
50%
157s
13%
121
300
83%
13
121
37%
15%
14
121%
*102% 104%
*37
83%
16%
4%
13
83
25
65
28
60%
26%
4% 122,600
6,700
62
8,600
85%
6,410
3,000
27%
47%
1578
83%
38%
GamewellCo (The)
Gannet Colnc convS6 pfNo par
Gar Wood industries inc
3
pfafapfofi
4
44
90
93
50
2,300
6,900
25%
17%
484
13
4%
65
600
25
66
37%
13%
28%
109
200
2,200
1584
83%
59
3478
70
40%
64%
£1678
4%
*36
4%
54
978
39%
64%
5%
6%
31%
17%
*34
109
50
16
83%
25%
63
*52%
9%
70
38
59
62%
67%
50
110
38%
59
129
121% 122
90
*77
3%
78,300
1,600
89
78
167s
1,300
69%
40%
78
3%
61%
11884
40
85
17
68%
89
*54%
35%
28%
50%
*63
61
118
25%
90%
35%
13
497b
13
94
38%
15%
83%
2434
35
28%
♦128
40%
54%
578
678
32%
84%
28%
112
103%
4%
4%
22
4%
92
3
37%
48%
3%
4%
16
27S
23
3%
68%
*12%
62%
55%
*121
94
36%
35s
51%
58%
129%
347b
37%
6%
31%
84%
28%
111%
102%
1278
49
16%
14
94
*88
278
4%
4%
22%
34%
48%
20%
14758 *145
69
234
76
8
5
Oct
29
531s Feb 29
7% Aug 5
7% preferred
65
108
18% Sept
34i2 Oct
31i2 Apr 30
General Foods
2%
Nov
4i2 Aug
$6 2d preferred
—No par
Gabriel Co (The) cl A—No par
General Electric
*69%
*75%
Feb
15i2 Mar
65
June 30
107s Dec 11
Nov 30
70
*63
Nov
47% Jan 17
10,400
32,800
78
*38%
1578
..—100
Preferred——
2418 Apr30
9534 July
30i8June 5
63
July ~
231* July 15
Aug
50
116
Fuller (G A) prior pref.No par
50.600
65
40
7%pfl00
Freeport Texas Co...
10
5134
*69%
1
F'k'n Simon & Co Ino
40%
152
*63
80
No par
Preferred.
Fourth Nat Invest w w
51%
78
80
No par
t Follansbee Bros
40
152
65
83
40
700
1,300
*69%
*75%
24%
39
51%
•63
*38%
15%
88%
39%
118
78
16
20%
51%
64
85
20%
118
800
64
16
50
*47%
Fllntkote Co (The)——No par
$8
4,400
4,900
*70%
*76»4
*84%
24%
♦48
22
9%
22%
48%
73
'
28
28%
1113s 111%
102% 102%
13
13%
*93% 94
3%
2%
4%
4%
4%
4%
*22% 23%
34
345*
8,500
148
"87s
65
61
61
61% 61%
6078 61% *6078 61%
120
120
119% 119% 120
£118% 118% *118
68
67%
68%
68% 69%
68%
67% 68%
68%
123
*121% 12178
121% 122
*122% 1235s 122
1217s 122
50
*50
50
51%
50% *50
52% *50
52% *50
9%
9%
9%
9%
9%
9%
9%
9%
978
9%
70
70
70
70
70
72
70
70
*68
*69%
*109
109
*109
1097s
1097s *109
10978 109
1097b ♦109
4%
4%
4%
*4%
4%
4%
4%
4%
4%
4%
54
51%
51%
51%
4984 51
61% 51%
£50% 52
£116
116
*117%
*117%
*117%
4
3%
3%
384
3% "V%
3% "¥%
3% "3%
42% 4378
41% 42%
42% 42%
41% 42%
42% 42%
61
60
58
68
57
57
57
59%
*55% 55%
85
79
77
87%
84%
78%
85% 89
76%
77%
27
27
27
27
27%
27%
27% 28
27% 27%
54%
_
4,400
65
68%
*38%
8,100
2,700
*71%
62
*61%
*119% 120
40
,?• 100
1,100
5,600
28
46
117
90
105
21
21%
21% 21%
46% 46%
46%
118
118% 118% ♦117
50
50%
50% 61
AM % conv preferred—.100
Foster-Wheeler
10
30
28
*
3
Aug 21
*103
148
Jan
Aug 10
697b Mar 30
7% Jan 9
3
Apr 28
2% Jan 2
20iz Jan 9
IO6I4N0V 6
38
*
Apr 30
20U Jan 27
£2478 Jan 2
IOOI2 Feb 26
Feb-40
Apr 30
3012 Sept 25
25iz Mar 21
37b Aug 29
37
106
28
22
*150% 152
*150% 151
*150% 154
50% 51%
51% 51%
50% 51%
40
40
40%
40% 41%
40%
*64
*
84
Apr 30
June 26
105
9
9%
2%June 3
8i2 Apr 29
Jan
Jan
Feb 24
3434
I22i2
31%
1834
32
27
5%
100
Preferred series A—
2
Food Machinery Corp new.. 10
115
53s
5%
50
7
3
Sept
134
97
Jan
% Mar
% Apr
Deo
Deo
Nov
Jan
Mar
6
12
Mar
39
Aug
7%
345s
3184
58%
78
17b
12534 Jan
1% Mar
4
23is July
438 Jan
Mar
2i2 Mar
66
Jan
7
11
Apr 30
16
Apr 29
11>4 Jan 3
lis Mar
3
"6231 "Jan
Feb
Jan
514 Apr
Highest
i per share 1 per share
7
69
55
Florshelm Shoe class A .No par
10
79%
46%
Fidel Phen Fire Ins N Y
per
48
900
78
44%
47
Dept Stores-No par
4)4.% preferred
—100
share
221s Deo 9
9414 Dec 9
8712 Dec 9
5514 Jan 7
15s Feb 6
614 Dec 11
2638 Nov 17
$
July 22
155s Apr 17
8434 Oct 13
89i2June30
5,800
1,200
3,700
*74
Federated
4
First National Stores—No par
46%
♦75
148
600
Federal Screw Works—No par
Federal Water Serv A ..No par
U2 Jan
2234 Nov 4
6312 July 25
110
Aug 18
712 Jan 3
45i2 Jan 14
3,000
11,500
46
78
*103
Firestone Tire & Rubber... 10
8,600
*74
5%
27
Filene's (Wra) Sons Co.No par
43%
120
78
44%
20
9,000
42
46%
26%
Federal Motor Truck—No par
120
*46
100
8,900
5,200
16,800
1,300
1,100
1,100
43
47%
27
113
-No par
Preferred
120
♦111
"9"
Traction...16
400
75
*
Fajardo Sug Co of Pr Rico.20
1,100
77
115
9%
-.100
6% conv preferred
8.400
115
100
75
148
26
...100
Preferred
100
44
105
200
par^
*75
♦111
*103
1,800
100
First
*108
24
115
28%
15,000
77
24
24
"8%
9
60
1,800
16%
1534
16%
16%
15%
16% 17
17%
17%
16% 16% £l578 16%
13%
13%
13%
13%
13% 13%
13%
1378
13%
13%
13%
13%
*102% 104
*102% 104
*102% 104
♦102% 103% *102% 103% *102% 104
76
73
75
75
75
74
74
74%
75%
73%
7434 75%
17
18%
16%
1778
17%
17%
17%
17%
17% £16%
17%
17%
*
500
117
112% 112% *113
40
39% 3934
47%
105
2,400
2912 Jan
preferred
No par
preferred.
—No par
Elec Storage Battery..No par
t Elk Horn Coal Corp.No par
6% part preferred
-60
El Paso Nat Gas Co
—.3
Endlcott-Johnson Corp....60
6% preferred
100
Engineers Public Serv—...1
$6 conv preferred....No par
S534 preferred
No par
$6 preferred..
—No par
Equitable Office Bldg.-No par
30
44
*39
*40% 44
347g 35
34% 35%
34% 35%
104% 104% *104% 104% *10412 104%
63%
51% 53
51% 61%
53%
36
36% £36%
3638 37
36%
32% 32%
32% 32%
3234 32%
7
7
7
7%
7%
73s
44
44%
43% 44
*44% 44%
51%
36%
114
59
70,100
2
2
2
423s July 13
12 Jan 2
6*8 Jan
3234 Jan
$6
76
5
44
104
120
24%
59
*97% 100
9%
5
4%
44% 45%
111% 112%
35%
*39
24%
24%
57%
113
1%
6%
$ per share
$7
Electric Power & Light.No par
Federal Light &
Preferred
24
74
125
8%
40
35%
44%
*52%
36%
5%
44
£44%
*102
5%
5
73%
44
48
3434
5
5
195
190% 190% *190
56% 57%
56% 67%
67%
97
44% 44%
110% 110%
4%
.24
63%
23%
97%
♦117
8%
29%
5%
190
23
97
8%
4%
57%
58%
23%
44
48
10%
15%
29%
24%
13%
24%
63
87S
113
10%
16%
29%
378
23%
125
57%
1%
87
63
*8%
24
30%
*70
5
4,500
2,900
32,200
77
23
*118
4%
*75
13
75
43%
*73
30
97
423s
1%
87
13%
23
44
77
63
*71
42%
1%
*77
23
57
86
*74
30%
24
86
77
13%
29%
5%
57%
86%
87
10
22
190
86
*78
10%
15%
28%
557s
*23%
22% 178,600
92
15,500
*75
63%
*185
91
14%
3%
21%
66%
24%
213s
94
80
63%
193
Shares
22%
*72
21
65%
*23%
*95%
$ per share
Par
Year 1935
Lowest
Highest
Lowest
91
*14
23
3%
Range Since Jan, 1
On Basis of 100-Share Lots
21%
14%
64
*183
& per share
12, 1936
Range for Previous
STOCKS
NEW YORK STOCK
EXCHANGE
Week
80
21%
3%
Dec. 11
10
14%
*73%
6334
3%
Dec
80
♦73%
21
3%
Friday
Sales
the
NOT PER CENT
Thursday
Wednesday
Dec. 8
Dec. 7
5
Tuesday
Dec.
6
Apr
12
Mar
48
Mar
Deo
28% Deo
108
Deo
Dec
21U
Jan
30«4 Deo
30
Jan
35
4
Mar
6U Apr
63
8
Deo
Oct
14% Nov
Jan
112
Deo
100U Sept
105
Nov
16
Mar
30% Deo
9934
5i2
Jan
121
Feb
81
Feb
14% Deo
113% Deo
Deo
Volume
143
New York Stock Record—Continued—Page 6
SALE PRICES—PER
LOW AND
HIGH
Saturday
Monday
SHARE.
Sales
CENT
NOT PER
fnT
JUT
Dec
Dec. 5
$ per share
638
♦103
128
♦160
.
Dec
♦160
...
139
Dec. 9
$ per share
63s
104
Dec.
6*4
Dec.
10
6*8
6*4
*101% 1017g
13
127S
*124U
128
*1241.
12S
*121
160
160
*160
165
*158*4 160
1278
35*4
35*4
35*8
35
3534
158*4 158*4
*3434 3534
2,800
442
427g
27
27
76
*75
*6434
66
*65
76
*75
66*2
66*2
107g
57*4
458
8,500
75*2
76
46
46
46
72
72
*70
15*2
13
13
15*ii
13*4
38*4
13
1278
385s
38
38*2
133
134*4
134*4 134*4
13*4
*5*4
12*4
4*2
145g
412
39
194
9734
....
118
11*4
13*4
♦9*4
*8*4
5*4
93*4
4778
111
934
9*4
51
52
287s
♦30*2
♦2934
♦2934
♦12134
*83*4
195g
1934
2
2378
2*8
25*8
19*2
178
25*8
4678
2458
46*2
13*8
19%
l7s
24*8
*46*2
15*2
12l2
38*2
133
*136
♦20*2
21*4
105
38*2
134
133
....
*136
39
28
45g
39
......
*112
120
2234
21
20*2
21
22*4
*104
....
*112
23*2
20*2
22*4
107
22*4
20*2
2134
*105
120
♦112
23
2278
21
21
57
57*8
5612
57*4
56
20*8
203s
19*2
20
19*4
2038
195s
353s
35*8
*34
678
*34
36
684
67g
684
57
52
56
51
30*8
303s
2934
30*4
291*
*130
48
47*2
118*4 *118*4
19*2
1934
427*
43
32*2
*32
26*4
120
2534
36
*34*4
67g
7
55
54*2
24
23
♦24*4
26*4
42*2
42*2
19*8
19*4
23*2
*16
237g
23
25*2
25*2
26l2
41
41
19*8
20*4
167g
167g
♦16*2
17
17
40
40
40
161
161
159
193s
278
19
195g
27g
17
105
30
20
200
2934
29
*25*2
2778
1934
16
163s
1434
15
15
15
1634
1634
1658
17
17
17*4
40*2
40
4038
*36*2
39
37
122
121
3*8
18
122
122
3
3*2
1878
17%
122
121
♦
3
3*4
18*4
175s
121
122
I884
19
19
19*8
18*4
187S
*18*2
I884
18*4
61
61*2
61*4
6134
62
63
74*2
74*2
75*2
62*2
7478
97g
*26*2
62*4
7384
6IS4
7434
75*4
753g
10
27
♦104
97g
10*8
27
2634
104
105*2
10
10*8
26*2
26*2
10334 10334
10*8
27*4
10534
22
*2178
978
28
103*2 104
978
*26*2
*104
22
60
60*2
5984
6058
63
53
54
54
54
54
55
55
*54
44
45*4
44*2
45*2
437g
45
45
45
63
6334
6278 63*8
*105*2 106
*105*2 106
3
27g
234
278
61
60
607g
6078
6
6
578
634
42*2
42*2 ♦41*2
42*2
63*8
44*4
645g
64
647g
110
"23*2
142
23%
142
33*2
33*2
25*8
25*4
♦93
95
28*4
*36*4
37*4
28*2
*
110
44
44*4
435g
58*s
59
66*8
....
21*4
106
106
284
278
234
58*2
5934
58*2
578
*41
*
6
578
4212
110
41*2
*
106
106
27«
234
*56*4
578
59
57g
42l2
110
*40*2
*
*133
44*8
58*4
*133
....
*133
44
44
44*2
44
66
5678
56*2
57
57
For footnotes see page 3794,
'AKTZ
....
4375
Class C
Preferred
100
Int Printing Ink
Corp—No
Preferred
par
100
107
Apr 27
384 Jan 7
Internat Rys of Cent Am..100
No par
International Salt
Jan
9
19U Jan
3
100
9
—No par
23
No par
47
100
preferred
Inter Telep & Tel eg
15
100
7%
50
No par
•
Apr 28
Oct
8
Johns-Manvllle
No par
Preferred
100
Kansas City
Southern
Oct 30
63% Feb 21
24% Aug 14
Apr 29
58i2 Jan 18
May
7
12184 Feb
5
75i8May 27
39i2 July 15
Nov 24
Jan
2
19U Jan
2
Jan 27
144
Nov 30
12612 Dec
5
133
Dec
9
50*4 Dec
Apr 6
26
Apr 2
48*2 Aug 8
36U Nov 17
33*4 Feb 25
2
18
June
4
247g Jan
2
2
Jan
7
110
Nov 18
Keystone Steel & W Co No par
1784June
4
6338 Nov
24% Oct
1,300
Kimberly-Clark
Kinney Co
18i2 Jan
7
40
8,500
30
700
Kresge (S S) Co
10
preferred
100
Kresge Dept. Stores—-No par
7%
4% Apr 29
7478 Feb 26
61
23*4
6,300
Kroger Groo & Bak
No par
Laclede Gas Lt Co St Louis 100
1918 June 30
20i2 Apr 27
28
80
2778
30
5%
preferred
(The)
100
.No par
15
1,000
Lane Bryant
No par
17*2
2,300
Lee Rubber & Tire
6,200
Lehigh Portland Cement—.25
122
1834
63*4
76*4
18*2
62%
77
10*4
978
28
39*2
163
3
26*2
*104
54
*5434
45
45*4
643s
63*4
106
106
234
234
57*4
57*4
6
6
*40
42*2
*
230
~23%
20,900
3%
18%
17,100
Lehigh Valley Coal
122
8.900
900
60
No par
Preferred
50
Lehman Corp (The)—No par
187g
1,400
Lehn & Fink Prod Corp
63%
7734
2,300
8,900
3,500
Lerner Stores
10
26%
105
Corp
5
No
par
Libbey Ownes Ford Gl. No par
Libby McNeill & Llbby No par
600
Life Savers Corp
800
Liggett & Myers Tobacco...25
6,000
100
L
5
25
Series B
Preferred
100
32
June 10
1578 July 29
718 Jan
12
2
July 15
15i2 Apr 30
94i2 Apr 30
8i2 Jan 2
2
Jan
2
3878May 4
4714 Jan 2
7
May 19
25 May 7
Marl6
9734 Mar 13
160
Oct 28
36
45*8
74*4
3,200
Liquid Carbonlo
400
No par
Preferred
43
No par
No par
Loft Inc
Lone Star Cement Corp No par
6%
17,800
500
23*2
"7\606
142
50
33
25%
1,100
95
95%
800
28%
29%
36
36
8,400
1,100
....
45%
57*2
Long Bell Lumber A .—No par
25
Loose-Wiles Biscuit—
5%
790
....
.
4,000
10,100
preferred
Lorlllard
(P)
Co
3
32i2June
6,600
42
July
No par
2,500
100
10
Deo
Deo
287s
4234
Deo
110
Deo
Dec
4*8
Jan
5
Jan
20*2 Deo
3
Apr 21
104i2 Feb 28
2
Apr 23
35i2 Jan 2
33s Jan 2
x3834 Oct 15
107 May 19
21% Apr 28
Jan
1658 Sept
36
Jan
120*2 Apr
37
Aug
38*2 Mar
99*2 Nov
117*2 Mar
50
Apr
126*2 Deo
115*4 Mar
334 Mar
120*4 Deo
14i2 Deo
5
131
Deo 11
8
Nov 30
Dec
658 Mar
7*2 Feb
1534 Jan
93
22
Nov
Deo
20*4 Nov
30
Oct
90*8
Oct
34
Mar
6
Jan
31*4 Nov
3*4 Mar
10*4 Aug
28*4 Nov
18*4 Jan
84
Mar
96
.July
13*4 Mar
3038 Deo
10
21
8
25s
23
Mar
Oct
Mar
1984 Mar
103*2 Apr
2
May
42
6*8
41
Nov
Deo
Deo
27*4 Nov
113
Apr
6*2 Nov
Jan
80
Oct
22*4 May
32
Aug
12
27*2 Deo
Nov 13
Jan
8
3378 Jan
50*4 July
2634 Feb
18i2Nov
18*2 Nov
45*2 Nov
31
13
6
17
Mar
19*4 Mar
46
21*8
28*2
Jan
9
Jan
5
Oct
May
18
8*2 Mar
10
10% Mar
180
Oct 19
Aug
14*2 Deo
173s Jan
Nov 10
22
5
Mar
1*2 Mar
Link Belt Co
234
Oct
5*2 May
67*8 Mar
10*2 Oct
1,900
6734
24i*
1
97
Deo
36U May
6
12
Nov
5
3*8
2%
Dec
Oct
66
106
25
Feb
19
Apr 29
257g Jan 2
Inc
Oct
4
Lily Tulip Cup Corp...No par
Loew's
I84
9*4 May
19
Lima Locomot Works.-No par
21,900
Oct
6
July
600
..No par
2
95s Apr 29
89
May 11
5,900
25%
45*2
57*8
100
Lehigh Valley RR
32%
♦133
5
4% conv preferred
20*4
110
141
3
3584 Aug 31
Lambert Co
17*2
9934 Dec
100
Preferred
4i2 Mar
2H* Jan
98i2 Jan
130
3
323s Nov 18
1103s Feb 10
18% Nov 13
Kress (S H) & Co new..No par
10
5,100
19%
2012 Apr 28
Oct 28
7% Jan
61
300
19%
38*4
Apr 28
253s Mar 20
107
477g
148
41
♦
Feb 28
378May 11
30
lis Mar
*8 July
8$ May
Deo
434 Aug
6*2 Oct
47*4 Deo
1
121
283s Jan
No par
22*4 Jan
1237s July
Jan
May 20
No par
Jan
154
Jan
1*4 Mar
178 June
Mar
20
No par
Jan
42*4
135
49
80
Preferred
Jan
5
190*2 Deo
655s Nov
110
8,700
1,500
3
133g Dec
149*2 Ja**
34*8 Mar
9338 Nov 14
20%
6,300
June
313s Nov 12
Sept 1
7
678
2
126
1434 Jan
57*2
26
Dec
235s Sept
Aug
113
87
1*2 May
2% July
Oct
7*2
Nov
Oct 16
2284 Apr
Keith-Albee-Orpheum pf._ 100
Corp
884 Mar
83s
16
107
Kelsey Hayes Wheel conv cl A1
Kelvinator
NOV
Mar
90
19% Feb 17
3778Nov 18
28U Jan
40
11
28
18
Sept
No par
60
108
4
9*8 Mar
13
1
July
70*2 June
100
B
Nov
130
Oct
24i2Sept 28
Class
Oct
121
Jan
109
Dec
Kayser (J) & Co.—'
107
11
11
11% Oct 20
105a Oct 20
6D2Nov 12
30
3638
Deo
14
400
13,000
112
Deo
5*4
78
17
......
Nov 20
23% Dec
147g Dec
8% Dec
97i2Nov
4884 Nov
Dec
15
28
Kaufmann Dept Stores.$12.50
5
Feb 21
6638 Nov 18
136
59*4
491* Nov
100
Preferred
Mai
July
103g Apr 30
116
•
22*4 Deo
38*4 Deo
16
lli8 Sept 21
88
Oct
Jan
34 Apr
565s Dec
558 Mar
878 May
2
1
17*2
378
42*4 Mar
2
1
6*4 Mar
Deo
Nov 25
Jan
No par
Deo
Nov 17
Jan
Preferred
1334
93
15
Island Creek Coal
Jan
6i2 Mar
35
82
Jewel Tea Inc
Nov
5*2
8
Intertype Corp
No par
7
60*8
Apr 29
June
Interstate Dept Stores. No par
Preferred
100
17
122
455s
58*2
6
1% Jan 9
2012 Apr 30
37 May 22
No par
15
3
....
214 Jan
8
Kendall Co pt pf ser A.No par
Kennecott Copper
No par
"19*2
18
110
43%May 8
125U Feb 6
384 Apr 30
100
l01%Nov 12
160
Apr '
10% Dec
31,000
*
205s
"23*2 2378 *23% 235g "23*4 235s
23*8 23*2
*141
142
*140*2 142
♦140*4 142
♦14034 142
33
32
32
32
33
32*8 325s
32*4
25*4
25*8
25*8 253s
25*g 25*2 *25*4 2534
94
94*2
93*2
94*2
95*4
95*4
93*2
♦94*2
28
28
2834
2834
28*8 2834
29l2
28*4
36
36
*3634 37*8 *3684 37*4
36*4 37*2
*133
*133
106
*63*8
Preferred
Nov
Jan
4*4 Mar
11
Deo
6978
2278
*2434
38*2
106
120
105
106
104*4 10434
104*4 105
10534 106
167*4 167*4 *165*2 170
*165*2 170
*16512 170
2134
217g
217S
*2U8
2U2
2H2
21% 2134
61
59*4
603s
69*2 60*2
61*2
61*4 6234
104*4 105
♦16684 167*4 *16634 168*2
104*8 10438
*21*8
75*4
23i4
163
"20"
205s
234 Apr 30
4i2 Jan
800
29*8 29*4
100*8 100*8
13*4
13*4
56*2
41
6658 Jan
148i2 Jan 23
Inter Pap & Pow cl A..No par
Class B
No par
Deo
73
46*4 Mar
2i* Feb
18
11
14
Dec 11
1934
35*4
684
54*2
35*4
7*8
19%
3*8
26%
194
25
Kan City P <fc L pf ser B No par
500
Apr 28
160
100
10
4,700
47
59
5934
20%
*3834
2278
Preferred
2,800
....
6,300
634
54*2
Int Business Machlnes.No par
Internat Harvester
No par
Jones & Laugh Steel pref--100
Kalamazoo Stove Co
10
19
*25
17*2
50
490
18%
213s
1978
234
1,900
126
19*2
23*8
163
......
zl9
41
"19*2
1,600
......
8,800
2778
*
2,200
20
19*2
1934
75,300
♦103
*3858
166
160
170
20
*25
■
39,200
2,000
21*2
*34
100
International Shoe
42
"19*4
3,600
26,600
21
7*8
5784
Prior preferred
International Silver
20
*
500
No par
560
19*2
195g
900
8,100
No par
No par
500
42
160
11,000
Rubber
Iron
413sNov 12
lli2 Apr 30
2>2 Jan 2
95s July 1
278 July 10
22&4 July 10
C..100
v t
Agrlcul
300
23*4
2778
1634
17
♦120
..
Interlake
Internat
85*2
12*4
17
*16
Intercont'l
24.100
30*4
2934
29*5 29*2
29% 2934
100*8 ♦100
100*8 ♦100
100*8
22l2
1,600
23,200
48*2
100*8 *100
100*8 *100
1334
1334
1384
1334
13*4
1334
13*4
13*4
137S
1378
131
♦131
*131
148
*131
148
*131
137*2 ♦131
137*2 131
*45
45
47
47
*45
45
47*2 *45
47*2
50*g
47*2
♦100
Nov
t Interboro Rap Tr
315s
Feb
234
2is Mar
23*2 May
60*2 Mar
778 Jan
1878 Jan
514 Feb
1584 Mar
578Mar
4,500
li2 Mar
42
1518 Nov 10
16% Nov
5
Jan
4*4 Mar
122
1
49
40
7
20
Dec
July
Oct 19
6
Insuranshares Ctfs Inc
Jan
42
73% Oct
20
Oct 27
4% Jan
No par
Inspiration Cons Copper
800
26
6
6i8 Jan
Inland Steel
11
2238 Deo
495
9i2 Mar
15
Apr
88^8 July
2,300
47i2
....
6
Jan
May 12
Nov 10
Feb 14
3,000
3084 Dec
Feb
578 Jan 23
173s Feb
225s Nov
3U Feb 19
29i2 Oct 17
64% Sept
Sept 29
8*8 168,500
131*2 133
4734
4734 48%
*116*4
1978
1934 20*4
43
4238 42%
32*4
*31*2 32*4
June
63
135
96*4
♦125
Nov 16
147
28
126
78
Aug 24
11.400
118
Jan
July
3078 Mar
6*2 Mar
May 12
42,700
131
Mar
125
1478
2934
33
106
1,100
43,600
....
338
4414 Feb 20
100
preferred
Jan
19*8 Dec
No par
23%
*12134
*83*4 87*2
142*2 143*4 143*4
Dec
No par
*115
36
2
25%May 21
6%
104
8184
l'i6 Dec
42
Ingersoll Rand
22
20
.10
Int Mercantile Marine-No par
Int Nickel of Canada..No par
87*2
5
1,100
120
575s
11
6*4
34
Feb
3,400
......
*21
57*2
20
58
Int Hydro-El Sys cl A
9*2
8*4
119
Indian Refining
Industrial Rayon
*115
23*2
213g
21*8
30
100
978 184.600
22*8 *21*4
21*8
21*2
106*2 ♦105
106*2 *104
106*2 *104
57*2
57
142*2 *142
126
126*4
133
160
100
100
♦2684
*48*4
30*4
853s
12*8
3334
10434 105
*83*4
....
2
lines
Preferred
3434
2934
♦12134
38*4
133
Jan
4
RR Sec ctfs series A
Certificates
34*2
88
1,600
Deo
I3i2 Dec 11
Leased
100
34
33*8
33*4
34*4
10484 ♦103*2 104*4 *103*2 104*4
303g
12*2
Oct
131
*70*8 Nov 12
6% pref series A
450
12*8
....
30
320
55
12*8
31
400
15%
90
Feb
73*4 Apr
36*2 Dec
Oct
18% Apr 30
54
9*4
127g
....
48
70*2
1
Mar
Feb
13i2May
10
71
Jan 13
115
100
57
87
30*4
Illinois Central
190
9*2
8*4
31
....
Hupp Motor Car Corp
11,500
4634
48*2
88
84,200
95
10
87
♦19
2
June
122
80
544
3i8June 10
8i2 Apr 27
No par
June
162
14914 Dec 11
135
Apr 17
3
63s Jan
100
141
Jan
Jan
Feb 17
July
4834 Jan 21
Preferred
Nov
11
6% Mar
Manhattan—.100
Hudson &
Oct
Deo
22
Jan
1421*
3384 Oct 30
5484june
26
127
6*2
120
Oct 14
2
Jan
6
2434
110*4 *110*4 111
31
20
v t c new
Howe Sound Co
Hudson Motor Car
14*4
7*2
95*4
465s
*48
•1S78
•29*4
♦121*4
No par
Houston Oil of Tex
12,100
22
8
88
19*2
Class A
13*8
1978
62% 6234
133*2 133*2
145g
31*2
19*2
30*2
Household Fin partlc pref._50
Aug
Jan
1438Maj
634 Mar
3978June 6
2214 July 2
65U Jan 14
No par
6
63*4
48*2
20
1,100
Class B
9%
13412
22*4
48*2
*30*4
87*8
II84
3358
13*2 200,400
2,300
58*2
2,300
434
100*2 101*4
6*8
4834
33*4
66%
900
47
*158
10*4
28
1178
22*4
100
*27
12*8
34*4
300
190
193
275g
48*4
76
43
4112
27
12
30
5
158
....
443
118*4 118*4
15*8
14*2
5%
5*8
12*4 12*4
4%
4*4
14*2 1478
5*2
5*8
4*2
28*2
12*8
30
*136
117*4 118*4
14*4
15*8
3934
4*2
32
....
____
15
88*14
12*8
♦19*2
*38
39
134*2 *133
14*2
458
38*4
*88
♦103
13
4*2
1478
♦31
20
*68*2
15*8
*12*8
15*8
4*2
14*8
14*2
45g
3934
67
684
*12*8
68
1234
887g
105
12*4
3834
46*2
12*4
43g
3058
120
153s
123g
28&g
....
22*4
*68
157g
116*4 11758
*12134
♦12134
88
88
*83*4
♦83*4
*83*4
142
141
141
143*2 141U 142
141*4
126*4 126*2 *126
126*4 *126
126*4 *126
128
128
128
130
130
l?7l2 128
48
48
48
48
48
*47
48*4
♦118
♦118
♦118*4
118*4
18*4
183s
♦18*2
18*2
18*2
18l2
18*2
41
•41
41
*41
42*2
♦40*4 43
33
33
*32la 33
3214
32i2
32*4
*25*8 26*4
♦25*2 26
*25*2 27
26*4
•112
72
2
12
48*4
105
13*8
12*4
4*2
147g
4*4
48*4
33*2
127g
12*2
4%
30*8
12
13*4
19*8
118
♦87*2
88
♦103
13
58
53s
2«%
4884
31*4
88
45g
192
193
193
192*8 192*8
193*2 193
98
98
99
97iz 98
9834
98*2
156*8 156*4 ♦15634 158*2
158
15634 156*4
10*2
9*2
8*8
934
8»4
93s
9*2
6
6
6
6
6*4
578
6*8
60*2 615g
6138
61*4
61*4
61*4
62*8
•1325s 134
133*2 133*2 *13258 13412 ♦1325s
21%
20*4
1984
2038
20*4 21*8
20*8
13
13
1334
12*8
12i2
1334
13*8
7
7
53s
6*4
534
57g
6*8
90*4
90*2 93
9134
903s 92
91*2
47*4 47*4
47*4 477g
475s 477fi *46%
111
111
♦110*4 111
*110*4 111
110*4
9
984
*9*4
*9*4
934
9*4
*9*4
9
9
9*4
*8*4
*8*4
*8*4
*8*4
51
54
51*2
53*2 53*2
54*4
64*4
2878
♦48
47g
5*4
40*4
215s
45g
6
5*2
39*2
617g
13*8
58*4
14*4
39*4
20*2
65*4
1134
X5734
*5*4
4%
♦1325s 134
65*4
1178
58*2
13*2
14*2
98
66*2
12i2
653s
11*8
58i2
4%
5*8
4*2
194
..
76
13*2
4*2
584
•47*4
13
.
*410
653g
132*2
.
*75*2
.
443
5%
1434
684
111
118
1234
4*4
147g
4%
1234
9
91*4
377a
132
*136
...
*400
5*4
5*4
12*4
4*4
5*2
73g
5
....
117*2 118*2
13*8
13**8
13*4
♦156*8 160
61
*136
440
141
<
Jan 27
49i2 Dec 11
11934 Dec 11
2
His Dec 8
1914 Jan 13
No par
27%
155g
71
*15
Rights
Holly Sugar Corp
7% preferred
27*4
*75*8
71
*45
10
9
2778
245g
15*2
5,100
6
Hollander & Sons (AK
27
2
118
19,400
108
1% Mar
85
213s Jan
Highest
$ per share $ per share
June 13
3018 Jan
No par
27*8
23*4
38*4
1
No par
preferred
108
2*4
24*4
457g
♦136
4,000
conv
414
2*4
71
No par
S5
100
23*8
♦45
Conv preferred
Holland Furnace
200
100
19*4
♦15*4
200
12,800
Jan 23
Aug 13
5878 Sept 24
102
Sept 16
par
1978
♦70
126
Houdallle-Hershey cl A.No
19*2
2*2
24*8
4638
84
100
No par
cum
Homestake Mining
1934
13
No par
preferred
Hershey Chocolate
200
1338
123g
41
400
*12*4
193s
178
2378
45g
164
25% Apr 30
25
Hercules Powder..
$7
Mar
No par
Motors
500
20
Mar
4% Apr 30
10H2 Dec 10
12% Aug 17
117
May 14
150i4 July 8
25
v t c.No par
427s
4%
1238
11*2
5784
Corp
Preferred
Hercules
9
133
100
Hecker Prod
*42
458
11*8
5734
2
Hazel-Atlas Glass Co
42*4
458
11*8
58
Hayes Body Corp
$ per share
42*4
66i2
11*2
68*4
434
13*4
19*2
2*4
,
10&8
58
fcl,900
$ per share
Par
42*o
438
4234
2678
75*2
2634
•70
11934
2478
42
Year 1935
Lowest
Highest
26*2
442
*42
27*8
♦75
*410
4278
13
12834
6734
109*2
49*2
Range for Previous
lOO-Share Lots
Lowest
42*2
....
442
*410
4278
27
149*4
.
....
*42
On Basis of
Helme (G W)
3534
....
♦425
700
12S
147
149
145*2 148
148
*145
149
148*4 148*4
128*8 128*8 *128*4 129
♦1283s 129
♦1283s 129
12834
68
66
*65
*65*4
66*8
66*8
67*2
67*4
6734
*107
112
109
109
*107
109
109
*107
109
109*8 *108
♦41
43
4178
42*4
427g
48
4334 *44%
45*8
4758
45*8
♦114
115
*11434
115*4 115*8 115*8 115*4 116*4 117*2
25
24
25
25*2
l/233g 24*2
22*2 2378
2478
2458
25*4
1' 16
,3.6
''16
"l6
»16
78
"16
I116 ,516
41
4134
4034
4134
4034 4U4
40*4 41
41*4
415g
41*4
♦112l2
*112*2
11212 1121. *11234
*112*4
*11234
...
3,600
16,500
♦128*8 129
68
♦65*4
....
Range Since Jan. 1
WT'fiPK'
D M. UviV
X v/XVJ\
Shares
13%
13
13
140*2
35*4
63s
63s
6*2
101*2 101*2 *100*4 102*2
13
VHRW
EXCHANGE
Week
11
S per share
$ per share
STOCKS
■NTTTW
JLl XU VV
the
Friday
Thursday
12*4
........
35
3634
8
.
6*4
104
*124U 128
♦36
Wednesday
$ per share
6%
6*2
103*2 104i2
13
1278
65s
13
♦124 IA
7
$ per share
104*2
127g
.
Tuesday
3799
12334 Nov 20
2I84N0VIO
65
13
9584 Nov
17*4
Jan
Nov 17
8OI4 Nov 10
Nov 17
31*8 Jan 29
115
11*2 Jan
3*4 Aug
1534 Nov
Jan 16
116*8 Jan 15
169
Aug 19
23*4 Feb 5
63i2 NOV 30
21*2 Mar
683 Sept
49*4 Oct
10*8 Nov
295s Nov
21
Mar
94*4
Apr
120 i
9384 Apr
151i2 Jan
122 '
15i2
Oct
Aug
Aug
167*2 May
28*4 Nov
9
13i2 Mar
17*8 Mar
275s Nov
Dec
46*2 Dee
65*4 Nov
10878 July
35s Feb
617S Deo
883 Mar
4
18
241* Mar
31*4 Feb
37*2 Deo
55*8 Nov
IO884 Oct
25s Oct
367s Nov
55
45
113
17
11
1
24
Jan 17
Sept
1
26*a Jan 27
102
Feb
1
Mar
43
Oct
227g Mar
4% Deo
1*4 Mar
33
Apr
41% July
112
Dec
10784 Nov
18i2 Mar
26*2 Nov
124
Apr Zl49% Deo
15
Deo
41* June
23
Aug
108s Mar
7% preferred
100
t Louisiana Oil pref erred-.100
140
Louisville Gas A El A ..No par
Louisville & Nashville
Mar
64
Deo
22i4 July
8
35
Feb 19
12*4 Mar
26
Sept
Oct 16
42
Jan 21
377$ Nov
46
Feb
130
May
Ludlum Steel
MacAndrews & Forbes
100
1
10
6% preferred
No par
Mack Trucks Ind
No par
Macy (R H) Co Inc
No par
Dec
3
151
13
Jan
3
20
May
4
57i2 Jan
2
51*aMay 25
30*4 Oct 7
102*8 Oct 19
33
1271* Jan 9
273s Jan 30
40is Apr 30
Jan 30
134*2 Nov 23
49*4 Oct 30
65*4 Nov 12
34
113
Feb
185s June
30*4 Deo
30*2 Apr
57
Nov
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
STOCKS
NEW YORK STOCK
EXCHANGE
JUI
Saturday
Monday
Tuesday
Wednesday
Dec. 5
Dec. 7
Dec. 8
Dec. 9
$ per share
$ per share
$ per share
share
per
*53
512
28
13l2
1338
55
*13%
53U
75g
3H2
*15l2
16
734
13i2
5314
♦138s
13%
13%
15
14%
15%
52%
784
31%
6234
8%
62%
53%
*52%
53%
800
Magma Copper
8%
7%
8%
7%
8%
t Manati Sugar
30%
15%
*33%
13%
31%
28%
31%
19,000
8,120
15%
15%
15%
700
32i2
3334
1534
15l2
15%
16
33%
15%
37
33
33
1384
13%
14%
23%
2234
2234
37
*33
1378
2334
23%
2312
4l2
1034
1078
*33
14
2334
278
2112
40U
3
4%
1034
4%
4%
10%
278
*22%
4%
1034
3%
3
22%
22%
4%
4%
*10%
*238
458
1034
13%
10%
10%
2%
23
22
22
20
20
4H8
41
4212
41
3938
41
7
41%
7%
6%
678
6
55
5584
54%
5534
*51
6
6%
*54U
2118
838
54U
2158
203s
838
838
4084
4058
*158% 163
67
*4618
1612
4612
*44i2
46
*16i8
412
10l2
278
33
14%
22l2
55
67
*23
478
11
37
22U
534
40%
1358
3
3
♦IO8I2 109
678
55
21
*160% 163
67
67
19%
838
40i4
83s
41
*1618
47
*4412
46
109
109
1934
8%
40%
38%
20
16
2038
8%
*18
16
20
83S
8%
2%
2078
39%
658
*18
38
6
53
53%
20%
20%
8
8%
41
4038
40%
*159% 163
*160% 163
*160l2 163
67
66
67«8
66%
6678
673s
16
4078
*46
16%
46%
*4412
46
1612
*46
109
4578
*44
109
16
407g
163
46
*45%
*44
3578
3578
3578
36
3584
3534
355g
20%
2034
1934
20%
19%
1978
19%
20
ioh2
*98
101% *100
43
4312
4312
44
23
233s
2378
23%
3934
40
3938
3934
393g
23%
3958
3984
89
408s
89l4
90i2
90l2
91
94%
*9084
13i8
1338
1318
1338
13
13%
13%
*45i2
185s
4712
*45l2
47i2
*4578
46%
4578
18%
18%
18i2
I884
I8S4
18i2
♦103%
*10312 107
*103i2 1C7
*103l2 107
24
24
243s
2378
24
24i2
2418
*96
*96
97»4
9734
97l2
*9712 9784
*85
*85
103
*38
43
*40
43
63
62
62
*6112
11U
1034
11
10384 104
87%
8678
86l2
1058
86i2
8712
11%
104i2
1034
102% 103
*6H2
62%
1178
His
lll2
11
11%
11
29
2834
443s
29
43is
2938
4578
287g
4434
45%
*118
120
120
*10212 110
*103
104
*103
120
120
105
108
*116
118
914
79
93s
79i2
*ll2
*3
184
3&g
*5i2
578
22 i2
2284
714
7U
*2718
28
29
45%
120
♦102% 105
62%
7
7
26l2
27i2
7%
2778
3
3
3i8
3
3%
3
684
634
65s
678
7
2712
27i2
27%
2734
*27%
98
97%
96i4
9734
98
6684
65%
45
45
45
65%
*4378
4478
445s
68
67
68I4
112
68I4
158
*67l2
1%
3984
3934
3914
24i8
3634
24
36i4
24i8
36%
3634
1%
39%
1%
3934
7%
273s
3%
7
*33
34
3634
*3384
3334
74i2
*74
7434
*107U
18
*58
5834
17U
15
32
158
....
28
28
99
99%
66%
65%
*44%
45%
4434
*67
68
1%
40%
*67
McCrory Stores Corp new_..l
101%
44%
23%
36%
98
5,100
12,800
2,300
19,900
11%
62%
98
33
*73
74%
18%
*107%
18&8
58%
58
....
37
33
74%
*73
*107%
18%
«...
1878
*58
58
16%
16%
41
41
17
17%
17
17%
1412
1438
1484
143s
14%
32%
32
145g
3278
14
32
*167% 158
3684 3784
158
325g
158
*158
28
3%
7%
3078
99%
66%
44%
68
1%
*96%
*3334
1678
7%
24
245s
110
110
108
108
205s
30i2
^30%
3514
2078
3078
32%
TK ^35
146"
•142
III4
1112
*134
178
78
78
7714
77i2
♦66
68
♦126
126
1012
125g
1012
125g
67
♦56
J *60
6I84
110
*108
It *22
f 32is
Z*74i2
2734
337s
75
173
34
35
169
14578
14578 *142
11%
11%
lli2
178
178
*1%
*H4
7«
78
78
*84
*142
III4
7434
*66i2
*124
7714
67i2
126
75
7434
*66
126
67%
126
.10%
1012
10%
1078
12l2
1212
6614
6I84
12%
1284
56
56
56
60
*108
*22
3384
7412
4212
109
2784
62
*61«4
*108
109
16%
40%
17%
14%
32%
33%
161
*158
76
76
4384
81%
11%
4H2
41l2
82
82
82
80
11%
10
11%
11
*
*.
■
25
2334
25 I 253s
♦131
1383s *13H4 135
1%
47s
1314
1«4
5
135s
518
*478
*412
1278
13l8
82
83
5
♦99U 100
109
♦108
*15s
2
15s
478
13
*47s
47g
13
*78
109
♦15s
1%
1%
47g
5
5
13
138s
5
478
434
5
478
109
109
17«
•15s
178
♦275
277%
•110
112
♦110
112
♦110
111
3012
*6484
13
10234 10234
26
26%
6312
64
13&8
*2712
15U
31
*44
384
16%
4478
30%
31U
56
*55
12%
125a
2634
26%
66I4
♦53%
*26i2
31
447S
83
83
1%
47g
133g
5
*168
143
108
109
3794.
4484
100
18,600
5,100
400
16%
22,400
41%
420
17%
14%
3,300
200
4,600
19,200
120
230
13,700
19,500
100
30
Deo
Oct
Sept
10
Mar
1
Feb
1912 Nov
3
May
684 Mar 17
1234 Aug 7
318 Mar 19
23
Nov 30
Mar
Mar
1%
35%
171
70%
71%
128% 129
11%
10%
7%
preferred
2i4May
92
2
Feb 24
29
70
9
37
10
No par
46
Oct
714 Mar
12«4 Jan
2
z95
Dec
40% Jan
1
9
6
3
100
Preferred series A
100
—100
20
t Missouri Pacific
Conv
preferred
Mohawk Carpet Mills
Monsanto Chemical Co
10
Mont Ward & Co Inc..No par
No par
Morrel (J) & Co
Morris & Essex
50
Mother Lode Coalition.No par
Motor Products Corp.
.No par
Mullins Mfg
137sNov
Nash Motors Co
National
85
Nov
85
Nov
112
Nov 12
58
Jan
150
Deo
Nov 10
105
212 Aug
234 Jan
1634June 10
512 Jan
6
2
14i2 Jan
2
Sept 15
378 Jan 3
1978 Aug 24
79
May 19
Deo 11
Feb
103
Mar
.1
10
100
7% cum pref
Nat Bond & Invest Co-No par
Nat Dairy Prod.
2
Apr 30
43
Jan
Aug 12
4
1212 Apr 30
912 Apr 30
28«4 Oct 6
20i2May
153
Jan
xl06
21
No par
Nat Distil Prod
No par
Nat Enam & Stamplng.No par
9
*34% Dec 11
100
100
100
2
15
No par
No par
7% pref class A
7% pref class B
t Nat Depart Stores
7
4478May 4
I02i8 July 3
14
Apr 30
Dec
9
21
Apr 30
Apr 30
10734
Oct 19
107i4Nov27
10
Apr 28
255s June 11
28
Oct
6
Dec
66
Feb
6512 May
21$ Nov 30
4312 Oct 19
14 Apr
3I84 Deo
lis May
Nov 18
718 Mar
912 Aug
9
9
164
July 31
3784 Dec 8
10712 Dec 8
325s Nov 30
28U July 7
112*4 Mar 2
June
4
Bros
Newberry Co (J J)
5% pref series A
t New Orl Tex & Mex
1078
83%
11»4
237g
25%
10
No par
100
100
N Y & Harlem
1
No par
No par
New York Central
N Y Chic & St Louis Co...100
Preferred series A
100
New York Dock
100
.100
Preferred
50
74
74
74
74
60
99% 100
98
99
120
31%
30%
3078
56
56
56
11%
12%
102% 103
*102
27%
53%
53%
378
31%
378
*29%
37s
378
31%
*26 %
31%
16%
47%
1578
47%
16%
15%
16%
51
50
52
4
t
2634
♦53%
3,700
1,000
10
32,800
200
87,200
600
......
27%
28%
56%
2778
80
5678
55,500
60
6,800
..—-
88,400
12,100
7%
preferred
100
N Y Steam $6 pref....No par
$7 1st preferred
No par
83
Telegraph...50
Norwalk Tire <fc Rubb.-No par
Preferred
Ohio Oil Co
60
...No par
Oliver Farm Eq new...No par
Nov 24
64i4 Nov
110
9
Apr 14
39i2 Dec 11
Mar 17
May 12
Jan
2
97i2 Apr
237s July
60
2
19
6II4
Deo
Nov 17
495s Oct 13
35s July
43s Mar
lli2 Dec
1078 Deo
18% Mar
1214 Mar
36i2 Nov
2934
De.
Mar
19
De®
978 Mar
39
DeJ
631s Oct 6
95
Sept 29
6
15
Nov 30
2
Mar
6U
29UNOV 30
4
Mar
167s
112
Mar
150
139
DeJ
DeJ
Jun®
1U Deo
812 Jan
2318 Apr 30
6284 Feb 6
658 Jan 6
98
Jan
Deo
Oct
1158
1318
Nov 23
43
82
4184
165s Aug
lis Aug 27
Jan 2
105
Northwestern
60
7% Jan
21U June
43i2 Jan
558 Oct
25s Mar
is Mar
6is Mar
210
..100
773s Aug
z8% Mar
%May
27s Oct
9312 Apr 23
100
Northern Pacific
207s Aug
Mar
53s Feb 24
100
1
Mar
165s Mar 13
99
Sept 16
100
Preferred
9
36
7
Adjust 4% pref
North American Co
No Amer Edison pref..No par
North Central
50
7
12UNov 10
13U Jan 24
912 Apr 27
57 May 21
t Norfolk Southern
North Amer Aviation
4
Deo 11
3
712 Feb 24
212 Jan
Norfolk & Western
No par
60
Dec
7512N0V
129
5
6
73s Apr 28
4
July 9
77
Aug
Nov
Nov
Nov
2U Feb
3
100
N Y Railways pref
No par
N Y Shlpbldg Corp part stk-.l
May
July
65s Feb
14«4 Dec
1
100
N Y Ontario & Western... 100
16212
14012
143s
li2
84
83»4
2
Jan
par
{NYNH&Hartford
114
Jan
1215s
Api 24
{NY Investors Ino...No
10,200
preferred
Jan
6
6
11,800
Conv
Aug
Oct
Jan
43.600
900
*102
119
5
9,100
*55
3612 Jan
318 July
10%May
2%
2,100
1178
12%
11%
12%
102% 103
*102% 102%
2734 Jan
17»4 Jan
18
29
15
7
4
30
8
2
2
2
7
16
13%
4%
30%
10%June
3234 Apr
41
Apr
104i2 Apr
IOI4 Feb
9
Apr
3212 Jan
45s
150
14 Mar
403s Mar
77* July 10
108
/
i2 July
78
23is Deo
22i8 Deo
113U Nov
3212 July
Feb 11
57U Apr 29
1978 Jan 2
74i8 Jan 6
Deo
Deo
May
112 Feb 11
100
14U
363s Nov
15818
21
i2 Jan 10
3
Oct
34i2 Nov
Jan
478 Mar
83
♦111
8
Nov 16
47i2
1912 Jan
274 Jan
145s Deo
112 Mar
2318 May
6
3778 Apr 14
1478 Feb 17
4478
111
13% Mar
1278 Mar
Sept
zl06
Sept
108
338s Mar
Deo
Apr
14H2 Mar
05sMay 11
78 Jan 8
44
111
22U
24UNOV 18
3612 Nov 30
Mar
412 Mar
684 Feb
155s Mar
3884 Jan
112
Apr
14
47i2 Oct 22
183s Oct 7
Jan
11
National Power & Lt.. -No par
44%
83%
178
2138 Nov
30
.
50
12%
178
434 Mar
2234 Mar
62i2Nov
2178 Feb 19
147
N Y Air Brake
*108% 109
2612 Deo
169
4%
218
13U Mar
Oct 29
Preferred
Deo
1584 Nov
7912 Aug
IO6I2 Dec
13734 Jan 21
4% pf.100
100
National Steel Corp
25
National Supply of Del
25
Dec
153s
8I84 Nov
155
2d preferred
3318
Sept
62
101% Nov 23
3634 Deo "
100
Nat Rys of Mex 1st
94% Nov
Dec
Feb 25
100
11%
109
2638June 30
Jan
Deo
Nov
60
2134 Mar
B
Newport Industries
111
45%
10
National Lead
Feb
412
4078
71
2838 Apr 30
3
23
Deo
Dec
6984 Feb
2
July
55
6
Deo
63s Nov
4178
68
42
6OI2 Jan
84 Jan
I6I4
1
Nov
412 Dec
1734
112 Mar
1034 Mar
Nov 28
3534 Jan
Nov
Mar
25s Dec
4
July
678 May
7
Oct
75s Nov
68
1U Mar
103s Apr
212 July
784 Feb 11
Jan
No par
5% pref ser A....
Nat Cash Register
1
3078 Dec 11
21
Acme
Corp
84 Apr
20i8 Apr 14
958 Feb 21
333s Oct 16
4
Mar
31
234 Feb 7
514 Eeb 10
612 Feb 8
1161g
Jan zlll% June
378 Mar
123s Mar 23
May
Biscuit
2012 Dec
2478 Sept
Apr
70
No par
Deo
42»8 Dec
684 Oct
Mar
13s July 14
912 Mar
8i4 Mar
6018 Mar
3312
307sNov 5
485s Sept 10
1
99%
«
Deo
13H2 Mar 30
109
Sept 16
3984 Nov 18
Nashv Chat & St Louis—100
1,000
69,900
2,200
2,700
3,980
6,110
478
Dec
Feb 21
27
Ino
No par
No par
preferred
100
Murray Corp of America. .100
Myers F & E Bros,....No par
44,300
434
Jan
Dec
1434
Dec
zl7% Apr 30
21% Jan
No par
7978
5%
Dec
115%
2418 Jan
212 Mar
6
11
Co class B
39%
4%
Dec
153s
2034 Mar
22
Apr
Nov 17
15is Jan
12
4%
IO84
40
11
Oct 19
65
5
Motor Wheel
115g
47g
Deo
Nov
8512 Mar
5
45
82
7% preferred
4% leased line ctfa
Oct
10412 Deo
126
No par
1%
1934
4518 Sept
578 May
3812 Dec
812 Apr
213s Nov 18
108
Apr 23
2784 Dec 11
122
Nov 30
A...
20
3512 June
131
Preferred
600
Oct
Jan
9012
49i4Novl7
612 Jan
5714 Jan 17
Neisner
434
Mar
3334 Nov
106%June 19
2,500
12%
28
Jan 31
No par
No par
Minn St Paul & S S Marie.100
Preferred
44%
5
June
118i2 Jan 3
1484 Nov 18
No par
6% pref series A
Minn Mollne Pow Impl
37%
78%
1%
103
6
1
Minn-Honeywell Regu.No par
56%
13%
Oct
Jan
493s Jan 24
Deo
z95
88
58
135
55
7
lli2 Apr 29
x65
Natomas Co
135
54
Jan
Preferred
27%
Nov
20
3218
8412
Nov 18
24
110
3,800
60%
5784 Nov
Jan
6
6
85s Apr 30
3734 Jan 3
8% cum 1st pref
100
Milw El Ry & Lt 6% pref-100
3,400
109
Dec
Nov
Jan
512
2
June 16
4012 Nov
534 Jan
12%
*22
11
3378 Nov
156
33
100
16,600
1,000
3,300
7,200
2,700
2,600
45U Dec
14U Nov
23i2Nov 12
101
3112 Jan
12
60%
Jan
3578 Mar
Feb 28
Dec
June
2384 Mar
136
Nov 18
55
June 19
Co.No par
5
No par
No par
*107
4
5
Dec 11
50i2Apr 8
IIOI2 Oct 30
5
Mesta Machine Co
National Tea Co
♦110
♦100%
27%
8,600
684 Mar
423s Nov 17
Nov 20
Jan
Deo
20
2H2 Feb 28
103
Dec
5612 Nov 23
25isNov 19
13% Apr 30
4578 Dec 9
44
Dec
378
Mar
12
Dec
2384
1
163
Dec
178
10
8
712 Dec
97s
212 Oct
384 Mar
Nov 30
45
5U Apr
38 June
9712
Nat Aviation
200
Mar
65U Nov
838 Nov
6034 Oct
National
161
131/4
Jan
8,000
22,800
May
1214
66i8
Mar
4,300
33
10
Apr
Apr
3
6%
14,400
Jan
3
29
41
Murphy Co (G C)
18%
4
9
Deo
Dec
214 May
9712 Dec
Mun sing wear
59
7
18
5714 Jan 10
2314 Feb 3
24U Dec 4
Nov
IH4
3784
9
No par
70
35i2 Dec
Jan
113s Oct 17
Mo-Kan-Texas RR
500
Feb
91
5,500
1,900
32,500
27% Apr 27
15378 Jan 17
43% May 4
78
67gMay 22
30
May 13
100
100
No par
13,000
1,800
9,300
20,700
lli8 Jan 22
6% Apr 28
7
5514 Jan 31
Mission Corp
360
5
Dec
1
,—100
9,500
200
May
5
9
No par
200
*108% 109
178
178
275% 277%
1534
4484
1,900
41
Nov
512
1858
Jan
57
Mengel Co (The)
600
278
16%
45
2,000
4
2% Jan 3
8% Apr 30
1% Jan 7
6% July 27
18% Jan 10
2i4 July 7
17%May
Highest
share $ per share
Melville Shoe
74%
277
155$
For footnotes see page
150
June 30
1638 Dec 11
per
No par
No par
44
5
55%
4
400
30,100
7
$
6% conv preferred
Mead Corp
$6 pref series A
77%
13%
55%
56%
1
Stores
34
277
♦53%
37g
♦28%
16i2
1%
17g
31%
334
McLellan
45%
5
56
2784
130
714 Jan
2
6
2
2
32i2May 27
I3i2 Deo 9
16
Merch & Min Trans
800
1% Jan
38i8 Oct
85
Aug
Preferred
143% 143%
11%
11%
1%
178
78
78
75
75%
27%
37%
137g
5%
484
12%
31%
12%
1,730
8% Jan
3412 Jan
Mines..5
McKeesport Tin Plate-No par
McKesson & Robblns
5
$3 conv preferred
No par
100
275
*28%
378
81
30%
♦103
26i8
*53i2
384
16
43
31
10214 10214 ♦102% 10234
*100i2
♦IOOI2
i
12
35
77%
44%
42%
99%
280
56i2
*22
35
77
*99% 100
280
31%
27%
108
77%
4484
83
*79
284
121.
109
77%
43%
42%
4%
II84
434
•280
3078
*5484
*108
13%
13
1314
109
142
35%
35%
171
11
12
II84
12%
25
25%
2638
25% 27
*131% 138% *131% 138% *1313s 137%
I84
82
42
10%
235a
133s
99l2 100
143
35%
*168
11%
11%
11%
11%
178
1%
*1%
*1%
*84
78
%
78
76
75
7434
*74%
6878
69% 70%
67%
*126
127%
126% 127
10%
10%
10%
10%
125g
12%
12%
12%
57
56%
55% 56%
61
61%
*6084
*60%
*33%
75
43
35%
171
*22
433s
1*8012
143
343s
325s
35%
1*42
4384
80
800
13,400
$ per share
'
34%
*168
27«4
*22
4278
41%
4318
%^
169
28,700
$ per share
Lomst
Highest
McGraw-Hill Pub Co ..No par
98%
3H4
" 35%
♦169
*169
„
5
MoGraw Eleo Co
Mclntyre Porcupine
37%
2378
36
35%
*3578
36%
34%
34%
106
*104
106
*104
105%
107% 107% *106
31
31%
305g
3038
3078
3078
30%
305a
24
24
233s
23%
2378
23% 24
235s 24
2384
111
111
112
♦111
110% 110%
111
110% 110%
110
*108% 109
10834 IO884 *108% 109
108% 108%
108l2 108l2
21
21
20
20%
19%
1978
19% 205s
2014
21i8
31
2934
2978
3084
*29%
30%
305a 3078
30i2 31
33
*30%
*30% 32
*30% 33%
33% 33%
*3012 32%
"305s
900
5,400
100
6% conv preferred
7,000
3,600
_
81?
31
2,500
40%
39%
23%
37%
4178
158
-
23%
1%
23%
163g
17
No par
No par
preferred
McCall Corp
38%
1%
41
3214
1414
32i2
32U
7%
41
17
zl7
♦15912 16034
58
27%
3%
634
3%
1634
17
4018
14l2
*107%
18%
28%
41
16i2
4018
1678
1838
5834
*58
7%
65%
33
*73
Prior
1,200
43
12
7%
16%
4058
I684
1678
4178
165s
*38
33
74%
7412
*10714
18l2
18%
80
No par
ex-warr'ts.iVo par
7,300
104
62%
12%
99
99
Preferred
a.
20
103
62%
400
•
No par
3534
*38
43
36%
36
96i2
185s
11%
27%
97%
24
23%
24%
98%
74i2
60
46
Stores—10
Midland Steel Prod
15s
363s
96i2
18i2
46%
Maytag Co
Preferred
Mid-Con*ment Petrol
40%
98
3612
*58
1%
*38%
158
40
2378
3534
*96i2
98
*107
♦67
68
Preferred
Miami Copper
68
66
20
5,700
65%
45%
24ls
163
5,700
98%
66
27i2
96i2
65i8
2784
98
Mathieson Alkali
3,000
23%
40%
11%
No par
Wks.iVo par
100
Martin-Parry Corp
2,900
9,000
7%
273s
65i2
Marshall Field & Co...No par
2,200
8%
12%
3%
7
12,400
.
29
29%
29%
46%
46%
4478
122
123
122% *121
*102% 105
*102% 105
1158
2858
684
*44
21
2878
4534
7%
27%
7%
7%
263s
2,010
2,100
41
104
104
103
108
108
*105
108
10412 104l2 zl03
110
110
115
112% *110
115
116
112l2 112% *107
9
9%
87g
9%
978
10%
9U
978
878
884
79
79
79
80
80
82
79%
78
80%
78i2
18g
1»4
1%
1%
1%
1%
178
134
*112
*ll2
3
3
378
*3
*3%
3%
*3%
3%
3%
338
684
678
6%
5%
584
5%
5%
*5%
514
5'8
22
26
22
23
215g
23%
2H2 22%
22% 2278
3
,
10%
43
*6178
120
23%
40%
90%
13%
*38
*40
62%
118s
6
„
16
35%
19%
103% 104%
43
45
♦104
13%
46%
930
53%
89
90%
90%
14
13%
13%
46
46
45%
4534
18%
18%
183s
1878
18%
107
*103% 107
*103% 107
24%
26%
27%
24%
2578
*
97%
97%
97%
97%
85
~85~
873s
86%
86%
91%
*38
29U
44l2
3938
1034
11%
10278 104%
IO84
29
120
23%
39
May Department
101% *100
*44
44%
44%
44%
23
4378
233s
44
23
340
3,100
101% *100
43
1,500
67%
*44
35%
20i2
*99
2%
20%
109% *108% 109%
36l2
2012
600
9,200
14,300
guar.100
100
Manhattan Shirt
-25
Maracaibo Oil Exploration.. 1
Marine Midland Corp (Del)-5
Market Street Ry
100
Preferred
100
Prior preferred
100
2d preferred
100
Marlin-Rockwell
No par
46%
46
108% 108% *108
10%
—100
No par
Bros
t Manhattan Ry 7%
Modified 5% guar
180
9,500
10
J 00
Preferred
Man del
15%
46%
46
33%
14%
22%
4%
7,900
66%
16%
*3678
♦99% 101i2
o.No par
Madison Sq Gard v t
13%
35l2
14
Par
Shares
53%
32
37
$ per share
$ per share
1936
Year 1935
100-Share Lots
Lowest
Week,
11
784
*15%
14
Dec.
10
13i2
*5234
9
*3318
5
Dec.
the
Friday
Thursday
On Basis of
12,
Range for Previous
Range Since Jan. 1
Sales
fflT
LOW AND
t$
Dec.
New York Stock Record—Continued—Page 7
3800
7
7
Aug 18
Jan
6
Aug 28
1218 Aug 25
24>8 Jan 6
6I2 Nov
3^4 Deo
16is
J&n
87
Jan
61
Oct
Nov 16
69
June
109U Aug 12
27s Jan 14
79
May
3101a Oct 30
168
Mar
218
Dec
2
99
Jan
108
June
35i2July27
9
Mar
28
Nov
104
115
59
Oct
June
9
1318 Dec 4
IO6I2 July 21
103
Nov
4
3684 Feb 20
67
Mar 24
412 Mar
32
6
Nov 30
1712 Jan 15
54%May 6
84 Aug
3512 Mar
9212 July
1021s Deo
2is Deo
65
Deo
2
Mar
67
Jan
102
Nov
86i8 Mar
13i8 Mar
3578 Jan
99
Aug
lig July
x20
Mar
914 Mar
I6I4 Oct
78$ Deo
25% Deo
6212 Deo
214 Jan
3212 Jan
14U Deo
2714 Deo
Volume
LOW
AND
SALE PRICES—PER
HIGH
SHARE,
NOT PER
Dec
Dec. 5
$ per share
1914
*107
1714
3578
*130i4
16i2
8
19
-
120
70
-
«.
160
36
70
119
157
15812 159U
20i2 2058
«
«.
36
131
157
118l2
70
*115
*
1712
16%
119
65
par
17
107
Jan
8
Jan
6,200
Otis Elevator
No par
100
123
*156i2 158
22
213a
30
900
20
70
400
156i2 156l2
21&8
2078
12,400
14i4
14i2
1,630
29
30
20l2
2078
2078
22
14%
14
1478
14
1412
13i2
14
21%
13%
2184
143s
1414
2812
29
28
2934
29
29
2912
29%
2912
26
26
2412
27
28l2
24%
2458
26
25%
26
26
2634
3414
3414
35
35
3758
3734
36
3712
49
48l2
38i2
4878
38
153
*148
152
*151
I8I4
1U8
1314
150i2
al50% 151
18i2
18
11*4
11
1312
34
150
13l2
150
150
1878
35g
3%
65%
6712
*72
74l2
73
73
2U4
2158
1585s 159
19i2
*32i2
358
1958
33%
34i2
334
358
334
*44%
28
6i2
9i2
143s
147s
3-%
4714
45
47
15,400
15112 152
80
*150% 154
*150l8 151
I8I4
11
1378
35s
*65l2
73l2
2314
15
18U
20i2
7,900
IU4
11
11
113s
39,700
15&8
378
7314
2U2
7314
700
2278
223s
170
166
16834
21
2058
21
34
33%
33l2
334
378
4412
2712
6I4
45
44%
4412
44i2
2778
2778
2712
4
163
20
*33
22i2 207,900
14,050
167
2034
37,900
1,200
34
34,200
4458
43«
4458
2778
2778
1,700
414
4i8
44%
4434
2778
28
800
6i2
6%
638
6I4
6l2
3,700
1018
6I4
978
6I4
9i2
IOI4
10
1038
55,200
143s
1458
14i2
15
15U
1512
10i8
1478
IDs
1414
153s
3,600
314
6312
64
33s
8*8
70
102
5l8
734
69
*18l8
19i2
*18*8
403s
4078
4018
56i2
♦1103s 112
*49%
*514
5014
*3634
39
57s
33s
3%
*64
56
110
50
101
64
10258
8
101l2
338
7%
75g
65l4
64i4
63
65
191?
19
*18U
40%
4038
77s
41
106i2 ♦10512 106
85
8412
8312
25i2
25
163s
105i2 10612
*25
17
*25
26
16i2
16i2
*106
8412
26
16U
*8312
25
165s
1134
50i2
50&8
578
*478
39i2
800
39
50
700
107
10714 *106
85
83i2
83i2
*23i2
25
1634
2163s
16U
600
300
2534
16i2
1112
54
3,100
1184
53U
9,700
1178
11%
1134
1112
lli2
11%
11%
115s
5384
5318
53i2
52 lg
53 lg
515s
5278
5278
533s
*54
55
52
54
52
5212
5278
5278
*52i2
53U
*52
♦97
100l2
*98
IOOI4
*96
97
100
100
100
7
7
870
7l8
14i8
7%
1438
2i4
214
76
76
*14
15*2
87U
*85
*97
71s
137s
2i4
75i2
*14
♦85
1003s
7%
14i8
25s
14
75U
76i2
15
*14
87l4
*85
*10
77
77
76
1314
143g
2%
2i2
135s
2i2
1378
234
30
47i2
4658
10%
10%
*9i2
46l2
*96
10038
73g
1514
734
15
135s
234
25s
2%
4712
1014
76i2
4684
8
7i8
75
25g
23,200
73U
74i2
3,300
1412
*1384
14i2
87i4
*85
87i4
25s
75
7434
*13i2
14i2
♦13&8
8714
*85
*85
4714
4614
8714
47U
1034
10
10
4634
1,500
14
14i4
2%
14i2
18,700
5314
1334
212
135s
234
75
76
734
7U
1,800
47
4712
20,700
10
*10
1034
400
75
200
14
473g
978
4434 Dec 11
14i4May:15
preferred
100
100
Pac Western OH
Corp..No par
Packard Motor Car
No par
100
8% conv preferred
Paraffine Co Inc
No par
1
Paramount Pictures Ino
1st preferred
2d
100
10
preferred
Park-Tilford
1
Ino
763s
76-38
76
763g
75
75
75
1312
25g
1358
13i2
25s
1334
♦13U
1334
13&8
25s
234
234
30i4
30
30
5634
*51
58
234
2914
56l2
1
Parke Davis & Co
Parker Rust Proof Co
Jan
140
3
152
Jan
118
8
152
1214 Aug
13g Jan
I8I2 Jan
135s
20%
414
7412
2
4
7
3
June
Oct
Jan
Apr
Apr
9712 Feb
23i4 Dec
Apr 28
7% Aug 22
67
59
4
170
3
Dec
7
9
6
4
13
8
8
1712 Jan 13
No par
2.50
4034May
23
32i2Nov
No par
No par
Cement..-No par
100
Preferred series A
Penn G1 Sand Corp y to No par
50
Pennsylvania..
4
Apr 28
4i8 Jan 2
6%June 20
lO^May 20
li8 Jan 2
60
Aug 17
3% June 23
412 Jan
2884 Jan
17
No par
100
38
People s G L & C (Chic)
..10C
Peoria & Eastern
Pere Marquette....
100
.100
preferred...
45
Oct 19
5912Nov 12
9
58
Apr 27
Oct 24
2
7i2 Feb 19
25i8 Apr 28
6412 Jan
4612 Aug 10
Jan
Nov
Jan
70
Jan
123
Dec
llli2
Jan
142i2 Dec
21
12 June
6i2 Mai
7118 Dec
Aug
Nov
10134 Sept
21% Nov
34
34 July
3
Mar
18
Mar
112
6% Aug
5i2 Aug
3084 Nov
Nov 18
Oct 16
1734 Mar
43% Aug
2%
54
1018 June 30
19i8 Mer
4
5534 Nov 28
54% Aug 19
Mar
11
25% Jan
23
10212 Oct 19
Jan
314 Jan
8i8 Jan
li2July
12
13l2
Oct
75s Mar
Oct
1234 Mar
Feb
38i2 Mar
Mar 13
1% July
1678 Mar 13
3% July
I84 Mar
3&S Jan 13
10134 July 24
Mar 13
16
Nov 12
88
734 Apr 29
68
May 29
Mar
5
38i8 Jan
4938 Apr
2
512 July
115s Dec
6
3
July 13
84
1
Feb 21
Jan 15
Nov
13
6
81 >8
4
34i2 Nov
Feb
45i8 Jan
Feb
9% Mar
16i2 Mar
18
123sJune
8
84S4 Sept
32i2 Deo
39% Apr
9
100
I84 Nov
July
81
1J634 Mar
Nov
70
Dec
Dec
May
Oct
89
-100
483
814
15
Feb
17% Mar
31
Preferred
Apr
6
30
6
100
No par
6
14i4 Sept
1083s
Jan 13
7% preferred
Phillips Petroleum
Phoenix Hosiery
Apr
64i2 Feb
57% Apr
2i4 Mar
Jan
66
Deo
Nov
8
16
Phillip Morris & Co Ltd
10
Phillips Jones Corp
No par
178
20
9i4 Aug
11
May
56
of Am
5
Pfeiffer Brewing Co
No par
Phelps-Dodge Corp.
..25
Philadelphia Co 6% pref—60
*6 preferred...
No par
t Phila Rapid Tran Co
50
7% preferred
50
Phila & Read C & I
'.No par
Dec
67
100
Petroleum Corp
7i2
8078 Deo
12
Sept
No par
Preferred
Pet Milk
De°
OC®
14
312 Mar
Jan
IO84
Oct
11634June
Mar
4
Deo
56
Feb
2
Dec
Dec
27»4 July 17
Feb 19
110
378 Dec
10
21
478
Dec
1784 Nov
"3158
8%
74
June30
30
Preferred
2
2
Nov
Mar
2
Feb 21
Dec
129
Mar
Apr
112i2Nov 30
678 Jan 28
IOI2 Mar 24
Dec
65
June
1178 Apr
73
92
115i2 Mar
12
17i2Nov 7
358 Nov 27
28I4 Apr 29
100
Peoples Drug Stores
Mar 13
69
Dec
July
175s Sept
19
~13%
5
1
10
265s
125
538
2% Mar
514 Jan 23
4714 Mar 10
7
Deo
Nov
115s Nov
Mar
21% Dec 8
35i4 Nov 16
8i8 Aug 19
2034
107
634 July
2012 Dec 11
1184 Apr 30
678 Jan
Dec
July 16
234 July
Parmelee Transporta'n.JVo par
Pathe Film Corp
Prior
6884 July 22
47U Deo 10
1
Park Utah CM
Penn-Dlxie
21,700
3
395s Nov 10
41
July 20
3084 Jan 11
No par
Pacific Telep & Teleg
6%
Dec 11
No par
Pacific Ltg Corp
Pacific Mills
8,700
20i2
*478
39
107i2 108
84
84
*82i4
25
17
3734
3784
38
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
6,400
4114
Mar
3212 Dec
2978 Dec
2,600
19l2
Aug
1
312 Apr
15
8
558
4034
14
3
22
2
32
Mar
4
8
16412 Mar
3
Jan
38
8
July
312 Jan
8*4 July
4U Jan
No par
2234
114i2 Mar
Dec
13
10
Jan
414 Mar
Dec
Facific Amer Fisheries lno__.5
No par
106
Mar
2
1st preferred-.
2d preferred
Jan
Apr
lli8 Apr
434
80
Jan
Pacific Coast
3i2 July
75
4
128
77s
65l2
19l2
47
25
Owens-Illinois Glass Co
7i2
700
50
5l2
5%
38
Nov 25
July 22
Penick & Ford
2,200
100
50
49%
7
70
114
1,400
578
514
I2O84N0V
7
5,200
3958
5058
*478
7
Jan
5,300
314
5078
4978
5%
July
July:22
64
600
38
70
114
102l2
58
5412
57
5412
*563s
5734 *5634
56i2
*5484
1103s *110U 11314 *11012 11334 *111
11334 *noi211334
50i2
100
Prior preferred
Outlet Co
Patlno Mines & EnterprNo Par
Peerless Corp
3
4H2
*18%
4Ufi
2
5U
65
65
2O84 Mar
Penney (J C)
No par
Penn Coal & Coke Corp
10
101
53s
5%
3U
63i2
64
99% 101
5io
712
*1818
41
3%
26384
5%
40
19l2
314
734
65
69
100
584
5%
7%
5i2
*434
*37
314
3%
64
65is
103i2
6I4
2
Panhandle Prod & Ret-No par
7314
2014
2
Pan-Amer Petrol & Transp_.5
73
23
2214
Jan
8,800
610
2414 Apr 27
12i2July
No par
3,400
67
.
_
No par
100
Preferred
Otis Steel
33s
6684
33s
A
1514
3U
6714
73
73
28%
15
33s
67
33s
*335s
34
3%
1534
18iS
18ig
67
167
21U
205s
*33
100
150i8 150i8 *15018
I8I4
1U4
1414
3U
6784
151% 151%
IOI4
5
*82l4
*24i2
16i2
II84
53i2
45
32
638
5
*105
45%
3378
912
14i4
8l8
*46
41
33
934
103i2 104
*69
5,300
3334
6l2
64
64
5,100
4714
168% 170
3312
46
3684
4434
3%
2034
28
36
48
IDs
*70l4
225s
19-3s
28
37
47i8
18
66
23
21%
158% 166
*44i2
36i4
4814
151
1378
378
6484
3i8
1,000
36
4758
150
11
62
3284
3534
*33
34
1734
1U8
1312
1,430
41
3978
*48i«
3734
,
590
36l2
48l2
3534
*48%
4034
25
Preferred
Preferred
*115
*156% 158
OmnibusCorp(The)v t oNo
Highest
% per share $ per share
share
per
25i8 Mar 30
11512 Feb 24
195g Nov 17
3984 Nov 9
136 June 12
July
100
Oppenheim Coll A Co..No par
100
28,300
*60l2
$
$ per share
1,700
7,200
1734
11914
1678
*119
119
65
*115
-
Par
130i2 13012
*130% 131
1634
16i8
Year 1935
Lowest
Highest
Lowest
Shares
19i8
I884
1914
llOU
llOU *109
17
16i2
16l2
16i8
3738
36
36i2
35%
1634
*65
69
-
11
$ per share
$ per share
117
119
*65
*115
*115
16i2
131
1678
Dec.
10
Range for Previous
of 100-Share Lots
EXCHANGE
Week
19
1914
IIOI4 *109
35i2
131
I6I4
19
*109
I684
35i2
131
$ per share
1914
109
1634
120
*65
120
~
19i8
*109
Dec.
On Basis
STOCK
NEW YORK
the
Friday
Thursday
Dec. 9
$ per share
109
—
*65
*157
$ per share
1938
'
120
*114l2
Dec
7
IIOI4
1714
1714
17%
3512
3578
36i8
*130U 131
131
1658
I6I4
1658
19i2
m
Wednesday
Tuesday
Range Since Jan. 1
STOCKS
Sales
CENT
for
Monday
Saturday
3801
New York Stock Record—Continued—Page 8
143
35% Mar
512 Mar
5312 Apr
1384 Mar
3
Mar
50
July
6434
Dec
Deo
193s May
14
Dec
19U
28%
Dec
Deo
45% July
85U Nov
43s Nov
10
Nov
43s
Jan
*68%
1484
Deo
Dec
85
Dec
40
Dec
10% Dec
78% Nov
'
*2834
*505s
1414
*61l4
*17414
30
6684
1484
66
*505s
1434
*62
234
2914
*51
163s
1584
17U
1714
1712
70
71
72
73
76
*186
12i2
12U
95i2
97i2
9678 104
*105
3i2
35s
109
*3318
*2%
2IS4
*20
,3414
2i2
2234
22i2
29
28
3%
27
2284
*20
28i4
*24i2
33s
3%
12
12U
102
384
334
3%
27
33s
106
*33i8
2%
12%
104
3i2
414
107
108
*107
34
34
34
34
212
2212
*20i8
27%
22l2
29
23
2212
2834
278
3
2284
*20
22l2
28
8i2
8
66I8
533s
53i2
53
5,300
22,500
*20U
2318
22i2
28i4
2912
2284
95s
310
590
7,800
------
2,400
64
5234
53
117i8 H714
11714 117U *117i8 117U
48
48%
4878
4914
48
48i2
2478
2434
*106
107
107
106
106
*106
107
107
10678 107
1065g 10634
12212
12178 12178
12212 *121
122i8 122i8 *12U2 122
*13658 138U *1363s 138
*136l2 138
*136i2 138i2 *13612 138i2 *13612 139
152U *150i2 152'2 *151
15212
*150i2 15278 *150i2 1523s *150i2 15212 *151
11314 11314
11314 11314 ♦113U 11418 *11314 11384 *113U 1141s *11314 11334
62
63
62
63
6178
6134
6D4
6234
6278
6U4
6218
61%
I884
183s
1878
18i2
1834
1778
18i2
193s
183s
18i8
19i8
1834
7,000
120
7,700
111
99U
*99
18i8
183s
18%
18i2
1U2
115s
*100
*100
76
76i2
8*4
8%
7612
8is
«•
-
-
-
1138
*100
176
45
«.
..
-
-
76i2
8ig
45
36
83s
3612
8%
36
1U2
I8I4
36i2
115s
111.1
*100
763s
818
*36
■
-
-
7714
814
36i2
12i8
lli2
*100
77i2
8is
*36
46
45
45
45
*49
-
«
•
•
787s
115s
m
-
-
—
-
200
12U 133,500
83s
8'8
36i2
36i8
45
*43U
"4",200
8i2
25,500
36%
300
44
No par
No par
Class B
t Postal Tel A Cable 7% pf 100
Pressed Steel Car Co Inc
1
Pub Ser El & Gas
*49
50
50
*49
50
*49
50
100
1st
4412
45
*43
46
*43
47
400
2d
*1234
135s
*1234
135s
*1284
1312
1234
133s
96
96i2
3l2
20l2
22i2
*85i4
*106
5U
2612
9534
3l2
33
21
2234
3i2
96
334
35
334
86
85
110
53g
27
121
121
103
30i4
35
*20i8
21
22U
8312
86
*106
334
*27
2084
2284
110
103
30
9534
*26I2
20i2
223s
*106
5U
5i2
27
26is
12134 124
2212
29i2
30i4
29i8
63
63
*60
132
132
130
2084
22U
20&8
22
4i8
32
29i8
62i2
130
*127
130
"2,500
8484
700
109l2 10912
30
5U
512
5U
275s
2778
12514
126
9912
99
303s
2934
53s
12,300
10,600
2878 139,600
126
3,400
9978
1,100
30i2
6,200
63
64
63
63
1,000
*127
130
*127
130
340
95%
27*2
2734
*60
*984
*25
67
11
27
*9514
*60
*934
*25
67
*60
67
11
*103s
11
27
For footnotes see page
*24
3794.
27
*60
*934
*24
67
*60
67
*60
*10l2
11
*10l2
11
-
1,100
7,900
27
*24
25
*24i8
25
10
100
Preferred
-100
Reynolds Metals Co..-No par
pref
Reynolds Spring new
Reynolds (R J) Tob class
*»
—
—
—
-»
m
Rhine Westphalia El A
Ritter Dental
Mfg
100
1
B.10
--10
Pow.
No par
Aug
10
Deo
55
Mar
1
10% Apr
1% Mar
2412 Apr
678 June
Mar
Oct
23s Nov
I6i2
Deo
3i2 Sept
62
Nov
25
Nov
23s Aug
13
6% Mar
1284 Nov
678 Nov
15s Mar
%
Feb
43s June
423s
115
164
July 14
114
Apr 1
653s Oct 8
Jan
Jan
203s Mai
Feb
Mar
85% Mar
Deo
884
4
6
3
108i2June 18
80
5034 Oct
3
Dec
3
Jan
7
50
Jan
4
47
978 Jan
2
13
28
7
21
16
Aug
1712 Aug 21
Deo 11
83
2
4i8 July 8
1678 Apr 30
99% Sept
Feb
Jan
17
Deo
11978 Dec
103
1784
Deo
Mar
Oct
133s Deo
35% Mar
92
Deo
II4 Mar
6
Oct
July 15
1078 Nov 17
383s Nov 14
39
Oct
June
5278
19%
37
65i8
Dec
Deo
65
2878 Jan
Deo
July
Oct 27
14% Jan 17
2
132
113
20% Nov 16
Jan
117
Jan
117% Mar 27
5
104i2 Deo
99
9
2
984May 12
8312 Jan 2
6812 Apr 28
Oct
Nov
46'4 NOV
148
4
95sMay
2478 Mar 20
5384 July
121
Mar
91i4May
16'8
2i8 Nov
1658 Jan
100
13334 Apr 17
178 Apr
Class A
180
1
125sMay
Republic Steel Corp...No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper A Brass
5
Feb
May
No par
Corp...No par
Remington-Rand
1
Preferred with warrants. .25
Rensselaer A Sar RR Co—100
Reo Motor Car
-.5
Jan
5i2 Mar
22% Mar
172
29% Oct
57s Mar
495s Mar
2
Aug 21
100
Co
7
3678 Jan
3512 Jan
Reliable Stores
5 H% conv
Jan
5
100
preferred
Class A
67
11
3,100
3
Apr 4
Apr 14
50
50
50
SH% preferred
9512
9512
95l2 *95U
95%
*9514
*9514
*9514
95i2
27
27
2784
27l2 226l2
26U
2714
273s
27i2
2712
115
*111
115
*111
115
*111
115
*111
*11034 115
*110l4 115
32
32
32
32
32
32
32
32
32l2
3212
3112
313s
59
59
59
5884
08U
58%
5918
58U
5878
59i8
5884
5914
*9514
146
16
Preferred
Rels (Robt) A
1st
23
2678
29U
6,800
83
109
99i2
4
35
2234
85
109
124
540
9984
2078
*83
125
378
2012
85
5%
514
27
26U
12312 12412
9912 102
293s
285s
6212
62i2
9934
*26
2078
2234
110
♦1013s 10234 *101% 10112
63
4
*26
*84
5i2
130
z2184
9912 100
4i8
3434
*108
2678
63
2034
100
86
514
127
378
110
2638
124
99
*27
1278 Aug
4434 Aug
73
103
Real Silk Hosiery
Mar
July 14
100
100
preferred
7
26I4 June
103i2 Feb 21
No par
preferred
47
76%
623s
112
t Radlo-Kelth-Orph ...No par
Manhattan.No par
Dec
Nov
Aug
July 15
pf $5.No par
...No par
Raybestos
Reading..
Nov
65%
113
14412 July 14
No par
*45
50i2Nov 30
130
No par
is4
38
9
128
$3.50 conv 1st pref--No par
47
7038 Nov
54i2Nov 13
12212 Feb 26
113i8 Apr
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
8
Apr
6% Mar
100
100
8% conv preferred
6% preferred
Purity Bakeries
50
9534
2
2
114 Jan
II6I2N0V 27
39
Apr 29
No par
100
% July
26% Dec 11
4i8 Jan
684May 21
5% pf (ser of Feb 1 '29) .100
Pub Serv Corp of N J..No par
preferred
preferred
8% preferred
234 July
31
1
1712 Oct 23
2
1784 Oct 27
50
*25
9*2 Apr 11
112% Nov 6
41% Apr
26% Mar
29i2 Dec 11
984 Mar 4
33s Jan 11
13% Dec 3
2684 Dec 11
Jan
12
5712 Oct 23
40UMay 12
*45
1,100
Jan
5
47
1258
25s Oct 30
50
5% conv 2d pref
50
125s
9
No par
5% conv 1st pref
Procter & Gamble
46
13
30'2 Deo
233s Dec
*45
125s
June 20
14
1178 Jan 6
20 May 18
*43
400
9
Plymouth Oil Co
5
Pond Creek Pocahon..No par
*49l2
*4358
414 Dec
334 Feb
Preferred B
79%
4
112 Apr 24
Pure Oil (The)
900
Dec 10
2
7
46,500
1,400
Oct 31
13I2N0V 16
105
Jan
49
2
Pullman Ino
6,200
187
Dec 10
58i8 Jan
10,900
30
76
21
$5 preferred
*100
7884
100
6%
111
18
Preferred
7%
m
712 Apr 30
6218 Aug 26
1734 Deo 11
Pittsburgh & West Va
100
Pittston Co (The)
No par
700
*108l2 109i2
*10712 109i2 *108l2 119
99
98
9958
98i2
*9712
*9712
98l2
181*
18i2
18i2
2l712
1778
I8I4
18*8
18
*18
*18
183s
I8I4
I8I4
18i8
9912
77
37
*36
111
*110i2 111
9914
9914
183s
18*8
1814
1814
1158
113s
100
25
preferred
Pittsburgh United...
200
*11934 122U *121
111
6%
Porto Ric-Am Tob cl A.No par
3,000
2414
6512
3
Corp
13,400
34,600
243s
2414
65
278
1U2
50
3
ltiMay
pref...100
Poor & Co class B
26i2
2358
*23l2
3ig
1134
Preferred
12,200
24i2
712
3
24
66i8
53i2
2414
3i2
3i2
10912 110
33i2
3578
*2i2
27g
X2412
2378
6614
100
65
65
643s
65i2
6884
54
5284
5312
533s
5378
543s
*117ig 118
117i8 118
*117i8 118
48is
47U
4734
4814
47i2
4734
24
235s
*23i2
24%
2438
414
30
2684
2414
2438
66U
2,800
Pitts Term Coal
10,600
24%
24i8
Pitts Steel 7% cum
Pittsburgh Coal of Pa
Pitts Ft W & Chic pref.-.100
10,800
IDs
2438
Plttsb Screw & Bolt..-No par
1,820
33s
1078
3
5,800
105
125g
234
1034
8
1212
1214
104
8i2
2%
11*2
*7i2
7i8June
3512 Apr 28
176
Feb 3
1,400
II84
8i2
258
1034
4
10,900
838
734
2l2
Ills
Jan
Pillsbury Flour Mills
25
Pirelli Co of Italy "Am shares'
1784
278
II84
734
2i2
734
278
2278
22l2
2814
*20%
2884
27%
1034
784
358
35l2
234
23
6
7558
*2412
312
35
2
17
29i2
IO884 109
3514
223s
3U
234
2338
110
Oct
37U Jan
40
4
*384
17
2
2
900
4
*27i2
3i2
312
109
12
12is
10378 105
30i2
378
29
29
2
A o par
Pierce Petroleum
5912
*17414
*17414
♦174U
♦17414
12i8
Jan
100
pref
li2 Jan
2884 Dec
100
Pierce Oil Corp
2914
29U
*51
15i2
1212
33
54
66
95i2
*3U
*27i8
33s
2914
54
153s
123s
4,100
56,400
*72
2914
66
9512
27«
Nov 30
I684 Jan 30
16i2 Mar
2978 Mar
36
Apr
33
Apr
Apr
2018 Apr
3i8
30U Deo
43% Jan
43% Nov
38
Deo
11
Aug
72
Nov
Deo
9
4% Dec
9
1
Mar
3
Oct
2
8
Mar
18
Nov
7
June
100
31
Dec
24i8 Nov 17
25
Nov 18
9012 Nov 7
114
Apr 15
8U Mar 25
2878 Dec 11
Dec 11
98i2 June
214 Mar
9
Mar
2084
110
Deo
Mar
5% Deo
2034 Nov
Nov
May
4
126
285s Mar
97
78i4May
4
104% Oct 1
3078 Nov 28
78i2
Oct
95i2 Nov
5i2
Apr
16
Apr
Apr
115
Nov
32
Deo
113U
Deo
77
Apr 20
24%June 9
90
Apr 28
9734 Nov 24
22%May 25
105
Apr 25
10
64
138
98
34
117
Dec 10
13
Oct
75
1
Deo
37ig Nov
Nov 23
Feb
5
Jan 13
17i2
101
Apr
June
25
July
3
36I4N0V 18
50
Apr 29
6OI2N0V 17
43lg Mar
5878Septl6
834 Nov 23
655s Feb 10
135s Jan 9
55U
Apr
lli2
Dec
19% Feb
2
35
MarlO
5U Mar
5858 Nov
67
Nov
13i2 Mar
Deo
20i2
LOW AND
HIGH
Saturday
Monday
Dec. 5
Dec. 7
$ per share
$ per share
SALE PRICES—PER
SHARE, NOT PER CENT
Sales
62
*61%
*6%
41%
*22
40
2%
5%
*5
*11%
13%
62%
7
*6%
109
40^2
40
2%
4%
1184
1134
2%
6
5%
27
*23
42% 43%
11034 IIO84 *110
111
Dec
25
.
Dec.
9
$ per share
10
Dec.
$ per share
6384
5
12%
13%
25
24%
4234
25
4234
4334
*110% 111
111
5
5%
1134
108
*6%
4434
2%
69
1%
434
37%
300
6%
47
14,000
4,700
4,600
2%
5
5
*1184
5%
1234
1284
*27% 31
43%
4334
*110% 111
113% 113%
*15%
15%
52%
52%
*97%
9784
2%
2%
1734
17%
800
1,500
13%
26
43%
110
310
26
40
44%
7,800
110%
220
11234 112%
14%
52
*97%
2%
52%
9734
2%
17%
17%
69
69
50
800
15%
69
1%
1%
1%
5
4%
13,300
700
5,900
1,100
140
5
3734
3734
29,700
6,300
39%
684
7
684
634
*634
7
7
7
7
96%
97
96%
9634
95%
96%
96%
97%
97%
5
5
4%
4%
4%
*4%
434
8884
29%
88%
29%
18
18
8834
29%
18%
*4%
87%
96%
4%
87%
13,600
7
97%
434
7
97
4%
87%
30%
31%
*102
102%
9%
9%
*59
59%
43
43
26%
2634
125% 125%
11
42 84
11%
4234
4
4
3734
*124
39
125
29%
18%
*86
*84
88
87%
29
29
29
29%
17%
1784
17%
1784
18%
31
32%
31%
32%
32% £30%
31%
32%
*104
105
102% 102% *10284 104
*10334 106
9%
984
938
984
9%
10%
10%
11%
59
5884
*58% 59%
59%
59%
59%
59%
43
43
4284
4284
42%
43%
*41%
43%
26%
26%
2634
2534
26% 27
2634
26%
125
125
125%
125% 125% 125
125%
12534
11
11%
11%
II84
11%
11%
1134
11%
41
42
41%
4334 45%
44%
4384
45%
4
4
3%
3%
3%
3%
3%
3%
38
41
38%
38% 40
40%
41%
42%
*122
124% 124% 124% 124% 124% *124% 125
29%
30%
102% 102%
9%
934
*5834
59%
43
26
26%
124% 125%
11%
11%
40% 41%
4
4
39%
*124% 124%
38%
29
29%
17»4
30%
41%
88
18
8734
2934
*80
85
*80
85
*80
84
*80
84
114
*110
115
*113
115
*113
115
44
44%
44%
4484
44%
2334
24
24
24
24
44%
24%
16
16%
1534
16%
15%
1534
434
*112%
4%
4%
3284
33
155
155
3234
*152
4%
*112%
4%
434
32%
3234
3234
....
155
*152
155
29%
41%
30
29%
2934
29%
42
40%
42
41
22%
22%
4734
2134
2238
48
47
48%
*51
54
53
53
10
10
934
934
8%
26%
9%
24%
23%
1534
24
16
15%
*112%
4%
£31%
"434
*152
23
51%
112% 114
10
11
*934
8%
8%
76%
115
8%
9
26
26
26
26
*24
25%
*80%
*33%
2234
93
*80%
93
*80%
*33%
93
51
24%
51%
50%
*55%
75
3134
24
66
*110
3434
33
33%
23%
3134
5138
22%
23%
31%
22%
2234
31%
31
31
51
51
51%
51%
3434
76
78
76
*110
115
*110
8%
25%
4%
24%
55
934
8%
8%
30%
11%
6%
11%
20
20%
20
*46%
48
46
56%
*2%
57
56%
4084
7
234
41%
11%
6%
234
40
44%
4334
30
i 66%
30%
6634
*36
3734
*36
44%
*29
73%
73%
66%
*123% 125
♦123% 125
12
11%
11%
12%
11%
7
7%
7%
6%
7%
21
19%
20%
20% 21%
47
48
51
47%
47%
57
57%
60%
56%
67%
3
234
*2%
234
284
41%
41%
40% 41
40%
44
44%
4434
4334
43%
30%
3038
30%
30%
*30%
66
66%
67%
66%
6534
37
73%
*3534
73
73%
37%
73
72%
7,300
54,300
8%
3,200
10
6,100
31,700
57,700
37,900
No par
Conv preferred
100
Silver King Coalition Mines.5
Simmons Co
10
-25
Skelly Oil Co
112
54
Socony Vacuum Oil Co Ino. 15
So Porto Rico Sugar
I referred
No par
18%
18%
18%
24%
i 13%
*76%
2434
24
24%
ft
18%
24%
18%
18%
18%
100
24%
24
24%
13%
13%
1334
*76%
76%
76%
*12334 125
*12384 125
48
50%
50%
fc50
4%
5%
5%
*14%
29
29%
31%
A 29
13%
1334
13%
13%
*76
76%
76%
76%
*12384 125
12484 125
49
49
50
49%
4%
4%
434
434
30%
3234
32% 3284
Southern Railway
100
i 34%
35
*34%
24
13%
2438
*13
24
32%
31%
ftl334
17%
13%
1734
13%
8%
10%
4934
8%
*8
934
49%
7%
40
4034
13
13%
10%
ft 24
ft 32%
17%
10%
35%
35
13%
I*13
*13
984
24
3534
13%
24%
32
3134
183s
1734
14%
8%
10%
£9%
10
48%
8%
40%
12%
49%
49
8
50
8%
40%
1234
1334
41
10%
8%
13%
1034
31%
32
1784
14
1384
18%
13%
3134
17%
13%
8%
10%
49%
8%
40%
12%
884
41
12%
10%
8
8
9%
10%
48%
8%
40%
12%
10%
49%
1100
*925
42
41
41
40%
41%
43
41%
41%
41
41%
*40%
*63
65
65
*63
*12%
97%
11%
*6%
13%
97%
40 s4
*1184
*925
65
600
$5.50
4,100
100
1,400
35,600
20\
7,200
33,600
40,200
6,200
23,300
62%
3
*2%
40%
40%
4034
1,600
23,700
44%
43%
44
12,600
30%
66%
3734
30%
30%
400
66%
6634
28,600
------
1,000
7134
preferred
Spiegel-May-Stern
Co .No
Stand Comm Tobacco
No par
$6
No par
cum
prior pref
$7 cum prior pref
No par
Stand Investing Corp. .No par
Standard Oil of Calif
No par
Standard Oil of Indiana
25
Standard Oil of Kansas
*1000
32
3134
32
18%
13%
8%
1034
17%
18
13%
13%
8%
10%
4934
49%
8%
40%
8%
39%
13%
13
11%
11%
1,000
40,200
50
24,600
8% 116,100
8,700
40%
13%
17,600
11% 42,400
1200 *1000
42
41%
41%
41%
4234
41
40
41
39
40
63
63
65
*63
11%
12
*12
95
95
95
95
11%
11%
12%
1184
12%
12
6%
*6%
6%
6%
6%
11%
6%
41
11%
6%
40%
40%
*38
3934
39
12
11%
12
*11%
12%
*1184
29
29%
6%
6%
29%
684
3234
3284
19%
19%
28%
634
33
31%
19%
20
19%
20%
105
6%
105
105
10434 10434
1200
1100
12%
34
39
12%
30
7%
34%
19% 20
10434 10434
65
12%
12%
*95
-
3,300
3,300
10,100
5,000
8%
41
95
--
10%
*925
IIS4
7
700
35%
13%
95
1134
58,000
33,300
24%
12
*63
4,600
12%
99
______
1,500
1,300
100
1,100
140
60,000
11%
1134
*6%
7
39
*38%
39
12%
*12
12%
29% 29%
6%
7%
33% 34%
19% 20
10434 10434
29
29%
1,800
33,200
3,600
8,100
1,000
£39
12%
7%
7
7%
34%
36
19%
19%
104% 104%
t Studebaker Corp
Swift & Co
Swift Internat Ltd
Without warrants
Telautograph Corp
Tennessee Corp
Texas Corp (The)-..
934
Texas Gulf Produc'g
Texas Gulf Sulphur
Co No
9
9
9%
9
9
16
9%
1634
16%
17
18
20%
36
36%
36%
373s
37%
45%
46%
15%
16
37%
46%
15%
*45
16%
v
45%
16%
104
103
4%
4434
16%
104
4
45%
17%
109
4%
106% 107
4%
*4%
85%
86
8584
8534
86
63%
64%
63%
65
64%
'
For footnotes see page 3794
4%
86%
66%
4634
1534
.105% 10634
i
4%
4%
*9
22%
37%
46%
15%
104
9%
28
37%
46%
15%
105%
9
9
24%
26%
1834
20%
Deo
Jan
116%
Dec
13
Mar
65%
Deo
24
Mar
70% Nov
46% Nov
68%
6
5
15% Apr
30
10% Aug
1584 May
28I2 Jan
17% Nov
July
1
107%
112
Jan
Old
$3.60
pref
conv
20
Jan
Mar 26
132
Feb
152
Deo
10% Mar
1234 Mar
27
Nov
32% July 28
47% Oct 13
28% May
25% Deo
16% Jan
21% Deo
3384 Dec
5% July
25% Oct 13
100
Third Avenue
700
Third Nat Investors
400
Thompson (J R)
cum
pref
Tidewater Assoc Oil
Preferred
100
2,400
6,200
No par
3% Mar
8%
Dec
3% June
8%
Oct
Oct
5
92% Oct 24
36% Jan 25
24% Aug 4
37
31
7% Mar
Nov 19
4
109% Nov 12
43% Nov 10
18% Nov 4
114% Dec
8
10
19%
130
12%
Jan
Apr
Deo
9% Aug
11% Aug
26%
28%
Mar
6
11
17
8
Oct
105% Nov
12% Sept
9% Feb 17
Nov
84
122% June
2% Mar
1% Mar
I84 Mar
434 Mar
1384 Mar 17
Oct
48
101% July
Feb 24
24% Sept
58% Deo
66% Dec
3% Jan
47% Feb
45% Nov
15%
8% Mar
33% Feb
43% Mar
53% Mar 20
129
36% May
18% Deo
Nov
Dec
Dec
2784 Mar
2% Nov
40% Dec
23
Mar
33%
20
Oct
% July
12
9
Nov 6
Oct 9
Nov 9
Jan 28
Oct 30
Apr 16
Deo
Feb
Dec
40%
12% Mar
32% Nov
7
78%
4%
13%
24%
6884
68
8
26 38 Dec
15% Oct 13
Jan
NOV
1% Mar
4
3% Mar
10
Deo
6% Mar
2% Mar
1
3
6
Nov 23
18%
Dec
15%
Dec
1084 Nov
2% Apr
60% Mar
115% Jan
xll
Apr
.
1%
Deo
77
Nov
121
Mar
30%
Deo
3%
Jan
Dec
1234 Aug
5
Mar
37% Oct 15
17%
Oct
13% Nov 20
26% Nov 18
35% Jan 30
15
3% Mar
Sept
22S4
Dec
32% Dec
33%
Deo
19
25
Dec
9
Sept
Nov 12
14% Dec
7
Feb 18
49
July 21
Jan
2
Oct
9
8%May 23
3% Jan 2
2334June 5
1
25
9%
Jan
2,600
6,400
Twin City Rap Trans. .No par
1,370
Preferred
100
.4
4
2,300
Ulen & Co...
85
86
85
87%
87%
88
4,000
6534
68
68
69%
69
70
10,000
Under Elliott Fisher Co No par
Union Bag & Pap Corp No par
No par
Feb 28
12% Mar
5
9% Feb 18
41% Deo
2
28% Apr
3% Jan
3684
8%
1050
14
61
100
60
12% Jan
6
27% Deo
56
11
3
Apr 27
Apr 30
14% Jan
2
10%May 19
7% Jan
93
Jan
3
6
4% Jan 6
7% Apr 30
22%June 1
3138Apr27
834May 20
65% Jan 22
2%June 30
74%June 29
38%May 21
Oct
Dec
Jan
16
Mar
29
Nov
84
7
Oct
10%
5
3
106% Mar
Nov
June
17
3
12%
Deo
2
13%
6
Deo
Deo
28%
44%
May
8% Mar 23
39% Feb 25
2158Nov17
1434 Jan
100% Jan
48
Oct
Dec 1075
Apr
5% Apr
61% Jan
2% Mar
50
2
Apr 30
Feb
9% Oct
12% May
Jan
13% May
5%
109% Sept 15
15%
Nov 17
Deo
Deo
4% Jan 21
10
46%
Oct 24
16
834
30%
13% Nov 18
26
No par
15%
63%
110
Mar
4
32% July 31
24% Jan
100
104% 106
4%
4%
48% Nov 18
6% Sept
16% Mar
3
8% Jan
No par
10
No par
44% Nov 13
15% Feb 29
14% Mar 6
July 15 1375
834June 16
100
Transcont & West'n Air Inc. 6
Truax Traer Coal
Dec
6
934Mar
27
8
85
1
Truscon Steel
10
20th Cen Fox Film Corp No par
Preferred—
..No par
14,300
834 Nov
7012 Nov
107
69% Apr
2
28
Thompson Prods Inc. .No par
Thompson-Starrett Co.No par
$3.50
Oct 15
9
33% Apr 27
59
Mar 25
No par
100
Thermoid Co
82
114% Nov 24
Jan
6
No par
Preferred
Oct
7% Feb 29
35% Aug 28
50% Dec 10
6% Mar 12
35% Dec 11
100 1000
The Fair
Dec
Nov
52%
33
Jan 6
7% Jan 6
9%June30
Texas Pacific Land Trust-.-l
Texas & Pacific Ry Co
Thatcher Mfg
Jan
Jan
7
36%
*45%
37
20% Deo
Oct
32
Jan 11
Jan
Deo
Apr
60
1
Nov 25
Jan
Dec
Nov
Jan 31
8% Dec
Preferred called
9%
4%
6%
Nov 27
114
19%
Mar
6
April
85
16%
111
3534 Mar
28% Jan
par
Tri-Continental Corp. .No par
6% preferred
No par
1534
5% Mar
132
72
50
34%
Dec
63% Mar
8% Feb
_
5
9.400
36%
Nov
127% Nov
14% Jan 25
48% Oct 19
50% Nov
25
10
934
9%
984
9%
9%
9%
934
£9%
9%
106
*106
106%
109% *105% 108% *105
108% £106
108% *106
15
28
534 Nov
July
3% Mar
40% Nov
29%
Nov 12
8
No par
Texas Pacific Coal & Oil.-.10
700
'
*8%
45
118% Dec
Mar
1
3
Transue & Williams St'l No par
36
Deo
11% Dec U
July 12
60
9% Jan
11,800
•
104
11% Dec
18%
15%
9
634May 14
17%
17%
15%
Dec
32% Dec 10
12% Dec
2534 Nov
5% Apr 27
17%
16
Nov
17
5
17%
16
70
5
1734
17%
16%
*105
No par
17%
18%
Apr
7% Mar
7% Mar
Mar 12
23
Symington-Gould Corp ww.-1
18
1734
1534
4% Nov
40
6% Jan 4
20i4 Apr 28
28*2 Apr 28
15
Nov 2
123s Nov 24
25
16
17%
18
16%
9%
Dec
9% July
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
17%
1734
17%
18
16
17%
*
69% Nov
1934 Nov 17
91
3
Tlmken Roller Bearing.No par
Transamerica Corp
No par
72
90
Oct
Mar
1% May
31
Dec
125
27
Timken Detroit Axle
25
71%
17%
17%
Jan
2%
7% Nov 18
5
2
Superheater Co (The).-No par
Superior Oil
1
Superior Steel
100
5,300
20,800
9,600
26
£25%
71%
17%
4%
20«4 Mar
101% Nov 12
6
2
118
15,500
7184
17%
1734
Dec
2
100
73%
27%
71%
Dec
36%
9% Jan
72
Jan
No par
Preferred
25%
27
71%
Dec
3
14% Jan
(The).—1
Sun Oil
7234
273s
1%
% Aug
70%
16% Apr 30
No par
25
26%
70%
17%
71%
8% May
Nov
% June
1
43% Mar 12
6
23sMay 21
.No par
5
25%
72%
17%
18%
27%
72%
17%
26%
91
7
ia4 Feb
30% Oct
Mar 27
55% Jan
2434May
65
Jan
Sterling Products Inc....-.10
Sterling Securities cl A.No par
Tide Water Oil
■
25
10
Standard Oil of New Jersey.25
Srarrett Co (The) L S..No par
Stone & Webster
50
12078 Jan 10
9i2July29
5i8 Apr 30
9*2 Jan
2434 Apr 28
2634 Apr 30
2
Feb 26
35
Aug 21
3234 Jan 2
No par
Prefetred
32,900
17,100
50
par
1
J Stand Gas & El Co
25%
300
Jan
Jan 22
Mar 13
Mar 12
Apr 27
143s Apr 19
No par
24%
13%
76%
77
15% Apr 30
133s
44
63
99
21*4
No par
Preferred
Stewart-Warner
125
6% Jan
73% June 10
2934May 1
100
No par
Standard Brands
3
634July 8
63%June 12
101% Mar 18
584 Apr30
No par
6)4% preferred
Square D Co
16,000
24
95
33
105
10%
Jan
is4
5% Deo
160
Jan
Feb 20
1234 Apr 27
No par
Conv preferred A
19%
*13
12
29%
684
3234
6%
1100
8%
40%
13%
10%
Apr 27
2312 Jan
Spencer Kellogg & Sons No par
Sperry Corp (The) v t 0
-.1
Splcer Mfg Co
No par
18%
3434
Apr
Apr
55
Apr
62%
35%
13%
24%
76
Mar
34,500
125
95
*63
29%
28%
24
18
*40
1100
*13
32
*42
*925
*34%
24%
23%
8%
10%
*13
35
13%
*34%
8
Mar 31
4% Feb
20% Feb
42
*» mmm
310
35%
4% Nov
20% Jan
7
7
7
10134 Mar
1st preferred
100
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear & Co
1
—
51
34%
114% June
13% Deo
56% Nov
790
—
51
5%
55% Nov 18
Oct
July
51%
4%
Jan
Mar
July
900
49%
6
22
109
7
Preferred
23 % Nov
46
Jan
113% June
17% Nov 18
114% Mar 11
5
3234
13%
25
100
Mar
31% Dec
10434 Mar
9
11% Nov 17
2234
125
150
25
Southern Pacific Co
12
Oct 24
Nov
Spalding (A G) & Bros-No par
22%
31%
18%
18%
24% 25%
1334
13%
77
*7634
*12334 125
50%
4984
4%
434
32% 35%
26
Southern Calif Edison
Mar
Sept 29
110 Mar 4
378July29
South Am Gold & Platinum.l
37
49% Nov 18
114
634 Jan 15
657s Jan
40%June30
21
Sept 1
12i2May20
100
7% preferred
Smith (A O) Corp
10
Snider Packing Cor p. ..No par
Jan
42% Dec 11
19i2 Jan
...100
Preferred
Preferred
it 18%
1934 Jan
£3%June
-.-..No par
Simms Petroleum
Nov
14
3,200
31%
71%
par
Apr
Apr
3
6
15
2234
72
par
Jan
1
Oct 13
7
22%
72
par
2
31% Nov 16
Jan
Jan
July
Jan
Jan
30% Apr
1434 Apr 30
IIOI2 Jan
834July
par
Sheaffer (W A) Pen Co.No par
Shell Union Oil
4
lli8
2034
89
434
43%
par
s4 June
Oct
1,100
24,200
72%
No
No
$r conv pre!
...No
Sharpe & Dohme
A 0
Conv preferred ser A.No
4
4
638Mar
15% Jan
1
-
10% Mar
Dec 10
35
37
-1
Preferred
Dec
2534 Deo
Dec 11
52
34
*3534
1
Investors
10
59
34
6634
Nat'l
Apr
15
312 July 24
59% Jan 21
234May25
61%Mayl3
Seagrave Corp
..No par
Sears, Roebuck & Co .-No par
Second
3
3% Mar
5312 Jan 6
% Jan 2
2
Apr 23
3012 Aug 22
..No par
J Seaboard Air Llne-.-No VaT
Preferred
100
Seaboard Oil Co of Del-No par
Deo
10% Feb 19
Jan 21
34
-----
f cott Paper Co
Deo
102
21%
Jan
93
5234
60%
234
40%
43%
*29%
66%
*3534
7%June
33
Nov
5
Nov
19
*80%
11%
7%
21%
1
100
share
Feb
82
65
34
*2434
*123% 124
11%
11%
11%
8%
7%
7%
23%
22%
2134
54
58%
53%
100
% preferred
Preferred
Highest
per
117% Feb 19
100
93
125
5H
Sohulte Retail Stores
5 per share
Mobile & Ohio stk tr ctfslOO
25%
51%
6% preferred
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp— .5
$ per share
600
*80%
*31
No par
Lowest
47
18
Jan 24
27 July 29
108 Aug 5
110% Sept 22
11 June 8
37% July 15
97% Nov 20
13sMay 26
100
Preferred.
Safeway Stores
Solvay Am Invt Tr pref..-100
20,100
77%
115
_
Sloss-Sheff Steel & Iron... 100
"120
7,700
25
3734
*37
300
10%
„
1
19,500
1,400
18,800
57
107
109
109
109
108
109
10734 111
109% £109
110
*106
108% *106
109% ♦106
108% *106
108%
108% 108% *106
*39
40
40
40
4234
3934
3934
*38%
3934
42%
40%
4234
*■
1f>1»
1534
15%
15%
15%
15%
15%
1534
15%
15%
15%
15%
124% ♦123% 125
14,600
3,900
9,200
155
50
9%
190
31
4334
52
300
600
d....
42%
54
9%
15%
~30"
23%
76
23%
3134
*
53
43%
25
30%
4334
22%
48%
118
34
155
"29%
*112%
4%
3034
48%
75
*33
*
4%
31%
43%
23%
50%
*110
93
*3034
*51%
155
*112%
4%
3034
30
76
26%
32%
29%
41%
2934
42%
22%
118
*80%
16
22 July
1% Jan
2% Jan
7% Jan
Lead
—10
t St Louis-San Francisco __ 100
1st preferred
100
t St Louis Southwestern
100
Servel Inc
39,400
share
St Joseph
Shattuck (F G)
Sharon Steel Corp
20,900
-per
32
Jan 3
7434 Apr28
538June
2,400
84
47%
23%
76
8%
240
Highest
Antelope Copper Mines
Ruber'dCo(The)capbtkJVo par
Rutland RR 7% pref
100
Roan
8,200
111%
48%
47%
*110
8%
*80
110
44
76
8%
84
44%
118
*72%
*110
*80
*111% 113%
42%
2334
1584
53
21%
47%
*51
900
*17%
114
*112%
4%
11,400
1,900
$
Par
Shares
64%
Year 1935
100-Share Lots
Lowest
Week
108
Range for Previous
Range Since Jan. 1
On Basis of
STOCK
12, 1936
EXCHANGE
the
11
$ per share
63
62S4
*61%
63%
*107% 109% *108
111%
7
7
6%
6%
6%
4034 £41
43%
43%
443^
2%
2%
2%
2%
2%
*112% 113% *11284 113% *113
113% *113
113%
1534
*1534
16%
1534
15%
15%
*15%
15%
52%
52%
52%
52%
52%
53%
5234 53
98
98
9734
9784
98
98
97%
97%
2%
2%
2%
2%
238
2%
23s
2%
18
18%
18%
18%
*17%
18%
17%
17%
71
70%
70%
70% *69%
70
70
70%
1%
1%
1%
1%
1%
1%
1%
1%
4%
4%
4%
4%
4%
5%
5%
4%
37
37%
37
36%
37%
3684 37%
37%
7
Friday
62%
5%
*1134
24%
42%
44%
44
111
8
Thursday
110
6%
2%
.
Wednesday
$ per share
109% 109%
7%
41%
2%
Dec
62
*60
109
Tuesday
STOCKS
NEW YORK
JUl
107
Dec.
New York Stock Record—Continued—Page 9
3802
8% Nov
Jan
Mai> |2634
3&S
1% Mar
Apr
*7% Mar
Jan
|
Nov
5
Deo
28
Dec
15%
Deo
104% Nov
Mar 11
2634 Mar
48
8
4% Mar
28% Mar
4% Mar
13% Deo
72% Nov
7% Mar
15% Nov
5% Mar
1% Mar
16
74% Nov 12
18% Nov 23
27% Apr 4
18
Dec 10
12
Feb
110
Oct
8
111%Sept
14
Deo
Dec
3
4
9% Nov 25
Dec 10
28
69
3% Oct
3% Mar
38% Nov 17
13
47% Nov 16
24%
17% Dec
109
Dec
4
7
8% Jan 20
99% Nov 13
70
Deo 11
Apr
Aug
Oct
2% June
18
Mar
Dec
8% Nov
97% Nov
6% May
8% Nov
24% Dec
33 %
Dec
12% Nov
73
Dec
1% June
5384 Mar
5% Nov
87% Deo
29
50%
May
Jan
Volume
New York Stock Record—Concluded—Page 10
143
SALE PRICES—PER
HIGH
AND
Tuesday
Wednesday
Dec. 5
Dec. 7
Dec. 8
Dec. 9
$ per share
$ per share
$ per share
5 per share
102% 102%
24%
25%
25i8
125%
*9734
98
24%
125
126% 126%
9734
98
*26
2734
2734
27
27%
26%
2734
27%
102% 103
2434
2434
127
128%
98
98%
*26% 26%
26%
102
24%
128% 130
98% 98%
26
26%
27% 28%
17
17%
*29% 31
28%
17%
18%
17%
18%
17%
1734
33%
33%
33
33
32
32
31
31
30%
30%
30%
11434 11434 *113% 11434
*85
85
85%
87%
33
32%
33
33%
6%
6%
6%
(
44%
44%
44% 44%
14%
14%
14%
14%
30%
u114
114
^*85% 87
„*32% 33
634
6%
44
4438
1438
*1934
14%
2134
103
*101
7%
48%
83%
*20
22
*20
*101
103
*101
7%
2134
103
8
734
49
49
4834
8%
48%
82
7%
49
83*4
83%
82
82
18%
18
18
*98% 100
3%
*234
*99
100
21%
3
22
33
33
*117
2034
3%
22
32% 33
118% 119%
164% 167
1834
18%
119%
*164% 167
18%
18%
17%
*99
18%
57%
41%
26%
27%
27%
28%
27
27%
5,800
28
29%
18
21,900
17%
17%
18%
31
*30%
14%
111
11%
384
32
41%
18%
*56%
39%
40%
4134
40 84
6%
6%
6%
14%
99%
58%
6
6
14%
1334
*95%
57%
14%
13%
98
98
*94
90% Jan
32%
14%
99
100
1,600
22%
6
*94%
Preferred
98
3%
14
38%
108% Jan
21%
x32%
166
166
57
100
3%
119% 119%
58
Union Pacifio
22%
166
58
13134 133
98
30
6
166
1834
57%
98
119
98
120
166% 166%
1834
18%
*56% 57%
40
4138
6
Union Tank Car
1,000
United Amer Boscb
1,300
United Biscuit
No pai
Preferred
20
1,000
7,200
16,300
600
200
26,600
United Drug Inc
United Dyewood Corp
Preferred
6
.
10
100
4
500
United Gas Improve
Preferred..
No par
18
United Paperboard
U & <fe Foreign Secur
97
500
Preferred
2,200
U S Dlst rib
26,000
3%
1.960
120% 120%
2,000
166% 166%
18
18%
2,200
56%
41%
290
400
25,200
6%
6%
9,600
14
14%
12,900
103%
96
99
5,100
-.1 32%
100
91
Jan
..No par
100
20
7% preferred
100
pref
conv
50
U S Industrial Alcohol-No par
U S Leather v t c
No par
v
t c
No par
Prior preferred v t c
5784
573s
58%
57%
58%
5734
58%
58%
60
13,400
15%
15%
1434
16
16%
1-8%
18%
19%
45%
46
45
45%
45%
16%
46%
17
44%
14%
44%
46%
4734
47%
48%
U S Realty & Impt
U S Rubber
96%
89%
9634
95%
97
96
96%
97
97
96%
98%
96%
97%
87,000
28,300
5,200
89%
88
89%
89%
90%
88
8934
6,700
72%
72
72%
8934
*7134
90%
72%
8884
72%
7434
75
7334
75
88%
*7184
74%
76
7734
100
U S Pipe & Foundry
15%
140% 142
*140% 142
138
138
138
160% 160% *161%
8%
8%
8%
138
....
8%
140
*138
*7134
74%
73
75%
141
139% 140
138% *137% 138%
161% 162% *161%
8
8
8%
mmmm
102
102
*87
89
*87
♦160
164
160
102%
102% 102% *102% 105
*102% 104%
4%
434
3%
4%
4%
4%
2
2
2
2%
2%
2%
52
52
*50%
53%
*50%
53%
24
2334 24%
23% 2434
24%
41
41% *40%
41%
41%
41%
102
3%
384
2%
53
2%
53%
24%
25
41%
41%
116
*115
*44%
102
88%
160
104
88
88
*159
164
*115
116
*115
116
♦45
46
45
♦84
95
♦90
*84
95
6%
6%
6%
44%
44%
44%
4534
♦90
634
113% 113% *113% 114%
10%
10%
103s
40
37
*36
12934 ♦127
*127
*78%
81
*122% 130
3
3
8
80
8
*5%
7%
17%
17%
17%
38%
*116% 118
38%
116%
*5%
*38
10%
10%
*19%
4534
1934
4534
*19%
*43
46
♦6%
*98
16%
*63%
1%
10%
*32
31%
34%
8
*81
43
634
6%
*98
10434
1634
16%
67
*62
100
6%
45%
46%
6%
45%
113
113% 113%
10
40
35
12934 ♦127
81
164
116
10%
9%
35
36
12934 *127
81
*77
95"
104
17%
67
*98
102
17
17%
♦623s
*94
66%
16%
88
88
88
1,200
*159
164
*160
163
20
102% 102%
4
52%
24%
41
*115
*63
*77
*95
35
34
38%
31%
36
31%
35%
32%
35%
36
32
8%
313s
*34
8%
83s
30%
34
34%
9%
9
*81
*81
81
*81
80%
*_
2%
43%
80%
100
106% 106%
97
97
2%
43%
*80%
2%
4334
1%
43%
*80%
81
100
97
90
90
*87
93
120
*113
120
34%
*33
34
33
33
*102% 103%
103
103
1634
25%
1634
25
*16%
5%
5%
*5%
39%
434
39%
5
4%
5
834
8%
858
8%
39
*78
64%
32%
25%
17
584
39%
79
65%
32%
80
79
80
*78%
*74
73%
75% *70%
128%
129% 130% *126
*75
76%
76%
76%
46
46
*4634 48
1634
16%
16%
16%
162%
162% 162% 162
2%
2%
2%
234
3884
39
7%
8
25
15,600
1,000
41%
Preferred
Vanadium
44
800
Van Raalte Co Inc
VIck Chemical Co
Vicks Shr & Pac Ry Co comlOO
5%
95
8%
66,500
5734
33,900
pref
non-cum
Va^Carolina
100
Chem
No par
6% preferred
..100
*27
*77
39
90
*95
82
16%
*64
36
31
3I84
34%
33%
8%
9
*81
100
30
M
-
-
-
-
*
17%
66%
69,100
1%
5,400
43,900
12%
37%
3184
34%
9%
6% preferred
100
Virginia Ry Co pref
12934
—
-
m
4,400
Jan
2
72% July 30
68% Jan 3
46% Jan 21
115% Jan 7
131
Apr 27
Oct
3
Apr 30
6734May 1
57% Apr 29
Mar 23
Jan
7
3% Jan
1
July
2
9
30
June
9
6H% preferred
f Walworth Co
No
Walk(H)Good <fc W Ltd No
Preferred..
par
par
..No par
Ward Baking class A...No par
Class B
No par
Preferred
100
Warner Bros Pictures
6
S3.85 conv pref
No par
t Warner Quintan
No par
Warren Bros..
Convertible
..No par
pref
2,500
Waukesha Motor Co
Webster Elsenlohr
Preferred
A 0 par
No par
6
No par
100
8
24% Deo
734 Nov
4534 NOV
884 June
1334
4% Mar
20% Deo
65
Mar
3% July
96
7%
Deo
Deo
Jan
5034 Nov 25
87
Nov 19
60%
Oct
1938 Jan
9% Mar
113% July
87% Mar
13% Nov 19
20
100
5
Feb 17
Nov
5
Jan 23
2384 Nov 28
39% Jan 2
104
Sept 21
60
Deo 11
19% Dec 11
48% Nov 30
101
Nov 28
10334 Nov 10
2%
Jan
4% Mar
65% Mar
58 June
9234 May
18% Nov
110
11%
Nov
Dec
15
Nov
96
Nov
5
July
3%
20%
Oct
Oct
11
Mar
39%
Dec
76% Apr
9
87
Nov
165
Dec
144
July 30
168
July 10
884 Nov 17
102
92
165
115
Nov 28
Nov
9
Aug 7
Apr 24
6% Mar 18
2% Oct 28
57
Dec 11
27% Feb 23
49% Nov 5
116
Aug
2
9% Apr 30
44
Apr 29
%June 18
458 Jan 2
15% Jan 7
21
Apr 30
19% Apr 28
6% June 9
83 May 26
40
Sept
Dec
51
Mar
133%
29
1
165
7%
78
Aug
Jan
Oct
73% Nov
Feb xl59% Dec
73
Nov
Aug
Mar
4% Aug
% Mar
Apr
11% Apr
11% Feb
19%
2
Nov
5612 Nov
2134 Jan
33
Nov
114
Nov
Dec
63
Deo
68
Dec
70
Aug
5734 Dec 11
114%May 15
10% Dec 4
47% Jan
7334 July
63
2834 Aug 6
109
Mar 24
2% Apr 29
Jan
Jan
Dec
124% Apr
Feb
8% Mar 16
4%June 29
9% Jan 7
30
Apr 30
114% Oct 16
5% Jan 3
26% Apr 17
17% Apr 17
10% Jan 4
62%
Dec
17%
48
May
7
2
Dec
Sept
91
4% Jan
Jan
9184
11%
34
84
8
9% Mar
24% Mar
73
22% Deo
8
2
Aug
Mar
50% Nov
Sept
4
3
119% Nov
14034 May
84
May
1484 Mar
73% Mar
119% Jan
14934 Feb
3% Apr
46
Apr
6
14
Jan
27% Mar
May
Apr 27
53
7934 Oct 19
72
4
4% Mar
15434 Nov 28
48% July 21
80
Aug 20
5
100
4,700
20.200
47
Aug 31
2% Aug 21
No par
100
Warren Fdy & Pipe
*81
21% Jan 6
7% Apr 30
16% Jan 2
70
No par
8% Dec
Feb
9% Sept
16% Sept
100
Preferred B
2
Oct
1%
2034 Mar
50% Nov
120
Walgreen Co
June
Nov
3% Mar
7% Mar
100
Waldorf System
16% Feb 4
29% Aug 10
Aug
78
35% Mar
4% Oct 3
10
Aug 17
71
Jan 8
100
Preferred A
4
118
Jan
10% Nov
100
Preferred
J Wabash
Jan
Oct
46
Jan
100 rll4% Jan 16
Vulcan Detlnning
Dec
Nov
26%
Feb
16% Apr 30
I
2834 Jan 16
100 *110% Feb 17
5
40
Apr 30
7% 1st pref.
116
20% May
5
Corp of Am.No par
Virginia Iron Coal & Coke. 100
2%
43%
2%
44
81
*80%
*
48
48
*2
2%
45%
46%
81
*80%
106% *105% 106% *105% 106%
97
*113
81
490
20
Mar
17%
9%/Feb 17
105
1334
7
111
9
35% Nov 21
48% Aug
3038 Deo
4% Mar
143
60
Va EI & Pow $6 pref...No par
37%
100
93
8038
57
Jan 11
Jan
20% Nov 18
62% Nov 18
69
Apr 2
9% Jan 27
18% Jan 28
153
No par
100
117
Deo
90% July
26% July
125% Nov 28
100
180
12%
106
120
*11134 113
Preferred
25% Sept 26
37% Nov 16
33% Nov 19
7534 Nov
24
111%
169% Feb 18
5
No par
32% Feb 18
Feb
6
160
Universal Leaf Tob
7
Jan
1434
82% Mar
79% Mar
20% Oct
9% Mar
8
100
1,530
1%
11%
8%
No par
Preferred
9%
1%
34%
US Tobacco
44
8% Jan 2
49
Aug 18
31% Aug 28
United Stores class A_ .No par
Preferred class A
No par
113%
36%
....
100
9
1%
11%
100
*87
48%
53%
100
3034
Preferred
113
12934 *127
80
60
100
4
2
Jan 9
10
Apr 29
24% June 4
80%May
160 May
31% Feb
Highest
share $ per share
per
2
4
2% Mar
17% June
44%
Dec
4% Dec
37
Deo
Jan
112% Deo
2
June
734 Nov
15
Feb
72%
33
Nov
83
May
131% Aug 26
86
Feb 19
63% Mar
13 7% June 10
109%
Feb
4% Feb
1
Apr
6
1038 Mar
134 Mar
1
734 Mar
May
11734
Deo
3% Nov
534
Dec
438
Dec
19
Nov
4% Mar
9% Nov
39
Dec
26% June
33% Deo
118
Jan 16
12% Dec 11
4934 Nov 18
20
Nov
52
Nov 10
Nov 19
18% Nov 17
66
Nov 27
2% Feb 29
1284 Dec
1%
Jan
Feb
120
Apr
6% Nov
9
7% Nov 17
105
114
8
5
Mar
11
Deo
1%
28%
Feb
3
Dec
Jan
2% Mar
47
Deo
10%
Deo
14% Mar
% Mar
52
Deo
2% Mar
1%
6%
Deo
Jan
38% Dec
7% Mar
17
Aug
32% Dec
20% Aug
25% Dec
32
Sept
39% Nov
30%
Deo
4
Mar
June 23
85
Apr
90
Feb
234 Jan 13
1
Jan
3
Nov
11% Feb
85
734 Nov
'
2%
42%
2%
43
4838
7%
66%
1234
37%
31%
34%
9%
79%
*90
7%
*64
1134
66
4384
120
*84
66%
1234
33%
44%
17%
1134
79%
25%
35
Preferred
U S Steel Corp
Vadsco Sales
41
*32
£0
Universal Picture* 1st pref. 100
Utilities Pow & Light A
1
116
684
Smelting Ref & Min
57,600
52%
~95~"
100
22.400
41
*90
No par
1st preferred
2%
2%
52%
24%
*115
44%
20
No par
102% 103%
4
4%
2%
17
1134
65%
33%
438
2
17%
10%
*110
25%
19,900
88
102
10%
34
100
8
100
1%
8%
400
mmmm
104
*96
100%
98
102% 102%
25
25%
16%
16%
5%
5%
3834
4%
834
7834
3884
4%
8%
*7734
6434
31%
79
73
127
6534
32%
80
75%
127
*75
76%
46%
46%
I684
163s
161% 162
284
2%
48
48%
8034
80
79%
80%
*11134 113
*11184 113
38
38%
39%
38%
8
8
7%
7%
For footnotes see page 3794
*
93
♦111"
32%
120
140
40
West Penn Power pref
100
116
H684 *114
116
70
6% preferred
Western Maryland
100
100
9%
18%
2%
18%
6%
6%
85%
2%
46%
148%
25%
33%
♦
33%
120
25%
36
8%
84
78
78
79%
126% 126%
x75
75
75
75
47
47
48
48%
16%
16%
162% 162%
2%
2%
47%
47%
82
7934
80%
80%
112
III84 IH84 *105
39%
7%
25
884
82%
38%
7%
100
4%
3334
48
1,400
4%
8%
67
z47
33%
39%
33%
1st
Westvaco Chlor Prod..No par
*78
65%
33%
8334
34%
100
25%
16%
5%
39
4%
8%
79%
6684
3384
3,600
300
15,900
4,200
1,900
2,200
210
16%
234
47%
81%
*105
38%
39%
38%
734
7%
734
16%
300
1,600
36,400
163%
720
2%
47%
70,600
82%
13,700
113
3984
8%
Wheeling Steel Corp...No par
1,600
100
11,500
9,600
100
50
White Rk Min Spr ctf.-No par
White Sewing Mach...No par
Conv preferred
Wilcox Oil & Gas.....
No par
5
Wilson <fc Co Inc..
No par
$6 preferred
Woolworth (F
100
W) Co
Worthlngton P & M
Deo
11134 Jan
6
11634 Dec 10
95
Jan
11484
Deo
8% Apr 27
15
Apr 30
12% Feb 21
23% Sept 11
5% Mar
7% Mar
1% July
23s Feb
20% Mar
10%
Dec
6
Jan 14
7
7
96% Nov 5
48% Mar 3
153% Oct 17
160
18
Mar
32% Mar
33%
Dec
39
29
Jan
38%
Dec
32
Jan
3
July 29
35% Oct
1634 Mar
25% Nov
18
Jan
35% Sept
21% July
1
37% Jan 10
14% Mar
"32%
84
July
8
18% Feb
3
109% Feb 19
2838Nov 12
46% Jan
6% Mar
12% Oct
102% Nov
19% Deo
1334 July 7
3% Apr 28
16
Apr 28
234 Jan
7
6%June 19
70
June 20
17% Nov 17
634 Nov 17
43
Nov 17
5% Mar 30
11
Jan 14
1% Mar
6
Jan
1
Mar
3% Apr
Apr
51
Jan
47
1
Deo
Oct 23
58
No par
126
6
Nov 17
Jan 15
100
98»4 Nov
Feb
Nov 18
No par
Dec
Jan
7% Jan
77% Nov
3534 Deo
3%
Mar
71
Young Spring & Wire_.No par
1934
10
87
100
Nov
3334 Jan 25
36% Oct 22
Rights
92
90
4434 Apr 23
Yellow Truck & Coach cl B..1
99% Nov
Oct 16
91
100
Zenith Radio Corp
Zonlte Products Corp
Feb
9% Feb
July21 zl20
100
preferred
4
39% Mar
10
25
55% Nov
84% Oct
Deo
91%
120%
Preferred A
Youngstown S & T
Jan
Mar
Jan
Preferred B__
Preferred
Jan
72
100
Wright Aeronautical...No par
Wrigley (Wm) Jr (Del) .No par
Mfg Co
30%
34
Mar
23% Apr 30
56
Apr 30
Yale & Towne
9
36
99
White Motor
78
172
30
Sept
104%
34
9,800
1,000
2,300
1,700
7,400
7,100
84%
7634
5% preferred
Preferred
127
49
50
83% Aug 11
107
110
Apr 21
Sept 10
124% Sept 18
Wheeling &L Erie Ry Co.. 100
1,200
78
48
preferred
Dec 11
102
5i^% conv preferred—100
10
126
*70
2
Jan
72%May 4
34»4 Jan 13
94% Jan 6
123% Jan 7
22%June 8
35% Oct 22
1934june 29
3l34Nov28
Westingh'se Air Brake.No par
Westinghouse El & Mfg
50
3,500
34%
96
47
87
Feb 20
116% Jan 6
Western Union Telegraph. 100
25%
92
7
1% Nov
10
120
Feb 25
5% Aug 26
38
*
78
9134 Jan
100
Weston Elec instrum't.No par
Class A
..No par
*116"
1
Aug 21
33%June 30
100
1,700
3834
65%
100
Preferred.
26
16%
5%
*3834
438
*78
11,900
preferred
Western Pacific
40
16%
584
65%
14,000
2d
100
154
*16%
5%
79
1,200
3,000
11,800
22,500
preferred
*37%
25%
33%
25%
92
*IIo"
1834
10,800
6%
*24%
38
34
16%
162%
234
154
15384 154%
25
24%
*37%
9%
2%
7%
82
85%
45%
46%
145% 147
86%
45
145
78
2%
9%
*17%
2%
6%
9%
6434
32%
80%
16%
220
97
122
99%
162
IO584 IO584
West Penn El class A..No par
Preferred
100
96
s99%
84%
77%
50
*121
103% 10384
24% 25%
163/
1634
5%
5%
3834
39%
4%
4%
75%
100
1
Wesson Oil & Snowdrift No par
Conv preferred
No par
96
34%
126% 127%
81
100
Wells Fargo & Co
122
33%
8%
590
19,500
96
33%
8%
*99
100
2%
47
122
122
122
12234
♦122% 12234 122% 122% *122
*116%
*116%
*116%
*116%
9
9
9%
9%
9%
834
9%
9%
19
18
19
♦1734
1884
18%
18%
18%
2%
2%
2%
2%
2%
2%
2%
2%
6%
638
6%
6%
6%
6%
684
6%
88%
87%
88%
88% 89%
86%
85%
8784
46
46
46%
45%
45% 46%
45% 45%
143
143% 145
146%
144% 14534 14384 146%
153
*151% 154% *152% 154% *152
*153% 154%
26
26%
2584
25%
25%
24%
*26%
24%
*37% 38%
*37% 38
37% 37%
•37% 38%
25
24% 24%
25%
25%
24% 25%
25%
*33
33
33%
33%
33%
33% 33%
33%
*33%
734
mm——mm
1%
96
*162
*122% 130
*122% 130
*122% 130
*122% 130
3
234
700
*2%
2*4
2«4
2%
2%
234
8
8
8%
734
8
8%
3,300
8%
8%
8%
7
7%
20
*5%
7%
7
*5%
5%
*5%
5%
18
17%
17%
zl7%
17%
17%
17%
1784
1,800
17%
38
39
38%
39
37% 38%
39
38%
38%
2,500
116% *116% 118
10
*116% 118
*116% 118
*116% 118
10%
10%
12
10%
1034
11%
12% 113,300
11%
11%
46
48
46% 46%
46%
48
47%
47%
49%
10,600
1934
19%
500
19%
*1938
19%
19%
*19%
19%
19%
43
45
*43
*41% 45
45
500
*43%
4334
46%
6%
6%
6%
6%
6%
684
634
6%
6%
1,800
1%
353s
3,600
139% 140
*132% 138%
*100
12984 *127
78%
87,900
8%
4634
46% 53
113% *113
114%
9%
9%
9%
36
500
77
104
6%
1%
10634 10634
mm — *.
*84
1%
100
138
73
76%
*100
4584
*84
♦90
734
88%
1%
•
96
45%
95
6%
10%
80
*115
mmmm
'
*2%
*159
104
1%
....
42%
*80%
87%
138
*162
*7134
♦122% 130
3
*2s4
8
*10%
t
4534
*100
45
45%
*84
♦90
*100
139% 140%
8%
*100
73
14% Nov 14
109
Jan 7
6% Apr 30
Apr 30
No par
56%
75%
2
13
U P Hoffman Mach Corp._.5
U S
July 10
June 18
100
Corp
i
June 10
9634 Nov
No par
Preferred
Class A
9
Jan 15
66% Jan
No par
U S Freight
U S Gypfcum
5H%
Oct
Jan 21
93
No par
United Electric Coal
100
22% Jan 6
5% Apr 30
40 % Apr 2 9
1034 Apr 27
15
Jan 9
No par
1,800
1,700
14%
111%
12%
14%
96
Preferred
No par
3,500
5%
100
68
United Eng & Fdy
United Fruit
1,400
2,500
39%
6%
111
United-Carr Fast Corp.No par
United Corp
No par
700
68,300
21%
41
100
No par
United Carbon
7
2
22% Jan 2
20% Apr 30
13
Jan 2
16% Apr 27
24% Mar 18
No par
32%
56%
No par
Lowest
105% Nov 18
28% Feb 7
14934 Aug 12
71% Jan 3
2034 Aug 26
United Aircraft Corp
..6
Un Air Lines Transp Corp._.5
99,000
13%
14%
$ per share
Union Carbide & Carb .No par
Union Oil California
26
99
Year 1935
Highest
$ per share
Par
12,800
98%
99
32% 33%
119% 120
Shares
Range for Previous
100-Share Lots
Lowest
5,000
3%
4
33
5834
*58
129% 13234
Range Since Jan. 1
On Basis of
5,700
103% 103%
24%
24%
17%
*82%
3%
20%
99
23%
18%
103% 104%
24% 24%
STOCKS
EXCHANGE
Week
11
$ per share
21%
100
32%
$ per share
14%
14%
14%
14%
111% 111% *111% 111%
*11%
12%
12%
*1134
18
*1734
17%
17%
17%
3%
21%
Dec.
10
31%
3034
31
30%
31
3034
30s4
*113% 11434 *113% 11434 *113% 11434
86
*86
89
86%
8634
8634
*33
*33
*31% 34
34
33%
6%
634
6%
6%
6%
6%
44% 44%
4434
45%
4434
4434
14%
14%
1434
15%
14%
14%
20
20
2:2084
2034
20%
20%
*102
103
10034 101
2:10034 10034
7%
8%
7%
8%
7%
7%
47
47
48%
49
2:48% 48%
82
8134
82%
82%
83%
82%
14%
1434
14%
14%
14%
14%
*110% 112
*110% 111% *110% 112
12%
*11%
11% *1138
11%
11%
18%
Dec.
102%
2484
Friday
Tgursday
NEW YORK STOCK
the
SHARE, NOT PER CENT
Monday
10H2 102i2
Sales
for
LOW
Saturday
3803
Jan
4
62% Jan 6
63
Aug 21
33% Apr 28
884 Jan
83%
2%
42%
41«4
105
3
85% Oct 23
8034 Oct 23
14084 Sept 16
79
Feb 10
51
Nov 17
2284 Oct
8
Jan
6
16334 Dec 11
Deo
7
3% Dec
July
1
Jan
6
Jan
6
11% Jan 28
534July 7
55
Apr
Aug
6
7
42% Nov 17
9% Jan
24% Jan
434 Deo
20% Deo
3% Dec
9% Nov
79
Nov
1134 Mar
65% June
25% Nov
61
Nov
20
25% Mar
Apr
51% Nov
35% Mar
68
7334 Mar
8234 Apr
35% Nov
9% Dec
1784
Apr
2% June
31% May
96
Deo
Nov
3
8734 Qot 10
122
Nov
4
18
Mar
13
Mar
38% Apr
1% May
2% June
53%
46%
105
Dec
Deo
' Deo
1434 Nov
734
Deo
Bond
Complete
WHITNEY & CO.
RICHARD
Members
New
Yerk
Stock
Member*
New
York
Curb
Exchange
Eechang*
BROAD STREET,
15
Service
Brokerage
NEW YORK
A. T. & T. T.l.typ. TWX. N. V. 1-1191
T.l.ph«n. BOwllng-Gr««n 9-4600
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
3804
On Jan.
1, 1909 the Exchange method of quoting bonds
was
NOTICE—Cash and deferred delivery sales are disregarded in the week's range, unless
the regular weekly range are shown in a footnote in the week In which they ocour.
Friday
BONDS
Y.
k
STOCK EXCHANGE
Week Ended Dec. 11
U.
Q)
they are the only transactions of the week, and when selling
ig
Range or
Sale
Friday's
Price
Bid
&
Low
Asked
Low
High
No.
121.24 121.20
121.26
80
115.3
110.15 110.10
110.16
61
105.24110.16
116.3
S
114.17 114.17
D
116.2
116.9
114.20
106.13 106.12
107.31
111
116 9
8
109
11420
3s
1 1942-1947 M
.^Mar
♦Sirking fund 7s of 1927
Copenhagen (City) 5s
D
"99%
97%
96%
J
102.20106.19
25-year gold 4%s
-.1953 M N
J
Cordoba (Prov) Argentina 7s.. 1942 J
102.29108.7
17
41
106.17111.3
(Republic of)—
♦7s Nov 1, 1936 coupod on._1951
Cuba (Republic) 5s of 1904
1944
108.16|108.10
108.16
152
109.16 109.12
109.19
96
108
108.30 108.26
109.3
86
103.24 109.3
External 5s of 1914 ser A
68
103.19 108.17
109.14 109.12
O 110.12
108.8
108
110.9
S
104.8
S
106.22 106.18
S
104.7
104.4
104.5
109 23
109.17
132
110.15
165
105.12110.15
104.19
431
100
106.25
181
100.31106.25
104.17
156
108.5
101.7
109 25
104.19
104.18
D
102.29 102.26
103.4
605
100.23103.6
S
102.16 102.12
102.23
539
100.30102.24
*105.20 105.27
102.20106
105.3
105.9
100.26 105 9
105.14
105.19
101.20105 19
*104
S
Home Owners' Mtge Corp—
3s series A
May
1 1944-1952 M N
104.10
100.15104.7
104.24 104.23
104.29
252
2 %s series G
102.31
103.9
264
99.16 103.10
103
103
103.5
50
99.17103.5
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
♦Sink fund 6s Feb coupon on_
S
♦Sink ford 6s Apr coup on
-
Akershus (Dept) Ext 5s
♦Antioquia (Dept) coll 7s A
Czechoslovakia (Rep of) 8s
Sinking fund 8s
ser
7%
9%
9%
9%
s
f 7s series B
1945 J
J
12%
s
f 7s series C
1945 J
J
12 J*
s
f 7s series D
1945 J
J
s
f 7s 1st series
1957 A
O
♦External
sec s
f 7s 2d series. 1957 A
O
sec s
24%
98%
13
♦External
f 7s 3d series .1957 A
Antwerp (City) external 5s-_._1958 J
Argentine Govt Pub Wks 6s
1960 A
Argentine 6s of June 1925
1959 J
External s f 6s of Oct 1925
1959 A
External s f 6s series A
1957 M
O
D
O
D
O
12%
12%
11%
11%
98 %
10%
9%
9%
96 %
l02M
102%
102%
102 %
102 %
102)4
102%
Extlsf 6s of May 1926External s f 6s (State Ry)
1960'M
1960 M
1961IF
1961 M
1962 iF
1955 J
N
103
102%
102%
102%
Australia 30-year 5s
1957IM S
External 5s of 1927
External g 4 %s of 1928
Austrian (Govt) s f 7s
1956 M N
1957 J
J
♦Bavaria (Free State) 6%s
1945
1949
Belgium 25-yr extl 6%s
External
s
102
110
109%
109%
109%
102%
100
f 6s
External
s
f 6s
External
s
ser
S
s
Refunding sf 4%s-4%s
Extl re-adj 4%s-4%s
Extl
s
f
1975
1984 J
4%s-4%s.-
3% external
Bulgaria
s
f $ bonds
♦Sink fund 7s July coup
s
s
f 6s
98
J
107%
153
■
23%
32
78
30%
"23%
24
23%
40%
36%
35
36
34 %
34%
34%
102
102%
104
27
8
122
6
122% 183
116% 172%
131
131
1
130
123%
3
122% 182%
235
190
29%
20%
19%
29
28
39%
22%
20%
32
30%
130
26
23%
26
59
23%
34
26
26
26
12
26
45%
30
30
32%
4
30
35
A
27%
27%
27%
27
26
31%
99%
99
28
22
99%
22%
16%
16%
93% 100
19%
26%
15%
24%
*105%
106%
22%
22%
16
22%
a22%
..1968 F
J
s
A
22%
External
sec s
f
ser
1947 M
B
Italian Public Utility extl 7s..
.
♦7s with all unmat coup
27%
♦Leipzig (Germany)
42
Lower Austria
36%
36%
36%
35%
s
J
1957
1947
f 7s
1950 J
7 %s June 1 1935 coup on
-.1945 Q
30
8
18%
6
17%
16%
32%
25%
26
38
61%
4
J
82
"l3
112% 115
87%
60%
83% 100
53
83
13
98%
82%
99%
86
82%
84%
84
78
89%
28%
28%
24%
2
25
35
3
22%
*
11%
5%
77
51%
91% 100%
D
D
Milan (City, Italy) extl 6%s... 1952 A
Minas Geraes (State)
♦Sec extl s f 6%s
♦Montevideo (City) 7s
6
8%
8%
8%
103
35
9%
8%
"0"
9
~32
7H
2
7%
31%
"l3
6%
230
9%
15
J
O
64%
9%
21
21%
19%
22
66
D
65%
1959 M N
12
44
6
42
9
*60%
1952
J
11%
7%
10%
12%
12%
9
6
4%
7%
81
5%
9%
9%
66
101
4
7
J
7%
25
5
6%
7%
4
10%
6%
1958 M S
1959 M S
f 6%s
11%
5%
.....
6%
6%
♦STreas 6s of '13 assent(large) '33 J
J
♦§ Small
95%
104%
*8%
8%
8%
8%
1954 J
1954 J
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
s
110
17
68
J
♦Assenting 5s of 1899
♦Assenting 5s large.
♦Assenting 5s small
♦Sec extl
"78%
104
67%
98%
J
♦4s of 1904...
J
77
D
♦Mexico (US) extl 5s of 1899 £.1945 Q
105%
83
*96%
67%
24%
D
♦Medellin (Colombia) 6%s
1954 J
♦Mexican Irrig assenting 4%s._1943 M N
36%
81%
1
—
(Province of)—
104%
105
"83"
22%
48%
120
12
28%
F A
104%
103%
103%
22%
48%
*113
S
1952 J
22
a22%
1960 M N
f 5s
Extl sinking fund 5%s
1965 M N
Jugoslavia State Mtge Bank—
36 %
18
129
121
28
Japanese Govt 30-yr s f 6%s..l954
23%
109
20%
20%
118%
39%
10
23%
70%
97%
105
21%
20%
109%
23 %
93
6
29%
102%
28%
40
41%
96%
D
1965 J
1965
102%
23%
70
107
123%
105%
4%
6%
5%
7%
7%
10%
11%
60
77
15%
22%
14%
22%
47
6 5
43
61%
13
13
105%
111%
96%
13%
13%
13%
13%
12%
12%
11%
40%
19%
of)
29%
29%
13
101
105%
110
38
104% 110
109%
14
104% 109%
101%
62
100
103%
101%
63
99%
57
96% 101%
1943
108%
1944
109
1963
101
102%
102%
1
1956
.1965
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
1970
100%
102%
1952
23%
23%
Oriental Devel guar 6s
Extl deb 5%s_-
1953
76%
79
73
74%
36
99%
21
104 H
103%
72 »
..1958 M N
♦Extl
8
A
O
99%
J
D
*105%
1963 M N
Oslo (City) sf 4%s
Panama (Rep) extl5%s
82%
1955
1953
f 5s ser A
Peraambuco
102%
104
2
18%
27
47
76%
86%
....
"82%
82%
96% 100
104
67
106%
90
70
73
44
58
81
18%
20%
35
12%
20%
1959 M S
15%
17
11
13%
D
13%
13%
14%
477
10
15
271
10
16%
16%
56%
58%
19
37
80%
111%
♦Stamped
13%
14
105
104%
Norway 20-year extl 6s
20-year external 6s
External sink fund 4%s
External s f 4%s
14
106%
105
External sink fund 5s_
25%
25%
26%
100%
104%
32%
29
20
New So Wales (State) extl 5s.. 1957
External s f 5s-_.
Apr 1958
99%
1951
♦Cologne (City) Germany 5 >$8.1950
78
128
D
116
12
3809.
78%
61%
22%
22%
D
114%
12
on.Oct 1961.
1961.
48%
66%
70
121"
19 J
..1949
110%
1962
For footnotes see page
M N
19
1951 J
D
Italian Cred Consortium 7s A.. 1937 M S
109
1938
♦6s July 1 1935 coup on Jan
37
74%
*96%
Italy (Kingdom of) extl 7s
1961
♦6s Apr 1 1935 coup
1953
Hungarian Cons Municipal Loan—
♦7%s unmatured coup on
1945 J
1960
(Republic
105%
105%
72
106
106
100
♦Chinese (Hukuang Ry) 5s
Colombia
30
21%
102%
1942
♦External sinking fund 6s—1960
♦Extl sinkirg fund 6s__.Feb 1961
♦Ry ref extl s f 6s
Jan 1961
♦Extl sinking fund 6s_.Sept 1961
♦External sinking fund 6s—1962
♦External sinkirg fund 6s
1963
♦Chile Mtge Bank 6%s
1957
♦Sink fund 6%s of 1926
1961
♦Guar sf 6s
24
99%
61%
48%
♦Chile (Rep)—Extl s f 7s
♦Chilean Cons Munic 7s
101%
89
73
Irish Free State extl
Oct 15 1960
♦Guar sf 6s
105%
90
68
104% 106%
100% 102%
93% 100%
25
♦Hungary (Kingdom of) 7%s._ 1944 F
♦Carlsbad (City) sf 8s
♦Cent Agric Bank (Ger) 7s
♦Farm Loan 6s ser A Apr 15
11
20
71%
110%
Aug 15 1945
1961
1954
1950
f 6s..July 15 1960
♦Farm Loan
102
98
103%
72
110
off 1968
1960
♦Farm Loan
18
102
37%
73%
22
1952
10-year 2 M8
25-year 3%s
100
*44
74%
♦7s unmatured coupon on
1946 J
J
♦Hungarian Land M Inst 7%s.l96l!M N
Sinking fund 7%s ser B....1961 M N
off-.1967
5s
92
4
1670
100%
98%
J
♦6s series A
♦Sink fund 7 Ma May coup
Canada (Dom of) 30-yr 4s
68
1952 A O
♦Hamburg (State) 6s
..1946 A O
♦Heidelberg (German) extl 7%s '50 J
J
Helsingfore (City) ext6%s
1960 A O
of)—
(Kingdom
11
98
102%
24
Haiti (Republic) s f 6s ser A
1961
1977
1976
1976
f 4%s-4%s
101%
N
S
♦Sink fund secured 6s
1960
♦6%s stamped
105
99
O
♦(Cons Agric Loan) 6%S-...1958 J D
♦Greek Government s f ser 7S-.1964 M N
♦Buenos Aires (Prov) extl 6s—1961
♦6s stamped
1961
Extl
34%
99%
♦7s unstamped
1949
German Prov & Communal. Bks
1960
C-2
23
105
S
1945 M
1948
♦5%s unstamped
on—1962
B-2..1955
f 6s ser C-3
16
27
101
O
105%
1950
98%
96%
101
98
99%
1967
♦5%s of 1930 stamped
Budapest (City of)—
♦6s July 1 1935 coupon
Buenos Aires (City) 6%s
88%
70%
105
59%
101
102
"lie"
1958
;
102%
23%
1941
1957
♦External s f 6%s of 1927--.1957
♦7s (Central Ry)
1952
Brisbane (City) s f 5s
1957
Sinking fund gold 5s.1958
s
102%
102%
107 %
-.1955
1960
1950
♦External slnkiDg fund 6s
♦Brazil (U S of) external 8s
♦Externals! 6%s of 1926
20-year
102%
102%
102%
102%
102%
102%
1955
f 6s
External 30-year s f 7s
Bergen (Norway) ext s f 5s
♦Berlin (Germany) s f 6%s
13
♦German Rep extl 7s stamped. 1949 AO
103
102 %
A
N
A
J
25%
105"
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
External 7s stamped
7s unstamped
102%
102%
102%
102%
102%
D
Public Works extl 5%s
23ji
17%
21%
92% 100%
German Govt International—
13%
12%
12%
12%
97%
19581J
Extl 6s Sanitary Works
Extl 6s pub wks May 1927
High
23%
22
101
.
13
External 6s series B
S
"21
17%
105
102
1952
External gold 5%s
1955
External g 4%s
Apr 15 1962
Deutsche Bk Am part ctf 6s
1932
§ ♦Stamped extd to Sept 1 1935... M
Dominican Rep Cust Ad 5 %s. 1942 M
1st ser 5%s of 1926
1940 A
2d series sink fund 5%s
1940 A
♦Dresden (City) external 7s
1945 M
7%s unstamped
13%
13%
102%
102%
102%
S
99%
98%
96%
Low
i
26
101
105
102%
1951
.1942
B
97% "
93
""64%
Denmark 20-year extl 6s
24
"98 %
♦External
♦External
21
21%
24
A
.1948 A O
1963 M N
1945 J
J
♦External
♦External
99%
"98"
1949
Sinking fund 5%s...Jan 15 1953
♦Public wks 5%s...June 30 1945
French Republic 7%s stamped-1941 J
1947 F
*20%
A
♦Frankfort (City of) s f 6 %s
A
1942-1944
No
100.17104 30
103.4
M
1949 F
Finland (Republic) ext 6s
1 1939-1949 F
2%s series B__Aug
Since
23%
23%
20%
27
External loan 4%s
108
A
Range
Jan. 1
Costa Rica
107.19109
High
21%
23%
1952
S
Jan
2%s
O
1946 M N
1947 F A
♦Sinking fund 7s of 1926
D
D
Price
Low
♦Colombia Mtge Bank 6%s_. 1947 A
D
Mar 15 1944-1964 M S
May 15 1944-1949 M N 105.4
J
15 1942-1947 J
3s
a.
110
106.15
Federal Farm Mortgage Corp—
3%s
•n
108.7
111.3
111
S
D
150
Friday's
Bid
it
Asked
Foreign Govt. & Mun. (Concl.)
High
121.26
Range or
Sale
|||
STOCK EXCHANGE
Week Ended Dec. 11
Jan. 1
O
D
N. Y.
Since
ttl&a
outside of
Week's
Sale
BONDS
Range
II
O
Government
S.
15 1947-1952 A
Treasury 3%8._.Oct
15 1943-1945 A
Treasury 4s
Dec 15 1944-1954 J
Treasury 3%s._.Mar 15 1946-1956 M
Treasury 3%S— June 15 1943-1947 J
Treasury 3s
Sept 15 1951-1955 M
Treasury 3s
June 15 1946-1948 J
Treasury 3%S—June 15 1940-1943 J
Treasury 3%s.--Mar 15 1941-1943 M
Treasury 3%s._.June 15 1946-1949 J
Treasury 3 %s
Dec 15 1949-1952 J
Treasury 3%s
Aug 16 1941 F
Treasury 3Ms.-.Apr 15 1944-1946 A
Treasury 2%s.__Mar 15 1955-1960 M
Treasury 2%s._.Sept 15 1945-1947 M
Treasury 2%s.__Sept 15 1948-1951 M
Treasury 2%s
1951-1954 J
Treasury 2%s.._Septl5 1956-1959 M
Treasury 4%s.__Oct
)Friday)
Week's
Last
bonds
No account Is taken of such sales in computing the range for the year.
~
N.
Dec.12.m6
changed and prices are now "and interest"—except for income and defaulted
(State of)—
♦7s Sept coupon off
♦Peru (Rep of) external 7s
Nat Loan extl s f 6s 1st
*
♦Nat Loan extl
s
1947
ser.
.
1960 J
f 6s 2d ser. .1961
♦Poland (Rep of) gold 6s
♦Stabilization loan s f 7s
♦External sink fund g 8s
1940
.
M
S
...1947
75
77
40
44
1950
57
59
51
40
19
96
Volume
Range or
Last
BONDS
STOCK,EXCHANGE
•-i
Friday's
Sale
&
e
Week Ended Dec. 11
Bid
Price
A,
Asked
A
High
Low
Foreign Govt. &Munic. (Concl.)
Porto Alegre (City ot)—
1961 J
* *7
Ma July coupor off
1960 J
Prague (Greater City) 7 Ma
1952 M
♦Prussia (Free State) extl 6 M 9-1951 M
&
*88 June
coupon off
♦External
s
Queer eland (State) extl
N 25-year external 6s
s
I 7s
♦Rhine-Main-Danube 7s A
22
99J*
22
22
1941 A O
1947 F A
1950 M S
113
112
114
113
♦7s May coupon off-..♦7s June coupon off
Rome (City) extl 6Ma
1966
1907
1952
-
Rotterdam (City) extl 6s
1964
A
J
M
J
A
IVI
O
D
N
D
O
N
Rouinania (Kingdom of) Monopolies
♦7s August coupon off--..--1959
19J*
189*
249*
209*
29
28
90
109
295*
285*
1135*
7
109
114
18
203*
21M
219*
209*
N
15
14
7
16
108
14
245*
205*
22
15
145*
24
23
15
24
68
689*
36
*108
1129*
23 J*
68J*
23 J*
♦Extl 65*3 May coupon off--1957 M
15
98
305*
215*
235*
25 J*
209*
1937
21
199*
1930 J
Baldwin Loco Works 1st 5s
1940 IVI N
♦External 0s July coupon
Secured s f 7s
J J
M S
off-1908 J
1940 A
^.♦Sinking fund
g
0J^s
O
1945 J
♦Saxon State Mtge Inst 7s
D
1946 J
Serbs Croats A Slovenes (Kingdom) —
♦8s Nov 1 1935 coupon on...1962 IVI
♦7s Nov 1 1935 coupon
Silesia (Prov of) extl 7s
N
on... 1962 IVI N
1958 J D
A
♦Sllesian Landowners Assn 6S-. 1947 F
Soissons (City of) extl 6s...... 1936
33
23 J*
239*
24
92)*
909*
929*
235*
215*
Tol A Cln Dlv 1st ref 4s A... 1959
Ref A gen 5s series D
2000
Conv 45*8
1960
345*
32
155*
*26
265*
14
24
925*
269*
"269*
239*
239*
509*
349*
239*
229*
249*
41
23
295*
239*
519*
349*
65
225*
29
15
33
75
2
33
615*
fe,+7s Feb
1946
1955 F
coupon off
Sydney (City)
s
f 5 5*8
Tokyo City
External
A
72
f 55*8-_.._1971 J
5s loan of 1912
1952 M
Taiwan Elec Pow
s
s
f 55*s guar
1961
"73"
73
1009*
M N
Trondhjem (City) 1st 55*s
1957
♦Uruguay (Republic) extl 8S..1946 F A
ft ♦External s f 6s......
...1960 M N
pa ♦External s f 6s
1964 IVI N
Venetian Prov Mtge Bank 7s.. 1952
Vienna (City of)—
68 Nov coupon on
RAILROAD'AND
"63"
63
609*
1958 F
1961 J
A
D
489*
709*
769*
71
62
33
879*
499*
809*
765*
825*
995* 1025*
395*
635*
43
375*
375*
635*
14
41
63
869*
90
869*
48
68 M
73
1
63
60
♦75
A O
83
97
62
74
339*
719*
769*
101
89
1967 M S
♦IfAbitibl Pow A Paper 1st 58.1953
Adams Express coll tr g 4s
1948 M 8
ft Coll trust 4s of 1907
1947 J D
ft 10-year deb 4>£s
1946 F A
78
104
1039*
70
113
warr assented
—.1946
Coll A
conv
♦Coll A
conv
5s
A
1009*
D
O
♦08 stamped
......1950
Allegb A West 1st gu 4s
..1998 A O
Allegh Val gen guar g 4s....... 1942 IVI 8
Allled.Storea Corp deb 45*s_... 1950 A O
AUia-ChalmerSjMfg.conv deb 4s 1945 MN
ForelgnjPow deb 5s——.2030
American Jce s f deb 5s
Amer I G Chem conv 5Ma
Am Internat Corp conv bMa
M
8
1953 J D
1949 MJN
.1949 J HJ
124
909*
1019*
212
_
♦Alplne-Montan'Pteel 7s......1955 M33
Am A
989*
909*
69
1029*1 1039*
1119*4 HIJ*
1009* ±101)*
195
212 ^
*9194
809*
819*
879*
1099*
1059*
10
272
12
^20-year staking jfund 55*s.._1943
Convertible debenture 45*s_. 1939
J
ij
1965 FiA
Debenture 6s
*941
90 M
♦Am Type Founders conv
deb. 1950
83M
1015* 1065*
1085* 146
33
1095* 1195*
225
11019,21145*
54
171
161
1125* 115
1075* 173
f*
1975 MN
Deb g 6s series A
J
J
^♦Certificates of deposit..
Anaconda Cop Min s f deb 45*s 1950 A^O
♦Anglo-Chilean Nitrate—
S f income deb
J
1995 Q
...
^♦AnbjArbor 1st g 4s
1967 J
1939 J D
*51st M s f 4s ser B (Del)
1955 F*A
Armstrong Cork deb 4s.......1950 J » J
Atch Top A 8 Fe—Gen g 4s
1995 A O
Adjustment gold 4s
...1995 Nov
Stamped 4s
.-..1995 M N
Conv gold 4s of 1909..
.-1955 J D
45*s
...1955 J
Conv 4s of 1905
789*
D
J
70 u|
7794
1059* '10594
J
D
J
74 J
1049*
"in"
1139*
32 M
99
1099*
*1069*
51109*
*1069*
1139*
113
96
40
247
[1119*
U19*
1099*
1099*
a
*
5
13
"16
111-
HI*
73
*159
11*
86
37
97
385*
41
125
38
385*
101
1055*
104
1005*
1055*
1035*
40%
101
104
I
28
1055*'
82
*80
104*LXM
1145*
115
122
N
J
A
N
*
935*
....
8
13
235*
225*
205*
23
1025*
325*
30
29
33
106j
985*
995_
1095* 1115*
935*
715*
73
94
68
89'
195*
175*
31}
43«
175*
435
1013
1055
1005* 1045*
88
102
69
85
75
955*
109
1155*
1195* 12251
1245* 13151
104
10651
1315*
1225*
1315*
105
105
1095*
110
6
108
110
1055*
106
24
105
1065*
M N
6
2
♦1035*
103
1035*
1085* 111
*109
1025*
91
915*
..1952 A O
1955 J
J
715*
215*
*215*
*855*
705*
555*
555*
1025*
102
22
3
655*
95
19
305*
17
30
90
805*
90
1035*
1035*
1055*
425*
78
485*
73
31
50
67
20
725*
565*
101
105
1025* 1045*
25
1005*
105
1
92
92 5* 1015*
1
1035* 1075*
1035* 1055*
425*
95*
1115* 120
12
340
U85*
375*
1185*
1155*
1145*
1155*
38
118
1185*
1205*
1205*
45
1085* 1165*
1135* 119J*
24
115
20
1155* 1215*
1125* 120
1105* 1173
1105* 117J
1225* 129
a
40
120
"_25
1079*
1139*
~~~3
1139*
7
1
1
1035* 1
945* 1
1045* 1
1105* 1
1045* 1
1045* 1
1065* 1
105
1
1025* 1
109
cons g
J
1957
J
July 1969
1969
J
D
118
1195*
1205*
1175*
F
A
1165*
115
A
1970 F
1
1055* 1
1105* 1
1105* 1
O
A
33
115
116
J
1275*
128
J
J
975*
MS
M S
1035*
J
J
116
116
J
D
109
109
J
J
1055*
J
1045*
695*
1055*
J
70
3
1005* 1055*
70
495*
1938 J
D
106
106
1
106
6s ser A.Dec 15 1952 J
D
*110
111
1055*
—1987 J
4s
89
Member*
—
26
106
Telephone HAnover 2-7900
—
Private Wires to Chicago.
A. T.
&
T. Teletype
Indianapolis and St. Louis
7
21
.88
975*
106
1135* 116 5*
1055* 1095*
108
1085* 111
17
8
1025* 1085*
73
945*
31
195*
18J*
235*
19
20
21
11J*
185*
235*
20
39
12
365*
205*
205*
8
245*
6
1
27
42
2
52
81
96
23
21
29
27
20
24
"l5M
155*
15
*25
30
20
156
172
102?*
1015*
"l045*
*1085*
1045*
*
172
56
55
875*
875*
815*
J
NEW YORK
NY 1-911
18
315*
New York Curb Exchange
....
26
160
895*
335*
805*
315*
335*
805*
A
Vilas A Hickey
—
15
»
975*
1045*
1165*
1095*
23
285*
56
133
1025*
13
1045*
575*
"l4
955* 1035
1055* 108!
995* 1053
90
815*
Railroad, Public Utility and Industrial Bonds
49 WALL STREET
38
122
1275*
965*
1035*
BOND BROKERS
New York Stock Exchange
7
1165*
116
J
f ♦Central of Ga 1st g 5s..Nov 1945
♦Consol gold 5s
1945 M N
♦Ref A gen 55*s series B
1959 A O
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s..1951
♦Mac A Nor Div 1st g 5s
1946
♦Mid Ga A Atl Dlv pur m 5s. 1947
♦Mobile Div 1st g 5s
1940
Central Foundry mtge 6s
1941 M S
Gen mortgage 6s
1941 M S
Cent Hud G AE 1st A ref 35*s_1965 IVI 8
Cent 111 Elec .A Gas 1st 5s
1951 F A
f*Cert New Engl 1st gu 4s
1961 J J
J
Central N J gen g 5s
...1987 J
General
118
■i For footnotes see page 3809.
206
385*
F
67
ftll
222
117
78
1055*
"5*
O
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Ad 1st gu g 4s
1981 J D
♦Cent Branch U P 1st g 4s
1948 J D
275*
5
f 749*
785*
995* 1075*
26
11079*
*
1099*
107
106
1st A
1115*
325*
4 tlOO*
106J*
1109*
1119* alio9*
1119*
J
S
99
999*
U7""
97
253
1 '104
1049*|104J*
104
J
Trans-CoD Short L 1st 4s—1958 J
Cal-Arlz 1st A ref 45*s A....1962 M
78
1069*
Si
419* 1399* 1"429*
D
1910
1960
Corv deb 45*s
........1948
Rocky Mtn Div 1st 4s......1965
Conv g 4s issue of
14
1109*
70}
8
Ark A Mem Bridge A Term 5s. 1964
Armour A Co (III) 1st
1109*
J
M
1109*
779*
845*
845*
..1938'J
Caro Clinch A O 1st 5s
Amer Water Works A Electric—
t»Am Writing Paper 1st g 6s.. 1947
5
46
1955
1956
Guaranteed gold 45*s__Sept 1951
Canadian Northern deb 6 5*s
1946
Canadian Pac Ry 4% deb stk porpet
Coll trust 45*s
...1946
5s equip .trust ctfs
1944
Coll trust gold 5s
Dec 1 1954
Collateral trust 4 5*3
1960
f*Car Cent 1st guar g 4a
1949
68
875*
1095* 1175*
1129*
1159*
1149*
245$
245*
1950 F A
Guaranteed gold 5s
Oct
Guaranteed gold 5s
Guar gold 4j*s
June 15
Guaranteed gold 45*s..
98 J*
66J*
109
1129*
171
99
~2i~M "n
13
2f5*
15
1950 J D
1957 M N
35*3
Canadian Nat guar 4J*s
Guaranteed gold 5s
110,932 1109*
1149*
IIOI'm
122
1315*
3
38
163
839* 453
87 4*
1879* #21
156
1099* (1109*
29
1059*
1069*
1129*
119
125
32
24
A O
M N
M N
Cal Pack conv deb 5s
...1940 J
J
♦Camaguey Sugar 7s ctfs
...1942 A O
Canada Sou cons gu 5s A......1962 A O
AmjRolIing Mill conv deb 454S.1945 M.N
Am Telep A Teleg—
MN
985* 100 J*
22
M
J
F
M
95
845*
955*
1135* 1165*
103J* 1095*
1095* 118
77 5*
685*
24
♦Bush Term Bldgs 5s gu tax ex. 1960
By-Prod Coke 1st 55*s A
1945
Cal G A E Corp unlf A ref 5s
1937
7
216
659*
'"66""
15
2
805*
con
♦Certificates of deposit
f*Bush Terminal 1st 4s
♦Consol 6s
789*
97
1055*
84J*
J
F A
M S
Consol 45*s
1957 M N
If ♦Burl C R A Nor 1st A coll 5s 1934 A O
1049*
1019*
.1049*
1009*
979*
1950 A
58
O
1944 F
1949 J
Alleghany Corp coll tr 6s
A
235*
245*
Buffalo Gen Elec 45*s ser B...1981
Buff Roch A Pitts gen g 5s
1937
~82"
*65
...1948
Alb A Susq 1st guar 35*s
1215*
1315*
74
A
gtd 58.1941
1941
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s..
1945
1st lien A ref 6s series A.....1947
113
82
'"§3
184
F
5s stamped
Brars A West 1st gu g 4s
*109
O
1145*
775*
100
745*
615*
308
80
♦Certificates of deposit
I
Brooklyn City RR 1st 5s_
1941 J
J
Bklyn Edison cons mtge 35*s_. 1966 M N
Bklyn Manhat Transit 45*s-.-1966 M N
70
D
..1943 J
jft lst cons 4s series B
267
1934 A
If ♦Botany Cons Mills 05*s
f deb
88
925*
815*
925*
1155*
212
*1029*
1943 J D
♦Albany Perfor Wrap Pap 6s.. 1948 A O
Adriatic Elec Co extl 7s.......1952 A
Ala Gt Sou 1st cons A 6s
24
*"§5
1955 M N
1961 A O
1st g 45* s series J J
^♦Boston A N Y Air Line 1st 4s 1955
s
995* 1075*
45
100
*112
1944 J
Brown Shoe
759*
1039*
1039*
24
24
Boston A Maine 1st 5s A C
1st M 5s series II
1st lien A ref 5s series B
78
131
23 J*
Big Sandy 1st 4s
1st
1005* 1055*
*1035*
1955 A
Debenture gold 5s
D
131
1215*
995*
COMPANIES
♦6s with
1960 A
'l05M
INDUSTRIAL
J
♦755*
A
Bklyn Qu Co A Sub
84 5* 105
19
*104
35*s__1943 J
♦Berlin City Elec Co deb 6 5*s..l951 J
♦Deb sinking fund 65*s
1959 F
955*
72
"l8
1009*
639*
599*
...1952
Warsaw (City) external 7a
Yokohama (City) extl 6s
739*
749*
*72
A
905*
30
210
93
51
1135*
♦Berlin Elec El A Undergr 6 5*s 1956 A
Beth Steel cons M 45*s ser D..190O J
1005* 1065*
74
72
1075*
1035* 1065*
1025* 1095*
75
955*
1085* 116
103
62
1095*
1075*
1155*
113
1005* 106
*110
1215*
1966
70
28
91
87
1025*31065*
90
46
91
cons
Cons mtge 35*8 ser E
5
61
1155*
92M
1948 J
♦Debenture 6s
1025*
65
58
405*
335*
60
40
1025*
1055*
795*
1951
Belvidere Delaware
565*
845*
955* 1075*
1145*
80 M
1943
Bell Telep of Pa 5s series B
1st A ref 5s series C
1235* 166
92
105
*899*
1049*
A
925*
985*
985*
815*
1015*
1045*
1065*
995*
"92
4s stamped
1951
Battle Creek A Stur 1st gu 3s__1989
Beech Creek ext 1st g 3 Ma
1951
325*
Styria (Province of)—
F
Bangor A Aroostook 1st 6s
255*
M N
1075*
1085*
35
*26>*
499*
349*
108J*
925*
1155*
1015*
1996
Con ref 4s
815*
255*
84
103
D
O
SouthwestT>Jv 1st 39*-5s...l950 J
165*
9
O
D
1995 J
1941 M N
285*
22 M
26
35
76
*106
..1940
30
1
319*
25
635*
1185*
955* 106M
*1055*
Ref A gen 6s series C
P L E A W Va Sys ref 4s
36
33
299*
25
1065*
65
*1055*
Bait A Ohio 1st g 4s
July 1948 A
Refund A gen 6s_8eries A
1995 J
1st gold 5s
July 1948 A
Ref A gen M 5s ser F
J
♦External 8s July coupon off.1950
♦External 7s Sept coupon off 1956
96
*865*
145*
49
57
114
1025*
1939
1941
175*
8
239*
21
219*
115
985*
82
High
118
1035* 1105*
1055* 1145*
985*
1065*
595*
535*
106 J*
Atlantic Refining deb 5s
Auburn Auto conv deb 49*s
25
30
Low
1065*
84 J*
225*
35
259*
249*
*25
815*
1225*
645*
110
High
122
98
63 J*
56 M
5s assented
No.
