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DEC 21
V
ummenrict
COPYRIGHTED IN 1936 BY WILLIAM B. DANA COMPANY, NEW
YORK.
ENTERED AS 9ECOND-CLASS MATTER
JUNE 23, 1879, ATTHE POST OFFICE AT NEW YORK,
NEW YORK, DECEMBER 19,1936.
VOL. 143.
NEW YORK, UNDER THE ACT OF MARCH 3, 1379.
BROOKLYN TRUST
Chartered
George V.
NATIONAL BANK
1866
Kidder, Peadody & Go.
McLaughlin
NEW
OF
OF
CITY
THE
YORK
NEW
The chase is
BOSTON
YORK
President
tra-
ditionally a bankers' bank.
PHILADELPHIA
BROOKLYN
NEW YORK
For
Deposit
Corporation
Federal
Member
CHASE
THE
N
COMPANY
NO. 3730
William cor. Spruce Sts., N.Y.City
Insurance
it has
years
many
served
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
COMMERCIAL BANKERS SINCE 1852
reserve
'
WykEugoBank
and
®
Member Federal Deposit
Public
UnionTrustCo.
SAN
Bonds
FRANCISCO
Insurance Corporation
Utility
United States
Member Federal Deposit Insurance Corporation
RESOURCES OVER
''
t
Government
$200,000,000
Securities
c
Hallgarten & Co.
FIRST BOSTON
Ettablinhed 1850
CORPORATION
Brown Harriman & Co.
Incorporated
BOSTON
NEW YORK
NEW YORK
63 Wall Street,
CHICAGO
London
Chicago
AND OTHER
Boston
SAN FRANCISCO
PHILADELPHIA
PRINCIPAL CITIES
New York
Telephones BOwling Green 9-5000
Philadelphia
San Francisco
Chicago
Representatives in other leading Cities
throughout the United States
Wertheim & Co
The
120 Broadway
State and
New York
Amsterdam
London
NewYorkTrust
Municipal Bonds
Company
CARL M. LOEB &
61
CO.
Capital Funds
BROADWAY
.
.
$32,500,000
Barr Brothers & Co.
INC.
NEW YORK
Chicago
New York
Berlin
Amsterdam
Paris
London
ioo broadway
57TH ST. & FIFTH
AVE.
40TH ST. & MADISON
AVE.
United States Government
SECURITIES
EDWARD B. SMITH & CO.
PHILADELPHIA
Cleveland
New York
•
•
Pittsburgh
(5th Ave.)
•
State
New York
31 Nassau Street
BOSTON
•
Allentown
London
•
j
NEW YORK
-
Municipal
Industrial
European Representative s Office:
8 KING
Railroad
WILLIAM STREET
-
Public Utility
BONDS
Easton
LONDON, E. C. 4
*
Correspondent
Edward
Minneapolis
B. Smith & Co.,
CHICAGO
Inc.
St. Louis
Federal Reserve System,
York Clearing House Association
Member of the
the New
and of the
Federal Deposit Insurance Corporation
R.W.Pressprich&Co.
Members New York Stock Exchange
New York
Chicago
Philadelphia
San Francisco
1338
I
Financial
II
Dec.
Chronicle
19, 1936
BAKER, WEEKS
A. G. Becker & Co.
& HARDEN
Incorporated
Investment Securities
Established 189b
Members
J. & W. Seligman
New York Stock Exchange
No.
& Co.
Wall Street
54
New York Curb Exchange
Investment Securities
Philadelphia Stock Exchange
NEW
YORK
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
Graybar Building, New York
New York
London Correspondents
/
Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
Chicago
SELIGMAN
6
Lothbury, London, E. C. 2
Building, Amsterdam
52, Avenue des Champs-Elysecs, Pat.s
And Other Cities
BROTHERS
Bourse
Foreign
)«'
:
Australia and New Zealand
BANK
NEW
To Holders of
First
The
New
SOUTH
WALES
(ESTABLISHED 1817)
,
The Lake Erie and Western Railroad Company
OF
(Wltb which ar« amalgamated the Western Australian
Bank and The Australian Bank of Commerce, Ltd.)
Paid up Capital
Reserve Fund
Reserve Liability of Proprietors
Mortgage 5% Bonds due January I, 1937.
£8,780,000
6,150,000
8,780,000
York, Chicago and St. Louis Railroad Company,
in ownership of the properties formerly owned by The
Erie and Western Railroad Company, has offered to
£23,710,000
successor
Lake
holders of the above bonds the
opportunity to extend the maturity
thereof to January 1, 1947, with interest at the rate
annum.
Holders of bonds accepting this offer will
of 3%
per
be paid, at
Che time of the issuance of a Receipt of The New York, Chicago
and St. Louis Railroad Company evidencing the deposit thereof,
interest due January 1, 1937 (although such deposit may be prior
to the due date of such interest), and a sum equivalent to V/z%
of the
principal amount of each bond deposited. For the further
terms and conditions of extension you are referred to a letter
dated December 12, 1936, addressed by The New York, Chicago
and St. Louis Railroad Company to the holders of the bonds,
to which is annexed a form of Extension Agreement to be dated
January 1, 1937, which The New York, Chicago and St. Louis
Railroad Company will execute and deliver to holders of bonds
who accept the offer of extension.
Since the offer of extension provides for the
deposit of bonds
Corporate
for exten¬
sion on or before January 1,1937, holders of bonds who have not
received a copy of the above letter should procure the same with¬
out delay.
Copies are available at said office of Guaranty Trust
Company of New York, or at the office of the undersigned,
Terminal Tower, Cleveland, Ohio.
with Guaranty Trust Company of New York, Agent,
Trust Department, 140 Broadway, New York, N. Y.
The New
Aggregate Assets 80th Sept., 1935_ £111,559,000
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
transacts
every
description
tralasian Banking
Business.
Produce Credits arranged.
Wool
of Aus¬
and
other
Head Office:
London Office:
George Street,
29 Threadneedle
SYDNEY
Street, E.C. 2
Agents Standard Bank of South Africa
New York
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chief Office in New Zealand: Wellington
Sir James Grose, General
Manager
Moorgate, London, E. O. 2, Eng.
Subscribed Capital.
£6,000,000
Head Offloe: 8
Paid up
Capital
£2,000,000
Reserve
Fund
£1,000,000
Currency Reserve
The
Bank
conducts
every
£500,000
description of banking
business connected urtth Nets Zealand.
Correspondents throughout the World
London Manager, A. O. Norwood
York, Chicago and St Lonis Railroad Company
By
W.
J. Harahan,
President.
December 14, 1938
New York, N. Y.
To Holder* of
The Lake Erie and Western Railroad Company
First Mortgage
5% Bonds due January 1,1937.
Referring to the above extension offer of The New York,
Chicago and St. Louis Railroad Company, the undersigned have
offered to purchase at the principal amount and accrued interest,
bonds which have not been extended by the holders thereof and
which are tendered for sale on or before January 1, 1937.
For
the further terms upon which bonds will be purchased you are
referred to the offer of the undersigned, appended to the abovementioned letter of The New York, Chicago and St Louis Rail¬
road Company. Copies of such letter and offer are also available
at the offices of the undersigned.
Edward B. Smith & Co.
31 Nassau Street New York, N. Y.
December 14. IBM
New York, N. Y.
Hong Kong & Shanghai
BANKING CORPORATION
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.
Authorised Capital (Hongkong
Currency) HJ50.000.000
Paid-up Capital (Hongkong Currency)._HJ20.000.000
Reserve Fund In Sterling
£0.600.000
Reserve Fund in Silver (Hongkong Cur¬
rency).
Reserve
HJ10 000 000
....
Liability of Proprietors
C.
DE
72 WALL
'
(Hong-
kong Currency)
'
HJ20.000.000
C.
HUGHES, Agent
STREET, NEW YORK
NATIONAL BANK OF INDIA, LIMITED
Bankers
to the
Government in Kenya Colony
and
Head Office:
Uganda
26, Bishopsgate, London, E. C.
Branches
in India, Burma,
Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
Paid Up Capital
Reserve Fund..;
£4,000,000
£2,000,000
£2,200,000
The Bank conducts every
description of banking
and exchange business
Trusteeships and Executorships also
undertaken
financial
w
onttmrrW f
V
No. 3730
DECEMBER 19,1936
Vol. 143
CONTENTS
Editorials
PAGE
3883
Financial Situation
The
A
Proposed Era of Good Feeling
_____3896
-3897
...
Happy Escape at Buenos Aires
Comment and Review
Gross
for
Week
Net
and
Earnings
of United States
October
the
on
Railroads
—3899
...
European Stock Exchanges...
Foreign Political and Economic Situation
and
Foreign Exchange Rates
Comment
3887
3888
3892 & 3940
—
3903
Course of the Bond Market..
3904
..3886
Indications of Business Activity
Week
on
the New York Stock Exchange
Week
on
the New
3943
Curb Exchange
York
News
Current Events and
Bank and
General
3918
Discussions
Trust Company Items
.3937
3989
....
Corporation and Investment News
Dry Goods Trade..
4031
State and
4032
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
3980
Dividends Declared
3944
Au ction
3988
Sales
3955
New York Stock Exchange—Bond Quotations..3954 & 3964
New York Curb Exchange—Stock Quotations—
3970
New York Curb Exchange—Bond Quotations
3973
Other Exchanges—Stock and Bond Quotations...
3976
New York Stock
Exchange—Stock Quotations..
Canadian Markets—Stock and Bond
Quotations
Over-the-Counter Securities—Stock & Bond
__
3981
Quotations.3984
Reports
3891
Foreign Bank Statements
3940
Course of Bank Clearings.
Federal Reserve Bank Statements
General Corporation and
Investment News...
..3951
3989
Commodities
The Commercial Markets and
the Crops
..4022
Cotton
Published Every
4024
Breadstuff s......
4029
Saturday Morning by the William B. Dana Company. 25 Spruce Street, New
York City
and Editor William Dana Selbert, President and Treasurer; William D. Rlggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H
Gray. Western Representative. 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens. London, E C
Copyright, 1936. by William B Dana Company.
Entered as second class matter June 23. 1879 at the post office at New York. N. Y., under the Act of March 3, 1879.
Subscriptions
in United States and Possessions, $15.00 per year
$9.00 for 6 months in Dominion of Canada, $16 50 per year. $9.75 for 6 months,
South and Central America, Spain, Mexico and Cuba, $18.50 per year, $10 75 for 6 months: Great Britain, Continental Europe
(except Spain), Asia* Australia and Africa. $20.00 per year; $11.50 for 6 months.
Transient display advertising matter. 45 cents
per agate One.
Contract and card rates on request.
1
Herbert D. Seibert, Chairman of the Board
Interest exempt
Dec.
Chronicle
Financial
yin
19, 1936
from all present Federal Income Taxation
$6,600,000
City of Chicago, Illinois
3%
Refunding Bonds
date thereafter
January 1, 1957; optional serially at par January 1,1939 to 1942, or on any interest
Due
Legal Investment, in
be issued for the
These Bonds, to
Connecticut
and
of refunding
purpose
certain
a
other
Neu) York,
States
like amount of City of Chicago bonds which
1937, in the opinion of counsel will constitute direct and general obligations
become due January 1,
of the
opinion, for Savings Banks in
our
Massachusetts,
City, payable from ad valorem taxes levied against all the taxable property therein without
limitation
as
to rate
amount.
or
AMOUNTS AND YIELDS
$2,000,000 Bonds—To yield 1.10% to optional maturity January 1, 1939 and 3% thereafter
2,000,000 Bonds—To yield 1.3007 to optional maturity January 1, 1940 and 3% thereafter
1,500,000 Bonds—To yield 1.50% to optional maturity January 1, 1941 and 3% thereafter
1,100,000 Bonds—To yield 1.75% to optional maturity January 1, 1942 and 3% thereafter
These Bonds
are
by Messrs.
Chapman
offered when,
&
as
and if issued and received by us and
Cutler of Chicago,
subject to approval of legality
opinion will be furnished upon delivery.
BANCAMERICA-BLAIR
THE FIRST BOSTON CORPORATION
LEHMAN BROTHERS
HALSEY, STUART & CO. INC.
whose
CORPORATION
STONE & WEBSTER
AND BLODGET
PHELPS,
ROLLINS &. SONS
E. H.
F. S. MOSELEY &. CO.
FENN & CO.
INCORPORATED
INCORPORATED
GEO.
DARBY & CO.
HEMPHILL, NOYES &, CO.
EASTMAN, DILLON & CO.
B. GIBBONS & COMPANY
INCORPORATED
INC.
B. J. VAN
INGEN &. CO. INC.
SCHOELLKOPF, HUTTON
& POMEROY, INC.
STRANAHAN, HARRIS & COMPANY
SPENCER TRASK & CO.
INCORPORATED
NATIONAL BANK
THE ANGLO CALIFORNIA
OF
OTIS
GREGORY & SON
INCORPORATED
FRANCI8C0
SAN
NEWTON
THE J.
& CO.
ST. LOUIS
DENVER
INCORPORATED
EDWARD LOWBER STOKES & CO.
McDON ALD-COOLIDGE & CO.
CLEVELAND
MINNEAPOLIS
HAROLD E.
& COMPANY
ST.
MISSISSIPPI VALLEY TRUST COMPANY
INVESTMENT CO.
MULLEN
K.
PIPER, J AFFRAY & HOPWOOD
KALMAN
INCORPORATED
BOSTON
INCORPORATED
CHARLES H.
WILLIAM R. COMPTON & CO.
NEWTON, ABBE &. COMPANY
LAWRENCE STERN AND COMPANY
& CO.
(INCORPORATED)
ST.
PAUL
STROUD & COMPANY
CROUSE &. COMPANY
WOOD &. COMPANY
INCORPORATED
DETROIT
PAUL
1
■
<i
$3,000,000
Board of Education of the
3 %
Due January 1, 1957;
Refunding Bonds
optional serially at
Legal Investment, in
s
in
City of Chicago
par
January 1, 1939 to 1947, or on any interest date thereafter
opinion, for Savings Banks and Trust Funds
our
York and certain other States
New
Bonds, to be issued for the purpose of refunding a like amount of Chicago Board of Education
These
bonds which become due January 1, 1937,
in the opinion of counsel will constitute direct and general
obligations of the District, payable from ad valorem taxes levied against all the taxable property
therein without limitation
as
to rate
or
amount.
AMOUNTS AND
YIELDS
$1,000,000 Bonds—To yield 1.10% to optional maturity January 1, 1939 and 3% thereafter
500,000 Bonds—To yield 1.60% to optional maturity January 1, 1941 and 3% thereafter
'
500,000 Bonds—To yield 2.00% to optional maturity January 1, 1943 and 3% thereafter
500,000 Bonds—To yield 2.40% to optional maturity January 1, 1945 and 3% thereafter
500,000 Bonds—To yield 2.60% to optional maturity January 1, 1947 and 3% thereafter
These Bonds
are
by Messrs.
Chapman
offered when,
as
and if issued and received by us and subject to approval of legality
r
HALSEY, STUART &, CO. INC.
&
LEHMAN
Cutler of Chicago,
whose opinion
uHll be furnished upon delivery.
THE FIRST BOSTON CORPORATION
BROTHERS
BANCAMERICA-BLAIR
CORPORATION
STONE
&
WEBSTER AND
BLODGET
PHELPS,
E. H. ROLLINS &. SONS
F. S. MOSELEY &. CO.
FENN & CO.
INCORPORATED
INCORPORATED
DARBY
&
GEO.
CO.
B.
GIBBONS
INC.
&,
COMPANY
HEMPHILL, NOYES & CO.
EASTMAN, DILLON & CO.
INCORPORATED
STRANAHAN,
HARRIS & COMPANY
B.
J. VAN
INGEN & CO.
LAWRENCE STERN AND COMPANY
INC.
INCORPORATED
INCORPORATED
NEWTON, ABBE & COMPANY
WILLIAM
R. COMPTON
PIPER, JAFFRAY &. HOPWOOD
& CO.
MINNEAPOLIS
INCORPORATED
BOSTON
KALMAN
&
ST.
HAROLD
COMPANY
E.
WOOD
ST.
PAUL
& COMPANY
PAUL
i
Dated January 1,1937.
Principal and semi-annual interest, January 1 and July 1, payable in Chicago or New York.
In the denomination of $1,000, reglsterable as to
principal only.
from sources considered reliable, and while not guaranteed as to
December 18, lose.
■
■
Coupon bonds
The Information contained herein has been carefully compiled
completeness or accuracy, we believe it to be correct as of this date.
The Financial Situation
balanced budget at the earliest possible moment, not
THE President, having completed his return much
jour¬
from Buenos Aires, where
hope
ney
accomplished
was
including the President himself,
at his desk in
now
tion
of
work
Washington, where
him.
awaits
It
is
to
probably not by
see
any,
bility with him for the management of the financial
from official
side
and taxpayer
affairs, since
credit policies of the Nation,
difficult.
groups
now
such
led
to
by
optimistic
the
lips
From the annua! report of the
of
been
we
take the following excerpt:
is
adjustment
between
and
production
ous
have
and
known
and
considered
normal
faced is the
ident said upon leaving his
given
was
on
the national
thus
his
to
his way to
more
or
con¬
the
Federal
System,
who
has been
How
any
was
and
other
related
measure serve as a
it
he
were
little further
record
a
devoting most of
basis in international trade for
or
permit
more
natural
or
an
less
law to
It
tures.
during
little
American
000,
it now
introduce
as
further
to realize that
development of what is popularly known
inflation.
Within the past
week
repeatedly told that marked
was
to
to avoid
be
expected at
budget is
now to
indeed
year
as
two we have been
in this matter
progress
once,
evidence, and that the fiscal
or
a
was
already in
1938, for which
a
be prepared, would see receipts and
expenditures reach
a
shown in the
spectively,
All this will prove
helpful only if it
can
at
their
ment.
be sustained
face
over
government
merely formal
We must have
a
really
they
sums
obtain $1,207,-
include net trust
for
the
two
debt
retirements.
of these figures
for
the
expenses
be accepted
can
operating
are
re¬
Unfortu¬
results of
commingled
of the Federal
govern¬
capital account must be eliminated if the figures
of
technical.
we
revolving funds
operating
to
or
year
respective deficits
we
deficits
have
yield their true meaning.
agencies
which
a
$305,000,000.
Clearly, these receipts and expenditures
by actual accomplishment during the months ahead.
be real, not
none
value,
so-called
That accomplishment must,
course,
we
excluding
nately, however,
with the
Heartening if Warranted
If
only
than $38,277,-
periods of $1,341,000,000 and $1,611,000,000,
various
balance.
previous paragraph,
expenditures,
months
deduct these
we
000,000 and $1,387,000,000.
fund
five
while last
totaled
ently
we are
happens that
so
more
If
budget is essential if
re¬
expendi¬
retirements totaled
from the
come
In
ended Nov. 30, last, debt
sweeping changes in the whole structure.
balanced
a
as
debt
from
the
ters, has at length appar¬
a
actu¬
study of the
deduct
tirements
being arranged, without doing
harm than good both to the Nation as a
exists,
if
place, obviously,
must
we
in
are
agricultural industry
his attention to other mat¬
are
quickly reveals.
the first
whole and to agriculture itself.
There can be no doubt, we think, that the
United States will be obliged either to provide
heretofore
this
only real!
But the facts
export trade, or even tide agricul¬
while tariff and other adjustments
of the sort
Reserve
were
ally quite different,
re¬
programs
year.
even
our
ture over
more
can
substitute for the
heartening
much progress would be
the subject.
on
control
of the Board of Governors
of
there
wish
We
against
last
$1,692,000,000
we
are
obliged to disagree vigor¬
ously with the Secretary of Agriculture is in
the assumption that soil conservation, crop
The Chairman
case.
credit.
1 stands at
to Dec.
$1,245,000,000,
inter¬
For this
re¬
gross
deficit for the current fiscal
Where
vival of
the
international
are
$2,885,000,000
$3,161,000,000,
year
in
views
about the state of the
budget than formerly
and
Washington, throughout the coun¬
try, and, for that matter, elsewhere in the
world, who entertained broader and sounder
more
keep the first of
showing
full
deserves
public officials have
been
cern
the
in
last
periods
same
as
spectively. Thus the
any
change of goods and services.
words to that effect. Since
then
freedom
more
budgft and
campaign promises,
or
family or the advisers of the President
except, perhaps, the Secretary of State, has
given evidence on various occasions in the
past of a realization of the advantages of
capital to try
to balance the
control
official
Hyde Park, imme¬
diately after the election,
that he
crop
the
for
the
in
over
against
Total expenditures
year.
of the other plans
and programs of the day, his views would
commend themselves much more strongly to
thoughtful students of world economics.
He, more than any other member of the
budget. The Pres¬
the
$1,468,000,000 during the
rightful status, a really prosper¬
agriculture, of the kind that we
tion,
home in
of
corresponding period
American
which
are
months
current fiscal year are re¬
past, will be out of the question in the future
as in the present,
regardless of soil conserva¬
Congress
five
first
requirements."
important problem with
national
prog¬
Receipts during the
$1,640,000,000
normal and
two.
President
of
appearance
ress.
If the Secretary had said bluntly that un¬
less a way is found to restore international
trade generally to something approaching its
The first and the most
the
an
find
we
the surface there
ported at something
market
Washington dur¬
or
actual
any
good
coming from various
ing the past week
to
confront the country again in the near future
with the absolute necessity of establishing
proposals
questions that have
offices in
point
that upon
revives, the rehabilitation of the soil through
soil-conservation programs will combine with
other factors in the agricultural situation to
so
plans for dealing with
these
grain of salt if the
a
ing to the figures,
Secretary of
"Unless the foreign as well as the domestic
demand for American agricultural products
of the confused
amateurish
with
giving them is unable at this time
The Real "Unless" in Agriculture
Agriculture
public officials, the less
and
reassurances
achievement at all. Turn¬
statements
from
reason
glowing
The citizen
certainly should be excused for taking
com-
otherwise
suppose
repeatedly issued
quarters in Washington.
Administration
none more
turn to the record
us
is to be found there for the optimistic
to
not likely to be
are
issuing
and perhaps
expenditures, not of larger tax
this in mind, let
Thoughtful
in the business
nunity
and
are
pressing than taxation, the budget and the
more
by
problems
no
If the
this balance must
statements that of late have been
legislators and officials who share the responsi¬
of public
to be met,
just what the problem is and discover just what
basis, if
were
are
result of reduced
a
levies. Bearing all
accumula¬
an
chance that the first of his official conferences
with
be
to believe, is
seem
that is in balance in appearance only.
needs of the situation
of those in attendance,
some
as
one
as
we
This
have
year
on
are
the various
revolving
loan
funds reduced their loans by some $223,000,000 net
such agencies
expanded their loans by some $128,-
In other words, $223,000,000, representing
000,000.
notwithstanding.
depends upon drastic reduction in
this
Obviously, if
a
we reverse
pictur^
much truer
for the two
operation,
obtain
process, we
a
spent upon relief. Yet it is a
of the actual operating deficit
deficit for this
year
of $1,564,Instead
000,000, against $1,482,000,000 last year.
read the
0
daily
been
it.
where.
ress
in that
balanced budget is to be realized
of the
if
we are
direction,
a
to make observable prog¬
sharp reversal of the trend
The nature of the
deficit must be effected.
problem and the magnitude of the difficulties facing
the President will be clearer if
examination is
some
made of the record to determine what
have shown
expenditures
tendency to increase during the past
a
rather than to decline, and what items in the
year
budget must be pared if real results are to be ob¬
tained.
tures
Coming first to general
them
apart from trust fund payments), we
rising from $1,428,000,000 last year to
$1,671,000,000 this
bursements
of
crease
a
are
year
after debt retirement dis¬
eliminated in
both
This in¬
cases.
quarter of a billion dollars, despite the
fact that the
Supreme Court eliminated
some
$239,-
000,000 by declaring the Agricultural Adjustment
Act
or
invalid, is not,
largely
even
national
about
is
defense.
These
to suppose, wholly
latter
increased
by
only
To the extent of $104,000,000 it
$82,000,000.
result of the
a
as some seem
matter of larger expenditures for
a
transfer of
expenditures for the
account
of
recovery
and relief expenditures to general expendi¬
"Emergency Conservation Work" from
But increases
tures.
are
quite general throughout
the list of items included in this
category, and the
period is marked by the entry of
an
$75,000,000
A
item of nearly
account of the Social Security Act.
on
major operation
upon
the ordinary expenses of
government is clearly indicated if budgetary prog¬
of
ress
satisfactory sort is to be made, and it is
a
traditionally difficult to effect this type of
We
now
Here
lief.
turn to
we
expenditures for
find that the Works
Local city
governments have had their rep¬
obtain revocation of
Just where the controversy
the moment it would not be altogether
the edicts of economy.
stands
clear
place. In fact during the month
taken
combined
the
Administration total about $170,006,000
combined
and
Real progress evidently has yet to begin.
other items in the list, also show substantial
last year.
But
During the first five
increases this year over
last.
months of the fiscal year
ended June 30,1936, States
and cities
repaid
some
Works Administration.
to States and
the Public Works
000,000
is
on
Last year
Administration expended $125,-
$155,000,000.
Administration
ment
Uublic Works Adminis¬
nearly $93,000,000.
public highways.
than
more
$5,400,000 net tb the Public
This year loans and grants
cities by the
tration amounted to
this
This year the amount
Mr. Tugwell's Resettle¬
year spent nearly $63,-
About the
decline of $217,000,000 in the outlays for the account of Emergency
Conservation Work, which as already noted was
partly offset by an entry to the amount of $104,000,000 in the category of general expenditures. Small
wonder the President is giving the financial affairs
000,000 against $15,000,000
last year.
only reduction worthy of note was a
of the Nation his first attention.
We earnestly hope
that he will have the courage to
proceed vigorously,
and
the support
tion
essential to successful consumma¬
of the work of
setting the financial house in
order.
The Inflation Hazard
One
re¬
Progress Admin¬
against
$124,000,000 for November of
total of
economy.
recovery
of November
expenditures of the Federal Emer¬
Relief Administration and the Works Prog¬
gency
ress
a
at
to state, but the figures make it abundantly
that no reductions of importance have as yet
easy
ordinary expendi¬
(that is, expenditures other than for recovery
and relief and
find
or
numerous,
resentatives in Washington to
Sharp Reversal Required
a
violent and
Protest
New York metropolitan area have
as doubtless they have been else¬
meetings in the
to
Obviously, if
fact known to all who
that, as was of course to be ex-
persistent popular resistance is being met.
reducing the deficit, $82,000,000 has been added
next year, or even
press
funds
pected, it is precisely here that the most
of
A
for orders have from time
reduce the volume of
to time been issued to
shall obtain
Performing this arithmetical
periods.
we
the
Washington are evidently well
of this situation,
aware
added in arriving at the figure last year.
was
Expenditures the Key
The authorities at
while $128,000,000, representing capital
year,
outlays,
Relief
computing its deficit for that period
this burden
the Treasury.
upon
liquidation of invested capital, has been deducted by
the Treasury in
Clearly, real budgetary prog¬
deal
ress
Lastjyear
during the five months ended Nov. 30.
Dec- 19 > 1936
Chronicle
Financial
3884
man
thing appears certain, namely, that the
of the Board of Governors of the
Chair¬
Federal Re¬
wastrel it
serve
System is on solid ground in asserting that
is!
During the first five months of the current fis¬
there
is imminent
cal
year
istration is the chief wastrel,
over
$96,000,000 last year!
substantial part
course a
of this increase is to be accounted
over
most of the work
Emergency Relief Administration.
the
outlays of the two agencies
about
last
$837,000,000' this
year.
full year
tures
the
Of
by the fact that the Works Progress Adminis¬
tration took
of
a
it expended nearly $829,000,000, against
something
for
and what
year
we
a
add
figure
again $506,000,000
An increase of $331,000,000!
total
nearly
$800,000,000.
drought during the past
sponsible for this
ness
But if
obtain
For the
at this rate the growth in relief expendi¬
would
suppose
we
of the Federal
enormous
summer was
increase, but
Naturally,
partly re¬
one
would
that with the marked enlargement of busi¬
activity during the past
be necessary
year
it would hardly
to increase relief expenditures a great
danger of what he calls by the
strange catch-phrase "cash
inflation," and that this
hazard cannot be eliminated so
ment is
long as the govern¬
borrowing huge funds from the banks. What
he has in mind of course is the fact
he has in
long recognized
mind, of course, is the fact, long recognized
by students of financial conditions in
that
the
deficit
financiering
of
this country,
the
past
half
distributed
to Tom, Dick and Harry an enormous volume of
bank deposits which are rather unusually idle at
the present moment but which could easily become
active, and, because active, disastrous. He is further¬
a
dozen years
more
has brought into being and
quite correct in his belief that the danger can¬
not be eliminated
except by a reduction in bank
posits effected through a corresponding
in
bank
de¬
reduction
The
holdings of government obligations.
Volume
Financial
143
latter is out of the
question
as a
practical matter
long as the government continues to borrow new
as
at the rate of some $3,000,000,000 or more per
money
for that matter if it continues to borrow
year,, or
additional amounts at all from the banks.
If the views of the Chairman of the Board
of Gov-
of the Federal Reserve Board have been ac-
ernors
curately presented in the press, he is counting rather
heavily
of the
ance
.*
what he terms
upon
budget.
By that
that the actual cash
"book-keeping" bal-
a
he means
we suppose
outlay of the government (in-
eluding capital expenditures) will shortly be in balwith
ance
cash
its
receipts
ceipts). This kind of
by
a
(including capital re-
balance obviously would not
wide margin meet the requirements, particu-
a
larly if it were reached in substantial part by sale
of securities
now
which would pay
the purpose.
held by the Treasury to
the banks,
for them by creating deposits for
Moreover, if the danger now said to be
perceived by the Chairman is to be eliminated much
more
than
Such
a
a mere
balance of the budget
is necessary,
book-keeping balance for the fiscal year 1938,
by the eiid of that year for that matter would,
or
however, be far better than no balance at all, and
than
far better
cited above
started
the
on
we
are
now
doing.
As the figures
show, we have not as yet even really
painful journey to such a balance.
3885
Chronicle
As to "open market operations," that is, the sale of
Treasury bills by the government (to the banks, of
course, as would almost certainly be the case) to
sterilize gold imports, such steps at best would be
effective only if the Treasury kept the resulting
deposits lying idle in the banks, which it is not likely
to do if it is in need of funds to meet continuing def-
icits. What is most probable is that by their tinkering with the banking and credit situation the authorities at Washington will merely succeed in adding more uncertainty to an already uncertain state
of affairs.
As a matter of fact, it would probably be not
far from the truth to assert that if we are to be
spared the inflationary effects of what has already
been done we shall be saved by the same thing that
has saved us in the past, namely, by the constant
uncertainty, the uneasiness caused by the vagaries
of public policy which has heretofore rather effectively held business somewhat in check. On the other
hand, the President, who reserves for himself all
important decisions as to policy, has just returned
from an extended absence from the country, and
is yet to be heard from concerning many vital matters. He may or may not follow the advice that has
been prepared for him in his absence. At most
points we can only hope that he will not.
Federal Reserve Bank Statement
Commodity Prices and Inflation
UNEASINESS in official circles seems to have V/EAR-END influences and the DecemberTreasury
intensified by recent sharp increases in
I date financing of the United States quarterbeen
the
commodities
of
prices
seemed to be
which until
find their due reflection in the banking statistics
this week.
Money in circulation increased $55,000,000, according to the credit summary, and this
item, together with the Treasury financing results,
caused a recession of $110,000,000 in excess reserves
of member banks over legal requirements, to an
aggregate of $2,050,000,000 on Dec. 16. Reserve deposits of member banks actually decreased only $56,S32,000, and the far larger decline of excess reserves
thus indicates that requirements advanced. This
was obviously due to use of the book credit method
of paying for a large part of the securities offered
for cash by the Treasury, the deposits thus created
requiring their due proportion of reserves. For another week or two the influences on member bank
deposits will be mixed. Treasury funds with the 12
Federal Reserve banks increased because of the
financing, and they probably will be diminished
again in the ordinary course. Currency in circulation will continue to rise, however, with a return
flow of considerable proportions likely to set in after
the holidays.
In view of the sliarply-rising trend
of general business, it may be that the currency return will be smaller than some observers anticipate,
The actual experience doubtless will determine the
degree to which effect will be given to the intimations of action for reduction of excess reserves,
Monetary gold additions, long a feature of the
recently
indisposed to respond to price "boost-
ing" factors as securities have for a long while past.
This
it is
seems a
a
strange cause for official uneasiness, if
since one of the prime objectives of the
cause,
New Deal has from the first avowedly
been
an
in-
prices, particularly those prices which have
in
crease
recently been tending to rise in most marked degree,
such
the
as
grains.
But of course, despite recent
protestations that the responsibility for this "new
recovery" rests upon the business world, it logically
and
really
belongs to the government which has
and undertaken the
claimed credit for the recovery
control of
a
"managed economy" from which drastic
depressions are to be absent, or certainly greatly reduced in
intensity.
Whatever the cause, uneasiness
in official circles is in any case
manifest, and has at
length led to the conclusion that more is needed than
"sterilization" of
that
can
be
gold imports or the exclusion (if
effected) of foreign capital to effect real
control of the situation.
is
It
that
well
these
belated
conclusions
have
Certainly one would have to be an
been reached.
optimist to place much faith in plans said to be in
formulation for "sterilizing" or perhaps preventing
Required reserves may be raised by
gold imports.
official
but not
edict, possibly to the limit permitted by law,
if it is believed that interest rates would be
materially affected.
amounts until
would remain after any
quirements.
measures
means
them
It is
very
such increase in reserve re-
doubtful if really effective
will be taken to prevent
eign funds.
are
the inflow of for-
making up not only for immediate acquisitions of
gold but also for those of several previous weeks,
Gold certificate holdings were raised in this manner
It is far from clear that such effective
at
hand, although attempts to prevent
might, by frightening owners of foreign funds,
indirectly accomplish what is being sought—and at
the
weekly statements, are not lacking this week, the
increase amounting to $16,000,000, so that total
monetary gold stocks attained a further high record
of $11,222,000,000. The Treasury deposited $44,300,000 gold certificates with the 12 banks, thus
In any event excess reserves, in
relatively recently never dreamed of,
same
time much that is not
sought would be
ac-
complished to the dismay of New Deal managers.
,
in vaults receded and
$29,736,000 to $9,098,Federal Reserve notes in circulation in-
to $8,853,624,000, but cash
total reserves were up only
510,000.
3886
/ Financial
creased
$36,303,000 to $4,268,972,000 an the week to
Dec. 16.
Total
deposits with the hanks
marked
were
$20,882,000 to $7,073,565,000, this being the net
up
of
result
of
decrease
a
$56,832,000 to $6,674,157,000;
deposits
ury
The
gain in
increase of Treas¬
an
was
reserves
sharp increase of
increase of
an
by
There
day.
activity in the low-priced
less
was
shares, largely because Charles R. Gay, President
System
the
80.2% from 80.4%.
$25,313,000.
stage on Thursday that might
Small gains were re¬
almost be described as dull.
in
corded
steel, equipment and utility shares, but
Bankers' bill holdings in the
The wide fluctua¬
metal and food stocks receded.
tions in commodities continued.
to
off $180,000
were
The market reached a
so
$1,685,000
increased
Exchange, warned investors
figures do not necessarily signify bargains.
Dis¬
and deposit liabilities,
currency
$7,684,000, but industrial advances
to
non-
than offset by the
more
ratio fell to
reserve
counts
demand, but most others drifted a bit lower for the
of the New York Stock
deposits by $2,388,000 to $165,803,000.
that the
of the metal stocks were in quiet
some
drop in foreign bank deposits by
a
open
Rail equipment
irregular in that session.
issues and
that low
$4,419,000 to $60,779,000, and
member bank
deposits by
somewhat
Dec. 19, 1936
general account by $79,745,000 to
on
$172,826,000;
bank
member
Chronicle
tion
Nor
was
the situa¬
greatly changed yesterday, for early firmness
succeeded by liquidation, and the
was
soon
market
portfolio increased $1,000 to $3,089,000, but
the end
United
States Government
closing
Recessions at
figures showed only modest changes.
fractional, but quite
almost entirely
general.
security holdings
were
active scale,
The NewVYork Stock Market
THE New York stock market was a dull affair
week, partly because sensational advances
this
in
commodities overshadowed the
some
equities.
Stock quotations
variations
for
where the
the
week,
Trading
sessions,
early
mand,
on
great
at a good pace in
being
Monday.
close
$115,000.
Exchange
being
the
to
But it diminished
arranged
Seats
j
Tuesday
at
at
The market for commodities witnessed
of
losses among
gains in
sharp
wheat and
other
disclosures
of
a
grain
on
huge shortages of these staples in
Germany and other countries.
Copper, lead and
quotations advanced to best levels in six
years,
interest.
companies
on
basis, and other departments of the market like¬
wise did well.
ency was
now
But in
subsequent dealings the tend¬
toward modest recessions.
and industrial
ket
in demand early in the week
were
reports remain encouraging, the mar¬
faces the
its uncertainties.
further
played
a
new
session of Congress with all
The international
has seldom been
affairs
Although trade
puzzling, and
political
scene
on
this aspect of
light also is sought.
Traders dis¬
so
natural tendency toward caution in this
circumstances.
New York Stock
and
irregular.
Exchange, but changes
A good opening
was
on
were
the
small
followed by
wheat and other
advances
The
com¬
grains
Gains in
sensational, limits of
were
despite
uncertainty
Cotton
times.
at
Base
metals, rubber and other commodities also showed
In the
foreign exchange
persistent strength in sterling
the currency
moving upward largely
mar¬
the feature,
was
on
transfer of
£65,000,000 gold to the Bank of England from the
British
These
Guilders also improved.
Exchange Fund.
strong currencies were held in check, however,
by the several regulatory funds, and net changes in
quotations
action the
ones
small.
were
Of the many
companies taking favorable dividend
present week a few of the
which
declared
able Jan.
extra
an
and
declared
share
a
on
compares
the
common
with 15c. paid
dividend
of
$2.50
a
share
on
stock, payable Jan. 7, comparing with
$1.75
dent of 50c.
share and
a
share
a
importance
Corp. of
the
pay¬
made
Aug. 15 last; Sears, Roebuck & Co. de¬
extra
an
were
Consolidated Oil Corp.
dividend of 20c.
a
stock, payable Feb. 15, and
extra of
regular quarterly
15; similar extra disbursements
Nov. 16 and
clared
a
capital stock, both
July 15 and Jan. 15 last.
of
prominent
more
given below include the Detroit Edison Co.,
dividend of $1 a share on its
Steel
was more gen¬
uncertain, with
were
best demand.
being reached in several sessions.
improved,
on
Monday
gains than
ally active, and almost universally higher.
figures.
on
bonds
modity markets, as indicated above, were exception¬
profit-taking, which reduced levels again to previous
The movement
were more
Foreign dollar issues
common
Trading last Saturday was fairly active
an
corporate bonds, with some speculative
Latin American bopds in
•|nd rubber also increased. Stocks of the base metal
this
Government
There
figures.
handsome advances.
Thursday
on
Highly-rated corporate issues held
close to former
kets
effected
was
were
lower, despite the easy success of the Decem¬
financing.
$8,000 from the last previous sale, while
prices, the movements being predicated mainly
zinc
on
in better de¬
were
States
United
transfer
up
further
series
Stock
transfer
a
$105,000,
no
few instances
a
finally fell below the 2,000,000 figure.
the New York
a
in
was
turnover
3,000,000-share mark
and
save
whole show
commodity movements occasioned inquiry
for related stocks.
the
as a
dealings in
ber
dealings
and most groups of issues were well
maintained.
drifted
market
bond
listed
the
In
entirely unchanged at $2,430,227,000.
were
was
an
common
erally upward, with support extended especially to
with 50c.
leading industrial issues, the utility stocks and the
each quarter
base metal group.
on
a
the
an
regular quarterly divi-
Dec. 15 last.
One other action
the declaration by the Allegheny
additional dividend of 25c.
stock, payable Dec. 28; this
a
share
compares
Sept. 16 last.
for the year
in
heard of tax
advance of
There
some
oped
were
were
on
on
a
fresh highs
Some talk
quotations it would
seem
The tone
Tuesday, but
once
that this is
was
good at the
again selling devel¬
rather wide scale and the initial gains
relinquished, while in
recorded for the
day.
some
instances losses
The boiling commodity
markets distracted attention from stocks.
diminished
a
on
Wednesday,
and
Trading
movements
were
share
paid Dec. 10 last and 25c.
touched
touched
new
new
Exchange 161
high levels for the
low
levels.
On
stocks touched
new
the New York Stock
at
low
year
the
Exchange 106 stocks touched
25
a
share
from March 15, 1935, to and including
On the New York Stock
was
selling, but in view of the long-sustained
modest factor this year.
opening
were numerous
of these groups.
a
new
new
stocks
while 23 stocks
New York Curb
liigh
levels.
levels and
Call
loans
on
Exchange remained unchanged
1%.
On
the
the
New
York
half-day session
shares;
on
on
Stock
Exchange 161
Saturday last
Monday they
were
were
stocks
1,235,910
2,876,220 shares;
on
Volume
Financial
143
Tuesday, 2,478,300 shares; on Wednesday, 1,945,000
shares; on Thursday, 1,953,200 shares, and on Fri¬
day, 1,905,806 shares.
On the New York Curb Ex¬
change the sales last Saturday
Monday,
on
shares;
on
960,675 shares;
stock
market
on
greatly encouraged by
and
ness
the
the
on
Thursday,
Monday of this week
very
was
favorable reports of busi¬
With the
a
exception of this
on
heavy volume of
very
day of activity,
one
remaining sessions of the week
Copper at 57% against 59; American Smelting
Refining at 92% against 96%, and Phelps Dodge
at 54% against
53%.
Trade
dull and
and
optimistic.
ing today
Steel
industry, and moved generally higher
day, accompanied by
sales.
845,650
Friday, 543,990 shares.
on
cott
3887
&
489,975 shares;
Tuesday,
Wednesday, 670,465 shares;
625,940 shares, and
The
were
on
Chronicle
reports remain
decidedly
estimated by the American Iron and
was
Institute
rate in
and
industrial
Steel ingot production for the week end¬
at
79.2% of capacity, the highest
six years.
The rate was 76.6% last week
54.6% at this time last
electric energy
Production of
year.
for the week to Dec. 12
was
reported
by the Edison Electric Institute at 2,278,303,000 kilo¬
watt
hours, the highest figure in history.
It
com¬
pares
with 2,243,916,000 kilowatt hours the previous
uninteresting, and drifted lower in irregular fashion
week
and with
in
corresponding week of last year.
much
the
same
market
The
manner
yesterday
as
was
afforded
little encouragement
the
last week.
weeks.
depressed
on
on
Friday of
5214
Friday of last week; Consolidated
Edison Co. of N. Y. at 44
chine at 146
against
96%; Montgomery Ward
&
Co.
65%
at
closed
close
yesterday at 78% against 83%
Chicago
closed
yesterday
107%c. the^close
The
on
on
against
yesterday
Register
at
29%
62%;
National
Dairy
Products
at
23%
against
was
20.34c.
11c.
to
The price of domestic
Gulf
close
Sulphur at 39% against 40%; Continental Can
176; Standard Brands at 15% against 15%; Westingliouse Elec. & Mfg. at 145% against 146%; Loril-
21%
lard at
New York
22% against 23%; United States Industrial
Alcohol at
38% against 40%; Canada Dry at 22%
against 23%;
The steel stocks
week.
against 29%.
117%
on
77%
Friday of last week; Inland Steel
118%;
against
Bethlehem
Steel
at
against 21 2/16
closed
yesterday at 45%c., the
foreign exchanges, cable trans¬
closed
yesterday
against $4.90% the close
and
transfers
cable
4.67%c.
as
same as
Friday of last week.
on
London
on
pence per
Friday of last week, and spot silver in
on
In the matter of the
fers
irregularly changed for the
United States Steel closed yesterday at
against 76%
at
were
2^%
compared with 10%c. the
price of bar silver yesterday was
pence per ounce as
the close
Schenley Distillers at 45% against
52%, and National Distillers at
as
Friday of last week.
on
In London the
ounce
on
copper
Monday, with the close
on
yesterday at that figure
65% against 65%; Eastman Kodak at 174 against
against 19.00c. the close
as
pound
a
on
The spot price for rubber
23%; National Biscuit at 32% against 32%; Texas
at
against
against 12.87c. the close
as
Friday of last week.
rose
December
as
spot price for cotton here in New York closed
Friday of last week.
Cash
against
Friday of last week.
against 234%; E. I. du Pont de Nemours at 179%
National
at
corn
as
Friday of last week.
on
yesterday at 12.80c.
180%;
Chicago
December
108%c.
at
Chicago closed yesterday at 51%c.
Friday of last week; Allied Chemical & Dye at 228
against 30%; International Nickel at 62% against
of the commodity mar¬
Friday of last week.
on
48%c. the close
Union closed
course
yesterday at 139%c. as against 127%c. the
American Tel. & Tel. at
ern
the
cars over
the December option for wheat in
oats at
West¬
gain of 122,097
a
indicating the
against 65%; Woolworth at 63% against 65%, and
184% against 188%.
decrease of 6,210 cars from the
was a
week of 1935.
same
kets,
against 148; International Harvester
This
preceding week, but
As
against 100%; Sears, Roebuck & Co. at 96%
Car loadings of
738,747 cars, the Association of American Railroads
reports.
against 44%; Columbia
against 47%; J. I. Case Threshing Ma¬
1,983,431,000 kilowatt hours in the
freight for the week to Dec. 12 amounted to
revenue
17% against 17%; Public Service of
Gas & Elec. at
N. J. at 48
and
to investors, quota¬
being lower than
General Electric closed yesterday at
against 51 %
at 100
that of past
again
tions at
close
were
on
$4.91%
at
as
Friday of last week,
on
Paris
closed
against 4.66%c. the close
yesterday at
on
Friday of
last week.
1
74% against 73%; Republic Steel at 28% against
European Stock Markets
27%, and Youngstown Sheet & Tube at 79% against
81%.
In
the
motor
group,
yesterday at 31% against 33
General Motors at
Auburn Auto closed
on
Friday of last week;
67% against 68%; Chrysler at 121
PRICE movements were small and varied financial
exchanges in the principal European on stock
centers this week.
a
In the rubber
group,
to the
Goodyear Tire & Rubber closed
yesterday at 28% against 28%
on
Friday of last
quiet acceptance by the British people of the
week; United States Rubber at 46% against 47%,
throne of
veloped
shares drifted lower this week.
closed
last
The railroad
Pennsylvania RR.
yesterday at 40% against 40% on Friday of
week; Atchison Topeka & Santa Fe at 70 against
72%; New York Central at 43 against 44%; Union
Pacific at 129 against
131%; Southern Pacific at
41% against 42%; Southern Railway at 25 against
George VI.
on
modified.
But profit-taking finally de¬
the London market and the gains
On the Paris Bourse
ward movement took
place, owing mainly to
quiet and almost unchanged for
the
was
week, notwithstanding the disclosude
last week-end that the Reich is short
Among the oil stocks, Standard Oil of N. J. closed
European markets
yesterday at 66% against 66% on Friday of last
the
numerous
week; Shell.Union Oil at 26% against 26%, and
litical situation.
Atlantic
become
per
group,
Anaconda Copper closed yesterday at
50% against 50%
on
Friday of last week; Kenne-
appre¬
German market
of wheat and a further
In the cop¬
were
irregular down¬
large budgetary deficits.
the
Refining at 29% against 30%.
an
hensions of further
24%, and Northern Pacific at 26% against 26%.
1
experienced
abdication of Edward VIII and the accession to the
and B. F. Goodrich at
32% against 33.
The London market
sharp recovery in the first half of the week, owing
against 123%, and Hupp Motors at 1% against 2.
over
affected to
a
rye.
All
degree by
uncertainties of the international po¬
involved
The
danger that other nations will
formally in the Spanish crisis is
manifest, while the events in the Far East
almost
the
1,000,000 tons
1,000,000 tons of
were
The
equally disconcerting.
were
The strictly monetary
Financial
3888
developments, however,
Transfer
Fund
by
of
in
cant
The Berlin Boerse was firm and fairly active in
the first trading session of the week, despite the
the
week-end disclosure of the parlous state of agricultural economy in the Reich.
rapid addition to the monetary base
in progress.
now
The incident is the more signifi-
were
week, partly because the
also
began at the
apparent on the
ing,
was
firm, and good advances
British funds
all industrial stocks and miscellaneous issues.
some
Gold
A few speculative issues moved up a
After
only by small fractions.
a
firm opening on
Wednesday, prices declined on the Boerse and net
issues attaining
changes for the day were small and irregular.
eign section, but Chinese and Japanese issues de-
others declined to a similarly small degree.
clined because of the Far Eastern crisis.
opening
ful tone continued
also
ites in
to
firm market for
a
the
Argentine obligations
indications
relaxed with
that
edged issues
stocks
foreign securities, owing
as
entire proceeds to the United States Treasury from
quiet.
the huge sum due and overdue on the various settle-
An irregular tone
British funds held to previous
levels, but small losses
securities
again
sum
a
dull session
inability to
With the
of
deal
on
service
on
the loans.
The British
day, omitted the usual statement that the reasons
which forced default in June, 1934, are unfortu-
the Bourse, in Paris, reflected a good
uncertainty
resume
The British communication, published last Satur-
exception of rubber shares, com-
modity issues also receded.
Trading
Twelve nations simply de-
and French notes, however, were couched in terms
that differed slightly from previous communications,
yesterday de-
clines occurred in British funds and most industrial
stocks.
to $1,315,052,424.
faulted, and in most instances they reiterated their
Argentine
strong in the foreign section,
In
Interest and principal due amounted to
ments.
$155,093,973, while 'Overdue annuities raised that
noted in many indus-
were
commodity stocks.
were
but others softened.
only
$231,315 remitted by that country represented the
were
few
the
Argentine
sections.
a
was
demand, but other interna-
Thursday, owing to profit-tak-
trial issues and
Finland
predecessors.
country that effected its payment, and the sum of
on
finally developed
some
immediate
did almost all the commodity
in keen
obligations
ing in
munications from some foreign governments
tinguish the Dec. 15 annuity payment date from its
Industrial
issues, with rubber stocks the favorites.
tional
QAVE for,*modest alterations in the tone of com-
^
active
regarding the war debts, there was nothing to dis-
to the Bank of England.
were
an
British funds and other gilt-
forged ahead,
securities
Intergovernmental Debts
stimulated by transfer of the large
were
in gold
sum
small but general in a quiet session at Berlin,
yesterday,
exchange control is being
again moved ahead in
Wednesday.
on
were
favor-
view to abolition of such restrictions.
a
The London market
session
were
Closing figures showed
Losses
only small variations in either direction.
buying of gold and other metal stocks
noted.
was
The
Thursday was soft, but it was succeeded
on
by modest improvement.
Industrial stocks improved again,
steady to firm.
and continued
The cheer-
Tuesday, with British funds
on
A
few issues managed to close with modest gains, while
Anglo-American issues advanced in the for-
proved.
Tuesday reflected further buy-
point or more, but the majority of stocks climbed
highs, and other commodity stocks also im-
new
on
small scale, and in view of limited offerings
on a
erate nature.
were
registered in almost
were
mining stocks so'ared, with
Heavy industrial stocks
two better, while smaller
the inquiry occasioned advances of a rather mod-
fortnightly account
new
time.
same
Dealings
less.
trading started for the
as
or
The fixed-interest group remained dull and motion-
Keen demand for securities
Exchange
generally a point
gains appeared in chemical, utility and other stocks.
light of the steady flow of gold from
England to the United States.
London Stock
1936
19,
Equalization
Exchange
£65,000,000 gold to the'Bank of England
indicates the
Dec.
generally encouraging.
are
British
the
Chronicle
nately
start of the week,
from the
no
less valid than they were then.
Sir Ron-
of strike troubles and the various international dif-
Lindsay, British Ambassador to the United
States, expressed the usual thanks in his communi-
ficulties.
cation for the willingness of the United States to
Rentes
were
weak
on
Bank
aid
Monday, owing to a recurrence
and
utility
stocks
were
marked
discuss
sharply lower, while international securities were
effected
easily
"I
The mid-month settlement was
almost motionless.
3%% against 3%% at the end of November, but the
downward
of
trend
again declined,
securities
International issues showed
in
the
the
persisted.
Rentes
commodity
group,
sharp gains in London.
a
better tone,
which
was
proposals which might be put forward,
in return," the note stated, "that
assure you
result might be reached."
did almost all French equities,
as
any
to
his Majesty's Government will be ready to reopen
discussions on the matter whenever circumstances
are such as to warrant the hope that a satisfactory
Tuesday, with the carryover at
on
am
The French note, couched
in fairly cordial terms, regretted the inability of the
especially
French Government to present any proposals.
heartened by
The Bourse viewed fav-
was
conditions in France and the disequil-
orably the announcement on Wednesday of a new
economic
loan intended to
ibrium of world trade and payments.
bring gold out of hoards, and the
tone of the market
Rentes closed irregu-
improved.
was
ternational
domestic
obligations
Thursday.
were
Rentes
In-
in greater favor than
Movements
issues.
were
uncertain
an
arrangement acceptable to both countries.
was
small losses
firm.
to the United States for the purpose,
advanced in that session, but
an
gains.
were
* I "HERE
marked by fur-
A
rentes, while French equities devel-
irregular tone.
.
.
British and French Finance
The international group
Dealings yesterday
ther declines in
oped
as
Paris
reports suggest that a debt mission soon may be sent
on
bank, utility and industrial stocks showed almost as
many
The hope also
expressed, however, that improvement in con-
ditions and "the triumph of the democratic thesis"
will permit diplomatic negotiations with a view to
larly lower, however, while bank stocks and other
French equities showed minor gains and losses.
Much
made in this communication of the distressing
,
were
several interesting monetary devel-
opments in Great Britain and France, this
week, which obviously have a bearing on the situa-
Volume
tion
Financial
143
produced
by
the
gold
Sept. 26 and the subsequent developments.
cellor
of
the
nounced in
and
of
devaluations
bloc
Roosevelt
an¬
London, Tuesday, that the issue depart¬
ment of the Bank
of
extensive
diplomatic
American
in
changes
affairs will flow from the
Chan¬
Exchequer Neville Chamberlain
3889
Chronicle
gathering which President
inaugurated at the start of the month.
State
Proposals originally made by Secretary of
Cordell
England had purchased £65,-
Hull
the
at
meeting aroused opposition,
000,000 gold, of which £60,000,000 would be utilized
especially in Argentine circles.
The deadlock that
to reduce the
followed
however, and
fiduciary note issue and £5,000,000 to
expand the basis of credit.
purchase
made
was
from
Equalization Fund, but
made
to the
as
British
the
for the action.
reason
gold and required
to continue
moved
obtained
is
of
The
Treasury credit of £40,000,000,
year
in
from London bankers, now
by Mr. Chamberlain.
note that all but
promptly
was
collateral
decision
of
part
of the metal
use
of
Chancellor that
the
by
Western
currency
between
£60,000,000 gold
or
fiduciary issue, which
the
gold and
issued
orders
are
the
years
"Auriol"
holdings in
franc
after
to receive these
issued at par
three
means
with 3%%
the
franc
Minister
restrictions
were
In announcing the issue, Fi¬
the
declared
foreign exchange dealings.
"that
the
international
France from the
of
to
curren¬
liberty restored
"We feel," he said,
monetary
accord
frees
necessity of resorting to methods
coercion of any
rate of
also that
purchase of foreign
cies had been removed and complete
in
kind to guarantee the exchange
its money.
The object of that accord
was
protect, among the principal nations, the free
circulation of
capital
upon
which depends the
nomic convalescence of the world.
remain
intact."
Declaring
transition is over,
ing of gold must
that
Such
the
eco¬
liberty will
period
of
M. Auriol remarked that the hid¬
cease
and fears must disappear.
week at the conference of the 21 American
ject, of
tional
to
course,
The conference
results
republics
are
to ratification by the various
sub¬
na¬
legislatures, and it may be a little premature
It remains
While these
appointed to deal with
eco¬
nomic and cultural
problems continued their activi¬
A convention
covering trade problems already
ties.
.
has been
proposed, and other pacts also
are
expected
to result.
European Diplomacy
DIPLOMATIC developments infelt regarding the
apprehensions Europe continue
to reveal the
possibility of another general clash of arms.
soften the animosities and prevent
nate occurrences. The
tions
League
was
debated at Geneva this
A committee of representatives from 28 na¬
week.
gathered to discuss League reform poposals
Monday, but a call for speakers and suggestions
met
was
by complete silence in the first meeting,
while the second session
in
further unfortu¬
League of Nations hardly plays
role in diplomatic affairs at present, although
any
reform of the
on
At the
time, however, attempts are being made to
.same
a
heated argument
on
Tuesday resulted only
regarding procedure.
Great
France, as the chief supporters of the
ternational arrangement designed to keep the peace.
regard the Buenos Aires agreements as completed
treaties.
agreement
League, appear to be anxious for a more reliable in¬
RAPID progress toward integration ofmadepeace
the this
machinery in the Americas was
Buenos Aires.
heretofore inter-
third
treaties.
peace
various subcommittees
Britain and
Inter-American Peace Conference
in
as
The
Aires calls for coordination of
existing
figure established through
Vincent Auriol
on
such
pacts were being formulated, the members of the
In effect, the inci¬
unsuccessful, owing
Doctrine,
States.
at Buenos
various
The
States look upon that protocol as
by
the
are
bring
In the event of violation of
agreement, consultation again will follow.
for the metal at the old rate
newr
depreciation.
nance
At least equally im¬
contracting party in the internal
other.
reached
redeemable within
coupons,
any
pretted
Sept. 26
that French Goernment efforts to
to the decision to pay
all
on
baby bonds, which
by
of any
the end of the Monroe
by
These terms plainly offset
at 140%.
at
other country,
struggle elsewhere that threat¬
a
of the Americas.
Latin American
to appeals and
devaluation
new
gold out of French hoards
rather than
issued
bonds
response
30% devaluation of the franc.
dent
the
Gold hoarders who surrendered
present regime.
also
American nation and any
the peace
affairs
Wednes¬
on
advantageous basis to
on an
so-called
their metallic
only
countries in the
Hemisphere, but also in the event of war
an
vention
special issue of baby bonds, offered specifically
the
two
portant is a protocol making inadmissible the inter¬
Government, which announced
of
between
war
in the event of
ens
nations repre¬
It calls for mutual consultations not
the event of
in
as
Contrasting with the British action is that of the
holders
The first of these is a
proposed treaties.
convention, which makes collective peace a
sented.
paper.
to hoarders of
parley will conclude its tasks
matter of common concern to all the
It is instructive to
the outstanding
would be used to reduce the
a
his return
delegates of the 21 American republics were
peace
That, of course, is all that is signified by the
statement
day
on
general accord last Saturday regarding outlines
of three
an¬
£5,000,000 of the gold acquisition
sterilized through
for
French
President Roose¬
Tuesday,
journey from Buenos Aires, and he again expressed
being repaid in gold, and this huge transfer prob¬
is backed
on
successfully.
early this
nounced
great degree.
any
Washington
confidence that the
ably had something to do with the
issue.
harmony to
velt reached
Although gold has
acquisitions of gold exceeded such ship¬
The French
ments.
phases of the tentative drafts, but such in¬
terruptions failed to disturb the general atmosphere
September, the conclusion is justified that
fund
Early this week
Argentine delegation raised still other objections '
to some
gorged with
fresh supply of sterling exchange
a
ordinary operations.
an¬
Saturday that essentials of
treaties had been formulated.
new
the
steadily from England to the United States
since last
the
Exchange
In this market
it is assumed that the British fund is
speedily,
nouncement made last
Obviously enough, the
official explanation was
no
broken
was
true, however, that important
The
British Foreign
Secretary, Anthony Eden,
pressed thanks in an informal address
for
the
for the
ex¬
Monday
sympathetic support of the United States
on
Anglo-French mediation offer in Spain.
collaboration of the United States and other
tries outside
the
The
coun¬
European sphere in the task of
European appeasement was suggested by Mr. Eden.
At
an
informal dinner in the House of
Commons,
3890
Financial
Chronicle
The
Tuesday, Prime Minister Stanley Baldwin stressed
the
Great
of
adherence
common
Britain
and
the
Dec.
League Council last Saturday concluded its
study of the Spanish rebellion and the charges by
United States to the democratic system and urged
the
the cultivation of
countries actually are
tries.
made
friendship between the two
The French
direct
a
coun¬
Foreign Minister, Yvon Delbos,
appeal late last week for abandonment
duly constituted Spanish Government that other
But the Council
consideration
by the United States of its policy of "splendid isola¬
ther
intervention
favor of
In
for
European
other
American
of
exertion
peace.
respects, the diplomatic scene remains
It
that Great Britain and
Italy
was
reported from Rome
will start
soon
conver¬
regarding the Mediterranean problem, with
maintenance of the status quo
tive.
in
the apparent objec¬
tive
of aircraft for
against
tionale caused
some
uncomfortable
Japanese Cabinet, but
follow
were
The German-
Communist
the
Interna¬
hours
for
the
rumors
that resignation will
not substantiated.
Tokio reports stated
early this week that the pact is being invoked in
present Chinese crisis, which indicates clearly
enough that it is functioning despite
objections.
Poland and
Rumania
some
Japanese
announced
on
The Non¬
piously adjourned.
on
Monday nega¬
Spain. In other respects the activities
and
pact
Cognizance
replies from Portugal and Germany to the sug¬
British
those countries in the Balkan States.
London.
gestion that neutral observers prevent the departure
committee
Japanese
of
Committee received
intervention
Saturday for coordinated economic action by
last
the
and the Council then
of that
a
recog¬
Anglo-French mediation proposal,
formal accord
Germany and Italy reached
large scale.
on a
resolution
a
of its implications to the Non¬
Committee
taken of the
was
confused and uncertain.
sations
influence
intervening
merely adopted
nizing the existence of the war, and referring fur¬
tion"
and
19, 1936
from
were
replies
received
number of other States to their
a
The
equally meaningless.
Governments
French
suggestion
Spanish struggle, and it became
for mediation in the
immediately apparent that nothing was to be hoped
that
from
for
Italy and Germany ex¬
proposal.
the
pressed the expected diplomatic "sympathy" with
forward, but politely doubted their effi¬
ideas put
Both governments reminded the British and
cacy.
French that
they have recognized the Franco rebel
suggested
and
regimes,
cognizance of such
that
The plebiscite suggested as a
Tuesday that their arrangement for close military
action must be taken.
cooperation reached in 1921 remains in effect, but
means
the
Spaniards desire was held "impossible," which is
significance of this action is doubtful, since both
determining the kind of government the
of
participants lately have given evidence of swinging
intentions
real
perhaps as good an indication as any of the
into the Fascist
German authorities
sphere.
tinued their verbal
con¬
campaign for colonies, notwith¬
standing indications of strain in Anglo-German rela¬
tions
basis.
this
on
London, Joachim
don
address
The
von
German
Ribbentrop, declared in
Tuesday that
on
tion" of the colonial
a
to
with all
arm
to
indicate that "two
to
long
The
run.
and all, meanwhile continue
British Crown
FOR all practical purposes the last Saturday,the
British Crown
completed transfer of
at
was
the conclusion of one of the
moAarch
FIGHTING fordesperate continued all this week,
Madrid fashion, but the lines be¬
in the most
the
was
Spanish loyalists and their rebel
not vary
there
of the
oppo¬
Nor
to any important degree.
change in the international aspect
any
Spanish rebellion, for the League of Nations
with all the customary
the
of
start
the occasion,
marred
December
new
reign
which
was
broadcast
over
he felt constrained to
inactivity,
insurgent troops attempted last Monday to storm
the northern
portions of Madrid, but the loyalist
Machine
troops repulsed such attacks.
mor¬
guns,
tars, grenades and tanks were used by the rebels, all
to
no
avail.
The
loyalists claimed that German
Fascists led the rebels in the
encounter, and in view
because the
ment made it
impossible for him to have the help and
of the
support
lay down the burdens of State
woman
Frederick Arthur George
of
he loved.
Prince Albert
preferred to take the title
King George VI, and he was proclaimed under
that
appellation
affirmed
his
on
Saturday.
adherence to the
of recent official intimations in London
regarding
constitutional government.
little
meet
son
for
doubting the statements.
continued
their
seems
rea¬
The insurgents
airplane bombings of Madrid, de¬
A
Spanish loyalist submarine
was
sunk by
an oppos¬
by
before
all my
my
me," he said.
Government charged
as
Power.
be
to
Cold
that the attacking vessel neces¬
one
weather
operations, and
some
of
now
some
is
unnamed
hampering military
observers believe that
change in the military lines is unlikely.
foreign
an
early
"With
my
wife
as
The Archbishop of
lies
him the
Canterbury,
fit last Sunday to criti¬
severely the social circle in which Edward
moved
help¬
King George VI conferred on his
Primate of England, saw
cize
King
"In it I look for the support of
illustrious brother a dukedom and named
Duke of Windsor.
had
new
peoples."
ing undersea craft last Saturday, and the Madrid
sarily
The
strict principles of
side, I take up the heavy task which
As his first act
spite the proved military inadequacy of such tactics.
Continent.
opposition of the Cabinet and the Parlia¬
the
landing of 5,000 Germans, there
speech
departed
In
the
King declared with the utmost dignity that
former
was
the radio, and he
address, which was delivered with emotion,
sent for
armistice, and mediation, likewise,
Edward
auspicious.
early last Saturday for a stay on the
by Great Britain and France to obtain general con-,
After several weeks of relative
was
in
but otherwise the
VIII, who laid down the scepter, made a
that
fruitless.
ritual and pomp.
drizzling rain that usually falls in London
The
Council washed its hands of the affair and the effort
an
strangest incidents in
King George VI, brother of Ed¬
history.
VIII, who abdicated last week, was proclaimed
ward
nents did
European Powers" are arranging
rebels.
British
possible speed.
Spain and the Neutrals
tween
Paris reports
regimes.
military specialists to Spain to help the
send
Lon¬
a
question is most desirable and
one
Fascist
the
"reasonable solu¬
in the interests of all nations in the
European nations,
Ambassador
of
as
VIII
He found it "strange and sad" that
abandoned the throne to seek "private
King.
Edward had
happiness" with Mrs. Warfield Simpson,
American-
Volume
Financial
143
divorcee.
born
It
would
opinions differ in England
the real
reasons
that
lease of the
however,
appear,
in America regarding
as
3891
Chronicle
for the abdication of Edward.
Ben
captive General, probably for substantial
considerations in cash and other concessions^
Japanese and Russian Governments observed these
Tillett, veteran Labor party leader, remarked in an
incidents with the greatest interest.
address
tries
on
Tuesday that he much regretted the de¬
cision of the
as
to the
as
he
departing King to keep his
reasons
own
"If he had
for his actions.
counsel
spoken
fear
might have done," said Mr. Tillett, "he could
politicians and others to do something that he did
not want to do."
Such intimations
continue to echo in
England, but they
to alter the situation.
probably will
are
not likely
prevails everywhere that a general conflagration
Discount Rates of
in
rates
banks.
Present
DISCOUNT
King George VI sent a brief
widespread goodwill and sympathy of all his sub¬
The honor of the realm and the happiness of
jects.
the
people will be his first
concern,
the King de¬
The Duke of Windsor secluded himself in a
clared.
RATES
OF
Effect
Date
FOREIGN CENTRAL
Rate
Argentina..
3X
Mar.
Austria....
3X
Bat a via
4
July
July
/a
and most
vious
Rate
2
2 1936
2H
4X
3X
3X
4~
Hungary
4
Aug. 28 1935
4M
India
3
Nov. 29 1935
2X
Ireland
3
June 30 1932
7
Italy
4X
May 18 1936
..
6
Aug. 15 1935
Canada
2H
Mar. 11 1935
Chile
4
Jan.
24 1935
4X
Java
Colombia..
4
July
18 1933
5
Jugoslavia
_
5
3.29
Apr.
6 1936
3.65
4X
Japan
June
2 1935
3X
6X
5
Feb.
1 1935
Lithuania..
3
Jan.
1 1936
5
Oct.
21 1935
4
Oct.
5X
July
1 1936
3H
Morocco
QX
6
Norway
4
May 28 1935
Dec.
5 1936
3X
6
19 1936
...
.
5
Oct.
25 1933
5
Dec.
13 1934
Dec.
7 1934
6
South Africa
3X
May 15 1933
4
2X
Spain
5
July
10 1935
5X
5
Sweden
1 1933
3
Switzerland
2X
IX
Dec.
7X
Nov. 25 1936
2
2
June 30 1932
2X
Portugal
...
5
Sept. 25 1934
5X
Rumania
Finland
...
4
Dec.
4 1934
4H
2
Oct.
15 1936
France
4
Sept. 30 1932
7
._
Greece
Oct.
13 1933
6
4X
4X
Poland
England...
Germany
Deo.
1 1935
May 15 1935
10 1935
Denmark..
highly dramatic turn for the worse,
Dale
Established
...
Estonia
AFFAIRS in the Far East took this week a sudden
Pre¬
Effect
2
...
Belgium—
Bulgaria..
vakia
BANKS
Rate in
\
Holland
1 1936
are
■
Dec. 18
Country
vious
Established
Danzig
Far East
centers
v
Pre¬
Rate in
Dec. 18
Czechoslo¬
castle in Austria.
leading
.
resolve to do his duty, supported by the
a
any
the
at
rates
shown in the table which follows:
Country
pressed
Foreign Central Banks
THERE discount noofchanges the foreign central
the have been
of during the week
to Parliament on Monday in which he ex¬
message
In other coun¬
they attracted keen attention as well, for the
easily might take its rise from such beginnings.
have told of those who hounded him out of life and
position; how he had been asked by the bishops, the
The
..
5X
owing to virtual kidnaping of the Chinese dictator,
Foreign Money Rates
Chiang Kai-shek, by General Chang Hseuh-liang, son
of the formed War Lord of Manchuria.
illustrates
The incident
again the extensive degree of autonomy
exercised in their several
War Lords of
satrapies by the numerous
China, and the danger to international
IN bills Friday market discount rates for1-16%
LONDON open
1%, as against 1@1 short
on
on
bills,
week.
leader of the Nanking Nationalist Govern¬
y2%.
inherent in that system.
shek,
as
At Paris the open market rate remains at
1}£%.
and in Switzerland at
ment, has attempted steadily in recent years to con¬
ciliate
the
Japanese invaders
other northern territories of
of
Manchuria and
China proper.
This procedure aroused intense an¬
tagonism in Chinese student circles,
some
nese
and also to
degree in other groups that resented the Japaencroachments and wanted to make war upon
Japan.
Even the Nanking Government finally had
to take
cognizance of the growing resentment, and a
warning
was
that Inner
dispatched to Tokio late last month
Mongolia would be defended against Manrisk of war with
chukuoan and other bandits at the
the Island
In this
science,
Empire.
situation, sufficiently delicate in all con¬
a new
element was introduced abrutly last
while that
dictator was resting at a resort not far from Sian,
capital of Shensi Province.
The coup apparently
was engineered by General Chang Hsueh-liang, who
commanded part of the former Manchurian army of
Sunday by the seizure of General Chiang,
his famous father,
of the
Shensi
Chang Tso-lin.
and demanded
an
Chiang.
in this
Mutinous troops
joined with the Manchurians
end of the anti-Communist activi¬
forces
ties of General
Bank of England Statement [
China, while attempt¬
ing to put down the Communist movements within
All the forces that took part
declara¬
tion of war against Japan.
The Nanking authorities
promptly started to dispatch a huge force of some¬
thing like 140,000 soldiers for the rescue of General
Chiang from his captors.
From all parts of the
country political leaders sent word to Nanking that
they remained loyal to the captive Generalissimo.
desperate game appeared to desire a
THE statement of the Bank for increase of ended
shows
considerable the week £65,Dec.
the
most intense
anxiety prevailed, as occa¬
16
from
£260,000,000 to £200,000,000 the effect of the
gain in the direction of expanding reserves was only
in amount of
Furthermore, as this was
of £8,843,000 in
circulation, the actual result was a reduction of
£3,818,000 in reserves.
Gold holdings on Dec. 16
aggregated £314,339,926, by far the largest in history,
and compare with £200,667,347 at the corresponding
date last year.
Public deposits fell off £7,064,000
while other deposits rose £9,039,138.
The latter con¬
more
than
sional
rumors were
circulated to the effect that Gen¬
sists of bankers' accounts which increased
and other accounts which decreased
£9,167,002
£127,864.
The
proportion was reduced still further to 32%
comparison with 35.20% a week ago and 42.15%
three weeks ago.
Last year the proportion was
32.34%.
Loans on Government securities increased
£7,371,000 and on other securities, fell off £1,567,104.
Of the latter amount £1,403,172 was from discounts
and advances and £163,932 from securities.
No
change was made in jthe 2% discount rate.
Below
reserve
in
we
furnish
a
tabulation of the different items com¬
pared with preceding iyears:
BANK OF ENGLAND'S COMPARATIVE
Dec. 16,
Circulation
Public
deposits
Other deposits
Bankers' accounts.
accounts...
Govt, securities
Disct. & advances.
Reserve notes «fc coin
Coin and bullion
Dec.
STATEMENT
Dec. 19,
Dec. 20,
1934
18,
1935
1936
Securities
Chinese national
leader.
Such reports always were denied, however,
and negotiations finally were instituted for the re¬
Chang had put to death the
£5,025,086.
offset by an expansion
Other securities
eral
a
025,086 in gold holdings, but since £60,000,000 of the
bullion was used to reduce the fiduciary note issue
Other
But
months
against 1 1-16@1^% on Friday of last
Money on call in London on Friday was
as
General Chiang Kai-
peace
were
Friday of last week, and 1% for three
1933
Dec.
21,
1932
467,695,000 419,463,533 401,990,743 389,863,916 370,097,754
7,825,512
8,389,542 20,035,684
10,426,000 10,253,959
134,908,080 117,142,760 127,733,806 128,579,188 132,887,023
96,151,502 79,802,228 90,732,832 91,902,511 98.898.276
38,756,578 37,340,532 37,000,474 36,676,677 33,988,747
89,088,024 82,750,001 83,841,413 81,056,692 99,676,824
27,504,221 21,353,913 19,430,857 23,621,170 33,406,880
8,369,729 11,832,965
7,024,263
7,173,360
6,742,788
20,761,433 14,180,553 12,406.594 15,251,441 21,573,916
50,781,904 61,859,723 25.530.277
46,644,000 41,203,814
314,339,926 200.667,347 192,772,647 191,723,639 120,628,031
Proportion of reserve
to liabilities
Bank rate.
32.00%
32.34%
37.30%
41.62%
2%
2%
2%
2%
18.14%
2%
Financial
3892
still
THE statement for the week holdings, 11 shows no
change in the Bank's gold of Dec. the total of
60,358,742,140 francs, in compari¬
which remains at
65,911,343,586 francs last year and 82,-
with
French
231,706,630 francs the previous year.
mercial bills discounted records a loss of
against securities of 65,000,000
francs and advances
Notes in circulation also show a
francs.
francs,
494,000,000
86,778,125 francs.
com¬
238,000,000
loss, namely
bringing the total down to
Circulation a year ago aggre¬
the year before
80,905,388,140 francs.
The reserve ratio is now
61.27%, compared with 71.14% the same period a
year ago.
An increase appears in credit balances
abroad of 1,000,000 francs, in creditor current ac¬
counts of 1,004,000,000 francs and in temporary
80,847,795,615 francs and
gated
advances
francs.
State of 800,000,000
The discount rate remains unchanged at
Below
2%.
interest to
without
furnish
we
comparison of the different
a
items for three years:
standstill,
a
1 %%
continue nominal at
There has been a modest
supply of prime commercial paper
Rates
maturities.
f°r
the
in
increase
transactions having been
no
week.
this
reported
week, but the demand still exceeds the supply
this
Rates
available.
%% for extra choice names
are
running from four to six months and 1% for names
less known.
/
Bankers' Acceptances
TRADING in prime bankers' The demand con¬
acceptances has
quiet this week.
been very
good but only very limited supply of bills
Rates show no change. Official
tinues
has been available.
quotations
issued by the Federal Reserve Bank of
and including 90 days are
as
New York for bills up to
months, 5-16%
%%
The bill-buying rate of the
%% bid and 3-16% asked; for four
bid and
%% asked; for five and six months,
bid and
5-16% asked.
%% for bills running
Reserve Bank is
New York
days, %% for 91- to 120-day bills and
from 1 to 90
COMPARATIVE STATEMENT
BANK OF FRANCE'S
at
1% for 121- to 180-day bills.
Changes
Dec. 11,
for Week
a
French
Dec. 13, 1935
Dec. 14, 1934
Francs
Francs
Francs
Francs
60,358,742,140 65,911,343,586 82,231,706,630
No change
Gold holdings
6,463,400
+ 1,000,000
Credit bals. abroad.
1936
8,712,210
10,210,887
6,910,978,804 9,728,561,158 3,270,143,244
950,923,171
No change
1,456,532,664 1,294,777,184
b Bills bought abr'd
—65,000,000 3,573,730,344 3,360,021,816 3,212,933,077
Adv. agst. securs..
—494,000,000 86,779,778,125 80,847,795,615 80,905,388,140
Note circulation
Cred. current accts. + 1,004,000,000 11,733,699,193 11,982,157,699 20,651,774,129
c Temp, ad vs. with¬
+ 800,000,000 13,098,092,309
out int. to State..
Propor'n of gold on
80.97%
71.14%
61.27%
—0.32%
hand to sight liab.
—238,000,000
b Includes Mils discounted abroad,
c Rep
10-billion-franc credit opened at Bank.
*
Gold holdings of the Bank were revalued Sept. 26, 1936 in accordance with de¬
valuation legislation enacted on that date.
Immediately 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 5,000,000,000 francs of the
gold had been returned to the Bank.
See notation to table "Gold Bullion in Euro¬
pean Banks" on a subsequent page of this issue.
Note—"Treasury bills discounted" appeared in blank in the statement of Sept. 25,
as all of these bills had matured and have since been transferred to the account
"Temporary advances without interest to the State."
a
Includes bills
Open market rates for accept¬
088,000 to $3,089,000.
nominal in
ances are
as
so
far
as
dealers are concerned,
rates for open
shows
H
-
M
Prime eligible bills
at
66,409,000 marks,
Asted
Bid
X
*i«
90 Days—
M
X
*i«
*16
30 Days
—60 Days—
»i«
FOR DELIVERY WITHIN
X
3n
>i«
THIRTY DAYS
bid
Eligible member banks
...
o
Eligible non-member banks...
bid
Reserve Banks
Rates of the Federal
Discount
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
rediscount
following is the schedule of rates now in effect
the
various
classes
of
at
paper
the different
Reserve banks:
no
remains
which
bills
—120 Days
Bid
Asked
—150 Days—
A sled
Bid
for
THE statement for the second quarter of December
change in gold and bullion, the total
market acceptances are as follows:
—180 Days
Prime eligible
The
Bank of Germany Statement
The nominal
they continue to fix their own rates.
purchased in France,
resenting drafts of Treasury on
of
The Federal Reserve
holdings of acceptances increased from $3,-
Bank's
commerc'l
discounted.,
bills
1936
19,
The market for time money is
loans and renewals.
Bank of France Statement
son
Dec.
Chronicle
DISCOUNT RATES
OF FEDERAL RESERVE
BANKS
compared
Rate in
with
82,368,000 marks a year ago.
stands
1.6%,
at
as
The reserve ratio
Effect on
against 2.15% last year and
and 2.11% the previous year. Re¬
in foreign currency, bills of exchange and
serves
year
checks, advances, and other daily maturing obliga¬
tions
decreases,
register
58,592,000
marks,
marks respectively.
namely
354,000
marks,
558,000 marks and 3,423,000
Notes in circulation show an
expansion of 5,000,000 marks, making the total
4,567,152,000 marks, in comparison with 4,067,209,000 marks last year and 3,719,615,000 marks the
previous year.
An increase also appears in invest¬
ments of 999,000 marks.
Below we furnish a com¬
REICHSBANK'S COMPARATIVE STATEMENT
New York
IX
Feb.
Philadelphia
2
Jan.
Cleveland
IX
May
11 1935
Richmond
2
May
Atlanta
2
Jan.
14 1935
19 1935
Of which depos
abr'd
Res've in for'n currency
Bills of exch. & checks_
Silver and other coin...
Notes on oth. Ger. bks.
Advances
Reichsmarks
66,409,000
No change
...
Investments
Other assets...
Oth. daily matur.oblig.
Other liabilities
Reichsmarks
82,368,000
20,203,000
5,355,000
78,711,000
21,204.000
4,250,000
3,598,030,000
194,973,000
12,099,000
97,484,000
754,919,000
678,765,000
+ 5,000,000 4,567,152,000 4,067,209,000 3,719,615.000
759,520,000
667,931,000
720,675,000
—3,423,000
317,299,000
290,829,000
a287,894,000
*
to note circula'n
2
Jan.
2
Jan.
2
May
14 1935
Kansas City
2
May
10 1935
Dallas
2
May
San Francisco
2
Feb
1.6%
Validity of notes on other banks expired March 31, 1936.
2.15%
a
2.11%
8 1935
16 1934
Course of Sterling Exchange
STERLINGmarket follow the trends in evidence
exchange and the entire foreign ex¬
change
during the past two weeks.
While sterling is prac¬
steady flow of funds to the New York invest¬
a
market, the undertone of sterling is decidedly
The exceptional
against all other currencies.
steadiness in foreign exchange rates
is due of
course
to the close
cooperation of the several exchange funds
working in
harmony with the tripartite currency
agreement.
The undertone of sterling is conspicu¬
ously improved since the termination of the British
cabinet crisis
on
Dec.
on
the
departure of the Duke of Windsor
The range
11.
been between $4.90 3-16
ers'
Money Rates
of sterling this week has
and $4.91 11-16 for bank¬
sight bills, compared with
$4.89 9-16
for
cable
and
$4.90 13-16 last
transfers
has been
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
$4.91%, compared with
ruling quotation all through the week for both new
and
was
3 1935
Figures of Nov. 23;
latest available.
New York
.i.„_
I
Reichsmarks
Propor'n of gold & for'D
curr.
2
2X
2X
2X
2X
2X
2X
2X
2X
9 1935
Minneapolis
firm
Liabilities—
Notes in circulation....
2X
14, 1935 Dec. 15, 1934
a28,272,000
5,162,000
-58,592,000 4,645,983,000 3,944,877,000
166,066,000
al35,040,000
*
11,620,000
47,487,000
—558,000
56,713,000
+ 999,000
662,013,000
423,003,000
a634,626,000
780,111,000
—354,000
2
2 1934
St. Louis.
Chicago
ment
Reichsmarks
Assets—
Gold and bullion
2X
17 1935
of
Changes
Dec. 15, 1936 Dec.
Rate
8 1934
Feb.
tically unchanged in terms of the dollar in consequence
parison of the various items for three years:
for Week
Previous
Established
2
Boston
2.15% last
Date
Dec. 18
Federal Reserve Bank
$4.91%
a
week
ago.
a range
week.
between
a range
of between
The
range
$4.90% and
of between $4.89%
volume
An
important factor affecting the future"of foreign
exchange
last of
This
Financial
14$
the extraordinary purchase
was
Tuesday
on
£65,000,000 of gold by the Bank of England.
the largest
was
day in the history of the insti¬
tution.
pansion, imniediate steps
sterilize the
At the request
reserves.
taken in England to
were
huge gold addition to the central bank's
fiduciary issue
Bank of
of the Bank of England the
gold
reserves
of the
England and to reduce the fiduciary issue
disclosed by Chancellor of the
Exchequer Neville
Mr. Chamberlain gave no
Commons.
however,
the
of
The repayment
explanation,
motives prompting the
decision.
of the £40,000,000 French credit
doubtless related to the
operation,
as
the credit
February, subject to repayment in gold.
have been
London
for
totaled
number
a
was
of weeks.
£6,000,000.
During the four
by
decline of 4,000,000,000
a
way
Exchange Equalization Fund and
physical cash
which it
was
resources
but simply the
by Treasury bills to
here
(the Brad-
of 1931 there
was
a run
reserves were
In
the Bank of
on
reduced to
a
In order to replenish the
increased to £275,-
000,000, adding £15,000,000 to the bank's
When the emergency was past
reserves.
the fiduciary issue
was
decreased to £260,000,000.
Such
investment.
have been
available funds
ness
and
Itjs hardly possible for
year,
point to the ultimate determination of the British
the
reduce
fiduciary issue
oject of eventually making
freely exchangeable for
lodged in Great Britain.
Were busi¬
a
with the
Bank of England note
gold sovereign,
a
the theory of the late
on
falling market."
a
steady improvement in business conditions in
United
regardless
States,
The
measures
a
consum¬
of
what
of the
British
of the Board of Governors
estimated
is
it
that
foreigners
had acquired
$1,000,000,000 of American securities since April,
1935 and
hold "readily marketable stocks and
now
bonds" between
$4,000,000,000 and $4,350,000,000.
Board asserts that three
The
factors indicate
relative
stability of these investments.
trend of
foreign buying has been steady; second,
the
depression here caused
no
device and that
in
Present gold holdings of
Inasmuch
pre-depression in character.
British business
index
continues upward.
The
of 1927
compared with 75.5
as
a
100, stood
Dec. 9 at 77.8,
on
month earlier and with 60.4
Sept. 18, 1931, just before the suspension of
payments by Great Britain.
five-year record.
wholesale
prices in November,
100,
as
Thus, prices
its gold at the old
that the Bank of
based
and is in
Present
year
means
value of approximately £523,300,000,
excess
time in British
a
price of 85 shillings, this
of
ex¬
previously held in Great Britain
100% against notes for the first
gold holdings
compare
with £200,667,347
earlier, with £150,000,000 recommended by
1930
1935.
new
Tuesday, advancing 0.8 to 143.1.
142.4, Nov.
The
18.
The rail
which
high record
The previous
average
compares
re¬
with the
high of 73.9 on Nov. 19.
The London money
a
market is temporarily firmer,
year-end seasonal factor.
continues in supply at
bills
are
15-16%.
Call
H%.
money
against bills
Two-and three-months'
1%, having moved down from 13-32%.
Four-months bills are
history.
on
of London's industrial averages
mained unchanged at 72.5,
England has gold reserves in sterling
any reserves
Times"
was
are at a
98.3, compared with 97.6 in
was
on
record
on
gold
The Board of Trade's index number
for the London market established a
are
"Econ¬
of British commodity prices, based on
the final
the Bank still carries
of
foreign holdings; third, the bulk of the holdings still
currency.
the Bank of England
as
even
liquidation
net
"Financial
analysis irredeemable paper is not genuine
the
First, the
October, and with 91.3 in November,
be
con¬
Federal Iteserve System, which pointed out
banking community has from centuries of experience
currency can
be
to
seems
long been convinced that managed
£314,439,926.
politico-
be taken by the Washington
of the
confidence
average
The British
may
firmed by a recent report
of
general tranquillity.
emergency
In sub¬
in the
the
mation which cannot be effected until world condi¬
restored to
side,
"Buy in
London bankers have the utmost confidence
tions
ceeding
any
stance
the average
currency
British in¬
prices to decline in the United States, some
flow of funds to this
are
gold by the Bank of England earlier in the
an
were
When the
encouraged by the imrpovement
in American business.
of
only
London
funds
war.
In the past year
intensified.
was
banking operations, together with the huge purchases
are
being
put "brakes"1
or to
the security market.
in
greatly
or
improvement in British business to absorb all the
quarters it is believed that the present
to
to be
threatened
large amounts before the
omist"
authorities
imports
holiday.
year
seem
point out that British funds have always
American
in
vestors
that
the fiduciary issue was
some
favored
repre¬
instituted during the World War.
dangerously low level.
In
activity
likely that
administration.
borrow
can
England and the bank's
reserves
/the
on
authorities
larger holdings of gold.
fiduciary issue of Great Britain
summer
taken here to sterilize gold
economic
funds for its operations.
burys)
new
concerned about the various steps
The exchange equaliza¬
holdings.
potential assets of £350,000,000, Which
The
normal levels after the
more
Lord Rothschild
reserves.
tions fund has doubtless still
secure
to
seems
will rapidly decrease
competent British observers assert that such an ap¬
British
limit to
It
of £424,507,000.
parent catastrophe would only serve to stimulate the
gold
sents not its
last year
the present circulation figures
The repayment of
the fund's sterling
the
There
major part of the French gold found its
the
high of Aug. 5 by £13,289,000 and
with circulation at the approach of Christ¬
compares
mas
a
The present total
depression started the flow of British funds to this
resold to the Bank of England so as to strengthen
It has
England's note circulation is at
high level of £467,695,000.
also reflected in the last statement of
of France
Bank
francs in its
was
of
side
14 these French gold shipments
than
more
the credit
into
Bank
was
steady shipments of gold from France to
days ended Dec.
the suspension of
was
granted to the French Treasury by London banks
The
The
a new
The London authorities do not
Chamberlain in reply to a question in the House of
the
Committee, and with £136,880,252 in
gold in September, 1931.
reduced by £60,000,000.
was
The decision to increase the
last
Cunliffe
exceeds the record
Probably in order to forestall potential credit ex¬
was
the
3893
the Bank's statement previous to
single addition to the bank's gold
in any one
reserve
Chronicle
This
November of
31-32% and six-months' bills
compares
with rates at the end of
9-16% for two-months' bills, 19-32% for
Financial
3894
three-months'
and
There is
11-16% for six-months' bills.
real
no
bills
Dec. 19, 1936
and grain
Cotton
$4.90%.
at
closed at
stringency in London nor is there likely to
money
be
bills, 21-32% for four-months' bills,
Chronicle
for payment
$4.91%.
Continental and Other Foreign Exchange
one.
All the
this week
of it
gold
offer in the London open market
on
taken for unknown destination.
was
Much
undoubtedly for shipment to the United
was
States, but it
probable that the British Ex¬
seems
change Equalization Fund
Saturday last there
On
buyer.
a
available £196,000,
was
Mon¬
on
Tuesday, £258,000, on Wednesday,
day £635,000,
on
£341,000,
Thursday
on
also
was
£179,000, and
on
Friday,
£458,000.
FRENCH francs of the exchangethrough theThe
are held steady control. in¬
strumentality
apparent firmness of the franc in terms of
the week ended Dec.
16,
as
gold movement for
reported by the Federal
Reserve Bank of New York, was as follows:
keeps the franc in the closest possible alignment
fund
with
sterling.
franc
can
ceptionally
continue to rule
Government's
The fears entertained by
On Wednesday
the French Government, when pre¬
senting its financial program to Parliament through
3,455,000 from England
Finance Minister Vincent
None
2,388,000 from Canada
Auriol, made
complete reversal of monetary plans.
$10,382,000 total
Minister announced
Net Change in Gold
tically
$1,125,000
Note—We have been notified that
approximately $207,000 of gold
San Francisco from Hongkong.
above
figures are for the
week ended
On Thursday there were
Wednesday.
no
was
of
gold
sudden and
The Finance
Government loan (prac¬
imports
On Friday $1,697,100
foreign account.
There
received from Canada.
revised
The drastically
"baby bond" issue).
a new
plan of the Government represents the essen¬
tials of
on
exports of the metal or change in gold held ear¬
or
marked for
new
a
a
Earmarked for Foreign Account
Decrease:
■
The
intensified
radical demands.
new
Exports
$4,639,000 from India
received at
ex¬
by the investing and
program
the conservative elements are constantly
by
of the
owing to the lack of confidence in
easy
saving classes of France.
GOLD MOVEMENT AT NEW YORK, DEC. 10-DEC. 16, INCLUSIVE
Imports
conditions
underlying
The
hardly be said to show any improvement.
Government securities
French
the
At the Port of New York the
the dollar
entirely to the fact that the French equalization
is due
a
major policy of attracting capital rather
than coercing it
into submission.
The Government
appealed to private hoarders to turn in their metal
as
loan
a
help meet mounting national defense
to
costs.
were no
The Finance Minister announced the relaxation of
exports of the metal, or change in gold held earmarked
exchange restrictions and the virtual removal of the
for
was
foreign account.
Canadian
premium of 1-16% to 9-64%.
tween a
The following
rate
present severe penalties on hoarding.
exchange during the week ranged be¬
tables show the
paid for gold by the United States:
The amount of the
Wednesday, Dec. 16
Dec. 14
Thursday,
Dec. 17
105.13
Tuesday, Dec. 15
105.14
Friday,
Dec. 18
__105.l4
105.14
141s. lOd.
9d.
9d.
141s.
141s.
PRICE PAID FOR GOLD
Wednesday, Dec. 16
141s. 7d.
Thursday,
Friday,
141s. 5Kd«
Dec. 17
Dec. 18_-_141s. 6K<*.
$35.00
range
and
Wednesday, Dec. 16
Dec. 17
35.00
Dec. 18
35.00
vances.
4.90 3-16@
in
cable
for
firmer.
The
active
trading.
On
was
$4.90 9-16@
transfers
Wednesday sterling
more
transfers.
Bankers' sight
steady.
was
$4.90%@$4.90 11-16; cable
On
was
The
inclined to
range
was
$4.90 15-16@$4.91 7-16 for bankers' sight and $4.91
@$4.91% f°r cable transfers.
was
in demand.
for bankers'
transfers.
steady.
The
bankers'
sight
transfers.
On Thursday sterling
The range was $4.90%@$4.91 11-16
sight and $4.91 7-16@$4.91% for cable
On
Friday
range
and
Closing
predevaluation francs redeemable at
exchange
was
on
London
was
$4.90 15-16@$4.91% for
$4.91@$4.91 5-16
quotations
on
30%, besides being accepted
for
Friday
cable
were
one year
Against
Auriol
the
and these will be
acceptable at redemption value for
In
stating these terms, M. Auriol declared that
the international monetary agreement frees France
from the necessity
in
order
currency
to
of resorting to
guarantee
of coercion
and liberty of circulation of capital.
exchange stabilization fund has all the
of the
"The
means
for
insuring and will insure such freedom," he declared.
»
In his
appeal for the turning in of metal, M. Auriol
asserted
France
"The
that
gold had been leaving the Bank of
reserves
hiding
in
away
"and fears must
large quantities for private hoards.
of gold must cease," he declared,
disappear.
The period of transition
is over."
After
one
stating that the French monetary regime is
of full and entire
liberty, M. Auriol announced
that the forward purchase
is free.
of foreign exchange from
Commercial sight bills finished at $4.91%, sixty-day
since fiscal amnesty is
and "we demand for the future
(60 days) at $4.90, and seven-day grain
measures
the exchange value
bills at
$4.90, ninety-day bills at $4.89%, documents
nine-
20% of inheritance taxes.
now
security against
"baby bonds"
$4.91 3-16 for demand and $4.91% for cable transfers.
for payment
as
hence against 30-day ad¬
4% bonds, redeemable at 140%, will be issued
year
$4.90%@
was
$4.90%@$4.90 13-16 for bankers' sight
Tuesday sterling
firmness
was
were
transfers
$4.90 9-16@$4.90%
$4.90%.
on
dull but steady, -hardly changed
cable
and
gold surrendered be¬
three-year 3%% bonds at
$35.00
Thursday,
Bankers' sight
15
redemption value in the payment of inheritance
Friday,
On Monday the pound
was
at
35.00
was
loan is not fixed and its
140% will be issued and these bonds will be accepted
loans, and also
Friday's close.
$4.90 5-16,
1 and Jan.
35.00
Saturday last
$4.90%.
tween Oct.
new
follows: Against
as
liberally by the Bank of France
Referring to day-to-day rates sterling exchange
from
are
taxes to the amount of
BY THE UNITED STATES
(FEDERAL RESERVE BANK)
Saturday, Dec. 12
Monday, Dec. 14
Tuesday, Dec. 15
terms
the rate of 100
LONDON OPEN MARKET GOLD PRICE
Saturday, Dec. 12
Monday, Dec. 14
Tuesday, Dec. 15
given to the French banks
be free in all its movements into and out of France.
105.16
105.15
Monday,
In stating the
Auriol formally proclaimed the
just prior to devaluation to discourage capital flight.
At the same time he stated that French capital was to
MEAN LONDON CHECK RATE ON PARIS
Saturday, Dec. 12
loan
cancellation of instructions
London check
mean
Paris, the London open market gold price,
on
and the price
details of the
on
Liberty of action also is guaranteed
ment declarations."
contained in the budget bill
only honest invest¬
Volume
The
Financial
143
Chronicle
Government's~jrequirement that foreign invest-
ments should be declared has been
of the chief
one
Jdi
3895
XCHANGE^on^tthe^countries neutral during the
war is steady and firm, reflecting closely the
stumbling blocks in the path of restoration of confi-
action of sterling.
dence.
guilder
Holders of funds
have either
such
ignored
evaded the requirement with
or
determination
the
necessitate
to
as
change of policy.
deposited abroad seem to
present
It is well established that the
The Swiss franc and the Holland
especially inclined
are
currencies
the
following
tripartite
prospect of confiscation of gold which was not sur-
rienced
previously taken refuge abroad.
ment
declared failed neither to halt illicit ship-
of metal abroad
metal from
to
nor
prevent possessors of
keeping it in hiding at home
Up to the present
country.
outside the
or
clear reaction to
no
the
new policy has been
discerned, although it is
hoped that the relaxation of the French exchange
control
constitute
may
important step toward
an
world economic recovery.
The
German
mark
The Reich
ment.
authorities
shows
improve-
no
In recent weeks
both countries have received in repatriation
gold that
credit inflation
much
a
the basis of the newly returned
on
It is also understood that both countries
metal.
have experienced
domestic
large dehoarding of gold from
a
The great accession of funds to
sources.
responsible for the low bank rediscount rates which
making renewed
were
as
to strengthen as
in Amsterdam against sterling and the dollar during
holdings of foreign
meager
cura
high record since the depression, the net export being
the monthly average of
Likewise the
1934.
Heavy selling
recently put into effect.
on
Thursday.
54.76 cents.
The depreciation is
The Netherlands Bank
as
guilder
The
considerably
gold to total sight liabilities of 65.9%.
acute domestic shortage
to
of Dec. 14 showed total
have risen
an
pegs
rose
only 19.17%.
now
gold holdings of 669,500,000 guilders and
As
pressure
the week caused the Dutch control to lower the
exports of machinery and electrical plant equipment
materially.
so
have been taken to prevent
measures
are
The November steel export figure reached
twice
heavy repatriation of funds which had
a
both countries since the end of September was largely
situation
efforts to stimulate exports so
far as possible their
rency.
of
agreement
Sept. 26, both Switzerland and Holland have expe-
rendered
or
firmness owing
to
largely to the fact that since the revaluation of these
a
ratio of
The National
continues in these branches of heavy industry and
Bank of Switzerland in its
foreign prices
reported gold stocks of 2,636,800,000 Swiss francs
hardly profitable, it
are
that
appears
the Ministry of Economy is forcing exports merely in
order to obtain
renewed
exchange.
proposals to the United States Treasury by
which Americans could buy German goods in certain
with
cases
blocked
and
Germany has submitted
marks
without
violating
the
of Dec.
statement
15
ratio of gold to total liabilities of 95.68%.
a
Bankers' sight
Amsterdam finished
on
54.73, against 54.42
on
commercial
transfers at 54.76, against 54.43; and
sight bills at 54.66,
Friday at
Friday of last week; cable
on
Swiss francs
against 54.31.
United States
import law penalizing the importation
closed at 22.99% for checks and at 22.99% for cable
of
foreign
transfers, against 22.98% a^d 22.98%.
subsidized
there
It would
goods.
prosp&<Sis of at least
are
according to
limited agreement,
a
reports from Washington.
some
that
seem
Trouble
with Germany arose early last summer when American
officials
marks
and
decided
that
with America
were
of this country.
countervailing
German
use
aski
of
to finance trade
contrary to the anti-subsidy law
duties
penalty tariffs against
or
a
goods.
following table shows the relation of the leading
European currencies to the United States dollar:
Old Dollar
France (franc)
Parity
6.63
13.90
16.95
16.90^
5.26
8.9i
5.26y8
Holtend^'iidep?;.:;:::: lo.ao
issioe
ma*
a
New dollar
parity
as
against 105.15
New York
at
sight bills
on
on
4.66 3-16 u
Paris closed
for bankers
m
on
cable
sight bills and
against 16.91 and
were
40.24
sight bills and 40.24 for cable transfers,
with 40.23% and 40-24. Italian lire
transfers,
sight bills and at 5.26%
against
5.26%
schillings closed .at 18.71
exchange
at
Antwerp
comparison
Austrian
^
In
Friday of last week;
transfers,
nJ Jw
Czechoslovakia
on
c^ares^
2.16%.
against 0.89%.
and
5.26%.
against
3.51%,
18.72;
against
0*74, agamst 0.74; on Poland
18.87%, against 18.87%; and
against
at
on
Greek exchange
Norway finished at
on
Spanish pesetas
24.64.
^
are not
quoted in-New York.
—♦—:
.
.
.
..
South American exchanges are inclined to
1 flrmness" This is due chiefly to the prosperous
exPor) seasons enJ°/ed ^ these countries during the
Past feT. yearf and t]f nsmg Pricea of their ?xPort
commodities
Finland at 2.17,
closed
at
.
,
.
.
,,
.
general tendency is to give greater freedom to
®
,.
.
change operations,
as
,
,
A
x.
0.90,
,
The Ministry of Finance in Buenos Aires
week-
intends to submit to the Argentine Congress
a
plan
g^^ual relinquishment of the remaining
change
measures,
which
were
adopted
The free market in
expedients.
pesos
Weeks been gradually approaching
on
ex-
as emergency
has for several
equality with the
The free peso market is an exchange
official rate.
market in
^.]ian
ex.
exemplified by Argentina last
for
Friday
Friday of last week.
quotations for Berlin marks
closed at 5.26% for bankers
for
5.26H
Zufe
on
4.67%, against 4.66%.
ca^e
*°r
Final
to
^
belgas closed at 16.91% for bankers
16.91.
4.67^
to 16.93H
the French center finished
4.66%, against 4.66%
cable transfers at
25.29; while checks
24.67 and cafble transfers at 24.68, against 24.63 and
■,
^
on
Sweden
proved their trade balances, with the result that the
Veek
before devaluation of the European currencies
betw^n Sept. 26 and check 1936.
Oct. 5,
The London
rate
at 105.15
25.28 and
Rangi
This
a
3.92
Belglum (belga)
Italy (lira)
on
closed at 25.32 and cable transfers at 25.33, against
durmg the past year have greatly im-
New Dollar
Parity
Checks
against 21.88% and 21.89%.
At that time the Treasury invoked
wide range of German
The
the
other special accounts
Copenhagen
checks finished at 21.92 and cable transfers at 21.93
Argentina which is based
commodity movements,
from the invisible items in the
on
capital rather
exchange arising
or
country's international
trade.
Argentine
paper
pesos
closed
on
Friday, official
quotations, at 32.75 for bankers' sight bill, against
32.70
on
Friday of last week; cable transfers at 32.75,
against 32.70.
The unofficial
or
free market close
30%@30%, against 30.00@30.25.
official rates, are 8.77,
or
was
Brazilian milreis,
against 8.75.
The unofficial
free market in milreis is 5.95@6.05, against 5.95@
q q0.
Chilean exchange is nominally quoted at 5.19,
against 5.19.
against 25%.
Peru
is
nominal
at
25%@25%,
3896
Financial
EXCHANGEfollow trends long apparent, these
on the (Farm jEastern countries'continues
to
currencies
as
considerable
been
There has
closely allied to sterling.
are
disturbance
in
Shanghai dollars
owing to the recent crisis in internal Chinese affairs,
exemplified
as
by the
detention
Generalissimo
of
Chiang-Kai-shek by factions endeavoring to force
with Japan.
war
Dec. 14
on
was
a
A Reuter's dispatch from Shanghai
to the effect that Chinese Government
Chronicle
Dec.
Association, of
desired for
tion
points
The "era of
industry
of
of
coopera¬
Administration,
at such
measures," to quote the Declara¬
Principles, "which will promote the best
interests of the American
by whatever phrase it
people." With that desire,
be expressed, there will
may
banks have decided to continue their policy of selling
certainly be general accord.
gold
worth
currencies freely against speculative demand
which has arisen because of the present
their utmost to
do
protect the
crisis and to
Foreign
currency.
bankers in Shanghai consider that if Chinese bankers
Chinese banks have freely met demands for
panic.
foreign
Wide differences in forward rates
currency.
apparently
business
cause
suspicion
have bought
men
among
speculators, but
sterling and dollars
as
a
Closing quotations for
closed
kong
at
on
what
to be realized.
Prominent in the Declaration is
maintenance
of
competition.
Declaration runs,
is
possible under
"We believe,"
"that the greatest future
checks yesterdayJwere
yen
Friday of last week.
30.62@30 11-16,
against
Hong¬
30%@
in
individual
proportion to his achievements and
the risks incurred."
economic
"Fundamentals inherent in
social
and
system" require
artificial barriers to the
1-32; Manila at 50.55, against 50%; Singapore at
portunity for the individual to
no
57%, against 57%; Bombay at 37.16, against 37.09;
economic level
and Calcutta at 37.16
fixed
against 37.09.
of
Gold Bullion in European Banks
par
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
by special cable yesterday (Friday); comparisons
corresponding dates in the previous
four years:
Banks
of—
£
,
France
Germany b.
Spain
Italy
Neth'lands.
Nat. Belg-Switzerland
Sweden
Prev.week.
a
Oct.
90,672,000
65,081,000
70,170,000
71,513,000
69,435,000
15,804,000
7,396,000
99,620,000
46,743,000
22,082,000
6,555,000
6,602,000
120,628,031
666,110,917
616,254,492
17,012,500
90,441,000
76,595,000
37,030,650
90,333,000
62,947,000
86,049,000
76,685,000
77,898,000
61,710,000
14,386,000
73,844,000
89,056,000
11,443,000
7,397,000
6,572,000
6,582,000
the
29, 1935; latest figures available,
c
8,014,000
b Gold holdings of the
Amount held Aug. 1, 1936; latest figures available.
Note—The par of exchange of the French franc cannot be exactly determined, as
yet, since the legislation enacted Sept. 26, 1936 empowers the Government to fix
the franc's gold content somewhere between 43 and 49 milligrams.
However,
calculated on the basis on which the Bank of France has revalued its gold holdings,
and that individual initiative shall not lose
people to their high standard of living.
true function of proper
165 francs to the
pound (the old parity was about 125 francs to the pound).
It is on this new basis
that we have here converted the French Bank's gold holdings from francs to pounds.
little at the
ration of
an
President
history
of good
Monroe's
designation of "an
were
in fact
mony.
may
be inclined to
Principles," adopted by the National Asso¬
era
on
Dec.
feeling."
19, that "industry
The later years of
administrations
era
to
which
the
of good feeling" was applied
anything but
a
period of political har¬
Old party lines had virtually disappeared, new
party lines
were
only beginning to form, and
sonal and factional
occupy
the field.
unsound.
and
,
.
Where
.
must be exer¬
politics
were
free for
The emerging form of
a
per¬
time to
a raw
care
cised to prevent such emergency
coming
that
permanent
government-owned
The
same
idea
runs
through what is said about
security. "We
are
in favor," the statement
principles declares, "of creating economic security
for each citizen without limitation of his individual
opportunities and responsibilities for creating such
security for himself." Doubt
was
expressed that the
Federal Socal
of
Security Act will do wrhat is expected
it, although cooperation in administering and
"constructively amending" it
was
promised. Beyond
security, however, the Association placed
belief "in
preserving economic freedom for the
and
have increased
job security
as
the length of his
advance and obtain promotion in the
tunity for the worker to obtain
in the company
the worker to
to rent
or
buy
management
and
home at
and
reasonable price." "Labor,
investors," again, "should each
of manufacturing
according to the contribution made.
lieve that
national
political
field,
and
a
sectional
tariff controversy which was to bring the nullifica¬
tion
movement
in
its
train
was
impending.
The
oppor¬
invest; opportunity for him
a
receive from the proceeds
share
plant;
financial interest
which employs him; opportunity for
save
a
a
a
fair
We be¬
through full and free cooperation between
management and employees based upon mutual un¬
derstanding
already casting its shadow
em¬
ployment increases; opportunity for the worker to
tained. We believe in and support the
was
businesses
compete with private enterprise."
labor and
of
agencies from be¬
by Andrew Jackson,
the
emergency
assumption of
vigorous Western democracy, shortly to be typified
over
.
individual—opportunity for the employed worker to
closing statement of the "Decla¬
ciation of Manufacturers
wants
rights.
Government competition with private industry is in¬
its
Proposed Era of Good Feeling
Students of American
a
our
The
.
.
system, is to protect
the individual in the exercise of his
economic
smile
.
government, as declared by
the founders of the American
the parity between francs and pounds sterling is approximately
The
no
impetus and inspiration that has brought
7,399,000
Bank of Germany are exclusive of gold held abroad, the amount of which is now
reported as £1,413,600.
one
extraordinary responsibilities,
£
191,723,639
1,202,908,713 1,097,907,795 1,250,154,650 1,236,674,631 1,252,854,598
1,137,664,627 1,097,207,494 1,250,937,640 1,236,839,646 1,273,573,172
Amount held
op¬
from
another, that there shall be
1932
£
192,772,647
657,853,653
2,875,350
42,575,000
52,504,000
6,603,000
1933
£
200,667,347
527,290,748
3,066,700
90,202,000
6,552,000
Norway
Total week.
1934
£
Denmark
equality of
progress
conditions have led to governmental
1935
314,339,926
482,869,937
1,906,850
c87,323,000
842,575,000
47,491.000
106,006,000
82,534,000
24,708,000
England
our
there
today from becoming the industrial leader of to¬
jurious
1936
to
"that
rigidities which will prevent the small plant
morrow,
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at
shown for the
the
so
progress
competitive private enterprise,
a
30
are
uncompromis¬
an
of individual freedom and the
ing championship
shall be
us
reasonably be
may
11-16; Shanghai at 29.60@29%, against 29.85@
to
is
future, the hope is likely
30
of
Declaration
profit and loss system which permits reward to the
precautionary measure.
28.58, against 28,52
The
whether, in view of exist¬
see
looked for in the immediate
take the situation calmly there is no reason to expect
a
examining to
circumstances and
ing
one
cooperation might be possible, "in the fur¬
as
therance of those
tion
good feeling" which it
primarily
was
Roosevelt
the
with
could hardly have had these
course,
events in mind.
1936
19,
to
seek,
a
secure
just division of rewards
can
be at¬
right of labor
and retain employment without
gard to membership
or
non-membership in
re¬
any or¬
ganization and to bargain, without interference
or
Volume
14?
Financial
Chronicle
3897
coercion from any one,
fered.
The
ually.
shows
no
either collectively or individ¬
We believe in the correlative right of the em¬
ployer to be free from coercion by any one."
So, also, with regard to production.
tion
its
affirmed
belief
shorter hours and enhanced
improved
methods
in
.
stick"
brought about "will
increasing cost will reduce the
consumer
ther
economic
factors
vary
in
different
of
parts
doctrine, clearly and forcibly
ex¬
pressed. How much of it is likely to commend itself
to
New Deal
a
the way
Administration, and thereby
pave
for the cooperation which industry stands
ready to give?
Coincident with the meeting of the National As¬
held at
York, there
was
Washington the third session of the Council
for Industrial
tion is
Progress.
Labor's
Cooperation, and the moving spirit in
Nonpartisan League formed to mobilize the
labor vote for the Roosevelt
of the
policies in 1940.
Some
largest American industries declined to take
of
clared
opening session.
that "the
A report
on
policy de¬
public welfare demands that that
degree of governmental restraint shall be exercised
private industry which will require its
on
ment and
ownership to administer business and in¬
dustry in such
social
the
Act,
a
way
as
to preserve and protect
justice, equity and fair dealing." The central
feature of
was
nine-point
a
proposal of
include
to
program
a
which
other business
maximum
hours
and
minimum
practices; the Act to be administered
by the Federal Trade Commission
created
equity
body, with
powers,
it
to adjudicate complaints.
as
turned
over
the
return
of
President
the
everybody knows, is
a
revival of
Recovery Administration
admit
control
of
escape
1he management group
in the Council for Industrial
Progress declaring that "we must find the courage
to
regulate the technological nuisance in the
that
we
found the courage to
nuisance, for in
so
far
as
same
regulate smoke
technological development
distress, to just that extent it is, indeed,
causes
a
nuisance."
As
long
such aims exist, it is to be feared that
as
efforts
the
of
business
and
industry to cooperate
with the Administration will meet
increasing diffi¬
culty unless cooperation is interpreted in terms of
surrender.
P.
The
case
was
put by Col. Leonard
Ayres in his address before the Cleveland Cham¬
American
repression, reward and penalty,
portunity and restraint.
stances
we
.
well be confident that for
may
election
a
day not merely a President
President
forecast
over
which
condition
business
our
must
control
developments
command
assumed
over our
economics.
term and for the short term.
has
op¬
Under the circum¬
.
.
many
to come we shall choose each four years on
years
but
business," he said,
characterized by governmental
one
stimulation and
"The prospect that
Tuesday.
on
for
holds
"appears to be
a
well
over
It
.
.
politics
It is
.
attempts to
our
both for the long
that
means
economics."
politics
The
only
hope, apparently, is that President Roosevelt,
re¬
strained
op¬
by his responsibilities
portunities,
trine than
may
are
be
some
more
as
well
as
by his
attentive to sound doc¬
of the advisers who
are
believed
so
Happy Escape at Buenos Aires
It is not often that the American
his
contem¬
as
A
ready
from
program
of the National
Federal
not. to
are
to Major Berry to
What the
trip.
Congress. Even technologi¬
to have his ear.
intimated that the bill would be
was
American
plates,
newly-
some
gov¬
government scrutiny, for we have the chairman of
bill for President Roosevelt's approval,
a
after
Sontli
or
industrial court, vested with
an
The program was
embody in
soon
approved
was
Federal fair-trade practice
provisions and stipulations about selling and
wages
and
manage¬
wheat and
as
control is being actively
apparently,
of Commerce
read at the
well
as
due for further refinement
are
improvements,
future
success was
corn
new
the
wishing the meeting
com¬
agricultural
insurance plan which will fur¬
cal
ber
letter from him
power
revised
practices and labor conditions in
contacts,
been
a
Wallace's
crop
part in the conference, but President Roosevelt has
friendly to the undertaking from the first, and
controlling private
at the hands of the
The head of this organiza¬
Major George L. Berry, Federal Coordinator
for Industrial
business
over
manner
sociation of Manufacturers at New
advisers, it is
The Robinson-Patman Act and the Walsh-
ernment
•
This is sensible
con¬
Healey Act, embodying drastic government control
the
country."
the trusted
strengthen Federal
pushed.
pur¬
since
wages,
of
one
Secretary
cotton, and the
...
nationally industrial hours and
companies
Cooke, Rural Electrification Ad¬
production, including
chasing power we desire to enlarge.
No
equitable yardstick has yet been developed by which
to fix
holding
and at the Berry
up,
plans look clearly toward Federal control of crop
of free enter¬
ing hours limit necessary production, the unavoid¬
able
and
method
panies.
Should arbitrary reduction of work¬
.
utility
on
believed, of the President, championed the "yard¬
living standards which
continue under the American
system
.
ministrator
wages,
agriculture, manufacturing
and the service industries have
prise.
ference Morris L.
The Associa¬
that the increased
attack
signs of letting
much
would
business and industry
people have
casion to be thankful for the defeat of
tration
a
on
an
oc¬
Adminis¬
major item of its foreign policy.
The
refusal of the Inter-American Peace Conference at
Buenos Aires to
accept the draft convention regard¬
through so-called "voluntary" agreements between
ing neutrality, consultation and other related mat¬
management and labor. A purpose which
ters
prominent at the conference
"little
the
man."
was
Whether,
was
made
the protection of
under
the
proposed
scheme, the distinction between interstate and intra¬
state
commerce
trust
laws
would
declared
be
abrogated and the anti¬
the
demand
for
however,
Republics, led by Argentina, have not only
turned down
an
extraordinary proposal which would
have weakened rather than
strengthened their posi¬
outset, is
United
individual
National Association
a
direct challenge to
freedom and
initiative,
competition which the
of Manufacturers has voiced.
only point at which
Hull submitted is,
tion, individually as well as collectively, in the event
free labor contract and free
It is not the
American
of
very
Secretary
ground for national satisfaction. For once the Latin
inoperative remains to be dis¬
closed.
Here, at the
which
a
challenge is of¬
war,
but have also, in
States from
so
doing, prevented the
entangling itself in
an
agree¬
ment which at best would have been difficult to
en¬
force, and which in any case would seriously have
impaired the independence of action which
nation
ought scrupulously to preserve.
every
3898
Financial
The draft convention submitted
Chronicle
Dec.
19, 1936
by Secretary Hull
thereby implementing in a practical way Mr. Roose-
the views of the Admin-
velt's policy of the "good neighbor." Reports from
istration, contained two highly objectionable provi-
Buenos Aires have indicated a difference of opinion
and
embodying, of
sions.
course,
The first bound each of the 21 nations rep-
resented in the
Conference,
or so many
of them
as
members of the Conference as to whether this
among
is to be interpreted
"the end of the Monroe Doc-
as
might sign the agreement, to adopt the provisions
trine"
or as an
of the
as an
inter-American policy.
the
present American neutrality Act which forbid
exportation to
tion
belligerent of arms, ammuni-
a
implements of
or
security loans by
war,
provided for the creation of
tive
or
a
The controversy
may
be left to those who see some special significance in
any
it, since in either case, if the proposed agreement
The second
is adhered to, intervention will be at an end. In place
permanent consulta-
of intervention there are now to be friendly con-
the flotation of
or
belligerent Power.
a
acceptance of the Monroe Doctrine
committee, composed of the Secretary of State
sulfation and a tender of good offices,
Foreign Minister of each of the signatory States,
impowered not only to consult for itself
with
or
The United States is also fortunate in escaping
either controversy or rivalry with the League of Na-
appropriate authorities in other States regarding
tions.
peaceful
close, but
points in the Conference proceedings. The rejection
neutrality and
of Secretary Hull's neutrality proposals seems to
also to
other
means
of bringing a war to
the observance of the
oversee
a
provisions of the proposed treaty.
of these
provisions, in addition to binding every
tral American
signatory in
for which there is
hardly
vestige of popular
port, and the observance of which, in the
and
war,
obtain its
arms
and munitions in
foreign ministers
at
The
sec-
or
difficulty of getting the
secretaries together," especially
time when their official duties at home
a
unusually
to
effect
provision would almost certainly have proved
unworkable because of the
have been due in considerable part to apprehension
lest the obligations of some of the Latin American
States
members of the League would be interfered
as
gether well founded, the
a
would be free to
Europe.
two
of
case
no
at
with. It is noft clear that the apprehension was alto-
since each belligerent, to the
war,
of its financial resources,
extent
ond
a
figured prominently
sup-
would be difficult
probably impossible, could have had
shortening
neu-
self-denying ordinance
a
a
prolonged and important
in
The first
League
The
were
and would have opened the
draft convention having
carefully recognized the obligations imposed by multilateral treaties or other undertakings, but
even
this reservation did not dispose of possible conflicts
of interest. The other point concerned the proposal,
backed particularly by some of the, smaller States,
of
an
American League of Nations.
The character
of the sponsorship of this proposal recalls the
sup-
port which the smaller Powers of Europe gave to the
sanctions imposed
by the Geneva League
upon
Italy,
way
but the record of League failure in that and other
joint intermeddling in domestic and international
matters might well have discouraged any attempt
onerous,
policies which
signatory State would have
every
resented.
to set up a rival League in the Americas, especially
since
From such unfortunate
entanglements the States
there
was
would join.
no
hope that the United
The refusal to act
on
States
the proposal, be-
represented in the Conference, thanks largely to the
yond referring it to a later Conference, appears to
outspoken opposition of Argentina,
have been due primarily to the opposition of Argen-
to have
appear
escaped. In the agreement which, it
happily
was ex-
tina, Brazil and Chile, but the well-known attitude
pected, would be formally approved by the end of
of the United States
this
influence.
week, the whole scheme of impracticable
trality
as
neu-
proposed by Secretary Hull has been
re-
jected; and each State is left free to determine and
apply its
views
own
neutral policy in accordance with its
own
of
international
its
grandiose plan of
mittee has also gone
there is
obligations.
The
permanent consultative
a
com-
by the board, and in its place
merely an agreement to consult, the occasion
was
doubtless
contributing
a
The substantial results of the Buenos Aires delib-
erations, then,
publics
agree
appear
to be that the American
develop between American States, but without
may
binding themselves to enforce
tions
upon
trade
or
particular restric-
any
intercourse with the belligerents;
that they agree to consult together whenever the
for
consultation, however, being widened to include
maintenance
not
only
the occasion of consultation to include
war or
States, but also
interests
appear
time
the threat of
European
a
war among
war
be endangered.
may
American
in which American
Express provisions
also to have been included prohibiting
embargoes
products
to
a
belligerent,
and
in which American interests
may
any
and that intervention by any American State in the
domestic affairs of any other American State has
been put under
recognizing
the
com-
is to be placed
can
Power.
a
ban.
upon
By inference,
no
limitation
the armaments of any Ameri-
This is obviously a good deal less than
Secretary Hull hoped for, and its value is moral
Consultation, of
course,
is not
a
right but
privi-
a
lege, and since the privilege has always been available to any
States that chose to exercise it, the
tical value of
a
may
Aside from such
signifi-
attach to the formal expression of
cooperative disposition, the importance of the
ment in the
prac-
collective agreement to consult may,
perhaps, be questioned.
present
case seems
a
agree-
to consist in the fact
rather than practical.
Conference,
on
The real significance of the
its political side, is to be found in the
avoidance of commitments
some
of which should not
have been sought, and the continuance of national
freedom in matters in which every nation should always
be free.
The proposed tariff agreement
on
which favorable
action is likely to be taken promises
more
satisfac-
that consultation is to be limited to the furtherance
tion for the American
of
Wednesday with the unanimous approval
mediation, conciliation, arbitration
other
foreign
be affected,
food
modifies.
as
restoration of peace is in question,
or
propriety of loans for the purchase of such
cance
war
or
war-
the exportation of food
on
re-
to observe neutrality in any wars that
peaceful efforts
but without
may
intermeddling.
be made in
or
whatever
case
of war,
The formal agreement,
indeed, expressly repudiates all right of intervention,
Committee
on
delegation. As submitted
Economic Problems, the document
recommends "that the American States abstain
much
as
on
of the
possible from elevating
or
as
increasing tariff
Volume
Financial
143
barriers and
either
all
directly
national
trade
"abolition
other kinds
and
and
which
restrictions
its respective
re-
defect of the Hull policy is the inclusion in bilateral
treaties of the most favored nation provision, under
prohibitions and restrictions im-
plished "through the negotiation
necessarily commend the particular kind of
ciprocity which the Hull treaties embody. The great
The
international commerce" is to be
on
not
3899
of the excessive
payments."
gradual reduction
and unreasonable
posed
of
indirectly make difficult inter-
or
Chronicle
or
accom-
revision of
eco-
which any nation may enjoy the same concessions
which
accorded to the nation with which
are
a par-
ticular treaty is made, but the provision is not
neces-
nomic agreements and treaties or bilateral commer-
sarily
a
cial agreements or
seems
to show, however, that while no comprehen-
by the unilateral action of each
country.? An invitation is to be extended to all other
Powers not
low the
The
policy."
railroads
of
-^i
country
ii
•
the
in
by month that
resuming their
are
n
<■
material
a
inoi
advance
and
«
,
as progress
,
the
over
,1
of
F
beginning to be
are
improvement is highly
the best since
,,
a year
Results
that
noted
now
itself marked
was
,
,
by highly adverse conditions.
As against the down-
17
.
ward trend of the
witness
now
Counting
road
are
ments of
rights of
deferred
as
i
j.
The
steel
of
matter
a
and rolling stock that
way
necessity for
equipment
Gross
,'
the
of
1935,
.
x.
large part of this
gain
a
.
of
$50,213,876,
expenses
course,
which this
ably, but
deserve
19.89%.
or
absorbed
coupon
$130,165,162
There
an
are
as
compared
advance of
many
ways
profits
increase, and there
refundings will occupy
prominent place in the financial markets for
come.
nouncement in
some
Indicative, also, is the recent
Washington that the railroads
annow
repaid to the Reconstruction Finance Corporasome
made
$310,000,000 of the $717,000,000 advances
by that
agency
during the depression.
indicated that 25 of the 55
It
was
borrowing carriers have
repaid their indebtedness entirely.
1-44%
+$21,598,065
We
now
present
19.89%
\
many aspects of business improvement
•>
•
are
,
.,
,
,
,
,
,
r0ads.
Conspicuous
shown
earnings
...
,,
of the rail-
these is the gratifying
among
iron
the
the figures
Age," 2,991,887
*n
in
.
.
,,
which contributed to the better
steel
and
industries,
compiled by the "Iron
tons of pig iron were produced
gross
^ie United States during October, 1936 (the
^st
iron output for the month since October,
1929) as compared with only 1,978,411
A,!
/
f
October last year and with but 9ol,062
,
back to and
gross
...
,
October, 1934.
gross
tons
gross
tons in
Comparisons with preceding
years,
tons in October, 1933; 644,808 gross tons in
gross
tons in October, 1931;
2,164,768 gross tons in October, 1930, and
,
x
It is,
of the steel ingot output that
case
1
the most spectacular
less
no
3,588,118 gross tons in October, 1929.
,
tks
in
n/»o
.
including October, 1929, are: 1,356,361
October, 1932; 1,173,283
.
.
increase is
,
h
shown.
m,^
*
±
The statis-
compiled by the American Iron and Steel Insti-
|-u|e show that
during October the present
year
the
gross
tons—making it the largest ingot output for the
month since October, 1928, when production reached
4,649,968 gross tons—as against only 3,142,759 gross
*>ns in October 1935; 1,481,902 gross tons in Octo1934; 2,084,894
grosg
tons in
gross
tons
m
October,
1933;
tons in 0ctober; 1932.1>B90>180 gross
October, 1931; 2,692.539
gross
tons in Octo-
bei.; 1930, and 4,534,326 gross tons in October, 1929.
On the other hand, when
of automobiles
we
we
turn to the production
find that the output in October
Uie current year was very much smaller than in
namely, 224,628 cars as against
This compares, however, with only
Oct°t)er a year ago
cars.
131,991
,
as
is every reason to believe such
have
in
The possibility of refunding
x
to
There
indebtedness of the railroads is becom-
accentuated
ing more
a
two of the strictly financial aspects
one or
68.13%
$108,567,097
0.43%
.
earnings
tendency is affecting the carriers favor-
special notice.
66.69%
$130,165,162
Net earnings
ber,
but net
$108,567,097 for October, 1935,
$21,598,065,
or
,
.
of
gain,
increased for the month to
tion
life
economic
$390,826,705 against $340,612,829 in the
,
Ratio of expenses to earnings.
production of steel ingots aggregated 4,545,001
Increased operating
.
time
.
.
on
earnings of the railroads for last October
14.74%.
12.33%
however, in the
are
will continue.
month
14.74%
+28,615,811
years.
j
i
Nation, and it is earnestly to be hoped that
amounted to
a
we
were
already
purchases
salutary influence
a
the process
high
some
i.
,
and
.
of the
to
of the depression,
beginning to effect the better-
...
effecting
same
years
continuance of this tendency, rail-
upon
managers
rm
early
sharp and general upward movement,
a
+$50,213,876
According to
1930,
(—)
232,045,732
appar-
prompt reflection of such gains.
Dec.
$340,612,829
260,661,543
expenses
increase
a
or
Gross earnings....———$390,826,705
operating
but if
earnings of the leading carriers will show
(+)
Inc.
—1,019
course,
of
necessary,
1935
237,573
upswing continues it is
the current business
°
Further
easy.
1936
236,554
.
m
.
and the comparison with the preceding year:
Mileage of 139 roads...
1
^
for about two J
years, the financial positions of
ent that
in tabular form the results of October operations
has been rather general
.
most railroads
somewhat the freedom of trade, the net result will
Month of October—
month
same
1
1
last year,
,
piecemeal
have been indeed worth while.
•
j-i
of things.
scheme
economic
Earnings of thp^p P9T,ripr(? fflT* thp mhTifh of Opfohpr
i2i<unin&s oi xnese carriers ior tne montn 01 uctODer
17
a
If the recommendations
Earnings of United States Railroads for the Month of October
the
•
rightful place
,
be expected from
sion of bilateral treaties, each of which increases
endorsement of Secre-
an
Evidence is accumulating month
are
may
put forward at Buenos Aires facilitate the conclu-
ameliorating the international trade situa-
Gross and Net
now
substantial gains
of
amounts, of course, to
show
sive plan of tariff revision is likely to be adopted,
treatment of the subject.
tary Hull's reciprocal tariff policy, although it does
the
Experience
bilateral program.
a
approval of bilateral agreements as one of the
means
tion
participating in the Conference "to fol-
same
part of
|)el,
cars m
October, 1934; 134,683
1933; but 48;702
earg
cars m
in 0ctobel.
80,142 cars in October, 1931, and 154,401
October, 1930.
Octo-
1932; only
cars
in
Back in October, 1929, however, the
automobile output aggregated 380,617
cars.
Turn-
ing now to another basic industry, that of the min-
ing of coal, we find that while the bituminous
duction
was on a
pro-
greatly increased scale, it having
been the largest since October, 1930, the anthracite
output fell somewhat below that of October
ago;
a year
in fact, was the smallest for the month in all
Financial
3900
recent years.
In October the present year the quan¬
1936
19,
Dec.
Chronicle
compiled by
present year, according to the figures
Railroad
tity of soft coal mined in the United States aggre¬
the Car Service Division of the American
gated 42,935,000 net tons as compared with only
Association, the number of cars loaded with revenue
37,768,000 net tons in October, 1935; 32,807,000 net
freight
in
tons
October,
29,656,000 tons
1934;
in
1933;
32,677,000 tons in 1932, and 35,700,000 net tons in
October, 1931, but against
and
tons
was
less than 44,150,000
On the other hand, the
1930, and October, 1929.
current
no
5%!74,000 tons, respectively, in October,
year's output of Pennsylvania anthracite
only 4,253,000 net tons as against 4,279,000 net
October, 1935; 4,729,000 net' tons in October,
tons in
the railroads of the United States aggre¬
on
recorded
gated 4,095,623 cars (the largest number
for the month since
in the
cars
in the
same
1930)
against only 3,565,051
as
five weeks of
same
five weeks of
1935; 3,147,988 cars
1934; 3,213,427 cars in the
period of 1933; 3,158,104 cars in the corre¬
same
sponding five weeks of 1932, and 3,813,162 cars in
similar
the
4,751,349
but comparing with
of 1931,
period
in the same five weeks of 1930, and
cars
less than
1934; 4,711,000 net tons in October, 1933; 5,234,000
with
net tons in
period of 1929.
October, 1932; 6,561,000 net tons in Octo¬
In
ber, 1931; 7,443,000 net tons in October, 1930, and
building industries, greater activity was
The F, W. Dodge Corp. re¬
decidedly pronounced.
the
all
now
to the
of
the
cars
in the corresponding
have been dealing with
we
country collectively.
with
consonance
In
whole.
the showing
States east of the
increases and decreases in gross
present
Rocky Mountains in October the
called
year
for
an
expenditure of $225,-
767,900 as*against only $200,595,700 in October a
$135,224,800 in October, 1934; $145,367,200
year ago;
in
October, 1933, and $107,273,900 in October, 1932,
but
comparing with
an
outlay of $242,094,200 in
October, 1931; of $336,706,400 in October, 1930, and
of
less than
no
This
$445,642,300 in October, 1929.
a
of
excess
our
$100,000, only
for the
compilations giving the
ports that construction contracts awarded in the 37
roads
as
Coming
separate roads and systems, we find the
in
exhibits
5,751,645
foregoing
the railroads
8,026,000 net tons in October, 1929.
As to the
no
one
and net earnings in
road reports a loss in
earnings and but four roads report decreases
gross
in the
case
of the net.
Lack of space prevents our
naming separately (with their increases) the roads
distinguished for gains in both gross and net alike,
so
shall confine ourselves to
we
few
of
the
most
mentioning only
a
The Pennsylvania
outstanding.
large increase in the building trade was naturally
RE., which heads the list in both respects, reports
reflected in the lumber
$8,004,532 increase in gross earnings and $2,194,572
industry, with which it is
so
According to the statistics compiled
closely allied.
by the National Lumber Manufacturers Association,
an
of 565 identical mills reported a cut of
average
in
increase
with
net
the New York Central,
earnings;
$4,247,768 increase in gross, shows $1,165,508
increase in
net
the operations
(these figures cover
1,269,864,000 feet of lumber in the five weeks ended
of the New York Central and its leased
Oct.
31, 1936,
ing the Pittsburgh & Lake Erie, the result is a gain
feet,
or an
compared with only 1,078,229,000
as
increase 18% above the lumber produc¬
tion in the similar
record
the
of
period
same
comparable mills in
1934.
of
weeks
period of last year and 67 % above
the
five
same
Shipments of lumber during the
of
1936
reached
feet
1,236,341,000
against only 979,648,000 feet in October last year,
or
gain of 26%, while orders received aggregated
a
1,319,951,000 feet
as
against 946,830,000 feet, or a
of
lines; includ¬
$4,884,332 in gross earnings and an increase of
$1,385,082 in the case of the net) ; the Chesapeake &
$1,994,427
with
Ohio,
in
grain
gross,
shows
$1,501,969 gain in net; the Duluth Missabe & North¬
ern,
reporting
$1,423,390
in
increase
and
gross
$1,173,252 increase in net; the Louisville & Nash¬
which
ville,
increased its
has
gross
earnings by
$1,580,722 and its net by $1,053,187; the Union Pa¬
gain of 39% over the corresponding period of 1935
cific, reporting a gain of $1,958,258 in gross and of
and
$961,483 in net, and the Southern Pacific, which
69% above the similar five weeks of 1934.
On the other
a
heavy
very
hand, there was a falling off—and
at that—in the grain traffic over
one,
Western roads.
With the single exception of
the movement of which was
October
a
year
ago,
barley,
slightly larger than in
all the different cereals in
greater or less degree contributed to the falling off,
the
with
$3,034,500 increase in gross has added $839,961
In the table we now
to net.
shown
for
the
amounts in excess of
of wheat and of oats.
PRINCIPAL CHANGES IN
OF
Western
grain movement in
a
separate para¬
graph further along in this article, and therefore
only mention here that for the five weeks ended
need
Oct.
31, 1936, the receipts of the five staples, wheat,
markets
aggregated
only
46,136,000
bushels
as
against 71,660,000 bushels in the similar weeks of
$8,004,532
Southern Pacific
Baltimore
&
that
Going further back, it is shown
grain movement was 55,815,000
period of 1934.
the
bushels
October
in
1933; 71,884,000
bushels in 1932 ;
67,-
117,000 bushels in 1931; 70,299,000 bushels in 1930,
and
It
as
much
as
87,434,000 bushels in October, 1929.
is, however, when we come to the statistics
showing the loading of revenue freight on all the
railroads of the
mani¬
380,778
Kansas City Southern
Central of New Jersey..
369,493
1,958,258
Chicago Great Western.
Yazoo & Mississippi Vail
Nash Chatt & St lx>uis__
302,891
260,187
1,994,427
Pacific
Norfolk & Western
Louisville & Nashville
the
five
weeks
of
October
the
303,861
246,919
236,974
236,044
Island
1,423,390 Western Maryland
Atch Top & Santa Fe
Duluth Missabe & Nor..
1,513,301 Long
Chicago & North Western
1,373,597
Wabash
1,280,586
Chic & Eastern Illinois..
Missouri Pacific
1,229,758 Cin N O & Texas Pacific
1,225,828 NOTex&Mextfrds)..
Southern.
224,855
217,276
213,679
192,584
1,022,062
Mobile & Ohio...
190,574
1,006,253
Pere
198,108
873,197
lyiarquette
Spokane Portl & Seattle.
Reading
773,079 Chic Ind & Louisville...
729,391 Monongahela
N Y N H & Hartford...
705,655
Florida
Pittsburgh & Lake Erie.
Chic Milw St P & Pac..
636,564
609,285
Chicago & 111 Midland..
Penna Reading SS Lines.
118,394
117,945
Erie (2 roads).
Del Lack & Western
590,596
Richm Fred & Potomac.
529,503
514,146
Central of Georgia
Alabama Great Southern
461,375
Alton
112,640
109,596
106,544
102,462
Lehigh Valley
•_
Chicago Burl & Quincy..
Chic R I & Pac (2
Texas & Pacific
(3 rds)
rds).
.
Atlantic Coast Line
Seaboard Air Line.
N Y Chicago & St
Northern Pacific
Louis.
St Louis Southwestern._
Delaware &
Hudson
461,321
445,986
436,291
416,636
410,970
407,608
Total
East
159,276
146,190
140,595
120,023
Coast
$49,187,307
(65 roads)
dflrrpn
Great
Northern
Total (1 road)
....
$563,227
$563,227
These figures cover the operations of the New*York Central
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
a
and the
Central,
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $4,884,332. J
Cincinnati
During
396,879
Denver & R G Western..
1,681,769
1,580,722
Ohio
Chesapeake & Ohio
Union
$399,407
3,034,500
country that the composite result
of all that has been said above is most clearly
fested.
Iyictbclsq
Boston & Maine
2,013,779
(2 rds).
St Louis San Fran
same
1
a4,247,768 Elgin Joliet & Eastern..
New York Central
Bessemer & Lake Erie
1935, but comparing with 45,621,000 bushels in the
for
GROSS EARNINGS FORiTIIE MONTH
OCTOBER, 1936
Illinois Central
oats, barley and rye, at the Western primary
corn,
systems
mtnrrpn^p
We deal in detail with
Pennsylvania
the
and
$100,000, whether increases or
decreases, and in both gross and net:
shrinkage being particularly pronounced in the
case
present all changes are
roads
separate
Northern
and
Evansville
Volume
Financial
143
PRINCIPAL
IN
CHANGES
NET
MONTH
FORiTHE
EARNINGS
OF OCTOBER, 1936
f
7*i
Increase
rron
$217,665
$2,194,572 Western Maryland
1,501,969 Northern Pacific
Duluth Missabe & Nor..
1,173,252 Atlantic Coast Line
New York Central
al,165,508 Kansas City Southern
Louisville & Nashville—
1,053,187 Erie (2 roads)
Union Pacific
961,483 Chicago Great Western.
Pennsylvania
Chesapeake & Ohio
...
189,857
186,329
185,746
184,190
172,665
Bessemer & Lake Erie
919,877
Chicago & North Western
Southern Pacific (2 rds).
881,765 Chic & Eastern Illinois..
839,961 St Louis Southwestern..
Norfolk & Western
Baltimore & Ohio
749,286
695,077
Chic & Illinois Midland.
Denver & R G Western.
166,646
133,670
133,034
132,612
130,054
Chicago Burl & Quincy..
639,404
613,056
Elgin Joliet & Eastern..
127,274
Central of New Jersey..
568,636
Richm Fred & Potomac.
121,460
115,289
550,504
534,920
Monongahela
114,081
The
grain traffic over Western roads in October
the present year, as we
have already pointed out,
October, 1935, although it was
fell far below that of
considerably larger than in October, 1934, when the
was the smallest on record for the month
movement
114,370
Nash Chatt & St Louis..
3901
Chronicle
Missouri Pacific
Lehigh Valley
'
N Y N H & Hartford
Southern
St Louis San Fran
(3 rds)
480,976
455,099
430,788
in all recent years.
The falling off the present year
with the single
extended to all the different cereals
exception of barley, the shrinkage in the case
wheat
of
oats
having been exceptionally pro¬
Thus the
receipts of wheat at the Western
and
nounced.
of
518,242
Illinois Central
Chic Milw St P & Pac__
Mobile & Ohio
Delaware & Hudson
..$21,230,362
roads)
7cp
Del Lack & Western
Boston & Maine
Great
344,826
329,708
256,451
Reading
Seaboard Air Line
Minn St P & S S Marie..
Louisiana & Arkansas
Western
Pacific
Total (4
219,574
Pittsburgh & Lake Erie.
$1,123,489
roads)
the operations of the New York
These figures cover
$726,516
156,489
131,127
109,357
Northern
377,821
349,478
Atch Top & Santa Fe—
a
Total (46
Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan
Central,
In¬
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie the result is an increase of $1,385,082.
When
roads
the
arranged in groups or geo¬
are
graphical divisions according to their location, as is
our
the
compared with October last year is
as
strikingly brought out, as it is found that all
very
the
in
gratifying improvement
the
custom,
results shown
three
great districts—the Eastern district, the
Southern district and the Western district—as well
as
the
all
in both gross
by
of
Our summary
weeks
five
ended
gated
ended
only
Oct. 31
the
present year aggre¬
with
bushels as compared
46,136,000
71,660,000 bushels in the corresponding five weeks
of
and net earnings alike.
weeks
1935; the receipts of corn but 11,043,000
1935, but comparing with only 45,621,000 bushels
in
comprising these
regions
five
five weeks
bushels
as compared with 11,578,000 bushels; of oats, only
4,522,000 bushels against 13,686,000 bushels; of bar¬
ley, 12,272,000 bushels as compared with only
12,143,000 bushels, and of rye, only 1,958,000 bushels
as
against 3,370,000 bushels.
Altogether, the re¬
ceipts at the Western primary markets of the five
staples, wheat, corn, oats, barley and rye, in the
of
dis¬
the
period of 1934.
same
Continuing the com¬
parisons further back, we find that the receipts dur¬
55,815,000 bush¬
1931, 67,117,000
bushels; in 1930, 70,299,000 bushels, and in the corre¬
sponding period of 1929, no less than 87,434,000
As previously explained, we
ing the similar period of 1933 were
the roads to conform with the classification
els; in 1932, 71,884,000 bushels; in
foltmvs.
groups
group
a
the
31, 1936, were only 16,341,000 bushels as com¬
pared with 30,883,000 bushels in the same
single exception, report increases
various
tricts, without
Oct.
during
markets
primary
Interstate
the
4
Commission.
Commerce
of the different groups
boundaries
The
and regions are
indicated in the footnote to the table:
-Gross Earnings-
District and Region
1935
1936
Month of October—
Inc.
(+) or Dec. (—)
$
S
S
Eastern District—
The
bushels.
of the Western
details
ment, in our usual form, are set out
SUMMARY BY GROUPS
+ 1,328,306
grain
move¬
in the table
present:
we now
%
10.04
WESTERN
New England region (10 roads).
14 554 762
13,226,456
Great Lakes region (24 roads).
Central Eastern region (18 roads)..
71,588,866
80,601,540
63,016,408
+8,572,458
13.60
+ 13.705,332
20.49
Ended
166,745,168
143,139,072
+23,606,096
16.49
Chicago—
46,526,551
25,525,214
39,871,645
21,643,183
+6,654,906
+3,882,031
16.69
17.94
Minneapolis—
72,051,765
61,514,828
+10,536,937
17.13
FLOUR AND GRAIN RECEIPTS
5 Weeks
66,896,208
1936
Southern District—•
Southern region (28 roads)
Pocahontas region
(4 roads)
1935
Oats
{Bush.)
{Bush.)
Barley
{Bush.)
1,381,000
2,091,000
3,255,000
4.208,000
1,441,000
2,361,000
1,874,000
1,093,000
744,000
814,000
5,598,000
12,659,000
665,000
806,000
583,000
3,180,000
4,149,000
4,129,000
537,000
1,092,000
1,745.000
5,365,000
57,000
108,000
3,364,000
831,000
2,473,000
188,000
965,000
307,000
119,000
466,000
324,000
30,000
187,000
4,151,000
3,490,000
38,000
22,000
220,000
115,000
313,000
792.000
122,000
12,000
3,000
32,000
37,000
33,000
141,000
109,000
158,000
157,000
112,000
84,000
1,302,000
2,407,000
2,101,000
1,951,000
741,000
1,846,000
8,000
139,000
89,000
986,000
1.334,000
894,000
793,000
416,000
542,000
381,000
285,000
31,000
24,00©
57,000
103,000
1,356,000
2,163,000
124,000
226,000
438,000
296,000
125,000
230,000
2,736,000
4,376,000
1,691.000
704,000
321,000
553,000
280,000
504,000
117,000
154,000
229,000
377,000
1,223,000
724,000
...
Corn
{Bush.)
228.000
207,000
...
Wheat
{Bbls.)
Oct. 31—
Total (52 roads)
14,000
36,000
2,000
6,000
40,000
193,000
227,000
234,000
73,000
143,000
1,090,000
1,168,000
1936
Total (32
roads)..
VFCStGTTl foistTiCt~~~
45,252,387
65,054,989
25,651,553
+3,819,795
+8,005,070
+4,245,978
16.55
........152,029,772
135,958,929
+16,070,843
11.82
390,826.705
340,612,829
+50,213,876
14.74
Southwestern region (24 roads)
roads)...
Total all districts (139 roads)
District and Region
Month of October
New England region..
Great Lakes region...
7,053
26,623
Central Eastern region 24,874
8.44
1936
12.31
1935
1935
S
1936
1935
$
1936
7nc.(+)
or
1935
Dec.{—)
$
%
7,098
26,726
25,010
4,431,491
21,430,534
26,309,889
3.487,364
+944,127 27.07
18,079,905 +3,350,629 18.53
21,275,460 +5,034,429 23.66
58,550
58,834
52,171,914
+3, 410,923 33.44
+2 392,834 21.92
6,025
39,097
6,014
13,609,896
13,310,986
10,198,973
10,918,152
44,854
45,111
26,920,882
21,117,125 +5,803,757 27.48
46,143
Central Western reg'n 56,751
Southwestern region.. 30,256
46,418
56,896
30,314
18,589,576
16,495,678
+2 ,093,898
23,670,430
20,969,938
8,812,360
7.141,627
+2 ,700,492 12.88
+1 ,670,733 23.39
Southern region
Pocahontas region
38,829
Total
133,628
51,072,366
1936
1935
237,573 130,165,162 108,567,097+21,598,065
19.89
roads conforms to the classification of the Interstate
Commerce Commission, and the following indicates the confines of the different
NOTE—Our grouping of the
groups
and regions:
650,000
...
560,000
...
Peoria—
1935
Kansas
1936
St
184 000
..
188,000
...
City—
82,000
...
79,000
...
34,000
Joseph—
1936
Total all districts....236,554
...
1935
St. Louis—
12.69
44,607,243 +6,465,123 14.49
,
Indianapolis & Omaha—
1935
133,150
...
1935
1936
Total
458,000
801,000
—
—
1936
Western District—
Northwestern region..
...
Detroit—
42,842,729 +9,329,185 21.78
Southern District—
77,000
99,000
...
Toledo—
1936
Total
...
Milwaukee—
Net Earnings
—
1936
Mileage
1936
1935
Eastern District—
...
Duluth—
49,072,182
73,060,059
29,897,531
Northwestern region (15 roads)—
Central Western region (16 roads).
Total (55
1935
Rye
{Rush.)
Flour
...
1935
Wicnita—
1936
1935
EASTERN DISTRICT
New England
Region—Comprises the New England States.
Region—Comprises the section on the Canadian boundary between
the westerly shore of Lake Michigan to Chicago, and north of
line from Chicago via Pittsburgh to New York.
Great Lakes
Sioux City—
1936
1935
168,000
200,000
7,000
18,000
4,522,000 12,272,000
13,686,000 12,143,000
1,958,000
3,370,000
New England and
a
1935
Maryland and by the Potomac
River to its mouth.
SOUTHERN
DISTRICT
Southern Region—Comprises the section east
a
...
2,083,000
2,094,000
16,341,000
30,883,000
.
11,043,000
11,578,000
It
happened, too, that the Western livestock move¬
ment fell below that
of October, 1935, although the
of the Mississippi River and south of
point near Kenova, W. Va., and a line thence following the
decrease
was
a
small
one.
While at Chicago the
of Kentucky and the southern boundary of Virginia to the Atlantic.
Region—Comprises the section north of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and
south of a line from Parkersburg to the southwestern corner of Maryland and
thence by the Potomac River to its mouth.
Pocahontas
WESTERN
DISTRICT
section adjoining Canada lying west of the
from Chicago to Omaha and thence to Portland
and by the Columbia River to the Pacific.
Northwestern Region—Comprises the
Great Lakes Region, north of a line
Central Western Region—Comprises
west of a line from
the section south of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
City and thence to El Paso and by the Mexican boundary
from St. Louis to Kansas
to the
—
River, and north of the Ohio River to Parkersburg, W.
Va., and a line thence to the southwestern corner of
eastern boundary
all—
1936
to the mouth of the Ohio
the Ohio River to
Total
south of the Great Lakes Region
Chicago through Peoria to St. Louis and the Mississippi River
Central Eastern Region—Comprises the section
east of a line from
Pacific.
Southwestern Region—Comprises
the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to
and by the Rio Grande to the Gulf of
Mexico.
Kansas City and thence to El Paso,
with
Kansas
City and Omaha they reached only 5,327 carloads
and 3,192 carloads, respectively, as against 5,692
cars and 4,605 cars in October, 1935.
receipts comprised 10,779 carloads as compared
only 9,916 carloads in October last year, at
As to the cotton traffic
in the South, this was on a
greatly increased scale so far as the overland move¬
ment of the
staple is concerned, but fell considerably
3902
Financial
below that of last year
ment of cotton.
less
than
in the
of the port
case
move¬
trade
shipments overland reached
was
this was attended by
extremely depressed, and
leaving, there¬
augmentation in expenses of $30,758,244,
an
Gross
fore,
1936
19,
Dec.
Chronicle
actual loss in the net for the month in that year
an
58,566 bales in 1932; 74,219 bales in 1931; 78,670
$17,683,952,
On the other hand, however, the fact should
escape attention that in
October, 1921, a prodigious
saving in expenses had been effected—dire need having
forced the utmost economy and compelled the elimination
of every item of outlay that could be spared or deferred
for the time being.
Owing to this great saving in expenses
there was a substantial addition to the net in 1921 in face
bales
of
no
bales in October, 1936
237,360
(the
largest amount for the month in all recent years),
against only 78,705 bales in October, 1935; 97,379
as
bales in
October, 1934; 89,836 bales in October, 1933;
in
1930, and 84,965 bales in October, 1929.
Receipts of the staple at
Southern outports
the
aggregated only 1,613,244 bales in October, 1936, as
compared with 1,676,620 bales in the same month of
1935, but against only 961,203 bales in October, 1934.
Going further back, comparison is with 1,614,061
bales in
October, 1933; 1,562,157 bales in October,
1932; 2,149,633
bales in
In the subjoined table we give the details
port movement of cotton for the past three
yef%,.
y
:^
the
in
contraction
enormous
the
$128,453,510, yielding a gain in the net of $22,531,080.
Of
course, a genuine basis for the great cut in expenses in 1921
existed in the huge antecedent increases in expenses.
In
addition, also, the carriers had the advantage of a 12%
reduction in the wages of railroad employees made by the
Railroad Labor Board, effective July 1, 1921.
As indicating the extent of the antecedent rise in
ing costs, it
mounting in
1199302673485
very
to say
necessary
cessive years, owing to repeated advances in wages
So
growing cost of operations generally.
the
that
case
1936
even
constant additions to the expenses.
Ports
to
1935
1936
1936
1934
1935
1934
&c--
422.420
390,846
477,280
Orleans..
526.321
480,177
408.160
58,994
10,503
16,591
102,801
36,187
Pensacola
SavannahCharleston
Norfolk
9,493
Corpus Chrlsti.
25,588
11,493
Lake Charles..
223,446 1,245,928
905,233 1,107,279
294,128 1,095,584
897,498 1,103,650
255,395 1,399,659 1,104,021 1,034,723
33,275
193,827
218,380
163,481
18,420
81,198
105,803
94,145
132,170
21,807
247,833
120,885
94,280
77,844
7,763
11,746
34,423
10,938
42,085
4,377
Wilmington
23,504
133,326
161,507
111,109
3,711
14,770
13,782
15,206
33,317
34,211
291,818
51,543
12,428
38,350
275,472
45,361
14,683
53,094
15,466
Brunswick
298,870
49,397
200
~4~, 540
23,907
662
Beaumont
445
Jacksonville-..
Total!
2,012
1,539
11,613,244 1,676,620
14,806
3,709
30,733
3,406
7,030
4,060
Results
961,203 4,696,561 4,066,422 4,132,002
Earlier
for
already been pointed out
have marked the
course
Years
added
of railroad earnings in
present year, the month having to its credit a gain in gross
earnings
earnings
$50,213,876
$21,598,065
of
of
turn,
followed
(14.74%) and an increase in net
(or 19.89%), which increases, in
substantial
gains
in
both
and
gross
net—
$48,095,489 and $27,512,^45, respectively—in October, 1935.
However, the increases recorded in October, 1936, and Octo¬
ber a year ago came on top of decreases in each and every
year back to and including October, 1929, viz.: $1,494,550 in
gross and $9,217,800 in net in October 1934; $393,640 loss in
gross and $7,336,988 loss in net in October, 1933; $64,475,794
in gross and $3,578,421 in net in 1932; $120,136,900 in gross
and $55,222,527 in net in October, 1931; $125,569,031 loss in
gross
and $47,300,393 loss in net in October, 1930, and
$9*890,014 loss in
ber, 1929.
$12,183,372 loss in net in Octo¬
gross and
On the other hand, these
notable improvement in
But
net.
these gains,
previous
year,
shown
falling
a
364,491 in net
our
off
our
tabulations
and $35,437,734 gain in
tabulations for October
of $23,440,266 in gross
1927
having
of
$13,-
Carrying the
find that the 1927 decreases
com¬
and
compared with 1926.
as
increases
gross
in turn, came after decreases in the
parisons further back, we
after
losses followed very
October, 1928, when
registered $36,755,850 gain in
1926
in
not
materially
came
different from
the
1927 losses, the 1926 gains having been $18,043,581 in gross
and $13,361,419 in net.
In the year before, too, that is, in
1925,
the
record
was
of
one
increases
in
gross
and
net
alike—$18,585,008 in gross and $12,054,757 in the net; this
was notwithstanding the heavy losses then suffered by the
anthracite carriers
in
on
account of the strike then under way
the anthracite regions,
but at least,
earnings are'concerned, the 1925 gain
as
was
far
as
little
the gross
more
than
a
of the loss sustained in October, 1924, a year when
industrial activity was at a low ebb because of the then
recovery
pending Presidential election.
1924, there
with
but
was
1923.
1924,
of
expenses
a
loss in
an
due
In
other words,
gross of
In the net there
rather
$26,209,836,
was
$15,135,757
no
improvement
to the
then effected
as
great
a
in
in October,
as
compared
falling off in October,
the considerable sum
curtailment
of
operating
result of increasing efficiency
of the huge rise in operating
Thus, in October, 1919, our tables
$18,942,496 increase in gross, accompanied by $21,136,161 increase in expenses, leaving actually $2,193,665 loss
in net.
In Octber, 1918, owing to the first great advance in
As
matter of
a
fact, improvement in net results
Railroads
ring only 1927 and 1929)
the collapse in October, 1929, just as in the period
preceding net results had been growing steadily worse, year
by year.
In October, 1923, our compilations showed $37,-
248,224
gain
true that if
in
we
go
and
$20,895,378
gain in net.
It is
back still another year, to 1922, we find
then increased only $13,074,292, follow¬
gross
that gross earnings
a
sons
tremendous loss in the
year
preceding
(1921), when
earnings
was
or
47.97%—
or
12.63%.
much the same.
$43,937,332, but
regis¬
28.30%, but
or
in amount of $122,450,461,
up
loss in net of $15,493,587,
increased
gross
of $106,956,817,
sum
In October,
The gross at that
expenses ran
up
in amount
of gross and net for each year back to 1909:
Gross
Earnings
,$l**<Year
Inc.
Mileage
Month
of
Year
October
Given
1909
1911
-----
633,852,568
534,332,833
1923
1924
_____
1925
-
1926
1927
—___
1930
1932
1933
1934
1935
545,759,206
586,328,886
571,405,130
590,161,046
604,052,017
582,542,179
616,710,737
1928
1929
$251,187,152 $225,109,822
256,585,392 253,922,867
260,482,221
259,111,859
293,738,091
258,473,408
299,195,006 '300,476,017
209,325,262
298,066,118
311,179,375 '274,091,434
389,017,309
484,824,750
508,023,854
1922
_____
1936
(t-) or
Dec. (—)
Preceding
345,790,899
1920
607,584,997
482,712,524
362,647,702
298,076,110
297,690,747
292,488,478
340,591,477
390,826,705
310,740,113
345,079,977
377,867,933
489,081,358
503.281,630
,077,330
+2,662,525
Year
er
Cent
11.58
«
222.632
232,162
228,050
236,291
'233.199
+35,264,683
13.64
237,217
233,545
1,281,011
0.48
£243.690
240,886
9.64
—28,740.856
+37,087,941 "13.57
11 28
+35,050,786
12.73
+43,937,332
+ 106,956.817 28.30
+ 18,942,496
3.87
+ 130,570,938 25.94
244,917
248,072
246,683
241,093
245,967
230,576
233,192
231.439
233,136
16.54
235,228
2.45
^233,872
234,686
232,882
+37,248,224
6.78
235,625
549,080,662
586,540,887
571,576,038
586,008,436
605,982,445
579,954,887
617,475,011
608,281,555
482,784,602
362,551,904
298,084,387
293,983,028
292,495,988
340,612,829
—15,135,757
2.59
*235,608
235,189
1+18,585,008
1+18,043,581
3.25
236,724
236,564
■3.08
236,654
236,898
—23,440.266
•2.45
238,828
238,041
£+36,755,860
6.33
—9,890,014
—125,569,031
—120,136,900
1.61
240,661
214,622
239,602
241,451
20.64
242,578
241,555
24.87
242,745
—64,475,794
17.78
242,031
242,174
242,024
—393,640
0.13
240.858
242.177
—1,494,550
+48,095,489
+50,213,876
0.62
238.937
240,428
16.44
237.385
14.74
236,554
238,791
237,573
Net Earnings
Inc.
(+)
of
Year
or Dec.
91,451,609
93,836,492
110,811,359
95,674,714
89,244,989
October
1912
108,046,804
1913
97,700,506
1914
87,660,794
119,325,551
130,861,148
125,244,540
1925
107,088,318
104,003,198
117,998,825
137,928,640
120,216,296
141,922,971
168,750,421
180,695,428
1926
193,990,813
1927
180,600,126
1928
216,522,015
204,335,941
1930
1934
157,115,953
101,919,028
98,336,295
91,000,573
80,423,303
1935
1936
1931
1932
1933
(—)
Year
1911
1929
236,015
Month
1910
1924
229,935
640,255,263 —105,922,430
+ 13.074,292
532,684,914
+$13 ,790,955
1919
246,000
1230,184
Preceding
1917
247,009
247,048
$85,452,483
102,480,704
91,725,725
93,224,776
1918
219,144
1.05
0.53
Given
1916
Preced'g
+ 1,370,352
$99,243,438
1915
Year
Given
1909
1923
up to
moved
a
control,
government
$50,267,176, leaving net smaller by $6,329,844.
In the
following we furnish a summary of the October compari¬
1922
of the roads to private con¬
under
gain in the large
of
dis¬
after the abandonment of govern¬
ment operations and the return
ing
a
1917, the situation
time
(bar¬
was a
and freight rates made by the Director-General of
passenger
1921
tinctive feature of the returns in virtually all the
year
in view
preceding years.
showed
1920
of operations.
trol,
significance
costs in
expenses
improving results
October the
that
The roads had then
advance in rates, calculated
new
$125,000,000 a month to their gross earnings, and,
our tabulations then showed an increase in
gross earnings in amount of $130,570,938,
or 25.9%; but,
unfortunately, $115,634,417 of this was consumed by aug¬
mented expenses, leaving only $14,936,521 gain in the net
earnings, or 14.49%.
This growth in the expenses had
causing
has
a
add
tered
It
this
accordingly,
i_
Mobile
and the
was
The experience in that
illustration of the truth of this remark.
just been favored with
Since Jan. 1
Month of October
New
much
the big advances then made in railroad
respect of the carriers in October, 1920, furnishes a capital
ANDJ1934, AND SINCE JAN. 1, 1936, 1935 AND 1934
Houston,
operat¬
that expenses kept
pronounced fashion for a number of suc¬
is only
rates—passenger and freight—did not suffice to absorb the
RECEIPTS OF COTTON AT SOUTHERN PORT3 IN OCTOBER 1936,
Galveston
In
revenues.
gross
brief, the decrease in the gross in October, 1921, reached
the huge sum of $105,922,430, but this was attended at the
time by a saving in expenses in amount of no less than
1931; 2,090,822
October, 1930, and 2,314,730 bales in Octo¬
ber, 1929.
of the
October,
bales in
of
not
•
119,063,024
131,574,384
122,581,905
106,196,863
Amount
Per Cent
16.25
—11 ,029,095
10.76
+2 ,101.767
+ 14 ,282,082
15.90
—13 ,110.853
11.85
2.30
—8 ,014.020
8.38
+30 ,079,562
+ 11 ,798,120
33.70
—6 ,329,844
—15
,493,587
—2 ,193,664
9.91
4.8112.63
2.07
103,062,304
+14 ,936,521
14.49
115,397,560
+22 ,531,080
19.49
137,900,248
—17 ,683,952
121,027,593
142,540,585
168,640,671
180,629,394
+20
+26
+ 12
+ 13
,895,378
,209,836
12.84
17.26
18.38
,054,757
7.14
,361,419
7.35
193,701,962
181,084,281
—13 ,101,836
6.88
+35 ,437,734
19.56
216,519,313
—12
183,372
5.63
204,416,346
—47 300,393
—55 ,222,527
23.13
157,141,555
35.14
101,914,716
98,337,561
—3 578,421
—7 ,336,988
7.46
—9 ,217,800
10.28
108,551,920
89,641,103
81,039,275
108,567,097
+27 512,645
+21 598,065
33.95
130,165,162
3.51
19.89
Volume
Financial
143
$25,000,000 Pacific Tel. & Tel. 3% s, 1966, $16,000,000 Con¬
The Course of the Bond Market
A certain
in
been
of weakness in
element
evidence
bond market has
Bonds which hitherto
since Wednesday.
have fluctuated only by the smallest
the
fractions have recently
necticut
&
3%s, 1966,
The
slight
a
Nevertheless,
Louisville & Nashville 4s, 1940,
scattered fractional losses.
down 1%.
of
all
of
109%; Virginian 3%s, 1966, closed at 106%,
There have been several new offerings consisting
equipment
which
certificates, trustees'
were
and notes,
certificates
received.
well
railroad
Lower-grade
bonds showed few changes of importance.
Illinois Central
4%s, 1966, declined % to 79%; Southern Pacific 4%s, 1968,
declined % to 95%; Missouri-Kansas-Texas 4s,
1962, rose %
One outstanding feature in the defaulted section has
to 74.
of the substantial earnings gains being reported
bonds
the first in
at
generally
high
grades
some
time.
104%, down %;
clined %
off
were
to 107%;
%.
displayed
All
Govt.
company
tendencies,
120
PRICES
obligations
6s, 1939,
at
99%,
which
recorded, among
% higher at 104%.
year's highs.
the
to
steels,
a
new
There
securi¬
company
Rubber
Goodyear
steady;
have been
scored
Tire &
Among the amuse¬
on
Warner Bros. Pictures
high
for the year to close
The oils have been steady, close under the
%.
up
Fractional declines have been the rule among
Steel
Bethlehem
4%s,
1960,
moving
%
down
105%.
Among foreign bonds there has been
in the
of Buenos Aires
upward tendency
Uruguay bonds, which
sold lower and
points.
The
in the Province
issues, which advanced 1 to 5 points, and
rose
from 1 to 3 points.
other hand, Japanese issues declined
issues
an
South American group, particularly
Cuban
Polish
Public
bonds dropped as
Works
5%s,
On the
German
2 to 5 points.
much as 5
1945,
closed
at
58%, down 6.
Moody's computed bond prices and bond yield
are
averages
given in the following tables:
(REVISED)
MOODY'S BOND
Average Yields)
YIELD AVERAGES
(REVISED)
(Based on Individual Closing Prices)
All
120 Domestic Corporate *
Corporate* by Groups
1936
Daily
Aa
Baa
RR.
120 Domestic Corporate
120 Domestic
120
120 Domestic
by Ratings
Aaa
strength,
1951, up 2% at 101.
ments, attention has been focused
tic
Corp.*
continued
highs have been
new
Rubber 5s, 1957, were
New York Edison 3%s, 1966, at 104%
Domes¬
Averages
reactionary
Dayton Power & Light 3%s, 1960, de¬
on
displayed
few issues moving widely in either direction.
ties, Glen Alden Coal 4s, 1965, declining 2 to 86%.
in
narrow
New offerings continued in large volume, with
u. s.
Bonds
fairly
a
Brooklyn Edison 3%s, 1966, closed
(Based
Daily
within
moved
MOODY'S BOND
1936
6s, 1945,
;
5s, 1949, gained %, 1% and 2%, respectively.
but
range,
and the im¬
The 4s, 1959
proved outlook for the Southeast.
Utility
has
Electric Power
purposes.
has been noticeable weakness among coal
been the action of the Seaboard Air Line bonds in reflection
and the
list
some
High-grade railroad bonds have been generally firm, with
declined % to
refunding
them that of Interlake Iron 5s,
strength of recent weeks.
or
industrial
to the firm¬
in amount that it is noticeable only in contrast
ness
for
all
prices of only
This decline, however, is so
predominating.
Light & Power 3%s, 1966, $9,000,000 Missouri Power
Light 3%s, 1966, and $5,000,000 Kansas
displayed both gains and losses of wider proportions, the
losses
3903
Chronicle
by Ratings
Corporate by Groups
P. U.
Indus.
Averages
ticCorp.
80
For¬
LJUJfkfto
Aaa
Aa
A
Baa
RR.
P.
U.
Indus.
eign*
v
3.38
Dec. 18..
112.35
105.98
117.50
113.48
104.11
91.35
100.88
105.41
111.64
Dec. 18--
3.67
3.10
3.29
3.77
4.53
3.95
3.70
17..
112.39
105.98
117.50
113.68
104.11
91.51
100.88
105.60
111.64
17-
3.67
3.10
3.28
3.77
4.52
3.95
3.69
3.66
3.09
3.28
3.76
4.51
3.94
3.67
3.36
112.05
5.65
3.38
112.05
16—
16..
112.56
106.17
117.72
113.68
104.30
91.66
101.06
105.98
15..
112.62
106.17
117.72
113.68
104.30
91.81
101.06
105.98
15-
3.66
3.09
3.28
3.76
4.50
3.94
3.67
3.36
14..
112.70
106.17
117.72
113.68
104.30
91.81
101.06
105.98
111.84
14-
3.66
3.09
3.28
3.76
4.50
3.94
3.67
3.37
12..
112.70
106.17
117.72
113.68
104.30
91.81
100.88
105.98
112.05
12-
3.66
3.09
3.28
3.76
4.50
3.95
3.67
3.36
11..
112.68
106.17
117.72
113.89
104.11
91.81
100.88
105.98
112.05
11-
3.66
3.09
3.27
3.77
4.50
3.95
3.67
3.36
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
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
112.78
106.17
117.50
113.68
104.11
91.81
100.88
105.79
112.05
8-
3.28
112.80
106.17
117.50
113.89
103.93
91.81
100.88
105.79
112.05
.
117.50
113.89
104.11
91.81
100.88
105.79
117.50
113.68
103.74
91.81
100.70
105.60
117.50
113.89
103.74
91.66
100.53
105.60
112.25
105.98
117.29
113.89
103.56
91.66
100 53
105.60
112.25
105.79
117.29
113.68
103.56
91.66
100.53
105.41
112.64
105.60
116.86
113.68
103.38
91.51
100.18
105.22
112.62
105.60
116.64
113.48
103.20
91.51
100.00
112.25
105.22
116.64
113.27
102.66
91.35
99.83
111.63
103.93
3.10
3.77
4.50
3.95
3.68
3.66
3.10
3.27
3.78
4.50
3.95
3.68
3.36
3.66
3.10
3.27
3.77
4.50
3.95
3.68
3.35
4-
112.25
105.98
3.36
3.66
7-
5-
112.25
105.98
112.74
1.
106.17
112.77
112 61
.
112.81
112.74
.
4_.
5.65
3.67
5.68
3.10
3.28
3.79
4.50
3.96
3.69
3.35
3-
3.67
3.10
3.27
3.79
4 51
3.97
3.69
3.35
2-
3.67
3.11
3.27
3.80
4.51
3.97
3.69
3.35
112.05
1-
3.68
3.11
3.28
3.80
4.51
3.97
3.70
3.36
112.05
Nov. 27-
3.69
3.13
3.28
3.81
4.52
3.99
3.71
3.36
5.64
105.04
112.05
20-
3.69
3.14
3.29
3.82
4.52
4.00
3.72
3.36
5.59
104.67
111.84
13-
3.71
3.14
3.30
3.85
4.53
4.01
3.74
3.37
5.58
5.60
Weetly—
.
.
13.
.
.
.
.
16.
.
.
.
.
18.
.
11.
.
.
.
.
.
7..
.
iyX3i
.
24.
17.
.
.
104.85
116.00
112.45
102.12
91.51
99.83
111.23
6-
3.73
3.17
3.34
3.88
4.52
4.01
3.78
3.40
110.85
104.48
115.78
112.25
101.58
91.20
99.31
103.74
111.03
Oct. 30-
3.75
3.18
3.35
3.91
4.54
4.04
3.79
3.41
110 85
104.48
115.78
112.05
101.76
91.05
99.31
103.74
110.83
23-
3.75
3.18
3.36
3.90
4.55
4.04
3.79
4.42
110.91
104.67
115.57
111.84
101.94
91.51
99.83
103.56
110.83
16-
3.74
3.19
3.37
3.89
4.52
4.01
3.80
3.42
6.64
110.82
104.67
115.78
111.64
101.94
91.51
99.83
103.56
110.83
9„
3.74
3.18
3.38
3.89
4.52
4.01
3.80
3.42
5.65
3.77
3.19
3.40
3.92
4.55
4.03
3.82
3.44
5.68
5~61
110.83
104.11
115.57
111.23
101.41
91.05
99.48
103.20
110.43
2„
110 68
103.93
115.78
111.03
101.23
90.59
98.97
103.02
110.24
Sept.25—
3.78
3.18
3 41
3.93
4 58
4.06
3 83
3.45
6.68
110.86
103.93
116.00
111.03
101.06
90.14
98.45
103.20
110.43
18-
3.78
3.17
3 41
3 94
4.61
4.09
3 82
3.44
5.68
111.04
103.74
116.00
111.03
101.23
89.84
98.28
103.20
110.43
11-
3.79
3.17
3.41
3 93
4.63
4.10
3.82
3.44
111.13
103.38
115.78
110.83
110.88
89.25
97.78
102.84
110.24
4_.
8.81
t 18
3.42
3.95
4 67
4.13
3.84
3 45
5 70
3.84
3.20
3.44
3.98
4.72
4.18
3.85
3.47
6.71
3.22
3.44
3.99
4.76
4.23
3.85
3.48
6.76
110.91
102.84
115.35
110.43
100.35
88.51
96.94
102.66
109.84
Aug. 28—
110.71
102.66
114.93
110.43
100.18
87.93
96.11
102.66
109.64
21-
3.85
5.67
110.59
102.66
114.93
110.43
100.00
88.22
96.44
102.84
14-
3.85
3.22
3.44
4.00
4.74
4.21
3.84
3.49
5.75
110.42
102.66
114.93
110.43
100.00
88.07
96.28
102.66
109.64
7„
3.85
3.22
3.44
4.00
4.75
4.22
3.85
3.48
5.82
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
109.92
102.12
114.72
109.84
99.48
87.49
95.29
102.48
109.05
24_.
3.88
3.23
3.47
4.03
4.79
4.28
3.86
3.51
5.75
109.76
101.76
114.72
109.64
99.14
87.07
94.97
102.48
108.66
17-
3.90
3.23
3.48
4.05
4.82
4.30
3.86
3.53
5.77
3.91
3.22
3.48
4.06
4.86
4.33
3.86
3.63
5.82
109.44
114.93
109.64
98.97
86.50
94.49
102.48
108.66
101.23
114.93
109.44
98.62
85.79
94.01
102.12
108.46
3-
3.93
3.22
3.49
4.08
4.91
4.36
3.88
3.54
5.80
101.06
114.30
109.05
98.45
86.07
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
109.93
101.06
114.30
108.85
98.62
86.07
94.49
101.58
108.08
19-
3.94
3.25
3.52
4.08
4.89
4.33
3.91
3.56
5.85
101 23
114.72
109.05
98.45
86.36
94.33
101.58
108.66
12-
3.93
3.23
3.51
4.09
4.87
4.34
3.91
3.53
5.96
109.99
.
101.58
110.04
110.01
.
110.05
109.88
.
10-
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
6.06
110.01
101.06
114.51
109.05
98.45
85.65
93.85
108.46
May 29„
3.94
3.24
3.51
4.09
4.92
4.37
3.91
3.54
5.91
22.
110.20
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
108.46
15„
3.95
3.28
3.52
4.09
4.92
4.38
3.94
3.54
6.89
May 29..
113.48
8„
3.98
3.29
3.54
4.11
4.97
4.42
3.97
3.55
6 84
1
4.01
3.31
3.57
4.13
5.02
4.46
3.99
3.59
5.96
3.99
3.30
3.58
4.13
4.96
4.43
3.98
3.57
5.86
17-
3.97
3.29
3.57
4.11
4.89
4.37
3.97
3.56
5.83
107.88
9„
3.95
3.28
3.56
4.11
4.86
4.33
3.96
3.57
5.83
100.53
107.88
3-
3.96
3.27
3.56
4.12
4.88
4.34
3.97
3.57
5.83
100.35
107.88
Mar.27__
3.97
3.29
3.57
4.11
4.90
4.36
3.98
3.57
5.85
93.85
100.53
108.27
20„
3.96
3.28
3.55
4.10
4.91
4.37
3.97
3.55
6.80
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
87.64
96.11
100.53
108.27
6-
3.92
3.29
3.53
4.07
4.78
4.23
3.97
3.55
5.87
3.68
6.03
108.46
98.11
84.96
93.06
100.53
108.27
109.69
99.83
113.07
107.88
97.78
84.28
92.43
100.18
107.49
109.80
100.18
113.27
107.69
97.78
85.10
92.90
100.35
107.88
Apr. 24-
109.96
100.53
113.48
107.88
98.11
86.07
93.85
100.53
108.08
109.75
100.88
113.68
108.08
98.11
86.50
94.49
100.70
109.64
100.70
113.89
108.08
97.95
86.21
94.33
109.66
100.53
113.48
107.88
98.11
85.93
94.01
109.51
100.70
113.68
108.27
98.28
85.79
109.11
100.53
113.07
108.27
98.11
109.46
101.41
113.48
108.66
98.80
109.70
.
100.35
101.58
—
109.03
98.45
87.64
95.46
100.53
107.69
Feb. 28..
3.93
3.31
3.54
4.09
4.78
4.27
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
3.56
4.12
4.77
4.29
3.97
3.56
6 07
108.21
100.53
112.86
108.08
97.45
86.78
94.17
100.35
107.88
7„
3.97
3.32
3.56
4.15
4.84
4.35
3.98
3.57
6.10
108.03
100.00
112.25
107.88
96.94
85.93
93.06
100.18
107.49
31..
4.00
3.35
3.57
4.18
4.90
4.42
3.99
3.59
6.13
107.89
100.00
112.25
107.88
97.28
85.93
93.06
100.00
107.88
24..
4.00
3.35
3.67
4.16
4.90
4.42
4.00
3.57
6.11
108.34
17.
108.46
101.41
108.48
Jan.
113.07
108.95
14.
101.23
3.97
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
3.57
6.17
3.61
6.26
6.23
Jan.
10.
108.02
98.97
111.64
107.49
96.11
83.87
91.20
99.14
107.11
10-
4.06
3.38
3.59
4.23
5.05
4.54
4.05
8.
107.94
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
3.67
104.30
91.81
101.06
1936
3.66
3.09
3.27
3.76
4.50
3.94
3.67
3.35
5.58
106.17
117.72
113.89
105.06
112.25
Low
107.77
97.61
110.83
106.73
94.97
81'.87
89.55
98.62
105.79
High 1936
4.14
3.42
3.63
4 30
5.20
4 65
4 08
3.68
6 31
3 109.20
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
4.67
4.08
3.69
5.78
3 105.66
88.07
103.56
95.78
86.92
68.17
79.70
82.79
94.17
High 1935
4.75
3.80
4.25
4.83
6.40
5.37
5.13
4.35
6.97
4.19
3.45
3.65
4.36
5.31
4.74
4.12
3.72
6.13
4.77
3.81
4.25
4.81
6.19
4.85
5.10
4.36
6.36
5 112.81
Low
3
1
7
5 107.45
96.78
110.24
106.36
94.01
80.45
88.22
97.95
105.04
87.78
103.38
95.78
87.21
70.31
86.64
83.19
94.01
'These prices are computed from average
level
or
Dec.18'35
2 Yrs.Ago
7
1 105.51
Yr. Ago
yields on the basis of one "typical" bond (4% coupon, maturing In 30 years) and do not purport to show either the average
They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
bond market.
the average movement of actual price quotations.
leld averages, the letter being the truer picture of the
Dec. 18*34
3904
Financial
STATE
THE
TRADE—COMMERCIAL
OF
EPITOME
Business continued
the
Dec.
preceding week and 293,608 cars in the seven days ended
14, 1935.
A comparative table follows:
FREIGHT LOADED AND
REVENUE
high level of activity last week.
at a
RECEIVED
(Number
of
Loaded
1935.
a
84.5
for
and
steel
industry
point of activity.
revised figure of 100.3 for the
against
as
week
The
corresponding
the
the
leads
week
in
A tremendous tonnage booked within the
in every
possible
country
raising the
way,
79%.
to
"Iron
The
ingot output for
average
Age"
that
reports
three
companies are operating at 100% of capacity, and that sev¬
eral others
other mills would be operating
many
it
for
not
lack
Dec.
of
kilowatt
hours,
electricity
new
14.9%
or
stated that
was
full capacity
shortage
were
the
for
of
week
raw
all-time peak at
higher
than
for
ended
2,278,303,000
like
the
1935
week, when output was 1,983,431,000 kilowatt hours.
Auto¬
motive activity fell off slightly for the week, which was due
largely
28,000
in
labor
to
the
feeder
to
Recent
advices
state
that
industries
of
the
increasingly
an
automobile
serious
labor
trade.
Dec. 5
Received from,
16,745
18,140
13,573
3,344
3,263
2,206
4,707
4,787
Louis Ry_..
Norfolk & Western Ry
RR
Pere Marquette Ry
5,259
24,169
67,634
6,250
5,037
29,515
6,905
7,118
29,246
23,896
5,939
•
6,115
5,286
6,910
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Ry
8,726
8,563
11,310
9,373
46,147
11,459
1,270
1,892
2,741
8,044
37,714
9,044
4,959
44,320
34,682
1,419
1,929
3,814
6,498
6,620
5,266
*9,277
x6,879
9,752
8,701
7,005
x9,916
10,437
4,369
352,428 355,267 293,608 221,990 215,763 175,009
Total.
x
17,237
43,159
3,095
9,573
9,877
1,993
4,698
14,191
36,864
4,301
18,557
56,970
17,204
43,973
5,204
22,848
66,952
7,480
New York Central Lines
4,655
13,895
7,196
7,279
7,544
10,024
6,196
16,547
47,056
11,581
4,714
45,073
6,544
2,895
2,358
Missouri Pacific RR
N. Y. Chicago & St
Excludes
Orleans
14,592
14
1935
3,186
15,699
RR
Dec.
1936
6,311
16,841
8,789
9,717
9,302
12,112
1,503
2,026
18,807
Gulf Coast Lines
Dec. 5
1936
26,993
20,565
17,985
12
14 Dec.
1935
20,831
International Great Northern RR.
Wabash
Dec.
34,088
25,988
17,850
21,160
25,654
Connections
Weeks Ended—
22,338
22,269
33,556
Chesapeake & Ohio
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry
cars
Interchanged between S. P. Co.-Pacific Lines and Texas <fc New
Co.
RR.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number
Owing
situation,
Own Lines
1936
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio
affected by the sit-down and stay-in strikes
men are
chiefly
disturbances.
12
1936
Pennsylvania
of
12 reached another
It
near
facilities and
proper
Production
material.
Dec.
Missouri-Kansas-Texas
doing better than 90%.
are
on
Weeks Ended—
of
industries
heavy
last few weeks has forced steel mills to increase operations
the
CONNECTIONS
FROM
Cars)
Commerce" business index advanced frac¬
of
tionally to 100.7
previous
1936
19.
Dec.
Friday Night, Dec. 18, 1936.
The "Journal
Chronicle
;
Cars)
of
many
Weeks Ended—
observers
are now predicting a material expansion in indus¬
activity during the first quarter of 1937.
Previously
trial
many
expected
recession
some
in trade
after
the
turn
of
the year, because of the sustained recovery in 1936.
Now,
however, the strike in the glass industry and in parts plants
threatens to curtail automobile production in the remaining
weeks of this month.
This, according to observers, would
result in
higher motor production in January and Febru¬
are also expected to stimulate output
of at least two other major industries, steel and coal, after
ary.
a
Strike threats
the turn of the year.
Car loadings declined 6,210 cars from
the preceding week to 738,747 cars, but were 122,097 cars
over the corresponding period in 1935.
Retail sales in the
East spurted from 12% to 30% ahead of the comparable vol¬
ume
in 1935.
For the country as a whole retail sales volume
increased from
15%
contract
as
re-orders
15% to 30% for the
the
over
before.
week
merchandise
received.
the week precipitation
Otherwise,
mostly
was
During
was
and from
year
Wholesale
volume
unavailable for many
the first
and
5% to
began
of
to
the
middle parts
of
frequent in the Atlantic States.
fair weather
prevailed,
and
the
latter
part of the week was clear and sunny in practically all por¬
tions of the country.
Warmer weather prevailed in the
interior
on
extensive
the
8th, but
"high"
a
couple of days thereafter
(pressure)
moved
southward
a
rather
over
the
Northwestern and interior States, bringing a sharp drop in
and carrying the freezing line almost to the
the morning of the 12th.
The line of
temperatures,
central Gulf Coast by
freezing temperature during the week extended
as
central
North
Carolina,
north-central
as
far south
Georgia, extreme
Dec.
Total
Loading of
This
was
considerably less than
normal im the upper lakes, and in the northern portions of
the Mississippi and Missouri Valleys.
Weather in the New
York City area, with the exception of two days, was enjoyably fine and
clear this week.
day
probably
snow.
an
Today it
was
cloudy and
Overnight at Boston it
was
22
to 50
degrees; Baltimore, 32 to 50; Pittsburgh, 26 to 36; Portland,
Me'., 20 to 48; Chicago, 30 to 36; Cincinnati, 28 to 38;
Cleveland, 26 to 36; Detroit, 20 to 34; Charleston, 46 to 66;
Milwaukee, 26 to 32; Savannah, 46 to 68 ; Dallas, 40 to 68;
freight for the week ended Dec. 5 totaled 744,957 cars.
revenue
increase of 106,439 cars, or 16.7%, compared with the corre¬
week in 1934,
and 604 cars, or 1-10 of 1% above the corresponding week
in 1930.
Loading of
64,973
freight
revenue
cars
Loading
102,849
of
23,068
0.8%, from the preceding week, a gain of 122,097 ears, or
19.8%, over the total for the like week of 1935, and an in¬
crease of 158,545 cars, or
27.3%, over the total loadings for
the corresponding week of 1934.
For the week ending
Dec. 5 loadings were 16.7% above those for the like week of
1935, and 35.1% over those for the corresponding week of
1934.
Loading for the week ended Nov. 28 showed a gain
of 18.9% when compared with 1935 and a rise of
39.3%
when comparison is made wi+h the same week of 1934.
The first 18 major railroads to report for the week ended
Dec. 12, 1936 loaded a total of 352,428 cars of revenue
freight on their own lines, compared with 355,267 cars in
cars
corresponding week in
Coal
totaled
freight
168,606
above the preceding week, 9,998 cars above
1935,
12,091
and
the
loading amounted to 168,087
preceding week,
30,096
cars
cars, an
cars
above the same week
increase of 16,542 cars above
above the corresponding week in
1935,
and 49,013 cars above the same week in 1934.
Grain
5,292
and
grain
products loading totaled 36,267
above the preceding week,
cars
cars,
increase of
an
5,271 cars above the corresponding
week in 1935, and 7,737 cars above the same
In the Western
week in 1934.
districts alone, grain and grain products loading for the week ended
totaled 21,019 cars, an increase of
and 2,651
year,
Livestock
cars
above the
a
same
week in 1935.
17,851
cars,
an
increase of
the week
loading of livestock for
13,541
cars,
increase of 2,203 cars above the same week in
Forest
an
Ore
products loading totaled 33,734 cars,
cars
above the
loading
5 totaled
Dec.
increase of 1,129 cars above the preceding week this year
above the preceding week,
13,165
In the Western
ended
and
an
1,907 cars
and 2,697 cars above the same week in 1935,
decrease of 2,350 cars below the same week in 1934.
alone,
Dec. 5
2,316 cars above the preceding week this
loading amounted to
above the preceding week,
same
amounted
the preceding week,
but
4,169
1935
increase of
1,147 cars
4
week in 1934.
8,165
to
an
an
above the same week in 1935, and
cars
cars,
a
decrease of
5,204
cars
below
increase of 861 car? above the corresponidng
week in 1935, and 4,568 cars above the corresponding week in 1934.
Coke loading amounted to 11,646 cars, an increase of
preceding week, 3,035
above the
same
cars
above the
same
4
437 cars above the
week in 1935, and 6,399 cars
4
week in 1934.
All districts reported increases in the number of cars loaded with revenue
freight, compared with the corresponding weeks in 1935 and
Loading
years
of
freight in
revenue
1936
compared
with
the two
1936
Five weeks in February
_.
weeks in May
Four weeks in July
Five
weeks in August
Four weeks in September.
weeks in October
Four weeks in November
.
1935
1934
2,353,111
Four weeks in June
Five
1934.
{
previous
and in 1930 follows:
Four weeks in January
Five
Loadings of revenue freight for the week ending Dec. 12,
1936, totaled 738,747 cars.
This is a decline of 6,210 cars,
week
in 1934.
Four weeks in April......
Freight Car Loadings in Week Ended Dec. 12
Off 0.8% From Preceding Week
less-than-carload-lot
merchandise
cars, an increase of
the
21,784
above the corresponding week in 1934.
cars
Four weeks In March
Revenue
5 was an increase of
above the preceding week, 50,312 cars above the corresponding
in 1935, and
Kansas City, 30 to 36;
Springfield, Mo., 32 to 38; Oklahoma
City, 32 to 40; Salt Lake City, 30 to 40; Seattle, 48 to 52;
Montreal, 8 to 38, and Winnipeg, 20 to 28.
for the week of Dec.
9.6%, above the preceding week, which included a holiday.
cars, or
Miscellaneous freight loading totaled 300,601 cars, an increase of
are
cold here, with temperatures ranging from 28 to 33 degrees.
The forecast was for partly cloudy weather tonight.
Satur¬
63,090
sponding week in 1935; 139,472 cars, or 35.1%, above the corresponding
but
Ice thicknesses
77,149
Railroads, in reviewing the
week ended Dec. 15, reported as follows:
districts
Binghamton.
21,200
28,987
12,903
The Association of American
and Louisiana.
as
14, 1935
Dec.
5, 1936
25,875
36,094
15,180
77,196
Illinois Central System
St. Louis-San Francisco Ry
southern
Alabama, and nearly to the coast in Mississippi
Considerable ice has formed for so early in
the season in the New England States.
Greenfield, Me.,
reported 14.0 inches, and floating ice was noted as far south
Dec.
12, 1936
26,427
35,889
14,880
Chicago Rock Island & Pacific Ry.
2,169,146
2,183,081
3.135.118
2,927,453
2,418,985
2,544,843
2,408,319
2,302,101
2,887,975
2,920,192
2,461,895
2,340,460
3,026,021
2,504,974
2,351,015
3,351,801
2,787,012
2,825,547
3,701,056
3.061.119
4,095,623
2,465,735
2,224,872
3,098,001
3,072,864
2.501.950
3,147,988
3,013,474
2,628,482
3,565,051
2,504,477
744,957
34,032,646
638,518
551,485
29,820,130
29,291,876
2.229.951
1930
3,470,797
4,380,615
3,550,076
3,653,575
4,586,357
3,575,454;
3,683,338
4,608,697
3,840,292
4,668,611
3,096,897
or
Week of Dec. 5.
Total
744,353
43,859,062
In the following table we undertake to show also the
loadings for separate roads and systems for the week ended
Dec. 5, 1936.
During this period a total of 114 roads
showed increased when compared with the same week last
year.
The most important of these roads which showed
increases were the Pennsylvania System, the New York
Central Lines, the Baltimore & Ohio RR,. the Atchison
Topeka & Santa Fe System, Southern Pacific RR. (Pacific
Lines), and the Illinois Central System.
Volume
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED DECEMBER 5
REVENUE FREIGHT LOADED AND RECEIVED FROM
Total Revenue
from Connections
1936
1936
550
642
574
1,546
1,703
7,935
1,510
1,635
7,341
1,306
320
247
Boston
&
Maine
11,756
2,430
10,014
1,966
1,949
Chicago Indianapolis A Loulsv.
402
346
268
465
Gulf Mobile A Northern
1,179
1,769
9,095
Arbor
Bangor & Aroostook
1936
1934
1935
Group B (Concluded)—
Georgia
Georgia A Florida
Eastern District—
Ann
Connections
from
Freight Loaded
Railroads
1935
1936
1934
1935
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
Railroads
3905
Chronicle
Financial
143
1,686
1,652
21,123
19,808
1,301
19,298
16,297
1,096
12,215
5,239
Illinois
Central
24,551
System
672
799
971
1,730
26
18
33
70
72
1,149
5,919
11,476
1,085
855
Macon Dublin A Savannah
3,675
6,887
Mississippi Central..
189
128
118
334
7,826
2,261
8,217
7,095
2,040
5,224
9,589
6,005
Mobile A Ohio
2,034
1,597
364
235
245
107
91
2,993
2,789
1,876
2,420
2,608
1,949
3,617
13,259
Nashville Chattanooga A St. L.
Tennessee Central
1,837
2,582
Central Indiana
Central Vermont
Delaware & Hudson
Delaware Lackawanna A West.
Detroit & Mackinac
1,800
1,526
318
379
199
13,465
12,813
4,222
17,221
5,725
4,628
9,975
2.235
3,088
Detroit Toledo A Ironton
Detroit & Toledo Shore Llne__.
Erie
Lehigh A Hudson River
143
140
163
1,501
10,251
3,274
4,983
1,681
8,308
2,974
4,071
1,838
38,475
11,292
1,920
4,429
5,256
6,488
1,100
7.236
8,763
2,112
1,416
8,544
Maine Central
Monongahela
2,539
43,159
11,672
1,827
5.259
7,234
6,905
Montour
b New York Central Lines
N. Y. N. H. & Hartford
New York Ontario A Western..
N. Y.
Chicago A St. Louis
Pittsburgh & Lake Erie
...
Pere Marquette
2,998
2,893
295
Northwestern
35
55
46,147
9,922
1,661
4,103
3,398
4,423
13,435
2,056
11,459
6,504
6,498
Belt Ry. of
184
37,380
10,548
761
33,069
109,744
94,277
86,404
69,227
2,189
11,310
3,375
8,563
3,326
22
246
Milw. St. P. A Pacific-
21,160
4,231
943
556
595
480
334
366
-7,262
5,867
3,572
7,961
2,727
1,351
627
576
607
971
817
Wabash
5,482
4,932
9,752
8,341
3,674
2,658
3,705
3,214
Northern
119,812
183,067
552
518
442
894
26,970
1,727
23,882
16,547
2,279
13,387
1,113
383
326
278
12
7
1,369
7,181
|
69
1,213
5,830
1,023
4,987
15
21
12,666
10,643
754
546
62
54
Cumberland A Pennsylvania..
305
371
390
22
30
Ligonler
215
200
139
36
28
2,740
1,439
44,590
18,551
2,573
108
253
245
191
10,184
10,632
3,035
558
610
671
285
Pacific..
242
258
74
1,853
1,657
4,759
1,510
4,357
9,241
1,726
2,568
5,356
10,427
...
9,744
3.494
125
83
101
267
1,858
2,023
1,025
1,485
86,290
76,036
67,914
50,709
22,338
3,195
19,260
2,784
18,027
2,598
6,196
2,644
308
333
186
128
Burlington A Qulncy..
17,850
2,342
12,589
3,362
1,612
4,105
14,561
1,567
10,642
2,906
1,498
3,191
8,726
A Illinois Midland
15,427
1,834
10,787
3,269
1,339
4,143
834
744
598
36
1,113
2,190
1,817
1,301
2,120
1,154
1,104
1,493
875
894
516
77
78
128
56
15,259
6,018
799
34,088
2,843
369
652
Spokane International
Spokane Portland A Seattle
148,628
3,577
367
Minneapolis A St. Louis
Minn. St. Paul AS. S. M
146,740
17,185
10,962
Great Northern..
Green Bay A Western
Lake Superior A Ishpemlng
6,115
4,095
166,702
565
12,285
2,048
Great Western
Rutland
Wheeling & Lake Erie
683
Ft. Dodge Des Moines A South-
143
1,441
742
16,745
Chicago
A North Western
Elgin Jollet A Eastern
23
323
District—
Duluth South Shore A Atlantic
5.005
398
893
343
48,844
St. P. Minn. A Omaha
Duluth MIssabe A Northern
4.512
230
1,228
389
55,369
13,851
2,141
18,840
4,115
Chicago
Chicago
Chicago
Chicago
1,824
8.511
309
1,357
443
-66,247
Grand total Southern District
2,285
3,002
1,311
32,985
373
Pittsburgh A West Virginia
461
135
981
7,174
495
Pittsburgh & Shawmut
Pittsburgh Shawmut & North.
194
176
Total.
7,315
1,639
Lehigh & New England
Lehigh Valley
Grand Trunk Western
25,019
Louisville A Nashville
Total.
Total.
Allegheny District—
Akron Canton A Youngstown.
Baltimore & Ohio
Bessemer & Lake Erie__
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey...
Cornwall
Valley
Union
721
836
1,123
57,604
15,560
15,079
Penn-Readlng Seashore Lines.
Pennsylvania System...
Co
Reading
674
1,238
67,364
12,925,
8,703
1,108
49,035
10,744
|
Island
Long
(Pittsburgh).
;
3,646
Chicago
Chicago
Chicago
Chicago
Denver A Rio Grande Western
Denver A Salt Lake
Fort Worth A Denver City
Illinois Terminal
1,555
93
83
0
3,192
7,682
Nevada
0
3,319
Rock Island A Paclflo.
A Eastern Illinois
Colorado A Southern
2,270
1,267
83
Maryland
Garfield
Bingham A
33,989
14,895
3,406
5,762
West Virginia Northern
Western
Central Western District
Atch. Top. A Santa Fe System.
Alton
1,598
Northern
North Western Paclflo
...
Peoria A Pekln Union
122,397
150,409
Total.
101,444
U.
2,712
1,376
2,985
134
a
17,440
in
Included
St. Joseph A Grand Island
Toledo Peoria A Western
1,112
9,006
1,939
1,674
21,474
Southern Pacific (Pacific)...
86,305
109,258
*
452
System
P.
13,627
907
838
629
4,959
1,249
Norfolk A Western
Norfolk A Portsmouth Belt Line
7,143
3,753
1,125
4,623
3,624
3,122
731
42,741
35,726
16,512
330
12,182
779
707
5
1,805
1,524
1,565
2,210
115,066
100,477
89,554
57,722
205
128
161
5,118
133
125
136
191
191
216
268
3,263
2,106
2,804
2,647
1,409
2,325
2,001
1,212
2,044
Western Paclflo
725
55,687
Total.
Southwestern
Southern District—
Oroup
1,229
10,100
12.746
Virginian
Total.
325
14,422
Fort Smith A Western
9,573
756
Burlington-Rock Island
18,348
24,169
20,506
17,773
351
Union Pacific System
Utah
District—
25,988
16,073
Alton A Southern
Pocahontas
Chesapeake A Ohio
A—
Gulf Coast Lines
3,994
1,601
4,643
District—
300
9,215
1,272
8.290
1,050
8,545
992
2,151
Charleston A Western Carolina
427
360
302
1,167
902
Kansas Oklahoma A Gulf
Durham A Southern
174
139
198
249
413
Kansas
43
54
39
99
101
Louisiana
1,040
1,025
1,100
212
122
89
431
447
427
1,085
1,003
Louisiana Arkansas A Texas...
456
Litchfield A Madison
354
370
357
966
366
304
287
2,725
Midland
649
642
696
3,533
12,289
184
124
88
323
4,787
5,026
3,095
17,237
15,074
4,227
14,139
Atlantlo Coast
Line
Cllnchfield
Gainesville
Norfolk
Midland
8,718
21,604
7,535
19,508
7,543
17,963
1,163
1,056
4,226
4,770
15,814
182
196
164
820
656
43,497
38,908
37,560
36,158
28,302
Southern
Piedmont
Northern
A
Richmond Fred. A Potomac
Seaboard Air Line
Southern System
Winston-Salem
International-Great Northern..
Southbound...
A
Arkansas
248
121
1,701
1,461
1,595
1,618
Valley
Missouri A Arkansas*
Missouri-Kansas-Texas
Missouri
2,037
154
2,190
1,608
City Southern
Lines..
Pacific
1,065
324
93,73
52
41
39
20
Quanah Acme A Pacific
120
118
143
113
St. Louis-San Francisco
8,752
7,922
Southwestern
2,528
7,772
5,299
3,013
2,488
7,465
4,846
2,313
3,259
2,233
7,047
1,876
6,467
4,786
1,667
19,744
225
226
161
74
25
39
36
27
61,059
55,850
50,631
62,635
Natchez A Southern
Total...
St.
Louis
Texas A New Orleans
Oroup B—
Alabama Tennessee A Northern
255
231
142
113
Texas A Pacific
Atlanta Birmingham A Coast..
710
633
653
887
712
terminal
Atl. A W. P.—W. RR. of Ala..
953
706
595
1,131
Wichita Falls A Southern
4,402
3,963
3,406
1,486
2,738
2,417
Weatherford M. W.
400
321
219
338
690
978
834
812
4.310
348
1,063
Central of
Georgia
Columbus A
Greenville
Florida East Coast
Note—Previous year's figures
and
the
Michigan
Central
*
revised,
189
Previous figures.
a
prevails
distribution
liquidating
to
It
was
credited on carriers' indebtedness
Corporation, Mr. Buckland said, adding:
This brings the total amount
total
that
distributed to 68% of the fund or $50,007.682.
$24,376,467 has been returned in cash and
unlikely.
$25,631,215 in
than
the
Business
Cleveland
in 1936
in
to Col. Ayres of
Expected to Be Better Than
in
Colonel Ayres,
under date of Dec.
15,
prospects
for
better
in
us
business
in
reaching
1937
some
despite
general
our
new
conclusions
condition
of
about
the
managed
The conclusion that seems justified is that general business will
economics.
be
warrants
in
1937
than
it
has
been
in
1936
in
spite of
the unrest
It
this
in residential
develop
as
The
year.
of
with
compared
increases
construction.
equipment by
new
building boom,
a
upon
high
are
the volume
in
be largely dependent
will
rail traffic increases,
As
on
the
the roads will be greater, and the per¬
the buying of
equipment will almost surely be
new
that
The railroads
rolling stock,
postponed
their
now
long
as
it
seems
as
necessities
will be
the
The automotive
possible
have
the
caught
purchasing of
up
with
them,
new
and
the
equipment
beneficiaries.
industries
have
led the way
out of this
probable that they will holdl their leadership next
depression, and
It
year.
seems
likely that the number of new cars and trucks produced in 1937 will be at
least
as
large
Wholesale
as
the production of this
and
retail commodity
year,
and probably somewhat larger.
prices and the cost of living will prob¬
ably advance next year, but it does not seem likely that the increases will
•
fact
rents
been
has
industries
con-
tinned:
This
it
entering
Building booms
advances
but
and the rest of the world is
like depressions in
quality."
the volume of new construction will
is easy to demonstrate statistically
that
year.
have
that when they once get well
started they acquire momentums that are almost physical
are
next
centage of advance in
still farther
along," Colonel Leonard P. Ayres, Vice-President of the
Cleveland Trust Co. of Cleveland, Ohio, states that "recov¬
eries
develop
greater than the percentage of increase in the freight traffic.
Despite Certain Untoward Conditions
of recovery,
be
when
purchasing of
1937 According
Co.
Trust
Observing that "we are at present well along in the proc¬
ess
we
struction
the
to
probable
increase
to
should
world, the labor difficulties which may
legislation that the Congress may enact.
but that appears to
and commercial con¬
costs of labor and
material, and they develop in factory building when the volume of new
corporate financing is high.
None of those conditions now maintains.
This
country needs immense amounts of new construction of almost all types, but
the conditions necessary to supply the demand: have not developed.
We
should expect continuing increases,
but no real boom as yet.
The volume of railroad freight traffic promises to be larger next year
be
credits.
General
the Boston A Albany RR., the C. C. C. A St. Louis RR.
of the
new
entirely
seems
continue
participating
$354,043
much
in
here, and the
carriers, amounting to $735,407, or 1% of the contributed
funds.
Of this amount $381,364 was paid in cash and
Of this
b Includes figures for
Not available.
Buckland, President of the Railroad Credit Corp^,
on Dec. 15 that the Corporation that day made
thirty-sixth
W
5,265
RR.
announced
its
A N.
Total.
Liquidating Distribution of $735,407 Made by Railroad
Credit Corp. on Dec. 15
E. G.
RR. Assn. of St. Louis
be
very
large.
It
is quite unlikely that
truly be termed inflation will
develop when there
They develop in
booms
get
under
is
a
countries having excessive
way
any
price condition
develop in this country in 1937.
shortage of goods along with
stocks
an
excess
that
could
Inflations
of money.
of money when business
and: expanding industry begins
in
various
lines
to
3906
approach
Financial
capacity
outputs.
buyers
Then
compete
for
the
goods
and
prices mount.
Inflations
is
April, 1930. The index rose 2.8 points to 134.8 on Dec. 15
(revised) on Dec. 8, the "Annalist" said, adding:
from 132.2
do not
over-large,
ductive
develop during depressions, even if the money supply
then the money circulates slowly and the excess pro¬
for
capacity
each demand.
of industry
We
feel
may
supplies
goods
to meet
inflation will not develop here in
that
sure
offers of
competing
1937, because, despite all the recovery
have made, we are still in the
we
Cotton and wool and their products also
and hogs were lower.
eggs, coffee
are
it
tration
rates
may
essential
to
have
to
be
the carrying
continuing low
that bond prices
is
expected1 to remain
confidently be
low next
year.
forward of the policies of the Adminis¬
interest.
The corollary
of this condition
Stock prices also will almost surely
advance further than they have so far.
will remain high.
high,
and probably they will
may be expected to continue their advancing trend as long
the ownership of stocks is more attractive than the ownership of money.
Stock
as
Dec. 15,1936 Dec.
under the control of the Federal Reserve System and the Treasury,
is
prices
137.6
Farm
products-Food products
Textile products
The above
observations by Colonel Ayres were contained
address delivered by him
an
ber of Commerce
Dec.
on
before the Cleveland Cham¬
15, the speech substantially con¬
stituting the issue of that date of the Cleveland Trust Co.
to "Business
Bulletin," of which Colonel Ayres is editor.
122.2
129.3
134.3
X125.0
118.2
167.3
166.9
170.3
-
Metals
118.7
111.5
111.8
111.8
111.7
97.9
X97.9
119.6
-
Building materials j
—
Chemicals
i"—
.
98.4
96.9
90.9
85.2
134.8
X132.2
128.7
79.6
*78.1
76.3
-
All commodities
All commodities on old dollar basis
Preliminary.
As
1936 Dec. 17,1935
130.2
Fuels
*
8,
xl33.3
*126.5
Miscellaneous-
in
PRICES
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY
(1913—100)
Interest
They
contributed to the rise, as did
On the other hand, butter and
beef, pork and lard, potatoes and bananas.
depression.
and
1936
19,
Dec.
Chronicle
x
Revised.
foreign commodity prices during November the
to
"Annalist" said:
Foreign prices turned firmer in November, as the immediately depressing
The Annalist Internationa!
effects of the European devaluations wore off.
Moody's Commodity Index Advances Sharply
Composite rose to 75 3 from 74.5 in October and is now the highest since
Moody's Daily Index of Staple Commodity Prices con¬
its rapid advance this week, closing at 202.0 on
Friday, as compared with 196.8 a week ago. The Friday
close was a new high.
The principal changes were advances in rubber, wheat
tinued
and steel, ana
decline in hogs. There were also gains for
silk, cocoa, hides, copper, lead, wool and sugar, and a
decline for cotton.
The prices of corn, silver and coffee
showed no net change.
The movement of the Index during the week, with com¬
parisons, is as follows:
Fri. ..Dec.
Sat.
Dec.
Mon.
Dec.
Tues.
Dec.
Wed.
Dec.
Thurs. Dec.
Fri.
Dec.
August, 1933, except for last July and August.
unchanged, thanks to severe Government price-fixing decrees.
2 Weeks
196.8
197.3
200.3
200.3
201.3
201.8
202.0
15
16
17
18
Ago, Dec. 4
Month Ago, Nov. 18Year Ago, Dec. 18
1935 High—Oct. 7 & 9
FOREIGN
MONTHLY
AND
DOMESTIC
WHOLESALE
PRICE INDICES
(1913=100.0)
P.C. Ch'ge
September November October to
*November
xOctober
1936
1936
1936
1935
129.1
127.3
127.8
128.3
1936 High—Dec. 18...
Low—May. 12
November
76.2
-
75.2
75.8
76.2
+ 1.4
+ 1.3
120.3
U. S. A
120.4
119.2
113.6
—0.1
70.4
66.9
—0.1
114.3
108.4
+08
+0.3
+4.0
+3.6
Gold basis...
Canada
71.1
71.2
164.0
Low—Mar. 18
Pri¬
commodity prices continued their sharp advance.
mary
195.0
189.2
United Kingdom
Gold basis
116.9
116.0
69.3
69.0
69.8
65.3
France .z
490
471
420
343
331
315
175.3
148.4
—202.0
Cana¬
sagged slightly, but the decline was without importance.
dian prices
a
11.
12.
14
Prices in the United States,
In Germany official quotations
Britain, France and Japan were higher.
were
Gold basis
Goldbasis.z
348
348
Germany
104.3
104.3
104.4
103.1
0.0
Japan
162.7
153.8
151.5
151.7
148 3
+ 1.5
52.1
51.4
52.9
50.0
75.3
74 5
74.9
74.3
+ 1.4
+ 1.1
Gold basis
"Annalist"
Monthly Index of Business Activity Ad¬
During November to Highest Point Since
October, 1929
vanced
Improvement in nearly every leading industry and a sharp
on a seasonally-adjusted basis, in freight shipments
carried business activity to new high levels for the recovery,
according to the monthly review of domestic business by
H. E. Hansen in the "Annalist" (New York) of Dec. 18.
The "Annalist" Index of Business
Activity advanced to
107.6% of estimated normal (preliminary) in November,
from 103.1 in October and 102.8 in September.
It was
rise,
further stated:
*
The most important single factor in last month's rise was a sharp gain
in the seasonally adjusted index of miscellaneous freight car loadings. Next
in importance was an increase in the adjusted index of steel ingot
produc¬
tion. Substantial gains were also recorded by the adjusted indices of boot
and shoe production, electric power production, pig iron production and
"other" freight car loadings.
More moderate gains were shown
by
and silk consumption.
was
♦Preliminary,
x Revised,
y Includes also Belgium and The Netherlands; Ger¬
many excluded from July, 1934; Italy from November, 1935.
z End of month.
Wholesale Commodity Prices
Week Ended
Since
unchanged.
"ANNALIST"
INDEX
OF
BUSINESS
ACTIVITY
went
on
to say:
Of the 11 principal group indexes, seven moved
and four remained unchanged.
Sept., 1936
car
loadings
104.6
97.2
94.7
103.3
Miscellaneous.
Other.
93.8
92.2
107.1
104.0
99.7
Electric power production
*104.7
X103.8
X104.8
Manufacturing
Steel ingot production
*117.6
110.4
110.9
121.6
112.4
108.9
Pig iron production
Textile activity
was
was
at the highest
products
was
registered in November of last year; 17 items included in the
week, while only four declined.
index last week
August.
was
With all grain prices moving upward, the grain price
above the point reached at the time of the sharp advance
Advances in each of the last nine weeks have resulted in
9% rise in the textile index, which is
since
and
The index of prices of farm
also at a new recovery high point, reflecting hi her quotations
August, 1930.
cyanamide
higher than it has been at
any
a
time
Higher quotations for cottonseed meal, ground bone
were
material prices.
now
responsible for
a
slight rise in the index of fertilizer
The indexes representing the prices of metals, fuels and
miscellaneous commodities
were
also
higher last week.
119.1
114.1
107.5
*120.3
X114.5
124.8
129.2
124.3
137.2
and 14 declined; in the preceding week
98.2
112.1
79.2
clines; in the second preceding week there were 37 advances and 13 declines.
87.2
Cotton consumption
Wool consumption
Silk consumption
_
_
m
_
82.8
Rayon consumption
107.3
126.7
X130.8
*107.5
121.9
X96.3
86.6
87.7
Lumber production
Cement production
75.7
Zinc production
69.9
82.2
Mining
77.7
84.2
WHOLESALE COMMODITY PRICE INDEX
X102.8
Compiled by the National Fertiliser Association.
Latest
Per Cent.
Bach Group
TABLk II—THE COMBINED INDEX SINCE JANUARY,
Foods.-
Dec. 14
1936
1936
1935
83.1
82.5
23.0
1934
1933
1932
1931
Cotton
79.6
87.5
73.4
84.1
Livestock
88.9
86.7
83.2
66.1
71.4
85.7
17.3
Fuels
March
89.4
84.4
84.6
62.5
69.8
87.5
10.8
Miscellaneous commodities..
85.4
79.1
79.0
100.8
93.6
101 9
83.3
Farm products
87.2
83.0
80.8
75.3
71.3
60.8
64.9
102.2
100.5
72.8
78.7
79.5
77.8
78.2
79.9
-
69.4
104.7
Grains
8.2
81.5
89.3
105.1
1935
94.1
Ago
Nov. 14
83.9
-
Fats and oils
92.2
April—
Ago
Dec. 5
1936
Cottonseed oil
1931
Year
Week
Dec. 12
Group
Total Index
25.3
Month
Week
Bears to the
January
February.
1936
(1926-1928=100)
Preced'g
70.9
X103.1
*107.6
81.1
78.3
84.2
Lead production
Combined Index
WEEKLY
there ware 49 advances and 14 de¬
91.7
74.5
Forty-five price series included in the index advanced during the week
100.3
*143.4
Boot and shoe production
Automobile production
79.7
79.7
76.5
80.9
80.8
79.7
71.6
69.2
66.8
Textiles
75.4
74.8
71.1
71.0
77.3
64.3
87.7
7.1
Metals
89.9
89.1
87.7
83.8
87.5
63.9
85.1
6.1
Building materials
83.3
83.3
83.0
78.0
94.0
62.9
85.3
1.3
96.5
96.3
95.6
87.5
64.4
81.6
0.3
Chemicals and drugs
Fertiliser materials
96.5
75.1
69.2
69.1
68.0
64.5
82.8
85.9
May
95.8
81.8
86.4
June
97.6
82.0
83.8
103.3
82.7
102.5
84.9
July
August
upward during the week
The food price index
point yet reached in the recovery period, rising above the previous recovery
last
Freight
Fer¬
Continuing the upward trend of the past seven weeks,
commodity prices during the week ended Dec. 12
stand at the highest point since October, 1930.
Last week
the weekly index compiled by the National Fertilizer Asso¬
ciation—based on the 1926-28 average of 100%—stood at
82.3%, as against 81.8% in the preceding week.
A month
ago it registered 80.6% and a year ago 77.6%.
The an¬
nouncement by the Association, tinder date of Dec. 14,
for cotton and grains.
Oct., 1936
Level
National
wholesale
group rose last
AND
COMPONENT GROUPS
Nov., 1936
Highest
According to
1930,
tilizer Association
peak which
I—THE
October,
Further Advanced During
12—Continue at
Dec.
rayon
Of the components for which November figures are
available, only one, lumber production, declined. This decrease was due to
the Pacific Coast shipping tie-up.
The adjusted index of zinc production
TABLE
"Annalist" composite in gold y
-
88.7
77.8
September
X102.8
86.1
82.0
68.5
78.5
0.3
Fertilizers
74.7
74.7
74.6
72.9
October
X103.1
89.1
74.6
78.5
69.8
75.5
0.3
Farm
92.6
92.6
92.6
92.4
November
*107.6
92.0
76.0
75.3
69.2
75.6
96.7
82.4
77.5
68.8
75.2
82.3
81.8
80.6
77.6
December
*
Preliminary.
x
71.4
100.0
Machinery
All groups combined
Revised.
Retail
"Annalist"
Weekly
Index
of
Wholesale
Commodity
During Week Ended
Dec. 15—Foreign Prices Higher During November
Prices Continued to Advance
Sharp advances in the grains, rubber, tobacco, coke and
the nonferrous metals sent the "Annalist" Weekly Index of
Wholesale Commodity Prices to the highest level since
Prices Continued Upward Trend During No¬
vember, According to Fairchild Publications Retail
Price Index
The upward
has continued
Publications
month
trend in retail prices, evident since July 1,
during November, according to the Fairchild
retail
gained 0.9
price
1%
of
index.
Quotations during the
compared with the previous
as
Financial
Volume 143
month, and also show
ing period a year
The latest index is the highest since
July 1, 1931.
Prices have gained 2.2% as compared with
the year's low, and are also 30.8% above the May, 1933, low.
An announcement issued Dec. 10 by Fairchild Publications
continued
Each
:
major
home
The
group
of
furnishings
commodities
during
advanced
month,
the
following.
*
uninterrupted advance in furs and blankets, evident for some time,
continued
whereas the
composite index shows a rise of 2.9% since the beginning of the year,
furs have advanced
9.3% and blankets 7.1%.
Among the other items
during
showing gains
November.
It
is
interesting
to
note that
sheets
shoes.
It is also interesting to note that with the exception of women's hosiery,
which showed a fractional readjustment downward, every item in the index
and
pillow
recent
index
is
months, aside from furs and blankets,
coverings,
cotton
wash goods
are
and women's
remained
A.
with
selling
are
advances
or
to
comparison
items
floor
unchanged, with advances predominating.
W. Zelomek, economist, under whose supervision the
compiled, the advances in prices during recent months have lagged
According
in
in
cases,
advanced
either
are
increase in
the price of pig tin,
advanced 0.5%.
and
heating items showed
no
change
j
The index of the hides and leather products group
due
and to an
the group of metajs and metal products
Average prices of agricultural implements and plumbing
to increased
continued to advance,
prices of packers' shearlings and several leather items.
Prices of hides and skins and leather rose above the level of the
with
home furnishings showing the greatest increase.
This Item also showed
the broadest gain above a year ago.
However, infants' wear showed the
greatest gain above a year ago, as well as above the low.
Piece goods
prices still show the most marked advance from the May, 1933, low point,
with
3907
Due largely to increased prices of several iron and steel items
gain of 3.2% above the correspond¬
a
ago.
Chronicle
in wholesale prices.
gains
considerably
to be
out that retail
He points
under replacement and
that
retail
further
expected in 1937.
week but those of shoes and other leather
Higher
prices
average
and
the subgroups of furnishings
in
preceding
products remained unchanged.
caused the index of the housefurnishing
goods group
as
a
furniture
whole to rise
slightly.
Advancing prices of white pine, yellow pine flooring, chrome yellow jred
lead, litharge, chinawood oil, linseed oil, rosin, turpentine, sand, gravel
and
hydrated lime
more
than counter-balanced lower prices of common
building brick, yellow pine lath and Prussian blue to cause the index of the
building materials group to move slightly upward.
The subgroups of
lumber, paint and paint materials, and other building materials rose, while
those of brick and tile, cement, and structural steel remained at the level
of the
preceding week.
Although dairy products, cereal products and meats showed advanced
prices during the week, lower prices in the subgroups of fruits and vegetables
and other foods caused the level of
change.
Individual
which
items
prices in the foods group to show no
showed
increased
oatmeal, flour, yellow corn meal, raisins,
bellies, hams,
and
edible
prices
butter,
were
beef at New York, clear pork
pork, veal, cocoa beans, coffee, lard, oleo oil, pepper
mess
tallow.
Lower
prices
registered by rice,
were
bananas, rib
pork bellies, fresh pork and eggs.
The level of prices in the group of miscellaneous commodities remained
the
THE FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX
JANUARY, 1931=100
same as
in the preceding week although the subgroups of cattle feed and
crude rubber
Copyright 1936, Fairchild News Service
Average prices of paper and pulp remained
slightly
rose
unchanged.
The group of fuel and lighting materials was the only one to show a drop
1
May 1,
Dec.
1933
Sept. 1,
1,
1935
1936
88.0
Oct.
1.
1936
Nov.
Dec.
1,
1936
1,
1936
1
90.8
Composite Index
69.4
Piece goods
65.1
84.9
85.2
85.4
85.6
70.7
87.2
87.6
87.7
87.8
87.9
89.4
90.4
90.7
90.9
91.0
Infants'
76.4
92.7
94.4
94.5
94.5
94.6
70.2
89.1
89.4
89.9
90.3
90.9
71.8
wear.
Home furnishings
88.5
89.3
90.0
average
prices,
Silks
57.4
64.5
63.9
63.9
63.9
63.8
Woolens
69.2
82.7
83.1
83.3
83.7
slightly
68.6
107.6
108.7
108.9
109.3
65.0
99.9
99.1
99.7
100.6
and is based
72.9
96.4
101.3
102.4
103.3
103.8
4
series
on
the average for the year 1926 as 100.
The following table shows index numbers for the main groups of com¬
Dec
past five
weeks and for
Dec.
14,
15, 1934,
1935, Dec.
16, 1933 and Dec. 17, 1932:
(1926=100.0)
101.7
Blankets A comfortables
The subgroups of
0.1%.
to
Statistics includes 784 price
of Labor
109.6
Sheets
amounting
Coke prices remained unchanged.
The index of the Bureau
83.7
Cotton wash goods
decline
weighted according to their relative importance in the country's markets
modities for the
Piece goods:
the
anthracite and bituminous coal declined, but prices of petroleum products
85.7
Men's apparel
Women's apparel
in
rose
Domestics:
Dec.
Commodity Groups
Dec.
Nov.
Nov.
Nov.
12
5
28
21
14
1936
1936
1936
1936
1936
All commodities
83.4
83.0
82.6
82.4
Farm
87.3
86.7
85.5
85.2
Women's apparel:
Hosiery...
Aprons & house dresses.
59.2
75.2
75.5
75.5
75.6
103.8
103.6
103.8
Dec.
Dec.
Dec.
15
16
1934
1933
82.0
80.8
76.7
70.8
63.0
85.5
79.2
71.1
65.9
44.7
58.8
14
17
1932
75.5
103.7
Dec.
,1935
75.5
103.9
Corsets and brassieres-.
83.6
91.9
92.2
92.6
92.6
92.6
Furs
66.8
97.1
103.0
104.4
105.2
106.1
Underwear
69.2
86.4
85.0
85.0
85.1
85.1
Foods
84.8
84.8
84.4
84.5
83.5
85.8
75.4
63.0
Shoes
76.5
81.7
82.6
82.8
83.0
83.2
Hides & leather prod
Textile products
99.8
99.4
99.3
98.3
96.8
95.4
85.7
88.6
69.3
75.2
74.6
74.3
73.5
72.4
72.8
69.4
76.0
63.0
77.5
77.6
77.6
77.5
77.4
75.7
75.2
74.2
71.5
88.4
88.0
87.5
87.3
87.1
86.3
85.4
83.1
79.3
88.7
88.4
87.8
87.8
87.7
85.3
85.0
85.3
70.6
84.2
83.3
82.7
82.5
81.9
80.5
78.0
73.4
72.3
84.3
84.0
83.6
Men's apparel:
Hosiery
64.9
86.9
Underwear
69.6
91.5
91.3
91.5
91.6
Shirts and neokwe&r
74.3
86 2
86.4
86.5
86.5
86.5
86.8
86.8
86.9
86.9
91.9
'
Hats and caps
69.7
81.6
82 7
82.9
83.0
83.0
Clothing incl. overalls-.
70.1
87.1
88.1
88.4
88.6
88.8
Shoes
90.2
90.4
90.6
Fuel & ltg. materials
Metals & metal prod
Building materials.
Chemicals & drugs.
Housefurn'g goods.
83.4
83.4
82.2
82.4
81.7
73.5
Miscellaneous.
74.1
74.1
74.1
73.9
73.5
67.4
71.2
65.6
63.2
Raw materials
84.4
84.0
83.2
83.1
83.0
*
*
*
*
100.3
Seml-mfd. articles..
81.6
81.0
80.1
79.5
78.7
♦
*
*
♦
93.2
Finished products.
All com'dities other
83.5
83.2
82.9
82.8
82.4
*
*
*
than farm prods.
All com'dities other
82.5
82.2
81.9
81.8
81.3
81.1
77.9
73.9
67.0
81.9
81.7
81.5
81.2
80.8
78.9
78.2
77.5
69.5
76.3
90.3
90.2
Socks
74.0
94.7
100.3
100.3
100.3
Underwear.
74.3
92.8
93.0
93.0
90.4
Infants'
products
wear:
Shoes
80.9
90.6
89.8
90.1
93.1
90.2
Furniture
69.4
94.1
92.6
93.2
93.7
94.7
79.9
102.5
105.5
.
102.6
103.7
104 3
Musical instruments
50.6
58.6
59.4
59.5
59.5
59.9
than farm
Luggage
60.1
74.9
74.1
74.7
75.0
75.2
and foods
Elee. household appliances
China.
72.5
78.7
80.0
80.1
80.0
80.3
81.5
93.2
90.8
90.8
90.8
90.8
*
Floor coverings
prods.
-
•Not computed.
November Chain Store Sales
Wholesale
Commodity Prices Up 0.5% During Week
Ended Dec. 12, According to United States De¬
partment of Labor
Continuing the upward movement that began in the fourth
of October, wholesale commodity prices advanced
0 5% during the week ended Dec. 12, according to an an¬
nouncement made Dec. 17 by the Bureau of Labor Statis¬
tics, United States Department o Labor.
The index now
stands at 83.4% of the 1926 average, and is 3.2% above the
corresponding week of 1935.
The present level is 39.9%
above the low point reached in 1933.
The announcement
week
of the Bur
au
con
inu d:
Of the 10 major groups used by the Bureau in classifying wholesale com¬
modity prices, 7 advanced dining the week, 1 group declined and 2 showed
The chemicals and
change.
1.1%—and
for the 11 months of 1936
Wholesale prices of semi-manufactured articles advanced 0.7% and now
Haw materials
increased 0 5% and finished products rose 0.4%.
the group "all commodities other than farm
products",
is representative of non-agricultural commodities, increased
Per
0 4%
1936
and processed
foods," representing the industrial group,
Grocery chains
4 Apparel chains...
2 Drug chains...-
3 Shoe chains
1
Auto supply chain
2
Mall order companies
5
Grocery chains
Total 25 chains
advanced
These two groups are now 1.5% and 1.4%, respectively, above the
level of the corresponding week a month ago.
The chemicals and drugs group rose
1.1%
ground bone.
Total 27 companies
Sales—11 Months—
because of increased prices
of oleic acids, stearic acid, copra, packers' prime tallow, vegetable oils and
These advances more than offset declines in the prices of
anilin oil, tartaric acid, ethyl alcohol and soda phosphate.
The subgroup
10 5 and 10 cent chains
4
Apparel chains
2 Drug chains
........
of chemicals moved up, drugs and pharmaceuticals declined slightly, and
3
Shoe chains
those of fertilizer materials and mixed fertilizers remained unchanged.
1
Auto supply
2
Mail order companies.
Increased prices of drillings, sheetings, cotton yarn, silk hosiery, canton
raw
silk, heavy overcoating, suiting, woolen yarns, burlap, manila hemp,
raw
1935
Cent
Increase
Sales—November—
5
10 5 and 10 cent chains.-
during the week, and the index for "all commodities other than farm prod¬
0.2%.
Ex¬
ber and the 11 months ended Nov. 30:
drugs group showed the largest increase—
stand 3 7% above the corresponding week of a month ago
ucts
the 11 months of 1935.
no
was
The index for
over
cluding the two mail order companies, the 25 chains reported
an increase of 10.15%.
The following table shows the amount of sales and the
percentage of increase, by groups, for the month of Novem¬
followed by textile products and the farm products group,
which increased 0.8% and 0.7%, respectively.
which
11.30% Above Last Year
According to a compilation made by Merrill, Lynch &
Co., 27 chain store companies, including two mail order
companies, reported an increase in sales of 11.30% for No¬
vember, 1936, over November, 1935. Excluding the two
mail order companies the 25 other companies reported an
increase in sales of 6.13%.
Sales of these 27 companies showed an increase of 14.13%
chain
Total 25 chains
$54,259,113
65,967,467
32,428,930
7,105,278
5,208,118
2,570,000
$49,627,012
64,553,734
30,849,400
6,553.153
4,693,595
1,680,000
52.98
$167,538,906
84,849,977
$157,856,894
68,899,162
23.15
$252,388,883
$226,756,056
11.30
$624,840,247
659,671,659
285,237,796
75,445,589
60,422,763
22,444,000
$570,391,876
608,957.018
250.702.983
69,531,547
51,942.539
17,238,000
30.20
$1,728,061,944
782,623,811
$1,568,763,963
631,010,166
24.01
$2,610,686,765
$2,199,774,129
14.13
9.55
2.19
5.12
8.43
10.96
6.13
9.55
8.33
13.78
8.51
16.33
10.15
jute and cotton twine forced the level of prices in the textile products
group
up
0.8%
to 75.2%
of the
1926
average.
Japan silk and silk yarns declined in price.
groups
Osnaburg, tire fabric,
of cotton goods, knit goods, woolen and worsted goods and other
textile products rose.
The subgroup of silk and
rayon moved downward
and that of clothing remained the same.
In the farm
products group, increased prices of barley, oats, wheat,
calves, cows, steers, hogs, cotton, apples at Chicago and Seattle, milk at
Chicago, peanuts, clover seed, tobacco, white potatoes at Chicago and wool
resulted in
rye,
a net
gain of 0.7%, despite decreases in the prices of yellow corn,
lambs, live poultry at New York, eggs, apples at New York, lemons,
oranges,
sweet potatoes
The subgroups of grains
and white potatoes at Boston and New York.
and livestock and poultry advanced.
Total 27 companies
The level of prices in the sub¬
Weekly Electric Output Reaches 2,278,303,000
Continuing Record-Breaking Rise
The
Edison
disclosed that
f
Electric
Institute
in
its
Kwh.,
weekly statement
the production of electricity by the electric
light and power industry of the United States for the week
ended Dec. 12, 1936 totaled 2,278,303,000 kwh., or 14.9%
above the 1,983,431,000 kwh. produced in the corresponding
week of 1935.
Financial
3908
Basic Information as of Oct.
again established a new high
compilation of these figures started.
Electric output during the week ended Dec. 5 totaled
2,243,916,000 kwh.
This was a gain of 13.9% over the
1,969,662,000 kwh. produced during the week ended Dec. 7,
1935.
The Institute's statement follows:
1936
19,
Dec.
Chronicle
31
The current week's output
mark since the
Waterpower
Internal combustion
Farms In Western area
12,
Dec.
Dec. 5,
1936
Nov.
1936
28, 1936
634,800
33,587,500
(658,398)
63,646
y
610,300
33,891,400
(563,263)
(216,147)
20,955,421
3,780,127
512,564
68,158
26,008,142
Total generating capacity in kilowatts
Farms in Eastern area
Week Ended
Week Ended
Week Ended
Week Ended
23,693,400
9,283,800
25,316,270
Number of Customers—
PERCENTAGE INCREASE OVER PREVIOUS YEAR
Major Geographic
Regions
1935
1936
23,938,500
9,318,100
(kw.)—Steam.
capacity
Generating
Nov. 21,1936
(included with domestic)
(Included with commercial, large)
(239,475)
21,628,391
Domestic service
Commercial—Small light and power
3,800,202
-
515,903
Large light and power
New England
12.4
11.8
11.1
10.0
Middle Atlantic
13.7
13.8
13.3
12.8
Central Industrial
17.3
16.8
16.3
14.6
Other ultimate consumers
Total ultimate consumers
West Central
11.7
10.3
8.0
7.6
Southern States
17.1
18.8
18.1
14.3
Rocky Mountain
13.8
12.3
10.8
12.3
7.3
8.2
9.2
8.4
14.9
13.9
13.7
12.4
Pacific Coast
certain
the Federal Power Commission, with deductions for
Dlants not considered electric light and power enterprises.
y New series both years.
reported
As
x
to
♦
Total United States-
of
FOR RECENT WEEKS
DATA
Decrease
0.4% in Retail Costs of Food Between Oct. 13
United States Department of Labor Reports
and Nov. 17
3...
Oct.
10...
Oct.
17...
2.170 ,127
Oct.
24—
Oct.
31...
2,166, 656
2,175 ,810
7...
2.169 ,480
Nov. 14...
2,169, 715
Nov. 21...
,863,483
,867,127
.863.086
.895,817
,897,180
,913,684
,938,560
2.169 ,442
2.168 ,487
Dec.
5...
Dec.
12—
19.
+ 16.5
1930
1,653
1,508
1,656
1,528
1,647
1,652
1,628
1,623
1,711
1,724
1,729
1,747
1,741
1,728
1,713
1,622
1,583
1,533
1.669
1,617
+ 11.9
1,691
1,617
1,705
1,608
1,521
1,532
1,475
1,684
1,743
1,554
1,619
1,519
,983,431 +14.9
002,005
..
1,767
1,788
1,650
1,644
1,657
1,539
847,264
DATA
1931
1,506
1,676
+ 14.3
+ 14.7
+ 13.4
,969,662 + 13.9
Dec. 26—
FOR RECENT MONTHS
1,525
1,655
1,600
1,722
1,672
1,563
1.671
1.672
1,676
1,554
1,565
1.747
1.748
1,770
1,415
1,524
1,617
1,510
1,819
1,806
1,799
1,824
1,816
1,798
1,794
1,818
1,718
1,806
1,841
1,860
1,638
(THOUSANDS OF KWH.)
P. C.
Month
Jan
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
8,664,110
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
9,163,490
9,275,973
Feb
.
__
June
July...
August.
Sept
9.262,845
—
Oct
9,670,229
Nov...
Dec
7,131,158
6,608,356
7,198,232
6,978,419
7,249.732
7,056,116
7,116,261
7,309,575
6,832,260
7,384.922
7.160,756
7,538,337
+ 11.6
+ 13 9
+ 11.7
+ 12.9
+ 13.1
+ 16.7
+ 17.5
+ 14.8
+ 18.8
+ 15.3
7,011,736
6.494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,435,782
6,678,915
7.370.687
7,184,514
7,180.210
7,070,729
7,288.576
7,166,086
7,099,421
7,331,380
6,971,644
7,288.025
The
Ultimate Consumers
Kwh.—Total
Revenues
at
Electricity
Reach
8,093,189,000
$179,972,300
to
vegetables.
The
for
of
cost
of hominy grits, which has increased
1.5% and is 6.4% higher than a year ago.
off 1.6% between Oct.
13 and Nov. 17, due
up
fell
meats
costs
are
chickens.
roasting
the
However,
15
Dairy products
this
and
August,
The
the
lc.
1.1%.
45
in
pound
a
is
with
group,
or
for pork
However, the index
the
of
time between November, 1931,
any
showed
included
cities.
14
The
the
index,
of
in
cheese
price
of lc.
in 10 cities, with advances
more
for Washington, Jacksonville, Birmingham
Portland, Ore.
Slightly lower prices were reported from four cities.
net result of these changes was an average increase of 0.3% for milk.
of
butter,
since
milk
higher than
a
and
more^reported
or
of
decrease
average
an
cities
51
in
more
Fresh milk cost
Prices
ranging
decreases
4.2% below the level of last year.
of butter
price
prices
lower
to
meats
higher than at
now
1936.
with
quart
The
The
November
1930.
and
cheese
is
now
in
any
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY COMMODITY GROUPS
AND
SALES
1936
TO ULTIMATE CONSUMERS
I
1.3%.
items advanced
beef
in
0.4% lower than in October.
were
is
group
21
for
index
The
roast.
of
items
lower
0.5% for veal cutlets to 11.6% for pork chops and 12.1%
loin
for
the
were
from
Three-Year Average 1923-25=100
DISPOSAL OF ENERGY
AND
is
decline of 6.2% in the pork items, 3.2% for lamb, and 4.1%
a
Edison Electric Institute:
SOURCE
It
1923-25.
for
average
The price
slightly lower in price.
largely to
higher
to
Food costs
steadily since July, went
price
The following statistics, covering 100% of the electric
light and power industry, were released on Dec. 15 by the
being due
year
and
declined
of
Sales
82.5% of the
was
for dairy products, eggs, and
22.7% below the level of Nov. 15,
1929, when the index was 106.7 and costs for all commodity groups were
considerably higher than at the present time.
The index for cereals and bakery products was 91.9 for Nov. 17.
This
is a decline of 0.4% below the level of Oct. 13 and is 3.2% lower than at
the corresponding period of last year.
Prices were lower than a month
ago for 10 of the
13 items in the group.
The price of flour decreased
0.9% and is 9.2% lower than a year ago.
Corn meal prices fell off 1.1%
and rice declined! 2.1%.
Both white bread and whole wheat bread were
last
over
fruits
amounting
October
17
Nov.
for
index
1.5%,
based on about 70%.
decline of 0.4%
average
1.2% higher than for the corresponding period of a year ago, the advance
for
above are based on reports covering approxi¬
mately 92% of the electric light and power industry and the weekly figures are
Note—The monthly figures shown
an
report continued:
85,564,124 80,009,501 77,442,112 86,063,979
93,420,266
Total.
6,480,897
5,835,263
6,182,281
6.024,855
6,532,686
6,809,440
7,058,600
7,218,678
6,931,652
7,094,412
6,831,573
7,009,164
1931
1932
1933
1934
Ch'ge
1935
1936
of—
April.
May
+16.1
1932
1,646
1,619
1,619
showed
costs
13 and Nov. 17, according to a report made
Oct.
1929
1933
1,659
1,657
1.668
1,677
,876,684 + 13.7
2,278, 303
Dec.
Nov. 28...
+ 16.4
,953,119 + 12.4
2,196, 175
2,133, 511
2.243, 916
March
of Kilowatt-Hours
1934
1935
1936
Oct.
Nov.
in Millions
P. C.
Ch'ge
Week of
between
Dec. 7 by
Commissioner Lubin of the Bureau of Labor Statistics,
United States Department of Labor.
"This net decrease is
the result of lower prices for 55 of the 84 foods included in
the index," the report said.
"Increases were reported for
27 -foods and for two the price remained unchanged."
The
Food
Weekly Data for Previous Years
(in Thousands of
Kilowatt-Hours)
Corresponding Period in—
Commodity Croup
1935
1932
1929
Sept. 15
Nov. 19
Nov. 15
Nov. 15
84.3
81.5
65.6
Month of October
Nov. 17*
Oct.
13
f
Percent
All foods.
82.5
Cereals and bakery prods.
91.9
92.1
95.0
73.3
Meats
93.2
94.7
97.4
97.2
70.0
118.8
82.2
82.5
84.2
77.5
65.8
102.0
90.1
83.7
1935
6,477,326,000
3,083,996,000
5,680,704,000
2,595,117,000
+14.0
Dairy products
+ 18.8
Eggs
9,561,322,000
8,275,821,000
+ 15.5
Kilowatt-hours Generated {Net)x:
By fuel
By water power
82.8
Fruits and vegetables
92.3
66.2
64.5
65.6
81.5
166,809,000
94,982,000
Energy purchased from other sources
Net International Imports
174,694,000
91,223,000
—4.5
78.5
78.4
129.5
58.7
50.4
103.9
56.8
49.0
104.2
81.7
>■'
84.9
70.3
81.7
Additions to Supply—
98.2
71.1
67.1
Fresh
Canned
Total kilowatt-hours generated.......
106.7
Change
1936
80.0
67.6
94.9
•
261,791,000
Total
Deductions from
Energy used In electric and other depts
Total
Total energy for distribution
Energy lost In transmission, distribution, &c.
Kilowatt-hours sold to ultimate consumers
Sales to Ultimate Consumers
44,854,000
59.0
50.6
108.5
67.8
67.7
67.8
73.8
108.9
76.3
75.9
83.5
50.0
91.8
Sugar and sweets
63.8
64.8
65.0
67.0
58.8
76.2
—1.7
._
44,093,000
108,791,000
108,389,000
153,243,000
8,388,495,000
1,565,053,000
6,823,442,000
—0.2
Domestic service
Large light and power (wholesale)
1,324,314,000
1,421,076,000
4,574,157,000
213,733,000
373,958,000
1,186,018,000
1,220,241,000
3,726,353,000
206,917,000
360,009,000
72,932,000
50,972,000
Municipal street lighting
Railroads—Street and interurban
Electrified steam
109,528,000
76,423,000
Municipal and miscellaneous—
Total sales to ultimate consumers
from ultimate consumers
*
+0.4
152,884,000
9,670,229,000
1,577,040,000
8,093,189,000
8,093,189,000
$179,972,300
6,823,442,000
$163,788,900
The seasonal
of
50
the
Central
+ 11.7
period.
+ 16.5
variation.
+22.8
+3.3
+3.9
The
last
cost
+ 18.6
+ 10.6
66,999,872,000 54,239,222,000
36,620,966,000 36,101,268,000
+23.5
+ 1.4
103620838,000 90,340,490,000
2,981,915,000 3,014,974,000
1,936,819,000 1,954,521,000
Total energy for distribution
104665 934,000 91,400,943,000
Energy lost in transmission, distribution, &c. 16,855,749,000 15,686,443,000
Kilowatt-hours sold to ultimate consumers.. 87,810,185,000 75,714,500,000
Total revenue from ultimate consumers
$2,045,410,300 $1,902,536,000
generated by water
creases
of
Avge. ann. consumption per customer (kwh.)
714
Average monthly bill per domestic customer
13
of
in the
in cities
pronounced
has
1.8%
lower
in
with
have been
and lemons decreased 3.3%.
down
considerable
showed
cost,
which
Oranges,
price-reporting
this
at
since
steadily
declined
1.3%
this group
items in
were
items.
fell off 11.7%,
price of
from
0.1
the canned
of
0.5c.
de¬
price
relatively
Cabbage prices
3.8%, and decreases for the less
apples
in the group
items
advance
price
a
The
navy
price
of
This
1.6%
of
and
beans is
in¬
20 cities reported
cities reported
13
bananas
and
declined 0.3%.
upward 3.4%.
moved
in
month.
steady, although
pound,
per
of
9.2% in the price of
vegetables
reflected
were
potatoes held
to
Prices
higher.
were
Due in
somewhat
The cost
large part to an
beans, the cost of dried fruits and
increase in the
for
now
canned'
than
more
price of beans was
beans
pork and
50.0% higher
during
than
a
year ago.
The
index
price of
for
beverages
cocoa
and
and
chocolate
remained
virtually
unchanged.
chocolate, which have declined steadily since July,
were
again slightly lower.
—0.9
since
November, 1935.
+ 14.5
+7.5
+ 16.0
+7.5
40.0
Fats
and
663
+7.7
4.78
5.09
—6.1
$2.84
$2.81
+ 1.1
oils
decreased
Cocoa has decreased 6.7% and chocolate 8.1%
0.1%.
Prices were slightly lower for lard and
vegetable shortening; lard compound and oleomargarine were a little higher.
A decrease of 1.9% in the price of
sugar was the chief factor in the
down
Domestic Service {Residential Use)—
Average revenue per kwh. (cents)
products
the
of
decreases.
decline
35.3
fresh
eight
which
decrease
8.7% lower and onions
The
power
vegetables,
further
—1.1
Important Factors—
Per cent of energy
The
The average
+ 14.7
(net)
and
a
The price movements of
high in price,
the
Total kilowatt-hours generated
to 7.7%, with higher prices in
most
were
Change
Energy used in electric railway & other depts.
were
heavily weighted items varied from 1.6% for carrots to 25.2% for lettucfe.
Kilowatt-hours Generated (Net)x:—
Purchased energy
amounted
eggs
increases
+49.9
Percent
By water power
showed
for
advance
_
fruits
of
June,
creases
of
1935
for
The
+50.2
12 Months Ended Oct. 31
1936
advance
cities.
51
States, where prices increased from 10% to 25%.
smaller
By fuel
65.5
Preliminary.
+ 15.3
+0.8
+ 18.6
{Kwh.)—
Commercial—Small light and power (retail).
revenue
—1.5
66.9
67.7
76.2
Dried
Supply—
Energy used in electric railway departments
Total
265,917,000
69.2
Beverages and chocolate..
Fats and oils
+4.1
'
.*•
of
in
1.5%
36
in
the
cost
of
sugar
and
sweets.
Sugar
prices
the
net
result
graphical
were
cities.
The decrease of 0.4% in the cost of food for the 51 cities combined
of
areas.
divergent commodity price movements
The
cost
of
food
decreased
slightly
in
or
was
the nine geo¬
remained
un-
Volume
143
Financial
changed in all but the Mountain and Pacific
and
vegetables
in
group
cities
In
Ohio
Salt
Lake
higher and
in
as
of
cost
due
for
index.
In
cities,
one
showed
the
two
;
a
for
an office
building to cost nearly $300,000; in Detroit, Mich., for factory
buildings to cost nearly $700,000; in Toledo, Ohio, for factory buildings to
Columbus
and
Cincinnati,
the discontinuance
to
of
3%
a
$250,000; in Milwaukee, Wis., for factory buildings to cost over
$225,000; in Sheboygan, Wis., for public works and utilities to cost over
$370,000; in Kansas City, Mo., for school buildings to cost over $650,000
sales tax.
of the Eastern cities, the price of potatoes
showing the largest increases Portland, Ore., 2.5%;
Seattle, 1.3%, and Los Angeles and Omaha, 1.0%
fruits and vegetables increased more
except Omaha.
8.1%.
rose
cities in the
shown
was
most
2.2%
City,
The
a mercantile
buidling to cost over $500,000; in Mt. Vernon, N. Y.,
housing project financed from private funds to cost over $2,000,000;
Alton, 111., for a hospital building to cost over $300,000; in Peoria, 111.,
for
cost over
Cleveland,
The cities
of these cities
change
no
3909
and for
this
for
movement
York.
decreases,
cities,
down.
reported for 36 of the 51
were
cities,
relative
these
each.
general
in
were
New
was
The
went
costs
costs
which
greatest
where the cost of fruits
areas,
to the
contrary
other cities.
Lower food
13
of
markedly,
rose
Chronicle
than
in
Washington, D. C., for apartment houses to cost over $400,000; in
Miami, Fla., for mercantile buildings to cost $360,000; in Nashville, Tenn.,
for
a hospital building to cost over
$700,000; in Houston, Texas., for a
municipal building to cost $1,350,000; in Los Angeles, Calif., for school
7.0% in each
buildings to cost over $2,700,000 and for-mercantile buildings to cost
$350,000; in San Francisco, Calif., for public utility buildings to cost
In Portland the price of fresh milk delivered
: -
"
$1,000,000 and for mercantile buildings to cost
INDEX NUMBERS OF RETAIL COSTS OF FOOD BY REGIONAL AREAS
ham,
Three-Year Average 1923-25=100
Wash., for
Okla., for
housing project financed from
a
over
$800,000; and in Enid,
over
private funds
cost
to
over
$400,000.
1936
Corresponding Period in—
A
Regional Area
1935
1932
Oct. 13
Sept. 15
Nov. 19
Nov. 15
Nov. 15
82.5
82.8
84.3
81.5
65.6
awarded by the
contract was
Administration for
1929
Nov. 17*
United States
building to cost
school
a
over
$300,000; in Belling-
over
A
contract
Housing Division of the Public Works
project in Birmingham, Ala., to cost nearly $1,700,000.
a
awarded
by the Procurement Division of the Treasury
Department for the Government Printing Office warehouse to cost over
106.7
was
$1,100,000.
New England.
80.1
80.1
81.4
80.3
66.5
107.2
Middle Atlantic
82.8
83.0
84.3
82.7
67.9
107.0
East North Central.
82.9
83.8
86.0
80.8
63.3
107.6
West North Central
86.6
86.6
89.9
84.2
64.6
107.7
South Atlantic
82.2
82.7
84.2
81.7
64.1
105.2
East South Central.
79.2
80.4
81.6
76.7
61.0
105.3
West South Central
81.9
83.0
83.4
80.3
62.3
104.3
Mountain
86.8
86.4
87.4
83.7
64.2
104.0
Pacific
81.0
80.5
80.7
79.3
66.4
105.0
ESTIMATED
COST OF BUILDING
CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW
DWELLINGS,
IN 1,482 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, SEPTEMBER AND OCTO¬
BER, 1936
New Residential Buildings
Geographic Division
No.
♦Preliminary.
Estimated
of
Cities
Families Provided for in
Cost
Oct. 1936
New Dwellings
Oct. 1936
Sept. 1936
1936
Sept
October
Building Construction Reported 4% Above
September by Secretary of
Labor
Perkins
New England
Middle Atlantic
Increased
66%;
non-residential
buildings,
11%;
and
East South Central..
63
6,235,725
5,600,817
West South Central.
99
3,843,984
61
151
1,371,060
10,979,347
1482
$64,705,562
118
160
Paclflo
Total
Percentage change...
During the first 10 months of 1936 permits
population of 10,000
$508,952,000,
or over
833
1,893
1,657
517
1,264
1,146
431
465
2,863
2,644
15.899
15,211
+4.5
(Including Alterations
and
Cost
Ocf., 1936
•
Total Building Construction
Estimated
of
Cities
England
Repairs),
Estimated Cost
Oct. 1936
Sept. 1936
136
$1,210,765
374
6,336,881
320
7,799,149
West North Central,
118
2,362,475
flnnt.h
160
4,639.026
1.740,575
3,036,947
800,923
.
„
Middle Atlantic
issued for buildings In
were
valued at $1,116,733,000.
This
an
increase of 119%.
Over the
same
.
Atlantic
East South Central..
The value of
period,
additions, alterations, and repairs, 32%.
»
63
West South Central.
new
non-residential buildings increased 44%, and the value of
new
836
1,843
Buildings,
No.
Geographic Division
additions,
buildings for which permits were issued during these months
to
the value of
3,584
3,191
Sept.>193Q
The value of all buildings for which permits
represents a gain of 67% over the first 10 months of 1935.
amounted
938
4,174
2,107
+5.7
New Non-Residential
East North Central.
residential
.
Mountain
1935.
a
724
$61,193,144
West North Central.
issued during the month is more than 35% greater than for October,
cities with
18,176,294
11,609,430
2,984,443
320
The value of residential buildings for which permits were
alterations, and repairs, 22%.
were
374
_
South Atlantic
Compared with October, 1935, all types of building construction showed
issued
$3,904,462
$4,597,602
14,647,122
16,334,893
2,866,976
6,995,643
1,471,618
3,082,798
1,474,604
9,721,888
East North Central.
"Building construction activity in October, measured by
the value of permits issued, showed an increase over Septem¬
ber of more than 4%," Secretary of Labor Frances Perkins
reported Nov. 28. "The increase over the preceding month
in the value of permits issued was shared by six of nine
geographic divisions, with gains registered in the value of
new
residential buildings, new non-residential buildings,
and additions, alterations, and repairs to existing structures,"
she pointed out, adding:
decided gains.
136
99
Mountain
.
..
.
61
.
,
Pacific
151
Total
$37,055,750
+2.5
Percentage change...
$7,804,445
33,482,121
24.982,917
7,093,228
14,330,340
7 938,290
8,112,717
3,074,604
24,065,231
1,279,751
3,459,535
1,453,492
1,734.732
441,710
5,770,464
9,123,009
1482
—
$1,564,231
10,892,702
9,543,671
$36,140,28
$8,343,230
34,411,160
31,694,070
5,668 195
13,215,307
3,791,300
6,289,131
2,532,276
19,746,912
$130,87,893 $125,691,581
+4.1
The
foregoing is from an announcement issued by the
United States Department of Labor which went on to say:
The percentage change from September to
cost
of buildings
Summary of Business
October in the number and
We
types of construction in 1,482 identical cities having a population of 2,500
or
is indicated in the following
over
Conditions in Various
Federal
Reserve Districts
for which permits were issued for each of the different
give below excerpts from the monthly reports of
eral of the Federal Reserve banks.
tabulation:
In
sev¬
issue of Dec.
12,
3752, we referred to the reports of the Federal Reserve
banks of Boston, Philadelphia, Cleveland, Chicago and San
our
page
Change
from
Sept.
Oct.
to
1936
Class of Construction
Francisco.
Number
remarks
New residential
+5.3
New non-residential
-
-
Total
The
+2.5
change,
by
class
of
construction,
Fifth (Richmond) District
In
its "Monthly Review" of Nov. 30 the Federal Reserve
Bank of Richmond reported that "improvement in business
+2.7
44.7
percentage
covered in the following
Richmond, Atlanta, St. Luis and Dallas:
are
+5.7
+6.4
+4.0
-
Additions, alterations, and repairs
The Reserve districts
Est. Cost
+ 4.1
compared
as
in the Fifth District continued in October and
with
October 1935, is shown in the table below for 754 Identical cities having a
population of 10,000 or over:
ber, and the aggregate volume of trade
kept
try
Change from Oct. 1935 to Oct. 1936
Expansion in indus¬
developments in most in¬
with commercial
pace
stances," the Bank said, adding:
Employment conditions continued to improve last month, and at present
notably better than at any other time in several years, although there
still relatively large numbers of idle workers in some
groups.
.
Class of Construction
Number
early Novem¬
well above that
was
of the corresponding period last year.
are
Est. Cost
are
New residential
H63.9
(-18.4
+22.3
+22.5
+35.5
-
Total
There
was
an
.
+66 2
(-16.0
New non-residential
Additions, alterations, and repairs
increase of 64.2% in the number of
1936
with
the
corresponding month of the preceding year.
as
compared with the first 10 months of 1935 is given below:
Retail
17%
Change from First 10Mos. in 1935
Construction
Est. Cost
+87.0
"New nnn-rfiHirientlal
_
-1-31.8
to
In
average,
+21.9
+66 5
amounted
to
by Federal and State governments in the cities included
For
report.
October,
$6,583,000; for
1936
the
September,
value
of
1936,
these
to
public
buildings
$13,084,000;
and
for
October, 1935, to $7,867,000.
Permits
projects:
were
Issued during October for the following Important
In Kearny, N. J., for a church to cost
Beach, Fla., for apartment houses to cost
over
building
$270,000; In Miami
$300,000; in New York City—
the Borough of The Bronx for apartment houses to cost over
$1,000,000;
over
trial
for
year
late
nearly
two
sales
advanced
in
five
nearly
wholesale
October and early Novem¬
ago.
maturing
all
Carolinas
sales,
and
higher
and
that
crops
forecasts
than j earlier
of
estimates.
Maryland
were
crops
only 9% below
was
above
the
crops
of
the
Atlanta
production
of
Federal
Reserve
certain important
increase, notably, cotton, corn, tobacco, sweet potatoes,
and pecans."
The foregoing was noted by the
in its "Monthly Review" of Nov. 30, which also said:
Bank
The
volume
October
of
retail
trade
at
57
reporting
larger than in September, and 16.2% greater than
in the
last
$900,000;
according to
peanuts
daily
$2,200,000
were
"The estimates
two
over
were
the
store
1935,
and Virginia's average for all
activity,"
Bank.
had
1
in
a
below that In
output except in
ing firms in the Sixth District, and in most lines of indus¬
the
Borough of Queens for apartment buildings to cost
sales
was
1935,
.
figure.
in the Borough of Brooklyn for apartment houses to cost nearly
$2,000,000;
in the Borough of Manhattan for apartment houses to cost nearly
in
of
.
department
in October,
favorable
so
Nov.
.
Sixth (Atlanta) District
by the Bureau of Labor Statistics Include, in addition
private construction, the number and value of buildings for which con¬
the
ahead
in
last month
above October,
tobacco.
further increases from September to October
in the volume of trade at both retail and wholesale
report¬
The data collected
tracts were awarded
trade
over
conditions
"There
Total
reflected
as
was
on
well
was
chewing
+43 9
+ 10.3
-
and
well
were
weather
10-year
that
+119.3
-(-25.1
,
also
Average
Number
New residential
ber
trade,
production
to First 10 Mos. in 1936
Additions, alterations, and repairs
months, but
in October
lines
Class of
of tobacco manufacturing plants
recent
some
smoking mixtures
The percentage increase, by class of construction, for the first 10 months of
1936
Output
family-dwelling units
provided in these 754 Identical cities, comparing October
.
The
demand
for
cotton
textile products
has recently broadened con¬
siderably and prices have advanced, stimulating increased cotton consump¬
tion in Fifth District mills and raising the average hours of
operation per
spindle in place.
{
*
+ 10.7
months
more
of
year.
business
average
1936
days than September,
sales volume
total
Wholesale
sales
trade
was
have been
much
a
however,
smaller.
firms
year
ago.
and the
.
.
.
was
17.5%
The month
increase in
For
the
10
14.4% greater than in that part of
increased further in October by 4.7%, was
Financial
3910
21.6%
the October
and
1935,
index was
the
further
increased
September and
in
were
above
well
—,-
and
total
other
recent
record except
on
Month of November—
820
"Monthly
108,154,000
130,580,100
5,326
2,975
1,864
$76,337,100
76,149,400
130,206,600
11,490
$339,142,300
10,165
$282,693,100
94,555
35,755
14,779
1,100,357,200
1,094,655,900
1,313,296,400
68,653
44,818
22,722
$1,021,322,200
1,493,375,300
2,535,010,900
145,089
$3,508,309,500
136,193
$5,049,708,400
Public works and utilities
Total construction
during October
lesser
or
characterized the past 18 months.
have
degree,
Virtually all measurements employed in gauging trade and
industrial conditions reflected notable progress in the direc¬
tion
of
and
distribution
of
First 11 Months—
Residential building
»
Total construction
a
pre-depression era," according to the report, which
in
results
concrete
extended
the
and
month
preceding
public,
general
year
a
Reports covering the first half of
ago.
of the
district over
the same period in 1935.
All wholesaling and jobbing lines investigated
by this Bank recorded increases in October over that month in 1935 and
November
a
substantial
indicate
contraseasonal
showed
number
in
gains
increases
all sections
over
September this
and
.
.
late
spring,
weather
was
.
Excepting wheat and cotton, all
and early autumn.
summer
will be
crops
November
early
Slightly
major
Bank of Dallas,
industrial activity in
Reserve
and
business
of
indices
Federal
Eleventh District "reflected substantial
the
tbe
seasonal gains dur¬
ing October, and the level of activity was higher
than in
any corresponding month in recent years,"
The Bank, in
its "Monthly Business Review" of Dec. 1, further stated:
Retail
distribution,
as
measured
principal
department store sales in
by
September and October, and exceeded
the
October, 1935, volume by 33%.
The combined sales of reporting
wholesale firms showed a further increase of 9% as compared with the
and
previous month,
last
evidenced
between
greater than in the corresponding month
accounts at both wholesale andi retail establish¬
26%
were
Payments on
year.
ments
16%
by
increased
cities,
material
a
improvement.
Developments in the agricultural and livestock industries were generally
favorable.
the
A
...
district,
and
the
good
soil
obtains in practically all sections of
excellent condition for winter plowing.
season
in
is
generally are in better than average
going into the winter in fine shape.
Ranges
Valuation
Construction
of
condition, and livestock are
19675 1932807
Awarded
in
October to November changes in the last
the last three for consecutive
months, the monthly volume of private construction has
exceeded the total for public projects of every description.
Reporting on construction in November, 1936, F. W. Dodge
Corp. showed a total of $208,204,200 for the 37 Eastern
States, covering both public and private jobs, as against
$188,115,000 for November, 1935, and $225,767,900 for
October of this year.
Of the November, 1936, total, about
58% represented private projects, the remainder being
public.
For November, 1935, private construction ac¬
counted for less than 40% of the total.
$68,440,700
as
November in the 37 Eastern States amounted
against only $39,695,200 for November, 1935, and $79,-
Non-residential building reported by the
664,200 for October this year.
$68,080,and $79,071,300 for October, 1936.
Heavy
Dodge organization totaled $65,895,300 for November as against
300 for November of last year
engineering
projects of every description undertaken in the 37
States during November amounted to
Eastern
$73,868,200 as against $80,339,500
and $67,032,400 for October, 1936.
of construction started in the 37 Eastern States during
for November, 1935,
The total volume
the elapsed
11 months of 1936 amounted to
with $1,580,408,400 for the
cumulative
$2,475,600,300,
corresponding 11 months of 1935.
at
compared
as
Of the 1936
total, $736,136,500 was for residential building; $880,303,700
for non-residential building; while the remainder went for
projects.
AWARDED—37
ROCKY
Projects
OF THE
New
Floor
Space (Sq. Ft.)
Non-residential building
7,180
2,997
19,985,500
14,623,300
Public works and utilities
1,092
338,700
$68,440,700
65,895,300
73,868,200
11,269
34,947,500
$208,204,200
12,253,200
11,679,700
Public works and utilities
4,756
2,753
1,747
187.800
$39,695,200
68,080,300
80,339,500
Total construction
9,256
24,120,700
$188,115,000
77,517
35,384
14,801
203,546,200
167,013,400
5,482,300
$736,136,500
127,702
376,041,900
$2,475,600,300
57,880
33,080
14,282
123,517,400
92,555,700
2,043,600
$433,703,000
105,242
218,116,700
$1,580,408,400
Total construction
1935—Residential building
Non-residential building
First 11 Months—
1936—Residential building
Non-residential building
Public works and utilities
Total construction
1935—Residential building
Non-residential building
Public works and utilities
Total construction
*
several
closed
industries
Armistice
on
increases of
affected
were
the
that
fact
reductions
Total payrolls
plants
some
were
During the last few months
have been put into effect by some
Day in the week reported.
3% to 10% in
from
by
wages
manufacturers.
Reports
basis
the
405,156
workers
Statistics
The
payroll
weekly
and
factories employed
$10,405,581.
of
results
the
State form
throughout the
During November these
analyzed
in
The reports
Division of
the
under the direction of Dr. E. B.
Patton.
slight gain in employment during November raised the State Labor
index
since
the
month
of
tabulated
Information,
Department's
month
than
total
a
on
and
and
factories
representative
these statements.
collected;
are
1,759
from
for
since
higher.-
Both
1925-27
higher
above
75.1,
than
that
for
any
slightly lower
any other
was
that
for
the index
year,
the index of payrolls was 16.7%
with averages for the three years
higher and
computed1
are
changes
percentage
last
10.2%
indexes
84.7,
to
payrolls,
was
Compared with November last
1931.
was
but it
100.
as
The
October,
March,
employment
The index of
1930.
for
employment
factory
of
June,
index
23
October to
from
employment
in
given
years.are
November
in
in the following table:
Increases October to November
1918.
1919.
+ 3.3% 11925
+ 2.7
1936
+0.8
1922.
+2.2
+0.6%
(prelim.)...
+0.2
I
Decreases October to November
1914.
-2.2%
—1.9%
1932
1920.
—5.4
—0.2
1933
—3.2
1921.
—0.1
—2.3
1934
—1.4
1923.
—1.5
—3.1
1935
—1.2
—1.3
—3.5
1924
1926.
~1.1%
Slight Net Gains in Employment in Most Industrial Districts
Employment in most of the up-State industrial districts was at a slightly
higher
level
seasonal
than
only
clothing factories
canning factories and in some of the shoe and men's
a
net
loss of
Binghamton-Endicott-Johnson City district,
last month
New
and
allied
because
York
0.6%
City
in
plants
some
factories
payrolls.
industries
industries showed
a
were
showed
Seasonal
contributed
to
further gain
to the forces of boat
and
on
of
in
decreases.
over
payrolls
were
of 0.3%
some
The
of
in employment
the
metals
metals
and
electrical
The
by
and
machinery
were
Additions
880,303,700
859,160,100
550,982,600
595,722,800
a
noted in
including machinery
apparatus plants and railroad repair shops.
percentage changes
payrolls
and
machinery
2% in working forces.
several
the
clothing
and
ship building and repairing firms accounted for
Slight net increases in employment
of
In the
lower than
Armistice Day.
losses
reductions
the
Rochester,
2.6% in employment.
total
closed
slight
was
good part of the gain.
divisions
where
October.
in
resulted in
The
exception
in
reductions
districts
are
from
given
October
to
group,
November
in
employment
and
below:
October to November, 1936
City—
Employment
Payrolls
+2*1%
+ 1*1
+0.5%
Utlca
+0.7
+0.1
Bingham to n-Endlcott-Johnson City
Albany-Schenectady-Troy
New York City
-+0.7
—6.8
+0.6
+0.6
—0.3
—0.6
—2.6
+ 0.5
Buffalo
Valuation
Month of November—
1936—Residential building
seasonal
offset
to
canning factories and in some of the clothing industries.
in
Rochester
STATES EAST
MOUNTAINS
No. oj
metal and machinery
recorded in several other
some
were
sufficient
than
more
were
in
gains
smaller
Syracuse
70%, while for non-residential building the gain Is almost 60%.
CONTRACTS
These
occurred
movement
and
November,
heavy engineering
For residential building the improvement over 1935 now stands
CONSTRUCTION
in
upward
+2.1
For the sixth time this year,
to
further
de¬
years were
Mr. Andrews continued:
respectively.
A
22
and payrolls of 0.5% and 1.0%,
in both employment
creases
+4.3%
November
Residential building during
volume of employment. The changes from Octo¬
November, 1936, were an increase of 0.1% in employ¬
and a decrease of 0.2% in payrolls.
The average
ment
the
Contracts
22 years October had marked the
that in 14 of the preceding
fall peak in
in
tbe
to
Dec. 10, pointed out
in Albany,
statement
Andrews,
Elmer F.
Commissioner
Industrial
issued this
who
industries.
Eleventh (Dallas) District
According
relatively high level reported
the middle of November, at the
for October.
plants
considerably below average.
to
Factory employment in New York State continued, up to
ber to
year.
in the main auspicious for
maturing and harvesting of late crops.
Moderate improvement took place
in prospects for a number of productions, including tobacco, corn, potatoes
and pastures.
Withal, late harvesting returns are emphasizing
the diire effects of the drought which prevailed in the district during the
October
Factory Employment Up 0.1% from
Mid-November—Payrolls Dropped
State
Mid-October
well to sentiment in the
as
and was reflected in freer and
more
confident purchasing of a wide variety of goods by merchants and
ultimate consumers.
The volume of retail trade in October increased; over
and
community
York
New
continued:
The betterment
building
Non-residential
Public works and utilities
number of instances production
commdities reached the highest levels
and in
recovery,
since the
business
$100,408,200
8,117
2,553
Residential building
and the first weeks of November
carried further forward the upward trends which, in greater
District
Valuation
Projects
Valuation
Projects
for the month of June, 1933.
Review" of the Federal Reserve
Bank of St. Louis said that "general business in the Eighth
30
No. of
No. of
Non-residential building
Nov.
i
that
years.
Eighth (St. Louis) District
The
—
1935
1936
Consumption of cotton in Georgia, Alabama
Tennessee combined amounted in October to 212,716 bales, the largest
of
MOUNTAINS
ROCKY
month in seven years.
For the 10 months' period whole¬
been 17.8% above that part of 1935.
.
.
.
Employment
payrolls
month
1936
19,
STATES EAST OF THE
WORK REPORTED—37
NEW CONTEMPLATED
any
sale trade has
and
October,
in
than
greater
highest for
Dec.
Chronicle
_
...
+0.1
General
Employment in Canada at Highest Point
1930, According to S. H. Logan, General
Manager of Canadian Bank of Commerce
Since
S. H. Logan, General Manager of the Canadian Bank of
Commerce, head office Toronto, announced on Dec. 8 that
"the progress of recent months in (Canadian) industry and
forestry has been accompanied by an improvement in em¬
ployment, the Dominion Bureau of Statistics reporting the
early autumn increase in factory workers as the greatest
in any like period for which statistics are available, while
those on logging payrolls were far in excess of any number
since January, 1930.
This substantial improvement in indus¬
trial and forestry employment has had much to do with
causing the best general employment record of the current
year, for the official index number rose from July to October
by 4% to the highest point since 1930."
Mr. Logan also had
the following to say as to conditions in Canada:
Volume 143
All
the
is
indications
usual
seasonal
slackening,
the
of
point to
prolongation of industrial activity beyond
a
period, for while the
there
is
against
as
continue
tions
less than 60%
The
notably
last month at about 70%
were
previous, and with prospects
year
logging operations
to offset
as
the largest scale in several
are on
significance of this is that
tionally active
manufacturing lines
improve.
Moreover, reports from our representatives
important forestry districts are to the effect that prepara¬
for this winter's
years.
a
many
in other branches,
to
the
of
most
of
pace
gathering momentum
a
heavy industries, the operations of which
capacity,
which
in
Financial
now
logging
be
promises to
excep¬
so
probable temporary slackening in lumber and
a
newsprint manufacture, while at the
same time it presages renewed progress
by these two major industries in the spring, when their next busy season
opens.
We might note at .this point that newsprint production of recent
months has been
large
so
while the national lumber
in
to raise this year's total to record proportions,
as
cut has
the face of sharp competition
lumbermen turned when,
greatly
this
curtailed
by
marked
the
this year
far
so
to
k level within 16% of normal,
in those export markets to which Canadian
some years
ago,
their
slump
The volume of waterborne
area.
have
arisen
Nortel American market was
constr|fction work throughout
in
shipments of British Columbia lumber
Chronicle
ing
furnace,
month
April,
During
Perkins—Indexes
Bureau
of
Revised
in
13
the
for which data
years
employment and payrolls
shown in
were
manufacturing and non-manufacr
showed
Department of Labor, it
was
an¬
ployment in these combined industries between the middle
continued the succession of increases which had been shown
each month since February,
1936.
A comparison of employ¬
ment and payroll totals in these industries in October, 1936,
October, 1935, shows increases of
number of workers
and
than 1,000,000
more
$41,800,000 in weekly
wage
dis¬
bursements."
of
goods
men's
industries
clothing
decrease.
It
durable
higher
of
1929.
will
be noted
that
The
of
889
(1923-^5
of
equals
goods
above
the
in
employment
and
boot
100)
the
1936,
for
the
index
index
for
indicates
group
base
index
while
1936,
in
the
workers
1,046
employed
1,000
every
that
goods
the
in
non¬
1923-25, and
and autumn
durable
October,
in the
1936,
summer
employed
employed in
were
group
the
and
to the group
average,
since
number
a
leather,
shoe,
in October,
three-year
workers
1,000
every
October,
the
month
other
any
October
that
in
losses
that employment
is 4.6%
group
than
employed
smaller
industries being primary factors contributing
goods
is
and
(104.6)
group
1.1% below the September level, sharp seasonal declines in
food
were
the
years
during
1923-25.
The
net
in
increase
of
wholesale
resulted
in
approximately
ing
coal
interval,
2.3%,
mines
16
establishments.
Seasonal
non-
employ¬
influences
77,000 workers in retail trade, and
or
absorbed
17,000
additional
workers
reporting
over
workers.
the
over
increases
estimated
were
17,000
be
to
workers.
non-manufacturing industries in which losses in employment
reported
an
Anthracite
and the combined gains in the remaining non-manufactur¬
industries
'
An
the
in
due largely to the gains in
was
trade
retail
workers
121,000
nearly 18,000 workers, in wholesale trade.
or
bituminous
In the six
and
increase of
an
increase of 1.2%,
the
month
interval
the
decrease
i;:':
■'
were
7,000
approximately
was
::vv
;
issued by the Department of Labor,
Secretary Perkins's remarks are taken, had the
announcement
from which
following to say regarding employment conditions
manufacturing industries of the United States:
Gains
in the
of
1.3% in factory employment and 6.6% in payrolls were shown
September to October.
The revised October index of factory employ¬
from
ment
stands
March,
of
Secretary Perkins said that the indexes of factory employ¬
ment and payrolls through October, 1936, have been revised
machine tools and
;
.
.
September and the middle of October," Miss Perkins said.
"Aggregate weekly payrolls in October were $16,300,000
The employment gain
1929
1930;
The October index of employment in the non-durable
was
of
greater than in the preceding month.
Brass-bronze-copper firms employed
since December,
electrical machinery
shipbuilding the highest since September,
1930; locomotives the
highest since October, 1930; anud sawmills the highest since Novem¬
ber, 1930.'
/:
/
1
month
States
Nov. 20 by Secretary of Labor Frances Perkins.
"It is estimated that 220,000 workers were returned to em¬
in
the
and
Statistics, United
with
available.
are
of workers
and
on
industry
glass
highest level since June,
ment
combined
in October in the blast
exceeded the levels of any
employment was above
Employment
mill industry
the
furniture
turing industries surveyed monthly by the Bureau of Labor
nounced
In
manufacturing industries surveyed
Further gains in
October
1924.
the maximum number
Statistics
Labor
of
1929.
since November, 1926, and in the stamped and enameled ware
industry the October level was above that of any month over the preceding
non-durable
Employment and Payrolls
October Reported by Secretary of Labor
in
any month
year
Further Gains in Industrial
than
steel works and rolling
since
indicates
been 37% above 1935.
3911
workers
more
96.5
at
and
while
1930,
any month since
is
above
the
level of
the corresponding
June, 1930.
preceding month since
any
payroll
(88.9)
index
is
above that
The October employment index comparable
to
the
and adjusted to the Census of Manufactures totals for 1933.
at
92.1
"The revised general index of factory employment for Octo¬
series
ber, 1936, is 96.5 and the revised payroll index is 88.9.
On
the previously published «eeries,
the October employment
8.1% in employment and 16.5%
in payrolls, and the former series shows
increases
of
index is 92.1
and the payroll
index is 86.5."
Miss Perkins
continued:
It
is
the
policy of
recommendation
appointed
by
employment
of
the
and
Manufactures,
the
the
payrolls
the
1934.
In
of
Advisory
American
Statistical
of
Statistics,
the
to
the
Distribution,
trends
and
adopted
Secretary
Association, to
to
keep
shown
other
upon
of
1931
now
Labor,
Census
industrial
keeping with this policy the Bureau has
the
its indexes of
by the
the Census of Manufactures for
on
of
censuses.
was
released
completed the
revision of its indexes of
employment and payrolls in manufacturing indus¬
adjusted to the 1933 Census of Manufactures totals which have become
tries
available.
The
revision
present
of
the
Bureau's
factory employment and payrolls in
index
shows
that
the
declines
in
all
manufacturing establishments from
1931 to 1933, as revealed by the Census of
Manufactures, were not as
great as those indicated in the monthly figures of the particular manu¬
facturing establishments reporting to the Bureau of Labor Statistics in
those
adjusted
employment
heretofore
at
When
years.
average
49.4
in
to
the
Census
totals,
the
revised
index
of
1933
stands at 72.0 as compared with the index
The revised index of payrolls for 1933 stands
compared with the old index of 48.2.
The base period used in
published of 69.0.
as
the
constructing
indexes
of
factory
employment and payrolls remains
unchanged and is the average for the three years 1923-25 equals 100.
This revision has had virtually no effect on the trend of
the indexes
of employment and payrolls for the
years following 1933.
The increase
in
employment between 1933 and October, 1936, as indicated by the indexes
revision was
33.5% and after revision 34.0%.
Similarly, the
unadjusted payroll index showed an increase of 79.5% between 1933 and
October, 1936, whereas the revised series shows an increase of
80.0%.
Any
necessary revisions of the indexes for the period 1933 to 1935 must wait
upon the publication of the data of the Census of Manufactures for 1935.
before
The adjustments
shown
as
levels
as
of
the
ment
by
the
1933
of the indexes to the levels of
employment and payrolls
of Manufactures for 1933
necessarily raise the
the
Census
indexes
figures
for October,
in
are
subsequent
years by relatively the same amount
Thus, the revised index of factory employ¬
of 1933, is 96.5, while
raised.
1936,
adjusted to the Census
as
the unadjusted index for October was 92.1.
The revised October,
1936,
payroll index stands at 88.9, whereas the unadjusted October index was 86.5.
October
Employment
Factory employment in October reached the highest level recorded since
1930.
In
addition to the employment
gains in manufacturing
March,
substantial
coal
seasonal
mining
and
increases
smaller
were
gains
shown
were
in
anthracite
reported in
and
bituminous
the
electric-railway and
telephone and telegraph, power and
light, hotels, wholesale and retail trade, metal mining, and private
building
motor-bus
operation
construction
The
and
gain
of
1.3%
in
factory
employment
Factory pkyrolls normally show
September -payrolls having been reduced
earners.
gain from September to October,
to some extent
by the observance
a
Day holiday.
The increase in the October payrolls,
however,
is more pronounced than the
percentage gains shown in October in any of
the preceding 17 years for which information
is available.
The
gains
month
in
payroll index for
shows
the
over
gains,
year
the
from
interval
series,
same
October,
8.0%
at
1935,
in
The
86.5.
October,
to
employment
and
revised
1936,
16.4%
of
in
payrolls.
Gains
for
in
this
employment have been
17
normally
rise
to
for which
years
month
reduced
being
from
slightly
September
shown
data
in
available,
are
downward.
to
October
in only
the
Payrolls,
October,
the
as
eight of the
seasonal
the
on
movement
other
September
hand,
totals
are
extent
by the observance of the Labor Day holiday.
The
however, is greater than that registered in
October in any of the preceding 17 years for which data are available.
Only 19 of the 89 industries surveyed failed to register gains in employ¬
some
percentage
ment
this
gain,
year,
the month interval, and only 11 showed declines in
payrolls.
important gains over the month interval were in the automobile
industry, which registered increases of 21.9% in employment and 32.1% in
payrolls.
This was due largely to a resumption of more normal operations
The
in
over
most
automobile
Other
beet
plants
industries
in
following recessions
which
incident
to
changes
pronounced employment gains
in
models.
shown
were
were
188.5%; hardware, 13.9%; wirework, 9.9%; typewriters and
parts, 9.9% ; cottonseed oil-cake-meal, 8.0%; stamped and enameled ware,
7.5%; lighting equipment, 7.1%; jewelry, 7.0%, and silverware and plated
ware, 6.9%.
Most of these gains were seasonal.
sugar,
Gains ranging from
men's
furnishings,
5.1% to 6.4%
rubber
goods,
were
shown in the cotton small
tools,
remaining industries reporting increases
and
were
locomotives.
such
wares,
Among
the
important industries
as
glass, 4.3%;
dyeing and finishing, 3.4%; electrical machinery apparatus
2.7%; chemicals, 2.4%; furniture, 2.3%; cotton goods,
1.6%; foundries and machine shops, 1.3%; knit goods, 1.1%; sawmills,
1.1%; slaughtering and meat packing, 1.1%; baking, 1.0%; newspapers
and periodicals, 1.2%; book and job
printing, 0.8%, and blast furnaces,
and
supplies,
steel works and
Seasonal
in
rolling mills, 0.6%.
declines
in
employment from September to October
canning and preserving, 36.3%;
tin
ice
9.0%; beverages, 8.6%;
cans,
were
15.1%; millinery,
cream,
fur-felt hats, 4.9%; butter,
shown
10.8%;
4.1%, and
marble-granite-slate, 2.3%.
Cane sugar refining showed a decrease of
3.0% in employment and among the
regaining nine industries reporting
declines, the decreases were 2.0% or ldSs.
The
returns
indexes
of
supplied
industries.
factory
by
base
The
employment
representative
in
used
and
payrolls
establishments
computing
these
computed
are
in
indexes
89
is
from
manufacturing
the
three-year
average, 1923-25, taken as 100.
They have not been adjusted for seasonal
Reports were received in October, 1936, from 23,886 manu¬
facturing establishments employing 4,254,157 workers, whose weekly earn¬
ings during the pay-period ending nearest Oct. 15 were $99,159,275.
variation.
The
general
following tabulation shows the percentages of change in the Bureau's
indexes of factory employment and payrolls from September to
October in each of the
18 years,
1919 to 1936, inclusive:
Employment
In¬
between
and October
indicates the additional
employment of nearly
100,000 workers, while the gain of 6.6% in
payrolls represents an increase
of more than $11,000,000 in the amount
paid out weekly to factory wage
in
factory employment were widespread, 70 of the 89 manu¬
surveyed reporting increased employment over the
interval and 78 industries
reporting increased payrolls.
Employment
facturing
the
indexes
industries.
contra-seasonal
the Labor
and
of
maintenance,
September
of
previously published, that is,
indexes which have been
adjusted to conform with biennial Census trends only through 1931, stood
preceding
Labor
Committee
adjusted
Census
The last revision based
in
Bureau
series
Year
1919
1920
1923
1924
1925
1926
1927
crease crease
-
..
1.0
-
2.9
..
..
..
-
.8
----
«...
—
1930—
0.3
In-
Year
De¬
crease crease
In¬
Year
1933..
2.4
1920..
3.3
1921
1.1
1930—
1922..
2.9
1931..
1923-
2.2
1932..
1924..
2.8
.....
.5
1934..
2.7
1935..
1.5
.9
1936—
1.3
....
.
_
—
1925-
3.0
1927-
3.4
0.4
.0
3,0
4.1
1933-
6.0
1926-
1928—
.8
.3
1934—
0.0
1935..
3.8
1936—
mrnmm
De¬
crease crease
1929—
2.1
3.5
1.8
1919-
1.1
.......
1931—
1932
De¬
crease crease
.4
.6
—
Year
1929..
-
.8
..
..
3.5
....
Payrolls
In¬
1928-
0.4
..
1921
1922
De¬
6.6
industries
the durable
goods group showed
a substantial gain
(4.0%), the October
(88.9) reaching the maximum recorded since
June, 1930.
Although employment in the durable goods group as a whole is
still below
pre-depression levels, several of the durable goods industries
are
employ¬
employment index
Comparisons of the
revised indexes
and
the
previously
published indexes of employment and payrolls for each
manufacturing industry, group and total, for the months of
September and October, 1936, as issued by the Department
of Labor, follow:
Financial
3912
COMPARISON OF REVISED AND FORMER SERIES OF INDEX NUMBERS
OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING INDUSTRIES,
(1923-25=100)
SEPTEMBER AND OCTOBER, 1936.
Payrjolls
Employment
Revised
Former
Series
Series
Series
193 3
83.;I
86. 5
to
81.1
193 5
193 3
95. 3
92. 1
90.6
88.'3
85. 5
84. L
80.9
85. 1
77.()
81.:1
91.15
93.51
91.1
5
88. 9
Oct.
5 105.!3 100.'7 101.1
.
years
INDEXES OF EMPLOYMENT
rolling mills
Cast-iron pipe
89J
87.7
92.!
86.J
87.:*
.
90.(
89.5
102.fi
97.;
91.5
silver
incl.
76/
92.7
90.4
86.;
77 A
9i.:
81.8
65.1
62.5
61.8
49.(
44.!
45 A
41.0
83. )
.
79.'
83.7
59.5
72.1
80.1
78.4
69.(
76.fi
68.3
69.7
53.5
47 .a
60.4
53.7
68.1
59.!
60.1
52 8
73.(
56
63.;
48.7
Plumbers' supplies
Steam & hot-water heating ai h*
85.1
83 .J
95.5
93.8
6 5.(
59.(
67.fi
paratus and steam fittings.
Stoves
73.(
.
_
-
Sept.
Oct.
1936
1935
1936a
1936
1935
72.1
112
70 .C
69.1
65.4
58.4
57 .C
119.3
108 .£
94.£
117.C
+ 1.2
+ 4.0
71.6
+ 1.4
+ 7.0
88.6
+ 2.3
+ 5.7
68.3
+ 2.5
+ 8.1
103.0
+ 4.5
+ 6.0
87.2
+ 5.3
+ 9.2
84.8
+ 1.5
+ 5.6
64.4
+ 1.8
+ 7.7
73.8
+ 0.2
+ 5.5
83.2
+ 5.5
+ 11.1
94.2
+ 0.8
+ 7.9
93.1
+ 1.8
+ 10.4
73.1
merchandising.
+0.4
+ 2.9
67.7
+ 1.9
+ 5.7
—13.2
chandising
Public Utilities-
Telephone and telegraph..
Electric light and power &
50.9
124.5
89.1
Other than general mer¬
61.7
Hardware
Oct.
Retail
General
61.:
-
Oct.
Trade—Wholesale.
□
plated cutlery) & edge tools
Forgings, iron and steel._
Sept.
86.8
78.'r
A
(not
From
Index
Oct.
81.0
66.:
s
P. C. Change
From
1936a
96. )
107.1) 107.5
.
Bolts, nuts, washers and rlvt.
Cutlery
P. C. Change
rl
Blast furnaces, steel works, ai
Payrolls
Employment
Index
97.(
-
NON-MANU¬
AND PAYROLL TOTALS IN
WITH SEPTEMBER,
1,
Including machinery...
Bureau's records.
INDUSTRIES IN OCTOBER, 1936 AND COMPARISON
1936 AND OCTOBER, 1935, (AVERAGE 1929—100)
FACTURING
Industry
and steel and their pro
not
Information for
the non-manufacturing industries.
is not available from the
73.3
93.'
193 3
.
Durable Goods
•on
for
index numbers
earlier
1936
Sept
193 3
.
Sept.
193 3
Oct
Sept
Non-durable goods
Oct
Sept
1936
Oct
All Industries.
Series
employment in the non-manufacturing industries,
the Department of Labor stated:
The 16 non-manufacturing industries surveyed, with indexes of employ¬
ment
and payrolls for
October, 1936, where available, and percentage
changes from September, 1936, and October, 1935, are shown below.
The
12-month average for 1929 is used as the index base, or 100, in computing
As
tlie announcement of
tire
Manufacturing Industries
Durable goods
Former
Raised
1936
19,
Dec.
Chronicle
101.4
manufactured gas
Electric-railroad
motor-
&
bus operation and maint.
Mining—Anthracite
75.2
79.8
79.9
69.4
66 .C
74.fi
71.1
101.4
lll.t
103.3
113.6
96 .€
112 .£
100 .f
89.7
85.1
82.8
78.6
94.1
82.1
88.fi
77.5
154.J
and other tinware.
.
.
)
Wlrework.
140.5
162.2
147.6
148.2
110.7 167.5
125.2
49.9
+ 4.7
+ 15.1
48.5
+39.1
81.2
+ 3.9
+ 9.3
79.7
+ 12.2
+ 14.2
64.5
+2.1
+ 25.0
54.1
+ 8.3
+ 40.0
Quarrying and nonmetallic
117.1
....
cans
Bituminous coal
Metalliferous
work
Tin
54.6
—0.7
+ 9.3
46.1
+ 3.1
producing
73.8
—1.0
—1.2
59.7
—1.1
+26.2
+3.1
85.6
+ 1.7
+ 5.0
b69.6
+ 3.0
+ 8.1
87.6
—2.2
+ 7.0
75.4
—1.6
+ 13.3
86.7
—0.1
+ 7.8
66.9
+ 1.2
Crude petroleum
Services—
portation equipment...
Agricultural Implements...
109 .S 107.4 105.7 104.0
.
102 .a
94.6
96.8
89.4
92.7 104.2 101.3
101.1
83.4 126.6
103.6
95.2
Laundries
116.6 104.6 110.6
Dyeing and cleaning
99.1
96.5
87.2
85.0
CO
81.0
99.2
91.4
83.1
76.6
90.0
85.0
85.5
80.7
92.5
00
73.9
—0.2
+ 16.4
—d
c
—0.2
ri +0.9
c
—0.7
+ 3.7
c
+ 2.4
+25.7
c
+ 4.9
+ 43.2
Building construction
L
111.7
water wheels
.
Machine tools
Radios and phonographs
Textile machinery and parts
112.2 107.6 108.0
.
Typewriters and parts
Transportation equipment.
92.3
91.1
94.3
95.5
126.1 124.1 119.2 117.4
218.1 216.3 263.9 261.7
87.1 101.5
67.1
506.5 499.3 538.4 530.7
89.1
90.3 108 6
110.1
66.2
95.8
63.3
75.9
65.2
97.5
62.4
77.3 102.1
77.2
55.4
80.9
72.1
27.0
25.8
26.4
25.2
103.2
99.4
96.6
93.0
102.1
61.1
59.9
67.7
66.3
62.2
Locomotives
39.6
37.6
47.8
46.5
Shipbuilding
61.2
60.7
59.3
62.9
61.4
63.9
59.2
66.1
63.4
62.4
67.0
66.0
63.6
61.3
63.6
61.3
60.5
59.1
62.6
61.1
64.0
59.1
66.4
61.3
96.8
99.4
88.0
94 7
Aluminum manufactures
108.2 109.9 101.7
116.4 111.6 95.1
91.1
109.4
98.9
93.8
94.8
Brass, bronze & copper producl
111.3 107.1
98.0
94.3
103.0
95.2
89.9
83.1
117.4 112.9 103 8
99.8
115.6 104.5 103.0
93.2
Steam railroad
Nonferrous metals & their prods
Clocks
&
watches
and
101.9
&
refining—copper,
lead and zlno
Stamped and enameled
ware.
Lumber and allied products
Furniture
95.3
95.6
89.3
84.0
72.2
87.7
base,
84.9
99.2
92.6
82.8
74.8
97.3
88.0
71.7
67.1
73.5
68.8
68.3
55.0
70.0
56.4
71.5
67.8
153.7 123.0 121.9
October, as
manufactur¬
ing and non-manufacturing enterprises in that State, in¬
creased 0.7 of 1%
over
September, it was reported on
Nov. 26 by Peter T. Swanish, Chief of the Division of
Statistics and Research of the Illinois Department of Labor.
Wage payments, Mr. Swanish saiij, were 4.4% higher during
64.0
He noted:
the month.
the
For
of
97.5
67.5
Payrolls in Illinois InOctober, According to
Department of Labor
Illinois
decrease
1.7%
total
in
current
The
68.2
61.8
60.9
63.4
60.3
56.9
53.9
86.9
85.0
87.9
85.9
76.8
71.1
77.6
71.9
53.5
52.6
in
52.5
61.9
*
*
of
paid.
September-October
wages
increases
55.7
54.8
49.9
46.5
52.0
48.5
38.9
38.4
46.9
45.8
32.6
69.2
and payrolls, respectively, represent a
employment and a greater-than-seasonal increase in
31.7
60 0
101.3 101.4
*
*
69.1
68.2
63.1
62.2
62.5
58.2
55.5
49.5
50.2
42.3
42.9
41.3
39.4
33.0
31.5
Cement
65.6
65.1
62.5
62.0
62.1
61.1
99.3 101.6
97.4
102.9
Mr. Swanish also had the
61.6
Brick, tile and terra cotta
103.5
Glass
50.2
49.4
91.2 104.5
45.4
34.4
35.2
38.2
37.8
28.0
27.7
77.0
75.8
73.6
72.4
66.1
61 5
63.6
59.3
following to say on Nov. 26:
with October, 1935, the October, 1936, indexes showed1
of 10.3% in employment and 16.5% in total wage payments.
Compared
creases
92.6
44.3
products
Pottery
The
index
1935,
October,
to
83.6
in
from 61.3 to 71.4
vanced
for all
of employment
October,
reporting industries rose from
88.4
83.9
87.0
82.4
95.8
97.3
95.9
85.0
80.5
86.3
81.6
93.4
Carpets and rugs
Cotton goods
Cotton small
99.8
97.1
90.3
90.3
87.2
90.0
82.9
93.3
85.9
104.2 103.4 100.7
83.8
97.5
Dyeing and finishing textiles
99.3
97.8
86.4
81.5
88.9
96.6
92.5
88.0
99 7
88.3
87.6
77.6
115.1 111.3 107.6 104.0
97.6
93.1
92.9
88.7
60.6
76.2
67.3
84.7
8322
Hats, fur-felt
Knit goods
Silk and rayon goods
Woolen and worsted goods..
Wearing apparel
Cothing, men's
Clothing, women's
87.5
80.5
84.7
121.4 120.1 121.4 120.1
124.4 117.1 124.4 117.1
64.5
61.1
58.6
69.8
55.4
65.8
61.0
91.6
87.0
83.2
79.3
80 5
72.6
71.1
69.6
67.2
85.9
86.7
77.9
78.6
118.0 118.4 104.3 104.7
95.7
94.5
107.8 109.2
82.1
81.6
81.5
69.6
162.7 162.9 139.0 139 2
119.5 109.5 107.0
98.1
....
Shirts and collars
Leather and Its manufactures...
85.3
90.4
84.5
87.3
1936, while the index of payrolls
117 5
97.4
89 7
74.4
38.2
50.8
47.2
62.7
123.2 120.6 117.8 115.2
89.4
88.1
94.1
92.6
116.3 104.7 122.6 110.4
78 2
76.5
75.7
74.0
89.6
88 1
86.8
Boots and shoes—
92.7
94.5
75.7
Leather..
97.2
97.4
97.8
68.0
71.2
87.3
67.5
70.7
98.0
98.9
95.5 104.2 100.6
123.9 135.9 113.7 121.9
132.5 131.3 119.6 118.6
Beverages
Butter
Canning and preserving.
Confectionery..
199.8 227.1 197.7 204.3
71.8
59.7
67.6
65.2
194.4 305.4 140.6 220.9
Baking
111.2 116 5 107.6 112.8
119.0 117.9 109.6 108.6
191.5 209.6 177.8 194.6
76.5
86 4
72.4
82.8
Food and kindred products..
176 4 258.9 172.2 252.7
79.9
81.4
84.7
86.3
|
f
90.8
88.1
89.4
86.7
Flour
76.8
76.9
75.2
75.3
70.6
69.3
Ice cream
Slaughtering and meat packing
65.7
77.4
67.3
79.3
57.8
67.9
57.2
67.1
91.9
90.9
90 3
89.3
88.9
85.1
87.7
84.0
94.2 242.5
84.1
201.9
94.9
L74.6
82.1
64 1
66.2
69.2
271.7
Sugar, beet
72.2
70.9
75.9
78.3
76.7
79.1
64.4
63.6
60.8
60.0
64.9
53.3
52.8
51.4
56.6
55.2
66.2
64.5
61 0
62.1
68.8
70.0
65.3
Sugar refining, cane
manufactures
Tobacco
61.4
64 6
^ Chewing and smoking tobacco
and snuff
—
Boxes, paper
the sex of
number of
in the number of female workers employed during October
as
compared with September.
Total wage payments to males increased
4.9%, while total wages paid female workers increased 7.4%.
Within the manufacturing classification of industrial enterprises, 2,198
reporting establishments, the number of male and female workers increased
0.8 of 1% and 2.6%, respectively.
Total wage payments to male workers
increased 5.5%, while total wages paid female employees increased: 8.2%
their
male
and 3.1%
during October as
same
a
class,
representing
workers increased
4.5% during the
period.
Changes in Man-Hours
During October in Comparison with
September
in all reporting industries, the
total number of hours increased 4.7%.
Total hours worked by male and
female workers during October increased 5.0% and 8.8%, respectively.
In the manufacturing group of industries, 2,030 enterprises reported manhours for male and female workers combined, and in these establishments
the total hours worked were 5.3% greater than in September.
Hours worked
in 1,936 manufacturing
establishments reporting manhours for male and female workers, separately, increased 5.8% for male
workers and 10.1% for female workers.
In the non-manufacturing group, 1,503
enterprises reported an increase
For
59.4
54.1
52.2
50.7
49 0
102 0
96.5
92.0
97.5
93.2
94.4
107.9
98 8
00.2
91.7
of
L12.3
L11.9
101.9
95.2
102.6
95.9
male
and female workers
combined1,
Within
L10.4
93.0
95.0
94.3
84.7
81.7
87.1
84.1
104.7 103.5
04.7
03.4
00.5
97.6
02.2
99.3
94.0
of
3.0% in total man-hours worked' by male and female workers combined.
this classification of industries, 1,356 concerns showed an increase
1.8%
increase
in
of
the total number of man-hours worked
2.3% in the total number -of man-hours
by male and an
worked by female
workers.
120.4
L19.5
18.3
17.4
14.5
12.0
11.9
09.4
120.3
L18.8
19 5
18.0
14 0
10.6
12.7
09.4
130.2
L27.1
22 5
19.6
25.1 1 20.1
20.3
15.5
3,533
Cottonseed—oil, cake & meal
104.8
96 9
95.0
«7.9
96.9
from
Druggists' preparations
Explosives .....
104.4
103.1
00.4
99.1
93.2
91.4
99 6
97.7
76.3
V 7.9
87.8
89.7
26.7
84.9
78.4 1 04.9
1 12.6 I o; .2 1 05.7 1 00.7
93.6
89.3 1 00 9
96.2
68 9
76.1
84.3
93.1
Average actual hours
In
with
worked in October by 447,428 wage earners
in the
enterprises reporting man-hours were 41.6, or an increase of 4.5%
hours in September.
the manufacturing plants, the average hours were 41.8 as compared
39.8 in September, or 5.0% greater.
In the non-manufacturing enter¬
the average of 39.8
the average number of hours worked per
than in September.
Paints and varnishes
128.7
15.1 1 13.3
1 19.3 1 14.0 1 05.2
00.5
prises,
Rayon and allied products..
361.5 C160.1 3 67 7 3 66.3
Soap
02 9
120 7
22.3 1 13.4 1 14.8
week during October was
41.0, or 2.5% more
06.8
91.5
a 07 6 a 02.4
1 05.7 1 00.9 1 07.7
86.6
107.0
Petroleum refining
Rubber products
Rubber boots and shoes
—
08.8 1 08.6
97.8
94.3
93.7
90.2
78.6
77.3
65.5
64.5
1 16 4 1 16.3 1 09 4 1 09 3
85.4
89.8
92.2
96.6
64.7
61.5
60.8
57.8
Weekly^ Report
.
Rubber goods, other than boots,
shoes, tires and inner tubes..
Rubber tires and inner tubes._i
•
as
showed increases of 0.3 of 1% in the number
4.9% in the number of female workers employed during the
September-October period.
Total wage payments to male
2.4%, while total wages paid female workers increased
Other than petroleum refining.
Chemicals
Fertilizers
and
of male
►. petroleum refining
........
compared with September.
industries considered
non-manufacturing
The
1,856 reporting enterprises,
60.1
110.8
Paper and pulp
Printing and publishing—Book &
Job
Newspapers and periodicals—
Chemicals and allied products and
Paid, According to Sex
from 4,054 industrial enterprises which designated
working forces showed increases of 0.7 of 1% in the
103 9 102.6 103.1
105.2 101 6 97.7
Cigars and cigarettes
Paper and printing
ad¬
Reports
81.5
138.6 131.5 124.6 118.1
61.4
68.8
63.4
56.5
Corsets and allied garments
Men's furnishings
Miillnery—
96.0
101.6
wares
in¬
76.8 in
during the same period.
Changes in Employment and Wages
Non-Durable Goods
Textiles and their products
Fabrics
1% and 4.4% in
contra-seasonal gain
payrolls.
of 0.7 of
employment
Sawmills
the Division
Research show that the average September-October change
0.1 of 1% in the number employed and an increase of
Statistics and
a
1923-1935, inclusive, the records of
13-year period,
69.3
Turpentine and rosin
Stone, clay and glass products..
cannot be
d Less than 0.1 of 1%.
Employment in Illinois industries during
based on a statistical summary of data of 4,849
was
79.2 78.0 91.3 89.9
154.1 143 4 124.9 116.2
During
Further
creased
Lumber, millwork
l
value of board, room and tips
and
Industrial'Employment
75.5
90.9
Silverware and plated ware..
Smelting
84.1
tim<
recording devices
Jewelry
Lighting equipment
Data not available for 1929
77.3
375.3 346.5 427.1 394.3
Cars, electric & steam railroad
Railroad repair shops
Electrio railroad
c
122.5 111.2 116.5 105.8
102.7 102.4 100.4 100.1
Automobiles
b Cash payments only;
Preliminary,
129.7 112.4 125.7 109.6
101.8
Aircraft
a
computed,
177 5 160.9 185.6 168.3
73.8 73.4
72 8
73.3
133.1 121.2 124.3 113.1
Foundry <fe machine-shop prods
+ 9.4
+ 21.9
c
c
Brokerage
99.3
8
and supplies.
—i—
Insurance
118.S 116.3 120.6 117.9
calculating machines.
round)
Hotels (year
s
Discontinued in revised series.
132.6 1 24.6 1 40.9 1 32.4
88.9
86.6
82.5
80.4
1 27 7 1 14.9 1 37.7 1 24 0
93.7
91.9
79.9
78 3
of
Lumber Movement,
Dec. 5, 1936
The lumber industry
stood at 56%
Week Ended
5, 1936,
of production and
during the week ended Dec.
of the 1929 weekly average
Volume
Financial
143
57% of 1929 shipments. Reported new orders increased over
each of the previous four weeks and again gained over pro¬
duction and shipments, which continued to be restricted by
the maritime strike.
National production reported during
the week ended Dec. 5 by 3% fewer mills was 4% above the
output of the preceding week; shipments were 7% above,
and new orders 9% above that week, according to reports
to
National
the
Association
Manufacturers
Lumber
from
regional associations covering the operations of important
hardwood and softwood mills.
Reported new business dur¬
42% in excess of production;
shipments were 1% above output.
Reported new business
of the previous week was 36% above production; shipments
were 2% below output.
Production in the week ended Dec. 5
was shown by all reporting mills 5% below the correspond¬
ing week of 1935; shipments were 14% above, and new
orders 42% above shiupments and orders of the correspond¬
ing week last year.
The Association further reported:
ing the week ended Dec. 5
was
During the week ended Dec.
hardwoods
and
orders of
Mills,
regions
reported
orders
Coast
Southern
similar
shipments,
feet;
Lumber
pine,
the
last
orders
mills
1936.
of
shipments
13,301,000 feet,
or
feet, and
and
it
ago
feet
was
and
Mill
456
5,
shipments,
Hand,
on
lint
bales of linters, compared with 646,499
bales of linters in October 1936,
and 512,312 bales of lint and 59,373 bales of linters in
November 1935. It will be seen that there is an increase in
and
bales
63,767
of lint
and 72,546
November 1936, when compared with the previous year, in
total lint and linters combined of 118,777 bales, or
the
The following is the statement:
20.8%.
IMPORTED
NOVEMBER REPORT OF COTTON CONSUMED, ON HAND,
AND
ICotton
SPINDLES
COTTON
ACTIVE
AND
EXPORTED,
counting round as half bales, except foreign, which is in
500-pound bales.]
in running bales,
Cotton on Hand
Cotton Consumed
5.
Nov. 30—
feet.
9,579,000
1936, by
a
and
feet
soft¬
for the
feet.
week
and
case
were,
Nov.
[bales)
[bales)
[bales)
[Number)
1936 528,513
Cotton-growing States.
1935 430,785
New
1936
England States..
1935
1936
...
1935
78,487
66,812
19,695
14,715
260,417,000
74
identical
2,077,652 1,575,907 8,357.837 17.463,486
1,613,349 1,173,595 8,519,799 17.018,696
53,833 6,608,264
179,963
321.561
103,155 5,524.278
253.480
147,233
6,738
733,770
36,380
78,097
650.564
6,124
67,295
28,002
Included Above—
5,490
5,222
7,281
4,776
1,945
1,764
22,934
21,901
30,318
18,171
7,066
7,449
.fl936
63,767
11935
59,373
269,554
247,116
1936
Egyptian cotton—
1935
1936
Amer '• Egyptian
1936
cotton.
1935
11,904
13,546
22,281
22,597
9,619
9,329
4,203
4,148
11,412
3,657
3.423
193,190
161,787
54,762
61,778
——
2,294
Not Included Above—
.
Linters
mills
9,547,000 feet and 8,344,000
year ago
6,504,000 feet,
Imports of Foreign Cotton (600-15. Bales)
and orders, 10,822,000
7,877,000 feet.
End. Nov. 80
4 Mos.
Country of Production
L_
+
presses
.(1936 626,695 2,477,210 1,792,250 8.418.408 23,805,520
11035 512,312 1,924,124 1,348,830 8,629,078 23,193,538
United States.
respectively,
received,
orders
of hardwoods,
During
ments
1935
179,382,000
was
Active
Establish¬ <fc at Com¬
Nov. 30
[bales)
Other foreign cotton
softwood mills
Storage
Ended
were
13,837,000 feet.
-was
Spindles
In Public
suming
Nov.
feet,
same
In Con¬
Months
All other States
14,634,000
Reports
feet,
the
484
185,463,000
were
as
190,677,000 feet; shipments
In
3
Year
but
all
and
183,367,000
Production
identical
161,773,000
183,218,000
1935
1936
Census
Report
Cottonseed Oil Production
on
On Dec. 12 the Bureau of the Census issued the following
statement
showing cottonseed received, crushed and
on
hand,
and cottonseed products manufactured, shipped out, on hand
and exported, for the month of November 1936, and 1935:
COTTONSEED
Into
14, 1936, the Census Bureau issued
showing cotton consumed in the United States,
hand, active cotton spindles and imports and
exports of cotton for the month of November, 1936 and
1935.
Cotton consumed amounted to 626,695 bales of
redwood
regions but
All
week
same
was
reported
as
4% below production.
reported production last week and
feet and
the
for
Production
Shipments
production of
a year
181,810,000
directly
Under date of Dec.
45% above the production of the
or
reported
as
Identical
week's
"entered
was
its report
cotton on
except
above,
108 hardwood mills give new business
6% above production.
Last
week
for the week ended Dec.
265,375,000 feet,
Shipments
Reports from
oil
on
year.
reported
totaled
No
Cotton Consumed and
&c., in November
Report
Southern hardwoods
and
regions
reported
pine
pine
reporting
All
corresponding
1% above production.
or
Western
output.
Northern
of
mills.
feet;
Census
feet;
185,150,000
pine, West Coast and Northern hemlock reported production above
same
feet
consumption."
Cotton
below
above
and
week
wood
or
for
During—
Southern
except
shipments
showed
feet,
warehouse
booked
feet;
regions reported orders above production in the week ended Dec.
West
from
Revised figures for the preceding week were:
188,769,000
production,
198,764,000
feet of
drawn
warehouse."
256,788,000 feet.
All
All
shipped
combined;
280,009,000 feet.
591;
orders,
softwoods
573 mills produced 197,204,000
6,
3913
Chronicle
RECEIVED,
CRUSHED, AND ON HAND
Egypt
Peru
Received at Mills*
Crushed
Aug. 1 to Nov. 30
1,023
2,361
6,694
11,764,
M' <lco
British India.
"9~078
47
452
All other
40.7221
Total.
29,744
Exports of Domestic Cotton Excluding Linters
(,Running Bales—See Note for Linters)
On Hand at Mills
Aug. 1 to Nov. 30
105
142
...
China.......
(TONS)
19,491
19,419
Nov. 30
State
1936
Alabama
1935
248,922
371,300
126,616
306,975
194,627
698,994
150,687
64,247
128,073
316,426
752,723
121,493
231,267
212,898
67,713
304,057
147,496
455,115
159,243
103,115
140,885
172,144
691,437
68,997
1936
1935
166,508
192,003
1936
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
69,263
382,433
40,389
18,541
21,116
161,724
216,353
55,396
3,481,082 2,754,367 2,124,053 1,956,284 1,378,955
Arkansas
58,941
71,606
34,177
56,604
42,689
207,671
52,176
17,458
21,891
62,854
237,276
24,316
1936
*
106,170
260,456
117,144
87,900
120,755
113,696
476,573
45,066
110,988
46,761
108,142
155,512
546,246
66,368
France
Italy
89,575 tons on hand
35,698 tons and 27,018 tons reshlpped for 1936 and 1935 respectively.
nor
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT, AND
ON HAND
Produced
Item
Season
lbs... 1936-37
1935-36
Refined
oil, lbs.
1936-37
1935-36
Cake.and
meal,
tons
1936-37
1935-36
Hulls, tons.....
1936-37
1935-36
Llntera, running 1936-37
bales.
Hull
1935-36
.
fiber,
600- 1936-37
lb. bales
1935-36
On Hand
Shipped Out
Aug. 1 to
Aug. 1 to
Aug.1
Crude oil,
Nov. 30
Nov. 30
♦19,191,508
631,753,036
28,262,543
591,074,013
>318,873,305 b478,310,272
444,833,215
449,934,367
65,053
952,933
198,367
883,435
23,893
546,186
76,604
503,216
43,819
510,312
71,292
432,599
88
17,425
1,332
14,884
578,195,466
533,842,212
Spain...
Belgium
-
lb.' 1936-37
2,991
5,966
1935-36
Nov. 30
808,326
765,912
426,179
415,045
389,214
331,381
15,656
12,426
12,278
13,965
11,929
9,773
*
respectively.^
Includes
15,100,446 and 5,555,118 pounds held by
refiners"brokere^"agents!
279
637,463
309,809
162,603
311,126
84,931
5,788
64,037
214,354
662,772
4,050
100,035
23,482
249,594
634,424
19,543
73,626
13,962
1,134.874
2,302,942
2,574,786
58,058
136,563
34,721
39,629
114,586
285,708
10,040
30,354
73,603
221,374
1,700
37,689
7,425
japan
China
Canada
-
689,815
—-
77,705
exported, not included above, were 27,461 bales during November
1935; 82,982 bales for the four months ending Nov. 30
in 1936 and 79,315 bales in 1935.
The distribution for November, 1936 foUows:
United Kingdom, 3,425; Netherlands, 9,415; Belgium, 300; France, 3,093; Germany,
7,308; Italy, 374; Canada, 962; Honduras, 2; Japan, 2,344; British South Africa, 238.
Note—Linters
in 1936 and 30,303 bales in
STATISTICS
The world's production of commercial cotton, exclusive of linters, grown
1935, as compiled from various sources was 26,641,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the
in
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.
Japan
Supplants
United States
as
World's
Largest
of
Producer
Shipments
Rayon—"Rayon Organon" Reports
of Yarn by American Producers in
Excess of Production
Based upon figures published by
ciation
21,216
17,772
6,232,774 and 46,523,813 pounds beld by refining and manufacturing
establishments and 4,411,300 and 34,553,630 pounds in transit to
refiners and
consumers Aug. 1, 1936 and Nov. 30, 1936
a
466,548
368,871
111,692
286,922
19*952
...
Other Europe
WORLD
On Hand
♦143,182,447
118,742,948
a385,250,201
343,848,136
209,660
315,890
143,900
164,775
164,917
172,510
1,857
3,790
Grabbots, motes,
<feo., 500
bales
1935
259,831
159,596
38,917
86,239
.
Germany
Total
Includes seed destroyed at mills but not 21,926 tons and
Aug. 1
1936
122,235
80,681
United Kingdom
All other
United States
1935
887.658
51,859
234,031
127,038
318,597
4 Mos. End. Nov. 30
November
Country to Which Exported
1935
181,316
83,131
143,702 *179,923
33,885
75,865
269,621
74,821
covering
the Japan Rayon Asso¬
output for the first
10
of 1936,
months
Japanese rayon production this year will exceed United
States production, according to the "Rayon Organon," pub¬
Thus Japan
lished by the Textile Economics Bureau, Inc.
will
have
passed the United tSates as the world's largest
and warehousemen at places other than refineries and
manufacturing establishments
producer of rayon, a position which has been held by the
and 9,643,060 and 3,238,684 pounds in transit to manufacturers of lard
substitute
oleomargerine, soap, &o., Aug. 1, 1936 and Nov. 30, 1936 respectively.
United States since the World War.
b Produced from
EXPORTS
AND
508,356,539 pounds of crude oil.
IMPORTS
OF
COTTONSEED
MONTHS ENDED
In
an
announcement
issued Dec. 8 by the Textile Economics Bureau it was also
stated:
PRODUCTS FOR
OCT.
THREE
Japanese rayon yarn
31
production for the 10 months to October totaled
221,800,000 pounds against 164,060,000 pounds in the corresponding
Item
1936
period,
1935
a
Exports—Oil, crude, pounds..
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, running bales
Imports—Oil,crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2,000 pounds
»
Amounts
for
November not Included above
27,297
554,995
2,053
55,521
♦1,464,579
*27,076,938
1,536,347
27,206,607
6,125
400,321
pounds crude and
<,574,600 refined "entered directly for consumption" and 1,173.582 refined "with-
yarn
rayon
staple fiber
968
are
25,330
873,271
3,918
49,012
1985
gain of 35%.
Projected to an annual basis, the 1936 Japanese
production might approximate 275,000,000 pounds, and the
rayon
pounds.
output
of
that
an
additional 50,000,000
United States Rayon Expansion Not
According to the "Organon,"
capacity
pounds,
totaling
325,000,000
United States output for 1936 will show a gain over the 1935
of 257,557,000 pounds, but the total will be substantially short
expected from Japan.
of
the entire
rayon
a
yarn
Ready Until 1938
recent study indicates that the
producing
industry in
this
annual
country
at
3914
of
November,
on
150-denier yarn,
1936,
amounts to
approximately 826,000,000 pounds, based
but, it is added, it is important to distinguish between
capacity in November, 1936, and production for the year 1936.
The
study mentioned
also
indicates that only a very small increase in
By the first quarter of 1938 the
place by mid-1937.
capacity will be in
total up to slightly over a
amount to an increase of
25% over the present figure.
It should be noted that while this
figure represents the summation of present intentions of producers, the
demand for rayon will continue to grow normally during 1937 and 1938
and further aggravate the present yarn shortage.
Summarized, it might
be stated that although
the projected 1938 capacity may seem large,
possibly it may be viewed simply as a delayed estimate of rayon's true,
capacity
new
planned
now
400,000,000-pounds-a-year
will bring
basis.
the
would
This
about
increasing place in the textile industry.
Shipments of non-acetate
ducers
September,
during
rayon
yarn
American
by
October and November
pro¬
in
were
of
production, resulting in a substantial reduction
in surplus stocks.
November shipments again exceeded pro¬
excess
duction, and surplus stocks at the close of the month
at
a
low level
new
nouncement issued
at an
0.2 month's supply,
were
said the
an¬
by the Textile Economics Bureau, which
added:
The situation
regarding surplus stocks,
by the reduction in acetate
cuprammonium
a
record
Dec.
Financial Chronicle
high
situation for
yarn
a
moreover,
supply due to
divisions continue to show
production
over
yarn
year
rate,
on
and
no
a
was
further accentuated
strike.
a
The viscose and
record low-stock position,
indication
of
relief
from
this
the basis of available supply.
November Flour Output Totaled 5,158,226 Barrels
General Mills, Inc., ,in presenting its summary of flour-
milling activities for all flour mills in the principal flour-mill¬
ing centers of the United States reported that during the
month of November 1936, flour output totaled 5,158,226
barrels.
This was a decrease from the 5,708,934 barrels
produced in the corresponding month of 1935. Cumulative
production for the five months ended Nov. 30, 1936,
amounted to 28,764,262 barrels.
This compares with 27,988,315 barrels produced in the like period a year ago. The
corporation's summary further disclosed:
PRODUCTION OF FLOUR
(NUMBER OF BARRELS)
Month of November
5 Mos. End. Nov. 30
Bureau's recommendations
1936
19,
far below the market demand
are
and
dangerous in that they encouraged further drainage
upon already impaired stock .of crude.
The Kansas Corporation Commission fixed the December
daily quota for the State at 163,225 barrels, 5% above the
level suggested by the United States Bureau of Mines at
155,900 barrels.
The new figure is approximately 9,000
barrels above the November allowable.
"While the Commission has
generally sought to follow the
Bureau of Mines and regards it as the best guide available,
since it is a disinterested fact-finding body," the announce¬
ment said, "the Commission was convinced that there is a
larger consumer demand for December than the Bureau's
figures indicate. One evidence of this is the fact that there
have been lately steady and material withdrawals from
storage.
The increase of 5% represents about 8,000 barrels
a day above the Bureau's figures.
The Commission does not
believe that there should be any limitation on production
which is not founded on a sound principle of conservation.
It does believe, however, that any great over-production in
excess of demand involves great waste.
As far as possible,
the unneeded reserves should be kept in the earth which is
the great natural reservoir."
The Department of the Interior
will ask "at least for ex¬
Connally Act," which prohibits inter-State
movement of crude oil produced in violation of State prora¬
tion regulations, according to Secretary Ickes.
In answering
questions as to whether lie was backing new oil legislation
designed to give the Federal Government control of the in¬
dustry, he said "I don't know what kind of oil legislation we
will ask at the next session of Congress."
General sentiment throughout Texas, Mr. Ickes said, is
in favor of extension of the Connally Act.
This conclusion
was arrived at on the reports of George W. Holland, chief of
the petroleum conservation division of the Department of the
Interior, after a tour throughout the oil-producing areas in
the Lone Star State, Mr. Ickes disclosed.
Secretary Ickes
disclaimed knowledge of the reported comprehensive oil
production control bill reported ready for the incoming
Congress and refused to comment upon the action of the
major oil States in ignoring the recommendations of the
tension
of the
Bureau of Mines.
1936
Northwest
1935
1936
Southwest
Lake, Central and Southern..
Pacific Coast
Grand total
Petroleum and its
1,101,693
2,143,666
1,735,660
177,210
1,637,020
1,804,788
5,158,226
.
1935
1,784.496
482,630
6,341,287
11,032,485
9,212,935
2,187,557
7,324,750
9,582,877
9,053,302
2,017,386
5,708,934
28,764,262
27,988.315
Products—Crude
Production
Hits
New
Peak—Higher Oklahoma and Kansas Al¬
lowables
Responsible—Ickes to Seek Extension
of
Connally
Act—Federal
Jury
to
Push
Oil
Investigation
An increase of nearly 65,000 barrels in daily average
production of crude oil in Oklahoma was the main factor in
lifting the nation's daily oil output to a new all-time high at
3,119,500 barrels in the week ended Dec. 12, up 119,500
barrels from the previous week, statistics compiled by the
American Petroleum Institute disclosed.
This compared
with
the
Bureau
of Mines
December
market
estimate of
2,930,300 barrels, and actual production in the like 1935
week of 2,869,050 barrels.
The sensational rise in Oklahoma's production was due to
the 5% increase in the December allowable voted recently
by the State Corporation Commission which lifted the quota
to approximately 595,000 barrels daily, in contrast to the
original figure of 567,000 barrels, set in conformance with
the Bureau of Mines recommendations.
Oklahoma, which
was
joined by Kansas, voted the 5% increase over the
original quota after Texas "had lifted its allowable sharply
above the 1,145,200 barrels suggested by the Bureau of
Mines.
Despite the fact that production for the second week of
was some 190,000 barrels above the Bureau of
Mines estimate of market demand, the fact that the Bureau's
estimates have consistently been under demand offset the
heavy over-production to a large degree. Crude stocks now
are at the lowest point since 1921, consistently dropping off
in recent months as demand ran far ahead of daily production
December
set in accordance with the recommendations of the Bureau.
Although Oklahoma's increase played ihe dominating role
gain during the week, other oil-producing
States contributed heavily.
California output rose 21,000
barrels to 594,000, against the Bureau's recommended level
of 553,400 barrels.
A gain of 20,200 barrels in Texas lifted
production there to 1,196,050 barrels, in contrast to the
Bureau's figure of 1,145,200 barrels.
Kansas also showed
sharp expansion in its daily total which rose 12,300 barrels
to
172,500 barrels, against the recommended figure of
155,900 barrels.
Members of the Oklahoma Corporation Commission in
voting this week to increase the December allowable by 5%
indicated that after a steady record of conforming with the
Bureau of Mines recommendations it was indicated by the
persistent drain upon crude stocks that the latter's rec¬
ommendations were too low.
The same reasoning was
followed by members of the Kansas Corporation Com¬
mission when they voted similar action.
The Texas Railroad
Commission already was on record as believing that the
in the substantial
A new Federal grand jury was ordered by Judge Patrick T.
Stone in Madison, Wis., on Dec. 13 to replace the jury which
returned indictments charging 26 major oil companies and 70
of their executives with
violating the Federal anti-trust laws.
to the plea of counsel for the dedendants in asking that the indictments be dismissed on the
grounds that the original grand jury had been organized
illegally.
All records of the first jury were ordered turned
The
over
move
its
to
There
in
was
answer
successor.
were
price changes posted.
no
Prices of Typical Crudes per
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
...$2.45
1.16
1.42
r
1.28
Western Kentucky
1.28
Mld-Cont't, Okla., 40 and above.. 1.18
Winkler, Texas
.85
Smackover, Ark., 24 and over
.75-.80
Bradford, Pa
...$1.10
1.15
Eldorado, Ark., 40
-
Lima lOhlo OU Co.)
Rusk, Texas, 40 and over
Corning, Pa
Illinois.
Darst Creek..
.......
Central Field, Mich
PRODUCTS—PHILADELPHIA MOTOR
REFINED
LIFTED—FUEL
STOCKS
OIL
.97
1.32
1.15
1.22
1.40
2.13
FUEL PRICES
LIFTED—GASOLINE
QUOTATIONS
UP—FUEL AND
—.
Sunburst, Mont
—
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over..—.
Petrolla. Canada
GAS OIL INVENTORIES
OFF
Feature of the refined
products markets during the past
week was an increase of 1cents a gallon in the retail price
of gasoline in the Philadelphia area to 17 }4 cents a gallon,
taxes included.
The advance, met by all major units, was
attributed to shortage of motor fuel because of the marine
strike and the advance in crude prices in the mid-continent
fields.
Seasonal strengthening in the
price structure of heating
brought further advances during the period under
review.
Standard Oil of New Jersey on Dec. 15 posted an
increase of M cent a gallon in the tank-car and terminal price
of heating and gas oils at all Atlantic Coast points. SoconyVacuum made a similar advance in quotations of Nos. 2, 3
and 4 heating oil through its marketing territory.
Standard Oil of Indiana on Dec. 18 posted an increase in
tank wagon prices of standard tractor fuel in Illinois, In¬
diana, Iowa, Kansas, Michigan, Minnesota, Missouri, North
and South Dakota and Wisconsin of Yi cent a gallon, ef¬
and fuel oils
fective Dec. 21.
Gasoline stocks continued to show only
nominal gains in
trend at this time
wide gains. Stocks
of finished and unfinished motor fuel rose only 319,000
barrels during the week ended Dec. 12, according to the
American Petroleum Institute report.
This increase lifted
total holdings to 58,005,000 barrels.
direct opposition to the normal seasonal
of the year when holdings normally show
Gas
and
seasonal
fuel
oil
stocks
suffered
substantial
a
cut
as
influences
brought wider consumption.
In the
sharpest decline thus far this year, holdings were off more
than 2,000,000 barrels during the week to 108,269,000
barrels.
Refineries operated at 76.9% of capacity, off 1
on the week with daily average runs of crude to stills dipping
35,000 barrels to 2,955,000 barrels.
Representative price changes follow:
Dec. 13—All major units lifted gasoline prices
Philadelphia
area to
17 H cents, taxes included.
1
cents a gallon in
,
the
Volume
Dec.
Financial
143
15—Standard of Jersey advanced heating and gas
gallon at all Atlantic Coast points.
crease in
heating oil prices.
Dec. 18—A
posted
(Figures in Barrels)
similar in¬
a
OIL PRODUCTION
DAILY AVERAGE CRUDE
*4 cent a
oils
Socony-Vacuum made
3915
Chronicle
by
B. of M.
of
Indiana,
Dec.
effective
21.
The
increase
Actual Production
Average
Dept. of
*4 cent a gallon boost in prices of standard tractor fuel was
Standard
Week Ended
4 Weeks
was
effective throughout the company's marketing area.
New York—
Standard Oil N.J. $.06%
Colonial Beacon._$.07>£
Socony-Vacuum..
Texas
.07M
Los
Gulf
.07
Shell Eastern
.07
Gulf ports
Tulsa
.07
Tide Water Oil Co
.07^
Richfield Oil(Cal.) .07H
Orleans.
New
Ang.,
Oklahoma.
1936
567,000
155,900
Kansas—
.05*4
61,550
65,000
33,600
156,580
172,500
56,900
62,050
North Texas--
65,000
65,700
33,600
33,600
157,650
1
$.05
Los Angeles..
83,900
79,900
444,000
443,600
175,000
153,950
172,750
156,350
159,500
48,450
435,500
110,500
163,550
1,196,050
1,175,850
1,169,600
1,061,550
78,850
161,000
79,700
78,200
158,800
127,300
East Central Texas-
J
.033^-.05
-.03^
03
Tulsa
East Texas
Southwest Texas....
Coastal Texas
Fuel Oil, F.O.B.
Refinery
Terminal
or
California 24 plus D
i New Orleans C
$1.00-1.25 Phila., Bunker C
$1.15
Total Texas
$ .95
1.05
1,145,200
North Louisiana--
1.65
Coastal Louisiana.
159,300
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
27 plus
$.04
i Chicago,
I
New York
z
Brooklyn
$.167
Cincinnati
$.195
...$.201
Minneapolis
Cleveland
.195
New Orleans—
.17
Denver
.21
Philadelphia
...
Boston
.17
Detroit
.19
Pittsburgh
Jacksonville
.20 1
San Francisco.
Houston
.18'
St. Louis
Los Angeles
.23
...
.175
zNot Including
.175
.195
--
.18
...
3,750
18,100
3,400
85,650
82,650
2,376,900
2,525,500
2,427,200
2,466,300
553,400
594,000
573,000
581,500
694,600
2,930.300
3,119,500
3,000.200
3,047,800
2,869,050
Montana....
14,300
4,500
78,300
40,200
Colorado
New Mexico
.
Total east of California-
California
Gasoline
Production
Continues
Upward Trend
29,700
46,600
46,050
37,300
13,100
4,100
57,350
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND
production of natural gasoline continued its upward
October, according to a report prepared by the
Bureau of Mines for Harold L. Ickes, Secretary of the
Interior.
The daily average output in October was 5,189,000 gallons, compared with an average of 5,018,000
gallons in September.
So far production is running about
9% ahead of last year.
All the leading districts showed increased production in
October except East Texas, which declined after establishing
a record in September.
The heavy refinery demand for naturals in October was
reflected in stocks, particularly in plant stocks which de¬
clined 19,362,000 gallons during the month.
2,174,450
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
The
UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED DEC. 12, 1930
in
trend
29,500
108,450
29,300
.194
..
2% city sales tax.
Natural
165,450
27,900
110,600
Total United States
October
237,000
27,700
114,900
Michigan
Wyoming
.175
Chicago....
239,000
28,200
113,550
28,250
47,000
18,500
114,000
29,350
45,950
18,150
3,550
83,750
Eastern
.167
2- .175
239,850
26,800
Arkansas
Newark
Buffalo
204,800
Total Louisiana.
I Tulsa MJ3 I.$.02JHj-.02%
Gasoline, Service Station, Tax Included
z
38,150
'
$.02^-.02^|
MGI
62,600
56,050
25,400
166,700
84,250
444,900
177,100
167,600
West Texas
Diesel 28-30 D....
1935
504,500
147,100
Panhandle Texas
S.03J*
| North Texas.$.03>^-.03}£, New Orleans.
N. Y. (Bayonne)—
Bunker C
1936
570,700
166,350
West Central Texas.
-.06*4
00
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonne)
1936
529,100
160,200
.05*4
ex.
Warner-Quinlan.. .07H
New York
Ended
Dec. 14
592,200
{Dec.)
-.05*4
.O6M-.O6J4
$.05
Chicago
Dec. 5
Dec. 12
culations
U. S. Gasoline (Above 63 Octane), Tank Car Lots, F.O.B. Refinery
New York—
Week
Ended
Dec. 12
Int. Cal¬
(Figures In thousands v.f barrels of 42 gallons each)
Daily Refining
Stocks of
Finished and
Unfinished Gasoline
Crude Runs
Capacity
to Stills
Stocks
of
Unfin'd
tial
Total
Rate
East Coast.
612
.
P.
Oper¬
At Re¬
age
Reporting
ated
fineries
P. C.
510
612 100.0
and
C.
Daily
Aver¬
Poten¬
Gas
in
Finished
District
Oil
Distil.
&c.
4,633
83.3
8,598
841
228
634
811
5,689
Appalachian.
154
146
94.8
98
67.1
865
Ind.,111., Ky.
475
457
96.2
428
93.7
4,146
1,037
3,615
271
Okla.,
Fuel
Terms., Nap'tha
10,714
Kan.,
419
384
84.8
70.6
3,135
1,996
Inland Texas
330
160
48.5
115
71.9
250
3,331
1,773
732
710
97.0
600
84.5
1,391
5,430
83
Texas Gulf..
241
1,820
7,300
La. Gulf
96.4
129
215
1,858
453
Mo
Stocks
Ooct. 31, 1936
Jan.-
Sept.,
Oct.,
Oct.,
1936
1936
1935
1936
46
63.9
191
56
61.9
45
75.0
825
852
789
92.6
490
62.1
8,793
2",231
3,553
89.9
2,732
76.9
30,381
1,882
18,168
...
401
Est. unrepd.
Plants
At
223
& Ter¬
Refin¬
& Ter¬
minals
eries
minals
111., Mich., Ky__
4~608
Kansas
Texas
45,319
6,709
Louisiana
Arkansas
38,569
9,982 11,154
5,675 52,162 43,645
50,431 485,117 425,851
California
52,825
Total
avge.
2,409
4,368
257
3,318
17,453
1,658
4,704
2,562
168
15,960
42,216
11,466
42
84
2,577
116
126
192
3,696
1,128
2,242
5,040
84,588
1,164
2,223
70,056 118,272
89,418
79,842
Total (thousands
of barrels)
3,830
3,584
34,260
31,606
123
__
120
112
5,948 106,007
771
2,262
3,954
3,954
2,955
32,263
19.033
6,719 108,269
3,954
3,954
2,990
31,745
19,489
6,462 110,287
z2,742
29,315
18,665
5,865 106,965
104
2,887
1,668
x
Estimated Bureau of Mines basis,
December,
z
1935, daily average.
253
25,890
1,908
48,045
5,937
126
84
48,337
160,860 150,528 1438920 1327452 121,254
5,189
4,367
5,018
4,718
Dally avge
865
U.S.B.of M.
3",806
420
975
6,098
73,405
9,198
294
5,343
973
Rocky Mountain
53",526 50", 520
835
8,073
8,593
35,142 341,127 308,325
3,103 28,896 25,822
44,416 411,180 415,493
1,062
38,241
3,661
Oklahoma
775
1,224
5 '36
Dec.
xDec.12'35
13,440
5~972
Appalachian
528
40
100
Dec. 12 *36
Plants
eries
East coast
79.1
xEst.tot.U.S.
At
At
At
Refin¬
Daily
311
90.0
60
Reported
Sept. 30, 1936
Jan.-
Oct.,
972
72
97
California—
Production
163
80
Rocky Mtn.
STOCKS OF NATURAL GASOLINE
(In Thousands of Gallons)
169
No. La .-Ark.
PRODUCTION AND
2,816
2,129
Daily Average Crude Petroleum Production Sets New
High Record During October
The United States Bureau of Mines, in its monthly
petroleum report, stated that the daily average production
in October, 1936, was 3,090,200 barrels, a gain of 57,800
barrels over the average of the previous month.
The
average for October broke all records, being 22,800 barrels
above the previous high of August.
The Bureau's statement
further showed:
Most
Daily Average Crude Oil Output Gains 119,300 Barrels
in Week Ended Dec. 12
The
daily
American
Petroleum
Institutes
estimates
that
the
crude oil production for the week ended
Dec. 12, 1936, was 3,119,500 barrels.
This was a rise of
119,300 barrels from the output of the previous week.
The
current week's figure remained above the 2,930,300 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during December.
Daily average pro¬
duction for the four weeks ended Dec. 12, 1936, is estimated
at 3,047,800 barrels.
The daily average output for the week
ended Dec. 14, 1935, totaled 2,869,050 barrels.
Further
details, as reported by the Institute, follow:
Imports of petroleum for domestic
a
Dec.
12 totaled 886,000 barrels,
daily average of 126,571 barrels, compared with
barrels for the week ended Dec.
weeks ended Dec.
5 and
a
daily average of 105,286
140,643 barrels daily for the four
ended Dec.
compared with
and
a
daily
193,000 barrels,
average of
a
daily
average
of 27,571
16,536 barrels daily for the four weeks ended Dec. 12.
estimated
daily
potential
refining
capacity
of
the
was
in Texas, where the daily
closely related to
United
States
a
further increase
with
barrels, compared with 787 wells, with a combined
All the major districts of Texas
September.
reached
Production in California showed little change
peaks in production.
Pro¬
daily average remaining just under 580,000 barrels.
in October, the
duction in Oklahoma rose to 589,000 barrels daily, the highest since August,
This gain resulted principaUy from increased runs in the Oklahoma
1933.
City field.
October
Production in Louisiana showed little change, although the
of
average
233,000
barrels
a
was
new
record.
Rodessa declined for the second successive month
than
made up
Production
but this loss
was
at
more
Kansas and New Mexico repeated
in the coastal fields.
their production performances
of September, the former showing a small
decline, the latter establishing a new record.
Crude runs
creased
to stills
declined but remained above the 3,000,000-barrel
3,005,000 barrels daily.
mark at
production
means
The decrease in runs in the face of in¬
that current production supplied a higher pro¬
portion of the demand in October than in September.
yield of gasoline reached 45.2% in October; this marked the first
time the
yield has exceeded 45% since July, 1935.
The domestic
demand for motor fuel continued to
the daily average for
finished
and
predictions,
unfinished
indicate that the industry as a whole ran to stills, on a Bureau of Mines
Oct.
basis, 2,955,000 barrels of crude oil daily during the week, and that all
1935.
Exports of motor
Stocks
exactly the same as in September.
fuel totaled 2,491,000 barrels,
of
exceed
October of 1,428,000 barrels being 6.6% above the
supposedly abnormally high figure of October,
Reports received from refining companies owning 89.9% of the 3,954,000
barrel
new
barrels,
19,286 barrels for the week ended Dec. 5,
was
activity, there being 862 oil wells completed in October,
initial of 447,400
The
12 totaled
gain
increased their output and undoubtedly many areas in that State
12.
Receipts of California oil at Atlantic and Gulf Coast ports for the week
This
initial of 373,800 barrels in
and receipts in bond at principal
use
October.
in
in drilling
an
October
production rose from 1,160,400 barrels in September to 1,205,600
barrels
average gross
United States ports for the week ended
of the gain In output in
average
gasoline
showed little
change,
the
total
for
for the first of the month.
companies had in storage at refineries,
pipe lines
as
of the end of the week,
bulk terminals, in transit and in
58,015,000 barrels of finished and
unfinished gasoline and 108,269,000 barrels of gas and fuel oil.
a
Bureau of Mines basis,
during the week.
produced
an average of
57,662,000 barrels,
According to
troleum
the
products
in
Bureau
being only
of Labor
October,
1936,
138,000 barrels below the total
Statistics,
was
57.9,
the price index for pe¬
compared
with
57.5
in
September, 1936, and 50.1 in October, 1935.
Cracked gasoline production by companies owning 95.9% of the potential
charging capacity of all cracking units indicates that the industry
on
N
31,
as a
whole,
675,000 barrels daily
The refinery
data of this report were compiled from reports of refineries
having an aggregate daily crude-oil capacity of 3,764,000 barrels.
refineries operated during October,
with
an
1936, at
80%
operating ratio of 73% in September.
of
capacity,
These
compared
3916
Financial
SUPPLY AND
DEMAND OF ALL
Chronicle
OILS
Dec.
Production
Coal
1936
19,
Higher in Week Ended Dec. 5
(Thousands of Barrels of 42 Gallons)
United
The
Jan.-
Jan.-
Oct.,
Sept,,
Oct.,
Oct.,
Oct.,
1936
1936
1935
1936
1935
This shows
production:
the
95,795
90,972
3,090
3,830
3,032
3,584
230
216
174
production
99,855
Daily average.
3,221
94,772
3,159
909,846
88,160
2,844
3,574
91,908
2,965
Crude petroleum
Daily averago
Natural gasoline
Benzol
.a
Total
Imports b:
Crude petroleum:
Receipts In bond
93
220
2,624
818,755
2,693
2,983
34,260
2,063
946,169
851,868
3,102
2,802
1,946
25,011
6,202
20,459
597
2,862
Receipts for domestic use...
1,880
31,606
1,507
Refined
products:
Receipts in bond
Receipts for domestic use—
Total new supply, all oils
918
of Mines
10,154
453
595
414
105,182
95,717
3,393
99,975
3,333
3,088
15,304
5,116
993,546
3,258
5,049
9,686
6,732
14,269
17,293
110,231
109,661
3,655
102,449 1007,815
4,708
6,518
Motor fuel.c
Kerosene
10,258,000 net tons.
increase of 690,000 tons over
an
the output in
holiday week preceding, and is the highest figure recorded
any week since Feb. 15.
Production in the corresponding
for
week of 1935 amounted to 8,379,000 tons.
Anthracite production in Pennsylvania
Dec.
ended
is
5
estimated
during the week
at
1,251,000 net tons.
This
represents an increase of 247,000 tons over the output in
Thanksgiving week, and compares with 1,147,000 tons in
the corresponding week in 1935.
During the calendar year to Dec. 5, 1936, a total of
394,961,000 tons of bituminous coal and 47,277,000 net tons
of Pennsylvania anthracite were produced.
This compares
with 340,696,000 tons of soft coal and 47,384,000 tons of
hard coal produced in the same period of 1935.
The Bureau's
913,301
3,556
weekly coal
in its
report stated that the total production of soft coal during
the week ended Dec. 5 is estimated at
New Supply—
Domestic
Bureau
States
1,919
Daily average
Decrease in stocks,
all oils
1,764
7,325
896,008
2,947
Demand—
statement follows:
Total demand
-
3,305
3,304
3,004
5,025
6,785
4,810
42,373
65,385
44,346
41,401
402,279
362,866
4,370
36,013
4,305
4,520
40,388
37,847
34,151
294,713
d2,059
32,534
1,820
330,476
1,911
18,917
16,589
96
d80
97
895
775
'
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
42,991
5,950
44,253
Daily average
Exports:
COKE
Crude petroleum
Refined products
-
Domestic demand:
Week Ended
Gas oil and fuel oil
Lubricants
Wax..
601
529
638
5,199
2,974
1,949
19,415
1,108
4,743
558
7,132
4,273
45,407
6,320
42,081
Road oil
Still gas
4,680
-
193
215
147
1,897
3,753
3,341
3,752
28,052
1,728
26,243
99,005
97,851
3,262
b00,057
91,689 i
2,958 T
Stocks—
292,271
317,155
4,384
225,316
292,271
317,155
4,555
231,842
230,605
4,384
225,316
527,431
532,480
546,855
527,431
f200,000
191,200
47,277,000
166,700
47,384,000
208,500
167,100
68,167,000
240,400
62,600
10,433
59,700
31,500
1,604,200
844,600
6,177,600
9,950
6,250
5,513
2,902
21,229
Tot. for per'd 1,251,000 1,004,000 1,147,000
Daily avge..
Beehive coke:
Dally avge..
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 Rtvlsed.
e AdJusted to make comparable the number of working days In the several years,
546,855
148
—
146
165
160
Includes lignite, coal made into cote, local sales, and
182
Total all oils
Days' supply
a
Coal
From
295,693
4,945
4,555
230,605
products
Division,
b Imports
of crude
OF CRUDE PETROLEUM
f Average based on five working days.
ESTIMATED
BY
PRODUCTION OF COAL
WEEKLY
THOUSANDS
(The current estimates
reported to Bureau of Mines;
as
Imports of refined products from Bureau of Foreign and Domestic Commerce,
Beginning January, 1936, natural gasoline losses are included in motor fuel
demand,
d Revised.
c
PRODUCTION
1929
e
8,379,000 394,961,000 340,696,000 497,979,000
1,732.000
1,383,000
1,191,000
Tot. for per'd 10258000 9,568,000
a
Crude petroleum
Natural gasoline
1935
1936
2,662
3,194
Daily average
1936 d
c
Dally avge.. 1,710,000 fl914,000 1,397,000
Tot. for per'd
Total domestic demand
Calendar Year to Date
Dec. 7,
1935
28,
Pa. anthra.: b
809,164
2,951
Miscellaneous
Losses _c
1936
Nov.
BItum. coal: a
14,516
631
Dec. 5
5,486
2,504
Coke
Asphalt
Refined
(IN NET TONS)
61,146
and
based
are
subject to revision
are
(IN
railroad car loadings and river shipments
on
receipt of monthly tonnage reports from district and
on
State sources, or of final annual returns from the operators.)
Week Ended
PRINCIPAL
STATES AND
STATES
BY
NET TONS)
OF
No.
FIELDS
(Thousands of Barrels of 42 Gallons)
w.'", :;YY
;/
October, 1936
September,
Jan. to Oct.
1936
V
■■
Total
Total
1935
1936
842
Kettleman Hills
\
Long Beach
Santa Fe Springs
27.2
829
27.6
1,093
2,424
2,031
California—Huntington Beach...
35.3
36.1
65.5
1,084
2,338
2,027
44.3
78.2
1,371
11,023
Total California
1,329
355.6
10,597
17,942
Rest of State.
44.2
578.8
17,375
9,181
s
1
2
235
244
207
148
294
81
82
67
54
131
158
178
158
153
274
1
1
1
1
1,167
1,151
991
822
1,389
1,571
391
436
333
300
364
536
66
74
78
67
91
Colorado
Georgia and North Carolina..
Arkansas
1923
s
2
Arkansas and Oklahoma
Avge.
Avge.,
1929
2
Alabama.
,
Not. 30
1934
1935
1936 p
1936 p
:
Alaska.
Daily
Daily
Avge.
Dec. 1
Nov. 28 Nov. 21 Nov. 30
409
100
236
s
s
8,798
11,098
24,535
12,513
Indiana
77.9
21,018
Iowa
67.6
21,059
21,710
Kansas and Missouri
156
154
124
125
160
175
Kentucky—Eastern
873
937
649
466
852
724
204
185
168
151
313
218
29
31
35
33
12,845
13,729
353.3 108,791
98,424
579.2 179,212 166,510
Illinois
Western.
128
43
35
Colorado
151
4.9
155
5.2
1,433
1,299
Michigan
14
12
11
12
15
26
Illinois
393
12,7
386
12.9
3,695
3,592
Montana
75
76
74
77
78
New Mexico
34
40
34
27
North and South Dakota.
58
59
50
40
519
552
429
2,365
70
Rest of State
Total Louisiana
Michigan..
45,950
16.7
504
16.8
155.2
4,536
151.2
55.4
1,780
59.4
22.4
649
21.6
6,894
233.0
6,965
232.2
6,602
65,651
40,098
908
—
Rodessa
639
47,948
4,661
43,534
15,515
7,224
Louisiana—Gulf coast
666
166.9
4,812
1,716
-
2.3
5,008
696
Kentucky..
69"
166.4
516
Kansas
2.3
5,157
Indiana
29.3
866
28.9
10,133
12,449
Ohio—Central and
15.2
502
16.7
81.9
2,285
76.2
4,565
21,994
16,930
419
New York
13.5
396
13.2
3,823
8.4
260
8.7
2,580
2,651
67
Seminole
Rest of State
Total Oklahoma-
•66
2.2
659
783
10.6
326
10.9
3,239
157.3
4,454
4,040
148.5
45,310
134.7
298.0
42,584
82,732
/
589.0
49.9
7,906
255.0
1,479
7,303
5,452
175.9
13,840
446.5
Panhandle.
2,049
66.1
Rest of State
8,125
262.1
37,372
1,205.6
West Texas
East Texas
Total Texas
336
Wyoming—Salt Creek.
514
16.6
801
25.8
1,315
42.4
Wyoming
United
Includes
States.
10.8
49.3
14,123
71,304
52,126
45,663
169.3
2,500
1,750
1,488
2,443
2,993
103
87
77
104
117
14
15
13
15
Utah
69
97
104
75
141
112
265
281
199
173
248
217
Virginia.
90,972 3,032.4 909,846 818,755
Shipments of anthracite for the month of November 1936,
as reported to the Anthracite Institute, amounted to 3,783,385 net tons. This is a decrease, as compared with shipments
during the preceding month of October, of 159,101 net tons,
or 4.04%, and when compared with November, 1935, shows
an increase of 914,895 net tons, or
31.89%.
Shipments by originating carriers (in net tons), are as
follows:
November,
1936
*
813,882
831,511
326,498
402,406
385,225
408,258
223,147
196,076
196,382
Pennsylvania RR
Erte RR
N. Y., Ontario & WesternRy
Lehigh & New England RR
I
54
72
1,864
1,271
405
632
776
154
120
101
155
184
1
2
s5
s5
7,498
6,353
10,878
1,896
12,774
3,783,385
J
October,
November
October
1936
1935
1935
828,128
858,279
589,533
302,971
425,835
410,108
452,771
237,417
192,033
180,565
566,626
497,249
225,917
363,098
325,351
319,178
265,508
182,968
122,595
403,133
319,160
423,303
416,450
206,892
202,964
3,942,486
2,868,490
3,681,252
912,658
*
*
9,568
1,004
10,058
1,220
920
776
10,176
1,385
10,572
11.278
8,418
7.129
11,561
Total bituminous coal
Pennsylvania anthracite
Grand total...
p
*
C. & O., Virginian, K. & M., B. C. & G.
& O. in Kanawha, Mason, and Clay counties,
b Rest of State,
s Includes Alaska, Georgia, North Carolina, and South Dakota.
Includes operations on the N. & W.,
a
and
the B.
on
Preliminary,
Less than
1,000 tons.
Higher
London
Market
261,538
General
Quotations
Brings
Domestic Metal
Uplift
in
"Metal and Mineral Markets" in its issue of Dec. 17 stated
that the advancing tendency
Even
though
of London prices for major non-
end of excitement in the domestic
no
speculation
abroad remains
an
im¬
portant factor in raising the price level, favorable news on
the state of trade
for forward
is
bringing
requirements
advance in copper was
condition
of
consumers
into the markets
The unexpected
larger scale.
a
on
brought about partly by the sold-up
publication further reported:
The
producers.
Copper
The
continued
The
the
to
in
the
London
here, resulted1 in
11c.,
advance
10
strength
copper
Valley.
came
so
is
This
suddenly
an
market,
that
and
a
unexpectd advance
the highest
strong
of the
price since Aug.
fabricators
were
unable
technical
domestic
12,
to
1930.
at
cover
%c. basis in anything like the volume that they had been permitted
occasions.
recent
on
Interest
still centers in the London market, which has up to the present
clearly foreshadowed all price movements that have taken place here.
Sales
on
Dec.
14,
44,693
tons
and
for the
first
half
show
another
consumption
1..
Totals
32
1,154
430
129
quotation to
Del., Lack. & Western RR
34
1,348
668
Other Western States.
position in
Delaware & Hudson RR. Corp
41
1,986
Wyoming
market.
■if.v
Central RR. of New Jersey
35
611
Northern, b
ferrous metals caused
November Anthracite Shipments Total 3,783,385 Tons
Reading Co.
29
1,913
Washington
West Virginia—Southern.a
37
46
Missouri, Mississippi, Tennessee, and Utah.
Lehigh Valley RR
764
13,233
243.4
5
95,795 3,090.2
39,709
51,775
442.0 140,634 147,334
61.3
17,664
1,838
18,754
244.4
61,561
7,330
71,903
34,812 1,160.4 354,370 324,348
328
10.9
3,302
3,218
494
16.5
5,064
5,216
25.1
753
6,159
6,581
41.6
11,375
1,247
11,645
5,081
5
Other.a
403
15
581.2 170,626 154,666
13,260
West Virginia
Rest of State
345
68,544
138.3
293.4
1,547
Pennsylvania
Texas—Gulf coast
s35
103
46,413
8,941
17,435
62
56
3,434
4,876
4,287
9,096
18,259
Oklahoma—Oklahoma City
2.2
329
Total Ohio
Total
3,755
83
52
s
Texas.
Tennessee
3,517
262
Eastern
Northwestern
a
514
470
New Mexico
Ohio
32,690
2,540
Montana
Total
4,440
Maryland
movement
on
sales
which day the advance
for the
of the
month
reduction in
was
week
total
world
was
amounted to
81,284 tons.
stocks.
first announced, totaled
74,912 tons.
Total
sales
The November statistics
The decline
in
domestic
apparent
not disturbing to the trade, because it is known that the
of metal
to
fabricators
was
retarded
by the shipping strike.
Volume
The
Financial
143
statistics
for
October
Production (Blister)—
Oct.
United States mine
United States scrap, &c.
Foreign mine
-
and
74,178
7,962
154,340
"
169,218
-
short
Production
follow:
tons,
Pacific, 4,075
3917
cars;
70,352
89,074
72,895
77,776
Foreign
North Western, 500 and 23 coaches; Burlington, 300; Denver & Rio Grande
Western, 100, while the Pennsylvania
repair
and
program,
repair program.
Totals
Shipments, Refined)
(Appar'tConsump'n)
Oct.
159,426
150,671
Foreign
97,716
States
7,677
has
inaugurated
!l5,
1936, 2.274c.
COMPOSITE
Lb.
2.274c.
a
One week ago
357,022 353,258
Totals
9,598
PRICES
One month ago
One year ago
(Based on steel bars, beams, tank plates.
wire, rails, black pipe, sheets and hot
These products represent
2.197c.
rolled strips.
2.130c.
85% of the United States output.
Low
High
which
strong influence on domestic sellers. The price here advanced to
5.50c., New York, and 5.35c., St. Louis, a net gain for the week of 30
points.
Demand
was
active,
sales
for
the seven-day period totaling
had
of lead in
London
above domestic parity last week,
was
a
slightly
On
than
more
Dec.
11
10,000
producers
announced
another
Louis.
that
On
the
By Dec.
5.30c., New
the basis of
to
10-point advance to 5.40c., New York,
2.274c.
Dec.
8
2.084c.
Mar. 10
1935
2.130c.
Oct.
1
2.124c.
Jan.
1934
2.199c.
Apr. 24
2.008c.
Jan.
2
1933
2.015c.
Oct.
3
1.867c.
Apr.
18
...1.977c.
Oct.
4
1.926c.
Feb.
2
29
-....i...
1932..,....;......
and
St.
5.35c.,
its
on
all producers were asking
and
St.
5.25c.,
Jan.
13
1.945c.
Dec.
2.273c.
Jan.
7
2.018c.
Dec.
1929
2.317c.
Apr.
2
2.273c.
Oct.
29
1928
2.286c.
Dec.
11
2.217c.
July
17
2.402c.
Jan.
4
2.212c.
Nov.
1927
brands
sold
East.
the
in
with the tone firm.
the top figure,
Dec. 15, 1936, $19.73 a Gross Ton
One week ago
One month ago
(Based
18.73
18.84
.
Zinc
Producers
Demand
as
of
zinc
fairly
was
nearby zinc.
points
Dec.
to
the
14
5.45c.
price
because
with
of
outset
of
the
to
that
16
a
done.
5.45c.,
to
St.
business
of
volume
10
the
the
week
standard
new
general
trend
in good
was
tons were
probably be established at the rate of 100
commodity
Business
prices.
Dec. 15,
on
done here
1
16.90
Jan.
Aug
27
16.90
Dec.
5
13.56
Jan.
14.81
Jan.
5
13.56
Dec.
6
15.90
Jan.
6
14.79
Dec.
15
1930
18.21
Jan.
_
3
7
15.90
Dec.
1929
18.71
May 14
18.21
Dec.
17
1928
18.59
Nov. 27
17.04
July
24
16
1927
19.71
Jan.
4
17.54
Nov.
1
Based
$16.50
One month ago
One year ago
No.
on
1
melting
heavy
steel
quotations at Pittsburgh, Philadelphia
and Chicago.
16.17
13.33
_
Low
High
1936
Demand' was for prompt as well
15
$12.67
June
9
1935...
13.42
Dec. 10
10.33
Apr.
23
1934
13.00
Mar. 13
9.50
The
1933
12.25
8
6.75
con-
1932
8.50
Jan.
12
6.43
July
11.33
Jan.
6
8.50
Dec. 29
1930
15.00
Feb.
18
11.25
Dec.
9
Jan.
29
3
the
during
forward metal.
as
caused much
traders.
among
May 14
May
1931
following
which date fully 800
on
scarcity of spot tin, resulting from the shipping strike,
oern
17.83
1931...
in
volume, particularly
bought.
cent
per
and higher,
firm
11
5
1932
Dec. 15, 1936, $17.33 a Gross Ton
was
Low
$18.73
Nov.
17.90
One week ago
tonnages, the market
and
Nov. 24
18.84
1933
Chicago,
Valley,
Steel Scrap
spite of the announcement by the Tin Committee that production for
the first quarter would
of
basic iron at Valley
Buffalo,
Southern iron at Cincinnati.
$19.73
.
Louis.
Tin
In
1
advanced
producer
one
was
second-quarter
on
[
1934
the price advanced
yesterday
Late
quarter business
well
as
until Dec. 14. Since
though there has been some
fair
1936
1935
level
for first-quarter delivery, and
actually
was
Dec.
strong
abroad.
forward
for
Philadelphia,
High
the
market
higher
week
has continued to advance,
On
of
advantage
the
anxious
consumers
holding
very
quotations.
first
on
further
take
to
metal
Louis,
5.35c., St. Louis,
business
his
in
the
St.
price
Irregularity
closed' at
the
active,
At
5.15.,
able
were
of
position
on average of
furnace and foundry irons at
$19.73j
One year ago
statistical
9
Pig Iron
which prices did not
Louis,
own
8
1930
Lead raised the price 20 points,
St. Joseph
obtains
that
premium
15
price
This price held until Dec. 14, when A. S. & R.
moving to 5.50c., New York,
•include
the
advanced
day, however,
1936
1931
tons.
York, and 5.15c., St. Louis.
sizable
•'
AGE"
"IRON
Lead
The price
large
a
a
Finished Steel
exports,
domestic copper only.
Central
Southern Pacific has ordered 28 locomotives and 1,175
THE
Dec.
173,635 163,190
United
buy 2,500 and conduct
may
York
New
additional freight cars, the Bessemer & Lake Erie, 12 locomotives, Union
178,018 171,291
179,004 181,967
Foreign
67,379
95,811
the
Railroad, four locomotives.
United States
Nov.
75,919
Totals
Totals
Stocks, Refined—
United States
Illinois Central, 2,000; Baltimore & Ohio, 1,500; Erie,
1,500; Missouri-Kansas-Texas, 1,150; Western Maryland, 750; Chicago &
(Refined)—
United States
63,491
10,762
84,697
10,268
Foreign scrap, &c__
in
November,
Nov.
62,603
9,697
Chronicle
Chinese tin, 99%, was
nominally
follows: Dec. 10th, 61.750c.; Dec. 11,
15th, 52.125c.; 16th, 62.250c.
as
$17.33
1929
Dec.
Aug.
Sept. 25
3
Jan.
5
Steel
51.250c.;
Ingot
14th,
Advances
Rate
Pressure
The
51.125c.;
"Iron Age" in
Get
to
to
79% Under
Out Orders
its issue of Dec.
17,
Heavy
reported
that
under extreme pressure to get out the tremendous tonnages
booked within the past few weeks, steel mills have increased
operations in every possible way, causing a rise in the average
ingot output for the country to 79%.
The "Iron Age"
reports show that three companies are operating at 100%
of rated capacity, several others are doing better than 90%,
and fully half of the integrated steel makers are producing
at higher than the average rate for the industry as a whole.
The "Age" further reported:
Although the present rate undoubtedly will continue for several week
At least, further expansion of production will be hindered
exist, principally in coke, pig iron and
has ample
to
by-product coke
by shortages thats
A large company, which
raw steel.
ovens for normal requirements, has been trying
purchase beehive coke for additional blast furnace operation,
expensive rebuilding.
Ooke shortage
will be
some
a
Dec. 31
13.08
Jan.
11
13.08
July
2
Nov. 22
The American Iron and
15c.
ton
a
the
for
.
deterrent to further pig iron
production,
and
Steel
Institute
on
Dec.
14
an¬
nounced that telegraphic reports which it had received indi¬
cated that the operating rate of steel companies having 98%
of the steel capacity of the
industry will be 79.2% of capacity
for the week beginning Dec. 14 compared with 76.6%, one
week ago, 74.1% one month ago, and 54.6% one year ago.
This represents an increase of 2.6 points, or 3.4%, from the
estimate for the week of Dec. 7.
Weekly indicated rates of
steel operations since Nov. 5, 1935, follow:
5
50.9%
52.6%
53.7%
Nov. 11
Nov. 18
Feb.
10
Feb.
Mar.
Dec.
2
Mar.
Dec.
9
Mar.
1936—
Jan.
6
49.2%
Jan.
13
.49.4%
Jan.
20
27
49.9%
49.4%
Feb.
3.....50.0%
"Steel" of
The shortage of ingots at many
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
May
May
May
May 25.....67.9%
17
Feb.
Nov. 25
55.4%
56.4%
55.7%
Dec. 16.. ...54.6%
Dec. 23.....49.5%
Dec. 30
46.7%
1936—
1936—
1936—
Nov.
active blast furnaces may be forced to go out soon
for relining, one already having done so.
17.58
Jan.
Beehive coke has advanced
grade and 25c. for the foundry grade.
furnace
there is fear that
Dec.
16.50
15.25
but the
limit of output by beehive ovens has virtually been reached unless there
is
14.08
1928
1927
12th,
51.625c.;
June
1
June
8
52.0%
51.7%
24
52.9%
2
53.5%
9..—55.8%
16
60.0%
23
53.7%
30
62.0%
6
64.5%
13
67.9%
20
70.4%
27
71.2%
4
70.1%
11
69.1%
18
69.4%
Cleveland, in its
Sept. 7
68.2% Sept. 14.
69.5% Sept. 21
70.0% Sept. 28
5
70.2% Oct.
74.0% Oct. 12
67.2% Oct. 19
.69.0% Oct. 26
70.9% Nov. 2
71.5% Nov. 9
71.4% Nov. 16
70.0% Nov. 23
72.2% Nov. 30
7
72.5% Dec.
71.5% Dec. 14
June 15
June 22
June 30
6
July
July
13
July
20
July
27
3
Aug.
Aug. 10
Aug. 17
Aug. 24
Aug. 31
summary
68.2%
72.5%
74.4%
75.4%
75.3%
75.9%
74.2%
74.3%
74.7%
74.0%
74.1%
74.3%
.75.9%
76.6%
.79.2%
of the iron and steel
Dec. 14, stated:
plants is shown by the fact that rail mills, though heavily loaded with
orders, are operating at only 50% for the present, as most of the rails on
markets,
the books will not be shipped until the first quarter.
but the national steel works operating rate increased one point to 77 M %
The Pittsburgh district rate has scored the sharpest advance this week
—four
90%
points
to
79%, but there has also been
Youngstown,
at
while
the
in
Chicago
capacity has been reached at 77 M %, and the
gain of two points
a
the
area
limit
of
some
other districts.
toy the sharpest advance in steel
single week in
on
a
and
50c.
at
scrap
prices that has been recorded within
At Pittsburgh the rise is $1.25
years.
substantial sale to
Chicago
a
a ton to
$19, based
mill, and there have been advances of 75c.
Philadelphia,
bringing
the
"Iron
Age"
at
is experiencing what,
by comparison, might
be termed
a
lull,
although the volume of incoming orders would still be considered good by
all normal comparisons.
For example, the first 10 days of December
brought orders to
some companies that were from
In the same period of November.
100 to 300% over those
Another illustration of the astounding
volume is that two weeks' business of
one
large producer
was
in
excess
of
that received in any comparable period on record, not
excluding the war¬
time and boom years like 1920 and 1929.
Buying has subsided principally in those products
quarter prices, such
as
longer obtainable
no
sheets, strip and wire products, while in
plates and shapes the protection of the low price to Dec. 31
construction
sales
totals
projects,
on
those
including
products.
automobile manufacturers,
railroad
equipment,
Meanwhile,
who did not
some
secure
such
as
of recent coverage is
have
that there
usually preceded
a
price
are
no
is
consumers,
new
prices.
upward of 18,000 freight
cars,
now on
the withdrawal of price protection
advance,
all
inquiry, will
Dec. 31.
previously published, the following have
pending
including
A striking
requirements'
orders
Thus the usual effects of speculative buying will be mitigated.
Railroad equipment buying is adding heavily to steel mill
to
on
bringing rising
enough sheets at the old
prices, have bought for February shipment at the
feature
suppliers'
is
and
soon
contracts,
being firm.
continue
to
undiminished
through
the
plants,
now
19,060
increased
units
to
119,455
from
the
previous
Advance buying of steel by Ford, Chrysler and Chevrolet
estimated sufficient for 2,100,000 models.
On this basis it is cal¬
Studebaker, which has reserved 40,000 tons, estimates it has saved
cars.
about $4 a car.
Railroad purchases, while not as heavy as in the week before last, still
active.
Denver &
Rio Grande Western ordered
Kansas City Southern, 8,000;
Erie 2,000.
Chesapeake & Ohio.
for the
Denver &
an
on
Southern Pacific ordered 28 locomotives and
Rio Grande Western 15.
extensive repair program,
cars
12,640 tons of rails;
Grand Trunk 3,500, and Wheeling & Lake
Car awards included 2,275 for the Southern Pacific and 2,000
and 1,800 locomotives.
Pennsylvania is reported considering
which
may
involve possibly 24,000 freight
One leading carbuilder has requested protection
250,000 tons of plates alone.
The
price advance
has
structural steel fabricators.
increase
of
10,053, and
brought in
large
a
volume
of Inquiries
from
Shape awards last week totaled 27,185 tons,
were
an
featured by the placing of 12,000 tons for
Republic Steel Corp.'s new stripnsheet mill.
Additional sheet producers last week found themselves unable to accept
further tonnage at fourth quarter prices.
The mills have turned down
siderable business because of the delivery situation.
con¬
However, by late last
week most large consumers had contracted for a large portion of their first
quarter requirements.
It is
estimated
that
the
daily
Nation from Dec. 1 to Dec. 10
average
was
of sheet orders
throughout the
between 25,000 and 30,000 tons.
One
large interest alone booked more than 100,000 tons of sheets in the first
orders, and
be placed owing
In addition to inquiries
come into
appeared likely
culated that the entire Industry has bought steel for more than 2,500,000
were
After the flood of orders in late November and early
December, the steel
at fourth
capacity
Automobile production, free from the adverse effects of labor trouble in
composite
price to $17.33, the highest since Jan. 29, 1929.
industry
of
greater part of this month and into January.
week's 100,395.
The rising trend of operations and unfilled orders has been
accompanied
a
Backlogs began to show signs of leveling off at their high peaks last week,
practical
be said for
same may
to
on
the market:
Missouri
nine
days
of the month,
and received requests for price protection
on
approximately 300,000 tons of shapes and plates.
Several
producers
of semi-finished
out of the market on tonnage
material
have
declared
themselves
to be shipped at fourth quarter prices.
Nearly
3918
Financial
all grades of bars and small shapes have been in heavy demand,
Chronicle
and in
Dec.
Operations in the
Pittsburgh'district
1936
19,
3 points to 75%: eastern
were up
certain districts it is reported little additional tonnage can be accepted for
Pennsylvania 1 to 49 M, and Youngstown 1 to 79.
shipment by Jan. 31.
92 and Cleveland 4 to 75Other districts were unchanged.
than in any recent
Demand for manufacturers' wire is better at present
December.
Tin plate operations are up slightly, averaging better than 95 to 100%
with
leading producer operating at 97.
a
made up of orders for early
Rolling schedules
1937 billing.
largely
are
,
A general advance in warehouse steel prices is expected to be announced
in the
near
future.
is up $5 a ton and
Light rails have been advanced $3
a
ton, ferromanganese
pipe discounts have been extended unchanged.
quarter price announcement is anticipated
soon
by
a
38-cent rise in "Steel's" composite.
advance puts
were up
ton to
a
No.
1 steel
with the nearest corresponding week of
$18-$18.50 at Pittsburgh; a number of grades
The iron and steel price composite is up 9 cents to $35.08.
Production
with the
years, togetner
approximate changes, in points, from the week immediately preceding:
average
It
with 121,170.
gross
period last
+ 4H
+ 1
64
—3
28
+1
38
+3
30X
+2K
M
35
+
14^
—1
24
—2
33
—1
56
—1
34
3% ahead of
1933
1932
33
14^
—1
15
25
—1^
26
...
1931
...
—1
63^
—
1928
80
—2
1927
67^
^
+ 1
64
37
1929.....
year.
-
44
1930
Eleven months' total production,
40% ahead of the 30,344,580 tons produced in the
was
87
47
70
November, 1935,
was
Total November output, 4,337,412 gross tons, fell 4% below
production of 4,545,001 tons.
42,487,717 tons,
Independents
+2K
+3
1934.
tons,
80
1935.
steel ingot production in November, 173,496
larger than in any month since September, 1929.
the October
U. S. Steel
Industry
The finished
1936
October's daily average, 168,333 tons, and 43% ahead of
same
previous
25 to 50 cents at Chicago; prices were boosted 5 cents to $1 in the
steel index remains at $53.90.
was
credited with
are
pecentage of
The following table gives a comparison of the
Boston district, and at Philadelphia No. 2 heavy melting steel was up to $14.
Daily
Leading independents
87%, against 82H % iu the preceding week and 813^% two weeks ago.
This third consecutive weekly
the index at $16.63, highest since September.
advanced 75 cents
down 4 to
U. S. Steel is estimated at 70%, unchanged from a week ago, and com¬
paring with 67% two weeks ago.
The strong upward price movement continues in scrap and is reflected
was
Steel ingot production for the week ended Dec. 14,fis
placed at 80% of capacity, according to the "Wall Street
Journal" of Dec. 17.