98
1055*
98
1959
San Paulo (State of)—
|*8s July coupon off-.
*1145*
105 M
98 %
1948
2d 4s
38
245*
Since
Jan. 1
*110
Austin A N W 1st gu g 5s
F A
...1953 J
J
♦8s May coupon off
18
29
19
239*
.1952 M N
♦Saarbruecken (City) 6s
Sao Paulo (City of Brazil)—
22
905* 1015*
32
1946 J
1944 J
1944 J
Atl Gulf A W188 coll tr 5s
A O
1953 F A
coupon off
15
27
Bid
*119
D
J
J
Atl Coast Line 1st cons 4s July 1952 M S
General unified 49*s A......1964 J D
LAN coll gold 4s
Oct 1952 M N
10-yr coll trj>&__
MayJL 1945 M N
Atl A Dan 1st g 4s
1948 J
J
Range
il
Friday's
A
Asked
Sale
Price
Low
Atl Knox A Nor 1st g 5s
Atl A Charl A L 1st 4 9*s A
1st 30-year 5s series B
31
58
II
High
24
299*
*279*
Rio de Janeiro (City of)—
♦8s April coupon off
--.1946
♦65*8 Aug
Week Ended Dec. 11
16
_
22
Rio Grande do Sul (State of)—
♦8s April coupon off.
1946
♦6s June coupon off
1968
122
239*
d
239*
^1139*
$4,114
N. Y. STOCK EXCHANGE
Low
25
100
199*
999*
225*
BONDS
Since
No.
Range or
Last
Range
Jan. 1
f»
24
23
O
1952 A
f 6s
D
J
N
S
Week's
Friday
Week's
Friday
rw»
N. Y.
3805
New York Bond Record—Continued—Page 2
143
61
53
9
88
81
172
775*
1035*
935*
Dec. 12,
New York Bond Record—Continued—Page 3
3806
Frida /
»
BONDS
Y.
N.
c.Bennett
'Bros. & Johnson
1
gw
JVlemoers
(
|
EXCHANGE
Dec.
Last
Sale
g
Price
^
77*1
105*4
dk
Asketi
Debenture 5s
Apr
15
Debenture 5s
Jan
15
695*
64
99
10551
4
1961
J
1948
0
104*4
♦112*4
A
104*1
44
7
105
H
108*6
108*4
-
109
One Wall Street
135 So.
'Private Wire
<5N{. Y. 1-761
'Bell System Teletype
3
1951
J
104*6
♦104*6
*110*6
1951
J
107*6
107*6
Consol Edison (N Y) deb 3**s_1946
3 *6s debentures
1956
♦Consolidated Hydro-Elec Works
La Salle St.
D
Stamped
of
Week's
Friday
Last
BONDS
Week
Ended
dk
Low
89 %
154
18
Crane Co
115*6
110*6
128
20
118*6
)
66
102*6
102*6
99
9956
99J6
1085*
Crown Cork A Seal s f 4s
1950
Crown Willamette Paper 6s... 1951
Crown Zellerbach deb 5s w w..I940
Cuba Nor Ry 1st 5*6s
1942
4
137*6
109*6
44
A
1
65*6
110
Cuba RR 1st 6s g
{♦1st rjf 7*68 series A
1355*
1989
1989
1941 M
S
Chic A Alton RR ref g 3s
1949 A
Chic Burl A Q—III Dlv 3 *68—. 1949 J
O
J
109*6
1275*
"I62M
102
102J*
1946
102*6
*118*6
115 >4
115**
*111*6
61
60
109*4
109*6
102
77
109*6
112*6
108*6
114
110
61*6
109**
113
1125*
113
S
116
1st A ref 4*6s ser B
1st A ref 5s ser A
1977 F
A
11656
113*6
118*6
118
♦Certificates of deposit
Chicago A Erie 1st gold 5s
1982 M N
Ch G L A Coke 1st gu g 5s
J
1937 J
{♦Chicago Great West 1st 4s.. 1959 M S
113*6
95
"34"
285*
325*
28*6
{♦Chic Ind A Loulsv ref 6s
1947 J
J
*124*6
10256
46*6
4256
39*6
39*6
♦Refunding g 5s ser B
♦Refunding 4s series C
1947 J
J
40
40
1947 J
J
1966 M N
37*6
2156
37*6
♦1st A gen 5s series A
♦1st A gen 6s series B.May
Chic Ind A Sou 50-year 4s
1966 J
1956 J
J
Chic L 8 A East 1st 4*6s
1969 J
22
D
J
♦Chic M A St P gen 4s ser A. .1989 J
♦Gen g 3*6s ser B__May 1 1989 J
J
J
J
J
♦Gen 4*6s series C__May 1 1989 J
♦Gen 4*6s series E__May 1 1989 J
♦Gen 454 series F___May 1 1989 J
19*6
105*6
20
105*6
U2*6
61
6056
*52
A
♦Conv adj 6s
Jan 1 2000 A O
{♦Chic A No West gen g 3*4s_.1987 M N
1987 M N
♦Stpd 4s non-p Fed lno tax 1987 M
♦Gen 454 b stpd Fed Inc tax.. 1987 M
26*6
8**
39*6
4256
39**
40
39
42
42*6
435*
65
8
*41*6
4456
N
1987 M N
45
1987 M N
*40
D
1
28
♦Gen 6s stpd Fed lnc tax
D
21
J*
35
22
795
734
46*6
43
65*6
58*6
47*6
68
475*
49*6
17*6
68
6
33*6
35*6
36
69*6
2956
9*6
48*6
54**
45
46
37
54 H
56
46**
495*
75
38
40
66
49*4
275*
49**
51
60
42
61*6
275*
64
17
255*
191
29*6
2656
16
29
2656
25*6
285*
265*
265*
16
29
66
14*6
15*6
399
80*6
♦Certificates of deposit..
{♦Refunding gold 4s
.1934 A O
"I75*
81*6
38*6
37*6
18*6
1656
185*
16*6
13
J
81*6
38*6
10
296
7
11*6
1
105
113*6
A
1952 M S
♦Conv g 4*6s
I960 M N
Ch St L A New Orleans 5s
1951 J D
Gold 3*4s
June 15 1951 J D
Memphis Dlv 1st g 4s
1951 J
Chic THASo East 1st 5s
Inc
gu
6s
37
17*6
15**
17*6
16
♦Certificates of deposit...
{♦Secured 4*6s series A
♦Certificates of deposit..
37*6
1960 J
Dec 1 1960 M
D
D
S
18*6
16**
9*6
155*
9
11356
*9456
*9656
100
10*6
1856
70
139
82*6
32
30
31
46**
43*6
236
15
23
174
135*
15*6
23*6
81
14*6
205*
223
11356
"97*6"
"83*6
20
99"
100*6
87*6
87*6
77
74
101
88**
37
61
89
Chicago Union StationGuaranteed 4s
1944 J
J
1st mtge 4s series D__
1963 J
J
1st A ref M
4J4s
con
4s
107
108**
1085*
45
106*6
107
108
98
99*6
1045*
93**
105j*
98
102**
95**
83
i01316
101**
99
107
1962 M S
1943 A O
ser D
1947 J
J
""9356
IOP16
J
M N
Cleve Cln Chi A St L gen 4s... 1993
General 6s serial B
1993
Ref A lmpt 6s ser C
1941
Ref A lmpt 6s ser D
1085*
J
D
J
102*6
J
1977
J
98
Cairo Dlv 1st gold 4s
J
1939
Cln Wabash A M Dlv 1st 4s. 1991 J
J
St L Dlv 1st coll tr g 4s
1990 M N
Spr A Col Dlv 1st g 48
1940 M S
106
1055*
1025*
98
106
*1015*
103**
109
5
42
Cleve A Pgh gen gu 4*6s ser B.1942 A
Series B3^s guar
...1942 A
Series A4Hs guar
1942 J
O
107
25
1055*
103*6
"_3
985*
106
122
10256
103*6
49
1
965* 107
105
106*6
6
96
104
1045*
105*6
105**
107*6
112*6
112*6
100*6
10756
112*6
10156
10856
111**
111** 113
11056 11056
Gen 4 >$8 ser A
1977 F
Gen A ref mtg 4 Hs ser B
1981 J
Cleve Short Line 1st gu 4*6s_..1961 A
A
*10556
106
106
J
*110
113
113
Cleve Union Term gu 5*6s
1st 8 f 6s series B guar
1972 A
O
1973 A
O
1st s f 4*6s series C
1977 A O
Coal River Ry 1st gu 4s
1945 J D
Colo Fuel A Ir Co gen s f 6s...1943 F A
♦5s Income mtge
1970 \ A O
i
For footnotes see page
3909.
113*6
111**
110
1085*
104*6
104*6
*111*6
46*6
72*6
71*6 71*6
100** 104*6
104*6 108**
1
2
17
154
78*6
8
103
100*4 105
----
-----
105
----
2
110
105** 108*6
108*6
29*6 38
295* 38*6
105**
----
-----
91
98
102J*
104*6 107**
5
10756
74
331
33*4
34
17*4
1754
56
17*4
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1756
199
13
20*4
2056
29*6
28
2956
112
23
32*6
6
6*6
19
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O
31*6
3254
1756
65*6
6
116*4
10856
112*4
112*6
109*6
10854
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•
46
3*6
14
113
117
2
116*6
10854
112*6
109*6
108
110*4
13
10856 112)
92
108*6 109)
45*6 60*6
70
50
50
45
—
40
— — — —
22
45
35
15*6
35
1
117*6
117*6
103*6
103*6
5
83*4
81*6
10956
83*4
42
109*6
14
109*6
46
42*4
117*6
107
52*6
107
3
1256
397
16*6
47*4
49
50
35
——-
117*6
.1937
9 J*
71
*35
Duquesne Light 1st M 3*6s__ 1965
♦{East Cuba Sug 15-yr s f 7 J6s 1937
♦Ctfs of deposit
East Ry Minn Nor Dlv 1st 4s. .1948 A
13*t
66
*35
50
j~"d
Detroit Term A Tunnel
4*6s_ .1961
Dul A Iron Range 1st 5s
1937
114*6
HI?*
9
7
110
38
10556
82
...
1075*
92*6
93*6
118
42*4
...
East T Va A Ga Dlv 1st 5s
Ed El 111 Bklyn 1st cons 4s
Ed Eleo (N Y) 1st cons
g 5s
Elgin Jollet A East 1st g 5s
El Paso Nat Gas 4
*6s ser A
Conv
deb4**s
El Paso A S W 1st 5s
5s stamped
*106*6
O
86*6
109*6
47*4
107*6
*13854
1939
114
1941
104*4
1951
142
1946
---—
..1965
1055* 114*6
105*6 112
10056 110
95
105*6
110*6 112
98*6 108
81
*111
110
1955
107*6
10556
9154
91*4
*105*6
9154
92*6
1953 A
91*6
*
Gen conv 4s series D
Ref A lmpt 5s of 1927
1967 M N
87*6
86*6
Ref A lmpt 5s of 1930
Erie A Jersey 1st s f 6s
1975 A
1955 J
O
87*4
8654
J
118*6
1953 A
Genessee River 1st
J
s f 6s
1957 J
N Y A Erie RR ext 1st
4s... 1947 IVI N
3d mtge 4*6s
1938 IVI S
1954
1956 J D
1942 IVI S
1942 IVI s
F
115*6
1
107*6
94*6
108
1
138*6
-----
15
11456
10454
32
147
10
11456
104*6
155
111*6
-----
110
3
110
*107*6
prior.. 1996
1st consol gen lien g 4s
1996 J
Penn coll trust gold 4s
1951 F
Conv 4s series A...
1953 A
Series B
104*4
107*6
107*6
107*6
2
106*6
92*6
84
99*6 106*6
94
7756
105
10654
108
-----
93
10
-
88
—
74*6
25
93
92*6
118*6
11756
75
-
74
-
92
349
69 56
91*6
3
119
11756
3
119*4
113*6
104*6
60
3
104*6
105
19
102*6
10254
4256
s
"163"
102k"
102*6
102*6
103
1954 J
D
101*6
101*6
1946 J
J
J
99
10154
97*6 103*6
10154 104*6
103" "~~7
s
...
1556
15
Galv Hous A Hend 1st
6*6s A.. 1938 A
O
Gas A El of Berg Co cons
g 5S..1949 J
Gen Amer Investors deb 5s A..1952 F
Gen Cable 1st s f
J
4*4
Gen Motors
1940 J
A
F
80
7*6
4
4
4*4
*107*6
1
21
138
140*4
9554
9556
*12256
102
3*6
11
6*6
6*6
1
110*6
128
9554
4
]
128
-
87*6
7
8
18
35*6 138
113
79
18
75*4
140*4
97*4
123*6
102
102
2
1
10556
10554
9
1
10456
106*4
42*6
41*6
30*4
43*4
104*4
J
------
J
------
40
41
9
29
D
------
40*6
40*6
42*4
2
30
1948 IVI N
Accept Corp deb 3sl946
66*4
*107
D
5*6s A
1947
♦Gen Elec
(Germany) 7s Jan 15 1945 J
69
9
10*6
4
104
60*6
52*6
229
16*4
*856
-
of deposit
♦Sinking fund deb 6*6s
♦20-year s f deb 6s
176
16*4
Fonda Johns A Glov
4*6s
1952
{{♦Proof of claim filed by owner. M N
(Amended) 1st cons 2-4s
1982
♦Certificates
1
78*6
95
13
69
79*4
1654
------
1974 M S
5
78
69
16*4
D
10
77
77
—
74
101*6 105*4
98
103*4
5
1942 IVI
1942 IVI
-
94
70
87*6
118*6
*103
60
95*6
95*4
289
*11354
A
49
108
*116
1956
1995
Erie A Pitts g gu
3*6s ser B...1940 J
Series C 3*68
1940 J
Erie RR 1st cons g 4s 4s
J
15-year 3**s deb
107**
93
5
65*6
76*6
69**
3256
Fort St U D Co 1st
J
g 4 *6s
1941 J
Framerlcan Ind Dev 20-yr 7*6s 1942 J
J
{♦Francisco Sug 1st s f 7*6s...1942 M N
*110**
*1095*
114*6
1115*
66**
49**
495*
34
1035*
98*6
785*
89
*112
O
61
♦105*6
107*6
♦10654
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
F
J
106*6
103**
1
*
*<»
*102
-
111*6 119
103*6 1055*
1950 A
1948 M N
105
♦Certificates of deposit
*10456
Series C3Hs guar
Series D 3*6s guar
89
.1995
♦1st A ref 5s series A
106
93*6 1025*
*112
O
1085*
104
*103
10756
1115*
107
4
1
{♦Fla Cent A Penln 5s
1943 J
{♦Florida East Coast 1st 4J6S..1959 J
106
109*6
*1055*
W W Val Dlv 1st g 4s
J
1940 J
Cleve-Cllffs Iron 1st mtge 4 54 s. 1950 M N
Cleve Eleo Ilium 1st M 3 *4 a
J
1965 J
.1995
58 International series
s f 5s
stamped
1st lien 68 stamped
30-year deb 6s series B
Flat deb s f g 7s
35
1055*
108
101*4
1969
10356
----
7256
71*6
100*4
108*4
90*4
101*6
105*6
71*6
.1961 F
1st lien
100
*119
D
102
103
65*6
71*6
100*4
89
Fairbanks Morse deb 4s
Federal Light A Tr 1st 5s
100*6
101
108*6
*105*6
2
33
1
108
Ernesto Breda 7s
73
108
*10856
1085*
1963
ser E
105*6
108*6
*_
J
M N
M N
1943 J
10
*107
6s... 1952 M N
Clearfield A Mah 1st gu 4s
lmpt 4*6s
47
10856
Cln H A D 2d gold 4 J6s
1937
Cln Leb A Nor 1st con
gu 4s
1942
Cln Union Term 1st gu 5s ser C.1957
1st mtge guar 3*6s series D..1971
Ref A
24
111
J
Chllds Co deb 6s
cons
1065*
112*6
..1951 M S
1952 J
J
Chile Copper Co deb 5s
{♦Choc Okla A Gulf
106
112**
110*6
1963 J
3*6 s guaranteed
Chic A West Indiana
1065*
"1105*
1st mtg 3«4s ser E
12
100*4
102*6
105
24
f 5a... 1951
.
108
10856
5
75
1971
..
17
32
74
»
D
.1952 A
Gen A ref M 4s ser F
.1965 A
Gen a ref mtge 3*6 s ser G_. .1966 M
♦Detroit A Mac 1 st lien g 4s_. .1995 J :
♦1st 4s assented
.1995
Dul Sou 8hore A Atl
g 5a
108
108*4
10454
102*6
72*6
1937
♦2d 4s assented
31*6
66*6
110*6
66*4
64
71*6
♦Second gold 4s
16
98
20
74
1969
s
26*6
6454
110*4
106
"63*6
1937
1943
32
31
30*6
75
3*6s 1960
105*6
33
575*
15
1949 MN
11936 j"
B
Detroit Edison CoGen A ref 4*6s series D
Gen A ref 5s series E
104
~~68
ser
109 *6
27
26
74
>
of deposit._
{♦Des M A Ft Dodge 4s ctfs.. .1935
{♦Des Plalnes Val 1st gu 4*6s. .1947
3
39
.1952 J
.1936 J
30
22
1
♦Assented (subj to plan)
♦Ref A lmpt 5s ser
B...Apr 1978 A
124
66*6
♦4 *6s stamped
N
61
...
1
317
107
105*6
106
J
Stamped as to Penna tax.... 1951
{♦Den A R G 1st cons g 4s
1936
{♦Consol gold 4*68
1936
{♦Den A R G West gen 5s. Aug 1955
1
"27*6
64*6
645*
65*6
N
D
37*6
2156
22*6
1055*
112*6
10256
♦106*4
1st mortgage 4 J6s
6
10256
46*6 1479
42
39*6
40
100*4
1
Den Gas A El 1st A ref
320
54*6
6556
65*6
66*6
"6556
J
Mllw St P A Pac 5s A.. 1975 F
34
102
3
Gold 5*6s
Del Power A Light 1st 4*6s
1st A ref 4** s
40
116*6
14
1135*
11
118*6
2
98*6
345* 1210
1971 F A
{{♦Chicago A East 111 1st 6s. .1934 A O
{♦C A E 111 Ry (new Co) gen 58.1951 IVI N
3
warr
Dayton Pow A Lt 1st A ref
Del A Hudson 1st A ref 4s
26
J
1958 M
1943
{♦1st lien A ref 6s
5
1949 J
108
4
♦Certificates of deposit
Cumb TAT 1st A gen 6s
70
Illinois Division 4s
107*6
4
1946
mtge 3*6 a
♦Certificates
115**
10756
10756
104*4
*
1970
1st
Container Corp 1st 6s
15-year deb 5s with
121**
39
110
Copenhagen Telep 5s Feb 15.. 1954
s f deb 3**s
1951
89
67
General 4s
{♦Chic R I A P Ry gen 4s
63*4
*110
1996 F
May 1940
F
1988 J
)
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Ref A lmpt mtge3
Ref A Imp M 3>6s ser E
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
J
f 5s
102*6
103*6
23*4
107*4
105*6
26*4
34*4
25*6
61*6
3
s
11
109 *6
1992 M S
*6s ser D_ .1996 IV! N
♦Conv 4 54 a series A
1956
1960
♦Consolidation Coal
151
M N
{♦Secured g 6*6s
1936 IVI
♦1st ref g 5s
May 1 2037 J
♦1st A ref 4*6s stpd.May 1 2037 J
♦1st A ref 4*6s ser C.May 1 2037 J
*24
J
23
92*6
107>*
♦General 4s
2556
J
125*6
9356
107*6
125*6
"92*6
Champion Pap A Fibre deb 4*4sl960 M
Chesap Corp conv 6s
1947 M N
D
10-year conv coll 6s
1944 J
{♦Chic
2156
3
1955
♦Debenture 4s
107
94**
2d consol gold 4s
23*4
10654
"82
1025*
94*6
Warm Spring V 1st g 5s
104
109**
103**
94*6
'1025*
Potts Creek Branch 1st 4s
R A A Dlv 1st con g 4s
34
38
105*4
3
Consumers Power 35*s.May 1 1965
1st mtge 3*6s
May 1 1965
Low
107
10754
3
♦Debenture 4s
Hioh
106*6
*108*6
A
Craig Valley 1st 6s
1951
1951
{♦Consol Ry non-conv deb 4s..l954
♦Debenture 4s
1955
105*6 11056
105*6 108
104** 1075
103*6 1075
1
106*6
J
Upper Wuertemberg 7s... 1956
Consol Gas (N Y) deb 4 *6s
Consol Oil conv deb 3*6s
104** 105
....
....
106*4
107*4
3
64
1960 F
1939
Jan. 1
4*6s
112*6
Cent RR A Bkg of Ga coll 5S..1937 M N
Central Steel 1st g b f 8s
1941 M N
Certaln-teed Prod 5*6s A
1948 M S
Ches A Ohio 1st con g 5s
General gold 4 Ha
Since
Asked
guar
112*6
O
Through Short L 1st gu
Guaranteed g 6s
A
111 J*
1949 F
4a. 1964 A
Cent Pac 1st ref gu g 4s
Range
Friday's
Bid
Price
11
Deo.
Range or
Sale
N. Y. STOCK EXCHANGE
U
104*1
1943
Conn Ry A L 1st A ref 4*6s
Randolph 7711
Cgo. 543
Connections
Dlgby 4-5200
J
Conn A Passum Rlv 1st 4s
Chicago, III,
110
11251
1105* 1135i
107** 109J*
104
105*6
—
Commercial invest Tr deb3*6sl951
York, <2^. Y.
81*6
105 J*
99*6 1055*
985* 105J*
♦11354
1965
High
72
105 *j
7654
1955
Columbus Ry Pow A Lt 4s
ew
Low
ny
105
O
Col A H V 1st ext g 4s
Col A Tol 1st ext 4s
%AlLROAD 'BONDS
Since
105*4
\7
1952
Range
Jan. 1
05
Hig k
Low
<^ew York Curb Exchange
1936
fa
Friday's
Bid
l.
11
Colo A South 4*6s ser A
1980
Columbia G A E deb 5s. ..May 1952
Tork Stock Exchange
j
STOCK
Week Ended
Week's
Range or
A
1951
Gen Pub Serv deb
5*68
..1939
Gen Steel Cast 5*6s with warr. 1949
{♦Ga A Ala Ry 1st cons 6s
1945
{{♦Ga Caro A Nor 1st ext 6S..1934
♦Good Hope Steel A Ir sec 78.. 1945
Goodrich (B F) conv deb 68—1945
41*6
104*6
104*4
41*6
104*4
103*6
*10256
96*6
96*6
------
*33
6
61
-----
1
104*6
104
....
240
9.8*6
37
1
114
10454
104*6
.
—-
76
34*6
36*6
10
105*4
10554
49
104
105
98*6
12
-
29*6
20
30
105*4
Goodyear Tire A Rub 1st 5s...1957 IVI N
104*6
Gotham Silk Hosiery deb 5s w wl946 IVI s
Gouv A Oswegatchle 1st 6s
1942 J D
Gr R A I ext 1st gu g 4 *6s
J
1941 J
10656
10656
*103*6
*11156
107*6
-----
52
106
19
—
36*6
36
106
]
98
:
108
104*6
11156
Volume
New York Bond Record—Continued—Page 4
143
Friday
Last
BONDS
N. Y. STOCK EXCHANGE
Week
Ended
dk
1944 F
1155*
1185*
1185*
119
1175*
1135*
1085*
1075*
1185*
108
1075*
1976
1085*
1977 J
1946 J
108
Greenbrier Ry 1st gu 4s
Gulf Mob & Nor 1st 55*S B
69
"l055*
*835*
*835*
1055*
J
Gulf States Utll 4s
ser
1966 A
C
10-year deb 4 5*s
105
1946
Hackensack Water 1st 4b
..1952 J
105
*109
—...
1999
1944
95
{♦Housatonlc Ry cons g 5s
1937
72
102
535*
Hudson Coal 1st s f 5s ser A...1962
1957
♦Adjustment Income 6a.Feb 1957
110
10
5
Collateral trust gold 4b
1952
Refunding 4s
1955
Purchased lines 3 Ha
Collateral trust gold 4b
1952
1953
89
1951
1951
Refunding 6s
40-year 4 5* s
..1951
-
6
72
Omaha Dlv 1st gold 3s
90
Western Lines 1st g
1095*
....
-----
....
-----
....
-----
895*
395*
104
109J*
105 %
112
101% 1065*
1025* 1025*
95
96
935*
945*
885*
895*
127
81%
41
69%
126
25
104
120
805*
---.
"97"
1025*
895*
685*
905*
90
1055*
64 5*
86
103)* 108
97
87
10
915* 103
14
91
90
1963
Illinois Steel deb 4 5*s
1940
Ind Bloom A West 1st ext 4a..1940
Ind 111 A Iowa 1st g 4s
1950
5
161
955*
71
90 5*
1085*
♦1st g 6s series C
Internat Hydro El deb 6s
)
1944
Internat Paper 6s ser A A B...1947
Ref 8 f 6s series A
1955
lnt Rys Cent Amer 1st 5s B...1972
965*
17
21
985*
102
16
865*
965*
1695*
83
1155*
11
355*
125*
36
125*
325*
335*
10
33
267
355*
335*
835*
675*
1025*
735*
I
1941
995*
1015*
103
1025*
905*
1025*
995*
725*
845*
755*
1025*
99
1947
83
82
{♦Iowa Central Ry 1st A ref 4s. 1951
3
755*
James Frank A Clear 1st 4s...1959
1005*
3
45*s A..1961
1990 A
605*
)
1950 J
r
Kansas
1960 J
1st 4s
1980 J
♦Karstadt (Rudolph) 1st 6s...1943 M N
♦Ctfs w w stmp (par $646)-.1943
♦Ctfs
w w
♦Ctfs with
Keith (B F) Corp 1st 6s
Kendall Co 5 Ha
1946
605*
69
985*
86
1095*
1035*
1095*
1035*
40
......
5
25
985*
985*
99
1045*
1155*
1005*
1
*1085*
*1095*
1
1
1937
*1035*
1625*
*1085*
1155*
*1185*
*995*
345*
1997
1949
1954
..1954
1045*
1155*
1005*
1
Coll tr 6s series A
1942
1
112
—
— —
—
—
Coll tr 6s series B
1937
-
—
s
f 4 Ha A
1
....
—
....
—
—
——
5
67
685*
695*
66
66
69
1025*
......
......
1964
76
1974
------
For
footnotes
see
page
3809.
45
100
"93
1015*
12
68
82
825*
875*
875*
855*
845*
D
93
995*
6
1943 J D
8 f 6s
1947 A O
Market St Ry 7s ser A...April 1940 Q
J
Mead Corp 1st 6s with warr...1945 IVI N
2
1125*
1015*
1095*
1U5*
1085*
104J*
1
69
16
41
49
98
170
111
2
10
955*
loo" "~39
16
95
23
38
191
189
56
515*
345*
*72
*33
975*
99
985*
1025*
106
1968 IVI
s
-----
1950 A
O
-----
A
1977 M
106
1085*
1035*
125*
S
M
125*
3
146
76
5
---.
"925*
----
785*
375*
----
975*
1
99
7
1
1025*
1065*
1095*
15
1045*
4
S
1977
7
146
99
345*
J
Marion Steam Shovel
2
1345*
1245*
505*
*925*
*825*
5
13
20
3
20
1
1956 J
D
"245*
J
1
+1045*
*94
1951 M S
1095*
*1075*
...1952 IVI N
1979 J
J
1940 A
O
1961
J
D
J
2
915*
«_
----
105
105
90
92
85
375*
645*
135*
15
20
92
85
*56
J
— — —
-———
365*
-----
S
—
1095*
*80
92
1939
...1939
4s... 1947 M
-----
-----
1045*
J
J
CO
I
*255*
105"
D
..1971 J
gu
-----
con
g
4s
S
Q
F
lnt gu.1938 J
...1938 J
J
1946 J
1949 IVI
S
1978 J
J
1941 M N
—
—
— —
1
1
33
----
105
0965*
—
2
48
85
965*
875*
J
725*
74
J
77
77
54
71
186
154
J
D
8
71
143
30
40
40
S
16
145*
16
173
42
40
42
264
405*
415*
40
41
15
405*
42
133
405*
40
415*
135*
115*
415*
405*
*40
135*
415*
...1978 M N
1949 M N
1980 A O
1981
F
A
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July.. 1938 MN
21
206
157
-
405*
42"
395*
415*
4
41
--
-
269
24
995*
995*
♦Montgomery Dlv 1st g 5s.. 1947 F A
♦Ref A lmpt 4 5*8
1977 M S
39
"355*
395*
52
27
245*
275*
135
275*
{♦Mobile A Ohio gen gold 4s...1938
M
80
21
34
51
295*
Mohawk A Malone 1st gu g 4s. 1991 M
12
98
Monongahela Ry 1st M 4s
104
105
.
98
ser
995*
97
S
1938 M S
5% notes
S
98
25?*
98
U15*
A'60 IVI N
11
—
— —
-
285*
71
985*
1115*
26
Monongahela West Penn Pub Serv
104J*
O
1075*
1075*
108
28
1965 A
O
— — — --
108
1085*
34
1937 J
J
-----
1937 J
J
-----
1025*
1025*
1943 J
J
1053,6
1053,6
1962 J
D
-----
104532
1025*
1025*
1055*
1043J6
Montecatlnl Mln A Agric deb 7s *37 J
J
...I960 A
1st mtge 45*s
22
57
3
97
Mont Cent 1st gu 6s
60
1st guar gold 5s
6s debentures
545*
635*
98
a96J*
......
—
s
345*
1
11
♦Sec
675*
11
945*
1975 IVI
1977 IVI
65
30
925*
42
1055*
1045*
755*
11
94
32
405*
335*
335*
1055*
30
415*
1045*
100
29
—
A
17
3
73
29
—
1965 F
64
107
1045*
31
705*
73
13
41
O
♦Certificates of deposit..
♦1st A ref 5s series 1
1005*
735*
34
40
Jan 1967 A
♦1st A ref g 5s series H
----
315*
*30
755*
685*
64
1005*
99%
76
71
96
J
985*
22
*73
1
375*
315*
47
1962 J
1978 J
42 5*
196
1005*
41
35
35*
965*
875*
735*
1962 J
53
1
355*
53
5
48
1959 J
1990 J
136
24
105*
45*
35*
J
to lnt
194
106
925*
1005*
785*
35*
-----
.....
.1938 J
cons 5s gu as
♦Certificates of deposit
-■
105*
365*
M N
IVI
„
825* :
Montana Power 1st 5s A
Deb 6s series A
1
985*
455*
19
485*
8
98
104 5*
30
515*
.-----
131
1065*
1015*
.107
1065*
1045*
1045*
845*
985*
975*
1045*
115
1215*
"~2
1055*
1045*
1035*
1045*
"93"
Mfrs Tr Co ctfs of partic In
A I Namm A Son 1st 6s
♦Certificates of deposit
♦Conv gold 55*8
102J*
100
.1938
1964
--
1045*
»-----
1939 IVI N
...1959 IVI N
{♦Man G B A N W 1st 35*8...1941 J
♦lat A ref 5s series G
102
915*
1954
1st A ref s f 6s
1st ext 4s
1953 IVI
105
>
1st A ref s f 58
Secured 6% gold notes
Manila Elec RR A Lt s f 5s
Manila RR (South Lines) 4s
♦1st A ref 5s series F
27
75
1st A ref s f 5s
Leh Val Harbor Term gu 5s
»*- —
815*
108
485*
2013 J
♦General 4s
...
1125*
67
335*
335*
1055*
1045*
Cons sink fund 45*s ser C...1954
Lehigh A New Eng RR 4s A...1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st Aref s f Be 1944
O
4a. 1990 AO
cons g
{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit..
107
1954
A
♦Certificates of deposit
♦2d 4s
♦Cum adjust 5s ser A
1055*
♦Certificates of deposit
Lehigh C A Nav
12
1265*
*89
.
Mo-K-T RR pr lien 5s ser A
....
1625*
1085*
1155*
445*
995*
1941
Lake Sh A Mich So g 35*s
1997
♦Lautaro Nitrate Co Ltd 6s...1954
.
{♦Mo-111 RR 1st 5s series A
—
*66
r
f deb 5sl951 IVI N
Prior lien 4 5*s series D
685*
685*
1942
Lake Erie A West 1st g 5s
2d gold 6s
s
McKesson A Robblns deb 55*8.1950 IVI N
Maine Central RR 4s ser A
D
.1945 J
Gen mtge 45*s ser A
D
1960 J
40-year 4s series B
445*
)
1
955*
Mo Kan A Tex 1st gold 4s
11
{♦Kreuger A Toll secured 5s
1959
McCrory Stores Corp
S*
*1155*
995*
995*
*1145*
1st ref 55*s series B
1st Chicago Term s f 4s
8
*107
Uniform ctfs of deposit
i
S
1945 M S
25-year 55*s
22
1961
Laclede Gas Light ref A ext 6s. 1939
Coll A ref 65*s series C
1953
Coll A ref 5 Ha series D
1960
1035*
975*
1st A ref 68 series A
17
1961
Kinney (G R) A Co 7 H % notes 1936
Kresge Foundation coll tr 4s..1945
1085*
1035*
J
1952 J
At! Knoxv A Cln Dlv 4s
1955 IVI N
♦Lower Austria Hydro El 65*8.1944 F A
1st
2
25
1961
First and ref 6Ha
1085*
g
1st cons 5s
255*
uz/o
45*s unguaranteed
Kings County Elev 1st g 4s
Kings Co Lighting 1st 6s
111
J
2003
4 5*s
South Ry Joint Monon 4s
M St P A S3 M
4
40
*25
Plain
Purchase money 6s
1
5
32
Stamped
Kings County EI L A P 6s
Montg 1st
98
111
{♦Mllw A State Line 1st 35*s..l941
{♦Minn A St Louis 5s ctfs
1934
♦1st A refunding gold 4s
1949
♦Ref A ext 50-yr 6s ser A
1962
98
93
Mob A
1245*
2003
1st ext 4 5*s
86
57
134
....2003
35*s ser E
Con ext 4 5*s
{♦Mil Spar A N W 1st
----
52
1345*
""985*
1095*
1940 J
1st mtge 5s
51
665*
1015*
1055*
1045*
1065*
1015*
1055*
1125*
1015*
1095*
It^MllwANorlst ext4 5*8(1880)1934
34
— — — —
915*
975*
1948
Kentucky Central gold 4s
1987
Kentucky A Ind Term 45*8.__1961
101
68
1937 IVI N
1st A ref 5s series B
1st A ret 4 5*s series C
1st A ref 4s ser D
Milw El Ry A Lt 1st 5s B
39
105
—
170
9
136
*106
2003
Louisville A Nashville 5s
Unified gold 4s
Ref A lmpt 4 5*8 series C
Mid of N J 1st ext 5s
144
25
5
1944 A O
5s
1951 F A
Louisiana A Ark 1st 5s ser A...1969 J
J
Louis A Jeff Bdge Co gu 6 4s
1945 M S
Jack Lans A Sug 3 5*8
1st gold 35*8
3
99
345*
(par $925)-.1943
Lorlllard (P) Co deb 7b
(Sept 1914 coupon)
♦Mlag Mill Mach 1st 8 f 7s
210
925*
975*
stmp (par $925)-.1943
warr
1937 M N
1949 M S
1005*
68
Michigan Central Detroit A Bay
City Air Line 4s
1940 J
— —
1095*
1035*
1950 A
City Term
1005*
1045*
3
—
57
A
Kan City Sou 1st gold 3s
Ref A lmpt 6s
...Apr
Kansas Gas A Electric 4 Ha
25*
*1075*
)
4s_1936 A
♦Certificates of deposit
105
735*
Unified gold 4s
20-year p m deb 5s
Guar ref gold 4s
♦4s
139
—
D
}t*Met West Side El (Chic) 4s. 1938 F
53
995*
1095*
1285*
1355*
♦Mex Internat 1st 4s asstd
70
98
40
1938 J D
1949 M S
Metrop Ed 1st 4 5*s ser D_.
Metrop Wat Sew A D 55*8
14
69
*90
5
'335*
66
335*
855*
675*
705*
g
985*
965*
1625*
335*
725*
{§*K C Ft S A M Ry ref
3
123
1285*
1355*
855*
1095*
128J*
O
{♦Manhat Ry (N Y)
97
101
lnt Telep A Teleg deb g 45*s.. 1952
Conv deb 4^8
1939
Debenture 6s...
1955
Jones A LaughUn Steel
Kan A M 1st gu g 4s
2
96
'
)
..1941
1st coll trust 6% g notes
1st lien A ref 65*s
45
33
1
1958
lnt Merc Marine s f 6s
50
84 5*
A
1950 A
|{*Manatl Sugar lstsf 75*s._ .1942
♦Certificates of deposit
985*
955*
655*
605*
3
135
164
1956
1946 F
...1952 J
A
108
78
955*
945*
102
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A..July 1952
ser
Long Dock Co 35*s ext to
Long Island gen gold 4s
105
36
108
45
r
605*
1085*
----
95
1961
1075*
----
1055*
95
deb 4s.. 1945
♦1st 5s series B
105
2
42
-----
—
-i
Corp 5s stamped 1942..
conv
♦1055*
1075*
1075*
945*
945*
945*
49
485*
m---
§♦10-year 6s
1932
♦Certificates of deposit
J*10-year conv 7% notes
1932
♦Certificates of deposit...
lnt Agric
1075* "l4
41
35*s series D
1961
t Interboro Rap Tran 1st 5s... 1966
♦Certificates of deposit
Intertake Iron 1st 6s B
32
107
*106
J
Inland Steel
Internat Cement
845*
1065*
{♦Ind A Louisville 1st gu 4s....1956
Ind Union Ry 6s series B
1965
Ref A Imp mtge 3>*s ser B..1986
Lombard Elec 7s
Paducah A Mem Dlv 48Ji.-__.1946
St Louis Dlv 2d gold 38
1980 M
905*
855*
1065*
34
855*
+108
97
1005* 101
87
1005*
------
118
126
915*
1005*
---.
335*
775*
1962 M N
Little Miami gen 4s series A
Loews Inc s f deb 3 5*8
Low
68
285
103
72
A
1951 F
L
1st A ref
-----
90
905*
845*
10656
5s
87 5*
1005*
1005*
5s
72 5*
75
*1015*
...1963
45*s
Hioh
725*
775*
2003 M N
Leh Val Term Ry 1st gu g 5s._. 1941 A O
Lex A East 1st 50-yr 5s gu
1965 A O
Liggett A Myers Tobacco 7s...1944 A O
4s
!»
la
Asked
1035*
1035*
cons g
82
----
dk
89 5*
87 H
79 H
51
id
695*
755*
J
1940 J
2003 M N
2003 (VI N
Lehigh Val (Pa)
cons
26 H
Price
11
Leh Val N Y 1st gu g 4 5*s
General
1035*
38 H
615*
Dec.
Low
89
725*
1
Week Ended
64 H
111 Cent and Chic St L A N O—
Joint 1st ref 6s series A
1st A ref 4 5*8 series C
Friday's
cons
123
*97
—-—
3Kb... 1951
4s
1961
g
Range or
Sale
General
78
875*
Week's
Last
955*
1195* 1245*
*96
Friday
N. Y. STOCK EXCHANGE
44 H
100 %
125
1015*
*865*
......
126
116
12
545*
795*
......
St Louis Dlv A Term g 3s... 1951
Gold 35*8
1951
Springfield Dlv 1st
1035*
107J* 1105*
29
375*
1025* 105
1015* 1055*
128
YORK
A. T. A T. Tele. N. Y. 1-1598
BONDS
38
*108
1951
1
102
885*
1035*
7954
1955
Aug 1 1968
Cairo Bridge gold 4b
1950
Litchfield Dlv 1st gold 3s...1951
Louisv Dlv A Term g 35*8.-.1963
87
1025*
1025*
——
1951
1st gold 35*s
Extended 1st gold 35*8
1st gold 3s sterling
9
1055*
35
......
Illinois Central 1st gold 4s
1035* 1065*
104
1065*
69
955*
NEW
Telephone Whitehall 4-2900
106 H 109
90
106
23
106
335*
Member* New York Stock Exchange
Wall St.
63
81H 102
77 5*
7BH
-----
825*
1095*
*1105*
*1065*
*1065*
*915*
925*
925*
945*
945*
875*
875*
Illinois Bell Telep 3 Ha ser B...1970
5
«----
81
815*
335*
1
1245*
99 H 1095*
60
755*
7 H
145*
50
29
*124
1949
A
ser
5
40
126
1025*
1025*
1015*
535*
1025*
Houston Oil sink fund 55*8 A.. 1940
174
101
72
1937 J
Houston Belt A Term 1st 5s...1937 J
Hud A Manhat 1st 6s
109 H
91
guar
Hudson Co Gas 1st g 5s....
336
29
1949 J
♦Hoe (R) A Co 1st mtge
6s lnt
1195*
1085*
D. H. SlLBERBERG & Co.
1035* 1145*
96 % 1095*
96% 109
126
♦Harpen Mining 6s
Hocking Val 1st consg45*s
H A T C 1st g
106
1085*
1045*
1045*
1005*
DEALERS
1155*
H 118**
109
1085*
1960 A
Gulf & S I 1st ref A ter 5s Feb 1952 J
Stamped--
107
17
1095*
69
"161"
1950
BONDS
99
81H
36
115*
IN
FOR BANKS AND
107 H
45
69
1940
99
114
105*
1st mtge 5s series C
99
88 5*
18
1155*
114
90
2
1155*
Gen mtge 4s ser H
1946
♦Green Bay A West deb ctfs A
♦Debentures ctfs B
5
89
87
.1950 J
General 4 5*8 series D
General 45*s series E
Gen mtge 4s ser G
----
955*
BROKERS
High
1
High
955*
Great Northern 4 5*s series A..1961 J
General 55*s series B
1952 J
General 5s series C
1973 J
Jan. 1
Asked
*99
5s ...1947 J
gu
Gt Cone El Pow (Japan) 7b
1st <fc gen b f 6 5*s
Since
Friday's
Bid
Low
GrayB Point Term 1st
Range
£2
Range or
Sale
Price
11
Dec.
3807
Week's
99
2
10
35
67
18
1035*
101
Dec. 12, 1936
New York Bond Record—Continued—Page 5
3808
Friday
Friday
Range or
Friday's
Sale
C to
NO.
Price
Bid
dk
Low
lj
j
>
a
o
a
D
M N
M N
96
100%
94
*117
------
m N
103316
97%
101%
94%
118%
Lots
1
95
47
27
....
*111%
Namm (ADA Son-
F
A
rf
a
j
J
m N
m N
'J
64
96%
*102%
63%
103
106%
19
3%
O
A
79
64
107%
2%
*2%
*2%
3%
o
57*4
98
----
---
-
101*4 108%
106%
8
....
2%
2K
2*4
2*4
4K
6K
2*4
2%
2%
1
254
254
3%
Nat RR of Mex prior lien
3%
1
2*4
6*4
4%s—
j
J
O
A
O
5
*2%
*2%
28
5%
j
D
107%
m N
D
------
J
j
107%
------
J
*67
-
J
D
126%
m N
------
F
A
------
O
------
J
j
94%
93
j
J
85
83
A
O
100%
j
D
100
j
107%
A
O
a
o
100%
99%
99%
100%
38
1
46%
52
*48
f
A
a
o
AO
A
J
O
j
j
J
Ref A impt 4Kb ser A
A
O
Lake Shore coll gold 8Kb....
F
A
f
A
Debenture 4s
—
Mich Cent coll gold 8 Ha
N Y Chic A St L 1st g 4s
A
O
Refunding 5 Kb series A
Ref 4Kb series C
8-year 6s..
....Oct 1
N Y Connect 1st gu 4Kb A
1st guar 5s series B..
—
NY Dock 1st gold 4s—
a
o
Serial 5% notes....—....
N Y Edison 8 Kb ser D
M S
A
O
F
a
F
a
F
a
a
O
95%
A
1955
J
1968 m s
J
1953 J
105
109
104%
103%
95%
88
89
124
74 K
156
80% 102%
83
104%
------
97
102%
104%
96%
102%
104
94
93%
100%
108%
-----
100
108%
108%
69
69
A
O
a
o
105%
N Y Gas El Lt H A Pow g 5s„
J
d
f
A
126%
117%
66%
105%
105%
126%
116%
124
453
103%
107%
94%
97%
95%
111
114%
104%
------
{♦Park-Lexington 6%s ctfs
mn
N Y Lack & West 4s ser A.
m n
m n
m N
4Kb series B
N Y L E A W Coal A RR 5 Kb.
m
*100
------
104%
9754 105*4
61
98
39
108
100
207
95%
63
99
36
97
26
103
96*4
99
86*4 97
101K 104*4
247
70%
13
1
40
59
71
18
105%
105%
76
10
126%
117%
8
104*4
108
90
82
88
96
74%
110
104%
94%
100%
108%
108%
70%
107
96
88
100%
105% 109
106% 109
69
77%
52
75
101% 105%
102% 105%
122*4 126*4
113% 117%
Guar 3%s trust ctfs C......1942 J D
D
Guar 3%s trust ctfs D......1944 J
Guar 4s ser E trust ctfs
.1952 mn
28-year 4a.................1963 F A
Penn-Dlxle Cement 1st 6s A...1941 M S
104%
------
n
♦Non-conv debenture 8Ks..
m
S
m
-
46
104%
*109%
S
O
-
-
-
—
—
-
-
a
J
mn
------
♦Conv debenture 3Ks
♦Conv debenture 6s
j
J
------
j
J
a
O
j
33
34
16
33
10
32
♦Non-conv debenture 8Kb..
♦Non-conv debenture 4s....
22
31%
32%
33%
33%
32%
37
39
33
37%
33
108%
7
152%
"l2
30%
17
*107
161%
101%
29
107% 109
107
29
*109
107%
107%
112%
112%
110%
*101%
115% 115%
110%
114
113%
113%
121%
♦122%
165% "40
112%
111%
"""2
107
99% 104
115%
112
113%
110% 113%
"22
101% 103%
111% 116%
114
3
3
109
113%
4
118
122
110
115
123%
105
108%
98% 103%
100% 104
119
157%
"22
100%
101%
102
110%
39%
113%
121%
107
161%
24
109% 109%
104% 108%
2
102
100%
107
8
14
Consol gold 4s.............1948 mn
48 sterl stpd dollar May 1.1948 mn
Gen mtge 3%s ser C
1970 a o
Consol sinking fund 4%s....l960 F a
General 4%s series A......1965 J D
General 5s series B.........1968 j d
Debenture g 4%s
1970 a o
1981
1984
1943
....1947
Gen mtge 4%s series E
Peop Gas L A C 1st cons 6«
21
47
46%
48%
m n
23%
21
23%
53
♦1st A ref 4Kb ser of 1927—
♦Hariem R A Pt Ches 1st 4s.
J
37%
37
38
90
7
45%
44%
41%
40%
47%
43%
105
108%
61%
59%
71%
100%
72%
100%
257
83
72%
101%
102
103
33
101
151%
39
28
75
42
32% 42
77
49%
119% 123
39
73%
36%
72%
*123%
85
*101%
106% 106%
*107%
*107%
a
106%
99%
"9
103%
124%
114%
104
107%
32
122
106%
II1%
116%
98%
15
124%
113%
121%
106%
110%
110%
121%
115%
97%
15
100
93
105%
104%
11
155%
"97
115%
115%
115%
103%
124%
7
3
1
1
142
9
115
134
122
55
60
107%
111%
111%
121%
116%
98%
15%
47
34
1
18
66
29
105
155%
*32
100%
103%
101%
104%
62
113
113
A
*125
135
J
*120
122%
155%
J
1943 MN
d
J
s
5
104%
45%
<24%
20
106
3
107
105
107
104
105
44%
23%
19%
106
90% 100
104% 105%
103% 107%
47%
25%
105% 107%
110% 115%
111%
111%
100%
118%
116
109
115
115%
99%
105%
105%
115%
106%
122
76
115%
103%
124%
108
111%
111%
121%
116%
99
19)
108% 112)
98% 106)
89
101)
89
104)
111
113)
120
130)
9
113
115
106
106%
106%
1967 MN
A
52
115
D
107%
102% 107%
101% 107%
108% 108%
*112%
1980 m s 104%
87
105% 107%
106%
103
60
102%
104% 107%
1
99%
55
101
107%
107%
115%
115%
M S
1971 F
85
102
108%
115%
1940 a o
...1967
123%
107%
o
1974 F
40
'SB
118
115%
103% 107%
110
10
105
109
22
103
108%
169
87
55
378
15%
32%
73
19%
105%
22
4
106%
34
109
66
89%
J
J
Philippine Ry 1st s f 4s
..1937
Plllsbury Flour Mills 20-yr 6s..1943 A O
Pirelli Co (Italy) conv 7s
1952 mn
143
102
100% 104%
102% 105%
102
O
Phila A Reading C AI ref 58..1973
Conv deb 6s
........1949 m
15
♦Debenture 4s.......
A
J
.........1956
Phila Eleo Co 1st A ref 4Kb
1st A ref 4s
10
20
72%
100%
105%
114%
Phila Co sec 5s series A
93
"22
72%
495
155%
4s
2
55
106% 111
105% 108%
99% 102%
273
J
4%s series B
1981 J
Pennsylvania P A L 1st 4%s__1981 a o
mn
Pennsylvania RR cons g 4s
1943
cons
66
56%
105
Refunding gold 5s..
11
47
"66%
104
General 4%s series D..
77%
110%
108%
102%
102%
100%
105%
53%
54
104
General g 4%s series C.....1977
General 4 %s series D
1981
----
33
------
104% 107%
105
1st g 4 %s series C
Phila Bait A Wash 1st g 4s
General 5s series B
♦108
—
20
d
1st 4s series B
----
*106%
♦Non-conv debenture 4s....
♦Collateral trust 6b.........
104
-
*102
J
j
N Y L E A W Dock A Impt 5s.
N Y A Long Branch gen 4s
1941 M S
a o
{♦N Y A N Eng (Boat Term) 4s
{♦N Y N H A H n-c deb 4s
*106%
-
105%
108%
105%
108%
Pa Ohio A Det 1st A ref 4%s A.1977 a o
Penn Glass Sand 1st M 4Kb...1960
♦Income 4s..........April 1990 Apr
Peoria A Pekin Un 1st 5%s
1974 F a
J
Pere Marquette 1st ser A 5a
1956
101
-
106
107
8
♦Paullsta Ry 1st ref 8 f 7s
1942 m s
Penn Co gu 3%s coll tr A—...1937 M S
Guar 3%s coll trust ser B...1941 F A
Peoria A Eastern 1st
N Y Greenwood L gu g 6s.....
N Y A Harlem gold 3Ks
...1944 A O
Parmelee Trans deb 6s
109
101
1st lien A ref 8Kb ser E
N Y A Erie—See Erie RR.
gold 4s
1955
Pat A Passaic G A E cons 6S..1949 m
100%
108
103
104
*107
1st M s f g 3s loan ctfs
Paramount Pictures deb 6s
36
101
66%
105%
Purchase money
94%
107%
13
53%
Paris-Orleans RR ext 5 KB
53
10-year 8%s see s f
4 %a series A
6s series C
N Y Cent A Hud River M 8Kb.
99% 109%
*"l5
"54%
6
j
110
77
38
50
J
113
100
3
107%
102%
*102%
100% 100%
105% 105%
♦Certificates of deposit.....
Paramount Broadway Corp—
50
107
24
110%
107%
({♦Pan-Am Pet Co (Cal) conv 6b '40
45
MN
J
1937
47
52
138
109%
109
154
J
1938
1938
Pacific Tel A Tel 1st 5s
39
46%
112%
109
104
J
B
Pao RR of Mo 1st ext g 4s
♦2d extended gold 5s...
50
N Y Cent BR conv 6s.....—
Consol 48 series A..........
A
D
1st A ref mtge 3%s ser H...1961
44
*111%
113%
113%
104%
103%
103%
103%
O
Pacific Coast Co 1st g 5s......1946
Pacific Gas A El 4s series G
1964
6
101
o
104% 112%
74% 85%
93
105%
104
S
100%
A
92
103%
1945 MN
100%
49
♦Certificates of deposit.
Ohio River RR gen g 6s—....1937
Ontario Power N F 1st g
...1943 F
A
Ref mtge 3%s series B
...1966
Paducah A 111 1st 8 f g 4%s_..1955
a
Ref A lmpt
Ref A lmpt
...1947 F
27
50
115
82%
104
1946 A O
Ohio Public Service 7 %s A
1st A refTs series B
22
85
a
105
112
138
112
73
103%
Otis Steel 1st mtge 6s ser A...1941 M
....
50%
*
111%
81%
76
65
A
J
Og A L Cham 1st gu g 4s.. ...1948 J
Ohio Connecting Ry 1st 4s
.1943 M S
Ohio Edison 1st mtge 4s
...1965 MN
Ohio Indiana A West 5s__ Apr 11938 Q J
41
107%
94%
F
4Kb
109%
B
7
F
N A O Bdge gen guar
112
J
1961 J
Oslo Gas A El Wks extl 5s....1963 M
7
48
50
88
69
12
61
44
•————-
♦Certficates of deposit..
88
High
109
J
J
Ore-Wash RR A Nav 4s
2
126%
*104
Lots
64
103%
82%
J
Oregon RR A Nav com g 4s
1946 J
Ore Short Line 1st cons g 5s...1946 J
Guar stpd cons 5s..
.....1946 J
....
124
A
J
80
122%
63%
112
Q
Q
—.1961 A
...1964 MN
J
Northwestern Teleg 4%s ext.. 1944 J
Norweg Hydro-El Nit 5%s—1957 MN
Ref mtge 4 %s ser
Ref mtge 5s
No.
♦84
.......1941 A
Ontario Transmission 1st 5a
52
107%
124
61/
J
654
....
25
122%
63%
60%
126%
63%
J
354
....
---
3%
4%s.
*81%
A......1941 A
ser
1st A ref 6s ser B
Since
*87
A
A
N J Pow A Light 1st
Nor States Pow 5s
High
Range
Jan. 1
3
....
....
3%
73 K
103
2
3
*2%
------
86
102% 104 K
106%
J
A
50
97%
106
106%
——
J
J
......
J
'J
♦4%s July 1014 ooup on.
97%
Price
{Northern Ohio Ry 1st guar 6s—
♦April 1 1934 A sub coupons.1945
♦Oct 1935 and sub coupons.. 1945
♦Stpd as to sale of April 1 '33 to
April 1 1935 incl coupons.. 1946
North Pacific prior lien 4s..... 1997
Gen lien ry A id g 8s Jan
2047
Ref A lmpt 4%s series A-...2047
Ref A impt 6s series B
2047
Ref A lmpt 5s series C
....2047
Ref A lmpt 5s series D
2047
Nor Ry of Calif guar g 5s
1938
--
86%
82%
1033,6
97 %
101%
94%
Range or
Friday's
Bid
dk
Asked
Sale
STOCK EXCHANGE
Week Ended Dec. 11
*85
j
>J
>MN
Y.
Jan. 1
*85
*
o
)J
Constr M 5s series A.
--
N.
Since
No.
Hiah
*85
o
a
»
Bonds Sold
Asked
*103%
o
>
Gen & ref a f 6s series B.
a
BONDS
Range
Week's
Last
Week's
Last
bonds
STOCK EXCHANGE
Week Ended Dee. 11
N. Y.
d
mn
34
j
D
a
O
A
O
M N
Apr
j
J
N. Y. A Richm Gas 1st 6s A..1951 mn
1951 m n
....1956 MN
N Y Susq A West 1st ref 6s
J
1937 J
2d gold 4KB
1937 FA
General gold 5s..........
F a
Terminal 1st gold 5s........
m n
N Y Telep 1st A gen ■ 1 4Kb—1939 M N
J
d
109%
60
93%
109%
69%
105%
106
------
1961 f A
No Am Edison deb 5s ser A....1957 m 8
North Amer Co deb 5a
Deb 5Kb series B
Deb 5s series C
------
90%
87%
65%
------
110
------
14%
109
106%
19%
3
108
3
105*4 107%
1
106
66
54
87
87%
65%
*105%
109%
For footnotes see page 3809.
---.
110%
*91
94
97
15%
109%
106%
103%
108
123
123
105%
105%
104%
......
103%
105%
*126%
*118%
16
45
111
107%
Series
Series J cons guar
109
80
95
10
80
99
ser A
1958
112%
111
114
111
113%
113%
105% 106%
110
111
109
114%
*114
124%
123%
107%
111
*113
108% 115
124%
124%
123%
1
115% 126
1
118
9
115% 124 %
123
124%
124%
124%
123%
21
107%
107%
31
♦11
"55""
D
""2
~
....1958 A O
95
94%
95
94%
94
94%
125
116
123%
107
110
!09% 110
73
96%
6
75
15
74
95%
112%
96
111%
__
4%s
1st M 4%s series B
1st M 4%b series C_.
85
111
*112
4%s.....1964 mn
D
General M 5s series A......1970
General mtge 5s series B
1975 A O
J
General 4 Ks series C.......1977
70
*U3%
*113%
*113%
*105%
Series G 4s guar.
....1957 MN
Series H cons guar 4s.......I960 F A
Series I cons 4%s_.........1963 F A
Pitts A W Va 1st
73
104
—
133
42
12% 22
105% 109
21
105*4 108
96% 104
27
106
6
224
29
12%
12%
155
22%
21%
63%
61
124
42
115
105%
104%
104%
20
103% 107
102% 105
106
32
123
Series
90
46
—
4
131%
Series
Pitts Ya A Char 1st 4b guar...1943 MN
100
11
—
—
Series
93
47
67
55
------
4
88
55
18
------
105%
1974 m b
Gen A ref 4Kb series A.....1974 m S
31%
61
8
19%
18%
Nov 161969 MN
Aug 151963
48
105%
16%
16%
------
North Cent gen A ref 5s
------
a
F
61
82% 95
104% 109%
107
106
....
12
108%
107%
106%
90%
106
0
""38
106
107%
106%
103
a
94%
109%
56%
49%
103%
104% 105*4
105*4 108%
m n
Nord Ry ext
32%
108%
------
sink fund 6Ks
1950 A O
{{♦Norfolk South 1st A ref 5S..1961 F A
♦Certificates of deposit........
{{♦Norfolk A South 1st g 5s
1941 m n
N A W Ry 1st cons g 4s
1996 O A
j
86
103
96%
14%
108%
106%
102%
....
j
Niagara Falls Power 8kb.....1966 JVI a
35
------
m n
1st mortgage 6s.....
1st mortgage 5s
118
85
*112
1940 A O
B 4%a guar.........1942 A O
C 4%s guar
1942 MN
D 4s guar
1945 MN
E 3%s guar gold.....1949 F A
D
F 48 guar gold.......1953
Pitts C C A St L4%s A
Series
.June 1992 M 8
N Y O A W ref g 4s
*75
3
12
----
124
103% 106
101% 107
120
127
112% 120;
...1960 A O
D
*112
110
1st gen 5b series B
1962 F A
D
1st gen 5b series C.........1974
D
1st 4%s series D...
1977
*122
119% 120
Pitts Y A Ash 1st 4s ser A
1948
*119%
*115
Port Arthur Can A Dk 6s A...1953 F A
1st mtge 6s series B........1953 F A
Port Gen Eleo 1st 4%s ser C..1960 M S
"73%
1st 5s 1935 extended to 1950
Porto Rlcan Am Tob conv 6b.. 1942
J
106%
J
81
81
{♦Postal Teleg A Cable coll 68-1953
J
43
40
Potomac Eleo Pow 1st M
3%s 1966
J
1951
J
Pressed Steel Car deb 5s
{♦Providence Seo guar deb 4s..l957 m n
{♦Providence Term 1st 4s
1956 m s
J
Pure Oil Co s f 4%s w w
1950
J
4%b without warrants
1950
J
Purity Bakeries s f deb 5s.
1948
{♦Radlo-Kelth-Orph pt pd ctfs
D
tor deb 6s A com stk (65% pd)
D
{♦Debenture gold 6s
1941
105®,e
"§8%
105®,« 105*1,6
105% 105«*
73%
74%
106% 106%
105%
97%
*15
78%
82
44%
105%
98%
155""
80%
116
118
105%
100%
100
*200
115""
116%
9
2
14
917
10
61
"15
182
26
67
79% 106
80%
66%
104% 108
64% 82%
27% 44%
104% 105%
,
91
78%
26
99
21%
92%
110% 131%
102% 105%
91% 103
158
260
118%
77% 106
9
18
105
116%
20
116
63
275%
122
Volume
3809
New York Bond Record—Concluded—Page 6
143
Week's
Last
Range or
N. Y. STOCK EXCHANGE
Sale
Price
Week Ended Dec. 11
Week's
Friday
Friday
bonds
Jan. 1
Friday's
Bid
A
Asked
oat§
High
No.
37%
71
38%
141
*101%
102%
Price
Low
High
High
103%
107%
104%
107%
104%
Third Ave Ry 1st ref 4s
108%
107
107%
108
♦Adj lnc 5s tax-cx N Y-.Jan 1960
Third Ave RR 1st g 5s
1937 j
111%
112%
113%
Tokyo Elec Light Co. Ltd—
Low
Reading Co Jersey Cent coll 4a_1961
Gen & ref 4%s series A
1997
Gen & ref 4%s series B
1997
Remington Rand deb 4%s w w.1956
Rensselaer A Saratoga 6s gu—1941
a
o
j
J
104%
j
J
"167%
M
S
111%
130"
s
Republic Steel Corp 4%s ser A. 1950
f A
Gen mtge 4%b series B#
1961
M n
Purch money 1st M conv 6%s '64
4 %s. 1956
♦Rhelnelbe Union s f 7s
--1946
♦Rhine-Ruhr Water series 6s
1953
♦Rhine-Westphalia El Pr 7s—1950
♦Direct mtge 6s
1952
♦Cons mtge 6s of 1928
1953
♦Cons M 6s of 1930 with warr *55
If ♦Richfield Oil of Calif 6s
1944
100
100%
108%
109%
109%
Tol W V A Ohio 4s ser C
105
105%
106%
Toronto Ham A Buff 1st g
99%
j
J
j
J
31
31
31
34
Trenton G A El 1st g 5s
23%
23
25%
25%
23%
28%
Tri-Cont Corp 5s conv
26%
34
Truax-Traer Coal conv
26
33%
♦Tyrol Hydro-Elec Pow
m n
"25%
M N
F
a
25%
25%
26%
33%
a
O
25%
25%
25%
65%
65
M N
63
61%
65%
M N
62%
61%
65
*102%
*50
*
{♦Rio Grande June 1st gu 5s—1939
gold 4s_.1939
♦1st con A coll trust 4s A
1949
1977
Gen mtge 6s series E
1962
|{*R I Ark A Louis 1st 4 %S—1934
♦Ruhr Chemical s t 6s
—1948
Rut-Canadian 1st gu g 4s
1949
*23
29%
102%
♦|Riv A G Div 1st g 48—1933
A
o
100
100
26%
29
27%
25%
27%
23%
25%
J
(♦Vera Cruz A P 1st gu 4%s_. 1934 J
J
J
(♦July coupon off
1942 J d
♦Vertientes Sugar 7s ctfs
1955 MN
Virginia El A Pow 4s ser A
99
99
99
Va Iron Coal A Coke 1st g
72%
Va A Southwest 1st gu
70%
70
63%
63%
65%
51
50%
51%
101%
2
106%
107%
10
J
122%
122%
J
102%
103
*24
19%
104
J
*114%
*42%
A
42%
*41
o
"42"
♦Stamped
If ♦Seaboard Air Line 1st g
I ♦Gold 4s stamped
♦Adjustment 5s
1989
4s..1950
1960
Oct 1949
1969
1st Hen g term
30
22%
104%
(♦Atl A Birm 1st g 4s
1933
{♦Seaboard All Fla 6s A ctfs. .1935
♦Series B certificates
.1935
m"s
45
•
176
12%
15%
52
17%
16
18
421
15%
17%
125
31%
28%
31%
66
253
115
112
115
45
100%
100%
101
150
Shlnyetsu El Pow 1st 6%s
1951
1951
1952
M N
♦(Siemens A Halske s f 7s
1935
j
J
m
s
F
a
1950
San Fran Term 1st 4s
5s..1937
1937
So Pac RR 1st ref guar 4s
1955
1st 4s stamped
1955
Southern Ry 1st cons g 5s
1994
Devel A gen 4s series A
1956
Devel A gen 6s
1956
Devel A gen 6%a
1956
Mem Dlv 1st g 68
1996
St Louis Div 1st g 4s
1951
East Tenn reor lien g 5s
1938
So Pac of Cal 1st con gu g
So Pac Coast 1st gu g
4s
83%
*80%
102% «102%
1938
13
42%
23%
5
23%
72%
31%
69
69%
23
56
102
103%
57
106%
106%
35
107%
106%
106%
108%
107
35
9
98
98
99%
68
M
S
99%
99%
99%
147
M
S
96
95%
96
104
M N
94%
94%
95
132
m n
94%
94%
94%
93
J
j
102
101%
102%
206
a
o
108%
108%
109%
34
j
j
J
t
107%
*
78%
99
102%
108
77
95%
76%
95%
97% 102%
106% 118
1
CO 00
100% 101%
99% 108%
AO
101
103%
105
101%
m
s
90%
109%
110
105%
106
106
100%
82
5
68
91
a
o
8
38%
5
101
a
M
8
4s...1949
j
j
4s *36
Conv deb 3%s
170
Standard Oil N J deb 8s
1961 j
D
Staten Island Ry 1st
1943
j
D
♦Studebaker Corp conv deb 68.1945 j
J
116"
114
116%
31
S
106%
106%
106%
25
105
150
152
5
115%
35
105
48
36
26
40%
24%
35
26
40%
25
""88
38
36
110%
"54
86%
103
70
87
96
14
71
98
99
153
86
58
296
28
59
84
22
41%
84
76
83%
52
41%
83%
77
83
81%
'
103% 111%
101
8
94% 101%
110%
2
105% 110%
109% 110%
no"
109% 112
125%
122%
123
109%
109%
109%
109%
105
105%
121% 126%
119
123%
107% 110
107% 109%
96% 105%
109%
109
107%
106
*100
100%
100% 104%
*111
112
106%
106
34
36
36%
56
32%
33%
36
83
32%
'
104%
104%
23
111%
112%
15
44
42%
104%
103
112%
107
107%
7
108%
109%
57
24%
24%
11
22%
98
99
74
85
95
95
20
81
103% 107%
104
104
*106
111%
107
112
33%
100
96
107%
"4
102%
102%
125
99
102%
103%
23
90
103%
39
39%
14
38%
39%
78
18%
18%
61
61%
2
105%
104%
113"
103%
39%
112%
105%
1
104
104%
*111%
21
115
107% 114
107
34%
430
15%
29
41
15%
24%
22%
32%
25%
109
9
20
21%
*20
25%
40%
68%
105% 107*.
99% 104%
30%
"33%
40%
45
32%
M N
99%
112%
34%
32%
9
25%
9
21%
21
25
j
J
f
A
132
130
133%
223
105% 140
M N
104
104
104%
86
98% 105
136
114%
104%
....1951
1961
"47
52
109%
j
j
40%
125%
D
J
37%
tin
27
25
35%
*109%
D
J
"l05
*112
J
J
26
39%
37
36%
99
26%
110%
M n
j
42
77
89
39%
*77%
1938 y~j
112"
Funding A real est g 4%a...l950 M N
25-year gold 5s
1951 J d
M 8
108%
30-year 5s
1960
J
♦Westphalia Un El Power 6s..1953 j
"99"
j
J
West Shore 1st 4s guar
....2361
95
Registered
2361 j J
M s
Wheeling A L E Ry 4s ser D..1966
M s H3"
RR 1st consol 4s
1949
102%
Wheeling Steel 4 %s series A...1966 f A
MN
60
71
99
38
85
100%
Western Union coll trust 5s
j
72
97%
103%
82%
98
84
35%
1946
84%
67%
"§0
109
98% 104 S
95
o
1946
103%
72
112%
100%
85%
J
{♦Wor A Conn East 1st 4%s..l943
Youngstown Sheet A Tube—
37
106%
1937
1943
81
110
108%
106%
j
58
100%
*36
105%
4s.....1952
5%s series A
1977
(♦Sup A Dul dlv A term 1st
(♦Certificates of deposit
8
22
88%
"37%
82%
♦Certificates of deposit
31
97%
"35%
96
Western Maryland 1st
72
27
*
85%
3%s..2000 F A
Washington Cent 1st gold 4s.. 1948 Q M
Wash Term 1st gu 3%s
1945 f A
1st 40-year guar 4s
1946
Wash Water Power s f 6s
1939
Westchester Ltg 5s stpd gtd...l950
West Penn Power lBt 5s ser E.1963
1st mtge 4s ser H
1961
1st mtge 3 %s series i
1966
1940
6%
42%
79
o
M
{♦Wis Cent 50-yr 1st gen
105%
*104%
36%
162
118
104%
38%
"110%
a
.1941
White Sew Mach deb 6s
8
108%
97
52%
♦6s assented
100
*
106%
104
103%
98%
Gen gold 4s
2
107%
"37%
8
{♦Wickwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref conv 7s A.1935
Wllk A East 1st gu g 5s
1942
Will A S F 1st gold 5s
1938
Wilson A Co 1st M 4s series A. 1955
Winston-Salem 8 B 1st 4s
1960
78
s
100%
"§6%
8
{♦Western Pac 1st 6s ser A
9
65
37%
M
1st A ref
2%
"ii"
112%
*
M
West N Y A Pa 1st g 5s
348
m
106
1
81%
101
A
1
111%
105
f
1980
1955
1955
1939
128%
108%
107%
99%
100%
96
105%
111
36%
O
deb 4%sl946
103%
106%
104% 106%
*103%
mn
J
96%
103%
114%
106%
102%
80%
87%
76%
89%
109%
99
90
81
*128
3%s ser B
1964 J d
S*western Gas A Eleo 4s ser D..1960 mn
J
j
1955
1946
59% 103%
59%
23%
8* western Bell Tel
{♦Spokane Intenia11st g 5s
Staley (A E) Mfg 1st M 4s
41
57%
...
Mobile A Ohio coll tr 4s
105% 115
94% 101%
18
247
64%
Warren RR 1st ref gu g
39
3%
*32%
1978 A"
4 %s series C
107% 110%
"42%
*68%
♦Deposit receipts
13%
166%
96%
106% 111
115%
115%
*97%
38
♦Warner Bros Co deb 6s
12
69%
85%
*77
{♦Warner-Qulnland Co deb 6s. 1939
11
d
61
38%
Warner Bros Pict deb 6s
10%
J
75
96
103% 107%
27
33%
*162""
S
6s debentures
12%
1951
♦Silesia Eleo Corp 6%s
1946
SUeslan-Am Corp coll tr 7s
1941
Skelly Oil deb 4s
1951
Socony-Vacuum Oil 3%s
1950
South A North Ala RR gu 5s.. 1963
South Bell Tel A Tel 1st s f 5s. 1941
Southern Colo Power 6s A
1947
8o Pac coll 4s (Cent Pac coll). 1949
1st 4%s (Oregon Lines) A...1977
Gold 4%s
1968
Gold 4%s
1969
Gold 4%s
1981
10-year secured 3%s
...1946
104%
97%
A
a
Walworth Co 1st M 4s
12
♦Debenture s f 6%s
78
60
109
1
a
8
f
Walker (Hiram) GAW
1
2
O
M
64
89
107%
f
....
42
120%
F
Shell Union Oil deb 3%s
83
"99"
M
B
series D
♦Certificates of deposit
A
Sharon Steel conv deb 4 %s
71%
69%
37%
♦Certificates of deposit
17%
1945 MS
♦Certificates of deposit
4s
♦Ref A gen 5s
21
44%
16%
o
85
*110%
1976
46
16%
A
33%
105%
95% 104%
97% 105%
1939
1941
1941
♦Ref A gen
115%
119
9%
33
27
♦Certificates of deposit
9%
A
27%
4
30
68
1941
♦Ref A gen 5s series
101
F
2
104%
95%
{♦Wabash Ry ref A gen 5%s A. 1976
♦Certificates of deposit
2
68
28%
27%
4
28%
28%
104
38%
M N
1939
1954
Toledo A Chic Dlv g
24%
7%
13%
O
O
28%
28%
"~65~
P
1939
4s
Omaha Div 1st g 3%s
26%
a
142
3%
8
Des Moines Dlv 1st g 4s
29
27
a
108
74
*2%
o
Det A Chic Ext 1st 5s
69
15%
{♦Refunding 4s
♦Certificates of deposit
♦1st A cons 6s series A
42
120%
m n
107
107%
*113
1966 M
♦2d gold 6s
1
107%
*112%
.1942 M s
42%
142
*113
1958 a
{Wabash RR 1st gold 5s
107%
j
38
135%
J
2003 j
4s
1st cons 5s
-101%
1946
6s.. 1949 M
Virginian Ry 3%s series A
J
J
25
64%
1957 M n
Cons s f 4s series B
D
..1946
38
96
25%
4s series A
103%
114%
36
104%
A
27%
1937
1940
Scioto V A N E 1st gu 4s
o
25
A
{♦Schulco Co guar 6%s
♦Stamped
♦Guar s f 6 %s series B
a
1965 f
6s. 1941
Vandalla
cons g
109%
34%
66
J
1st 6S..1952 j
111
68%
Vanadium Corp of Am conv
*♦81 Paul A K C 8h L gu 4%s.l941
St Paul Minn A Man 5s
1943
Santa Fe Pres A Phen 1st 5s.
98
1
102%
99
106%
5
28%
28%
{♦St Paul E Or Trk 1st 4 %s—-1947
1943
116
114%
41
J
S A A Ar Pass 1st gu g 4s
103%
114%
28%
1959
Utll Power A Light 5%s
Debenture 5s
J
j
~90
107
1947
87%
J
1972
102%
108%
103
105
86
118
109
108
101%
104
71
J
5s guar..
116%
107% 111%
107
84%
104
111%
36
117
142
J
27%
J
31
110
28%
M N
1944
67%
D
tPacific ext gu 4s (large)
116%
1951
83%
1937
Mont ext 1st gold 4s
115%
"34%
27
22%
105%
123
109%
Utah Lt A Trac 1st A ref 5s... .1944
4s.. 1968
Guaranteed 6s
Sao Antonio Pub Serv
j
♦Sink fund deb 6%s ser A... 1947
85
j
1989 J
*lst terminal A unifying 5S..1952
♦Gen A ref g 5s ser A
..1990
81 Paul City Cable cons 5s
1937
122%
103
S
25%
*2d g 4s lnc bond ctfs.-.Nov
119
103%
27%
1978 m"s
8
86
%s A.. 1951
Utah Power A Light 1st 6s
25
17%
22%
107%
l6I%
28%
1989 M n
I tH 1 SW 1st 4s bond ctfs
St Paul Un Dep
1944 M
C
107%
*112%
26%
j
104
110
U S Rubber 1st A ref 5s ser A.. 1947 j
100%
104% 107%
106
122
115%
f 6%s series
99%
106
*20
105%
S
s
93%
121%
84
stamped.
St Paul A Duluth 1st con g
105%
j
♦Un Steel Works Corp 6
89%
105%
O
A
79
94%
106
106
J
90% 100%
84%
98
90
94%
o
90%
90
A
28%
1950 J
♦Certificates of deposit...
v
100%
*87%
f
1954 j
40%
1950
♦Con M 4%s series A
I
100%
J
j
Union Elec Lt A Pr (Mo) 5b... 1957 a
83%
83%
{♦8t L Peor A N w 1st gu 5s—1948
St L Rocky Mt A P 58 stpd—1955
♦Ctfs of deposit
m n
M N
({♦United Rys St L 1st g 4s...
U S Pipe A Fdy conv deb 3 %s_. .1946
102%
'
120% 122
115
130
S
83%
M N
♦Certificates of deposit
♦Prior lien 5s series B
107
l6i%
1945 M
♦Sec
St Louis Iron Mt A Southern—
{♦St L-San Fran pr lien 4s A
♦Certificates of deposit
103
122"
1934 J
j
86%
96%
107%
U N J RR A Can gen 4s
34
74%
122
30
105%
43
103%
99% 108%
*122%
30
"19%
*112
M N
J
..1996
1996
2d gold 6s
105
105
1937
Lt Ht A Pr 1st 5s
St Lawr A Adlr 1st g 5s
32%
32%
1941
Saguenay Power Ltd 1st m4%sl966
St Joe A Grand Island 1st 4s—1947
St Jos Ry
18%
19
73%
22%
102%
*106%
June 2008 M S
1971 m N
35-year 3%s debenture
United Biscuit of Am deb 5s.. 1950 A O
1953 M S
United Drug Co (Del) 6s
123%
57%
100%
108%
1st lien A ref 5s
*108%
99
*110%
Union Pac RR 1st A Id gr 4s... .1947 J
1st lien A ref 4s
June 2008 M
81
46
1
High
Low
76
74%
S
Union Oil of Calif 6s series A.. .1942 F A
.1947 M N
12-year 4s conv deb
91%
Since
Jan
102%
D
j
1952
Uljigawa Elec Power s f 7s
Is
*107%
102%
m S
7%s..l955
f 7s
o
M
5%s A..
{(♦Union Elev Ry (Chic) 6s—. 1945
57%
44%
*122%
D
Rutland RR 1st con 4%s
sec s
75%
D
a
deb A.-1953
6%s...l943
Un E L A P (111) 1st g
103%
80
•Rio Grande West 1st
Roch G A E 4%s series
♦Guar
38%
D
1953
1960
1950
1942
4s. .1946
1949
69%
70
J
33%
1955
♦Rlma Steel 1st s f 7s
o
Tol A Ohio Cent ref A imp 3%s
105%
1952
6s
1st 68 dollar series
131%
131%
J
a
Tol St L A W 1st 4s
J
♦Certificates of deposit
Rlchm Term Ry 1st gu
126
j
1960
109
j
Revere Cop A Br 1st mtge
112
*111
M N
M
.
Range
Range or
Sale
EXCHANGE
Week Ended Dec. 11
N. Y. STOCK
Since
Friday's
Bid
A
Asked
Last
bonds
Range
4%s
1950
M
Symington-Gould conv lnc w w 1956
Without warrants
1956
f
A
f
R
115%
1947
a
o
104%
Swift A Co 1st M 3%s
Tenr cent 1st os A or ti
j
5s.. 1951 J
Tenn Cop A Chem deb 6s B
1944 M S
Tennessee Corp deb 6s ser C
1944 M S
Tenn Elec Pow 1st 6s ser A
1947 j D
Term Aasn of St L 1st g 4%s..l939 A O
*125%
*104%
Tenn Coal Iron A RR gen
F
1944
1953 j
A..1950 F
Texas Corp deb 3 %s
1951 j
Tex A N O con gold 5s
1943
Texas A Pac 1st gold 5s
2000
Gen A ref 5s series B
1977
Gen A ref 5s series C
1979
Gen A ref 5s series D
1980
Tex Pac Mo Pac Ter 5%s A.. 1964
1st cons gold 5s
Gen refund s f g 4s
Texarkana A Ft S gu 5%s
1st mtge s f
*104%
107%
156%
113% 116%
74 *
105
126
120
126%
104%
103
100%
"99%
100%
"68
109%
119%
109%
119%
1
04
102%
109% 112
8
116
J
111%
111%
111%
18
105% 112
a
108%
107%
108%
37
105%
105%
105%
109
87% 108%
101% 106
D
*105%
"129%
129%
.106%
130
9
121
99% 107
117% 130
109%
31
98
106%
107
106%
"108"
e
105
'119%
a
108
13
97
108
107%
109%
108%
37
97
108%
109%
1
106%
4s ser C
81% 128
105% 110
Cash sales transacted
during the current
week and not Included in the yearly
range;
No sales.
r
Cash sale only transaction
during current week,
at exohange
sale only
only transaction during
Accrued Interest payable
a Deferred delivery
transaction during current week,
n Under-the-rule sale
( Negotiability impaired by maturity,
t
current week.
rate of $4.8484.
receivership, or reorganized under
by such companies.
No sales transacted during current week. ♦ Bonds
{ Companies reported as being in bankruptcy,
Section 77 of the Bankruptcy Act. or securities assumed
•
Friday's bid and asked price.
selling flat.
t
Deferred delivery sales
in the yearly range:
No sales.
transacted during the current
week and not Included
3810
New York Curb
Exchange—Weekly and Yearly Record
Dec.
NOTICE—Cash and deferred delivery Bales are disregarded In the week's range, unless they are the only transactions of the week, and when
regular weekly range are shown In
In the
week
a
footnote in the weekl n which they occur.
following extensive list
beginning
we
furnish
a
elllng outside of the
aken of suoh sales In computing the range for the year.
complete record of the transactions
the New York Curb Exchange for the
on
(Dee. 5f 1936) and ending the present Friday (Dec. 11, 1936).
Saturday last
on
No account Is
12, 1936
from the daily reports of the Curb Exchange itself, and is intended
It is compiled entirely
to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Sales
Friday
Last
Par
Week's Range
for
Sale
STOCKS
of Prices
Price
Low
High
111
»
5#
21X
5X
New
5
common
24 #
*
99
June
113#
200
16
Jan
26
2#
Apr
9#
Aug
44# May
19
77#
24#
Oct
24X
3X
29
Dec
4#
Mar
Warrants..
X
Alabama Gt Southern...60
Ala Power $7 pref
77 #
*
81
*
72 #
1
25#
SO preferred
Allen Industries
com
25
Oct
400
*t«
Oct
35
Oct
Jan
Dec
Brill Corp class B
Class A
7% preferred
83
1#
Mar
79 X
81
100
37#
67#
Feb
84#
Oct
73
26X
320
68
Feb
76
Feb
1,000
19
Apr
29#
Nov
2
2
2
100
2
Dec
2#
Apr
3X
200
2#
Jan
4#
Feb
Common
com
139
6% preference
100
Aluminum Goods Mfg...*
116
Aluminum Industries
Aluminum Ltd
com *
•
com
6% preferred
75
American Airlines Inc...10
19 X
87
Jan
152
Jan
125#
Dec
15
Feb
18#
Sept
Mar
150
20#
9,200
3#
300
100
9#
Sept
Mar
13#
45
Jan
87
Jan
1)6#
16#
Dec
20#
Dec
2#
Sept
4#
Jan
Dec
77#
Jan
10c
com
4#
10c
S3 preferred
$5.50 prior pref
X
•
X
Jan
*u
Jan
400
*
27
88#
88#
"50
Jan
86#
Jan
39
39#
44#
2,200
7#
17,500
6#
May
Jan
38#
Nov
35#
5#
~9~706
31#
29#
Jan
40#
Feb
200
3#
Jan
7
Feb
2#
22#
3,800
2#
Nov
6
Feb
Amer Cyanamld class A. 10
Class B n-v
10
Amer Equities Co com__.l
Amer Foreign Pow warr...
Amer Fork A Hoe Co com*
Amer Gas & Elec
"33 X
~~2 X
*
"lix
»
112 X
American General Corp lOt
$2 preferred
1
10 x
com
Preferred
$2.60 preferred
Laundry Mach_..20
Amer Lt A Tr com
25
6% preferred
100
C
39
12
Feb
Jan
Sept
32#
28#
300
25
Nov
100
27
Oct
28#
25#
20#
37
38
8H
2#
4
Common class A
»
10
Arkansas P A L $7 pref
Amer deposit rets
Assoc Gas A Eleo—
6#
"l07~"
IX
ex
ex
10 x
Class A
l
$5 oreferred
»
8#
2#
common
5
preferred
50
Warrants
29
Automatic Products
6#
Nov
4#
1#
Jan
5
6#
1,700
4#
Jan
7# June
39
Purchase warrants
$2.60 conv pref
Bliss (E W) A Co com..
16#
7
1,700
10,700
17#
Nov
6#
Nov
7#
Nov
Cent Ohio Steel Prod
Aug
80
48#
Dec
16#
16
16#
Nov
50#
16#
50#
33,800
50
3#
18#
3#
19#
13,000
1,800
81,800
2#
300
1,600
65
Nov
Nov
Dec
Jan
133
3
3#
6,200
16,800
1,050
19
4#
19
7#
100
200
60
4#
5#
158# 158#
122# 122#
7,800
30
100
50
2#
22,400
6,000
1#
15
37#
21#
3#
3#
May
55
40
19#
3#
1#
4#
63
Jan
42
Dec
7,200
8#
18#
35
35
1,800
200
66#
18
1#
7#
31
3#
40
Aug
Sept
Feb
Feb
Apr
68
Dec
Deo
Nov
July
Oct
Deo
Nov
Oct
16#
Mar
May
116#
Jan
17
Cities Serv PAL
$6 preferred
8ept
29#
260
82
2,700
90
4
4
2,200
175
44
45#
24#
19#
24#
19#
24#
25
5X
_
»**>
Oct
17
Dec
21
Nov
42#
Feb
90
Deo
66
Aug
125
20
Jan
44
Feb
150
17
May
24#
May
15#
Sept
75
68
Oct
105
May
57
29
3#
51#
4#
43#
43#
60
60
""*
mmm
54
13#
Jan
68
Jan
34#
Jan
X
9X
3
Jan
41 #
Jan
100
3#
May
30
100
40
June
6#
63
70#
Feb
June
Feb
June
May
65#
11
Jan
19#
Apr
10>|
Nov
May
Aug
Sept
1# May
52#
Aug
100
6#
Aug
10
Nov
6#
Sept
12
Mar
2#
Sept
2,300
9ia
Jan
Oct
100
7#
Nov
49#
500
12#
2,400
6#
300
2#
4,500
9#
7#
66
Jan
9#
9#
9#
Apr
Nov
43
11#
9#
Rosenberger Inc. *
Development... 1 sb
86#
50
49
Cohn A
Nov
Nov
Aug
July
42#
,316
#
9#
Mar
9,800
.
3#
.
Jan
Jan
Dec
71
124#
X
34#
5,700
14#
Claude Neon Lights Ino..l
Clayton A Lambert Mfg..*
Cleveland Elec Ilium
*
Nov
38
61,700
54
14#
Feb
7#
22
24
650
84#
3#
46#
4#
30#
100
3,000
3#
Jan
500
1#
82
Feb
Jan
100
82
*
Apr
Nov
Jan
71
1#
Dec
1#
1#
200
55#
4#
Dec
16#
31#
2,300
54
10
41
Oct
Feb
16#
Feb
7#
Dec
3#
Jan
2#
2#
3
1,100
3,300
4#
4#
3#
4#
1,500
4#
Nov
3#
300
3#
Sept
15,300
19#
Dec
_
5% Income stock A_._£1
6% conv pref
Colorado Fuel A Iron warr.
18#
Columbia Oil A Gas..
..1
Columbia Pictures com..*
19#
54
59
1,100
89#
5% preferred..100
16#
55
Colt's Patent Fire Arm*
26
Columbia Gas A Elec—
87#
8#
91#
1,800
10#
3#
73
87#
10# 101,500
#
Dec
Jan
Oct
Jan
116#
10#
July
Deo
36
1
Hi
1
CO
1
"112"
Mar
45
Jan
97
Jan
117
July
II3"
""600
516
28,400
54#
32#
350
13
Jan
550
28
Sept
Commonwealths Dlstrib.l
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv._ 1
Compo Shoe Machinery.. 1
#
1#
1#
54#
52#
31
31
1#
1#
17#
16#
18
23
23
24#
9,200
7#
16,500
89#
700
8% preferred
Jan
19#
89
6
29
$7~prefl»
#
2
300
1#
X
#
Feb
55#
33#
Nov
Apr
1#
June
1,500
1#
Jan
1,900
11#
14#
Jan
July
3#
Oct
3#
19
6#
88.
88#
June
27j|
84
Jan
94#
112
6#
100
Consol Mln A Smelt
Ltd..6
Consol Retail Stores
£
102
Apr
Apr
300
16#
City Auto Stamping
City A Suburban Homes. 10
5% pref A
Sept
14#
118
*
1
Aug
Jan
71
— mm
55#
._*
Warrants
Jan
Jan
55
115
71
J
Commonwealth Edison 100
Commonwealth A Southern
116
16#
20
5#
16
50#
com
Feb
9
675
18#
86#
10
Preferred B
Preferred BB
99#
Oct
"74#
74#
60
9#
10#
2,900
122# 122#
110
90
Jan
3#
1,300
2
May
x97X
99#
50
88
Jan
1#
1#
600
18#
6,200
9#
100
63# June
3# May
Oct
Mar
Nov
Nov
Dec
Nov
116
Mar
80
Nov
11#
122#
3#
Nov
Deo
3#
Dec
Consol Royalty Oil
10
Cont G A E 7 % prior pf 100
Oct
Continental Oil of Mex...1
1#
Dec
Cont Roll A Steel Fdry...*
Continental Secur Corp..5
Cook Paint A Vara com.
18#
17#
19#
Deo
10#
50
11#
6#
Sept
10#
Jan
11#
Nov
21#
Zl9#
21#
5,500
16#
Oct
21#
60
Oct
62
Nov
Dec
2,500
8X
Deo
2,300
18 X
Nov
37
Aug
25
Feb
Nov
107#
44
Consol Copper Mines
5
Consol G E L P Bait com.*
28#
3#
40
Nov
Mar
29#
40#
125
100
Consolidated Aircraft
500
17
Oct
Dec
Nov
Aug
600
1,200
375
Feb
2,400
35
Deo
6#
Dec
158#
Dec
124# May
95
7,600
Centrifugal Pipe
Charls Corporation
Cherry-Burrell Corp
Conv
Apr
Apr
7#
21,000
Feb
#
7#
18#
Dec
102
7#
1#
27
100
35
Dec
Jan
Jan
10,900
1
8#
36#
18#
16
4#
2,300
4,500
3,100
8,000
""160
100
Deo
Deo
4#
27
86
16,400
1,200
20#
June
15#
100
3815
2#
400
1#
19#
6#
6#
Jan
22
Aug
18#
40
6#
27#
3
1#
16#
1#
100
#
28
Jan
Dec
Oct
100
20#
900
"48#
7% 1st preferred
Bridgeport Gas Light Co.*
7%
101#
12
15#
2d
*
4#
4#
5
19#
*
*
55#
14
13,600
lOO
2
500
Feb
Mar
1,000
18
2
260
2#
8#
86#
Club Alum Utensil Co.
*
Cockshutt Plow Co com"*
Jan
Jan
1#
68
Sept
43#
130#
42
5
96#
19#
1#
Mar
11#
33#
6
42
6#
43
6#
12#
38
Botany Consol Mills Co..*
Bourjois Inc
»
12#
12#
11
12#
July
July
100
100
100
Cleveland Tractor com...*
800
Oct
6#
6,000
2#
1
100
Clinchfleld Coal Corp.. 100
126
"45"
1
Feb
42
"46"
•
Nov
400
6#
900
27
33#
4#
130
25
2
27
21#
8#
8#
39
100
15
Deo
1,500
100
warr
6#
62#
48#
7% 1st preferred
74#
75
Preferred
46#
Borne Scrymser Co
Aug
5#
1
Nov
3
37#
100
Cent P A L 7 % pref
100
Cent A South West Utll__l
Cent States Elec com
1
Feb
Nov
20#
470
1
#
13#
48#
3
74#
7#
7#
1#
'33#
10
932
37
Nov
70#
7#
6#
1#
38#
100
S3Z
Jan
47
14#
Nov
29#
Cities Service
19#
2#
1#
14#
Nov
12
37#
Nov
10#
47
2#
14
29
23#
4#
83#
48#
Jan
Nov
Oct
28#
17,800
1,500
47,900
"21#
Brazilian Tr Lt A Pow
Jan
June
Jan
Dec
7
Nov
Mar
27
Conv preferred
100
Conv pref opser *29.. 100
9#
Feb
Corp of America
6% pref without
7% preferred
Jan
Jan
»u
Nov
""2#
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...*
Chief Consol
Mining
1
Chllds Co pref
100
*
com
Jan
1#
11#
14#
38
Oct
1
$3 opt conv pref
*
Blumenthal (S) A Co....*
Blue Ridge Corp com
Bearing
Oct
Jan
Jan
*
Boback (H C) Co com
3#
3#
7#
44
Jan
Nov
1#
*
For footnotes see page
13,900
Mar
16#
Conv pref
Berkey A Gay Furniture. 1
preferred
61,500
13
104#
#
97#
6#% pf.100
Hedges com
*
Bowman-Blltmore
80
98
Bell Tel of Pa
Bower Roller
500
3,900
27,100
Dec
Dec
Nov
425
*
2#
98
32#
Cent Hud GAEvto
*
Cent Maine Pow
7% pf 100
1,000
5#
Jan
$7 div preferred.......*
1st preferred
»
11#
100
5X
Feb
Oct
11#
—100
Nov
4#
Colon
com
July
*
Casco
200
4#
18#
7#
#
900
2,100
Apr
11#
Barlow & Seellg Mfg A...6
Baumann (L) A Co com..*
Mar
2
600
3#
4#
Nov
2#
28#
*
3,300
Axton-Flsher Tobacco—
com
Class B
1#
3#
29#
8
3#
8#
35,800
5#
Feb
Apr
Jan
2#
1,100
3,900
40
Jan
Dec
109# 110#
10#
12#
39
44#
95
96#
18#
19#
Feb
Jan
Oct
5#
Jan
Mar
109# 110#
63#
33#
#
Oc
#
110#
100
Deo
2#
7#
109#
Jan
June
99#
100
7% 1st partic pref... 100
May
107 H
Jan
100
7% prior preferred... 100
Celluloid Corp com
15
June
26#
Jan
300
Nov
4
Apr
51#
1#
'5.6
9#
82
23#
103
7#
Apr
32
Jan
3X
Dec
100
Nov
50
15
Carnation Co com
_.*
Carolina P A L $7 pref...*
$6 preferred
*
12#
1#
8#
200
8#
5#
59#
2#
25
X
20
Jan
73
*
Catailn Corp of Amer
5,100
Oct
July
39#
10#
25c
1#
3#
28
200
4#
39#
21#
106# 107#
1#
1#
6#
6#
7
6#
10#
10#
14#
150
475
300
5
Oct
Nov
Co—
Oct
Oct
Jan
Dec
28#
1#
■Convertible class A
Feb
2#
36#
48#
13#
10#
28#
*
Carib Syndicate
Nov
Jan
45
3#
Jan
7
7X
ex
Capital City Products
Celanese
Dec
7# May
9# Nov
6#
Aug
Nov
Oct
4#
24#
_.l
Canadian Marconi
1#
1# May
1,300
97#
'316
#
#
*
B non-voting
53#
46
25
106#
96#
4#
39#
S16
3#
7#
,5.6
3#
Canadian Indus Alcohol A*
Jan
5#
55#
5
Class A common
10
Babcock A Wilcox Co
*
Baldwin Locomotive warr.
Barlum Stainless Steel...1
Blckfords Inc
500
200
24#
97
100
Jan
18
55#
Automatic-Voting Maob-»
Benson A
Jan
6% preferred
Carrier Corporation
Products
Castle (A M) A Co
732
#
19
1
14
Mar
July
Jan
2#
3,100
400
90
5#
36#
30#
Jan
Jan
#
3#
Atlas Plywood Corp
Austin Sliver Mines
7% 1st pref
1#
9#
46#
8#
40
48#
4
Jan
Feb
11,200
500
17#
19#
Mar
Nov
32#
4,700
105
106 X
Canadian Canners pref
*
Canadian Car A Fdy pfd 25
Canadian Hydro Elec—
^
32#
200
9
z24#
dep rets A ord sh.£l
dep rets B ord shs.£l
Carman A
Jan
Mar
2,050
46
*
12#
1#
3#
Associates Investment Co *
Atlanta Blrm Cst RR pf 100
Atlanta Gas Lt 6% pref 100
Bellanca Aircraft
525
1#
45#
44#
4#
316
Bell Tel of Canada
40#
2#
46
12#
11
*
Chesebrough Mfg
Option warrants
Assoc Laundries of Amer. *
Associated Rayon com
*
Atlantic Coast Fisheries. _*
Atlantic Coast Line Co..60
46
30#
28#
25#
83
14#
6#
£1
Common
Corp
1,800
*
Art Metal Works com
6
Ashland Oil A Ret Co
1
Associated Eleo Industries
6%
200
21#
90
*
Atlas
25#
1#
44
Anchor Post Fence.
Preferred
114#
39#
43#
IX
4#
*
Jan
Aug
July
Jan
3,900
25#
48
1
47#
Oct
36#
X
25#
21X
6
Arcturus Radio Tube
Arkansas Nat Gas com
Apr
Feb
29
28
American Thread pref
Angostura Wupperman.
Apex Elec Mfg Co com
*
Appalachian El Pow pref. *
25#
Jan
Sept
Jan
11
1#
Preferred
108
9
7#
30#
z39~~
Am Superpower Corp com »
1st preferred
33#
Jan
48#
47#
100
com
hemical
American Seal-Kap com..2
19
Dec
Nov
35#
45 X
Amer Pneum Service
<st
150
38#
41
35
1
Amer Meter <~v>
Foiasij
112#
10,900
26
Amer Mfg Co com
Amer Maracalbo Co
Aiuer
112
210#
41#
300
1
Amer Hard Rubber com_50
Amer Invest (111) com...
Amer
33#
5#
2#
22#
40#
Apr
26# June
Calamba Sugar Estate..20
Canada Bread Co com
*
Canada Cement Co com..*
41#
5#
75
27#
Jan
28
com
Feb
39
7#
Jan
21#
Amer dep rets pref shs £1
44 X
J
16#
100
12#
Cable Elec Prod vtc
Cables A Wireless Ltd—
Am
26
warr
Class B
Mar
100
2#
Mar
26
Clas A with
29#
23
23#
40#
43#
11#
9#
Burma Corp Am dep rets..
Burry Biscuit Corp.. 12#o
Am
13#
23
*
$3 convertible pref
Warrants
Feb
2
Am Cities Pow A Lt—
Class A
Burco Ino
Feb
9
36#
91#
Feb
Apr
Mar
Sept
Nov
28
$5 1st preferred
Bunker Hill A Sullivan.. 10
Dec
Feb
8#
55
28#
Buckeye Pipe Line
60
Buff Nlag A East Pr pref25
Dec
76
American Capital—
Common class B
Jan
Bruce (E L) Co
109
17#
Beverage com..]
American Book Co
Class A
Am dep rets ord
reg
British Col Pow cl A
Nov
750
2,900
1,100
Jan
29
dep rets ord bearer £1
Nov
600
116#
107
3
100
Am dep rets ord reg__£1
British Celanese Ltd—
2
66#
116#
600
Aug
Aug
4#
Amer Tobacco—
25
3,850
3#
100
American
128X 139
116
125#
18
18#
9#
10
63#
76
108
23#
23
Jan
Feb
Mar
Jan
*
Jan
25#
21
7#
26#
...
June
#
Aluminum Co common...*
5#
45#
Jan
1#
*
21
26
400
13#
97
Brown Co 6% pref
100
Brown Fence A Wire com.l
Brown Forman Distillery. 1
*
pref
conv
Allied Products cl A
2#
6#
2#
5#
45#
»
16
com
Allied Internat Investment
$3
Am
3,900
..100
Registered
Nov
19#
*
High
Low
17#
100
British Amer Oil Coupon
British
Range Since Jan. 1 1936
Shares
High
17#
Brlllo Mfg Co com..
Class A.
Feb
80
*
Preferred
Low
Price
Bridgeport Machine...
*69#
25X
30
Week
Nov
5#
23# Dec
2# June
2,000
for
of Prices
Nov
Mar
3X
Alles & Fisher Inc com...*
Alliance Invest
77
X
■
300
400
23#
3X
28
*
com
Conv preferred
Week's Range
Sale
Par
49#
8,500
Last
High
May
Agfa Ansco Corp com
1
Alnsworth Mfg Corp..—10
Air Investors
Low
20
111
21X
5X
Sales
STOCKS
(.Continued)
40
7% 1st pf 100
*
Aero Supply Mfg ol A
Class B
Range Since Jan. 1 1936
Shares
Acme Wire vtc com—20
Adams MUUs
Friday
Week
$4
preferred
3
—
61#
61
#
30
# May
Jan
101# June
2
Feb
Deo
Nov
3R
New York Curb Exchange—Continued—Page 2
Volume 143
Friday
STOCKS
Last
Sale
(Continued)
Par
Cooper Bessemer
Price
Week's Range
of Price*
High
Low
*
$3 preferred A
Copper Range CoCord Corp
25 %
23%
*
com
58%
58
25%
59%
11
10
11
*
...6
Corroon a Reynolds—
Common
4%
__1
6%
6%%
Feb
12,000
6,000
9,300
Jan
34%
Feb
Apr
16
Feb
32
33%
13
12%
14
%
11
""l%
14%
1%
13%
4%
24%
1%
14%
51%
50
4%
106
.6
Darby Petroleum com...6
2
13%
4%
24%
1%
14%
51%
1%
1%
May
%
5
Sept
14%
Jan
2%
Jan
700
11%
2,600
3%
Oct
16%
Feb
Nov
Jan
..
7% pret.100
"5%
Derby Oil A Ref Corp com*
72
£
16
Detroit Gasket & Mfg eoml
19
20
Detroit Gray Iron Fdy...5
Detroit Paper Prod
...1
£14%
8%
49%
Detroit Steel Products...*
Diamond Shoe Corp com.*
Distilled Liquors Corp_..6
109
Apr
17%
Dec
Amer deposit rets
£1
Doehler Die Casting.....•
29%
Dow Chemical
1%
Apr
Mar
17%
Dec
100
12
Jan
16 H
Apr
Gypsum Lime A Alabast.*
Hall Lamp Co..
...._.*
10% June
22
May
21%
J*
32%
18%
600
18
Dec
18%
Deo
73
40
50
Feb
73
Oct
6%
74
100
2,500
150
1%
25%
Jan
Mar
16%
400
16
Dec
19
300
18%
Nov
15%
8%
£50
*
28
28%
11
700
300
1,500
75
4,700
in
it*
Jan
Aug
Aug
6%
81
Oct
Oct
18% July
21% June
19% Aug
10%
Apr
60%
30%
Oct
May
Jan
ii
12%
Jan
29%
35%
63%
29%
36%
63%
10
400
2,300
50
300
140
138
84
85
30
29%
30%
142%
110
"3%
72
1%
1%
*
7%
7
18%
16
7
£67
4%% prior preferred. 100
6% preferred
...100
£61%
6%
""~4%
Eastern States Corp.....*
37 preferred series A..
36 preferred series B..
76
1,000
20
3%
75%
1%
7%
18%
7%
800
75
1,300
24,300
2,000
68
475
£61%
63
1,400
23
150
3%
AH
76
10,100
1,000
76%
68%
67%
13%
13
14%
Economy Grocery Stores.*
20
20
Edison Bros Stores com..*
Elsler Electrio Corp
1
65%
»3%
19%
100
65%
9,200
4%
21% 106,200
2,400
69%
80%
2,900
100
9%
100
7%
220
83%
3,000
9%
Easy Washing Mach "BM_
3%
20%
69%
78%
Elec Bond A Share com..5
36
preferred
*
36
preferred....
*
Elec Power Assoc com
Class A
1
.....
Elec P & L 2d pref A
Option
Electrio
"
warrants
Oct
Common..
Electrographlo Corp
18%
pref
......
w w
preferred..
50
10%
10%
108
Nov
Oct
41%
142%
86%
Nov
Deo
Oct
53
66
\
"22%
Fanny Farmer Candy....1
MetaHurgical...*
Fedders Mfg Co com
.*
Ferro Enamel Corp com..*
%
Aug
1%
Deo
July
6
7%
10%
Jan
Jan
18%
Dec
Mar
Jan
11%
69%
41%
Jan
Jan
85
Jan
83
Mar
22
Dec
42 %
Feb
1% May
24%
Jan
4%
Dec
76
23
Jan
77
Jan
15% June
15%
23%
36
Jan
69
2%
15%
64%
74%
9 %
6%
18%
Apr
Feb
Apr
27
Julv
79
Mar
4
6%
2
37
....1
Oct
4%
Jan
88%
Julv
12
Mar
9%
83J4
9%
July
Dec
Deo
Feb
Nov
Feb
600
15
Jan
19%
Apr
17%
39%
40
125
80%
Jan
45%
Nov
67
50
42
Jan
63%
Julv
July
July
51
75
43
Jan
65
52
75
44
Jan
66
52%
63%
43%
Jan
66%
58
50
47
Jan
72
21
Jan
31
Sept
800
15
Jan
22
Nov
2%
2%
32,100
%
%
%
1%
3,700
29,400
July
•t«
Jan
7%
8%
23%
13%
37
%
81%
2,400
2,600
2,100
3,500
1,000
%
Aug
300
1,300
2,200
230
6
Jan
75
100
Florida P & L 37 pref....*
Ford Motor Co Ltd—
59%
Am dep rets ord reg__£l
Ford Motor of Can cl A..*
Class B
22
8
Ford Motor of France—
American dep rets 100 fos
Fox (Peter) Brew Co
6
10%
£73
11%
75
56%
7%
21%
3%
47
Franklin Rayon
Feb
Oct
18%
General Alloys Co
...*
Gen Electrio Co Ltd—
11,100
500
60%
8
22%
1,000
3,700
2,300
£11% £11%
700
3
65
1%
1%
10,200
"%
%
32
1,000
36 preferred..........*
Gen Outdoor Adv
33 convertible pref
*
General Tire A Rubber...5
6% preferred A
100
For footnotes see page
1%
>
f
22
60%
%
Jan
74%
July
Pref 53.50 series
50
Intl Metal Indus A_...__*
Interna] Mining Corp
1
Warrant*
International Petroleum..*
Registered
..*
International Products...*
Apr
Apr
May
40% May
4%
46
7% May
19
July
22% June
Internat'l UtilityGlass A.
__*
Class B
....1
57 prior preferred.....*
New warrants
International Vltamin__._l
Interstate Hos Mills.
*
Interstate Power 57 pref.*
.Investors Royalty..
1
.1
36%
42%
1%
89
Sept
Nov
Feb
Feb
.1
17%
101%
Kansas City Pub Service—
Common v t c
*
117
Jan
V t c preferred A
*
Nov
Kansas OA E 7% pref. 100
79
Oct
Ken-Rad Tube A Lamo A*
64%
Oct
Feb
Kimberly-Clark 6% pf-100
Kingsbury Breweries.....l
Kings County Ltg Co—
5% pref series D.....100
Kingston Products..
1
12%
9%
,28%
32
Feb
Feb
Sept
4%
Feb
10
Nov
11%
Dec
Deo
Klein (D Emil)
Kleinert Rubber
18%
12%
13
Jan
Mar
4%
3815.
May
40
Apr
't« Jan
150
71
June
10
67
Jan
1
Jan
3,000
100
Oct
4%
Jan
16
Sept
Apr
17
July
82%
Mar
130%
Oct
110%
Jan
124
Jan
Feb
130
Nov
Apr
6% July
1% June
%
Jan
£41
Nov
24%
10%
Feb
4%
Dec
1%
Feb
117
72
Jan
Jan
88%
Apr
97
Nov
Sept
Aug
15
Dec
81
6%
Oct
1
2%
"13%
Jan
19
Nov
19%
Nov
Nov
65
39
"ejoo
17%
12%
22%
"§8""" "37% ~38% """475
16%
1%
16%
17
600
1%
650
"""7% "'8% """366
5
5%
4,500
49
49
£50%
150
52%
51
53
2,400
53
51%
58%
53
59
11
5%
Jan
13% Dec
6% June
Mar
60
Feb
38%
May
29%
Apr
108%
Dec
9,400
10,000
3
Feb
500
75
Mar
July
July
200
73%
Jan
6%
1%
14%
108% 108%
31%
33
Oct
2%
10%
10%
74%
A pi
Nov
10%
14
"32%
8%
25%
72%
600
10
'16""
Oct
2,100
300
£13% £13%
Nov
Apr
Oct
Nov
11,400
22%
Jan
June
67
H Sept
9% Aug
13% June
6
Jan
2%
16
Nov
Jan
-
NOV
Aug
39%
Jan
July
108%
33%
76%
Dec
Mar
2%
40%
30
9%
Dec
Feb
Feb
Apr
Oct
7%
Jan
62%
Nov
60
Sept
69%
Sept
450
36%
38%
Jan
May
Jan
Jan
75
62%
Feb
69
Dec
900
20%
9%
Jan
11
Deo
8,100
20%
20%
14
20%
10%
20%
20%
14
19%
Dec
32
100
20%
Jan
24%
24%
Feb
200
13%
Apr
14%
Mar
37
44%
Dec
44%
700
8
8%
1,100
31
31%
30
10
Feb
46
33
35
20
14
June
48
99% 100
50
92%
Jan
100
Sept
44
1%
900
1%
18%
75
25%
Mar
5%
Jan
180
Aug
1%
9
700
68%
900
25
Jan
May
Oct
Dec
1%
9%
Feb
Oct
Oct
Oct
Aug
6%
6%
Jan
Jan
8%
21%
Sept
84
Jan
Feb
34
Jan
Sept
3%
Feb
Apr
Feb
34%
16%
14%
Deo
Nov
Feb
26,800
7
"l2% ~14% 13*166
33%
10
Aug
3
July
6%
Feb
Dec
33% Aug
3% May
39%
38%
7%
Apr
Fe?
24%
34%
5%
4%
4%
34%
34%
1,700
8,800
""7% ""6% ""7%
lb",500
34%
32%
Jan ,£103
64
'"1% ""1% """loo
15
1%
95%
S16
6%
10%
15%
1%
1%
94
2,800
%
60
*i«
"20%
20%
7J6
"25""
25
500
27%
21%
*16
£26%
320
20
5
3,400
M
Sept
250
23%
May
18
18
%
%
1,200
%
May
%
16%
Apr
9%
1,500
9,100
1,000
%
16%
%
14%
8%
91%
100
70%
Jan
93%
60
76
Jan
20
86
4,300
Dec
2%
37
2,800
19
15%
Sept
Feb
May
6%
36%
6
35
Jan
96
800
15
Jan
13% Deo
8% Nov
Jan
Nov
2%
Jan
Sept
>i«
Jan
87
S16
%
July1
Jan
4
14,700
96
Feb
Koppers Co 6% pref...100
Kress (S H) & Co pref..100
Kreuger Brewing
94
1
Lakey Foundry A Mach..!
Feb
Nov
%
Feb
Feb
Dec
%
9%
Feb
Apr
Nov
33% Mar
% May
Feb
31%
26% Mar
Feb
1%
Feb
%
17
Aug
100%
93%
2%
Sept
Dec
Jan
Class A
%
4%
112% 112%
23% 24%
14,300
,
2,400
1,400
1,700
30
Jan
2%
7%
4%
4%
900
10
Mar
Jan
Jan
July
106%
"""2%
20
106
2%
700
20
%
1%
111%
1%
Aug
Dec
3%
Mar
Nov
4
July
2%
Jan
7i« May
8
6%
114
Mar
Mar
Jan
14,800
18%
Dec
1%
Deo
68,000
100
8%
90
106%
5
Hi
Aug
Aug
Aug
Dec
Dec
8
1'ic
93%
97%
105
24%
70
Jan
Jan
74
Jan
8
Deo
6%
%
24
11%
Jan
Oct
Mar
10%
16
'167"" 166% 107"
4,600
Apr
'""425
Mar
16
Deo
20
15%
Deo
21
Dec
96%
Apr
3%
12
12
200
10% May
19%
20%
700
14
"59% "56% "59%
3"666
"19%
6%
6%
7%
9,300
74%
61
6%
107
12%
Feb
Mar
£25
June
Jan
78
Mar
Jan
62%
Nov
Sept
8%
Mar
Jan
70
Mar
11
4%
20%
10
"14%
7
24%
Nov
Jan
52%
Mar
18%
Nov
Jan
Lit Brothers com........*
102
%
3%
106
Lefcourt Realty com
1
Preferred..
-.....*
Jan
Apr
%
3%
112%
24%
8%
90
.........*
47
Aug
6%
May
1%
Jan
Deo
Aug
100
Oct
Langendorf United Bak—
12%
13%
80
Lane Bryant 7% pref..100
Lehigh Coal A Nav
*
Leonard Oil Develop
25
Lerner Stores 6 % % pref 100
Lion Oil Refining
....*
85
90
101
Lackawanna RR Co N J100
1
Oct
2%
92%
101
-...10
Knott Corp common
1
Kobacker Stores Inc com.*
Nov
70
91
92%
101
...»
Sept
Jan
Jan
800
17% 18
100% 101%
25%
10
21%
9
Kir by Petroleum
...1
Klrkld Lake G M Co Ltd.l
1%
22%
50%
400
40
6% preferred
100
InternatI Safety Razor B.*
*
91
1,100
40
25
5%% preferred
100
6% preferred.......100
7% preferred
100
Jonas A Naumburg...2.50
Jones A Laughlin Steel 100
93%
50%
40
1,300
2,300
1%
3
*
Jan
1%
22
17%
18%
1%
25%
Internal Holding A Inv
Internal Hydro-Eleo—
Deo
93%
*
18%
1%
1%
2%
16%
16%
1%
1%
2%
17
17
90
6% pflOO
Gen Pub Serv $6 pref
Gen Rayon Co A stock.. *
General Telephone com.20
7,000
9,800
2,300
6,700
"9§"" """25
73%
24%
Sept
1%
16% May
2% July
66%
1%
Jan
Nov
23% June
28%
Jan
2
50
Dec
22
17
13%
11%
11%
20%
7%
38%
Jersey Central Pow A Lt—
19
20%
Warrants
25
100
""•6% "~6% "6% "1Mb
74%
c common
Nov
Jan
20%
2%
Jan
18% June
9%
1
V t
10%
Dec
3,800
"93"
7% preferred
100
Insurance Co of N Amer. 10
International Cigar Mach *
Jan
11%
2,700
1,100
Oot
Feb
3
4%
16
3%
*
700
Oct
104
si«
2%
Jacobs (F L) Co
Jeannette Glass Co
300
22%
1
300
Feb
Nov
Jan
200
Lake Shore Mines Ltd
com
700
Nov
%
600
Jan
Jan
750
65
32%
3%
23%
10%
11%
22
"93"
Italian Superpower A....*
Warrants
Gen Gas A Electric—
36 preferred
Gen Investment
Jan
4
Feb
Dec
18%
2%
8
3%
28
18%
22%
Am dep rets ord reg..£l
Gen Flreproofing com....*
Jan
8,300
13%
3%
Irving Air Chute
11%
Corp coml
Froedtert Grain A Malt—
Conv preferred..
15
24
*
Non-voting class A
Feb
H
1%
Dec
Sept
450
Class B
..._..*
industrial Finance—
Apr
Sept
2%
11%
18%
Aug
76
7%
14%
4%
112
11%
1
330
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service
6% pref 100
July
50
1% July
100
Registered..
*
Imperial Tob of Can
5
Imperial Tobacco of Great
Feb
28%
19%
.100
Corp
preferred
119% 121%
127% 127%
36%
37
8%
10
4%
4%
"16
,S16
105% 108%
120%
cl A._*
Amer deposits rcts...£l
Imperial Oil (Can) coup..*
Mar
9%
99
29%
35%
%
25,500
3%
£13
74%
Indian Ter Ilium Oil—
Jan
81
(PhllaJ.10
700
3%
13%
19
%
6%
Feb
Apr
Industries
Dec
Mar
Apr
Jan
Chem
*
Deo
Apr
Jan
Imperial
Sept
May
May
7%
22%
13%
23%
3%
13%
18%
preferred
100
ind'po-is P A L 6%%pfl00
First National Stores—
36
Hydro Electric Securities.*
Hygrade Food Prod
6
Hygrade Sylvania Corp..*
Illuminating Shares
5
7
23
37
i
Oct
10
18%
Falstaff
7% 1st preferred
Common
7% pref stamped
100
7% pref unstamped.. 100
Mar
88
17%
7%
Flsk Rubber
Humble Oil A Ref
.*
Huylers of Delaware Ino—
Sept
250
28
18%
Brewery.,
Holopbane Co com......*
(H) & Co cl A......*
Hormei (Geo A) A Co....*
Horn A Hardart
*
5% preferred.
100
Hud Bay Mln a Smelt-.-*
Holt
6
1,700
17
l
Fire Association
Hires (C E) Co ol A
*
Holllnger Consol G M....5
85
3,200
26
3
Brewing
10
Iron Fireman Mfg v t C..10
Ex-cell-O Air A Tool
Falrchlld Aviation
7%
38%
400
36
28%
90%
Apr
100
Heyden Chemical
111
38%
preferred....... 100
12,600
16%
July
Jan
58
Evans Wallower Lead....*
'16
'16
Hecla Mining Co
....25
Helena Rubenstein...
*
Feb
105%
%
6%
%
1%
July
Apr
Hartman Tobacco Co
*
Harvard Brewing Co
I
Hazel tine Corp.. ...._.._*
Illinois P A L 56 pref
6% preferred
97%
19%
18%
18
40
9,300
5
Jan
28%
18%
2%
Haloid Co...
39
5
250
*
June
25
96
13
$6 preferred..
Nov
49%
Option warrants
Fldelio
7%
900
2,200
Dec
52
.100
6%% preferred..... 100
7% preferred
..100
8% preferred
..100
Empire Power Part Stk..*
Emsco Derrick A
Equip. .6
Equity Corp com
lOe
Eureka Pipe Line
60
European Electric Corp—
Fansteel
78%
9%
7%
77
£94%
65%
Aug
Apr
Jan
Deo
Nov
53%
57
com.
Elgin Nat Watch Co
15
Empire District El 6%.100
Empire Gas A Fuel Co—
7%
68
75
9
....
5%
97%
18%
oonv
6%
Nov
29%
38%
Shareholding-
Elec Shovel Coal 34
pref..
36
Julv
700
£67-
22
Malleable Iron.25
1,400
150
110
3%
72
Eagle Pioher Lead......10
East Gas A Fuel Assoc—
Common
Eastern
4% June
15%
7% preferred
100
Dublller Condenser Corp.l
Duke Power Co
100
Durham Hosiery class B
*
Duval Texas Huplhur
23% Mar
27% May
Sept
46
8
10
100
15%
44%
32%
Apr
11%
47%
18%
45%
Hartford Electrio Llght-25
17%
85
Driver Harris Co
pf
Dec
*9
108
*
*
150
6% % pref....
100
Douglas (W L) Shoe Co—
7% preferred
100
Draper Corp
stook
com
26,500
10,500
10
£36%
Non-vot
%
Distillers Co Ltd—
Dominion Bridge Co
*
Dominion Steel & Coal B 26
Dominion Tar AChem com *
43
14%
43%
107%
Deo
Dec
Dec
Deo
48
43
14%
44%
31%
79%
68%
Great Atl <fe Pao Tea—
17%
11
.....
5
Gulf Oil Corp of Penna.25
Gulf States UtU $5.50
2%
15%
51%
6,300
18%
*14%
8%
1,300
9%
Jan
Feb
15
16
11%
Greenfield Tap & Die
*
Grocery Sts Prod com._25c
Guardian Investors
1
Aug
21%
32%
5%
Gray Telep Pay Station..*
High
10%
Oct
%
20%
32%
72
...
Low
10%
25
18
..36
Grand National Films Ino 1
Grand Rapids Varnish
*
Shares
250
100
4%
37%
14% Sept
53 preferred
.....*
Gorham Mfg Co—
V t o agreement extended
High
89%
7% 1st preferred
22%
Dec
........*
Range Since Jan. 1 1936
for
Week
of Prices
87
Gt Northern Paper
300
105
class A.*
Week** Range
Low
89%
Feb
5%
25
200
800
mars
*
Price
57 preferred
*
Goldfleld Consol Mines. 10
Gorham inool A.._.
.*
July
Feb
June
75
170
106
16%
%
16%
100
7,400
9
Jan
71
"21%
Dayton Rubber Mfg com.*
ww
105
u*
19%
15
15
Davenport Hosiery Mills.*
6% pref
Feb
Dec
2%
*
ProforrGd
4%
30%
% June
33%
100
....
Jan
Jan
11% May
16%
Class A
Class B
300
""%
Dennlson Mfg
Nov
200
*
De Jay Stores
103
1%
Mining..60c
Cub! Mexican
Jan
13%
*
Curtis Mfg Co of Mo
Godchaux S
1%
.26
tirred
r
4% July
Feb
1%
25c
om
Mar
8
6 %
Crown Cork Internal A._*
Cuneo Press
8
4,600
*
...
Jan
Aug
Nov
44,600
*
to.
3%
Dec
12%
3%
30%
1
Cuban Tobacco com
6%
69%
3
Crown Cent Petroleum...]
Crystal OH Ref com
55 preferred.
*
Gilbert (A O) com...,...*
Preferred
*
Glen Alden Coal...
_.*
Jan
13%
...6
Crown Drug Co com
Preferred.....
Georgia Power $6 pref
27
Cramp (Wm) A Sons Ship
Engine Bldg Corp._.100
Crowley, Mllner & Co
Oct
25%
3%
.......100
Courtaulds Ltd
£1
Croft Brewing Co..
34
5,600
1,600
7
Par
Jan
9%
800
4%
Sale
(Continued)
High
Low
29%
Preferred
Crocker Wheeler Elec
7,000
1,400
Last
STOCKS
1936
Week
Shares
65
S6 preferred A-.-—.-*
Cosden 011 com.
1
Creole Petroleum
4%
Range Since Jan. 1
for
3811
Sale*
Friday
Sales
1%
3%
19
9%
4%
20%
10%
%'
1%
110% 113
14%
7
14%
7%
2,000
1,700
10,700
44,900
300
6,700
900
1%
Nov
15%
4%
11%
July
25
6%
%
107%
7%
Jan
Jan
Feb
2
Feb
113%
Jan
15%
3
Mar
7%
Dec
Sept
Nov
12%
Jan
Deo
Jan
Oct
I
Sales
Friday
STOCKS
Last
Sale
(Continued)
Par
Price
Week's Range
of Prices
High
Low
Locke Steel Chain
5
1434
1
10 34
1034
1154
1454
1134
11*4
1334
Lockheed Aircraft.
1134
Lone Star Gas Corp
3,400
4,900
4,700
♦
Common
100
100
5H
Nov
1534
1154
Dec
Jan
1434
Mar
Nov
*
Louisiana Land & Explor.l
Apr
7
Sept
8,900
190
72 34
Jan
96
J uly
7934
634
100
64
Jan
84
July
200
554
Oct
834
Feb
1334
13,100
934
Jan
1554
May
10034 101
134
134
4234
4234
425
7934
634
1334
3 34
6
9134
5*4
90
91
Loudon Packing
1234
101
preferred
Lucky Tiger Comblnat'n 10
5
Corp common
9 54
Mangel Stores
conv
~4234
1034
934
May
94
Sept
600
134
Oct
234
100
34 3*
4
Jan
Apr
65 H
Feb
1134
Nov
4234
1934
Apr
1,200
109
Mar
Nov
10534
20
2434
200
934
Jan
1734
1734
200
22 V4
Mar
1634
1734
5834
1,300
3,700
1934
5834
Dec
Dec
104
*
preferred
2434
Consol Marine..*
Marconi InternatlMfg
Mapes
Aug
Amer dep rights
Margay Oil Corp
*
Marlon Steam Shovel-.--*
58 34
3
Masonlte Corp com
Mass Util Assoc v t o._.
734
Massey-Harris common
1
Master Electric Co
5534
3
334
734
19
7434
700
12 34
"Ilk
McWilliams Dredging
*
3134
3134
Mead Johnson & Co
*
121
Memphis Nat Gas com..6
Mercantile Stores com-..*
46
1234
33
121
634
634
534
-
1
10
Preferred
1,400
4334
Sept
Pacific G & E 6% 1st
Nov
48
8*4
4734
834
1
"
400
1,200
12,900
4,400
6
6
334
134
234
2
334
3
16
134
8 34
234
1534
"Ik
134
8
634
Pacific Public Service
Jan
734
Apr
Feb
Dec
Feb
400
Mar
Dec
28,500
1,000
4*4
900
1834
Nov
5,300
13*
834
Feb
Dec
634
Dec
2,500
Class A
v to
*
6 34
534
Class B
v t c
*
134
134
♦
634
134
934
834
9,000
11,400
600
234
July
Mar
500
23
23
23
854
*
...1
Monroe Loan Society A..*
Montana-Dakota
Dec
2834
Apr
Penn
7734
134
Sept
May
3
4034
43
800
22
Jan
43
Dec
9134
Jan
92
Nov
Phlla Elec Co $5
Jan
116
Nov
Phila El Pow 8%
*
SeDt
Nov
Oct
Nov
1334
Dec
250
81
Jan
1554
10934
600
4134
Jan
108
9J4
334
46,600
634
July
200
3 34
July
1434
15634
3434
140
142
1,400
SO
May
25
103
109 34
103 34 10934
334
*
Montreal Lt Ht A Pow
105
754
354
156
--
33
-----
42
---
Dec
Dec
1334
Feb
5
May
Aug
20
June
Jan
160
Nov
3554
Pepperell Mfg Co——100
June
150
conv
42
734
634
34
7,700
20,100
6?4
3H
316
716
434
434
300
534
634
4,500
3>6
Dec
Dec
Jan
Jan
5
138
1034
May
Ry—100
*
1
Gold Mines Ltd—1
Pierce Governor com
Pittsburgh Forglngs
Aug
Pittsburgh A Lake
Feb
158
1
4134
4334
5,500
2334
Apr
46
Oot
*
21
2134
200
1134
Jan
2o
Oct
t o.._*
36
a;3734
400
32
Aug
47
Mar
154
Feb
8:
Sept
3
334
24,800
154
3<
Nov
51
5134
400
4254
Jan
May
Nov
Nov
554
1434
Apr
395*
May
Nat Auto Fibre A
v
National Baking Co com.l
Nat Bellas Hess com
1
158
334
Nat Bond A Share Corp.. *
Natl Container
10
158
new
com..l
1334
1334
1334
1,700
$2 conv preferred
National Fuel Gas
*
18
1834
8,700
National Gypsum cl A
5
National Investors oom_.l
60
1734
5734
55.50 preferred
Warrants
Nat Leather
1
334
334
234
3,100
11134
34
60
134
*110
....
600
60
*
134
134
134
400
934
8
934
1,800
National Oil Products
Nat Rubber Mach...
"Ilk
716
Conv part preferred
National Steel Car Ltd
*
National Sugar Refining..*
National Tea 5>4 % pref. 10
National
Transit
534
6,000
400
1,800
20
1,300
1
134
1
134
9,600
*
134
134
134
600
*
2534
113
113
1,000
28
29
600
110
111
75
1434
1434
200
17
1734
500
"Ik
234
1,600
134
14
15
14
100
New Bradford Oil
'""4k "•ik """600
5
New England T A T Co 100
New Haven Clock Co
New Jersey 2Jlnc
*
26
New Mex A Ariz Land_..l
Mining Corp. 10
New Process Co
com
131
21
2154
700
8534
334
7634
8634
3,500
3,760
110
"Eli
N Y A Honduras Rosarlo 10
N Y Merchandise Co
N Y Pr A Lt 7% pref..100
56 preferred
100
134
21
com
N Y Auction Co
Jan
Jan
»
954
3654
23
July
Jan
754 Aug
934 June
*i* July
H
Jan
11134 Mar
434
Jan
107 34
Oct
1234 July
934
V4
634
59
Apr
Jan
Dec
Nov
Oct
Dec
Dec.
Feb
Dec
Dec
304
Aug
934
Dec
153*
Feb
2
Feb
3*4
Jan
10434
Founders shares
834
II934
New York Transit Co
5
N Y Water
Serv6% pref 100
Niagara Hudson Power—
Common
434
234
106 34 110
2734
2834
534
2834
534
1,300
600
500
950
30
4534
4534
11234 11234
10434 10434
July
10934
Sept
1734
200
1334
934
1734
1634
1034
934
1034
2,300
2634
2834
450
634
934
6,600
800
534
June
3134
3134
2834
2834
10634 10734
900
2934
2634
10434
Jan
Jan
Jan
2734
634
6
9
9
3134
800
Nov
2634 June
534 July
167k"
8834
120
8834
85
734
240
734
700
*
Premier Gold Mining—.1
Prentice-Hall Inc
*
Pressed Metals of Amer..*
Producers Royalty
1
Propper McCallum Hds'y *
Prosperity Co class B
*
Providence Gas
—-—*
Prudential Investors
.*
$6
$6
preferred
Pub Serv of Nor IU
6034
5934
6034
1,200
Common
8 34
30,430
534
100
4
May
50
20
Apr
8
534
734
534
28
28
61
28
64
6% prior lien pref—100
7% prior lien pref.-.100
1 634
10634
Nov
Jan
66H
Feb
Jan
834
Dec
Mar
2934
Nov
734
7
27 34
35
220
200
2 9 34
1,100
Feb
67
Nov
Aug
4034
Nov
4
"7"
434
434
Nov
June
1734
110
Feb
Jan
2934
112
"7k """566
534
Dec
Mar
Jan
f
30,100
77
Feb
Sept
4434
111
1634
1634
11034 11134
110
107
16334
16134 16334
9134
9134
13934
200
1634
10634
Jan
60
110
13834 14434
1434
250
103
50
1534
Jan
634
634
6 34
179
Nov
Aug
May
9934
14934
12
Apr
41
Apr
3134
700
18
Apr
934 June
1,800
434
800
38
39
21
21
2434
34
2,300
934
Jan
Jan
Feb
36
Mar
1634
Nov
734
Apr
40
Feb
2434
Dec
92
Sept
Jan
62
Nov
734
Jan
2*4
Apr
1934
534
Dec
Sept
534
534
Dec
1234
Jan
834
3,300
734
Jan
Apr
1034
1534
6,300
1934
234
Jan
Nov
3,800
1,200
16,800
50
18
Ja»
Sept
11654
June
85
1934
Oot
Jan
Jan
55
850
400
38
m
Apr
87
11434
100
3734
1434
Oct
Sept
Dec
300
3334 June
334
36 34
9134
1534
96
Dec
Oct
420
1,100
Apr
1,700
Jan
234
1734
1634
234
700
2,100
4
125
Oct
Nov
1134
100
Dec
Jan
Sept
Nov
2934
Oct
4,860
134
Jan
334
334
7i6
34
34
3k
July
Nov
Feb
7,700
1534
1534
1634
1,100
134
16J4
1034
1034
1034
100
1134
1134
1134
10434 10734
300
34
Nov
Sept
41
300
36
Oct
37 34
3834
37
3534
2034 June
634
Jan
Aug
8
8,000
""35k "37"" "l",266
10434
Jan
July
9234
-----
"334
42
12934
9034
128
2
2
104
1,000
12J4
500
108
Feb
Oot
Sept
Nov
Nov
20
104
100
Jan
10534
Oct
111
Oot
10334
Mar
3734
1434
Jan
7134
Jan
45
Oct
48
Apr
82
Dec
48
63
64
Apr
81
Dec
130
33
33
3434
390
:::::
98
Oct
111
Apr
119
Sept
10
92
Jan
101
8ept
40
98
10334 104
104
334
pf—*
Feb
Nov
454
13834
Dec
Aug
Feb
111
2834
754
Nov
Nov
Dec
Oct
$5
preferred
$6 preferred
Pyle-Natlonal Co
Class
Class
*
*
A
98
Jan
110
434
250
134 June
734
Feb
July
8634
8134
8634
1,000
5034
JaD
4534
4334
4634
1,675
22
Jan
4734
Sept
14
Jan
2234
934
1373*
Nov
8734 Sept
B
*
Common
$3
*
50c
preferred
Jan
52
Feb
Raytheon Mfg v t c
Oct
Red Bank Oil Co
Jan
10534
July
634 May
1454
Apr
Nov
434
4734
754
34
Sept
1
May
1154
Jan
conv
Reed Roller Bit Co
(Daniel)
-
com
Relter-Foster OH
21
Dec
Reybarn Co Inc
125
July
Reynolds Investing
Rice Stlx Dry Goods
Aug
634
Sept
7554
Feb
Apr
1754
5*
334
Aug
Feb
9
—
""560
12434
40
115
147
147
934
123
9
147
50
141
19
300
1834
2234
2334
134
600
1
134
Jan
June
Jan
149
Jan
Apr
JaD
2334
Nov
17
JaD
24
Nov
3,100
34
»
Jan
234
Jan
Feb
34
34
i34
3,300
n
Aug
Sept
1834
1834
1834
200
534
Feb
1934
3834
Feb
46
1
Deo
1434
625
1
2334
534
Feb
Raymond Concrete Pile—
38
170
52
Apr
4534
334
26 34
-.100
6% preferred
113
200
Dec
Pub Service of Okla—
654
9634
Jan
Apr
112
Aug
Nov
85
com..*
60
Jan
534
1534
*
*
$7 prior pref
Jan
25
Oct
Sept
Jan
1,400
100
100
6% 1st preferred
7% 1st preferred
Aug
100
108
Public Service of Indiana—
36
500
50
—*
preferred
23
1034
1934
834
1934
July
Rainbow Luminous Prod—
Mar
9634
Dec
2934
Pub Serv Co of Colo—
105
10
May
934
3234
513(
May
45
Pratt A Lambert Co
Mar
July
234
Aug
3234 June
May
4334
20
100
Nov
24 Vi
7434
9
Dec
Aug
9234
834
2534
534
45
1934
of Can com—*
6% 1st pref
92*4
Jan
23
£*
Apr
77
20
20
Power Corp
23
11
154
17k
Richmond
Rad
com
*
*
*
*
1
25
3834
434
100
234
Jan
19
15
1934
9,400
3
Jan
32
32
33
300
21
June
3434
Nov
634
July
93*
Nov
Mar
-----
*
10
1
25
Apr
Oct
434
734
734
300
734 June
20
"is
34
1,100
*i«
Jan
134
-----
534
7
3.200
434
134
Jan
234
534
234
400
234
1234
800
"|6
12
534
12
534
6
Jan
May
July
5,200
334
1234
634
Dec
Apr
Mar
Nov
Mar
Rochester G A E Corp—
1634
si6
54
19,400
13,400
234
700
5,c
Class A opt warr..
Class B opt warr
May
Aug
1334
1334
1434
Nlles-Bement-Pond.
*
47
43
5034
Nlplsslng Mines..
6
234
234
Noma Electric
1
934
934
For footnotes see page 3815
234
1034
3,100
2,300
1,400
2,400
734
2834
234
334
Jan
Apr
July
Jan
1554
Aug
5234
Nov
33*
Jan
1134
Oct
10434
100
RoohesterTel634 % 1stpf 100
Rogera-Majestlo A
*
6% pref class D
Roosevelt Field Inc
6
11034
11434
1234
Jan
Jan
Jan
Dee
Niagara Share—
Class B common..
Jan
Ja°
Jan
1134
10
11934 11934
534
"50 "
Sept
July
Feb
1234
100
234
16
Nov
109 34
110
5
Reeves
1
4734
Jan
10434
1734
334
Apr
43*
34
Feb
2634
10134
10134
3 34
*
*
6
Pyrene Manufacturing—10
Quaker Oats com
*
6% preferred
100
Quebec Power Co
*
Ry A Light Secur com
*
Ry A Util Invest cl A
1
Oct
6V4
Nov
Sept
10
1734
Apr
Feb
69
48
40
—*
5
Plough Inc
Potrero Sugar com
Powdrell A Alexander
115
Shipbuilding Corp—
N Y Steam Corp com
*
N Y Telep 634 % pref.-100
10434
3034
Oct
May
Puget Sound P A L—
Feb
123
Oct
Dec
1,400
108
12934
Dec
19
234
1
Erie.50
Aug
1834
134
110
11134 11134
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
29
11334
May
9
Jan
3334
Erie.50
Pub Util Secur $7 pt
74
1434
Nev Calif Elec com....100
N Y
634
934
Nestle-Le Mur Co cl A
Newmont
19,580
59
934
*
preferred
34
1034
Neptune Meter class A
134
2
12
10
Netener Bros 7% pref. .100
Nelson (Herman) Corp
5
Dec
334 June
34
Jan
*14
Jan
1234 May
25
113
U134
Aug
92
2534
Nebraska Pow 7% pref. 100
Nehl Corp common
...*
34
2534
"lok
12.60
Nat Union Radio Corp
Nebel (Oscar) Co com
7%
134
50
58
60
7434 May
534
Jan
316
Dec
FeD
500
35,700
Jan
44
350
12
Nov
Sept
934
9
Dec
May
134
34
8434
8
Nat Service common
60 '
100
1
"85 k"
23
8534
34
National P A L 56 pref..
National Refining Co
25
1734 Dec
4534 June
6,200
*
common
Nat Mfg A Stores com
1234
33
•
Pitts Bessemer & L
Dec
com
Dec
Pltney-Bowes Postage
716
Nachman-Springfilled
98
Dec
Piedmont & Nor
654
84
Feb
Apr
10,000
100
preferred
7%
Jan
Dec
10934 10934
1434
pref ser A..—-10
*
Jan
92
11234
—-—1
Common..
Dec
108
* "1534
Apr
4334
175
3734
Pie Bakeries Inc com
Jan
'16
934
500
Perfect Circle Co
Philadelphia Co com
6H
200
109
1434
149
158
4534
4434
109
Nov
Jan
Apr
103
1,200
1534
Nov
100
Mueller Brass Co
3734
534
Oct
45
Mountain Sts Tel A Tel 100
27
3634
834
49
Jan
"Eli
2634
3734
834
Aug
28
10
27
534
34
Mountain Producers
25
Dec
Nov
400
9
3834
Pioneer
*
Rights
Mtge Bk of Col Am she
934
3
•
734
107
35
"38
Feb
Sept
4034
3934
4934
7734
70
Pines WInterfront
Moore Corp Ltd com
Moore (Tom) Distillery--1
98
Oct
Moody Investors pref
Preferred A
95
63
71
190
pref—25
105
156"
92
107
"96k
Phillips Packing Co—..
Phoenix Securities—
109
934
8734
pref—
534
534
33*
Jan
34 May
*
Pa Water & Power Co
July
334
400
Util-.10
Montgomery Ward A
*
*
pref.——*
preferred
Salt Mfg Co......50
Pa Pr & Lt $7
800
2.50
preferred
Molybdenum Corp
83,900
Pa Gas & Elec class A
3
7% pref—100
pref.. 100
2d
3i6
3
$2.80 preferred
Feb
434
Pow
Common
600
34
634
734
Feb
25*
Mock, Jud., Voehringer Co
Moh A Hud Pow 1st pref.*
334
2934
3934
42
400
534
4
634
*
Preferred
—100
Penn Mex Fuel Co—...1
Pennroad Corp v t c
1
Penn Cent L & P $5 pref--*
B
234
*
Minnesota Mining A Mfg. *
19
334
—*
Class
Peninsular Telep com
4
*
Mid-West Abrasive com50c
Mining Corp of Can
Parker Pen Co
10
Patchogue-PlymouthMllls*
Pender (D) Grocery A . — *
$6
*
1
Pantepec Oil of Venez
Paramount Motors Corp.l
13
Jan
Midland Steel Products—
12 non-cum dlv sh*
Mldvale Co
3934
4934
Dec
Nov
*
•
Pacific Tin spec stock
*
Page-Hersey Tubes Ltd..*
Pan Amer Airways.....10
Jan
"i«
Apr
35k
$1.30 1st preferred
Apr
Dec
34
102
254
Nov
Dec
65
34
734
pf.25
534 % 1st preferred—25
Pacific Ltg $6 pref
*
Pacific P & L 7% pref. 100
Nov
1034
1
34
preferred
S3
Sept
125
18~200
Dec
Middle States Petrol—
Midland Oil conv pref
Oklahoma Nat Gas com.
5
16
*
900
3634
300
*
50
1
65
34
—*
*
Michigan Steel Tube..2.50
Michigan Sugar Co...
*
*
Securities
3,600
1,150
3534
Ohio Edison $6 pref
Overseas
32
34
Michigan Gas A Oil
Novadel-Agene Corp
Ohio Brass Co cl B com
Oldetyme Distillers
834
434
8
64)4
Michigan Bumper Corp.-l
100
North Penn RR Co
50
Northwest Engineering.
Nor Sts Pow com cl A
Oct
734
x7
*
Mexico-Ohio Oil
100
Nor N Y UtU 7% 1st pf 100
Northern Pipe Line...-.10
preferred
Ollstocks Ltd com
105
634% A preferred—100
Metal Texrile Corp com..*
Met Edison $6 pref
*
OH com—1
Ind Pub Ser 6% pf. 100
Apr
300
46
55 54
Nor European
1334
Participating preferred-*
Mesabl Iron Co
6
Nor Cent Texas Oil
Jan
7434
1,150
Feb
334
5434
Prior preferred... 50
Securities. *
7%
334
3,700
4
1936
High
Low
*
Class B com
6 %
Feb
Nov
Range Since Jan. 1
3534
No Am Utility
"moo
100
121
45
Merchants A Mfg cl A—1
Merrltt Chapman A Scott *
Warrants
Feb
for
Week
Shares
3734
*
*
Ohio OH 6% pref
..100
Ohio Power 6% pref—100
Ohio P S 7% 1st pref—10
21
100
preferred
2734
Range
5534
........
preferred
53
72
May Hosiery Mills pref—*
Miss River
$6
734
1,900
McCord Had & Mfg B—»
Minn P A L
Common
4
400
7
1834
19
Mayflower Associates—
7%
102
Price
1936
Nor Amer Lt & Pow—
Nor
Louisiana PAL Co—
$5
of Prices
Low
High
Par
634 May
934
Sale
High
Low
1234
Week's
(Continued)
Week
Shares
Last
North Amer Rayon cl A
7% preferred
6% pref class B
Lynch
STOCKS
1936
12,
Sales
Friday
I
Range Since Jan. 1
for
Long Island Ltg—
$6
Dec.
New York Curb Exchange—Continued—Page 3
3812
Root Petroleum Co
1
20
113
634
5
$1.20
conv
pref
1,000
1354
334
1334
334
1434
4,900
1734
1734
1834
400
2
434
1434
Apr
Sept
106
Nov
113
Sept
Sept
834
Jan
Jan
434
1934
Oct
Feb
Apr
Jan
23
Apr
Volume
Week's Range
for
Sale
of Prices
Low
High
Week
Par
Price
%
200
*
Royal Typewriter..
*
Russeks Fifth Ave
95
37
13%
Ryan Consol Petrol
*
11%
3%
*
Rustless Iron & Steel—..*
93%
35%
3%
900
50
117
116
Safety Car Heat & Lt—100
Jan
26%
38%
Sanford Mills
"""800
9%
116%
75,000
2%
1,400
8%
115
Apr
70
Nov
2%
Aug
200
3)4
Schulte Real Estate
37)4
2%
37%
37
*
%
51
Manufacturing.25
200
"16
Sept
50
1%
Mar
26
S16
30
.1
£4%
Tri-Continental warrants..
2%
Nov
13%
Dec
Apr
Trunz Pork Stores
*
9%
Dec
12%
Feb
Tubize Chatlllon Corp.—1
Class A
1
Dec
Tung-Sol Lamp Works
4%
123
7'"
n?*
Dec
Dec
Oct
71
Ocl
Seeman Bros Inc
78
200
79
3%
3%
900
*
Segal Lock & H'ware newl
2%
Selberllng Rubber com.—*
5)4
Selby Shoe Co
2%
5%
29%
•
3
5%
4,100
4,000
450
30
42
Jan
2%
41%
1%
3%
1
3%
8,400
2%
85
6
Dec
49
Nov
4%
Mar
6
Dec
Nov
40
Mar
97%
97%
81
Jan
60
78
Jar
2
97
Oct
..£1
Sentry Safety Control
Seton Leather
4%
%
11%
5%
15%
%
1
10%
com
Seversky Aircraft Corp
5
1
5
Shattuck Denn Mining
18%
%
1,000
Apr
700
7%
Jan
19%
33,000
19,900
Oct
Feb
25%
25%
140% 142%
3%
4%
18%
700
117
20
10%
142"
112% 113
5% cum pref ser AAA 100
100
Sherwin-Williams of Can. *
%
%
385
385
28%
96%
Southern Colo Pow cl A.25
'
Sept
19%
Dec
Nov
Apr
110
July
116
June
Apr
25%
Nov
%
Aug
July
328
Sept
Aug
Oct
40
83%
427
Sept
Nov
29%
3%
Jan
7%
July
96 %
Dec
98%
Oct
100
10
5%
"~8%
Southland Royalty Co
5
South Penn Oil
—25
19
Jan
16%
1%
Oct
34%
16%
3%
Mar
Oct
Fob
200
41%
29%
Apr
July
500
28%
200
6%
July
July
2%
5,400
39%
28%
27%
4%
39%
28%
27%
4%
Jan
10
43
5%
1%
1%
8%
2,000
43%
1,100
8
42%
%
16
400
43%
*
9
37%
3%
9%
36
37%
2%
3%
»,6
%
%
Standard Cap A Seal com.5
Standard Dredging Co-
39
38
39
400
1,050
700
8%
29
2%
%
1,000
300
33
*
3%
12%
60
60
19%
62%
20
67%
25%
4%
3%
60
67%
21%
25%
17
20%
19
1
Starrett (The) COrp
%
6
1
Steel Co of Can Ltd
.
Fe*
7ie
5%
%
6%
8,500
Dec
108%
12%
Oct
"moo
8%
100
26
—....1
"4%
50
Ilk
"20%
26%
12
"l2%
54%
Tampa Electric Co com..*
"2%
Tastyeast Inc class A....1
4%
1
Technicolor Inc common.*
22%
1
5%
Tenn El Pow 7
% 1st pf. 100
Corp com. *
Texas P A L7% pref...100
3%
4%
—*
27%
*
1%
Apr
Sept
54%
250
37%
37%
100
40
2%
2%
4,100
4%
4%
23%
24,900
5H
2,100
Jan
24%
Jan
13%
Dec
96
Oct
Mar
Nov
4% Mar
6% May
32% Mar
4,100
4%
75%
75
3%
8,600
•is
66
Mar
May
Sept
Apr
6%
81
July
Oct
Deo
Abbott's Dalry.6s
112%
Oct
6%
"2^906
Sept
9%
Feb
49%
1,800
16%
Aug
49%
Dec
14
2,300
11%
July
14%
Nov
1942
1st A ref 5s
12
1,800
67
100
12
Dec
69
Oct
54
Dec
Nov
106
Apr
Mar
113
Apr
Am Pow A Lt deb 6s..2016
Mar
5%
Anff
£1
19%
Mar
21%
Feb
Am dep rets def reg...£1
4%
Oct
5%
Jan
50
32%
Jan
04% 104%
10
102%
107
"""%
'2~90()
1%
2,300
Tobacco Securities Trust
Tonopah Belmont Devel.l
'16
Tonopah Mining of Nev..i
1
1st A
1946
5s—..—.1951
1956
ref 5s
1968
1967
Aluminum Co s f deb 5s '52
Aluminium Ltd deb 5s 1948
Amer Com'lty Pow 5%s'53
Am El Pow Corp deb 6s '57
Amer G A El deb 5s._ .2028
5s called
2008
2%
'
u
%
June
Feb
Oct
Feb
1st A ref
4%s
4%s..l947
1948
stp—1946
Appalachian El Pr 5s. 1956
Appalachian Pow 6s. 1941
Amer Radiator
Am Roll Mill deb 5s..
Amer Seating 6s
Debenture 6s
2024
Arkansas Pr A Lt 5s.. 1956
see page
3815.
94%
Nov
42
May
Feb
1%
Feb
4
Dec
28
Dec
2$
96
Jan
Feb
Nov
72
Dec
Dec
Feb
4%
6%
Mar
%
76,500
3,900
Feb
Nov
Aug
1,300
3%
5%
3%
37%
9%
3
Feb
Jan
Jan
Jan
Dec
Mar
27
June
Feb
24
July
14
600
4%
Jan
16%
Nov
27%
1%
27%
100
22%
Apr
32
Jan
1%
9,000
Jan
63
65
2%
77%
Aug
4
85%
%
50
18
275
46
100
20
93
5
1,200
86%
675
1%
4
4%
1,400
3,200
1%
1%
22,500
3%
800
Jan
27
May
3% May
73% May
33%
7%
1,800
5%
100
5}
45
10%
400
8
2
200
18
35%
34%
35%
7,000
19
28
26
29
6,700
9
1,300
69
550
18%
4%
37%
8%
69
8%
66
101% 101%
25
10%
10%
50
94%
94%
30
30%
31
July
Jan
Aug
8%
2
Dec
July
7%
200
3%
1%
18
100
30%
88
88
4%
4%
8
4%
8
400
10
2,900
100
3
June
10%
Mar
May
5%
Mar
Oct
June
11
2%
2%
Dec
Feb
Nov
Feb
Jan
Jan
38%
Dec
Sept
29%
10%
Nov
77
Nov
Jan
Jan
Jan
Apr
112%
31
10%
12%
7,500
1%
1%
1%
1,300
8%
8%
400
40%
39%
40%
1,200
30
July
16
16%
300
16
Dec
Apr
Aug
Sept
Dec
7% May
9% May
10
'Ii%
Feb
102% Sept
Dec
10%
88
6%
Feb
Sept
Mar
1
Deo
95%
33%
2% June
7%
Oct
10% May
64
Jan
Apr
May
6% June
66
Oct
Nov
Sept
2%
700
2
96
Jan
Jan
33%
10
Feb
Nov
5%
Feb
1%
1%
18
4
104
3
Jan
May
3
Jan
2%
6%
%
32%
1%
*
1st A ref
13%
"47%
"16%
100
1st A ref 5s—
42
47%
7%
1
Alabama Power Co—
Jan
May
5%
16%
3
15%
Dec
Feb
Apr
July
Feb
Feb
42
NOV
17%
Nov
3
5%
5%
5%
13%
12%
13%
4,400
Oct
4
80
1,000
Feb
97
Jan
7
Jan
12% 1 Dec
14
Nov
11
Mar
3%
8%
'
2%
9
900
5%
Jan
21%
22
200
21%
Dec
7%
65
2%
17,500
7%
Oct
73
3,500
36%
Sept
3
1,200
7%
1% June
£22%
9%
73
4%
Dec
Oct
Deo
Feb
Dec
Feb
BONDS—
3%
% June
Dec
3%
3
Aug
5%
"33%
Westmoreland Co
13%
10%
65
Nov
1%
Youngstown Steel Door..*
Yukon Gold Co
5
6
July
Mar
11
Jan
June
8%
7%
29%
2%
Jan
72%
Apr
Nov
257
% May
81
—5
1
Supply A..*
West. Cartridge 6% pf.100
Western Grocery Co
20
Western Maryland Ry—
48%
47%
1
3%
'<
1%
4%
Western Auto
1
Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
May
19
4,500
1%
Aug
2% May
4%
Western Air Express
*
Todd Shipyards
1,900
8,500
Jan
Sept
Wright-Hargreaves Ltd..*
June
4%
"V,6b0
5,300
2%
Oct
30
15%
54%
3%
1%
26
Oot
18
14
3
8%
916
100
Jan
Oct
Nov
Nov
6%
100
1%
63%
1
2
Exports...»
72
1,300
11,800
*
7%
Nov
Jan
pf 100
-
July
13%
Utility Equities Corp
*
Priority stock
*
Utility A Ind Corp com..
preferred..
Jan
May
Nov
91%
9)4
9%
"21% "21%
Utah Apex Mining Co—5
Utah Pow & Lt $7 pref—*
Util Pow A Lt common..
1%
3
1%
Tllo Roofing Inc
For footnotes
%
*
Utah Radio Prod
Aug
14
70
5%
12%
53%
67
65%
7%
3%
Thew Shovel Coal Co
Tobacco and Allied Stocks *
6%
4%
Texon Oil A Land Co
Am dep rets ord reg
7%
334 % £34%
1%
100%
6%
Tlshman Realty A Const. *
2
400
25%
90
"6% "6%
2.500
Jan
52
2%
16,200
2%
Sept
1
300
5%
17%
95
15%
5
800
75
Tenn Products
2%
7%
13%
21
16%
15%
102
91%
100
July
Jan
Sept
Syracuse Ltg 6% pref.. 100
Taggart Corp common..
Taloott (J) Inc 6)4 % pf.60
2%
3%
12%
6%
12
600
9% May
z49
15
%
--*
West Texas Utll $6 pref..*
West Va Coal A Coke
*
Williams (RC) A Co
*
Williams Oll-O-Mat Ht..*
Wil-low Cafeterias Ino...1
Conv preferred
*
Wilson-Jones Co
*
Wilson Products
1
Winnipeg Electlo cl B—*
Wise Pr A Lt 7% pref—100
Wolverine Portl Cement. 10
Wolverine Tube com
2
Woodley Petroleum
1
Woolwortb (F W) Ltd—
Amer dep rets (new)—*
21,200
~7~800
6,900
Nov
300
4%
4
June
2,000
"20% "21%
3%
9
*
7% preferred
Aug
July
July
Apr
28
1%
$7 conv 1st pref
United Stores vtc
Sept
Jan
200
—*
37%
May
21%
5,000
Jan
7%
3%
Tobacco Prod
72
U S Rubber Reclaiming..*
U S Stores Corp com
Sept
Jan
Sept
2
£34 %
Conv
Jan
1%
15%
20%
2%
8
83
Westmoreland Coal Co.—*
*
27%
100
Nov
6
2%
Dec
255% Sept
% June
1,900
1,650
170
Jan
Nov
Jai
May
8tetson (J B) Co com
300
75
5%
43
3%
Stlnnes (Hugo) Corp
28
2%
93% 394%
41% 41%
94
.*
10
U S Lines pref
Utlca Gas A Elec 7%
Dec
Mar
... .—
U S Radiator Corp oom._*
U S Playing Card
Universal Products
Mar
July
Oct
Jan
Oct
Dec
68
1st preferred
Western Tab A Sta
4%
Teck-Hughes Mines
Dec
Nov
1,900
Taylor Distilling Co
6%
20%
9,700
Corp
16%
2%
*
Wayne Pump common...
Jan
Mar
6%
Swan Finch Oil
1
U S Foil Co class B
Dec
Nov
4%
Swiss Am Elec pref
28
U S and Int'l Securities.
Dec
3%
6%
pref
3%
*
100
67%
25%
13%
4%
Mining Co
U S Finishing common
Preferred
July
Dec
Feb
59
Mar
37%
%
107%
5%
4%
100
6
»
11
2%
1%
Jan
July
Aug
7%
8%
9%
1
1
pref.. 100
Vogt Manufacturing
*
Waco Aircraft Co
*
Wahl (The) Co common. . *
Waitt A Bond class A
*
Class B
*
Walker Mining Co
1
Dec
6%
conv
11
3,075
7,400
%
4%
Sunray Oil
1%
""2%
4,600
29
*
T066
5%
1%
200
3%
28%
3
"i% "l%
7%
75
2%
5%
400
1%
20%
14%
94%
2%
183
6
Oct
Dec
9%
4,200
34%
22
Oct
1
(S> A Co
58%
30
7%
Jan
Sterling Ino
Sullivan Machinery
55
24%
H
15
50
2d preferred
20
Sterling Brewers Inc.—._ 1
Stutz Motor Car
68%
100
Apr
19%
Oct
5
123
300
Venezuela Mex Oil Co... 10
20
20
7%
33
Wentworth Mfg Co
500
1st preferred
....
1%
Apr
20
""9% "16"
2,100
9% 151,400
1,500
118% 122
Apr
Jan
25
2,400
100
"*9%
1%
8
6%
May
Apr
Oct
7
10%
52%
2%
13%
200
Class B
Oct
2%
2%
Feb
22
1,400
18%
105%
"26""
*
Sterchl Bros Stores
5% %
Feb
41%
75
"
6%% pref
Sunshine
JftD
Wholesale
Phosphate A Add Wks20
Stroock
Now
20
*
341 %
Feb
1,800
3,250
3,400
"
37%
Aug
Aug
10
94%
£94%
40
4%
Preferred
Standard Products Co...1
10%
Feb
Sept
Jan
200
Va Pub Serv 7%
97
2,900
Oct
Oct
July
32~900
Venezuelan Petrol
15^300
Dec
2%
"~6% '"5% "6%
25
Jan
"5%
Feb
Apr
16?
18?
400
U S Dairy Prod class A_.
Dec
"T
14?
Dec
14,300
Mar
July
Jan
Nov
19,800
United Shoe Mach com..25
23%
14%
"5%
1
*
Feb
%
Jan
7
10
11%
6%
4%
2%
»
10
Preferred
63%
11
Common class B
Stein (A) A Co common
118%
£1
United Profit Sharing
Jan
21%
Nov
23%
65
...
Am dec rets ord reg
Apr
July
"3",300
53
1,000
3,100
2,400
18,300
1,200
United N J RR & CanallOO
17%
"34% "37%
Nov
*
1st pref
35%
5% preferred....... 100
Standard Silver Lead
conv
800
"34%
13%
$3 preferred
United Molasses Co—
400
26
Standard OH (Ohio) com 26
%
Dec
July
Jan
13
May
10%
7
Class B
•
Stand Investing $5.50 pf-*
Standard Oil (Ky)
10
Feb
Jan
Dec
Jan
%
%
Dec
M»«
60
""300
Sept
6
52%
*
Universal Consol Oil
10
Universal Insurance
8
Universal Pictures com—1
700
4%
£1
*
*
*
Standard
United G & E 7% pref. 100
United Lt & Pow com A.-*
$6
18%
United Verde Exten—50c
Spanish & Gen Corp—
Am dep rets ord bear_.£l
Standard P & L
9%
2%
7% preferred
So'weet Pa Pipe Line..—50
Standard Oil (Neb)
1
$7 pref non-voting .*
1st pref with warr
1,600
Oct
Feb
8
10
United Corp warrants. —
United Elastic Corp....
Preferred
Oct
14%
36%
200
51%
*
United Milk Products
5%
28%
%
5
Mar
Jan
Feb
2,900
1%
& part pref
United Wall Paper
._*
Conv preferred
cum
Apr
15
100
Common
$3
Common class B_
Oot
25
1%
28%
27%
14%
United Chemicals com...*
Mar
Feb
200
6
6
29
50
405
96%
5% original preferred. 25
6% preferred B
25
6)4 % pref series C
25
Standard Brewing Co
*
19%
2%
1%
Southern Calif Edison—
Square D class A pref
Stahl-Meyer Ino com
3%
12%
Warrants
Oct
145%
»3%
Simpsons Ltd 6% % pfd 100
Singer Mfg Co
...100
Singer Mfg Co Ltd—
Amer dep rec ord reg..£l
Sioux City G & E 7% pflOO
Smith (L C) A Corona
Typewriter v t ccom
*
Smith (Howd) Paper Mills*
Sonotone Corp
—1
Spencer Chain Stores
5%
4%
6%
5%
5%
United Aircraft Transport
98 %
99
July
35
Am dep rets ord reg
5%
10
7%% pref
5% preferred
1st
May
3,300
Conv pref
Southern N E Telep
Southern Pipe Line
25
2
7%
Option warrants
Slmmons-Boardman Pub—
Southern Union Gas
16
United Shipyards com B.
Shreveport El Dorado Pipe
Line stamped
26
7% preferred
18%
Unexcelled Mfg Co
Feb
4%
16
Shawlnlgan Wat A Pow._*
Sherwin-Williams com..25
10%
*
9%
12%
50%
8%
10%
18%
7%
5%
4%
Selfridge Prov Stores—
Amer dep rec__
8
10
80c dlv pref
Ulen A Co
60%
9%
12%
49%
7%
1
*
Twin Coach Co
Jan
50
Sept
1936
High
Jan
1,700
5,000
Union Stock Yards..—100
Jan
700
96
$5.50 prior stock
25
Allotment certificates.
2%
Union Gas of Canada
Apr
Jan
Jan
4%
2
21%
United Gas Corp com
3%
4%
Feb
Jan
2
29%
Low
Dec
1H
52
Selected Industries Ino—
Common
Common
Union Traction Co
79
Range Since Jan. 1
for
Week
Shares
8%
94%
Scranton-Sprlng Brook—
Water Serv $6 pref
—*
Securities Corp general.—*
of Prices
High
Triplex Safety Glass Co—
Am dep rets for ord reg—
Apr
Apr
Week's Range
Low
Trans Lux Plct Screen—
Oct
Dec
40
Jan
Aug
Price
98%
39%
May
1%
3,300
51
Jan
May
55
60
2%
5
Schlff Co common.——..*
Scoville
"6% "6%
com
Savoy Oil Co
Jan
%
6)4
6
100
preferred
Jan
Jan
1%
St Anthony Gold Mines.. 1
St Lawrence Corp Ltd—*
St Regis Paper com
June
Mar
8
Par
High
Low
21,300
2,400
Sale
(1Concluded0
1,700
95
37
13%
3%
%
Royallte Oil Co
Shares
Last
STOCKS
1 1936
Range Since Jan.
Last
Rossi a International-—.-*
Sales
Friday
Sales
Friday
STOCKS
(Continued)
7%
3813
New York Curb Exchange—Continued—Page 4
143
104
J104
104%
107
107%
6,000
104% 104%
102% 102%
29,000
98
Feb
Nov
13,000
Mar
45,000
107
Nov
20,000
31,000
93%
106% 106%
63,000
106% 106%
107
107%
104%
103%
100%
94%
108%
98%
92%
Apr
19
20%
9,000
36%
37%
23%
Dec
Oct
Oct
Oct
Oct
12.000
37%
Dec
102,000
107% 108
106
106%
35,000
99
100% 237,000
108%
Mar
103% 103%
103% 104%
105%
6,000
106%
Nov
103%
June
7,000
105
106
4,000
107%
105% 106
58,000
106
107
Jan
Mar
Feb
Oct
Jan
107% 108
120
120%
7,000
108%
3,000
121
Nov
104%
78,000
104%
Sept
104
w
New York Curb Exchange—Continued—Page 5
3814
Sales
Friday
BONDS
Last
Week's Range
for
{Continued)
Sale
of Prices
Associated Eleo 434s..1963
Associated Gas A El Co—
Conv deb
Conv deb
534 s
434s C
434s
1938
Low
High
I
61
6234
32,000
553*
May
7534
53
5234
20,000
35>£
Jan
28U
Mar
2734
513*
1950
5634
Debenture
1968
563*
1977
62
61
1950
993*
993*
8334
Conv deb 534a
Assoc Rayon 5s
Assoc T & T deb
534s A '55
Atlanta Gas Lt 434a--1955
Atlas Plywood 634a
1943
84
1053*
Oct
Gesfurel 6s
61
Oct
Glen Alden Coal 4s... 1965
66
Oct
31,000
29
Mar
Oct
2,000
33
Mar
65 34
70
Gobel (Adolf) 434a—.1941
Grand Trunk West 4s. 1950
Oct
Gt Nor Pow 5s stpd—1950
995*
853*
1053* 1053*
33,000
35,000
75
Jan
10034
Jan
9134
Nov
Mar
Grocery Store Prod 6s. 1945
78
Nov
Guardian Investors 5s. 1948
35,000
10034 May
9634
Jan
10534
1053* 1053*
10534
Oct
5634
62
6,000
151
160
4,000
152
155
14134
14134 14634
14234
142
7,000
13,000
196,000
1st M 6s series B
6s series C
Bethlehem
1957
__1960
Steel 6s
1998
Bingham ton L H A P 5s '46
147
•
7334
Apr
Apr
16634
Nov
Hamburg Elec 7s
1935
Hamburg El Underground
A St Ry 534a
1938
Mar
75
Houston Gulf Gas 6s.. 1943
21,000
145
12334
12334
16,000
145
145
145
97
-
-
-
97
1939
16,000
4,000
Sept
9834
Nov
90
Oct
June
10334
...
1043*
1115*
1st 5s series A
1953
1st 434s series D
6s series B
1949
Idaho Power 5s
1947
1053*
______
Feb
10534
Aug
111 Pow A L 1st 6s ser A '63
I16t4
Mar
11234 112 34
2,000
Nov
4,000
10534
11434
10734
108
Dec
Mar
1st A ret 534a ser B.1954
ser C...1956
1st A ref 5s
S f deb
534a--.May 1957
Indiana Electrlo Corp—
6s series A
1947
104
1033* 10434
15,000
Jan
ser F. 1967
1033*
1035* 1043*
54,000
10534
Mar
634s series B
1953
94
Jan
1968
Dec
1951
19,000
99«
Jan
4348 series H
1981
Cent Ohio Lt & Pr 58.1950
Cent Power 5s ser D
1957
1023*
1035* 104
102
10234
93J
Cent Pow & Lt 1st 58.1956
Cent States Elec 6b
1948
963*
3,000
1035* 103J*
12,000
905*
905*
18,000
9534
965* 143,000
6634
675*
83,000
6734
683*
92,000
10434
10434
10234
10434
5s series C
1035*
1st & ref
434s
6s series G
534a ex-warrants
1954
Cent States P & L 534s '63
Chic Dist Elec Gen 434s *70
6s series B
1961
Chicago & Illinois
1035*
905*
673*
683*
73
73
105
Midland Ry 434 s A1956
Chic Pneu Tools
Chlo Rys 5s ctfs
534a.1942
1927
Cincinnati St Ry 534 s A *52
6s series B
1955
Cities Service 5s
1966
Conv deb 5s.
1950
Cities Service Gas 534 s.'42
Cities
Service
Gas
Pipe
Line 68
.1943
Cities Serv P A L 534a_ 1952
634s
1949
Commerz & Privat 534s '37
May
88J
823
June
61
39,000
39,000
1st
"1st
1953
106
Jan
5s
1957
Indiana Service 5a
1st lien A ret 5s
Apr
1950
1963
Apr
Indianapolis Gas 5s A. 1952
Ind'polis P L 5s ser A. 1957
Apr
Sept
Intercontlnents Pow 6s *48
International Power Sec—
Dec
65
10434
9934
Dec
57,000
10034
100
1035*
1033* 1035*
7334
75
"1023*
82
743*
7434
10934
10134
Jan
11134
Apr
104
June
67
Apr
83
Nov
30,000
8634
Jan
10,000
93
Jan
18,000
69
Nov
6834
9734
Nov
2.000
101
723*
75
443,000
1023* 1025*
24,000
Jan
Aug
10134 Nov
10334 Dec
8634 June
8534 June
10334 July
-
72
55
1023* 104
6,000
70
7234 136,000
70
725* 115,000
55
55
7,000
102
111
1st M 4s series F
1981
1075*
1075* 1075*
33*s series H
1965
107
107
10334
Community P S 5s
1003*
813*
1075*
10334 104
813*
100
Nov
105
815* 101,000
10034
13,000
Nov
108
Feb
8634
101
Connecticut Light & Power
Oct
Sept
"9334
Det City Gas 6s
5s 1st series B
*77
805*
10734 10734
10534 10634
1053* 10534
*10834 109
5s series D
9134
17,000
813*
Apr
93
434s seiers F
...1958
Iowa-Neb LAP 5s... 1957
1961
8534
10434
10334
10534
10534 10634
434a..1958
1957
Isarco Hydro Eleo 78.1952
Isotta Frasohini 7s
64
6334
5e series B
85*
Deb 7s
3
Aug 1 1952
Certificates
Dixie Gulf Gas
of
94
925*
Elmlra Wat Lt & RR 5s '56
El Paso Elec 5s A
1950
Empire Dist El 5s
1952
1035*
Empire Oil & Ref 534s_ 1942
9134
Ercole Marelll Elec
Mfg—
634s series A
.1953
Erie Lighting 5s
1967
58
First Bohemian Glass 7s '57
Fla Power
Corp 5348.1979
Florida Power A Lt 5s_ 1954
6s ex-warr
stamped. 1944
Deb 68 series B
1941
General Bronze 6s
General Pub Serv 5a
Gen Pub Util
634a A.
General Rayon 6s A..
__
Gen
-
60,000
2,000
98
9734
10634
10634
106
9634
97
Feb
Middle States Pet 634s '45
9934
Jan
10334
Aug
10534
10234
Jan
10734
10634
Mar
Midland Valley 5s
1943
Mllw Gas Light 434a..1967
Minn PAL 434s
1978
Jan
July
1955
7,000
15
Oct
Miss Pow A Lt 5s
12,000
8
Oct
Mississippi RIv Fuel
33*
5,000
9234
......
1045*
99
10034
103
109
1940
1013*
1953
103
110
9234
93
94
5,000
Dec
Sept
534a
Jan
Jan
Jan
69
June
108
June
July
31
Nov
102
July
10234
July
10534
10634
Feb
Feb
Mar
Dec
Jan
9934
96,000
9034
Apr
100
1003* 10034
103
1035*
13,000
37,000
8834
9234
8334
Jan
Jan
10034
10334
Jan
101
Dec
10034
10234
Mar
2,000
3,000
10,000
82
Jan
96
/
Nov
Dec
Dec
4,000
98
July
May
48,000
79
Jan
9634
4,000
30
Jan
71
Nov
2234 June
2734
July
20
2734
Nov
70
263*
4734 May
10534 Aug
61
Jan
108
Jan
1033*
1033*
11534
1005*
Apr
106
Mar
Jan
1065*
12234
10334
Mar
Sept
Jan
Feb
Deo
Feb
1003*
1083*
Feb
103
90
Apr
90
Apr
Oct
101
1033*
1035*
10834
102
10354
1023*
105
1035*
753*
9934
9934
Conv deb 5s
1948
Conv deb 5s
1950
New Eng Pow Assn 5s. 1948
Debenture 534s
13
1954
9934 100
1234
105
103
9234
48
92
.
1434
105
jJ104
T;
7734
7634
7634
100
10134
July
Aug
Jan
1045*
Sept
Apr
Dec
106)
June
112)
June
Feb
Nov
105
Sept
Jan
106
Feb
Apr
1043*
10734
Jan
1065*
Aug
Oot
Mar
May
Jan
95
Deo
24
June
27
Aug
June
62
Mar
Jan
103
Oot
101
Feb
106
Nov
103?*
91V*
Feb
1083*
1033*
9434
78
Jan
Jan
96
107 5*
10,000
1033*
3,000
1063*
36,000
953*
100
6,000
10634
Oct
6,000
1055*
Dec
33,000
6734
Jan
Oot
Jan
Sept
Aug
Sept
Oct
Oot
Sept
1075* May
1093* June
10834 May
8234
Oot
1013* May
10,000
16
30,000
18,000
6,000
60,000
106
Nov
Feb
107
Aug
97
9334
4534
5034 1381000
107
107
1,000
*12434 129
July
77
Deo
112
May
125
June
1095*
110
9734
9834 131,000
12,000
11934 12034
7734
7834 55,000
24,000
7634
78
54,000
7634
7834
241,000
9734 100
9934 10134 119,000
*109
9834
11934
995*
102
1203*
793*
795*
795*
Nov
Oot
Nov
Feb
Feb
Feb
100
Dec
1023*
Mar
New Orleans Pub Serv—
101
28
9234
QQ
2022
New Amsterdam Gas 6s *48
N E Gas A El Assn 5s. 1947
9534
10534
26
6s series A
Nelsner Bros Realty 6s '48
Nevada-Calif Eleo 5s. 1956
Jan
*253*
Nat Pub Serv 5s ctfs. 1978
Nebraska Power 434a. 1981
Oct
Jan
9634
2030
Aug
9734
91
69
B
102
100
953*
1944
92
Jan
106
92
10734 108
10534 10534
7934
7834
2,000
70
10234 10234
106
"7834
Munson SS 634s ctfs..1937
Feb
11,000
10234
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
9934
June
41,000
Q9
106
9234
15,000
93
10634 107
10734
Aug
7534
8,000
9934
93
107
Missouri Pub Serv 5s. 1947
Montaua Dakota Utilities
July
57,000
Feb
71
58
"
103
Miss River Pow 1st 53.1951
Missouri Pow A Lt
534s '55
104
25,000
10,000
*
Oct
Aug
20,000
9534
1,000
Nov
Jan
4034
10534
75
90
Jan
26,000
6,000
94
9934 1003*
10034 1013*
1023* 103
26
10534 10534
1045* 105
99
26
95
10534
1957
10534
73,000
1,000
1955
Jan
9,000
28
1013* 1015*
1033* 1035*
1043* 10434
95
10534 106
10534
6s *44
Deb 5s series
1956
For footnotes see
page 3815.