This compares with 77% in the pre¬
vious week and 75% two weeks ago.
The "Journal" further
reported:
A first-
in skelp.
Cincinnati
—1
79
+5
—3
65
-
.
70K
3>£
63
82
+4
+3
+3
Current Events and Discussions
New York City
The Week with the Federal Reserve Banks
Dec.
On Dec.
16 total Reserve bank credit amounted to $2,483,000,000, an
increase of $15,000,000 for the week.
creases
This increase corresponds with in¬
Dec. 9
Chicago
18 Dec.
Dec.
16
r
Dec. 9
18
Dec.
1936
1935
1936
1936
1935
$
The
daily average volume of Federal Reserve bank credit
outstanding during the week ended Dec. 16, as reported by
the Federal Reserve banks, was $2,496,000,000, an increase
of $18,000,000 compared with the
preceding week and a
decrease of $2,000,000 compared with the corresponding
week in 1935.
After noting these facts, the Board of Gov¬
ernors of the Federal Reserve System proceeds as follows:
16
1936
$
$
$
$
$
Assets—
Reserve with F. R. Bank
2,582
2,486
2,265
Cash in vault
61
61
61
38
39
39
Balances with domestic banks..
87
79
88
206
189
202
480
487
476
75
81
78
6,445
614
203
6,387
605
83
5,767
563
196
1,614
449
72
1,609
438
47
1,452
415
98
2,498
2,501
2,173
411
409
401
639
4
652
5
525
4
Other assets—net
623
627
616
Liabilities—
Demand deposits—adjusted
Time deposits
-
United States Govt, deposits—
Inter-bank deposits:
Domestic banks
Foreign banks
of $55,000,000 in money in circulation and $54,000,000 in Treasury
cash and deposits with Federal Reserve banks, offset in part by increases of
$16,000,000 in monetary gold stock and $7,000,000 in Treasury currency
and decreases of $57,000,000 in member bank reserve balances and $15,-
000,000
in
non-member
Member bank
reserve
deposits
balances
mately $2,050,000,000 in
Relatively small changes
other
and
Dec.
on
excess of
Federal
Reserve
reported in the System's holdings of bills
were
000,000 in holdings of United States bonds
An increase of $82,-
offset by decreases of $70,-
was
000,000 in United States Treasury notes and $12,000,000 in United States
Treasury bills.
The statement in full for the week ended Dec. 16, in com¬
parison with the preceding week and with the corresponding
date last year, will be found on pages 3952 and 3953.
Changes in the amount of Reserve bank credit outstand¬
ing and in related items during the week and the year ended
Dec. 16, 1936 were
as
follows:
Increase
(+)
or
Decrease {—)
Dec. 9, 1936
3,000,000
U. S. Government securities
Industrial
advances
(not
cities
and
2,430,000,000
$21,000,000 commitm'ts—Sept.16)
24
26
36
236
237
228
The condition statement of weekly reporting
+ 1,000,000
+2,000,000
on
25,000,000
—8,000,000
+ 9,000,000
...
+ 13,000,000
17,000,000
in
member banks in 101 leading
Dec. 9 shows increases for the week of
$135,000,000 in total loans
$13,000,000
$24,000,000 in demand deposits-adjusted,
investments,
deposits and $35,000,000 in vault cash, and decreases of $54,000,000
in time
Including
Other Reserve bank credit
325
1,458
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks themselves,
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
—2,000,000
8,000,000
Bills bought
421
1,4(>2
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
$
$
Bills discounted
...
Dec. 18, 1935
$
16, 1936
364
1,452
.
close of business Dec. 9.
1
Since
Dec.
■
-
Other liabilities.
accounts.
16 were estimated to be approxi-
legal requirements.
discounted, purchased bills and industrial advances.
Borrowings
Capital account
reserve
balances with Federal Reserve banks,
with domestic banks and
$55,000,000 in balances
$63,000,000 in deposits credited to domestic banks.
$59,000,000
Loans to brokers and dealers in New York City increased
Total Reserve bank credit..:
2,483,000,000
11,222,000,000
2,532,000,000
+ 15,000,000
+ 16,000,000 +1,124,000,000
6,552,000,000
6,674,000,000
Monetary gold stock
Treasury currency
+55,000,000
+650,000,000
—57,000,000 +1,237,000,000
Money in circulation
Member bank
reserve
balances
+7,000,0(31
+74,000,000
Treasury cash and deposits with Fed¬
eral Reserve banks
2,519,000,000
+54,000,000
—642,000,000
492,000,000
—15,000,000
—47,000,000
during the week, loans to brokers and dealers outside New
$10,000,000,
and loans
$2,000,000.
Holdings of acceptances
others
to
York increased
declined
(except banks)
and commercial paper bought in¬
declined
"Other loans" increased $13,000,000 in the
$7,000,000.
New York district, and $32,000,000 at aU
Holdings
Non-member deposits and other Fed¬
eral Reserve accounts
securities
$6,000,000, real estate loans increased $2,000,000, and loans to
creased
banks
on
of
United
reporting member banks.
Government
States
$11,000,000 in the Chicago district and
obligations
direct
increased
$9,000,000 in the Kansas City
district, and declined $10,000,000 in the Boston district and $7,000,000 in
the
Returns of Member Banks in
New York
San
anteed
Chicago—Brokers' Loans
Federal Reserve
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 hot be available until the
week.
Demand deposits-adjusted increased
IN CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
Dec.
16
Dec. 9
Chicago
18
Dec.
Dec.
16
Dec. 9
Dec.
18
1936
Loans and investments—total..
1936
1935
1936
1936
in
the
Time deposits declined $8,000,000 in the
Minneapolis district.
New York district, and increased $17,000,000 in the
and
$13,000,000 at all reporting member banks.
$
$
$
$
San Francisco district
Deposits credited to domes¬
$38,000,000 in the New York district, $13,000,000 in the
8,777
8,745
7,993
2,096
2,078
Increase
76,
Dec. 9, 1936
Assets—
984
886
1
59
41
38
28
701
757
141
141
147
Accepts, and com'l paper bought
141
136
169
14
13
16
Loans
130
130
124
14
14
16
27
25
45
6
6
5
1,529
1,464
1,167
397
388
253
U. S. Govt, direct obligations..
3,661
3,722
3,415
1,118
1,115
1,023
Obligations fully guaranteed by
United States Government...
447
454
376
98
97
95
1,060
1,054
995
266
265
240
-
or
Dec. 2, 1936
Decrease
(—)
$
Dec. 11,1935
'
$
+135.000,000 + 2,073,000,000
1
75
Loans to brokers and dealers:
1,028,000,000
222,000,000
Outside New York City
Loans
real estate
$
22,594,000,000
In New York City
726
Loans to banks
(+)
Since
1,823
Loans
(except banks)
A summary of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and the year ended Dec. 9, 1936, follows:
Loans and Investments—total
980
Outside New York City
on
securities to others
reporting member banks.
$
Loans to brokers and dealers:
In New York City
at all
1935
$
Assets—
on
securities
(except banks)
Accepts, and com'l
to
paper
bought.
Loans on real estate
Loans to banks
U. 8. Govt, direct obligations
Obligations
fully
guaranteed
+113,000,000
+ 53,000,000
2,022,000,000
330,000,000
1,154,000,000
56,000,000
4,100,000,000
9,192,000,000
—2,000,000
+ 6,000,000
+2,000,000
—7,000,000
+ 32,000,000
+19,000,000
—80,000,000
—27,000,000
+14,000,000
—18,000,000
+ 696,000,000
+ 976,000,000
1,246,000,000
3,244,000,000
+16,000,000
by
United States Government...
Other securities
+ 59,000,000
+10,000,000
others
Other loans
$32,000,000 in the Chicago district,
banks, and declined $24,000,000 in the New York district and $8,000,000
Philadelphia district, $11,000,000 in the Boston district and $63,000,000
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
Other securities
member banks showing a net
Holdings of obligations fully guar-#
$9,000,000 in the Atlanta district and $24,000,000 at all reporting member
tic banks declined
coming Monday:
Other loans
all reporting
district,
by the United States Government showed no net change for the week
Holdings of "Other securities" increased $16,000,000.
Below is the statement of the Board of Governors of the
on
Francisco
increase of $19,000,000 for the
City and
———...
+110,000,000
+ 236,000,000
Financial
Volume 143
Increase
(+)
(—)
Decrease
or
Chronicle
Chamberlain
3919
stressed
that
the
gold
Since
Dec. 9, 1936
Assets—
Dec. 11, 1935
Dec. 2, 1936
+ 293,000,000
be
a
temporary
"There is nothing permanent in this arrangement, since the
$
$
Reserve with Fed. Reserve banks. 6,317,000,000
would
increase
measure.
fiduciary
issue may be increased or decreased at any time."
436,000,000
2,457,000,000
—54,000,000
+ 35,000,000
—55,000,000
15,488,000,000
+ 24,000,000
"but I will tell him later if he desires."
5,050,000,000
450,000,000
+1,396,000,000
+13,000,000
+194,000,000
+ 1,000,000
— 2,000,000
6,218,000,000
447,000,000
—63,000,000
—3,000,000
It is stated that out of the £65,000,000 gold purchase,
£60,000,000 will be applied in reducing the fiduciary note
issue, while £5,000,000 will be used to increase the basis of
Cash in vault
Balances with domestic banks
Liabilities—•
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank deposits:
Domestic banks.
Foreign banks—
Borrowings
+ 57,000,000
William Thorne, Laborite, asked what the decision meant.
+ 115.000,000
+ 760,000,000
+ 6,000,000
—1,000,000
"I cannot explain that in answer to the question,"
credit.
A
Chamberlain said,
cablegram from London Dec. 15 to the New York
"Times" said:
George
Proclaimed KingTand Emperor—Succeeds
VIII, Who Abdicated Throne—Former
Monarch Made Duke of Windsor—New King Pledges
to Uphold "Honor of Realm"—Good Wishes Ex¬
tended George VI by President Roosevelt
VI
Edward
George
VI
proclaimed King and Emperor of Great
Britain on Dec. 12, following the abdication of his brother,
King Edward VIII, as indicated in these columns last week,
was
3762-63.
pages
throne
The Duke of York formally acceded to the
the morning
on
announced
12, and his accession was
of Dec.
throughout the Empire
coronation date for the
new
The
the same day*
on
King remains the same as that
VIII—
originally scheduled for the coronation of Edward
May 12, 1937.
One of the first acts of the new King was
to proclaim the former monarch the Duke of Windsor.
Ed¬
ward
left
England
immediately after his
and
abdication,
is temporarily residing near Vienna.
The text
of
the
accession
proclamation of the
of King
George VI follows:
Whereas,
by
December,
and his
Instrument
of
His
an
instant,
declare it his
Majesty,
former
irrevocable
Abdication
determination to
dated
King
the
day
Tenth
the
Edward
renounce
Eighth,
the
the
former
Majesty's Dominions is
now
High and Mighty Prince Albert Frederick
We,
therefore,
the
here assisted1 with
bers
Lords
Spiritual
these of His
Arthur George:
Temporal of
and
former
this realm,
being
Majesty's Privy Council, with num¬
of other
Principal Gentlemen of Quality, with the Lord Mayor, Alder¬
of London, do now hereby with one voice and consent
tongue and heart publish and proclaim that the High and Mighty Prince
and
man
of
citizens
Albert Frederick Arthur George is now become
Liege
Lord,
George
Ireland and
Faith,
To
the
Sixth,
by
the
Grace
the British Dominions Beyond
only lawful and rightful
our
God,
of
Great Britain,
of
do
we
the Seas, King, Defender of the
to reign
Given at
of
more
Our
St.
Lord
England is obvious.
necessity of seeking
fund.
James's
Palace this twelfth
Thousand
Nine Hundred
day of December
and
you
today in circumstances
which
without
are
history
of
I declare to you my adherence to the strict
me,
our
country.
Now that the duties
tional
government
of the
the Year
in
on
of
parallel
in
sovereighty have
the
fallen
principles of constitu¬
British Commonwealth of Nations.
and my
resolve
to
work before all
else for the welfare
Furthermore,
my first act on succeeding my brother will be to confer
Dukedom, and he will henceforth be known as His Royal High¬
the Duke of Windsor.
ness,
a
In his first message to Parliament, on Dec. 14, the new
King pledged himself to "do my duty" and to uphold "the
honor
of
the
realm."
This
address from
the
throne
read
I
have
succeeded
precedent and at
do
to
my
to
the
of great
moment
a
duty and I
am
in
throne
sustained
circumstances
personal
the
the
are
but I
without
am
resolved
am
England now amount to £313,660,000 at the old
85 shillings per ounce, whereas the current
price is about 142 shillings.
be
by
subjects here and through¬
my
constant endeavor, with God's help, and supported as I
dear wife, to uphold the honor of the realm and promote
my
my
happiness of all
It is further said that discount rates will be easier and the
$588,700
The
my
following message
was
on
addressed to the
new
King
Dee. 12,
King of Great Britain
behalf
of
extend to Your
Republic of Cuba, through Pablo Suarez, Consulof Cuba, is notifying holders of its external loan
The
30-year sinking fund 5%% gold bonds, issued under loan
contract dated Jan. 26, 1923, that $588,700 principal amount
of the bonds have been drawn by lot for redemption on
1937, out of moneys in the sinking fund, at 100%
Jan. 15,
of their par
Bonds
value, by J. P. Morgan & Co., as fiscal agents.
drawn
so
for
redemption will be paid at the office
agents on or after Jan. 15, 1937, after which
date interest on the drawn bonds will cease.
of the fiscal
the
people
unredeemed.
still
were
Finland
Only Nation to Make Dec. 15 War Debt Pay¬
to
United States—France Hopes to Effect
ment
and
the
government
a
of
With the exception of
on
their Dec.
Finland, all the foreign countries
15 installments due the United
defaulted
States
the
on
war
debts.
The
Dec.
15 installments,
States,
ing the payments in arrears, is in excess of $12,000,000,000,
was noted in Associated Press advices from Washington,
Dec. 15, which listed the indebtedness of the various coun¬
it
tries
as
follows:
$23,898,429;
Austria,
$432,042,469;
Belgium,
gold
currency reserve by £65,000,000, and at the same time to
reduce the fiduciary note issue of the Bank from
£260,000,000
temporary
In United Press advices from London the
measure
as
follows:
Hungary, $2,257,824;
Italy, $2,017,013,118; Latvia, $8,054,808; Lithuania, $7,207,793; Poland,
$244,789,002; Rumania, $63,949,966, and Yugoslavia, $61,625,000.
Finland is the only country of the debtor nations which is
The receipt of the Dec. 15 installment from
not in arrears.
that country was announced
on Dec. 15 as follows:
The Treasury received
today the
by the Treasury Department
sum
of $231,315.50 from the Govern"
Finland, representing a payment of principal in the amount
of
$67,000 and the semi-annual payment of interest in the amount of $145,-
In
long and happy reign.
In the House of Commons on Dec. 15 announcement was
made by Neville Chamberlain, Chancellor of the
Exchequer
that the Bank of England had decided to increase its
quoted
Czechoslovakia, $165,-
576,380; Estonia, $19,560,959; Finland, $8,448,982; France, $4,081,227,249;
1, 1923, and $19,030.50 as
Moratorium Agreement of
This payment represents the entire amount due from the
paid in cash though the Federal Reserve
York.'j
<
I
England Acts to Reduce Fiduciary Note Issue
$260,000,000 to $200,000,000 Through Pur¬
chase of £65,000,000 In Gold
£200,000,000.
ex¬
Finland's $213,315, totaled $154,880,658, which
amount, when added to previous defaults of $1,159,958,451,
brings total sums now due the United States to $1,314,821,109.
The total war debt owed the United States, includ¬
cluding
Bank of New
the United
From
a
Improved Economic Conditions—
Great Britain's Advices
Government of Finland and was
[&c], London, England.
Majesty sincere good wishes for
was
9,1936, $43,900
principal amount of the bonds of this issue previously drawn
May 23, 1932.
Bank of
"As
External Loan 5^6%
Jan. 15, 1937
the seventh semi-annual annuity due under the
1936.
FRANKLIN D. ROOSEVELT.
Chancellor
Cuba
285.00 under the funding agreement of May
Dec. 12:
Majesty, George VI,
On
of
General
peoples.
by President Roosevelt
to
Republic
of
Gold Bonds Drawn for Redemption
ment of
His
of
operation will, provide ample cover for expansion of the note
issue during the Christmas shopping week.
supported
world.
will
It
shall be
distress,
which
by the knowledge that I
by widespread goodwill and sympathy of all
out
increase the amount of the
Great Britain, $5,107,446,980; Greece, $33,399,686;
follows:
as
powers to
the Bank of
Dec. 12,
With my wife as helpmeet by my side, I take up the heavy task which
lies before me.
In it I look for the support of all my
peoples.
him
thereby conduct its operations without the
fcRtt
Settlement With
on
on
can
||hn
valuation
said:
»
It
parliamentary
The cablegram added that the reduction in the fiduciary
means that of the total active note issue of £458,852,044
well over 100% is covered in gold, for the gold holdings of
God Save the
Thirty-six.
King George, in bis initial public statement
meet
existing today the advantage of making
by transferring part of its gold to the Bank of
issue
King.
I
the fund
us.
over
One
in
room
Attention is called to the fact that on Dec.
acknowledge all faith and constant obedience with all
hearty and humble affection: Beseeching God, by whom Kings and Queens
do reign, to bless Royal Prince
George the Sixth with long and happy
years
Moreover, it is well known that this fund holds substantial gold resources,
and in the abnormal circumstances
Emperor of India:
whom
.
Advantage of Fund Transfer
of
did
and rightfully come to
solely
£40,000,000 British
credit to France.
descendants, and the said Instrument of Abdication has now taken
His
The Exchange Equalization Fund has just received
-suddenly acted.
large amount of French gold in repayment of the
a
throne for himself
effect, whereby the Imperial Crown of Great Britain, Ireland and all other
of
There is much speculation, but no official explanation of why the Govern¬
ment
fault
a
informing the United States that it would de¬
its Dec. 15 installment, the French Government
note
on
expressed hope that improved world economic conditions
would permit it to open negotiations with a view to an ac¬
ceptable arrangement for settlement of the debt.
As to the
French note, sent in reply to a notice addressed to the French
Government on Nov. 27 by the State Department, advices
from
Washington, Dec. 14, to the New York "Times" of
stated:
Dec. 15,
The note, delivered to Acting
all
doubt
that
such
negotiations would eventually be opened, through
diplomatic channels.
Notes Better World Conditions
.
it has been decided to increase the amount of
Secretary Moore of the State Department
by Ambassador de Leboulaye, was believed by observers to have removed
After remarking Mr. Moore's offer to discuss any proposals that France
gold held in the issue department of the Bank of England by £65,000,000,"
"Such a step by Itself would mean the sharpest expansion of
desired to make, the note continued:
the credit basis, for which there is no justification at present.
been
he explained.
"Therefore, at the request of the Bank of England 1 have directed that
the fiduciary issue be reduced by £60,000,000, thus limiting expansion to
small dimensions "-j
The French
so
kind
as
Government thanks the American Government for having
to renew these assurances.
Therefore, desirous of promising only what it will be able to perform, it
regrets profoundly that the distressing economic depression which the
countryhas just undergone and the state of world relations do not permit
it as yet to present any proposals.
Financial
3920
Such proposals, in view of the disequilibrium of the
the balance of payments, might have an influence on
balance of trade and
its effort toward re¬
and might compromise the beneficial effects of the international
monetary understandings in'which it has been happy to participate re¬
cently.
L
►
It hopes that these cooperative understandings, together with the im¬
provement of world economic conditions, and also the triumph of the demo¬
cratic thesis which it is endeavoring to sustain by the limitation or arma¬
ments, will permit it to open, through normal diplomatic channels, nego¬
tiations with a view to an arrangement acceptable to both countries which
would strengthen their bonds of friendship and of confidence, to the benefit
covery
.
,
of the welfare and the peace of the
peoples.
notify the United
Britain.
The
Great
its Dec. 15 payment was
on
1936
19,
repeatedly to buy and sell, repurchase and
the New York Curb Exchange Bellanca Aircraft Corporation
on
substantially the
of
same
resell
stock at
prices, for the purpose of creating the impression
wide-spread activity in said security."
Mr. Green held that Mr. Meehan, acting along and "through confeder¬
ates and associates" and
employing
devices to conceal his identity,
numerous
succeeded in creating an appearance of widespread activity.
Through this activity, the examiner contended, Mr. Meehan
to induce the
was
able
purchase of Bellanca by others.
not present at today's proceedings.
was
to be ill in New York State.
He is understood
He.was represented by his counsel, Monroe
Goldwater.
British Government sent the following com¬
munication:
Dec.
ious"prefessional traders
Mr. Meehan
One of the first of the debtor nations to
States it would default
Chronicle
Reference to the
inquiry appeared in thefee columns Nov.
2, 1935, page 2816, and Nov. 9, 1935, page 2980.
British Embassy,
Washington, D. C.
*
December 10, 1936.
-
SEC Permits
State of the United
The Honorable E. Walton Moore, Acting Secretary of
States, Washington:
Sir:
tions
with
accordance
In
instrutions
His
from
Majesty's
principal
under the provisions of the
debt agreement of the 19th June, 1923, and the
moratorium agreement of the
4th of June, 1932.
United States Government
is fully disposed to discuss any proposals which his Majesty's Government
may decide to put forward in regard to the payment of this indebtedness,
I
with
a
view to the eventual submission of such
Congress.
I
am to
assure you
proposals to the American
in return that His Majesty's Government
whenever circumstances
satisfactory result might be reached.
will be ready to reopen discussions on the matter
are
such
as
to'
warrant the hope that a
the highest consideration, sir, your most
I have the honour to be, with
Previous reference to the war debt payments
was
made in
issue of Dec. 12, page
our
LINDSAY.
R. C
obedient, humble servant.
3769.
of New York,
Bank
such exchange in
on
that
such
after
due Dec. 1, 1936, holders
15, 1936, of interest coupons
$22.06 with respect to each $32.50 coupon and
will receive
$11.03 with respect to each $16.25 coupon.
•• Ut-'
V/'v
♦
' "-:V.i
■
\
Protective Committee Formed for Republic of Panama
5% External Gold Bonds, Series A
A
committee
protective
been formed, with Peter
White & Sons, as Chair¬
and effective action looking
has
Grimm, President of William A.
man,
to provide concerted
toward the enforcement of the rights of holders of Republic
35-year 5% external secured sinking fund gold0
bonds, series A, it was made known Dec. 14.
This action
was taken due to the complete default in payment of the
interest due on these bonds Nov. 16,1936, following previous
of Panama
partial defaults., the announcement said.
Other
J.
members
Beinecke,
the committee,
of
Eliot
Berkwit,
E.
erick Stephens and Dr. Max
New York, is Secretary for
in addition to Mr. Grimm,
Harold Riegelman,
Winkler.
M.
A.
Edwin
are
Shipman,
Rod¬
George M. Englar, 15 William Street,
the committee, and Kadel, Van Kirk & Trencher,
New York, are counsel.
The
committee
is
holders
to
requesting
Order
not
United
of
requesting
deposit
communicate with
Rearranged
States
in
of
it for
bonds
at
but
present,
is
further information.
Government
Printing JPrices
on
Bonds
Ticker
to
Be
After
Close of Market
The New York Stock
beginning
some
Exchange announced Dec. 17 that
time next week, it is planned to change the
order of United States Government bonds in printing the
bid and asked prices on the ticker after the close. The new
order, the Exchange said, will be
according to maturity dates.
a
accordance with its rules, subject to the requirement
exchange shall
promptly notify the
Commission of any such
suspension or termination, the effective date thereof and the reasons there¬
Prior to this amendment, RuleJF3 had provided that unlisted trading
for.
privileges could be suspended only for a 30 day period.
Sub-paragraphs (1) and (2) of Rule JF4(,c) have been amended to pro¬
Act for
securities admitted to unlisted trading privileges pursuant to Clause
3 of
(Clause 3 became effective Nov. 27, 1936).
Act.
amendment also eliminates all references to Clause 2 of
present
the Act, since under the rule
no
exemptions would be avail¬
securities admited to unlisted trading privileges under
able in the case of
thisjciause.
These amendments to the rules take effect immediately.
Member
chronological arrangement
Trading
on
New York Stock and
New York
Curb Exchanges During Week Ended Nov. 21 Above
bonds, due June 1,1952, that, upon presentation on or
SU.
on
is
agent,
notifying holders of Municipality of Panama (Republic of
Panama) external 25-year secured sinking fund 6%% gold
Dec.
v'-"'
Exchange Commission announced
has been amended so as to permit any national securities
Rule JF3(c)
Section 12(f) of the
fiscal
Unlisted
to
V
vide for certain exemptions from the operation of Section 16 of the
due Dec. 15
Municipality of Panama Offers Portion of Dec. 1
Coupons on External 6^%
Gold Bonds Due
June 1, 1952
City
Admitted
>
exchange to suspend or terminate unlisted trading privileges in any security
The
National
Terminate Un¬
Exemp¬
Provides
curities Exchange Act of 1934 governing unlisted trading
privileges on exchanges.
The Commission said:
Section 12(f) of
The
Securities
or
Dec. 15 that it has amended two of its rules under the Se¬
for your assurance that the
to thank you
am
Certain
The Securities and
the receipt of your note of the 25th
the amounts due from
to
Trading
Secretary of State for Foreign Affairs, I have the honor to acknowledge
November enclosing a statement of
His Majesty's Government in the United Kingdom
Exchanges to Suspend
Trading Privileges—Also
listed
Previous
Week, According to SEC
Following the decrease during the previous week, trading
on the New
York Stock and New York Curb Exchanges
for the account of all members, except odd-lot dealers, in
relation to total transactions on the Exchanges increased
during the week ended Nov. 21. The Securities and Exchange
Commission announced yesterday (Dec. 18) that member
trading on the Stock Exchange during the latest week of
5,931,743 shares, in 100-share transactions, was 19.28% of
total trading on that Exchange of 15,381,540 shares; during
the
preceding week ended Nov. 14 (which included the Armis¬
holiday—Nov. 11), trading for the account of Stock
Exchange members totaled 5,115,513 shares, or 18.94% of
tice Day
total transactions of 13,500,700 shares.
In
making available the figures on trading on the New
Exchange during the week ended Nov. 21, the
York Curb
SEC also
published the data covering the preceding week of
which had been detained a week ago. Trading by
Curb members for their own account during the latest week
amounted to 1,487,085 shares, or 20.37% of total transac¬
tions of 3,650,738 shares, while the previous week the'
member trading (.of 1,107,111 shares) was 17.65% of total
trading of 3,136,129 shares.
The data issued by the Commission are in the series of
current 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 Segre¬
gation of the Functions of Broker and Dealer." The figures
for the New York Stock Exchange for the week ended Nov. 14
were given in our issue of
Dec. 12, page 3764; the data for
the New York Curb Exchange for the week of Nov. 14 is
given below. In making available the data for the Curb
Nov. 14,
for the week ended Nov.
14, and for the Curb and Stock
Exchanges for the week ended Nov. 21, the Commission
♦
stated:
Findings by Trial
Examiner in Meehan Inquiry Pre¬
to
Allege Maintenance of
Misleading Market in Stocks ^of Bellanca Aircraft
Corp.
sented
to
SEC—Said
A report by Trial Examiner William Green covering
the
inquiry into trading by Michael J. Meehan, stock trader of
New York in the common stock of Bellanca Aircraft Corp.
was presented to the Securities and
Exchange Commission
on Dec. 15, during oral arguments on the examiner's find¬
ings.
In their arguments, lawyers for the Commission are
said to have upheld the findings, which, it is reported,
allege practices tending to create a misleading appearance
as
The figures given for total round-lot volume for the
Exchange and the New York Curb
all round-lot sales
from
the week
ended Nov.
was
York
21
on
Exchange,
total
In the
same
arguments, Mr. Meehan's counsel attacked the report and
the contentions
of the
commission's
counsel
as
being "a figment of the
imagination" and Contended that Mr. Meehan had not violated the
and that the commission's agents had gone at the case with
notionfof Mr. Meehan's guilt
a
round-lot
the New York Curb
sur¬
Associated Press accounts from Washington in reporting
the Examiner's
findings said:
15,381,540
the ticker.
in
the
On the
same
week,
Exchange amounted to 8.9%.
The data published are based upon reports filed with the New York Stock
These reports
are
classified
as
follows:
N.Y. Stock
N.Y.Curb
Exchange
Exchange
N.Y.Curb
Exchange
Week End.
—Week End. Nov. 21—
Number of reports received
Nov. 14
1,075
864
189
105
105
357
127
125
440
217
183
360
459
497
864
Reports showing transactions
As
specialists
Other than
Initiated
as
on
specialists:
floor
Initiated off floor
Reports showing
no
transactions,...
....
The number of reports in the various classifications may total more than
the number of reports received because, at times, a single report may carry
entries in
*
"During the peripd specified in the Commission's bill of particulars,"
the report said, "respondent (Meehan), directly or indirectly, caused var¬
Exchange,
on
volume
Exchange and the New York Curb Exchange by their respective members.
preconceived
to which they fitted the circumstances
Stock
3,650,738 shares, exceeded by 11.4% the ticker volume (exclusive of rights
and warrants).
The corresponding excess in the week ended Nov. 14 on
act
rounding his connection with the Bellanca Company and stock.
of
distinguished
The total round-lot volume for
the New York
to the market for the stock in violation of the Securities
Exchange Act of 1934.
In a dispatch to the New York
"Times" from Washington Dec. 15 it was stated:
those Exchanges as
12.8% larger than the volume reported
Curb
New York Stock
Exchange represent the volume
on
the volume reported by the ticker.
shares,
New
of stock effected
more
than
one
classification.
On the New York Curb Exohange the round-lot transactions of specialists "In
stocks in which registered" are not strictly comparable with data similarly desig¬
nated for the New York Stock Exohange, since specialists on the New York Curb
Voium*
143
Financial
'
*
'
•••..'
•
• '
.
as well as
those of the specialist.
The
Present
In
YORK
STOCK
FOR
EXCHANGE—TRANSACTIONS
ACCOUNT OF MEMBERS*
Week Ended Nov. 21,
ALL
IN
STOCKS
(SHARES)
1936
Per
Cent
Week
on
the Exchange
a
16,381,640
Round-lot
transactions of members except transactions of
specialists and odd-lot dealers In stocks in which registered:
1. Initiated on the floor—Bought
1,049,670
Sold
New
commenting
the increase during the past two years
on the New York Stock
Exchange
a
corersponding increase in brokers' loans, the
December "Bulletin" of the New York Stock Exchange
states that "this is eminently a cash market, and as such is
relatively devoid of that major characteristic of speculative
inflation, the use of borrowed money."
The "Bulletin,"
made public on Dec. 15, says in part:
years
726,461
Total
4.23
1,300,083
tered—Bought
1,281,410
1,312,470
Sold
Total....
8.43
records of brokers' loans do not
run back for very many
years, but within
their span, a sustained advance in market values of this character unaccom¬
period,
brokers'
shares has
now
course
loans
19.28
5,931,743
In round lots—Bought-
Total
783,400
Bankers'
This is
eminently
2,015,994
Nov.
Total
Including special partners.
a Percentage 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 transac¬
tions includes both purchases and sales while the total Exchange volume includes
only sales.
30
MEMBERS*
OF
IN
Week End. Not. 21
on
Total for
Per
Cent
Week
a
3,650,738
transactions
a
the
Exchange
Round-lot
STOCKS
WeekEnd.Nov. 14
Per
Cent
Week
Total volume of round-lot sales effected
ALL
(SHARES)
Total for
3,136,129
199,655
96,477
107,875
of
members, except
transactions of specialists In stocks In which
registered;
1. Initiated on the floor—Bought...
Sold........
180,875
Total
380,530
Initiated off the floor—Bought
5.21
204,352
148,197
125,618
Sold
Total
3.26
122,212
84,537
3.75
273,815
206,749
3.30
in which registered—Bought
382,777
309,650
449,963
Total
Third
for
Nov.
30
11.41
848,338
over
announced
on
204,562 higher than that for Sept. 30 of $315,000,590, which,
in turn, was $6,888,449 above the $308,112,141
outstanding
on
Aug. 31.
Although increasing during November, the
acceptances on Nov. 30 were $38,320,221 below those out¬
standing on Nov. 30, 1935.
During November, this year, increases occurred in all
classifications of acceptance credits excepting dollar exchange
and those based on goods stored in or shipped between
foreign countries.
In the year-to-year comparisons, only
credits created for imports and domestic shipments were
higher than on Nov. 30 a year ago.
The following is the
report for Nov. 30, 1936, as issued by the New York Reserve
Dec. 14:
on
ACCEPTANCES
BY
11.09
FEDERAL
Total
'
•
.
1,487,085
20,37
Nov. 30, 1936
1,107,111
17.65
which
registered—Bought
191,998
Total
427,898
♦The term "members" includes all Exchange members,
partners, including special partners.
of
members
their firms
transactions
is
Cleveland
Atlanta
7. Chicago
8.
and their
St. Louis
9. Minneapolis
10. Kansas City
In
cal¬
compared with
twice the total Exchange volume for the reason that the total of members
tions Includes both
6.
376,544
Percentage of members transactions to total Exchange transactions.
culating these percentages the total
3. Philadelphia
5. Richmond
200,325
176,219
New
Nov.
24,149,142
30
Reserve
Compares
Bank—Total
of
on
Dec.
following announcement showing the total value of
outstanding on Nov. 30:
commercial paper
Reports received by this Bank from commercial paper dealers show
Domestic warehouse credits
Dollar exchange
Based on goods stored in or
$105,186,691
84,096,839
10,697,165
100,725,976
76,548,201
83,687,992
on
Oct. 31,
Oct.
$198,800,000
31
Jan.
31
BILLS
'
$170,900,000
1934—
Apr.
30.
197,300,000
Dec
31
166,200,000
Mar. 31
Nov. 30
177.900,000
Feb.
28
July
31
187,600,000
Oct.
31
187,700,000
Jan.
31
84,600.000
June 30
168,700.000
Sept. 30
May 31
184,300,000
Aug. 31
192,000,000
188,100,000
Dec.
Apr.
173,700,000
July
168,400,000
Nov. 30
180,200,000
June 30
151,300,000
Oct.
1932—
31
31
Feb.
29
175,600,000
May 31.....
141,500,000
Sept. 30
Jan.
31
177,721,250
Apr.
139,400,000
132,800,000
Aug. 31
July 31
1935—
30
Mar. 31
Dec. 31
171,500,000
Feb.
28.....
117,300,000
June 30
Nov. 30
178,400,000
Jan.
31
108,400,000
May 31
Oct.
31
180,400,000
Sept. 30......
183,100,000
Dec.
31
108,700,000
Mar. 31.
Aug. 31
176,800,000
Nov. 30
133.400,000
Feb.
29
July
163,600.000
Oct.
31
129,700,000
Jan.
31
1933—
Sept. 30
Dec.
Apr.
May 31
173,000,000
Aug. 31
Apr. ,30
173,000,000
July
31
122,900,000
107.400,000
96,900,000
Mar. 31
181,900,000
176,700,000
June 30
72,700,000
159.300,000
-
30
MARKET
Dealers'
31
Oct.
31.....
Buying
Days—
RATES
ON
PRIME
14,
BANKERS
ACCEPTANCES
1936
100,400,000
103,300,000
111,100,000
107,800.000
105,606,000
102,818,000
107,902.000
90
The
Dealers'
Days—
Buying
Dealers'
Rale Selling
3-16
120
3-16
150
%
180
*4
Rale
5-16
3-16
5-16
following table, compiled by
the volume of bankers' acceptances
5-16
X
furnishes a record of
outstanding at the close
us,
of each month since Nov. 30,1934:
1935—
1934—
Nov. 30
Dec.
31
.$561,380,541
.
543.385,189
Jan.
31
.
28
.
Mar. 30
30
May 31---.
Apr.
June 29
July
31..
Aug. 31_.
Sept. 30-.
1935—
Feb.
117,714,784
173,684,384
210.000,000
Dealers'
Rate Selling- Rate
X
X
X
30
60
81,100,000
109,500,000
113,200,000
110.100,000
108,100,000
1931—
Nov. 30
$309,324,135
$12,987,992
r
Increase for month
64,000,000
71,900,000
84,200,000
Mar. 31
.
Total
$60,100,000
205,200,000
_.
BANKS
..5157,151,454
152.172,681
DEC.
..
Sept. 30
31
BY ACCEPTING
BUls of others.
1933—
May 31.
Aug. 31
30
HELD
Own bills
CURRENT
1931:
1935—
8191,300,000
2,979,048
shipped
a
figure for Nov. 30 compares with $198,800,000 of
commercial paper outstanding on Oct. 31 and with $178,400,000 outstanding on Nov. 30, 1935.
Below we furnish
a record of the figures since they were first
reported by the
1936
Nov. 30, 1935
76,010.759
Domestic shipments
Nov. 30,1936.
This
Reserve Bank
1936
$109,921,036
67,008,011
9,995,182
65,111,9S8
1,620,734
between foreign countries
Nov. 30.
Oct. 31,
$111,665,054
77,349,139
13,232,970
69,473,310
1,322,258
Exports.
The Federal Reserve Bank of New York issued
on
NATURE OF CREDIT
Nov. 30, 1936
Imports
market paper outstanding
$387,373,711
Decrease for year, $38,320,221.
$198,800,000
Oct. 31
total of $191,300,000 of open
2,644,285
19,598,244
Reported
as
with
530,720
2,507,138
$330,205,152
month, $18,848,338.
ACCORDING TO
Federal
York
$191,300,000
3,925,920
151,463
1,090,932
18,329,051
1,432,201
2,300,079
6,413
2,290,688
21,355,326
Grand total.....
Increase for
Paper Outstanding
12,655,327
transac¬
purchases and sales while the total Exchange volume includes
Commercial
$29,914,023
290,839,452
13,723,648
3,393,535
908,024
3,821,365
19,493,277
235,790,150
~2~,~3~2~7~02<r
12. San Francisco
Nov. 30, 1935
$30,877,602
-
11. Dallas.
only sales.
of
Oct. 31, 1936
$34,234,767
247,026,727
13,127,126
4,055,763
408,283
1,420,797
18,901,467
1,025,357
2,377,035
2. New York
4.
235,900
STATES
DISTRICTS
•"*
1. Boston
Odd-lot transactions of specialists in stocks in
Sold....
OUTSTANDING—UNITED
RESERVE
•
528,339
578,772 '
This is the third
consecutive month in which acceptances outstanding were
above the previous month.
The Oct. 31 figure was $15,-
BANKERS DOLLAR
696,010
730,629
756,456
Month—Total
outstanding bankers' dollar acceptances on
to $349,053,490, an increase of $18,the Oct. 31 figure of $330,205,152, it was
Dec. 14 by the Acceptance Analysis Unit of
386,360
832,740
Sold
28
Consecutive
amounted
Total round-lot transactions for accounts of all
members—Bought
the Ex¬
as
The volume of
Bank
Round-lot transactions of specialists in stocks
Sold
on
Reported at $349,053,490—Is Below Year
the Federal Reserve Bank of New York.
FOR ACCOUNT
Feb.
market, and
Ago
3,882,290
♦The term "members" includes all Exchange members, their firms and their part¬
ners,
June 30
cash
a
Acceptances Outstanding Increased During
November
Sold
EXCHANGE—TRANSACTIONS
the
The value of listed
of borrowed money.
1,866,296
CURB
* * *
with
risen to levels similar to those that prevailed in the latter
Bought
YORK
*
during the 1926-1929
correspondence
middle of 1934, despite the fact that the value of shares listed
use
466,600
316,800
In odd lots (including odd-lot transactions of specialists):
31
in
such is
relatively devoid of that major characteristic of speculative inflation, the
Sold
16 the
values
regularly
That has not been tnie this time.
change has doubled.
registered:
by
of the advance in
fluctuated
part of 1928, but brokers' loans are less than one-sixth of what they were
then.
Moreover there has been no net increase in these loans since the
Transactions for account of odd-lot dealers in stocks in which
Value
But where the advances in the earlier period
paralleled by expanding brokers' loans, the advances during the past
have proceeded without corresponding increases in loans.
The
Throughout the
2,904,602
3,027,141
Total
rapid advance
years
changes in value.
Sold
the New York
on
a more
panied by corresponding increases in loans is substantially unique.
2,593,880
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which registered—Bought..
This is
than any that took place during the "bull" market that reached its
peak
were
Round-lot transactions of specialists in stocks in which regis¬
a
the value of stocks listed
in the latter months of 1929.
two
2.
on
During the past two
573,622
.
NEW
"Eminently A Cash Market"
Exchange "Bulletin"
Stock
Stock Exchange has approximately doubled.
6.62
2,037,780
2. Initiated off the floor—Bought
Sold
2.
York
in the value of stocks listed
988,210
Total
1.
Market
without
Total for
Total volume of round-lot sales effected
3921
Stock
Says
following is the data issued yesterday by the Com¬
mission:
NEW
Chronicle
''''
•
Exchange perform the functlonsfof[the New York Stock Exchange odd-lot dealer
.
.
.
.
515.812.657
492,764,805
465,860,016
413,372,771
374,755,247
343,285,933
Oct.
31..
Nov. 30-.
Dec.
31-.
1936—
.$320,890,746
321,807,411
327,834,317
362,984,286
387,373,711
31-.
Feb.
29..
31-....$359,004,507
Apr. 30
.
May 30
.
.
343,694,299
330,531,460
316,431,732
31..... 315,528,440
June 30
July
.
396,957,504
Aug. 31
.
384,146,874
Oct.
31
330,205,152
.
376.804,749
Nov. 30
349.053,490
1936—
Jan.
Mar.
.
308,112,141
Sept. 30..... 315.000,590
Financial
3922
High for Recovery Since 1929 Expected, According
to National City Bank of New York
New
Referring to the business news of the previous month as
of the kind
generally associated with a boom than a
more
National City Bank of New York, in its
"Bank Letter," goes on to say that while good
depression,
the
December
that the word "depression" no
exists for the opinion
reason
"re¬
gretfully be used in connection with the unemployment and
longer applies to the general business situation it must
conditions in
points out that not since the years prior to 1929
has there been such a flood of wage and dividend increases
1936
19,
Dec.
syndicate
including
Murphy & Co. and Mahan, Dittmar & Co., offered
$2,660,000 of 3% bonds of the institution, due Jan. 1, 1942,
optional 1939, at 101, to yield approximately 2.50%.
The
proceeds of this offering, together with a loan of $600,000
Simultaneously with this announcement, a
by Webster, Kennedy & Co., Inc., and
headed
G.
M.-P.
from the Reconstruction
Finance Corporation, will be used
redemption of the 5% bonds.
This refinancing results
a net saving to the bank of $62,200 per annum in interest
for
in
The bonds are totally tax exempt.
charges.
few of the industries."
a
4
Chronicle
The bank
and
special
distributions both for
In part, the bank continued:
year-end
shareholders.
in
have
December,
exceeded
of
those
November, mostly pay¬
month on record,
total in the neighborhood
other
any
according to preliminary figures which indicate a
of
$800,000,000.
.
.
.
Overlooking the doubt
and
for
goods,
capital
workers also
in the
long
tions
are
will represent
and
market,
.
industries
doing
are
ers
trade
to
greater cash disbursement than the distribu¬
a
.
.
are
giving
The farm¬
work at higher wages.
more
well, with a liberal movement of livestock and cotton to
increased sales of dairy and poultry products, all at good
Finally, the
rise in commodity markets, especially in industrial raw materials, is an
outstanding and important development.
It has stimulated forward buying
not only in raw materials but in manufactured goods also, since finished
goods now have to be marked up in price to cover the increased cost of
materials and higher wages; and, of course, it gives an increased income
to the producers of these staples, both in this country and abroad.
They
prices.
also receiving soil conservation payments.
are
Opposed to Promiscuous Chartering of Banks
'
designed "to reduce the promiscuous chartering
Executive Committee of the
National Association of Supervisors, it was made known
Measures
of banks will be sought by the
in press
that the
advices from Washington on Dec. 9, which stated
present
is unquestionable.
Moreover,
benefiting, and payments to labor are taking a jump which
run
the
Thus
restraining
stimulus
the
stockholders.
to
of forcing these extroardinary dis¬
effect on corporate expenditures
to wisdom
as
the possibly
bursements,
Bank
dividend declarations during
Publicly-announced
able
Expressed by Executive Committee of State
Supervisors Over
Promotion by Federal
Government of Savings and Loan Associations—
Concern
workers and
Supervisors of the 48 State banking systems are
plan to draft legislation was announced by Luther A.
Harr, Secretary of Banking for Pennsylvania and Chairman
of the executive committee of the association.
Past and
members of the association.
proposed action was authorized in a resolution adopted
The
said:
announcement
Our committee considers the
vital
of
institutions
We
working for complete coordination of
are
Members of Los
Association
of
interest
Los
the
of
Deposits Adopted by
Clearing
Angeles
House
rates
regarding the new rates, which will apply
City of Los Angeles, is from the Los Angeles "Times"
following
in the
present annual rate of 2% on term savings will continue unchanged
The
accounts
ot'
all
on
balances
be
1%%.
be
will
the
of
excess
On
%
in the City
accounts
in
amounts
After
deposit
$3,000, which, it has been estimated, include over 90%
to
up
savings
annum.
the
first
1%
of
over
per
to $10,000 after Jan.
up
$10,000 the maximum
the
of
The maximum
Los Angeles.
of
$3,000 and
the
rate
and
on
1%>
rate will be
certificates
annum
on
of
1%
annum.
per
Bank
the
are
Clearing House Associa¬
Trust & Savings
National
of America
it to be a basic principle of a
encourage
the
compete with
chartered
sending out
repre¬
their formation.
to
itself to
to
Not only are such associations being
sentatives
confine
associations
and loan
Government agency in charge is actually
freely; the
supervisory agency that it should
careful scrutiny of applications for charters
and not
itself engage in promotion
work.
Gold
Mints and Assay Offices During
11—Imports Totaled $22,973,070
Receipts
by
Ended Dec.
Week
The various mints
deposit and time
will be effective:
Thirty to 69
%%; 90 to 179 days, %% ; six months
The members of the Los Angeles
tion
savings
Federal
of
institutions.
established
per
following schedule of maximum rates
over,
Government
by the Federal
gravely concerned over the promotion
Our association is
special savings accounts
year
days, no interest; 60 to 89 days,
and
standards to which all applications
charters should adhere.
rate
1 next-ayill
accounts with written notice of withdrawal or definite maturity
open
essential for a sound banking struc¬
But both should adopt common
new
|i We hold
of Nov. 28:
on
for
Federal and State chartering
competition which existed during the post-war
Both State and National banks are
ture.
effective Jan. 1, a new schedule
on time and
savings deposits.
have adopted,
maximum
The
banks
member
The
on
Angeles Clearing House Association
in communities already
the two to charter new institutions will not recur.
boom days between
New Schedule of Interest Rates
especially because the flowing tide of
adequately served to apply for bank charters.
agencies so that the unwise
♦
elimination of easy chartering of financial
importance,
is leading incompetent groups or groups
recovery
Mr. Harr in his
month.
by the committee early in^the
week ended Dec. 11
"and
a
assay
offices received during the
total of $26,460,781 ;68 of gold, it was
announced by the Treasury on
Of this amount
Dec. 14.
Treasury made known, $22,973,069.81 was imports,
$345,506.36 secondary, and $3,142,205.51 new domestic.
The gold was received as follows during the week ended
Dec. 11 by the various mints and assay offices:
the
~
Association, California Bank, Canadian Bank of Commerce
Citizens
National
Merchants
National
(California),
Farmers
&
Security-First
Bank,
Trust
Seaboard
Bank,
and
Bank,
National
Savings
&
Union
OF GOLD BY THE MINTS
Bank
&
161,900.00
91,500.00
224,103.82
33,969.28
27.949.26
2,155,020.05
654,714.64
239.57
12.597.27
32.104.83
6,016.20
204,608.32
$22,973,069.81
$345,506.36
$3,142,205.51
Denver
New Orleans
Seattle
.
Total for week ended Dec. 11,
Offered
Myers, Governor of the Farm Credit Administration,
on Dec. 14 that $33,877,420 of the 4% and 4%%
announced
tion Order
retirement
to
In explaining that no refunding
bonds will be offered at this time, Governor Myers said that
repayments
amounts.
the
1, 1937.
being received by the banks in increasing
are
Principal payments and loans paid in full during
10 months of 1936 totaled $39,384,415 compared
first
with
$33,940,991 during the corresponding period of 1935.
Total cash, exclusive of trust funds, such as money held to
pay matured interest and called bonds, in the 12 banks on
Oct. 31 this year was $49,456,000 compared to $24,409,000 a
year earlier.
Cash receipts have continued heavy during
November and early December.
Mr. Myers also stated:
Although payment of principal
June,
1935,
otherwise
payment.
cipal
of
in
default,
payments,
those
normal
be
may
postponed
the
that
it
did
is
until
are
July,
of
majority
While all borrowers
during
principal maturities
on
1938,
farmers
the
if
have
not yet in a
significant that
remit
the borrower is not
chosen
the regular and
first
10
not
to
defer
position to resume prin¬
months
special
of
payments
1936
exceeded
all loans by approximately $3,800,000.
The
$33,877,420 of Federal Land bank bonds which will
be retired Jan. 1, 1937, consist of $33,377,420 of 4%% bonds
of the individual banks dated Jan. 1, 1927, and $500,000 of
4% bonds dated Jan. 1,1927.
San
Antonio
Joint
45
Stock
Land
Bank
Acts
to
Save
The Treasury Department made known on Dec. 14 that
fine ounces of silver were transferred during the week
ended
fine
ounces
San Antonio Joint Stock Land Bank of San Antonio,
Executive
the
The
order
of
Aug.
9
given in
was
TO THE UNITED
STATES
(Under Executive Proclamation of Aug. 9, 1934)
Week Ended Dec. 11, 1936—
Fine Ounces
45.00
Philadelphia
New York
San Francisco
-
Denver
New Orleans..
Seattle
Total for week ended Dec. 11,
Total receipts through Dec. 11,
In the
1936
45.00
112,991,275.27
-
1936
"Chronicle" of Dec.
12, page 3767, reference was
made to the silver transferred during the week ended Dec. 4.
Receipts of
Offices
Newly-Mined
Silver
by Mints and
Assay
from
Treasury Purchases Totaled 1,593,192.07 Fine Ounces During Week Ended Dec. 11
According to
principal amount of 5% coupon and
July 1, 1956, and Jan. 1, 1957.
mints
under
of the metal have been transferred to the United
SILVER TRANSFERRED
Dec.
presentation at the San Antonio Joint Stock
Land Bank, San Antonio, Tex., on or after the redemption
date, Jan. 1,1937.
States
issue of Aug. 11, 1934, page 858.
The following tabula¬
tion was issued by the Treasury Department on Dec. 14:
turned
upon
United
the
our
Tex., announced Dec. 14 the calling of a total of $3,260,000
registered bonds due
The bonds are redeemable
to
Government.
States
Interest—Calls $3,260,000 of
5% Bonds and Offers $2,660,000 of 3% Bonds
at par
11
Dec.
Order of Aug. 9, 1934, nationalizing the matel.
Since the
order was issued, thp Treasury revealed, 112,991,275.27
$62,200 Annually in
The
During Week Ended Dec. 11 Amounted
45 Fine Ounces
Federal Land bank loans made before
on
'36
Silver Transferred to United States Under Nationaliza¬
bonds of the Federal Land banks would be called Dec. 15 for
Jan.
$362.50
$104,938.80
22,702,400.00
New York
$33,877,420 of Federal Land Bank 4% and 4^2% Bonds
to Be Retired Jan. 1—No Refunding Bonds to Be
New Domestic
Secondary
$12,357.14
Philadelphia.
San Francisco
W. I.
AND ASSAY OFFICES
Imports
National
Co.
Trust
RECEIPTS
Bank,
The
14,
and
silver
a
tabulation issued by the
Treasury
on
total of 1,593,192.07 fine ounces of silver was
a
over
by the Treasury Department to the various
assay offices during
from purchases
was
accordance with the
the week ended Dec. 11.
made by the Treasury in
President's proclamation of Dec. 21,
1933, which authorized the Department to absorb at least
Volume
Financial
143
24,421,410 fine ounces of newly-mined silver annually.
Total receipts since the issuance of the procalamtion, which
was referred to in the "Chronicle" of Dec. 31,
1933, page
4441, were in amount of 117,433,803.54 fine ounces.
The
tabulation issued by the Treasury follows:
ASSAY OFFICES
RECEIPTS OF SILVER BY THE MINTS AND
Philadelphia.
-
-
San Francisco
-
949,945.79
10,807.80
-
1,593,192.07
117,433,803.54
1936
Total receipts through Dec. 11, 1936
--
series,
which
applied for
for
was
$50,000,000,
thereabouts, the total
or
$90,715,000, of which $50,005,000
was
accepted.
was
The accepted bids ranged in price from
99.962, equivalent to a rate of
about 0.050% per annum, to 99.885, equivalent to a rate of about
0.152%
per annum,
on
series
bank discount basis.
a
price
was
accepted.
be issued is
to
Only part of the amount bid for
The
99.911
and
average
price of Treasury bills of
the average
about 0.117%
rate is
bank discount basis.
per annum on a
632,438.48
-
Denver
Total for week ended Dec. 11,
this
amount
this
Fine Ounces
Week Ended Dec. 11, 1936—
3923
273-Day Treasury Bills, Maturing Sept. 15, 1937
For
at the latter
(Under Executive Proclamation of Dec. 21, 1933, as Amended)
r
Chronicle
''Baby Bond" Purchases to Date Approximately $690,000,000,
Maturity
Value—Orders
Received
by
I
Treasury for Distribution of Bonds to Employees
The receipts of newly-mined silver during the week ended
Dec. 4 were noted in these columns Dec. 12, page 3767.
Christmas
as
Bonuses—New
Series
Offered
Be
to
Jan. 1
Henry Morgenthau Jr., Secretary of the Treasury,
nounced
of Two Series of Treasury Bills in Amount
$100,000,000—To Be Dated Dec. 23, 1936—$50,000,000 of 273-Day Bills and $50,000,000 of 84-Day
New Offering
of
Bills
;
-
new
will be offered in amount of $50,000,000, or
the
Each series
thereabouts;
required to specify the particular series for which each tender
is made.
On Dec. 23 an issue of Treasury bills in amount
of $50,085,000 will mature.
)» In his announcement of Dec. 17 Secretary Morgenthau
$100,000,
$10,000,
$1,000,
of
and in amounts or denomina¬
$500,000 and $1,000,000
(maturity
value).
IfcNo tender for
amount less than $1,000 will be considered.
Each
multiples of $1,000. The price offered must be expressed
an
tender must be in
the basis of 100, with not more
on
than three decimal places, e. g., 99.125.
Fractions must^not be used.
^Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a deposit
ment securities.
of 10% of the face amount
are
of Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by an incorporated
bank
or
trust company.
Dec. 21,
1936, all tenders received at the Federal Reserve banks or branches thereof
Immediately after the closing hour for receipt of tenders on
up
$1,000,000, maturity value, of these bonds
bought each business day since that date.
In
noting that sales for the first 10 days of the present month
indicate that December will show total sales substantially
exceeding the average, Secretary Morgenthau said:
will be opened and public announcement of the
to the closing hour
acceptable prices for each series will follow as soon as possible thereafter,
The Secretary of the Treasury ex¬
the right to reject any or all tenders or parts of tenders,
probably on the following morning.
pressly reserves
and to allot less than the amount applied for,
respect shall be final.
and his action in
any
such
Any tender which does not specifically refer to a
particular series will be subject to
be advised of the acceptance or
rejection
Those submitting tenders will
rejection thereof.
Payment at the price
offered for Treasury bills allotted must be made at the
banks in cash or other immediately available funds on
Federal Reserve
Dec. 23, 1936
bills will be exempt, as to principal and interest, and any
The Treasury
disposition thereof will also be exempt, from all
(Attention is invited to
Treasury bills are not exempt from the
No loss from the sale or other disposition of the Treasury bills
gain from the sale or other
taxation,
except
estate and inheritance taxes.
Treasury Decision 4550, ruling that
gift tax.)
shall be allowed as a
deduction, or otherwise recognized for the purposes of
hereafter imposed by the United States or any of its pos¬
any tax now or
been
These increased December sales
of Savings Bonds
Bonds
are
The
also
Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
$254,676,000
to Offering of $100,000,000 of
Treasury Bills Dated Dec. 16—
Tendered
Series
Two
of
increases and bonuses.
wage
being purchased for Christmas gifts to
$50,225,500 Accepted for 91-Day Bills at Rate of
0.038% and $50,005,000 for 273-Day Bills at Rate
of 0.117%
Secretary's announcement continued:
registered
the
m
name of any
maturity value.
in
one owner
any
calendar
purchasing additional bonds to bring their total purchases for this year to
this
Also
maximum.
many
who
not
are
by purchasing on
tered in the
of any one owner for the years 1936 and 1937.
the
on
each
average
orders from investors who
regular purchase plan, buying
regular intervals,
more
Although
month.
are
of these are repeat
many
undertaking systematic savings through the
a
bond each week, each month, or at other
than 25,000
have been recorded
purchasers
new
for each 30 days
Savings Bonds
may
two—individuals,
the
case
than
be purchased in the
and this
Trust
women.
names of
co-ownership
of husbands and wives.
accounts
Men
and
are
is
two—but not
proving
buying in
other
a
popular,
Savings Bonds
for
are
sold
on a
are
regular
buyers.
discount basis and increase, if not redeemed
10 years, to a cash value 33 1-3%
They
are
greater than their purchase price.
sold in maturity denominations of $25, $50, $100, $500 and $1,000.
Of these,
the
$25
price $18.75—is
now
slightly the most
popular, accounting for approximately 27.6% of sales.
The $100 unit—
unit—present
present price $75.00—is second with 26.5% of sales.
with
19.47%.
The
The $50 unit follows
The $1,000 unit is accredited with
metropolitan
46.71%
cities
of the sales.
of
100,000
population
16.4%.
and
over
account
Rural communities, towns, and villages of
and less population account for
for
10,000
29.75%, while the lesser cities show 23.54%.
The State of Illinois has been almost constantly the leading State, both
in amount of sales and number of bonds
Albert
Postmaster
Goldman
bought.
of
New
York
announced
recently that the sale of series B Savings Bonds closes 'on
Dec. 31, 1936.
A new series of bonds, designated series C,
will be offered for sale Jan. 1, 1937, and, until further notice,
anyone may purchase such bonds up to $10,000, maturity
value, each calendar year, after that date, regardless of the
amount
of bonds held of series
of
$5,912,300
Government
A and B.
Purchased
Securities
by
Treasury During November
The
Treasury Department during November made net
purchases of Government securities for Treasury
investment accounts in amount of $5,912,300, the Secretary
of the Treasury, Henry Morgenthau Jr., announced on
Dec. 17.
This compares with purchases of $27,021,200 of
the securities during October.
The following tabulation shows the Treasury's transactions
in Government securities by months since the beginning
market
of 1935:
1936—
1935—
bills, dated Dec. 16, 1936, Secretary of the Treasury Henry
April
May
April
21,990,000 sold
23,326,525 purchased May
Morgenthau Jr., announced Dec. 14 that $100,230,000 were
accepted.
The tenders to the offering, which was referred
to in our issue of Dec. 12, page 3767, were received at the
July
August
January
-
8,765,500 purchased
June
-
-
September
October
November.-----December.
June
33,426,000 purchased July..
35,439,100 purchased August
60,085,000 purchased September
17,385,000 purchased
18,419,000 sold
5,275,200 purchased
$18,546,$50 purchased
February
October
November-
-
4,500,600
32,702,150
19,025,000
15,794,000
30,465,400
15,466,700
3,794,850
47,438,650
27,021,200
5,912,300
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
purchased
offered in amount of
$50,000,000, or thereabouts; one
91-day bills, maturing March 17, 1937, and the
273-day bills, maturing Sept. 15, 1937/.
series
was
other
Details of the bids to the two issues of bills were made
available
as
follows by Secretary
91 -Day
this
amount
series,
Morgenthau
on
Dec. 14:
Treasury Bills, Maturing March 17,1937
which
was
for
$50,000,000, or thereabouts, the total
applied for was $163,961,000, of which $50,225,000 was accepted.
The accepted
bids ranged in price from par to 99.990, the latter being
equivalent to a rate of about 0.040%
basis.
than
somewhat larger ratio
fiduciaries
March
For
more
notably in
Banks have purchased to date approximately 6% of the total.
41,049,000 purchased
was
are
have,
after Jan. 1, 1937, the maximum permitted to be regis¬
or
name
March
Federal Reserve banks and the branches thereof up to 2 p. m.,
Eastern Standard Time, Dec. 14. Each series of the bills
Bonds
may
Approximately 54,000 individual purchases of these bonds have been
January
$100,000,000 or
Savings
of
owners
buying this legal maximum prior to Dec. 31, in order that they
$5,420,800 purchased
1,300,000 purchased
of
be
$10,000,
year is
The postmasters report that many present owners are
February
$254,676,000 received to the offering
thereabouts, of two series of Treasury
Of tenders totaling
Savings
increased extent.
an
The permissible maximum of United States Savings Bonds which may
sessions.
Treasury
attributed in part to the purchase
are
by recipients of dividends,
Bonds to be distributed to lists of employees as Christmas bonuses.
made
stated:
tions
an¬
than
more
than
more
have
one
84-day bills, maturing March 17, 1937, and the
other 273-day bills, maturing Sept. 22, 1937.
The face
amount of the bills of each series will be payable without
interest on their respective maturity dates.
Bidders are
series will be
The bills will be issued in bearer form only,
that
The Treasury Department is also receiving orders for United States Savings
partment, Washington.
The bills, which will be sold on a discount basis to
highest bidders, will be dated Dec. 23, 1936.
11
700,000 investors
throughout the country have purchased to date approxi¬
mately $690,000,000, maturity value, of United States
Savings Bonds, or so-called "baby bonds."
The sale of
Savings Bonds began on March 1, 1935; and an average
of
offering of two series of Treasury bills to the aggre¬
gate amount of $100,000,000, or thereabouts, was announced
on
Dec. 17 by Henry Morgenthau Jr., Secretary of the
Treasury. Tenders will be received at the Federal Reserve
banks, or the branches thereof, up to 2 p. m., Eastern Stand¬
ard Time, Monday, Dec. 21, but not at the Treasury De¬
A
Dec.
on
per
annum,
on a
bank discount
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 99.990 and
the average rate is
about 0.038% per annum on a bank discount basis.
Treasury's Dec. 15 Quarterly Financ¬
ing—Cash Subscriptions of $4,951,668,000 Tendered
to Offering of $700,000,000 of 2^% Bonds—$751,436,750
Allocated—Exchange
Subscriptions
of
$758,007,900 to Bonds and 1 }i% Notes Allotted in
Final Figures on
Full
Total cash and exchange
subscriptions to the Treasury's
offering last week of 13-17-year 2lA% Treasury bonds of
1949-53 and five-year l\i% Treasury notes of series C-1941
amounted to $5,709,675,900, of which $1,509,444,650 were
allotted, it
was
made known
on
Dec. 15 by Henry Morgen-
3924
Financial
"
thau Jr., Secretary of the Treasury, in announcing the final
figures on the Dec. 15 financing.
The 2lA% bonds had been
offered for cash to the amount of $700,000,000, or thereabouts
with the right reserved to the Secretary of the Treasury to
increase the offering by an amount 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, tendered in payment and accepted.
The new 134%
notes of series C-1941 were not offered for cash, the offering
being limited to the amount of the maturing notes tendered
accepted.
As noted in these columns of Dec. 12, page
3767, the interest carried by the bonds is the lowest for a
long-term Government bona issue, while that borne by the
new notes is the lowest for any note of a similar maturity
previously issued.
Secretary Morgenthau said on Dec. 15 that cash subscrip¬
tions to the 2bonds totaled $4,951,668,000, of which
amount $751,436,750 were allocated.
Cash subscriptions
up to $1,000 had been allotted in full, while those in excess of
$1,000 were allotted 15 %, but not less than $1,000 on any one
subscription.
It had previously been the practice of the
Treasury to give preferential treatment to individual sub¬
scriptions not in excess of $5,000; this change of policy was
and
described in
item of
our
Of the
$786,651,900 of maturing notes ($357,921,200 of
series B-1936, and $428,730,000 of series C-1937), $758,007,900 were tendered in exchange for the new bonds and notes
and allotted in full; the tenders and allotments of the ma¬
turing notes for the new bonds totaled $551,212,700, bringing
the total bond offering to $1,302,649,450, while $206,795,200
of the maturities were exchanged for the new 134% notes.
The exchange subscriptions of the maturing December
notes for the new 2]4% bonds totaled $255,211,200, while
those of the maturing February notes amounted to $296,001,500. In the case of the new 134% notes, $93,994,900
and $112,800,300 of the December and February notes,
respectively, were tendered in exchange.
Out of the $751,436,750 of cash accepted to the bond offer¬
ing, the Treasury was required to use $400,377,000 to refund
eight issues of Treasury bills, which matured on Dec. 15,
and also pay off holders of $28,644,000 of the maturing
notes who did not avail themselves of the privilege to exexchange them for the new bonds or notes, thus netting it
$322,415,750 of "new money" as a result of the financing;
however, the Treasury also met on Dec. 15 approximately
$138,000,000 of interest due on the public debt.
The Treasury's Dec. 15 financing was announced on Dec. 6
by Secretary Morgenthau and the bonds and notes were
offered on Dec. 7.
The cash subscriptions books were closed
the same day and the exchange books were closed on Dec. 9.
Both the new bonds and notes are dated Dec. 15, 1936,
and while the bonds will mature on Dec. 15, 1953, they may
be redeemed at the option of the United States on and after
Dec. 15, 1949; the notes will mature on Dec. 15, 1941, and
will not be subject to call for redemption before that date.
The subscriptions to the new bonds and notes were divided
among the several Federal Reserve districts and the Treasury
as
Dec. 19, 1936
The pact received the unanimous approval of the delegates,,
did the collective security and non-intervention agreements.
as
Recent
meetings of the conference
described in the
were
"Chronicle" of Dec. 12, page 3775.
The neutrality agree¬
ment provides that it shall not interfere with the obligations
of members of the League of Nations.
Final approval of
this convention and of other measures was expected yesterday
(Dec. 18).
The neutrality agreement, according to United
Press accounts from Washington Dec. 16 was approved after
eliminating part of Article 5 to which Argentina had made
reservations.
These advices, as given in the New York
"Journal of Commerce" went
The part
on
to say:
eliminated said that in event of hostilities between two or more
American nations and consultations among
whether
the other signatories to decide
state of war exists, each nation will adopt such
a
attitude
sistent with other multilateral treaties to which it is a party.
reservation said that country could not
as
follows:
is con¬
Argentina's
attribute international validity to-
treaties not ratified.
Satisfies Brazil, Peru
Elimination of that part of the article satisfied Braxil and Peru, which also
had considered making reservations.
Sumner
Welles, Assistant United States Secretary of State, was extremely
pleased at the conference's success and spirit of cooperation.
"Again
made
we
a
great step forward," he said, "and again unanimously
Pointing to "the great change now taking place in the relations
week ago.
a
Chronicle
had
during the past four years,"
we
have
Welles declared Pan Americanism
Mr.
today is more than an empty phrase.
"Four years ago," he
said, "there were misunderstandings and suspicions.
We ended these not by forgetting them but by curing them.
United States
are
glad to extend
We in the
hands to other republics in complete
our
equality which now never will perish from the Continent."
He declared the United States will be the first to extend "good neighborliness"
in
event of
"The coordinated-neutrality treaty,"
misunderstanding.
he said, "will safeguard the American continents, but not in a narrow
spirit
We may aid the whole world by offering an example and moral
of isolation.
assistance."
The nine
projects approved at the plenary session Included the important
maintenance and consolidation of peace convention
and the non-interven¬
tion protocol.
The convention for maintenance and consolidation of peace,
by the
sponsored
United States and only slightly changed from its original draft,
provides for consultation
American republics if the peace of the
among
continent is threatened either within the Americas
the world.
It
from another part of
or
supported by all the 21 American nations.
was
Offers Amendment
Argentina offered
the pact "is of
of one year's
amendment to the convention which provided that
an
indefinite duration and
may
notification; after which
be denounced with anticipation
it would be ineffective for the de¬
nouncing State that would remain in effect for the other signatories."
The non-intervention protocol provided for reiteration
of a similar one
adopted at the 7th Pan American Conference in Montevideo, Uruguay, in
in 1933 to the effect that intervention
by
any
American nation in the affairs
of another would be "inadmissable."
Other projects approved included:
A resolution
urging ratification by all American nations of existing inter-
American peace treaties.
A resolution for consideration by the 8th Pan American Conference to
be
held in Lima, Peru, in 1938, of a project for creation of an inter-American
court
A
of justice.
proposal
that treaties
and
conventions
Inter-American
approved at
conferences be open to signature by those American States which did not
subscribe to them at the beginning.
which
make specific
The proposal also provided that pacts
provision for such action
be open
adherence by
to
nations from any part of the world.
2TREASURY BONDS OF 1949-53
A resolution to systematize the codification of international law in the
Americas.
Total
Total
Total
Federal Reserve
Cash
Cash
District
Subscriptions
Subscriptions
Exchange
Subscriptions
Total
Received
Allotted
Received
Subscriptions
{Allot, in Full)
Allotted
A. resolution for creation of
Foreign
$447,164,800
2,421,960,900
305,678,000
310,184,200
161,279,100
141,498,250
464,570,250
136,293,650
65,113,150
99,478,300
88,340,250
314,084,800
6„032,350
$67,425,350
363,988,700
46,880,150
47,781,650
23,313,450
$4,951,668,000
$751,436,750
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis.
Minneapolis
Kansas City
Dallas
San
Francisco
Treasury
Total
IM%
21,869,850
71,496,400
20,213,600
10,157,050
15,901,700
13,952,250
47,490,600
966,000
$12,234,400
330,621,700
6,126,200
8,045,600
32,004,100
4,513,400
90,848,600
11,752,000
4,022,900
13,174,300
5,208,800
22,640,900
10,019,900
$79,659,750
694,610,400
53,006,350
55,827,250
55,317,550
26,383,250
-
162,344,900
31,965,600
14,179,950
29,076,000
19,161,050
70,131,500
10,985,900
$551,212,700 $1,302,649,450
TREASURY NOTES OF SERIES C-1951
Total Exchange
Minister
Jorge
country's project for
the
Boston
inter-American academy of international
an
law.
an
Soto
Del
Corral
of
Colombia,
explaining
his
association of American nations to cooperate with
League of Nations, said:
"We consider that until the American nations agree regarding the policies
to be followed at
Geneva, there will not be an authentic American representa¬
tion in the League of Nations and its policies will not take America into
account."
-
Enrique Finot, Bolivian Foreign Minister, drew attention to his country
land-locked State and asserted the
and
causes
of the Chaco
Paraguay still exist despite efforts of the Choca
settle
war
as a
between Bolivia
conference to
peace
the issue.
A
cable
the
to
New
York
"Times"
from
Buenos
Aires
reported that although none j of the peace instruments finally
adopted by the conference is so strong as originally planned,
the delegations are unanimous in their belief that the con¬
ference has been unusually successful in
establishing a basis
for maintaining permanent peace on the American continents.
Subscriptions
Received
Federal Reserve District—
{Allotted in Full)
Boston
New York
Richmond
3,345,700
440,000
Atlanta
Chicago
6,714,300
2,988,500
6,981,300
1,640,000
266,400
3,711,400
207,400
St. Louis
...
Dallas.
San
Francisco
Treasury
...
Total
Inter-American
$206,795,200
Peace
Conference
at
Buenos
Aires
Approves Neutrality Convention—Provides Prin¬
ciple of Consultation and Preserves Freedom of
Any Nation to Act Within League
The 21 nations with representatives at the Inter-American
Peace Conference at Buenos Aires agreed on Dec. 15 to the
coordinated
neutrality convention, which was tentatively
approved at the plenary session of the conference on Dec. 16.
Returns
to
United
States
from
Trip—Was Absent almost a Month
on
Voyage to Open Inter-American Peace Conference
—Says Parley Justifies "Highest Hopes"—Simple
Inauguration Jan. 20 Planned
7,341,700
11,234,400
_
Cleveland
Roosevelt
South American
155,183,400
Philadelphia
Minneapolis
Kansas City
President
$6,830,700
President
Roosevelt
on
Dee.
15 returned
the
to
United
States, concluding his voyage to South America, where he
opened the Inter-American Peace Conference at Buenos
Aires
on
Dec.
1.
The
President landed from
the
Cruiser
Indianapolis at Charleston, S. C., on the morning of Dec. 15,
and immediately took a special train to
Washington.
While
on the
train he conducted a press conference, in which he
said that he believed that the
"unceasing efforts on the part
of members of the conference who represent the 21 American
Republics, justify the highest hopes of
dent's
statement
A very
I
am
us
all."
The Presi¬
read:
delightful trip has
come to an
end.
made especially happy by the continuing good news from the Inter-
American Conference for the Maintenance of Peace.
communication with
unceasing efforts
on
sent the 21 American
Secretary of State Hull and
I have been in daily
agree
with him that the
the part of the members of the conference who repre¬
Republics justify the highest hopes of
us
all.
Volume
143
Financial
The conference is still in session and this is not the
time to analyze its
specific accomplishments.
But we have every reason for gratitude for the
far-reaching and historic accomplishments already in sight at Buenos Aires.
The conference should be
and
an
bors
an
inspiration to all the peoples of the Americas
example to the rest of the world.
discussed
Charleston
as
States, and his immediate plans,
in a dispatch of Dec. 14 from
follows
to the New York "Times":
Twenty-two of the 28 days
exclusively to relaxation, with
on
which he
absent
was
were
spent at sea,
he had devoted the last 10 days
little fishing to avoid monotony.
a
regularly.
He
appeared
to
eager
begin
work
his
on
two
approaching
messages to the new Congress which will convene Jan.
5.
The President had made only one
appointment; he will confer tomorrow
with Admiral Cary T. Grayson on
plans for his second inauguration into the
Presidency,
Jan.
on
20
Admiral Grayson is chairman of the inaugural
committee.
Mr. Roosevelt reiterated
simplest
a
The President said that he had given no consideration
yet to candidates
for the many vacant executive positions or to
possible changes in his official
family in his second administration.
Arrival at Charleston
The
into
entry
Indianapolis
Charleston
and
the
guns
Presidential salute of 21 guns, but there
>V:vY';
First to go aboard
secretaries.
He
was
this
morning
cruiser
Chester
avoided
moved
of
Fort Moultrie boomed
no
demonstration by harbor
was
a
'•■■■■/]]■
Marvin H. Mclntyre,
followed
was
Harbor
convoying
silently into port at dawn. While the
craft.
one of
the White House
by Marguerite Le Hand and Grace Tully,
was a
wait while the President's cruise guests
gangplank, and then he left the vessel
of musical honors
at
prceded him down the
8.30 o'clock to the accompaniment
befitting his rank and another 21-gun salute.
25
for
a
trip of this length,
termination
the Indianapolis and Chester averaging
knots.
of
the
suits,
a
conference with Admiral
Grayson on Dec. 16, Presi¬
dent Roosevelt and Vice-President
Garner, are said to have
approved plans for a "simple though colorful" inauguration
on Jan. 20.
From Associated Press advices from Washington
Dec.
16,
we
quote:
payment
dollars, but the foreign banks,
be made in the original
number of guilders,
1
A reference to the action
1936,
appeared in
issue of June 20,
our
4108.
page
New York
Employers Ask Supreme Court for Review of
on State
Unemployment Insurance
4-to-4 Decision
Reargument Before Full Bench
Reconsideration of the recent Supreme Court 4-4 decision
which upheld the constitutionality of the New York State
Unemployment Insurance Law was asked on Dec. 14, in a
petition by the New York employers who were ruled against
when the even Supreme Court automatically sustained a
lower court decision
validating the statute.
The Supreme
Court's findings were noted in our issue of Nov.
28, pages
3398-99.
If the request of the employers is granted,
argu¬
case would be
postponed until Justice Stone
returned to the bench after an absence since Oct. 13.
The
in
ments
Court
the
act upon the petition for
may
a
rehearing when it
Dec. 21.
on
The petition of the employers was outlined as follows in
Associated Press Washington advices of Dec. 14:
The petition said a rehearing would "be in accord with
precedent andi
long-established
this
Court
in
"the public interest" and would
"avert
the
to these
practice
of
like
situations,"
possibility of
settled
After the oath is administered by Chief Justice Hughes
on
men's regiment from Annapolis.
appellants."
No civic
"While
court
political organization would
or
inaugural ball because of the
no
birthday
Jan. 30.
on
Nov. 21, page 3239 and Dec. 5, page 3551.
President Roosevelt Confers With Congressional Lead¬
ers and Government Heads on
Legislation Program
Powers
Stabilization
of
RFC
Fund
and
Reported
where the administration cost is out of all
proportion to the
collected."
revenue
undistributed corporation
earnings Mr.
Congressional tax experts were giving
its
possible modification.
Besides Senator
Harrison, Chairman Robert L. Doughton (Dem., N. C.) of
the House Ways and Means Committee was a
participant
Harrison observed that
to
lii the conference with the President
on
tax matters.
Later,
Governors of the Federal Reserve System,
Secretary Ickes,
Postmaster General Farley, and Robert
Fechner, Director
of the Civilian Conservation Corps.
The Washington cor¬
respondent of the New York "Times" reported that as to the
conferences it appeared that renewal of most of the miscel¬
laneous and nuisance taxes was likely, together with the
extension for one year of the powers of the Reconstruction
Finance Corporation, and the continuance of the
$2,000,-
on
Suits
Filed
Against
Calling for Payment of Bond
Gold
Value
Basis
Philadelphia "Inquirer" of Dec. 12, it was stated
that two suits filed more than a year ago in United States
District Court at Philadelphia by foreign banks to
compel
of
un¬
pressing
and
binding
by
cases
equally divided
an
the parties thereto,
upon
law, and afford
precedent
no
or
they do not
authority for the de¬
informed,"
are
the petition said,
of the provisions of the
"that there is
other
no
15 statutes in other States and in the
result
of
the
Federal Social Security Act.
affirmance
of the
judgments in these
cases
by
an
this novel subject matter in doubt and uncertainty."
The
petition for the rehearing was presented by E. C.
Co., W. H. H. Chamberlin, Inc., and Associated
Industries of New York State, Inc., who lost under the
ruling.
They asked a re-argument before all nine Justices.
Federal
Court Enjoins TVA from Further Growth or
Expansion—Judge J. J. Gore Issues Order Follow¬
Petition
ing
of 19 Utilities—Agency Must
Constitutionality Hearing March 8
Await
Now
The Tennessee Valley Authority on Dec. 14 was restrained
"further expansion or extension of activities," in an
from
order issued by United States District Judge John J. Gore of
Nashville, Tenn.
Other decisions of Judge Gore affecting
the
TVA
were referred to in the
"Chronicle" of Nov. 14,
3078.
The injunction to prevent further growth was
granted 19 private utilities, and will prevent expansion of
the Government agency until constitutionality of its
program
page
is
determined
in
a separate
hearing before Judge Gore on
injunction petition supplemented a suit in
which the private operators, controlled by the Common¬
wealth & Southern Corp., seek invalidation of the TVA
"yardstick" power program.
Judge
Gore's
order
was
March 8.
The
described
as
follows in United Press advices of Dec. 14 from
Nashville:
Delivered
immediately
Judge Gore said,
disturb
The
upon
conclusion of arguments,
will not affect
the injunction.
projects already under construction nor
"necessary" contracts calling for delivery of additional
customers
already under
Judge
with
contract
emphasized that
having bearing
the
the injunction must not
the issue of TVA constitutionality.
on
power
to
construed
as
TVA.
be
That test, which
Judge Gore admits frankly he is seeking to expedite into the United States
Supreme Court, is the most momentous for
District
States
celebrated
"I
balance
must
TVA since the late United
Judge William Grubb ruled against the Authority in the
Ash wander
that
case.
the
the
equities,
gentlemen,"
said
Judge
Gore,
"and it
seems
to
tracts
and by halting construction now under way outweighs the
damage
the
to
me
power
damage to the TVA in breaching the existing
con¬
companies from having this construction completed.
"The grave issue of law and fact on the fundamental questions involved
cannot
He
Withdraw
Bethlehem Steel Co.
In the
leave
cases
law
Sterns &
case,
Indebtedness
judgments rendered in these
be
decided
at
a
hearing like this, and
anything said today has no bearing
000,000stabilization fund.
Banks
constitutional
equally divided court has been to becloud the validity of all of these statutes
had at the White House between the Presi¬
dent and Speaker Bankhead, Secretary of the
Treasury
Morgenthau, Marriner S. Eccles, Chairman of the Board of
Foreign
of
District of Columbia upon the same subject matter, nor of the
avalidity
Among
Following his return from his South American trip Presi¬
Roosevelt on Dec. 17 conferred with
Congressional
leaders and Treasury Department and other Government
heads on the legislation program for the
coming session of
Congress. It was indicated by Senator Harrison, of Missis¬
sippi, Chairman of the Senate Finance Committee, that
administrative changes in the tax structure were
considered,
and in reiterating that no increased taxes were
proposed, he
was quoted as
adding: "But, we are studying the situation
with a view to eliminating miscellaneous and nuisance taxes
were
questions
the docket of this Court involving the constitutionality of this
upon
Continu¬
dent
discussions
grave
of the provisions of the cognate
Proposals
on
the
"Appellants
case
Congress—No New Taxes Planned—Pro¬
posed Extension of
As to the tax
uncertain
conclusive
statute or
upon
References to the President 's South American
trip appeared
in these columns Nov. 7, page 2940; Nov.
14, page 3075;
attention
are
"The
Admiral Grayson said there would be
series of balls planned for the President's
of
and
settle any principle of
take part, it was said.
ance
serve
injustice
public concern," the petition declared.
the Capitol
a parade restricted to military units and State
Participants will include members of the Army, Navy and the
Marine Corps, and the entire cadet corps from West Point and
midship¬
governors.
New
would
grave
cision of any other cases of like character."
Plaza at noon, there will be
For
were
bond.
"The affirmances by an equally divided court in these
At
which
ican money, and it refused, with the result that the
foreign banks brought
suit here in October, 1935
The
cruise set a new record for distance traveled
by a President on a
single trip, and the schedule forced the navy boats to establish new speed
records
the
for
To do this, the steel company would have to
pay out more to the foreign
banks in interest than it would to bondholders who would be
paid in Amer¬
meets
personal secretaries.
There
the
each
Law—Seek
month.
President's
that
specified in
hope that the ceremonies could be held to the
The Cabinet will gather at the White House
Friday for its first meeting
The
given
were
After the United States went off the gold standard the steel
company
insisted
possible formula.
display.
"Inquirer" added:
reasons
brought by N. V. Anglo-Continentale Trust Maatschappij, of Rotterdam,
and Mondiale Handels-Und Verwaltungs A.
G., of the principality of
Liechtenstein.
offered to pay the interest coupons in deflated
Despite recent inactivity, Mr. Roosevelt said he was fairly well caught up
with routine work, mail pouches
having been delivered to the Indianapolis
a
The
No
and of that time, he told
nespaper men,
in
interest coupons on its $1,000,000 of mortgage and refunding bonds on a gold value
basis, were withdrawn on Dec. 11.
Good neighbors we are; good neigh¬
The President started on his
trip from Charleston, Nov. 18.
His return to the United
3925
the Bethlehem Steel Co. to
pay
shall remain
we
were
Chronicle
the
on
I would remind
the Court's opinion
which cannot be formed until the hearing, March
emphasized
plaintiffs
that
and
the
"very active competition
exists
TVA service to
between
defendants" and that the status
maintained pending the ultimate ruling on the question of
the little town
of
Gibson, Tenn.,
a
you
quo
some
should
counsel
had
taken
there
was
a
made
single
an
important point of the contention that
customer from
insufficient
grounds
for
the plaintiff companies
an
injunction.
of
be
constitutionality.
chief bone of
troversy as the hearing ended, was left still in doubt in the ruling.
not
that
the entire
on
8."
and
TVA
con¬
TVA
had
therefore-
Financial
3926
Raymond
Jackson,
countered
plaintiff counsel,
Cleveland,
of
because
by de¬
warning" at Gibson, hitherto "served by the West Tennessee
Power Co."
a
plaintiff
Gibson case,
possible sym¬
as "definitely
law eventually reach the
ruling it will be upheld in toto.
Supreme Court again for a
+.
he felt that the town should continue to
receive TVA power unless private operators
court or because of
pending in the lower
case
They are confident that should the
optimistic."
concern.
Judge Gore ruled finally that such a relatively small quantity of energy
is involved in the
of the
pathy for this New Deal measure could not be determined.
Administration officials, however, viewed today's action
claring that while TVA lawyers made the statement, TVA power was cut
in "without
Dec• 19> 1936
Chronicle
insist on breaking the connec¬
Hedging Futures Transactions Deductible
for Tax Purposes in Computing Income, Treasury
Losses from
tion.
Counsel Rules
Duke Power Case Ordered to Lower Tribunals by United
In
States
Supreme Court—Opinion by Chief Justice
Hughes Says "Delusive Interests of Haste" Must
Not Interfere with Orderly Processes
20, Herman Oliphant,
ruling made public on Nov.
a
finance
that losses
commodity
exchanges may be deducted as legitimate business expenses
in the computation of taxable net income under the revenue
laws.
As to the ruling, Washington advices, Nov. 20, to the
with
New
general counsel of the Treasury Department, held
sustained from hedging futures transactions on
The constitutional
power of the Federal Government to
publicly owned hydro-electric plants in competition
private enterprise was still undetermined this week,
the United States Supreme Court on Dec. 14 had
after
returned to the lower courts for trial the Duke Power case,
without
expressing
involved.
haste"
The
opinion
an
on
The
and
the constitutional questions
asserted
Court
interests
"delusive
that
It
should
case
ultimate
an
$50,089,891
Large quantities
for
PWA Administrator, said the result of the
as
PWA
in
dilatory
Mr.
by Attorney
General
who also indicated
Cummings,
that
regret
"It
is
decision
a
highly
^Department
it
as
merits
the
on
soon
trade practices and are generally
only kind available as protection
business operation.
"Regardless of accounting or inventory methods in use, provisions per¬
taining to capital gains and losses govern gains or losses in futures con¬
tracts which
are
speculative.
Futures contracts representing true hedges
against price fluctuations in spot goods are not speculative transactions,
though not concurrent with spot transactions. Futures contracts which are
not hedges against 6pot transactions are speculative unless they are hedges
against concurrent futures or forward sales or purchases."
that the
impossible," he
deemed
constitutional
questions
believed they would rally behind a suit by the Alabama Power
was
by the Government in the District of Columbia Supreme
won
Appeals.
The
The facts
Duke
case
are
the
in¬
Co.,
that
and
company
the
Southern
Public
the Saluda River to
on
ruled
for
loan and grant.
the
Stockholder of Boston & Maine RR.
Greenwood and adjoining counties.
serve
corporation,
granting
A
Duke interests,
vision
joined by the Southern Power Co., appealed to the
ifc.Chief Justice Hughes analyzed the procedure by which the Duke
reached the Supreme Court after having been once
Court.
George P. Davis,
case
remanded by the Circuit
The decision indicated that when Secretary Ickes
had
changed that
so
no
cause
was eager
for an early decision, intervened at the outset
by the District Court.
that the
ing for
which was granted
had
tract
terminated
and
a
new
Circuit
Court
did
without
reversing
asserting
asked
substituted,
one
be remanded for further consideration
case
the
been
old
the lower court
or
the
con¬
This
page
to
2609, which bore
page 2608.
was
on
referred to in
a
paragraph
Supreme Court matters alluded
should
In
States
Supreme Court
Act of 1936.
it to review
The
a
of the
picked.
recent decision
Dec.
Supreme Court
3.
referred
to
in our
issue
5.
6.
brill Jr.,
of
8.
appeal from
a
Court that
There
was
day,
no
the Commodities Act.
as
to the
Whether the plea for
a
high court's attitude toward
writ of certiorari
was
denied
Mr.
refused
scoffed
McClennen
social; it
fraction capriciously
attempted act
"This
society's burden on
a
is
not
1. The
were:
begin
is
question
of
matter
a
the
is
paying within
the next weeks taxes esti¬
dependent
the
on
employers because of
decision.
under the State
and certifying them by
making these payments
laws,
court's
payments
Jan.
31.
including Massachusetts', do not provide for
if the law is declared unconstitutional.
the
of
Title
if
is
State
IX
is
impossible
to
laws,
not
including
in
obtain
Massachusetts',
do
become
not
force.
a
by
decision
the
Circuit
Court
before
can
be
is
acted
The final
that
so grave
upon
decision short of
no
one
by the Supreme
with safety.
decision must
eventually be madte by the highest court.
Unemployment
Law
Insurance
Held
to
gomery
Ruling
Under
a
by
Three-Judge
-
Federal
Court
in
Mont-
ruling by a Three-Judge Federal Court in Mont¬
on Dec. 15 the Alabama unemployment in¬
gomery,
Ala.,
surance
law is held to
Constitutions.
At
the
against its enforcement
of
said:
indication whatsoever
he sought
Hughes
Cw
lower court ruling
pending in the Seventh Circuit Court of Appeals, advices
from Washington, Dec. 7, to the New York "Journal of
Commerce," in commenting on the action of the Supreme
Justice
Violate Both State and Federal Constitutions—
Noting that the group of members of the Chicago Board
an
to
the State
Alabama
Co., Bartlett Frazier & Co., Richard Gam-
already have
the
Un¬
Uj
Edward O. Myers and John H. Fisher.
of Trade
argued
test
York
to
New
31.
Court
grain were questioned in the other peti¬
by James E. Bennett & Co., F. S. Lewis & Co.,
Grain
the
as
importance.
$300,000,000
7. The question
visions applying to
Uhlmann
It
listed
not to
credits
on
of
Some
operative
page
filed
total
Some
recovery
Jan.
Chief
he said.
public
or
90%
depend
4.
2934, in which item it was noted that Mr.
Moore challenged the Act as it applied to transactions for
future delivery in butter, eggs and Irish potatoes, while pro¬
tion
to be
McClennen
provide security."
he
points
to
The
laws
Chicago Mercantile Exchange
was
Mr.
Just
act.
not
duty
by the Federal District Court
but
It attempts to put
It does
The
mated
Chicago; the other appeal was presented by seven mem¬
of the Chicago Board of Trade.
Filing of the briefs
7,
the
general
7 refused to
Commodity Exchange
bers
the
about
was
Vermont,
misleading,"
2.
upholding the Act.
self and other members of the
Nov.
is
Specific
One of the appeals
that of William S. Moore, who acted in behalf of him¬
with
of
of
name
is anti-social.
high tribunal denied two appeals asking
for Northern Illinois
of
on
by
attempt
Security Act.
Social
Law
Insurance
greatest
the constitutionality
the
nojt be joined with the Federal statute.
attack upon
the Social Security Law,
"This
Law
on
second
the
was
his
the
at
States
Supreme Court Refuses to Rule on
Validity of Commodity Exchange Act—Denies Two
Appeals from Decision of Lower Court Upholding
was
brief
to inter¬
his plea,
heeding the argument of Attorney General Bennett that the New York law
United
United
As to the petition to the Supreme Court,
pending.
behalf
in
vene
on
+»
The
Dec. 12, page 3770, upheld
these columns
constitutionality of
on
pass
is
employment
case
a
ruling by the First Circuit Court of Appeals, where
a
case
Today's
vacating its
decree.
The Duke Power
for
advices, Dec. 15, to the New York "Times" said, in part:
the
that
amended pleadings.
on
for
right of Congress to impose the tax.
of the case when the Duke interests sought an injunction
The Administrator,
counsel
the
Mr. McClennen seeks
bring the action before the Supreme Court without wait¬
reported in
of litigation remained.
to
Ickes, who
Boston,
petition to restrain the road from
7 by Judge George C.
Sweeney in the Federal District Court of Boston, who, as
Lower Decree Not Vacated
Mr
of
paying the tax was denied on Dec.
Roost pro¬
ject the original suit brought by the Duke interests became "moot"—that is,
the issues
McClennen
F.
stockholder in the Boston & Maine RR.,
a
whose application
made a new con¬
Greenwood County for construction of the Buzzard
Edward
from
came
Supreme Court.
tract with
question of the constitutionality of the payroll tax on
employers levied under the unemployment compensation pro¬
[title IX] of the Federal Social Security Act was
made to the court on Dec. 15.
The request for the ruling
But the Fourth Circuit Court of Appeals in an opinion
by^Justice John J. Parker upset the lower court last February, whereupon
the
request that the United States Supreme Court rule on
the
the
injunction against
an
Action Brought by
Boston in
Judge Sweeney in
Judge H. H. Watkins of the Federal District Court for western South
Carolina
(the
insurance
Court Asked to Rule on Validity
Unemployment Tax Provision of Social Security
Act—Review Sought of Ruling by Federal District
County in South Carolina to establish the Buzzard Roost hydro-electric
plant
of
of
$2,852,000 loan and grant to Greenwood
a
form
a
common
are
United States Supreme
Court of
in the Duke suit.
same as
when
arose
Utility Co. sued to set aside
as
profits,
operating
but
discuss their strategy,
would not
are
period
against such risks) necessary to conservative
possible."
as
of Justice officials
was
the
that
important
volved should be settled
Hedges
intervening
the
the
hedges,"
regarded
"pre¬
Government intends to press its point through one suit or another.
"I
of cotton and thereby tend to assure
"Such
Regret that the Supreme Court did not deal with the basic issues was
stated.
Treasury ruled,
due to fluctuations in the market price
despite the
these projects
made for
goods, the manu¬
bought to protect against a
between sale and delivery.
disposed of.
"which eliminate speculative risks
during
market
ordinary
protecting allotments"
and
than the amount on hand or
cotton
more
sold,
by sales from time to
of cotton
future delivery
for
require
and
goods
into
spot cotton is obtained, the futures contracts are
a
projects in the event that private power interests persist
Duke litigation.
expressed
will
advantageously.
purchaseable
tactics."
and
made
are
which
of
rising
As
"technical decision" of the
Ickes urged, however, that the PWA adhere to its policy of
serving
also
Contracts
Secretary Ickes,
Supreme Court will result in "further delay in construction of one half
hundred
cotton are
manufactured
of spot
before. being
months
some
facture
involved in the courts,
are
into a series of
resulted in a net loss.
bought, which necessarily are held
in the price of cotton entered
hedges acquired which are subsequently disposed of
time as sales are made of the manufactured goods.
Faced by the fact that 51 similar Public Works Administration allotments
for
textile manufacturer as a means of protecting
a
fluctuations
against
hedging transactions in cotton futures which in 1934
follows:
as
only to the extent of $2,000, plus gains,
explained! that
was
itself
The
"Times" described the
losses constitute "capital losses"
from such sales or
to whether such
question arose as
allowable
exchanges of capital assets.
of
not interfere with the orderly processes of
opinion, which was delivered by Chief Justice
Hughes, said that the case presents irregularities in prac¬
tices which should not be overlooked, but added that the
Court would express no judgment on "the relevancy or effect
of the evidence or otherwise upon the merits."
A Washington dispatch of Dec. 14 to the New York
law.
of Nov. 21 had the fol¬
of Commerce"
York "Journal
lowing to say:
the
Social
violate both
same
was
time
a
granted.
the State and Federal
injunction
The constitutionality
permanent
of the Federal
also challenged, was not
by the Three-Judge Court, composed of United
unemployment insurance provisions
Security
passed upon
Act,
which
was
Volume
Financial
143
District
States
Sibley, C. B. Kennamer
Judges Samuel H.
Ervin, who unanimously "perpetually enjoined"
the State of Alabama from enforcing the State Unemploy¬
R.
and
T.
in
Act
Insurance
ment
the
penalties
punishments because of the failure to comply with
other
or
said act,
that
He
well
advices from
United Press
direct plaintiffs in
Although
Southern
& Coke
Coal
the
Montgomery
represented in the action.
were
The
both
injunctions
the
grounds
on
Constitutions
Federal
insurance act violates
classification of
the
in
arbitrary
employers and confiscation of private property without due process of law.
From Associated Press
15)
"Whether
which
that the Alabama
States
prohibit
property without due
Specific
"1.
violated constitutional
act
depriving
from
citizens
expropriations
employers'
of
funds
"2.
classification
Because
"3.
due
(eight
or
compensating
without
I
The law
In
employee
provide
to
benefit
a
fund
to
The
tide
bama unemployment
10 issue, page
insurance law was referred to in our
2299.
Oct.
From
United States Supreme Court in
Holyoke
Water
Power
Co.
Against
Writing Paper Co. in Case Involving
Before
Action
of
American
Company's Contentions
1935
question as to the scope of the Gold Clause Act of
"as
before the United States Supreme Court on
was
when
filed
was
by the United
Dec. 8,
States Government
friend of the court" in the case of the Holyoke Water
a
Co.
Power
The
brief
a
the American Writing
against
obstruction to the
same
litrally
calling for payment
as
gold value clause, it is directly opposed to
a
Congress
which the resolution
was
designed
Paper
Inc.
Co.,
it
that
stated
was
the
government
"Times"
upheld last
year
by the Supreme Court.
Washington dispatch,
11,
Dec.
also
we
quote:
Although Attorney General
adverse
of
Justice
decision
systm.
Cummings recently said he did not consider
"highly important from the government standpoint," the
Holyoke suit
Department
nevertheless
has
affect the basic power
been
watching
the
lest
issue
an
of Congress to control the monetary
* '•
hearing arguments for the
Warren, for the writing
by
government
the
of
paper
Solicitor
advisement, but
All
water
concern
General
power
year,
who heard
but
by Bentley W.
company
by Charles P# Curtis Jr., and for the
the eight justices took the case
Reed,
will hardly render
eight justices
decisions' last
finding before January.
a
the
only two
arguments
of
them,
participated in
Justices
McReynolds, asked questions concerning the present
the
Sutherland
and
case.
Inquiry by Justice McReynolds
have been
people,"
contracting
being
a
contract to pay a
pound of gold
enforceable under this contract?" Justice
"These
to
he said,
alluding to
the
prevent
Massachusetts,
from
thing
very
had
that
ordinary
a
would that
year,
McReynolds inquired.
the water
power
happened.
intelligence,
"were
company,
I
and
they
suppose,
wanted
to
do
thing."
Federal
Judge
RFC
of
Wilkerson in
Collect
to
Assessed
"Gold Clause"—Government Brief Supports Paper
The
as
advices
same
the
that very
Arguments
the
clause involved in the Norman
the Holyoke lease, he added:
of the
program
"If there had been
injunction against the operation of the Ala¬
earlier
constituted
promise is to be taken
a
the government was
of unemployment.
periods
the
gold
taxing both
workers over
firms employing eight or more persons,
applies to
and
such
monetary
under
process.
Impairs obligation of contracts between laborers and employers."
employer
the present
maintained that the type of gold clause in the Holyoke con¬
tracts was in effect the same as in the gold cases in which
is arbitrary and
employees)
more
like
monetary powers as the gold
is to be treated
as
After
benefits.
violates
sec¬
liberty or
"life,
of
of law."
process
regulated gold) bullion as
safeguard."
(Dec.
Montgomery
set out were:
reasons
Unfair
gold
the
the
Today's decision held
tions
accounts from
quote:
we
clauses
of the
Reciting the gold clause in
in
States Paper Co. and
,
granted
were
and
Alabama
the currency.
over
power
the resolution,
in
case," he stated.
to
than 50 other enterprises
more
Congress,
Dec. 15 said:
on
Gulf
test were
Co., of Birmingham,
that
gold coin.
as
"Gold
the said act being held and declared to be uncon¬
1, Section 23, of the Constitution of Alabama."
gold clauses such as those in the Holyoke
over
power
"nullify"' congressional
be to
argued
exercise
stitutional and void because in conflict with the Fourteenth
Amendment of the United States Constitution and of Article
Congress lacked
lease would
of "requiring contribu¬
matter
tions, reports or otherwise, or by exacting fines,
3927
Chronicle
Chicago
Interest
Denies
Petition
Double
on
Liability
Against Stockholders of Central Republic
Bank & Trust Co.
On Dee. 16 Federal Judge James H. Wilkerson in
Chicago,
denied the petition of the Reconstruction Finance Corpora¬
tion
to collect $1,400,000 in interest on the
$14,000,000
double liability assessed 3,500 Illinois stockholders of the old
Central Republic Bank and Trust Co. of Chicago,
according
Chicago "Journal of Commerce," which quoted as
Judge:
the
to
follows from the ruling of the
in its brief, argued that the Gold Clause
The Court is of tne opinion and finds that the collection of this interest
Act, making gold coin obligations payable in devalued dol¬
is governed by autnoritative decrees and that the interest claimed
by the
government,
lars,
plaintiff is not allowable by the Illinois law.
equally applicable to gold bullion.
was
The action bore
The
the leasipg to the paper company by the power concern
on
of
water
of
"a quantity of
rights under
contract providing a yearly rental
a
gold which shall be equal in amount to
$1,500 of the gold coin of the United States of the standard
of
weight and fineness of the coinage of the year 1894 or
same
Judge
Finance
to
assess
the
previously
Corporation
stockholders.
case
on
the
decided
question
was'indicated in
Court agreed
preme
to
Nov.
our
on
21 issue,
currency."
3243, the Su¬
page
Nov. 16 to the government's request
intervene in the action
as
"friend of the court."
a
In
noted
that
Judge Elisha
Brewster of the Federal
H.
the
Reconstruction
bank's
stockholders interest
at
the
rate
of 5%
for tne two
years
Validity of "Windfall" Tax Upheld by Federal District
Court in Indianapolis in Suit Brought by Proc¬
Also
essors—Decision
a
District Court in Massachusetts ruled for the writing paper
of
liability of tne
♦
Affects
Companies Who Opposed Levy
Washington dispatch, Dec. 11, to the New York "Times" it
was
favor
pending in the District Court.
the equivalent of this commodity in United States
As
in
of double
Following the ruling, counsel for the RFC filed its petition
the
was
said:
paper
Wilkerson
on
Indiana
Coal
Guffey Act Tax
In a decision on Dec. 10 by Judge Robert C. Baltzell in
the Federal District Court in Indianapolis, the validity of
the "windfall" tax, imposed by the Revenue Act of 1936
and was upheld by the First Circuit Court of Ap¬
peals, which held that the gold clause resolution applied to
the contracts in question and
allowed discharge of the
on
rentals by
York "Times" of Dec. 11 that the decision
company
"dollar for dollar" payment.
Demanding
changes in
or
"equivalence"
each
15
for
power
company says,
$35
or
dollar'
applies only
to
a
within
employing
the
that
an
avoid
settlement,
was
The
dollar
one
ounce.
obligations to
[representing the water
of
of
of the joint resolution for the discharge of certain
money," Mr. Warren
field
medium
the various rental dates.
"Contracts
the
a
water
to
directly
"according to the ratio of equiva¬
5/21 grains of gold 0.9 fine,
'dollar
as
the
currency,
drawn
were
currency on
the dates, the water
on
undevalued
contracts
currency
gold bullion and
"The provision
tracts
in
rents
by adopting gold bullion
currency,
lence between"
in
the
that the
insists
indeterminate amount of
an
for
of
payment
company
commodity
field
they
as a
power
currency
of
not
exist
do
power
sums
company]
standard' of value
Congress;
to
pay
are
although,
even
extent
such
to
as
con¬
certain
The
writing
performance
contract,
delivery of
for
were
be
may
single
a
"If this
ages
it
a
of
Mr.
Curtis,
ounce
alternative
either
satisfied
fully
by
is
imposes
it
full
to
the
payment
of
performance
the
commodity
either
by
measure
the contract
"We
have,
gold
contracts
The
that
a
deliver
contract to
no
obligation
the
the
upon
gold, not,
very
lessee
as
it
on
itslf
money
a
a
well
gold
as
contract,
gold
the
(Kingan & Co.) had
government's
position
to
gold
of
as
gold,
in money.
Simply
commodity does not make
but
gold-value
a
took
action
to
contract.
put
all
Congress
gold value
parity."
as
right to refuse to pay
said, "but if it collected from others the amount of such taxes and retained
the amount so collected, it then had an income from
source
than
that
entirely different from
not
an
entirely different
derived from the conduct of its ordinary business,
the other processors who paid the tax and
and
were
reimbursed.
Upholds Power to Make Levy
"The act in question seeks to levy and collect a tax on this income and
The amount of
it applies equally to all persons in that class.
a
money thus
person ordin¬
arily would be entitled or receive in the conduct of his business.
..."
The decision involves $6,000,000 returned to processors in Indiana after
the
AAA
was
swept
Kingan
aside.
&
Co.
alone
received
a
refund
of
$2,543,832.
outlined
It was indicated that the processors would take the case to the Federal
Circuit
Court
of Appeals
at
this is done, it apply only to
by
Solicitor
General
Reed
was
distinguish between various types of gold clauses having the same
purpose would result in "unwarranted inequities,"
placing a
heavier burden upon some, a lighter upon others.
He said that to conclude
fundamental
a perfect
levied under the AAA and to contest its validity," the Judge
Will Appeal Ruling
coins and
uniform basis of
by Kingan & Co., Indianapolis packers,
collected and retained cannot be said to be such as to which
deliver
its equivalent
or
equivalent
"Times":
commodity contract.
not
as
a
the
is,
terms.
to
The obligation is to deliver the value
the gold
of
taxes
of any commodity at any time," Mr. Curtis said.
a
otherwise.
delivery of
calling the
banned
or
of
without
money
"
a
the
to
Although the Judge's decision specified Kingan & CO., it applied
other similar suits filed in his court.
the
maintained that
a
performance of the contract in accordance with its
"Plainly,
10
The "windfall" tax was attacked
if they be
obstruct
commodity contract, the money payment would be dam¬
the breach of
Dec.
measure.
are not really commodity contracts, but are "gold value"
because they provide for payment either in gold or the equiyaat the option of the lessee.
the
invalidating the proc¬
essing taxes.
The Revenue Act assessed a levy of 80%
against the sums returned to processors which they had col¬
lected from consumers.
The following bearing on Judge
Baltzell's decision, is from the Indianapolis advices of
and 90 other processors on the contention that it was actually a "recapture"
currency,
"Since
cultural Adjustment Act was declared unconstitutional by the
United States Supreme Court, thereby
"The complainant
through
company,
first
not within
provisions
contracts,
lent in
the
paper
was believed to be
such ruling in a Federal District Court on the
controversial measure passed by Congress after the Agri¬
contended.
monetary policy of Congress," he added.
rental
Agricultural Adjustment Act tax refunds, was upheld.
stated in Indianapolis advices, Dec. 10, to the New
was
the
The dispatch continued:
power
It
Chicago.
Judge
Baltzell suggested that if
Kingan & Co., thereby making the record less
cumbersome.
Acting in all the suits simultaneously, Judge Baltzell ordered tax pay¬
ments held in escrow in an
was
Indianapolis bank until the validity of the act
finally settled by the Supreme Court.
Financial
3928
As
the decision's effect upon suits filed by Southern
coal companies to prevent the Government from
to
Indiana
collecting the "windfall" tax on receipts received prior to
the invalidation of the Guffey Coal Act by the United
States Supreme Court, the "Times" advices said:
Judge Baltzell also said the ruling today applies to several suits brought
by
companies protesting against the
coal
Indiana
Southern
"windfall"
provision of a tax that followed invalidation of the Guffey Coal Act.
this
the Government seeks to collect 80%
act,
In
of the amount the com¬
plainants would have been required t6 pay had the Guffey Act been upheld
riage 2456, Judge Baltzell
Sept. 30 had overruled a^motion by the Government to
brought by Kingan & Co.
on
dismiss the suit
of
Government
Lending
Agencies
Dis¬
cussed—Secretary of Treasury Morgenthau Confers
Officials
with
Extension
on
of
Bodies
Soon
to
Expire
In
cooperation with the National Recovery Administration program.
$10>
of this amount was withdrawn or canceled, $5,626,835 was dis¬
the
Under
struction
this
of
able
1,866
of the Administration's lending agencies, soon to
some
expire,
Henry Morgenthau Jr., Secretary of the Treasury, conferred
Dec.
on
with several other officials.
15
conference included Jesse H.
the
Finance
Reconstruction
Those attending
Chairman of the
Jones,
Corporation; Marriner
S.
Eccles,
Chairman of the Board of Governors of the Federal Reserve
System; W. W. Alexander, Acting Resettlement Adminis¬
of
loans to
5(d),
Act
which
June
19,
added to the Recon¬
was
has
Corporation
the
1934,
$32,614,342
and $29,316,920 remains avail¬
Corporation has authorized, or
industry aggregating $127,110,530.
withdrawn
borrowers.
the
Section
Corporation
amount was
to
has
provisions
Finance
authorized
In
canceled
or
addition,
the
purchases of participations aggregating $18,851,590 of 349
businesses, $7,338,488 of which was withdrawn or canceled and. $5,055,86$
agreed to,
available.
remains
tion
Corporation
$467,776,471.
sold
were
value
of
at
having
at
of
issuers prior
par
to
value of
subsequently
were
value
of
$136,849,700
to
purchase at
date,
$76,187,000
such
of
part
the PWA
as
maturity
$8,418,462
agreed
par
has
later
a
to
Administration
Corporation
sold'
sold
having
Securities
Securities
or
a
$50,272,413
Works
Public
the
has purchased from the Federal Emergency Administra¬
Works
1,937 issues of securities having par value of
Of this amount securities having par value of $322,508,309premium of $9,609,616 (including securities having a par
Public
of
value
determine the necessity of extending
endeavor to
an
1936
19,
720,440
$313,599.
Continuation
Dec.
bursed, and $2,592,373 has been repaid.
The
issue of "Get. 17,
our
in
V.
by the Supreme Court.
As noted in
Chronicle
securities
is in
collected
still
are
par,
held.
to be
to
an
of
premium
a
the-
from
at
maturity.addition*,
In
held and
having
position
a
at
purchased
collected'
aggregate par
deliver
from
time
time.
to
Disbursements
and
repayments
Nov.
to
30
were
listed
by
Mr.
Jones
a*
follows:
Disbursements
Repayments
$
$
Loans under Section 5:
Banks and trust
Railroads
companies incl. receivers)
Including receivers)
-
Federal Land banks
-
-
Mortgage loan companies
Regional Agricultural Credit corporations
Building and loan associations Incl. receivers).
Insurance companies
1,958,302,608.23 1,749,633,831.21
516,206,239.11
171,015,849.14
387,236,000.00
359,616,318.20
341,545,909.75
214,107,249.31
173,243,640.72
173,243,640.72
Joint Stock Land banks
Bank; F. K. Berlew, administrative assistant to the Public
116,559,180.02
89,519,494.76
16,109,372.29
13,101,698.69
113,845,175.57
85,372,710.98
14,936,257.66
12,442,325.92
13,064,6*.18
9,250,000.00
5,562,890.94
trator; Warren Lee Pierson, Secretary of the Export-Import
13,064,631.18
9,250,000.00
State funds for insurance of deposits of public
Deputy Governor of the
Works Administrator; F. F. Hill,
Administration; William D. Flanders, Deputy
Farm Credit
Administrator of the Federal Housing Administration, and
Livestock Credit corporations
Agricultural Credit corporations
Fishing Industry
officials said the meeting
of Dec. 16, Treasury
To quote
was
devoted
primarily to considering the legislative status of the moneylending agencies, preparatory to a decision as to which should
be extended and for what
It
The advices also said:
periods.
generally thought that the RFC's lending powers might be re¬
was
There
considerable question as to whether the lending authority of
was
the Home Owners Loan Corporation,
into
turned
which lapsed last spring, should be
opinion seemed to be that tuis agency should be
The prevailing
renewed.
liquidating and servicing organization.
a
lending functions of the Resettlement Administration to tne Farm Credit
Administration, in
under
to
consolidate all agricultural credits
Federal agency.
one
also considerable question as to whether
was
.
.
Agriculture to
of
purchase
3,300,000.00
_
Loans to
and
repayments
$2,041,376.01
of
on
damaged by earthquake, fire and tornado)
248,647,510.89
commitments
of
the
12.263.314.3f
recovery program to Nov. 30,
$870,793,432 to other govern¬
mental agencies and $1,799,984,716 for relief,
have been
$11,367,606,897, it was announced on Dec. 8 by Jesse H.
Jones, Chairman of the Corporation.
Of this sum, $1,245,564,560 has been canceled and $931,623,461 remains avail¬
Finance Corporation
the
in
Loans
on assets
Section 14)
Section 5e)
of closed banks
Loans to finance the carrying and orderly market¬
ing of agricultural commodities and livestock:
Commodity Credit Corporation for:
on
cotton
on corn
Loans
on
turpentine
Loans
on
tobacco
Other
Total
able to the borrowers and to banks in the purchase of pre¬
The relief dis¬
bursements, Mr. Jones said, include $299,984,999 advanced
directly to States by the Corporation, $499,999,717 to the
States upon certification of the Federal Emergency Relief
Administrator, $500,000,000 to the Federal Emergency Relief
Administrator under provisions of the Emergency Appro¬
priation Act, 1935, and $500,000,000 under the provisions of
ferred stock,
capital notes and debentures.
|he Emergency Relief Appropriation Act, 1935. Of the total
disbursements, $6,308,871,408 was expended for activities of
the Corporation other than advances to governmental agen¬
cies and for relief, and of this sum $4,286,356,642, or approxi¬
mately 68%, has been repaid.
The 'Chairman continued:
Loans
authorized
235,754.
Of this
bursed.
this
Of
latter
Authorizations
and
notes
$447,153,512 was withdrawn or canceled, $62,the borrowers, and $1,970,565,923 was dis¬
amount, $1,760,554,015, or 89%, has been repaid.
amount,
available to
remains
516,320
7,481 banks and trust companies aggregate $2,480,-
to
were
debentures
made
of
to
be secured
•
the
for
6,736
$1,273,203,864 and 1,120 loans
purchase
banks
by preferred stock,
and
of
trust
preferred stock,
companies
capital
a
total authorization for preferred stock,
capital notes and debentures in 6,859 banks and trust companies of $1,296,-
$110,515,786 of this
526,619.
available
remains
to
the
was
banks
canceled
when
or
withdrawn and $113,349,730
conditions
of
authorizations
have
been met.
Loans
banks
Loans
tion
have
districts
drawn
or
was
disbursed and $811,712,2'88 has been repaid.
been
authorized, to refinance 608
aggregating
canceled
and
$130,887,575,
of
$59,045,346' remains
One
(in¬
$18,148,730 disbursed and $4,716,063.92 repaid on loans secured by pref. stock)-.1,072,661,103.23
Purchase or stock of the RFC Mortgage Co
hundred
380,674,241.50»
20,000,000.00
Loans
secured
by
preferred stock
.....
of insurance
(including $100,000 disbursed
the purchase of preferred stock)
for
34,375,000.00
Total....
.1,127,036,103.23
Federal
Emergency Administration
Works security transactions
of
769,705.36
'
381,443.946.86
•
Public
468,870,605.01
Total
332,020,905.01'
6,308,871,407.83 4,286,356,641.53-
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Secretary of the Treasury to purchase:
Capital stock of Home Owners' Loan Corp..
Capital stock of Federal Home Loan banks..
Farm
Loan
Land
now
Bank)
200,000,000.00
110,519,400.00
Commissioner
for loans to:
Farmers
145,000,000.00
Joint Stock Land banks
2,600,000.00
55,000,000.00
Federal Farm Mortgage Corp. for loans to farmers
Federal Housing Administrator:
To create mutual mortgage insurance fund
For other purposes
10,000,000.00
...
36,000,000.00
115,000,000.00
Sec. of Agriculture for crop loans to farmers
(net).
Governor of the Farm Credit Administration for
_
revolving fund to provide capita for production
Credit corporations
40,500,000.00
97,000,000.00
Stock—Commodity Credit Corporation
Regional
Agricultural
purchase
of
capital
Credit
stock
corporations for
(Incl. $24,500,000
held in revolving fund)
44,500,000.00
3,108,278.64
11,565,752.92
Expenses—Prior to May 27, 1933
Since May 26, 1933
Total allocations to Governmental agencies..
For relief—To States
870,793,431.56
directly by Corporation
To
States on Certification
Administrator
of
Federal
299,984,999.00
499,999,716.97
500,000,000.00
Under Emergency Appropriation Act—1935..
Under
Emergency
4,328,288.00'
Relief
Relief Appropriation
Act,
1935
500,000,000.00
1,799,984,715.97
and
sixty-two
$8,320,820
available
to
the
was
with¬
borrowers.
on
notes Issued
4,328,288.00
for funds for allocations
and relief advances
19,885,322.69
8,999,534,878.05 4,290,684,929.53
-
The following table, issued by Mr. Jones, shows the loans
and authorizations canceled or withdrawn for-
authorized
loans,
aggregating
$16,347,275,
have
been
mortgage loan companies to assist business and industry
Interest
drainage, levee and irriga¬
which
•
cluding
Grand total
$63,521,409 was disbursed.
authorized through
"551,648.06
authorized for distribution to depositors of 2,704 closed
have been
$919,397,149
161 .J 5
17
loans, excl. of loans secured by pref.stock.4,712,964,699.59 3,572,891,789.66of preferred stock, capital notes and
debentures of banks and trust companies
Total for relief
aggregating $1,248,357,697.
$266,995,427 of this amount was can¬
or
withdrawn and $61,965,120 remains available to the borrowers.
celed
375,635,268.57128,454,977.446,925,985.16-
aggregating
authorized in the amount of $23,322,755
were
454,416,480.74
133,758,719.81
6,925,985.16
8,267,434.18
6,064,817.83
18,777,858.90
100,000.00
Purchase
of
disbursements
10,920,183.32
pw
Loans to industrial and commercial businesses..
companies
including
71,636,502.61
1,801,500.00
20,177,690.67
9,991,990.74*
495,000.00
surpluses in foreign markets
Loans
Reconstruction
54,463,898.78-
20,224,586.66
Loans to aid in financing the sale of agricultural
Loans to Rural Electrification Administration...
and
22,300,000.00
loans for repair and reconstruction of property
Other
Authorizations
396,641.10
22,300,000.00
authorities for payment
public school
Loans to aid in financing self-liquidating construc¬
tion projects incl. disbursements of $11,269,
Title I of the Federal
Report of Operations of RFC Feb. 2, 1932 to Nov. 30,
1936—Loans of $11,367,606,897 Authorized During
Period—$1,245,564,560 Canceled—$6,308,871,408 Ex¬
pended for Activities of Corporation
3,300,000.00
63,521,408.96
of teachers' salaries
.
continued.
be
Secretary
cotton
Housing Act for insuring bank loans for home modernization and repairs
should
to
3,640,958,579.54 2,922,278,346.67
Loans for refinancing drainage, levee and irriga¬
tion districts
Loans
Import-Export Bank was left in doubt.
The fate of the
There
plan
general
a
Total loans under Section 5..
Loans
14,718.06
distributors for payment of pro¬
Loans to mining businesses
prominent in the discussion today was a proposal to transfer the
Also
14,718.06
or
5,415,101.89
13,424.43
307,112.40
642,200.00
cessing tax
999.36
newed for another year.
600,095.79
Credit unions
15 to the New York "Times,"
Washington advices Dec.
_
Federal Intermediate Credit banks..
Processors
Acting Director of the Budget.
Daniel W. Bell,
_
moneys
each
railroad, together with
the amount
repaid by eacli (as of Nov. 30, 1936)
:
disbursed
to
and*
Volume
Financial
143
Canceled
$
Ala.Tenn. & Northern RR. Corp.
Alton RR. Co
,
receivers)..
Ashley Drew & Northern Ry. Co.
400,000
Baltimore & Ohio RR. Co. note). 62,125,000
r
Birmingham & So'eastern RR.Co.
Boston & Maine RR
2)500,000
634,757
14,600
53,960
13,200
500,000
140,000
Chicago & Eastern 111 RR. Co...
5,916,500
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,439,000
15,840,000
Chic. No. Shore & Mllw. RR. Co.
1,150,000
Chic. Milw. St. P. & Pac. RR.Co.
Chicago R. I. & Pac. Ry. Co
Cincinnati Union Terminal Co..
Colorado & Southern Ry. Co
13.718,700
10,398,925
28,978,900
60,000
Columbus & Greenville Co
53,500
Copper Range RR. Co
Denver & Rio Grande W. RR. Co.
Denver & Salt Lake West. RR.Co
Co
Ela. E. Coast Ry. Co. (receivers)
Co(recelvers)
Ft. Worth & Den. City Ry. Co..
8,300,000
3,182,150
3,124,319
1,000
5ob"666
2,098,925
53,600
60,000
Galv. Houston & Hend. RR. Co.
receivers).
464,298
140,000
5,916,500
46,588,133
1,439,000
14,420,000
1,150,000
13,718,700
8,300,000
28.925,300
Maine
RR.
Meridian & Bigbee River Ry.
538
22,667
1,000,000
Co.
6,000,000
7,915
520,000
25,290,000
8,500,000
520,000
800,000
2,550,000
744,252
197,000
95,000
3,500,000
800,000
2,550,000
50,000
985.000
6.843,082
597,211
62,500
2,300,000
23.134,800
23.134,800
»
99,200
""'206
785,000
785,000
785,000
Mobile & Ohio RR.Co. (receivers)
1,070.599
220,599
Murfreesboro-Nashville Ry. Co..
New York Central RR. Co
25,000
27,499,000
1,070.599
25,000
27,499,000
27,449*000
N.Y.Chlc.&St.L. RR.Co
18,200.000
99.200
Pittsburgh & W. Va. RR. Co
Puget Sound & Cascade Ry. Co..
fit. Louis-San Fran. Ry. Co
fit. Louis-Southwestern Ry. Co..
flalt Lake & Utah RR. (receivers)
Sand Springs Ry. Co
Southern Pacific Co
Southern Ry. Co..
fiumpter Valley Ry. Co
Tennessee Central Ry. Co
Texas Okla. & Eastern RR. Co..
7,700.000
991
7.699,779
18,200,000
34,200
29,500.000
3,000,000
17,000
4,475,207
300,000
7,995,175
18,790,000
200,000
162,600
23,200,000
19,610.000
100.000
147,700
108,740
600,000
28,900.000
28,900,000
3,000,000
3,000,000
Texas & Pacific Ry. Co
Texas Southern-Eastern RR. Co.
Tuckerton RR.
Wabash
Ry.
45,000
195,380
2,805,175
18,672,250
7,995,175
18,672,250
200,000
1,200,000
...
162,600
22,000,000
19,610,000
100,000
147,700
108,740
7ob"666
700,000
30,000
39,000
39,000
6,000
to
400,000
75,000
22,525
22,525
22,525
the above loans
principle, loans in
30,000
400.000
4,366,000
Mbb'boo
171,015,849
authorized, the Corporation has approved,
$38,163,250 upon the performance of
the amount of
specified conditions.
Note—Loans to the Baltimore & Ohio RR. Co. outstanding, amounting to
$69,
of
of the
■959,923, are evidenced by collateral notes of the railroad in the total face amount
Part of the outstanding loans was refunded by acceptance
$70,094,823.
4)4% secured note, due Aug. 1, 1939, in the amount of $13,discount of 1%, equivalent to $134,900.
railroad's five-year
490,000 at a
Complaint by FTC Against 21 Automobile and Finance
Companies—Alleged to Have Charged Approxi¬
mately 12% Interest, Instead of 6% as Advertised
—Firms Assert Matter Is only Technical
The Federal Trade Commission on Dec. 3 announced that
If had issued eight complaints charging 21 automobile and
finance companies with misleading representations as to the
amount of interest exacted from purchasers of automobiles
under deferred payment plans.
The complaints are said to
allege violation of Section 5 of the Federal Trade Commis¬
sion Act, which forbids unfair competition in commerce.
The announcement said that the corporations, in advertising
their methods of financing the purchase of automobiles,
"allegedly feature in their advertisements that they will
sell their cars on an annual 6% time payment plan," while
actually charging 6% of the full amount of the account from
the date it begins until the date it is closed, regardless of
the fact that the debt is amortized in equal monthly pay¬
Associated Press advices of Dec. 3 from Washington
ments.
described the complaints as follows:
Manufacturers of many of the leading makes of automobiles were named
In the
complaints, which accused them of "false and
tions"
in
mission
The
violation
of the
unfair
misleading representa¬
competition section
of
the Trade Com¬
Commission's action evoked
a
joint statement in New York from the
Co., and the Uni¬
Defending the
interest plan, their statement said the issue was a "technical matter of
•the phraseology employed in the advertising" with "no element to mislead
the public."
At a conference with the Commission several weeks ago, the statement
versal
that
Co.,
Credit
Credit Co.,
•continued,
the
Commercial
three of
companies
Investment Trust
the accused finance companies.
contended "the whole question was academic in
some time prior thereto been discon¬
tiie 6% form of advertising had
that they were and are convinced that the statements
question were wholly accurate."
.
.
,
a
statement issued at Kenosha, Wis., O. H. Bliss, Vice-President in
tinued by them, but
under
In
competition
in
commerce
and
unfair
or
practices in commerce are hereby declared unlawful.
Commission is hereby empowered and directed to prevent persons,
except banks,
corporations,
or
commerce
regulate commerce, from using
and unfair or
and common carriers subject
unfair methods of competition
deceptive acts and practices in commerce.
The
A
new
language proposed is
italicized.
recommendation was contained in the Commis¬
similar
of
year
a
making the
ago,
to which reference was made
14, 1935, page 3795.
recommendation that the language "and
or
its report
In
the current year:
it is very difficult, if not impossible, to
cases
many
show a specific
competitors, even though injury to both competitors and the
public is manifest.
The development of such evidence involves much time
injury
to
and expense.
The government should not be
subjected to this expense.
latest report, for the year
ending June 30, 1936 (made public Dec. 14), in the interest
of expedition and consistency in enforcement of its orders,
the Commission renews its recommendation that Section 5
affirmatively provide that court review may be obtained by
the Commission without first proving the order has been
violated and that upon affirmance the court shall issue its
own
decree commanding
obedience to the Commission's
order.
The Commission also renews its recommendation
that its orders shall become final and conclusive and viola¬
tion thereof punishable as a contempt of court if a re¬
spondent does not apply for court review within 60 days
According to the Commission's
after the order is issued.
The Commission's report
Robinson-Patman
the
directs attention to the fact that
Act, amending the Clayton Act, pro¬
signed by the President
close of the fiscal
year.
Immediate steps for the enforcement of the RobinsonPatman Act were taken by the Commission.
A comparison
in parallel columns of the principal provisions of the Robin¬
son-Patman Act with those of Section 2 of the Clayton Act,
which the Robinson-Patman Act amended, is embodied in
hibiting price discriminations, was
June
on
19, 1936, only 11 days before the
the report.
In its work of
preventing unfair competition in commerce,
reports a considerable increase in the num¬
coming before it involving charges of unfair
ber
of
cases
competitive practices,
trade practice
as
well as increased interest in its
conference work, under which procedure
trade
practice rules are adopted by business and industrial groups.
Some of the activities of the Commission, outlined in the
report, are summarized as follows by the Commission:
The report shows that during the year the Commission investigated 1,827
complaints of unfair competition as compared with 1,695 during the last
preceding fiscal year.
During the year it issued' 386 formal complaints,
alleging various forms of unfair competition and other unlawful practices,
as
compared with 280 such complaints issued during the fiscal year pre¬
ceding.
It issued 161 cease and desist orders during the year as compared
with 126 during the 12 months preceding.
Fifteen of the Commission's
orders were carried to United States Circuit Courts of Appeals for review,
and in all of them the Commission's orders were sustained, no Commission
order being reversed.
No Commission order reached the United States
Supreme Court for a decision on its merits.
During the year the Commission approved 890 stipulations to cease and
desist from unlawful competitive practices as compared with 431 during
the fiscal year preceding.
Under the stipulation procedure, persons or firms
charged with unlawful competitive practices are permitted to sign written
agreements to abandon such practices, without the issuance of a formal
complaint.
Of the 890 stipulations approved: during the year 555 involved
charges of false and misleading advertising in newspapers, magazines or
radio
broadcasts.
Trade Practice
During
the
fiscal
year
1935-36
Conference Rules
trade
practice
conference rules
were
and promulgated by the Commission for industries employing
approximately 65,000 workers and having investments totaling in excess of
$160,000,000.
Business and industrial groups for which trade practice
rules were approved and promulgated during the year were:
Wholesale
approved
tobacco
sales
trade,
volume of
with
an
investment of approximately
about $1,000,000,000, and
extinguisher manufacturing industry,
$150,000,000, annual
employing 60,000 persons; fire
with an investment of $7,500,000 and
button manufacturing indus¬
employing 3,000 workers, and vegetabls ivory
Act.
Commercial
of
methods
the Federal
follows:
the Commission
.....623.519,795 106,393,556 516,206,239
addition
275,796
67,770
15,731,583
Wrlghtsville & Tennille RR
Totals
"2*600
22,000,000
15,731,583
4,366.000
(receivers)
Western Pacific RR. Co
In
6,000
750,000
300,000
30,000
Wichita Falls & Southern RR. Co.
5n
17,000
4,475.207
700,000
Co
Co.
18,200,000
117,750
of
or
the acts to
in
6,000,000
13,915
100,000
Pere Marquette Ry. Co
5
deceptive acts and practices in commerce" be
inserted in Section 5 of its organic Act, the Commission said
2,300.000
Pioneer & Fayette RR
Unfair
5.
to
In
2,300.000
Pennsylvania RR. Co
Sec.
deceptive acts
in these columns Dec.
Missouri-Kansas-Texas RR. Co.
N. Y. N. H. & Hartford RR. Co.
ill its annual report, re¬
Trade Commission Act be amended to read as
sion's report
6,843.082
100.000
Mobile & Ohio RR. Co
Govern¬
53" 500
3,000
Missouri Southern RR. Co
in Federal Trade Com¬
Commission in Annual
Section
that
recommendation
its
The
Mississippi Export RR. Co
Missouri Pacific RR. Co
by
Federal Trade Commission,
The
news
partnerships,
8,300,000
1,481,000
Co.
«(trustee)
Minn. St. P. & SS. Marie Ry.
in equal monthly payments."
Report—Changes Would Affect Provisions
838
1,061,000
354,721
2.550,000
200,000
Co
the
ing Unfair Acts
unfair
99,422,400
Renewed
Act
mission
227,434
8,176.000
1,729,252
Central
'
627*075
1,061,000
354,721
9,500,000
800.000
Maryland & Penna. RR. Co
155,632
4,338.000
15,000
10,539
25,312,667
Litchfield & Madison Ry. Co
from
account
Recommendations for Changes
500,000
71,300
4,690
16,582,000
15,000
10,539
105,422,400
13,915
Gulf, Mobile & Northern RR. Co.
520.000
Lehigh Valley RR. Co
45,503
230,028
464.298
53~500
Greene County RR. Co
Illinois Central RR. Co
605,367
234,757
150,000
12,150,477
41,300
8,081,000
3,182,150
3,000
90,000
Great Northern Ry. Co
the
of
amount
in
219~666
3,000
717,075
227,434
8,176,000
Fredericksburg & North. Ry. Co.
Gainesville Midland Ry.(receivers)
Georgia Fla. RR. Co.
535", 800
35", 702
16.582,000
Erie RR. Co
full
regardless of the fact the account is amortized
53,960
Charles City Western Ry. Co
Ft. Smith & W. Ry.
400,000
82,110,400
41,300
7,569,437
3,124,319
Central RR. Co. of N. J
the
said:
involve a 6% rate charged on
date it begins until it is closed,
employed actually
financing plans
275,000
549,000
Central of Georgia Ry. Co
22,500
127,000
41,300
7,569,437
Carlton & Coast RR. Co
$
$
$
,
Buffalo, Union-Carolina RR
Eureka-Nevada Ry.
"The
Repaid
Disbursed
127,000
275,000
2,500,000
634,757
■Aberdeen & Rockflsh RR. Co
Ann Arbor RR. Co.
or
Withdrawn
the Commission
its complaints,
Explaining
Authorizations
Authorized
3929
Chronicle
charge of Nash motor sales, said his company had discontinued
advertising against which the Commission complained.
the type of
with a capital investment of approximately $5,000,000 and employing
between 1,200 and 1,500 workers.
At the close of the fiscal year trade
try,
proceedings were virtually concluded, and rules subsefor business and industrial groups with a
capital investment totaling approximately $380,000,000 and employing in
excess of 35,000
workers.
These were:
Cotton converting industry (eight
branch industries), with an investment of $250,000,000, annual sales vol¬
ume
of $500,000,000, and 10,000 employees; flat glass industry, with a
capital investment of $125,000,000, annual sales volume approximating
$200,000,000, and employing 25,000 workers; buff and polishing wheel
industry, with a sales volume of $4,000,000 annually, and 1,200 employees,
and paper drinking straw industry, with annual sales volume of approxi¬
mately $1,000,000, and 500 employees. v In addition, there were pending
at the close of the fiscal year formal applications for trade practice conpractice conference
questly have been promulgated
Financial
3930
ferences
for
industries,
with
business
annual
volume
exceeding
practice
conference
$2,000,000,000.
Since
work,
the
inauguration
rules
business
fair
of
and
trade
industrial
Commission's
the
of
by
adopted
have been
practice
trade
than
more
170
Dec.
Chronicle
their
nations
in
United
20
States
the
anguish
to
the
of
suggested that the
of farm products while at
exportation
importation
preventing
has been
It
to war.
go
subsidize
should
time
same
19, 1936
by
products
farm
embargoes.
Any scheme of this sort not only results in our exporting our soil fertility
and'getting nothing in return, but it incurs the deadly enmity of farmers
the entire world.
Our farmers will not tolerate subsidized exports to
groups.
over
General Investigations
included:
Milk
Seventy-third
tion
130,
tion
61,
for
and
dairy
Congress)
Seventy-fourth
Seventy-fourth
Federally
products
farm
;
Congress)
Congress);
financed
textile
industries
request
of
the Attorney
consent decree entered
Coast
oil
companies
concluded
Senate
115,
its
report
was
tions.
These
general
of
inquiries
existence,
final
the
the
the Commission
made pursuant to
Resolution
Joint
thereon.
report
bring
to
up
conducted
than
more
by
the
the
100
This
number
Commission
of
during
its
orders.
them
of
in
congressional
of
pursuance
resolutions
or
export
sion
the
provisions of
trade associations
of
as
June
30,
the
Webb-Pomerene,
had
1936.
filed
organization papers
Trade,
Act,
in
trade.
export
associations
to
Associations
formed
for
organized
so
$137,685,000 during the calendar
sole
the
with the
Commis¬
of
purpose
its
mission
jear
to
of
received
nearly
works,
and
work
preventing false
and
members
350,000
and
of
its
advertisements
approximately
magazines.
and
Of
us
on
or
We
used with Northwest
we
minor difficulty.
a
big way without incur¬
a
would
large scale.
a
made another
speech before the Federation
must
not
only
seek to preserve the
are
the
elements
essential
in
broadest
its
policy that will give
Here
several
are
:
p
effectively in their
such interests coincide with the general welfare.
insofar
as
farmers
for
organize
to
Second, farm prices that are fair and stable,
basis of
of
sense?
mind:
to
opportunity
interests,
of
some
agricultural security
come
reasonable
own
to keep farm income on a
non-farming income.
equality with
and
foreign demand.
be done in conformity with
farm products.
especially our precious heritage
Fourth, foreign policies that do all that can
expand foreign markets for American
relations to
peaceful
Fifth, conservation of natural resources,
of the soil.
,
submarginal land
retirement of
Sixth,
cultivation and
from
its use
for
for which it is best suited.
purposes
Seventh, crop insurance.
Eighth, storage of reserve supplies of food and fiber.
Ninth, increased security of tenure for both tenants and owner operators,
and better
misleading advertising,
scrutinized
staff
by
during
radio
advertisements
the
the
stations
printed
fiscal
and
possibilities for tenants to become owners.
increased
Tenth,
living is
net¬
whose standard
people
those farm
basis.
of
subsistence
a
on
industrial
Eleventh,
for
opportunity
barely
now
policies
that
abundance
encourage
for
and
wage
salary workers and farmers.
in
3,179 appeared to be false
Com¬
newspapers
misleading
or
degree warranting
a
action by the Commission.
Most cases involving
misleading advertising, either in printed advertisements or radio
broadcasts, are settled by stipulation, under which procedure the advertisers
false
and1
agree to
desist
and
cease
from
the
AAA
Conservation
Program for 1937 Announced by
Secretary Wallace—Is Similar to This Year's Pro¬
gram—Need for Soil Building Emphasized—Mini¬
mum
Payment to Participating Farmers Increased
practices held by the Commission to be
objectionable.
The
members
of
the
Commission
Charles
are
H.
1937 Agricultural
The
March
of
Minnesota, Chairman; William A. Ayres of Kansas, ViceChairman; Garland S. Ferguson Jr. of North Carolina,
many
Ewin L. Davis of Tennessee, and Robert E. Freer of Ohio.
1936 plan,
Filed
with FTC by California Alkali Export
Association Under Webb-Pomerene Export Trade
Act
Export Association has filed
papers
Export Trade
exporting soda ash, sodium
products and other derivations of soda ash, it was announced
by the Commission Dec. 6.
The association will maintain
Officers of the association
are:
D. B. Scott, President; George E. White,
Members
are:
entered
into
and
provision that there be
no
restraint
trade
further
which
of the
export
prohibition
of
shall enhance
solely
engaged
domestic competitor,
of any
agreement,
depress prices
within the United States
trade,
export
restraint of trade within the United
any
or
in
Salient
or
understanding,
or
States,
or
conspiracy
or
act
otherwise restrain trade therein.
Farmers—Tells
Farm
Federation
of
Bene¬
Agreements—Stresses Need
Promoting Security
Farmers in the United States in recent years have learned
importance of cooperation, Secretary of Agriculture
Wallace on Dec. 9 told the American Farm Bureau Federa¬
the
tion, meeting at Pasadena, Calif. Mr. Wallace urged farm¬
ers to devote particular attention to a
study of Latin Amer¬
ica, and predicted that great advances can be made in our
trade
with
countries
of
reciprocal
the
trade
the
Southern
Hemisphere.
which
agreements
He
have
been
concluded
actually appropriate the money,
Congress to vote the
from
soil
3.
plan for 1937 were announced
new
provides for expenditures not to exceed the $500,000,000
out the Soil Conservation and Domestic Allotment Act.
of
establishing
These bases
will
depleting
soil
be
used
as
depleting to soil conserving
a
peanuts
and
rice
4.
be
will
continued
producers who participate in
Crops will
classifications
be
classified
follow
those
been made in the light
crops
and cotton, tobacco
regional
virtually the
The
established
in
1936,
soil depleting.
but
have
the
of
expenses
deducted
This
all
of
from
true
was
County
the
Agricultural
payments
of the North
be
Conservation
farmers
to
regions
paid
were
out of
in
their
Central, East Central and
Western regions in 1936, but county administrative expenses in the
Northeast
will
program
for 1936.
as
be
will
the administration
for
set-up
same
respective counties.
in
These
changes
some
of experience gained in the actual operation of the
administrative
Associations
and
sugar
the program.
and conditions brought about by the 1936 drought.
The
6.
been
diversion
together with payments to
soil conserving and
as
has
farms
measure
crops.
1937,
in
for
bases
yardstick to
Payments for shifts from general depleting
and
5.
Bureau
plan
continued.
program
fits of Reciprocal Trade
for Advance in
praised
The
2.
♦
Secretary Wallace Urges Increased Cooperation Among
not
coming session of
by the Agricultural Adjustment Administration:
The program
authorized to carry
and with the
substantially lessen competition
did
the
points of the
follows
as
an
the
with
for
practices.
authorized
funds.
American Potash &
The Export Trade Act grants exemption from the anti-trust laws to
Expenditures are
under the Soil Con¬
Domestic Allotment Act.
However, since the
building
soil
Conservation Act
it remains
1.
Chemical Corp., Los Angeles; Pacific Alkali
Co., Los Angeles; and West
End Chemical Co., Oakland, Calif.
association
approved
shifting land from soil
conserving croiis, and for carrying
to soil
crops
limited to the $500,000,000
Angeles, the Commission said, adding:
Secretary; and J. R. Blair, Treasurer.
Like the
Agriculture.
of
who meet specified conditions for
servation and
The California Alkali
with the Federal Trade Commission, under the
Act (Webb-Pomerene law) for
office at Los
Wallace, Secretary
the new program offers payments to those farm¬
depleting
out
Program, similar in
Conservation
respects to the 193G program, was announced Dec. 8
by Henry A.
ers
Papers
an
them.
is exactly the kind of thing we
This
nations do to
that farmers
Nation
First,
exported goods in the value of
broadcast
100,000
this number,
as
England
affecting
9, in which he discussed agricultural security, and
what
Now
the
which
engaging
Newspaper, Periodical and Radio Advertising
In
ill-will.
Wallace
Dec.
declared
1935.
year
subsidy, such
of
farmers
action
gains they have made in recent years but must also plan to
extend those gains.
He added:
45
during the last fiscal year.
They
Wood
Naval
Stores
Export Association; American
Box
Shook
Export Association; Plate Glass Export Corporation, and California Prune
Export Association.
The Export Trade Act grants exemption from the
laws
the
principle of this sort in
any
have foreign
to
Mr.
on
tion
Export
or
were:
anti-trust
use
ring international
filed
Four
form of export
will
similar
Third, supply of farm products in line with adequate domestic consump¬
Export Trade Associations
Under
cannot
not like
Neither
tolerate
nation
California walnuts,, and temporarily alleviate
or
we
States.
other
modest
a
use
But
industry, with conclusions and recommenda¬
studies
or
most
executive
at
which
in
manner
Senate
and
its
can
wheat,
United
any
or
Miami,
conducted
utilities,
gas
Congress,
France,
boiler industry;
range
inquiry,
the
piling
City,
York
During the year
submitting
investigations
(Public Resolu¬
government against certain Pacific
electric and
Seventieth
Congress,
in the
an
32,
Resolu¬
steel sheet
on
New
at
determine
to
observed.
the natural gas
on
andl
of the
case
has been
82,
Seventy-third
Order),
General,
in the
investigation
Resolution
price bases
C.;
(Executive
projects
(Public
income
collusive bidding
construction
Fla., and Morehead City, N.
machinery
and
agricultural
;
Resolution
Concurrent
(House
implement
the
into
come
Eight investigations, directed by the President or Congress, or requested
by the Attorney General, were conducted during the fiscal year.
These
Southern
the general administrative
funds
1936.
7.
The range program,
1936,
will
Southern
8.
be
and
The
extended
North
applied only to
which
to
include
range
Central
which
growers
lands
Western region
in
western
allowance
States in
of the
parts
regions.
■ v>
■
and fruits can earn
through soil building practices will be increased' for the 1937 program.
I 9. Any producer, no matter how small his farm, will have an opportunity
to
least
at
earn
$20.
^he
of
vegetables
allowance in
minimum
the
1936
program
$10.
by the present Administration, and said that agri¬
culture "has received a far squarer deal from the Adminis¬
tration officials handling trade agreements than she ever
got from congressional committees subject to lobbying and
was
log-rolling."
In his
speech,
entitled
Peace," the Secretary said, in part:
retary Wallace said that "despite drought and other handi¬
The
policy
reciprocal
tariff
sufficient
increase
to
America.
and
is
that
it
have
never
road
from
farm
good
a
Hull
neighborliness
goodwill such
as
we
that
behooves
understood
Laredo,
and
our
us
it
Tex.,
to
Asia
the
and
President
decent
have
of
modest
courtesy
seems
had before.
never
the state
which
in
they
immediate future lies
in
understand
American
before.
to
in
The
the
To
Latin
Pan-American
find
them¬
these two continents,
culture
as
we
Airways, and the auto
City are straws in the wind.
Is our
organization leadership in position to read the signs of the times?
most deadly
weapons of economic warfare are
embargoes, export
subsidies
a
and
state
exchange controls.
of unbalance and
Long continue^!, these lead inevitably to
misery in certain nations
as
to
cause
those
with
sizable
acreages
in
permanent
opportunity for additional participation in the
Iii announcing
the
pasture will be given
program.
the program for next year, on Dec. 8, Sec¬
majority
of
farmers who took
part in
the
1936
conservation program
approved its principles. Hundreds of
community and county meetings were held at which the
growers discussed plans for next year," he said.
"Many
suggestions for
administration
program
fitted into
a
improvement
made.
were
fully and incorporated
as
and
for simplifying
We considered all of them
many
national program
of them
as
could
for agriculture."
care¬
be well
The Secre¬
tary continued:
Mexico
The
such
an
Producers
caps,
and
I
Europe
clear
Secretary
and
hope our young people will increasingly interest
history, geography, culture and languages of Latin
the
With
it
us
goodwill,
in
by
changes,
gain for
this
themselves
selves,
followed!
"Conservation
10.
Most
or
at
of
the
sentatives
the
changes made,
meetings with
in
The modifications
more
in
fact,
were
proposed at these conferences
fartner-committeemen and extension service repre¬
Washington.
are
intended, for the most part, to adapt the program
closely to the needs of the various regions.
As
you
will recall,
this
Volume
the statement made by
with
line
in
is
Agricultural Conservation Program
1937
the
For
and
building
Such
emphasis
available
the
shifting
of
placed
been
has
for
soil-conserving
essential to any
to
acreage
the
interests
gains which
crops are
and
consumers
help
to
Act
passed
was
$600,000,000
for
have
drafted,
therefore, is dependent
v
For
Agricultural Adjustment Administrator Tolley also com¬
As
the 1937 farm plan, on Dec. 8.
on
Wallace
Secretary
this year,
For
indicated,
but nevertheless,
example,
in
regions have little need for
reforestation.
Consequently,
small
have
instances,
be
allowance
for
The
plan
The
belt
corn
includes
in
best improve their land
can
improvement and
land
provides that producers who
program
soil-depleting
but
payments
will
crops
will
have
most
in
not,
tobacco
be
farms will
increased
an
much like the
very
farms in that
for
the
restoration
needed
We
to
the
same
time
more
responsibility
adoption
have
we
of
is
county
farmers
increased
The
in
grasses
the
conserving crops
inducements will be offered
where
areas
these grasses are
tried
for
a
a
efficiency
which
and
The
of
expenses
deducted
from
administrative affairs,
6ince
by the AAA:
administrative expenses in the
the
1936
sugar
the
special base
a
depleting bases
which
number
farming
Bases
for
the
and
bases
will conform to
cotton,
bases
all
than
10%.
may
be
normally grown.
these respects will be kept in line
in
limit
a
corn
on
crops
conform to standards
county will
is the major
crop.
This limit will conform to good conservation practices.
The aggre¬
gate of these limits will be slightly smaller than the total acreage planted
parts of
to
North
the
in
corn
"This
Central
and
region
where
Kansas,
corn
limit,"
Mr.
Tolley
If the
acre
corn
limit is exceeded,
acreage
limit at
the
over
the
rate
a
paid for
normal
deduction will be made for each
diversion
the general soil
from
soil-building
increased
farmR
participating in
ing
standards to
total
soil
soil
for
yardstick to
a
Mr. Tolley said.
increases in soil
measure
bases
for
the
all
the
in
farms
total
of
acreage
North
conserv¬
Central
and
land, minus
crop
the
bases for
over
crops
a
other
is the
regions
average
acreage
of
rate
The
average
paid
for
together several
and Class 2, payments
diversion
farm
will
for
o?
which will be
vegetable
of
productivity
for
shifts
added
to
been
has
be
made
for
The maximum
crops
added
reduced
in
the
crops
acreage
one-third
and
will
of soil-conserving
for
diversion
crops
amount of diversion for which
in
be
crops,
the
of
several
is the
allowance
an
of
rate
The
1.
from
case
the
general
types
<of
soil-depleting
tobacco
and
base and the
(a) An average of $6 per acre for each acre diverted from the general soil depleting
The limit on this payment is 15% of the general soil depleting base.
On
farms for which a corn acreage limit is established this rate will be increased 5%.
(b) An average of S3 per acre for increases above the soil conserving base.
The
this payment is the acreage diverted for payment from the general soil
limit on
On farms for which a corn acreage limit is
depleting base.
will be increased 5%.
the Northeast,
two
payments
are
East Central
and most of
established this rate
the 1936
farms
of
in
the Southern regions these
combined into one payment of $9 per acre, with a
for failure to match the diversion with an increased
In lieu of the $3 per acre payment, for
Plains region and in the Mountain and Pacific States,
soil-conserving crops.
the
Great
be added
$3
will
the
to
the practice
general base.
where they apply
are:
$1
per
acre
animal
Also, for range practices there
unit of the carrying capacity
of
and Soil-Building Practices
soil-building practices follow
approved
andi
crops
in the main, although there are a number of exceptions.
program
They will be announced later.
Range and Naval Stores
1936
The
range program
will be extended to other private range lands
in the West.
naval
A
stores
program,
similar
1937 conservation program.
that for 1936,
to
will be
a
part
of
...
Administration
of
administration
The
the
Agricultural
Conservation
Program
in
the
Con¬
Committees, county and community committees, the County Agri¬
Conservation Association and the Extension Service of the Land
and
servation
cultural
counties,
in
as
will
1936,
be through State Agricultural
Colleges.
regional division of the United States which was made for admin¬
The
The
purposes
Southern
i$jgl9S6 is continued for 1937.
regHfri is composed of South Carolina, Georgia, Florida,
Mississippi,
Alabama,
Central
The East
Arkansas,
Louisiana,
region
Texas and Oklahoma.
Kentucky, North Carolina,
comprises Tennessee,
Virginia, West Virginia, Maryland and Delaware.
The Northeast
region includes Pennsylvania, New
Connecticut,
Massachusetts,
The North Central region
Maine,
New
Vermont,
Jersey,
Hampshire
York,
Rhode
New
and
Iowa,
Missouri,
New
Mexico,
is made up of Ohio, Michigan, Indiana, Illinois,
Nebraska,
allowance for each acre
diverted
from
South
Dakota and
Minnesota.
includes North Dakota, Kansas, Colorado, Wyoming,
Arizona,
California,
Utah,
Nevada, Idaho,
Oregon
and Washington.
E. E. Loomis of Lehigh Valley RR. Views Rail
Outlook
Brighter Though Industry Is Not "Out of Woods"
—Legislative Holiday Essential
"While the railroad industry has shown marked improve¬
year," says E. E. Loomis, President of
Lehigh Valley RR. Co., "it is not out of the woods by
ment over the past
the
"In fact," he says, "it has some distance to
means."
travel
over
road to recovery which is strewn with diffi¬
a
In part Mr. Loomis, in surveying railroad condi¬
tions under date of Dec. 15, also said:
culties."
The recent months nave
For the railroads,
tne
year
increase
recorded steady improvement In business con¬
expense
rail traffic volume has naturally increased.
1936 will be the best year since 1930.
Carloadings for
will probably exceed 835,850,000.
Gross revenues will show an
of 15% and net operating Income will rise about 30% when com¬
pared with last
that
deduction of $3 per acre
acreage
per
ditions tnrougnout the land, and
for which payment will be made is:
diversion
base.
In
$1.50
Crop Classification
classification
The
any
same
payment will
peanuts.
maximum
for farms
single-cropped, $2 if double-cropped, and 30c. for each
pasture land which meets certain specifications, or an
of the ranch.
acreage
As in 1936, the rate will vary from farm
Two-thirds of this payment
soil-depleting
for diversion for the special base
1936, but the maximum
in
soil-building payments.
soil-depleting base will
the soil-building allowance.
The rates of payment
as
or
general
of land varies.
from
acre,
crops,
non-crop
be
the
varied by productivity, while for
for each acre for the normal or base aereage
plus the acres added by diversion.
The other
crop
per
will be $1
it
soil-conserving
the
items
will be made for diversion from the general soil-deplet¬
corresponding increases
will be
or
the
as
made
be
made
the
from
ing base will remain unchanged.
for
For farms not eligible for diversion payments
items.
farms
Montana,
slightly less than the $10 average of 1936.
fof which payment
to
of Payment
1936, payments will be divided into two classes—Class 1, payments
diversion payments,
or
Practices
allowance for each farm will be determined by adding
The Western division
As in
included in the 1936
for soil-building practices will be the
allowance, generally speaking, has been
1936 to give greater emphasis to soil-
The
allowance
the
The soil-building
Wisconsin,
representative period.
Rates
was
Island.
all soil depleting bases.
in
of 85%
region
practices.
istrative
program.
be the
will
conserving
conserving
established
in line with requests from producers for more rigid
performance in 1937."
conserving
regions
acreage
The
are
measure
soil
The
Western
as
serve
They
crops.
also will be
conserving crops
will constitute soil conserving bases,"
"These acreages
"These bases will
the
any
payment
allowance.
over
building
for
limit
the
program,
Grant
of soil
acreages
average
for
rates
States
depleting base.
Normal
for
A similar provision
10%.
which
"is designed to prevent increases
said,
will
approved soil-building practices such as liming, terracing,
reforestation and seeding some soil-building crops will be established for
States and regions and will be in line with those of 1936.
As in the 1936
The
the
1936.
might not only defeat the effort to conserve the soil, but with
yields result in surpluses which would greatly reduce prices."
they
program.
will be established for farms in those
acreage
last year on farms
and
is greater than this esti¬
be decreased by not more
if participation is less than estimated, rates
Correspondingly,
increased
productivity of soil, topography,
particular
crops,
and allowances are based on an estimate
participation
If
by the Agricultural Adjustment Administration.
1937
major
mate, the rates for payments and allowances may
will
in the
farms
the
less than those of
The rates for payments
acre
the
similar
are
for
Southern and Northeast regions, the diversion
are
equivalent measured by grazing capacity.
of
crops
building allowances for the different types of farms.
for
take into consideration variation among farms
acreages
increasing soil-conserving
made in the method of handling county
last year on farms on which crops
with special bases are the major crops.
These changes in diversion pay¬
ments were taken into account in determining the increases in the soil-
farms will be determined by the
acres', type and
crop
and
which
farms
total
established
In
of
practices
the
and
wheat
and
corn
approximately 5%
established in 1936, will be included
was
for individual
county committees who will
size,
base,
rise
and
depleting base.
general soil
The soil
in
beet
sugar
general
the
including
cane,
bases, subject to adjustments to correct inequities.
Flax, for which
in
bases,
depleting
peanut,
of cotton, tobacco, peanuts
payments will be between 5% and 10% less than those
on
diversion
soil
for
payments
the
account
major item will be 80c.
Bases
tobacco,
acreage
Soil-Building Allowance
following outline of the 1937 program was also issued
The
into
belt farms and the changes
corn
all concerned.
saving to
a
a
payments
inducements to
It furnishes
in
interest
lowered costs
local
the
is
region,
that direction.
active
more
means
to place
themselves.
the farmers
upon
under
the
of
in
move
regional needs, but at the
to
simplify administrative routine and
procedure
regardless
take
to
to
administration
$8.50.
the 1937
Soil-Building
conform
to
program
uniform
a
association,
the
native
soil
of
increases
areas,
the
170 pounds
for cotton land averaging
acre
per
or
made if
prevent wind and water erosion.
have varied
county
and
In Western
area.
of
The program
badly from the drought this year.
for replacements
the
on
general crops exceeds the base established for these crops on any farm.
deduction for the excess acreage will be made at the rate for diversion.
on
soil depleting and surplus
from these major
also calculated
The
Taking
the other
of
parts
170x5c.,
be
is
crops
yield for the farm.
average
would be
participation.
suffered
payments
for
the
cut
pattern
will be encouraged.
crops
to
the
practices.
cotton and
and diversion
year,
new
diversion
soil-building
for
the
They
and
pasture and hay
as
general
eligible for
program
this
in
acreages
Northeast
the
diversion.
building practices such
by soil
or
He said:
follows
program
15% (1936
arrived at by multiplying the rate
is
The rate
example, the payment
lint
Deductions will
important changes have been made.
many
farms
many
the
the soil.
special
the
for
rate
acre
per
pound by the
per
of
mented
be made follows:
The
3.
Congress.
the action of
upon
soilbase for
peanut
the
Cotton, five cents per pound: limit, 35%.
Flue-cured, Burley, and Maryland tobacco, five cents per pound; limit,
(1936 limit, 30%).
Fire-cured and dark air-cured tobacco, 3H cents per pound; limit, 30%.
Georgia-Florida type 62 tobecco, six cents per pound; limit, 30%, or an
productivity of
under
program
a
from
(f) Other kinds of tobacco, three cents per pound; limit, 25% (1936 limit, 30%).
(g) Peanuts, 1H cents per pound; limit, 15% (1936 limit, 20%).
(h) The rice payment and sugar payments will be at the same rates as in 1936.
annual appropria¬
an
the Act.
The
actual appropriation for 1937 remains to be made, however.
The program
out
will
diversion
of
and
tobacco
cotton,
limit
(e) Connecticut Valley types 51 and 52 tobacco, four cents; limit,
years.
1936, authorized
in
carrying
the maximum
limit, 30%).
for the 1937 program are not yet available should
Congress, at the time the Soil Conservation and Do¬
The
Allotment
and
equivalent allowance for practice payments.
should
economic
the
preserve
funds
that
pointed out.
of
of
farmers have made during the past four
fact
The
mestic
we
(a)
(b)
25%
(c)
(d)
the
from
bases
payment
which
soil
on
practices.
building
soil
plan for restoring soil fertility and preventing erosion.
,
new
program should not only improve the soil but it also
The
tion
be
land previously devoted to soil-depleting
protect
be
with
together
practices,
crops on
sound
will
money
diversion
for
rate
depleting
announced.
additional
program,
more
The
2.
Tolley at the time the 1936
H. R.
was
3931
Chronicle
Financial
143
year.
While management maintains a rigid control of
items in every possible direction, we should not overlook the fact
the temporary emergency
million dollars during tne
freight charges will yield more than 100
present year—a substantial contribution to the
improved position of the carriers.
What is more important, tnese emergency
the railroads to
freight charges have enabled
spend more for maintenance of plant and equipment.
roads are again in the
Tne
market for cars and locomotives; they have increased
of rails, materials and supplies; and more men are being
added to the railroad payroll.
These increased expenditures benefit most
their purcnases
3932
lines
not
of
Financial
Industry and practically
permitted to retain these
community.
every
If tne
drastic
economy—railroads cannot
permitted to
back to
go
whicn they
money
already repaid nearly one-third of the loans made by
nave
balance of $350,000,000 which must be paid.
a
Act will
ment
not
are
the roads about
cost
$38,000,000 in 1937.
but tnere
The Social Security
The Railroad Retire¬
Act, if upheld by the Supreme Court, will require $60,000,000
nually.
Finally, there is the announced intention of railway labor
an¬
organ¬
izations to seek legislation for a six-hour day with no reduction in existing
Such
wages.
based
would cost the railroads
measure
a
operations for
on
than $400,000,000
more
1935 and would probably cost
$600,000,000
an¬
nually under normal traffic volume.
As I
Which imposes cost
burdens whicn trade and
in higher rates and charges.
pay
•tne emergency charges
railroad
At
credit.
properties, furnisn
business.
more
Given
some
in
national
•cannot rescue the
afford to
cannot
commerce
their debts and restore
may pay
time, they can continue to improve their
same
higher standard
a
holiday from legislation
a
Tne roads should be permitted to retain
in order that they
the
of service and endeavor to
of tne
measure
business, tne railroads will give
progress
I
recovery.
freedom
enjoyed
good account of themselves
a
tnink
experience
by other
that
we
industry by legislation which adds huge sums to the cost
patients for experimental operations by political
gold
surgeons.
of
credit ;
meant
i3
Steady Rise in Business in 1937 Predicted
T.
R.
Benson,
President
of
Chicago
Stock
men,
versal ;
1937.
He said:
optimistic for 1937 when I consider fully both sides of the business
am
balance sheet.
balance
justify
In my opinion, there is among the liabilities of the business
sheet
substantial
a
surplus
represented
account
by
pointed out that with the election passed, the
future could be viewed in its true perspective. He said there
is more confidence—that the national income is increasing
and|its\circulation expanding.
"Corporate earnings and
dividend payments," he continued, "are increasing month
by month." Mr. Benson also declared the stock exchange
business would experience increased business in 1937 because
capital markets are opening up and investors are searching
for equities of sound, well-managed corporate enterprises
am
of
and
Chicago Stock Exchange is en¬
joying its best year since 1931 because investors are more
and more recognizing the position of its listed securities.
its
that
Address Before American Standards
Association, Says Nations of America Must Work
for World Peace—Commends President
American
Roosevelt's
Conference—Firm
Be¬
lately
from
of
series
a
address
ican
at
the annual dinner meeting of the
Standards Association
New York City.
Amer¬
Dec. 9 at the Hotel Astor in
on
Mr. Harriman, a member of the board of
the New England Power Association, is a former President
industry.
is
the
by
regarded
sonable
a
this
serves
and
the
as
safety
clearing
national
code
this
in
work
European impressions, Mr. Harriman
said lie had chosen to speak of the European situation be¬
cause of his deep interest in world affairs, his "strong belief
presenting his
that America cannot live
isolated
from
other
nations, and
must
inevitably be affected by their prosperity or depres¬
sion, and a rather unusual opportunity to meet many of the
leading
figures
as
in
foreign
countries
closely
affiliated
with
made up of representatives
meet
world's
four
labor
times
and
to
industry to the
"The I. L. O.," he added,
League of
Nations.
annually
industrial
nations of the world,
Geneva
in
situation."
discuss
to
has been
the
Harriman
is
gTeat
After
briefly
the
present
as
figures which
for
figures, but
in
controlling
generation
around
the
wisdom
in
stated, in part:
North
council
for
of
of
and
table.
I
endeavoring to
civilization if
nations
factor
lives
in
conditions
shaping the
works."
and
By
Bome,
the
show the rate of increase in
last
little
35
I
years.
three
will
not
our
to produce,
power
weary
with
you
many
decades, through good and'
bad times,
productivity of manufacturing industries has advanced by approximately
130%; that is, 43 men can now produce the goods that required 100 men
at the beginning of the century.
The power of the individual to produce
a
over
the
in
agriculture has also increased, but not
The real social problem which
form
we
dividends
of
produce.
can
faces
rapidly
as
in the factory.
as
is how to distribute the increased
us
Capital is entitled to its
fair share in the
and
interest, but the greater portion of the goods and
services resulting from increased productive capacity must be distributed
either in the form
of lowered prices,
which means not only increased
demand,
form
but
the
gains
form
industrial
ductive
this
few
a
it
shorter
progress
the
hours
were
population,
in the
or
work.
the larger portion
century
passed
the
to
on
lowered
hours
higher
or
not
are
which
the
Shorter
wages.
hours
and
the
divides progress among all consumers.
wages
general
fact,
In
to that tendency which greatly intensified the
depression.
glad to note that in the last 30 years wages have increased by 30%
am
hours of labor have decreased in even a higher ratio, but let us
forget that the great stimulation to industry and employment comes
continuously lowering prices of manufactured articles.
the
saying
danger
that
of
technical
higher
and
not
have
of
too
if
had
we
let
each
hours,
the
and
how
more
if
by
increasing
That is
economic knowledge equaled!
our
labor takes
or
shorter
If
learned
from
close
me
year,
to
fairly
distribute
make, all would be well; but if
we can
and
repetition,
increases
could produce in the preceding year.
much,
or
the
our
a
than
belongs to it, either
is not kept
balance
proper
trouble
the
stumble,
we
factors
consumer,
will
which,
in
complicated
our
civilization,
produce-
wealth.
problems which
depression.
gained in
against
and
with
goods
never
surely ensue.
At
greatest need is for whole-hearted and reasonable cooperation
of
distribute
The
a
which
producer
our
all
charged
produce
technical progress.
our
wages
the
between
to
we
knowledge,
capital seizes
in
being
what
over
increased goods
if
of
power
our
1%%
measure
our
pro¬
profits to
higher
as
con¬
from
increased
of
industry
to
largely
of the gains
form
stimulating
as
been
has
prices
and the greater portion
the check
was
In
of
the
in
consumer
for manufactured goods, but since the close of the
capacity has been distributed in
but
entire
of
present
tendency towards
industries,
desirable,
I
with
progress
or
first 15 years of the
of
War
fined to
are
of
wages
lowered^ prices
of
World
sharing
a
increased
of
During the
the
the
face us today are the problems of recovery and
We must learn how to keep the good health which we
last three years, and to develop an effective vaccine
of
germs
economic
order
between
contest
the
next
depression.
inevitable.
are
candidates
or
The
in
the
in
way
which
parties;
some
Some
last
it was
business
Let
war.
changes
election
a
has
us
vote
been
see
in
our
not
was
of
"lack
carried
social
primarily
on
to it that
of
con¬
In
this
American
the confidence of the Nation.
Prior to Mr. Harriman's address, Dana D. Barnum, Presi¬
peace,
for
South
believe
cement
our
America
work
every
for
joint
Mr.
a
high
activities
degree
in
the
of
Gas, reviewed the Associa¬
"Industry and government have
cooperation
American
in
codes,
now
the
backbone
their
Standards
Barum said, using as an illustration
safety
of
numerous
Association,"
the 40 industrial
State
regulations
for
the
protection of workers in this country.
"These codes,"
he added, "have brought about a large degree of
uniformity
among the various States, not only to the benefit of em¬
ployers, but to industrial and insurance groups
the
are
President
the nations
nations
world
Abuse
of
Money-Credit
Weakness
of
may
peace,
well
settling
is
acting with
of the two
become
in Europe.
but
if
war
effort to maintain real neutrality.
their
problems
infinite
Americas
the
in
repository
a
of
Not only must the
comes
in
Europe,
Mechanism
Commercial
well."
as
Discusses Evidences of
Seen
Banks—E.
As
C.
Chief
Harwood
Incipient Inflation
The principal weaknesses of commercial banks
are
traceable
directly to the abuse of our money-credit mechanism, E. C.
Harwood, Trustee of the American Institute for Economic
Research, said in
America
another great war breaks out
they must make
tion's work for the year.
reached
re¬
pleasing to turn from the maelstrom of Europe and note that the
nations
compact
of
it is
Frankenstein that would! devour its creator; by others, it is
the short-cut to the millennium.
Fortunately, there are rea¬
particularly
the
of the Locarno Pact, "both of which," he said, "vitally affect
the desires and ambitions of the great nations of Europe,"
It
purpose
in the last 150 years amply
world has made great advances
is
It
viewing the essential terms of the Treaty of Versailles and
Mr.
production,
the
for
of industry, labor and the gov¬
from the leading industrial
ernments
who
the
visits
recent
on
the American representative on
International Labor Organization."
"is
...
dent of the Boston Consolidated
country.
Geneva
cannot but
we
there.
corporations
or
system the
business regains
In
Europe
over
and distribute goods,
thereby increasing the
As Dr. Mills has said, "The machine dominates modern
ards
which
in
in industry
fidence"
standardization
great
the
note
the control and conduct of
are
country since the close of the great
for
must also
old deal
very
individuals
of the Chamber of Commerce of the United States, and is a
Association,
We
capitalistic system of conducting business,
member of the Advisory Committee of the American Stand¬
house
uni¬
is almost
a
as
this time
returned
International conferences abroad, took the European situa¬
tion and its application to America's problems as his text
an
basis,
produce
living.
and
between
liever in Capitalistic System
for
in
under
to
power
industry,
the
H. I. Harriman, in
Harriman,
sickness audi
of old-age,
contributory
a
review the situation
we
New Deal
commerce
under /which
about
»
I.
labor
the part of
on
and
Mr. Benson said that the
Henry
bargaining
cooperaive has affected both distribution and
The remarkable progress
profit.
a
26% increase in Dow-Jones Averages.
Pan
on
the fundamental factors of which
lowering of prices,
at
as
our
believer
capital, shorter
Efforts
largely
consumer
fact,
In
firm
a
Chicago listed corporations, stating:
Dividend payments are 77 % above last year and 187% greater than 1933.
collective
by State-owned
the
from which they can expect a reasonable return and a pos¬
sible appreciation. He pointed out the favorable position of
Representative issues have appreciated 32% since Jan. 1, compared to
that
that social security in the form
than
goods which
Mr. Benson
been
has
Companies Act and by the control
have been balanced, even though it has
budgets
insurance,
that much
trade
from the fixed
away
speculation
that
currency;
as wise, and that with it has come a responsi¬
labor to keep its contracts; that hours of labor of
and children have been established by laws rather than by
that child labor is prohibited; that a minimum wage is
which
to
production.
that
assets
confidence.
our
in
I
held sway.
the government is stimulating the re-housing of the people;
prices have been maintained for the products of agriculture, and
industry the trend has been toward corporate control and regula¬
rather
see
and note
Scandinavian
that
fair
extent
have not
managed
a
social
the
30 years,
or
England, France and the
of Fascism
taxes;
almost universal;
that
20
19, 1936
review
recognized
women
tion
to
the part of
competition;
that
useful
the last
for
in
is
those countries the trend has been
towards
high
very
on
regarded
Thaddeus R. Benson, President of the Chicago Stock
Exchange, speaking in Indianapolis on Dec. 3 before 150
Indiana corporation executives, security brokers and dealers
.and bankers, predicted a continued steady rise in business
of Europe
that national
universally
bility
in
it
course,
both by laws like the British
curbed,
demonstrates
Exchange
I
standard
standard of
Continued
legislation
countries where the forces
in
in
industrial
economic
our
particularly what has happened
as we make
proved
has
secure
of operating the railroads and which usually makes the carriers the preferred
by
considering
unemployment
it, the railroad industry should have
see
Dec.
We note that
Reconstruction Finance Corporation during the depression,
Is still
policy
a
and
earn.
The carriers
the
spend
In
are
freight charges it is likely that
emergency
they will again be forced to defer improvements and
of
carriers
Chronicle
for
an
address
on
Dec. 18 before the Society
Stability in Money and Banking Inc., at the Hotel
Pennsylvania in New York City. Mr. Harwood, who spoke
on "Fingerprints of
Incipient Inflation," declared that the
extremes of the business cycle could be eliminated if the
banks would refuse "to provide the means by which honest
optimism can become insane greed, rushing madly to its own
destruction." The present monetary and banking situation,
Volume
Financial
143
inflation by its effects on prices in the speculative markets,
and he added that the only satisfactory clue to inflation will
be found
chasing
In the
every
by
examination of the source of the excess pur¬
made available.
He continued:
an
power
of the inflationary progression now underway
case
informed
FOREIGN
impossible to judge the degree of
he said, makes it virtually
in this country,
DEC.
of inflation at present, therefore, is similar to
source
Bond
a
fingerprints of incipient inflation
There is
the bank record^ of this country.
vital difference between
a
of savings
on
deposited with it,
and
investment by a
an
an
investment
.
.
.
commercial bank
made after all savings
demand
deposit is reduced by the amount transferred to his savings account.
If
the savings deposited are from cash on hand, then there is an obvious
a
savings deposit in
a
commercial bank, his checking account or
the hands of
reduction in the amount of purchasing power circulating in
individuals
and
businesses.
But
all
of
the individual's income
pre¬
was
sumably drawn from the right which he had to share in the productive pro¬
cesses.
a
In other words, either directly or indirectly, his income
portion of goods currently
quently, if the bank
were
produced and
en
represents
route to market.
Conse¬
to hoard the funds deposited in its savings ac¬
counts, there would be a deficiency of funds seeking
goods in the market
However, when the bank invests the savings deposited with it, that
place.
is to say spends the funds for capital goods,
in circulation and
can
the purchasing power is kept
the goods
find its way to the market, there to meet
which will presumably arrive at the same time.
the savings which have been
an
securities
on
real
or
estate),
buy another bond, or to loan to someone
use, inasmuch as there was no prior
the total of checking accounts
in
deduction from the account of a savings
depositor.
5,035
Allowing for subsequent investments and broadly estimating the value
two-thirds.
perhaps
Federal
Discuss
tional
Capital
Term
Reserve
Gold
Investment
$6,000,000,000
of
Here
Interna¬
and
subsidiaries
vening
Between
Foreigners
$6,500,000,000—Reduction
and
American Balances Abroad Since
in
1933, $625,000,000
In the Federal Reserve Bulletin for December,
made avail¬
able Dec. 13, the international gold movements are discussed
and incidentally the foreign investments in the United States
and
American balances
abroad.
Among other things, the
Board of Governors of the Federal Reserve System state
therein
that
"allowing for subsequent investments and
broadly estimating the value of all stocks and bonds at
current market value, it appears that foreigners may now
have a long-term investment here of between $6,000,000,000
and $6,500,000,000, of which readily marketable stocks and
bonds comprise perhaps two-thirds."
At the outset of the
comments in the Bulletin (given under the head "Review of
the Month") the Nov. 21 statement by Chairman Eccles of
of the Board regarding consideration of plans to reduce
excess reserves is
given—-this having appeared in our Nov. 28
issue, page 3394.
Mr. Eccles' statement observed that
"there
has
been
and
continued
a
are
substantial
increase
member bank reserves, resulting principally from
large inflow of gold from abroad." The discussion
of
further
inter¬
national movements in the Bulletin bears on the report of
the Treasury Department on the net influx of foreign capital
to the United States, briefly referred to on page 3396 of our
a
on
acquired
Dutch
In tne inter¬
resulted in shifts
During the war period
examples of the older type of investment.
foreign buying and selling transactions have
years
of ownership and
securities held.
changes in the
foreign holdings in this country were reduced, bub during the last decade
funds has been prevailingly into, rather than out of,
American securities.
There appear to have been no sustained foreign
withdrawals from the American security markets even during the early years
the movement of foreign
of the depression when confidence
was
world-wide unsettlement, they could do so
mucn
only at prices that would induce
in American securities as they withdrew.
and
Changes in private long-term foreign investment in the United States
American investment abroad during the past decade are
joined
in¬
At these low prices foreigners as a group
potential purchasers to buy.
as
de¬
during these years of
at a low ebb and prices were
"While many foreigners were selling
clining sharply.
shown in the sub¬
table.
variable during the last
American Investments abroad have been far more
This reflects the rise and
In 1927 and 1928 new foreign
rate of well over $1,000,000,000
decade than foreign investments in this country.
fall of the market
for new foreign issues.
floated in the United States at a
were
By 1932 the
new
Americans
foreign dollar
issue market had almost disappeared.
already begun to sell back to foreigners large amounts of
bonds floated in earlier years.
a
AND
INWARD
CAPITAL
INVESTMENT
OF
MOVEMENT
OUTWARD
States—Long-
United
of
Position
Monthly
in
System
Movements
portion of it before the war.
investments in American railroad bonds and British investments in insurance
had
of
of this great foreign investment was
As has been noted, most
before tne depression—a substantial
a year.
Bulletin
foreigners
$6,000,000,000 and
$6,500,000,000, of which readily marketable stocks and bondscomprise
long-term investment here of between
may now have a
issues
Governors
-
of all stocks and bonds at current market value, it appears that
checking
to the seller's
the resulting credit
account will constitute a net addition to
—
-—
Data relate to 1934.
a
(that is to.say, spent)
deposited with it, and then proceeds to acquire
investment type asset (that is, to
Direct investments (book value).
vested
On the other hand, if a bank has already invested
-
-
Total
When anyone makes
deposited in the bank have previously been invested.
2,015
329
607
1,045
-1,039
_
-
(par value)--
Other investments (various bases of value)-.
its source during
In other words, we shall find the
the World War period in this country.
STATES
THE UNITED
IN
1935
31,
Common stocks (market value)
Preferred stocks (par value)
banking system to monetize the budget deficits of the Federal Government.
The
INVESTMENTS
LONG-TERM
[In millions of dollars]
realizes that the modus operandi is for the commercial
man
3933
Chronicle
[In millions of dollars]
193245
Capital to or^
United States
.M
Movement cf Foreign
Net
from (—)
Move¬
Redemp¬
Ameri-
ment
Year
ican
Direct
tion and
Stocks
Invest¬
Sinking
United
and
ments
States
Bonds
to or
Total
from (—)
Fund
Account
126
32
—65
139
181
28
—70
526
526
70
—70
93
1926
—723
1927
1928
—77
1929
—137
374
435
16
1930.
—267
61
119
19
—77
219
53
94
9
—50
217
1931
—56
—5
—1
—50
1933
b49
137
180
7
—50
1934
b207
—13
0
12
—25
462
344
335
24
—15
464
317
c317
1932
1935-...
-
1936 (9 months)
—
d
c
American Capital to or
Movement of
from, (—-) Foreign Countries
Redemp¬
Stocks
Foreign
Year
Direct
and Bonds
*
and
tion
Invest¬
Invest-
Sinking
ments
-
Total
Fund
Account
Issues
Other
1926
695
999
—171
189
1927
862
1,201
—241
206
—304
328
—361
—322
1928
1,188
1,111
110
1929
511
631
—121
277
—276
328
822
—446
202
—250
1931-
—166
212
—312
191
—257
On July 14, when the decision to increase reserve requirements of member
1932
—273
27
—160
32
—172
banks by 50% was made, excess reserves were $2,900,000,000: on Aug. 15,
1933
48
10
120
41
—123
1934
—185
0
—105
34
—114
1935
—118
44
50
—27
—185
—147
9
c—156
Nov. 28 issue.
after
the
increase
reserves were
From the December Bulletin
in
reserve
reduced to $1,800,000,000.
member banks increased
were
$2,200,000,000,
reserves
requirements
had
a
into
1930
quote:
effect,
After that date total
by $600,000,000, and
notwithstanding
come
we
excess
reserves
of
Nov. 25
excess reserves on
considerable growth in required
caused by an increase in member bank deposits.
The most important influence in this expansion of reserve funds was the
addition of approximately $500,000,000 to tne monetary gold stock.
movement of
The
gold to the United States has continued during the past two
months while the new currency arrangements
-
1936 (9 months)
---
Excluding payments on intergovernmental debts
As
a
result of the maintenance of tne foreign investment position in
country and
light is thrown
upon
Slates
the internationl movements of
in the past two years by the information on foreign exhange transactions
and international capital movements for tne period Jan. 2,1935, to Sept. 30,
1936, which
was
released by the Treasury on Nov. 27.
capital movements
security brokers
are
on a
The date regarding
reported to the Federal Reserve banks by banks and
weekly basis and
cover
short-term foreign assets and
liabilities and tne movement of funds into and out of the country in security
transactions.
The data
country or area to
are
classified according to type and to the foreign
wnich they pertain.
Data regarding spot and forward
are
a
reported by banks.
area,
It is intended to publish similar data by weeks
Foreign Investments in United States
The transfers of gold to the United
States since the end of September
of capital from abroad into American securities.
movement
Although the volume of
unusually large during the six
was
Inauguration of the
new currency
weeks
arrangement, the chart
following tne
[this
we
omit.
—Ed.], showB that it had been proceeding almost without interruption since
April, 1935.
$640,000,000
From that date to the end of September, 1936 foreigners put
on
balance into American securities, most of the orders coming
from England and the gold-bloc countries.
If this be combined with sub¬
sequent acquisitions and allowances be made for rising security prices, the
investments of foreigners in this country since April, 1935 may have now a
market value of
$1,000,000,000.
The greater part
of what foreigners now hold here, however, was acquired
befoie the depression.
of
a census
International Short-Term Balances
The international shifts of bank deposits and otner short-term
The Department of Commerce, largely on the basis
of foreign holdings, estimated foreign investments in this country
«t the end of 1935 as follows:
funds since
1929 have been in general far greater than the movements of long-term
tal.
Annual figures for the period
movement of
The yearly
foreign and American balances are given in the following table.
nine months of 1936
are
from tne records compiled by the
Reserve banks for the Treasury.
OF
INTERNATIONAL
^
SHORT-TERM
BANKING
FUNDS
[In Millions of dollars]
"41
Net
Inflow
Year
or
Net
Outflow
Inflow or
Outflow
(—) of
Foreign
Inflow or
Outflow
(—) of
American-
—300
—185
—1,272
—409
—595
186
—412
—383
—29
192
86
106
970
606
364
390
The net outflow of snort-term funds
Balances
—709
1936 (9 months).
Balances
—485
•
1930.
to
capi¬
1930 to September, 1936 covering the
figures are taken from Department of Commerce reports; those
MOVEMENT
reflect in part the usual seasonal Influences, but chiefly the heavy movement
The first column of the
of such capital.
change in the country's international capital
position has been accentuated in the last two years.
Federal
once
quarter.
this
above table snows that this
for the first
foreign exchange transactions, also classified according to country and
capital on
position it had occupied almost without interruption
since the war—to a net importer
gold
this
the withdrawal of Americans from investments abroad the
balance to tne world—a
Considerable
c
Department of Commercefigures 1926-1935. b Including arbitrage transactions not shown in following columns,
c Transactions on redemption and sinking fund account included with net security
purchases, d Figures not available.
a
United States shifted in 1931 from a lender of private long-term
has been in operation.
Publication of Date on International Capital Position of United
d
296
94
(-)
563
in the prioed 1930 to 1933 amounted'
$2,000,000,000, compared with a net inflow of American and foreign
long-term capital of $200,000,000.
Foreign balances in the United States,
which exceeded $3,000,000,000 in 1929, were
reduced by $2,500,000,000 i»
Financial
3934
in any sub¬
Pari of the foreign shortpay for new foreign investments at long term
the repurchase from Americans of long-term
Tnis reduction, however, did not result
tne next four years.
stantial export of
term balances were
utilized to
claims
tem, in addressing,
Tne balance of foreign funds held in the United States was
required to
for
pay
only partially covered by expenditures
were
immigrant
and
remittances,
other
international
Cal. Mr.
Davis told the gathering that "the Federal Reserve System
is following an easy money policy," and added that "as long
as
we have a great supply of idle men and idle plants, it
ought to continue to do so."
- —
"To invest our money and credit again for speculative
purposes in securities and real estate and commodities,"
said Mr. Davis, "would be to tread the path of folly to
of American tourists,
The major
revenues.
items in tne international balance of payments of tne
United States for the
periods 1930-1933, and 1934 to the end of September, 1936, are snown in the
from Department of Commerce data.
above table, largely drawn
NET BALANCE OF INTERNATIONAL
•
PAYMENTS OF THE
UNITED STATES
of the historic
by raising interest
rates
and tightening the money market
all along the line.
Until we
reach a much larger national income than we have yet achieved, an abun¬
dance of cheap money to finance production and distribution is required.
This problem is ours, and it is yours.
The farmers are the shock troops
in the fight of our economy with the business cycle.
They are, therefore,
more
immediately and more acutely concerned in the maintenance of an
orderly progress, without violent fluctuations, in our economic life.
Net Receipts
or
(+)
Payments {—)
Items
1934—
1930-33
Sept. 30
+ 1,135
+218
fl+650
1936
Merchandise and service items...
Short-term
Silver
—1,988
+ 1,128
+ 1,657
+60
+575
—3,644
+778
...
-
papital...
—
.;
Gold....
Miscellaneous items and residual.
Preliminary,
V
a
The
Since 1933 tne short-term capital movement has
and the continued inflow of
Britain and other European
developments
financial or a political crisis in
countries have been affected by these
well as by international uncertainties in Europe.
as
Increase in Foreign
Balances Since 1933
United
amounted
States
$1,460,000,000,
to
$1,000,000,000 since the end of 1933.
Sept. 30,
on
French, Dutch, and Swiss
.
1936, totaled $390,000,000, the bulk of which was
important degree with financial crises in the gold-bloc countries,
an
though also influenced to some extent by the unsettled
tion in
international situa¬
"While readjustment of the currencies of the gold-bloc
Europe.
of hoarded funds and capital
countries has been followed by some return
from London, uncertainties abroad
continue and gold-bloc balances in the
United States have been little reduced since September.
The inflow of British balances from the end of 1933 tnrougn September,
1936
$230,000,000, or nearly a quarter of the total increas ein foreign lia-
was
biliities. The gold-bloc difficulties through their
influence upon the forward
movement, since
exchange market, were an important factor in tnis
the
transfer of French and other funds to London raised the spot rate for sterling
to a
as
In anticipation of a subsequent decline, the rate on sterling
permanent.
delivery
This
quoted substantially below the spot rate.
was
a
the
United States totaled
balances in the
been
return
a
movement
reduction in the discount
In
rates
Other
in tne
At the end of September
Italian-Ethiopean hostilities.
British
of
Recently there has
$295,000,000.
Tnis has
balances.
British
accompanied
a
forward sterling and some firming of interest
on
London.
European and non-European countries have increased their balances
United
States
by $420,000,000 since 1933, of which
about three-
For the most part the increase
quarters was for account of non-Europeans.
in tnese balances has been steady, in contrast to the series of sharp
from
movements
and
Britain
Great
the
inward
gold-bloc countries followed by
Tne regular manner in which the balances
periods of moderate withdrawal.
funds, which aggregated $780,000,000 at the end of September,
that these
employed
on
large extent, an accumulation of working balances customarily
foreign
money
markets.
The special factors which, in recent
years, have rendered other money centers
stable
monetary
conditions
may
unattractive to such funds, have
While the return of
New York.
resulted in their concentration in
stimulate
some
redistribution
more
of these
funds among the leading money markets, an expansion of world trade should
increase
recent
the
working
balance requirements of other countries
have increased
years,
their funds in the
United
which, in
States for other
reasons.
The
future?
offset if deflation threatens in die
an
reduction
in
American
balances
total,
$180,000,000
on
abroad
withdrawn
was
since
gold in transit
from
the
$65,000,000 from the gold-bloc countries, largely in
already discussed.
left
.
.
details
with
us
the background canvas of recent history.
on
productive plant overexpanded and distorted
a
The second post-war depression was preceded
lines.
many
bad tariff, a huge volume of foreign
exports, a
on
$40,000,000,000
1932.
in
into power and adopted a
this juncture the new Administration came
At
policy of adequate help
created
gap
by
in
of
private
financing the
By
enterprise.
the government restored
to banks,
securities
our
money.
this falls in the field of money and
How much of
that
and of great public expenditures to fill
decline in
the
sale
through
supply of
of relief for
the sufferers from the depression,
to
of protection to creditors,
debtors,
an
which
economy
through
functions
credit?
It is apparent
medium of
the
an
money,
must be available to do
90% of our payments are
adequate supply of money, including bank credit,
the
in
business.
country's
fact
made
Bear
mind
in
by check.
that
/
present problem is not to create more money.
The supply
has been restored to a level sufficient to finance a much larger volume of
Certainly
activity
excess
both
of
farms
the unprecedented volume of
the great
gold that has come to our shores, there is far more than enough,
currency and of bank credit, existing and1 potential, to finance our
than
and
have
we
of the
factories
With
achieved.
yet
banking system, resulting primarily from
at
of
rate
a
exceeding anything we have
productivity
known.
ever
Our
problem
existing,
use
stabilized
of
our
reserves
tide of
our
seek,
ways
and
one
distribution
hand,
to
the
great supply
stock
be
inexorably
other,
to
in such
or
other
inflationary condition that
an
another
by
We must
off into specula¬
commodities,
estate, in
be
can
as
the
on
more
greater use
rate
labor.
our
and,
recovery
unhealthy boom,
an
followed
of
about
mean
a
from being syphoned
money
market, in real
would produce
as
would
this I
rapid
By
at as
fruits
full
a
secure
of
the
of
bring
and to
it
preserve
to
instruments
increased
production,
to
recovery,
our
new
greater productivity.
in
the
in
consolidate
to
necessary,
wider
a
the
on
prevent
tion
if
progress
by
is
now
and
man-power
absorbed
liquidation
American countries
An amount in
of frozen
where
1933
are
amounts
eliminated.
London
market
response to
claims
on
European
exchange restrictions exist.
to
Of
and
influences
of $250,000,000 represents
excess
American
As
and
the
Latin
I
have
attempted
instrument which
can
it
cannot
possible
coordinate
to
so
attain
a
better
coordination
reasonable
be
the
indicate,
to
tioning alone,
collapse
fruits
of
our
System
is
one
the
of
used
to
those
of
other
agencies
It should be possible
credit
monetary,
deflation, but it should be
and
with
powers
degree of stability.
of
Func¬
help achieve that orderly progress.
prevent inflation
its
Reserve
Federal
and
fiscal
policies
So
far
powers
periods of heavy gold movements from Europe, is shown in the first table.
as
the
Reserve
System
concerned,
is
has broadly
it
four
it
fix
can
discount
rates,
the rates
that
member banks have
pay
instrument of central bank control, but it is not operative now when
member bank
foreign capital to the United States in recent
reserves
of the great flow of
years.
,
<
when
have
more
borrow
at
they
lative Purposes—C. C. Davis of Board of Governors
of
Federal
as
Leading to
Reserve
System
Views
Trouble—Not
Interest Rates and
in
Such
Favor
a
of
Course
Raising
"Tightening Money Market"
existing
a
any
You
will
increase
deposits,
are
in for trouble" if the present volume
with the bank credit that could be sustained
the
Reserve
banks.
That
System
must
these
that
last
reserve
sterilize
can
by
an
carry
or
bankers'
make
inactive
the market
July
of
the
Board
Governors
institutions.
its
the
district.
announced
an
requirements.
operation
and
certain
because
such
other
government
This
paper.
purchases
or
sales
is
known
must
be
openly and not by direct arrangement with the other
parties to the transaction, whether it be the Treasury
and
of
portion
a
Reserve bank in
acceptances,
"open market"
in
banks
in the percentage of deposits which
increase
with the Feaeral
Thirdly, the System has the authority to purchase and sell
an
to
classical
the
is
they know what to do with, and consequently do not
reserves
bank
recall
in
securities,
as
made
Warning that "we
than
from
rate.
the
excess
member
borrow
funds
Secondly,
Warning Against Use of Money and Credit for Specu¬
major
to influence the volume and cost of money.
First,
This inward movement of American funds has accentuated the effect upon
upon
a
achieve
the exchange
market and
to
as
through
to
that goal.
The steady reduc¬
tion in American balances abroad, except for temporary loans on gold at
of
.
is entrusted with
System
by excessive
lendings, an
excessively rapid expansion of credit, a faulty distribution of income,
and an orgy of speculation in real estate and in securities.
Values rose
to unwarranted levels, and the consequent collapse was on an unprecedented
scale.
Once started, the deflation proceeded in a vicious spiral, resulting
in a terrific drop in prices, in incomes, in employment, and in the volume
of money.
Contraction of bank credit and bank money was both the result
of the business collapse and the cause of some of its worst phases.
Our
national income dropped1 from $80,000,000,000 a year in 1929 to less than
in
of American Balances Since 1933
$625,000,000, if temporary loans
gradual
directed pri¬
were
labors.
Return
tnis
had
war
emphasis
of other European and non-European countries nave built been up suggests
represent to a
as
Reserve
paint additional
The
Funds also were transferred from
than offset.
was more
London to New York in substantial volume during the international tension
over
the dollar and the
of
devaluation
to
certain responsibilities—
limited segment of the government's economic battle front.
In
drive home once more the vast complexity of that battle line,
to
me
deficit
interest in London
intervene
to
certain
let
New York at
profit, inasmuch as sterling sold at the spot rate could be
reference
the
was
Federal
order
the
repurchased for future delivery at a rate so much lower that the loss of
with
taken
That
The
permitted British and other holders of sterling to transfer their funds to
a
as
agriculture in our economic
purpose, and the result has been in that direction.
I
am
mentioning this, all too briefly, to suggest one or two more
questions in relation to our major problem of greater economic stability.
Is it not possible that we can so shape our future course and so direct
our policy that
the government will serve, in effect, to counterbalance the
cycles which private enterprise, left to itself, has inevitably generated in
the past and undoubtedly will continue to generate in the future unless
we
devise better methods of managing our broad economic problems?
Is
it not possible to have the government prepared to check speculative infla¬
higher level than operators in the forward market were willing to accept
for future
part,
in
quote,
also
we
marily to restoring a more equitable balance for
scheme.
This inward movement of funds was asso¬
acquired since the end of 1933.
ciated to
.
address
Davis's
inflation
speculative
check
to
of the Agricultural Adjustment Administration
tion and
balances held by foreigners in
an increase of nearly
At the end of September, 1936 short-term
balances
comparatively steady flow
a
gold-bloc countries—France, Switzerland, and the Netherlands.
tne former
the
Some of these short-
.
.
United S ates in
sharp movements, usually associated with a
Great
been sharply reversed,
but a far larger part has been received at intervals in
since revaluation,
Mr.
steps
program
long-term capital nas been supplemented by an
larger transfer of balances from abroad.
even
attempting
follows:
Included with merchandise and service items in 1930-1933.
term funds have come to the
of
From
—569
a...
present conditions I certainly am not in favor
under
But
method
Long-term capital
He continued:
probable disaster."
fin millions of dollars]
of the
Dec. 10, the annual meeting
on
Bureau Federation at Pasadena,
Farm
American
continuing surplus of mercnandise exports from the
service on American investments in foreign countries—
a
United States and tne
Items that
swings into
reserves,
financing production
and distribution," was given by Chester >0. Davis, a mem¬
ber of the Board of Governors of the Federal Reserve Sys¬
$500,000,000 during the
largely
foreign countries, wnich were reduced by
on
period.
banking
volume of
existing
1936
19,
speculative investment instead of into
went to repay American short-term
investments abroad, and another part
the
on
gold over the period as a whole.
in the United States and for
Dec.
Chronicle
This function
is
or
private investors
performed through the mechanism of
an
Volume
consisting of the members of the Board of Gov¬
five Presidents of the regional Federal Reserve
banks.
Let me say again that the Board of Governors is a public body
whose duty is to exercise its functions in the national interest and not in
the interest of any group or section, and that the Open Market Committee,
of which the Board of Governors is a majority, likewise functions in the
Open Market Committee,
national
and
interest
not
behalf
in
of
private,
any
sectional
group
or
interest.
to
Market Committee buys government securities the effect
reserves in the banking system as a whole and,
the Open
When
is
additional
create
therefore, to
sells securities, the effect, assuming that
sufficiently large scale, is to tighten money conditions
the System
oprations are on a
interest rates.
raise
and
conditions and to tend to make interest rates low.
money
ease
when
Conversely,
the Securities Exchange Act, is
responsibility for fixing margin requirements, which at
That is to say, those who purchase registered securities
must put up 55% of the purchase price and bankers and brokers are not
permitted to loan more than 45%.
This instrument, which did not exist
in
1929,
may
be expected to impose some curb upon stocky market
Fourthly, the Board of Governors, under
with
charged
present are 55%.
speculation.
<
the Board1 has certain direct powers, to which some
In addition,
attach
ties
a
deal
great
of
importance,
to
member banks and to discourage and prevent
I
hardly qualified
am
from
authori¬
of
relatively brief service to pronounce
these various powers, but I do wish to
several considerations.
First, it is evident that these
powers are not of themselves sufficient either to guarantee stability,
to
prevent booms and depressions, or to bring about a stable price level.
These powers all can be utilized with these objectives in mind, but unless
these powers are part of a broader policy pursued by the government,
the Reserve System alone cannot possibly attain the desired
objectives.
It
is important, therefore, to use other instrumentalities.
I mention as
an
example the recently-imposed tax on undivided profits.
It is evident
that this tax has a very direct monetary effect insofar as it tends to
to
you
accumulation of large pools of idle funds which in the past
to
spill over into speculative channels, and insofar as it
funds to where they are not only subjected to a fair share of
taxation but are diverted, in part at least, into the general spending stream.
I would like to .submit to you the proposition that our goal of more
stabilized economic progress can be approached best by concentrating our
prevent the
have tended
diverts these
thought
the maintenance of a high and growing
on
The
national income.
is more steadily maintained and
productive chanels, and away from speculation which gener¬
distortions in our economic mechanism and thus leads to deflation and
question is how to insure that this income
into
directed
ates
collapse.
As I
System in its relation to the
existence
it
whatever
facilitate
to
can
the
flow of money
to the
to do
into the right channels.
inflation or so slow as
to tend
in the direction of deflation.
It is worth while to recall that
we
had an adequate volume of money in 1929 and, incidentally, that we
were on
a gold
standard, and that we had a balanced budget.
Yet these
things—very desirable, according to some—did not prevent the depression
from developing and then intensifying into the worst crash in our history.
It is worth while to remember that the mere existence of a large volume
of
supply
deflation
money
to assure
or
that
were
be
must not
The flow
and
so
fast that it produces an
not sufficient of itself either to prevent a
stabilization of the price level.
I wish the problem
was
simple.
We should
put
our
minds upon the problem of the flow of money,
its
between consumers and investors, so that there may
be enough plants to supply our growing needs and enough income in the
hands of consumers to buy the products of our soil and our factories.
It seems to me broadly that the effect of the government's policy has
distribution
proper
been
along
lines—first, to create easy money conditions as a
two
debt-carrying burdens could be lightened upon farmers,
of which
result
palities to refinance and to obtain funds with which to carry on their con¬
tributions to economic and general well-being in their communities through
maintenance of schools, roads and other customary activities which
the
had to be curtailed or suspended altogether in the
depths of the depression.
The Federal Reserve System contributed its
share to the creation of easy money conditions and' is still pursuing that
instances
many
policy.
Secondly, the government
and
to
put them
unbalanced its budget in order to raise funds
in the hands of people who would spend them
and thus
cycle of business activity.
One by-product apart from
business activity of itself was to restore solvency in innumerable local
communities and States and cities and municipalities which were once more
able
upward
an
to
collect
their feet
ernment
back taxes
as
well
as
current taxes, and to get back on
lean upon the Federal Gov¬
where they would1 no longer have'to
further drain upon the government's resources.
total expenditure by the government has been large, considered
and put
While the
a
small when considered in relation to the results.
I am
to say that this alone was responsible for recovery.
I
think I
am
quite aware of the resourcefulness and initiative of the
American people, and particularly of our farmers, who face and overcome
adversity with genuine fortitude and courage.
But the government program
gave something for resourcefulness and initiative to work on.
After the
government had unbalanced its budget to a gross total of some $13,000,000,000 during the past three years up to the end of the last fiscal year,
there occurred a recovery in the national income which is now running at
the rate of well in excess of $60,000,000,000 annually, and that at the
same
time there has been an enormous increase running into hundreds
of billions of dollars in the value of farms, homes, stocks, bonds and all
itself,
by
not
the
it is
undertaking
rest of
our
national assets.
any reason
for believing
that we lack as a people the
to achieve the objective which
we want it a steadily rising
national income, equitably distributed among all closses.
As I have said
before, I have no panaceas.
I know of no single device, through the gold
standard in its old form or in some newly-deyised form, or through any
other simple mechanism, to achieve this objective.
There is undoubtedly much that can be accomplished through enlightened
leadership in industry and agriculture and in the field of labor.
The
objectives of the Federal Reserve System are identical with your own
objectives.
Such powers as the System has to influence the supply, the
cost
and the flow of money, it is undertaking to exercise toward the
objective of a more orderly, a more stabilized economic progress.
I
do
not
intelligence,
we
all
barriers may aid in
He added in part:
tariff
enduring prosperity.
Secretary of State Hull to lower
while the efforts of
creating
One of the greatest threats to
a
basis for
an
stability in banking today is the
want.
see
through
The
unselfish thinking,
objective is clear.
What
excessive
banks. Yet an analysis of this
ownership in the November, 1936 issue of the Federal Rexerve Bulletin
(page 896), reveals the fact that more than ten and a half billion dollars of
these bonds are in the portfolios of city banks.
It is not difficult to discover
the reason for this.
In the days when it was taken for granted, that a chicken
ownership of government bonds by the
the country banker
have a secondary reserve
in the form of bonds.
Even bank examiners told him he needed bonds.
As
a result he bought bonds.
From bitter experience he learned that his losses
on these purchases of bonds often wiped out his entire capital and surplus,
even though his loans were virtually 100% good.
It is but logical, there¬
fore, that he should now prefer to confine his extensions of credit to business
men in his community with whom he is in close contact and whose notes
have proven to be a superior investment to a portfolio burdened with a
secondary reserve of bonds.
He may buy bonds occasionally but the time
and two cars were in every garage,
was
in every pot
was
persuaded by his city cousin that he ought to
when he can be sold bonds.
is past
...
beginning to comprehend that it is an essential
the country banker is
principle of banking that
the conversion of assets should be responsive to
the character of deposits.
Whether
For,
one
city cousin understands it or not,
his
of the primary causes of
has been the practice of
bank failures—both city and country—
deposit and frozen asset world.
savings
deposit business in a
Very few banks would fail if
attempting to do a demand
demand without restrictions
banker that demand and
independently of each other, for the
divorce commercial and investment
savings depositors could not get their money on
Experience is teaching the country
sacrifice.
time
same
deposits should be dealt with
reasons
it
was
necessary
to
call for most
stability in banking. . . .
Canadian system does not lie in its system of
branch banking.
Not only do drastic restrictions exist against certain
banking activities which are permitted in this country, but the Canadian
law gives the banker preferences not accorded the American banker by our
law.
Furthermore, in Canada the banker is a silent partner in any business
for which the banks lend money.
It should be noted also that the total
banking.
The factors involved in the conversion of assets
thoughtful consideration if we are to have
The real strength of the
deposits in the 10 banks in Canada on Oct.
31, 1935, amounted to only
114.)
Whereas of the same date
according to the November, 1936 issue of the Federal Reserve Bulletin
(p. 895), the demand deposits, other than interbank and mnited States
Government, in just the country banks which are members of 010* Reserve
$2,527,000,000.
(1936 Americana,
p.
System amounted to $4,875,000,000.
As of June 30, 1936, the adjusted
increased to $5,440,000,000.
|| In view of these facts it is difficult to see any justification for branch or
chain banking beyond the county in which the parent bank is located, or
deposits in these same country banks had
within a limited trading area.
and homes,
Thus it is possible to bring
about a large degree of necessary debt adjustment without the violence of
bankruptcy procedure.
It is possible for States and cities and munici¬
start
effectively all the silver legislation enacted since March, 1933
should be repealed.
Mr. Garis said that the recent tripartite
monetary agreement between England, France and the
United States is a basis for constructive economic progress,
and virtually all other borrowers.
businesses
in
Stability in the Nation's banking system depends in large
degree upon the part played by the country bankers, Roy L.
Garis, Associate Professor of Economics at Vanderbilt
University, told the Society for Stability in Money and
Banking, Inc., in New York City yesterday (Dec. 18). Mr.
Garis, in analyzing some of the principal problems faced by
the country banker today, said that he considers the gold
standard as a means to an objective, and not the objective
itself.
He asserted that if the gold standard is to function
or
the function of the Federal Reserve
see
general welfare, it is to use its powers so as to contribute
of an adequate supply of money at reasonable rates and
broad
Economic
influence lending policies
speculative use of bank funds.
my
judgment upon the effectiveness of
suggest
Banker PlaysJ Stabilizing Role in Nation's
System, According to Roy L. Garis—
Analyzes Creed of Rural Banker After Depression
Experiences
Country
rotation,
by
and,
ernors
3935
Financial Chronicle
143
for
Need
Change
on
on
Part
of
Bankers
From One of
Policy to One of Alert Attack
Present Problems Pointed Out By T. C. Boushall
Passive
Defensive
Before Society
For Stability In Money and
Banking
"Banking is duty bound and impelled, by elementary
integrity, to go far beyond the negative morality of honest
administration of the banking function, fundamentally
essential to the operation of industry and commerce," said
Thomas C. Boushall, of Richmond, Va., President of the
Morris Plan Bank of Virginia, in an address yesterday
for Stability in Money and
on to say that "it [banking]
has been proved possible to
take an active and informed,
an intelligent
and a creative part in our society, through
analysis of the elements of which our economy is formed and
the forces which drive it forward; and, by appraising and
relating the constituent parts of our dynamic society, seek
ways and means by which these several characteristics may
(Dec. 18) before the Society
Banking.
Mr. Boushall went
must, in the light of all that
achieve in other modern fields,
be controlled and directed within the
limits of stability, per¬
mitted only to a sound economy, based upon more restricted
excursions of our economic pendulum than has heretofore
been recorded."
Mr. Boushall added that "in the
atmsophere of sublimated
social force,
applied and
practical sciences, calls upon the banking group to rouse
itself from a lethargy, existing throughout half a static mil¬
lennium, ahd accept the challenge, as private agencies under
the regime of chartered banking, to coordinate these antipodal
forces of a dynamic order, or else surrender the function of
fiscal and monetary agency of a people and its government
idealism, the integration of this new subjective
the
with
to
objective achievements of the older
administrative function but little removed from
an
level of civil service and
powers in the operation of a local post
also quote as follows from his address:
If there is
problems at hand, one
p
office."
In part we
passive
attack upon the
doubt of the imminence of the need for change from a
defensive policy to one of
.
the
liliputian exercise of discretionary
alert, cooperative and aggresive
need but turn to the daily press and observe the
3936
Financial
"freezing in"
Mew
the
of
Deal's
of
program
controls
ourjeconomic
in
structure.
undistributed earnings is here to stay," is a quoted impression
on
which Administration authorities give.
original passage of the
change in the law except in
general fact:
The tax
There
minor way.
a
Behind this conclusion is
It is accepted as a means to
impede the wide swing from boom to depression.
most emphatic and permanent
the
on
of managed economy.
on an era
It is the Administration's
lever with which to set in operation
of our economic chart.
curve
We
are
apparently
em¬
Controls and brakes will be sorely
needed to prevent economic excesses.
tion
too
a
rapid speed of production
that they tip the
be
may
effective in
so
balance sharply in another.
direc¬
one
A corrective for the
second condition may develop a third angle of unbalanced
economy.
Controls
banks
over
and
banking! credit
through
increasing
reserve
requirements, decreasing Federal Reserve holdings of government paper,
are
talked of most in banking circles, but the tax program on undistributed
corporation income is definitely a control mechanism
The Social Security Act is another effort toward
well.
as
.
.
and banking mechanism to the national economy.
regard the supply of funds and the level of interest rates
They
vital economic
as
forces, and they have been active in setting up controls of these forces.
By devaluation, by abandoning fixed exchange rates, by controlling cen¬
tral bank policies, by treasury
operations, by credit control through edict
and other means,
secured control
governments appear, at least for the present,
over
the supply of funds and interest rates.
vening
ployment data.
In
that based
realistic depths of
depression.
Dr.
such
on
approach
an
we
can
Perkins
E.
Goodbar, the
experienced
President
of
tragedy
our
ting descriptive force furnished by banking.
prolonged
of
Society,
in his
windfall
fortuitous profits in eras of
or
book,
He speaks of the desire to
rising prosperity that
and above and unrelated to remuneration for services rendered.
he also refers to the excessive losses incurred in
bear
no
a
are over
By contra
deflationary period that
kinship to the continuing reqward for services rendered.
.
.
9,000,000
the
with
1929 to that date exceeded the total capital structure of the
banks of New York City as of 1920.
The repetition of such
an
experience in many parts of the country has
perhaps brought banking to
a realization that if in future it is conducted
basis derived from services rendered, and if banking
upon a profit
within
that
service
area,
its long-time reward
will
greater than under the old order of fortuitous gains.
the
new
If
be permanently
this as
spirit of American banking, we*may early believe that stability in
money and
banking is the primary premise
function of
our
we accept
this fundamental
upon which
economy will in future be conducted.
It is this challenge, as trustees of the
people's money, that sound bankers
face today.
There is precious little time in which to convince the
people
and their Government that the
stability of our economy is the
objective of
sound
banking which seeks no greater return than that which is justly due
In direct proportion to service rendered.
«>
Practices"
the final
hours
of its two-day
session, held in Wash¬
operation, approval was given to a legislative program cov¬
ering fair trade practices.
While newspaper reports on
11 said
embody
that it
was
proposed in the new legislation to
the features of the invalidated National
of
some
Industrial
Recovery Act, Major Berry denied, on Dec. 17,
according to Washington advices to the New York "Herald
Tribune," that the proposals involved the revival of the
NIRA.
I
an
employment
the
Secretary of Labor
her department
service* of
placed
between July 1, 1934, and July 1, 1936.
Of
private industry has placed more than 2,250,000,.
remainder finding employment on various Federal projects.
in jobs
persons
ported shortages in skilled labor by an "apprentice training
program."
In Associated Press advices, Miss Perkins was
quoted as follows:
prevention
and
trained
be
the upholding of mechanics' standards of skill
flooded labor market.
Through the machinery
for
of
a
labor
organized
set-up,
to
calls
program
the
and
groups
the
determine
can
of
terms
the
of apprentices'
This permits
the number
apprentice agreement.
thorough training of apprentices where needed and under proper safe¬
the
thousands of half-trained;
guards instead of flooding the labor market with
helpers.
•
reference
A
conference
the
to
held
Council
by the
peared in our issue of Dec. 12, page 3774.
Nears
Pacific
in
Coast
lantic Coast Walkout
ap¬
.
Strike—At¬
Maritime
Spreads to Dock Workers
Tentative agreements on major issues in the Pacific Coast
strike were announced yesterday (Dec. 18) be¬
maritime
tween seep-sea shipowners and two of the seven striking
unions, it was stated in United Press advices from San
Francisco, yesterday, which continued:
announced
In these advices Major
believe it would be a
Berry
personally
real
was
quoted as follows:
the
catastrophe to
country
to
attempt
to
program
cluded wages,
and
errors
rebuild
the
Frankenstein
NRA.
of
his union, and the marine firemen,
Questions settled, he said, in¬
hiring hall control, cash overtime instead of time off, and
enforcement of future contracts.
Terms of the new wage scale will be announced jointly
and
the
shipowners'
negotiating
by the unions
The tentative
committee.
agreements
will be submitted to members of the two unions for ratification during the
Problems in the other five groups are not considered as difficult as those
of the seamen and hopes for an early settlement on all fronts rose.
Coast attention* was directed this week
Atlantic
On the
to dock workers.
Harry Bridges, West Coast strike leader,
came to NewfcYork early this week in an attempt to have
the longshoremen join the insurgent strike along the At¬
lantic seaboard.
However Joseph P. Ryan, President of
the International Longshoremens Association, rejected this
proposal on Dec. 15, and discharged Mr. Bridges as Pacific
Coast organizer of the ILA; Mr. Bridges still continues as
of
President
Pacific
the
of
branch
ILA.
the
The
dock
workers apparently are not in accord with the stand taken
by Mr. Ryan and strikes have been called at two ports.
As to these walkouts we take the following from the New
York "World-Telegram" of last night (Dec. 18):
attitude
men's
of
the ranks
Joseph
Union
P.
spread
maritime groups in a
of
the
of Atlantic seaboard
Ryan,
to
President
Baltimore
the
of
today
longshoremen
when
unions
two
over
the
Longshore¬
International
joined other
strike.
two
Baltimore
longshoremen's
locals
crippled
shipping
operations out of that port, affecting both Atlantic and Pacific coast
sels.
Foreign ships were not included in
the
ban,
but it
was
ves¬
said the
^
strike might spread to include them.
The Baltimore longshoremen struck, it was said, following a mass meet-
ing last night at which they
were
addressed by Harry Bridges, West coast
organizer who had been discharged by Mr. Ryan.
Action of the two locals in Baltimore followed close on the strike of the
longshoremen's union at New London,
Conn.,
The Connec¬
yesterday.
ticut workers defied Mr. Ryan's order to load a freighter and were
that their charter had been revoked.
Previous
our
reference
to
the
notified
i
strike
situation
made
was
in
issue of Dec. 12, page 3774.
Brooklyn "Daily Eagle" to Purchase Brooklyn "TimesUnion" About Jan. 1—Publication of Both Dailies
adopted by the Industry Council provides for business regulation by
by law; enforcement by normal court procedure, and admin¬
the
repeat
the accords, reached with
representing a third of the men on strike.
Action
ington, Dec. 10 and 11, the Council for Industrial Progress,
whose deliberations wrere presided over
by Major George L.
Berry, President Roosevelt's Coordinator for Industrial Co¬
Dec.
of
.
that
Disaffection in
Major Berry's Council for Industrial Progress Proposes
Program Through Existing Laws to Define "Fair
In
.
for the taking
extensive checks in the inter¬
Secretary Perkins also told the Council that the Federal
Government has launched an intensive drive to relieve re¬
banks from
lives
provide
to
committee on employment and unem¬
a
week end, Mr. Lundeberg said.
.
The New York "Times" published a table,
subsequent to the 1932 low
point in the depression, showing that the capital losses of New York City
primarily
Congress
dealing with the employment problem
reported
serious
Harry Lundberg, Executive Secretary of the Sailors Union of the Pacific,
Joseph
"Managing, the People's Money," refers to the analysis of John Maynard
Keyneain getting at the causes of disequilibrium in money and the contribu¬
earn
by
recommended by
.
address
an
"a
constitute
the consumptive capacity
.
legislation
was
years
Accord
progress more closely toward a straight line of upward progress, rather than
the sawtooth style of charted record that reflects unreal
heights of assumed
prosperity but
.
.
of
said,
and
employment
industry,
to have
...
a scientific approach to our
banking problems.
It is
possible, by sufficient study, adequate research, intelligent financial engi¬
neering, and a tolerant acceptance of the viewpoint of the political leader,
and the banker,
market."
the
Enactment
committee
the
conditions,
private
employment census every five years and less
The real need is for
the economist,
Such
upon
The
Governments everywhere have adopted a new concept of the importance
money
of
.
stabilized society, and
a
in turmbanking economy, while the proposed
balancing of the budget is an
achievement for which banking has labored night and day. . . .
of the
1936
these, the Secretary said,
The very measures that are set in operation to correct one abuse and to
slow down
burden
leveling
a
19,
"inequalities, duplications, conflicts and grave injustices
taxpayers" have been woven into the tax structure in the search for new
revenue.
a
undistributed earnings is a major factor in the
on
program to control our economic structure.
steam-roller
bitter opposition to the
was
But today there is little prospect of any
measure.
Dec.
mittee declared that
to
"The tax
barked
Chronicle
The
to
Be
Continued—-Will Use
Same
Plant
rules laid down
istration
mostly
left
to
industry.
We propose no
administration, and the general effect of our
increase the size and operation of trade associations.
bureau
to
of
There
What
the
is
we
need
no
The
and
"a
price
way
laws.
legislation, such
The
approved
by its
large
the
as
government
program
Council's
on
would be
Act.
Recovery
of industry legislation would be
exempt anyone
nor
program
proposals
emergency
the
anti-trust
Council
to the
for
in
suggest
existing
the anti-trust laws,
the
up
done
objectives would
not
under
weaken
from their application.
Dec.
Committee
11
submitted
Practices;
designed to eliminate unfair competition
The program aims to provide
integrated scheme of general legislation
are
discrimination.
unified
and
for
the purchase
endeavoring to
cover all commerce, rather than by separate
statutory enactments dealing with isolated abuses," said an
that
of
arrangements
the "circulation
have
been
completed
of the
and goodwill"
Brooklyn "Times-Union" by the Brooklyn "Daily Eagle," to
take effect about the first of the year, was made on
by Fremont C. Peck,
Dec. 9
"Times-Union," and M.
Preston Goodfellow, President of the "Daily Eagle."
The
"Times-Union"
as
owner
of the
said that following the effect of the sale the
announcement
been
Fair Trade
on
had
Announcement
is
to
be
published from
the
"Eagle" plant
a
separate newspaper, "not in any sense merged or com¬
bined with the 'Eagle,' but owned by it."
Mr. Peck will
retire from the local publishing field and John N.
will join the "Eagle" in an advisory capacity.
"Times-Union"
printing
plant and
real
Harman
The Brooklyn
estate
are
not
in¬
volved in the
sale, it was pointed out.
The announcement followed the filing
account, Dec. 11, from Washington to the New York "Jour¬
nal of Commerce," which also said, in part:
cations
Siegried Hartman, New York attorney and member of the Committee on
Anti-Trust Laws, urged the
negotiation of a "treaty of peace" looking
tion of
toward
the formulation
of government
the
Council
government
A
special
of
a
statement
of
policy defining the
and private activity in the utility field.
serve
and
as
mediator
the utility
Committee
hauling of the national,
mending
a
on
in
the
industry.
present
He suggested that
controversies
between
the
...
Taxation cited the
State andi local
tax
need
for
structure
study of the matter be undertaken
sphere
proper
in
thorough
a
a
report
by the Council.
over¬
recom¬
The
com¬
the
with
the
Securities
and
on Dec. 9 of appli¬
Exchange Commission by
Brooklyn Daily Eagle Properties Corp. for the registra¬
an issue of 40,000 shares of 6% cumulative
preferred
value $25, and by the Brooklyn "Daily Eagle" for
of 1,075,000 shares of its capital stock, of
which 400,000 shares are reserved for conversion.
Details
stock,
the
par
registration
of the filing of the applications are given in the "General
Corporation and Investment News" section of this issue of
the
"Chronicle."
,
Volume
The
Financial
143
the
regarding
following
purchase
Union" by the "Eagle" is from the "Daily
Mr.
of the "TimesEagle" of Dec. 9:
Goodfellow, President of the "Eagle" and of the Properties company,
of the
Brooklyn "Times-Union" is to give the people of Long Island two distinct
explained
that
the
will
enlarge
full
its
by
acquisition
"Eagle"
the
Brooklyn and Long Island, while the "Eagle"
local interest to
of
the
The Brooklyn "Times-Union" will increase its coverage
types of newspaper.
in matters
of
purpose
of national and
news
still maintaining its
world affaire,
the Bank of Netherlands, an arrangement which prompted
the appointment of Dr. Beyen as Dr. Trip's alternate, to be
in
charge of the "World Bank" during the latters absence
Basle.
Dr.
Trip's predecessor—Mr. Fraser—was
recently, as noted in our issue of Dec. 12, page 3777, elected
President of the First National Bank of the City of New
York, to succeed Jackson E. Reynolds, resigned.
Mr.
from
Fraser will
assume
his
new
duties
local coverage.
Goodfellow
explained
holdings to the "Eagle"
estate
that
the
by
for
newspaper
a
of
terms
at
term extending to Dec. 21,
an
the
which
"Times-Union" is
Brooklyn
olairfy the Brooklyn and
have
be
to
Long Island
sold
was
in
for
time been accepting advertising at a
some
the interests
The two papers
joint combination rate,
insuring complete local coverage at a single cost.
enable
will
now
expansion
an
of the
news
and
nearly
political
facilities
and
importance of
century by the two newspapers under individual
a
The
two
newspapers
were
28,
the "Eagle" on
1848.
»
"Fourteen
Guides
Financial
to
Stability" by Roy A.
Foulke of Dun & Bradstreet
Asserting that "thousands of
concerns
go
out of existence
during their first, their second, and their third years," Roy
A.
General
A. Farley returned to the
the United States liner Wash¬
James
Dec. 10
on
on
ington, following a month's vacation, during which he visited
Ireland, England and France.
He indicated with his return
that he would recommend the continuance for another year
of the three-cent postage rate, saying:
If it is abandoned
we
would lose $75,000,000 and
to raise it tiarougu some otner form
of tax.
at
the end of the next fiscal year, even
ocean
it would be
necessary
I think if this rate is continued
and business of the Department goes ahead as
it has, we will have
a
surplus
taking into account the subsidies
and air mail."
Foulke,
of Dun & Bradstreet, Inc., New York,
Two Take Oaths
as
cautions
Mr. Foulke's ad¬
vice is contained in his brochure, "Fourteen Guides to Finan¬
cial Stability," the newest supplement to his work, "Behind
Aides to Treasury Department
Morrison Shafroth, of Denver, recently appointed by the
President to be Assistant General Counsel for the Bureau of
Internal Revenue, on
ownership.
founded only six years apart,
1841, and the "Times" Feb.
20,
Postmaster
United States
for
Brooklyn and Long Island.
This area,
numbering nearly 5,000,000 residents, has been continuously served for
Oct.
Three-Cent
Postage Rate
economies
features of each
increasing population and business,
commensurate with the steadily
paper,
civic
Trip Abroad
the purchase it will be possible to effect production
Through
that
Postmaster General Farley Returns from
—Will
Recommend
Continuance
of
mainly to
reached
situation
newspaper
public and of both local and national advertisers.
the
Jan. 1.
an
annual rental sufficient to insure payment of quarterly divi¬
dends and amortization of the preferred stock of the Properties Corp.
Both Mr. Peck and Mr. Goodfellow further stated that the decision by
1959,
on
♦
further
agreement
between the "Eagle" and the Properties Corp. the latter becomes the owner
of the real estate of the Brooklyn "Eagle," consisting of the building at
305 Washington Street, fronting the new Brooklyn Bridge Plaza in Brooklyn,
now an
office building, and the new Eagle Building at 24 Johnson Street,
occupied by the newspaper, and erected in 1930 at a cost of $1,700,000.
He also stated that the Properties Corp. has executed a lease of its real
Mr.
of
3937
Chronicle
1, took the oath of office and
Dec.
entered upbn his duties.
Arthur H. Kent, of Chicago, also
was sworn into office as Assistant
General Counsel of the
Treasury Department.
Mr. Kent previously served as
Acting Assistant General Counsel for the Bureau of Internal
Revenue.
Secretary Morgenthau gave Mr. Shafroth and
Mr. Kent their commissions in the presence of an assembled
group of their associates in the legal division of the Depart¬
'' >
ment.
against the speedy expansion of business.
Scenes
the
of
The desire to
ing asset,
published by Dun &
boast of the "biggest" factory, as
developed into a
operating liability, according to Mr. Foulke, who says:
an
is
There
goods,
have
a
has
adequate
there
must
the
the
just
highly
vegetables,
reasonable
a
value of
the
of leather,
tanner
products
much
as
industry and
margin
the tangible
net worth
enterprise.
of
a
in
between
by
expense
weekly
telephone
bills,
as
wages
particularly
in
General—Former
Mr.
The 14 ratios in the recent study are
11,140
1931
to
taken from 1935
activity, 35 in manufacturing, 18 wholesalers and
retailers, and covers a five-year period of observation.
of the 60 lines of business studied showed an average
Practice
& Richardson.
♦
the
confined to 60 lines of busi¬
concerns
to
was made on Dec. 9 by Homer S. Cummings, Attorney-General, that Donald R. Richberg had
resigned as Special Assistant to him, as of Nov. 30.
Mr.
Richberg, former Administrator of the National Recovery
Administration, was appointed in April, 1935, and reap¬
pointed in April, 1936, to prosecute oil companies who were
charged with alleged fraud in connection with oil lands
controlled by Osage Indians.
He recently became a part¬
ner of the Washington law firm of Davies, Beebe, Busick
Professor
Scenes of Busi¬
36,840 balance sheets from
Administrator
F Announcement
of
Faulke's "Behind the
from
Special Assistant Attorney-
NRA
Law in Washington
commerce.
1934.
ness
and
the divisions of
characterizes most of
are
taken
heavy depreciation,
overbalanced
and
daily
ness"
statements of
or cotton
should not
provided)
efficiently,
fixed assets of every business
yearly charges become
ratios
a
their
produce
insurance premiums,
and
competitive condition which
American
The
be
aggregate
is
and
to
properly organized and operated. But to operate efficiently
were
which
why a manufacturer of hosiery,
reason
of fruits
facilities
also
Otherwise
salaries,
frequently
economic
no
canner
the businesses
and
Bradstreet.
an advertis¬
boomerang as
Business,"
D. R. Richberg Resigns as
seven
Four
operat¬
ing profit for each of the five years, namely, manufacturers
toys and novelties, wholesalers
of butter, eggs and
H.
M.
Board
Bryan
Governors
of
Professor Malcolm H.
Athens,
Ga.,
accepted
Senior
Appointed
of
Federal
Economist
Reserve System
Bryan, of the University of Georgia,
on
Dec. 12 the appointment as
senior economist of the Board of Governors of the Federal
Reserve
System.
Professor Bryan, who previously served
special commission on banking and taxation created
by Secretary of the Treasury Morgenthau in 1934, has been
been granted a nine months' leave from the University of
Georgia.
on
the
.
of
Election
cheese, and wholesalers of groceries.
♦
Services
rich,
White House for Late August A. GennePresident Roosevelt's Bodyguard Who Died
at
in Buenos Aires
Funeral services for the late August A. Gennerich, per¬
sonal bodyguard and friend of President Roosevelt who died
of
heart attack at Buenos Aires
a
16 at the White House.
Dec.
of
Officers
on
Dec. 1,
were
held
on
The services took place in
the East Room; besides the President and members of his
family, Cabinet members and Government officials attended
the services, at which also, a delegation representing the
New York Police Department (of which Mr. Gennerich had
been a member for many years), was also present.
The
body was later brought to New York, the burial taking
place in Middle Village, Queens Borough yesterday, Dec.
18.
The death ^of>Mr. Gennerich was noted in our Dec. 5
issue, page 3560.
Trip Resigns
national
as
Richmond
Merchants National Bank reelected
ITEMS
President of Bank for Inter¬
Settlements—WilK Continue
Leonardus
House
ABOUT
in
Office
BANKS
Secretary-Manager.
TRUST
COMPANIES,
&c.
Arrangements were made for the transfer of four New
York Stock Exchange memberships.
The first at $97,000
Dec. 5 up $8,000 over the sale of Dec. 1; the second and
third at $104,000 and $105,000 on Dec. 15 and the fourth
at $115,000 on the 18th.
*—
made Dec. 16 for the sale of two
New York Curb Exchange memberships at $33,000, un¬
changed from the last previous sale made on Dec. 12.
were
Until May
Dr.
Clearing
Wilfred A. Roper, President of the Bank of Commerce and
Trusts, Richmond, Va., was elected to the Presidency of the
Richmond Clearing House Association. Mr. Roper formerly
had served as Vice-President. Julien H. Hill, President of
the State-Planters Bank and Trust Company, Richmond,
Va.,lwas also elected Vice-President of the Association and
Guy T. Mallonee, Assistant Trust Officer of the First and
Arrangements
Dr. L. J. A.
of
Association
#
Jacobus
A
Trip, of The Netherlands,
resigned on Dec. 14 as President of the Bank for Inter¬
national Settlements, Basle, Switzerland, but agreed to con¬
tinue in office until the annual meeting of the Bank's as¬
sembly in May could approve the succession of Dr. J. W.
Bey en, also of The Netherlands, now Vice-President.
Inasmuch as Dr. Beyen is not a director of the Bank, it was
stated in Associated Press advices from Basle, Dec. 14, it
will be necessary for the directors to change the Bank's
statutes to provide that a non-member of the board may
serve in the Presidency.
The directors of the "World Bank" accepted Dr. Trip's
resignation on Dec. 14 "with regret."
When Dr. Trip
became President of the Bank upon the resignation of Leon
Fraser, in May, 1935, he retained his post as President of
The
membership of Mr. Gustave Debayser in the New
York Coffee and Sugar Exchange was sold Dec. 14 to Mr.
S. J. Shlenker for $3,350, an increase of 50 over the trans¬
action between Wm. Post Haring, Jr., to E. J. Schwabach
on
Dec. 10.
»
Arrangements were completed Dec. 10 for the sale of two
memberships in The Chicago Stock Exchange at $2,500
each, down $500 from the last previous sale.
*
A seat
on
the Montreal Stock Exchange sold Dec. 17 at
$45,000, unchanged from the previous sale.
*
A decline of $200 in Board of Trade
was
recorded Dec. 15 when
a
sale
was
membership values
announced at $4,800.
Financial
3938
Two bankers who started
their careers as office boy and
boy, respectively, and a banker who came to
this country from Australia as a youth have been appointed
Vice Presidents of Central Hanover Bank and Trust Com¬
messenger
Harold Wardwell Hoyt, Vice-President and
Manager during the same period, was elected
and
General
membership in the Boards of Directors of the Metro¬
boy with the Central Trust Co., later merged with Union
Trust Co. and subsequently with the Hanover National
Bank to become the Central Hanover Vank and Trust
and
Mr. Wolfe worked up in the organization to
become head of the Corporate Trust Department, which
post he has held for the last 15 years.
Mr. Osborne began
as a messenger boy for the Bankers Trust Company in 1915,
joined the Central Hanover 17 years ago as a credit investi¬
gator finally becoming a Loan Officer.
Mr. McLean came
to this country from Melbourne, Australia, in 1918 and
was
a partner
in a Boston firm of wool merchants before
joining Central Hanover in 1929.
He was made head of
the Chrysler Building Branch of the Central Hanover on
its opening in October, 1930, continuing in that capacity
since then.
Other new appointments are:
Assistant VicePresident, C. L. Herterich; Assistant Secretaries: Harry O.
Rightmire, Charles H. Bush, Evans G. Morgan, Lester
Lamb, C. R. Parker, Jr., W. E. Sterrett, and Thomas G.
Wilson; Assistant Treasurers: John A. Turnbull, Walter F.
Thomas, Francis Morgan Palmer, and Charles W. Tucker,
ciation.
politan Life Insurance Co. the Bowery Savings Bank, the
Co., City of New York Insurance Company,
Home Insurance
*
special meeting of the Governing Committee of the
New York Stock Exchange, held Dec. 16, a petition of mem¬
bers to close the Exchange on Dec. 26, the Saturday follow¬
At
a
ing Christmas, was granted.
The Governors of the New
York Curb Exchange took a similar action on the same day,
as
did the Governors of the New York Security Dealers'
Association on Dec. 17.
The New York Cocoa Exchange,
Inc., will close for trading purposes at noon Dec. 24 (Friday)
Dec. 31 (Friday) and remain closed all day Dec. 26
and Jan. 2.
The following markets on the New York Pro¬
duce Exchange will be closed on Dec. 26 and Jan. 2; cotton¬
seed oil futures, tobacco futures, tallow futures and frozen
egg futures.
As
previously noted in these columns, the
New York Coffee & Sugar Exchange, New York Cotton
Exchange and the Commodity Exchange will also be closed
Dec. 26 and Jan. 2.
—4
proceedings of the 43d annual convention of the
Savings Banks Association of the State of New York, held
at the Waldorf Astoria Hotel, in New York City, Sept. 24
and 25, are contained in a volume designated the "conven¬
tion issue of the Association News Bulletin," published by the
Association, bearing date of Dec. 11.
Reference to the con¬
vention was made in the "Chronicle" of Sept. 26, pages 1969
and 1980, and Oct1. 3, page 2150.
*
Directors
of
He is also Chairman
York 1939 World's
the New
and President of the Regional Plan Asso¬
Hoyt has been in the service of the company
Mr.
successively before he
became Vice-
President and General Manager, as Assistant
Secretary and
serving
years,
many
Assistant Vice-President.
National
Chase
The
of New York
Bank,
will pay-
City,
whose annual salaries are less than $5,000 a
amounting to 4% of earned salary for the year 1936.
its employees
bonus
The
equal to approximately
is
payment
one-half month's
Winthrop W. Aldricli, Chairman of the Board, an¬
nounced the bonus on Dec. 16 at the 27th annual meeting of
salary.
Club
Bank
Chase
the
at
Waldorf-Astoria
the
The
Hotel.
meeting was attended by about 3,000 Chase employees, who
listened to addresses by
bell,
of
President
the
of
Prize
banking
Mr. Aldrich and H. Donald Camp¬
Reeve
the bank.
bank, presented
Cannon
Contest
awards to
is
which
subjects.
Schley,
an
examination
annual
Samuel
The
Vice-President
winners of the twelfth
H.
Miller
in
Prize,
give each year to the Chase employee attaining the highest
academic
The
Institute
of
Banking
awarded.
retiring officers of the club made their reports
the officers
newly elected for the 1937 term
follows:
as
also
was
American
the
standing in
here,
course
George
and
were announced
President, Arnold D. Johansen; Vice-President,
Second Vice-President, Franklin Byrne;
Strasser;
Secretary, Muriel Nelson; and Treasurer, Herbert Hartman.
Judge Henry T. Lummus of the Massachusetts Supreme
Court has authorized the payment of $445,000 in additional
dividends to depositors of the Waltham Trust Co., Walt ham,
Mass., and the Lowell Trust Co., Lowell, Mass., it was
on Dec. 8 by Henry H.
Pierce, State Commis¬
The payments will be
made shortly after Christmas.
The Boston "Herald" of
Dec. 9, authority for this, also stated:
announced
sioner of Banks for Massachusetts.
A
The
Guaranty Trust Co. of New York announced on Dec.
11 the appointment of the following officers in the fiduciary
departments at its main office: William W. Merker, Assistant
Secretary; John R. Douglass, Assistant Trust Officer; Wil¬
liam A. McRitchie, Assistant Trust Officer.
Investing Company.
of
Board
Fair Corporation,
and
on
the Carlton
of the
general
Jr.
relationships in¬
Mr. McAneny's other corporate
President.
clude
Company.
1936
19,
past three years, was
President for the
McAneny,
George
elected;
of New York, it was announced yesterday (Dec. 18).
The new officers are Frank Wolfe, H. J. Osborne and A.
McD. McLean.
Mr. Wolfe began 37 years ago as an office
pany,
Dec.
Chronicle
20% dividend, amounting to $184,600, will be paid to depositors in
the commercial
department of the Waltham Trust Co.
Another 20% divi¬
dend, representing $260,000, will be paid to the commercial depositors of the
Lowell Trust Co.
have been
Depositors in the savings
departments of both
banks
paid in full.
That payment of a fourth dividend of 5%, amounting to
$1,090,755, to the 35,000 depositors of the closed Federal
National Bank of Boston, Mass., was to begin Dec. 10, was
indicated in Associated Press advices from that city on Dec. 9.
The
Authority was given to the National City Safe Deposit
Co., New York, on Dec. 7 by the New York State Banking
Department to open a branch office at 9 West 51st St., in
Manhattan.
Vice Chancellor James F. Fielder in the Court of
Jersey City, N. J., on Dec. 14 authorized the distribution,
a 25% dividend amounting to $1,543,880, to 9,567 credi¬
tors of the Mechanics' Trust Co., of Bayonne, which has
been in liquidation under the direction of Carl K. Withers,
Commissioner of Banking and Insurance, since June 17, last.
The New York "Times" of Dec. 15 in noting this added:
of
Under the
Frank J.
Dry Dock Savings Institution, New York, received
authority on Dec. 4 from the New York State Banking
Department to move its principal office from 341 Bowery to
742 Lexington Ave., and its branch office at 742 Lexington
Ave. to the present location of the principal place of business.
♦
The New York
authorized
State Banking Department, on Dec. 5,
Motors Acceptance Corp., New
General
the
branch office at each of the following
locations:
East St. Louis, 111.; Decatur, 111.; Topeka, Kan.;
Hollywood, Calif., and Calcutta, India.'
York
same
similar dividend
The
City, to
open a
Chancery
in
liquidation,
order, the Commissioner will set aside $455,436 for
on
a
claims to be filed in the future.
Fitzpatrick, special assistant deputy commissioner in charge of
announced
that
the
distribution
will be made immediately
through the bank.
1
It is learned from the Washington "Post" of Dec. 5 that a
dividend
amounting to $250,000 was to be distributed be¬
ginning Dec. 8 to depositors of the defunct Franklin National
Bank of
The
positors.
With
Washington, D. C.
dividend,
will
represent
The paper said, in part:
25%
of
the remaining
35%
due
the de¬
...
the
forthcoming dividend,
depositors will have salvaged 82%% of
their deposits.
♦—
William B. Cardozo, director and Senior
the
Vice-President of
City Bank Farmers Trust Co. New York, completed 55
with that organization on Dec. 12. Mr.
Farmers Loan
and Trust Co., on Dec. 12, 1881, when he was just two
months past his 16th year. According to his own account, he
was the general office boy.
Mr. Cardozo was born in New
York City on Oct. 12, 1865. He is a cousin of Judge Ben¬
jamin N. Cardozo, Associate Justice of the United States
Supreme Court. In his work in the trust company, Mr. Car¬
dozo has developed an intimate knowledge of real estate,
and is said to be a recognized authority in matters of this
years
service
of
Cardozo joined the trust company, then The
kind
and
in
trust
administration.
Dr. Luther A. Harr, State Secretary of Banking for Penn¬
sylvania, announced on Dec. 6 that "holiday dividends""
totaling $862,373 would be paid to 62,500 depositors of 13
closed banks in Eastern and Central Pennsylvania.
It was
planned to pay eight of the dividends before Christmas, one
before the New Year, and four in January.
The banks,
together with data pertaining to each, as listed in the Phila¬
delphia "Record" of Dec. 7, follow:
Carbondale Miners & Mechanics Savings Bank: Accounts, 9914; payment,
Dec. 22; amount,
$269,131, 10%.
Coatesville Trust Co.,
Coatesville: Accounts, 4172; payment,
Farmers'
&
Merchants'
Bank,
Dillsburg:
a
meeting of the Board of Trustees of
the
board
and
Milton
Ferguson
Central
the
Hanover Bank and Trust Co. New York, held Dec.
Cromwell
15, Jarvis
elected
members of
of trustees, Class of 1939 and 1937,
respectively.
were
4——
The Board
Co.,
New
created
of Trustees of the Title Guarantee and Trust
York, at their December meeting held
the
office
of
Chairman
of
Accounts,.
1074;
payment.
Dec. 19; amount, $23,514, 10%
Farmers' State Bank, Hellam: Accounts,
At
Dec. 19;
amount, $81,199, 10%.
the
Board,
Dec.
to
15,
which
932; payment, Jan. 11; amount.
$21,279, 10%.
Glenside Bank & Trust Co., Glenside:
Accounts, 11,744; payment, Dec.
18; amount, $77,422, 5%.
Jordan
State
Bank,
Allentown:
Accounts,
1,765;
payment,
Dec.
22;
amount, $7,445, 5%.
Pennsylvania Liberty Bank & Trust Co., Wilkes-Barre: Accounts, 10,705;
payment, Dec. 23; amount, $132,619, 5%.
Plains State Bank, Parsons: Accounts,
$17,136, 5%.
5,033; payment, Dec. 23; amount.
Financial
143
Volume
Royersford Trust Co.,
Royersford: Accounts, 4,034; payment, Dec. 31:
$38,433, 5%.
amount,
Harris burg: Accounts, 6,202; payment, Jan.
Trust Co.,
Security
amount, $51,901,
29;
5%.
Deposit Bank, Taylor: Accounts, 4,360; payment,
amount, $45,703, 5%.
View Bank, Valley View: Accounts, 1.431; payment, Jan. 11;
Taylor Discount &
Dec. 22;
Valley
amount, $63,700, 5%.
Banking
Victory
Trust
11; amount, $32,891,
Jan.
1,136; payment,
Co., Girardville: Accounts,
10%.
3939
Chronicle
government agency could exercise such power only in case
on
two semi-annual dividend payments on the preferred
The
the bank
stock.
The Continental was the first of the country's large banks to sell stock
to the RFC, and the requirements made by the government agency were
more
rigid than were laid down in subsequent agreements entered into
with other banks.
The present amendment in effect revises the terms of
the Continental's contract so that it will conform in
general with the
standardized form of agreement which other banks have.
The provisions dealing with dividends on the preferred stock are already
in effect, but their incorporation in the bank's articles of association will
defaults
put them in more permanent form.
Philadelphia, Pa., have an¬
nounced reductions in interest on savings deposits, effective
Jan. 1.
The Pennsylvania Co. for Insurances on Lives and
Granting Annuities sent notices to depositors on Dec. 7
advising them that it will lower the rate of interest on deposits
commercial banks
Two
from 2% to 1 lA%, on the next $4,000 from
to $1,000
up
in
lA% to 1% and on amounts from $5,000 to $10,000 from
1% to lA of 1%.
The present rate of A of 1% on deposits
in excess of $10,000 will be discontinued with the first of the
1
the bank said.
action by the Pennsylvania Co. was followed on
Dec. 8 by the Fidelity-Philadelphia Trust Co.
The bank
announced that it will continue to pay 2% on deposits up
to $5,000, but on Jan. 1 will lower the rate on balances of
from $5,000 to $10,000 from 2% to 1%, and on balances in
excess of $10,000 to
lA of 1%.
year,
This
The
of
with the RFC called for payment of dividends
stock.
Three reductions in the rate have been
made last Oct. 1, bringing the rate down to 3%.
agreement
original
5%
the preferred
on
The last cut was
made.
retire $500,000 of preferred
$2,500,000 yearly minimum
provided for in the original contract.
Beginning Feb. 1, 1940, the bank
will be required to retire $1,000,000 of stock in addition to the minimum.
The additional retirements are made from funds saved the bank by the
present rate the bank much
To maintain the
until 1940 in addition to the
each year
stock
interest
in the
reduction
rate
paid to
the RFC.
Park
that
the bank was about to pay another dividend, 10%, amount¬
ing to $84,583, it is learned from the Chicago "News" of
that date.
The paper added that two payments of 20% each
have been made previously, making a total of 50% to date.
receiver for the Jefferson
111., announced on Nov. 30
Harrison Jr.,
Carter H.
National Bank of Chicago,
♦
beneficial interest of the Kaspar
State Bank of Chicago were to receive a 5% dividend,
amounting to $181,000, on Dec. 7, the second payment of
Holders of certificates of
Dec. 10 it is
of the closed
Duquesne National Bank of Pittsburgh, Pa., on that date
would begin payment of a dividend, amounting to $685,323,
to tlie depositors.
The advices added;
Pittsburgh "Post-Gazette" of
Avery J. Bradford, receiver
the
From
learned
that
payment, following payments of 20% in
This is a 20%
The present
15, 1932. : . .
made possible through a loan from the First
payment was
National Bank of Chicago.
of
Chicago "Journal
this, continued:
May, 1933, and
The bank closed Nov
30% in January, 1934.
liquidation of assets. The
Commerce" of Dec. 7, authority for
5% to be made this year out of
Prior
the reorganization
to
of the bank distributions were
at
dividend
paid
The sum returned to depositors,
April 14, 1936.
on
old First Central Trust Co.
would
Akron, Ohio, announced on Dec. 7 that the bank
of
10, according to Associated
Press advices from Akron, which also supplied the following
details, which likewise said that some 60,000 depositors
would receive $2,725,000.
The bank closed in March, 1933,
and depositors have received 26% of their deposits so far.
pay
The release
Illinois
Dec.
dividend on
10%
a
of
banks
$286,000 of funds in the following seven
were waived by depositors to facilitate
(as reported in the Chicago "Tribune"
which the foregoing is taken) follow:
of
Dec. 10, from
Elizabeth State Bank, $10,551, 10%; State Bank of Scales
Mound, $1,037,
10%; Forreston State Bank, $27,341, 10%; Farmers' State Bank of Sub¬
All
business of the
the
service
and
economical operation."
more
From the Milwaukee
Bank and the Franklin
their
to
the
case
Street State
dividends
State Bank—were to pay
depositors on Dec. 7 and Dec. 8, respectively.
In
of the Burnham Street State Bank the dividend
10%,
be
to
"Sentinel" of Nov. 28 it is learned
Milwaukee banks—the Burnham
that two closed
total
bringing
payments to 95%
of the
deposit liabilities when it closed Jan. 27, 1933, while the
Franklin State Bank's dividend was to be 2^%, bringing
total
payments to 35%.
»
banks
had
previously paid portions of their
deposits, the paper said.
frozen
28
Dec.
10%.
the
of
office
branch
was
Glen Ellyn, $5,076, 5%; Gary-Wheaton
Page County Trust Co.,
Bank, Wheaton, $15,502, 5%; State Bank of East Moline, $42,032, 15%;
lette, $4,588,
Sixth Wisconsin
National Bank of Milwaukee
will be'transferred to the main office, and the Sherman
Park branch will be combined with the North Avenue office,
according to the ""Commercial West" of Dec. 5, which added:
"These
consolidations,"
President Walter
Fasten says,
"have been
approved by the Board of Directors as a further step toward more efficient
Effective
office of the First Wisconsin
that
reopening after the banking moratorium in 1933 was an¬
nounced on Dec. 9 by Edward J. Barrett, State Auditor of
Illinois.
The funds released by each bank and the portion
of the total waived deposits represented by the payments
Du
includ¬
$2,176,000.
ing the present payment, aggregates
Don G. Lusk, liquidator of the
made totaling
An additional $1,075,000 was distributed to certificate holders
the time the new bank was opened, Jan. 15,
1935, including a 5%
$920,000.
Directors of the Mercantile-Commerce
Bank & Trust Co., St. Louis, Mo., recently declared two
Board
The
of
quarterly dividends of $1.50 each,
♦
payable Jan. 1 and April
Kuehnle Jr., on Dec. 14 was elected President
of the Central National Bank of Chicago, the new Chicago
bank which opened its doors on Oct. 14.
Mr. Kuehnle,
Dividends are payable to stockholders of record
of the 20th of the month preceding date of payment.
This
places the stock on a 6% annual basis as against a 5% basis
resigned as President of the Halsted Exchange Bank
Chicago, an office he has held since August, 1932, will
assume his new duties on Dec. 24.
He succeeds William H.
for the last three quarters
Carl F.
who has
1, 1937.
of 1936.
of
Regnery, President of the Western Shade Cloth Co., said
.Chicago "Journal of Commerce" of Dec. 15.
the
«
5%, have been mailed to the more than 23,000 depositors
defunct Peoples State Bank of South Carolina, the
of
of the
head
That the State
Bank of Rock Island, Rock Island, 111.,
Dec. 9 would apy
waived deposits, or a total of
$171,356, to 5,400 depositors, was reported in the Chicago
"Tribune" of that date, which went on to say:
on
the
When
bank
25%
reopened
on
after
the
general
banking holiday in
depositors waived 25% and received 75% of deposits immediately.
1933,
After
office of which
Bank &
National
charter
Trust
Co.
of
of
the
Continental
Illinois
Dec.
to
5, from
say,
All
Finance
tion
will be voted
to be held
Corporation in the affairs of the institution
on
by the stockholders at their annual meeting
Jan. 8.
Notice of the proposed amendment and
certain other changes defining the terms on which the divi¬
dends
to
are
be paid
and retirements effected
on
the $45,-
000,000 of preferred stock now held by the RFC was given
on Dec. 4 by Walter J. Cummings, Chairman of the Board,
following a meeting of the directors.
of Dec. 5,
Under
the
proposed
amendments,
which
have
been
approved
by
the
Comptroller of the Currency and the RFC, the present 3%
the
on
certain
preferred
specified
stock
will
amount
of
dividend rate
be maintained providing the bank retires a
the stock each year.
The bank has retired
$5,000,000 of the original $50,000,000 Issue sold to the RFC In December,
and
1933,
their
is
expected
to continue retirements at
a
rate in
excess
of the
Directors will decide ao
January meeting the amount to be retired Feb. 1, the next regular
minimum
specified
by
the present
agreement.
The present
the
will
be
provision of the bank's charter giving the RFC
power to pass
eligibility of directors and the salaries of officials of the institution
modified
under the
proposed amendments.
closed
which this information is obtained, went on
in part:
dividends,
hands
it
was
Glenn.
money
of the
•
.
.
announced, had been
from the assets of the bank
Federal receivers appointed by United States
District
.
borrowed from
the
Reconstruction Finance
Corporation to
previous dividend was paid off in full May 23, 1936, the receivers
said, and the present dividend is from money collected since that date.
In addition to the amounts listed, the receivers have paid off secured
a
claims to banks,
the United States Government, counties and other
creditors
of $8,468,915.33, so that the total disburse¬
ments, including today's dividend, have amounted to $11,731,109.10.
.
.
.
having
The
security in the sum
receivers
are
William
Elliott
of
Columbia
and
Robert
Gage
of
Chester.
It is learned from the San Francisco
"Chronicle" of Dec.
10, that the following changes were made in the personnel
of the San Francisco Bank, San Francisco, Calif., at the
meeting of the directors on Dec. 9: Walter A.
Scheffauer, heretofore an Assistant Cashier and associated
with the institution for 34 years, was named as a Vice-
regular
President; Edward W. Vodden, formerly Manager of the
Fillmore branch of the institution, was likewise advanced
Vice-Presidency, and Robert Leando, formerly an
Manager of the Fillmore branch, was made an
Assistant Cashier.
Parker S. Maddux is President of the
to
a
Assistant
retirement date.
on
The
pay
The Chicago "Tribune"
from which we have quoted, continued:
the
Judge
Chicago, 111., providing for
lessening the nominal control exercised by the Reconstruc¬
The receivers of
2,1932) had previously paid two dividends
of 20% and 5%, respectively, making, with the present dis¬
tribution, 30% in all to date.
The Columbia "State" of
in
the
in Charleston.
its doors on Jan.
♦
to
was
(which, together with its 44 branches,
the institution
today's payment, only 6H% of the original deposits will remain unpaid.
Amendments
$442,295, representing a dividend
Checks in the amount of
San Francisco Bank.
Financial
3940
Dec.
Chronicle
the Transamerica Corp. of San Francisco, Calif.,
purchased the Central Bank of Oakland, Calif., wa^
reported in the following dispatch from San Francisco on
Dec. 9, printed in the Chicago "Journal of Commerce":
1936
19,
That
has
the part of
currencies
President of Central Bank of Oakland, announced approval
A. J. Mount,
on
Foreign Exchange orders transacted in
quoted in the New York market.
himself and associates of a price of $400 a share for the trans¬
ference of the controlling interest in the
bank to Transamerica Corp.
bank has 12,000 shares of common, of
MANUFACTURERS TRUST COMPANY
which approximately 5,000 shares
already
shares are
The
PRINCIPAL OFFICE AND FOREIGN
7,000
approximately
Thursday
Transamerica.
by
owned
are
all
55
represented in the negotiations just concluded.
approximately $43,-
The Central Bank as of June 30 had total assets of
statement
The annual
Clearing House Association
Member Federal Deposit Insurance
Corporation
President of the bank.
FOREIGN
Scot¬
Commercial Bank of
of the
EXCHANGE
RATES
requirements of Section 522 of the Tariff
Act of 1922, the Federal Reserve Bank is now certifying
Pursuant to the
land, Ltd. (head office Edinburgh), for the fiscal year ended
shareholders at their annual
Oct. 31, 1936, presented to the
Federal Keserve System
Member New York
Mr. Mount's
bank in California outside of San Francisco and Los Angeles.
statement said he intended to resign as
Memoer
independent
000,000 and total deposits of $36,635,000, and is the largest
DEPARTMENT:
STREET, NEW YORK
BROAD
daily to the Secretary of the Treasury the buying rate for
different countries of the world.
We
general meeting, Dec. 10, shows net profits for the 12
months, after providing for bad and doubtful debts and
cable transfers in the
allowing for rebate, interest, &c., of £399,733.
give below
This, when
a
record for the week just passed:
RATES
EXCHANGE
£62,122, the balance of undivided profit brought
forward from last year, made the sum of £461,855 available
for distribution.
Out of this amount, the statement shows,
FOREIGN
£106,750 was applied in July (after deducting £33,250 in¬
tax) in payment for semi-annual dividend on A shares
at rate of 16% per annum, and £19,063
(fater deducting
Country and Monetary
added
to
DEC.
£62,230 to be carried forward to next year's
(as against £40,783,615 on Oct. 31, 1935).
The
paid-up capital of the Commercial Bank of Scotland, Ltd.,
remains unchanged at £2,250,000, but its reserve fund has
been increased from £3,000,000 to £3,050,000, as noted#above.
£42,017,265
The institution
office in Edinburgh, the
head
374
and
London
in
established in 1810.
was
addition*to
In
sub-offices
and
krone
I
.186900*
.169050
$
$
.186928*
.180914*
.169061
Dec. 18
Dec. 17
$
|
.186914*
.186914*
.169057
.169138
.169171
.012875*
.012750*
.012750*
.012750*
.012875*
.035291
.035275
.035262
.035270
.035220
.219043
.218975
.219254
.219383
.219233
.902541
.906958
.905333
912666
L914958
.91COOO
.021595
.021618
.021603
.021620
.021637
.021640
.046616
.046700
.035143
.046668
.046652
.046726
.040745
.402303
.402317
.402285
.402338
.402350
.402325
.008968*
.008967*
.008958*
.008985*
.008983*
.008982*
.544314
.344439
.544496
.544714
.546278
.547035
.197875*
.197750*
.197750*
.197750*
.197875*
.052610
.052606
.052608
.052607
.052612
.246316
.246520
.246462
.246772
.246929
.246713
.188360
.188366
.188366
.188425
.188366
.188360
.044500*
.044450*
.044483*
.044522*
.044550*
.044558*
.007339*
.007275*
.007291*;
.007291*
.007291*
.007285*
.080000*
.078300*
.075300*
.074800*
.075125*
.075100*
.252756
.252989
.252879
.253186
.253370
Switzerland, frano
.229839
.229885
.229871
.229903
.229885
.229891
Yugoslavia, dinar
.023050
.023000*
.022980*
.023000*
.023000*
.023020*
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu
Spain, peseta
Sweden, krona
the
.197875*
.052611
.253166
Asia—
bank maintains three offices
branches
Dec. 16 »
S
.218841
koruna.
France, franc
Germany, reichsmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
profit and loss account.
Total resources of the institution
on
Oct. 31, 1936, were £54,435,960 (as compared with £51,-
Oct. 31, 1935), while total deposits and other
(including provision for contingencies) were
Dec. 15
S
.012875*
lev
Czechosl kia,
bank, and £5,000 to fund for staff insurance scheme, leaving
on
Dec. 14
.169071
belga
Belgium,
Bulgaria.
England, pound sterl'g
Finland, markka
credit balances
18,
Buying Rate for Cable Transfers In New York
Value in United States Money
.186957*
Austria, schilling
Denmark,
810,387
TO DEC.
S
scheme; £10,000 to widows' and orphans' fund scheme of the
of
1936,
Dec. 12
Europe-
£5,937 income tax) on B shares at rate of 10% per annum;
was applied to reserve fund, £50,000 to heritable
balance
BY
Unit
£50,000
a
12,
Noon
come
property accounts; £30,000 to trustees for officers' pension
-
FEDERAL RESERVE
ACT OF 1930
1936, INCLUSIVE
CERTIFIED
BANKS TO TREASURY UNDER TARIFF
China—
throughout
.293791
FINANCIAL
MARKET—PER
CABLE
.293416
.293833
.294000
.294000
.293583
.294000
.294166
.294166
.293958
.296562
.293333
.293791
.294166
.294166
.293958
Tientsin (yuan) dol'r
Erskine, General Manager.
ENGLISH
.296604
.296770
.296770
.293383
.294000
.294166
.294166
.293958
Hongkong, dollar-
and John M.
(yuan) dol'r
Hankow(yuan) dol'r
Shanghai (yuan) dol
.305375
Chefoo
The Earl of Mar and Kellie, K. T., is Governor,
Scotland.
Singapore (S
The
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
as
Sat.,
Silver,
per
Dec. 14
oz.d 21 3-16d.
-
Holiday
Wed.,
Dec. 15
141s. 5%d.
84%
84%
British 4%
1960-90——
Holiday
Holiday
105%
105%
105%
106%
116%
116%
105%
116%
84%
Bar N.Y.
(for.)
45%
45
50.01
77.57
U.S.Treasury. 50.01
45%
50.01
Closed
77.57
45%
50.01
South
77.57
.575000
.575562
.575562
.576125
.570125
.575562
1.0006121
1.001165
.999166
.999166
.999160
.999160
.999166
.277500
.277500
.277500
.277500
.277500
.998325
.998398
.998772
.998697
.998554
.998007
.326870*
.327083*
.327020*
.327440*
.327616*
.327260*
.277500
dollar
4.860546* 4.857187*
1.001177
1.000913
1.000989
America—
.087155*
.087072*
.087072*
.087105*
.017105*
.087326*
(Free) milreis—
Chile, peso
Colombia, peso
.059775
.059742
.059662
.059625
.059687
.059625
.051725*
.051700*
.051700*
.051700*
.051700*
.051700*
.573900*
.573900*
.573900*
.573900*
.573900*
.573900*
Uruguay,
.800000*
.800000*
.800000*
.800000*
.800000*
.800000*
50.01
77.57
.285604
.999166
Argentina, peso
Brazil (official) milreis
45%
50.01
.371196
.285969
.000901
Mexico, peso
Newfoundland,
105%
price of silver per ounce (in cents) in the United
States on the same days has been:
.305375
.371425
.285611
South Africa, pound.. 4.850312* 4.853203* 4.851875* 4.857500*
North America—
Canada, dollar
Cuba, peso
141s. 6%d.
The
.305000
.371283
.285100
Cf A'rica—
21%d.
116%
.304625
.370793
.284888
Australasia—
British 3%%
War Loan...
.304583
.370805
3.906000* 3.907916* 3.906822* 3.912291* 3.915937* 3.912812*
Australia, pound
New Zealand, pound. 3.935833*3.939687*3.935491*3.941250*3.944375*3.941785*
Dec. 18
21 5-16d.
141s. 7d.
84%
Fri.,
Dec. 17
21%d.
141s. 9d.
84 %
Thurs.,
Dec. 16
21 5-16d.
21%d.
Gold, p.lineoz. 141a. 10d. 141s. 9d.
Consols, 2 H %
Tues.,
Mon.,
Dec. 12
S.) dol'r
.305541
.370500
.284930
India, rupee
Japan, yen
peso
77.57
*
.
Nominal rates* firm rates not available.
U. S. Treasury
newly mined)
77.57
CHANGES
NATIONAL BANK NOTES
IN
We
give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
National Bank Circulation Afloat on-
Amount Bonds
on
Deposit to
Secure Circula
Hon for
Legal
National
Bonds
Bank Notes
Tenders
Total
$
31 1936.
beoo.ooo
b0OO,OOO
a321.212,120
a328,059,920
Sept. 30 1930.
beoo.ooo
8338,515,395
Nov. 30 1936.
Oct.
321,812,120
328,059,920
339,115,395
348,380.855
COURSE OF BANK
Per
Clearings—Returns by Telegraph
Week Ending Dec. 19
b600.000
a347.780.855
b600,000
beoo.ooo
8357,525,840
358,125,840
8371,121,815
May 31 1936.
30 1930.
beoo.ooo
a383.415.980
a397.548.410
371,721,815
384,015,980
398,148,410
1930.
beoo.ooo
a412.859,700
413,459,700
29 1930.
beoo.ooo
beoo.ooo
a428.125.995
1035.
beoo.ooo
a472.540.601
a498.090.117
a529.121.057
428,725,995
440,007,210
473,140,661
Nov. 30 1935.
beoo.ooo
beoo.ooo
Apr.
Mar. 31
Feb.
Jan.
31 1930.
Deo.
31 1935.
Oot.
31
a445.407.210
1, 1930, secured by
$2,298,883 Federal Reserve bank notes outstanding Dec.
awful money, against
a
$2,353,595 on Dec. 2, 1935.
Includes proceeds for called
b Secured by
498.690.117
529.721.057
+22.1
+27.3
+ 31.1
San Francisco—.
153 ,341,000
120 609,000
Pittsburgh
151 ,404,773
102 648,338
+47.5
Detroit
124 ,248,152
102 ,188,505
84 271,888
73 ,926,064
79 ,357,963
57 513,980
+47.4
+38.2
+38.0
Kansas City
St. Louis
Cleveland
Baltimore.
....
-
84 205,250
40 ,814,000
Twelve cities, 5 days.
Other cities, 5 days
34 ,068,000
+ 19.8
$6,256,668,088
751,815,380
$5,049,584,487
711,152,535
+23.9
+5.7
$7,008,483,468
1,401,696,693
New Orleans
$5,760,737,022
1,043.248,746
+21.7
+34.4
$8,410,180,161
$6,803,985,768
+23.0
$600,000 U. S. 2% Consols 1930 deposited by U. S. Treasurer.
shows the amount of National bank notes
afloat and the amount of legal tender deposits Nov. 1, 1936,
and Dec. 1, 1936, and their increase or decrease during the
The following
present further below, we are able to give final and complete
......
......
.....
Amount of bank notes afloat Dec.
1, 1936...
$328,659,920
6,847,800
$321,812,120
IjCqoI Tender Notes—
National bank notes Nov. 1, 1936
Net amount of bank notes redeemed in November..
Amount on deposit to redeem
Includes proceeds for
Total all cities for week
6,847,800
1, 1930
Net decrease during November
Amount deposited to redeem
days.
National bank notes Dee. 1, 1930.. a$321,212,120
National Bank Notes—Total Afloat—
Amount afloat Nov.
Total all cities, 5
All cities, 1 day
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated. J
c*'n •
In the elaborate detailed statement, however, which^we
month of November:
a
80 700,000
318 000,000
228 000,000
+ 14.6
+ 11.7
+22.8
+27.1
Boston
f
bonds redeemed by Secretary of the Treasury,
$3,604 191,292
261 450,675
99 ,100,000
New York
Cent
1935
$4,400 ,820,338
332 ,938,102
417 ,000,000
261 ,372,000
94 ,083,255
Philadelphia
beoo.ooo
1938
Chicago.
June 30 1930.
Aug. 31 1936.
July 31 1936.
CLEARINGS
jJBank clearings this week will show an increase compared
with a year ago.
Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Dec. 19)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 23.6% above
those for the corresponding week last year.
Our preliminary
total stands at $8,410,180,161, against $6,803,985,768 for
the same week in 1935.
At this center there is a gain for
the week ended Friday of 22.1%.
Our comparative sum¬
mary for the week follows:
$328,059,920
called bonds redeemed by Secretary of the Treasury.
results
for
the
week previous—the
week ended Dec.
12.
Financial
14S
Volume
was an increase of 14.0%, the aggregate
clearings for the whole country having amounted to
$6,449,221,924, against $5,656,875,947 in the same week
in 1935.
Outside of this city there was an increase of 10.6%,
the bank clearings at this center having recorded a gain of
16.4%.
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 record an increase of 16.2%, in the Boston
Reserve District of 1.1% and in the Philadelphia Reserve
3941
Chronicle
For that week there
of
District of
3.2%.t
In the Cleveland Reserve District the
totals register an improvement of 17.7%, in the Richmond
Reserve District of 15.1% and in the Atlanta Reserve Dis¬
trict of 17.6%.
In the Chicago Reserve District the totals
larger by 16.2%, in dhe St. Louis Reserve District by
16.8% and in the Minneapolis Reserve District by 11.3%.
The Kansas City Reserve Districts enjoys a gain of 4.8%,
are
the (Dallas
Reserve District of 13.1% and the San Fran¬
cisco Reserve District of 6.6%.
In the following we furnish a summary by Federal Reserve
districts:
Week Ended Dec. 12
Clearings atInc. o
1936
OF
BANK
Detroit
Reserve
Grand Rapids-
Lansing
Ind.—Ft.
Wayne
Indianapolis
South Bend
Terre Haute.
__
Wis.—Milwaukee
Boston
1st
$
S
S
%
257,749,391
+1.1
241,061,817
218,114,416
3,406,923,571
319,946,828
277,240,834
209,788,100
Decatur
Quincy
990,444
951,078
3,525,574
-16.8
756,767
511,526,799
133,771,438
117,801,926
101,562,613
Ninth Federal
360,404,412
288,015,335
Minn.—Duluth__
+ 16.8
113,465,487
96,342,872
Minneapolis
Minneapolis 7
10th KansasClty 10
"
105,520,557
+ 11.3
+4.8
130,833,974
57,302,122 + 13.1
+6.6
240,552,109
86,676,658
72,288,623
St. Paul
44,567,018
N. Dak.—Fargo.
S. Dak .-Aberdeen
201,773,236
173,618,403
880,598
+ 16.2
440,353,544
360,404,412
288,015,335
69,500,000
26,178,023
17,396,464
57,300,000
+ 17.1
78,900,000
33,255,285
26,811,276
32,110,496
+3.6
19,642,279
+36.5
b
b
728,000
452,000
22,627,696
16,099,176
b
b
+61.1
153,194,561
131,104,775
+16.8
Mont.—Billings-
"
64,837,371
••
256,539,757
Total (4 cities)
_
391,000
316,000
113,465,487
96,342,872
2,969,804
56,575,753
1,877,438
48,767,905
17,559,110
87,686,473
114,667,296
46,957,228
;
Reserve Dis trict—Minn eapolis
6,449,221,924
5,656,875,947
2,398,662
61,193,980
24,561,169
2,176,415
666,795
+ 10.2
+9.3
433,389
3,179,455
605,126
688,281
3,184,281
22,650,185
1,854,115
541,739
—0.2
3,651,673
1,700,882
105,520,557
94,807,914
+ 11.3
86,676,658
72,288,623
752,261
2,019,793,701
1,720,977,923
376,240,172
327,382,797
+14.9
329,983,672
-10.0
-
-15.6
+3.9
1,559,181
524,564
299,543
4,808,074,118
2,338,798,861
+ 14.0
+ 10.6
5,325,099,690
2,585,983,628
H-23.2
2,954,697
67,315,950
28,389,605
2,261,794
Helena
231,367,764
Total (7 cities).
Tenth Federal
detailed statement showing
figures for each city separately for the four
last week's
years:
1935
Omaha
$
Reserve Dist rict
Mo.—Kan. City.
St. Joseph
$
%
1933
719,697
640,715
-f-12.3
517,325
-16.2
1,512,219
223,727,466
787,816
358,543
220,000,000
881,645
373,597
771,172
3,170,676
-16.7
1,564,497
210,497,787
-10.6
791,503
—4.0
281,140
702,433
1,575,073
2,082,903
56,411,537
2,564,551
449,321
87,686,473
+26.6
+4.4
—10.1
3,485,278
3,096,144
76,446,043
3,136,796
562,522
563,063
137,120,119
130,833,974
+4.8
114,667.296
3,552,382
721,277
+9.0
+0.2
367,668
449,534
1,960,196
51,692
b
1,810,325
22,373,403
3,108,551
Pueblo
2,278,034
184,868
82,694
2,042,162
25,067,726
87,456,681
3,259,587
719,772
735,321
1,773,657
3,935,548
91,325,427
Colo.—Col. Spgs.
Boston
2,633,887
31,018,156
1,670,723
+ 18.0
+6.2
+3.6
+6.2
,
-24.5
121,276
661,305
.
Wichita
1934
Dec.
City
110,020
2,797,612
32,126,684
Kan.—Topeka.
Inc. or
as
83,080
.
Lincoln
Week Ended Dec. 12
1936
Reserve Dis trict—Kans
143,147
Neb.—Fremont
Hastings
Clearings at—
_
-37.1
496,846
3,570,699
488,423
916,063
.
.
94,807,914
137,120,119
5
12th San Fran.. 11
Springfield
1,019,788
1,126,551
92,400,000
...
131,104,775
New Bedford.
b
472,234
192,597,987
b
440,353,544
Lowell
b
b
328,479
111.—Jacksoi
157,343,322
Fall River
232,959
4,976,203
1,948,903
233,349,619
634,104
2,673,514
.
153,194,561
Mass.—Boston.
660,951
6,627,945
2,644,677
—7.8
_
Ky.—Louisville
511,526,799
Portland
528,743
+20.7
+4.1
(-37.0
Springfield
"
Me.—Bangor
11,961,209
462,820
4,830,605
1,190,785
1,544,966
"
First Federal
15,368,648
277,033,537
...
"
our
3,712,636
19,378,574
426,853
Rockford
4
32 cities
755,943
4,040,708
334,474,840
Peoria
10
119,695,235
add
+27.7
+20.5
b
b
Waterloo.
111.—Bloomington
Chicago
18
257,106,535
137,792,171
now
4,337,186
+22.7
Atlanta
363,967,637
302,568,870
"
We
809,160
+38.5
+9.9
St. Louis
375,512,480
"
6
Canada
10,053,000
b35.8
-
3,183,039
Chicago
"
6
Richmond
109 cities
13,048,000
914,879
7,861,205
8th
Philadelphia 9
Cleveland.
5th
Total
745,488
hl4.0
"
3,906,854
7th
3rd
4th
Outside N. Y. City
—3.7
-1L39.4
8,639,153
6th
3,429,631,273
"
402,338
53,372,819
1,296,082
439,648
548,543
1,866,077
90,611,641
3,986,626,393
11th Dallas
548,241
74,665,493
180,292,177
105,633,131
"
9th
*
+ 1.2
Hb40.7
3,177,733,713
New York .12
.
-
—42.1
Sioux City
+ 16.2
+3.2
+ 17.7
+ 15.1
+ 17.6
+ 16.2
2nd
600,034
98,410,670
2,313,979
1,057,759
1,158,497
16,062,000
956,374
'
Reserve Dist rict—St. Lou is-
260,639,524
12 cities
$
Des Moines
Iowa—Ced. Raps.
Mo.—St. Louis.
1933
1934
Dec.
1935
$
Dists.
$
347,610
99,548,888
3,255,453
1,475,011
1,115,739
18,318,000
1,298,975
5,539,391
23,356,440
1,266,792
Tenn.—Men
Federal
1933
%
<jLEARING8
I tic. or
1936
1934
$
Seventh Feder al Reserve D istrict — Chi cago—
Mich .-Ann Arbor
■
Week Ended Dec. 12,1936
Dec.
$
Total (18 cities)
SUMMARY
1935
816,577
3.604,044
+5.9
+ 13.7
+28.7
2,609,857
Total (10 cities)
193,000,000
569,975
245,632
Eleventh Fede ral
637,717
2,622,210
Texas—Austin
Ft. Worth
Reserve
1,256,083
..
Dallas
2,249,985
10,911,142
3,998,171
1,748,905
13,312,592
3,647,976
+9.6
10,791,100
450,817
—0.7
N.H.—Manches'r
10,717,100
470,949
1,399,007
10,376,235
2,946,920
8,252,500
+4.5
1,122,613
1,226,559
7,719,757
3,002,970
6,750,500
377,343
Total (12 cities)
260,639,524
257,749,391
+ 1.1
241,061,817
York-
8,509,266
7,015,899
733,277
25,102,395
495,116
Wash.—Seattle..
418,997
,087,096,195
Utah.—S.L. City
District—Da Has—
1,188,662
43,981,579
+ 5.7
1,262,580
810.724
+ 13.3
+7.6
34,664,872
5,352,628
33,502,812
3,169,000
2,753,000
5,417.836
218,114,416
Feder al Reserve D istrict—New
49,818,745
7,616,201
2,124,000
a768,053
Worcester.
__
Conn.—Hartford
New Haven
R.I.—Providence
—18.0
Galveston
Wichita Falls..
Second
N. Y.—Albany..
17,771,439
Blnghamton...
944,914
32,600.000
Buffalo
Elmira
641,613
Jamestown
766,213
New York
3,863,238,296
8,162,441
Rochester
Syracuse
3,673,622
Westchester Co..
Conn.—Stamford
N.
J.—Montclair
Newark
Northern N. J.
a2,545,465
4,049,013
11,799,626
895,130
30,100,000
810,442
681,828
3,318,077,086
7,429,219
3,679,410
a2,605,679
27,400,000
—20.8
431,967
716,866
527,609
+ 12.4
+16.4 3,305,305,989
+9.9
6,106,546
—0.2
—2.3
2,898,716
+39.7
391,134
582,987
—32.9
18,925,135
35,462,573
18,884,603
33,792,226
+0.2
+4.9
2,994,817
a1,712,909
2,537,732
441,647
22,641,484
29,309,648
5,351,249
3,218,459
al,239,013
2,456,977
426,644
16,883,153
28,525,352
+ 16.2 3,406,923,571 3,177,733,713
Total (12 cities)
3,986,626,393 3,429,631,273
Third Federal
.
Spokane
+62.5
2,508,148
2,082,646
64,837.371
57,302,122
+13.1
46,957,228
44,567.018
32,613,812
10,345,000
Stockton
1,079,312
27,800,895
16,035,108
4,550,023
4,652,184
152,380,073
2,795,963
1,928,005
2,359,382
Total (11 cities)
256,539,757
Yakima
Ore.—Portland..
Calif.—L. Beach
Pasadena
San
Francisco
b
b
-10.2
2.474,859
Twelfth Feder al Reserve D istrict—San
+50.1
+5.6
+8.3
-17.7
4,022,342
La.—Shreveport
Total (5 cities)
7,076,022
2,581,000
a855,579
.
San Jose
Santa Barbara.
31,377,854
9,148,000
831,251
26,470,352
13,684,411
Franci
+3.9
+13.1
+29.8
+5.0
SCO
512,937
23,117,141
13,073,869
4,342,229
3,894,607
+ 17.2
+4.8
+ 19.5
144,055,720
+5.8
2,717,483
2,184,205
1,845,997
+27.8
3,527,412
3,119,595
117,083,377
2,114,612
1.743,685
1,647,774
240,552,109
+6.6
201,773,236
+2.9
■11.7
21,458,757
6,308,000
488,013
18,957,059
12,179,705
27,600,834
8,232,000
3,077,266
2,725,665
103,821,850
•
1,788,430
1,426,867
1,386,791
173,618,403
Reserve Dist rict—Philad elphia
Grand
total
(109
6,449,221,924 5,656,875,947
+ 14.0 5,325,099,690 4,808,074,118
OutsideNewYork 2,585,983,628 2,338,798,861
+ 10.6 2,019,793,701 1,720,977,923
cities)
555,230
Pa.—Aitooua
Bethlehem
Chester
Lancaster
Philadelphia...
Reading
Scranton
Wilkes-Barre.
York
-
....
N. J.—Trenton.
_
476,195
a*300,000
371,148
1,397,401
363,000,000
1,217,170
2,807,065
a262,548
250,313
969,459
+ 16.6
+ 14.3
+52.3
+44.1
,+4.6
263,915
b
250,640
884,295
308,000,000
261,736
b
215,225
687,624
267,000,000
1,078,249
1,012,054
1,654,412
3,498,000
347,000,000
1,248,605
2,581.104
978,781
1,553,180
8,910,000
+6.5
891,059
1,288,461
—60.7
4,852,000
1,265,030
1,124,333
3,645,000
375,512,480
363,967.637
+3.2
319,946,828
277,240,834
'—2.5
+8.8
+ 3.4
1,448,023
2,068,435
Week Ended Dec. 10
Clearings at—
Inc. or
1,963,637
Canada—
Fourth
Feder al Reserve D istrict—Clev eland
Cincinnati
Cleveland
Columbus
18,338,500
1,746,562
Mansfield
Youngstown...
Pa.—Pittsburgh
b
61,685,593
87,829,434
b
52,819,561
77,884,850
11,281,400
1,246,504
b
b
-
b
+ 16.8
+ 12.8
+ 62.6
+40.1
b
+0.5
4,377,055
—3.3
3,910,159
+ 13.9
570,171
290,198
565,714
+0.8
473,362
1,499,467
1,532,541
—2.2
Moose Jaw
716,897
Brantford
924,796
773,589
585,991
814,632
677,730
508,166
258,379
671,967
612,545
+22.3
+ 13.5
+ 14.1
+26.5
1,396,429
505,317
Vancouver
b
44,680,121
62,173,909
9,940,200
1,008,363
b
b
37,488,734
51,334,830
7,883,600
924,134
b
_
132,968,781
113,874.220
+ 16.8
91,985,507
82,660,879
.
302,568,870
257,106,535
+17.7
209,788,100
180,292,177
-
Fifth Federal
W.Va.—Hunt'tou
Va.—Norfolk
Richmond
Reserve Dist rict
Quebec
Halifax
Hamilton
4,801,716
Calgary
5,998,216
1,763,666
1,839,711
2,769,182
4,064,296
4,232,233
330,484
St. John
Victoria
347,491
3,447,000
40,739,138
225,234
3,107,000
S. C.—Charleston
*1,300,000
Md.—Baltimore-
68,301,358
23,657,184
36,777,952
1,045,100
57,601,759
20,938,190
137,792,171
119,695,235
D.C.—Washing'n
Total (6 cities).
Sixth Federal
Tenn.—Knoxville
Augusta
Macon
Fla.—Jacksonville
Ala.—Blrm'ham
.
Mobile
Miss.—Jackson..
131,162
2,812,000
115,907
+ 18.6
+ 13.0
32,859,901
915,995
53,318,885
15,595,188
2,290,000
31.706,119
920,150
42,946,088
12,633,377
+ 15.1
105,633,131
90,611,641
+ 24.4
3,706,869
*1,300,000
16,938,000
19,610,913
1,616,214
b
3,374,688
14,893,975
48,700,000
1,157,766
1,014,244
14,172,000
16,665,723
1,563,658
b
l~+9.8
+ 18.2
+ 16.8
+38.9
+28.2
+ 19.5
+ 17.7
+3.4
b
Lethbrldge
Saskatoon
Fort William
New Westmiuster
Medicine Hat—
Peterborough
Sherbrooke
2,757,792
13,446.467
42,400,000
1,146,473
874,739
13,171.000
17,082,142
1,090,187
3,427.008
11,372,233
35,300,000
978,902
636,040
11,322,000
14,441,935
937,020
b
La.—New Orleans
215,250
37.848,907
32.117,169
+91.8
+ 17.8
100,769
25,732,357
145,357
23,002,118
Total (10 cities)
157,343,322
133,771,438
+ 17.6
117,801,926
112,215
-
642,798
229,175
649,251
560,801
965,489
108,901,563
89,590,452
47,713,152
17,166,857
18,606,398
4,140,978
2,264,049
3,917,386
6,884,623
1,862,319
1,675,082
2,781,382
4,045,457
+16.9
+26.8
—22.2
+ 18.6
+62,3
+ 14.4
+11.0
+22.6
—12.9
—5.3
+9.8
—0.4
287,711
695,097
570,075
425,274
—11.3
229,176
—3.4
+41.1
561,840
564,778
854,620
1,892,224
—0.3
293,559
+4.3
—8.4
—4.5
Kingston..
596,293
Chatham
617,701
1,010,792
2,282,508
331,597
767,844
567,978
505,614
Sarnia
540,017
503,192
+7.3
Sudbury-
964,078
968,656
—0.5
694,253
538,050
486,265
379,472
716,290
376,240,172
327.382,797
+14.9
329,983,672
b No clearings available.
* Estimated.
Kitchener
Windsor—
Prince Albert
M one ton
101,562,613
Vicksburg
—
Brandon
Reserve Dist rict—Atlant
17,598,549
56,900,000
1,608,620
Nashville
Ga.—Atlanta
+54.3
+ 10.9
+ 10.8
Edmonton
Regina
Richm ond—
37,141,369
20,362,229
30,192,246
4,736,640
2,513,420
Ottawa—
London
Total (5 cities)
1934
123,087,877
100,621,53d
47,608,020
13,867,053
4,159,480
3,669,716
2,191,122
3,595,884
5,731,444
1,625,463
1,388,433
2,394,989
4,569,705
127,264,264
113,627,702
Montreal
Winnipeg
Ohio—Canton...
Dec.
%
Toronto
Total (9 cities).
1935
1936
Total (32 cities)
a
No(. deluded
3,220,697
330,755
800,823
In totals,
+5.0
+22.2
Chronicle
Financial
3942
TREASURY
SHOWING
STATEMENT
RELIEF
The various
Dec. 19, 1936
APPROPRIATIONS AND EXPENDITURES FOR
AS
OF
NOV.
RECOVERY AND
1936
30,
agencies of the Federal Government, it is shown in a tabulation given
in the Treasury's "Daily Statement"
with $19,212,advanced under the Kerr-Smith
Tobacco Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws were repealed by Congress
in February, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional.
The
of Nov. 30,
appropriated $19,206,926,860 for recovery and relief up to the end of November, which compares
188,614 appropriated
as
The figure for Nov. 30 does not include amounts
of Oct. 31,1936.
Treasury's tabulation for Nov. 30 follows:
FUNDS APPROPRIATED AND ALLOCATED FOR RECOVERY AND RELIEF.
AS
OF
NOV.
BALANCES
EXPENDITURES THEREFROM, AND UNEXPENDED
1936
30,
Expenditures
Sources of Funds
A vvropriations
Statutory and Executive Allocations
National
Industrial
Specific
Recovery
Act
Approved
June
Agricultural aid:
Agricultural Adjustment Administration
16
June 22
1933
297.554,000
131,079,959
1549,770,162
316,376,778
200,000,000
20,000,000
125,000,000
169,000,000
Capital stock
Paid-in surplus
Reduction In Int. rates on mortgages.
Relief:
82.950,000
Federal Emergency Relief Admin
1
Federal Surplus Commodities Corp...]
h604,918,257
152,072,943
Civil Works Administration...
h332,481,750
93.101.630
400,005,000
317,746,732
13,339,960
44,093,000
605,351,400
255,488,217
438,041,725
254,725,992
187,461,008
114,421,390
£60,590,499
£11,768,425
233,912,892
390,172,291
200.000.000
379,447,769
226,677,871
153,505
12,241,462
10,702.859
123,912,630
106,961,657
48,571,912
933,865
49,796,880
23,675,227
6,516,880 2,937,059,721
124,788,689
1,712,797
817,126,351
160,607
55,615,685 1,253,730,688
83.443,698
258,266
13,549,251
5,633,808
89,497,900
53,289,599
397,507,814
13,009,552
637.461,716
800,334,539
155,442.952
372,693,870
62,689,940
1,419,475
1,829,694
828,557,621 1,263,661,490
865,973,581
167,453,171
246,020,100
60,577,217
13,799,706
461,177,250
303.536,872
99,342,000
200,000,000
49,930,642
31,755,610
30,468,473
139,669,386
14,480.600
911,040.000 3,083,627.339
935,005,625
319,973,000
85,172,500
596,044,951
821,446,750
1,326,866,313
85,172,500
3,000,000
130,008,284
11,500,000
389,107,747
71,932,960
1,124,467,431
88,960,000
4,159,790
17,519,940
1,470.535
Relief):
Loans & grants to States, munlo., &c.el
Loans to railroads.e
J
Public highways..
River and harbor work
Rural Electrification Administration
Works Progress Administration
All other
480,590.512
£4,328,398
552,770,162
605,081,737
200,000,000
125,000,000
169,000,000
82,950,000
77_,625.666
3,000,000
60,000,000
d
Federal Farm Mortgage Corporation..
Federal Land banks:
Aid to home
1936 and
Prior Years b
1936
37,554.000
Farm Credit Administration.e
Public Works (Including Work
Boulder Canyon project
Fiscal Year
1937
Total
$
c260.000.000
Commodity Credit Corporation_e
Emergency conservation work
Department of Agriculture, relief......
Unexpended
Fiscal Year
Reconstruction
Emergency
Finance
Relief
Emergency
Appropriation Appropriation Corporation
Acts
Act 1935,
Approved
Approved
June 19 1934 April 8 1935
Organization*
72,000,000
......
778,980,081
508,265,410
147,413,844
16,048,876
2,553,396,362
410,945,854
75,037,688
2,239
93,821,190
1,000,000
1,201,797,591
495,961,027
17,048,876
2,553,396,362
1,336,963,624
owners:
Home-loan system:
Home-loan bank stock
125,000,000
200,000,000
Home Owners' Loan Corporation
Federal savings and loan associations.
Emergency housing
J50,000,000
29,516,260
1,000,000
21,388.625
6,403,484
....
Federal Housing Administration.
Resettlement Administration
Subsistence homesteads
107,275,483
d44,000,000
3,389,487
327~,33(f.695
125,000,000
200,000,000
50,000,000
136,791,743
45,000,000
352,108,808
6,403,484
11,177,400
3,193
14,228,468
6,460,522
62,506,712
"66",164
90,807,664
8,071,004
149,932,710
260,969
6,142,514
Miscellaneous:
Reconstruction
Finance
35,000,000
1,250,000
Export-Import Banks of Washington.e.
Federal Deposit Insurance Corporation.
Administration for Industrial Recovery.
k
150,000,000
19",338",660
25,obo",666
d3761419,744 3,761,419,744
75,000,000
1
50",Obb",066
Tennessee Valley Authority.
90,753
Unallocated funds.
909,069
b The emergency expenditures Included In this statement for the period prior
to the fiscal year 1934 include only expenditures on account of the Reconstruction
Corporation, and subscriptions to capital stock of Federal Land banks
under authority of the Aot of Jan. 23 1932.
Expenditures by the several depart¬
ments and establishments for public works under the Emergency Relief and Con¬
struction Act of 1932 were made from general disbursing aocounts, and,
susceptible to segregation from the general
therefore,
expenditures of such depart¬
ments and establishments on the basis of the dally Treasury statements.
cThe sum of $260,000,000 includes appropriations under the Acts of May 12,
1933, May 25, 1934, and Aug. 24, 1935
statutory limitations on the amounts of funds whloh may be
made available by the Reconstruction Finance Corporation for carrying out the
purposes of Seo. 5 of the Agricultural Adjustment Act, and for .the purchase by
the
are
no
Reconstruction
Flnanoe
Corporation of preferred stock or capital notes of
banks and trust companies under the Act of March 9 1933.
The Reconstruction
Flnanoe Corporation Is required to make available to the Federal Housing Admin¬
istrator such funds as he may deem necessary for the purposes of carrying out the
provisions of the National Housing Act.
The amounts included In this column
for the purposes specified are based upon ohecks Issued therefor from time to time
by the Reconstruction Flnanoe Corporation.
The authority of the Reconstruction
Finance Corporation to Issue Its bonds, notes, and debentures has been Increased
by such amounts as may be required to provide funds for such purposes.
e
Expenditures
are
92,580,009
stated on a net basis, I.e., gross expenditures less repayments
and collections, details of whloh are set forth In the supplementary statement below.
£
Net, after deducting repayments to the Reconstruction Finance Corporation.
Excess of credits, deduct.
h The appropriation of
$950,000,000 provided in the Act of Feb. 15 1934 was
by the President as follows: Federal Emergency Relief Administration,
$605,000,000, of which $81,742.11 has been transferred to the Emergency Relief
Appropriation, and Civil Works Administration, $345,000,000, of which amount
$7,300,000 has been transferred to the Emergency Relief appropriation and $5,218,250 transferred to the Employees' Compensation Commission.
allocated
i Under the provisions
of the Emergency Appropriation Act, fiscal year 1935,
Corporation Is authorized to purohase marketable
Administration of Public Works
but the amount which the Reconstruction Flnanoe Corporation may have invested
at any one time In such securities may not exoeed $250,000,000.
Moneys paid
for such securities are available for loans under Title II of the National Industrial
the
Reconstruction
securities
Finance
acquired by the Federal Emergency
Il3119386,142|4,911,299,38
Recovery Act, and, under the provisions of the Emergency Relief Appropriation
Act of 1936, not to exceed $300,000,000 of the proceeds of
the sale of such securities,
President, are available for the making of grants.
The
obligations which the Reconstruction Finance Corporation is authorized
to have outstanding at any one time is increased by the sums necessary for such
purchases, not to exceed $250,000,000.
The purohase of such securities by the
Reconstruction Finance Corporation Is reflected as expenditures of the Recon¬
struction Finance Corporation and as credits against expenditures of the Federal
Emergency Administration of Public Works.
The amount by which the available
In the discretion of the
amount of
funds
the
on
account of suoh transactions has been Increased
funds
of
the
"Reconstruction
Finance
is, therefore, Included in
Corporation—direct loans and ex¬
penditures."
by
J Includes $700,000 allocated for savings
Seo. 11 of the Aot of April 27 1934.
k Under Seo. 3 of the Act of June
16
and
loan
promotion
as
authorized
1934 the Reconstruction Finance
Corpo¬
ration Is authorized to purchase at par obligations of the Federal Deposit Insuranee
Corporation in
face amount of not to exceed $250,000,000, and the amount of
obligations which the Reconstruction Flnanoe Corporation is authorized to have
outstanding at any one time Is Increased by $250,000,000.
The amount to be
Included In this column will represent the proceeds deposited with the Treasurer
of the United States on account of the sale of suoh obligations by the Federal
Deposit Insurance Corporation to the Reconstruction Finance Corporation.
a
1 The appropriation of $500,000,000 for subscription to capital stock is Included
in the column for Reconstruction Finance Corporation,
In the figures shown
m
f
93,585,832
93,585,832
2,285,904.816 m3220564000 nl352976,500 p6114914,858 6,232,566,685 19206926,8601,176,241,394
Grand total..
d There
""79", 906
£240,074,557 2,031,195,725 1,970,298,576
75,000,000
2,285,904,816 3,220,467,246 1,352,067,430 6,022,334,849 6,232,566.685 19113341,027 1,176,241,394 13119386,142 4,817,713.490
Total.
are not
16.480,956
19,619,285
150,000,000
24.240,593
149,757
"""lb",068
24,330,568
Corp.—direct
loans and expenditures.e
Finance
36,250,000
150.000,000
4.992,568
Exclusive of the $79,436,000 transfer referred to In note (p).
Exclusive of the $26,455,000 and $44,193,500 transfers referred to In note p, and
$2,550,000 transferred to salaries and expenses, Farm Credit Administration.
n
p Includes $4,000,000,000 specific appropriation under the Act of April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936 and transfers
From the Reconstruction Finance Corporation,
$500,000,000; from the appropriation of $3,300,000,000 for National Industrial
Recovery, $79,436,000; from the appropriation of $525,000,000 for relief In stricken
agricultural areas provided In the Emergency Appropriation Act of 1935, approved
June 19, 1934, $26,455,000; from the appropriation of $899,675,000 for emergency
relief and public works provided in the Emergency Appropriation Act of 1935,
approved June 19, 1934, $44,193,500; from the appropriation of $950,000,000 for
emergency relief and civil works provided In the Act of Feb 15, 1934, $7,381,742.11;
from unobligated moneys referred to in Sec 4 of Act of March
31,1933, $19,527,113 76; and moneys transferred pursuant to Seo. 15(f) of the Agricultural Adjustment
Act, $12,921,502.64.
of unexpended balances as follows:
DETAILS OF REVOLVING FUNDS INCLUDED
IN THE TABLE
ABOVE
This Month
Fiscal Year 1937
Organizations
Repayments and
Payments
Commodity Credit Corporation
Farm Credit Administration
Loans and grants to States, municipalities, &c
Loans to railroads
...
Export-Import Banks of Washington
.3..
Reconstruction Finance Corporation—direct loans «fc expenditures
a
Excess of repayments and collections
(deduct).
$845,836.89
3,820,925.93
23.603,265.82
295,000.00
1,373,189.91
23,343,472.81
Net
Collections
Expenditures
$189,281.33
6,440,982.21
2,811,742.75
3,747.041.70
398.358.18
54,070,671.17
$656,555.56
a2,620,056.28
20,791,523.07
a3,452,041.70
974,831.73
a30,727,198.36
Repayments and
Net
Payments
Collections
Expenditure*
$12,921,656.29
17,197.528.89
139,909,799.70
1,125,990.17
4,418.068.59
195,440,179.06
$73,512,155.98
28,965,954.34
47,117,808.07
4,420,081.09
4,268,310.60
435,514,736.65
a$60,590,499.69
all.768.425.45
92,791,991.63
a3,294,090.92
149,757.99
a240,074,557.59
Volume
Financial
143
THE
CURB EXCHANGE
Public utilities and low
the week
registered
Mining and metal shares and oil issues
these
groups.
also were in brisk demand at times,
groups was
not maintained.
but the interest in these
On Monday the turnover for
the day was the highest since Feb. 27, 1936, the
transfers reaching approximately 961,000 shares.
volume of
Trading was active and many low priced issues were taken
top prices for the movement during the abbreviated session
Saturday.
Public utilities led the upward swing and
several popular trading favorites in the preferred group
showed substantial gains as the market closed.
Specialties
also attracted considerable attention, Brill Corp. advancing
2% points to 47%; Ferro Enamel gained 1% points to 38%
and Neisner Bros. pref. 2 % points to 112 %. Other important
advances were American Superpower pref. 3% points to 92;
Bunker Hill-Sullivan 2% points to 99%; Derby Oil pref.
2% points to 74%; Jones & Laughlin Steel 2% points to
92%; Pepperell Manufacturing Co. 2% points to 142 and
United Light & Power pref. 3% points to 61%.
The Supreme Court decision ordering a retrial of Duke
Power due to improper procedure in the lower courts stimu¬
lated
trading on Monday in the public utilities which
moved briskly forward to higher levels.
The volume of
transfers
was
approximately 961,000, the highest peak
reached in several months.
New highs for the year were
registered in all parts of the list, the gains ranging from 1 to
4 or more points.
Industrial specialties were firm in both
the high and low priced sections and there was a brisk
demand for oil shares at higher prices.
New tops were
scored during the trading by a number of the more active
stocks
including among others Aluminium Ltd., Creole
.Petroleum, Jones & Laughlin Steel, National Gypsum A,
Masonite, Newmont Mining and Standard Power & Light
pref.
Mining and metal stocks featured the trading on Tuesday
as they moved sharply upward followed by the oil issues and
specialties. Public utilities were active, but the gains were
somewhat reduced as compared with the preceding day.
The volume of business declined to 846,000 shares against
961,000 on Monday. Outstanding among the stocks reaching
new high levels for the year were American Airlines, Bunker
Hill-Sullivan, Cosden Oil pref., Creole Petroleum, Masonite,
Eagle Picher Lead, Jones & Laughlin Steel, Georgia Power
pref., Newmont Mining and Triplex Safety Glass.
Other
noteworthy gains were Babcock & Wilcox 2% points to 31;
New Jersey Zinc 3% points to 85%; Quaker Oats pref. 2
points to 149 and H. C. Bohack 1st pref. 3 points to 49.
The
Curb
list
developed considerable irregularity on
Wednesday due largely to profit taking sales. There were a
number of new tops registered during the early dealings, but
the trend of prices turned downward as the day progressed
and a number of the popular trading favorites lost part of
the early advance.
Scattered through the list were a number
of specialties and a few miscellaneous stocks that stood out
against the trend and showed small gains at the close. These
included among others H. C. Bohack 1st pref. 3% points to
52%; Carnation Co. 2 points to 34%; Commonwealth Edison
3% points to 116%.
Stocks were quiet and irregular during most of the deal¬
ings on Thursday, and while preferred issues in the public
utility group were inclined to move upward, the rest of the
list closed slightly lower on the day.
There were a few
scattered stocks that moved against the trend, particularly
in the specialties group where Eagle Picher Lead registered
a new top for the year and H. C. Bohack added 3% points
to
its
previous advances.
Commonwealth Edison con¬
tinued to climb upward and reached 116% with a gain of
3% points, Mohawk Hudson Power 2d pref. moved ahead
4 points to 113, Todd Shipyard went up 2 points to 50 and
Pacific Public Service jumped 4 points to 88.
The trend of the market was generally downward on Fri¬
day, and as the volume of transfers continued to shrink,
many of
the trading favorites canceled a goodly part of
the gains of the early part of the week.
There were occas¬
ional exceptions scattered through the list, but most of the
advances
were
small
and
without
special significance.
Duke Power was in good demand and gained 2 points to 72.
Cities Service Power & Light $7 pref. jumped 6 points to 65
and Tubize Chattilon A climbed 3% points to 54.
As
compared with Friday of last week, the range of prices
was toward lower levels, Aluminum Co. of America closing
last night at 132 against 139 on Friday a week ago, Ameri¬
can Gas & Electric at 39% against 41 %> American Laundry
Machinery at 25 against 25%, Carrier Corp. at 27% against
28%, Consolidated Gas of Baltimore at 88 against 88%.
*JA1L Y
TRANSACTIONS
AT
THE
NEW
YORK
CURB
Bonds (Par
Stocks
EXCHANGE
Value)
of
Shares)
Dec. 18, 1936
Foreign
Domestic
Corporate
Total
1,829,020
130,252,370
72,507,441
$15,109,000
637,000
$18,740,000
1,520,000
$771,321,000
18,123,000
$1,117,404,000
316,000
401,000
12,710,000
17,118,000
12,873,000
$16,062,000
$20,661,000
$802,154,000
$1,147,395,000
Bonds
Foreign government--
Foreign corporate
Total
THE
MARKETS
SILVER
AND
GOLD
ENGLISH
reprint the following from the weekly circular
We
& Co. of London, written under date
Samuel Montagu
of
of
Dec. 2, 1936:
GOLD
The Bank of England gold reserve
346
against notes amountedlto £248,660,-
the previous Wednes¬
Nov. 25 showing no change as compared with
on
day.
In the open market
about £1,350,000 of bar gold was disposed of at!the
Prices continued to be
daily fixing and was partly taken for New York.
fixed at about dollar parity
and showed a decline on the week in sympathy
dollar against sterling.
with the weaker tendency of the
The
figures given
below show a large import of gold from France of
£13,600,000, which has presumably been sent in respect
of special obliga¬
tions.
Quotations:
Per Fine
Nov. 27
Dec.
of £ Sterling
141s.
141s.
142s.
141s.
141s.
141s.
-
Nov. 28
Nov. 30
Dec. 1
Equivalent Value
Ounce
Nov. 26
-
2
A
11.63d.
11.63d.
11.58d.
11.67d.
O.Old.
lis. 11.88d.
lis. 11.73d.
lis.
lis.
lis.
lis.
12s.
ll%d.
ll%d.
lid.
7d.
8%d.
141s. 10.25d.
Average
United Kingdom imports and exports of gold
The following were the
registered from mid-day on Nov. 23 to mid-day on Nov. 30:
Exports
Imports
£1,206,795
15.0,915
British South Africa
British West Africa
France.
Germany
Switzerland
743.215
8,580
17,126
10,823
13,601,766
25,935
78,491
11,655
19,237
7,600
21,139
29,285
British India
Australia
New Zealand.
British Guiana
France
Germany.
Netherlands—.
Belgium
Switzerland
Morocco
Venezuela
Other countries.
£1,023,200
14,605
>2,310
40,203
4,022
23,100
5,000
3,322
U. S.A
Straits Settlements.
9,725
6,040
Tanganyika Territory
Kenya
Yygoslavia
Arabia
Other countries.
£15,948,327
The SS. Viceroy of India which
£1,115,762
sailed from Bombay
gold to the value of about £518,000.
The Southern Rhodesian gold output for
October
on
Nov. 28 carries
1936
amounted to
67,040 fine ounces for September,
64,935 fine ouncesas co mpared with
*
1936 and 68,484 fine ounces for October, 1935.
SILVER
During the past week prices had varied only between 21 %d. and 21d.
until
when
today,
increased
buying and
Indian
bear
covering
orders,
possibly stimulated by an advance in the New York silver price, raised
quotations to 21 5-16d. for both deliveries.
The market responds the more readily to
tinue
be
to
moderate,
although
any
demand
as
offerings
China sales have been rather
con¬
more
in
evidence.
The present
level seems sufficiently high, but at the same time there Is as
yet no indication of any
selling pressure sufficient to bring about an im¬
portant decline.
The following were the
mnited Kingdom imports and exports of silver
registered from m8d-day on Nov. 23 to mid-day on Nov. 30:
Exports
Imports
Japan
Belgium
Netherlands
Other countries
£23,256
7,045
2,242
2,879
British India
Canada
£44,467
9,094
Germany
France
12,500
5,270
4,799
Denmark
Sweden
2,750
Switzerland
2,474
4,544
Other countries
£35,422
£85,898
Quotations during the week:
IN
IN
LONDON
Nov. 26
Nov. 27
Nov. 28.
Nov. 30
Dec. 1
Dec.
2-
21
The highest rate
from Nov. 26 to
45% cents
Nov. 26
Closed
Nov. 27
45% cents
21d.
l-16d.
21d.
Nov. 28
21%d.
21 5-16d.
21.083d.
21.083d.
Average
Nov. 25
21d.
~21d.
21d.
21 l-16d.
21d.
2iy8d.
21 5-16d.
NEW YORK
(Per Ounce .999 Fine)
Bar Silver per Oz. Std.
2 Mos.
Cash
Nov. 30-.
Dec. 1
Closed
45% cents
46H cents
of exchange on New York recorded during the period
Dec. 2 was $4.91 % and the lowest $4.89%.
Statistics for the month of
November:
—Bar Silver Per Oz. Std.—
Cash
Highest price
Lowest price
Average
22 15-16d.
20d.
21.0500d.
-
NATIONAL
2 Mos.
22 15-16d.
20 l-16d.
21.0525d.
Bar Gold
per
Oz. Fine
8%d.
142s.
141s. 10%d.
142s. 3.20d.
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
The
Foreign
Governm't
4,136,695
Domestic
Department:
(Number
Week Ended
1935
1936
1935
1936
Exchange
Stocks—No. of shares_
at
on
18
Jan 1 to Dec.
Week Ended Dec. 18
Sales at
New York Curb
priced industrial specialties were
in fairly heavy demand during the early part of
and a number of new high levels for the year were
in
3943
Chronicle
BRANCHES AUTHORIZED
5—Bank of America National Trust & Savings Assn., San Francisco,
Location of branch: 2844 Wabash Ave., City of Los Angeles,
Calif.
Certificate No. 12964a.
Dec.
Calif.
$1,537,000
3,178,000
3,129,000
$84,000
103,000
95,000
2,483,000
2,620,000
2,162,000
92,000
165,000
98,000
4,136,695 $15,109,000
$637,000
489,975
960,675
845,650
670,465
625,940
543,990
Saturday
Monday
Tuesday
Wednesday
—
Thursday
Friday
$29,000
35,000
37,000
114,000
60,000
41,000
$1,650,000
3,316,000
3,261,000
2,689.000
2,845,000
2,301,000
Dec
8—Bank of America National Trust & Savings Bank, San Francisco,
Location of branch: Unincorporated Town of Atascadero, San
Calif.
Luis Obispo County,
Calif.
Dec.^ 9—The Cheltenham
Total
$316,000 $16,062,000
Certificate No. 1297A.
PREFERRED
Olaco
P
cnlrl
lnrrallv
STOCK ISSUED
National Bank, Cheltenham, Pa
$25,000
3944
Financial
VOLUNTARY
Chronicle
Dec.
First
National
Bank
of
Napoleon,
$25,000
National
PREFERRED
Dec.
l
Bank, Cheltenham,
reduction)
STOCK
ford, Mass.
40,000
Class A sold to RFC..
COMMON CAPITAL
11—The South Texas National Bank of San Antonio, San
Antonio, Texas.
From $200,000 to $300,000 (amt. of increase)
_
PREFERRED
Dec.
Central Republic
Central West Co.
STOCK
DECREASED
New Bed¬
(Amt. of decrease)..
From $500,000 to $175,000.
PREFERRED
Dec.
"A"
100,000
11—The First National Bank of New Bedford,
ford, Mass.
STOCK
"B"
325,000
DECREASED
New Bed¬
(Amt. of decrease).
From $250,000 to $125,000.
$1,125
125,000
CHANGES IN CAPITAL STOCK AS REPORTED BY NATIONAL BANKS
Increase in
Outstanding
Century Shares Trust (special) —
Cincinnati & Suburban Bell Telep. Co. (quar.)__
Cincinnati Union Stockyards (quar.)
City Investing Co
Preferred (quarterly)
City Union Com—
Climax Molybdenum Co. (special)
Ciipshare, Inc. (initial)
Coca-Cola Bottling Co. of N. Y., Inc. commonCollective Trading, Inc., class A
—
Pref. Stock
Com. by Die.
Capital
No. of Shs.
Par Value
No. of Shs.
Par Value
After
Charges
Name and Location
Date of
Change
11-30-36 The
First
National
Bank
ofj
—
of
12-
Providence, R. I
1-36 The Mountville National Bank,
Mountville, Pa
11-24-36 The Farmers National Bank of j
$150,000
250,000
$150,000
C 350,000
250 shs.
None
25,000
75,000
$70,000
$5,000
75,000
Bank
ofj
300 shs.
$15,000
$15,000
Bank
of,
400 shs.
400 shs.
11-30-36 The Hibernla National Bank in,
$10,000
10,000 shs.
$200,000
$10,000
15,000 shs.
Fontana, Calif
11-10-36 The
First
National
Auburn, Ala
New Orleans, La
First National
11-23-36 The
National
$300,000
10,000
40,000
10,000
40,000
P 1200,000
C 1500,000
254 shs.
None
$25,400
25,000
Hop-J
150 shs.
None
National,
375 shs.
375 shs.
None
$9,375
$9,375
50,000
250 shs.
None
$25,000
200,000
Bank
ofj
Spurgeon, Ind
11-24-36 First
300 shs.
Bank
of
$15,000
kins, Minn
Lake
Crystal
11-30-36 The
Bank, Lake Crystal, Minn..
12- 1-36 The Great Falls National Bank,
Great Falls, Mont
50,000
250 shs
$25,000
....
National,
250 shs.
None
Bank of Watertown, S. Dak.
10-31-36 The Warren National Bank ofj
$25,000
150,000
1,500 shs.
None
$150,000
Peabody, Mass—
Nat'l Bank,
Scran-j 2,666 2-3 shs.
$200,000
ton, Pa
11-27-36 The City National Bank of,
10,000 shs.
$200,000
Houston, Texas
12- 1-36 The First National Bank of,
200 shs.
$20,000
Bonham, Texas
200,000
10- 7-36 The
First
Citizens
11-12-36 Scranton
100,000
...
10,000 shs.
$200,000
200,000
100,000
500,000
20,000
100,000
'
show
the
Then
we
follow with
second table in which
a
dividends
previously announced, but which
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared:
we
have not yet
The dividends announced this week
are:
Per
Adams-Millis
Company
Share
'
Corp
—
Dec.
Dec.
Special
Aetna Casualty & Surety Co
Quarterly
Aetna Life Insurance Co. (quar.)
Dec.
Jan.
—
Jan.
Jan.
Jan.
Dec.
Extra
Air Investors preferred (initial)
Allegheny Steel Co. (extra)
Allied Mills, Inc
Amalgamated Leather new pref. (quar.)
American Bakeries Corp., 7% pref. (quar.)
Class A (extra)
American Shipbuilding (quar.)
Dec.
Jan.
_
Holders
Payable of Record
Administered Fund Second
i
Jan.
Dec.
Dec.
Feb.
American Thermos Bottle
Dec.
Amoskeag Co.,
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
18
15
15
12
12
17
Dec. 22
Jan.
2
Dec. 23
Dec. 15
15
Dec.
Jan.
Dec.
15
16
Jan.
Dec. 26
July
June
19
Dec.
Dec.
Dec.
19
Dec.
11
Dec.
Jan.
19
Dec. 21
17
Atlantic City Fire Insurance (extra)
Atlantic Gas Light Co., 6% pref. (quar.)
Dec.
Dec.
Jan.
Dec. 23
Atlantic Steel Co. (quarterly)
Dec.
Dec.
Dec.
Extra
Jan.
Extra
Jan.
Dec.
Dec.
9
12
Jan.
Backstay Welt Co. (increased quar.)
.Extra
Dec. 12
Dec. 24
Jan.
Dec. 24
Badget Paint & Hardware Stores (quar.)
Bakelite Corp., 6X% pref. A (quar.)
Balabon & Katz Corp., 7% pref. (quar.)
Jan.
Dec.*26
Dec.
Dec.
Dec. 10
Dec. 15
Baldwin Co
Bancamerica-Blair Corp. (semi-ann.)
Dec.
Dec.
Dec. 21
Dec. 18
Special
Bankers Securities Corp. par tic. preferred
Barker Bros. 6X% preferred
Baxter Laundries Corp., preferred
Birmingham Fire Ins. Co. of Ala. (quar.)
Dec.
Dec.
_
Extra
Dec.
Dec.
Dec. 21
Dec.
Jan.
Dec.
Dec.
19
15
15
17
21
19
12
10
24
Jan.
Bishop Oil Corp. (extra)
Bliss (K. W.) & Co., 1st preferred
Birtman Electric Co. (increased)
Boston Acceptance, Inc., 7% pref. (quar.)
Bremer (O.) & Co. (extra)
Brooklyn Trust Co. (semi-ann.)
Bucyrus-Monighan Co. class A (quar.)-_
Class A (extra)
Class
18
19a
Dec.
__
B
Class B (extra)
Bunker Hill & Sullivan Mining (extra)
Burco, Inc., preferred (quar.)
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec. 19
Dec. 19
Dec. 19
Dec. 19
Dec. 19
Dec. 18
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Dec.
Deb.
Dec.
Dec.
Jan.
14
17
16
Dec. 21 Dec. 15
Dec. 30 Dec. 24
Jan.
1 Dec.
21
1 Dec.
21
1 Dec.
21
2 Dec.
18
Feb.
20c
Jan.
23 Feb.
2 Dec.
19
75c
Consolidated Oil Corp., com. (quar.)
20c
Dec. 30 Dec.
Jan.
Feb.
35c
Jan.
80c
Jan.
11 Dec.
20c
Jan.
$1
$1
Jan.
11 Dec.
15 Dec.
15 Dec.
1 Mar.
1 Mar.
Consumers Oxygen Co.,
7% preferred
Continental Insurance Co. (s.-a.)
Year-end (special)
Detroit Edison Co. capital stock
Extra
—
(qijlar.)
Dixie-Vortex Co. (quar.)
S7Xc
Class A (quarterly)
;•*
Dome Mines, Ltd
Dominion Foundries & Steel, Ltd., pref. (qu.)_.
Dow Drug Co. (quar.)
62Kc
_
_
7% preferred (quarterly)
Driver-Harris Co. (extra)
Duff-Norton Mfg. (increased)
Early & Daniel Co. preferred (quar.)
Easy Washing Machine A & B (quar.)
A & B (extra)
50c
rMX
15c
50c
—
35c
12Xc
12kac
3oc
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.)
Empire Telephone Co. class A & B pref
Empire Trust Co. (quar.)
Fair (The) preferred (quar.)
Famise Corp., class A (quar.)
Federal Service Finance Corp. (Wash., D. C.)._
7% preferred (quarterly)
31
26
26
Dec.
Feb.
1 Nov. 20
4
15 Feb.
2 Dec. 21
Dec. 24 Dec.
19
Dec. 21 Dec.
15
31 Dec.
19
Dec. 26 Dec. 21
Dec. 26 Dec. 21
Dec. 21 Dec. 18
Feb.
1 Jan.
6
Feb.
Dec. 20 Dec.
10
25c
Jan.
Feb.
1 Jan.
18
20
mx
Jan.
1 Dec. 20
1 Jan.
2 Dec.
6
50c
Dec. 21 Dec. 21
MX
Dec. 21 Dec. 21
Dec. 21 Dec. 21
Dec. 22 Dec.
80c
Jan.
11 Dec. 31
20c
Jan.
11 Dec.
50c
Firestone Tire & Rubber
Jan.
20 Jan.
5
1 Feb.
15
MX
Preferred (quar.)
50c
(M. H.), Inc. (extra)
Mar.
Jan.
25c
_
_
.
Jan.
15 Dec. 31
15 Dec. 31
Dec. 24 Dec. 18
h$5
25c
5c
Extra
5c
10c
General Fireproofing Co_
Extra
1 Dec
2 Dec. 21
Dec. 24 Dec.
—
General Cap Corp. (Boston, Mass.)
Jan.
Jan.
MX
^
(Robert), Inc. (quar.)
Gemmer Mfg. Co., class A
General Acceptance Corp., com. & cl. A (quar.)_
30c
(quar.)
General Outdoor Advertising, pref
General Paint Corp., conv. pref. (quar.)
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 26 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
2 Dec.
Dec. 26 Dec.
Jan.
Feb.
Dec.
Feb.
1L
Preferred
(quar.)
General Tire & Rubber Co., pref. (quar.)
Glen Alden Coal Co. (semi-ann.)
Glens Falls Investing Corp. (N. Y.)—
Payable to holders of Glen Falls Ins. Co. stk.
Gibson Art Co. (quar.)
Dec.
Dec.
30c
Hanna (M. A.) Co
Harris, Hall & Co., common (initial)—
Preferred (quar.).
Preferred (extra).
Hathaway Bakeries, Inc., 7% preferred.
Heller (W. E.) & Co. (quar.
ir.)_
30c
$2
50c
$1&
10c
5c
MX
50c
l2Xc
h$4X
Power, 7% pref..
8% preferred (semi-annual)
—
Island Creek Coal Co., com. (quar.)
Preferred (quar.)
Jacobs, F. L. Co
Jamaica Public Service, Ltd. (quar.)
Preferred (quar.)
Jamestown Telep. Corp., 6% pref.
(quar.)
$5 class A preferred (semi-annual)Joliet & Chicago RR. Co
—
Kahn (E.) & Sons
Preferred (quar.)
i—
Kellogg Switchboard & Supply Co
Preferred (quar.)
Kentucky Utilities, 6% pref. (quar.)Kinney, G. R. & Co., pref. (resumed)
Knapp-Monarch Co., %2X pref. (quar.)
—
Laclede Steel Co. (increased)
Lawyers Trust Co. (quar.)
Layton Oil Co., Inc., 8.4% pref. (monthly)
Lincoln Stores, Inc.
(special)
Little Long Lac Gold Mines, Ltd
Loew's Boston Theatres (extra)
Long Island Safe Deposit (s.-a.)
Ludwing Bauman & Co., 7% pref
MacAndrews & Forbes, Inc. (quar.)
—
— —
Extra
-—
17
17
18
16
16
19
21
Dec.
19
1 Jan. 15
21 Dec. 15
1 Jan.
15
31 Dec. 20
23 Dec. 14
1
Jan.
hMX
(quar.).
17
15
Jan.
$3
Extra
24
Dec. 20 Dec. 15
1 Dec. 21
40c
10c
Extra
Hickok Oil Corp., 7% pref.
Extra.
Hook Drugs, Inc. (quar.)-
15 Dec. 31
Jan.
$1,125
40c
Fuller Brush Co., preferred (quar.)
Fulton Trust Co. of N. Y. (quar.)
15
31
Dec. 28 Dec. 21
MX
Indiana Hydro-Electric
Intercolonial Coal Co
■§r
30c
Fidelity Fund, Inc. (extra)
«
Fidelity-Phenix Fire Insurance Co. (s.-a.)
Year-end (special)
Gair
15
2
MX
MX
50c
Extra
9
16
10
Apr.
10
Apr.
Apr. 20 Mar. 31
Dec.
Electrical Products Co
Preferred
Jan.
Jan.
75c
Preferred (semi-ann.)
Preferred (semi-ann.)
Dec.
5 Dec. 28
Dec. 24 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
87 Xc
Dec., 26
Augusta Savannah RR. (extra)
Automobile Insurance Co. (quar.)
50c
40c
Globe Discount & Finance Corp., 7% pref. (qu.)
June 19
Argonaut Mining Co., Ltd. (increased)
Arundel Corp. (quar.)
MX
Great Lakes Steamship Co
Great West Electro-Chemical Co., 6% pf. (qu.)
Hammond Clock Co. (resumed)
July
Extra
50c
20c
12
Jan.
Angostura-Wuppermann (quar.)
Jan.
12
Common
common
Jan.
General Stockyards
When
Dec. 26 Dec. 19
5 Dec. 28
$1
25c
Special
Name of
17
15
18
Jan.
Foote-Burt Co
grouped in two separate tables.
In the
bring together all the dividends announced the
are
current week.
2 Dec.
Jan.
Food Machinery Corp. (quar.)
Preferred (quar.)
DIVIDENDS
we
Jan.
MX
series B
$7 series
Preferred (quar.)
v
Dividends
40c
15 Dec. 31
15 Dec. 31
24 Dec.
Dec. 24 Dec.
Dec.
f2X %
Fishman
first
16
Consolidated Aircraft Co. preferred (quar.)
T
500 shs.
Pennsburg, Pa
11-15-36 The First National
21 Dec.
Connecticut General Life Insurance
C
4,000 shs
$100,000
10c
$1.12
$2
Columbia Pictures Corp. common (quar.)
Common (semi-annual)
P
1,000 shs.
$100,000
4,000 shs.
$100,000
4,000 shs.
$100,000
Portsmouth, N.H
11-24-36 The Mechanics National Bank
Cumulative preferred
Cumulative preferred
Jan.
$1
Colonial Ice Co. common
Retirement
Jan.
25c
common
—
11—The First National Bank of New Bedford,
ford, Mass.
Central Power Co., 7% preferred
6% preferred
INCREASED
Dec.
Dec.
$3 Dec. 24 Dec. 17
$1.31 M Jan. 15 Dec. 31
Central Electric & Telep. Co. preferred
175,000
STOCK
15c
75c
Jan.
$1X
(quar.)
Carriers & General Corp. (increased)-Castle (A. M.) & Co. (extra)
New Bed-
30 Dec. 31
15 Dec. 31
2 Dec. 19
Dec. 22 Dec. 19
Jan.
2 Dec. 22
Dec. 24 Dec. 18
Jan.
Jan.
50c
50c
Preferred
Holders
Dec. 28 Dec. 22
Dec. 19 Dec. 10
15 Dec. 31
r$2
rMX
Co
Extra
Pa.:
When
Payable of Rerord
Jan.
(quar.)__
7% preferred (quarterly)
Carnation
ISSUED
11—The First National Bank of New Bedford,
5c
7i$ 4
Canadian Fairbanks Morse Ltd. pref.
Canadian Industries, Ltd., A & B
COMMON CAPITAL STOCK REDUCED
Cheltenham
Share
Company
Butte Copper & Zinc (resumed).
Calavera Cement Co., preferred
>,,,
9—The
Name of
$45,000
Common stock.
From $50,000 to $10,000 (amount of
Per
Napoleon,
....
Preferred stock
20,000
Effective Dec. 7, 1936.
Liq. Agent, W. D. Heupel, Napoleon,
N. Dak.
Succeeded by Stock Growers Bank in Napoleon,
N. Dak.
«
Dec.
1936
LIQUIDATION
Capito I
Dec. 10—The
N.
Dak._
19,
$2
$4
50c
MX
25c
43Xc
MX
1 Dec.
Dec. 15 Dec.
Dec. 26 Dec.
Jan.
2 Dec.
Dec. 16 Dec.
21
Dec. 23 Dec.
Dec. 23 Dec.
Jan.
1 Dec.
Dec. 23 Dec.
15
10
16
21
2
15
15
15
Dec. 22 Dec.
Dec. 28 Dec.
15
Dec.
11
18
Dec. 28 Dec. 18
Jan.
2 Dec. 24
Jan.
2 Dec. 24
Dec. 21 Dec. 14
15 Dec.
Jan.
2 Dec. 21
Jan.
2 Dec. 21
Dec. 28 Dec. 22
Jan.
2 Dec. 24
Dec. 26 Dec. 19
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
18
15
15
4 Dec. 22
1 Dec. 21
1 Dec. 21
31 Jan. 11
1 Dec.
31 Jan.
15 Dec.
Dec. 28 Dec.
Dec. 28 Dec.
Dec. 26 Dec.
Jan.
2 Dec.
Jan.
1 Dec.
Jan. 21 Jan.
Jan. 15 Dec.
Dec. 23 Dec.
Jan,
2 Dec.
Dec. 26 Dec.
Jan.
Jan.
18
1 Dec.
11
26
21
22
16
26
15
14
28
16
23
21
15 Dec. 31
15 Dec. 31
Preferred (quarterly)
Mangel Stores Corp. 6X% preferred—
Jan. 15 Dec. 31
Dec. 24 Dec. 12
Manufacturers Trust Co. (quar.)
Jan.
Preferred
Quarterly
Quarterly
Milnor, Inc
Jan.
2 Dec. 19
15 Jan.
4
15 Jan.
4
Jan.
1 Dec. 20
Apr.
1 Mar. 20
Jan.
(quar.)
McGraw-Hill Publishing Co. (resumed)
Mercantile-Commerce Bk. & Tr. Co. (St. Louis)
;
-
——
-
Dec.
1
Volume
Financial Chronicle
143
Per
Name of Company
Share
Minneapolis-Honeywell Regulator Co.—
6 % preferred (final)
Minnesota Power & Light $7 preferred
$7 preferred (quar.)
6% preferred
6% preferred (quar.)
UK
1 Dec.
Jan.
2 Dec.
2 Dec.
2 Dec.
11
h50c
UK
$1.20
$1K
$1.30
Murphy (G. O.) Co. (extra)
National Bond & Share Corp
National Cash Register
25c
25c
National Casket Co. preferred (quar.)
$1fd
National Fuel Gas Co
National Power & Light Co., $6 pref. (quar.)
National Refining Co. preferred
11
11
14
14
15
40c
Dec. 28 Dec.
15 Dec.
1 Dec.
Dec. 21 Dec.
Dec. 28 Dec.
Jan.j
2 Dec.
Jan.
Dec. 24 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
2 Dec.
Dec. 19 Dec.
Jan.
2 Dec.
Dec. 24 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
Jan. 15 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
UK
$1
$1
Northwestern Electric Co. 7% preferred
Norwich Pharmacal Co. common
Norwich & Worcester RR.t 8% pref. (quar.)
Noxzema Chemical Co. (semi-ann.)
$1
50c
$2
30c
I
Ogilvie Flour Mills (quar.)
Ohio Leather Co. (quar.)
7% preferred (quar.)
$2
25c
8% preferred (quar.)
Pacific Gas & Electric (increased)
Pacific Power & Light Co. $6 preferred
7% preferred
Page-Hershey Tubes, Ltd. (quar.)
-
—
16
•
—
25c
30c
19
15
18a
15
12
15
15
1 Feb.
10
18
14
14
30 Jan.
2
2 Dec.
15
12
Dec. 23 Dec. 21
2 Dec. 21
Feb.
1 Jan.
5
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Dec. 31 Dec. 15
Dec. 21 Dec. 14
1 Dec.
19
$1
$3
$4
$1K
Special,
30c
75c
$20
25c
50c
Preferred (quarterly)
,
—
Stecher Traung Lithograph (special)
Extra
Stix Baer & Fuller Co., 7% pref. (qu.)
_
$1K
_
Strawbridge & Clothier, 7% preferredSuperior Portland Cement, class A
Class A (monthly)
Inc. (extra).
Supervised Shares, I:
Special
Taylor Wharton Iron & Steel (initial)
Texas Electric Service Co. $6 pref. (quar.)
Texas Hydro-Elec. Corp., $334 cum, pref
Thermoid Co., $3 preferred (quar.)
Pref. stk. div. payable at the rate of 1 sh. of
com. as part payment on old 7 % pref. accumul
Thompson (John R.) Co. (extra)Tivoli Brewing Co. (increased)
Tobacco & Allied Stocks, Inc.Torrington Co. (quar.)
-
Extra
Towne Securities Corp., 7% cum. pref
Travelers Insurance Co. (quar.)-Troxel Mfg. Co. (quar.)
Twin Coach Co. (special)
Union Sugar (resumed)
h$ 1
75c
10c
35c
1
$1
$4
$1
25c
75c
i'
UK
-
20c
15c
United Gas Public Service Co., $6 pref. (qu.)
United States Foil Co., A & B
Preferred (quar.)
United States Hoffman Mach. Co., pref. (quar.)
United States Leather Co., prior prer. (vot. tr.)_
Universal Leaf Tobacco Co., Inc., (quar.)
(extra)
-
(semi-ann )
.
'
$134
43 Kc
43 Kc
Allied Products, preferred (quar.)
Common (initial)
—
Allied Stores, 5% preferred (quar.)
Allis-Chalmers Mfg. Co. (quar.)
25c
UK
OSKc
75c
$2
2%
15
Apr.
Dec. 24 Dec. 21
Jan.
2 Dec. 19
Jan. 15 Dec. 15
Dec. 19 Dec. 15
Dec. 26 Dec. 22
Dec. 26 Dec. 22
Dec. 26 Dec. 22
Dec. 31 Dec. 19
50c
20c
—
25c
Alpha Portland Cement-
Dec.
16
Dec.
15
Dec. 21
2 Dec.
$2
(quar.)
$3 4
Preferred (quarterly) _
American Box Board Co
Jan.
2 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Feb.
1 Jan.
Dec. 24 Dec.
Feb.
1 Jan.
Dec. 24 Dec.
19
Preferred (quarterly).
2 Dec.
Dec. 24 Dec.
Jan.
2 Dec.
19
14
14
14
14
21
Dec.
24 Nov. 30
Dec.
24 Nov. 30
Dec. 21 Dec.
10
1
Dec. 21 Dec.
1 Dec.
10
15 Dec.
Dec. 21 Dec.
31
10
Dec
31
Dec.
Dec
31
Dec
Dec. 23 Dec.
Dec. 28 Dec.
15
15
12
21
15
Jan.
4 Dec.
24
8
8
8
1H7&
American Cigarette
& Cigar—
6% pref. (quar.) —
American Cities Pow. & Light, class A (quar.)
Optional payment of l-16th sh. of class B.
American Commercial Alcohol (resumed)
Stock div. of 2 shs. Amer. Distilling, 5% pref.
for each 5 shs. held
American Crystal Sugar
Preferred (quarterly)
American Cyanamid Co., class A and B com
Special
— — —
American Equities Co
American Express Co. (quarterly)
American Felt Co
—
Preferred (quarterly)
eljH
Dec. 31 Dec.
Dec. 24 Dec.
10
50c
Dec. 24 Dec.
14
50c
Dec. 24 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
$134
15c
40c
2234c
$134
$134
$134
35c
50c
American Gas & Electric Co., common (quar.)__
American General Corp. (special)
American Hard Rubber Co. (resumed)
American Hardware Corp
18
10
2 Dec.
2 Dec.
16
Dec. 23 Dec.
•9
11
Jan.
Jan.
Jan.
Dec. 24 Dec.
2 Dec.
Dec. 19 Dec.
Dec. 19 Dec.
15c
Jan.
.
20c
American Republics Corp. (increased)
American Roiling Mill Co. (quar.)
Preferred (quarterly)
2 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 21 Dec.
Dec. 21 Nov.
Dec. 21 Nov.
(quar.)
Dec. 26 Dec. 16
15
1
50c
Dec.
25c
50c
$2
$3
SB
Preferred (quarterly)
American Steel Foundries preferred (quar.)—
American Stores Co. (quar.)
American Sugar Refining (quar.)
Preferred (quarterly)
American Superpower Corp. (Del.), 1st pref—
American Surety Co. (semi-annual.)
15 Dec.
15 Jan.
Dec. 19 Dec.
4
19 Dec.
4
Dec. 19 Dec.
4
Dec. 21 Nov. 27
Dec. 21 Nov. 27
Dec. 19 Nov. 25
Dec. 19 Nov. 25
Feb. 27 Jan.
Dec. 22 Nov.
Dec. 21 Nov.
Dec. 21 Nov.
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
Dec. 31 Dec.
50c
Jan.
50c
Jan.
$134
$134
Jan.
Jan.
Jan.
V&
Jan.
1234c
$134
American Telp. & Teleg. (quar.)
American Thread Co.. preferred (semi-ann.)
American Tobacco, prer. (quar.)
Jan.
Jan.
2 Dec.
2 Dec.
2 Dec.
2 Dec.
2 Dec.
Jan.
—
Anchor
Cap Corp., common,-.
Preferred (quar.).
*
Mfg. Co. (special).—
.......
....
2 Dec.
Dec. 21 Nov.
Dec. 21 Nov
Dec. 22 Dec.
Dec. 21 Dec.
Jan.
2 Dec.
Dec. 30 Dec.
Dec. 21 Dec.
Jan.
1 Dec.
Dec. 21 Dec.
2 Dec.
Jan.
2 Dec.
Dec. 21 Dec.
Jan.
29
30
30
30
10
10
10
15
15
5
5
10
7
15
15 Dec.
1 Nov. 30
2 Dec. 10
Electric Co.—
1st $6 preferred (quar.).
Anaconda Copper Mining Co—.—....—
Extra
Anaconda Wire & Cable (extra)
Appalachian Electric, $7 pref. (quar.).
$6 preferred (quar.)
Appefton Co., preferred
4
14
15
15
15
11
27
27
Jan.
25c
Common (resumed)
14a
Jan.
$1
—
Apex Electrical
12
12
18
14a
$134
$134
75c
Refining (quar.)
21a
4
30c
—
class A (initial)
7% preferred (quar.)
15
2 Dec.
Dec. 23 Dec.
Dec. 31 Dec.
$3
American Mfg. Co., common.
$1*
Preferred 'uuar >
——»—
h$1134
American Metals Co., preferred
,15c
American Radiator & Standard Sanitary (quar.)
15c
Special
American Water Works &
22 Dec.
50c
40c
—
19
Dec.
10c
20c
Monthly
American Ice Co., preferred
American International Corp. (resumed)
American Machine & Metals
14
19
8
8
Dec. 21 Dec.
2oc
(quar.)
American Hide & Leather, pref. (quar.)
American Home Products Corp
15
Jan.
25c
75c
(quar.)
American Hawaiian Steamship Co.
Cum
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 24 Dec.
1 Dec.
Jan.
$1
Anheuser Busch, Inc., (quarterly).....
19
2 Dec. 24
Ian.
2 Dec.
Dec. 24 Dec.
2 Dec.
Jan.
Jan.
Dec. 21 Dec. 14
Dec. 21 Dec. 14
$1
$1.3134 Dec. 21 Dec. 14
$1
Dec. 23 Dec.
3a
Jan.
2 Dec. 18a
Dec. 24 Dec. 12
American Can Co., common extra
Preferred (quarterly)
American Capital, preferred
21a
21
18
14
Dec. 23 Dec. 21
15 Dec. 31
Jan.
50c
American Brake Shoe & Foundry (quar.)
Extra
Sspecial
..—
—
1st preferred (quar.)
2d preferred (quar.)
American Snuff Co. (quar.)
Dec. 30 Dec. 16
Dec. 24 Dec. 20
Dec. 21 Dec. 16
Dec. 26 Dec. 22
Dec. 24 Dec
17
Dec. 24 Dec. 17
Dec. 24 Dec. 17
Dec. 22 Dec. 18
Dec. 24 Dec. 17
Jan.
25c
—
16
Dec. 22 Dec, 16
Dec. 28 Dec. 24a
Jan.
2 Dec. 18
Jan.
2 Dec. 18
Dec. 26 Dec. 18
2
17
15
19
2 Dec.
2 Dec.
tan.
1 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
2 Dec.
25c
15c
American Smelting &
Dec. 28 Dec. 21
Dec. 29 Dec. 24
Dec. 22 Dec.
Dec. 23 Dec.
75c
American Bakeries Corp., 7% pref (semi-ann.)
American Bank Note (quarterly)—
15
15
10
10
27
14
Jan.
oOc
UK
$1K
Quarterly.———
—.—-—
Special
American Seating Co. (resumed)
Optional payment of 1-10 of a sh. of com
American Service Co., $3 cum. preferred
15
Dec. 23 Dec.
Dec. 23 Dec.
12 Nov.
Dec. 23 Dec.
Jan.
h$7K
7% preferred (quarterly)—•
American Agricultural Chemical Co
American Asphalt Roof Corp., 6% pref.
15
12
Holders
Dec.
10c
Aluminum Industries, Inc. (quar.)
Aluminum Co. of America, preferred
Aluminum Manufacturing, inc. (quarterly)..—
American Safety Razor, old
21
16
12
When
$134
Aluminum Co. of America, 6% preferred
19
Dec. 23 Dec. 19
Dec. 28 Dec. 21
Jan.
$134
$134
3734c
Extra
All Metal Products (extra)
Extra.
20c
United Airlines Transportation
United Elastic Corp. (special)
Preferred (quarterly)
15
Jan.
50c
Preferred (quarterly)
1 Jan.
1
Dec. 22 /Dec. 14
Dec. 22 Dec. 14
Feb. 15 Jan. 20
Jan. 20 Dec. 31
Jan.
9 Dec. 31
Dec. 15 Dec. 10
Jan.
2 Dec. 10
Jan.
2 Dec. 21
Dec. 16 Dec.
9
Dec. 26 Dec. 21
Dec. 26 Dec. 21
Dec. 26 Dec. 22
Dec. 24 Dec.
9
Dec. 24 Dec.
9
Dec. 31 Dec.
43&c Dec. 31 Dec.
2 Dec.
1234c Jan.
75c
Dec. 31 Dec.
h $3.0234 Dec. 21 Dec.
2734c Dec. 21 Dec.
7c
Dec. 23 Dec63c
Dec. 23 Dec;
60c
Dec. 23 Dec.
Storkline Furniture Co. (quar.)
Union Twist Drill Co (quar.)
Extra
15
Feb.
Standard National Corp
Preferred (quarterly)
1 Jan.
May
of N. J
Allegheny & Western Ry .
Allied Products Co., new (initial)
Preferred (quarterly)
Extra
Jan.
Special
Shawinigan Water & Power Co. (quar.)
Sheaffer (W. A.) Pen Co., $8 pref. (quar.)
Simins Petroleum Co. (liquidating)
Southern Acid & Sulphur Co., Inc., (quar.).:
7% preferred (quar.)
Staley (A. C.) Mfg. Co., 7% pref. (s.-a.)
UK
$134
$434
Albany & Susquehanna RR. Co. (s.-a.)
Dec. 28 Dec.
—
Preferred (extras)
Alabama Power Co., $7 pref. (quar.)
$6 preferred (quarterly)-
Jan.
Extra
it
15
2 Dec.
Feb.
Stearns (Frederick) & Co.,
Extra
Dec.
Dec.
15 Dec. 31
Dec. 24 Dec. 18
Dec. 24 Dec. 18
Dec. 26 Dec. 11
Dec. 26 Dec. 11
Feb. 17 Jan.
6
Dec. 26 Dec. 11
Jan.
2 Dec. 12
Jan.
2 Dec. 12
1 Dec. 15
Jan.
3%
Ordinary (extra)
Dec. 24 Dec. 17
Dec. 23 Dec. 18
Dec. 24 Dec. 15
Dec. 30 Dec. 21
Jan.
7 Dec. 26
Standard Steel Spring
19
18
15
15
Jan.
25c
Preferred
Jan.
Seeman Bros., Inc., com. (quar.)
Extra
$1
Alabama Great Southern RR., ordinary stock—
19
31
Dec.
Sanford Mills
Scovill Mfg. Co. (quar.).
Seaboard Surety Co. (special).
Sears Roebuck & Co. (extra)
Standard Wholesale Phosphate and Acid Works
State Street Investment (quar.)
Dec.
25c
Co., Inc
19
15
Jan.
75c
1234 c
19
Dec.
-— —
Standard Screw Co., 6% pref. (s.-a.)_
Common (increased)
20
Sept. 18
25c
Akron Brass Mfg.
Extra
Dec, 24 Dec. 17
Preferred (quarterly)
Rockwood Assoc. (special)
Standard Oil Co. of Kansas
26
Payable of Record
Jan.
Extra
19
2 Dec. 24
Dec. 22 Dec. 15
Dec. 24 Dec. 15
Jan.
2 Dec. 24
Jan.
2 Dec. 24
Extra
$1
35c
50c
Addressograph-Multigraph
Jan.
—
30c
Acme Steel Co. (quarterly)
Adams Express Co. (year-end dividend)
Agnew Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (Watertown, N. Y.)_
Ainsworth Mfg. Co
Air Reduction Co., Inc. (quarterly)
Dec. 24 Dec. 19
Dec. 22 Dec. 16
2 Dec. 15
Jan.
2 Dec. 15
Jan.
2 Dec. 15
Jan.
1 Dec. 15
_
Abbott Laboratories Co. (quar.)
Extra
Affiliated Funds, Inc. (extra)
Jan.
——
Share
19
Dec. 23 Dec.
—
Selected American Shares, Inc. (special)
18
24
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
19
2 Dec.
Mar.
_
Pennsylvania Power & Light, $5 pref. (quar.)
$6 preferred (quarterly)
$7 preferred (quarterly)
Phillips Packing Co., Inc., pref. (quar.)
Phoenix Securities Corp., pref. (quar.)-.
Pick (Albert) Co
Pitney-Bowes Postage Meter, extra
Pneumatic Scale Corp., 7% pref.
(quar.)
Pond Creek Pocahontas Co. (quar.)
Powdrell & Alexander, Inc. (extra)-----Public Service Holding (initial)
Class A (initial)
Public Service Corp. (N. J.), 6% pref. (mo.)
Puerto Rico Power Co., Ltd., 7% pref. (quar.)_
Pyle National Co. (increased)-_
Rand Mines, Ltd. (semi-ann.)..
Raymond Concrete Pile, (extra)
Retail Stores Corp
Opt. div. of one sh. for each 14 shs. held or—
Ritter Dental Mfg. Co. (quar.)
Standard Fire Insurance Co.
«.
Dec. 24 Dec. 15
Jan., 2 Dec. 22
$2 in cash & $3 in pref. stock ($1 par value).
Patino Mines & Enterprises Consol
Pender (David)
Grocery, class B (special)
Root Petroleum, preferred (quar.)
Rubinstein (Helena), Inc., $3 pref
June
Jan.
21
Jan.
:
Airways Corp. (increased)
_
$2
Per
19
Jan.
Parke Davis Co. (increased)
Parker Rust Proof Co., common (quar.)_
Pa tchogue-Plymouth Mills Corp
10c
25c
$134
Name of Company
2 Dec. 22
50c
/
2
Jan.
40c
Niagara Wire Weaving Co. (quar.)
2 Dec.
Jan.
6% preferred7% preferred
Apr.
July
Oct.
Jan.
Jan.
Jan.
Jan.
Dec.
75c
-
Dec.
Dec.
Dec.
Mar.
and not yet paid.
The
nounced this week, these
22
5%
—
(quar.)
Dec.
Dec.
Jan.
24
(quar.)
1900 Corporation, class B (extra)
Northern Indiana Public Service, 534% pref-
we
18
12
37Xc
20c
(resumed)
(quar.)
When
Holders
Payable of Record
2 Dec. 23
Dec. 23 Dec.
Jan.
2 Dec.
Below
28
14
Jan.
50c
White (S. S.) Dental Mfg. Co. (special)
Will & Baumer Candle Co., Inc., pref
31
30
10c
25c
UK
UK
UK
UK
West Virginia Pulp & Paper Co. (quar.)
24
60c
Share
Prior preferred (quar.)
Western Union Telegraph Co
West Point Mfg. Co. (quar.)
Extra
31
New York Hanseatic Corp. (extra)
New York Trust Co.
Common
2 Dec.
Dec. 24 Dec.
Dec. 29 Dec.
Dec. 28 Dec.
Jan. 15 Dec.
Jan.
15 Dec.
Dec. 31 Dec.
Jan.
Prior preferred
Prior preferred
11
Feb.
National Rubber Machinery (resumed)
(extra)
Neptune Meter Co. class A & B (resumed)
New Hampshire Fire Ins. Co. (auar.)
Extra
Jan.
11
Jan.
Navarro Oil Co.
Pan American
Jan.
Name of Company
Universal Cyclops Steel Corp. (initial quar.)
Waitt & Bond, Inc., class A (resumed)
Walt ham Watch.prior preferred (quar.)
11
Jan.
(extra)
Per
21
2 Dec.
2 Dec.
h50c
$5 convertible preferred (quar.)
New Haven Clock Co.
Preferred
Jan.
Jan.
UK
—
$6 preferred
$6 preferred (quar.)
Motor Finance Corp.
Holders
When
Payable of Record
h5Sc
—
3945
Financial
3946
Per
Share
Name of Company
Jan.
Arkansas Power & Light, $7
Jan.
preferred
Jan.
$6 preferred
Armour & Co. (Del.), 7% pref. (quar.)
Armour & Co. (111.), $6 prior pref. (quar.)
Jan.
Jan.
7% preferred
Armstrong Cork Co (extra)
Arrow-Hart & Hegeman Electric Co.pref.(quar)
Asbestos Mfg. preferred (quar.)
Ashland Oil & Refining Co. (quarterly)
Class B
u
(quar.)
gtd—
Baldwin
Baldwin
40c
50c
Special
-
''quarterly)
Bandini Petroleum (monthly)
Bangor & Aroostook RR. (quarterly)
7% preferred
---—
Bangor Hydro-Electric Co. 7% pref. (quar.)
6% preferred (quar.)
Bank of the Manhattan Co. (quar.)
Bank of N. Y. & Trust Co. (quarterly)
Bank of Yorktown (quarterly)
Bancohio Corp.
18c
lc
62c
$1H
mx
$1)4
Jan.
25c
40c
1 Dec.
19
2
18
Dec.
31 Dec.
18
Dec.
31 Dec.
18
Jan.
Jan.
2 Dec. 21
15 Dec. 31
Dec.
21 Dec.
14
Dec.
21 Dec.
14
Jan.
Jan.
Jan.
Jan.
Jan.
50c
Jan.
50c
'
Preferred (quarterly)
Beech Creek RR. (quarterly)
Jan.
$1x
Extra
Jan.
14
15
14
$1
Jan.
2 Dec.
12
Dec. 21 Dec.
Dec. 21 Dec.
-
Jan.
25c
Beech-Nut Packing Go. (quarterly)
Extra
2 Dec.
2 Dec.
10
Jan.
2 Dec.
15
Jan.
2 Dec.
15
B-G Foods, Inc., 7% pref
Special
Belding Corticelli, Ltd. (quar.)
.
Preferred (quar.)
*
Belding-Heminway Co
Bell Telephone of Canada (quar.)
Bell Telep. of Penna., preferred (quar.)
Benson & Hedges, preferred (resumed)
Bethlehem Steel, 7% pref. (quar.)
1
5% preferred (quarterly)
Bethlehem Steel (resumed)
Bickford's, Inc. (increased quar.)—
Preferred (quarterly)
Binks Manufacturing Co. (extra)-Black & Decker Mfg. Co. (resumed)
Bliss & Laughlin, Inc. (quar.)
nil
25c
$1)4
10
8
Dec. 26 Dec.
15 Dec. 23
Jan.
Jan.
Dec.
-
12
15 Dec. 19
9
19 Dec.
Jan.
25c
$i x
2 Dec.
4
Jan.
2 Dec.
24 Dec.
17
Dec.
4
2 Dec.
2 Dec.
24
Jan. cl5 Jan.
4
30c
Jan.
62^c
Jan.
24
25c
25c
3734c
Dec.
26 Dec.
26 Dec.
18
18
$1
Preferred (quarterly)
Bloch Bros. Tobacco Co., 6% pref. (quar.)
Blumenthal (Sidney) & Co., Inc., preferredBohn Aluminum & Brass
Borg-Warner Corp. (quarterly)
Preferred (quarterly)
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Boston Herald Traveler Corp. (quar.)
Special
Boston Storage & Warehouse Co. (quar.)
Boston Wharf Co. (semi-annual)
Bower Roller Bearing
Brach (E. J.) & Sons (extra)
Brandywine Corp
Brazilian Traction Light & Power, pref. (quar.)
Brazilian Traction Lt. & Pr. Co., Ltd. (ord.)
Brewer (C.) & Co., Ltd. (monthly)-.
Dec.
3734c
$134
h$21
Dec.
Dec.
22 Dec.
8
75c
Extra
Dec.
$1
Dec.
23 Dec.
21 Dec.
4
$1x
$2 x
$1x
Jan.
2 Dec.
15
50c
Jan.
2 Dec.
14
75c
Dec. 21 Dec.
14
$1H
Dec.
26 Dec. 18
24 Dec. 22
8
Dec. 21 Nov. 30
2 Dec. 10
Jan.
Dec.
31
Dec. 21 Nov. 21
Dec. 19 Dec. 10
Dec. 24 Dec.
16
Dec. 31 Nov. 25
Jan.
2 Dec. 15
-—
Jan.
Feb.
21 Dec.
11
Jan.
2 Dec.
2 Dec.
2 Dec.
15
Jan.
Briggs Mfg. Co. (extra.)
Brillo Mfg. Co., Inc., class A (quar.)
Common (quar.).
British-American Oil, Ltd. (quar.)
24 Dec. 20
1 Dec. 29
Dec.
Brewers & Distillers of Vancouver-.
30 Dec. 26
Dec.
—
...—
2 Dec.
15
Jan.
Jan.
Extra
15
15
15 Dec. 31
Dec. 29 Dec. 15
Jan.
British Columbia Power, class A (quar.)
Bridgeport Gas Light Co. (quar.)
Bridgeport Machine Co., common
Preferred (quarterly)
Brooklyn-Mauiiatiau Transit, preferred (quar.)
Dec. 21 Dec.
10
Dec. 21 Dec.
10
2
Jan
15 Jan.
Apr.
Jan.
15 Apr.
1
2 Dec. 15
1
2 Dec.
2 Dec. 21
Dec.
(quar.)
22 Dec.
14
2 Dec.
16
Jan.
Brooklyn & Queens Transit, pref
Brooklyn Union Gas Co. (quar.)
Brunswick-Balke-Collender, pref. (quar.)
Buckeye Steel Casting (extra)
Bucyrus-Erie Co., preferred (quar.)
Budd Wheel Co., 1st pref. (quar.)
1st preferred (participating dividend)
Buffalo Niagara & Eastern Corp., 1st pref. (qu.)
Preferred (quar.)
/
—
Jan.
—
Jan.
Dec. 31 Dec.
Dec. 31 Dec.
1 Jan.
Feb.
Jan.
Dec.
Bui lard Co
17a
17a
15
2 Dec.
15
22 Dec.
10
Jan.
2 Dec.
15
I
Jan.
2 Dec.
Burt (F. N.) & Co., Ltd. (quar.)
Jan.
2 Dec.
15
10
Jan.
Building Products, Ltd., class A and B (quar.)
Class A and B (extra)
—
2 Dec.
10
Butler Bros, (resumed)
Butler Water Co., 7% preferred (quar.)^_
Dec. 21 Dec.
Dec. 15 Dec.
5
Byron Jackson (special)
Calamba Sugar Estate (quarterly)
h Extra
California Ink Co., Inc. (quar.)
Calumet & Hecla Gonsol. Copper Co
Campbell. Wyant & Cannon Foundry (extra)
Canada Bread Co., class A pref
Class B preferred
Dec.
5
Jan.
19 Dec.
2 Dec.
Jan.
2 Dec.
50c
Jan.
2 Dec. 21
25c
1
5
Dec. 21 Dec.
2 Dec. 15
Jan.
2 Dec. 15
Jan.
Preferred (quarterly)
mx
6234c
40c
Canada Bud Breweries
Canada Northern Pow.Corp., Ltd., com. (quar.)
7% cumul. pref. (quar.)
Canada Packers, Ltd. (quarterly)
Canada Permanent Mtge. (quarterly)
Canada Southern Ry.
50c
(semi-ann.)
—
Dec.
Dec.
30c
Jan.
ix %
Jan.
75c
Jan.
Jan.
Feb.
15
15
9
19 Dec.
25 Dec. 31
15 Dec. 31
2 Dec. 15
2 Dec.
15
1 Dec. 28
Canada Wire & Cable Co. preferred
Dec. 23 Dec.
Jan.
1
21 Dec.
Canadian Canners, Ltd. (quar.)
Preferred (quarterly)
Jan.
Jan.
1
15
2 Dec. 15
2 Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
—
10
15
Dec. 26 Dec.
Dec. 21 Dec.
3
10
15
Dec. 21 Dec.
3
2 Dec.
15
Jan.
Dec. 26 Dec.
Jan.
2 Dec.
18
1
Dec.
19
4
2 Dec. 21
Dec. 21 Dec. 10
Dec. 24 Dec. 10
Jan.
pref. (quar.)-
2 Dec.
19
Dec. 22 Dec.
Dec. 22 Dec.
1 Dec.
Jan.
10
10
Jan.
_
Co
Dec. 24 Dec.
Dec. 24 Dec.
2 Dec.
Jan.
2 Dec.
Jan.
—
Climax Molybdenum Co—
Clinton Trust Co. (quar.)
-
-
21
Jan.
$1.12
(quar.)
(quarterly)
Dec. 30 Dec.
2 Dec.
—
18
17
17
16
16
15
Jan.
21
Dec. 23 Dec.
Dec. 24 Dec.
(quarterly) —
Cluett, Peabody & Co., Inc., pref.
Cohn & Rosenberger (initial)
Colgate-Palmolive-Peet, extra
4
Dec. 26 Dec.
31 Jan.
Jan.
Extra
12
1 Dec.
5
Jan.
(quarterly)
1
Dec.
Columbia Oil & Gasoline
15
15
Dec.
21 Dec.
21 Dec.
21 Dec.
15
Jan.
:
Preferred (participating)
Columbia Pictures Corp. (quar.)
Commercial Investment Trust Corp. (quar.)
21 Dec.
Dec.
Inc. (quar.)—
Special
19
Dec.
Columbia Broadcasting System,
19 Dec.
Dec.
Special
2 Dec.
1 Dec.
18
Jan.
—
>
5
Dec.
Colt's Patent Fire Arms (quar.)
Dec
1
15
5
5
1 Dec.
2 Dec. 23
Dec. 16
Dec. 24
2 Dec. 11
Jan.
Jan.
$4)4 series of 1935 (quar.)—
Commercial National Bank & Trust (quar.)
Commonwealth Distribution (special)
Commonwealth & Southern, $6 preferred
Commonwealth Teleph. Co. (Wis.), 6% pf. (qu.)
Commonwealth Utilities Corp., 7% pref. (quar.)
6% preferred B (quarterly)
6)4% preferred C (quarterly)
Compressed Industrial Gases (extra)
Connecticut Gas & Coke Securities, pref. (qu.) —
«lonfederation Life Association (quar.)..
Connecticut Light & Power Co. (quar.)
—
Consolidated Aircraft Corp., $3 pref. (quar.)—
Consolidated Amusement, Ltd., 8% prer
Consolidated Bakeries of Canada (quar.)-Conv. preference
Jan.
Jan.
Jan.
Jan.
Jan.
2 Dec.
2 Dec.
15
2 Dec.
2 Dec.
15
15
15
18
Jan.
22 Dec.
2 Dec.
Dec.
31
Dec.
25
Dec.
Jan.
1 Dec.
28 Dec.
Dec. 20 Dec.
2 Dec.
Jan.
Dec.
Jan.
Extra
2 Dec.
Dec. 23 Dec.
1 Dec.
(quar.)
Feb.
Consolidated Edison Co., preferred (quar.)
Consol. Gas, Elec. Lt. & Pow. Co. of Bait. (qu.)_
Jan.
l\
!§
151
SO
2 Dec.
2 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Jan.
(quarterly)
Smelting Co. of Can(s-a)
Dec. 24 Dec.
1 Dec.
Consolidated Retail Stores, Inc., pref
Preferred (regular)
Jan.
Dec. 21 Dec.
Corp
Jan.
preferred (quar.)
6% preferred (quar.)
6.6% preferred (quar.)
7% preferred (quar.)
6% preferred (monthly)
—
6.6% preferred (monthly)
Continental Assurance (Chicago, 111.) (quar.)—
Continental Baking Corp. preferred
Continental Bank & Trust Co. of N. Y. (quar.)Continental Gas & Electric, pref.
Continental Insurance Co
-----
Preferred (quar.)
Cook Paint & Varnish Co. (extra)
Corn Products Refining Co. (extra)
Cosmos.
—
-
Imperial Mills. 5% pref. (quar.)
Grandall-McKenzie & Henderson, Inc
Special
-------
Quarterly
Crocker Wheeler Electric Mfg. Co
>o
2 Dec.
50c
Jan.
55c
Jan.
2 Dec.
15
50c
Dec. 31 Dec.
15
$4
Dec. 24 Dec.
1 Dec.
Jan.
14a
$1.65
$1)4
Jan.
Jan.
Dec. 21 Dec.
2 Dec.
Jan.
18
7
12
c2.59% Dec. 28 Dec.
1 Dec.
25c
Jan.j
1 Dec.
Jan.
$1)4
8
15
15
20c
(quar.)
Continental Steel
14
12
12
15
15
2 Dec. 15
2 Dec. 15
2 Dec. 15
50c
Continental Diamond Fibre Co
*}
2 Dec.
Jan.
Consumers Power Co.. $5
Cream of Wheat Corp
2a
1 Dec. 31a
12
12
Jan.
City Auto Stamping Co. (quar.)
Claude Neon Electric Products (quar.)
Clearfield & Mahoning RR. Co. (s.-a.)
Cleveland Electric Illuminating (quar.)
Consolidated Steel
2
15a
2 Dec.
2 Dec.
Jan.
.
Citizens Water Co. (Wash., Pa.),
Consolidated Mining &
Bonus
15
15
Dec. 22 Dec.
Cincinnati Northern RR. Co. (s.-a.)
Extra
1 Dec.
11 Dec.
Dec. 20 Dec.
Dec. 22 Dec.
Cincinnati & Suburban Bell Telep.
Cincinnati Union Terminal Co.—
Preferred (quarterly)
2 Dec.
2 Dec.
10
Dec. 21 Nov. 27
Dec. 21 Nov. 27
Extra
Cleveland Graphite Bronze
12
1 Dec.
21 Dec.
Dec. 21 Dec.
Jan.
2 Dec.
Chicago Junction Rys. & Union Stockyards
6% preferred (quarterly)
Chicago Mail Order Co., extra
Chicago Towel Co., preferred (quar.)-;—
Churngold Corp. (quar.)
Cincinnati Gas & Electric, 5% pref. A (quar.)—
Cincinnati New Orleans & Texas Pacific (s.-a.).
6% preferred (quar K
18
18
Dec.
Extra
Preferred
1
Jan.
Chicago Electric Mfg., class A
Chicago Flexible Shaft (quar.)
Consolidated Biscuit
5
1
1 Dec.
4
1
Jan.
Extra
Clorox Chemical Co.
4
16
5
15
2 Dec. 15
2 Dec. 17
2 Dec. 15
Dec. 22 Dec.
Dec. 22 Dec.
Chartered Investors
Preferred
16
16
Jan.
(quarterly)
(resumed)
(N. Y.) (quar.)
Champion Paper & Fibre Co.—
6% preferred (quarterly)
Chesapeake Corp. (quar.)
Chesapeake & Ohio Ry (quar.)
Extra (payable in new pref. ser. A stock)
6)4% pref. (semi-ann.)---Chesebrough Mfg. Co. (quar.)---
2 Dec.
2 Dec.
19
Jan.
Chemical Bank & Trust Co.
1! Dec. 14
12
12
Dec. 31 Dec.
Dec. 19 Dec.
Jan.
2 Dec.
$6 preferred
6% preferred
14a
15 Dec. 31
2 Dec. 14
Jan.
17
17
17
12
Dec. 24 Dec.
Jan.
10
Jan.
25c
24 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
2 Dec.
2 Dec.
Jan.
Bayuk Cigar Co. pref. (quar.)
Beatrice Creamery (quarterly)
24 Dec.
24 Dec.
Dec. 23 Dec.
Jan.
1 Dec.
Chain Belt (soecial)
14
Dec.
12
15
21
Dec. 24 Dec.
2 Dec.
6% prior preferred
15
2 Dec.
Dec. 21 Oct.
21 Dec.
Jan.
7i$6
$1x
preferred
Certain-Teed Products, pref.
1 Dec. 21
15
Jan.
Jan.
Central Maine Power, 7%
14
5
Jan.
Dec.
$4
1 Nov. 25
2 Dec. 10
2 Dec.
Dec. 22 Dec.
Dec. 24 Dec.
1 Dec.
2 Dec.
2 Dec. 20
2 Dec. 12
(an.
Dec.
6% preferred
2 Dec. 18
1 Dec. 21
Jan.
60c
Extra
1 Dec. 21
2
Dec. 20 Dec.
Jan.
1 Nov. 25
Jan.
Dec.
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light Co., 4)4% Pref- (quar.)—Central Illinois Public Service, $6 pref--
Jan.
5% Jan.
.
19
31 Dec.
Jan.
50c
50c
14
Jan.
15c
(quar.)
—....—
Caterpillar Tractor Co. (extra)—
Pay. at the rate of 6-200th a sh. of 5% pf. stk.
Cayuga & Susquehanna RR. Co. (s.-a.)
Celanese Corp. of America, com
7% cumulative series prior preferred (quar.) _
7% cumulative 1st preferred (semi-ann.)
Celluloid Corp., 1st partic. preferred
Central Aguirre Assoc. (quar.)
19 Nov. 30
19 Nov. 30
Dec. 15
Dec. 21
Dec. 15
5
Dec. 19 Dec.
Dec. 24 Dec. 14
Dec. 24 Dec. 14
Jan.
$1)4
$1)4
Preferred
Preferred
17
Dec.
Jan.
Bastian Blessing Co. (quar.)
Preferred (quarterly)
Preferred
Jan.
—
Extra
Bankers Trust Co. (quar.)
Barber Co., Inc. (special)
2 Dec.
Dec. 24 Dec.
Dec. 26 Dec.
20c
12Hc
$1.45
$1)4
$1
$1)4
12)4c
Co. (quar.)
Carter (J. W.) Co. (extra)---Carthage Mills, Inc
Class A (quarterly)-Class B (quarterly)
Case (J.I.) Co., resumed
15
Jan.
preferred
preferred
Carolina Telep. & Teleg.
15
Dec. 23 Nov. 30
Dec. 23 Dec. 11
Dec.
80c
$6
1 Dec. 31
2 Dec. 12
23 Nov. 30
Dec.
— ,
(quarterly)
& Wilcox (quarterly)
Co., preferred A (quarterly)
Rubber Co. (quarterly)
Preferred
Babcock
Dec.
3c
L
(quarterly)
Carolina Power & Light, $7
Jan.
50c
Avon, Geneseo & Mt. Morris RR., 3)4%
Axton-Fisher Tobacco, class A (quar.)
2
Feb.
75c
Brewing Co. (quarterly)
2
16
16
2 Dec. 18
Dec. 18
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Jan.
2)4c
$1x
MX
$1)4
$2)4
7% oreferreu (quar.)
15
Dec. 21 Dec.
$3
$U£
pref
Atlas Powder Co. (special)
Autocar Co., $3 preferred (initial)
Automatic Voting Machine
preferred (quarterly)
Mining Co. (quar.)
.
Jan.
12.8c
75c
Cariboo Gold Quartz
Carnation Co
15 Jan.
15 Jan.
31 Dec.
Dec. 31 Dec.
_
Auto City
Extra
Series A,
14
Jan.
$2
$ix
50c
50c
Fund, class A
Class B
14
Jan.
Astor 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. (resumed)
Atlantic Gulf & W. Indies SS. Line,
Atlantic & Ohio Teleg. (quar.)
Capital Administration
Dec.
(quar.)
Ir
Cannon Mills
20
Jan.
6% first preferred (quar.)
Extra
10
Dec. 24 Dec.
24 Dec.
..
Electric Co. (quar.)---.--—
Canadian Westinghouse, Ltd. (quar.)
Canadian Wirebound Boxes, class A
21
Jan.
40c
(quar.)
Canadian General
10
Dec.
6% 1st pref-.--—
Associated Dry Goods Corp.
Associates Investment Co.
2 Dec.
1 Jan.
Feb.
Special
Extra
19 Dec. 10
Dec.
Jan.
Jan.
$1
Canadian Foreign Investment
Preferred (quar.)
10
2 Dec.
2 Dec.
2 Dec.
Jan.
Dec. 31 Dec.
Dec. 31 Dec.
Jan.
Dock
Holders
Payable of Record
Jan.
Prefered (quarterly)
Canadian Dredge &
1 Dec. 20
2 Dec. 15
2 Dec. 15
Jan.
Class B
r40c
—
7% cumul. partic. preferred (quar.)
Canadian Cottons, Ltd. (quar.)--—
5
19 Dec.
1 Dec. 20
1 Dec. 20
Dec.
Jan.
(quar.)
*
Share
Company
Canadian Celanese Ltd., common
15
5
1 Dec.
19 Dec.
Dec.
Extra
A. & K. Petroleum, class A
Extra
Name of
1936
19,
When
Per
Holders
When
Payable of Record
Jan.
Apponaug Co. (quarterly)
Argo Oil Co. (semi-annual)
Dec.
Chronicle
40c
75c
$1)4
35c
35c
25c
19 Dec.
Dec. 21 Dec.
15 Dec.
Dec.
10
Jan.
31
12
21 Dec.
Dec. 21 Dec.
Dec.
7
12
Dec. 21 Dec.
12
2 Dec.
19
Dec. 22 Dec.
7
50c
Jan.
10c
Volume
Financial
143
Per
Name
Share
of Company
Crowell Publishing Oo.
Extra
Jan.
2
Jan.
.
11 Jan.
2 Dec.
15 Jan.
14
Dec. 24 Dec.
Crown Wilamette Paper, 1st pref
Crum & Forster Co. (quarterly)—
14
Jan.
Special
5
Crum & Forster Insurance Shares—
A & B
Dec. 21 Dec.
Dec. 21 Dec.
(special)
Crucible Steel Co., preferred----Cuban Tobacco Co., preferred
5
15
Jan.
2 Dec.
2 Dec.
2 Dec.
15
15
Jan.
Jan.
Delaware RR. Co. (semi-ann.)
Delaware Rayon Corp. 7% pref. (quar.)
De Long Hook & Eye (quar.)--
2
2
Jan.
15
Dec"" 21
2 Dec.
21
Dec.
21 Dec.
11
Dec.
31 Dec. 31
2 Nov. 15
Jan.
Extra
Co. of New York (ouar.)
Supply Co. of N. Y. 7% pref
Deposited Bank Shares of N. Y. (semi-ann.)
Jan.
Detroit Gasket & Mfg. Co. (extra)
Detroit Gray Iron Foundry (quar.)
Dec. 21 Dec.
Dec. 21 Dec.
15
Dec. 21 Dec.
15
Extra
Jan.
-
Devoe & Raynolds A & B (quar.)
Jan.
1 Dec. 21
Jan.
Diamond Shoe Corp
1 Dec. 21
Jan.
A & B (extra)
Preferred (quar.)
2 Dec. 21
22 Dec. 14
Dec.
Extra
2 Dec.
Jan.
-
21
Dec.
Dec.
24 Dec.
17
Dec.
24 Dec.
15
Jan.
2 Dec.
2 Dec.
15
Jan.
Extra
Preferred (semi-annual)
Di Giorgio Fruit Corp. $3 pref. (semi-ann.)
Dixie-Vortex Co. (quar.)
(quarterly)
Dodge Manufacturing Co
Doehler Die Casting Co
7% preferred (quar.)
Dolese & Shepard
Dolphin Paint & Varnish $2 class A
2 Dec. 21
9
15 Dec.
24 Dec. 17
Jan.
6% preferred (semi-ann.)
Diamond State Telep., pref. (quar.)
Deisel-Wemmer-Gilbert (quar.)
-
1
20 Dec.
20 Dec. 31
2 Dec. 15
38c
Jan.
60c
Jan.
60c
Jan.
Jan.
5
SIM
Jan.
2 Dec. 21
75c
Preferred (quarterly)--
Jan.
$2
-
Jan.
SIM
SIM
SIM
SIM
SIM
-
Dec.
Jan.
2 Dec.
2 Dec.
Jan.
Jan.
no par
-
SIM
SIM
Duplan Silk Corp. (semi-ann.)
-
50c
Feb.
$2
Jan.
SIM
deb (quarterly)-J.
40c
Eagle Pitcher Lead Co. (increased)
Preferred (quarterly)
SIM
Eastern Gas & Fuel Assoc., pref. (quar.)
SI.125
SIM
$6 preferred (quarterly)
East Tennessee Teleg. Co. (s.-a.)
SI.44
Eastern Steamship Lines (resumed)
60c
Preferred (quar.)__
50c
Eastman Kodak Co. (quarterly)
SIM
Jan.
-
-
22 Dec.
2 Dec.
37%
30c
75c
General American Investors
SIM
Preferred (quarterly)
Jan.
15
15 Feb.
2 Dec.
1
11
Dec.