9434
9234
7,000
58
1948
Vending Onrp 68.1937
104
4,000
1035* 1035*
103
1033*
101
...
734
1015* 1025*
7,000
935*
943* 225,000
9134
923* 419,000
*29
1015*
90
5,000
27,000
5,000
106
106
10534 10634
9934
9734
Mississippi Pow 5s
58
9,000
3,000
10634
Oct
913*
11034
110
11034
14,000
20,000
4,000
Metropolitan Ed 4s E.1971
16
90
1,000
10434 10434
10334 10334
Apr
47,000
109
"H.ooo
3~000
8,000
Jan
May
9534
20,000
5,000
9834
*10034 101
1942
Louisiana Pow A Lt 5s *57
Manitoba Power 5343-1951
Mansfield Mln A 8melt—
7s without warrants. 1941
95*
85*
33*
83*
12,000
14,000
6,000
1065*11065*
Certificates of deposit...
17,000
10634
163"
Gary Electrlo & Gas—
Gatlneau Power 1st 5s. 1956
Deb gold 6s. June 15 1941
10434
104 34. 10534
Mtge
Banks 6s-5s stpd... 1961
Firestone Cot Mills 5s_ 1948
Firestone Tire & Rub 6s '42
22,000
12134 12134
10234 10234
Long Island Ltg 6s... 1945
3
deposit.
Farmers Nat Mtge 7s. 1963
Federal Water Serv
534s '64
Finland Residential
1948
Nov
3
634s__1937
Eastern Gas & Fuel 4s 1956
Elec Power & Light 5s_2030
5634
44
393*
Kentucky Utilities Co—
6s
83*
June
i9~665
10434
1063* 10634
9
Jan
65
54
MoCallum Hosiery 634a '41
McCord Rad A Mfg 6s '43
Memphis P A L 5s A..1948
Detroit Internat Bridge—
634s
Aug 1 1952
Certificates of deposit.
Feb
Deo
106
10634
12134
Oot
Jan
July
106
104
...1947
4348 series O
1961
Kansas Gas A Eleo 68.2022
Kansas Power 5s
1947
873*
1085*
107
*10534 106
Jamaica Wat Sup 534s '55
Jersey Central Pow A Lt—
Apr
Nov
1063*
5534
"5234
78
1043*
Jan
Jan
109
Jan
Apr
85
10434 10454
10734 May
Feb
Dec
May
1063*
88
103
11,000
64
10334 10334
10434 10454
10234 May
Aug
1045*
1013*
5,000
108
15:600
693*
10,000
110
14,000
July
107
10,000
52
56
Stamped
49,000
*65
1942
Italian Superpower 6a. 1963
Jacksonville Gas 5a
1942
38,000
8434 8534
10434 10434
10334 10334
10534 10534
Jan
103
Feb
90
Apr
10634 107
Oct
17
90
.....1956
Sept
103
Oct
Jan
Interstate Public Service—
106
103
84
965*
10634
793*
105
10634
Oot
Aug
1,000
A. 1947
Oot
Feb
59
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5a '42
10534
Jan
Feb
845*
62,000
11,000
14.000
Jan
Apr
11134
6934
10234 June
8334 Apr
70
Jan
10134
108
67
10734 10834
102
10334
Lone Star Gas 5s
.1950
ser
1334 105,000
Feb
Jan
65
Jan
Nov
Apr
Jan
1043* May
1083* Dec
Sept
125
Aug
91
Jan
Nov
63
110
95
10534
975*
10834
100
885*
1063*
69
Jan
48
Jan
Sept
Sept
Sept
1043
43
Dec
104
104 34
18,000
67
10334
Jan
Jan
33,000
7734
Kimberly-Clark 5a... 1943
Koppere Co deb 5348-1950
Lehigh Pow Secur 6s..2026
Aug
Jan
Oct
96
6934
11234 May
Sept
Nov
9934
1952
Debenture 6s
Nov
28
104
Jan
Feb
10934
10134
Jan
86
8434
1134
9634
Jan
95
Deo
1969
10634
38,000
26,000
Nov
75
1955
Delaware El Pow 534s_ 1969
Denver Gas & Eleo 6s. 1949
Derby Gas & Elec 5s..1946
"2:000
10634
10634
73
5s series I
......
11,000
Feb
Dec
Jan
74
634« series D...
534s series F
734a 1941
3,000
109
Jan
99
1957
Interstate Power 5s
Jan
Cuban Tobacco 5s
1944
Dallas Pow & Lt 6s A. 1949
5s series C
1952
34.000
Jan
1013*
1033
Jan
8534
10134
8834
14,000
7,000
106
Aug
109
88
Deo
983*
109
9,000
31
I; 31
1,000
925*
915*1 92J* 204,000
*1023* 103
983*
983*
99
"2:600
1023*
10534
7634
102
12834
99
Jan
823*
Feb
July
Dec
983*
Sept
1093
Nov
Conv deb 634a w w.1943
Cont'l Gas&*3E158
1958
Crucible Steel 5s
1940
Cuban Telephone
1095*
Jan
May
Consol Gas Util Co.—
1st & coll 6s ser A
1943
Mar
2,000
61,000
94,000
10534
10534
120
107
84
10734
124
10434
Feb
•4,000
1952
International Salt 5s.. 1951
International Seo 5s..1947
1,000
16,000
813*
July
7,000
T,66o
Jan
83
5,000
10434 1045*
58
853
86)
1053* 1055*
1243* 1243*
82
!
105
7634
84
10534
1234
1053* 1053*
..1981
Aug
Jan
4,000
*1045* 10734
10834 10834
10834
77
77
7834
1285* 1285*
f 4s
Mar
563*
80
10734 108
9634
9534
1956
s
Mar
10734
107
14,000
10134 10334
104
10434
93 34
9434
10334
1951
1st ref
108
Mar
83,000
3,000
10634 10634
41,000
106
10634
28,000
105
10534
104,000
10334 104
9734 217,000
9634
434s series C
*1095* 112
Dec
Nov
104
8034
10734 108
102
10234
10634
10634
10534
10334
5s series D__
1902
Consol Gas (Bait City)—
1939
Gen mtge 434s
1954
Consol Gas El Lt & P (Bait)
033*
1023*
7,000
Jan
1st mtge 5s ser H..1961
5s
July
Oct
6,000
15,000
79
162"
7s series A
Dec
10354
Feb
Dec
10834
Jan
1073*
Feb
July
28,000
2,000
12,000
54
8034
25,000
Com'wealth Subsid 6348 '48
Community Pr A Lt 6s '67
10434
10234
323*
50
5534
Jan
2,000
4334
533*
Jan
Mar
Jan
2534
Jan
May
213* June
1033* May
973*
Jan
71,000
16,000
Feb
Mar
Deo
72
25
99
2534
22,000
34
113
Jan
28,000
Iowa Pub Serv 5s
11334
11334
Oct
July
1075*
995*
73
Iowa Pow A Lt
4,000
76 34
1103*
Oct
73
July
111
*11234 114
11234 113
Deo
Dec
Jan
78
80
Feb
90
615*
68
May
111
1125*
108
7134
80
June
Jan
Sept
68
105
113
44
Mar
10434
73
Jan
3,000
64
Sept
July
Nov
103
73
Mar
1113*
10534
915*
Deo
Feb
Mar
67
6534
6634
111
Jan
3834
Nov
1955
5s series B
..
715*
Apr
Aug
90
93
.....1957
7s series E
7a series F
10,000
8,000
65,000
1960
Feb
634s series O
9934
1095* 1103*
1023* 10234
7934
82
1954
434s series C...1956
434 s series D
1957
Indiana Hydro-Eleo 5s '58
Indiana A Mich Eleo 5s '65
sept
95
85
79
97
1053*
Jan
10334 10334
10234 10234
104
10434
10334
Indiana Gen Serv 5s..1948
Dec
6234 May
Commonwealth Edison—
1st M 5s series A
1st M 5s series B
Sept
99
10534
*99
Chic Jet Ry & Union Stock
Yards 5s
1940
Jan
96
105
745*
*105
10034
Apr
May
563*
1083*
102
1st 4348 series E
1981
Hygrade Food 6s A...1949
7,000
Jan
Mar
105
104
1978
48,000
85,000
109
29
May
1,000
2534
10434
79
Houston Light & Power—
Illinois Central RR 6a. 1937
111 Northern Util 53—1957
8,000
1,000
86
953*
8,000
9734
t 25
warrants. 1943
10734 10734
1063* 1063*
1043* 1043*
111
1115*
1045* 1055*
Central 111 Public Service—
1956
Oct
10734
34:660
97
Deo
Mar
634s with
10634 1065*
1956
6s series E
Nov
117
Broad River Pow 5s__1954
Carolina Pr & Lt 5s.1956
Cedar Rapids MAP 5s.'63
Cent Ariz Lt A Pr 5«-1960
Hall Print 6s stpd
Nov
1938
High
Low
10,000
11034 11034
10534 10534
9834
Nov
175
166
16,000
Birmingham Elec434s 1968
Birmingham Gas 5s
1959
Canada Northern Pr 5s '63
Canadian Pac Ry 6s__1942
1977
173
Apr
Range Since Jan. I,
*
70
69
6934
1947
Apr
79
for
Week
94
11,000
9234
10434 10534 130.000
8834
54,000
8734
2434
t
129", 000
8834
8834
89
86
45,000
8534
17,000
10334
10234 10334
1,000
10634 10634
90
"66
32,000
8634
14,000
6134
6134
6034
10534
7734
1155* 117
123
12334
1235*
*1243* 126
*1063* 107
9834
983*
9834
87
863*
873*
Buffalo Gen Elec 5a
Gen & ref 5s
Guantanamo A West 6s *58
6s series A
152
Bell Telep of Canada—
1st M 5s series A
1955
1953
Range
93J4
10434
Hackensack Water 5s. 1938
72,000
106,000
151
1938
Georgia Power ref 5a..1967
Georgia Pow & Lt 5s__1978
Jan
-
1938
6s stamped x w
61
Gen Wat Wks & El 5s. 1943
Mar
«.
6s stamped w w.,1938
6s without warrants 1938
Oct
July
8034
of Prices
Low
High
Price
30
57
+
•
Baldwin Locom Works—
6s with warrants
69
Week's
Sale
High
715*
Conv deb 5s
5s
Low
715*
J515*
505*
555*
5534
Last
BONDS
{Continued)
61
1948
1949
Conv deb
Range Since Jan. 1 1936
1936
12,
Sales
Friday
Week
Price
Dec.
«
•
*
.
-
-
9,000
June
103
Oct
Dec
5s
stamped.!
1942
Income 6s series A..1949
N Y Central Elec
534s '50
New York Penn A Ohio—
Ext 4)*s stamped..195C
9434
88
9334
8734
9434
19,000
743*
943*
Deo
8834
27,000
69
Jan
92
Nov
1,000
97
May
105
2,000
105
July
1103*
104
10834 109
104
Jan
Oct
Mar
Volume
Friday
BONDS
Last
Week," s^Range
for
Sale
of Prices
Low
High
Range Since Jan. 1,
Corp 1st 454s '67
N Y State E A G 454s. 1980
10554
103
10554 106
103
10334
$
15,000
Jan
Feb
Deo
3,000
—1954
11234 113
2,000
113
Niagara Falls PowfisA1959
Nippon El Pow 654s..1953
$10554 107
Oct
July
109
Jan
90
"4T666
Feb
No Amer Lt A Pow—
95 54
1956
554s series A
68
95)4
07)4
9554
6854
29,000
90 54
26,000
5,000
10654
63
Jan
97
Mar
Apr
72
Oct
Mar
108
Jan
1966
6s series D
105
10554
105
10554
10554
554s
104
N'western Elee 6u stmpl945
Ogden Gas 5s
1960
454* ner D.1956
58
conv
37,000
35,000
9954
3,000
47,000
10454
10454
Nov
Texas Gas Utll 6s
10554 106
40
4054
'105%
104J4 10554
1946
Texas Power A Lt 6s..1956
6s
82
Dec
105
Nov
Thermoid Co 6s stpd. 1937
Tide Water Power 6s.. 1979
111
Nov
Tietz
105)4
107
Jan
106
106
10654
10754
Mar
104
104
10454
8,000
13,000
107
Mar
82
(Leonard) 754s. 1946
Toledo Edison 6s
110954 10954
105
10554
36,000
105
1,000
39,000
105
105
10354
10354 10354
101%
10154
102
30,000
10854
10454
105
July
July
Dec
10354 June
10154
Oct
9754 Nov
112
Feb
107
May
1962
Twin City Rap Tr
Ulen Co—1
554s *52
stamped
1944
6s series A
6s8erlesB
10394
1957
Jan
107
Feb
105
Feb
94%
Nov
Oct
United El Serv 7s ex-w 1956
Apr
9354
Jan
103
Nov
10554
Apr
108
Aug
11954
Jan
12154
Apr
10254 Mar
11654 May
9454 Feb
United Lt A Rys (Me)—
6s series A
1952
104
May
Utah Pow A Lt 6s A..2022
Sept
Apr
12054 12054
10,000
1941
101J4
"87 ji
101
22,000
10154
88
8654
110254 103
75",000
Jan
80
Mar
10154
"16454
10454 10454
10654 10654
47'666
"i03~~
10154 103
45,000
10554 106
10554 10554
22,000
36,000
1979
98
114
111554 11654
6,000
Oct
Mar
100
Jan
10454
9754
Apr
10554
10754
Jan
103
10154
Mar
Mar
106
Dec
10854 July
Dec
106
1950
161"
104
10454
6,000
9854
104
10654 June
$107
10854
10554 106
10854
2i~666
10654
10454
Feb
1954
Jan
107
Penn Water A Pow 58.1940
11154 11154
12,000
11154
454s series B
1968
Peoples Gas L A Coke—
$10654 10654
Sept
Oct
Penn Pub Serv 6s C..1947
..1981
4s series B
9854
1979
2m
Phlla Electric Co 5s..1966
lll)i
Phlla Elee Pow 654s-1972
Phlla Rapid Transit 6s 1962
11054
97 54
PhJl Sub
100%
Peoples Lt A Pr 5s
COGAE4H '67
654* *60
Pledm't HydroEl
62
Elee 6s.. 1953
1939
Poor A Co 6s
22 %
103
78 54
Potomac Edison 5s E. 1956
100%
9854
261,000
2854 29
20,000
11154 11154
43,000
11054 11154
9854
9,000
9754
7,000
10654 10754
24,000
75
62
62 54
105
2254
103
7754
2954
11354
11254
9854
10854
s
f 6s
654s
6548
1974
"6054
6s series A
1973
454s
1944
6s series E
10054
2754
Mar
Jan
14,000
8354
10754
10854
.....1958
1966
10454
4^8 series D.......1978
454* series E
1980
1st A ref 454s ser F.1981
454* series I
1960
101)4
9154
105 54
Puget Sound PAL 654* *49
9454
90)4
1st A ref 5e series C. 1960
101
Nov
July
26
5,000
32
Feb
23,000
11054 11154
10454 105
10554 10554
13254
Jan
14554 May
5,000
108$4
Jan
11254
Sept
9,000
10354
10154
Nov
10754
Oct
7,000
Jan
106
17,000;
102
Jan
10554
10354 10454
10554 10554
27,000;
102
Jan
10454
10,000.
10354
Apr
106
10554 106
9354
9454
17,000
90,000
10654
9654
Feb
3754
July
8454
10554
Aug
110
105
Mar
1966
Yadkin Rlv Pow 5s
1941
York Rys Co 5s
1937
10754 May
10754 Sept
11754
6254
2754
72
7,000
11,000
3254
3354
87,000
94
23,000
4,000
92
97
10554 10554
90
9154 131,000
113
84%
101
101
11254 11354
8354
10054 10154
10054 10154
$10554 106
$10754 10854
9654
10154
7554
905*
9254
16,000
9,000
36,000
22,000
99
99
10254 10254
103
10454
9954 10054
99
96
98
47%
'16754
98
Jan
Jan
11554
Jan
10354
Mar
105
June
105
Apr
'
103
18
8954
Feb
Mar
18
6,000
28,000
'10554
10454
1,000
96
Jan
1,000
100
May
44,000
95
71
"2~o6O
2554
19
10654 10654
3254
31
1951
Baden 7s
"iol""
Sept
26,000
Jan
4954
Dec
4954 202,000
9,000
10254 10254
2,000
10754 10754
4054
107
108
Oct
Jan
Oct
3,000
10754
Nov
10554 106
9,000
107 %
Feb
21,000
10554
11054
14,000
9754 103,000
9754
6954
7154 31,000
10554 10654
23,000
$10754
11154
Sept
Aug
10454 10554
9754
7754
10754
10754
107
10754
10154 10254
"9",000
107 54
58,000
10254
2,000
10054 10154
40,000
109
Sept
Sept
Nov
Nov
Oct
Nov
Sept
10454
2454
7,000
17
Jan
2354
15,000
20
May
85
2154
2454
2154
85
16,000
1854
5,000
5554
Jan
6754
Jan
754 May
$85
'1154
9
1254
25
2554
$23
Jan
65",660
2654
2,000
2454
2454
Nov
Dec
9554
8954
Jan
Jan
Jan
103
9954
"3" 000
9954
9854 10054
18,000
6254
6254
2354
2354
24
17,000
1947
2354
2354
2354
27,000
1854 May
1854 May
23
23
2354
22,000
21
2254
2254
13
13
1954
1954
554s..
1966
1953
5s
Danzig Port A Waterways
External
654'
1952
Secured 6s
"3 ',600
43,000
6,000
9854
Hanover (City) 7s....1939
Hanover (Prov)
25
Lima (City) Peru
6548--1949
6548.1958
Maranhao 7s
Jan
2454
2454
2654
Dec
105$
Medellin 7s series E..1951
12
Mendoza 4s stamped..1951
10154
1,000
Issue of May
33
2,000
33
June
Parana
May
"l5~666
Apr
1,000
Oct
18,000
Jan
10454
10354 10354
71
6954
Jan
"2T666
Jan
17,000
Jan
26,000
30,000
Mar
37,000
Jan
8,000
Jan
6,000
Mar
13
Jan
Sept
20
Nov
Jan
1454
Dec
90
63
Feb
90
Dec
4,000
18
Jan
Dec
8,000
1754
Mar
2254
2254
Jan
14 5a
Jan
1254 Sept
1254
Sept
9954
Jan
2354
Apr
Jan
Dec
54 May
2254
254
254
June
254
Sept
2*4
Jan
June
6254
Deo
Jan
1254
Oct
Jan
1254
Oct
2154 -2254
1354
2254
1354
14
J1354
*9854
98
12
13,000
1554
9854
"50",000
20
20
4,000
9254
1054
1954
?254 102,000
1254
154
154
154
75,000
154
154
17,000
154
154
10,000
6254
3,000
1254
22,000
62
62
1254
1
76,000
154
154
154
1254
$13
Jan
May
1
54
49
1154
1154
Dec
Oct
Jan
Jan
Jan
Dec
111
2654
Jan
Dec
10854 10854
9
10,000
Oct
10854 10854
Feb
Feb
Jan
Feb
10554 106
Apr
Apr
61,000
73
2854
2854
3254
23,000
7s
654s certificates
1919
654s
1921
554s certificates
1921
Santa Fe 7s stamped..1945
Santiago 7s
1949
Dec
42,000
1958
6548--1969
Russian Govt 654s
1919
Apr
10054
1454
Rio de Janeiro
(State)
Jan
July
90
2054
Mtge Bk of Denmark 5s '72
July
18,000
Mar
34
102
May
1954 May
2,000
Dec
12
1927
1931
May
3354
Dec
Nov
8854
Issue of Oct 1927
Mtge Bk of Chile 6s...1931
1,000
Aug
8254
1254
1454
Mtge Bk of Bogota 78.1947
10754
2454
60
2,000
85
Dec
Feb
1354
954
1958
J
35,000
$104
454s series B
1968
1st 454* series D...1970
Sheridan Wyo Coal 6s. 1947
Apr
Dec
104 54
101 ft
98
9954
$.—
10254 102 54
1948
104
Jan
9954
124
2554
10754 10754
104
10454
Shawlnlgan WAP 454s '67
Oct
Jan
2154
2254
1952
6s series A
Danish
10254
3054
102
Seoond Int'l Seo 5s... 1948
102
July
10654 May
10754 June
10054 Aug
10654 10654
10154
Buenos Aires (Province)—
6s stamped
Scrlpp (E W) Co 6548-1943
Seattle Lighting 5s... 1949
Oct
9054 July
33,000
110
""9754
Agricultural Mtge Bk (Col)
20-year 7s
1946
20-year 7s
1947
74
8554
2654
9354
Schulte Real Estate—
6s with warrants... 1935
July
Sept
10654 10654
Cent Bk of German State A
10654
2554
Saxon Pub Wks 6s... 1937
June
FOREIGN GOVERNMENT
July
10,000
$110
1955
Jan
Jan
AND MUNICIPALITIES—
July
35,000
$13154
San Joaquin L A P 6s B *62
Oct
June
10654 May
6,000
1962
9154
10754 10754
106 54
Jan
Feb
1,000
8554
Wheeling Elee Co 5s..1941
1947
1948
86
$85
2654
$--
454* *79
Dec
2,000
117
27
554s '55
754s stamped
Cauca Valley 7s
85
10454
Ruhr Gas Corp 6548--1953
Ruhr Housing 654s
1958
1935
36,000
50
German Cons Munlo 7s *47
Rochester Cent Pow 5s '63
Servel Inc 5e
West United G A E
7s stamped
8954
10654 10654
10354 10454
6s ex-warrants
West Newspaper Un 6s '44
Dec
10354 104
85)4
10354
Sauda Falls 5s
West Texas Utll 6s A. 1957
Sept
22,000
1st A ref 454s ser D. 1950
St Louis Gas A Coke 6s '47
2030
West Penn Traction 6s '60
Sept
Quebec Power 5s
1968
Queens Boro Gas A Eleo—
654s series A
1952
Reliance Manag't 5s..1954
San Antonio P S <5s B..1958
9554
8254
Prov Banks 6s B...1951
1966
Mar
Jan
Mar
10154
Pub Serv of Oklahoma—
4s series A
Mar
108
Aug
Mar
17,000
10154
9954 10054
10354 104
105)4
Nov
34
Apr
24
Jan
23,000
Jan
June
9254
Wlso-Mlnn Lt A Pow 5s '44
Pub Serv of Nor Illinois—
6s series O
Ward Baking 6s
1937
Wash Gas Light 6s... 1958
Wash Ry A Elee 4s..1951
Wise Pow A Lt 4s
Public Service of N J—
6% perpetual certificates
1946
Mar
34,000
80
101
2554
Electric 6s..1954
6s
Waldorf-Astoria Corp—
7s with warrants...1954
West Penn Elee 5s
14154 142
Power Securities 6s
Va Public Serv 554s A. 1946
1st ref 58 Berles B ..I960
Nov
106
9854
10654
7654
27
554s '67
108
3.000
Dec
94
1937
Vamma Water Pow
10654
2,000
10454
10454
85
1952
Wash Water Power 5s. 1960
Mar
July
6054
654s '62
Nov
Jan
Dec
90
27
1959
Un Lt A Rys (Del)
Mar
July
Sept
June
Jan
115
117
...1945
10554
2254
79
Mar
~2T66O
78
10154
Safe Harbor Water
1st
United Lt A Pow 6S...1975
40,000
10354
10654 10654
July
Aug
10654
Jan
10554 10554
105%
654s 1941
"10^660
10654
105
$10654 10654
1961
Potrero Sug 7s etpd_.1947
Power Corp(Can 1454* B '59
1949
10454
43,000
Dec
11454
Jan
10854 June
100
$106
105
Portland Gas A Coke 5s '40
454* series F
99
10554 10554
Piedmont A Nor 5s... 1954
Pittsburgh Coal 6s...1949
Pittsburgh Steel 6s... 1948
1st A ref 5s
United Industrial
Valvollne Oil 7s
Penn Ohio Edison—
Dec
Apr
104
115
$107
$105
Utlca Gas A Eleo 5s D. 1956
10554 10554
Feb
Dec
10454
4854
50
United Elee N J 4s... 1949
Jan
Feb
June
32
$25
10654 10754 34~666
9554 160,000
9454
m""
1967
454s
10754
86
5,000
3,000
4054
Feb
10054 10454 489,000
10354 10454 24,000
104""
1954
12,000
102
Mar
106
Jan
Union Elee Lt A Power—
9354
9254
102
1941
29
Jan
7454
Jan
Jan
1,000
115
2022
6s 3d
A. 1948
Prussian
6254
9954
10254
9454
5s series D
Oct
61
Oct
Pennsylvania Power 6s '66
Apr
98
99
554* series B... 1969
10554
10654
90
40,000
26,000
Pacific Ltg A Pow 6s.. 1942
Pacific Pow A Ltg 5S..1955
Pomeranian
$10654 10754
$10754 10854
105%
Pacific Gas A El Co—
Deb
Apr
5154
10654
10654
11054
10954
Deo
Apr
104
Jan
97,000
6s series A x-w
Sept
104
7754 May
4154
Jan
58,000
1971
42
11,000
5,000
16,000
9954
4s F
51
8254
28,000
80
P&clflo Coast Power 5s '40
Electric
Mar
89
10254
fig
Aug
6054
38,000
99
1938
454s.1977
53
Aug
9554
101
Palmer Corp 6s
Penn Cent LAP
Oct
43
9454
8154
99%
ser
44
3,000
1,000
95)4
81%
101%
1st 6s series B
4,000
51
654s.. 1953
Oct
Apr
5154
Texas Eleo Service 5s. 1960
Oct
Dec
51
1957
1946
Paciflo Invest 5s
65
10554 10554
10554 10554
1954
5s series B
Tennessee Elee Pow 5s 1956
11054 111
10554 10554
Okla Power A Water 5s '48
Penn
Syracuse Ltg 654s
104 54 10454
...1940
Oswego Falls 6e
Feb
51
1970
454s...1951
debs
49
Sept
'ioi%
1961
6s series A
454s
106
Okla Gas A Elee 5s.—1960
Okla Nat Gas
53
5154
6154
1946
7s stmp ctfs dep. 1946
Super Power of 111 454s '68
19,000
10,000
..1954
5Hs series E
$51
106 Mi
16,000
1953
6s series D
1936
7s stamp ctfB dep. 1936
9,000
17,000
Ohio Public Service Co—
6s series C
4454
01%
22,000
Ohio Power lat lie B..1952
1st A ret
Oct
Ternl Hydro-El
10454
1945
Ohio Edison 1st tts
2954
June
10354 10354
10554 10554
N'western Power 6s A. 1960
N'western Pub Serv 5e 1957
4354 110,000
106
10554
1970
1940
454* series E
No States Pow
105 54
1969
.
High
Low
$
Tenn Public Service 5e 1970
107)4 10754
Northern Indiana P 8—
5s series C
Range Since Jan. 1 1938
for
Week
Stlnnes 'Hugo) Corp—
1st
Nor Cont'l Utll 554s~1948
No Indiana G A E 6e_1962
4054
7-4% stamped
10354 10354
86 54
41
7-4% stamped
104
100)4 10654
86 54
Corp Inc 5S..1950
10754
1962
BHb
Starrett
37,000
25,000
N Y A Westch'r Ltg 4s 2004
1st
of Prices
High
Low
Price
High
10854
10654
Debenture 5a
Sale
(.Concluded)
Low
Week's Range
Last
BONDS
1936
Week
Price
Sales
Friday
Sales
(Continued)
N Y PAL
3815
New York Curb Exchange—Concluded—Page 6
143
Sou Carolina Pow 6s. 1957
100
Southeast PAL 6s...2026
10654
106
10554
10854
9954 100
10754
1961
7s
Sou Calif Edison Ltd—
Debenture 35is
1945
Ref M 3 54*-May 1 1960
Ref M
3Ms B.July 1 *60
1st A ref mtge 4s...1960
Sou Calif Gas Co 454*- 1961
Sou Counties Gas 454s. 1968
1951
Sou Indiana Ry 4s
10654
"87
111
10554 10654
$10354 10454
86
8754
9,000
Dec
Apr
Oct
Feb
June
28"666
Jan
Dec
Southern Nat Gas 6s.. 1944
10354
10354 10354
21,000
Jan
S'western Assoc Tel 58.1961
10354
Jan
Nov
104
103
10354
10354 104
18,000
S'western Lt A Pr 5s..1957
Jan
Sept
So'weet Pow A Lt 6s..2022
100
7,000
35,000
Jan
June
5,000
May
Oct
10354 10554
S'west Pub Serv 6s...1945
Stand Gas A Elee 6a..1935
Certificates of deposit
Convertible 6s....
.
1936
9654 100
"88
84
88
46,000
Jan
Oct
8854
8354
8854
34,000
8654
85
8654
May
May
May
Oct
88
18,000
46,000
88
8354
Debenture 6s
1951
8754
83
Debenture 6sDec 1
1966
8554
Certificates of deposit
Standard Investg 554s 1939
Standard Pow A Lt 6s. 1957
Jan
8554
8754 136,000
8554 122,000
101
101
1,000
8254
8554
96,000
8254
Oct
Oct
May
May
Feb
May
Oct
No par
range,
x
a Deferred
not Included In
value,
$ Friday's bid and
0
delivery sales not lnomded In yearV range,
n Under
year's range, r Cash sa es not included In year's
Ex-dlvldend.
asked price.
Gash sales transacted during
No sales were transacted during current week.
the current week and not Included In weekly or
yearly range:
No sales
Oot
Jan
•
the rule sales
P
under-the-rule sales transacted during the current
week and not Included In
weekly or yearly range:
No sales.
Oot
s
Deferred delivery sales transacted
during the current week and not lnoluded
weekly or yearly range:
No sales.
Used Above—"cod," certificates of deposit "cons, * consolidated,
cumulative; "conv," convertible "m," mortgage; "n-v," non-voting stock,
Abbreviations
cum,'
0," voting trust certificates;
"x-w," wlthou warrants
"v
t
"w i," when issued
"w w," with warrants
Financial
3816
Dec.
Chronicle
12, 1936
Other Stock Exchanges
Sales
Friday
Last
New York Real Estate Securities
Stocks (Concluded)
Closing bid and asked quotations, Friday, Dec. 11
Ask
Unlisted Stocks
Bid
61 Bway Bldg 5%s...l950
54
4
8%
l6"
City & Suburban Homes..
Lincoln Bldg Corp v t c
4%
33%
39 Bway Inc units
7
Stone & Webster...;
~~3%
25%
Pennsylvania RR
Oliver Cromwell ctfs.
Pennsylvania Bldg ctfs
Savoy Plaza Corp 6s ctfs '45
4%
26%
on
Established 1853
and
Stock
Baltimore
"99%
*
Oct
1%
15%
Jan
Jan
.1*
Jan
1,514
1,460
14%
Feb
215
4
1%
Jan
Jan
98%
99%
425
90%
28
360
21% June
8%
9%
9%
667
93%
94%
1,843
25
40%
1%
41%
1%
100
90c
98c
.5
90c
1
High
14% May
Apr
28%
27%
28
Vermont & Mass Ry ColOO
Waldorf System Inc
*
"17%
Warren Bros Co
*
12%
Warren (S D) Co.—
70
4
Jan
83
Aug
Jan
%
Jan
2%
Apr
1,900
60
Jan
37%
"16
8
7%
131% 132%
17%
17%
12%
10%
8
Venezuela-Mexican Oil..10
NEW YORK
York, Pa
Louisville, Ky.
York
New
15%
25%
1
Utah Apex Mining
Utah Metal & Tunnel
39 Broadway
BALTIMORE, MD.
Members
14%
24%
United Shoe Mach Corp.25
Baltimore Stock Exchange
STEIN BROS. &> BOYCE
Hagerstown, Md.
50
3%
5
Preferred
60S. Calvert St.
195
3
24%
United Gas Corp
1,750
26
"14 %
*
Union Twist Drill Co
863
41%
3%
25
Suburban Elec Sec Comm *
Torrington Co
Orders Executed
795
3
Mach Co. 10
Reece Folding
2%
Low
Sahres
47
39%
50
25
Reece Buttonhole Mach.10
Qulncy Mining Co
32~~
40
47
Shawmut Assn tr ctfs
30%
Ask
Range Since Jan. 1, 1936
Week
.
.71%
Bid
Chesebrough Bldg. 6s 1948
Dorset ctfs of deposit
for
of Prices
Low
High
Price
Par
Pacific Mills Co
Unlisted Bonds
Week's Range
Sale
Exchange
1,866
35%
35
21
♦
35%
26
300
124
Jan
Jan
9%
4%
Jan
Mar
Exchanges
Chicago Board of Trade and Commodity Exchange. Inc.
Bonds—
Eastern Mass St Ry—
1948
86
Deo
1948
90
7,000
1,100
86
Series B 5s
70
Jan
92%
Series C 6s
1948
100
100
8,000
90
Apr
Series D 6s
1948
95
95
50
80
Feb
100%
100%
Deo
Nov
Nov
Series A 4%s
Baltimore Stock
Dec.
Exchange
11, both inclusive, compiled from official sales lists
5 to Dec.
Week's Range
Last
Sale
Arundel Corp
Atl Coast Line
1st pref v t 0
Black & Decker com
1,470
47%
2%
3%
1,794
6
Feb
8%
9%
30%
2,221
2%
Jan
9%
Dec
2/28%
2%
9%
*
18%
47%
(Conn)..50
Bait Transit com v t o__*
*
Jan
Range Since Jan. 1, 1936
for
Sharest
17%
*
70
Week
of Prices
High
362
19%
July
32%
Nov
1%
1%
6,135
1%
Dec
Low
Price
Par
86
92%
Sales
Friday
Stocks—
85%
90
240
Low
Apr
26% July
% June
Liated and Unliated
Jan
22%
48
SECURITIES
CHICAGO
High
16%
Dec
Vm) R Davis & ®o.
•
""i%
Rights.
Consol Gas E L & Power.*
preferred
5%
100
115%
Eastern Sugar Assoc com.l
115
94%
69
40
84
Jan
111
July
116
11
Jan
40
Members:
Chicago Stock Exchange
Chicago Curb Exchange
Dec
48%
<p
New York Stock Exchange
Aug
Feb
1,158
115%
38%
Dec
29
90
88
88
2
Dec
1
~~45~~
45
46%
610
17
Fidelity & Deposit
20
Fidelity & Gu Fire Corp. 10
125%
125
127%
42%
153
88
Jan
139
39%
14%
Apr
50
Auk
22
Feb
10 So. La Salle St., CHICAGO
Jan
%
(Associate)
Oot
134
New York Curb
Preferred
41%
"20%
19
1st preferred
25
"12%
12
2d preferred
Mar Tex Oil
25
------
Houston Oil pref
Mfrs Finance com
..100
v
t
1
Merch <fc Miners Transp..*
-
-
-
-
-
26
New Amsterdam Cas
9,379
90
1%
xl3
205
33
2%
2%
4
3%
7% May
% May
225
1
16
5%
45
45
25%
------
MononW Penn P S 7%pf25
Mt Ver-Wdb Mills com 100
5
22
1%
*
26%
416
5%
5%
25
16%
3,614
15%
Northern Central Ry—50
Owings Mills Distillery..1
1%
Phillips Packing Co preflOO
U S Fidelity & Guar..
2
"26%
11, both inclusive, compiled from official sales lists
Dec. 5 to Dec.
4
Dec
Friday
Jan
45
Oct
Last
Week's Range
for
Feb
28
Aug
Sale
of Prices
Low
High
Week
1% June
Apr
9%
Jan
95
1,225
1
100
101
5
Chicago Stock Exchange
Dec
Nov
Feb
1%
2,773
36
3%
Dec
Nov
23%
1%
1%
1%
13
31
101% 101%
28
26%
36
Western National Bank.20
6
103
103
Jan
Oct
5%
Range Since Jan. 1, 1936
Shares
Low
High
Oct
17%
103
Price
Par
Stocks—
Sales
Dec
Oct
2
Aug
Nov
102
Nov
13%
Apr
30
Nov
34
Jan
36%
Apr
Abbott Laboratories—
52%
52%
53%
950
50%
16%
*
com...*
com..*
Common (new)..
Adams (J D) Mfg
16%
17
220
15
June
5
550
5
Nov
9
2,300
5
5
Adams Royalty Co
Oct
57%
Aug
21
Sept
7% May
JaD
9%
Sept
11% June
23%
Nov
8%
8%
21%
23%
21%
23%
21%
24
500
21
Jan
70
66
70
640
20
May
70
Dec
16
13
16
90
10
Nov
16
-Dec
Advance Alum Castings..6
6%
Allied Products Corp—
Bonds—
Bait
Transit
Common
4s flat.. 1975
A 5s flat
1975
B 5s
42%
42
43
$65,000
15%
Jan
43
Dec
52
51
52
9,400
17
Jan
52
Dec
2,000
84
Jan
1975
102
102%
Dec
102%
10
Class A
25
100
Annex Hotel Co com.. 100
Amer Pub Serv Co pref.
Armour & Co
Asbestos
Boston Stock
Dec.
5 to Dec.
Exchange
11, both inclusive, compiled from official sales lists
Sales
] Friday
Range Since Jan. 1. 1936
Last
Par
for
Sale
Stocks—
Week's Range
of Prices
Low
High
Week
Price
Shares
Low
High
1,240
1%
July
2%
Nov
1,135
2
July
5%
Apr
187% 189%
2
1%
50
50
5%
5
-100
Big-Sanford Carpet pf.100
Boston & Albany
100
100
Boston Elevated
2
5%
30%
25
6% non-cum pref
1st preferred
Amer Tel & Tel
Prior preferred
100
Class A 1st pref stpd. 100
CI A 1st pref
1C0
Class B 1st pref stpd. 100
Dec
1,499
149%
Apr
190
Nov
108
17
97%
JaD
110
Nov
149
407
117%
Jan
157
Oct
7% preferred
100
Brach & Sons (E J) com..*
146
Feb
66%
69
31%
195
32%
19% May
352
65
May
1,149
28
Oct
30%
70
33%
Nov
7%
29%
9%
8%
12%
13%
10
10%
Class C 1st pref
100
------
100
Class D 1st preferred. 100
Boston Personal Prop Tr. *
13%
------
17%
Boston & Providence-.100
com..*
14
25
------
...26
10%
Cliff Mining Co
Range.
17%
4%
Bruce Co CE L) com
July
41
Feb
Butler Brothers
July
14%
Feb
,
Common
*
Common
100
7%
Feb
11
3
100
20%
1% May
13% Nov
18
19 % tNov
20%
17
Jan
18%
18%
18%
1,650
18%
Dec
18%
Dec
20
21%
3,600
6%
Jan
22%
Nov
27%
28
850
Jan
32%
Oct
11%
11%
11%
21%
7%
Jan
14%
July
12
12
Jan
12%
37%
90%
Dec
------
2,100
36
35%
37%
200
109
------
3,650
86
85
86
20
22%
22%
64
Apr
Jan
Nov
Dec
160
109%
22
3
.
107%
Feb
112
Nov
150
16%
Jar
23
Aug
9%
Nov
13%
Nov
Oct
30%
Nov
11%
July
23%
11%
800
25
100
25
22%
"23
12
25
12
23%
700
Dec
8,200
7%
Jan
16%
Nov
30
preferred
15%
30%
30%
31
1,650
30%
Dec
33%
Nov
12%
Feb
17
Jan
5
15
Feb
Castle & Co (A M) com..10
Jan
Central Cold Storage cm 20
Apr
June
10
83
5 June
11%
60
8% June
21
200
105
Jan
9%
12% May
152
9
4%
5
500
2%
July
14
399
5%
Jan
132
June
1%
150
%
Feb
10% 110%
670
6%
Jan
1%
July
Nov
14%
5
17%
11
conv
5
10
320
14
20
Jan
Feb
15%
6% May
18
17%
156%
7
16%
2
12%
Sept
Feb
Dec
Apr
Jan
Nov
Nov
Nov
7
Jan
11%
68
67
68
152
60
Jan
85
Jan
62%
61%
62%
298
41%
Jan
83
Mar
2%
2%
2%
2,600
1%
Jan
3%
6%
6%
369
3%
Canal Constr conv pref
2%
*
2%
54
14%
310
1%
100
2%
53
14%
------
38%
50
13
Jan
5
Jan
58%
17
Sept
Jan
Oct
Feb
Central 111 Sec—
Feb
1
1%
1%
2
3,400
1
Jan
—*
16%
16%
17
450
12
July
68%
70
840
57
JaD
73%
Oct
Apr
4%
Dec
Common
Conv preferred
Cent 111 Pub Serv pref--.*
Central S W—
69%
4
4
Common
1
Prior lien preferred
*
97%
97
Preferred
*
64
63%
Preferred
100
59
185
Jan
62%
100
16%
52%
14%
59%
Preferred B
17
241
8%
Feb
18
100
7%
5%
7%
729
3
Feb
*
11%
11%
12%
320
8%
54
54
19%
20%
com
__*
Economy Grocery Stores.*
Mar
4%
13,600
1%
2%
23
Nov
Jan
100
240
49
65
670
20%
100
Dec
May
68
Sept
19%
154
33
7%
14%
*
Preferred
Chain Belt Co
*
com
Chicago Corp common
~
.
..
*
5%
—*
46%
Apr
Chicago Flex Shaft com__6
55%
Apr
Chic Towel Co
Preferred-
Adjustment
Edison Elec Ilium
150
8%
Central States Pr & Lt—
4%% prior pref
100
6% cum pref
100
Eastern Mass St Ry—
2nd Preferred
Nov
10
172
11%
13
5%
*
298
East Gas & Fuel Assn—
Eastern SS Lines
62%
28
*
Jan
12%
------
Jan
21%
1
10%
13%
9%
152
25
Calumet & Hecla
7%
5%
Jan
July
4% June
,
Common
100
8%
13%
------
Apr
1,021
10%
5%
648
30
------
100
CI D 1st pref stpd..
9%
28
7%
Feb
2%
27%
5,200
9,400
Brown Fence & Wire—
66%
------
30
8%
2%
14
------
Borg Warner Corp com. 10
108
25
CI C 1st pref stpd
Copper
------
Backstay Welt Co com—*
Barber Co (W H) com—1
Barlow & Seelig Mfg A—
Common
5
146
28
188%
------
100
Co
Automatic Wash conv pref *
Bergboff Brewing Co
1
Binks Mfg Co A conv pref *
Bliss & Laughlln Inc cap.5
Boston & Maine—
Brown-Dorrell
8%
4%
60
58
25%
1,000
6%
3%
Automatic Products com.5
Class A.
Boston Herald Traveler..*
Common
4
58%
Bastlan-Blesslng Co com.*
Bendlx Aviation com
*
Amer Pneumatic Service—
Common
6
6
common...6
Mfg Co com.-.l
Associates Invest Co com.*
1,200
May
Dec
conv pref.*
Chicago Yellow Cab Co--*
Cities Service Co
Com mon wealth Edison
------
*
com
3%
113
100
15%
120
8
Jan
22%
Feb
68%
70%
230
35
Jan
12,500
1,150
4
43%
Apr
Apr
70%
6%
55%
Dec
5%
46%
Nov
*55%
57%
105% 105%
550
33%
Jan
58%
Nov
106%
Aug
5
45%
26%
3%
Jan
15
July
Jan
Compressed Ind Gases cap*
46%
46%
Mar
Consolidated Biscuit com.l
9%
9%
Mar
26%
3%
10
Jan
100
250
19%
Jan
11,450
1,050
2%
Mar
32
Feb
Oct
Oct
Jan
4%
116%
Oct
Sept
72%
Aug
Dec
11%
Aug
,
96%
Consumers Co—
15
50
June
60
215
16
May
23%
.
112% 113%
450
47
9%
1,050
41
9%
154
156
713
145
Nov
Employers Group...
*
21%
21
23
900
20
Apr
27%
Feb
%
350
% June
1%
Feb
General Capital Corp
*
44%
44%
44%
120
36% May
44%
Nov
6% prior pref A
100
7
7
60
5%
Jan
12%
Feb
Gilchrist Co
*
15%
15
15%
155
16
Nov
7%
100
3
3%
350
2%
Jan
7%
Feb
Gillette Safety Razor
*
15%
15%
16%
304
5%
13%
Hathaway Bakeries cl B._*
1%
1%
1%
175
800
7%
1%
7%
70
5%
30%
4%
2%
2%
3,915
16%
118
%
9%
Jan
100
Class A
*
Int 1 Button Hole Mach.10
Isle Royal
Copper Co
25
Loews Theatres (Boston)25
Maine Central
com
6% cum pref
Mass Utilities
Mergenthaler
100
100
v
t c
*
Linotype..*
------
2%
------
2%
Jan
169
July
19%
Feb
1% May
2%
Jan
Jan
11%
Sept
Jan
28
Nov
3%
Nov
100
National Service Co
2%
53
N Y N H & H RR
North
100
(The) 100
Butte
*
Old Colony RR
Old Dominion Co. J.
For footnotes
100
see page
5
Cord Corp cap stock
Crane Co common
Preferred
4%
4%
47%
19
Nov
Cudahy Packing Co preflOO
Jan
18
Mar
Jan
45
Mar
Curtis Lighting Inc com
*
Dayton Rubber Mfg com.*
3
840
Jan
3%
Feb
283
38%
Jan
57%
Nov
54%
6
7%
%
1,870
6
1,410
8c
132
135
350
117%
89
93
77
%
4%
73
Mar
141%
Nov
May
93
Dec
Dec
Cum class A pref
_
conv
Dixie-Vortex Co
Class A
5%
21%
32%
32%
5%
54c
21
20
21
%
8
24
Apr
50
Deo
30
120
Jan
141
Nov
40
103%
Oct
110
Jan
50
3%
10%
Jan
9
Mar
3,100
100
3%
Apr
Jan
21%
Dec
19%
Jan
33
Nov
4%
Dec
14
3,250
Jan
14
93
30
50
Jan
92
Nov
27
27%
30
10
Feb
31
Nov
23
23
Nov
41%
21%
41%
22%
25
25
11%
11%
4,400
9%
Nov
40%
16%
100
27%
Jan
45
Nov
400
16
Nov
23
Apr
*
*
Econ Cunnghm Drug com *
22
5%
Oct
85c
Nov
Elec Household Utll cap_6
16%
Oct
70%
Mar
Elgin Nat Watch Co...15
40
75
56o
Jan
1%
Apr
Fitz Sim & Son(D&D)com*
16
Eddy Paper Corp (The)..*
Apr
Aug
500
2,850
12
Apr
2%
47
93
25c
728
Nov
93
Feb
6,820
25
"13%
pref.*
com
108
20
35
Decker (Alf) & Cohn comlO
Preferred
100
Deep Rock Oil
108
......
712
5%
47c
%
Nov
Aug
1%
X
Dec
.
49
133% 133%
100
7%
2%
27%
48%
18%
1%
Jan
-
5
50
74
%
.25
110
18
52c
3820.
30
..*
11%
%
132%
------
25
Common
37
52%
6%
%
U
11%
18
36
1
New England Tel & Tel 100
New River Co pref
5
cumul pref
Continental Steel—
36
18
------
Narragansett Racing Ass'n
Inc
Common
"
11%
50
18%
July
150
38%
May
2,150
16%
Jan
24%
41%
22%
Apr
30
50
23
18%
Dec
Dec
Jan
Jan
Financial
Volum* 14$
Sales
Friday
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Par
1, 1936
Range Since Jan.
Last
Stocks (Concluded)
Cincinnati and Ohio Listed and Unlisted Securities
July
60
*
64)4
55
20
39
Jan
65)4
65)4
100
62
Oct
65)4
18
150
11)4
Jan
20
10,500
4%
Nov
5%
Dec
12,200
7%
Aug
14%
Aug
pref
conv
xl7
5%
General Finance Corp coml
Gen Household Utll—
Common
554
5)4
10
754
*
(new)
Dec
Nov
Godchaux Sugars Inc—
*
43
43)4
400
22%
Jan
Class B
*
28)4
32)4
360
8)4
Jan
32)4
Jan
46
Phone Cherry
Dec
6711—First Boston Wire—Bell Sys.
Goldblatt Bros Inc com..*
42%
42
43)4
2,900
Great Lakes D & D com..*
25%
15
2654
15)4
15)4
1,350
1,250
6
Jan
20
Nov
15%
25)4
1254
14)4
25)4
com.-.10
Harnischleger Corp com .10
Helleman Brew Co G cap.l
Heller (W E) pref
25
80
Apr
10)4
1054
1,250
Jan
Jan
17
10%
9%
8)4
13 %
Apr
29
Jan
25
100
11
200
16%
May
clB..*
25
111 North Utilities pref. 100
Houdallle-Hershey
Illinois Brick Co
2654
27)4
750
22%
May
82%
18%
110)4
77%
24%
Jeflereon Electric com
Kalamazoo Stove com
Feb
50
60
July
2254
77)4
19)4
27)4
23)4
44
45
650
Fen
18)4
31)4 June
45
Dec
46 %
48)4
240
39
Sept
70
Mar
Churngold...
Nov
Cln Advertising Prod.
Cin Ball Crank pref..
19)4
~2~5~~
2254
z25
10
14
Sept
400
24
May
1,000
Nov
Dec
Mar
31
Feb
26
Nov
Co—
1654
9)4
800
96
96
200
"24)4
23
24)4
36
37
"83 %
82
1
15)4
Kellogg Switchboard com 10
Preferred
—100
9%
Ken-Rad T A Lamp comA*
50
6% cumul pref......100
Ky Utll Jr cum pref
2)4
Kingsbury Brew cap
La Salle Ext Unlv com...5
Lawbeck 6% cum pref.
Leatn A Co com
15)4
9)4
2)4
30)4
8)4
*
10
Llbby McNeil A Llbby._lC
4,650
100
83)4
I)4
"33
100
350
8)4
9)4
70
254
1)4
33
8)4
1054
1,100
15)4
4)4
Dec
Apr
July
74
16A
13%
Nov
Apr
10
34H
Feb
Nov
75
1)4
Oct
Oct
134
43)4
90)4
3%
Aug
Aug
Mar
280
\%
Jan
Sept
1,280
28%
Feb
33
May
600
3)4
9
Nov
650
7
Jan
May
3%
12)4
Jan
Nov
U54
xii%
44)4
44)4
45
14)4
6)4
41)4
15
6)4
41)4
47
43
....
13% preferred
14)4
Lion Oil Refining Co com.*
Loudon Packing com
*
5
Mfg A...*
Lynch Corp com
McCord Rad A
McGraw
49
Electric com...5
Manhatt-Dearborn
"2%
com.
1254
150
50
2%
15%
8%
54)4
390
33
Apr
54
Dec
44)4
254
450
27
Jan
46
Nov
2,090
1
July
30
20
Aug
25
2054
*
55
57
*
Mlckelberry's Food Prod-
32
4
3%
5
1,350
2,250
100
12
754
9,400
33)4
6)4
12)4
Sep>
Oct
19%
Stock purchase warrants
Jan
Jan
25
Common
July
6
25
Middle West Corp cap..
July
50
34
20%
Prior preferred
13%
Jan
50
Marshall Field common..*
Mer A Mfrs Sec cl A com
Jan
7
35H
7)4
350
Mapes Consol Mfg Cap..*
Masonlte Corp com
1,450
70
454
12)4
r
5
Feb
Jan
45
27)
Mar
Jan
25.
Nov
Oct
11)4
lOO
Mar
5)4
Apr
8
Jan
25)4
May
35
July
Apr
12,700
2)4
16,600
7
2,150
3)4
Feb
3)4
4%
13%
July
7)4
Ja»
Dec
Oct
Feb
Midland United Co-
Common
_*
Midland Utll 7% pr
llenlOO
6% prior lien
100
7% preferred A
6%
%
10)4
m
7)4
*
Conv preferred A
preferred
Miller A Hart
pref..*
..*
conv
Modlne Mfg com
6
6
3)4
100
100
A
%
8
3)4
654
46)4
z45
A
11)4
1%
7)4
4)4
3)4
7
47)4
9,500
1,350
920
1
Jan
H
Oct
Mar
)4
21,800
15)4
12
Sept
Sept
10%
Sept
Mar
1
IX
Jan
40
Feb
7
Nov
20
Jan
6
Sept
Jan
Jan
11%
Jan
55
Feb
100
3)4
600
38)4
*
Preferred
National Leather
com
...
10
49)4
'60)4
m
8)4
50
20
20
49
May
53
Oct
31
10
28
Apr
33
57)4
1)4
60)4
1%
15)4
8)4
5154
154
41
6%
12
Jan
65
854
Nat Rep Inv Tr conv pfd
51)4
Natl-Standard Co com...*
1%
*
12
1%
3854
6)4
II)4
7% preferred
100
38
36
38
7% prior lien pref
National Union Radio coml
41
com.
North A mer Car com....*
Northwest Bancorp com.
Northwest Utii—
-
6)4
3%
8%
10
6
June
3%
185
3
Dec
96%
9%
...
9%
25
Jan
102
Mar
125
6
May
100
7
June
840
10
11%
Feb
8
Jan
18
Dec
101%
Aug
105
Dec
105%
June
Jan
114
18
July
25
33%
*
._
23%
35
33%
8%
33%
30
28
Jan
35
Dec
8%
50
7
Jan
9
Nov
*
7
Jan
75
40
Feb
50
Sept
27
73
23
Jan
30
10%
80
10
Dec
10
93
Jan
19%
259
6
48
♦
Nov
48%
5
5
..12
26
*
10
100
101
101
23%
24
*
23%
6%
4%
27
6%
♦
.
50
Lunkenheimer
Sept
105%
107
Dec
Jan
33
Dec
107
33
33
68
18
3
3
100
106%
Jan
7
Jan
106
50
.
27%
June
Jan
*
.
July
Oct
July
14
105 %
4
16
2 50
Little Miami Guar
Jan
22%
*
.
_*
Dec
10
10
111
Leonard
Dec
Sept
34%
46
9
17%
105
Kokenge
June
Mar
16
111
Kahn common
Oct
Nov
44
102
*
prior pref
Nov
20
100
Hobart A..
9%
100
10
16
Formica Insulation
Dec
30
.100
Preferred
Jan
6%
108%
29%
9
16%
83
85
Feb
June
17
55
23
8%
*
..10
..
Lead
1st preferred
Kroger
Jan
Jan
100%
29
*
.
Jan
5%
682
98
96%
23
100 %
*
Crosley Radio
Goldsmith
100 X
393
23%
..
Jan
6%
*
Gibson Art
17%
1%
Dec
108 %
108%
8%
*
Eagle-Picher
Mar
108
..50
Jan
Nov
37
May
108
8%
Jan
Apr
6%
12 %
8
102
5
65
13%
15
480
8%
Aug
Nov
11
3
13
6
A
Dow Drug
19 J*
81
36
6
50
Mar
4%
Feb
Meteor
Jan
17%
17%
25
7
Feb
18
Dec
*
Manischewitz
2
*
Magna vox.
16%
16%
50
6
Jan
18
Nov
4
*
B
1%
8% preferred..
.
..
53%
100
*
Randall A
*
B
Nov
5%
Apr
20
%
Mar
1%
Dec
67
3%
Feb
Dec
52%
11%
54%
103
4
11%
54%
264
215% 215%
24%
23%
*
P&G
3%
1%
11%
4
*
National Pumps..—
1%
11%
*
Moores Coney A
3
208
July
419
16
Jan
12%
1,108
U S Playing Card..
.
35
10
*
Aug
48%
10
2
July
5
Feb
36
287
Sept
39
Nov
Western Bank—
..
7%
10
4%
26%
Nov
Jan
4,352
3%
Sept
8 %
Feb
20
20
14
13%
Sept
7
7
130
28%
7%
93%
Dec
3%
20
Oct
Jan
25
2
50
Nov
June
45
34
U S Printing
220
2
9%
34
*
United Milk A
40% June
27%
12%
*
Rapid
4%
4%
5% May
Feb
May
15
Natl Pressure Cooker Co 2
Nobiltt-Spark8 Ind
Jan
8)4
49)4
31
Common
National Battery Co pref.
Natl Gypsum cl A com..5
June
100
Preferred...
Monroe Chemical Co—
Jan
3
19%
20
*
Cocoa
Julian &
237
15
13%
*
Cin Union Stock Yard
Hatfield
25%
108% 108%
*
Crystal Tissue.._
25%
13%
28%
34
■
100
Cin Telephone
Cola
10
3
3
*
Cln Gas & Elec pref.
Cln Street Ry
High
Oct
9
9%
8%
■
*
..
Low
Shares
3%
*
-.
Champ Paper & Fibre
Preferred
25%
...7
Participating pref
Burger Brewing
Early A Daniel pref
Lincoln Printing Co—
Common..
Prior preferred
High
9%
*
May
76
*
Common new
American Products...
8
100
Week
of Prices
Low
*
90
77 %
*
1
*
Jarvis (W B) Co cap
Aluminum Industries.
800
15
110
Price
Par
16)4
110)4
15)4
110)4
Indep Pneu Tool v t o
*
Interstate Pow $6 pref—*
Iron Fireman Mfg v t o
Sale
Stocks—
Range Since Jan. 1, 1936
for
Week's Range
Last
Mar
Nov
Apr
official sales lists
Sales
Friday
Dec
200
17)4
20
inclusive, compiled from
Dec. 5 to Dec. 11, both
Jan
17M
22
26)4
17)4
19)4
27 %
*
Cincinnati Stock Exchange
Apr
26)4
*
Katz Drug
July
33)4
20
With warrants
Hormel & Co com A
Tel. Cln. 291
Oct
Sept
22 %
Horders Inc com
CINCINNATI
BLDG.
UNION TRUST
CO.
&
BALLINGER
Nov
45
Class A
Hall Printing Co
Markets In
Active Trading
20
General Candy Corp A. ..6
Common
Exchange
Cincinnati Stock
Memberm
High
Low
Shares
Gardner-Denver Co—
$3 cumul
3817
Chronicle
500
850
6)4
38)4
1 )4
13
260
5)4
32)4
2,050
2,150
1,300
3,050
140
Jan
July
150
100
July
X
26
10%
2)4
18
Dec
Ohio Listed and Unlisted Securities
Oct
10
Feb
Jan
Jan
Apr
52
Nov
1)4
Mar
Feb
Jan
J&n
45
20%
35
93%
91
.100
pref...
Wurlltzer
Members Cleveland Stock
Exchange
Feb
Nov
7)4 June
3)4
Jan
7)4
June
14
Jan
7)4
Jan
49
Sept
100
65
65)4
40
25
Apr
76%
.*
22
22
20
12
Feb
23)4
Apr
Parker Pen Co
10
14)4
27)4
254
16)4
28)4
2)4
55
58
16)4
16)4
37)4
37)4
7)4
354
354
GILLI Sf*jWOOD<>tt
8ept
Ontario Mfg Co com
Oshkosh Overall com
*
com
15)4
28
Peabody Coal Co B com..*
6% preferred
J...100
Penn Gas A Eleo A com..*
Perfect Circle
(The) Co..*
Pictorial Pap Package com5
Pines Wlnterfront com
5
Potter Co (The) com.....*
Prima Co com
*
7)4
3
"1%
7)4
2)4
354
1)4
4
Process Corp com
650
9
Jan
200
19
Apr
1,050
1X
50
27)4
500
Jan
Jan
Nov
16
16)4
30
3)4
58
Apr
150
41
8
Nov
5)4
5%
Sept
Apr
6
Mar
5
Oct
100
1Kb
650
4%
300
1)4
May
6% preferred
7% preferred
100
100
115%
119)4
81)4 83)4
11554 117
119)4 H9)4
400
121)4 12454
_j
90
49)4
Apr
85
147
100
Rath Packing Co com...10
Sale
103
Jan
120
Aug
Airway Elec
20
112)4
Jan
123
Mar
3354
147
3354
10
100
June
115
141 )4
22
550
50c
c
350
5
10
34)4
4,750
330
Sangamo Electric Co
*
Schwitzer-CummlnB cap.-l
100
Slgnode Steel Strap com..
140
Oct
150
July
May
34
Dec
Jan
June
Feb
9)4
35
Nov
Jan
29
450
18)4
16)4
31)4
150
2)4
July
Apr
77
30
16%
Aug
33
*
15)4
28%
.25
250
2 )4
Jan
Apr
SouthwGas&El 7%pref 100
Southw Lt & Pow pref..
Stein A Co (A) com
*
pref.. 10
Swift International
16
20
8)4
32
350
700
5)4 June
28)4
Apr
28
United Gas Corp com
Utll & Ind Corp
Convertible pref
Viking Pump Co com
550
1
Utah Radio Products com.*
"3)4
Inter lake
7)4
2)4
2,100
Nov
Mar
July
Nov
Jan
2
Nov
Dec
Sept
Jan
)4
May
2)4
May
5%
Jan
15 %
Jan
24%
Nov
50
*
Wleboldt Stores Inc com.*
Wllllams-Oil-O-Matlc com*
Wisconsin Banks hares com*
2
Zenith Radio Corp. com..*
25
100
National Tile
*
National Tool
50
Nestle LeMur Cum Cl A
Ohio Brass B
*
39%
24%
Nov
16
1,350
10
2,600
2,200
5M»
Jan
13X
Nov
Apr
Jan
8%
15
42%
64
65
387
Dec
July
Jan
Nov
Nov
Packer Corporation
Seiberling Rubber
8% Cum pref
S M A Corporation
Tool.
Weinberger Drug Inc
Jan
107%
Mar
61%
Jan
211
59%
Dec
Oct
Sept
74
July
73
July
35%
Nov
30
Dec
45
May
75
Dec
20
100
10
Jan
22
61
138
36
Jan
61
Dec
15
16
109
15
Oct
26
Mar
63
177
34%
Jan
63
25
226
10
Jan
30%
17
105
19%
3%
23%
44
42%
44
450
44
46%
210
8%
795
.....
9%
7%
71
28
71
8%
Dec
Nov
Oct
10%
Dec
23%
Dec
20 %
May
44
Dec
15
Mar
46%
8%
Dec
4% May
Dec
15
62
Apr
71
Dec
9
Oct
15
Mar
Apr
34%
Nov
11%
31%
1,540
9%
2,267
5
67
55
107
28
Mar
30
7%
June
Dec
June
8
470
107
Jan
July
6%
633
18%
Jan
9%
Jan
112
July
12
Dec
Sept
Jan
~~8%
8%
1%
2
350
%
Aug
4%
Feb
"l%
1%
2
375
1%
Nov
4%
Feb
9%
1,495
4%
Apr
47
Nov
250
9%
Jan
3%
3%
100
2
Oct
21%
3%
Nov
57%
59%
483
54
Aug
44
57)4
45
111
19
19
5%
5%
340
37%
37%
100
17
1
17
87
27
2
8%
14
68
"26"
Oct
Feb
Jan
6
Dec
Jan
45
Nov
May
19%
9
9 H
605
8
Nov
10
15
9
--*
*
95
112K
Dec
Feb
3,420
1,602
*
100
Upson Walton
Vlchek
54
23
215
10%
Preferred
Apr
16
89%
87%
110% 110%
10%
Mar
30
Nov
27%
31%
*
500
23
21
9%
Miller Wholesale Drug..
Richman..
900
11
*
*
Metropolitan Pav Brick..*
Cum 7% pref
..100
Peerless Corporation
39
Jan
23%
Leland Electric
Jan
22)4
1054
6)4
1354
39)4
2,350
__*
Kelley Island Lim & Tras *
O Lamson & Sessions
*
Jan
41
15%
14%
62%
24%
Jaeger Machine.
6)4
Mar
Apr
4
For footnotes see page 3820.
39)4
*
*
Steamship
15
*
3
1,850
5)4
.
Harbauer
50
1
*
com
Woodall Indust com.
Oct
Apr
2,300
*
,
Preferred
Walgreen Co common
900
13%
9%
4H
25
58
Greif Bros Cooperage A.
National Refining
26%
Jan
19%
20
Foote-Burt
Nov
Dec
Apr
Aug
8)4
Dec
19%
*
Nov
Murray Ohio Mfg
18
45
57
Jan
20)4
300
Feb
75
Nov
1,250
35
70
35 %
2,050
10
Mfg *
*
Electric Controller &
Medusa Portland Cement
24)4
45
257
McKee, A G Class B
24)4
1154
35
64
Feb
10)4
Oct
30
Apr
20
Sept
21
33K
Mar
25
Thompson (J R) com...25
100
Ctfs of deposit
7
Suhdstrand Mach ToolCo*
Swift & Co
89%
"64"
91
18%
12
610
31%
Aug
50
*
pref..*
Railway
700
62%
Sept
Jan
19%
City Ice & Fuel
Cleve-Cliffs Iron pref
14%
35
29
Nov
Mar
30%
14%
33%
93
Mar
100
Oil
Cleveland
40
45
Controller
Canfield
Mar
30%
29%
14%
29%
106
3)4
High
Low
25
105
62%
Feb
12)4 June
16)4
Oct
Range Since Jan. 1, 1936
for
Week
Shares
100
*
Feb
79%
High
Commercial Bookbinding. *
99
300
of Prices
Jan
61
30
14)4
Week's Range
Low
Cliffs Corp v t c
100
150
*
Convertible preferred.
7
official sales lists
Sales
Dec
10
106
Stockyds cap*
Standard Dredge com
conv
7)4
3%
34%
17%
26)4
com
.
Jan
Nov
May
20
30
com
1)4
80
Preferred
Slvyer Steel Castings
2)4
11
Price
Appl pref. 100
Akron Brass
Rollins Hosiery Mills pf..*
Wahl Co
Last
Cleve Elec 111 $4.50
6% preferred v t c
Reliance Mfg Co com
Storkline Fur
11, both inclusive, compiled from
Par
40
Raytheon Mfg—
St Louis Nat
Dec.
to
Friday
Clark
Common
Preferred
5
Oct
Quaker Oats Co—
South Colo Pow A
Dec.
Stocks-
Common
GLEV 565 A 566
Cleveland Stock Exchange
Jan
300
6,500
AT
Dec
22%
Cleveland
A T
Telephone GHerry 5050
Feb
Public Service of Nor 111—
Common vt
Union Trust Building#
Dec
Nov
15%
230
9
May
17
19
20
102
17
Jan
25%
Feb
Oct
Oct
Nov
3818
Financial
Chronicle
WATLING, LERCHEN & HAYES
Exchange
UNION
Chicago Stock Exchange
Building
Dec.
to
Exchange
Week's Range
Sale
Par
Auto City Brew com
1
Baldwin Rubber
1
com
Low
Detroit Paper Prod coin__l
Federal Mogul com
*
Federal Motor Truck com *
Gemmer Mfg A
3%
10
529
25% May
33%
Oct
125
14
Jan
Nov
com.
com
Preferred
Reo Motor
2%
267
2%
Jan
3%
Mar
3%
3,350
2,463
2%
%
Nov
4%
Feb
4
Apr
24
1,350
145
196
19
Aug
128
Jan
Feb
152%
6%
700
2%
Jan
7%
Oct
8%
8%
525
7%
9%
Aug
10%
Apr
Jan
23%
Oct
7%
Jan
12
Mar
Jan
44
Nov
19%
9
20%
9%
44
43
1,330
450
255
24
10
10
69%
6%
69 %
69%
1,187
6%
1,266
3%
2,507
2
July
725
11
Jan
18%
118
6
Sept
10
Dec
Jan
76%
Nov
Oct
54%
6%
10%
4%
Feb
18%
65
65
110
44%
Feb
65
19%
19%
673
14
Apr
22%
Nov
32%
8%
Nov
19%
29%
6%
29%
6%
*
1%
com..
*
Rickel (H W) com
2
River Raisin Paper com..*
Square D A
Apr
5%
Oct
16
150
1%
7
4
16
5,137
Feb
Dec
3
1,400
Aug
416
15%
15
Apr
37
100
11%
44%
5
4%
5%
36%
24%
"25""
Tlvoli Brewing com
1
United Shirt Dist com—*
"SH
11%
*
6%
Aug
4%
13%
100
Sept
Sept
Feb
50
July
8%
Oct
4%
4% July
30% May
5,355
Nov
Mar
36%
Mar
Feb
7%
7
Jan
Dec
355
17
Jan
26
27%
8%
11%
430
36%
22%
38%
Jan
6%
41% May
507
308
25
27
Stearns (Fred'k) com
*
Tlmken-Det Axle com..10
34
2,130
Oct
5%
25%
Jan
670
11%
44%
.....
Apr
1%
18%
5%
Mar
20
7
24
5%
Dec
Jan
"16
37
"~5%
Nov
Jan
18%
11%
Feb
5
100
4%
Apr
24
*
com
20%
2,078
1%
*
5
1,305
7%
7
5
.;
29%
16
2.50
com
com
U S Radiator
Apr
24%
26%
6%
Murray Corp com
10
Natl Auto Fubres v t c...*
_
Apr
8%
19 %
9%
Mid-West Abrasive com50c
com
Aug
""6k"
—10
Parke-Davis
July
18
Michigan Sugar com
Packard Motor Car
9%
Feb
3%
14
10
Kresge (S S) Co com
10
Lakey Fdy & Mach com__l
Motor Wheel
Oct
3
Hoskins Mfg com
__*
Hudson Motor Car com..*
Mich Stl Tube Pr
1%
1,100
2,222
950
27%
Dec
3,461
1,690
12%
5%
Jan
8%
Jan
11%
Apr
12
Jan
7%
225
12%
Nov
Mar
6%
6%
May
7
Jan
9
8
9
3,755
6%
Jan
10
Oct
6%
6
6%
1,263
2%
Jan
1
1%
1%
Wayne Screw Prod com..4
5%
Universal Cooler A
*
B
4
Sales
Friday
Oct
7%
Par
Week's Range
for
of Prices
Low
High
Shares
Price
Arkansas Nat Gas Corp..*
Preferred
..100
Armstrong Cork Co
com
_
10%
1
2%
17%
5 %
Central Ohio Steel Prod..*
Clark (D L) Candy Co...*
10%
270
58%
90
21%
2%
1,047
8,670
17%
200
5
Columbia Gas & Elec Co.*
Dec
Apr
July
July
2
Dec
4%
Jan
Oct
22
9
July
3%
June
6%
Oct
Jan
23%
July
14
Jan
Dec
13
100
19
745
2%
16%
Jan
20
Feb
100
17
Jan
26
Sept
7%
Jan
23
56c
Nov
1.05
Nov
Apr
12%
Nov
Jan
40
Mar
17%
16%
10%
10%
32
30%
85
Jones& LaughlinSteel pf 100
Lone Star Gas
McKinney Mfg Co
11%
July
1%
Jan
31
Jan
52%
Nov
85
67
85
Nov
85
Nov
62%
8%
18%
9%
7c
10
80
June
410
97
Jan
5,000
10
Jan
129
62%
6%
25c
_
1
38
18%
Pittsburgh Brewing pref
*
Pittsburgh Forging Co—1
Pittsburgh Oil & Gas._ ...5
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt.. *
Pittsburgh Steel Fdy
*
15%
Oct
1,160
6%
100
3
1%
11%
*
com
525
33
11%
2%
-5
Mountain Fuel Supply Co.
Natl Fireproofing com—*
Preferred
100
106% 107%
_.*
Mesta Machine Co
/
129
Koppers Gas & Coke pf 100
3,638
12,846
50%
1%
50
Jeannet Glass pref
85c
10%
17%
70c
*
com.
2%
7
19
7c
1,425
1
126
41
4,960
750
1,450
8c
6,200
Apr
Jan
4%
1%
1%
July
Jan
Jan
Sept
2%
64%
7%
Nov
10%
19%
Sept
Jan
2c
25
Dec
129
107%
14%
Mar
Nov
Feb
Nov
Feb
8c
33%
15%
34%
261
Aug
36%
Oct
15
_
15%
570
7%
Jan
15%
Dec
125
1
Jan
1%
Mar
1
1
128% 128%
12%
12%
20
100
Jan
98%
7% May
140
Apr
Nov
13%
21
22
100
95
95
..5
22
23%
1%
655
1
Jan
2
June
18%
55
15
Jan
20
Mar
3c
1,000
2,103
2c
Mar
4o
Jan
3%
Jan
6%
Nov
12%
289
11%
Oct
14%
Nov
30
33
720
17
33
Dec
48%
Preferred
Plymouth Oil Co
48%
320
22%
May
50%
Nov
337
1%
Oct
4%
Nov
Renner Co
1
RuudMfgCo..;
5
San Toy Mining
-Preferred
1%
18%
18%
3c
3c
1
Shamrock Oil & Gas
*
5%
5%
12
*
Standard Steel Spring
United Engine & Fdy
3,630
,S16
650
5%
Sept
11%
Mar
%
July
1%
Mar
com
*
13%
13%
150
12%
Oct
14%
Nov
3%
44%
44%
1%
Waverly Oil class A
Wolverine Tube
"3%
1
-
25
*
-
Vanadium Alloy Steel
Victor Brewing
1,015
12
33
*
United States Glass Co
%
DeHaven & Townsend
Sept
62%
21%
13
Pittsburgh Brewing. 1
5%
3
Jan
24
10
17
Jan
95
95
12%
Jan
23%
170
6
4
44%
50
1
1%
3,535
3
3%
65
45%
46%
292
143%
Westinghouse Air Brake.. *
WestinghouseElec& Mfg.50
Unlisted—
Established 1874
Jan
24
13
Follansbee Bros pref—100
Harb-Walker Refrac
%
Mar
July
18
*
1%
5%
3
47%
13%
9%
10%
24
Electric Products
1
Jan
Jan
*
Duquesne Brewing com. .5
Rights.
com
com
1,180
1,526
High
Low
3%
7%
10
Devonian Oil
Phoenix Oil
5%
17%
17%
Crandall McK & Hend___*
Duff-Norton Mfg Co
Fort
110
57%
20%
2%
17%
*
Carnegie Metals Co
Week
6%
5%
*
_
Blaw-Knox Co
Wolverine Brew
Warner Aircraft
Range Since Jan. 1, 1936
Last
Stocks-
1
com
Hoover Ball & Bear
High
15%
1%
"16 13i6
1
Graham-Paige
11, both inclusive, compiled from official sales lists
Sale
Low
30%
143
*
com
Goebel Brewing com
Shares
15%
23%
2%
2%
*
B
General Motors
High
30
100
Detroit-Mich Stove com__l
NEW YORK
Pittsburgh Stock Exchange
Dec. 5 to Dec.
Range Since Jan. 1, 1936
12
Detroit-Cripple Creek—1
com
for
1 %
11%
1%
11%
Consolidated Paper com. 10
Continental Motors com.l
com 10
A. T. & T. Tel. Pitb-391
BROADWAY,
Week
of Prices
Price
Burroughs Adding Mach-*
Capital City Prod com___*
Detroit & Cleve Nav
(Associate)
PITTSBURGH, PA.
Sales
Last
Stocks—
BLDG.,
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
11, both inclusive, compiled from official sales lists
Friday
Detroit Edison
120
Randolph 5530
Detroit Stock
Dec. 5
^ew York Ourb Exchange
Gourt-6800
DETROIT
Telephone
j
BANK
Tei
Buhl
=f
/ Pittsburgh Stock Exchange
Members
New York Curb Associate
Exchange
1936
12,
H. S. EDWARDS & CO.
Members
New York Stock
Detroit Stock
Dec.
145%
63
Aug
31
Jan
Dec
Dec
47
Dec
Sept
Sept
60c
Jan
1%
1
Jan
3%
Dec
34%
Jan
47%
Mar
97
Jan
152%
Oct
Jan
5%
Oct
'
Pennroad Corp vtc
*
4%
5
318
3%
,
Members
New York Stock Exchange
Philadelphia Stock Exchange
.
PHILADELPHIA
NEW
1513 Walnut Street
Wm.Cavalier&Co.
YORK
MEMBERS
80 Broad Street
New York Stock
Los
Philadelphia Stock Exchange
Dec. 5 to Dec.
Friday
Last
Par
American Stores
Price
*
27%
American Tel & Tel.... 100
Week's Range
187%
Barber Co.
Lehigh Coal & Navigation *
Lehigh Valley
50
Corp..25
Preferred
Nail Power & Light
Pennroad Corp vtc
Pennsylvania RR
__25
1
50
Penna Salt Mfg........50
Phila Elec of Pa 85 pref...*
Phila Elec Pow pref
Phila Rapid Transit
7% preferred
44
69%
139
144
38
Apr
190
Nov
Last
Week's Range
July
11%
Dec
Sale
of Prices
Nov
33%
Dec
397
24%
119%
Jan
127%
Aug
555
9%
Jan
8%
Apr
39
5
40%
173
115%
25
50
...50
3%
3%
231
Jan
8%
Mar
Chapman's Ice Cream
*
2
2
2
2,197
8
Mar
Citizens Nat T & S Bk. .20
32
32
37
645
Feb
14%
Feb
1,250
9%
Claude Neon Elec Prod
*
11
3%
Jan
14%
1,500
Apr
Consolidated Oil Corp
Consolidated Steel com
14%
28%
5%
45%
Feb
3,800
5,904
2,199
10%
14%
*
3%
1,000
113%
Feb
3%
177%
112
Apr
117
.
94
122
Jan
405
33%
Jan
1,475
Oct
Nov
May
2%
210
2%
8%
1%
July
35% Sept
12% Mar
28% May
Jan
3%
13%
804
10%
Jan
Buckeye Union Oil
6c
11c
11c
1,000
10c
10c
10c
2,000
100
*
Preferred
*
Creameries of Amer vtc...
23
22
3%
17%
6
23
100
17%
17%
5%
75%
75%
6
500
1,100
Nov
Nov
Nov
July
5c
July
9c
Nov
30c
Feb
10c June
30C
Feb
1,800
189
3%
1.50
10
Dec
Nov
17c
28
Feb
19
Sept
1
Jan
4%
Apr
26% June
10% Sept
11% June
3%
Jan
14% May
5%
Oct
53%
Jan
14%
Feb
38%
Dec
Apr
16%
Feb
15%
Mar
5%
Apr
19%
6%
Feb
Dec
19% May
8
15
637
Jan
Jan
Douglas Aircraft
Inc.....*
Emsco Der & Equip Co
Exeter Oil Co A...
75%
5
1
Farmers & Mer Nat Bk. 100
General Motors Corp
General Paint Corp.
10
18%
19
200
57 %c
52 %c 62 %c
450
450
69
450
67%
200
7,600
110
69%
400
79
22
Sept
Nov
54%
8%
Feb
87 %c
Feb
20c
430
440
Jan
Jan
75
Nov
July
20
13%
200
28
57
Jan
75
Mar
Globe Grain & Mill Co. .25
13%
7%
13%
71%
7%
8%
300
76%
44
Jan
Goodyear Tr
*
29%
29%
29%
100
33%
90%
38%
Mar
40
71%
29%
Mar
Hancock Oil A
*
21%
92%c
21%
21%
1,500
92 %c
95c
3,200
19%
19%
19%
200
8c
8c
1,600
7c
49c 59 %c
10,200
6,300
36c
30c
Nov
6%
June
11%
July
116%
Jan
2%
Jan
5%
Nov
5
Jan
8
Nov
*
Westmoreland Inc
*
13%
Westmoreland Coal
*
Elec & Peoples tr ctfs 4s *45
Small bonds..
6%
44%
14%
2,418
16% May
Jan
30%
Apr
com.
<16
400
'16
Jan
1
Jan
Holly Development Co.-.l
1,888
%
Oct
Feb
Hudson Motors
6
1,765
1,485
3%
Nov
Apr
Jade Oil Co.
5%
Apr
1%
8%
9%
Feb
Kinner AirpI & Motor
48%
July
7%
45
182
40%
Apr
14%
9,792
14%
Nov
19%
Feb
111%
175
108%
Apr
113%
Nov
14
31
9%
Apr
15
Feb
10
10
50
7%
Jan
10
Oct
13
14
$6,000
Nov
20
Mar
12%
12%
1,000
9%
Oct
111% 111%
1,000
110%
Aug
111
& Rub
1%
9
18
111%
Apr
Dec
10c
8c
1
52 %c
Lincoln Petroleum Corp..l
Lockheed Aircraft Corp..l
Los Ang G & E 6% pref 100
33c
10%
107
Los Ang Industries Inc...2
Los Ang Investment Co. 10
Mascot Oil Co
I
Bonds—
6c
11c
26%
130
18%
United Gas Impt com
Preferred
For footnotes see page 3820.
6c
1
Central Investment
cl
1
cmv t
c.
5% May
8
68%
76%
5
Phila Elec Pow Co 5 %s.'72
Oct
3%
4%
11%
11%
4%
5%
39%
41%
165% 173%
115% 116%
35
34%
5%
14%
Sept
Oct
1
111
1%
57 %c
900
21%
*
*
3,700
5,900
8%
Jan
33%
he
6%
2%
1.35
8%
%
1%
1
45
2%
7%
175
Dec
Jan
1.25
20%
30
15% May
83
7%
19%
118%
123
High
Aug
1.25
Preferred vt
410
Low
2%
2%
....
Bolsa-Chica Oil A......10
Preferred
United Corp common
Preferred
*
20
Oct
13%
Union Traction
Berkey & Gay
Warrants
100
129
Oct
Philadelphia Traction...50
Tacony-Palmyra Bridge.. *
Tonopah-Belmont Devel-1
Tonopah Mining
Jan
25%
129
12
7
18%
68%
Apr
129
6,500
39%
2%
13%
76%
June
54
100
7%
Shares
144
13%
*
Nov
17
41%
Preferred
6%
Range Since Jan. 1, 1936
for
Week
High
Jan
2%
1
77%
165
1,376
Nov
6%
25%
Low
Apr
Apr
13%
-__.*
Jan
Jan
Bandini Petroleum Co...l
Barker Bros Corp.
*
Price
6%
50
Sun Oil Co
Mar
Dec
14%
138%
24%
55%
86
Par
1,107
Phil & Rd Coal & Iron...*
Salt Dome Oil Corp.
Scott Paper
25
Stocks-
10%
3%
4
210
15% May
Sales
Friday
9%
9%
20%
*
Angeles Stock Exchange
149%
2%
581
41%
67%
Horn & Hard (Phila) com.*
Horn & Hard (N Y) com.*
Teletype L.A. 290
11, both inclusive, compiled from official sales lists
617
121% 123%
14
13%
10%
10%
122% 123%
19%
20%
42%
Dec.
Jan
330
Electric Storage Battery 100
General Motors
10
to
36
33%
10%
Dec. 5
Sept
30%
*
High
24%
465
Budd Wheel Co...
Low
424
10%
Chrysler Corp
5
Curtis Pub Co common..*
Los
Shares
*
13%
Mitten Bank Sec
High
27%
186%
9%
Bell Tel Co of Pa pref- -100
Budd (EG) Mfg Co
*
Angeles
Range Since Jan. 1, 1936
for
Week
of Prices
Low
10
Baldwin Locomotive
Los
Chicago Board of Trade
San Francisco Stock Exch.
Sales
Sale
Stocks-
Angeles Stock Exch.
523 W. 6th St.
11, both inclusive, compiled from official sales lists
Exchange
31c
35c
11
10%
106% 107
4%
4%
7%
7%
900
40
2,900
200
14%
Oct
Aug
13%
Feb
22%
July
30%
Feb
Jan
28%
Oct
46c
Jan
1.50
Apr
14% May
21%
Oct
Oct
16c
Feb
Nov
95c
Feb
67 %C
Sept
8
105
Apr
Jan
80c
80c
1.00
July
1.00
Apr
4%
4%
4%
7,700
1,500
55c
Mensaco Mfg Co
Merchants Petroleum..__1
2%
Jan
6%
Mar
36c
36c
36c
200
17c
Jan
39c June
Mills Alloys Inc A
Mt Diablo Oil M & Dev__l
1
1%
1
100
1%
Dec
4
Feb
70c
70c
75c
6,400
32c
Jan
82 %c
Mar
...
Volume
Financial
143
Sales
Friday
1936
Range Since Jan. 1,
Last
Week's Range
for
Sale
Stocks
of Prices
Week
Low
Price
High
High
Low
Sahres
(Concluded!)
Par
Occidental Petroleum
1
44c
43c
12,000
25c
Jan
5734c
.1
1
65c
60c 6734c
3,500
50c
Jan
85c
Feb
1
16c
10c
20c
54,640
8c
Jan
31c
Feb
*
13%
32
1334
1334
34%
Jan
1434
1,700
3934
Nov
Nov
35%
35%
Feb
4034
31
31
100
1834
3134
1834
Jan
200
Mar
4834
8%
4834
100
48
Dec
3534
5834
Jan
30c
33c
Oceanic Oil Co
Ollnda Land Co
Pacific Clay Products
Pacific Finance Corp
10
35%
31
48%
8%
1
33c
...
25
Pacific Indemnity Co
Pacific Lighting Corp
__
Rice Ranch Oil Co
2%
82% c
3%
110%
Ryan Aero
Samson Corp B com
*
6% pref ann
8JL&P7% prpref—100
SecurityCo units of ben int*
Security-First Nat Bk_.L20
Signal Oil & Gas Acorn. __*
Sontag Chain Stores Ltd
55c
32
10
*
Republic Petroleum Co.
1
Pacific Cas & Elec Co
45
53
33%
8
300
July
25,300
10
234
1334
July
Nov
July
July
500
10c
Jan
40c
Apr
600
234
Dec
334
50c
Feb
75c
Nov
25
44
600
400
122
5034 June
Jan
1134
Dec
Mar
Apr
60
Jan
3734
1534
3234
29
July
600
2834
2734
4134
3634
4034
2834
2734
4334
900
2534
2734
500
26
Jan
300
24
Jan
3634
300
32
Aug
2834 July
4634
Oct
3634 Dec
4034
700
3534
Aug
47
Feb
43%
41
44
47
Nov
58
5%% preferred
700
58
58
63
Nov
Southern Pacific Co
100
43%
Square D Co A pref
*
36%
Standard Oil of Calif
*
40%
Superior Oil
.
Preferred
Taylor Milling Corp
24%
11%,
*
Transmerica Corp
*
10
24%
12%
Wellington Oil Co
1
1034
Western Air Express Corp
1
25
Union Oil of Calif
Universal Cons Oil Co
_
.
.
2234
1734
24%
12%
9J4
Jan
1,200
28
Oct
40
55
Nov
1434 May
900
24J4
1 734
25%
1534
6,100
1,200
3,900
1034
5,500
100
9
2434
11
18
2034
734
434
634
Apr
Aug
Dec
Nov
2834
Mar
Jan
28
July
Jan
1034
1034
Jan
Mining—
Dec
Feb
*
Black Mammoth
10c
28c
25c
32c
39,250
Calumet Gold
10c
2c
.1
87% c
Imperial Development.25c
134c
134 c
8734 c
134c
2c
90c
134c
4,000
1,800
1,000
1,653
3,000
Cardinal Gold..
1
Zenda Gold
.
48c
48c
48c
1
Tom Reed Gold
l%c
7%c
7%c
22c
Jan
f 63c Feb
134c Nov R 734 c fJan
1,45 Aug
8734 c Dec
lc
Jan
4c7tJune
31c
July
48c
Sept
4c
Oct
15c
| Jan
Unlisted—
18834
American Tel & Tel Co. 100
50%
634
Anaconda Copper
Min._ 50
(Del)
5
Aviation Corp
t,
Baldwin Locomotive
-.
Bendix Aviation Corp
.5
w
27J4
3%
Cities Service Co
Commonwealth & South..
3
1
7
12
1
1234
30%
1134
1234
£,
1734
Curtlss-Wright Corp
Intl Tel & Tel Corp
Nor Amer Aviation Inc
18634 18834
5034
5034
634
634
934
934
2734
2734
334
334
334 .334
7
734
130
150
May
190
fNov
100
34
May
51
Nov
200
400
4%
334
2634
July
400
33l
Jan
200
234
5%
Apr
200
1,600
Jan
Apr
Apr
12
200
Dec
12
12
1134
1234
1,200
3034
3034
100
1134
1134
H34
1234
834
1734
600
7
900
934 May
5% July
9% Apr
Apr
734
24% May
734
1134
*234
734
434
734
1534
Mar
Dec
Oct
Feb
Oct
Dec
July
13«m
Dec
3534
1334
1434
1034
1834
July
Oct
Sales
Friday
Dec
July
15
30
from official sales lists
11, both inclusive, compiled
NOV
13
Range Since Jan. 1, 1936
Last
for
of Prices
Week
Pric
Par
Stocks—
Week's Range
Sale
e
Hi gh Share
Low
Alaska Juneau Gold Min 10
14%
1434
1434
Anglo-Calif Natl Bk S F.20
2534
2434
2534
1,704
634
2234
634
645
634
10
Assoc Insur Fund Inc
2234
Atlas Imp Diesel Eng Co.5
Bank of California N A..80
Byron Jackson Co
-
Calamba Sugar com
-
7% preferred
Calaveras Cement com—*
29
840
5%
15%
32 34
22
20
20
634
2734
3234
3234
364
23%
22
100
21%
734
7% preferred
100
Californla-Engels Mining. 1
Calif Cotton Mills com. 100
33
Chrysler Corp
_
90
1,055
Oct
32%
Nov
22%
8%
Nov
Oct
Jan
4%
Feb
Sept
%
Jan
Oct
Dec
104
1%
Feb
Feb
45
30% June
44%
Nov
55
Jan
90%
Nov
139%
Nov
123
245
87%
Jan
1034
11
350
10%
Oct
16
Feb
45
4534
440
41
Oct
46
Dec
20
123
*
36
102 34 10334
36
3334
1,036
Creameries of Amer Inc..*
5
634
1,300
Cst Cos G&E 6% 1st
Cons Chem Indust A
Aug
Nov
33%
1034
*
10
Clorox Chemical Co
4334
8934
Nov
7%
Jan
25
4234
33
26
203
Jan
80
2,710
1,037
1,481
34
34
Nov
45
123
5
Claude Neon Elec Prods.
100
50
104
28
4334
89%
*
734
734
34
California Packing Corp..*
Caterpillar Tractor
22
104
104
634
Oct
Deo
7
Sept
Sept
Sept
17
186
634
25%
Apr
3%
31
400
17%
Jan
17
2734
5
*
Bishop Oil Co
July
13%
739
23
196
195
196
High
Low
s
280
Crown Willamette
Long Beach
Francisco Stock Exchange
San
Dec. 5 to Dec.
Los Angeles
Pasadena
Beverly Hills
Fresno
Stockton
Honolulu
NewYork
Portland
Tacoma
Seattle
Sacramento
Oakland
July
6434
July
San Francisco
Feb
334
Jan
25
179
2934
28A
21%
25
26
6% preferred
Exchange, Chicago Board of Trade
NewYork Curb Exchange (Asso.), San Francisco Curb Exchange, Honolulu Stock Exchange
Members: NewYork Stock Exchange, San Francisco Stock
July
10934
Private Leased Wires
BONDS
MUNICIPAL AND CORPORATION
Co.
&
Dean Witter
Nov
7
2%
3
8234 c 8234 c
334
334
11034 11034
45
4534
52%
53
3234
3334
13
13
29%
25
So Calif Edison Co
3819
Chronicle
102 34
pf 100
J4
108
pref—*
534
108
10834
55
100% June
July
29
5%
Oct
Apr
100
106%
Feb
Dec
36
6%
112
Oct
Aug
5,415
7%
Jan
18%
Nov
11134
48
91%
Apr
111%
Nov
110
63
91
Apr
111%
Dec
18
Crown Zellerbach v t c...*
1734
Preferred A
__*
11134
110
Preferred B
_*
109
109
com...10
100
12
12
1334
53
53
*
23
2434
1634
-
4
D1 Giorgio Fruit
3 preferred
Eldorado Oil Works
Emporium Capwll Corp..*
530
3%
Jan
23%
Aug
54
75
32%
Jan
75
Aug
2234
23
410
22
Jan
30%
Feb
2434
2534
976
14
Mar
27%
Nov
22
Nov
63%
Aug
Feb
Packard Motor Car Co
Radio Corp of America
Radio-Kelth-Orpheum
834
1634
„
Warner Bros Pictures Inc.
51
400
900
Jan
Jan
Nov
Nov
1934
1934
1934
58
58
58
185
14%
57% June
Firemen's Fund Indem__10
36 34
3634
3634
5
30% June
Insur—25
9334
9134
345
86
Food Mach Corp com—10
4434
44
9334
4434
293
32% June
47%
Mar
Foster & Kleiser com.. .2 34
North American Co
150
334
3%
100
3%
July
4%
Sept
30
17%
Oct
30
70
37%
54%
Oct
Apr
48%
76%
14%
36%
20%
Dec
11%
Jan
14%
Jan
23%
Aug
19%
May
Emsco Derrick & Equip.
.5
Ewa Plantation Co
20
Fireman's Fund
A
preferred
Galland Merc
ST. LOUIS MARKETS
25
Laundry—*
10
General Motors com
334
Oct
17 34
1734
1734
39
38
39
6834
6834
6834
539
1334
1,532
10
July
Nov
General Paint Corp com.. *
i. m. simon &co.
on
all
Louis Stook
335
36
1934
425
14%
8
834
1,696
316 North Fourth St., St.
*
*
both inclusive, compiled from official sales lists
Range Since Jan. 1, 1936
Last
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Week
33
20
A S Aloe Co common
2834
American Inv common..
"47"
*
1
Coca-Cola Bottling com__l
"34"
5
"534
Burkart
com
7
3434
974
234
234
350
634
634
634
460
G&E Corp pf. 100
Lyons-Magnus Inc A
*
4634
33
2834
Magnavox Co
Ltd
Magnin (I) & Co com
Shares
20
147
6
70
47
46
Low
21
1334
Feb
July
33
Dec
Jan
31
Nov
234 May
Sept
45
6
Dec
6434
2 34
*
com.5
Market St Ry prior pref 100
Natl Automotive Fibres .*
Natomas Company
*
No Amer Inv 6% pref.. 100
5 34% pref
100
Marchant Cal Mach
High
Cons—10
32
40
31
Nov
3234
Jan
North Amer Oil
3134
34
944
21
Aug
34
Dec
Occidental Insur Co
98
534
6
Jan
1
57
534
465
3
Jan
734
560
6
Dec
98
Dec
634
934
26 34
74
Mar
Mar
10
Oliver United Miters A.. . *
B.
*
Pacific Amer Fisheries—5
Pacific Can Co
*
Pacific G&E com
25
-
26
26
135
2534
74
74
135
64
Mar
101
101
9
97
July
101
Dec
6% 1st pref
26
310
17
July
26
Dec
5 34%
26
26
Common
734
2534
Hamllt'n-Brown Shoe com*
3%
30
9
483
34
470
4%
16
334
4
333
2
18
675
654
Mar
Jan
Aug
June
Dec
512
4
Jan
17
Dec
75
4
Jan
16
Oct
134
134
775
1734
1734
25
4834
"1734
4834
31
12
350
22
*
22
3
34
1534
4734
834
8
119
119
10034 10034
1334
14
75c
75c
10
Pig'n Whistle pref
Feb
5%
6%
Nov
Rainier
Dec
July
Republic Petroleum
15
May
Roos Bros com
Dec
13
Mar
10
534
1,126
7734
7734
10
1334
1034
1334
600
40c
60c
628
Scruggs-V-B D G com..25
14
14
1434
Scullin Steel pref
2134
*
'~52~~
12534
Wagner Electric com
"46"
2434
4,489
112
10
125
5134
12434 12534
200
1534
35
39
41
2734
25
40
52
1534
15
Amer Inv 7%
20
2734
2034
11934
228
413
1234
98
9734
98
9334
1334
9334
1334
9334
1434
29
29
2934
23
2034
23
*
IB--
3834
123
934
2834
2434
Dec
July
52
Dec
Nov
Mar
12734
16
Apr
44
June
Mar
Dec
10
27
28
34
Nov
Oct
Jan
July
31
Feb
40%
July
29%
26%
Jan
32%
Jan
29%
July
Dec
58%
July
2434
10634 107
734
2434
108
88
$11,000
4s c-d's
3820
88
15,000
99
105
137,000
34
10,000
32
9834
1941
tUnlted Railways 4s..l934
For footnotes sec page
108
34
St Louis Car 6s extd
tScullin Steel 6s
108
3334
8334
8,000
10734
10834
69
Mar
July
22
Jan
105
Dec
28 J4
Jan
36
Nov
Jan
36
Nov
27
88
Oct
Dec
Jan
108
4%
Jan
8%
July
2434
18%
Jan
25%
Sept
7334
15034 15034
73
7334
152
108
Jan
25
119
15
139%
374
68
152
Jan
152
Apr
75
101%
July
38%
Jan
97%
108
48%
4634
4634
100
434
434
434
390
2
Jan
7
534
2034
534
2034
534
150
4%
Jan
7%
24%
4934
4934
4934
230
16%
80%
34%
July
85
2134
87 34
305
86
47 34
317
29
934
13,557
47 34
4734
210
Dec
Apr
Feb
Nov
Apr
Nov
Feb
Oct
Oct
Jan
93
Jan
49%
47%
Dec
13%
July
May
Oct
Dec
1
100
29
29
29
105
5%
23%
Apr
110
110
110
10
104%
Jan
109
110
20
108%
Sept
1
134
1534
200
%
Jan
1%
Feb
2% May
2634
12534
Apr
15%
27%
Nov
407
834
1134
834
1134
280
15%
34
Nov
121
July
2634
12534
Jan
125%
3334
9334
32 34
33
710
23%
Apr
38%
9334
430
42
Jan
95
4334
4234
9334
4334
234
610
23%
Jan
47%
So Pac Goden Gate
A
Standard Oil of Calif
*
*
26
125
234
234
40 34
4934
Super Mold Corp of CaliflO
Thomas-Allec Corp A
*
12 34
6%pfl00
*
25
105 34
334
1234
334
105
Transamerica Corp
17 34
2434
2434
1734
2434
2434
13
13
Co com
25
Universal Consol Oil
10
Wells Fargo Bk & U T.100
Western Pipe & Steel—10
Yellow Checker Cab A..50
311
310
215
115
385
2
May
41
2,790
35
Aug
13
635
334
200
105 34
40
1734
2434
34,508
2434
640
15 34
311
3,930
1,137
45
37 34
3734
3734
763
63
63
64
135
57
57
57
20
Nov
110%
*
100
Preferred
Series 2d
Sept
1,820
1,256
15034
107
104%
Oct
734
*
100
107
87
45
Signal Oil & Gas A..
*
Soundview Pulp Co
5
Southern Pacific Co—100
Tide Wtr Assd Oil
Jan
23
150
1
Preferred
Union Sugar
6s 1947
Feb
32%
Dec
Shell Union Oil com
113
33%
Aug
16
Dec
Feb
Mar
Jan
19
12%
640
Dec
Dec
19%
28
17
1334
112
Dec
146
1,345
1,668
16
80
Dec
Nov
16
Dec
1634
99%
Dec
534
334 May
134 Mar
Jan
14%
1
1.00 Nov
Nov
21%
prpref..-100
Feb
Jan
100%
Aug
S JL&P7%
Nov
Mar
Jan
JuLy
Schlesinger & S (B F) com *
Preferred
100
July
68%
65%
5%
Nov
334
MOV
13
13%
Nov
15c
43%
47%
240
12 34
25
Jan
32% Aug
10% June
8,298
3034
Oct
Aug
734
Jan
2
Oct
Nov
27%
2134
152
*
-
4%
27%
20
5
Jan
Feb
634
734 June
Bonds—
Nat Bearing Metals
10
2134
Union Oil of Calif
pref
11% June
116%
Aug
July
105
150
Jan
Jan
2
16
19%
450
1,607
Nov
734
110
1334
622
240
2,573
Aug
July
2134
-
102
1234
39
12
*
*
100
Pulp & Paper com*
Oct
26
41
36
12
100
Ry Equip & Rlty com
Jan
55c
39
36
46 34
Feb
25
39
*
*
934
1134
112
116
2634
100
Preferred
Dec
3
25
2334
734
6% preferred
15
234
2334
10634
Paraffine Co's com..
3034
234
2334
2334
*
9834
50c
Common
Apr
*
20
434
Stix, Baer & Fuller com.10
Nov
5%
Ser(non-vot)com *
590
26
Southw Bell Tel pref... 100
105%
100
Feb
934
*
155
1,048
(Non-voting) pref
Dec
1934
100
6,681
8
4834
Mar
June
Securities Inv pref
6% May
1134
10634
45
Pacific Tel & Tel com..
1434
185
*
Nov
June
46 34
preferred—
22 34
Jan
10
Nov
76
25
920
5334
July
100
40%
4,170
1,443
1,124
Oct
634
1834
6%
Pac Pub
Jan
2234
St L Bk Bldg & Equip com*
4%
7%
17%
5%
3834
3134
Pacific Lighting com
Apr
900
1134
8
34%
Nov
2834
Phillips Petroleum
330
Rice-Stix Dry Goods com.*
1034
106
Dec
Jan
39
34
1034
180
Oct
1% July
5% July
6% Mar
2% May
140
3634
106 34
8
210
3734
Aug
15
Nich Beazley Airpl com__6
National Oats com
*
334
3134
2834
Nov
27
*
17
39
3534
134
1434
100
334
3134
1934
26
..100
17
39
36
Apr
15
Mo Portl Cement com..25
334
39
2834
25
25
pref
Jan
27
com
Nov
18
20
St Louis Pub Serv
434
Jan
Laclede-Chr Clay Pr com.*
St Louis Car pref
Common
Nov
16
11
Common
Nov
12 34
common
Nat Candy 1st pref
2d preferred
Dec
1034
34
12
International Shoe com..*
Laclede Steel com
110
Dec
1434
100
Knapp Monarch com
74
Nov
12 34
Hyde Pk Brew Assn com 10
Key Co
110
Dec
1634
Huttig S & D com
*
Hydr Pressed Brick pf.100
Common
25
1734
com.*
Hussmann-Ligonier
2534
110
Emerson Electric pref..100
Falstaff Brew com
1
Grlesedieck-West Br com.*
21%
3334
234
Los Ang
*
.100
Elder Mfg "A"
Feb
34
Ely & Walker D G 2d pf 100
Dr Pepper common
54
10
98
Chic & So Airlines pref-.10
Oct
..10
32
Mfg pref
Common (new)
Columbia Brew
2834
4
Boyd-Welsh Shoe com—*
Brown Shoe common
*
Oct
40
28
Sales
Friday
Price
39%
23
St. Louis Stock Exchange
Par
Jan
3934
17
Oct
26
4034
Ltd—*
Oct
Nov
100
3934
Preferred
Jan
Nov
2134
4034
Hunt Bros A com
Sept
22
3934
Honolulu Oil Corp
Louis, Mo.
Feb
2134
4034
Langendorf Utd Bak B . - *
Leslie-Calif Salt Co
*
LeTourneau (R G) Inc—1
Lockheed Aircraft
1
A
520
8
Dec
2134
5
Pineapple
Island Pine Co Ltd com.20
k.
2154
2134
Home F & M Insur Co..10
(Associate)
of
Trade
Telephone Central 3350
Dec. 5 to Dec. 11.
834
1,098
Hawaiian
York Curb
Chicago
Board
New
Exchange
36 34
19
Hancock Oil Co
MEMBERS
St.
1334
3634
19
Hale Bros Stores Inc
Mid-Western and Southern Securities
New York Stock Exchange
3634
—
Gladding McBean & Co..*
Golden State Co Ltd
*
Business Established 1874
Enquiries Invited
1334
*
Preferred
Jan
36%
112
5
Nov
Nov
Oct
Nov
Oct
Sept
Feb
2% June
47%
14%
4%
Jan
106%
Mar
11%
101
Oct
Oct
Feb
Nov
11
Apr
18
20%
Aug
28%
Jan
28%
Jan
28
July
Apr
327
Apr
10
7%
290
Feb
Oct
26%
23%
Jan
38%
Sept
Jan
64%
Nov
53
Oct
59
Nov
Financial
3820
Dec.
Chronicle
Sales
Friday
Week's Range
Last
Sale
Stocks (Concluded)
STRASSBURGER & CO.
133
MONTGOMERY STREET
Exchange—San Francisco Stock
Exchange—San
Francisco Curb Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Direct Private Wire
Francisco Curb
San
Sale
Stocks—
Par
Week
of Prices
High
Low
Price
30
28
Aug
640
4
Jan
86
85
87
155
30
9
19
19%
33%
32%
34
National Steel Car
57
46%
59%
4,200
4%
350
500
100
Mercury Mills pref
North
Star pref
American Tel & Tel
100
American Toll Bridge
Anaconda
July
100
Deo
Anglo Natl Corp
Argonaut Mining
5
12%
*
Toronto Elevators
*
Toronto Elevators pref. 100
5c
Feb
24c
Feb
United Fuel pref
Waterloo Mfg
1.10
639
Jan
Nov
25
585
15%
10%
Mar
6%
150
5%
Feb
15%
16%
27
6%
6%
6%
600
11%
15
194
49%
12%
Bolsa Chlca A
190
51
49%
3
Apr
Jan
6
Aviation Corp J
Bancamerica-Blair
10
Dec
6%
Jan
13% j 49,974
1
85
8%
7%
Nov
49%
4%
Jan
5% May
Calif Art Tile A
20%
70
12
3.10
3.10
25
2.00
17
18
20
B
California Associates
Claude Neon Lights
14%
Curtiss-Wrlght Corp
Cypress Abbey
52%
Oct
15%
7%
16%
49%
7%
13%
8%
Dec. 5
to
Week's Range
for
Sale
of Prices
Low
High
Dec
Par
Stocks—
Price
Sales
Nov
4.50
Jan
42,000
2c
16c
15c
17c
39,800
ll%o
Jan
7c
6%c
8c 194,000
3o
Nov
9%o May
5.25
2.25
Mar
1%
1
1
Central Manitoba
Churchill Mining
,
5
4.25
5.50
Cobalt Contact
1
2c
2c
2%c
Dalhousie Oil
*
90c
85c
1.05
35c
500
33c
Oct
75c
Aug
East Crest Oil
*
8c
8c
10 %c
92c
1,200
89c
Dec
1.45
Aug
Foothills Oil
*
50c
60c
6
300
6
Dec
8%
Apr
Home Oil
*
1.80
1.65
1.95
3%
3%
3,393
2,277
3
Jan
7%
Feb
Hudson Bay
Kirk land Townsite.
*
32%
31%
32%
20c
220
no
Oct
175
Jan
7c
6%c
30
17
Aug
17
Aug
Malrobic Mines
4c
4c
15%
Mar
Mandy Mines
Night Hawk
NordenCorp
7
18
Dec
Feb
1%
111
Jan
Nov
7%
1,460
2
90c
90c
1,100
95c
95c
81
23%
31%
23%
31%
300
20
74
75
155
'59
20
21%
21%
50
21
20
46
46
25
40%
Mar
46
2.50
2.50
55
1.50
Aug
2.75
98c
2,250
50c
Feb
1.55
Apr
49
4.50
Jan
16%
July
Holly Development
95c
1
20
95c
Idaho-Maryland
-
*
8.00
Nov
Jan
3%
Mar
38c June
1.10
Deo
6%o May
30c Sept
1,070
12,000
32,115
7,000
1,350
13%c
Feb
Deo
Deo
46.345
84,040
Apr
1.95
22%
Jan
33%
2,400
14%o
Jan
31o May
9%c 259,000
4%c 84,600
3o
Jan
210 June
l%o
Feb
30c
♦
31c
6,900
12o
3%c
30,000
1%0
7c
Jan
3c
2%c
Jan
47o
Jan
1
Feb
70% c
72 %c
19c
1
_
Lake Marpn
July
July
Nov
6%o May
9%
Mar
5
14c
14c
15c
16,300
10c
Aug
26c
1.00
Sept
Ocr
Oil Selections
*
5c
5c
5%c
4o
July
7c
17
Jan
Apr
Oslsko Lake
1
7c
Jan
24c
Oct
22%
Apr
26%
22%
17,800
17,100
Apr
Parkhill
18c May
2c Nov
480
Sept
June
Apr
75
Nov
22%
Apr
Dec
Nov
6%
1.25
1.35
4,025
85c
Nov
2.95
„
3.15
12
150
11%
Sept
19
18c
16c
18c
27c
24c
30c 144,400
3c
2%c
3%c
2.10
2.60
Pawnee-KIrkland
51,150
60,500
Apr
Jan
10%o May
...1
2.46
70o
July
2.60
Nov
1
7%c
6c
9c 188,200
4c
Jan
15o
Mar
5%c
Pend-Oreille
4%c
6c 274,130
lo
Jan
13 %c
Mar
8%c
9%c 336,266
4o
Apr
9%o
Sept
2%c
Oct
7%o
Mar
27c
Sept
Porcupine-Crown
Ritchie Gold
Robb-Montbray
Sudbury Mines
Feb
12
1.30
Internatl Tel & Tel
Italo Petroleum
-
57c
1.15
Apr
560
9%c
.1
..
.1
3c
1
...
17%c
3c
21,725
20c
20,000
2%cj
17%c
2o Jan
Feb
6%
zlnternatl Cinema
-
14 %c
Jan
5c
80c
25
14
14
4%
-
....
..10
1
High
Jan
10%c
10%c
Coast Copper
June
Low
9c
1
Aug
72
Range Since Jan. 1, 1936
Shares
July
Mar
35
95c
Feb
Week
75c
108
Nov
Mar
22%
11% May
3.00
Last
6%
260
Sept
Friday
Oct
14%
Dec
Dec
Apr
July
Oct
52%
NOV
May
60c
Apr
inclusive, compiled from official sales lists
Dec. 11, both
Oct
75c
20
Exchange—Mining Curb Section
Toronto Stock
Nov
Mar
30C
16%
14%
4,870
250
5
135
40
119
Dec
10
75c
July
May
2
2
Oct
34
110
Dec
1.10
Temiskaming
Jan
7%
Nov
•
63c
57c
69c
14,626
22c
Jan
75o
4.70
4.25
4.80
14,932
1.50
Jan
4.80
Dec
54c
50c
55c
4,850
37c
July
95c
Feb
July
No par value.
Feb
l
Kinner Air & Motor ...1
Preferred
Kennecott
58
58
30
38%
July
38%
10
29c
21c
29c
Jan
58c
1
28c
26c
28c
1,400
8,967
15c
M J & M & M Oil
13c
Jan
35c
Feb
Menasco Mfg Co
1
4.25
4.25
4.25
425
2.65 June
6.50
Mar
Kleiber Motors
Montgomery Ward
Mountain City Copper
65%
Oahu Sugar
20
65%
45
36%
Jan
61%
Nov
11%
4.10
Jan
12%
Nov
12%
12%
12%
3,935
12%
38%
Occidental Petroleum..
O'Connor-Moffatt.
Olaa Sugar
480
7%
Jan
13
38%
40
80
44
41c
22
20
Dec
Nov
27%
Jan
6,565
21c
Jan
54c
170
6%
Jan
535
8
50c
June
July
—Several
3.45
2.50
Aug
3.90
Oct
13
145
10
Aug
14%
Oct
to Nov.
4.85
117
3.10
Apr
5.00 May
51
51
51
18%
Pacific Western
Packard Motors
z
18%
11%
18%
11%
7%
Pantchec Oil Co
~~7 %
Radio Corp America
(Del).
Riverside Cement A
Santa Cruz Port Cem___50
7%
12
"48"
12
11%
52%
Sept
6%
Jan
18%
13%
Sept
7%
Dec
8%
Dec
Apr
14%
Jan
15
41
Feb
230
14
May
25
1,005
892
10
Jan
15%
70
9
48
53
32
30
4.00
3.85
3.95
17
Nov
49
5.50
Apr
Dr. Lionel D. Edie, President of
methods of reducing estate and individual income
entitled, "Adjustments to Minimize Taxes",
by The Continental Bank & Trust Co. of New York.
It Is revised
15, 1936 and while designed particularly for attorneys, accountants
—Sadler & Co.
their firm
as a
announce
material is of general interest to investors.
that Karl J.
general partner.
Heinzelman has been admitted to
The firm has memberships on the Chicago
Stock Exchange and New York Curb Exchange
105 South LaSalle St., Chicago.
(Associate), with offices at
The other partners in the firm are Fred D.
Sadler, August C. Sievers and John W. Billings.
July
July
practical
and insurance underwriters, the
Nov
Jan
15%
48
Schumacher Wall Board-
announced by William C. Rommel of J. S.
was
taxes are described in a booklet
3.30
3,158
it
celebrate its 15th anniversary at a
Robert Treat Hotel in Newark.on
the subject "The Trend of Interest Rates".
4.85
Pacific Portland Cem__100
Preferred
loo
m.,
the
Rippel & Co., secretary of the club.
issued
T.30
be held at
Edie-Davidson, Inc., will be guest of honor and will address the club on
13
Pacific Coast Aggregates..
Pacific Clay Prod
to
16, at 12.15 p.
Nov
14%
23%
22%
Dec.
July
23
41c
20%
13%
—The Bond Club of New Jersey will
luncheon meeting
•
N O T I CES
c u R R E N T
Feb
"ii%
North Amer Aviation
z
46
32
108
z
z
110%
51%
148
385
37%
111
800
16%
Crown Will 2d pref
z
Feb
36%
37
110%
400
135
Commercial Solvents..
Consolidated Oil
z
Nov
37
90c
76c
Coen Co's A
Honoka* Sugar Co
Aug
45
Aug
38c
*3 %
Preferred
41
Jan
18
6
Cities Service
Hawaiian Sugar
Hobbs Battery A
Jan
32
5%
90c
Goodrich (B F)
Gr West Elec-Chem
30
220
35c
Cardinal Gold..
Chlca Southern Air.... 10
Dumbarton Bridge..
z General Metals
5
10
30
30c
30c
z
34%
40
5%
Calif-Pac Trading pref..
Central Eureka Mining.__
Preferred
z
1
..100
*
Brett-Trethewey
z
"40~"
*
530
Ark Natl Gas A._
Atlas Corp
Preferred
34%
40
21%
*
Common
5c
July
Dec
27
80
Feb
39c
Jan
Aug
Feb
39%
Nov
Nov
1.15
2,130
Nov
9%
29%
4%
June
20c
150
125
July
11
75c
100
4%
Jan
June
4
18%
66
Oct
190
465
Deo
10
Oct
33,716
275
Feb
4
120
5c
51
14%
26
15c
189
Dec
Aug
80
600
86c
Oct
80
2,350
51
Deo
4.50
24
6c
22% 23%
12%
14
95c
51
Oct
59%
80
Supersllkprf
High
4%
Nov
Jan
5
25
8
26
Nov
May
3%
111%
118
20
13
1.25
7%
4
Jan
36%
20
25%
118
118
Jan
24
30c
187
188%
1
4
Nov
100
5c
Alaska United Gold
6%
2%
"25%
*
♦
Shawinigan
Standard Paving
25c
6c
5
25
5%
2%
*
♦
4
Oct
Feb
16%
90%
30% June
720
4%
5
Super Petroleum ord
Low
Shares
60
19
Montreal Lt Ht <fc Pow oons
5o
MejAcan
AlaskaTreaawell
35
33
14
Thayers pref
Alaska
15%
32%
13%
Preferred
Range Since Jan. 1. 1936
for
Mar
14
Robt Simpson pref
100
Rogers Majestic Corp Ltd
Exchange
Sales
Week's Range
Last
7
*
Ontario Silknit
both inclusive, compiled from official sales lists
Friday
110
*
Prairie Cities Oil
Dec. 11,
12
Int Metal Indust pref-.100
CSince 1880)
to
10
Int Metal Indust
Members: New York Stock
Dec. 5
High
Low
Shares
Humberetone
FRANCISCO
SAN
Range Since Jan. 1,1936
for
Week
12
...»
Honey Dew pref
of Prices
High
Low
Price
Par
12, 1936
—Shearson, Hammill & Co.
that Raymond E. Stephens has
announce
18%
210
Mar
19
Jan
become
5
11%
11%
20
9%
Aug
14%
Jan
former President of the Bond Traders Club of Chicago, comes to
South Calif-Edison
25
30
470
Feb
25
Mar
32%
28%
28%
July
5%% preferred
29%
27%
66
Sept
Reilly & Co. to James A. Reilly & Co., following the withdrawal of Clarenc
17%
Nov
F. Anderson from the partnership.
Preferred
Silver King Coal
18
sf.Io
35c
4,815
30
2.10
7%
16%
Rights
_
cCash sale.
included
in
75c
8,350
25c
Jan
48%
Jan
7%
16%
36c
50
38c
Deo
8%
July
55c
Feb
436
8%
Nov
16%
Nov
30c
45c
Nov
9% May
18
a
Shearson,
20
J an
change in the firm name of Anderson,
The partners of the firm are James A.
been compiled
Stock
by Gilbert Eliott &
J. Stewart
department.
—A review of the leading companies in the Office
has
Equipment Industry
Co., members of the New York
Exchange with offices at 11 Broadway, New York.
—B. W. Pizzini &
Co., 52 Broadway, New York, have issued the current
edition of their "Guaranteed Stock Quotations", which also contains com¬
parative figures on guarantor railroad earnings.
—Farwell, Chapman & Co. of Chicago
now
reorganization.
a
—John E. Sloane & Co. of 41 Broad St., New York City, members of the
f
or
who Is
Stephens,
New York Security Dealers' Association, announce that Richard
Nov
Jan
stock dividend paid Aug. 15, 1936
for year,
x Ex-dlvidend.
v Ex rights
Listed,
t In default.
t Company in bankruptcy, receivership
Mr.
office.
has become associated with their railroad bond
Nov
15
84
Chicago
Reilly and Edward P. Alker.
Oct
79
3.10 June
8,556
17%
their
—Announcement is made of
2.10 June
75
10% May
1,145
1,237
20
range
Feb
37c
75
7%
«60%
Nov
25
Apr
17
5
Dec
Deo
5%
34c
16
2.40
46%
250
with
Hammill & Co. from the trading department of Field, Glore & Co.
Aug
Nov
6%
20
36c
Warner Bros Pictures...
West Coast Life Insur
15
July
associated
Aug
June
1.50
37
10,500
75
Jan
15%
100
2.30
1.50
75
5
sale—Not
15%
Feb
37
35
46%
2.00
6%
Equipment
Cash
27%
75
Preferred
r
314
46
—IIIII
•No par value.
28%
45
15%
2.05
Texas Consol Oil
Title Guaranty Co pref
United Corp
Victor
603
28%
Stearmen-Hammond AirSuperior Port Cem A-_.II
z
27%
24%
25%
45
27%
6% preferred
25
Sou Pac Gd Gate
6% pf 100
Standard Brands
U S Petroleum
US Steel
17
associated with the firm.
announce
that Peter Connor Is
Mr. Connor had previously been
associated
with Hornblower & Weeks
Toronto Stock Exchange—Curb Section
Dec. 5
to
Dec. 11, both inclusive, compiled from official
Last
Sale
Par
Price
BiltmoreHats
Bruck
55
110
7%
Canada Bud
26
30
Feb
55
5
109
Nov
110
225
7
Dec
9%
505
36
36%
195
19%
20
100
24""
24
25%
12
12
88%
88%
89%
17%
18
56%
53
56%
80
80
14%
16%
8%
Canada Vinegars
Canadian Wire Box A
Consolidated Press.
7%
.,
Corrugated Box pref
DeHaviland
Bridge
Dom Foundry & Steel
Dom Tar & Chemical
Preferred
100
*
*
*
!ioo
*
Hamilton Bridge
Hamilton Bridge pref.. 100
"14%
109
11%
8%
109
110
10%
11%
61
61
—J.
their
Oct
Mar
Mar
10%
37%
Jan
Dec
27%
21
Jan
26% June
5
5
Aug
77
Apr
30
1,015
19%
Securities."
Oct
80
Nov
Mar
Jan
Jan
4
30
May
.
years
in
the paper business, is now associated with
E. S.
Reinthaler Co.
—Scherck, Richter Co., Landreth Bldg., St. Louis, have prepared a list
Nov
4
56
Henry Sondheimer, formerly with Newburger, Loeb & Co. and for
the past few
Dec
21
58
37
30
91
—E
Nov
Jan
40
820
13
Apr
2
34%
360
25
Co. in the Investment Trust Department of
booklet
Waterworks
Nov
6%
55
105
Barr, Cohen &
Jersey City office.
June
30% May
Co., Inc., in their New
—Swart, Brent & Co., 40 Exchange Place, New York, have prepared a
entitled "The Same Income
1929 and 1936—a Discussion of
Dec
16%
associated with Ernstrom &
George Hines, formerly of Maryland Sponsors, Inc. is now asso¬
ciated with
High
Low
now
York sales organization.
Range Since Jan. 1 1936
for
Week
Shares
36
Malting
Dominion
of Prices
High
110
100
Silk
Canada
Week's Range
Low
55
Biltmore Hats pref
City, Utah, is
I Sales
Friday
Stocks—
—Phillip Speckart, formerly of Fidelity Bond & Loan Co., Salt Lake
sales lists
Jan
16%
110
12%
65
Dec
Dec
Nov
Oct
of Arkansas School District Markets as of Dec. 1.
—J. Arthur Warner & Co. of New York have established a direct private
telephone connection with Philadelphia.
—Burr & Co., Inc.,
on
57 William St., New York, has prepared an analysis
the Kansas City Southern
Ry. Co.
Volume
143
Financial Chronicle
3821'
Canadian Markets
LISTED
Provincial and
Province of
Alberta—
6s_
Jan
1
1948
4)48
Oct.
1 1956
/73)4
/73
5s
75)4
75
6s
99
100
5s
May
1
1959
97
98
4s
June
1
1962
4)48
1 1941
96)4
98
June
16 1954
98)4
99)4
..Deo
5s
2
1959
4)48
Sept
5s
Mar
112
5s
112
112)4
1961
113
I960
15
4)48-
114
1943
92)4
1
93)4
95
*
*
88)4
117 H 118)4
20)4
Consolidated Smelters..25
Gas
Crow's Nest
Feb
Nov
Nov
5)4
Aug
15 K
51
Apr
May
Jan
Dec
22
209
1,905
166
25
50
189
233
50
Distillers-Seagrams
35
26)4
25
21
80
17)4
Jap
30
Apr
Nov
Nov
27)4
56
21
13,150
8
19)4
25
10
5
55
32
32
32
10
15
86
*
22)4
5)4
22)4
20
*
2214
22)4
22)4
23)4
4,435
13 M
Sept
June
Jan
*
21)4
6)4
21)4
22)4
4,045
18)4
July
2)4
Jan
*
*
English Electric B
10
12)4
.....
Fanny Farmer
Gundy
i
A
Frost
*
Mar
Apr
May
20
7)4
5)4
Aug
Aug
18
15
Aug
*
7)4
84
7)4
84)4
265
84)4
120
64)4
Jan
90
Nov
Sept
57)4
56)4
57)4
135
53)4
Mar
59
Mar
*
13)4
13)4
6)4 June
16
5)4
14)4
5)4
3,760
*
Gypsum L. & A.
Harding Carpets
7)4
3
June
9)4
Dec
Oct
Jan
6
31
31
10
27
Jan
32
Nov
63
63
5
50
Mar
70
Nov
5)4
Hamilton Cottons pref. .30
Hamilton Un Theat pref 100
Private tsires to Toronto and Montreal
6)4
May
1M
*
Preferred
Inc.
6
4)g May
70
•
Apr
May
14
940
4,085
50
General Steel Wares
Goodyear Tire
14 Wall St.
13)4
5)4
25
Famous Players
H
9)4
*
Equitable Life
Ford
18)4
19)4
4)4
10)4
Economic Investment—50
Bonds
4,245
26)4
21)4
10)4
12)4
*
25
pref
Easy Washing
Canadian
Co.,
3)4
10)4
2
24)4
100
Eastern Steel Products
&
76)4
205)4 206
Dominion Stores
York
High
32
Sept
Sept
360
21
73
75)4
"25"
Dominion Steel <fc Coal B 25
New
24)4
460
20)4
100
*
Dominion Coal
Wood,
9)4
*
Consolidated Bakeries
27)4
9)4
Low
2C
200
Canadian Wineries..
27)4
Range Since Jan. 1 1936
Shares
96)4
87)4
1951
Week
*
Cosmos
15 1946
5)48-
15 1952
1
June
111
Province of Nova Scotia—
4)4s
1
May
—
for
of Prices
Low
High
Price
Par
Canadian Wallpaper B
Week's Range
Sale
Consumers
1958
113)4 118)4
109)4 111
113)4 114)4 Prov of Saskatchewan—
15 1960
15 1961
Apr
Apr
1950
Sales
Last
Cockshutt
1
4s
98)4 100
Prov of New Brunswick—
4)4s
4)4s
2
Mar
4)48-
Exchange
Friday
Stocks (Conclude®
121)4 122)4
108)4 109)4
116)4 117)4
15 1965
Jan
—
120
Province of Quebec—
Aug
6s
119
16 1943
6s
Manitoba—
of
4)4s
1942
1 1963
Oct
Province
1
Ask
100)4 100 H
113)4 114
3 1937
Jan
6)4s__
12 1949
July
Toronto Stock
Bid
Province of Ontario—
Prov of British Columbia—
4)4s
UNLISTED
Municipal Issues
Ask
Bid
AND
170
2)4
Hlnde & Dauch
*
20)4
21)4
230
12)4 May
Hunts A
»
11)4
16
35
4)4 June
19
Oct
*
13
13
25
6
20
Oct
B
Railway Bonds
Bid
Canadian
Paclflo
Canadian
Ry—
Paclflo
Ry—
Preferred
Sept
5s
4^8
Dee
Ju'y
5s
98
97)4
15 1942 /111)4 111 H
15 1944
102)4 103)4
1 1944
115)4 116)4
1 1946
Sept
..Dec
4)4s
1
July
1954
1 1960
103)4 104)4
109
109)4
105
105)4
Government Guaranteed Bonds
Dominion
Canadian
National
Bid
Ask
Ry—
4)4s
Sept
1 1951
116
4Hs
June
15 1955
118
4)48..
4)48
Feb
July
1 1956
1 1957
5e
July
1 1969
116)4 116)4
115)4 115)4
118)4 119
5s
Oct
1
1969
Feb
1 1970
120)4
7
Feb
101
June
105)4
105
75
62)4
60)4
63
13,778
*
34)4
34
35
Internatl Utilities A
*
15
10
15
9,255
2,000
*
1.45
1.25
1.65
♦
21)4
21)4
*
39
104
43)4 May
Apr
Jan
15
Dec
9,860
40o
Jan
2.25
23)4
55
6)4
Jan
24
39)4
1,005
11
Jan
39)4
Dec
15)4
15)4
85
13 H
Oct
17
Nov
35
65
Grand Trunk Paclflo Ry—
4s."
Jan
1
1962
109
3s
Jan
1
1962
102
74
72
74
Jan
78 '
Nov
22)4
22)4
22)4
2,215
18)4
Jan
33
Nov
♦
20 H
20)4
21)4
895
17)4
Mar
22
«...
Nov
6)4
1,715
1.00
103
Maple Leaf Milling
Maple Leaf Milling pf.100
Massey-Harrls com
*
7)4
46
28
12)4
Jan
320
97
Jan
905
29)4
Jan
46
Deo
182
5
146
Jan
182
Nov
30
175
Jan
270
Nov
13
182
100
258"
258
257
1,040
54
H
163
41)4
41)4
42)4
140
8)4
2,600
8)4
8)4
19)4
*
1
*
Photo Engravers
Porto Rico pref
"102"
101
8
19)4
102
30
483
Sale
Stocks-
Par
for
of Prices
Low
High
20)4
19)4
21
495
*
36
35)4
36)4
885
1
22
22)4
56
34
35
65
100
110
110
10
100
100)4
Price
»
4X
100
31H
Abltlbl
6% preferred
33
1,225
3
3
100
24
24
10
*
14)4
100
4
100
160
*
4
Blue Ribbon
Brewers & Distillers
*
103
17
505
15)4
470
103
10
5
650
157 H 160
1,598
4
25
36
100
4)4
4
18
75c
25
45
45
46
Nov
16
Nov
Sept
5)4
Nov
A
B
preferred
preferred
*
8)4
United Steel
Apr
Jan
36
Dec
25)4 June
28
Sept
18)4
Nov
1.40
Jan
50
*
8%
12)4
27
9H
70o
Feb
Apr
35
28)4 May
38)4
Nov
40
33
58
Nov
50
6)4
1,160
1,570
Aug
Jan
Aug
9)4
37)4
Jan
47)4
Mar
4)4
Apr
8)4
104)4
Dec
Nov
49
Dec
103
31
90
49
26
30
May
12)4
13)4
554
6
Jan
Jan
14)4
490
58
Jan
103
Nov
*
90)4
31
80
May
91
Nov
*
2)4
2X
25
pf.100
Canada Wire & Cable A..*
5H
6H
305
50)4
30
1)4
5)4
20)4
100
Canada Steamships
*
B
99
89
48
101
Aug
3)4
Feb
Dec
15
Feb
Jan
55
18
18
25
9
Feb
22
Oct
62
25
40
July
62
Dec
8)4
*
104
Canadian Canners 1st pref.
2nd preferred
Canadian
Car
Preferred
Canadian
Dredge
Canadian Locomotive
Canadian Oil pref
Canadian Pacific Ry
104 )4
440
128
4
88)4
May
Jan
*
*
11
10)4
11)4
1,900
5
1814
17
19
6,577
5)4
Dec
116
July
101)4
Sept
Nov
Sept
1,460
25
9)4
25
Nov
15
Nov
100)4
25
28)4
27
29
1,325
13)4
May
*
46 X
46
48
508
37)4
6)4
Oct
45
Deo
57
Jan
76
Deo
Jan
66)4
Deo
16
Nov
16)4
Nov
53)4
Nov
Sepi
58
Nov
108
49)4
11)4
105)4
1,190
20
102
Jan
12)4
14)4
9,870
9
7)4
Jan
8)4
7)4
8)4
7,260
2)4 May
*
49)4
45)4
8,331
26 H
*
19)4
19)4
49)4
19)4
1,080
17)4
*
10
10
10
5
77
77
5
18)4
19
1,625
12
'IS
Walker
(Hiram) com
Preferred
pf__100
Westons (Geo) common..*
New preferred
..100
Winnipeg Elec pref
100
Winnipeg Electric A
»
*
B
"15)4
107)4 108
24
5)4
3)4
5)4
4
5)4
Wood Alex & James pref 100
30
100
59
6
5)4
3,975
6)4
10
940
4)4
36
13)4
98
19)4
1)4
2)4
38
Apr
Mar
*
7
7
6H
6)4
14
26
10
122
100
~13)4
1254
7)4
5,835
6)4
14
45
123
1354
273
40
5,254
Nov
Nov
July
Nov
Apr
49)4
Nov
20
Nov
11)4
Oct
May
79
Dec
Apr
21
Nov
Mav
Oct
Sept
Nov
Jan
109)4
30
6
5)4
Nov
Dec
Deo
Dec
55
Mar
60
Nov
Banks—
50
100
Commerce
57)4
172)4
100
Imperial
57)4
169
59
139
173
195
149
Jan
17314
28
190
Jan
285
Feb
197)4
July
225
Nov
217
Nov
223)4 224)4
...100
Dominion
.'225"
225
143
213)4 214
223
51)4
Jan
.100
Montreal
Nova Scotia
100
5
1)4
120
10)4
Nov
Toronto
182)4
Apr
315
14
271
Jan
315
199
201
85
164
Jan
201
Deo
250
100
"l99
89
309
213)4
100
Royal
251
34
220
July
252
Nov
144
124
Deo
Loan and Trust—
June
Oct
39
70
July
90
Mar
205
25
196
Apr
214
Sept
50
107
107
2
100
Oct
117
July
Toronto General Trust. 100
88
90
10
75
Nov
95
Feb
100
Erie
100
100
205
140
72
National Trust
A
Ontario Loan
71)4
160
*
No par value.
/ Flat price.
Jan
July
Jan
Dec
Jan
Feb
120
72
203
144
Canada Permanent
Sept
«
Nov
15
27
Jan
Apr
6)4
Apr
...
Cndn Industrial Alcohol A*
B
854
280
16)4
53)4
105
Huron
Canadian Canners
36
Jan
Nov
60
18
Canadian Bakeries pref 100
Aug
Nov
Canada Packers
100
June
Sept
Canada Steamships
Preferred
65)4
16
5334
Western Can Flour
Dec
19)4
28)4
100
*
Western Can Flour
Jan
38)4 Nov
24)4. Nov
Dec
5
Jan
"14)4
*
com
160
48 H
103
100
Canada Cement
7)4
64)4
"11)4
19
*
—
Canada
Canada Bread
1,056
100
Preferred
Gas
Nov
Aug
76)4
16)4
22
70
72
'76)4
Oct
Jan
275
55
Jan
11)4
June
45
Deo
100
4
45
50
Tip Top Tailors
Union
100
8)4
27
July
82
10)4
45
25
Preferred
NOV
99)4
14)4
*
Preferred
Nov
5
14
Tamblyns Lts
Nov
60
14
*
10
27C
98
Steel of Canada
Apr
3)4
Mar
56 H
8
18)4
107
4)4
55)4
7)4
Jan
18)4
36
8
Jan
27)4
35)4
60c
Nov
6
39
Oct
*
Building Products A
Nov
10)4
100
Standard Steel pref
Jan
9,417
14)4
4)4
36)4
19
10)4
*
Standard Chemical
Aug
141
16)4
254
23
22 %
Jan
1)4 June
ii*
80c
Oct
9)4 June
26,679
2,496
1,345
1,170
*
a
14
93
18)4
2)4
BC Power
Sept
Sept
17
14)4
21)4
*
Jan
2)4
25
70c
Jan
6J4
19
26)4
2)4
Preferred
British American Oil
1.25
33)4
26 X
14 H
Brewing Corp of Canada..
Burt (FN)
X
60
Brantford Cordage pref.25
Brazilian
*
Burry Biscuit new
103"
*
Beauharnoia
Blue Ribbon pref.
30
16
17
Beatty Brothers
Bell Telephone
7,445
*
Batnurst Power A
Preferred
4)4
100
Alberta Grain
Alberta Grain pref
3H
High
17
100
Simpsons Ltd pref
Low
Shares
19
»
? July
22
15
*
Oct
45
110
21)4 June
98)4
1.25
Jan
160
Russell Motor pref
Week
June
3,050
96)4
*
6
Jan
105
16)4 July
79
8)4
""96 H
B
Jan
23)4
100
Simpsons A
39
7)4
Riverside Silk A...
Range Since Jan. 1 1936
Apr
23)4
Saguenay Power pref..100
Week's Range
.25
Sept
Jan
Power Corp
Pressed Metals
Sales
Last
Deo
Feb
44
11, both inclusive, compiled from official sales lists
Friday
48)4
17)4
98
Remington-Rand
Dec.
Oct
Nov
42)4
H
Pantepec Oil..
Exchange
Nov
8
13)4
100
Page-Hersey
WA. 3401-8
Aug
42)4
National Grocers
New York Curb (Associate)
12)4
3)4
5,720
4,580
6)4
Apr
99 H
National Sewer Pipe
Canadian Commodity Exchange, Inc.
42
7)4
Jan
2
51
*
National Breweries
Toronto Stock Exchange
6)4
11
*
Muirheads
STOCK BROKERS
10)4
100
M cColl-Frontenao
Duncanson, White & Co.
6
6)4
11
48)4
13)4
99)4
100
B
Dec. 5 to
FeD
NOV
*
Preferred
Toronto Stock
Dec
*
B
King Street West, Toronto.
Nov
39)4
3)4
35)4
»
Preferred
15
66
33
(John)
Lang Co.)
Moore Corp common
A
hi ember $
Feb
Feb
70
Loblaw Groc A
121
1 1946
Apr
1%
210
7)4
Laura Secord
127)4 128
120)4 121
5e
July
6)48
116)4
118)4
Apr
14)4
7,354
14)4
7)4
Petroleum
Sons Ltd.
24)4
20)4
14
Internatl
Lake of the Woods
Ask
Canadian Northern Ry—
Dec
20)4
14
Intl Milling pref
100
Internatl Nickel com.....*
Lang &
Bid
Oct
13)4 May
19)4
20)4
..£1
Kelvlnator
4)4s
6a
22)4
*
Imperial Tobacco
Internatl Utilities B
4s perpetual debentures.
July
6
Imperial Oil Ltd
Ask
Bid
Ask
20)4
Toronto Stock
Exchange—Curb Section
See
Page 3820
Financial
3822
Dei.
Chronicle
12, 1936
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
WAverley 7881
11 KING ST. W.
Sales
Range Since Jan. 1 1936
Last
Stocks (Concluded)
for
of Prices
Week
Price
Par
TORONTO
Jan
Dec
3.25
59o
Oct
5c
Feb
1.40 May
11c Nov
1.20
1.20
900
1.20
85c
Quebec Gold
High
Low
Sahres
High
Low
1.20
*
Prospectors Airways
OFFICES
Week's Range
Sale
GRAIN
BONDS
STOCKS
Exchange—Mining Section
Friday
66o
85c
33,000
Toronto
Cobalt
93* c
93* c
500
Montreal
Noranda
1
4.85
4.30
5.00
Red Lake-Gold Shore
*
1.28
1.20
1.40
Hamilton
Kirkland Lake
Montreal Curb Market
Reno Gold
1.23
1.22
1.34
26,370
71,285
12,225
1.44
Sudbury
The Toronto Stock Exchange
Winnipeg Grain Exchange
Read-Authier
Ottawa
Sarnla
North Bay
36,150
6 3*c
Bourlamaque
Canadian Commodity Exchange(Inc.)
Chicago Board of Trade
24c
Owen Sound
40?*
3,706
13,248
49,210
1,100
60,501
15,690
67,500
9,100
2,100
232,945
12,050
4,890
38,350
23,952
9,675
29,650
10,205
41,565
2,065
39,100
1,510
25,725
7,795
75,500
20,300
137,350
25,350
4,300
26?*
1.60
3.45
Jan
75o
Aug
Apr
1.15
June
56c
Jan
97C
1.00
Jan
2.95
Nov
2.87
Jan
5.10
Sept
MEMBERS
Quemont Mining.
1
Roche-Long Lac
Tlmmlns
-
Sheep Creek
Week's Range
Sale
113*c
Alton Gold
40c
1
Ajax Oil & Gas
83*c
44c
7c
1
.
""l~58
6.05
6.50
1.15
1.26
75c
1.00
9C
9c
10c
8c
12c
93*c
Anglo Huronlan
Argosy Gold Mines
7c
1.00
*
*
Algoma Mining
5?*c
5c
93*c
11c
1.42
1.55
...1
Arntfleld
Ashley Gold
Astorla-Rouyn
Bagamac Rouyn
Bankfleld Cons Ltd
1.46
33*o
4c
*
Beattle Gold Mines......*
223*c
20c
35c
1.22
1.20
1.28
Barry-Hollinger
Base Metals
19,000
39,400
3,300
122,435
154,800
136,350
3,155
1.62
33* C
6.60
>.
Alexandria Gold
1.45
4^c
53* c
1.20
Aldermao Mines Ltd.
Shares
13c
7c
—*
Acme Gas & Oil
for
1
1.64
1.45
503* c
18c
20c
Bralorne Mines
*
7.80
7.80
4,400
472,600
158,210
18,960
51,550
85,475
8,850
53c
20c
12,389
12,410
1.64
1
1
51c
Bobjo Mines
8.05
Bidgooe Kirk
Big Missouri
50c
1
Buffalo Canadian
11H
3?*c
Bunker Hill
*
*
Calgary <fe Edmonton
*
B R X Gold Mines
2~30
1
29c
*
1.66
1
1.65
A
Castle Trethewey—....1
1.31
1.65
IL4.05
*
35c
1.17
Low
9?*o June
4c May
40o June
880
Oct
13*0
3?<o
Jan
4.10
Jan
Jan
1.00
Apr
65o
Apr
63*o May
Jan
2?*o
Nov
lOo June
Sept
1.20 June
1.84
2.00
July
1.25
Oct
Jan
2.10
Aug
73o
Oct
1.69
July
Agnew-Surpass Shoe
30c
Oct
59c
July
76o
Sept
1.60
Feb
2.46
July
Associated
Jan
2.80
Jan
4.25 June
Assoc Tel & Teleg
1.70
Oct
2.76
Apr
1.22 May
3.30
Nov
1.10 Sept
2.50
Dec
166,725
2.55
42c
5,700
4,450
27,100
29,570
72,105
5,880
469,535
146,800
251,000
49,079
1.400
138,675
63,400
131,250
42
Jan
613*
43*o
Jan
93*o Sept
June
Dec
55c
Nov
1.25
Nov
Dec
Bruck
6.90
Jan
12?*
Nov
30
Jan
19c
Dec
75c
Oct
2.22
Aug
19o
Nov
40o
65o
Nov
1.45
July
Jan
93*0
Oct
233*c
Feb
43*o
Jan
49o
June
60
Jan
Jan
Sept
2.60
Jan
4.45
Jan
1.38
Deo
Apr
80c
Nov
Oct
3.15
Nov
Jan
2.49
Nov
Nov
20?*C
Jan
6c
Sept
Jan
123*0
Deo
7.50
Oct
9.00
Feb
30c
Dec
710
Jan
Jan
-
Apr
3820
Range Since Jan. 1. 1936
High
Low
Shares
43*0
3.05
30o
Jan
3.63
21c
24c
1,500
9c
Apr
28c
30,200
14,400
6,479
32,700
7o
Jan
1
15c
15c
163*c
._*
14c
13c
16c
Hollinger Cons
5
13?*
13?*
Homestead Oil
1
48c
40c
14
48c
.1
61c
60c
63c
Intl Mining ctfs
1
15 ys
123*
153*
J M Consolidated
1
44c
42c
53c
Kirk Hudson Bay
1
1.84
1.74
1.85
Klrkland-Lake
!
68c
59c
69c
1.04
99c
95c
563*
1
59?*
15?*c
12c
17c
1
1.04
1.00
1.06
17?*c
163*0
18c
7c
6c
7c
7.00
6.90
7.25
60
27c
25c
30c
..1
7.25
6.70
7.25
MacLeod-Cockshutt
*
4.95
4.95
5.15
Manitoba & Eastern
*
163* c
143*0 173*c
203*0 213*c
1
21c
40c
36c
40c
Mclntyre Porcupine
5
403*
393*
403*
McKenzie Red Lake
1
1.78
1.65
1.78
15c
13c
173*c
18c
20c
80c
90c
10c
14c
2~86
2.61
3.03
19?*c
20c
24c
1.59
1.50
1.63
70c
69c
73c
53* c
43* c
5c
6c
5c
53*c
1.12
1.08
1.13
2.55
2.66
50c
66c
10c 103* c
37,250
3,340
42,960
23,185
80,300
26,350
4.401
89,490
36,300
47,856
12,200
10,896
8,100
24,125
35,844
56,300
21,675
13,700
4,206
38,945
317,650
6,600
28,350
7,500
19,250
20,900
55,355
15,250
51,900
25,200
6,400
2,110
5,400
13,800
89,280
2o
Oct
380
*
55
55
Canada Cement
*
13
12 3*
Sept
June
"SB
Dec
173*
Dec
lie
Jan
81o
May
553*0 Mar
1.00
July
*
Canada Steamship pref. 100
Canadian Bronze
Crown Cork & Seal Co
1,214
58
Jan
3
June
20?*
Nov
253*
395
22 3*
Jan
27 3*
July
2
23*
170
1.25
Apr
3.25
Feb
6
63*
411
"~63*
85
"26
Dominion Bridge
563*
9?*
73
183*
253*
53
143*
Nov
21
22
900
Apr
22
112
113
40
106
Jan
116
50
95
Apr
102 3*
Dec
43* May
60
July
103*
Nov
"103*
1023* 102 3*
9?*
103*
5,763
73
12 J*
14
1,145
300
Jan
Dec
Electrolux Corp
55o
Aug
Jan
623*
Nov
Foundation Co of Can
*
47 0
July
General Steel Wares
*
Players C Corp..*
6c
Jan
70c
Aug
120
Jan
29?*o
2?*c
Mar
16o
Mar
Aug
5.70
Aug
7.76
Feb
Hamilton Bridge pref.. 100
"23"
243*
Hlllcrest Collieries pref. 100
Gurd, Charles
*
Gypsum, Lime & Alabast.*
Hamilton Bridge
*
Hollinger Gold Mines
Howard Smith Paper
30c
Aug
Jan
Dec
Oct
1.22
Mar
23*o May
18o
Dec
80c
Dec
10c
60c
Sept
Jan
2 24 July
493*
20c
Nov
42o
Jan
1.78 June
Feb
8
73*
Intercolonial Coal
*
Industrial Acceptance
Internatl Paper & Pow A
International Power
24c
3.15
Nov
Lake of the Woods
1.00
Mar
6?*o
Jan
1.93
Nov
54o June
85c
Oct
?*c
Jan
83* c Sept
100
Preferred
*
Jan
7o
Nov
Aug
Montreal L H & Pr Cons.*
2.30
July
3.05
Jan
283*0
Jan
63o
May
9c
Oct
18c
Sept
3,905
3.10
Dec
5.20 June
30c
Oct
46<*
Nov
34c
32c
Paymaster Consolidated.. 1
1.10
1.07
1.11
40,250
45,023
503*0
Jan
1.25 May
Perron Gold
2.25
1.84
2.05 219,985
1.12
Jan
2.05
Deo
3c
23*c
3c
2o
July
43*o
7.30
7.05
7.45
3.95
Mar
7.60
Feb
July
5.25
Dec
12
Jan
95c
Oct
H. 1.72
1.80
Jan
3.56
Nov
Sept
210
Mar
2.25
July
23
May
233*
243*
2,540
1,240
13
Mar
27
Deo
3
73*
515
5
2,595
73*
7
8
63
63
740
35
100
*
June
9?*
Nov
Aug
93*
143*
Nov
6?* June
4
May
13
Nov
Jan
65
Nov
253*
Deo
Oct
18
May
20
133*
3,992
133*
Oct
183*
20
9 3*
Oct
June
173*
20
Dec
13?*
14
1,920
3,555
13 3*
Mar
45
45
9?*
603*
633*
32
33
22
22
14
45
"613*
53*
"913*
90 3*
10
53*
92
153*
16
35
39?*
Jan
45
9?*
Dec
433*
May
28
Nov
9?*
663*
333*
20
625
5
13
July
57
Jan
445
3,955
133*
1,135
105
333*
Dec
Dec
Nov
95
Sept
Oot
16?*
Nov
Jan
39?*
Dec
Oct
May
8
40
Jan
70
Dec
4
Aug
8
Nov
12?*
Jan
17?*
Feb
10
86
Jan
105
Dec
3,994
30
May
36
Oct
26
Aug
28?*
Oct
27
28
55
"91"
91
91
116
85
Apr
103
Jan
42
41
42?*
433*
2,261
39
Jan
45
June
13,942
13
May
453*
593*
360
29
July
43
Dec
Jan
75
Nov
Jan
255
Nov
42
85
39?*
Mar
Nov
Deo
"56"
47
593*
41
43
72
69
72?*
245
250
120
167
168
40
152
Jan
170
Nov
16
16
20
6
Jan
20
Nov
22
22
30
22
Dec
22
Dec
100
Preferred
5,115
6?*
Jan
Dec
Nov
245
*
Ogilvie Flour Mills
Ontario Steel Products
7?*
14
16 3*
2
22
Mar
43
*
Niagara Wire new
Noranda Mines Ltd
5
13
Oct
3
70
323*
143*
165
80
105
40
349
.
70
"333*
14?*
8,371
8
63*
7
10
39
...25
Nat'l Steel Car Corp
Ottawa Car Mfg
Feb
133*
20
Mtge..25
Montreal Tramways
National Breweries
Preferred
28 3*
18
"133*
Montreal Cottons Pref. 100
1.40
Dec
Oct
23
Sept
63
73*
July
14
19
25
10?*
100
Massey-Harrls
MoColl-Frontenao Oil
2o
Jan
June
8
1.00
34o
4
18
15?*
Lang & Sons Ltd
Montreal Loan &
10
10
14?*
113*
Lindsay (CW)
John A
361
16
133*
*
International Power pf.100
Jan
233*
22
100
Int Nickel of Canada
Nov
22?*
13?*
113*
Int Hydro-Elec Sys A...25
1.10 May
Jan
Nov
Nov
120
32
5
*
Imperial Tobacco of Can.6
73*o
143*
43*
23*
16
*
51?*
43* May
13* July
19?*
Jan
79
Nov
23*
"23"
English Electric B
1.04
36c
Oct
21
71
63*o
15
112
133*
38
May
Jan
72
Aug
Nov
51
Nov
Nov
*
30o
Nov
80
Aug
683*
*
Jan
Feb
103*
53*
343*
*
53*o
313*
13
213*
Eastern Dairies
Dec
253* May
Jan
Dominion Textile
Dec
Nov
May
193*
293*
Apr
Dry den Paper
Nov
Apr
53*
Mar
Dec
30o
July
183*
Aug
6.40
Dec
1083*
32
245
153*
7.35
Feb
102 3* May
2,147
803*o
1.87
Jan
153*
52
100
Dominion Rubber pref. 100
Dominion Steel & Coal B 25
7o June
Jan
100
Dominion Coal pref
Dominion Glass
3.50 June
63* June
31
1,040
Jan
3.12
Nov
18
25
Oct
1.38 May
103
99
*
Dlst Corp Seagrams
Famous
Nov
May
290
Dec
Nov
14?*
Jan
6
123*
94o May
Jan
58
33
425
41o May
Nov
16
157
3,771
Deo
Nov
7
1003*
Canadian Steamship
Con Mln & Smelt new
33* May
July
Nov
"253*
Can Forglngs class A
Can North Power Corp..
Preferred.-
Jan
28
18?*
383*
8?*
17
100
Preferred
133*
1013*
Jan
9?*
3,980
56
763*
183*
263*
56?*
4.60
1.34
2,930
7?*
753*
3.35
1.28
551
7?*
73*
25
4.45
1.34
363*
73*
710
15c May
3.50
353*
386
85o June
7,797
39,400
21,720
24,190
20,526
6,520
Aug
1.70
Dec
93*
Mar
3.52
Jan
160
73*
Building Products A
Jan
38
Mar
363*
*
4.50
Jan
Dec
Nov
Sept
26?*
60
5.55
Mills
8
183*
20
7?*
Silk
Jan
Mar
1.00 Sept
141
29
40c
1.62
18
9?*
4
103*
10
9?*
16,800
32,663
3.31
160
160
Sept
835
*
53c
1.61
23*
Cockshutt Plow
14
5.25
15
25
3,037
163*
83* c
Pioneer Gold.
July
110
17
163*
2 3*
23*
25
23 3*
157 3* 160
18?*
16?*
27
50c
PoweU-Rouyn Gold...
Nov
26
73*c
16,500
15,586
29
26
12
38c
Jan
29
July
26c
31c
14
8
233*
Jan
Nov
12
100
Jan
6
8
"17*
Jan
Jan
12
12
A
6
383*
2
65
Breweries—
July
213*
*
103*c June
4c
2.80
2
10
5
Canadian Celanese
Jan
4c
2.83
325
July
24
Canadian Car & Foundry.
Preferred
25
Jan
1
23*
73*
Aug
Aug
40o June
..1
70
9,306
75o
170 May
83*
19
1.08
Nov
July
Apr
3c
19
1.00
__*
6.70
30
20
Sept
1.20 May
Premier Gold
Mar
680 May
1.00
52
16c
Preston (new)
3.65
Nov
1.60
107
Feb
5.25
2.50
Mar
53*0
50
80
Pickle Crow
Sept
Mar
25c
107
13c
Peterson-Cobalt
Nov
20o
52
13c
1
Nov
350
1.45
107
15c
*
6.40
Jan
1.20
*
Feb
860
Pamour-Porcuplne
Paulore Gola Mines
383*0
Jan
4.30
100
24o
Jan
"~54c
Feb
Nov
12c
July
263*o
33*o
Mar
Omega Gold
Dec
83o
180
210
103*c
12?*
92c
2.25
6
B
2.45
53*o
*
Jan
60
29
100
*
British Col Power Corp A.*
Aug
6,248
Olga OH & Gas New
Nov
15o
6
Brazilian Tr, Lt & Pr
July
1,500
50,250
1,000
48,800
11,900
35,580
Norgold Mines Ltd
Feb
30c
3.00
26
Bell Telephone
820
44c
O'Brien Gold
83*0
Jan
183*o
50
Preferred
32c
63*c
54c
23*
*
Paper A_*
Bawlf (N) Grain
*
520
83*
24
Batburst Pow &
35c
5
1.45
Nov
8c
♦
27o
43*o
275
22c
63* c
Northern Canada Mining
Nov
430 June
25
Amal Electric Corp
Amal Eleo Corp pref
Dec
8?*
*
100
Preferred
14c May
29c
Nlplsslng
Oct
Sales
Alberta Paclflo Grain A..*
» 4,204
27c
*
Dec
Jan
4.95
15c
Newbec Mines
Price
Mar
23c
Murphy Mines
Par
Stocka
1.18
11c
New Golden Rose
Aug
11, both inclusive, compiled from
5 to Dec.
2.41
143*c
Morris-Kirkland
Dec.
.11.925
11c
Moneta-Porouplne
75o
40?*
Montreal Stock Exchange
official sales lists
Nov
21?*c
""
See Page
Mar
12
1
*
Mar
Sept
3H0
for
1.15
A
■«
1
*
Sept
Sept
Oct
Graham-Bo usquet
Minto Gold
1.46
Exchange—Mining Curb Section
Toronto Stock
1.80 f3,825
2.85
98,595
32c
Dec
2.45
Week
48c
Meriand Oil
33c
of Prices
Low
High
36c
Mining Corp
8.05
30c
Week's Range
47?* c
'""75c
7.75
33c
Sale
J
McWatters
7.85
*
Last
12c
M oVittie-Graham
Ymlr Yankee Girl
6?*c 93* c
4c
33*c
73* c 123*c
Friday
113*c
McMillan Gold..
33* c
73*c
Eagle
Dec
12c
Maple Leaf Mines
White
Dec
•
May Spiers Gold Mines..
Consolidated.50c
*
Wlltsey-Coghlan
1
Wrlght-Hargreaves
Wayside
Nov
...1
*
2.20
46c
76c
Macassa Mines
2.90
1.90
7c
1.75
32c
Lowery Petroleum
2.70
2.07
2.75
1.20
*
274
*
Waite-Amulet
Jan
65 c
Little Long Lac
...»
Ventures
Jan
25c
1
40c
Mar
90c
Lee Gold Mines
30c
5c
76c
Lava Cap Gold
Lebel Oro
1.31
953*0
1.08
Lamaque-Contact
1.20
;12,350
26?* c
1
3.95
1.25
Oct
1
......
2.25
3.75
Towagamac Exploration .1
Tread well-Yukon
1
5.15
18o
-
Goodflsh
Laguna Gold Mines
2.15
3.75
*
Jan
18c
Lake Shore
2.25
1
Gold
60
113*
Howey Gold
*
Toburn Gold
May
13c
._.*
Texas-Canadian
Teck-Hughes
12o
103*
Harker Gold
5.15
5.45
253*o
18c
Hargal Oils
19c
Jan
11?*
Highwood Sarcee
3.50
Jan
*
Hard Rock
2.00
17c
20
1
Halcrow-Swayze
1.90
3.30
18c
3.80
Federal-Kir kland
l"08
1.92
3.38
1
Sylvanlte Gold
Goldfields
5,588
9,600
1,680
69,870
Falconbrldge
1
1
.1
Sullivan Consolidated
Tashota
6,000
1.20
Gunnar Gold
31c
A
2.35
1
28c
A.
1.15
Grull Wlhksne
18c
5.50
30?* c
Jan
2.08
44c
160
5.25
9o
1.15
*
17c
5.45
Jan
2.28
1
"89?*c
5.55
1
...1
*
1
*
1
Jan
Eastern Malartlc Gold M.l
Greene Stabell
Stadacona-Rouyn
Aug
7c
Grandoro
78c
92c
76o
513*
Granada Gold
30c
5.00
Jan
Mar
Feb
6c
Goldale
Feb
4c
30c
363*o
9.00
3.25 m
4
Golconda Lead
Dec
42o
Jan
God's Lake
12
2.15
Dec
Glenora Gold
Sept
Aug
July
31o
Oct
3o
Francoeur Gold Mines Ltd.
1.75
Mar
1.20
"""40c
Nov
14o June
^16,000
1.24,300
1
168c
10c Aug
123*o May
7.60 Aug
1.40
156,395
Eldorado
Feb
33*o
7c
Dorval-Siscoe
70o
ll?*o
1.47
1
Feb
3?*c
'
St. Anthony Gold
Sudbury Contact
880 May
1.20
3?*c
*
Oct
1.30
Clerloy Consolidated
Dominion Explorers
18?*c
Jan
53*o
tU.io
1.38
1.44
1.44
•
Apr
1.32
1.15
*
1.25
1
South Tiblemont
Sudbury Basin
High
6c
* I6?*c
17c
Commonweath Petroleum * A 17c
Coniagas
6 ^3.25 113.25
Conlaurum
* L 1-80
1.75
Cons Chlbougamau
1 A 2.40 t 2.26
2.05
Darkwater Mines Ltd
A 2.50
48
Dome Mines
._.* *513*
Chromium Mining
2.47
4.30
4.20 *10,710
36c .60,600
*132c
*
.
Chemical Research
2.22
4.10
35c
ftl.23
,1,4.00
1
Central-Patricia
Central Porcupine
2.41
4.15
1.73 .29,052
1.66 r>
700
ft 26c
*1.48
Cariboo Gold
85c
2.75
2.20
Calmont Oils
83c
13o
11?*
103*
3?*C 43* c
113*c 113*c
Canadlan-M alartlo
32,137
11,311
32,550
1,440
75c
85c
46o
10c
9c
9c
Buffalo Ankerlte
Range Since Jan. 1 1936
Week
of Prices
High
.
Low
80c
80c
Southwest Pete
Sales
Last
Price
Par
Stocks—
2.43
Sladen Malartlc
both inclusive, compiled from official sales lists
Friday
2.25
1
'
Siscoe Gold
Exchange—Mining Section
38
2.25
1
Sherritt-Gordon
Toronto Stock
40 H
*
50c
Shawkey Gold
Dec. 5 to Dec. 11,
20c
21HC
*
1
Royalite Oil
San Antonio
Jan
50c
1.00
*
100
"ie"
3,713
443*
1993*
Ottawa L H & Pow—
New preferred
100
103
Ottawa Traction
100
20
*
No par
value.
103 3*
21
15
50
1013*
15
Oct
June
1033*
21
Oct
Jan
Volume
Financial
143
3823
Chronicle
Canadian Markets—Listed and Unlisted
Last
Sale
Stocks (<Concluded)
Par
Penmans
Price
Penmanb pre!
100
Canada—*
Quebec Power
*
20*
19
Holland Paper pref
*
St Lawrence Corp
63
Nov
Montague
1
129
50c
40c
50c
Jan
High
Sahres
Nov
O'Brien Gold Mines Ltd__l
12*
12
14*
11*
Jan
22*
Nov
3.40
4.00
Jan
24
Nov
30c
Perron Gold Mines Ltd
1
2.27
1.85
2.27
Pickle Crow G M Ltd
1
7.25
7.25
7.30
70c
82c
4.25
4.05
58,965
26,500
1,600
8,800
23,386
16,250
6,315
24,050
25,800
118
9*
825
23
24*
25
4* May
Jan
97
9*
Dec
Oct
105
27c
| 25c ]
24
Dec
24*
Dec
Quebec Gold Mining Corp 1
665
100* 100*
6*
6*
50
82c
24
Dec
25
Deo
Read-Authier Mine Ltd__l
4.85
155
99*
Nov
101*
Aug
Shuwlrotf
1
82c
75c
82c
770
1.5
May
6*
25*
Nov
Siscoe Gold
Mines"Ltdl 111
4.15
4.10
4.30
Nov
Sladen Mai
JaD
8
24
3,595
St Lawrence Flour MlllslOO
69
69
69
20
40
Jan
69
Dec
100
140
140
140
10
119
JaD
140
67
61
68
2,264
Jan
68
Shawlnlgan W A Power..*
25*
25
26
3,259
Sherwln Williams of Can.*
23 *
22 *
12
23 *
14
525
16
May
65
9
Oct
13
12*
13
750
11
June
76 *
72*
76*
1,209
57
Jan
68
64 *
68
49*
JaD
Jan
1.44
1.27
1.44
1.96
1.90
2.00
Teok-Hughes G M Ltd
1
5.10
5.10
5.35
Thompson Cad
2.05
Sept
Nov
35o
Jan
14
3.17
Oct
5.00 June
Deo
18c June
46*0
Sept
1.12
Jan
2.27
Dec
3.95
Mar
7.60
Dec
59c
Oct
1.40 May
1.43
Jan
5.05
Deo
July
Sept
750
Oct
1.16
2.88
Mar
5.00
42*0
Mar
1.45
Nov
83c
Mar
2.47
Sept
4.30
July
Oct
St Lawrence Paper pref. 100
1
Sullivan Cons Mines Ltd.l
High
Low
25c
700
14*
Pamour Porcupine M Ltd*
Parkhill Gold Mines Ltd__l
4.00
1,986
17*
9*
19
24
m
Low
Price
2,237
48
65
20*
24
100 *
Saguenay Power pref
Range Since Jan. 1, 1936
for
Week
2,100
58,540
129
19*
25
Voting trust
Par
of Prices
Mar
30
"~24~~
Rolland Paper.
Stocks (Concluded)
Hihg
Low
Week's Range
Sale
Shares
103 * 104
100
Sales
Last
Range Since Jan. 1, 1936
for
Week
63
129
129
9*
Regent Knitting
Range
of Prices
Low
High
63
*
Power Corp of
Week's
Market
Friday
Sales
Friday
Curb
Montreal
Montreal Stock Exchange
A
60
preferred
Preferred
Simon (H) A Sons
Southern Can Power
23
23
*
*
Steel Co of Canada
*
25
Preferred
283
United Steel Corp
Wabasso Cotton
Mar
6.65
2.40 1458544
37*o May
2.04
1.29
200
24c May
1.29
Dec
2.75
2.90
1,400
1.00
Jan
3.15
Nov
7*c
7*c
7*c
500
60
Nov
21o
3*c
3*c
7.75
3*c
500
3*c
Mar
7.95
2,385
7.50
Oct
8.90
5c
Jan
ll*c
1
2.40
80c
Exploration. 1
1.29
1.25
*
2.75
Wayside Con Gold
50c
Dec
White Eagle Silver
*
Dec
Wright-Hargreaves
Nov
Nov
16
Nov
76*
68
Dec
Towagamac
Ventures Ltd
7.90
900
Deo
Feb
5*c Sept
Feb
Unlisted Mines—
160
160
Nov
17
15
9*
Mar
17
Dec
Arno Mines Ltd
*
6
95
5*
Dec
10
Oct
Cndn Malartlo Gold
1
1.72
1.50
1.72
9,700
5,900
Central Patricia Gold
1
4.05
4.05
4.10
300
Duparquet Mining
1
Howey Gold Mines Ltd__l
6c
5*c
6*c
24,900
60c
60c
60c
500
25c
Feb
93c
Kirkland Lake Gold
39c
38c
39c
3,000
38c
Dec
93c
Mar
4,000
21,160
92c 251,490
17* c
Jan
92c
Dec
3.43
700
2.33
Nov
3.65
Nov
15
5*
7*
8*
25
pref
Dec
28*
25*
15*
16
5*
8*
*
July
18*
160
Tucket t Tobacco pref. .100
Twin City
*
Vlau Biscuit new
20*
24
10
2,115
7
Nov
355
9*
Nov
20
May
32
Jan
50
25
10
150
4
12
Nov
7,044
5,307
2
10
4c
5c
2o
Aug
1.72
Nov
Mar
4.75
July
4c June
10*o
Jan
Sept
98c May
2.49
5
Windsor Hotel
100
Winnipeg Electric A
*
Winnipeg Electric pref. 100
Woods Mfg pref
100
3*
2*
Apr
Sept
Aug
Ddc
Macassa Mines
.1
7.10
6.70 #7.10
3.18
Jan
7.30
Nov
30
21*
30
45
17*
Oct
30
Dec
Sherritt-Gordon
1
2.45
2.25
1.00
Jan
3.00
Nov
85
85
32
50
May
90
Oct
Stadacona-Rouyn
SylvanlteGold
*
90c
79c
1
3.42
3.35
*
4*
32*
3*
30*
4*
32*
8,395
100
*
70c
70c
85c
Brewing Corp of Canada.*
2*
14*
2*
14*
2*
14*
1,002
1,400
1,400
11
Sept
69
69
69
100
57
Mar
36
36
36*
321
30*
Apr
21
21
25
19*
Nov
5*
3%
5*
5*
5*
5*
Dec
1
12.47
f
Banks60
Nov
59
113
Canadlenne
100
142
141
142
106
133
Jan
141*
Aug
Commerce
100
172
167* 172
173
148
Apr
173
Nov
Montreal
100
214
213
215
262
184
May
216
Nov
Nova Scotia
100
312
312
312
41
271
Jan
312*
Royal
100
199
199
200
123
164
Jan
201
60
Canada
57*
57*
51*
Jan
Dec
Nov
Unlisted Stocks—
Abltlbl PAP Co
Cum 6% pref
Brewers A Dist of Van
Preferred
*
Canada A Dominion Sugar*
Canada Malting Co Ltd..*
r
Canadian Light A Pow. 100
Claude Neon Gen Ad Ltd. *
HANSON BROS
Canadian Government
Municipal
INCORPORATED
ESTABLISHED
255 St. James St., Montreal
56
Sparks St , Ottawa
Industrial Bonds
21
73/<
13J
*
12*
12
8*
14*
12*
Eastern Dairies pref...100
Ford Motor of Can A
*
"21*
16*
21*
22*
75
20
General
SteelWares preflOO
(Can) Ltd pref30
Loblaw Groceterias Ltd A*
Paper*
Massey-Harris Co pref. 100
Montreal Curb Market
Nova Scotia LAP
Last
Sale
Par
Stocks—
Asbestos Corp voting tr._*
Bathurst Pr 6 Paper cl B_*
Price
97
......
for
of Prices
Low
High
81
97
22*
*
13
12
Can lnt Invest cum pref 100
*
Nov
5*
Nov
23
4,490
16*
Jan
27*
Apr
544
May
13*
8
1,500
1.50
96
107*
10
20
48*
4*
250
37
91
4
91
100
12*
70
20
AUg
2.65
112*
27*
Jan
1.00
35
Government
Feb
Feb
1.10 June
49
4*
Jan
July
91
3
1.50
105
68
8
8
42
Jan
11*
2* June
12*
Nov
30
10
10
120
10
15
Mar
1.80
City Gas A Elec Corp Ltd
Commerical Alcohols Ltd *
Dom Eng Works Ltd
Dominion Stores Ltd
*
3*
60
12*
Dom Tar A Chemical Ltd *
Dom TarAChem cm pf 100
15
109
1.80
3*
55
1.80
100
4*
5,255
185
60
10*
.14*
12*
16*
Feb
20*
35,800
1,500
6,969
7
7
200
lnt Petroleum Co Ltd
*
"35"
34
35
Inter Util Corp class A
*
1
15
10
Melchers Dlst Ltd A--...*
14
2,885
1,540
5,935
7,079
*
Southern Can P pref-.100
Thrift Stores Ltd
*
Cum
15
1.25
1.60
12*
4*
12*
14*
106
1.50
6
115
Walkervllle Brewery Ltd.*
Walker-Gooderh A Worts *
49
Dec
95c
Nov
19*
2*
24 *
Apr
9*
Oct
33
Dec
39*
Apr
4
Jan
50c
15
Apr
2.50
May
14*
Dec
79
6*
16
Feb
Nov
Feb
97*
6
110*
Nov
Mar
106*
Nov
Jan
1.50
98
15
Oct
Jan
10
Oct
Jan
116
Dec
1.50
165
85
5
50
50c
Apr
1.15
Nov
635
1.75
Sept
3*
Feb
3,126
2*
45*
19*
1.56
1.46
1
99c
90c
49
1.00
Sept
3.00
June
14
49
Feb
Aug
19*
200
26*
17*
Apr
July
1.62
34,150
95c
Sept
1.66
90o
Dec
1.00
Dec
Beaufor Gold
46c
Sept
50c
1
60c
51c
50c
51c
Bouscadillao Gold Mines. 1
58c
42c
60c
Brazil Gold A Diamond Ml
8*c
8*c
Bulolo Gold Dredging Ltd 5
30
30
*
East Malartlo
2.42
32c
2.42
1
1.15
1.15
Rldorado Gold Mines Ltd 1
2.20
2.10
Falconbridge Nickel M..»
11*
11
Francoeur Gold Mines Ltd*
1.05
Goldale Mines.
1
46 *c
Greene Stabell Mines Ltd.i
44c
J-M Consol G M Ltd
1
45c
Lake Shore Mines Ltd._.l
59*
16*c
6*c
Lamaque Contact G M._*
Lee Gold Mines Ltd
1
Mclntyro-Porcup M Ltd. 5
Mining Corp of Can Ltd.
_
*
40
2.90
15
28*
Sept
Sept
305
96*
Jan
61
Feb
30
46
41*
97*
48
99
17
93
93
22
19*
22*
92
89*
92
40*
38
41
1,294
1,294
5,100
Aug
2* May
27
May
26*
Apr
SECURITIES
Municipal
•
92c
41c
53* c
56*
59*
12*c 16*c
6c
2.90
28,570
6,950
111,100
8*c
1,500
30*
1,605
47c 340,850
2.80
35,250
1.20
5,500
2.35
60,770
885
11*
1.23
89,460
46 *c 46 *C
AAn
36c
40
•
Corporation
Montreal and Toronto
•
New York
•
HAnover 2-6363
Bid
Abltlbl P A Pap ctfs 5s '53
Alberta Pac Grain 6s. .1946
Beauharnois Pr Corp 5a '73
Bell Tel Co of Can 5s. 1955
5*8..I960
5s
106
105*
Burns A Co
5*8-3*8.1948
Calgary Power Co 5s.. 1960
Canada Bread 6s
1941
Bid
77*
/77*
96*
97*
/52
52*
115* 116*
Mar 1 1960
Brit Col Power
70
97*
110
Utility Bonds
Ask
—
•
97*
98
95
96
Maple Leaf Milling—
82
2*8 to '38—5*8 to '49
Massey-Harris Co 5s..1947
94*
McColl Frontenac Oil 6s '49
-•
Ask
MacLaren-Que Pr 5*s '61
Manitoba Power 5*8.1951
75
Minn A Ont Paper 6s. 1945
97*
Montreal Island Pr
95*
104* 105*
53*
/53
105
5*s '57
--
Montreal L H A P ($50
111
CanadaNorthPow 5s.. 1953
104* 104*
Canadian Inter Pap 6s *49
101* 101*
101* 103
53
/5 0
104*
value) 3s
1939
Montreal Tramway 5s 1941
par
Canadian Vickers Co 6s '47
113
Consol Pap Corp 5*s. 1961
/66*
67
Dom Gas A Elec
6*s_1945
Co—
94*
95*
80*
81*
Donnaconna Paper
3
s
1956
East Kootenay Pow 7s 1942
100
1949
80
1 1950
Gatineau Power 5s—1956
General Steel wares 6s. 1952
102
103
103
103*
Gt Lakes Pap Co 1st 5s '55
/84*
Nfld 5s '68
103*
Eastern Dairies 6s
FraserCo6s—Jan
Int Pr A Pap of
«.