25 Jan.
19 Dec.
8
12
Jan.
2 Dec.
15
Jan.
1 Dec.
15
Jan.
1 Dec.
2 Dec.
15
24 Dec.
24 Dec.
18
18
Jan.
Dec.
Dec.
17
25c
Preferred (quarterly)
Eaton Mfg. Co. (special)
Echlin Mfg. Co. 6%
15
15
12
Dec. 24 Dec.
Dec. 24 Dec.
12
12
Dec. 21 Dec. 10
Dec. 19 Dec. 15
2 Dec. 15
Jan.
Dec. 21 Dec.
Dec. 21 Dec.
1
Dec. 21 Dec.
10
35c
Dec. 21 Dec.
Dec. 21 Dec.
10
10
Dec. 21 Dec.
Dec. 21 Dec.
10
1 Feb.
19
$1
-
General Baking Co., common
-
$2
Preferred (quar.)
15c
General Candy Corp. class A
Class A (extra)
General Cigar Co.,
.
Inc., preferred (quar.)
Preferred (quar.)
General Electric Co. (quar.)-
75c
SIM
SIM
25c
50c
Extra
General Mills, Inc., 6% cum. pref.
General Optical Co., preferred
SIM
(quar.)
hU
General Printing Ink Corp. common
$6 cumulative preferred (quar.)
General Public Service Corp., $6 pref
S2M
SIM
ZiSlO
h% 9M
$1
SIM
Mar.
1
10
1 May 22
Dec. 21 Nov. 27
June
Dec. 21 Nov. 27
2 Dec. 10
Jan.
Dec. 23 Dec.
Dec. 23 Dec.
18
17
2 Dec.
17
Dec. 24 Dec.
Dec. 24 Dec.
14
Dec. 23 Dec.
Dec. 23 Dec.
18
Jan.
14
18
25c
Jan.
2 Dec.
10
SIM
Jan.
2 Dec.
10
50c
Dec.
30 Dec. 22a
General Telephone Allied Corp. $6 pref
General Telephone Corp. common
h$ 8
85c
Dec.
22 Dec.
Dec. 21 Dec.
4
$3 conv. preferred (quar.)
General Time Instrument Corp. (quar.)
75c
Jan.
2 Dec.
15
Corp
7
Jan.
1 Dec. 22
50c
Dec.
SIM
Jan.
24 Dec. 14
1 Dec. 22
25c
(quar.)
75c
General Water Gas & Electric Co., S3 pref
Georgia Power Co. $6 preferred (quar.)
$5 preferred (quar.)
Georgia RR. & Banking Co. (quar.)
Gilbert (A. C.) Co. (resumed)
Preferred (quarterly)
Gillette Safety Razor pref., (quar.)
Gleaner Harvester Corp
——
Dec.
SIM
SIM
S2M
62 Mc
87 Mc
SIM
/S2M
Jan.
20 Dec.
2 Dec.
12
15
Jan.
2 Dec.
15
15 Dec. 31
Dec. 24 Dec. 19
Dec. 24 Dec. 19
Jan.
Feb.
1 Jan.
Jan.
2 Dec.
16
50c
Jan.
2 Dec.
15
17
56 Mc
60c
Jan.
2 Dec.
17
Jan.
1 Dec. 20
$1
Jan.
1 Dec.
18
SIM
TiSIM
SIM
37 Mc
Jan.
1 Dec.
10 Dec.
18
40c
(quar.)
Glen Falls Insurance
GliddenCo. (quar.)
(quarterly)
Globe-Wernicke Co., preferred (quarterly)
Godchaux Sugars, Inc., A
Preferred (quarterly)
Godman (H. C.) Shoe Co. 2d preferred
Gold & Stock Teleg. (quar.)
Goldblatt Bros, (quar.)
Extra
50c
—
Goodrich (B. F.) Co., $5 cum. preferred
Goodyear Tire & Rubber Co., $5 conv. pref. (new)
Goodyear Tire & Rubber (Canada) (quar.)
SIM
S4M
63c
62 Mc
75c
Jan.
10
2 Dec. 31
Jan.
Dec.
26 Dec. 22
26 Dec. 22
Dec.
2
Dec.
Dec.
10
Dec. 26 Dec. 18
Jan. 15 Dec. 31
Jan.
2 Dec. 15
2 Dec.
5
Jan.
2 Dec.
5
Goodwill Station (WJR)
2 Dec.
5
8
Gorton-Pew Fisheries Co. (quar.)
SI
Jan.
Goodrich (B. F.) Co. common (special)
Grand Rapids Varnish Co. (quar.)
SI
Dec. 24 Dec.
19
10
Jan.
Dec. 22 Dec.
Jan.
20 Jan.
Dec.
Jan.
20c
Dec.
20 Dec.
5c
Eisler Electric Corp. (resumed)
To be distributed after listing on Curb
Electric Auto-Lite
Preferred (quar.)
Electric Controller Mfg. Co.
Increased
Jan.
15 Nov. 30
5
2 Dec. 19
15c
37Mc
$3
SIM
37Mc
pref. (quar.)
Economical-Cunningham Drug Stores
6% prior preferred (semi-ann.)
6% preferred (quarterly)
Economy Grocery Stores (increased)
Eddy Paper Corp. (increased)
Dec.
20;Dec. 10
20|Jan.
5
24'Dec, 15
Dec.
,
5
-__|Dec.
10
Dec.
21 Dec.
14
Jan.
2 Dec.
14
Dec. 21 Dec.
14
e3%
60c
-
-
(special)
Dec.
21 Dec.
14
23 Dec. 14
21 Nov. 10
Electric Power Assoc., Inc., class A & common
Electric Products Corp
Dec.
Electric Storage Battery Co., common
Cumulative par tic. preferred (final)
Dec. 21 Dec.
Dec.
1
Dec. 21 Dec.
1
Jan. 15 Dec. 31
Jan. 15 Dec. 31
El Paso Electric (Del.), 7% pref. (quar.)
(quarterly)
15 Dec. 31
Dec. 29 Dec. 19
Jan.
2 Dec. 15
Dec. 28 Dec. 19
El Paso Electric (Texas), $6 pref. (quar.)
Jan.
(initial, quar.)
Emerson Drug Co. preferred (quar.)
-
-
Empire Safe Deposit Co. (quar.)
Emsco Derrick & Equipment (quar.)
Dec. 21 Dec.
Dec. 21 Dec.
-
18
10c
Jan.
2 Dec.
15
23 Dec.
2 Dec.
17
25c
Fansteel Metallurgical Ccrp.
Dec.
20c
Jan.
25c
Dec. 21 Dec.
Dec. 21 Dec.
50c
Extra
SIM
5
5
12 Mc
4
Dec. 21 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
15
15
Dec.
15
31 Dec
15
-
Fedders Mfg. Co
Federal Knitting Mills (special)
Federal Mining & Smelting Co.
Fidelity & Deposit Co.~(Md.) (extra)
Fidelity & Guarantee Fire Insurance
Fidelity-Phenix Fire Insurance.
8
Railroad (regular)--
Halifax Fire Insurance Co.
2 Dec.
Dec. 21 Dec.
5
5
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
Dec. 26 Dec.
11
Dec. 26 Dec.
11
11
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. 11
Dec.
26 Dec.
11
Dec.
26 Dec.
Dec.
26 Dec.
11
11
Dec.
26 Dec.
11
Dec.
26 Dec.
11
Dec. 26 Dec.
11
Dec.
26 Dec.
11
12c
22
Jan.
2 Dec.
4
43 Mc
45c
(N. S.) (s.-a.)
25c
-
—
Theatres, 7% preferred
Harbauer Co. (quarterly)
Harbison-Walker Refractories Co., pref. (quar.)
Harrisburg Gas, 7% pref. (quar.)
Hamilton United
2 Dec.
el00%
Water Co.. preferred A (quar.)
Extra--
11
Jan.
3%
Guaranty & Fire
Dec. 26 Dec.
50c
Haloid Co. (quarterly)
Jan.
11
11
Dec.
2.2c
Extra
11
15
26 Dec.
5c
Utilities (regular)
19
2 Dec.
Dec.
•
Dec. 22 Dec.
Jan.
26 Dec.
3.4c
L
$2:
24
11
Dec.
6c
(regular)
Extra
Finance Co. of Penna. (quar.)
First Boston Corp
31
11
26 Dec.
Extra.
Tobacco
Hackensack
Dec.
26 Dec.
Dec.
1.4c
Steel (regular)
Gulf Oil Corp.
31
11
Dec.
3.3c
4c
14
Dec.
26 Dec.
1.2c
7c
(regular)
Extra
14
(quar.)
Jersey City, quarterly—
First National Bank (N. Y.) (quarterly)
First National Stores, Inc. (quar.)
Special
Dec.
Extra
Railroad Equipment
Dec. 24 Dec.
Jan.
2 Dec.
First National Bank of
11
26 Dec. 11
2.4c
-
8Mc
2 Dec.
26 Dec.
Dec.
3Mc
"7% preferred class A
Jan.
11
Dec.
2.2c
(regular)
14
First National Bank of Chicago
26 Dec.
5c
Dec. 24 Dec.
Dec. 24 Dec.
A & B_
1
11
Dec.
Jan.
3.8c
7c
12Mc
43 Mc
7% preferred
10
Dec. 26 Dec.
Extra
Insurance (s.-a.)
Guaranty Trust Co. of New York (quar.)
Jan.
10
4.7c
Merchandising (regular)
31
$6
17
21 Dec.
1 Jan.
Dec.
3.1c
(regular)-—-
Extra
15
(«)-. 8.2306%
Dec. 22 Dec.
Dec. 21 Dec.
2Mc
Investing Co.
1 Dec.
Fifth Avenue Bank (quarterly)
Finance Co. of Amer. (Bait., Md.), com.
Dec.
28c
---
1 Dec.
Dec. 28 Dec.
$3
80c
15
2 Dec. 15
7
21 Dec.
Dec. 19 Dec. 11
Dec. 22 Dec. 17
Jan.
2.6c
-
Extra.:
Jan.
50c
<IpZr
10
4.8c
Extra
Dec. 21 Dec. 14
Jan.
2 Dec.
1
Dec. 31 Dec. 15
Jan.
2 Dec. 22
$1S
2 Dec.
3.6c
Food (regular)
1
87fi
22
Jan.
9c
Apr.
18
21 Dec.
Dec.
60c
Extra
Petroleum
24 Dec.
21 Dec. 12
4 Dec. 12
Dec.
2.4c
Distillery and Brewery (regular)
Electrical Equipment (regular)
1
Dec.
Jan.
$2
S50
Extra
Apr.
10c
Federal Mogul (quarterly)
Federal Motor Truck
Feltman & Curme Shoe Stores, pref. (quar.)
Dec.
75c
2.6c
-
-
Extra
12
25c
5c
Chemical "(regular)
2
15
14
15
13c
Jan.
10
1 Dec.
19c
—
Mining (regular)
Dec. 22 Dec.
Jan.
1.5c
(regular)
Aviation
2
Dec. 21 Dec.
Dec. 22 Dec.
SI
11c
Jan.
87 Mc
62 Mc
/i$10M
1 Dec. 15
6.3c
Extra
SIM
$2M
25c
-
preferred---
Jan.
SIM
5Mc
Automobile (regular)
50c
Extra.
35c
65c
50c
Quarterly.
24 Dec.
20c
Extra..
S2M
Extra
21 Dec.
Dec.
j75c
Greyhound Corp., new
New (quarterly)----—
Griggs Cooper & Co. 7% pref. (quar.)
Group Securities Inc., Agriculture (reg.)
Industrial (regular)
1
Dec.
h$ 2
Class A
50c
Farmers & Traders Life Insurance
Faultless Rubber Co. (quar.)
Jan.
15
Dec. 31 Dec.
25c
$5 pref. (quar.).
(quar.)
(W. T.) Co. (quarterly)-Special—
Great North". Iron Ore Prop, (beneficial int. ctfs.)
Beneficial interest certificate
Great Rapids & Indiana Ry. Co. (semi-ann.)_-_
Great Western Fuse Co. common
Great Western Sugar Co. (quar.)
Preferred (quarterly)
Greenfield Tap & Die, $6 pref
Green RR. (semi-ann.)
Greif Bros. Coperage Corp., class A (quar.)
Grant
18
2 Dec.
19 Dec. 10
2 Dec. 23
25c
Building (regular)
Jan.
Dec.
25c
Extra
c$l M
Extra
(extra)
(quar.)
Granite City Steel Co.
9
2 Dec.
(quar.)
Fairmont Creamery Co., 6M% pref. (quar.)-_
Falconbridge Nickel Mines (quar.)
Famise Corp. (increased)
Fanny Farmer Candy Shops (quar.)
Preferred (quarterly)
9
Jan.
Equitable Office Building Corp
Equity Corp., common (initial)
Eureka Vacuum Cleaner (quar.)
Fairbanks-Morse (quar.)
24 Dec.
Jan.
Extra
k
Dec.
15c
Extra
—
Preferred
2
15a
1 Jan.
2 Dec.
25c
General American Transportation
Special
7
15a
Jan.
25c
Special (in 10-year 4M% conv. notes)
Special
11
11
Feb.
-—
Gar Wood Industries
Preferred
5
21 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
----------------
Garlock Packing Co. common (quar.)
Extra-
15
5 Nov. 28
5 Nov. 28
2 Dec.
2 Dec.
Dec.
Free port Texas Co., preferred (quar.)-.
Gannett Co., $6 preferred (quar.)
15
31 Dec. 18
2 Dec. 15
15 Dec. 31
Dec.
Jan.
Duncan Mills 7% pref. (quar.)
Preferred (quarterly)
du Pont de Nemours (E. I.)
15
15
15
5
Dec. 21 Dec.
Jan.
1 Dec. 15
Dec. 23 Dec. 12
2 Dec. 15
Jan.
-
12
Dec.
15
2 Dec.
Dec. 21 Dec.
Brewing (quar.)
General Reinsurance
Jan.
2 Dec.
Jan.
-
14
50c
10
Jan.*
—
24 Dec.
19 Dec.
h50c
..
23
12
Jan.
—
14
Dec.
Dec.
12
Jan.
-
Dec.
Drive-Harris Co., 7% preferred (quar.)
Duke Power Co. (quarterly)
Endicott Johnson Corp.
Preferred (quar.)
Common,
2
Dec. 20 Dec.
Fox (Peter) Brewing Co. (quar.)
Frankenmuth
Extra
Ian,
1
15 June
Dec. 31 Dec. 21
June
Dec. 21 Dec.
-
Class B (extra)
Formica Insulation Co
Holders
When
Payable of Record
Dec. 22 Dec.
24 Dec.
10
$2
Extra
Class A (extra)
Class B (quarterly)
SIM
-
-
Dec.
——
Extra
El Paso Natural Gas
-
Jan.
(quar.)
$6 preferred B
Flintkote Co. common
Florence Stove Co. (increased)
Florsheim Shoe Co., class A (quar.)
2 Dec. 10
11 Dec. 26
Jan.
Dominion Rubber Co., preferred (quar.)
Dominion Textile Co. (quar.)
Preferred (quarterly)
Draper Corp. (special)
Quarterly
Draper Corp. (quarterly)
87 Mc
50c
$5M preferred
General Public Utilities, Inc., common (special)$5 preferred (quar.)
General Railway Signal
Preferred (quarterly)
Jan.
-
Dome Mines
(quar.)
Dominion Coal Co., 6% pref. (quar.)-.
Dominion Glass Co., Ltd. (quar.)
Preferred
8
5 Dec. 19
Dec. 21 Dec. 14
1 Dec. 21
Jan.
Detroit Hillsdale & Southwestern RR. (s-a)
Detroit Steel Products
Class A
First National Bank (Toms River, N. J.) (qu.)_
First Security Corp. of Ogden(Utah), ser A (s-a)
First State Pawners 8ociety (Chic., HI.)
Fisk Rubber Corp. preferred
Franklin Rayon Corp. common ($1 par)
15 Dec.
Jan.
6)4% preferred (quarterly)
Share
Foster & Kleiser 6% class A pref. (quar.)
Fourth National Investors Corp., com
Jan.
Extra
-
Name of Company
11
8
21 Dec.
2
Dec. 21 Dec.
Jan.
2 Dec. 21
Dec. 21 Dec. 18
Dec.
preferred
Dairy League Cooperative Corp., 5% pref
Davega Stores Corp. (semi-aim.)
Davenport Hosiery Mills
Dayton & Michigan RR., 8% pref. (quar.)
Dejay Stores, Inc
Dentists
12
21 Dec.
Dec.
Curtis Publishing Co.. 7%
Dentist's Supply
Per
Holders
When
Payable of Record
Dec. 24 Dec. 14
Dec. 24 Dec. 14
1
Dec. 21 Dec.
Jan.
2 Dec. 10a
(quarterly)
Crown Central Petroleum Corp. (initial)
Crown Cork International Corp., cl. A (quar.).
Crown Drug Co
3947
Chronicle
25c
TiSlM
Dec. 21 Dec. 10
Dec. 31 Dec. 16
2 Dec. 10
Jan.
Dec. 21 Dec. 15
Dec.
21 Dec.
Dec.
31 Nov. 30
15
Jan.
2 Dec.
23
SI
Jan.
20 Jan.
7
SI
Jan.
15 Dec. 31
25c
Financial
3948
Per
Jan.
60c
Jan.
26c
Hawaiian Sumatra Plantation
Heller (W. E.) & Co., pref. (quar.)
Dec.
43 9*c
2 Dec.
15 Jan.
19 Dec.
Dec. 28 Dec.
1H
(quar.)
common
Jan.
2 Dec.
11
Jan.
2 Dec.
11
11
31
c
Preferred (quarterl y)
Motors (quar.)
2c
Dec. 31 Dec.
31
25c
Dec. 24 Dec.
14
Extra
76c
Dec. 24 Dec.
14
$2
Dec.
21 Dec.
10
60c
Dec.
(quar.)
Hepburn & McTavish
Hercules
Hercules Powder Co
Hershey Chocolate Corp. (extra)
Hershey Creamery Co. of Harrisburg, Pa., prefHibbard. Spencer. Bartlett & Co, (monthly)
Special
Hinde & Dauch Paper Co. of Can. (increased)
Hobacker Stores, Inc. (resumed)
5
Dec.
5
-
Dec.
24 Dec.
17
85c
Dec.
24 Dec.
14
25c
Dec.
21 Dec.
81
Dec. 21 Dec.
10
10
25c
--
Dec. 21 Dec.
10
81>*
Hoi linger Consolidated Gold Mines
Extra
m
Holmes (D. H.), Ltd. (quarterly)
SlMs
$ih
81
Extra
19
14
Dec. 31 Dec.
14
Jan.
2 Dec.
2 Dec.
18
Dec.
24 Dec.
19
Dec.
24 Dec.
19
Dec.
22 Dec.
2 Dec.
12
22
Dec. 26 Dec.
11
Dec.
26 Dec.
11
—
--
Hudson Bay Mining & Smelting Co.,
Humble Oil & Refining Co. (quar.)
Extra
19 Dec.
5
5
Dec. 26 Nov. 25
Dec.
Jan.
Extra
Dec. 21 Dec.
Preferred
Jan.
2 Dec.
10
10
5c
Dec. 21 Dec.
8
5c
Dec.
(quarterly)
Idaho Maryland Mines (quarterly)
Extra
Ideal
—
$2 convertible preferred (quarterly)
Illinois Commercial Telep., $6 pref. (quar.)
$6 preferred.
1
Commercial" Teleph. (Wis.), $6 pref
$6 preferred
Imperial Chemical Industries, ordinary shares—
Imperial l ife Assurance of Canada (quar.)
Imperial Tobacco Co. of Canada (quar.)
Incorporated Investors
Independent Pneumatic Tool (quar.)
Illinois
-
Indiana Gas & Chemical Corp.. $6 pf. (initial)__
Indiana General Service Co., 6% pref. (quar.)_
7% pref. (qu.)
6% preferred (quarterly)
- —
Indianapolis Power & Light, 6% pref. (quar.)
69* % 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.
Industrial Rayon Corp
Quarterly
Ingersoll-Rand Co., pref. (s.-a.)
—
h% 3
81 Yk
xw4 %
83 9*
89*c
81.90
81
75c
81
8134
819*
$134
8134
21 Dec.
8
Dec. 21 Dec.
15
Dec.
Jan.
2 Dec. 15
Dec. 30 Nov. 27
50c
42c
International
—
International
Ocean
(qu.)
—
(quar.)
Teleg.
International Teleg. of Me. (semi-ann.)
International Utilities Corp., 83 prior pref
$3
prior preferred (series 1931)
Interstate Hosiery Mills (quar.)
Intertype Corp. first
Second preferred
2 Dec.
2
Jan.
1
1 Dec.
5
Jan.
1 Dec.
12a
6
12-1--41 Nov. 27
2 Dec.
14
Dec. 24 Dec.
14
Jan.
2 Dec.
24 Dec.
15 Dec.
15 Dec.
31
Dec.
$19*
e5%
8134
Apr.
21 Dec.
15
Dec.
24 Dec.
24 Dec.
15
1
11
11
Mar. 15
Jan.
15 Dec.
19
Dec.
24 Dec.
17
$19*
Feb.
1 J
an.
2
1
Dec. 31 Dec.
2 Dec. 31
Jan.
Dec. 21 Dec.
11
Jan.
2 Dec.
15
2 Dej.
17
621C2
Jan.
83
15 Fet
2 Dec.
Jan.
el 5%
2 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
15a
15a
1
15
15
12
Special
Iowa Southern Utilities, 7%
pref—
—
6H % preferred
:
Louisville & Nashville RR. Co.
(extra)..
Preferred
(quarterly)
Dec.
10
11
16
Jan.
Nov. 30
Jan.
Dec.
14
Preferred
'in
1 Dec.
15
I
18a
17
Dec. 24 Nov. 20
Dec. 23 Nov. 30
7
Dec. 21 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
2 Dec.
21
Jan.
Jan.
2 Dec.
15
14
15
9
Dec.
Dec.
19 Dec.
24 Dec.
Dec.
24 Dec.
14
Dec.
20
Jan.
23 Dec.
1 Dec.
Jan.
2 Dec.
14
15
Dec. 21 Dec.
11
Dec.
24 Dec.
14
Jan.
9 Dec.
19
Jan.
2 Dec.
11
Jan.
2 Dec.
11
Jan.
2 Dec.
15
Jan.v
2 Dec.
15
Dec. 23 Dec.
5
5
Dec. 23 Dec.
5
Dec.
21 Dec.
24 Dec.
18
2 Dec.
30
30
Dec.
Jan.
Jan.
2 Dec.
Dec.
21 Dec.
12
J an.
2 Dec.
17
Dec.
22 Dec.
12
Dec.
22 Dec.
12
75c
Dec.
26 Dec.
11
Dec.
26 Dec.
Jan.
11
1 Dec.
15
Dec.
23 Dec.
18
Dec.
19 Dec.
1
Dec.
19
22 Dec.
5
Dec. 22 Dec.
Dec. 31 Dec.
21
Dec.
31 Dec.
21
Jan.
$1
Dec.
'
1
5
15c
11
9
Dec.
Dec.
Dec.
Dec.
Dec.
Metropolitan Edison Co. $7 prior pref. (quar.)
$6 prior preferred (quar.)
$5 prior preferred (quar.)
$7 preferred (quar.
$6 preferred (quar.
$19*
Dee.
Dec.
Dec.
Dec.
21
Dec.
10
Dec.
21
Dec.
10
Dec. 28 Dec.
Dec.
28 Dec.
14
14
h% 23*
7% pref
Dec.
60c
Extra
Dec.
19 Dec.
12
22
$134
—
$5 preferred (quar.
Jan.
2 Dec.
xw 5%
Jan.
1
$19*
$134
$13*
$19*
$134
$13*
Dec.
29 Nov. 30
Dec.
29 Nov. 30
Dec. 29 Nov. 30
Dec.
29 Nov. 30
Dec.
29 Nov. 30
Dec. 29 Nov. 30
75c
10
Mid-West Abrasive Co
Dec.
10
Midland Steel Products
Dec.
Dec.
11
Extra.
Dec.
Dec.
11
Preferred
Jan.
Dec.
18
Dec.
Dec.
11
Dec.
Dec.
10
Dec.
Dec.
21
Jan.
Dec.
14
Jan.
Dec.
15
Jan.
Dec.
J5
Jan.
Dec.
14
Modine Manufacturing
Jan.
Dec.
14
Mock. Judson. Voenringer 7%
Extra
Jan.
50c
Machine Co
Dec.
Dec. 24 Dec.
$3
Dec.
1
Dec.
19 Dec.
16
16
10
23 Dec.
15
Jan.
1 Dec.
15
$2
8% preferred (quarterly)
$2 non-cumul. preferred (quar.)
Minneapolis-Honeywell Regulator (spec.)
Minneapolis, Moline Power Improvement—
12
Dec.
Jan.
50c
Common
Dec. 22 Dec.
50c
:
10c
c$2
—
(special)
Jan.
$134
$3
Preferred
Minnesota Mining & Mfg.
Extra—
25c
Co. (quar.)
40c
15
Dec.
15
1
9
Dec. 24 Dec.
15
Dec.
22 Dec.
15
Dec.
22 Dec.
15
Jan.
(special)
$19*
2 Dec.
15
Dec. 22 Dec.
Mississippi River Power, pref. (quar.)
pref. (quar.)
Mobile & Birmingham RR., 4% gtd. (s.-a.)
Monarch Knitting Co., 7% preferred
Monongahela West Penn Public Service, pref
1 Dec.
21 Dec.
Dec.
10
Dec. 22 Dec.
15
ncq
—
Jan.
2 Dec.
1
h$19*
439*c
Jan.
2 Dec.
17
Jan.
2 Dec.
15
60c
Dec.
24 Dec.
14
8734c
Jan.
Dec.
14
24 Dec.
14
$| 54
50c
Keith-A1 bee-Orpheum, preferred
Kelsey-Hayes Wheel Co., A & B (initial)
v.
Dec.
15
18
Monroe Chemical Co
Dec.
Jan.
Jan.
ll
Montgomery (H. A.) Co. (quar.)
25c
Dec.
$19*
h%7
Inc
Dec.
Jan.
40c
preferred (quar.)
A.) Co. (resumed)
Jan.
40c
Dec.
$19*
3734c
134 %
Jan.
26c
preferred (special)-
Dec.
19
•,
11
24 Nov. 25
1 Dec. 15
$1
Merchants & Miners Transportation Co
Jan.
(quar.)
Dec.
$1
Merchants & Manufacturers Securities
Jan.
Kelvinator Corp.
Extra
11
$19*
—
Midvale Co
Kaufmann Dept. Stores,
Preferred (quar.)
18
Dec. 21 Dec.
$1
10
,
11
2 Dec.
Dec. 21 Dec.
30c
Extra
Dec.
Drug Co
11
Dec.
$1,125
(semi-annual)
Dec.
Kaufman (Chas.
31|Dec.
Dec. 31|Dec.
Jan.
$1
35c
—
Ex era
Dec.
Katz
31
25c
Extra
Dec.
19
11
21
2 Dec.
$1
75c
Dec.
21
15 Dec.
25c
Dec.
Dec.
23 Dec.
Dec. 21 Dec.
25c
—.——-—-
-
Metal Box Co. (interim)
Dec.
22
17
$1
15
Dec.
Dec. 26 Dec.
2 Dec.
Jan
25c
15
Jan.
2 Dec.
5
15
11
15
Dec.
18
Jan.
50c
Dec.
Jan.
10
Dec. 21 Dec.
Mar.
1 Feb.
25c
Dec.
Jan.
21 Dec.
Jan.
3734c
$19*
Dec.
9L%
10
Dec.
5c
Mead, Johnson & Co. (quar.)
Mesta
1 Dec.
23 Dec.
Jan.
10c
Special
McKeesport Tin Plate (quarterly)
McQuay-Norris Mfg. Co. (quar.)
Partic.
31
Dec.
40c
Inc. (quar.)
(quar.)
Mathieson Alkali Works (quar.)
Preferred (quarterly)
Maytag Co. (resumed)
McGraw Electric Co. (extra)
McKee (A L) Co., class B (quar.)
82
(quar.)
7% preferred (quar.)
Kansas Gas & Electric, $6 pref. (quar.)
7% preferred (quarterly)
Kansas Power, $6 preferred (quar.)
$7 preferred (quarterly)
Kansas Utilities Co., 7% pref. (quar.)
$1
SIM.
Extra
Marsh (M.) & Sons,
Master Electric Co.
Dec.
Kansas Electric Power, 6% pref.
50c
15 Dec.
Jan.
25c
Merchants Refrigerating (N. Y.)
Merck & Co.. Inc., (quar.)
—
19*%
Jan.
35c
50c
Kalamazoo Vegetable Parchment Co. (quar.)
Kansas City Power & Light 1st pref. (quar.)
50c
$134
10
Dec.
Kalamazoo Stove Co
25c
50c
10
Dec.
(quar.)
Laughlin Steel Corp., preferred
25c
$194
$1-1*
15
15
Sept.
1 Aug. 15
Decl'37 Nov 15
$19*
(quarterly)
Mapes Consol. Mfg. Co. (quar.)
Marchant Calculating Machines
Preferred (semi-ann.)
Margay Oil Corp
Marine Midland Corp. (quar.)
Jan.
Jones &
25c
$13
Mahoning Coal Ry. (increased)
VTanischewitz (B) & Co. 7% pref.
15
Dec.
24
1 May
50c
Year-end dividend
Dec.
Dec.
Special
Jersey Central Power & Light 5}*% pref. (qu.)_
6% preferred (quar.)
7% preferred (quar.)
Johns-Manville Corp. (quar.)
June
$1
25c
20c
__
25c
24
$3
Dec.
Dec.
Jewel Tea Co., Inc., common (quar.)
8 Dec.
1 Feb.
5
14
40c
819*
8134
Extra
Mar.
$1 34
preferred (quarterly)
Lykens Valley RR. & Coal Co. (s-a)
Lynchburg & Abingdon Teleg. (semi-ann.)
Lynch Corp. (extra)
Mack Truclcs, Inc. (quar.)
Dec.
15c
(quarterly)
Jan.
Jan.
2 Dec.
8 Dec.
25c
25c
Ludlum Steel Co., extra
82
Founders
$134
si
A & B (qu.)
Dec.
1234c
-■
J an.
20c
.
15
81
Jenkins Bros, (quar.)
Extra
$1
75c
75c
50c
Jefferson Electric Co
10
$1
50c
Dec.
Dec.
25c
Irving Air Chute (quarterly)
Irving (John) Shoe Corp
Irving Trust Co. (N. Y.) (quarterly)
Jeannette Glass Co. (quarterly)
Preferred (quarterly)
18
$1
Memphis Natural Gas Co
Preferred (quar )
Memphis Power & Light Co., $6 pref. (quar.)
7% preferred (quarterly)
Merchants Bank of New York (quar.)
8134
6% preferred
Iron Fireman Mfg. Co. (extra)
10
21 Dec.
24 Dec.
Dec. 21 Dec.
50c
Dec.
134c
50c
20 Dec.
Dec.
Dec.
1234c
Melville Shoe Corp., com. (extra)
90c
Investors Royalty Co. (quar.)
Preferred (quar.)
Dec.
50c
30c
:
12
20c
15
10
$2
Dec.
60c
(quarterly)
«•
$1
Lunkenheimer Co.,
Extra_
-
10
$1.10
-
Extra
.
1
19 Dec.
Jan.
65c
ndon Packing Co. (quar.)
Lone Star Cement Corp. (quar.)
15
Dec.
Dec.
19 Dec.
19 Dec.
14
31
Jan.
Dec.
6234c
Extra
7
Dec.
Feb.
Quarterly
Investors Fund C
.uec.
Dec. 28 Dec. 21
Dec. 28 Dec. 21
$2
$2 34
Jan.
23
21
2 Dec.
21 Dec.
Lord & Taylor (quarterly)
Louisville Gas & Elec. Co. (Del.), cl.
2
11
Dec.
$19*
$134
Jan.
2 Dec.
Dec. 31 Dec.
2c
•
25c
Refinjng Co. (quar.)
8% pref«rre<1 (quar.)
Loew's, Inc. (quar.)
3734c
1734c
Long island Lighting Co. 7% pref. A (quar.)
6% preferred B (quar.)
Loose-Wiles Biscuit Co., 5% preferred (quar.)
2
Dec. 23 Dec.
h$3 H
h $1.68 9* Dec. 23 Dec.
Investment Co. of Amer., opt. $7 Cash, or
17
3734c
17
51.331-3 Jan.
preferred
20
4
2 Dec.
15
2 Dec.
2 Dec.
Jan.
8134
$1
50c
International Printing Ink (special)
International Shoe Co. (quar.
2 Dec.
Jan.
Dec. 26 Dec.
Dec. 22 Dec.
Jan.
Jan.
40c
Jan.
$1
50c
Lone Star Gas
45c
—
1 Jan.
17
Jan.
62 34c
Harvester (quar.)
International Mining Corp
Internat. Nickel Co. of Canada, Ltd., pref.
Common
2 Dec.
Feb.
1
20c
--
-
-
Jan.
Dec. 22 Dec.
Dec. 26 Dec.
60c
Quarterly
$134
$134
$19*
11
25c
International Button Hole Sewing Machine
Jan.
Dec. 31 Dec.
81
International Business Machine
25c
31
50c
(quarterly)
Jan.
2 Dec.
Jan.
Dec.
Extra
10
Jan.
$134
81
Extra
Insurance Co. of N. A. (semi-ann.)
Extra
;
Inter lake Steamship
Extra
•
16
$134
25c
Extra
19 Dec.
Dec. 26 Nov. 25
21
Indiana & Michigan Electric Co.,
—
Dec.
5
26 Dec.
2 Dec.
Extra
12
15
Dec. 21 Dec.
50c
(quar.)
14
22 Dec.
2 Dec.
2 Dec.
11
30c
Hunter Steel Co.. 6% pref. (quar.)
Hygrade Sylvania (quarterly)
Cement Co. (increased)
Extra
Ideal Financing Assoc., $8 preferred
24 Dec.
Jan.
11
23 Dec.
14
12
24 Dec.
Liquid Carbonic Corp. (quar.)
Little Schuylkill Navigation EE. & Coal Co
Lock Joint Pipe Co., common—
25c
31
Dec.
20
Feb.
24 Dec.
1 Jan
Dec.
Lion Oil
r50c
25c
Ltd
15 Dec.
Dec. 23 Dec.
15
14
Dec.
Dec.
15
Jan.
15
1 Dec.
22 Dec.
Dec.
Dec.
15
87 9*c
75c
75c
1 Dec.
Jan.
20c
15
5
31
Jan.
3
40c
(special)
(special)-Koppers Gas & Coke, preferred (quar.)
Kresge (S. S.) Co. (quar.).
Kroehler Mfg. Co., class A preferred (quar.)
Kroger Grocery & Baking Co., 6% pref. (quar.)
7% preferred (quarterly)
Lackawanna RR. of N. J., 4% gtd. (quar.)
Lambert Co. (quarterly)
Landers Frary & Clark (quar.)
2 Dec.
15 Dec.
15
15
25c
Extra
21 Dec.
2 Dec.
2 Dec.
Jan.
1 Dec.
Kleinert (I. B.) Rubber Co.
Dec.
(quar.)
(quarterly)
Jan.
76c
Houdaille-Hershey, class A (quar.)
23 Dec.
1 Dec.
Dec.
$19*
Jan.
Jan.
Jan.
25c
Jan.
50c
15
Jan.
40c
81
$3 M
82
$1H
$19*
62Hc
Extra
12
$134
$19*
$134
$13*
81H
1
(quar.)
12
2 Dec.
Knott Corp.
18
Jan.
2 Dec.
Jan.
25c
Special
Kings County Lighting Co. common (quar.)
7% preferred B (quar.)
6% preferred C (quar.)
5% preferred D (quar.)
King-Seely Com_
Klein (D. Emil) Co. (quar.)
Preferred (quar.)
Quarterly
Lang (John A.) & Sons, Ltd. (quar.)
Lava Cap Gold Mining
Lawrence Portland Cement (resumed)
Leath & Co., preferred (quarterly)
Leath & Co. (resumed)
Lehigh Coal & Nav. Co. (special)
Lehigh Portland Cement Co. common (special)Preferred (quar.)
Lehman Corp. (quar.)
Special
Le Tourneau, Inc. (quar.)
Quarterly
Quarterly
QuarterlyLexington Te
Teleph Co., 634% pref. (quar.) —
Liggett & Myers Tobacco preferred (quar.)—
Lily-Tulip Cup Corp. (extra)
Lincoln Printing Co. (increased)
Lindsay Light & Chemical Co., pref. (quar.) —
Link Belt Co. (quar.)
Special.
Preferred (quarterly)
82
60c
Extra
Household Finance Corp., A & B
Partic. preferred (quarterly)
2 Dec.
Dec. 31 Dec.
2 Dec.
Jan.
$134
50c
Homestake Mining (monthly)
Hoover Ball & Bearing Co
Horn & Hardart Baking, N. J.
Hoskins Mfg. (quar.)
Jan.
Jan.
25c
Copper (increased)
Preferred (quarterly)
15
Dec. 21
i «>•
Holland Furnace
Preferred (quar.)
Howe Sound Co.
Extra
22 Dec.
Dec. 21 Dec.
e$2
Stock dividend
22 Nov. 27
Dec.
70c
Keystone Public Service, $2.80 pref. (quar.)
Kimberly-Clark Corp. (quarterly)
1
18
Holders
Payable of Record
85c
Kennecott
10
2 Dec.
Jan.
Dec. 31 Dec.
Preferred
Share
Company
10a
$2
(Geo. W.) Co.,
Extra
Name of
1936
19,
When
Per
Holders
Payable of Record
SI*
Hazel-Atlas Glass Co
Hawaiian Sugar Co
Helme
When
Share
Name of Company
Dec.
Chronicle
Jan.
Dec.
10
25c
Mar. 31 Mar. 15
Dec.
Dec.
14
Quarterly
Quarterly
Montgomery Ward Co. (quarterly)
25c
June 30 June
15
50c
Jan.
15 Dec.
22
$2.90
$19*
Jan.
15 Dec.
22
Jan.
2 Dec.
18
8134
1234c
Dec.
Dec.
11
Jan.
Dec.
50c
Jan.
Dec.
10
10
Preferred (quarterly)
Special
Class A (quarterly)
1
Volume
Jan.
Jan.
Moore
Corp
Preferred A & B (quar.)
Moore (Win. R.) Dry Good* (quar.).
Morris Financing Co. (quarterly)...
Jan.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Class A (extra).
Class B (quarterly)..
Class B (extra).
7% preferred (quarterly).,
Morristown Securities Corp.,
stown
common.
Special
So cum. pref. (semi-ann.)
Mother Lode Coalition Mines (resumed)
Jan.
Mfg. Corp. class A & B (special).
Munningwear, Inc
Stock div. of H sh. of Wayne Knit. Mills for
each sh. of Munslngwear held
Murphy (G. C.) Co. (extra)
Murphy (G. C.) Co., preferred (quar.)
Muskegon Motor Specialties, class A
Muskegon Piston Ring Co. (quar.)
15
15
15
15
Dec.
Dec.
Dec.
15
10
$1
5c
75c
25c
55c
National Bond & Investment Co. (quar.)
36c
Extra
75c
$1.15
National Breweries (quarterly)
50c
43c
.
(quarterly)
(quar.)
Jan.
25c
...
h$ 8H
12Hc
37Hc
$1**
Dec. 23 Dec.
Dec. 21 Dec.
Dec. 21; Dec.
Feb.
l'Jan.
Jan.
2iDec.
Dec. 21 Dec.
Dec. c21|Dec.
50c
Jan.
15c
Jan.
20c
20c
Sugar Refining Co. of N. J
Dec.
National Supply Co. of Del., preferred
National Tea Co. (quar.)—
4
4
2 Dec.
1
22|Dec.
11
21 Dec.
14
50c
A50c
Dec. 24 Nov. 30
Jan.
Dec. 15
20c
Newberry (J. J.) Co.,
$1H
60c
(quar.)
40c
Extra
Dec.
Dec.
Jan.
Power Corp. of Canada. Ltd., 6% cum.
Dec.
15
Dec.
Dec.
Dec.
14
Dec.
15
Dec. 15
Jan.
Dec. 15
Dec. 24 Dec. 14
Jan.
Dec. 31
Jan.
Dec. 15
Jan.
Dec. 15
Light, 7% pref. (quar.)
6% preferred (quar.)
New York Steam Co., $7 pref. (quar.)
Jan.
Dec.
Dec.
Jan.
Dec.
15
18
Jan.
Dec.
_
15
Jan.
$6 preferred (quarterly)
New York Telep.. 6H% pref- (quar.)
New York Telephone 6H % pref. (quar.)
18
New York Trap
Rock Corp.—
$7 preferred (payable in $6 pref. stock)
Niagara Shares Corp., preferred (quarterly)
Niles-Bement Pond, div. payable in stock—
One sh. Gen. Mach. Corp. for each 4 shs. held.
Noblitt Sparks
Special, option of l-20th share of stock or cash
Noranda Mines
Norfolk & Western Ry. Co. (quar.)
Extra
—
—
North American Co. preferred (quarterly)...
Northern Pipe Line Co
Northern States Power of Del., 7% pref. (quar.)
6% preferred (quarterly)
North Illinois Finance Corp. (increased)
North & Judd Mfg. Co. (quar.)
Northland Greyhound Lines, Inc., $6H pf. (qu.)
Northwestern Teleg Co. (semi-ann.)..
Novadel Agene Corp., com. (quar.)
Nova Scotia Light & Power Co. (quar.)
Ohio Brass Co..
Ohio Edison Co., $5 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.).
7% pref. (monthly)
—
Ohio Public Service Co.
0% preferred
5% preferred
(monthly)
(monthly) _ _
_
Holding Corp., $5 non-cumul. pref.
Oilstocks, Ltd. (semi-ann.)
Special
Oklahoma Natural Gas, 6% preferred (quar.).
Old Colony Insurance Co. (quar.)
Special..
...
Old Dominion Co., irregular dividend
Omnibus Corp., preferred (quar.)
Onomea Sugar Co. (monthly)
Extra
Otis Elevator Co
Preferred (quar.)
Oils & Industries
Preferred
Preferred (participating)
"B
Dec.
Jan.
35c
Jan.
37.m
50c
$1H
$1H
$1H
$1.65
$1X
$1.80
58 l-3c
50c
Pacific Tin Co. (extra)
20 Dec. 31
2 Dec.
2 Dec.
Jan.
2 Dec.
2 Dec.
Extra
25c
...
50c
25c
25c
45c
$1
(quar.)
$1
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
$lHc Jan.
60c
Dec.
Reading Co., 2d preferred
Real Silk
Dec. 19
19
Dec. 16
Dec. 31
Dec. 31
Dec.
4
Dec. 18
Dec. 18
Dec.
7
Dec.
7
Dec.
24 Dec.
14
14
23 Dec.
19
23
15
ec. 24
24 Dec. 11
24 Dec. 11
Dec. 15
Dec. 15
Dec. 15
15 Dec. 31
8ec. 19
Jan.
Dec. 21
Dec. 26 Dec. 16
Dec. 19 Nov. 20
Dec. 19 Nov. 27
Dec. 19 Nov. 27
Dec. 19 Nov. 20
Dec. 19 Nov. 20
Dec. 19 Nov.20
Dec. 19 Nov. 20
(quar.)
...
Hosiery Mills, pref.
m
50c
50c
50c
h$ 10 H
20c
5c
$2
$1H
13c
el%
15c
$1,125
Preferred (quarterly)
Republic Investors Fund, Inc., common—
Div. at the rate of l-80th unit of 6% pref B stk
h% 12
Republic Steel Corp., 6% preferred$1H
6% preferred A (quarterly)
Reynolds Metals Co.. common, extra
5H% cum. conv. preferred (quar.)
Reynolds Investing Co., Inc., $6 cum. pref
Reynolds (R. J.) Tobacco Co. (quar.)
Rice-Stix Dry Goods, 1st & 2d pref
Rich's Inc., preferred (quarterly).
Richman Bros. Co. (quarterly)
10
Extra
H
$12
75c
11
8
1
9
1 Dec.
1
Dec. 23 Dec. 21
Feb.
1 Jan. 26
Jan.
2 Dec. 19
Dec. 28 Dec. 15
Jan. 14 Dec. 24
Dec. 22 Dec. 14
Dec. 24 Dec. 15
Dec. 24 Dec. 15
Dec. 24 Dec. 15
Dec. 23 Dec. 18
Jan.
2 Dec. 22
Dec. 23 Dec. 16
1 Dec. 10
1 Dec. 10
Jan.
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
1 Dec.
10
24 Dec.
19 Dec.
15
19
21
Jan. 12
Dec. 21
Jan.
Jan.
37Mc
$2
Dec.
Dec.
$2
h$3
$3
10
10
Dec. 15
Dec. 26 Dec.
Jan.
$2
Jan.
Jan.
75c
—
Non-voting common (semi-ann.)—
Dividend obligation (semi-aim.)
—
Riverside & Dan River Cotton Mills, pref. .....
Preferred (semi-ann.)
15
$1H
Richmond Federicksburg & Potomac (s.-a.).—
f
15
Jan.
20c
(quarterly).
Remington Arms Co. (initial)
Remington-Rand, Inc
Dec.
7
Dec.
7
Dec. 31
Dec. 10
Dec. 31
10
Feb.
Preferred (quarterly)
11
Dec. 19
19
Dec.
Dec.
Jan.
Dec.
Jan.
Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Feb. 27 Feb.
Feb.
Jan.
Reece Folding Machine (quarterly)
Reliance Manufacturing Co. (special)
12
5
10
Jan.
—
Reece Button Hole Machine
Extra
Dec. 15
Dec. 10
23|Dec*.
1
10
Jan.
1st pref.
Railway Equip. & Realty Co., Ltd., 1st pf. (qu.)
Railway & Light Securities Co., com.
—
Railway & light Securities Co., pref. (quar.)—
Rath Packing Co. (quarterly)
Ray-O-Vac, 8% preferred (quarterly)
12
Dec.
15
24 Dec.
Jan.
Queens Borough Gas & Electric Co.r 6% cumul.
preferred (quarterly)
12
22 Dec.
21 Dec.
60c
20c
c50c
(quar.).
Radio Corp. of Amer., $3H cum. conv.
15
22 Dec.
22 Dec.
$1H
Purity Bakeries Corp. (extra)
Quaker Oats Co. (quar.)....
Preferred (quar.)
Quarterly Income Shares
15
Dec.
Dec.
Dec.
Dec.
37 He
75c
6% preferred (quar.).
?.)■
8% preferred (quar
15
15
Jan.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
40c
58 l-3c Jan.
Jan.
50c
41 2-3c Jan.
Jan.
$1H
7% prior lien stock (quarterly) —
6% prior lien stock (quarterly) —
Dec. 22 Dec.
5
Jan.
2 Dec. 22
Dec. 21 Dec. 11
Jan.
2 Dec. 15
Dec. 21 Dec. 10
Jan.
2 Dec. 16
Dec. 24 Dec.
8
Jan.
2 Dec. 15
Jan.
2 Dec. 15
Jan.
Jan.
$2
25c
88
Pure Oil Co., 5M% preferred
2 Dec. 15
41 2-3c Jan.
2 Dec. 15
Jan.
1 Dec. 15
$1X
20c Dec. 24 Dec. 16
Dec. 24 Dec. 16
$3
$1H Dec. 31 Dec. 15
Jan.
2 Dec.
$2
8
8
$15 Dec. 21 Dec.
Feb. 10 Jan. 26
25c
2 Dec. 15
$2 Jan.
Dec. 20 Dec. 10
20c
Dec. 20 Dec. 10
1.40c
Dec. 21 Nov. 30
15c
Dec. 21 Nov. 30
$1H
Extra
Pacific Lighting Corp. 6% pref.
Jan.
1
Public Service Co. of Oklahoma—
19 Nov. 30
2 Dec. 15
2 Dec. 11
20 Dec. 31
Jan.
$1X
—...—
6% preferred (monthly).
$5 preferred (quar.)
Dec. 21 Nov. 30
Dec. 21 Nov. 30
Dec. 22 Dec.
1
Dec. 19 Nov 30
$5
75c
60c
Pacific Finance Corp. (quar.)
Pacific Telephone & Telegraph
Preferred (quar.)
10
$4,125
(quarterly)
Extra
50c
$1H
25c
Oshkosh Overall Co. (extra)
Otis Steel new conv. preferred
Pacific & Atlantic Teleg. Co. (s.-a.)
Pacific Can Co
Dec. 24 Dec.
50c
—.—
Nov. 25
Jan.
Dec. 31 Dec. 10
Extra
75c
$6 preferred (quar.)
$0.60 preferred (quar.)
Ohio Service
h$6
$1H
preferred
Prosperity Co
$1 div. payable in new pref. stock
Procter & Gamble, 8% pref. (quar.)
Providence Washington Insurance Co. (R. I.)—
Special
Public Service Co. of Colorado, 7 % pref. (mo.) .
6% preferred (monthly)
5% preferred (monthly)
Prudential Investors, preferred (quarterly)
Public National Bank & Trust Co. (quar.).
Publication Corp. common (increased
Public Service Elec. & Gas, pref. (quar.)Public Service of N. J. (quarterly)
15
15
Dec. 22
Dec. 22
—
Second preferred
Jan.
2 Dec.
2 Dec.
5 Dec.
Dec. 21
Jan.
Jan.
Quarterly
Pressed Steel Oar, Inc., first
1
1 Dec. 10
10 Dec. 31
15
2
Jan.
2
Dec. 24
Jan. 25
Jan. 15
pf. (qu.)
Pressed Metals of America (extra)...:
14
Dec.
Dec.
»
Dec. 23 Dec. 14
Dec. 21 Dec.
5
Dec. 21 Nov. 24
Jan.
2 Dec. 15
Jan. 20 Dec. 31
Jan. 20 Dec. 31
Dec. 28 Dec. 21
Dec. 22 Nov. 30
Dec. 22 Nov. 30
6% non-cum. preferred (quar.)
Nov. 30
Nov. 30
Dec.
11
2 Dec. 20
5 Dec. 21
1
2 Dec.
1
2 Dec.
Jan.
Dec.
Dec.
New York Power &
Jan.
-
Jan.
(semi-annual)
Jan.
Pratt & Lambert, Inc
Premier Gold Mining Co. (quar.)
Extra
New Process Co
Preferred
Jan.
-
15
New River Co., preferred
New York & Harlem RR. Co. (semi-ann.)
15
15
Dec. 10
8
Dec.
21 Dec. 12
21 Dec. 12
2 Dec. 21
22 Dec. 11
23 Dec. 19
Dec.
Dec. 24 Dec. 10
Dec. 24 Dec. 10
Jan.
4 Dec. 10
Jan.
4 Dec. 10
Dec. 24 Dec. 10
Dec. 22 Dec. 12
Extra.
Pocahontas Fuel Co
Preferred (semi-ann.)
Poor & Co., class A (resumed)
Nov. 23
Dec. 22 Dec.
Dec. 22 Dec.
Plymouth Fund, Inc. Class A (special).
Plymouth Oil Co
Extra
15
Jan.
New York & Honduras Rosario Mining Co
New York & Mutual Teleg. Co. (semi-ann.)
Jan.
(increased)
Dec.
Dec.
Jan.
6% preferred (quarterly)
$2 preferred
$2 preferred (quarterly)
New Jersey Power & Light Co. $6 pref. (quar.)—
$5 preferred (quar.)
New England Telep. & Telegraph—
Jan.
Pioneer Gold Mines of British Columbia.
Pittsburgh Ft. Wayne & Chicago Ry. Co. (quar.
7% preferred (quarterlvl
Pittsburgh & Lake Erie RR. (increased)
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt
Plough, Inc. (quarterly)
Plymouth Cordage Co. (quar.)
12
12
$1H
(quar.)
Newark Telephone Co. (Ohio), 7% pref. (quar.
—
Extra
18
15
Feb. 20
Dec. 21 Dec.
Dec; 21 Dec
Dec. 24 Dec.
.
Extra
7 % preferred (quarterly).
Second preferred (quarterly)
Second preferred (participating).
Pierce Governor
12
New Britain Machine Co. (quarterly)
$1.31M
Jan.
Pie Bakeries, Inc.
12
New England Gas & Electric Assoc.. pref.
New England Power Assoc., 6% pref
Nehi Corp., 1st preferred
Nelson (Herman) Corp
Dec.
..
Dec. 14
Dec. 14
Dec. 16
Dec. 22 Dec. 15
Dec. 30 Dec. 24
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Jan.
2 Dec. 24
Natomas Co. (quar.)
Extra
Dec.
5
12
14
Dec. 22 Dec.
Dec. 22 Dec.
25c
Mar.
1
Dec. 21
2
Jan.
2
Dec. 23
Jan.
2
Jan.
Jan.
Jan.
12
12
Dec. 24 Dec.
Jan.
2 Dec.
Dec. 21 Dec.
$1H
2 Dec. 21
1 Dec. 15
2 Dec. 19
1 Jan. 20
Philadelphia Co., $6 cumulative pref. (quar.)—
$5 cumulative preferred (quarterly)
Philadelphia Electric Power, pref. (quar.)
Phoenix Finance Corp.. preferred (quarterly)
Pictorial Paper Package Corp. (quar.).
12
1 Dec.
5
16
Jan.
15
1 Dec.
2 Nov. 28
17
1
15
12
23
11
15
Jan.
Jan.
Feb.
Dec.
Dec.
Perfect Circle Co. extra
Perfection Stove Co. (quar.)
Pet Milk Co. (quarterly)
Extra
15
Jan.
Jan.
Dec. 22 Dec.
h$ IX
....
7% preferred (quarterly)
Penn-Mex Fuel Co
Pennsylvania Exchange Bank
Pennsylvania Gas & Electric Corp.—
7% & $7 preferred (quarterly)
Penna. Glass & Sand, preferred (quarterly)
Penna. Power Co., $6.60 pref. (mo.)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Pennsylvania RR
Penna. Water & Power (quarterly)
Preferred (quarterly)—
Penn Western Gas Sc Electric Co., com
Peoples Drug Stores, Inc. (quar.)
Quarterly
Special
Peoria Water Works Co., 7% pref. (quar.).—.
Petroleum Corp. of America-Pfandles Co. (quar.)
Pfeiffer Brewing Co. (quar.)
Jan.
50c
Ford, Ltd
Peninsular Telephone (quarterly)
13
17
Jan.
UH
75c
62 He
c$l
National Standard Co. (quarterly)
Pathe Film, $7 preferred (quar.)
Penick &
15
30
Jan. 15 Dec. 31
Dec. 26 Dec. 15
8
Dec. 22 Dec.
Dec. 24 Dec. 10
2 Dec. 18
Jan.
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Jan.
2 Dec. 15
Jan.
2 Dec. 15
50c
Extra
Parker-Wolverine Co. (extra)
15
5a
10
10
19 Nov.
Dec. 28 Dec.
Dec. 21 Dec.
Jan. 15 Nov.
Dec.
$m
Tilford, Inc. (quarterly)
Parker Pen Co. (extra)
Dec. 21 Dec. 15
Dec. 19 Nov. 13
25c
Preferred (quar.)
Myers (F. E.) & Bros. Co. (quar.)
(quarterly)
National Candy Co. (quarterly)..
1st & 2d pref. (quarterly)
National Dairy Products A & B pref (quarterly)
National Distillers Products (extra)
National Enameling & Stamping Co. (quar.)
National Grocery Co., Ltd., preferred
National Gypsum. A and B
7% 1st preferred (quarterly)
5% 2nd preferred (quarterly)
National Investors Corp. preferred
National Lead Co. (quarterly)
Park &
4
2 Dec. 23
Dec. 23 Dec. 12
2 Dec. 21
38
National Acme Co. (special)
National Automotive Fibres, class A (spec.)
National Battery Co., preferred (quar.)
Preferred (quar.)
...
7
7
7
31
15
Dec. 22 Dec.
Extra
Preferred (quar.)
Paramount Pictures, Inc., 1st preferred
2d preferred-
15
15
Dec.
2 Dec.
2 Dec.
Dec. 21 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Jan. 15 Dec.
Dec. 26 Dec.
Dec. 26 Dec.
Dec. 21 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
Jan.
2 Dec.
Dec. 24 Dec.
Jan.
1 Dec.
Feb. 15 Feb.
Dec. 21 Dec.
Paraffine Co., Inc. (quar.)
Jan.
26c
Mutual Chemical Co of Am. 6% pref. (quar.)
Mutual Investors Fund (extra)
Mutual System, Inc., common (quar.)
...
15
Dec.
Dec.
Holders
When
Payable of Record
5
Jan. 15 Jan.
Dec. 19 Dec. 10
7
Dec. 21 Dec.
Packer Corp. (quar.)
Extra..
Pan American Petroleum & Transport
(Payable in 7-year 3H% notes)
Pan American Southern (resumed)
Jan.
76c
Extra
National
10
2
Dec. 21 Nov. 28
Jan.
2 Dec. 15
Mullins
National Steel Corp
Extra
10
Dec.
Dec. 28 Dec.
Dec. 28 Dec.
Extra
Class B
Dec.
Jan.
Dec. 21 Dec.
Dec. 22 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Motor Products
Mountain City Copper Co. (initial).....
Mountain Producers Corp. (semi-ann.)
Mueller Brass Co. (quarterly)
Preferred
2
2
2
31
31
31
31
31
2
Per
Share
Name of Company
Payable of Record
Share
Company
Holders
When
Per
Name of
3949
Chronicle
Financial
143
Dec.
Dec.
Dec.
Dec.
Dec.
9
Dec.
9
Dec. 11
Dec. 21a
Dec. 16a
2 Dec. 18
1 Dec. 15
31 Dec. 15
1 Dec. 14
19 Dec. 14
31 Dec. 19
31 Dec. 19
31 Dec. 19
21 Dec. 10
21 Dec. 10
Financial
3950
Per
Share
Name of Company
Dec.
Jan.
Jan.
9
1 Dec.
1 Dec.
Jan.
Jan.
A (qu.)
Extra, payable in 5H % pref. stock
5H% preferred (quarterly)
Schwartz (Bernard) Cigar Co
—
Preferred (quarterly)
Scottish Type Investors, Inc.—
Class A and B stock (resumed)
Scranton Electric Co., $6 pref. (quar.)
Seaboard Commercial Corp., class A & B (qu.)__
Class A and B (extra)
Preferred (quar.)
Second National Investors Corp. preferred-—
Security Acceptance Corp
6% preferred (quar.)_
Quarterly
Selected Industries, con v. stock
Prior preferred (quarterly)
Servel, Inc., 7 % cum preferred (quarterly)
Seton Leather Co. (resumed)
Shamrock Oil & Gas Corp. (initial)
6% conv. preferred (semi-ann.)
Sharon Steel Corp. (quarterly)
Special
Preferred (quarterly)
Shattuck (Frank G.) (quarterly)
—
12
17
17
17
15
-—
Shawmut Assoc. (quar.)
Dec. 22 Dec.
Dec. 23 Dec.
12
e50c
Dec. 24 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
19
19
19
12
10c
30c
30c
75c
12c
50c
10c
SIM
(quar.)
h$l*4
Extra
■—
Skelly Oil Co., 6% preferred
6% preferred (quar.)-'
S. M. A. Corp. (quar.)
Sonotone Corp., preferred (quarterly)
Soss Mfg. Co. (quarterly)
i
South Calif. Gas, 6% pref. A (quar.)
6% preferred (quar.)
South Carolina Power Co., $6 pref. (quar.)
(quar.)
-—
(quar.)—
—
(qu.)
12
2 Dec. 19
Dec. 22 Dec. 10
Dec. 20 Dec. 10
Jan.
2 Dec. 10
Preferred
Sept.
6% preferred (monthly)...
5% preferred (monthly)
Tonapah Mining Co
Traders Finance Corp. 6% pref. A (quar.)
7% preferred (quar.)
Transcontinental & Western Air—
-
Jan.
Jan.
IlH
Jan.
SI H
Feb.
Dec.
Jan.
5
5
19 Dec.
15 Dec. 31
15 Dec. 31
—
Co. (special)
Preferred (quarterly)
Sterling Brewers (increased)
Stokely Bros. & Co
Conv. preferred (quar.)
—
Non-conv. preferred (quar.)
Strook (S.) & Co., Inc
Stone & Webster Co. (resumed)
Stromberg-Carlson Telep. Mfg. Corp
6H% preferred.
Sun Ray Drug Co. (quarterly).
un
Extra'
Sunray Oil Corp.
5H% preferred (quar.)—
Sunstrand Machine Tool
Payable in 5 years 6% deb. notes
Superheater Co. (quarterly)
Special
Supertest Petroleum Corp., ord. bearers (s.-a.)__
Common bearer (semi-ann.)_
Preferred B (semi-ann.)
Swift & Co. (quarterly).—
Special
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
5% preferred (quar.)
Twin
Twin Disc Clutch
Union Brewing.
Stock dividend
Union Electric Light & Power
Union Electric Light & Power
Co. (111.) pref—
Co. (Mo.) pref—
6% preferred (quar.)
Union Investment Co
Jan.
15 Dec. 20
15 Dec. 20
Jan.
15 Dec. 19
Jan.
15
Jan.
1 Dec.
21
Jan.
2
Wec.
15
7
Dec. 19 Dec.
Dec. 28 Dec.
Dec. 24 Dec.
Dec. 31 Dec.
1 Jan.
2 Dec.
Dec. 24 Dec.
Dec.
Feb.
Jan.
20c
Jan.
$1*4
$1H
Jan.
Jan.
"2
Feb.
10
9
1 Jan.
Dec. 23 Dec. 15
Dec. 24 Dec. 18
18
Dec.
Dec.
Dec.
7
7
Jan.
Dec.
4
Jan.
Dec.
15
Jan.
Jan.
Dec.
15
Dec.
15
Dec.
Nov. 30
19
15
2 Dec. 15
Dec. 24 Nov. 30
Jan.
1 Dec. 15
15 Jan.
Dec. 30 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
Dec. 26 Dec.
30
18
18
18
18
18
1
18
18
Feb.
4 Dec.
19 Dec.
43 He
43 Me
Jan.
2 Dec.
2 Dec.
2 Dec.
Dec. 21 Dec.
Dec. 23 Dec.
Dec. 24 Dec.
Jan.
18
16
17
10
1
Dec. 24 Dec.
Dec. 23 Dec. 10
Dec. 23 Dec. 10
Dec. 21 Nov. 16
8
Dec. 28 Dec.
Dec. 10
Dec.
Dec. 20 Dec. 10
5
Jan. 15 Jan.
Dec. 24 Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
75c
25c
Jan.
Jan.
$14
(quar.)
Feb.
Feb.
Jan.
Dec. 18
Dec. 11a
Dec. 11
Dec.
4
15c
United Elastic Corp. (quarterly)
United Engineering & Foundry (special)
17
50c
Jan.
2
50c
Jan.
2
75c
30c
30c
Jan.
50c
Dec. 31 Dec.
Dec. 31 Dec.
15
1 Dec.
17
2 Dec. "II"
Dec. 21 Nov. 30
Dec. 21 Nov. 30
15
Dec.
Dec.
Dec.
15
15
4
18
12
Jan.
Dec. 21
25c
Dec.
Dec.
$14
Dec.
Dec.
3
Nov. 30
Nov. 30
United Fruit Co. (quar.)
$14
Special
Jan.
Dec.
15
54c
Jan.
Dec.
15
50c
Jan.
Dec.
15,
SIM
Jan.
Dec. 21
SI
Jan.
Dec. 21
75c
S2H
S4M
Jan.
Jan.
2 Dec. 24
10 Dec. 21
58 l-3c
Extra
United Milk Products Co.—
Cumulative participating preferred
United New Jersey RR. & Cfanal Co.
(quar.)
(quar.)—
—
United Paper board Co. preferred
United Shut Distributors (quar.)
Extra
—
United Shoe Machinery Corp., common
Preferred
—
United States Co. (quar.)
United States Freight Co. (extra)
United States Gypsum Co. (quar.).-.-—
7Mc
62 He
37Hc
15a
17
Dec. 23 Dec.
Jan.
5 Dec.
17
Jan.
Jan.
75c
50c
5c
25c
25c
-
United States Steel Corp., preferred
U. S. Sugar Corp.—
Stock dividend of 4 share Glewiston Realty &
h$7
21 Dec.
Dec. 31 Dec.
Dec. 24 Dec.
Dec.
Jan.
15
5 Dec. 15
2 Dec. 21
Dec.
*1M
Extra
Extra
Dec. 31 Dec.
Dec. 23 Dec.
$15
.
37 He
19
Dec.
Mar.
40c
nnited States Pipe & Foundry Co. common (qu.)
United States Playing Card Co. <quar.)__..
Jan.
Feb.
United Dyewood Corp. common
Preferred (quar.)
88
"si
15
15
Dec. 19 Nov. 27
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Jan. 15 Dec. 31
Dec.
SIM
17
19
75c
4
Jan.
50c
10
Dec. 22 Dec.
Jan.
2 Dec.
Dec.
United States & International Securities, pref—
United States National Corp. (liquidating)——
4
Jan.
S1H
12 He
12Hc
10
11
Dec. 28 Dec.
14
15
Dec.
30c
68Mc
12
2 Dec.
15 Jan.
20c
37 He
Dec. 24 Dec.
Dec. 24 Dec.
1 Dec.
SIM
75c
h$l}4
,-
10
Dec. 29 uec. iO
Dec. 21 Dec. 10
Dec. 31 Decs 24
20c
Dec. 21 Nov. 30
Dec. 24 Dec. 11
Jan.
80c
6.36% pref. (monthly)
6% pref. (monthly!
—
United Loan Industrial Bank (Bklyn, N. Y.)__
Dec. 29 Dec.
20c
5c
17
12
e5%
Union Carbide & Carbon Corp
2
10
25c
Dec. 21 Dec.
Dec. 21 Dec.
5c
1
50o
3c
7% pref. (mo.)
Dec. 21 Dec.
12 He
15
15
75c
(quar.)
(quarterly)—
2 Dec.
h$34
Dec.
h$ 14
City Rapid Transit, preferred
United Light & Railways,
Jan.
$1
Jan.
$1*4
United Gas Improvement
Preferred (quarterly)
Jan.
50c
Dec. 15
5
Jan.
2
50c
S1H
Jan.
Preferred (quarterly)
Trunz Pork Stores
15
2%
37 He
34Hc
1H%
25c
Extra
Dec.
25c
2 Dec.
15 Jan.
15 Jan.
19 Feb.
10
2 Dec. 10
3im
Dec.
—
Quarterly
1
Dec. 21 Dec.
1
Dec. 21 Dec.
Jan.
2 Dec. 14
Dec. 21 Dec. 14
Jan.
2 Dec. 15
Jan.
2 Dec. 15
S1H
SI *4
lc
Dec.
Dec.
15
Jan.
Jan.
2
208 S. La Salle Street Bldg. Corp. (Chicago)
Jan.
h$14
15
62 He
Trico Products Corp. (quar.)
Extra
5
25c
Dec.
15c
10
$14
$14
5
Jan.
Corp.,special
2 Dec.
25c
25c
Dec.
25c
Initial (special)
Trans-Lux Daylight Picture Screen
Transue & Williams Steel Forging
Tri-Continental Corp
Jan.
55c
Dec.
Dec.
$1*4
Special
United Corp. preferred (quarterly)
40c
Dec.
Dec.
$2
58 l-3c
50c
41 2-3c
3c
Toledo Edison Co. 7% pref. (monthly)
1
SIM
$1*4
Dec.
50c
Tubize Chatillon Corp., 7% pref
Tunnell RR. of St. Louis (semi-ann.)
52 He
SI
S3
Spang, Chalfant & Co., 6% preferred
Spencer Kellogg & Sons (quar.)
Spiegel May stern Co.. preferred (quar.)
Springfield Gas & Electric Co., pref. ser A (qu.)Square D Co., class B
Preferred (quarterly)
Standard Brands (quarterly)
Preferred (quarterly)
Standard-Coosa-Thatcher Co., 7% pref. (quar.)
Standard Oil of Nebraska (resumed)
Standard Oil of Ohio (quar.)
—
Special
Preferred (quar.)
Standard Products Co. (quar.)—s
Standard Silver Land Mining (quar.)
Standard Steel Construction. $3 class A
Stanley Works 5% preferred (quar.)
Starrett (L. S.) Co
xw 109
S1H
Tobacco Securities Trust Co. ordinary (final)...
Todd Shipyards Corp
1
10
ft$7H
10
May 20
Aug. 20
(quar.).
(quar.)
Dec. 21 Dec.
2 Jan.
Feb.
2 Dec.
Jan.
%/
Dec.
Dec.
Dec.
United Biscuit Co. of America (quar.)
Preferred (quarterly)
$1*4
4
11
11
Dec. 21
Dec.'lO
Dec.
Jan.
..
Tubize-Chatillon, 7% preferred (quar.)
37 He
pref. (quar.)
-
11
5c
Southwestern Light & Power, $6 pref—
South West Penna. Pipe Lines
Dec.
Dec.
Jan.
United Carbon Co. (quar.)
United Chemicals, Inc., preferred
$1*4
Jan.
Jan.
Jan.
Dec. 24 Dec.
37 He
Pittsburgh Water Co., 7% pref. (quar.)_-
Jan.
(quar.)
Jan
12 He
37 He
6% preferred (quar.)
preferred
_
South Porto Rico Sugar Co., common (quar.)—
Jan.
Preferred (quarterly)
Timken-Detroit Axle Co.
4
10
$114
$2H
h$25
Jan.
Dec.
15c
Singer Mfg Co. (quar.)
Jan.
Dec.
12
$1*4
10
Dec. 20
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec.
la
Dec.
la
Dec. 12
Dec. 20
Jan.
(quarterly)
20c
Simmons Co
Southern Canada Pow. Co., 6% cum. pref.
Southland Royalty Co
South Penh Oil Co. (quar.)
f
Extra
Southwest Consol. Gas Utilities Corp
Southwestern Bell Telep. (quar.)
Tilo Roofing Co.
Extra
10
Dec.
Dec.
Extra.
Third National Investors Corp. common..
Thompsons Products preferred (quar.)
Tide Water Assoc. Oil, 6% prefferred (quar.)
Dec.
Jan.
Telephone Investment (semi-ann.)
Tennessee Electric Power Co., 5% pref. (quar,)6 % preferred (quarterly) —
7% preferred (quarterly)
7.2% preferred (quarterly).
6% preferred (monthly)
7.2% preferred (monthly)...
Texas Corp. (quar.)
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Signode Steel Strap, payable, lsh. of—
Signode Internat., Ltd. for each sh. held
Southern Calif Edison Co., orig, pref.
Series C 514% preferred (quar.)
2
11
$14
42c
Special
16
15
13Mc
h$l*4
50c
Dec.
Dec.
11
$1*4
Dec. 10
Dec. 10
Jan.
*
Feb. 20
2 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
$1*4
Oct.
Dec.
—
Preferred
20c
30c
h$ 1H
Apr.
July
Dec.
19
37 He
15c
Jan.
Mar.
June
Dec.
Jan.
Dec. 15
—
18
Preferred (quar.)
Dec. 23 Dec.
$1H
Jan.
—
10
Dec. 24 Dec.
20c
Jan.
Inc..
Extra-
Dec. 21 Dec.
Dec. 21 Dec.
Jan.
1 Dec.
Dec. 24 Dec.
—
(quar.)
Dec.
Dec.
Dec.
,
17
17
10
Dec. 23 Dec.
Dec. 21 Dec.
Jan.
Extra
Shell Union Oil Corp., 514% pref.
Sherwin-Williams of Can., pref
Dec.
Dec.
Dec.
10
10
Jan.
Extra..
2
2
2
2
Dec.
Dec. 18
Nov. 24
Bonus
15
16
Dec.
Teck-Hughes Gold Mines
10
10
31 Dec
Dec. 24 Dec.
Dec. 24 Dec.
Dec. 15
Dec.
Initial-
15
Dec.
Holders
When
Payable of Record
Jan.
5H% partic. pref
Tamblyn (J3.) Ltd. (initial, quarterly)
Quarterly
Quarterly
Quarterly
Taylor (K.) Distilling Co__
9
15
15
Dec. 15
Dec. 15a
Dec. 15a
Dec. 31 Dec. 15a
6H % debenture D (quarterly)
Savanah Sugar Refining (special)
Schenley Distillers Corp. (quar.)
Dec.
19
Jan.
2
Jan.
2
Jan.
1
Dec. 31
Dec. 31
7 H% debenture B (quarterly)
7 % debenture C (quarterly)
Preferred
9
Dec.
Extra
Stein (A.) &
Dec.
Dec. 21 Dec.
Dec. 21 Dec.
—
Preferred (quarterly)
Southwestern Gas & Elec., 7%
7
7
5
Jan.
Sangamo Electric (quar.)
Preferred
Jan.
Jan.
Preferred (quarterly)
San Francisco Remedial Loan Assoc. (quar.)—
South
11
Dec.
Savannah Electric & Power Co., 8% deb.
Dec.
Dec.
Dec.
Jan.
___
Extra
1
Dec.
Extra
5
Dec.
Dec.
Safeway Stores—
6% preferred (quar.L.
7% preferred (quar.)
St. Joseph Lead Co
Special
St. Louis Bank Building & Equipment Corp.—
Special
St. Louis Bridge Co. 1st pref. (semi-ann.)
2d preferred (semi-annual)
3% 2nu orefVrreu (semi-annual!
—
St. Louis, Rocky Mtn. & Pacific Co., common. _
Dec.
Dec.
Dec.
——
Dec, 19
Dec.
5
Dec.
Share
Company
1936
Talcott (James),
New (initial)
19
Dec.
Ruheroid Co. (quarterly)
Special year-end dividend
Russeks Fifth Ave. (extra)
Safety Oar Heating & Lighting Co
Name of
19,
Taylor Milling Corp. (increased)
Technicolor, Inc. (initial)
19
Dec.
——
Per
9
Dec.
Dec.
Dec.
Jan.
Rochester Telephone, 6H% pref. (quar.)
Roos Bros, (quar.)
Extra
Rose's 6-10 & 25c. Stores (extra)
Ross Gear & Tool Co. (quar.)
Dec.
i
Holders
When
Payable of Record
River Paper Co
Robert's Public Market, Inc. (quar.)
Extra
-
Chronicle
24
11
4
4
Dec./17
2 Dec. 23
Dec. 21
Nov. 30
Dec. 16
1 Dec. 16
Dec. 24 Dec.
1
Jan.
1
Jan.
Dec.
1
Jan.
Dec.
15
Apr.
July
Mar. 15
Jan.
Development Co., common
Preferred (quarterly)
Preferred (quarterly)
United States Tobacco Co. common (special)-.
Common
;
Preferred (quar.)
Dec.
Dec.
Jan.
Dec.
15
14
14
Jan.
Dec.
14
United Stockyards Corp.preferred
Jan.
Jan.
Nov.
Nov. 15
Dec.
Dbc. 10
Preferred
(quarterly)
-
—
United Stove Co. (increased)
Universal Consol. Oil (resumed)
-—
5
15
Mar.
(quar.)
Quarterly
—
$7 preferred
Utility Equities Corp., S5H dlv. priority stockValley RR. Co. of N. Y. (s.-a.)
Valve Bag Co., preferred
Preferred (quar.)
Van de Kamp's Holland Dutch Bakers pref. (qu.)
-
-
Van Norman Machine & Tool Co
Extra
Venezuelan Oil Consol., Ltd. (interim)
May 15
Feb.
1 Jan. 26
Dec. 21 Nov. 21
Dec. 21 Nov. 21
Dec. 24 Dec. 15
Jan.
2 Dec. 16
Dec. 24 Dec. 10
Dec. 24 Dec. 10
Dec. 26 Dec. 10
Dec. 20 Dec. 10
Dec. 20 Dec.
Dec.
Vlchek Tool (quarterly)
Extra
Dec.
Victor-Monaghan Co., 7% preferred (quar.)...
Virginia Electric & Power $6 pref. (quar.)
Virginian Railway
Preferred (quarterly)
Vogt Mfg. Co
,
,
—
Jan.
Dec.
Jan.
Feb.
Dec.
Dec.
Stock dividend
Vulcan Detinning Co. (special)
Preferred (quarterly)
Preferred (quarterly)
10
Dec .12
Dec. 12
Dec. 20
Nov. 30
Dec. 16
Jan. 16
Dec. 16
Dec. 16
-
Dec.
10
Jan.
11
Apr.
July
(quarterly)
Dec.
Jan.
a.
Preferred (quarterly)
Wagner Electric Corp
Feb.
June
Universal Insurance (Newark, N. J.)
Upper Michigan Power & Light Co.—
6% preferred (quar.)
Utah Power & Light, $6 preferred
Preferred
June
Apr.
July
10
10
Oct.
Dec.
Oct. 11
Nov. 30
Volume
Financial
143
Share
Company
25c
Waldorf System,
Inc. (extra)
Walgreen Co. preferred (quar.)
Waldorf System, Inc. (quar.)
Ward Baking Corp. preferred
$1%
30c
„„
h$2H
$1U
Preferred
Dec.
Dec.
Wisconsin Public Service, 6% pref
Dec.
Nov. 20
Dec.
Dec.
Nov. 20
6H% preferred
7% preferred—„
10
10
Dec.
Woodley Petroleum Co. (quar.)
Dec.
Dec. 15
Dec. 10
Dec.
Dec.
50c
Jan.
2 Dec.
15
15c
Dec. 30 Dec.
Dec. 30 Dec.
15
Woodside National Bank of New York-
Jan.
Dec.
18
15
Dec. 31 Dec. 23
Dec. 23 Dec. 12
Wright Hargreaves Mines, Ltd. (quar.)
Jan.
Dec.
14
Jan.
Dec.
14
Feb.
Jan.
10c
Extra
West Kootenay Power & Light Co., pref. (qu.)_.
Western Air Express Corp. (resumed)
$50
Western Fuse Co
Extra
Extra
Special interim dividend
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Special
Yale & Towne Mfg. Co
Yellow Truck & Coach Mfg. Co., 7% pref
Dec. 22
Dec. 23 Dec. 14
Jan. 15 Dec. 20
Western Light & Telep. Co., pref. (quar.)
Western Grocers, Ltd. (quar.)
Preferred (quarterly)
1H%
Western Pipe & Steel Co. (quar.)
37Hc
$1
Dec.
$IK
Jan.
60c
15 Dec. 20
26 Dec. 15
Dec. 26 Dec. 15
5% preferred (initial)
50c
Jan.
50c
Jan.
75c
Jan.
.
Western Union Teleg. Co
2 Dec.
25c
Jan.
4-30-37
7-30-37
10-30-37
1-30-38
25c
25c
25c
Dec.
.
Dec.
$2
30c
(special)
15
15
18
3-31-37
6—30—37
9-30-37
12-31-37
23 Nov. 27
7
21 Dec.
Dec.
21 Dec.
22 Dec.
7
12
2 Dec.
2 Dec.
Dec.
30c
50c
Weston
20c
Jan.
Jan.
2 Dec.
2 Dec.
19
10c
9H
Dec. 30 Dec.
Feb.
1 Jan.
West Penn Electric Co., class A (quar.)
West Penn Power Co., 6% pref. (quar.)
SI."
19
5
1 Jan.
Dec.
Dec.
Dec.
5
10
Jan.
Dec.
19
Transfer books not closed for this dividend.
c
-
15
$4
Dec. 23 Dec.
Dec. 23 Dec.
Dec. 23 Dec.
SI
Jan.
11%
Jan.
75c
Extra
(quar.)
...
The following corrections
nu
Dec. 24 Dec.
Dec. 24 Dec.
7
7
12
35c
75c
Jan.
$1%
Jan.
25c
Extra
6% preferred (quar.)
$5 prior preferred (quar.)
Williams (R.C.)&Co
2 Dec. 22
2 Dec. 22
Dec. 21 Dec. 10
15c
Pacific
e
Payable in stork.
(j
An extra dividend
OF THE
the outstanding common stock has been declared
at the rate
of SI principal amount
1951,
of such debenture bonds per share of
stock.
common
/ Payable in common stock,
fir Payable in scrip,
dividends,
i Payable in preferred stock.
h On account of accum¬
ulated
American Chain Co. pref. stock, called for redemption with above
p
accumulated dividend.
Payable in Canadian funds, and in the case of non-residents
r
a
reduction of
a
tax of 5%
Deposited Insurance Shares, series A & B stock div. of
s
In trust shares.
of Canada
of the amount of such dividend will be made.
2)4% payable
liqui¬
Holders have option of dividend in cash based on
dating value of shares.
Caterpillar Tractor, extra div. of 50c. or 1-200 sh. of 5% pref. stock,
t
Payable in U. S. funds,
u
w
Less depositary expenses.
The
following shows the condition of the Federal Reserve
business Dec. 16, 1936,
Bank of New York at the close of
CLEARING
NEW YORK
on
payable by means of 15-year 3)4% debenture bonds due Dec. 31.
City
HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, DEC. 12, 1936
MEMBERS
15 to holders of rec.
Condition of the Federal Reserve Bank of
New York
The weekly statement issued by the New York
Clearing House is given in full below:
OF
Telep. & Teleg., pref. div. payable Jan.
Dec. 31, not as previously reported.
Weekly Return of the New York City
Clearing House
STATEMENT
payable Dec. 21, not Dec. 12.
National Steel Corp., ext. div.
12
2 Dec. 16
Dec. 29 Dec. 22
Dec. 29 Dec. 22
Wieboldt Stores, Inc. (quar.)
$1%, not SI.35.
Midland Steel Products, special div. of $2.
12
Jan.
35c
have been made:
Endicott Johnson Corp. pref., div. of
15
2 Dec. 21
2 Dec. 21
sm
White Rock Mineral Springs Co. (quar.)
1st & 2nd preferred (quar.)
Whitman (Wm.) Co., Inc., 7% pref. (qu.)
Jan.
-
a
5
2 Dec.
1 Dec.
Jan.
50c
Weyenberg Shoe Mfg. (increased)
20
Mar. 20
Dec.
7
Dec. 11
18
Feb.
hi
Wheeling Steel, $6 preferred
Whitaker Paper Co. (resumed)
Preferred
Jan.
Jan.
SI:
7% preferred (quarterly)
West Texas Utilities $6 preferred
West Virginia Water Service Co., $6 pref
Feb.
Dec. 10
Dec.
17
(Leo), Ltd. (quar.)
Mar
Apr.
Dec.
15
Jan.
Westmoreland, Inc. (quar.)
Weston Electrical Instruments, class A (quar.).
Extra
19
20
Dec.
2 Dec.
15 Dec.
30 Dec. 31
25c
Westinghouse Air Brake (quar.)
Quarterly
Quarterly
Quarterly
Quarterly
Special
Westinghouse Electric & Mfg
Partic. preferred
Dec.
Jan.
Young (L. A.) Spring & Wire (quar.)
Youngstown Sheet & Tube, preferred (quarterly)
21
Dec. 21
Jan.
12HC
Western Tablet & Stationery Corp., extra
Wesson Oil & Snowdrift Co., Inc
6
Jan.
Yukon Gold Co
Corp.—
Dec.
10
Feb.
,
Jan.
Extra
Westmoreland Coal Co.
Nov. 20
Wolverine Tube Co
Jan.
Jan.
Wayne Pump Co. (initial)
Wellington Fund (quar.) —
Extra
-
Dec.
25c
Co. (quar.)
Western Tablet & Stationery
10
10
Winn & Lovett Grocery, class B
Class A (quarterly)
Dec.
19
10
18
Jan.
2 Dec. 31
Dec. 15
Ware River RR. guaranteed (semi-ann.)
V aukesha Motor
2 Dec.
Dec. 21 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Holders
Payable of Record
Share
Name of Company
Payable of Record
Dec. 23 Dec.
When
Per
Holders
When
Per
Name of
3951
Chronicle
in
comparison with the previous week and the corresponding
date last year:
*
Surplus and
Net
Time
Demand
Undivided
Capital
Deposits,
Deposits,
Profits
Clearing House
Average
Average
Members
Dec.
16, 1936 Dec.
Bank of NrY. A Tr. Co.
Com'l Nat. Bk. A Tr.Co.
12,500,000
7,000,000
Public N. B. A Tr. Co-
5,775,000
144,559,000
11,191,300
394,407,000
25,431,700
£53,577,400 al,435,527,000
491,887,000
52,738,100
178,070,700 61,547,348,000
472,395,000
35,132,900
750,161,000
64,217,500
254,326,000
16,866,400
520,105,000
90,750,600
515,171,000
59,220,500
3,911,600
65,149,000
7121,233,300 cl,989,562,000
3,440,600
47,502,000
69,954,500
d877,787,000
2,702,200
16,655,000
87,984,000
8,494,300
23,129,200
314,761,000
81,315,000
7,873,900
81,043,000
8,595,100
Totals.522,480,000
836,531,800 10,087,644,000
Bank of Manhattan Co..
Natlonal City
Bank
Chemical Bk. A Tr. Co..
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Hanover Bk. A Tr.
Corn Exch. Bank Tr. Co.
First National Bank
Irving Trust Co
Continental Bk. A Tr.Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. A Trust Co..
Marine Midland Tr. Co.
6,000,000
20,000,000
£77,500,000
20,000,000
90,000,000
42,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
/100,270,000
500,000
25,000,000
10,000,000
5,000.000
New York Trust Co
12,481,000
31,431,000
178,916,000
31,556,000
35,505,000
91,612,000
46,313,000
22,899,000
3,500,000
600,624,000
355,000
1,274,000
51,969,000
/
3,535,942,000 3,395,209,000 3,225,355,000
Total reserves
Bills discounted:
Secured
by
S. Govt, obligations,
(or) fully guaranteed
U.
official reports:
Mational June 30, 1936: State. Sept. 30. 1936; trus
companies, Sept. 30, 1936.
£ As of Aug. 1, 1936.
/As of Sept. 30, 1936.
Includes deposits In foreign branches as follows: (a) 5245,572,000; (6) $92,114,000
(C) $114,128,000; (d) $48,796,000.
York
The New
3,261,000
1,173,000
3,216,000
1,346,000
2,356,000
Total bills discounted
4,434,000
4,562,000
4,331,000
1,100,000
6,282,000
1,100,000
1,795,000
6,299,000
7,764,000
129,985,000
357,682,000
157,576,000
108,414,000
376,298,000
160,531,000
498,307,000
645,243,000
645,243,000
741,817,000
657,059,000
657,204,000
755,707,000
84,000
84,000
7,860,000
143,706,000
10,864,000
36,163,000
161,976,000
direct and
Bills bought in open market
Industrial
advances
United States government
of
a
INSTITUTIONS
number of
NOT
IN
banks and
CLEARING
HOUSE
BUSINESS FOR THE WEEK ENDED
NATIONAL
Treasury
securities:
notes
Treasury
bills
Total U. S. Government securities..
"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. 11:
returns
AND
STATE
Loans,
Disc,
and
WITH
THE
FRIDAY, DEC.
BANKS—AVERAGE
Other Cash,
Including
Investments Bank
Notes
Res.
N.
CLOSING
11,
OF
Due from foreign banks.
10,011,000
255,210,000
10,866,000
29,707,000
Uncollected items.
Bank
premises
All other assets-
Dep.,
Dep. Other
Banks and
Gross
Trust Cos.
Deposits
$
$
$
Sterling National
Trade Bank of N. Y.
Brooklyn—
Peoples' National
100,800
860,000
6,152,600
6,205,000
310,776
4,630.000
104,000
$
1,703,198
1,807,000
336,284
29,463,300
27,095,000
6,130,926
739,000
613,000
5,543,000
TRUST COMPANIES—AVERAGE
Res.
886.042,000
796,992,000
899,426,000
F. R. notes in actual circulation
Deposits—Member bank reserve acc't.. 3,023,932,000 2,937,157,000 2,544,900,060
and
Cash
Invest.
Foreign bank
Dep.,
Dep. Other
Y. and
Banks and
Gross
$
Empire
60,981,500
Federation
9,307,851
11,883,966
20,924,400
29,163,500
64,612,477
Fiduciary
Fulton
Lawyers
United States
$
Trust Cos.
$
♦8,838,000
230,324
♦1,090,446
*4,882,200
*10,140,600
19,242,871
362,025,000
12,544,000
187,427,000
245,766,000
Deferred availability Items
50,271,000
50,825,000
7,744,000
137,147,000
50,261,000
50,825,000
7,744,000
8,849,000
9,369,000
157,090,000
51,000,000
49,964,000
7,250,000
7,500,000
10,839,000
Deposits
5
43,564,000
23,752,000
96,380,000
3,226,821,000 3,100,853,000 3,106,896,000
Total deposits.
N.
8,849,000
9,177,000
All other liabilities
Total liabilities
Manhattan—
77,196,000
22,723,000
102,970,000
—
Other deposits
Capital paid in
Surplus (Section 7)._
Surplus (Section 13b)
Reserve for contingencies
FIGURES
Elsewhere
Loans,
Disc,
2,245,600
12,136,000
27,300,000
Liabilities—
"
24,753,400
21,410,000
4,795,873
262,000
4,795,000
4,498,879.000 4,251,090.000 4,187,531,000
Total assets.
FIGURES
U. S. Treasurer—General account
$
Manhattan—
Grace National
55,842,000
187,668,000
1936
Y. and
Elsewhere
1,975,000
Other bills discounted—-
Bonds
♦As per
$
.
3,471,784,000 3,325,357,000 3,175,043,000
1,920,000
1,785,000
1,680,000
48,392,000
62,478,000
68,067,000
Redemption fund—F. R. notes.
t
Other cash
580,000
22.941,000
1,431,000
46,236,000
1936 Dec. 18,1935
Assets—
18,554,000
3,071,000
9,
$
$
11,211,100
1,424,200
1,391.629
681,000
3,709,300
17,301,118
—
4,498,879,000 4,251,090,000 4,187,531,000
$
2,865,600
2,362,736
74,336,600
11,327.314
436~900
22,440,600
40,642,900
71,507,065
12,024,097
deposit and
F. R. note liabilities combined
Commitments to make Industrial ad¬
Ratio of total reserves to
t "Other cash" does not
bank notes.
t
85.7%
85.2%
82.6%
8,893,000
vances
8,844,000
10,012,000
Include Foderal Reserve notes or a bank's own Federal
Reserve
Brooklyn—
Brooklyn
Kings County
84,240,000
35,062,614
4,069,000
2,534,850
39,498,000
9,130,002
♦Includes amount with Federal Reserve as follows:
Empire, $7,311,900; Fidu¬
ciary, $750,578; Fulton, $4,641,600; Lawyers, $9,270,800.
187,000 119,405,000
41,589,979
by the United States Treasury for the gold taken
banks when the dollar was on Jan. 31, 1934, devalued from
59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
These are certificates given
over
from the Reserve
100 cents to
3952
Financial
Chronicle
Dec.
19, 1936
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the twelve Reserve banks at the close of business
on
Wednesday.
Thursday afternoon, Deo. 17
on
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
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
corresponding
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns
for the latest week
in
appear
department of "Current Events and Discussions."
our
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC.
Three cipher a (000) omitted
Dec.
Dec.
16,
ASSETS
Qold otfs.
$
hand and due from U. 8. Treas.x
on
$
2,
Nov. 25.
1936
S
Nov.
Nov.
18,
10,
$
$
$
Nov. 4,
1936
1936
1936
1936
$
Oct.
28,
$
$
J
18,
1935
265,825
8,911,546
8,913,929
8,875,346
7,804,856
4,128
2,738
4,142
2,935
3,421
3,103
3,067
3,634
2,686
5,245
6,866
7,077
6,107
6,170
6,920
3,086
25,980
3,086
26,037
3,086
26,281
3,087
26,474
3,087
26,299
3,089
26,427
32,696
381,326
1,449,163
599,738
381,326
1,449,163
379,960
1,443,363
606,904
379,960
1,443,363
606,904
379,960
1,443,363
378,077
1,443,363
606,904
608,787
378,077
1,443,363
608,787
215,615
1,641,602
599,738
2,430,227
2,430,227
2,430,227
2.430,227
2,430.227
2,430,227
2,430,227
2,430,175
8,811,021
11,986
247,464
11,407
232,753
9,098,510
5,856
8,730,839
8,726,337
8,650,837
12,585
11,853
11,354
8,635,831
12,273
246,357
8,768,838
11,407
247,458
258,858
243,801
249,355
9,068,774
9,068,785
9,027,703
9,002,282
8,981,991
3,994
2,005
4,351
1,987
4,211
1,828
1,854
3,345
1,900
7,684
5,999
6,338
6,065
3,089
25,313
3,088
25,493
3,087
25,696
489,576
1,347,163
593,488
408,326
1,417,283
604,618
2,430,227
reserves
Dec.
21,
1936
1936
7.553,852
8.809,324
12,133
Other cash *
1936
16.
Oct.
8,609,328
12,471
253,547
8,853,624
Redemption fund (Federal Reserve notes)
Total
9,
1936
1936
Dec.
2,430,227
17,633
233,371
Bills discounted:
Secured
by
U.
S.
Government obligations,
direct and(or) fully guaranteed
Other bills discounted--
Total bills discounted
-
Bills bought In open market.
Industrial ad ances
United
States*Government
securities—Bonds--
Treasury notes
Treasury blllo_„
Total U.
S, Government securities
Other securities
Foreign loans
Tota
on
'•
\
•.
:
'
■
3,286
4,671
572,958
«
181
„
<?old
bills and securities
2,464,807
2,466,313
2,465,348
2,465,358
2,464,595
2,466,460
2,466,865
2,465,720
2,465,913
2,474,643
Gold held abroad
Due from foreign banks.
Federal Reserve notes of other banks
Uncollected Items
.
_
""220
Bank premises
All other assets
""226
""22I
221
""221
""226
"""226
"""220
""218
""650
26,646
895,842
48,082
_
26,074
23,823
582,369
48,078
651,945
48,066
25,464
615,194
48,066
26,926
718,925
23,289
573,938
24,720
573,806
48,062
24,797
654,301
48,062
657,595
48,066
24,852
556,847
48,067
20,039
50,308
39,468
46,200
43,285
42,673
41,725
48,067
40,988
40,255
39,116
38,307
38,290
12,575,081
12,236,522
12,301,473
12,224,679
12,302,740
12,134,953
12,048,652
12,065,573
12,106,944
11,046,381
LIABILITIES
Federal Reserve notes In actual circulation
4,268,972
4,232,669
4,202,799
4,169,201
4,134,270
4,142,981
4,134,747
4,086,242
4,091,064
3,698,393
Deposits—Member banks'
6,674,157
6,730,989
6,775,236
6,693,359
93,081
54,589
48,804
46,778
Other deposits
165,803
163,415
109,628
59,405
152,320
6,693,447
88,337
65,198
142,440
153,316
6,732,003
99,903
657479
154,170
5,436,894
172,826
60,779
6,850,652
50,485
52,702
143,893
6,824,565
Foreign banks
6,794,650
79,079
53,955
152,525
Total assets
reserve account
United States Treasurer—General account--
Total deposits
94,549
632,794
63,782
32,716
163,492
248,110
7,052,683
7,096,589
7,080,209
7,097,732
7,070,398
6,988,002
7,051,555
7,009,058
6,350,514
879,317
130,390
145,501
27,088
34,246
16,002
578,938
650,064
130,275
623,656
130,247
720,127
130,224
570,910
145,501
145,501
27,088
14,906
14,487
27,088
34,295
13,503
130,219
145,501
27,088
34,291
13,565
13,201
577,408
130,241
145,501
27,088
34,236
13,302
657,033
130,243
145,501
27,088
34,236
12,721
650,308
130,471
145,501
27,088
34,251
575,644
130,232
145,501
27,088
34,237
12,575,081
12,236,522
12,301.473
12,224,679
12,302,740
12.134,953
12,048,652
12,065,573
12,106,944
11,046,381
7,073,565
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
.
-----
All other liabilities
Total liabilities
:
130,283
145,501
27,088
34,249
35,111
34,290
144,893
23,457
30,700
17,645
Ratio of total reserves t o deposits and Federal
Reserve note liabilities oomblned
80.2%
80.4%
80.3%
80.3%
80.1%
80,1%
80.1%
80.0%
80.0%
77.7%
Commitments to make Industrial advances
21,371
21,491
21,544
22,040
22,138
t 22,436
22,574
22,790
22,774
27,691
6,297
4,568
5,082
4,832
4,054
5,130
5.250
4,262
4,337
4,673
230
495
272
542
479
511
565
564
73
56
246
268
311
504
386
860
788
594
1,077
260
564
148
145
144
317
209
319
525
431
777
528
43
9
156
155
162
252
1,154
6,338
6,065
5,245
6,866
7.077
6,107
6,170
6,920
5
1,730
...
Maturity Distribution of Bills and
Short- erm Securities—
1-15 dayst bills discounted
16-30 days bills discounted31-60 days bills discounted61-90 days bills discounted
---
Over 90 days bills discounted
347
520
7,684
5,999
1,944
Total bills discounted
■
„
1,950
134
163
220
141
83
584
545
1,895
£9
158
204
264
154
67
859
326
158
587
204
116
227
174
285
278
1,328
235
435
471
2,620
2,592
2,514
2,566
2,617
2,739
754
3,089
3,088
3,087
3,086
3,086
3,086
3,087
3,087
3,089
4,671
938
928
1,022
1,017
991
852
1,035
1,092
1,081
1,512
advances
647
647
407
334
348
433
457
301
332
418
81-60.days industrial advances
61-902days Industrial advances
468
522
668
819
780
880
677
608
588
853
805
962
713
797
721
949
984
930
936
22,407
22,591
22,637
23,097
23,121
23,395
23,356
23,314
23.496
29,166
l-15_days bills bought In open market--.
16-30jdays 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
bills bought In open market
l-15*days Industrial advances.
16-30jdays Industrial
-
--
..
.
Over 90 days Industrial advances
Tota Jlndustrlal advances
664
25,313
25,696
25,980
26,037
26,281
26,474
26,299
26,427
32,696
99,674
121,372
49,968
16,011
29,281
26,739
151,028
34,319
49,968
168,653
26,739
2.133,618
2,101,807
32,521
143,297
2,065,069
42,362
44,586
156,053
43,749
2,143,477
2,150,548
37,521
42,362
184,628
28.951
2,136,765
40,187
34,319
189,340
32,521
2,133,860
34,250
25,070
43,749
137,175
44,586
135,042
28,951
148,587
2,073,061
2,183,768
2,430,227
Total U. S. Government securities
25,493
29,281
3,240
50,855
64,189
2,282,662
-
1-15 days U. S. Government securities
18-30 days U. S. Government securities.----31-60 days U. S. Government securities-.--..
61-90 days U. S. Government securities
Over 90 days U. S. Government securities
1-15 days other securities
16-30 days other securities
31-60 days other securities.
31
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,227
2,430,175
139,372
62,743
124,344
__
_
.
_
_
61-90 days other securities
_
.
Over 90 days other securities
181
Total other securities
181
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
on
4,538,157
305,488
4,497,999
295.200
4,472,196
303,995
4,466,513
332,243
4,443,261
4,397,757
263,010
4,388,746
4.399,643
300,280
302,504
308,579
4,022,187
323,794
4,232,669
4,202,799
4,169,201
4,134,270
4,142,981
4,134,747
4,086,242
4,091,064
3,698,393
4,535,838
6,143
95,000
4,492,338
4,464,838
4.437,838
3,534
84,000
4,369,838
4,365,838
5,147
93,000
5,289
93,000
4,361
93.000
4,360,838
4,445
3,960,843
4,695
88,000
4,437,838
4,395
4,395,838
4,290
90,000
4,636,981
Collateral Held by Agent as
Notes Issued to Bank—
4,576,604
307,632
4,268,972
InTactual circulation
Gold ctfs.
-
4,586,628
4,557,533
4,525,372
4,493,985
4,468,127
4,463,199
Security for
hand and due from U. S. Treas.-
By eligible paper
United States Government securities
85,000
98,000
5,044
110,000
4,463,283
4,075,887
i
Total collateral
♦
"Other cash" does not Include Federal Reserve notes,
These
oents on Jan
are
certificates given by the
4.530,233|
t Revised figure.
United States Treasury for the gold taken
over from the Reserve banks when
the dollar
was
devalued from
100 cents to 59.08
31, 1934, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profits by the Treasury under
the provisions of the
Gold Reserve Act of 1934.
'
Financial
Volume 143
Chronicle
3953
Weekly Return of the Board of Governors of the Federal Reserve System (
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
Three
Ciphers (000) Omitted
Federal Reserve Bant of—
Total
Boston
New Yort
$
9
9
Cleveland Richmond
Phtla.
RESOURCES
Gold
$
certificates
on
band
and
Redemption fund—Fed. Res. notes..
Other cash ♦
....
reserves
9
Atlanta
Chicago
9
9
9
St.
Louis Minneap. Kan.
%
9
City
%
Dallas
San Fran.
%
%
due
from United States Treasury
Total
BUSINESS DEC. 16. 1936
...
658,578
8,853,624
12,133
232,753
545,780 3,471,784
1,680
1,492
62,478
18,922
490,233
276
583
600
25,105
14,185
9,098,510
566,194 3,535,942
515,614
673,346
291,185
252,726
1,597
15,281
174,194
677
702
211
12,771
244,507 1,701,356
475
2,300
11,561
26,372
256,244
166,935
6,335
12,679
6,937
600,102
1,540
20,127
304,556
258,368 1,728,203
269,604
181,206
269,625
174,083
621,769
Bills discounted:
Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed..
5,856
1,788
3,261
425
80
2
69
226
3
Other bills discounted
1,828
37
1,173
46
46
22
262
58
45
12
74
18
35
7,684
1,825
4,434
471
126
24
331
58
271
15
74
20
35
3,089
25,313
225
1,100
317
294
121
108,
385
86
61
2,888
6,282
4,797
1,214
2,684
485
1,438
466
1,081
489,576
1,347,163
593,488
35,091
96,560
129,985
357,682
157,576
42,101
49,512
136,238
60,019
25,285
69,574
30,651
19.982
115,851
51,038
54.983
42,539
57,199
157,395
69,339
23,329
64,198
28,282
2,430,227
174,190
645,243
208,990
245,769
125,510
99,188
283,933
2,466,313
179,128
657,059
214,575
247,403
128,339
100,112
285,814
.;
220
17
84
21
20
10
8
Fed. Res. notes of other banks.
Uncollected items
26,646
895,842
48,082
39,468
300
10,011
255,210
10,866
717
82,632
3,113
1,457
86,013
488
29,707
1,774
1,682
70,862
2,919
1,215
1,532
28,210
2,284
1,391
Total bills discounted.
Bills bought in open market
...
Industrial advances..
•
87
87
218
795
1,360
1,823
50,283
22,152
25,355
69,765
30,735
20,273
55,787
24,577
43,192
118,847
52,357
115,809
90,707
125,855
100,637
214,396
116,632
91,864
126,811
102,104
216,472
26
4
3
6
6
15
2,653
128,408
4,835
1,675
32,221
2,453
1,421
20,543
1,534
1,419
40,290
527
3,252
51,470
3,580
569
207
296
U. S. Government securities:
Bonds
Treasury notes
Treasury bills
Total U. 8. Govt, securities.
Total bills and securities
Due from
foreign banks..
Bank premises
All other resources....
Total
65,639
5,079
2,769
6,525
24,223
2
18,272
-":ry
3,368
34,344
1,526
301
357
394
831,872 4,498,879
80,4,414
1,016,538
509,583
391,905 2,150,508
422,796
296,867
441,820
312,947
896,952
4,268,972
373,727
899,426
314,730
415,612
210,255
189,431
956,836
185,088
136,493
159,852
93,118
334,404
6,674,157
172,826
341,481 3,023,932
4,079
77,196
4,435
22,723
2,987
102,970
378,104
4,857
452,319
13,940
722
4,702
1,738
3,161
11,655
4,361
3,592
1,798
7,636
121,772
3,816
1,438
4,573
459,730
12,748
981,664
31,571
6,952
2,393
222,732
6,826
1,738
1,740
147,381
5,344
2,097
6,096
162,333
5,514
203,694
5,248
2,637
179,015
5,574
165,803
7,073,565
resources
352,982 3,226,821
390,275
484,521
215,940
160,918 1,022,580
192,041
131,599
232,018
171,934
491,936
81,124
9,381
9,902
245,766
50,271
66,028
84,608
126,716
35,442
19,469
40,121
36,733
3,000
898
2,945
3,149
1,003
1,408
3,960
7,744
12,652
14,371
1,007
3,110
3,776
2,874
1,513
12,224
13,406
4,231
68,432
4,716
5,186
3,822
3,783
1,252
1,328
46,781
10,162
9,645
1,696
1,849
520
657
350
801
266
977
479
804,414 1.016,538
509,583
422,796
296,867
441,820
312,947
896,952
1,135
72
333
492
4,121
12,575,081
LIABILITIES
F. R. notes In actual circulation
Deposits:
Member bank
reserve account
U. 8. Treasurer—General account.
Foreign bank
60,779
Other deposits.
Total deposits.
Deferred availability items..
879,317
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
130,390
145,501
27,088
34,246
16,002
Reserve for contingencies...
All other liabilities
Total liabilities.
Commitments
12.575,081
make
to
8,849
9,177
369
831,872 4,498,879
industrial
advances
*
50,825
28,097
4,271
5,616
3,448
754
1,313
2,557
293
261
12,210
21,350
1,391
7,573
1,852
391.905 2,150,508
4,655
546
3,613
1,142
848
4,135
16,416
*
252
8,893
2,103
21,371
294
2,346
1,283
47
"Other cash" does not include Federal Reserve notes.
FEDERAL RESERVE NOTE
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Boston
New Yort
Phila.
$
%
$
%
Cleveland Richmond
%
Atlanta
Chicago
%
$
$
St.
Louis Minneap. Kan.
%
%
Cfty
Dallas
San Fran.
9
$
9
395,454 1,001,557
21,727
102,131
328,271
13,541
441,760
222,832
210,843
12,577
21,412
985,434
28,598
193,745
8,657
140,707
4,214
171,612
26,148
11,760
103,339
10,221
381,050
46,646
4,268,972
373.727
899,426
314,730
415,612
210.255
189,431
956,836
185,088
136,493
159,852
93,118
334,404
4,535,838
In actual circulation
Collateral held by Agent as security
4,576,604
STATEMENT
406,000 1,010,706
3,289
1,788
329,000
444,000
224,000
171,000
996,000
166,632
127,000
389,000
425
80
2
307,632
for notes issued to banks:
Gold certificates
on
hand and due
from United States Treasury
Eligible
6,143
paper
U. 8. Government securities
Total collateral
4,636,981
407,788 1,013,995
329,425
444,080
224,002
168,000
104,500
274
997
3
49
6
45,000
95,000
30,000
15,000
5,000
196,859
142,003
173,049
216,274
996,000
104,506
389,000
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are
obtained,
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System uvon the
figures for the latest week appears in our department of "Current Events and Discussions
Immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
The statement beginning with Nov. 6, 1935, covers reporting banss m 101
leading oitles, as it did prior to the
also been revised further so as to show additional items.
The amount of "Loans to banks" was included heretofore
in "Other loans." The Item "Demand deposits—adjusted"
banking holiday in 1933, Instead of 91 cities, and has
partly in "Loans on securities—to others" and partly
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
reserves must now be carried, while previously these deposits required no reserves, and, second, amounts due from banks are now deducted from
deposits, rather than solely from amounts due to banks, as was required under the old law.
These changes make the figures of "Net demand deposits" not
comparable with those shown prior to Aug. 23,1935.
The item "Time deposits" differs in that it formerly lnoluded a relatively small amount of time deposits of other banks,
deposits, against which
gross demand
which are now lnoluded in "Inter-bank deposits."
The item "Due to banks" shown heretofore lnoluded only demand balances of domestlo 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
•ssets—net," and "Other liabilities."
By "Other assets—net" is meant the aggregate of all assets not otherwise specified, less cash items reported as on hand or in process
of collection which have been deducted from demand deposits.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES, BY DISTRICTS, ON DEC. 9, 1936 (In Millions of Dollar.
Federal Reserve District—
Total
Boston
New York
PhUa.
ASSETS
9
9
9
9
9
1,189
9,631
1,171
1,850
1,028
14
996
9
1
222
28
77
20
12
2,022
148
833
145
224
Loans and Investments—total.
22,594
9
Atlanta
Chicago
9
Cleveland Richmond
9
St.
Louis Minneap. Kan. City
9
626
589
3,073
4
7
44
9
684
404
699
6
1
73
Dallas
San Fran.
9
9
9
512
2,166
3
3
17
43
Loans to brokers and dealers:
In New York
City
Outside New York City
on securities to others
Loans
banks)
on real
4
Loans to banks
Other loans
U. 8. Government direct obligations..
52
198
30
47
330
47
144
23
4
10
5
31
10
9
24
2
21
87
241
61
181
25
26
72
44
6
18
24
369
56
estate
Obligations fully
1
1,154
Acceptances and com'l paper bought.
Loans
3
(except
3
25
2
4
1
1
9
8
4,100
9,192
306
1,614
183
206
116
174
542
144
121
146
158
390
386
3,956
334
890
263
200
1,617
227
177
267
187
688
71
2
158
1
Reserve with Federal Reserve Bank.
Cash In vault
1,246
17
498
92
55
57
39
165
63
12
49
43
156
3,244
guar, by U. 8. Govt.
Other securities
153
1,247
302
273
79
85
392
109
48
142
52
362
5,317
286
2,601
264
95
827
136
152
107
296
336
141
76
436
126
79
20
41
20
12
73
13
6
13
11
Balance with domestic banks
2,457
132
198
166
260
201
127
427
139
102
263
187
255
Other assets—net
1,371
85
561
88
111
40
41
114
24
18
24
29
236
15,488
1,018
6,960
814
1,111
438
330
2,342
422
285
491
382
895
5,050
280
999
269
707
194
179
819
179
121
146
122
1,035
450
9
107
49
46
23
32
78
9
3
15
34
45
240
2,568
323
374
249
227
881
288
135
407
222
304
...
....
22
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
6,218
•
1
447
7
411
4
1
1
1
6
Borrowings
Other liabilities
"963
29
"435
23
19
34
8
"33
"l2
5
2
~~6
Capital account
3,559
235
1,590
227
340
89
87
355
86
56
90
79
Foreign banks......
1
14
357
325
Dec.
3954
1936
19,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
No
unless they are the only transactions of the day.
NOTICE—Cash and deferred delivery sales are disregarded in the day's range,
is taken of such sales in computing the range for the year.
account
Government Securities
United States
Stock
York
Below
we
furnish
Transactions at the New York Stock Exchange,
the New
on
Exchange
Daily, Weekly and Yearly
daily record of the transactions in
a
Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds
the
current
on
the New York Stock Exchange during
Railroad
Stocks,
Quotations after decimal point represent one or more 32ds
a point.
,
Daily Record of U. S. Bond Prices Dec. 12 Dec. 14 Dec. 15 Dec. 16 Dec. 17 Dec. 18
121.14
121.21
Bond
Sales
121.28
121.28
Low.
•
121.28
121.25
121.24
121.20
121.20
121.10
121.28
121.27
121.23
121.21
121.14
$88,025,000
860,000
13,672,000
13,065,000
2,386,000
2,034,000
2,146,000
2,501,000
2,532,000
$12,549,000
1,945,000
1,953,200
1,905,806
12,394,436
Total
913,000
10,573,000
14,575,000
13,067,000
2,478,300
Friday
$5,892,000
$226,000
612,000
667,000
2,614,000
121.10
Close
4^8. 1947-52
Tuesday
$950,000
$69,584,000
Monday
Thursday
$5,808,000
13,571,000
17,276,000
16,073,000
18,787,000
16,510,000
$4,632,000
1,235,910
2,876,220
Saturday
121.12
High
Treasury
121.10
Total sales in $1,000 units...
2
17
45
8
High
110.16
110.13
110.9
110.3
110
109.28
Low.
110.12
110.11
110.6
110.3
109.30
109.25
Close
110.15
110.13
110.6
110.3
109.30
109.25
Total sales in $1,000 units—
7
7
9
53
3^8, 1943-45
8
13
1
21
High
116.4
116.7
116.6
116.1
116
116.4
116.5
116.2
116
115.28
115.22
116.4
116.7
116.4
116
115.28
115.22
38
7
Close
37
61
114.21
114.17
114.14
114.21
114.17
114.14
114.21
114.17
114.14
5
High
/•»
Low.
3^8. 1946-56
2
1
1
9
Total sales in $1,000 units...
Close
....
Total sales in $1,000 units...
High
m-
m m
—
mmmmm
Close
mmmm
m.
12,394,436
7,827,345
$4,564,000
$310,647,000
State and foreign
368,368,000
69,584,000
7,618,000
54,729,000
339,389,000
Railroad and industrial
2,796,195,000
2,214,607,000
$88,025,000
$66,911,000
$3,446,231,000
$3,248,935,000
Total.
110.30
110.28
110.26
110.27
110.20
110.20
110.30
110.27
110.24
110.20
2
16
17
106.12
106.9
106.6
106.12
106.13
106.11
106.8
106.2
106
106.12
106.13
106.12
106.9
106.2
Below
106.4
Low.
106
High
—
«
-
~
m
—-
_
77
'
22
14
56
156
107.30
107.27
107.26
107.23
107.29
.
•»
107.26
107.26
107.20
107.31
107.26
107.27
107.22
107.23
45
153
7
108.17
108.11
108.10
108.8
107.27
108.17
108.11
108.8
108.3
107.27
108.17
108.11
108.8
108.3
107.27
107.27
3
2
40
23
mmmmm
109.13
109.10
.....
High
'
40
109.3
108.29
109.3
108.29
109.13
109.10
109.7
109.13
109.10
109.7
1
3
5
High
108.31
108.31
108.29
108.25
108,23
Low.
108.31
108.30
108.26
108.23
108.17
Close
108.31
108.31
108.26
108.23
108.19
Total sales in $1,000 units—
10
8
44
8
17
-
108.1
108.1
108.1
....
High
....
Low.
'
....
Close
....
Total sales in $1,000 units—
50
rn.rn.~-
109.6
109.3
109.9
109.5
108.30
109.9
109.5
109
110.6
110.5
110.5
110.1
Close
110.9
110.5
110.6
110.2
-
—
109.23
—
112
104.9
104.9
104.3
104.3
103.31
103.27
Low-
104.6
104.5
104
103.30
103.20
103.21
Close
104.9
104.5
104.3
104.3
103.24
103.24
(High
2
27
10
Grade
Utili¬
40
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
179.42
64.12
107.51
113.55
94.86
106.44
105.59
54.74
35.09
64.66
107.71
113.69
95.19
106.59
105.80
Dec. 16.
181.58
54.96
35.28
64.95
107.90
113.65
95.23
106.73
105.88
Dec. 15.
181.97
55.00
35.29
65.05
107.76
113.79
95.51
106.58
105.91
Dec. 14.
181.87
54.82
35.61
65.07
107.71
113.79
95.41
106.68
105.90
Dec. 12.
180.92
54.93
35.26
64.79
107.85
113.88
95.48
106.83
106.01
quoted
are
—
—
-
Bid
123
Deo. 30 1936.
Mar. 17 1937.
Mar. 24 1937.
Mar. 31 1937.
0.10%
0.10%
0.10%
13 1937.
Jan.
20 1937.
110
11
34
520
Jan.
27 1937.
106.21
106.18
106.14
106.5
jpeb.
3 1937.
Low.
106.22
106.23
106.21
106.18
106.12
106.5
Feb.
10 1937.
Close
106.27
106.23
106.21
106.18
106.12
106.5
Total sales in $1,000 units—
3
20
25
50
11
Low.
....
Close
.
.
.
.
.
.
.
.
104.5
104.6
104.5
103.22
103.25
103.25
103.26
61
308
17
104.1
104.1
3
142
103.27
104.1
....
102.31
103
102.29
102.28
102.21
....
102.30
102.28
102.27
102.20
102.20
102.31
102.29
102.27
102.21
102.20
26
16
28
124
36
102.17
102.16
102.11
(High
Low.
Close
Total sales in $1,000 units
104.6
....
•
102.7
High
102.19
102.20
Low.
102.18
102.16
102.13
102.12
102.5
102.3
Close
2^8. 1956-1959
102.19
102.17
102.13
102.13
102.7
102.3
28
Total sales in $1,000 units...
........
.
Low.
........
.
.
.
Close
Total sales in $1,000 units...
Federal Farm Mortgage
High
....
.
Low.
3>*8. 1944-64
..
.
....
Close
....
Close
38. 1942-47
100.26
.
.
100.29
100.27
172
444
105.26
105.23
105.28
105.26
...
.
105.30
105.28
105.26
High
_
„
mmmm
— —
3s, series A, 1944-52
105
30
2
105.20
105.19
105.19
105.20
105.19
1
_
_
_
_
_
_
_
_
____
Maturity
15 1941...
IM%
Deo.
15 1939...
June
15 1941...
15 1940...
m%
i %%
ih%
1H%
lvi%
iy*%
Mar. 15 1940...
i H%
103.29
103.29
1
2
High
104.30
104.27
104.26
104.25
104.23
104.20
104.27
104.27
104.25
104.23
104.18
104.27
104.26
104.25
104.20
Mar. 15 1939...
Mar. 15 1941...
June 15 1940...
Dec.
104.16
104.30
152
103.6
103.5
103.3
103.2
102.29
103.3
103.4
102.31
102.29
102.24
102.19
103.6
103.5
102.31
103.2
16
4
33
11
102.24
100.26
June
100.28
15 1939
Bid
2 H%
103.4
18
20
102.28
102.24
102.22
102.19
102.23
102.19
85
101.16
Sept. 15 1938...
23^%
103.15
103.17
101.11
Feb.
1 1938...
2 H%
102.20
102.22
101.20
101.22
June
15 1938
2^%
103.21
103.23
101.21
101.23
Apr.
15 1937...
3%
101.9
101.11
101.20
101.22
Mar. 15 1938...
3%
103.11
103.13
101.20
102.22
Sept. 15 1937...
3^%
102.15
102.17
101.31
102.1
102.29
6
7
Total sales in $1,000 units
1
9-
15
FOOTNOTES
6
102.29
24
*
Deferred delivery
n
table
includes
only
Transactions in registered bonds
FOR
NEW
Bid and asked prices; no sales on
YORK
sales
of
coupon
New stock,
r
Cash sale.
x
Ex-dividend.
y
Ex-rights.
were:
.121.8
to 121.8
.109.23 to 110.8
.103.28 to 103.29
this day.
t Companies reported in receivership
a
103.6
101.14
102.21
102.28
102.28
103.2
103.1
50
Asked
101.9
102.19
39
103.3
1
Rate
102.23
Low.
103.1
1943-1945
4 Treasury 2J^s, 1955-1960
Maturity
Asked
20
High
103.1
Treasury 4J4s, 1947-1952
0.19%
104.16
103.1
4 Treasury 3J4s,
0.19%
Sept. 15 1937
Int.
Bid
Rate
Dec.
103.29
104.3
103.1
above
0.19%
0.19%
Int.
4
5
104.3
....
_
Low.
Note—The
1 1937
81937
Sept.
Sept.
105.16
105.13
10~4~.3~
Close
bonds.
0.19%
0.19%
Aug. 25 1937
point.
105.13
__
Total sales in $1,000 units
Home Owners' Loan
High
2^8. 1942-44
0.19%
Indebtedness, &c.—Friday, Dec. 18
a
Close
25^8, series B, 1939-49..■
0.18%
18 1937
Aug.
0.10%
0.10%
104.30
Low.
Total sales in $1,000 units
Home Owners' Loan
July 21 1937
July 28 1937
4 1937
Aug.
Aug. 11 1937
104.30
Close
Home Owners' Loan
14 1937
July
Quotations for United States Treasury Certificates of
—
105
105
_____
_
—
105
105.20
....
$1,000 units
0.16%
0.18%
0.18%
0.18%
7 1937..__i
July
•
105.4
105.4
______
Close
Total sales in
0.16%
June 30 1937
Figures after decimal point represent one or more 32ds of
105.4
mm
4
_____
1
3
12
•
105.6
....
Low.
2^8. 1942-47
7 1937.
Apr.
Apr. 14 1937.
Apr. 21 1937.
105.23
Total sales in $1,000 units
Federal Farm Mortgage
Mar. 10 1937.
Mar. 16 1937.
June 23 1937
2 1937
105.23
....
Close
1937.
16 1937
189
105.28
5
Low.
3
•••••
105.30
.
....
Mar.
9 1937
June
June
100.27
101
105.6
.
High
-
100.29
105.27
105.9
....
Total sales in $1,000 units
Federal Farm Mortgage
100.28
87
....
Low.
24 1937.
June
0.14%
0.14%
0.14%
0.16%
0.16%
0.16%
100.28
101
_
....
High
3s. 1944-49
Asked
98
360
109
101
101
14
Total sales in $1,000 units
Federal Farm Mortgage
160
98
....
17 1937.
Feb.
Apr. 28 1937.
100.30
(High
2Hs, 1949-1953
Feb.
1
May
May 12 1937
May 19 1937
May 26 1937
0.10%
6 1937.
Jan,
106.26
Total sales in $1,000 units
Bid
0.14 %
5 1937
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%
Jan.
99
104.2
Dec. 18
Asked
0.10%
106.27
104.5
Bills—Friday,
for discount at purchase.
Dec. 23 1936.
High
104.10
34.74
54.23
United States Treasury
Rates
Total sales in $1,000 units—
High
Total
109.22
-
-
....
31
11
Second
Grade
109.28
110.4
110.9
First
Indus¬
26
11
65
5
5
10
70
180.78
108.26
110.10
Total
Dec. 17.
108.26
109.15
20
Utili¬
Dec. 18.
108.29
109.15
_
20
Rail¬
trials
4
109.9
110.9
10
30
Indus¬
Date
107.31
109.15
Low-
2^8. 1951-54
Bonds
107.27
50
100
High
Total sales in $1,000 units—
of representative
the New York Stock Exchange
107.31
107.29
107.29
108.2
Total sales in $1,000 units—
1
107.29
108.2
....
Low.
55
108.2
.....
High
Close
2^8. 1948-51
on
10
108.29
109.4
109.7
______
Low.
Close
Total sales in $1,000 units—
2^8. 1945-47
Averages
averages
compiled by Dow, Jones & Co.:
32
Total sales in $1,000 units—
2%s, 1955-60
Bond
Stocks
107.27
Close
3^8, 1944-46
and
daily closing
107.28
Low.
8^8, 1941..
as
18
6
High
3Hs, 1949-52
the
107,19
Total sales in $1,000 units...
3MB. 1946-49
are
stocks and bonds listed
107.31
6
r
Close
3Ms. 1941-43
Stock
4
106.16
Low.
$665,960,000
110.24
110.30
111
Close
SVsS, 1940-43
Bonds
Government
2
_
106.15
Total sales in $1,000 units...
367,236,524
479,894,958
$5,892,000
12,549,000
Stocks—No. of shares-
114.8
_
High
3s. 1946-48
1935
1936
1935
1936
114.8
_
_
111
111.1
Total sales in $1,000 units—
3s. 1951-55
Stock
Exchange
114.8
----
5
■
Low.
3^8, 1943-47
York
Jan. 1 to Dec. 18
Week Ended Dec. 18
Sales at
New
115.26
Low-
4s, 1944-54
4
Total
States
Bonds
week:
Wednesday
of
United
State,
Bonds
Shares
1936
Mis cell. Municipal &
For'n Bonds
and
Number of
Week Ended
Dec. 18.
STOCK
PAGES
7
Proctor
Abbott,
Members New York Stock
Paine
&
Exchange and other leading exchanges
Commission orders executed in
and individuals
Stocks, Bonds, Commodities for institutions
Chicago
New York
Volume
LOW
AND
Boston
•
Buffalo
•
Montreal
•
•
Toronto
SALE PRICES—PER
HIGH
Sales
NOT PER CENT
SHARE,
70
$ per share
$ per share
*66
Dec.
Dec. 16
15
Dec.
$ per share
70
*66
$ per share
*66
14
Dec.
66
70
the
$ per share
$ per share
*65
75
Shares
Abraham & Straus
*6134
75
10
*65
66
700
14%
15
7,500
Adams
26
26
No par
34%
1,500
2,300
2,500
Adams M tills
34%
3%
Address Multlgr Corp
Advance Rumely
No par
66
1434
15%
1458
28
14%
27%
1434
28
27%
*26%
34%
*34i2
15
26i2
35
3%
*3i8
33s
67
14%
14%
27%
27%
34%
1434
27%
28%
34%
34%
33%
3434
3%
3%
3%
3%
3
3%
4%
4%
*100
*100
106
14%
15
79
78%
4%
78%
78
*175
*175
4%
7884
4%
1434
434
4%
53%
52%
55
*5034
53%
52%
*50
52
52%
5334
46
47%
37%
*108%
38%
4%
52%
44%
37%
*108%
233
44%
37%
mi*mm
-
232
233
30%
18%
53%
----
233
31
30%
32%
18%
18
18%
78%
4%
4%
*100
106
14%
1484
14%
4%
4%
52%
434
54
53%
52%
52%
4834
38%
78i2
4%
1434
14i4
4%
4%
"4%
33",300
52%
48%
50%
7,600
50%
50
50
44
39%
49
4734
4734
46%
4634
44
3834
38
38%
38
39
38
31%
23012
30i4
17%
87%
x86
86%
'7534
74
74%
29%
5%
85%
77%
8534
7534
77%
74
75%
74
30%
5%
30%
30%
30%
30%
30%
30%
30%
30i2
5%
53a
37
37
37
99
101
99
10034
86
86
3934
40%
3934
40%
65%
65%
5%
37
88%
65%
5%
37%
101% 102%
88
65%
5%
66
66
66
66%
139
*85%
3934
66%
67
139
18%
1714
7534
5%
16%
3034
8634
85%
5%
230
1734
7534
37
228
30%
31
17%
86%
5%
2~3~2~~
*3638
86
85
85
84
39%
39%
39%
39
66%
67%
139
139
139
110
114
111% 114%
168
168
5534
167% 168
56
5784
93
*93%
*65%
68
67
68
139% 139%
*6538
68
139
55%
92%
72%
118
73%
118
73%
120
95
76%
120
1,000
9934
4,900
*82
38%
65%
68%
68%
*139
139
84
*30%
3534
*30%
3534
14%
15%
15
15%
29%
29%
2834
2934
28
29%
28%
29
*98
6%
12%
*156
99
*99
6%
13
6%
*13
290
*156
99%
7%
13%
300
*30%
14%
100
35%
15%
*99% 100%
*30%
1434
*30%
14%
38%
67%
4,700
68%
3,100
28%
99%
734
z2734
28
99%
*97
99%
13
*1234
*156
13
300
7%
13
*156
8
7%
59
57%
20
22%
21%
22%
20%
21%
20
7%
49
50
49%
50%
48
49%
18%
18%
18%
18%
18%
19
7
7
7%
41%
49%
7
39%
39%
39%
*49%
2%
49%
2%
49%
2%
19%
19%
19%
14%
14%
44
44%
120
3
19%
14%
14%
44%
46
22
22%
120% 120%
22
22%
1184
12
zll%
50%
50%
120
49
41
7%
4134
68
24
24%
68%
24
35
35%
3234
33%
31
23%
23%
23%
39
39
*37%
7%
59%
57
20%
2134
20%
21%
49
49
47%
39
4934
4934
50
2%
18%
14%
47%
2%
41
1434
47
46
120
119
120
22
2384
1134
1234
23%
12%
23%
12%
51
52
5234
52
52%
121% 121%
*66
1134
*80
69
68
12%
81
69
z35%
19%
7
1834
6%
59%
*129
26%
*55
*139%
*23%
110
19,600
800
11,000
21,200
3,000
4,000
634
20,200
2,400
1,600
4,000
49%
49%
2%
18%
18%
17%
2%
18%
14
14%
14%
14%
47
48%
45%
47
119
22%
23%
12%
12%
12
1234
50
51%
49
50%
121% 121% *118
68
*66
1,500
5,600
14,300
119
119% 119%
23%
23%
*66
1,600
20,700
26,200
6,100
126
200
68
1134
12%
1134
12%
80
80
78
66%
77~,200
80
68
67%
*65%
2,400
3,800
24% 128,100
24%
24%
25%
24%
25%
24%
25%
*160% 182
*160% 182
*160% 182
*160% 182
35
34%
35%
3434
36
35%
3434
3434
35%
34
34%
*32%
33%
32
34
32%
32%
3184
23%
23%
23%
23%
24
24
24%
23%
2334
40
40%
40%
40%
39%
41%
3934
40%
40%
95%
92%
94%
94%
97
97
98
9534
97%
24%
33~,7O5
95
9534
9634
2,500
6,100
146% 146%
900
96
96
97%
97%
95%
*14434 147%
1734
17%
96%
147
17%
96
97
147
18
95%
96
96%
97%
146% 14634
17%
1734
95%
95%
96%
97
14634 14634
17%
17%
95%
96%
14534 146%
16%
17%
1634
420
26
52%
2,700
2,200
139%
300
24
2,700
11,100
18534
17%
2534
25%
26%
*100% 103
*100% 103
10
10%
10%
10
67%
66%
67%
66%
2534
26%
*100% 102
10
1034
10
6534
68
65%
1%
1%
1%
1%
1%
1%
7%
7%
7%
8%
8%
834
7%
7
7%
6%
6%
*71
4334
50%
*82
1934
*107
32
-
-
-
45
6%
*80
*71
*48%
25,900
32
32
*5%
6%
5%
43%
43%
43%
*113% 130
*115
7%
7%
6°8
7%
6%
7%
6%
87,100
46
52'%
4934
52
86%
19
18%
86%
18%
19%
106% 106%
107
34%
5%
44
119%
82%
128
35
*5%
35%
6
34
5%
35%
5%
Z107
33
5%
107
34%
5%
32
5%
7,800
10,300
46%
25
108
32
5%
96,100
1,400
2,100
180
*115
44%
2,400
700
130
44
*112
130
*116
130
59
58%
59
59%
60%
5834
60
59%
59%
15%
15%
15%
15%
1434
15%
15
15
*14%
14%
*116
58%
14%
130
100
No par
of N J (Alleg Co)..25
Colortype Co
10
Corp__20
American Crystal Sugar.... 10
6% 1st pref
100
Amer Encaustic Tiling new__l
Amer European Sees
No par
Amer
Am Comm'l Alcohol
59%
15%
1,700
110
3
Nov 23
Jan
87%May 11
27
Nov 16
20i2 July
16% Jan
Apr
3% Apr
89
2934 Jan
6% Apr
No par
Apr
Apr
12
$6 preferred
No par
Amer Hawaiian SS Co
10
25
Amer Hide & Leather
1
6% conv pref...
Amer Home Products
..50
1
Ice
No par
pref
100
Corp...No par
American Locomotive. .No par
Preferred
100
Amer Maoh & Fdy Co..No par
Amer Mach & Metals..No par
Amer Metal Co Ltd
No par
6% conv preferred
100
Amer News N Y Corp..No par
Amer Power & Light ...No par
$6 preferred
No par
$5 preferred
No par
Am Rad & Stand San'y.No par
...100
Rolling Mill
25
68% Dec 18
140
1
9
8
30
2
2
30
2
30
30
169% Sept
16% Dec 17
35% Nov 20
32
Aug 29
101
Sept 12
784 Dec 15
14% Feb 17
175
Oct 2
984 Mar 23
60% Dec 12
22% Dec 14
50% Dec 14
21% July 20
8% Mar 6
46
Jan 27
2% Sept 24
16% Sept 24
9% Apr 30
Apr 30
2
Jan 7
Jan 3
Jan 9
Mar 6
Jan 7
Apr 30
Jan 4
Sept 1
104
57%
100
13338
Amer Steel Foundries..No par
20%
100
107'4
No par
2434
48% Apr 30
Jan
6
129
Am Sumatra Tobacco..No par
20% Mar 21
100
149% Apr 30
87
Mar 13
*
25
Tobacco..
25
Common class B
100
Preferred
10
Founders me
100
1st
Eleo.No par
preferred
American
Woolen
Preferred
No par
No par
100
1
tAm Writing Paper
Preferred
Amer Zinc
No par
Lead & Smelt
1
25
Armstrong Cork Co...No par
Arnold Constable Corp
5
65
Dec
8
Jan
33%
66
Feb
96
30
Mar
2% Mar
22% Mar
6% Feb
72
Aug
84 May
234 Apr
Deo
June
34% Aug
9%
Deo
3584 Nov
Deo
19%
Deo
9234
3%
Deo
9%
Deo
9% Aug
2
Mar
14
Mar
42
3% Mar
17
12
Mar
Aug
Aug
38% Aug
Jan
Jan 14
14%
Oct
3784
Feb
54% Nov
134
69
7
July 16
Nov 30
14% July 28
8%
Apr
11% Nov
2734 Nov
18% Mar
4% Apr
13% Mar
Jan
36% Nov
% Mar
10% Mar
1584 Mar
Oct 13
Nov 10
Dec
z24
134% Mar
45
Deo
32%
130% Nov
9
103
Deo
12%
Jan
Nov
3984 Oct 21
2834 Nov 18
75%
33% Nov
72
165% Aug
37
Nov
38% Nov
4% Mar
2
3
4
4
8% Mar
10% Mar
4% Mar
9% Nov
49% Aug
41% Aug
Deo
25%
Sept
159
32% Nov
21%
Mar
Deo
Jan
26%
31% Apr
64%
20
Deo
15234 Mar 11
121
Feb
144
108%May 28
101%
Dec
117% Aug
73%
145%
61%
145%
36
Jan 22
Dec 7
Dec 4
Nov 6
Jan 29
63% Aug 29
Sept 23
26% Jan 28
190% Nov 27
145
104
6
150
Mar 17
18
35
Jan 11
May
63
Jan
76
June
125
Feb
143
July
12
Mar
88
Feb
113
32%
Dec
43
Jan
50%
Dec
70%
Feb
124
Dec
25% Nov
Deo
140% May
Jan
27% Nov
98% Mar
160% Nov
72% Apr
7434 Mar
104% Nov
107
Nov
18%
Deo 14
44
28
2784 Oct 30
10
Jan
9
Mar
7% Mar
Mar
141
38%
2284
Nov
Deo
Deo
94% Nov
4% Mar
1084 Sept
35% Mar
% Mar
6884 Nov
5
Jan 10
2% Mar
11% Feb
7034 Feb
2
129%
48
10934 Sept
Feb
784 Mar
2%
1184
5%
Deo
Deo
Dec
2
3
Mar
31
Mar
49
Aug
8
Mar
30
Deo
16%
Apr
37
78
Dec 10
May 18
Jan 20
50
Dec 15
8
87
Jan
1
Apr 30
118
May 11
105% Jan 3
4%June10
66% Jan 2
104
Aug 18
47% Feb 24
7% Jan 9
3
37
Feb
2
Jan
15% Jan 2
97
May 13
9
June
9
100
Dec
4%
2
Jan
35
..No par
25% Mar
Oct
May
33%
Oct
8%June 30
20 May 13
19% Apr 28
9234 Jan 3
7% Sept 25
52'4 Sept 25
34May 19
4% Apr 30
3% July 3
No par
$6.50 conv preferred.No par
Andes Copper Mining.....20
A P W Paper Co
No par
Archer Daniels Midl'd.No par
$6 conv pref..
168
Mar
Apr
88% Mar 13
136
Anaconda W & Cable..No par
7% preferred
100
Armour<fcCo(Del)pf 7% gtdlOO
Armour of Illinois new
5
Jan
10
1%
6
24
Cap
15134
Dec
/29%
102% Feb
$5 prior pref
25
Anaconda Copper Mining..50
Anchor
149%
15% Oct
6% Nov
15% Nov 12
2334 July 7
Dec 14
136%
100
42%
Jan
40
24
31
25
100
Mar
Oct
74% Sept
27% Jan
100
Sugar Refining
21
110
Oct
87% Sept
18
Feb
Jan
3
Feb 20
18»4 Apr 30
Jan 7
Dec
5734
4738 Nov
70
Nov
28
36% Feb 20
157
80
43
Mar
100
Preferred
48% Jan
41% June
13% Jan
Mar
Preferred..
Preferred
Oct
2234 Nov
9
2d
Snuff
Oct
37%
32
43
Nov
Mar
48% Dec 17
May
Dec
9
Mar
122% Nov 30
29% Jan 14
15
Feb 13
21
24%
75%
Apr 28
9
10
Apr 28
27
Apr 30
121% Dec 16
z35% Jan 3
7% Feb 20
66
Smelting & Refg. No par
Am Water Wks &
Sept
23% Apr 28
5634
Am Type
173
51% Nov 18
5% Jan 14
31% Oct 29
Jan 2
37
25% Jan
preferred 6% cum
5
78% Dec 15
12034 Dec 15
113% Oct 26
34
Jan 3
4% Oct 30
Shipbuilding Co.No par
American
Mar
22% Dec
3% Mar
/49
June
5
59% Dec 17
96% Dec 18
Jan 20
13
Nov
137% July 17
7% July 10
100
2d preferred
55% Apr 15
73
Nov 20
57% Apr 27
31
Amer & For'n Power...No par
Preferred...
No par
Amer Telep
Deo
39% Dec
.
934 Jan
175
Oct
Amer
32
3
125i2 Mar 29
89
Nov 20
Apr 28
May 2
Dec 12
111
Preferred
~3~o66
40
124
5% conv pref
American Chicle
Stores
Jan
125
17
584 Dec
3
29
162%May_30
Apr 30
Preferred
l",700
43%
43%
4234 43
2,000
44%
30
119
119
119% 119% *118% 119% *118% 119%
400
109% ioy%
10834 10834
109% 109% *109% 110
6%
6%
6%
634 121,300
6%
6%
6%
6%
*80
82
700
80%
80%
*80
*81
82
8134
44
58%
*106
6,700
"
86%
1834
107
*80
52
19
108
-
86
87
19%
-
46%
19
1934
-
4734
85
119% *119
82
11,500
5134
109% *106% 109%
634
6%
6%
81%
1%
87
*107
*79%
10
66
1%
54
*119
6
934
5234
86%
53%
400
64%
47%
53%
85
47,700
1%
*80
*80
26%
10x%
66%
46
83%
108
1%
8%
7%
2538
100
6538
1%
7%
50
5034
108
67
48%
51%
19%
«...
1%
7%
634
25%
26%
26%
102%
102% *100
10
10%
10%
50
85
1934
2534
*100
Jan
Preferred
100
American Car A Fdy...No par
Preferred
100
American Chain
No par
American
Deo
Dec
1438
111% Dec
7
65
100
Preferred
25
July
50
5 H7o conv pref
American Can
American
33%
187
21
-
37
Amer
"9",700
-
10
Preferred
58%
111%
par
Amer
100
6634
Deo
184 Mar
6% Apr
54% Nov 19
40% Oct
"
34% Nov 12
Am Brake Shoe & Fdy.No par
American
14%
1934May 31
4
Oct 28
Preferred
6% non-cum
Amer Internat
Dec
Mar
14
American Bank Note
American
Deo
14%
2
60% Nov 17
60
Nov 10
12
(Del)..No
Dec
2% Mar
5% Nov 19
61% Nov 18
77% Deo 14
31'4Nov 14
75
Jan 6
49
July 17
2%
Jan
Apr
35% Jan 21
No par
Nov
3%
Jan 31
50
Corp
Feb
8%
84 Mar
69
com preferred
Deo
20%
173
Sept
Nov
1,960
94%
95%
6%
37% Nov
24% Dec
74
Aug
1
Deo
11%
z20%
34
new
7484 Nov
Oct
Apr
13%
186
20% Nov 13
90
Nov 24
Aug 14
634 Jan 7
Oot
116
Sept
74
17% Sept 24
Mar 25
195
No par
preferred
Allis-Chalmers Mfg
Apr
34
No par
5%
Am AgricChem
_
No par
100
Allied Stores Corp
Amerada
Mar
245
American Seating Co..No par
----
95%
Jan
4% Mar
6% Sept
104% Mar
23
Amer Safety Razor new. 18.50
300
188% 18834
157
3,300
107
150
66
Allied Chemical <fe Dye.No par
Allied Mills Co Ino
No par
8
7
Feb
3,400
148
95
98
Preferred
148
148% 148%
150
148
148
*148% 149
*106%
*106% 107
106% 106% *106% 107% *106% 107%
*6534
*6534
67
66%
*6534
6684
*6534
66%
*143%
*143%
*143%
*143%
*143%
57%
58%
59%
58
5934
59
5934
59%
58%
60%
111%
110% 111
111
110
131
Z11034 11034
*128% 130
26%
*25%
25%
26
26%
26%
26%
26%
z26% 26%
53
52%
5434
55.
55
56
55
*54%
54%
54%
*138
140%
139%
141
140
140
141
140% 140% *135
24
25
24%
24
24%
2334
2334
2434
24%
23%
184% 186
184%
185
186
zl86
188% 186% 18734
96%
No par
Amer Express Co
47~, 100
19%
2%
*106% 107%
*143%
4,100
49
18%
Allegheny Steel Co
Ami Coal
14, 600
6,800
16,700
1,100
*149% 151
*6534
7%
59%
7%
58%
*160% 182
*160%
95
7%
300
300
38
14
6934
300
7
41
18%
69
*156
1,000
12%
6%
*38%
19
11%
69%
*156
634
12%
7%
41%
18%
14%
46%
7%
5884
21%
7%
12%
1,800
9,800
99
4834
48%
2%
18%
118
900
8,300
27%
7
49%
234
300
7
27
*97
48%
18%
48%
2%
*121% 133%
*121% 144% *121% 144
68
68
67%
*63%
*63%
*63%
12
12%
12%
11%
12%
1134
81
8284
80%
82% 8234
80%
68
29%
28
57
634
15%
99%
5934
8%
22,700
35%
29
29
734
*30%
15%
28%
13
280
100
28
28%
7%
100
140
16%
29%
58
7%
35%
28%
60%
8
1434
29%
58
7%
35%
100
101
28%
*99
600
168
101
100
warr
Amalgam Leath Cos Ino
37
68
100
Pref A without
2 M % prior conv pref.No par
Alpha Portland Cem
98%
3934
Pref A with $40 warr
1,500
37
84
100
5,900
37
5%
112% 113%
113i8 114%
114
115%
169
169% Z169
*16734 169% Z169
58%
5634
59%
57%
57
57
58
57%
99
96%
95%
*96%
94
94%
95%
93%
74%
7634
7334
7514
75
76
76
78%
120
118
117% 117%
119
119
120
I2O84
100
*99%
*99% 107
6,300
40,000
1,200
18,300
2934
114% 116
168
*138
4,400
30%
5%
9934 10034
Pref A with $30 warr
Aug 5
2% Apr 28
12% Jan 2
12% Jan 2
12% Jan 2
27
Apr 28
26% July 7
„
Alleg & West Ry 6% gtd-.lOO
18%
86%
75
14,000
*108%
*10812
232
*85%
38
1,500
1,100
1,400
5034
4934
50
5038
87
*36%
July 17
4%
4% Mar
86% Nov 10
6% Apr 1
103
Nov 18
Mar 25
13
5014
86
100% 103%
91
9
2
Jan
2
Feb
21% Jan
178
50
30%
Affiliated Products Inc.iVo par
Air Reduction Inc new. No par
Albany <fc Susque RR Co.. 100
^Allegheny Corp
No par
52
231
Jan
Alaska Juneau Gold Mln_._10
14%
52
'
June
8
~8~, 100
105
*175
54
*108%
28
37% Oct 13
Air Way El Appliance. .No par
Ala & Vicksburg RR Co..100
*50
32
3534 Feb 14
17%June
10
2,300
052
232%
9
22% Jan 21
zl% Jan 14
7% Jan 2
58
Apr 28
No par
10,900
52%
31%
1784
June
438
14%
1434
*175
4%
Jan
51
7934
*100
105
*100
106
110
4%
4%
32
share $ per share
52% Nov
Apr
1
3
Apr 28
9% Apr 30
59
25
Express..
per
7434 Feb 10
1534 Nov 5
118
110% Aug
100
79%
80
4%
3%
53
*108%
230
78%
*175
*175
190
34%
3%
79%
4%
*100
106
14%
14%
66
$
$ per share
70
Nov 12
Mar31
42
No par
Acme Steel Co
Highest
Lowest
Highest
Lowest
$ per share
Par
6534
66
67
Range for Previous
Year 1935
100-Share Lots
EXCHANGE
1
65%
66
66
6634
*34
3955
On Basis of
Week
Dec.
17
Preferred
6634
Norfolk, Va.
Richmond, Va.
•
Range Since Jan. 1
7
STOCKS
NEW YORK STOCK
Friday
18
Wednesday
Tuesday
Monday
12
Dec.
Indianapolis
•
New York Stock Record—Continued—Page 2
143
for
Saturday
Cleveland
•
July
55% Nov
111
43
.
7
50
122
5
Nov 12
5
10% Sept
Jan 30
96% Oct
3% Mar
2684 Mar
Nov
5
Nov 28
36
Jan
117
110% Jan 20
7% Jan 25
84
Jan 28
125
1% June
7
Jan 13
Jan
Jan 28
62% Mar 23
18% Nov 17
Aug
97
Apr
3% Apr
55% May
85
Jan
17%
109
12%
Dec
Jan
Apr
Deo
4
Deo
52
Aug
122% July
109
6%
70%
110
Deo
Jan
Jan
Jan
25% July
50 84
Dec
Mar
9%
Dec
4
New York Stock Record—Continued—Page 3
3956
LOW
AND
SALE PRICES—PER
HIQH
.
1678
16%
Wednesday
Thursday
14
Dec. 15
Dec. 16
Dec. 17
$ per share
$ per share
$ per share
$ per share
$ per share
♦100
Tuesday
Dec.
12
Dec.
16%
15i2
16 34
16%
107
*100
107
*100
107
SHARE, NOT PER CENT
Monday
23
15*2
23i2
107
1558
Dec.
1538
107
102
102
*102
105
*101
105
♦117
120
*117
120
*117
120
*117
*100
23
7178
73%
102% 10278
47% 49
2458 27
*117
120
*101
105
*117
120
103
103
102i2 10212
47
48*4
47i2
48%
47*8 48*2
47%
26
26
2678
27
23
23l2
24i2
41
43i2 46
44l2 46*4
43*2 44i2
42i2
42%
3078
3138
3034 31*8
3034
31
30*4
3034
30%
*118
*119
122
122
*117*2 120
122
*11712 120
104
103
103
47%
*21%
4212
3058
♦117l2
*76
129
129
1538
1538
3234
7*4
4078
634
934
32%
7%
*39%
0%
9%
*76
80
129
78%
129l2
73s
738
41
39
6%
8%
94is
93*8
2212
3634
43*4
85g
9334
9234
22%
838
93*4
36
36
4334
4334
36*4
42*8
8*2
92
22
♦IO984 H0l8 *10934 110*8
*4
*4
38
38
35*8
2638
27
130
♦129
1984
38*2
273g
115
112
25
103
24*2
♦102
106
106
1358
2778
28*8
22i2
22*4
2584
65
7438
1358
*8358
2778
22*8
63%
74*4
.
.
2~838
22i2
64
75*2
2934
30*2
117*2 118*2
77*2 77*2
80
*129
135
12934 130
16
17*4
1538
16
3184 32*4
31*2 3178
7
50*2
43*2
50*2
43*2
7*4
*7*8
*37*2
39*8
54*8
54
♦1015s 102
47
19*2
18i2
*109*4
1384
43
7*8
*37
53
4934
*46
50*2
738
38*2
53*2
19*2
19*4
5034
47
19*4
2078
20
21
■
10834 no
14
13*4
105
•103
42
10158 1015fi
49%
4938
*46*4
5934
10*4
*102
58
1038
58%
3178
2934
2934
32
738
*29*2
75g
3134
297e
*27
1378
105
10*8
1038
5784
3288
29*2
58
738
3034
*27
32*2
2978
7*2
3034
29
15*8
15*8
1484
15*8
30*2
31
30*2
31
6
,/
5
5
26
2658
85*2
28*4
8434
,*2734
4278
4338
258
2*2
1358
14
3334
3412
24*8
1358
23*2
13*2
65i8
*1534
66
*50
52
*9812
16*2
.
-
—
.
153*2
*127*4 132
89*2
28
8978
28%
■
~35%
36
75
35
38
"
76
3434
8%
38
/
170
8%
34,500
1,500
8%
9%
93*4
734
92%
8%
92%
93*8
92
92
91%
92%
92%
92%
22
22%
22
22%
36*4
22
22%
22
22%
22,900
36
37
35%
3634
36%
*42l2 4234
*42% 4234
*42% 4234
IO984 IO984 *10934110%
10934 10984
*4
*4
%
*4
38
%
36
34
35% 37
37%
3534
26*4 26*2
26% 26%
25% 2634
131
131
1121
121
130*4 130*4
22
22
22%
2134 22%
22%
19
19
19%
18%
18%
19%
115
*112
115
11112 111*2 *112
25
25
25% 25%
2584
2534
103
103
103
103% *102% 104
3,100
3778
36i2
2658
27
131
22i2
1934
1938
*111*8 115
26
2634
103
112
13%
13*2
*83%
275fi
2218
*6312
7538
.....
*108
*108
112
13%
13%
84
84
13%
*83%
27%
28
27%
2238
64*8
76%
22
22%
22
63*2
63*2
*63
37338
74*4
2734
7334
112
*108% 112
-13*4
13%
*83%
27%
2634 27%
22
22%
22%
64*2
62% 62%
7634
75%
74%
13%
....
9
1188
113S
14
69*2
fl
14%!
*62*2 I 66
28*2
4538
2*2
2%
1418
348s
15*4
3478
2438
13*2
66*8
16*4
23
13*4
66*8
1534
*98*2
14
63
36""
36*2
50
50
8684
8684
87*2
67
6784
26438
278
7*2
*4784
*23s
278
7*2
7*2
2*8
II84
1134
*8
2*4
958
*31 g
31*2
2
2
4*8
3*2
4*4
*10*4
2278
62*4
52
.....
103
59%
58%
58%
57
58*2
51
51
51
51
51
51
*42i2
44
42
43
42%
6%
36%
42%
7
*37*4
53*8
102
7*4
7
38
36
53*4
53
7%
37%
53%
63%
7
36%
53*4
66*4
49%
*41%
634
36%
53
2*8
12*4
*8
31*8
178
358
10*2
4*8
3*2
10*4
23
22%
62*4
62
2
2
2
57s
6
578
6*2
5*2
5*2
*25S4
26*2
26*2
1478
14,700
50,800
3,900
180
51,400
4,300
40
2,700
600
400
3,600
100
12,900
6,000
500
44,600
2,100
400
3,100
34i2
3534
2334
133g
25%
*63
15*4
36
35*4
25
23%
13%
13*2
13%
13%
67
62
62
16*8
16*8
15%
15%
52
52
52
52
*98*2
103
....
103
*98%
*102
14%
....
103
*62
900
300
15%
*52
*99
14
14%'
14
6
6*2
534
6*4
*25*2
26*2
3955.
6%
584
26*2
14%1
63
13%
*62
13
64
1534
*15%
1534
53
*52
53
....
14%1
65
....
1334
63
*10834
36
86
65%
284
6334
65%
234
*40%
86%
63%
*2%
7%
2%
13%
2%
12%
9%
31%
2
*8
*31
600
240
4,400
2,200
45,200
29,600
2,170
37%
49
7
700
No par
Barker Brothers
6 Vi % conv
preferred
100
Barnsdall Oil Co
6
No par
100
—25
Bayuk Cigars Inc
1st
preferred
Beatrice
Creamery
No par
20
Belding Hemlnway Co .No par
Belgian Nat Rys part pref
$5 pref w w
Beech-Nut Packing Co
14
63*2
110
5,100
22,300
600
4,700
500
2,600
89,400
11,400
200
110
Boeing Airplane Co
Bohn Aluminum & Brass
6
No par
No par
Bon Ami class A
Class B
Borden Co (The)...
Borg-Warner
15
10
Corp
Boston & Maine
100
JBotany Cons Mills class A.50
Preferred..
No par
Bklyn Manh Transit...No par,
$6 preferred series A-No par
Brooklyn Union Gas...No par
Brown Shoe Co
No par
Bruns-Balke-Collender. No par
Bucyrus-Erie Co
8
115
105
6
85
108
Deo
Feb
21% Jan 20
Bullard Co
Burroughs Add Mach. .No par
JBush Terminal
No par
Debentures
100
Bush Term Bldg gu pf ctfs.100
Butler Bros
—10
5% conv preferred
Butte Copper & Zinc
30
5
Byers Co (A M)
No
Preferred
par
100
Campbell W & C Fdy. .No
Canada Dry Ginger Ale
Canadian Pacific
Cannon Mills
par
5
25
No par
Capital Admin class A
1
Preferred A.
10
Stamped
100
Carriers & General Corp
Case (J I) Co
Preferred certificates
1
100
100
Caterpillar Tractor....No par
Celanese Corp of Amer.No par
7% preferred
100
JCelotex Co
No par
5% preferred
100
Central Aguirre Assoo..No par
Central Foundry Co...
1
Central RR of New Jersey .100
Century Ribbon Mills..No
par
100
1
6% prior pref
100
ChampPap & Fib Co 6% pf 100
120
80*8June 12
100*4 Apr 13
4
33*2 Jan
40*4 Jan
7
51*2 Mar
2
Apr 27
1*8 July 16
yl2%July 2
43*4 Apr 30
47*2June 30
41
Jan 17
9784 Feb
44i2May 11
Sept 21
23
23
22%
61%
61%
62
6134
61%
2
2
2
1%
2
6%
6*4
6%
6%
6%
7%
534
26%
6*4
6%
634
1,100
4,300
16,800
12,400
85
Jan
Apr 27
2*2
8*4
14*8
14*4
30
26%
26%
26%
500
24*2 Oct
22«4 Dec
57*2 Nov
1434 Mar
27% Sept
30
2
Jan
6
Jan.
6
103a Apr 30
1078 Jan 20
37
Apr 30
6
Mar
29
Deo
Nov
1
9
Mar 20
Dec 17
8678 Dec 17
3334 Oct 22
46% Dec 18
3
Nov 25
16*2 Nov 5
40*4 Apr 2
2538 Dec 15
16
Feb 19
Oct
8
June 22
July 15
5484 Jan 16
x9l
Nov
6
32*4 Jan
6
110
3678 Deo 15
May
1
86
6
658 Nov
4
36*4 Mar 13
9i8 Dec 14
8
2
2
2
19
l38May 19
278 Jan 4
1*4 Apr 28
Jan
2
May
25%May
1*2 Apr
278 Apr
2*2 Apr
12
13
30
27
29
1
30
4
23
24
634May
par
12*2 Apr
Conv preferred
.No par
tChic Rock Isl & Pacific...100
4034May
1*2 Apr
3*2 Apr
3*4 Apr 28
1984 Jan 2
1*8 Mar
1138 Mar
32
Mar
30*2 Aug
*4 July
212 Mar
7*2 Mar
8*8 Sept
85s Oct
30
32*2
82*4
June
43s Mar
Feb
Feb
Sept 26
57
Feb 21
12
Nov 28
108*2 Oct
74
2
Nov 10
19*4 Mar 24
71
7
83*2
36*2
19*2
Mar
Dec
Apr
Jan
Apr
Dec 14
2538 Jan
4
Mar
4534 Mar
180
Mar 13
10
85
143
8%June
Mar
10312 Oct 3
984 Feb 19
7
57*2 Sept
23
Nov 28
4
101
4*4 Mar
3*4 Mar
Nov 25
4 xlOO
2
33s July
8*4 Mar
13*4 Mar
1
Apr
5*4 Apr
Mar 23
Jan
4784 Jan 21
Jacn
34i2Novl8
34i8 Oct 7
Jan
97*2May
90
2*2 Mar
91
Apr 28
6*2 Apr 29
May
36*2 Mar
334 May
87
35
14
Apr
5
4
Apr 30
1%
5958 Dec 10
Nov
19
% June
Sept 25
14
Oct
16*8 Nov
55
22*4
"34"
Nov
Feb
Mar
6*8 July
96*4 Mar
38% Jan
3% Mar,
7
10734 Dec 2
3834 Dec 15
69*8 Apr 17
100
7784
3*4
8*8
2%
13*4
12
43s Mar
Nov
4
36
Nov
4
37*8 Mar
1
Apr
78 June
Jan 13
Dec 10
Mar
Feb 5
Dec 18
1%
Jan 31
1
3378 Nov 13
4
1
20
Oct 19
24% Dec
65*2 Dec
%
19*8
*4
84
138
358
45s
278 Feb 11
578 Feb 11
47s Feb 21
125a
Feb
Feb
Mar
June
Mar
Mar
June
July
Mar
Mar
3
Feb
8
Jan 11
84 July
158 Mar
8
July 15
Oct 7
9*4 July
325s
July
4734 July
27»4 Nov
70*2 Deo
8% Deo
42
53
64
Mar
100
30% May
8
2134May 22
106*2 Deo 18
21
28% Jan
334 Mar
5
8
Jan
Jan
Dec
24
1284May
4584 Jan
684May 22
92*2 Jan 6
Jan
90
38
17% Nov
55% Oct
6884 Nov 18
18*2 Feb 24
116
Dec
59%
Nov
23% Aug
8*2 Apr
24% Feb
23% Jan
21*2 Dec 16
33*2
3184
I684
33*4
65s
% Jan
Deo
22%
Mar
2
Dec 18
90
Mar
Jan
Deo 18
"l7"
43
9
Apr 29
9% Mar
16% June
28% Mar
6*8 Mar
39% July
53
2
Jan
7% preferred
100
6% preferred
100
Chicago Yellow Cab...No par
Sept
1484 Nov
117% Mar
Jan
Oct 20
Jan
2% Jan 2
16*2 Apr 29
54*8 June 15
22
Apr 30
30*4 Apr 30
6
10
18
157sMay 5
115*2 Sept 16
838 Apr 30
11*2 Jan 10
2084 Apr 28
25
Oct
57
"
51
Chicago Pneumat Tool.No
95
,
34
655s Jan 15
2178 Nov 9
115
25
100
106
8*8May 19
878 Jan
3
Preferred
Feb
30
25
13
6
4
5
58*4 Sept 22
45
6
11
Nov 18
4i2 Jan
Jan 21
6
Jan
100
7
47
2
64
Aug
Preferred
5
63*8 Mat
3238 Aug
90*4 Nov
11*2 Jan
6*2 Nov
1878 Feb
6478Mar
69
Apr
50*2 July
12*4 Mar
25% Jan
59
Chicago & North Western. 100
Oct 30
373s Dec
June 30
39
4
13,000
26,500
6,700
2,900
6,900
May
20% Nov
1
8
8
100
2%
4%
Dec
14i2July
18*4May
tChlc Ind & Louisv pref
100
Chicago Mall Order Co
6
tChio Mil St P <fe Pac..No par
3%
lis"
135*2
77*4 July 11
1678 Apr 30
41
Aug 20
Chicago Great Western...100
2
1484 Deo
Dec 17
3,700
4,100
12,700
3%
Deo
7634 Deo 17
20
2*2 Dec 17
2312 Dec 18
38*2 Nov 12
22*4 Jan
...100
Nov
25% Deo
49% Aug
15% Mar
34
No par
Preferred
Nov
88
11% Mar
Nov 10
8
Jan
No par
5
100
"15%
11% Mar
Sept
7
7*2
tChio & East 111 Ry Co
6% preferred
Feb
79
2884 Dec
234
Cab
Chesapeake Corp
Chesapeake & Ohio
Sept
116
Oct
72
Dec 18
500
Common
Checker
7
9*8 Jan
No par
No par
No par
Deo
18
....
65
2,300
23,000
2%
434
14
3
23
"MOO
"""600
8
June
107i2 Sept
100
Budd Wheel
40
16734 "Jan
Dec
288s Nov
13*8 Jan
83
No par
Bulova Watch
Jan
Jan
Mar
Mar
Mar
Mar
June
July
Jan
100
7% preferred new
Budd (E G) Mfg
7% preferred
6*8
5% Mar
1% Dec
Certain-Teed Products
31%
32
Aug 18
May
18
100
Rights
100
6
7%
9%
36%
106%
3%
131
16*8 Apr 28
107*2 July 8
No par
Feb
7*2 Apr
4584 Apr 30
Blaw-Knox Co
1*2
Jan
6*4 Deo
itr
275s Nov
41*4 Oct
49*2 FebL.
118
July 2
par
(Del)._-No
63
2
97s Dec
preferred
20
preferred
100
BIgelow-Sanf Carp Inc.No par
5%
7%
14
35*2 May
2»4 July
Mar 18
Deo
19*2 Deo
45*2 Oct
5*2 May
Jan 15
Jan 24
Beth Steel new
35,900
31
6
8
13*4 Jan 6
82*4 Jan 10
14*8 Jan 6
1634June 26
37
2%
Mar
May
48*2 NOV
115
Sept
*4 Dec
248s Nov
48%
86%
64%
13%
Mar
72
Preferred
300
Jan
4
15
Jan 18
Cerro de Pasco Copper.No par
110
IO684
28
Dec 18
Jan
12;600
....
Apr 10
20
Carolina Clinch & Ohio Ry.100
9,300
3,600
Deo
Nov 30
23g July 81
29*2 Apr 30
1
"""240
Deo
1978
48
—5
Aviation
Best & Co
Calumet & Hecla Cons Cop..5
50
17*2
Mar
Beneficial Indus Loan..No par
No par
Bendix
Callahan Zinc-Lead
1,200
Mar
6
54*4 Mar
10*8
46*2
784
II84
Jan
3
16*4 Mar
89*8May
323s Oct
25*4 Oct
63,900
6,100
11
26%
10
No par
3%
11%
2234
10%
Rights
Barber Co Inc.—
No par
9%
4%
Preferred
Packing
1%
4*4
3*4
10%
22%
4%
3*2
Preferred
Bangor & Aroostook.
19*2 Apr
30*8 Feb 14
1578 Apr 30
21
100
Apr 30
4178 Jan
60
100 z10934 Nov 24
California
900
Dec 10
Oct 19
Nov 10
131
100
.
Byron Jackson Co
*8
9%
3134
Ohio
20,200
24,100
*99
85
784
3,900
23% 107,700
13% 34,000
37%
*40%
2%
12%
4,400
8,700
35%
87
*2%
7*4
2%
12%
100
20,700
4,400
34
49
37%
29,500
22%
*102% 103
*10834
80
24
102*2 103
X7%
7%
7%
7%
7%
150
149% 149%
145% 147
127*4 *127% 128
*127% 128
88
89%
77%
8984
87%
27
27
27*4
27%
27%
108
*107% 108*2
106*2 107
36
35*2
35%
36%
35%
77
77
*76%
76%
76*2
3334
33%
34*2
3414
33*2
8%
8%
8%
8%
8%
41
39%
40%
3834
40%
11
*10*4
11%
11%
*10%
....
6,700
43,400
14%
*60
Baltimore &
Deo
Oct
29*2 June 30
3
Apr 9
2*2 July 9
3334 July
4,200
14
13*2
Pref assented
36%
53%
1434
3534
66
100
Preferred
Dec
92*8
37*4
Apr
Jan 17
Assented
Deo
60
3284
June 26
Brooklyn & Queens Tr.No par
6,200
600
14%
35*2
23%
Prior A
100
20*2
14
Avia'n Corp of Del(The)new.3
Baldwin Loco Works—No par
Mar
3584 Mar
48
Nov 18
26%June 5
538June 30
Oct
Nov
I884 Nov
109
Sept
66% Mar
84
100 zll2
share
8
2
Jan
No par
No par
No par
Apr
7*2 Mar
8078 Apr
Oct 30
49
Sept 17
No par
-
Automobile
Blumenthal & Co pref
2,600
1534
Preferred
48
97s
90
Oct 14
88*2 Aug
Apr 22
109
Bloomingdale Brothers.No par
18,500
3,100
2,200
1,200
12,200
124
2
13*2 Apr 24
26% June 4
100
A
60
90
Jan
No par
4% conv pre! ser
Atlas Powder
1,100
1,500
101% 101% *101% 102% *101% 102%
50
49
50*2
49%
49%
49%
49%
47
47
46%
46%
46*2
46% 46%
20
20
1934
1934 20%
19%
20% 2078
20%
21%
19%
20*2
20%
21*4
20% 21%
*
*
111%
111% 109% 109*2
111*2 *108
1334
13*4
13%
13%
"l3% 13%
"131*4 1334
104
104
*100
*103
104
105
*99*4 104%
10
10
10
1034
10%
10%
10%
10%
56
57
5534
*55%
55%
57*2
56%
53%
33
33%
33%
32%
33%
3258 327g
3234
30
30
2934
29%
2934
30*2
30%
30%
734
7*4
7%
7%
7%
7%
7%
7%
29
29
30
31
*29*8
30%
28%
*29%
26
29
28*2
28%
28*2
28*2 28*2
29%
15
1434
1434
14%
14%
1434
1478
14%
30
30%
30%
30%
3034 3034
3034 3034
5
5%
5*4
5*4
5%
538
5%
5%
29
27
27%
26%
27%
26*2 27%
26%
85
85
84%
86%
85*2
83*2 83*2
83%
*27%
28%
28*4
28*4
28% 28%
28*2 28%
44
45
43
4334
4434
46%
43*2 45*8
2%
2%
2%
2%
2*2
2%
2%
2%
15
25
Atlantic Refining
60
260
Feb 21
59
per
384 Mar
70
May 13
31*2
5484
35*8
118*2
100
Black <fc Decker Mfg Co No par
6,600
7
Dec
98
Highest
share I
per
27 78 Nov 19
112
Oct 30
11
Preferred
8,600
10,700
48,000
19,700
108
1258 Apr 30
102
Lowest
22*8 Feb 27
Jan 20
Atl G & W I SS Lines..No par
5,000
44
102
63
65
*63*2
*10884
*10834 110
38
3834
38*4
37%
50
50
*40*2
*40*8
87
88
8684
87*2
65
65%
65*4
65%
2
2*2
278
*2*8
7
734
784
758
2*4
28s
2%
23g
12%
12*4
1234
12*2
*8
*8*2
9%
95g
31
31
31%
31*4
2
2
178
1%
4*4
4*4
4%
438
3*2
3*2
3%
3*2
10*2
1034
1034
10*2
23
22%
22i2 23%
62
61%
62%
62*8
2
2
1%
2*8
170
46*2
66
For footnotes see page
500
4984
110
57g
5*2
26*2
2,400
3
8*s Jan
95
Atlantic Coast Line RR—100
6%
49%
$ per share
107
Bridgeport Brass Co. _-No par
Brlggs Manufacturing-No par
Briggs & Stratton
No par
Bristol-Myers Co
5
57%
784
7*4
7*2
7*2
7%
150
149
153*2 14934 152
127*4 127*4
127*4
12812 128*2
90
89
8978
89*4
90%
28*4
2858 z26% 27%
26%
*108
109*2 110
IO984 108
3634
3634
367g
36*8
35%
75
76
*76
75*2
76*2
X34
34
35*8
34%
34%
8
9
878
8*2
9*8
39
3834 42S4
40*2
4334
*1078
11*2
11% *1078
11%
*103*4 10812 *103*4 108*2 *103% 108*2 *103% 108% *103% 108*2
72
71
70
71*4
7238
73*2
72%
71*4
71%
69*8
*108
*109
36
28*2
43*4
58*2
$ per share
9034 Jan 2
215s Apr 24
100
Preferred
Austin N4«hols
93
37
36*2
*42i2 4334
10934 10978
*4
38
6% 1st preferred
100
7% 2d preferred
100
Santa Fe_.100
1,500
53,000
55,500
1
Atch Topeka &
Auburn
6%
10 1
8
100
Atlas Tack Corp
39*2
'
*103*4 108*2
6884
8534
103
784
734
149
2738
*51*2
103
103
538
26*4
85
130
*38
6*2
9*2
Highest
par
Associated Dry Goods
4,100
92
7
...No
4,100
9*2
9478
9478
684
.
59*8
50*8
100
7*4
1934
19%
19l2
1938
19*4
19%
19%
1918
19*8
19%
19%
128
128
128
*128*8 12878 *128*4 12878
0127% 127%
12734 12734 128
60
63
69
65
63%
64%
59*2
5984
62*2
59*2
58i2 69*4
32
34
3284
3078
31%
3234 3334
31*8
313s 3184
3l3g
31%
2
2
2
2
2
2
2%
2%
2%
2%
2%
178
22
22
23%
21% 22%
2078 21%
2138 22l2
2234
22% 23*2
32
32
*32
*32
34
337s
31%
*31%
*3178 34
31% 31%
117
*116
117
*110
117
117
♦115*2 119*2 *114
119*2 *114l2 118
34%
3284
3434
34l2
34%
3578
35*4
3434 35%
34%
32*2 33
42
44
43
43%
42% 43*4
4334
43*4
4384
43*2
42% 42%
92
92
92
92
92
92
93
93
90*2
92%
9U2 91*2
43
43
*43%
44%
44%
4412
44*2
43%
43% *43
43% 44
26
26*4
2638
26%
26*2
26% 27%
2684
26% 27%
26*2 2634
85
85
82%
8234 83
83*4
85*2 86
85*2
84%
85*s
80*2
7
7%
*7*4
7*4
7%
7%
*7*4
7*2
7*8
7*2
7*4
758
4
4
4
4
3%
3%
37s
334
378
3%
3*2
37s
16
16
16%
1634
16%
16*4
16*2
16*4
1684
16*4
1634
16*2
59*2
400
7
7*4
39
6%
103a
*1938
69
11,500
1,400
1,900
18,400
94
'
.
39
27
43*2
10%
*108
1384
.
39
4778
43
10*8
*102
103
105*2 108
135s
'
*8338
*64*2
7358
112
7*4
4638
*25
1,000
1034l
2218
1984
*25
103
115
22
2U2
19l2
15%
32*2
7*2
104
100
18"400
38*s
6*2
9*2
131
12978 130
2138
1984
2078
a;3738
2612
3784
130
15*2
32
72'
834
93*4
978
9234
22*4
9334
*77
80
*
71*2
Artloom Corp
Preferred
"9366
10
67s
9%
*77
128*4 128*4
15%
1534
3238
33*8
7*2
7*2
*38*8
40
67s
7*8
15%
33%
153s
72i2
103*4 103*4
80
*77
32%
7178
3,700
120
70
72i2
7178
Par
Year 1935
100-S/wro Lots
Lowest
Shares
1534
23*8
On Basis of
Week
18
107
22i8
7258
7212
7184
STOCKS
NEW YORK STOCK
EXCHANGE
the
$ per share
16
*100
2258 23*4
22la 23
*101
105
*101*2 105
22%
2238 *23%
1538
*100
Friday
1936
19,
Range for Previous
Range Since Jan. 1
Sales
for
Saturday
Dec.
8
1*4 July
234
55
5*2
38
Deo
Oct
Deo
Deo
Deo
4634 Aug
Volume
LOW
AND
New York Stock
143
HIGH
SALE PRICES—PER
Record—Continued—Page 4
Monday
Tuesday
Wednesday
Dec.
Dec.
14
Dec. 16
Dec. 16
$ per share
$ per share
12
$ per share
$ per share
22i2
13i2
2278
1378
22l2
13%
23
1414
22%
13i2
2334
137s
45
45
45
49
60
50
Dec.
124
1878
86i2
19
87k
*51
1034
34
11 is
34%
*97
12438 1253a
1858
1834
8684
8634
123% 12584
18%
187S
8684
87
*51
123
*51
10i2
33%
*88
*88
__
6812
127
127
*60
61
*126
57
113
6U2
II484
*21
25
463s
24
24
2712
46i8
*23
28
27
*19
120
120
4212
1714
10334
100U
69
69i2
♦113
120
19i2
86
320
105s
IOI4
11
ii~300
33
33
2,000
*97
111
♦373s
38
92
*88
92
111
373s
*88
*47
90
3712
92
*47
68%
68i2
6858
2,400
69
110
6178
113%
6034
6D4
11312 113i2
*21
25
*21
47
473s
475g
*23
46l4
♦233s
*23
24
26%
26%
*195s
121%
27
27
27
*1958
*17
121
120
z34
3438
42
41
41
4114
18
181
17l2
18ig
104
100
69
*104
105
*92
100
100
68is
*113
69
66
118
19
20
20
19l2
16i2
187s
*1612
19
1812
1914
*1612
187s
105
106
900
100
100%
19
80
80
*79
7934
19i2
*19
19%
19
*16%
17%
18%
90
90
89
89
88
88
88
88
*80
110
*89
110
*80
110
*80
110
*80
110
*80
18
90
64
65%
13,800
66i2
64%
*10678 112
*108% 112
78
77
75
7634
7558
9,600
76%
115
115
200
11412 114l2 *114% 125
18
18
19i8
1938
18% 112,900
18i2
33s
358
3i2
33s
3% 147.500
3%
70
70
70i2
70i2
70%
5,400
69%
1412
1514
15's
15i2
13,000
1434
15%
36
37
3712
3678
3838
38% 20,700
90
80%
41
1,500
5,900
1,100
88,100
114
78
80
180
390
68i8
*108
90
1934
23
27
17%
18i8
*104i4 105
100
IOOI4
195g
78i2
18%
6,700
41
34i2
41 s8
8384
16%
183s
46%
79
19
1,100
10
12,400
79
100
*88
90
90
*80
110
.
27g
2912
*6318
278
40i2
30
278
40%
*29%
64
63%
6978
6984
I68I4 I68I4 *166
67s
7i8
67s
48is 48is
47i8
693s
36
36
28l4
2834
7778
78i2
56I4
46^8
*53
46I4
484
♦108
1778
52i2
123
278
*17
1284
126
518
112
*36
28ig
7838
*53
463s
434
*105
18
I8I4
53
5212
123
3
125
234
3
3
27s
42
4278
30l4
29
295g
64
64
64
71
6938
4714
514
112
Preferred
100
No par
Colo Fuel & Iron Corp .No par
Colorado & Southern
100
Corp
21% Dec 14
100
Aug 14
106% Feb 28
39i2 Apr 30
107% Jan 3
6684 Nov
116i2 Nov 16
30
V
36
658 Mar
No par
94
Jan
7
136i2 Aug 11
7
Jan
z45k Jan 22
61% Jan 23
40%
Dec
48i2
Dec
36% Feb 20
Mar
4
31
May 20
41
Dec 16
14
Jan
2
90% Jan
8O84 Jan
2
Jan
9
2318 July 28
10834 Oct 5
103
Aug 24
8478 Sept 30
100% July
7
128
5% preferred
Commercial Credit
100
10
pref
100
Comm'l Invest Trust.-No par
$4.25 conv pf ser '35.No par
Solvents. .No par
Commonw'lth & Sou...No par
$6 preferred series...No par
Conde Nast Pub Inc...No par
Congoleum-Nairn Inc_.No
Congress Cigar
No
par
44
55
Jan
97
Jan 10
par
Prior preferred
100
Consol Film Industries
1
Preferred
No par
Consol Ed Co of N Y..No par
$5 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
Preferred
No par
No par
Consol RR of Cuba pref...100
{Consolidated Textile..No par
Consol Coal Co (Del) v 10..25
9I84N0V 17
136
Nov 18
245s Feb 21
5% Feb 17
82
Feb 17
15% Dec 17
2
44i2 Jan
2584 Mar
31
3
65%June
72U Jan
73% Feb
4i8Sept
15% Apr
27% Apr
24
27
13
28
102
30
30
Jan
378 Apr 28
11% Apr 30
101
Jan
8
82
Feb
80
Mar
7k Feb 13
2018 Feb 13
483s Oct 30
109
July 14
3% May
14% May
157s Feb
95s Nov 30
1% Mar
6i2 Mar
153s Dec 17
1<% Jan 16
1584 May 14
Jan 6
26% Mar 9
353s Nov 18
4
Nov 18
109
800
7ig
678
7i8
48
48
48
48
48
81
*81
81%
81%
I884
634
19
4578
1834
18%
303a
8
8
146
14512
*8%
39l2
9412
10i2
2012
8H2
18i2
11
♦16
62
*85g
*1684
20i2
62
48i2
8H2
63
80
6%
6%
11
23,200
60
"465s
Continental Diamond Fibre..5
Continental Insurance...$1.50
17%June 30
243s Mar
7
Jan
35% Apr 30
46
5
Feb 11
20i2 Dec
447s Dec
2is Apr 30
28isJune 6
4
Mar 20
Continental
Motors
1
Continental Oil of Del
6
Corn Products Refining
Preferred
25
31
39i2
393s
39i2
*39
265s
9484
28i8
21l2
4912
21l2
5012
*2034
48%
49%
m2
113s
IDs
7058
723g
11%
70%
11%
74
72
600
2634
95
22
2H2
6012
Zlk
22l2
51
513s
5078
51
1214
74i8
1214
75i2
12
1214
*2U2
50i4
1134
7438
7538
73i2
75
SOU
5012
51
51
35
35
3434
35
95
26%
94%
pref w w_.No par
Dec
43% Dec
46
Apr
6912 Oct
82i2June
168i2 Apr
16
8
19
18
1
73s Mar
6
Aug 20
Pref ex-warrants
No par
i.
Rights
July
7
46*4 July 22
44
Dec
1
318 Dec
8
102
Crucible Steel of America..100
28
Preferred
Cuba Co
100
(The)
No
Cuba RR 6% pref
Cuban-American Sugar
10
Preferred
Cudahy
par
100
100
Packing
50
Curtis Pub Co (The)...No par
Preferred
No par
Curtiss-Wright
1
Class A..
1
Cushman's Sons 7% pref..100
8%
preferred
No
par
Inc..-No par
5
Dayton Pow & Lt 4)4 % PMOO
Deere & Co
Jan 27
7^May
4
Apr 30
95i2 Apr 29
l%Sept 28
9
Sept 26
618
Jan
7
63i2 Jan
7
15
99i2 Mar 13
Jan 15
10i2 Jan 6
Sept 9
36%May 17
4314 Jan 6
59
75s Apr 27
7
Jan
2
Detroit Edison
100
Novl2
191* Apr 28
3634 Jan 20
1478 Apr 30
48s Jan
128
4% Mar
3578 Jan
ID4 Sept
2312 Mar
4878 Nov
60
Oct
14814
Oct
14
125
Deo 14
Mar
47i2 Apr
4
1
Jan
Dec
4
5
Jan
14% Mar
9
5i8 July
338 Deo
20
129
Dec 14
114
Dec
4
9% Mar 11
217s Dec
90
4
40i2
Jan
800
27%
38,600
94%
1,900
3978 Mar
193g
Deo
100
9%
Dec
Dec
38
Dec
105U
Dec
2i8
Dec
14
Dec
8i2 May
8084 May
37
Dec
15
Mar
2434 Nov
89i2 Mar
IO514 June
45s Dec
1214 Dec
2
Mar
6I4 Mar
47i2
Ja
Jan 21
73
Mar
z95
Nov
70i2 Jan 27
61
June
75
Nov
83
5
16
Mar
47
Deo
197g Nov 19
6
June
Nov
4
May 12
Dec 15
323s Nov
6
3312Nov 4
5434 Oct 13
23is Feb 20
93s Feb 7
153
Feb 17
2284 Mar
10i2 Deo
6884 Nov
19
Jan
28
18%
Dec
24i2
23i2 Mar
Jan
Mar
43i2
19ig
Feb
5
Deo
65
Mar
130
Deo
2
Aug
11
Hj
Det & Mackinao Ry Co—100
3,700
Deo
6984 Deo
783g July
165
May
758 Deo
74i2 Mar
3i2 Mar
5
107
Jan
pref.. 100
284 Nov
35
107i4 Dec 14
52
100
4I84 Mar
19% Dec 14
Dec 14
27
Delaware & Hudson.
Jan
5634 Oct
44i2 Jan 14
4
..20
Corp.10
110
24U Apr 13
107
84
1518 Mar
58I4N0V 9
4938Nov 9
5% Dec 14
1678June
No par
Preferred
Dlesel-Wemmer-Gllb
2
3778Nov 18
35i2May 26
4
2878 Mar
Dec
60% Dec
1
6358 Aug 22
Cr W'mette Pap 1st pf.No par
Crown Zellerbaoh v t 0.No par
2,000
2,000
305s
94
conv
Delaware Lack & Western..50
3078
40
$2.25
No par
Denv & Rio Gr West
"1/266
Deo
99U Nov
9,900
*8%
10%
*16
20%
*58% 61%
30% 3034
2578
2238
10,400
20i2
6Hs
95
93%.
22
1,500
5,300
l7g
69
Davega Stores Corp
16,600
23% Deo
1178 Dec
Jan
1,700
60
Dec
4i2 Mar
% Apr
Jan
Cutler-Hammer
60
26i4
26%
9378
*22
11
170
22
6234
1,500
*17
39%
3078
*85S
58,000
20
80
1934
*
617s
6112
3034
*393s
94
2578
678
203g
20i2
3034
39%
2558
31
634
20
*
-MM*.
30
4714
7
465s
46% 46%
82
8112
81% 81%
19
z 18
1834
1834
18
183s
*10714 10812 *10714 IO8I4 *107% 108%
107
10514 107
104l2 10584
100% 104%
30
297s
3058
30i2
30i2
30% 30%
31
a:30
30&8
29i8
29i2
28% 29%
4714
4578
46i2
4534
4634
4434 4534
19i8
183s
18i2
1878
I8I4
18%
18%
8
8's
*712
75g
75g
7%
734
145
146
146%
147
147
147% 148%
105
3038
3118
11118 llli8
205g
81
~46&8
8134
10714 *107%
10414 106
2014
♦
113
1% Nov
46*4
200
*111
Dec
Deo
Nov 18
56%
111
Deo
Deo
87% Jan 13
*54
111
10D8
8U
Nov
64s4 Dec 14
100
54
400
100% Dec
2i2 Jan
8g Aug
Jan
Feb
Nov
__20
Continental Can Inc
Mar 27
125
Feb
7i2
22i8
3484
10518
63s
1214
Jan
9
54
125
72k
74
9
5312
125
Deo
4584 Nov
Oct
5312
4634
414
125
Oct
11
Mar
Nov
1
128
Jan
71
72t2
9
*125
Oct
Nov
69
9112 Nov
127
3
Nov 14
353s Sept
127
233g
Nov 12
155s Mar 16
37,900
27
105
95
lO3®
35
550
Aug
94
43&s Jan
500
72
5812 Sept
III4 Nov
Cream of Wheat ctfs...No par
4,700
Oct
56% Feb
977g July
16% Oct
84 Mar
29% Jan
678 Mar
Dec
Mar
Crown Cork <fe Seal
33,400
23,400
58
62
Crosley Radio Corp...No par
2,000
83
Jan
Nov
85
Continental Bak class A No par
Oct 26
32,200
Mar
39%
21i2 Nov
2
41
*47
47
4714
4634
4
43s
458
4%
*109i2 112
*109% 112
19
18
183s
1878
1834
1734
18%
5534
5384
5514
5334
5534
5234
55%
125
*124
12434
12312 12414
123% 123%
234
25s
234
2l£
258
2%
2%
17
17
17i2
16
17
15
15%
13&s
1234
13i8
1178
1234
11%
12%
Dec
Feb
1234 NOV 25
25
43g
31
50
1534 Oct
90t2 Deo
Mar
5k Sept 23
38 May
Crane Co
4714
35i2 Mar
Deo
17i* Deo
101% Nov
4978 Deo
Nov'
9% Dec
3634 Dec
Preferred
22l2 Deo
21
7
106%June 30
1% Jan
67% Jan
Feb
Feb
9
12%June 18
No par
978 Nov
24
6
June 18
Jan
338 Mar
1934 Dec 14
5% preferred v t 0
100
Container Corp of America.20
Class B
10%
4
33% Jan
Jan
June
8
684
Nov 21
Aug 28
16
15
100
9
14% June 26
2k Apr 30
69% Apr 28
7
July 3
3078 Aug 7
Connecticut Ry & Ltg pf._100
Consolidated Cigar
No par
Preferred
6
7,200
112
Deo
3778 Mar 11
800
*105
109
2
7,500
4714
434
Deo
6984 Mar
Jan
4,300
112
Dec
60
16
No par
conv
107%
Dec 15
No par
v t 0
Deo
Jan
Mar
100
pref
21
Deo
9
100
v 10
5284
101
Oct 29
48
Apr
15ig June
5
Columbia Gas <fe Elec__JVo par
6% preferred series A...100
conv
110
8% Jan 6
28U Sept 17
2H2 Jan 2
19% Jan 2
4% 1st preferred
4% 2d preferred
Columbian Carbon
June 30
7534
*4638
8078
19i8
2558
9378
100
No par
13
47%
111% 111%
39
preferred....
Collins & Alkman
July 28
68.
26%
284
112i8
39
Dec
58% Deo
4
1,300
30%
39%
25i2
93
158
'11,800
31
72i2 Nov
533s
100
19%
31
May
Nov 16
Nov 17
5558 Jan 16
No par
38%
*8%
126
134
Coty Ino
19
62
129
Jan 31
36
*124
129
*16
Jan 15
84
74
183s
3
61l2
124
par
35%
25%
5434
125
1078
2012
June
7638
21
*8i2
Oct
48
July
Aug
28
*109
19i8
5514
61l2
87
June
20
__
Dec
76iS
80
*17
Mar
48
9,400
38%
146
80
Oct 13
7438 Nov 17
26
80
145
8
51
76
2012
145
90
12,200
1912
73g
Feb 26
29
82
7i2
48t2 Deo
36U
5654
Aug
27% July
36
36
Oct
47i2 Oct 10
28l4
7534
.
Dec
37
11134 Dec 12
78
z36
Apr
Apr 28
6%
38
19
Oct 31
Oct
3%
Mar 30
69%
100
4
48
55% Apr 30
*168
Nov 17
Nov
82
Corn Exch Bank Trust Co..20
19U
18l2
7i8
89
4
7
210
38
46i8
185s
80
Feb 10
63%
1978
47
98
90
107% Jan
33
July
25
38i2
46i2
6t2 Nov
275s Deo
Continental Steel Corp.No par
1934
3078
12% May
5,700
38ig
303s
1312Nov 17
46i8 Mar 24
33,300
1978
3H2
7
29%
38i2
31%
434 Jan
2384 Jan 21
42%
19i8
3H2
35
29
38l2
3034
69'4 Sept
50
2978
63 78
69
703s
Oct
8934 Nov 17
27,700
63%
6912
68%
*168%
6l2
6%
48i4
4634
12
9378 Dec
2478 May
100
May
23
29
21
10034 10434
64
Mar
2
4214
2814
6312
29
31
Dec
48
No par
No par
Colgate-Palmolive-Peet
Commercial
Nov
2
3
2%
20
19
No
Class A
4
Deo
26
100
Preferred
Coca-Cola Co (The)
$2.75
9
Feb
4
42
3878
107
Graph Bronze Co (The) .1
Clev & Pitts RR Co 7% gtd.60
Special
50
Cluett Peabody & Co..No par
31»4
9
Nov
75i8
*5312
4634
4%
♦36
*80
1914
Clev
13884 Nov 12
2878
36i2
2834
7884
56'4
82
•••
No par
C C C & St Louis Ry Co
pf 100
Clev El Ilium Co pref. .No par
Sept
312 Mar
•
16% Jan
7278 Jan
60
5
Equipment
25
6
9
4712
*80
•
..100
3i8
1912
678
No par
100
85% Jan 21
42 7s
38i2
2012
5
Highest
$ per share $ per share
Oct 23
4812
13%
*11134 114
7
678
205s 2078
50
4714
47
14
111
3014 Jan
1484 Dec
8
48l4
363s
4734
133s
3812
3
Jan
6I4
14
20i8
Jan
278
314
43U
173
7
Preferred
Col Plct
178s Sept 19
25
City Investing Co
City Stores
6%
$ per share
25
Chrysler Corp
City Ice & Fuel
Clark
$ per share
Lowest
658
17
1934
*168
7
..10
Year 1935
Highest
6i2
17l2
38l2
69
173
6i2
17
128l2
42i2
28i2
6312
70l2
*168
7
18l2
127
278
4134
Range for Previous
100-Share Lots
..No par
Copper Co
Prior pref ex-warrants.. 100
5i2
534
5
5k
534
5k
5
5
5
514
514
10,500
19
18is
17
17i2
18%
17
17k
17
17
17
16%
6,900
45
44%
4512
46%
44
45k
4614
44l2
45U
45l8
43%
4434 43,100
IO8I4 108i2 108% 108i2 108
108
108
*10718 IO8I4 108
1,400
107% 107%
9
9
9
9
*878
9
9
9
9
878
878
914
1,600
14%
1434
145s
1478
1434
1478
15
147s
1514
147s
153s
14%
160,800
*10484 106
*10434 106
♦10434 106
*10434 106
*10434 106
*10434 106
11
11
1012
10i2
1034
113s
1034
1034
1014
IOI4
2,000
9%
9%
1
Us
US
1%
13s
lk
1%
1U
1%
lk
1%
88,700
1%
9
8i2
878
8%
884
85g
8
8
7k
834
8I4
15,600
734
34
36
33i2 3478
3334
3534
35
33
32l2
32i2 32i2
2,720
31%
21
213s
205s 2114
2034 2H2
21l2
22i2
2218
2234
21% 22% 19,100
30
3014
2934
3014
2834
3178
31&S
327s
32l2
31U
13,900
30%
31%
3is
33s
3%
338
3%
334
312
334
314
358
3% 36,000
3%
•104
105
105
104% 104% 104
104
104
105
105
104
104
1,200
65
65i2
6434
6684
66%
6734
65
67i8
6734
6534
67i8
66% 28,700
*2084 21
2058 21
20%
205s
21
20i2
21
2114
2114
2li2
3,500
42
•41i2 42%
42%
4134
42
42 78
4212
42
42 34
417s
4214
7,900
40
Chile
Colonial Beacon Oil
27
175s
104
320
25
27
*1934
11934 120
34%
33%
120
4118
113
21%
27
35
11,600
45%
27l2
*1934
800
63
62%
24
27
27
120
35
100
118
24
2712
85,900
*21
25
48
100
113
633s
6D4
113l2 114i2
25
473s
122%
36%
4212
42%
1734
1834
10334 10334
6884
400
1,500
*21
34i2
100
2,600
122
78
788S 78i2
7834
78k
7914
*116i2 125
*116% 125
*116% 125
175s
183s
1734
181«
1778
183s
3U
33s
33s
384
35s
384
69i2
6978
7178
70%
7114
13
*1214
1212
12l2
1212
143s
37
36
36i2 37
3634
36i2
20U 20U *20
20
21
2034
*1612
183s
185S
86
*126
113
47%
27
*112
40,900
33
*1(1018
68
Chlckasha Cotton Oil
Childs Co
490
18l2
Par
5,300
*51
39
On Basis of
Lowest
9,200
127
60%
120
36i2
4212
1734
10334
IOOI4
49
1205s 12212
1012
3234
....
24
26l2
*19
36i2
23
1338
49
127
127
127
*12534 127
123
122l2 *121l2 1247S *122
*56i2
*5634
59
*5634
59
2084
2II4
20% 21%
203s
2078
1934
203s
19U
20i8
103
103
*103
104
*10314 104
*10314 104
*10314 104
57
6112
46
22i2
1278
122i8 124
18i2
I884
86i2 86i2
*97
68
6834
1338
54
Range Since Jan. 1
Shares
$ per share
122% 123
*5684
59
12258 123
25
*20
1078
33
*47
68%
127
"
*97
*49
...
11434
*114
105s
33
*97
40
68
127
123% 12414
*57
58%
19% 2058
103«4 IO384
107s
3338
1314
*4612
STOCKS
EXCHANGE
Weel
18
*51
110i2 110i2 *11014
3978
397s
*3714
*89
*88
91%
...
92
*47
*68
10%
3234
...
11H2 11184 *110i2
40
*39%
42%
*47
107s
34%
Dec.
17
$ per share
23
2314
*51
*97
Friday
NEW YORK STOCK
the
NOT PER CENT
Tgursday
23
23%
1314
13%
*46i2
50
12338 124%
185s
I884
*86%
87
Sales
for
SHARE,
Saturday
3957
4
Apr 29
1178 Oct 24
5% non-cum prefened__100
Devoe & Raynolds A__No par
13
June 12
213s Jan 31
42
Jan 10
63
Diamond
30ig
Oct
40i2 Jan 25
43
Aug 6
35i2 Aug
26i2 Jan
343g Jan
345s Jan
2
33
95i2 Dec
Sept
Deo
Jan
4
No par
Match
Participating preferred
.
.
.25
Distil Corp-Seagr's
Ltd No par
5% pref with warrants.. 100
5
37% Oct 28
18U Apr 30
93i2 Deo 14
Dec 15
5ig
Oct
Deo
6
Jan
19
Deo
503s
41
Jan
Nov
4112 May
38i2 Dec
1
*48
35i2
*78
*184
8
*14i2
*112
5014
3534
1
2i2
8
15
120
*78
*184
8
*14%
*118
5H2
1178
,
1H2
72i2
*50
3412
1
1
1
*1
2%
2i2
25g
814
8
*178
758
15
120
8i8
14i2
14l2
*118
120
.
14i2
*118
180% 181
50i2
51
*50
51
51
51
347s
*3414
3434
34%
34%
1
1
lk
258
8
1412
120
179% 18178
180
179i2 1807s
1805g
*134
♦134U
*13414 13514
136i2 136i2
115i2 11512
115i2 115i2 *11512
*115i2
11
97s
IOI4
978
107s
IDs
10&8
Ills
175
176i4 I76i4
17634 *175
176
176i2 176
........
*159
163
*36l2 37
13%
133s
4334
4334
*11214 113
125s
13U
578
534
163
164
164
*163
37
36
133g
1334
1314
4418
4318
437s
11234
4212
37
13ig
43%
113
12%
5i2
164
36i2
1314
3678
113
13
534
*111
1234
5i2
For footnotes see page 3955.
13
558
112i2
1212
53s
22
*1
*178
7i2
1434
*118
1*4
25g
75g
1434
120
17984 I8O84
135
135
*1%
2%
7%
7%
15
*14%
118% 118%
178% 179%
134% 134%
11512 115i2 115
115%
12%
1078
11%
12%
175
174
175i2 174
*163
16412
163i2 *163
164%
36
36
3634
34% 3534
13
1384
13%
13U
12%
43
42%
4212
41%
42%
11212 *111
112% *111
112%
1234
1238
12%
11%
12%
5i2
53s
5%
5%
5%
Co
5,200
No par
Dome Mines Ltd...—No par
1,000
Dominion Stores Ltd..No par
Douglas Aircr Co Ino..No par
411* Jan 2
7i2 Apr 28
605s Jan 6
61%June 4
123g Deo 11
29,100
8214 Oct
6
Dresser(SR)Mfg conv ANo par
29
51
Dec
9
36i4 Dec
7
700
1,900
300
200
4,100
500
10
7,000
600
220
43,800
1,100
160
Dixie-Vortex
Convertible class B..No par
100
Duluth S S & Atlantic
Preferred
100
Dunhlll International
1
No
Duplan Silk
6
Jan 10
5sMay 20
li8 Jan 6
4% July 10
1318 Aug 27
5i2
25
Nov 16
is4 Jan 15
3
Jan 15
884 Oct 13
I8I4
Jan 17
34% Jan
684 May
17i* Mar
131* Mar
63g Mar
14 June
14 June
2
June
123g May
114
Feb
8
II8I4 Dec 18
103
133
Apr 30
184% Nov 21
129
Feb
Mar
7
136i2 Dec 16
865s Mar
1267s Feb
Duquesne Light 1st pref
100 xl 11% June 12
Eastern Rolling Mills....
5
5i2July 1
156
Eastman Kodak (N J) .No par
Apr 28
11534 Feb 14
104
6% non-voting deb
100
6% cum preferred..
Eaton Manufacturing Co
6,400
Eitlngon Sobild
30
Jan
7
par
100
2,000
14,200
Oct
Nemours(EI)& Co_20
Preferred
Du P de
19
Elec Auto-Lite
Preferred
..No
(The)
July 24
28i2 Jan 6
par
684 Apr 28
5
3084 Apr 27
100
18,600
Electric
12,200
Elec A Mus Ind Am shares...
Boat
152
4
100
3
llOU
Jan 23
10
Apr 30
514 Sept 22
1238 Dec 17
185
Aug
166
Mar 13
8
40% Nov 16
157g Nov 16
47% Nov
115
6
445g
125s
68%
32
Dec
Jan
Deo
Nov
17% Dec
1
Dec
138
8I4
Deo
Deo
19
Aug
116
Nov
146i2 Nov
132
Oct
Feb
115
Aug
384 Mar
110i2 Jan
8
Jan
172% Nov
141
164
Jan
1638
Jan
314 Mar
303g
1988 June
3884
Nov
6
173s Feb
4
378 Mar
7«4 Feb 21
53s Sept
107
Jan
July
Oct
83a Nov
Oct
113i2 Sept
1484 Deo
8% Feb
New York Stock Record—Continued—Page 5
3958
12
Dec,
23-%
23%
25
2312
93%
91%
9334
91
9U2
85%
87
42%
42%
1-1%
1%
•
6
534
24
24%
F,*58 %
59%
5%
2434
59
*58%
113
14%
75
H4
1%
16%
73%
73%
*73
77
76
76
*75
90
*72
76
*73%
10%
£978
10%
*15%
16
29%
*23%
29%
15%
29%
2934
10%
1534
25
2334
*13%
14
*13%
2334
13%
30%
32
31%
31%
5
91
23%
89%
86
85
2578
4178
1%
558
31
3114
5l8
5%
5%
5%
84
87
4334
43
4334
113
*112% 113
14
14%
89
9114
86i2
3938
41%
42
4234
1
1%
1%
II4
1%
5%
5%
578
538
5i8
538
26
2412 2478 £24% 26%
2434 2518
59
59
57% *56
5812
58% £57%
113
113
*110%
*110% 114
*11018 114
15
1434
15
1512
15%
15i2
1534
*69
*68
72% *68
*71
75
72l2
75
*70
*72
76
*72%
74% *70
81
*72
*75
85
8034
8034 *76
978
10
9%
934
9%
10
10i8
15
15%
15%
1558
1578
15%
1534
27%
28% 29
2834
3018
28% 29
*23
2234
23
23%
24%
2314
24
1234
1278
1278
£13%
13%
1338, 1338
86i8
87%
86%
4234
1%
5%
2334
30%
5
514
30
31
5%
30%
5
2234
4i8
2278
23
24
22%
4%
23%
378
22%
23%
65
64
65
66%
67%
67
67%
67
195
*192
195
57
58
25
26%
5%
4
378
2134
6434
4
*190
4
58i8
2458
57i2
24U
*75
77
*108
115
5
5
43%
115
44
115
*108
9
9%
9
478
434
5
4%
434
9%
42
*39%
42
34%
34%
34%
52
51
51
34%
104% 104% *104% 105
52
53
*39%
42
~~9,000
105% 105%
51
51%
*3214
45%
*74
26%
111
78
5%
16%
14
75
17%
2134
48
*116
*50%
*32%
124
7%
*120
45%
46%
778
122
*121
47
4634
124
47%
28%
27%
16%
17
1634
13%
13%
£103
75
*103%
7434
7478
18
1734
103
74%
17%
1738
*141
148
9%
9
9%
23%
49%
2238
22%
49
49%
119
all8
52
*141
118
50
50%
9
23
50%
119
50%
27% 28
1634
17%
16%
1234
13%
12%
104
*103% 104
75
75%
7434
27%
18%
1834
148
18%
*141
148
9
9
9%
23%
2378
51
51%
119
119
49%
50%
24%
5134
120
50
*15034 154
*15034 154
150% 150% *150% 154
53%
52% 53%
52%
52%
51%
51%
51%
40
40
40%
40
39%
3978
39%
3978
3
278
234
278
234
234
234
258
*63
64
65
65
*69%
*75%
78
70%
70%
80
*75%
61%
61%
61%
119
*11834 120
6834
6838
6878
121%
50%
10%
12134 12134
50%
50%
9%
10%
70
*70
71%
*107% 10978
4%
4%
10978
4%
5434
54
46
4%
4634
4%
46%
61%
61%
4%
84
27
*36
24%
*84
40%
54%
6
6%
24%
90
90
90
40%
*54%
6%
41
55
6%
6'
33%
84%
2834
3378
35
114%
10478
13
*94
6%
33%
84%
29%
115
10578
13%
6%
64
64
64
71
71
*68%
71
1534
84
2378
24%
8978
23%
23%
22
8934
8934
*857S
42%
£41%
£54%
42%
40%
41
5478
54%
6%
6%
26%
General
58
120% 121%
1,800
50%
1,300
50%
15%
8434
15%
*83
23%
89%
5%
6
6
6%
6%
634
5%
23%
41%
5%
5
5
300
6
6%
27,200
678
7
11,700
Goebel Brewing Co
Goodrich Co (B F)
12
12%
478
478
23%
23%
23%
2234
23
2,400
40
40
40%
3734
3934
2,100
4734
47%
47%
46%
46%
45%
45%
45
45%
1,800
9,600
18%
19%
19%
1934
41%
3934
42%
40%
42%
1634
80
16%
16%
65
66
53%
59%
129
53%
59%
129
65
*13
53
5934
*129
*34%
3478
*34%
36
36%
36
14%
*2834
13%
55
61
129%
49%
121%
102
50
13%
13%
6478
13%
*53%
53
53
61
129
1434
2834
28
28
104
105
3534
102
102
*i6l34
51
*128
130
*128
129
17
17
17
17
17
*33 78
*
3955.
34%
3534
14%
14
3478
106%
104
50
129
1678
106
103
50%
129
17
106
*10134 103
50
50
128
128
1634
*106
21,200
4,100
10
10
5,300
81
30
1534
16
16,500
3%
4
9,100
*73
60
250
13
13
400
*5234
55
800
60
60%
58%
61%
129%
129% *129
28%
130
For foot notes see page
'
15
17
106% *106
59%
129
28%
34
105
106% *106
60
129%
*32%
*3378
14%
*128
*106
59%
*129
£104
49%
*60
4
55
62
36
14%
28%
65-
16%
*13
55
£36
15%
102
59%
129
*73%
1534
334
64%
13%
36
2834
50
13%
*53%
16%
4%
4
3478
14%
121% *120
63%
16%
3978
3934
3978
3978
147%
147% *145
147% *145
*58
62%
*58
62%
62%
36
35%
33%
3534
36%
438
*34%
2834
103
4
3478
15%
*102
*49%
4%
65
29
*120
2,400
23
6,900
280
800
Preferred..
Conv pref series
Dec
1
17%
93%
Jan 17
110
Deo
June 20
6% Feb
55
5
Dec 11
478 Dec 15
48% Dec 15
33% Apr 30
32% Apr 30
17 July
6
67
Dec 18
89
Dec
30% July 7
13%June 25
70
Aug 21
Feb
Jan
1% Mar
15% Mar
% Apr
14% Mar
Jan
634 Jan
6
Oct 15
2
2
13% Jan 21
37g Jan
6% Nov
74
Sept 11
21% July
8
87
2
Jan
Deo 17
8% Apr 28
19%
Oct
90
Jan 24
2
27%Nov 18
92
14
Apr
12
Mar
70%
Jan
Nov 19
"23% "Feb
7% Feb 28
1% Apr
86% NOV 24
317g Apr 15
116
Dec 18
7% Mar
1534 Mar
70
Apr
14% Deo
1
2% Apr
Apr
20
Jan
26
38% Sept
15% Nov
Guantanamo Sugar
4
1% July
24
July
Nov 28
149% Aug 14
65
Oct 17
39% Nov 18
95
9% Mar
16
9% Mar
35% Dec
347g May
26%
Jan
119
Jan
21
Apr
25% Nov
19
Feb
4
Mar
6
Apr
Aug
12
Mar
129% Sept
48
Mar
25
25
33
10
6
Jan
No par
14
Jan
100
120
Hat Corp of America cl A
634%
preferred
1
100
63
Dec
21%
Jan
3034
Dec
37
4
30
Jan
35
Deo
9
15% Dec 11
4
Mar
8
2
32
6% Apr
Dec 15
June 22
Jan
33% Nov
108
3478 Dec 16
4
June 10
30% Jan
Dec
43% May
11% Deo
34% Deo
Dec
Jan
Deo
234 May
1934 Mar
Jan 24
Dec
95
Feb
62% Oct
30
May
50
6
9% Jan
105
140
.*-28%
Feb
30% Jan
28% Jan
100
Deo
34
100
66
4% Oct
13% Nov
1
Jan 23
17% Nov
434 Dec
Mar
Gulf Mobile & Northern. .100
Harbison-Walk Refrac.No par
Preferred
100
Deo
Jan
Greyhound Corp (The).No par
Hanna (M A) Co 85 pf.No par
85
5
May 21
40
Jan
10% Deo
3538 Nov
52% Nov 30
2,400
Jan
92
2934
638 Jan 15
£25% Nov
28% Jan 16
100 £104
267g
105% Dec 12
18% Mar
65
Preferred
Jan
14% Dec
9
100
Hamilton Watch Co
4%
10% Feb 17
35% Dec 12
43
9
1,100
49% Deo
Dec 10
3% Apr 30
Apr 29
4
16
6
Printing
19% Aug
Aug
93
1% June
Jan
7% preferred class A
Deo
Nov
5t4 Mar
2% Mar
14% May
Apr 28
Water
51
11% Mar 20
22
No par
Dec
33% Dec
6
60% Mar
Preferred.
3%
39%
2% Mar
55% Jan 14
55
July 27
24% Aug
136
16%
4% Feb 19
1
Hackensack
Deo
96% July 18
l%July
100
Gulf States Steel
Oct
4% NOV
41%
6
Jan
Green (H L) Co Inc
Greene Cananea Copper
100
109
June 30
Green Bay & West RR Co. 100
Preferred
Deo
42% NOV
3134 Dec 18
41
Preferred
6%
44% Nov 10
9
46% Oct 14
28
10
Nov
22% Oct 17
1334
2,500
18
21
7
2734
16%
1638
1678
106%
106% *106
Mar
120
6
Hall
80
11
Jan
2
9,800
51%
Oct
Aug
Jan
14%
128
8
Mar
Jan
No par
37% July
Feb
1% Aug
15% Aug
Aug
18
Apr
15% Jan
72% Oct
597g Feb
Jan £120% Dec
116
59% Nov
26% Mar
%
3
105
31
Preferred
30
Jan
Sept
20%
10
16
100
Nov
64% July
145% Oct
407g Nov
£107%
72
3% Apr 28
32% Apr 28
2
Apr 28
26%May 25
9
46% Nov
127% Jan
6% Nov
123% Nov 28
59% Dec 17
1334 Dec 18
Feb 17
Western Sugar..No par
90
5078
2
3
32% Jan
Great
3534
128
6
Nov
Gt Nor Iron Ore Prop. No par
*3378
*10134 103
3
Aug 24
Great Northern pref
*33
190
5% Jan
2
No par
Oct
70% Jan
81
38
77
Granite City Steel.....No par
Grant (W T)
No par
34
104% 104%
Jan 27
18% Jan
-.1
Gr'by Con M S & P 2d stpd 100
Grand Union Co tr ctfs
1
3978
118
100
16,000
24
16%
No par
5%
41
80
Gotham Silk Hose
5%
41
1678
2
77
No par £100
578
23%
79
85 preferred
534
42
16%
378
No par
85 preferred
No par
Goodyear Tire & Rubb.No par
87 2d preferred
No par
6
I884
4%
7,400
...1
Graham-Paige Motors
81
5
6
52% Sept 18
160
81
4% Feb
537g Jan
84
13,200
5
1
Nov 10
44
123
3934 June 11
3
5
20
Dec
53% Nov 10
3
50
1
96
434
59 % June
152
Oct
No par
preferred
278
*94
4178
1334
7,100
3
July 29
No par
preferred
Glidden Co (The)
conv
No par
3
95
18%
*13
4,100
Brothers
No par
278
95
41%
3934
4
38,100
Conv preferred
3
19%
*73
No par
Gobel (Adolf)
2,500
*73
1
No par
1,100
35,600
81
86 preferred
General Refractories
15,200
24
81
Gen Realty & Utilities
Gillette Safety Razor. .No par
83%
36
No par
5,500
33%
36
No par
Gen Railway Signal...No par
Gen Time Instru Corp.No par
29%
2838
114% 116
101% 103%
3534
preferred
Gen Public Service
200
82
36%
No par
54%
421 2~
36
Common
General Printing Ink..No par
40%
1834
36%
No par
preferred
Gen Outdoor Adv A...No par
89%
41%
36%
10
Gen Steel Castings pf.-No par
Gen Theat Equip Corp.No par
31%
3978
3934
40%
147% *145
147% *145
*58
62% *58
62%
116
General Motors Corp
54%
19%
62%
58
..100
Preferred
434 %
19% Jan
No par
General Mills
40%
4134
*144
2
*883S
1834
65
7g Jan
2334
41%
239%
40%
No par
21%
42
146
Gen'l Gas & Elec A
2,760
31,900
29%
96
Jan 21
140
34% Apr 30
33% Feb 18
15%
18%
3934
100
83
41
*62%
3
No par
15%
£47
146
Dec
49
..No par
...No par
83
48%
18%
4734
76
No par
84%
278
5%
434
18% Nov
Mar
$8 pref class A
34%
*95
3
Mar
58
Oct 30
7
13%
278
4
19
preferred
86
Aug
10% Nov
Dec 18
General Foods
Gimbel
146
12834 Nov 27
77
21,100
Jan
2
3
700
7% Mar
115
100% Sept
48% Deo
£13% Oct
2
Jan
36
Dec
Jan
Jan
17
19
*3534
10%
5% Mar
8434
32% Mar
Deo
70% Jan
No par
3,500
Deo
Mar
General Electric
86
13%
Mar
2
$7 pref class A
12,800
3,600
94,100
8,800
7
5-% Nov
5% Mar
150
10
47%
No par
100
General Cigar Inc
85
Dec
434 Mar
7g May
26% Dec 18
71
99,100
1,600
4,100
50,300
1,100
Nov
55
30% Nov
2
*68%
70
125
Mar
5% Jan
Oct
678
96
104% 105%
Oct 24
71
lJOO
17% Mar
112% June
15
Nov
1134 Jan 11
3
"
70
2
Jan
7%
13%
11478
Nov 17
155
Deo
Apr
Oct
14
5%
96
84%
2978
20
Jan 23
No par
6%
13%
114
35%
4
Dec
Conv pref series A
83%
678
76
100
6
55
177g Nov 30
14% Nov 18
104% Apr 21
65
28%
.
5
Nov 17
1034 Apr 28
7
Deo
36% NOV
No par
Class A
7% cum preferred
7%
3
738 Aug
*62
5478
6%
96%
3434
83%
2878
70
61,800
9,300
35,900
i
Jan
42% Apr 30
5
Cable
56
22,400
7,900
678
3378
6%
3
40%
25%
8%May 20
141
Bronze
3134
15%
5
5
15% Dec 11
97
No par
$8 preferred...
General
30
84
Gen Am Trans Corp
General Baking
"4~366
31%
84
3
No par
9
878
2978
37
Preferred
148
8134
*35%
30
400
2,900
23,900
Dec 12
ll%May 11
Gen Amer Investors...No par
18%
4
Apr 14
35% Feb
GamewellCo (The)
Gar Wood industries Inc
75%
Nov 13 £135
53% Feb 29
2,300
Dec
30%
47% Jan 17
6,300
81
13
•
1734
Oct
31% Apr 30
334 Jan 6
1234
7934
Dec
30
prior pref. No par
No par
Gabriel Co (The) cl A..No par
16
104
Jan
Jan
20%
1934 Mar
7
1
78
No par
6%
111
9734
610
82
96
.
7434
*141
4,700
5%
3038
97g Mar
3
86 2d preferred
Feb
60% Mar
63
Fuller (G A)
Dec
2% Mar
19
Feb 17
47 78 Dec
23% July 15
Dec
587g Aug
44% Dec 17
127
5
108
Dec
Sept
25%
1027g
25
115% Dec 14
30%June
100
45%
Dec 14
1
Preferred
Jan
5634 Dec 14
1
26
81
15%
278
5%
500
1234
Freeport Texas Co
Deo
4138 Dec 16
95% July
July
8%
4%
3% Aug
Aug
84% Apr
Aug 21
24% Apr30
21% Nov
25
4438 Nov
106
120
Dec
Dec
13% May
58% Nov 30
No par
7%pfl00
10
15
39% Dec
125
28% Mar
16
Apr
40% Dec 11
36% Dec 1
10534 Nov 10
434% conv preferred—100
Foster-Wheeler
10
210
16
115% Nov
230
75
104
Feb
16% Mar
9
9
46% Nov
334 Mar
2
July
7g
Oct 15
6
5
F'k'n Simon & Co Inc
Dec
Aug
Apr
47% Mar
Fourth Nat Invest w w
Nov
May
June 26
Preferred
Dec
6
3%
72
32
80
40%
95
2
12,600
Deo
54
9
44
5
5% Mar
4934 Nov 10
No par
Jan
19%
123% Nov 30
12% Mar 4
57g Mar 6
Dec 18
Florence Stove Co
14
13% Dec
147g Aug
£85
Apr 30
No par
Nov
7% Deo
Jan
20% Jan 27
£2478 Jan 2
100% Feb 26
40
Apr 30
30% Sept 25
47% Dec 18
Flintkote Co (The)
55
55% Nov
Apr
Apr
38
100
Preferred series A
Nov
40
106
First National Stores..No par
50
48
Mar
50
Co.No par
Firestone Tire & Rubber
10
Deo
8% Nov
6
92
1134 Mar
44
25%
Aug 10
Mar 30
Jan 9
Apr 28
Jan 2
Jan 9
2734 Dec 18
100
4\i% preferred
Sept
134
101% Dec 15
37g Aug 29
*70
81
84
54%
6978
3
t Follansbee Bros
No par
Food Machinery Corp new.. 10
13,800
67
37
Federated Dept Stores.No par
Jan
Dec
3234 Dec
75%
75%
66
37
40%
Jan
7034
26
27%
2678
11034 111
65
30
*84
37
Fidel Phen Fire Ins N Y
17g Aug
66
Nov 30
Federal Min & Smelt Co. ..100
100
17
115
59
84
—
Mar
7
122% Jan 7
31% Feb 24
1834 Apr 30
..No par
Preferred
4
9
Oct
Oct 13
25
205
17% Dec 18
80
64
37%
1534
29%
6% conv preferred
100
Fajardo Sug Co of Pr Rico.20
Federal Light & Traction—15
Apr
% Mar
Dec
8% Apr 29
34% Jan 7
25% Mar 21
4,000
63
83%
30%
*37
—100
Preferred
Fairbanks Morse & Co .No par
May
584 Mar 2 Sf
Stock purchase war's No par
45%
44%
62%
6234
81%
30%
3
24%
41
443s
124
15034 15034 *150% 152
5234
52%
53%
52%
40%
39%
40%
3978
234
2%
278
234
33
£3238
84
8334
28% 29
113
114
*109% 115
£100
104
101%
105
1234
12%
1278
1278
843g
84%
29%
2834
114% 115
105% 10578
96
5
50
50
72
278
24
56%
51%
120% 120%
65
85%
2934
2478
6%
24
65
80
2478
54%
9%
2534
878
*70
62
16
4034
148
42
124
'
84
1578
16%
16%
1278
1234
103% 103%
75
74%
18%
18%
64
63
2
3
10,300
1,700
115% 115%
80
*74%
80
80
*74% 80
*76%
*76%
61
61
61
60%
61%
60%
61%
61%
119
117% 11878 *117% 11834
*11834 119
*11834
68%
6678
69%
68%
70
6934
6878
69%
70%
121%
122
121% 121% 121% 121% 121% 121% 121
58
5834
55
56
55% 59%
55%
*53%
54%
1334
12%
13%
11%
12%
12%
11%
1134
11%
67
67
65
65
*69
66%
71% £66%
7034
*106% 108
*106% 108
10978 *107% 109% *106% 108
4%
4%
4%
4%
5
434
478
4%
434
53
5334
53
53
54%
52%
53%
53%
5478
4
4%
4%
4%
4%
4%
4%
4%
434
44
44
43%
44
47
4234
48
48%
46%
37%
84
27
2634
*141
15
2%June
Oct
Florsheim Shoe class A.No par
45
61%
37%
15%
*833g
37
1534
47
46%
4478
51,200
1,700
1,600
734
80
83%
28%
85%
28%
84
125
7%
800
33
119
6234
54
124
75
£13%
148
""§34
33
2734
*102% 104
♦
*32%
8
7
7%
7%
45
45
45
45
4434
4434
114% 115% *114% 115% *114% 115%
44%
41
4234
42%
41% 42%
2734
14
33
75
80
74
78
74%
*74%
27%
26%
2678
2634
26%
26%
27%
26%
111
*110
111
111
*109
*109
11134 112
74%
75
75
75
75
74%
76%
76%
45
45
45
4584
46
4634
44%
4534
5%
5
5%
5%
5%
5%
5%
478
45
16
*32%
*74
78
2734
33%
4534
26%
5%
18%
*120
111
45
17%
39%
778
4434
45%
77%
22
114% 114%
4234
42%
42%
124
49
*20
7%
44%
114%
42i4
*119
47%
22%
*3178
44
*114
50
*22
33%
7
44
52%
40%
52%
40%
*52
*31%
3318
7
41%
54%
24%
3878
54%
23
4138
8
8% Mar 19
25
600
5634
40
1578 Aug 10
407g Jan
Filene's (Wm) Sons
34%
34
26
40%
2,000
1,400
3,000
45
55
40%
7
2
3
7%
*39%
35%
Jan
12
2%
20%
4134
7
4% Jan
Preferred
107%
8
5
23% July
Evans Products Co
3
4434
15% Mar
4% Aug
7% Mar
1078 Dec 11
29
Feb
14%
June 30
18% Sept
34% Oct
Mar
5
Eureka Vacuum Cleaner
Federal Motor Truck ..No par
4534
7
Apr 30
Apr 29
1134 Jan 3
16
Federal Water Serv A..No par
106
53
5% Apr
11
Federal Screw Works..No par
42
14
Exchange Buffet Corp.No par
100
100
5
4,700
109
July 22
89%June 30
3,400
45
5234 Jan
12534 Jan
1% Mar
16% Dec 14
8434 Oct 13
97
"4,200
42
116
6
5%
4%
108
% Mar
% Apr
7
4
834
45
Feb
69
Jan
par
100
Mar
39
7% Aug
34% Deo
31% Deo
58% Nov
7g Jan
2678 Dec 18
Jan
5
43
1% Feb
6% Dec 11
55
4%
109
2% Mar
7
5
55% Jan
Mar
3
9
94% Deo
87% Dec 14
48
834
45
1% Mar
2578 Deo 17
8% Mar
634 Mar
10% Mar
200
500
2
2
2
18
2
4
4
25
Dec
% Jan
1% Jan
2234Nov
53% July
110
Aug 18
7% Jan 3
45% Jan 14
5%
478
43
34%
I
'
Jan
par
Second preferred
115
2534
3978
3938
3634
300
4,400
18,900
Jan
par
First preferred
570
2,700
67%
Jan
par
1,950
22
6%
32%
29%
39%
Highest
$ per share $ per share
share
per
$5%j preferred
$6 preferred
Fairbanks Co
378
21%
109
10434 10434
53
No
No
No
Equitable Office Bldg-.iVo
$
$5 conv preferred
Erie
4
4434
42
100
1
preferred
5%
Engineers Public Serv
5,600
4,400
1,200
1,000
7,100
4,600
5
43%
*40
J Elk Horn Coal Corp. IVo par
6% part preferred
..50
El Paso Nat Gas Co—.....3
Endicott-Johnson Corp....50
4,700
5
109% 109%
44%
$6
978
29%
41
43
preferred
...No par
preferred
No par
Elec Storage Battery..No par
$7
15%
2834
23%
13%
30
*108
Electric Power & Light-iVo par
Lowest
Highest
$ per share
834
4%
35%
34%
10434 10434
53
115
834
434
5
44
*3934
3478
3458
10434 10434
53%
53i2
*108
5
llli2 llll2 *109% 110%
44
43%
4334
43i2
*39
115
478
5%
43% f>
43
43%
*108
5
478
100
81
200
*198
205
200% *198
200% *195
5678
56%
55%
56%
56%
57%
56%
2734
25
26%
27%
25%
2534
26%
99
99
*99
100%
101
10034
101% *98
77
77
*77
79%
79%
79%
79%
79%
9%
9%
478
5
22%
67%
25% 199,100
7,800
90
4,000
3,800
4034
6,800
1%
14,000
5%
2678 18,100
500
58%
50
114
15%
8,000
100
72%
100
74%
86
56%
25%
78
77%
4
Par
Year 1935
100-Share Lots
Lowest
Shares
197
105
*108
9U
9i8
*434
4
4%
*99
9934 100
$ per share
85
24%
25
2258
8834
24%
90
On Basis of
WeeTt
18
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
EXCHANGE
the
Friday
Dec.
17
$ per share
$ per share
$ per share
21%
Dec.
16
Dec.
15
Dec.
14
Dec.
$ per share
1$ per share
Thursday
Wednesday
Tuesday
Monday
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
Saturday
1936
19,
Dec.
3
3
12
Jan 20
104
Nov 24
Aug
Nov 18
125% Nov 17
105% Mar 18
52% Nov 17
Oct
14% Nov
Jan
112
Deo
100% Sept
105
Nov
63
16
Mar
303g
121
Dec
Deo
1
18% Nov 24
9934
Jan
5%
Feb
14%
Dec
115
81
Feb
113%
Deo
135% Dec
Jan
9
Volume
LOW
AND
143
New York Stock Record—Continued—Page 6
HIGH
SALE PRICES—PER
Monday
Dec.
Dec.
12
$ per share
6%
*99
13%
*121
*165
*34%
14
*108
4834
122
165
*155
35
35
66*2
109
49*4
122
25*2
1S16
41l2
*11234
4134
*4238
*27*4
15
$ per share
Dec.
162
3638
1
*64%
107
65
*400
443
165
*160
,st6
41*4
*11234
*402
*42
1
1
42
4134
27
26*2
443
42
42
26*8
75*2
75*2
75*2
68
68
13
1334
13*8
58
57
58
56
197g
20
178
2334
*4658
*69
71
15*2
*12l2
3784
15*2
38
134
134
118
118
*65
69
15*2
1434
*125g
15*2
1534
1638
1,740
1338
1338
1234
1234
2,100
37
37*2
3734
377g
37*4
3734
3,800
134%
133
11738 118
12*o
12l2
5*4
534
12*2
5*8
16*4
1234
538
1638
538
5
9
8*2
55
5512
4734
32*2
85
88
12*2
3334
34
19*8
293s
538
5
16*2
5
45g
*4778
20*2
43*2
31*4
*25l2
*105
20*2
18*4
21*8
*104
15*2
33,100
534
558
534
1258
1178
12*4
5
5*4
1658
1734
47g
458
434
*19*4
293s
29*4
*12184
86" *83*4
19*8
145
105
*47*2
31
4734
30*4
8778
*85*2
12*4
12l2
3212
31
*103
20
106
19*4
146
*44
4578
111
*110*4 111*2
834
*8*4
834
*7*2
734
834
52*2
52*2
52*2
29
28*4
*27*4
47*2
*4758
4734
30
30*2
3034
29*2
146
145
146
*105
21
20
20*2
18
187S
115
*105
20
59
1978
20
19*2
20*2
45
46*2
42*2
534
46*2
54
54*2
53
55
29
2938
2838
2834
6*4
6*4
9934
12*4
*9934 100*8
1178
*131
12*4
148
*131
6
28
9934
*103g
12%
143
*45*2
48
*45*2
23
227g
2778
22*2
26*2
40-3s
40*2
19*2
1958
15*2
15*2
17
17*8
3S58
*131
46*2
2278
*2478
*3734
*148
19*2
*3
173s
170
1978
3*8
18
39*2
19*2
1638
17*4
38*2
*
3
1734
*45*2
22l2
25*2
39*2
110
142
23*2
142
*95
32*4
2534
9578
29
29*8
36
36
32*4
*25
110
2278
142
4558
457s
57*8
57*4
26*2
25*2
*
170
"19"
20*8
3
19*2
3
3
17
1734
17
168
168
170
2134
110
~22%
23
140*8 14034
31
3258
32*4
26
25
94
95
2834
29%
95*4
29*2
2134
2134
*36
36*2
For footnotes see page
9512
3038
30*4
36*2
36
36*2
*133
463s
56
AS=
2234
140*8 140*2
30 58
3058
25*2
4534
56*2
3955.
110
22%
25
*133
46*4
57*4
*
*94l2
29*4
25*2
95*4
Jan
6
May 12
4% Jan
2
25%May 21
106
May 12
Internat Harvester.
No par
Preferred
5658 Jan
8
100
148*2 Jan 23
25
234 Apr 30
4*2 Jan 2
July
73
Nov
7
Nov
Jan
6038
Dec
Feb
5*2 Jan
1384 Deo
1% Mar
42
73*4 Oct
20
4
Oct 19
15% Nov 10
4138Nov 12
147
122
Feb 14
538 Dec
1734 Dec
578Mar 11
47*4 Dec 12
194
Deo
3
104i2.Dec 15
160
Apr 3
10*2 Dec
8
7
Feb 21
6*2 Mar
34
Apr
9% Mar
15
Apr
40
Mar
4%
2%
23*2
60*2
46*4
May
2%
Feb
4
Mar
Mar
17*2
37s
Oct
Jan
22% Deo
38% Dec
59% tDeo
15
.
Deo
5*4 Dec
3638 Oct
Mar
121
Nov
Mar
108
Nov
838
Oct
Mar
7% Deo
884 Mar
23% Sept
1*2 May
4% Mar
25s July
133s
26
149%
June
Jan
34% Mar
135
Jan
1*4 Mar
17s June
3
Jan
Deo
5
Jan
4234
Jan
190*2 Deo
6558 Nov
154
Deo
434 Aug
6*2
100
Preferred
100
Int Printing Ink
Corp. .No
Preferred
100
900
2,400
10
500
2,500
""206
2,300
100
Internat Rys of Cent Am..100
No par
100
2,100
2,500
3,600
1,100
6
9
20*2 Apr 30
37 May 22
107
Apr 27
Preferred
Oct
47*4
Dec
2
19U Jan
9
61% Nov 12
1«4 Oct
9% May
15
50
20
Dec
4234 Deo
Deo
43g
Jan
5
Jan
42*4 Mar
Apr 29
35
Nov 17
16
July
28
8
93
Nov 25
5658 Dec
558 Mar
8% May
78
Oct
14
Deo
Apr 28
Oct
June
8
11*8 Sept 21
103s Apr 30
30
Oct 30
53*2 Feb 21
19*4 Feb 17
3778 Nov 18
25
Dec
Jan
165s Sept
Jan
2
107
Oct 16
70% June
90
Aug
15
Jan
2
2234 Apr 2
313gNovl2
126
Sept 1
933s Nov 14
6*8 Mar
24% Oct
16
Nov
1
1
No par
Johns-Manvllle
No par
100
Jones & Laugh Steel pref.. 100
Stove Co
10
243g Aug 14
Apr 29
113
58*2 Jan 18
88
May
7
12134 Feb
5
75*8May 27
39*2 July 15
116
13
100
City Southern
Preferred
par
100
City P & L pf ser B No
19*4 Jan
Kaufmann Dept Stores.$12.50
5
Kayser (J) & Co
Nov 24
Jan
2
18
June
4
1434 Jan
2
1
No par
A .No
Kennecott Copper
No
Keystone Steel & W Co No
Kimberly-Clark
No
Kinney Co
No
Jan
7
Feb 28
110
2
Nov 18
2838 Jan
110
Jan
49
Mar
38*2 Mar
117% Mar
50
Apr
36
Jan
120% Apr
37
Aug
99*2 Nov
126% Deo
93
Nov
120*4
Deo
1
6
2
24% Jan 2
253g Mar 20
par
87
par
28*4 Jan
7
6338 Nov
5
par
1734June
4
2458 Oct
115% Mar
384 Mar
65g Mar
7*2 Feb
1534 Jan
14% Deo
22
Deo
20*4 Nov
30
Oct
34
Mar
6
Jan
90% Oct
31% Nov
3*4 Mar
10*4 Aug
28*4 Nov
18*4 Jan
84
3
par
par
No par
Preferred
Apr
26
Apr
48*2 Aug
33*4 Feb 25
17
May 20
B
50*4 Dec
121
9
24i2Sept 28
80
Kelvinator Corp
Dec
8
36*4 Nov 17
20
Kendall Co pt pf ser
146*2 Dec 16
126% Dec 5
133
2
Jan 27
Kelsey Hayes Wheel conv cl A1
Kresge (S S) Co
10
preferred
100
7%
28*8
110
82
Island Creek Coal..
Class
Dec
Deo
Deo
20*2 Deo
36*4 May
49% Nov
Kelth-Albee-Orpheum pf._100
6,100
Nov
5
3%
2%
100
Jewel Tea Inc
Kansas
Oct
130
No par
Intertype Corp
Kalamazoo
4% Mar
21*2 Jan
98% Jan
10% Oct 20
47
Interstate Dept Stores.No par
9
11*2 Oct 20
100
No par
Sept
7
100
Inter Telep& Tel eg
112
11
11
18
18
9
No par
preferred
14% Dec
8*8 Deo
98*4 Deo
4834Nov
Jan
International Shoe
7%
Nov 20
233g Dec 11
Jan
July
Mar
July
May
3
23
International Silver
136
22*4
123%
1%
83
%
334 Jan
No par
Kan
12,200
2*4 Jan
1% Jan
International Salt
Preferred
"l~,260
par
43*4May
107
Oct 28
Mar
21
18*2 Jan 7
37gMay 11
Apr 28
46*2 Deo 12
73s Jan 8
10
61
23
20*2 Apr 28
323s Nov 18
1934 Mar
11038 Feb 10
103% Apr
9934 Dec
3
July
3038 Deo
30
Nov 30
96
1334 Mar
2%
2
Mar
Oct
Mar
6*8
41
Nov
Deo
Deo
27»4 Nov
113
Apr
46*2
45*2
45*2
200
Kress (S H) & Co new..No par
223g
22
22*8
9,600
25
Kroger Groc & Bak
No par
Laclede Gas Lt Co St Louis 100
19*8June 30
20*2 Apr 27
3378 Jan31
32
50*4 July 13
19*4 Mar
Aug
27*2 Deo
46
Aug
2634 Feb
213s
28%
Jan
9
Jan
131
463s
5534
565s
Kresge Dept. Stores...No par
Preferred
100
160
5%
preferred
Co (The)
.100
40*2
90
185s
1834
5,500
Lambert
No par
16*2
*16*2
Lane Bryant..-
No par
18*2
1734
10,800
3878
39*2
40*8
1678
18*4
40*2
1,100
18
*
170
"19%
278
17
20*4
3
17*2
105*4 106
168
*21*2
168
22
*105
2238
110
2258
14234 14234
3058
30*4
25*2 2558
95
95*2
32*2
30*4
36
36*8
*
4,400
170
"19U
~lY,500
234
1978
234
16*8
1634
5,600
105*2 106
*168
21*2
170*8
21*2
*105
110
22*2
2278
14212 142*2
30
*25
9434
3,400
400
June 10
1578 July 29
100
94i2 Apr 30
Lehigh Valley Coal
50
No par
50
Preferred
Lehman Corp (The)
No par
5
No par
3*4 Aug
15'4 Nov
9584 Nov
17*4 Jan
21% Mar
638 Sept
49*4 Oct
103s Nov
89
May 11
12334 Nov 20
Jan
2
2134nov10
387gMay
4
65
2
80*4 Nov 10
7
13
25
May
31% Jan 29
97
Marie
7
9784 Mar 13
Oct 28
Apr 29
2578 Jan
2
63% Nov 30
No par
36
3
55
No par
32%June 3
43
Apr 21
No par
Preferred
Lone Star Cement
No par
27,100
1,300
10
11,400
Corp No
par
July
104*2 Feb 28
2
Apr 23
35*2 Jan 2
Long Bell Lumber A ...No par
3-% Jan
Loose-Wiles Biscuit—.....25
x3834 Oct 15
5%
preferred
(P) Co..
Lorillard
100
10
107
2
May 19
21% Apr 28
140
Dec
3
3
13
Jan
20
May
4
Louisville & Nashville..... 100
57*2 Jan
22*4 July
2
8
660
30
32
3578
35%
700
"Y,500
32,000
Ludlum Steel
MacAndrews & Forbes
56
8,600
10
33
Oct 16
Dec
9
46*2 Dee 4
6534 Dec 15
108% July 17
3% Feb 11
61*8 Dec 1
83s Mar 24
45
Jan 17
113
Sept 1
26% Jan 27
151
Jan 30
51%May 25
30*4 Oct 7
1023s Oct 19
21
Mar
94*4
Apr
120
9334 Apr
151% Jan
15*2 Oct
13*2 Mar
17% Mar
24% Mar
31% Feb
122
102
Feb
I
Mar
2278 Mar
1*4 Mar
33
Apr
10734 Nov
124
Aug
167% May
28s4 Nov
27% Nov
43
Oct
37*2 Dec
55*8 Nov
10834 Oct
25s Oct
36% Nov
4% Dec
41% July
112
Deo
26*2 Nov
Apr *149*8 Dec
4% June
15
Dec
10-% Mar
23
Aug
34
Mar
64
Deo
Sept
35
Feb 19
12>4 Mar
26
42
Jan 21
377» Nov
46
Feb
130
May
113
Feb
127*2 Jan 9
2738 Jan 30
134% Nov 23
No par
49% Oct 30
185s June
Macy (R H) Co Inc
No par
40*8 Apr 30
65*4 Nov 12
30%
No par
295s Nov
Aug
18*2 Mar
Mack Trucks Ind
6% preferred
5378
5
Liquid Carbonic
Louisville Gas & El A..No par
55*2
Dec 15
23% Feb
Lima Locomot Works.-No par
1,400
55
170
Link Belt Co
1,700
45"
Jan 16
116% Jan 15
5,000
1,280
44
115
Nov 17
5,300
9434
46"
Nov 17
May 19
19
Loft Inc
Jan
1*2 Mar
2,500
300
Jan
11*2
5*2 May
67% Mar
10*2 Oct
160
8,900
Mar
1
100
5,800
5
6
Lily Tulip Cup Corp...No par
No par
173s
Oct
Liggett & Myers Tobacco...25
Inc
14*2 Deo
Feb
700
Loew's
Oct
May
8*2 Mar
105s Mar
4
25-34
45*2
Oct 19
5
Mar
Nov 10
22
12
19
5
17,200
Oct
32
6
July
7% preferred
100
X Louisiana Oil preferred.. 100
31
180
22% May
2
Life Savers Corp
Preferred
6% Nov
80
95g Apr 29
700
25
J
2
47*4 Jan
Series B
May
8*2 Jan
Llbbey Ownes Ford GI No par
Llbby McNeill & Libby No par
900
6
45% Nov 10
8,100
300
8
15*2 Apr 30
12
5,400
Jan
Lehigh Portland Cement...25
4% conv preferred
Lehigh Valley RR
42
Nov 13
1834 Dec 16
Lehn & Fink Prod Corp
5,800
28
8
18% Nov 17
12
Lerner Stores Corp
700
51
Dec
2
5
7% Jan
18% Nov 13
131
July 15
Lee Rubber & Tire
5,000
*133
*133
*46*2
30
19*8
165s
63
2
2*2
2*2
63*8
62*8
5934
54
53*2
54*2
51*2
53*2
53*2
51*2
53*2
44*2 2:44
44*4
44*8
44*4 45*4
4438
45*4
64
64
6534
64*2
645g
64*4
6378
63*4
107
107
*106
*106
107
106*4 106*4 *106
278
284
258
234
234
258
25g
2%
57
5678
5538
55*2
5758
54*2
53*4
54*4
678
6*2
658
634
7*4
6*2
6%
658
42
41
41
4n2
4058
42*8
4034 4034
2534
4534
55*2
22i2
106*4
*
100
Preferred
1,600
130
62*4
142
*133
*133
223g
106
30*4
*36
2234
170
237g
5
Deo
42
315g Dec
22
46*2
105*4 106*4
110
Prior preferred
Int Business Machines.No par
460
*9934 100*8
10*2
12*2
143
122
122
12234 *122
12234
122*4 122*4
18*2
*18*8
19*4
18*4
18*4
*18*8
18*2
60
60
58
59
59*4
5834
59*4
73
75*2
73*2
74*2
73*4
7334
73*2
74*2
10
10*8
10*2
103s
10*8
10*8
978
1038
27
27
27
26*2
*26*2
263g
26*4
26%
105
103*2 103*2 104*2 104*2 *103
*103*2 105*2
64*2
Jan
495
4% Apr 29
7478 Feb 26
3534 Aug 31
*130
18*2
106*4
106*4 106*4 *106
27g
278
234
234
58
583S
5758
5S*8
678
7*4
678
658
42
*40
41*2 4n2
"23*4
131
60
2134
No par
Certificates
115
*122
105*2 106*4
170
*166*4 170
2134
2178
215s
62
63
627g
55
54*2
5458
4434
45*4
44*2
63 78
13
39
106*4
Iron
Agricul
280
9,600
383g
27*4
104*4
*
260
2834
39*2
27*4
6334
110
28*8
1834
275s
633s
1,600
1,630
1678
*26*2
6234
31,100
4,400
2,000
18*8
10%
Internat
v
1
No par
6
1634
978
No par
Steel
Class C
50*2
18*2
19
Ingersoll Rand
Inland
69,600
43*4
17
62*4
76*2
No par
No par
5%
249*2
1678
122
11
Class B
21,500
1734
383g
1834
58
10
Preferred
32,600
17*2
3
100
100
June
Inter Pap & Pow cl A. .No par
59*2
1638
17*8
lines
RR Sec ctfs series A
Leased
Indian Refining
Industrial Rayon
21,000
2038
25
3*8
30
25",700
19*2
4212
*39
18
100
6% pref series A
Jan
*45*2
143
170
2
11
22% Deo
15*4 Dec 11
57*8
40
"l9%
Jan
663s Nov 18
50
26
*_•
1
185s Apr 30
8
125*4 Feb 6
334 Apr 30
21,400
1858
1978
13*2May
13i2 Dec 18
21%
25
39
49
6*4 Mar
10
100
1
18*s
*9934 100*8
11
11*2
Nov 10
Int Nickel of Canada..No par
21*8
29*8
13% Dec 14
63
Internat Mining Corp
105*2 10534
*39
10*8
45
1234
28*2
Nov 16
17,400
Yl",606
19*2
*978
5334
9934
28*8
29*4
*9934 100*8
13
*1134
78
225gNov 5
3*4 Feb 19
29*2 Oct 17
543sSept 2
No par
30a4 Dec
17058 Nov 12
37,300
2078
18*2
205g
25*2
75
*2158
28*4
*105
21*8
40*2
77*2
*166*4
115
*39
62
104
2078
2:19*8
77*8
105
*105
2112
20*2
122
106
115
39*2
4112
*121*2 122
*18
18*2
63*4
6212
*104
2034
20
26*2
20*8
170
"19*8
*105
2134
18
19
19
19*8
18*2
1878
21
21
21
2138
21*4
21*8
105*2 105*2 *105*2 107
*105*2 107
6038
61*2
5978
605s
59*2
60*8
195g
2038
19*4
195s
2058
19%
44
43 78
43*2 44
433g
43*2
6
6
6*4
57g
534
57s
49
51
50
497g
54*4
49*2
2078
2U2
*103*2 107
6078
59*8
58*2
115
6*2 Mar
4
100
Preferred
146
3078 Mar
Mar
284
Int Mercantile Marlne.No par
*12134
87"
Feb
338
4
33
578 Jan 23
17% Feb 6
21,300
105
29*2
8
Dec
3*8June 10
8*2 Apr 27
Preferred
118
Jan
July
6
Feb
19*8
4834 Jan 21
Int Hydro-El Sys cl A
*125
120
18*4
2H2
400
65s Mar
5
96,700
*103
*80
jOct
2*2 Jan 2
9% July 1
2% July 10
2234 July 10
160
Apr 28
12,100
Jan
534 Mar
44*4 Feb 20
No par
34
30
115
544
No par
32
"88
4
Interlake
32i2
30
Dec
Intercont'l Rubber
13,400
104
81a4
Dec
Is,6 Dec 16
42
1878 Jan
66,800
6,200
*79
33«4 Oct 30
11*2 Apr 30
1234
*12134
83*4 "83**4
145*2 146*2
6
73% Apr
36*2
Dec 16
t c..100
12*8
19*4
Feb
49% Dec 11
124
t Interboro Rap Tr
12*4
19*4
119
Jan 13
8,300
80
19*2
80
778 Jan
87*2
105
Dec
Oct 27
87
19*4
Oct
131
5
87
*103
90
Feb
Insuranshares Ctfs Inc
32
2912
*12134
13534 *13258
2034
19*2
13
1338
6*2
634
94*2
94*2
7
Mar
3,900
12
19*4
2938
29*4
86~
47*2
3134
14i8
63*4
13534
2138
14*2
734
98*4
44*2
6% Jan
June
71
5
18
11
14
17
101
13*2
4
June
162
122
6
1547g 156
10*2
978
62i4
54%June
141
Jan
149*4 Dec 11
135
Apr 17
Nov
100
14*4
3
Jan
142%
Jan
16*2 Nov
157*2
633s
Feb 17
July
397gJune 5
22*4 July 2
65*4 Jan 14
127
Oct
6%
11
7
102%
738
2
1
1% Mar
Oct 14
6
1,000
6*2
Jan
Jan 27
Aug
6% Jan
6,800
6*2
Nov
885s July
41
10*4
Dec
22
No par
188
*85*2
t c new 25
120
Inspiration Cons Copper...20
10 900
5*8
1758 110,300
126
126
*125
*125
126
*123*4 126
*123*4 126
129
128
126
128
12734 128*4
12734
128*4 128*2
129*4
48
48
48
48
4878
48*2 4878
48*4
47*2
4734
47*4
*11634 118
*11634 11734 *11634 117
*11634
*11634
22
22
22
2"li2
23*4
2212 23*8
2278
21*2
2"l"34
22*8
*45
45
45
45
45
44*2
463s
45*2
42*2
4278
44*2
31
29
31*4
3078
31*2
30*4
30*4
2834
29%
29*8
30-38
*25
26
26
25
26
26*4
2534
25i2
25*2
*25*4
25*2
107
600
3,300
1478
40
475g
3134
*85*2
12*4
3212
v
Howe Sound Co
Jan
143g May
Hudson & Manhattan....100
800
188
*27
No par
4878
43
28
Class A....
4758
189
*27
Household Fin partlc pref..50
47.38
*13134 135
116*2 117*4
108
414
No par
Illinois Central
42
52*2
Class B
2
June 13
**i6 Dec 8
19*4 Jan 13
100
par
Sept 16
30*8 Jan
100
Houdaille-Hershey cl A,No
Hupp Motor Car Corp
189
52*2
No par
16,300
134
102
9
Rights
Houston Oil of Tex
587gSept 24
6
Holly Sugar Corp
7% preferred
Homestake Mining
85
41
108
Hollander & Sons (A)
25*4
44
52*2
No par
6
6
141
No par
2^%
534
16*2
No par
preferred
Hudson Motor Car
534
5
434
preferred
conv
13,900
1558
12
55
17,600
15*4
12*8
Conv
Mar
164
No par
Holland Furnace
Mar
8
Hershey Chocolate
5
9
213g Jan
25*2 Apr 30
Jan 23
Highest
$ per share $ per share
133
150*4 July
Aug 13
2
11738 11734
Dec 14
12% Aug 17
117 May 14
84
19%
40
45g Apr 30
100
126
178
24*8
68
$ per share
100
19
*65
$ per share
No par
cum
Year 1935
Lowest
Highest
preferred
$7
20
133
*11634
100
400
189
29
29*4
*12134
*12134
*83*4
87*2 *83*4
143i2 145
145*4 146
126
Preferred
12*2
43
12*4
12*2
343g
3338
10434 10434 *103
21
25
12
187
27*8
47&S
32*4
877«
12*8
3334
30*2
131
134
12*2
46
27*8
147*2
__2
Hecker Prod Corp v t c.No par
Helme (G W)
25
1,900
1534
16
54
48*2
30*2
86*2
1234
Hayes Body Corp......
Hazel-Atlas Glass Co
4*2
4*2
189
28
*125
133
12*8
55*2
44
54
*27
*1934
534
12*8
5*8
56
28
*103*2 10434
15
103
10338 104*2
1043s
102*2 10358 xlOO
*154
160
*155
*156*2 160
*156*2 160
10*4
9*8
934
87S
9*8
10*8
958
6
6
534
6*4
534
534
6
15
15
15*4
1478
*14*4
1458
13%
63
635g
64*4
6258 6378
63*8
6334
*132% 13478 *1325g 13534 *13258, 13534 *1325g
20*4 21
20*8
20*4 22
20*2
19*2
13
14*4
1334
13%
1212
13*8
125g
7%
634
7*8
7*4
658
678
6*4
96
9384
9434
96*2
9278
95
92*2
46
46*2
46*2 46*2
46*4
46*4
*44*2
111
110*4 110*4 *110*4 111
*110*4 111
8*2
9*4
8*2
8*4
8*2
8*2
*8*4
8
8
8
734
734
778
734
55*2
48*2
2
1278
5678
45g
189
47*4
43*2 46
18934 *186
18934
*8
20*4
117% 118
5*4
17
15
500
500
68*4
12*2 108,300
56
6,000
69
534
63*8
*1325g 13478
213s 22
13*2
143s
738
734
94*2 97
*46*2 47*2
110*4 110*4
i
13*4
534
1238
625s
*67
1434
5%
6
68*8
69
5*2
6
75*4
68*4
133s
56*2
47g
13*4
15*2
135s
38
16*4
578
1234
9*4
75*4
263s
75%
9,400
75*2
25*4
*75*4
69
15*4
158
26%
47
134
118
10312
26
477g
1578
8%
2658
*46*2
1478
158
300
*68
*132*4 134
100
42*8
47
3778
189
42*8
47
1234
3738
5
4234
24*4
15*2
5
..I.
434
*4134
24*8
1278
1434
3,700
2478
1434
5*2
24,600
24i8
145g
1434
6,900
2034
2
15
118
*405
230
17s
69
3758
*11234
434
1*8
41*4
500
6,300
*45s
*12*4
19*2
178
15
*12
*402
*S16
4038
1316
41*2
1,100
478
1334
68
13
*66
1*8
41*2
10
6758
12*8
56i4
458
12l2
19I2
1%
2378
24*4
47
2
...
20*4
1358
20*2
2
24*4
47*2
20
458
*123g
434
195s
178
2378
*46*2
35
36*4
*11234
*402
68*2
1378
*12*2
35
.1*16
42
*11234
443
27*2
1338
400
Hercules Powder
4234
27
4%
160
160
5,900
Par
700
42%
57
165
Shares
19,900
Range for Previous
Lowest
148
148*2 148*2 148
129*2 129*2 *129
*64*2
6434
6434
6734
107
107
*107
108
108 | 108
*107*8 108
4734
4838
4758
4838
47*2
48
4734
48
12234 123
12334 124
*118s4 122*2 11834 12178
25
2412 25
25
27*8
25*2
26*8
26*2
42%
434
*160
....
*75*2
*85
$ per share
Week
No par
*6634
13*4
*30
18
Hercules Motors
76
*27
Dec.
Range Since Jan. 1
On Basis of 100-Share Lots
3,100
42*2
58
165
35*4
147
147*2
148*2 148*2
*12834
*12834
64
<z64
64
6438
67*2
13*2
9
$ per share
35
3678
67*2
1278
57*2
4%
*123s
1478
17
EXCHANGE
35*2
35*4
107
48*8
4878
12178 123
2434
2478
,S16
1
41*2 42
*11234
443
*155
*7512
5*4
45*2
Dec.
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
16
$ per share
2712
76
458
1458
SHARE, NOT PER
Wednesday
6%
6*4
6*4
6*4
638
6
6*8
6*4
6*4
6*8
6*4
100
102i2 100
102
101*4 101*4 *101
*101
102
102*2 102*2
14
1334
1378
1438
14*4
1334
14
13*2
1334
13*4
133s
*121
*121
12434
12434
12434 *121
12434 *121
12434
12434 *121
25
*400
Dec.
$ per share
148
*147*8 148*4 148
*12834
*12834 129
*65
Tuesday
Sales
for
Saturday
3959
Apr
3084
57
Dec
Nov
New York Stock Record—Continued—Page 7
3960
LOW
AND
SALE PRICES—PER
HIGH
SHARE, NOT PER CENT
Monday
Dec, 12
Dec.
$ per share
Tuesday
15
Dec.
14
$ per share
$ per share
15
15%
14%
15
*53*4
5434
54
55
734
7
28*4
29%
28
29
15
15
15
15*4
37
33
35%
14
15*4
1558
53
53
7*4
27*2
7*2
29*2
*15
15*2
*3212
7
7%
*33
23
10%
10%
2*2
10*2
*18
20
*18
20
40
40
6
6
*37*2
*5*4
39*4
5%
*60
53
*50
53
*5*4
52%
20%
20
*162
2084
8*8
39%
19%
10%
2%
8
*17
20
38
38
6
62*2
20%
8*4
40%
8%
8%
40
40
40
163
163
4%
10%
2%
163
163
163
Shares
15
15%
53*2
54
28
26%
27
15%
15
35
35
36
14%
1484
22%
-4%
14%
14%
22
22
10%
10
14%
434
2%
2%
*17
*22
*4%
10%
*2%
1934
*17
3734
*5*4
52%
3734
5%
*3734
*5%
53
*50
19%
20
8*4
19%
8%
40%
40
*150
8 per share
15
26*2
*14%
10%
1434
22%
4%
$ per share
65%
8%
40%
*150
163
64
16%
54%
6%
2%
20%
39%
6
53
6
4
2%
17
*36%
*4%
*50
20
9%
4034
163
19%
9
39%
*150
65%
Par
8% Jan
15
36
220
t Manhattan Ry 7% guar.100
8,800
1,800
5,200
11,900
330
17
30
38%
6
52%
20%
9%
40%
100
Preferred
Man del
No par
Bros
Modified 5% guar
Manhattan Shirt
100
25
Maracaibo Oil Exploration. _l
Marine Midland Corp (Del).5
Market Street Ry
100
1.100
13,800
10,900
3,900
Martin-Parry Corp
IDs Jan 22
0% Apr 28
27% Apr 27
No par
30
Mathieson Alkali Wks.lVo par
Preferred.
100
2,400
May Department Stores... 10
15
15%
14
14%
10,300
Maytag Co
..No par
*45
46%
44%
45
400
Preferred
No par
*44
46
*44
46
*44
46
50
10
Preferred ex-warr'ts.No par
10
Prior preferred
*101
23%
M
44*2
2384
40*4
4434
4484
2334
2384
40%
87
*44
85*4
I384
45*2
40
86
14
14%
45*2
4534
18
18*2
18%
*103*2 107
*103*2 107
2784 2884
27*s 28%
*
9784
9784 *90
85
"85"
*83*2 85
10%
11%
11*4
11*8
100
103
103
103%
1334
4584
*18*4
104
*101
*101
104
41
*37
41
*40
41
*37
64
*62*4
63
53
63
12%
13%
13%
63*4
1384
13
13%
29*4
29%
30
29*4
42%
30
29*2
41%
64
29
*37
40
63*4
1178
44
z43
46
45*4
122
1227B 1227B *120
105
105
*102i2 105
108
108
*10584 108
978
IO84
*178
*3*4
5*4
2538
738
27*s
*2%
658
3034
120
85
*83
83
82
2
*1*2
2
3%
*3*4
3%
5*4
26*2
7%
5*2
5*2
27*2
3*8
6%
31%
29
2684
7*8
27%
2%
7*2
2784
2%
99
99
99
684
31*4
99*2
655s
44*2
66%
44*2
6534
4384
66%
4334
67
67
67
67
134
23%
37*4
23%
37%
23%
36*2
97*2
36*2
*9684
134
385S
2358
36*2
*96*2
39
35
34
*107*4
_
183s
*5734
"18*2
1638
16*2
39
40
59
17*4
14*4
14*4
325S
32%
*15834 100*2
35
*104
30*8
2384
35
105*4
3034
23%
*109*2 110*2
*108*2 IO884
20*4
29*2
*30*2
35%
*168
20%
2984
32
3534
171
*143
150
73*2
*107*4
18*4
*134
78
74*4
7034
11%
1%
%
74i2
71
130
130
32
73*2
35*2
*168
*143
11*2
*134
%
74*2
69*2
133
3634
98
*96%
30%
73%
30%
74
*107*4
18%
18%
-
-
-
----
-
120
43
35«4
150
171
30
74*2
18%
*59
74%
•
-
-
-
18%
60
16*2
16
16%
40
3 884
14
38%
18%
13%
34%
33
34
161
161
18%
161
18%
14
34%
34*2 3434
105
105*2 *103
30
29%
30%
24%
23% 2384
110%
110*2 *110
171
59
11%
134
*34
•75
71
69%
*130
135
69%
*130
69%
133
11%
11*4
11*4
1034
11
*12%
58*4
12%
12%
12
12
58*2
59
12%
5934
12%
58%
*57
61
60*2
12*4
59*2
60*2
*107
108
*107%
*22
22
38
7934
44*4
81
81%
4384
*81*2
*1058
24*4
4434
44
44
43*2
82*2
1034
24%
82*2
11*4
25
13434 *129%
*131
2
178
434
1234
47B
*4*2
434
12%
4%
11&8
11%
74
74
434
98*2
*95
*108*2 109
13
29%
2984
28%
29%
42%
43
40%
*120
58%
58%
96%
*30%
5
98*2
5
4%
11%
4%
81
13%
4%
1134
*106*2 108%
2
1%
5
4%
13%
1334
5
Hf%
r%
5
13%
*4*2
11*2
*74%
*98*4
600
7,300
......
18,300
150
1,400
24,000
1,620
20
2,900
31,500
6834
*130
434
12%
*74
78
*93
98
1088410884
1%
4%
2
5
13%
13%
5%
4%
5%
4%
58
12
1»4
84
74%
69
69
130
133
10%
11
12%
58
58
12%
56%
12%
5734
11%
12
5%
1%
2
5%
14%
16
13%
5%
4%
1484
5%
4%
*4%
11%
II84
11%
5
300
100
13,400
9,900
9,800
1,300
10,600
16,900
1,200
31,700
5%
5%
484
II84
75
500
30
15,600
200
30,600
380
334
*28%
155s
49*2
27*4
56%
3%
31
15%
52
27
*53*2
3%
*28%
15%
51
2784
56*4
27%
*53
16
52%
*28%
15%
52*4
30*2
For footnotes see page
54%
3%
3%
30
28*4
334
3955,
16*4
55
27%
52%
3%
27%
15%
56%
27%
52%
3%
27%
16%
59%
700
3,900
80
15,800
23,900
400
7,700
Oct 19
65
Nov 17
3
137gNov
5
.100
preferred..
Mohawk Carpet Mills
Monsanto Chemical Co
.100
20
10
13s July 14
2i2Aug
284 Jan
5
2
1634June 10
5*2 Jan
14i2 Jan
2
6
2
Sept 15
378 Jan 3
1978 Aug 24
79
May 19
123s Mar 23
26%
27%
52
52
29
28
28
16%
5734
1534
16
54
55%
384
97*2 Dec
2084 Mar
65*4 Nov
838 Nov
6034 Oct
22
33*2 Dec
Apr
24*8
Jan
2*2 Mar
9*2 Mar
8*4 Mar
Dec 16
Nov
37s Mar
31
Mar
84 Apr
284 Feb
5U Feb 10
1
Mar
6i2 Feb
2984 Dec 15
1*4 Mar
1038 Apr
9% Feb 21
33% Oct 16
2*2 July
4
Feb
578 May
1
734 Feb 11
3138 Dec 12
103
5
Motor Wheel
Munsingwear Ino
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America. .100
Myers F & E Bros. ....No par
Nash Motors Co
No par
Nashv Chat & St Louis...100
National
1
Acme
Corp
No par
Biscuit
10
11
May
21
Jan
43
2834 Oct
100 *106
No par
21
No par
21
7% pref class A
100
7% pref class B
100
t Nat Depart Stores..-No par
Nat Distil Prod
No par
Nat Enam & Stamping.No par
National Lead
...10
2
Aug 12
20%May 4
12% Apr 30
912 Apr 30
32
A
Jan
15
153
ser
7
44%May 4
10218 July 3
14
Apr 30
100
Nat Cash Register
Nat Dairy Prod
Apr 30
70
Nat Bond & Invest Co .No par
7% cum pref
2
Jan
6
4258
Dec
684
Oct
20*2 Deo
247g Sept
116*8 Oct
July
1*2 Mar
1034 Mar
10
Apr 28
25% June 11
28
Oct
5
263s June 30
25s Dec
4
July
4ig Deo
1784 Dec
6% Nov
16*4
3
Dec
Jan
4% Dec
23
Nov
65
Feb
9438 Nov
4078 Deo
Dec
66
Dec
417s
Feb 25
Nov 18
3934 Nov 18
10H2Nov23
60
65*2 May
1*8 May
33*8 Deo
7*8 Mar
9*2 Aug
62
153s
Feb
Dec
1534 Nov
8134 Nov
26*2 Deo
434 Mar
3634 Dec
Sept
13*4 Mar
213s Nov
7912 Aug
107U Dec 17
_
2234 Mar
6212 Nov
30
Jan
2178 Feb 19
11
Apr
47l2 Oct 22
14
Mar
19i2 Dec 17
15% Mar
3834 Jan
9
9
3734 Dec 8
107i2 Dec 8
32% Nov 30
28% July 7
IO7S4 Oct 19
107UNOV 27
Nov
2184 Mar
164i2 Dec 18
9
Deo
7% Nov
68
Mar
9
Dec
Nov
Nov 28
Dec 18
Apr 30
Apr 30
Dec
Jan
60*8 Mar
4*2 Mar
684 Feb
22*4 Apr
141i2 Mar
47*2
19*2
Oot
Jan
27*2 Jan
145s Dec
14*4 Dec
3638 Nov
158*8 Dec
11234 Mar
2
108
Sept
23*2 Dec
22*s Deo
113*4 Nov
112
4
zlOO
Sept
108
June
1312 Mar
127s Mar
45s
Aug
Jan
24UNovl8
li2 Mar
33% Mar 6
3778 Apr 14
23*8 May
34i2 Nov
21
May
32*2 July
150
Jan
162i2 May
121&8
Jan
140*2 July
47b Mar
*2 July
*4 Mar
4088 Mar
148s Aug
1*2 Nov
84 Nov
8384 Nov
3612 Nov 30
A
1001
155
Oct 29
171
Dec 15
B
100
13784 Jan 21
147
Nov 16
4,400
36,900
Nat Mall & St Cast's Co No par
55i2 Dec 17
6H2 Dec 14
9%May 11
1478 Feb 17
300
Nat Rys of Mex l«t 4% pf.100
1,700
9,600
1,600
2,000
6,600
3,100
2,500
400
...
60
National Power & Lt.
2d
.
.No par
preferred
Nelsner
Bros
Newberry Co (J J)
6% pref series A
57U Apr 29
78
197s Jan 2
74is Jan 6
7% July 10
133
100
No par
No par
No par
No par
.100
t New Orl Tex & Mex
42,600
2,500
1,500
1,630
3,420
New York Central
100
90
20,200
27,800
37,500
3,100
1,100
6,300
40
200
300
33,600
70
3,600
30
54,400
18,600
1
-No par
No par
N Y Chic & St Louis Co...100
Preferred series A
New York Dock
10%June 18
3234 Apr 29
41
Apr 15
104i2 Apr 7
2
495s Oct 13
5318 Oct 5
Jan
6
1
Jan
2
7%
N Y Steam $6 pref
*7 1st preferred
No
par
No par
100
210
100
105
Preferred
Northern Pacific
100
Northwestern Telegraph...60
Norwalk Tire & Rubb..No par
Preferred
50
Ohio Oil Co
No par
Oliver Farm Eq new
No par
li8Aug27
Jan
2
May 12
2318 Apr 30
5284 Feb
6
6% Jan
6
"ii*2
Deo
1078 Deo
36*2 Nov
2934 Deo
Mar
19
Deo
39
Deo
2
Mar
29UNOV 30
4
Mar
Dec
167s Dec
150
Oct
6
2U Feb
558 Feb
6
6
16
Dec 18
53s Feb 24
155s Mar 13
100
61*4 Deo
978 Mar
7
Mar 17
3% July
43a Mar
18*2 Mar
12*4 Mar
13*8 Dec
Oct
4134
Nov 30
2i2 Jan
9312 Apr 23
Jan
Sept 29
7i2 Feb 24
83
43*2
15
9
9i2 Apr 27
57 May 21
28*4 Mar
7*2 Jan
21*4 June
95
July
Adjust 4% pref
North American Co
North Amer Aviation
1
No Amer Edison pref—No par
North Central
60
Api 24
73g Apr 28
t Norfolk Southern
Norfolk & Western
No par
50
Nov 24
64%NoV
Dec 14
119
Corp part stk. .1
preferred
100
60
Dec 14
60
N Y Shipbidg
7788 Aug
115s Jan
Apr 14
t N Y Investors Inc...No par
t N Y N H & Hartford
100
4
207f Aug
83
lOUMaylfl
3
Mar
Mar
40
7
100
9
36
8
3i8 July
preferred
7
Dec 14
12UNOV 10
13U Jan 24
43
3212 Jan
2734 Jan
17*4 Jan
.100
N Y Ontario <fc Western...100
N Y Railways pref
No par
7512NOV
110
2
2
N Y & Harlem....
4
4
36i2 Jan
100
Dec
Apr 30
IOI4 Feb
9
Feb 11
U2 Feb 11
9
Nov 23
.100
Preferred
Conv
3
25
25
Newport Industries
N Y Air Brake
8
12 Jan 10
Preferred
National Tea Co
Natomas Co
78 Jan
.100
National Steel Corp...
National Supply of Del
95,200
2,100
.......
52%
3%
Jan
Dec
Mar
30% Nov 5
485s Sept 10
13H2 Mar 30
Preferred
69,500
2734
56
45
Preferred
12%
52
*27%
15%
106i2 Dec 18
30
51,100
*103
*3%
Conv
5% pref
8,300
19,700
30%
5534
27%
3%
No par
Preferred series A......100
Nat Aviation
30
26%
No par
t Missouri Pacific
National
31
*53*2
100
100
Mo-Kan-Texas RR
4,000
37,400
100
*103
7% preferred
4% leased line otfs
Mission Corp
48,500
500
105
No par
Minn St Paul & S S Marie.100
Dec
153s
1155s
1484
3
Mullins Mfg Co olass B
1
Preferred
No par
50
2,000
103
IO84 Dec
9712 Dec
Dec
2
*103
Preferred
Deo
Nov
41
Oct
Dec 18
6
Feb 21
Dec
3I84
114
*103
110
11
27
280
.r
.100
40
43i2 Oct 19
*111
103
No par
pref
1984
38*2 Dec
8*2 Apr
85*2 Mar
Id's Jan
*276
*5434
12%
cum 1st
Nov 30
9
zl7% Apr 30
21*8 Jan 9
Oct
45i8 Sept
131
283s Apr 30
111
55%
8%
10
Nov
35*2 June
90*2 Jan
578 May
Apr
280
1284
*102% 103%
5
May 13
12
7*4 Mar
3334 Nov
*4
111
1234
Miami Copper
30
31% Jan
40% Jan
534 Jan
Mar
2i8 Nov 30
280
56
6
91
71
114
103
par
Mesta Machine Co
122
Dec
June
6
283
103
Meroh & Min Trans Co.No
Apr 23
28«4 Deo 14
65% Jan 31
6%May 22
103
2
40
*54%
12%
1
100
Oct
Jan
84 Jan
130
56
No par
Mengel Co (The)
7% preferred
55
60% Jan
98
*54%
$6 prefserie8 A
Melville Shoe
108
12*4 Jan
Jan
50
*279
12%
13%
*102% 103
x95
Corp
32*8
84*2
Mother Lode Coalltlon.No par
Motor Products Corp. .No par
*111
54%
13%
No par
Mead
Deo
Morris & Essex
2
13*8
x95
330
114
56
.100
No par
preferred
conv
64
15,500
4,700
3,100
279
12%
6%
5984 Feb
2
*55
218s Nov 18
68
278
102*2 102*2 *102% 103
*102
*102
IH2 Apr 29
7
108
30%
*5434
12%
83s Apr 30
3734 Jan 3
1
6
4
75
31
No par
42
108
30%
Jan 31
$3 oonv preferred
Stores...
McLellan
20
Jan
5*2
Nov 18
493s Jan 24
118i2 Jan
1434 Nov 18
49I4N0V 17
MoKesson & Robbins.
5784 Nov
Jan
33
28
24
3534 Jan
*93
32
.
Mont Ward & Co Inc..No par
Morrel (J) & Co
..No par
97
30%
June 16
Deo
Nov
23i2Nov 12
IOD2 Dec 12
400
*111
32%
16
38% Oct
8434 Dec 18
357s Mar
11
3378 Nov
156
86
114
31*4
*54*4
12%
Dec
Jan
6I2 Jan 6
57% Jan 17
279
31
37
June
85
*111
30%
5012 Apr
IIOI2 Oct 30
4
2334 Mar
136
150
77
*1%
Feb 28
684 Mar
45*4 Deo
14U Nov
Jan
108
2
55
Mar
NOV
97
1%
Nov 18
2H2 Feb 28
Dec
20
58
108
2
70
378
85
98
*1%
5
Dec 11
Dec
Mar
Nov 12
*274
2
Mar
46
McGraw-Hill Pub Co..No par
MoKeesport Tin Plate.No par
12
42% Nov 17
163
Dec
2384
1
Sept 16
114
1%
40% Nov
5
712 Dec 8
5612 Nov 23
25i8Nov 19
10
109
*275*?. 279
*111
Dec
Oct
384 Mar
2*2
112
109
*74
Dec
178
9
98
78
MoGraw Elec Co
June 19
May
978
38 June
8
109
*74
Feb 24
2%May
92
3
3is Mar 19
Apr
1,210
143% 143%
11%
2
Jan
Feb
5*4 Apr
100'
10%
12%
1%
4%
103
Nov 20
Mar
1
7
1284 Aug
Mar
50,700
2,000
*168
133
10
88
1,100
75%
69%
13% Mar
4
034 Mar 17
x65
30
34
3
2414 Dec
May
12*4 Deo
66*8 Oct
30
Sept
19*2 Nov
Minn-Honeywell Regu.No par
Minn Mollne Pow Impl No par
30
12%
1%
23% Feb
214 May
10
400
31
56%
11%
*1%
34
73%
29
11*4 Deo
Dec
3784
Milw El Ry & Lt 6 % pref. -100
3,400
57%
44
Mclntyre Porcupine Mines..5
Midland Steel Prod
*73
55%
11%
*1%
84
74%
13% Apr 30
4414 Dec 18
Jan
10
35%
97%
143% 143%
15378 Jan 17
43%May 4
29
2,800
120
May
MoCall Corp
McCrory Stores Corp new_..l
6% oonv preferred..,...100
Mid-Continent Petrol—
34%
96%
75
73% 73%
107% 107% *106
18
18%
17%
18%
5934
5934
5934
*59%
16
16
16%
16%
37
38%
38%
38%
18%
19%
18%
19%
13%
12%
13%
13%
3234
32% 33%
33%
*161
164% 164% 164%
34
33
32
3284
*101
103% *100
10334
30
30
30%
29%
23% 2334
23% 2334
*110
110%
110% *110
*107% 108% *107% 108%
19%
19%
19% 21
29
2934
28% 29%
31
*31
32
30%
35
36
34% 35%
No par
No par
9,000
*60
2
434
500
2,600
8,700
4,200
25,700
123
59
59
60
60
*56
60
60%
*107% 108
*107% 108
*107% 108
*107% 108
108
*22
22
*22
22
27%
27%
27% *20
22*8
33
35
35
40
30%
35*4
31%
33%
38%
82
82
83
83
82%
82%
8234 83
82%
43%
43%
4234 4334
43%
44*4
4434
4484
44%
42
44
41%
40% 41
4234
43% 44*4
43%
78
82
*79
82
78%
78%
77%
82%
82%
11
10%
9%
1034
1034
9%
10%
10%
11*4
23
2I84
21%
20%
23%
24*2
23%
2284
24%
129
132
*129
133
130% 133
131% 131%
134
1%
1,000
97
35%
*168
*168
*143*4 150
58
57*2
1134
12%
12*4
184
134
I84
%
*34
%
75
76
7534
59
69%
133
30
*107%
*11*8
39*4
12%
35%
97%
*143*4 150
61*2
12%
1%
%
75
59
36
35%
*96%
11%
25
13
123
4,600
7,700
41
63%
*120
11%
38*4
*37
62%
*42%
120
108%
IO884 *107
19% 20%
19%
2934
28% 29%
31
31
30% 30%
36
35% 36*4
36%
32
171
18%
59
59
16%
16%
16*4
39*4
39*4 40
17%
1734
16%
14*4
13%
1334
33%
32% 33*4
161
158*4 158%
34%
34*2 34%
*103
*103*2 107
30
3034
30%
23*2
23% 24
*109*2 110*2 *109%
108%
*108*2 10834
20*2
18%
1934
29%
29% 29%
59%
11*2
36
98
*58
*31
4384
120
29%
41
63%
13%
*102% 105
*102% 105
*102% 105
10634 10684 *10534 IO684
10534 106
*102% 105%
11%
10%
10%
10%
10%
1034
9%
10*4
85
85
85
86
85% 86
83% 84
1%
1%
1%
1%
1%
1%
*1%
1%
*3%
3%
3%
*3%
3%
3%
*3%
334
6
6
5*2
584
5%
5%
5%
534
27
26
27
28*2 2984
2734 28%
27%
7
7%
7*4
7*2
7%
7%
6%
7%
2634
26% 27%
27%
26% 27%
26% 26%
3
3
234
234
234
2%
2%
3%
6%
6%
6*2
6%
6%
7%
6%
7%
30
31
29*4 30%
28% 2934
29% 30%
99
99
99%
99% 99% *99%
99%
99%
66
66
65*2
66*4
65%
65%
66%
65%
4334 4334 *43% 45
*4334 45
43% 43%
67
67
67
67
67
67
67
67%
1%
1%
134
I84
1%
1%
I84
1%
37
38%
37%
37%
38%
37%
36% 37
23
23% 23%
23%
23%
23%
23%
23%
37
*31*2
74*2
17*4
30*2
1%
1%
*73
6%
104
*102*4 105
11%
IO84
*101
44
44
44
44
3:42*2 42% *41% 42%
24
2384
23% 23%
23% 23%
23% 2334
39
39
39% 39%
3984
39% 40
39%
85
87*2 a;86%
8684
8684
86%
8434 85%
13
13%
13%
13*4
13%
13%
13%
13%
45*2 45*2
45*2
*45*2 4534
45%
45% 45%
18
17%
18%
17%
18%
17%
173g
18%
*103% 106% *104
106% *104
106% *104% 106%
2634
2734 28*2
27%
2634 27%
26%
27%
*
97
97
97*2 *.
9734
9734 9734
~84~ 84% "83% 83% 3:80
80
79
81%
11
12
10%
10%
10%
IO84
10%
11%
101
103
101% 103
102% 103
103% 106*2
63*4
12%
40
104
7
5
41
No par
Marshall Field & Co...No par
15%
104
2% July
Marlin-Rockwell
46%
101*2 101*2 *101
5714 Jan 10
Apr
Apr
Nov 30
1334
108*2 108% *108*2 109% *108% 109% *108*2 109*2
35
35
35*4 35*2
35%
34%
3434 35%
19
19
18%
18%
19%
I884
19%
1984
Jan
3
45
46%
*108*4 109*2 *108*4 108*2
35*4
35*4
3534
*36*4
19%
19%
19*2
1934
4
9
Nov
I884 Jan 10
1534
*44
7
18
100
100
46%
44
35i2 Dec
Prior preferred
15%
44
Feb
2d preferred
66%
46
7
Jan
78
40
*46%
*44
li8 Jan
5*2
1858
7
Nov 30
67%
61%
17%May 4
2% Jan 3
8I2 Apr 30
5
Deo
23
15%
46%
65%
32i2May 27
13% Deo 9
Nov
9
6% July 27
1534
66%
June 30
15% Dec 12
57
100
6684
16
7i4 Jan
7
2
6
2
2
Preferred
*46
67*4
1% Jan
Highest
$ per share $ per share
60
163
64
t Manati Sugar
46*2
16
$ per share
3412 Jan
Magma Copper
*45*4
6678
% per share
10
100
4%
10%
2%
Lowest
Highest
Madison Sq Gard v t o.No par
Year 1935
100-Share Lots
Lowest
6,200
1,400
5,100
2,890
1,100
6
Range for Previous
Range Since Jan. 1
On Basis of
Week
15
684
10
14
4*2
Dec. 18
17
the
27%
14%
54%
6%
STOCKS
NEW YORK STOCK
EXCHANGE
Friday
1434
54%
6%
27%
14%
54%
23%
14*4
2234
4%
20*2
8*8
3978
$ per share
1334
22%
4*2
1384
2284
Thursday
Dec.
33
4*2
2%
16
33
23*2
2%
Dec.
35
*22*2
4*2
10*s
2*2
1384
Wednesday
Sales
for
Saturday
1936
19
Dec.
6
112
Mar
*4 May
278 Oot
558 Oct
2% Mar
i8 Mar
6*8 Mar
6*4
139
June
1*4 Dec
8*2 Jan
165g Aug
0*2 Nov
384 Deo
16*8 Jan
99
Sept 16
51
Oct
104
Nov 16
69
June
109% Aug 12
2% Jan 14
310*2 Oct 30
79
May
84 Aug
158
Mar
218
Deo
Jan
108
June
Mar
28
Nov
2
99
35*2 July, 27
9
115
69
Oct
June
9
131S Deo
4
2
Mar
106*2 July 21
57
Jan
35*2 Mar
87
Jan
92*2 July
102*8 Deo
2*2 Deo
65
73g
Dec
Deo
Jan
2
97l|Apr
7
103
2378 July
7
86*2 Mar
13*8 Mar
357b Jan
Aug
25*4 Deo
52*2 Deo
6
NOV 30
1*8 July
*20
Mar
17*2 Jan 15
6912 Dec 16
9*4 Mar
16*4 Oct
2*4 Jan
32*2 Jan
14*4 Deo
27*4 Deo
98
50
2
19
Aug 18
Jan
6
Aug 28
1218 Aug 25
2418 Jan 6
Nov
4
36*4 Feb 20
57
Mar 24
4*2 Mar
32
102
Nov
99
Volume
LOW
New York Stock Record—Continued—Page 8
143
AND HIGH
SALE PRICES—PER
Dec.
Monday
12
Dec.
$ per share
19
110% 110% *105
17
1634
3634 3678
*130% 131
17%
17%
119% 119%
*115
16%
3678
~
68
*60%
....
155
21%
14%
29
30
25%
31%
30
*115
11
3%
5%
7%
*63%
19%
40%
65
20
20
*115
1934
•
——.*
30%
37%
37%
46% 47%
44%
44%
*150% 152
47%
38%
50%
42%
152
152
151
151
*150%
152
152
*150
152
47
22~%
22
22%
11%
11
11%
65
16%
3%
*63%
65
77
78
21%
22%
154% 157
20% 21
34
4%
34
4%
44%
44%
28
28%
6%
10%
15%
3%
7
10%
10%
15%
3%
16%
3%
62
62%
100% 100%
*5
5%
7%
7%
63
*63
67
20
19%
67
20%
157% 160%
20% 20%
13
41
21%
10%
*15
3
63%
79%
21%
150
22%
23
30%
37%
31
31%
38%
50%
42%
37
38
50
50%
42%
50
20%
10%
22%
11%
16
*14%
3
3%
4H2
' 150% 150%
149
20
20%
10%
10%
1034
17
3
3
63
63%
79%
79
79
21%
217S
150
153
150
19%
19%
36%
37%
4%
44%
28%
6%
9%
a: 14%
4%
4434
28%
62
100
5
7%
64
20%
28%
6%
10%
15%
3%
62%
100%
3%
*62
7%
64
*63%
22
22%
40%
67%
76
44%
2734
44%
2734
6%
9%
14%
15
3%
62%
100%
3%
*62%
100
5
5%
7%
7%
63%
64
22%
40%
23
1,500
•
10
23
41%
40%
4078
41%
4078
41%
40%
41%
40%
54
53
54
57
57
53%
56%
*52%
54%
*52%
54%
11334
113% *112
113% *112% 113% *112% 113% *112
113% *112
50
51
49%
49%
50%
49%
50%
52%
50%
50%
49%
50%
5
5
6
5
5
5
5%
5%
5%
*478
5%
*4%
38
38
39
38
39
39
39
*39
38% 38%
*36%
39%
*106
108
108
91%
86% *87
107%
106% 107
386%
106% 106%
*52%
10,000
980
220
580
4,500
9,800
11,200
4,900
50
110
13,500
52,000
1,100
2,000
90
900
83
83
54%
25%
16%
11%
54%
52
52
11%
*23%
16%
11%
7
73
*85
87%
2%
15%
47%
10%
11%
55%
55
11%
55%
55
53
*52
52%
52%
99%
*97% 100
7
7%
13
13%
2%
2%
75
74%
13%
13%
*85
87%
*97%
3
2%
30
29%
56
*52
78
17%
16%
*71
12
12%
104
104%
4%
29%
12%
104
4%
29%
3%
29%
9%
.
3%
109%
34%
278
23%
22%
29%
9%
3%
3%
12
12%
25%
26%
26%
26%
16%
11%
1378
278
*2938
22%
*17%
*22%
53
14
*2%
*88
88%
24%
16%
55
76
34%
16%
11%
14
109
88%
*22
53
76
*17%
*71%
16%
55%
76
*51
25
*97%
*97% 100%
7%
7%
14
13%
2%
2%
72
73%
14%
*13%
*85
87%
47%
47%
10%
*10%
7%
13%
*10
89
*23%
16%
16%
52%
2%
72%
*15%
47%
89
25
54
*97% 10038
13%
86
4%
7
7
13%
13%
2%
75%
2%
73
*13
*85
47%
10
*74
76
16%
15%
3
17%
2%
29%
*50%
16%
78
*73
/
29%
56
12%
12%
104
104
4
13%
87%
48%
11%
No par
100
6%
preferred—
...100
Pao Western Oil Corp. .Non par
Packard Motor Car
preferred
100
No par
1st preferred
1
100
2d preferred
Park-Tllford Ino
10
1
Park Utah C M
1
No par
2.50
Penick <fc Ford
Cement
No par
Preferred series A
100
5,700
Penn Gl Sand
24,000
3,100
Pennsylvania
Corp
v to No par
.-50
Peoples Drug Stores...No par
Preferred
~4~ 600
1,300
500
600
1,500
10C
Pere Marquette
Prior preferred
100
..100
900
1,340
13,300
9,700
100
10
preferred
106
16%
16
16%
73
74
71
75%
*68
12
13%
12
105
27%
28
3%
12%
106% 107
4
*3%
28
*25%
3%
378
107
3%
27%
3%
34
2%.
23%
*19%
34
34
2%
.2%
24
23%
*21
22%
27%
10%
28
28
11
9%
12%
106
400
384
26
25%
29,700
1,400
1,400
180
334
15,100
111%
550
34
190
3%
34
34
~2~2o6
108
334
*107
109% 111
109% 109%
15%
73%
13%
3
81% Jan
3% Jan
73
Feb 21
112% Nov 30
6% Jan 28
10% Mar 24
74
Dec
"
45
Oct 19
59% Nov 12
11634June
58
Opt 24
Oct 16
Hosiery..
5% July
70
100
8
PirelUCo of Italy "Am shares"
Pittsburgh Coal of Pa
100
Preferred
100
Plttsb Screw & Bolt ...No par
Pitts Steel 7% cum pref...100
Pitts Term Coal Corp
1
6% preferred
Pittsburgh United
100
25
100
Preferred
3
July 13
Jan 2
1% Jan
2834 Dec
2
50
4
Jan
2
102% Oct 19
12
Mar 13
16
Nov 12
88
Mar
4938 Apr
Feb 21
17% Dec 15
3
Oct 2
37% Jan 6
62% Aug 26
1734 Dec 11
Dec 10
108
13% Nov 16
Dec 18
4% Dec 14
June 20
24
9
22%
28%
10%
3%
3%
3%
3%
11%
26%
11%
11%
11%
27%
27
26%
27%
27%
23%
22%
15,600
Plymouth Oil Co
"5,600
Pond Creek Pocahon..No par
Poor & Co class B
No par
20
27%
934
17,600
9,300
Porto Ric-Am Tob cl A .No par
Class B
No par
4,700
35,300
t Postal Tel & Cable 7 % pf 100
Pressed Steel Car Co Ino
1
4% Jan 2
1% Jan 2
6>4May 21
17% Oct 23
24% Deo 14
26% Mar 3
29% Deo 12
11% Dec 15
384 Dec 15
13% Dec 3
28% Dec 17
5
1734 Opt 27
28
...50
57% Opt 23
40%May 12
116% Nov 27
9%
3
3%
28%
11%
2634
1134
28
28
27%
27%
1,400
5,900
11,500
5%
conv
1st pref...
12
May 18
Jan
2
32% Deo
39% Apr
11634 Mar
13
Mar
54
Oct
Oct
Feb
4
Nov
Dec
19% May
14
Dec
19% Dec
28% Dec
45% July
38% Mar
1% July
85% Nov
3% July
134 Mar
35% Mar
5% Mar
53% Apr
1384 Mar
10
/
Mar
50
July
284 July
% July
31
Apr
65% Aug
4% Nov
Nov
4% Jan
268% Deo
1434
Dec
85
Dec
40
Dec
10%
Dec
78% Nov
8
I84
38
76%
Nov
Dec
Nov
Jan
Mar
12% Aug
26% June
5% Mar
22% Mar
4484 Aug
1
Mar
238 Nov
Apr
16% Dec
3% Sept
Apr
62
Nov
June
25
Nov
Mar
7
1
900
*20%
27%
Deo
May
I84 Nov
81
July
8484 Sept
6% Aug
5% Aug
3O84 Nov
34% Nov
64»4 Dec
6
9% Apr 11
112% Nov 6
2%
6
Dec
8%
43% Aug
384 Feb
11% Jan
4%
15
Mar
Mar
1% Apr 24
30% Dec
2%
5
Apr
Mar
Feb
4
Jan
6
1784
2%
9%
16%
41% Apr
21
Nov
80% Deo
12
Sept
IOI84 Sept
14% Sept
21% Nov
Oct
2
2% Oct 30
58% Jan 7
Pittsburgh & West Va
100
Pittston Co (The)
No par
20
Occ
Deo
Feb
10%
1%
24%
6%
14
22%
2%
17% Mar
3
11% Dec
84
2
Jan
1%
Dec
Deo
30
1284 Mar
76
l%May
7%
Dec
Nov
108%
23
7%June 8
35% Apr 28
7% Apr 30
49
Mar
11
19% Mar
10134 July 24
100
Mar
54% Aug 19
Mar 13
5
Preferred
3
5534 Nov 28
7
734 Apr 29
68
May 29
38% Jan 6
2% Mar
18
7% Mar
1% July
No par
100
64% Feb
57% Apr
13%
No par
.No par
Apr
Oct
8% Feb
84 July
14
21
Deo
2784 July 17
2
66
2% Mar
84
8% Jan
10
May
4%
17% Nov
16% Mar 13
3% Jan 13
Phillip Morris & Co Ltd
Phillips Jones Corp
7% preferred
Phillips Petroleum
10%June
45% Jan
Nov
li
11% Apr
7% Feb 19
64% Jan
6% Mai
71% Dec
8
Aug
32% Nov
10
Apr
50
Phila & Read C & I
Phoenix
5% Jan 23
47% Mar 10
46% Aug 10
112
Nov 18
Jan
50
preferred.
25
54
Apr 27
634 July
3% Mar
Jan
% June
1034
9% Aug
37% Deo 17
2
4
111%
67
Dec
21% Dec
25% Apr 28
No par
t Phila Rapid Tran Co
L o par
100
Feb 19
Mar
25% Jan
7%
170
Feb
Pillsbury Flour Mills
26,000
June 30
Phelps-Dodge Corp
25
Philadelphia Co 6% pre!---50
*6
~i"66o
2284 Dec 15
13% Oct
20% Jan
4% Apr
74% Apr
97% Feb 13
23% Dec
3% Nov 27
Jan
28% Apr 29
30
Deo
142% Deo
Nov
1.500
75%
12%
Jan
6% June 20
10%May 20
17
123
Jan
18
2?8
29%
16%
-
1%
Jan
89
2%
54
3
8% Aug 19
17% Jan 13
234 July
4034May
23
Apr 28
4%
Jan
70
Dec
July 16
31
Pierce Oil Corp pref
Pierce Petroleum
*50%
Apr 28
7% Aug 22
June
56
21
8
18% Jan
59
Mar
152
67
Dec
June
152
1% Jan
10
19
6
80
54
Jan
Nov
1784 Nov
378 Dec
12
"
1134 Apr 30
115% Mar
129
58«4 July 22
47% Deo 10
2
30
7
3
7
3
19,600
30,100
*50%
16%
£140
Jan
Dec
31%
Jan 13
16
55
118
Dec
55
13% Mar
Jan
76
234
14%May 15
12»8June
15
29
4484 Dec 11
92
5%
16
*72
2%
*28%
*50%
15%
3034 Jan 11
Nov
11% Nov
26% Deo
125
July
17% Sept
Mar
56
1678
29
1
100
10
3
3% Apr
20>4 Deo
107
39% Nov 10
41
July 20
No par
Preferred
Pet Milk
75%
29%
32% Deo
29% Deo
Dec 12
Petroleum Corp of Am
5
Pfeiffer Brewing Co...No par
75%
16%
2%
29%
8% July
4% Jan
30
38
Peoria & Eastern...
*9%
16%
Mar
People's G L & C (Chic)—100
10
3
1
110
75%
17%
Deo
100
10
29%
16
Penn-Dixle
75%
10
3% Jan
4,600
1,000
87
*934
Aug
4
48%
75%
17%
Mar
14
2
87
87%
47%
80
Dec
12% Aug
conv
114% Mar
22
164% Mar
6% Jan
8%
Mar
38
Jan
No par
Paramount Pictures Inc..
July 22
Jan
4% Mar
22% Jan
July
Pan-Amer Petrol & Transp_.5
Panhandle Prod & Ref.No par
Parafflne Co ino
114
Jan
4% Apr
11% Apr
13
3%June 23
4% Jan
28% Jan
7,400
18,000
473s
July 22
Nov 25
3%i July
128
Aug 17
II84
*12%
No par
2d preferred
No par
Pacific Finance Corp (Cal)-lO
Pacific Gas & Electric
25
Paclflo Ltg Corp
No par
114
2084 Mar
12O84N0V
83% Deo 16
70
Jan
Mar 13
52%
99%
7%
*85
47
69
55%
74
82% Dec 17
par
100
-
Pacific Mills
Pacific Telep & Teleg
136
Jan
12% July
July
70
par
Owens-Illinois Glass Co
25
Paolflo Amer Fisheries Ino__.6
Pacific Coast
10
1st preferred
123
60
52%
2%
7434
13%
par
100
No par
54%
2%
No
Prior preferred
$5.50 conv 1st pref.-IVo
Outlet Co
...No
...No par
Penn Coal & Coke Corp
10
*11%
2%
75%
13%
106
;
Otis Steel
24% Apr 27
Penney (J C)
13~5o6
14
June 12
Preferred
No par
100
5,300
1,400
16%
7
115% Feb 24
19% Nov 17
3984 Nov
75
Jan
5,200 Parmelee Transporta'n.No par
20,900 Pathe Film Corp
No par
9,800 Patlno Mines & Enterprise Par
5,300 Peerless Corp
3
24%
13%
25% Mar 30
Jan
Parker Rust Proof Co
16
*98%
July
8
47%
28%
3%
3%
3%
3%
108
110
*107% 109%
36
36
36
35%
V
2%
2%
2%
2%
24
24%
23%
23%
*19%
22%
22% *19%
28%
28%
29%
28%
9
9%
9%
11%
3%
3%
3%
3%
11%
11%
11%
12%
27
26% 27%
25%
26%
26%
26%
27%
29
*13
7%
17
Otis Elevator
Highest
$ per share $ per store
107
Parke Davis & Co
*21
14%
$ per store
par
A
48%
3%
29
7
13%
2%
74%
52%
9978
88%
88%
$ per store
100
Preferred
47%
*9%
4%
4%
11%
89%
24%
16%
1178
55%
OmnibusCorp (The) v 10No
1,000
800
Lowest
Highest
Oppenhelm Coll & Co..No pat
3,800
*112
82%
*23%
16%
Par
Year 1935
of 100-Share Lots
Lowest
Preferred
"3"600
109,100
150
148
8,600
19
1934
22,600
36%
4,200
36%
4%
4%
27,200
6%
65%
20
54,400
1,400
2lf2
21
978
15%
3%
62%
99% 10078
5%
5%
7%
7%
5
*61
76
36%
4%
44%
16%
3%
*14%
22
65
150
21%
20
6%
9%
26
26
25
42%
300
1,700
7,500
...
157% 157l2
20%
21
13
12%
27
19%
15%
3%
*115
31%
33%
4%
44%
28%
68
24%
27
24,400
110
*65
158% 160
20%
20%
12%
13%
31%
•
65
*115
31
100% 101%
5%
5%
7%
7%
5%
778
—
24
3%
63
-
-
27
3%
3%
64
101
—
68
*65
68
25
15%
10%
14%
*65
68
28%
14%
65
3%
*63
19
*107
*24%
75
78
76%
21% 22%
22% 22%
164% 167
1157% 160
20
20%
20% 21%
34
34
*33
3378
438
4%
4%
4%
*44
44%
44%
44%
2778 2778
2778
28%
6%
6%
6%
6%
101
*107
*28
3%
15
20
110
19%
20%
*107
29
1478
11%
Stores
25
*150% 152
*150%
21%
21%
10%
14%
$ per share
13%
28%
24%
46%
45%
15%
3%
66%
$ per share
Range for Previous
Range Since Jan. 1
On Basis
Week
14%
36%
47
11%
19
EXCHANGE
Dec. 17
157% 157%
20% 21
13%
13%
21
36%
46%
15%
3%
66%
*74%
-
156%
30%
46%
11
-
68
31%
36%
46%
152
68
31%
37
152
$ per share
STOCKS
NEW YORK STOCK
the
Friday
Dec. 18
16%
20%
13%
28%
24%
3638
45%
*150%
20%
20%
Thursday
Dec. 16
15
$ per share
20%
19%
110% *107
*115
*154% 155
25%
Dec.
NOT PER CENT
SHARE,
Wednesday
15%
15l2
15%
16%
16l8
15%
*15%
16%
37%
37%
3734
38
38%
37%
37%
38%
38%
131
131
*130% 133
*130l2 133
*130% 133
*130% 133
18
18
1678
17%
17%
1834
17%
17%
17%
1878
118% 118%
119% 120
120i2
120% *115
*119% 120% 119
83
83
83
82% 8312
83%
*65
20%
14%
14
$ per store
19
18%
Tuesday
Sales
for
Saturday
3961
Mar
10
Dee
55
Oct
2% Aug
6% Mar
13
6% Mar
1% Mar
12% Nov
5% Nov
2% Nov
%
Feb
4% June
16%
Deo
Jan
Dec 17
r
68
54%
69% f
5434
117% 118
4734
47%
*106% 107%
121
121
69%
707s1
70
54%
55%
54
*119% 12134
136% 136%
*136% 138%
*151
152% *150% 152%
114% *112% 114%
62%
62%
62%
6278
19
18%
19
18%
*112
108% 108%
*98
98%
18
18%
18
*1778
1178
12%
*100
79
8%
35%
43%
M
-
«.
79%
8%
35%
43%
106%
*119%
*136%
*150%
*112%
62%
I884
108
108% 108%
*98
98%
12%
11%
*100
79
79
8%
35%
43%
334
20%
.
20%
22%
23
334
19%
22%
*12%
13
99
97
127% 127%
28%
126
25
26
26
20%
19%
1978
19%
19
1938
23
22%
23
19%
22%
83%
29
29%
126
97%
29
97%
30%
*63%
65
64
64
130
*128
125%
9878
30%
95%
27
27
115
*32
58%
*60
32%
68%
67
95%
2678
*111
3178
58%
*60
*10
11
11
*24
27
*24%
63 a4
12934
*95%
12984
96
27
27%
115
*112
3178
58%
31%
58%
*60
67
~
115
115
3134
31
31
5884
58
58%
115
67
11%
*11%
11%
*24%
26
3955.
*60
11%
*24%
130
96
30%
£56%
67
*59
11%
25
*24
12
m
30%
57%
67
112
3
Apr 4
Apr 14
Jan
7
2
Aug 21
36% Jan
16
103
May
1
68% Apr 28
36
2,500
43%
49%
44%
44%
49%
44%
1,000
Raybestos Manhattan.No par
Reading
50
1st preferred..
50
2d preferred
50
12
12
2,000
95
*3
3%
27
19%
19%
21%
200
100
550
2,200
600
2,900
22%
13,100
700
82%
30
*95% 108
5%
5%
16,900
28%
29% 154,200
*82
127
127
2.800
98%
98%
2,100
34%
35%
17,700
*69
72
1,400
130
20
31
56%
*59
5
Hosiery
100
Preferred
Reis (Robt) & Co
No par
100
Reliable Stores Corp...No par
1st
preferred
Remington-Rand.
1
Preferred with warrants..25
Rensselaer & Bar RR Co
Reo Motor Car..
100
5
Republic Steel Corp...No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper & Brass
5
Class A
Preferred
10
100
5)i% preferred
100
96
26%
*110
Real Silk
30
27
*95%
27%
*112
146
No par
*126
67%
130
128
$3.50 oonv 1st pref.-No par
Preferred B
*20
21%
22%
82%
83%
*95% 108
5%
5%
28%
29%
126% 128
98%
98%
34
30%
5%
5%
28% 29%
2978
126% 126% 127%
98%
97%
9878
30% 30%
31%
65
65%
64%
6434
*127
*125
131
130
96
*95%
96
*95%
27%
27%
27%
27%
26
For footnotes see page
22%
83%
107
113% Apr
t Radlo-Kelth-Orph ...No par
300
11% 118,800
95
338
25
987S
*95%
95
26
30
*111
3
3%
26
9878
29%
*128
95
97
31
113
26,000
12%
13
No par
8% conv preferred
100
6% preferred
100
Purity Bakeries
No par
Quaker State Oil Ref Corp. .10
Radio Corp of Amer...No par
3,900
Reynolds Metals Co..-No par
200
5Vi% conv pref
100
Reynolds Spring new
1
Reynolds (R J) Tob class B.10
Class A
10
_
31%
56%
67
12%
11%
11%
26
25
25
1,100
8,500
.........
1,100
100
73% Deo 18
55% Dec 14
122% Feb 26
50% Nov 30
103% Feb 21
~4~306
12%
*49
107
Pure Oil (The)
150
Apr 29
79%
7%
36%
*44%
49%
*82
84
84%
84%
85
110
107
*103
109% *103
5%
5%
538
5%
5%
5%
55.900
734
46%
3%
19
108
78%
*44%
334
2M00
*100
8%
3534
4384
49%
46%
46
100
100
100
39
91%May 4
9%May 9
16% Oct 2
934May 12
83% Jan 2
"79%
50
35%
43%
preferred
preferred
preferred
Pub Ser El & Gas pf $5-No par
Pullman Inc
No par
200
79%
7%
3484
4334
79%
8%
No par
113%
65%
12,700
34%
3%
6%
7%
8%
19
43%
49%
*95
4
100
1784
13
1234
100
154
98
44
*82
28%
8
900
13784
*97
36
*108
28
79%
$5 preferred....
18%
*17%
11%
*100
*100
No par
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
800
19%
17%
II84
11%
5% conv 2d pref
Procter & Gamble
106%
119%
97
*49%
*43%
9978 100
*26
7978
8%
12,100
19
17%
44
50
35
mmmlm
49
220
97
98%
19%
17%
11%
8%
35%
47
100
*97
11%
*49
3%
108
12%
*43
*27
6378
19%
1878
17%
50
100
11^84
19%
1734
47
1234
106%
121%
137
152%
97%
*49
1284
5434
118%
1878
1734
*43
12%
73%
54%
97%
*100
7834
8%
35%
43%
70%
54%
18
18%Al8%
*1734
1178
71
73
71%
54
54%
5434
118% 118% *118
48
48% 49%
106% 107
106%
*106% 107
119
119%
119%
*119% 121%
*136% 138
*136%
*136% 137
152
152
*150
*151%
152%
*112% 114% *112% 11334 *112%
66
63
6334
63%
64%
18%
19%
18%
18%
19%
108
108%
108% 108% *108
70%
118% 118% *118
118%
49
49
48%
4734
118% 118%
4678
48%
106% 106%
707a
5478
July 14
144% July 14
164
July 14
114
Apr 1
66
Dec 17
24%
133»4
117%
20%
19%
Mar 20
28% Jan
35% Jan
6
3
39
Jan
7
50
37
Jan
4
47
2
65% Oct 13
1% Apr 28
12%May 7
16
Aug 21
17% Aug 21
82% Deo 17
99% Sept 2
4% July 8
16% Apr 30
77 May 4
78%May 4
10
Apr 20
9% Jan
24%June 9
90
Apr 28
95% DeC 14
22%May 25
105
Apr 25
25
50
3
Apr 29
July
117
132
Dec
Dec
Mar
148
Dec
99
Jan
113
July
52%
Jan
17
Dec
103
834
June
Feb
17%
Deo
Oot
Oct 27
Dec
3
Nov 30
Dec
Deo
9
4
Mar
13% Deo
35% Mar
92
Deo
1% Mar
6
Oct
16% Mar
29% Mar
36
Apr
33
Apr
30% Deo
43% Jan
43% Nov
38
Deo
3% Apr
20% Apr
11
Aug
72
Nov
9
1
Mar
3
Oot
2
8
Mar
18
Nov
7
June
24% Nov 17
25
Nov 18
7
Apr 15
8% Mar 25
29% Dec 15
2084 Deo
90% Nov
114
128
Dec 17
Oct 1
35% Deo 18
67% Dec 17
104%
138
98
34
117
Oct
1
98% June
2% Mar
9
Mar
28% Mar
78% Oct
110
5%
Mar
Deo
2084 Nov
97
Nov
95% Nov
Apr
16
13
Apr
37% Nov
75
Apr
5%
Deo
115
Nov
32
Dec
113%
Dec
Nov 23
Feb
5
Jan 13
36% Nov 18
60% Nov 17
58% Sept 16
884 Nov 23
65% Feb 10
13% Jan 9
Ritter Dental Mfg
19% Feb
35
2
Mar
100
65
Nov 16
Rhine Westphalia El A Pow..
No par
104% Deo
85% Mar
73
Nov
4684 Nov
Mar 27
4% Dec
31
53% July
121
119% Dec
16% Jan 30
100
Jan
Apr 17
108%June 18
80
July 15
1078 Nov 17
38% Nov 14
5034 Oct 3
2
Jan
20% Mai
62% Feb
29% Oct
5% Mar
49% Mar
14% Jan 17
Jan
5
July 15
42%
115
MarlO
17% Apr
101
June
43% Mar
55% Apr
68% Nov
11%
13% Mar
20% Deo
Dec
5% Mar
67
Nov
New York Stock Record—Continued—Page 9
3962
LOW
AND
SALE
HIGH
PRICES—PER
SHARE,
Monday
Tuesday
Dec.
Dec.
Dec.
12
$ per share
*64
14
$ per share
65
63
110
6538
113
634
634
49%
47
48%
238
2%
2%
5
5%
*1134
12%
34
*2214
32
4312 44
43%
44%
110
110
*10534 109
*11234 113
111% 111
*15
15i2
15%
15%
52
5218
52l4
5278
97i2
9734
97%
97%
2i4
238
2%
2%
17>8
17%
18%
1934
*68% 69
68%
69
1%
1%
1%
134
5
478
478
534
39% 40
3934
40%
5
*1134
*22i4
5
5%
13
*1134
*2534
42%
678
G6I4
678
96%
438
4%
*86
29
*17%
31%
*103
1078
*59
*4178
2678
88
*88
29%
3134
103
105%
11%
59%
29%
1734
32%
103
1034
11%
*59
*4178
26%
43
59%
4234
27
27%
125% £123% 125
12
12
1134
12%
45
4434
4538
44%
4
4
*378
378
43
4214
4234
44%
*122% 125
*123% 125
125
*80
85
84
7%
50
4634
2%
19%
68%
1%
4%
155
*
"~5
534
*2234
28
42%
42
112
112
15%
*17
53
£47
96
96
2%
19%
68%
18%
68%
69
17%
48%
96
2%
2
1»4
2
8%
40%
6%
7S4
40%
6%
96%
4%
97%
39%
*634
96%
4%
4%
88
88%
89%
29
29%
29%
29%
18
1734
17%
18%
32%
31%
30%
31%
*100% 104%
103% 104
11
11%
10%
11%
60
59%
59% *59%
4138
41%
*40% 42%
2634
27%
26%
26%
£102% 103% 102% 103
12%
12%
12%
12%
45%
45%
45%
45%
4
4
3%
3%
43
4334
44%
43%
124
124% 124
124%
8834
28%
90%
28%
17
17%
31
32%
*84
85
*80
*112% 113
5
434
31
31%
155
32
155
29%
42%
25%
43%
52%
52%
42%
25%
52%
57
57
57
11
11
76
*74
*102% 112
*104
8%
*24%
*80%
*33%
22%
32%
5178
8%
*56
11
10%
74%
7534
109
8%
*104
8%
8%
74%
107
8%
29%
15%
31
52%
57
£
*56
*104
8%
2,000
10,400
8,900
33,100
150
6~500
140
150
600
24,700
1,800
10,600
2,900
950
72,100
40,500
14,800
1,000
19,700
4,300
92
1,100
7,300
107
11
3,700
26,200
700
112% 112%
4%
4%
31
31%
155
30
8,100
7,400
16,600
9,600
1,900
12,100
1,000
50
30
8%
106
8%
23%
*104
8%
22%
106
8%
14,166
22%
300
93
93
*80%
93
*80%
93
35
*34
35
*34
34%
22%
*80%
*33%
22%
32%
5178
31%
*51%
52%
90
23
*84
93
*84
93
34
34
*32%
33%
100
2234
22
22%
2234
22%
2134
22%
22%
21%
30%
31%
31
31
30% 31
30%
30%
*51%
52%
51%
51%
*51%
51%
51%
51%
*107
108
107
107
104% 106% 104
107%
106% 108
106% 107
*106
10978 *106
108% *106
108% *106% 108% *10634 108% *10634 108%
42
4234 4234
42%
42%
42%
42%
42%
40
*39% 40%
40%
15%
1534
15%
15%
15%
1534
15%
1534
15%
15%
15%
15%
28,100
31%
1,100
35
124
124
11%
8%
24%
5734
1134
9
12234 123%
11%
12%
121% 122
'
123
123
So Porto Rico
40%
4434
31
66%
67%
37%
40%
43%
30%
66-%
*35%
66%
36%
66%
66%
6634
66%
67%
6634
36%
36%
37
37
71%
71%
7034
36%
71%
71%
72
36%
70%
1938
25
19%
24%
1934
19
25%
2434
1334
77
13%
14%
14%
77
76%
12334 12334
51%
52%
5
5%
34% 36
75%
12334
52%
434
*12334 125
50
51
5%
5%
3434
35%
*35
*13
35%
13%
35
35%
*13
19%
25%
14%
76
12334
57%
18%
£24%
1334
75
75
123
£55
58
4%
3534
36%
36%
40%
35
35
34%
35
13%
13
13
24
24%
25%
31%
17%
13%
8%
10%
49%
31%
32
32%
17%
18
1334
13%
1334
25%
32%
18%
13%
8%
25%
31%
1734
25%
3134
17%
13%
10%
50%
8%
39%
9%
49%
734
12%
11
*1000
*42
1034
10
8%
50%
8%
40%
13%
38%
12%
11
39%
13%
11%
49%
7%
39%
11%
8%
39%
8%
10%
49%
8%
10%
1200 *1000
8%
12%
11
1200 *1000
43
39%
*62
42
42
42
39%
38
39
38%
65
*62
65%
*12
12%
12
*95
98**
95
95%
11%
11%
*6%
11%
39
40%
11%
*634
*38%
12%
29
7
7
39
12%
29
7%
34% 3434
19%
1934
*104% 105
12
7
25%
14%
123
24
50
19
5%
8
13%
11%
*35%
70%
71
71
19
Jan 21
Mobile & Ohio stk tr ctfslOO
34
Jan
3
634 July
8
1st preferred
*13
18%
13%
*8
39%
12%
11
1200 *1000
100
63% June 12
Spang Chalfant & Co Inc pf 100
Sparks Withington
No par
Spear & Co
1
101% Mar 18
No par
5
13%
18
18%
1834
25
2434
25%
26%
1334
14%
1334
13%
72
70
73%
75%
123
12334 *123
12334
60
59
57%
57%
5
434
4%
434
40
40
41%
36%
34%
*13
25%
32%
18%
25%
14%
8%
10%
50%
14%
8%
8%
39%
13
11%
32
18%
34%
13%
25%
32%
20%
15%
8%
10%
10%
49%
50%
7%
39%
1234
10%
1200 *1000
7%
38,500
220
6,900
2,700
700
38,600
500
2,700
..No par
Standard Brands
No par
t Stand Gas & El Co. ..No
cum
prior pref
13
11%
1034
11
1200 *1000
2
Feb 26
35
Aug 21
Standard Oil of Kansas
25
110
7,100
32,500
26,200
1,100
300
20,700
.
-
45%
46
4,600
39
v1,300
*62
65%
*62%
65%
12
*11%
12
*62%
*11%
65%
12
12
12
12%
*93
96
*93
96
*95
96
*95
11
12
40%
12%
29
34%
1034
11%
28
634
34%
1934
1138
39
6%
6%
6%
40%
40
40
1234
12%
12%
28%
28%
28%
7
634
634
6%
33%
*33
33%
3334
20%
19%
1934
20
20%
20%
105
105
*104% 105
*10434 105
96
Standard Oil of New Jersey.25
Starrett Co (The) LS__No par
Sterling Products Inc
Sterling Securities cl A .No
1,400
30
Sun Oil
25%
72%
73%
1734
18%
17%
18%
17%
9%
105
*8%
18%
9%
105
9
20
21
36%
37%
46%
*45%
15%
104
4%
88
*68%
15%
105
4%
88%
69%
2438
72%
1734
17%
17%
17%
17%
18%
19%
18%
19%
2/17%
18%
17%
17%
2%
20%
9%
17%
19%
18%
18%
1%
18%
9%
934
9%
9%
9%
106
*105% 106% *106
106% al06
9
9
8%
*8%
8%
8%
22
22
23
24
24%
23%
37
3734
37%
36%
36%
36%
46
46% 46%
46%
45%
45%
14%
14%
15%
15%
14%
15%
103% 105%
105% 106% 106
10734
4%
4%
4%
4%
4%
4%
90
88% 90
90%
9034
9134
69
65
67%
69%
69%
68%
For footnotes
see page
3954
2
2034
9%
106
834
24
36^4
45
15
106 '
4%
91%
67%
2434
73%
17%
18%
2%
22%
9%
106
8%
24%
36%
55%
Jan
6
2434May
9
65
7
238May 21
8
16% Apr 30
14% Jan 2
8%May
9%
100
118
Superheater Co (The)..No par
Superior Oil
1
Superior Steel
100
27
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
23
Swift & Co
25
Swift Intemat Ltd
No par
Symington-Gould Corp ww__l
Without warrants
Telautograph Corp
Tennessee Corp
Texas Corp (The)
Texas Gulf
5
5
25
Jan
13
Mar
24
Mar
46-% Nov
15%
Apr
10% Aug
534 Nov
July
50
34%
Deo
16% Deo
111
Nov
19% Apr
20%
1834
Dec
20%
116%
65%
70%
68%
Deo
30
Jan
Dec
Dec
Nov
Dec
Nov
1584 May
112
Oct
28% May
152
Deo
10% Mar
27
Nov
1234 Mar
5% July
25%
Deo
7
July
16% Jan
21% Deo
15
July
3334
5
Mar
834 Nov
Apr
59% Apr
70% Nov
42
3% Mar
3% June
Old
100
...No par
..No par
The Fair
No par
Preferred
100
Thermoid Co
62
Dec 14
72% Dec 14
334 Jan 17
47% Feb
8
45% Nov 12
31
107
Deo
Dec
8%
Deo
8%
Oct
28
Nov
4
Dec
Dec
18%
Dec
600
Tidewater Assoc Oil
Preferred
13,500
Timken Detroit Axle
...100
Deo
Dec
32% Dec
33%
Dec
Jan 30
Dec 17
15% Dec 17
9% Jan 8
9%
Jan
Mar
834
Dec
50% Dec 18
16% Mar
30%
Deo
8% Dec 7
4434 Nov 13
15% Feb 29
1438 Mar 6
2834 Apr
3% Jan
8% Jan
3634
Feb
11% Dec
3
Feb 18
2
July 21
49
74
17%
17%
26,600
Timken Roller Bearing.No par
Transamerica Corp
No par
17%
18%
21,500
Transcont & West'n Air Inc. 5
1%
2%
52,400
2138
6,900
Rights
63% Oct 24
50
61
834June 16
85
Oct
9
16
Nov 17
8%May 23
110
Feb 28
3%
26
Jan
2
Apr 30
1434 Jan
100% Jan
Oct
6
3
7
12% Jan 6
Apr 27
11
Apr 30
14% Jan 2
34,300
Transue & Williams St'l No par
10%May 19
9%
14,900
900
Tri-Continental Corp..No par
6% preferred
No par
93
834
23
2,400
1,900
Truax Traer Coal
Truscon Steel
36%
8,300
20th Cen Fox Film
800
4,800
930
4,900
93
94
96
6,400
67%
67
67
2,600
.10
par
Preferred
No par
Twin City Rap Trans..No par
Preferred
100
Ulen & Co
No par
Under Elliott Fisher Co No par
Union Bag & Pap
Corp No par
12% Mar
5
9% Feb 18
2
21% Nov 17
106% Mar 3
60
Mar 11
Oct
Oct
10%
Dec
2
June
5
Jan
16
Mar
29
Nov
5%
Jan
8% Nov
13% Mar
1% Mar
2634 Nov
5
Deo
17
28
Deo
15%
Deo
Apr
7% Mar
84
Jan
104% Nov
Deo
4% Mar
28% Mar
13%
Deo
Nov 12
72% Nov
Nov 23
4% Mar
14
Apr 4
2% Dec 16
7% Mar
15% Nov
27%
74%
18%
27%
Deo
22% Dec 17
3
12
Feb
4
6
110
Oct
8
4% Jan
6
74%June29
38%May 21
100
Deo
Nov
48
Jan
7% Apr 30
22%June 1
31% Apr 27
834May 20
65% Jan 22
2% June 30
12%
2634 Mar
Jan
7%
May
5% Apr
61% Jan
2% Mar
Deo
28% Deo
Mar 25
59
106%
Corp No
Dec 1075
Apr
44%
1% Dec 16
No par
14
13% May
56
2438
1050
9% Oct
12% May
48% Nov 18
48
72%
6% Sept
4
33% Apr 27
No par
10
2334
Dec
1234 Aug
Sept
3234 July 31
12,200
Deo
3%
9
8% Mar 23
3934 Feb 25
No par
10
Mar
30%
2234
2
pref
121
Sept
4% Jan 21
cum
Nov
15
24% Jan
$3.50
Mar
77
Nov 18
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
3,700
2,000
5
Jan
Deo
1034 Nov
Nov 20
2,800
100
1%
15%
25
28
1
Third Avenue
6% Mar
2% Mar
2% Apr
60% Mar
115% Jan
£ll
Apr
17% Oct
3% Mar
July 15 1375
Jan
Deo
10
37% Oct 15
6
9%June 30
33%
Oct
68
3
6
Mar
20
32% Nov
Dec 17
Jan
23
Jan
Nov 25
Nov 23
2734 Mar
1% Mar
3% Mar
60
7% Jan
Deo
Dec
2% Nov
40% Deo
% July
12% Mar
125
2
28%
5834
2
Nov
26%
6
Jan 2^
Oct80
Apr 16
Dec 1
Jan 11
12% Nov 24
634May 14
5% Apr 27
28% Jan 6
11% Aug
434 Mar
Mar
Jan
Apr
12% Dec
9% Aug
Feb
41% Dec 17
15
19%
130
Deo
15% Oct 13
13%
26%
35%
2038
Oct
52%
Mar 12
6% Jan 4
20% Apr 28
28% Apr 28
Nov
84
105% Nov
32
91
Jan
18% Deo
15% Oct
48
3534 Mar
70% Nov
4034 Oct
78% Nov
4%
13%
24%
26%
134 Mar
36% May
5
9
9
Dec 15
8
100 1000
Co
Thatcher Mfg
$3.60 conv pref
9% Feb 17
27% Dec 18
9% July
6
Texas & Pacific Ry
12% Sept
Dec 18
Jan
Nov
122% June
2% Mar
1% Mar
634 Mar 12
33
Texas Paoific Land Trust...1
6
31
4
1334 Mar 17
13% Nov 18
46
*4434
1434
15%
14%
107
107% *105
4%
4%
4%
60
Feb 24
18% Nov
129
41% Dec
45
Jan
10134 July
5
834
6%
4
3
35%
Oct
109% Nov 12
8% Jan
*22
Mar
7% Mar
2334June
9%
6
434
8% Mar
33% Feb
43% Mar
25
20
Mar
Mar
8'% Feb
4
5334 Mar 20
Thompson (J R)
106
Dec
Nov 19
37
2
par
Texas
Jan
24% Aug
Jan
3
Gulf Sulphur...No par
Texas Pacific Coal & Oil... 10
Produc'g Co No
Jan
par
70
Preferred
2
Mar 27
3634 Jan 25
Third Nat Investors
10434 104%
Nov
92% Oct 24
1,600
20
73
5
1,500
1934
24%
6
3934
12%
28%
684
32%
73
Oct
3934
12%
6%
24%
934Mar
27
6%
32%
74
11434 Nov 24
6%
7%
24%
7
Oct 15
500
34%
24%
72%
Oct
11% Nov 17
21,300
6%
2434
73%
59
82
1034
10%
33%
23%
72%
17%
10
3234 Jan
.No par
Tide Water Oil
25
10
t Studebaker Corp (The).._l
1,600
5% Apr 30
9% Jan 3
2434 Apr 28
2634 Apr 30
Stand Investing Corp. .No par
Standard Oil of Calif.. .No par
Standard Oil of Indiana
25
33,300
*37%
28%
105
1200
par
No par
1,800
19,300
42,600
41,500
10,400
15,200
17,800
7%
39%
1
Stone & Webster
38
6%
120% Jan 10
9% July 29
Tobacco
Stewart-Warner
48%
11%
1438 Apr 19
.No par
Preferred
Stand Comm
7,200
44,200
38
6%
1
No par
5
8%
7%
3% Mar
40%
29%
5%;
63%
4334 Nov 10
3,600
1234
26% Dec 15
51% Dec 17
2134 Apr 27
17,700
39%
2534 Nov
Mar
Feb
1,600
44,400
13%
9
132
32% July 28
47% Oct 13
114% Dec
15%
40
Deo
12% Dec
Mar 26
160
Mar 12
32%
10%
Nov
17
Jan
Mar 13
2038
50%
70
7% Mar
7% Mar
20
99
19%
9%
Jan
4% Nov
7% Feb 29
35% Aug 28
63
1434
8
4%
69% Nov
Jan
-par
32
50
Oct
Mar
1% May
40
Apr
107%
100
46%
12%
105
13
25%
1
6)4% preferred
Square D Co
46%
29
20
13
25
4
July
2,600
_
3834
29
7%
343s
Jan
29% Dec 17
17% Nov 5
114
Jan 22
45
*6%
40%
12%
*12
34
534 Apr 30
6%
1
Jan 31
44
38
11%
par
Nov 27
72
par
17,500
18%
23% Jan 2
1234 Apr 27
85
118% Dec
par
31,800
71
7
Feb 20
April
Spicer Mfg Co
No
Conv preferred A
No
Spiegel-May-Stern Co.No
4434
67%
37%
4
100
Spalding (A G) & Bros .No
Nov
par
41
31
Jan
28
127% Nov 9
14% Jan 25
48% Oct 19
634 Jan 15
Spencer Kellogg & Sons No
Sperry Corp (The) vtc
44%
38%
65%
*62
25
.100
Preferred
19%
24%
13%
*76%
150
No par
31
Mar
3% July 29
Apr 27
26
Preferred
Sept
12%May 20
26
$7
40%
44%
*30%
21
Nov 12
132
Mar
40%June 30
110
July 12
44% Dec 14
64
Sept 29
65% Jan
par
71
234
112
100
Sugar._ .No
No par
40%
4438
31
South Am Gold & Platinum
No par
234
45
100
$6 cum prior pref
3%
44%
7% preferred
Preferred
3%
31
Sloss-Sheff Steel & Iron... 100
8,000
26,500
3%
41
44%
31
67%
36%
70%
44%
100
82,700
3%
31
Preferred
60
45
73% June 10
2934 May 1
15% Apr 30
13% Jan 2
86,300
3%
41%
44%
*30%
25
61
3%
31
Skelly Oil Co
£3%June
19% Jan
27%
40
11% Dec H
1934 Jan
10
59
3%
41
44%
..No par
Simms Petroleum
26%
68%
44%
Simmons Co.
Dec 18
2%
31
Deo
36% Deo
104% Dec 17
July
434 Jan
43% Jan
Sheaffer (W A) Pen Co.No par
30% Apr
Shell Union Oil
..No par
1434 Apr 30
Conv p referred........ 100 £102% Dec 15
Silver King Coalition Mines.5
834 July
60%
7134
3
0 par
26%
6734
40%
89
A
57
68%
3
No par
Conv preferred ser A .No par
8%
24%
66%
4078
No par
58
7034
*234
40%
92
834
24%
68%
Dec
31% Nov 16
1934 Nov 17
32% Dec 10
8%
72%
5
15% Jan
11% Jan
2084 Jan
57
.9%
2034 Mar
61%May 13
23%
62
69
43% Mar 12
1
$r conv prel
Nov
1% Dec
3
1
..No par
91
% June
7% Nov 18
Preferred
4% Nov
20% Jan
% Aug
101% Nov 12
11%
934
26%
1®4 Apr
Dec 15
234May 25
Servel Inc
Jan
8% Dec 15
3% July 24
11%
60
2
1
Investors
1134
834
2434
Jan
Mar
59% Jan 21
Nat'l
11%
58%
6
22
46
114% June
13% Deo
56% Nov
7
Seagrave Corp
No par
Sears, Roebuck & Co..No par
$5.50 preferred
12234 123
11%
11%
9
934
25%
67
*30
122% 123%
1134
12%
8%
9%
24%
26
58%
60%
17% Nov 18
55% Nov 18
10134 Mar
Seaboard Oil Co of Del.No par
Southern Railway
24%
Oct
2
56,800
*22
109
2
25,200
25%
114% Mar 11
Apr 23
30% Aug 22
25%
53%
*24
9
% Jan
100
24%
51%
26
23% Nov
113% June
Nov
Jan
26%
*25
Mar
Oct 24
49% Nov 18
Apr
f referred
26
12
31% Dec
10434 Mar
37
114
8
Preferred..
Jan
Apr
Apr
55
t Seaboard Air Line. ..IVo par
Nov
1
6
7
Southern Pacific Co......100
140
Dec 15
Jan
3
4
Oct 13
7
Southern Calif Edison
800
8
37% July 15
2
14
4
638Mar
Mar 31
12,700
400
June
11
6
2534 Deo
3% Mar
15
4% Feb
27,000
10
Aug
10% Mar
34 June
76
28%
75
2
2
2
Dec 15
20% Feb
42%
57%
1% Jan
238 Jan
7% Jan
50
6
41
*9%
*73%
Dec
4
"28%
*56
10
138May26
Solvay Am Invt Tr pref...100
10
Apr
7%June
Socony Vacuum Oil Co Inc .15
74
3
53% Jan
28%
42%
54%
Deo
10% Feb 19
100
1
Deo
33
102
21%
No par
Preferred..
share
Feb
£96
Schulte Retail Stores
Highest
per
Nov
110% Sept 22
200
-
share
per
82
100
f cott Paper Co
Second
$
6534 Deo 15
100
100
69,400
...
share
117% Feb 19
Jan 24
5^% preferred
per
3
Jan
July 29
7% preferred
Savage Arms Corp
No par
Schenley Distillers Corp
.5
$
7434 Apr 28
538June
22
July
32
18
Smith (A O) Corp
10
Snider Packing Cor p. ..No par
2,700
share
27
9,700
27,400
23,700
per
Lowest
Highest
108
6% preferred.
Sharpe & Dohme
104
$
Year 1935
10O-Share Lots
No par
100
10,000
59%
*104
8%
100
Safeway Stores
31%'
10
74
1st preferred
t St Louis Southwestern... 100
Shattuck (F G)
Sharon Stjecl Corp
73%
'10
Roan Antelope Copper Mines
Ruber'dCo(The)capbtkiVo par
Rutland RR 7% pref
100
St Joseph Lead
10
t St Louie-San Francisco.. 100
4,300
60
*
Par
28%
17%
*40%
42%
26%
10234 10334
11%
12%
4438
45%
4
3%
41%
43%
*124
125%
*80
8434
*108% 110%
51%
51%
27%
2834
15%
1534
On Basis of
Lowest
Preferred
~
10%
31%
155
41%
25%
,
10
8434'
28%
15%
5334
56
125%i
700
59%
112% 112%
4%
434
26
*73%
43%
53
"28%
42%
4
51
*
29
42%
110% 110%
15%
"28%
43%
2534
7534
*82
155
"29%
42%
2434
5034
*10%
124
85
*
"29%
43
26%
5334
5834
10%
*3%
42%
104
60
27
2634
102% 103
12%
12%
45%
45%
*112% 113
4%
434
31%
31%
30
30
*40%
110% 110%
50%
53%
27%
2938
15%
27%
17%
30%
103% 104%
11
10%
60
5,500
97%
434
Range for Previous
Range Since Jan. 1
Shares
634
96%
4%
90%
1936
19,
EXCHANGE
Week
$ per share
7
96%
*80
18
*6434 6534 *6338
65
111
*113% 11434
113%
7
634
<
*684
46
47
46% 48%
2%
2%
2%
2%
5%
578
5%
6%
11%
1134
11%
1234
*22%
2834 *22%
34
42%
4278
42%
42%
*10934 111% *10934 111%
*111% 111% 111
111%
14%
*15%
15%
1434
46
4734
45%
46
96
96%
96%
96%
2%
2%
238
2%
18
1734
18%
18%
68
75
7334
74%
1%
178
1%
1%
6%
7%
634
7%
39%
38%
39%
39%
7
42%
24%
50%
*54
Dec.
$ per share
434
STOCKS
NEW YORK STOCK
the
CENT
Friday
17
98%
*6%
96%
4%
4%
"29%
2434
51%
2%
18%
5%
3978
85
4%
3034
31%
2%
1134
*10934 111%
113% *109% 112
*110% 112
48
54
54
57
48%
24
25
27
28
24%
2634
15%
1534
15%
1534
15%
1534
4%
*3034
7%
4734
5%
4734
*112%
65%
2%
*109
*11214
Dec.
1034
112
15%
52%
16
115
*634
2%
534
13
34
4438
109
£96
4%
88%
29%
1734
31%
18
65%
115
NOT PER
Thursday
$ per share
6534
112
97
4%
Dec.
115
109
6%
96
15
$ per share
64
110
*10714 110
634
634
4684
47i4
238
2%
Wednesday
Sales
for
Saturday
Dec.
938Nov 25
28
Dec 10
5% Mar
1% Mar
69
3%
13
4734 Nov 16
24%
109
Dec
4
7
8% Jan 20
99% Nov 13
70
Dec 11
Oct
3% Mar
38% Nov 17
17% Dec
Apr
Aug
Oct
2% June
18
Mar
1% June
5334 Mar
29
May
16
Deo
Deo
8% Nov
97% Nov
6% May
8% Nov
24%
Deo
33% Deo
12% Nov
73
Deo
5% Nov
87% Dec
50% Jan
I
Volume
LOW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
Dec.
Monday
12
Dec. 15
29is
1738
18
31
31
31
31
30
Dec.
30i2
16
10338 10334
24U
2414
13H2 132
98
98
27*4
283g
18i2
30i2
2734
29U
114
*114
*8634
88
88
88
*33
34
*32
33i2
3378
678
4514
1438
46
20
20
*100
103
*100
67s
7j8
4514
15
1514
4558
1434
738
4534
1514
20
20
20
2014
*100
103
*100
712
467s
8318
778
758
46*4
8234
4678
8314
143S
14i2
*11058 112
1238
1238
1714
17i2
*85
17*2
*85
*3i4
4
2034
2034
20
31i4
3U2
3134
*3*8
28 *4
*18*s
30
303g
177S
18""
18*4
57
*56
4034
*56
41i2
65s
65g
14
395g
6*2
1334
14i2
99
*96
6038
*96
63U
17'2
4734
87
1734
4634
187s
463g
9634
617s
877s
*72
9738
9734
87
73
7612
*72
7714
7658
129
98
98
98l4
28
267g
2834
273g
27ig
283s
19
I8I4
2912
3014
30
30l2
40
1,100
33l2
33i2
33i2
678
658
3318
33
1458
20i2
7
634
46i8
2:4434
*14*4
4514
14i2
900
102
102
10
48
7l2
467s
83
8234
734
734
47
378
19
1934
31
3D2
119
120
I8I4
I8I2
12034 12Ds
*166
m.
I8I4
1734
57
57
57
4034
39i2
407s
634
6*2
634
63g
14U
1334
14
1438
98
*98
*5558
39
98
*96
6258
I8I4
62
17i4
177s
4758
983g
8934
7278
46
4738
9812
783s
9734
8834
*7238
7734
6278
90
>:
/
613s
1612
45U
96l2
87i2
-
-
-
-
18i4
57
40*2
612
14
97i2
6134
17&S
4634
9712
8834
7278
73
73
79
77i2
78i2
*3's
12134 12134
166l2
18
175g
*166
No par
No par
2,800
U S Gypsum
57
100
5,700
14
95
*90
7,800
200
6D4
60
6U2
14,200
165s
17's
165s
17
38,900
465g
97*2
47i2
465g
48
98U
88U
97l4
9934
867S
85i2
74
*7278
7714
29,200
4,900
7,400
200
79i8 122,700
'
144
145i2
143i2 144I2 145
14214 144
1327g *121
13278 *120
1327g *121
*132l2 1331s 132i2 13212 *121
*
16114
*160
*16H2 167
*16D4 167
160*4 160U *160i2 167
7
7l2
734
7U
73g
71s
7i2
77s
734
778
75g
104
*95
104
*83i4
*95
94i8
99i2 *8314
99*2
*83i4
*83*4
*84
87
*86
86*2 *84
86i2
8734
8734
8778
877g 877S
165
162
162
*160
*16614
164
164
*160
*160
*162i8 165
140
140
105
103
4l8
2i4
2414
41i4
*115
414
2i2
214
*53
2478
2434
42
41i4
116
*425s
*105
4U
55
55
141
105
414
434
214
238
53
56
255s
42i2
2534
42i2
43
4214
95"
75s
55
4i2
23g
53
2638
4234
*11312 116
425g
42i8 4234
*84
*84
*90
105
*113*2 116
*84
*90
8i2
7*2
52*2
5834
9~5~"
*90
8
712
5334
57l4
95"
77g
5534
*11314 li4l2 ♦113's 114i2 ♦113's 114i2
9
9
1334
III4
1U2
9i2
36
39
*32
36
4U2
3878
*127
129
*128
82
76
78
*128
129
*77
*122i2 130
278
734
278
734
*5i2
*5i2
1734
387s
6*2
1734
3878
117*
1938
634
*95
634
100
634
173s
38i2
39
*558
1712
17i2
IDs
483S
193s
45
45
634
12ig
6i2
*95
100
1758
183g
1734
67i2
68
13g
11*2
3134
3414
9
*2
,
46
1*80
*2
353s
3534
85g
9i8
a:4534
81
7i2
634
5012
7l8
52
113's 1131s *11314 11414
12
12i2
1314
1214
3934
*35i2 4U2
38i2
*128
*75
130
*128
*514
*17
3914
114
3914
39
39
114i2 *11414 118
18,700
60
4,070
950
1,900
5,600
1,400
200
ID4
II84
4714
11,200
*1914
19i2
*19i8
19i2
*43
47
*43
46
104
17is
18
6812
138
105g
68i2
1,100
300
7,400
1712 140,900
1,100
17
68
*66
138
3,400
1058
19,000
93g
9l8
93s
18i2
*18i«
185s
9
212
2i4
23g
*17i2
214
714
84i2
7i8
738
634
9U
18
33i4
3338
33
961.1
97l2
*12014 12234
*114
9
18'8
23g
67g
634
33ig
2:8014
4714
147
155
25i2
*37
2412
3318
115
912
18i8
212
7i8
82
4912
14834
155
2534
38
24i2
3314
6% preferred
150
West Penn Power
6% preferred
Western Maryland
9
9*4
*1784
*214
18
2*2
7*4
65s
80*4
78is
4S*2
47i8
1453s 14734
4,300
100
1,500
7,600
48,800
Westingh'se Air Brake-No par
12,700
Westinghouse El & Mfg....50
1,500
preferred
30
Wheeling & L Erie Ry Co—100
5H!% conv preferred--.100
Wheeling Steel Corp ...No par
3278
327g
*80
92
*80
92
*80
91
*80
91
120
*113
120
*113
120
*113
120
3?i8
2634
I6I4
255g
5i2
5U
*38i2
39i2
434
38i2
255g
25i4
26i2
255s
16i2
16i2
5*2
39U
16i4
163S
16
*538
3914
5*2
5i2
412
834
45g
834
*79
80
458
834
39
434
914
7912
33
33
7912
65i2
33i2
84i2
8412
835S
84i2
77
77
78
78
6538
6584
*125
1277s
*75
7634
*4034
165S
160
234
*4714
8U4
*108
3878
8
48
17*2
160
3*8
47i2
8134
3434
458
87g
79i2
6512
3334
83i2
7734
9ig
7914
7914
65
6558
33U
83i2
34
78.,
77
77
126
74
18
338
47
81
48
1958
162
483g
1934
159
4
4714
8234
4i8
39i2
8ls
858
For footnotes see page
48i2
205s
159
43g
47U
84
4934
1934
*158
4i8
74
4934
213g
159
478
80
3955
Instrum't-No par
No par
Prod..No par
6%
39*4
15,100
300
25,100
2,700
White Rk Min
5*4
2,300
White Sewing Mach._-No par
40*4
4*4
4,100
Wilcox Oil & Gas
5
21,900
Wilson & Co Ino
No par
51s
36i2
4U
834
781s
6412
3434
837a
77U
124l2 12412 *122
*73
37
50
Class A
103*2
103i2 *103
2638
2434 255«
25i2
1538
1512
1514
1512
38l2
393g
*103
*73
*48i2
205s
*158
4l2
514
39
5i8
39
4i4
*4i8
87g
85g
9
*77i8
635s
3414
833s
77i2
79
79
65
3684
8634
80i2
125
73
50
2114
159
478
64*4
16,100
2,200
2,100
\
4i2
100
Preferred
White Motor
Conv
50
Spr ctf. .No par
preferred
No par
700
330
5*s 191,700
1,900
23,100
_
26,700
15,600
5
412 Mar
6514 Mar
III4
Nov
Dec
15
Nov
96
Nov
July
3i2
203s
Oct
Oct
Mar
3938
Dec
58 June
3
Aug 17
412 Oct
Mar
505s Nov
912 Sept
16U Sept
2112 Jan
6
63i4 Deo 12
758 Apr 30
19i4 Dec 11
483g Nov 30
2
2
72i4 July 30
Dec
712 Mar
8
Jan
Nov
3i8 Mar
Jan
1638 Jan
87
165
978 Jan 27
1838 Jan 28
104
Sept 21
47
412 Mar
101
Nov 28
10334 Nov 10
53
Jan
73
Sept
1434 Mar
2258
Dec
Mar
lli2
Deo
9*8 Mar
17U
Jan
48
Dec
3
2412 Mar
9134
Dec
Jan
12412 Apr
7334 July
75is Apr
6278
4638 Jan 21
7978 Dec 17
2712 Mar
505s Nov
7
15434 Nov 28
735s Mar
II914 Nov
68I2
Jan
11512 Jan
3
Apr 27
144
July 30
11918
3
168
July 10
14934
Oct
Apr 30
6734May
1
46
Apr
9
51
57&s Apr 29
Mar 23
165
115
Jan
7
3i8 Jan
2
1
July
9
30
June
50
Nov
Aug 7
Apr 24
612 Mar 18
25s Oct 28
493s Nov
Aug
Deo
2
68
Dec
70
Aug
5834 Dec 12
2
7
Apr 30
1912 Apr 28
6i8June
9
Nov
5612 Nov
Jan
2134
Nov
114i2May 15
1334 Dec 15
458 Jan
1578 Jan
2
63
6
21
Nov
414 Aug
Dec
Mar 24
2i8 Apr 29
4738 Jan 2
9i4 Apr 30
44
Apr 29
i2June 18
1914 Apr
11U Apr
73
63
4*s Jan
2834 Aug
3
26i8 Apr 17
1778 Apr 17
1078 Jan 4
Mar
12 Mar
Nov
84
Dec 17
1
33
2
5>2 Jan
Aug
29
Oct
114
Sept
Sept
133U
Feb
84
114
Jan
7312 Nov
Feb *159*2 Deo
Feb
6
4i8 June 29
9i8 Jan 7
30
Apr 30
Aug
May
May
2
712
78
91
.
72
Jan
165
34
5
48*4 July 21
80
Aug 20
7
14034 May
Mar
92
153
Jan
Feb
3*2 Apr
834 Nov 17
102
Nov 28
8*2 Dec 12
4112 Dec 15
IU4
212 Mar
1712 June
7212
Jan
2
June
15
Feb
4418
478
37
11212
Dec
Dec
Dec
Dec
734 Nov
33
Nov
83
May
131*2 Aug 26
86
Feb 19
6312 Mar
137t2June 10
10914
Feb
4i2 Feb
1
Apr
1038Mar
5
3
734 Mar
6
19
Nov
6
39U Dec 16
118
Jan 16
123s Dec 11
11734
534
1
438
May
4*s Mar
26U June
114
Jan
114
Feb
Deo
3i4 Nov
134 Mar
Deo
Dec
978 Nov
3314 Dec
120
Apr
638 Nov
4934 Nov 18
20
Nov
62
Nov 10
9
11
Dec
758Nov 17
114
Feb
3
Dec
Nov 19
2812
Jan
47
Dec
105
Mar
5
1838 Dec 14
2U Mar
1038
Deo
52
Deo
Dec 16
14i2 Mar
278 Feb 29
58 Mar
8
212 Mar
778 Mar
205S Aug
17
Aug
32
Sept
25's Dec
3014
69
1234 Dec
38&s Dec
36
Dec 17
39I4N0V
ID4 Feb
85
5
6
June 23
4
Mar
85
Apr
1
Jan
158
6>s
Dec
Jan
Deo
734 Nov
Feb
90
83
May 26
Aug 21
284 Jan 13
335sJune 30
4934 Dec 18
8334 Dec 18
107
Sept 9
110
Apr 21
102
Sept 10
3012
Jan
5512 Nov
72
Jan
84U
34
Mar
9114
36
Mar
92
Nov
124i2Septl8
11634 Dec 10
10412
Jan
1203s
Dec
95
Jan
11434
Deo
512 Mar
712 Mar
l*s July
238 Feb
10i8
Dec
1934
Deo
338
Jan
Jan
Feb 25
78
9134 Jan
7
96
Jan
2
87
Feb 20
6
6
8i8 Apr 27
Apr 30
178 Nov 6
15
5i8 Aug 26
1218 Feb 21
2314 Sept 11
Feb
7
978 Feb
7
4
397g Mar
4
3434 Jan 13
96*8Nov 5
49*2 Dec 17
205s Mar
9412 Jan 6
123i2 Jan 7
2258June 8
3512 Oct 22
1934 June 29
3134Nov28
153i2 Oct 17
325s Mar
72i2May
34
Mar
Mar
33i8
Deo
Jan
38U
Deo
32
July 29
35U Oct
1684 Mar
Nov 17
18
Jan
"1414
Mar
393s Dec 17
84
July
8
109U Feb 19
183s Feb
3
283s Nov 12
175s Nov 17
634Nov17
1334 July 7
314 Apr 28
16
Apr 28
234 Jan 7
658June 19
43
Nov 17
5*4 Mar 30
11
Jan 14
4612 Jan
678 Mar
125s Oct
II4 Mar
6
Jan
1
Mar
378 Apr
Apr
Jan
100
100
100
47
8034 Oct 23
June 20
Jan
623s Jan
4
6
8634 Dec 17
14034Sept 16
Aug 21
79
Feb 10
Yale & Towne Mfg
3338 Apr 28
51
Nov 17
Yellow Truck &
884
83*2
258
42*4
Wire. .No par
T
No par
100
No par
Youngstown S &
6^% preferred
Zenith Radio Corp
Zonite Products Corp
1
Jan
Jan
3
6
Dec
July
4134 Jan
105
35*2 Sept
Oct 23
1
51
Rights—
25i2 Nov
6
58
Co
25
Co*>ch cl B..1
100
Deo
10
3
91
Jan 14
63
3534 Deo
9834 Nov
126
29
Jan
Jan 15
Preferred B
77s
7714 Nov
39
Nov 18
Worthlngton P&M
Preferred A
Oct
Deo
99U Nov
3384 Jan 25
21i8 July
70
Nov
Feb
Oct 16
July 21 *120
99
18
3
90
160
71
Young Spring &
I8I2 Nov
110
5
87
Preferred
Jan
9284 May
11
Jan 23
2334 Nov 28
3938 Jan 2
Jan
3634 Dec 17
Wrigley (Wm) Jr (Del)-No par
232,500
Nov
2i8
23*8 Apr 30
56
Apr 30
100
preferred
Wright Aeronautical ...No par
22
5
Feb 17
914 Mar
8712 Mar
4434 Apr 23
$6
700
158
8
9
13i2 Dec 16
Oct
Woolworth (F W) Co—.—10
220
50
2084
156
600
10,800
8534
7884
120i8 122
*7312
74i8
*49
1,500
363s
46 I8
46
46i2
44l2 45
465s
79
79
8D2
797s
79U
803S
823g
*108
llli2 *10634 IIII4 *10634 llll4
11U2
35
36
36i2
3314
3678
3258
38i2
35i2
8
8
8I4
784
8*4
77s
8i2
8is
*4658
11U2 *108
3812
9
84
3458
74
48
38i2
45g
66U
125
160
263g
1578
5*2
7912
76
74
15i2
38*4
103
43g
834
124l2 126
11H2 *108
393g
83s
6578
37
103
5i2
25
39
3834
104
50
preferred
Westvaco Chlor
*113
104
Preferred
—100
100
1,300
92
37
—100
23,900
20
Aug 18
31*4 Aug 28
116i2 Jan
24*9
24
120
103
Western Pacific...
Weston Eleo
1938 Jan
113i4July
6OI2
35i~s
49
11134 Jan
Western Union Telegraph. 100
30
Nov 19
10*8 Nov
100
—100
preferred
1st
Dec
712
Jan
—100
1,500
*80
3434
2d
100
pref
*15212 155
25*2
25U
3778
3738
*110
103
100
Preferred
130
92
35*2
West
preferred..
300
96
113
103
No par
Penn El class A—JVo par
Conv
Dec
1
Co
Snowdrift No par
Wesson Oil &
115
113
35
Wells Fargo &
120*4
95
120
*114
No par
No par
6
No par
...100
Preferred
*80
*101
No par
Webster Eisenlohr
238
8034 8214
8034 8312
46
47i2
45*2 46 I8
147G 149
1483g 14934
154
15478 *155i8 156
26
26i8
2558
25U
38
*37i2
*37i2 38
2434
25ig
*23l4
25i8
827g
45
457g
457g
147
148
147*4
*152
1547S
15478 *152
25
25
25*2
26i2
38
*37l2 38
*3712
253s
253S
253s 2558
3338
3334 3334
3338
4558
No par
Waukesha Motor Co
130
11434 115
J Warner Quinlan
7,800
1,800
6
Warren Bros..
6,100
D4
100
No par
9i8
280
9734
;
36i8
9934
122
No par
8i2
*81
9984
122
A__.No par
Class B
3534
9
10534 10534
*96U
No par
Preferred
36i2
834
3U July
1334
2012 Dec
96
Feb
5
No par
100
No par
Walk(H)Good & W Ltd Nfo par
Mar
5
Aug 8
Aug 31
2i4 Aug 21
6M% preferred
884 June
412 Mar
65
143
70
t Walworth Co
35
*81
8
24U Dec
734 Nov
4534 Nov
2068 Nov 18
6214 Nov 18
59
Apr 2
120
Walgreen Co
Warren Fdy & Pipe
8I4 Dec
116
100
18,200
2
Dec 17
No par
Waldorf System
pref
June
Feb
I6914 Feb 18
100
Preferred A...
Convertible
16*2 Feb 4
2912 Aug 10
Oct
li2
2034 Mar
125U Nov 28
100
X Wabash
$3.85 conv pref
4
2
100
Warner Bros Pictures
17*2
9U Feb 17
6
100
Ward Baking class
Nov
May
pref—No par
4
Apr 27
Virginia Iron Coal & Coke. 100
14
May 4
6% preferxed
100
Virginia Ry Co pref
100 2:11412 Jan 16
Preferred
Jan
Aug
78
878 Jan
160
109
Vulcan Detinning
2612
118
Jan
Dec 11
No par
Deo
Nov
Oct
30
100
353g
105
98
Chem
6% preferred
1334
20
46
57
100
2014 May
Deo
303s
111
35is Nov 21
105
Mar
7
Jan
9
9
Va El & Pow $6
34
100
116
Va-Carolina
36
100
121
pref
3434
105
97
-
Oct
Dec
9012 July
2612 July
Jan 11
16U Apr 30
Corp of Am.ATo par
non-cum
335s Nov 19
117
2834 Jan 16
f
100 *110*4 Feb 17
40
Apr 30
5
Preferred
Vanadium
1
No par
100
33
350
115
Future*
100
1st pref. 100
138
24,500
105
Universal
No par
10i8
32i2
1«4
*104
Preferred,
13g
4984
8384
105
Universal Leaf Tob
IDs
200
9
5
35
*33
Jan
160
No par
2014
7534 Nov
24
111*2
Apr 29
4
80i4May 8
131
—
Preferred
101
2
10
24i4June
100
Preferred
7
978 Mar
100
4
No par
U S Tobacco..
Preferred B
800
83l2
120
9714
146
•
25,700
4634
*94
100
7
Jan
United Stores class A..No par
5%
IDs
*95
100
Preferred
Vicks Shr & Pac Ry Co comlOO
485s
634
60
Preferred
U S Steel Corp
1,700
IDs
658
100
£0
preferred
U S Smelting Ref & Min
7% 1st pref-
47
678
No par
1st
VIck Chemical Co
48.500
634
U S Rubber
7912 Mar
412 Mar
87
91
71
20
No par
Feb
25i2Sept 26
37UNovl6
20
100
U S Pipe & Foundry
U S Realty & Impt
Jan
1434
82*2 Mar
3238 Feb 18
6i8 Apr 30
13
Apr 30
10
preferred v t o
Van Raalte Co Inc
*122i2 135
3
3
27g
8
8i2
778
634
634
*5U
17
Prior
Jan
Highest
share $ per share
44
June 10
315s Feb
per
5034 Nov 25
14i8 Nov 14
109
No par
v t c
1,400
48
116
.
160
91,400
10
17
Class A
No par
Vadsco Sales
110
1734
U S Leather v t c
Utilities Pow & Light A.
130
*75
*12212 135
234
75g
150
777g
777g
53^% conv pref—
60
U S Industrial Alcohol-No par
13,500
95
53i2
20
100
7% preferred
U P Hoffman Mach Corp.__6
32,000
D4
116
7
20
83
122
23g
400
48j4
97
23g
678
82i2
8634
167
103i2
*90
100
Preferred class A
92
D4
*114
*175s
87s
....
7*s
52
95
10
82
*120
9*4
3538
3534
*81
105
9912 101
1055s 106
*18
lSg
1138
36
*90
100
14,500
47i2
*134
47i2
81
98
9*4
734
214
2
4814
121
18i2
23g
7*4
83*2
85g
81
116
914
34l2
3434
465s
121
*9614
167
2,400
483s
82,
100i2 IOD4 XIOOI4 IOOI4
2
214
46l2
*803S
13g
1U8
*34
*81
*81
81
*
3534
9
2l4
46*2
*99i8 100
105i8 1051s
1134
3714
3412
*81
*81
13s
11
36i4
834
39
3914
*11414 117
12
1134
12l8
49U
4834
49i8
19i2
19i2
19i2
47
*45
46i2
71s
7»s
65s
100
*94
104l2
I8I4
1734
18ig
69
69
68i2
387g
117
*33
34i2
I3534
34i2
87„
1*4
13g
12
373g
33
33
128
634
II6I0 *114
*34
77?s
1712
67
138
1214
129
8ig
734
1734
373s
41
*514
6i2
6658
1>4
*75
13*2
3
1634
117S
1134
38*2
8
66
*35
113I8 1131s
8
49»s
195g
*94
'
734
55
*278
8
658
1934
45
*43
7l2
52i2
95"
128
1134
483g
*19is
*43U
12i8
4912
*90
*12212 130
27g
27s
18
116
*116i2 118
4918
3
17i2
38i2
8
78
1327g
103
103i2
103*2 103i2 *102
4
4
4
4
4I8
414
2
2
2
2i8
2is
2i4
51
51
51
53
*50*2
50*2
30
29U
27i2
29i2
283S
26*8
41
42
42 I4
42
41i2
4134
*11312 116
*113l2 116
*113i2 116
417g
42U
4134
4134
4258 4234
*84
*84
*84
8884
*128
129
*76
1
*12212 130
2?s
14438
141
10934
100
U S Freight
13,100
75
United Gas Improve...No par
Preferred
No par
U S Difatrib Corp
Preferred
6ig
797s
No par
1,130
3934
775g
July 10
June 18
66I2 Jan 2
2,000
6i8
13&S
87
4
1 32i8
338
3858
*727s
No par
1918
*55i8
94
Jan 15
19
57
6II4
Jan
*3
50
9
15
93
2,100
40
2:93
1034 Apr 27
6
10
100
4878 Aug
100
Corp
Preferred
U £ & Foreign Secur...iVo par
Preferred
100
3,300
6
53s Apr 30
$
105UNov18
2812 Feb 7
14934 Aug 12
9634Nov
40U Apr 29
3D4 32
12114 12134
166ig 166ig
18U
1734
9
Jan 21
22&s Jan
No par
United Paperboard
3914
6*4
137g
14i8
68
7,300
97
*90
Oct
111
Unlted-Carr Fast Corp-No par
United Corp
No par
73,700
*55i8
638
100
United Drug Inc
United Dyewood
2
24*4 Mar 18
No pat
Preferred
Jan
13
16i2 Apr 27
No par
Preferred
United Fruit
*90
378
United Biscuit
United Carbon-'.
4,200
18
31i4
United Aircraft Corp
6
Un Air Lines Transp Corp._ .5
United Amer Boscb—No par
2,000
97
20*8
No par
8178
18
*3*s
Union Tank Car.
United Eng & Fdy
400
7
90 *s Jan 2
2258 Jan 2
2058 Apr 30
100
United Electiic Coal
1434
14i2
1478
145s
*110i2 111
11012 110
13
127g
127g
1234
18
1778
1778
177g
97
Preferred
Highest
IO8I2 Jan
100
47
47
2;8134
26
Union Pacific
Lowest
$ per share
7158 Jan 3
2034 Aug 26
Union Carbide & Carb.iVo par
Union Oil California-.
7,600
778
7l2
83
195s
m.
7,600
20
102
31U
mm
1438
14i8
20
*100
103
33
m.
4484
20
*90
1734
600
678 119,700
6,600
4538
20
83
97
62,700
45,300
1,300
1,600
89
378
2034
*166
30l4
5,900
2,600
1,200
1,900
115
32
*3U
19
29i2
13,000
89
20
4
2H2
32i4
130
131
Shares
115
897g
15
15*s
14l2
1478
110i2 110i2 *11012 111
1214
1238
1258
13i2
1758
102i2 10314
24
2334
89
*47
47
$ per share
115
89
7i2
83i2
*166
~
8
8212
*85
3018
2414
Par
*114
115
1438
147g
467s
18
9738
*267s
33is
634
45*4
738
83l2
97
131
8812
88i2
3378
734
4614
12012/12034
12012 12034
m
8
1438
15i8
1105S 111
12i2
123s
98
*166
103
24
18?s
*20
678
4478
10234 IO358
Lowest
$ per share
Week
18
Year 1935
of 100-Share Lots
EXCHANGE
the
Friday
Dec.
17
$ per share
30i2
303g
*114
115
114
88
*11312 11434
Thursday
Dec.
$ per share
1033s 10334
24i2 245g
130
13U2
9734 9734
27ig 2714
287S 2934
19
18i2
31
3H4
30i4 30i4
10338 10334
24i2 2434
13U2 13U2
97l2
97i2
27i2
27U
285g 2958
19i4
177s
3H2 3H2
27*4
Wednesday
$ per share
$ per share
10358 10334
24
2438
131
13U2
*97*2 98
28i4
14
Dec.
$ per share
♦27
Tuesday
On Basis
STOCK
NEW YORK
Range for Previous
Range Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
3963
New York Stock Record—Concluded—Page 10
143
Jan
6
6
lli8 Jan 28
534 July 7
2234 Oct
8
16312 Dec 11
518 Dec 18
55
Apr 6
8734 Oct 10
122
Aug 7
423s Nov 17
938 Jan
4
1134 Mar
2512 Mar
Apr
3512 Mar
7384 Mar
1784 Apr
258 June
3112 May
20
"l8~
Mar
13
Mar
3812 Apr
U4 May
25s June
"3214
Nov
102i2 Nov
1912 Dec
2412 Jan
434 Deo
20i8 Dec
3i8 Deo
914 Nov
79
Nov
65U June
25U Nov
61
Nov
515s Nov
68
Dec
8284
Apr
3514 Nov
914
96
Deo
Nov
"53f8
Dec
4678
Deo
105
Deo
1434 Nov
734
Deo
New York Stock Exchange
3964
On Jan.
Bond Record, Friday, Weekly and Yearly
1, 1909 the Exchange method of quoting bonds
Dec. 19, me
changed and prices are now "and interest'—except for income and defaulted bonds
was
NOTICE—Cash and deferred delivery sales are disregarded In the week's range, unless they are the only transactions of the week, and when selling outside of
the regular weekly range are shown In a footnote In the week in which they occur. No account is taken of such sales In computing the range for the year.
Friday
BONDS
N.
fe <2
Y.
STOCK EXCHANGE
Week Ended Dec. 18
U.
S.
Range or
Range
BONDS
Sale
Friday's
Since
N. Y. STOCK EXCHANGE
Jan. 1
Week Ended Dec. 18
Bid
Price
Government
Treasury 4*s__.Oct
Treasury 3*8—Oct
Treasury 4s
Dec
Treasury 3*s__.Mar
Treasury 3*8—. June
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
si
Week's
Last
Low
3s
Low
High
93
115.3
110.16
98
105.24110.16
114.8
15 1946-1956 M S 114.8
15 1943-1947 J D 110.20 110.20
114.21
106
106
107.23 107.19
116.7
111.1
121.28
154
111
116.9
9
109
11421
44
106.17111.3
106.16
331
102.20106.19
107.31
229
102.29108.7
108.17
140
107.19 109
109.13
65
—
108.31
87
109.23
108
103.24 109.3
D
107.31 107.27
108.2
204
103.19108.17
...Aug 16 1941 F
A
108.26 108.26
109.15
112
108.5
A
O
109.23 109.22
110.10
183
105.12110.15
M
S
897
Dec 15 1949-1952 J
3*s.__Apr
15
2j|s...Mar 15
2*s._.Sept 15
2*s__.Sept 15
1944-1946
1955-1960
1945-1947
1948-1951
1951-1954
2*s
2*s...Sept 15 1956-1959
2>£s
Dec 15 1949-1953
Federal Farm Mortgage Corp—
3*s
Mar 15 1944-1964
3s
....May 15 1944-1949
103.24 103.20
104.9
S
106.5
106.27
110
100.31106.27
M
s
103.26 103.22
104.10
531
101.7
J
1 1944-1952
2*s series B__Aug
2*s series G
D
M
J
M
s
D
106.5
104.19
100
104.18
102.20 102.20
103
230
100.23 103.6
102.3
102.20
853
100.30102.24
101
892
100.26101
102.3
100.27 100.26
S
105.30
30
104.30 104.30
105.9
40
100.26 105.9
J
105.13 105.13
105.26
11
101.20105.19
S
103.29 103.29
104.3
M N
2*s
Mar
1 1942-1947 M
Home Owners' Mtge Corp—
May
109.25
M
15 1942-1947 J
JaD
3s series A
No
121.28
—
3s
High
*1
121.10 121.10
O
3*S—.June 15 1940-1943 J D 107.271107.27
3*s
Mar 15 1941-1943 M S 108.29 108.29
3* a.—June 15 1946-1949 J D 108.19 108.17
3*s
3*s
Asked
15 1943-1945 A O 109.25 109.25
D 115.22 115.22
15 1944-1954 J
15 1947-1952 A
Sept 15 1951-1955 M S
June 15 1946-1948 J D
3s
&
105.23
3
102.20106
100.15104.7
1 1939-1949 F
A
1942-1944
104.16 104.16
104.30
236
100.17104.30
102.19 102.19
103.6
166
99.16 103.10
102.19 102.19
M N
103.3
114
♦External
s
f 7s series B
s
f 7s series C
♦External
s
f 7s series D
s
f 7s 1st series
sec s f
♦External
sec s f
Antwerp (City) external 5s
s
s
1434
1434
1434
1434
1234
1234
1234
9634
10234
1234
1234
1234
1234
1134
12
1134
9734
10234
10234
10234
10234
10234
10234
10234
10234
10234
10234
Extl
1960 M N
F
'10234
A
A
Australia 30-year 5s
External 5s of 1927
External g 4 34a of 1928
Austrian (Govt) sf 7s
1956 M N
J
1957 J
"10234
J
136
75
8
56
8*
14*4
14*4
14*4
7%
14*4
1234
37
1234
23
1234
9734
10234
59
6
13
10234
10234
60
10234
52
10234
10234
10234
10234
20
32
19
7*
External
s
1945 F
1949 M
f 6s
S
1955 J
Bergen (Norway) ext
s
D
♦Berlin (Germany) s f 634 s
♦External sinking fund 6s
♦Brazil (U S of) external 8s
97 *
38
97* 102*4
97* 102*4
94* 102*4
10234
39
26
102*4
10234
10934
10934
10234
11034
23
104* 111*4
110
30
104 *
"I6234
98
9734
10234
100
107
10
♦7s (Central Ry)
Brisbane (City) s f 5s
Sinking fund gold 5s
s
10834
10834
10534
11534
10534
116
Extl
s f 4348-4J4s
Refunding s f 4)48-4 34s
Extl re-adj 4*s-4*s
Extl s f 434s-434s
3% external s f $ bonds
~23*~
22
100*
101
23
2234
2234
2334
40
4234
159
38
3834
O
38
3734
3634
D
38
170
428
139
•
S
10334
A
10334
D
105
3534
103
10234
10434
2734
2734
10134
10134
1960 A
O
*100
M
S
2334
3834
38
S
8634
A
8534
7834
8534
8534
7534
80
7734
S
1976 F
A
1976 A
7*4s unstamped
♦Sink fund 7s July coup off._196T J
J
♦Sink fund 7 34s May coup offl968 M N
20
of)—
5s
1960
A
O
10334
10334
J
19
External 7s stamped
7s unstamped..
s f 8s
34'
2034
111
11
2734
....
102
10134
25
15
95
38*
102J
1
93
101*4
10134
92*4 101
70
"8634
32
55
16
55*4
5
59*4
81
86
61*4
67
24
39*4
20
2034
2034
34
235
58
118
57*4
M N
-
17
111
78
78
30*
41*
11434
30
101
10134
20
103 34
50
10334
35
"35"
21*
93
98
9
105
109
18
27
98
22
D
22*
28
129*
19
120
....
121
zl30
6
130*
10
1965 J
♦Sink fund secured 6s
1968
21*
22
218
19*
20*
143
28*
30
60
23*
25
6
22*
34
25*
26
17
25*
45*
F
30
30
26
27*
s
A
99*
J
J
99*
022*
15*
A
O
105*
......
F
21
3
35
26
31*
21
100
30
17
93* 100
19*
26*
a22*
8
16*
105*
12
22*
44
7
21
17
30
21*
7
18*
22*
4
17*
16*
32*
25*
22*
A
48
111
23
48*
*113*
120
82*
84
83
♦96*
*73*
26
....
84
83* 100
.....
53
83
77
95*
94
79*
82*
79
91* 100*
78
89*
79*
76
....
30
28
30
11
25
35
1947 F
24*
24*
24*
12
22*
31*
A
D
*91
95* 101
104*
12*
100
86*4
86*4
81*4
81*4
80*4
83*4
67
10*
a6
6
J
9*
♦4s of 1904
1954 J
♦Assenting 4s of 1904
1954
♦Assenting 4s of 1910 large..
♦Assenting 4s of 1910 small
J
9*
s
D
1952
J
12*
6*
9*
9*
76
9*
30
9
7*
7*
J
45
1
5
32
6*
7*
54
6*
7*
10*
10*
164
9*
65
12*
9
5
4*
4*
7*
7H
10*
5*
11*
64*
66*
52
50
77
30
21*
22
......1959 M N
65*
22*
22
19
15*
14*
22*
22*
66*
67
23
47
67
43
*61*
50
6
10
New So Wales
External
s
F
A
Apr 1958 A
1943 F
O
..1944 F
A
1963 M
(State) extl 5s. .1957
f 5s
Norway 20-year extl 6s
61*
4
External
2934
11
Municipal Bank extl
1634
External sink fund 5s
External sink fund 4*s
s
f
4*s
s
27
100*
24
101
105*
104* 110
104* 109*
100
104*
99* 103*
96* 101*
102* 104
107
105*
105*
108*
108
108
109
60
S
101*
100*
101*
56
1956 M S
1965 A O
20-year external 6s
27
104*
104*
103*
103
103*
101
101
101*
A
1970 J
f 5s
D
......
......
*102*
...
.
.
6
7
55
....
♦Nuremburg (City) extl 6s
1952 F
A
21*
21*
22*
24
1634
131
Oriental Devel guar 6s
1953 M
S
72*
72*
77
59
1634
202
1958 M N
70*
70*
72*
52
J
♦Ry ref extl s f 6s
Jan 1961 J
♦Extl sinking fund 6s.-Sept 1961 M S
♦External sinking fund 6s... 1962 M S
♦External sinklrg fund 6s
1963 M N
1634
1534
1634
192
Extl deb 5*8
Oslo (City) sf 4*s
1955 A
O
99
99
99*
14
1534
1634
1953 J
D
1534
1634
24
1534
1634
167
1334
1334
1434
53
1434
35
1434
38
68
70
O
14
1962 M N
14
1334
1334
14
28
♦Chilean Cons Munic 7s
1960 M
1234
1234
13
24
♦Chinese (Hukuang Ry) 5s
1951 J
50
50
50
2
2134
2134
2234
4
Panama
♦Extl
(Rep) extl5*s
s f
5s ser A
18*
72*
105*
27
86*
82*
96* 100
104
106*
70*
.
.
.V.
.
.
82
...
106
106
82
82
71
1963 M N
♦Stamped
72*
53
58
81
20*
75
12*
20*
13*
19
3
,..
67
90*
Pernambuco
(State of)—
♦7s Sept coupon off
1947 M
S
20*
♦Peru (Rep of) external 7s
1959 M S
'Nat Loan extl s f 6s 1st ser..I960 j
D
♦Nat Loan extl s f 6s 2d ser.. 1961 A O
17*
16*
19*
15*
14*
17*
30
10
14*
16*
16*
466
16*
367
10
16*
16*
♦Poland (Rep of) gold 6s
53
57
21
37
80*
72*
75
72
44
111*
50
56
126
40
♦Stabilization loan
a
f 7s
♦External sink fund g 8s
1940 A
.
O
53
...1947 A
O
......
1950 J
J
51*
For footnotes see page 3969.
%
43
6*
1534
S
7*
30
1534
M
10*
12*
47
1534
♦Cologre (City) Germany 534s.l950
ik
21*
.•i'm
D
12*
4
6*
10
j
7*
12
6
1959 M S
f 6 *s
♦6s series A
9
*
Milan (City, Italy) extl 6*s...1952 A O
Mlnas Geraes (State)—
♦Sec extl s f 6*^s
.1958 M S
♦Montevideo (City) 7s
8*
9*
9
D
...
♦}Treas 6s of '13 assent(Iarge) '33 i
J
♦§Small
*9
1634
D
51*
51*
95*
♦Assenting 5s of 1899
1945 Q
♦Assenting 5s large
♦Assenting 5s small.......
2834
S
26
42
63*
......