-
103* 104*
85
—
Feb
Feb
85
103* 104*
5*s. 1955
Ottawa Valley Pow 5*8 '70
Power Corp of Can 4*s'59
102
...Deo
1 1957
103
5*8 '47
102
5s
,
....
86
101
102
103
103* 104*
1968
Quebec Power 5s
93
Saguenay Power 4*8.1966
Shawlnlgan WAP 4*« '67
105
105*
104
104*
Smith H Pa Mills 4*s *51
Southern Can Pow 58.1955
102
103
Steel of Canada Ltd 6s '40
113
102* 103*
United Grain Grow 5s. 1948
95*
97*
106
United Secure Ltd 5*8 '62
80
82
126
WInnipge Elec 6a.Oot 2 '54
97
Lake St John Pr A Pap Co
6*8
6*s
85
Certificates of deposit...
Nova Sootia LAP 58.1958
Provincial Pap Ltd
112*
91
Northwestern Pow 6s. 1960
99* 100
Cedar Rapids M A P 5s *53
New Brunswick Pr 5s. 1937
Ottawa Traction
Canadian Lt A Pow 5s 1949
1 1942 /105
1 1947 /125
Dec
1.00 142,600
Big Missouri Mines Corp.l
Dome Mines Ltd
Jan
3,419
1,295
22*
26
20*
Dec
•
No par
value
r Flat price
Nov
CURRENT
1
Arntfield Gold
44c
19
Industrial and Public
Mines—
Aldermac
Cartier-Malartic G M Ltd 1
June
14*
50
22*
Dec
Jan
June
9
Apr
35
115
2*
Walker-Good A Worts pf. *
2.00
Dec
6*
1.50
25
Jan
Dec
Aug
40
Apr
67c
5
1
2.75
70c
2*
10
7*
106
105
9
120
13
7*
105
65c June
1,320
102
13
8
United Distillers of Can..*
pref 6*%
4*
15
104* 104*
Sarnia Bridge Co Ltd A..*
Sarnla Bridge Ltd B
Dec
Nov
20*
102
109
Nov
508
Imperial Oil Ltd
._.*
Int Paints (Can) LtdA.
*
102
Jan
Dec
60
70c
Page-Hersey Tubes Ltd..*
12
16*
33
2.00
Power of Can cum pref.100
Jan
33
60c
15
Feb
Jan
1.65
B
July
Dec
Nov
Jan
1.81
Mitchell A Co (Robt) Ltd *
7*
4*
60
4*
60
Nov
38
1.60
Jan
Feb
8
30*
30*
37
60c
Inter Util Corp class B
55c June
26*
3.00
37
28*
38
20*
Sept
15
30*
Hunter Valley Oil
1.00
Dec
Dec
6,845
"30*
28
Dec
16*
300
*
Voting trust ctfs.
Apr
1.75
*
Eraser Cos Ltd
Freiman (A J) cum pf6%100
Home Oil Co Ltd
*
8,870
2,636
312
109
109
1.50
Foreign Power Seo Ltd...*
45
45
Nov
803
Preferred A
225
20
Jan
Bell System Tele. NY 1-208
Dec
12*
14*
"13"
Sept
July
85
18
Apr
Royal Securities Corporation
30 Broad Street
Nov
60
*
Jan
860
456
Private wire connection between New York,
Aug
13
—
Apr
2
Dec
Feb
May
60
Vlckers Ltd
15*
Oct
Mar
3
Cum pref..
100
Catelll Food Products B__*
Canadian
15o Sept
77
CANADIAN
Dec
8
1.95 June
2.65
91
97
445
47*
Cndn Pow A P Invest Ltd*
100
Royalite Oil Co Ltd
6,526
6,102
Dec
Aug
4*
2*
8*
18*
30
"93"
70c
High
Jan
1,609
20
4
Can lnt Invest Trust Ltd
Low
17*
5
20
Can Dredge & Dock Ltd..*
4,932
109* 110*
2.50
109*
Shares
13
*
B C Packers Ltd
Can Nor Pow Ltd pref.100
Canada Vinegars Ltd
*
Range Since Jan. 1 1936
7
7
Brit Amer Oil Co Ltd
Ca.gary & Edmonton Ltd.*
100
6* June
1.75
Week
4*
21*
Beauharnois Power Corp.*
*
Price Bros Co Ltd
Preferred
Sales
Week's Range
*22*
MoColl-Frontenac OllpflOO
both inclusive, compiled from official sales lists
Friday
76
Int Paints
330 Bay St., Taraita
100
21
.....
1.30 May
700
50c
14
MacLaren Power A
Dec. 5 to Dec. 11,
45c
*
*
Consolidated Bak of Can.*
Consol Paper Corp
Donnaconna Paper A
B
Public Utilitv and.
1813
"45c
976
7c
41
2.95
—McGraw & Co.,
NOTICES
Inc. has been formed to succeed to the investment
30o
Mar
59c
48o
Nov
75c
Jan
business formerly conducted under the name of Max McGraw &
34c
Oct
60c
Dec
which
5c
Nov
40o
Jan
27*
Sept
2c
Jan
43
Jan
37
47c
61
Jan
Dec
June
52o
July
1.25
Nov
1.79
Nov
2.45
Dec
6.90
Jan
100
July
2.24
Aug
22*c May
15
organized in 1932 to continue
was
The new company will be
company
managed by the
a
Co., Inc.,
business established in 1926.
same
officials as the predecessor
and the same offices will be retained at 120 South LaSalle St.,
Chicago.
Max
McGraw, head of McGraw Electric Co., is President, Clyde H.
Andrews is
Executive Vice President and Judson Large is
Secretary and
Treasurer.
Also associated in the company are James A.
Keating, Sales
Nov
48c
July
Manager, Burt J. Dickens, Jr., Manager, Trading Department, Harry H.
28,600
62,150
23o
Jan
93o
28 *0
81c
Aug
Aug
Wildeman,
Jan
490
54* c
Oct
63o
Nov
28,400
28,200
6c
Jan
46*o
July
3c
Apr
14o
Aug
Oct
46*
Jan
2.98
Nov
100
134
700
39
1.24
Aug
Manager
of
the
Statistical
Department
and
Rudolph
M.
Swanson, Assistant Secretary-Assistant Treasurer and Cashier.
—Greene
announce
& Co.,
&
Co.,
members
New
York
Security
Dealers
that Richard Oldenstadt, for many years with
Association,
Hayden, Stone
has become associated with them in their trading department.
a*.
Financial
3824
Quotations
Bid
Bid
1 1960.
1233* 1233*
124
1243*
1 1962.
124
1243*
a4>*8
043tfs
o43*s
043*8
a43*s
043*8
043*8
043*8
o43*s
o43*s
043*8
a43*s
043*8
1 1964.
124
1243*
a68
10934
11034
113
1133*
Nov
1 1954.
1133*
1133*
Mar
1 1960.
114
1 1957.
11434
114
11434
11534 11634
120
1203*
1 1958
1203* 121
1 195f
12034 1213*
Jan 15 1976.
1 1975.
1 1977.
122
1 1980.
New York Trust
City Bonds
Ask
July 1 1975.
May 1 1954.
123
Dec. 12, 1936
Over-the-Counter Securities—Friday Dec. 11
on
New York
Chronicle
124
Banca Comm Itallana.100
105
115
483
488
Fulton
Bankers
10
65
67
Bank of Slcllly.
20
10
12
12734 128
Bronx County
12734 12834
12834 12934
Brooklyn
12534 12634
Central Hanover
127
116
20
116
119
58
60
12734 12834
12734 12834
Clinton Trust.
132
b 2.30
less
1
b 2.40
less
1
World
5s Jan & Mar 1946 to *71 b 2.70
Highway Imp 434» Sept '63
Canal Imp 434s Jan 1964..
Can & Imp High 43*8 1965
mmm
1363*
mmm
1363*
mm
134
mmm
Bid
129
mmm
129
Barge C T 4s Jan '42 to '46
115
Barge CT 43*s Jan 1 1945
1173*
Underwriters
100
80
United States
100 1985
17
90
2035
Bid
Par
Ask
Bid
As*
100
290
295
Harris Trust & Savings. 100
430
440
100
790
830
First National
mm
Northern Trust Co
Inland Terminal
Hartford Insurance Stocks
43*8
ser
Ask
106
60.50
M&S
112
43*s
ser
1.75
SOLD
—
QUOTED
6
M&S
50.30
1942-1960
M&S
115
York Stock Exchange
Members New
113
E
1937-1941
115
—
PUTNAM & CO.
D
M&S
1942-1960
Holland Tunnel
BOUGHT
107
1937-1941
10634 1073*
197
194
33 1-3
Trust
mmm
Bid
10634 107
114
18
64
mmm
Bonds
Gen & ref 2d ser
43*8 serB 1940-53.M&N
16
mmm
Ask
George Washington Bridge
Title Guarantee & Tr. ..20
Continental Illinois Bank &
Improvement—
1958 to '67
4s Mar & Sept
1093* 1103*
33*s *65
334s *76
56
130
1834
260
100
Trust
m
Canal Imp 4s J&J'60 to '67
Gen & ref 4s Mar 11975.
ser
54
127
90
American National Bank &
b 1.80
Bayonne Bridge 4s series C
1939-53
J&J 3
Gen & ref 3d
53
51
20
—25
Preferred—
1634
Par
Ask
War Bonus—
Port of New York Authority
Port of New York—
20
Manufacturers
New York
Chicago Bank Stocks
43*s April 1940 to 1949.
Highway
Canal & Highway—
55
1009i6 100«16
251937
Bid
3s 1981
153*
1730
51
63
Continental Bank & Tr. 10
20
Corn Exoh Bk & Tr—
131
317
143*
1634
..25
12934 13034
312
100 1680
86
50
Colonial Trust
100
265
Lawyers—
121
Chemloal Bank & Trust. 10
128
100
250
Guaranty
Irving
Kings County
9H
8%
7
—
Ask
28 34
2734
Empire
Bk of New York & Tr. .100
Ask
3a 1974
Bid
Par
12434
New York State Bonds
Bid
Companies
Ask
Bid
Par
12534 12634
126
12634
12634 127 34
Apr 11966
Apr 15 1972
Juno 11974
Feb 15 1976
Jan
11977
Nov 15 1978
Mar 11981
May 1 & Nov 1 1957
Mar 11963
June 11965
July 11967
Dec 151971
Deo 11979
Jan
Ask
HARTFORD
CENTRAL ROW
1.55
Tel.
116
A. T. T. Teletype
5-0151
—
Hartford 35
United States Insular Bonds
Bid
Phllllpplne Government—
4°
43*s Oct" "195911111"!
43*8 July 1952
6s
April 1955
Feb
6a
Bid
Ask
100
i Q4.fi
10134
Honolulu 5s
111
112
U S Panama 3s June 11961
111
Insurance
3.00
120
«.
104
6
3.75
3.50
Home
110
106
Aetna Casualty & Surety 10
Par
Ask
Bid
Par
434s July 1958
5s July 1948
Companies
m
..
Govt of Puerto Rico—
112
102
Ask
63.50
Bid
6
383*
114
63.00
113
U S conversion 3s 1946
116
2.75
Conversion 3a 1947
Bid
38 1955 opt 1945
38 1956 opt 1946
J&J
J&J
38 1956 opt 1946
M&N
33*8 1955 opt 1945.-MAN
48 1946 opt 1944
J&J
10334 104',6
10334 104',6
10534 105?*
4s
1123* 11334
1937
1958 opt 1938
10
10
29?*
31?*
Homestead
10
25
8434
8634
Importers & Exporters
10
2334
25
Ins Co of North Amer..10
733*
753*
36
39
Knickerbocker
1534
1734
10
1234
15
Lincoln Fire
5
4
Newark...23*
12 34
14
Maryland Casualty
1
75*
Re-Insurance. 10
7534
7834
10
3034
32 34
Mass Bonding & Ins..1234
Merch Fire Assur com.23*
25
573*
3234
593*
3434
834
934
5
American Home
Bid
48 1957 opt
Home Fire Security
American Equitable
Ask
10334 104'is
553*
Agricultural
Federal Land Bank Bonds
American of
Ask
M&N 1033* 1033*
M&N 104' 332 105
43*8 1957 opt 1937...J&J 100*16 100716
43*8 1957 opt. 1937. .M&N 101",6 102
10734
43*8 1958 opt 1938._M&N 107
American
American Reserve
American Surety
10
Automobile
Baltimore Amer
Bankers &
23*
25
10034 10434
100
Shippers
Boston
643
27?*
34?*
Continental Casualty
29
31
43*
483*
434
51
Carolina
10
27?*
City of New York
JOINT STOCK LAND BANK BONDS & STOCKS
MUNICIPAL BONDS
Bought— Sold—Quoted
5
23*
Employers Re-Insurance 10
Eagle Fire
0tc&inbcm 9P
Excess
&ne.
...
53*
223*
6
5
57
Merch & Mfrs Fire New'k6
61
11
13
National Casualty
10
193*
10
673*
213*
693*
National Liberty
2
20
New Amsterdam Cas
93*
133
2
New Brunswick Fire
153*
10
135 So. La Salle St.,
State 0540
Chicago
3434
3634
42
4334
4434
4734
20
23
__20
2
Northern
12.50
10234 10634
2.50
...
29
2734
12634 131
131
13434
Northwestern
National.25
Pacific Fire
25
Phoenix
10
10
46
49
125
129
80
82 34
Preferred Accident
103*
11?*
Bank
10
29
Bonds
Atlanta 5s
100
Atlantic 5s
Burlington 5s.
California 5s.,
100
Lincoln 5s
100
94
101
9534
Louisville 5s
95
33
Rochester American
45
Rossia
5
11
10
24
46
St Paul Fire & Marine..25
209
5
463*
483*
Seaboard Fire & Marine..5
5
15
1934
223*
Seaboard
7534
7934
Surety
Security New Haven
10
..
-
-
7*4
10
97
Globe & Republic
100
Mississippi-Tennessee 5s..
Glens Falls Fire
100
Maryland-Virginia 5s
97
/6J*
Chicago 5s
100
Globe & Rutgers Fire
93
1334
33
10
35
'353*
28
363*
30
8534
8834
Southern Fire
28
29
8
1
Springfield Fire & Mar..25
Stuyvesant
5
12834 13134
1
9
10
15
Great American
Great Amer Indemnity.
.
.
North Carolina 5s
9934 10034
Halifax Fire.
10
223*
23?*
Sun Life Assurance
100
610
640
Ohio-Pennsylvania 5s
99
Hamilton Fire
10
24
30
Travelers
100
505
515
63
68
90
93
Pacific Coast of Portland 5s
100
101
101
Pacifle Coast of Los Ang 5s
100
88 34
Oregon-Washington 5s
First Carollnas 5s
First of Fort Wayne 43*s_.
First of Montgomery 5s...
92
Pac Coast of Salt Lake 5s.
First of New Orleans 5a.
94
97
Pac Coast of San Fran 5s
First Texas of Houston 5s.
98
100
First Trust of Chicago 6s_.
Fletcher 3s
100
89
...»
102
87
90
Greenbrier 5s
100
Greensboro 5s
100
.
__
100
mmm
100
100
-
8534
Southern Minnesota 5s
99
101
Tennessee 5s
89
23
100
97
100
Union of Detroit 5s
Kentucky of Lexington 5s.
100
La Fayette 5s
95
98
100
99
...
100
99
Virginian 5s
US Fire
U S Guarantee
73?*
75?*
Westchester Fire
Hartford Steam Boiler.. 10
Allied Mtge Cos Inc—
All series 2-5s
1953
Land
Bank Stocks
Bid
Ask
...100
35
40
Atlantic
100
38
43
North Carolina
Dallas
100
76
80
Pennsylvania
Par
Par
Lincoln
_
.Tmmm
1953
52
...100
29
31
14
18
42
Denver
100
10
14
46
55
58
25c
75c
45
53
Potomac
100
72
80
San Antonio
First Carollnas....
100
4
8
Virginia
Fremont
100
2
5
Virginia-Carolina
—100
5
.
100
55
mmm
-
mmm
54
47
—
46
49
Bid
16
F I C
15
F I C
15
F
15
1936
.25%
1937 6.25%
1937 6 .35%
1937 6.40%
15
1937 6.40%
Bid
Ask
•
•
1
1
1
1
1
1
til
1
FIC
F I C
.
134s. ..May 15 1937 6.40%
134s... July 15 1937 6.40%
1937 6.45%
Interstate Deb Corp 2-5s'55
41
1954
80
Series B 2-5s
Bond
Potomao
1
FIC
80
1953
Inc 2-5s
77
1953
46
48
Potomac Deb Corp 2-6s '53
46
48
46
48
1953
ture
Maryland Deben¬
Corp 2-6s
1953
Potomac
36
/34
(Central Funding series)
Nat Cons Bd Corp 2-5s '53
Realty
1
Bank of Manhattan Co. 10
31
33
Bank of Yorktown..66 2-3
58
64
60
National..50
*
1937 6 .60%
1
1
15 1937 6 .55%
1
1
1953
deb 2-6s
Par
Bid
1
Ask
110
100
95
30
National Safety Bank.
1734
1934
1234
44
46
Penn Exchange
10
12
1234
37
39
Peoples National
50
Par
Ask
Bid
Par
131
134
New York Mutual Tel. 100
134
136?*
N'west Bell Tel pf
159
161
12134 12334
Am Dlst Teleg (N J) com
Public National.
25
100
Emp & Bay State Tel..100
41
65
14
101
105
115
156
131
204
60
995
1015
Sterling Nat Bank & Tr.25
40 34
423*
New England Tel & TellOO
2125
Trade Bank
25
30
Telegraph
25
Bid
26
As*
29
11034
19
21
100
110
29?*
11134
112
11534
284
47
101
First National of N Y..100 2085
Flatbush National
34
100
1234
634 % 100
Peninsular Telephone com*
Preferred A
s
43
x99
Fifth Avenue
60
4434
45
100
Commercial National.. 100
58
Pao & Atl
98
Gen Tel Allied Corp $6 pf
Int Ocean Telegraph...100
Lincoln Tel & Telegraph.*
Mtn States Tel & Tel.. 100
Kingsboro National... 100
48
Roch Telep $6.50 1st pf 100
95
Cuban Telep 7% pref._100
Franklin Telegraph
65
210
46
4234
Telephone and Telegraph Stocks
I
Bell Telep of Pa pref-.lOO
Clncin & Sub Bell Telep. 50
13.55
100
<m
1
Merchants Bank
.
«■
48
Realty Bond & Mortgage
48
Unified Deben Corp 5s '55
1
I
National Bronx Bank...50
-
'
46
1
ft
1
As*
Bensonhurst
7034
Atlantic
Debenture Corp 2-6s *53
76
46
Preferred
Bid
mm
Ask
New York Bank Stocks
Par
mm
(all
Issues) 2-5s
1953
Potomao Cons Deb Corp—
Potomac
Nat Bondholders part ctfs
1
Oct 15
134s—.Nov
mm
.
Corp
Bell Telep of Canada. .100
I
4»*
56
44
Mortgage Bond Co of Md
1
FI O 134s...Sept 15
F I C 134s
Nat Union Mtge Corp—
Series A 2-6s
1954
2-6s
Federal Intermediate Credit Bank Debentures
b
363*
Potomao Franklin Deb Co
1945
2-3s
Nat Deben Corp 2-6S.1953
F I C
343*
2.50
2-6s
7734
Empire Properties Corp...
10
...100
Des Moines
6434
Bid
mmm
80
Cont'llnvBd Corp2-5s'53
Contl InvDeb Corp 2-6s'53
Ask
Bid
6
......
58
61
Ask
80
Arundel Bond Corp 2-58 *53
Arundel Deb Corp 2-6s '53
Associated Mtge Cos Inc—
Debenture 2-6s
Joint Stock
273*
56
Co..2
Surety Guaranteed Mortgage Bonds and Debentures
Bid
---
100
Virginia-Carolina 5s
U S Fidelity & Guar
81
---
/20
Illinois of Montlcello 434s.
Iowa of Sioux City 43*s...
—-
30
85
Southwest 5s
Illinois Midwest 5s
39
303*
78
mmm
f27
San Antonio 5s
37
28?*
10
mmm
10834 110
Phoenix 5s
St Louis 5s
89
mmm
10
10
Hartford Fire
263*
4
10
Hanover Fire
Harmonla
mmm
100
Potomac 5s
■mmm
100
100
Pennsylvania 5s
■
100
Fremont 5s
City (National)
1234
1034
9134
100
Denver 5s
Chase
33
214
100
Dallas 5s
F
27
6
2d preferred
mmm
100
99
New York 5s
423*
31
Ask
Bid
Ask
22
43
Georgia Home
Bid
9634
20
5
Franklin Fire
Land
9234
403*
2534
5
Providence-Washington. 10
Republic (Dallas)
10
Fireman's Fd of San Fran25
Joint Stock
17
New Jersey
General Reinsurance Corp5
Teletype CGO. 437
113*
138
New Hampshire Fire... 10
Fire Assn of PhlladelphlalO
Firemen's of Newark
5
MUNICIPAL BOND DEALERS
834
66
Fidelity & Dep of Md___20
Federal
5
63
National Fire
North River
6
6
...6
New York Fire
10
Connecticut Gen Life...10
233*
293*
293*
363*
213*
Fire
National Union Fire
653
5
Camden Fire
134s
Deo
134s—Jan
134s—.Feb
I O 134s—Mar
I C 134s..-Apr
403*
73*
233*
83*
533*
Aetna Life
116
1133* 114
11334 115
10
American Alliance
112 34 11434
1952
534« Aug
1941
Hawaii 43*s Oct 1956
Atlanta....
Ask
Aetna Fire
For Footnote
see
page
3826.
—
So & Atl
Telegraph.....25
22 34
24
161
Sou New Engl Telep...100
a.
-
159
S'western Bell Tel pref. 100
1243* 1253*
Wisconsin Telep
11534
mmm
134
7% pf.100
...
»
Volume
Financial Chronicle
143
3825
Quotations on Over-the-Counter Securities—Friday Dec. 11—Continued
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3oscpb Walker $ Sons
DUNNE&CO.
Mtmbors 7^cw York Stock Exchange
Members New York Security Dealers Ass'n.
Dealer* in
120 Broadway
Tel. REctor
20 Pine Street, New York
JOhn 4-1360
GUARANTEED
NEW YORK
2-6600
STOCKS
(Since 1855,
BONDS
RAILROAD
>£5
Bought — Sold
Guaranteed Railroad Stocks
—
Quoted
Earnings and Special Studies
on
Request
(Guarantor In Parenthesis)
JOHN
Dividend
Par in Dollars
Bid
Asked
.100
6.00
102
100
10.50
183
6.00
110
2.00
42
8.75
146
153
158
67
60
10434
Albany A Susquehana (Delaware A Hudson)
Allegheny A Western (Buff Rooh A Pitts)
Beech Creek (New York Central)
Boston A Albany (New York Central)
Boston A Providence (New Haven)
100
.100
Canada Southern (New York Central)
.100
3.00
Carolina Clinchfield A Ohio (L A N-A C L) 4%
Common 6% stamped-
.100
4.00
100 34
100
6.00
10234
Chicago Cleve Clnn A St Louis pref (N Y Central) 100
60
Cleveland A Pittsburgh (Pennsylvania)
5.00
97
101
3.50
89
91
2.00
60
62
2.00
48
4934
Betterman stock
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y
25
.
100
Central)
100
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)... .100
.100
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
..60
New York Lackawanna A Western (D L A W)___ .100
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
10234
104
5.50
94
98
196
200
4.00
75
78
950
50.00
1100
3.875
67
69
5.00
97
99
4.00
102
4.50
70
1.50
42
1033$
75
4434
50
3.00
84
88
.100
7.00
172
178
Preferred
100
7.00
xl88
190
Rensselaer A Saratoga (Delaware A Hudson)
.100
6.90
107
110
St. Louis Bridge 1st pref
Second preferred
.100
6.00
150
154
Preferred
(Terminal RR)
3.00
77
3.00
Tunnel RR St Louis (Terminal RR)
75
150
154
United New Jersey RR A Canal (Pennsylvania)... .100
10.00
254
258
Utiea Chenango A Susquehanna (DLAW)
100
6.00
93
96
Valley (Delaware Lackawanna A Western)..
100
5.00
101
107
5.00
87
8934
5.00
91
95
3.50
61
55
3.00
69
71
Bonds
Railroad
45
10.00
50
.
Pittsburgh Fort Wayne A Chicago (Pennsylvania).
Bell System Teletype NY 1-624
•
149
8.50
HAnover 2-2455
•
112
60
41 Broad St., New York
& CO.
SLOANE
York Security Dealers Association
...
1(H)
Alabama A Vicksburg (Illinois Central)
E.
Members New
Bid
Akron Canton A Youngstown 534a, 1945
6s, 1945
Augusta Union Station 1st 4s, 1953
75
Preferred
50
Warren RR of N J (Del Lack A Western)
77
10134
1943
103
10634
Birmingham Terminal 1st 4s, 1957
Boston A Albany 1st 434s, April 1,
7534
96
10734
71
Boston A Maine 3s, 1950
Prior lien 4s, 1942
8534
87
Prior lien 434s, 1944
Convertible 6s, 1940-45
92
—
Buffalo Creek 1st ref 5s, 1901
104
-
90
Chateaugay Ore A Iron 1st ref 4s, 1942
Choctaw A Memphis 1st 5s, 1952
Cincinnati Indianapolis A Western 1st 5s, 1965
Cleveland Terminal & Valley 1st 4s, 1995
Georgia Southern A Florida 1st 5s, 1945
Goshen A Deckertown 1st 5 34s, 1978
/58
102
100
1
68
*
Kansas Oklahoma A Gulf 1st 5s,
98
89 34
Hoboken Ferry 1st 5s, 1946
Kanawha A West Virginia 1st 5s, 1955
10234
-
104
1978
Little Rock A Hot Springs Western 1st
Macon Terminal 1st 5s, 1965
/33
4s, 1939
100
79
Maryland A Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
101
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery & Erie 1st 5s, 1956
New York Chicago A St Louis 4s, 1946
New York A Hoboken Ferry general 53. 1940
-
Vicksburg Shreveport A Pacific (Illinois Central).. .100
Asked
74
Piedmont and Northern Ry. 1st mtge. 334s,
Portland RR 1st 3 34s, 1951
57
92
„
10434
78
9934
7634
1966
94
9634
Shreveport Bridge A Terminal 1st 5s, 1955
West Jersey A Sea Shore (Pennsylvania)
Consolidated 5s, 1945
Rock Island Frisco Terminal 4 34s, 1957
St Clair Madison & St Louis 1st 4s, 1951
92
90
68
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951
93 34
11234
Toledo Terminal RR 434s, 1957
Toronto Hamilton A Buffalo 434s, 1900
Union Pacific 334a, 1970
EQUIPMENT TRUST CERTIFICATES
100
101
69
Washington County Ry 1st 3 34s. 1954
Quotatlona-Appraiaala Upon Request
NEW ORLEANS PUBLIC
Stroud & Company Inc.
Private Wires to
Philadelphia, Pa.
New York
Bmtell Brothers
EST.
Railroad
Bid
members
Equipment Bonds
and
Bid
Ask
n. y.
Tel. DIgby 4-2800
1908
stock
Coast
Baltlmore & Ohio 4Kb
b 1.50
1.00
62.50
Line 434»-
2.00
62.25
1.75
63.25
2.25
5s
63.25
2.50
334s Dec. 1 1936-1944..
63.00
2.25
5a
Boston A Maine 434b
National 4 34»~
Canadian
Cent RR New Jer 4 34s—
2.00
2.00
62.50
Pacific 434s
62.60
62.60
6s
2.00
63.00
2.00
Par
5 Kb
63.00
2.00
Alabama Power $7 pref..*
x80
82
63.75
3.00
Arkansas Pr A Lt $7
x92
94
62.40
2.00
62.40
2.00
62.50
2.00
New Orl Tex A Mex 4Kb..
New York Central 434s
58
5s
61.70
1.25
Northern Pacific 434s
61.00
0.50
Pennsylvania RR 434s
0.60
5s
1.25
62.20
6s
61.75
1.00
63.75
3.00
63.75
3.00
65.00
4.00
Pere
4.00
Reading Co 434a
Chic Milw A St Paul 4 348—
5s
65.00
5s
84
87
84
Chicago R I A Pac 434s—
87
534s
64.25
3.25
64.25
6s
3.25
64.00
3.00
$1.50
1.00
6s
61.50
1.00
434s
62.50
1.75
5s
62.25
1.75
61.50
1.00
61.50
1.00
61.25
0.75
Erie RR 534s
Great Northern 434s
6s
Carolina Pr & Lt $7 pref.
preferred
*
Cent Mplne Pow 6% pf 100
$7 preferred
—100
Cent Pr & Lt 7 % pref..100
3.00
3.00
Jan A July 1936-49
61.50
62.50
2.00
62.25
1.90
62.50
2.00
2$*b series G
non
call Dec. 1 1936-50
Marquette 434a
5s
St. Louis-San Fran 4s
4KB
Denver A R G West 434s__
1.00
0.75
2.00
4s series E due
434s
6s
61.35
62.50
63.75
63.75
--—
N Y N H & Hartf 4 Kb
634B
Chicago A Nor West 434s..
1.00
pref.*
Assoc Gas A Eleo orig pref *
$0.50 preferred
*
$7 preferred
--*
Atlantic City El $6 pref..*
BangorHydro-E17% pf 100
Birmingham Elec $7 pref
Buff Niag A E pr pref—26
41.25
5s
61.00
Chesapeake A Ohio 534B--
6s
St Louis Southwestern 5s..
5 KB
Southern Pacific 4 34s
5s
Southern Ry 434s
5s
534s
Texas Pacific 4s
62.30
1.80
61.50
0.75
/94
97
/95
/96
97
99
-
*
6%
Illinois Central 434s
Bid
1st $6
preferred A—100
$0.50 preferred B
100
Consoi Traction (N J). 100
Consumers Pow $5 pref..*
100
100
6% preferred
0.00% preferred
1334
Mississippi P A L $6 pf
2714
Miss Riv Pow
2834
Mo Pub Serv $7 pref
11134 11334
2534
99
Newark Consoi Gas
8834
New Eng G A E 5 34 %
85
88
95
98
8934
112
107
10834
6234
10534 10634
106
107
107
pref 100
113
62.00
1.75
62.50
2.00
Derby Gas A El $7 pref-.*
Essex-Hudson Gas
100
193
Federal Water Serv Corp—
100
9634
2.00
$0 cum preferred
5634
5734
62.00
1.00
$0.50 oum preferred
5834
5934
$7 cum preferred
61
63
1.00
62.00
1.00
Foreign Lt A Pow units. _•
Gas A Eleo of
0.50
61.50
1.00
Virginian Ry 434s
61.25
0.75
Hudson County Gas
Internat Great Nor 434s__
63.75
2.50
0.75
Idaho Power $0 pref
Long Island 4 34s
62.30
1.75
62.25
1.50
95
Hamilton Gas Co v t o
Louisv A Nash 4348
5s
6 34s
Minn St P A SS M 4s...
61.20
0.75
61.20
0.75
63.10
2.50
102
10034
10234
7%
preferred
122
34
34
100
193
53
103
Interstate Natural Gas...*
2934
3034
10134
pref--1*
pref.50
Jer Cent P A L7% pf-.lOO
Kan Gas A El 7% prhf-lOO
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf.100
7% preferred
100
Memphis Pr A Lt $7 pref.*
2034
2134
63.10
2.50
2.75
Western Pacific 5s
62.10
1.75
64.00
3.00
64.00
3.00
Interstate Power $7
8234
11634
16
18
534
5234
5634
35
38
634
112
122
mm
50
51
8734
8834
60
61
106
5934
6034
103 34 105
11334 115
109
107
9834
10834
112
114
9534
11134 11234
10234 104
107 34 10834
113
89
110
9094
110
8634
116
91
11034
93
112
88
Rochester Gas & Elec—
193
52
Jamaica Water Sup
8134
115
South Jersey Gas A El .100
11034
Illinois Pr & Lt 1st pref.
100
1.75
preferred
*
Ohio Power 6% pref—100
Ohio Pub Serv 6% pf__100
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 Q A E—
6% preferred
100
8134
10534 10634
101
62.10
7% cum preferred—100
N Y A Queens E L P pf 100
Nor States Pr $7 pref. .100
Ohio Edison $6 pref
*
7134
100
Sioux City G A E $7 pf.100
Sou Calif Edison pref B.25
10934
100
Ask
67
198
6s
63.75
3826.
61.25
100
Bergen..100
5 348
Western Maryland 434a___
5s
6348
For footnotes see page
198
0.75
0.50
Maine Central 5s
77"
73
62.50
62.00
5s
9834
61.25
61.10
100
pf-*
N E Pow Assn 0% pref. 100
New Eng Pub Serv Co—
$7 prior lien pref
*
New Jersey Pr A Lt $6 pf.*
New Orl Pub Serv $7 pf..*
N Y Pow A Lt $0 cum pf.*
$7
4 348—
Wabash Ry 4 34s
6s
6434
106
Dallas Pr A Lt 7%
61.10
6s
9134
110
1.75
Union Pacific 434s
6s
100
x97
X24K
2.00
1.75
preferred
X86K
62.00
preferred
100
Nassau A Suff Ltg pref. 100
Nebraska Pow 7 % pref .100
80
62.75
1.00
-
82" "
*
6% pref.100
Mountain States Pr com..*
7%
132
Bid
78
preferred
12
Continental Gas A El—
61.75
534s
$7
27
2.25
62.30
5s
Mississippi Power $6 pref..
2634
63.00
7%
Par
As*
Columbus Ry Pr & Lt—
6s
Hocking Valley 5s
Utility Stocks
3.00
5a
N Y Chic A St. L 4 Kb
Canadian
Teletype N.Y. 1-1146
Ask
63.75
Missouri Pacific 434s
ONE WALL ST., N.Y.
exchange
n.y. curb exchange
Public
Atlantic
SERVICE, INC.
7% CUMULATIVE PREFERRED
6% preferred C
Tenn Elec Pow
90
94""
0% pref 100
preferred
..100
7% pf.100
Toledo Edison 7% pf A 100
United G A E(Conn)7% pf
United G A E (N J) pf.100
7934
81
Utah Pow A Lt $7 pref—*
90
92
Utica Gas A El 7%
73
75
Virginia
KA
7%
Texas Pow & Lt
10034 10234
11234
Ry
pf__100
100
90
28
6734
98
2834
198
6834
75
73 34
11034 112
11034 112
91
78
62
93
83
64 34
100
102
142
146
Financial
3826 '
1936
12,
Dec.
Chronicle
Securities—Friday Dec. 11—Continued
Quotations on Over-the-Counter
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
Investment
Company Securities
QUAW & FOLEY
NEW YORK
STREET
BROAD
SO
GROUP.
DISTRIBUTORS
Members New York Curb Exchange
Trading Correspondent
Kneeland 8C Co.—Western
Am. Writ. Paper,
New
Dainty Maid Slippers
Com.& Pref.
Electrol, Inc:
Incorporated
BOwling Green 9-1420
Street, New York
63 Wall
Telephone HAnover 2-9030
Investing Companies
United Cigar Stores
Inquiries Invited
1919
Established
Members of
Bank
31*
I.28
1.40
Am Insurance Stock Corp *
1.79
Group Shares
54
Investors Fund C New..
16.07
.
1.87
1.93
57
16.39
1.27
Investment Tr of N Y—*
7.45
2.60
5*
1.14
Inc
Amer General Equities
1.73
Group Shares
Invest Co of Amer com. 10
15
14
Amer & Continental Corp.
Teletype N Y 1-1397
Tel. HAnover 2-8780
30 *
1
Ask
Institutional Securities Ltd
Insurance
*
Amer Business Shares
ST.. N. Y.
BROAD
12.20
Amerex Holding Corp
the New York Security Dealers Assn.
25
Ask
20.69
11.22
*
Administered Fund
Affiliated Fund Inc
Bid
Par
Bid
19.45
Par
M. S. Wein & Co.
Keystone Cust Fd Ino B-3.
24.98
27.34
*
3*
5
7*
7*
Major Shares Corp
Bankers Nat Invest Corp *
4*
4*
11.10
5.35
Maryland Fund Ino com..
Mass
Investors
Trust.. 1
10.16
*
1
28.85
30.61
.58
".78
Mutual Invest Fund
1
17.81
19.46
34.86
37.27
Nation Wide Securities.. 1
4.80
4.90
Voting trust certificates.
2.28
2.44
k Trust Shares—
3*
64*
68*
Assoc Stand Oil Shares..2
Climax
Basic Industry Shares
Molybdenum Co.
British Type Invest A
Broad St Invest Co Inc
Sylvania Industrial Corp.
Members
47
*
N Y Ba
No Amer Bond Trust ctfs
52
2.92
No Amer Tr Shares 1953—
6
9
27.15
*
29.19
Serlea 1955
12*
Series 1956
19*
Series 1958
'
BOwltng Green 9-3565
New York
5.05
Class B
[commodity Exchange, Inc.
61 Broadway,
23*
4.65
*
Century Trust Shares
Consol. Funds Corp cl A.
Contlnental Shares pref
(New York Security Dealers Association
,
22*
Central Nat Corp cl A
& CO.
UNTERBERG
E.
C.
1
Canadian Inv Fund Ltd.l
Bullock Fund Ltd
11
18*
Securities... 100
77
82
Pacific Southern Inv pref. *
39
42
16*
Class A
3.78
mod
♦
15*
Blass B
2.99
Series A A
*
3*
4*
.99
1.10
31*
33*
Plymouth Fund Inc A. 10c
Quarterly Inc Shares
100 Z115
10 x36*
18.96
20.66
38*
Representative Trust Shs.
14.62
15.12
Republie Investors Fund.5
5.15
Series ACC mod
3.78
Crum & Foreter Ins com 10
in the
8% preferred.
Common B shares
7% preferred
New
110
..100
stock
-
*
18.78
20.47
11S Broadway, N.
Royalties Management
2.34
Selected Amer Shs new
Deposited Insur Shs A
3.83
Selected American Shares.
4.25
Deposited Insur Sh ser B.
10.97
Diversified Trustee Shs B
1920
Established
6.65
Deposited Bank Shs ser A
Teletype NY 1-1493
3.61
Selected Cumulative Shs__
12
Selected Income Shares
5.20
Selected Industries conv pf
D
Tel. BArclay 7-0700
Y.
Bell System
7.75
Spencer Trask Fund
Dividend Shares
Bid
Par
♦
American Book
-
18*
100
American RepubUcs com.*
10*
46*
48
22
23*
6
Ohio
9*
30*
100
99
Yeast...100
286
Pharmacol
26.29
6.71
7.38
*
100
48
118
15*
26
Remington Arms com
57*
59
Scovill Mfg
50
*
57
58*
Singer Manufacturing..100 2380
Standard Cap & Seal
37
5
388
Class
B
Crowell Pub Co com
*
258*
100
$7 preferred
109*
Standard Screw
164
39
r
54
119
__
1.09
1.20
1.66
1.84
Trusteed Industry Shares.
1
U S El Lt & Pr Shares A..
1.77
B
3.16
3.26
1.55
1
Voting trust ctfs
1.20
1.28
1.76
1.91
Un N Y Bank Trust C3—
1.39
1.51
Un N Y Tr Shs ser F
1.58
1.72
Wellington Fund
shares
shares
1.76
1.30
1
23*
20*
1*
4*
2*
20.55
Investm't Banking
22.50
3*
Corps
First Boston Corp
Schoelkopf, Hutton &
Pomeroy Ino com
.75
25.70
13*
12*
44*
Corp..
Bancamerica-Blatr
1*
25
.55
Incorporated Investors..*
168
20
1.91
1.19
Guardian Inv Trust com.*
Huron Holding Corp
46
6*
5*
Investors Fund of Amer
16*
17*
43
44
Taylor Milling Corp
58
*
100
—
7.06
Trusteed Amer Bank Shs B
1.83
Preferred
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
*
63
100
Dictaphone Corp
Preferred
60*
60
Dentists' Supply Co of N Y
7.70
1.63
Steel shares
51
25
—
3.20
A
B
1.67
2.33
Tobacco shares
4*
3*
*
3.26
C
;
1.05
RR Equipment shares._
50
112
13*
1.54
2.15
shares
Petroleum
2*
24
Trustee Standard OH Sh
D
Mining Shares
101
1*
Trustee Standard Invest
1.98
Merchandise
12*
1
7.73
1.83
16.63
1.69
Chemical
21*
98
7.11
shares
mm
8.45
15.30
Food shares
19*
*
8.45
D
Supervised Shares
Investing shares
94
47*
Pathe Film 7% pref
Petroleum Conversion
2.96
C
6.14
Automobile
4.50
BB
24.89
2.96
B
5.65
Building shares
45*
11*
$7 1st preferred
AA
5.35
General Investors Trust..
4.30
Super Corp of Am Tr Shs A
31.21
II.37
Foundation Trust Shares A
10*
*
Publication Corp com
13.77
106
*
40*
39*
28.99
34
preferred
*
Columbia Broadcasting A *
cum
1.07
*
Agricultural shares
Columbia Baking com...*
$1
.99
* 124.62
State Street Inv Corp
Group Securities—
6
Leather
Standard Utilities Inc...*
44*
*
B
_
Ohio Match Co
129
125
Climax Molybdenum....*
52
27*
25*
100
24*
39
35
Canadian Celanese com..*
Preferred
Northwestern
Norwich
53*
23*
48
111
*
100
preferred
New Haven Clock pf
7*
51*
100
preferred
5%
4 60
38.17
41*
1
B
♦
Nat Paper & Type com
10*
*
Art Metal Construction. 10
Bankers Indust Serv cl A*
Beneficial Indus Loan pf_*
Bowman-Biltmore Hotels
Andlan National Corp
4.35
Fundamental Investors Inc
*
Preferred
Standard Am Trust Shares
Fixed Trust Shares A
99
Muskegon Piston Ring
National Casket
87*
•84*
23.06
2.13
1.
Fundamental Tr Shares A.
100
Preferred
110
8% cum preferred—.100 2106
American Hardware
25
36*
37*
31
29
Amer Maize Products
*
1st
114*
29*
29"
22.37
Equity Corp conv pref
Fidelity Fund Ino
2*
Mock Judson & Voehringer
American Hard Rubber—
American Mfg 5% pref.
1*
27*
100
preferred
6%
Ask
1
Merck & Co Inc com
69
17
1
Bid
Maytag warrants
-
66
100
Amer Box Board com
Par
Ask
50
5.72
27*
*
35.52
25c
Eqult Inv Corp (Mass).
Industrial Stocks
American Arch
.
C
Members New York Security Dealers Association
5.45
*
Cumulative Trust Shares. *
Bristol & Willett
mm
Northern
Accumulative series
Over-the-Counter Market
mm
3.79
3.13
Series A A
COMPREHENSIVE SERVICE
mm
3.77
2.99
Corporate Trust Shares...
Teletype N. Y. 1-1666
3.82
-
24
25*
*
*
Crucible-_. 100
Douglas Shoe preferred. 100
32
*
Taylor Wharton Iron &
72
84
Dixon (Jos)
Draper Corp.,
Flour Mills of America
*
Foundation Co. For shs__*
3*
shares
*
Gair (Robert) Co com
0/8
*
9*
♦
com
Trlco Products Corp
87
*
American
Steel
35
Tublze Chatillon
4
Unexcelled Mfg Co
United Merch & Mfg com *
Q
cum
Preferred
23*
Welch Grape Juice
44*
West Va
9
7
*
4*
5
22
86
29
43
47
35
38
$3
47
100
1
2*
2*
1*
1*
35
22*
White Rock Mln Spring—
Corp.
26
6
.10
12
WJR The Goodwill Station
32
Worcester Salt
100
59
Young (J S) Co com
120
-
11*
100
100
114
6% preferred
-
12*
70
7%
preferred..
29
126
1953
15
1937
101.2
101.6
Aug
15
1938
102.17 102.21
l*s
114
June
1 1939
101.19 101.22
1
Bear Mountain-Hudson
River Bridge 7s
Ask
Aug
As*
100
104
101
3*8
1£
r-4
OO rH
100
..1939
155
Cont'l Roll <fe Steel Fdy
100* 102
104
104*
102* 102*
--
conv
101*
102* 103*
1948
Conv deb 6s
6s
Merchants Refrlg 6s..1937
/64*
93
5s..1946
93
N Y Shipbuilding
Federal Farm Mtge Corp-
66*
98
Reynolds Investing 5s 1948
/91
160
99*
..1946
Nat Radiator 5s
Submarine Signal Company
98
94
Chicago Stock Yds 5s. 1961
103* 1—<
Comm Credit
34
Bid
l*s
2s
111
12*
Wilcox-Gibbs
-
Bid
American Tobacco 48.1951
6*
38
110
67
100
common..60
Willys Overland Motors..1
36
260
Miscellaneous Bonds
Am Wire Fabrics 7s..1942
100
$7 1st preferred
Teletype NY 1-1718
37
21*
preferred
*
White (S S) Dental Mfg.20
Lawyers Mortgage Co. .20
Lawrence Portl Cement 100
Bell System
27* 29*
104* 106*
6
4*
cum
REctor 2-8500
Broadway
104
West Dairies Inc com vt c 1
BONNER
&
Incorporated
120
*
Preferred
89
45
Kildun Mining
BONNER
3*
2*
27
pref. 100
Pulp & Pap com.*
$3 conv preferred
105
Graton & Knight com
Bought—Sold—Quoted
m
_
Warren Northam—
47*
Pittsburgh Steel Company
17
43*
20*
100
42
22
*
pf. 10
10
United Piece Dye Works.*
10*
39
Preferred
Gen Fire Extinguisher
*
1*
16*
41*
103*
Scovill Mfg 5*3
95"
106* 108*
1945
Std Tex Prod 1st 6*8 as'42
Struth Wells Titus 6*8 *43
/20
21
ROBINSON, MILLER & CO.
/30
32"
Woodward Iron 5s... 1952
101* 101*
/32
Witherbee Sherman 6s '44
101.18 101.21
/93
95
33*
94
INC.
n.y^i-905
HAnov£"h2-ie282 52 William Street, N.Y.
*
d
No par value,
Coupon,
a
interchangeable,
e Ex-rlghts.
/Flat price,
selling on New York Curb Exchange,
ROBERT
$3
t Now listed
GAIR
requirement
.30
per
share on
twice
Common
NORVIN
GREENE
Incorporated
30
HAnover 2-0077
BROAD
Bell Tele. N.Y. 1-1786
Now
of pure gold.
NOTICES
—Hanson & Hanson, 25 Broadway, New
on
STREET
y
York Stock Exchange.
CURRENT
Bought—Sold—Quoted—Analyses
&
Registered coupon (serial)
§ Called for payment Feb. 1, 1937, at 105 plus dividend.
Allendale Corp $3.50 pfd.-com.
LANCASTER
c
When Issued,
x ex-divtdenfi.
Now selling ex-coupons,
w. i
t Quotations per 100 gold rouble bond equivalent to 77.4234 grams
Cumulative Preferred
in quarter ended Sept. 30, 1936 earned over
preferred
on New
b Basis price,
z
York, have prepared a circular
Simmons Hardware & Paint Corp.
—Del Re & Co., 44 Wall St., New
York, have prepared an analysis of
Pittsburgh Steel Co.
I
Volume
Financial
143
Quotations
Chronicle
3827
Over-the-Counter Securities—Friday Dec. 11—Continued
on
Securities of the
,
OFFERINGS
Associated Gas & Electric
S. A. O'BRIEN
&
American Water Works & Electric Co., Inc.
CO.
Consumers Water Co.
Members Neto York Curb Exchange
ISO
BROADWAY, NEW YORK
75
FEDERAL
COrtlandt 7-1868
Direct Private
HANcock 8920
H. M. PAYSON & CO.
Telephone between New Yorb and Boston
Teletype—N.Y. 1-1074
Bid
Amer States P S 6MS-1948
Amer Tel Tel deb 3 Ms 1961
Debenture 3 Ms w
1,1906
Amer Wat Wks & El 6s 76
Ariz Edison lBt 6s
Est. 1854
Ask
Bid
Federated Utll 5 Ms... 1957
n Mountain Pow 5s '48
92
103
89
1966
Tel. 2-3701
97
Specialists in—
Ask
88
90
Water Works Securities
102 M 103 M
105M 105M
102
Complete Statistical Information—Inquiries Invited
104
/5 2
91
95
States Utul. 4s
Iowa Sou Utll 5Ms...1950
101M 103
1945
Ark Louisiana Gas 4s. 1951
PORTLAND, MAINE
Utility Bonds
102 M 102 Ji
1948
1st 6s series A
90
102 M
(Maine)
ST., BOSTON
Bell System
Public
WANTED
First Mortgage Bonds of Subsidiaries
System
55
Swart, Brent & Co.
109 M 110 H
102 M 102 M
Ark Missouri Pow 1st 6s '63
90
92
Associated Electric 5s.1961
65 M
66 M
Assoc Gas & El Co 4 Ms '58
50
52
Assoc Gas & Elec Corp—
Income deb 3 Ms
1978
40 H
102 M 103 M
41M
ake
Superior
District
Power 3Ms ser A..1966
INCORPORATED
101H 101H
105 M 106 M
105M 105 M
41M
42 M
1978
44 H
45 M
100
Income deb 4 Ms
Conv deb 4s
1978
49
50 M
106 M
1973
80
Conv deb 4Ms.
Conv deb 5s
1973
83 M
HAnover 2-0510
PLACE, NEW YORK
Teletype: New York 1-1078
108 M 108 M
100 M 101M
Income deb 4s
40 EXCHANGE
Tel.
Income deb
3)£s
1978
1973
85
Water Bonds
102
107 M
106
-
104
-
-
104 H
89 M
Conv deb 5Ms
1973
Sink fund income 4s 1983
98
Sink fund lno 4 Ms—1983
Sink fund inoome 5s 1983
51M
~
m. -
4s.
.1965
46
102 M 103 M
79 M
78
102 M 103 H
56 M
Sink fund lno 5 Mis.,1983
62 M
Sink fund inc 4-5S..1986
102M 102M
-
-
-
Debenture 4s
1946
102 M 102 M
Sink fund inc 4 M-5 Ms 86
51M
56 H
Sink fund Inc 5 M-6 M8 86
62 M
-
3Ms
—
series
1966
I
101
102 M 103 M
102 M 104
Central G & E SMs...
1st lien coll tr 6s
106 M 107
102
/101
105M 106 M
107
107 M
100
84 M
89
86
87
Pub Utll Cons 5 Ms.-1948
108M 109
94
106 M
San
96
—
-
105M 105M
110M 110M
107M 108M
Southn Nat Gas Pipe
56
58
Line
Sinking fund 4Ms..l951
100
100 M
109 M
Tel Bond & Share 5S..1958
87
88 M
107 M
108M
Utica Gas A El Co 58.1957
106 M
59 M
61
Virginia Power 5s
68
WashA Suburban 5 Ms 1941
Western Mass Co 3 Ms 1940
104M 105M
103 M
103M
1942
Ashtabula Wat Wks 5s '58
103 M
Atlantic County Wat 5s '58
104
Western Pub Serv 5 Ms '60
Wisconsin G A El 3 Ms 1966
5s series C
102 M 103
Wise Mich Pow
108 M
106
104
1954
101
5 Ms series A
1954
103
Butler Water Co 5s... 1957
95
106 K
109M
—
1st mtge 4s
1961
106 H
94
96
105
New York Wat Serv 5s '51
97M
99 X
99
Calif Water Service 4s 1961
105 M 106 M
Newport Water Co 5s 1953
Ohio Cities Water 5 Ms '53
Chester Wat Serv 4 Ms '58
103 M
Citizens Water Co
105
104M
104M
(Wash)
5s
1951
102
5 Ms series A
1951
103
5s.
.1941
Ohio Valley Water 5s. 1954
Ohio Water Service 5s .1958
1957
Clinton W Wks Co 58.1939
Commonwealth Wat (N J)
5s series C
1957
103
••
90M
101M
Peoria Water Works
Co—
1st A ref 5s
1950
1948
101M 103M
99 M 101 %
101M
1st consol 5s
1948
100
Prior Hen 5s
1948
1031
105 M
103
Phila Suburb Wat 4S..1965
104M
Pinellas Water Co 5 Ms '59
103*
Plalnfleld
86 M
Richmond W W Co 5s.1957
108 ft
105 • 107
100
4 Ms-
Unigu Wat 5s *01
Roanoke W W 5s
Consol Water of Utica—
1950
Roch A L Ont Wat 5s .1938
94
19f
—
98M
107
102M
104M
5s series D.
St Joseph Wat 4s ser 19A'66
Scranton Gas A Water Co
4 Ms
1958
Scranton Spring Brook
1961
1st A ref 5s A
1967
Sedalia Water Co 5 Ms '47
Shenango Val 4s
ser
B 1961
South Bay Cons Wat 5s '60
Public Utilities—Industriais—Railroads
101M
105
Sou Pittsburgh Wat 6s *55
5s series A
1960
5s series B
...
1960
109
150
Spgfleld City Wat 4s A1950
102
Terre Haute Water 5s B '56
6s.
102M
6s.
Broadway, N. Y.
104
Bell System Tel.
ny 1-588
6s series A
1949
Texarkana Wat 1st 53.1958
Union Water Serv 5 Ms '51
105
—
Bid
Alden 1st 68.... Jan 1 1941
Broadmoor (The) 1st 0s '41
B'way Barclay 1st 68.1941
B'way A 41st Street—
1st leasehold 6M8—1944
/46
/50M
/35M
Ask
48 M
37M
/39M
/69M
71M
69 M
72 M
/70M
98 M
106
Apr 28 1940
/50M
Dorset (The) 1st 6s...1941
East Ambassador Hotels—
/34M
1947
no
Eqult Off Bldg deb 5s 1952
Deb 58 1952 Legended..
50 Bway Bldg 1st 3s lno '46
88
53 M
0a
Nov 1947
Film Center
Bldg 1st 6s '43
40 Wall St Corp 6s
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
Fuller Bldg deb 6s
11K
N
Y Water
5Ms series F-l
5 Ms series Q
19th A Walnut Sts (Phila)
1st 6s
July 7 1939
53
/34M
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1 Park Avenue—
/40M
/50M
2nd mtge 6s—.....1951
103 E 57th St 1st 6S... 1941
44
74
76~"
79
77 M
/36M
105 Bway
Bldg 1st 5 Ms '51
44
21M
1944
73
Lefcourt Manhattan Bldg
1st 4-58 extended to 1948
Lewis Morris Apt Bldg—
5s income
/46M
78 M
69
85
75
48 M
80 M
71
52 M
73 M
66 M
1943
1st fee A l'hold
0M8.194O
Savoy Plaza Corp—
Realty ext 1st 5 Ms. 1945
87
lst 6
—
69 M
Ms—May 15 1948
73
75M
1947
97 M
London Terrace Apts 6s '40
102
I960
98 M ioom
98M 100M
101M
102
103 M
102
5s series C
1960
104 M
6s series A
104M
1949
103 M
W'msport Water 5s...1952
103
/6iM
/53^
55
/30M
52 M
1939
Bldg 1st 4s 1941
/56M
Store
Par
58M
66 M
68 M
/50M
51M
/48
49M
m
33 M
33 M
/34M
36 M
50
Borland Shoe Stores
7% preferred
B/G Foods lno com
58M
/69M
/50
1st fee A leasehold 4s '48
Bid
»
19
100
Securities
Ask
103
20 M
5
Blckfords Inc
♦
$2.50 conv pref
5%
14 M
36M
15M
37H
(H C) common..*
8
9
7% preferred
—100
Diamond Shoe pref.—.100
42
47
Bohack
Fishman (K H) Stores...*
Preferred
100
104 M 106 M
21
23 M
Green (H L) 7%
104 M
100
Katz Drug
105
pref—100
preferred
*
(S H) 6% pref
4 M%
preferred
Miller (I) Sons com
17
23
100
80
90
Bid
Bid
11H
Ask
12M
100
100 5125
16
*
6M% preferred
100
Murphy (G C) $5 pref.100
45
129
20
49
107
Nelsner Bros pref.....100
109
Reeves
115"
108
(Daniel)
pref. .100
Schiff Co preferred
Par
7% preferred..
Par
Kress
Lerner Stores pref
Melville Shoe—
Rose 5-10-250 Stores
110
*
Kobacker Stores
/56M
United Cigar Sts
5
100
115
107M
6% pf.100
22
25
6% pref ctfs
preferred... 100
22
25
U S Stores
7
8M
52M
Sugar Stocks
97 M 100
68 M
70
50
Ask
Par
176
Eastern Sugar Assoo
Preferred
1
37
38M
Savannah Sug Ref com
1
44M
46
West Indies Sugar Corp__l
Haytian Corp Amer
/48
73 M
73 M
Boston
Chain Store Stocks
...
70 M
69
Westinghouse Bldg—
1942
1930
-
32 M
18
Chain
64 M
/34
1st 5 Ms
2 Park Ave
NEW YORK
-
63M
616 Madison Av 1st 6 Ms'38
61 Bway Bldg 1st 5 Ms 1950
1958
Chicago
55
48
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 194„
BURR & COMPANY INC.
Trinity Bldgs Corp—
Ludwlg Bauman—
100M 102M
103 M
103 M
57 William St.
98 H
(Bklyn)
105
101M
(Newark) 6s '37
Textile Bldg 1st 6s
/50
1st 6s
1951
Westmoreland Water 5s '52
Wichita Water Co 5s B '56
104M
Kokomo W W Co 5s
34
Sherry Netherlaod Ho._
60 Park PI
Apr 15 1937
1st! Ms( LC)
Joplin W W Co 5s
1950
1st mtge 5s
102
104M
33 M
/32
f31
6s
54M
/60M
Lincoln Bldg Inc 5M8.1963
Loew's Theatre Realt Corp
1st 68
105 M
79
Roxy Theatre—
1936
85M
103
35M
/
/19
Hearst Brisbane Prop 6s '42
103""
—
/32M
Prudence Co
/40M
Hotel Lexington 1st 6s '43
Hotel St George 4s
1950
Kelth-Albee Bldg (New
1st 6Ms
97 M
83 M
Co—
1st mtge 5 Ms
99
96 M
/53M
/63M
5 Ms series C-2
1941
5 Ms unstamped
1949
Graybar Bldg 5s
1946
Harrlman Bldg 1st 6s 1951
Rochelle) 1st 6s
1st mtge 2s stmp A reg'55
1st A gen 6s
1946
N Y Eve Journal 6 Ms. 1937
5Ms double stpd._.1961
Realty Assoc Seo Corp—
1st 6M8 stamped...1948
Oct 1
S f deb 5s
1945
Munson Bldg 1st 6 Ms. 1939
90
85
Fox Theatre A Off Bldg—
1st 6 Ms
1947
N Y Title A Mtge Co—
5 Ms series BK
500 Fifth Avenue—
1949
94
6s
102
103
102M 103M
Western
100
6s.
105
102 M 104 M
95
100
103
N Y Athletic Club—
Court A Remsen St Off Bid
6 Ms unstamped
32 M
103M
102 M 103 M
102
103
Metropol Playhouses lno—
68 stamped
1948
Chanln Bldg Inc 4s...1945
502 Park Ave 1st 6s...1941
52d A Madison Off Bldg—
Ask
5s.
Metropolitan Corp (Can)
--
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s.. 1948
1st Aref 6 Ms
/30M
53 M
Broadway Motors Bldg—
1st 6s
Bid
102 M
Water Serv Cos lno 5s '42
5s series B
Mortgage Certificates
95)
93M
101M 102)
105M
W Va Water Serv 4s._1901
102 M
Indianapolis Water—
Real Estate Bonds and Title Co.
105"
83 M
102M
2360
«
107®
99M lOlM
Pittsburgh Sub Wat 5s '58
Reports—Markets
BArclay 7
98 M
106
1st consol 4s
105
INCORPORATED
102"
105
81M
84M
107 H
BAKER & CO.
95
93
108
100
Ore-Wash Wat Serv 5s 1957
102 M 103 M
AMOTT,
101
101
1st 58 series C
...
Estate Securities
95
93
Penna State Water 5 Ms '52
Penna Water Co 5s.__1940
—
Water Serv 5s
Real
104M
105M
102 M
Wisconsin Pub Ser
/63
3^8—1961
103
New Jersey Water 58.1950
New Rochelle Wat 6s B '51
5 Ms.
1951
106 H
93
.1950
M uncle Water Works 5s '65
1957
102 M
106
5Ms.
Birmingham Water Works
-
102
Ask
106 M
100M
126 M 127 M
66
Bid
101M 103 M
105
1956
103
102
109
0% secured notes..
Cons. G E L & P
Cumberl'd Co PAL 3M8'06
88
Sou Calif Gas 1st 4s...1965
Sou Cities Utll 5s A... 1958
104M 105
3 Ms series F
Conn River Pr 3^8 A. 1961
Consol E A G 68 A... ~
86
Diego Cons GAE 4s '65
Sioux City Gas & El 4s 1966
107M
107
103
105M 106 M
110M
98
103 M 104
Ask
Alabama Water Serv 5s '57
Alton Water Co 5s
6s series B
46 M
Sink fund Inc 5-6S..1986
Bid
*
M
1
...
—
For
footnotes see
page
3826.
Bid
38
5M
Ask
40
6
Financial
3828
Stocks
Shares
266 Hamilton Woolen
Quotations on Over-the-Counter SecuritiesFriday Dec. 11—Concluded
Foreign Unlisted Dollar
24
1946
!22
33
Argentine 4 3*s
1971
Bank of Colombia 7 % 1947
973*
/23
change Bank 7s
Ilseder Steel 6s
25
1948
Barranquilla 8s*35-40-46-48
Bavaria 63*s to
1945
Bavarian Palatinate Cons
/23
25
/20
23
/233*
243*
As*
Hungarian Discount A Ex¬
Antioqula
8%....
Bank of Colombia 7 %
973*
Jugoslavia 5s
Jugoslavia 2d ser
1945
/173*
203*
/173*
/17
183*
173*
/93*
/83*
/83*
9 3*
1945
8s.
Bolivia
7s
(Republic) 8s.l947
...1958
7s-
1969
6s
1940
Brandenburg Elec 6s.-1953
Brazil funding
5%. 1931-51
funding scrip..
Brazil
Bremen (Germany)
83*
8 3*
11
/9
/223*
24 3*
f73
f75
733*
24
/20
1962
/30
—
Brown Coal Ind Corp—
1953
63*s
/26
/62
Buenos Aires scrip
6S-1940 fill
/123*
Caldas (Colombia) 7 3*s '46
/123*
Call (Colombia) 7%.. 1947
Callao (Peru) 73$%—1944
/93*
Cauca Valley 73*s
1946 /123*
Ceara (Brazil) 8%
/4 3*
1947
/143*
Chile Govt 6s assented
/143*
7s assented
Chilean Nitrate 5s
1968 f7 0
Burmelster& Wain
-
-
-
115
133*
133*
stamped..1937
1957
stamped
Cordoba 7s
7s
Costa Rica funding 5% '51
.
60
273*
/22
/233*
/243*
253*
273*
/87
/86
96
/30
66
203*
10
J22
/23
/21
24
25
23
1968
Church
Prov Bk
54
7% *36
6%...1933
63*s '46
/40
/18
/225*
/223*
Rio de Janeiro
Cundlnamarca
fl2H
/223*
133*
R C Church Welfare 7s *46
23
Royal Dutch 4s
1945
129
/22
24
Saarbruecken M Bk 6s '47
/22
24
/213*
/233*
/233*
243*
7s ctfs of dep
25 3*
4s scrip
253*
8s
433*
19
243*
233*
131
/23
Dulsburg 7 % to
1945
East Prussian Pow 6s. 1953
63*s *50
63*s.
1953
European Mortgage & In
vestment 73*8
1966
Frankfurt 7s to
..1945
French Govt 53*s
1937
Electric Pr (Germ)
French Nat Mall SS 6s '62
German Atl Cable 7S..1945
~f27~
1948
/24
Jan to June 1936
1936
German scrip
Apr 15 '35 to Oct 15 '36
German Young Coupons
7s
State
83*
173*
113*
'36.
/13
/9 3
101
130
1313*
133*
1133* 1143*
/41
Water Wks
1957
1953
6%
Haiti 6%.
283*
44
36
November 1935
Siem & Halske deb
1954
1960-1990
245*
/253*
42
Coupons—
Nov 1932 to May 1935
Gt Brit & Ireland 53*8 '37
Guatemala 8s 1948
/233*
1947
1956
122
24
94
98
36
1956
2d series 5s
/50-60
/34
6s.2930 /260
...1940 /98
290
Mtge Bk Jugoslavia
5s
/83*
/163*
/105*
Dec 1 '34 stamped
1951
State Mtge 6s.
Serbian 5s
German Dawes Coupons
Dec 1934 stamped
113*
203*
253*
(Brazil) 6s. 1943
1945
63*s
27
/263*
/253*
/233*
/223*
/63*
July to Dec 1935..
/103*
/193*
/243*
Sao Paulo
•£283*
4s
68
36
12
/78
29
Saxon
July to Dec 1934
Jan to June 1935
Hanover Harz
24
/67
Santander (Colom) 78.1948
/56
/36
8s
/22
Scrip
Saxon Pub Works 7s.
July to Deo 1933
Jan to June 1934
(Austria)
1947
stamped. 1942
1948
(Brazil)
70
German defaulted coupons
June 1 *35 to Dec. 1
75
65
Catharlna
Santa Fe 7s
1283*
German Building & Land-
Graz
/65
/55
8%
25
1203*
^124 3*
July to Deo
38
8s ctfs of dep
Gelsenklrchen Min 6s. 1934
bank 6 3*%
/34
/35
/103*
1948
Santa
/26
/23
2d series 5s
$ Per Share
90
Bank of Nashua, N. H., par $100
Manufacturing Co. preferred, par $100
Hoosac Mills $7 first preferred
Ludlow Manufacturing Associates
Farr Alpaca Co., par $50
Naumkeag Steam Cotton Co., par $100..
Arlington Mills
—.—
10
25
6
Boston Athenaeum,
1
41
38
1956
1956
67
2
143*
253*
64
30
par
543*
365
$2 lot
.$5 lot
$300
Co. common, par
$1
Springfield Ice Co. preferred, par $100
Street Assts. trust ctfs., par $100
Old State Corp. preferred, par $100
Commonwealth Assts. Inc., par $100
—
5
79 Congress
10
21
$5 lot
5
35c. lot
25c.
153*
$89 lot
$5 lot
$2 lot
183*
$5 lot
40 Skinner Organ
2
17 Saco Lowell Shops 1st preferred, par $100...
141
10 Associated Textile Cos. $6 preferred
$6 lot
1 Commonwealth Assts. Inc., par $100—
5
9 Boston Chamber of Commerce Realty Trust 7% 2d pref-—---—
—$1 lot
50 Southern Ice Co. preferred, par $100
—
$10 lot
600 Commonwealth Assts. Inc
5
34 Railway & Light Securities Co. 6% pref., par $100
1083*
500 National Service Cos. common, par $1
$125 lot
500 A. J. Col well common, par $1
25c.
13 Railway & Light Securities Co. common
——-- 233*
234 Realty Holding & Investment Corp
....$10 lot
150 Westchester Service Corp. 7% part, prior pref
$100 lot
20 U. S. Bond & Mtge. Corp. of Mass. pref., par $100, and 55 common..$5.50 lot
10 Concord Silversmith Inc. pref. and 14 common
$1 lot
500 San Domingo Oil Corp. Inc., par $1; 35 Du Pont Land Co. trust ctfs.,
par $10; 20 Curtainless Shower Co., Inc., par $10; 1,020 Crown Oil Co.,
Toll Co. American certificates
Ltd., par $10
(Touraine)
300 Massachusetts Building Trust, par $100
15 National Service Co. common, par $1
6 H. H. Enders & Co., Inc
20 Hotel Trust (Touraine)
60 Kreuger & Toll Co. American certificates
25 Kreuger &
50 Shoe Lace Co.,
1957
1957
Salvador 7%
Boston:
Stocks
Nashua
20
Rom Cath Church
J
Transportation Associates, Inc.,
53*s. April 1946.
280 Monarch Lead
Rhine Westph Elec
Cen^
76 flat
1143* & int.
deposit
533* flat
$12 lot
6s, June 1952, reg
75 flat
76 flat
19 Second National
34
1949
63*8.-1959
Dortmund Mun Util 6s '48
Duesseldorf 7s to
1945
Brown
Shares
57"
35
47
Per
By Crockett & Co.,
•
51
24
(Ger¬
7s
1946
Westphalia 6s *33
Prov Bk Westphalia 6s '36
many)
77
1373*
State Fishing common...
$1,000 Brown Co.
/64
/193*
scrip
Panama 5%
413*
$2 lot
—
preferred, par $100
Co. 53*s, April 1946
$3,000 City of Boston 4s, June 1, 1948, reg., tax exempt
$200 Wickwire Spencer Steel Co. 5-year 7s, class A, ctfs. of
$10,000 Hill Realty Trust 6s, Jan. 2, 1929
$1,000
25
Protestant
/30
/75
/52
/65
/55
/32
/23
_
12 Bay
$2,000 Worcester
/30
27
5s..._._
Temple Tours Inc
Saco Lowell Shops first
Bonds—
/32
Costa Rica Pac Ry 7 3*s '49
35
24
Porto Alegre 7%
$50 lot
203*
Credit Clothing Co
/22
713*
lot
$3 lot
20 Collyer Insulated Wire Co..
80 Equity Corp. preferred, par $1
Oldenburg-Free State 7%
to
1945
153*
5s, Nov. 15, 1947;
par $100; 6 Boston
preferred, par $100
$1,125
Pharmaceutical Co., par $1; 100 Andes Petroleum Corp.; 12 New¬
ton Mortgage Corp. class B; 750 Congressional Oil Corp., par 10 cents;
50 Southern Industrial Utilities Corp. common; 1 Lutz & Schramm Co. of
Pittsburgh, par $100; 25 New York City Airport, par $5; 54 United States
Securities Corp. common; 50 Utilities Hydro & Ralls Corp.; 5 Palace
153*
1947
Street Ry.
10 Wrlgley
Oberpfals Elec 7%.-.1946
4s
...$2 3* lot
200 Keene Mica Co. common
73*
133*
Thayer-West Point Hotel Co.
$1,400 Boston Worcester & New York Street Ry. reorg.
8 Boston Worcester & New York Street Ry. common,
21
Bank Panama
Natl
Co. class A, par
$87 lot
Co. class B
pref., par $100; 20
common..
253*
27
723*
24
24
common, par $100
$100; 10 Potter Stores
Co. pref., par
$100; 14 Potter Stores
Worcester & New York
263*
173*
633*
46
—
-
$100
10 Foundation Press Inc.
/973*
/47
/22
103*
City Savings Bank, Buda¬
pest, 7s
1953
Colombia scrip Issue of '33
Issue of 1934 4%...1946
63*s '38
63*%
(A & B)
1946-1947
(C&D)
1948-1949
Nat Central Savings Bk of
Hungary 73*s
1962
National Hungarian & Ind
Mtge 7%
1948
North German Lloyd 6s '47
Nassau Landbank
Hungarian Bank
73*s
44
39
/50-60
/34
Koholyt 63*8—
1943 /243*
Land M Bk Warsaw 8s '41
/45
Leipzig O'land Pr 63*8 *46
/
Leipzig Trade Fair 7s 1953
/26
Luneberg Power Light &
Water 7%
1948 /24
Mannheim & Palat 7s. 1941
/24 3*
Meridionale Elec 7s..1957
/713*
Munich 7s to
1945
/23
Municipal Gas «fc Elec Corp
Recklinghausen 7s..1947
Co. common, par
10 Potter Knitting
273*
42
36
Coupons—
Nov 1932 to May 1935
Munic Bk Hessen 7s to '45
7s 1935
1940
6s,
British
/30
/243*
Share
13*
-
7
$15 lot
23*
$200 Eastern States Exposition 4s, Sept. 1936, reg.; $1,000 Potter Realty
Trust 7s, April 1947; $1,000 Thayer-West Point Hotel Co. inc. 6s, 1950;
20 McLane Silk Co. pref., par $100; 5 McLane Silk Co. common, par $100;
November 1935
Bogota (Colombia) 6 3*s '47
Clt 7 % to
1936
1948
1956
5S...1956
1936
12,
$ per
($40 paid In liquidation), par $100--
Co. preferred, par $100
25 Naumkeag Steam Cotton Co., par $100
10 Continental Mills, par $100
7 Quincy Market Cold Storage & Warehouse Co.
98 Atherton Furniture Co., Waterville, par $100
48 Manchester Gas
Bid
f22
Co. (now dissolved)
20 Booth Manufacturing
Bonds
Ask
Bid
...1946
Anhalt 7s to
Dec.
Chronicle
423*
41
10
par
Coupons—
Oct 1932 to April
1935 /50-60
Oct 1935 to Oct 1936.
/34
Stettin Pub Utll 7s... 1946
/223* 233*
Stlnnes 7s unstamped-1936
/58
7s unstamped
1946 /58
Toho Electric 7s
1955
923* 943*
133*
Tolima 7s
1947 /123*
Tucuman City 7s
1951
97 3* 99
100
Tucuman Prov 7s.-.1950
98
Union of Soviet Soc Repub
91-16
7% gold ruble
1943 t 86-56
102
United Steamship 6s. 1937
100
253*
Unterelbe Electric 6s. 1953
/24
233*
Vesten Elec Ry 7s
1947 /21
243*
Wurttmberg 7s to... 1945
/23
—
Trust
Hotel
$1
——
———;—-—-—.—■————.——$15 lot
class 3, par $100;
& Rubber pref.,
Ltd., par $1; 50
Co. v. t. c., par $10; 10 Telepost Co. series B
Co. series B class 2, par $100; 13 Walpole Tire
par $100; 100 Grigsby Grunow Co.; 200 La Rose Mines,
Smith Motor Truck Corp., par $10
10 Telepost
10 Telepost
$20 lot
Per Cent
Bonds—
$3,000
1st 6s, Oct. 1,
Office 53*s, 1935,
Dill & Collins
$22,000 United Post
By Barnes &
7% flat
-20% flat
1940—
ctf. dep
Lofland, Philadelphia:
Stocks
Shares
$ Per Share
•
21
403*
63*
50 Corn Exchange National Bank & Trust Co., par $20
60
200 Land Title Bank & Trust Co
63*
/30
273 Fortinberry Co., class A
$1 lot
For footnotes
page 3826.
68 Fortinberry Co. class B
—$1 lot
40 National Public Utilities $1 non-cum. class A, no par
$1 lot
30 J. M. Sons Building Co. 1st pref., par $100
$20 lot
AUCTION SALES
8 Craftex Mills, Inc., preferred, par $100
— 53*
9 Catawissa RR. first preferred, par $50
553*
175 1900 Rittenhouse Square Corp. v. t. c. B, 2d pref., and 140 v. t. c. B,
The following securities were sold at auction on Wednesday
-—■—-- —
—$55 lot
of the current week:
20 Ocean City Automobile Bridge preferred
$6 lot
20 Ocean City Automobile Bridge common
——-—------$2 lot
By Adrian H. Muller & Son, New York:
$40 lot
Shares
Stocks
$ per Share 75 Morris Run Coal Mining
Bonds—
Per Cent
25 Henry Maillard Inc. (N. Y.) common, par 50c
i
$7 lot
$16 lot
50 The Royal Tiger Mines Co. (Colo.), par lc
$8 lot $3,000 Fortinberry Co. Income debentures, dated March 10, 1934—
$500 Women's Hospital of Philadelphia first 6s, 1936
$70 lot
10 Essex Fox Hounds Realty Co. (N. J.), par $100
$15 lot
5 Jones & Erwin (N. Y.) preferred, par $100
'
$8 lot $2,000 Cincinnati Hamilton & Dayton Ry. 1st & ref. 6s, series A, due 1-1-41,
ctf. of deposit; and $2,000 prior deb. 6s, due 1-1-76.
$40 lot
100 Normandle National Securities Corp. (Del.) preferred, no par
$25 lot
$2,000 Lumber & Millwork Co. of Philadelphia 10-year s. f. A 63*s, due
19 67-100 The Guardian Investment Trust Hartford Connecticut Beneficial
1939
1939
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 73*s '32
Hansa SS 6s stamped.
6s unstamped
/51
J67
/213*
/30
24
Chester-Cambridge Bank & Trust Co., par
18 Central-Penn National Bank, par $10
5 Tioga National Bank & Trust Co., par $25
140
$20
—
•
-
see
common
Ownership Shares, common beneficial ownership certificates
pref., par $10, together with 35 stock
35 Gowin United Co. (Del.)
warrants
for common
$3 lot
$3 lot
$7 lot
$6 lot
$3 lot
$51 lot
$187,500 lot
Co., Inc., preferred, par $100
of Chicago (111.), par $100
preferred, par $100
6 Erie Railways (Pa.) 7% preferred, par $100.
12 Erie Railways (Pa.) common, no par
50 Nauheim Pharmacies Inc. (Del.) cum. conv. pref., no par
200 Rochester & Syracuse RR.
200 Discount Corp.
150,000 Schulte Retail Stores Corp.
(Del.) common, par $1
par
(Del.), no par
Co. (N. Y.), par $25
A, par $100, and 20 class B, no par
15 Roebuck Manor Land Co., Inc., of Birmingham, Ala., par $100
20 The Northwest Co. (Del.) class A, par $100, and 20 class B, no par
30 Ramp Buildings Corp.
40 National Title Guaranty
20 The Northwest Co. (Del.) class
Bonds—
$225 lot
$6 lot
$13 lot
$3 lot
$5 lot
$5 lot
$3 lot
Per Cent
$7 lot
to
$6 lot
$41,000 Income note of Southern Exploration Co. (Ariz.), dated Aug. 16,
1934, payable to Grant, Rogers, Inc
$7 lot
$1,000 Westchester Country Club Inc. reg. 2d mtge. part, ctf., due 7-l-36._$16 lot
Guaranteed mtge. ctf. No. 8754, series F-l, of N. Y. Title & Mtge. Co., dated
May 25, 1931, for $20,000; registered
$13,000 lot
$1,000 Manhasset Bay Yacht Club 5% 20-year reg. deb., due 3-1-49, stpd..$41 lot
By R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
150 Hamilton Woolen Co. (now dissolved) ($40 paid in liquidation), par $100. 13*
300 Hamilton Woolen Co. (now dissolved) ($40 paid in liquidation), par $100. 13*
$2,000 The Fortinberry Co., Inc., income debs., dated Mar. 10, 1934
$17,000 note of the Perdiver Mining Corp., dated Sept. 24, 1934, payable
order of Grant, Rogers, Inc., on or before one year after date
Jan.
1,
1938
$1,750 Rittenhouse
—
38 Rockhill Coal & Iron (Pa.) 8%
2,050 One East 88th Street Corp. (N. Y.), par $100
100 40 East Corp. (N. Y.) pref., par $100, and 100 common, no
$21 lot
purchase
$10 lot
THE BERLIN
6s. 1946 (interim
receipts)
STOCK EXCHANGE
Closing prices of representative stocks
each day of the past week:
Dec.
Dec.
5
7
as
received by
Dec.
9
Dec.
8
Per Cent
Allgemelne
Elektrizltaets-Gesellschaft—.— 39
123
-—173
108
Dessauer Gas (7%)
-—-—106
Deutsche Bank und Disconto-Gesellschaft. 109
Deutsche Erdoel (4%)
141
Deutsche Reichsbahn (German Rys) pf 7% 125
Dresdner Bank
105
Farbenlndustrie I G (7%)
—168
Handels-Gesellschaft (6%)
Licht (8%)
Commerz'und Privat-Bank A. G
Berliner
Berliner Kraft u.
Gesfuerel (6%)
Hamburg
Elektrizitaetswerke
-------—-.143
145
14
Hapag
Roehren
Norddeutscher Lloyd
Mannesmann
Relchsbank (8%)
Rheinlsche
- 61
$18 lot
-
Square Corp. Inc.
Braunkohle (8%)
Salzdetfurth (73*%)
Siemens A Halske (7%)
——
118
14
188
220
188
197
39
123
173
108
109
108
140
126
105
168
143
145
14
117
14
186
220
186
196
Dec.
10
cable
Dec.
11
of Par38
38
38
123
124
123
124
173
173
173
173
108
108
108
108
109
110
109
109
108
108
108
108
139
139
139
138
126
126
126
104
104
104
104
167
167
166
165
142
142
141
140
144
145
144
14
14
14
14
116
116
116
116
14
14
38
126
15
186
186
186
186
218
217
217
217
185
184
183
194
192
192
190
Volume 143
Financial
General
OF
REGISTRATION
SECURITIES
3829
Corporation and Investment News
RAILROAD—PUBLIC
FILING
Chronicle
UTILITY—INDUSTRIAL—MISCELLANEOUS
STATEMENTS
UNDER
ACT
Specialists in
The Securities and
Exchange Commission on Dec. 9 an¬
additional registration statements
(Nos. 2651-2705, inclusive) under the Securities Act.
The
total involved is $290,239,798, of which $282,457,617 repre¬
nounced the filing of 55
sents
new
All
issues.
No. of Issues
Type
49
Commercial and industrial
2
Securities In reorganization
2
,
Total
MCPONNELL& CO
$282,457,617
6,443,126
738,767
600,288
Certificates of deposit
2
Voting trust certificates
The total includes the following issues for
have been published;
u.«u.«/N#w York Stock Exchange
Memben,\New York Curb Exchange
which releases
120
Kansas Electric Power Co.—$5,000,000 of 1st mtge. bonds, series A,
due Dec. 1, 1966.
(See details in V. 143, p. 3470.)
(Docket No. 2-2662,
Form A-2.
Filed Nov. 23, 1936, included in Release No. 1155.)
2, Foral
Minneapolis Gas Light Co. (2-2657, Form A-2) of Minneapolis, Minn.,
Co. at 103341% and $300,000 are to be offered publicly at 105.
The stock is also to be offered at 105.
The proceeds from the side of all
the bonds are to be used to reimburse the company for expenditures made
surance
Filed Nov. 25, 1936, included in Release No.
Cap & Seal Corp.—108,003 shares ($10 par) ^$1.60 cum.
conv. preference stock,
and 327,858 shares ($1 par) common
stock, to be offered in connection with a proposed plan of recapitalization.
(See details in V. 143, p. 3648.)
(Docket No. 2-2673. Form A-2.
Filed
Nov. 25, 1936, included in Release No. 1162.)
dividend
for improvements to plant and property, and those from the sale of the
preferred stock are to be used for the redemption of presently outstanding
shares of $6 series 1st pref. stock and the payment of bank loans incurred
for redemption of $6 and $7 pref. stock.
F. W. Seymour, of New York
City, is President.
Filed Nov. 21, 1936.
Dow Chemical Co.—$5,000,000 of
15-year 3H% debentures
1.1951.
(See details in V. 145, p. 3463.)
(Docket No. 2-2674,
Filed Nov. 25, 1936, included in Release No.
1160.)
due Dec.
Form A-2,
Transcontinental & Western Air, Inc. (2-2658, Form A-l) of Kansas
City, Mo., has filed a registration statement covering 257,711 shares
($5 par) common stock and subscription warrants evidencing rights to pur¬
chase 207,711 shares of common stock.
Of the common stock being reg¬
istered 207,711 shares are to be offered through warrants to stockholders of
record Dec. 17, 1936, on the basis of one share for each three shares held.
The warrants are transferable and will expire Jan. 6, 1937.
All shares
not taken by the stockholders are to be sold to the underwriters and may
be offered to the public form time to time at the market.
The remaining
50,000 shares are reserved for issuance in connection with an employees^
stock purchase plan, it is stated.
The proceeds are to be used for the pur¬
chase of 13 Douglas transport planes and for the purchase of additional
equipment.
Lehman Brothers, of New York City, is expected to be one
or the underwriters, it is stated.
Jack Frye, of Kansas City, is President.
Filed Nov. 21, 1936.
Connecticut Light & Power Co.—$16,000,000 of 1st & ref. mtge.
SH% bonds, series G, due Dec. 1, 1966.
(See details in V. 143, p. 3625.)
(Docket No. 2-2677, Form A-2.
Filed Nov. 25, 1936, included in Release
No. 1161.)
Mengel Co.—$2,500,000 of 1st mtge. conv. sinking fund bonds, 65,896
5% cum. conv. 1st pref. stock, and 496,532 shares ($1 par)
(See details in V. 143, p. 3637.)
Docket No. 2-2679,
Form A-2.
Filed Nov. 25, 1936, included in Release No. 1165.)
shares ($50 par)
common stock.
Missouri
Power & Light Co.—$9,000,000 of 1st mtge. 3%% bonds,
1966, and 15,000 shares (no par) $6 cum. pref. stock.
(See
Filed Nov.
due
details in V. 143, p. 3638.)
(Docket No. 2-2680. Form A-2.
25, 1936, included in Release No. 1169.)
•
Transwe8tern Oil Co.—750,000 shares ($10 par) capital stock.
(See
details in V. 143, p. 3650.)
(Docket No. 2-2682, Form A-l.
Filed Nov.
25, 1936, included in Release No. 1167.)
Skinner Manufacturing Co.- -8%
.
registration statement covering certificates of deposit for 11,789 shares
($100 par) 8% pacticipating preferred stock of Skinner Manufacturing Co.
Filed Nov. 21, 1936.
a
Ward & Co., Inc.—652,143 shares (no par) common
stock, warrants to purchase the common stock, and common stock sub¬
scription Instalment receipts.
(See V. 143, p. 3639.)
(Docket No. 2-2686,
Form A-2.
Filed Nov. 27, 2936, included in Release No. 1168.)
Investors Fund C, Inc. (2-2660, Form A-2) of N. Y. City, has filed
registration statement covering 40,000 Investors Shares having a par
each.
The proceeds are to be used for investment purposes.
Philip W. K. Sweet, of N. Y. City, is President.
Filed Nov. 21, 1936.
Automobile Finance Co. f2-2661, Form A-l) of Pittsburgh, Pa., has
Sears, Roebuck & Co.—614,119 shares (no par) capital stock.
(See
A-2.
Filed Dec.
a
details in V. 143, p. 3647.)
(Docket No. 2-2698, Form
1, 1936. included in Release No. 1175.)
value of $1
Florida power Corp.—$10,000,000 of 1st mtge. 4% bonds, series C,
due Dec. 1,1966, and $2,500,000 of 5% sinking fund debentures due Dec. 1,
1946.
(See details in V. 143, p. 3630.)
(Docket No. 2-2701, Form A-2.
Filed Dec. 1, 1936, included in Release No. 1176.)
filed
a registration statement covering
110,000 shares (no par) common
stock of which 100,000 shares are to be offered publicly at $5 a share and
10,000 shares are under option to the underwriter, Webber-Simpson & Co.,
of Chicago.
The proceeds are to be used for working capital.
G. A.
Houston Lighting & Power Co.—$27,500,000 of 1st mtge. 3H%
bonds, series due 1966.
(See details in V. 143, p. 3633.)
(Docket No.
2-2702, Form A-2.
Filed Dec. 2, 1936, included in Release No. 1177.)
&
Co.
Piviroto, of Pittsburgh, is President.
Clark
of
filed
Delaware—$20,000,000 of 1st mtge. 20-year 4%
sinking fund bonds, series G, due Jan. 1, 1957.
(See details in V. 143,
p. 3618.)
(Docket No. 2-2705, Form A-2.
Filed Dec. 2, 1936, included
in Release No. 1178.)
Other securities included in the total
are
as
stock.
is President.
Filtrol Co. of California
(2-2665, Form A-2) of Los Angeles, Calif.,
registration statement covering $500,000 10-year 5% conv. de¬
1, 1946, and 275,044 shares ($3 par) capital stock of
which 221,044 shares are presently outstanding, 44,000 shares are reserved
for conversion of the debentures, and 10,000 shares are under option to
underwriters.
The proceeds are to be used to pay a $1 dividend on the
company's outstanding stock, for possible advances to Filtrol Corp., and
for working capital.
Battson, Barnes & Lester, Inc., of Los Angeles, and
Elworthy & Co., of San Francisco, are the underwriters.
Lester L. Robin¬
son, of Beverly Hills, Calif.* is President.
Filed Nov. 23, 1936.
bentures due Dec.
(R. G.) Letoumeau, Inc. (2-2666, Form A-2) of Stockton, Calif., has
a registration statement covering 225,000 shares
($1 par) common
stock, of which 224,502 shares are to be offered to stockholders of record
Dec. 7, 1936, at $4.50 a share in the ratio of one share for each share held,
and 498 shares are to be offered to employees at $17.52H a share under the
company's employee stock purchase plan.
Warrants evidencing the right
to subscribe for the stock will be issued to stockholders and will expire Dec.
28, 1936.
The proceeds are to be used for the payment of dividends on
outstanding stock or for repayment of funds borrowed for that purpose.
R. G. LeTournea, of Peoria, 111., is President.
Filed Nov. 23, 1936.
filed
MtGlobe Steel Tubes Co. (2-2667, Form A-2) of Milwaukee, Wis., has
a registration statement covering $500,000 6% debenture bonds due
Jan. 1, 1948, 100,000 shares (no par) common stock, and warrants for the
purchase of the common stock.
The warrants are to be issued with the
bonds and will entitle the holders to purchase, at $5 a share, 20 shares of
common stock of each $100 principal amount of bonds.
The proceeds from
the sale of the bonds will be used for refunding and for plant additions,
improvements and new equipment.
No provision has been made for the
use of the proceeds from the sale of the stock, it is stated.
O. O. Kalman,
of St. Paul, and The Chicago Corp., of Chicago, are the underwriters.
W. C. Buchanan, of Milwaukee, is President.
Filed Nov. 23, 1936.
«
filed
covering voting trust certificates for 300.000 shares (no par)
Filed Nov. 20, 1936.
stock of Associated General Utilities Co.
Wentworth Manufacturing Co. (2-2654, Form A-2) of Chicago, 111.,
a registration statement covering 40,000 shares (no par) $1 cum.
pref. stock and 20,000 shares ($5 par) common stock to be reserved
has filed
for conversion of the preferred.
Proceeds are to be used to discharge in¬
debtedness and for working capital.
Haskell, Scott & Jennings, Inc.,
Chicago, and Rawls & Co., Inc., New York, are expected to be the under¬
writers.
Ben Sopkin, of Chicago, is President.
Filed Nov. 20, 1936.
(Philip) Schuyler Corp.—Protective committee for the holders of the
Philip Schuyler Corp. 1st mtge. 6% gold bond certificates (2-2655, Form
a
cer¬
expansion of the business of the company.
Calif., is President.
Filed Nov. 23, 1936.
of reorganization,
a
registration statement covering $300,000 of 1st mtge. 5% conv. bonds due
Nov. 1, 1941, to be offered at par, and 445,000 shares of 50-cent par value
stock of which 300,000 shares are reserved for conversion of the
bonds but are under option to the underwriter for sale to the public if not
required for conversion.
Of the remaining 145,000 shares of common
stock being registered 114,432 shares are to be sold to original stockholders
at 65 cents a share. 1,960 shares are to be sold to certain employees of the
company at $1 a share, and 28,608 shares are to be sold to the public at
80 cents a share, according to the prospectus.
Priester, Quail & Co., of
Davenport, is the underwriter.
The proceeds are to be used to discharge
indebtedness and for working capital.
Carleton S. Smith, of Davenport,
is President.
Filed Nov. 23, 1936.
common
Purex Corp., Ltd. (2-2668, Form A-l) of Los Angeles, Calif., has filed
registration statement covering 15,000 shares ($10 par) capital stock, to
be issued only to stockholders upon conversion of accumulated dividends.
The proceeds are to be used for working capital and for the contemplated
tificates of deposit for $494,000 1st mtge. 6% gold bond certificates dated
March 15, 1926, of the Philip Schuyler Corp.
Deposit of the bonds is
Brewing Co. (2-2656, Form A-l) of Davenport, Iowa, has filed
York City, is expected
Gross, of Beverly Hills, Calif.,
G. M.-P. Murphy & Co., New
Robert E.
Filed Nov. 23, 1936.
has filed a
conv.
Zoller
The proceeds are to be used for working capital and general cor¬
porate purposes.
to be one of the underwriters.
Associated General Utilities Co.—Voting trustees under voting trust
being requested under a deposit agreement and plan
both dated Nov. 20, 1936.
Filed Nov. 21. 1936.
P. C. Clark,
Lockheed Aircraft Corp. (2-2664, Form A-2) of Burbank, Calif., has
filed a registration statement covering 150,000 shares ($1 par) common
agreement dated Oct. 20, 1931, for stock of Associated General utilities
Co. (2-2653. Form F-l) of Jersey City, N. J., have faled a registration
registration statement covering
(2-2663, Form A-2) of Cleveland) Ohio, has
registration statement covering 14,284 shares ($1 par) common
machinery and equipment, and for other corporate purposes.
of Cleveland, is President.
Filed Nov. 23, 1936.
18,000 shares to be offered by the co. Of the re laining 55,000 outstanding
shares, underwriter has an option to purchase 18,000 shares and 37,000 shares
are not presently to be offered.
The proceeds to be received by the com¬
pany are to be used for the purchase of additional equipment and for
working capital.
Bond & Good in, Inc. of Illinois, of Chicago, is the
underwriter.
Herbert J. Schmitz, of Kenilworth, ill., is President.
Filed
Nov. 20,1936.
a
Filed Nov. 23, 1936.
Co.
any fractional part thereof, held.
Transferable warrants will be issued to
stockholders and will expire Dec. 19, 1936.
Shares not taken by stock¬
holders may be offered publicly at market, it is stated.
The proceeds are
to be used to reimburse the company for expenditures for land, buildings,
follows:
Chicago Venetian Blind Co. (2-2652, Form A-l) of Chicago, 111., has
D-l) of Albany, N. Y.. has filed
Controller
The stock is to be offered to stockholders of the company of record
Nov. 20,1936, at $16 a share in the ratio of one share for each 10 shares or
filed a registration statement covering 100,000 shares ($1 par) common
stock of which 82,000 shares are presently outstanding.
Only 45,000
shares are to be initially offered to the public at not more than $6 a share,
it is stated, consisting of 27,000 shares to be offered by stockholders and
common
a
stock.
Halle Brothers Co. (2-2651, Form A-2) of Cleveland, Ohio, has filed
a registration statement covering 60,000 shares ($50 par) $2.40 cum. conv.
pref. stock and 100,000 shares ($5 par) common stock including scrip cer¬
tificates for fractional shares to be reserved for conversion of the preferred.
Company is offering to holders of its 16,644 shares of 6M% preferred
stock the privilege of exchanging their stock for 33,288 shares of the new
preferred on the basis of two shares of the new stock for each share held
plus $5 in cash and accrued dividends on the
% preferred stock.
Such
of the new preferred stock as is not taken under the exchange offer together
with 6,712 additional shares is to be offered publicly by Hayden, Miller &
Co., of Cleveland, the underwriter.
The underwriter also has an option
to purchase up to 20,000 shares of the new preferred stock and offer them
publicly.
The cash proceeds to be received by the company will be applied
to the redemption at 107 H % and accrued dividends of all shares of the 6H%
preferred stock not exchanged, and the balance will be used for working
capital.
Samuel H. Halle, of Cleveland, is President.
Filed Nov. 20,1936.
statement
preferred stockholders committee,
Skinner Manufacturing Co. (2-2659, Form ^
I,
Drl) of Omaha, Neb., has filed
~
Montgomery
Armour
NEW YORK
TEL. RECTOR 2-7815
has filed a registration statement covering $500,000 of 1st mtge. 4% bonds
series of 1950 and 14,000 shares ($100 par) 1st pref. stock $5.10 series.
Of
the bonds $200,000 were sold privately to Connecticut Mutual Life In¬
Telephone & Telegraph Co.-—$25,000,000 of ref. mtge. 3
bonds, series O, due Dec. 1,1966.
(See details in V. 143, p. 3477.)
(Docket
n59 )
Standard
BROADWAY,
.
Pacific
series
Rights and Scrip
'
A. O. Pelletier, of Alhambra,
'
Poolock's, Inc. (2-2669, Form A-l) of Asheville, N. O., has filed a
registration statement covering 8,000 shares ($25 par) 6% preferred stock
and 98,996 shares ($1 par) common stock.
Hill, Thompson & Co., Inc.,
of N. Y. City, the underwriter, will offer the 8,000 shares of preferred and
16,000 of the common in units consisting of one share of preferred and two
shares of common at $28.50 a unit.
Of the preferred stock being offered,
6,600ishares are to be sold by the company and 1,400 shares are to be sold
by the principal stockholder.
The 16,000 shares of common stock to be
offered with the preferred, together with 9,000 shares of common which
are to be offered at the market, will be sold for the same stockholder.
The
remaining 73,996 shares of common stock are owned by two stockholders
and will be offered from time to time at the market price.
The proceeds
to be received by the company are to be used for the acquisition and equip-
Financial
3830
ment
additional
of
and for working capital.
Filed Nov. 24, 1936.
stores
Asheville, is President.
Electric Appliance Corp.
World
L. H. Pollock, of
We Invite
(2-2670, Form A-l) of N. Y. City,
Milwaukee and
registration statement covering 100,000 shares ($10 par) 7%
cum. pref. stock and 500,000 shares ($1 par) common stock.
All of the
preferred stock and 250,000 shares of common stock are to be offered
publicly in units consisting of one share of preferred and 2% shares of
common at $12.50 a unit.
The remaining 250,000 shares of common are
held by Continental Fire-Proof Iron Corp., which received them in return
for its license agreement with the corporation.
The proceeds are to be
used for general corporate purposes in connection with the purchase and
distribution of electric irons and other electrical appliances.
William S.
Moore, of N. Y. City, is the underwriter.
John W. Sappington, of N. Y.
City, is President.
Filed Nov. 24, 1936.
has filed
a
(2-2671, Form E-l) of Kansas City, Mo., has
filed a registration statement covering $600,000 10-year 5% sinking fund
debentures due Dec. 1, 1946, 6,000 shares ($100 par) 6% cum. conv. pref.
stock, 260,000 shares ($10 par) common stock, 1,400 common stock purchase
warrants calling for 70,000 shares of common stock, and scrip certificates
for fractional shares of the common stock and of the preferred stock.
The
securities are to be issued under a plan of reorganization.
The company
Davidson Boutell Co.
will issue 130,000
of preferred
stock to
the Kansas
shares of its common stock and 5,090 shares
Davidson Co. in connection with the acquisition of
City and Minneapolis stores of that company.
Davidson Co. in turn will
offer the preferred stock to its preferred stockholders in exchange for its
outstanding 7% preferred, and will exchange the common stock for shares
of its A, B, and C common stock held by the "S. Davidson" group of stock¬
holders.
Any of the 6% preferred stock issued to Davidson Co. and not
taken in exchange by its stockholders will be offered publicly.
DavidsonBoutell Co. will publicly offer the $600,000 of debentures through Stern
Brothers & Co., of Kansas City, and Kalman & Co., of Minneapolis, and
purchase warrants to these underwriters as
consideration for offernig such debentures. Prescott, Wright,
has underwritten the exchange of the preferred stock of the
Davidson-Boutell Co. for the preferred of the Davidson Co. and all of such
Davidson-Boutell stock not taken by the preferred stockholders of the
Davidson Co. will be offered to the public at par.
The company has also
granted to Prescott, Wright, Snider Co., of Kansas City, another under¬
writer, an option to purchase the remaining 910 shares of preferred stock
and will issue 500 common stock purchase warrants to that underwriter.
Distributors Group, Inc., of N. Y. City, has entered into a contract with
Prescott, Wright, Snider Co. to participate in the underwriting.
Of the
remaining 130,000 shares of common stock, 70,000 are reserved for exercise
of the common stock purchase warrants, and 60,000 shares are reserved for
conversion of the preferred stock.
The remaining 700 common stock
purchase warrants are to be issued to officers and employees of DavidsonBoutell Co.
The cash proceeds to be received by Davidson-Boutell Co.
will be used for the payment of 6% serial gold notes of Davidson Co. assum¬
ed in connection with the acquisition plan, and to discharge bank loans
and other liabilities which will also be assumed.
Thomas I. Levitt, of
Minneapolis, is President.—Filed Nov. 24. 1936.
American Hide <fc Leather Co. (2-2675, Form A-2) of Boston, Mass., has
filed a registration statement covering 500,000 shs. ($1 par) common stock.
The company states that it expects to buy its $50 par value 6% cumula¬
tive preferred stock in the open market and convert it into $1 par value
common stock at the rate of one share of preferred for five shares of common.
The preferred stock will be canceled and retired and the new common stock
will be offered publicly from time to time.
The proceeds are to be used to
reimburse the company for funds expended in the purchase of its 6% cumula¬
tive preferred stock.
Carl F. Danner, of Waban, Mass., is President.
will issue
200 common stock
part of the
Co.
Snider
Filed Nov. 25, 1936.
Times
Co.
(2-2676, Form A-2) of Seattle,
registration statement covering $500,000
A to E inclusive maturing from 1937 to
Filed Nov. 25, 1936.
United
filed
a
Specialties Co.
02-2681,
of Detroit, Mich., has
shares ($1 par) common
Of the stock being
are to be initially offered to the
Form A-l)
registration statement covering 185,625
class B common
stock and 42,625 shares ($1 par)
stock.
registered, 120,000 shares of common
public at $16 a share, 10,500 shares of common together with 27,000 shares
of class B are outstanding and may be offered publicly from time to time
at the market, 12,500 shares of common and 15,625 shares of class B are
to be issued as part consideration for the transfer to the company of the
stock of United Air Cleaner Co., and 42,625 shares of common stock are
to be reserved for conversion of the class B stock and may be offered at the
market after conversion.
The proceeds to be received by the company
are to be used to purchase stock of the United Ah* Cleaner Co. and the
Mitchell Specialty Co., for the purchase of land and buildings, for the
payment of a first mortgage on plant of the Mitchell company, and for
working capital.
Russell Maguire & Co., Inc., of N. Y. City, and Whitlock, Smith & Co., Inc., of Detroit, are the underwriters.
Christian Girl,
of Detroit, is President.
Filed Nov. 25, 1936.
Interstate Home Equipment
Co., Inc. (2-2683, Form A-2) of
Provi¬
R. I., has filed a registration statement covering 500,000 shares
($1 par) common stock, of which 412,500 shares are presently outstanding.
The company is offering 50,000 shares of stock publicly through Brown,
Young & Co., Inc., the underwriter, and has granted an option to the
dence,
purchase 37,500 additional shares. Of the stock outstanding
100,000 shares are to be offered publicly by stockholders, and 50,000 shares
are to be delivered to the underwriter upon completion of the sale of the
150,000 shares for the company and the stockholders.
Of the stock to be
received by the underwriter 46,250 shares are to be offered publcly and
3,750 shares are to be delivered to certain finders.
The balance of the stock
outstanding is not presently to be offered, it is stated.
The proceeds to be
received by the company are to be used as working capital for the purchase
of merchandise, the opening of new stores and for the development and
expansion of sales.
Benjamin N. Kane, of Providence, is President.
Filed Nov. 25, 1936.
underwriter to
Mutual
(2-2684, Form A-l) of Boston,
statement covering 450,000 shares of bene¬
of $1 a share.
The proceeds are to be
purposes.
Learoyd & Nightingale, Inc. of Boston,
Filed Nov. 25, 1936.
American
Securities Trust
Mass., has filed a registration
ficial interest having a par value
used
for investment
is the underwriter.
Carnegie Metals Co. (2-2685, Form A-l) of Pittsburgh, Pa., has filed
registration statement covering 428,416 shares $1 par) common stock,
which 164,170 shares are presently outstanding.
The company is
offering to stockholders through warrants the right to purchase at $1 a
share, 224,246 shares on the basis of one share for each five shares held,
and any unsubscribed shares are to be offered publicly at the market by
Hallgarten & Co., of N. Y. City, and K. W. Tood Co., Inc., of Pittsburgh,
the underwriters, who also have options to purchase 40,000 shares from the
company.
Hallgarten & Co. has purchased 40,670 of the outstanding shares
from stockholders, it is stated, and has options to purchase an additional
123,500 of the outstanding shares.
Any of the shares acquired by the
underwriters will be offered publicly at the market.
The proceeds to be
received by the company are to bo used for the development of property,
to discharge indebtedness, and for working capital.
S. A. Taylor, of
Pittsburgh, is President.
Filed Nov. 27, 1936.
a
of
(The) Weisbaum Bros.-Brower Co. (2-2687, Form A-2) of Cincinnati,
Ohio, has filed a registration statement covering 60,000 shares ($1 par)
capital stock, of which 30,000 shares are presently outstanding.
The
60,000 shares are to be offered publicly at $6 a share by A. W. Porter, Inc.,
of N. Y. City, the underwriter.
The proceeds to be received by the com¬
pany are to be used for working capital and to reduce a mortgage on real
estate.
Edw. J. Weisbaum, of Cincinnati, is President.
Filed Nov. 27,
1936.
Automatic Quotation
Co. (2-2688, Form A-l) of New
York, N. Y.,
a registration statement covering 125,000 shares
($10 par) 6%
pref. stock, and 50,000 shares (no par) common stock, which
common stock is owned by Ameropa Engineering Corp., principal stock¬
holder of the issuer.
The common stock is to be delivered to purchasers of
the preferred stock as a bonus.
The proceeds will be used for manufactur¬
ing development and administration costs.
Arthur W. Shackleton,
New York, N. Y., is the underwriter.
Robert S. Martin, of New York,
N. Y., is President.
Filed Nov. 27, 1936.
has filed
cumul.
Inquiries in
Wisconsin Issues
wa & ©©*
Phone Daly 5392
MILWAUKEE, WIS.
Teletype Milw. 488
North American Investment
Corp. (2-2689, Form A-2) of San
Fran¬
$2,000,000 of
cisco, Calif,, has filed a registration statement covering
collateral trust 4% bonds, due Dec. 1, 1951, of which
offered to the puolic.
The balance of $500,000, which has not
$1,500,000 will be
been under¬
written, will not be offered until the $1,500,000 has been sold, and if the
offering price is different than for the original portion, the registration
statement will be amended.
The net proceeds of the $1,500,000 portion
of the issue together with treasury funds are to be used to redeem $1 ,500,000 principal amount of outstanding collateral trust 5% gold bonds,
due March 1, 1947, of the company, which are to be called for redemption
March 1, 1937.
The proceeds of the $500,000 portion of the issue, if they
are issued and sold, are to be used for corporate purposes.
Blyth & Co.,
Weeden & Co., and Schwabacher & Co., all of San Francisco, are the
underwriters.
S. Waldo Coleman, of San Francisco, Calif., is President.
Filed
Nov.
27,
1936.
Bagdad Copper Corp. (2-2690, Form A-l), Hillside Post Office, Ariz.,
a registration statement covering 153,756 shares ($5 par) common
stock, of which 88,756 shares have already been sold, and 65,000 shares
are under an option, which expires Jan. 13, 1937.
The option holder has
agreed to limit the sale of the shares to a limited number of persons for
has filed
with a view to further distribution, it is stated.
Of
proceeds, $85,500 already has been expended for mining purposes, and
be used for similar and corporate purposes. The companv states it is not able to determine whether any person is an underwriter.
Edmund B. Bronson, of New York City, is President.
Filed Nov. 28,1936.
Public Service Co. of New Hampshire (2-2691, Form A-2) has filed SL
registration statement covering $1,400,000 of 1st mtge. 3 H% bonds series
F due Dec. 1, 1966, and 11,500 shares (no par) $5 dividend series preferred
stock.
The proceeds are to be used to discharge bank indebtedness incurred
for the purpose of purchasing hydro-electric plants and properties formerly
of the Amoskeag Manufacturing Co., and 1,000 shares of capital stock of
Amoskeag Industries, Inc.
Walter S. Wyman, of Augusta, Me., is Presi¬
dent.
Filed Nov. 28, 1936.
investment and not
the
the balance would
a
Michigan Silica Co. (2-2692, Form A-2) of
registration statement covering 155,000 shares
registered, 115,000 shares are to
the stock being
Rockwood, Mich., has filed
($1 par) common stock. Of L
be issued under an exchange >'~
plan for 115,000 shares of outstanding (no par) common stock.
The principal stockholder has optioned to the underwriter 15,000 shares
the
new stock, and 100,000 are not presently to be offered.
The remaining
40,000 shares of new stock are to be offered publicly for the company.
of
proceeds from the sale of the 40,000 shares are to be applied to the
redemption of the company's outstanding preferred stock and to the dis¬
charge of indebtedness incurred in expansion of plant facilities.
William
C. Roney & Co., of Detroit, is the underwriter.
Louis J. Lepper of Detroit,
is President.
Filed Nov. 28, 1936.
The
Pump Co. (2-2693, Form A-l) of Elyria, Ohio, has filed a reg¬
covering 233,291 shares ($1 par) common stock, of
be presently offered and 153,291 shares are to
be exchanged for shares now held by stockholders and for notes held by three
officers.
Only 50,000 shares are to be initially offered at $3.50 a share
and the re naining 30,000 shares are to be offered from time to time at the
market.
The proceeds are to be used to discharge indebtedness, for work¬
ing capital and for general corporate purposes.
Gassman & Co., of Cleve¬
land, is the underwriter.
E. W. Beidler, of Avon, Ohio, is President.
Filed Nov. 28, 1936.
Romec
istration
statement
which 80,000 shares are to
Wash., has filed a
4M% serial debentures series
1941, incl. and $1,125,000 of
4K% sinking fund debentures series of 1948 due Dec. 1, 1948.
The
proceeds are to be used for refunding and for plant improvements. Clarence
B. Blethen, of Seattle, is President.
Filed Nov. 25, 1936.
Community Public Service Co.—Newton P. Frye, et al, voting
trustees of Community Public Service Co. (2-2678, Form F-l) of Chicago,
111., has filed a registration statement covering voting trust certificates for
9,384 shares ($25 par) common stock of Community Public Service Co.
Seattle
1936
12,
Dec.
Chronicle
of
& Casualty Co., Inc. (2-2694, Form A-2) of Rich¬
registration statement covering 60,000 shares ($5
be publicly offered.
At least $500,000 of the net
to qualify the registrant to do business under the
laws of other States, and the balance will be used for working capital.
S. A. Markel, of Richmond, Va., is President.
Filed Nov. 28, 1936.
American Fidelity
Va., has filed
par) capital stock to
proceeds will be used
mond.
Pacific
a
Distillers, Inc. (2-2695, Form A-l) of Culver
City, Calif., has
a
registration statement covering 127,970 shares ($1 par) common
stock, of which 18,845 shares are held by Andreini & Co., of Los Angeles,
the underwriter; 46,238 shares are to be purchased by the underwriter from
the company; and 62,887 shares privately held will be purchased by the
underwriter.
The proceeds to be received by the company will be used
for working capital.
J. A. Jevne, of Los Angeles, is President.
Filed
Nov. 30, 1936.
filed
Kentucky Valley Distilling Co. (2-2696, Form A-l) of Louisville, Ky.,
a
registration statement
covering
120,000 shares ($1 par)
cum. conv. pref. stock; 210,000 shares of 50-cent par value common
stock, of which 180,000 shares are reserved for conversion of the preferred
on the basis of 1M shares of common for one of preferred and 30,000 shares
are outstanding and under option to the underwriters; and scrip for fractional
shares of common stock.
The proceeds are to be used to discharge indebted¬
ness, for construction of new buildings, and for the purchase of whiskey.
Addison Warner & Co., of Chicago, and George F. Batchelder, of Chicago,
are the underwriters.
Stanley F. Sloss, of Louisville, is President.
Filed
has filed
40-cent
Nov. 30, 1936.
i
Central Violeta Sugar Co., S. A. (2-2697, Form E-l) of Havana, Cuba,
filed a registration statement covering $223,000 of 6%
bonds and
150,000 shares ($19 par) capital stock to be issued under a plan of reorganiza¬
tion for Violet Sugar Co. 1st mtge. 7% gold bonds and Eastern Cuba Sugar
Corp.'8 15-year 7H% mortgage sinking fund gold bonds.
The basis of
exchange is as follows: Each Violet Sugar Co. 1st mtge. 7% gold bonds with
the June 30, 1932, and all subsequent coupons attached may be exchanged
for a 6% 1st mtge. bond of the company of equal principal amount and
$350 in cash per $1,000 bond representing interest accrued to Dec. 31, 1936.
Each Eastern Cuba Sugar Corp. 15-year 7% mortgage sinking fund
gold bond with Sept. 1, 1931, and all subsequent coupons attached may be
exchanged for shares of $19 par value capital stock of the company on the
basis of 20 shares for each $1,000 principal amount of the bonds.
Laurence
A. Crosby, of New York City, is President.
Filed Dec. 1, 1936.
,
has
Consumers Credit Corp.
(2-2699, Form A-l) of N. Y. City, has
filed
a registration statement covering 9,000 shares ($10 par) preferred participat¬
ing capital stock to be offered at $15 a share.
The proceeds are to be used
to open branch small loan offices.
William A. Meyer, of Staten Island,
N. Y., is President.
Filed Dec. 1, 1936.
Goldblatt Bros., Inc. (2-2700, Form A-2) of Chicago, 111., has filed a
registration statement covering 60,000 shares (no par) $2.50 cum. conv.
pref. stock, 95,000 shares (no par) common stock, of which 75,0(K) shares
are reserved for conversion of the preferred and
20,000 shares are to be
optioned to the underwriters, and scrip certificates for fractional shares
of common stock.
The proceeds are to be used to discharge indebtedness
and for working capital.
Morris Goldblatt, of Chicago, is President.
Filed Dec. 1, 1936.
Sherrard Power System (2-2703, Form A-2) of Orion, 111., has filed a
registration statement covering $200,000 of 1st mtge. 15-year 5% bonds,
series A, due Oct. 1, 1951.
The application of the proceeds is to be fur¬
nished by amendment.
The White-Phillips Co., of Chicago, is the under¬
writer.
D. W. Bowen, of Orion, is President.
Filed Dec. 2, 1936.
National Tax Investment Corp.
(2-2704, Form A-l) of Washington,
D. C., has filed a registration statement covering 4,000 shares ($100 par)
6% cumul. pref. stock and 8,000 shares (no par) common stock to be
offered in units consisting of one share of preferred and two shares of
common at
a unit.
The proceeds are to be used to purchase tax
District of Columbia.
Josiah T. Crawley, of Chevy
$120
cates of the
Md., is President.
certifi¬
Chase,
Filed Dec. 2, 1936.
filed for nine issues under Rule 202
registration certain classes of offerings
not exceeding $100,000.
The act of filing does not indicate
that the exemption is available or that the Commission has
made any finding to that effect.
A brief description of these
Prospectuses
were
which exempts from
filings is given below:
if;
Volume
I"
Silver
Financial
143
Chronicle
Spring, Md.
Offering 3,800 shares 7% cumul. pref. stock ($20 par) and
3,800 shares of common stock too par) ha units of one share of preferred
and one share of common at $25 per unit.
The Southeastern Investment
Oo., 1407 K St., N. W., Washington, D. O., named as underwriters.
Torbin Hill Mines, Inc. (File 3-3-866), Bristol Hotel, Boise, Idaho.
Electrical Products Co. (File 3-3-867), 3251 Monterey, Detroit, Mich.
Offering 20,000 shares of common stock ($1 par) at $5 per share. Avery B.
Ohereton, above address,
is President.
The offering is to be made
through John O. Grier & Co., Inc., 1800 Buhl Bldg., Detroit, Mich.
Southeastern Loan Corp. (File 3-3-868), Roanoke, Va.
Offering
3,200 shares 7% cumul. prer. stock ($20 par) and 3,200 shares common
stock ($1 par) in units of one share of preferred and one share of common
at $25 per unit.
The Southeastern Investment Co., 1407 K St., N. W.,
Washington, D. C., named as underwriters.
j
'
Balance, Sept. 30,1936
President.
Sar. Kirk Frederick, Washington, D. C., is President. No underwriter
named.
t
Sturgis Mop Co. (File 3-3-876), 403 Rleger Bldg., Kansas City, Mo.
Offering 100,000 shares of class A common stock of $1 par value at par.
H. M. Sturgis, 1309 E. 9th St., Kansas City, Mo., is President.
No
underwriter
is
following registration
applicants:
statements
the
on
of
request
the
National Surety Corp. (File No. 2-1952)—Request filed Nov. 28,1936.
Lisarbo Andreas, S.A. (File No. 2-2141)—Request filed Nov. 25, 1936.
James
C. Auchincloss, et al, voting trustees (for Lisarbo Andreas,
(File No. 2-2142)—Request filed Nov. 25, 1936.
Store Kraft Manufacturing Co. (File No. 2-2594)—Request filed
Nov. 30. 1936.
S.A.)
Mountain State Water Co.
Cab
Manufacturing
Co.
(File No. 2-2573)—Request filed
1936.
Medical Arts Building Corp. (File No. 2-2613)—Request filed No. 27,
1936.
making available the above list, the Commission said:
no case
does the act of filing with
the Commission give to
any
security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The past previous list of registration statements was
in our issue of Dec. 5, p. 3615.
given
Balance, Sept. 30,1936
x
The directors have declared an extra dividend of 25 cents per share in
to the regular quarterly dividend of 25 cents per share on the
stock, no par value, both payable Jan. 15 to holders of record
The following extra dividends were previously paid: $1 on Oct.
15, last; 50 cents on July 15, last; $1.50 on Oct. 15, 1935; $1 on July 15,
1935: $1.50 on Oct. 15,1934; 75 cents on Oct. 16,1933, and $1.50 per share
paid on Oct. 15, 1931, 1930 and 1929.—V. 143, p. 2823.
Dec. 31.
Acme Wire Co.—Extra Dividend—
The directors have declared
an
extra dividend of $1.25 per share on the
stock, par $20, payable Dec. 15 to holders of record Nov. 30.
The regular quarterly dividend of 50 cents per share was paid on Nov. 15
last.—V. 142, p. 3329.
common
as
Ambassador Petroleum Co.—Dividends Resumed—
have declared a dividend of 14 cents per share on the
stock, par $1, payable Dec. 15 to holders of record Nov. 30. This
The directors
common
will be the first dividend paid since Dec. 20, 1934, when an extra dividend
of 15 cents in addition to a regular monthly dividend of two cents per share
was
distributed.—Y. 142, p. 4011.
Agricultural Chemical Co.—Larger Dividend
a dividend of $1.75 per share on the capital
value, payable Dec. 23 to holders of record Dec. 12;
This
compares with dividends of 75 cents paid each three months from Sept. 30,
1935 to and including Sept. 30, last, and 50 cents per share paid in each or
the four preceding quarters.
The Sept. 29, 1934 dividend was the initial
distribution on this issue.—V. 143, p, 2664.
The directors have declared
stock,
no par
American Bank Note Co.—Extra Dividend—
The directors have declared an extra dividend of 15 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the com¬
stock, par $10, both
The quarterly dividend is
mon
Akron Brass Mfg.
Co., Inc.—Extra Dividend—
no
par
value, both payable Dec. 24 to nolders of record
Dec. 18. An extra dividend of 7H cents per share was paid on Sept. 30, last.
—Y. 143, p. 2036.
Alaska Juneau Gold Mining
Period End. Nov. 30—
Gross revenue—
A dividend of 50 cents was paid on Sept. 30,
June 30 and March 31, last, and compares with 25 cents paid on Dec. 30,
Oct. 1 and July 2,1935, and with 75 cents paid on March 25,1935, Dec. 24,
Sept. 25, June 4 and March 15, 1934, and on D'ec. 28, 1933.
The latter
the first made since Oct. 1, 1933.—V. 143, p. 1549.
payment was
American Car &
6 Mos. End. Oct. 31—
Net profit after taxes &
1936—11 Mos.—1935
$4,826,300
$3,812,000
2,415,000
1,771,800
7% pref. stock—
after
1934
1933
z$330,754 z$l,538,772
Nil
$2.52
depreciation of $828,284.
NU
Nil
yAlso after depreciation but
z Loss.
American Community Power Co.—To Take Stock—
Holders of about 83% of the 5% % debentures, due in 1953, have elected
Community Power & Light Co. and General Public
and cash, in accordance with a notice to holders dated
to take stock of the
Utilities,
Inc.,
Nov. 10, 1936.
The Montrose
Eastern Corp. on Dec. 7 acquired for $121,050,
at an
auction held by Thomas F. Burchill, Inc., at 18 Vessey St., 807 shares each
of common stock of the Community Power & Light Co. and General Public
Inc.
The auction was held in behalf of holders of American
Community Power Co. 5H % debentures.
See V. 143, p. 3457.
Utilities,
Cyanamid Co.—Special Dividend—
The directors have declared a special dividend of 40 cents per share in
addition to the regular quarterly dividend of 15 cents per share on the class
A and class B common shares, no par value, all payable Dec. 21 to holders
of record Dec. 8.—V. 143, p. 3135.
Fidelity & Casualty Co., Inc.—Registers with
SEC—
See list given on
first page of this department.
American Gas & Electric Co.
(& Subs.)—Earnings—
1936—Month—1935
1936—12 Mos.—1935
Subsidiary Companies Consolidated (Intercompany Items Eliminated)
Operating revenue
$6,040,972 $5,511,589 $69,090,183 $64,154,062
Operating expenses
3,913,073
3,630,689
44,060,088
40,820,735
$2,127,898
72,382
Total income
(A. S.) Aloe Co.—Extra Dividend—
$1,319,368
76,543
Expense
391,378
Deductions
-V.
Co.—Special Dividend—
The directors have declared a special dividend of 30 cents per share on
the common stock, no par value, payable Dec. 15 to holders of record
Dec. 4.
The regular quarterly dividend of 15 cents per share was paid on
Oct. 1 last.
In addition, an extra dividend of 15 cents was paid on July 1
last and an extra dividend of 10 cents per share was distributed on July 1,
1935.—V. 142, p. 4011.
Alleghany Corp.—Earnings—
Period Ended Sept. 30, 1936—
x Total income
Interest on long term debt
Other interest
Registrar and transfer agent fees
Fiscal agent and trustees fees
General expense (incl. readjustment
bonds due 1950)
Net loss to earned surplus account
3 Mos.
9 Mos.
$948,853
$2,854,850
942,257
2,827,485
5,500
22,217
23,512
7,809
2,467
expense
$588,114
$9,665,704
$7,901,080
American Gas & Electric Co.
Balance
4011.
Aluminum Goods Mfg.
$1,935,302 $25,833,603 $24,065,950
1,347,187
16,167,899
16,164,870
$858,632
Balance
Total income
The directors have declared an extra dividend of $2 per share on the
common stock par $20, payable Dec. 15 bo holders of record Dec. 5.
The
regular quarterly dividend of 25 cents per share was paid on Nov. 1, last.
$1,880,900 $25,030,095 $23,333,327
54,401
803,508
732,623
$2,200,281
1,341,648
Other income--
Deductions--
Ltd.—Pays Initial Dividend—
The company paid an initial dividend of 30 cents per shar on the common
stock on Dec. 3 to holders of record Nov. 30.—V. 139, p. 2667.
.
$851,447
$1,033,277 $15,168,950 $13,248,258
30,759
638,955
446,923
391,378
4,696,539
4,696,539
$611,138
$9,833,455
$8,104,795
143, p. 2989.
American Hide & Leather
See list given on
Co.—Registers with SEC—
first page of this department.—V. 143,
American Home Products
p.
2824.
Corp.—Extra Dividend—
The directors on Nov. 25 declared an extra dividend of 10 cents per share
in addition to the regular monthly dividend of 20 cents per share on the
capital stock, par $1. The extra dividend will be paid on Dec. 24 to holders
of record Dec. 14 and the regular monthly distribution will be made on
Jan. 2 to holders of record Dec. 14.—V. 143, p. 2665.
American Locomotive Co.—Accumulated Dividend—
The directors on Nov. 30 declared a dividend of $3 per
share on account
7,804
of accumulations on the 7% cumulativepreferred stock, par $100, payable
Dec. 18 to holders of record Dec. 11. This will be the first dividend paid
11,574
73,790
by the company since December, 1932, when the regular quarterly dividend
of $1.75 per share was distributed.
zg
$20,754
$99,958
The company released the following statement in connection withlthe
current dividend:
"The dividend so declared is payable on account of the dividends ac¬
of
After deducting reserves in respect of interest on $11,152,000 Missouri
Pacific RR. 20-year 5}4 % convertible gold bonds of $153,340 in 1936 and
x
$460,020 in 1935 and on $14,245,000 Terminal Shares, Inc., five-year
5H7o notes of $195,869 in 1936 and $587,606 in 1935.
On March 31, 1933, Missouri Pacific RR. placed its property under the
jurisdiction of the United States District Court at St. Louis pursuant to
the Act of Congress approved March 3, 1933, in the aid of railroad re¬
organization.
1935
before any provision for Federal surtax on undistributed earnings
—V. 142, p. 4327.
Operating income
150,700
257,600
—V. 143, P. 2356.
Allan's Beverages,
1936
y$729,376 xz$l,731,319
-
develop, charges but
before deprec., deplet.
and Federal taxes
—
-
Foundry Co. (& Subs.)—Earnings—
Period End. Oct. 31—
Co.—Earnings—
1936—Month—1935
$474,000
$356,000
Prof, after oper. exp. and
Capital Corp.—Accumulated Dividend—
to holders of record Dec. 12.
American
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 12^ cents per share on tne
stock,
payable Dec. 24 to holders of record Dec. 8.
usually payable on Jan. 2.—V. 143, p. 2989.
The directors have declared a dividend of 75 cents per share on account
of accumulations on the $3 cum. pref. stock, no par value, payable Dec. 24,
American
Ahlberg Bearing Co.—Dividends—
Company has declared and paid quarterly dividends at the ratli of 8Hc.
per share on the class A common stock on July 1 and Oct. 1,1936.—V. 143,
p. 3616.
p.
its books,
discounted to $5,397,040 as of April 1, 1934 on a 5% discount basis.
The
discount of $735,960 is being amortized during this five-year period.
The
interest on these bonds is paid or payable by issuance of $122,660 shares
of the company's prior preferred convertible stock issuable at $44 per share,
of which $10 per share is allocated to capital and $34 per share to surplus.
—V. 143, p. 3303.
xAlso
addition
142/
up on
Earns, per sh. on 289,450
common
—.
$12,261,425 $12,261,425
Reflecting the plan of reorganization: Company set
deferred charge, interest on its 1950 bonds for the five-year period April
1,1934 to April 1, 1939 amounting to $6,133,000.
This interest has been
shs.
common
101,320
1,350
a
charges
Air Reduction Co.—Extra Dividend—
~
429,590
Profit from sale of securities
American
Checker
In
126,480
(File No. 2-2553)—Request filed Dec. 1,
1936.
In
$2,258,056
Account
prior preferred convertible stock (3,720 shares
period July 1 to Sept. 30, 1936; 12,635 shs.
in period Jan. 1 to Sept. 30 1936) for interest
coupons from bonds due 1950
Part of consideration received upon issuance of
2,533 shares prior preferred convertible stock
for accounts payable; issued at $50 per share,
of which $10 per share was allocated to capital
and $40 per snare to surplus
American
named.
The Commission has consented to the withdrawal of the
24.
Surplus
No underwriter is named.
Kirkline Foods, Inc. (File 3-3-875), Baltimore, Md. and Washington,
Offering 1,000 shares of 6% cumul. pref. stock of $100 par value at
D. O.
Nov.
in
in
Erie O. Annes, 108 North 6th St., Grants Pass, Ore., is President
No underwriter is named.
Express Electro Plating (File 3-3-873), 312 East 95th St., New York
City. Offering 80,000 shares of class A stock of $1 par value and 20,000
shares of class B stock of $1 par value in units of four shares of class A
and one share of class B at $5 per unit.
Edward Maier, above address, is
$2,258,056
—
Paid
Balance at beginning of period
$12,134,945 $11,729,165
Add:
x Part of consideration received upon issuance of
of the corporation.
Autosmoker Co. of America (File 3-3-871), 230 Park Ave., New York,
N. Y.
Offering 19,750 units of stock, each unit consisting of one share of
preferred stock of $5 par value and one share of common stock of one cent
par value at 5X«_Per share.
Maxwell Kimmelman, 170 Broadway, New
York, N. Y., is President.
The offering is to be made through Maxwell
Kimmelman, above address.
July 1 to
Jan. 1 to
Sept. 30 *36 Sept. 30 *36
$2,278,810
$2,358,014
20,754
99,958
Balance at beginning of period
Net loss from Income account
Sunbeam Gold Mines Co. (File 3-3-869) 612 Proviaent Bldg., Tacoma,
Wash.
Offering 280,000 shares of common stock of 10c. par value at 25c.
share.
Earned Surplus Account
i
Offering 100,000 shares of capital stock ($1 par) at par. Louis F. Truger,
Pioneerville, Idaho, is President. No underwriter is named.
per
3831
Spring Industrial Savings & Loan Co. (File 3-3-864), Silver
.
cumulated on the preferred stock which as of Sept. 30 amounted to $28 a
share.
Included in the earnings, out of which the said dividend was de¬
clared, is a non-recurring item of accumulated dividends received from an
unaffiliated company amounting to approximately $1 a share on the out¬
standing American Locomotive preferred.
"The board of directors in announcing the declaration stated that the
matters of the resumption of regular dividends on the preferred stock and
Financial
3832
the
liquidation of the balance of the accumulated dividends thereon wil
defend upon future business and earnings of the company."—V. 143, p.
American Maize Products
•
The directors have declared
Co.—Special Dividend—
special dividend of $1 per share in addition
a
the regular quarterly dividend of
25 cents per share on the common
stock, no par value, both payable Dec. 15 to holders of record Dec. 8.
—V. 143, p. 743.
to
American Metal
Co., Ltd.—Clears Preferred Arrears—
The directors have declared
Art Metal Works, Inc.—Extra Dividend—
declared an extra dividend of 60 cents per share In
quarterly dividend of 15 cents per share on the com¬
mon stock, par $5, both payable Dec. 17 to holders of record Dec. 7.
An
extra of 25 cents was paid on Dec. 24,1935 and an extra of 5 cents per share
was distributed on Dec. 20, 1934.
See V. 142, p. 1276, for detailed divi¬
dend record.—V. 143, p. 1710.
The directors have
addition to the regular
Associated Gas & Electric Co.—Petition
accumulations on the 6% cum. pref. stock, par $100, thus wiping out all
back dividends on this issue.
The dividend is payable Dec. 21 to holders
A dividend of $4 was paid on Dec. 1, Sept. 1, June 1
of record Dec. 11.
2 and Sept. 3, 1935,
1931 when a regular
quarterly distribution of $1.50 per share was made.—V. 143, p. 3136.
and March 2 last, and compares with $2 paid on Dec.
this latter being the first payment made sinec Sept. 1,
American News N. Y.
Corp.—To Pay $4 Extra Dividend—
Exchange of Scrip Due 1941—
The company in a
an extra dividend of $1 per share on the
stock, par $25, payable Dec. 15.
The regular quarterly dividend
Nov. 1 and Dec. 1, 1941.
As these certificates bear interest
1, last.—-V. 140, p. 1995.
$100.
The company has been considering a means whereby such fractions
aggregating multiples of $100 could be combined to form interest-bearing
certificates.
This arrangement has now been completed.
Holders who so desire may return all or any part of their scrip certificates
of the above mentioned series, interest-bearing and non-interest bearing,
for consolidation into an equal principal amount of either consolidation
scrip due June 15, 1944 which in multiples of $100 principal amount will
bear interest at the rate of 4% per annum, or consolidation scrip due June
15, 1947 which in multiples of $100 principal amount will bear interest at
the rate of 4 M% per annum.
With respect to fractions resulting from any
such consolidation, non-interest bearing scrip of the new series selected will
Requiring "Original Cost" of Telephone Properties—
of the Federal Communications Commis¬
system of accounting by telephone companies were
S. Supreme Court Dec. 7 in an opinion
presented by Justice Cardozo.
The "original cost" order, together with one stipulation that certain
charges shall be "just and reasonable," and other dividing plants in present
The "original cost" provisions
sion's order for
a
uniform
unanimously upheld by the U.
from those held for future use, both
use
likewise sustained, nad been fought
be
by the American Telephone & Telegraph Co., 36 other companies under the
Bell System and seven independents.
They had complained that the orders were "harsh and arbitrary," but
Justice Cardozo, in his opinion, denied the allegations as applied to the
three rules laid down.
Victorious in the suit along with the Communica¬
tions Commission was the National Association of Railroad and Utilities
Commissioners, intervening as representatives of 46-State regulatory bodies.
Powers to make orders for the accounting and bookkeeping of the tele¬
issued.
The provisions
offer at any time.
and Coupon Paying
ssues
Weekly Output Increases 12.1%—
An increase in net electric
November Output
Co., Inc.—Weekly
electric properties for the week ended
kilowatt-hours, an increase of 7% over the
for the corresponding period of 1935.
Comparative table of weekly output of electric energy for the last five
Output of electric energy of the
Nov. 21
Nov. 28
Dec.
5
—V.
143,
P.
Anchor
1935
1934
1933
35,014,000
35,437,000
33,317,000
35,363,000
33,065,000
33,231,000
30,030,000
32,793,000
on
on Nov. 30 declared a dividend of 15 cents per share on
stock, no par value, payable Dec. 21 to holders of record Dec. 10
stated that this dividend is in lieu of the quarterly dividend
the common stock which in prior years has been declared payable on the
Proceeds of the sale of the issue, amounting to approximately $11,696,938
be used to retire outstanding short-term notes of the company either
maturity or in advance of maturity, and to purchase receivables in the
ordinary course of the company's business. The amount to be used for each
purpose is not now determinable and will vary as may be found advisable
by the management.
Company is engaged in financing the purchase of motor vehicles both at
wholesale and retail.
Was organized in 1918 under the laws of Indiana and
The directors have declared an extra dividend of 20 cents per share in
addition to a semi-annual dividend of 10 cents per share on the common
stock, both payable Dec. 19 to holders of record Dec. 5.—V. 142, p. 1973.
has expended its business
Co.—Accumulated Dividends—
of $1.75
purchased by the company during the full year 1935
amounted to $90,732,602 and for the six months ended Jim
30, 1936,
reached a total of $69,815,292.
Net income after all charges and Federal
taxes for the first half of this year amounted to $1,281,277. Annual interest
requirements on the $12,000,000 3% debentures to be outstanding will
amount to $360,000 annually.—V. 143, p. 3458.
per
The volume of paper
Associated Oil
Armstrong Cork Co.-—To Pay SI Extra Dividend—
Co.—Merger Consummated—
See Tide Water Associated Oil Co. below.—Y.
dividend of $1 per share on
the common stock, no par value, payable Dec. 19 to holders or record Dec.
10.
The regular quarterly dividend of 37 H cents per share was paid on
Dec. 1 last.
An extra dividend of 25 cents per share was paid on Dec. 2,
1935.
See V. 142, p. 773, for detailed dividend record.
The directors on Nov. 30 declared an extra
Bonus and
steadily until it now operates through 54 branches
located in 15 States.
share on the $7
cumulative preferred stock, no par value, and $1.50 per share on the $6
cumulative preferred stock, no par value, both payable Jan. 2 to holders
of record Dec. 15.
Similar payments were made on Oct. 1, July 1, April 1
and Jan. 2, 1936, and on Oct. 1, 1935.
These latter payments compare
with $1.17 and $1 per share respectively, previously distributed each three
months.
(For detailed dividend record see V. 140, p. 1996)—V. 143, p.3618.
dividends
declared
have
^embers of the offering group are:
at
Argo Oil Co.—Extra Dividend—
directors
Bend,
South
are to
of the succeeding year.—V. 143, p. 3137.
Arkansas Power & Light
Other
100 and int.
at
company
The
Co.,
Field, Glore & Co.; Bfown Harriman & Co., Inc.; Lee
Higginson Corp.; Hayden, Stone & Co., and Harris, Hall
& Co., Inc.
Cap Corp.—lb-Cent Dividend—
second day of January
Investment
Debentures
common
The
2358.
Ind.—
Offered—A banking group headed by F. S.
Moseley & Co. on Dec. 10 made public offering of a new
issue of $12,000,000 10-year 3% debentures, series due 1946,
28,584,000
28,336,000
29,454,000
29,113,000
The directors
the
Co.—Registers with SEC—
given on first page of this department.—v. 143, p.
Associates
1932
43,756,000
44,400,000
42,434,000
44,253,000
of November by
Associated General Utilities
See list
follows:
1936
Increases 12.0%—
in net electric output over a year ago is reported
the Associated Gas & Electric System.
(kwh.) produced amounted to 368,070,871 for the month.
For the
12 months ended Nov. 30. output was up 454,034,517 units from 3,694,271,496 units to 4,148,306,013 units.
This is an increase of 12.3% when com¬
pared with the previous 12 months' period.
Gas sendout for November increased 150,685.200 cubic feet to 1,939,534,400 cubic feet, which is 8.4% higher than last November.
Sendout for
the year ended Nov. 30 was up 7.7% to 21,205,399,600 cubic feet.
This is
1,522,367,300 cubic feet higher than the previous comparable period.—
V. 143, P. 3619.
the month
Units
Dec. 5, 1936 totaled 47,357,000
47,134,000
46,495,000
44,832,000
47,357,000
3618.
week ended Dec. 4.
This
compared with 79,171,376
An increase of 12.0%
for
output of 44,253,000 kilowatt-hours
Week Ended—
output of 12.1% over a year ago is reported
by the Associated Gas & Electric System for the
brings production to 88,762,660 units (kwh.) as
units in the corresponding week of last year.
Output—
Nov. 14
Agency, Room 2425, 61 Broadway, New York, accom-
desired.
{ranied isby advice as to which of the two above-mentioned consolidation
by the Supreme Court.
> The order principally opposed was that defining the "original cost" of
property to the company which first owned it and dedicated it to the
public use, and requiring that the accounting company must enter such
original cost in its property investment accounts.
lifc An account designated "telephone plant acquisition adjustment account"
must contain the difference between the actual or estimated "original cost"
and the amount really paid for the property.—V. 143, p. 3617.
years
of these two issues of scrip will otherwise be the same as
The right is reserved to terminate this
Present certificates should be forwarded to Transfer
those of the certificates now held.
phone companies had previously been lodged with the Interestate Com¬
merce Commission, which had framed a revised set of rules effective Jan.
1,1933.
But the Communications Commission, taking over this authority,
drew up new rules, which were to take effect last January.
The American Telephone & Telegraph Co. and others brought suit in
the Federal Court for the Southern District of New York.
There, a threejudge court sustained the Commission's orders, and they are now upheld
American Water Works & Electric
,,,,,,
at the rate of 4% only in multiples of
$100 principal amount, a considerable number of holders now own two or
more non-interest bearing fractions of different series which total more than
Telephone & Telegraph Co.—Loses Fight
Accounting—Supreme Court Sustains FCC Order,
New
of scrip due
notice Dec. 5 addressed to the holders
advisable that the recent payments of accumulated interest
on convertible obligations of Associated Gas & Electric Co. in scrip should
be made in three instalments rather than one, and for this reason there
were issued three series of certificates which mature respectively on Oct. 1,
American
on
imme¬
under
inter¬
1941 states:
It was thought
American Paper Goods Co.—Extra Dividend—
of 50 cents per share was paid on Nov.
creditors
creditors
Gas & Electric Co.
The three creditors asked
diate dismissal of the petition for reorganization to the company
Section 77-B and asked restoration to the management without
ference of the business of the company.
and the Associated
The directors have declared
common
Denied—
Federal Judge Julian W. Mack has denied a motion of three
dismissal of the stipulated agreement between petitioning
for
The directors have declared a dividend of $4.50 per share on the common
stock, payable Dec. 15 to holders of record Dec. 5.
This payment includes
an extra dividend of $4 per share and the usual bi-monthly dividend of
50 cents per share which would ordinarily be paid on Jan. 15.
See also
V. 143, p. 2665.
;
1936
30, last; 25 cents on June 30, last, and 15 cents per share paid on Jan. 2
1936. this latter being the first payment to be made since Jan. 2,1932, when
a distribution of 10 cents per share was made.—V. 143, p. 2039.
dividend of $11.50 per share on account of
a
Dec. 12,
Chronicle
Atlantic
Gulf & West
$1,929,797
1,938,629
48,877
Taxes
bonus for all employes of 6%
the last 12 months.
Employes of
143, p. 3619.
Lines
(& Subs.)—
1936—10 Mos.—1935
$1,693,244 $20,528,616 $17,603,862
1,642,941
18,428,765
17,217,719
50,778
360,938.
176,096
1936—Month—1935
Per. End. Oct. 31—
Operating revenues
Oper. exps. & deprec..-
Wage Increase—
Indies SS.
The company on Nov. 30 announced a
of salary or wages received during
domestic subsidiaries are included.
The directors also
voted
an
$1,738,912
46,077
47,716
77,923
def$50,493
111,111
$45,601
124,110
$1,786,628
1,160,093
$287,970
def$161,604
def$78,509
in hourly wages, effective
Gross income
20*
Doc
def$475
Other income
increase of 5%
$210,046
def$57,708
7,215
Operating income
During 1937 unemployment compensation will be continued on the same
as in 1936.
The expense is borne by the company.
Every wageemployed for 52 weeks or more has a guarantee of a limited unem¬
Interest, rentals, &c
1,252,699
basis
Netincome.
earner
ployment compensation, graded according to length of service,
be laid off because of a lack of business.
should he
$3 Preferred Dividend—
will continue to operate on a 40-hour week, 8-hour-day
time-and-arhalr for overtime.—V. 143, p. 1219.
Artloom
1936
$286,624
223,824
31,482
profit on sales
Expenses
Depreciation
1935
$292,703
211,995
36,258
5,233
Miscellaneous deduction..
19,775
Adjustment of inventory
non-cumul.
,
Corp.—Earnings—
9 Months Ended Sept. 30—
Gross
declared a dividend of $3 per share on the 5%
pref. stock, par $100, payable Dec. 23 to holders of record
Dec. 11.
This will be the first distribution made on the preferred stock
since Dec. 31,1931 when a regular quarterly dividend of $1.25 per share was
paid.—V. 143, p. 3138, 2515.
The directors on Dec. 1
The company
a
Atlas
.
$39,908
45,943
Other income
Profit
Less discounts and bad accounts,
a
taxes.—Y.
143,
p.
3305.
$10,685
35,889
b$6,035
Loss
$39,217
49,902
$25,204
b Before Federal, State and other
•'
Corp.—Accounting Demanded in Suit—
A stockholder
s
suit asking an accounting and
$34,286,000 damages has
against
been filed in the New York Supreme Court by Frank M. Crawley
the Atlas Corp., Chatham Phoenix Corp.. Securities Allied Corp. and
and
$11,543
51,451
Operating profit
Idle plant expenses
$626,534 def$964,728
former
President
officers
of Atlas.
of their duties
as
officers
of these organizations, including Floyd B. Odium,
The plaintiff charges the defendants with violation
officers, with waste, misappropriation and diversion
Securities Allied Corp.'s assets.
The suit was revealed when Justice William Harman
of
Black denied a mo¬
by Securities Allied to vacate the plaintiff's summons on technical
grounds.
At the offices of the Atlas Corp. it was said that the suit "had no founda¬
tion in fact," and that charges in it dealt principally with actions that took
tion
Elace Phenix Allied Corp., byof Securities Allied Corp., formerly the Chatprior to the acquisition the Atlas Corp.—V. 143, p. 3468.
am
Art Metal Construction
Co.—Special Stock Dividend—-
special stock dividend of one share of com¬
stock for each 20 shares held in addition to a cash dividend of 40 cents
The directors have declared a
mon
the common stock, par $10, both payable Dec. 17 to holders
of record Dec. 7.
A cash dividend of 35 cents per share was paid on Sept.
per
share
on
Atlas Powder Co.—To Pay
Special Dividend—
The directors have declared a special
the
14.
common
dividend of 50 cents per share on
stock, no par value, payable Dec. 24 to
holders of record Dec.
Volume
Financial
143
An extra dividend of 25 cents per share in addition to the regular quar¬
terly dividend of 50 cents was paid on Dec. 10, Sept. 10, June 10, and
March 10. last.—V. 143, p. 2991.
Ault & Wiborg Proprietary,
Ltd.—Pref. Stock Offered—
Royal Securities Corp., Ltd., Montreal, are offering $550,000
5^% cum. red. sinking fund preference shares at 100 and div.
Preferred as to capital and dividends over other classes of stock and
entitled to a fixed cumulative dividend at the rate of 5H% Per annum,
payable Q.-F. at par at any branch of the company's bankers in Canada
(except Yukon Territory).
Dividends cumulative from Nov. 1, 1936.
Red. as a whole or in part; at option of company, on 60 days' notice at
104. per share if red. on or before Nov. 1, 1939, and at 103 per share if
red. thereafter (in each case with accrued dividend), and at the same price
in the event of liquidation.
Subject to like redemption through the opera¬
tion of the sinking fund.
Transfer agent, Montreal Trust Co., Toronto.
Registrar, Toronto General Trusts Corp., Toronto.
An annual sinking
fund, commencing May 1, 1938, of 15% of the company's net earnings
is required to be provided for the redemption of the preference shares.
192374605
Capitalization—
Authorized
$1,750,000
5K % cum. red. sinking fund pref. shs. (par $100)
Common shares (no par)
100,000 shs.
Outstanding
x$550,000
45,000 shs.
Originally issued, $800,000; subsequently purchased for cancellation,
$250,000.
Company, incorporated under the Ontario Companies Act, owns all the
outstanding capital stock (except qualifying shares) of the Ault & Wiborg
Co. of Canada, Ltd., which, with its predecessors, has carried on for more
than 30 years the manufacture and sale of printing ink, printers' rollers,
lithographic plates, varnish, enamel and a variety of supplies for the printing
and allied trades.
The business is served by plants strategically located
in Toronto, Montreal, Winnipeg and Vancouver and sales are made direct
to newspaper and general printers and publishers and to industrial plants
throughout Canada.
Ault & Wiborg Co. of Canada, Ltd., also owns the
entire outstanding capital stock (except qualifying shares)
of Aulcraft
Paints, Ltd., which operates plants in Toronto for the manufacture of
paints and varnishes.
A. C. Ransom Philippine Corp., which operates in
the Philippine Islands, and Ault & Wiborg Co. of Canada (S.A.) (Propietary), Ltd., which operates in South Africa, are controlled by the company.
Neither the Ault & Wiborg Co. of Canada, Ltd., nor any of its subsidiaries
or controlled companies has any outstanding funded debt.
A substantial common stock interest in the company is owned by Inter¬
national Printing Ink Corp., which with its controlled and associated
companies has an organization for the manufacture and sale of printing
ink and related products throughout the United States and in other parts
of the world.
International Printing Ink Corp. has agreed to license the
company to use all inventions and processes relating to printing ink, print¬
ing rollers or lithographic supplies which International Printing Ink Corp.
or any of its subsidiaries now owns or controls or shall own or control during
the period that such agreement is operative.
x
Earnings for Calendar Years
aOperating
Profit
Year—
$118,046
158,411
196,294
142,935
1932
106,605
94,473
124,133
1936 (10 mos.)_—(est) 152,860
-
Total
Income
Income
Taxes
$125,666
159,056
201,493
159,484
113,188
110,992
149,568
175,080
$8,995
11,779
16,012
11,409
16,086
19,095
28,755
Net
Profit
$116,671
147,277
185,481
148,075
97,102
91,897
120,813
38,684
136,396
,
a After deduction of all
operating expenses and depreciation, but before
income taxes.
Pro Forma Consolidated Balance Sheet Nov. 2, 1936
Assets—
Cash
160,899
3,270
214,446
218,696
Inventories
Govt., &c., bonds and stocks.
5,019
cos
13,695
$59,809
35,068
red. sinking fund
preference shares..
cum.
550,000
120,000
267,254
36,396
—
Common shares
Distributable surplus
Earned surplus-—-
-
-
Operating
foreign subsidiaries
93,901
354,225
Land, bidgs. and plant (net)—
Total
$1,068,528
Autocar Co.—Initial
$181,877
59,920
20,500
10,709
37,573
25,482
18,101
Depreciation
-
Balance
—V. 143, p. 3138.
Total
$1,068,528
Preferred Dividend—
The directors have delcared
an initial dividend of 75 cents per share on
$3 cumul. pref. stock, no par value, payable Dec. 26 to holders of
This will be the first dividend paid by the company since
1931.—V. 143, p. 3458.
new
record Dec. 19.
Automatic Quotation Co.—Registers with SEC—
See list given on first page of this department.
Automobile Finance Co.—Registers with SEC—
See list given on first page of this department.—V, 143, p. 2666.
Autosmoker Co. of America—Registers with SEC—
See list given on first page of this department.
Babcock & Wilcox Co.—Regular Div. Raised—Extra Div.
The directors have declared a dividend of $2 per share in addition to a
quarterly dividend of $1 per share on the capital stock, par $100, The $2
dividend will be paid on Dec. 15 to holders of record Dec. 7.
The quarterly
payment will be made on Jan. 2 to holders of record Dec. 21.
(Ky.) Distillery, Inc.—Stock Offered—F. S.
offering, 100,000 shares represents new financing, and pro¬
of plant property, additional
equipment and other corporate purposes.
The company is one of the leading Kentucky producers of bulk whiskey,
and in addition distributes several brands of its own. jA substantial part of
its present inventory was produced in 1934 and 1935.
Net earnings for the first 10 months of the fiscal year ended Aug. 31 were
$216,947, equal to 82c. a share on the capital stock then outstanding.
Net
for fiscal year 1935 ended Oct. 31 was $66,897 as compared with $31,806 in
corresponding period of 1934.—V. 143, p. 3306.
Barlow & Seelig Mfg.
Co.—Curb Removal Approved—
The Securities and Exchange Commission on Dec. 7 granted the applica¬
tion of the Chicago Curb Exchange to strike from registration and listing
85,000 shares of $1.20 cumulative convertible class A
common stock, $5
The Commission's order is effective Dec. 12.—V. 143, p. 3307.
par value.
Bartgis Brothers Co.—Stock Offered—Public offering of
20,000 shares of 6% convertible cumulative preferred stock
and 25,000 shares of common stock was made Dec. 4 by
Falvey, Waddell & Co., Inc., the preferred at $25 per
share and the common stock at $7.50 per share.
Of the
common
stock being offered,
Baldwin Locomotive Works—Warrants Petition to
Transfer Agent, Maryland Trust Co., Baltimore, Md.
Trust Co. of Md., Baltimore, Md.
in various industries.
The business of the company is distributed
many industries, no one praticular customer or industry buying over
10% of the annual sales.
Operations—The company has operated its plant at approximately full
capacity for the past 18 months.
Capitalization—Upon the completion of the proposed financing the
capitalization will be as follows:
names
over
Authorized
6 % conv. cum. pref. stock ($25 par)
Common stock ($1 par)
Special
The petition of Cohen, Simonson & Co. of New York for a Federal order
the company to honor the common stock purchase warrants on its fiveyear consolidated mortgage bonds has been referred to Special Master
Howard Benton Lewis by Judge Oliver B. Dickinson in U. S. District Court
3620.
Baltimore & Ohio RR.—Bonds—
Dec. 3 authorized the company
to issue $1,892,000 ref. & gen. mtge.
with the trustees of that mortgage of
6% bonds, series E, upon the deposit
$1,892,000 of Toledo-Cincinnati divi¬
sion of 1st lien & ref. mtge. 6% bonds, series O, all or any part of said bonds
to be pledged and repledged from time to time to and incl. Dec.
31, 1938,
as collateral security
(a) for any note or notes issued under the provisions
of section 20a (9) of the Interstate Commerce Act, (b) in substitution for or
in equalization of existing collateral under existing loans
maturing within
two years, (c) for loans maturing more than two years from date, and
(d)
for loans in respect of which the B. & O. has assumed obligation and
liability
as guarantor, under
authority of the Commission, or (e) for several of these
purposes.
The Commission
also authorized the issuance of $1,892,000 of ToledoCincinnati division 1st lien & ref. mtge. 6% bonds, series O, upon the
deposit with the trustee of that mortgage of $1,892,000 of Toledo & Cin¬
cinnati RR. 1st & ref. mtge. 6% bonds, series O; such bonds to be pledged
under its refunding and general mortgage.
&
Cincinnati RR. to issue $1,(892,000 1st & ref. mtge. 6% bonds, series O, upon the deposit with the
trustee of that mortgage of $1,892,000 of 2d mtge. 4H % 50-year gold bonds
of
the
$500,000
70,000
Net sales
Cincinnati Hamilton & Dayton RR.; such bonds to be delivered to
O. at par in reimbursement for funds advanced or expenditures
$488,920
75.405
20,446
7,083
Provision for Federal income taxes
Net income
—
$47,875
When the sale of the 20,000 shares of preferred stock and the 10,000 shares
common stock is completed,
the company will retire its outstanding
loans, and upon such retirement the interest on such loans will become a
non-recurring charge to profit and loss. A summary of the profit and loss
statement for the nine months ended Sept. 30, 1936, giving effect to such
non-recurring interest charges is as follows: Net sales, $488,920; net income
before Federal income taxes per books,
54,959: interest charges on loans
to be retired with proceeds of financing—which become non-recurring,
$20,446; total, $75,405.
Provision for Federal income taxes, $9,893; net
income (after giving effect to the non-recurring interest charges) transferable
to surplus, $65,512.
The above statement does not take into account the Federal undistributed
profits tax.
The above net income for the nine months period is equivalent to an
annual net income at the rate of $87,349. The annual dividend requirement
for the 6% convertible cumulative preferred stock is $30,000.
Conversion—Each preferred share
is convertible at the option of the
holder thereof at any time prior to the date of redemption specified in any
notice of intent to redeem said stock, into three shares of common stock.
Dividends—As of Dec. 31, 1936, the company proposes to declare and
pay quarterly a dividend on such of the new convertible cumulative preferred
stock as is then outstanding, and thereafter to continue to declare and pay
regular quarterly dividends on the preferred stock.
If earnings continue until the end of the current year at the rate thus far
maintained, the directors will be disposed also to declare an initial dividend
on
the common stock.
No dividends can be declared upon any of the company's preferred
stock
so
or
long as the present mortgage held by the Federal Reserve
It is intended to use the
Bank of Richmond, Va., is an outstanding lien.
first net proceeds from the sale of the securities
off the balance of approximately
offered hereunder, to pay
$75,000 now remaining owing thereon and
to retire said mortgage.
Pro Forma Balance Sheet Sept. 30, 1936
Liabilities—
——————
Inventories
—-
Deferred charges-Other assets
$63,430
89,845
732,031
75,890
1,798
i
Accounts payable.-—
15,178 Due salesman,
missions, &c
83,775
$15,686
unpaid
com¬
963
Accrued expenses
27,622
6% conv. pref. stock--—
Common stock
Capital surplus
Paid-in surplus...
Earned surplus
$1,061,948
Total
The Commission authorized the Toledo
Outstanding
$500,000
200,000
Net income, after deprec. (but before int. & Fed'l inc. taxes)
Interest on loans
receivable.—
Accounts receivable, (net)——
on
on
Registrar, Union
Business—Company manufactures folding box board the major portion
of which it uses in the manufacture and sale of cartons, folding boxes of
various types, fixed shape boxes and other paper board containers.
1
The company sells its product to some of the best known advertised trade
names, such as R. J. Reynolds Tobacco Co., Phillip Morris & Co., American
Tobacco Co., Individual Drinking Cup Co., Doughnut Corp. of America,
O'Sullivan Rubber Heels, and many other well known advertised trade
Fixed assets (net)
The Interstate Commerce Commission
10,000 shares are for the account
purchased from individual
of the company and 15,000 shares are to be
stockholders who will receive the proceeds.
Trade accepts.,
Master—
p.
$50,312
241.000
ceeds will be used for expansion
Cash-.-
See list given on first page of this department.
143,
$2 ,070,424
728,404
281,450
149,196
367,015
305,792
188,253
$147,110
$10,557
Assets—
Bagdad Copper Corp.—Registers with SEC—
Philadelphia.—V.
175,271
385,808
305,789
184,633
68,508
21,850
10,492
27,652
25,482
14,481
Yantis & Co., Inc., Chicago, made public offering on Dec. 7
of 130,000 shares of capital stock at $3.75 per share.
Of the
common
Previously quarterly dividends of 25 cents per share were paid on Oct. 1,
July 1, and April 1, last: 10 cents per share were paid each quarter from
Oct. 1, 1934 to and incl. Jan. 2, 1936; 25 cents per share each three months
from April 1, 1933 to July 1, 1934, incl.; 50 cents on Jan. 2, 1933, Oct.
1,
1932 and on July 1, 1932, and $1 per share was paid on April 1, 1932 and
on Jan. 2, 1932.—V. 142,
p. 4330.
at
$2,155,860
716.246
$179,025
$9,590
-
Fixed charges
Dividend on pref. stockDiv. on common stock.-
Bardstown
,—1935
1936—12 Mos.-
1936—Month—1935
expenses
Taxes accrued--—
of
Investment In & advances to
the
Bangor Hydro-Electric Co.—Earnings—
Earnings Statement for the 9 Months EndedSept. 30,1936
Accounts payable..
Prov. for income taxes
5H %
3833
Period End. Nov. 30—
Gross earnings
Liabilities—
$4,374
_
Accts. receivable, trade
Due by salesmen & employes..
Deferred charges
Shs. In customer
Chronicle
Total
——
500,000
70,000
387,528
40,000
-
——
20,149
—$1,061,949
—V. 143, p. 2826.
Bastian Blessing
Co.—Resumes Common Dividends—
have declared a dividend of 40 cents per share on the
stock, payable Dec. 24 to holders of record Dec. 14.
This will be
the first distribution made on the common stock since Jan. 15, 1932 when
a dividend of 25 cents was paid.—V. 143, p. 3138.
The
directors
common
Battle Creek Gas Co.—Bonds Placed
Privately—Private
G. L. Ohrstrom & Co., Inc., of an issue of $1,000,000
20-year 3%% first mortgage bonds was announced Dec. 7
by D. H. Frazer Jr., President of the company.
sale by
The proceeds of the
issue, which
was
sold to four insurance companies at
J>ar, will be used in of the company, Mr. Frazermortgage 5s and $300,000
irst mortgage 4Hs part to retire $600,000 first
said.
The
Mich.
of gas,
serves a population of about 50,000 in Battle Creek,
In the year 1935 the company's output was 630,801,700 cubic feet
yielding gross revenues of $545,479.—V. 126, p. 1807.
company
Benson &
Hedges—To Pay Preferred Dividend—
made by it in retiring the Cincinnati
The directors have declared a dividend of $2 per share on account of
accumulations on the $2 cum. conv. preferred stock, payable Dec. 19 to
holders of record Dec. 9.
This will be the first dividend paid since Aug. 1,
to be pledged under the B. &
ref. mtge.—V. 143, p. 3459.
1931 when a regular quarterly dividend of 50 cents per share was dis¬
tributed.—V. 142, p. 1279.
the B. &
Hamilton & Dayton RR. bonds, and
O.'s Toledo-Cincinnati division 1st lien &
Financial
3834
Bethlehem Steel Corp.—To
stock,
no par
the
17.
15,
disbursement, Eugene G. Grace, President,
had cleared up obligations on its
preference stock wbile carrying out a recapitalization plan, thus making
In announcing the current
said that early
this year the corporation
possible to place the common stock on a dividend-paying basis at this
Several months ago a dividend was virtually promised to holders
of common stock as soon as earnings warranted, according to Mr. Grace.
The payment was to be made this month, he added, because the new tax
on undistributed profits becomes effective on Jan. 1, but this was not the
sole reason for the distribution.
In the first nine months of this year Bethlehem Steel's earnings were
It
time.
equal to $1.01 a share on the common stock, Mr. Grace said.
"My best guess and estimate," he said, "is that we will make at
enougn money to more than cover the $1.50 a share dividend on the
least
com¬
stock."
mon
Grace
Mr.
predicted that the first quarter of
next year would be an
active one in view of orders received.
Bethlehem Steel, he said, was operating
at 75% of capacity. The in¬
crease of from $2 to $4 a ton in steel prices, recently announced, will just
about compensate the company for the rise of 10% in wages which became
Grace.
off an extensive buymg movement
among consumers who sought to "get under the wire," on the old price
schedu,es, he asserted.
He criticized the policy of the industry in giving
consumers a month in which to place orders when raising prices, and said
effective last month, according to Mr.
The increase in prices had touched
advances should go into effect immediately.
"When the industry decreases prices," Mr.
.......
I know the re¬
time when
Grace said,
The practice of granting extra
ductions go into effect at once.
raising prices results in two price schedules, and in a period of uncertainty
which is unfair to producers and to the public.
This practice is entirely
due to the competitive situation in the steel industry."—V. 143, p. 3307.
Binks Mfg.
Co.—Initial Dividend—
declared an initial dividend
payable Dec. 15 to holders of
The directors have
the common stock,
p.
of 50 cents per share on
record Dec. 5.—V. 143,
1866.
Birmingham Electric Co.—Earnings—
[National Power & Light
Co.Subsidiary]
1936—Month—1935
$598,443
$503,512
457,752
395,488
Per. End. Oct. 31—
Operating revenues
Oper. exps., & taxes
1936—12 Mos.—1935
$6,644,353 $6,077,238
5,037,010
4,770,046
$140,691
25
$108,024
9
$1,607,343
108
$1,307,192
1,143
$140,716
$108,033
$1,607,451
$1,308,335
50,220
50,070
599,205
601,821
y$57,963
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
$1,008,246
$706,514
Net
revs,
from oper-
Other income
Gross corp. income
Int. & other deductions-
r
y$90,496
Balance
480,000
480,000
paid or unpaid
429,186
429,244
Balance
$99,060 def$202,730
property retirement reserve appropriations and dividends,
accumulated and unpaid to Oct. 31, 1936, amounted to
Latest dividends amounting to $1.75 a share on $7 pref. stock
a share on $6 pref. stock, were paid on Oct. 1, 1936,
Divs. on
these stocks are cumulative.—V. 143, p. 2827.
Before
y
z
Dividends
$250,352.
and $1.50
(Sidney) Blumenthal & Co., Inc.—To
Pay $21 Pref. Div.
$21 per share on account
cumulative preferred stock, par $100, payable
Dec. 22 to holders of record Dec. 8.
This payment will mark the resumption
of dividends on tne preferred stock, the last previous dividend having been
the regular quarterly payment of $1.75 per share made on Jan. 2, 1933.
The directors on Nov.
30 declared a dividend of
of accumulations on the 7 %
organizations, it is believed that the merger will not only facilitate
expansion of the business of the two companies, but will also make
Brooklyn Daily Eagle—Files
Gas Co.—Output—
1936
1935
1,287,421,000 1,346,975,000
1,256,310.000
1,153,085,000
Boston Consolidated
{In Cubic Feet)—
-
1,112,924,000
1,152,477.000
1,047,968,000
April
1,039,210,000
989.842,000
1,009,712,000
June
890,864,000
897,530,000
July
August
September
817,742,000
808,035,000
917,563,000
792,302.000
807,899,000
923,828,000
1,034,242,000
-1,159,004,000
1,014,558,000
1,048,141,000
May.
-
October
November
1934
1,172.408,000
1,171,444,000
1,126,368,000
988,598,000
985,750,000
879,667.000
784,460,000
837.210.000
911,322,000
1,034,386,000
1,051,311,000
—V. 143, p. 3621.
Boston Personal Property Trust—Extra Dividend—
declared an extra dividend of 24 cents per share in
addition to a dividend of 16 cents per share on tne common stock, both
payable Dec. 24 to holders of record Dec. 17. A dividend of 16 cents per
share was paid on Sept. 30, last.—Y. 143, p. 2200.
im
_IMX1L
iiiwiiiiwutiMm—
i
n—MM—T—miMwrrm- rr~—rmiTiti—rr—n~
■■■■ ii -nnwrnm
"
Bourjois, Inc.—To Pay lb-Cent Dividend—
pThe directors have declared a dividend of 75 cents per share on the
common stock, no par value, payable Dec. 11 to holders of record Dec. 7.
The company previously had paid a dividend of 25 cents per share on
L
June 1,
1935.—V. 141, p. 3372.
■
_
Bralorne Mines, Ltd.—Extra Dividend—
The directors have declared an extra dividend of 5 cents per share in
addition to a quarterly dividend of 10 cents per share on the common
stock, no par value, both payable Jan. 15 to holders of record Dec. 31,
Similar payments were made on Oct. 15, July 15 and on Apr. 15 last.
Divi¬
dends of 15 cents per share were paid on April 15 and Jan. 15, 1935; Oct. 15
and July 16, 1934, and a dividend of 123^ cents was paid on April 15,1934.
In addition, an extra bonus of 20 cents was paid on Dec. 17, 1934.—V.
143, p. 2040.
Brewers & Distillers
on
of Vancouver, Ltd.—Initial
Div.
New Shares—
declared an initial dividend of $1 per share on the
$5, payable Feb. 1 to holders of record Dec. 29.
The
outstanding was recently reduced, one new $5 par share
being issued for each ten old no-par shares.
Quarterly dividends of 10
cents per share were paid on the old stock.—V. 143, p. 2828.
The directors have
new
stock,
par
amount of shares
British Columbia Power Corp.,
Period End. Oct. 31—
Gross earnings
Operatingjexpenses
Net earnings
Ltd.—Earnings—
1936—Month—1935
$1,204,892 $1,124,654
1936—1 Mos.—1935
$4,809,971 $4,457,728
669,621
602,458
2,732,981
2,453,992
$535,271
$522,196
$2,076,990
$2,003,736
—V. 143, p. 2828.
Briggs Mfg. Co.—Merger—
of Briggs Manufactur¬
merger remain to be
to ratification by the
respective boards of directors and stockholders of the two companies.
K The basis of the merger agreed upon by representatives of both companies
is'an exchange of stock.
Briggs will offer two shares of its stock for each
Negotiations were completed Dec. 10 for the merger
ing Go. and Motor Products Corp.
Details of the
worked out and the plan itself is, of course, subject
three shares of stock
the Brooklyn "Daily Eagle."
pany's parent,
of Motor Products Corp.
Falvey, Waddell & Co.,
Inc., the principal underwriter, will offer the preferred stock publicly at
original offering price of $25 per share, plus accrued dividends.
Simultaneously the Brooklyn "Daily Eagle" filed a statement with the
an
Commission covering 1,075,000 shares
of common, 400,000 shares are
issue
of common stock (par $1). Of the
held by the Brooklyn Daily Eagle
Properties Corp. for purpose of conversion of its issue of preferred; 300,000
shares have been optioned to the underwriter by the company and will be
offered publicly; 375,000
Preston
The
the underwriter by
and will also be offered
shares have been optioned to
Goodfellow, President of the company,
publicly.
offered publicly amounts to 675,000
300,000 shares at $1.75;
125,000 shares at $2.50 per share, and
total issue of common to be
shares and will be offered in
the following blocks:
125,000 shares at $2.25 per share;
125,000 shares at $2.75 per share.
Proceeds from issue
of preferred will be
used in payment of purchase
price for certain assets including circulation and goodwill of the Brooklyn
"Times Union."
The balance will be used to pay expenses of registering
tihQ prfifGirod stock
Proceeds from the issue of 300,000 shares of common will be used for
payment of commissions which will become due to L. N.
certain services.
The balance will be applied pro rata to
Rosenbaum for
payment of the
obligations of the company evidenced by its promissory notes now held
by Lawyers Trust Co. and Brooklyn Trust Co. and for liquidation of notes
held by the Mail Publishing Co. of Canada and for corporate purposes.
The Brooklyn "Daily Eagle" announced Dec. 9 that it will take over
the Brooklyn "Times-Union" about Jan. 1 and continue it as a separate
publication.
The announcement stated that the purchase was not a
merger but that the "Eagle" would continue as an afternoon paper with
the metropolitan point of view, letting the "Times-Union" concentrate on
Brooklyn-Long Island news.
The "Times-Union" printing plant and real estate are not involved in
the sale.—V. 134, p. 1028.
(E. L.) Bruce Co.—Plan Approved—
plan of reorganization of the company was approved by stock¬
approximately 90% of preferred shares and
approximately 80% of common shares.
After compliance with Securities and Exchange Commissionrequirements,
expected early in January, directors intend to declare the plan operative
and effective as of a date then to be announced, and also to advise preferred
and common stockholders where to deliver their certificates for the new
securities which tney are to receive in exchange.
It is also the present intention that the directors will meet sometime
during December, 1936 to declare a dividend in cash of $1.75 a share on
the 7% cumulative preferred stock for the period from Oct. 1, 1936 to
Dec. 31, 1936, to be payable togetner with the new securities, upon the
surrender of their present certificates, to stockholders of record at the
effective date of the plan as declared by the board of directors.—V. 143,
p.3621.
The
holders on Dec. 4 by a vote of
Building Products, Ltd.—Extra
Dividend—
quarterly dividend of 35 cents per share
50 cents per share on the class A and
class B stocks, no par value, all payable Jan. 2 to holders of record Dec. 15.
A dividends of 35 cents was paid on Oct. 1, last, and prior thereto regular
quarterly dividends of 25 cents per share were distributed.
In addition
extra dividends of 25 cents were paid on Oct. 1 and Jan. 2, 1936, and on
Jan. 2, 1935.—V. 143, p. 1715.
<
The directors have declared a
in addition to an extra dividend of
to
Common
Brothers—Resumes
Employees—
The directors on Nov. 25
the common stock
Dividends—Bonus
declared a dividend of 60 cents per share on
payable Dec. 21 to holders of record Dec.
5.
This will
made on this issue since Feb. 15, 1930, when 30
cents per share was distributed.
Directors have approved payment in December of bonus to approximately
4,500 employees exclusive of officers, executives and employees who receive
be the first payment to be
special commissions or other compensation.
Employees eligible who have
been with company prior to 1935 will receive 40% of a month's wages, those
with it during 1935, 30°* and those with it in 1936 but prior to July 1,
will receive 20%.
About 80% of eligibles will be entitled to maximum
bonuses.—V.
143, p. 3622.
Canada Malting Co.,
Ltd.—Extra Dividend—
dividend of 50 cents per share in
quarterly dividend of 27 H cents per share on the
capital stock, no par value, both payable Dec. 15 to holders of record
Nov. 30.
A special dividend of 50 cents was paid on Dec. 15, 1935.
Quar¬
terly dividends of 37 H cents per share have been distributed since and
including March 15, 1928.—V. 141. p. 3529.
The directors have declared an extra
addition to the regular
Canadian Dredge &
Dock Co., Ltd.—Extra Dividend—
The directors have declared an extra
The directors have
with SEC—Acquisition—
The
Brooklyn Daily Eagle Properties Corp., Brooklyn, has filed a
registration statement with the Securities and Exchange Commission
covering 40,000 shares 6% cumulative convertible preferred stock(par $25).
These shares are presently issued and outstanding and are held by the com¬
Butler
Bohn Aluminum & Brass Corp.—75-Cent Dividend—
The directors nave declared a dividend of 75 cents per share on the
common stock, par $5, payable Dec.
3 to holders of record Dec. 8.
A
regular quarterly dividend of 75 cents per share was distributed on Oct. 1
last.
In previous years thefinal quarter dividend has been paidin January
but it nas been moved back this year because of the present tax law.—V. 143,
p. 2667.
an
for
operations.—V. 143, p. 2991.
greater efficiency in
—Y. 143, P. 2827.
January
February
March
automobile
companies are two of the oldest engaged in supplying
manufacturers with essential parts and accessories of modern automobiles
and trucks, and the merger is a natural development of the mutual interests
of both companies in the development of the automobile industry.
While no change is contemplated in the personnel of the respective
The
Pay Common Dividend—
declared a dividend of $1.50 per share on
value, payable Dec. 24 to holders or record Dec.
This will be the first distribution made on the common stock since Feb.
1932 when a dividend of 50 cents per share was distributed.
The directors on Dec. 8
common
1936
Dec.
Chronicle
dividend of $1 per share in addition
quarterly dividend of like amount on the no-par common
stock, both payable Jan. 2 to holders of record Dec. 15.
Similar payments
were made on Feb. 1, 1936.—V. 143, p. 2043.
to the regular
California Consumers
Corp.—-Annual Report—
Corporation was incorporated in California on June 24,
authorized to issue 54,274 shares (par $10) capital stock.
1935, and was
It commenced
1, 1935, when it acquired the assets and business of
California Consumers Co. pursuant to a plan of reorganization approved in
proceedings under Section 77-B of the National Bankruptcy Act.
The
plan of reorganization also provided for the issuance by corporation of
$3,496,500 5% fixed and income interest mortgage sinking fund bonds
to the bondholders of California Consumers Co. in exchange for bonds of
that company of an equivalent principal amount.
The new bonds bear
operations on Oct.
interest at 3% plus an
additional*2%
(non-cumulative) which is payable
certain conditions.
The plan also provided for the
corporation of its entire authorized capital stock to the
following stockholders and creditors of California Consumers Co. in lieu
out of income under
issuance by the
of their claims against that company;
To bondholders or holders
voting trustees and held
of certificates of deposit (issued to
under voting trust agreement, run¬
ning 21 years from Oct. 1, 1935, unless terminated earlier in
the manner provided in the plan)
27,972.0
To preferred stockholders
23,014.5
To Pacific Public Service Co. (sole common stockholder and
sole unsecured creditor except wholly-owned subsidiaries)
3,287.5
shs.
shs.
shs.
54,274.0 shs.
The assets acquired by corporation under the plan included all of the
outstanding capital stock of five companies, namely, Associated Ice Dis¬
tributors, Los Angeles Ice & Cold Storage Co., Merchants Ice & Cold
Storage Co. of Los Angeles, Pasadena Ice Co. and Pomona Valley Ice Co.
On Dec. 31, 1935, the parent company issued its note for $63,290 (equivalent
to the par value of the shares of the subsidiary in exchange for tne assets
and business of Associated Ice Distributors, which business has been
operated by the parent company since that date.
Prior to Sept. 30, 1936,
the note was reduced to $100 through the application thereto of a dis¬
tribution in partial liquidation from the subsidiary.
This partial liquida¬
tion resulted in a corresponding reduction in the capital stock of the sub¬
Total
sidiary.
The four other
subsidiary companies, which were operators
of cold storage
plants, were merged into one company as at Dec. 31, 1935, under the
authority of an order entered by the Railroad Commission of the State of
California, pursuant to an application filed by the companies.
In this
merger, Merchants Ice & Cold Storage Co. of Los Angeles became the
surviving subsidiary company, and its name was changed to Los Angeles
Cold Storage Co.
1
Volume
143
1936\{Incl. Wholly-Owned Subs.)
$1,551,483
1,311,813
Earnings for the Year Ending Sept. 30,
Revenues
(excluding depreciation)—
Costs and expenses
f
$239,669
46,254
Profit
Other income
————
Total income
$285,923
4,841
1.487
_
Interest on purchase money obligations, &c
Provision for Federal capital stock taxes
Proportion of loss of Hollywood Ice Co. (50% owned)
Expense of removing capital assets sold or scrapped
Provision for depreciation
Loss on capital assets sold or scrapped
—
Bond interest—3% fixed interest accrued from Dec. 1,
Provision for Federal income taxes
1,278
1,336
a
Cash
$300,429
a391,583
119,455
Cash in banks and on hand—
Notes & accounts receivable..
Inventories
Investments
trade
112,433
75,100
4,034
&
7,232
to affil.
cos. not wholly owned
Bond interest accrued at 3%
accts.
pay.
16,653
Deferred liabilities & reserves-
34,965
104,649
Liab. for ice distrib. advances-
333,000
164,133
completed)
36,439
210,729
22,195
Sundry Reserves
-..17,923,180 16,680,476
Total
5% fixed & inc. int. mtge. sink,
fund bonds—dated Dec. 1,
1935, & due Dec. 1,1955— 3,496,500
542,740
Capital stock (par $10)
28,080
Earned surplus
-
steam plows,
depreciation of $3,565,063 in 1936 and $3,391,686 in 1935.
b Represented
by 753,412 shs. of no par value (incl. scrip),
c Includes $700,000 certifi¬
cates of deposit,
d Includes notes,
e Represented by 616 shs. (par $20)
in hands of the public,
f Represented by 10,500 shs. of co.'s stock at cost.
—V. 143, P. 1869.
track,
Central Arizona Light & Power
Operating revenues...
Oper. exps. & taxes
Net
rev.
$97,546
12,002
$4,483,223
Total
Net
—V.
Ltd.—Earnings—
1936—10 Mos.—1935
1936—Month—1935
$379,446
146,555
$386,842
152,197
expenses
$232,891
$234,645
earnings
$3,757,488
1,435,628
$3,651,904
1,386.161
$2,321,860
$109,548
32,029
Balance
y
$180,172
$878,758
276,539
$737,786
213,992
Before
108,054
108,054
$494,165
$415,740
retirement reserve appropriations and dividends,
$6 pref. stocks were paid on Aug. 1, 1936.
property
Co.—Accumulated Dividends—
The directors have declared the
following dividends payable Jan. 1 to
10:
(par $100.)
(par $100).
(par $100).
Payments at one-half of the above rates were made in each of the nine
preceding quarters.
Regular preferred dividends had been paid quarterly
from time of issuance up to and including July 2, 1934.—V. 143, p. 3309.
Ry.—Earnings—
Increase
$2,793,000
accumulated unpaid
stocks were declared
Nov. 2, 1936.—V. 143, p. 2829.
$1.75 per share on the 7% cumulative preferred stock
$1.50 per share on the 6% cumulative preferred stock
$1.50 per share on the $6 cumulative preferred stock
3308.
Earnings of System for Week Ended Dec. 7
1936
1935
$2,806,000
y$58,306
Central Maine Power
Increase
1935
$3,442,867
first page of this department.—V. 143, p.
—
$1,119,324
381,538
Regular dividends on $7 and
for payment on
Carnegie Metals Co.—Registers with SEC—
Gross earnings
382,292
-
holders of record Dec.
Canadian Pacific
$1,261,050
y$77,519
Earnings of System for Week Ended Dec. 7
See list given on
$90,095
31,789
After the payment of these dividends there were no
dividends at that date.
Regular dividends on these
Canadian National Ry.—Earnings—•
1936
$849,961
269,363
Property retirement reserve appropriations
z Divs. applic. to pref. stocks for period, whether
paid or unpaid
z
$3,623,039
$1,097,753
163,297
—
Int. & other deducts..
$2,265,743
143,1)72829.
Gross earnings
—V. 143, p. 3622.
$67,772
22,323
from oper.
Other income (net)
-
Balance
Period End. Oct. 31—
Subsidiary]
1936—12 Mos.—1935
$3,373,255 $2,908,408
2,275,502
2,058,447
1936—Month—1935
$281,611
$251,716
184,065
183,944
—
—y. 141, p. 2583.
Operating
Co.—Earnings—
[American Power & Light Co.
Gross corp. income.
Gross earnings
17,923,180 16,680,476
Total
and track, mill, buildings, rolling stock, portable
livestock, carts, implements, &c., after reserve for
Real estate, roadway
a
Period End. Oct. 31—
12,149
in advance
Canada Northern Power Corp.,
311,707
12,701,014 11,633,067
8,930
219,175
19,490
Claims for taxes..
13,929
—
Def'd credits—revenues
$4,483,223
500,000
333,000
164,133
(represent'g
45% ownership)
50,231
:
billed
from June 1, 1936
Total.
303,393
500,000
Co.
41,951
capital stock taxes
&
387,048
con¬
516,388 Surplus..
61,800
Reserves for Federal income
Notes
617,104
capital stock...
New Eng. Alcohol
(not
$68,310
12,320
152,924
& State fran¬
Local property
chise taxes
industry
for
Reserve
12,320
140,710
rents
Treasury stocks..
Constr. & impts.
221,319 Payroll & other accruals
Land, buildings & equipment_b3,262,903 Deposits & advance collections
ice
800,819
$13,000
—V. 143, p. 3622.
Chapman Valve Mfg. Co.—Resumes
The
directors
Common Dividends—
have declared a dividend of 50 cents per
Light Co.—Earnings—
25 cents per share was
[National Power & Light Co. Subsidiary]
Peftod End. Oct. 31—
1936—Month—1935
1936—12 Mos.—1935
$9,920,655
$887,928 $10,647,865
Operating revenues
$1,018,476
4,879,336
427,173
5,220.645
Oper. expenses and taxes
477,709
205,452
199,386
17,115
17.318
Balance
Other income (net)
$523,652
2,515
$443,437
1,798
$5,221,768
31,844
$4,841,933
32,828
Gross corporate inc
Interest & other deduct-
$526,167
$445,235
197,438
197,108
$5,253,612
2,356,720
$4,874,761
2,363,787
y$328,729
y$248,127
$2,896,892
Rent for lease.prop.(net)
share on the
stock, payable Dec. 21 to holders of record Dec. 15.
the first dividend paid on the common stock since July 1,
common
Carolina Power &
$
3,767,064
tingencies
1,735,064
733,184 Accrued taxes and
Deferred charges..
1935—
Investments, &c
& equalization
agreement less amortization
Deferred charges
433,849
993,553
1,998,247
2,247,600
Sugar & molasses-
30, 1936
Accounts payable,
production
d239,142
.
Growing crops
stock.
3,767,064
415,024
b Common
Mat'l & supplies..
1935
$
Liabilities—
8,833,470 e Central Aguirre
Sugar Co. stock
1,448,046
1,110,785 Accounts payable293,284 Due Central Ma¬
chete Co
464,707
8,637,636
cl,989,554
Notes & mtges.rec.
Acc'ts receivable.
_____
i9^6
$
Real est., bldgs.,
rolling stk., &c.
31
1935
„
Assets—
Cent. Machete Co.
Liabilities—
local
1936
h*
$28,080
Consolidated Balance Sheet Sept.
in
Consolidated Balance Sheet July
154,733
3,955
87,413
2,800
—
Profit for year
Rights
3835
Financial Chronicle
1
This will be
1931 when
distributed.—V. 143, p. 3310.
Chesapeake & Ohio Ry.—Stock Authorized—
Commission on Dec. 3 authorized the company
exceeding $15,315,500 of preference stock, series A (par $100),
certificates, to be distributed pro rata as a dividend to
common stockholders of record at the close of business on Dec. 15, 1936.
Under authority of the amendment of Nov. 5, 1936, the directors created
a series of preference stock, to be designated as series A.
The directors also
declared an extra dividend of $2 a share on the outstanding $25 par value
common stock ($8 a share on the $100 par value common stock), predicated
The Interstate Commerce
to issue not
and necessary scrip
on
the
applicant's surplus and earnings, payable on Jan. 11, 1937, to
15, 1936, in preference stock, series A.
In respect
proposed dividend, no fractional shares of the series A stock will be
issued, but scrip certificates will be issued, which will be exchangeable in
lots aggregating full shares for shares of the series A stock at any time, or
from time to time, on or before Oct. 1, 1937.
The scrip certificates will
not entitle the holders to dividend or voting rights.—V. 143, p. 3460.
holders of record Dec.
Balance
960,000
1,255,237
x
Dividends applicable to preferred
period, whether paid or unpaid
Balance
stocks
1,255,237
$681,655
Property retirement reserve appropriations
$2,510,974
960,000
$295,737
for
-
y
Before property retirement reserve appropriations and dividends.
Dividends on $7 and $6 pref. stocks amounting to 87 cents and 75 cents,
respectively, were declared for payment on Nov. 2, 1936.
After the pay¬
ment of these dividends there were no accumulated unpaid dividends at
that date.—V. 143, p. 2829.
x
Celotex
Corp.—Expiration of Scrip—
certificates representing income deben¬
the corporation are still unconverted
1936 unless converted before that
time, according to a statement by W. W. Rogerson, Treasurer.
The scrip certificates issued in the Celotex reorganization a year ago in
lieu of fractional debentures and shares have a substantial cash value which
holders may realize only to the end of the year.—V. 143, p. 2829.
A considerable number of scrip
tures, preferred and common stocks of
and will become void after Dec. 31,
Central Violeta Sugar Co., S.A.—Registers
of tnis department.
with SEC—
See list given on first page
Central Aguirre
Associates—Earnings—
Consolidated Income Account—Years Ended July 31
1936
1935
1934
1933
$6,127,646
$5,595,042
Miscellaneous receipts..
828,073
495,349
$6,837,739
530,229
$6,653,796
432,141
Agricul. & mfg. expenses
$6,955,719
4,078,039
$6,090,391
4,048,781
$7,367,967
4,731,312
$7,085,937
4.853,084
$2,877,680
$2,041,609
256,735
241,813
$2,636,655
246,454
342,399
$2,232,853
282,808
241,541
Sugar, molasses and cane
sales
Depreciation, &c
Reserve for income tax..
303,275
340,148
Applic. port, of net profit
Cr311,216
Cr55,036
Crl50.706
Crl70,235
$2,545,474
1,492,451
$1,598,097
1,119,885
$2,198,508
1,299.178
$1,878,738
1,066,830
$1,053,023
Balance, surplus
Previous srnplus
11,484,591
162.842
Appropriated surplus...
Cent. Aguirre Sugar Co.
min. stockholders' int.
in combined surplus50,079
Adjustment
$478,212
11,023,628
147,968
$899,330
10,125.766
133,039
$811,908
9,790.602
116,758
46,679
Drl7,250
44,969
Drl,468
41,478
Cr23,254
of Central Machete Co
of the
Chicago, Burlington & Quincy RR.
The directors on
Total surplus.—.——$12,750,535
min. stockholders' int.
Provisions for conting—
49.520
46,170
44,512
41,077
500,000
P. &L.surp. July 31-$12,701,014 $11,633,067 $11,157,123 $10,242,925
Shs.cap.stk.out.(no par)
742,827
742,796
742,774
717,536
Earns.per sh.on cap.stk.
$3.42
$2.15
$2.96
$2.65
capital
Eastern
Illinois
Ry.—Compromise
Plan
RFC—
compromiseplan for reorganization of the company
announced Dec. 8 by Jesse H. Jones, RFC chairman.
new plan, which has been agreed to by all interested parties, con¬
templates a further advance of up to $5,000,000 by the RFO for the pay¬
ment of some prior claims.
The only fixed charge of the new company
would consist of around $10,000,000 of new first mortgage 4% bonds, all
of which would be taken by the RFO to evidence existing loans of $5,760,868
and the additional advance, Mr. Jones said.
Holders of present general mortgage 5% bonds would receive one-half
in new income bonds and one-half in new preferred stock.
Aside from these provisions, Mr. Jones gave no further details of the
Endorsement of a
was
The
plan.
He said the road would earn during
charges provided by the plan.—V. 143, p.
Chicago Electric Mfg.
The directors
1936 about 2H times the fixed
3624.
Co.—Accumulated Dividend—
have declared a dividend of $1 per share on the
$2 cumul.
value, payable Dec. 20 to holders of record Dec. 10.
A similar distribution was made on Nov. 7 and on Feb. 1, last, and May I
and Feb. 1, 1935 and compares with 50 cents per share paid on Sept. 10,
March 5 and Jan. 12,1934, this latter payment being the first made on this
issue sinceiJan. 3, 1928, when a regular quarterly dividend of 50 cents per
share was disbursed.
Accumulations after the payment of the Dec. 20 dividend will amount to
$11.50 per share.—V. 143, p. 2672.
class A stock, no par
Chicago Flexible Shaft
Co.—$1.10 Extra Dividend—
have declared an extra dividend of $1.10 per share in
the regular quarterly dividend of 50 cents per share on the
common stock, par $5, both payable Dec. 22 to holders of record Dec. 12.
An extra dividend of 10 cents per share has been paid in each of the seven
preceding quarters.
The regular dividend was increased from 30 cents to
50 cents with the March 31, 1936, payment.—V. 143, p. 1869.
directors
addition to
Chicago Great Western RR.—Plan Called Unfair—
reorganization does not provide fair treatment for the first
bondholders, counsel for the latter declared at the opening of
hearings on the plan before the Interstate Commerce Commission Dec. 8.
The committee for the first mortgage holders, headed by H. O. Hagerty,
treasurer of the Metropolitan Life Insurance Co., has employed A. N.
"Williams, President of the Belt Railway of Chicago to investigate the con¬
dition of the road and its traffic possibilities to assist the committee in
deciding whether to file a new plan or suggest amendments to the present
The plan of
$11,679,237 $11,201,635 $10,784,000
&
Chicago
Endorsed by
The
Cent. Aguirre Sugar Co.
Co.—$4 Dividend—
Dec. 8 declared a dividend of $4 per share on the
stock, par $100, payable Dec. 18 to holders of record Dec. 11.
This com¬
pares with $2 paid on Dec. 28,1935; $1 on Dec. 26,1934; $2 on June 25,1934
and $3 on Dec. 26, 1933; and on June 25, 1932.
Prior to this latter date
$5 per share was paid each six months up to and including Dec. 26, 1931.
—V. 143, p. 3623.
mortgage
plan.
3836
Financial
"W. H. Sievers, General Auditor of the road appeared as the first witness.
He submitted about 40 exhibits, mostly of a technical nature.
Hearings
were later adjourned to Feb. 9 following presentation of the debtors' case.
In an exhibit filed at the hearing before the Interstate Commerce Com¬
mission Mr. Sievers estimated a net income for 1936 of $273,364, with the
final quarter estimated.
Net operating income was forecast at $2,093,173,
which compares with $1,307,386 for 1935.
Progressive increases in net operating income available for charges and
net income during the next five years likewise were forecast in additional
exhibits submitted by Mr. Sievers.
Income results for the five years 1937 to 1941, inclusive, giving effect
to the proposed plan of reorganization, were forecast as follows:
119943078
,
Net
Over.
Operating
Income
Available
Income
for Charges
$1,875,500
2,047,500
2,414,500
2,671,500
2,989,500
$2,005,500
2,177,500
2,544,500
2,801,500
3,119,500
Net
Income
$727,275
921,767
1,311,260
1,591,252
1,930,245
These estimates were based on tne probability that the general trend in
level of freight rates during the next few years would be gradually
downward.—V. 143, p. 3624.
Chronicle
Dec.
12, 1936
mobiles, there was announced approximately a year ago what is referred to
as the 6% finance plan.
It was explained at the time that the designation
'6%' was not to be considered an interest charge but was to be used as a
common multiplier to ascertain the dollar finance charge.
We understand
that the Federal Trade Commission contends that this form of advertising
was misleading in that the public assumed that the
6% plan referred to was
a 6% simple interest plan.
Certainly that was not the intention in pro¬
mulgating this plan on the part of motor car manufacturers or finance
companies.
The purpose was to protect the purchasers of automobiles by
informing them how to determine the time price of automobiles.
The
matter now, however, is academic, certainly so far as we are
concerned,
because the designation '6%' plan was discontinued by us sometime ago.
In any event, ir the Federal Trade Commission should find against the
motor manufacturers and finance companies, then the only result will be
that it will order us to cease doing something which we are not doing.
"The principal object of this statement is to make clear to our stockholders
that any present controversy with the Federal Trade Commission has
reference only to a form of advertisement previously used by this company
and has no bearing upon or reference to the adequacy or otherwise of our
rates, nor has it any reference to any other activities of our company."
—V. 143, p. 3461.
the
Community Power & Light Co. (& Subs.)—Earnings—
Period End. Oct. 31—
Chicago & Illinois Midland
Listing and Registration—
Ry.
Co.—Admitted
to
Tne New York Curb Exchange has admitted to listing and registration
tne 1st mortgage 20-year sinking fund 4H % bonds, series A, due March 1,
Federal District Judge Thomas W. Slick at Chicago has approved as
fair and equitable the plan of reorganization.
The Interstate Commerce
Commission approval and acceptance by two-thirds of creditors and share¬
143,
remain to
now
be accomplished to make the plan operative.—Y.
229
$111,050
1,824
$1,508,143
16,976
$1,275,304
18,647
$129,543
23,154
69,545
$112,874
23,800
71,195
$1,525,119
304,122
842,243
$1,293,951
272,638
848,738
$17,877
$378,753
$172,575
Net income
—V. 143, p. 2994.
"
Chicago Venetian Blind Co.—Registers with SEC—
See list given on first page of this department.
Community Public Service Co.—Registers with SEC—
The company has filed an amendment with the Securities and Exchange
See list given on
Commission stating that its issue of 45,000 shares of common stock, $1 par,
will be offered publicly through Bond & Goodwin, Inc., at $5.90 a share.
Of the total issue being offered, 27,000 shares are outstanding and 18,000
are authorized but unissued.
shares
|
City Auto Stamping Co.—Pays 50-Cent Dividend—
The company paid a dividend of 50 cents per share on the common stock,
par value, on Nov. 30 to holders of record Nov. 16.
This compares with
15 cents paid on Oct. 15,
last, and in each of the four preceding quarters,
and 10 cents distributed on April 8, 1935 and Dec. 23, 1934, this latter
payment being the first made since Dec. 15,1932 when an initial distribution
of 5 cents per share was made.—V. 143, p. 3310.
City Stores Co. (& Subs.)—Earnings—
Period End. Oct. 31—
Profit of subsidiary cos_
Est. normal Fed. inc.tax.
1936—3 Mos.—1935
interest
Int. on parent co.'s fund¬
ed debt, &c
$594,477
88,380
133,397
$377,084
34,444
83,630
$1,004,259
143,989
208,596
$260,310
48,128
31,206
87,465
60,224
279,326
252,742
$198,786
$372,348
of this department.—V. 143,
p.
3143.
S.A.
"Chade"—Dividend—
conformity with the authorization granted by the special general
meeting held Dec. 1, 1923, which was ratified at the meeting on Dec. 11,
1924, it has been decided to distribute on and after Dec. 15, 1936, against
presentation of coupon No. 31 the sum of 20 Argentine paper pesos to the
series "A," "B" and "C" shares and 4 Argentine
paper pesos to the series
"D" and "E" shares to apply on the dividend
corresponding to the fiscal
year 1936.
Coupons 31 will be payable at the option of the bearers either in a check
on Buenos Aires or in other foreign
exchanges calpulated on the basis of
as of the date of
presentation of
the coupons.
In order to collect the above dividend, shareholders may on
and after Dec. 15, 1936, present and surrender
coupon 31 at the
Coupon
Department of the Guaranty Trust Co. of New York.
The dividend payable on "E" shares of the above
company, as repre¬
sented by "American Shares" certificates issued
by Guaranty Trust Co.,
New York as depositary under deposit agreement dated
Sept. 21, 1928,
will be paid Dec. 21, 1936, by checks mailed to holders of record
Dec. 15.
1936.—Y. 142, p. 3845.
loss$71,766
Consol. net profit app.
City Stores Co...
page
current rates for checks on Buenos Aires
1936—9 Mos.—1935
$285,236
Minority
first
Compania Hispano-Americana de Electricidad,
In
no
to
$3,707,894
1,885,945
205,059
341,584
$36,843
Balance
Retirement accruals
Interest & amortiz., &c.
2993.
p.
$4,017,859
1,930,756
202,991
375,967
$129,314
Net oper. revenues.
$320,715
161,241
17,602
30,821
Non-oper. income—net-
Chicago South Shore & South Bend RR.—Plan—
1936—12 Mos—1935
$344,816
158,295
20,156
37,050
Taxes
1956.—V. 143, p. 3624.
holders
1936—Month—1935
Operating revenues
Operation
Maintenance..
Confederation Amusements,
Note—No provision was made in the foregoing income account for Fed¬
eral surtax on undistributed profits.—V. 143, p. 1554.
Ltd.—Earnings—
Earnings for 6 Months Ended Oct. 31, 1936
Net income after all charges
(The) Clark Controller Co.—Registers with SEC—
Earnings per share
See list given on first page of this department.—V. 143, p. 3461.
$5,763
—V. 141, p. 3532.
dividend of $3 per share on account of ac¬
a
the $5 cumul. pref. stock, no par value, payable Dec. 15
to holders of record Dec. 5.
Accumulations after the current payment will
amount to
on
The proposed merger of the New York & Queens Electric
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
common stock, both payable Dec. 22 to holders of record Dec. 10.
12 Months Ended Oct. 31—
Total operating revenues
$26,608,353
7,620,836
1,513,363
expenses-
Commercial expenses
Provision for doubtful accounts
50,000
1,598,899
3,244,536
3,393,769
Administrative and general expenses
Taxes, other than income taxes.
a Provision
for depreciation
Net operating revenues
Non-operating
$9,186,949
103,445
i
revenues
1
Gross income
$9,290,394
1,500,000
15,226
966,633
Interest on funded debt
Other interest charges
b Provision for Federal income taxes
Net income transferred to surplus—
a
$6,808,535
The provision for depreciation for the 12 months ended Oct.
31, 1936
$3,393,768, equivalent to 12.75% of operating revenues and 2.80% of
total depreciable fixed assets at the beginning of the period.
The provi¬
sion for depreciation for the year ended Dec. 31, 1935 was $2,942,748,
equivalent to 11.96% of operating revenues and 2.44% of total depreciable
fixed assets at the beginning of the year.
b In determining the provision for Federal income tax for the two months
ended Dec. 31, 1935 the net taxable income was reduced by a portion of the
amounts of redemption premium, unamortized bond discount and expense,
and interest from July 16, 1935 (date of deposit of redemption) applicable
to bonds redeemed during 1935, all of which were charged to surplus during
was
1935.
No provision has been made for the 10 months ended Oct. 31, 1936 for
Federal surtax based upon undistributed income, as it is impracticable to
estimate it at this time.—V. 143, p. 3624.
Columbia Baking Co.—Extra Partic.
The
directors
have
declared
a
dividend
of 25
per
share
on
the
stock, payable Dec. 15 to holders of record Dec. 1.
A similar
made on Oct. 1, last
and an initial dividend of 20 cents
paid on July 1 last.
common
The
directors
also
declared
an
extra
dividend
of 25
cents
in
addition
to the regular
quarterly dividend of 25 cents on the $1 cum. partic. pre.
stock, no par value, both payable Dec. 15 to holders of record Dec. 1.
Like payments were made on Oct. 1, last.
An extra dividend of 20 cents
per share was paid on the participating stock on July 1, last.—V. 143, p.
1716.
Commercial
kinds of minority stockholders.
In a decision handed down on Dec. 4 the Court directed the
issuance of
an
order restraining both companies and members of their
,
interlocking
directorates from
proceeding with the plan to amend the charter of the
Queens company.
The charter's amendment was contemplated in order
reclassify non-callable preferred stock so as to make it callable at 105.
to
At the time of the decision the stock was quoted over the counter at
109.
The Consolidated EvJson Co. is unable to proceed with the
proposed
merger
because it
owns
less than 95% of the preferred stock.
The ruling directs that an injunction be issued
pending trial of the suit
permanently to restrain the companies.
The decision reverses an order issued on Aug. 3
by Supreme Court
Edward J. Byrne in Brooklyn.
Justice Byrne denied an ap¬
plication for an injunction asked by Mrs. Florence Ullman Breslav, 105
Canner St., New Haven, Conn.
Mrs. Breslav owns five shares each of the
preferred and common stocks of the Queens company.
Justice Johnston held that when the Legislature enacted Section
36,
subdivision (G) of the Stock Corporation Law, it did not intend to
make
non-callable stock callable by a vote of two-thirds of the
outstanding shares,
as the defendants
argued.
Assuming that authority to make the proposed
change was implicit in the statute, Justice Johnston held that "its exercise
would contravene the provisions of the Federal Constitution."
The opinion further declared:
"We believe the right to alter or repeal the charter of a
corporation.
Is reserved to the Legislature."
The decision held that voting rights that
went with the preferred stock in question were
"property rights" which
must not be "destroyed or impaired."
It said also: "If a stockholder may not be deprived of his
right to vote
for all the directors, or of his right to subscribe for new stock, or of his
right
to payment on the named redemption date, or may not be denied his
right
to a voice In the management of a corporation or to the
continuance of a
sinking fund set up for the payment of nis stock, and if a majority may not
make his non-assessable stock assessable—because to do
any of these acts
would result in impairing his contract with the corporation or
taking his
property without due process of law, or both—surely his right to remain a
stockholder as long as the company exists is entitled to
equal protection
Justice
same
reasons."
Referring to the contention that the
the
present stock ownership as long
stockholders withheld their consent,
merger would be impossible under
the plaintiff and other minority
the decision said:
as
"Of course, the Edison company is within its
rights in merging with the
Queens company provided it meets the statutory requirements; and with
the contemplated merger we have nothing to do.
"But accepting, as we must, the allegations of the
complaint as true,
when the amendment is adopted and the new stock issued it is the
purpose
of the defendants to call it, thereby
forcing plaintiff and the other minority
stockholders out of the corporation by paying them $105 a
share, which is
less than its actual value.
Bookbinding Co.—To Resumes Dividends-—
The directors have declared a dividend of $1 per share on the common
stock, payable Dec. 15 to holders of record Dec. 5.
This will be the first
dividend paid since Jan. 15, 1931 when a payment of 43M cents per share
was made.—V. 132, p. 2397.
Commercial
Credit
FTC's Complaint on
As the result of
Light & Power
Co. and the Consolidated Edison Co. of New York, Inc., has been
threat¬
ened, if not halted, by a decision of the Appellate Division of the New York
Supreme Court in Brooklyn, which is considered of vital importance to all
and for the
Pref. Dividend—
cents
payment was
was
$1.04
York, Inc.—Property
Rights Bar Deal—Appellate Division Holds Plan to Reclassify
Stock for Queens Merger Unconstitutional—
$24.45 per share.—V. 143, p. 2832.
Cleveland Electric Illuminating Co.—Extra Dividend—
Operating
5,531 shares 8% preferred stock
Consolidated Edison Co. of New
Cleveland Cliffs Iron Co.—Accumulated Dividend—
The directors have declared
cumulations
on
a
Co.—Chairman Explains Effect
of
Company's Operations—
recently filed complaint by the Federal Trade Com¬
mission at Washington against practically all of the motor car manufacturers
and the nationally operated finance companies, A. E. Duncan, Chairman
of the company, has the following to
say in a letter to the stockholders:
"We think it advisable that our stockholders understand the nature and
character of this complaint so that misunderstanding will not exist in
your
minds as to any effect it might have upon our operations.
"In order that the motor buying public might be better advised as to
finance charges used in connection with the purchase of auto¬
standard
"Generally, when it is proposed to exchange new stock for old, a dissent¬
ing stockholder has the right to accept the new stock and remain a stock¬
holder
retire and receive the value of his stock.
Plaintiff has no such
She must get out of the corporation.
The majority has so de¬
The statute does not invest the
majority with any such power.
To hold it does is to hold tho
majority enjoys a right tantamount to the
or
choice.
creed.
sovereign right of eminent domain.
"Defendants are attempting, under the guise of classification or reclassi¬
fication of the preferred stock, to impair the obligation of the
plaintiff's
contract with the corporation and to divest plaintiff of her
present vested
and permanent interest in the corporation.
not
This
we
hold the statute does
authorize, and if it does, it is unconstitutional."—V. 143,
Consolidated
p. 2833.
Electric Light & Power
Baltimore—$23,000,000 Bonds Offered—Another
the refunding program of the company was taken
with the offering of $23,000,000 series N,
3^%
Gas,
Co.
of
step in
Dec. 8-
1st ref..
Volume
mtge.
Financial
143
sinking'fund bonds, due 1971, at
a
The
underwriting
group
The series N, 3H% bonds are to be issued under and secured by an
indenture between the company and Bankers Trust Co., trustee (trustee),
supplemented and amended.
Bonds are to be dated
1971.
Int. payable J. & D. 1.
Both
office of the Bank of the Manhattan Co.,
of Alex. Brown & Sons, Baltimore, at
holder's option, in lawful money of the United States of America which shall
be legal tender at the time such payment becomes due.
Issuance—The issuance of the series N, 3K% bonds has been authorized
by the directors of the company.
The issue and sale was approved by the
dated Feb. 1,1919, as
1,
1936, to mature Dec. 1,
prin. and int. payable at principal
New York, or at banking house
Commission of Maryland on Dec. 7, 1936.
P. S.
Any part or all of series N bonds at any time outstanding shall be re¬
deemable at any time, at the option of company, at the following prices:
On or before Dec. 1,1939 at 108H %; thereafter on or before Dec. 1,1944 at
107%; thereafter on or before Dec. 1, 1949 at 105
thereafter on or
before Dec. 1, 1954 at 104%; thereafter on or before Dec. 1, 1959 at 103%;
thereafter on or before Dec. 1,1964 at 102%; thereafter on or before Dec. 1,
1968 at 101%; thereafter to maturity at par; in
coupon
Sinking Fund Provisions—In the 1st ref. mtge. the company covenants to
sinking fund by paying to the trustee annually, on Aug. 1,1 % of the
largest amount of bonds ]6utstanding under said mortgage during the year
ending Aug. 1.
The trustee is to apply these payments annually to the
purchase of bonds at the lowest prices obtainable, not exceeding the re¬
demption price.
If any bonds cannot be purchased at the redemption price
or less, the trustee is to call by lot for redemption as many bonds as can be
redeemed out of the sinking fund or the balance thereof.
Company, in
addition to sinking fund payments, is to pay to the trustee accrued interest,
on bonds purchased, or redeemed to the dates of purchase or redemption.
All bonds so acquired are to be canceled and no bonds are to be issued under
the mortgage in place of them.
Purpose—Net proceeds are estimated at $23,366,135, of which $23,000,000
is to be deposited with the trustee under the 1st ref. mtge.
Of the amount
so deposited $21,341,000 will be applied toward the retirement of (including
reimbursement of the company s treasury for) the $21,341,000 4% series
due 1981 bonds (of which $506,000 have already as at Nov. 30, 1936 been
reacquired and are held in the company's treasury) whicn are to be called for
redemption on or about Feb. 10, 1937, and $1,659,000 will remain on de¬
posit with the trustee to be paid out to the company as provided in the
1st ref. mtge., in respect of past and future improvements, betterments,
create a
extensions and additional
property.
June 30
The remainder estimated as amounting
will be applied to tne company's general corporate purposes.
Business—Company incorp. in Maryland on June 20, 1906 by consolida¬
tion of two former corporations, Consolidated Gas Co. of Baltimore City
and Consolidated Gas Electric Light & Power Co.
Subsequently acquired
all or part of the properties and businesses of a number of other companies,
some of which previously had, and some had not, been subsidaries of the
to $366,135,
Transmission expense
Distribution expense
668,095
386,567
1,043,019
1,253,513
859,460
1,990,702
1,232,812
765,320
1,753,003
1,630,334
62,033
88,640
158,599
1,275,947
2,443,726
2,409,680
2,385,842
1,623,896
2.792,839
2,753.676
2.648,150
579,018
951,815
818,128
843,032
$4,694,956
$8,890,212
156,709
21,298
272,989
68,500
$8,559,810
184,347
15,669
$8,517,328
189,004
Dr.36,662
$4,872,964
1,323,180
$9,231,702
2,868,092
$8,759,828
2,828,399
$8,669,670
2,891,874
32,798
60,012
13,645
6,402
4,542
6,048
5,941
9,452
29,997
10,467
17,186
37,110
$3,506,395
$6,288,203
$5,877,318
$5,717,096
New business expense
General & misc. expenses
Uncollectible bills
Retirement expense
income
Prov. for Fed. inc. taxes,
incl. surtax on undis¬
tributed income
Operating income
Non-oper. inc. divs
Other
Gross income
Int.
on
funded debt
Amortiz.
of debt
disct.
and expense
Prem.
paid for English
exchange
Other int. & ground rents
Net income
Company
$
Authorized
$100,000,000
1st ref. mtge. sinking fund bonds
Nov. 1, 1964
May 1, 1960
1965
-—
1971
Consolidated Gas Co. of Bait., consolidated
Series K 3K%, due
Series L 3H%, due
Series M 3M%. due July 1,
Series N 3K%, due Dec. 1,
Indebtedness to Mayor and City Council
Laurel, Md
a
of all
series
A 5% ($100 par)
Miscell.
3,400,000
6,100,000
105,000
30,000
Closed
of/Not an issue 1
\ of securities J
223.063 shs.
500,000 shs.
1,167,397 shs.
2,000,000 shs.
be issued to retire a like
bonds outstanding due July 1, 1939.
6,000,000
invest'ts.
Oth. notes receiv
2,357,769
5,000
1,131,226
6,000,000
2,357,769
of Safe
Harbor Water Power Corp.
1st mtge. sinking fund bonds 4>$%
series, due 1979.
Interest on such bonds is provided for by operating pay¬
ments of the company, which are made pursuant to power contracts and
included in its operating expenses.
Company owns two-thirds of the
capital stock of Safe Harbor Water Power Corp. (including one-half of the
voting stock) and under contracts with Safe Harbor Water Power Corp.
and Pennsylvania Water & Power Co. purchases the entire electrical energy
output of the plants now operated by those companies except such energy as
is sold in the State of Pennsylvania.
Pennsylvania Water & Power Co.,
which owns one-third of the capital stock of Safe Harbor Water Power
Corp. (constituting one-half of the voting stock), has agreed to indemnify
the company to the extent of one-third of its guaranty.
Underwriters—The names of the principal underwriters and the respective
amount underwritten by each are as follows:
$5,500,000
White, Weld & Co., New York
The First Boston Corp., New York
Minsch, Monell & Co., Inc., New York
Joseph W. Gross & Co., Philadelphia
Lee Higginson Corp., New York
Brown Harriman & Co., Inc., New York
Bonbright & Co., Inc., New York
Blyth & Co., Inc., New York
Jackson & Curtis, Boston
Spencer Trask & Co., New York
Kidder, Peabody & Co., New York
4,250,000
4,250,000
3,000,000
1,500,000
1,000,000
-
__
1,000,000
750,000
750,000
500,000
500,000
1,329,486
536,895
18,415
579,616
Interest accrued
321,566
Misc. accr. liab109,175
Retirem't res've 11,948,069
536,895
18,415
579,646
321,566
109,175
for
S.
1,131*226
59,342
59,008
50,917
in. closed bks.
Prepayments
Sinking funds..
capital stock.
Misc. curr. liab.
Taxes accrued..
Withheld depos.
59,342
59,008
50,917
,
or
doubtful as¬
1,039,929
sets
.
1,919,238
208,745
831,087
11,948,119
Reserve for slow
disct.
1,919,238
tingency res_.
831,087
1,039,929
716,578
716,578
786,335
1,017,540
1,017,540
Casualty & con¬
208,745
Contrib. for ex¬
tensions
Miscell. reserves
Misc.
646,388
credits
-
11,353,841
646,388
11,353,869
160,706,004 160,706,125
Total
160,706,004 160,706,125
786,335
unadjust.
Surplus
Total
937,353
85,871
223,141
H. W. P. Corp
Inv. in affil. cos.
and expense.
32,650
67,302,000
52
Liability
H.
W. P. Corp..
Misc.
148,285
148,285
39,414,812
22,306,300
52
debt unpaid—
current
in Safe
—V. 143, p. 3311.
Inc.—'Sales—
Consolidated Retail Stores,
.
1936
$556,759
644,800
Month of—
January
February
1935
$517,572
527,142
1934
$494,434
515,089
March
835,828
759,365
849,202
April
May
735,600
765,211
717.350
672,696
606,439
688.832
June
601,746
545.988
498,125
507,004
686,267
878,302
418,242
688.706
808,677
348,053
622,582
744,664
999,308
814,271
960,466
743,350
882,920
696,216
July
August
September
—
1
October
November
—V. 143, p. 3311.
Consolidated Royalties,
Inc.—Preferred Dividend—
of 15 cents a share on the 6%
stock, par $10, payable Dec. 15, to holders of record
Dec. 5, covering cumulative dividends for the year ending Dec. 31, 1936.
Payment of the dividend at this time (instead of Jan. 15) is for the two¬
fold purpose of avoiding payment of the surtax on undistributed profits
and to give the stockholders a Christmas dividend.—V. 143, p. 268.
The directors have declared a dividend
cumulative preferred
Corp.,Ltd.—Accumulated Dividend—
Consolidated Steel
67 H cents per share on account
stock, payable Dec. 21 to holders
The directors have declared a dividend of
of record
Dec. 5.
A dividend of 60 cents was paid on Nov. 20
Aug. 15, last, this latter being the first payment
—V. 143, p. 3463.
and on
made since January, 1931.
Consolidated
Textile
Corp.—Bond Issue Sought
Reorganization-—Referee Approves Amendments to Plan—
in
Olney Jr. accepted considerable amendments
Referee Peter B.
of the corporation, an¬
original plan would not receive his
approval.
Objection to the amendments was made by James F. Sandefur, attorney
for a bondholders' protective committee, on the ground that in effect they
constituted a new plan.
He asserted Mr. Olney did not have power to
consider a new plan, but the referee accused him of trying to block the pro¬
ceeding.
Then Mr. Olney Said he would submit the amendments to the
Dec.
on
8 to the proposed plan of reorganization
nouncing that without the changes the
District Court for consideration.
The
Securities of Other Issuers Guaranteed by Company—Company has endorsed
Its unconditional guaranty as to principal or and interest on $21,000,000
$
Com.
assets
Inv.
Consolidated
$
Liabilities—
1,167,397 .
shs. (no par). 39,414,812
Intang. assets
622,539)134,059.766
Pf. ser. A 5%— 22,306,300
Oth. fixed cap 133,435,794f
32,650
Cash
5,215,824
5,219,490 Prem. on cap.stk
Special deposits.
1,760,800
1,760,800 Long-term debt. 67,302,000
Accts. payable937,340
Accts. and notes
85,871
receivable
4,217,829
4,217,851 Consumers' dep.
223,141
85,393 Mat'd int. unpd.
Int. & divs. rec.
85,393
1,329,486
Mktle securities
193,000 Divs. declared—
193,000
Matls & supplies
2,404,204 Mat'd long-term
2,404,204
Federal
Closed mortgage except that $3,400,000 may
amount of 5%
to Be
Outstanding
$18,000,000
10,440,000
7,326,000
23,000,000
a
Roland Park El. & Wat. Co., 1st mtge. 5s._
Pref. stock, cum., series
Common stock (no par)
total
Closed
1st mtge. 5s
General mortgage 4^8
Company
Consolidated
$
Assets—
Fixed capital:
of accumulations on the $1.75 cumul. pref.
Amt.
1936
Balance Sheets as at June 30,
trical
Long Term, Debt and Capital Stock
512,981
Taxes other than Federal
Hydro equaliz'n
Sundry def .items
through land which the pipe line company's main pipe line has been con¬
structed in Howard, Baltimore, Harford and Cecil Counties.
The present
assets and amount of business of this subsidiary are not substantial.
521,629
1,775,845
246,037
1,134,543
31,762
Utilization expense
Commercial expense
Unamort.
vicinity.
$27,465,444
7,091,119
$16,939,297 $30,965,206 $28,953,280
4,676,877
8,417,259
7,763,489
509,985
970,238
643,604
1,327,397
2,055,986
1,894,822
121,773
277,418
270,290
Total
Production expense
company.
A wholly-owned subsidiary of the company has been engaged since 1931
in the pin-chase from Maryland Gas Transmission Corp., a pipe line company
of natural gas for sale to grantors to the pipe line company of rights-of-way
I933,,,.
$21,039,188 $19,041,377 $17,954,966
8,907,549
8,876,357
8,592,809
712,197
675,900
561,464
151,366
306,271
359,645
356,204
Miscell. oper. revenue..
Company's principal business is the purchase, production and sale of
electricity and artificial gas.
Company and its predecessors have been
engaged in the production and sale of gas since shortly after the incorpora¬
tion of the first predecessor in 1817, in the production and sale of electricity
since 1881.
Other business of the company includes: sale of gas and elec¬
appliances and allied merchandise; production and sale of steam;
operation of cold storage warehouse business, including loans to customers;
operation of office building for use by the company and its tenants; and,
by a wholly-owned subsiaiary, purchase ano sale of natural gas in a limited
area
in Maryland.
The company is now furnishing, without competition from other public
utilities, electricity and gas in the City of Baltimore and adjacent territory.
Electricity and gas for industrial purposes are supplied to a variety of users.
The population of Baltimore, according to the 1930 census, was 804,874.
The company's electric lines extend throughout Baltimore County, most
of Anne Arundel County and portions of Howard, Harford, Carroll, Prince
George's, Calvert, and Montgomery Counties, including the municipalities
of Annapolis, Aberdeen, Arundel-on-the-Bay, Bel Air, Bowie, Chesapeake
Beach, Hampstead, Havre de Grace, Laurel, Manchester, North Beach,
Sykesville and Westminster, and the former municipality of Ellicott City.
The total population of the territory served with electricity is estimated to
be about 1,130,000.
The company's gas distribution system extends into portions of Baltimore
Anne Arundel, Howard, Harford, Carroll
and Prince George's Counties
including the municipalities of Annapolis, Aberdeen, Bel Air, Havre de
Grace, Laurel and Westminster, and the former municipality of Ellicott
City.
The total population of the territory served with gas is estimated to
be about 970,000.
Included among the consumers served by the company is Baltimore
Transit Co., which operates the street railway system in Baltimore and
1935
'36
Revenue from elec. sales.$11,356,989
Revenue from gas sales.
4,951,473
Revenue from steam sales
479,468
each case, with accrued int.
Bonds are to be issuable in forms of
bonds of denom. of $1,000, registerable as to principal only, and
fully registered bonds in denom. of $1,000 and authorized multiples,
coupon and registered bonds interchangeable.
not less than 30 days' notice.
upon
Calendar Years—
1934
6 Mos.End.
is
Weld & Co., and includes The
Monell & Co., Inc.; Joseph W.
Dec.
Consolidated Statement of Operations
price of 104 and
headed by White,
First Boston Corp.; Minsch,
Gross & Co.; Lee Higginson
Corp.; Brown Harriman & Co., Inc.; Bonbright & Co.,
Inc.; Blyth & Co., Inc.; Jackson & Curtis; Spencer Trask
& Co., and Kidder, Peabody & Co.
interest.
3837
Chronicle
amendments,
submitted by
George E. Netter as counsel for the
independent committee for the protection of first mortgage bondholders,
provided a definite means of new capital "instead of the vague hope of a
Federal loan under the original plan,
according to the referee.
Some of the new proposals were as follows: A new issue of 15-year first
mortgage convertible bonds underwritten in the principal sum of $682,700,
bondholders on the basis of 25% of their present holdings,
general creditors to receive payment of the full amount of their claims in
new common stock, which is par at $5; present common stockholders to
offered to present
get the right to subscribe to one share of new common for each five shares
of old; the underwriters of the new bonds to receive 50,000 shares of new
stock for compensation, and a like number to be reserved to defray
the cost of organization.
common
The proposals
also recommended operations in the Windsor Print Works
of its Southern mills.—V. 143,
Division of the debtor and of one or more
p.
3625.
Cook Paint & Varnish Co.—Extra Dividend—
The directors have declared an extra
the
common
dividend of 40 cents per share
on
19 to holders of record Dec. 10.
The
of 15 cents per share was paid on Dec. 1, last.
stock, payable Dec.
regular quarterly dividend
—V. 143, p. 2833.
,
Corn Products Refining
Co.—Extra Dividend—
dividend of 75 cents per share on
$25, payable Dec. 21 to holders of record Dec. 7.
The regular quarterly dividend of 75 cents per share was paid on Oct. 20,
last.—V. 143, p. 2673.
The directors have declared an extra
the common stock, par
3838
Financial
Consumers Credit
Cosden Oil
An
order
of this department.
intervention
ment
stockholders
behalf of preferred
on
In the reorganization of the company has been granted a committee headed
requisition."
143, p. 3312.
by former District Attorney J. H. Banton of New York, by Federal Judge
Dallas
James G. Wilson of Fort Worth, Texas.
Reorganization of the company under 77-B has been pending in Fort
Federal District Court since 1935.
Meanwhile, the company is
being operated by trustees appointed by the Court.
It has been learned that the committee of preferred stockholders will
submit a plan of reorganization at the next hearing scheduled for Jan. 4.
The plan, it is said, will make provision for the common stockholders, who
in previous plans that have been submitted were not sufficiently considered.
The preferred stockholders' committee, in addition to Mr. Banton, the
Chairman, is composed of Dr. Max Winkler, George F. Bauerdorf, Mat¬
thew R. Pack and Paul Braunfeld.
Counsel to the committee are Hartman,
Sheridan, Tekulsky and B. A. Hartstein, all of New York.—V. 143, p. 1555.
Worth
Crude Oil Corp. of
America—Security Sale Enjoined—
The Securities and Exchange Commission announced Dec. 4 that Judge
Patrick J. Stone of the Federal District Court for Western Wisconsin has
granted
an injunction restraining the corporation and B. E. Buckman
& Co. of Madison, Wis., from continuing the sale of certain agreements
purporting to be bills of sale and delivery of contracts for oil.
Judge Stone held that these agreements were securities as defined by
the Securities Act of 1933, that the registration provisions of the Act
were constitutional, and that the securities could not be sold without there
being an effective registration statement on file with the SEC.
Cummins Distilleries
Corp.—Stock Offered—A syndicate
headed by Minnich, Bradley & Associates, Inc., Chicago,
and including Frank C. Masterson & Co., New York;
Neuwoehner, Gremp & Co., St. Louis; Denault & Co., San
Francisco; Smart & Wagner, Inc., Louisville; Harry L.
Henry & Co., Baltimore, and Newfield & Co., Los Angeles,
offered on Dec. 40 30,000 shares of cumulative convertible
preferred stock at $10 per share.
Transfer agent, Cummins Distilleries Corp., Louisville, Ky.
Louisville Trust Co., Louisville, Ky.
Registrar,
Corporation was organized in Delaware on Aug. 30, 1933, under a broad
charter authorizing the corporation to engage in and under which it is
engaged, all phases of the business of producing, manufacturing, distilling,
bottling, warehousing, buying, selling, handling and dealing generally
in the production and distribution of whiskeys and all types of alcoholic
liquors, in accordance with Federal and State laws, and in such other business
activities and operations as are kindred with and incidental thereto.
The distillery made its first mash on Aug. 13, 1935, and filled its number
one barrel on Aug. 17, 1935.
As of Sept. 24, 1936, the company oad com¬
pleted filling its 35,734th barrel.
The initial production was at the rate
of 55 barrels per day.
On Sept. 27, 1935, this production was increased
to 110 barrels per day.
On May 6, 1936, the company again increased the
capacity to 175 barrels per day.
The company's distillery has been in
continuous operation since it started in August, 1935.
Capitalization—Capitalization after the sale of the preferred stock will
be
as
follows:
Authorized
Preferred stock (.110 par)
Common stock ($1 par)
x
Outstanding
30,000 shs.
50,000 shs.
xl,000,000 shs.
yl63,263 shs.
Of this amount 50,000 shares are set aside for the conversion of the
50,000 Sxiares of authorized preferred stock, and 9,594 shares
for option warrants which expire Jan. 2,
y
Actually outstanding
are
reserved
1937.
exclusive of option warrants and shares reserved
for conversion of preferred.
Purpose—Net proceeds from the sale of 30,000 shares of preferred stock
and funds received from options for 9,594 shares of common stock at $2
per share, estimated to be 1249,188, are to be used to retire the company's
1st mtge. bonds, liquidate liabilities previously incurred for construction
equipment and organization estimated to be approximately 156,000, for
operating capital and other corporate purposes.
Underwriter—Minnich, Bradley & Associates, Inc., the underwriter,
is to purchase under option from the company, at 18 per share, the 30,000
shares of preferred stock.
Aug.Y&'ZSto Year Ended
Aug. 31 '35 Aug. 31 '36
112,146
1826,261
9,997
595,994
3,690
101,959
Gross sales, less returns and allowances
Selling, administrative and general
expenses
Profit from operations
Other income
1128,307
lossl 1,542
19,312
-—
Total profit
_
443
1113,004
loss11,542
-
Net profit
Curtis Publishing Co.—Accumulated Dividend—
The directors have declared
on
a dividend of 25 cents per share on account
the 7% cum. pref. stock, par 1100, payable Dec. 21
8.
A dividend of 11.75 which was previously
of record Dec.
declared will be paid on Dec. 15.
A similar distribution was made on Oct. 1,
last, and in each of the eight preceding quarters and compares with 11.25
per share paid on July 2, 1934, 75 cents per share on April 2, 1934, and 50
cents per share on Jan. 23, 1934.
Accruals on the pref. stock after the Dec. 21 dividend will amount to
17.75 per share.—V. 143, p. 2996.
Dainty Maid Slippers, Inc.—Acquires New Plant—
The company has announced the acquisition of a new manufacturing
plant in Dolgeville, N. Y., with an aggregate floor area of 75,000 square
feet.
It is planned to have the plant in operation by Jan. 1, 1937, at an
estimated production rate of 3,000 pairs a day.
Addition of the Dolgeville
plant more than doubles the manufacturing space of the company, which
now produces from 9,000 to 10,000 pairs daily at its 48,000 square-foot
plant in the Bush Terminal, Brooklyn.
Eventually production in the Dolgeville unit will exceed the present pro¬
duction in Brooklyn, according to Dominick J. Calderazzo, President.
The Brooklyn unit, however, will be kept at peak operation.
When normal production is reached in Dolgeville, the Dainty Maid
plants there will employ from 400 to 500 workers.
Company was formed and began production in Brooklyn in 1932 with a
capital of 120,000 and 2,500 square feet of floor space.—V. 143, p. 3312.
Dallas Power &
Light Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Oct. 311936—Month—1935 '
1936—12 Mos.—1935
1543,281
Operating revenues
1469,784
16,121,194
15,385,064
293.445
249.973
Oper. exps. & taxes
3,215,129
2,794,508
Net
revs,
from oper__
1249,836
161
z
Prop, retire, res. appr.
y
12,906,065
3,825
$2,590,556
a5,777
$220,176
64,464
12,909.890
812,085
12,596,333
775,828
*1185,373
Gross corp. income
Int. & other deductions.
1219,811
a365
1249,997
64,624
Other income (net)
x$155,712
12,097.805
680,069
11,820,505
420,313
Divs. applic. to pref.
507,386
507,386
1910,350
1892,806
Before property retirement reserve appropriations (see z note below)
and before dividends,
y Regular dividends on 7% and 16 pref. stocks were
x
paid on Aug. 1, 1936.
After the payment of these dividends there
1202,013
137,417
15,505
12,895,478
2,052,188
186,063
12,279,340
1,590,324
163,382
1,041
149,091
1,458
$657,227
15,417
$502,953
17,500
$64,423
25,879
$50,549
25,827
$672,644
311,689
$520,453
316,135
a138,544
a124,722
1360,955
160.388
$204,318
Balance
Other income
Gross corp. income
Interest & other deduc'ns
Balance...^
d Property retirement reserve appropriat ions
b Dividends applicable to preferred stock
186,063
for
or
103,901
unpaid
Balance
103,901
196,666
period, whether paid
$100,417
a Before property retirement reserve
appropriations and before dividends,
b Dividends accumulated and unpaid to Oct. 31, 1936, amounted to
$311,703.
Latest dividend, amounting to 11.75 a share on 7% preferred
stock, was paid on Nov. 1, 1933.
Dividends on this stock are cumulative.
c Includes
$3,270 and $53,773 in the last 12 months and the previous
12 months respectively, for maintenance which when incurred was charged
to reserves.
d Designated in the franchise from the City of Dallas as "repair,
and depreciation."—V. 143, p. 3313.
main¬
tenance
Davidson-Boutell
Co.—Registers with SEC—
See list given on first page of this department.
Dejay Stores, Inc.—Extra Dividend—
The directors have declared
an extra dividend of 30 cents per share in
quarterly dividend of 20 cents per share on the
$1, both payable Jan. 2 to holders or record Dec. 15.
The 20 cent payment made on Oct. 1, last, was the initial dividend.
addition
to
common
stock,
the regular
par
Earnings for 8 Months Ended Sept. 30, 1936 (incl. subs.)
Gross sales, less discounts, returns and allowances--.
Total cost of sales
$1,183,453
493,280
-
Gross profit on sales
Operating expenses
$690,173
—
418,168
General and administrative expenses
Provision for bad debts, less recoveries
97,215
84,731
Operating profit
$90,059
Insurance premiums on lives of officers (net)
Interest
574
28
-
Miscellaneous
Provision
for
175
Federal
income
contingencies
Net
and
profits
excess
and
taxes
a 15,000
-
profit
$74,282
-
Class A stock dividends
Earnings
per
share
29,326
27,891
-
Common stock dividends
-
-
$0.55
139,597 shares common stock (par $1)
on
a It
has been the practice of the company in the past to calculate the
Federal income tax liability on the basis of cash collections made during the
fiscal year.
The excess of the provisions over the tax liability calculated on
the above basis is held in the
been made for the surtax
on
reserve
for contingencies.
No provision has
undistributed profits as it is not determinable
until the close of the fiscal year ended Jan. 31, 1937, at which time the
dividends paid during the fiscal year will be known.
Consolidated Balance Sheet Sept. 30, 1936
Ass€t9*mmm
Liabilities—
Cash in banks
$194,531
Accounts receivable
512,457
Merchandise inventories
Merchandise in transit.
16,435
338,350
3,719
Due from employees
1,780
Claims receivable
395
Sundry accounts receivable
Sundry deposits receivable
Invest, (reorganized
2,013
639
569
banks)
Furniture & fixtures
1
Deferred charges
6,021
Accounts payable
Expenses payable
Divs.
payable—com.
$272,324
25,242
stock—
due Oct. 1, 1936
Accrued salaries
Federal income &
27,891
3,614
excess
profits
taxes payable
Accrued
Fed.
11,133
unemployment
insurance taxes
Res
2,250
for Fed. income & excess
profits taxes.
Reserve for contingencies
Common stock (par $1)
*15,000
6,058
139,597
Capital surplus
$1,076.9091
Total
314,260
Earned surplus
259,540
Total
$1,076,909
—V. 143, p. 3626.
De
Long Hook & Eye Co.—-Extra and Larger Dividend—
an extra dividend of $i per share in addi¬
a larger quarterly dividend of $1.25
per share on the common stock,
$100, both payable Jan. 2 to holders of record Dec. 21.
This com¬
pares with dividends of 75 cents per share paid each three months pre¬
viously. In addition, a special dividend of $1 per share was paid on April 1,
last, and extra dividends of 25 cents per share were distributed on April 1,
July 1 and on Oct. 1, 1933.—V. 143, p. 1396.
The directors have declared
tion to
par
Detroit Steel Products Co.—Dividend
Raided—
The directors have declared
stock,
no par
a dividend of $1 per share on the capital
value, payable Dec. 21 to holders of record Dec. 14. A divi¬
dend of 25 cents per share was paid on Sept. 30 and on July
10, last, this
latter being the first distribution made since Oct. 1, 1930, when a dividend
of 35 cents per
share
Dexter &
was
paid.—V. 143, p. 1718.
Piscataquis RR.—Control—
The Interstate Commerce Commission on Nov. 25 approved the
acquisi¬
tion by the Maine Central RR. of control of the Dexter
company by pur¬
chase of its capital stock.—V. 128, p. 3997.
Dictograph Products Co., Inc.- -Stock Transfer Halted
by Writ—
The transfer of stock of the company held
by Pirnie, Simons & Co.,
Inc., the A. M. Andrews Investment Corp. and more than 50 other banks
by Supreme Court Justice
ownership of 31,000 shares
of the stock.
The injunction was sought by the Dictograph company,
which said it might be subjected to a
multiplicity of suits by rival claimants
and investment concerns was restrained Dec. 8
Valente pending a determination of the true
unless the order was granted.
The company sought only a temporary injunction,
pending trial, covering
the period to Jan. 31, 1937, saying that it
hoped to have the tangle un¬
raveled by that time.
Justice
Yalente
pany supply
to do.
a
made the order on condition that the plaintiff com¬
bond of $220,000, which the company already had agreed
Ownership of the stock, Justice Valente said,
was
claimed
by Pirnie,
Simons and the A. M. Andrews Investment Corp., which distributed the
a large number of individuals under a
depositary agreement whereby
the individuals were to obtain funds for the purchase of more stock, the
benefits of the purchases to inure to the two mentioned defendants.
The
other
Balance
1286,623
207,736
15,505
shares to
\
stks for per., whether
paid or unpaid...
1936—12 Mos.—1935
1936—Month—1935
x No provision has been made for the surtax on undistributed
profits as
it is not determinable until the close of the fiscal year ending Jan. 31, 1937,
at which time the dividends paid during the fiscal year will be known.
-V. 143. p. 2834.
holders
[Electric Power & Light Corp. Subsidiary]
Period End. Oct. 31—
Operating revenues
c Oper. exps. & taxes
Rent for leased property
1147,619
34,614
loss-11,985
-
Other expenses and losses
to
Ry. & Terminal Co.—Earnings—
life insurance
Comparative Income Account
of accumulations
Reclassified from amounts previously reported.—V.
a
Cash surrender value—officers'
Cost of goods sold
12, 1936
franchise from the City of Dallas and in order of the City Council as "main¬
tenance and depreciation reserve" and "deferred maintenance and replace¬
Corp.—Preferred Holders—
permitting
Dec.
accumulated unpaid dividends at that date.
Regular dividends on these
stocks were declared for payment on Nov. 2, 1936.
z Designated in the
Corp.—Registers with SEC—
See list given on first page
Chronicle
were no
defendants
are banks and brokerage houses which have advanced
the security of the stock and are holding the stock as guarantee.
said that since the Curb Exchange suspended trading
in the stock on Nov. 18, it had been traded through over-the-counter
dealers.—V. 143, p. 3627.
money on
The
company
Dominion Glass
Years End.
1936
y$410,488
Edison Sault Electric
-Earnings—
Co., Ltd.
Sept. 30—
y$412,245
y$402,973
$329,519
$412,245
$402,972
$313,668
182,000
212,500
182,000
212,500
182,000
212,500
$15,988
$17,745
$5.27
$5.42
15,852
Bond interest
$410,488
182,000
Net profits
Preferred dividends
Common dividends
Surplus
Earns, per sh. on 42,500
shs.
Before
x
and
$100) com..
(par
drawn
adding $65,290 premium and
for redemption,
y Including
The
$3.09
exchange on bonds redeemed
other income, but after deduct¬
Edwards Mfg.
$
Assets—
Properties
Patents, &c
6,436,740
2,566,920
Inventories
1,309,937
906,478
Accts. receivable-Cash
463,035
Govt, bonds
592,117
6,243,665 Preferred stock— 2,600,000
4,250,000
2,574,420 Common stock
207,455
1,581,757 Accounts payable98,625
996,661 Accrued dividends
269,126
312,191 Accrued charges-95,086
444,339 Taxes
Deprec. reserve.--
Sundry mtges. and
56,818
Deferred charges..
61,817
76,727
investments
Surplus
3,737,316
1,151,164
2,600,000
4,250,000
199,156
98,625
268,575
90,039
3,637,969
1,135,176
12,408,771 12,279,540
Total
Dominion Stores.
1934
1936
April 18
May 16
-
1,543,288
1,557,863
1,488,014
1,372,530
1,349,203
1,475,326
1,429,818
1,350,423
1,340,440
1,313,961
1,290,685
1,472,157
1,383,939
1,405,210
1,487,037
1,459,935
1,495,909
3
31
Nov. 28
Oct.
$1,398,267
1,350,741
1,463,362
1,511,080
1,484,725
1,467,762
13
11---
Aug.
8
Sept. 5
1,385,259
1,360.939
1933
$1,373,111
1,481,037
1,528,273
1,505,736
1935
$1,226,611
1,352,553
1,417,909
Ended—
Mar. 21
Oct.
Ltd.—Sales—
$1,413,478
1,452,088
1,513,367
1,510,891
1,517,152
July
1,501,638
1,555,614
1,505 417
1,544,037
1,584,054
1,512,522
1,441,312
1,470,398
1,569,470
1.500.287
1,499,914
—V. 143, P. 3144.
Duquesne Light Co.—Earnings—
Operating revenues
Oper. expenses, maintenance
-
Net operating revenue & other income
appropriation for retirement reserve)
Appropriation for retirement reserve
res.)_-$15,344,254 $15,316,981
883,080
886,953
(before
„
,
,
$16,227,334 $16,203,934
2,172,353
2,052,653
$14,054,981 $14,151,281
179,053
176,710
Gross income
Rents for lease of electric
_
$27,154,410 $25,658,159
11,810,156 10,341,177
and all taxes
(before approp. for retire,
Other income (net)
Interest charges
properties
(net)
-—
2,459,252
316,493
Amortization of debt discount and expense
Appropriation for special reserve
Other income deductions.-
500,000
-—
74,547
.
2,966,881
206,367
416,667
103,290
$10,525,636 $10,281,367
Note—The company has made no provision for Federal income taxes for
the year 1935 as it has claimed as a deduction in its 1935 income tax return
debt discount and expense on bonds redeemed in 1935, consisting of un¬
amortized debt discount and expense on such bonds at date or redemption,
and premium and expense on redemption together with duplicate interest
charges, which will result in no taxable income.
From Jan. 1, 1935, to
July 31, 1935, the company made provision for Federal income taxes, in
Net income
$604,479 by monthly charges to operating expenses. During the
period from Aug. 1,1935 to Dec. 31, 1935, equal monthly credits were made
to eliminate this provision.
Provision for Federal income taxes of lessor
company at the annual rate of $13,500 for 1934 and $13,750 for 1935 and
1936 has been made monthly by the company.—V. 143, p. 3464.
amount of
Durham
Duplex Razor Co.—-Special
The directors have declared special
Dividends—
dividends of 10 cents per share on
participating preferred and class A and class B stocks, all payable
Dec. 15 to holders of record Dec. 10.
These will be the first dividends paid
on the present stocks, which were received in exchange for old shares under
the recapitalization plan of last December.—V. 142, p. 3848.
the
Lines, Inc. (& Subs.)—Earnings—
1936—Month—1935
1936—10 Mos.—1935
Eastern Steamship
Period End. Oct. 31—
_
$819,835
762,748
Operating revenue
Operating expenses
$809,766
47,538
722.777
1,111
50,403
$10,422
Other expense-_Net income
$9,188,477
7.698,198
$8,755,890
7,485,023
12,306
510,059
11,553
516,245
$992,526
$766,175
$37,697
873
Other income
—V. 143, p. 2996.
East Kootenay
Period End. Oct. 31—
Gross earnings
Operating expenses
Net earnings
—V. 143, p. 2520.
Power Co., Ltd.—Earnings—
1936—Month—1935
1936—7 Mos.—1935
$42,008
$37,916
$270,455
$259,046
13.144
12,107
84,955
79,096
$28,864
$25,809
$185,500
$179,950
Eaton & Howard Management Fund "F"—Special Div.
directors have declared a special dividend of $2.25 per share on
payable Dec. 21 to holders of record Nov. 21.—V.143,
The
the company's stock
p.
3314.
Eaton Mfg.
Co.—$1 Special Dividend—
special dividend of $1 per share on the
stock, payable Dec. 22 to holders of record Dec. 8.
The
regular quarterly dividend of 50 cents per share was paid on Nov. 16, last.
Extra dividends of 12H cents per share were paid on Feb. 15, 1936,
Nov. 15 and Aug. 15, 1935, and a special dividend of 25 cents per share
was distributed on Dec. 20, 1935.—V. 143, p. 3314.
The directors have declared a
no par
common
Ebasco Services,
Inc.—Weekly Input—
For the week ended Dec. 3,
1936, the kilowatt-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:
"XTICTCQ/SGS"
Operating Subsidiaries of—
1936
Co._102,999,000
Electric Power & Light Corp- 51,145,000
National Power & Light Co— 79,103,000
—V. 143, P. 3628.
American Power & Light
Edison Brothers Stores,
1935
91,784,000
42,516,000
67,177,000
Amount
11,215,000
8,629,000
11,926,000
lf.2
20.3
17.7
Inc.—Sales—
1935
$733,092
867,050
March
1936
$874,140
1,051,674
1,603,565
1,368,964
April
May
2,124,966
1,968,054
1,829.871
1,485,785
June
1,725,817
1,409,817
1,211,919
1,375,877
2,086,971
991.867
1,130,346
1,699,201
Month of—
January
February--
July
August
September
——.
October
November
—
2,055,013
1,606.256
1,513,087
1,390,800
1936, against
had 102 stores in operation in November,
92 in the same month a year ago.—V. 143, p. 2996.
The
Co.—$5 Dividend—
Corp.—To Be Added to List—
York Curb Exchange will list 20,223 additional shares
stock, $1 par, upon notice of issuance.—V. 143, p. 2997, 919.
of
Electric Auto-Lite Co.—60 Cent Dividend—
directors have declared a dividend of 60 cents per share on the
stock, par $5, payable Dec. 21 to holders of record Dec. 14.
A
similar distribution was made on Oct. 15, last, and compares with 30 cents
per share paid each three months from Oct. 1, 1935 to and including July 1,
last.
The Oct. 1, 1935 dividend was the first paid since Jan. 2, 1933 when
a similar distribution was made.
In addition an extra dividend of 50 cents
per share was paid on Aug. 15, last.—V. 143, p. 3628.
The
common
Electric Shareholdings Corp.—Accumulated Dividend—
declared a dividend of $2.62H per share on account
$6 optional cum. conv. pref. stock, no par value,
payable Dec. 17 to holders of record Dec. 1.
A dividend of $1.50 per share
was paid on Dec. 1, last, and in each of the five preceding quarters, prior
to which the last previous dividends of $1.50 per share (or at the holder's
option 44-1,000 of a share of common stock) were made on Sept. 1 and
company
IVfa.rpfh
J.
1933
payment of the current
$12.37H Per share.—V. 143, p. 2835.
Accumulations after the
to
dividend will amount
Electrical Products Co.—Regsiters withJSEC—J
given on first page of this department.
See list
Electro!, Inc.—Pays $100,000 Notes—
indebtedness to
The company announces payment in full of its funded
Heat & Power Co., Inc., consisting of five year
Petroleum
serial notes
running to 1941 for slightly more than $100,000, and is now free from all
indebtedness excepting current items.
The announcement states the obligation was liquidated with part of the
proceeds of a common stock issue underwritten by Thomas
members of the New York Stock and Curb Exchanges.—Y.
1935
1936
12 Months Ended Oct. 31—
Net oper. rev.
discount or commission will be sup¬
of accumulations on the
Jan. 25
Feb. 22
June
Campbell,
of Michigan Corp. and
The directors have
—V. 141. p. 3859.
Four Weeks
First
New
common
64,690
12,408,771 12,279.540
Total
The
$
$
Liabilities—
as
dividend of $5 per share on the common
payable Dec. 15 to holders of record Dec. 10.
This will be the
first dividend paid by the company since Feb. 1, 1926 when $2 per share
was distributed.—V. 143, p. 2365.
1935
1936
1935
given
stock,
Eisler Electric
Comparative Balance Sheet Sept. 30
$
are
The directors have declared a
ing taxes, &c.
1936
underwriters
McCarty & Co., both of Detroit.
Price to the public and underwriting
plied by amendment.—V. 95, p. 892.
£8,472 defx$80,832
$5.19
Co.—Bonds Filed—
The company has filed a registration statement with the Securities and
Exchange Commission under the Securities Act of 1933, covering $1,042,800
of first mortgage sinking fund bonds, series A, 4H%. due Oct. 1, 1961.
1933
1934
1935
212,500
Profits
3839
Chronicle
Financial
143
Volume
Emerson-Brantingham
and Griffith,
143. p. 3464*1
Corp.—Reorganization
Plan—
Alan Brantingham and Albert T. Jackson, in a letter
stockholders Nov. 14, state:
Concerning the Receivership—Notice was sent in December. 1931, of a
petition filed in the Circuit Court of Winnebago County, 111., wherein
four stockholders requested the appointment of receivers in equity to
The receivers. C.
addressed
to
liquidate the assets of the corporation because business was practically
at a standstill.
On Dec. 10 of that year we were appointed under court
order.
At that time there existed approximately $30,000 of accounts
payable and $25,000 of unpaid taxes on the property.
During the period
of the receivership, liquidations have been made, the debts of the corpora¬
tion have been paid, properties maintained, and all taxes paid except on
vacant property at various outlying points, the realizable value of which
was,
in the judgment of the receivers, less than the amount of taxes which
would accrue before they could be sold.
In accordance with the original
petition and court order, it has been the purpose and endeavor of the
receivers to protect, preserve, and liquidate the property in an orderly
maimer which would result in the maximum benefit to its stockholders.
Because of the type of properties owned, the exceedingly drastic decrease
in real estate values, and conditions which have prevailed throughout the
entire country, it seemed to the receivers unwise to sell any major prop¬
erties at prices available except the machine shop and forge plant located
in Roekford, 111.
In the opinion of the receivers and the directors, it
would now be most advantageous to the stockholders to put into effect a
reorganization plan.
Earnest consideration has been given to many different plans seeking a
distribution to the stockholders of the assets of the company at this time,
and after consultation with many stockholders, the following plan is sub¬
mitted for consideration.
Its major advantage is that it provides an avenue
whereby the stockholders may, over a period of time, have the benefit of
rising real estate values, and at the same time share in the earnings of the
properties.
Digest of Proposed Plan
Because
of the nature of the assets still remaining and because forced
particular types of assets, at this time or any time in the
would mean tremendous sacrifices to the stockholders, it is
sales of these
near
future,
proposed to break the assets into three general groups, so that the beneficial
each of these groups may be now distributed to the holders of
class A stock of the Emerson-Brantingham Corp.
The class A stock has a $50 preferential right in liquidation, and because
there are 132,325 shares of this class outstanding, the class B stock would
not participate, in any way, in the plan, for if the corporation is liquidated,
the first $6,616,250 of assets would be payable to the class A stockholders.
The receivers estimated net liquidation values of the assets of the corpo¬
ration at the time they were appointed amounted to $712,990.
Under
the present plan the book value of the distribution to the class A stock¬
holders would be substantially the same as the receivers' estimate.
Con¬
sequently, the liquidating value of the assets of the corporation is approxi¬
mately 10% of the preferential right of holders of class A stock in case of
liquidation under the charter, and as a result class B stockholders have
no equity in any of the remaining assets of the corporation.
The proposed plan is as follows:
To distribute to each holder of class A stock of Emerson-Brantingham
Corp, two shares of Batavia Body Co. ($5 par) common stock; one share of
Ebaloy Foundries, Inc. ($5) convertible preferred stock, and one share of
no par value E-B Liquidation Co. common stock, for each five
shares of
Emerson-Brantingham Corp. class A stock.
In order to eliminate fractional shares, the liquidating corporation will
buy or sell 1-5 shares of any stock of these three corporations at the rate of
50c. for each 1-5 fractional share.
Batavia {III.) Body Co.—This company is an active going Illinois corpo¬
ration with its properties and place of business at Batavia, 111.
The major
products of the company are heavy duty special commercial bodies, re¬
frigerator or ice cream bodies, and automobile trailers.
The corporation was organized on March 10, 1931 with a capital stock
consisting of 50,000 common ($5 par).
The Emerson-Brantingham Corp.
transferred all of the real estate, buildings, machinery, inventory, accounts
receivable and some cash, located at Batavia, 111., for all of the issued stock
which is now all in the hands of the receivers.
Batavia Body Co. has from its inception been handicapped by lack of
working capital, and at the present time is in need of $15,000 of cash with
which to pay back and current taxes, and provide sufficient working funds
to enable tne company to further increase its volume of business and thereby
increase its profits.
The physical condition of the properties has been substantially im¬
proved during the past five years and several portions of the plant which
were not needed, and probably mil not be needed for manufacturing pur¬
poses, have been put in condition and are now leased.
For the first three years the company sustained moderate losses, but in
in 1934 snowed a net profit of $323, in 1935 a net profit of $154, and for
1936 to Sept. 30, 1936, a net profit after all charges except income tax of
$7,429.
The future prospects of the company are particularly bright.
\Vhile it is too early to anticipate or predict the increased volume of busi¬
ness, and the increased net profits for the year 1937, judging from the
number of inquiries and active prospects now on hand, this should be
substantial,
with the trend to refrigerated truck transportation it is
reasonable to expect satisfactory profits can be made in years to come and
holders of this stock can look to the future with a reasonable degree of
assurance to satisfactory returns on their stock.
To provide necessary additional working capital, and to provide suffi¬
cient shares to distribute two shares of Batavia Body Co. stock for every
five shares of Emerson-Brantingham Corp. stock, it is proposed to increase
the authorized shares to 54,000 and that the receivers purchase 3,000 shares
of $5 par value for $15,000 from funds now on hand.
interest in
Financial
3840
Ebaloy Foundries, Inc.—During the receivership, efforts have been made
to liquidate the malleable foundry, located in Rockford, 111.
In Dec.,
1933, a prospect for tnis property required an appraisal during the course
of the negotiation, wnich disclosed that the Rockford Real Estate Board
fixed the fair value at $223,531.
It transpired tnat the prospect was unable
to raise sufficient funds to purchase tne property, or to make a satisfactory
down payment.
Since that time many leads for the sale of the property
have been carefully considered, at what the receivers considered sacrificed
prices, but no real interest or substantial offers have been received. Growing
out of the efforts to find a purchaser of these properties, an opportunity has
been presented to transform the idle plant into an operating and valuable
A proposal has been made by a group of individuals, well versed and of
intimate knowledge and experience in the aluminum alloy casting field,
whereby the receivers could acquire preferred sights in a newly organized
corporation for the land, buildings, and some cash.
This new corporation
Ebaloy Foundries, Inc. (111.) i proposes to deliver to the receivers 35,000
shares of convertible preferred stock for the buildings known as the malleable
foundry and the property adjacent thereto, all foundry equipment, supplies
and inventory on hand, and $45,000 in cash.
This corporation is authorized
to
issue
50,000 shares of convertible preferred stock
(par $5)
and
75,000 shares of common stock (no par).
The only preferential stock to
be issued at the present time is the 35,000 shares above referred to, and
of the common stock only 6,000 shares.
,
The receivers feel certain that with the increasing trend to higher speed
transportation and higher speed machinery that this asset, which at the
present time is depreciating in value, can be converted to one of increased
value and which would result in a substantial return to the shareholders.
E-B Liquidation Co.—If the plan is carried into effect, and the stock of
Chronicle
19345
*
,
£oi* each
1™'<x shsiTG
A hearing on
the'plan
Outstanding
In addition
p.
133,333 shares have been reserved
All outstanding
Jan. 1, 1937.
6)4 % pref. stock
Purpose—Proceeds from the sale of the convertible pref. stock sold to
balance will be applied to payment of bank loans aggregating $1,000,000.
Earnings—Profit and loss statements are summarized as follows:
Year Ended Feb. 28—
1936 (Feb. 29)
Aug. 31, 1936 (6 months)
*
special dividend of 25 centh per share on
the capital stock, no par value, payable Dec. 19 to holders of record Dec. 9.
a
A
quarterly dividend of 25 cents was paid on Oct. 31, last, and compares
with 15 cents paid in each of the three preceding quarters and dividends of
an
extra of
12M cents per share
was
* Net Profit
$1,021,737
1,184,908
694,821
922,363
.
After all deductions, including deductions for Federal income tax.
Convertible Pref.
Stock—Entitled to cumulative preferential dividends from
date of issuance at rate of 4H% per annum payable Q.-J.
Stock is con¬
vertible and when presented by the holders thereof for conversion, shall be
received at the rate of $100 per
share, and the common stock issued in
exchange therefor shall be taken at the rate of $30 per share on or before
Dec. 31, 1938; and thereafter at $32.50 per share on or before Dec. 31,
1940; and thereafter at $35 per share on or before Dec. 31,1942; and there¬
after at $40 per share on or before Dec. 31, 1947.
Such convertible rights
not theretofore exercised cease and terminate after Dec. 31, 1947.
Underwriters—The
names
of the several underwriters and the respective
percentages of convertible pref. stock to be severally purchased by them,
are as
follows:
Kirkpatrick-Pettis-Loomis Co., Omaha, Neb
Burns, Potter & Co., Omaha, Neb
National Co. of Omaha, Omaha, Neb
First Trust Co. of Lincoln, Lincoln, Neb
Stern Brothers & Co., Kansas City, Mo
Buffett & Co., Omaha, Neb
Greenway-Raynor Co., Omaha, Neb
25%
20%
5%
$1,279,233 Accounts payable
1,201,441 Other accrued liabilities
5,123,712 Contract advances
135,704 Notes payable
82,451 Accrued State, local, capital
Accounts & notes rec. (net)--
Inventory
on
Consolidated)
Liabilities—
Cash
Cash
20%
10%
__10%
10%
-
Balance Sheet, Aug. 31, 1936 (not
Assets—
deposit
Mi8cell. receiv., &c. (net)
stock
purchase
stock
2,229
and
social
$664,100
158,149
7,857
3,600,000
security
taxes
Invest, in cap. stock of subs. 1
70,002
Advances to sub. corporations
3,572,819
Fixed assets (net)
7,784,378
Brands, trade-marks, goodwill
Common
135,848
206,953
150,703
3,067,600
Provision for Federal inc. tax
1
185,150
Deferred charges
Reserves
6)4 % preferred stock
stock
($20
stated
value)
Earned
previously.
In addition, an
30, April 30 and Jan. 31, last,
paid on Oct. 31, 1935.—V. 143,
2207.
p.
$6,087,346
6,737,237
6,093.923
4,306,710
$33,616,876
40,370,947
42,994,983
23,382,262
12H cents per share were paid quarterly,
extra dividend of 10 cents was paid on July
and
Gross Profit
Net Sales
—
notes and Interest
Employers' Group Associates—Spedal Dividend—
The directors have declared
for the conversion of
been called for redemption on
has
the underwriters will be
applied first to the redemption of all outstanding
pref. stock not surrendered in exchange for convertible pref. stock, and the
2677.
*
60,000 shs.
40,000 shs.
750,000 shs. *422,996 shs.
the convertible pref. stock.
Employees'
is set for Dec. 19 next.—V. 143,
1936
12,
Amount
Authorized
Convertible preferred stock ($100 par)..
Common stock (no par) $20 stated value
the other two corporations is distributed to the stockholders of the Emerson-
Brantingham Corp., there will remain a substantial number of assets of
varying types and kind, having an estimated realizable value of approxi¬
mately $200,000.
It is proposed to form the E-B Liquidation Co., which
company's purpose will be to deal in the various pieces of real estate, and
to liquidate the remaining assets for the purpose of paying to its stock¬
holders the moneys realized therefrom.
The receivers propose to exchange
all of the remaining assets of the receivership to this corporation for 26,465
shares (no par) stock.
The stock thus acquired to be distributed on the
basis of one share for each five shares of Emerson-Brantingbam Corp. stock.
It is the opinion of the receivers rhat the cost of operating such a
liquidating
corporation would be substantially less tnan the costs under the receivership.
As cash is accumulated, distribution can be made more readily and more
economically.
It is further proposed that inasmuch as the distribution of stocks in the
Batavia Body Co., the Ebaloy Foundries, Inc. and the E-B Liquidation
Co. will create fractional shares, the E-B Liquidation Co. will buy or sell
fractional shares in any one of the three corporations on the basis of 50c.
Dec.
8,459,920
2,218,740
767,248
surplus
Capital surplus
Total
Total
$19,437,122
$19,437,122
—Y. 143, p. 3315.
Emporium Capwell Corp.—Earnings—
Period End. Oct. 31—
Net sales of dept. stores.
1936—3 Mos.—1935
$6,560,274
Fanny Farmer Candy Shops, Inc.
1936—9 Mos.—1935
$5,595,045 $17,512,670 $15,206,864
Net profit before deben.
bond int. & Federal
income tax
Period End. Nov. 30—
1936—Month—1935
Sales
$482,021
$417,869
-Sales—
1936—11 Mos.—1935
$4,628,823
$3,974,132
Extra Dividend—
estate
493,846
793,387
420,694
49,531
The directors have declared an extra dividend of 25 cents per share In
addition to the regular quarterly dividend of 12 H cents per share on the
145,989
147,741
loss3,033
used
333,047
48,770
lossl0,962
lossl,673
loss25,781
stock, par $1, both payable Dec. 23 to holders of record Dec. 15.
An extra of 12)4 cents in addition to the regular quarterly dividend was
paid on Oct. 1, last, and extra dividends of 6% cents per share were paid
on April 1 and Jan. 2, 1935.—V. 143, p. 3145.
loss24,408
Real
loss31,583
loss96,112
loss94,923
in
operations
Real estate not used in
operations
General adminis. excl. of
divs.
subs,
from
and
common
before bond interest &
Fedders Mfg. Co.—Common Dividend■—
The directors have declared
a dividend of 87)4 cents per share on the
payable Dec. 22 to holders of record Dec. 10. A like
10, last.
Dividends of 37)4 cents per Bhare
were paid on July 3, April 2 and on Jan. 2 last and an initial distribution
of 25 cents per share was made on this issue on Oct. 10, 1935.—V.
143,
P. 2366.
no-par common stock,
Consol.
the
Surplus
net
$841,591
206.754
$447,731
209,959
33,515
a70,159
33,515
$404,447
income tax
$340,032
69,238
a41,856
Debenture bond interest
Prov. for normal Federal
$515,176
68.874
$237,279
$564,679
$204,257
payment was made on Oct.
Federal Mining & Smelting Co.—Accumulated
profit for
period
balance
begin3,581,590
2,883,911
3,633,768
3,004,217
$3,986,037
$3,121,189
$4,198,447
$3,208,474
Dr698
Dr704
Drl ,987
Drl ,042
Cr2,096
Cr4,271
Drl4,914
Drl,264
Cr2,937
Drl9,289
$3,991,706
$3,105,571
$4,198,132
206,427
on Nov. 27 declared a dividend of $10.50 per share on
of accumulations on the 7% cum. pref. stock, par $100,
payable
Dec. 22 to holders of record Dec. 12.
This will be the first dividend paid
on the pref. stock since June 15, 1931 when a
regular quarterly dividend of
$3,188,142
82,571
Surplus balance end of
period
$3,991,706
$3,105,571
$3,991,706
$3,105,571
Net
on
purchase of own
bonds after deducting
adjustment
of
un¬
disc,
amortized
and
portion of normal Fed.
income
tax
Adj. of prior
applicable
Fed.
years
and State corporate &
income taxes
Other miscellaneous
Total
Common dividends
$1.75 per share was distributed.
The company stated that the current disbursement covers the six
quar¬
terly disbursements in arrears—Sept. 15, 1931, Dec. 15, 1931, March 15,
1932, June 15, 1932, Sept. 15, 1932, and Dec. 15, 1932, and is paid out of
earnings of the year 1936.
To prevent possible misunderstanding later,
the board of directors wish to advise preferred stockholders that
resump¬
tion of regular quarterly dividends on said stock is not now
contemplated
and this distribution is because of the law imposing a surtax on undis¬
tributed earnings, passed since the issuance of the last annual report to
stockholders.—V. 143, p. 3315.
Filtrol Co. of Calif.—Registers with SEC—
See list given on first page of this department.—V. 143, p. 585.
First Boston
a
Without provision for surtax
Emsco Derrick &
on
undistributed profits.—V. 143, p. 3465.
Equipment Co.—Extra Dividend—
Express Electro Plating—Registers with SEC—
See list given on first page of this department.
The
York Curb Exchange will list 125,000 additional shares
stock, $1 par, upon notice of issuance.—V. 143, p. 3629.
Fairmont
in
(M. H.) Fishman Co., Inc.—Sales—
result
All pref. stock acquired by the company as a
will be canceled and not thereafter reissued.
of such exchanges
133,333 shares of common stock have been reserved by the company for
issuance upon conversion of the convertible
pref. stock covered by this
prospectus.
Subject to such exchange the 30,000 shares of convertible pref. stock
(offered in exchange plus 10,000 additional shares) has been underwritten
by Kirkpatrick-Pettis-Loomis Co.; Burns, Potter & Co.; Stern Brothers &
Co.; National Co. of Omaha; Buffett & Co.; First Trust Co. of Lincoln,
Neb., and Greenway-Raynor Co.
The offering price to the public will
be 102 per share.
Company—Co npany is engaged in most phases of the dairy industry,
including the processing of milk, cream, eggs and poultry; the manufacture
of butter and buttermilk
by-products, soft cheese, ice, ice cream and ice
cream specialties; and the operation of
public cold storage warehouses.
Its
products are distributed from its main plant at Omaha, Neb., and from
numerous
branches at strategic points in
Connecticut, Iowa, Kansas,
Maine, Massachusetts, Michigan, Minnesota, Nebraska, New York,
North Dakota, Ohio,
Oklahoma, Pennsylvania, South Dakota, Texas,
Washington and Wisconsin.
Its properties include more than 35 manu¬
facturing plants located throughout the United States.
Capitalization—Upon the issue of the convertible pref. stock the capitali¬
zation of the company will be
substantially
as
follows:
Month of—
of
Creamery Co.—Exchange Offer—
exchange.
pay semi-annual dividends in the months of June and December as such
future dividends may be declared.
The payment of this dividend should
be considered as in lieu of the dividend otherwise payable in
January, 1937.
—V. 143, p. 270.
The company has made an offer for a
period to expire not later than
Dec. 15, 1936, to the holders of the 30,000 shares of outstanding 6
34 % pref.
stock, the privilege of exchanging such stock on the basis of one share of
4K% convertible pref. stock and $5 in cash for each share of pref. stock
surrendered
on tne issue.
The directors deemed it advisable to depart from the prior practice of
this corporation and to make this dividend payable in
December, 1936,
rather than in January, 1937. It is the present intention of the directors to
Corp.—To Be Added to List—
New
common
Corp.—$2 Dividend—
The directors on Dec. 9 declared a dividend of $2 per share on the capital
stock, payable Dec. 22 to holders of record Dec. 11. A dividend of $1.50
was paid on
July 23 and on Jan. 21, last, and compares with $1.20 paid on
July 25, 1935, and 50 cents per share paid on Jan. 21,1935, this latter being
the initial distribution
The directors have declared an extra dividend of 12 M cents per share in
addition to the regular quarterly dividend of 25 cents per share on the com¬
mon stock, no par value, both
payable Dec. 21 to holders of record Dec. 9.
Similar extra dividend was paid on Dec. 20, 1935.—V. 142, p. 4339.
Falstaff Brewing
Pref. Div.
The directors
account
January
February
March
April
May
June
July
August
September
October
,
November
1936
$184,107
212,166
212,259
282,947
337,261
352,253
332,917
340,479
323,779
387,381
316,089
1935
$165,027
192,684
214,193
265,007
286,932
315,021
1934
$154,799
161,205
226.586
229,742
298,662
323,390
300,316
275.332
317,212
281,772
339.137
326,324
294.952
294.226
347.893
298,284
1933
$101,306
123,869
126,196
197,556
228,879
239,800
249,870
247,639
278,313
284,169
249,535
—V. 143, p. 2998, 2521.
Florence Stove Co.—Rights—
Holders of the common stock or record Oct. 20 are given one stock pur¬
chase warrant for each four shares of common stock held.
Each such
warrant will entitle such holder to subscribe to one new share of common
stock of the company at $30 on or after Dec. 14, 1936 and on or before
Dec. 31, 1936.
The total number of such new shares made available to
stockholders for subscription under the warrants will be 66,222.
In addition it is proposed to offer at least 200
employees of the company
an
opportunity to subscribe at $22.50
shares
of common stock
allocate
to
of the
per
company
share for such part of 13,245
the board of directors may
as
each.
It is proposed that such employees shall be offered a contract providing,
among other things, for the following: An agreement by the employee to
purchase and the company to sell common stock of the company over a
period of five years; the employee to acquire the stock subscribed for as
It is paid for in full from time to time: an agreement to permit such subscribing employee to subscribe for additional shares on a basis which will
<
Volume
Financial
143
in the event of a stock dividend
to subscribe to common stock; ail
enable him to maintain his relative position
the issue to stockholders of rights
or
rights under the contract as to any shares not theretofore paid for by the
employee are to cease if the employees' employment by the company is
terminated prior to the date when he would nave been entitled to take up
such shares for reasons which the board of directors of the company shall
find to have been seriously prejudicial to the company; and all questions
with respect to and adjustments under the contract to be finally decided
by the board of directors of the company.
Allocation of Proceeds—In 1929 company purchased from Sears,
& Oo. its stove manufacturing business and plant at Kankakee, 111.
Com¬
pany's promissory notes to Sears, Roebuck & Co. for $1,000,235 were allo¬
cated to the purchase of the plant.
Said notes were in part refunded in
1932.
The present unpaid balance of the notes, aggregating $440,235, is to
be paid so far as determinable with a part of the net proceeds of the
ties offered.
Net proceeds are estimated at $2,255,534.
Of the aggregate
Roebuck
securi¬
670,529
allocated to land, buildings, machinery, fixtures
Srincipal amount of notes aggregating $1,000,235 given as
was
$329,610 to inventory of finished
to prepaid expenses.
In March, 1936, the company
goods and work in process,
aforesaid,
and tools,
and $95.06
borrowed $600,000 from First National
evidence thereof its notes of like amount.
The
$60,000 of other funds were used to purchase
a minority interest consisting of 6,200 shares of common stock of FlorenceWehrle Stove Co. (Ohio), and a minority interest consisting of 400 shares of
common stock of Marshall Stove Co. (Tenn.).
Part of the proceeds will be used to pay notes aggregating $600,000 held
by First National Bank, Boston.
The balance of the proceeds is to be used
as working capital for general corporate purposes.—V. 143, p. 3316, 3145.
and
Bank, Boston,
entire
gave as
proceeds of this loan and
Florida Power &
Light Co.—Earnings—
Co. Subsidiary]
1936—Month—1935
1936—12 Mos.—1935
$911,200
$807,069 $12,240,017 $11,361,405
503,606
502,913
6,801,977
6,005,353
[American Power & Light
Period End. Oct. 31—
Operating revenues
Oper.exps.& taxes
Net revs,
$407,594
11,626
(net)
$304,156
$5,438,040
$5,356,052
13,009
346,190
355,551
$419,220
352,370
from oper_„
Other income
$317,165
345,296
income
Gross corp.
deductions.
Int. & other
Property retirement reserve
z Divs. applic. to pref. stocks
paid or unpaid..-
$5,784,230
4,215,444
$1,568,786
$1,583,690
400,000
1,153,008
1,153,008
...
...
$5,711,603
4,127,913
400,000
appropriations
for period, whether
$30,682
$15,778
Balance
property retirement reserve appropriations and dividends,
z Dividends accumulated and unpaid to Oct. 31,1936, amounted to $4,419,864.
Latest regular quarterly dividends paid Jan. 3, 1933.
Dividends
on pref. stocks are cumulative.
Note—Income account includes full revenues without consideration of
rate reduction in litigation for which a reserve has been provided by approp¬
riations from surplus in amount of $750,647 for the 12 months ended Oct. 31,
1936. and of $852,494 for the 12 months ended Oct. 31, 1935.—V. 143,
Before
y
p.
2837.
2521.
Corp. (&
Subs.)—Earnings—
Years Ended Sept. 30
1935
1934
Consolidated Income Account
1936
Net sales
& oper. exp.
Depreciation
& experiment
cost written off------
Cost of sales
$7,528,340
5,945,046
397,092
394,879
$5,612,882
4,570,229
------
—-—
1933
$3,090,993
2,626,605
271,265
165,386
$8,890,119
7,195,824
293,063
Develop.
79.663
$1,297,204
$1,188,415
294,662
119,775
114,909
$113,459
117,683
$1,591,866
$1,308,190
$699,113
$231,142
231,901
174,476
108,676
92,879
120,821
179",063
$1,025,038
1,323,700
$485,412
884,935
$52,078
868,030
2,103
13,576
Miscellaneous income—
Total income
Prov. for
Federal tax-
charges
Other
Net income
surplusMiscellaneous credits—
I
Disc, on bonds purchased
Previous earned
& retired
$1,359,965
2,075,725
Common
$2,382,685
dividends
bonds retired
48,750
on
The directors
on
143, p. 2837.
Investors Corp.—90-Cent
Dec. 2 declared a
Dividend—
dividend of 90 cents per share on the
stock, par $1, payable Dec. 23 to holders of record Dec. 12. This
compares with 70 cents paid on Aug. 1, last; 75 cents on Feb. 1, last; 50
cents paid on Aug. 1, 1935; 60 cents on May 14, 1935; 40 cents on July 1,
1934; 45 cents on Jan. 1, 1934; 40 cents on July 1, 1933; 55 cents on Jan. 1,
1933; 60 cents on July 1, 1932, and 55 cents per share paid on Jan. 1, 1932,
and July 1, 1931.—V. 143, p. 2367.
common
Francisco Sugar Co.—Interest—
received that payment of $29.58 per $1,000 bond
presentation for stamping of the coupon due
mortgage 20-year 73^% sinking fund gold
bonds, due 1942; the Committee on Securities of the New York Stock Ex¬
change rules that the bonds be quoted ex-interest $29.58 per $1,000 bond
on Dec. 11, 1936; that the bonds shall continue to be dealt in "flat" and to
be a delivery in settlement of transactions made beginning Dec. 11, 1936,
must carry the Nov. 15, 1933, coupon ($29.58 paid), and subsequent cou¬
pons.—V. 143, p. 3630.
Notice having been
will be made Dec. 11,1936, on
Nov. 15, 1933, from the first
Freeport Sulphur
Co.—New Name Adopted by Freeport
Texas Co.—See latter company.
Freeport
Texas
Co.- ■Changes
Name—Reduces
Capital
The stockholders of this company, one
of the leading sulphur companies,
special meeting Dec. 9 voted to change the name to Freeport Sulphur Co.,
principal subsidiary.
This subsidiary will shortly be liqui¬
dated and after Jan. 1, 1937 the present parent company, operating under
its new name, will be engaged directly in the business of producing and
marketing sulphur.
At the same time, the stockholders voted to reduce the authorized capital
stock by 12,699 shares of preferred stock which, under conversion privileges,
have been converted into common stock, and to reduce the capital of the
at a
the name of its
by the sum of $846,600 representing the difference
value or the preferred stock converted and the par value of
company
par
between the
the common
conversion.
In commenting on the changes voted by the stockholders, Langbourne
M. Williams Jr., President, said:
"The revision in the corporate structure, which involves the liquidation
of the present Freeport Sulphur Co. and the change of the holding company
to an operating company, is in line with current trends toward simplifica¬
stock
issued
upon
tion of corporate structures
the trade the
and will effect tax and
the corporate name will make
'Freeport Sulphur Co.,' the
name
other savings.
it possible to continue in
country's oldest sulphur
Sroducer.and is familiar to acquiredthroughout the world." in the sulphur
This name has buyers standing and reputation
ldustry
In explanation of the reduction of the company's capital, Mr. Williams
said, "the preferred stock of the company is convertible into common stock
on or before Feb. 1, 1945 at the rate of 3 1-3 shares of common stock for
preferred stock converted on or before Feb. 1,1938, and at the
stock for each share of preferred stock con¬
1938 and Feb. 1, 1945.
"Pursuant to this conversion privilege, 12,699 shares of preferred stock
(par $1,269,900) have been converted into 42,330 shares of common stock
(par $423,300).
The authorized capital stock has been reduced by 12,699
shares of preferred stock converted, and the capital of the company has
been reduced by $846,600, the difference in par value.
"The capital structure of the Freeport Sulphur Co., after appropriate
certificates have been filed in Delaware," Mr. Williams said, "will consist
of 12,301 shares ($100 par) 6% cumulative convertible preferred stock and
850,000 shares ($10 par) common stock, of which 796,371 shares are now
outstanding."—V. 143, p. 3146.
each share of
rate of
2>$ shares of common
♦o.uo
leased machinery and processes.
Consolidated Balance
receivable 3,659,469
2,495,948
Accounts
and
rec.
58.400
60,646
value—
157,933
2,669,269
31,946
Prepaid expense._
life Ins. policies.
Inventories
140,025
2,099,092
21,014
cos
investments
leased to
others, less depr.
Treasury stock
Plants not used
152,426
2,716
152,652
$799,296
ness
15,707
1,529,113
1,363,700
Pats., trade mks.
& goodwill
1
114,849
49,174
171,848
125.000
income
Notes pay. to
due
ann.
214,528
busi¬
acquired
advance rentals.
273,174
equip., less depr.
-
Def. pays, for
5.
38,184
Minority
from
Int.
500,000
In
155
sub. company..
750,000
6% cum. pf. stk.
4H% cum. conv.
2,000,000
pref. stock
x
Common stock..
3,844,440
Paid-in surplus
Earned
$9,389,529 $7,306,177
Total
Total
surplus
1,992,822
2,741,880
358,169
2,075,725
and
by
$297,603
Co.—Special Meeting—
Jan. 11 at an adjourned special meeting will consider
amendment to articles of incorporation to enlarge corporate
proposed change in stock; adoption of new by-laws, increase in
The stockholders on
proposed
Alfred
P.
Corp.—Auto
Financing
President of the corporation, issued a statement
complaints brought by the Federal Trade Commission
Sloan Jr.,
4 regarding
Mr. Sloan said, the General Motors Acceptance Corp.
styled the "6% time-payment plan."
immediately benefited on two counts," he continued.
"First, the cost of financing was again lowered, and second, the cost could
be determined by anybody who could multiply.
"At the time that the new plan was announced, I sent a message to Gen¬
eral Motors stockholders, and in that message I made the following state¬
ment: 'This 6% flat multiplier is not 6% interest,' and in the announce¬
ments and advertisements of General Motors Acceptance Corp. the great¬
est care has been exercised to distinguish between 6% as a multiplier and
the possible assumption on the part of some purchasers that the 6% meant
6% true interest.
*'It certainly does not; was never contemplated so to do.
That would
be economically impossible.
The facts have been stated time and time
again.
That is the argument, and the sole argument.
The above are
the facts as to the controversy and are submitted so that the public can
judge as to the merits of the argument in their own interest."—V. 143,
About a year ago,
"The
p.
consumer
3631.
General Motors Corp.—October
Dec. 8 released
$9,389,529 $7,306,177
a $10 par value
in 1936
by shares having
192,222 no par shares in 1935.
y After reserve for bad debt of
in 1936 and $283,511 in 1935.—V. 142, p. 2156.
Represented
Follansbee Brothers
44,932
bks.,
1937-1940
plant &
Acceptance
evolved what was
125,000
Res. for employees'
Deferred
10.678
$489,293
260,410
stocks.
Motors
financing
situation,"
1935
accrued ex¬
common
48,086
Property,
1936
income tax
General
Defended—
Dec.
Dlvs. on pref. and
9,473
256
Globe Knitting Works—Accumulated Dividend—
paid a dividend of $1.05 per share on account of accumu¬
cumulative preferred stock, par $10, on Nov. 3 to holders
record Nov. 3.
This payment cleared up all accumulations as of July 1,
against the 6% time-payment plan of 21 automobile and
com¬
panies.
He said it was "a very interesting and instructive
and he felt it "highly desirable that the public get a proper understanding
of the facts and circumstances."
Provlsion for Fed.
Mach'y
387,129
$0.02
Notes payable due
within 1 year
benefits
Inv. In and adv. to
affiliated
Co.—35-Cent Extra Dividend—
declared an extra dividend of 35 cents per share In
addition to the regular quarterly dividend of 15 cents per share on the com¬
mon stock, par $5, both payable Dec. 21 to holders of record Dec. 10.
The customary date of payment is Feb. 1.
An extra of 10 cents was paid on Nov. 2, last.—V. 143, p. 2679,
Par value
payable
penses
and
advances
Surrender
General Baking
last.—V. 141, p. 750.
Sheet Sept. 30
Liabilities—
1935
$633,932
Sundry accts.
Dividend—
declared a dividend of $1.75 per share on the capital
stock, par $2, payable Dec. 21 to holders of record Dec. 10.
This com¬
pares with 60 cents paid on Oct. 1, last; 25 cents paid on July 1, last, and
20 cents paid on April 1, last.
The latter dividend was the first paid on
the $2 par shares.
See V. 142, p. 1983 for dividend record of old 25 cents
par value shares.—V. 143, p. 2838.
The directors have
$884,935
190,797
$1,323,700
190,797
$2-075,725
192,222
$3.33
$722,918
contr.
powers;
National
lations on the 7%
------
Customers' notes
x
Fourth
The company
—
$1,992,822
b384,444
1936
Cash..
Misc.
by accepted indices.—V.
of
Including revenue from
Assets—
&
Dec. 31, 1935.
The increase in the common stock asset value since Dec. 31 was in the
face of a decline in the market prices of foreign bonds generally as measured
on
70.799
826,589
$10 per share.
accts.
that the asset value of its common stock as of
share, compared with $10.25 on June 30 and $8.96
The company reports
Nov. 30, was $10.95 a
------
29.966
125,000
surplus
Balance, Sept. 30-—Com. shs. oust, (no par)
Earnings per share
$933,685
48,750
$1,372,450
48,750
187,411
78,417
382,896
during year
Additional Fed. inc. tax.
Pat. of business acquired
Transferred to paid in
and
Foreign Bond Associates—Asset Value—
The directors have
dividends....
y
3630.
P.
Fundamental Investors, Inc.—Larger
33,947
$3,435,689
Total surplus
a
$584,204
during year.
Preferred
Prem.
zation of the company
verted between Feb. 1,
Food Machinery
a
exceeding $6,000,000 and ratify
connection with the proceedings for reorgani¬
under Section 77B of the Bankruptcy Act.—V. 143.
the actions of the directors in
"The change in
Florsheim Shoe Co.—Extra Dividends—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the no par
class A common stock and an extra dividend of 12 H cents per share in
addition to the regular quarterly dividend of like amount on the no par
class B common stock, both payable Jan. 2 to holders of record Dec. 15.
Similar extras were paid on Oct. 29, Oct. 1, July i and Jan. 2, last.—V. 143,
p.
authorized indebtedness to an amount not
Stock—
y$66,850 ydef$28,131
Balance
3841
Chronicle
Sales—The company on
the following statement:
General Motors cars to dealers in the United States
with shipments overseas, totaled 191,720, compared
182,754 in November a year ago.
Sales in October were 90,764.
Sales for the first 11 montns of 1936 totaled 1,798,576, compared with
1,529,990 for the same 11 months of 1935.
Sales of General Motors cars to consumers in the United States totaled
155,562 in November, compared with 136,859 in November a year ago.
November sales of
and Canada, together
with
months of 1936 totaled
months of 1935.
United States totaled
November a year ago.
Sales in October were 69,334.
Sales for the first 11 montns of 1936 totaled
1,485,529 compared with 1,220,924 for the same 11 months of 1935.
44,274.
Sales for tne first 11
1,546,741 compared with 1,156,798 for the same 11
Sales of General Motors cars to dealers in the
156,041 in November, compared with 147,849 in
Sales in October were
3842
Financial
Chronicle
Total Sales to Dealers in United, States and Canada Plus Overseas Shipments
"
1936
March
April
May
June
July
August
September
1935
1934
158,572
144,874
196,721
229.467
222.603
217,931
204,693
121,943
19,288
January
February
98,268
121,146
169,302
184,059
134,597
181,188
167,790
62,506
100,848
153,250
153,954
132,837
146,881
134,324
,
(
1933
82,117
59,614
58,018
86,967
98,205
113,701
106,918
124,680
109,278
71,888
72,050
61,037
41,594
1,240,447
869,035
December
Total
1936
-
Net oper. earns, before prov. for deprec. & deple.
March
181,782
200,117
194,628
189,756
163,459
133.804
85,201
44,274
155,552
June
July
August
September
October
November
108,645
127,346
66,547
68,566
136,589
122,198
1.278.996
April
May
927.493
December
Total
933
50,653
42,280
47.436
71,599
85,969
101.827
87,298
86.372
71.458
63,518
23,438
58,911
98,174
106,349
95,253
112,847
101,243
86,258
71,648
69,090
62.752
41,530
54,105
77,297
126,691
143,909
109,051
137,782
Total net earnings
11,951
July
August
September
46,190
82,222
119,858
121,964
103,844
118,789
107,554
87,429
53,738
50,514
39,048
28,344
959,494
of shares
729,201
4,669
.<
October
69,334
156,041
November
December
Total
$5.74
1933
No provision has been made for any possible
undistributed surplus tax.
Liabilities—
Fixed capital
Misc. invest'ts at cost
$16,645,900
a$23,561,037 Funded debt
400,000
34,391 Notes payable—bank—sec'd
111,672
457,000 Accounts payable
312,925
497,711 Accrued int. & taxes
hand-.
93,334
744,732 Prov. for Fed. inc. tax (est.).
Reacquired secur.—par value
Special deposits
Cash in banks and
on
Marketable securities at book
Accrued divs.
value
Inventories.
Chevrolet November Production—
Prepaid
pref. stock
11,941
19,036
6,733
-
Accts. receivable—non-curr't
production for November exceeded that of any previous
November in the 25-year history of the company, summaries of official
figures revealed this week, with a total of 112,229 cars distributed from the
company's factories.
*
Domestic production for the month was 95,022; export
production,
12,853; and Canadian production, 4,354.
The total was 3,353 more cars
than tne 108,876 produced in November 1935, which was the previous
on
of subsidiaries
300,052
468,943 Accrued divs. on $3 pref. stk.
118,011 Subs, funded debt matured or
called for redemption
177,565
2,788 Other current liabilities
Consumer's & other deposits.
32,827
979,545 Res. for rate reduct'n in lltig.
Reserves for con ting., &c
Accts. & notes rec., less res..
Unbilled revenue—estimated
Chevrolet
expenses, i
Deferred charges
81,057
115,058
390,000
252,857
Pref. stocks of subsidiaries—
1,314,950
publicly held
Minority interest In common
—
stock & surplus of subs
12,340
b3,818,605
c217,615
Paid in and capital surplus._
3,028,745
Earned surplus
d547,834
record.
$3
time, company officials said, unfilled orders for the new
running far a ead of last year, with 96,084 customers' orders
same
are
$0.56
Consolidated Balance Sheet Oct. 31, 1936
*1 SSCtS"
Unit sales of Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and Cadillac
and commercial cars are included in the above figures.
Chevrolet
$4.09
$0.97
outstanding)
Notes—Total operating revenues are stated after deducting $120,000 in
respect of estimated annual reduction which will result in the event that rate
case decisions of the Public Service Commission and the Appellate Division
of the Supreme Court of the State of New York adverse to Consolidated
Water Co. of Utica, N. Y., a subsidiary are, upheld on appeal now pending.
passenger
Ac the
1,000
$418,071
Earned per share: $3 pref. stock (average number
72,274
50,212
45,098
74,242
85,980
99.956
92,546
84,504
67.733
41,982
3,483
11.191
1,370,934
April
May
June
75,727
92,907
132.622
152,946
105,159
150,863
139,121
103,098
22,986
97,746
147,849
150,010
506,881
50,367
42,638
28,850
66,352
289,819
55,072
-
$439,067
Common stock
1934
131,134
116.762
162,418
194,695
187,119
186,146
177,436
99,775
__
„
Net income
755.778
1935
$1,820,343
361,292
$1,824,224
347,191
521,230
Interest on unfunded debt
6,115
Amortiz. of subs.' debt & pref. stock discount & exp
35,136
Prov. for amortiz. of deferred charges
29,853
Divs. on subs.' preferred stocks
81,959
Int. on 15-yr. 5% 1st lien & coll. trust bonds, ser. A
284,043
Prov. for Federal income tax (estimated)
79,630
Exps. incurred in defense against plan submitted to
City of San Jose by Water Properties, Ltd
Sales to Dealers in United States
January
February
March
77,574
Provision for deprec. & depletion.
Interest on subs, funded debt
35,417
1936
$1,697,635
122,708
$1,746,650
Other income
934
935
102,034
96,134
Gas & Electric Co.—Dividend Doubled—
-
Sales to Consumers in United States
January
February
1936
■The directors have declared a dividend of 50 cents per share on the
common stock, par $1, payable Dec. 17 to holders of record Dec. 7.
An
initial dividend of 25 cents per share was paid on Dec. 30, 1935.
12 Months Ended Oct. 31—
1936
Total operating revenues
$3,643,910
$3,471,541
Operation
1,400,027
1,332,687
Maintenance
167,913
141,097
Taxes (other than Federal income tax)
329,320
300,121
81,148
53,054
10,384
21,295
90,764
191,720
November
General Water,
^
97,614
39,152
127,054
182,754
185,698
1,715.688
October
Dec. 12,
payable Dec. 22 to holders of record Dec. 7. This dividend is for the period
from Nov. 1, 1934, to Feb. 29, 1936, inclusive.
A dividend of $1.75 was
paid on Sept. 1 and on June 5, last, as against $1.50 paid on March 9, last,
and $1 per share on Dec. 9, 1935.—V. 143, p. 1229.|
cum.
pref. stock
:
Common stock (par $1)
still to be met.
...
Factory production schedules have been stepped up to more than 6,000
cars a day in an effort to keep up with popular
demand, with plants work¬
ing at capacity.
Pontiac November
Total
a
November production of the Pontiac Motor Co. totaled 21,538 cars, tne
best for that month in tne company's history and comparing with 19,466
in the corresponding month of 1935.
December production schedule
probability that
a new
reserve
for depreciation and depletion of $4,696,799.
were three
times
Employment has increased steadily and there
than 10,000 on the company's payroll, also a new record.
year
ago.
as
—Fourth Week of Nov.—
1936
1935
heavy as
Gross earnings
are now more
November Buick Deliveries—
cars
totaled 19,284 units for Novem¬
ber, establishing
a new high for this montn, and marking a new peak for
This compares with the previous November record, made in 1926,
when 14,880 cars were delivered to retail customers in the United States.
It was the first time in the current phase of Buick's expansion that the peak
1936.
Pay Level Increased—
The corporation has adopted a uniform arrangement for overtime com¬
pensation for its 220,000 employees under which payment will be made at
the rate of 1 M times the normal rate for all work in excess of 40 hours a
week, it was announced oniDec. 2.
Hitnerto the corporation has paid at
the same overtime rate for all work in
The
new
excess of 48 hours a week.
basis of pay for overtime was quietly adopted by the corporation
Nov. 9 and has since been in effect in all of its plants throughout the
country.
It is expected materially to increase the weekly earnings of em¬
on
ployees, especially in periods of peak production.
The corporation will also pay at the rate of 1K times the normal rate for
all work performed on Christmas Day, New Year's Day, Tnanksgiving
Day, Labor Day, the Fourth of July and Memorial Day. as well as on any
Sunday in the year.
Transfer to United States Court of Accounting Suit Asked—
PI General Motors Corp. and the E. I. du Pont de Nemours & Co. petitioned
in the New York Supreme Court Nov. 24 to have an accounting suit, filed
against it by three stockholders, transferred to the U. S. District Court in
New York.
The two companies, other affiliated corporations and a number
of directors are accused of having "unjustly and inordinately enriched
themselves at
General .Motors'
expense" to the extent of more than
$500,000,000 since|1918.
The plaintiffs are Augusta Winkelman, Daniel Nishman and Charles
Schiff, all of Brooklyn, and Harry Jacobson, of Chicago, who own a total
of 240 shares of common stock of General Motors Corp.
A similar suit waslinstituted on Oct. 19 last by Mr. Jacobson in the
U. S. District Court in which he asked for restitution and cancellation of
bonuses paid asjfar back as 1918.
The suit in the Supreme Court makes the
same allegations that officers and directors have
been paid "millions of
dollars in dividends and salaries to which they were not entitled."—V. 143,
p. 3317^
General Telephone Allied Corp.—Accunmulated Div.—
The directors
on
of accumulations
Dec.|4 declared
on
the
$6
dividend of $8 per share on account
cumulative preferred stock, no par value.
a
1935
$1,013,822
Kreuger & Toll Co.—Collateral Delivered—
debentures of Kreuger & Toll Co., for which Marine Midland was acting
as trustee.
Kreutoll Realization Co. was formed by the protective com¬
mittees for secured debentures, pursuant to a plan of reorganization sub¬
mitted to debentureholders some months ago.
The total purchase price
payable by Kreutoll was $9,383,291, of which $638,972 was paid in cash
and tne balance by credit on the debentures now held by Kreutoll.
Otner
bidders at tne sale were successful in bidding for two parcels of Rumanian
Monopolies bonds for which an additional $34,750 in cash has been paid.
The cash net proceeds of the sale are expected to be distributed to holders
of debentures who nave not adhered to the reorganization plan, after the
necessary legal proceedings have been concluded early next year.
The
protective committee for the secured debentures of which Grayson M.-P.
Murphy is Chairman recently announced that it could not receive additional
deposits under the plan after Dec. 16, 1936.—V. 143, p. 2845.
Globe Steel Tubes
volume of any month exceeded corresponding month in any previous year.
November deliveries were 44.7% greater than those for corresponding
1935 month, when 13,319 cars were sold at retail, and compared with 18,784
cars delivered in April, the previous high for 1936.
Sales increased steadily
during the month, totaling 7,259 in tne last 10 days, comparea with 6,977
in the second 10-day period and 5,048 during the first period.
Witn a December production schedule of 30,078 cars, an increase of
2,000 cars from tne schedule previously set for the month, fourth quarter
production will equal 73,094 cars, an increase of 45% compared with the
final quarter of 1935.
Jan. 1 to Nov. 301936
$1,084,233
on
Cadillac's December Schedule—
Domestic retail deliveries of Buick
$24,210
The Marine Midland Trust Co., New York, announces that it delivered
Dec. 10 to Kreutoll Realization Co., Ltd., the securities purchased by
the latter company at the recent auction of collateral for the 5% secured
stated.
company's planned production is carried throughout December,
output for the month will be 26,000 cars, an all-time high for any month.
For three weeks production has been running 1,100 cars a day.
ager,
If
shipped 5,007 cars during November.
Unfilled orders increased, however,
to 8,509 on Nov. 30 from 7,740 on Oct. 30.
$26,650
—V. 143, p. 3632.
Retail sales of Pontiac cars in the United States during November
totaled 17,455 units, the hignest they have ever been for that month, and
comparing with 14,148 in November 1935, H. J. Klingler, General Man¬
Cadillac Motor Car Co. has scheduled production of 5,700 Cadillacs and
LaSalles in December, a new high record for the company, and comparing
with previous record of 5,160 established in October, 1929.
Company
2839.
Georgia & Florida RR.—Earnings—
5* Despite large deliveries to consumers in November, Pontiac's unfilled
a
b Repre¬
has been made for any possible undistributed surplus tax.—V. 143, p.
record will be
established.
orders increased and at the end of the month
$27,380,602
Total
sented by 76,372 no par shares, c There are issued and outstanding or to be
issued warrants entitling the holders to subscribe to 145,610 shares of
common stock at $12.50 per share
up to Sept. 30, 1937.
a No provision
Output—
calls for increased output, with the
After
$27,380,602
Co.—Registers with SEC—
See list given on first page of this department.
Goldblatt Bros.,
See list
Inc.—Registers with SEC—
given on first page of this department.—V. 143, p. 1879.
(B. F.) Goodrich Co.—Net Proceeds from Bonds—
The 23,000 stockholders of the company were advised Dec.
7 by David
M. Goodrich, Chairman of the Board, of details of the sale by the company
of the recently marketed issue of $27,000,000 4M % first mortgage bonds.
The letter reveals that the $27,000,000 bond issue was sold to the bank¬
ing group headed by Goldman, Sachs & Co. at 98>£ net, realizing for the
company $26,527,500.
It says that "the purpose of this financing was to
take advantage of prevailing low interest rates in refunding the outstanding
6first mortgage bonds at a saving and to provide additional funds to
meet the needs of an increased volume of business in the face of rising
manufacturing costs.
The $16,421,500 of 6^% first mortgage bonds
have just been called for redemption as of Feb. 1,1937.
These bonds were
callable on 60 days' notice at 107 plus interest.
After paying the cost of
this redemption, the company will have $8,682,455 of additional funds."
Chairman Goodrich, who said the letter was intended as a step toward
"speeding the abandonment by management of the traditional and un¬
necessary secrecy which has so many times shrouded word of the actual
proceeds from the sale of bond issues," wrote each stockholder that "in the
earnest desire thatveach stockholder of this company be at all times as fully
informed as possible regarding its affairs, the board of directors has in¬
structed me to write you of another important step taken to improve its
capital structure and to place it in a better position to handle a larger volume
-
of business."
The letter also said "the sale of this issue of bonds, together with the
change in the preferred stock which was voted at the Sept. 9 stockholders'
meeting, has, I think, materially strengthened the company.
Giving effect
to these two changes, the outstanding securities consist of $27,000,000
first mortgage 4X% 20-year bonds, due Dec. 1,1956; $19,798,800 6% con¬
vertible jdebentures, due June 1, 1945; 412,031.2 shares of $5 cumulative
preferred stock (no par); and 1,303,255 shares of common stock (no par)."
Special Common Dividend—
At the meeting of the Board of Directors held on Dec. 8, it was announced
that
a
(special dividend of $1 per share was declared on the common stock
to the holders of record Dec. 19.
In authorizing this
no regular dividend policy was established.
This will be the first
payablejion Dec. 24
dividend
distribution made to
common
Goodall Securities
stockholders since
1930.-—V.J.43, p.^3466.^
Corp.—Pays Extra Dividend—
The company paid an extra dividend of 50 cents per
share and a quar¬
terly dividend or like amount on the no-par common stock on Dec. 1.
A
Volume
Financial
143
—
(W. T.) Grant Co,
$5,578,375
6.475,347
7,648.879
8.328.257
8,371.061
7,074.988
6,925,305
7,442,616
I
9,332,653
8,492,018
6,953,195
7,662.787
7.429,574
7,654,459
April
May
June
July
August
September
...
October
November
'195T-
1934
1935
$5,753,923
March
Years End. Sept. 30—
1936
$177,592
78,447
6,277.423
6,767.022
6,726,456
8,365,311
8,580.530
$4,492,044
5,136,563
6.267,370
$4,550,096
6,774,303
5,951,919
7.179.255
7,347,316
5,735,776
6,292,108
6,570,467
7,822,201
7,495,060
6,552,836
6,509.624
5,771.013
5,749,845
6,433,236
7,122,539
6,898,039
Net operating profit--
Int. & other income
1935
$153,822
70,039
$83,782
12.070
$77,087
special dividend of $1 per share in addition
quarterly dividend of 35 cents per share on the no-par common
stock, both payable Jan. 1 to holders of record Dec. 15.
An extra dividend of 25 cents was paid on April 1, 1935.
See "V. 142,
The directors have declared a
143, p. 2999.
1642 for detailed dividend record.—V.
Net profit
Preferred dividends
$82,942
42,175
26,250
Common dividends
$91,458
$79,853
47,723
26,250
24,000
Taxes.
$77,458
47,725
26,250
$73,068
47,910
17,500
14,000
year.
$14,517
76.205
$5,880
70,325
$3,483
66,842
$7,658
59,183
90,723
$76,205
$70,325
$66,841
$0.92
$0.85
$0.71
Surplus for
'33
30
Dec.
$3,834,312
2,428,433
29
36 W'ksEnd
Ended
Year
'34 Dec. 28 '35
$4,166,662
$4,654,630
Sept. 5 '36
$3,085,179
2,148,924
3,106,049
856,209
65,497
87,440
10,000
3,267,575
826,982
6,250
64,096
32,951
52,601
28,233
66,279
26,615
20,674
11,628
7,610
735,765
Sell., gen. & admin, exp.
Maintenance & repairs.-
65,857
89,508
Depreciation
Amortiz. of pat. rights..
(other
income)
.
Net profit
$320,466
23,691
$188,515
21,337
loss$32,162
175,189
$344,158
77,033
40,320
$209,852
$359,852 def$207,351
Prov. for Fed. inc. tax.
loss$60,043
27,881
$461,368
90,516
11,000
Income deductions
$226,804
$123,602
54,250
32,000
Consolidated Balance Sheet Sept. 5 1936
Accts. & notes receivable
(net)
Inventories
$313,313
489,831
2,828,110
Other notes & accts. receivable
The names of the principal
Prov. for Federal Income tax.
1,102,000
2,056,560
1,037,875
281,134
Capital surplus
Earned surplus
553,580
$5,298,184
Total
underwriters of the bonds (mentioned in last
amounts thereof which each of them
follows:
$450,000
450,000
250,000
Paine, Webber & Co., Boston
Boston
100,000
Pickhardt & Ellis,
Preferred Stockholders—
preferred stockholders states
for depositing stock under the plan for
settlement of accrued dividends.
If stockholders favor the plan and have
not already deposited their preferred stock certificates, they are requested
to send them immediately to the Worcester County Trust Co., depositary
for the company, Worcester, Mass., accompanied by the transmittal letter
President Frank
H. Willard in a notice to
that Dec. 15, 1936 is the final day
in proper form.
In anticipation
Great Northern Iron Ore
Properties—$1 Dividend—
of $1 per share on the
payable to holders of record on Dec. 12 as
Jan. 4, 1937.
The company
stated that the current distribution is to take the place of the annual
January distribution which has prevailed in recent years and partial payment
is being made in the current year in order to save a surtax on undistributed
profits.
A dividend of $1 was paid on Feb. 7, last, and compares with 50 cents per
share paid on Jan. 31, 1935, Jan. 30, 1934, Dec. 28, 1931 and on June 25,
1931—V. 142, p. 785.
on
Dec. 2 declared a distribution
certificates of beneficial interest
follows:
the
on
500,000
734,200
Common shares.
554,173
554,172
-
285,339
298,017
90,723
76,205
x
Surplus
$1,915,134 $2,052,459
Total
3379.
Ltd.—Accumulated Dividend—
$3 cum. conv.
on
s.
share on account
f. preference stock, par $30,
1 and April 2, 1935, this latter being
Oct. 1, July
this issue since the regular quarterly
tributed on Oct. 1, 1931.
143,
the first to be paid on
dividend of 50 cents per share was dis¬
dividend will amount to $6.50 per
Accumulations after the current
—V.
25 cents on Dec. 21 and 75 cents on
Co.—-Registers with SEC—
first page of this department.
& Co., 25%; Otis & Co., Merrill,
each; Hawley, Huller & Co., 12%; Maynard H.
Mitchell, Herrick & Co., 8%: Curtiss, House & Co.,
6%; Field, Fichards & Shepherd, Inc., McDonald-Coolidge & Co. and
Will S. Halle & Co., 3% each.—V. 143, p. 3467.
The underwriters are: Hayden, Miller
&
15%
Co.,
Havana Electric
1935
$1,609,115
2,043.153
1,981,440
March
Agricultural Co.—$1.40 Extra Dividend—
Hawaiian
have declared an extra dividend of $1.40 per share in
monthly dividend of 20 cents per share on the
stock, par $20, both payable Dec. 15 to holders of record Dec. 5.
An extra of 40 cents was paid on July 31 last; an extra of $1.20 was paid on
Nov. 30, 1935, and an extra of $1 per share was distributed on Dec. 20,
1933 —V. 143, p. 589.
The
directors
to
the regular
common
Stores, Inc.—Stock Sold—
Hearn Department
Corp. announced that the entire
The First New Amsterdam
application to list it on the New
common
declared
an
stock, payable some
initial dividend of 5 cents per share on
time in December.—V. 137, p. 877, 321.
""Hein-Werner Motor Parts Corp.—Stock Offered—RawLizars & Co., Chicago, and Carlton M. Higbie Corp.,
Detroit, on Dec. 4 offered at $7.50 per share 48,823 shares
($3 par) common stock.
/'
The company manufactures automotive parts and equipment, with
son
plant at Waukesha, Wis.
On completion of the present financing, the company will have a capitali¬
zation consisting of 100,000 shares of common stock (par $3) all to be out¬
standing and a first mortgage indebtedness of $20,000.
Of the present
offering, 23,200 snares represents new financing, the remainder having
been acquired from individual stockholders.
Purpose—The estimated net cash proceeds to the company of $121,825
will be used as follows:
(1) $16,000 to the erection of an addition to the
owned and occupied in part by the company. (2) $12,additional machinery and equipment. (3) The re¬
working capital for use in the operation
mainder, estimated at$93,825, to
and expansion of the business.
2,383,537
2.157,556
the company,
2,625,257
July
August
2,411,795
2.429,731
2,500,927
2,229,407
2.048,810
of 25,523
-
September
3,027,656
2,904,440
October
November
2.157,231
52.08,158
2,475,845
2,683,513
agreed to sell to the
1-3 shares of common stock.
Certain stockholders have
,
underwriters an aggregate
Company has made application for the listing of its
Chicago Curb Exchange and for its registration under
change Act of 1934, and has agreed
shares on Chicago Stock Exchange.
Income Account for
—V. 143, p. 2999.
.
,
Co., Chicago, and Carlton M. Higbie
principal underwriters, have agreed to purchase from
23,200 shares of the common stock.
Underwriting—Rawson Lizars &
Corp., Detroit, the
2,521,571
2,514,305
common stock on
the Securities Ex¬
to make application
the 3 Years and 9 Months
for listing such
Ended Sept. 30, 1936
Years Ended Dec. 31
Corp.—Preferred Dividend—
dividend of $2 per share on the $6 conv.
preferred stock, no par value, payable Dec. 21 to holders of record Dec. 7.
payment was made on Oct. 20, last; dividends of $1 per share
paid on Aug. 15 and on May 15, last and compare with $1.11 paid on
March 2, last; 50 cents paid on Jan. 6, last; $1 per share paid on Nov. 1,
1935; 75 cents paid on Aug. 1, 1935, and 50 cents per share distributed on
May 1, 1935, this latter being the initial payment on the pref. stock.—
V. 143, p. 2679.
A similar
were
Gross sales,
Earnings for Nine Months Ended Sept.
30, 1936
Federal income taxes, &c
Deduct—Maint. & rep'rs
x$54,681
Including $5,892 transferred from capital surplus, representing realiza¬
through royalties earned and credited to foreign rights, but
before any provision for surtax on undistributed profits.
The earned surplus account follows: Deficit as of Dec. 31, 1935, $14,295;
profit for nine months ended Sept. 30, 1936, $54,681; balance, $40,386;
adjustment of minority interest in Foulds Milling Co. representing accrued
dividends for nine months ended Sept. 30, 1936, on preferred stock of that
company in the hands of the public, $11,058; balance Sept. 30,1936, $29,328.
The capital stock consists of 126,300 shares vpar 25 cents).
Current assets as of Sept. 30, last, including $330,983 cash, amounted to
$965,573, and current liabilities were $212,061. Inventories totaled $374,146.
Total assets on Sept. 30 aggregated $2,564,202; capital surplus,
$812,705, and earned surplus, $29,328.—V. 143, p. 112.
The directors have declared
an
extra dividend of 25 cents per share in
addition to the regular quarterly dividend of
stock,
j?ar $5, both payable Dec. 21 to
like amount on the
2,514
common
holders of record Dec. 15.—V.143,
72",018
120
48,084
70~5l5
1,461
1,020
2,749
195
$14,834
$39,195
2,801
$101,455
3,796
$117,301
5,634
520
$41,996
4,919
4,919
2,438
$105,252
3,935
16,208
6,655
$122,936
1,265
16,226
6,682
$8,803
$29,718
$78,453
11,800
$98,762
11,800
counts
1,588
Total other income.
$16,423
5,509
1,590
Gross income
Total deducts, fron
W isconsin State
inc. tax
Net income
Cash dividends
—
Balance Sheet as at Sept. 30,
1936
Liabilities—
Assefs—
Cash
&
471,989
3,874
14,102
4,125
226
38
24,295
Royalties
Sell., gen. & adm. exp.
Notes
$683,607
379.503
1,739
19,342
4,873
19,967
2,475
Taxes
9 Mos. End.
Sept. 30. '30
$580,175
$371,858
260,768
Depreciation
accts.
receivable
L---—
Inventories
Value of life insurance
Prop., plant &
Pay 25-Cent Extra Dividend—
$185,791
122,190
387
20,067
—
Operating profit.
tion thereof
Haloid Co.—To
less returns,
&c
Cost of sales
1935
1934
1933
Grocery Store Products Co. (& Subs.)—Earnings—
x
and the
pending
York Curb.—V. 143, p. 3633.
Co.—Initial Dividend—
Heidelberg Brewing
the
June
Profit after depreciation, interest,
offering of
40,000 shares of common stock at $15.50 per shhre has been sold
stock is now selling at a premium in the over-the-counter market
April
May
Greenfield Tap & Die
1935
$2,301,192
1936
$2,105,687
—V. 143, p. 3318.
000 to the purchase of
1936
$1,867,874
February
Ry.—Earnings—
11 Months Ended Nov. 29—
Gross revenue
buildings presently
(H. L.) Green Co., Inc.—Sales—
Month of—
The directors have declared a
share.
2371.
p.
The directors nave
of the proposed action on dividends, holders of street
certificates and other holders of preferred shares not registered on the books
of the company in the name of the present owner should have such shares
transferred into their names at once.
All transfers are made at the office
of the company, 356 Franklin Street, Worcester, Mass.—V. 143, p. 3632.
The trustees
6}4% cum.redeem.
pref. shares
fixed assets
The directors have declared a dividend of 50 cents per
of accumulations
addition
Lee Higginson Corp., Boston
Brown Harriman & Co., Inc., Boston
Notice to
368,497
Res. for deprec. on
payable Jan. 2 to holders of record Dec. 15.
The dividend will be paid in
Canadian funds and is subject, in the case of non-residents, to a 5% tax.
A similar dividend was paid on Oct. 1, July 1, Apirl 1 and Jan. 2, last, and
Turben
$5,298,184
Total
16,725
446,945
taxes
Murch & Co., 10%;
1st mtge. 534>s
week's "Chronicle") and the principal
has severally agreed to purchase are as
20,995
Provincial
Represented by 35,000 no par shares.—V. 141, p.
Hamilton Cotton Co.,
128,808
59,881
7% cum. pref. stock
58,284
& expenses...
discount
Res. for Federal &
$1,915,134 $2,052,459
$78,345
Common stock
1,434,989
Prop., plant & equip, (net)
Bond
$4,641
$16,959
cruals
Profit & loss acct—
payable
Accounts
31,919
Investments
1
Good-will
Accrued liabilities
108,822
32,918
Prepaid expenses, &c
665,768
20,950
equipment.
1935
1936
Creditors, incl. ac¬
machinery
and
Life ins. prem. paid
See list given on
Liabilities—
Cash
673,889
25,140
1
Plant,
Halle Brothers
London)
(Exclusive of Graton & Knight, Ltd.,
Assets—
15,617
479,521
Land & buildings.
Total
$391,932
69,436
Total other income.
1935
$20,917
235,098
329,542
3,436
297,339
479,407
2,607
Sept. 30
Liabilities—
1936
Prepd.ins.& taxes
Invest' ts (at cost).
•
and notes.
$1.16
par))
$16,675
286,638
415,046
Inventories
x
Rents and royalties
i
584,960
42,565
44,347
67,911
67,169
than Fed.
Taxes
stk. (no
com.
Balance Sheet
53,620
14,633
19,517
Cost of sales
shs.
Assets—
from the prospectus issued in
offering of the new bond issue:
Fiscal
Balance forward
Earns, per sh. on 35,000
Accts. receivable.-
London)
connection with the
(Exclusive of Graton & Knight, Ltd.,
Dec.
$86,068
13,000
$95,853
16,000
$106,942
Cash & bank bal—
Co. (& Subs.)—Earnings—
The following is taken
Gross sales, less discounts
12,217
1
Previous surplus-.
to the regular
Graton & Knight
$73,850
14,371
Special Dividend—
p.
1933
$138,312
64,461
1934
$140,499
63.412
$99,145
7,797
Net earnings
Depreciation
■Sales—
Month Of1936
„
February
Guelph Carpet & Worsted Spinning Mills, Ltd.—
of 50 cents
1, last, and dividends
dividend of 60 cents was paid on Sept.
Ser shareof 10 cents per share was paid on Sept. 3, 1935.—V. 143, an 1721.
In addition p. extra
ividend were paid each three months previously.
3843
Chronicle
equip, (net)
Prepaid expenses
Total
-V. 143, P. 3318.
---
$35,521
22,807
payable
$55,983
94,100
118,687
3,402
Accounts
196,917
7,340
Cap. stock (5,900 shs. no par)-. 170,000
$476,431
Accrued expenses
Provision for income taxes
Mortgage
payable
20,000
201,141
Earned surplus
Total
26,961
-
$476,431
3844
Financial
Chronicle
Dec.
12, 1936
The directors also declared an extra dividend of 25 cents
per share on the no-par common stock payable Dec. 23 to holders of record
Dec. 10.
A quarterly dividend of 25 cents was paid on the common stock
on Nov. 1, last, as against 30 cents paid on Aug. 1, last.
This latter was
the first payment made since Jan. 15, 1930 when a dividend of 50 cents
per share was distributed.—V. 143, p. 3001.
recordJDec. 20.
INQUIRIES INVITED IN
HERSHEY
CREAMERY CO.
Hygrade Sylvania Corp .——Extra Div.—Wage Increase—
7% Cumulative Preferred
The directors have declared an extra dividend of $1 per share in addition
Common
TRADING
to the regular
Eastman, Dillon 6 Co.
Broad
The directors approved extra wage and salary payments to company's
3,500 employees located in five plants and various sales offices throughout
the country of $160,000.
The extra wage and salary payments are on the
following basis: all employees on Nov. 30, 1936, who Were with the com-
YORK STOCK EXCHANGE
MEMBERS NEW
15
New York
Street
Sany on May 31,1936, will receive two weeks' pay; all employees on Nov.
0, 1936, who joined the company after May 31, 1936, will receive one
A. T. & T. Teletype N. Y. 1-752
week's pay.—V.
$25, both payable Jan. 2 to holders of record Dec. 11.
A similar extra
dividend has been paid each year since and including Jan. 2, 1929.
In
addition a special extra dividend of $4.75 per share was paid on Jan. 2,
1935.—V. 142, p. 3677.
par
The directors nave declared the regular semi-annual cash dividend of
$3.50 per share on the preferred stock, and a dividend of $2 per share on
the common stock, this latter payable in 7 % $100 par value preferred stock.
Both dividends will be paid on Dec. 21 to holders of record Dec. 5.
It was also announced by George A. B. Holder, President of the
company,
that a bonus of $50,000 had been set aside to be distributed to approximately
350 employees during the week of Christmas.—V. 143, p. 2053.
Co.
(N.
Y.)—Admitted to
$203,098
$2,341,692
Dr297
907
Dr755
$208,498
60,491
$204,005
57,668
$2,340,937
714,864
$2,133,255
y$148,007
y$146,337
$1,626,073
$1,421,877
451,000
417,000
Gross corp. income
Balance-...
Property retirement reserve appropriations.
z Dividends
applicable to preferred stocks
period, whether paid or unpaid
_
Unlisted
Trading—
z
$2,135,334
Dr2,079
$208,795
from oper__
Int. & other deductions.
dividend of 25 cents per share on the com¬
(A.) Hollander & Son, Inc.—Subscription Agent—
Hardart
revs,
1936—12 Mos.—1935
$4,692,939
$4,247,875
2,351,247
2,112,541
711,378
for
414,342
414,342
$760,731
Balance
Guaranty Trust Co., New York, has been appointed agent to accept
subscriptions to capital stock ($5 par).
Stockholders of record Dec. 8,
1936 will be entitled to subscribe for one additional share at the price of
$18 for each seven shares held.
Rights will terminate at 3 p. m. Eastern
Standard Time, Dec. 28.—V. 143, p. 3633.
&
Net
Pay 25-Cent Dividend—
mon stock, no par value, payable Dec. 21 to holders of record Dec. 10.
A
dividend of $1 was paid on Nov. 27, last, tnis latter being the first dividend
paid on the common stock since July 1, 1932 when a quarterly dividend of
25 cents per share was distributed.—V. 143, p. 3148.
Horn
1936—Month—1935
$416,382
$368,288
207,587
165,190
Period End. Oct. 31—
Operating revenues
Oper. exps. & taxes
Other income (net),
Hershey Creamery Co.—Stock Dividend—Bonus—
a
'
[Electric Powr & Light Corp. Subsidiary]
The directors have declared an extra dividend of $2 per share in addition
to the regular quarterly dividend of $1.25 per share on the common stock,
Tne directors have declared
143, p. 589.
Idaho Power Co.—Earnings—
(George W.) Helme Co.—$2 Extra Dividend—
Holland Furnace Co.—To
quarterly dividend of 50 cents per share on the common
stock.
The extra dividend will be paid on Dec. 21 to holders of record
Dec. 10 and the regular quarterly payment will be made on Jan. 2 to holders
of record Dec. 10.
DEPARTMENT
$590,535
y Before
property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 pref. stocks were paid on Aug. 1, 1936.
After the payment of these dividends there were no
dividends at that date.
Regular dividends on these
for payment on Nov. 2,
1936.—V. 143,
Illinois Bell Telephone
p.
accumulated unpaid
stocks were declared
2843.
Co.—Earnings—
1936—Monffc—1935
1936—10 Months—1935
$70,072,739
$6,511,285 $67,298,059 $62,243,953
Uncollectible oper. rev—
16,452
16,408
163,331
105,107
Operating expenses
4,580,773
4,400,883
45,046,950
44,807,427
Operating taxes
899,471
380,787
10,543,785
6,328,122
Period End. Oct.31—
Operating revenues
Net operating income-
$1,576,043
$1,713,207 $11,543,993 $11,003,297
-V. 143, p. 3149.
The New York Curb Exchange has admitted to unlisted trading privileges
the 5% cumulative preferred stock, $100 par, in lieu of 7% cumulative
preferred stock, $100
The 5% cumulative preferred stock is issuable
cumulative preferred stock.—V. 143,
par.
share for share in exchange for 7%
p.3149.
Honolulu Rapid Transit Co., Ltd.—Paid
Larger Div.—
The company paid a dividend of 40 cents per share on its common stock,
$20, on Nov. 30 to holders of record Nov. 23.
This compares with
0 cents paid on Sept. 30, last, 20 cents per share paid on June 30 and
Illinois Commercial Telephone
Co.—Accumulated Div.
a dividend of $3 per share and one of $1.50
share on the $6 cumul. pref. stock, no par value.
The $3 dividend is
payable Dec. 19 to holders of record Dec. 5 and the $1.50 dividend will be
paid on Jan. 2 to holders of record Dec. 15.
Accumulations after the Jan. 2
dividend will amount to $4.50 per share.
For detailed record of dividend
The directors have declared
per
payments see V. 143, p. 1722.
ar
SS
March 31, 1936; 40 cents on Dec. 31, 1935; 20 cents on Sept. 30, 1935;
25 cents on June 29,1935; 15 cents per share on March 30,1935; 50 cents
per share on Dec. 31, 1934; 30 cents per share paid on Sept. 29, 1934; no
dividend distributions made during 1933; and 20 cents per share paid on
Sept. 30, June 30 and March 31,1932.—V. 143, p. 2842.
Household Finance Corp.—Listing—
The New York Stock Exchange has authorized the listing of 601,674
of com. stock (no par) on official notification that the proposed
amendment, changing Class A com. stock and Class B com. stock into
com. stock on a share for share basis has become effective.
The plan of recapitalisation to be voted upon by stockholders on Dec. 11
shares
outlined in V.
Incorporated Investors—Special Dividend—
The
directors voted to pay a dividend of 40c. per share representing
dividends and interest received during the last half of the taxable
1936; and in addition a special dividend of $1.50 per share representing
a partial distribution of the net gains realized from the sale of secutities
during the taxable year 1936.
Both dividends are payable Dec. 22, to holders of record Dec. 1.
Total
cash payments for the year will total $3.25 in addition to the stock dividend
of 2H% paid last April.
The net asset value of the fund is in excess of $80,000,000 represented by
approximately 3,000,000 shares in the hands of nearly 32,000 shareholders.
See V. 143. p. 1722 for detailed record of dividend payments.—V. 143,
cash
year
143, p. 3319.
Houston Lighting & Power
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 42 cents per share on the
[National Power & Light Co. Subsidiary]
Period End. Oct. 31-
Operating revenues
1936—Month—1935
Net revs, from oper.
Other income
1936—12 Mos.—1935
$856,289
421,038
Gross corp. income
Int. & other deductions-
$9,537,939
4,565,868
$8,645,175
4,025,386
$384,156
1,074
$4,972,071
14,315
$4,619,789
16,556
$436,621
117,540
_
$731,836
347,680
$435,251
1,370
_____
Oper. exps., & taxes
$385,230
117,428
$4,986,386
1,393,024
$4,636,345
1.390,003
capital stock, no par value.
Prop, retire,
zDivs.
y$319,081
y$267,802
$3,593,362
1,219,500
$3,246,342
918,448
315,078
res. approp.
315,078
or
to
pref.
per. whether
unpaid
Industrial Securities
Period End. Nov. 30—
Total income
expense
Interest expense
Taxes
from
Corp.—Earnings—
1936—Month—1935
$13,251
$34,391
4,769
9,059
3,984
4,634
150
2,051
1936—11 Mos.—1935
$134,112
47,937
39,279
1,650
$292,583
$45,247
11,280
7,030
84,360
54,953
9,488
Balance
$2,058,784
$2,012,816
Before property retirement reserve appropriations and dividends,
Regular dividends on 7% and $6 pref. stocks were paid on Aug. 1, 1936.
After the payment of these dividends there were no accumulated
unpaid
y
dividends at that date.
for payment on
629
2,631
6,136
$143,783
77,337
8,465
19,541
$3,664
$8,203
$20,801
$38,439
Gross profit
z
'
of record
Previously, the company had paid regular quarterly dividends
July 1,1934 to and including Oct. 1,1936.—V. 143, p. 2523.
applic.
stks.for
paid
The extra dividend will be paid on Jan. 2 and
the quarterly dividend will be paid on Dec. 24 both to holders
Dec. 14.
Operating
Balance
Corp.—Extra Dividend—fl
Industrial Rayon
Co.—Earnings—
Regular dividends on these stocks
Nov. 2, 1936.—V. 143, p. 3633.
were
declared
$4,347
Cr338
Res. for depreciation
Res. for losses
•
Net profit
$18,647
7,593
392
Res. for unearned disc't.
220
Balance Sheet Nov. 30, 1936
Liabilities—
Assets—
Cash
3157,435
1,000
3,656
Purchases and discounts
2,272,340
Furniture & fixtures (net)
19,864
Company automobiles (net)..
4,413
Real estate (net)
11,047
Prepaid interest & insurance..
6,511
Debenture bonds
Investments
Hupp Motor Car Corp.—Refinancing Plans—
The stockholders will vote Jan. 7 on
approving a plan for the revision of
capital which will include the cancellation of 193,464 shares of stock in
(its treasury and the reduction of its authorized
capital from 2,000,000
shares (par $10) to 1,000,000 shares (par $1), and the
exchange by the stock¬
holders of their present stock for the new stock on the basis of four for one.
This will leave outstanding in the hands of the present stockholders
329,-
657 shares of stock and will leave authorized but unissued
670,343 shares
of stock.
The stockholders will be asked to authorize the directors to sell this
un¬
Due banks
Value life insurance
Rediscounts
Total
Other liabilities
Dealers' loss reserve
Preferred stock
747,000
Common stock...
251,650
233,408
Surplus and
$2,476,2661
*
$274,170
447,000
„) 54,952
11,344
356,742
reserves
Total..
.$2,476,266
-V. 143, p. 2523, 1560; V. 142, p. 4180.
issued
stock, the stockholders having the prior right to subscribe to it
pro rata based on their present holdings, which will give them the right to
take approximately two shares of this new stock for each share of their
then holdings.
The management,
in
its letter to
the stockholders, says that it has,
particularly since the termination of the Andrews litigation, been engaged
in plans to refinance the corporation but it has found that no
progress can
be made on the basis of the present capital structure.
This revision of the
capital stock is asked to permit the management to pursue plans for getting
new money into the corporation.
The management states that if the
out and the
and
plans for the special meeting are carried
refinancing is secured, Hupp will be able to reopen its plant
its operations.
1936 annual meeting has been adjourned to meet also on Jan. 7,
resume
The
1937.
The management advises that it has
redesigned the Hupp cars, providing
complete new line with new body designs conforming fully to the latest
car designs, adding many features that
bring the product fully
up to the standard set by other manufacturers for the 1937 market.
It
expects to be able to market these new cars well within the medium price
a
trend in
range.
The Andrews litigation was finally
completely terminated by the rejec¬
tion by the U. S. Supreme Court of an application
by Andrews for leave
to appeal from the decision of the Circuit Court of
Appeals which voided
all his contracts and ordered an
accounting against him.—V. 143, p. 3320.
Hussman-Ligonier
Co.—Initial
Preferred
Dividend-—
Extra Common Dividend—
The directors have declared an initial dividend of 68
% cents per share
on the new 5H%
convertible pref. stock,
Ingersoll-Rand Co.—$4 Extra Dividend—
The directors have declared
par common
payable Dec. 31 to holders of
an extra dividend of $4 per share on the nostock, payable Dec. 23 to holders of record Dec. 14.
The regular quarterly dividend of 50 centsper share was paid on Dec. 1,
last.
An extra dividend of $3 was paid on Dec. 28, 1935 and an extra of
$2 was paid on Dec. 28, 1934.—V. 143,
International
p.
3634.
Mining/Corp.—Listing—
The New York Stock Exchange has authorized the listing of 628,230
(par $1) to be issued as follows: 400,055 shares
(plus the number of shares of stock which may be issued upon the exercise
of warrants) upon official notice of issuance, in exchange for the assets, sub¬
ject to the liabilities, of International Mining Corp., incorporated in 1929;
147,884 shares (plus one share for each three shares of common stock desig¬
nated on warrants deposited subsequent to Nov. 5, 1936), upon official
notice of issuance, in exchange for warrants of the old corporation, pursuant
to the plan of reorganization; not exceeding 80,291 shares upon official
notice of issuance on the exercise of common stock purchase warrants of the
old corporation, making the total amount applied for 628,230 shares.
Any number of shares in excess of 400,055 issued in exchange for the
assets of the old corporation will be deducted from the 80,291 shares issuable
upon the exercise of warrants.
For each share in excess of 147,884 issued
in exchange for deposited warrants, three shares will be deducted from the
80,291 shares issuable upon the exercise of warrants.
The corporation was incorporated in Del. on Oct. 29, 1936.
Corporation
proposes to acquire all of the assets, subject to the liabilities, of International
Mining Corp., incorp. in Del. in 1929.
In exchange for such assets, the
corporation will issue shares of its common stock to the holders of common
stock of the old corporation, one share of common stock of the corporation
being issued to such holders for each share of common stock of the old
shares of common stock
Volume
Financial
143
As of Nov. 5. 1936, 400,055 shares
corporation held by them.
of the old corporation,
the corporation is issuing shares of its common stock to holders of common
stock purchase warrants of the old corporation in exchange for such warrants.
The holders of common stock purchase warrants of the old corporation have
been requested by the old corporation to participate in the plan of reorgani¬
zation by depositing their warrants with designated depositaries on or
before the close of business on Nov. 30, 1936, or such later date as may
be fixed, for the purpose of effecting the exchange of such warrants for
shares of common stock of the corporation at the rate of one share of common
stock of the corporation for three warrants, that is, for warrants entitling
the holder to purchase three shares of common stock of the old corporation.
At Nov. 5, 1936, warrants calling for the purchase of 443,654 shares of
common stock of the old corporation had been deposited pursuant to the
plan of reorganization.
The corporation has also agreed with the old
corporation to continue to exchange shares of its common stock for warrants
of the old corporation surrendered to it for that purpose, at the same rate
of exchange, until such date as the old corporation shall request, but not
later than 90 days after the transfer to the corporation of the assets of the
old corporation.
According to the terms of the common stock purchase warrants of the
old corporation the holders thereof are entitled to purchase, on or prior to
Sept. 1, 1939, at the price of $10 per share, the number of shares of common
stock of the old corporation designated thereon.
Warrants deposited for
exchange pursuant to the plan cannot be thus exercised.
(For details of
plan see V. 143, p. 2055.)
Statement
of Income Nine Months Ended Sept.
Interstate Home Equipment
of common
stock of the old corporation were outstanding.
In connection with the acquisition of the assets
30,1936
$271,259
104,561
Total income
Total deductions
$166,698
6,750
Net income
Provision for Federal income taxes
Crl,212
Adjustment
3845
Chronicle
See list
given
on
first page of this department.—V. 143, p. 3634.
Institutional Securities,
of net profit on invstment
transactions)—$161,160
Investors Fund C, Inc.—Registers with SEC—
department.—V. 143, p. 2055.
See list given on first page of this
Italian Superpower
Per. End. Sept. 30—
Income dividends
$213,091
149,754
deductions
Total
3,250
5,633
Net profit on investment
$54,455
transactions
Total net income and net profit on investment
$215,615
transactions
$386
2,941
Total
$987,191
6,369
$386
43,966
$1,714,352
31,442
133,391
36,762
167,948
Expenses
Taxes,
incl.
$5,144
capital stock tax
Interest paid
Loss on foreign exchange
16,691
prov.
for
normal U. S. inc. tax &
•|
'
$151,883
13,835
Receivables
Special deposit
Investments and advances—
Deferred charges
3,385
5,356,241
1,248
Demand loan payable to
bank.
Accounts payable
Prov. for add'l comp. to
officers
Provision for taxes
-
Res. for taxes of a sub. co
Subscriptions payable
Reserve for contingencies
Common stock (par
$1)
Capital surplus
Income surplus
Invest, transactions surplus. -
$5,526,593
Total
730
374
7,972
10,870
16,176
16,176
loss$38,211
Int. pd. & accr. on debs
157,560
$840,691 loss$105,220
630,240
157,651
due to deval. of the lira
Balance
a
Profit
on
on
$195,772prof$683,041
sales of
debs,
15,241
securs.
$70,000
50,324
20,000
47,241
3,385
16,670
65,000
400,055
4,312,370
217,072
324,474
$5,526,593
Total..
City Bank Farmers Trust Co. has been appointed transfer
628,230 shares of common stock, $1 par.—V. 143, p. 3469.
agent for
$195,772
Corp.—Special Dividend—
The directors have declared a special dividend of
$1 per share on the com¬
mon stock, no par value, payable Dec. 21 to holders of record Dec. 11.
A
quarterly dividend of 50 cents was paid on Nov. 1. last, and compares with
45 cents paid on Aug. 1 and May 1 last; 35 cents paid on Feb. 1 last, and on
Nov. 1,1935, and 25 cents paid on Aug. 1, May 1 and Feb. 1, 1935, and on
Dec. 20, and Nov. 1, 1934, this latter being the first distribution made on
this issue since Nov. 1, 1930, when 62 H cents per share was
disbursed.
Prior to then regular quarterly dividends of 75 cents per share were paid.
Not
including int. paid and accrued on
b No provision has been made in the above statement
undistributed profits of the
been made for possible normal
on
Consolidated Balance Sheet Sept. 30
1936
1935
$29,285,285 $29,222,827
1,796,972
1,940,531
394
Investments
Cash
Interest accrued
$31,082,257 $31,163,752
Total....
Liabilities
35-year 6% debs., due 1963
$10,504,000 $10,504,000
16,630,675
x Capital and surplus
15,184,052
310,430
Dividends payable Oct. 15,1935 on pref. stock
16,110
Deb. coupons due but not presented for payment—
15,570
157,560
Accrued interest on debentures
157,560
191,722
Accrued taxes (incl. prov. for U. S. income tax)—
44,461
Accounts
payable
Lire divs. & int.
rec.
The
New
York
Stock
Exchange has authorized the listing of 185,000
(no par) on official notice of issuance
additional shares of common stock
17, 1936
The Ex¬
change also authorized the listing of additional voting trust certificates
representing 185,000 shares of common stock upon official notice of issu¬
ance upon deposit of a like number of shares of common stock under the
voting trust agreement, making the total amounts applied for 500,000 shares
of common stock (no par) and voting trust certificates representing 500,000
4,097,676
stock
$31,082,257 $31,163,752
Represented by 124,172 no par shares $6 cum. pref. stock, 970,015
no par shares com. stock class A and 150,000 no par class B com. stock.
There are outstanding option warrants, series of 1929, to purchase
59,985 shares of the common stock, class A, as such stock may be con¬
stituted at the time of purchase, at any time up to and incl. Jan. 1, 1938,
at a price of $20 a share, on which last-named date the right to purchase
represented by such option warrants, series of 1929 expire.—V. 143, p. 1402.
(Byron) Jackson Co.—Special Dividend—
20 to 25 cents per share with the May 15, last,
Jamaica Public
(Del.), and, among other things, authorized the
issue 185,000 shares of the common stock of the
company to Compania Agricola de Guatemala as provided therein.
The agreement between the company and Compania Agricola de Guate¬
Agricola de Guatemala
payment.—V. 143, p. 2844.
Service, Ltd. (& Subs.)—Earnings—
Period End. Oct. 31—
1936—Month--1935
1936—12 Mos.—1935
$70,241
45,235
$70,104
43,566
$875,418
529,835
$854,298
506,188
Net oper. revenues
Inc. from other sources
$25,006
$26,538
$345,583
$348,109
Balance
$25,069
8,621
$26,538
8,636
$345,683
103,944
$348,109
103,354
$16,447
$17,901
$241,738
$244,755
Gross earnings
Oper. exps. & taxes
special meeting held Nov. 4, 1936, the stockholders ratified an agree¬
dated as of Sept. 17, 1936, between the company and Compania
ment,
special dividend of $1 per share on the no-
par common stock, payable Dec. 19 to holders of record Dec. 5.
Extra
dividends of 25 cents per share were distributed on Nov. 16, and Aug. 15,
last and on Nov. 15, 1935.
The regular quarterly dividend was raised from
shB>r6s of stock
a
3,352",644
x
pursuant to the provisions of the agreement, dated as of Sept.
between the company and Compania Agricola de Guatemala.
At
610
982
1,077,956
& not converted
Res. for accrued divs. on pref.
The directors have declared a
Central America—Listing—
$735,460
for U. S. surtax
wholly-owned subsidiary; nor has any prov.
U. S. income tax on earnings and surtax on
undistributed profits both resulting from receipts of lire divs. by Italian
Superpower Corp. which have not been included in income.
sub.
—V. 143, p. 3002.
International Rys. of
80,283
$298,787
debs, held by wholly-owned
pf$728,778
Total.
International Printing Ink
$735,460prof$863,986
lossl.243,056
30,496
& retired
a
$1,503,719
639,733
acquired
Assets—
Liabilities—
Cash
24
6,715
200
Prov. for loss on lire bals.
Balance Sheet Sept. 30,1936
Assets—
$1,711,411
382
$63,338
Net profit
Provision for Federal income taxes
1936—12 Mos.—1935
$986,809
b Net loss for the per.
Adjust, of Federal income taxes for 1934
Corp. (& Subs.)—Earnings—
1936—3 Mos.—1935
Interest
Prof,
Profit realized on salee of scurities
Ltd.—Optional Dividend-—
The directors have declared an optional stock dividend, which will be
paid in cash if the shareholder so elects, of 2.1% on Bank Group Shares,
payable Dec. 30, 1936 to holders of record Nov. 30, 1936, it was announced
on Dec. 1 by Emlen S. Hare.
This is a pro rata distribution on these shares
at the rate of 2 H % semi-annually and covers the five-month period since
July 1, 1936, when the shares were first offered.—V. 143, p. 113.
Net loss
Net income (exclusive
Co., Inc.—Registers with
SEC—
Int. & amortization
99
62
officers of the company to
mala
was
outlined in V. 143, p. 2374.
Balance
-V. 143, p. 3002.
v
(Mead) Johnson & Co.—Extra Dividend—
Consolidated Balance Sheet as at Oct. 31,1936
equip.-$79,991,347
Impts. on leased ry. property
93,150
Sinking fund
1,653,000
Miscellaneous physical prop.
373,504
Investment in road &
387,575
Invest, in affiliated cos
Other
161,010
investments
1,760,584
Cash
balance receivable from
agents and conductors
Miscell. accounts receivable.
30,795
174,971
Materials and supplies
706,146
Int. & dividends receivable..
1,750
243,124
Deferred
assets
Unadjusted debits
....$87,401,5531
143,
p.
stock
Interest matured unpaid
157,177
5,791,257
1,639,400
Unadjusted credits
Sinking fund reserve
Reserve for contingencies
Profit and loss balance
1,000,000
8,094,331
Co.—Pref.
Interstate Department
June
July
August
September
October
November
Operating expenses
Interest charges
Amort, of disc.&prein_.
Depreciation
per
Stores, Inc.—Sales—
1936
1935
1934
$1,101,383
1,586,462
1,832.804
$1,113,812
1,833.160
1,742.081
1,805,544
$902,342
1,125,924
1,560,191
1,768,762
1,113,364
1,391,936
1,541,193
1.655.310
—V. 143, p. 3150.
1,759,907
1,716,952
1,206,135
1,442,624
1,446,082
2,054,187
1,971,609
1,931.447
1,756,775
1933
1,527,853
1.203,260
1,302,659
1.476,858
1.685.923
1,519,537
1 936—12 Mos.—1935
$1,311,472 $16,681,311 $15,540,775
648,580
8,048,439
7,353,114
134,777
1,581.656
1,704,465
9,102
112,959
122,286
183,595
2,212,088
2,216,522
47,561
-95,122
576,529
1936—Month—1935
$1,433,727
737,267
108,602
12,703
184,848
$390,305
Balance
$287,854
$4,631,045
$3,567,856
2844.
Keith-Albee-Orpheum Corp.—Preferred Dividend—
Div.—Wage Increase—
$1,244,602
1,661,644
2.022,251
2,074,793
2,118.996
1,669,939
1,792,395
1,840,352
2,462,721
2,240,584
Month of—
March
Gross earnings.
-V. 143, p.
Silver
City Power & Light Co.—Earnings—
Period End. Oct. 31—
.$87,401,553
Total.
share on account of
accumulations on the 7% cumulative preferred stock, par $100, payable
Dec. 15 to holders of record Dec. 3.
This will be the first dividend paid
since Oct. 1, 1935 when $1 per share was distributed.
Dividends of $1
per share were paid in each of the seven quarters preceding Oct. 1, 1935
and three months from April 1, 1932 to and including Jan. 1, 1933.
The
last regular quarterly dividend of $1.75 per share was paid on Jan. 1, 1932.
A week's wages were also voted to present employes on the payrolls prior
to July 1, last, amounting in the aggregate to about $150,000.
Employes
on hourly or piece work basis will be given an increase of approximately
6% in wages, effective Jan. 4, 1937, at which time a 40-hour week will
go into operation, with time and a half for overtime.—V. 143, p. 3150.
April
May
par
Fed. & State inc. tax—
directors have declared a dividend of $4
February
no
Kansas
40,002
3634.
International
The
stock,
25,000
Unmatured interest accrued-
in addition
quarterly dividend of 75 cents per share on the common
value, both payable Dec. 26 to holders of record Dec. 11.
An extra of 50 cents per share was paid on Oct. 1, July 1 and on Apr. 1, last,
and one of 75 cents was paid on Jan. 2, last.
In each of the seven preceding
quarters the company distributed extra dividends of 25 cents per share.
—V. 143, p. 1722.
the regular
to
366,010
Dividends matured unpaid._
1,731,825
...
Total
—V.
$30,886,144
Preferred stock
10,000,000
Grants in aid of construction.
6,617,615
Funded debt unmatured.
22,571,388
Audited accts. <fe wages pay..
177,971
Miscell. accounts payable
35,259
Common
Funded debt matured unpaid
92,772
Special deposits
Net
The directors have declared an extra dividend of $1 per share
Liabilities—
Assets—
the 7% cumu¬
payable out of capital surplus
Dividends of $1.75 per share were
The directors have declared a dividend of $7 per share on
lative convertible preferred stock, par $100,
on
Dec. 21 to holders of record Dec. 14.
paid
on
Oct. 1. A like payment was made on July 1 and April 1, last, this
the first payment made on the preferred stock since Oct. 1,
quarterly dividend of like amount was paid.—V.
latter being
1931, when a regular
143, p. 2844.
Kansas City
Public Service Co.—Reorganization Plan—
The company has formulated a plan of reorganization, dated Dec. 1,
1936, involving a readjustment of its bonded debt and capital stock, and
Is submitting same to the security holders of the company for their considera¬
tion and approval.
Tne voting trustees have approved the plan.
Upon consummation of the
plan only one class of stock will be outstanding and the holders of existing
voting trust certificates will participate tnerein on the bases provided in
the plan.
If the plan be consummated the voting trustees will receive the new stock
applicable to the present preferred and common shares (which will be
surrendered and cancelled), will deposit same in the voting trust, and will
issue voting trust certificates representative thereof in exchange for those
now outstanding.
A letter addressed to the stockholders states:
The management has
Those
to
been giving careful consideration to the problems
confronting the company and which will become acute next year.
problems are occasioned primarily by (a) failure of the revenues
approach pre-depression levels despite improved conditions, (b) funda-
now
Financial
3846
mental changes now occurring in local transportation methods, which
require large expenditures for new equipment, and (c) the scheduled increase
in the interest rate of the series B bonds from 3% to 6%, commencing
Jan.
1937, which will thereby practically
1,
double the annual interest
charge.
The
be able to meet that increased bond
will not
company
interest
charge in full and continue the maintenance and modernization program
required by the demands for public service and its franchise.
A readjust¬
ment of its capital structure therefore seems necessary.
The plan has been
worked out in consultation with the holders of substantial amounts of
securities of the company, wno nave signified their concurrence therein.
Briefly, the plan is designed to meet the situation confronting the prop¬
erty, on a sound and equitable basis, by—
I* (a) Refunding and extending the bonded debt on a 4% interest basis,
commensurate with the company's indicated ability to pay, and without
any scaling down of principal;
(
(b) Funding into an equity stock the interest foregone by the bondholders
as a result of the aforesaid refunding and extension of the bonded debt;
(c) Effecting through a sinking fund, a reduction in the bonded debt,
with resultant ultimate enhancement of the market value and security
position of the new bonds and stock;
(d) Providing participation for the present preferred and common stock¬
holders in the equity as their interests seem to justifiy; and
!
(e) Placing the company in a position where it can continue its main¬
tenance and modernization program in line with modern developments
and public requirements, thereby conserving its business and the interests
of the investors therein.
•
.
UfcThe plan contemplates simplification of the capital structure by having,
upon consummation thereof, only two classes of securities of the company
outstanding, to wit—20-year first mortgage sinking fund 4% bonds (desig¬
nated series C) and common stock.
The new securities will be exchanged
exclusively for existing securities.
The basis of distribution is as follows:
1
share
Non-oper. properties at cost.
reo. & cash dep. in lieu
Other assets
in Hands of Public
Total
-Y.
stock.
of existing first mortgage bonds, series B, without
(said bonds being in temporary form, the last coupon
attached being that maturing Jan. 1, 1937, whicn should be detached before
depositing), will receive in exchange therefor: $1,000 of new first mortgage
sinking fund 4% bonds (series C), with July 1,1937 and subsequent coupons
attached and 20 shares of new common stock.
The balance of the new bonds will be issued on a par for par basis, without
stock participation, in exchange for those now issued and pledged or held
alive in the corporate treasury; and the remaining shares of new common
stock to be issued will be exchanged for the present preferred and common
shares on the basis of one for one for the preferred and one for ten for the
common.
Likewise, the existing voting trust will be continued, and the new
common stock will be deposited thereunder, voting trust certificates being
issued and distributed in lieu thereof.
Those holding securities in lesser
amounts than specified above will receive new securities on a proportionate
Each holder of $1,000
t)£isis
Total
$27,408,492
Corp.-—50-Cent Extra Dividend—
dividend of 50 cents per share
quarterly dividend of 12 H cents per share on the
stock, no par value, both payable Jan. 2 to holders of record
Dec. 10.
An extra dividend of 20 cents was paid on Jan. 2, 1936 and on
Jan. 2, 1935.—V. 143, p. 3635.
common
Kentucky Valley Distilling Co.—Registers
See list
with SEC—
given on first page of this department.
See list given on
Inc.—Registers with SEC—
first page of this department.
$1 Common Dividend—
The directors have declared a dividend of $1 per share on
stock, payable Dec. 21 to holders of record Dec. 10.
This
dividend paid on the common stock since May 31, 1930
the common
will be the first
when a similar
143, p. 1562.
Koppers Co.—Contract to Subsidiary—
to
A $70,000 contract for a 100-ton garbage and rubbish disposal
be erected at New Kensington, Pa., has been awarded to
an
incinerator
Hiler En¬
Construction Co., a subsidiary.
Company just completed
incinerator of 150-ton capacity at Wilkes-Barre, Pa.—V. 143, p. 3321.
&
gineering
(S. S.) Kresge Co.—Sales—
Month
1935
$8,488,424
8,975.051
1936
$8,597,317
9.570.689
of—
January
February
19331
$7,706,388
8,053,868
1934
$8,824,821
8,797,055
March
10,043,390
10,328,161
12,320,725
8,491,512
April
May
12.011,258
11,925,061
11,518.500
10,871,686
10,146,128
11,680,348
10.228.412
9,941,023
June
12,182,365
11,048,088
11,522.566
10.304,867
July
August
September
11,169,274
11,352.956
11,752.862
10,004,027
10,758,148
10,147,936
9,471,998
10,252,468
10.413,911
9,406,816
9,920,933
10.634,773
13,539,905
11,925,369
11,498,690
10,848,333
12,214,406
12,268,552
11,285,287
10,465,036
1936, the company had 731 stores in operation, including
682 in the United States and 49 in Canada, against 696 American stores
October
November
On Nov. 30,
Upon consummation of the
stock and the total amounts
1
plan, the distribution of the new bonds and
thereof outstanding will be substantially as
New
•
and 48 Canadian stores at the end of November, 1935.
Common
Bonds
Shares
and B)
now
1st mtge. bonds (series A
held by public
$12,400,000
pledged '
245,662.40
received by shareholders during the
bonds now pledged
to surety bonds
Issued in exchange for 1st mtge.
bonds now held in
K corporate treasury
Issued in exchange for pref.
79,100
(S. H.) Kress & Co.—Sale
Month of—
458,100
stock now held by
public through v. t. c
Issued in exchange for common
'
82,683.00
'
stock now held by
18,173.04
public through v. t. c
346,518.44
The foregoing basis of readjustment has been worked out on what is
believed to be a sound and equitable scale, providing proper recognition
to the various interests involved.
The bondholders will suffer no diminu¬
tion of the face value of their holdings, will have the amount of the bonded
debt reduced through operation of the sinking fund, and will receive a
substantial majority participation in the new common stock.
The differing
amounts of new common stock distributable to the series A and series B
bondholders are designed to equalize the differing amounts of interest paid
and payable thereon.
The distribution of new common shares as between
the bondholders and stockholders takes into consideration the amount of
interest waived, the extension of the bonds, the equity value existing in
the system and the estimated contributions to and participation in future
earnings by the respective parties.
The issuance of new bonds in lieu
of those pledged or in the corporate treaury, without stock participation,
will reduce the stock issue and at the same time provide the company with
acceptable collateral to replace that now outstanding and needed for future
surety bond and loan requirements.
In the very nature of things, an
$14,887,200
Total
in a stiuation
believed to do substantial
mathematical basis of distribution cannot be worked out
of this
character, but the formula adopted is
justice.
The plan contemplates the exchange, by the issuer, of securities with its
existing security holders exclusively, as an exempted exchange of securities
under the Federal Securities Act of 1933, as amended and, as provided
therein, no commission or other remuneration can or will be given directly
or indirectly for soliciting such exchange.
Nor will the plan be consum¬
mated unless made binding, by proper proceedings, upon all security
holders affected.
The company reserves the right to resort to
judicial
proceedings under Section 77-B of the Bankruptcy Act, as amended, or
otherwise, if that be necessary for the consummation of the plan and the situ¬
ation so warrants.
No cost or expense will be imposed upon any security¬
holder participating in the plan.
Comparative Income Statement
10 Mos.
1936
-
1934
1935
4,257,134
$6,016,432
4,726,525
282,293
318.023
366,408
$1,020,122
319,840
54,321
711,566
$960,535
387,155
86,495
877,413
$923,499
394,744
64,674
829,473
65,605
Oper. expenses (excl. of deprec.)
Taxes
1936
$5,204,273
5,459,343
6,314,178
6,872,971
6,552,143
January
February
March
April
May
-
June
7,027.089
July
August
September
6.524.725
6,652,396
6,784,535
October
7,306,525
7,320,999
November
Other fixed charges
Reserved for depreciation..,
Deficit
390,528
365,392
Estimate of Gross
1937]
Taxes
Kroger Grocery & Baking Co.—Prelimanary Sales—
Four
Weeks Ended—-
Feb. 22
Mar.21
Apr. 18
May 16
July 11
Aug. 8
Sept.
Oct.
Oct.