26
1961 A
38
112* 115
87*
60*
67*
98*
64*
1634
♦Guars! 6s
24*
110
22*
1634
♦Guars! 6s
15*
104
21
J
27
1434
29
39*
1957 A O
a f 7s
35
D
29*
19*
28
-
1960 M N
f 5s
25
D
20*
Hungarian Cons Municipal Loan—
27
1961 J
190
21*
20*
O
1952 A O
1946 A O
♦Hamburg (State) 6s
♦Heidelberg (German) extl 7 *4s *50
Helsingfors (City) ext 6*4s
1960
33J4
1957 J
130
29*
D
1942 M N
♦External sinking fund 6s...I960 A O
♦Extl sinking fund 6s...Feb 1961 F A
♦Chile Mtge Bank 634s
♦Sink fund 634s of 1926
122* 183
116* 172*
122* 182*
*123*
♦(Cons Agric Loan) 6*4s
1958 J D
♦Greek Government s f ser 7s.. 1964 M N
27
1634
1634
1634
1434
70*
7
107*
42
11434
A Apr 15 1938
♦Chile (Rep)—Extl s f 7s
78*4
1
61*
61*
128
......
-
....
2534
J
48*
66*4
....
26
68
106*
D
—
19 J
♦5*4s of 1930 stamped
♦Sec extl
20
10334
S
37
.
39
72*
96*
.
107*
♦Medellin (Colombia) 6*4s
1954 J D
♦Mexican Irrig assenting 4*4s._1943 M N
23
11034
11434
...1954
♦Cent Agric Bank (Ger) 7s
1950 M
♦Farm Loan s f 6s.-July 15 1960 J
♦Farm Loan s f 6s
Oct 15 1960
103*4
68
90
105*4
89
105*4
104* 106*4
100*4 102*4
93* 100*4
37*
3
76*
73*
68
1949
♦7s with all unmat coup..
22
105
10134
1952 M N
Aug 15 1945
1961
.»
*23
M S
Lower Austria (Province of)—
7 J4s June 1 1935 coup on
1950 J
8634
8134
8134
8034
8334
79
""8334
67
Canada (Dom of) 30-yr 4s
84
99*
98
100
German Govt International—
♦Leipzig (Germany)
6134
O
1975
1984
x
4
34*
4
*98
..1977 M
74
68
Japanese Govt 30-yr s f 6*4s..l954 F A
Extl sinking fund 5*4s
1965 M N
Jugoslavia State Mtge Bank—
23
4234
1961
98*
72*
1951 J D
Italian Cred Consortium 7s A..1937 M S
External sec s f ser B._
1947 M S
Italian Public Utility extl 7s... 1952 J
J
"l2
O
j"~i
ser
3
105*
*71*
Italy (Kingdom of) extl 7s
10134
1961 F
♦634s stamped
♦Farm Loan 6s
1967 J
♦Hungary (Kingdom of) 7*4s..l944
11
1961 M
♦6s stamped
10-year 234 s
25-year 334s
♦Carlsbad (City)
105*
105
♦Mexico (US) extl 5s of 1899 £.1945 Q
f 6s ser C-3
(Kingdom
105*
105*
74*
J
90 * 100
43
D
1958 F
.1950 J
14
64* 2397
*44
J
♦7*4s unmatured coup on... 1945 J
♦7s unmatured coupon on
J
1946 J
♦Hungarian Land M Inst 7*4s.l961 MN
Sinking fund 7J4s ser B
1961 M N
17
'11534
D
1957 M
♦Buenos Aires (Prov) extl 6s
Bulgaria
1948 J
111*4
98* 103*4
27
2334
10834
1941 J
♦6s July 1 1935 coupon on
1962 J D
Buenos Aires (City) 634s B-2..1955 J
J
External s f 6s ser C-2
1960 A O
External
23
1958 J
1952 J
20-year s f 6s
Budapest (City of)—
23
O
f 6 34s of 1926
1957 A
♦External s f 634s of 1927—1957 A
92
.....
104
......
§*Stamped extd to Sept 1 1935
Dominican Rep Cust Ad 5*4s..l942 M S
1st ser 5*4s of 1926
1940 A O
2d series sink fund 5*4s
1940 A O
♦Dresden (City) external 7s
1945 M N
Haiti (Republic) s f 6s ser A
46
1950 A
s
99*^ 105*
99
101*4
105*
99*
97 * 103
97*4 103
11034
1960 M S
f 5s
23
6
....
103
O
♦5*4s unstamped
1965
♦German Rep extl 7s stamped. 1949 A
♦7s unstamped.....
1949
German Prov & Communal Bks
102
J
1955 J
External 30-year 8 f 7s
♦External
A
101*
98*^
6
27*
105*
102*
58*
A
Apr 15 1962
„
98*
105*
M S
Irish Free State extl
♦Bavaria (Free State) 634s
Belgium 25-yr extl 634s
70* 100
29]
17
Deutsche Bk Am part ctf 6s...1932
125*
12*4
7*
12*4
94
101H
97 * 102*4
97* 102*4
97* 102*4
97 * 102*4
7*
7*
102
1957 M S
1955 J
88 *
19
5
*100*
*97*
100*
109
1961 M N
15
27
29]
180
103*
58*
105*
A
French Republic 7*s stamped.1941 J
10234
1962
External g 4*4s
......
1955 F
24*4
Extl 6s pub wks May 1927
Public Works extl 5 34s
20
High
19
100
27
J
24 *
1958 J
1961 F
99*
97
105*
......
1952 J
Denmark 20-year extl 6s
External gold 5*4s
17 *
1960 M S
14
97*
97*
External loan 4 *43
1949 F A
J
Sinking fund 5*4s__.Jan 15 1953 J
♦Public wks 5*43
June 30 1945 J D
Czechoslovakia (Rep of) 8s
1951 A O
Sinking fund 8s ser B
1942 A O
17 H
External,6s series B
f 68'Of May 1926
23*
23*
23].
17**
23*i
17 *
21.
92 * 100]
*20*
98*
27
96* 100*4
98
10234
10234
s
23
22*
98*
97*
A
12
s f 6s (State Ry)
Extl 6s Sanitary Works
23
.......
S
1949 F
43
1957 M
External
A
1944 M
29
1959 J
230
26*
......
♦7s Nov 1, 1936 coupon on..1951
Cuba (Republic) 5a of 1904
External 5s of 1914 ser A
2454
f 6s of Oct 1925... 1959 A
f 6s series A
1947 F
2434
9834
1434
1434
1434
1434
1960 A
Low
NO.
28*
1952 J D
25-year gold 4*s
1953 M N
J
Cordoba (Prov) Argentina 7s.-1942 J
Costa Rica (Republic of)—
2334
1958 J
Argentine Govt Pub Wks 6s
Argentine 6s of June 1925
Since
Jan. 1
28*
28*
27
23
J
Copenhagen (City) 5s.
23
7s 3d series. 1957 A
Bonds Sold
High
28*
1946 M N
♦Sinking fund 7s of 1926
♦Sir king fund 7s of 1927
2434
9834
7s 2d series. 1957 A
External
O
2434
1957 A
♦External
External
♦Colombia Mtge Bank 6J4s.. 1947 A
A
1945 J
♦External
Asked
A
Low
O
1945 J
Bid
Price
O
(Republic) ext 6s
1945
♦Frankfort (City of) s f 6*4s...l953
1945 J
♦External
Range
Friday's
Foreign Govt. & Mun. (Concl.)
(Republic of)
♦68 Apr 1 1935 coup on.Oct 1961. A
♦6s July 1 1935 coup on Jan 1961. J
Finland
1963 M N
J
1945 J
♦Antioquia (Dept) coll 7s A
est.
Inter Period
Range or
Sale
Colombia
♦El Salvador 8s ctfs of dep
Estonia (Republic of) 7s
♦Sink fund 6s Feb coupon on.1947 F
♦Sink furd 6s Apr coup on..1948 A
Sale
99.17103.5
Foreign Govt. & Municipals—
Agricultural Mtge Bank (Colombia)
Akershus (Dept) Ext 5s
Week's
VFriday
I
96
Volume
New York Bond Record—Continued- Page 2
143
BONDS
Last
N. Y. STOCK EXCHANGE
Price
Foreign Govt. &Munic. (Concl.)
Porto Alegre (City of)—
D
1961
J
♦7%s July coupor off
.1966
Prague (Greater City) 7%s
1952 M N
♦Prussia (Free State) extl 6%s„1951 M S
1952 A
f 6s
s
High
No.
23%
24%
15
21%
O
Queer Bland (State) extl s f 7s__1941 A O
?
25-year external 6s
1947 F A
♦Rhlne-MalD-Danube 7s A....1950 M S
24 %
22%
22%
112%
114
22
114
21%
113
24%
16
22%
15
90% 101%
18
29%
'"l9
22%
22%
113%
21%
21%
35
28%
18
23
109
109
114
2
19%
23
14
102%
54
1939 J
1941 J
J
102%
96%
96%
44
106%
106%
Baldwin Loco Works 1st 5s
1940 M N
14%
17
15
24
Rome (City) extl 6%s
1952 A O
Rotterdam (City) extl 6s
1964 M N
Roumania (Kingdom of) Monopolies
69
69%
31
♦7s August coupon off
♦Saarbruecken (Cltyl 6s_.
24%
1959
68%
24%
81%
122%
54%
110
112%
23
22%
5s assented
1940
July 1948 A
1st gold 5s
Ref A gen 6s series C
22%
IVI N
21%
23%
32
17%
20
M N
21%
33
14%
23%
21%
Conv
1936 J
*34
30%
23%
36%
31%
30%
24
J
23%
23%
♦External 6s July coupon off. 1968 J
1940 A
O
1945 J
D
J
D
*
Serbs Croats A Slovenes (Kingdom)
♦8s Nov 1 1935 coupon on...1962 IVI N
♦7s Nov 1 1935 coupon on...1962 M N
Silesia (Prov of) extl 7s
1958 J D
♦Sllesian Landowners Aran 6s__1947 F
A
16%
71
34%
26%
14
24
.93%
52
25%
25%
93%
35
32%
23
29%
81%
28
32%
4s stamped
1961
Battle Creek A Stur 1st gu 3s__1989 J
Beech Creek.ext 1st g 3%s
1951 A
Bell
24%
25%
51
24%
23%
24%
38
22%
29
48
47%
50
81
33
76
33%
33%
33%
2
M N
51%
33
123% 166
F
104%
1971 J
1952 M
A
1961 —
105%
71%
69%
Trondhjem (City) 1st 5%s
1957 M N
♦Uruguay (Republic) extl 8s_.1946 F A
71%
73
70%
100%
63%
"69
"36
101%
56
71
♦External
s
f 6s
1960 M N
66%
62%
70%
s
f 6s.
1964 M N
67%
64
70%
32
Venetian Prov Mtge Bank 7s.. 1952 A
1952
1961
J
*80
88
87%
88
12
86%
97
44%
44%
47%
32
33 H
71%
D
72%
72%
77
60
72%
89
1st 6s
J
1946
F
A
....1952 A
O
Adriatic Elec Co extl 7s
1st
cods
D
♦Albany Perfor Wrap Pap 6s.. 1948
♦6s with
♦Coll A
5s
♦6s stamped
A
109
1
78
1
78
....
104%
97
104%
101% 102%
53
82
55
J
68%
77
120%
121%
9
119
122
130%
131%
30
125
131%
""24%
"24% ~"l5
24%
"23%
22%
20%
24
24"
24
5
24
~
24%
6
33
*23
"l05%
105
....
70
105%
99%
85%
86%
106
79%
81%
*112
85%
50
F
A
""26%
23%
26%
77
O
35%
35%
35%
39%
130
35%
39
J
A
M
F
F
186
80
-
«
*.
113%
121%
12
114%
121%
-
6
81%
94
«.
•
-
A
S
104
J
M
103%
*
W
A
J
109
N
1
41
105%
104
D
]
100%
104%
M N
J
100
104%
M N
1
69
100
J
122%
*131%
35
--
-
-
105
20
110
14
105%
106
8
103%
106
105%
109
105%
1
1
.1
1
103%
2
*109
109%
*
W---
•
103%
-
"91%
_
114
A
92%
23%
22%
89
89
75
70%
77%
70
58
52
58%
46
101
O
22
22%
A
102%
16
91%
23%
O
-
O
"89""
15
2
5
♦Bush Term Bldgs 5« gu tax ex.]
By-Prod Coke 1st 5%s A
1
Cal G A E Corp unit & ref 5s
1
M N
3
J
3
A
O
34%
34%
40%
..3
A
O
118%
118%
118%
9
J
J
115%
115%
35
J
J
118%
118%
115%
118%
16
108%
113%
116%
119%
O
120%
120%
121
12
115
122
121
6
101%
98
175
O
87
92
16
48%
98
Cal Pack
66%
68%
439
36%
73%
♦Camaguey Sugar 7s ctfs
102%
7
100%
101%
26
212
219
48
MN
"66%
102%
102%
101
191
*112
"l"66%"
212
93%
S
81%
93%
81%
93%
5
83%
390
D
86%
86%
87
18
109%
109%
110
175
105%
105
105%
1953 J
87%
78
•
90
108%
1949 M N
104%
102%
99%
conv
Canada Sou
103%
112%
deb 5s
cons gu
5s A
101%
99
118% 219
90%
F
83%
F
106%
146
«.
-
-
-
105
104%
120%
•
*118 "
116
S
J
116
115%
116%
116%
9
112
J
Am Rolling Mill conv deb
Am Telep A Teleg—
33
M N
J
20-year sinking fund 6%s._.1943 M N
J
Convertible debenture 4Ha.. 1939 J
1965 F
108%
110%
110%
122% 129
99%
87%
102% 106
1976
^♦Am Writing Paper lBt g 6s__1947
127%
127%
20
J
99%
281
102%
97%
102%
99%
S
103%
9
110
111%
115
J
115%
116
14
113%
114%
56
109%
119%
J
D
109%
109
109%
25
210
1101732114%
J
J
105%
105%
106
44
105% 109%
100% 106
70
49%
111%
113%
112%
180
69
110%
170
170
34
107%
J all5%
*70
J
M N
110
110
J
73%
111 %
97
♦Certificates of deposit
73
79
125
32%
79
56
32%
79
106
95
99%
107%
32
27%
67
42%
84%
96
104%
106
106
4
D
109%
110
11
105
105%
29
-
M
«.
«. «. —
'
79
73
J
J
D
J
180
Amer Water Works A Electric—
Deb g 6s series A
127%
J
1101732 110'932
112
A
J
M N
O
106
J
36
105%
J
36
41%
D
90%
91
5
J
A
1967 J
1995 Q
deb 4Ha 1960
D
34%
36
21
F
♦Anglo-Chilean Nitrate—
S f income deb...,
A
79%
79%
21
32
30%
33%
Ark A Mem Bridge A Term
104%
104%
104%
1
A
O
19%
19%
20%
80
Armour A Co (111) 1st 4Ha
104%
104%
104%
67
103% 105%
♦Ref <t gen 5s series C
A
O
19%
20%
156
276
94% 100%
104% 107%
110% 117%
♦Chatt Dlv pur money g 4s..
J
D
18%
*24%
♦Mac A Nor Dlv let g5s
J
J
J
J
$♦ Ann)Arbor 1st g 4s
74
J
58.1964 M S
1939 J D
1st M s f 4s ser B (Del)
...1955 F A
J
Armstrong Cork deb 4s
1950 J
AtchTop A SFe—Gen g 4s.... 1996 A O
Adjustment gold 4s
1995 Nov
Stamped 4s
....1995 M N
Conv gold 4s of 1909
.....1955 J D
8
74
98%
99%
107%
107%
7
116%
116%
110%
117%
137
in%
111%
112%
99
49
109%
163%
163%
180%
67
S
107
105%
107%
26
"l"04%
104%
"~32
M
IVI
109
2
105
108
3
102% 108
CentTlPElec A Gas 1st 5s
t*Cert New Engl 1st gu 4s
Cal-Arlx 1st A ret 4Ha
A....1962
For footnotes see page
M
S
110%
111
111
111%
23
109
106%
106%
4
105%
113%
1
110% 114
113
113%
36
113"
Q
0
F
A
J
J
59%
55%
60
117
J
90
163
J
87%
77%
87%
J
107%
113%
77%
80
13
110% 113%
3969.
BROKERS
BOND
Railroad, Public Utility and industrial Bonds
Vilas A Hickey
New York Stock
Exchange
49 WALL STREET
Telephone
—
Members
-
-
HAnover 2 7900
—
_
J
114
106%
J
30
J
S
108
Trans-Con Short L lBt 4s._.1958 J
—
1
M
109
J
-•tW
J
113*
P
D
*26
15%
M
104%
D
1910
27
27
""15%
104% 113%
1960
Corv deb 4 Ha
......1948
Rocky Mtn Dlv 1st 4s
1965
Conv g 4s Issue of
*
84
106% 110%
3
111
M N
......1955
Conv 4s of 1905
120
117%
117%
13
15
J
J
115% 121%
112%
118%
115%
A
J
117%
101%
D
M
87%
66
309%
A
105%
*103%
104%
J
J
98%
66%
M N
M
Am Internat Corp conv 5)48...
deb. 1950
29
33
106%
127
85
23
102 H
32%
30
326
84%
98%
98%
J
104%
P
Debenture 5s
77%
*1 04-
O
1
5s
96%
1949
4)48.1945
118
98% 100%
.....
A
J
♦Consol
100%
M
Anaconda Cop Mln s f
109%
O
1
80
104%
M
*
D
A
96%
1955
♦Am Type Founders conv
103% 110%
3
T
3
100%
2030
5Ha
15
J
^♦Bush Terminal 1st 4s
104%
Am A
conv
84%
95%
116%
32
M N
A
♦Alplne-Montan Steel 7s..
f deb 5s
113%
110%
*104
Consol 4%s
|J*BurI C R A Nor 1st A coll 5s 1
♦Certificates of deposit
O
4s 1945
ForelgnjPow deb 5s
1
113%
""84%
F
f deb 3%s_,
Brora A West 1st gu g 4s.
Buffalo Gen Elec 4%s ser B
Buff Roch A Pitts gen g 5s
D
Allls-Chalmers M fg;cor> v deb
s
103%
109
115%
95
A
A
Allied Stores Corp deb 4 Ha
Allegh A West 1st gu 4s
Allegb Val gen guar g 4s
Amer I G Chem
114
78
O
..1950
1998 a" o
..1942 M" S
J 950 A O
American Ice
53
109
97
1950 A
5s
conv
70%
80
1
74
O
1
F
3%s......1946
1944
Alleghany Corp coll tr 5s
conv
1
3
114
61%
151
113%
O
1941 J
1949 J
Alb& Susqjlst guar
Coll A
7
102%
70
109
109
1948
warr assented
104%
102%
114
D
1943 J
4s series B
102%
70%
s
352
92%
115%
83
40%
21
*65
1943 J
Ala Gt Sou 1st cons A 5s
397
83
104%
104%
D
1947
Coll trust 4s of 1907
0 10-year deb 4%s
_
78
1C4
81
90%
D
.1941 J
stamped
Brown Shoe
79%
79
A
1st lien A ref 5s series B
104%
100
74%
M N
1st lien & ref 6s series A
♦IJAbltlbl Pow A Paper 1st Ss.1953 J D
Adams Express coll tr g 4a
1948 M S
108
88
1967 M S
Debenture gold 5s
industrial
99%
126
77
1944 J
Bklyn Union El 1st g 5#
Bklyn Un Gas 1st cons g 5s
COMPANIES
100% 105%
109%
Bklyn Edison cons mtge 3%s_.
M N
Bklyn Manhat Transit 4%s...
Bklyn Qu Co A Sub con gtd 5s. 1941 M N
90
27
108
"116%
MN
A
M N
Warsaw (City) external 7s....1958 F
Yokohama (City) extl 6s
O
Brooklyn City RR 1st 5s
104%
106%
99%
113%
J
♦Certificates of deposit
288
♦External
104%
92%
_
O
II*Botany Cons Mills 6 %s
95%
108% 116
84% 105
D
A
1st g 4 %s series JJ_
1961
t*Boeton A N Y Air Line 1st 4s
3
S
1966 A
..
71
*70%
O
-
7
28
75
60
90%
A
F
1960 J
M 4%s ser D
200
90%
130%
Cons mtge 3 % a ser E
Hg Sandy 1st 4s
>ston A Maine 1st 5s AC
1st M 5s series II
92
*89%
F
cons
92%
79
S
1955 A
Beth Steel
66
55
120%
♦Debenture 6s
♦Berlin Elec El A Undergr 6 %s 1956 A
107%
103% 106%
102% 109%
103
2
105%
108%
35
J
1959
100% 106%
99%
99%
90%
O
♦Deb sinking fund 6 %s
10
113
38
104%
J
1960 A
1
Belvldere Delaware cons 3%s_. 1943 J
♦Berlin City Elec Co deb 6 %s_. 1951 J
70
116
107
J
1948 J
Telep of Pa 5s series B
1st A ref 5s series C..
24
87
102% 106%
....
100%
J
.1951 J
Con ref 4s
15%
33
1943 J
Bangor A Aroostook 1st 5s
32
19
24
*
93%
22%
24%
92
f 7s
♦Saxon State Mtge Inst 7s
Vienna (City of)—
6s Nov coupon on
1960 F
....1996 M
4%s
Ref A gen M 5s ser F
61
102%
101
1995 J D
1941 M N
Tol A Cln Dlv 1st ref 4s A
♦External 8s July coupon off.1950 J
♦External 7s Sept coupon off 1956 M S
RAILROADTAND
*106%
"l05% 105%
O
108%
108%
91
D
91%
115
O
115%
PLE&WVaSys ref 4s
Southwest Dlv 1st 3%-5s..-1950 J
1959 J
Ref A gen 5s series D
2000 M
30
86%
J
Bait A Ohio 1st g 4s
July 1948 A
Refund A gen 5s series A
1995 J
28%
25
25%
30
*25
1953
f 5 Ha guar
58
J
16
s
65
33%
1937 J
24
External
40%
Atlantic Refining deb 5s
Auburn Auto conv deb 4%s
23%
1946
1955
32
9
22%
f 5%s
Taiwan Elec Pow s f 6%s
Tokyo City 5s loan of 1912
95% 107%
18
61%
99%
46
87
22
*108
76
81%
106%
56
23
s
106
70
63%
23
Sydney (City)
106
High
120%
98%
55%
1966 M N
...1967 J D
Styrta (Province of)—
It #7s Feb coupon off
97
61%
30%
21%
23%
1936
98
M N
98%
84%
14
Solssons (City of) extl 6s
107
114%
104%
98%
J
16
1946
99%
104%
J
3
6 Ha
"114 %
J
46
g
62
103% 110%
105% 114%
95% 106%
J
21%
♦Sinking fund
114%
105%
4
1
1959 J
29
s
118
5
1948 J
20
Secured
2
110
24%
21%
15
341
24%
21%
O
D
1952
off.-1957
No.
120%
110
1948
29
1946
Sao Paulo (City of Brazil)—
♦8s May coupon off
High
120%
Atl A Dan 1st g 4s
2d 4s
38
24%
21%
♦Extl 6 Ha May coupon
San Paulo (State of)—
§♦88 July coupon off
May 1 1945
Since
Jan. 1
Asked
Austin A N W 1st gu g 5s
23%
21%
1968
♦7s May coupon off
10-yr coll tr 5s
Bonds Sold
A
Low
Atl Knox A Nor 1st g 5s
Atl & Charl A L 1st 4%s A
113%
20
26%
26%
24%
♦6 %s Aug coupor off
1953
Rio Grande do Sul (8tate.pt)—
♦7s June coupon off
Bid
Atl Gulf A W I 9S coll tr 5s
Rio de Janeiro (City of)—
♦8s April coupon off.......1946
♦8s April coupon off...
♦6s June coupon off
Friday's
Sale
Price
1946 J D
J
1944 J
J
1st 30-year 5s series B
1944 J
Atl Coast Line 1st cons 4s July 1952 M 8
General unified 4%s A
.1964 J D
L A N coll gold 4s
Oct 1952 MN
Range
Range or
Last
Inter st1eP riod
EXCHANGE
STOCK
High,
Low
♦95
Y.
Week Ended Dec. 18
Jan. 1
Asked
Low
♦8s June coupon off
♦External
A
N.
Since
Friday's
Bid
BONDS
Range
Rome or
Sale
Week Ended Dec. J8
3965
Week's
Friday
Week's
Friday
A.
—
New York Curb Exchange
-
T.
&
T.
Teletype
Private Wires to Chicago. Indianapolis and
NEW YORK
NY 1-911
St. Louis
106
108%
116%
ii!&
New York Bond Record—Continued— Page 3
Dec.
BONDS
N.
Last
Ife
EXCHANGE
Colo & South 4%s ser A
.1980 IVI N
Columbia G & E deb 5s.--May 1952 M N
cKew Ymrk Curb £xchange
Debenture 5s
Apr
15 1952 A O
Debenture 5s
Jan
15
J
1961
A
O
1955 F
A
Col & H V 1st ext g 4s
Col&Tol 1st ext 4s
J
*107%
-<•
Week's
Range or
Sale
&
Low
1944 J
103
94%
125%
92
Jan. 1
High
112%
108%
103%
Low
102
132
109%
127%
101%
101%
111%
109%
128%
102%
102%
111%
109%
S
N
101%
A
102
May 1940 J
Potts Creek Branch 1st 4s
1946 J
111
1989
119
99% 102%
108% 111%
111%
112% 119
108% 115%
111
R & A Div 1st
119
4s
1989
5s
g
*115%
*111%
1941
Chic & Alton RR ref
g 3s
1949 A
Chic Burl & Q—111 Div
3%S---1949 J
Illinois Division 4s
General 4s.
1st & ref 4%s ser B
1949 J
—1958 M
1977
ser A
1971 F
& East 111 1st 6S..1934 A
~36
31%
34%
-
& Erie 1st gold 5s
Ch G L & Coke 1st
gu g 5s
1982 IVI N
al24
1937 J
*102%
45%
{♦Chicago Great
West 1st 4s. .1959 M
{♦Chic Ind & Louisv ref 6s
1947 J
♦Refunding
♦Refunding
g 5s ser B
4s
ser
40
1947 J
1947 J
C
♦1st & gen 5s series A
"36""
1966 IVI N
♦1st & gen 6s series
B.May
Chic Ind & Sou
50-year 4s
Chic L S & East 1st
4%s
♦Chic M & St P gen 4s
109%
112%
115%
113%
118%
*98%
33%
118%
{♦C & E 111 Ry (new Co) gen 5S.1951 M N
♦Certificates of deposit
Chicago
j
115%
£
1st & ref 5s
{{♦Chicago
57
57%
109%
112%
ser
22
♦Conv adj 5s
{♦Chic & No West
♦General 4s
112
82
"36%
39%
42%
42%
M N
47
47
45%
48%
*37
......—1987 M N
1936 IVI N
36%
102% 105%
26%
47%
"47%
40
28%
29
$x
28%
22%
22%
15%
16%
106
92% 106
46%
56
43
58%
47%
47%
49%
17%
68
46
35%
150
6
33%
42% I
36
37
66
38%
40%
56
1951
D
June 15 1951
D
1951
I960
D
Dec 1 1960
S
Chic T H & So East
1st 5s
Inc gu 5s
Chicago Union Station—
Guaranteed 4s
,
1
11%
113%
"95"
98
83%
99"
74
88%
24
101
61
100
89
4s
106
106
106%
112% |
17
105% 108%
108% 112%
111
112%
110%
112%
1963 J
1951 M
4%s ser D
Childs Co deb 5s
Chile Copper Co deb 5s
{♦Choc Okla & Gulf cons 5s
Cincinnati Gas & Elec 3%s
107
108% I
108%
111%
109%
36
23
111%
106% 109%
1952 J
1962 M
107%
104%
108%
40
99% 108%
97
102% 105%
73
95%
100% 103%
107%
104%
92%
93%
1943 A
..1947 J
104%
|
con gu 4s—1942 M N
gu 5s ser C..1957 IVI N
cieve Cin Chi & St L gen 4s... 1993
106%
106%
*119%
-
1993
,
94%
105%
--
104%
|
73
35
47
,
104% 104%
|
100
101
*108%
108%
108%
*105%
1st mtge guar
3%s series D..1971 IVI N
Clearfield & Mah 1st gu 4s
J
1943 J
ser B
104%
*.
Cin Leb & Nor 1st
Cin Un Term 1st
Ref & impt 6s ser C
1941
Ref & impt 5s ser D
1963
Ref & impt 4%s ser E
1977
Cairo Div 1st gold 4s
1939
Cin Wabash & M Div 1st 4s. 1991
St L Div 1st coll tr g 4s
1990 M N
Spr & Col Div 1st g 4s
1940 M
W W Val Div 1st g 4s
1940 J
105
~38~
1952 IVI N
A
1966 F
D 2d gold 4%s.....-1937 J
General 5s
20%
7
105
10 %
19631J
3%s series E
con
97%
87%
,
23%
14%
18
23
20
15%
1944 J
1st mtge 4s series D
1st mtge
3%s guaranteed
Chic & West
Indiana
1st & ref M
16%
9%
*113%
*94%
96%
D
4s
g
10% I
M N
15
13%
I
103
106
108%
108%
108%
108% 113
I
106
109
104
105
96% 107
107
111% 119
105%
103%
I
103% 105%
I
89
103%
97% I
102%
97%
I
105%
105%
102%
102%
93% 102%
103%
103%
104%
104
105%
100% 105%
101% 107%
108% 112%
78%
99
105
*103
107%
111%
106%
96
1*105%
Cleve-Cliffs Iron 1st mtge 4%s.l950 M
Cleve Elec Ilium 1st M 3%s
1965 J
Cleve & Pgh gen gu 4%s ser B.1942 A
99
105%|
107%
111%
—
111% 112%
*113
Series B 3%s guar
Series A 4%s guar
1942 A
*104%
1942 J
*113
Ul%
Series C 3%s guar
Series D 3%s guar
1948 M
*110%
*109%
*105%
110% 110%
F
106"
106
J
*110
113
113
-.1950
Gen 4%s ser A
1977
Gen & ref mtge 4%s ser B—1981
Cleve Short Line 1st gu 4 %s—1961
Cleve Union Term gu 5%s
1972
1st s f 5s series B guar..
1st s f 4%s series C
Coal River Ry 1st gu 4s
A
A
A
1973 A
—1977 A
1945
es see page
3969.
112%
105%
105% |
105
112
*112
J
Colo Fuel & Ir Co gen s f 5s—1943 F
♦5 income mtge
1970 A
For footno t
*115%
112%
111%
112
109%
,
92
|
107
92
107%
93
j
,
113"
105% 114%
105% 112%
100% 112
95
105%
110% 112
98% 108
81
94%
32
22%
30
105% 109%
217
99% 106
101
33 %
20
33%
26
33
45
19%
33
♦Debenture 4s
1955
25%
27
6
20%
30%
33
74
20
33
64
91
42%
♦Debenture 4s
1956
♦Consolidation Coal
s
25
1960
f 5s
62%
109%
107%
Consumers Power 3%s.May 1 1965
1st mtge 3%s
May 1 1965
1st mtge 3%s
..1970
101
Container Corp 1st 6s
M N
1946
15-year deb 5s with warr
1943
Copenhagen Telep 5s.Feb 15 1954
Crane Co s f deb 3 %s
1951
J D
J D
F A
Crown Cork & Seal s f 4s
1950 M N|
Crown Willamette Paper 6s.-.1951 J
J
Crown Zellerbach deb 5s w W..1940 IVI
Cuba Nor Ry 1st 5%s
1942 J
Cuba RR 1st 5s g
{♦1st ref 7%s series A
♦Certificates of deposit
104%
101%
100%
101%
106%
101%
|
106
105%-j
*63%
"63%
S
D
19521J
_1936| J
|
30
56
103% 108%
105
17
103
100% 103%
6
102%
15
100%
102%
56
106%
4
2
10
106
95
66%
♦Certificates of deposit
Cumb T & T 1st & gen 5s
1937 J
102
99% 103
66
49%
76%
74
71%
Del & Hudson 1st & ref 4s
1943
Gold 5%s
Del Power & Light 1st 4%s
1937
1971
1969
1969
1st & ref 4%s
s
96
108
105
103% 107
103% 106%
101% 103%
53%
66%
46%
J
AO
IVI N
M N
J
J
J
J
J
J
M N
IVI N
J
J
J
J
F A
Dayton Pow & Lt 1st & ref 3%s 1960
1st mortgage 4%s
Den Gas & El 1st & ref
104
49%
75% I
73
1936| J
ser
107
69%
B
{♦1st lien & ref 6s
66%
110%
109%
107%
108%
63%
f 5s—1951
Stamped as to Penna tax
{♦Den & R G 1st cons g 4s
1951
1936
{♦Consol gold 4%s
1936
{♦Den & R G West gen 5s.Aug 1955
♦Assented (subj to plan)...
♦Ref & impt 5s ser B
Apr 19781A
100
107%
89%
89%
100%
108
101%
*105
102%
105%
105%
......
100
72%
71%
104%
104% 108%
78%
90%,
101%
24
106%—-
91
98
102%
104% 107%
107
102%
105%
107%
106%
106%
33
32%
33%
34
34
34%
18
17%
16%
18
17
17%
13
20%
30
28
30
23
32%
106%
O
{♦Des M & Ft Dodge 4s ctfs.-.19351J
{♦Des Plains Val 1st gu 4%s—1947IM
100% 105
105
110
105% 108%
105% 108%
29%
38
38%
29%
20%
13%
6%
3%
9%
66
*43
71
Detroit Edison CoGen <fe ref 4%s ser D
Gen & ref 5s
1961 F
ser E
Gen & ref M 4s
ser
—1952 A
1965 A
F
Gen & ref mtge 3%s ser G..1966
♦Detroit & Mac 1st lien g 4s...1995
♦1st 4s assented
O
o|
M 8
J D
112%
109%
108% 109%
45%
50%
50
A
65
45
45
35
35
40
Detroit Term & Tunnel 4%s..l961 IVI N
Dul & Iron Range 1st 5s
1937 A O
Dul Sou Shore & Atl g 5s
1937 J
Duquesne Light 1st M 3%s
1965 J
{♦East Cuba Sug 15-yr s f 7%s.l937
♦Certificates of deposit
East Ry Minn Nor Div 1st 4s. 19481A
40
15%
40
117%
103%
J
67
J
109
42%
J
1951 J
1946 J
1996 J
-
D1
*114%
104%
J
*107
106%
91%
107%'
91%
91%
O
92
Gen
1953 A
O
Ref & impt 5s of 1927
Ref & impt 5s of 1930
1967 IVI N
"86%
1975 A
O
86%
Erie & Jersey 1st s f 63
Genessee River 1st s f 6s
1955 J
J
1957 J
J
119
f g 7s
74%
92%
92%
87%
87%
75
74
62
1956 J
103
62
1954 J
102%
101%
101%
104%
74
101% 105%
98
103%
42%
105
163"
94
92
91%
116% 119
116% 119%
113%
103
*
1942 IVI
95%
96%
111
103
1942 IVI
1942 IVI
106%
70
119
104%
104%
49
69%
*103
1942 IVI
Fiat deb
105
"92%
*114
1954 F
stamped
107%
92%
*117%
N Y & Erie RR ext 1st 4s... 1947 M N
3d mtge 4%s.
1938 IVI S
s f 5s
110
ios"
*105%
O
5s International series
115
104%
111%
110
86%
109%
47%
103% 115%
106% 108
128% 138%
110
114%
103% 104%
137% 160
101% 111%
100% 110
105% 107%
105% 107%
99% 107%
77%
94
*107
1953 A
1st lien 6s stamped
30-year deb 6s series B
16%
160
1953 A
1st lies
12%
117%
104% 108
111
111
J|
J
A
Federal Light & Tr 1st 5s
52%
107
45
147
157%
1951 F
Ernesto Breda 7s
Fairbanks Morse deb 4s
103% 107
115%
107%
1*107%
1*138%
Conv 4s series A
Series B
4s series D
103%
82%
109%
45%
...
1996 J
112%
115%
J—
19951J
50
117}
41%
1*112%
,
19391J
1965
Erie & Pitts g gu 3%s ser B...1940 J
Series C 3%s
1940 J
conv
50
*35
D
1995
Erie RR 1st cons
g 4s prior
1st consol gen lien g 4s
Penn coll trust gold 4s
110%
108%
*50
1995! J
—
♦2d 4s assented
117
108
112
108%
I
111%
108%
..1995
♦Second gold 4s.
116%
109%
113
109%
111%
116
A| 116
1965 A
17%
19%
18
106
25%
El Paso & S W 1st 5s_._
5s stamped
19
|
22%
107%
110%
1955
46%
43%
15%
19 %
18
S
107%
105
108
♦Debenture 4s
82%
82%
40
18
17
M
106%
High
81%
105%
105%
105%
112%
113%
109%
105%
107%
103% 107%
,
32
29%
16
31
.1934 A
106%
105
70
16
10%
37
♦Certificates of deposit—
{♦Secured 4%s series A...-.1952
♦Certificates of deposit—
♦Conv g 4%s
1960
106
1941 IVI N
29%
29%
15%
37
Memphis Div 1st
107%
103%
104%
105%
105%
104%
108%
22%
106%
Elgin Joilet & East 1st g 5s
El Paso Nat Gas
4%s ser A
Conv deb 4%s
30
81%
37%
Ch St L & New Orleans
5s
Gold 3%s
110%
108%
104%
106%
29%
18%
61%
17
81%
39%
gold 4s
99%
98%
105
105
1956 M N
42
15%
{♦Refunding
69%
99
110
106
East T Va & Ga Div 1st 5s
Ed El 111 Bklyn 1st cons 4s
Ed Elec (N Y) 1st cons
g 5s
51%
27%
27%
~o\ "l9"
67%
30
D
of deposit
O
.
D
♦Certificates
29%
9%
48%
54%
54%
48%
1949 M N
J
69%
47
4%s stpd.May 1 2037
4%s ser C.May 1 2037
A
68
48%
49
27%
26%
26%
14%
F
65%
65%
65%
31
67%
29% 1601
9% 3047
57
41%
29
J
49
48%
46%
28
29
110% 112%
D
{{♦Chicago Railways 1st 5s stpd
Aug 1 1933 25% part pd
{♦Chic R I & P Ry gen 4s
1988
99
34%
124%
May 1 2037
♦Conv 4%s series A
51%
118%
14
116
60%
N
114
14
34%
al24
59%
1987 M N
♦1st ref g 5s
♦1st & ref
Cin H &
118%
A. .1989 J
3%s__1987 M
61%
109%
113%
116%
114
115%
112%
♦Gen 4%s stpd Fed inc
tax..1987 M N
♦Gen 5s stpd Fed inc tax
1987 M N
♦1st & ref
41
113
22
54%
63%
63%
66%
27%
8%
111%
104%
108%
107%
106%
105%
*110%
♦Stpd 4s non-p Fed inc tax 1987
♦4%s stamped
{♦Secured g 6%s
110
60%
109%
1966 J
Jan 1 2000
gen g
110
112%
1956 J
1969 J
♦Geng 3%s ser B__May 1 1989 J
♦Gen 4%s series
C._May 1 1989 J
♦Gen 4%s series
E._May 1 1989 J
♦Gen 4%s series F
May 1 1989rJ
{♦Chic Milw St P & Pac 5s A.. 1975
95
121% 127
89% 100
102% 107%
115% 176
110% 155%
109% 112%
118% 128%
99% 102%
151
132
104
67
93%
107%
146
109%
89
125%
146
High
103% 112%
95
107
D
1939 M N
5s
General gold 4%b
1992 M
Ref & impt mtge
3%s ser D..1996 M
Ref & impt M
3%s ser E
1996 F
11%
108%
Since
Asked
107%
Champion Pap & Fibre deb 4%sl950 M S
Chesap Corp conv 5s
1947 M N
Range
Friday's
Bid
Price
coll 5s
Low
*109%
Cent Pac 1st ref gu g 4s
1949 F A all2
Through Short L 1st gu 4s_.1954 A O
Guaranteed g 5s.1960 F A
103"
Cent RR & Bkg of Ga coll 5s._ 1937 M N
95
Central Steel 1st g s f 8s
1941 M N
Certain-teed Prod 5 %s A
.1948 M S
92"
2d consol gold 4s
Warm Spring V 1st
104
*112%
*113%
107%
107%
103%
103%
J
STOCK EXCHANGE
con g
104
Stamped guar 4%s
1951
Consol Edison (N Y) deb 3%s.l946
3%s debentures
1956
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7S...1956
Consol Gas (N Y) deb 4%s.—1951
Consol Oil conv deb 3%s;
1951
{♦Consol Ry non-conv deb 4s..1954
Week Ended Dec. 18
Craig Valley 1st 5s
......
Conn Ry & L 1st & ref 4%s...l951
Last
con g
High
77%
105%
105%
104%
Chicago, III.
Connections
Friday
Ches & Ohio 1st
75%
104%
104%
75%
104%
Jan. 1
Asked
Randolph 7711
'Bell System Teletype •>- Cgo. 543
Trivate Wire
BONDS
conv
J
Since
&
135 So. La Salle St.
One Wall Street
10-year
1965 MN
Range
Friday's
\Bld
Commercial Invest Tr deb 3 %s 1951
Conn & Passum Riv 1st 4s
1943
°Kew York, ti. Y.
N. Y.
1948
Columbus Ry Pow & Lt 4s
%AILROAD 'BONDS
eDIgby 4-5200
"5\(. Y. 1-761
Range or
Sale
Price
a,
Low
/ 'H.ew York Stock exchange
}
STOCK
Week Ended Dec. 18
Hewlett Hros. &
Johnson
tM embers
Y.
1936
19,
\Friday\
,
101%—
99
103%
103%
101%
97% 103%
101% 104%
101%
95
104
1946 J
77
80
75
75
60%
52%
87%
{♦Fla Cent & Penin 5s
-1943 J
{♦Florida East Coast lst4%s._1959 J
80
81%
18%
56%
7%
81
s
♦1st & ref 5s series A
♦Certificates of deposit
Fonda Johns & Glov 4%s
16%
16%
1974 M
17%
75
183
175
1952
{{♦Proof of claim filed by owner.IM N
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by ownerlM N
♦Certificates of deposit
*8%
4%
4
Fort St U D Co 1st g 4%s... —1941 J
Framerican Ind Dev 20-yr 7 %s 1942 J
10%
4%
4%
4
3%
*107%
{♦Francisco Sug 1st s f 7%s...l942 IVI N
♦Certificates of deposit
,
Glav Hous & Hend 1st 5%s A.. 19381A
D
A
J
6%
106
110%
135
35% 138
126%
96%
97
130
79
97
75%
140%
97%
*122%
m
—
—
»
*102
105%
105%
41
J
D
♦Sinking fund deb 6%s
1940 J
♦20-year s f deb 6s
1948 IVI N
Gen Motors Accept Corp deb 3sl946 F A
15-year 3%s deb
1951 F A
Gen Pub Serv deb 5%s
J
1939 J
116% —-
107
130
126%
O
Gas & El of Berg Co cons g 5s..19491J
Gen Amer Investors deb 5s A.. 1952 F
Gen Cable 1st s f 5%s A
1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J
6%
105
*107
40%
41
41
103
101% 104%
101
106%
29
42%
105%
41
41
30
41%
41 %
43%
104%
103% 104%
30%
104%
103%
104%
103%
104%
104%
104
......
102%
103
102
104
Gen Steel Cast 5%s with warr. 1949 J
{♦Ga & Ala Ry 1st cons 5s
1945 J
J
98%
76
98%
J
35
40%
12
40%
{{♦Ga Caro & Nor 1st ext 6s..1934 J
J
41
41
20
♦Good Hope Steel & Ir sec 7s..1945 A
Goodrich (B F) conv deb 6s
1945 J
T. )
Goodyear Tire & Rub 1st 5S...1957
C
97%
*
i
IVI h I
Gotham Silk Hosiery deb 5s w wl946 IVI S
Gouv & Oswegatchie 1st 5s
1942 J D
Gr R & I ext 1st gu g 4%s..-.-1941 J
J
105%
104%
106%
32%—-
105%
104%
106%
*103%
111%
106
105
106%
I
39
36
106
103% 106
98
100
111%
41
30
104
108
108
104%
111%
Volume
Friday
Week's
Last
Range or
Sale
Friday's
BONDS
N.
Y.
STOCK EXCHANGE
1|
Week Ended Dee. 18
Bid
Price
&
1944
A
J
82%
J
115%
116
*
......
94%
82%
88 %
99
99
H6
107 M 119
4
81M
24
107 M
J
118%
118
119
74
1973
J
114%
114
114%
24
1976
1977
1946
1946
♦Green Bay & West deb ctfs A__
J
108%
107%
108%
108%
61
J
108%
107%
J
118
117%
120
318
J
108%
107%
108%
208
General 4 %s series D
General 4%s series E
General mtge 4s series G
Gen mtge 4s series H
Feb
11%
Greenbrier Ry 1st gu 4s
1940
*108%
M N
O
O
103%
6
100%
27
100
*83
J
.
Gulf States Utll 4s
4%s
-
-
....
99%
105%
12
104%
6
99%
1949
Hocking Val 1st consg4%s.--_1999
♦Hoe (R) & Co 1st mtge
1944
{♦Housatonic Ry cons g 5s
1937
H & T C 1st g 5s int guar
1937
*109
•
M N
-
-
—
-
125%
94%
.
......
J
72
72%
J
J
*102%
53%
M N
124%
82%
32
33%
10
110%
*110%
1st gold 3%s
1951 J
Extended 1st gold 3%S--..-1951 A O
1st gold 3s sterling
1951 IVI s
A
106%
O
J
1952 J
1953 M N
Refunding 5s
1955 M N
1966 F
1
Aug
Cairo Bridge gold 4s.__
1950
Louisv Div & Term g 3 %s.
_
_
88%
1953
89%
*97%
......
Springfield Div 1st
3%s...l951
1951
g
100%
Joint 1st ref 5s series A
1963 J
1st & ref
1963 J
4Ms series C
D
Illinois Steel deb 4%s
1940 A
Ind Bloom & West 1st ext 4s._1940 A
Ind 111 & Iowa 1st g 4s
1950 J
{♦Ind & Louisville 1st
D
O
J
J
§♦ 10-year 6s
conv
1966 J
J
_
1932 A
O
1932 M
7% notes
87
8
8
72%
90
75
82
95%
90%
108%
41
12
107%
50%
105%
106
10
108%
105%
107%
105%
3
105%
40
107%
108
31
108
94%
94
95%
105
98%
93%
93%
94%
14
95%
48
48
49%
87
65%
44%
45%
17
60%
95
95
1
94
95
115
94%
1951 M N
105
99%
101
20
86%
100%
102
29
96%
153
165
131
115%
152
33%
101
Int Agrlc Corp 5s stamped 1942....
M N
Internat Cement
M N
J
153
34%
34
35%
O
12
11%
13
150
9
33%
33
33%
20
31
33
conv
{♦Int-Grt Nor 1st 6s
♦Adjustment 6s
deb 4s..1945
ser
ser
1952 J
A
A..July 1952 A
♦1st 5s series B__
1956 J
1956 J
♦1st g 5s series C
Internat Hydro El deb 6s
Int Merc Marine s f 6s
J
J
O
1944 A
19411A O
Internat Paper 5s ser A & B...1947
J
J
1955 M
S
Int Rys Cent Amer 1st 5s B—.1972 M
N
Ref
s
f 6s series A
1st coll trust
6% g notes
1st lien & ref 6Ms
1941 IVI N
...1947 F
J
J
A
J
J
1955 F
A
Int Telep & Teleg deb g 4 %s_. 1952
Conv deb 4%s
1939
Debenture 5s
{♦Iowa Central Ry 1st & ref 4s. 1951 M
S
......
33%
33
33%
12
83%
82%
68%
85%
528
70%
76
70%
102%
99%
94
102%
,
102%
99%
93%
102%
70
103
102%
99
......
88
99%
36%
65%
90%
75%
8
80
6
94
88%
99%
5
70
72%
277
80%
83%
386
79%
73%
73%
76%
347
71%
Jones & Laughlln Steel
4%s A.. 1961
Kan & M 1st gu g 4s
1990
{{♦K C Ft S & M Ry ref g 4S.1936
J
D
12
3
100
100%
IVI
S
A
O
104%
104%
104%
39
......
AO
A
O
A
♦Certificates of deposit
Kan City Sou 1st gold 3s
Ref & impt 4s
O
1950
J
Apr 1950
J
Kansas City Term 1st 4s
.1960
Kansas Gas & Electric 4%s.-_1980 J
J
J
D
M N
♦Karstadt (Rudolph) 1st 6s
1943
♦Ctfs w w stmp (par §645)..1943
♦Ctfs
w w
♦Ctfs with
stmp (par
warr
60%
62
76
56%
59
70
94%
92%
94%
97%
98
109%
103%
103%
*40
44
*24
......
32%
98%
98%
12
104%
4
100%
1961
Purchase money 6s
Kings County Elev 1st g 4s
Kings Co Lighting 1st 5s
First and ref 6 Ms
5
115%
4
......
*103%
......
*161%
108%
108%
115%
*119
Kinney (G R) & Co 7 M % notes 1936
*99%
Kresge Foundation coll tr 4s..l945
111%
163
.
'
.
2
2
44%
44%
99%
98%
66%
1959
Laclede Gas Light ref & ext 5s.1939
Coll & ref 5%s series C
1953
Coll & ref 4 Ms series D
1960
Coll tr 6s series A....
1942
Coll tr 6s series B
1942
Lake Erie & West Istg Ss.l
1937
2d gold 5s
1941
Uniform ctfs of deposit
66%
67
......
65
*60
102%
102%
......
Lake Sh & Mich So g 3%s.___1997
*106
107%
......
1954
Lehigh C & Nav s f 4Mb A
1954
Cons sink fund 4Mb ser C...1954
33%
35%
105%
♦Lautaro Nitrate Co Ltd 6s
A—1965
1945
5s. 1944
1954
1st & ref s f 5s
1964
1st & ref s f 5s
1974
Secured 6% gold notes
1938
Leh Val Harbor Term gu 5s
1954
Lehigh & New Eng RR 4s
Lehigh & N Y 1st gu g
4s
Lehigh Val Coal 1st & ref s f
Is & ref s f 5s
For footnotes see page
34
36
♦Certificates of deposit
3969.
105%
103%
104
A
*
O
M
S
F
A
92%
44%
99%
49
68%
68%
66%
66
75
102%
.....
78
13
10
.
-
420
....
1
107%
36%
157
36%
127
105%
20
104%
79
105%
92
*99%
56
93
100%
78%
....
35
....
3
104%
76%
77
13
76%
77
77%
99%
18
99%
104%
105
2
19
103%
101
93
28
A
J
134%
124%
98%
112%
IVI
"98%
112
S
112
99%
14
118
6
9
101%
J
109%
101%
109%
111
111
111
107%
103%
108%
27
104%
90
J
97
46
6
97
153
97%
*111
111%
"95%
95%
95%
"16
*115%
99%
*114%
*88%
1955 IVI N
F
A
£65
"28
"93
106
McCrory Stores Corp s f deb 5s 1951 IVI N
McKesson & Robbins deb 5%s_1950 IVI N
Maine Central RR 4s ser A
1945 J D
104%
*105%
104%
104%
104%
J
D
81%
81%
A
O
83
83
89
88
83
82%
50%
89
122
54%
138
51%
77
32
27
1960
Gen mtge 4%s ser A
{{♦Manati Sugar 1st s f 7 %s—1942
♦Certificates of deposit
52%
104%
104%
82
Manila RR (South
1st ext 4s
A
O
J
D
48%
30%
S
IVI N
*82%
IVI N
*72%
37%
J
{♦Man G B & N W 1st 3%s._.1941
Mfrs Tr Co ctfs of partic in
A I Namm & Son 1st 6s
1943 J
Mead Corp 1st 6s
with warr.. 1945
1968
Metrop Wat Sew & D 5%s
1950
{{♦Met West Side El (Chic) 4s. 1938
Metrop Ed 1st 4%s ser D
99
O
J
IVI N
IVI
s
A
O
102%
106%
104
13
3
M S
"90%
97%
1
99%
102%
106%
10
44
109%
104%
14
5
9
13
10
3
15
M S
1st gold 3%s
Ref & impt
-1952
1979
-
4%s series C
J
D
1971
J
4%s(1880)1934
J
91%
Con ext 4%s
4s...1947
{♦Milw & State Line 1st 3%s._1941
{♦Minn & St Louis 5s ctfs
1934
109%
90
109%
"91%
105
105
104%
105
105
*80
90
*92
1939
—1939
1st ext 4%s
*94
*107%
D
1st .Mtge 5s
93%
87
IVI
S
J
85
87
12
37%
36%
38
94
J
*56
11
M N
65
12
"26
23
4%
5%
3%
4
6
37
168
1949 IVI S
A.---1962 Q F
5%
4s int gu.1938
J
J
36%
1938
1938
1946
J
J
30%
31%
J
J
"40%
40%
41
J
J
30%
30
30%
6
IVI
s
28
28
29%
14
93%
94
gold 4s
♦Ref & ext 50-yr 5s ser
M St P & SS M con g
int
1949
1978
.1941
25-year 5%s
1st ref 5%s
I
J
1940
1961
5s B
30
*104%
I
J
J
O
Mid of N J 1st ext 53
♦1st & refunding
*24%
IVI N
A
Milw El Ry & Lt 1st
series B
1st Chicago Term s
f 4s
1959
{♦Mo-Ill RR 1st 5s series A
Mo Kan & Tex 1st gold 4s
J
J
J
D
2
41
8
*94%
M N
J
36
49
48%
~50% "26
1990
J
96%
96%
96%
100
5s ser A.-.1962
J
J
87
86%
87%
59
1962
1978
Jan 1967
J
J
74
74
74%
J
J
77%
77
77%
72
A
O
71%
70%
72%
311
F
A
41
41
42%
40
40
40
15
15%
15%
16
374
40%
42%
471
40%
40%
39%
40%
39%
39%
41
13%
42%
series D
♦Cum adjust 5s ser A
{♦Mo Pac 1st & ref 5s ser A
♦Certificates of deposit
1965
♦General 4s
F
deposit-
♦1st & ref 5s series G
1975 rvTs
1977 IVI s
—1978
{♦Mobile & Ohio gen gold 4s...1938
♦Montgomery Div 1st g 5s.-1947
♦Ref & impt 4%s
1977
1938
Mohawk & Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A *60
Monongahela West Penn Pub Serv
1st mtge 4%s
I960
♦Secured 5% notes
1965
6s debentures
Mont Cent 1st guar
6s
gold 5s
Montana Power 1st
MN
deposit
5%s
1949
♦1st & ref g 5s series H
1980
♦Certificates of deposit
♦1st & ref 5s series I
—1981
♦Certificates of deposit
♦Mo Pac 3d 7s ext at 4% July 1938
♦Conv gold
1st guar
106%
108%
108%
104
1914 coupon)
1977
Miag Mill Mach 1st s f 7s
1956 J D
Michigan Central Detroit & Bay
City Air Line 4s
1940 J J
Jack Lans & Sug 3%s
1951 M S
♦4s (Sept
/
102%
A
F
1977
♦Mex Internat 1st 4s asstd
97%
D
1947 A
April 1940 Q
Marion Steam Shovel s f 6s
Market St Ry 7s ser A
21
76%
*33
51
IVI
Lines) 4s—1939
1959
31
63
*92%
J
{♦Manhat Ry (N Y) cons g 4s. 1990
♦Certificates of deposit
♦Second 4s
2013
Manila Elec RR & Lt s f 5s
1953
♦Certificates of
{♦Kreuger & Toll secured 5s
104%
134%
124%
97%
6%s_1944
♦Lower Austria Hydro El
♦Certificates of
50
45%
104%
134%
1952
Monon 4s
Atl Knoxv & CIn Div 4s
♦1st & ref 5s series
112
96
29
O
1980
1945
.....
.....
"l06
A
1946
Prior lien 4%s
108%
115%
101%
115
30
2003
40-year 4s series B...
.....
121%
*101%
2003
Mo-K-T RR pr lien
*107
13
*105%
....
*109%
1961
1937
1997
1949
1954
1954
4%s unguaranteed...
Kings County El L & P 5s
*103%
S
....
104%
115%
131
126%
106%
South Ry joint
12
109
D
104
1st & ref 6s series A
100%
*108%
1961
J
IVI N
IVI
107%
1st cons 5s gu as to
24
20
*106
2003
1st cons 5s
34
98%
......
O
2003
....
24
1
135%
1937 IVI N
....
*30
Kentucky Central gold 4s
1987
Kentucky & Ind Term 4%s...l961
Plain
25
103%
130%
68
A
1940
31
109%
103%
9
109%
105%
Mob & Montg 1st g 4%s
91
109%
33%
106
St Louis Div 2d gold 3s
72
97%
40
108
100%
65
{♦Mil Spar & N W 1st gu
....
58%
.....
1946
1948
Stamped
.....
61%
$925)__1943
(par $925)..1943
Keith (B F) Corp 1st 6s
Kendall Co 5%s
*108
17
s
1st & ref 3%s series E
104
3
34
85%
81%
IVI
Paducah & Mem Div 4s
1%
3
100
'166%
A
1st & ref 4%s series C
1st & ref 4s series D
{{♦Milw&No 1st ext
James Frank & Clear 1st 4s... 1959
78
LOW
27
197
*108
D
1945
4s
Unified gold 4s
1st & ref 5s series B
68
81%
125%
No.
1969 J
Louisville & Nashville 5s
81%
70%
F
cqi>3
High
103%
72%
1951 F
A
ser
Louis & Jeff Bdge Co gu 5
97
96%
125%
M N
1944
5s
Louisiana & Ark 1st 5s
100% 101
87
100%
2
p m
Lorillard (P) Co deb 7s
.....
l07~~
1950
1938
1949
1937
1949
Guar ref gold 4s
97
6
40
A
Long Dock Co 3%s ext to
Long Island gen gold 4s
91%
106%
A
1962
1946
88
8
1
O
1952 J
91% 103
88
100%
O
Lombard Elec 7s
ser
84%
109%
130%
135%
O
A
A
Little Miami gen 4s series A
Loews Inc s f deb 3%s
97
69
107
5s
....
102%
A
1
77%
75
75
IVI N
1951 F
Liggett & Myers Tobacco 7s
103% 108
....
1941
1965
1944
Lex & East 1st 50-yr 5s gu
86
71
S
♦Certificates of deposit
Interlake Iron 1st 5s B_
97
64%
105%
86
A
♦Certificates of deposit
5*10-year
.....
90
90%
s
F
1951
__
68%
89%
90%
84%
106%
Leh Val Term Ry 1st gu g 5s
96
89%
......
{Interboro Rap Tran 1st 5s.
♦Certificates of deposit
95
69%
85%
J
Ind Union Ry 5s series B
1965 J
Ref & imp mtge 3%s ser B..1986 IVI
Inland Steel 3%s series D
79%
81%
1
90
O
1956 J
4s
gu
44
*100%
Western Lines 1st g 4s
111 Cent and Chic St L & N O—
2003 IVI N
IVI N
89%
46
81%
89%
5s
4s
93
190
87%
cons
deb 5s
94%
88%
75
...
General
Unified gold
.....
42
102%
1951
110%
4%s
20-year
87%
89%
79%
89%
39%
cons
103%
69%
103%
69%
J
J
General
101% 106%
102% 102%
3
104%
*108
Price
1940
2003
2003
4%s
g 4s
105% 112
89
*96
1951
1951
104
104
89
•104%
A
79%
1951
Omaha Div 1st gold 3s
St Louis Div & Term g 3s
Gold 3%s
92%
93%
93%
......
......
Litchfield Div 1st gold 3s.
*92%
92%
1955 M N
Purchased lines 3%s
Collateral trust gold 4s
26%
107%
......
ii
5 s
STOCK EXCHANGE
Lehigh Val (Pa) cons
....
106%
*106%
Refunding 4s
40-year 4%s
.....
72%
37
110%
Y.
Leh Val N Y 1st gu g
61%
119% 124%
100
32%
38%
92
81
Illinois Bell Telep 3%s ser B...1970 A
Illinois Central 1st gold 4s
1951 J
1952
71
124
♦Adjustment income 5s_Feb 1957 A O
Friday's
Bid
<k
Asked
Low
89
100% 103%
81
A
Range or
Sale
Week Ended Dec. 18
95%
102% 105
101% 105%
24
52
1949
64%
8
......
52
102%
A. 1957 F
44%
23
95%
72%
126
116
13
102
102
37%
29
....
102%
102%
102
Collateral trust gold 4s
....
126
N.
99%
106%
107% 110%
Week's
Last
104
32
Houston Oil sink fund 5%s A..1940 M N
Hudson Coal 1st 8 f 5s ser A—1962 J D
ser
110
*27
Houston Belt & Term 1st 5s... 1937 J
Hudson Co Gas 1st g 5s
Hudson <fc Manhat 1st 5s
90%
103% 106%
1952
♦Harpen Mining 6s
Friday
BONDS
83
69
32
104
1946
NEW YORK
A. T. & T. Tele. N. Y. 1-1598
Telephone Whitehall 4-2900
81% 102
75%
77%
105
1966
ser
10-year deb 4%s
Hackensack Water lst4s__.
Stock Exchange
St.
106
90
.....
*83
■
1961
C
.
109%
75%
7%
14%
106% 109
109%
100%
103%
1st mtge 5s series C
1950 A
Gulf & S I 1st ret & ter 5s Feb 1952 J
Members New York
Wall
63
60
99%
Gulf Mob & Nor 1st 5%s B...1950 A
Stamped
99%
2
12
D. H. SlLBERBERG & Co.
103% 1145*
96% 109^
96% 109
109% 124%
86
75
*65
......
Feb
♦Debentures ctfs B
FOR BANKS AND DEALERS
99
90
1952
General 5%s series B__
General 5s series C
High
Low
5
BONDS
IN
BROKERS
No.
99
99
1st & gen 8 f 6 %s
1950
Great Northern 4%s series A..1961
Gt Cons El Pow (Japan) 7s
bine
Jan
High
Low
D
5s
gu
Range
fa
Asked
1947
Grays Point Term 1st
Gulf States Steel s f
3967
New York Bond Record—Continued—Page 4
143
5s A
39%
MN
12%
12%
O
40%
FA
"40%
40%
40%
40%
39%
*99%
A
39%
MN
M
F
41%
60
42%
200
41
42%
41%
22
218
205
5
478
29
."39""
100
46
118
M
S
29
27
30%
193
M
S
29%
27
30%
169
M
S
97
97
98
23
3
IVI N
111%
111%
111%
A
O
107%
107%
108
33
A
O
108%
12
J
J
J
J
J
1962
7s '37
J
D
J
J
108
"l02%
J
Deb 5s series A
62
97
S
A
1937
—1937
1943
Montecatini Min & Agric deb
53
102%
*102
"l051~32
104
98%
1051.2
104
98%
102%
2
102%
1053,6
1041,6
99
"41
12
5
New York Bond Record—Continued—Page 5
3968
Friday
bonds
N.
Y.
STOCK
.2
Friday's
12
Sale
Bid
Price
Low
Montreal Tram 1st & ref 5a
f 6a aeries A
1955 a
8
f 5s series B
1955 a
Gen & ref
a
f
Gen A ref
a
f 5s aeries D
Morris & Co let
*
96%
1955 M n
Conatr M 4^s series B
1955 M n
Mutual Fuel Gas 1st gu g 5S--.1947 M n
Mut Un Tel gtd 6s ext at 5%--1941 m N
93 H
Namm (A I) & Son—See Mfrs Tr—
Nash Chatt A St L 4s ser A
1978 F
♦Assent
j
.....
J
1957
1957 J
1957 J
1957 J
♦4s April 1914 coupon on
♦4s April 1914 coupon off.
♦Assent warr & rets No 5
-
♦4s April 1914 coupon on
♦4s April 1914 coupon off
♦Assent
warr
-
s
f 4s
Newark Consol Gas
....
*2%
*2%
o
3%
D
106%
....
12
3%
8
5%
64
107%
123%
7
69
66
25
62%
63
5
127%
45
124
124%
6
107
13
95
16
83%
85
100%
101
100%
99%
100%
144
100
99%
100%
43
47%
26
50%
51%
35
47
47
46
♦1st 6s series C
1956 F
a
♦1st 4 Ha sertes D
1956 f
A
48
1954 a
O
52%
75
3
N A C Bdge gen guar 4 Ha
1946 J
1944 MN
j
51%
16
46%
48
86
51%
52%
60
*48%
N Y Cent RR
51%
1946
2013
111
105
818
111
108%
108%
46
94%
94%
95%
169
98
97%
98
N Y Cent A Hud River M 3
Ha. 1997
100%
104%
Debenture 4s
1942
Ref A impt 4 Ha ser A
Lake Shore coll gold 3 Ha
2013
1998
95
1998
97
1937
.....
Refunding 5 Ha series A
1974
104%
Ref 4Hs series C
1978
93%
96%
102%
104%
93%
103%
129
95%
211
101%
201
105
107
36
31
97%
102%
29
104%
94%
346
71
1 1938
100
100
100%
34
1953
109
109
109
14
4 Ha A
1953
.
1951
Serial 6% notes
1938
Purchase money gold 4s
...
66%
104%
N Y Edison 3 Ha ser D
1949 f
N Y Greenwood I. gu g 5s
.
66%
1965
1st Hen A ref 3%s ser E..—1966
N Y A Erie—See Erie RR.
N Y Gas El Lt H A Pow g 6s_.1948 J
d
1973 ivi N
.1973 ivi N
N Y L E A W Coal A RR SHa.1942 ivi N
N Y L E A W Dock A Impt 6S.1943 J
j
NYA Long Branch gen 4s
1941 M
HNYAN Eng (Bost Term) 4t 1939
t»NYNHAHn-c deb 4s
1947
a
ivi
s
1955 J
♦Non-conv debenture 4s
1956 ivi N
j
♦Conv debenture 3 Ha
♦Conv debenture 6s
1956 j
1948 j
J
♦Collateral trust 6s
1940 a
O
♦Debenture 4s
1957 ivi N
J
d
♦Harlem R A Pt Ches 1st 4s. 1954 ivi N
June 1992 M
1955 j
67%
68
105%
101
105%
96
126%
126%
126%
18
117%
117%
2
100%
5
s
D
{♦N Y Providence A Boston 4s. 1942
a
100%
.....
*106%
102%
102%
.....
*109%
*102
*106%
*108%
-----
....
74
104
113%
-----
---.
—
—
NYA Putnam 1st
A
o
N Y
4s
1993
Queens El Lt A Pow 3 Ha. 1965 M
{♦N Y RyB Corp lnc 6s
Jan
Prior Hen 6s series A stamped
N. Y. A Rlchm Gas 1st 6s A..
N Y Steam 6s series A
1st
mortgage
gold
"38" "34"
~38~" ~~62
10
33%
35%
33%
32%
37%
34
38% 108
37
33%
37
35
33
35
33
40%
38%
46%
21%
41
425
33%
49%
24
39%
92
37%
89%
35%
49%
25
40%
92
24
115
91
146
450
23
45%
44%
46%
149
42
41%
42%
26
123
9
106
106%
3
.....
108
108
108%
3
1943
M
a
d
Niagara Share (Mo) deb 5HB—1950 ivi N
fund6%s
1950
J{*Norfolk 8outh 1st A ref 5s—1961
♦Certificates of deposit
A
o
f
A
|{»Norfolk A South 1st
ivi N
g 5s...1941
1996 O
Ry 1st cons g 4s
Amer Co deb 5s
A
f
A
1961
70%
109%
64%
*105%
109%
92
70%
-----
110
......
91%
91%
.....
—
Nord Ry ext sink
*106%
106%
94%
90%
92
87%
N
l'Xiu M N
1946 J
a
O
1st & ref 6s
ser
B
Ref mtge 4 Ha ser B
1961 a O
Ref mtge 5s
1964 M N
Northwestern Teleg 4Ha ext—1944 j
J
Norweg Hydro-El Nit 5Hs—1957 MN
95%
97
14
Ohio Indiana A West 5s.-Apr 11938 Q
Ohio Public Service 7 H» A
1946
100
110
16
10
l04" "44
23
104
25
105%
114
108%
*107
....
99 %
108
103
106
103%
107
104 H
107 H
107H 109
107
107
100%
100%
10
99 %
26%
26%
29
13
24
107%
108
58
100%
110
107%
104
103 %
101
6%
1943
A
115%
21
113%
113%
1
*4 %
6H
107 H
Oregon RR A Nav
4s—1946
D
Ore Short Line 1st cons g 5s...1946
774
127%
102
105 H
75
108
j
com g
Guar stpd cons 5s
Ore-Wash RR A Nav 4s
Oslo Gas <fe El Wks extl 5s
1963
Otis Steel 1st mtge 6s ser A...1941
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s aerie- G
1964
1st M
54%
72%
73
J
166%
100%
100% f
73
83
101%
101%
101%
103
12
101
151%
53
{♦Park-Lexington 6 Ha ctfs
1953 J
j
39%
1944 a
O
105
74 H
96
80 H 102 %
cons
A
5S..1949 ivi
73
♦Paullsta Ry 1st ref s f 7a
1942 ivi a
Penn Co gu 3Hs coll tr A
1937 M s
Guar 3Ha coll trust ser B...1941 f A
Guar 3 Ha trust ctfs C
Guar 3 Ha trust ctfs D
Guar 4s
ser E trust
1942 J
28-year 4s
*101%
106%
107%
*107%
d
1963 F
A
73
82
d
1944 J
.1952 M N
ctfs
37
123%
s
4
,
39%
50
74%
35
123%
2
82
1
102
106%
99
9754
104
107
96
10034
105%
109
106 H
109
59
77 H
52
75
101 4
10554
102% 10534
12654
11754
Penn-Dlxle Cement 1st 6s A...1941
99%
S
99%
Penn Glass Sand 1st M 4Ha..-I960 J
d
......
O
......
1014
M
J
......
75
4s sterl stpd dollar May 1.1948 ivi N
......
Gen mtge 3 % s ser C
Consol sinking fund 4 Ha
General 4 Ha series A
General 5s sertes B
Debenture g 4Ha...
General 4 Ha series D
Gen mtge 4%s series E
Peop Gas L A C 1st cons 6a
Refunding gold
1970 a
O
1960 F
1965
D
1968
O
1981
O
1984
j
o
1943
1947 M s
5s
cons
♦Income 4s
4s...1940 a
April
Apr
1990
10434
1094
Pere Marquette 1st ser A 5s...1956 J
1st 4s series B
1956 J
1064
1084
100 H
2534
39
24
37
2434
244
384
1st g 4 Ha series C._
General g 4 Ha series C
General 4Hs series D
Phlla Co
sec 6s
1974 F
1980 ivi
Phlla Bait A Wash 1st g 4s
General 5s series B
O
a
f
125%
18
114%
122
123
106%
106%
125
111
111%
111%
121%
71
106%
......
110%
......
116%
98%
15
------
104
Phlla Elec Co 1st A ref 4HS—1967 M n
1st & ref 4s
1971 f A
83
47
79
6
116%
7
......
106
76
101
39
89
104%
72
89
76
9
108%
98%
99
19%
112%
106%
101%
104%
111
130%
*120%
115%
121%
115%
113%
120
...
130%
113
2
118
110
115%
107%
106
107
72
......
106%
105
109
104%
44%
106%
105%
9
104%
44%
56
103
108%
46%
93
37
65
15%
32%
106%
O
106
107
26 4
Pirelli Co (Italy) conv 7s
1952 ivi N
*75
85
Pitts C C A St L 4 Ha A
Series B 4 Ha guar
1940 A
o
112
112
1942 a
O
a
23
23
25
j
19
18
20%
106
75
7
103%
18
105%
70
34
109
85
404
101
564
Series C 4 Ha guar
Series D 4s guar
Series E 3 Ha guar gold
Series F 4s guar gold
1949 F
a
1953 J
d
1957 M n
f
A
104J4 1054
Series G 4s guar
Series H cons guar 4s
Series I cons 4 Ha
1963 F
a
1054 1084
Series J
1964 ivi N
49 H
1034
95
104 4
1094
314
61H
cons guar
1945 M n
1960
4 Ha
O
339
54
964
47
Pitts Va A Char 1st 4a guar
1943 M n
45
92
Pitts A W Va 1st
1958 J
*124%
*124%
46
73
100
104
109
4Ha
ser A
j
123%
123%
107
______
123
123%
107
114
111
113%
113%
105% 106%
111
109
115
125%
124%
124%
123%
107%
15
96
111
114%
108% 115
115%
126
118
26
125
115% 124%
1
116
123%
6
107
110
3
109% 110
73
96%
*110%
96
112%
111
*112
115
111
110
*114%
d
1977 J
1
*113%
*113%
*113%
*105%
1942 M n
108
99% 108
105% 111%
105% 111%
115% 121%
106% 116%
104
51 4
824
115% 123
3
154
32 H
103
108%
111% 115%
100% 103%
118% 125%
109
115%
112%
35 4
36
108%
112%
105%
100%
Philippine Ry 1st s f 4s
1937
Pillsbury Flour Mills 20-yr 68—1943
28
100
105% 107%
110% 115%
111% 116%
44
41
A
90%
15%
2334
j
107%
108%
104% 105%
103% 107%
14%
2654
J
R7
102%
101% 107%
29
3834
374
374
Phlla A Reading C A I ref 5s..1973 j
Conv deb 6s._
1949 ivi
104
102 %
99
*125
J
d
110%
121%
116%
98%
115%
.
*113%
A
1967 J
series A
17
124%
114%
105%
D
.
175
......
1981 j
.
116%
.
103%
j
1977 j
.
102
.
116%
1943 M n
1974
-.
-
102
j
a
2
*116
d
1970
36
....
102%
a
Peoria A Pekln Un 1st 5 Ha
100 H
99%
105%
115%
77
60
105% 107%
5
104%
......
Pennsylvania P A L 1st 4H8..1981 a O
cons g 4s
1943 ivi N
Consol gold 4s
1948 ivi N
Pennsylvania RR
107
1034
*104%
104%
*108%
105%
105%
*110%
115%
42
104% 107%
-
107
Pa Ohio A Det 1st A ref 4 H» A. 1977 a
4 Ha series B
1981 j
32%
49%
119% 123%
2
-.
108%
106%
73
3
107%
108
......
55
101
107
105
10834
9634
D
1114
1st M 4Ha aeries B
1st M 4 %s series C
4
80
95
13
80
99
1st gen
1958 a
1054
26
96 4
104
107%
60
10554
155
18
19%
117
17%
54%
18%
78
57
12 H
124
Pitts Y A Ash
1st 4s
ser
A
5s series B
Port Arthur Can 4 Dk 6s A
lBt mtge 6s series B
O
1960 A
1st gen 68 series C
1st 4 Ha series D
22 4
108
o
1948 j
D
1962
f
A
1974 j
D
1977 j
1953 f
A
224
214
63 4
{♦Postal Teleg 4 Cable coll 5s
61
14
115
124
1034
1953
Potomac Elec Pow 1st
M3^s 1966
Pressed Steel Car deb 6s
..1951
j
5
102 4
10734
1054
15
{♦Providence 8ec guar deb 4s__1957 ivi N
103 H
106
{♦Providence Term
1014
107
.....
*126%
131%
Pure Oil Co s f 4 H« w w
4 Ha without warrants
*118%
123
120
12754
112 H 12034
Purity Bakeries
s
94%
J
1956 ivi
8
1950 J
j
1950 J
j
f deb 5s.....1948 j
3
75
15
74
110
123%
5
96
95
H
112%
119% 123%
....
*115
______
1057,6
72%
106
81%
41%
1057i6
1057,6
105%
105%
6
72%
74%
135
106
81
40%
106
97%
------
......
97%
*15
79%
106
81%
43%
106%
98%
17%
80%
11
1
30
524
13
72
....
2
116
116
118
105%
105
106
36
100
18
99%
d
D
95%
94%
______
J
1941 J
95%
94
*112%
123%
123%
*119%
j
88
1st 4s
------
D
1953 f A
Port Gen Elec 1st 4 Ha ser C..1960 M s
1st 5s 1935 extended to 1950
J
j
Porto Rlcan Am Tob conv 6s._ 1942
J
6
....
160
s
s
1975 a
26
101
1968 ivi
10954
123%
105%
54%
49
1955
124
121%
105%
....
49
Paramount Pictures deb 6s
105 H
121%
*107
Paris-Orleans RR ext 5 Ha
19
.....
5
64 H
326
18%
18%
99% 102%
93
102%
100% 104%
102 H 105%
105
108%
36% 61%
69%
34%
105
4954
17%
57
20
78%
1955
109%
103%
102%
102%
55
f g 3s loan ctfs.
107
103
105% 108%
51
1970 j
6
106 H 111
64
51%
General M 6s series A
77
6
42
108
105%
......
|{*Pan-Am Pet Co (Cal) conv 6s '40
♦Certificates of deposit
Paramount Broadway Corp—
General mtge 6s series B
General 4 Ha series C
22
77%
110%
26
105%
ill
....
77
48
89
844
103%
104
107%
Ref mtge 3 Ha series B
1966
Paducah A 111 1st s f g 4 Ha.—1955
>
97% 105%
25
98 H
100%
110
8
107 H
....
39
102%
124
94 4
....
102
100%
111
103
123%
108%
102%
109
100 H
104 H
105
100%
Parmelee Trans deb 6s
92 H
102
32
......
Pat A Passaic G & E
1224
107
102
......
5734
113 H
122
119
......
53
88
77
110%
107%
1st A ref mtge 3%s ser H...1961
32 4
704
113%
109
118
4
1937
33 %
86 %
106%
*100%
101%
101%
115
14
1938
108%
105%
1961
123
1938
55
101 H
82
123
103%
111% 116%
110
123
*1 9fk 5y£
1946
Pacldc Tel A Tel 1st 5s
32 %
47
90
113%
115%
113%
113%
Pac RR of Mo 1st Hxt g 4s
♦2d exte d »o gold 5s
H
ioiH
ioo%
80 H 1004
24 H
49%
74 H
115%
......
101
95
88 H
89
98
......
83 H
119H 12434
100
113%
110% 113%
77 %
30
112
8
123%
62
108%
3
120 %
58
45 H
104 H
"3
61 H
122
39 %
109% 109%
112%
105%
3969
113
111'%
101%
104%
oage
107
112"
|*Debenture gold 6s
see
99
111
{♦Radlo-Keith-Orpb pt pd ctfs
for deb 6s 4 com stk
(66% pd)
For footnotes
......
103%
103%
105%
108%
85 H
106
"U2"
103%
8
103%
105%
108%
109%
109%
112%
93
......
104
1974 ivi
109%
104 %
74 H
126
O
103
S
106
83
J
104%
1974 ivi
......
1965 MN
103%
North Cent gen A ref 6s
Gen A ref 4 Ha series A
58
112
106
112%
110
110
1943 M s
104%
1957 M
82
1937
107
103
J
S
A
73
Ohio River RR gen g 5s
Ontario Power N F 1st g
108%
.....
4s_- ...1948 J
Aug 15 1963 F a
Nov 15 1969 M n
ser
76
65
A
.....
17%
g
107 4
96%
J
..1940 F
r..1941
111%
82%
O
j
106
1
A
112
10554
107
{♦N Y Westch A B 1st ser 14%sl946 j"J
Niagara Falls Power 3 Ha
1966 M S
Nlag Lock A O Pow lst5s A.
1955 a o
Deb 6H8 series B
61%
105%
106%
1946
Deb 6s series C
2
59%
105%
109%
.....
1937 f
5s....
No Am Edison det 6s
109%
60%
105%
.....
.....
1937 j
stamped
N A W
"93% "l7
1951 ivi N
Terminal 1st gold 6s
North
"93% "93%
1956 M n
N Y Telep 1st a gen ■ 14%a
N Y Trap Rock lBt 6s
6s
J
1947 ivi N
6s...
N Y Susq A West 1st ref 5s
2d gold 4 Ha
General
j
1951 ivi N
mortgage 6s
1st
n
1965 Apr
1958
69
O
105 %
109
o
con gu
112%
a
Peoria A Eastern 1st
S
♦Non-conv debenture 4s
General 4s
63
19
69%
O
♦Non-conv debenture 3H8..1947 ivi 8
♦Non-conv debenture 3 Ha.-1954 a O
♦1st A ref 4 Ha ser of 1927-1967 J
66%
-----
104%
104%
A
2000 ivi N
A
*108%
104%
1946 ivi N
Harlem gold 3 Ha
84%
1947
109
114%
104%
102%
94%
100%
104%
108%
104%
102%
2013
1st guar 5s series B
N Y Dock 1st gold 4s
j
J
1941
50%
*112
ill"
A
Ref A lmpt 4 H a series A
Ref A lmpt 6s series C
Oct
46
50%
-
Mich Cent coll gold 3 Ha
N Y Chic A St L 1st g 4s
High
88
64
1st A ref 7s series B
100
.....
94%
....
4%
2%
133
3%
100%
10-year 3%s sec s f
105%
Ontario Transmission 1st 5s... 1945 ivi N
84%
1998 f
Low
6*
3%
.....
106%
67%
107
.
1954
N Y O A W ref g 4s
67
3%
3%
*104
1960
lnc 5s. .1935
ser
.
126
126%
......
♦Certficates of deposit
N Y Lack A West 4s
4 Ha series B
.
63
A
NO A NE 1st ref<fc impt 4 Ha A. 1952
New Orl Pub Serv 1st 5s ser A. 1952
First A ref 5s sertes B
1955
New Orleans Term 1st gu 4s.__ 1953
'NYA
.
*122%
66
.....
1983
3-year 6s
.
5
o
1986
.
*2%
3%
J
New Orl Great Nor 6s A
6s
106
j
2%
.
3%
Consol 4s series A
2
82
o
2%
2%
1....
D
_
j
1938 A
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
f
♦Certificates of deposit
73 H
ioe%
F
2047 J
4 H
ivi N
♦1st 6Hs series A
57%
101% 108%
103
J
Q
2047 J
6H
2*4
1961
♦1st 5s series B
102% 104 H
.
111%
Q
J
Ref A lmpt 5s series C
2%
2%
j
N J Junction RR guar 1st 4s
N J Pow A Light lBt 4 H®
N Y Connect 1st gu
19
106%
98
No
Hioh
*84
Ref A lmpt 6s series D
Nor Ry of Calif guar g 5s
Nor States Pow 5s ser A
Og A L Cham 1st gu
New England Tel A Tel 5s A—1952 j
conv
45
174
107
86
Jan. 1
3
j
n-c
"64"
97%
^
84
96%
109 % 118%
108 H 111%
101
2%
j
{|*N O Tex A Mex
57
97%
*82
as to sale of April 1 '33 to
April 1 1935 incl coupons..1945
North Pacific prior Hen 4s_.
1997
Gen Hen ry 4 Id g 3s Jan
2047
Ref A lmpt 4 Ha aeries A
2047
Ref A Impt 6s series B
2047
2%
2%
1945 J
1st g 4Hs series B
62%
106%
106
d
5s
97
105 H
90
90
82
♦Oct 1935 and sub coupons.. 1945
2H
1948 J
cons
5
118
1033,5
Since
Asked
♦Stpd
*3
{♦New England RR guar 5s... 1945 J
♦Consol guar 4s
57
*102%
i
-
1954 ivi N
4s
g
71
47
dk
guar 5s
*2%
*2%
3%
*2%
'77
1966 j
~"~2
97%
Range
Friday'1
Bid
coupons. 1945
j
A rets No 4 on '51
{♦Naugatuck RR 1st
-
106
3%
1951 A
1951 A
80%
♦April 1 1934 A sub
£
Range or
Sale
Price
IjOw
{Northern Ohio Ry 1st
j
Nat RR of Mex prior lien 4 Ha—
♦Assert warr A rets No. 4 on. 1926 j
Nat Steel 1st coll
-
106%
1977 AO
1977 A o
on
83
84
101%
94%
93%
97%
a
A rets No 4 on '57
warr
80
1051,6
101
Last
EXCHANGE
High
100% 104 H
87
83%
88
85%
82%
1
*111%
Nat Dairy Prod deb 3^sw w_.1951 M N
Nat Distillers Prod deb 4 Ha—1945 ivi N
♦4%s Jan 1914 coup on
♦4%s July 1914 coup on
♦4%s July 1914 coup off
»
118
A
1937 F
Nat Ry of Mex pr lien 4 Ha
1
Low
STOCK
Y
Week Ended Dec. 18
OO
1
96%
101H
1951
5
86%
85%
lOfiiie
2000 J
Nash Flo A S 1st gu g 5s
Nassau Elec gu g 4s stpd
N.
*
1939 J
f 4%s
a
104%
*
1955 a
Morris & Essex 1st gu 3%s
Constr M 6s series A
NO.
......
a
4%s series C--1955
Hioh
104%
104 %
a
Gen & ref
bonds
Since
Jan. 1
"85%
1941 J
Gen A ref
Range
Asked
dk
1936
19,
Week's
Friday
Range or
Last
EXCHANGE
Week Ended Dec. 18
Dec.
Week's
*190
115
115
191
260
118%
77%
79%
66%
104%
64%
80%
108
82%
44%
27%
104% 106%
91
9
78%
99
21%
92%
110% 131%
102% 106
91%
158
33
106
106
63
103
275%
122
Volume 143
New York Bond
Friday
BONOS
N. Y. STOCK EXCHANGE
Last
Range
Sals
Week Ended Dec. 18
Bid
A
or
High
No.
104%
39
107 %
10
105% 108 H
107 %
27
10534
111%
86
106
113^
112
106
135
95 h 100 %
106
111
36
203
34
6
1953
102 H
27 H
4
♦Direct mtge 6s.
..-1952
♦Cons mtge 6s of 1928
1953
♦Cons M 6s of 1930 with warr *65
21%
%
1955
♦1st con A coll trust 4s A
Roch G A E 4 Ha series D
65%
35%
65
90
76 H
81%
102
1013* 105 H
103h
84 h
113
833*
15
42 h
84 h
333*
28H
27 h
27
25
99 h
99
99 h
71h
63
63
52
86
*25h
4HS-1941
213*
1943
22 %
1013*
*1063*
123h
123h
1233*
62
...
.
2
O
7
10
14
66
114H 122%
13
32
327
1936
39
deb 4Hs..-.1951
100
80
1935
59%
4
206
*102 H
1951
114h
100 H
114h
......
1951
1952
*23
69
Skelly Oil deb 4s
1951
101h
105h
129h
107 h
Socony-Vacuum Oil 3 Ha
1950
South A North Ala RR gu 5a.. 1963
South Bell Tel A Tel 1st a f 58.1941
Southern Colo Power 6s A1947
108
106 H
So Pac coll 4s (Cent Pac coll) .1949
1st 4 Ha (Oregon Lines) A... 1977
106 h
98
98 h
99 h
95 h
1968
1969
94
Gold 4 Ha—
r
1981
94
94
10-year secured 33*8—. ...1946
101 %
San Fran Term 1st 4s
108 %
1950
10034
1083*
So Pac of Cal 1st con gu g 5s..1937
3
80
24%
69 h
102 h
54
1063*
43
129h
1
108h
15
106h
12
99
117
96
107
163
95 %
95
217
102 h
180
108 h
27
179
1033*
1033*
10
1073*
105 h
142
*
iiiH
1994
1966
80
56
1113*
81h
243
1956
100
101 %
104
...1956
103
104 h
92
1996
105
105
%
St Louis Dlv 1st g 4s
East Tenn reor lien g 5s
1951
Mobile A Ohio coll tr 4s
100 %
*1043*
1938
91
92 '
5
101 %
1938
ser B...1964
1093*
1053*
D..1960
{♦Spokane Internat 1st g 5a...1955
Staley (A E) Mfg 1st M 4s
1946
conv
1961
w w
Corp deb 6s
ser
106
24
106 %
101
16
106h
1483*
1133*
104h
1956
1947
*1253*
*104h
1944
149
118" "93
13H
3%
3%
80
108h
105h
1943
2000
Gen A ref 6s series B__
1979
9
67
84
-
-
96H 1033*
103 %
76 H
77
96
9554
76 %
95%
9734 IO254
10634
118
10354 106H
10054 101H
99 H 108H
"92H 112"
53
84
68 H 1015
71H 104'
85
105
78
10154
97% 10454
57 H
92
104H 11034
103H 10634
14%
38"
10434 107
1263*
83
10434
57
142
56
108
107J*
120
283*
283*
6
273*
1033*
1033*
68H
283*
12
9534
97 %
59
64
78
109
60
75
973*
59
43*
80
403*
1093*
66
45
124
713*
673*
"88
33*
"34
323*
1093*
65H
112H
1093*
74H 105
120
105
109
105
105h
8
10234
31
125
10134 106
j
130
130%
"32
106 h
35
107
1073*
1073*
108h
36
107%
109
109
15
1
99 H 107
117H 13034
98
97
2
104
13
81
883*
-
"383*
98H 1043*
843*
973*
673*
-
68 H
3
60
99
99
423*
383*
403*
373*
403*
383*
28
373*
373*
38H
373*
89
27
37
6
25
26
O
1980 A
O
37
36
37
34 H
Walworth Co 1st M 4s
373*
373*
1083*
108 %
O
843*
84
1955 A
O
95 3*
953*
1939 M
S
993*
99
{♦Warner-Qulnland Co deb 6s. 1939 M
♦Warner Bros Co deb 6s
1941 M
8
6s debentures
26
10
383*
100
37 H
1955 A
Warner Bros Plct deb 6s
67
34 H
'
77
89
2634
38
373*
A
85
10034 103 3*
72
8234
80"
68 H
72
1123*
1003*
10334 109
19
,973*
423*
24 H
1103*
131
863*
84
97
403*
25
-
35
26
36
10334 1113*
70
12
71
1003*
594
86
56 H
271
87
98
1003*
Warren RR 1st ref gu g 3HS—2000 F
55 H
523*
28
59
75
75
79
15
41H
84
75
S
—
74H
81
42
413*
833*
77
83
*78 H
A
1950 J
E.1963 M
D
*102
1103*
81
..
..
-
-
103
1
1103*
*112
----
*1093*
lio"
1263*
126 H
94H 1013*
1053* 1103*
109H 110H
1093* 112
6
121H 1263*
1
119
1233*
1073* 110
1073* 109 3*
963* 1063*
J
1223*
*1093*
1223*
1961 J
1st mtge 3 Ha series I
Western Maryland 1st 4s
1966 J
J
108 H
108 H
1093*
1952 A
O
1063*
116
1977 J
J
1053*
1063*
105H
1st A ref 5Hs series A.
1063*
1073*
176
106
109
West NYAPa 1st g 5a
Gen gold 4s
1937 J
J
100
100
6
100
1943 A
O
111
111
1
106
10434
lilH
{♦Western Pao 1st 5s
1946 M
S
ser
ser A
♦5s assented
S
1946
Western Union coll trust 6s
Funding A real est
1938
4 Ha—1950
i"3
35H
343*
104
35H
34 H
36 H
353*
14
65
323*
124
32 H
44
4234
104
104
1
104
107
112
9
103
1123*
J
D
1063*
1113*
1063*
107
26
1033* 107 H
IVI
3
108 H
108 H
1083*
47
104
J
J
233*
233*
233*
16
22 H
2361 J
J
99 H
99
100
81
85
100
2361 J
g
J
943*
943*
95
14
81
96
25-year gold 5s
1951
30-year 6s
1960
♦Westphalia Un El Power 6s..1953
West Shore 1st 4s guar
Registered
Wheeling A L E Ry 4s
M N
ser D..1966 M
RR 1st consol 4s
1949 M
WheeUng Steel 4 He series A—1966
White Sew Mach deb 6s
F
J
1960 J
J
104
33 H
107 H
1133*
U33*
2
102
1023*
93
99
1023*
1033*
1033*
1033*
1
90
1033*
363*
363*
13
76
18)4
18H
19
45
37
37
383*
38 H
66
59 H
66
1053*
J
4s—1949 J
gen
*106
112
102
S
♦Ctfs for col A ref conv 7s A. 1935 MN
Wilk A East 1st gu g 5s
1942 J D
Will A S F 1st gold 5s—
1938 J D
Wilson A Co 1st M 4s series A. 1955 J
J
Winston-Salem S B 1st 4s
1113*
S
A
1940 M N
{♦Wickwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
J
{♦Wis Cent 50-yr 1st
111
1
1053*
103 H
112H
1053*
2
1043*
112H
41
5
107H 114
403*
403*
683*
1053* 1073*
99 H 1043*
107
1123*
(♦Sup A Dul dlv A term 1st 4s *36
(♦Certificates of deposit
{♦Wor A Conn East 1st 4H8-.1943
*23 H
j"J
35
201,
15H
35
32
62
15 H
23 H
25
27
9
323*
253*
21H
M N
323*
31
33
♦Certificates of deposit
23
5
9
23
21
25
*10 H
253*
Youngstown Sheet A Tube—
Conv deb 3Hs
1st mtge s f 4s ser C
1951
F
A
1961 M N
130 H
104 )*
130
134 H
195
104
104 H
103
1053* 140
98 H
105
s
Cash sales transacted during the current week and not Included In the
yearly
range;
No sales.
Cash sale only transaction during current week,
a Deferred deUvery sale only
transaction during current week,
n Under-the-rule sale only
transaction during
current week.
} NegotiablUty Impaired by maturity,
t Accrued Interest
r
payable
at exchange rate of $4.8484.
121
105 H 112
87 H 109
105h
O
94
109 H 112
116
"n~
10634 HO
58
H2H
*973*
S
♦Certificates of deposit
Walker (Hiram) GAW deb 43*81945
12634
103
3
107H 1103*
2H
6 H
23
100
68 H
M
1043*
105%
8534
97%
106H 111
21
67
*77
1978 A
West Penn Power 1st 5s
1st mtge 4s ser H
33 H
1043*
*102"
1976 F
♦Deposit receipts
33
1053*
*
1941 A
1941 M
33 H
27J*
107 %
16334
11334 12634
105h
98
27
27
I
*23*
1939 J
gen
38
1493*
103H 1073*
*113
1941 J
4s
103J*
1143*
25
128"
126
101H
A
♦Ref A gen 5s series D
136
109h
1193*
111H
F
9834 101
81H
98
6
95 3*
*113
J
♦Certificates of deposit
♦Ref A gen 4 Ha series C
♦Certificates of deposit
1063*
114H 12934
106H 10854
102 H 107%
80 H
99%
87H 100H
105
108h
1939
1954
1023*
111
—
•»
118
99
10634 10934
----
35H
1493*
33*
126H
89 H
109
1063*
143 h
106%
Westchester Ltg 5s stpd gtd
31%
14
105 h
Gen A ref 5s series D
1980 J D
Tex Pac Mo Pac Ter 5Ha A..1964IM Si
102 H
*113)*
353*
11134 116J*
107H HI H
50
1123*
1013*
1083*
1033*
1003*
'l02H
14%
90
35
*1053*
1977
Gen A ref 5s series C
110
*108
1103*
56
106 %
1003*
...1951
Texas A Pac 1st gold 5s
"iooj*
Washington Cent 1st gold 4s.. 1948 Q M
Wash Term 1st gu 3Hs
1945 F A
1st 40-year guar 4s
1945 F A
Wash Water Power s f 6s.
1939 J
J
105 H 115
94 % 101%
163h
1093*
*1183*
111%
Texarkana A Ft 8 gu 5 Ha A..1950
Tex A N O con gold 5s
1163*
2034
35%
15%
C...1944
Tenn Elec Pow 1st 6s ser A
1947
Term Assn of St L 1st g 4HB—1939
1st cons gold 6s
1944
Gen refund s f g 4s
1953
3 Ha.—-
26
44
115
Tenn Coal Iron A RR gen 5s. .1951
Cop A Chem deb 6s B
110H
383*
100h
*1043*
1956
Tenr Cent 1st 6s A or B
"_29
106
1943
lnc
35
105h
36
♦Studebaker Corp conv deb 68.1945
Swift A Co 1st M 33*8....... 1950
6H
31%
13
18?4
17%
21%
233*
12
107 h
...1955
Without warrants
115H
109H
1123*
109 h
46
42 H
1937
1955
?s
Ha
123
27
59% 103H
723*
"59%
99h
Gold 4 Ha
Gold 4Ha
Standard Oil N J deb
4H
7H
1174
1941
Texas Corp deb
66
66
25%
83
S
Slleslan-Am Corp coll tr 7s
Tennessee
25%
28
3%
554
1946
Tenn
62 H
11H
382
Staten Island Ry 1st 4
122H
108
♦Ref A gen 5s series B
319
.1945 M
ser
D
25
119
103
155
104
1033*
108
U2J4
1103* 11034
112
115%
342
{♦Seaboard All Fla 6s A ctfs..1935
S'western Gas A Elec 4s
1942 J
17%
14
178
106H
89
34
137
33*s
10
107H
122
J
5Hs A. 1975
♦Certificates of deposit
1969
Devel A gen 6Ha._
Mem Dlv 1st g 5s
22
104
1063*
J
Toledo A Chic Dlv g 4s
240
Devel A gen 6s
22
993*
1043* 107 H
105
1033*
{♦Wabash Ry ref A
"l9
15
1st 48 stamped
Southern Ry 1st cons g 5s
Devel A gen 4s series A
4
106H
Dee Moines Dlv 1st g
Omaha Dlv 1st g 3 Ha
107 h
102 h
1946 A
So Pac Coast 1st gu g 4s
So Pac RR 1st ref guar 4s
16
1053*
1033*
973*
7
101 %
"l2
_
8934
106 H
S
14
..1946
f 6Ha
93H
1966 M
86
104h
Oct 1949
♦Silesia Elec Corp 6 Ha
79
1213*
97
J
Det A Chic Ext 1st 5s
21
1937
3Hs
2
130
105
"1213*
1957 M N
1st Hen g term 4s
1933
conv
98
893*
1939 (VI N
29 h
104
104
1972
Shlnyetsu El Pow 1st 6 Ha
♦(Siemens A Halske s f 7s
84 H
Virginian Ry 33*s series A
*1053*
4s (large).... 1940
Shell Union OH deb
9034 1003*
5
115
93
683*
663*
4H8..1934 J
gu
4
106
1033*
1033*
1959
f 4s series B
100 H
{Wabash RR 1st gold 5s
♦2d gold 6s
1990
♦Series B certificates
1944
107
120H 122
1
273*
Virginia El A Pow 4s ser A
1955 MN
Va Iron Coal A Coke 1st g 6s__1949 M 8
Va A Southwest 1st gu 4s
2003 J
J
1st cons 5s
1958 A O
378
1937
6s series A
s
loiH
1073*
120}*
105H
J
1947
71J*
8634
99H 1083*
96 % 103
5
120 3*
1063*
S
1944
Utll Power A Light 5Hs
Debenture 5s
7
*122H
1947
♦Vertlentes Sugar 7s ctfs..
494
1937
♦Certificates of deposit
(♦Atl A Blrm 1st g 4s
♦Sink fund deb 6 Ha aer A
Utah Lt A Trac 1st A ref 5s
Utah Power A Light lBt 6s
Cons
26
58%
50%
1944 M
4s.-.1934 J
♦Un Steel Works Corp 6 Ha A—1951
♦Sec s f 6 Ha series C
.1951
(♦Vera Cruz A P 1st
(♦July coupon off
26
70 h
1971 M N
United Biscuit of Am deb 5S..1950 A O
United Drug Co (Del) 5s
1953 M S
Vanadium Corp of Am conv 5s. 1941 A
Vandalla cons g 4s series A
1955 F
111
♦Certificates of deposit
Symington-Gould
86
98
32%
30%
29%
27%
Scioto V A N E 1st gu 4s
1989
({♦Seaboard Air Line 1st g 4S..1950
•♦Gold 4s stamped
1950
S'western Bell Tel
71
267
Santa Fe Pres A Phen 1st 5s..1942
s
87%
483
30
29 h
S A A Ar Pass 1st gu g 4s
1943
San Antonio Pub Serv 1st 6S..1962
San Diego Consol G A E 4s
1965
♦Debenture
67 H
5
27%
26
St Paul A Duluth 1st con
g 4s.. 1968
1st 4 Hs—1947
Sharon Steel
101
78
83 %
♦2d g 4s lnc bond ctfs.. -Nov 1989
♦1st terminal A unifying 5s.. 1952
cons
92
78
41h
29%
♦Con M 4^g series A
♦Ctfs of deposit stamped..
{Ft 1 SW 1st 4s bond ctfs
1989
111%
85
27%
♦Certificates of deposit
♦Adjustment 5s
•♦Refunding 4s
S
107 %
102 H 1053*
*1063*
S
35-year 3 Ha debenture
g
76
102 H
733*
43
10334
115h
J
U S Pipe A Fdy conv deb 3 Ha—1946 M N
U S Rubber 1st A ref 5s ser A.. 1947 J
J
29 h
♦Stamped
♦Guar s f 6H> series B
♦Stamped
A
Union Pac RR 1st A Id gr 4s... 1947 J
1st Hen A ref 4s
June 2008 M
1st Hen A ref 6s ......June 2008 M
10034
753*
1073*
713*
O
1947 M N
42 H
32 %
6Hs
A
deb
11
89 J*
Union Oil of Calif 6s series A..1942 F
conv
High
57%
22 H
1003*
883*
Uljlgawa Elec Power s f 7s
1945 M S
Union Elec Lt A Pr (Mo) 5s.-.1957 A O
Un E L A P (111) 1st g 5H8 A—1954 J
J
12-year 4s
Low
78
102
1023*
*1103*
A
24%
83 h
~32"
♦Certificates of deposit
guar
F
1952
({♦United Rys St L 1st
81h
42
♦Prior Hen 5s series B
ext gu
f 7s.
U N J RR A Can gen 4s
*100H
{♦8t L Peor A N W 1st gu 5s...1948
St L Rocky Mt A P 5s
stpd
1955
{♦St L-San Fran pr lien 4s A—1950
Mont ext 1st gold 4s
sec s
3*
101%
♦fRlv & G Dlv 1st g 4s —1933 M N
♦Certificates of deposit
St Paul Un Dep 5s guar
♦Guar
Sines
Jan. 1
146
1073*
120H
Truax-Traer Coal conv 6 Ha
1943 M N
♦Tyrol Hydro-Elec Pow 7Ha__1955 (VI N
35
%
2d gold 6s
-.1996
St Louis Iron Mt A Southern—
L gu
J
43
1043*
St Joe A Grand Island 1st 4s..-1947
St Jos Ry Lt Ht & Pr 1st 5s... 1937
St Lawr A Adlr 1st g 5fl..
1996
A Man 5s
conv deb A..1953 J
-
Saguenay Power Ltd Istm43*sl966
{♦St Paul E Gr Trk
{♦St Paul A K C Sh
TrifCont Corp 5s
24
25%
No.
703*
1013*
1073*
S
24H
13
38
Toronto Ham A Buff 1st g 4s. .1946 J D
Trenton G A El 1st g 53—1949 M S
303*
32 h
105h
1123*
293*
Guaranteed 5s
O
109
h
High
683*
72
D
1942 M
107
19
s
CQt§
38
1013*
1950 A
108h
19h
29%
1949
Asked
A
68%
D
354a 1960 J
122%
h
1941
♦1st A
54
37 H
J
11234
1948
♦Gen A ref g 6s ser A
t iPaul City Cable cons 5s
94 H
90
81
S
Tol A Ohio Cent ref A
Imp
Tol St L A W 1st 4s
Tol W V A Ohio 4S ser C
J
O
Range
f
Friday's
Bid
Low
Third Ave Ry 1st ref 4s
1960 J
♦AdJ lnc 5s tax-cx N Y—Jan 1960 A
Third Ave RR 1st g 6s.
1937 J
Tokyo Elec Light Co. Ltd—
1st 6s dollar series
1953 J
61
46 %
1962 M
107%
35
1 9^
Range or
Sale
Price
{(♦Union Elev Ry (Chic) 68—1945
102
91h
S
({♦R I Ark A Louis 1st 4HS—1934
f 6s
37
57
-
1977 M
Rut-Canadian 1st gu g 4s
Rutland RR 1st con 4Hs
33 H
33 %
103 h
h
1949
Gen mtge 5s series E
23 H
158
1952
STOCK EXCHANGE
Week Ended Deo. 18
33 H
23
11
1944
23
19
{♦Rio Grande June 1st gu 5s—1939
♦Rio Grande West 1st gold 4s__1939
{♦Scbulco Co
28%
34
214
of Calif 6s
Rlchm Term Ry 1st gu 5s
♦Rlrna Steel 1st s f 7s
tPaclflc
34
"l6
♦Certificates of deposit.
St Paul midd
993*
1063*
24
♦Rhlne-Westphalla El Pr 78—1950
s
108
220
Purch money 1st M conv 6 Ha '64
Gen mtge 43*a series C
1956
Revere Cop A Br 1st
mtge 43*8.1956
♦Rhelnelbe Union s f 7s
-.1946
♦Ruhr Chemical
104%
Week's
Last
N. Y
High
96%
112
1961
♦Rhine-Ruhr Water series 6s
Low
290
A.1950
ser
Gen mtge 4
Ha series B
3969
BONDS
Sines
Jan. 1
03 oa
107%
106%
110
6
FridaV
Range
Asked
103 %
4a. 1961
Gen A ref 4
Ha series A
1997
Gen & ref 4Hs series B
1997
Remington Rand deb 43*s w w.1956
Rensselaer A Saratoga 6s gu.__1941
({♦Richfield Oil
Record—Concluded—Page
.
Friday's
Pries
Reading Co Jersey Cent coll
Republic Steel Corp 4 Ha
Week's
10634
97
108
97
10834
105 H 110
{ Companies reported
as
being In bankruptcy, receivership,
or reorganized under
Section 77 of the Bankruptcy Aot, or securities assumed by such
companies.
•
Friday's bid and asked price.
seUlng flat.
t
Deferred deUvery
In the yearly range:
No sales transacted during current week.
sales transacted
♦ Bonds
during the current week and not Included
.
French 7s stamped 1949, Dec. 17 at 1273*.
Exchange—Weekly and Yearly Record
New York Curb
3970
NOTICE—Cash and deferred delivery sales are
In the following
No account Is aken of such sales In computing
footnote In the week n which they occur.
regular weekly range are shown In a
extensive list
we
furnish
a
Dec-I9-1936
elling outside of
the only transactions of the week, and when
disregarded In the week's range, unless they are
the range for the year.
York Curb Exchange for the
complete record of the transactions on the New
the present Friday (Dec. 18, 1936). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
beginning
Saturday last (Dec. 12, 1936) and ending
on
__
for
Sale
Par
Week's Range
of Prices
Low
High
Price
*22%
20%
5%
5%
Class B
14
Agfa Ansco Corp com
23
Alnsworth Mfg new com.
3%
3%
%
Air Investors com
Conv
44%
26%
%
preferred
Warrants
1*160
5,000
400
600
800
400
27
"16
May
49 %
Nov
June
113%
Mar
Jan
2%
Apr
23
Aug
24%
4%
Oct
9i«
$6 preferred..
Allen Industries com
Oct
35
Dec
Mar
Feb
1%
Mar
Jan
67%
Feb
84%
Oct
Feb
76
Feb
Am dep rets
23%
26
2,300
19
Apr
Dec
29%
2%
4%
2%
100
2
4
200
2%
Jan
Dec
Feb
2
Nov
June
25
Nov
21
Jan
%
Jan
152
Jan
125%
Dec
15
Feb
18%
Sept
Bunker Hill & Sullivan..10
Sept
13%
Mar
Burco Ino com
82%
Dec
73%
82%
1,600
100
117
Jan
87
Jan
Cyanamid class A. 10
10
100
Equities Co com—1
Amer Dist Tel N J pref
24%
Dec
Burma Corp Am dep rets..
Sept
4%
Jan
Burry Biscuit Corp._ 12% c
Dec
77%
Jan
Cable Elec Prod vtc
7%
100
4%
Jan
9
Feb
Am dep rets A
1,300
•u
Jan
2
Feb
Jan
36%
Mar
80%
38%
40%
44
*
42
46
Jan
91%
Feb
1,175
1,500
7,400
"34"
132%
6%
32%
4%
3%
2%
21%
39%
112%
34%
21%
39%
17*700
25
4%
200
3%
12,000
1,500
23
41%
112%
10%
10%
35
33%
112
15 700
300
1
Jan
3%
Jan
2%
Nov
1%
1
45
925
21,900
15
1,100
47
200
38%
Amer Potash & Chemical.
9%
9
Am Superpower Corp com
2%
2%
3§""
*"!%
Arkansas P & L $7 pref
*
Art Metal Works com
6
Feb
46
Jan
Mar
Jan
Nov
17%
Jan
30%
28%
25%
Feb
30%
Jan
14
Jan
46
Oct
19%
Jan
Mar
July
1%
Feb
Jan
•is
18
Jan
53%
2%
Nov
21 %
Apr
45
Jan
Oct
Dec
10%
Dec
2
Apr
4%
Feb
900
82
Jan
4,500
32
May
100
4
June
5
5,500
6%
9%
2,300
107%
1%
6%
2,300
39%
38
6%
180
1%
1%
4%
Jan
Oct
100
63%
Feb
5%
Nov
5
Dec
7% June
Mar
13
104%
44
Oct
Jan
112
Aug
%
Jan
36.900
3%
Jan
118,000
7%
8
10%
3%
Jan
12,100
7%
Jan
June
83
4
Feb
7%
Dec
8
Dec
10%
97
12%
12%
12%
5,200
10%
Jan
13%
1
1
3%
3%
3%
22,300
*
28%
28%
S32
31%
732
2,500
13,300
132
Jan
2%
4%
33%
932
%
%
100
Sept
%
Nov
5%
2,100
S16
1%
Jan
20%
6%
62%
Nov
250
1%
732
Option warrants
1%
Assoc Laundries of Amer.*
*
Associates Investment Co *
5%
54
5%
54
3,800
2
57
1
Jan
1
Jan
5%
Jan
Atlanta Blrm Cst RR pf 100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries. _♦
11%
47
Atlantic Coast Line Co. .60
10%
52
350
5
16%
16%
17%
32,700
50
50%
50
50%
3%
2,700
3%
Warrants
3%
*
18%
1
2%
7%
*
7%
* xl30
Baldwin Locomotive warr.
2%
4
1
Barlow & Seelig Mfg A...5
7%
7%
42
10
19%
2%
8%
#7%
18%
128% 131
2%
3%
4
4%
18%
97
100
1
6%
100
Bell Tel of Pa 0%% pf-100
*
4%
Conv pref
Berkey & Gay Furniture. 1
Purchase warrants
2%
1%
16
Blckfords Inc com
18%
'20%
W) & Co com
5%
200
Jan
32%
500
31
May
Nov
Carib Syndicate
7%
Dec
1,100
6%
Oct
40
July
975
70
Jan
400
37%
20%
22
48
17,900
5,800
700
25
3,300
3%
48%
39%
11%
58%
9
50
5,800
800
1,400
1,225
*
Oct
17%
3%
Nov
51
July
3%
11
Aug
1%
July
%
Oct
34
600
2,300
8%
400
32% *34%
600
90
90
27%
26%
28%
37%
8,700
10%
30", 500
Carolina P & L $7 pref...*
$6 preferred
*
Carrlei Corporation
Casco Products
*
55%
4%
4%
19
7%
101%
Jan
1st preferred
Cent Hud G&Evto
90
18%
19%
900
18%
18%
20%
88
87
89
,_*
20
19%
100
warr
Conv preferred
45
45
48
3%
1%
1
5%
15
108
55
55
28%
1%
*T%
4%
*
9%
Bridgeport Gas Light Co.*
34
34
25
%
34
2%
4%
89%
Dec
Conv 6% preferred ..100
Columbia OH A Gas
.1
Dec
Columbia Pictures com..*
34
Dec
Commonwealth Edison 100
Dec
9%
Warrants
Oct
21
Nov
90
Dec
Apr
Dec
16%
31%
Nov
4%
3%
31%
Jan
66
Aug
125
20
Jan
44
Feb
17
May
i4%
15
May
34,200
1,850
725
3,000
500
Jan
Dec
Oct
700
38
28%
200
24
1%
700
%
325
34%
4% 197,800
6,000
41%
53%
400
5
"65_"
"256
30%
Feb
7%
Nov
22
Jan
Dec
71
124%
Nov
68
34%
Apr
Jan
1%
Nov
Jan
86%
Nov
Jan
3
3%
Jan
May
June
42%
7%
0%
Aug
65%
July
May
Jan
Jan
Oct
8,400
7%
Nov
Apr
1
2%
Commonwealths
Nov
Community P A L $6 pref »
Community Pub Service 25
Community Water 8erv..l
Mar
1%
Feb
60
62%
Aug
16%
Feb
Sept
7%
Dec
8%
2%
1,800
1%
May
3%
Aug
Sept
100
Nov
12
Mar
Oct
2,300
Oct
3%
4%
3%
Sept
19%
11,400
Nov
19%
Deo
54
57%
1,500
42
87%
93%
3,825
87%
10%
53,400
9
2%
Sept
May
%
Dec
Jan
Jan
73
116%
July
10%
Deo
34
Dec
45
Jan
2,200
119
%
%
1%
30%
1%
1%
97
Jan
119
Dec
%
40,400
Dec
Feb
1
% June
2%
Oct
13
Jan
62%
Dec
31
300
28
Sept
33%
Oct
Jan
3%
Mar
Dec
Oct
Dec
Dec
6% pref A
17%
"1*266
16%
16%
100
22%
23%
8%
13,700
7
83,800
88
89%
1,100
78%
£
100
Cont Roll A Steel Fdry
*
Continental Secur Corp..5
3
Aug
Cook Paint A Vara com.
preferred..
Apr
19
Nov
16%
Deo
16%
14%
July
24%
*
Dec
Nov
"117%
3
98%
8%
Dec
84
Jan
94%
Nov
Oct
110
90
Jan
1,000
2
May
80%
11%
122%
3%
175
88
Jan
101%
80%
675
9%
8%
117% 117%
3
3%
98
98%
2,000
76
3% June
20
63% June
3% May
2
1%
1%
300
%
May
"*18%
18%
18%
5,900
10%
12
450
11%
6%
Sept
12
Jan
12
20
Nov
$4
49
Jan
11%
112
88
100
Consol Royalty Oil
10
Cont G A E 7 % prior pf 100
Continental Oil of Mex
1
1%
46% May
4825
8%
18%
Dec
1,000
16%
6
8% preferred
1%
48
Consol Retail Stores
Feb
100
800
16%
Consol Mln A Smelt Ltd
%
lApr
1%
62%
48
58%
Nov
54
Dec
75
z38
*
Copper Mines
Deo
3,300
30%
New vtcext to 1946
Jan
10
14,500
I
S3 preferred
Compo Shoe Mach vtc
Aug
May
41
Conn Gas A Coke Security
Nov
Dlstrlb.l
Oct
Feb
10% Nov
300
6
Feb
June
63
70%
11
3%
Feb
June
60
Jan
43
200
Mar
Jan
150
%
Jan
Jan
7,000
100
Feb
4%
3%
%
_/
Oct
Dec
Consol G E L P Bait 00m.•
Dec
Dec
3%
112%
119
Aug
40
Jan
19%
Commonwealth A Southern
12
Aug
Jan
Apr
May
10
34
8%
Sept
Jan
102
,
14%
Feb
200
54%
"22%
3%
Sept
82
Jan
Jan
Dec
6,300
18%
3%
6% conv pref
1
Oct
55
1%
1%
9%
2%
4%
3%
18%
5
7%
Aug
29%
16%
10,500
12%
1%
Consol
31
Jan
116
Apr
48%
10
Cockshutt Plow Co com..*
Cohn A Rosenberger Inc.. *
Colon Development...1 sb
Consolidated Aircraft
Aug
110%
Feb
Sept
17
10%
5%
May
3
May
42%
47%
10%
Jan
20% May
99%
68
8,200
»,6
9%
Dec
1%
Mar
105
4
4
53
18
Oct
16%
40
42
Jan
58
Nov
81%
3%
47%
50
July
Apr
Apr
Dec
Nov
7%
55%
78
"*3%
July
5
100
34
4%
Oct
Aug
10
Deo
Nov
July
95
29%
40%
300
113
_*
com
Apr
Apr
7%
58
Dec
Feb
14%
5%
15%
15
108
*
Preferred BB_.
26%
22%
19%
5%
*
Preferred B
1%
"16%
1
100
Preferred
3%
25
100
Cities Service com
75
8%
36%
102
325
100
4%
2%
22%
com
6% pref without
7% preferred
Jan
Feb
Dec
89
"
1
Cent P <fc L 7 % pref
100
Cent A South West Utll.,1
Cent States Elec
Jan
4%
27
125
Cent Maine Pow 7% pf 100
Cent Ohio Steel Prod
18%
Jan
Feb
Mar
Columbia Gas A Eleo—
June
Apr
2%
43% June
200
97%
Dec
40
1,600
2,700
18%
19%
225
107
96%
Dec
27
7
6%
17%
19%
3%
1%
1,100
42%
97
..*
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.26
Dec
Oct
34
6%
17%
6
30
44
Clinchfleld Coal Corp
100
Club Alum Utensil Co....*
133
Aug
9
15
*
Feb
Jan
1%
10%
Jan
2% May
22
107%
8%
106
7% 1st partlc pref... 100
*
Mar
Oct
40
9%
*
12%
14
80
7 % prior preferred-.. 100
Celluloid Corp com
$7 dlv preferred
Cleveland Tractor
11
7%
36
*
Castle (A M) & Co
10
Catadn Corp of Amer
1
Celanese Corp of America
Clayton A Lambert Mfg..*
Oct
%
2%
Brazilian Tr Lt A Pow..
2%
7%
Cleveland Elec Ilium.
Jan
12)
4,200
July
32%
Jan
13
34
6%
29%
3%
6
1%
*
Dec
35%
13%
1,100
28
Feb
July
920
%
2%
6
4
150
15
%
11%
*
com
Dec
124% May
100
12%
July
Class B
Carnation Co
17%
Jan
15
29%
Apr
9,800
12,500
Oct
5%
*
55
121
11%
55
1,700
Feb
6%
600
Jan
Dec
Dec
2,000
Carman & Co—
16%
52
Nov
75%
7%
Claude Neon Lights Inc._l
2%
July
Dec
Aug
6%
Nov
21%
1
Nov
29%
7
15%
7% May
12
Mar
6%
58
2% May
Nov
37%
14%
4%
Nov
Nov
410
Convertible class A
Dec
7
75%
1%
Jan
14
72
56
10
3
3976
1%
Jan
Feb
Oct
150
"59"
>4
38
7% 1st pref erred.... 100
2d preferred.
100
6%
*
Apr
Nov
29%
14%
Jan
47
*
6
73%
7%
Canadian Indus Alcohol A*
B non-voting
9.«
28
100
6% preferred
1%
10%
11%
14%
58
Aug
3
25
Nov
65
2
Botany Consol Mills Co..*
For footnotes see page
July
4%
24%
City Auto Stamping
*
City A Suburban Homes. 10
Dec
142
*
Bowman-Blltmore com
Dec
%
100
Cities Serv P A L $7 pref.*
$6 preferred
*
Nov
20
38
100
June
11%
50
Feb
6,100
47
7% 1st preferred
28
Nov
6%
5%
*
Borne Scrymser Co
June
Nov
158% 158%
122% 122%
4%
4%
18%
18%
2%
2%
1%
1%
15%
16%
*
1
1,400
40,700
"""140
100
37%
$2.60 conv pref
19,800
8%
97%
210
43
Co com..*
Bearing
».•
1,500
*
Canadian Car & Fdy pfd 25
Canadian Hydro Elec—
6% Income stock A...£l
6
Barlum Stainless Steel
Bower Roller
2,900
98
Apr
92
10%
Jan
Aug
88
Bourjols Inc
4,200
%
%
4%
1
Canada Cement Co com..*
Oct
Nov
Nov
$6 preferred
Bohack (H C) Co com
1 %
Mar
7
Chief Consol Mining
Chllds Co pref
Jan
Class A
Co
Nov
2%
31
Aug
Oct
Common
$3 opt conv pref
Deo
8%
Jan
%
Conv pref opser *29..100
Centrifugal Pipe
*
Charls Corporation
10
Cherry-Burrell Corp
*
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet & Mach...*
Dec
Nov
9%
10,100
7
1
Jan
8,300
"14% "13% "14% "1*766
£1
Blue Ridge Corp com
3%
Dec
%
29,700
Industries
Blumenthal (S) &
2%
7%
Mar
200
2%
Assoc Gas & Eleo—
Bliss (E
1,300
7%
2
5
9%
10
Hedges com
3%
16
4%
Calamba Sugar Estate..20
Oct
Feb
7%
%
shs.£l
pref shs £1
Dec
5%
40
3%
2
8%
51%
7%
Common class A
Benson <fe
1%
100
Jan
Jan
%
25c
4
7%
Arkansas Nat Gas com
Bell Tel of Canada
*
Jan
Jan
Aug
July
4,100
47%
107
Arcturus Radio Tube
Bellanca Aircraft com
3%
7%
Jan
51%
1%
103
%
ord sh.£l
Canadian Canners pref
Oct
Jan
50
Oct
26%
107% June
Apr
300
47%
74,100
92
Z5%
Apex Eleo Mfg Co com...
7% 1st pref
Jan
Oct
Dec
Nov
%
114%
5
47%
"4%
Wupperman..
Baumann (L) &
300
1,675
Jan
2%
92
1st preferred
Preferred
Babcock & Wilcox Co
106
Apr
33%
108
10%
American Seal-Kap com..
Class A common
6%
39%
23%
700
1% May
.
24%
1%
Oct
Service com
Automatio Products
200
1,200
47
15%
25%
Amer Meter Co
A utomatlc-Voting Mach
Axton-Flsher Tobacco—
9,300
9%
24%
15
Nov
5,400
Atlas Plywood Corp
Austin Silver Mines
10%
Nov
Aug
15
27
36
preferred
36%
48%
13%
10%
May
9%
*
25
22%
0%
Jan
7%
1,200
1
300
21
Atlas Corp common
Jan
11%
Canadian Marconi.
700
31
Associated Rayon com
2%
3%
300
Capital City Products
29
32
Amer deposit rets
Oct
Dec
"2", 300
Oct
5
28%
21%
Ashland Oil & Ref Co
32%
2%
Feb
Jan
28
25
Preferred
33%
45%
25%
19
39%
43%
25
100
Appalachian El Pow pref.
Amer dep rets
Dec
Jan
Mar
28
40
7,200
Jan
1,700
Anchor Post Fence
Feb
Jan
26
American Thread pref
7
Sept
25
Nov
Feb
40%
133
Sept
7%
30%
25
Eleo
Jan
36%
27
Associated
29%
116
38%
100
28%
Angostura
Jan
Feb
700
5,500
*
20
Amer Pneum
Sept
9
40
39
Amer Invest
Amer Maracalbo Co
Jan
47%
May
12
$2.60 preferred..
1
Amer Hard Rubber com.50
0% preferred
48%
6%
27
10%
American General Corp 10c
7%
132% 132%
4%
*
Amer Lt & Tr com
4]
Dec
Nov
38%
31 %
6%
*
Amer Mfg Co com
300
Canada Bread Co com...*
Pow warr...
Amer Fork & Hoe Co com*
Amer
33%
Am dep rctB B ord
27
Amer Foreign
(111) com
Laundry Mach
32%
%
16%
2%
60%
Dec
400
1
<•
1
$2 preferred
21%
June
97% 100
99
Warrants
15,000
39%
25
Preferred
Apr
100
26
Cables & Wireless Ltd—
.25
Amer Gas <fc Eleo com
27
Jan
*
3%
*
*
Class B n-v
pref
24%
10c
Class B
Jan
*
$3 convertible
7%
10c
$6.60 prior pref
Dec
Mar
Mar
106
*
19%
Capital—
S3 preferred
117
$5 1st preferred
2%
"22"
com_.l
29%
Feb
33%
"24%
87
9%
Nov
10%
46
109
Am Cities Pow <fe Lt—
Amer
"l6%
1
600
American Book Co.,—100
Amer
Distillery
650
117
100
American Airlines Inc—10
Class A
Brown Forman
Buckeye Pipe Line.-i-.50
Buff Nlag & East Pr pref25
2,200
45
13%
11%
Brown Fence & Wire com.l
18%
10%
100
Apr
28
41%
115%
Mar
Sept
8%
600
*
100
141
17%
9%
65
23%
22%
2%
ord reg
6% pref
113
"74%
Aluminum Ltd com
Clas A with warr
Am dep rets
British Col Pow cl A
132
17%
Jan
28%
32%
113
Aluminum Industries com
Common class B
Feb
Jan
22%
bearer £1
ord reg..£l
132
_
100
Aluminum Goods Mfg—
com
25%
Feb
3
29
British Celanese Ltd—
Brown Co
Jan
55
22%
Am dep rets ord
58
4
Aug
Aug
4%
Jan
Tobacco—
37%
15
6% preferred
Amer
25
pref
American Beverage
Registered
450
2%
21
108
1%
26%
470
Nov
6%
5
47%
_.*
Coupon.*
*
74
Common
0% preference
5%
54%
100
2,700
3,300
1,450
3
2%
Class A
British Amer Oil
British
Jan
Mar
13%
7%
»
Class A.
7% preferred
Brlllo Mfg Co com
75
Nov
2,200
18%
17%
High
Low
97
3
»
B
82%
Allied Products cl A com 25
Class A
Oct
17%
Week
100
Preferred
Brill Corp class
80%
72%
Allied Internat Investment
American
Dec
Price
Bridgeport Maohine
75
4
Alliance Invest com
Aluminum Co common.
Shares
83
23%
2%
Alles & Fisher Inc com—
conv
of Prices
Low
High
75
Ala Power $7
$3
Nov
5%
19
2% June
25
500
26
Deo
9%
Sale
Par
40
15
for
80%
Southern.-.50
pref
Alabama Gt
22%
5%
15%
24%
3%
100
Week's Range
High
Low
Shares
99
43
43
com.-.20
Adams Mlllls 7% 1st pf 100
Aero Supply Mfg cl A
Acme Wire v t c
Last
(Continued)
Week
1 1936
Range Since Jan.
STOCKS
Range Since Jan. 1 1930
Last
STOCKS
Sales
Friday
Sales
Friday
19%
21%
1,900
16%
Oct
21%
60
60
60
Oct
62
10
19%
Mar
Dec
Nov
Deo
Jan
June
Feb
Deo
Dec
Deo
Nov
Volume
143
New York Curb
Friday
STOCKS
Last
(Continued)
Cooper Bessemer
Week's Range
Sale
Par
Price
com.
27 %
of Prices
Low
25%
59%
11%
Copper Range Co
Cord Corp
11
Common
Range Since Jan. 1 1936
7,400
500
9%
Mar
6%
7%
2,300
4%
July
8
Feb
Jan
103
Nov
13~400
65
30%
33%
1%
6%
4,500
11%
32%
13 %
9.6
Crown Cent Petroleum...!
2
6%%
12%
4%
25
35,400
12%
37%
14%
9is
3%
7,700
100
Curtis Mfg Co of Mo
Cusl Mexican
5
Davenport Hosiery Mills.*
%
16%
14%
Dayton Rubber Mfg com. *
20
6
com
Class A
15
51%
106
Mining..60c
Darby Petroleum
24
2
15%
51%
*
freed
r
.....
1%
12%
4%
*
cc.
om
2
9
7,800
106
17%
%
16%
17%
%
17%
£14% £14%
20
21%
Aug
2,400
4%
37%
700
100
105
50
Dominion Bridge Co
*
Dominion Steel A Coal B 25
Dominion Tar&Chem com *
91%
30
72
525
25%
Mar
81
2,400
15%
Deo
18%
300
300
8%
Jan
19%
500
7%
Aug
Aug
10%
27%
7%
17%
•
6%
67%
59%
59%
Eastern
23
"~5
4%
7
76
Easy Washing Mach "B"_*
81
74
*
75%
74
80%
xll%
£ll
13%
2,100
325
350
1,150
50
700
1,400
50
64
400
3%
20%
69%
3%
4,300
23% 222,600
71%
3,900
3%
70
80
*
78
12
5%
\
pref w w
II.*
Elec Shovel Coal
$4 pref..*
Electrographlc Corp
preferred
6%%
15
Corp com
10c
Eureka Pipe Line
60
European Electrio Corp—
Option warrants
Faistaff
2%
Aug
Nov
Apr
Jan
41%
142%
91%
25
3,500
400
2,500
1,330
'39
Jan
July
111
Sept
Jan
6
Mar
Feb
66
85
Aug
July
7%
Jan
5
4
6%
l
8
]
Candy."!]
Fedders Mfg Co com
Ferro Enamel
Corp com.
Jan
83
Mar
Britain and Ireland..£1
Indiana Pipe Line
10
Indiana Service 6% pref 100
7% preferred
100
24%
23
Jan
6%
Jan
Sept
15%
23%
Jan
69
2%
15%
Apr
Feb
27
Julv
V t 0 common
64%
74%
9%
6%
18%
Apr
Jan
79
Mar
7%
88%
Julv
Apr
12
Apr
Jan
9%
83%
13%
2
Jan
4%
65
66
57
850
60%
18%
2%
19
47%
%
Jan
66%
47
Jan
72
July
21
Jan
31
Sept
Nov
July
3%
Feb
100
38%
July
47%
Deo
•u
%
20,800
27
1,050
6,500
14%
7%
700
8%
1,500
4%
4%
13%
5
Jan
%
Aug
Jan
1%
Dec
23%
10%
Jan
Jan
10%
24%
Nov
Dec
%
Jan
80%
81%
210
74%
July
89
Apr
Apr
May
May
117
81%
Feb
28
28%
200
Feb
Apr
Sept
1,400
2,600
Jan
11% Nov
23% June
*
50
Jan
17
Jan
Jan
9,900
75%
625
59%
59%
62%
1,450
8
21%
7%
21%
25%
8
10
40%
4,700
7% May
3,300
25%
25
19
July
22% June
2%
10%
Fox (Peter) Brew Co
6
Franklin Rayon Corp coml
Froedtert Grain A Malt—
Conv preferred
15
46
22%
Ford Motor of France—
American dep rets 100 fes
4%
_
.
A
•
Class
B
i
$7
prior preferred
New warrants
2%
11%
1,000
9%
10%
1,500
100
2%
10
9%
Interstate Power $7 pref.*
Investors Royalty
1
Iron Fireman
Mfg v t o. .10
1
Italian Superpower A
Warrants
Jersey Central Pow
5%% preferred
6% preferred
7% preferred
100
Nov
1%
Feb
2.60
dep rets ord reg__£l
*
20%
22%
20%
22%
21%
200
2,900
Gen Gas A Electrio—
*
1%
1%
1%
7,300
*
18%
12%
%
£91
»
87
89%
%
93%
85
87
1%
"21%
1%
3,300
18%
17%
18%
7,700
101%
100
100
For footnotes see page 3975.
100
Feb
Feb
Kingston
20%
'i«
20%
20%
Products.....
KIrby Petroleum
50
Deo
8,200
19%
400
20 %
Dec
Jan
24%
Feb
300
13%
Apr
14%
Mar
44%
500
37
Dec
24%
Mar
Feb
Oct
101
Dec
7%
101
100
101
92%
Jan
2%
Sept
Aug
3%
600
3%
2,400
1%
1%
18
1%
800
16
2%
18%
2%
35
5%
125
3%
3%
3%
400
2%
10,300
3
1%
9
Jan
May
68%
1%
7
Apr
14
100
5%
Feb
35
4,900
32%
34%
34%
6%
Dec
Aug
1,400
1%
14%
14%
1%
1%
33%
3% May
64
"
"l% """306
15
1,400
1%
July
'1#
4
Jan
200
27%
Jan
Sept
Jan
Sept
Feb
400
20
87
6%
6
16
1,400
6%
35%
21%
916
25%
17%
%
%
16%
9%
5,100
"20%
20%
"25
716
22%
16%
16%
%
%
14%
8%
'it
5
Feb
Jan
3%
Feb
36%
16%
Nov
39%
Apr
38%
7%
Dec
Fel
Jan
Nov
2%
15%
2%
Jan
Dec
Feb
Dec
96
%
9%
Feb
Apr
%
1,100
1,100
22 %
15
400
%
37
Nov
May
1,300
33%
Mar
Sept
Dec
%
May
31%
Feb
Jan
26%
Mar
1%
Feb
200
%
May
Apr
11,600
13%
8%
Nov
800
Sept
Jan £103
%
29,000
Jan
84
14
100
Jan
3%
34
Sept
Jan
21%
*
Oct
33%
6
6%
Oct
6%
Dec
25
1,800
36%
33
"33%
89
89
93%
100
7%
90
125
94%
Dec
Jan
May
8%
98
5,800
%
3,100
3%
"22
1,600
4%
1,800
25%
"2",200
l
%
17
Feb
Aug
9%
Deo
93%
Aug
Aug
%
1%
Jan
Jan
Mar
Jan
Jan
97%
105
8%
98
Dec
1%
Mar
6%
Mar
114
Aug
2%
"2% """366
92
25
10
July
25 %
Dec
106%
Dec
Jan
3%
Mar
1%
"7% "8%
5%
10,200
20%
11%
16%
200
3,900
107% 107%
75
13%
96
74
July
8%
Jan
5%
2%
4%
11
Dec
Nov
4
45",606
19%
11%
92
70
13%
300
7j6 May
18%
Jan
8
3%
Jan
Mar
20
19%
75%
7
"l9"
75
57%
6%
99%
"l9% """TOO
75%
59%
7%
99%
60
3,200
12,000
10
Dec
96%
Apr
10% May
Dec
Aug
Jan
%
24
11%
Deo
Jan
Oct
Mar
Apr
16%
Dec
21
Deo
107%
12%
Dec
Mar
14
Jan
£25
June
74%
Jan
78
Mar
51
5%
Jan
62%
Nov
Sept
8%
100
Mar
15%
4%
Jan
70
Mar
11
,516
Aug
Dec
106
92
25
Lerner Stores 6 % % preflOO
Lion Oil Refining
♦
•
1%
30
111%
"
"2%
Jan
76
86
'16
3%
"22"
70%
70
30
101
7%
92%
%
4%
Develop
com
11
20%
20%
14%
Langendorf United Bak—
Class A
*
Lit Brothers
Dec
Jan
Oct
9%
Jan
59%
59
48
19%
Nov
Sept
8ept
Jan
Feb
June
•
18%
60
Jan
38%
14
•
102
Jan
Nov
10
1
Apr
7%
52%
33%
Lehigh Coal A Nav
Aug
Oct
Jan
May
33%
Lefcourt Realty com
Preferred
13%
9%
33%
Jan
85
36%
Feb
Jan
44%
9%
Dec
Mar
,
Feb
Apr
46
sept
52%
2%
40%
30
Jan
2%
Jan
Sept
Feb
100%
93%
47
Dec
Mar
10
7%
Lane Bryant
Leonard Oil
2%
32
400
2,750
34%
76%
20
Jan
Nov
%
Jan
9% Aug
13% June
50
Dec
June
57
750
109
Aug
700
Jan
24%
July
8
Feb
Jan
Jan
39%
31
%
12%
Nov
12%
22%
31
99%
Nov
16
Mar
44%
7%
58
94
Jan
Jan
31
Lakey Foundry A Mach..!
7% pref. .100
Apr
Jan
June
9%
Feb
Nov
14
Kreuger Brewing
Oct
Dec
6%
3
38%
17%
9%
Lackawanna RR Co N J100
Lake Shore Mines Ltd_..l
1
220
53%
53%
Nov
67
52
52
53%
Sept
90
50
49
213
100
52
Feb
32
Feb
13%
"5% "4", 500
5%
233
June
2,400
9%
28%
Kimberly-Clark 6% pf_100
Kingsbury Breweries
i
Kings County Ltg Co—
7 % pref series B
100
5% pref series D
100
2%
55
Feb
6
48%
Jan
71
22%
Oct
70
Nov
1%
200
5%
52
Jan
Jan
Nov
1%
17
48%
Koppers Co 6% pref... 100
1,075
21%
Oct
64%
Feb
,s« May
40
Warrants
79
4%
Nov
19%
17
1%
Kress (8 H) A Co pref. .100
13
1
*
Ken-Rad Tube A Lamp A*
19
Dec
19
39
8,200
7% pref.100
Nov
Mar
Jan
14%
Jan
"
Jones A Laughlin Steel 100
Kansas City Pub Service—
Common vtc
•
Naumburg
Knott Corp commori
1
Kobacker Stores Inc com.*
Sept
Dec
16%
100
Dec
2
Oct
July
July
17
100
11%
16
Mar
<fc Lt—
Kirkld Lake G M Co Ltd
Klein (D Emll)
*
Kleinert Rubber
10
250
Jan
6%
22 %
9
Feb
5,000
2%
Oct
17,200
15
Dec
3%
Apr
34%
75%
%
Jacobs (F L) Co
Jeannette Glass Co
4%
18%
Api
Nov
Dec
74%
*
11%
3%
8%
108%
35%
Nov
18%
..»
Dec
25%
72%
Apr
16
1
Sept
Dec
15
10%
6,600
*
International Vitamin
Interstate Hos Mills
Kansas G <fe E
Nov
Aug
29%
32%
.
Jonas A
Jan
Oct
97
Dec
170
108% 109
74%
preferred..
100
Internatl Safety Razor B *
Internat'l Utility-
Sept
12%
Nov
88%
10%
300
13%
117
Oct
1
300
10
33%
6%
36%
42%
Feb
Jan
2%
14%
"36% "38% """566
37%
108%
*
V t c preferred A
112
11%
73%
11%
74
reg..£l
100
]
Irving Air Chute
20
8
22
1%
17%
6%
Jan
29,600
1,700
1%
i
Feb
Jan
Apr
Sept
Feb
14% May
•
•
International Petroleum..*
Registered
International Products
•
43%
,316
53 convertible pref
*
General Tire A Rubber...5
A
Feb
July
July
Jan
Jan
40%
*
Non-voting class
Class B
Pref $3.50 series
Intl Metal Indus A
Nov
15
15
9%
industrial Finance—
Dec
Julv
43
900
13%
14%
500
63%
44
2%
13%
1,000
45%
Feb
21%
75
Jan
1%
5%
200
26
Jan
Dec
Jan
1,600
73%
30%
50
1%
40
Nov
6%
66%
4,900
1,700
25%
Feb
100
1%
40
Nov
22
25
74%
Apr
375
3
130
72
300
26
19 %
Feb
£41
10%
1,600
Internal Holding A Inv
Internal Hydro-Eleo—
29%
Jan
%
8,600
International Cigar Mach *
Jan
Jan
130%
Apr
6% July
1% June
1,100
Mar
Nov
32%
Mar
24%
6,300
July
Deo
July
124
25
350
preferred
100
Insurance Co of N Amer. 10
Jan
33
Telephone com.20
Mar
10
32%
38%
%
Gen Pub Serv 56 pref
Oct
15
9%
99
33
Gen Rayon Co A stock. J
Mar
2
Indian Ter Ilium OH—
15% June
*
6% pflOO
Ind'po-is P A L 6%%pfl00
36
500
Ford Motor of Can cl A..*
Class B
6% preferred A
80%
Dec
1,400
Ford Motor Co Ltd—
Am dep rets ord
Gen Outdoor Adv
Dec
13%
11%
preferred..
81
100
100
$6 preferred
Dec
22%
Corp
Gen Investment com
Feb
6%
12
preferred
lOO
Florida P A L $7 pref...
Gen Fireproofing com
42%
'
300
28%
1%
2%
Imperial Tobacco of Great
Jan
Deo
Sept
Apr
Industries
11%
May
Jan
16
Jan
52%
85
21%
$6
General Alloys Co
Gen Electrio Co Ltd—
Chem
27%
4%
4,000
cl A.
Amer deposits rcts.._£l
Imperial Oil (Can) coup..*
Registered
»
Imperial Tob of Can
5
12
(Phllaj.lO
7% 1st preferred
Illuminating Shares
Jan
May
May
National Stores—
FIsk Rubber
Illinois PAL $6
pref.....*
6% preferred
100
Dec
21%
Brewery
Fire Association
Hygrade Food Prod
6
Hygrade Sylvania Corp..*
10%
5
50
66%
1%
Imperial
Mar
6%
24%
66%
23%
16%
Deo
*
..
Oct
111%
6
24%
i
20%
.Dec
1%
6,000
25
6
7% pref 8tamped!!!!ioO
7% pref unstamped.. 100
Hydro Electric Securities.*
Jan
41 %
22
1%
Common
Oct
Dec
9%
107
*
Jan
59%
23
19
3
Metallrrgical.
Dec
Dec
June
105%
%
53
%
100
Brewing
Fanny Farmer
Fansteel
General
Nov
15%
Feb
76
no"
Huylers of Delaware Ino—
54
%
preferred^
Ex-cell-O Air A Tool
Falrchlld Aviation
56
Oct
50
Evans Wallower Lead
Am
Deo
108
47
18%
Equity
First
12%
10%
Hud Bay Mln A
Smelt...*
Humble Oil A Ref
Oct
Oct
9ie
81
9%
*
I!!l6o
5% preferred
Jan
7%
110%
240
1%
com
Nov
32%
104
38%
17
3,000
*
Dec
60%
28%
Emsco Derrick A
Equip..6
19
5,800
*
53%
52%
"56
18
117% 121
127% 127%
36%
38
9
9%
4%
5%
%
>S16
Feb
10
800
18%
Dec
Sept
16% May
2% July
16,400
13%
10
Dec
54
7% preferred
100
8% preferred
100
Empire Power Part Stk..»
27%
3%
12%
300
Class
51%
23%
3%
1,600
14,500
Nov
42
100
3%
13%
Aug
2%
Jan
18% June
400
14%
38%
88
39
26
0
19
31%
175
39
35%
117%
Jan
%
700
34
16%
May
46
Sept
4% June
2,400
15%
18%
6%
24
2,800
18
Horn A Hard art
Nov
316
6%
15
Holt (H) & Co cl A
Hormel (Geo A) A Co
5%
17%
%
14%
Jan
95%
39
100
preferred
5%
95%
17%
1
com
Elgin Nat Watch Co
15
Empire District El 6%. 100
Empire Gas A Fuel Co—
Fldelio
82%
13%
9
conv
7%
8%
"""%
13%
Deo
74%
11%
47%
18%
45%
Nov
18%
Hires (C E) Co cl A
93%
Jan
100
15%
12%
Shareholding—""
Common
6%
10
7%
Option warrants
$6
81
i
Eieo P A L 2d
pref A
Electric
79%
10
*
1
.
8
10
*
Dec
2,000
20
22%
1,400
..25
...
Mar
17,800
63
.
Hazeltine Corp
Hecla Mining Co
Helena Rubensteln
Heyden Chemical
10%
2,200
20
1
700
31%
*
600
Economy Grocery Stores.*
Class A
Oct
6
55,900
Edison Bros Stores
com._ *
Elsler Electric
Elec Bond A Share
com..6
$5 preferred
*
43%
29
103% 103%
29%
1
Holllnger Consol G M
65%
67%
61%
25%
6%
7,400
1
com
Holophane Co
*94%
30
Harvard Brewing Co
Corp of Am cl B
Oct
410
1.100
5
Oct
1,330
6%
67%
70
15
Gypsum Lime A Alabast.*
Hall Lamp Co
*
Hat
Julv
40
43
13%
*
23%
800
5
pf
$6 preferred
50%
30%
15
91%
31%
7%
20%
Gulf OH Corp of Penna.25
Gulf States UtH $5.50
Oct
Aug
Apr
"""806
42
100
May
34%
139%
% % prior preferred! 100
6% preferred
100
16 preferred
Oct
July
21% June
Nov
%
4
^
6%
"ll
High
Apr
Apr
Apr
July
Apr
42
25
Greenfield Tap A Die
*
Grocery Sts Prod com..25c
Guardian Investors
1
Haloid Co
73
79%
68%
8%
Hartford Electrio Llght.25
Hartman Tobacco Co
*
2,400
7%
7% 1st preferred
Gt Northern Paper
Dec
Dec
300
19%
*
Dec
1,800
Jan
3%
stock.
Apr
Feb
72
com
Dec
1%
3%
Non-vot
Low
600
~
Great Atl A Pao Tea—
17%
600
70
Grand National Films Ino 1
Grand Rapids Varnish..
Gray Telep Pay Station.
16%
50
110
agreement extended
Jan
11
30
c
Mar
31%
37%
85%
V t
93%
34
x9
31%
135
.....
...
13 preferred
Gorham Mfg Co—
12
60
12%
*
635
60
36%
Class B
37 preferred
*
Goldfleld Consol Mines. 10
Gorham inc cl A
4,100
1,800
9
89%
Range Since Jan. 1 1936
for
Week
Shares
42
class A
Apr
5%
East Gas A Fuel Assoo—
Elec Power Assoo com
109
93
High
13%
mars
Dec
1,100
"3%
100
Corp
Dec
Apr
of Prices
Low
42
1%
28% £29
110
Corp.l
16 preferred series B
51%
Godchaux S
Price
*
17%
i
135
Durham Hosiery class B__*
Duval Texas Suplhur
*
Eagle Picher Lead
10
Malleable Iron.25
Eastern States
Corp
*
17 preferred series A
*
Feb
8
10
Common
Jan
Oct
Dec
108
100
Duke Power Co
*
Gilbert (A C) com..
Preferred
Dec
49
48
10%
Douglas (W L) Shoe Co—
7% preferred
100
Dow Chemical
*
Draper Corp
.*
preferred
Dubilier Condenser
55 preferred
Sept
.100
7%
Feb
2%
16%
Dec
10%
31%
36%
*
Driver Harris Co
Georgia Power $6 pref...*
14%
X
53,200
Distillers Co Ltd—
£1
25
71%
17%
19%
14%
£29
June
Ye
21%
32%
18%
78
Diamond Shoe Corp com.*
Distilled Liquors Corp
5
Feb
22%
Dec
15%
14%
8%
6%
100
3,300
June
73%
8%
July
May
17%
49
2%
16%
Oct
16
77
*
Jan
Jan
10%
5%
1
Feb
Nov
Jan
22
71%
18%
1%
14%
230
17%
*
1%
16
1,800
32
16
"5%
7,400
Feb
Apr
Sept
ll»
31
Detroit Gasket A Mfg coml
6% pref ww
20
Detroit Gray Iron Fdy.__6
6%% pref
Jan
Feb
Dec
May
%
1,100
16
Dennlson Mfg 7% pref.100
Derby OH & ltef Corp com*
Amer deposit rets
Doehler Die Casting
15
37 %
4,000
31
Detroit Paper Prod
Detroit Steel Products
Dec
Jan
4%
24%
2%
16%
51%
1
Preferred
Feb
33%
May
19%
13%
36
Dejay Stores
4%
Jan
2%
5
Crown Cork In tern at A..*
Crown Drug Co com
25c
Cuneo Press
Nov
Jan
% June
35
•
.....
12%
8
1
Crowley, Mllner A Co
com
Jan
"3% "3%
Croft Brewing Co
com
Dec
Aug
£1
Preferred
Dec
63
6%
3%
1,700
A Sons Ship
Cuban Tobacco
28%
9,100
♦
Engine Bldg Corp... 100
Creole Petroleum
5
Crocker Wheeler Elec
*
Crystal OH Ret
Jan
Jan
34
Week's Range
Sale
Par
11%
4%
30 %
3971
Sales
Last
High
Glen Alden Coal
100
Courtaulds Ltd
STOCKS
(Continued)
Low
4%
1
com
Preferred
Cramp (Wm)
for
Week
Shares
6%
1
16 preferred A.
28%
63
2
Friday
4%
g
Corroon a Reynolds—
Cos den Oil
High
62
$3 preferred A
Exchange—Continued—Page
Sales
Aug
Oot
3%
'14%
900
1%
Nov
19%
9%
,S16
800
11%
6%
%
July
Jan
25
9,600
Jan
2
Feb
107%
7%
Feb
113%
Dec
Jan
15 %
3
Mar
7%
Sept
Nov
4%
21%
10%
1%
110% 110%
14
14%
6%
6%
17,400
200
9,900
400,
12%
Dec
Jan
Oct
I
Sales
Friday
STOCKS
Week's Range
Last
(Continued)
Sale
Par
of Prices
High
Low
Price
5
13%
14%
7,100
Lockheed
1
9%
9%
10%
8,000
*
11 %
11%
11%
8,600
Aircraft
Lone Star Gas
Corp
14%
Low
for
of Prices
Week
Par
12% Nov
6% May
9%
Jan
15%
11%
Nov
14%
Mar
Dec
.....
3%
7
6
91%
13,600
90
5%
90
100
100
300
72 %
Apr
Jan
90
Sept
July
79
80%
475
64
Jan
84
July
5%
6%
6
Louisiana Land A Explor.l
13%
12%
700
5%
Oct
8%
Feb
13%
14,800
9 %
Jan
16%
May
Louisiana P & L Co—
40%
6
1
Lynch Corp common
Mangel Stores
40%
9
76
$5 convapreferred
6% % pref w w._
100
Consol Marine.
74%
102
Sept
2%
Oct
34»/s
Jan
Apr
55 v*j
Feb
11%
Nov
Dec
Nov
1,000
4
250
74%
Dec
70
23
77
42%
Apr
109
100
77
106% 108
23
M ay
1%
300
42
9%
Mapes
94
100
1!
1!
Lucky Tiger Comblnat'n 10
50
101
101
preferred
19%
Aug
27%
Mar
Feb
InternatlMfg—
9
9
Amer dep rights
Margay Oil Corp
Marlon Steam Shovel
~
-
-
9
5*4
100
300
2I6
•7%
July
12
June
17
17
17%
2,200
5
Apr
19%
59
64%
2,000
44
Oct
64%
3
3
1,500
1%
7
7%
1,500
4
19
Masaey-Harris common
3
7
1
Mass Utll Assoc v t c
18%
500
May Hosiery Mills pref..
McCord Rad A Mfg B—*
11%
11%
12
*
31 %
30%
33%
Mc Williams Dredging
Mead Johnson & Co
Jan
Aug
700
2,700
•
6%
6%
42%
100
A—1
Participating preferred.*
Merrltt Chapman & Scott *
42%
6%
32%
6%
%
57
6% % A preferred...100
*
7%
Feb
7%
Jan
Oct
21
Nov
53
Oct
Jan
13%
43%
Apr
8%
6,900
30%
Dec
Feb
5%
Aug
125
Nov
8%
Apr
Nov
Sept
Common
$6
3%
.........
*
preferred
com..*
*
5%
32%
4,600
63%
500
%
4,200
5%
6%
4,800
2
1,000
%
Dec
Jan
Aug
Nov
Sept
Prior preferred ... 50
Securities.*
Nor Cent Texas Oil
5
Nor European OH com—1
Nor Ind Pub Ser 6% pf. 100
7% preferred
100
Nor N Y Utll 7% 1st pf 100
Northern Pipe Line. ..—10
Nor Sts Pow com cl A—100
North Penn RR Co
50
Northwest Engineering..*
Novadel-Agene Corp...
Ohio Brass Co cl B com—*
Ohio Edison $6 pref
Ohio Oil 6% Pref
100
Ohio Power 6% pref...100
Ohio P S 7% 1st pref.. 10
Oilstocks Ltd com
...5
Oklahoma Nat Gas com. 16
$3 preferred
50
Oldetyme Distillers
Overseas Securities
*
Pacific G & E 6% 1st pf.25
5%% 1st preferred—25
Pacific Ltg $6 pref
*
Paclflo P A L 7% pref. 100
Aug
7%
102
Feb
Mar
Aug
$1.30
A—*
Pender (D) Grocery
B_
Class
*
*
100
1
3%
3
3%
25,600
3,500
2%
2%
1%
Jan
4%
Mar
16%
16%
16%
500
Dec
18%
Nov
1 %
1%
1%
Sept
1%
Feb
Penn Mex Fuel Co
7%
8%
1,500
1,000
15%
%
8%
Dec
5%
5%
6%
3,200
6%
Dec
1%
8%
1%
2%
12,900
8%
8%
! 50
1
Penn Cent L A P $5 pref..*
$2.80 preferred
*
Pa Gas A Elec class A
*
Pa Pr A Lt $7 pref
*
8
3%
5
Nov
Dec
Middle States Petrol—
v
Class B
*
-*
v t c
t c
Midland Oil conv
pref
*
2%
July
8%
Dec
Jan
2%
Feb
Feb
13
Midland Steel Products—
*
$2 non-cum dlv ah*
Mid vale Co.
Mining Corp of Can
*
Minnesota Mining A Mfg. *
Miss River
Mock, Jud., Voehrlnger Co
Common
2.50
Moh & Hud Pow 1st pref.*
*
1
Society A..*
preferred
Molybdenum Corp
Monroe Loan
22%
23%
72
72
4
300
25
4%
500
Apr
Nov
Pa Water A Power
3%
July
Sept
77%
May
41%
43%
114% 114%
14%
13%
14%
5%
3
Oct
Nov
60
22
Jan
43%
Jan
92
Nov
Jan
116
Nov
109
Dec
800
103
117%
108% 117%
9%
11%
106
Montgomery Ward A
*
Montreal Lt Ht & Pow___*
Moody Investors pref
*
Moore Corp
10
Mountain Producers
1
""410
40%
41%
100
Pioneer Gold Mines
Meter
6%
6%
7%
%
4%
"~5%
5%
6%
4,900
156
"4§"
157
30
43
43%
21
22
200
34
36%
800
5,200
3
3%
6
Powdrell A Alexander
5
Power Corp of Can com..*
500
55%
Pratt A Lambert
14%
Premier Gold Mining
23
100
9%
36%
750
92
Pub Serv Co of
13%
800
18
18%
4,400
65%
60
65%
600
3
2%
100
1
%
1316
1
2,400
1%
1%
1,600
9
9
33
33
85%
88
"11%
11%
13%
%
%
%
32,500
5%
3,100
Conv part preferred...*
4
4
*
53
53
56
25%
25
25%
10
10
National Steel Car Ltd
ft
100
1
Nat Service common
National Tea
111%
"85%
25
National Refining Co
National Sugar
4%
20
*
National P & L $6 pref—*
Nat Rubber Mach
65%
5,400
1%
4
National Oil Products
3%
100
9
Warrants
6% 1st pref
*
1
*
Pressed Metals of Amer—*
Producers Royalty
1
Propper McCallum Hos'y *
Prosperity Co class B.._.*
Providence Gas
—*
Prudentla 1 Investors—--*
$6 preferred..
.*
51%
13
*
Refining..*
5% % pref. 10
Public Service of
%
4,000
Nebel (Oscar) Co com
1%
700
Nestle-Le Mur Co cl A
England T & T Co 100
*
25
Jersey Zinc
New Mex & Ariz Land
Newmont
14
1
Mining Corp. 10
New Process Co com
*
N Y & Honduras Rosario 10
N Y Merchandise Co
NYPr&Lt 7%
$0
N Y
10
29%
112% 112%
14
14%
N Y Telep
N Y Water Serv6%
15
89
4%
16
100
50
90
4%
1,500
132
132
136
50
21
21
23
2,700
2,300
9,800
3,300
80%
3%
113
80%
3%
110
85%
4%
119
5%
27
6%
Jan
110%
112
""400
Feb
•114%
109%
17%
9%
600
26%
June
33%
4,700
5%
July
500
5%
June
9%
31%
2,400
Jan
32%
28%
300
29%
26%
Jan
29%
110
101%
212%
10%
212%
10%
26%
5%
"31%
28%
5%
8%
31%
28%
"17%
""800
212%
11
27%
4,600
6%
9
104%
91,
84
7%
110
8
1,200
"48% "45%
Jan
May
77
5%
May
Apr
20
"44
47%
Jan
Dec
Nov
120
112
14%
9
108
92%
8%
25%
59%
7%
5%
1,650
4.500
61%
8% 134,800
200
5%
32% June
51%
85
59%
Apr
106%
45%
3%
Jan
Jan
66%
60%
60%
39
39
39
10
500
6%
7%
30% 231
800
200
110
110
50
6
6
7
500
4%
4%
5
25,300
4
May
20
Apr
67
Aug
40%
7%
June
4
Feb
231
Jan
17%
110
112
5%
3%
July
June
41%
Jan
25
300
16 %
Dec
Dec
109% 111%
107
108%
16%
41%
260
106%
Jan
162%
150
41%
16%
160
140
35%
103
Jan
114%
Jan
8%
5%
77
44%
#
179
200
87
Jan
99%
138% 143%
36%
35%
875
55
May
149%
150
31%
Apr
16%
300
12
Apr
90
90
90
20
8%
78%
29%
Feb
35
26%
68%
15%
112%
13%
13%
14%
700
6%
6%
6%
2,000
Apr
33%
38
39
400
21%
700
June
9% June
4%
"62*
18
Jan
Sept
34
9%
Jan
June
85
41
18
116%
36
16%
7%
Apr
40
Feb
24%
Dec
92
Sept
63%
50
Jan
63%
Dec
19%
3%
2,500
7%
Jan
19%
900
2%
Apr
5%
17%
24,200
5
Dec
5%
12%
Dec
Sept
Jan
28%
2,500
3%
2%
5
5
8%
14%
15%
4,300
15
89%
113
113
113
50
2
1%
2%
1,400
4
3%
7,600
11%
4%
12%
20%
22
11%
105
8%
8%
19
4%
200
700
5%
500
300
49
50
17%
16%
17%
S16
2%
%
40,000
6,800
2%
700
50
5
13%
13% ; 14%
*
48
43%
Nlplsslng Mines..
5
2%
1
10%
3975.
2%
9%
48
2%
11%
June
1
16%
2%
8
"35"
3%
Aug
%
%
214%
"11%
11%
7,400
12%
Jan
22
102
11
11%
107
29%
Oct
1%
37%
May
300
19%
Jan
38%
21,200
1,200
%
Aug
Aug
1,100
1,550
8%
•1.
1%
16%
11%
35%
%
23%
20%
9%
Apr
12
2,200
8%
May
107
3%
'16
*36%
3%
Oct
Nov
Sept
11%
100
"400
15%
96
140
150
36
716
%
15%
%
98
Jan
Apr
Sept
iin
41
11%
12%
108
100
Jan
105%
Oct
111
Oct
103%
Mar
180
Jan
Jan
71%
Oot
Oct
81
Dec
100
111
Apr
119
Sept
92
JaD
101
Sept
98
Jan
110
62%
62%
32%
102% 102%
3%
4%
pf.—*
10
750
1% June
Feb
7%
July
*
.*
1
87
92%
46
50
900
5,400
Dec
50%
Jan
92%
22
Jan
50
14
90
.47%
Jan
150""
9
"466
120
"~8%
122
160
115
June
149
152
80
141
Jan
8%
18%
"22%
221%
Jan
152
Dec
Dec
Nov
Jan
Deo
19%
150
14%
JaD
23%
Nov
24
725
17
JaD
24
Nov
1S,6
1%
400
1
1
5%
22%
9%
137%
1%
1,000
%
%
Jan
2%
Jan
3,000
n
Aug
Sept
1%
%
Feb
Feb
550
5%
Prod—
♦
*
B
%
%
Raymond Concrete Pile—
18
18
19
39%
4%
19%
33%
Common
6% May
14%
Apr
Nov
11%
Jan
21
Dec
125
July
4%
47%
Aug
0%
Feb
Sept
75%
Feb
7%
Apr
*
38%
Raytheon Mfg v t 0—50c
Red Bank Oil Co
—*
Reed Roller Bit Co.
*
112
*
4%
Reeves
(Daniel)
%
1
com
Reiter-Foster Oil
Reybarn Co Inc
Reynolds Investing
Rice Stlx Dry Goods
Richmond
Class B common
425
10%
42
Apr
Class A...
30
18
9,300
*V7%
Jan
36%
Apr
7%
Jan
66% May
98%
Jan
48
Rainbow Luminous
20
114% 119%
320
1,600
-
Ry A Utll Invest cl A
1,450
105
114%
92
130
89%
129
129
$3 conv preferred
30%
Nlles-Bement-Pond
104%
109% 109%
48
Dec
Ry A Light Secur 00m
500
51C
For footnotes see page
109%
85
Quebec Power Co
Rad com
33
17%
32%
75
400
3,000
1,200
26
2%
Jan
June
34%
July
Jan
Jan
Jan
May
July
9%
7%
8
400
"16
1
8,400
*i«
10
1
5%
5%
2%
5%
2%
500
1,500
4%
1%
*
12%
12%
„&ooo
1
5%
5%
3,000
12
5%
7%
20
3
""%
2%
19%
46
Jan
21
*
*
Feb
Feb
6%
6%
3%
1%
7
3%
12%
6%
Rochester G A E Corp—
104%
6% pref class D
100
RochesterTel6% % 1st pf 100
Rogers-Majestlo A
*
Sept
May
Niagara Share-
Electric
Jan
45
Class
6
28%
Class B opt warr
Noma
101%
Apr
*
*
5
Pyrene Manufacturing.. 10
Quaker Oats com
*
6% preferred
100
1,100
pref 100
Class A opt warr
Oct
May
48
$5 preferred
$6 preferred
Pyle-National Co
700
2%
5
Niagara Hudson Power—
Common
15
26%
800
700
17%
2
*
6% % pref.. 100
Jan
33%
550
Puget Sound P A L—
16
1
New York Transit Co
15%
800
45%
360
100
2
*
Founders shares
500
39
44
85
Pub Utll Secur $7 pt
1,700
Shipbuilding Corp—
N Y Steam Corp com
28%
38
79
6% preferred
*
pref..100
preferred
27
Pub Service of Okla—
*
N Y Auction Co com
113
28%
16
5
New Haven Clock Co
New
112%
100
preferred
New Bradford Oil
New
113
"29%
100
Nev Calif Elec com
7%
*
9%
39
104%
30%
32%
Common
2,000
1%
*
4% June
21%
Jan
98%
Jan
6% prior Hen pref... 100
7% prior Hen pref.-.100
25
11%
pref..100
Nelson (Herman) Corp
6
Neptune Meter class A___*
110
44
com..*
60
1%
1%
Nelsner Bros 7%
100
4,400
101%
37%
14%
Pub Serv of Nor 111
10%
*
9
39
Apr
Jan
77%
103
64%
35%
100
1%
100
50
100
100
1,200
1%
Nehl Corp common
40
Indiana—
*
*
"10%
Nebraska Pow 7% pref.
97
500
97
101%
106
Colo—
$7 prior pref....
$6 preferred
12.50
Transit
8»%
716
38
Co
6% 1st preferred
7% 1st preferred
9%
13%
16~700
Nat Union Radio Corp... 1
National
58,700
Prentice-Hall Ino
50
18
com...*
500
316
9
100
3%
13
Nat Mfg & Stores
6%
6%
*
Plough Inc
Potrero Sugar com
24,200
50
Nat Leather common
Ltd—1
.
Pittsburgh Forgings
1,100
Corp..*
$5.60 preferred
1
Erie.50
1
Pittsburgh A Lake Erle.50
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
12,600
National Fuel Gas
National Investors com—1
Dec
Pitts Bessemer A L
3,100
3is
4%
1
National Gypsum cl A—5
Dec
49
Pitney-Bowe6 Postage
3
*
36%
200
200
8%
40%
Natl Container new com_.l
Nat Bond A Share
Ry—100
*
Pines Wlnterfront
com.l
Nat Bellas Hess com
500
4
20
Pierce Governor com
500
Nat Auto Fibre A v t c.__*
National Baking Co
37%
36
36
100
preferred
34%
*
Nachman-Sprlng filled
40%
39%
49%
106
10
pref ser A
33
Mountain Sts Tel A Tel 100
Mueller Brass Co com
1
33
Rights
Mtge Bk of Col Am shs
63
Dec
100
*
pref
*
Phlla El Pow 8% pref...25
Phillips Packing Co
*
Piedmont A Nor
155
%
Distillery.. 1
Philadelphia Co com
6%
Apr
35%
Phlla Elec Co $5
7%
100
Preferred A....
Moore (Tom)
*
conv
*
Ltd com
Perfect Circle Co
Feb
36%
800
49
3%
5%
91
91
Pie Bakeries Ino com—
400
155" 156"
Pepperell Mfg Co..—-100
Common
1,675
38,400
3%
3%
Co
3%
6,300
2,100
Phoenix Securities—
875
106
9%
2,650
50
*
Penn Salt Mfg Co
39%
38%
%
preferred
28%
Utll. .10
Montana-Dakota
Pennroad Corp v t c
Jan
19
91%
41%
7% pref—.100
Pow pref..100
2d
Preferred
1%
22%
*
Mid-West Abrasive com50c
Minn P & L
Peninsular Telep com
$6
4%
60
1st
Michigan Bumper Corp_.l
Michigan Gas & Oil
*
3
3%
36%
Patchogue-PlymouthMllls*
Dec
%
High
Low
Shares
49
3%
7%
Pacific Public Service...
Feb
65
%
4%
100%
1%
40
Apr
Dec
1
High
55%
—*
Class B com
Dec
Dec
10%
400
1
2
*
32%
50
7%
Ian
Low
36%
60
6 %
No Am Utility
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Preferred
10
ClasB A
Price
Nor Amer Lt A Pow—
preferred
*
Pacific Tin spec stock
*
Page-Hersey Tubes Ltd..*
Pan Amer Airways.....10
Pantepec Oil of Venez
1
Paramount Motors Corp.l
Parker Pen Co
10
8%
1,900
7
Sept
47%
600
46
'16
Mexico-Ohio Oil
4
105
6%
Warrants
Met Edison $6 pref
Dec
Dec
Feb
preferred
Merchants & Mfg cl
Mesabl Iron Co
Mar
14%
79%
Memphis Nat Gas com..6
Mercantile Stores com—.*
Jan
42
1
Master Electric Co
Metal Texrlle Corp
9%
22 V/
60%
*
Masonlte Corp com
7%
Week's Range
Sale
North Amer Rayon cl A..*
Common
Marconi
Last
High
Long Island Ltg—
7% preferred
6% pref class B
Loudon Packing
Range Since Jan. 1 1930
STOCKS
(Continued)
Range Since Jan. 1 1930
Shares
1936
19,
Sales
Friday
1
for
Week
Locke Steel Chain
$6
Dec.
New York Curb Exchange—Continued—Page 3
3972
4,300
1,200
7%
Jan
15%
Aug
Roosevelt Field Ino
Apr
52%
Nov
Root Petroleum Co
.1
1,600
10,500
2%
3%
July
3%
Jan
Jan
11 %
Dec
6%
3%
6
28%
113
$1.20 conv pref
20
15
13%
3%
15
217% 217%
2,400
9,700
200
2
14$
Apr
100
Nov
Sept
113
Sept
Jan
8%
4%
19%
Oot
Feb
Apr
Jan
23
Apr
Sept
Jan
Volume
Last
Week's
Sale
of Prices
Low
High
Par
RoBsIa International
Royallte Oil Co
Royal Typewriter
Price
*
♦
Russeks Fifth Ave
Ryan Consol Petrol
500
Jan
1354
Jan
454
Dec
Apr
8
1354
21,200
454
6,800
11654
75
S16
11,000
>4
Nov
m
-
115
-
516
34
354
134
70
Apr
654
654
100
234
Aug
854
854
10 34
59,700
334
Jan
117
11854
117
440
454
8,300
Schlff Co common
*
Schulte Real Estate
May
55
60
234
354
*
3634
34
3834
3534
54
26
Jan
May
Aug
123
Dec
Feb
7
Dec
1034
Dec
118J4
Dec
71
Oct
634
Apr
30
Apr
52
Dec
42
Jan
i85
Sept
434
354
Br,os Inc
*
8egal Lock A H'ware newl
700
234
Jan
6
Dec
Apr
49
Nov
6,900
4134
134
254
Selberllng Rubber com...*
554
"254 "234
Jan
434
Mar
6,300
6
31
*
50
31
Tan
2934
6
Dec
Nov
2
40
Mar
Jan
454
Feb
98
95
98
850
81
Jan
9734
98
2,900
78
Jan
98 34
99
Oct
95
2
Oct
234
154
Mar
Feb
1
354
334
334
25
Allotment certificates
6,900
254
Oct
Selfrldge Prov Stores—
£1
Amer dep rec
34
1,500
Apr
454
1654
2 0 34
2534
300
14134
1,600
117
10
110
16
*
13,500
13,500
11134 11134
1
Seton Leather
54
1034
534
2454
Sentry Safety Control
com
June
54
24
1034
Seversky Aircraft Corp
1
""I %
Shattuck Denn Mining
5
17 %
Shawlnlgan Wat A Pow.
"140k
Sherwin-Williams com..25
137
5% cum pref ser AAA 100
900
7 3%
Jan
334
Oct
Sherwin-Williams of Can.
Sbreveport El Dorado Pipe
Line stamped
25
654
Feb
May
2854
14534
July
34
2034
July
4J
185
5,000
16
Apr
15
116
Sept
Dec
Nov
Apr
Apr
2534
54
Aug
Nov
Dec
8354
370
370
50
376
Calif
328
Sept
Aug
35i
Oct
40
8354
427
Sept
2834
28
""l34 "234
1
800
3",500
3834
26
28 34
25
£2634
2654
Southern Colo Pow cl A.25
5
5
Dec
Jan
19
1634
154
Oct
Jan
9834
3434
1634
334
Oct
Mar
Oct
Feb
3434
Feb
4134
Apr
2734 Mar
2554
Jan
254 May
2954
July
2,800
600
75
*
134
5
So*west Pa Pipe Line
8
8
25
2
834
4034
43
4534
50
4034
4534
4534
300
Oct
141
534
5
10
Southland Royalty Co
South Penn Oil
May
334 June
2834
654
7634
15534
1%'
0
254
July
July
July
Aug
Feb
Feb
600
1 'T
Jan
3,700
2,100
634
Jan
1134
M ar
3234
Jan
4334
Dec
500
44?4
Oct
M»v
60
Spanish & Gen Corp—
Am dep rets ord bear..£l
Am dep rets ord reg
*
*
*
934
.
"354
334
'11%
3834
10
25
1954
Standard Oil (Ohio) com 25
3654
1
Standard
1,300
4
54
Feb
834
29
254
34
33
Sept
3854
Dec
Dec
July
434
Jan
134
Feb
41V4
F»>a
"5
454
A or
Silver Lead
'2334
$3
cum
Nov
10
Dec
16L>
Feb
1854
12,100
1134
Apr
1854
Dec
734
700
534
434
Oct
Oct
10
7
Oot
234
July
5
Deo
834
9434
Jan
16
Dec
AUR
Aug
9434
434
12
Apr
22
Mar
734
3534
134
Apr
1034
July
Feb
Apr
52 34
Oct
Jan
Oct
Dec
7
434
934
1
234
Common class B
$6
'""734
♦
1st pref
conv
Am dec rets ord reg
"6134
United Profit Sharing
1054 182,900
1,600
118
11954
234
234 25,800
254
Oct,
254 May
234
Apr
6 54
Dec
5
Dec
900
25
Apt
6954
Dec
1934
Oct
2634
Dec
I
1st pref with warr
U S Lines pref
59
$7
1st
conv
Sterchl Bros 8 to res
United Verde
"766
234
20
1054
4
preferred
Sterling Brewers Ino
..1
Sterling Ino
1
B) Co oom
20
10
1634
17
10,300
734
60
134
234
700
z9034 £9054
2
234
2,300
454
*
20
------
(S> A Co
..*
*
8unray Oil
1
pref......50
Sunshine Mining Co... 10c
Swan Pinch Oil Corp
16
Swiss Am Elec pref
100
434
19
854
534
1234
23
200
1
2134
1234
1334
300
*
2734
28
200
6
134
Universal Insurance
8
Unlvereal Pictures
"23""
64
3
2554
Jan
200
554
Nov
5
2534
------
------
334
28
3
2654
334
84
..104)
434
8
134
2
93
9354
33
35
Waltt A Bond class A.... *
12
*
2
...
1054
2
2
94
Tampa Electric Co com..*
Tasty east Inc olass A
1
38
3034
88
(RC) A Co
*
Williams Oil-O-Mat
Ht._*
4
*
Williams
7
134
*
Conv preferred
834
Oct
Wolverine Tube com
"11k "1354
18", 300
5554
50
3754
38
254
400
2134
554
5
------
75
454
40
2,700
5,000
434
23
534
Oct
M
ar
May
654
4,800
25
75
Dec
654
3234
9,300
154
234
July
81
2
Woodley Petroleum
Woolwortb (F W) Ltd—
1
434
8
134
834
654
2,600
95a
3,025
5054
900
1434
1054
700
""354
Mar
134
Oct
Feb
1946
Dec
1st A ref 5s
Nov
1st A ref 5s
.......1951
1956
3734
Jan
1554
734
954
64
Jan
June
1134
Apr
11234
Jan
May
May
Mar
254 June
7
1054
1
634
1034
77
10254
Dec
May
Apr
30
Aug
July
15
Dec
31
734
9 <4
88
534
10
1634
3
15*4
4254
1754
Oct
4
Feb
97
834
11
400
2134
Dec
2134
2154
734
10434 10434
1,000
10734
10734 10734
10454
10434 105
2,000
23,000
1,000
27,000
103
103
"9834
9854
99
9234
93
1st A ref 5s
1968
1st A ref
1967
93
An«r
Aluminum Co
f deb 5s '52
106
106
Feb
Am El Pow
Jan
Amer O A El deb 5s.. .2028
107
10634 10634
3654
3634
10734
107
2008
106
106
434«
s
Corp deb 6s '57
Dec
10234
Nov
106
Apr
Mar
113
Apr
Amer Radiator
Feb
Am Roll Mill deb 5s._1948
Feh
Amer Seating 6s stp
5s
called
Am Pow A Lt deb 6s. .2016
4348—1947
1946
10154
"10334
105
10634
106
10154
1:10354 104
10334 10354
10634
105
113,000
24,000
1,000
2,000
165,000
15,000
148,000
4l",000
9,000
11954
11954
58,000
9,000
2,000
Ark-Louisiana Gas 5s 1951
102
102
10254
Arkansas Pr A Lt 5s..1966
104
104
10454
Debenture 6s
Jan
14
10454 10534
Appalachian El Pr 58.1956
Appalachian Pov Ss.1941
For footnotes see page 3975.
Jan
Sept
Jan
Oct
54
134
June
Dec
1942
1st A ref 5s
54
't« June
54
Oct
Oct
334
Jan
7
754
Oct
3634 Sept
154 June
£2234
934
73
434
Dec
Feb
Dec
Feb
BONDS—
Jan
2,000
1334
234
2b4
3834
2934
554
1,700
Oct
34
34
554
Mar
134
634
1034
May
1834
loo
3
35
1234
3
325a
134^134
19
June
8
9534
800
254
2134
654
400
134
134
Apr
May
2,700
254
70
£105 £105
------
Aug
534
6
150
50
33V%
July
1 354
834
25,000
3,200
107
Toledo Edison 6% pref. 100
48
354
Jau
134
534
454
3
Sept
254
8
234
634
834
72
4W
------
900
Jan
534
Aluminium Ltd deb 5e 1948
1954
400
900
1,300
May
534
96
Mar
Tobacco Securities Trust
£1
£1
200
1,700
Jan
May
12 34
Dec
634
3,000
104
May
1234
12
~6", 600
20
4
May
200
69
"T
700
May
3
Alabama Power Co—
1354
354
50
734
Abbott's Dairy 6s
5054
9
50
6634
Oct
13
Tobacco and Allied Stocks *
5,800
2,700
1,600
2,100
734
Dec
46
Tlshman Realty A Const. *
4,700
1,000
68 54
Yukon Gold Co..
18
18
Ltd..*
Youngs town Steel Door..*
Wrlgbt-Hargreaves
134
154
32
80
(new)...*
Amer dep rets
334
3,600
1054
Wise Pr A Lt 7%
11234
2
26
7% preferred A
100
Tonopab Belmont Devel.l
Tonopah Mining of Nev..i
88
1554
1334
*
3034
15
1054
1
Wll-Iow Cafeterias Ino
3
66
1
46
Corp
72
Wilson Products
*
Am dep rets def reg
69
10134 10134
1134
1134
Apr
6
Am dep rets ord reg
10134
8eot
...2
Tobacco Prod Exports...*
West Va Coal A Coke
Dec
100
...1
"71"
West Texas Utll $6 pref..*
96
2
Tllo Roofing Inc
834
234
3534
2834
9
7%
""700
434
Thew Shovel Coal Co
6% pf.100
Western Grocery Co
20
Western Maryland Ry—
"~9lk "94"
454
_
Supply A..*
Jan
2154
Texon OH A Land Co
1
2434
1
Texas P A L 7% pref
Western Air Express
9,100
Technicolor Inc common.*
1
5
2754
"26k "2134
2
pf. 100
3354
2754
234
4034
Nov
1654
1,000
1354
'
Mar
Jan
81
300
Wilson-Jones Co
1554
5554
24
20
"4,660
Apr
102
1254
Tenn El Pow 7 % 1st
234
3354
15434
'
Taggart Corp common
*
Talcott (J) Inc 534% pf-60
Tenn Products Corp com. *
.1
Wayne Pump common... 1
Walker Mining Co
1,800
754
Wahl (The) Co common.
Winnipeg Electlc ol B...»
pref.. 100
Wolverine Portl Cement. 10
Syracuse Ltg 6% pref-.100
Teck-Hugbes Mines
2654
754
134
7
654
Feb
9,700
21,400
1,300
2,150
6,000
13,800
3
Waco Aircraft Co
ig
18
554
3
93
3
27
34
734
1354
21
Jan
650
1
pref..100
Vogt Manufacturing.!
_*
854
134
Jan
6,500
10
Va Pub Serv 7%
72
Jan
Jan
134
6
16,300
54
3
8634
Nov
June
Aug
334
7334
454
134
22
May
234
134
22
8734
934
Jau
54
*
354
Sept
Aug
May
773%
2934
900
254
243£
96
Jan
Jan
154
454
154
Jan
May
134
46
4V4
3,600
134
70
I*
28
500
1134
134
854
4254
30
1,100
234
26
conv
Taylor Distilling Co
Nov
Aug
6634
»
10,600
1,350
3
July
Jan
*
434
254
14
234
Apr
3
Westmoreland Co
Oct
Jan
434
2234
54
134
Westmoreland Coal Co
734
Apr
42
900
454
Conv preferred
Utll Pow A Lt common
7% preferred
334
9434
Sent
Sept
.93.
8534
234
11
134
pf 100
454
257
Sept
54
234
Utility Equities Corp
*
Priority stock
"
Utility A Ind Corp com..
Class B
3734
100
5
Utah Apex Mining Co
Utah Pow A Lt $7 pref..
Jan
«54
Jan
83
I
454
*
com
Sept
June
19
1234
134
354
Nov
1,800
July
July
Jan
134
12,300
8,400
2,500
11,500
16,700
134
3
Nov
654
2134
716
134
Universal Products
8*
475
72
7
£49
26
Stutz Motor Car
Sullivan Machinery
634
100
5,800
734
59
3
*
1234
Nov
Aug
854
914
Jan
3
1st preferred
100
Western Tab A Sta.......
Oct
1554
------
6
Stlnnes (Hugo) Corp
Dec
Mar
9434
Jan
R»4
3,500
10
Western Auto
Nov
234
Jan
26
West. Cartridge
4,200
1,275
100
"234
Universal Consol Oil
Jan
1034
4,700
50c
United Wall Paper
Dec
954
2 34
*
Exten
54
__
Nov
54
United Stores vtc._
634
60
Nov
65
600
234
43
*
1st preferred
2d
July
3754
Jan
9434
734
pref
6,900
75
68
Jan
6 34
U S Stores Corp com
39,900
2034
10854
Jan
20
Corp com.. *
7% preferred
100
54
*
2934
42
'1634
U S Rubber Reclaiming.
634
100
15,100
9334
134
U S Radiator
34
*
634% Pref-
Dec
800
Jan
Jan
54
..*
*
10
U S Playing Card
534
34'
534
Dec
123
48,600
41
U S and Int'l Securities..*
July
Feb
1054
I
1
11
July
Jan
834
9434
100
1934
10734
4
734
41
common...*
Jan
Jan
2»4
1334
6434
634
734
US Dairy Prod class A...*
Cla«s B.
..*
233%
1454
Jan
July
25554
25
Apr
97
Aug
Mar
8134
54
8634
334
554
10
93
"l34 "154
United Shipyards com B__ 1
United Shoe Mach com..25
3,300
5,000
8,400
954
634
»
1954
6954
154
10
Preferred
Venezuelan Petrol.
15,000
154
United N J RR & Canal 100
Venezuela Mex Oil Co
26 34
100
43
£1
Ar>r
2154
7 34
United Molasses Co—
Dec
434
1,200
9 34
United Milk Products.^..*
$3 preferred..
*
1834
23J4
v
2054
93
*
6334
5
16
Oct
fl?4
118
1st $7 pref non-voting .*
Option warrants
United G A E 7% pref. 100
United Lt & Pow com A..*
Jar
57,700
1434
1454
8
134
Mar
40
8,600
2,700
*
July
75
400
434
934
*
United Corp warrants.....
United Elastic Corp
*
354
200
534
4
19
19
1234
3534
1734
7,300
954
8
554
1534
& part pref
100
2034
1
Stein (A) A Co common
Todd Shipyards
13,100
3,900
7
1234
Warrants
200
1234
Dec
Feb
1634
United Chemicals com
200
38
Jan
50
Go
354
35
2334
1034
Wentworth Mfg Co
Steel Co of Can Ltd
634%
2,600
Nov
100
Union Stock Yards
1634
Wholesale
Stetson (J
5454
*
6234
67
*
Co...]
Starrett (The) Corp
Stroock
654
Feb
5034
1354
5454
10
United Aircraft Transport
Utlca Gas A Elec 7%
Dec
Dec
13
May
10
Feb
H
34
10 V4
Phosphate A Acid Wks20
Standard
3754
Sept
6
..2
Feb
Jan
Jan
yi
900
350
39
1154
...*
Preferred
Products
400
10634 10654
554
434
100
Common class B
Mar
8
1234
834
Class B
354
6 % preferred
Standard PA L
2134
75
1234
3,200
734% pref...25
5% preferred
15
*
Standard Oil (Neb).