5
3
31
a
year
Int. on
Res. for depreciation...
Net income
1938
1939
1940
March
$8,505,000
April
May..
412,000
$8,066,000
6,152,000
420,000
3150.
June
...
...
...
...
July
August
September.
$1,494,000
$1,553,000
October.
...
496,000
75,000
875,000
496,000
75,000
875,000
496,000
75,000
875,000
496,000
November
...
75,000
875,000
—V.
def$197,000
def$63,000
$48,000
$107,000
outstanding in hands of public.
4% per annum on $12,400,000 bonds now
1933
1936
...
$1,383,000
Interest computed at rate of
p.
Bryant, Inc.—Sales-
January..
February
5,843,000
bonds in hands
of public
Other fixed charges
ago.—V. 143,
Lane
$7,638,000
Amt. avail, for deprec.,
bond int., &c
$1,249,000
1934
1933
1936
1935
$16,633,230 $17,182,877 $15,401,157 $14,628,143
16,692,181
14,844,670
17,534,229
17.609,448
15,231,342
17,380,973
18,072,214
17,939,108
15,314,935
17,354.758
18,545,165
18.300.976
15,952,289
17,135,060
18,801,918
18.562,984
16,026,489
17,483,570
18,032,395
18,303,943
17.000.963
16,792,328
17,203,177
18,729.438
16,167.308
16,083,491
16.639,694
18,914,446
15,159,341
16,894,082
16,602,117
18,087,827
16,049,144
17,208,841
17,660.120
17,998,374
16,125,479
17,100,426
18,468,742
17,768.092
16,268,311
17.068,029
17,612.446
18,795,264
The company had an average of 4,215 stores in operation during the
four weeks ended Nov. 28, 1936, as against 4,282 the corresponding period
5,589,000
448,000
6,416,829
5.405.554
5,770,539
5.585.555
committee for Kreuger & Toll secured debentures will
Jan. 25
$7,211,000
6,504,000
4.830,253
4,928,805
plan of readjustment, Mr. Murphy stated, the whereabouts of most of the
undeposited amount being entirely unknown to the committee.
To avoid hardship on these unknown holders the committee has con¬
tinued to accept debentures when presented, but the time has now come
when that no longer will be practical.
Kreutoll Realization Co., Ltd.,
the new company formed in the interests of the holders of the deposited
debentures, plans to complete payment on Dec. 10 for the securities pur¬
chased by it at the foreclosure sale of the bond collateral held by Marine
Midland Trust Co. of New York.
Developments in the bankruptcy estates
also have reached a point, in the opinion of the committee, where under¬
taking representation of additional debentures would not be feasible.
—V. 143, p. 2845.
373,000
revenue
Oper .exps. (excl.of depr.)
5,934,386
5,700,379
5,883,589
5,946,257
6,137,927
6,585,666
6,857,960
small
1937
Gross
1933
$3,912,983
3,895,802
4,086,768
4,766,042
4,978,301
Kreuger & Toll Co.—Deposits—
The protective
Month of—
Revenue, Operating Expenses, &c.
[Assuming that the company proceeds with its modernization plan in
1934
$5,106,517
5.083,475
6,330,794
5,732,389
6,095,747
5.757,198
5,335,936
5,574,040
5,684,751
6,366,935
6,182,424
accept no further deposits of debentures after Dec. 16, 1936, according to
an announcement made by Grayson M.-P. Murphy, Chairman of the com¬
mittee.
About 95% of the outstanding issue has been deposited under the
Nov. 28
Available for deprec., bond int., &c
on bonds in hands of public
Int.
1935
$4,761,726
4,968.306
5,472,265
6,441,416
—V. 143, p. 3635.
June 13
—Calendar Years
$6,276,341
4,997.783
$5,559,549
Gross revenue
made because the Revenue
only for dividends paid to and
calendar year 1936.—V. 143, p. 3002.
The company stated that the above change was
Act of 1936 provides dividends paid credit
1,950,000
Issued in exchange for 1st mtge.
regular quarterly dividend of 25 cents per share on the $10 par
stock, which has been declared on Nov. 10 to be paid on Jan. 2
Dec. 11, will instead be paid on Dec. 21 to holders of
record Dec. 7.
The
common
to holders of record
Issued in exchange for
Issued in exchange for 1st mtge. bonds now
to motor-bus purchase loan notes
Dividend Dates Changed—
New
1st
Mtge Ser. C
x
17,986
2,563,726
Misc. oper. reserves
$27,408,492
...
Kelvinator
follows:
x
3,415,360
50,546
The directors on Nov. 30 declared an extra
attached
•
exact
Unredeemed tickets, &o
in addition to the regular
Each holder of SI ,000 principal amount
coupons
Retirements & depreciation
8,766
243,911
272,016
143, p. 3634.
payment was made.—Y.
of existing first mortgage bonds,
A, with July 1, 1937 and subsequent coupons attached, will receive
in exchange therefor: $1,000 of new first mortgage sinking fund 4% bonds
(series C), with July 1, 1937 and subsequent coupons attached; and 14
421,040
Injuries and damages
Kobacker Stores Inc.—To Pay
stock will receive in exchange
common stock.
liabilities
Reserves—
Surplus
Deferred charges
series
shares of new common
...
50,519
245,637
798,074
Deferred
89,979
598,818
28,190
....
Cash
Accounts receivable
Materials & supplies
38,908
127,896
Prov. for taxes accrued
43,274
sold
Due from employees
259,972
Bond interest payable
Notes
of mortgaged property
$6,930,369
12,400,000
88,455
2,042 Misc. accounts payable
179,826 Unclaimed dlvs. & int. coup.
Co. investment account
Common Stock
First Mortgage Bonds
121,518
Cap. stock (stated value $20)
1st mtge. bonds
Notes payable secured
Audited accts. & wages pay..
Exp. for improvts. not yet
completed
K. C. P. S. Motor Transport
receive in exchange
Each holder of 1 share of existing common
the plan]
Liabilities—
Tangible oper. properties—$25,820,152
of new
therefor: l-10th of a share of new
of Nov. 1, 1936
structure resulting from
changes in capital
JLssctS"****
Kirkline Foods,
of existing preferred stock will
common stock.
1936
12,
Pro Forma Balance Sheet as
[Giving effect to
Preferred Stock
Each holder of 1 share
therefor:
Dee.
Chronicle
...
1935
1934
$902,131
$906,500
727,534
1,210,170
1,339,061
1,249,286
1,197,321
798,643
939,231
1,060,977
1,217,471
1,078,739
$952,055
773,387
1,321,870
1,248,454
1,269,158
1,248,414
729,939
943,869
1,023,996
1,178,690
1,105,558
831,043
1,395,583
1.386,739
1,333,354
1,326,776
931,930
942,031
1,106,372
1,406,169
1,211,857
•
$804,217
670,308
836,810
1,105,926
1,091.076
1,171,096
712,608
920,244
945,679
1,080,422
976,705
143, p. 3151.
Lehigh Coal & Navigation Co.—New Directors—
P. M. Chandler and George
L. Ohrstrom have been elected directors
the company to fill the vacancies created by the resignation
Packard and Charles F. Batchelder.—V. 143, p. 3635.
of
sof C. S. W.
143
Lehman
Corp.—Message to Stockholders—
In accordance with a provision of the Public Utility Act
Securities and Exchange Commission is conducting a study of
of 1935, the
the functions
andfactivities of investment trusts.
On Nov. 9 and 10, four officers and directors of this corporation—three
of whom are also partners of Lehman Brothers—appeared before the Com¬
mission for
public hearing.
A statement which tne management of
the
corporation filed with the Commission as part of the official record, makes
specific proposals for such regulation of investment trusts as would afford
further protection to the public without impairing the managements
efficiency. These proposals suggest a method of reporting which will insure
to the stockholders of investment trusts adequate information by which
they can judge the management.
To make available this amplified in¬
formation as soon as possible, the corporation plans to prepare its six
months' statement to stockholders (issued early in Jan., 1937) substantially
in accordance with these proposals.—V. 143, p. 3635.
(R. G.) Le Tourneau, Inc.—Registers with SEC—
first page of this department.—V. 143, p.
See list given on
3151.
Libby, McNeill & Libby—Listing Approved—
The Chicago
of 208,136 ad¬
Stock Exchange has approved the listing
common stock, no par.—V. 143, p. 3636.
ditional shares of
Liberty Share Corp.—Dividends Resumed—
The
have
directors
declared
a
dividend
of 25
cents
per
share on the
The last
dividend
stock payable Dec. 21 to holders of record Dec. 10.
previous payment made on the common stock was the 10-cent
paid on Sept. 30, 1931.—V. 142, p. 628.
common
Life Saver Corp.
(Del.)—Special Dividend—
share in
of 40 cents per share on the com¬
both payable Dec. 14 to holders of record Dec. 5.
The directors have declared a special dividend of 60 cents per
addition to the regular quarterly dividend
stock, par $5,
—V. 143, p. 3321.
mon
Link Belt
Co.—Special and Larger Common Dividends—
dividend of $1 per share on the
stock, payable Dec. 23 to holders of record Dec. 11.
The directors also declared a quarterly dividend of 50 cents per share on
the com. stock, payable Mar. 1, 1937 to holders of record Feb. 15.
This
compares with 30 cents paid on Dec. 1, last, and each three months pre¬
viously.
In addition, an extra dividend of 15 cents was paid on Dec. 1
and Sept. 1, last, and a special dividend of 50 cents was paid on Dec. 1,
1935.—V. 143, p. 2847.
The directors have declared a special
com.
no-par
Liquid Carbonic Corp.—Larger Dividend—
a dividend of 65 cents per share on the nopayable Jan. 2 to holders of record Dec. 17.
Previously,
The directors have declared
par common stock,
3847
Financial Chronicle
Volume
dividends of 40 cents per share were paid each three months from Feb. 1,
1936 to and including Nov. 2, last, and 25 cents per share were paid each
In addition an
Feb. 1, 1936, Feb. 1, 1935 and on
obligations tofbe paid out of the proceeds of these bonds) to a total of
$7,316,000 prior liens (including $385,000 owned by the company and
pledged under its unified mortgage) which may not be increased, and sub¬
ject, as to equipment, to $3,594,000 of equipment trust obligations.
Mortgage—The refunding mortgage provides for a total issue of $45,000,000 of bonds, of which, after this issue, $37,020,000 will be outstand¬
ing.
After this issue and after retirement of $650,000 prior lien obliga¬
tions due May 1, 1937, $6,931,000 of the remaining authorized refunding
mortgage bonds will be issuable to retire a like amount of prior lien bonds
and the remaining $1,049,000 may be issued from time to time on the re¬
quest of the company.
As to these last mentioned bonds, the company
covenants that none of such bonds or the proceeds thereof shall be used for
maintenance or for any other expenditures which are ordinarily treated by
railroad corporations as operating expenditimes.
Company—Company owns 383.27 miles of railroad and operates a total
of 396.74 miles, including 9.39 miles of leased lines and 4.08 miles of track¬
age rights into Pennsylvania Station, N. Y. City.
Company's system
consists of two main lines extending the length of Long Island, from N. Y.
City to Greenport and Montauk Point, Long Island, with a third line on the
North Shore of Long Island, and many branches.
Company owns a passen¬
ger terminal at Flatbush Avenue, Brooklyn, and uses for a substantial
portion of its passenger business, under a rental agreement with Pennsyl¬
vania RR., a portion of the Pennsylvania Station in N. Y. City, and tracks
and tunnels leading thereto from Long Island City.
Company also is the
owner of important freight terminals, chiefly at Bay Ridge, on Lower New
York Bay, and terminals and yards in Long Island City adjacent to the
East River near 34th St., and in the adjoining Sunnyside Yard District,
through which freight traffic is interchanged with various trunk lines reach¬
ing Manhattan and the New Jersey shore.
Approximately one-fourth of
the company's total railway operating revenue is ordinarily derived from
freight traffic.
Passenger traffic (including a heavy commutation business
between Manhattan and Long Island points) is the chief source of the com¬
pany's
revenues.
Purpose—Of the proceeds of sale of these bonds, $6,584,100 will be used
maturity $5,202,100 20-year debenture 5% bonds, due May 1,
1937, $650,000 Long Island City & Flushing RR. 1st consol. mtge. 5%
bonds, due May 1, 1937, and $732,000 of equipment trust certificates
maturing in 1937.
The balance of such proceeds will be used to reimburse
the treasury of the company for a portion of the expenditures heretofore
made for capital purposes, including the retirement of debt.
Legal Investments—In the opinion of counsel the refunding mortgage
bonds are now legal investments for savings banks under the laws of New
York, in view of the provisions of Section 239 of the New York Banking
Law, as last amended by Chapter 212 of the 1936 Laws of New York, which,
among other things, authorized the exclusion under certain conditions of
the years 1931, 1932, 1933, 1934 and 1935 in determining compliance with
the requirements of said Section 239.
After Jan. 1, 1937 such bonds will
continue to be legal investments if the Banking Law is further amended to
authorize the exclusion of the year 1936.
Listing—Application will be made in due course for the listing of these
bonds on the New York Stock Exchange and their registration under the
Securities and Exchange Act.
to retire at
General
quarter from Feb. 1, 1934 to and including Nov. 1, 1935.
extra dividend of 25 cents was
Feb.
paid
on
1, 1934.
Directors have deferred consideration of any extra dividends until near
end of fiscal year, which closes Sept.
In view of the undistributed
30, 1937.
Srofit 1, July 1, company is changing its dividend payment dates to Jan. 2,
pril tax, the and Sept. 25, from those previously adhered to.
W. K. Mcintosh, Chairman of the Board, said that directors felt justified
In'increasing the quarterly dividend from 40 cents to 65 cents but that they
considered it wise to defer consideration of an extra dividend until toward
the end of the fiscal year.
He also stated that orders and shipments are
continuing to
run
substantially ahead of a year ago.—V. 143, p. 3471.
Loblaw Groceterias,
____
—V.
143, p. 3151.
Lockheed Aircraft
Loew
s
Corp.—Registers with SEC—
The directors have declared a dividend of 17 M cents per share on account
on the 7% cumulative preferred stock, par $10, payable
15
of record
holders
to
Dec.
Dividends of 35
1.
cents
per
share
paid on May 30, last, Dec. 10 and May 15, 1934.
Accumulations
after the payment of the current dividend will amount to $2.27H Per share.
were
52
52
Weeks
p.
3636.
Jan. 5 '33 to
accumulations on the 7% cum. pref. stock, par $100, payable on Dec. 15,
to holders of record Dec. 1.
A similar distribution was made on Sept. 30,
June 30 and March 31, last, Dec. 21, Sept. 30, June 29 and April 1, 1935,
52 Weeks
revenue
$30,406
$66,875
60
2,556
$33,745
20,564
2,077
$32,085
25,891
987
$69,531
55,607
1,883
Net profit
Preferred dividends.
$11,105
11,809
$5,208
11,809
$12,041
11,443
Balance Sheet
Cash
516,827
267,420
7% pref. stock
Prepd. ins. &
1
1
5,741
exp.
5,607
Common
Surplus
$407
2,000
4,000
337,410
500,000
4,838
337,410
500,000
5,543
Domin.
Govt. inc. taxes
Movietone install.
Balance Aug. 30
x
Includes profit on sale of scenery
on
Total
x
After
$844,631
reserve
142,
p.
for
$844,359
bank
$656,305
shares..
Total
$844,631
Liabilities—
Aug. 27'36 Aug. 29'35
Acc'ts payable and
accrued
accr'd charges._
&
$182,953
$127,318
rental
est..leasehold,
1,177,011
&
9,935
13,246
750,000
Street Theatre.
$2,611
$2,731
Domin.
15,000
andBloor Thea.)
Accrued interest..
cum.
pref. shs.
Common
1,136,341
.
Altera'ns to Yonge
Goodwill
for
10,300
Mtge. pay. (Yonge
3,500
agreem'ts
bldgs. & equip
Prov.
Govt. inc. taxes
1,022
Accts. receivable..
Real
7%
shares-
Earned surplus
30,500
815
653,900
750,000
699,416
653,900
750,000
663,394
750,000
30,000
10,564
.
book¬
$844,359
Organization exps.
30,000
depreciation of $182,511 in 1936 and $179,982 in 1935.
Prepaid ins. & exp.
10,676
3348.
$2,120,927 $2,111,6401
Total
RR.—Bonds Offered—Kuhn, Loeb & Co.
on Dec. 9 offered at 105)^% and accrued interest to date of
delivery, to yield 3.44% to maturity, $10,000,000 4% ref.
mtge. bonds, due March 1, 1949.
By endorsement on the
bonds, the Pennsylvania RR., which owns or Controls the
entire capital stock of the company, will guarantee due and
punctual payment by the company of interest on and prin¬
cipal of these bonds.
The bonds will not be redeemable
before maturity.
They will be issued under the refunding
mortgage of the company dated Sept. 1, 1903.
Long
$663,394
and equipment.
hand & in
ing rights
—V.
$667,748
11,443
Balance Sheet
Aug. 27'36 Aug. 29'35
Assets—
Cash
Receiv. under guar.
$383
263,892
&c
Aug. 27'36 Aug. 29'35
Accts. pay. &accr.
516,827
rights, &c
Real est., bldgs.,
$709,166
45,773
surplus
int. thereon
Liabilities—
charges
Prov. lor
Goodwill, booking
Previous
Preferred dividends.
197
Aug. 27'36 Aug. 29'35
$54,504
$58,170
Balance
Net profit
Provision for Dom. Govt, income tax
Assets—
$96,633
571,115
100
1,422
$52,861
656,305
$699,416
Interest, taxes, depreciation, &c
310,535
$264,811
168,178
$745,189
45,773
$212,296
145,421
9,379
$107,425
54,563
663.394
$131,058
100.651
9,300
$141,080
59,286
$81,795
$133,226
100,681
1,140
revenue
Jan.5 '33 to
Weeks
52
Aug. 27 '36 Aug. 29 '35 Aug. 30 '34
$150,380
x$116,804
$575,348
Period Ended—
Total
Theatreexps., salaries & wages, &c_-
sale of equipment
Taxes, insur., repairs, renewals, &c.
Semi-annual payments of
on Dec. 31, Oct.
1, and June 30, 1934.
3}4% were made on Jan. 15 and July 15, 1931.
and
$211,715
581
Interest and exchange
x
143,
150,261,250
Total
.150,261,250
Total
60
Balance
Total
1,020,285
$130,824
234
Rent received
on
103
2,039,364
assets
Unadjusted debits
$32,545
revenue
Theatre expenses, salaries, wages, &c.
Profit
761,627
1,189,409
904,763
31,642
$132,902
324
revenues
Total
Weeks
Aug. 27 '36 Aug. 29 '35 Aug. 30 '34
Period Ended—
Gross ticket receipts
Sundry
agents and conductors-—-
The directors have declared a dividend of $1.75 per share on account of
Ltd.—Accumulated Div.—
of accumulations
Dec.
131,542
(Marcus) Loew's Theatres, Ltd.—Accumulated Div.—
of this department.—V. 143, p. 3471.
London Theatres,
bal¬
Net balances receivable from
-V.
See list given on first page
car-service
Miscell. accounts receivable-
Deferred
306,201
351,793
63,535
68,149
and
receivable
debt
Traffic & car serv. bals. pay.
19
Loans and bills receivable...
Other current assets
Nov. 16, *35 Nov. 14, '36 Nov. 16, '35
$1,452,910
$1,275,637
$7,984,368
$6,991,340
Nov. 14, '36
Sales
439,866
ances
1936
54,991,386
49,729,968
1,071,962
Aud. accts. & wages payable.
826,692
Mlscell. accts. payable
3,759,384
Interest matured unpaid
22,054
Funded debt matured unpaid
1,736
Unmatured int. accrued
372,348
Unmatured rents accrued
5,000
Other current liabilities
4,716
Deferred liabilities
1,422,205
21,004,337
Unadjusted credits
Add'ns to property through
income and surplus
1,130,770
Profit and loss
15,918,692
Total long-term
923,137
Interest and divs. receivable-
24 Weeks
4 Weeks——
Net profit after charges
and income taxes
Cash
Special deposits
Traffic
30,
Liabilities—
Capital stock
142,819,493
Material and supplies
Ltd.—Earnings—-
Period Ended—
Balance Sheet Sept.
$
AS$6tS"~~~
Total investments
Island
Coupon bonds, dated Sept. 1, 1903, in the denom. of $1,000, registerable
to principal and exchangeable for fully registered bonds under conditions
provided in the mortgage.
Interest payable M. & S.
Chase National
Bank, New York, successor trustee.
The issue and guaranty of the bonds
and their sale are subject to the approval of the Interstate Commerce Com¬
as
mission.
Data from Letter of W. W.
143,
p.
Total
.$2,120,927 $2,111,640
2058.
Loretto Ladies Colleges and Schools,
Toronto, Ont.—
Offered—An issue of $618,000 4% 1st mtge. bonds was
recently offered by Harris, Mac Keen, Goss & Co., Toronto,
Bonds
at 100 and interest.
Dated April 1,
1936; due April 1 and Oct. 1, 1937-1951.
Principal and
bank in
int. (A. & O.) payable at principal office of a Canadian chartered
cities of Toronto, Montreal or Quebec.
Callable all or part at any
time on
notice at 101 and int.
Denom. $1,000, $500 and $100.
Capital Trust Corp., Ltd.
Legal investment for life insurance
companies in Canada.
The Loretto Ladies Colleges and Schools were established in Toronto,
two
months'
Trustee:
Canada, on May 27,
1847, and are engaged solely in educational work.
They conduct private academies and convents and members of the Order
Schools.
These bonds are the covenant of The Loretto Ladies Colleges and Schools
also teach in the Separate
(Sisters of the Institute of the Blessed Virgin Mary) and in addition they
closed mortgage on the land and buildings of Loretto
will be secured by a first
Clement, President of the Company
Security—In the opinion of counsel for the company the refunding mort¬
the railroad and ferry property, and other property
in connection with its railroad lines, now owned by
the company (including the company's leasehold interest in 9.39 miles of
road) and on similar property hereafter acquired which is connected with
or appertaining to the lines of railroad ana other property described in the
mortgage, subject (upon completion of this financing and payment of the
gage is a lien on all
and equipment used
—V.
Abbey, Armour Heights (Toronto), valued at approximately $1,250,000.
The proceeds of this issue will be used to redeem the balance of a $750,000
5% first mortgage bond issue made in 1927.
Los
Angeles Industries, Inc.—Larger Dividend—
The directors have declared a dividend of
30 cents per share on the com¬
stock, payable Dec. i5 to holders of record Dec. 1.
dend of 20 cents was paid on Oct. 1, last.—V. 143, p. 2376.
mon
An initial divi¬
Financial
3848
Louisiana & Arkansas
October—
Gross from railway
Net from railwayNet after rents
From Jan. 1—
Gross from frailway
Net from railway—....
Net after rents
—V.
143,
p.
extra dividends were
Ry.—Earnings—
1934
1935
1936
$475,228
180,576
116,752
$401,306
137,272
92,003
4,643,032
1,609,538
3,942,552
1,371,934
3,716,025
1,285,386
3.451,315
1,210,718
1,005,394
922,034
860,694
786,792
$362,994
101,933
67,610
McLellan Stores Co.—Sales—
—
Ry.—Earnings—
1934
1933
$92,228
31,363
$96,239
25,451
17,326
6,336
$80,750
19,596
1,355
1,057,161
190,227
804,101
182,895
816,486
184,981
696,387
121,522
defl8,832
def38,887
13,756
defl3,204
July
August
September
October
November
-
McQuay-Norris Mfg. Co.—Extra Dividend—
La.,
on
p.
.
,
(2) Stockholders of the debtor, Louisiana Oil Refining Corp., will receive:
(a) For each share of preferred stock and accrued dividends 2)4 shares of
preferred stock of Arkansas Fuel Oil Co. dated Jan. 1,1937,6% cumulative
dividends payable semi-annually, of the par value of $10 per share, on
surrender of certificates at First National Bank, Shreveport, La., or at the
option of any preferred stockholder, $25 in cash, provided the option be
exercise and notice thereof be given to the bank (within 20 days from
Dec. 4).
(b) For each share of common stock (except the common stock held by
Arkansas Natural Gas Corp. and Cities Service Co.) 25 cents in cash on
surrender of certificates at First National Bank, Shreveport, La.
The plan confirmed is the plan proposed by the debtor on Nov. 20, 1935,
modified by the allowance of $5 additional in preferred stock of the Arkansas
Fuel Oil Co. for each share of the debtor's preferred, and an option to the
holders of the latter to take $25 per share in cash in lieu of ArkankasiFuel
preferred, and the allowance of 15 cents additional per share of common
stock of the debtor, except the common stock held by Arkansas Natural
Gas Corp., and Cities Service Co., for which nothing is to be paid.
The confirmation of the plan is based on the finding by the Court that it
meets all statutory requirements, is fair and equitable, does not discriminate
unfairly in favor of-any class of creditors or stockholders and is feasible;
and that the value in use of the property and assets of the debtor and
subsidiary exceeds their debts but is less than their debts added to the value
of the securities, or cash in lieu of securities that will be distributed to the
preferred stockholders of the debtor.
Stockholders are directed to send their certificates, duly endorsed,
with a form of surrender, to First National Bank, Shreveport, La.
Where
stock certificates have already been deposited in that bank and not with¬
drawn, its certificate of deposit should be enclosed. Preferred stockholders
should indicate the option selected, and if cash is desired, the surrender and
selection should be in the hands of the bank within 20 days of Dec. 4. If it is
Impracticable for preferred stockholders exercising their options to take
cash, to send their stock certificates or certificates of deposit within ghat
time, they must nevertheless, within 20 days from Dec. 4, give written
notice to the bank of their election to take cash, and thereafter and within
60 days, present their stock certificates or certificates of deposit with the
executed form of surrender; but in such cases, the exchange of stock or cash
settlement will be deferred until the receipt of stock certificates or cer¬
tificates of deposit.
Holders of preferred stock who take Arkansas Fuel Oil Co. preferred may
have it registered on request.
Holders of certificates that have been deposited with the Clerk of Court
should sign an order form addressed to E. C. Jackson, Clerk, U. S. District
Court, Shreveport, La., and mail it in the same envelope with the form of
surrender to First National Bank, Shreveport, La., and the bank will with¬
draw the certificates from the clerk's office.—V. 141, p. 3865.
Louisiana Power & Light
„
„
The bondholders' protective committee for the bonds, of wnich John C.
Jay is Chairman, has called for deposits of additional bonds and for deposits
of preferred and common stock in support of the committee's reorganization
plan.
It was announced that 67.4 % of the outstanding bonds are on deposit
with the committee, naving been received prior to the announcementXof
the reorganization plan.
This plan, dated Oct. 1, 1936, was approved as
fair and equitable to all classes of security holders on Dec. 5, 1936, by
U. S. District Judge Alfred O. Coxe.
Bankers Trust Co. is depositary
for the committee.
Under the plan, holders of the present Manati bonds participating in
plan will receive, upon consummation of the plan, securities of the
reorganized company at the rate of $1,000 new 4% bonds and 50 shares
of common stock in respect of each $1,000 in bonds deposited.
Holders of preferred stock participating in the plan will receive, upon
consummation of the plan, in respect of each share of their stock so deposited
three shares of new stock and a 10-year warrant to purchase an additional
the
$12.50.
share at
The
common
stockholders participating in the plan will receive, upon
consummation of the plan, one-half share of new common stock and warrants
for 1)4 additional shares for each share deposited.
of the mortgage securing the first
The foreclosure
641
Cr689
1,345
$259,306
$214,851
$2,661,722
$2,111,383
Other income (net)-----
765
811
19,685
31,105
Gross corp. income—
Int. & other deducts
$260,071
$215,662
$2,681,407
$2,142,488
a
anything of substantial value.—V. 143, p. 2376.
Manila Electric Co.-
-Earnings—
12 Months Ended Sept. 30—
Total operating revenues
Operating
77,093
77,354
923,584
$1,218,494
420,000
Operating income
-
10.629
Gross income
Interest
on
Interest
$818,791
-
on
this stock was declared for payment on Nov. 2, 1936.—
V. 143, P. 2847.
Balance of income
Lunkenheimer Co.—Dividend Increased—
common
a
dividend of 62)4
Manufacturers Finance Co.—Accumulated Dividend—
a
dividend of 21 J4
Nov. 4, Aug. 5 and May 15, last and
12)4 cents per share distributed each three months previously. In addition,
an extra dividend of 10 cents per share was paid on Dec. 26,1935.—V. 143,
p.
1933.
share
were
paid.—V. 143,
p.
Years Ended Aug. 31—
Profits from operations.
Prov. for depreciation.
Interest
1935
11,833
78,663
14,710
Other deductions
$338,725
x
$163,025
1935
1936
$220,665
Accts. receivable.
539,823
_
Notes receivable..
Inventories
55L371
19,463
$99,370
417,498
81,208
545,246
21,008
276,250
995,041
x
Property & plant
to
Total
common
stock, payable Dec. 15 to holders of record Dec. 4.
dividend of 50 cents per share
was
Period End. Nov. 30—
Sales--—
—
1936—Month—1935
1936—11 Mos.—1935
$3,261,669 $33,520,668 $31,160,364
$3,209,152
Company operated 194 stores in November, 1936, against 203 stores in
November, 1935.—V. 143, p. 3471.
McKesson & Robbins, Inc.—
Unlisted Trading Privileges
Denied—
The Securities and Exchange Commission has denied the
application for
unlisted trading privileges in the company's $3 series convertible preference
stock (no par) on the Boston Stock Exchange.—V. 143, p. 3471.
(Arthur G.) McKee & Co.—Extra and
Special Dividends—
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the no par
class B stock, both payable Jan. 2 to holders of record Dec. 20.
Similar
payable
Accts. pay. to affil.
64,713
354,505
1,072,109
29,687
5,414
7,255
1
$2,848,871 $2,612,293
37,860
33,103
and other taxes.
94,344
120,000
34,574
64,975
150,000-
Reserve for income
Sink, fund reserve-
Capital and capital
surplus
yl,072,445
1,188,747
Reserve for retire¬
ment
of
pref'd
stock
Earned surplus.--
Total
6.707
1,289,262
1,067,319
$2,848,871 $2,612,293-
x Less reserve for
depreciation, $744,982 in 1936 and $660,337 in 1935.
Represented by 37,313 shares $4 cum. preference stock (no par), and
80,000 shares class A common stock (no par).—V. 143, p. 3324.
paid on Nov. 2,
McCrory Stores Corp.—Sales—
Divs.
1935
$101,441
28,274
62,618
y
Melville Shoe Corp.—Extra Dividend—
last.
Company on Dec. 11 paid a bonus of one week's pay to employees who
were on the payroll on Jan. 1, 1936, and one-half week's pay to employees
who came with the company between Jan. 1 and July 1.—Y. 143, p. 3151.
1936
$44,780
accounts
officers
and employees
Trade-marks
Liabilities—
Accounts payable.
Accruals
Deferred liabilities
Investments
Advs.
Pref. stk. in treas.
The regular quarterly
$120,755
Includes other income of $9,360*
Employees savings
not current
common stock, par $5, payable Dec. 19 to holders of record Dec. 9.
The
regular quarterly dividend of 50 cents per share was paid on Nov. 16, last.
—V. 143, P. 3323.
the
$178,84058,085
cos
34,574
143,535
The directors have declared an extra dividend of 25 cents per share on
$279,348
202,826
$76,522
"
y$431,284
140,122:
14,876
47,87$
49,567
Balance Sheet Aug. 31
Assets—
Cash
Sinking fund prov.
Corp.—Extra Dividend—Bonus to Employees—
y
1933
$500,742
124,800
16,833
76,807
2,954
$72,764
Includes other income of $56,386.
share on the
McCall
$226,232
153,468
175,700
Preferred dividends.
1934
$388,873
99,979
12,484
47,556
2,621
89,520
_
19,346
27,795
per
the
•Earnings—
1936
x$533,452
from employees.
Deferred items
The directors have declared an extra dividend of $1
on
1723.
May Hosiery Mills, Inc.-
Group insur.—Due
1083.
Lynch Corp.—Extra Dividend—
cents per share
1st pref. stock, par $25, payable Dec. 21 to holders of recordA similar distribution has been made each quarter since June 30,
Prior to that date regular quarterly dividends of 43 K cents per
cum.
Dec. 10.
Notes & accts. rec.
stock, no par value, payable Dec. 15 to holders of record Dec. 5.
$965,117
—V. 143, p. 1564.
cents per share on the
This compares with 25 cents paid on
$2,120,718
125,044
915,829
96,000
36,000
Cr 17.27 2
$626,812
unfunded debt
Amortization of debt discount and expense
Amortization of miscellaneous suspense
Interest charged to construction
Accts. rec. fr. affil.
The directors have declared
104,100
9,000
Cr3,711
funded debt
$441,962
Balance
$1,826,142
115,716
974,224
-
on
Balance, surplus
y Before
property retirement reserve appropriations and dividends.
Regular div. on $6 pref. stock was paid on Aug. 1, 1936. After the pay¬
ment of this div. there were no accumulated unpaid divs. at that date.
$2,115,968
4,751
Other income
356,532
x
$1,815,512
Provision for taxes
Net profit for period._
y$182,978
1935
$4,689.61$
1,732,504
491,745
206,276
143,125
Maintenance
Provision for retirements
923,994
y$138,308 $1,757,823
Property retirement reserve appropriations
582,500
x Divs. applic. to pref. stock for period, whether
paid or unpaid
356,532
1936
$4,880,904
1,848,045
451,359
614,743
151,244
expenses
Income taxes
Balance
mortgage bonds is
of the steps involved in carrying out the plan. The committee states in
letter to stockholders that unless the present plan is accepted by the
stockholders, as contemplated, it is not believed that they can recover
one
■
329
Balance
Manati
Sugar Co.—Bondholders'
Committee Calls for
Deposits of Bonds and Stock in Support of Reorganization Plan—
7%
_
(net)
1083.
The directors have declared
Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Oct. 31—
1936—Month—1935
1936—12 Mos.—1935
Operating revenues
$659,654
$544,657
$6,986,946
$5,759,218
Oper. exps. & taxes
400,019
329,165
4,325,913
3,646,490
prop.
extra dividend of 25 cents per share in
an
addition to the regular quarterly dividend of 75 cents per share on the
common stock both payable Dec. 22 to holders of record Dec. 12.—V. 143.
Nov. 24 confirming a plan of reorganization under Section 77-B of the
Bankruptcy Act, providing for its consummation. Briefly, it provides:
(1) All property, assets, corporate rights and franchises of the debtor
and subsidiary are conveyed to Arkansas Fuel Oil Co. for the debt due and
owing that company and its assumption of all other obligations of the
debtor and subsidiary.
1,745,753
1,813,177
1,539,118
—V. 143, p. 3003.
Corp.—Reorganization—
A decree was entered in the U. S. District Court at Shreveport,
1,489,857
1,724.435
1,524,514
2,024,663
1,866,507
-
1,585,457
1,742,439
1,738,253
1,711,846
;
1,346,646-
1,542,407
1,797,441
The directors have declared
Louisiana Oil Refining
1935
1,312,992
-
June
1935
1936
.
$1,056,81$
1,068,570
1 620,954
1.775,527
March—..
May--
$99,780
def31,480
def52,248
Net after rents
—V. 143, p. 2847.
Regular div.
1936
$1,094,442
1,154,648
.
January
February
April
Net after rents
From Jan. 1—
Gross from railway
Net from railway
leased
a
Month of—
„
3323.
1, 1936 and on Oct. 1,
July 1 and Jan
,
12, 1936
special dividend of 25 cents per share on
the B stock payable Dec. 22 to holders of record Dec. 12.—V. 143, p. 2214.
.
October—
Gross from railway
Net from railway
for
paid Oct.
1935.
The directors also declared
1933
$434,976
24,087
defll,416
Louisiana Arkansas & Texas
Rent
Dec.
Chronicle
The directors on Dec. 8 declared an extra dividend of
$1.12)4 per share
the common stock, no par value, payable Dec. 23 to holders of record
Dec. 18.
A quarterly dividend of $1.25 per share was paid on Nov.
on
1,
last, and compares with $1 paid on Aug. 1, last; 87)4 cents per share paid
on May 1, last; 75 cents on Feb. 1,1936 and on Nov.
1, 1935; 62)4 cents on
Aug. 1,1935; 50 cents per share paid in each of the four preceding quarters;
40 cents on May 1 and Feb. 1, 1934; 30 cents per share paid each quarter
from Aug. 1, 1932, to Nov. 1, 1933, inclusive; 40 cents on May
1, 1932,
and 50 cents per share distributed each three months from Feb.
1, 1930
to and including Feb. 1, 1932.
In addition, an extra dividend of 50 cents
was paid on Feb. 1, 1935.
Preferred Stock Called—
The directors have directed that the corporation's 4)4% preferred stock
(convertible until Jan. 1, 1945) be called for redemption on Feb. 1, 1937.
The redemption price will be $106.12)4 Per share.
*
|
Each share of the 4)4% preferred stock is presently exchangeable for
1 )4 shares of the corporation's common stock.
This right to exchange the
preferred stock will expire at the close of business on Jan. 27, 1937.
Holders of preferred stock who exchange the same for common stock
before 3 o'clock p. m. on Dec. 18, 1936 will be entitled to participate in an
extra dividend of $1.12)4 a share which has been declared on the common
Volume
Financial
143
stock. payable Dec. 23, 1936, to common stockholders of record at
t,
p. m. on Dec. 18, 1936.—V. 143. p. 3637.
T
3 o'lcock
,
[National Power & Light Subsidiary]
Period End. Oct. 31—
1936—12 Mos.—1935
1936—Month—1935
Minneapolis-Honeywell Regulator Co.—Exchange Plan
Effective—
Company
Memphis Power & Light Co.—Earnings—
expenses and taxes
$614,896
397,684
$545,605
359,716
$7,706,606
4,935,326
$6,800,993
4,295,414
Net rev. from oper..
Other income (net)
$217,212
3,178
$185,889
811
$2,771,280
30.220
$2,505,579
10,480
Gross corporate inc_»
Int. & other deductions.
$220,390
64,479
$186,700
64,566
$2,801,500
775,956
$2,516,059
787.338
y$155,911
y$122,134
$2,025,544
Property retirement reserve appropriations
688,005
z
Dividends applicable to preferred stocks for
period, whether paid or unpaid
•
394,876
$1,728,721
$942,663
Oper.
revenues
.
announces
that
over
94% of the outstanding 6% cumulative
preferred stock has been deposited for exchange for the new 4% convertible
preferred stock under the exchange offer which expired Dec. 8, 1936.
The exchange offer has been declared effective by the directors.
$665,070
Operating
3849
Chronicle
Under the subscription offer to its common stockholders, subscriptions
for 14,557 shares of new 4% convertible preferred stock were received.
The
total amount of the new 4% convertible preferred stock available under this
subscription offer is 6,954 shares, including shares not required under the
exchange offer to the preferred shareholders.
Allotments will be made on
subscriptions received in accordance with the terms of the subscription
offer.
The exchange and subscription offers were underwritten by J. & W'. SeligCo., but as all the shares will have been exchanged or subscribed for
by the stockholders, none of the new preferred stock will be acquired by
the underwriters.
The unexchanged 6% preferred stock has been called for
redemption on Jan. 16, 1937.—V. 143, p. 3472.
man &
Balance
668,775
...
Balance
394,876
£ egular dividends on $7 and $6 reserve appropriations on Oct. 1, 1936.
Before property retirement pref. stocks were paid and dividends,
accumulated unpaid
After the payment of these dividends there were no
dividends at that date.—V. 143, p. 2849.
Minnesota Power & Light Co.—Earnings—
[American Power & Light Co. Subsidiary]
1936—Month—1936
1936—12 Afos.—1935
$589,115
$493,116
$6,240,973
$5,529,955
and taxes
281,397
211,995
2,784,839 ' 2,577,989
Period End. Oct. 31—
Operating
revenues
Oper. exps.
Mfg. Co.—Stock Offered—G. Brashears & Co.,
Los Angeles, are offering 70,000 shares common stock ($1
Net rev. from opera'n.
Other income
$307,718
$281,121
$3,456,134
34
30
1,260
1,529
par) at $3.75
Gross corp. income...
Int. and other deductions
$307,752
142,500
$281,151
143,903
$3,457,394
1,713,318
$2,953,495
1,724,896
y$165,252
y$137,248
appropriations
$1,744,076
405,000
$1,228,599
387,500
Divs. applicable to preferred stocks for period,
whether paid or unpaid
990,654
990,630
Menasco
share.
per
Company—Incorporated in California, June 11, 1934, company and its
Menasco Mfg. Co. (unincorporated), have been engaged in
predecessor,
business since March 1, 1933.
Nt,The character of company's business is the design, development, manu¬
facture, test, sale, repair of aircraft engines and parts thereof, including
aircraft engine superchargers of company's own design, and
the sale of
manufacturing rights for such engines and parts.
Menasco engines are
now the standard equipment for any commercial airplanes including
ships
built by the Stearman-Hammond Co.; Ryan Aernonautical Co.; Aero
Engineering Co.; Argonaut Aircraft Co., and Swallow Aircraft Co.
Menasco engines have been purchased by Polish National Airworks and
R. W. D. of Poland; Bayeriscne Flugzeugwerke and Foche-Wulf, German
aircraft builders; Mitsubishi and Okura companies of Japan; Phillips &
Powis Aircraft, Ltd., of England, and Tugan Aircraft, Ltd. of Australia.
A licensing agreement to manufacture certain Menasco engines on a
royalty basis has recently been negotiated with Phillips & Powis Aircraft,
Ltd.. Reading, England, where a plant for the manufacture of Menasco
engines is being constructed by the licensee.
A similar licensing arrange¬
ment is presently being negotiated with an Australian company which has
been purchasing Menasco engines and has placed orders for more
Directors of the company are:
A. S. Menasco, Pres.; "Wm. Keith Scott,
Vice-Pres.; Charles F. McReynolds, Sec.-Treas.
Purpose—The proceeds derived from the sale of 70,000 shares of approxi¬
mately $210,000 will be used for corporate purposes.
Earnings for Years Ended June 30
$101,558
33,209
30,051
2,314
9,605
13,244
expenses
Taxes other than Federal income tax
Other operating expenses
Provision for depreciation
Gross
1oss4,172
$10,647
Sell., general & admin,
$57,166
41,625
8,608
13,133
2,486
$12,400)
Cost of goods sold
loss$4,172
income
Federal income tax.
Net income.
73
2,520
8,511
Balance Sheet June 30
Assets—
Net fixed assets
$83,074
$247,500
$164,887
86,203
55,468
Current liabilities.
28,585
34,854
28,527
Paid-in surplus
17.916
8,701
8,002
&
19.693
10,541
93,035
42,060
Capital stock
Unreal,
accounts
receivable (net).
Inventories
from
re-
val.of cap.assets
Earned surplus
Accounts recelv.—
offlc. & stkbldrs
Tot. defd. charges-
—
apprec'n
arising
44,048
44,048
6,474
def4,172
786
4,774
1.794
$344,524
Total
$221,467
Total
$221,467
$344,524
—V. 143, p. 2378.
Merchants
&
Manufacturers
Co.—Extra
Securities
Dividend—
The directors have declared an extra dividend of 26 cents per share on
the $2 participating pref. stock, payable Dec. 21 to holders of record Dec. 10.
—V. 143, p. 3324.
Merchants
Refrigerating Co.—Accumulated Dividend—
The directors have declared
accumulations
Dec.
19 to
on
a
dividend of $2.25 per share on account of
the $7 cumulative preferred stock, no par value, payable
Dec. 12.
A dividend of $1,75 was paid on
holders of record
Nov. 2, last and dividends of $1 per share were paid on Aug. 1, May 1 and
Feb. 1, last, Nov. 1 and Aug. 1, 1935, prior to which regular quarterly
dividends of $1.75 per share were, distributed.
Accruals after the payment of the current dividend will amount to $1.50
per share.—V, 143, p. 2685.
Metal Box
Co., Ltd.—Interim Dividend—
The directors have declared
payaboe Jan. 1, as against
—V. 142, p. 4347.
an
an interim com. dividend of 5%, less tax,
interim dividend of 3tf% paid a year ago.
Mexican Light & Power Co.,
[Canadian
Period End. Oct. 31—
Gross
earns,
Oper.
exps.
Ltd.- ■Earning
Currency]
1936—Month—1935
from oper..
$682,242
473,017
$6,560,772
4,778,365
$6,449,133
4,610,405
$209,225
$1,782,407
$1,838,728
Michigan Silica Co.—Registers with SEC—
See list
given
on
first
page
of this department.
Midland Oil Corp.—Accumulated Dividend—
The directors have declared
a dividend of 25 cents per share on account
on the $2 cum.
conv. preference stock, no par value
payable Dec. 16 to holders of record Dec. 9.
A like payment was made '
on Sept. 15 last and compares with 50 cents paid on June 16 and March
16,
last, and on Dec. 23, 1935; 25 cents paid on Nov. 15, Sept. 16, June 15 and
March 15, 1935; 50 cents paid on Feb. 15, 1935 and on Dec. 15, 1934, and
with 25 cents per share distributed on Sept. 15, June 15 and March
15,
1934, while on Feb. 15, 1934, a payment of 50 cents per share was made.
In addition, a regular payment of 50 cents per share was made on May
15,
1934.
This company was formerly known as the Midland Royalty Corp.
—V. 143, p. 1564.
of accumulations
Midland Steel Products
Co,—Larger Common Dividend—
The directors have declared
stock,
same
no par
a dividend of $2 per share on the
value, payable Dec. 23 to holders of record Dec. 15.
time the directors also declared
a
dividend of 50 cents
on
common
At the
the common
stock, payable Jan. 1 to holders of record Dec. 15.
Previously, a dividend of $1.25 per share was paid on Oct. 1, last, and
25 cents per share were distributed on July 1, April 1 and Jan. 1, 1936,
this latter being the first dividend paid since Jan. 1, 1932 when 75 cents
per share was distributed.—V. 143, p. 2686.
Minneapolis Gas Light Co.—Registers with SEC—
See list given on first page of this department.—V.
p.
3859.
reserve
$348,422 def$149,531
z Dividends
accumulated and unpaid to Oct. 31, 1936, amounted to
$722,690.
Latest dividends, amounting to $2.34 a share on 7 % preferred
stock, $2 a share on 6% preferred stock, and $2 a share on $6 pref.
stock, were paid on Oct. 1,1936.
Dividends on these stocks are cumulative.
—V. 143, p. 2850.
lance
Mississippi Power & Light Co.—Earnings—
[Electric Power & Light Corp. Subsidiary]
Period End. Oct. 31—
1936—Month—1935
Net
Rent
1936—12 Mos.—1935
$5,683,931
$4,980,273
$617,586
419,302
3,901,373
3,424,497
$191,056
$1,782,558
$1,555,776
690
JDr2,393
133
387
3,627
2,236
3,852
11,381
$199,107
74,329
from oper
from leased prop¬
rev.
$486,212
295,156
$198,284
Operating revenues
Oper. expenses and taxes
$189,050
72.884
$1,788,421
890,173
$1,571,009
885,271
$898,248
385,000
$685,738
365,000
erty (net)
Other income (net)
Balance
y$124,778
y$116,166
Property retirement reserve appropriations
z
Dividends applicable to preferred stock for
period, whether paid or unpaid
403,608
403,608
$109,640
Balance
def$82,870
y
Before property retirement reserve appropriations and dividends,
z Dividends accumulated and unpaid to Oct. 31, 1936, amounted to $622,229, after giving effect to a dividend of $1.50 a share on $6 pref. stock
declared for payment on Nov. 2, 1936.
Dividend on this stock are cumu¬
lative.—Y. 143, p. 2850.
Missouri Kansas
Pipe Line Co.—Suit Filed—
Ralph B. Mayo of Colorado has filed an action in Delaware Chancery
Ray Phillips and Henry T. Bush as re¬
ceivers, asking delivery of 54,930 shares of company's common stock to
persons entitled to the equities.
The bill also asks an order be entered by the Court directing the company
and its receivers to hold and reserve for the benefit of tne plaintiff, and
cause to be issued and made available to the plaintiff, tne rights to subscribe
to common shares of Panhandle Eastern Pipe Line Co., to the same extent
as if he were now owner and holder of record of 54,930 shares.
A complaint for interpleader was filed also by Mr. Mayo against Frank P.
Parish & Co., Ray Phillips and Henry T. Bush (as receivers), W. G.
Maguire & Co., W. G. Maguire and Paul Mayo, asking that the defend¬
ants set forth to whom 14,000 shares of stock belong and that the Maguire
company be restrained from proceeding against the complainant in Circuit
Court of Cook County, 111., in an action for recovery of the stock.—
V. 143, p. 3638.
Court against the company and
Missouri-Kansas-Texas
RR.—Estimated Earnings—Out¬
look—
"The Katy is basing its plans for 1937 upon a certain continuation
of general business improvement all through the Southwest," declared
S. Sloan, Chairman, Dec. 8, upon his return from a trip over
the M-K-T lines.
Such plans, he added, include "considerable sums for
Matthew
capital expenditures and for expansion of this year's maintenance programs."
"With December traffic showing gains over last December operating
income for the year is estimated at approximately
$31,300,000,
or
$3,870,000
greater than that for 1935," he said.
"Estimated figures for last month
show it to have been the best November from a traffic and revenue stand¬
point since 1930.
Not only will the Katy earn its fixed charges for the
year amounting to $4,230,000, but it will have a substantial sum left to
apply on adjustment bond interest, whereas last year it failed to earn even
fixed charges by $1,700,000.
November's operating revenue was $2,714,000
an increase over the previous November of $152,000.
Operating expenses
were $14,500 less than for
the previous November, while income, after
fixed charges, amounted to $307,000, or $100,000 greater than for the
month of last year."
"That such large proportions of the increased revenue of the railroads is
being reflected in their net earnings is proof," Mr. Sloan said, that the
carriers are making what he termed a "remarkable come-back."
Mr.
Sloan pointed out that although the Katy carried out extensive track,
motive power and rolling stock maintenance programs during the year
operating expenses had increased only 6 %, although operating income will
show an increase of 15%.
"A 15% increase over last year is highly encouraging, but the real story
of recovery as it affects our railroad lies in the fact that our 1936 revenue
will be approximately 19% greater than that of 1934 and 22% greater than
that of 1933, which was the worst in the Katy's history," Mr. Sloan said.
"Recovery commenced in the Southwest a year ago last July and since
then our loadings and revenue have increased each month as compared with
the same months of the preceding year.
The Southwest is now in splendid
condition and business is on a sound and substantial footing.
Business
leaders in Texas and Oklahoma think 1937 will set new records in business
same
1936—10 Mos.—1935
$712,057
540,706
$171,351
& deprec
Net earnings
-V. 143, p. 3324.
B
1935
1936
Liabilities—
$105,176
Tot. intang. assets
Cash—on demand
Notes
1935
1936
z
Gross corporate inc..
Interest & other deduct.
1935
1936
Gross sales (1936 sales include sale of mfg. rights. In
amount of
Balance
Propertu retirement
$2,951,966
143,
p.
3472; V. 142.
gains.
Farm lands hold an unusual amount of moisture and the outlook
"for good crops is highly encouraging."—V. 143, p. 3472.
Missouri Power &
In
a
Light Co.—Underwriters Named—
registration statement amendment which will shortly be filed with
the Securities and Exchange Commission, the First Boston Corp. will be
named as head of the underwriting group for the company's $9,000,000
first mortgage 3%% bonds and 15,000 shares of $6 cumulative pref. stock.
Associated with the First Boston Corp. will be Harris, Hall & Co., Inc.;
H. Rollins & Sons, Inc.; Brown Harriman & Co., Inc.; Blyth & Co.,
Inc.; Kidder, Peabody & Co.; Spencer Trask & Co.; Stone & Webster and
Blodget, Inc.; Riter & Co.; H. M. Byllesby & Co., Inc.; Coffin & Burr,
Inc. and Alex. Brown & Sons.—V. 143, p. 3638.
E.
Mohawk Carpet
Mills, Inc.—Extra and Larger Dividend—
The directors have declared an extra dividend of 50 cents per share and a
regular quarterly dividend of 30 cents per share on the common stock, par
$20, both payable Dec. 15 to holders of record Dec. 10.
A regular quarterly dividend of 25 cents per share had been paid on
Oct. 15, last.
Financial
3850
Hereafter dividends will be paid on March
thereafter.—V. 143, p. 1084.
,
corporation has filed a registration statement witn the Securities
Exchange Commission covering 164,000 snares ,.pf common stock
($1 par).
Of the common being registered, 94,000 shares are now out¬
standing and 70,000 shares are authorized but unissued.
Underwriters
& Distributors, Inc., will be the principal underwriter.
Of the outstanding stock, 15,000 shares will be offered publicly by under¬
writers at S3.50 a share, and 79,000 shares, under an option to under¬
writer, will be offered at market price from time to time.
Of the unissued stock, 35,000 shares are under option to underwriter,
and 35,000 are under option to certain stocknolders who have agreed not
to offer such stock for resale to any person other than principal under¬
writer.
Offering price of the unissued stock will be the prevailing market
price.
Monroe Chemical Co.—Dividend Increased—
declared
have
directors
a
dividend of 60 cents per share on
the
to holders of record Dec. 14.
and July 1 last; 37H cents
paid on Dec. 24, 1935; 25 cents on Oct. 1, 1935, and 50 cents on Dec. 24
and on March 20, 1934.
Prior to this latter payment no dividends were
distributed since July 1, 1930, when a regular quarterly payment of 31 Vx
cents per share was made.—V. 143, p. 1564.
stock, no par value, payable Dec. 24
This compares with 25 cents paid on Oct. 1
common
Motor Products
Month
March
April
May
June
30,330,174
July....
August
September
October
25,635,866
27,422,133
33,357,194
45,455,404
November
36,979,214
19,266,336
15,890,560
18,914,959
23,822,297
20,293,175
22,848,599
25,172,907
35,897,447
30,910,462
-
-
of $1.25 per share on the common
Feb. 1, 1936.
stock dividend of 100% was paid on
Merger—
See
Briggs Manufacturing Co. above.—V.
143, p. 2687.
Telephone Co.—Bonds Authorized—
The company has been authorized by the Ohio Utilities Commission
to issue $250,000 1st mtge. 4Vi% 20-year bonds, dated Jan. 1, 1937, and
$15,000 in 7% pref. stock, proceeds to be used to redeem the $267,000
Mt. Vernon
outstanding 6% mtge. bonds.—V.
138, p. 2755.
Mueller Brass Co.—Extra and Larger Regular Dividends—
The directors have declared an extra dividend of 10 cents per share arid
a quarterly dividend of 25 cents per share on the common stock, par $1,
both payable Dec. 28 to holders of record Dec. 10.
Dividends of 20 cents
per share were paid in each of the four preceding quarters, the Dec. 2, 1935
dividend being the initial payment on the common stock.—V. 143, p. 2217.
(G. C.) Murphy Co.—Sales—
1936
1935
1934
1933
$17,854,609 $17,904,886 $15,421,893 $10,131,891
24,844,596
22,783,089
18,312,477
11,263,374
25,571,012
20,872,132
15,665,586
30,402.667
22,914,580
20,934,510
15,247,812
30,295,408
of—
February
Corp.—Larger Dividend—
The directors have declared a dividend
stock, no par value, payable Dec. 21 to holders of record Dec. 10.
Pre¬
viously regular quarterly dividends of 50 cents per share were distributed.
In addition an extra dividend of 50 cents was paid on Sept. 30, last.
A
Montgomery Ward & Co., Inc.—Sales—
/.•
with $1.25
quarters
Aug. 15,
paid on May 15, last; $1 per share paid in each of the two preceding
and 50 cents per share paid each three months from May 15,1934 to
The
and
The
paid on Nov. 16 and on Aug. 15, last, and compares
were
1935, inclusive, and on May 15, 1931.—V. 143, p. 2850.
Corp.—Registers 164,000 Shares—
Mohawk Liquor
<
15 and each three months
share
1936
12.
Dec.
Chronicle
16,103,560
13,641,121
15,390,120
16,583,708
22,780,643
20,969,808
23,093,465
29,703,511
26,900,806
Month
1933
$1,129,575
1,222,990
^
March
2,320,436
2,266,253
2,246,132
1,313,762
April
May
3,001,322
3,089,387
2,575,710
2,420,153
2,060,363
2,367,499
1,628,753
1,661.437
3,182,944
2,583,924
2,465,993
June
—
September
October
Stock Exchange has autnorized the listing of 652,143
Stores in operation on
additional shares of common stock (no par) upon official notice of issuance
1.808,328
2,075,916
1,804,118
2.118,051
1,803,139
2,105,135
1,912,000
2,864,891
2,481,172
1,993,644
2,970,411
2,425,664
1,976,458
Nov. 30 last totaled 194, against 189 on Nov. 30,
2,354,196
2,512,815
2,350,545
2,973.840
2,922,496
2,907,459
3,636,717
3,267,967
July
August
November
Listing—
1934
$1,554,500
1,584,436
1935
$1,803,350
1,890,864
1936
$2,003,071
2,310,918
of—
January...
February
1935.—V. 143, p. 3154.
The
New
York
and payment, in full, pursuant to the terms of an offering to stockholders,
and (or) to officers and employees, making the total amount applied for
5,217,147 shares.
The directors at a meeting held on Nov. 24, 1936, authorized the issue
of not exceeding 652,143 shares of authorized but presently unissued com¬
mon
stock.
proceeds derived from the issue of the additional 652,143 shares
stock, assuming that tne total issue is sold, will be $26,085,720.
The gross
of
common
The issue will not be underwritten and there will be no discounts or com¬
price received by tne company for the shares
It is anticipated tfiCEL
of such sale will be used to the extent of approximately
$10,000,000 to reimburse the treasury of the company for dividends on
common stock to be paid prior to Jan. 31, 1937, out the of current fiscal
year's earnings.
The remainder of the proceeds of such sale will be added
to the company's working capital and be used for the general business
purposes of the company.
The snares of stock will be offered to holders of common stock of record
Dec. 22, at $40 per share, in tne proportion of one additional share of such
The total purchase
missions.
Mutual American Securities
See list
(F. E.) Myers & Bro. Co.—Dividends
The
stock
for
each
snares
seven
then
held.
purchase warrants will be issued on or about Dec.
28, 1936, evidencing such rignt of suoscription.
Such warrants will expire
and become wholly void unless the subscription privilege evidenced thereby
is exercised at or before 3 o'clock p.m., Eastern Standard Time, Jan. 29,
1937. * Warrants will be of two kinds; (1) full share warrants, and (2)
fractional share warrants.
Fractional share warrants, exercisable only
when combined with other fractional share warrants aggregating the right
to subscribe for one or more full shares of stock, will be issued in bearer
form and will be transferable by simple delivery.
Subscriptions pursuant to such warrants will be exercisable at or before
3 o'clock p. m., Eastern Standard Time, Jan. 29, 1937, only at the office
of J. P. Morgan & Co., 23 Wall St., N.Y. City, as depositary, accompanied
by payment of 50% of the full subscription price (or all of the subscription
price, at the election of the subscriber) in cash or by certified check or bank
draft (N. Y. funds).
In the case of any subscription that is accompanied
by payment of less than the full subscription price, the unpaid balance
will be due and payable in two equal instalments as follows: 50% of the
balance at or before 3 o'clock p.m., Eastern Standard Time, April 29, 1937;
ana the remainder at or before 3 o'clock p. m.. Eastern Standard Time,
July 29, 1937.
Advance payment of either or both of the deferred instal¬
ments of the subscription price may be made at the office of the depositary
at any time prior to said instalment payment dates.
It is planned that the additional shares of common stock offered for sub¬
scription which are not purchased pursuant to such warrants may be offered
by the company to its officers of the rank of vice-president or lower who
may be directors and other officers and employees at $40 per share.
Transferable stock
Consolidated Earnings for 9 Months Ended Oct.
of
sold,
goods
selling
and
general
expenses,
taxes other than income taxes
2,357,304
205,353
Depreciation of fixed properties
Amortization of leasehold improvements
Net operating
$17,697,663
profit
Other income
$17,702,442
3,315,000
Total income
Net profit carried to
,
$14,387,442
surplus
Earnings
per sharejsnjjommon stock
$2.92
ISfote—Profit for the nine months ended~Oct. 31, 1936, is before any
charge for Federal surtaxes on undistributed profits, as dividends eitner
have been paid or have been declared for payment within the fiscal year
in an amount representing substantially all of the company's earnings
as now estimated for the fiscal year ending Jan. 31,
1937.
As a result,
Federal surtaxes on undistributed profits for the fiscal year are now esti¬
mated at an amount not considered of particular importance in relation
to the company's total operations.
.
Oct
Consolidated Balance Sheet
31 1936
Jan. 31
a
Oct. 31 1936
Liabilities—
Property acct. 40 ,556,242
3 ,087,171
b Leaseh. impts
12 ,708,150
Cash
Marketable
sees.
70,462
Eec'bles after res 42 ,322,869
Mdse. invent— 75 ,913,377
in
$
Capital stock. 123,202,620
38,800,667
c
2,707,816
15,220,171
153,148
Bank loans
33,659,388
Dlvs. pay.cl. A.
65,435,102
Salaries,
payable-
2,900,000
7,614,921
customers.
2,363,445
Accts.
Due
Jan.
31
'36
$
123,202,620
7,050,266
1,629,818
352,720
wages,
&c
after reserves.
Prepaid accts—
5,026,549
3,635,147
2,361,911
4,396,283
945,216
3,250,913
971,032
Earned surplus.
mtges.,
38,074,935
27,131,935
252,676
252,676
Personal prop'y,
real est., &c.,
7 ,197,079
4 ,777,855
7,956,300
4,751,844
sund. taxes,&c
Fed. inc. taxes..
d Less treas. stk.
Total
a
186,633,205
After depreciation,
168,684,4361
Total
b After amortization,
1,712,661
—186,633,205 168,684,436
c
Represented by 205,000
issued no-par shares of $7 cum. class A and 4,565,004 issued no-par common
shares,
d Represented by 3,446 class A shares.—V. 143, p. 3639.
Mother Lode Coalition Mines Co.—To
Pay Common Div.
The directors have declared
a dividend of 12 % cents per share on the
value, payable Dec. 21 to holders of record Dec. 4.
This will be the first dividend paid since June 30, 1930 when 10 cents per
share was distributed.—V. 143, p. 2059.
common
stock,
no par
Morse Twist Drill & Machine Co.—$1.75 Dividend—
The directors have declared a dividend of $1.75 per share on the capital
stock, payable Dec. 15 to holders of record Nov. 27.
Diyidends of $2 per
Increased—
of 75 cents per share on the
1^3, p. 1565.
Narragansett Racing Association,
Inc.—$1 Dividend—
dividend of $1 per share on the common
stock par $1, payable Dec. 21 to holder® of record Dec. 14.
Similar payment
was
made on Nov.
12, last, as against a dividend of 25 cents paid
on Dec. 6, 1935 and a dividend of $50 per share in cash and 49 shares of
common stock for each share held paid on Sept. 16, 1935.
The directors have declared a
Charitable Donations—
Directors allocated the annual charity
fund of $30,000, made up from the
profits of two days' racing, which reached $25,968, and augmented by a
With one exception, all the beneficiaries are
net
track donation of $4,032.
Rhode Island charities.
totaling $10,500 to the four war
The directors also authorized donations
veteran
organizations of Rhode Island.—V. 143, p. 2687.
National Cash Register
Co.—Domestic Gross Orders—
1935
$1,270,000
1,179,375
1936
$1,825,375
1,591,675
Month of—
January
February
1934
$1,076,000
1,005,550
March.—
1,737,350
1,562,100
1,310.550
April
May
1,561,800
3,070,125
1.369.225
2,407,100
1,103,475
2,216,800
3,147,775
1.799.300
July
October.
November
—V. 143, p.
2,082,475
1,200.100
1,446,975
1,371,750
948,200
1.282,800
1.083,775
3,322,925
2,561,375
-
—
August
September
2.301,405
1,927,750
2,016,500
June
2,650,800
2.362.515
2,229,450
1,185,250
3474.
Corp.—Initial and Special Dividends
National Container
share and a
stock both payable
The directors have declared an initial dividend of 25 cents per
special dividend of like amount on the new common
Dec. 10 to holders of record Nov. 30.
These
are
the old stock
the first dividends since the present common was
on
p.
issued for
share,
preferred.—V. 143,
the basis of two shares of new common for each old
3640.
National Distillers Products
Corp.—Extra Dividend—
The directors have declared an extra dividend of
75 cents per share on the
stock, no par value, payable Dec. 22 to holders of record Dec. 12.
The regular quarterly dividend of 50 cents per share was paid on Nov. 2,
last.—V. 143, p. 3474.
common
National Funding
Corp.—Extra Dividends—
The directors have declared an extra dividend
2 M cents per share on
dividends of 17 H cents
of
the class A and B stock and the regular quarterly
share on these stocks, all payable Dec. 17 to holders of record Dec. 8.—
V. 143, p. 3326.
per
National
Corp.—Considers Mutualization and
Trusts—
Investors
Merger of Four
Fred Y. Presley, President, states that the management contemplates
submitting in the near future to the security holders of National Investors
Corp. and of Second, Third and Fourth National Investors corporations
plans for the mutualization and consolidation of these companies.—V. 143,
p. 2380.
&
Malleable
Steel
Castings
Co.— To
Pay
Larger Dividend—
a dividend of $1 per share on the common
Nov. 28. A dividend of 65 cents
paid on Oct. 23, last, and previously dividends of 10 and
share were distributed during 1936.—V. 143, p. 3327.
The directors have declared
stock payable Dec. 15 to holders of record
Res. for self-ins.
inv.
dividend
Sept. 30 and June 30, last.—V.
on
National
*36
Assets—
a
4,779
4t—
Provision for Federal and State income taxes
declared
have
stock, no par value, payable Dec. 26 to holders of record Dec. 15.
Previously dividends of 50 cents per share were distributed each three
months.
In addition an extra dividend of 25 cents per share was paid
and four shares of new common for each share of old
$255,524,483
including
235,264,164
Net sales
Cost
31, 1936
directors
common
sold will be credited to tne "capital stock account."
that the proceeds
Trust—Registers with SEC
given on first page of this department.
per
share
was
25 cents per
National
Printing
Appliance
Corp.—Transfer Agent,
Registrar—
The Continental Bank
&
Trust Co. has been appointed registrar, and
the Registrar & Transfer Co. have been
the common stock.—V. 142, p. 3353.
National Public Service
appointed the transfer agents for
Corp.—Stock Auction Postponed
Judge Martin T. Manton of the U. S. Circuit Court has signed an order
restraining the New Yo*k Trust Co., trustee, from auctioning 712,411
shares of Jersey Central Power & Light Co. common stock, until Jan. 15.
At the same time the Court set Jan. 4 for a hearing on Associated Gas &
Electric interests' appeal of District Court Judge Mandelbaum's order
dismissing a petition for reorganization of National Public Service Corp.
The Jersey Central stock, collateral supporting National Public Service
debentures, represents control of the utility, and is being sought by both
Associated and Public Service Corp. of New Jersey.
The auction had
been set for Dec. 21 by Judge Manton in a previous restraining order.
The upset price for the stock has now been increased to $9,000,000.—
V. 143, p. 3641.
National Refining
Co.—Suit Against Reorganization—
A group of preferred stockholders has filed suit in Common Pleas Court,
Cleveland, in an attempt to block the plan of reorganization proposed by
Financial
Volume 143
,
directors
Chronicle
by stockholders, designed to clear arrearages on
the $8 preferred stock and replace it with a $6 issue.
The petition charges
the plan is unfair to preferred stockholders and requests that consummation
of the plan be enjoined.
It also asks that directors be held liable if the
plan eventually is allowed to go through.—V. 143, p. 3327.
The Federal
Supply Co.—To Pay Preferred Dividend—
The directors have declared
accumulations
A letter has been sent out by the committee recommending accept¬
ance of the offer, it being pointed out that in view of tne approaching
maturity of the company's bonded indebtedness, it would appear that the
status of the preferred stock is "in a precarious position."
|fc
ago.
the
National
a
dividend of $3.50 per share on account of
on
New Orleans Public Service
Steel
given
on
$429,689
1,892
$427,819
2,263
$5,315,344
19,605
$5,328,940
38,353
Gross corp. income—_
$431,581
226,181
$430,082
242,561
$5,334,949
2,772,003
$5,367,293
2,889,555
y$205,400
y$187,521
appropriations
$2,562,946
2,124,000
$2,467,738
2,124,000
Int. & other deductions-
Balance
z
——
y Before
property retirement reserve appropriations and dividends.
Dividends accumulated and unpaid to Oct. 31,1936, amounted to $2,019,Latest dividend, amounting to 87)4 cents a share on $7 preferred
was paid April 1, 1933.
Dividends on this stock are cumulative.
—V. 143, p. 2852.
506.
stock
New York Chicago & St. Louis RR.—Bond Extension—
The company has asked the Interstate Commerce Commission for per¬
mission to amend its recent application for a plan to extend its $7,250,000
of Lake Erie & Western RR. first mortgage bonds, due Jan. 1, 1937. The
firmed
application recently filed proposed
Period End. Oct. 31—
Operating revenues
Oper.exps.& taxes.....
1936—Month—1935
$586,451
$580,704
extension of the bonds for a period of
of the principal amount of bonds deposited for extension.
Under this
arrangement the effective annual interest yield to holders during
the
extended period will be approximately 3.17%.
In connection with the proposed extension, the
company expects to enter
into an agreement with Edward B. Smith & Co, whereby tne latter will
offer to purchase and deposit for extension bonds of holders who do not
wish to deposit their bonds for extension.—Y. 143, p. 3475.
.
New York Connecting
October—
Gross from railway——
Net after rents—From Jan. 1—
Gross from railway
1936—12 Mos.—1935
$7,045,731
$6,747,533
3,873,934
3,512,382
an
10 years at 3 H %. The amendment sought proposes to change the interest
rate to 3 % and.provides for a cash payment to present bondholders of 1 H%
Net from railway—
[American Power & Light Co. Subsidiary]
544,586
$200,848
z
Corp.—Loses R. C. A. Suit—
Nebraska Power Co.—Earnings—
544,586
$105,640
—
The corporation received a setback in its suits against the Radio Corp.
of America fo
more than $1,000,000 damages, charging unfair compe¬
tition in the manufacture of radio tubes, when the Appellate Division af¬
p. 2218.
reserve
Divs. applicable to preferred stock for period,
whether paid or unpaid
Deficit
Corp.—Registers.with SEC—
a Supreme Court ruling denying the plaintiff's motion to restrain
R. C. A. from terminating its license to manufacture the tubes.
National
Union, organized in 1929 through an R. O. A. loan of $2,000,000, was
licensed by R. O. A. to manufacture tubes.
R. C. A. threatened to revoke
the license last spring when the plaintiff was in default for $132,807 in
royalties under the license agreement.
The plaintiff claims that R. C. A. advertising is detrimental to its business
and the R. O. A. sold its own tubes at less than cost.
The plaintiff demands
the return of $700,000 royalties paid R. Q. A. since 1929 and the return of
over $400,000 royalties paid under a license to manufacture radio sets.
It also asked the Court to declare that it was no longer obligated to pay
royalties.
R. C. A. contends the suit was brought to avoid payment of
debts, asserted the plaintiff is financially unable to do business and that
it has been refused an Reconstruction Finance Corporation loan.—V. 143,
——
Property retirement
first page of this department.
National Union Radio
1936—12 Mos.—1935 1
$1,243,086 $16,780,739 $15,201,461
11,465,395
9,872,521
815,267
Net revs, from oper'ns
Other income (net)
The directors on Dec. 7 declared an extra dividend of $1 per share in
addition to a quarterly dividend of 62
cents per share on the capital
stock, par $25, both payable Dec. 21 to holders or record Dec. 12.
Quarterly dividends of 37H cents per share were paid from Jan. 31,
1936 to Oct. 31, 1936, inclusive.
A quarterly dividend of 25 cents and an
extra dividend of 12)$ cents per share were paid in each quarter of 1935.
Dividends of 25 cents per share were also paid in each quarter of 1934.
E. T. Weir, Chairman, announced that the current quarterly dividend
ordinarily would have been declared at the meeting held in January.
Henceforth, he said, dividends would be declared in the final month of
the quarter for which they are payable.
Inclusion of the 62)$-cent pay¬
ment now obviates the necessity for the January meeting, and also reduces
the amount of the Fderal tax on undistributed earnings.—V. 143, p. 3006.
National Tax Investment
1936—Month—1935
Operating revenues
$1,422,708
Oper. exps., and taxes—
993,019
Corp.--Extra Dividend—Larger Regular
Dividend—
See list
Inc.—-Earnings—
[Electric Power & Light Corp. Subsidiary]
Period Ended Oct. 31—
share Was paid.—V. 143, p. 3474.
National
Light & Traction Co. holds the common stock and parfof
preferred, and in addition have made advances of nearly $2,000,000
142, p. 1995.
to the company on capital account.—V.
the 7% cumulative preferred stock, par $100, payable
Dec. 22 to holders of record Dec. 11.
This will be the first dividend paid
onthepreferred stock since Sept. 30.1931 when a regular quarterlu dividend
of $1.75 per
3851
I
and approved
Net from railway
Net after rents
—V. 143, p. 2852.
——
RR.—Earnings.—
1936
1935
$230,863
175,890
101,183
$214,958
157,764
91,805
2,321,873
1,793,513
1,146,897
2,256,422
1,725,247
1,036,227
1933
1934
$213,827
155,432
79,695
$210,506
162,527
86,609
2,232,540
1,744,815
1,009,329
2,314,951
1,841,967
1,116,978
326,386
302,720
$277,984
5,089
$3,171,797
262,836
$2,235,151
Other income (net)
$260,065
5,389
New York Navigation
258,977
See list given in "Chronicle,"
Gross corp. income...
Int. & other deductions-
$265,454
85,897
$283,073
87,126
$3,434,633
1,034,554
$3,494,128
1,038,825
Queens Electric Light & Power Co.—
Merger with Consolidated Edison Co. May Be Held Up—See
y$179,557
y$195,947
Property retirement reserve appropriations
z Divs.
applic. to pref. stock for period, whether
paid or unpaid
$2,400,079
$2,455,303
450,000
525,000
Consolidated Edison Co. of New York, Inc., above.
499,100
499,100
Net
revs,
from oper_.
Balance
Balance
z
$1,431,203
$1,450,979
y Before property retirement reserve appropriations and
Regular dividends on 7% and 6% preferred stocks were paid
dividends.
on
Sept. 1,
1936
$1,086,449
1,207,599
1,334,294
1,780.122
1,937,089
May
June....
.....
July
August..
September
October....
November
—V. 143, p. 3327.
1935
$993,887
1,053,897
1,335,358
1,565.392
1,612,224
1,935.038
1.659.109
1,680,633
1,583,747
1,657,871
1,959,141
1,788,362
February
March
April
1,467.626
1,403,181
1,647,333
1,841,495
1934
$984,596
988,901
1,562,651
1,300,759
1,707,159
1,579,183
1,157,525
1,202,960
1,297,180
1,411,793
1,374,908
1.435,896
Nevada-California Electric Corp. (&
Period End. Oct. 31—
Gross oper. earnings-...
1936—Month—1935
1933
$793,048
831,719
924,977
1,278,039
1,363.375
1,311,105
1,153,923
1,148,592
1.249,223
1,296,191
1,295,611
Subs.)—Earnings
1936—12 Mos.—1935
Oper.& gen. exps.& taxes
$432,003
255,696
$398,973
179,192
$5,767,726
2,834,604
$5,235,379
2,621,290
Operating profits-...
Non-oper. earns.(net)._
$176,306
5,614
$219,780
4,958
$2,933,121
43,615
$2,614,089
111,873
$224,739
115,506
46,091
$2,976,737
1,352,418
599,674
$2,725,963
1.437,241
644,053
Total income..
Interest
—J—
Depreciation
Discount and expense on
securities sold.
Profit arising from retire¬
ment of bds. & debs..
Other miscell. additions
and deductions
$181,920
111,040
44,162
*
7,109
8,288
93,549
101,622
defl4,481
def416
243,981
5,275
Surplus available for
redemption of bds.,
divs., &c
—V. 143, P. 2219.
4,032
17,130
46,084
$13,915
$50,820
$899,483
January
February
March...
April
May..
June
4,154,227
July..
August
September..
....
...
October..
....
November
a dividend of $4.50 per share on the common
value, payable Dec. 14 to holders of record Dec. 4.
This
share paid in each of the three preced¬
ing quarters; $1 paid op Dec. 14, 1935 and $2 per share paid each three
months from June, 1933 to and inducting Sept. 14, 1935.—V. 143, p. 2853.
3.996,269
3,916,349
3,873,604
4,427,640
3,905,547
1935
$2,345,084
2,528,594
3,021,004
3,521,592
3,365.769
3,520,541
3.428,849
3,579,492
3,322,860
3,747,305
3,805,059
no par
compares with dividends of $1.50 per
New York Title & Mortgage Co,—Payment on
Certificates
announced Dec. 7 tnat they will pay $558,219 on Dec. 31 to
certificates of Dec. 15.
This will constitute a payment at the
for every $100
of face amount of certificates.—v. 143,
p.
holders of
rate of $2
2853.
New York Trap Rock Corp.—Pays Up Preferred Arrear¬
ages—Resumes Common Dividends—
The directors have declared
cumulative
preferred stock,
dividend of $12.25 per share on the $7
a
no
par,
thus clearing up all arrears up to
Dec. 31, 1936.
The dividend is payable $6.25 per share in cash on Nov. 30
to holders of record Nov. 25 and $6 per share in preferred stock valued
at $100 per share payable Jan. 1 to holders of record Nov. 25.
The directors also declared a dividend of 25 cents per share on the common
stock, payable Nov. 30 to holders of record Nov. 25.
The last previous
payment made on the common shares was the $3 dividend paid on Dec. 26,
1929.
The company stated that the dividend of 25 cents paid on the common
of 1% on account of the
rights of stamped or assenting first mortgage bonds to participate in earnings
and accordingly there was paid Dec. 1 $2.50 on account of participating
warrant No. 4 attached to assenting bonds in addition to the regular interest
at the rate of 6% per annum.
As to stamped or assenting 7% sinking fund debentures due Dec. 1,1936,
which were extended to mature Dec. 1, 1946, holders are entitled to an
additional 1% per annum payable in the proportion of 1% on the principal
of the issue to $7 in dividends on preferred stock.
The amount is cumula¬
tive from the interest date following stamping and is payable upon a call
for redemption or at the maturity of the issue if not paud currently.
/
The dividends on the common and preferred will also necessitate on the
first mortgage bonds a sinking fund of $65,150 on account of the dividends
on the preferred and $44,985 on account of the dividend on the common.
To provide for these sinking funds, first mortgage bonds will be deposited
for cancellation with the trustee, calculated at cost, exclusive of interest
and commission as provided for.—-V. 143, p. 36-t2.
stock Nov. 30 necessitates the payment of M
Noblitt-Sparks Industries, Inc.-—Listing Approved—
The
1936
$2,446,502
2,752,292
2,968,868
3.690,855
3,966,016
—
The directors have declared
stock,
$740,943
Chicago Stock Excnange has approved the listing of 10,000 ad¬
par.—V. 143, p. 3475.
ditional shares of capital stock, $5
(J. J.) Newberry Co.—Sales—
Month of—
3616.
The trustees for the $28,000,000 Series F-l issue of mortgage certificates
Brothers, Inc.—Sales—
Month of—
January
page
&
Larger Common Dividend—
After the payment of these dividends there were no accumulated unpaid
dividends at that date.—V. 143, p. 2852.
Neisner
New York
Co.—Registers with SEC—
Dec. 5
1934
$2,360,766
2,294,272
3,329,179
2.876,783
3,408,136
3,608,094
3,122,802
3,241,494
3,270,977
North American Investment
1933
$1,883,121
1,976,225
2,117,309
" 2,710,174
2.740,152
2,900,065
2.934,565
2,847,365
3,042.629
2,990.569
2,935,998
3,448,201
3,301,290
—V. 143, p. 3155.
See list
Corp.—Registers with SEC
given on first page of this department.—V. 143, p. 3642.
North American Rayon
Corp.—Admitted to Listing and
Registration—
The New York Curb Exchange has admitted to listing and registration the
6% prior preferred stock, $50 par; the class A common stock, no par, and the
par.—V. 143, p. 3642.
class B common stock, no
Northern Illinois Finance
Corp.—Larger Common Div.
have declared a dividend of 30 cents per share on the
stock, no par value, payable Dec. 22 to holders of record Dec. 5.
An initial dividend of 25 cents per share was paid on Nov. 2, last.—V. 143,
The directors
common
New Haven Clock Co.—Preferred Dividend—
<
The directors have declared three dividends of $1.62)$ per share-each,
total of $4.87)$ per share, on account of accumulations on the 6)4%
p.
2529.
or a
pref. stock, series A, par $100, payable Dec. 1 to holders of
Nov. 25, The current dividends are to apply on the dividend due Nov. 1,
1935, Feb. 1 and May 1, 1936.
Dividends of $3.25 per share were paid
on Nov. 20, Nov. 2 and Oct. 1, last, ard divs. of $1.62)4 per share were
paid on Aug. 1, last, and in each of the six proceding quarters, on Feb. 1.
1933 and on Feb. 1,1932.—V. 143, p. 3155.
cum.
conv.
New Brunswick Power Co.—Shareholders Get
Offer—
Holders of the 7% preferred shares are in receipt of an offer of $10 per
share from the Federal Light & Traction Go.
The present offer to purchase the preferred has been made through a
protective committee, set up by the preferred stockholders some years
Northern Ohio Ry.—Interest—
Notice having been received that the coupons due Oct. 1, 1936 from the
guaranteed first mortgage 5% gold bonds, due 1945, are now being pur¬
chased, the committee on securities of the New York Stock Exchange
rules that the bonds dealt in "with Oct. 1, 1936 and subsequent coupons,"
option (b), be quoted ex-interest 2)4% on Dec. 4, 1936; that the bonds
will continue to be dealt in "flat" and to be a delivery in settlement of
transactions made beginning Dec. 4, 1936 must carry the coupons as
follows: (a) "with April 1,1934, and subsequent coupons;" (b) "with April 1,
1937, and subsequent coupons," and that bids and offers shall be con¬
sidered as being for bonds "with April 1, 1937, and subsequent coupons,"
option (b) unless otherwise specified at the time of transaction. .
3852
r
The
Financial
ruling applies ]to )bonis Represented by certificates of deposit.
143, p. 3328,
,
same
Chronicle
Dec.
1936
12,
and one-half share of common stock for each share of prior preference stock
surrendered for exchange.
The directors also declared a dividend of $4,125
share upon the convertible first preferred stock which will be issued in
exchange under the plan, such dividend being equivalent to $5.28 a share
the prior preference stock exchanged.
Holders of outstanding certificates of deposit and of certificates for prior
preference stock may surrender their certificates to the company's New
York or Cleveland depositary and on Dec. 15th certificates for the new
stocks will be issued and payment made of the dividend declared.
The
directors fixed Dec. 28, 1936 as the date on or before which prior preference
stock may be exchanged tinder the plan.—Y. 143, p. 3476.
a
Norwalk Tire & Rubber Co.
(& Subs.)—Earningi
Consolidated Income Account for Years
1935
1936
Gross profit on sales
upon
Ended Sept. 30
gen.
1934
$247,605
205,391
$198,162
153,777
loss$18,639
3,641
$44,385
1,056
loss$14,998
33,801
_
& administrative expenses.
$145,457
164,097
$42,215
19,737
Sell.,
$45,441
28,699
Total profit.
Interest paid.
Miscellaneous deductions...
Federal income tax (est).
1,057
*T,ll7
"5,417
307,319
loss$49,917
375,342
12,000
Drl,955
2,105
2*411
$335,469
28,150
$407,552
32,209
$307,319
$375,342
Net profit.
Pacific Distillers,
s-
::
$320,495
—
I
"9.159
$311,336
.
Consolidated Balance Sheet Sept. 30
x
1936
1935
y
Notes
&
$282,980 z Common stock..
70,178 Dividends payable
Accounts payable.
368,992 Accrued accounts.
255,628 Capital surplus...
11,834 Earned surplus...
27,211
$252,509
45,790
Cash
accts.
receivable, &c._
453,840
286,086
11,842
24,688
Inventories
Deferred charges.
Other assets
1936
Liabilities—
Preferred stock—
Prop., plant and
equipment
.
Total.........$1,074,756 $1,016,821
$439,200
202,230
9~8~028
23,962
271,427
39,909
1935
$439,200
202,230
4,392
49,589
14,090
271,427
35,892
$1,074,756 $1,016,821
Total
After deducting $153,434 ($106,018 in 1935) reserve for depreciation,
y After deducting $24,723 ($24,504 in 1935) reserve for bad and doubtful
accounts and notes,
z Represented by 202,230 no par shares.—V.
142.
Pi 3686.
x
Oahu Sugar Co.,
See list given on
Ltd.—Larger Dividend—
The directors have declared a dividend of $1.40 per share on the common
stock, par $20, payable Dec. 10 to holders of record Nov. 30.
This com¬
pares with monthly dividends of 20 cents per share paid previously.
In
addition, an extra dividend of 20 cents was paid on Nov. 14, Oct. 15, and
Sept. 15, last; $1.20 paid on Dec. 14, 1935 and on Dec. 15, 1934 and an
extra dividend of 30 cents distributed on Dec. 15 and on Nov. 15, 1933.
—V. 143, p. 2380.
Corp. of Calif.—Preferred Stock Offering
offering of 27,000 shares (part of 35,000 shares
registered and being sold) 5% cum. pref. stock "5% series"
(with common stock purchase warrants attached) was made
Dec. 11 at a price of $101 per share plus accrued dividends,
from Nov. 1, 1936, through an underwriting group headed
by Dean Witter & Co. and William R. Staats Co.
Other
members of the group are:
Estabrook & Co.; Conrad,
Bruce & Co.; Schwabacher & Co.; Wm. Cavalier & Co.;
Dulin & Co., and Elworthy & Co.
—Public
The directors have declared
a
Pacific
A'stock, payable Dec. 15 to holders of record Dec. 7.
distribution made on this stock
1929—V. 125, p. 256.
was the
The last previous
cent dividend paid on Dec. 16,
31
The balance of
accrued dividends.
approximately $2,100,000 will be used to retire outstanding short-term
subsidiaries and for other corporate purposes.
The new preferred stock has non-detachable common stock purchase
warrants attached which entitle the holder not later than Jan. 2, 1940,
to purchase one share of common* stock of the company at $39 per share
for each share of preferred held.
Holders of preferred stock "series D" to be called for redemption are to
be offered the right of exchange to the new preferred stock "5% series" on
a par for par bais with a cash adjustment for dividends for a period of 15
days.
Corporation is one of the largest independent organizations engaged in
financing instalment sales and discounting commercial receivables on the
West Coast.—V. 143, p. 3644.
notes and to make advances to
Telephone & Telegraph Co.—Earnings—
Period End. Oct. 31—
dividend of 25 cents per share on the class
be applied for the purpose
shares of outstanding preferred stock
Net proceeds of approximately $3,416,000 wiU
of redeeming the company's 128,515
"series D" at $10.50 a share plus
Ohio Confection Co.—Resumes Class A Dividends—
f
Inc.—Registers with SEC—
first page of this department.
Pacific Finance
Total surplus
Dividends on preferred stock.
Additional deprec. of equipment
Assets—
Apartments—Distribut'n
fee QH% serial gold bonds dated A.ug. 27,1926,
presented for credit at the foreclosure sale, are notified that funds in an
amount sufficient to provide distribution at the rate of $409.42 per $1,000
bond and $204.71 per $500 bond are now available for such holders at
the office of Continental Bank & Trust Co. of New York, trustee.
$11,324
391,711
Dr5,250
Oxford Street & Park Avenue
Holders of the 1st mtge.
not
Operating
revenues
Uncollectible oper. rev-
Operating
expenses
1936—Month—1935
1936—10 Mos.—1935
$5,451,646
$4,954,436 $52,016,236 $47,229,521
16,600
17,160
169,699
172,430
3,660,892
3,286,047
35,016,155
32,214,503
Rent from lease of oper.
Ohio Edison Co.—Files for
$26,834,000 Bonds—
Operating taxes
The company on Dec. 10 filed with the Securities and Exchange Oommission a registration statement (No. 2-2721, Form A-2) under the Securi¬
ties Act of 1933 covering $26,834,000 of first mortgage 3%% bonds, series
Net oper. income....
725
5,418,304
$1,047,266 $10,484,549
$9,425,009
70
604,033
$1,137,657
$2 Dividend—
of
1937, due 1972.
According to the registration statement, the net proceeds from the sale
of the bonds together with treasury funds will be used for the redemption
on Feb. 1, 1937, at
105% of $26,834,500 outstanding first mortgage 5%
bonds, series due 1960.
The total amount required for redemption is
$28,176,225, it is stated.
The bonds are redeemable at the option of the company as a whole at
any time or in part on any interest payment date after 30 days' notice at
110% and interest if red. on or before July 1, 1938, the premium thereafter
decreasing H of 1% on July 2, 1938, and on the second day of each 18
month thereafter to and incl. Jan. 2, 1967.
No premium will be paid if
the bonds are redeemed on or after Jan. 2, 1967.
The underwriters and the amounts to be underwritten by each are as
725
6,346,558
70
636,567
properties
a dividend of $2 per share on the common
holders of record Dec. 10.
A similar payment
and previously regular quarterly dividends of
$1.50 per share were paid since and including March, 1933.—V. 143, p. 3477
The directors have declared
par $100, payable Dec. 21 to
was made on Sept. 30, last
.
follows:
Pacific Tin
Corp.—Extra Dividend—
The directors have declared an extra dividend of 60 cents per share
the special stock payable Dec. 23 to holders of record Dec. 5. An extra
on
dividend of 50 cents in addition to the regular quarterly dividend of 50
cents per
share was paid
on
Nov. 2 and on Feb. 1, last.—V. 143, p. 2221.
Pacific Western Oil Corp.—To Pay
65-Cen£ Dividend—
a dividend of 65 cents per share on the no
par
stock, payable Dec. 18 to holders of record Dec. 7. A dividend of
The directors have declared
Morgan Stanley & Co., Inc.. .$5,092,000
Bonbright & Co., Inc
5,092,000
Brown Harriman &
Co., Inc— 1,500,000
1,500,000
First Boston Corp
1,500,000
Lee Hlgglnson Corp
1,500,000
E. W. Clark & Co
1,500,000
Stone & Webster and Blodget,
Inc
1,100,000
Lazard Freres & Co., Inc
1,100,000
Blyth & Co., Inc
1,100,000
Edward B. Smith & Co
—
..
Lehman Brothers
.$1,100,000
Eastman, Dillon & Co
550,000
Kidder, Peabody & Co
550,000
Mellon Securities Corp.......
550,000
Schoellkopf, Hutton & Pomeroy, Inc
550,000
W. E. Hutton & Co
550,000
Graham, Parsons <fc Co
400,000
Spencer Trask & Co
400,000
Kuhn, Loeb & Co
1,200,000
common
25 cents was
paid on Dec. 23,1935; 40 cents per share was paid on Nov. 30,
this latter being
1934and a dividend of 25 cents waspaid on Oct. 25,1933,
the initial payment on the issue.—V. 143, p. 3329.
Pan American Southern
Corp.—25-Cent Dividend—
declared a dividend of 25 cents per share on the
stock, par $1, payable Dec. 21 to holders of record Dec. 7. This
will be the first dividend paid since June 15,1934 when a payment of $1 per
share was made out of capital surplus.
A distribution of $3 per share was
made out of capital surplus on Jan. 30, 1934.—V. 141, p. 123.
The directors have
common
The price to the public and the underwriting discounts or commissions
are
to
143,
p.
be furnished
3476.
Oil &
by
amendment
to
the registration statement.—V.
Industries, Inc.—Dividends—
r
The directors have declared a participating dividend of 25 cents per share
inladdition to a regular dividend of 25 cents per share on the participating
preferred stock and a dividend of 50 cents per share on the common stock,
all payable Dec. 22 to holders of record Dec. 12.
bove payments total dividends of $1 per share will have
jreferred stock in 1936 against 75 cents in 1935 and total
js distributed in
1936 will amount to 50 cents against
25 cents last year.—V. 143, p. 2062.
Oklahoma
Gas
&
Electric
Co.—Subscription
Books
Closed—
Pat he Film
Peerless
Weighing
Preferred Dividend—
on the two issues aggregating $44,500,000 of first
bonds 3H% series due 1966 and 4% debentures due in 1946
offered Dec. 3 by a syndicate headed by H. M. Byllesby & Oo., Inc.,
Schroeder, Rockefeller & Co., Inc. and Bancamerica-Blair Corp. were
closed the day of offering.
See details in V. 143, p. 3643, 3476.
a meeting held Nov. 20, declared a dividend of $1 per
outstanding shares of preference stock.
This dividend in
the
on
a
$63,638
42,023
12,394
1936—12 Mos.—1935
$60,025
36,621
6,872
$733,513
448,002
114,870
Operating income
Gross income
on funded debt.
Other interest .;
Amortiz. deductions
Other deductions
-
$721,459
414,374
81,126
(J. C.) Penney Co., Inc.—Sales—
January
February....
March..
April.
May
Balance
Fed.
inc.
$170,641
35,689
$225,959
38,315
July
August
September
$12,166
3,950
$19,082
3,950
October
37
$206,330
47,400
2,155
$264,274
59,633
54
884
2,234
taxes
incl.
operating expenses
—V. 143, p. 2855.
Otis Steel
46
113
6,691
7,606
3,571
85,436
5,123
102,344
$1,422
Divs. accrd. on pref. stk.
$7,376
$67,768
$94,056
20,441
24,200
in
3,000
Co.—Recapitalization Plan Operative—
E. J. Kulas, President of the company, announced on Dec. 4 that the
directors of the company had declared operative at the close of business
Dec. 14, 1936 its plan of recapitalization under which prior preference
shareholders will receive 1.28 shares of
new
Dec. 15) to
1411.
a dividend of 30 cents per share on the
capital stock of the company, payable Dec. 23 to holders of record
$16,532
2,550
............
p.
Penn Western Gas & Electric Co.—Dividend—
$9,221
2,945
Interest
than
143,
The board of directors has declared
June..
Other income
few days after issuance (but not earlier
the initial record holders of such certificates.
A similar payment was made on April 20, last.—V.
_
Operating revenues
Operating expenses
Depreciation
before
The dividend in respect of preference stock voting trust certificates issued
under the plan of reorganization subsequently to Dec. 1, 1936, will be
Month of—
Orange & Rockland Electric Co.—Earnings—
1936—Month—1935
Corp.—
Machine
Dec. 10, 1936.—V. 143, p. 3158; V. 142, p. 2336.
The New York Curb Exchange will list 190,000 additional shares of
capital stock, $1 par, upon notice of issuance.—V. 143, p. 3329.
Period End. Oct. 31—
Vending
respect of preference stock voting trust certificates issued on or
Dec. 1, 1936 will be paid on Dec. 15, to holders of record Dec. 1.
common
Oldetyme Distillers Corp.—To Be Added to List—
&
denied the application
($1 par) on the Boston
The directors at
share
paid within
Subscription books
mortgage
Corp.—Unlisted Trading Privileges Denied—
The Securities and Exchange Commission has
for unlisted trading privileges in the common stock
Stock Exchange.—V. 143, p. 3158.
convertible first preferred stock
November...
1936
1935
1934
—$13,964,419 $12,924,114 $12,440,233
13,692,430
12,040,899
11,741,901
16,282,456
15,511,ol4
16,4'4,080
19,759,157
17,591,998
15,475,133
20,639,831
16,976,710
17,084,631
21,474,807
17,934.548
16,796.586
18,475,110
15,919,033
13,967,193
19,368,510
17,885,331
16,131,402
22,529,128
18,805,973
19,988,602
28,952,204
24,023,064
21,241,685
26,071,912
24,991,537
21,379,652
1933
$8,689,376
8,455,073
10,234,073
14,591,329
14,431,647
14.628.193
13,557,830
14.211.719
16,288,141
18,642,970
19,215,781
Registers 75,000 Shares with SEC—
The company has filed a registration statement with tne Securities and
Exchange Commission covering 75,000 snares of common stock, no par
value.
According to the registration statement, the company will offer the
common stock to active eligible associates, wnich is defined in resolutions
of stockholders and board of directors as including executives, store man¬
buyers and employees holding positions in the company who are
actively engaged in the operation of its business on the date when the offer¬
ing is made.
Offering price of the common will be $60 a share.
Tne reso¬
lutions further provide that the number of snares to be offered to each
active eligible associate will be a portion of the total amount in comparison
with th&Amount of compensation received.
Proceeds from the issue will be used in the general business operations
of the company.—V. 143, p. 3477.
agers,
I
Volume
Financial
143
Pennsylvania RR.
Balance Sheet
AiSSCts~~~~"
as a
Premium on capital stockFunded debt unmatured
669,303
Traffic
liability
12,778
Other investments
-
Special deposits--.—
D>ang and bills receivableTraffic & car service bal¬
ances receivableNet balance receivable from
-
agents and conductors—Mtecell. accounts receivable
Material and supplies
Interest & divs. receivable.
Other current assets——
working fund advances...
Insurance and other funds.
Other deferred assets
Bents and insurance
ances
—
pre¬
miums paid in advance--
Other unadjusted debits—
&
10.142,739
654,407.994
25,718,214
bal¬
service
car
7,550,174
19,297,634
6,406,638
3,771,110
payable
Interest matured unpaid—
12,016,721 Dividends matured unpaid41,904 Funded debt mat'd, unpaid
103,565
3,382,581
5,885,358
7,588,966
1,381.049
1,327,850
26,571,108
Unmat'd int. accrued
rents accrued..
4,882,846 Unmatured
Other current liabilities
8,775,822 Deferred liabilities
13,916,539 Tax liability
25,482,316 Premium on funded debt—
6,086,222 Insurance & casualty res..
139,901
19,727,731
544,217
10,167,216
259,587,651
85,067,914
175,049 Maintenance reserves.,
222,125 Accrued deprec.—road
97,736,425 Accrued deprec.—equipm't
2,718,512 Other unadjusted credits..
Additions to prop, through
income and surplus
211,735,876
215,746
23,241,721 Funded debt retired through
Income and surplus--.-.
Sinking fund reserves
Miscellaneous fund reserves
Profit and loss
Total-.—
—V.
143,
2,301,284,874
P.
-
9,385,228
669,303
76,039,048
196,301,009
...2,301,284,874
Total
3645.
Pennsylvania Power & Light Co.—Earnings—
[Lehigh Power Securities Corp. Subsidiary]
Period End. Oct. 31—
Oper.
$3,180,271
1,861,114
1,711
exps. & taxes
Bent for leased prop
Balance..
Other income (net)—.
1936—12 Mos.—1935
$2,852,960 $36,375,818 $34,630,713
1,595,922
20,402,977
18,493,222
1,821
21,041
24,785
1936—Afonfft—1935
Operating revenues
15,897
—
Gross corp. income—
Int. & other deductions.
$1,255,217 $15,951,800 $16,112,706
22.544
241,263
370,688
$1,333,343
520,368
$1,277,761 $16,193,063 $16,483,394
523,442
6,247,464
6,272,848
$1,317,446
Balance..
y$812,975
y$754,319
Property retirement reserve appropriations
zDivs. applic. to pref. stocks for period, whether
paid or unpaid—
y
Before
$9,945,599 $10,210,546
1,904,000
1,875,000
property
retirement
3,846,543
3,846,535
$4,195,056
Balance
$4,489,011
appropriations
reserve
and
dividends,
z Regular dividends on all classes of
pref. stock were paid on Oct. 1, 1936.
After the payment of these dividends there were no accumulated unpaid
dividends at that date.
Note—No provision has been made in the above statement for surtax on
undistributed net income" under the Revenue Act of 1936.
The Pennsylvania Public Service Commission has ordered a natural gas
rate reduction for the
Williamsport division, amounting to approximately
$10,000 per month, to be effective after Sept. 11, 1936.
made
The Commission
finding which may result in reparations to customers retroactive to
Nov. 1, 1931, and amounting in the aggregate to approximately $507,000.
a
The above income statement does not reflect any adjustments on account
of these items because the Commission's order and findings are now being
litigated.—V. 143,
p. 2692.
Pennsylvania State Water Corp.—Bonds Offered—
Offering was made Dec. 7 of an issue of $7,250,000 of 1st
coll. trust bonds, 434% series due 1966, by a group headed
by W. C. Langley & Co.
The bonds were priced at 103%
plus accrued int.
Other members of the offering group
included:
Halsey, Stuart & Co., Inc.; Chandler & Co.,
Inc.; A. C. Allyn & Co., Inc.; Hemphill, Noyes & Co.;
Paine, Webber & Co.; H. M. Payson & Co., and Cassat &
Co.
It was announced the day of offering that subscription
Dated Nov. 1, 1936; due Nov. 1, 1966.
Int. payable M. & N. 1* in
N. Y. City.
Red. as a whole or in part at any time pn 30 days' notice at
107 to and incl. Nov. 1, 1937: thereafter at 106)4 to and incl. Nov. 1,1938;
thereafter at 106 to and incl. Nov. 1,1939; thereafter at 105)4 to and incl.
Nov. 1, 1940; thereafter at 105 to and incl. Nov. 1, 1959; thereafter at 104
to and incl. Nov. 1, 1960; thereafter at 103 to and incl. Nov. 1, 1961;
thereafter at 102 to and incl. Nov. 1, 1962; thereafter at 101 to and incl.
Nov. 1,1963; and at 100 thereafter until maturity, with accrued int. in each
Company agrees, upon application, to reimburse holders or owners
of the bonds, other than corporations, for certain normal Federal income
taxes up to but not exceeding 2% of the int. derived from the bonds and also
case.
to reimburse holders or owners of the bonds for certain personal property
taxes on the bonds in Penn. not exceeding in the aggregate 5 mills of the tax¬
able value of the bonds in any calendar year.
Denom. of $1,000 and $500,
registerable as to principal, Chase National Bank, N.Y., Trustee.
Consolidated Earnings
-Calendar
1933
Prov. for Fed, inc. taxes.
Prov. for retirements—
Years-
12 Mos. End.
1934
1935
$1,135,549
474,069
20,126
64,284
$1,176,991
502,473
45,654
56,329
$1,177,508
473,456
46,624
63,489
Aug. 31, "36
$1,207,972
519,975
38,964
58,146
Lehigh Valley R.R. Gen. Cons. Reg'd 4s & 43^s, 2003
Lehigh Valley R.R. Annuity 4^8 and 6s
LaFrance Textile Industries 1st 6s, due 1942
Missouri Public Service 1st 5s, 1960—When issued
YARN ALL & CO.
A. T. & T. Teletype—Phila. 22
1528 Walnut St.
$577,070
4,931
$572,535
3,776
$593,939
5,212
$590,887
4,298
$582,001
$576,311
$599,151
$595,185
761
1,022
i
Balance
1,406
1,604
-
$580,979
$575,550
$597,745
Annual interest requirements on funded debt to be outstanding.
a
——
.
$593,581
$308,125
a The balance shown for the 12 months ended Aug.
31, 1936, is before
deduction of the Federal surtax on undistributed profits imposed under the
Revenue Act of 1936, as the amount of such surtax, if any, cannot be
finally determined until the end of the year.
Purpose—Net proceeds are estimated at $7,192,746.
Of the net proceeds
$7,038,000 is to be deposited with Chase National Bank, New York, as
trustee under the indenture dated March 1, 1927 for application to the pay¬
ment in lawful money of the United States of America of the prin. and prem.
of $6,900,000 1st lien 5.50% gold bonds, series A, which are to be called
for redemption at 102% plus accrued int.
Of the balance of such net pro¬
ceeds, estimated at $154,746, company proposes presently to apply approxi¬
mately $75,000 on account of the open account indebtedness to Community
Water Service Co., which indebtedness, on Oct. 31, 1936, amounted to
$140,000; and to deposit the remainder thereof in its general funds for
general corporate purposes.
Capitalization
...
1st coll. trust bonds, 4M % ser. due 1966 (due
Nov. 1,1966)
$7cumul. pref. stock (nopar)
Common stock (no par)
Authorized
To BeOutstdg.
$7,250,000
yl,910,200
*950,000
x The bonds are to be issuable in series.
The amount of bonds to be
authorized will be unlimited, except that additional bonds may be issued
only
under the terms of the indenture,
y This amount is the aggregate amount
of capital represented by the 19,102 outstanding shares of $7 cumul. pref.
------
x
30,000 shs.
100,000 shs.
In addition to such outstanding shares,
z This amount is the aggregate amount
1,498 shares are held in treasury,
of capital represented by the 60,000 outstanding shares of company common
stock.
All of such shares are owned of record and beneficially by Com¬
munity Water Service Co.
Maintenance Provision—Company will covenant in the indenture that each
subsidiary will in each calendar
year expend for maintenance and (or)
for retirements or depreciation an amount not less than 9% of its
earnings derived from the operation of its water works properties in
said calendar year; provided, however, that each subsidiary shall be entitled
in any calendar year to be credited with any amount expended or reserved
by it in any of the preceding five calendar years in excess of the amount
required to be expended or reserved by it and not previously so credited in
years subsequent to that in which such excess amount was expended or re¬
served; and provided further that no subsidiary shall be required to expend
or reserve any amount for such purposes in violation of any applicable law,
regulation or order of any governmental authority, as defined in the inden¬
ture.
Amounts required by the laws or regulations of any governmental
authority to be expended or reserved for such purposes shall be applied
against amounts required to be expended or reserved under the indenture.
No additional property, the cost of which is provided or reimbursed out of
moneys required to be expended for maintenance and (or) reserved for
retirements or depreciation, may be used as the basis of the authentication
and delivery of bonds or the payment of deposited moneys to Pennsylvania
State Water Corp. under the indenture.
History and Business—Corporation was incorp. in Delaware March 16,
1927.
Is a holding company and owns, with one minor exception, all of
the outstanding capital stock of 24 operating water utility companies which
are generally engaged in the business of collecting, purifying, selling, and
distributing water for public and private use and consumption, and lor fire
service purposes in various municipalities, including in some cases, suburban
areas adjacent thereto, in the Commonwealth of Pennsylvania and the States
of West Virginia and Maryland.
One of such companies owns aty of the
outstanding securities of an inactive water utility company.
During 1935,
approximately 65.7% of the consolidated operating revenues was derived
from residential customers, 9.6% from commercial customers, 14.5% from
industrial customers, 9.1% from municipalities, including hydrant rentals,
and 1.1% fro n private fire service customers and miscellaneous sources.
Twenty-two subsidiaries are under the supervision of the P. 8. Commission
of Pennsylvania and one subsidiary operates under the jurisdiction of the
P. S. Commission of Maryland. Two subsidiaries operate under the super¬
vision of the P. 8. Commission of West Virginia.
Each operating subsidiary has an independent system and its own source
of water supply, with the following exceptions:
the water distributed by
Hyde Park Water Co., a very small subsidiary, is purchased from another
subsidiary; the greater part of the water supplied by Palmyra Water Co.
is purchased from a non-affiliated water company; and reserve supplies are
available to Mountain City Water Co. and Uniontown Water Co. through
connections with non-affiliated companies.
The corporation, itself, owns no real property.
In general, the water works system of the operating subsidiaries may be
classified in two groups: the first consisting or 10 systems in which service
is principally or entirely by gravity: the second consisting of 14 systems in
which all water is pumped into the distribution system.
The records of the
subsidiaries show that at June 30, 1936, the transmission and distribution
systems comprised approximately 620 miles of mains, of which approxi¬
mately 499 miles were of cast-iron ranging in size from 20 inches to 2 inches
in diameter (including about 281 miles of 6 inches or larger); approximately
91 miles of wrought-iron or steel 8 inches or less in diameter; and approxi¬
mately 30 miles of wood mains.
At that date, the subsidiaries served
46,606 customers, of which 29,259 were metered, and 1,718 public fire
hydrants were connected to their mains.
The number of water meters,
including those not then in use, owned by the subsidiaries at that date was
29,560.
Approximately 85% of the public fire hydrants and the major
part of the services are owned by the subsidiaries.
Underwriters—The names of principal underwriters and the respective
reserve
gross
underwritten are
W. O. Langley & Co., New
as
follows:
York
Cassatt &
Co., Inc., New York——*——
600,000
500,000
500,000
500,000
500,000
500,000
500,000
500,000
—
....
—* -
300,000
——-—
Hale, Waters & Co., Inc., Boston
100,000
;—
Consolidated Balance Sheet as of Aug. 31,
1936
Liabilities—
Assets—
Property, plant & equip., in¬
cluding intangibles (net)— $9,929,364
Cash
168,023
Funded debt.
Cash with parent co. for
Interest
Deferred liabilities
bond
Notes & accts. receiv. (net)--
Municipal scrip.
$1,750,000
1,000,000
-
Halsey, Stuart & Co., Inc., Chicago—
Chandler & Co., Inc., Philadelphia
A. O. Allyn & Co., Inc., New York—
Hemphill, Noyes & Co., New York
Paine, Webber & Co., New York——
H. M. Payson & Co., Portland, Me
—
Schroder, Rockefeller & Co., Inc., New YorkJ. & W. Seligman & Co., New York
Stone & Webster and Blodget, Inc., New York
-;
Oper. materials & supplies. .
Due from affil. companies.—
_
-
189,750
224,037
1,037
4,296
1,169
60,973
——
Open account indebtedness.
_
Current liabilities
—
$6,900,000
140,000
407,036
52,076
Minority int. in com. stk. &
surplus of subs
$7 cumul. pref. stock
Common stock (60,000
1,569
1,910,200
950,000
7,454
320,220
shs.).
Capital surplus.-.
Earned surplus--
——
119,904
Deferred charges
Total
510,688,553
Total
.
Philadelphia
stock on the books of the company.
Other assets
.
Buy
Penna. & N. Y. Canal & RR. Cons. 4s, 4^s & 5s, '39
amounts
books have been closed.
Total operating revenues
b Operating expenses
We Will
658,384,800
-
Audited accts.& wages pay.
Mlscell. accounts payable. -
67,035,013
68,534,180
16,185,000
Cash
Time drafts and deposits-
Sept. 30, 1936—
Capital stock (par $50).—.
1,667,651 Leased and affiliated cos.
& various funds—deposits
619,336,433
Invest. in affiliated cos—
Invest, in securities carried
3853
Liabilities—
^
Invest, in road & equip
1,213,380,215
Impts. on leased ry. prop— 118,952,353
Sinking funds————
Mtecell. physical property-
Chronicle
-
-
$10,688,553
-V. 143, p. 3477.
Peoples Drug Stores, Inc.- —Sales—
Month of—
January....
February
1936
—
...
March
April....-.-.-.
May
—.
—
—
—
June.
...
—
July
...
August
September-
—
...
October
—
November
—V. 143, p. 3645.
«—.
—
1935
$1,612,984
1,651 ;507
1,587,299
1,646,717
1,695.132
1,675.602
$1,466,958
1,428,088
1.558,292
1,537.720
1,561,028
1,535,173
1.712,576
1,547,491
1,652,045
1,530,609
1,687.511
1.738.271
1,683,975
1,932,481
1,776,775
1,649,327
1934
$1,322,136
1.250.116
1.450.922
1;324.034
1,336,054
1,342.468
1.317,587
1,335,933
1,335.201
1,501.259
1,445,619
1933
$1,310,613
1,185,279
1,268,006
1.245.704
1.242.600
1.243,098
1,299,963
1,239.938
1,238.744
1.287,637
1,228,854
Peoples Light & Power Corp.—Plan Confirmed—
The plan of reorganization has been confirmed by District Judge John
P. Nields at Wilmington, Del.—V.
143,
p.
3645.
Pepperell Mfg. Co.—To Pay $5 Special Dividend—
The directors have declared a special dividend of $5 per share on the
capital stock, par $100, payable Dec. 15 to holders of record Dec. 7.
This
with $3 jpaid on Aug. 15, last; $1^50 paid on Feb. 15, last, and on
Aug. 15, 1935; $3 per share in each of t^e three preceding six months'
periods; $3.20 per share on Aug. 15, 1933, and quarterly dividends of $1
per share paid up to and including May 16,1932.—V. 143, p. 2064.
compares
Perfect Circle Co.—To Pay
Another Extra Dividend—
The directors have declared an extra dividend of 25 cents per share on
the common stock, payable Dec. 22 to holders of record
Dec. 11.
On Nov. 7
Financial
3854
Dec.
Chronicle
12, 1936
Mr. MacNeille's contention is that the bondholders' posi¬
tion would be better protected by first obtaining ownersnip and possession
of the assets securing the first mortgage and the formation of two corpora¬
tions, tne first to take over the assets securing the first mortgage and tne
other to take over the remaining free assets after giving effect to the respec¬
tive liens of the different classes of creditors of such properties.
Following
this action, bondholders could decide whether to operate, lease or liquidate
all or portions of the properties.
A further difference of opinion relates to the disposition of proceeds
of any properties that may be liquidated; also to the disposition of proceeds
of the RFC loan if made.
Mr. MacNeille points out that a substantial
portion of the latter would be used to pay claims which are not actual
claims against the bondholders properties, also to pay expenses of reorgani¬
zation, which are not properly applicable to their property.
The majority
opinion questions this argument by directing attention to the fact that the
reorganized company would be fully compensated for payment of their
claims by the receipt of assets not covered by the first mortgage.
Such
assets, in the opinion of Mr. MacNeille, could be later obtained at a lower
cost if required by the reorganized company.
As to the use of proceeds
of liquidated properties, while both viewpoints favor disposition of the
northern timber tracts, differences exist as to the best use of proceeds of
such liquidation.
The plan provides that they snail be applied to reduction
of the RFC loan whereas the chairman feels that they should be paid direct
contemplated.
Pittsburgh Steel Company
The
company's
[
Committee of the New York
Governing
Stock Exchange
has approved the listing of this
common stock; the preferred
is already listed.
stock \
COPIES OF ANALYSIS ON REQUEST
Del Re
44
WALL
&
Co.
DIGBY
STREET
4-4740
bondholders.
to
A
the directors had declared a quarterly
dividend of 50 cents and an extra
Dec. 15.
A 50 cent extra
143, p. 3330.
4 -1**
dividend of 50 cents per share both payable
dividend was also paid on^Nov. 1, last.—V.
on
directors
have declared
a
on
the
the plan has been set for Jan.
with 33 cents paid on Oct. 31, 1935; 50 cents paid on April 30, 1934,
distributed on Jan. 31 and June 1, 1931.—V.
143,
11, 1937.
the part
of holders assenting to the plan as favored by the
In the
objections
is required
majority of the
Corp.—Extra Dividend—
dividend of 21M cents per share in
of 8% cents per share on the
stock, both payable Dec. 22 to holders of record Dec. 15.—V.
The directors have declared an extra
addition to the regular quarterly dividend
common
143, p. 2064.
and 25 cents per share
p.
on
Pictorial Paper Package
dividend of 40 cents per share
capital stock, par $5, payable Dec. 24 to holders of record Dec. 11.
A
dividend of 25 cents was paid on Sept. 30 and on May 29, last, and com¬
pares
„
hearing
committee.—V. 141, p. 2748.
WPetroleun^Corp. of America—Larger Dividend-x
^The
court
meantime, holders objecting to the plan are asked to file their
with the clerk of the court on or before Jan. 4. 1937.
No action
Pierce Governor
2221.
Co.—Larger Dividend—
the com¬
A dividend of
Tne directors have declared a dividend of 20 cents per snare on
Philadelphia Co. (& Subs.)—Earnings—
[Not incl. Beaver Valley Traction Co. (in receivership) and its subsidiary]
12 Months Ended Oct. 31—
1936
1935
Operating revenues
$51,030,952 $47,246,369
Operating expenses, maintenance and all taxes
26,711,619
23,734,827
(before approp. for retirement
and depletion reserves)
$24,319,333 $23,511,542
Other income (net)
190,451
196,384
-
Net oper. rev. & other income (before approp.
for retirement and depletion reserves)
$24,509,784
Gross income
Rents for lease of properties..
Interest charges met)
Amortization of debt discount and expense
7.107,490
69,192
500,000
Other income deductions
297,489
& com. stks. held by
public & min. int. of subs. & divs. on pref. &
common stocks of Philadephia Co...
$8,804,885
—V. 143, P. 3478.
69,192
416,667
314,127
$7,751,806
Philadelphia Gas Works Co.—Earnings
Total
operating revenues—
Gross income
1936
Rental tocity
Interest
Management fee..
Betterments
1935
1934
—$15,111,621 $15,004,155 $15,406,252
—
—
—
5,453,598
4,200,000
171,792
800,000
208,054
5,268,944
4,200,000
177,108
800,000
126,883
$73,752
Adjustment to surplus
$73,752
Surplus
5,322,447
4,200,000
172,198
800,000
257,584
loss$35,047 loss$107,335
24,753
15,096
def$10,294
def$92,239
-V. 141, p. 3701.
Philadelphia Rapid Transit Co.—New Plan Proposed—
Mayor S. Davis Wilson, director and trustee of company, has announced
a proposed new plan of reorganization, calling for the merger of Philadel¬
phia Rapid Transit and its 43 underlying companies into a single privately
owned new corporation to be formed with capitalization of $112,000,000
not including present transit bonds of $34,000,000.
Under tne plan security holders in underlying companies would be offered
$59,000,000 in bonds of the new company bearing less than 5% interest,
thus providing annual income to underliers of about $2,800,000, or 60%
less than is now due underliers annually from Philadelphia Rapid Transit
under rentals stipulated in leases.
The underliers would also receive $10,000,000 in preferred stock of the
new company in lieu of overdue rentals of approximately $20,000,000.
Philadelpnia Rapid Transit stockholders under the new plan are offered
$43,000,000 stock in the proposed new company.
The new plan of reorganization would call for a new agreement between
the city ana the orposed new transit company, thus scrapping the 1907
city contract.
The new agreement would permit the city to buy out the
new transit company at any time for the total of its outstanding securities
and would increase the present Philadelphia Rapid Transit payments to tne
city by more than $150,000.
The mayor, in announcing the plan, said it has been agreed upon by
the Pniladelphia Rapid Transit board, the board of M. B. S. C., holder of
a large block of Philadelphia Rapid Transit stocks and informally by the
City Council.
It has not been agreed upon or offered formally as yet to
underliers representatives.
He said the plan would be filed in Federal
Court, where Philadelphia Rapid Transit is in process of reorganization
under Section 77-B.—V. 143, p. 3478.
Sept. 30—
Gross oper. revenue
Oper.
exps.
& taxes
Deductions
Net deficit
Inc.
in
approp.
1936—Month—1935
$29,822
$27,982
31,484
30,306
28,496
30,378
$30,158
$32,701
1936—12 Mos.—1935
$506,446
392,202
347,606
$463,183
410,196
358,676
$233,361
$305,690
for invest,
physical prop
Balance—Def.
2,297
$30,158
$32,701
2,579
$235,659
$308,269
—V. 143, p. 3009.
Pickering Lumber Co.—Reorganization Procedure—
Disagreement in the form of reorganization for the company is disclosed
in a letter released Dec. 4 by the committee representing holders of that
company's first mortgage bonds.
The company, prior to default in 1931
and resulting receivership, was one of the largest lumber manufacturing
and distributing companies in the business.
Its headquarters are located
in Kansas City, Mo., and its mills and timber tracts in California.
It
has $7,119,500 first mortgage bonds outstanding.
The letter to bondholders indicates differences of opinion as to reorgani¬
zation procedure between tne Chairman of the committee, C. T. MacNeille, of Halsey, Stuart & Co., Inc., and the six remaining members.
The latter favor acceptance of a loan of $2,500,000 from the Reconstruction
Finance Corporation, with resulting subordination of lien of the first
mortgage bondnolders.
Mr. MacNeille, on the other hand, advocates a
plan of reorganization witn a smaller loan and maintenance of the first
mortgage bondholders' position.
Under the reorganization plan prepared by Sigmund Stern
of Stern
Brotners & Co., Kansas City, Mo., and favored by the majority of tne
committee, liquidation of the northern timber tracts and immediate re¬
sumption of lumber manufacturing activity in the southern properties are
934.
1936
$177,000
Columbia, Ltd.—Earns.
1933
1934
1935
77,000
$265,000
75,000
$257,000
61,500
$224,200
68,500
$100,000
profit
$190,000
$195,500
$155,700
Expenses
before deprec.,
depletion and taxes143, p. 2382.
—V.
Pittsburgh Steel Co.—Capital Changes—Outlook, &c.—
a special meeting of the shareholders held July 27, 1936, approval was
given to converting 253,500 shares of common stock (par $100) into the
number of common stock (no par) and having a stated capital thereto
of $10 per share, or $2,535,000.
This change resulted in the creation of a
paid-in surplus of $22,815,000.
Property accounts were written down by
$7,226,422 as a charge against this created paid-in surplus account.
After
this adjustment, net plant account (after reserves for depreciation and
depletion) stood at $24,818,488 on June 30,1936.
This reduction of over
22 % in net plant account should result in a substantial reduction in annual
charges against earnings for depreciation and depletion.
The company's consolidated balance sheet, as of June 30,1936, indicated
that total current assets of $12,007,000 (including $1,110,000 of cash) were
nearly five times total current liabilities of $2,440,000.
Net working
capital of $9,567,000 was nearly 1H times net funded debt of $6,466,000.
During the fiscal year ending June 30,1936, net funded debt was reduced
by $755,000.
Since June 30,1929 funded debt has apparently been reduced
from $10,223,000 to $6,466,000 on June 30,1936, or a total reduction of
$3,757,000.
Capitalization Outstanding as of June 30,1936
At
same
Feb. 1,1948 (call, at 104) $6,466,000
20-year 6% sinking fund debs, due
x 7% Cum. preferred stock
10,475,000
253,500 shs.
Common stock
x
Preferred stock callable at $120 per share plus unpaid
accumulations.
amounted to $35 per share or a total of
Accumulations to June 30,1936
$3,666,250.
y Common stockholders of record on Sept. 22, 1936,
rights to purchase 101,400 shares of common at $10 per share, in
of one share for each 2H shares held, on or before Oct. 19, 1936.
received
the ratio
If all of
these rights were exercised outstanding shares of common stock would be
increased to 354,900.
Sharon Steel Corp. owns 14.67 % of the common stock.
of something over $1,000,000 from the sale of this stock are
primarily to defray the cost of certain projects for the improve¬
and rehabilitation of the company's manu¬
facturing facilities.
For the 10-year periods from 1921 to 1930, inclusive, company showed a
profit every year and in no year, except the fiscal year ending June 30,1922,
was reported net income less than $1,000,000 and for the fiscal year ending
June 30,1929 earnings were over $4,500,000.
During the depression years
company had sizeable deficits together with most other concerns of this
caliber.
The annual report for the fiscal year ending June 30,1936 (V. 143,
p. 2531) indicated that the company again operated at a profit in the six
months ending June 30,1936, which may indicate that the company is on
its way to regain
a fair portion of its former normal capacity.
Reported
net earning income for the fiscal year ending June 30,1926 was equivalent
to $5.07 per common share (on basis of increased amount of stock.
If the
present trend of earnings continues upward it is conceivable that earnings
again may approach the equivalent of $3 or $4 per share.—V. 143, p. 2531.
The proceeds
to be used
ment, expansion, modernization
Pollak Manufacturing
Co.—Initial Dividend—
The directors have declared an initial dividend of 20 cents per share on
the
stock,
143, p. 1413.
common
—V.
payable Dec.
21 to stockholders of record
Dec. 11.
Plymouth Cordage Co.—Earnings—
Years Ended Sept. 30—
1935
1936
1934
Oper. proft—after regular charge for
deprec. of plant & with in v. taken
x$725,699
Miscell. profit & loss surplus items—
Other income—divs., int., &c.—net
Gain
on
Gain
on
foreign exchange
sales of securities
Total income
Res. for
curr.
U. S. & Can. inc. taxes.
Res. for adjust, of prior taxes
Miscellaneous surplus items
$521,660
$647,129
76,530
19,050
8,554
53,672
27,808
5,256
57,418
42,390
29,428
$829,833
at the lower of cost or market
Philippine Ry.-—Earnings—
Period End.
p.
Month of November—
Gross
y
Profit
143,
Pioneer Gold Mines of British
Profit
6,938,176
Net inc. for divs. on pref.
12 Months Ended Aug. 31—
made.—V.
was
$23,707,926
$17,402,294 $16,769,749
990,603
989,937
6,793,006
6,201,492
539,300
434,348
Guaranteed divs. on Consolidated Gas Co. of the
City of Pittsburgh preferred capital stock.
Appropriation for special reserve
holders of record Dec. 12.
15 cents was paid on Nov. 25 and on Aug. 25 last, this latter being the first
dividend paid since July 1, 1930, when a payment of 37H cents per share
Net operating rev.
Appropriation for retirement & depletion reserves.
stock, payable Dec. 22 to
mon
$608,398
73,600
37,093
$776,367
182,000
Crl,853
6,383
89,500
9,680
48,419
$643,303
$488,022
$638,447
Crl3,378
190,750
13,377
343,142
19,523
before divs
$465,930
379,086
$474,645
346,348
$275,782
354,622
Net add'n to oper. surp. for the year
Oper. surplus at beginning of year
$86,845
4,027,579
$128,296
3,899,282
loss$78,840
3,978,122
$4,114,424
$4,027,578
Profit
Addition to
age
res. against future shrink¬
in values of inventories
Advance to Sisal Corp. (Cuba)
Stock of Sisal Corp. (Cuba) written
Net add'n to oper. surp.
off
Dividends declared
Operating surplus at end of year
After
deducting
of $426,178.
x
addition
to
__
reserve
revaluing
normal
$3,899,282
inventories
Capital Surplus Account
1936
1935
1934
$943,645
Capital surplus at beginning of year.. $1,029,401
Excess of par value over cost of treas.
stock purchased
DrllO
$1,009,917
19,482
66,271
$1,029,290
$1,029,400
$1,009,917
Capital surplus at end of year
Volume
143
Financial
Chronicle
Comparative Balance Sheet Sept. 30
1936
5
Cash
1,913,376
917,703
311,438
Other market, sec.
242,801
Accts. & notes reo.
779,449
Mdse. & supplies-_ 5,191,457
Deferred charges..
175,605
Loans to employees
by mtges.
dwellings
1936
—sec.
38,326
securities—
less reserve
41,314
selling
agency)—at cost
50,000
Land & buildings 3,441,324
Mach. & equip..
562,565
y
After
1935.
10,483
86,145
86,180
312,155
181,125
April 1, 1931, when a regular quarterly dividend of $1.75 per share was
distributed.—V. 143, p. 3616.
Remington Arms Co.—Initial Common Dividend—
&
The directors have declared an initial dividend of 13 cents per share on
the common stock, payable Dec. 23 to holders of record Dec. 16.
The directors also declared a dividend of $1 per share on the new
6%
on which dividends had accrued from Oct. 15, 1936.
This
dividend will be paid on Dec. 15 to holders of record Dec. 10.—V. 143,
insur¬
preferred stock,
fund—em¬
ployees
Res. revaluing nor¬
63,849
46,714
1,098,800
672,622
(par? 100)
6,822,000
Employees* special
6,805,300
stock (par S10).
69,580
Capital surplus
1,029,290
Operating surplus. 4,114,424
190,750
(Canada
In
123,624
5,155
—pay. Oct. 19..
Acer. Fed., State,
city & town taxes
89,170
1,029,400
4,027,578
inventory..
Common
Distributors, Ltd
Total...
81,053
by selling agents
Dividend declared
ance
Republic Investors Fund, Inc,—Dividend—
stock—
The directors have declared a dividend it the rate of l-80th unit
(each
unit consisting of one share of 6% preferred stock, series B, par value $10.
with attached warrant for the purchase of common stock) on each share of
common
July 1, 1934, to and including Jan. 2, 1936.
In addition, a stock dividend
of 4% was paid on Jan. 2, 1936.—V. 143, p. 1569.
Total
13,072,200
13,672,451
Republic Steel Corp. (& Subs.)—Earnings—
12 Months Ended Sept. 30, 1936—
Consolidated
Gross sales & oper. rev., less returns & allowances;
To subsidiaries consolidated
To subsidiaries not consolidated
$4,171,102
3871.
Pollock's, Inc.—Registers with SEC—
See list given on first
page of this department.
&
To others
Offered—Offering was made
Dec. 8 of $1,500,000 of
4% 10-year sinking fund debentures
by Harris, Hall & Co. at 99and accrued interest.—
V. 143, p. 3645.
/
Discount
Net sales
-..$198,629,662 $174,486,715
Cost of product sold and oper. expenses of non-
manufacturing subsidiaries
Selling, general and administrative
Premier Gold Mining Co., Ltd.—Extra Dividend—
Oct.
15,
(G.
1935.—V.
E.)
Depreciation, depletion and amortization
Oct. 15, July 15, April 15 and Jan. 15, last, and on
p. 2532.
25,598
121,320
$14,169,541
1,235,783
$11,258,132
1,772,333
Mfg.
Co.—Extra
$15,405,324
4,833,908
115,058
6,137
$13,030,466
4,478,840
115,058
79,332
Pref. divs. paid on guaranteed stock of the Trumbull-Cliffo Furnace Co
110,892
110,892
Reimbursement to another company for deprec.,
interest, &c., applying to materials purchased
by the corporation at cost to vendor
185,766
789.698
345,650
47,920
49,028
295,000
220,000
44,070
49,028
Profit
Other income
Dividend—Bonus to
Total income
The directors
the
common
on
Nov.
stock,
par
30 declared an extra dividend of $1
$25, payable Dec. 15.
per
Interest on funded debt
Amortization of bond discount and expense
Other interest
share
A regular
quarterly dividend or 50 cents per share was paid on Oct. 15 last.
Directors announced that the board had
voted a bonus to employees
.
payable Dec. 15.
Those employed for five years or more will receive
lyi weeks' pay, those employed before
July 1 of this year, one week's
pay, and since then, half a week's
pay.—V. 139, p. 288.
Pressed Metals of
Common Dividends—
America,
Inc.—Extra
and
f
Publication Corp., N.
Y.—Larger Dividends—
The directors have declared
dividends of 75 cents per share on the
voting
and non-voting common
stock, payable Dec. 26 to holders of record Dec. 16.
Dividends of 50 cents per share were
paid on Sept. 28 last, these latter being
the first payments made
since July 1, 1932, when dividends of
40 cents
per share were distributed.—V.
143, p. 2222.
Public Service Co. of New
SEC—
Pullman
on
Hampshire—Registers with
Co.—Earnings—
/
Period
1936—10 Mos.—1935
.
Total revenues
Total expenses
$4,958,842
4,311,827
Net revenue
$36,049
$166,446
137,072
$134,137
128,331
$29,374
Total net revenue
Taxes accrued
Operating Income
—V. 143, p. 3330.
$5,806
$1,340,890
1,231,885
$317,794
$109,005
$676,388
318,027
$41,855
101,780
$5,519,074 def$800,861
2,666,567
1,225,587
$358,361
def$59,924
$2,852,507 df$l,026,448
on
extra dividend
of 45 cents per share on
thelno par common stock, payable Dec. 24 to
holders of record Dec. 11.
A regular
quarterly dividend of 10 cents per share was paid on
Dec. 1,
Sept. 1 and on June 1, last, and
prior to then regular quarterly dividends
of 25 cents per share were
paid from June 1, 1932 to and
1936—V. 143,
p.
27 declared an extra dividend of 30
cents per
regular dividend of like amount on the new
capital
both payable Feb. 1 to holders of record Jan.
16.
The current
distribution is equal to six cents per share on
the old stock.—
V. 143, p. 3010.
stock,
60-cent
Railway & Light Securities Co.—Asset Value—
common stock on
Nov.
30,1936, after possible Federal tax on unrealized appreciation of
securities
held, amounted to $33.49, compared with $33.01 on
Sept. 30 and $24.40
on
Dec. 31, 1935.—V.
R. C. A.
Period End.
Teleg.& cable
14J, p. 3330.
Communications, Inc.—Earnings—
Oct.
31—
oper. revs.
Tel eg. & cable oper. exps.
Other oper. revenues
Other oper. expenses
Uncollec. oper. revenues
Taxes asign. to oper
1936—Month—1935
$426,451
$389,171
342,380
330,471
8,490
8,504
11,696
13,210
1,000
3,000
26,725
18,390
Gross income..
Net
income
143.
P
40,180,
$32,604
60,835
3160.
$5,245,529
Millar, of Universal Pictures Corp., and Joseph M. Schenck
Co., whicn will come
shortly as a result of the cansolidation of Richfield Oil Co.
of California, Pan American Petroleum Co. and Rio Grande Oil Co.
Mr.
Millar is Secretary of the reorganization committee.—V. 143, p. 3646.
.
Dividend—
The directors have declared a dividend of $2.25 per share on account
of accumulations on the $2 cum. class A stock, no par value, payable Jan. 2
to holders of record Dec. 15.
A dividend of 50 cents per share was paid
in each of the seven preceding quarters and 25 cents per share was paid
Jan. 2, 1935.
distributed.
On Oct. 1, July 3 and April 2, 1934 50 cents per share
Payments of 25 cents per share were made quarterly
,
was
from and including July 2,
1932 to Jan. 2, 1934.
Prior to July 2, 1932
regular quarterly dividends of 50 cents per share were paid.—V. 143.
p. 2066.
Rochester
Telephone Corp.—Earnings—
Period End. Oct. 31—
$408,381
$386,831
$3,957,796
3,909
2,899,188
329,020
$3,787,741
,11.045
288,463
282,245
859
269,448
34,137
L.673
$82,387
$715,679
$590,314
Uncollectible oper. rev._
Operating expenses
Operating taxes
■V. 143, p.
—
1936—10 Mos.—1935
1936—Month—1935
revenues
.
2,882,185
303,597
3011.
&
Pendleton,
Inc.-
-Special Dividend—Regular
The directors have declared a special dividend of 50 cents per share on
the capital stock, payable Dec. 20 to holders of record Dec. 10.
At the
time the directors increased the regular quarterly dividend with a
same
declaration of 25 cents per share, payable Jan. 1 to holders of record Dec. 10
Dividends of 15 cents per share were paid on Oct. 1, and each three
months
$3,418,455
3,147,769
85,223
133,691
16,000
118,778
$155,236
437,650
$87,441
482,089
$93,321
29,782
$93,440
36,321
$592,886
314,303
$569,530
364,834
$57,118
$278,5
$204,696
3
1,
Earnings for 9 Months Ended Sept. 30, 1936
General &
administrative
expenses
Operating income before
Other income
..
reserves
'
Gross income...
Income charges
$569,312
1.946
Net income
$567,366
380,798
.
Profit from sale or
$791,985
183,059
47,549
-
i
disposition of capital assets
Net profit from current year's operation
1936—10 Mos.—1935
$3,740,242
3,351,434
84,903
134,112
10,000
174,363
A special dividend of 10 cents was paid on Oct.
previously.
last.
...
Earned per share before depreciation & Fed. inc. tax prov
$63,538
Deductions
—V.
$53,140 '
$7,725,089
into existence
$948,163
$4.47
Balance Sheet Sept. 30, 1936
A s sets
Liabilities—
Current assets
$991,106
Securities at cost
__
.
Adv. to subs. & affii. cos
invest,
30,358
9,644
in
sub¬
cos..
Permanent
$35,056
Current liabilities
302,3101 Due subsidiary companies—
Accts. rec.—over 1 year old..
sidiary, affii. & other
Operating income
Non-oper. income
$5,245,529
Gross earnings
Operating expenses
Quarterly Income Shares, Inc.—Extra Dividend—
The directors on Nov.
share in addition to a
The company reports that the asset
value of the
$7,445,759
79,330
Richfield Oil Co. of Calif.—Directors of New Company—
Ricnard W
including March 2,
3160.
1,557,850
have been chosen as directors of the new Richfield Oil
Roeser
Purity Bakeries Corp.—Extra Dividend—
an
4,630
40,539
4,630
166,694
2,093,883
Dividend Increased—
first page of this department.
The directors have declared
...
Net income transferred to earned surplus
—V. 143, p. 3646.
Net operating income
Corp., Ltd.—Registers with SEC—
See list given
leases canceled
Net income.
Net loss applicable to minority interests
Operating
Net revenue.
Purex
$5,201,280 def$909.866
$1,598,889
1,281,095
bonds purchased for retirement._
on
on ore
Premium on guaranteed stock of a consolidated
subsidiary purchased for retirement
Miscellaneous income deductions
Provision for Federal income taxes
j
on
*
$4,143,142 $47,265,720 $40,470,087
4,107,093
42,064,439
41,379,953
$647,014
Auxiliary Operations—
Total revenues
Total expenses
Premium
Loss
'
Riverside Silk Mills, Ltd.—$2.25 Accumulated
first page of this department.—V.
143, p. 3645.
End. Oct. 31—
1936—Month—1935
Sleeping Car Operations—
Prov. for inter-company profit in inventories of
consolidated subs
Provision for general contingencies
Larger
The directors have declared an
extra dividend of 50 cents per share in
addition to a quarterly dividend of
like amount on the com. stock, no
par
value, both payable Dec. 22 to holders of record
Dec. 7.
This compares
With dividends of
37M cents per share paid on Oct. 1 and July 1, last;
25 cents paid on Apr. 1 and Jan.
2, 1936; 12H cents paid on Oct. 1, 1935,
and 6M cents per share
distributed on Jan. 2, 1932.
Prior to this latter
date regular
quarterly dividends of 12 H cents per share were
paid from
Oct. 1, 1930 to and
including Oct. 1, 1931.
In addition an extra dividend
of 12H cents was
paid on Apr. 1, last, and a stock dividend of
2% was
paid on Apr. 1, 1935.—V.
143, p. 1727.
See list given
298,675
Royalties
143,
Prentice
146,994,525
6,851,445
343,700
8,335,071
340,849
241,673
11,142,453
458,806
9,839,712
528,217
Taxes (other than Federal income taxes)
Rents.
Employees—
on
162,166,659
expenses
Provision for doubtful notes and accounts
The directors have declared an extra dividend of
1 cent per share in
addition to the regular
quarterly dividend of 3 cents per share on the
common stock, both
payable Jan. 15 to holders of record Dec. 18.
Similar
on
$200,056,187 $175,579,952
1,426,525
1,093,237
sales
on
Company
$23,202,823
4,144,946
148,232,182
195,885,085
.
Total
Co.—Debentures
payments were made
payable Dec. 24 to holders of record
Fractional units will be adjusted by cash payment of 13.7 cents
per share of common stock.
A dividend of 5 cents per share was paid on Oct. 1 last, as against
1J4
cents on July 1 and April 1, last, and 1 cent peid each three months from
for depreciation of $2,917,694 in 1936 and $2,818,049
After reserve for depreciation of
$2,664,885 in 1936 and $2,p.
stock (25 cents per value),
Dec. 15.
reserve
z
Poor
3481.
p.
50,000
3,552,533
592,576
13,672,451 13,072,2001
292,707 in 1935—V. 141.
Inc.—Accumulated Dividend—
The directors have declared a dividend of $10.50 per share on account
of accumulations on the 7% cum. pref. stock, par $100,
payable Dec. 22
to holders of record Dec. 14.
This will be the first payment made since
pay.—for
merch.,supp.,&c
mal
Cuba—at cost..
Stock of Cordage
z
*-
Advance payments
54,210
Stock of sub. own¬
ing & oper. Sisal
Plantation In
y
Accts.
Pension
48,407
Misc.
1935
$
Liabilities—
2,689,004
334,206
164,722
341,219
845,962
4,030,324
185,376
U. 8. Treas. notes.
Dom. of Can. bds.
on
Real Silk Hosiery Mills,
1935
$
Assets—
3855
Deferred credits
Paid-in capital
Earned surplus
Prepaid & deferred charges..
105,000
1,164,331
280,163
Def. accts.—contingent upon
future oil production
;
3,834
1,254,967
$366,924
2,551,500
1,234,229
Fixed assets—less
Total
reserves._
Total
Less treasury stk_.
$2,918,424
95,140
2,823,284
$4,117,1411
Total
$4,117,141
Note—The above figures do not include any provisions for reserves and
Federal income tax for the year 1936.—V. 143, p. 1415.
Financial
3856
Romec Pump
Dec, 12,
Chronicle
Disposition of New Securities
Co.—Registers with SEC-
See list given on first page of
1936
this department.
10-Year Serial 2% Notes—'The $1,500,000 new 10-year serial 2% notes
to be issued to the Railroad Credit Corp, in substitution for a like
amount of notes of the Bailway company, are to be dated Jan. 1,1938, are
to mature in equal annual instalments of $150,000 each, commencing
Jan. 1, 1939, and ending Jan. 1, 1948, are to bear interest at the rate of
2% per annum, and are to be secured by the same collateral as that now
securing the notes of the Bailway company held by the Brailroad Credit
are
I*
Roos Brothers, Inc.—Extra Dividend—
The directors have declared an extra dividend of $1.25 per share in ad¬
dition to the regular quarterly dividend of 37 H cents per share on the com.
stock, no par value, both payable Dec. 21 to holders or record Dec. 5. The
company increased the regular quarterly dividend from 25 cents to 37 H
cents per share with the Mar. 20, last, payment.—V. 143, p. 2535
Month of—
January
.
February.
March
April
May
.
....
June
July
August
September
.....
..........
October
....
November
—V. 143, p. 3161.
1934
$186,000
199,420
237,260
206,861
235,262
233,004
350,232
304.304
415,036
341,271
353,993
209,640
249,359
437,485
Royal Typewriter Co., Inc.—Clears Preferred Arrears-—
r The directors have declared
a
dividend of $10.50 per share on the 7%
cumul.
pref, stock, par $100, payable Dec. 15 to holders of record Dec. 8.
Of the current payment $8.75 per share is on account of accumulations,
thus paying up all back dividends, and $1.75 per share is for the quarterly
dividend ordinarily due at this time.
A dividend of $7 per share was paid on Nov. 2, Sept. 1 and June 1, last,
while a dividend of $3.50 per share was paid on Dec. 24, 1935; this latter
being the first distribution made since Jan. 18, 1932 when a regular semiann. dividend of $3.50 per share was paid.—V. 143, p. 3161.
St.
Louis,
Rocky
&
Mountain
Pacific
Co.—Extra
Dividend—
an extra dividend of $1 per share in addition
quarterly dividend of 25 cents per share on the common stock,
$25, both payable Dec. 31 to holders of record Dec. 15.
V. 143,
p. 2693.
The directors have declared
to the regular
par
$3,042,500 are to be issued to holders of second mortgage income certifi¬
cates for 100% of their principal.
304,250 are to be issued to holders or second mortgage income certifi¬
cates for interest to Jan. 2,1938.
2,015,750 are to be issued to holders of first terminal and unifying mortgage
bonds for 25% of their principal, further provision being made
hereafter for the balance of the principal, for interest and for
compromise of alternative currency provisions.
19,637,500 are to be reserved to meet the cost (or such part thereof as shall
not
be otherwise provided for)
of additions, betterments,
improvements and extensions to or of road and equipment
made after Jan. 1,1938.
New 4% Non-Cumulative Income
all Cotton Belt subsidiaries
as well as the parent company.
The first hearings on the plan are to held by the Interstate Commerce
Commission.
The plan was filed in accordance With an order signed by Federal Judge
Charles B. Davis last June, requiring the debtor company to file a plan on
or
before Dec. 12, 1936.
The company filed its petition for
reorganization on Dec. 12, 1935.
St. Louis Southwestern By. of Texas,
Tyler Southeastern By., Gray's Point Terminal By., Shreveport Bridge &
Terminal Co., Valley Terminal By., Paragould Southeastern By., Dallas
TerminiaX By. & Union Depot Co., Stephenville North & South Texas By.
It is proposed that the plan shall be made effective as of Jan. 1, 1938.
It is proposed that the present St. Louis Southwestern By. be continued,
with necessary changes in capital structure effected by decree under the
amendatory Section 77, but the right is reserved to create a new company
or to resort to other means for the execution of the plan.
Such decree may
The subsidiary companies are:
These bonds
to be secured
?
St. Louis'Southwestern Ry.—Reorganization Plan—
Oompany on Dec. 7 filed its plan of reorganization with the Interstate
Oommerce Commission and the United States District Court in St. Louis.
The plan was filed pursuant to Section 77 of the Bankruptcy Act, and covers
payable semi-annually,
by a direct lien upon all of the railways and property, real
and personal, of the reorganized company (except the collateral securing
the 10-year serial 2% notes), junior only to the liens directly or indirectly
securing the $20,000,000 first mortgage bond certificates of the Railway
company and the $1,907,000 other undisturbed securities (including equip¬
ment trust obligations), all aggregating $21,907,000.
The new 4% second
mortgage bonds are to be subject to redemption, in whole or in part, upon
three months' notice on any interest payment date, beginning Jan. 1,1948,
and ending July 1, 1978, at the principal amount thereof, plus a premium
of 5%, and thereafter at a premium reducing at the rate of J* of 1% for
each elapsed period of six months until the redemption price shall be reduced
to the principal amount thereof, and thereafter at the principal amount
until the maturity of the bond, together with, in every case, any interest
then due thereon, and shall be entitled to the benefit of a sinking fund of
u. of
1% of the largest amount of such bonds at any time issued.
Such
pinidng fund shall be applied to the purchase of the new 4% second mortgage
bonds at not exceeding their redemption price or if purchase at or below
the redemption price is impracticable to the redemption of such bonds at
the redemption price, which for purpose of the sinking fund only shall be
105 on any interest date prior to July 1, 1978.
The total authorized issue
of 4% second mortgage bonds is $25,000,000, of which—
are
$213,387
241,914
295,556
315,913
310,872
307,797
275,933
345,376
308,669
350,704
397,643
338,465
353,428
394,875
420,389
498,389
445,308
1, 1938, are to mature Nov. 1, 1989, and axe to bear
interest at the rate of 4% per annum,
1935
1936
$257,051
295,556
C°ffewT% Second Mortgage Bonds—The new 4% second mortgage bonds are
to be dated Jan.
Rose's, 6, 10 & 25 Cent Stores, Inc.- -Sales—
Debentures—The new 4% non-cumula¬
tive income debentures are to be dated Jan. 1, 1938, are to mature Jan. 1,
1998, and are
days after the
computed for
mortgage debt
to bear interest at the rate of 4% per annum, payable 90
close of the calendar year, but only out of available income
the preceding calendar year.
After interest on all prior
shall have been paid or provided for, but before payment of
debenture interest and deduction of income taxes, there may be reserved
and set apart for additions and betterments to the road and equipment of
the reorganized company one-third of the amount available for such interest
on debentures and Income taxes, with a maximum of $1,000,000 in any
one year,
and the balance shall be available for income taxes and interest
the new debentures.
Interest on debentures shall be paid only in amounts equal to
on
or
of 1 %
multiples thereof, smaller amounts being carried forward to subsequent
periods.
Additions and betterments paid out of income so set apart shall not be
fundable thereafter.
The new 4% non-cumulative income debentures are to be subject to
redemption, in whole or in part, upon 30 days' notice on any interest pay¬
ment date, at the principal amount thereof, together with any interest
payable thereon.
After payment of full interest on the new debentures, the remaining
income, if any, shall be applied to a sinking fund for the retirement of the
new debentures, with a maximum of H of 1% of the largest principal
amount of such debentures at any time issued.
Such sinking fund shall be
applied to the purchase of debentures at not exceeding their redemption
price, or to tne redemption of debentures if purchase at or below the
redemption price is impracticable.
So long as any of the debentures shall
be outstanding, neither the Bailway company nor any of its subsidiaries
shall create any new mortgage or deed of trust upon any of the properties
now owned by any of them, except that new mortgages or deeds of trust
may be created to extend or refund liens or obligations secured by liens
undisturbed or provided for under the plan.
The new 4% non-cumulative income debentures are to be authorized in
the amount of $44,155,010 and are to be presently issued to junior security
,
Srovide that alland branch( line securities, inter-company securities, branch
mortgages inter-mortgage stocks now deposited under mortgages of
ne
the Bailway company and all securities representing abandoned properties
shall be canceled and may include other provisions expressly authorized by
said amendatory Section 77.
The plan shall not be declared operative or carried out until approved by
the Interstate Commerce Commission and the Court, in accordance with
the amendatory Section 77, and accepted by holders of such amount of
each class of creditors and stockholders as shall be sufficient to make the
plan binding on such creditors and stockholders.
All costs of administration^ allowances, and expenses of the plan shall be
paid out of assets in the custody of the trustee at the effective date of the
plan.
Scrip shall be issued for fractional amounts of newly-created securities of
less than $100.
holders
as
follows:
Proposed Capital Structure as of Jan. 1,1938
XJndisturbed Securities—
St. L. S. W. 1st mtge. bonds certificates
St. L. S. W. equipment trust obligations
Issued
$20,000,000
957,000
500,000
450,000
.
Gray's Point Terminal By., 1st mtge. bonds.
Shreveport Bridge & Terminal Co., 1st mtge. bonds
Newly Created Securities to Be Presently Issued—
St. L. 8. W. 10-year serial 2% notes (est. amount)
St. L. S. W. 4% 2nd mortgage bonds.
-
St. L. S. W. 4% non-cum. income debentures
St. L. S. W. common stock
...
Total securities upon reorganization...
1,500,000
5,362,500
44,155,010
21,694,655
$94,619,165
TABLE OF EXCHANGE OF NEW FOB OLD SECURITIES
-Will Reserve-
Outstand'g2% Serial
4% 2d 4%Non-Cum.
Notes
Mtge. Bds. Inc. Debs.
Existing Securities—
Common
Stock
Jan. 2, '38
$
St. L. S. W. 1st mtge. ctfs..20,000,0001
St. L. S. W. equip, trust.__
957,000f
G. P. T. 1st mtge. bonds...
$
$
Will remain undisturbed
450,000J
315,000
To be taken up as a contingent liability
St. L. S. W. 2d mtge. inc. ctfs 3,042,600
Each $1,000
Interest
304,250
Each $1,000
StX.S.W.lst term.&unif.M. 8,063,000
Each $1,000
250
Interest
1,007,875
Each $1,000
ST. L. S. W. gen. & ref. A
9,327,500
Each $1,000.—.
Interest
1,165,938
Each $1,000...
Railroad Credit Corp
.....
6,853,550
3,500,000
1,000,000
101,367
Each $1,000
17,882,250
Each $1,000
Interest
2,260,145
Each $1,000
S. N. & S. T. 1st mtge
Each $1,000
C. A. & E. 1st mtge..
Each $1,000
stock..
Each $100
Common stock
Each $100
1,000,000
101.367
17,882,250
2,260,145
484,600
-
217,000
-.
common stock (par $100) is to be issued to the holders
following securities in the amounts and percentages stated:
...
101,367
1,000
17,882,250
200
500
1,085,000
217,000
542,500
200
500
1,211,500
..19,893,600
13,925,520
.17,186,100
6,015,135
70
35
The question as to whether the trustee under this mortgage can accelerate
the maturity of the Terminal bonds so as to increase the claims of those
bondholders is the subject of litigation now pending before the Circuit
354,785
By.
....
.....
...
6,015,135
Provision for Other Claims—The following claims are not affected by
2,423,000
Court of Appeals for the Eighth Circuit.
3,500,000
$44,155,010 $39,264,900 $4,890,110
Common stock (35% of present par value)..
2,260,145
1,000
484,600
.
1,165,938
(50% of principal in addition to 20% funded by debentures). $1,211,500
1st mtge. bonds of Central Arkansas & Eastern RR. (50% of
principal in addition to 20% funded by debentures)...
....
542,500
Preferred stock (70% of present par value)
13,925,520
1,000
..
9,327,500
Common Slock—The
1,000
Interest
RFC loan
$6,853,550 $1,007,875
1st mtge. bonds of the Stephenville North & South Texas
1,000
Miss. Valley Trust loan
Each $1,000
the
of the
354,785
1,000
1,000,000
Each $1,000
W., 1st ter. & unifying mtge.
(85% of principal in addition
25% funded in 4% second
mtge. bonds, and 100% of interest
•
to Jan. 2, 1938)—
$7,861,425
St. L. S. "W., gen. & ret. mtge. bonds
(100% of principal and 100% on
interest to Jan. 2, 1938)—
10,493,438
St. L. 8. W., coll. note held by Chase
National Bank (100% of principal
and 100% of int. to Jan. 2,1938)—
3,854,785
St. L. S. vv., coll. note held by Missis¬
sippi Valley Trust Co. (100% of
principal and 100% of interest to
Jan. 2, 1938)
1,101,367
St. L. 8. W., coll. note originally issued
to RFC and now held by Southern
Pacific Co. (100% of principal and
100% of interest to Jan. 2,1938)
20,142,395
Stephenville North & South Texas Ry.,
1st mtge. bonds (20% of principal,
part of balance being covered by
allotment of stock)
484,600
Central Arkansas & Eastern RR., 1st
mtge. bonds (20% of principal, part
of balance being covered by allot¬
ment of stock)
217,000
bonds
to
Total to be presently issued
3,500,000
354,785
Each $1,000
Interest
Issued
for
Interest
850
1,007,875
1,000
9,327,500
1,000
1,165,938
1,000
1,500,000 1,500,000
1,000
Each $1,000...
Chase Nat'l Bank loan
Preferred
3.042,500
1,000
304,250
1,000
2,015,750
for
Principal
St. L. S.
—
500,0001
S. B. & T. 1st mtge. bonds..
Tex. U. S. 1st mtge. ctfs
$
Total
this
plan:
l*««4
(a) Current liabilities incurred in the ordinary conduct of its business
prior to the institution of the reorganization proceedings, including claims
for personal injury and
property damage.
(b) Current liabilities and obligations of the company and of the trustee
incurred during the reorganization proceedings.
1
(c) All other claims, liabilities or obligations of the company for which
specific provision is not made in the plan.
To the extent that such claims, liabilities or obligations are not paid by
the company or the trustee, they are to be assumed by the reorganized
company.
General Considerations—In preparing this plan, the four objectives have
been:
First—The limitation of fixed charges to such an amount that, after due
consideration of the probable prospective earnings of the property in the
light of its earnings experience and all other relevant facts, there shall be
adequate coverage of such fixed charges by the probable minimum {earnings
available for the payment thereof.
Second—To allot to the holders of each class of securities of the company
securities of the ororganized company
liens and priorities.
which give due recognition to existing
Financial
143
Volume
adjustment to the
Third—To give special recognition in a compromise
holders of first terminal and unifying mortgage bonds which are
alternatively
payable in foreign currencies.
Fourth—To
provide the reorganized company with adequate capita
resources for future financing.—V. 143, p. 3647.
Saco-Lowell
We have
analysis
an
on
it is stated,
simplifying
Simmons Hardware & Paint Corp.
Safeway Stores, Inc.—Sales—
4 Weeks Ended—
Jan. 25
22
prepared
Shops—Plan Under Consideration—
The management and interested groups of security holders,
have under consideration a tentative plan of reorganizing and
the capital structure.—V. 143, p. 1570.
Feb.
3857
Chronicle
1933
1934
1935
1936
$23,106,110 $18,842,638 $16,486,586
23,470,722
20,281,505
17,508,289
24,776,706
20,770,761
17,810,088
.
Mar. 21
$14,995,855
15,375,851
15,885.577
CAPITAL STOCK
16,256,403
17,630,191
Apr. 18
25,100,634
21,321,010
May 16
July 11...
Aug.
4
Sept. 5
25,441,542
25,946,986
26.941.226
27,476,807
28.176,503
21,477,565
21,911,168
23,038.026
23,434.823
23,960,355
17,981,737
19,000,462
19,080.864
18,535.453
19,661,478
17,203,321
16,943.735
17,825,083
17.287,318
17,128,165
Oct.
3
28.180,768
25,139.634
19,896.052
18.415,028
Oct.
31
27,060,477
26,945,195
24,303,058
24,379,375
19,236,498
19,382,248
17,455,840
17,210,537
June
13
Nov. 28
Copies available on request
—V. 143, p. 3332.
San Carlos Milling Co.,
Ltd.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per
Hanson & Hanson
share in
of 20 cents per share on the com¬
both payable Dec. 15 to holders of record Dec. 2.
Previous extra payments were as follows: 30 cents on Sept. 15 and May 15,
last; 50 cents on Jan. 15, last, and on Aug. 15, 1935; 80 cents on May 5,
1935, and on April 14, 1934; 30 cents on Feb. 15, 1934, and 50 cents per
share paid on Oct. 15, Aug. 15 and May 15, 1933.—V. 143, p. 1571.
addition to the regular monthly dividend
mon
stock, par $10,
Established 1912
25
New York City
Broadway
Bell Teletype N. Y. 1-137
Telephone Digby 4-8700
Sangamo Electric Co.—25-Cent Extra Dividend—
The directors have declared
an
extra dividend of 25 cents per
share in
share on the com¬
value, both payable Dec. 24 to holders of record Dec. 17.
Similar payments were made on Oct. 1, last, and on Jan. 2, 1936.
See
V. 142, p. 1830, for detailed dividend record.—V. 143, p. 3332.
addition to the regular quarterly dividend of 50 cents per
mon
stock,
no par
incl. Oct. 1,1930.
Selected Industries,
Inc.—Accumulated Dividend—
account
convertible preferred stock, no
of record Dec. 12.
After the current
this issue will amount to $7 per share.—V. 143, p. 2694.
The directors have declared a dividend of $1.50 per share on
Schenley Distillers Corp.—Listing—
The New York Stock Exchange has
July 1,1931, and $1.25 per share each quarter to and
143, p. 2384.
on
—Y.
authorized the listing of 26,250 shares
of 5H % cumulative preferred stock (par $100) on official notice of issuance,
as a stock dividend on the outstanding shares of common stock, making
of accumulations on the $1.50 cumulative
payment, arrears on
the total amount applied for 176,250 shares.
At a meeting held on Nov. 20 the directors
declared a dividend of onefortieth of a share of 5H% cumulative preferred stock (par $100) on each
outstanding share of common stock, payable on Dec. 21 to holders of
common stock of record Dec. 17, and, in connection therewith, authorized
the issuance of the 26,250 shares of 5H% cumulative preferred stock
value, payable Dec. 24 to holders
par
Seton Leather Co.—Resumes Common
The
have
directors
declared
a
Dividends—
of 50 cents per share on the
dividend
stock, payable Dec. 22 to holders of record Dec. 10. This will be
the first distribution made since Nov. 2, 1931 when 25 cents per share was
common
paid.—V. 143,1572.
required for the payment of such dividend.
Consolidated Earnings for the 9 Months
Sales, less returns, allows., disc'ts, & prov. for Pa. floor tax on
merchandise sold & delivered
.--$51,563,594
Cost of goods sold
38,155,596
-.$13,407,998
161,993
Gross profit on sales.
Storage, bottling & miscell. income & profits
on assets
31,983
96,700
sold, dismantled, destroyed, &c. (net)
Provision for obsolete supplies
Losses on investments
5,180
Prov. for Federal income, cap. stock & excess profits taxes
Profit for the period
949,040
$4,765,079
-
Note—No provision has been made in the above statement for the nine
$
$
Assets—
Liabilities—
5 H%
Signal Oil & Gas Co.—Extra Dividends—
The directors have declared an extra
class A and class B
7,601,115
6,386.767
%
%
Notes payable
Capital stock--. 5,250,000
Notes & accts. rec.
after reserve—
1,107,227
2,000,000
Notes pay. to bks.
5,250,000
2,234,995
Accts. pay. &accr.
Inventories
&c.,
8,069,162
8,636,662
32,652,905 25,630,798
after
300.000
reserve
llab
3,879,366
Res. for Fed. taxes
Brands, trademks.,
V goodwill, &o...
1
495,876
Deferred charges—
2,492,242
383,679
252,474
1,394,455
Sund.taxes pay.&
accrued
300,000
1,217,392
112,151
993,750
Res. for floor tax.
1
512,860
Divs.
payable
269,412
&C-.
35,170
250,000
250,000
182,500
Res. for cont'g, &c
of 25 cents per share was paid on these
lar dividends of 25 cents paid on July
90,407
5,930,000
-
10,000
Period End. Oct. 31—
$13,182
$10,873
first
Seattle Times
See list
given
on
page
record
pay.
Bonus will be paid about Dec. 24.
For record of cash dividends paid see V.
page
1936—6 Mos.—1935
$23,945
$19,941
of this department.
of this department.—V. 130,
p.
479.
See list
1Q36
Feb. 26
Mar. 26
Apr. 23
May 21
June
18
July 16Aug. 13
Sept. 10
Oct.
8
Nov.
5
3
Dec.
-
103^
Savings
Industrial
&
Loan
Co.—
given on first page of this department.
Simmons Co.—New DirectorGilbert Kinney, was on Nov. 30 elected a director of the company.—V.
p.
3648.
Simmons-Boardman
1934
Publishing
Corp.—Div.
Arrears
of $1 per share in cash and 1-3
The directors have declared a dividend
both payable Dec. 15 to
approval by stockholders
a plan to eliminate dividend arrears on the preferred stock.
The last previous dividend paid on the preferred stock was the regular
quarterly distribution of $1.75 per share made in 1931.—V. 138, p. 2590.
Simmons Hardware & Paint
Corp.—Balance Sheet—
corporation is successor through reorganization of the Associated
Hard ward Co.
The company, through subsidiaries, deals in
hardware, tools, cutlery, builders' supplies, sporting goods, household
appliances, paint, varnishes, and related lines.
One of its manufactured
lines is the well known "Keen Kutter" products.
The company's markets
are located principally in the middle and southwestern States.
Under the reorganization plan consummated in 1935, fixed charges were
entirely eliminated through the substitution of stock for bonds and property
values were scaled down sharply.
Moreover, substantial operating econo¬
mies were effected through the elimination of a nationwide system of
warehouses and the concentration of activities at one central point—
St.
Sears, Roebuck & Co.—Sales—*
4 Weeks Ended—
Spring
averaging about two weeks'
143, p. 2860.
The
Co.—Registers with SEC—
first
Dividend—Bonus—
of Signode International,
each share of this company's stock, payable Dec. 21 to holders of
Dec. 12.
Directors also voted to pay all employes in domestic
on
Simmons
(Philip) Schuyler Corp.—-Registers with SEC—
See list given on
Oct. 1,
of
in the New York Stock
Corp.—Earnings—
1936—3 Mos —1935
$1.75 per share on account
stock, par $100, payable Jan. 2
A similar payment was made on
Vi'of a share of preferred stock for each share held
holders of record Dec. 1.
This payment follows
Exchange firm of Ira Haupt & Co.
He formerly was Secretary of the
Schulte company ("Wall Street Journal").—V. 143, p. 2384.
—VP143 aperi571ChrgS'
15.
54,626,781 49,068,203
Corp.—Sale of Stock—
Schumacher Wall Board
the 7% cum. preferred
10,000
A block of 150,000 shares of common stock was sold Dec. 9 to Udo M.
a partner
Ltd.—Accumulated
Canada,
of
Signode Steel Strapping Co.—Stock
6,055,000
interest accrued.—V. 143, p. 3647.
Mr. Reinach is
Co.
Directors have declared a dividend of one share
143,
Total
on
of record Dec.
holders
Ltd.,
After depreciation,
b Par $5. c After deduction of $6,055,000 reserve
balance of the controverted claim of Pennsylvania for floor tax and
Schulte Retail Stores
made.—-V. 143,
Registers with SEC—
Minority interest-
Relnach for $1.25 a share.
1931 when similar payments were
July 1, April 1 and Jan. 2, 1936, and on Oct. 1, July 2, April 1 and Jan. 2,
1935, this latter being the first dividend paid on the prer. stock since the
regular quarterly dividend of $1.75 per share was paid on Dec. 31, 1932.
—V. 143, p. 1728.
Capital surplus... 1,419,163
1,426,664
Earned surplus.-.16,856,383 C14160.054
for
10,
have declared a dividend of
The directors
of accumulations
to
182,500
Res. for claim Penn
54,626,781 49,068,2031
Dec. 10.
regular quarterly dividend
stocks on Oct. 15, last.
The regu¬
10, last were the first distributions
2536.
p.
Silver
1939
a
Mar.
made since
Mtge. pay. Jan.31,
Total
dividend of $1 per share on the
stocks, payable Dec. 15 to holders of record
plants a bonus based on length of service and
Adv. pay. by cust.
floortax
com.
Am extra dividend of 10 cents in addition to the
Dec .31*35
pref.stock..15,000,000 15,000,000
b
with SEC
Sherrard Power System, Orion, 111.—Registers
first page of tnis department.
Dividend—
Sept. 30,'36
Dec.31,'35
Land, buildings,
equip., &c
11,358,491
Cash
1,750,346
paid on Sept. 1, last and in each of the three preceding quarters,
15, 1935 dividend being the initial distribution on this issue.
Sherwin-Williams
Consolidated Balance Sheet
a
was
Dec.
See list given on
ending Sept. 30, 1936 for surtax on undistributed profits.
Sept.30,'36
Invest.
the
—V. 141, p. 3550.
33,613
Interest
months
share
7,688,396
Sell., outward freight, adver., admlnis. & gen. expenses
Div.—
The company paid a dividend of $3.50 per share on the common stock,
$25, on Dec. 1 to holders of record Nov. 21. A dividend of 50 cents per
par
$13,569,991
Total income
Loss
Shepard-Niles Crane & Hoist Corp.—Pays Larger
Ended Sept. 30, 1936
1933
$25,541,825 $23,147,066 $20,395,895 $15,826,847
33,965,053
29,007,986
22,362,353
14.215.630
36,034,157
31,435,278
23,731,274
18,519,608
41,450,978
32,171,804
27,485,073
21,050.502
40.697,901
32,294,789
25,023,393
19,935,951
39.841.752
30,065,381
21.641,512
19,442.052
24.587,644
33.765.215
20,284.116
19,179,932
37,047.510
27,913,502
23,609,935
22,542,364
50,388,116
37,710.648
31,201.216
26.8U.378
49,200,311
37,057,198
30,816,415
28,590,302
47,870,763
37,988,700
30,878,320
28.763.631
—V. 143, p. 3647.
Louis.
Aided by sales campaigns and the rising trend of acitvity in most con¬
suming outlets, operations of this company for the fiscal year ended May 31,
1936, resulted in a profit of $76,923, equal to 17c. a capital share.
Consolidated Balance Sheet May 31, 1936
Liabilities—
$303,881
41,986
66,575
3,110,620
Investments a
Capital assets
Deferred
charges
Current assets b
Total
a
Investment
$3,523,062
-
in
warehouse,
$1,767,186
754,128
57,423
Capital 8tock c
Capital surplus d
Earned surplus
944,325
Current liabilities
$3,523,062
Total
$160,687;
other
investments,
b Including cash, $41,922; receivables, $1,452,166; inventories,
$143,194.
$1,608,038.
444,596 shares, no par.
d Excess of asset value of subsidiaries at date
of acquisition over cost of securities of these subsidiaries.—V. 140, p. 2552.
c
Second National Investors Corp.—>$1.75
Pref. Div.—
Dec. 2 declared a dividend of $1.75 per share on account
the $5 cum. conv. preferred stock, par $1, payable
Dec. 23 to holders of record Dec. 12.
This compares with $1.35 paid on
Aug. 1 last; $1.55 on Feb. 1 last; $1 on Aug. 1, 1935: $1.25 paid on May 14,
1935; 95 cents on July 1,1934; $1.05 paid on Jan. 1,1934; $1 on July 1,1933;
$1.15 on Jan. 1, 1933; $1.25 on July 1, 1932; $1.10 on Jan. 1, 1932; $1.25
The directors
on
of accumulations
on
Sioux City Stock
The company
paid
a
Yards Co.—Dividends Paid—
dividend of 37H cents per share on the $1.50 partic.
fov. 10.
Similar payments no
made on Sept. 6, May 15 and Feb. 15,
Sreferred and common stocks,werepar value, on Nov. 15 to holders of record
1936, and on Nov. 15, Aug. 15, May 15, and Feb. 15 of 1935, 1934
and
Financial
3858
1933.
d of $1 per share was paid on Nov. 15,
In additionIanfextra!divi
143,IP .*1892.
1934.—V.
Skinner Mfg. Co.—Registers with SEC—
first page of this department.
V. 143, P. 2862.
Co.—Stock Offered—Announcement was made
Dec. 10 of the offering of 85,000 shares of common stock
at $5.25 per share by Stemmler & Co. of New York.
This
offering constitutes new financing for the corporation to the
extent of 75,000 shares, the remaining 10,000 shares having
been purchased for sale from certain stockholders.
Outstanding capitalization of tne corporation, upon completion of this
financing, will consist of 225,000 shares (.$1 par) common stock of an author¬
ized issue of 300,000 shares.
The corporation has no funded debt, bank
loans or preferred stock.
Corporation expects to make application to list this stock on the New
Corporation is engaged in the manufacture and sale of electrical appli¬
for use in general industrial and radio fields, in the United States and
ances
merce
3648.
p.
Square D Co.—Dividend Again Increased—
The directors have declared a dividend of
a
dividend of 25 cents plus an extra of 10 cents paid on
The company has decided to exercise its option to retire the scrip certifi¬
cates representing fractional shares of class A preferred presently out¬
standing on the basis of $35 a share.
Funds for their retirement will be
deposited with the company's transfer agent Dec. 21.—Y. 143, p. 3162.
$258,562
235,249
$197,881
191,059
$117,780
109,828
$23,313
16,810
$6,821
15,082
$7,952
3,669
$149,000
29,868
$40,123
14,965
2,273
$21,904
1,730
2,121
$11,621
1,310
1,503
$118,638
Net operating profit-_
Miscell. other income
Total income
$22,884
$18,052
$8,807
Income deductions
493
Inc.taxes pd. or payable
Net
(E. R.) Squibb & Sons—Resumes Dividends—
1933
$513,268
395,487
1934
$838,810
640,929
$138,105
10,895
expenses
income
,
South Bend Lathe
The company paid a dividend of 50 cents per share on the common stock
Dec. 1 to holders of record Nov. 27.
This was the first payment-made
on
1935, when a quarterly dividend of 25 cents per share was
distributed.—V. 143, p. 126.
since Ded. 30,
Standard Gas & Electric
Works—Application Approved—
Standard Oil Co. of
quarterly dividend and the balance of $1.25 is designated as a special div.
Dividends of 25 cents were paid on Oct. 15 and on July 15, last, this latter
being the first dividend paid since Jan. 3, 1933, when a quarterly payment
of 37Yi cents per share was made.—V. 142, p. 4354.
application of the com¬
143, p. 3333.
Standard Tube
Stockholders
on
Nov.
capital stock from
18 approved plan to reduce
1,000,000 shares by retirement of 200,000
par, to
shares previously acquired.—V. 143, p. 3648.
Southeastern Loan
company is planning to give warrants to stockholders of record
10 for purchase of one share of class B common stock at price of $4
share for each three shares of common now held.
As of Sept. 30 com¬
a
pany
had 270,000 shares of class B stock outstanding
tional shares will
Corp.—Registers with SEC—
Co., Ltd. (& Subs.)—Earnings
1936
Miscellaneous
revenue..
Gross earnings
Purchased power
Operation.
__
Taxes
Maintenance
Bad debts
Interest
1935
1934
1933
27,214
$1,987,772
165,801
26,487
$1,969,027
172,015
27,119
$2,010,960
179,122
27,343
$1,953,506
161,214
$2,153,573
108,894
375,356
231,425
187,579
3,600
332,265
revenue
$2,141,042
95,094
371,723
220,404
164,368
3,600
333,339
$2,190,082
$2,114,720
56,205
353,265
203,786
168,176
2,115
374,600
84,485
352,038
206,516
162,708
6,500
338,375
$956,573
x424,595
$914,454
x373,866
$952,514
x411,262
$1,039,460
$1,288,320
425,334
319,257
$1,363,776
425,334
321,010
$1,398,862
425,334
1 94
186
217,713
224,964
229,549
211",470
$326,016
$392,344
$423,224
$350,977
400,000
$1.22
Surplus for the year.
400,000
$1.32
400,000
$1.53
400,000
$1.33
.
.
Total.
.
Common dividends.
I
x359,402
320,569
$1,381,168
425,334
393,387
y-
x
Adjusted.
an extra dividend of 25 cents
per share in
quarterly dividend of 35 cents per share on the
value, both payable Dec. 30 to holders of record
Dec. 18.
An extra of 15 cents was paid on Sept. 30, last.
See V. 142, p.
1659, for detailed dividend record.
the regular
banks
343,520
affil.
bonds,
392,844
Invests...x2,520,934
incl.
accrued revenue
354,173
Mdse. & main sup.
210,215
40,503
Min.
337,952
196,087
Prepaid & deferred
sh'hlrs.
cap.
int.
"
9,500
43,548
zl,892,811
42,874
1,915,585
41,979
of subs
7,279
8,224
25,767
198,007
392,344
8,071
35,630
in
reserve
Earned surplus
179,900
326,016
stock,
purch.accts.,bal.
Inc.—Sales—
1936—11 Mos.—1935
1936—Month—1935
$478,395
$468,406
$4,089,718
$4,816,481
—V. 143, p. 3335.
Stone & Webster,
The directors
Inc.—To Resume Common Dividends—
Dec.
— declared a dividend of 25 cents per share on the
value, payable Dec. 23 to holders of record Dec. 17.
This will be the first payment made on the common shares since May 16,
1932, when a dividend of 12H cents per share was distributed.—V. 143,
p.3335.
common
stock,
on
no par
Stromberg Carlson Telephone Mfg. Co.—Clears Pre¬
ferred Arrears—Resumes Common Dividends—
The directors have declared
accumulations
on
the
on
See. V.
this issue.
also
dividend of $3.25 per share on account
par
of
$100, payable Dec. 24
This payment will clear up all back dividends
the pref. stock.
The directors
a
6j^% cumul. pref. stock,
to holders of record Dec. 1.
143,
p.
3163 for detailed record of dividend
.
declared
dividend
of 12K cents per share on the
stock, payable Dec. 24 to holders of record Dec. 10.
This will be the
first dividend paid on the com. stock since 1931.—V. 143, p. 3163.
a
(The) Sturgis Mop Co.—Registers with SEC—
See list given on first page of this department
Sunbeam Gold Mines
given
on
first
Co.—Registers with SEC—■
of this department.
page
Sun Ray Drug Co.—Sales—
Period End. Nov. 30—
1936—Month—1935
$433,316
1936—11 Mos—1935
$402,389
$4,748,057
$3,527,873
—V. 143, p. 3649.
Sundstrand Machine Tool Co.—Dividends—
The directors have declared
a dividend of $1.50 per share
payable in
a cash dividend of 373^
cents per share on
both payable Dec. 20 to holders of recored Dec. 10.
An extra dividend of 12
cents in addition to a quarterly dividend of 25
cents per share was paid on Oct. 15, last, and a dividend of 25 cents was
paid on July 15, last, this latter being the first dividend paid since Oct. 15,
1930 when a dividend of 25 cents per share was also paid.—V. 143, p.
2385t
5 year 6% debenture notes and
with trus.
cap.
Sterchi Brothers Stores,
Period End. Nov. 30—
Sales.
Sales
& surp.
99,299 Res. for bad debts.
6,902
for bondholders.
Empl.
in
Miscell. & conting.
less reserve
securs.
distribution on earnings of employees
months who were on the payrolls as of Dec. 1.
Also, the
family of an employee who has died during the past year Mill receive the
5% distribution on the deceased's average earnings which would have been
paid during the past six months.
This distribution will be paid before
Christmas.—V. 143, p. 1576.
See list
&
Res. for deprec
99,863
Mortgages receiv.,
escrow
due
Employees—
The directors voted to pay a 5%
for the past six
39,342
161,559
7,088,900
8,672,000
rec.,
expenses
106,724
143,599
106,333
157,625
389,047 Preferred stock
7,088,900
2,543,613 y Common stock._ 8,672,000
int.
accrued
value
Funds &
Bonus to
par
no
com.
6,574,342
106,334
incl. interest
Other
Accts.
taxes
Dividend payableCustomers' depos.,
Bond
&
book
at
191,743
cos.,
shs.
advs.
6,562,590
122,816
165,166
Accounts payable.
823,667 Prov. for
823,668
hand & in
on
Invest,
20,851,872 Funded debt
disc.
bonds
Cash
$
Liabilities—
Plant in vestment .20,580,924
on
stock,
payments
1935
1936
1935
+\.cscts
Unamortized
to
common
on
Consolidated Balance Sheet Sept. 30
1936
that 90,000 addi¬
expire
(L. S.) Starrett Co.—25-Cent Extra Dividend—
[After eliminating all inter-company charges]
Electric
so
The warrants will
The directors have declared
addition
Customers connected
be available to stockholders.
Dec. 21.—V. 143, p. 3649.
See list given on first page of this department.
Southern Canada Power
Co.—Planning Offering—
The
Dec.
Co.—Capital Reduction Voted—
1,200,000 shares of $25
Ohio—Special Dividend—
The directors have declared a dividend of $1.50 per share on the common
stock, par $25, payable Dec. 21 to holders of record Dec. 10.
The company
stated that of this amount 25 cents is in anticipation of the regular Jan. 1
pany to list 120,000 shares of capital stock, $5 par.—V.
South Penn Oil
Co.—Weekly Output—
the public utility operating companies in the Standard
1936 totaled 112,031,040 kilowatt hours, an increase of 16.7% compared with the cor¬
responding week last year.—V. 143, p 3648.
Electric output of
Gas & Electric Co. system for the week ended Dec. 5,
—V. 143, p. 2860.
The Chicago Stock Exchange has approved the
the
Scrip Certificates—
To Retire
Years Ended Dec. 31
$317,215
179,109
Gross profit
Total
March 31, last.
the first made since Dec. 31, 1930, when
paid a dividend of 50 cents per share on this issue.
These latter payments were
company
Statement
1935
$1,171,818
913,256
Aug. 31 '36
Gross sales, less disc.,&c. $1,130,789
Total cost of goods sold.
813,573
$1.50 per share on the class
B stock, no par value, payable to holders of record Dec. 19.
This compares
with 25 cents paid on Sept. 30, last; 12Y% cents paid on June 30, last, and
organizations.
Jan. 1 '36 to
the first mortgage of Coeur
the Interstate Co nCommission to intervene in the reorganization proceedings.—V. 143,
The United States Trust Co., trustee under
d'Alene & Pend O'Reille Ry., has been authorized by
York Curb Exchange.
in foreign countries.
It now services more than 80% of the licensed radio
receiver manufacturers, including, with few exceptions, the nationally
Allowed—
Spokane International Ry.—Intervention
Solar Mfg.
Comparative Income
$1.50 on April 1, last; $4 paid on Dec. 31, 1935,
July 1,1935, and 50 cents on April 1 and Jan.12,
$2.50 paid on July 1, last;
$1.50 on Oct. 1,1935; $1 on
1935, and on Dec. 31,1934, this latter being the first distribution made since
April 1, 1932, when a regular quarterly dividend of $1.50 was paid.—
See list given on
known
1936
12,
Dec.
Chronicle
the
common
stock,
Superior Water, Light & Power Co.—Earnings—
Total
As
...25,367,035 25,484,265
Total
25,367,035 25,484,265
Sept. 30, 1936 the market value of "other investments" was
$216,884 less than the book value shown above,
y Represented by 400,000
no par
shares,
z Balance after applying $180,313 to write down value
of certain investments.—V. 143, p. 3333.
x
at
to
Dairyland, Calif.,
3648.
10.231 miles, with
1.576 miles of siding.—V.
143,
Spiegel, May, Stern & Co., Inc.—Sale
Month
of—
1936
$1,457,489
January
February
1,945,122
March
4,044,554
April
3,795,637
May
3,729,605
2,791.924
June
July
August
2,470.169
September
4.584.379
October
6,146,747
5,323,451
3,169,969
November.
1935
$1,260,469
1,617,261
3,108,329
3,299,647
3,350,817
2,356,850
1,714,051
2,124,644
3,318,165
4,418,880
3,642,294
1933
1934
$927,917
1,421,846
2,732,512
2,322,133
2,193,078
1,437.008
$320,710
663,633
948,452
861,980
901.041
782,803
545,145
1.111,870
1,577,692
667,599
2,339.911
3,572,421
3,328,163
2,305,958
2,144,048
Spang, Chalfant & Co., Inc.—Accumulated Dividend—
accumulations
on
the
6%
to holders of record Dec.
dividend of $7.50 per share on account of
cum. pref. stock, par $100, payable Dec. 24
14.
1, last;
1936—12 Mos.—1935
$81,694
59,824
$81,275
55,901
$973,680
699,782
$913,460
633,782
$21,87#
$25,374
$273,898
$279,678
203
from opers_.
Gross corp. income
Int. & other deducts
42
886
568
$22,073
8,524
$25,416
8,454
$274,784
100,569
$280,246
99,797
$174,215
48,000
$180,449
47,834
35,000
35,000
Balance
y $13,549
y$16,962
Property retirement reserve appropriations
z Divs. applic. to pref. stock for
period, whether
paid or unpaid
J
Balance..
$91,215
$97,615
y Before
property retirement reserve appropriations and dividends,
z Regular
dividend on 7% pref. stock was paid on Oct. 1, 1936.
After
payment of this dividend there were no accumulated unpaid dividends at
that date.—V. 143, p. 2863.
Susquehanna Connecting RR.—Abandonment—•
The
Interstate
Commerce
Commission
on
Dec.
1
issued
a
certificate
permitting abandonment by the company of a branch line of railroad in
Lackawanna County, Pa., and abandonment of operation thereof by the
AVilkes-Barre & Eastern RR.
(K.) Taylor Distilling Co., Inc.—Larger Dividend—
a
This compares with $3 paid on Oct.
revs,
1936—Month—1935
Other income
1,374.288
—V. 143, p. 3162.
The directors have declared
Operating revenues
Oper.exps., incl. taxes..
Net
Southern Pacific Co .—Acquisition—
The Interstate Commerce Commission on Dec. 1 approved the so-called
Chowchilla branch of the Visalia Electric RR. extending from Chowchilla
p.
(American Power & Light Co. Subsidiary)
Period End. Oct. 31—
The directors
on
on
Nov.
25
declared
a
dividend of 73^
the capital stock, par $1, payable Dec. 20 to
cents per share
holders of record Dec. 10.
Volume
Financial
143
This compares with
dividend of five cents per share paid on Dec. 16,
1935, this latter being the initial distribution on the shares.—V. 143, P.
3649.
a
Teck-Hughes Gold Mines, Ltd.—Extra Dividend—
The directors have declared an extra dividend of five cents per share in
addition to the regular quarterly dividend of 10 cents per share on the
common
stock,
par
$1, both payable Jan. 2 to holders of record Dec. 10.
See V. 139, 3337, for detailed
Similar payments were made on July 2, last.
dividend record.—V. 143, p. 2863.
Television
Corp.
of
America—Sale of Stock
Barred by
Court—Fraud Seen—
A
temporary injunction restraining the corporation, its President,
Oliver C. Harriman, and six other defendants from any transactions in the
corporation's stock was signed Dec. 9 by Supreme Court Justice Salvatore
A.Gotillo of New York on application of Attorney General John J.Bennett, Jr.
The order set Dec. 18 for a hearing on a permanent injunction and the
Chronicle
3859
345 West 86th Street Apartment
Building—Distribution
Notice is given to all holders of the 1st mtge. serial 6% gold bonds, dated
Feb. 1, 1923, that funds in an amount sufficient to provide distribution at
the
rate of $28.50 per $100 bond resulting from the net foreclosure sales
price and funds on hand with the trustee, are now available for such holders
at the office of Continental Bank & Trust
Co., 30 Broad Street, New York.
The bonds will be stamped and returned for
Tide Water Associated Oil
a
further distribution.
Co.—Merger Effective—
William J. Burker, Sec., in a letter to stockholders states:
The merger of Tide Water Oil Co. and Associated Oil Co. with and into
this company was consummated on Nov.
30,1936, by the filing and record¬
ing of the agreement of merger dated Oct. 15, 1936.
Out of a total of 35,624 stockholders in the three
companies, owning an
aggregate of 11,216,673 shares, only nine stockholders representing 28
shares
of preferred stock
and 24 shares of common stock of the present
capital stock of Associated Oil Co. voted
No stockholder of Tide Water Oil Co. voted against the
company and 4,102 shares of the
against the merger.
appointment of a receiver.
It follows an order obtained Nov. 15 for
examination of the corporation's books and records and an investigation by
Ambrose Y. McCall, Assistant Attorney General.
merger.
► The complaint by the Attorney General charged that stock, with a par
value of SI, had been sold in up-State counties at from 15 to S10 a share
through fraud and misrepresentation.
The charge was supported by
affidavits from elderly widows and other purchasers, it is reported.
It also charged that the corporation is not authorized to do business in
this State, that the defendants had not been registered as stock salesmen,
that the corporation had no tangible assets and had kept no account books.
—V. 133, p. 1140.
of 28 shares of preferred stock and
1,749 shares of common stock filed in¬
struments purporting to be objections in
writing to the merger in accordance
with Delaware law.
Prior to the vote, a representative of George F. Getty,
Tennessee Corp.—To Pay
The directors
15-Cent Dividend—
Dec. 4 declared a dividend of 15 cents per share on the
$5, payable Dec. 18 to holders of record Dec. 9.
This
will be the first payment made since June 15, 1931, when 12 H cents per
share was distributed.—V. 143, p. 1248.
common
stock,
on
par
Tennessee Public Service
Corp.—Earnings—
[National Power & Light Co. Subsidiary]
Period End. Oct. 31—
1936—Month—1935
Operating revenues
Oper. exps. & taxes—.Net
from oper
Rent from leased prop-rev.
Other income (net)--
-
Gross corp. income—
Int. & other deductions-
Balance...-
Prop, retire,
z
-
1936—12 Mos.—1935
$307,658
211,516
$255,819
188,097
$3,311,967
2,390,625
$2,880,593
2,079,029
$96,142
8,208
955
$67,722
8,356
724
$921,342
98,626
8,207
$801,564
91,996
8,250
$105,305
32,814
$76,802
33,029
$1,028,175
392,749
$901,810
392,579
y$72,491
y$43,773
$635,426
362,203
$509,231
341,555
res. approp.
Divs.
applic. to pref.
stk. for period .whether
-
297,618
———
z
297,618
$24,395
—
Deficit
$129,942
y Before
property retirement reserve appropriations and dividends.,
No dividends have been paid since Aug. 1, 1934, when 75 cents a share
paid on the $6 pref. stock.
Dividends accumulated and unpaid on
this stock to Oct. 31, 1936, amounted to $781,247.
Dividends on the $6
was
pref. stock
are
cumulative.—V. 143, p. 2863.
Texas Electric Service
,,
1936—Month—1935
1936—12 Mos.—1935
$7,332,439
$6,662,654
3,825,461
3,430,091
60,000
75,450
$583,678
316,811
5,000
$261,867
Other inc. (net)
$312,150
136
Dr525
$3,446,978
Dr4,164
$3,156,273
8,812
Gross corp. income—
Int. & other deductions-
$312,286
142,880
$261,342
142,746
$3,442,814
1,713,604
$3,165,085
1,712,488
y$169,406
y$118,596
$1,729,210
391,668
$1,452,597
300,000
Balance
Prop, retire, res. approp.
z DivB.
applic. to pref.
stk. for period .whether
paid or unpaid
375,678
375,678
Balance
$961,864
$776,919
Before property retirement reserve appropriations and dividends,
z Regular dividend on $6
pref. stock was paid on Oct. 1, 1936.
After the
payment of this dividend there were no accumulated unpaid dividends at
that date.—V. 143, p. 2863.
y
Texas Power & Light
"the
Co.—Earnings—
Operating revenues
Oper. exps., & taxes
1936—Month—1935
$983,170
$870,703
453,669
371,545
.
.
.
opposed
.
.
.
the present form of the
under Section 61 of the General Corporation Law of the State of Delaware
(which provides for payment of the value of their shares, exclusive of value
arising from the expectation or accomplishment of a merger, to stockholders
of merging Delaware corporations who
object in writing to a merger not
later than the vote thereon and demand such
payment) and whether said
stockholders demanded payment, said representative stated that he was
not prepared to make a statement one
way or the other.
Either said stocknolders or persons affiliated with them may own
benefically
substantial
a
number of shares of common stock in addition to those above referred to.
The vote cast in favor of the merger far exceeded that
required by the
applicable provisions of the laws of the States of Delaware and California
(i.e., two-thirds of the stock of each company) and the management of the
not only appreciative of the overwhelming vote by the over¬
whelming majority of the stockholders in favor of the merger, but also of
the great interest displayed by the stockholders.
The company has been advised by the New York and San Francisco
Stock Exchanges that, pending preparation of new definitive certificates for
the 6% preferred stock and the common stock
(par $10), delivery on said
Exchanges of outstanding certificates for 6% preferred stock and common
stock without par value (which was converted
by the consummation of the
merger into common stock of the par value or $10) will constitute good
delivery. However, in accordance with the provisions of the agreement of
merger, new certificates for 6% preferred stock and for common stock (par
$10) in temporary form, are now available to holders of outstanding cer¬
tificates desiring to exchange the same at this time at the office of the New
York transfer agents of the company, 17 Battery Place, New
York, N. Y.,
and at the office of Anglo California National Bank of San
Francisco, San
Francisco transfer agent, 1 Sansome St., San Francisco,
Calif., upon
surrender of outstanding certificates for cancelation.—V.
143, p. 3649.
company is
Co.—Merger Consummated—
Tishman
Realty & Construction Co., Inc.—Financial
Reorganization—
Completion of the financial reorganization of the company by means of
new capital supplied through private sources and a
change in the company's
fiscal year from a calendar year basis to a period
beginning Sept. 30 and
ending Oct. 1 to coincide with the company's natural business year were
revealed by David Tishman, President, in a statement
accompanying the
company's annual report issued this week.
"Due to recently improved conditions in the real estate
market, our
has been successful in obtaining new capital to carry through a
financial reorganization," Mr. Tishman stated.
The reorganization in¬
company
volved
a
reduction and
refunding of the company's liabilities and also the
substantially all
extension for 3 to 5 years at reasonable rates of interest of
mortgages on the larger real estate properties.
"I am very gratified to be able to announce that the
company is again
in a position to actively pursue its normal operations
upon an unrestricted
basis.
With the continuance of business recovery, we look forward con¬
fidently to a rise in rentals and a consequent increase in real estate values."
By using part of the proceeds of a 10-year 3% note issue aggregating
$2,110,000 the company was able to eliminate notes payable to banks,
loans payable and other items exceeding $5,200,000
bearing interest at a
minimum rate of 6%. all of which were due or past due, and in addition to
eliminate substantially all contingent liabilities.
Consolidated Income Statement Nine Months Ended
Sept. 30, 1936
1936—12 Mos.—1935
$9,844,864
4,538,335
$8,959,158
4,475,915
Not including
Tishman Properties, Inc., and
reorganization]
a
subsidiary [in
process
Income—Commissions
from oper--
$529,501
$499,158
$5,306,529
$4,483,243
CY25.000
$529,501
846
$499,158
687
$5,306,529
8,570
$4,508,243
8,301
$530,347
200,100
$499,845
201,382
$5,315,099
2,409.746
$4,516,544
2,456,168
Provision for depreciation
y$330,247
y$298,463
$2,905,353
Property retirement reserve appropriations
552,069
z Divs. applic. to pref. stocks for
period, whether
paid or unpaid
865,050
$2,060,376
450,000
Other income
revs,
Rent for leased property
Miscellaneous
Total
Balance
Other income
(net)
Gross corp. income—
Int. & other deductions-
Balance
Before
$65,670
19,081
166,620
18,019
284,563
operations of buildings.
Net loss
865,050
$1,488,234
$745,326
retirement reserve appropriations and dividends,
7% and $6 pref. stocks were paid on Aug. 1, 1936.
After the payment of these dividends there were no
accumulated unpaid
dividends at that date.
Regular dividends on these stocks were declared
for payment on Nov. 2, 1936.—V. 143, p. 2863.
y
on
General and corporate expense..
Interest expense
Operating loss after depreciation
Balance-
z
Loss
—
property
Regular dividends
Thermoid
Co.—Registration Statement—
On Dec. 7 company filed a registration statement with the
Securities and
Exchange Commission for the issuance of $2,450,000 of first lien collateral
trust 5% bonds (with stock purchase warrants and
sinking fund).
Bonds
are to be dated Dec. 15, 1936, are to mature Dec.
15, 1951.
Each $1,000
bond will carry three non-detachable stock purchase warrants
for 10 shares
each of common stock, exercisable as a whole only at
$8, $12 and $16 per
share, respectively, on or before Dec. 15, 1941, or prior to redemption of the
bonds.
Besides the 73,500 shares of common stock reserved
for exercise
of warrants, the registration statement covers the issuance of
70,000 shares
-i
$418,813
Note—On Sept. 30,1936, the company transferred to Tishman Properties,
The operating loss of $132,522
surplus.
on these properties for the nine
Sept. 30, 1936, has not been included in the statement of
submitted, but has also been charged to capital
surplus.
The company is not on the bond of the mortgages covering the
properties transferred and has no obligation to pay the liabilities connected
months
ended
income and profit and loss
therewith.
Consolidated Balance Sheet Sept. 30, 1936
Not including Tishman
Properties, Inc., and a Subsidiary in process of
reorganization under Section 77-B of the Bankruptcy Act]
Assets—
Liabilities—
Cash
Accts. and notes receivable—
$2,593,500; payment of the unpaid balance of $91,250ion purchase
money
mortgage on property in Trenton, and payment of current bank indebted¬
of Thermoid Rubber Co., a wholly-owned
subsidiary, in the amount of
$300,000.
Proceeds from the exercise of stock purchase warrants are to be
applied to the purchase or redemption of the new bonds
through the sink¬
ing fund.
Van Alstyne, Noel & Co., Inc., is named as the
principal underwriter of
the bonds.—V. 143, p. 3650.
Investment In and advances to
on
hand and in banks—
$355,376
31,613
60,076
Advances to mortgagees
Real estate, bldgs.
&leaseholdsa4,118,555
10,000
Mortgage receivable
—
wholly-owned cos. not cons.
Security dep.
on
The directors'on Dec. 2 declared
a dividend of 75 cents
per share on the
stock,fpar $1, payable Dec. 23 to holders of record Dec. 12. This
(55 cents paid on.Aug. 1, last; 50 cents on Feb.
1, last; 45
cents on Aug. 1, 1935; 50 cents paid on
May 14, 1935; 40 cents on July 1.
1934; 45,'cents'on Jan. 1. 1934; 40 cents on July 1, 1933; 45 cents on Jan.
1.
1933, and 50 cents per share injJanuary and July, 1932.—V.
143, p. 2iS3
Accounts
payable
$78,583
Accounts pay. to wholly-owned
cos. not consolidated
Accrd. Int.
Real
on
estate
10-yr. 3% notes
taxes
accrued
on
mtges. payable
rent deposits payable
Deferred account payable
10-yr.
Capital stock
Capital surplus
$5,343,943
Torbin Hill
See list
2,110,000
b400,000
2,079,487
-
Total
a After
reserve
for depreciation of
400,000 no par shares.—V. 143, p. 446.
$2,836,708.
$5,343,943
b Represented
Mines, Inc.—Registers with SEC—
given onlfirst
page
60,448
100,000
3% notes, due July 1,
1946
Total
156,772
325,758
Rents received in advance and
624,205
5,000
49,543
leasehold
Deferred operating charges—
Accrued Int.
17,701
15,194
(to
Sept. 30,1936)
89,575
partly-owned co.—at cost—
Investments In and advances to
Third National Investors Corp.—75-Cent Common
Div.
common
$451,021
Inc., a wholly owned subsidiary, certain properties having a net book value
of $702,233, which value has been written down to $1 by a charge to
capital
Net proceeds from the sale of the bonds and common
stock, excluding
amounts received from the exercise of
warrants, will be used, together with
such other funds as are necessary for the payment in full of the
company's
five-year 6% gold notes due Feb. 1, 1937, outstanding in the amount of
compares vwith
32,208
--
Net loss carried to capital surplus
of common stock.
ness
$422,613
3,800
-
Loss for 9 months ended Sept. 30,1936, on a subsidiary in process
of reorganization under Section 77-B of the Bankruptcy Act,
not included in consolidation (incl. depreciation of $28,561.)
on
of
$22,762
31,814
11,094
Bad debts recovered
Net
merger
When asked whether
agreement of merger, said representative
replied that they did not, and when asked whether objections were filed
[American Power & Light Co. Subsidiary]
Period End. Oct. 31—
secretary, stating that
Getty interests
agreement * and objected thereto in certain respects.
said stockholders voted against the
See Tide Water Associated Oil Co.—V.
143, p. 3650.
$651,164
334,014
5,000
Balance-
Inc., Getty, Inc., and Pacific Western Oil Corp., holding of record on that
date an aggregate of 518,000 shares of common
stock, read a statement to
the meeting, which was thereafter filed with the
Tide Water Oil
Co.—Earnings—
[American Power & Light Co. Subsidiary]
Period End. Oct. 31—
Operating revenues
Oper. exps. & taxes
Rent for leased property
Prior to the vote on the merger, at the special
meeting of stockholders of
the parent company held on Nov.
18, 1936, holders of record on that date
of this department.
by
I
Financial
3860
It
Tilo Roofing
Co., Inc.—Extra
Dividend—
of stock on the New
30 declared an extra dividend of 12
cents per
regular quarterly dividend of 12 >4 cents per share
$1, both payable Dec. 21 to holders of record
Dec. 11.
An extra dividend of 7 M cents in addition to the regular quarterly
12 H cent dividend was paid on Oct. 1, last.—V. 143, p. 2864.
The directors on Nov.
share in addition to the
on
the common stock, par
Todd
Shipyards Corp.—Special
Dividend—
declared a special dividend of $2 per share in addition
quarterly dividend of 50 cents per share on the capital stock, no par
value, both payable Dec. 21 to holders of record Dec. 5.—V. 142, p. 4356.
The directors have
to a
Transcontinental & Western Air, Inc.—Listing—
New York Stock Exchange has authorized the listing of 207,711
shares of common stock (par $5) on official notice of issuance, pursuant to
subscription or sale, and 50,000 shares of common stock on official notice
of issuance, pursuant to the employees' stock purchase plan, making the
The
applied for 880,846 shares.
,
,
Corporation will offer to the holders of common stock of record on
17, 1936, the right to subscribe to 207,711 shares of common stock
at the rate of one-third of a share for each one share of common stock held.
The right to subscribe will expire Jan. 6, 1937.
The stock will be under-
total amount
Dec.
writtsii*
corporation intends to add the net proceeds to be received by it from
of common stock to be sold to its stockholders and to
the general funds of the corporation. From such general
funds the corporation intends to apply approximately the following amounts
The
the sale of the shares
the underwriters to
to the purposes
specified: (a) $1,800,000 to the
(b) $300,000 to the purchase
purchase of eight Douglas
of replacement equipment
of ground and aircraft radio
landing; (d) $20,000 to the
"SDT" airplanes;
material; (c) $143,000 to the purchase
communication equipment for instrument
and
purchase of an airplane for instrument flying instruction.
Pursuant to action taken by directors Nov. 13, 1936, 50,000 shares of
common stock are to be reserved for issuance pursuant to the employees'
stock purchase plan, subject to the approval of the plan by the stockholders
at the annual meeting to be held in March, 1937.
Registers with SEC—
of this department.
given on first page
See list
declared a special initial dividend of 25
stock, par $5, payable Dec. 21 to holders
directors have
The
cents per
of record
17
Dec
view of the Revenue
stated that the dividend was declared in
Act of 1936 imposing a tax on undistributed profits.
Directors
$547,746
99,568
$924,878
Cash
Mktable.
348,950
secure..
31'35
370,508
412,689
27,187
2,888
251,032
226,837
433,782
82,597
55,134
3,689
282,026
232,039
Land, bldgs. and
lmprov'ts, &C--
2,566,028
3,006,257
Deferred charges--
312,447
eight
after
would
to $525,939.
After deducting estimated parent company's expenses for
that period of $41,667, the bond interest of $159,375, and preferred stock
dividend requirements of $180,834, the balance available for the common
stock would have been $144,063, equivalent to 46 cents a share on 308,000
"Usually," Mr. Wright said, "the last months of the year are the most
profitable and should yield sufficient income to cover the dividend require¬
ments of the common stock at the 50-cent annual rate by a comfortable
margin."—V. 143, p. 3486, 3015.
Universal Consolidated Oil Co.—Resumes Dividends—
dividend of $1 per share on the common
stock, payable Dec. 21 to holders of record Dec. 10.
This will be the
first dividend paid by the company since July 15, 1930 when 50 cents per
The directors have declared a
share
Other
Accts. rec.—em pi's
Inventories
Investments
a
Accounts
Deposits
$349,411
$420,894
payableon scrip
Acer. sals. & wages
86,700
61,246
49,727
Other accruals
63,294
102,139
30,684
40,821
19,629
49,639
49,052
55,976
Cap. stock (par $5) 3,115,675
Capital surplus..- 1,328,166
Earned surplus b.
166,552
a
and
27, 1934.—V. 143, p.
Trans-Lux
& accr.
Deferred credits-HCS0I»V0S
Total
3485.
($1 par).
Of the shares embraced in the offering
39,353 shares will represent new financing by the corpora¬
tion, proceeds of which are to be used in part for plant
improvements and the balance for additions to working
capital.
The remainder of the stock comprised in the offering
stock
supplied by individual shareholders.
is being
Co. and Cyclops
had previously
Corporation represents a merger on Universal Steel
Steel Co., which was effected in September, 1936.
There
been some community of ownership of the two companies and
Picture
Screen
The
to the
corporation has no funded debt and no preferred stock. Giving effect
present financing, capitalization will consist solely of 500,000 shares
dividend of five cents per
share on the capital stock, par $1, payable Dec. 21 to holders of record
Dec. 12.
Dividends of 10 cents were paid on Sept. 1 and March 2, last,
Sept. 3 and March 1, 1935, adn on Aug. 31 and Feb. 15, 1934.—Y. 143,
30 declared a special
k
on account of
$100, payable
dividend paid
on the preferred stock since March 1 ,1932 when a regular quarterly dividend
of $1.75 per share was distributed.—V. 143, p. 3164.
The directors have declared a dividend of $10 per share
accumulations on the 7% cumulative preferred stock, par
Dec. 18 to holders of record Dec. 8.
This will be the first
Union Brewing Co.—Stock Dividend—
declared a stock dividend of 5% on
The directors have
record Dec. 7.—V.
139, p. 3975.
Dividend
directors have
United Gas Improvement
Co.—Weekly Output—
Dec. 5, '36 Nov. 28/36
96,336,500 91,010,299
of system
143, P. 3651.
'
Electric output
(kwh.)
1936—12 Mos.—1935
$904,217 $11,564,512 $10,246,476
594,596
6,751,762
6,127,746
$1,045,857
636,040
Operating revenues
Oper. exps. & taxes
$409,817
Dr30
$309,621
4,047
$4,812,750
8,943
$4,118,730
41,538
$409,787
$313,668
$4,821,693
$4,160,268
238,643
239,483
2,851,409
2.889.639
y$74,185 $1,970,284
Property retirement reserve appropriations
747,299
z Divs. applic. to pref. stocks for period, whether
$1,270,629
747,299
Net
from oper__
revs,
(net)
Gross corp. income--
Balance
paid
y$171.144
United Public Service
Dec. 7/35
84,521,264
Corp.—Acquisition—
Exchange Commission has
approved the acquisition
by the company of (1) 4,082.18 shares of pref. stock (par $100), and
(2) stock purchase warrant for the purchase of 13,010 shares of common
stock (par $1) of Southern United Gas Co. (Del.).
Such securities to be
issued in accordance with an amended plan for reorganization of the
Southern United Gas Co. (N. J.), which plan was approved by the U. S.
District Court for the Northern District of Illinois, Eastern Division, on
Feb. 21. 1936.—V. 143, p. 3651.
United Specialties
See list
Co.—Registers with SEC—
given on first page of this department.
-
under
Shipments—
"Indications of Business Activity" on a
1,704,761
$1,181,431
y Before
property retirement reserve appropriations and dividends,
Dividends accumulated and unpaid to Oct. 31, 1936, amounted to $5,540,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 Oct. 1,1936.
Dividends
on these stocks are cumulative.—V. 143, p. 3337.
z
473.
Camp Milk Co.—Earnings—
Earnings for Six Months Ending Sept.
30, 1936
$2,608,439
Cost of sales
2,335,156
'
preceding page.—
—V. 143, p. 3486.
$273,283
68,507
Gross profit on sales
Selling, administration and general expenses
Net
$204,776
profit from operations
22,602
Miscellaneous income—Net
$227,378
Net profit before provision for income taxes
Provision for Federal and State income taxes
26,107
25,000
Provision for possible price adjustments
Net profit to earned surplus
Dividends declared or paid on
$176,271
30,000
preferred stock
$146,271
$1.95
Balance at Sept. 30, 1936
Earnings
per
share
on
75,000 shares common stock-
on
hand
receivable
Cow notes receivable (net)
Inventories—
Prepaid
expenses
Reciprocal
_
$411,680
a270,917
4,518
160,730
5,157
subscribers'
lnsur.
12,683
fund and surplus reserve.
1,455
$9,000
J.
P.
$192,962
31,646
payable
Prov. for Fed'l taxes and State
27,139
Income taxes
Dividends
declared—payable
15,000
Res. for contingencies
70,000
Res. for possible price adj'm'ts
Preferred stock
25,000
335,460
146,271
Capital surplus
17,541
Earned surplus
1,200,000
75,000
Common stock
Frenzel, Jr.,
bankruptcy, Van
Camp Products Co
Due from Van Camp Products
Accounts
Accrued expenses.
Oct. 1, 1936
Deposits in closed banks—less
reserve,
Due from
1936
Liabilities—
Assets—
Cash in banks and
Accounts
trustee in
United States Steel Corp.—November
See
1,704,761
$481,776
unpaid
or
Balance Sheet Sept. 30,
The Securities and
Subsidiary]
Sales, net.
Week Ended—
—V.
(& Subs.)—Earnings—
[Electric Power & Light Corp.
Period End. Oct. 31—
1936—Month—1935
Van
declared a special dividend of $1.50 per share on
the common stock, par $5, payable Dec. 22 to holders of record Dec. 12.
A dividend of 50 cents per share was paid on Nov. 17 and on Aug. 18, last,
and compares with 37H cents paid on May 19 and Feb. 14, last, and 25
cents paid on Nov. 8 and Aug. 9, 1935, on this new class of stock.
On
May 10, 1935, the company paid a dividend of 37K cents per share on the
old no par common stock which was subsequently split two-for-one.
Prior
to May 10, 1935 regular quarterly dividends of 25 cents per share were
distributed.
In addition a Christmas bonus of 50 cents per share was
paid on Dec. 24, 1935 and 1934.—V.143, p. 2865.
The
Exchange.—V. 143, p. 3651.
Utah Power & Light Co.
the common stock
& Foundry Co.—Special
intention to apply for listing of its
corporation has indicated its
The
Deficit
Co.—Accumulated Dividend—
United Engineering
sharply
dividend
The corporation plans to place the stock on a regular $1 annual
stock on the New York Curb
p.. 1095.
payable Dec. 21 to holders of
constituent companies have advanced
period of three years and nine months ended Sept. 30, 1936, reported
in the registration statement. Net in 1933 amounted to $176,602,
increased to $555,136 in 1935 and to $608,472 in the nine months ended
Sept. 30, last. The latter figure amounts to $1.32 a share on the stock out¬
standing at the end of the period, and to $1.21 a share on the amount to be
outstanding on completion of the proposed financing,
upon
Int. & other deductions-
Truscon Steel
close working
relationship. The corpora¬
of the one class of stock.
Corp.—Special
Dividend—
The directors on Nov.
direct corporate
tion, whose business dates back to 1908, is engaged in the production of
tool steels, and various alloys and high speed steels for special purposes.
Plants are located at Bridgeville, Pa., and Titusville, Pa.
Other income
Daylight
Offered—An un¬
Steel Corp.—Stock
derwriting group headed by A. G. Becker & Co., Inc., and
including Cassatt & Co., Inc., and Singer, Deane & Scribner,
on Dec. 10 offered at $19 a share 100,000 shares of common
3,115,675
1,326,453
12,271
Taxes pay.
$5,443,444 $5,000,558
After reserve for depreciation and amortization of $2,424,613 in 1936
$2,308,421 in 1935.
b From organization of present company, Dec.
$5,443,444 $5,000,558
Total
distributed.—V. 143, p. 3651.
was
Universal-Cyclops
257,721
U.S.Govt.depts.
Traffic & agents
stock outstanding.
shares of common
in the
Aug. 31'36 Dec. 31'35
Liabilities—
contracts
Accts. rec.—trade:
W. K. Wright, President of the company, stated that had the company
been in operation since Jan. 1, 1936 its equity in the net income of its
underlying operating companies for the first 10 months of this year,
allowing for all charges and normal Federal income taxes
amount
Combined earnings of the
Balance Sheet
Aug. 31'36 Dec.
Assets—
list both classes
Francisco Stock
Exchange.
relations between them, but no
Special Initial Dividend—
share on the common
meeting to make application to
York Stock Exchange and the San
decided at the
was
12, 1936
Dec.
Chronicle
—
Co. (bankrupt), net
136,405
Land, bldgs., mach'y & equip.bl.096,390
1,000
—
Established milk supply system
United States Tobacco Co.—Extra Dividend—
directors have declared an extra dividend of $3.75 per share in
dividend of $1.25 per share on the common
stock, no par value.
The extra dividend will be paid on Dec. 23 and
the regular quarterly distribution will be made on Jan. 2, both to holders
The
addition to the regular quarterly
of record Dec. 14.
Previous special
dividend payments were made as follows:
$2 on Jan. 2,
2, 1935, and $5 per share paid on Jan. 2, 1934.—
1936; $2.25 on Jan.
V. 142, p. 1139.
United Stockyards
Corp.—Initial Dividends—
a
tion declared an initial dividend
payable Jan. 15, 1937 to holders of record Jan.
a
After
reserve
Stock
,
$2,118,478
b After
$617,706.
Offeredr—
Adams & Peck
market
Total
for doubtful accounts, discounts, &c., of $12,870.
for depreciation of
are
offering 200 shares $4 cum. pref. stock (no par) at
Dividends quarterly Jan. 1.
plan, was authorized
balance sheet has no
the present time.—V. 143, p. 3166.
about $66 per share.
The preferred stock, according to the reorganization
in the amount of 15,000 shares, and according to the
meeting held on Dec. 1, the directors of this newly organized corpora¬
of 12 H cents per share on the common
stock payable Dec. 15, to holders of record Dec. 10.
The declaration of
the dividend at this time payable Dec. 15, is to take the place of the dividend
that would normally be paid Jan. 15, 1937, simultaneously with the pre¬
ferred stock dividend.
This has the effect of putting the common stock
on an annual basis of 50 cents a share.
The second quarterly dividend will
then be payable April 15, 1937.
The directors also declared the first quarterly dividend of 17 H cents
a share on the convertible preferred stock, at the rate of 70 cents annually,
At
.$2,118,4781
Total...
reserve
5.
bonds ahead of it at
Vick
Financial
Reinsurance
Corp.—Exchange
Corp. Stock Approved—
of Vick
Common for
At the special meeting of stockholders held Dec. 10, the plan of reorgani¬
dated Oct. 31, 1936, was adopted by stockholders representing
approximately 90% of the shares of stock outstanding.
pM
The plan provides for a transfer to Reinsurance Corp. of New York of
the property and assets of Vick Financial Corp., in consideration of the
issue of shares of the capital stock of Reinsurance Corp., fully paid and
zation
non-assessable, equal to the number
of shares of Vick stock outstanding
Volume
Financial
143
Chronicle
the time of transfer.
Pursuant to the plan, Vick has been placed In
dissolution and its stockholders are entitled to one share of the capital stock
at
of Reinsurance Corp. for each share of common stock of Vick
for exchange.
(The) Weisbaum Bros.-Brower Co.—Registers with SEC
See
surrendered
•
(►The exchange of
stock of Vick for capital stock of Reinsurance
will be made at the office of Guaranty Trust Co., 140 Broadway, New York.
—V. 143, p. 3652.
common
Ventures, Ltd.—To Pay Another 2l/^-Cent Dividend—
The directors have declared a dividend of 2^ cents per share on the
stock no par value, payable Jan. 2 to holders of record Dec. 15.
The dividend of 2J^ cents per share which had been previously declared
also carries the above dates.—V. 142, p. 3366.
common
Victoria Bondholders Corp.—Initial Dividend—
established in 1928.
Net asset value as of Nov. 30, 1936 amounted to $20.65 per
share, com¬
pared with $16.64 as of Nov. 30, 1935, or an increase of 24% for the 12
months'
period.
Regular and extra dividends paid during the past year amounted to $1.20
yield of 6.4% based on average quarterly asset
value.—V. 143, p. 3652.
Wentworth Mfg. Co.—Registers with SEC—
See list given on first page of this department.—V.
143, p. 3487.
West Texas Utilities Co.—Accumulated Dividend—
The directors
The Interstate Commerce Commission
Nov.
on
23 issued
certificate
a
permitting the company and its receiver to abandon the Colmesneil branch
extending from Trinity to Colmesneil, 66.6 miles, all in Trinity, Polk and
Tyler Counties, Tex.—V. 138, p. 1740
Walgreen Co. (& Subs.)— Sales—
Month of—
1936
$3,664,964
4,248,372
3.412.705
3,452.181
3.643.478
..
July
August
September
..
....
October..
November
..
..
...
—
4,667,260
$4,303,469
4,079,749
4,618,455
4,211,153
4,356,431
4,457,291
4,742,052
4,440.282
4,847,541
4,700,297
4,906,900
4,903,826
4,485,908
4,467,185
4,682,548
4,527,253
4,216.887
4,262,172
4,159,933
3,871.256
—V. 143, p. 3487.
on
to holders of record
a dividend of $1.50 per share on account
the $6 cum. pref. stock, no par value, payable Jan. 2
Dec. 15.
A dividend of $1.12J4 was paid on Oct. 1
last
and dividends of 75 cents per share were paid on July 1 last, and
each quarter since and incl. Oct. 1, 1933,
prior to which regular quarterly
dividends of $1.50 per share were paid.—V. 143, p. 3488.
Western Auto Supply Co.—Sales—
1936
1935
Month of—
January
February
March
$1,116,000
1,085,000
1,272,000
1,478,000
2,070,000
——
April
May
June
2.540.000
July...
August
September
_/
3,982.685
4.179,750
5,230,907
5,168,319
5,531,094
5,328,503
..
June
$4,698,604
4,637,407
5,032.075
4,621,245
4,641,147
5,074,651
...
May
1933
5.339,695
...
....
1934
$4,744,590
5,059.467
5,105,705
4,964.907
5,155,697
..
March
April..
1935
have declared
of accumulations
„
Waco, Beaumont, Trinity & Sabine Ry.—Abandonment
—
first page of this department.
Walter L. Morgan, President, reports that as of Nov. 30, 1936 total
$2,733,109 with a total of 130,940 snares
outstanding, the largest in tne history of the fund.
Sales of shares during November amounted to 14,832 shares, an increase
of 40% over October and the
largest for any month since the fund was
3487.
January
February
on
assets of tne fund amounted to
Co.—Special Dividend—
The directors on Nov. 25 declared a special dividend of $4 per share on
the common stock, par $100, payable Dec. 21 to holders of record Dec. 10.
A similar distribution was made on Jan. 20, 1936, and on Jan. 19, 1935 and
compares with $3 paid on April 20, 1934 and 50 cents per share paid on
April 20, 1932.
Regular dividends of $1 per share were distributed each
quarter from April 19, 1930 to and including Jan. 20, 1932.—V. 143,
P.
li^t given
Wellington Fund, Inc.—Asset Value—
per share and represent a
The directors have declared a dividend of $18 per share on the common
stock, payable Dec. 18 to holders of record Dec. 11.
This will be the first
distribution made by the company since it opened for business on April
20, 1934.—V. 141, p. 3395.
Vulcan Detinning
3861
2,743,000
2,598,000
2,265,000
2.661,000
2,570.000
October
November
—V. 143, p. 3337.
Western
-
$1,116,000
995,000
1.376,000
1,463,000
1,638,000
1,886.000
1,946,000
2,145,000
1,459,000
1,531,000
1,680,000
The directors
on
of accumulations
Corp.—Accumulated Dividend—
Dec. 2 declared
on
the
7%
cum.
dividend of $2.25 per share on account
pref. stock, par $100, payable Dec. 24
a
The above dividend and a previous dividend of $1.75 declared on Nov.
5, and bearing the above dates makes a total of $4 per share to be paid
Dec. 24.
A dividend of $1.75 was
Oct. 1, last and compares with 75 cents
paid on July 1, last and 50 cents paid in each of the 11 preceding quarters,
while on April 1 and July 1, 1933 distributions of 25c ents each were made,
50 cents per share paid on Jan. 3, 1933, $1 per share on July 1 and Oct.
1,1932 and $1.75 per share in previous quarters.
Accumulations after the payment of the Dec. 24 dividend will amount
to $18.25 per share.—V. 143. p. 3166.
>
paid
670,000
873,000
1,156,000
1,382.000
1,316,000
1,240,000
1,100,000
1,173,000
1,319,000
1.666.000
1,590,000
1,835,000
1.493,000
1,574,000
1,637,000
—Fourth Week of Nov.
1936
1935
Gross earnings (est.)
$416,715
Jan. 1 to Nov. 30
1936
1935
$318,987 $14,805,807
$13,511,419
—V. 143, p. 3653.
Western New York Securities
Corp.—Larger Dividend—
have declared a dividend of 15 cents per share on the
stock, payable Dec. 21 to holders of record Dec. 4.
A dividend
of 5 cents per share was paid on April 1,
last, this latter being the first
dividend paid since Sept. 30, 1931 when a dividend of 10 cents
per share
was distributed.—V. 142,
p. 1839.
common
to holders of record Dec. 10
on
1933
$666,862
651,000
Maryland Ry.—Earnings—
The directors
Ward Baking
1934
$870,000
882,000
1,114,000
1,137,000
1,476.000
on
Western Pacific RR.
Co.—Equipment Trust Offering—
What is believed to be the first public offering of an issue of trustees'
certificates of a company in oreorganization under Section 77 is scheduled
next week when the company will enter the market for funds to
provide
for a program of rehabilitation in 1937 and for the
redemption of an issue
of $3,000,000 trustees' certificates, payable on or before Jan. 1 next.
The
maturing issue was underwritten in the first instance by the Reconstruction
Finance Corporation and subsequently subscribed to
by holders of the
company's first mortgage 5% bonds.
The financing will take the form of
Warner-Quinlan Co.—Court Studies Offer—
purchase by the Gulf Oil Co. of more than 200 service stations operated by
Warner-Quinlan Co., which is in the process of reorganization under
Section 77-B of the Bankruptcy Act.
Judge Hulbert said he wanted to examine the draft before passing any
opinion.
He directed Monroe Goldwater, attorney for the Warner-Quin¬
lan trustees, to prepare copies of the document for other attorneys interested,
and adjourned the hearing.
The offer of the Gulf company, which submitted a bid of $4,125,000, was
supposed to have expired Dec. 8, but Eldon Young, its counsel, attended
the hearing and extended the expiration time to Dec. 16.
the
The
Court
also
under
has
consideration
an
from
offer
Cities
Service
Corp. topping that of Gulf by $50,000.—V. 143, p. 3166.
Companies, I n c.—Earnings—
Water Service
12 Mos. End. Sept. 30—
4,200
14,000
4,568
1,030
4,896
1,781
5,645
loss$1,096
$3,179
$2,456
$4,057
count and expenses...
Prov. for Fed. inc. tax..
Inc.
(before net
secur.)
1933
$72,615
6,166
47,377
9,370
6,460
37.632
4,595
Int. on unfunded debt..
Amortization of debt dis¬
loss on sale of
1934
$57,464
$62,569
5,891
41,244
6,302
Admin, exp. and taxes..
Interest on funded debt-
Net
1935
1936
$61,032
5,149
35,336
3.446
Total income
in
filiated
$1,185,614 $1,184,873
cos
5,021
8,415
Liab.
In
199
of amortization.
exp.
to
58,500
63,000
subscrib¬
23,890
1,230
30,721
1,230
to
deliver
Due affiliate
taxes, &c
Unrealized
on
x
17,546
17,129
587
cos..
""533
22,048
9,875
dlsc't
Common stock.
305,000
12,152
131,100
12,215
79,440
This
situation
$1,226,933 $1,230,036
Washington Water Power Co. (& Subs.)—Earnings—
[American Power & Light Co. Subsidiary]
Operating revenues
Oper. exps., and taxes..
^Net
1936—Month—1935
$774,276
$857,060
429,694
376,432
1936—12 Mos.—1935
$9,540,761
4,915,002
$8,401,911
4,553,866
from oper..
$427,366
973
$397,844
8,422
$4,625,759
Other income (net)——
30,804
$3,848,045
36,289
Gross corp. income—
Interest & other deduct's
$428,339
84,800
$406,266
97,394
$4,656,563
1.030,502
$3,884,334
1,119,481
y$343,539
y$308,872
Property retirement reserve appropriations
z Dividends applicable to pref. stock for period,
whether paid or unpaid—......—....
$3,626,061
925,718
$2,764,853
638,184
revs,
Balance
was
caused
622,518
621,426
$2,077,825
$1,505,243
property retirement reserve appropriations and dividends,
z Regular dividend on $6 pref. stock was paid on
Sept. 15 1936.,
After
the payment of this dividend there were no accumulated unpaid dividends
at that date.—V. 143, p. 2868.
y
Before
WJR the Goodwill Station—Extra Dividend—
The directors on Nov. 27 declared an extra dividend of 75 cents per share
on
the capital stock, par $5, payable Dec. 19 to holders of record Dec. 10.
The regular
quarterly dividend of 37 H cents per share was paid on Oct. 30,
last.—V. 142. p. 2691.
behalf of the
on
Burlington.
After announcing the petitions would be submitted to the Commission's
division for decision. Examiner R. T. Boyden formally closed
finance
the
case
and set
finance division
reopened.
Jan. 11 as the final date for filing briefs.
decide to allow the petitions, however, the
Should the
will be
case
■
On behalf of the MOP management,
Ernest Ballard, counsel, declared
MOP would propose consolidation of the Western Pacific or D. &
R. G. W. under control of either the MOP singly or the MOP and
Burlington
the
o>,
■
A similar petition was filed on behalf of the MOP trustees.
Mr. Ballard declared that, under any of the three reorganization
plans
for Western Pacific now pending, present concentrated control of the
might be so scattered as to increase greatly the difficulties of con¬
solidating the property with other lines in accordance with the ICO official
consolidation plan.—Y. 143, p. 3653.
Western Reserve
Investing Corp.—Accumulated Div.—
a dividend of $12 per share on account of
the $6 cum. participating pref. stock, no par value,
pay¬
able Dec. 15 to holders of record Nov. 30.
This will be the first dividend
on
paid
since July 2,
share
was
1931 when a regular quarterly dividend of $1.50 per
distributed.—V. 143, p. 448.
Western Union
Telegraph Co.—To Pay 75-Cent Div.—
on Oct. 8 declared a dividend of 75 cents
per share on the
stock, par $100, payable out of surplus on Jan. 15 to holders of
record Dec. 18.
A dividend of $2 was paid on Jan. 15, 1936, this latter
being the first dividend paid by the company since April 1932, when a
dividend of $1 per share was distributed.
R. B. White, President, said
the directors hereafter would give quarterly consideration to dividend
The
of
announcement
the
dividend
included
a
statement
that
"in addition to this dividend on Aug. 1 of this year the Western Union
paid off its 15-year 6H % bonds, amounting to $15,000,000, out of treasury
funds, augmented by a small bank loan."—V. 143, p. 3653.
Westmoreland Coal
Co.—Special Dividend—
The directors declared
a special dividend of 30 cents
per share on the
stock, payable Dec. 22 to holders of record Dec. 12.
This will be
the first dividend paid
by the company since Dec. 22, 1931 when 50 cents
per share was distributed.—V. 143, p. 2703.
common
(George) Weston, Ltd.—Extra Dividend—
The directors have declared
addition
The
to
an extra dividend of 10 cents
per share in
the regular quarterly dividend of 20 cents per share on the
stock,
no par value, both payable Jan. 2 to holders of record Dec. 19
regular quarterly dividend was raised from 15 cents to 20 cents per
common
share with the July 1, last, payment.
See also V. 142, p. 3875 for detailed
dividend record.—V. 143, p. 2703.
Weston Electrical Instrument
9 Mos. End. Sept. 30—
Balance
by last-minute petitions
Missouri Pacific management and trustees for leave to intervene and
submit evidence in favor of consolidating the Western Pacific and D. &
R. G. W. under control of the MOP or joint control of the MOP and
action.
Total
Represented by 5,100 shares no par value.—V. 143, p. 777.
Period End. Oct. 31—
Suggests Merger—
common
305,000
.
Earned surplus...
$1,226,933 $1,230,036
ICC—MOP
The directors
RAR
reacquired sec.
surplus
x
to
however, that the case will be reopened for introduction of evidence re¬
garding the desirability of consolidating the road with Denver & Rio
Grande Western.
accumulations
Paid-in & donated
Total
Submitted
The directors have declared
Accounts payable.
Accrued
Interest,
process
Organization
$742,000
stks.ofaffil.cos.
7,991
174
companies
Debt discount and
Case
The road's reorganization case was submitted formally to the Interstate
Commission for decision Dec. 9, but there is a
possibility,
Commerce
Notes payable aff 11.
ers
Prepaid expense.-
1935
$680,000
companies
7,609
Due from affiliated
exp.
1936
Long-term debt...
Cash and working
funds
c.
offering remain to be determined.
road
Liabilities—
1935
af¬
Eoup headed by Harriman & Co., Co., Inc., and including Blyth & Co.,
Lazard Freres & Inc. Price and the exact date of the
and Brown
jointly.
Balance Sheet Sept. 30
1936
Assets—
Investment
an issue of $6,400,000 2% % trustee's
company and is expected to be handled by a banking
certificates of the
Federal Judge Hulbert received Dec. 8 a 14-page draft of the proposed
$298,834
Crll.524
65
.
..
....
Glass A dividends J
1933 ^
116,271
27,530
$161,885
44,436
40,146
$154,968
x68.752
$92,178
x69,600
def$70,065
$77,303
$86,216
$22,578
def$70,065
Surplus.
x
1934
$36,586
3,415
103,236
Depreciation
Common dividends...
1935
$216,090
2,909
106,619
14,384
Federal taxes
Net profit
Corp.—Earnings—
1936
$315,398
129,387
35,650
Profit after expenses
Other deductions (net)..
Including 50 cents paid
on
accumulated dividends.
Consolidated, Balance Sheet Sept. 30
In
used
2
c50,000
2
Patents & goodwill
127,865
208,916
323,787
336,706
Res. for Fed. tax..
1,128,698
1,003,456
669,405
326,835
& accts. receiv__
Inventories
-
-
Res. for conting.
_
182,882
Winn & Lovett
11,946
76,524
a
After
17,363
654,318
consol. Eng. sub.
Earned surplus
33,962,378
reserve
for depreciation of $1,368,330 in 1936 and $1,307,457
shares of common stock,
A in 1936 (34,376
After reserve for
April
May.-..June
Weyenberg Shoe Mfg. Co.—Extra and Larger Dividend—
July
August
September
of 75 cents per share in
quarterly dividend of 50 cents per share on the common
stock, no par value, both payable Dec. 23 to holders of record Dec. 7.
Quarterly dividends of 25 cents per share were paid on Sept. 30, June 30
and March 30, last, while in Sept. 1935, a dividend of 50 cents per share
was distributed.
This latter dividend was the first paid since 1930.
In
The directors have declared an extra dividend
to
a
addition, an extra dividend of 75 cents was paid on Sept. 30
1897,
bidding,
Co.,
Trust
November
Worcester Gas
last.—V. 143,
were
tion at
reoffered to the public.
Steel Co.—To Hear Amendments to
to
•
•••
Yukon Gold Co.—To
10 Months
x$296,188
I
Pay Five-Cent Dividend—
Zoller Brewing Co.—Registers
profits in inven¬
.
of this department.
page
The directors have declared a dividend of five cents per share on the
capital stock, payable Dec. 21 to holders of record Dec. 5.
A dividend of
eight cents per share was paid on Oct. 21, last, this latter being the first
dividend paid on this issue since June 29, 1918, when 2>3 cents per share
was distributed.—V. 143, p. 3167.
Sales Corp.)
.
Appliance Corp.—Registers with SEC—
first
At the adjourned meeting of the stockholders held Dec. 10, the stock¬
holders, by vote of more than two-thirds of each class, authorized the
reincorporation of the corporation in Delaware in the discretion of the
board of directors.—V. 143, p. 3654.
Earnings for Periods Ended Oct. 31
Including $11,559 credit adjustment of inter-company
tory, total profit was $307,747.—V. 143, p. 3488.
on
Approved—
carried out either by causing the
present company or to a new com¬
Another amendment is that subscriptions to the stock of the re¬
organized company by holders of now outstanding voting trust certificates
must be made within 60 days after the transfer of the property by the trus¬
tees to the present company or to the new company, or within such further
time as the reorganization committee may permit.
x
given
Worthington Pump & Machinery Co.—Reincorporation
pany.
(Including American Wire Fabrics Corp. and Wickwire Spencer
Period Ended Oct. 31, 1936—
Month
Profit after ordinary taxes, deprec., and int. on
Am. Wire Fabrics bonds & Wickwire 7H% notes
$71,978
a
World Electric
See list
A hearing will be held before the U. S. District Court at Buffalo on Dec.
17 at 10 o'lcock at which the reorganization committee will propose certain
amendments to the plan of reorganization.
One of these amendments is
that the plan of reorganization may be
trustees to transfer the properties to the
Pay 50-Cent Extra Dividend—
an extra dividend of 50 cents per share In
regular quarterly dividend of like amount on the common
stock, par $100, both payable Dec. 15 to holders of record Dec. 5.
A similar
extra dividend was paid on Dec. 31. 1935, June 29, 1935, and oh Dec. 31,
1934 —V. 141. p. 3553.
The directors have declared
addition
Reorganization Plan—
P
par.—V. 141, p. 2754.
Worcester Salt Co .—To
3653.
Wickwire Spencer
the Securities
and Exchange Commission stating that its $1,000,000 4% series A bonds,
due 1965, have already been sold to New England Gas & Electric Associa¬
purchased by Northern Trust Co. for its own
account and certificates will not be
—V. 143, p.
Light Co.—SEC Amendment—
The company has filed a post-effective amendment with
competitive
through
Chicago,
1 QQQ
1934
1935
—V. 143, p. 3167.
Wheeling & Lake Erie Ry.—Equipment Trust Certificates
—The $750,000 equip, trust certificates, series E, awarded
Northern
-
October
P.
to
share on the class B
per
$16,983,089 $17,147,967 $18,137,412 $15,844,684
16,244.993
17.860.960
19.015,779
18,218,915
17.509,833
24,035,139
19,676,695
20,482,640
20,159,295
19,788,230
22,382,040
23,072,478
19.801.192
22.004.068
22,621,875
21,052,337
19,344.065
22,000,467
23,397,703
21,113,892
19,582,844
19.514,723
20.168,737
22,860,526
20.357,877
21.556.235
23.186,341
20,797,935
21,642,104
21,339,116
20,243,023
23,433,705
22,035,198
23,303.733
23,383,172
26,733,094
20,994,716
22,332,136
23,406,713
23,891,132
March
c
depreciation and revaluation of $41,569.—V. 143, p. 3337.
addition
1936
Month of—
January--..
February...
$3,962,378 $3,576,163
Total
b Represented by 27,376 no par shares of class
In 1935.
16,120
779,709
(F. W.) Woolworth Co.— Sales—
$3,576,1631
in 1935) and 160,583 no par
$i
stock, no par value, payable Dec. 19 to holders of record Dec. 10.
A
special dividend of 50 cents per share was paid on the B shares on July 15,
1935 and an initial dividend of 50 cents per share was paid on Dec. 29,
1934.—V. 142, p. 3367.
22,521
81,845
Total
Grocery Co.—Larger B Dividend—
The directors have declared a dividend of
lnter-co. prof, in
174,561
Sundry dep. accts.
rec., invest., &c.
Deferred charges.-
and registration.—V. 143, p. 3337.
to listing
Inventory of un-
Inv. & accts. rec.,
W.E.I. Co., Ltd
the common stock, $1 par,
The New York Curb Exchange has admitted
8,294
27,530
127,504
Res. for unrealized
munic.
&
securities
13,800
35,650
141,824
for prior years.-
Notes, tr. accepts.
County
tration—
Fed. inc. tax addlt.
Cash
Products, Inc.—Admitted to Listing and Regis¬
Willson
13,686
400,000
Oct. 1,1936
Notes pay. to bank
pay.
made.—V. 143, p. 1897.
was
.
Dlvs. class A stock
oper'ns
(rented)
stock no par value
like payment was made on Oct. 1 and July
dividend paid since May 1, 1935, when a
.$2,500,000 $2,500,000
Accounts payable.
116,266
84,561
Accrued accounts
69,470
32,445
Land & bldgs. not
per share on the
payable Dec. 21 to holders of record Dec. 10. A
1, last, this latter being the first
quarterly payment of 25 cents
have declared a dividend of 15 cents
directors
common
1935
b Capital stock..
Land, buildings,
mach.,fixt., &c.$1,391,269 $1,421,319
a
The
1936
Liabilities—
1935
1936
A 8 sets—
12, 1936
(R. C.) Williams & Co., Inc.—15-Cent Dividend—
[Including Domestic Subsidiary Company]
,
Dec.
Chronicle
Financial
3862
See list
'
•
.
_
with SEC—
given on first page of this department.
.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
bags.
COMMERCIAL EPITOME
day
Friday Night, Dec. 11, 1936
New York,
Coffee—On
inst.
5th
the
higher for Santos contracts, with sales of
Rio contracts closed 1 point
of
sales
futures
market
to the
25
were
exchange
rate
100
to
Federation reported heavy
free
points lower, with Santos
A large business was
Manizales at 12%c., with the
Havre futures were un¬
buyers.
changed to % francs lower.
of
New
46,750 bags.
with
points lower, with sales of 13,250 bags.
closed
6
futures
Janeiro
with
points lower,
sales
unchanged
were
the official No. 7 spot price was
the
new
"C" contract
Cost and freight
was
11%c., while
all
to
were
75 reis
higher,
while
In Santos
75 reis higher to 400 reis lower.
were
unchanged, with
In the local spot
Santos 4s quoted at from
having
Rio de
of 1,000 bags.
offers from Brazil
Manizales
offers
lower
The old Rio contract
200 reis lower.
Santos 4s at from 10.50 to 10.75c.
prices held firm, with
8 to 17
closed
Rio contracts
not
were
been
available
snapped
up.
market
11%
to
under 12%c.,
Havre futures
% franc lower.
On the 8th inst. futures closed 4 to 9 points lower for the
Santos contract.
As the result of heavy concentrated1 sell¬
ing in the early session, prices for this contract showed a
maximum
tract
were
points
drop of 8 to 17 points.
39,000 bags.
lower,
contract
with
closed
5
The
sales
to
9
new
of
points
Total sales of this con¬
Rio contract closed 2 to 4
11,750
lower,
bags.
with
The
sales
old
of
reis
weaker
and freight
Rio
500
and
erally.
to
16,700
7
exchange
milreis
moved
rate
was
Cost
dollar.
the
to
half
a
price
Santos 4s
10.50 to 10.75c.,
from
at
gen¬
In the local spot market prices held steady, with a
little business.
Santos
4s
ll%c., while Colombian Manizales
Havre futures
On the 9th
were
tracts closed
3
The old
Rio
contract
but
bags.
500
to 5
4
to
6
held
at
12%c.
at
points higher for
sales of 23,750 bags.
New Rio con¬
points higher, with sales of 8,500 bags.
closed 2 points
higher, with sales of
Rio de Janeiro futures
lower.
were
were
5% to 6 francs per 50 kilos lower.
inst. futures closed
Santos contracts, with
reis
No.
spot
market
only
open
were
The
offers, light because of the holiday, were about
good inquiry but
11%
futures
free
tho
at
unchanged, with
25
On the 7th inst. futures closed 5 to 7 points lower,
sales
Janeiro
unchanged.
100
50
Cost and freight offers
instance offered at 10.50c.
reported done in Colombian
but the
16.650 milreis
improved 70 reis to
dollar, the best rate this year.
one
Rio de
10,000 bags.
lower,
reis
from Brazil were unchanged to 5
4s in
4 points
contracts closed
higher to 5 points lower, with sales of
Janeiro
New
17,000 bags.
de
were
reis
up
points
higher to 9 points lower, with
Old Rio
13,750 bags.
2
1 to
closed
futures
Rio
and
Cost
and freight
unchanged to
were
offers
from
Brazil
were
unchanged to 10 points lower, with Santos 4s at from 10.40
to 10.70c.
held
Little business
firm,
Manizales
were
*
4%
On the
with
were
to
Santos
quoted
was
4s
at
at
Local spot prices
reported.
from
12%
to
11%
to
12%c.
ll%c.,
while
Havre futures
5 francs higher.
10th inst. futures closed 2 to 5
points lower for
bags. New Rio con¬
points lower, with sales of 21,000 bags.
closed lower, with 70 bags transacted.
Santos contracts, with sales of 46,000
tracts closed 4 to 9
Old
Rio
contracts
Rio de Janeiro futures
other hand the
were
100 to 40 reis
lower, while
on
the
Santos "C" contract
was
75 to 425 reis
higher, and the official spot No. 4 price
was
advanced 200
new
reis to 21,900 milreis per 10 kilos.
Cost and freight offers
from Brazil were 5 points either way, with Santos 4s at from
10.40 to 10.75 cents. Havre futures were 34 franc higher to
34 franc lower.
To-day futures closed 9 to 13 points
up
for
Santos contracts, with sales totaling 314 contracts. Old Rio
contracts closed 11 to 4 points up, with sales of 6 contracts.
New Rio contracts closed
sales of 109 contracts.
reis
unchanged to 4 points
Rio de Janeiro futures
were
up,
with
25 to 100
higher, while in Santos futures were 400 to 725 reis
higher.
Offers of actuals were light. Havre futures were
34 to 134 francs higher.
Financial
Volume 143
buying 2,000 tons of January-February ship¬
Philippines, at 3.75c., up 5 points.
Following this,
nothing was offered under 3.80c., although it was believed
one or two small lots might have been available on a bid
of less.
There were reports of second hands refined offered
at $4.70 and $4.75 in the East, and slightly less in Chicago
and the West.
London futures were %d. higher to y2d.
Rio coffee prices closed as follows:
December
6.89
6.79
March
May
—
ment,
7.02
6.85
Santos coffee prices
March
as
follows:
10.161 December
----10.20 [ September
-
May-------July
10.24
-
10.18
10.211
Cocoa—On
lower.
closed
The
the
5th
futures
inst.
closed
1
lower, while
points
6
to
buyers, in a moderate way, were
manufacturers, while commission houses were reported as
on
both sides of the market.
Offerings continued scarce
principal
On
6,900 bags.
Transactions on the local exchange
lots, or 7,973 tons.
Local closing: Jan., 11.23;
totaled 595
March, 11.21; May,
11.37; Dec., 11.39.
11.26; July,
Oct.,
Sept., 11.35;
11.32;
result of
reported unchanged.
Sales
were
that they were forced
plant during recent weeks on account of the
impossibility of securing raw supplies because of the shipping
strike.
London prices were little changed in quiet trading.
Today futures closed 1 up to unchanged, with sales of 93
contracts.
Sugar futures respondedjto the better tone of the
raw sugar market, with a rise of 24to 3 points in the early
trading.
In the market for raws a sale of spot Cubas at
2.87c. last night was taken as a demonstration that stocks
are not overburdensome.
Refiners were reported interested
C. & H. of San Francisco, announced
As
the local market opened
strong London cables
Shortly after, a cable was received
10 to 20 points higher.
Colony with a government estimate of
from the Gold Coast
245,000 tons for the main Accra crop.
The cable proved
disappointing to traders, and the break that followed caught
many stop-loss orders.
The result was almost a precipitate
break, prices at one time being 100 points under the day's
highs.
A partial recovery set in after the early break.
Transactions on the local Exchange totaled 1,140 lots, or
15,343 tons.
10.77;
in next
July, 10.80;
Sept.,
10.83;
On the 8th inst. futures closed 4 to 8 points
The
higher.
Prices
were as
follows:
technical position of the market was
On
9th
the
inst.
unchanged
closed
futures
to 6
points
Cocoa
Transactions totaled 609 lots, or 8,161 tons.
advanced
overestimated the crop
ment had
of
private reports that
on
the Gold Coast Govern¬
in its recent official esti¬
Accra crop.
Wednes¬
day's private estimates placed the crop at 210,000 tons, and
while not official, the market appeared inclined to take
them seriously.
New York warehouse stocks dropped 16,392
bags to a new four-year low of 671,357 bags.
Local closing:
Jan., 10.80; May, 10.88; July, 10.91; Sept., 10.95.; Oct., 10.97.
mate
the410th inst. futures closed 10 to 14 points lower. The
decline was attributed largely to liquidation by commission
houses.
There was no pressure reported from producing
New York warehouse stocks
countries.
made
new
a
four
low, with a reduction of 14,581 bags to a total of .656,776
bags. Volume of trading on the local Exchange was 423 lots,
or 5,668 tons.
Local closing: Mar. 10.72; May 10.78; July
10.80; Sept. 10.84; Oct. 10.85; Dec. 10.85. To-day futures
closed 10 to 11 points down.
Sales totaled 553 contracts.
This
market suffered another setback when liquidation
forced prices down as much as 25 points. Selling was ascribed
to lower London cables. Stocks lost 600 bags overnight, nowyear
Local closing: Mar. 10.61; July 10.70;
Sept. 10.73; Oct. 10.74.
totaling 656,100 bags.
Sugar—On the 5th inst. futures closed unchanged to 3
Sales totaled 4,150 tons.
points lower.
In the market for
both Cubas and Puerto Ricos were offered at the last
raws
price, 3.80c., while Philippines were held at 3.83c.
Buyers
reported not interested above 3.75c., at which price
was believed, but not confirmed, American had secured
were
it
a
of February shipment Puerto Ricos.
cargo
nouncement
had been
On
that 97.23%
The AAA an¬
of the quotas for offshore areas
completed during the 11 months to Dec. 1, was in
line with
trade expectations.
7th
the
Sales
lower.
inst.
closed
futures
totaled
3,250
as
reflecting
tons,
unchanged
which
low
to
1
point
volume
was
the
,
Sales totaled 5,900 tons.
lower.
bags
raw
Following a sale of 10,000
February shipment to National, the
market stood 3.70c. bid, offered at 3.75c.. There was
of Puerto Ricos,
nothing fresh in
the
refined
market, withdrawals
against
In London spot December
%d., while the balance of the list was unchanged,
contracts being reported but fair.
was
to
up
y2d.
per
cwt. lower.
Raws
were
enced
totaled
7,600 tons.
largely by
Transac¬
There was active buying,
influ¬
the firmer tone in the market for raws,
2.83
September
'
2.86
-
2.85
May
2.88] December
——
—
2.90
——
Lard—On the 5th inst. futures closed 5 points down to 5
Trading was relatively quiet and without any
Hog prices were a shade easier at Chicago,
points up.
marked feature.
with demand
quiet.
Total receipts for the
The top price for the day was $10.05.
Western run on Saturday were 26,200
against $18,700 for the same day a year ago.
No export
clearances were
reported on Saturday.
Liverpool lard
futures closed unchanged on
on
the spot and 3d. to 6d. lower
the distant deliveries.
On
the
7th
inst.
closed 20
futures
25 points
to
higher.
Hog receipts were considerably under expectations, due to a
cold
was
at
wave
in
the
Middle West
over
the week-end.
attributed the upward movement in lard.
26,000
Chicago totaled
head,
and
the
To this
Hog receipts
trade had
been
expecting about 33,000 head. Total receipts for the Western
run were 58,600 bags against 60,500 bags for the same day
last
year.
Hog prices at the close were 15 to 25c. higher,
$10.30, with the major portion of sales
the top price being
ranging
over
from
don.
to $10.15.
$9.60
Export
of
shipments
lard
totaled 87,360 pounds destined for Lon¬
the week-end
Liverpool lard futures were quiet at unchanged to
3d. lower.
On
the 8th
There
wras
futures
inst.
heavy
buying
10
closed
both
for
to
15
points higher.
domestic
foreign
and
The
accounts.
Liverpool market was also strong.
There
was some profit-taking on the bulge, but the market closed
with substantial gains.
Hog receipts were liberal at the
large packing
centers
77,146 head
the West, totaling 113,200
in
for the
day last
head
Prices
at Chicago closed 10 to 15c. lower.
The major portion of
sales ranged from $9.25 to $10.20, with the top price $10.25.
Liverpool lard futures were exceptionally firm, closing 2s.
to 2s. 6d. higher.
Exports of lard from the Port of New
York yesterday were 233,960 pounds, destined for London,
against
same
year.
Liverpool and Manchester.
On the 9th inst. futures closed 12 to 20 points higher.
Speculative buying was reported to be largely responsible
for the activity and strength in lard.
Considerable foreign
Hog prices were mostly 10c.
lower at Chicago, with the top price of $10.10, and some
of the sales reported ranging from $9.50 to $10.
Total
marketings for the Western run were 118,800 head against
77,100 head for the same day last year.
Liverpool lard
prices were reported firm, with the spot position up 9d. and
the other positions Is. higher to unchanged.
There were no
exports
of
lard
reported
yesterday
from
the
Port
of
New York.
On the 10th inst. futures closed 15 to 22
points up. Strength
foreign and domestic
speculative buying, which advanced' prices to new highs.
Hog'prices again declined slightly, the close being unchanged
to 5c. lower.
Total receipts for the Western run were 111,700
head, against 68,600 for the same day a year ago. Liverpool
lard futures were again firm, with prices c'osing 9d. higher
on the spot position
and]Is. higher on the January and May
deliveries.
No export shipments of lard were reported
yesterday. Today futures closed 5 to 15 points lower. There
was
nothing special to account for uie heaviness of this
market outside of the depression^ in the grain* markets and
ontinued heavy hog receipts.1
*
in
lard
was
attributed
largely
to
^DAILY"CLOSING'PRICES OF" LARD FUTURES"IN^CHICAG(T~
unchanged and auiet.
On the 9th inst. futures closed 4 to 5 points up.
tions
2.871 January.---
-
March
buying was also in evidence.
inactive raw market and the
apparent disposition to wait for the 1937 quotas, which are
not expected to be announced until the last week of the
year.
Limited amounts of 1937 raws were offered at 3.75c.,
the price paid by American and National at the end of last
week for February shipment Puerto Ricos.
Buyers were
not indicating better than 3.70c.
The onljT news was the
offer by Arbuckle, up to the close, Dec. 7, to regular cus¬
tomers at $4.65, immediate shipment, returning to $4.80
Tuesday.
London futures were %d. higher to y2d, lower,
while raws were offered at 4s. 9d., or about 0.84%c. f.o.b.
Cuba.
Sale to American of 4,500 tons, Philippine-January
arrival, was made at 3.70c:
On the 8th inst. futures closed unchanged to 1 point
regarded
July
235,000 tons for the main
On
With¬
at 3.75c., against 3.70 yesterday.
raws
be good. Second
hundred, a profit
of at least 5c. and possibly considerably more.
London
futures were unchanged to Md. higher, with raws unchanged.
Oct., 10.85;
regarded as much im¬
proved by the recent break and shaking out of weak holders.
Furthermore, traders placed a more bullish interpretation
on the latest Gold Coast Government crop estimate.
New
York warehouse stocks dropped 6,553 bags to a total of
687,749 bags.
Volume of trading on the local Exchange for
this session was 474 lots, or 6,352 tons.
Local closing:
March, 10.79; May, 10.83; July, 10.85; Sept., 10.91.
year's
drawals of refined sugar were reported to
hands were said to be reselling at $4.70 a
Local closing: Dec., 11.73; Jan., 10.73; March,
10.75; May,
Dec., 10.87.
higher.
1 point
futures closed unchanged to
inst.
to close their
On the 7th inst. futures closed 46 to 52 points lower.
a
were
raws
10th
6,200 tons. In the market for raws about
15,000 tons of Puerto Ricos and Philippines were offered at
3.80c., and it was not ascertainable that buyers would pay
3.75c., the last sale price. Spot price moved off 3 points on
the sale of 16,000 bags of Cubas to National S. R. Co., due
to arrive second half of December.
Price 2.87c. before duty.
the Gold Coast, where the main Accra crop is now
being harvested.
New York warehouse stocks had an in¬
of
the
lower.
from
crease
operator
an
6.94
July
September-
3863
Chronicle
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
December
12.55
12.80
12.95
13.15
13.35
13.20
January-
12.67
13.27
13.47
12.87
13.47
13.70
13.00
13.17
13.35
13.30
13.55
13.80
13.72
14.00
13.85
14.10
13.77
13.95
May
July
Financial
3864
Pork—mess, $32.00 per barrel; family, $31.00 nominal,
barrel; fat backs, $24.00 to $26.00 per barrel.
Beef:
steady. Mess, nominal; packer nominal; family, $17.00 to
$18.00 per barrel nominal; extra India mess nominal. Pickled
hams: picnic, loose, c. a. f.: 4 to 6 lbs., 14c.; 6 to 8lbs., 13%}.;
8 to 10 lbs., 13%.
Skinned, loose, c. a. f.: 14 to 16 lbs.,
21 %s.; 18 to 20 lbs., 19c.; 22 to 24 lbs., 17%. Bellies, clear,
f. o. b., New York: 6 to 8 lbs., 19%.; 8 to 10 lbs., 20c.;
10 to 12 lbs., 20c.
Bellies: clear, dry salted, boxed, N. Y.:
16 to 18 lbs., 18c.; 18 to 20 lbs., 17%.; 20 to 25 lbs., 17%.;
25 to 30 lbs., 17%}.
Butter: Firsts to higher than extra and
premium marks: 31H to 34%}.
Cheese: State, held, 1935,
22 to 23c.
Eggs: Mixed colors, checks to special packs: 24
per
to 36o.
Oils—Linseed oil quiet, with prices little changed. Rumors
current that better than 8.9c. might have been done in
were
some
directions.! Quotations: China Wood: Tanks, old crop,
13.2c.; M-A forward 12.8c. to 12.9c.; drums, spot, 13%}.
Coconut: Manila, tanks, Coast, spot, 7%- nominal; J.-A.,
7%}.
Corn: Crude, tanks, outside, 9He., nominal. Olive:
denatured, nearby, Spanish, $1.50 to $1.60; shipment, $1.30
to $1.35.
Soy bean: tanks, mills, futures, 9c., nominal; C. L.
drums 10.0; L. C. L. 10.5 to 10.6c.
Edible: 76 degrees,
13%}.
Lard: Prime, 13%.
Extra strained winter, 12c.
Cod: crude, Japanese, 47c.
Norwegian yellow filtered, 39c.;
light, 38%. Turpentine: 42 to 48He. Rosins: $9.77H to
;
$10.15.
•
Dec.
Chronicle
On
inst.
9th
the
futures
closed
7
to
12
1936
12,
higher.
points
Transactions totaled 5,680,000 pounds.
Business in the do¬
mestic spot hide market was fair, sales totaling 30,000 light
native cow hides at 13He. a pound, while in the Argentine
there
were
4,000 frigorifico extremes reported sold at
14 13/16c. and 6,000 light steers at 13 15/16c.
In the Uru¬
guay market 4,000 frigorifico steers were sold at 15 15/16c.
Local closing: Dec., 13.75; March, 14.02; June, 14.29; Sept.,
14.58; Dec.
('37), 14.86.
closed 6 to 12 points higher.
6,320,000 pounds.
Business in the
domestic spot hide market was active and sales were reported
of 81,200 hides, including Dec. light native cows at 13He.
a pound.
Branded cows sold at 13He. a pound, an advance
of He. over the last previous price.
Local closing:
Dec.,
13.87; Mar., 14.12; June, 14.38; Sept., 14.65; Dec., 14.92.
Today futures closed 11 to 13 points lower.
Sales totaled
95 contracts.
Business was rather active, with sales to
noon totaling 1,760,000 pounds.
Certified stocks decreased
1,892 to
785,545 hides.
Local closing:
Mar.,
14.01:
June, 14.25; Sept., 14.53.
On
the
10th
Transactions
Ocean
inst.
futures
totaled
Freights—There
An Australia charter
were
further advances in rates.
fixed at 41s 3d., this
being said to
chartering period of 10 years ago.
increasingly large international trade is reported, with
rates booming.
be
a
was
sudden reminder of
a
An
Charters included:
Montreal,
Cottonseed Oil, sales, including switches, 4.27 contracts.
Crude, S. E., 9%3.
Prices closed as follows:
December
March
1120. @
1137.@11.36
April
May
11.09@11.30
11.12 @ 11.20
11.18@
11.23@
January
February
.__1138.@
June
11.40@11.41
July
Grain booked: 16 loads first half Jan. to Italy, 15c.
10, runs into June United Kingdom-Continent, 2s. 6d.
May
12 loads to west Italy, Jan., 15c., the Genoa, Leghorn, Naples rate having
advanced lc. along with the rate to Venice and Trieste.
20 loads first
half Feb., New York-Mediterranean, 15c.
Grain: Albany, prompt to
Italy, quoted
as
3s. 3d., 3s. and 6d., and quoted also
as
unknown.
Trips:
West Indies, round, $1.55.
Coal—Domestic markets
are reported to be
improving in
Factory slow downs for the holidays have
not affected sales or consumption.
Colder weather has in¬
creased the country demand for coal.
Bituminous dump¬
ings at New York on Monday were about 575 cars.
Fur¬
ther price advances are noted, one of 10c on eastern Ken¬
tucky block.
all directions.
Petroleum—The summary
and tables of prices formerly
appearing here regarding petroleum will be found on an
page in our department of "Business Indications,"
earlier
in the article entitled "Petroleum and Its Products."
Rubber—On the 5th inst. futures closed 29 to 32 points
2,070
totaled
Transactions
higher.
Spot
tons.
ribbed
Copper—Domestic demand continues light, with indica¬
smoked sheets advanced to 19.31c. from 18.97c.
London and
tions that
Singapore markets closed 3/16 to *4d. higher.
Local clos¬
July, 19.23;
have been the smallest for
ing:
Dec.,
19.20;
March,
19.27;
19.27;
May,
Sept., 19.21.
On
the
futures
inst.
closed
Transactions totaled 1,520 tons.
declined to 19.18c.
10
15
to
points
lower.
Spot ribbed smoked sheets
London and Singapore closed unchanged
to
Hd. lower and 3/32d. advance, respectively.
Local clos¬
ing: Dec., 19.10; March, 19.15; May, 19.12; July, 19.10;
Sept., 19.09; Oct., 19.08.
On
the
advanced
changed
8th
futures
inst.
closed
totaled 950 tons.
to
19.31c.
7
18
to
points
higher.
Spot ribbed smoked sheets
London
and
Singapore
closed
un¬
l/16d. higher and l/32d. lower, respectively.
Local closing: Dec., 19.28; March, 19.30; May, 19.22; July,
19.17; Sept., 19.16; Oct., 19.15.
On
to
the
9th
inst.
futures
closed
25
38
to
lower.
points
Transactions totaled 1,650 tons.
Spot ribbed smoked sheets
declined to 19.03c.
London and Singapore closed % to 3/16d.
lower to an advance of l/32d., respectively.
Local closing:
Dec.,
18.86;
18.90; Jan., 18.91; March, 18.99;
Sept., 18.85; Oct., 18.84.
On the
10th inst.
futures closed
5
May,
18.95;
July,
totaled
176
The
contracts.
London
market
closed
steady, unchanged to l-16d. lower, but Singapore advanced
l-32d.
It was predicted in the London trade that United
Kingdom rubber stocks would show a loss this week of 2,700
tons.
Local closing:
Dec., 18.86; Mar., 18.93; May, 18.86;
July, 18.79; Sept., 18.75.
Hides—On the 5th
higher.
inst.
Transactions
domestic
spot
markets
futures
totaled
sales
closed
12
to
14
points
2,920,000
totaled
changed prices from last sales.
pounds.
In
83,100 hides at
This brings the total sales
for
the week to 221,900 hides in these markets.
closing: March, 13.87; June, 14.17; Sept., 14.45.
On
down.
the
7th
inst.
futures
during the day.
hides the tone
cows
firm, but
Exchange decreased by
no
in
to 6
Local
market
sales
were
were
to
Local closing: Dec., 13.53; March,
a
frigorifico
Local
reported.
warehouses
6,942 hides
licensed
total
of
by the
808,587
13.83; June, 14.15;
Sept., 14.45.
On
the 8th
inst.
futures
closed
5
to
12
points
higher.
Transactions totaled 4,280,000 pounds.
There were 200,000
pounds tendered for delivery against December contracts.
Stocks of certificated hides in warehouses licensed
by the
Exchange remained unchanged at 808,587 hides. There was
nothing to report in the domestic spot hide situation. Local
closing; Dec., 13.65; March, 13.90; June, 14.22; Sept., 14.50;
Dec., 14.78.
whole is regarded as
exceptionally favorable conditions in the steel industry and
the highly promising indications for steel the coming year,
a wholesome effect is expected to be reflected in all
metals,
especially in copper.
No bids were turned in against the
inquiry of the Navy Department for 2,635,000 pounds of
copper, attributed to provisions of the Walsh-Healey bill.
Prices of copper in Europe are returning rapidly to the level
prevailing prior to the disturbing events connected with the
English throne, which did much to depress commodities in
England and the Continent.
Sales were made there re¬
cently at 10.65c. to 10.75c.per pound, c.i.f. Eurpoean ports.
The domestic market holds firm to 10%. per pound, de¬
livered to the Connecticut Valley.
Tin—An event that is looked forward to with great in¬
the International Tin Committee meeting Friday
terest is
At this meeting the Committee is expected
to fix the tin
export quota for the first quarter of next year.
A cut in the present quota of 105% is widely rumored.
Ex¬
pectations of
it is
even
a
95% quota
are
general, and in
some quarters
believed possible that the quota may be
fixed
at
90%.
This naturally stimulated the markets here and
However, it is pointed out that such percentages
do not mean much as long as the new standard figures un¬
der the extended agreement have not been made public.
The world's visible supply of tin showed a sharp increase
during November.
However, it is still below what is gen¬
erally believedfnormal.
American consumers were in the
abroad.
market but business
was
restricted because of the reluctance
of importers and dealers to sell.
It was stated that a short
time ago dealers were anxious for business, while now they
are inclined to
hold aloof, apparently as a result of the
rumors
concerning
a
possible substantial reduction in quotas.
Tin afloat to the United States is 9,992 tons.
Tin arrivals
so far this month have be^i 1,870 tons, all at Atlantic
ports.
Commodity Exchange warehouse stocks
are
unchanged at
points
There
for
Notwithstanding
the copper situation as a
pretty well stabilized.
In view of the
105 tons.
sold at 13y2c. in the West
In the Argentine
was
stocks of certificated hides
hides.
closed
unchanged
Transactions totaled 2,600,000 pounds.
3,000 December light native
the
un¬
of December will
the curtailed volume of business,
of this week.
12
to
points higher.
Transactions totaled 1,260 tons.
Spot ribbed smoked sheets
advanced to 19.13c.
London and Singpore closed dull and
quiet respectively; the former advancing 1-16 to %L> while
the latter declined 3-32d.
Local closing: Dec., 19.00; Jan.,
19.01; Mar., 19.10; May, 19.05; July, 18.95; Sept., 18.90;
Oct., 1890.
To-day futures closed 13 to 19 points down.
Sales
month
month this year.
This should
surprising in view of the two months' record sales of
a
October and November in the aggregate.
7th
Transactions
not be
domestic sales for the
PF Lead—An outstanding feature has beenTthe extremely
strong and active market for lead on the London Metal
exchange, which has been attracting wide attention in the
trade.
Prices there have increased substantially over the
American price equivalent, with Wednesday's rise the most
drastic change for one?day in months. There is said to be a
big speculative demand for both lead and zinc, with specu¬
lators deliberately manipulating prices higher. On the other
hand it is believed substantial purchases are being made for
warlpurposes, which^may account in part for the buoyancy
of the lead market.
*
Demand in the local market has been
largely for the? January Jdeli very, with some carload lots for
December called for, thisllatter being a delivery position
which is nearly|sold up. Estimates of November statistics
have been very'encouraging, but final figures are not ex¬
pected until shortly ^before Christmas.
Volume
Financial
143
Zinc—The London market has been
displaying exceptional
strength and activity in this metal. The price of spot zinc
advanced $1 at London Wednesday, the sharpest rise for a
day in many months, if not years. The extraordinary rise is
attributed to a big speculative buying movement. In view
of this pronounced strength in the London market, it would
only seem reasonable to expect some sort of a response from
the American market, though there seems to be no indication
of an immediate rise here.
There is still a lack of buying
power in the home market because consumers are so well
covered
Observers state there is
contracts.
on
no
normal
buying movement in sight until late in January. However, if
the London market should continue strong with a further
upswing to prices, it is rather difficult to see how prices here
could fail to respond, at least in some measure.
Steel—Business is the heaviest since
1929, with the rate
of steel ingot
production estimated currently at 76%% of
capacity.
It is claimed the steel makers are veritably
swamped with orders, largely as a result of consumers wish¬
ing to cover their requirements before the new prices go
into effect for the first quarter.
With the heaviest unfilled
tonnages on their books since 1929 and orders still pouring
in, except in those products for which books have been
closed at fourth quarter prices—the steel mills are putting forth
every effort to complete shipments of orders by Jan. 1 so
as to realize at the earliest
possible moment the higher prices
announced for the first quarter, so it is stated in the cur¬
rent "Iron Age" summary.
Bookings are largest in sheets,
strip, wire products, bars, rails and track accessories, and
are lightest in
plates, shapes and pipe, but these latter pro¬
ducts
benefit
will
later
from
the
considerable
volume
of
railroad
buying, equipment orders and building construc¬
tion work that is now being pushed to the contract stage in
order to forestall price advances, the review
says.
This
authority claims that it now can definitely be predicted that
operations will continue at present levels, or higher, through
January and possibly through the entire first quarter.
In¬
creased outputs at some plants, meanwhile, will be
pre¬
vented only by shortage of scrap, pig
iron, coke or raw steel,
while some companies are short of blast furnace and open
hearth
capacity.
The record breaking volume
business booked is illustrated
district office of
a
large
of steel
by the fact that an important
entered more tonnage in
company
November than in all of 1932.
3865
Monday, the Japanese markets were severely affected.
Yokohama reported futures 23 to 29 yen lower, while Kobe
registered losses of 18 to 25 yen.
Grade D lost 10 yen in
on
both markets, putting the price at 850 yen.
Cash sales for
both Yokohama and Kobe were 1,500 bales, with futures
transactions totaling 12,300 bales.
Local closing: Dec., 1.90;
Jan., 1.89%; March, 1.88; May, 1.87; July, 1.85%.
On the 9th
inst.
closed
unchanged to 3c. higher.
reported Grade D 2% to
higher, Yokohama coming in at 852% yen and Kobe
5 yen
bales.
Cables
at 855 yen.
Bourse quotations at these centers were 17 to
23 yen higher at Yokohama and 9 to 21
yen higher at Kobe.
Cash sales for both markets were
1,300 bales, with transac¬
totaling 6,200 bales.
The yen in Kobe
%c., being quoted at 28%c.
Local closing: Dec.,
1.90; Jan., 1.91; March, 1.90; May, 1.89%; July, 1.88%. /
tions
in
futures
firmed
On the 10th inst. futures closed
%c. to 1% cents down.
Sales totaled 1,660 bales.
Cables indicated a fairly steady
market in Japan.
Grade D
the price of 855
yen.
The
2% yen at Yokohama to
same grade at Kobe was un¬
changed at 855 yen. Bourse quotations at Yokohama were
1 yen higher to 6 yen lower, while at Kobe
they were 3 to 14
yen lower.
Cash sales for both markets were 1,350 bales,
rose
with transactions in futures
totaling 5,200 bales.
Local
closing: Dec. 1.89%; Jan. 1.89%; Mar. 1.89; May 1.89;
July 1.87. To-day futures closed 1% cents up to % cent
down.
2
Sales totaled 169 contracts.
cents
The silk market opened
higher to
1% cents lower, and remained firm at
about those levels during most of the session. Crack XX in
the spot market was % a cent
higher at $1.95. The Yoko¬
hama Bourse closed 3 to 9
yen higher, while the price of
Grade D in the outside market advanced 5
yen to 860 yen
a bale.
Local closing: Dec. 1.91; Jan.
1.89%; Mar. 1.90;
May 1.89%; July 1.87.
COTTON
Friday Night, Dec. 10, 1936
F The Movement of the Crop,
as indicated by our tele¬
from the South tonight, is given below.
For the
weekfending this evening the total receipts have reached
grams
133,018]bales, against 211,898 bales last
week and 217,563
previous week, making the total receipts since
Aug. 1, 1936 4,572,275 bales, against 4,899,669 bales for
thejsame period of 1935, showing a decrease since Aug. 1,
1936, of 226,394 bales.
the
,
another rise
in the pig iron price will be announced
They point out that the rise of $1.25 per ton in
silvery iron recently may herald another rise in ordinary
foundry iron.
Consumers are said to take the price ad¬
vances
gracefully in view of the general advance of commod¬
ities all along the line.
Shipments of pig iron are reported
to be very brisk and all
tonnage on books is being specified
freely, no cancellations being reported.
Pig iron men at
New York are certain that considerable
pig iron is frozen
up on the New York State Barge Canal by the early appear¬
ance of
severely low temperatures.
It is presumed that the
iron will thus remain in cold
storage until spring.
soon.
Sat.
Wool—The market has been much
showing
levels
quieter, with prices
decided tendency upward, though the prevailing
holding firm.. Merinos, at home and abroad, tend
no
are
to favor the
trend.
buyer slightly, while crossbreds
are on
the
344
6,597
172
1,162
571
6,472
1,433
72
New Orleans
Mobile
yen
higher
even
to 2 yen
lower.
Cash
sales
for
both
1,175 bales, while futures transactions totaled
closing: Dec., 1.89; Jan., 1.89; March,
1.87%; May, 1.86%; July, 1.86%.
were
7,550 bales.
On the
higher.
clined 3c.
Local
8th
inst.
futures closed 1 point lower to
Transactions
As
a
totaled
3,150 bales.
Crack
1 point
XX de¬
result of the sharp break in the local market
Wed.
Thurs.
Fri.
2,522
2,452
3", 923
341
21
38
4,547
673
79
363
209
2,797
3,650
457
60
48
457
863
637
1,018
"79
"116
94
39
222
Savannah
210
Charleston
55
212
Lake Charles
336
"136
96
49
22,835
Wilmington
33,434
Norfolk
The
41,926
36,141
1,600
41,064
673
Jacksonville
Baltimore
Total
5,127
8,504
1,018
Pensacola, &c
'265
""66
204
240
13,578
13,693
...
27,086
22,392 133,018
following table shows the week's total receipts, the
Aug. 1, 1936 and the stocks tonight, compared
total since
with last year:
1936
1935
Stock
Receipts to
This
Dec. 11
Galveston
Texas
Since Aug
Week
the
Silk—On the 7th inst. futures closed 5 to 6%c. down.
Liquidation was quite general throughout the session, along
with some hedge selling.
Sales totaled 3,120 bales.
Cables
reported grade D 10 yen lower at Yokohama and 5 yen down
at Kobe, putting the price at both centers at 80
yen.
Bourse
quotations at Yokohama were 1 to 6 yen higher, and at
markets
131
ll"023
861
Corpus Christ!..
Tues.
up¬
though similar foreign wools
top for the season.
Australian wools bought
earlier in the season for American account are
priced well
below prevailing Commonwealth values. The
possibility of
large supplies of wool coming from Australia at the turn of
the year is not being lost sight of, as such a
development
would definitely check any further advance in domestic
wool. Many of the larger mills have
already accumulated
sufficient supply to carry them forward until the Australian
wools arrive in volume at the beginning of the
year.
The
bulk of the domestic business, as usual, is in fine wool but
the medium and coarse grades are
coming into larger atten¬
tion. Fleece wools are in a class by themselves. Stocks are
so small that a dealer can got
any price within reason.
The
first sale of the season opened at Wellington last
Wednesday.
Of the 30,000 bales offered, 95 per cent was sold.
Japan was
the largest buyer with Canada, America and the Continent
operating on suitable lines. Values were equivalent to the
Auckland sale.
Compared with the end of the previous
season, prices were 50 to 60 percent higher.
Kobe 2
3,326
2,416
Domestic wools, particularly the fine qualities, are
above the foreign market
at
17,637
8,287
1,053
5.082
6.831
7,556
7,967
Houston
Mon.
6,483
6,926
Receipts at—
Galveston
Totals this week.
are
futures
Sales totaled 2,040
bales
Pig Iron—It is believed pig iron business here will prob¬
ably be at a low ebb over the rest of the year, this being the
opinion of many in the trade.
Many sellers are expecting
that
Chronicle
1, 1936
41,926 1,383,749
36",141
1,061,618
1,600
277.321
41,564
1,261,727
4,547
Corpus Christi.
Beaumont
9,426
New Orleans...
Mobile
Since Aug
Week
1, 1935
60,395 1,143,650
1,569
41,173
53,782 1,215,548
1,512
252,828
31,162
31,941 1,207.918
13,714
307,495
2,208
125,665
34
3,531
3,515
275,309
363
162,013
78,280
3,595
95,845
3",650
137",541
4",357
187",883
457
863
695
637
52,750
15,102
21,761
1,168
1,105
54,407
15,923
26,285
1,018
13,047
1,510
10,892
673
79
Pensacola, &c.„
Jacksonville
Savannah
Brunswick
Charleston
Lake
....
Charles..
Wilmington
1936
1935
927,588
...
Norfolk
27,054
759,608
115,530
7,844
2,777
152,079
838,649
20,552
709,052
63,094
24,890
679,564
190,212
21,556
4,378
203,732
60,178
28,005
20,854
31,678
65,402
30,182
21,874
33,675
"""ioo
City
Houston
This
"4", 845
50
611,548
66,624
Newport News.
New York.....
Boston
...
Baltimore
2,598
1,050
-
Totals
157
1,550
Philadelphia...
133,018 4,573,275 177,455 4,899,669 2,815,192 2,913,364
In order that comparison may be made with other
years,
we give below the totals at
leading ports for six seasons:
Receipts at—
Galveston
Houston
New OrleansMobile
Savannah
1936
1935
1934
1933
363
60,395
53,782
31,941
13,714
3,515
29,356
18.746
39,613
3,465
3,029
"3",650
"4",307
"5", 642
69,977
58,307
28,482
2,223
1,475
1,011
1,827
863
637
1,168
1,105
1,048
2,566
1,342
41,926
36,141
41,064
4,547
Brunswick
Charleston.
Wilmington..
Norfolk
438
Newport News
All others
Total this wk.
1932
70,149
71,021
73,555
16,619
2,605
1931
»
65,234
81,083
87,850
17,758
3,423
"2,338
~l",707
1,773
1,159
1.227
993
"3,827
"7',528
"6,480
12,817
22,845
24,042
133,018
177,455
109,945
177,899
262,064
283,317
Since Aug. l._ 4,573,275 4,899,669 2,996,374
5,070,202 5,400,845 5,771,292
Financial
3866
The exports
for the week ending this evening reach
total
a
of
169,167 bales, of which 44,078 were to Great Britain,
32,091 to France, 17,978 to Germany, 6,651 to Italy, 52,783
to Japan, 2,000 to China, and 13,586 to other destinations.
In
the fcorresponding week last year total exports were
145,042 bales.
For the season to date aggregate exports
have been 2,492,733 bales, against 2,864,399 bales in the
same period of the previous season.
Below are the exports
for the week:
Dec. 11, 1936
Exports from—
Great
Ger¬
Britain
Galveston
France
4,565
Italy
many
China
Japan
Other
Total
2,172
616
14,959
15", 497
Mobile
3,899
2", 130
2,350
57,772
7,249
"260
8,376
5,986
39
185
6~,8ll
2,000
57,518
36,801
3,350
Pensacola, &c.._
Charleston
9,560
5,953
4,838
3",863
6,828
17",813
36,412
185
Houston—....
6,416
103
Corpus Chrlsti-New Orleans
11,438
"451
Norfolk
451
142
673
Gulfport
673
Total
44,078
32,091
17,978
6,651
52,783
2,000
13,586 169,167
Total 1935
32,661
38,995
16,276
10,814
2,183
878
62,874
23
4,538
36,017
500
21,516 145,042
14,560 108,486
Total 1934
11,693
From
Exported to-
Aug. 1, 1936. to
Great
Dec. 11,
1936
Exports from—
Britain
Galveston..
Orleans..
Japan
China
Other
11,422
8,045
327,191
157,640
61,994
98,686
79,316
21,192
27",044
81,089
"500
Italy
many
98,303
85,875
41,048
813
49,067
79,226
57,704
8,640
666
101,379 152,092
Houston
Beaumont
78,497
2,564
30,369
1,258
25,308
28,071
33,730
Lake Charles..
Mobile
France
82,287
102,445
47,278
6,657
Corpus Christ!*
New
Ger¬
6,748
51,830
1,271
34,737
38,170
45,725
—
Jacksonville—
Pensacola, &c.
Savannah
Charleston
16,135
18,380
1-.09I
1,791
38,753
570
355
188,552
8,186
519,891
33,512
50
129
79,290
7,936
2,582
5",400
9,246
4~,069
2",850
1,786
5,987
2,502
1,259
1,631
2,460
1,169
655
18",000
117,807
2,529
69,841
74,674
99,957
1,200
9,812
2,288
1,989
1,581
1,763
71,886
18,722
1,200
Wilmington—
254
1,580
Gulf port
6",024'
1,312
482
Norfolk
New York
"222
4
Baltimore
Philadelphia.
4,528
1,552
166
748
153
100
"54
58
132
Los Angeles-
2,222
60
955'
133
Boston
San
Total
746,182
522,303
Francisco.
2",560
3,831
50
100
58,407
15,464
487|
Total.
527,999 420,119
357,490131,092
728,035
12,947 315,051 2492,733
Total 1935
690,631 372,817
330,299197,619
396,655 175,651
210,399199,256
752,608
826,133
16,764 459,273 2864,399
46,915 334,278 2144,889
Total 1934
*
Includes exports from Brownsville.
Chronicle
on
shipboard, not
1936
12,
from last month's figures of 12,400,000 bales.
However, the
surprise was not lost sight of, especially in
view of numerous surprises this season in the showing of
Government reports.
The average of six private estimates
was 12,265,000 bales compared with 11,867,000
by the same
authorities last month.
Southern spot markets as officially
reported were unchanged to 5 points higher.
The average
price of middling cotton at the ten designated spot markets
was 12.39c.
On the 8th inst. prices closed 9 to 14 points
higher. The outstanding feature of course was the publica¬
tion of the United States final cotton crop estimate, which
indicated a yield of 12,407,000 bales, compared with the
November estimate of 12,400,000 bales.
The trade had held
itself in readiness for a surprise, but the figures proved to be
about what had been generally expected.
A much broader
demand developed after the publication of the report, and
prices advanced 13 to 19 points, making new high records
for the movement, with the exception of October, which sold
within 1 point of its recent high.
Liverpool was a con¬
spicuous buyer at times, and there was more Wall Street par¬
ticipation and active trade price fixing.
After touching
12.04c. for May, the market reacted under heavy realizing
as well as further hedge selling by leading spot houses.
Offer¬
ings were well taken, and this resistance to pressure was
quite noticeable at the close, which was steady. There were
15 notices issued early in the day for the December contract.
The cotton was taken by several spot houses and December
again led the advance, widening its premium over the later
months.
Average price of middling at the ten designated
spot markets was 12.48c.
On the 9th inst. prices closed 11
to 14 points higher.
There was broad active trading during
this session.
Heavy trade buying throughout was sup¬
plemented by increased outside support, which was more than
sufficient to absorb the offerings.
Hedging was light and
scattered.
The major portion of sales was in the form of
profit taking. Despite the heavy volume of business, prices
held
within a comparatively narrow range.
Secretary
Wallace's statement indicating a continuance of the soil
conservation plan had quite a cheerful effect on sentiment,
in that this is construed to mean that acreage will be held
down as it was this year.
A good demand for October re¬
flected a view that Wallace's conservation plans were con¬
structive.
It is said the sharp October discount under other
positions has been the result of fears of unrestricted acreage
for 1937.
Average price of middling at the ten designated
spot markets was 12.62c. compared with 12.48c. Tuesday.
possibility of
a
On the 10th inst. prices closed 12 to 21
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton
cleared, at the ports named:
Dec.
points up. Demand
principally from domestic and foreign trade interests.
came
There
also considerable outside speculative buying.
selling was fair, but most selling operations were
realizing by longs who had carried their cotton since the
was
Hedge
On
Shipboard Not Cleared for—
Dec. 11 at—
Leaving
Great
Britain
Ger¬
France
Other
Coast¬
many
Foreign
wise
Stock
Total
of
advance
at
the
time
one
September
during
the
crop
Houston
New
Orleans.-
10,200
6,898
9,161
34,100
6,263
21,922
Savannah
12,000
4,766
5,097
1,000
55,900
24,620
12,331
4,500 116,700
137
42,684
48.511
1,000
"400
Charleston
Mobile
1,217
1,796
400
3,013
Norfolk
Other ports
Total 1936-Total 1935
Total 1934
27,476
49,033
22,127
62,285
47,441
8,034
22,863 94,647
24,190 138,842
4,644 79.392
5,037 212,308 2,602,884
4,914 264,420 2,648,944
800 114,997 2,904,077
Speculation in cotton for future delivery became
tionally
which
active
following
appeared to
be
the
in
line
government
with
810,888
568,891
711,097
151,079
59,778
112,517
31,678
156,956
crop
general
excep¬
The price trend
since the issuance of this final crop esti¬
mate
decidedly
has
been
upward,
with
trade
sentiment
stimulated by indications from Washington that cotton
age
will
very
acre¬
likely be again curtailed.
attributed to
liquidation and evening-up operations
on
the
of the Government crop report to be issued Tuesday.
Nervousness over the general political situation abroad,
eve
especially the critical developments in connection with the
English throne—was figured as having an unsettling in¬
fluence on not a few traders, especially among the
foreign
element.
Trade buying continued to offer resistance to the
selling movement, but after a time this support dwindled
and on some fresh selling of October for
foreign account,
prices eased still further, closing at the lows of the day.
An
Saturday estimating
the East Indian crop at 6,697,000 bales, which
compared
with the first estimate of 7,021,000, but it was still above last
year's when the crop turned out to be 6,566,000 bales.
Southern spot markets as officially reported, were 5 to 11
points lower. Average price of middling at the ten designated
spot markets was 12.35c.
On the 7th inst. prices closed 5
points up to 3 points off. Trading was quiet, the disposition
being general to await the Government crop estimate to¬
morrow (Tuesday).
Prices fluctuated within a very narrow
range.
New^trading was absent either way, and operations
consisted largely of moderate hedge
selling and trade buying,
with near positions relatively firmer than distant months.
This reflected^continued strength in the
spot position in the
South.
The opinion was quite general
among traders that
the Government crop estimate would show
very little change
international house received
a
cable
on
was
a
the
subse¬
at about the highs
During the day July advanced into the 12c.
column, with little or no resistance, while October gained
more than $1 a bale.
Southern spot markets, as officially
reported, were 13 to 15 points higher.
The average price
of
the
day.
of middling
at the 10 designated
spot markets was 12.76c.
today undoubtedly reflected an easier feeling
as the result of the abdication of the King.
The rise during
this session brought prices into new high ground for the
The advance
movement.
Today prices closed 13 to 6 points down.
of
the
market
was
attributed
to
The heaviness
substantial
profit-taking
During the afternoon session orders in
general were mixed, and foreign dealers were both buying
and selling.
Some active selling and Southern liquidation
developed in the late afternoon, which caused prices to ease
and
local
selling.
to the lows
On the 5th inst. prices closed 3 to 8 points down.
The
heaviness that prevailed generally throughout the session was
for
much
There
quent rally, however, and prices closed
estimate,
expectations.
too
were
demand, and prices slid off somewhat.
Galveston
These offerings
estimate.
session
of the
day, the market closing at about these
was
some
outside buying in evidence
during the day, especially from Wall Street sources.
Liver¬
pool cables reported the market there easier.
The Cotton
Exchange Service estimated total domestic consumption of
low
levels.
There
all cotton during November at
620,000 bales against 647,000
bales in October and 512,000 bales in
November, 1935.
The official quotation for
middling upland cotton in the
New York market each day for the
past week has been:
5
101?cc^11-
Sat«
Middling upland
12.56
Mon- Tue812.60
Wed- Thurs.
12.71
12.84
12.98
Fri.
12.87
New York Quotations for 32 Years
1936
1935
...
1934
...
...
1933
...
1932
1931
...
...
1930
...
1929
...
.12.87c. 1928
.11.80c. 1927
.12.80c. 1926
....
....
....
.10.20c.
5.90c.
6.20c.
9.95c.
1925
....
1924
....
-17.30c.
1921
.
.
.
1923
1922
....
....
.-20.50c.
-19.25c.
.12.40c.
.19.70c.
-23.25c.
-34.50c.
-25.10c.
-18.20c.
1920
1919
1918
1917
1916
1915
1914
1913
Market and Sales
Spot Market
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
Total week.
Since
Aug. 1
Steady, 8 pts. decSteady, 4 pts. adv_.
Steady, 11 pts. adv_
Steady, 13 pts. adv_
Steady, 14 pts. adv_
Quiet, 11 pts. decline
16.25c. 1912
38.50c. 1911
28.55c. 1910
-
_
31.00c.
18.00c.
-
-
-
.
——
.
at
1909
1908
12.35c.
7.25c.
13.40c.
1907
1906
1905
..—13.00c.
9.20c.
.—15.05c.
.—15.20c.
9.10c.
.—10.95c.
....
.—10.50c.
12.10c.
New York
Futures
Market
Closed
Steady
Steady
Steady
Steady
Very steady
Barely steady
SALES
Spot
Contr'ct
500
500
"400
"250
300
250
_
400
250
2~,405
1,500
2,700
1,750
4,300
56.300
6,000
99,822
400
1,700
43,522
Total
400
Volume
143
Financial
Futures—The
highest,
lowest and
New York for the past week have been
closing
as
prices
Chronicle
3867
at
follows:
Movement to Dec. 11, 1936
Towns
Saturday,
Monday,
Tuesday,
Wednesday,
Thursday,
Dec. 7
Dec. 8
Dec. 9
Dec. 10
Range.. 12.15-12.22 12.16-12.23 12.19-12.36
Closing
12.20
12.21-12.22 12.35
Jan.(1937)
t Range.. 12.00-12.05 11.98-12.08 12.06-12.20
12.02-12.04 12.07
Closing
12.16
_
.
12.22-12.28 12.30-12.42 12.27-12.38
12.28
12.40
12.27
1,774
Montgomery.
269
708
2,074
8,175
37.033
42
2,346
52,323
162,087
Closing. 11.99n
12.0477
12.1477
12.2677
12.4977
12.3277
March—
490
30,209
522
Hope
12.42-12.42
591
Jonesboro
420
54,291
51,790
18,278
162,081
26,687
105,543
42,551
10,925
17,655
145,179
144,108
8,825
32,634
18,943
97,805
133,467
Little Rock..
Range— 11.96-12.03 11.94-12.02 12.02-12.19 12.17-12.24 12.26-12.39 12.25-12.38
Closing. 11.96 —
12.00 —
12.11 —
12.24 —
12.38
12.27
Arpll—
Range..
Closing. 11.90w
11.9377
12.0477
12.1777
12.3177
12.2077
May—
Range.. 11.84-11.90 11.82-11.89 11.87-12.04 12.03-12.10 12.12-12.25 12.12-12.25
11.84-11.86 11.86 —
Closing
11.97 —
12.08-12.09 12.24-12.25 12.12-12.13
June—
3,972
Newport
277
Pine Bluff
2,998
Walnut Ridge
Ga., Albany..
473
32
Athens
135
Atlanta
19,831
Augusta
3,976
Columbus
700
Macon
Range.-
2,119
1,485
Rome
Closing. 11.7877
11.7877
11.8977
12.0077
12.1677
12.0477
July—
Range.. 11.71-11.75 11.68-11.73 11.71-11.88 11.87-11.95 11.97-12.08 11.95-12.08
Closing
11.72-11.74 11.69 —
11.81-11.83 11.92-11.93 12.07-12.08 11.95-11.96
August.
La., Shreveport
Mlss.Clarksdale
744
3,671
Columbus
627
36.047
5,184
Greenwood..
234,010
56,369
15,496
35,555
50,686
146,325
5,739
Closlng. 11.5677
Sept.—
Range..
11.5477
Closing. 11.4077
11.3977
11.6577
11.7677
11.9377
11.8277
Jackson
549
Natchez
Range—
141
Vlcksburg
1,056
Yazoo City
11.4977
11.6077
11.7077
11.7077
Oct.—
267
Mo., St. Louis.
N.C.,Gr'nsboro
10,726
251
11
57,556
40
Ark., Blythvllle
Forest City.
Dec.
Week
Season
Helena
Range..
1,771
Receipts
965
Nov.—
Range..
Closing.
108
9,054
1,422
1,635
1,482
4,762 119,614
1,720 17,808
5,532 77,196
1,707 21,434
404
17,666
380 22,032
8,315 163,936
5,521 132,997
6,548
2,062
35,000
946
40,745
178
900
31,602
300
4,800
34,576
529
8,060 54,040
774 35,427
10,166 101,565
948 27,273
1,112
6,106
1,485 18,638
990 24,447
818
10,726
2,343
120
2,413
49
475
7,680
1.823
600
14,558
156
628
1,405
2,607
10,256
Range for future prices at New York for week ending
Dec. 11, 1936, and since trading began on each
option:
Paris
871
11,501
966
Robstown..,
Rangc for Week
Range Since Beginning of Option
Dec.
1936.. 12.15
Dec.
5 12.69
Dec.
11 10.12
Jan.
1937- 11.98
Dec.
7 12.42
Dec/
10
9.76 Jan.
Feb.
1937- 12.42
Dec.
10 12.42
Dec.
10
9.94
July
7 12.39
Dec.
10 11.52 Nov. 12 1936 12.39 Dec.
10 1936
401
_.
Waco
834
94
1,921
3,779
18
40
300
102,223
63
38,478
808
155,297
474
50,772
5,059
1,298
1
198
8,578
27,061
37,199
1,036
1,862
1,635
7,091
79,772
7,011
163
67
2,985
70
3,085
882
29,086
231,931
4,543
84,398
70,081 .,181,648
4,172
40,578
237
16,967
229
10,859
1.824
37,043
1,487
29,339
67,122
34,320
5,741
14,427
27,696
15,576 157,906
4,044 62,247
64,566 712,734
4,063
2,991
478
3,794
265
5,314
2,046 13,134
1,584 16,032
35
1,846
213
1,560
1,123
"l90
908
12.408
505
4,312
21,136
189
964
96
380
7,646
1,324
74,181
2,403
13,687
12,541
10,478
Total, 56 towns'184,978 4,245,830223,642 2327953 167,558 3,492,668156,657 2369180
10 1936
Mar. 1937- 11.94 Dec.
400
Texarkana
Option for—
65,517
13,398
7,715
33,626
73,190
15
San Antonio.
171
45,214
25,409
34,872
41,459
27,096
6,319
2,165
4,108
1,897
1,210
2,858
5,450
70.034
1,019
21,900
577
69,448
78
Dallas
500
488
593
27,346
7,680
400
250
Brenham
5,038
2,480
357
118,646
21,422
95,161
22,943
23,859
64,307
185,067
148,406
21,639
46,794
13,346
2,624
39,080
12,091
74,292
74,936
108,763
24,352
24,674
23,456
2,054
106,996
21,487
74,557
20,055
18,598
70,364
167,856
153,931
1,852
3,248
1,239
2,541
1,911
33,607,
967
13
1,162
77,290
82,790
93,142
23,389
460
11,681
15 towns *
5,404
159,182
7, 672 111,953
B.C., Greenville
5,569
114,229
3, 695 79,767
Tenn.,Memphis 102,819 1,654,733 114, 272 716,352
819
Texas. Abilene
641
35,827
5,134
Austin
Nominal.
Dec.
Week
56,529
14,622
329
1,805
8,681 102,602
2,329
15,001
2,408
30.407
1,042 20,735
Stocks
Season
813
55,657
10,638
62,447
71,295
Ship¬
ments
Week
Oklahoma—
Range.. 11.19-11.24 11.21-11.25 11.25-11.39 11.41-11.45 11.49-11.65 11.55-11.65
11.23 —
Closing
11.23 —
11.32 —
11.43-11.45 11.64-11.65 11.56
77
Ala., Blrming'm
Eufaula.—
Selma
12.42-12.51 12.55-12.67 12.55-12.69
12.49-12.51 12.66-12.67 12.56-12.58
Feb.—
.
Week
Stocks
ments
Dec. 11
Dec. (1936)
Movement to Dec. 13, 1935
Ship¬
Friday,
Dec. 6
Receipts
Aprll 1937—
May
Feb.
3 1936 12.69
Dec./Vll 1936
91936 12.78 July
25 1936 12.76
10 1936
10.20; Mar. 27 1936 12.78 July
1937- 11.82 Dec.
7 12.25 Dec.
June 1937—
10 11.51 Nov. 12 1936 12.25
10.48 June
1937- 11.68 Dec.
Aug. 1937..
July
7 12.08
Dec.
Sept. 1937—
Oct.
Mar.
Dec.
5
Ii.6~5 D~ec.
10 1936
Dec.
10 1936
July
10 1936
10 11.41 Nov. 12 1936 12.08 Oct.
11.50 Aug. 29 1936 12.55 July
11.52 Nov.
1937- 11.19
1 1936 12.78
14 1936
4 1936 11.52 Nov.
10 11.05 Nov. 12 1936 11.65 Dec.
27 1936
4 1936
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all foreign
figures are brought down to Thursday evening.
To make
tbe total show the complete figures for
tonight (Friday) we
add the item of exports from the United States, for
Friday
only.
cable and
1936
bales.
Stock at Manchester
1935
731,000
94,000
.
499,000
80,000
1934
1932
841,000
71,000
Includes the combined totals of 15 towns In Oklahoma.
Overland Movement for the Week and Since
Aug. 1—
We give below a statement
showing the overland movement
for the week and since
Aug. 1, as made up from
telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two
follows:
years are as
10 1936
The Visible
Dec. 11—
Stock at Liverpool
*
780,000
92,000
-1936
Since
Dec. 11—
Shipped—
Week
Via St. Louis
Aug. 1
10,726
7,845
825,000
189,000
240,000
...
Stock at Havre................
Stock at
Stock at
Rotterdam............
Barcelona.............
Stock at Genoa
19,000
23,000
7,000
5,000
.....
Stock at Venice and Mestre..
Stock at Trieste
•
Total Continental stocks—...
483,000
579,000
186,000
96,000
14,000
57,000
75,000
10,000
3,000
441,000
912,000
328,000
167,000
29,000
74,000
37,000
16,000
8,000
872,000
570,000
276,000
30,000
90,000
622,661
48,000
497.000
98,000
438,000
587,000
4,038,668
American cotton afloat for Europe
Egypt, Brazil ,&c.,afl't for Europe
Stock in Alexandria, Egypt
Stock in Bombay, India..
369,000
567,000
227,000
181,000
140,000
142,000
389,000
308,000
303,000
576,000
411,000
491,000
2,815,192 2,913,364 3,019,074
.2,327,953 2,369,180 1,934,215 2,203,417
18,127
42,803
42,454
40,203
...
Stock in U. S. ports
Stock In U. S. interior towns
U. S. exports today
........
Total visible supply
8,072,272 7,854,347 7,805,743 9,933,288
Of the above, totals of American and other
descriptions are as follows:
American—
.
Between interior towns
.
Total to be deducted.
Manchester stock
..........
Bremen stock
Havre stock
..........
.......
Other Continental stock
American afloat for Europe
...
_
U. S. ports stock
U. S. Interior stock
U. S. exports today
Total American
_
6,188,272 6,503,347 5,996,743 8,262,288
East Indian, Brazil, &c.—
Liverpool stock
488,000
39,000
53,000
40,000
30,000
88,000
181,000
389,000
576,000
Manchester stock
Bremen stock
Havre stock
243,000
238,000
226,000
408,000
55,000
56,000
43,000
47,000
136,000
137,000
274,000
200,000
81,000
142,000
24,000
99,000
89,000 1,028.000
369,000
567,000
227,000
497,000
2,815,192 2,913,364 3,019,074 4,038,668
2,327,953 2,369,180 1,934.215 2,203,417
18,127
42,803
42,454
40,203
....
Other Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat—
Stock in Alexandria, Egypt
Stock in Bombay, India
261,000
24,000
48,000
15,000
61,000
83,000
140,000
308,000
411,000
615,000
28,000
54,000
25,000
372,000
45,000
75,000
76,000
83,000
48,000
98,000
142,000
303,000
491,000
299
♦
199,501
7,136
119,214
423.160
42,826
320,165
Including movement by rail to Canada.
1936In
Sight and Spinners'
Takings
1,884,000 1,351,000 1,809,000 1,671,000
.6,188,272 6,503,347 5,996,743 8,262,288
Total American.
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool...
Peruvian Tanguis, g'd fair, L'pool
O.P.Oomra No.l staple,s'fine.Liv
Contiuental
At
the
11.38d.
5.71d.
8.16d.
5.75d.
lO.Old.
5.85d.
9.57d.
5.79d.
7.79d.
4.07d.
imports for past week have been 93,000 bales.
Interior
Towns
the
movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for
the
corresponding period of the previous year—is set out in
detail below:
-1935-
Since
Week
Receipts at ports to Dec. 11
Aug. 1
Since
Week
Aug. 1
133,018
Net overland to Dec. 11
25,364
Southern consumption to Dec. 11-125,000
4,573,275
423,160
2,415,000
177,455
42,826
105,000
4,899,669
320,165
1,905,000
Total marketed
Interior stocks in excess
Excess of Southern mill
7,411,435
1,145,186
325,281
10,901
7,124,834
1,244,842
over
283,382
*38,644
takings
consumption to Nov. 1
518,003
Came into sight during week
Total in sight Dec. 11
244,718
302,115
336,182
9,074,624
North, spinn's* takings to Dec. 11.
58,284
794,281
8,671,791
23,892
494,599
Decrease.
Movement into sight in previous years:
Week—
1934—Dec. 14
1933—Dec. 15
1932—Dec. 16
Bales
Since Aug, 1—
213,327 1934
301,441 1933
388.024 1932—.
-
Bales
5,762,197
8 533 402
8|672!401
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for
middling cotton at
Southern
and other
of the week:
principal cotton markets for each day
Closing Quotations for Middling Cotton
Week Ended
Dec. 11
Monday
Tuesday
12.29
12.48
12.30
12.81
12.35
12.57
12.41
12.91
12.45
12.58
12.71
12.54
13.04
12.86
12.68
13.18
12.70
12.30
12.80
12.40
12.95
12.55
13.09
12.35
12.50
12.24
13.10
12.68
13.23
12.50
Galveston
12.25
New Orleans
12.44
Mobile
Savannah
12.26
Norfolk
12.65
Montgomery
Augusta
12.25
12.81
12.85
12.96
12.05
12.28
12.10
12.28
Little Rock
11.96
12.01
Dallas
12.01
12.05
12.01
12.05
12.20
12.38
12.11
12.16
12.16
12.76
Fort Worth
New
York
Cotton
Interest—The Board of
Exchange voted
interest
on
on—
Saturday
Houston
India, &c
10,950
3,976
104,288
211
5,415
.25,364
25,364
Memphis
Total East
438,000
587,000
439,379
1,510
195
.13,404
13,404
Leaving total net overland *
*
Liverpool stock...........bales.
49,962
13,047
5,547
180,907
Deduct Shipments—
8,000
Total European stocks
...1,308,000 1,020,000 1,571,000 1,983,000
India cotton afloat for Europe
88,000
83,000
76,000
6,155
77.878
236,890
1,018
144
Via Virginia points
126,000
11,000
659,000 1,111,000
300
5,298
34,693
.38,768
...
.12,087
Total Great Britain
Stock at Bremen
79,842
38,419
147,384
79,967
2,924
5,899
81,967
304,520
Via other routes, &c
Aug. 1
7,011
2,660
5,053
15,000
Via Mounds, &c
Via Rock Island
Via Louisville
1935——
Since
Week
Exchange
Wed'day
12.29
12.29
Fixes
12.64
12.38
12.43
12.43
12.47
112.72
12.57
13.07
13.00
12.57
13.12
12.35
12.53
12.27
12.32
12.32
Limitation
of
Managers of the New York Cotton
on Dec. 9 to set the maximum
futures contracts for
delivery in
limit of
any one month
by any member, firm, or corporation, and his or its affilia¬
tions, at 250,000 bales for delivery in December, 1936, and
in all months up to and including
November, 1937.
Financial
3868
New Orleans Contract
from the growth of 1936 prior to Dec. 1,1936,
comparative statistics to the corresponding date in 1935 and 1934.
Number of bales of cotton ginned
Monday,
Tuesday,
Wednesday,
Thursday,
Friday,
Dec. 6
Dec. 7
Dec. 8
Dec. 9
Dec. 10
Running Bales {Counting Round as
and Excluding Linters)
State
Decern ber_ 12.18
12.33-12.35 12.49
Jan. (1937) 11.99
12.03
12.10
11.94
11.98
12.07-12.08 12.21-12.22 12.35-12.36 12.22
11.82
11.83
11.95
12.07-12.08 12.21
12.07-12.09
11.69
11.66
11.77
11.92
12.05
11.89-11.90
1934
April
May
1936
1935
Alabama
1,120,380
1,022,176
Arizona
.
127,215
1,232,272
342,436
27,380
1,030,147
739,332
1,838,246
295,630
89,638
87,260
733,431
175,000
26,393
1,028,841
538,039
12.23
Bid. 122451225a 12.36
Arkansas
California-—
June
July
August
Louisiana
September
11.21-11.22 11.29
11.20
..
11.44
—
11.51
11.63
—
Mississippi--
—
Missouri
Tone—
Steady.
Steady.
Steady.
Steady.
Steady
New Mexico
Steady.
1
Steady.
Steady.
Steady.
Steady
North Carolina
279,881
706,298
410,509
Agricultural Department's Report on Cotton Acreage,
per Acre, and Production—The Agricultural De¬
partment at Washington on Tuesday (Dec. 8) issued its
report on cotton acreage, yield per acre and production as
of Dec. 1. The production of cotton is placed at 12,407,000
Yield
which is 7,000 bales more than the Department's
month ago, but is 1,769,000 bales more than
year's crop. None of the figures take any account of
linters. Comments on the report will be found in the editorial
bales,
estimate of a
last
Below is the report in
pages.
full:
cotton crop of 12,407,000 bales is estimated by the Crop
Board of the United States Department of Agriculture, based
A United States
Renortine
This is practically unchanged from the
tJqv 1 forecast of 12,400,000 bales, and compares with 10,638,000 bales in
1935' 9 636 000 bales in 1934, and 14,667,000 bales, the 5-year (1928-32)
average' The indicated yield per acre for the United States of 197.6 pounds
compares with 186.3 pounds in 1935 and 169.9 pounds, the 10-year (1923-32)
indications as of
aVHarvested
30,054,000 acres, which is about
^
10% greater than that harvested in 1935. AUowing for
2.8%, the cotton acreage in cultivation on July
1 is indicated to
ment of
^During the91936°growing
by t
affect
SiculariyS cotton crop in the Carolinas and Georgia. This drought
retarded the germination of the cotton seed which had been planted, and
a result a considerable portion of the crop in that area did not come up
season the cotton crop was affected
droughts. The first of these occurred in May and June and
seDarate
as
Subsequent favorable weather enabled the
this late start, but throughout the entire season
Atlantic Coast States was in serious danger of being
curtailed by early frost, and was faced with the probability of some curtailSSnt even with frost coming at the usual time. Frost did not actua]jy
arrive
however, until 10 days to two weeks later than usual, with the
result that the crop was enabled to reach maturity in spite of the unfavor¬
imtil
June or
late
cotton
able
early July.
oartlv overcome
to
rrnn
in the
and fall resulted in an increase in the
the Carolinas, Georgia and Alabama of 600,000 bales
The favorable summer
start
probable outturn in
^In
Urn
Virginia
w^tern plrt oCf the belt, particularly in Texas and Oklahoma, the
Although Texas had favorable prospects
in an estimated loss of over 800,000
bal^ during the month of August. During the same month the prospective
crop in Oklahoma was also reduced over 200,000 bales.
The effects of this
drought were likewise felt throughout Arkansas, Louisiana, Tennessee,
Missouri and Mississippi, although in this group of States the damage was
worst in Arkansas.
On Sept. 1 the outlook was very critical throughout
nil tMs
but early in September the drought was broken.
The rains
?Ime toS late to bring back the crop in Texas and Oklahoma, but came in
time to save the crop in the States along the Mississippi River. In the latter
grouo of States weather conditions were unusually favorable during the
remainder of the summer and fall, with the result that the outturn in these
States promises to be about 360,000 bales higher than appeared likely on
drought came later in the season.
Aug
1
extreme drought resulted
mi
AUoni other factor which
had a marked effect on the crop outturn was that
tho droughts reduced boll weevil damage to a minimum and many late
cotton bolls which ordinarily would have been ruined by weevils actually
made cotton.
This lack of weevil damage, together with
relatively late frost date permitted the crop generally to reach full maturity
n.nd to he harvested with a minimum of loss.
The net
of this combination of factors has been that although
nrosDects in Texas and Oklahoma declined approximately 1,080,000 bales
after Aug. 1, this loss has been about balanced by improvement in the
matured and
rSt
The statistics in this report includes 262,283 round bales for 1936; 215,210
1934. Included in the above are 10,604 bales of
American-Egyptian for 1936; 11,982 for 1935; and 10,079 for 1934.
The statistics for 1936 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
The revised total of cotton ginned this season prior to Nov. 14 is 10,767,649
CONSUMPTION,
STATES
Yield per
for 1936 Crop
Acre
Production
(Ginnings)
500-lb.Cr.Wt.Bales
a
in
Cul¬
for
don¬
tiva¬
Avge.
Har¬
ment
tion
1923-
1935
{Dec. 1
1932
Crop
July 1
Est.)
1,000
1,000
Est.)
1,000
after
July 1
Lbs.
1,000
Lbs.
Lbs.
Bales
Bales
Acres
Per cent
Acres
1935
1,000
Bales
273
307
45
30
34
1.6
974
269
1.2
1,420
208
261
279
856
744
820
2,307
176
235
228
1,241
1,059
1,090
North Carolina.
958
Carolina.
1,403
294
305
752
572
612
2,284
1.0
88
1.8
90
125
165
174
35
378
1.0
382
256
280
392
228
177
Rain
Texas—Galveston
1.0
818
197
206
255
479
317
431
2,333
2,961
0.6
2,347
172
226
234
1,255
1,059
0.4
2,973
191
228
309
1,559
1,380
11,829
2,295
0.6
1,388
192
218
265
3.7
12,283
2,579
139
133
11.0
149
117
2,564
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
1.2
2,595
188
191
242
450
31
32
by tele¬
Brownsville
1
2
1
1
Corpus Christi
2
Austin
Abilene
-
Brenham
Dallas
2
-
2
1
3
4
2
2
Del Rio
El Paso
Houston
-
Palestine
Port Arthur
San Antonio
Oklahoma—Oklahoma City. _1
Arkansas—Fort Smith
1
Little Rock
2
Louisiana—New Orleans
2
3
3
3
Shreveport
Mississippi—Meridian
Vicksburg
2
Alabama—Mobile
Birmingham
Montgomery
2
2
2
day
days
day
day
days
days
days
day
days
days
days
days
day
day
days
days
days
days
days
days
days
days
days
days
Miami
3
Pensacola
3 days
2 days
4 days
3 days
Tampa
Georgia—Savannah
Atlanta
Augusta
3 days
Macon
3 days
South
Carolina—Charleston..2 days
2 days
3 days
Charlotte
Raleigh
4 days
5 days
"Weldon..
Wilmington
3 days
(
Tennessee—Memphis
Chattanooga
3 days
3 days
1 day
Rainfall
2.14 in.
0.16 in.
0.24 in.
0.02 in.
0.44 in.
0.44 in.
0.05 in.
0.60 in.
0.16 in.
0.06 in.
2.58 in.
0.63 in.
1.28 in.
0.34 in.
0.12 in.
0.01 in.
0.66 in.
1.48 in.
1.42 in.
3.12 in.
1.82 in.
1.53 in.
2.18 in.
1.40 in.
0.11 in.
0.67 in.
0.47 in.
0.36 in.
0.33 in.
1.85 in.
1.64 in.
1.05 in.
0.48 in.
1.42 in.
1.36 in.
3 38 in.
0.82 in.
1.76 in.
0.03 in.
1.83 in.
1.06 in.
Thermometer
high 72
high 60
high 70
high
high
high
high
high
nigh
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
64
78
78
78
58
68
62
76
70
72
70
54
62
56
80
70
72
72
68
76
78
82
78
82
75
66
74
76
71
56
62
58
70
54
56
56
58
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
low
43
26
32
48
50
50
46
28
32
32
36
28
42
36
22
24
24
42
35
32
32
37
38
40
42
64
44
54
40
34
38
40
40
26
26
26
34
24
23
34
24
mean 58
mean 43
mean 51
mean 56
mean 64
mean 64
mean 61
mean 43
mean 50
mean 48
mean 56
mean 49
mean 57
mean 53
mean 38
mean 43
mean 40
mean 61
mean 53
mean 54
mean 52
mean 55
mean 53
mean 58
mean 60
.mean 73
mena
6l
mean 68
mean 58
mean 50
mean 56
mean 58
mean 56
mean 41
mean 44
mean 42
mean 52
mean 39
mean 43
mean
mean
45
41
The following statement has also
been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Dec. 13, 1935
Dec. 11, 1936
Feet
Feet
3.2
Above
zero
of gauge-
1.5
1,140
Memphis
Above
zero
of gauge-
5.9
9.0
1,259
1,910
Nashville
Above
zero
of gauge-
11.1
745
556
763
119
4,580
2,956
2,945
1,109
1,352
290
Above zero of gaugeAbove zero of gaugo-
60
567
Shreveport-Vicksburg
22.7
13.1
2.3
853
1,295
90
75
110
117
1.5
119
318
398
0.0
208
327
405
391
128
135
0.5
370
386
524
572
200
239
440
25
1.6
25
225
193
288
11
9
15
Receipts
from
the
22.1
14.3
Plantations
bl70
368
California
us
New Orleans
b208
New Mexico—
Arizona
2 days
2 days
...
Amarillo
310
810
Georgia
Florida
Missouri
Telegraph—Reports to
Weather Returns by
Nashville
270
1.7
South
1928-
54
53
Virginia
1936
counting
while the
graph this evening denote that there is a small amount of
cotton still trickling to the gins.
According to reports from
the interior, scrapping of the fields by women and children
in order to get Christmas money is noted in some sections.
Crop
{Dec. 1
1932
vest
commercial cotton, exclusive of linters, grown
consumption of cotton (exclusive of linters in the United States) for the year
ending July 31, 1936, was 27,631,000 bales. The total number of spinning
cotton spindles, both active and idle, is about 152,000,000.
1936
Avge
STATISTICS
WORLD
The world's production of
in 1935, as compiled from various sources, was 26,641,000 bales,
American in running bales and foreign in bales of 478 pounds lint,
North Carolina—Asheville
Total
Aban¬
Left
consumed
bal6S*
Department of Agriculture makes
Board of the United States
IMPORTS, AND EXPORTS—UNITED
STOCKS.
during the month of October, 1936, amounted to
646,499 bales.
Cotton on hand in consuming establishments on Oct. 31,
was
1,402,916 bales, and in public storages and at compresses 8,028,140
bales.
The number of active consuming cotton spindles for the month was
23,638,270. The total imports for the month of October 1936, were 9,944
bales and the exports of domestic cotton, excluding linters, were 861,016
Cotton
report from data
Acreage
State
*9,019,834
which was
and 99,787
for 1935 and 167,626 for
Florida—Jacksonville
DEC. 1, 1936
furnished by crop correspondents, field statis¬
ticians and cooperating State agencies. The final total ginnings for the season
will depend upon whether the various influences affecting the harvesting of the
portion of the crop still in the field, will be more or less favorable than usual.
the following
5,446
*9,356,921
Includes 41,130
portions of the belt.
COTTON REPORT AS OF
The CroD Reporting
653,067
382,625
2,176,502
29,951
12,776
bales of the crop of 1936 ginned prior to Aug. 1
counted in the supply for the season of 1935-36, compared with 94,346
bales of the crop of 1935 and 1934.
*
area
central and eastern
12,101
'
78,181
587,769
281,083
283,111
*11,494,170
All other States
United States
24,111
954,306
469,804
1,108,374
207,893
2,417,013
23,107
2,712,528
26,808
Texas
223,584
Dec. 1, 1936.
is now estimated at
acreage
South Carolina
Tennessee
927,307
80,155
822,346
1,210,812
142,533
50,925
533,641
369,097
710,096
503,369
Oklahoma
Spot
Options...
Steady.
Steady.
uDon
Florida
Georgia
October
Half Bales
12.66-12.67 12.55
12.24
March
and
Dec. 11
Nov (1936)
February
12, 1936
ON COTTON GINNING
REPORT
Market
Saturday,
the
Dec.
Chronicle
All other
Week
Receipts at Ports
1936
U. S. total— 30,054
2.8
30,932
186.3
169.9
Stocks at Interior Towns
Receipts from Planations
Ended]
I
1935
1
1934
1936
1935
1934
1936
I
1935
|
1934
197.6 14,667 10,638 12,407
Sept.
4_.
Lower California
(Old Mexico)c
a
Allowances
including
136
140
3.0
242
304
204
48
72
58
of seed cotton for ginning.
Not
b Including Pima Egyptian long staple cotton,
Not included in California figures, nor In United
made for interstate movement
production
of linters.
40,000 acres and 19,000
bales,
c
States total.
Oct.
Ginned from Crop of 1936 Prior to
Census report
linters) ginned from the crop
of 1936 prior to Dec. 1, com¬
pared with 9,356,921 bales from the crop of
9,019,834 bales from the crop of 1934. Below is
in full:
■*
1935 and
the report
1,832,026 1,784,489 1,547,572 473.918 500,5191345,826
387,060! 240,603) 1,980,336 1,990,723; 1,640,092j 478,343 693,294337.159
208,963 2,098,7332,132,345 1,735,609 498,120 514,566 300,444
372,945)
2.. 319,754 326,252 244,448
9.. 330,033
Dec. 1—
issued on Dec. 8, compiled from the
individual returns of the ginners, shows 11,494,170 running
bales of cotton (counting round as half bales and excluding
Cotton
The
201,842 188,943 137,090 1,219,831 1,178,879 1,152,816 280,892 1248,136187,732
11_. 271,456 215,017 191,728 1,339,682 1,274,081 1,226,568 391,307 310,219 265,481
18.. 340,815 265,021 230,070) 1,499,275 1,414,604 1,339,176 500,408 405,544342,678
25-. 314,287 336.897| 237,205 1 677,862) l;610,222
322,464 492,874 532.515344,223
16..
370,723
23..
1378,683! 406,164 232,059 2,179,563)2,220,751 1,$29,198 483.163 493,570 325,648
30.. 385,111 372,149 201,932 |2,266,3712,253,100 1,882,223 471.919 404,498 254,957
Nov.
6..
13..
259,641 363,686 148,501 2,301,784
2,287,554! 1,922.254] 295,054 398,140' 188,532
305,198 359,7141 175,466
[264,096 330,485 134,427 2,342,886 2,316,783 1,963,293
20.. 251,440 271,993 133,525 2,373,757 2,321,538 1,983,174 282,311 276,748 153,406
27.. 217,563 222,432 119,755 2,397,188
2,350.425 1,973,968 240,994 251,319 110.549
Dec.
258,950104,0142,366.617 2,358,2791,960,556 181,327 266,804
11.. '133,0181177,455 109,94512,327,953 2,369,1801,934,215 ,94,364! 188,356
4.. 211,898
90,602
83,604
Volume
143
Financial
Chronicle
The above statement shows:
from the plantations since
(1) That the total receipts
Aug. 1, 1936, are 5,714,154 bales;
inB1935 were 6,123,479 bales and in 1934 were
3,773,107
bales.
(2) That, although the receipts at the outport3 the
past week were 133.018 bales, the actual movement from
plantations was
94,354
bales, stock at interior towns
having increased 38,664 bales during the week.
Shipping|News—As^shown
for the last two
seasons
from all
sources
obtainable; also the takings
sight for the like period:
out
gone
previous
a
the
page,
shipments in detail,
from mail and telegraphic reports,
up
made
as
follows:
are as
1
-
Bales
GALVESTON—To Japan—Dec. 3—Mecklenberg, 4,350
Dec. 4
—Fernwood, 10,189
Dec. 8—Sangstan, 8,035
Dec. 10
—Houston City, 13,838
36,412
To Liverpool—Dec. 5—Da
vision, 4,565
4,565
To Antwerp—Dec.
5—Breedijk, 221
Dec. 8—Nevada, 99—
320
To Ghent—Dec.
5-—Breedijk, 216
Dec. 8—Nevada, 329545
To Copenhagen—Dec.
5—Toledo, 971
971
To Rotterdam—Dec.
5—Breedijk, 996
996
To Genoa—Dec. 5—Ada
O., 2,172
2,172
To Oslo—Dec. 5—Toledo, 120
120
To Gdynia—Dec.
5—Toledo, 1,913
1.913
To Gothenburg—Dec.
5—Toledo, 1,088
1,088
To Havre—Dec.
8—Nevada, 6,416
6,416
To China—Dec,
8—Sangstan, 2,000
2,000
HOUSTON—To
Ghent—oec.
7—Bruxelles,
229
Dec.
4—
Breedijk. 384; Nevada, 800--Dec. 10—Binnendijk, 872—
2.285
To Antwerp—Dec.
7—Bruxelles, 20
Dec. 4—Nevada, 151—
171
To Havre—Dec.
7—Bruxelles, 1,438
Dec. 4—Nevada, 4,944
Dec. 6 (additional) Nevada, 445
6,827
To Manchester—Dec.
3—Louisian, 7,278
7,278
To Liverpool—Dec.
3—Magician, 7,681
7,681
To Rotterdam—Dec.
4—Breedijk,
1,058
Dec.
10—Bin¬
nendijk, 1,104
2,162
To Riga—Dec.
4—Breedijk, 50
50
To Reval—Dec.
4—Breedijk, 129
Dec. 10—Binnendijk, 41.
170
To Dunkirk—Dec.
4—Nevada, 1
1
To Genoa—Dec. 5—Ada
O., 616
616
To Japan—Dec.
4—Sangstad,
3,410
Dec.
7—Birishima
Maru. 5,150
8,560
To China—Dec. 7—Birishima
Maru, 1,000
1,000
NORFOLK—To Manchester—Dec. 11—Manchester
Brigade, 39
39
To Hamburg—Dec.
11—City of Hamburg, 103
103
-
—
from which statistics
amounts
or
on
exports of cotton from the United States the past week have
reached 169,167 bales.
The
World's 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
are
3869
of
-
w
Cotton
Takings,
1936
1935
Week and Season
193654
Week
Visible supply Dec. 4
Visible supply Aug. 1
American in sight to Dec. 11Bombay receipts to Dec. 10—
Other India ship'ts to Dec. 10
Alexandria receipts to Dec. 9-
Total supply
—
4,295",259
4,899,258
9,074,624
336", 182
442,000
213,000
1,036,200
190,000
55,000
19,000
74,000
14,000
8.671.791
444,000
200,000
1,011,600
168,000
8,284,390 14,790,650
8,072,272
8,072,272
7,854,347
7,854,347
507,888
308,888
199.000
7,782,810
430,043
305,043
215,600
6,936,303
4,955,703
1,980,600
-
•
dfc)p»-
Total takings to Dec. 11
a
Of which American
Of which other
♦
Season
8,580,160 15.855,082
-
Deduct—
Visible supply to Dec. 11
r
Week
7,786.208
244,718
96,000
26,000
70,000
16,000
Other supply to Dec. 9*5
i
Season
8,127,442
5.977.610
1,805,200
Embraces receipts in Europe from
Brazil, Smyrna, West Indies, &c.
-
NEW
This
total embraces since Aug. 1 the total
estimated consumption by
Southern mills, 2,415,000 bales In 1936 and
1,905,000 bales in 1935—takings
not being available—and the
aggregate amount taken by Northern and
foreign spinners, 5,367,810 bales in 1936 and 5,031,303 bales in 1934, of
which 3,562,610 bales and 3,050,703 bales
American,
b Estimated.
a
ORLEANS—To
Bremen—Dec.
4—Koenigsberg,
Dec. 5—Yselhaven, 3,957
To Hamburg—Dec.
4—Koenigsberg,
haven, 119.
To Liverpool—Dec.
2—Jumma,
5—Ysel¬
2,417
17,813
3.457
17,813
406
2—Svanhild, 200
200
To Gdynia—Dec.
2—Svanhild, 1,350
To Antwerp—Dec.
1936
1935
1934
Since
Week
S.nce
Aug. 1
96,000
Week
442,000
Week
55,000
47,000
Great
from—
City,
Britain
Total
Conti-
Britain
ment
China
136
451
6,000
69,000
78,000
11,000
9,000
28,000
39,000
4,000
4.000
19,000
27,000
11,000;
14,000
78,000
94,000
306,000
253,000
282,000
397,000
Other India:
10,000
16,000
9,000
10,000
1934
2.000
0
26,000
19,000
11,000
000
,
Total all—
81,000
77,000
41.000
1
1936
13,000
1935
12,000
6,000
1934
22,000
18,000
69,000104,000
28,000 58,000
13,000
19,000
38,000
132,000
123,000
159,000
92,00o'
88,000
200,000
210,000
217,000
55,000
213,000
200,000
260.000
306,000
253,000
282,000
608,000
558,000
597,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's
receipts of
41,000 bales.
Exports from all India ports record a gain
of 46,000 bales during the week, and since
Aug. 1 show an
increase of 50,000 bales.
886
10—Delpharbia, 775
9—Wendover, 260
To Rotterdam—Dec.
Hayes, 2,375
2,800
30—Sikiang, 550
1935
Cotton Freights—Current rates for
cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Stand¬
.32c.
Hioh
ard
Density
Liverpool
Stand¬
Density
Trieste
.45c.
.45c.
Flume
.470.
Barcelona
*
350,000
5,174,184
This
Exports (bales)—
To Liverpool
To Manchester,
370,000
5,102,123
Since
Week
Aug.
This
Week
1
7,000
81,559
76,315
26",000 229,341
2,000
11.804
310,000
3,933,161
Since
Aug.
This
1
Week
Japan
*
To Continent and India
To America
_
Total exports
1
9,000 99,820
8,000 66,000
15,000 308,427
1,000
13,990
55,746
55,999
17,000 294,339
1,000
14,102
26,000 420,186
8",006
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended
tDec. 9 were
350,000 cantars and the foreign shipments 35,000 bales.
•47c.
Shanghai
*
*
.60c.
Bombay
,65c.
,48c.
.63c.
Bremen
.32c.
,47c.
.44c.
.59c.
Hamburg
,32c.
.47c.
Rate Is open.
by cable to¬
night fromiManchester states thatjthe market in both yarns
and
clothsjis firm. ^Demand for foreign markets is good.
We give prices todayjbelowjand leave those for previous weeks
of this and last year forjcomparison:
325 Cop
Twist
d.
to Finest
325 Cop
Twist
Middl'g
Upl'ds
d.
d.
d.
8)4 Lbs. Shirt¬
ings, Common
Middlg
to Finest
Of which American
Amount afloat
Of which American
d.
s.
d.
Cotton
d.
Sept.
@10 3
11
@10 5
6.99
18
10 X@U7A
10 0
@10 2
6.98
10H@lUi
10 0
@10 2
@10 2
6.70
9H@ll
9)4 @11
9
2
9
2
@94
Nov. 27
Dec. 4
Dec. 11
58,000
727.000
248,000
49,000
12,000
222,000
87,000
59,000
730,000
252,000
80,000
26,000
218,000
100,000
65,000
731,000
243,000
61,000
31.000
236,000
115,000
Spot
as
Saturday
Monday
Quiet.
follows:
Quiet.
Tuesday
Wednesday
9
2
@94
6.53
6.73
9
3
7.02
9
96
Thursday
Friday
Quiet.
Quiet.
Market,
12.15
P. M.
More
Quiet.
demand.
6.80d.
6.77d.
6.79d.
Quiet but
Quiet but
Quiet but
6.84d.
Market
stdy., 1 pt. steady,
un¬
dec. to 3
changed to
pts. adv.
opened
2
pts.
dec.
dec.
6.93d.
to
1
1 pt. adv.
2 pts. adv.
Steady,
Steady,
advance.
pt. adv.
Quiet but
1 pt. dec.
4
Quiet but
6.88d.
Steady, un¬ Steady, un¬
Steady,
stdy., 1 pt. changed to changed to 1 to 3 pts.
1 pt. dec.
Steady,
St'y;
1 pt.
steady, un¬ steady, un¬ 4 to 5 pts. 2 to 5 pts. 3 to 4
pts. adv.
to
1
changed to changed to
advance.
advance.
advance.
pt. decline.
6.17
9)4 @11
9)4@ll
,59c.
of the Liverpool market for
spots and futures
day of the past week and the daily closing prices of
P. M.
loxmiH 10 1
10 3
lOJi @12
.60c.
.44c.
The tone
each
UpVds
b.
Leghorn
Gothenb'g
62,000
725,000
253,000
85,000
40,000
217,000
86,000
Of which American
Total imports
Market,
s.
.60o.
,45c.
.45c.
Nov. 20
Forwarded
Mld.Upl'ds
Cotton
.60c.
.55c.
Naples
Only small lots.
1935
8)4 Lbs. Shirt¬
ings, Common
a. d.
.50c.
x
Total stocks
Futures.
1
x
spot cotton have been
Manchester ^Market—Our report received
1936
1.00
.45o.
Copenhag'n.40c.
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c.-, at that port;
35,000 399,019 33,000 488,237
&c
.85c.
Venice
*
Since
Aug.
ard
1.00
♦
.47c.
Receipts (cantars)—
Since Aug. 1
.85c.
Salonica
.60c.
.47c.
.32c.
Stand~
Density
Piraeus
,60c.
.32c.
*
This week
High
ard
.47c.
Oslo
1934
550
-
169,167
Stockholm
1936
1,524
2,375
2,800
-
Total
Havre
Dec. 9
588
85
-
To Havre—Nov.
30—Sikiang,
To Dunkirk—Nov.
Rotterdam .32c.
Genoa
.45c.
Alexandria, Egypt,
260
MOBILE—To Manchester—Dec.
2—Topa Topa, 1,524
To Liverpool—Dec. 3—John
Antwerp
Receipts and Shipments
775
_
GULFPORT—To Liverpool—Nov. 29—John
Joy, 588
To Manchester—Nov.
29—Topa Top a, 85—
Manchester.32c.
Alexandria
5,100
1,355
Hamburg—Dec. 9—Wendover, 886
To Manchester—Dec.
395,000
358,000
101,000
*
49
CHARLESTON—To Bremen—Dec.
9—Wendover, 5,100
To Liverpool—Dec.
10—Delpharbia, 1,355
Total
To
2,000
400
-
PENSAGOLA, &c.—To Bremen—Nov. 8—Yselhaven, 451
Japan <k
3.000
Chili—Dec. 5—Santa Marta, 400
136
Bombay—
1936
6,811
CORPUS CHRISTI—To Ghent—Dec.
9—Binnendijk,
To Antwerp—Dec.
9—Binnendijk, 49
Great
China
ment
50
Dec. 6—Houston
6,611.—
370.000
Since August 1
| Conti- Jap'ndb
11,955
3,542
50
Maru, 200
Aug. 1
To Arica,
444.00C
For the Week
11,955--
To Rotterdam—Dec.
5—Yselhaven,
To Japan—Dec. 3—Kirishima
Since
Aug. 1
350
-
5—Sijkiang, 3,542
Dec. 10
Receipts—
1,350
—
5—Sijkiang, 250; Yselhaven, 100
To Havre—Dec.
5—Sijkiang,
To Dunkirk—Dec.
Exports
25
Dec.
To Genoa—Dec. 2—Ada
O., 3,457
To Naples—Dec. 2—Ada
O., 406To Vejle—Dec.
India Cotton Movement from All Ports
Bombay
4
5,064
9,021
2,298
@94
6.11
@95
Prices of futures at
6.40
@
6.59
Liverpool for each day
are
given below:
Oct.—
2
9
loxmix 10
11
@12)4 10
0
0
@10 2
6.86
16
11
10 3
@10 5
6.99
10
23
10J4@12
10
2
@10 4
6.96
10
30
10)4 @12
10
6
@11 0
6.81
10
6
11
10 5
@10 7
6.92
10
13
11
@110
6.71
11
@12)4 10 6
@12)4 10 2
@10 4
6.76
11
@12 H 10 6
@11 0
6.72
J4@ll )i
@11)4
@11H
@11)4
@11)4
@12)1
10
97
20
27
9
5
@97
6.50
5
@97
6.40
Dec. 11
6
@10 0
6.47
9
6
@10 0
6.45
New Contract
December (1936)
6.59
@11*4 10 0
10)4@11J4 10 0
10 1
10H@12
10 3
10)4@12
@10 2
6.47
January (1937)—
6.58
@10 2
6.77
March
6.59
4
6
@11 0
•6.81
10 6
@10 3
6.93
Tues.
Wed.
Thurs.
Fri.
Close Noon Close Noon Close Noon Close
Noon Close Noon Close
10H@12
d.
d.
mm
6.56
6.56
d.
6.59
6.68
6.58
d.
««
-
d.
-
6.58
6.68
a.
6.64
6.63
6.63
d.
6.67
6.62
6.62
6.65
d.
d.
mm
6.68
d.
6.70
6.66
mm
d.
6.70
6.69
6.68
@10 2
6.65
6.67
6.69
6.77
6.66
6.70
May..
6.54
6.55
6.56
6.68
6.60
6.60
@10 5
6.63
6.65
6.67
6.59
6.52
6.68
July
6.50
6.66
6.51
6.51
6.56
6.55
6.59
6.61
6.25
6.62
6.62
6.23
6.64
6.25
6.25
6.37
6.40
—
October
11)4@12)4 10
Mon.
to
9
Deo.—
11
Sat.
9
Nov.—
@12
Dec. 5
10 3
@10 5
6.67
December
10H@UX 10 2
@10 4
6.50
January (1938)
6.29
6.21
—
6.21
6.25
6.21
6.21
6.25
6.29
m-m
mm
6.34
6.30
6.30
6.36
mm
mm
6.38
6.33
6.34
6.33
6.34
Financial
3870
grains, especially wheat.
Further, notices were posted that
some wheat would be delivered tomorrow on December con¬
BREADSTUFFS
Friday Fight, Dec. 11, 1936
Flour—As
grains, flour is strong. But no appreciable interest is shown
on
the part of consumers of flour.
Flour prices in this
market
per
barrel for spring and winter bakery
No change was made in
varieties.
lina.
10c.
rose
metropolitan area
10c. higher.
closed unchanged to %c.
Wheat—On the 5th inst. prices
Bearish weather news was the
lower.
sible for the recession in
winter
Board.
Chicago
States
Britain.
was
United States spring and
*
continued active
Cables reported
demand for Argentine and
and Great
Australian wheat, both for Italy
Disappearance of wheat in the United
reported officially as 15% larger than a year
market as a whole is the
City.
Italy's harvest is far smaller than hitherto reckoned.
that
indicated but little let-up of
Italy again conspicuous
as a buyer both from Canada and from Argentina as well.
A
private estimate showed the Argentine wheat crop
50,000,000 bushels below the general trade expectations.
The wide discrepancy ordinarily would have received only
passing attention, so those in the trade observe, but since
it confirmed the low figure of a month ago by the same
source, the trade was inclined to give it considerable atten¬
tion.
Another item favorable to the upward trend was the
Furthermore, advices at hand
European demand for wheat, with
report of a sharp reduction in the weekly
domestic visible
supply of wheat.
On
the
%c. off.
prices closed unchanged to
8th inst.
A
record was made during this session, prices
climbing to peak levels for that period.
This bulge brought
out heavy selling orders to realize profits, which resulted
seven-year
in
a
complete wiping out of the early gains.
An outstanding
huge export pur¬
of Canadian flour, the largest effected in any week
feature of the news was announcement of
chases
DAILY CLOSING PRICES
An item of news, though not
during the last four years.
authentic, was the report to the effect that
England, France, Germany and Italy were actively engaged
in accumulating emergency stocks of breadstuffs.
Cables
today told, too, of Italy purchasing four additional wheat
cargoes.
Bullish weather advices from the Argentine also
had a considerable influence on sentiment, additional rains
regarded as
DAILY
early movement of the crop, as well as dis¬
rupt Argentine trade in general.
On the other hand, Argen¬
tine was reported as offering wheat more freely for shipment
abroad.
Canadian exports of wheat were only around 600,and prevent an
000 bushels
Tuesday.
on
On the 9th inst.
prices closed 1% to 2% cents higher.
December delivery equalled the
The
last previous high mark in
July, 1933, and threatened to break into the highest level
since January, 1930, at $1.38.
This pronounced strength in
the wheat market has been attributed largely to the appar¬
ent eagernesss
of European nations to accumulate supplies,
clearly indicating some unusual developments in the political
situation abroad.
Bather anxious buying of the bread grain
on
the part
of Italy, Japan and other European nations who
Canada, Argentine and Australia, strengthens
reached into
the feeling that
in
some
advanced to
new
instances to the highest levels in years.
On the 10th inst. prices closed
advance was recorded in the
new
are ahead.
Practically
highs for the season, and
unusual happenings
all grain futures
%c. off to %c.
A sharp
up.
early trading, prices touching
On this bulge heavy selling to realize specu¬
high levels.
lative
profits developed, and as a result prices fell off in
the late trading.
Persistent spirited bidding for wheat to
be
importing countries did much to
Chicago December delivery advancing to
as high as $1.29%, an overnight jump of l%c. a bushel to
the topmost point since 1929.
May wheat in Chicago reached
a peak of $1.25, contrasting with 43%c. a bushel three years
ago, the lowest price since the turn of the century.
Indica¬
shipped
to European
jump prices, the
tions
that
were
a
big international wheat trade has been
put through today, including numerous Argentine and Aus¬
tralian cargoes, together with fully 1,000,000 bushels of
wheat
ing.
bought for export from Canada.
Italy led the buy¬
A development which caused considerable comment
that today's upturns of wheat values accompanied
securiites
tion
was
markets
of the
King.
following announcement of
a
the
was
rise of
abdica¬
Much of the buying of wheat futures
attributed to houses with Eastern connections.
Today prices closed unchanged to lc. down.
break
in
corn
prices had
a
depressing
effect
CLOSING
all
the
Mon.
OP
May
July
When
and
129%
Season's High
December
+
Dec.
110%
Low
Season's
Made
Dec.
CLOSING PRICES
and
85
When
112%
May,.
July—
113%
111%
112% 114% 114% 114%
114% 114% 115% 115% 115%
112% 111% 113% 112% 112%
113%
Corn—On the 5th inst. prices closed %g.
off to %c. up.
Corn weather reports were the reverse of wheat.
able weather in the corn belt resulted in higher
generally.
As
a
Made
May 28, 1936
Sept. 2. 1936
Oct.
2. 1936
105
96;
OP WHEAT FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs. Fri.
December
corn
Fri.
125% 125% 128
10, 1936 December
10, 1936 May
10. 1936 July
Dec.
125
DAILY
Thurs.
Wed.
Tues.
128% 127%
120% 121% 121% 124% 123% 123%
107% 108% 107% 110
110
109% 109%
-
May
July
FUTURES IN CHICAGO
Mon.
Sat.
Wed. Thurs. Fri.
140% 142% 142% 141%
Tues.
140%
WHEAT
124%
Unfavor¬
prices for
The open interest in December corn con¬
remained large, and country offerings to
On the 7th inst. prices closed % to
arrive were
higher.
temperature the
result of the sudden severe drop in
developed unusual strength, especially in the
jumped 2c. a bushel to a maximum
of $1.09%.
Widespread severe cold weather, which is ex¬
pected to increase feeding demand sharply and which
appeared to have brought about a dearth of impending
offerings of corn, was responsible in large measure for the
sudden outburst of buying, especially on the part of the
corn
market
December contract, which
speculative element.
Another bullish item that came into
play late in the day was an authoritative unofficial estimate
putting Argentina's wheat yield at but 215,000,000 bushels,
against 261,000,000, the recent forecast.
A wet harvest in
Argentina was indicated.
This naturally had its effect on
corn.
On the 8th inst. prices closed 3^ to Y%c. down.
The
heaviness of wheat in the late trading had its effect on corn.
There were no deliveries on December corn contracts, not¬
withstanding a huge open interest awaiting settlement.
This fact had no apparent effect market wise. On the 9th
inst. prices closed % to lc. higher.
Trading was rather
quiet until late in the session when a fairly good demand
developed.
Substantial buying of spot corn was reported,
with prices holding firm.
The pronounced strength dis¬
played by the wheat market had a stimulating effect on corn.
On the 10th inst. prices closed l%c. down to Y^c. up.
This
grain was more or less influenced by the action of wheat.
Bural offerings of corn to arrive were somewhat larger,
especially from Illinois, Indiana and Ohio.
Today prices
closed % to 2%c. lower.
This grain suffered a severe set¬
back today to the extent
of 2y2c. a bushel maximum.
Notices were posted that some corn would be delivered
tomorrow on December contracts.
Liquidation of December
corn took on considerable proportions, and was largely of a
stop-loss
character.
Open interest in corn was 52,541,000
bushels.
DAILY CLOSING PRICES OP CORN IN
Sat. Mon.
Tues.
120%
No. 2 yellow
123%
NEW YORK
Wed.
122%
Thurs.
122% 122%
Fri.
120%
PRICES OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thurs. Fri.
DAILY CLOSING
109%
107%
107%
109
May
July
May (new)
July (new)
101%
97%
103%
98%
102% 101% 102% 101% 100%
98%
96%
97%
96%
95%
104% 103% 104% 103% 102%
99%
99% 100%
96%
98%
Season's High and When Made
December
110%
Dec.
2, 1936
103%
98%
105
100%
May
July
May (new)
July (new)
Dec. 2, 1936
Dec.
2, 1936
Dec. 10, 1936
Dec. 10, 1936
108%
109%
December
Season's Low and When Made
December
52%
May
85%
July
85
May (new)
89%
July (new)... 86%
—
Oats—On the 5th inst. prices
June
2, 1930
July 29, 1936
Oct.
1, 1936
Nov. 2, 1936
Nov. 2, 1936
closed 3^e. decline to Ac.
There was very little of consequence in this market. On
the 7th inst. prices closed %c. to lc. higher.
A sharp
reduction in the visible supply of oats, a steady demand for
spot, and reports that country prices are more attractive
than those at the terminals, contributed to the strength in
this grain.
On the 8th inst. prices closed Y%o. to %o. up.
This firmness was attributed largely to a better spot demand,
this in turn being due to the recent cold wave in the west.
On the 9th inst. prices closed lc. to llAo. higher.
A good
speculative demand was reported for oats. As the weather
becomes colder demand is expected to increase for the feed
grains.
On the 10th inst. prices closed unchanged to Y±c. down.
There was very little of interest in the transactions, trading
being more or less quiet.
Today prices closed Yl to Yic.
down.
It was difficult to see how oats could hold up in
the face of the depressed conditions in the other grain
markets.
However, there was no marked selling pressure
up.
in the oat market.
DAILY
CLOSING PRICES
OP OATS IN NEW YORK
Sat.
59%
No. 2 white
Mon.
Wed.
Tues.
60
60%
Thurs.
61%
Fri,
61%
.
May
July
Season's High and
December
49%
49%
45
-
Thurs.
Fri.
46%
47%
48
49%
49%
48%
46%
42%
December
May
July
61%
CHICAGO
DAILY CLOSING PRICES OP OATS FUTURES IN
Sat. Mon.
Tues.
Wed.
.
The heavy
on
PRICES
December
Argentina threatening to lower the grade of wheat there
in
OP WHEAT IN NEW YORK
Sat.
139%
No. 2 red
widespread attention given to the
stood 12c. over Chicago and 16%c. over
Domestic milling demand for wheat has sort
of petered out, according to Saturday's reports.
On the 7th inst. prices closed % to l%c. higher.
Further
evidence of a tightening in the world's supply and demand
for wheat caused prices to tend higher again.
Cables stated
Kansas
time during the session showed
Open interest in wheat was
95,388,000 bushels.
tracts
($1.19%),
pool
decline of l%c.
maximum
small.
July wheat at this day's close in Liver¬
circumstance that
a
in the wheat
What is regarded as a steadying influence
ago.
Wide¬
belts led to lower prices generally for wheat
crop
the
chief factor respon¬
prices during this session.
spread light precipitation over the
on
family grades or semo¬
Mill offices in the
found little evidence of buying interest.
Bye patents were
Wheat prices at one
tracts.
wheat and other
result of the strength in
a
1936
12,
Dec.
Chronicle
47%
43%
47%
43%
49%
44%
49
44%
44%
When Made
I
Season's
Dec. 10, 19361December
Dec. 10, 1936 May
Dec.
9. 19361 July
Low
and
26%
40%
37%
48%
When Made
May 27, 1936
July 29, 1936
Oct.
1,1936
Volume
Financial
143
DAILY CLOSING PRICES OP OATS FUTURES IN1WINNIPEG
Sat. Mori. Tues.
Wed. Thurs. Fri.
December
47
48
48%
50
49 %
49%
May
47%
48
48%
49%
49%
49%
Rye—On the 5th inst. prices closed lc. down on December
A to %c. down on the rest of the list.
The
falling off in the milling demand and a heavy wheat market
were the influences
largely responsible for the declines in
rye.
On the 7th inst. prices closed 1% to 2Kc. higher.
The healthy demand for spots and the
vigoious strength
displayed by the other grains contributed to this marked
advance in rye.
On the 8th inst. prices closed unchanged
to lAo>. off.
The heaviness of this market was due largely
to the liquidating sales of December
holdings.
The reac¬
tionary trend of wheat and corn also had its effect on rye.
On the 9th inst. prices closed 2 A to 234c.
higher.
A sharp
advance in rye prices in the Winnipeg market was a factor
in boosting rye prices to new high markets here.
The
strong wheat market undoubtedly had a stimulating influence.
Chronicle
The exports from the several seaboard ports for the week
ended
On the 10th inst. prices closed
Advices
was
% to %c. up. A good spot
reported, and this, in turn, influenced futures.
that
were current
DAILY
PRICES
OF
FUTURES IN CHICAGO
Sat. Man. Tues.
Wed.
Thurs. Fri.
98% 100%
99
101% 101% 101%
95%
97%
96%
99
99%
99%
89%
91%
91X
93 X
94 X
94
^
December
May
July..
-
Season's High and
December... .102 %
May
July
RYE
When
Made
Season's Low and
Dec. 10, 1936 December
55%
Dec. 10, 1936 May
75%
Dec. 10, 1936 July
71
100%
95%
DAILY CLOSING PRICES OF
December
June
3, 1936
Aug. 11, 1936
Oct.
3, 1936
May....
FUTURES IN WINNIPEG
Mon. Tues.
Wed.
Thurs. Fri.
83%
84
85 X
85%
85%
86%
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
New York
667,000
New
1,000
4,000
Sorel
827,000
2,821,000
128,000
Montreal
88%
89
89
89%
88%
89%
St. John, West
Three Rivers—-
89%
82
91
83%
90
83
DAILY
CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
December
65%
66%
67%
63%
Closing quotations
64%
72%
67%
64%
76%
69
Same week, 1935
Flour
and Since
Week
Dec.
July 1 to—
141 %
Corn, New York—
No. 2 yellow, all rail.
.120%
the week and since
Wheat
Corn
Since
United
Kingdom.
41,025
Continent.
15,200
11,000
23,000
Since
Week
Since
July 1,
Dec. 5,
1936
July 1,
Dec. 5,
1936
July 1,
1936
Barrels
Barrels
Week
1936
5,
1936
Bushels
Bushels
Bushels
Bushels
1,200,935
372,283
306,000
1,798,000
2,443,000
22,000
543,000
3,000
Brit. No.Am.Cols.
Other countries.
-
11,000
64,153
4*170
-
Total 1936
94,395
70,420
Total 1935
2,497,371
1,671,314
1936
43,681,000
27,893,000
221,000
14,000
6*4*0*666
1,000
2,07*7*,000
4.906,000
1,883,000
73.886,000
43,263,000
TntftT 1
The
1,000
45,000
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Saturday, Dec. 5, were as follows:
at
granary
GRAIN
"
Barley
Bushels
171,000
40,000
452,000
170,000
862,000
67,000
19,000
68,000
135,000
19,000
28,000
28,000
87,000
740,000
Baltimore
New Orleans
Galveston
3,298,000
882,000
4,577,000
1,359,000
13,944,000
3*666
..
—
m
•»
-
mm
484,666
__
•841,000
1,666
210,000
26,000
74*666
172*666
"10*666
1,308,000
125,000
29,000
8,828,000
11,000
47,000
5*1*666
5,973,000
y2,594,000
130,000
16,460,000
33,000
3,869,000
7,000
1,455,000
4,255,000
471,000
3,476,000
Sioux City
St. Louis
Indianapolis
1,644,000
Peoria
9,000
Chicago
x7,406,000
On lakes
2,000
2,000
1,000
406,000
266,000
381,000
131,000
663,000
1,218,000
45,000
1,875,000
...
3,101,000
345,000
1,102,000
'9^666
6,000
11,000
37,000
59,000
38,000
13,000
113,000
935,000
12,000
m
«• •.
«.
«.
2,285*666
2,174,000
337,000
Milwaukee
"
Spring oats, high protein.7.65@7.90 Rye flour patents
5.75@ 6.00
Spring patents
7.25@7.55 Seminola.bbl., Nos.1-3 10.75®10.85
Clears, first spring
6.25@6.60 Oats, good
3.20
8oft winter straights
5.60@5.80 Cornflour
3.10
Hard winter straights
6.60@6.85 Barley goods—
Hard winter patents
Coarse
6.80@7.05
4.75
Hard winter clears
5.70@5.90
Fancy pearl,Nos.2,4&7 6.90@ 7.25
Rye
Bushels
1,000
afloat.
St. Joseph
Kansas City
FLOUR
Oats
Bushels
175,000
*1,176,000
■er—
New York
Hutchinson
...
Corn
Bushels
...
Wichita
No. 2 white
61%
Rye, No. 2, f.o.b. bond N. Y—105%
Barley, New York—
47% lbs. malting
104%
Chicago, cash
100-137
STOCKS
Wheat
Bushels
United States-
Fort Worth
Oats, New York—
Y.129%
17,000
66,000
below:
as
Omaha
No. 2 red. c.i.f., domestic
Manitoba No. 1, f.o.b. N.
94,395
70,420
Exports for Week
67%
GRAIN
Wheat, New York—
34,000
17,000
4,906,000
1,883,000
The destination of these exports for
July 1, 1936, is
75
follows:
were as
158,000
384,000
463,000
Total week, 1936..
Philadelphia
May
34,000
"
2*666
May..
_
89%
81%
157,000
Halifax.
Boston
88%
81%
1,000
46,000
Orleans.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
December
88%
81%
41,395
Baltimore
When Made
RYE
Sat.
_
shown in the annexed
are
Wheat
West Indies
CLOSING
1936,
Bushels
So. & Cent. Amer.
other grains.
Dec. 5,
Exports from—
Italy, in addition to making heavy
purchases of wheat, was a big buyer of rye from Poland.
Today prices closed unchanged to %c. lower. Rye held up
surprisingly well in view of the marked weakness in the
Saturday,
statement:
contract and
demand
3871
4,877*000
afloat
Minneapolis
Duluth
Detroit
—
Buffalo.z
afloat
155,000
7,609,000
5,000
1,402,000
1,594,000
On Canal
337,000
184,000
-
Total Dec.
5, 1936—62,459,000
28, 1936—65,838,000
7, 1935...75,136,000
1,502,000
476,000
8,000
250,000
8,205,000 38,681,000
7,097,000 41,202,000
5,390,000 43,332,000
1,407,000
5,941,000
1,787,000
192,000
1,468,000
209,000
5,598,000 17,967,000
5,927,000 18,010,000
9,320,000 16,174,OOo
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
Baltimore also has 52,000 bushels Argentine corn In bond,
x Chicago also has
95,000 bushels Argentine corn in bond,
y Duluth includes 114,000 bushels feed
First
wheat.
Exchange.
we
give the receipts at Western lake and river ports
Saturday and since Aug. 1 for each
for the "week ended last
of the last three years:
Flour
Receipts at—
Wheat
Corn
Oats
Rye
Barley
6WS.196H*. bush. 60 lbs bush. 56 lbs
Chicago
248,000
93,000
Minneapolis—
570,000
Duluth
bush. 32 lbs. btish.56lbs. bush.A&lbs.
1,577,000
223,000
19,000
535,000
163,000
48,000
100,000
510,000
106,000
Milwaukee—
2,000
29,000
27.000
15,000
Toledo
Detroit
Indiana polls-St. Louis
18*9*666
"19",000
39,000
908,000
11,000
26,000
"e'ooo
582,000
587,000
241,000
135,000
478,000
48,000
12,000
130,000
174,000
58,000
124,000
34,000
20,000
136,000
32,000
15,000
Kansas City..
15,000
567,000
151,000
28,000
290,000
Omaha
St. Joseph
Wichita
10,000
7,827,000
Total week,'36
Same week,'35
426,000
336,000
Same week,'34
324,000
118,000
217,000
9,871,000
12,437,000
6,616,000
4,366,000
6,008,000
2,756,000
6,000
40,000
1,000
34,000
5*5* 000
56,000
22,000
129,000
1936
1934......
zBuffalo also has 129,000 bushels Argentine corn in bond.
Note—Bonded grain not included above: Barley, Buffalo, 522,000; Buffalo afloat»
364,000; Duluth, 3,209,000; Chicago afloat, 360,000; on Lakes, 326,000; total
4,781,000 bushels, against 74,000 bushels in 1935.
Wheat, New York, 2,655,000
bushels, New York afloat, 547,000; Buffalo 6,338,000; Buffalo afloat, 5,127,000;
Duluth, 4,788,000; Erie, 2,163,000; Albany, 3,048,000; Chicago afloat, 126,000;
Chicago, 222,000; on Lakes, 156,000; Canal, 1,764,000; total, 26,934,000
bushels,
against 35,157,000 bushels in 1935.
Wheat
Ft. William & Pt.
Flour
163,000
Wheat
34,000
18,000
1,084,000
*1*666
25,000
Corn
747,000
220,000
1,426,000
5,443,000
5,126,000
4,543,000
1,002,000
1,150,000
3,433,000
4,025,000
5,579,000
3,721,000
62,459,000
50,006,000
8,205,000 38,681,000
5,443,000
5,598,000 17,967,000
1,002;000
4,025,000
5, 1936—112,465,000
Total Dec.
8,205,000 44,124,000
6,618,000 21,992,000
American
Canadian
29*066
5,000
289,000
5,000
498,000
1,915,000
2,052,000
792,000
271,000
459,000
122,000
2,029,000
2,232,000
2,597,000
Total Dec.
Total Nov. 28,
Total Dec.
1936—124,696,000
7, 1935-203,134,000
St. John,West
41,270,000 9,203,000 53,914,000
82,491,000 12,168,00047,084,000
27,331,000 8,264,00036,926,000
The world's shipment of wheat and corn, as furnished
by
Exchange, for the week
ended Dec. 4, and since July 1, 1936, and July 1,
1935, are
shown in the following:
Wheat
Oats
Rye
|
42,000
12,000
19,000
2*7*,000
157,000
34",600
35*666
Total
"2",000
4*6*3*666
17*665
Total week,'36
323,000
5,356,000
Since Jan.l '36 14,156,000 130,084,000
321,000
10,252,000
341,000
7.694,000
61,000
4,474,000
Week 1935
226,000
15,141,000
465,000
17,113,000
39,000
300,000
Since Jan.l '35 12,348,000
*
4,473,000
66,919,000
4,655,000
17,000
3,913.000
103,000
4,789,000
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
—
India
Oth. countr's
*4*.000
82*7*666
Three Rivers.
on
Argentina—
Australia
2,000
July 1,
1936
Bushels
North Amer.
Black Sea—
Since
1936
11,000
Week
Dec. 4,
Barley
138,000
2,821,000
128,000
Sorel
—
7,097,000 46,328,000
7,077,000 23,589,000
5,390,000 47.875,000 12,753,000 19,895,000
35-
140,000
28,000
32*666
46", 000
Halifax
2,323,000
1,264,000
3,778,000
Total Nov. 28, 1936—
109,000
Galveston
Boston
276,000
5, 1936— 50,006,000
58,858,000
7, 1935-127,998,000
Total Dec.
bbls.lMlbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.5Qlbs.
bushASlbs.
Philadelphia..
Orleans*
Bushels
35,000
Corn
Saturday, Dec. 5, 1936, follow:
New York—
New
Barley
Bushels
401,000
37,815,000
water points
Exports
Montreal
Rye
Bushels
Other Canadian and other
Total receipts of flour and grain at the seaboard
ports for
Baltimore
Oats
Bushels
1,889,000
Arthur. 11,302,000
Broomhall to the New York Produce
7,977,000137,835,000 70,645,000
7,248,000229,897,000 53,496,000
6,973,000131,266,000 106,828,000
the week ended
Receipts at—
Corn
Bushels
Canadian—
Montreal
Summary—
5,000
Since Aug. 1—
1936
*
31,000
116,000
Peoria
Sioux City
Buffalo
51,000
13,000
Total Nov.
Total Dec.
Bushels
6,103,000 108,440,000
1,648,000 36,768,000
1,331,000 25,080,000
1,813,000 29,288,000
536,000
6,112,000
240,000 11,760,000
Since
July
1,
Week
Since
Dec. 4,
Since
1936
July 1,
1936
July
1935
Bushels
Bushels
Bushels
Bushels
68,970,000
27,346,000
47,655,000
39,869,000
256,000
14,456,000
11,671,000 217,448,000198,552,000
1,
1935
1,000
1,000
9,382,000
4,323,000
8,551,000 175,883,000 139,152.000
341,000
316*666
11,44~l",000 24,0*5*5",000
9,208,000 196,707,000 167,531,000
^Weather Report for the Week Ended Dec. 9—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 9, follows:
Except in the Southeast, the week was generally cold east of the Rocky
Mountains, with frequent rains in the South and considerable snow in
northern districts.
On Dec. 4-6 high pressure prevailed in the Eastern
States, with abnormally low temperatures, except in the extreme South¬
east.
Following this there was a sharp rise in temperature with general
Financial Chronicle
3872
At the close of the week another "high" was attended by
line of subzero temperatures into the upper
Mississippi Valley and central Great Plains.
Freezing weather did not extend as far south as during the preceding
week, first-order stations reporting freezing or lower only to central Georgia
and the lower Mississippi Valley.
However, zero temperatures again
obtained in the interior or the Northeast and in the Midwest as far south
as Chicago and
Omaha.
The lowest reported from a first-order station
was 26 degrees below zero at Havre, Mont., on Dec. 6, but at Battleford,
Sask., the temperature dropped to 46 degrees below zero.
Temperatures for the week averaged from 8 degrees to as much as 17
degrees below normal from the Lake regions westward to the Rocky Moun¬
tains, and from 4 to 6 degrees below from the lower Mississippi Valley west¬
ward to the western Plains.
In the Southeastern States the averages were
near
normal, and in Florida considerably above normal.
West of the
Rocky Mountains about normal warmth prevailed in most sections.
The table shows also that more or less precipitation occurred during
the week in practically all sections of the country, the amounts being
generally heavy in the South and East.
In the central valleys the weekly
falls ranged mostly from nearly half an inch to about an inch.
The
amounts were heavy, also, along the north Pacific coast.
In the Great
Plains and Rocky Mountain sections the weekly totals were smaller,
ranging generally less than one-half inch.
While cold, stormy weather of the week, with frequent precipitation,
prevented much outside work, generous rains in the southern portion of
the country and considerable snow or rain in Northern States were de¬
cidedly helpful in relieving droughty conditions.
The precipitation was
especially favorable in the Great Plains from Nebraska southward to
Oklahoma, and also in eastern South Dakota, Minnesota, much of Mon¬
tana and the north Pacific coast districts.
In addition, conditions were
precipitation.
THE DRY GOODS TRADE
cold weather which brought the
improved generally from the Mississippi Valley eastward, especially for
winter truck crops in the Southern States.
However, the precipitation over large western areas was insufficient,
except to moisten the topsoil.
In the Pacific area the drought was broken
in the western portions of Washington and Oregon, but east of the Cas¬
cades and in Idaho there were only light falls.
Also, in California droughty
conditions were relieved temporarily in the south, but elsewhere lack of
continues
moisture
While
the
week
in the extreme
acute.
was
decidedly cold in
nost
sections of the country,
South temperatures did not go low enough to cause ma¬
Truck crops in Florida show steady recovery from the
recent freezes.
In California, however, killing frosts were quite general,
ending the growing season for tender vegetation and doing heavy damage
to peas and other truck in the Imperial Valley.
At the close of the week there was considerable snow on the ground in
the Northeastern States, ranging from 2 to 8 inches in New York and up
to nearly a foot in much of central and northern Maine.
There was some
snow protection in the northern Ohio Valley area and a substantial cover
from the upper Lake region westward to the Plains.
terial
damage.
Small
Grains—Rain or
snow
during the week was very beneficial to
grains rather generally.
The Ohio Valley, which had become
droughty in some sections, was relieved, while the outlook in the Great
Plains and lower Missouri Valley was improved decidedly.
In Nebraska the moisture was of great benefit but much more is needed;
winter
light snow cover remained at the close of the week.
In Kansas there
was moderate to good precipitation generally, with 2 to 5 inches of snow
in the western third of the State; the moisture was exceedingly favorable,
arresting deterioration of wheat in the western half and improving the
outlook in the east.
Similar conditions were favorable also in Missouri
and Oklahoma.
In the wheat area of the Pacific Northwest precipitation
was mostly light and insufficient; in some sections of Washington much
early seeded wheat is dead, while in eastern Oregon and Idaho there was
sufficient moisture to wet only the topsoil.
a
*
Miscellaneous—Rains
of the week were mostly
favorable1 for miscel¬
Southeast, although some outdoor work was delayed
Georgia and Louisiana, and rain is still needed in portions of Telxas.
Tender truck in extreme southern Florida is recovering slowly from Iswst
laneous crops in the
in
and citrus fruits are ripening rapidly.
Tobacco stripping has
been, resumed in Kentucky, and the fall lettuce harvest is near its peak
in Arizona.
Killing frosts did considerable damage to peas and truck in
portions of California.
Generally east of the Mississippi the reek favored pastures and ranges,
which were benefited by rains.
However, in portions of the Lake region,
Week's cold,
pasturage
of
West
is limited and considerable feeding of livestock is necessary.
Mississippi, except in portions of the extreme Northwest,
the
Sastures werereport livestock in or rain, and water holes were replenished,
helped by snows good condition, although shipments con¬
lost States
tinue from
portions of North Dakota, and much yard feeding was
reported
in more northern districts.
The
Weather
Bureau furnished the following resume of
conditions in the different States:
Virginia—Richmond: Temperatures somewhat below normal; light to
moderate precipitation.
Little farm activity, except butchering;
shipment of southeastern spinach continues. Winter grains looking
light snow cover in western areas favorable.
Threshing peanuts
completed. Marketing tobacco somewhat retarded.
North Carolina—Raleigh: Field work slow account of rain, much
and wet soil. Still considerable corn and cotton to be gathered.
ness
some
good;
about
cloudi¬
Small
Dec. 12, 1936
New
i
York, Friday Night, Dec. 11, 1936
With weather conditions leaving much to
trade during the past
Although total sales of gift items, apparel and home
tions,
furnishings continued to exceed last year by a fair margin,
estimates of Christmas sales underwent a certain
.
revision.
late
such
downward
It must be borne in mind, however, that a possible
spurt in consumer buying may increase the volume to
an extent
as to bring total sales in line with earlier
forecasts.
A feature of the market was the general call
higher-priced goods.
month of November
for
Department store sales during the
for the country as a whole registered a
While this figure was below trade expecta¬
that November had
one business day—a Saturday—less than a year ago.
The
Cleveland district scored the largest gain with 14%, while
gain of 8%.
tions, it should be taken into account
the San Francisco area
registered
reflecting the influence of the
Sales in New York
an
increase of only 2%,
prolonged maritime strike.
increased 8%
over a year ago.
goods markets continued at
an active pace, as the shortage of spot goods became more
pronounced. Many retailers sent in rush orders for fill-in
purposes, and indications again pointed to an actual scarcity
developing shortly before Christmas.
Wholesalers reduced
their purchases still further, inasmuch as most of them are
well covered against their Spring 1937 requirements, and
are now awaiting further developments.
A continued good
call existed for blankets, and most mills were forced to allot
Trading in the wholesale dry
their
output.
Business in silks remained quiet although
Trading in rayon yarns again was marked
With the demand continuing
to exceed
production, and with stocks approaching the
vanishing point amounting now to less than a five days'
supply, producers were obliged to continue allotting their
production.
One maker of yarns raised prices of fine counts
1 to 10c. a pound.
Other producers failed to advance their
prices ruled firm.
by
a
heavy call for all yarns.
quotations, but rumors
persisted that a general increase in
prices was not far off.
Cotton
Domestic
Goods—Trading in
the
gray
cloth
within narrow limits, and total sales for the
week were well below production.
Mills, however, in view
of their sold-up condition,-and with some of them having
booked^their entire 1937 production, did not press for busi¬
ness, and prices held firm.
Inquiries of buyers were mainly
for deliveries within the first quarter of next year, as many
of them were reported to be not fully covered against their
requirements. A small amount of second-hand spot goods
offered at slight concessions was quickly absorbed by users.
There was a fair volume of industrial buying of print cloths
and sheetings.
Business in fine goods quieted down some¬
what, and was mostly limited to quick deliveries, but these
were either hard to obtain or were offered at prices which
markets kept
unwilhng to
grain and winter truck in satisfactory condition.
buyers
Temperatures variable; frequent rains and
much cloudiness permitted little outdoor work.
Grains and truck made
favorable progress, with more grain yet to be planted in north locally.
Transplanting spring cabbage on coast.
A few specialty constructions
moved in fair volume.
South
Carolina—Columbia:
Georgia—Atlanta: Cold with considerable rain.
Somewhat unfavorable
for outdoor work in north and causing some delay in
south in threshing
peanuts and digging sweet potatoes.
Otherwise rains were beneficial, im¬
proving condition of truck and pastures and favorable for sowing grain
I
be desired, retail
week fell somewhat short of expecta¬
in south where previously dry.
Florida—Jacksonville: Oats good; still being planted.
being prepared.
Tobacco seed beds
Hardy truck good, tender truck good in extreme
south;
recovering slowly from cold elsewhere.
Citrus fruit coloring and ripening
rapidly; shipments continue. Strawberries improving. Cane good; cutting,
and grinding active past week.
Alabama—Montgomery: Rainfall adequate for present needs, except
only moderate in south where more would be helpful. Oats, wheat, cover
crops and vegetables benefited.
Mississippi—Vicksburg:
Mostly cloudy and unsettled with frequent
of ungathered crops and for
Unseasonably cool, except Sunday. Stock water replenished.
Louisiana—New Orleans: Wet week with moderate temperatures, except
cooler and local frosts in south and freezing in north at close.
Rains bene¬
ficial in most sections, but locally heavy and damaging.
Cane harvest and
farm work retarded locally by rains.
Heavy cane crop about half har¬
rains.
Unfavorable for housing small remnants
plowing.
vested.
Texas—Houston: Averaged slightly warmer than normal in extreme south
Panhandle, and somewhat below elsewhere; good rains in northeast
and
moderate elsewhere. Farm work delayed by wet soil in most
but grain planting practically completed and grains coming up
good stands and affording good pasturage.
Ranges and cattle good.
Truck needs rain in Corpus Christi area, but sunshine would be beneficial
and mostly
localities,
to
elsewhere.
Oklahoma—Oklahoma City: Mostly cloudy and cold, with general rains.
Winter wheat improved by rain, but more would prove beneficial; condition
fair.
Oats and wheat pastures getting short. Livestock fair to good, but
considerable lot feeding.
{■
Arkansas—Little Rock: Heavy to excessive rains, except locally in north¬
west, and low temperatures most of week unfavorable for farm work.
Cotton and corn about gathered, except some cotton and considerable corn
in fields on some eastern lowlands.
Very favorable for growth of wheat,
oats, rye, winter grass, late fall and winter truck; all in good to excellent
condition.
Light precipitation early part of week allowed
plowing and other outdoor activities. Tobacco worked well part of
Heavy rainfall Sunday highly beneficial. Winter grains continued
growth until checked by cold at end of week; condition good, much grazing
on green fields.
Tennessee—Nashville:
much
week.
Kentucky—Louisville: Mostly favorable for corn gathering and winter
plowing. Moderate to heavy rains at end helped winter grains and re¬
plenished water supplies in upland districts where water shortage had
appeared and surface soil was too dry. Tobacco stripping resumed. Meat
packing commenced on farms during cold period.
pf;
as
were
follows:
pay.
Closing prices in print cloths were
39-inch 80's, 9^ to 11c., 39-ineh 72-76's, 93^
1034}., 39-inch 68-72's, 8 to 9c., 38M-inch 64-60's,
7%, to 8c., 3834-inch 60-48's, 63^ to 6Kc.
U
to
[J^Voolen
at
a
slow
Goods—Trading in men's wear fabrics continued
pace.
While mills were amply supplied with
unfilled orders to
assure
sustained activity for at least three
clothing manufacturers having covered most of
their Spring requirements, were reluctant to enter into new
new commitments.
A good call existed for overcoatings on
months,
quick delivery, but such goods proved hard to obtain, as
were practically without surplus stocks. While reports
clothing centres indicated sustained consumer
demand,
clothing ^manufacturers found it increasingly
difficult to bring^their own prices in line with the higher
quotations for fabrics.
Business in women'sgwear goods
continued to make a satisfactory showing, and mills received
a fair volume of orders on new Spring fabrics.
Sports wear
materials and flannels were in heavy demand, and several
mills withdrew from the market, due to an oversold con¬
dition.
Dressy coatings as well as fabrics for Winter resort
mills
from retail
wear
alsojmoved in^large volume. Garment manufacturers
ajjargelamountjof fill-in orders, reflecting the good
of goods in distributive channels.
received
flow
Foreign Dry Goods—Trading in linens again made a
good showing.
Gift items and holiday goods moved in
increasing volume, and. the demand for materials for use in
resort wear grew steadily^with|the approach of the season.
Business in
burlaps was fairly active.
Stimulated by
favorable November shipment statistics and reports of good
activity in4the primary market, demand broadened for both
spot goods and shipments, and^a rather tight delivery
situation appeared 4to develop lin heavyweight spot mer¬
chandise.
Prices advanced, incline with4higher Calcutta
cables.
Domestically lightweights were quoted at 3.90c.,
heavies at 5.45c.
of the
Legislature which convened on Dec. 8, as reported
143, p. 3667—to appropriate $259,000 to finance
survey of public utilities.
In making the request the
here—V.
Mississippi—Immediate Inquiry Ordered Into Sale of State
Lands—Commissioner R. D. Moore of the State Land Office
on Dec. 4 declared an indefinite moratorium on the sale of
of the more than 2,000,000 acres of State-owned
lands, according to news reports from Jackson, Miss. The
any more
is said to have followed within
announcement
a
few hours
the action of the House
of Representatives in ordering an
investigation of the affairs of the State Land
Office, the inquiry being based on charges of "racketeering,
profiteering and favoritism" in the disposal of State lands.
immediate
New
Jersey (State of)—Taxpayers Oppose New Taxes—
Legislature—The annual meeting of the New
Jersey Taxpayers' Association was held on Dec. 4 at Newark.
In his annual report President Clinton L. Bar do reiterated
the association's stand against new taxes and for biennial
sessions of the Legislature.
Referring to the biennial session
plan President Bardo said:
Favor Biennial
This is one of the most important things which this association has to
No group of 60 men elected every year can intelligently
try out any program,
with the Assembly elected every year what happens
now is
that the minute a man takes office he begins to think of being
accomplish.
reelected in
the fall and as a result no constructive legislation can pass
without being coupled with a purely political tinge.
President Bardo pointed out the Legislature next year would have to
a
Governor said:
"The electric public utilities occupy a large place tn the public mind at
present.
The average citizen wants to see both the utility companies and
the public treated fairly.
The average citizen, or even the well-informed
citizen, however, is unable to reach any definite conclusion as to what
constitutes fair treatment, especially in the matter of rates.
The general
opinion is that rates are excessive.
To help the authorities reach just con¬
clusions, it is necessary first to ascertain whether or not the utilities are
exploiting the investing public by the sale of unsound securities, and
whether or not the service is of proper quality.
These conclusions can be
determined only after a thorough survey of the properties used in
serving
the public."
Virginia—Special Legislative Session Called—Gov. George
Campbell Peery has called the General Assembly into special
on Dec. 14 in order to
consider, primarily, an unem¬
ployed insurance act to qualify the State for unemployment
compensation benefits under the social security program.
It is intended to recapture for Virginia workers
90% of the
Federal tax on 1936 payrolls which must be paid
by employers
next year.
It must be passed by the Assembly and approved
by the Social Security Board not later than Dec. 31, other¬
wise, without congressional action to remedy the situation,
session
the benefits from the 1936 tax will be lost.
OFFERINGS
an Assembly concurrent resolution, which passed both houses this
before the question of the constitutional change necessary for biennial
repass
year,
sessions can be voted
on
at a referendum.
MUNICIPAL BONDS
Ohio—Governor Recommends Re-enactment of Tax Levies—
In
special message to the State Legislature delivered
Dec. 10, Governor Martin L. Davey recommended the
a
enactment of five taxation
31, next,
The
bringing in estimated
include
measures
liquid fuel, cigarette,
a
a
on
this
that
&
Co.
1877
Investment Securities
revenues
ST.
LOUIS
TULSA
•.
Pennsylvania—Job insurance Legislation Enacted—Unemployment insurance for 2,650,000 workers became law on
5 in
ESTABLISHED
expire on* March
tax
combined total of about $19,600,000.
Dec.
Francis, Bro.
re-
of $66,000,000.
raising $46,000,000, and
and admissions taxes which raise
sales
use
due to
measures
WANTED
Arkansas—I INnois—Missouri—Oklahoma
State with Governor
Earle's signature
to
Bond
Proposals and Negotiations
a
speeded through the State's 19th special
days, according to an Asso¬
ciated Press dispatch from Harrisburg.
The bill completed
Pennsylvania's social security program dovetailing with
measure
was
session in the record time of five
Federal laws.
Included are assistance to the blind and the
children of widowed mothers and old-age benefits.
It is stated that the Legislature, largely
Democratic, ad¬
journed
on
the 5th until Jan. 5, when the regular session
starts.
Public Works Administrator Urges Continuation of
Federal Building Program—In an address broadcast from
Washington
Co.
on
Dec.
over
7,
a network of the National Broadcasting
Harold L. Ickes, Public Works Adminis¬
speaking on the subject "The Future of Public
Works", expressed the opinion that the PWA should be
made a permanent agency of government and
urged the
enactment by Congress of a law to "at least"
permit the
completion of projects which will be still in the process of
trator,
construction
when the present agency expires
by law on
1937.
In urging the continuation of the present
bureau, Mr. Ickes suggested that the policy of advancing a
uniform grant of 45% toward the cost of local
projects be
modified.
The size of the grant, he added, should be based
on the ability of the community to provide on its own account
the funds required to pay the cost of any
project contem¬
plated.
The administrator further gave it as his opinion
that, in view of the fact that interest rates are much lower
June 30,
than when the Federal program was
inaugurated, it might
be proper that the PWA lower its rates
accordingly. In the
case of municipal bonds purchased
by the bureau, a flat rate
of 4% is
charged under present regulations.
Rhode
Island (State of)—Governor Asks
Utility Sur¬
vey—Gov. Theodore F. Green has asked the special session
i
ft
■
ARKANSAS
ARKANSAS (State
PECTED—Preliminary
of)—.REDUCTION IN TAX VALUATION EX¬
estimates by State Corporation Commission in
advance of its final report early in 1937 indicates 1936 tax valuation of
Arkansas real estate and personalty will drop to $396,000,000, the lowest
in 20 years.
Prospective reduction reflects tax delinquency during the
depression years, resulting in removal of many tracts from tax rolls and
transfer of title to the State.
Valuations by assessors for 1935 were $426,320,423 and 1936 valuation reported by County clerks before deductions to
give effect to tax forfeitures was $411,427,405, the amount on which taxes
were
collected.
Proportionate deduction from 1936 tax valuations by
assessors would reduce aggregate valuation to an estimated
$395,000,000.
Tax valuation bv assessors for 1936, on which taxes will be
paid in 1937,
includes $119,978,915 for personalty and $306,341,508 for real estate.
HOT
SPRINGS,
Ark.—BOND ELECTION—An election is reported
to be scheduled for Jan.
auditorium
bonds.
14 in order to vote
on
the issuance of $175,000 in
Financial
3874
Dec.
Chronicle
1936
12,
COLORADO
ALABAMA
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 35 (P. O. Little
MOBILE
COUNTY
MATION—We
(P.
Ma.—ADDITIONAL INFOR-
Mobile)
O.
informed that the $675,000 4M% coupon funding
are now
and refunding bonds offered for general investment on Nov. 24, as reported
these columns at that time—V. 143, p. 3500—by a group headed by
in
McAlister, Smith & Pate, Inc., of Greenville, S. C., at prices to yield from
to 4.00%, according to maturity, are payable as to principal and
interest (J. & D.) at the Chemical Bank & Trust Co. in New York City.
These bonds were offered subject to approving opinion as to legality by
Chapman & Cutler of Chicago, stating they are direct obligations of the
county and are secured by pledge of a constitutional 2 M mill road and
3.00
bridge tax.
ton), Colo.—BOND SALE—Subject to approval of the voters at a coming
election, the district has sold an issue of school building bonds in the ap¬
proximate amount of $20,000 to Amos C. Sudler & Co. of Denver.
COLORADO
SPRINGS,
Colo.—BONDS SOLD—It is stated by the
plant bonds authorized re¬
City Clerk that the $125,000 sewage disposal
cently, as noted here—V. 143, p. 3668—have
trust and sinking funds of the city.
been purchased by various
SALE DETAILS—It is now stated by
water extension bonds purchased by
Gray B. Gray, Inc. of Denver, as noted in these columns recently—V, 143,
p. 3501—were sold as 3 Ms at par, and mature in 1946.
FORT LUPTON, Colo.—BOND
the Town Clerk that the $12,000
CONNECTICUT
California Municipals
DANBURY, Conn.—BOND SALE—An issue of $70,000 1M% school
bonds was sold recently to Goodwin Beach & Co. of Hartford.
Dated
Dec. 15, 1936.
Due $10,000 annually on Dec. 15 from 1937 to 1943 incl.
Legal investment, according to report, for savings banks and trust funds
in New York and Connecticut.
DONNELLAN & CO.
HAVEN, Conn.-NOTE SALE—The $600,000 tax anticipation
Dec. 10 were awarded to the Second National Bank of
a .143% discount basis.
The First National Bank of Boston
.164%, plus $1 premium.
NEW
San Francisco, Calif.
111 Sutter St.
notes
Teletype-S P 396
Telephone Exbrook 7067
bid
CALIFORNIA
COUNTY (P. O. Oakland), Calif.—BOND SALE—The
Tennyson School District bonds offered on Dec. 8—
awarded to Blyth & Co. of San Francisco as 3 Ms at
par plus a premium of $10, equal to 100.10, a basis of about 3.49%.
Dated
Dec. 15, 1936.
Due $500 yearly on Dec. 15 from 1937 to 1956 inclusive.
of
STAMFORD (Town of), Conn .—NOTE SALE—The $600,000 tax
anticipation notes for the fiscal year 1936-37 offered on Dec. 9 were awarded
the Second National Bank of Boston at 0.317% discount.
Dated
Dec. 10, 1936, and due June 15, 1937.
Other bids were as follows:
$10,000
Y. 143, p. 3668—was
CALIFORNIA, State of— WARRANT SALE—An issue of $1,018,000
State expenses registered warrants was offered for sale on Dec. 10 and was
awarded to a syndicate composed of Blyth & Co., Inc.; Stone & Youngberg: Schwabacher & Co.; Donnellan & Co., and Lamons & Co., all of
San Francisco, at 1%, plus a premium of $620.98.
A remaining block of
$50,485.94 of these State expenses registered warrants was purchased by
Stone & Youngberg, of San Francisco, at 1%, plus a premium of $7.50.
The above syndicate also purchased at the same time an issue of $1,505,085.45 unemployment relief registered warrants at .75% plus a premium
of $466.58.
In requesting
on
to
ALAMEDA
issue
offered on
Boston
'..■■■•
Bidder—
Leavitt
&
Discount
0.322%
0.33%
0.34%
Co
First Boston Corp
First National Bank of Boston
WEST HARTFORD. Conn.—BOND OFFERING—F. B. Wilde, Chair¬
man
Dec.
of the Board of Finance, will
14
for
receive sealed bids until 3:30 p. m. on
coupon town hall bonds.
Dated
the pin-chase of $240,000
15, 1936. Denom. $1,000. Due $12,000 annually on Dec. 15 from
1937 to 1956 incl. Bidder to name one rate of interest on all of the bonds,
Dec.
Principal and interest (J. & D.) pay¬
A certified check for 2%
Legality approved by Robinson, Robinson
expressed in a multiple of M of 1%.
able at the Hartford National Bank, Hartford.
must accompany
each proposal.
& Cole of Hartford.
these warrants, the State Comptroller reported:
"The call date of these warrants will be on or about Aug. 10, 1937.
The
Comptroller expects to control the call date, within reasonable limits."
WARRANTS OFFERED FOR INVESTMENT—A total of $1,222,000
of the above warrants was offered to the public on Dec. 11, at prices to
yield about .50% per annum, by a group composed of Stone & Youngberg;
Donnellan & Co., and Lamons & Co., Ltd.
FRESNO
bids
on
COUNTY
(P.
O.
Fresno),
Calif.—BOND
OFFERING—
County Clerk E. Dusenberry will receive bids until 2 p. m. Dec. 22 for the
purchase of $97,000 bonds of Selma School District, which are to bear int.
at no more than 5%.
Denom. $1,000.
Certified check for $1,000, re¬
quired.
LOS
ANGELES,
Calif.—VOTERS APPROVE POWER PLANT PUR¬
3351—the voters
approved the purchase by the city for a price of $46,340,000 of the electrical
properties of the Los Angeles Gas & Electric Corp., by a margin of about
two to one, according to press dispatches.
By this action the city will
have a virtual monopoly on the sale and distribution of electric power,
much of which will come from Boulder Dam.
Also approved at this election, by a count of 88,184 to 47,485, was a
charter amendment (to set up a pension system for employees of the Munici¬
pal Bureau of Power and Light.
CHASE—At the special election held on Dec. 8—V. 143, p.
LOS ANGELES COUNTY (P. O.
Los Angeles), Calif.—BOND SALE
—The $61,000 Monrovia City School District bonds offered on Dec. 1
—-V. 143, p. 3500—were awarded to Banks, Huntley & Co. of San Fran¬
cisco,
Dec.
as
1,
2 Ms. at par, plus a premium of $531, equal to 100.87.
1936.
Due on Dec. 1, from 1937 to 1951.
LOS ANGELES COUNTY
(P. O. Los Angeles), Calif.—BOND OF¬
FERING—The County Clerk will receive bids
the
until 2 p. m., Dec. 22 for
purchase of $30,000 bonds of Lowell Joint School
MONTEREY
COUNTY
Dated
(P.
O.
Salinas),
District.
Calif.—BOND
as 2Ms, paying a premium of $16, equal to 100.13, it is
The second highest bid was an offer of $12.50
premium on 3 Ms, tendered by Donnellan & Co. of San Francisco.
Bank of Salinas
stated by the County Clerk.
SAN
BERNARDINO
COUNTY
(P.
O.
San
Bernardino),
Calif.—
BOND SALE—The $250,000 bonds of the San Bernardino School Districts
which were offered on Dec. 7—V. 143, p. 3501—were awarded to the Harris
Trust & Savings Bank of Chicago, as
lMs, at
par,
plus
a
premium of $493,
equal to 100.1972.
DIEGO COUNTY SCHOOL DISTRICTS (P.O. San
Diego).
SALE—The $160,000 San Dieguito Union High School
District bonds offered on Dec. 7—V. 143, p. 3501—were awarded to John
SAN
Calif.—BOND
Nuveen & Co. of Chicago as 4s, at par, plus a
premium of $2,504.65, equal
101.565, a basis of about 3.84%.
Miller, Hall & Co. of San Diego
offered a premium of $661.20 for 4s.
Dated Dec. 7, 1936.
Due on Dec. 7
as follows: $6,000 1939, 1940 and 1941; $7,000 1942, 1943 and 1944; $8,000
1945 and 1946; $9,000 1947 to 1950; $10,000 1951; $11,000 1952, and $12,000
to
1953 to 1956.
BIDS RECEIVED—AWARD POSTPONED—High bid for the $65,000
Esconclido Union High School District bonds offered at
submitted by Schwabacher & Co. of San Francisco, who
of $762 for 3% bonds.
The Pacific Co. of California
of $475.01 for 3s.
The award was postponed to Dec.
the same time was
offered a premium
offered a premium
14.
SAN DIEGO (P. O. San Diego), Calif.—BOND SALE—The $600,000
County Special District refunding bonds offered on Dec. 7—V. 143, p.
3668—were awarded to the Harris Trust & Savings Bank of Chicago and
the Anglo-California National Bank of San Francisco, on a bid of 100.09
for lMs, a basis of about 1.22%.
Dated Oct. 1, 1936.
Due as follows:
$260,000 in 1939 and 1940; and $80,000 in 1941.
TULARE COUNTY (P. O. Viialia), Calif.—BOND SALE—The $60,000 issue of Lindsay Unified School District bonds offered for sale on
Dec. 7—V. 143, p. 3668—was awarded to Blyth & Co., Inc., of San Fran¬
cisco, paying a premium of $10.00, equal to 100.016, on the bonds divided
as follows: $16,000 as 5s, maturing $4,000 from Dec. 7, 1937 to 1940, and
the remaining $44,000 as 3 Ms, maturing $4,000 from Dec. 7, 1941 to
incl.
The next highest bid was a tender of $129.00 premium on 3 Ms,
mitted by Dean Witter & Co. of San Francisco.
1951
sub¬
WASCO PUBLIC UTILITY DISTRICT (P. O. Wasco), Calif.—
SALE DETAILS—In connection with the sale of the $75,000 4M %
BOND
sewer bonds jointly to Banks, Huntley &
Co., and Griffith,
Wagenseller & Durst, both of Los Angeles, notice of which was given in
October—V. 143, p. 2405—it is now reported tnat the
bonds are dated Oct. 1, 1936 and mature $3,000 from Oct. 1, 1937 to 1961,
incl.
They were sold at a price of 100.20, a basis of about 4.48%.
Prin.
and int. payable at the District Treasurer's office.
semi-ann.
these columns in
FLORIDA
SALE—
The $12,000 issue of Mission Union School District coupon bonds offered
for sale on Dec. 7—V. 143, p. 3351—was awarded to the Salinas National
BAKER COUNTY SCHOOL DISTRICT NO. 1 (P. O. Macclenny),
Fla.—BOND OFFERING CONTEMPLATED—We are informed by Joseph
E.
Kelly,
Superintendent
of the Board of Public
Instruction, tuat tne
district will have $30,000 6% annual school bonds to offer for sale a little
later.
He states tnat they have been in the process of validation but no
definite date of sale ha8 been determined as yet.
Denom. $500.
Payable
at toe office of the
County Superintendent in Macclenny.
He goes on to report that the assessed valuation of the district is $418,353.25 and the millage assessed for the sinking fund is 10 mills.
The
present bonded indebtedness is $27,000.
All bonds and interest payments
are
said to have been met promptly
and no default has ever taken place.
CRESCENT
CITY, Fla.—BOND OFFERING—It is stated by Edith
Miller, Deputy City Clerk, that she will receive sealed bids until Dec. 9,
for the purchase of two issues of 6% semi-ann. bonds aggregating $11,500,
divided as follows: $8,000 sewerage system, and $3,500 fire apparatus bonds.
Dated Jan. 1, 1937.
-
LEESBURG, Fla.—BONDS TO BE SOLD—It is stated by the City
Manager that the $50,000 4% sewer construction bonds approved by the
voters on Sept. 28—V. 143, p. 2405—will be sold to the Public Works Ad¬
ministration at par.
p.
MIAMI, Fla.—BONDS VOTED—At the election held on Dec. 4—V. 143,
3352—the voters are reported to have approved the issuance of the $162,-
000 in municipal swimming pool bonds.
ORLANDO,
Fla.—BOND
until noon on Dec.
two issues
bids will be received
purchase of
bonds aggregating $3,221,000, as
OFFERING—Sealed
14, by J. A. Stinson, City Clerk, for the
of coupon refunding of 1937
follows:
$2,701,000 Class A bonds.
Due on Feb. 1 as follows: $120,000, 1938 to
1941; $20,000, 1942; $120,000, 1943; $70,000, 1944; $125,000,
1945 and 1947 to 1951 and 1953; $75,000, 1954; $125,000, 1955
to 1960; $150,000, 1961, and $161,000, 1962.
520,000 Class B bonds.
Due on Feb. 1 as follows: $25,000, 1938 to
1945; 1947 to 1951 and 1953 to 1959, and $20,000 in 1960.
Interest rate is not to exceed 4M%. payable F. & A.
Rate to be stated
a multiple of M or 1-10th of 1 %.
All of the bonds will bear the same rate
of interest and no bid for less than all of the bonds of both issues will be
in
Denom. $1,000.
Dated Feb. 1, 1937.
Prin. and int. paya¬
ble at the Central Hanover Bank & Trust Co., New York, or at the City
Comptroller's office, at the option of the holder.
Bids are desired on forms
which may be obtained from Caldwell & Raymond of New York, municipal
bond attorneys approving this issue.
These bonds are issued for the pur¬
pose of refunding bonded indebtedness of the city incurred prior to Nov. 6,
1934, and have been validated by decree of the Circuit Court and later de¬
cree of the State Supreme Court.
These bonds are stated to be general
city obligations and they will not be affected by, or subject to, the proconsidered.
Volume
Financial
143
3875
Chronicle
visionsjof Chapters 16,838, 16,965 and 17,401, Laws'of Florida, 1935. rA
certified check for $50,000, payable to the city, must accompany the-bid.
the entire issue and accompanied by a certified check for $66,000, payable
to the order of the City Comptroller.
Legality to be approved by Chap¬
man & Cutler of Chicago.
Successful bidder will be advised of the award
r1 PORT ST. JOE. Fla.—BONDS VOTED—The voters are said to have
approved recently the issuance of $200,000 in water and sewer improvement
not later than
bonds.
5|P. m. (Central Standard Time) on Dec. 17.
SCHOOL'BONDS ALSO OFFERED—Mr. Upham will also
SANFORD, Fla.—BOND REFUNDING AGREEMENT—'The City
Commission and the Bondholders' Protective Committee recently signed an
agreement to refund approximately $6,000,000 of the city's bonds over a
40-year period, according to an Associated Press dispatch.
It also reports
tnat the interest rates are reduced on a sliding scale that will average
about 1.675%.
GEORGIA
ATLANTA, Ga.—SCRIP ISSLE SOLD—The City of Atlanta has sold
at$730,000 issue of payroll scrip to the Coca-Cola Co., according to an
announcement made by city officials.
Negotiations were conducted with
Robert W. Woodruff, President of the Coca-Cola Co., and he concluded the
agreement on behalf of the company.
The scrip issue, which matures in
May, 1937, and bears interest at 3%,
unacceptable to local banks because of a mounting city deficit, which
expected to approximate $1,700,000 as of the year end. The deficit
increase is expected even though city revenues in 1936 will show a $242,000
was
is
increase
over
bids until 10
of $3,000,000
The new bonds will be dated Jan. 1, 1937.
Denom. $1,000. Due Jan. 1,
follows: $1,000,000 on Jan. 1, 1939, or any interest
1,1941, or on any interest date thereafter;
$500,000 on Jan. 1, 1943, or on any interest date thereafter; $500,000 on
Jan. 1, 1945, or on any interest date thereafter: $500,000 on Jan. 1, 1947,
or on any subsequent interest date.
Both principal and semi-annual inter¬
est (J. & J.) payable at the City Treasurer's office, or at the office of the
city's fiscal agent in New York City. The bonds will be general obligations
of the Board of Education, payable from unlimited ad valorem taxes to be
levied on all of the city's taxable property. City Comptroller will make the
award, subject to approval of the Board of Education, and the successful
bidder will be so notified not later than 5 p. m. (Central Standard Time)
on Dec. 17.
Bids must be for the entire issue and accompanied by a certi¬
fied check for $30,000, payable to the order of the City Comptroller.
Legality to be approved by Chapman & Cutler of Chicago.
1957, and callable
COOK
COHUTTA CONSOLIDATED SCHOOL DISTRICT (P. O. Cohutta),
Ga.—BONDS SOLD—It is reported that $10,000 school bonds have been
purchased at par by the First National Bank of Dalton.
Due $1,000 from
1950 to 1959 inclusive.
CRAWFORDVILLE,
COUNTY
(P.
O.
Chicago),
Gill, County Treasurer, announces the call
of $1,117,500 series A refunding bonds.
111.—BOND CALL—Joseph L.
for redemption
COOK COUNTY FOREST PRESERVE DISTRICT
on
Jan. 1, 1937
(P. O. Chicago),
111.—BOND CALL—William J. Gormley, District Treasurer, announces
the call for payment on Jan. 1,1937 of $319,000 series A refunding bonds.
¥
EARLVILLE, \\\.—BOND SALE—The H. C. Speer & Sons Co., Onicago
has purchased an issue of
1936 and due in 1941.
$5,000 4% sewage disposal bonds, dated Oct. 1,
Ga .—BOND SALE—The
$19,000 issue of 5%
semi-ann. sewer bonds offered for sale on Dec. 5—V. 143, p. 3352—was
awarded to Johnson, Lane, Space & Co. of Savannah, at a price of 99.474,
a basis of about
5.05%.
Dated Jan. 1, 1937.
Due from Jan. 1, 1938 to
Jan. 1, 1966.
ROSSVILLE
as
date thereafter; $500,000 on Jan.
1935.
^ CORRECTION—T. W. Olift, Assistant Superintendent of Schools, re¬
ports tnat the notice given in these columns last August that a $6,480,000
issue of school improvement bonds had been recommended to the Board
of Education, was incorrect.
i
receive*sealed
m. (Central Standard Time) on Dec. 17 for the purchase
3% coupon, registerable as to principal, Board of Education
refunding bonds of 1937. The bonds to be refinanced mature Jan. 1, 1937.
a.
CONSOLIDATED SCHOOL DISTRICT (P.
O. Ross-
ville), Ga.—BONDS VOTED■—At the election held on Dec. 5, the voters
approved the issuance of the $35,000 in school construction bonds.
SALE CITY, Ga.—BOND SALE—An issue of $6,000 water works impt.
been sold at a price of 105.
1
bonds has
MATTOON, 111.—BOND SALE—An issue of $170,000
sewerage revenue
bonds has been sold to C. W. McNear & Co. of Chicago.
MENDON
SCHOOL
DISTRICT, 111.—BOND SALE— The WhitePhillips Corp. of Davenport purchased on Oct. 1 an issue of $16,000 3%%
school building bonds at par plus a premium of $25, equal to 100.15.
Dated Oct. 1, 1936 and due in 1952.
Interest payable J. & D.
Denom.
$1,000.
coupon
VILLA PARK SCHOOL DISTRICT NO. 45, DU PAGE COUNTY,
ISSUE DETAILS—The $229,000 4% coupon, registerable
111.—BOND
to principal only, series of 1936 refunding bonds purchased recently by
Harold E. Wood & Co. and Welsh & Green, Inc., both of Chicago, jointly
143, p. 3669—bear date of Dec. 1, 1936 and mature Dec. 1, 1956.
Callable in numerical order at par and accrued interest on the date they
severally may become optional or on any interest payment date thereafter
upon 15 days published notice.
Denom. $1,000. Bond numbers 1-10, incl.
callable Dec. 1, 1937; 11-20, 1938; 21-30, 1939; 31-40, 1940; 41-50, 1941;
51-60, 1942; 61-70, 1943 ; 71-80, 1944; 81-90, 1945; 91-100, 1946; 101-112,
1947; 113-124, 1948; 125-136, 1949; 137-148, 1950: 149-160, 1951; 161-172,
1952; 173-184, 1953; 185-199, 1954; 200-214, 1955, and numbers 215-229,
incl. on Dec. 1, 1956.
Purpose of the issue is to refund an equal amount
of bonds maturing in 1948, callable Dec. 1, 1936.
Principal and interest
(J. & D.) payable at the Continental Illinois National Bank & Trust Co.,
Chicago. The bankers are making public re-offering of the bonds at various
prices to yield to optional date from 1.50% to 3.10%, according to redemp¬
tion period.
The prices afford a yield of 4% after optional date.
The
bonds, in the opinion of counsel, Chapman & Cutler of Chicago, are direct
and general obligations of the school district, payable from ad valorem
taxes, without legal limit, on ail the district's taxable property.
The
ordinance providing for the refunding issue authorizes the creation of a
special fund into which annual payment must be made in order to cover
charges of both principal and interest on the bonds.
(
as
—V.
OFFERINGS WANTED
UTAH—IDAHO—NEVADA—MONTANA—WYOMING
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT LAKE CITY
Phone Wasatch 3221
Bell Teletype: SL K-372
IDAHO
CALDWELL, Idaho—BOND SALE DETAILS—We are now informed
by O.E. Fritts, City Clerk, that the $45,000 coupon or registered general
obligation bridge bonds purchased on Nov. 23 by the First National Bank
of Caldwell, as 3s at a price of 100.244, as noted here—V. 143, p. 3501—
are dated Dec. 1,
1936, and mature in 1955.
Denom. $1,000.
Interest
payable J. &
INDIANA
D.
BAUGO TOWNSHIP
EMMETTSVILLE
Emmett),
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
$36,000 coupon school building
143, p. 3502—were awarded to Sudler,
Wegener & Co. of Boise as 3s at par plus a premium of $650, equal to 101.805,
a basis of about 2.85%.
The Idaho State Department of Public Invest¬
ments bid for 3Ms.
Dated Jan. 1, 1937.
Due $4,000 yearly on Jan. 1
bonds
from
Idaho—BOND SALE—The
offered
Dec.
on
7—V.
1948 to 1956.
GOODING COUNTY INDEPENDENT SCHOOL DISTRICT NO. 10
(Pi
O.
bonds
Gooding),
offered
Idaho—BOND SALE—The
Dec.
$50,000
coupon
school
4—V.
143, p. 3502—were awarded to the First
Security Trust Co.; Edward L. Burton & Co., and the Continental Nationl
Bank & Trust Co., all of Salt Lake City, on a joint bid for 2Ms.
Dated
Jan. 1, 1937.
on
JEROME
AND
LINCOLN
COUNTIES
JOINT
INDEPENDENT
SCHOOL DISTRICT, CLASS A, NO. 33 (P. O. Jerome), Idaho—BOND
SALE—The $40,000 school building bonds offered on Dec. 4—-V. 143, p.
3502—were awarded to the First Security Trust Co., Edward L. Burton &
Co. and the Continental National Bank & Trust Co., ail of Salt Lake City,
jointly, as.2Mb, at par, plus a premium of $101, equal to 100.2525.
J. A.
Hogle & Co. of Salt Lake City and Sudler, Wegener & Co. of Boise, were
second
high, offering
Dated Jan. 1, 1937.
a
premium of $110 for $22,500 3s, and $17,500 3Ms.
on the amortization plan over a 10-year period.
Due
LITTLE WEISER IRRIGATION DISTRICT (P. O. Council), Ida.—
BONDS SOLD—It is stated by E. B. Snow, District Secretary, that of the
$60,000 4% reservior bonds approved by the voters on Jan. 11, a block of
$20,000 Was sold to the Idaho Trust National Bank, at par, a block of
$20,000 was sold to local individuals and another $10,000 is expected to
be sold after the first of the year.
This is all that will be sold as the amount
needed to complete the project is $50,000.
MINIDOKA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P.O. Rupert), Idaho—BOND SALE DETAILS—We are now informed by
Velma Morgan, District Clerk, tnat the $32,000 4% school improvement
bonds purchased by the Department of Public Investments, at Boise, as
noted here recently—V.
143,
p.
3352—were sold at
par.
Coupon bonds
dated Dec. 1,1936.
Denom. $2,000.
Due in from 10 to 20 years; optional
after 10 years.
Interest payable J. & J.
PRIEST RIVER, Idaho—BONDS TO BE' SOLD—It is stated by the
Village Clerk tnat $11,000 village hall bonds will be purchased by the
Public Works Administration.
RATHDRUM
INDEPENDENT
SCHOOL DISTRICT (P. O. RathTO BE SOLD—It is reported by the Village
Clerk that the $38,500 school building bonds approved by the voters on
Sept. 17, will be purchased by the State on or about Dec. 15, as 4s at par.
drum),
Idaho—BONDS
Due in from
1 to 20 years.
$29,000 Baugo Township school aid bonds of 1936.
Dated Dec. 1, 1936.
Due as follows: $1,000 July 1, 1942, and $1,000 each Jan. 1 and
July 1 from 1943 to 1956 incl.
Rate of interest to be expressed in
a multiple of M of 1%.
These bonds are direct obligations of the
civil township, payable from unlimited ad valorem taxes on all
its taxable property.
28,525 Baugo School Township school building bonds of 1936.
Dated
Dec. 1, 1936.
Due as follows: $1,000 July 1, 1938; $1,000 Jan. 1
and July 1 from 1939 to 1950 incl.; $1,000 Jan. 1 and $2,525 July 1,
1951.
Rate of interest to be expressed in a multiple of M of 1%.
These bonds are direct obligations of the school township, payable
out of general ad valorem taxes to be levied on its taxable property
within the limits prescribed by law.
The legality of each issue will be approved by Matson, Ross, McCord &
of Indianapolis, whose opinion will be furnished the successful
Clifford
bidder.
ILLINOIS
will receive sealed bids until 10 a. m. (Central Standard Time) on Dec. 17
for the purchase of $6,600,000 3% coupon, registerable as to principal,
refunding of 1937 bonds. The bonds to be refinanced mature Jan. 1, 1937.
The new bonds will be dated Jan. 1, 1937.
Denom. $1,000. Due Jan. 1,
1957, and callable on the following basis: $2,000,000 on Jan. 1, 1939, or
any interest date thereafter; $2,000,000 on Jan. 1, 1940, or any interest
date thereafter; $1,500,000 on Jan. 1, 1941, or any interest date thereafter;
$1,100,000 on Jan. 1, 1942, or on any subsequent interest/ date.
Both
principal and semi-annual interest (J. & J.) will be payable at the City
Treasurer's office, or at the office of the city's fiscal agency in New York
City.
The bonds will be general obligations of the city, payable from
unlimited ad valorem taxes on all its taxable property.
Bids must be for
Both issues of bonds will be ready for delivery in about 12 days
after the sale.
DELAWARE
COUNTY
(P. O. Muncie), Ind.—BOND SALE—The
$357,225 bridge bonds offered on Dec. 4—V. 143, p. 3353—were awarded
to the Merchants National Bank of Muncie, as 2Ms, at par plus a premium
of $3,115, equal to 100.84.
Dated Dec. 15, 1936 and due as follows:
$10,000 July 1, 1938; $10,000 Jan. 1, and July 1 from 1939 to 1955, incl.;
$7,225 on Jan. 1, 1956.
EAST CHICAGO, Ind.—BOND OFFERING—M. A. McCormick, City
Controller, will receive sealed bids until 2 p. m. on Dec. 14 for the purchase
exceed 4% interest municipal building bonds of 1936.
One oond for $363.20, others $1,000 each.
Due on
Jan. 1 as follows: $3,000 from 1939 to 1961 incl. and $3,363.20 in 1962.
Bidder to name one rate of interest, expressed in a multiple of M of 1%.
Interest payable J. & J.
A certified check for $1,000, payable to the order
of the city, must accompany each proposal.
The bonds are direct obli¬
The approving opinion
gations of the city, payable out of general taxes.
of Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
of $72,363.20 not to
Dated Dec. 1, 1936.
successful bidder.
MONROE COUNTY (P. O. Bloomington), Ind.—BOND OFFERING—
William C. East, County Auditor, will receive sealed bids until 10 a. m. on
Dec. 19 for the purchase of $49,000 not to exceed 4% interest, advancement
fund bonds, series A of 1936.
They will be issued under Chapter 117, Acts
of 1935, and the
proceeds distributed to townships in the county for
poor
relief purposes.
The bonds are direct obligations of the county, payable
from unlimited ad valorem taxes on all taxable property.
The bonds will
be dated Dec.
19, 1936.
Denom. $500. Due $2,500
on June 1 and Dec. 1
Bidder to
M of 1 %.
A certified
check for 3% of the bonds bid for, payable to the order of the Board of
County Commissioners, must accompany each proposal.
The approving
opinion of Matson, Ross, McCord & Clifford of Indianapolis will be fur¬
nished the successful Didder.
No conditional bids will be considered.
The
bonds will be delivered to the purchaser in about 6 days after award.
from 1938 to 1946 incl.; $2,500 June 1 and $1,500 Dec. 1, 1947.
name one
CHICAGO, 111.—BOND OFFERING—R. B. Upham, City Comptroller,
(P. O. Elkhart Rural Route No. 4), Ind.—
BOND OFFERING—John Frank, Trustee, will receive sealed bids until
10 a. m. on Dec. 19 for the purchase of $57,525 not to exceed 4% interest
bonds, divided as follows:
rate of interest, expressed in a multiple of
MOUNT VERNON, Ind.—BOND SALE—An issue of bonds, amount
not disclosed, has been sold to Lewis, Pickett & Co., Inc. of Chicago, to
permit acquisition by the town of the privately owned local water system.
In advising us of the transaction, tne bankers state that over 90% of the
water works plants in Indiana are now municipally owned.
NAPPANEE SCHOOL
CITY, Ind.—BOND SALE—The $46,955
school bonds offered on Dec. 3—V. 143, p. 3032—were awarded
Robinson & Co. of Chicago as 2Ms, at par, plus a premium of $81,
equal to 100.172.
Denom. $500.
Dated Dec. 1, 1936.
Int. payable
Jan. 1 and July 1.
Due yearly to Jan. 1, 1952.
coupon
to
Financial
3876
VANDERBURG COUNTY (P. O. Evaiwville), Ind
OFFERan issue of $60,000 county improvement bonds will be
INO—On Dec. 21
offered for sale.
^
^
—
Ind.—BoM)
WASHINGTON TOWNSHIP (P. O. Fort Wayne),
OFFERING—An issue of $8,000 school bonds is to be offered for sale on
Dec. 23 at 7:30 p. m.
Chronicle
Dec.
12, 1936
LANCASTER, Ky.—BOND SALE—The issue of $47,000 4% sewer
bonds offered on Dec. 8—V. 143, p. 3670—was awarded to MasonHagan, Inc., of Richmond, at a price of 102.85. Next bid of 102.60 was
made by the Security Trust Co. of Lexington.
Denom. $1,000.
Dated Jan. 1, 1937.
Int. payable Jan. 1 and July 1.
Due in 25 years; optional after 5 years.
revenue
.
LOUISVILLE,
.
,
-
reported that sealed
Director of Finance,
Ky.—BOND OFFERING—It is
bids will be received until Dec. 12, by John R. Lindsay,
for
Iowa
Municipals
tbe purchase of
bonds.
Offerings Wanted:
Polk-Peterson Corporation
LOUISIANA A MISSISSIPPI
Des Moines Building
DES
Waterloo
T.
&
Sioux
Davenport
Iowa
A.
MUNICIPALS
MOINES
Ottumwa
Cedar Rapids
$14,206 issue of 4% semi-annual street improvement
a
T.
'
City
Sioux Falls, S. D.
City
Bond
Teletype: DESM 31
WHITNEY
Department
NATIONAL BANK
NEW ORLEANS, LA.
IOWA
Bell Teletype
Raymond 8409
N. O. 182
CLINTON,
Iowa—BOND SALE—The $38,000 fire equipment bond
Dec. 4—V. 143, p. 3669—were awarded to Shaw, McDermott &
Sparks of Des Moines, as 2%b, at a premium of $15, equal to 100.039.
The Oarleton D. Beh Co. of Des Moines was second high, bidding a premium
of $10 for 2Mb.
offered
on
Denom. $1,000.
Dated Nov. 1, 1936.
Interest payable semi-annually
on May 1 and Nov. 1.
Due as follows: $2,000, 1938 to 1953, and
$3,000,
1954 and 1955.
CRESCO, Iowa—BOND SALE—The $25,000 issue of sewer outlet and
purifying plant bonds offered for sale on Dec. 4—V. 143, p. 3669—was
awarded to the Carleton D. Beh Co. of Des Moines, as 2Ms, paying a
premium of $325.00, equal to 101.30, a basis of about 2.33%.
Due from
1938 to 1954, optional on Nov. 15, 1945.
HILLSDALE RURAL INDEPENDENT SCHOOL DISTRICT NO. 6
(P. O. Glenwood), la.—BOND OFFERING—C. N. Kelly, District Sec¬
retary, will receive bids until 2 p. m. Dec. 14 for the purchase of $2,300
bonds.
Denom. $500, except one for $300.
Dated Dec. 15, 1936.
In¬
terest payable semi-ann.
Due $500 yearly from 1937 to 1940; and $300 in
1941.
Cert, check for 3% of amount of issue, payable to the District
Treasurer, required.
The purchaser is to furnish the blank bonds.
JOICE INDEPENDENT SCHOOL DISTRICT (P. O. Joice), Iowa—
BOND SALE—The $5,000 issue of coupon school
building bonds offered
for sale on Nov. 30—V. 143, p. 3502—was awarded to the Oarleton D.
Beh
Co. of Des Moines, as 3s, paying a premium of $120.00,
equal to 102.40.
a basis of about
2.78%.
Dated Dec. 1, 1936.
Due $500 from Dec. 1,
1945 to 1954, incl.
The second highest bid was an offer of $99.00 premium
on
3s, tendered by the White-Phillips Co. of Davenport.
KLEMME, Iowa—BOND OFFERING—A.
J. Kudej, Town Clerk, will
receive bids until 8 p. m. Dec. 10 for the purchase of the
following bonds:
$3,000improvement fund bonds.
Due on Nov. 1 as follows: $100. 1937
and 1938: $200, 1939 to 1946; $300, 1947;
300, 1950, and $200, 1951.
4,500 street improvement bonds.
Due May 1
1941, and $500, 1942 to 1946.
$200, 1948 and 1949;
as
follows: $400, 1937 to
LOUISIANA
BIENVILLE PARISH SCHOOL DISTRICT NO. 16 (P. O. Arcadia),
La.—BOND OFFERING—E. M. Weaver, President of
EUNICE, La.—BOND SALE—A $35,000 issue of gas system construc¬
tion bonds
SALE—The
revenue
Shaw, McDermott & Sparks of Des Moines offered to pay
$130 for 2Ms.
$5,000 in 1946.
EVANGELINE
a
premium of
(P. O. Mount Ayr), Iowa—CERTIFICATE
SALE—The $35,000 anticipatory certificates of indebtedness offered on
Dec. 4—V. 143, p. 3670—were awarded to Jackley & Co. of Des Moines
on a 1.70% interest
basis, plus a premium of $50.
The Mount Ayr State
Bank offered a premium of $49 on the same interest basis.
H. Pulton, City Clerk,
m. Dec. 21 for the purchase of $9,785.07
improvement bonds, which are to bear interest at no more than 5%.
Due on May 1 as follows: $3,000, 1937 and
1938, and $3,785.07, 1939.
WORTH COUNTY (P. O. Northwood), Iowa—CERTIFICATE SALE
anticipatory road certificates offered on Dec. 1—V. 143, p.
—The $5,000
3503—were awarded to the Northwood State Bank of Northwood on a bid
of par for lMs.
Geo. E. Whitcomb of Northwood bid 1M%.
Dated
Dec. 15, 1936.
Due Dec. 15, 1937, or before, at the option of the county.
Kan.—BOND
HAMILTON, Kan.—BOND EXCHANGE—It is stated by the City
$22,000 refunding bonds authorized last July, as noted here
have been exchanged for a like amount of original bonds by
Beecroft, Cole & Co. of Topeka.
SALE—The city has sold
an issue
of
$44,711 2% condemnation bonds to the City National Bank & Trust Co.
of Kansas City at par, plus a premium of $603.60, equal to 101.352.
NORTONVILLE SCHOOL DISTRICT (P. O. Nortonvllle), Kan.—
BONDS TO BE SOLD—N. C. Wilkin, District Clerk, reports that the sale
has been contracted for of $33,000
on
2%% semi-ann. high school bonds,
ap¬
June 29.
LIVINGSTON PARISH (P. O.
pass on
MOREHOUSE PARISH SCHOOL DISTRICT NO. 9 AND 10 (P. O.
Bastrop), La .—BOND SALE—The $40,000 school bonds offered on Dec. 8
—V. 143, p. 3186—were awarded to Scharff & Jones of New Orleans at
par, plus a premium of $27.50, equal to 100.06875.
The bid provided that
the bonds maturing from 1937 to 1946 bear interest at 3 M % and the re¬
mainder 6f the issue, coming due from 1947 to 1956, at 3M%. Newman,
Harris & Co. of New Orleans offered a $10 premium for $18,000 4s and
PHILLIPSBURG, Kan.—BOND SALE DETAILS—In
connection with
$59,000 refunding bonds, notice on which was given in these
August—V. 143, p. 1439—it is reported by the City Clerk that
the city retained $40,000 of the bonds and the remainder was sold to Bee-"croft, Cole & Co. of Topeka, as 3 Ms at par.
RAYMOND, Kan.—BONDS SOLD—It is stated that the $22,000 grade
school building bonds approved by the voters last July, as noted here at
time, have been purchased by the Small-Milburn Co. of Wichita.
SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND OFFERING—
Sealed bids will be received until 9 a. m. on Dec. 14 by Claude N. Cartwright, County Clerk, for the purchase of an issue of $100,000 2 % semi-ann.
poor relief bonds.
Denom. $1,000.
Dated Nov. 1, 1936.
Due $10,000
from Nov. 1, 1937 to 1946 incl. Bids to be for all or any
part of such bonds.
They are part of a total authorized issue of $200,000. The printing of the
bonds and the transcript thereon will be furnished by the county. These
bonds have been rejected by the State School Fund Commission. A certi¬
fied check for 2% of the bid is required.
WALLACE, Kan.—BOND SALE—It is stated by Mayor Walter E.
David that $14,000 4% semi-ann. water system bonds have been purchased
by Estes, Payne & Co. of Topeka, at a price of 99.00, a basis of about 4.18%.
Due from 1937 to 1950.
WHITE
on
CITY,
Kan.—BOND ELECTION—An election will be held
Dec. 14 to vote
on
the proposed issuance of $28,000 water works con¬
bonds.
WICHITA SCHOOL DISTRICT NO. 1 (P. O. Wichita), Kan.—
BOND OFFERING—Louis Gerteis, Clerk of the Board of Education, will
receive bids until 8 p. m. Dec. 21 for the purchase of $92,000 refunding
bonds.
Bidders
are
toches),
PARISH SCHOOL DISTRICTS (P. O. Natchi
La —BOND OFFERING—Sealed bids will be received until 11
m. on
Jan. 5 by E. A. Lee, Secretary of the Parish Scnool Board, for the
NATCHITOCHES
a.
purchase of two issues of 5% semi-ann. bonds aggregating $45,000, divided:
$30,000 School District No. 1 bonds. Due from Sept. 1, 1937 to 1948. A
certified check for $1,500 must accompany the bid.
15,000 School District No. 5 bonds. Due from Sept. 1, 1937 to 1946. A
certified check for $750 must accompany the bid.
Dated Sept. 1, 1936. These bonds were offered for sale without success
on July 14, as reported in these columns at that time—V. 143, p. 628.
PARISH SCHOOL DISTRICT (P. O. Natchi¬
La.—BOND SALE NOT SCHEDULED—We are informed by
Lee, Superintendent of the Parish School Board, that no date of
NATCHITOCHES
toches),
E.
A.
sale has been fixed
voters on Nov.
office of the State Treasurer, in Topeka. Due
on Jan. 1 as follows: $9,000 1941 to 1948, and $10,000 1949 and 1950.
Cert,
check for 2% of amount of bid, payable to the Board of Education, required.
Bids must be on bidding blanks
supplied by the district.
Approving opin¬
Long, Depew & Stanley of Wichita, will be supplied by the district.
KENTUCKY
AUTHORIZED—
$80,000
The County Fiscal Court is said to have approved the issuance of
in bonds to care for outstanding indebtedness.
yet on the $350,000 school bonds approved by the
3, as noted here—V. 143, p. 3186—it is stated by Jess S.
Commissioner of Public Finance, that no date of sale has been
yet.
voters on Nov.
Cave,
fixed
as
Liquidation, City Debt, that the ninth allotment of new public improve¬
bonds, bearing 4% interest, consisting of 700 bonds of $1,000 each,
1, 1907, maturing on Jan. 1, 1942, will be payable on Jan. 1,
1937, on which date interest shall cease.
It is also stated by the said Secre¬
tary that the 11th allotment of Constitutional bonds, bearing 4% interest,
consisting of 456 bonds of $1,000 each, and 88 bonds of $500 each, dated
July 1, 1892, maturing on July 1, 1942, will be payable on Jan. 1, 1937.
It is also reported that 15 court house bonds of $1,000 each will also be
redeemed.
The following bonds have been called for payment but were not
presented as yet:
Constitutional, 14 bonds of $1,000 each, called on Jan. 1, 1936.
Constitutional, seven bonds of $1,000 each and one $500, called on
Jan. 1, 1935.
Constitutional, one bond of $1,000, called on Jan. 1, 1928.
New public improvement, two bonds of $1,000 each, called on Jan. 1,1935
dated Jan.
OAKDALE, La.—BONDS SOLD—It is reported that $58,000 5M%
refunding bonds have been purchased by the A. M. Smith
Dated March 1, 1935.
Legal approval
to be furnished by Charles & Trauernicht, of St. Louis.
ORLEANS
LEVEE
DISTRICT
(P.
O.
New
Orleans),
CALL—Charles J. Donner, Secretary of the Board of Levee
La.—BOND
Commissioners,
states that the
following 5% semi-ann. bonds are being called for redemption
on Jan. 1. 1937, on which date interest shall cease:
Refunding, issue of 1935, numbered to 1,067.
Dated July 1, 1935.
Due
July 1, 1940 to 1975.
They will be redeemed at par, plus a premium of 3% and accured interest
and may be redeemed at the Whitney National Bank of New Orleans, or at
the State Treasurer's office, or at the New York Trust Co., New York City.
$814,000 improvement, issue of 1926 bonds, numbered 187 to 1,000.
Dated July 1, 1926.
Due from July 1, 1944 to 1966.
These bonds will be redeemed at par, plus a premium of 5% and accrued
interest, and may be redeemed at the Whitney National Bank of New
Orleans, or at the State Treasurer's office.
TANGIPAHOA
PARISH
SCHOOL
DISTRICT
NO.
108
(P.
O.
La.—INTEREST RATE—In connection with the sale of the
$100,000 school building bonds on Nov. 17 to the Ernest M. Loeb Co.,
Inc., of New Orleans, at a price Of 100.1385, as noted in these columns—
V. 143, p. 3354—we now learn that the bonds were purchased as 4Mb.
(not 3Ms), giving a basis of about 4.725%. Due from Dec. 1, 1937 to 1948
incl.
Legal opinion by Campbell & Holmes, New Orleans, and Clay,
Dillon & Vandewater, New York City.
Amite)
WEST MONROE, La.—BONDS NOT SOLD—It is stated by L. L.
Wood, City Clerk, that the best bid received for the $52,000 refunding
bonds offered on Dec. 8—V. 143, p. 3354—was an offer of 100.10 for 5s,
which was not accepted.
Dated Nov. 18, 1936.
Due from Nov. 18.
1939
to
1966.
MARYLAND
interest, in a multiple of M %, between
$1,000.
Dated Dec. 21, 1936.
Prin. and
ALLEN COUNTY (P. O. Scottsville), Ky.—BONDS
as
16—V. 143, p. 3503.
NEW ORLEANS, La.—BOND SALE NOT SCHEDULED—In connec¬
tion with the $20,000,000 public improvement bonds approved by the
to name rate of
1 M% and 2M%.
Denom.
aemi-ann. int. payable at the
ion of
Due on Dec. 1 as follows: $1,000, 1937 to 1940; $1,500,1941
$2,000,1945 to 1948; $2,500,1949 to 1952, and $3,000,1953 to 1956,
Investment Co. of New Orleans.
columns in
struction
Springville), La.—BOND ELECTION
election will be held on Jan. 5 to have the voters
the proposed issuance of $90,000 in court house bonds.
—It is reported that an
semi-ann.
the sale of the
tnat
Platte), La.—BOND EX¬
school bonds for new
ment
Clerk that the
proved by the voters
Ville
of
ELECTION—-An
election is to be held on Dec. 15 for the purpose of
voting on a bond issue of
$118,000 for the purchase of a school site and repairs to school buildings.
«,!^.NSAS CITY, Kan.—BOND
O.
BOND CALL—It is stated by Horace P. Phillips, Secretary of the Board
KANSAS
that time,
(P.
refunding bonds was begun recently, according to report.
It is said that
the new issues enable the parish to spread the redemption of its indebted¬
ness out over a long period of years.
The refunding involves $34,000 and
$46,000 bonds of the First School District of the First Police Jury Ward.
WASHINGTON, Iowa—BOND OFFERING—W.
will receive bids until 7:30 p.
street
at
PARISH
CHANGE—The exchange of about $80,000 in old 5%
bonds
RINGGOLD COUNTY
DISTRICT,
Dec. 7 and was awarded to Scharff &
$22,000 3Ms.
$25,000 water
on Dec. 8—V.
143, p. 3186—were awarded to the Carleton D. Beh
Co. of Des Moines as 2Ms, at par, plus a premium of
$131, equal to 100.524.
SCHOOL
on
a
offered
ATCHISON
offered for sale
was
as 4j4s, paying a premium of $55, equal to 100.15,
basis of about 4.47%.
Denom. $1,000. Dated Dec. 1, 1936. Due as
follows: $2,000, 1937; $3,000, 1938 to 1941; $4,000, 1942 to 1945, and
Jones of New Orleans
to 1944;
Iowa—BOND
the Parish School
Board, will receive bids until 11 a. m. Dec. 21 for the purchase of $20,000
5M% bonds of School District No. 16,
Denom. $500.
Dated Jan. 1,
1937.
Int. payable Jan. 1 and July 1.
Due on Jan. 1 as follows: $1,500,
1939 to 1941; $2,000, 1942 to 1945, and $2,500. 1946 to 1948.
Certified
check for $1,000, payable to the President of the School Board, required.
BALTIMORE, Md.—PROPOSE TAX LIoMITATION AMENDMENT—
The Committee
on
Taxation of the local Real Estate Board has announced
that
unless the City Council reduces next year's proposed tax rate of
$2.59, recommended by Mayor Jackson, it will suggest to various civic
bodies the inauguration of a new fight for the enactment of a tax limitation
amendment to the city charter.
Such an amendment was defeated at the
mayoralty election in 1935, by a vote of 86,301 to 50,279.
SALISBURY, Md.—BOND OFFERING—Sealed bids will be received
by the City Clerk until Dec. 21 for the purchase of $61,000 not to exceed
4% interest water and sewer bonds. Dated Jan. 1, 1937. Due serially from
1938 to 1962 incl. Rate of interest to be in a multiple of M of 1%.|
Volume
143
Financial
MASSACHUSETTS
EVERJETT,
Mass.—NOTE
OFFERING—Arthur
H.
MacKinnon,
Temporary City Treasurer, will receive sealed bids until 11 a. m. (Eastern
Standard Time) on Dec. 16 for the purchase of $300,000 revenue anticipation
notes of 1936.
Dated Dec. 16, 1936.
Denoms. $25,000. $10,000 and
$5,000. Due $150,000 each on July 15 and Aug. 16, 1937. Payable at the
National Shawmut Bank of Boston. Bids to be for all or none. Notes will be
delivered
on or
the
at
aforementioned
about Dec. 16.
bank against payment in Boston funds
Said notes will be authenticated as to genuineness and
validity by The National Shawmut Bank of Boston, under advice of Ropes,
Gray, Boyden & Perkins, Boston, and all legal papers incident to this
issue will be filed with said bank where they
may be inspected.
NEWTON, Mass.—NOTE SALE—The Merchants National Bank of
Boston has been awarded a new issue of $150,000 notes at
0.16% discount.
Due Oct. 15, 1937. Other bids were as follows:
Bidder—
>
Discount
0.164%
0.173%
0.19%
0.24%
o
Second National Bank of Boston
New England Trust Co
...
Day Trust Co__
National Shawmut Bank
QUINCY, Mas*.—NOTE OFFERING—Harold P. Newell, City Treas¬
will receive sealed bids until 10 a. m. (Eastern Standard Time) on
Dec. 14 for the purchase at discount of $500,000 revenue
anticipation notes
of 1936. Dated Dec. 14, 1936. Denoms.
$25,000. $10,000 and $5,000. Due
urer,
Chronicle
3877
N. W. Elsberg, State Highway Commissioner, has announced opposition
to any further bond issues until present obligations have been substantially
reduced.
Bond obligations of the Highway Department now are more
than $4,000,000 a year, which amounts to more than 25% of the depart¬
ment's total annual State income.
An issue of $6,250,000 was sold this
summer.
NORTH MANKATO (P. O. Mankato) Minn.—BOND SALE DETAILS
—In connection with the sale of the $10,000 park and playground bonds to
the State Board of Investments, mentioned in these columns recently—
V. 143, p. 3671—it is reported
as 3s and mature from July 1,
by the City Clerk that, the bonds were sold
1942 to 1951.
ST. CLAIR CONSOLIDATED SCHOOL DISTRICT NO. 146 (P. O.
St. Clair), Minn.—BOND SALE—The $25,000 issue of refunding bonds
offered
on Dec. 9—V. 143, p. 3671—were awarded to the Charles A. Fuller
of Minneapolis, as 2Ms, at par, plus a premium of $127, equal to
100.508, a basis of about 2.16%.
Harold E. Wood & Co. of St. Paul
offered a premium of $126 for 2Ms.
Dated Jan. 1, 1937.
Due on Jan. 1
as follows:
$2,000, 1938 to 1942; and $3,000 1943 to 1947.
Co.
WILLMAR, Minn.—CERTIFICATE SALE- The $8,000 issue of 4%
street improvement certificates of indebtedness offered for
semi-annual
sale
Dec. 7—V. 143, p. 3671—was purchased by the Board of Sinking
Commissioners, paying a premium of $262.00, equal to 103.27, a
Dated Dec. 1, 1936.
Due $2,000 from Dec. 1, 1937
on
Fund
basis of about 2.67%.
to 1940 incl.
§250,000 each onBoston. 15Delivery will be1937. Payable at the National
Sept.
and Oct. 14, made at the bank
hawmut Bank,
about
on
or
Dec. 14.
Said notes will be authenticated as to genuineness and
validity by The
National Shawmut Bank of Boston, under advice of
Storey, Tnorndike,
Palmer & Dodge, of Boston, and all legal papers incident to this issue will
be filed with said bank, where they may be
inspected.
MISSISSIPPI MUNICIPALS
Bought—Sold—Quoted
Schorff L Jones
SALEM, Mass.—NOTE SALE—The $300,000 revenue anticipation
temporary loan notes offered on Dec. 9 were awarded to the Second National
Bank of Boston on a .209% discount basis.
The Bankers Trust Co. of
New York bid .24% discount, plus $11
premium. Dated Dec. 10, 1936.
Due $100,000 on each of the dates Sept. 6, Oct. 6 and Nov.
5, 1937.
TAUNTON,
Mass.—NOTE OFFERING—Lewis
A.
Hodges,
City
Treasurer, will receive sealed bids until 3 p. m. on Dec. 15 for the purchase
at discount of $300,000 revenue
anticipation notes of 1936.
Dated Dec. 16,
1936.
Denoms. $25,000, $10,000 and $5,000.
Due in instalments of
$100,000 each on June 16, July 15 and Aug. 20, all in 1937.
These notes
be
will
engraved
under
the
supervision of the First National Bank of
Boston.
This bank will guarantee the signatures and will certify that
the notes are issued by virtue and in pursuance of an order of the
Municipal
Council, the validity of which order has been approved by Storey, Thorndike, Palmer & Dodge of Boston.
The legal papers incident to this issue
be filed with the First National Bank of
Boston, where they may be
inspected.
Notes will be delivered on or about Wednesday, Dec. 16,
1936, at the First National Bank of Boston, 17 Court Street Office, Boston,
Mass., for Boston funds, and are payable in Boston at maturity.
Bids by telephone or telegraph will be
accepted.
will
Uncollected
Year—
Tax Levy Dec. 7, 1936
$1,439,552.79
$395,045
1,540,249.79
186,983
1,532.452.22
14,747
1936
1935
1934
WATERTOWN, Mass.—NOTE SALE—The $250,000 revenue antici¬
pation notes offered on Dec. 9 were awarded to the Second National Bank
of Boston on a .247% discount basis.
Leavitt & Co. of New York bid
.285%.
Due $50,000 May 17, 1937, and $100,000 on each of the dates
Sept. 15 and Oct. 15, 1937.
WEBSTER, Mass.—NOTE SALE—An issue of $200,000
notes was awarded on Dec.
.54% discount basis.
on a
9 to
tne
revenue
Due Nov. 20, 1937.
Other bidders
Name—
were:
Discount Rate
Faxon, Gade & Co., Boston
Worcester County Trust Co
loan
Merchants National Bank of Boston
.59%
.65%
.66%
...
First National Bank of Boston
,
Premium
$2.00
....
INCORPORATED
A. T. T. TEL. N. O.
180
TELEPHONE RAYMOND 1189
New Orleans
MISSISSIPPI
CANTON SEPARATE SCHOOL DISTRICT (P. O. Canton), Miss.
—BOND SALE—An $80,000 issue of 3)4% semi-ann. school bonds is
to have been
said
by
syndicate composed of the
National
(A loan
In this amount has been purchased by the Public Works Administration.)
purchased
on
Dec.
1,
a
Leland Speed Co.; J. S. Love & Co., both of Jackson, the First
Bank & Trust Co., and J. G. Hickman, Inc., both of Vicksburg.
CARTHAGE
SPECIAL
CONSOLIDATED
SCHOOL
DISTRICT
(P. O. Carthage), Miss.—BONDS VOTED—It is stated by the President
recently the issuance of
$50,000 in school bonds by a wide margin. He says that no date of sale
has been fixed as yet.
Due in 20 years.
of the Board of Trustees that the voters approved
P CLEVELAND, Miss.—BOND SALE— The $125,000 general obligation
sewer bonds offered for sale on Dec. 3—V. 143, p. 3671—were awarded to
C. H. Little & Co. of Jackson, as 3 Ms, paying a premium of $1,210, equal
to 100.96, a basis of about 3.41%.
Due serially over a period of 25 years
as follows:
$3,000 annually during the first five years; $5,000 during the
next 10 years and $6,000 annually during the remainder of the 25 year
period. The purchaser is said to have agreed to pay the cost of legal opinion
and the printing of the bonds.
COLUMBUS, Miss.—BOND SALE—The four issues of refunding bonds,
aggregating $65,000, offered for sale on Dec. 1—V. 143, p. 3188—were
awarded to the Whitney National Bank of New Orleans, and the First
National Bank of Memphis, jointly, as 3s,
paying a premium of $157.50,
equal to 100.242, a basis of about 2.97 %. The bonds are divided as follows:
$29,000 street intersection bonds. iDue from Feb. 1, 1942 to 1951.
10,000 general city bonds.
Due from Feb. 1, 1955 to 1958.
18,500 street improvement bonds.
Due from Feb. 1, 1942 to 1950.
7,500 water, sewer and fire extension bonds.
Due from Feb. 1, 1952 to
1954.
It is stated that the date of the bonds was changed from Feb. 1, to Jan.
We
Buy for Our Own Account
COPIAH
MICHIGAN
MUNICIPALS
Cray, McFawn & Company
DETROIT
Telephone CHerry 6828
COUNTY
(P. O. Hazlehurst) Miss.—BOND SALE—The
$68,000 issue of First Supervisors Road District refunding bonds offered
on Dec. 7—V. 143, p. 3355—was awarded to the Whitney National
Bank of New Orleans, as 4Ms, paying a premium of $1,000, equal to
101.47, according to the Clerk of the Board of Supervisors.
for sale
BONDS NOT SOLD—It is also stated by the above Clerk that the $56,000
agricultural high school refunding bonds offered at the same time, were
not
A. T. T. Tel. DETJ47
1,
1937.
sold.
LAUREL, Miss.—BOND SALE—The $71,000 issue of refunding bonds
offered for sale
on Nov. 18—V. 143, p. 3188—was purchased by the First
Bank of Memphis, Tenn., as 3Ms, paying a premium of $150,
equal to 100.211, according to Mayor G. W. Hosey. Coupon bonds dated
Dec. 1, 1936.
Denom. $1,000.
Due serially, without option.
Interest
National
MICHIGAN
BAY
CITY, Mich.—BOND OFFERING—O. A. Kasemeyer, City Comp¬
troller,
will receive sealed bids until 4 p. m. (Eastern Standard Time) on
Dec. 14 for the purchase of $47,000 not to exceed 3% int. general obligation
emergency
bonds.
Dated Nov. 23, 1936.
Due Nov. 23 as follows:
$15,000 in 1937, and $16,000 in 1938 and 1939.
Prin. and semi-ann. int.
payable at the City Treasurer's office.
A certified check for 2% of the
bid
bids until 8 p.
incl.
—BOND SALE—The $250,000 issue of refunding bonds offered for sale on
Dec. 8—V. 143, p. 3671—was sold as 2.Ms, plus a premium of $100.00,
each proposal.
LAWTON, Mich.—BOND OFFERING—Abe Kole, Village Clerk, will
not
to
plant
Due
1954
m. on Dec. 15 for the purchase
of $23,000
4% interest coupon general obligation sewage treatment
Dated Dec. 15, 1936.
Registerable as to principal only.
15 as follows: $1,000 from 1937 to 1953 incl. and $2,000 from
exceed
bonds.
Dec.
to
1956
Principal and interest (J. & D. 15) payable at the
Village Treasurer's office, or, at holder's option, at the First National
Bank of Lawton.
A certified check for 2% of the price bid must accompany
each proposal.
Bids may bo made subject to approving legal opinion of
Miller, Canfield, Paddock & Stone of Detroit, to be furnished by the
village.
RIVER
WAYNE COUNTY
(P. O. Waynesboro), Miss.—BOND SALE—It is
Trigg, Clerk of the Chancery Court, that $25,000 5%
have been purchased jointly by Wiggins & Walton
of Jackson, and Leftwich & Ross, of Memphis, as 5s at par.
Denom. $1,000.
Dated Nov. 1, 1936.
Due on Nov. 1 as follows: $2,000, 1937 to 1948, and
$1,000 in 1949.
Legality approved by Charles & Trauernicht, of St. Louis.
must accompany
receive sealed
payable J. & D.
(This report corrects the sale notice given in these columns recently—
V. 143, p. 3671.)
ROUGE,
Mich.1—CERTIFICATES- CALLED FOR REDEMP¬
TION—Raymond J. Peters, City Clerk, announces that in accordance with
the city's option, the following numbered certificates of indebtedness of the
dated Jan. 1, 1934, have been called for redemption at the River
Rouge Savings Bank, River Rouge.
Interest on the liens will cease on and
The numbers are: 19, 21, 22, 32, 35, 36, 39, 41, 42,
52, 68, 70, 85, 86, 109, 111, 112, 136 and 188.
issue
after Jan. 5, 1937.
Northwestern
Minnesota, North and
Municipals
South Dakota, Montana,
stated
by Carlos
road refunding bonds
YAZOO-MISSISSIPPI LEVEE DISTRICT ^P. O. Clarksdale)
equal to
100.04,
Treasurer
of the
$150,000 in
a
basis of about 2.495%,
Board
of
Commissioners.
Miss.
according to the SecretaryDue $100,000 in 1952 and
1955.
MISSOURI
BETHANY, Mo.—BOND SALE—It is stated by the City Clerk that
$20,000 3% semi-ann. reservoir bonds approved by the voters at an elec¬
tion held on Nov. 27, have been sold.
Dated Nov. 23, 1936.
Due in five
years, optional on Sept. 1, 1938.
CLAY
COUNTY
PUBLIC
WATER
SUPPLY
DISTRICT
NO.
1
(P. O. North Kansas City), Mo.—BONDS SOLD—Of the $410,000 water
bonds authorized by the above district, as reported in our columns
last September—V.
143, p. 2091—an issue of $205,000
4H%
special
obligation water revenue bonds have been purchased by Brown, Schlessman, Owen & Co. of Denver.
Denom. $1,000. Dated Dec. 15, 1936. Due
from Dec. 15, 1941 to 1956 incl.
Prin. and int. (J. & D. 15) payable at the
United States National Bank of Denver.
Legality approved by Charles &
Trauernicht of St. Louis.
These bonds are payable solely from operating
revenue
revenues.
Oregon, Washington
ADDITIONAL BOND SALE—Also purchased by the above firm, and
was the $205,000 issue of 4% general obligation water revenue
bonds, also approved under authority of the Missouri Act of 1935. Payable
associates,
WELLS-DICKEY COMPANY
Telephone—Minneapolis Atlanta 4201
ype—Mpls287
MINNESOTA
BARNESVILLE, Minn.—BOND SALE DETAILS— It is now reported
by the City Clerk that the $10,000 sewage disposal plant bonds purchased
by the State of Minnesota, as noted here recently—V. 143, p. 3671, were
sold as 3s at par, and mature $1,000 from 1942 to 1951.
GRANGER COMMON SCHOOL DISTRICT NO. 130 (P. O.
Granger),
Minn.—BOND OFFERING—Harold Sikkink, Clerk of the Board of Edu¬
cation, will receive bids until 1p.m. Dec. 18, for the purchase of $4,000 4%
bonds.
Denom. $200 and $300.
Certified check for 5%, required.
MINNESOTA, State of—ADDITIONAL ROAD BONDS OPPOSED—
$62,847,107 now outstanding in Minnesota State highway bonds,
With
from
general taxes levied in the district.
ST. JOSEPH SCHOOL DISTRICT
(P. O. St. Joseph), Mo.—BOND
OFFERING—Sealed bids will be received until 7.30 p. m. on Dec. 14, by
T. E. Dale, Secretary of the Board of Education, for the purchase of
$60,000 coupon refunding bonds.
The bids must state a single rate of
interest which all the bonds are to bear, expressed in a multiple of M of 1 %.
No bid will be accepted for less than the entire amount or at less than the
par value of the bonds.
Denom. $1,000.
Dated Feb. 1, 1937.
Due on
Feb. 1, 1957.
These bonds are issued to provide funds for refunding of
previously voted bonds of a like amount.
Prin. and int. (F. & A.) payable
in lawful money at the Guaranty Trust Co., New York.
It is required
the amount of the bid be deposited with the said bank, where this
of bonds will be delivered and funded issue will be taken up; the
deposit check will there be returned.
The bonds will be certified by the
State Auditor and their validity attested by a decree of the Circuit Court
of Buchanan County.
A certified check for $2,500, payable to the district,
must accompany the bid.
that
issue
Financial
3878
of said City of Asbury Park, and the int. thereon, which are
and unpaid and to be due or to become due, determining the
MONTANA
Mont.—BOND SALE—A
MALTA,
offered
for sale
Dec.
on
$21,450
issue of city hall bonds
14.V4L_3355—was awarded to the First
8—V.
State Bank of Malta, as 4s, at par, according to T.J. Larson,
It is said that the bonds mature on the amortization plan.
City Clerk.
NASHUA, Mont.—BOND SALE—The two issues of bonds, aggregating
$50,000, offered for sale on Nov. 4—V. 143, p. 2888—were purchased by
the State of Montana, as 4s at par.
The bonds are described as follows:
$35,000 water supply and water works system construction bonds.
15,000 public sewer bonds.
Dated Nov. 1, 1936.
Due on the amortization plan.
SCOBEY, Mont.—BOND SALE DETAILS—M e are informed by the
City Clerk that the $30,000 refunding bonds purchased by the State Board
3 %&, as noted in these columns recently—V. 143,
of Land Commissioners, as
p.
3505—were sold at par on the amortization plan.
STEVENSVILLE, Mont.—BOND SALE—The $30,000 water works
improvement bonds offered on Dec. 7—V. 143, p. 3505—were awarded
to the State Board of Land Commissioners on a bid of par for 3 % % amorti¬
zation bonds, in the denomination of $5,000 each. Dated Dec. 1, 1936.
TETON
SCHOOL DISTRICT NO. 28 (P. O.
Dutton),
OFFERING DETAILS—In connection witn the offering
COUNTY
Mont.—BOND
15, by the District Clerk, of a $20,000 issue of school
bonds, report on which appeared in these columns in November—V. 143,
p. 3355—were we now in receipt of the following information:
Amortiza¬
tion bonds will be the first choice and serial bonds the second choice of the
school board.
However, whether amortization or serial bonds are issued,
scheduled for Dec.
they will be redeemable in full on any interest payment date from and after
five years from the date of issue.
A certified check for $2,000, payable to
the District Clerk, must accompany the bid.
WOLF POINT SCHOOL DISTRICT NO. 45 (P. O. Wolf Point),
Mont.—BOND OFFERING—E. I. Farrell, District Clerk, will receive
bids until 8p.m. Jan. 4, for the purchase of $15,000 gymnasium-auditorium
bonds on either an amortization or serial basis.
Sale will not be made at
less than par.
Dated Dec. 1, 1936.
Denom.
basis.
Certified check for $1,000, required.
$750 if sale is made on serial
BONDS
MUNICIPAL
NEBRASKA
OMAHA, DOUGLAS COUNTY, LINCOLN
AND OTHER NEBRASKA ISSUES
The National company
OF
Dec.
Chronicle
OMAHA
1936
12,
outstanding
amount due
creditor of the City, preparing and certifying to the governing
body of the City resolutions providing for the funding or refunding of
notes or bonds, or other indebtedness of said City, and the int. thereon,
which said Municipal Finance Commission may find after such public
hearing to be outstanding ana unpaid and to be due or to becomo due, and
for any other purpose authorized or required by Chapter 340 of the Laws
of 1931, as amended and supplemented."
j* *<4
to
any
ATLANTIC COUNTY, N. J.—STATE AGREES TO MAKE LOAN
INCIDENT
TO REFUNDING
PROGRAM—State
Treasurer William
Albrignt nas informed County Treasurer Enoch L. Johnson tnat the State
is ready to proceed with its part in tne projected refunding of the county's
bonded debt, wnich includes a loan of $553,000 in cash.
The money will
be used by the county to liquidate defaulted bond interest and to pay
principal and interest on the approximately $33,000 scrip still in circulation.
The State will accept $917,000 refunding bonds, wnicli will cover not only
defaulted county bonds neld by the sinking fund commission, but also
tne new cash loan of $553,000.
The refunding program, wnicn will involve
the exchange of $3,307,000 new bonds, is expected to be completed before
the close of the present year.
Practically all of the holders of bonds now
outstanding nave agreed to the plan and, in view of the action of the State
in agreeing to make a new loan, tnere would appear to be nothing in the
way of an early consummation of the program.
The refunding bonds will
mature serially from 1937 to 1950 inclusive. ^
-*• <
CAMDEN, N. J .—BOND SALE—The issue of $3,000,000 refunding bonds
on Dec. 10—V. 143, p. 3672—was awarded to a syndicate headed
by Lehman Bros, of New York, which bid a price of $2,850,100, equal to
95.003, for the 1945 to 1958 maturities as 3Ks. and those from 1959 to
1970, incl., as 3Hs.
Net int. cost to city 3.64%.
Other members of the
account are Blyth & Co., Inc.; Bancamerica-Blair Corp.; Stone <fe Webster
and Blodget, Inc., all of New York; Mercantile Commerce Bank & Trust
Co., St. Louis; E. H. Rollins & Sons, Graham, Parson & Co., Kean, Taylor
& Co., and Phelps, Fenn & Co., all of New York; Cassatt & Co., Philadel¬
phia; B. J. Van Ingen & Co., Inc., New York; J. S. Rippel & Co., Newark;
A. C. Allyn & Co., Inc., New York; O. C. Collings & Co., Philadelphia;
Hemphill, Noyes & Co., Campbell, Phelps & Co., Morse Bros. & Co.,
Inc., and Schlater, Noyes & Gardner, Inc., all of New York; Van Deventer,
Spear & Co., Newark; Hannahs, Ballin & Lee, Starkweather & Co., and
Lobdell & Co., all of New York; Dougherty, Corkran & Co., Philadelphia;
Colyer, Robinson & Co., Inc., Newark; Suplee, Yeatman & Co.. Phila¬
delphia and Welsh & Green of Chicago.
"
w
In re-offering the bonds, the successful syndicate priced the 3 Ms to yield
from 3.25% to 3.50%, according to maturity, while the 3)4s were offered
on a scale of from 3.55% to 3.70%.
The bonds are dated June 1, 1936
and mature Dec. 1 as follows: $30,000, 1945 and 1946; $40,000, 1947 to
1950, incl.; $80,000, 1951 to 1954, incl.; $95,000, 1955; $125,000, 1956 to
1963, incl.; $130,000, 1964; $190,000, 1965; $205,000 in 1966, and $210,000
from 1967 to 1970, incl.
As already noted above, the 1945 to 1958 bonds,
aggregating $1,010,000, bear 3)4% int. and the balance of $1,990,000,
due from 1959 to 1970, 3 )4 %
One other bid was submitted for the issue.
This was made by a syndicate
under the leadership of Stranahan, Harris & Co., Inc. of New York, which
agreed to pay a price of 95.04 for the 1945 to 1968 maturities to bear 3)4%
int., and those of 1969 and 1970 as 3)4*These terms figured a net int.
cost to the city of 3.6499%.
Associate members in this account were
George B. Gibbons & Co., Inc., Eldreiige & Co., H. L. Allen & Co., Charles
D. Barney & Co., Bacon, Stevenson & Co., Wilmerding & Co., all of New
York; E. Lowber Stokes & Co., Philadelphia; Morris Mather & Co., Chicago;
Minsch, Monell & Co., New York; Adams & Mueller, Newark; James H.
Causey & Co., New York; O. A. Preim & Co., Newark.
offered
■
A. T. & T. Teletype OMA 81
FIrat National Bank BIdg-
NEBRASKA
FAIRBURY,
Neb.—MATURITY—It
is now reported by the
City
Treasurer that the $30,000 3% semi-annual refunding bonds contracted for
by the First National Bank, and the Fairbury State Bank, as noted here
recently—V. 143, p. 3672—are due $10,000 anually in from one to three
years from date.
FURNAS COUNTY (P. O. Beaver City), Neb.—PRICE PAID—It is
now reported by the County Clerk that the $35,000 2)4 % semi-ann. re¬
funding bonds purchased by the First Trust Co. of Lincoln, as noted here
recently—V. 143, p. 3672—were sold for a premium of $275, equal to
100.78, a basis of about 2.11%. Due $7,000 from Dec. 1,1941 to 1945 incl.
NEBRASKA, State of—HEARING SCHEDULED ON SURETY BOND
LAW—Tae State Supreme Court is reported to have set for hearing on
Dec. 10, an appeal involving the constitutionality of a law passed in 1935
which gives the State a monopoly on tne writing of all public official bonds.
Tne law is reported to have been upneld, save on one immaterial feature,
by tne District Court.
junction proceedings.
NEBRASKA
CITY,
The enforcement of it has been held up by in¬
Neb.—BONDS
CALLED—Ethel
Gaskill,
City
Clerk, is said to have called recently a $13,000 issue of 4% sewer bonds,
dated Dec. 1, 1931.
F STROMBERG, Neb.—BOND
SALE DETAILS—G. E. Ekstrand, City
Clerk, reports that the $31,000 refunding bonds purchased by local banks,
as noted here recently—V. 143, p. 3505—were sold as 3Ms at par, and ma¬
ture on Nov. 1 as follows: $4,000, 1937 to 1945, and $3,000, 1946; callable
after Nov. 1, 1937.
;
F
,
Neb.—BOND ELECTION—A proposed $21,000 park bond
be submitted to the voters at an election scheduled for Dec. 28.
GUTENBERG, N. J.—PROPOSED BOND I SSL E—The Town Council
recently passed on final reading an ordinance providing for the issuance
of $69,000 3)4 % refunding bonds pursuant to P. L. 1935, C 77|as amended.
Purpose of the issue is to take up $68,000 5% tax revenue notes of 1935
maturing Dec. 31, 1936.
The bonds will be dated Dec. 1, 1936, and
mature Dec. 1 as follows: $4,000 in 1939 and $5,000 from 1940 to 1952,
incl.
Interest payable J. & D.
HACKENSACK,
HAMPSHIRE
NEW
H.—BOND SALE—The First National Bank of
Boston recently purchased an issue of $85,000 3% incinerator bonds at a
price of 101.90.
Dated Sept. 1, 1936 and due serially from 1937 to 1956.
MANCHESTER,
H. L. Alls Company
Hoyt.
City
10, the sale of which was
KEYPORT, N. J.—BOND SALE—The Borough Council has authorized
the issuance of $120,000 4%
bonds to the Keyport Banking Co. and the
Peoples National Bank of Keyport to take up a like amount of 6% notes
now held by the banks.
MADISON, N. J.—BOND OFFERING—John H. Talmadge, Borough
Clerk, will receive sealed bids until 8 p. m. on Dec. 14 for the purchase of
$23,000 not to exceed 4% interest coupon or registered refunding bonds of
1936.
Dated Dec. 1, 1936.
Denom. $1,000.
Due Dec. 1 as follows:
$3,000 in 1937, and $4,000 from 1938 to 1942 incl.
Rate of interest to be
expressed in a multiple of )i of 1%.
Prin. and int. payable at the First
National Bank, Madison.
A certified check for 2% must accompany
each proposal.
Legal opinion of Hawkins, Delafield & Longfellow of New
York City will be furnished the successful bidder.
was
$1.
for 2-7333
Telephot
N. Y. 1-528
A. T. & T.
M.
MATAWAN, N. J.—BOND SALE—An issue of $56,000 refunding bonds
sold recently to the Matawan Bank as 3 Ms. at par plus a premium of
The Farmers & Merchants National Bank of Matawan offered to pay
par for 3Ms. Other bids were made by B. J. Van Ingen & Co., Inc., Colyer,
Robinson & Co., Newark, and Leach Bros., Inc., New York City.
:ipal Bonds
New Jersey
OFFERING—Ethel
(This issue was originally offered on Nov.
postponed.)
N.
inclusive.
J.—BOND
successful bidder.
WAHOO,
issue will
N.
Clerk, will receive sealed bids until 8 p. m. on Dec. 15 for the purchase
of $400,000 not to exceed 3)4% interest coupon or registered sewer bonds.
Dated Sept. 1, 1936.
Denom. $1,000.
Due Sept. 1 as follows: $10,000,
1937 to 1941, incl.; $15,000, 1942 to 1945, incl.; $10,000, 1946 to 1948,
incl.; $15,000 from 1949 to 1964, incl., and $10,000 in 1965 and 1966.
Bidder to name a single interest rate on all of the bonds, expressed in a
multiple of )4 of 1%.
The price for which the bonds may be sold cannot
exceed $401,000.
Principal and interest (M. & S.) payable at the Hackensack Trust Co., Hackensack.
A certified cneck for $8,000, payable to
the order of the city, must accompany eacn proposal.
The approving
opinion of Reed, Hoyt & Washburn of New York City, will be furnished the
New York
100 Broadway
MORRISTOWN, N. J .—BOND SALE—The $221,000 coupon or reg¬
istered refunding bonds offered on Dec. 4—V. 143, p. 3505—were awarded
to Adams & Mueller of Newark on a bid of 100.31 for $221,000 2>£s, a
basis of about 2.20%.
Dated Dec. 1, 1936.
Due June 1 as follows:
$15,000, 1937 to 1944; $20,.000, 1945 to 1948, and $21,000, 1949.
MUNICIPAL BONDS
New Jersey
(P. O. Paterson), N. J.
Secretary of the Commission, will
PASSAIC VALLEY WATER COMMISSION
—NOTE
and General Market Issues
OFFERING—P.
L.
Troast,
receive sealed bids until 3 p. m. on Dec. 15 for tne purchase of $100,000 not
to exceed 6% interest water revenue notes.
Dated Dec. 21,1936. Denoms.
suit purchaser.
Due $50,000 on Feb. 21 and on March 21,1937.
Bidder
of interest, expressed in a multiple of )i or l-10th of 1%.
Payable at tne Second National Bank, Paterson.
A certified cneck for
2% of tue notes bid for, payable to the order of the Commission, must ac¬
company each proposal.
The notes will be valid and legally binding
obligations of the Passaic Valley Water Commission, payable only from
receipts on account of fees, rentals and charges made or to be made by tne
Commissoin for tne sale of water.
Tne opinion of Hawkins, Delafield &
Longfellow of New York to this effect will be furnished the successful
to
B. J. Van Ingen & Co.
17
WILLIAM
A.
T.
&.
STREET,
T.:
N.
Y
N. Y.
Telephon
Newark Tel.:
1-730
:
Inc.
John 4-6364
Market 3-3124
to name one rate
bidder.
$55,000 Town of West New York, N. J. 4y2s
Due December 1,
1938-40
-
to yield
2.25%-2.75%
Colyer, Robinson $ Company
INCORPORATED
1180
Raymond Blvd., Newark
New York Wire:
REctor 3-2055
NEW
MArket 3-1718
A. T. & T. Teletype
NWRK 24
JERSEY
ASBURY PARK, N. J—DEBT HEARING ON DEC. 14—George C.
Skillman, Secretary, announces that the Municipal Finance Commission,
functioning in and for the above city, will conduct a public hearing at the
State Auditor's office in the State House, Trenton, on Dec. 14, at 11 a. m.,
"for the purpose
of determining the notes or bonds, or other indebtedness
ROSELLE PARK,
N. J.—BOND OFFERING—Charles E. Renton,
Borough Clerk, will receive sealed bids until 8:30 p. m. on Dec. 23, for
4)4% interest coupon or registered
refunding bonds of 1936, part of an authorized issue of $314,000.
Dated
Dec. 1, 1936.
Denom. $1,000.
Due Dec. 1 as follows:
$5,000 from 1937
to 1941, incl.; $10,000 from 1942 to 1952, incl. and $15,000 in 1953. Bidder
to name one rate of interest, expressed in amultiple of Hot 1 %.
Principal
and interest (J. & D.) payable at the Roselle Park Trust Co., Roselle
Park.
A certified check for 2% must accompany each proposal.
Legal
opinion of Hawkins, Delafield & Longfellow of New York will be furnished
the purchase of $150,000 not to exceed
-4
the successful bidder.
NEW
SANTA
FE,
N.
M.—BOND
MEXICO
SALE—The
$75,000
coupon
municipal
building bonds offered on Dec. 5—V. 143, p. 3034—were awarded to
Bosworth, Chanute, Loughridge & Co. of Denver and the Wells-Dickey Co.
of Minneapolis, jointly.
The $23,000 bonds maturing from 1939 to 1944
are to bear interest at 2)4% and the remainder is to bear a 2^%.
The
purchasers are paying a premium of $30.75, a price equal to 100.041.
The
Volume
Financial
143
Chronicle
Harris Trust & Savings Bank of Chicago was second high, offering a premium
of $217 for 2^s.
Dated Jan. 1, 1937.
Due on Jan. 1 as follows: $3,500,
1939 and 1940, and $4,000, 1941 to 1957.
NEW
MOREAU, (Town of), N. Y.—BOND OFFERING—J. Harold Black¬
burn, Town Clerk, will receive bids at the office of John W. Nichols, Sara¬
toga Springs, until 10 a. m. Dec. 14 for the purchase at not less than par
of $37,000
coupon, fully registerable, general obligation, unlimited tax,
,
tax
equalization bonds.
Bidders are to name rate of interest, in a multi¬
ple of H%or l-10th%, but not to exceed 5%.
Denom. $1,000.
Dated
Dec. 1, 1936.
Prin. and semi-ann. int. (June 1 and Dec. 1) payable at the
National Bank & Trust Co., Glens Falls, in New York exchange.
Due
$5,000 yearly on Dec. 1 from 1937 to 1942; and $7,000 Dec. 1, 1943.
Cert,
check for $750, payable to the town, required.
Approving opinion of
Clay, Dillon & Vandewater of New York will be furnished by the town.
YORK
BINGHAMTON, N. Y.—BOND SALE—The $230,000
regis¬
Dec. 10—V. 143, p.
tered bonds described below, which were offered on
3673—were awarded to Rutter & Go. of New York on
a
1.40s, a basis of about 1.34%:
$200,000 flood control bonds.
Dated Dec. 1, 1936.
Due $20,000 on Dec. 1 from 1937 to 1946, incl.
coupon or
bid of 100.31 for
Denom. $1,000.
Interest payable
*
J. & D.
Dec. 17 for the purchase of
$150,000 not to exceed 4% interest, coupon or registered school bonds of
1936.
Dated Aug. 1, 1936.
Denom. $1,000.
Due $5,000 on Aug. 1 from
1938 to 1967 incl.
Bidder to name one rate of interest, expressed in a mul¬
tiple of M or l-10th of 1%.
Prin. and int. (F. & A.) payable at the Highland-Quassaick National Bank & Trust Co., Newburgh, or at the option
of the holder, at the Chase National Bank, New York City.
A certified
check for 2% must accompany each proposal.
The approving opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
Principal and semi-annual interest payable at the City Treasurer's office.
Salomon Bros. & Hutzler of New York bid 100.27 for 1.40s.
^BUFFALO SEWER AUTHORITY (P. O. Buffalo), N. Y.—BOATdS
PUBLICLY OFFERED—A syndicate composed of B. J. Van Ingen & Co.,
Inc.; Bacon, Stevenson & Co.; Roosevelt & Weigold, Inc.; George B.
Gibbons & Co., Inc. and A.M. Kidder & Co., all of New York, also Sage,
Rutty & Steele of Rochester, recently purchased and is now making public
reoffering, at prices to yield from 2.20% to 3.15%, a block of $3,358,000
4% series of 1936 coupon, registerable as to principal only, or fully registerable upon payment of a fee, sewer construction bonds.
A similar amount
was offered at public sale on May 4, at which time no bids were received.
bonds
now
were then
offered
sold at par to the Public Works Administration.
successful bidder.
Financial Statement
Assessed valuation (incl. real estate and special franchises)
Total bonded debt (incl. present issue) —
Population, 1930, Federal
The
part of an authorized issue of $15,000,000 and are
are
YORK, N. |Y.—WORLD'S FAIR BONDS OFFERED FOR INNew York World's Fair 1939
was offered on Dec. 9 by the New York World's
Fair 1939 Inc., Empire State Bldg., N. Y. City, for general public sub¬
scription, priced at par and accrued interest.
They are fully registered
debentures in denom. of $100, $500, $1,000 and $10,000.
Debentures
will be sold thorugh a subscription agreement providing for payment either
(a) as a whole on or before Jan. 1,1937, or (b) in partial amounts as follows:
10% on or before Jan. 1, 1937; 20% on May 1, 1937; 20% on Oct. 1, 1937;
20% on April 1, 1938; 20% on July 1, 1938, and 10% on Oct. 1, 1938.
Due on Jan. 1, 1941.
Redeemable, at the otpion of the Fair corporation
and on 30 days' notice, as a whole at par and accrued interest, or in part
Incorporated debentures
>ated Dec. $195.
£remium of 15, 1936. Due June 15, 1937. of New York bid .60% int.
The National City Bank
prorata.
CORTLANDT (P. O. Peekskill), N. Y.—BOND OFFERINGS. Mien
Mead, Town Clerk, will receive sealed bids until 2:30 p. m. on Dec. 15 for
$43,000 not to exceed 6% interest coupon or registered
Varplanck Water District bonds.
Dated Dec. 1, 1936.
Denoms. $1,000
and $500.
Due Dec. 1 as follows: $2,000 from 1939 to 1955, incl., and
$1,500 from 1956 to 1961, incl.
Bidder to name one rate of interest, ex¬
pressed in a multiple of
of 1 %.
Principal and interest (J. & D.) payable
at the Westchester County National Bank, Peekskill. with New York
exchange.
The bonds are general obligations of the town, and, although
payable primarily from taxes to be levied on all property in the district,
allAof the town's taxable property is subject to the levy of unlimited ad
valorem taxes in order to provide for payment of both principal and interest
on the issue.
A certified check for $900, payable to the order of the town,
must accompany each proposal.
The approving opinion of Clay, Dillon &
Vandewater of New York will be furnished the successful bidder.
ONEIDA
COUNTY (P. O. Rome).
N. Y.—INCREASE IN TAX
been fixed at $9,286 per $1,000 of
valuation, as compared with the present rate of $9.05.
The
higher rate is due to a sharp decline in the assessed valuation of taxable
property.
The new valuation is $215,973,968 or $2,082,197 less than
that in the present year.
The budget has been reduced by $9,158.12.
assessed
PELHAM
PORT OF NEW YORK AUTHORITY, N.
Y.—BOND OFFERING—
sealed bids until 10:30 a. m.
$10,000,000 3% fourth series,
general and refunding bonds.
Dated Dec. 15, 1936.
Due Dec. 15, 1976.
Subject to redemption prior to Dec. 15, 1950, only through the operation
of the sinking fund.
Subject to this limitation, redeemable in whole or
in part, at the option of The Port of New York Authority, on interest
payment dates, at 103% beginning on Dec. 15, 1941, and thereafter on
or before Dec. 15,1945; at 102% thereafter and on or before Dec. 15, 1950;
at 101 % thereafter and on or before Dec. 15, 1955; and at 100% thereafter
to maturity.
Payments will be made into the "Fourth Series, 3%, Due
176, Sinking Fund," commencing in 1941.
Tne moneys in the sinking
fund will be
FREEPORT, N. Y.—BOND OFFERING—Howard E. Pearsall. Village
Clerk, will receive sealed bids until 2 p. m. on Dec. 14 for the purchase of
$109,000 not to exceed 5% interest coupon or registered bonds, divided as
follows:
$64,000
sewer force main bonds.
Due Dec. 1 as follows:
$3,000 from 1938
to 1949 incl., and $4,000 from 1950 to 1956 incl.
45,000 series B fire nouse bonds.
Due Dec. 1 as follows:
$2,000 from
1938 to 1949 incl., and $3,000 from 1950 to 1956 incl.
Each issue is dated Dec. 1, 1936.
Denom. $1,000.
Bidder to name
one rate of interest on all of the bonds, expressed in a
multiple of H or 1-10
of 1%.
Principal and interest (J. & D.) payable at the Freeport Bank,
Freeport, with New York Excnnage.
The bonds are general obligations
of the village, payable from unlimited taxes.
A certified check for $2,180,
payable to the order of the village, must accompany each proposal.
The
approving opinion of Clay, Dillon & Vandewater of New York City will
be furnished the successful bidder.
OFFERING—
Arthur J. Kreutzer, Town Supervisor, will receive sealed bids until 10.30
a. m. on Dec. 16 for the purchase of $137,000 not to exceed
4% interest
bonds, divided as follows:
$50,000 emergency relief bonds, issued to fund an equal amount of tem¬
porary notes.
Due July 1 as follows: $5,000, 1938 to 1943 incl.:
$9,000, 1944; $8,000 in 1945. and $3,000 in 1946.
50,000 public works bonds, issued to purchase materials incident to Works
Progress Administration projects.
Due July 1, as follows: $5,000.
1938 to 1943 incl.; $6,000 in 1944, and $7,000 in 1945 and 1946.
37,000 refunding water bonds, issued to refund portions of instalments of
water bonds issued to provide water systems in the South
Hunting¬
ton and Greenlawn Water Districts.
Original bonds will be issued
for a term of 20 years or less, and through refunding the debt will
be distributed over a longer term but within life or the improve¬
ments.
The bonds will be payable primarily from a levy on
property in the water districts or extensions thereof.
They will
N
'•
mature July 1 as follows: $5,000, 1948 to 1950 incl.; $8,000. 1951
$1,000, 1952; $11,000 in 1953 and $2,000 in 1954.
All three issues will be dated Jan. 1, 1937.
Denom. $1,000.
Bidder
to name one interest rate on the entire $137,000
bonds, expressed in a
multiple of \i of 1-10 of 1%.
Principal and interest (J. & J.) payable at
the Huntington Station Bank, Huntington Station, with New York ex¬
change.
The bonds are general obligations of the town, payable from
unlimited taxes.
A certified check for $2,740, payable to the order of the
town, must accompany each proposal.
The approving opinion of Clay,
Dillon & Vandewater of New York, will be furnished the successful
bidder.
on
bonds are general obligations of the village, payable from unlimited taxes.
A certified check for $900, payable to the order of the village, must accom¬
pany each proposal.
The approving opinion of Clay, Dillon & Vandewater
of New York City will be furnished the successful bidder.
page xx.
,J
QUASSAICK BRIDGE FIRE DISTRICT (P. O. Newburgh M. D.),
New York .—BOND OFFERING—Joseph Ceasar, District Secretary, will
16 for the purchase at not less than par, of
$3,700 coupon, fully registerable, general obligation, unlimited tax, fire
apparatus bonds.
Bidders are to name rate of interest, in a multiple of
H%t but not to exceed 5%.
Denom. 4 for $700 and 1 for $900. Dated
Dec. 1, 1936.
Prin. and semi-ann. interest (Mar. 1 and Sept. 1) payable
at Columbus Trust Co., Newburgh, in New York exchange.
Due $700 on
Mar. 1 in 1937, 1938, 1939 and 1940, and $900 Mar. 1, 1941.
receive bids until* noon Dec.
QUOGUE, N. Y.—BOND SALE—The issue of $5,000 coupon or
registered property purchase bonds offered on Dec. 4, was awarded to the
Suffolk County National Bank of Riverhead, as 2}4s»
a Price of 100.10,
a basis of about 2.46%.
Dated Dec. 1, 1936.
Due $1,000 on July 1,
from 1937 to 1941, inclusive.
ROCHESTER, N. Y.—TAX RATE HIGHER—The 1937 tax rate has
been fixed at $27.44 per $1,000 of assessed valuation, an increase of $1.56
over the present rate of $25.88.
Moreover, the Monroe County tax rate
provides for a levy against city property of $9.79 per $1,000, as against the
present figure of $6.91, the increase being $2.88.
Thus, property in the
city "will be assessed for city and county purposes in 1937 at $37.23 per
$1,000, an increase of $4.44 over the present rate.
MALVERNE, N. Y.—BOND OFFERING—Albert J. Brown, Vilage
Clerk, will receive sealed bids until 4 p. m. on Dec. 11. for the purchase of
$37,000 not to exceed 6% interest coupon or registered street paving and
drainage bonds.
Dated Dec. 1, 1936.
Denom. $500.
Due Dec. 1 as
follows:
$3,500 from 1937 to 1941, incl.; $3,000 from 1942 to 1946, incl.,
and $500 from 1947 to 1955, incl.
Bidder to name one rate of interest on
all of the bonds, expressed in a multiple of M or l-10th of
1%. Principal
and interest (J. & D.) payable at the Bank of Malverne, with New York
exchange.
A certified check for $750, payable to the. order of the village,
must accompany each proposal.
The bonds are general obligations of the
village, payable from unlimited taxes.
The approving legal opinion of
Clay, Dillon & Vandewater of New York, will be furnished the successful
MI NO A, N. Y.—BOND OFFERING—Lawrence V. Ferstler,
Village
Clerk, will receive sealed bids until noon on Dec. 16 for the purchase of
$45,000 not to exceed 6% interest coupon or registered sewerage system
and water disposal bonds.
Dated Oct. 1, 1936.
Denom. $1,000.
Due
Oct. 1 as follows: $2,000 from 1937 to 1951 incl. and $1,000 from 1952 to
1966 incl'.
Bidder to name one rate of interest on all of the bonds, expressed
in a multiple of M or l-10th of 1%.
Principal and interest (A. & O.) pay¬
able at the First National Bank, Minoa, with New York exchange.
The
applied to the retirement of the bonds of tne fourth series by
purchase or call.
Coupon bonds will be issued in the denom. of $1,000,
registerable as to principal or as to both principal and interest, and when
so registered reconvertible into coupon form upon payment of a nominal
fee.
Principal and semi-annual interest (June 15 and Dec. 15) payable
at the principal offices of the paying agent or agents.
Exempt, in the opinion of counsel, from Federal and New York State
income taxes.
Legal, in the opinion of counsel, for investment in New
York and New Jersey for State and municipal officers, banks and savings
banks, insurance companies, trustees and other fiduciaries, and eligible
for deposit with municipal officers or agencies in New Jersey and New York
for any purpose for which bonds of such States, respectively, may be
deposited, and with permission of the Comptroller eligible to secure certain
deposits of funds of the State of New York.
The above bonds form part of $22,000,000 general and refunding bonds,
Fourth Series, 3%, due 1976, authorized (1) to raise funds for Midtown
Hudson Tunnel construction purposes, and (2) to refund outstanding bonds
of the following issues, to wit:
George Washington Bridge (series B)
bonds, Bayonne Bridge (series O) 4% bonds, Inland Terminal
(series D) 4\i% bonds, and Holland Tunnel (series E) 4&% bonds.
The proceeds of the present sale are to be applied to thb construction of the
second (north) tube of the Midtown Hudson Tunnel.
The remaining
$12,000,000 of bonds are expected to be applied to refunding purposes.
A certified check for $200,000 must accompany each proposal.
All legal
proceedings incident to the issuance and sale of these bonds are subject
to the approval of Julius Henry Cohen, General Counsel for The Port of
New York Authority, and of Thomson, Wood & Hoffman, bond counsel,
N. Y. City.
Tne Port Authority will announce the acceptance of bids
at or before 6 q'clock in the afternoon of the day upon which bids are
received, and temporary bonds will be available for delivery within about
10 days thereafter.
(Official announcement of the above offering appears in an advertisement
O. Elizabethtown), N. Y.—BOND SALE—
The $100,000 coupon or registered highway bonds offered on Dec. 11—
V. 143, p. 3673—were awarded to Kean, Taylor & Co. of New York as
2Hs' at a price of 101.6783, a basis of about 2.075%.
Dated Dec. 1.
1936, and due $5,000 annually on Dec. 1 from 1937 to 1956 incl.
coupon or registered
Y.—NO OFFERING SCHEDULED—Gervas
Frank C. Ferguson, Chairman, will receive
Dec. 15 for tne purchase of all or none of
(P.
Y.—BOND
N.
on
will be furnished the successful bidder.
N.
MANOR,
Kerr, Village Clerk, reports that no offering of $17,000 refunding bonds
on Dec. 7, as previously reported.
They will be sold sometime
in January.
will be made
$500 in 1937 and 1938. and $1,000 from 1939 to 1943 incl. Bidder to name
one rate of interest on all of the bonds, expressed in a
multiple of M or
l-10th of 1%.
Principal and interest (J. & D.) payable at the Northville
Bank, Northville, with New York exchange.
The bonds are general obli¬
gations of the town, payable from unlimited taxes.
A certified check for
$150, payable to the order of the town, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York
City
Huntington),
York World s
RATE—The tax rate for 1936-1937 has
DAY (P. O. Conklingville), N. Y.—BOND OFFERING—Lorinda S.
Davis, Town Clerk, will receive sealed bids at the office of John W. Nichols,
404 Broadway, Saratoga Springs, until 10.30 a. m. on Dec. 14 for the pur¬
chase of $6,000 not to exceed 5% interest coupon or registered tax
equaliza¬
tion bonds.
Dated Dec. 1, 1936.
Denom. $500.
Due Dec. 1 as follows:
O.
■
(Full details on this offering can be secured from the New
Fair Bond Sales Committee, 41 Broad St., N. Y. City.)
the purchase of
(P.
—$41,046,200
3,667,344
31,240.
VESTMENT—A $27,829,500 issue of 4%
BUFFALO, N. Y.—CERTIFICATE SALE—'The $1,900,000 tax antici¬
pation certificates of indebtedness offered on Dec. 8,—V. 143, p. 3673—were
awarded to Halsey, Stuart & Co., the Bancamerica-Blair Corp. and Ladenburg, Thalmann & Co., all of New York, on a .50% interset basis, plus a
HUNTINGTON
census,
NEW
part of the total of $8,250,000 authorized to date by the authority, of which
all but $500,000 have been sold.
The block of $3,358,000 bear date of
June 1, 1936 and mature June 1 as follows:
$80,000, 1940 to 1944, incl.;
$100,000 from 1945 to 1949, incl.; $120,000, 1950 to 1954, incl.; $160,000,
1955 to 1959, incl.; $200,000, 1960 to 1963, incl. and $258,000 in 1964.
ESSEX COUNTY
NEWBURGH, N. Y.—BOND OFFERING—William J. Blake, City Man¬
ager, will receive sealed bids until 2 p. m. on
30,000 airport bonds.
Dated Sept. 1, 1936.
Denom. $1,000.
Due
$6,000 on Sept. 1 from 1937 to 1941, incl. Interest payable M. & S.
The bonds
3879
SARATOGA, N. Y.—BOND OFFERING—William H. Smith, Town
Clerk, will receive bids at the County Attorney's office in Saratoga Springs
11 a. m, Dec. 14 for the purchase at not less than par of $29,000
coupon, fully registerable, general obligation, unlimited tax, tax equaliza¬
tion bonds.
Bidders are to name rate of interest, in a multiple of K % or
l-10th%, but not to exceed 5%.
Denom. $1,000.
Dated Dec. 1, 1936.
Principal and semi-annual interest (June 1 and Dec. 1) payable at the
National Bank of Schuylerville, in New York exchange.
Due $3,000 yearly
on Dec.
1 from 1937 to 1945; and $2,000 Dec. 1, 1946.
Cert, check for
$600, payable to the Town, required.
Approving opinion of Clay, Dillon
& Vandewater of New York will be furnished to the purchaser.
until
*
TROY,
N.
Y.—PROPOSED
BOND
issue $60,000 bonds, due in 20 years.
used for
preliminary fees
$10,000
to
on the
finance purchase
new
of tax
ISSDES—The city proposes to
Of the proceeds, $50,000 would be
high school building and the other
computing equipment for the city
treasurer's office.
UTICA, N. Y.—BOND SALE—The $165,678.79 bonds described below,
which were offered on Dec. 10—V. 143, p. 3674—were awarded to Schaumburg, Rebhann & Lynch of New York, as 1
at par, plus a premium of
$196.21, equal to 100.118, a basis of about 1.22%:
Financial
3880
$76,724.41 delinquent tax bonds.
One bond (typewritten) in amount of
$724.41, others $1,000 each.
Due Nov. 1 as follows: $16,724.41
in 1937 and $15,000 from 1938 to 1951, incl.
Interest payable
semi-annual.
46,954.38 deferred assessment bonds.
One bond (typewritten) in amount
of $954.38, others $1,000 each.
Due Nov. 1 as follows: $2,954.38
in 1937; $4,000 on 1938, and $5,000 from 1939 to 1946, incl.
Interest payable annually.
42,000.00 public improvement bonds.
Denom. $1,000.
Due Nov. 1
as follows: $6,000 in 1937 and $9,000 from 1938 to 1941, incl.
Interest payable semi-annually.
All three issues will be dated Nov. 1, 1936.
Salomon Bros. & Hutzler of New York offered a premium of $133.21 for
lMs.
Chronicle
BUTLER
of
offered
on
Dec.
8—V.
143,
chased
an
issue of $7,000 3% fire truck bonds, due
Hamilton),
O.
Ohio—BOND SALE— The
due.
come
assessment bonds.
Denom. $1,000, $500 and 1 for
$481.79.
Due on Dec. 1 as follows: $1,481.79, 1938; and
$1,000 in each of the years from 1939 to 1957; except in 1941,
1944, 1947, 1950, 1953 and 1956, in which years $1,500 will
due.
come
„
14,669.66 special assessment bonds.
Due
p.
WATERFORJ), N. Y.—BOND SALE—The Bank of Waterford has
(P.
23,481.79 special
3674—were
awarded to the National City Bank of New York on a .27% interest basis,
plus a $27 premium.
The Chemical Bank & Trust Co. of New York were
next high, bidding .30% interest, plus a premium of $11.
Dated Dec. 10,
1936.
Due Sept. 10, 1937.
indebtedness
COUNTY
12, 1936
$85,434.96 bonds offered on Dec. 8—V. 143, p. 3507—were awarded to
Pohl & Co., Inc., Cincinnati, as 2Ms. at a price of 100.08, a basis of about
2.24%.
The sale consisted of:
$47,283.51 special assessment bonds.
Denom. $1,000, except one for
$283.51.
Due on Dec. 1 as follows: $2,283.51, 1938; and $2,000
in each of the years from 1939 to 1957, except in 1941, 1944,
1947, 1949, 1951, 1954 and 1957, in which years $3,000 will
UTICA, N. Y.—CERTIFICATE SALE—The $500,000 tax anticipation
certificates
Dec.
Dec.
on
1
as
^
Denom. $750, except one for $419.66.
$419.66, 1938; and $750, 1939 to
follows:
1957, inclusive.
1936.
Dated Nov. 1,
im¬
Nov. 1,
CANTON, Ohio—BOND SALE—An issue of $14,371.32 3% street
provement bonds will be sold to the Sinking Fund Trustees. Dated
1936. One bond for $1,371.32, others $1,000 each. Due Nov. 1 as
pur¬
follows;
$1,371.32, 1938; $1,000, 1939; $2,000, 1940; $1,000, 1941; $2,000,
$1,000, 1943; $2,000, 1944; $1,000, 1945; $2,000, 1946; $1,000 in
Principal and interest payable at the City Treasurer's office.
serially from 1938 to
1941, incl.
WEST SENECA FIRE DISTRICT NO. 1 (P. O. Gardenville), N. Y.
—BOND SALE—The $13,000 coupon or registered, general obligation,
SCHOOL
CIRCLEVILLE
unlimited tax, fire hall bonds offered on Dec. 1 were awarded to the Manu¬
facturers & Traders Trust Co. of Buffalo, as 3Ms, at a price of 100.28, a
basis of about 3.43%.
Dated Nov. 1, 1936 and due Nov. 1 as follows:
DISTRICT,
1942;
1947.
Ohio—BOND OFFERING
Dec. 8 (not Dec. 9)
CANCELED—The district has canceled the offering on
of $50,000
3507.
$2,000 from 1938 to 1943, incl. and $1,000 in 1944.
not to exceed 4% interest
The funds required have
school building bonds.—V. 143, p.
been obtained through the sale of one-year
1M% notes.
CLEVELAND,
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
to 100.25:
_
$250,000 general sewer bonds at 2M%
Oct. 1 from 1938 to 1962.
KIRCHOFER
T. T. TELETYPE
A
.
nnn
Due $10,000 yearly on
^
,
on
Dated Dec. 1,1936. Principal and semi-annual infce rest
(April 1 and Oct. 1) payable at the Irving Trust Co. in New York.
Otis & Co. and Johnson, Kase & Co. of Cleveland and Edward Lowber
Stokes & Co. of Philadelphia combined to submit the second high bid,
offering a premium of $788.50 for bonds at the same interest rates as named
Denom. $1,000.
INCORPORATED
RALEIGH, N. O.
interest.
100,000 city's portion paving and sewer bonds at 3% interest.
Due
Oct. 1 as follows: $9,000, 1938 to 1947. and $10,000, 1948.
ARNOLD
&
$350,000 bonds described
143, p. 3358—were awarded to
plus a premium of $875, equal
Ohio—BOND SALE—The
below, which were offered on Dec. 10—V.
Phelps, Fenn & Co. of New York, at par,
RLGH 80
in the successful bid.
NORTH
CAROLINA
ELIZABETH TOWNSHIP RURAL SCHOOL DISTRICT
(P. O.
Casstown), Ohio—BOND OFFERING—Eugene Herman, Clerk of the
bids until noon Dec. 21 for the purchase
at not less than par of $28,000 3M% school building improvement bonds.
Denom. $700.
Dated Jan. 1, 1937.
Interest payable semi-annually.
Due $700 each six months from April 1, 1938 to Oct. 1, 1957.
Certified
check for $500, payable to the Board of Education, required.
ASHEBORO, N. C.—NOTE SALE—A. $30,000 issue of bond antidpa-
tion notes is said to have been purchased by the First Citizens
Trust Co. of Smithfield, at 2%, plus a premium of $1.13.
Dated Dec.
1, 1936.
Due
on
Board of Education, will receive
Bank &
June 1, 1937.
GUILFORD COUNTY (P. O. Greensboro), N. C.—BOND OFFERING
—Sealed bids will
be received by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, until 11 a. m. on
LIBERTY
Prin. and int. payable in lawful money in New York City.
to 1960.
LYME TOWNSHIP RURAL SCHOOL
Ohio—BOND SALE
award of the bonds.
Delivery at place of purchaser's choice.
No bid of less than par and ac¬
crued interest will be entertained.
The approving opinion of Reed, Hoyt
& Washburn of New York, will be furnished the purchaser.
A certified
check for $2,000, payable to the State Treasurer, must accompany the bid.
LYNCHBURG, Ohio—BOND
bonds offered
HERTFORD, N. C.—BOND OFFERING— Sealed bids will be received
a. m. (E. S. T.) on Dec. 15, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase of
15, 1937.
ROCKY MOUNT, N. C.—BOND ISSUANCE APPROVED—The Local
Commission is reported to have approved the issuance of
$43,000 in refunding bonds.
DAKOTA
Bottineau County,
District Clerk, will
Dec. 16 at the office of the County Auditor in
Bottineau, for the purchase of $2,000 certificates of indebtedness, which
are to bear interest at no more than 7 %.
Denom. $1,000.
Dated Dec. 16,
1936.
Interest payable semi-annually.
Due $1,000 on Dec. 16 in 1937
and 1938.
Certified check for 5% of amount of bid, required.
receive bids until 2 p. m.
McLEAN COUNTY (P. O.
Washburn), N. Dak.—BONDS DEFEATED
Nov. 3 the voters are stated to have defeated
—At the general election on
the issuance of $65,000 in highway bonds.
i
SISSETON, N. Dak.—PWA ALLOTMENT APPROVED— It is reported
by the City Auditor that the city has decided to accept a loan of $44,000
and a grant of $36,000, for water works improvements, proffered by the
Public Works Administration.
OHIO
MUNICIPALS
-
700 CUYAHOGA BUILDING,
AKRON
CINCINNATI
SPRINGFIELD, Ohio—BOND SALE—An issue of $100,000 indebted¬
liquidating bonds has been sold to the Sinking Fund Trustees as 2Ms.
of par.
Dated Dec. 1, 1936.
Due $25,000 on Sept. 1 from 1938
SPRINGFIELD
OHIO
coupon water
143, p. 3357—was awarded
to Saunders, Stiver & Co. of Cleveland.
Dated Sept. 1, 1936, and due
Sept. 1 as follows: $860 in 1939 and $1,000 from 1940 to 1945 incl.
on
Dec. 7—V.
BRIDGEPORT, Ohio:—BOND SALE—The $9,800 street improvement
Nov. 30—Y. 143, p. 3358—were awarded to the Bridgeport
National Bank, as 4s, at par, plus a premium of $20, equal to 100.204, a
basis of about 3.96%.
Dated Sept. 1, 1934.
Due $700 each six months
bonds offered
on
from March 1,
1939 to Sept. 1, 1945, incl.
Saunders, Stiver & Co. of Cleveland inform us that they submitted a
better bid than the one on which the award was made, offering a premium
of $76.46 for 3 Ms, but that, even though they complied with the Notice of
Sale, putting up the required certified check and agreeing to
attorneys' fees, the award was made to the Bridgeport bank.
at a price
1941
to
incl.
TOLEDO,
Ohio—FAVORS REVENUE BOND LEGISLATION— City
State Legislature to amend
Council recently adopted a resolution urging the
general code providing for the issuance of mortgage bonds for the pur¬
chase of electric light plants.
The resolution asked revision of the law to
permit bonds of that nature to be issued outside of present limitations and
to be payable from revenues of the utility.
the
TOLEDO
SCHOOL
DISTRICT,
Ohio—BOND SALE— The issue of
$550,000 school building bonds offered on Dec. 5 was awarded on Dec. 7
to a group composed of Field, Richards & Shepard, Inc., Cleveland; Van
Lahr, Doll & Isphording, Inc., Cincinnati, and Nida, Schwartz & Seufferle,
Inc. of Columbus, as 2Ms, at par, plus a.premium of $6,550, equal to
101.19.
In furnishing us with a complete list of the bids submitted for the
issue, prior to the sale, May P. Foster, Clerk-Treasurer of the Board of
Education, stated that the award would be deferred pending a decision by
the Court of Appeals as to whether the Board could sell a block of $280,000
school bonds.
A decision favorable to the district has apparently been
list of the other bids
2% %:
Premium
Ryan, Sutherland & Co., Toledo, Ohio; Stranahan, Harris & Co.,
Toledo, Ohio; Braun, Bosworth & Co., Toledo Ohio
$4,605.00
Seasongood & Mayer, Cincinnati, Ohio
$4,565.85
Graham, Parsons & Co., New York, N. Y.; Edward Brockhaus
& Co., Cincinnati, Ohio; Bohmer, Reinhart & Co., Cincinnati,
Ohio; Middendorf & Co., Cincinnati, Ohio; Lowry, Sweney, Inc.,
Columbus, Ohio
$3,173.50
Mitchell, Herrick & Co., Cleveland, Ohio; McDonald, Coolidge
& Co.; Cleveland, Ohio; Otis & Co., Cleveland, Ohio; Johnson,
Kase & Co., Cleveland, Ohio
$2,327.00
Prudden & Co., Inc., Toledo, Ohio; The First Cleveland Corp.,
-
ARLINGTON, Ohio—BOND SALE—The issue of $6,860
main assessment bonds offered
ness
Bidder
CLEVELAND
COLUMBUS
$17.00
5*10
OHIO (State of)—1937 DEFICIT PLACED AT $21.000,000—Carlton
Dargusch, Vice-Chairman of the State Tax Commission, recently esti¬
State of Ohio would face a deficit of $21,000,000 at the
end of next year, exclusive of poor relief requirements.
His prediction
contrasts with a recent assertion of Governor Martin L. Davey that Ohio
would need no new taxes in the next biennium.
The estimated deficit includes $6,000,000 in the school foundation pro¬
gram this year, a similar amount next year, $11,000,000 loss to tax revenues
through exemption of food from State sales tax and $4,000,000 deficit In
old age pension funds.
rendered by the court.
The following is a complete
for the bonds, all of which named an interest rate of
MITCHELL, HERRICK & CO.
CANTON
Premium
4H%
5M%
[•OBERLIN, Ohio—BOND OFFERING—H. A. Broadwell, Village Clerk',
will receive sealed bids until noon on Jan. 5 for the purchase of $11,000 5%
fire truck and station bonds.
Dated Jan. 1, 1937.
Denom. $1,000.
Due Jan. 1 as follows: $2,000 from 1939 to 1942 incl., and $3,000 in 1943.
Principal and interest (J. & J.) payable in Oberlein.
A certified check for
10% must accompany each proposal.
N.
•
_
Int. Rate
mated that the
Government
NORTH
Due $300 anually
(P. O. Dayton), Ohio—BOND SALE—
The $340,000 refunding bonds offered on Dec. 10—V. 143, p. 3675—were
awarded to an account composed of Seasongood & Mayer; Assel, Goetz &
Moerlein, Inc.; Pohl & Co., and Nelson, Browning & Co., all of Cincinnati,
as 2Ms, at par plus a premium of $2,196.95, equal to 100.646, a basis of
about 2.43%.
Dated Dec. 1, 1936 and due $17,000 each six months from
Dec. 1, 1941 to June 1, 1951.
POINT, N. C.—BONDS AUTHORIZED—The City Council is
CARBURY SPECIAL SCHOOL DISTRICT NO.50,
Dak.—CERTIFICATE OFFERING—Anton Wall,
of par.
MONTGOMERY COUNTY
said to have authorized on Nov. 30 the issuance of $3,171,750 in hydro¬
electric power plant bonds. A court ruling as to the legality of these bonds
is expected shortly.
dated Sept. 15, 1936, and mature on Feb.
SALE—The $3,000 road improvement
awarded to the Farmers
Saunders, Stiver & Co
Bliss, Bowman & Co
No bid of less than par and accrued interest will be entertained.
The
approving opinion of Storey, Thorndike, Palmer & Dodge, of Boston, will
be furnished the purchaser.
A certified check for $300, payable uncondi¬
tionally to the order of the State Treasurer, must accompany the bid.
are
$35,000
original time, to
instead of Dec. 2,
Dec. 5—V. 143, p. 3507—were
Bidder—
$15,000 issue of coupon refunding street improvement bonds.
Denom.
$1,000. Dated June 1,1936. Due $1,000 from June 1,1937 to 1951 incl. Prin.
and int. (J. & D.) payable in lawful money in New York City.
Delivery
at place of purchaser's choice.
Interest rate is not to exceed 6%, stated
in multiples of ^ of 1%.
No bid may name more than two rates for the
bonds and each bid must specify the amount of bonds of each rate.
The
lowest net interest cost to the town will determine the award of these bonds.
a
j
reported by the City Clerk
on
Exchange Bank of Lynchburg, as 3 Ms, at a price
on Nov. 1 from 1937 to 1946 inclusive.
Other bids were as follows:
until 11
now
DISTRICT (P.O. Monroeville).
POSTPONED—Date of sale of the issue of
school bonds has been changed from Dec. 15, the
Dec. 29.
Likewise, the bonds will be dated Jan. 1,1937,
1936, as originally contemplated.
4%
The lowest interest cost to the county will determine the
KINSTON, N. C.—MATURITY—It is
Jennings,
village, required.
The
that the $7,500 tax anticipation notes purchased by the Branch Banking &
Trust Co. of Wilson, at 2%, as noted here in October—V. 143, p. 2250—
OFFERING—Bryan
less than
bonds are registerable as to principal only.
Interest rate or rates to be
stated in multiples of M of 1%.
Not more than two rates may be named
in any one bid.
Each bid must specify the amount of bonds of each rate.
HIGH
Ohio—BOND
CENTER,
Village Clerk, will receive bids until noon Dec. 19 for the purchase at not
par of $15,000 4% water works system bonds.
Denom. $750.
Dated Dec. 1, 1936.
Interest payable semi-annually.
Due $750 yearly
on Oct. 1 from 1938 to 1957, incl.
Certified check for $150, payable to the
Dec. 15, for the purchase of an issue of $100,000 coupon road and bridge
refunding bonds.
Interest rate is not to exceed 6%, payable J. & D.
De¬
nom. $1,000.
Dated Dec. 1, 1936.
Due on Dec. 1 as follows: $3,000,
1941 to 1945; $4,000, 1946 to 1950; $6,000, 1951 to 1955, and $7,000, 1956
pay
the
Cleveland,
Ohio
-
Blyth & Co., Inc., Chicago, 111.; First of Michigan Corp.; Merrill,
Turben & Co., Inc_.!-I.-.l
777.77
489.50
WEBSTER TOWNSHIP RURAL SCHOOL DISTRICT,Wood County.
Ohio—BOND OFFERING—J. D. Philo, District Clerk, will receive bids until
Dec. 21 for the purchase at not less than par of $46,000 4% coupon
school building improvement bonds.
Denom. $500.
Dated Dec. 1, 1936.
Interest payable March 1 and Sept. 1.
Due $2,000 each six months from
noon
March
1, 1937 to March
the district, required.
1, 1948.
Certified check for $500, payable to
Volume
Financial
143
Chronicle
3881
premium of $1,440.45, equal to 101.06, a basis of about 1.94%.
Dated
Dec. 15, 1936 and due Dec. 15 as follows: $10,000, 1941;
$15,000, 1946;
$20,000, 1951; $25,000. 1956; $30,000 in 1961, and $35,000 in 1966.
a
$48,000
Oklahoma
EASTON, Pa.—BOND SALE—The $47,000 coupon, registerable as to
principal only, refunding bonds offered on Dec. 8—V. 143, p. 3507—were
awarded to E. W. Clark & Co. of Philadelphia, as lMs. at par plus a
County Road & Bridge
*H% & 5% due 1945 and 1946
Eremium of $217.99, equal
Established 1892
OKLAHOMA
FRANKLIN TOWNSHIP
CITY, OKLAHOMA
AT&T O. K. CY 19
100.46,
basis
of about 1.42%. Dated
>ec. 1, 1936, and due Dec. 1 to follows: a
as
$10,000, 1940 and 1941; $7,000 in
1942. and $10,000 in 1943 and 1944.
Edward B. Smith & Co. of Philadel¬
phia, second high bidders, offered a premium if $187.53 for lMs.
R. J. EDWARDS, Inc.
Long Distance 158
BOND SALE—The
(P. O. Waynesburg R. D. No. 2), Pa.—
$49,000 coupon bonds offered on Nov. 30—V. 143,
p. 3192—were awarded to S. K. Cunningham & Co. of Pittsburgh, as 2Ms,
at par, plus a premium of
$846.25, equal to 101.727, a basis of about 2.50%.
Dated Dec. 15, 1936.
Due Dec. 15 as follows:
$4,000 from 1938 to 1948;
OKLAHOMA
and
$5,000 in 1949.
Other bidders
were:
Name—
OKLAHOMA
COUNTY
CONSOLIDATED SCHOOL DISTRICT
NO. 1 (P. O. Oklahoma City), Okla.—BOND SALE—The
$23,000 issue
of school building bonds offered for sale on Dec.
3—V. 143,
3675—was
according to report.
p.
awarded to the Brown-Crummer Co. of Wichita,
Due $1,500 from 1941 to 1954, and $2,000 in 1955.
PONCA CITY,
Okla.—BOND OFFERING—Sealed bids will be re¬
ceived until 7 P. m. on Dec. 21, by C. E.
Norton, City Clerk, for the pur¬
chase of an issue of $175,000 electric
plant extension and improvement
bonds.
Said bonds shall be sold to the bidder
offering the lowest rate of
interest and agreeing to pay par and accrued interest
therefor.
Dated
Jan. 1, 1937.
Due on Jan. 1 as follows: $8,000, 1941 to 1961, and $7,000
Bidder will please place his bid in three
blocks, as follows:
in 1962.
(1) Tnis block shall comprise bonds numbered from 1 to 72,
incl., and
maturing from Jan. 1, 1941 to 1949, inclusive
(2) Tnis block shall comprise bonds numbered from 73 to
128, incl., and
maturing from Jan. 1, 1950 to 1956, inclusive.
(3) This block shall comprise bonds numbered from 129 to 175, incl., and
maturing from Jan. 1, 1957 to 1962, inclusive.
A certified check for 2% of the amount of the bid is
required with tender
PONCA CITY, Okla.—BONDS VOTED—At the election held on
Dec. 1
the voters are said to have approved the issuance
of $175,000 in not to
exceed 4% electric plant bonds by a wide
margin.
Int. Rate
Singer, Deane & Scribner, Philadelphia
H. Rollins & Sons, Philadelphia
Grover & MacGregor, Inc., Philadelphia
Edward Lowber Stokes & Co., Philadelphia
Leach Bros., Inc., Philadelphia
Premium
3%
2%%
E
$383.00
416.50
3%
991.17
3%
3%
246.47
100.15
HARRIS TOWNSHIP SCHOOL DISTRICT (P. O. Linden Hall), Pa.
—BOND
OFFERING—Charles
M.
Ross,
Secretary
of Board
of School
Directors, will receive bids
until 5 p. m. Dec. 30 for the purchase at not
less than par of $24,500 coupon,
registerable as to principal, bonds. Bidders,
are to name rate of
interest, making choice from 2%, 2M %, 2M%. 3%.
3M%,
3M%, 3M%. and 4%.
Denom. $500.
Dated Jan. 15. 1937,
Interest payable Jan. 15 and July 15.
Due Jan. 15 as follows: $1,000
1939 to 1949; and $1,500, 1950 to 1958, incl.
Cert, check for $490, payable
to the District Treasurer,
required.
HUNTINGDON
SCHOOL
DISTRICT,
Pa.—BOND OFFERING—
John C. Davis, President of the Board of
Directors, will receive bids until
2 p. m. Dec. 21 for the purchase of $30,000
3% coupon refunding bonds.
Denom. $1,000.
Interest payable Jan. 1 and July 1.
Cert, ehcck for 2%, required.
Due $2,000 yearly
from 1940 to 1954.
TTNSF6T?B"sCI?»tt£"b I gTRTcfr Pa .—BOND
OFFERING—Loubi
Ribe, District Secretary, will receive bids until 7:30 p. m., Dec. 14, for the
purchase at not less than par of $30,000 3M% improvement bonds.
Denom.
$1,000. Dated Feb. 1,1937. Interest payable Feb. 1 and Aug. 1. Certified
check for 2% of amount of bonds bid for,
payable to the district, required.
POTTSTOWN, Pa.—BOND OFFERING—The Borough
voted to call for bids to be received to 8
p. m.
Council has
Dec. 30 on an issue of $50,000
Eermanent 1M % to 3%. bonds. The interest rate is to be set in each
ids, from improvement Denom. $1,000.
Due $10,000 on Jan. 1 by the
of the years 1942, 1947. 1952, 1957 and 1962.
TIOGA COUNTY
(P. O. Wellsboro), Pa .—BOND OFFERING—
Harry E. Willard, Commissioners' Clerk, will receive sealed bids until 2p.m.
on Dec.
15, for the purchase of $60,000 M. M. 1. 1M. 1J4. IMor 2%
coupon, registerable as to principal only, funding bonds.
Dated Dec. 15,
1936.
Denom. $1,000.
Due $15,000 on Dec. 15 from 1937 to 1940, incl.
Bidder to name
OREGON
BAKER COUNTY SCHOOL DISTRICT NO. 31
(P. O. Baker), Ore.
•—WARRANTS CALLED—It is reported that school warrants
numbered
685
to
713
were
called
for payment
on
Nov.
ceased, at the First National Bank of Baker.
30,
on
CONDON, Ore.—NO BIDS RECEIVED—BONDS REOFFERED—Ther*e
were
no
bidders
for
the
$4,800 4% coupon city building bonds offered
Dec. 7—V. 143, p. 3507.
The bonds will be reoffered for sale on Dec. 21.
Denom. $500 and $400.
Dated Jan. 2, 1937.
Due as follows: $400 in
1938 and 1939, and $500, 1940 to
A certified check
rate of interest on all of the bonds.
RHODE
which date interest
on
one
for 2%, payable to the order of the County Treasurer, must accompany
each proposal.
The bonds will be issued subject to approving legal opinion
of Townsend, Elliott & Munson of Philadelphia.
ISLAND
NEWPORT, R. I.—NOTE SALE—The
on
Dec. 10
at
0.18% discount, plus
was
awarded to the Boston Safe
issue of $200,000 notes offered
Deposit & Trust Co. of Boston,
Dated Dec. 15, 1936 and due
Aug. 27, 1937.
Second high bid of 0.19% was made by the First National
Bank of Boston.
a
premium of $8.
■»
,
1947, inclusive.
Bids will be received until 8
p. m. on that date by Stewart Hardie, City
Recorder.
Principal and interest (J. & J.) payable at the fiscal
agency
of the City in New York. A certified
check for 5% of the bid, payable to
the city, is required.
EUGENE, Ore.—BOND SALE—The $1,135.90 improvement, series AK,
bonds which
were offered on Nov. 25—V.
143, p. 3358—were awarded to
O. Swan, of Eugene, at a price of
$1,151.50, equal to 100.48.
Dated
Nov. 25, 1936.
Due in 10 years, optional after one
year.
W.
GASTON, Ore.—BOND OFFERING—Sealed
bids will be received until
7:30 p. m. on Dec. 14, by Don E.
Schanck, City Recorder, for the purchase
or a $7,500 issue of
4% coupon sewer system bonds.
Denom. $500.
Dated
Dec. 1, 1936.
Due $500 from Dec. 1, 1937 to 1951;
optional after Dec. 1,
1941.
Principal and interest (J. & D.) payable in Gaston.
These bonds
were approved
by the voters on Dec. 20, 1935.
KLAMATH
FALLS,
Ore.—BOND
OFFERING—Sealed bids wiU be
received until 2 p. m. on Dec. 17 by Clifton
Richmond, Police Judge, for
the purchase of a $540,000 issue of
refunding bonds.
Interest rate is not
to exceed 4%, payable J. & J.
Denom. $1,000.
Dated Jan. 1, 1937.
Due on Jan. 1 as follows:
$50,000, 1938 to 1947, and $40,000 in 1948;
optional on Jan. 1, 1942.
The city reserves the right to reduce the
amount
of the issue to not less than
$530,000, in which case the amount will be
deducted from the last maturity.
The approving opinion of Teal, Winfree,
McCulloch, Shuler & Kelley of Portland will be furnished.
A certified
check for $11,000 must
accompany the bid.
BOND CALL—Ruth
Bathiany, City Treasurer, is said to be calling for
payment at the fiscal agency of the State in N. Y.
City, or at her office, on
Jan. 1, on which date interest shall
cease, the following improvement bonds:
Nos. 1 to 35, of series 65; Nos. 1 to 29, of series
66; Nos. 1 to 28, of series 67;
Nos. 1 to 28, of series 68, and Nos. 1 to
103,
69, all dated Jan. 1,
1930.
Also Nos. 1 to 139 of series 70; Nos. 1 to
of;series
to
160, of series 71; and Nos. 1
90, of series 72, all dated July 1, 1930.
MAPLEWOOD WATER DISTRICT (P. O.
Portland),
OFFERING— G. C. Johnson, 628 Railway
Exchange Bldg.,
receive blls until 8 p. m. Dec. 9 for the
purchase of an
4% general obligation bonds of the district.
check for $500, required.
Ore.—BOND
Portiand,
Certified
^ORANGEBURGrS^ C.—BOND~ CALL—LTF^TheiVmg7 City"Clerk
redemption on Jan. 1. j.937^ on which date interest shall cease:
15,000 5% electric light bonds.-Dated July 1, 1915.
Due on July 1, 1955.
15,000 5% water works bonds.
Dated July 1,1915.
Due on July 1,1955.
50,000 4M % sewerage bonds.
Dated Jan. 1, 1907.
Due on Jan. 1, 1947.
The electric light and water works bonds will be paid at
Hanover
Trust Co., Ne.v York, and the sewerage bonds at the Chase Na¬
(Central
Bank &
tional
Bank,
SOUTH
DAKOTA
T1WAGNER, S. Dak.—BOND SALE—The $28,000 issue of coupon re¬
funding bonds offered for sale on Dec. 4—Y. 143, p. 3508—was purchased
by the C. W. Britton Co. of Sioux City, Iowa, as 4Ms, paying a premium
of $375, equal to 101.339, a basis of about 4.07%.
Denom. $1,000.
Dated
Nov. 1,1936.
Due on Nov. las follows: $2,000,1940 to 1946; $4,000,1947,
and $5,000 in 1948 and 1949.
Interest payable M. & N.
WATERTOWN, S. Dak.—BONDS TO BE SOLD—It is stated by the
City Auditor that $4,700 4% semi-annual sewer bonds will be purchased at
by the Public Works Administration.
Denom. $1,000.
Dated Aug.
1, 1936.
Due as follows: $200, 1938 to 1947, and $300, 1948 to 1956.
Principal and interest (F. & A.) payable at the office of the City Treasurer
or at the Bankers Trust Co., New York.
par
WAGNER, S. Dak.—BOND SALE—The $28,000 funding and refunding
bonds offered on Dec. 4—V. 143, p. 3508—were awarded to C. W. Britton
Co. of Sioux City, as 4Ms, at par, plus a premium of $375, equal to 101.339.
MERRILL, Ore.—BOND SALE—The $15,000 general obligation bonds
on Nov. 5—V.
143, p. 3036—were awarded to the First National
Bank of Portland at 100.10 for 4s.
Dated Nov. 1, 1936.
Due from 1939
to 1953.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 5
(P. O. Collin
of school bonds offered for
sale on Dec. 4—V. 143, p. 3507—was awarded to A.
D. Wakeman & Co
of Portland, a i follows: $8,000 as 2 Ms,
maturing $1,000 from Dec 1 1739
to 1944, and $9,000 as 2Ms,
maturing $1,500 from December, *1945 to
1950, incl.
New York City.
VIRGIL, S. Dak.—BONDS SOLD—A $10,000 issue of 3% semi-annual
refunding bonds is reported to have been sold recently.
;
TENNESSEE
offered
View), Ore.—BOND SALE—The $17,000 issue
CAROLINA
reports that the following bonds aggregating $80,000, are being called for
will
issue of $12,000
Dated July 1,1936.
SOUTH
DILLON, S. C.—BONDS TO BE SOLD—It is stated by the Town Clerk
and Treasurer that the Public Works Administration had approved a loan
of $16,000 and a grant of $13,090 for a water works system and he states
that the bonds will be purchased by that Federal agency.
COLLIERVILLE, Tenn.—BOND SALE—The $42,000 issue of
coupon
sewer construction bonds offered for sale on Dec.
9—V. 143,
3677—was awarded jointly to the First National Bank, and the Federal
Securities Co., both of Memphis, as 3Ms, paying a premium of $125.
equal to 100.297, a basis of about 3.73%.
Dated Dec. 1, 1936.
Due from
Dec. 1, 1938 to 1967 inclusive.
sanitary
p.
GILES COUNTY (P. O.
The
Pulaski), Tenn.—BOJSUo AUTHORIZED—
Quarterly Court is reported to have authorized the issuance of $60,500
school bonds, to be supplemented by a Public Works Administration
in high
ALLEGHENY
grant.
pOUNTY, PA.
HAMILTON COUNTY (P. O.
Price: 109.475 & interest to net
2.30%
columns
recently—V. 143, p. 3359—to be used in connection with
Works Administration project to cost about $1,000,000.
LEWISBURG, Tenn.—BOND OFFERING—It is
lace, City Clerk, that he will offer for sale at 11 a. m.
Moncure Biddle & Co.
1520
Locust Street
Philadelphia
MOUNT
to have
CONSHOHOCKEN, Pa.—BOND SALE—The $135,000
coupon,
regis-
as to principal only, sewer bonis offered on Dec. 9—Y.
143, p. 3676
awarded to Edward B. Smith & Co. of New York, as 23, at par
plus
on
a
Public
by C. C. Wal¬
Dec. 28. a $30,000
impt. bonds.
Due $2,000 from July 1,
1937 to 1951, incl.
The town reserves the right to retire all or any of the
bonds prior to maturity.
Int. payable J. & J.
PENNSYLVANIA
—were
stated
issue of 4% coupon street and sewer
*"CHARLEROI 'SCHOOL
DISTRICT,
Pa
OFFERING—
Mrs. Janet C. Faddis, District Secretary, will receive bids until 8 p. m.
Dec. 15, forjthejpurchase of $45,000 coupon bonds.
Bidders are to name
rate of interest, in a multiple of M%. but not to exceed
3M%«
Denom.
$1,000.
Dated Dec. 1, 1936.
Interest payable June 1 and Dec. 1.
Due
$1,000 Dec. 1, 1937, and $2,000 yearly on Dec. 1 from 1938 to 1959, incl.
Certifiedicheck for $1,000, required.
terable
Chattanooga), Tenn.—BOND ISSU¬
ANCE APPROVED—The County Court is reported to have approved on
Nov. 30 the issuance of $400,000 in hospital bonds, mentioned in these
2%% Bonds due December 1, 1965
■h
PLEASANT, Tenn.—BONDS VOTED—The
voters
are
said
approved the issuance of $35,000 in auditorium and market house
bonds.
TEXAS
AUSTIN, Tex.—BOND SALE—An issue of $60,000 park and playground
bonds has been sold to the Capitol National Bank and Bowman, Roche
& Co. of Austin at a premium of $1,080, equal to 100.18.
BAY CITY, Texas—BONDS DEFEATED—.At the election held on
Dec. 1—V. 143, p. 3509—the voters defeated the proposal to issue $225,000
In light and power plant bonds, according to the City Secretary.
Financial
3882
SECURITIES
TEXAS
Industrial--Municipal—Utility
Chronicle
Dec.
12, 1936
payable at the City Treasurer's office.
The approving opinion of Reed,
Koyt & Washburn of New York, will be furnished.
These bonds are
issued pursuant to the State constitution and statutes and the City Charter,
pursuant to ordinances duly adopted by the City Council.
They will be
ready for delivery on or about Dec. 31 and will be delivered in any city
designated by the purchaser.
A certified check for 2% of the face value
of the bonds, payable to the city, must accompany the bid.
RAUSCHER, PIERCE & CO.
MAGNOLIA BUILDING,
NORTHWESTERN MUNICIPALS
DALLAS
A. T. & T. Teletype
L. D. 841
DLS 186
Washington
Oregon
-r-
—
Idaho
—
Montana
TEXAS
Ferris & Hardgrove
BEAUMONT, Texas—BOND SALE NOT SCHEDULED—We are ad¬
by the City Clerk that no date of sale has been specified as yet for
impt. bonds.
vised
CLARENDON, Texas—BOND CALL—-We are informed by Mae Shaver,
City Secretary, that the city is exercising its option and is calling for pay¬
ment at the Republic National Bank & Trust Co. of Dallas, on Jan. 15,
1937, on which date interest shall cease, all outstanding 6% water bonds
of-an issue dated July 1, 1922, which are numbered from 1 to 75 inclusive.
COLORADO COUNTY ROAD DISTRICT NO. 2 (P. O. Columbus),
Texas—BOND CALL—It is stated by Mrs. John Hunetka,
County
Treasurer, that in accordance with an order passed by the Commissioners*
Court on Nov. 28, the county is exercising its option and is calling for pay¬
Jan. 1, 1937. Nos. 1 to 4 and 25 to
56, of 5% % semi-ann. road bonds, dated July 1, 1918.
Denom. $1,000.
Due in 30 years.
Interest shall cease on said bonds on date called.
ment at the State Treasurer's office on
CORPUS
Texas— WATER
CHRISTI,
REVENUE
BONDS
DIS¬
CUSSED—C.'W. McNear & Co., Bankers Building, Chicago, have pre¬
pared a brief history of the water revenue situtation in Corpus Christi,
which, because of the broad distribution of these securities in recent years,
is felt to be of interest to investors.
This leaflet takas the reader through
the various stages of the water financing and discusses the general history
and economic status of the city as a whole in a clear, concise fashion.
We are also advised by the said company that thoy, in conjunction with
A. S. Huyck & Co., Inc., of Chicago, have underwritten a $1,243,000 first
mortgage water revenue issue, subject to the new set up going through.
EL PASO, Tex.—BONDS OFFERED TO PUBLIC—Boettcher & Co. of
Denver, and C, F. Childs & Co., of Chicago, jointly,
following bonds aggregating $163,000:
offering the
are
$40,000 3% refunding bonds.
Due from Jan. 1, 1938 to 1942.
48,000 3H% refunding bonds.
Due from Jan. 1, 1943 to 1948.
75,000 33-1% refunding bonds.
Due from Jan. 1, 1949 to 1957.
Dated Jan.
1,
DISTRICT (P. O. Fulbright), Texas—
BOND SALE DETAILS—It is now reported by the District Secretary that
the $10,000 building bonds, reported to have been sold recently—V. 143,
p. 3509-—were purchased as 5s by the Fulbright State Bank.
SCHOOL
DISTRICT NO. 2 (P. O. Kountze),
Texas—BOND SALE—An issue of $100,000 4% road bonds was sold re¬
cently to Donald O'Neal & Co. of Dallas at a price of 101.165.
HARDIN
COUNTY
ROAD
HIGHLAND RURAL HIGH SCHOOL DISTRICT NO. 8 (P. O.
Sweetwater) Texas—MATURITY—It is stated by the Superintendent of
Schools that the $50,000 high school bonds purchased by the State Board of
Education as 4s at par, as noted here recently—V. 143, p. 3509—are due
in 1966.
JEFFERSON COUNTY (P. O. Beaumont), Texas—BOND ELECTION
—A special election is said to be scheduled for Jan.
voters pass on the proposed issuance of $500,000 in
9 in order to have the
road impt. bonds.
ROXTON, Texas—BONDS VOTED—At an election held on Nov. 28
the voters are said to have approved the issuance of $50,000 in water and
sewer
bonds.
SOUR
M
WASH INGTON
Dec. 1, 1936.
Due as follows: $300, 1937 and 1938: $400, 1939 to 1944:
$500, 1945 to 1949; $600, 1950 to 1953: and $700, 1954, 1955 and 1956.
WEST VIRGINIA
CHARLESTON, W. Va.—BOND ELECTION—It is now reported that
be held on Dec. 29, noted in these columns recently—
V. 143, p. 3678—the voters will pass on the proposed issuance of $250,000
at the election to
in auditorium bonds.
MARTINSBURG, W. Va .—BOND SALE—An issue of $167,000 3%
semi-annual refunding bonds is reported to have been purchased by Young,
Moore & Co. of Charleston.
Dated Jan. 1, 1937.
Due from Jan. 1, 1940
to 1951.
WISCONSIN
COUNTY
(P. O. Madison), Wis.—BOND SALE CONTEM¬
PLATED—We are informed by Austin N. Johnson, County Clerk, that
although the $120,000 2% highway garage bonds have been approved by
the County Board, no date of sale has been set as yet.
Denom. $1,000.
DANE
Due on June 15 as follows: $40,000 in 1938, 1939 and
(J. & D. 15) payable at the office of the County
bonds, registerable as to principal in the County
Princ. and int.
Coupon
Treasurer.
Clerk's office.
DODGE
COUNTY
(P.
O.
Juneau), Wis.—BONDS TO BE SOLD—
We are informed by the County Clerk that an issue of $140,000 court house
bonds will be purchased by local investors.
HANEY (P. O.
Gays Mills) Wis.—BOND OFFERING—Stellh, Noone,
Town Clerk, will offer for sale at public auction on Dec.
11, at 2 p. m., a
$10,000 issue of 3% road bonds. Denom. $1,000. Dated Dec. 1, 1936. Due
$2,000 from March 1, 1938 to 1942 incl. Prin. and int. (M. & S.) payable
at the bank of Gays Mills. The bonds and legal opinion to be furnished by
the purchaser. A certified check for $100 must accompany the bid.
KENOSHA, Wis.—BOND SALE—The four issues of coupon refunding
bonds, aggregating $33,500, offered for sale on Dec. 4—V. 143, p. 3360—
was purchased by the Bancamerica-Blair Corp. as
23/^s^paying a premium
of $127.75, equal to 100.381.
The issues are divided as follows: $11,000
high school, 2d series of 1925; $10,000 school, series of 1929; $7,500 grade
separation, and $5,000 school, series of 1930, bonds.
Dated Dec. 15,1936.
Due on Dec. 15, 1951.
A bid of $560 premium on 2%s, tendered by Bonniwell, Neil & Camden,
of Chicago, was received too late for consideration.
LAKE
LAKE, Texas—BONDS SOLD—An issue of $100,000 road bonds
approved by the voters recently are stated to have been sold at a price of
101.165.
The bonds are said to have been approved by a count of 256 to 72.
PORTLAND
MEDICAL LAKE, Wash.—BOND SALE—The $10,000 water revenue
bonds offered on Dec. 1—V. 143, p. 3360—were awarded to the only bidder,
the Commercial State Bank of Oakesdale on a bid of par for 4s.
Dated
1940.
Legality to be approved by Chapman & Cutler
1937.
FULBRIGHT
1
Teletype—SEAT 191 Teletype—PTLD ORE 160
Teletype—SPO 176
Dated Dec. 15,1936.
of Chicago.
SEATTLE
SPOKANE
the purchase of $350,000
GENEVA, Wis.—BONDS DEFEATED—It is reported that the
voters defeated a
proposal to issue $100,000 in harbor improvement bonds
at an election held on Nov.
MERRILL,
22.
Wis.—BOND
OFFERING—Sealed
bids
be
will
received
Treasurer
until 4 p. m. on Dec. 15, by Otto A. Jahnke, City Clerk, for the purchase
of a $75,000 issue of refunding, second series bonds.
The bonds are being
the first in
offered at par at the lowest interest rates.
TEXAS, State of—WARRANT CALL—Call has been issued by State
Lockhart, for the payment of $1,771,469 general fund warrants,
a month, with a $14,415,830 deficit in the State general revenue
Treasurer Lockhart is reported to have said the warrants called for
fund.
payment, held for the most part by money lenders who specialize in handling
the warrants, included those issued to May 8 and included No. 147,742.
A continued gain
in the deficit was reported as it grew from $13,136,527
Nov. 5, to $14,415,830, Dec. 5. Each period set a new record in the amount
of the deficit which the auditor has forecast will reach $18,800,000 by
1939, unless remedial steps are taken by the Legislature.
The Confederate pension fund deficit is
$5,352,838, a total of $19,768,668.
October, 1935, will be purchased
have not been discounted, and
those issued through October, 1934, will be paid regardless of discount.
Warrants issued on the pension fund during
for the highway investment fund, if they
UNIVERSITY
PARK
(P.
O.
Dallas),
Texas—BOND
Denom. $1,000.
Dated Jan. 1,
1937.
Due $15,000 from Jan. 1, 1941 to 1945 incl.
Purchaser to furnish
printed bonds and legal opinion at his expense. No deposit is required with
.This notice supplements the offering report previously given in these
143, p. 3678.)
columns—V.
PESHTIGO, Wis.—BOND SALE—The $55,000 4% coupon grade and
high school bonds offered on Dec. 1—V. 143, p. 3510—were awarded to
T. E. Joiner & Co. and the Channer Securities Co., both of Chicago, at
par plus a premium of $1,015. equal to 101.845, a basis of about 3.82%.
Dated Oct. 1, 1936.
Due as follows: $1,500, 1940 to 1943; $3,000, 1944,
1945 and 1946, and $4,000, 1947 to 1956; optional after five years.
SALE— The
of
$65,000 municipal building bonds offered on Dec. 7—V. 143,
p. 3677—was awarded to the George V. Rotan Co. of Houston and Garrett
& Co. of Dallas, jointly, as 3s, at par plus a premium of $985, equal to
101.51, a basis of about 2.87%.
Dated Dec. 1, 1936 and due March 1 as
follows:
$3,000, 1938 and 1939; 1941 to 1943; 1945 to 1947; 1949 to 1951;
$4,000 from 1953 to 1955 incl. and $5,000 from 1957 to 1959 incl. and in
1961. Second high bid of par plus a premium of $900.90 for 3s was made by
Fenner & Beane of Dallas and Fox, Einhorn & Co. of Cincinnati, jointly.
issue
Canadian
WICHITA FALLS, Texas—REPORT ON DEPOSIT OF BONDS UNDER
PLAN—A special dispatch from the above city to the
'V
SB
1, more than $1,000,000 of municipal bonds of Wichita Falls
had been deposited under the refunding plan.
There are outstanding
$3,389,500 of city bonds, 75% of which must be deposited before the new
refunding paper is issued.
New refunding bonds are to be exchanged par for par for the present
outstanding bonds and, to the extent possible, will be delivered in their
numerical order to the holders of the original bonds in accordance with the
and
Markets
BRAWLEY, CATHERS & CO.
REFUNDING
"Wall Street Journal" of Dec. 7 is quoted in part as follows:
Municipals
Information
KING
ST.
WEST,
TORONTO
ELGIN 6438
On Dec.
The lowest number refunding bonds are to be delivered
maturity dates.
to
the
holders
of the earliest
COMMONWEALTH OF VIRGINIA Ref.
2^8
July 1, 1947 @ 1.70% basis & int.
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phono S-91S7
A. T. T. Tol. Rich. Va. 8$
VIRGINIA
CLEAR FORK DISTRICT (P. O. Tazewell) Va .—BOND ELECTION
—An election is reported to be scheduled for Jan. 5 to vote on the issuance
of $60,000 in school bonds.
DANVILLE. Va.—BOND OFFERING—Sealed bids will be received until
Dec. 21, by C. B. Strange, City Auditor and Clerk, for the purchase
noon on
of two issues of bonds
$85,000 street
aggregating $100,000, divided
improvement
bonds.
Due
$5,000
as
follows:
from
Dec.
Due
$1,000 from
1937 to
Dec.
1,
1937 to
1951 inclusive.
Denom. $1,000.
Dated Dec. 1, 1936.
Interest rate is not to exceed
4%, payable J. & D.
No bid will be considered except for the entire issue.
Interest rate to be expressed in multiples of H of 1 %.
Principal and interest
(P. O. Milton), Ont.—BOND SALE—An issue of
$5,000 3% improvement bonds has been sold to J. L. Graham & Co. of
Toronto at a price of 100.037, a basis of about 2.99%.
Due serially in
MANITOBA (Province of)—REARRANGES DRAINAGE DISTRICT
DEBTS—Readjustment of the drainage indebtedness of 27 Manitoba
drainage districts has been carried out by the Provincial Government in
a series of orders-in-council
implementing recommendations of the Drain¬
age Commission,
which reported to the 1936 Legislature, reports the
"Monetary Times" of Toronto of Dec. 5.
Capital debt of drainage dis¬
tricts is adjusted so that the Province assumes $1,782,817 and the munici¬
palities $2,180,224.
The municipalities will issue debentures to the Prov¬
ince for their share at terms varying from 3 to 30 years at 4 H %.
Eleven of the municipalities already have adopted the orders of the Gov¬
ernment and are preparing bylaws for the debenture issues.
The debt
assumed by these municipalities is
as
follows: Roland, $116,181; St.
Clements, $24,157; Westbourne, $406,923;
Gray, $258,086; Montcalm,
$26,350; Springfield, $87,804; Brokenhead, $111,061; Cartier, $65,888;
Dufferin, $99,643; Glenella, $91,864; Lakeview, $2,499; McCreary, $77,109:
Ochre River, $31,139.
These adjustments date from May 1, 1936
SORJEL, Que—BOND ISSUE DETAILS—'The $232,800 4% improve¬
bonds sold recently to Comptoir National de Placement, Ltd. of
Montreal, at a price of 98.58—V. 143, n. 3360, bear date of Dec. 15, 1936
and mature serially on Dec. 15 from 1937 to 1951 incl. Callable at par and
accrued interest at any time at the municipality's option.
Principal and
interest (J. & D. 15) payable in lawful money of Canada at the principal
offices of the bank inscribed on the bonds. Denom. $1,000, $500 and $100.
ment
Registerable as to principal only.
1,
1953 inclusive.
$15,000 school improvement bonds.
COUNTY
from 1 to 5 years.
maturing original bonds.
$100,000
Due
CANADA
HALTON
WESTMOUNT,
Que.—ADOPTS
1937
BUDGET—City
Council
has
adopted the 1937 budget, with revenues estimated at $1,351,115.86 and
expenditures at $1,346,330.30, leaving a surplus for the year of $4,785.56.
Mayor John Jenkins, who presided, expressed pleasure that next year's
budget had been balanced and that a surplus was in view,
v
With the 1937 assessment tax set at $13 per $1,000, estimated revenues
from general assessments total $872,100.86.
@FedFRASER