Ulen A Co
6154
Common
Standard Oil (Ky)
1,500
3854
54
Stand Investing $5.60 pf.*
standard
934
9
3734
•
Standard Cap A Seal com.5
Standard Dredging Co-
Conv preferred
300
3754
Utah Radio Prod
'ar
a
100
£1
Spencer Chain Stores....
Square D class A pref
Stahl-Meyer Inc com
Standard Brewing Co
Feb
1634
*
U S Foil Co class B
700
7% preferred
100
Southern N E Telep._.100
Southern Pipe Line
Southern Union Gas
Jan
534
54
..*
U S Finishing
310
3954
2 8 34
2 7 54
534
5% original preferred.25
pref series C
534
Jan
11
80c dlv pref....
Twin Coach Co
Nov
Edison—
6% preferred B.
Jan
154
1254
1
Tung-Sol Lamp Works
July
Jan
9634
Typewriter v t o com... *
Smith (Howd) Paper Mills*
Corp
334
3,000
934
1
Preferred.
Sioux City G A E 7% pflOO
Smith (L C) A Corona
Southern
Oct
35
*
Simpsons Ltd 63$ % pfd 100
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep reo ord reg. £1
So no tone
Class A
Preferred.
Slmmona-Boardman Pub—
Conv pref
4,000
254
United Gas Corp com
534
Selected Industries Ino—
$5.50 prior stock
454
2
3534
Tublze Chatlllon Corp_..l
Union Gas of Canada
50
434
*
Oct
134
82
78
Securities Corp general...*
High
2
Am dep rets for ord reg_.
Trunz Pork Stores
Feb
41
175
Seeman
Low
Shares
454
1
Union Traction
Scranton-Sprlng Brook—
Water Serv $6 pref
*
Common
Common
Tri-Continental warrants..
Unexcelled Mfg Co
49
49
Manufacturing.25
800
Sept
154
1,800
1516
Range Since Jan. 1 1936
for
Week
Triplex Safety Glass Co—
35
5
Selby Shoe Co
Dec
Oct
Nov
354
*
com
Mar
5054
9834
3934
-----
5
100
Savoy Oil Co
2654 June
3834
Jan
Price
Range
Trans Lux Plot 8creen—
1234
—
Par
Mar
35
St Lawrence Corp Ltd...*
Scovllle
100
of Prices
Low
High
154
1234
Safety Car Heat A Lt-.lOO
St Anthony Gold Mines.. 1
preferred
200
9534
54
Week's
Sale
Jan
*1,
-----
..*
St Regis Paper com
ni6
5054
9534
Last
High
Low
Shares
41
-
*
Rustless Iron & Steel....*
Sanford Mills
--
9534
STOCKS
(.Concluded)
Range Since Jan. 1 193b
for
Week
700
54
--
*
Range
Sales
Friday
Sales
Friday
STOCKS
(Continued)
7%
3973
New York Curb Exchange—Continued—Page 4
143
10734 108
2024
104
Apr
107
I0234
9654
Jan
10734
Feb
Nov
Feb
105
Dec
96
Feb
84
Mar
10334
IOO34
9434
10834
Oct
Oot
Oct
Mar
107
Nov
7934 May
105J4 May
10334
Feb
1334
Jan
106
Jan
106
Dec
3734
10834
9234
Jan
102 34
103
Jurn
105
102
Ma>
10734
Aug
Dec
Mar
10634 Nov
1033% June
10534
Jan
Mar
Feb
Oct
1043%
10734
11354
Apr
107
Feb
Fel
10834
7,000
102
Dec
10254
Dec
98,000
98
Fel
10434
Sept
121
Tan
Nov
11
Sales
Friday
BONDS
Last
(Continued)
Sale
Price
Associated Elec 4%s_.1953
Associated Qas A £1 Co—
Conv deb
5%s
1938
Cobv aeb
4%s C...1948
Conv deb
4%s
1949
Conv deb 5s
1950
Debenture 5a
1968
Conv deb
6%s
Assoc Rayon 5s
Assoc T & T deb
5%s A '55
Atlanta Gas Lt
1950
4%s..l955
Week's Range
of Prices
High
Low
for
Oct
117
Mar
Jan
124
Deo
Houston
116%
Jan
7,000
3,000
46,000
15,000
47,000
3,000
11,000
34,000
78,000
46,000
8,000
10,000
134
Jan
35%
1043$
Atlas Plywood 5%s___1943
23,000
53
12,000
54% 132,000
59% 138,000
59
89,000
63
7,000
99%
8,000
84% 45,000
13,000
6,000
28
27
Jan
69
80%
Mar
61
Mar
61
Oct
July
Oct
Oct
30
Jan
66
Oct
29
Mar
65%
Oot
33
Mar
70
Oct
75
Jan
78
Jan
100% Nov
91% Mar
100% May
105%
Nov
Jan
105%
Oot
96%
Baldwin Looom Works—
6s with warrants... 1938
6s stamped w
6s stamped x w
115%
1st M 5s series B...1957
6s series C
1960
Bethlehem Steel 6s
Broad River Pow 5s.. 1954
97%
8534
100%
__
Carolina Pr A Lt 5s
1956
Cedar Rapids M & P 5s.'53
Cent Arts Lt A Pr 5*. 1960
Nov
Nov
73%
Apr
175
166
75
Apr
166%
Nov
115% 116
123% 124
106
97%
85%
97
87%
100%
Nov
1st 5s series A
1st
1st
1956
4%s
ser
F.1967
5s series G
1968
4%b series H
104% 106
113%
104%
112%
103% 104%
112
113%
104% 105%
112% 112%
106
103%
103%
104%
1981
Cent Ohio Lt & Pr 5s. 1950
106
98%
90
Nov
1978
102
102
102
1981
Hygrade Food 6s A...1949
104
104
104
79
79
81%
1949
79
79
80%
6s series B
Oot
Idaho Power 5s
109
Jan
Illinois Central RR 6s. 1937
108
Feb
111 Northern Utll 6s... 1957
105%
Aug
111 Pow A L 1st 6s ser A '53
116%
Mar
105%
114%
107%
Dec
1st A ref 5s ser O... 1956
Nov
Mar
Sfdeb5%s...May 1957
Indiana Electrio Corp—
96%
101%
101% 102%
104% 104%
~94%
95
93%
107% 107%
1st A ref
103%
Jan
105% Mar
64
Jan
99%
63%
Jan
104%
104%
Sept
102%
Dec
Indiana Hydro-Eler 5s '58
104%
Deo
1948
1954
67%
68%
73%
90%
69%
74%
105
105%
J104% 106
9,000
20,000
72,000
160,000
114,000
54,000
34,000
96
Jan
May
88% June
82%
99%
1950
1st lien A ref 5s
1963
Apr
102
101%
1966
"75%
Conv deb 5s
1950
Cities 8ervlce Gas 5%s '42
Cities
Service
Gas
Pipe
75%
Cities Service 5s
Line 6s
1943
Cities Serv PAL 5%s. 1952
99%
109% 109%
1927
101%
.
102%
81%
83%
101% 101%
103% 104%
74%
77,
74
77
101% 102%
65
104%
103
72%
103%
71%
71%
Commera A Prlvat 6%s '37
Commonwealth Edison—
54
54
1st M 5s series A... 1953
1st M 5s series B...1954
111
110%
111
110%
110%
112
113
113
1949
1st 4%s series C...1956
1st 4%s series D
1957
1st M 4s series F
1981
8Kb series H
1965
Com'wealtb Subeld 634s '48
Community Pr A Lt 5s '57
112%
106%
106%
103%
83
Community P S 5s
1960
Connecticut Light A Power
„74
74
55
112% 113%
106% 107%
106% 107%
103% 103%
81%
83%
100% 100%
1951
$128
34,000
Apr
99
Deo
1,000' 109%
9,000
67,000
22,000
43,000
37,000
534,000
39,000
2,000
166,000
138,000
5,000
21,000
4,000
2,000
17,000
51,000
17,000
39,000
135,000
13,000
130
434s seriee C
1956
105
105
5s series D
1962
105% 105%
109
Gen mtge 434s
1964
Oonsol Gas El Lt A P (Bait)
1st ref n t 4s..
1981
Oonsol Gas Utll Co.—
ser
100
June
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
1944
Dallas Pow A Lt 6s A.1949
5s series O
109%
98
31
93%
102%
99
81
98%
31
31%
94%
92%
102% 102%
99
99%
80
81
107% 107%
$105% 107
1952
5s 1st series B
109
10,000
3,000
2,000
2,000
7,000
304,000
9,000
4,000
3,000
13%
76
International Seo 5s.. 1947
101%
Jan
93
Jan
69
Nov
68%
97%
Nov
101% Dec
104% Dec
86% June
85% June
103% July
67
Jan
83%
Dec
102
Mar
65%
Jan
66%
Jan
34
Feb
105
80%
80%
55%
Aug 1 1952
Certificates of deposit.
Deb 7s
Aug 1 1952
Certificates of deposit.
Dixie Gulf Gas 634s.. 1937
Eastern Gas A Fuel 4s 1956
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s '66
El Paso Elec 5s A....1950
Empire Dlst El 5s.... 1952
Empire Oil A Ref 634s. 1942
102%
106%
9
105
*6*,666
108%
102%
106%
105%
108%
106%
1,000
37,000
24,000
106%
11,000
103
First Bohemian Glass 7s '57
Fla Power Corp 5%s..l979
58%
58%
105% 106%
$29%
92%
92%
5s ex-warr stamped. 1944
Gatlneau Power 1st 5s. 1956
100%
102%
100%
"94%
Certificates of deposit.
99
100
100% 101
102% 103%
100% 101%
99% 100%
General Rayon 6s A.. 1948
Gen Vending C rp 6s. 1937
see page
101 % 102
103% 103%
104
104%
$101% 102%
104%
104% 104%
100
General Pub Serv 5s..1953
Gen Pub Utll 634s A. 1956
6e aeries D
4%s series F
1958
Iowa-Neb L A P 6s
June
Italian Superpower 6s_ 1963
Jacksonville Gas 5s...1942
113%
Jan
113%
Mar
113%
108%
Deo
Nov
108
Nov
106
Feb
110
86%
101
Oot
Sept
85%
103%
4%s..l958
Dee
Jan
July
113
1961
Isarco Hydro Elec 7s. 1952
Isotta Frasohinl 7s
1942
Apr
67%
1957
Iowa Pub Serv 5s
Mar
72
...1956
1957
105%
May
105
105%
128%
Dec
Dec
109
Jan
Dec
109
Jan
109
Deo
112% May
Jan
125
Nov
104%
Deo
110
Feb
1,000
4,000
100% 100%
103%
$103
94%
95%
70
$25%
25%
3975
70
3,000
8,000
25%
108
101
01%
Feb
Deo
Dec
50%
108%
Jan
76%
Oot
Jan
110%
July
105
Oot
107%
Jan
72
Jan
May
99%
43%
Deo
25
21% June
103%
May
Jan
32% Jan
107% July
106
101%
Jan
99
29,000
3,000
55,000
1,000
14,000
75%
78%
43,000
84
4,000
105
12%
105%
15
Oot
36,000
268,000
Deo
107%
Mar
Mar
107
Aug
56%
Jan
82
.58
Jan
81%
107
Mar
109%
Jan
102%
Jan
109
Feb
100%
Dec
Jan
106%
Nov
95
Jan
104%
Dec
86
Jan
99%
96
Jan
104
Jan
105% Sept
102
104
82%
100
86%
106%
91
Feb
Feb
Sept
Deo
Oct
Dec
Jan
97%
Sept
Nov
108%
Apr
Jan
101%
Feb
104% May
108% Deo
108
Oot
111%
Feb
Jan
84%
Oct
63
Jan
84
Oct
69
Sept
05
104%
4%
Jan
Jan
96%
100%
Jan
Oot
17
Feb
68%
70%
50
Jan
83
July
74
76
54
Feb
85%
July
76
53%
Feb
85% July
68,000
3,000
38,000
107
107%
7,000
59,000
101% 101%
72
74
160,000
67%
69% 42,000
91%
90%
86%
85%
104% 105
103% 104%
105% 105%
105% 105%
41,000
46,000
48,000
5,000
5,000
29,000
23,000
107
Jan
109%
103%
Feb
Deo
98%
Aug
69%
Aug
88
Feb
59
Aug
79%
Jan
81%
Apr
Apr
93
65
70
51
53
23",000
56
5,000
106
104%
Nov
87%
106%
103
Dec
106
104%
101%
Apr
100%
Oot
Jan
July
Jan
Feb
Jan
107
Deo
44
Jan
75
June
May
90
Feb
Jan
71
June
39%
106%
1,000
45,000
3,000
Kansas Power 5s
102% 103
4,000
61
Jan
105%
120% 120%
1947
78
65
63
106
Aug
108
Jan
106
Mar
103%
Jan
Jan
Feb
106%
122%
103%
Mar
Dec
Oot
100%
Sept
July
47% May
115%
100%
Kentucky Utilities Co—
"99%
5s series I
...1969
Kimberly-Clark 5s... 1943
Koppers Co deb 5%*. I960
Lake Sup Dist Pow3%sl906
Lehigh Pow Seour 6s..2026
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5i '42
Sept
48
Jan
85%
Jan
95
Aug
101%
88%
Aug
Jan
104
Apr
97
103%
Louisiana Pow A Lt 5s '57
Manitoba Power 5%s.l951
102% June
83% Apr
Apr
110
Jan
Sept
108
May
101
97
96%
103% 104
32,000
15,000
24,000
4,000
41,000
6,000
10,000
Feb
108%
Feb
103
90
Apr
103%
103%
100%
106%
102
7.000
103%
102%
5.000
105
32,000
Apr
95%
103%
75%
Jan
Dec
Dec
Feb
Nov
Jan
Feb
Apr
Jan
Jan
99%
Aug
Sept
104%
Apr
100% June
101% Dec
112% June
105
106
Sept
Aug
104%
Oot
107%
Mar
106% May
97
MoCallum Hosiery 6%s '41
McCord Rad A Mfg 6s '43
97
1,000
97
Dec
26
26
1,000
27
Aug
*8,666
103
Oot
41,000
106
Nov
Mansfield Mln A Smelt—
106
90
8,000
13,000
103% 103%
.1942
Jan
47,000
99% 100%
97%
100% 101%
110% 110%
104
104%
104% 104%
104% 104%
106% 106%
105% 106%
Long Island Ltg 6s... 1945
Lone Star Gas 5s
97%
106% 106%
97%
0%« series D
1948
5%s series F.......1955
70
102% May
105%
Apr
107% May
99%
Jan
105%
Jan
102%
Jan
109
Feb
103%
Aug
107%
106%
Mar
July
7s without warrants. 1941
Memphis P A L 5s A.. 1948
Metropolitan Ed 4s E.1971
Middle States Pet 6%s '45
Jan
Oct
15
Oct
Mississippi Pow 6s
1965
Jan
8
Oct
Miss Pow A Lt 5s
7%
Jan
91
Nov
74
Jan
99%
102!
98!
80!
40%
105%
75%
99%
102
104
Jan
94%
93%
110%
105%
Jan
104
Mar
Jan
92%
Oct
Aug
Nov
Dec
Dec
Aug
July
Dec
Jan
69
June
Jan
108
June
July
31
Nov
Jan
97%
Oot
5s
1955
105%
92%
105% 106
92%
91%
102
Aug
July
105%
Feb
July
Feb
6%s '55
5%s
1944
Munson SS
6%« otto..1937
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
Deb 5s series B
2030
Nat Pub Serv 5s ctfs. 1978
Nebraska Power 4%s.l981
6s series A
2022
Nevada-Calif Elee 5s. 1966
New Amsterdam Gas 5s '48
106%
Feb
95%
105%
Jan
Mar
Apr
100
Dec
New Eng Pow Assn 5s. 1948
Debenture 5%s
1954
New Orleans Pub Serv—
88%
Jan
101
Dec
92%
Jan
Deo
83%
Jan
82
Jan
96
98
July
May
103%
101%
100%
102%
79
Jan
96%
30
Jan
71
Nov
27%
27%
July
Nov
22% June
June
103
Deo
Deo
Mar
Oot
Dec
99
105%
Missouri Pub Serv 6s. 1947
Montana Dakota Utilities
Jan
20
102%
Miss River Pow 1st 5s. 1951
Missouri Pow A Lt
5s stamped
1942
Income 6s series A.. 1949
N Y Centra! Elec 5%s '50
101% 102%
104%
105% 105%
103
99% 100
92%
93%
108% 106%
101% 102%
106%
Mississippi Riv Fuel 6s '44
Jan
90%
"99%
1957
Jan
101!
10
May
62
$30
103%
Midland Valley 5s....1943
MUw Gas Light 4%s..l967
Minn PAL 4%s
1978
91
~u)66
Mar
Sept
35,000
24,000
94,000
22,000
35,000
104% 104%
100
1,000
Jan
Nov
104%
Mar
78%
75%
1961
102%
4*1*666
44
91%
103
108
"1*660
1947
12*666
28
64
Sept
July
105%
Mar
103%
98
96%
$104% 105%
108% 108%
6s series B
11,000
34,000
76,000
7,000
26,000
1,000
96%
4%s series C
N E Gas A El Assn 5s. 1947
Conv deb 5s...
1948
Conv deb 5s.......1950
176,000
Jan
Deo
Feb
38%
Jan
Kansas Gas A Elec 6s.2022
28
28
23*666
Apr
Aug
90
Nov
93
Dec
55
Jan
Nov
85
79
105%
103%
$105
"51"
Stamped
88
101%
Apr
May
11,000
2,000
26,000
24,000
4,000
11,000
32,000
2,000
$65
65
Jamaica Wat Sup 5%s '65
Jersey Central Pow A Lt—
Nelsner Bros Realty 6s '48
101%
103%
Florida Power A Lt 5s. 1954
Gary Electric A Gas—
Deb gold 6s. June 151941
Deb 6s series B
1941
General Bronze 6s
1940
.1952
Iowa Pow A Lt
110%
9
9% 76.000
9%
8%
53,000
3%
3%
3%
15,000
3
2%
18,000
102%
$102
93%
93%
94% 149,666
93
93% 555,000
92%
109
109
110%
6,000
103% 103%
11,000
103%
103% 103% 22,000
92
91%
92%
66,000
Farmers Nat Mtge 7s. 1963
Federal Water Serv 534s '54
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s '42
Debenture 6s
July
110%
8%
Ercole Marelll Elec Mfg—
634s series A...
1953
Erie Lighting 5s
1967
Finland Residential Mtge
Banks 6s~5s stpd.__1961
Interstate Power 5s... 1957
July
110%
29
Mar
Interstate Public Service—
May
Detroit Internet Bridge—
For footnotes
70
1957
1962
June
86%
79
97
72
1955
7sseries E.....
7s series F
107"
104
95%
May
97%
84
76%
75%
international Salt 5s.. 1951
Apr
Apr
101%
"98
105"
105
2,000
104
1960
63*8
104%
97%
Aug
111%
High
Low
86
International Power Seo—
Dec
120
104% 104% 122,000
Delaware El Pow 534s. 1969
Denver Gas A Elec 6s. 1949
Derby Gas A Elec 5s..1946
Det City Gas 6s ser A. 1947
99%
Jan
124
$124% 127
A..1943
Conv deb 0%s w w.1943
Oont'l Gas A El 5s
1958
Crucible Steel 5s
1940
103
1st mtge 5s ser H..1961
7s series A
Oonsol Gas (Bait City)—
5s
1939
103
Intercontlnents Pow 6s '48
Apr
Sept
5s series B
72%
5%s___
105%
Indianapolis Gas 5s A. 1952
Ind'polis P L 5s ser A. 1957
.
1955
105
1957
5s
Indiana Service 5s
62% May
105
1951
6%s series C.
A '52
105%
1953
5s series C...
Feb
Jan
61
95
6%s series B
Deo
Chicago A Illinois
5%e
106% 106%
106
106%
Indiana A Mich Elec 5s '55
5%s ex-warrants
Midland Ry 4%s A1956
106
Indiana Gen Serv 5s.. 1948
Cent States Elec 5s
Ohio Jet Ry A Union Stock
Yards 5s.
...1940
Chic Pneu Tools 5%s.l942
1954
100%
95%
67%
68%
72%
1st A coll 6s
ser B.
57,000
96
Ohio Dlst Elec Gen Ma '70
6s series B
1961
5%s
1947
99,000
35,000
34,000
103% 104%
101% 102%
103% 103%
90
6s series B
107% 108
101% 102
103% June
103% 104
90
Chic Rye 6s ctfB
Cincinnati St Ry
4%8 series D
4%s series E
103% 104
Cent Power 5s ser D..1967
Cent Pow A Lt 1st 5s. 1956
Cent States PAL 5%s '53
103% 103%
1953
Deo
Deo
92%
Light A Power—
107% Sept
124%
145%
Central 111 Public Service—
5s series E
92%
6s series A.........1947
107% 107%
1956
Canada Northern Pr 5s '53
Canadian Pac Ry 6s
1942
173
Apr
106
Buffalo Gen Elec 5s... 1939
Gen A ref 5s
Apr
79
124% 124%
145 145%
1998
Bingham ton L H A P 5s '46
Birmingham Elec 4%s 1968
Birmingham Gas 5s... 1959
77%
152
147
1938
Bell Telep of Canada—
1st M 5s series A
1955
155
12,000
155
9,000
142% 148%
64,000
140% 144
151,000
152
w.,1938
6s without warrants 1938
Gen Wat Wks A El fis.1943
Range Since Jan. 1,1936
i
116
74%
99%
83%
104% 105
105% 10^32
for
Week
114%
73
84
of Prices
High
8,000
11,000
5,000
73
"99 %
Week's Range
Low
18,000
93%
104% 105% 104,000
Georgia Power ref 5s..1967 105
86
86
88%
4,000
Georgia Pow A Lt 5s..1978
Gestural 6s
....1953
34%
$
*9*1*000
Glen Alden Coal 4s
1965 "86%
86%
87
90
8,000
Gobel (Adolf) 4%s...l941
104
103
104
Grand Trunk West 4s. 1950
52,000
Gt Nor Pow 5s stpd..l950
$106% 107%
54",000
85% 101
Grocery Store Prod 6s. 1945
9,000
60%
00%
61%
Guantanamo A West 6s '58
69
71
20,000
70%
Guardian Investors 5s. 1948
8,000
109% 110%
Haokensaok Water 5s. 1938
1,000
5sseries A.........1977
105% 105%
57,000
98%
98%
Hall Print 6s stpd
98%
1947
$
25%
Hamburg Elec 7s
1935
Hamburg El Underground
$
27
A St Ry 5%S..
1938
7,000
103%
103% 104
Houston Gulf Gas 6e..l943
103
103
1,000
6%s with warrants. 1943
55% May
62%
Sale
Price
High
62% 102,000
51%
51%
55%
55%
Last
(Continued)
Low
*
61
51%
52 %
57 H
57 %
BONDS
Range Since Jan. 11930
Week
^
1936
19
Sales
Friday
61%
1977
1st A ref
Dec.
New York Curb Exchange—Continued—Page 5
3974
99%
13
99%
1,000
108%
7,000
103
Jan
90
Sept
Aug
Sept
17,000
6,000
29,000
107!
103!
11,000
1063
51,000
38,000
100
105% 105%
107% 108
105% 105%
78%
77%
99%
95%
16,000
7,000
99%
13
14
Mar
4,000
10,000
Oot
Oot
Oot
Sept
107% May
109% June
108% May
106%
105%
9,000
82 %
Oot
101% May
5,000
16
Nov
104% 105
6,000
106
Feb
104
16,000
107
93%
73,000
47
51% 1222000
$107% 109%
12*,000
124% 125%
5,000
109% 110
97
Aug
July
103
92%
47
125"
"97"
120
77%
77%
77%
100%
101%
94%
92%
77
94%
89
88
104
95%
89%
104
May
125%
110
97
98% 104,000
3,000
119% 120
78
69,000
76%
77
77%
25,000
77%
76%
59,000
100
101% 319,000
100% 102
119,000
104
Dee
112
102
120%
79%
79%
Deo
Deo
Oot
Nov
Feb
Feb
79%
Feb
101%
Dec
Mar
102%
14,000
74%
15,000
69
Jan
92
8,000
97
May
105
105
July
110%
Jan
95%
Dec
Nov
Oct
New York Penn A Ohio—
Ext
4%s stamped.. 195C
$108% 110
Mar
"J
I
Volume
New York Curb Exchange—Concluded—Page 6
143
Friday
BONDS
Last
Sale
(Continued)
Price
N Y PAL Corp 1st 4%s '67
N Y State BAG 4%S.1980
1st 5% 8
..1962
106
102 X
107
N Y A Westcb'r Ltg 4s 2004
Debenture 6s
1954
Niagara Falls Pow5sA1959
Nippon El Pow 6%s..l953
Sales
Week's'Range
of Prices
High
Low
105 X 106X
102X 103X
106 X 107
$103
104 X
112X H2X
$105
107
86X
BONDS
Range Since Jan. 1,1936
for
Week
49,000
29,000
20,000
..1966
Nor Cont'l Utll 5%s__1948
No Indiana O A E 6S.1962
137666
IsTooo
107%
102!
Jan
104
105!
Mar
101!
111!
105!
84!
Aug
Apr
May
108%
106X
Starrett Corp Ino 6s. .1950
St 1 ones '.Hugo) Corp—
Oct
July
Jan
7-4% stamped.....1936
7s stamp ctfli dep. 1936
7-4% stamped
1946
7s stmp etfs dep. 1946
Super Power of HI 4%s '68
1st 4%s
1970
Syracuse Ltg 5%s
1954
Feb
113
Dec
109
Jan
90
Feb
97
Mar
72
Oct
106X
Jan
Apr
Mar
108
Jan
5s series B...
1967
Tennessee Else Pow 5s 1956
13,000
102%
Jan
106
June
Tenn Public Service 5s 1970
Ternl Hydro-El 6%s..l963
22,000
23,000
102%
Jan
106%
Sept
105 X 105 X
105
105 X
104
104
104 X
23,000
22,000
3,000
10,000
24,000
35,000
10,000
8,000
102%
100%
107X
1970
No States Pow 5%s. ..1940
N'western Elec 6n stmpl946
10334
103 X 103 X
104 X
N* western Power 6s A. 1960
N'western Pub Senr 6s 1967
104X 105X
89 X
89 X
104X
104X 105
Ogden Gas 5s
...1946
Ohio Edison 1st 6s....1960
Ohio Power 1st lis B..1962
1st A ret 4%s tier D.1966
Ohio Publlo Service Co—
6s series O......... 1963
6s series D
..1964
10634
104X
1960
.1940
5%s series E
101X
....1961
6s series A
Okla Nat Gas 4%s
1961
58 conv debs
1946
Okla Power A Water 6s '48
Oswego Falls 6t>
QQ
100X
109X
104 X
105X
103 X
101X
QQ
93
$102
Pacific Coast Power 6o '40
Pacific Gas A El Co—
106
Palmer Corp 6s
1938
Penn Cent LAP 4%s.1977
6s.......... .....1979
Penn Electric 4s"f
1971
104 X
98
51
Jan
Aug
Mar
Jan
mb
106
89%
108%
104X
July
July
Nov
107
Mar
112
Feb
107
May
2,000
30,000
105
107%
107
Feb
101%
97X
105
Feb
106
"5(000
Oct
86
Apr
99%
102%
94%
Jan
103
Apr
108
86X
*105"
120X 120X
101X 101X
116X 116X
86 X
88X
102 X 102 X
104 X 105X
$104
102%
4,000
1,000
2,000
91,000
1,000
50,000
106
102 X 102 X
"6(666
98
Jan
Apr
121%
102%
114
Jan
80
Mar
101X
Oct
94%
104
100
Jan
104%
Apr
105%
107X
07%
Jan
103
106 X
105 X 106
23,000
101%
Mar
105X
105X 106
26,000
98 X
Mar
104
Penn Pub Serv 6s C..1947
6s series D
1964
Penn Water A Pow 6S.1940
107
"106"
Peoples Lt A Pr 6s
1979
Phlla Electric Co 6s..1966
Phlla Elec Pow 5%s..l972
107
106
106
111X 111X
106X 106 X
434s series B
...1968
Peoples Gas L A Coke—
...1981
104
98 X
28
98 X
27 X
99 X
29 X
111X
111X 111X
110
110
Phlla Rapid Transit 6s 1962
Phil Bub Co G A E 4% *67
106%
Pledm't Hydro-El 6%s *60
Piedmont A Nor 6s... 1964
105"
96 X
97
106 X 106 X
60 X
62
Pittsburgh Coal 6S...1949
Pittsburgh Steel 6a... 1948
10534
Pomeranian Elec 6s..1953
Poor A Co 6s
1939
Portland Gas A Coke 6s '40
Potomac Edison 6s E.1956
4%s series F
..1961
Potrero Bug 7s ctpd..l947
Power Corp (Can) 4 34 « B *59
Power Securities 6s... 1949
Prussian Electric 6s..1964
105
103
78
101
105
106 X 106 X
105
105X
$22 X
106 X
110X
78
106X
108 X
78 X
100X
100X
26
104
2,000
1,000
7,000
Dec
106%
9,000
8.000
Feb
104%
Jan
111% Sept
Oct
104X
108%
107
114%
Jan
108% June
103
78 X
106X
109
79
145X
142
1st A ref 434s
434s series I
Nov
17,000
102
103%
103 X 104 X
103 X 104X
105X 105X
93 X
Rellanoe Manag't 6s.. 1964
Rochester Cent Pow 6s *63
Ruhr Gas Corp 634s.. 1963
Ruhr Housing 634s
1968
Safe Harbor Water
434s *79
St Louis Gas A Coke 6s '47
San Antonio P S 6s B..1968
San Joaquin
105X
90 X
87
Queens Boro Gas A Elec—
634s series A
.1952
103 X
106 X 106 X
103 X 104
26
$107 X
—
107 X
17X
106X
95
91X
85X
87 X
103 X 103 X
$85
"26
32,000
106,000
55,000
81,000
105
2,000
3,000
8,000
85 X
26X
"5(606
Sept
Oct
Jan
106
Jan
105X
Sept
Jan
104X
Apr
106
July
July
Agricultural Mtge Bk (Col)
20-year 7s.
1946
20-year 7s
1947
Baden 7s
25X
108X
26(000
18
106 X 106 X
Danish
5s
78%
103
Jan
Apr
106%
Mar
103
Jan
14,000
9,000
Mar
25% May
99 X
$102 X
102 X
99 X
87
76
Jan
80
Jan
100%
Jan
81%
Jan
2,000
26,000
13,000
18,000
101X
101 x
115%
Oot
90% July
103% July
102
Oct
106
106% May
108 X
107% June
100!
Aug
99X
2,000
101X 102 X
99 X 100 X
19(066
104%
25,000
6,000
101% Sept
97
98
104
46
98
Apr
Deo
98
Deo
49%
49
107X
105
142,000
102X
3,000
108X 23,000
105
105
111
102 X
45X
102 X
107X
106%
105X
111
97X
70
71
105X 105%
$107X
Dec
107
Jan
108% Deo
107% Nov
107%
Feb
105% Sept
111% Aug
97% Dec
77% Sept
107% Nov
107% Nov
2,000
3,000
14,000
5,000
61,000
10,000
15,000
107
"17(666
107%
Oct
100 X 102
48,000
102%
Nov
Sept
106
ioox
106X
97 X
70 X
100X
107
$106X 107
100X 101X
22% June
105% Aug
12
101%
124
July
Jan
31
35 X
101X 102 X
22 X
22 X
24 X
24 X
21X
1952
5%s
23 X
100 X
1953
21X
109
62(000
17,000
16,000
14,000
104%
Jan
Jan
23 X
24 X
100X
100X 100X
100
$61
23 X
22X
22
22X
22 X
14X
15
20
20
20
14X
91X
14
14X
90
92
Parana (State) 7s
1958
6%s..l959
6%s...l919
Rio de Janeiro
Russian Govt
3,000
3,000
104
104
11,000
104
104 X
8,000
69 X
70
14,000
99% 100
32,000
106 X 106X 116,000
6X8 certificates
1919
5Xs
1921
5X> certificates
1921
Santa Fe 7s stamped..1946
Santiago 7s
1949
7s
23
Deo
24%
26%
Dec
Dec
Feb
$21
21
13X
"99"
13X
$12
98 X
Jan
85
Jan
82%
7% May
12%
Dec
Mar
24
Dec
83%
23%
95%
89%
Dec
Jan
Jan
100%
Deo
Aug
25,000
29,000
1,000
15,000
8,000
21
10,000
16,000
15,000
May
9
May
22
6,000
14
32,000
Jan
Jan
14%
Dec
Feb
92
Dec
18
22 X
13%
9%
63
Jan
Deo
Mar
22%
22%
Jan
14%
Jan
17%
12
"15(606
12% Sept
92%
Jan
26,000
147,000
92,000
IX
IX 49,000
IX
15,000
IX
65X "13(066
12X
7,000
99%
23%
Oot
Apr
26
Dec
99
23 X
10%
Jan
22 X
26
12%
Jan
May
1961
63
12X
$13X
Deo
12% Sept
16X
20
65
Jan
July
19% May
26
IX
IX
IX
$1X
84
102
18% May
18% May
23 X
"Ix
Nov
60
63
23 X
Mtge Bk of Denmark 5s '72
8,000
24%
Jan
May
18 %
57%
90
23 X
6s stamped........1931
104X 104 X
Jan
17
20
55%
89
23
Mtge Bk of Bogota 78.1947
Issue of May 1927
Issue of Oot 1927..
Mtge Bk of Chile 6s
1931
8,000
59,000
38,000
102 X 102 X
107X 107 X
24X
24X
MedelUn 7s series E..1951
Mendosa 4s stamped.. 1951
May
35 X
106X
85 X
100X
100X
$125
$107X
113
Lima (City) Peru 6X8-1958
Maranhao 7s
.....1958
Jan
26
31X
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 6s. 1957
Southeast PAL 6s
2025
86
Danslg Port A Waterways
External 6Xs
1952
Schulte Real Estate—
1970
113
100X
101X
26,000
2,000
105 X 105X
90 X
92 X 142,000
Hanover (City) 7s
1939
Hanover (Prov) 6Xs..l949
98X May
July
4%s series D
91
....1966
68 series A
German Cons Mpnlo 7s '47
Secured 6s
1947
Sept
1st
Aug
5,000
25,000
4,000
3,000
Jan
Feb
24X
104%
105X
25% June
93 X
25
Feb
107 JX
Shawlnlgan WAP 4348 '67
4348 series B
...1968
Mar
~87X 180(660
24
Sept
5,000
Seoond Int'l Seo Us... 1948
Serve! Ine 5s
.1948
Mar
108
32,000
93%
89%
"5(660
33 X
34
Apr
18,000
7,000
12 X
96%
25X
102
84 X
12
106 X
iio"
102 X
61
26X
92 X
7%s stamped
Cauoa Valley 7s
Cent Bk of German State A
Oct
25
1935
June
76%
Deo
4.000
$85
$86
Jan
110
6s ex-warrants
Deo
106
1,000
....1962
..1947
1948
Jan
Saxon Pub Wks 6s... 1937
Sorlpp (E W) Co 6348.1943
107
26
"86 X
......1951
7s stamped
86X
Sauda Falls 6s.......1955
6s with warrants... 1935
104!
104!
Jan
Buenos Aires (Provlnoe)—
Dec
83 X
74
$132 X
L A P 6s B 62
July
98X
$25 X
105 X
I
105
Dec
90
24
Prov Banks 6s B...1951
102
9,000
Pub Perv of Oklahoma—
94
115
FOREIGN GOVERNMENT
103X
101%
91X
40%
106%
Jan
Mar
AND MUNICIPALITIES—
...1966
1966
Apr
104
50X 155,000
60
26
"~97X
16.000
104 X 104 X
104
104X
1st A ref 434s ser D. i960
Quebec Power 6s.....1968
7s with warrants...1954
Ward Baking 6s
..1937
20,000
1,000
26
112 X
107 X
1st A ref 5s series 0.1950
104X
Waldorf-Astoria Corp—
101
Jan
Puget Sound PAL 534s '49
Deo
Jan
29
Feb
74% June
3,000
11,000
108%
105X
60 X
5%s '67
Va Publlo 8erv 6Xs A. 1946
1st ref 5s series B ..I960
6s
1946
101
7,000
2,000
6,000
15,000
1980
Dec
90
5,000
110X nox
1981
48
40
$105X 106%
117X 117X
1937
Vamma Water Pow
"2(000
145X May
..I960
106
Feb
(20,000
v
Jan
1978
77X May
41%
Jan
99%
Jan
Jan
.....1952
Yadkin Rlv Pow 5s... 1941
York Rys Co 5s..
1937
132 %
4s series A...
1944
5s series E
8,000
32,000
ser F.
4Xs
Wtoo-Mlnn Lt A Pow 6s'
Wise Pow A Lt 4s....1966
145X
4%s series D
434s series E
98
Deo
Wheeling Elec Co 5s.. 1941
...1956
6s series C...
Feb
Jan
84%
West Newspaper Un 6s '44
West United G A E 5%s '55
Pub Berv of Nor Illinois
1st A ref 6s
Jan
109%
89
37X July
50
Wash Water Power 5s. 1960
Public Service of N J—
6% perpetual certificates
110%
Oot
106%
95%
West Penn Elec 5s
2030
West Penn Traction 5s '60
West Texas Utll 5s A. 1957
23 X
Apr
104
104
Jan
Utlca Gas A Eleo 5s D_ 1066
.
Wash Gas Light 5s
1958
Wash Ry A Elec 4S..1951
55.000
70,000
10,000
26,000
3,000
16,000
8,000
13,000
1,000
60%
51%
106%
106%
61,000
.1962
6s series A
1973
Utah Pow A Lt 6s A..2022
Apr
July
Aug
Sept
Apr
Apr
40(000 106%
..1974
1969
6s series A....
Sept
108% July
Aug
42
105%
$105
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
Feb
May
106% June
106X Nov
43
106% 107 X
95
93X
93 X
1967
Valvollne Oil 7s
1960
53
Oct
Dec
Apr
Aug
Mar
Deo
Jan
Jan
23,000
107
6X8
Mar
Mar
Dec
65
109,000
1954
United Industrial 6%s 1941
1st s f 6s
1945
United Lt A Pow 6s... 1976
116% May
119%
Feb
102 X 104
5s series B
Aug
5% s series B...1969
Pennsylvania Power 6s '66
Deb
4aseries B...
1944
4X8
..1957
United Eleo N J 4s
1949
United El Serv 7s ex-w 1956
Nov
105%
stamped
49
44
103 X 104
32
$25
39
115
5s series A
Nov
Oct
Jan
93%
5%s '52
44%
Union Eleo Lt A Power—
Jan
103 X June
46,000
35,000
88,000
Penn Ohio Edison—
6s series A x-w.
Toledo Edison 5s
Twin City Rap Tr
Ulen Co—
3,000
2,000
1,000
2,000
8,000
4,000
High
Oct
103 X
60 X
Tlets (Leonard) 7Xs.l946
.1962
Jan
Mar
Low
29 X
35,000
i02X
Thermold Colto stpd.1937
Tide Water Power 5s. 1979
.
Range Since Jan. 1 1936
%
115
Dec
Nov
for
Week
13,000
20,000
25,000
31,000
15,000
22,000
2,000
105X 105 X
106 X
103 X
99
105 X 106
$106M 107 X
$107X 108 X
95
95
95X
80 X
<
80X 82
ioSx
101X
9,000
105 X 105X
105X
6s................2022
3,000
99 X
51
51
Texas Power A Lt 5S..1956
12,000
93 X
102 X
51X
51
51
Oct
105X
Dec
Nov
51X
Oct
109X
Dec
51
51
Nov
107%
Apr
41
60 X
60 X
105 X 106
111
103%
38X
105 X
105
107
38X
Texas Eleo Service 5s. 1960
Texas Gas Utll 6s.... 1945
5X8
.1941
Pacific Invest 6s ter A. 1948
Padfio Ltg A Pow 5s
1942
Pacific Pow A Ltg 6s.. 1966
106
100X 101X
1941
1st 6s series B
110X
1Q5X
53
6s 3d
104X
106 X
103 X
Okla Gas A Elec 6s
110X
105X
105 X
104X
90%
of Prices
High
Low
Price
Mar
35,000
12,000
5,000
Northern Indiana P 8—
5e series O...
...1966
6s series D
1969
4%s series E
95X 95X
66 X
67
107X 107 X
Sale
High
Apr
106
Week's Range
Last
(Concluded)
Low
3
No Amer Lt A Pow—
5%s series A
3975
8dles
Friday
17-
1
2%
Jan
% May
2%
Jan
June
2%
Jan
Sept
2%
Jan
June
65%
Jan
12%
12%
Deo
Oct
Oct
1
%
49
i!8
Jan
Sou Calif Edison Ltd—
Debenture 3%s
1945
104 X
Ref M 334s. May 1 1960
107 X
Ref M 3Xs B.July 1 '60
1st A ref mtge 4s
1960
107 X
104X
107X
107%
110X
106
Sou Calif Gas Co 434«-1261
Sou Counties Gas 4348.1968
105X 110,000
Oct
109 X
Dec
108X
nox
106X
103 X
103 X 103 X
86
87 X
103 X 103 X
103
103 X
8'western Lt A Pr 6s..l957
104"
104
104 X
So'west Pow A Lt 6s..2022
99 X
1951
86 X
Southern Nat Gas 6s..1944
Sou Indiana Ry 4s
8*western Assoc Tel 68.1961
S'west Pub Serv 6s...1945
Stand Gas A Elec 6s..1935
91X
99 X 100
105 X 105X
89
91X
Certificates of deposit.
1935
90
88 X
91
Convertible 6s
92
91
88 X
89
92
Certificates of deposit.
Debenture 6s
1951
87
90
Debenture 6sDec 1 1966
Standard Tnvestg
534s 1939
Standard Pow A Lt 6s. 1957
89 X
89
"88"
91
50,000
36,000
Dec
11,000
6,000
5,000
June
30,000
Dec
Dec
Oct
45,000
8,000
4,000
12,000
13,000
94,000
89,000
June
69,000
72,000
134,000
Dec
85 X
91
243,000
100X 101X
7,000
85 X
90
333,000
Jan
Nov
Sept
*
No par value
the rule sales not
Oct
Dec
Dec
Dec
range,
Deferred delivery sales not lumuded in year'; range,
n Under
In year's range,
r Cash sa es not Included In year's
t Friday's bid and asked price
e
Dec
Dec
a
Included
Ex-dividend.
No sales
were transacted
during current week.
Cash sales transacted during the current week and not Included In weekly or
yearly range:
No sales
Deo
Feb
r
y
-
Under-the-rule sales transacted during the current week and not Included In
weekly or yearly range:
No sales.
t
Deferred delivery sales transacted
during the current
week
and
not
Included
weekly or yearly range:
No sales.
Abbreviations Used Above—"cod," certificates of deposit; "cons,' consolidated,
"cum," cumulative; "conv," convertible "m," mortgage; * n-v," non-voting stock,
I 0," voting trust certificates: "w 1," when Issued
"w w," with warrants
"v
"v-w," without warrants
Financial
3976
Dec.
Chronicle
1936
19,
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1, 1936
Last
New York Real Estate Securities
Stocks (Concluded)
Closing bid and asked quotations, Friday, Dec. 18
Par
100
Old Colony RR
Bid
Unlisted Stocks
Ask
Bid
Unlisted, Bonds
Ask
Mills Co
4%
7
25
25
*
14%
25%
x2%
14%
24%
*
97
Reece Buttonhole Mach.10
Co. 10
Reece Folding Mach
Shawmut Assn tr ctfs.-..*
Stone & Webster
Torrlngton Co
Orders Executed
on
Baltimore Stock Exchange
United Gas Corp.
39 Broadway
NEW YORK
York, Pa.
BALTIMORE, MD.
<M embers
Louisville, Ky.
York
New
Baltimore
and
1
United Shoe Mach Corp.25
Stock
Jan
1%
Apr
47%
45%
Dec
Oct
3%
Nov
Dec
4%
Dec
14% May
772
3%
4%
25%
1,150
435
28%
1%
4%
182
15%
40
x2%
14%
1,311
41
Exchangee
3%
Deo
15%
July
Feb
14%
Jan
15c
Jan
505
1,093
1,429
22
41
21% June
4
5,107
"16
%
10
30c
172
84c
Jan
9%
4%
"l%
1
Dec
Oct
Feb
42
Feb
Aug
Jan
19%
Nov
Jan
12%
37%
Dec
Jan
10%
988
Warren (SD) Co
Chicago Board of Trade and CommodUg Exchange, Inc.
Dec
Apr
*
*
34
175
21
14,000
11,000
2,150
70
Jan
80
Feb
Bros
28%
Nov
2%
1%
1%
Co
Warren
Dec
Mar
50c
Jan
Aug
*
System Inc.----*
26%
104
Jan
83
37%
440
Nov
26
Jan
90%
50
Venezuela Holding Corp..
Waldorf
Jan
Oct
Jan
iiH
188
28%
10%
94%
9%
*93%
Apr
1,451
26
99%
25c
28
5
Utah Apex Mining
Utah Metal & Tunnel
56c
306
97
9%
94%
Mar
Oct
47%
41%
25c
25
Preferred
Established 1853
Hogerstown, Md.
-. -
-
Union Copper Ld & Min.25
Union Twist Drill Co
5
STEIN BROS. &> BO YCE
6, 5. Calvert St.
3
4%
4%
70%
16%
75c
41%
40%
High
Low
1,351
22%
75c
"3%
Week
545
20%
22%
"42%
-*
60
Qulncy M(Jan ass'tunpd)25
Jan. assessment paid
33%
30%
Sahres
Price
Pennsylvania RR
Lincoln Bldg Corp v t c
8%
Pennsylvania Bldg ctfs
54
39 Bway Inc units.
32
Dorset ctfs of deposit
Oliver Cromwell ctfs
1950
61. Bway Bldg 5%s
for
of Prices
Low
High
25
Old Dominion Co
Pacific
71H
Chesebrough Bldg. 6s 1948
Week's Range
Sale
Exchange
Mar
Dec
Oct
Bonds—
Baltimore Stock
Eastern Mass St Ry—
Exchange
1948
87
86
87%
B 5s
1948
93
91%
Series D 6s
1948
94
99%
Series A
Series
Week's Range
Last
Sale
of Prices
High
Low
Price
Par
96
Atl Coast Line
Bait Transit
com
Low
SECURITIES
450
27
8,388
1
*
1st preferred
2d
.
*
—
-
-
«•
25
25
preferred
Mar Tex Oil.
1
Merch & Miners Transp..*
MononW Penn P S 7%pf25
3%
40%
26%
New
Feb
6
9%
33%
36
Dec
5
Owlngs Mills Distillery__1
15%
1%
U S Fidelity & Guar
26
2
Western National Bank.20
Paaf H.Davis & <90.
Dec
Feb
Members;
Dec
2%
Dec
84
Jan
94%
Aug
New York Stock
103
111
July
116
Feb
New York Curb
1,114
11
Jan
40
Dec
48%
Dec
1%
540
17
70
88
Jan
139
42%
39%
Apr
50
10 So. La Salle St.,
12%
38
9%
Jan
12%
Oct
19%
1%
12%
2%
3%
40%
22%
1%
12%
2%
3%
4,935
14%
%
Aug
Feb
22%
1%
Deo
87
26
26%
41
141
7% May
70
4
Dec
Last
Week's Range
for
Jan
45
Oct
Sale
Week
Feb
1% June
28
Aug
of Prices
Low
High
23%
31
16%
Feb
138
40
15%
1%
25%
35%
May
31
5
40
Apr
Dec
Oct
17%
3,047
1,900
9%
1%
Oct
2
Aug
3,892
13%
Apr
30
Nov
34
Jan
36%
Apr
15%
Jan
43
Dec
17
Jan
52
Dec
Jan
Apr
1
70
Par
Stocks—
A
1975
1975
5s flat
B 5s
102%
$24,000
2,000
51%
39%
51%
4s flat.. 1975
Georgia Marble 6s flat 1950
Read Drug & Chem 5 %s'45
39%
1,000
84
95
1,000
55% May
100% 101
3,000
95
100%
102%
100
Apr
102%
95
Price
Common (new)
Adams Royalty Co com..
Dec
Dec
101% June
*
*
52%
z6%
Dec.
12 to Dec.
10
25
Amer Pub Serv Co
pref. 100
19%
22%
70
Armour & Co common...5
6%
Mfg Co com-.-l
3%
54%
Asbestos
Associates Invest Co com.*
Automatic Products com.5
Barlow
18, both inclusive, compiled from official sales lists
Range Since Jan. 1, 1936
Last
Par
Stocks—
Week's Range
for
Sale
of Prices
Week
Price
Low
High
Low
Shares
2
25
50
50
6% non-cum pre!
1st preferred
100
Amer Tel & Tel
6%
30
184%
Boston &
Albany
100
B08ton Elevated
.100
Boston Herald Traveler.
*
5%
6%
29%
30
184% 188%
110
Blg-Sanford Carpet pf.100
144%
68%
29
2
110
144% 147
66
69%
28% 31%
265
High
1%
2
595
164
July
July
2%
on
6%
30%
Nov
Dec
Dec
32%
Class A
1st prefstpd-100
_1C0
10%
9%
100
14%
CI A 1st pref
Class B 1st pref stpd
Class B 1st preferred. 100
29%
9%
9
10%
10%
"11%
11
97%
JaD
Butler Brothers
142
117%
Jan
157
Oct
65
May
870
28
Oct
70
33%
Feb
Nov
5%
Apr
32
3%
17%
July
41
/1,577
4%
July
14% .Feb
17
Jan
8%
14
Oct
14
16
17
75c
80c
13%
Mar
12%
June
15
Feb
21
Sept
17%
Dec
Nov
5
218
11
17%
15%
11%
Apr
8% June
156
17
14%
11%
^eb
6% May
144
16
25
Feb
120
100
25
Jan
Feb
315
100
Range
8%
5
CI D 1st pref stpd..
East Boston Co...
10%
272
CI C 1st pref stpd
Copper
Jan
12%
1,165
3,062
6%
6%
50c
200
May
Jan
16%
Jan
12%
1%
Sept
Nov
Feb
Common...
4 %% prior pref
100
6% cum pref
...100
Eastern Mass St Ry—
Common
100
67
60
59%
3
3
68%
61%
3%
54
54
59
Preferred B
.100
15%
7%
11%
15%
7%
16%
100
100
Eastern SS Lines
com
Edison Elec Ilium
Employers
100
Croup
*
General Capital Corp
154
Gilchrist Co
Gillette Safety Razor
*
15%
Hathaway Bakeries cl B__*
2%
3~~
Inc
100
New England Tel
Tel 10(1
Butte
6%
*
132"
1
5
1,400
5%
20%
22%
73%
6%
4%
58
8
300
Oct
Nov
57%
Aug
7% May
Jan
9%
Sept
11% June
23%
Nov
6
3%
54%
7%
100
21
Jan
25%
Feb
250
20
May
73%
Deo
4% June
7%
20,850
3,200
Jan
July
5%
Jan
27%
Jan
62%
Nov
650
3
2%
850
7%
Dec
11
1% May
13% Nov
18
Jan
Dec
130
15%
50
18%
20%
26%
18%
21%
600
Feb
5
July
11%
10%
z34%
82%
22%
28%
11%
11%
37
18%
Dec
2,450
6%
Jan
18%
22%
1,000
21%
Jan
32%
Oct
7%
Jan
14%
July
3
Jan
Dec
2,150
170
82%
100
64
Jan
12%
37%
90%
23
250
16%
Jar
23
9%
Nov
1,550
22%
Apr
Nov
Nov
Dec
Aug
Prior Hen
11%
11%
450
13%
Nov
25
11%
22%
14%
29%
25%
23
Oct
30%
Nov
1,500
11%
July
23%
7%
Jan
16%
Nov
31
4,900
1,450
29%
Dec
33%
Nov
22%
14%
29.%
15%
200
25
Dec
Jan
5
1%
15%
preferred
3%
*
310
1%
Jan
54
50
38%
Jan
58%
Oct
1%
15%
69%
1%
16%
70%
1,650
1
Jan
2%
Feb
600
12
July
640
57
Jan
73%
Oct
3%
4%
18,550
Apr
4%
Dec
100%
65%
500
49
Jan
100%
560
20% May
98
*
Preferred
3
54
"63%
62
1%
Nov
23
68
Dec
Sept
Central States Pr <fc Lt—
Preferred
Chain Belt Co
14%
*
*
com
Cherry Burrell Corp com.*
Chic City & Com Ry pt pf *
Chicago Corp common
*
*
11%
Mar
Jan
Mar
69
71
15%
130
8
Jan
22%
69
73
510
35
Jan
73
40%
Jan
%
Aug
Apr
30
71%
%
100
5%
71
12,050
Feb
Dec
71%
Nov
1%
Feb
45%
45%
47
700
43%
Apr
6%
55%
Nov
55
55
55%
400
33%
Jan
58%
Nov
50
Feb
%
"5"
Chicago & N W Ry com 100
Chicago Rys part ctfs 1.100
5
4
Feb
855
33
270
Jan
Jan
1%
3%
62%
2%
%
Aug
4%
10
Mar
1%
100
%
%
140
%
Nov
%
Jan
Apr
Part certificates 3
100
%
250
%
Feb
%
Dec
Apr
Part certificates 4...100
%
%
%
300
Dec
%
Dec
26%
3%
26%
150
%
19%
4%
28,550
2%
Mar
4%
1% May
Jan
96%
3%
Jan
Dec
Aug
Dec
119%
72%
11%
% June
1%
Feb
5%
Jan
12%
Feb
2%
Jan
7%
Feb
Feb
18
May
3
Feb
8
Dec
225
8%
Jan
15
July
Club Aluminum Uten Co.*
Nov
169
Mar
Commonwealth Edison. 100
35
v
1,273
145
Apr
27%
Feb
44%
Nov
2%
Dec
15
16%
1%
14%
15%
1%
7
52
2
2%
26
3%
Chicago Yellow Cab Co..*
8%
496
20
6
325
1
Feb
215
5%
Jan
755
13%
July
225
50
15
3,095
20
2,317
19
117
11%
37%
210
155
3
755
56
251
6%
1,282
%
%
131% 134
16
19%
Nov
Feb
1% May
2%
Jan
Jan
11%
Sept
60
Nov
6%
26% May
40c
16%
%
9%
7%
18%
1%
38%
~~5%
62c
6
700
93
For footnotes see page 3980.
*
Common
July
Jan
Jan
2%
28
3%
Dec
Nov
Nov
19
Nov
Jan
18
Mar
Jan
45
Mar
Jan
Jan
3%
Feb
Jan
57%
Nov
Cities Service Co
4%
51c
93
5%
68c
731
11
831
10,552
Dec
8c
117%
73
2%
25c
Aug
Mar
May
7%
%
141%
93
Nov
Dec
Nov
Dec
Apr
5%
Feb
Oct
85c
Nov
com...
Compressed Ind Gases cap*
Consolidated Biscuit com.l
3%
26%
3%
2
119"
3%
1
1
1%
113
2
100
2,250
46%
9%
47%
800
9%
800
%
46%
9%
119%
%
7,050
41
Jan
Sept
9%
32
Jan
Oct
Oot
Aug
Consumers Co—
Common
..5
6% prior pref A
.100
7% cumul pref
Continental Steel—
100
Common
6%
3%
100
Deep Rock Oil
.
Aug
117%
3%
Aug
8
Apr
A pr
50
Dec
550
48%
24
Jan
Jan
108
30
103%
Oct
110
22
300
f21%
Dec
22
Dec
5
400
Jan
9
Mar
950
3%
10%
Jan
21%
200
19%
Jan
33
Nov
1,900
4%
Jan
14
Dec
19%
21
31
31
12%
12%
27
32%
13%
31%
27
28
"28"
.
Dec
Dec
10
Feb
31%
240
21%
Jan
28
80
9%
18%
Jan
19%
July
July
24%
Nov
41%
22%
Dec
50
1
16%
17%
21%
22
400
*
39
39
150
38%
May
Econ Cunnghm Drug com *
/22
22
100
/16%
Jan
Class A
Apr
Nov
97%
/21%
pref.*
De Mets Inc pref
*
Dexter Co. (The) com.
5
Dixie-Vortex Co com....*
47
25
70
200
30
19%
-.35
Cohn comlO
conv
3%
107%
.
pref
50
360
6,350
5
Curtis Lighting Inc com.
Dayton Rubber Mfg com.
6%
4%
4%
47
.25
Cudahy Packing Co pref 100
Cungham Drug Stores .2%
Cum class A
3%
29%
4%
...
6
102% 102%
*
Preferred
Cord Corp cap stock
Orane Co common
Decker (Alf)
1
New River Co pref
100
N Y N H & H RR (The) 100
North
1
...
Conv preferred
83
Narragansett Racing Ass'n
National Service Co
Common...
85
36% May
54
100
Linotype
10%
34%
82%
22%
Cent 111 Pub Serv pref...*
Central S W—
Jan
130
*
100
Mergenthaler
2,800
2
Jan
543
*
com
cum pref
Mass Utilities v t c
5%
18%
20%
26%
11%
pref..
Jan
23
2%
18%
11%
36%
2%
25
Loews Theatres (Boston)25
Maine Central
conv
41 %
44%
2%
26
Int'l Butt Hole Machine. 10
Isle Royal Copper Co
19
22%
69%
3
Castle <fc Co (A M) com..10
Central 111 Sec—
60
21%
52
*
1
c.
11%
152% 154%
7
*
Preferred
8
11%
1%
*
Helvetia Oil Cot
Canal Constr
179
44%
22%
*
Georgian lnc(The)A pref 20
Class A
30
preferred
158
3%
3,450
8%
Part certificates 2
67%
Adjustment
Preferred
conv
Chicago Flex Shaft com..6
158
*
...
5%
10
Preferred
East <las & Fuel Assn—
60%
53
6%
15%
*
Nov
Boston Personal Prop Tr. *
Calumet & Hecla
1
Class A
110
2,353
12
Common
35
653
5
Brown Fence & Wire—
Bruce Co CE L) com.....*
36
100
1
pref *
Bliss & Laughlin Inc cap.5
Borg Warner Corp com. 10
Brach <St Sons (E J) com..*
Berghoff Brewing Co
Nov
5%
Preferred stamped—100
*
190
33%
10%
9%
14%
10%
100
Common
Bastiau-Blessing Co com
19% May
Apr
Boston & Maine-
Prior preferred
5
Common
149%
1,356
High
Seellg Mfg A—
Binks Mfg Co A conv
Amer Pneumatic Service—
Common
&
Bendix Aviation com
Sales
Friday
Low
Allied Products Corp—
Backstay Welt Co com...*
Exchange
52%
8%
Advance Alum Castings..6
Automatic Wash conv pref *
Boston Stock
Range Since Jan. 1, 1936
Shares
Abbott Laboratories—
Class A
43
Sales
Friday
Oct
5%
80
26%
36
Chicago Stock Exchange
18, both inclusive, compiled from official sales lists
Dec. 12 to Dec.
%
150
75
3%
Nov
Nov
1%
175
*
13
Dec
Common
Transit
CHICAGO
Jan
Jan
Bonds—
Bait
Chicago Stock Exchange
Chicago Curb Exchange
Exchange
(Associate)
Oct
159
5
100
Amsterdam Cas
May
Listed and Unlisted
90
73
Mt Ver-Wdb Mills com 100
Preferred
1,040
12
20
100
Mfrs Finance com y t
625
124%
42%
A__*
ci
1%
z87%
124
Fidelity & Deposit
20
Fidelity & Gu Fire Corp. 10
Houston Oil pref
JaD
July
2%
89%
115
2:113% 115
38%
35% 39
46%
44%
45%
Eastern Sugar Assoc com.l
Finance Co of Am
Dec
27%
_
2%
88%
100
Preferred.
51%
27%
_
__25
Rights
preferred
Jan
July
% June
2%
19%
^
Consol Gas E L & Power.*
6%
22%
143
8
*
Preferred
Apr
1,000
2%
*
Dec
Nov
High
16%
26%
1,503
33%
t o__*
v
1st pref v t 0
& Decker com
19
51%
2%
9%
(Conn)..50
Black
Dec
94
Range Since Jan. 1, 1936
for
17%
47%
2%
7%
30%
17%
*
87%
100%
Wee*
Shares
CHICAGO
Arundel Corp
Jan
70
Sales
Friday
Stocks—
4%s
Dec
Dec
Volume
Financial
143
Sales
Friday
Range Since Jan. 1, 1936
Last
Par
Elec Household Util cap.5
Elgin Nat Watch Co...l5
Fitz Sim & Son(D&D)com*
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Price
3977
Chronicle
Low
10%
39^
15%
High
Shares
Members Cincinnati Stock
Exchange
High
Low
Active
18%
Jan
10%
39%
15%
3,750
9%
41
300
27 %
Jan
45
Nov
15%
100
15%
Dec
23
Apr
65%
65%
17
17
Trading Markets In
11%
Nov
Cincinnati and Ohio Listed and Unlisted Securities
Gardner Denver Co.—
$3 cumul
20
pref
conv
General Candy Corp A
5
General Finance Corp coml
Gen Household Util—
Common
4%
*
(new)
7%
50
450
Oct
62
65%
Jan
20
5%
4%
'
4,600
11%
4%
Nov
8%
8,350
7%
Dec
Dec
Dec
14%
Jan
46
Wire—Bell Sys. Tel. CIn. 291
Nov
Jan
Sept
% CINCINNATI
BLDG.
Phone Cherry 6711—First Boston
Aug
45
UNION TRUST
CO.
&
BALLINGER
Nov
5%
Godcbaux Sugars Inc—
Class A
42
*
43
250
22%
3,050
3,850
22%
Goldblatt Bros Inc com..*
41
40%
43
Great Lakes D & D com-_*
24%
24
25%
14%
15
15
15%
10%
Hall Printing Co com
10
Harnlschfeger Corp com .10
"is"
Helleman Brew Co G cap.l
Borders Inc com
*
Hormel & Co
com
*
cl B
..
Co.
25%
Jan
20
Nov
530
9%
Jan
17
Apr
1,000
8%
Jan
13%
Apr
17%
Dec
22
Jan
50
17%
19%
Apr
250
16% May
300
22%
450
8
90
100
Feb
170
60
July
27%
15%
110% 110%
80
83
Iron Fireman Mfg v t o
Jarvls (W B) Co cap
*
25
22%
1
21
21
Jeflerson Electric com
*
43%
43
May
32%
Mar
May
18%
110%
Nov
Dec
83
Dec
1,350
22%
Dec
31
Feb
3,950
25%
22%
Feb
18%
31% June
26
Nov
45
Dec
44
Katz
11
25%
*
t c
v
450
Drug Co-
Common
1
new
Kellogg Switchboard
com
10
Ken-Rad T A Lamp com A*
Ky Util Jr cum pref
6% cumul pref
Kingsbury Brew cap
La Salle Ext Unlv
60
.100
1
15%
9%
Ap
260
34%
Fe
83
100
75
x8
12
11
44
44
'
10
com
—
-
14%
6
6
48
44
McQuay'Norris Mfg com-*
32%
53
54%
McWllliams Dredging Co.*
Manhatt-Dearborn com. .*
2%
Mapes Consol Mfg Cap..*
Masonlte Corp com
*
Mer A Mfrs Sec cl A com.I
Prior preferred
"20"
"III
3%
Jan
Sept
Feb
Jan
May
7
q
Nov
3%
Jan
37%
Dec
Oct
Nov
Aug
Aug
Mar
Nov
9
12%
Nov
4
12%
5%
F:
10
Jan
13% July
35%
Jan
50
J*
Oct
6%
Jan
6
Oct
15%
8%
33
Apr
54
Dec
7
Dec. 18, both
to
Stocks—
Par
Amer Ldry Mach
Amer Prod Prior pref
Baldwin pref
Jan
46
Nov
June
62
Aug
Dec
84 %
Apr
3,510
1
July
3%
Jan
10
20
Aug
27%
25%
l00
Mar
Nov
3,700
50
4,650
2,800
20,800
6,250
%
5,650
8,050
12
11%
Jan
45
Oct
5%
Apr
25% May
Jan
18
2%
7
3%
k5%
.3%
16%
Jan
July
29%
Aug
4%
13%
July
7%
Dec
Oct
Feb
Jan
%
Oct
1
Mar
15%
Sept
Mar
12
%
240
1
270
1%
Jan
10
Jan
7
470
%
3%
45
46%
350
38%
Jan
Jan
8
45
*
8
35
Jan
Apr
7
8%
280
6%
July
3%
Mar
10%
6
Sept
Sept
Sept
11%
Week
Price
7
3%
*
*
Cin Ball Crank
Cin Gas & Elect
*
50
50
38%
13
13
Coca Cola A.
8%
98
6%
6%
98
*
28
28
23
98
33%
34%
*
"10%
Kroger
*
23%
*
6%
*
Leonard
Manischewitz
Mar
14%
Nov
16
Mar
Sept
7
Dec
June
34%
11%
2,610
8
Jan
20%
18
July
14
98
182
28
Aug
Nov
7
53
Mar
50
Jan
30
Oct
Dec
14
July
22
22%
166
19%
100
4
3%
2%
250
2
7
Feb
4
4
180
54%
22%
Jan
Oct
Feb
Dec
5% May
Mar
%
1%
Dec
45
Dec
11%
Dec
55
Dec
Jan
29
269
4%
18
July
3%
65
1%
Jan
7
Jan
40
16
Sept
27%
July
7
6%
*
27%
Oct
Jan
12%
48%
May
10%
3%
Feb
376
40%
June
23%
296
16
10%
11
300
32
54%
23%
;.*
32
10
25
Aug
200
2
Sept
5
Feb
26%
Sept
39
Nov
Oct
8%
Sept
5% May
28%
Feb
7%
Dec
2%
2%
*
—
Jan
Apr
10
Randall A
Preferred
17%
23
55
U S Printing
Sept
'
40
11%
34%
10
74
34
33
4%
1,955
3%
20
20
80
13%
7
7
110
4
10
Western Bank
10
24
11%
10
*
50
Jan
1%
4%
40
*
U S Playing Card
Nov
11%
493
National Pumps
P&G
United Milk A
9
Jan
33
11
45
Rapid
Dec
10%
1%
*
Nov
35
153
15%
34%
B
Jan
99
Jan
48
15
*
*
Feb
25
Dec
7
120
Dec
27
25
Nash
Nov
102
11%
48
..'...*
B
100
Jan
85
1%
7
15%
—
Moores Coney A
Jan
Oct
Dec
27
48
2.50
*
Magna vox
9
8%
1%
*
Nov
44
•
7
Julian A Kokenge
Kahn com
Jan
5%
70
20%
8%
Dec
108%
402%
9%
253
17%
22%
*
6%
Jan
35
9
8%
18
98
*
Jan
Jan
1%
100
22%
12
100
Feb
21
*
Goldsmith
Dec
17%
40
98%
Crosley Radio
Hatfield Prior pref
Hatfield Part pref
Hobart A
Oct
38%
100%
690
102
14%
*
37
Jan
229
53
105
14%
*
Mar
19% Aug
12% May
447
107%
100%
10
*
30
377
402%
8%
8%
*
Eagle-Picher Lead
Nov
Jan
19%
30
Cohen (Dan)
Dow Drug
47
85
35
35%
400
Cin Street Ry
CIn Telephone
Dec
58
35
107
Nov
44
89
13
6%
92
3
3
36
100
May
230
91%
44%
100
pref
CNO&TP
Nov
June
3
3
High
28%
4%
690
44
40
Low
Shares
26
91%
50
Carthage Mills B
Champ Paper & Fibre
Churngold
High
25
100
Burger Brewing pref
Low
4%
Oct
Jan
Feb
Jan
55
for
of Prices
20
Hatfield
27
Range Since Jan. 1, 1936
Week's Range
Sale
Jan
Sept
Feb
50
Sales
Last
Gallaher New pref
Gibson Art
£732
inclusive, compiled from official sales lists
Friday
July
120
150
7%
*
Q
16%
13%
26%
43%
90%
3%
700
23%
20%
58%
7%
5
3%
6%
pref..*
Common
190
3!%
12
100
Modlne Mfg com
Monroe Chemical Co—
100
40
10
100
conv
1,100
1,050
870
priienlOO
6% prior Hen
14%
6%
48%
44%
54%
110
34
%
*
6% Preferred A
3,350
27
.*
Midland Util 7%
12%
44%
32
5
purchase warrants
Midland United Co—
Conv preferred A
300
27
12%
Stock
Common
032
2%
23%
19%
58%
6%
4
5
cap
28%
3%
27
.1
Corp
110
33%
..*
Metrop Ind Co allot ctfs
MIckelberry's Food ProdCommon
1%
4
*<
14%
McCord Rad & Mfg A..."
McGraw Electric com
5
Marshall Meld common..*
Nov
1%
1,070
1,750
Dec
Apr
Dec. 12
Formica Insulation
*
Lion Oil Refining Co com. *
Loudon Packing com
*
4%
1,700
2%
2%
37%
8%
9%
*
$3% preferred
Miller A Hart
10
2%
9%
Middle West
1,650
7,050
82
8
Llbby McNeil A Libby_.lG
Lindsay Light
15%
25%
38%
2
Lawbeck 6% cum pref. 100
Leath & Co com
*
Lincoln Printing Co—
Common
2,700
10%
36
6
oom
16
22
15%
9%
22%
37%
83%
2%
Cincinnati Stock Exchange
Apr
Dec
6
15
15
25
111 North Utilities pref. 100
Indep Pneu Tool
10%
17%
"l9%
*
A
Houdaille-Hershey
Illinois Brick
io%
33%
24
550
Feb
10%
Jan
Ohio Listed and Unlisted Securities
Oct
_*
50
50
50
20
49
May
Muskegon Mot Spec cl A.*
National Battery Co pref. *
Natl Gypsum cl A com..6
24
24
25%
150
17
Jan
28%
30%
60%
1%
8%
30%
20
28
Apr
33
May
66
Dec
Preferred..
National Leather
10
1%
Nat Rep Inv Tr conv pfd. *
Natl-Standard Co com
*
National Union Radio coml
"52%
Noblltt-Sparks Ind com..*
"39%
North A
mer
Car
com
52
1%
39%
6%
H%
26%
*
com
North west
Bancorp com. *
Northwest Eng Co com..*
_
"13%
Dec
350
38%
JaD
1,450
1 %
Jan
730
5%
32%
Jan
10
Jan
53%
1%
Dec
Feb
Apr
45
Members Cleveland Stock Exchange
Feb
Jan
%
Nov
66
1%
9%
53%
1%
41%
6%
13%
26%
53
450
1,100
1,100
1,100
18,300
26
3%
Jan
7% June
2%
Jan
GILLIStTJWOODcfei
7% June
14
Jan
150
15%
Jan
30%
7%
Jan
49
Sept
Apr
76%
Union Trutf Building, Cleveland
Sept
140
Sept
Northwest Utii—
7% preferred.
38
37%
65%
38%
68
40
21
22
380
12
Feb
30
30
50
27
Mar
30
July
26%
2%
27
150
19
Apr
30
Nov
58
58
Penn Gas A Elec A com..*
16%
Perfect Circle
37
16%
37%
7%
3%
3%
1%
3%
100
7% prior lien pref... 100
Ontario Mfg Co com
*
25
23%
Telephone GH
Apr
Parker Pen Co
com
10
Peabody Coal Co B
com. .*
6% preferred..
2%
100
(The) Co..*
Pictorial Pap Paokage com5
Pines Winterfront com...5
3%
3%
1%
3%
Potter Co (The) com.....*
Prima Co com
*
Process
Public
Corp
•
com
Servlcfe
6%
2%
3%
1%
3%
600
1 %
Jaii
10
2%
27%
Jan
87%
78%
Last
Week's
22%
Apr
Sale
of Prices
tjOW
High
16
Nov
100
32
Apr
41
Jan
Dec
8
87
86
116
2,000
Sept
6
Mar
100
1%
May
5
Oct
6,950
50
100
1,400
116
Sept
Mar
Apr
Jan
119%
Common
*
120
120
Preferred
100
150
147
151
Rath Packing Co com...10
33
49%
Apr
88 %
60c
6% preferred vtc
com.
6
..10
4%
1%
z31%
4%
1%
31%
Rollins Hosiery Mills pf._*
14
13
Sangamo Electric Co
73
72%
27%
97%
Sears Roebuck & Co com.*
......
8ignode Steel Strap com..*
Preferred
30%
30
South Colo Pow A com..25
Southw Lt & Pow pref
Stan dard Dredge com
Convertible preferred
Stein & Co (A) com
conv
3%
15%
-.
*
pref.. 10
.
Swift International
15
Swift & Co
25
*
32%
25%
24%
11%
2%
1%
4%
Viking Pump Co com
*
22
Wahl Co
*
5
*
39
Sundstrand Mach ToolCo*
Thompson (J R) com.
.
.25
Utah Radio Products com.*
Util A Ind Corp
*
Convertible pref
com
Walgreen Co common
Ward (Mortg) & Co A
*
Wleboldt Stores Inc com.*
156
Williams Oil-O-Matlc com*
10%
7%
Wisconsin Banksharescom*
Woodall Indust
com
2
Zenith Radio Corp. com..*
4%
38%
"33%
22%
10%
6%
13%
33%
1,750
630
Cleveland Railway
141 %
22
Jan
123
Mar
140
Jan
Oct
151
Dec
For footnotes see page 3980.
82
Oct
88
90
63
64
30
61%
Jan
74
July
60
62%
583
59%
Jan
73
July
35%
4,682
34
Dec
General T & R 6%
100
~60~~
*
2%
Jan
1%
Nov
11
9%
May
Nov
7%
June
3%
Feb
35
17%
Greif Bros Cooperage
Harbauer
15
15%
*
60
Jaeger Machine.
25
Kelley Isl Lim & Tran—
18%
July
30
Nov
Lamson & Sessions
*
"9"
65%
2%
Feb
Nov
Leland Electric
*
Apr
16%
26%
2%
Aug
33
Oct
Apr
7
July
Medusa Portland Cement *
61
Feb
93
Aug
Metropolitan Pav Brick..*
8%
Mar
7
Apr
50
300
850
6,200
1,500
2,200
•1 1,205
i 7,050
i.7,050
to no
3%
12% June
18%
Oct
16%
5% June
Apr
28%
Apr
20%
20
18
28
Aug
pref
Dec
Nov
Sept
2
,
Jan
6 % cum pref.
Packer Corporation—
Jan
39%
157%
24%
Dec
Richman.
Dec
Seiberling Rubber
Nov
July
Patterson-Sargent
Peerless
Corporation
8% cum pref
Corporation
8%
Jan
Union Metal Mfg
4,900
13%
Nov
15%
42%
Dec
Upson
Jan
70
Apr
82%
26
Mar
34%
63
Dec
Jan
10
19% June
30%
28
Dec
Nov
Oct
44%
46
350
20%
41%
41%
42%
245
15
8%
865
Mar
10%
Dec
June
8
8
76
100
76
50
11
-100
11
61
29%
23
3,881
23%
Dec
May
46
Dec
Walton
62
46%
May
Apr
8%
15
Mar
Apr
34%
Nov
9%
Dec
Oct
8%
8
486
4%
July
56
%
Aug
4%
Feb
500
1%
Nov
4%
Feb
29%
Nov
30
44
45
104% 104%
100
27
182
15
104%
Apr
Oct
27
Jan
35
9%
Jan
550
17%
July
3%
160
56%
986
53%
6
5%
6
938
40
37%
40
133
17
19
957
14%
14%
*
Nov
19
Dec
68
Jan
6
Dec
8%
Jan
45
Nov
14
5%
May
19%
Feb
Jan
14%
Nov
125
9
May
17
Jan
25%
70
Jan
90
19%
90
90
50
Feb
2
210
13
19
530
Sept
3% iNov
Nov
9
13
*
Vlchek
Oct
8
8
1
Weinberger Drug Inc
*
West Res InvCorp6 % pf 100
50
53%
Jau
Nov
21%
16
"55
30%
47
Jan
106%
26%
2
12
Nov
24%
18%
—
Dec
Dec
Dec
5
3%
"25%
76
Jan
9
18%
16
*
3
*
*
100
Nov
Tool
Mar
4%
500
30
44
104%
—
S M A
Jan
11
Oct
Jan
310
2%
5%
19.900
15
15
23%
2
Jan
16
Dec
245
1%
Nov
Apr
65
22
1%
5%
Mar
Jan
22
7%
6*4
10
36
3%
7%
24%
16
75
350
*
50
Nestle LeMur cum cl A...*
Nineteen Hun Corp cl A.. *
Ohio Brass B
*
Jan
150
Mar
9%
National Tool
Apr
350
Dec
60
85
8
11,150
8
22
101
Feb
150
8
May
Jan
Jan
Dec
36
28
30%
26%
4%
Apr
10
100
25
*
25
Murray Ohio Mfg
National Refining
13%
30
Dec
70
45
....
National Tile
Jan
142
\
Dec
75
50
9
Miller Wholesale Drug..
Jan
Mar
20
*
Cum 7%
Nov
May
15%
McKee A G Class B
35%
2%
%
2%
400
22%
Feb
Nov
8%
4
850
27%
Dec
30
July
6%
Nov
Jan
10%
25
35%
Feb
May
17
45
100
60
Nov
100%
65
*
Interlake Steamship
Jan
56%
65
77
35
101
56%
A..*
....
Dec
20%
20%
100
pf A 100
Jan
3,150
1,700
5%
39%
82
95
32%
89
Foote-Burt
May
Bonds—
Chicago Rys 50 ctfs...1927
Jan
33%
20
156
39
54
1
35
260
20
15%
700
Oct
*
—
558
900
4%
16%
11
Dec
30
90
4%
1%
35
15%
22
35
68
80
22
Oct
68
500
V 4%
21
29
5
11%
.2%
Oct
400
33%
15%
124%
42%
30
32
124%
Mar
68
100
33%
8%
32%
25%
25%
12%
3%
1%
5%
11%
35
50
8%
130
Elec Controller & Mfg..
97%
131%
28%
Cliffs Corp v t c.——Commercial Bookbinding.*
1,800
15
14%
Apr
Certificates of dep.-.100
29
i.20
*
Sept
18%
Dec
400
3%
12
39%
33%
Cleve Cliffs Iron pref
June
Dec
345
200
Aug
112%
Mar
14%
25%
87
115
40
25
120
10
*
*
Mar
Jan
74
5
25
May
30%
27%
35
49
880
High
Low
39%
*
Apex Electric Mfg
50
Sch wltzer-Cummlns cap.. 1
'
103
15
*
Range Since Jan. 1, 1936
for
Shares
14%
25
Great Lakes Towing pf 100
v t c
Storkline Fur
.1
Allen Industries Inc
30
30
Airway Elec Appl pref. 100
Akron Brass.
*
Dec
Raytheon Mfg—
Reliance Mfg Co
Price
70
122
Common
Par
Stocks-
Week
100
117%
119% 119%
7% preferred
Quaker Oats Co—
Range
Nov
6%
2%
2%
1%
150
87
60
100
6% preferred
Sales
Friday
200
88%
compiled from official sales lists
Feb
Clark Controller
*
Common
12 to Dec. 18, both inclusive,
Dec
of Nor 111—
Common
Dec.
58
3%
& T. GLEV. 565 & 566
Cleveland Stock Exchange
Oshkosh Overall—
Convertible preferred..*
A.T
n505
10
17
Oct
Oct
Nov
Dec
Financial
3978
Datroit Stock
Naw York Curb Associate
UNION
Chicago Stock Exchange
Exchange
Tel
Exchange
Buhl
Exchange
Week's Range
Last
Sale
Par
Auto City Brew com
1
com
Briggs Mfg com
Pittsburgh Stock Exchange
11
1 %
4,524
11%
1,548
58%
553
46
High
Oct
1%
3%
Feb
July
14
Apr
June
9%
63
Mar
Oct
30
29%
30%
709
25% May
33%
14%
14%
23%
15%
375
14
AUg
24%
Jan
23%
24
535
19
Apr
26%
Nov
com
.
Det & Clev Nav com
Detroit Edison
B
*
10
com
200
939
7%
5%
100
5
1
%
67%
67%
11
67%
1,627
7%
6%
6%
1
2%
2%
V
Hall Lamp com
*
Hoover Ball & Bear com.10
Houdaille-Her8hey B
Kresge (S S) Co com
10
Lakey Fdry & Mach com.l
7%
McAleer Mfg com
*
Mich St Tube Pr com 2.50
Mid-West Abrasive
*
com
1%
4
Nov
Oct
76%
10%
July
4%
Feb
6%
2
220
Mar
11
Jan
Nov
530
23
May
18%
31%
1,239
14
Apr
22%
Nov
953
20%
Apr
Oct
32%
Nov
8%
6%
Mar
3,591
635
100
5%
3%
16
800
Jan
1%
Feb
5%
Oct
25%
22%
Mar
23
23
300
15%
Jan
18
18
18%
835
15
Apr
6%
Jan
1,025
41%
Mav
372
4%
July
5
5
3,243
4%
Oct
5%
5%
6
2,805
4%
July
31
31
100
25
24%
1
United Shirt Dist
*
Feb
7%
7
Jan
24%
535
12%
8%
4,307
5%
Jan
11%
1,050
!Jan
32%
27%
11%
12%
Jan
10
Jan
Feb
'
9%
9%
9%
1,236
7%
6%
*
6%
6,200
2%
Jan
7%
1%
6%
1%
7%
1
Universal Cooler A
Mar
8%
7%
*
com
Sept
13%
7%
10
com
Tivoli Brewing com.
Nov
50
11%
10
on com
Timken-Det Axle
2,244
5%
44%
...........
Rickel (H W) com
.2
River Raisin Paper com..*
Scotten-Dil
11%
44%
5%
4%
10%
10%
*
5
Feb
Apr
Jan
23
com
Mar
Aug
U16
3
1,384
20
Apr
5
com
Feb
8%
5%
10
Parke-Davis
Dec
Aug
7%
3%
Packard Motor Car com..*
Oct
11
Jan
com
Reo Motor
Mar
23%
Jan
Murray Corp com
Motor Wheel
Mar
Dec
Sept
54%
390
4%
1%
3%
Oct
Apr
12
Price
Low
Preferred
Central Ohio Steel Prod.
120
3%
Jan
7%
Jan
10 %
62%
60
233
47%
July
22%
July
2%
1,162
10,025
13%
2%
20%
5%
18%
2%
*5%
5%
17%
2%
50
Oct
Sept
Dec
Apr
i
9%
48
18
Clark (D L) Candy Co—*
Columbia Gas & Elec Co. *
Consol. Ice Co. pref
Devonian Oil
7%
2%
*
.
40%
10%
58%
1
_
High
July
21%
*
Carnegie Metals Co
Low
25%
6%
*
Blaw-Knox Co
20
10%
100
Armstrong Cork Co
Week
Shares
38
38
*
Arkansas Nat Gas Corp..*
Allegheny Steel com
Range Since Jan. 1,1936'
for
22 %
Dec
2
July
204
9
July
400
3% June
6%
Oct
Jan
23%
2%
July
Nov
1,787
14
20
50c
Apr
4%
22
Jan
i
Oct
19
19
109
20
Feb
19
1,307
16%
7%
Jan
17%
10
Duquesne Brewing com..5
Rights
Jan
23
lOct
120
56c
Nov
1%
1%
1%
10%
Follansbee Bros. pref. .100
'35%
Fort Pittsburgh Brewing. 1
Ha rb-Walker Refrac. com *
1%
10%
32
Electric Products.
36
1%
49%
1%
50
185
2,618
3
Apr
Jan
15%
1% ]Dec
12% Nov
40
Mar
8$
1
July
l%i Jan
31
Jan
52% ; Nov
Nov
1%
2,667
,516
Jan
3
6
1,875
Jan
Nov
Dec
Apr
Mar
Oct
"90"
90
20
85
,
| Dec
Hoppers Gas & Coke pf 100
107
107
107%
180
97
Jan
107%
Sept
Lone Star Gas Co
16%
1%
4%
16%
50c
Michigan Sugar com
Feb
29%
4
4%
Feb
20%
26%
19%
28%
6%
Hudson Motor Car com..*
6
Mar
"
26%
17
*
100
6%
17%
6
17
%
960
1
Graham-Paige
7%
10%
May
9%
3,481
2%
Goebel Brewing com
com
425
20%
Jan
Aug
2%
1,554
19%
4%
152%
Jan
9%
11
3%
Dec
128
6%
%
20
*
General Motors
2%
2,100
217
Jan
2%
8%
5%
8%
*
Gemmer Mfg B
1,180
6%
1
*
Federal Mogul com
145
145
1
com
Det Paper Prod com
3%
2%
2%
100
Dolphin Paint A
3%
2%
10
com
Det-Mich Stove
1
_
Par
Stocks-
Capital City Prod com...*
Continental Motors
of Prices
High
Sale
Low
Consolidated Paper com .10
*
Sales
Week's Range
Last
Week
Shares
official sales lists
both inclusive, compiled from
Dec. 12 to Dec. 18,
Friday
1%
10%
1%
..
Burroughs Add Mach
BROADWAY, NEW YORK
Range Since Jan. 1, 1936
57%
1
Baldwin Rubber
of Prices
High
Low
Price
for
A. T. & T. Tel. Pitb-391
Oourt-6800
Sales
Friday
(Associate)
PITTSBURGH, PA.
BLDG.,
Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds
both inclusive, compiled from official sales lists
Stocks—
New York Curb Exchange
120
Telephone, Randolph 5530
Detroit Stock
j
BANK
DETROIT
Building
Dec. 12 to Dec. 18,
/ Pittsburgh Stock Exchange
Members
Membars
Naw York Stock
1936
19,
h. s. edwards 8k co.
Hayes
Watling, Lerchen
Dec.
Chronicle
11%
11%
11%
10
Jar
2%
63%
1
Apr
130
41
Jan
14%
2%
64%
Mar
2%
2%
62%
8,838
1,590
6%
6%
Jeannet Glass pref.
-
*
McKinney Mfg Co
*
Mesta Machine Co.
5
""6%
Mountain Fuel Supply Co
Natl Fireproofing com
Preferred
9
8%
*
18%
Corp pref 100
18%
25
100
Penn Federal
Phoenix Oil
Nov
Nov
4%
July
7%
Feb
819
1%
Jan
10%
Sept
700
1%
Jan
19%
Nov
10
11%
Jan
25
Sept
900
2c
Jan
8c
Feb
8c
10c
1,000
4c
Jan
10c
Dec
3%
3%
625
2%
Aug
Nov
°Jan
4%
36%
15%
Jar
1%
Mar
Nov
Preferred
Pittsburgh Brewing Co..
50
25
34
Forging Co.--l
Oil & Gas
5
Screw & Bolt.
7%
1%
1
1%
Aug
Oct
Dec
...5
598
7% May
13%
195
3
Jan
24
96
30
17
Jan
97
23%
....100
13
21
96
20%
Plymouth OilCo
100
787
12
Steel Fdy
Preferred
15%
20%
*
.
34
15%
Preferred
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
7c
90
2,804
25
7c
_25c
com
90
24%
289
12%
Jar
24%
1%
18%
450
1
Jan
2
June
250
15
Jar
20
Mar
Renner Co.
1
1%
RuudMfg Co
5
18%
San Toy Mining Co
1
Shamrock Oil & Gas
*
Dec
Dec
Dec
3c
1,650
2c
Mar
4c
Jan
6%
5%
6%
4,940
3%
Jan
6%
Nov
13%
11%
13%
1,390
11%
Oct
14%
Nov
2c
2c
Preferred
com
Wayne Screw Prod com..4
Wolverine Brew
Wolverine Tube
5%
1
com
*
com
,316
12%
nl6
12%
"16
12%|
Oct
Mar
Deo
33
5%
Sept
11%
Mar
450
%
July
1%
Mar
100
12%
Oct
14%
Nov
31
32
110
17
United Engine & Fdy
United States Glass Co. .25
46%
47
215
22% May
Vanadium Alloy Steel
Victor Brewing Co
*
45
45
250
1
1
1
285
60c
Jari
1%
Sept
Waverly Oil class A
*
3%
210
1
Jan
Dec
Westinghouse Air Brake.. *
B
Warner Aircraft
45%
Oct
Standard Steel Spring
*
3%
Established 1874
1,707
13
Aug
1%
50%
Nov
4%
Nov
Oct
31
Jan
47
34%
Jan
97
Jan
Jan
Sept
3%
49%
152%
5%
Dec
Oct
Unlisted—
Penroad Corp vtc..
8kTownsend
DeHaven
3%
49%
148% 148%
WestinghouseElec& Mfg 50
'
3%
182
4%
*
5%
335
3%
Members
New York Stock Exchange
Philadelphia Stock Exchange
NEW
PHILADELPHIA
1513 Walnut Street
Wm.Cavalter&Co.
YORK
80 Broad Street
MEMBERS
New York Stock
Los
Philadelphia Stock Exchange
Dec. 12 to Dec. 18,
Last
Sale
Par
Price
American Stores
100
185 %
Baldwin Locomotive
Barber Co.__
__10
Bell Tel Co of Pa
pref..100
Budd (E G) Mfg Co
Budd Wheel Co
Chrysler Corp
13 %
*
10%
..5
Curtis Pub Co
Week's Range
of Prices
Low
High
*
com
Los
Low
792
24%
184% 188%
9%
10%
38
35%
121% 125
13%
13%
968
149%
573
2%
24%
July
Nov
119%
9%
8%
Jan
651
315
760
High
Angeles Stock Exchange
Dec. 12 to Dec. 18, both inclusive,
Storage Battery.. 100
General Motors
Apr
190
Nov
Last
Week's Range
for
11%
Dec
Sale
Week
38
Dec
of Prices
Low
High
Jan
750
148
86
Jan
20%
407
17
June
Apr
127% Aug
15% May
14% Mar
138%
24%
Nov
Apr
39%
43%
633
41%
Dec
68%
37%
39%
...10
1,260
54
Jan
55%
77%
Nov
225
30
Apr
39%
Oct
Jan
12
Oct
19%
70%
38
9%
20
Corp. .25
3%
25
4%
3%
3%
3%
4
Natl Power & Light
*
11%
11%
Pennroad Corp vtc
1
4%
4%
Lehigh Coal & Navigation *
Lehigh Valley
50
Mitten Bank Sec
Preferred
9%
.50
40 %
Penna Salt Mfg..
50
Phila Electric of Pa $5 pf
Phila Elec Pow pref
25
115%
Pennsylvania RR
Stocks—
Par
Bandini Petroluem Co
Price
1
8
*
Barnhart-Morrow Cons.-l
7%
50
13%
50
5
Reo Motor Car Co
8%
Jan
21%
Oct
Jan
8%
Mar
8
Mar
12
553
9%
Feb
14%
Feb
5
10,878
3,118
3%
Jan
5%
Feb
28%
Apr
45%
161%
94
113%
Feb
177%
115% 115%
120
112
Apr
117
41%
34%
6%
35%
13
14
13%
5%
487
Union Traction
United Corp com
Preferred
*
*
United Gas Impt com
Preferred
*
Westmorland
45%
14%
*
Inc
Westmoreland Coal
5%
6%
45%
30%
Apr
32
32
100
500
38%
16%
Dec
10%
15%
3%
5%
26%
10%
11%
3%
June
10%
14%
15%
5%
6%
Mar
22
Nov
Consolidated Oil Corp.
Consolidated Steel com
Creameries of Amer
v
EmscoDer& Equij
_
Co
_
_
*
*
t c...
5%
Apr
General Motors Corp
General Paint com
5
18%
1
50c
450
50c
100
1,600
14%
70
com
*
1,200
Dec
90%
Mar
Holly Development
1
Jan
38%
Mar
International Cinema
Dec
Jan
75
Nov
Apr
Jan
14%
13%
28%
Oct
95c
700
46c
Jan
1.50
Apr
100
95c
Sept
1.50
Dec
8c
3,700
12,800
10,400
7c
Oct
16c
Feb
36c
Nov
95c
Feb
33c
30c
Nov
10
10%
500
6%
June
107
1
Jan
Jade Oil Co
10c
8c
1%
Feb
Kinner Airpl & Motor
1
Lincoln Petroleum Corp__l
49c
48c 52% c
32c
30c
3,935
5%
Apr
9%
Feb
Lockheed Aircraft Corp__l
Los Ang G & E 6 % pref 100
318
Apr
48%
Nov
19%
July
Feb
Los Ang Industries Inc
2
Los Ang Investment Co. 10
299
40%
14%
108%
Apr
113%
Nov
Mascot Oil Co
1
254
9%
Apr
15
Feb
1
50
7%
Jan
10
Oct
Menasco Mfg Co
Merchants Petroleum
*
Nov
20
Mar
B
87% c July
450
1.25
Oct
National Funding Corp
Feb
90c
Jan
Apr
300
Feb
1.25
%
13% $10,000
Apr
Dec
7%
21%
'i6
11,498
Jan
Feb
Feb
20c
54%
8%
7%
18%
800
7%
June
July
1.25
Hancock Oil A
8%
300
14%
430
70%
14%
8%
22%
300
46
Dec
Oct
100
60c
116
14%
15%
110% 111%
13%
13%
31%
30c
14%
8%
21%
92%c
Globe Grain & Mill Co..25
Mar
Nov
1,900
1,200
18%
450
68%
70
10
18%
450
1%
13
3%
70%
3%
Feb
10%
15%
3%
5%
29%
1,483
Feb
32
73
5%
30c
Citizens Nat T & S Bk__20
Claude Neon Elec Prod
*
75
Bonds—
3980
Nov
364
Elec & Peoples tr ctfs 4s '45
page
9c
11c
Jan
10
see
2,017
12c
28
Apr
10
For footnotes
12c
12c
Sept
7%
*
...
Feb
19
Mills Alloys Inc A
50
17c
57
%
1
July
19
July
33%
5c
25
4%
76%
1,000
25
25
70%
6c
12c
Farmers & Mer Nat BklOO
*32%
Feb
6c
25
Exeter Oil Co A
70%
16c
100
May
*
Apr
Jan
60
May
Sun Oil Co
July
104%
6c
Jan
19%
Mar
10
Jan
1,100
12c
8
98
7c
10c June
12%
16%
700
7c
200
28%
51
2,000
2,000
Jan
6,699
7%
104
104
60
Jan
74
Nov
60
Jan
22
Nov
60
2%
18%
3%
1.50
6c
1
8%
10%
67%
Dec
% Sept
Oct
57%c
5% May
1
Sept
Mar
Dec
30c
25
686
73%
1%
35%
27
Jan
5c
7c
104
1
Pref vtc...
1,604
20
'"%
Jan
Preferred
California Bank
1,289
7%
*
l
33%
Oct
Nov
May
2%
1.30
7%
15% May
900
2%
7%
Dec
100
1.25
1
Central Investment
1
Tonopah Mining
Common vtc
Jan
Salt Dome Oil Corp
Scott Paper
Tacony-Palmyra Bridge.. *
Tonopah-Belmont Devel.l
10
Broadway Dept St pref. 100
Buckeye Union Oil com__l
High
8
2,900
2%
Bolsa-Chica Oil A
Low
Aug
30c
1.25
%
40%
24c
Range Since Jan. 1, 1936
Shares
16,900
8
27
27
""30c
Berkey&Gay Co
1%
5%
50
7% Preferred
Philadelphia Traction
157
6%
Barker Bros Corp..
449
12%
34%
6%
Jan
Sales
Friday
2,555
158
Phila Rapid Transit
350
compiled from official sales lists
Sept
Jan
Warrants
Elec
Teletype L.A. 290
36
10%
9%
122% 125%
19%
Horn & Hardart (N Y) com *
Angeles
Range Since Jan. 1, 1936
for
Week
Shares
26%
25%
American Tel & Tel
Los
Chicago Board of Trade
San Francisco Stock Exch.
Sales
Friday
Stocks—
Angeles Stock Exch.
523 W. 6th St.
both inclusive, compiled from official sales lists
Exchange
1
*
10
8c
800
105
Dec
Feb
Oct
67% c Sept
Jan
11%
Jan
116%
5% Nov
107%
366
4%
7%
4%
7%
2,300
800
5
80c
77%c
80c
900
55c
July
1.00
Apr
3%
3%
4%
2,500
2%
Jan
6%
Mar
36c
36c
36c
245
17c
Jan
39c June
1%
1%
62%e
12%
300
32c
Jan
600
12%
Dec
107%
4%
7%
•
1%
60c
60c
12%
12%
100
2%
1%
July
Jan
Jan
8
Nov
Feb
Dec
4°
Mar
Nov
Volume
Financial Chronicle
143
Friday
r
Sales
Last
Week's Range
for
Sale
S
s tocks
of Prices
Week
(Concluded)
Par
Nordon Corp
Occidental Petroleum
5
17c
16c
1
43c
43c
46c
Oceanic Oil Co_
1
65c
65c
65c
Ollnda Land Co
Price
1
Pacific Clay Products
Pacific Finance Corp
Pacific Gas & Elec
Low
17c
*
High
15c
12
12*4
32
25
36*4
31*4
29*4
29*4
36*4
31*4
29*4
50
50
25
Pacific Indemnity Co
10
Pacific Lighting Corp
Pacific Public Service
*
*
Pacific Western Oil
7*4
21
*
Republic Petroleum
Ryan Aeronautical
_
1
_
Jan
8c
Jan
31c
Feb
Jan
14*4
39*4
40 *4
32*4
35*4
58*4
Nov
8
57*4
Jan
100
12*4 June
21
400
200
21
Jan
Nov
Dec
9*4
2*4
5,900
1,100
2*4
Jan
2*4
Dec
42*4
3*4
42*4
3*4
100
28*4
Aug
Samson Corp 6% pf ann_ 10
Security Co units of ben int*
Security-First Nat Bk... 20
200
1
45
45
142
44
51*4
32*4
53
1,450
32*4
13*4
28*4
28*4
26*4
*
Sontag Drug Co
So Calif Edison Co
6%
25
preferred
5*4%
25
preferred
25
___
Southern Pacific Co
13
28*4
28*4
26*4
42*4
43
100
100
32*4
13*4
-
-
Jan
28*4
27*4
400
900
26
43
400
*
36
36
36
300
*
40*4
40*4
40*4
700
35*4
43
42*4
17*4
43
500
Superior Oil
com
Transamerica Corp..
Union Bank & Tr Co
50
Union Oil of Calif
25
17*4
144*4
23*4
12*4
7*4
10*4
*
Universal Cons Oil Co... 10
Weber Showcase & Tlx pf *
Wellington Oil Co
1
Western Air Express Corpl
24
Oakland
Tacoma
Seattle
Sacramento
Stockton
Nov
San
Nov
Francisco Stock
Dec. 12 to Dec. 18,
Friday
Last
Week's Range
for
Jan
Sale
of Prices
Low
High
Par
Stocks-
Alaska Juneau Gold Min 10
July
Anglo-Calif Nat Bk S F.20
July
Assoc Insur Fund Inc...10
Oct
36*4
—
~
—
Atlas Imp Diesel Eng
Co-5
Bank of California N A..80
Aug
47
Feb
28
Oct
47
Nov
Bishop Oil Co
...5
Calamba Sugar com....20
Black Mammoth Cons. 10c
18
Nov
Calaveras Cement com._.*
8*4
Jan
150
Feb
California-Engels Mining. 1
25c
1
45c
45c
1
7c
7c
Solvents.;
Commonwealth & South...
Curtiss-Wright Corp
3*4
6*4
12*4
10*4
11*4
:1
North Amer Aviation Inc 1
Packard MotorCar
395
4*4
Jan
*4
Sept
Mar
Calif Cotton Mills com .100
37*4
33
39
6,933
25
Jan
July
Calif Ink Co A
50*4
220
44
June
California Packing Corp.. *
Claude Neon Elec Prods.. *
50*4
46*4
50*4
Mar
44*4
2,136
10
10
28?|
Jan
1
22*4
22*4
46*4
10*4
22*4
*
35
35
36
1,360
6
770
Jan
Dec
Apr
.*
com
Cons Aircraft Corp
Cons Chem Indust A
5*4
22c
Jan
63c
70c
Dec
1.45
Aug
lc
Jan
4c
June
Preferred A__
*
113*4
31c
July
48c
Sept
Preferred B._.
*
4c
Oct
15c
Jan
112*4
10*4
Feb
Crown Willamette pref
*
Crown Zellerbach v t c.._*
Di
Giorgio Fruit com...10
100
284
20*4 May
150
4*4
3*4
1,200
100
100
2,500
100
1,400
100
1,700
Jan
Oct
Apr
10*4
11*4
400
7
11*4
7*4
12
500
9*4 May
5*4 July
45
Feb
Dec
Feb
Feb
52
Feb
30*4 June
46*4
Dec
10
16
Feb
Dec
14*4
July
24*4
29
July
36
5*4
Dec
Jan
Sept
6*4
Dec
112
Aug
Jan
18*4
112*4
Dec
112*4 112*4
55
Apr
Apr
100
91
112*4
23*4
Dec
Dec
10*4
12
3*4
Jan
49
47
49
25
32*4
Jan
75
22*4
22*4
23
335
22
Jan
30*4
833
14
Mar
27
210
14 *4
Feb
22
Sept
Apr
63*4
Aug
18*4
18*4
Ewa Plantation Co
Dec
1,033
45
56
56
56
Dec
Fireman's Fund Indem.. 10
36*4
36*4
37
115
30*4 June
Feb
Fireman's Fund Insur...25
93*4
93
94
222
86
Apr
Food Mach
10
44 *4
44*4
45
947
Oct
Foster & Kleiser
2 *4
4*4
32*4 June
3*4 July
A preferred—
25
Galland Merc Laundry.._*
General Motors com
10
Dec
Oct
Corp
20
com
com
4
Aug
Aug
Feb
4*4
Sept
17
15*4
Dec
20
38*4
55
37*4
Dec
48
*4
Jan
398
54*4
Jan
76*4
July
1,000
10
July
14*4
Dec
300
36
Dec
870
14*4
37*4
20*4
Sept
Aug
Dec
8*4
15*4
200
200
15
Aug
Oct
Gladding McBean & Co..*
50
100
38
Sept
50
Dec
Golden State Co Ltd
77*4
17*4
79*4
18*4
300
58*4 May
9*4
Apr
79*4
18*4
Oct
Hale Bros Stores Inc
*
5
Honolulu Oil Corp.. Ltd..*
21*4
21*4
Dec
Hawaiian Pineapple
41*4
33*4
Honolulu Plantation
20
30
10
Nov
36*4
36*4
37
18*4
18*4
19
10
4*4
69*4
15*4
Preferred
Feb
Mar
17
14*4
LOUIS MARKETS
Dec
47*4
37*4
68*4
14 *4
_*
37
112
17
14 *4
8
2*4
6*4
8
75
Dec
Dec
68*4
General Paint Corp com.. *
Preferred
*
Jan
384
56
37*4
50
2,100
Aug
July
Apr
Emsco Derrick & Equip..5
Dec
July
7*4
32*4
8*4
1*4
7*4
Nov
13
26
203
91*4
24*4
18*4
Jan
Jan
311
24
Apr
155
Jan
Dec
6,155
24
Apr
100
7
Mar
Sept
3*4
16*4
2*4
5*4
7*4
355
17*4
25*4
109*4 111*4
17*4
18*4
111*4 114
Emporium Cap well Corp.*
7*4
11*4
89*4
7*4
20*4
4*4
7*4
Jan
Apr
78
17*4
Dec
24*£
190
May
*
111*4
5*4
Hunt Bros A com
ST.
Jan
2,050
79*4
17*4
Warner Bros Pictures Inc. 5
23*4
10*4
11*4
34*4
300
25*4 25*4
185*4 188*4
7
6*4
9*4
9*4
89*4
89*4
4
4*4
18*4
18*4
3*4
3*4
6*4
6*4
12*4
12*4
7*4
25
345
*4
15*4
Texas Corp
U S Steel Corp
32*4
8*4
13*4
14*4
10*4
17*4
Radlo-Keith-Orpheum
Standard Brands Inc
Aug
*4
50
Radio Corp of America
5*4
28
$3 preferred
Commercial
220
28*4
Eldorado Oil Works
Cities Service Co
17
186
6*4
Jan
2,000
1,000
6,300
7c
7
555
Apr
Sept
Sept
Feb
Unlisted—
9*4
89*4
4*4
18*4
Jan
3*4
Aug
20,750
4,800
45c
Zenda Gold....
8
17
375
30
192*4 196
6*4
30*4
1,562
High
July
400
90c
Tom Reed Gold
6*4
22*4
Low
13*4
6,700
l*4c
5
6*4
150
5*4
4*4
110
29c
25c
70c
Caterpillar Tractor
23*4
14*4
25*4
Range Since Jan. 1, 1936
f V t/CIb
Shares
20*4
7*4
600
9*4
l*4c
Aviation Corp (Del)
Baldwin Locomotive
14*4
*4
80c
25*4
184*4
31
Apr
l*4c
100
Sales
21
11
1
Amer Radiator & St Sani__
21
192*4
6*4
120
25c
American Tel & Tel
14*4
23*4
6*4
10
Creameries of Amer Inc..*
Imperial Develop Co
Price
4,100
2,200
Angeles
Long Beach
TTTfifiib
Mining—
Cardinal Gold Mining
Los
Pasadena
Exchange
Feb
17*4
9
Honolulu
both inclusive, compiled from official sales lists
144*4 144*4
23*4
24*4
13
12*4
8
7*4
11*4
10*4
9
NewYork
Beverly Hills
Apr
46 *4
Jan
Portland
Fresno
Dec
July
29
32
Standard Oil of Calif
SanFrancisco
Exchange, SanFrancisco Stock Exchange, Chicago Board of Trade
(Asso.), San Francisco Curb Exchange, Honolulu Stock Exchange
28*4
Mar
Jan
Square D Co A pref
NewYork Curb Exchange
July
*4
15*4 Dec
32*4 July
Dec
25*4
27*4
2,600
Members: NewYork Stock
Co.
&
Private Leased Wires
MUNICIPAL AND CORPORATION BONDS
37
-
13
600
30
-
Nov
July
60
Jan
50*4
11*4
Oct
46*4
3*4
54*4
July
52
July
13*4
3*4
Jan
45
com
Nov
8
31
Feb
42
Signal Oil & Gas A
Feb
100
200
300
Safeway Stores Inc
3*4
July
18*4
31*4
29*4
18*4
48*4
5*4
8*4
2*4
2*4
c
85c
Jan
Dean Witter
Apr
Jan
50c
200
50*4
7*4
21
8*4
High
28c
July
25c
1,500
36*4
31*4
7*4
Low
12c
9,400
3,900
1,000
13,176
19c
12*4
31
Range Since Jan. 1, 1936
Shares
20c
10
6% lstpref
3979
Apr
Sept
8*4
4,704
39*4
21*4
41*4
1,637
33*4
33*4
950
21*4
Jan
34*4
30
30
40
27*4
Jan
33
1*4
5*4
July
2*4
6
100
2*4
210
6*4
250
8
Dec
14*4
Jan
11*4
23*4
26
Jan
41*4
July
4*4
Dec
Jan
Dec
Sept
Aug
7*4 July
27*4 June
Hutchinson Sugar Plant. 15
21
21
21
5
20
18
17*4
18
327
18
Dec
25
40*4
39*4
40 *4
200
27
Jan
40*4
Dec
13
13
13
323
11
Apr
16*4
Jan
2*4
39*4
2*4
2*4
260
May
5*4
Jan
39*4
39*4
160
39
Dec
40*4
37
36*4
38
1,490
25
June
Sept
Sept
10*4
10*4
9*4
10*4
200
6*4 June
12*4
Jan
6*4 May
105*4 Aug
Jan
1*4
11*4
116*4
4*4
Feb
Island Pine Ltd
i. m. simon &co.
com
Preferred.
Business Established 1874
Langendorf UtdBak A
all
on
Leslie-Calif Salt Co
Mid~Weetern and Southern Securities
LeTourneau (R
New York Stock Exchange
New
St.
Chicago
Stock
Exchange
*
G) Inc...l
Libby McN & Libby com.*
MEMBERS
Louie
*
....♦
B.
Enquiriet Invited
—
10
107
107
2
2
Lockheed Aircraft
of
Los Ang
Board
315 North Fourth St., St.
1
Gas & Elec pref 100
Lyons-Magnus Inc B
*
(Associate)
Curb
York
Tradt
Market St Ry pr
Sale
Sales
Price
Week's Range
of Prices
High
Low
for
pref. .100
Nat Automotive Fibres.._*
Dec. 12 to Dec. 18, both inclusive, compiled from official sales lists
Last
3
108
Magnavox Co Ltd
St. Louis Stock Exchange
Par
2*4
Magnin (I) & Co 6% pf 100
Marchant Cal Mach com.5
Stocks—
Range Since Jan. 1, 1936
*
Natomas Co:
No Amer Inv com
100
6% preferred
5*4% preferred
..100
100
American Inv
—
Shares
Low
36
20
28
*
com
Preferred
25
Brown Shoe com
34"
(new)__l
Preferred.
36
10
21
27*4
28*4
210
13*4
29
July
36
Dec
Jan
31
Nov
270
29
450
45
Apr
31*4
64*4
Feb
21
Aug
35
Dec
Pacific G & E
Dec
Oct
31*4
20
31
Nov
32*4
Jan
1
99
100*4
35
57
Jan
100*4
Dec
5
5*4
50
3
Jan
6)4
Mar
7*4
7*4
50
6
Dec
9*4
Apr
26*4
61
Dec
26*4
Dec
26
26
Chic & So Airlines pref. .10
Dr. Pepper com
Ely & Walker D G
Falstaff Brew,
com.
26
.25
1
com
13*4
24*4
24*4
26
Johnson S S Shoe
4
Jan
17
Dec
*
16
*
11
com
*
1*4
3*4
490
*4
Jan
12*4
14*4
278
Jan
16
18
com
25
25
6% 1st pref..
5*4% pref
Pacific Lighting com
*
18
100
15*4
Apr
19*4
47*4
48 *4
351
47 *4
Oct
53*4
Mar
16
16
85
1154
Jan
17*4
Feb
6% preferredParaffine Go's
com
Preferred
Pig'n Whistle pref
*
com
Knapp Monarch
Laclede Steel
12
102
23
30
20
26
...25
21
27*4
21*4
*
54
*
14
com
Landis Machine
com.
McQuay-Norrls
com
Meyer Blanke
12
23
832
Oct
July
13
625
17
50
50
110
13*4
190
*
12*4
11*4
13*4
12*4
.100
114
StLouisBankBldgEq com.*
5
July
52
13*4
preferred
22*4
30
50
1st
Dec
70
*
com.
Feb
23
54
Natl Candy com
Rice-Stix Dry Goods
1454
Apr
June
Natl Bearing Metals com.*
Mo Port Cement com—25
Jan
8
19
14*4
18*4
com
8*4
55
258
114
15
Aug
9*4 June
25
9*4
30*4
Feb
28
Mar
61-
July
15
Nov
*
--*
6%
100
Rainier Pulp & Paper com*
Ry Equip & Rlty com
5%..
*
1
-.100
S J L & P 7% pr pref—-100
Schlesinger & S (B F) com *
Republic Petroleum
Roos Bros pref.
100
Preferred
Shell Union Oil
50
Dec
Signal Oil & Gas A
Soundview Pulp Co
15
May
Southern Pacific Co
7*4 June
111*4 Aug
St Louis Car
100
82*4
*
40c
com
Preferred A
.*
Scruggs-V-B D G 2d pf. 100
Scullin Steel pref
*
—
Securities Inv
13
..10
com
Preferred
St Louis Pub Serv
com
15
2*4
80
"21H
20*4
22
13
50
82*4
50c
275
84
2*4
80
124"
22*4
41
1,848
52 *4
70
125
125*4
226
40
42
2
3*4
25
12*4
Nov
117*4
Jan
Oct
5*4
Dec
Feb
13*4
82*4
417
11*4
38*4
123
28*4
So Pac Golden Gate A
B
87
For footnotes see page 3980.
88
91*4
99*4
35
35
3,000
61,000
1,000
69
Jan
Jan
22
Sept
100*4
Aug
Jan
99*4
Aug
12*4
Dec
Jan
19*4
33*4
Mar
28
3,199
19
Feb
Jan
Aug
32*4
14*4
17
17*4
40
12*4
Jan
20*4
15*4
20*4
20*4
120
13*4
July
15*4
15*4
Dec
23
July
36*4
16*4
38*4
1,285
38
4,757
31
Feb
40*4
32*4
29*4
58*4
July
17
2,294
31*4
31*4
31*4
28*4
50*4
28*4
28*4
46*4
51
5,560
106*4 107
40
104*4
Jan
1,093
4*4
18*4
Jan
766
7*4
23*4
7*4
23*4
5*4
7*4
24*4
152
1,669
60
35
5*4
133
29*4
Jan
26*4
Jan
45
Dec
Jan
20
21*4
108
139*4
68
July
July
July
Sept
July
Sept
152
Jan
152
Apr
Dec
26*4
Jan
119
Jan
Sept
8*4
97*4
Dec
Apr
2
Feb
July
108
Aug
Jan
101*4
7
Dec
5
5
5
230
4*4
Jan
19*4
85*4
19*4
20
229
16*4
July
85*4
86*4
263
80*4
Jan
93
Apr
51*4
51*4
53*4
635
34 *4
29
Jan
53*4
Dec
May
47*4
Dec
4,316
5*4
Dec
13*4
July
30
104*4
Jan
110*4
46
8*4
46
8*4
46
9*4
295
7*4
24*4
Feb
110
110
112
112
112
10
108*4
Sept
1
1
1
200
*4
Jan
1*4
Feb
15*4
27*4
38*4
Sept
12
26*4
11*4
26*4
12
75
2*4
May
27
1,007
15*4
Apr
121
32*4
887
23*4
Apr
96
94
96
978
42
Jan
96
41*4
43
957
23*4
Jan
47*4
*
2
2*4
4,016
2
1*4
1*4
1*4
1,400
1*4
*
Feb
110
41*4
2*4
*
9
40*4
32*4
33*4
9
9
173
40
41
5,290
787
Super Mold Corp of Calif 10
13
13
13
Telephone Invest Corp...*
Tliomas-Allec Corp A
*
48
48
48
Mar
8
Nov
Tide Water Assd Oil com.*
19*4
Apr
80
Dec
100
104*4
3*4
20
3*4
100
19*4
19*4
104*4 104*4
213
3*4
30
6*4
35
11*4
40
2*4
14*4
101
May
5
Feb
July
Sept
July
Dec
Dec
Sept
2*4
Jan
Jan
9*4
Mar
Aug
47'4
14*4
Feb
Dec
Dec
Jan
June
48*4
4*4
Dec
Sept
Feb
Jan
19*4
Dec
Jan
106*4
Mar
Dec
*
17*4
17*4
17*4
38,889
11
Apr
18
Feb
24*4
52*4
6% preferred
Transamerica Corp
Dec
Union Oil Co of Calif
25
23*4
23*4
24*4
3,960
20*4
Aug
28*4
Feb
Nov
127*4
Mar
Union Sugar
25
23*4
23*4
25
1,829
10
Jan
28*4
Sept
Apr
4454
Nov
14
Dec
20*4
Jan
28
July
50*4 June
65
Aug
Mar
Co
com
United Air Lines Trans...5
July
88
22
Jan
105
Dec
28*4
Jan
36
Nov
Dec
19
18*4
19
12*4
12*4
12*4
Co 20
63
62*4
63
Wells Fargo Bk & U TrlOO
315
Waialua Agricultural
"99*4
Jan
.*
5
Standard Oil of Calif
Universal Consol Oil
fScullin Steel 6s
1941
fUnited Railways 4s.. 1934
Mar
13
Aug
Dec
Bonds—
St Louis Car 6s extended..
Dec
47*4
5*4
Dec
25c
9
43*4
Aug
June
13,182
Nov
Nov
Feb
Dec
Aug
9*4
8*4
1
July
15c
40
1
52
*
Southwest Bell Tel pref 100
Wagner Electric com
2*4
1,085
Jan
Jan
20
100
—
Spring Valley Water
5*4
27*4
*
Jan
Nov
*
com
Feb
20*4
4*4
109
Jan
Dec
Aug
B
Key Co
46
195
1,520
107*4
5*4
172
"47
93
100
Dec
3*4
65*4
92*4
185
18
4
45
93
331
Jan
3*4
68*4
78*4
78*4
107*4 107*4
6*4
14 >4
20
150*4 151*4
380
100
385
99*4
78*4
Nov
100
20*4
150*4
Dec
4*4
Hyde Park Brew. com..10
19
98*4
*
31*4
June
H uttig S & D com
10*4
170
100
Aug
2
17*4
14*4
32*4
1,170
150
16
*
1,864
12*4
150
360
1054
37
12*4
Pacific Tel & Tel com.. 100
353
Jan
38*4
34
Dec
3*4
17*4
15*4
454
37
12*4
20*4
99*4
Nov
26*4
3*4
International Shoe com..*
26
25*4
3*4
26*4
com
com
July
8*4
com.
Preferred...-
17
Aug
106*4
8*4
HamiltonBrownShoe
Hyd Pressed Brick
292
|467
25*4
Jan
19*4
6% preferred..
*
Pac Pub Ser (non-vot)com*
(Non-voting) pref
*
8L
Griesedieck West Br
Hussman Ligonier com
32
July
104*4
1,816
29
*
2
25
23*4
13
-.25
com.
2,137
108*4
29
15
Pacific Can Co
860
3*4
2*4
Mar
22*4
108
13*4
Pacific Amer Fisheries...5
30
25*4
.
Paauhau Sugar.
48
2*4
Dec
6*4
22*4
38*4
34*4
9
35
5
.
100
29
B
34
*
Coca-Cola Bottling com
Columbia Brew, com
2
10
Occidental Insur Co
High
46
30
*
Burkart Mfgcom
435
10
North Amer Oil Cons
Oliver United Filters A...*
A S Aloe Co com
3,647
Louis, Mo.
Telephone Oentral 3350
Friday
10*4
107*4
21
10
315
427
2,475
300
7*4
Feb
Aug
315
20
10
35
34*4
35
415
26*4
Jan
38*4
Sept
Yellow Checker Cab A..50
62
62
63
230
23*4
Jan
64*4
Aug
Western Pipe &
Steel
290
Apr
327
Apr
Financial
3980
Dec.
Chronicle
1936
19.
34
Sales
Friday
Week's Range
Last
Sale
Stocks (Concluded)
STRASSBURGER & CO.
Honey Dew pref
Mar
33
25
28
Aug
15
455
4
Jan
14
"14 ti
High
Low
7
i2y
32**
*
Week
Shares
25
10
10
*
Int Metal Indust
FRANCISCO
SAN
of Prices
High
Low
Price
*
Humberstone
STREET
MONTGOMERY
133
Par
1,19cl
Range Since Jan.
for
Oct
15*3
Feb
35
Nov
16*3
90*3
Nov
86
88
135
30
Jan
100
100
55
55
5
35
June
60
Oct
20
18
20
230
9
Jan
20
Nov
Montreal Lt Ht & Pow cons
33
32**
34
895
National Steel Car
*
53
53
58
1,405
North Star
*
North
5
Int Metal Indust pref__100
(Since 1880)
Langleys pref
York Stock Exchange—San
Members: New
Francisco Stock
Mercury Mills pref
Francisco
Curb
Exchange—Chicago
Board of Trade—New York Curb Exchange (Associate)
Exchange—San
Direct Private Wire
1.60
1.80
2.00
4**
ex
3**
Francisco Curb
San
Dec. 12 to Dec.
Exchange
1
Sales
Friday
Sale
Stocks—
jOW
25
6c
5c
1,00
7,250
93c
Jan
23*3
570
15*3
Jan
12
____
Argonaut Mining
188*3
23
10 H
10*3
Mar
94c
__1
Anglo Nat'l Corp
93c
23
Amer Toll Bridge
5
12*3
125
Ark Nat'l Gas A
7X
7*3
200
Atlas Corp com
16 Vb
16*3
564
15
49 Vs
50*3
127
Apr
Preferred
400
7Vb
7*3
100
10
98**
98*3
250
52
Jan
19
20
210
12
May
92 X
25c
25c
20
93
35c
79c
68c
90c
3X
4*3
Claude Neon Lights
1
Columbia River Packers..
77c
73c
84c
1
245
220
Commercial Solvents—--
6 H
Dec
75c
Aug
Dec
1.45
Aug
3
Jan
7*3
Feb
60c
Oct
1*3
Feb
68c
Jan
250
July
17
Aug
450
11*3 May
15*3
111
Jan
4*3
490
575
June
112
Jan
31
Mar
Nov
9*3
46
Mar
Nov
1.15
Oct
21*3
12
17
Jan
52*3
10
38
Apr
26*3
45*3
July
52*3
26*3
1.05
5
General Electric
80c
100
1.05
Jan
23
23
205
17
Jan
20
72
74
50
59
June
20
21*3
22
175
21
Apr
23
General Metals—
Gt. West Elec-Chem
-
"91c
Holly Development___-l
Honokaa Sugar Co
Idaho-M ary land
20
13X
1
"ox
_1
1.25
50c
37
13*3
Feb
4.50
620
95c
19c
Jan
75
Aug
Apr
Nov
22*3
1.55
16*3
Apr
Apr
July
6*3
1,200
7*3
Nov
1.25
1.35
2,450
85c
Nov
2.95
Feb
12*3
Internatl Cinema
12*3
125
11*3
Sept
19
Feb
0%
Internatl Tel & Tel.__
Jan
3.15
1
55c
63c
75c
Feb
4.40
4.70
5,017
3,656
Jan
4.40
1.60
Jan
4.80
Dec
1
Preferred
Kinner Air & Motor
"55c
1
Italo Petroleum
2
Dec
Aug
7
56
Deo
Jan
125
Nov
9*3
Nov
July
29*3
Nov
Jan
18*3
4*3
Dec
1.15
30
355
11
June
30
Dec
37
20
30
Jan
41
Aug
50
1
Aug
5
Feb
Feb
2X
40
18
Aug
37
160
34
July
40
215
110
May
119
Feb
4,375
20
Apr
58
Dec
Oct
2X
2X
2X
190
1%
Sept
3H
Feb
2**
♦
47c
47c
55c
5,350
37c
July
95c
Feb
58c
Feb
2.40
Mar
22c
Toronto Stock
2*4
350
95o
Sept
3.00
Nov
Exchange—Mining Curb Section
both inclusive, compiled from official sales lists
Dec. 12 to Dec. 18,
1,900
15c
Jan
IX
1*3
100
1*3
Dec
M J & M & M Oil
1
35c
27c
37c
15,065
13c
Jan
37c
Last
Par
Stocks—
Week's
Sale
of Prices
Low
High
Price
1
4.10
4.10
4.25
1,010
2.65
Jan
6.50
Jan
Range Since Jan. 1, 1936
for
Week
Shares
Low
High
Jan
2c
July
1
12c
Central Manitoba—
1
15c
15c
17c
23,350
ll**c
Jan
57c
July
Churchill Mining
1
6c
6c
7*3c
61,250
3c
Nov
9 Xc
May
Coast Copper..
5
5.30
5.35
5.50
1,010
2.25
Mar
8.00
Nov
Cobalt Contact
1
2**c
2c
2*3c
12,500
1**C
Jan
4c
Mar
*
1.31
1.50
97,864
38c June
1.50
Dec
58,200
6**c May
Brett-Trethewey
—
Dalhousie Oil
10**c 12**c 107,300
90c
*
Home Oil.
2.85
1.80
3.27
34*3
32 H
23c
19c
34 X
25c
6C
6c
7**c
*
Hudson Bay
Kirkland-Townsite.
1
-
*
Lake Maron...
14c
9**c
1.75
60c
30c
46,530
109,275 72**c
22 X
5,275
24,200
14**c
3c
136,100
14c
Dec
Sept
1.75
Dec
Apr
3.27
Dec
Jan
34 X
Dec
Jan
31c May
Jan
21c June
Jan
7
Feb
4c
4c
5c
63,000
*
34c
34c
40c
32,000
12c
Jan
47c
Nov
1
3**c
3c
3**c
16,200
IX
Jan
ox
May
14c
24c
1
Malrobic Mines
Mandy Mines
Night Hawk
Nordon Corp
18c
*
98,500
10c
Aug
26c
Apr
5c
6c
14,800
4c
July
7c
Jan
19c
30,500
7c
Jan
24c
Oct
44,600
5*3c
.
1
-.
1
Pawnee-Kirkland
—
23c
23c
27c
1
Parkhill
IX
18c
5
Oil Selections
Osisko Lake
1.65
*
Foothills Oil
10c
*
East Crest Oil
14Xo
2Xc
2 *3c
18c May
48c Sept
2c
Nov
10 Xc May
3c
Pend Oreille
1
3.05
2.30
Porcupine Crown
1
6*3c
6*3c
Ritchie Gold
1
60,733
3.10 105,598
8c
Dec
3.10
70c
July
72,200
4c
Jan
15c
Mar
lc
Jan
13 Xc
Mar
4c
6c
Robb Montbray
1
9**c
238,500
8*3c 11 *3c 349,524
Apr
UXo
Dec
Sudbury Mines
1
2*3c
2*Ac
3c
22,000
2**C
Oct
9Xc
Sept
Temiskaming.
1
17 *3c
17c
19c
6,800
2c
Jan
27c
Sept
3Hc
3*3c
Mar
65 M
Range
Dec
Menasco Mfg Co
Sales
Friday
Nov
21H
1.05
10
Elec Bond & Share
2
93
Dec
July
17
45*3
Oct
Feb
4
June
4
2,645
21H
37*4
110*4 111*4
58
51*4
111J*
*
Waterloo Mfg
4*1
37
100
Walkerville Brew
4.50
14*3
Aug
111*3
430
2$
Dec
65
105
Fuel pref
Dec
30
OX
44*3
1
25c
7,120
11,865
110
45 X
Curtiss-Wright Corp
Dominguez Oil Fields
Dumbarton Bridge
Jan
63
5,950
Dec
15*3
110
110
Jan
6*3
Dec
22*3
5*3 May
Dec
18*3
14 y8
Crown Will 2d pref
*
United
10
640
sx
25**
Mar
2,800
1,020
250
18*3
Consolidated Oil
z
Jan
830
3Vb
Preferred
4*3
50*3
6*3
13*3
22*3
8*3
98*3
22*3
1,235
Cardinal Gold
z
Dec
7*3
Cities Service
z
Mar
49*3
*
Toronto Elevators pref. 100
5
1.25
34**
*
Toronto Elevators
Jan
Dec
3*3
5
26
30
*
Thayers pref
Dec
160
118
4 7H
^24**
4 **
8
25**
m
..100
Preferred—
118
118
Dec
2.00
1.00
Nov
12*3
92 X
Oct
7*3
22*3
Calif-Ore Pow 6% '27..100
Central Eureka Min com..
Dec
16*3
ox
9Vs
Calif Art Tile A
1.10
15*3
10
Bunker Hill-Sullivan
2
Feb
Nov
Feb
22 y8
1
24c
190
Nov
3*8
QVb
3
Feb
25
22 X
Aviation Corp
Bancamerica-Blair
Barnsdall Corp com
Bolsa Chica A
Feb
75c
Feb
150
137
100
Rogers Majestlo Corp Ltd.
Shawinigan
*
Standard Paving
*
Thayers com
20c
iPct
1,100
184
184
100
Amer Tel & Tel
5c
15c
500
3
Super Petroleum ord
High
5 c rOct
100
30c
6c
Alaska United Gold
Low
15c
30c
5
Alaska-Treadwell
Week
Shares
6c
5c
6c
5
A laska-M exican
of Prices
High
Price
Far
Range Since Jan. 1, 1936
for
Veek's Range
J Last
4M
ox
*
Robt Simpson pref
1*8, both inclusive, compiled from official sales lists
59*3
Jan
735
*
Prairie Cities OU
Star pref
36*3
950
Ontario Silknit
Oct
30*3 June
13
May
Kleiber Motors
2
2
10
"llX
Mountain City Copper
North American Co...:
"l2%
12*3
30*3
Dec
Sugar.
36*3
13
•
592
7*3
Jan
13
39*3
20
27*3
Jan
44
45c
1,050
21c
Jan
54c
380
6*3
Jan
23*3
22*3
Nov
July
Oct
22
June
14*3
115
3.55
6,072
2.50
Aug
3.90
5.00
5.00
165
3.10
Apr
5.00 May
*3
8
52
Park Utah Mines..
1
119
41
Feb
21
200
13
May
11
100
Pacific Western Oil
Packard Motors
52*3
20 H
Preferred
11
300
15
365
4*3
8*3
4*3
8*3
com
Radio Corp (Del)
Riverside Cement A
6*3
Sept
2*3
July
5*3
Mar
7*3
Dec
8*3
Dec
Apr
14*3
Jan
Jan
17
12
15 X
15*3
15*3
647
3.75
4.00
430
4.75
"17 H
Preferred
Sept
Dec
21
13*3
11*3
17*3
18*3
205
17
Schumacher Wall Board
52*3
Jan
11**
Silver King Coal
South Calif-Edison
Dec
Nov
3.40
3.40
10
1,076
9
Nov
5.50
Apr
Mar
19
Jan
14*3
Jan
Dec
9*3
Aug
28*3
"30*3
1,942
24*3
Feb
32*3
July
3X% preferred
25
26*3
26*3
35
25*3
Feb
Aug
6% preferred..
25
28*3
28*3
460
27*3
28*3
28*3
31
31
28
31
June
32
Dec
31
31
20
21
Dec
31
Dec
47
55
305
37
Jan
66
Sept
210
220
3,475
3,475
150
Nov
240
Dec
30
25
12 X
29 H
5
25
Sou Calif Gas 6%
pref..
6% preferred A...._.
Sou Pac Gd Gate 6% pflOO
Stearman Hammond.
Texas Consol Oil
_
.
220
1.70
_
Title Guaranty pref
Tread well Yukon com...
12*3
2.15
1.60
75
10c
Feb
25c
210
48*3
Jan
25
Victor Equipment..
Preferred
1.50
1.50
1.50
105
1.50
7X
5
16
7*3
2,460
3.10
16*3
860
10*3
30c
9*3
May
35c
38c
Warner Bros Pictures
17*3
19
10,916
18*3
West Coast Life Insure...5
Western Air Express
1
19
value
par
c
Cash
8*3
450
Listed,
sale—Not
Dec
Oct
Jan
8*3
Nov
May
16*3
Nov
45 c
Nov
15
Jan
5
18*3
Dec
Jan
29
Jan
Feb
9*3
1936
1936, to
stock from no par
*60% sto«k dividend paid Aue
15
Drug Stores, Inc. changed name Dec. 7,
Stock dividend of 100%
Cash
t
July
90c
Jan
6
sale
/Economical-Cunningham
/
8*3
79
6.50
120
9*3
Cunningham Drug Stores, Inc., and stated value of common
value to $2*£ a share.
0
Dec
Nov
7*3
16
Rights
Dec
33c June
Dec
x
Aug
2.15
Jan
76*3
in
range
tor
year,
12 Dec.
Francs
x
Ex-dlvidend
v
Francs
8,100
8,000
7,800
7,800
Banque de Paris et Des Pays Bas
1,365
550
1,350
547
1,358
537
302
26,300
1,332
542
Banque de l'Union Parisienne..
7,800
299
297
25,800
26,000
980
1,320
26
1,310
299
304
25,700
26,000
1,070
1,360
1,020
1,370
1,000
27
534
27
545
26
548
Coty S A
811
120
813
120
803
120
800
120
Courrieres
220
216
213
207
Credit Commercial de France..
605
604
599
594
1,650
1,370
326
613
1,620
1,350
320
602
1,630
1,310
326
600
1,610
1,300
308
596
Canadian
Pacific
Canal de Suez
Cle Dlstr
cap
d'Electricitle
Cle Generale d'Electricitie
Cie Generale Transatlantlque
&
Citroen B
Comptolr Nationale d'Escompte
Lyonnaise
Eaux Lyonnalse cap..
Energle Electrlque du Nord
Energle Electrique du Littoral..
1,330
•
27
554
120
1,580
1,290
671
656
660
650
1,320
705
746
1,310
712
740
1,330
700
726
1,310
680
726
1,300
380
21
1,775
380
379
21
1,765
22
1,780
21
1,751
1917
4%, 1918
Rentes 4**s, 1932 A
Rentes 4*$%, 1932 B
Rentes 5%. 1920
76.30
75.00
74.90
80.25
78.60
98.80
75.80
74.80
74.30
79.75
78.30
98.20
75.75
74.80
74.70
80.10
78.70
98.25
Royal Dutch
4,740
4,800
75.30
74.60
74.40
79.75
78.30
97.80
4,780
Saint Gobain C & C
1,632
1,220
58
159
1,615
1,175
58
159
1,644
1,190
1,368
1,349
1,310
4,780
1,615
1,175
58
155
1,300
440
533
533
533
148
151
148
143
433
412
417
408
87
86
85
82
Holi-
Kuhlmann
L'Alr
day
Liqulde
Lyon (P L M)
Nord
Ry
Orleans
Ry 6%
Pathe Capital
Pechtney
Rentes. Pepetual 3%
Rentes 4%.
Rentes
Schneider & Cle
Societe Francaise Ford
Soclete Generale Foneiere
Societe
Lyonnaise.
...
Societe Marseillaise
Tubize Artificial Silk,
pref.....
Wagon-Llts
Ex-rights
15 Dec. 16 Dec. 17 Dec. 18
Francs
Francs
Francs
14 Dec.
Francs
Union d'Electricitie
paid Sept. 1, 1936.
Included
Dec.
Bank of France
Credit
75
Apr
90c
100
12,500
5*3
35c
7*3
Vicao Co
No
Nov
33c June
76*3
89c
U S Steel
•
Mar
75c
81
7*3
10c
U S Petroleum
2
200
74
United Corp
BOURSE
PARIS
THE
Quotations of representative stocks as received by cable
each day of the past week:
July
14
20
No par value.
Nov
Apr
20
Pacific Coast Aggregates..
Pacific Portland Cem__100
Pantepec Oil
Jan
28*3
*
Dec
4.10
129
42c
"42c
O'Connor-Moffatt.
2
65*3
6,570
12*3
20
Occidental Petroleum
Ilaa
226
12*3
30*3
39 M
North Amer Aviation
Oahu Sugar
65*3
9*3
30*3
Montgomery Ward
2
29c
27c
.10
Lucky Tiger
380
58
153
.
75.20
74.75
' 74.20
79.70
78.30
97.50
4,470
58
_
—.
t In default
t Company In bankruptcy, receivership
Toronto Stock
Dec. 12 to Dec. 18, both
reorganization
or
BERLIN
THE
STOCK EXCHANGE
Closing prices of representative stocks as received by cable
Exchange—Curb Section
inclusive, compiled from official sales lists
12
Last
Week's
Sale
Stocks—
Par
Range
Low
Price
Allgemelne
*
High
Berliner
High
Low
Shares
Bruck
»
Stlk
Canada Bud
*
Canada
♦
58
8*3
8*3
Malting
Canada Vinegars
Canadian Wire Box A
*
Canadian
35
1
Marconi
Consolidated Press
*
*
Corrugated Box pref.._ 100
------
------
13
-
-
-
-
♦
18
Dominion
*
54*3
15*3
Dom Tar A Chemical
*
24
1.95
DeHavlland
Bridge
7*3
8*3
34*3
19*3
12*3
88*3
17*3
54*3
15
58
10
100
320
)
S5S
Dec
16*3
Mar
Dessauer
(7%)
Gas
10
77
Apr
91
2
18
90
57
530
16*3
880
34 *3
4
11
110
12*3
63
63
85c
Jan
21
Apr
58
Jan
16*3
140
56
Jan
795
4
May
55
30
480
40c
Jan
Apr
110
12*3
65
1.25
108
110
109
144
126
127
104
105
105
105
105
105
Farbenlndustrie I G (7%)
166
167
168
168
168
167
Gesfuerel (6%).
141
142
143
143
143
142
Dec
Hamburg Elektrizitaetswerke.
143
144
145
146
145
Oct
Hapag
Feb
88*3
109
144
2*3
13
109
126
Oct
Aug
110
110
Jan
5
110
143
June
85
108
109
126
26 X
13
--
143
Erdoel
1.25
166
109
109
Bank
Deutsche
Jan
21
124
166
108
•
126
Deutsche
Nov
125
124
173
108
108
141
June
27*3
280
124
173
173
108
10H
37*3
Dec
2*3
124
124
109
G
173
108
-----------
139
Mar
May
19*3
24*3"
A.
39
39
pf 7% 126
6*3
30 X
109
7
135
12
80c
Privat-Bank
480
110
*
Commerz'und
480
100
Honey Dew
30
Dec
20
Hamilton Bridge
*
Hamilton Bridge pref.. 100
Preferred
Llcht (8%)_.
58
40
38
124
(6%)
Handels-Gesellschaft
Feb
35
GO
18
17
39
38
Elektrlzltaets-Gesellschaft
Berliner Kraft u
BiltmoreHats
16
-Per Cent of Par
Range Since Jan. 1 1936
for
Week
of Prices
15
14
Sales
Friday
Nov
und
Dlsoonto-Gesellschaft
(4%)
Deutsche Relchsbahn (German Rys)
Dresdner Bank
-
145
14
15
15
15
15
15
Nov
Mannesmann Roehren
116
116
118
120
119
118
Dec
Norddeutscher Lloyd.
15
15
15
15
15
Dec
Nov
Relchsbank
(8%)
Rhelnlsche Braunkoble (8%)_.
Oct
Salzdetfurth
Oct
Siemens A Halske (7%)
(7**%)
185
217
186
•
-
-
15
187
187
186
186
218
220
219
220
182
182
183
184
183
190
192
193
194
193
-
-
-
192
Volume
143
Financial Chronicle
3981
Canadian Markets
AND UNLISTED
LISTED
Provincial and
Province
of
Alberta—
Bid
Toronto Stock
Municipal Issues
Ask
Ask
Bid
Province of Ontario—
Exchange
Sales
Friday
5s
Jan
1
1948
/73%
75%
5%S._
Jan
3
1937
100% 100%
Last
4%s
Oct.
1 1966
/72%
74
68
Oct
1
1942
113
113%
Sale
6a
Sept
15 1943
1 1959
119
119%
121
122
1
1962
109
110
15
1965
116% 117%
Prov of British Columbia—
6s
July
4%s
Oct
Province of
12 1949
58
May
97%
4s
June
4%s._
Jan
98%
Manitoba—
4%S
Aug
1 1941
..June
6s
99% 100%
1 1963
16 1954
6s
Deo
Province of Quebeo—
Mar
2 1950
98%
99%
4%s._
99
4s
Feb
1 1958
100%
2 1959
Prov of New Brunswick—
4%s
Apr
15 1960
114
115
4%s
Apr
15 1961
112
113%
Sept
6s
15 1952
.Mar
1
1961
115
116
110
-
-
114% 116
Prov of Saskatchewan—
*
Canadian Pacific Ry
Canadian Wallpaper B
Canadian Wineries
Carnation Co pref
Cocksnutt
Consolidated Bakeries
25
111% 112%
1960
*
»
*
June
15 1943
93
94%
Nov
16
1946
94%
96
Consolidated Smelters..25
Consumers Gas
100
4%S--
Oct
1
1951
88%
90
Cosmos
12
13%
13%
30
60
30
"~2%
10k
Jau
40
24%
9%
19%
75%
20%
79%
205
208
2
101
June
103%
Nov
Aug
10%
Nov
3,490
948
5%
15%
51
May
97
189
Jan
106
10
102
50
10
30
25%
20%
10%
28%
21%
12%
12%
18%
27
11%
11
11
Eastern Steel Products..
Apr
5,305
209
50
20 %
Feb
Deo
5
10%
20%
80%
106
*
Jan
15%
32
Sept
Sept
100
Distillers-Seagrams
18
550
3
2%
High
Dec
1,989
103% 103%
"ion
Low
11%
25
Dominion Coal pref
25
Dominion Steel <fc Coal B 25
Dominion Stores
*
Bonds
13%
Shares
100
Preferred
Wood,
11%
Range Since Jan. 1 1936
for
Week
*
Crow's Nest
Canadian
12
100
6s
118
Price
Range
oJ Prices
Low
High
*
5%s._
Provlnoe of Nova Scotia—
414s
1
May
4%S-
Par
Canadian Oil
99
97%
Stocks (Concludes)
Week's
1
70
25%
18,595
995
11,586
2,050
Feb
22
80%
209
Jan
27%
Apr
Apr
17%
106%
56
Nov
Dec
Nov
Sept
Nov
June
18%
34%
Jan
14
22%
12%
12%
Nov
Mar
20
Nov
Jan
108
Apr
May
4% May
8
May
Dec
Dec
35
10
100
106
106
25
86
Easy Washing
Economic Investment...50
5
5
250
30
30
115
20
31
35
370
10%
Jan
39
Nov
14%
5%
15
175
7%
5%
Aug
Aug
19
Nov
21%
21%
6%
7%
22%
22%
6%
1,910
4,613
13%
Jan
20
2%
Preferred
English Electric A.
English Electric B
Gundy
♦
Equitable Life
14 Wall St.
•
Ford A
Inc.
15
25
Fanny Farmer
Co.,
&
New York
18%
♦
21%
21%
Frost
General Steel Wares
•
Goodyear Tire
Private vires to Toronto and Montreal
50
86
56%
_*
13%
Bid
Canadian
Paclfio
Ask
Bid
Canadian
Ry—
4s perpetual debentures.
99
99%
6s
Sept 15 1942 /112% 113%
414s
Dec
15 1944
102% 103%
Be
Ju'y
1 1944
115% 116%
Ask
Paolflo Ry—
4%s
Sept
1 1940
5s
Deo
1
1954
102% 103
109
109%
4%a
July
1
1960
105% 106
Harding Carpets
♦
Hlnde <fc Dauoh
♦
Hunts A
•
Imperial Tobacco
Bid
Canadian
National
414s
4 lis
Ask
Canadian Northern Ry—
Ry—
Sept
1 1951
June
.Feb
.July
.July
1969
6s—
-Oct
.Feb
1970
414s.
4148.
Grand Trunk Paclfio Ry—
4s
Jan '
1 1962
1957
.
3s
Jan
1
1962
Preferred
102
100
Lake of tbe Woods
10914
103
Lang <fc
Sons
•
Ltd.
Co.
..._♦
•
•
Preferred
100
Moore Corp common
A.
Commodity Exchange, Inc.
New York Curb (Associate)
WA. 3401-8
Par
Stocks—
WMh
Price
Low
4%
4%
Range Since Jan. 1 1936
Low
32
6% preferred
*
Alberta Grain
4%
*
17%
4%
Preferred
5%
1.25
Jan
6%
Jan
1,870
35
2%
Sept
Sept
25
Bathurst Power A....
*
B
*
Beatty Brothers
19
1,050
14
7%
40
16%
760
14%
103
104
*
385
17%
6
16%
Preferred
Beauharnols
33
16%
7%
5
6%
104
15
7%
5,258
3%
Oot
Aug
9% June
93
100
160
137
4
60
*
Blue Ribbon
Blue Ribbon pref
Brantford
159
4
160
.100
Jan
1% June
33%
26%
17%
..50
Cordage pref.25
*
17%
80c
75c
of Canada..
2%
2
Brazilian
Brewers & Distillers
Brewing Corp
__
14
Preferred
13%
5
33%
26%
18%
200
141
4%
36%
6
39
18%
7
16%
107
7%
Nov
Nov
Pan tepee Oil
Photo Engravers.
6,165
22
22
23
*
37
37
37%
213
Burry Biscuit new
55
64
8,605
4,780
35
15
May
14%
June
13%
101
105%
Oot
Feb
43% May
66
33
Dec
39%
Apr
Dec
Nov
730
3%
Jan
15
1.90
10,030
40c
Jan
2.25
Feb
26%
805
6%
Jan
26%
Dec
56
42%
Dec
150
13%
Oct
17
Nov
Jan
73
7
22%
21%
6%
10%
6%
10%
77
22%
20%
7%
11%
7%
7
44% 47
12%
13%
99% 100
42
42%
45
42%
182
180
180
%
42
8%
1
85
865
65
462
18%
17%
Nov
2,625
1.00
390
3,510
1,815
1,005
70
460
10
257
78
Nov
Jan
33
Nov
Mar
22
Nov
3k
28
12%
Jan
7%
Apr
Aug
12%
Sept
2
48%
17%
Jan
8
Oct
Deo
Feb
97
Jan
105
Jan
Jan
46
Dec
Jan
182
Nov
146
.25
Apr
1.25
Oot
42
25
39
Jan
45
July
9
1,845
5
June
10
Nov
July
22
Nov
19%
65
16%
1.15
90
1.00
Dec
1.15
6%
930
4%
Dec
6%
102%
7%
8%
23
22%
96%
96%
23
20%
35
36%
300
101
35
Deo
Nov
29%
4%
6%
23
.
.100
18,760
125
5
1.400
277
79
Jau
Jan
no
8%
Deo
Deo
Nov
3%
21%
June
27
82
July
100
Oct
11%
Jan
23
Deo
19
Jan
38%
Nov
Nov
101%
Sept
Deo
Jan
Sept
Dec
Dec
100%
100% 100%
25
99%
20
10%
19
Sept
25
Nov
11%
99%
100
4
June
15
Nov
242
70
Aug
100%
Nov
497
98
100
14
16
jj77%
80
505
57
Jan
80
72
70
72
310
49%
Jan
72
16%
*
16
865
16
16
78%
Stee Jof Canada
25
Tip Top Tailors
11%
...»
Preferred
100
Gas
United Steel
19
10%
Tamblyns Lts
36
*
♦
oom
Sept
Walker (Hiram) oom
Preferred
*
28
18%
Nov
Western Can Flour
♦
70o
Dec
1.40
Jan
Western Can Flour
1%
Aug
4%
Feb
Oct
Mar
Jan
18%
27%
Westons (Geo) common. _♦
New preferred
100
28% May
38%
Nov
8%
Nov
11
16%
*
57
58
85
8
350
6%
26
Burt (FN)
395
104
Dec
15%
*
Jan
110
7%
Apr
Apr
19%
15%
B
Deo
Jan
27
8
7%
44%
24%
12,712
15%
76%
22%
*
Preferred
25% June
8
50c
Oot
20%
14%
Oot
15%
7%
105%
14%
7%
16%
12
105%
16
8%
730
6%
Jan
Nov
7%
16
Deo
Deo
Deo
16%
Nov
Nov
Sept
12
5
102
Jan
108
9,661
9
Jan
16
4,170
2% May
Nov
Deo
Apr
*
Building Products A__
20
July
22%
46
100
Standard Chemical
5
3,415
*
B.
Mar
108
Simpsons A
Nov
Aug
3%
80c
British American Oil..
Oot
50
Jan
*
Jan
Nov
Dec
2%
B C Power A.
Nov
6
30
1,340
Aug
101%
8%
Simpsons Ltd pref
160
9 k
625
70
Jan
1.10
Jan
Apr
6,388
2,613
14
Nov
27
19
*
Porto Rico pref
Power Corp
Union
Bell Telephone
Dec
32
105
High
12,330
3,885
4%
15
5%
6
%
Pressed Metals
Shares
High
June
3,620
11
""8%
Saguenay Power pref
m
Abltlbi
Nov
940
13
Page-Hersey
Sales
of Prices
30
46
*
Preferred
compiled from official sales lists
Sale
Jan
39%
100
•
National Grocers
Toronto Stock Exchange
for
Feb
13
5
106% 108
Orange Crush
Week's Range
Mar
3
5
15
23
National Sewer Pipe
Last
90
59
Oct
44
106%
Mulrheads
National Breweries
Friday
Jan
Mar
1
19
1.50
♦
Preferred
Dec. 12 to Dec. 18, both inclusive,
64%
53%
250
4% June
1.50
100
MoColl-Frontenao
Toronto Stock Exchange
King Street West, Toronto.
170
>110
•
Feb
Feb
Nov
Sept
(John;
Maple Leaf Milling
Maple Leaf Milling pf.100
Massey-Harrls oom
*
STOCK BROKERS
15
9%
5
62%
33%
14%
B
Canadian
8
Oct
Deo
15
104
26%
Loblaw Groc A
Members
24%
28%
Dec
2%
Jan
12% May
14%
*
Laura Seoord
&
7
Dec
Nov
450
13%
"104
62%
33%
Internatl Petroleum....
Internatl Utilities A
Lang Co.)
Duncanson, White
Jan
32
12714 128
1969
56...
1 1946
100
com
Kelvlnator
1956
5a—
July
0148
July
June
3
5%
20%
20%
5
Intl Milling pref
Internatl Nickel
Internatl Utilities B
16 1955
18%
Apr
May
15
B
Imperial Oil Ltd
Dominion Government Guaranteed Bonds
5%
20%
15
»
63
5%
19%
5?_
19%
32
63
"63"
29%
14%
30%
14
Railway Bonds
Hamilton Cottons pref..30
Hamilton Un Theat preflOO
2
29%
100
Gypsum L. «fc A
87
56%
2
*
335
8
56%
♦
Preferred
Great West Saddlery
Preferred....
5%
1%
3%
33
July
Jan
58
Apr
Nov
Aug
9%
Sept
*
pf__100
Winnipeg Electric A.....*
*
B
Winnipeg Elec pref
100
Wood Alex & James preflOO
*
Zimmerknit
47%
19%
11%
47
19%
49%
19%
10
12
78
76
78
17%
17%
18%
106
106
107
5%
5%
35%
5%
5%
31%
6%
5%
35%
60
51
60
5%
5%
5%
6,460
2,349
1,374
130
3,043
55
2,030
885
100
10
148
20%
17 k
4%
30
13%
Apr
9%
49%
Nov
Deo
Nov
Mar
20
Apr
May
12
79
Dec
Apr
21
Nov
98
Mav
1%
2%
19%
Sept
Dec
109%
Nov
6k
Deo
Nov
5%
Oct
35%
Jan
60
Mar
2 k
June
6
Nov
51%
Jan
60
Nov
38
Dec
Dec
44
44%
600
37%
Jan
47 k
Mar
8
8%
1,250
4%
Apr
8%
104%
Nov
Commerce
100
58%
175%
172
176
274
149
Jan
176
50
Dec
Dominion
100
230
224
230
41
190
Jan
230
Deo
Nov
Imperial
100
225
225
61
July
225
Nov
Nov
Montreal
100
22l"
214
222
180
197%
182%
Apr
222
Dec
Banks—
Canada Br«ftd
A
B
*
8
.
preferred
preferred
103
100
50
Canada Cement
Preferred
49%
12%
13%
Jan
58
Jan
103
14%
58%
64
Deo
23%
Mar
27
Aug
Nova Scotia
100
315
310
315
39
271
Jan
315
Deo
80
May
91
Nov
Royal
100
201
199
203
723
164
Jan
205
Deo
90
Mar
2%
6%
50%
Jan
55
18
18
♦
*
Cndn Industrial Alcohol A*
*
18
60
9
Feb
22
9
685
4
May
104
90
Canadian Locomotive.
8%
102
102
11
11
11%
1S%
28%
45%
18
19%
29%
46%
7%
6%
24%
7%
6%
20%
25
50
50
............
Preferred
B
6
.
57%
195
*
Canadian Canners 1st pref.
*
2nd preferred
Canadian Dredge
645
13%
50
-
135
6
*
Car
May
88
,
Canadian
30
26
2%
Canada Wire & Cable A..+
B
50
Canada
85
88
Canada Steamships pf.100
Canadian Canners
50
Dec
70
*
Steamships
Jan
26
♦
Canada
90
101
*
Canada Packers
31
100
100
Canada North Power.
103
27%
45%
6%
6
19%
205
45
1%
5%
20%
88%
5
Aug
3%
Dec
15
Jan
9%
105
Feb
Feb
Nov
Oct
Nov
Nov
1,040
5,430
1,330
June
12%
Nov
5%
Apr
19%
13%
May
29%
465
37%
Jan
6%
Sept
145
5
July
255
1%
Huron
&
Erie
♦
No par value.
74
10
70
July
88
94
55
75
Nov
95
Feb
125
74
125
1
115
Mar
125
Dec
100
Toronto General Trust. 100
Toronto Mortgage
94
50
/ Flat price.
Dec
5,945
Loan and Trust—
Jan
50
12%
Nov
June
Feb
11
Jau
24%
Dec
Toronto Stock Exchange—Curb
See
Page 3980
Section
Financial
3982
r
Dec.
Chronicle
1936
19.
Canadian Markets—Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
11 KING ST. W.
WAverley 7881
Stocks (Concluded)
Par
for
of Prices
Low
High
Sahres
Price
72c
Read Authier
MEMBERS
.1
Montreal
Noranda
83c
4.55
4.90
Sudbury
Winnipeg Grain Exchange
1.37
1.29
1.60 123,175
1.22
1.21
1.25
1
22c
20c
24c
...»
47%
40%
50%
2.30
2.25
2.51
76c
76c
82c
82
83c
Roche-Long Lac
Hamilton
Klrkland Lake
Montreal Curb Market
Royallte Oil
Sarnia
North Bay
Exchange(Inc.)
Chicago Board of Trade
San Antonio
Canadian Commodity
Shawkey Gold
Sheep Creek
Sherr itt-Gordon
Tlmmlns
*
60c
_
1
_
~
2~60
2.40
2.78
4.55
4.15
4.95
Stscoe Gold
Week's Range
Last
Sale
Par
Stocks—
*
of Prices
High
Low
Price
13c
15c
for
Arnt field
1
90c
89c
1.03
Ashley Gold
1
9c
8c
9c
9,600
1
.1
833 c
933 c
.1
1.58
1
Afton Gold
AJax Oil & Gas
Aldermac Mines Ltd
.1
-
1
8c
48c
1.53
1.83
4c
4%c
633c
*
Argosy Gold Mines...
553 c
6.70
6.25
6.70
*
Algoma Mining
Anglo Huronlan.
333c
53* c
*
Alexandria Gold
1.10
1.10
1.20
mm
Astorla-Rouyn
833c 1133c 157,900
9c
10c
1.45
1.58
9%o June
4c May
18 %o
Feb
880
May
40o June
70o
Feb
88c
183o
Dec
l%o
Jan
10c
3%c
Jan
12 %o
4.10
Jan
7.60
May
Aug
1.00
Apr
1.75
Sept
65o
Apr
6%c May
Jan
2%o
1.20
31o
12
Aug
Aug
July
Dec
5%o
Jan
11 %c
Feb
1.40
Oct
2.15
25c
22c
2733c
1.25
1.20
1.30
1.20 June
1.84
Feb
.1
1.52
1.45
1.82
67,692
1.25
Oct
2.00
m
55c
50c
62c
63,000
46c
Oct
76c
m
20c
19c
24c
Apr
36 %o
14o June
42c
Sept
52,675
13c
*
7.85
7.50
7.85
Jan
9.00
75c
Stadacona-Rouyn
*
86c
82c
90c
1
24% c
Sudbury Basin
*
5.55
733 c
1133
9c
9c
Jan
25 %c
Mar
3.80
Jan
6c
4,315
76,500
1
Buffalo Ankerlte
17%c 25%c
5.45
5.75
...1
38c
33%c
47c
1
2.05
1.92
2.20
1
3.45
3.35
3.45
17c
203-3 c
Sudbury Contact
Tashota
Goldflelds
1
20c
Gold
*
5.15
5.10
5.30
*
2.23
2.20
2.36
1
3.55
3.50
3.75
Exploration. 1
1.22
1.18
1.40
./
2.81
2.71
2.92
Teck-Hugkes
Texas-Canadian
Toburn Gold
Towagamac
Ventures
2.40
*
2.30
2.05
Consolidated-60c
Eagle
*
W11 tsey-Coghlan
1
6%c
2%c
8%c
6c
7c
2%c
733 c
3%c
Waite-Amulet
Wayside
White
9c
Wrlght-Hargrea ves
*
7.55
7.50
7.90
Ymlr Yankee Girl
♦
35%c
33o
39c
Toronto Stock
*
12
12
Nov
12o
Montreal Stock
Dec. 12 to Dec. 18,
mm
2o
Jan
11c
12c
6,400
60
Jan
18o
Oct
Last
Week's Range
2.35
2.90
730
Jan
2 90
Dec
Sale
of Prices
mmmmmrnrn
33c
42c
5c
Jan
45 0
Dec
1.60
1.72
65,910
45,650
40,475
96 %o
Mar
1.75
1.75
625
1.15
Jan
2.10
Aug
4c
1.65
1
.1
16c
Ltd.
1.00
1.00
1
25c
25c
28c
90c
79c
1.03
1
42c
41c
52c
18,800
87,905
59,850
30,053
22,370
27,800
33,200
2,350
4,230
50,535
29,700
2,695
1,950
56,450
147,945
51,835
8,685
209,995
51,450
97,550
118,140
195,280
10c
10c
12c
3,000
1233c
10,500
135,950
8,497
4,000
115,970
48,550
8,200
31,990
49,850
55,400
6,210
1.36
Castle Trethewey
1
Central-Patricia
1.30
1.40
4.30
4.05
4.80
*
34c
1.18
1.55
1.30
1.25
1.45
*
Chromium Mining—
31c
1.40
*
Chemical Research—
32c
*
Central Porcupine
7c
633c
6c
5
3.25
3.25
3.50
*
1.70
1.65
1.80
I
Clerlcy Consolidated
2.30
2.19
2.61
17c 223* c
Commonweath Petroleum *
Conlagas
Coniaurum
Cons Cbibougamau—
2.49
Dark water Mines Ltd.
*
Dome M lues
Dominion Explorers.
m
.
m
2.20
2.55
485*
483*
633 c
51%
6%c
.1
.1
Dorval-Siscoe
39c
40c
45c
Eastern Malartlo Gold M -1
1.23
1.15
1.33
1
2.15
2.15
2.32
1153
1133
Eldorado
*
Falconbrldge
Federal-Kirkland
Francoeur Gold Mines
Glenora Gold—
God's Lake
Goldale
50c
Gold Bolt
1233
15c 183* c
lie
1.11
Goodflsh
1
12c
Graham-Bo usQuet
1
20c
20c
27c
Granada Gold
1
28c
27c
2833 c
65* c
633 c
7c
*
Grandoro
*
Greene Stabell
1
40c
51c
Gunnar Gold.
1
1.08
1.02
1.12
Halcrow-Swayze
1
35*c
3%c
4c
Hard Rook
1
2.81
2.80
3.00
1
15c
15c
17c
1433 c
133*
4833 c
14c
16c
13%
4633 c
13%
Harker Gold
—
*
Hlghwood Sarcee
Holllnger Cons
5
40c
55c
1.18
Oct
1.69
Jan
Mar
4.95
30c
Oct
59c
July
July
75c
Sept
1.60
Feb
1.10
Dec
2.46
July
3o
Jan
4%c
Jan
2.80
Jan
4.25 June
1.70
Oct
2.75
Apr
1.22. May
3.30
Nov
Dec
Sept
Bell Telephone
32c
Dec
55c
Nov
July
1.33
Dec
Aug
2.45
Dec
690
Jan
12%
Nov
Bruck
Nov
5.10
Sept
43c June
Oct
1.74
Dec
3%o
Nov
833c
Feb
8c
Jan
75c
Dec
18H0
Jan
920
38 330
Dec
F6b
15o
Nov
3.00
Jan
6o
Jan
47c
Dec
83o
Mar
2.50
Sept
2.25
Mar
3.65
Nov
6.40
Nov
Nov
68o
May
4.30
Mar
6.70
July
1.45
Sept
2.50
Apr
1.20
Jan
4.45
20o
Jan
1.40
Deo
1.60
Jan
3.15
Nov
12o
Oot
Nov
1.00
Jan
2.49
533o
Nov
205*0
Apr
2%
Dec
60
Sept
3o
Jan
1233c
Deo
7.50
Oct
9.00
Feb
30o
Dec
71c
Jan
6
♦
56
3.63
July
7o
Jan
26c
Sept
10% c
13%
Oct
Lee Gold Mines
1
Little Long Lao
*
1.05
20c
6c
7c
7.25
7.00
7.25
8,785
30c
50c
12,600
21,637
50,810
52,100
20,075
23,760
6,450
192,105
251,100
9,800
53,890
20,200
18,050
15,600
*
16c
Macassa Mines
1
7.10
6.90
7.60
MaoLeod-Cockshutt-.
*
4.85
4.65
5.20
Manitoba & Eastern,.
*
13c
13c
16c
Maple Leaf Mines
1
19c
19c
21c
36c
35c
39c
May Spiers Gold Mines.
5
393*
39
4033
McKcnzle Red Lake..
1
1.92
1.77
2.13
McMillan Gold
1
14c
1633c
M c V lttle-Graham
1
1533c
183*c
17c
19c
McWatters
+
77c
71c
95c
Merland Oil
*
13c
12c
15c
»
2.75
2.65
2.99
*
31c
June
17%
Dec
i
*
1
♦
2.05
1.98
2.35
1
25*c
233c
23*c
Pickle Crow
1
7.40
7.15
7.50
Pioneer Gold
1
5.10
5.10
5.45
1.58
1.58
1.67
.1
3.67
3.50
3.80
•
1.30
1.30
1.38
1.15
1.30
Powell-Rouyn Gold—
—
*
Jan
58%
97
May
106%
6% May
12%
2,120
14%
Jan
*
20%
19
5% June
1
Aug
25%
Dec
Canadian-Pacific Ry
Cockshutt Plow
25
133*
13
Feb
Nov
Con Mln & Smelt new
25
Dec
Canadian Locomotive
Crown Cork & Seal Co
2%c
Mar
15o
Aug
Dlst Corp Seagrams
6.70
Aug
7.75
Feb
Dominion Bridge
7c June
50c
Dec
Dominion Coal pref
*
103*
78
"27~"
»
100
9%
75
2,240
3,879
10%
10%
3,330
8,122
Aug
15%
10%
51
May
80%
350
15
Mar
21%
18%
Apr
34%
Jan
32
Jan
58%
Nov
Nov
June
17%
*
55
205*
80%
18%
26
28%
55
58
20%
21%
Jan
7.60
Dec
Dominion Glass pref.-.100
6.40
Dec
Dominion Steel <fc Coal B 25
5%0
Jan
30c
Aug
Dominion Textile
*
71
71
12%
72%
5%o
35o
Jan
30c
Aug
Dryden Paper
*
12%
Dec
6O0
Eastern Dairies
*
125*
253
245*
2%
23%
17c
Dec
42c
Jan
1.78 June
71c
Dec
10c
Nov
24c
Feb
1.10 May
3.15
Nov
1.00
Mar
54c June
340
Jan
85c
Oct
8%c Sept
14
Jan
Dec
May
6c
Aug
15c
40c
Mar
85c June
3.10
Dec
6.20
June
30c
Oct
40r
Nov
50% 0
Jan
1.25
May
1.12
Jan
2.35
Dec
4%o
Feb
7.60
July
2o
July
3.95
Mar
5.25
Dec
95c
Oot
1.72
Nov
1.80
Jan
3.80
Dec
19,690
21c
Mar
2.26
1.15
Dec
3.25
Jan
12
Jan
1
Enamel & Heating Prod..*
English Electric A
General Steel Wares
*
Gurd, Charles
*
Gypsum, Lime & Alabast-*
Hamilton Bridge
*
Hamilton Bridge pref-.100
Hillcrest Collieries pref-100
Holllnger Gold Mines
5
Howard Smith Paper
*
Howard Smith Paper pf 100
Imperial Tobacco of Can.5
Intercolonial Coal
152
1,545
14%
Apr
10
136%
Jan
155
12,348
4%
May
July
79
430
60
14
970
3
260
25
4,046
4% May
1% July
19%
Jan
4
275
300
25
2433
7J3
7
22
24%
25%
1333
1853
102
a4%
4%
28%
Dec
Jan
Nov
Nov
Feb
Jan
6
Nov
Jan
40
Nov
Sept
22
18
May
25
2,100
1,050
13
Mar
27
8
3
June
9%
Nov
7
8
435
5
Aug
9%
14%
Nov
11
14%
12%
63
15
12
1
10%
12%
Oct
7%
62
135*
5%
Jan
22
33
3%
15%
13%
14
13%
20
18%
101% 102
2,120
2,485
15
100
2,020
1,505
51
5lH June
4
25%
7
13%
Dec
May
Jan
13
Nov
65
Nov
May
20
Dec
9% June
88
Deo
Apr
17%
Oct
Oct
20
Dec
119
Mar
25
"16"
14%
Mar
Int Nickel of Canada
.*
6233
13%
14
2,660
45
14
100
Int Hydro-Elec Sys A
Industrial Acceptance
Internatl Paper & Pow A.*
10%
5,265
2,321
31
.__*
Famous Players C Corp..*
Foundation Co of Can
*
45
25
Jan
45
10
10
15
9%
Dec
10
Deo
62%
64
5,078
43%
May
Nov
28
Nov
66%
33%
13%
40
Mar
Jan
Dec
32
33
935
20
20
10
14%
Oct
22
Dec
*
B
13
13
10
5%
Oct
13
Dec
100
91
33
C
6%
Preferred...
International Power
5%
International Power pf.100
John A Lang & Sons Ltd
91
Lake of the
42
July
500
Electrolux Corp
152
"II"
Feb
25%
13%
3.50 June
Nov
Dec
1.470
14,643
Mar
20c
July
7%
July
2 24
75
Nov
May
7
May
49%
34
107%
74%
470
Oct
Jan
Oct
Jan
Dec
6
1.38
63o May
1
48
6%
29%o
Jan
32,900
59,825
84,430
3,000
14,120
9,540
45,000
35,320
35
71%
Jan
28 %o
35c
58%
733
Jan
Nov
1.10
58
Feb
633
Aug
Sept
33c
30
7133
6c
18c
1.05
Aug
*
12c
3.05
3.75
22
Nov
*
Class B
70c
74%
33c
48
Nov
Oct
1.07
30
62%
Jan
3.75
22
Jan
July
Paymaster Consolidated. .1
Feb
Dec
9c
7c
18
1.04
Mar
Nov
305
23%
Feb
Dec
July
Nov
22
Aug
2.30
55c
5833
Nov
12
25% May
Apr
May
May
1.22
108%
785
6%
13
26
44%
1033
*
3,605
Canadian Ind Alcohol
2%0 May
15%
56
19%
29%
31%
10,514
Can Hydro-Elec pref--_100
38
103
30
1833
283*
Dec
5,347
8c
Converters-.100
102% May
5% June
Aug
27,700
55c
11,850
13
33,830
833c 139,800
60c
60,120
4.40 20,110
59c
22
30
Jan
May
Aug
113*
10
Apr
6% June
94c
1.40
50c
108
1.25
31
2.18
July
55c
108
230
521
80 %o
1.00
2.65
1,776
6%
Jan
Nov
74
Feb
56
2
Jan
7o
2.55
3.25
53
Jan
41c May
Jan
723*
July
22%
30o
Jan
103*c 1133c
1,063
29o
2c
2.55
25%
2%
6%
Jan
%C
72 33
Nov
Nov
25%
14%
27%
105
44,000
11,450
1,775
1033 c
20%
Jan
10
66,000
*
-----
June
30
6c
5
2533
23*
Jan
3
2
220
Sept
Jan
July
Nov
68
25
3.12
Nov
14%
130
-_*
Preferred
Jan
58
651
105
70c
..1
Norgold Mines Ltd
»
Northern Canada Mining
671
Nov
16
14
105
Dec
Noranda
May
25
Nov
Nlplssing
Jan
6
104
49c
1.37
33
105
1.93
1.10
567
2,842
100
Jan
1.27
Nov
Canadian Foreign Invest.*
Preferred
100
Jan
1
Nov
38%
8%
Dec
Mar
New Golden Rose
18%
Jan
July
22c
c
Jan
3% May
7
July
May
6%c
53*
810
9%
28
Jan
20
11
100
1,497
1,426
4.50
18
19%
29%
26%
Canadian Cottons
8,551
81o
7%c
64c
Dec
1.00
1,800
43* c
433 c
Jan
160
Sept
15%
39,080
20,750
5c
38
Mar
1.00
Mar
Oct
45c
69c
Sept
3,440
10%
Jan
1.60
43* c
»
20
141
17%
Rights
Canadian
78
371
11
Canadian Celanese
Jan
Feb
Nov
159% 160
18%
17%
38
36%
8%
7%
7
8%
56
58%
12%
13%
100% 101%
27%
25%
25
Preferred
18%
8,992
14
20
Canadian Canners conv pf*
Canadian Car & Foundry.*
19c
1
100
Aug
42 c
1
Preferred
*
May
1.55
Murphy Mines
Can North Power Corp..
Canadian Bronze
133*
1003*
*
Class B___
860
19c
21c
*
1.20
1.55
1
Moneta-Porcuplne
Morris-Klrkland
100
Can Forglngs class A
57
104
Mar
1533c
98c
Preferred...
*
*
2
11c
51%
1633c
533 c
Dec
Building Products A
Canada Cement
20
55% c
12%
59 Vc
c
Mills
Canada Steamship pref-100
5833
1433 c
98c
833
833
Canadian Steamship
55o
1633
175*
Feb
1.03
1
38
Dec
99c
1
A.*
27o
99c
1
160
26% c
68c
Lebel Oro
100
Jan
Jan
Jan
17%
4%
33%
16%
23*
28
100
Jan
30o
38%
17
6c
10% c June
Sept
A.*
*
3%o
Jan
21%
July
Nov
Jan
590
110
12c
Mar
Jan
May
4%o
2c
Oot
6
35
Jan
75c
110
July
110
Dec
21o
Jan
2
110
July
July
100
110
40o
15c
33
Jan
20
3,770
Nov
52c
Jan
5%
7%
15
1.45
5%o
June
10
94
160
55
Jan
40c June
100
July
10
8%
6
Nov
17c May
Nov
Sept
94%
Jan
Nov
&4c May
High
21
Jan
19o
47c
Lava Cap Gold
British Col Power Corp
Silk
Low
24% June
8%
2%
25%
Range Since Jan. 1, 1936
for
Week
Shares
July
65o
2.18
2.95
Jan
9%
Dec
65c
—
Jan
51%
Aug
41c
Prospectors Airways..
1.00
2.87
19
19o
1.85
Premier Gold
97o
470
2.22
65c
Peterson-Cobalt
Jan
6
Oct
42c
Perron Gold.
56o
Deo
12
Jan
2.00
Olga Oil & Gas New..
Omega Gold...
Pamour-Porcupine—
Paulore Gola Mines
June
53
30
1
O'Brien Gold
1.15
6
75c
.1
Newbeo Mines.
Apr
11
B
4,000
Lamaque-Contact
-
Preferred--.
82c
114,875
42,910
Model Oil
Jan
750
53
Brazilian Tr, Lt & Pr
Bawlf (N) Grain.
52o
61c
1
Bathurst Pow <fc Paper
June
15%
Mining Corp
Mlnto Gold
3.45
100
Preferred
2.55
59c
.
Aug
-12
*
Breweries
Associated
9%o
133*
Mclntyre Porcupine.
76o
5033
1.60
*
Amal Elec Corp
Ang-CanT pf 7% Can reg50
61%
59c
Lowery Petroleum
Aug
Mar
26% Sept
27
18
106% 107
"4k"
100
Preferred
Jan
135*
Lake Shore
*
High
94%
833
*
Preferred
Low
18
100
Alberta Pacific Grain A..*
Jan
I
.
preferred
Agnew-Surpass Shoe
6 33 %
Sept
1
Laguna Gold Mines.
Dec
Price
Acme Glove Works Ltd--*
42
1
20,200
42,155
49,566
14,218
2,522
55,900
24,850
79,982
19,200
14o May
27o
Par
Stocki
1.10
Intl Mining ctfs
Kirk Hudson Bay
6%c
Sales
Friday
4%c
Howey Gold
J M Consolidated
May
2.41
Homestead Oil
Klrkland-Lake
Sept
Sept
Nov
1.65
.1
mm
-
1.46
Exchange
12c
*
Canadlan-Malartlo—
Cariboo Gold
Dec
2.46
both inclusive, compiled from official sales lists
2.70
mm
Calmont Oils
5.00
Jan
Mar
Aug
*
Hill
Calgary & Edmonton.
Jan
50o
1.00
1.44
3980
*
Buffalo Canadian
1.40'May
Exchange—Mining Curb Section
See Page
Oct
733c
1133
45* c
2,840
2,500
6.55
.60c
Bralorne Mines
BRX Gold Mines
40c
7,150
30,400
10,795
25,365
43,250
2,750
117,513
54,050
208,540
12,800
15,300
92,185
342,950
4,460
432,705
53,101
8,605
45,150
13,780
42,500
2,120
23,637
29,743
31,032
42,700
40,350
29,100
28,270
17,400
Oot
Jan
m
m
Bldgooe Kirk.
Big Missouri—
Bobjo Mines
61c
July
*
Beattle Gold Mines
High
Low
59o
Nov
1
mm
87,500
24,366
29,828
15,100
1
mm
Base Metals
Preston (new)
Oct
3%c
*
Sylvanlte Gold
High
*
Bagamae Rouyn—
Bankfleld Cons Ltd—
Bunker
7c
44c
1.57
mm
.
1133c
7c
mrnmmmm
Low
1.74
3%c
Sullivan Consolidated
Week
Shares
36,500
36,400
6,850
174,105
67,300
44,300
1,770
11,418
31,325
Acme Gas & Oil
Range Since Jan. 1 1936
1.42
3%c
St. Anthony Gold
Sales
Friday
1.62
*
Southwest Pete
both inclusive, compiled from official sales lists
1
South Tlblemont
Exchange—Mining Section
1
Sladen Malar tic
Dec. 12 to Dec. 18,
5,000
2,217
Reno Gold
The Toronto Stock Exchange
Toronto Stock
Week
Red Lake-Gold Shore
Cobalt
Bourlamaque
72o
4.65
Quebec Gold
OFFICES
Owen Sound
Range Since Jan. 1 1936
Week's Range
Sale
TORONTO
Toronto
Ottawa
Sales
Last
GRAIN
BONDS
STOCKS
Exchange—Mining Section
Friday
90%
15%
7%
91
5%
91
50
Jan
3
July
52
57
Jan
16
190
40
48
8,428
150
150
11
MacKinnon Steel Corp
*
10
Massey-Harrls
*
♦No par value.
100
153*
6%
Dec
27
100
Woods
Preferred
5%
16
15
10%
100
7%
3,420
7%
94
6%
Sept
16%
Nov
Oot
16%
Jan
48
Jan
110
2%
4
Aug
Aug
Dec
95
14
123
Dec
Nov
10%
8
Dec
Oct
Dec
Nov
Volume
Financial
143
Chronicle
3983
2SE
Canadian Markets—Listed and Unlisted
Montreal Stock
Sales
Range Since Jan. 1, 1936
Par
McColl-Frontenao Oil
*
Mitchell (J S) pref
Montreal Cottons
Week's Range
for
Sale
of Prices
Week
Price
13
Low
13
134
1,219
Jan
12H
Stocks (Concluded)
Hihg
Low
Feb
174
Last
Par
Barry-Hollinger Gold
for
of Prices
Week
1
Beaufor Gold
Week's Range
Sale
Shares
High
4c
3%c
110
5
110
Feb
1
50c
50c
54c
100
35
35
10
26
Jan
38
Nov
50c
60c
105
10
86
Jan
105
Dec
Big Missouri Mines Corp.l
Bouscadlllac Gold Mines. 1
57c
105
50c
50c
70c
34
6,105
30
May
36
Oct
Brail! Gold A Diamond Ml
8%c
29%
10c
22
8%c
29%
110
Montreal LHAPr Cons
33
32%
Montreal Loan A Mtge..25
Montreal Tramways...100
25
91
80
91
National Breweries
414
404
41%
43
434
*
Preferred
Nat'l Steel Car Corp
Niagara Wire new
Noranda Mines Ltd
25
25
25
110
Feb
Oct
25
Dec
228
85
Apr
103
Jan
1,852
39
Jan
45
June
20
28%
Nov
394
Mar
52%
51%
59
6,116
13
May
454
594
41
41
43
240
29
July
43
Dec
............
*
Bulolo Gold Dredging Ltd 5
Cartler-Malartic G M Ltd 1
30
38c
35c
50c
2.30
2.20
2.65
.._*
48%
48 %
514
1.21
1.15
1.32
73
72
4,931
444
Jan
75
Nov
Eldorado Gold Mines Ltd 1
2.18
2.18
2.35
245
249
120
199%
Jan
255
Nov
Falconbrldge Nickel M..*
11*4
U4
12
167
167
25
152
Jan
170
Nov
Francoeur Gold Mines Ltd*
1.00
1.00
22
108
Dec
100
Preferred...
~....-
30o
Mar
59o
Nov
75c
Jan
34o
Oct
70o
Dec
5c
Nov
40C
Jan
27 %
Sept
22,850
30,325
1,045
33,600
East Malartlo
245
,
10c June
48c
430
1
Dome Mines Ltd
High
Dec
3%c
Sept
37
Jan
2c
Jan
50o
Deo
1.10
Apr
3.36
Nov
43
June
61
JaD
Dec
*
744
Low
1,000
48,100
17,352
170,660
3,800
1,085
353,350
17,835
1
Consol Chibougamau
♦
Ogllvle Flour Mills.
Range Since Jan. 1, 1930
High Sahres
Low
Price
Montreal Cottons Pref. 100
100
Market
Sales
Friday
Last
Stocks (Concluded)
Curb
Montreal
Exchange
Friday
1.10
52c
1.32
July
1.79
Nov
6.90
Jan
10c
July
2.24
224o May
Deo
2.45
Dec
Nov
16
Aug
500
51c
Deo
20%
25
88
Feb
101%
Aug
Goldale Mines
Greene Stabell Mines Ltd.i
51c
20%
40c
40c
52c
Jan
93o
63
63
634
83
48
Mar
63%
Dec
J-M Consol G M Ltd
1
40c
40c
48c
38,750
35,600
23c
*
28 %o
Jan
81c
Aug
Aug
Penmans pref
100
Power Corp of Canada...•
127
127
60
118
Jan
Lake Shore Mines
1
Ottawa Car Mfg
22
.100
Ottawa Lt Heat A Pow.100
Pen mans
Holland Paper
127
23
204
23%
194
94
Quebec Power
*
Regent Knitting
Rolland Paper pref....100
18%
20
94
104
720
94
105
30
24%
Dec
24
Nov
4% May
97
Jan
125
555
24
100${
111
994
Nov
64
1.5
May
Dec
Lee Gold Mines Ltd
15c
443
54%
Oct
17c
17,500
6c
Jan
500
13c
Jan
46 %o
29c
July
19c
20,800
3c
Apr
14c
Aug
6c
6c
7c
Dec
24%
25
Dec
101%
Aug
Mclntyre-Porcup M Ltd. 5
Mining Corp of Can Ltd.. *
Montague
1
38%
384
404
85
38 H
Dec
464
2.78
2.85
350
1.24
Aug
2.98
Nov
250
50c
700
250
Nov
2.05
10%
124
Sept
Deo
O'Brien Gold Mines Ltd..l
Pamour Porcupine M Ltd*
11%
3,478
350
Jan
Nov
4.25
4.25
100
3.17
Oct
Dec
Parkhill Gold Mines Ltd_.l
""23c
23c
27c
1,938
20 %
Jan
68 4
Dec
Perron Gold Mines Ltd___l
2.05
2.00
2.30
77,175
46,300
1.12
Jan
46 HO
2.34
3,325
18%
July
Nov
Pioneer
5.25
5.25
200
5.25
Dec
11.60
Jan
390
16
May
284
25%
Nov
Read-Authier Mine Ltd._l
4.50
4.95
6,530
1.43
Jau
5.05
Deo
15
114
June
July
Sept
654
68%
Shawlnlgan W A Power..*
25
24%
26
Sberwln Williams of Can
234
23
234
130
130
Nov
Gold
1
4.50
*
14
134
15
130
9
Oct
Shawkey
1
75c
75c
82c
*
11
June
Siscoe Gold Mines Ltd
1
4.55
4.20
4.90
764
464
57
Jan
79%
Dec
Sladen Mai
1
1.65
1.43
1.72
25
72 %
Dec
Sullivan Cons Mines Ltd.l
2.05
.94
2.20
44
44
494
54
Jan
*
134
794
724
44
695
*
134
784
724
13
Steel Co of Canada
Dec
10
Oct
Teck-Hughes G M Ltd
1
5.20
5.10
5.20
Nov
Thompson Cad..
1
1.70
1.45
2.87
Nov
Towagamac
Exploration.1
1.20
Preferred
50
100
United Steel Corp...
Wabasso Cotton
81
14
50
5
50
Nov
Dec
15%
15
50
9%
Nov
Windsor Hotel pref
Winnipeg Electric A
54
5%
*
B..
Nov
145
20
May
32
Jan
10
100
7
25
10
5
4
12
Nov
2
6%
Dec
Aug
5%
Ddc
64
5%
32
30
32
21
85
83
85
425
58
58
584
36
141
Winnipeg Electric pref. 100
Woods Mfg pref
100
142
61
171
175
56
Oct
32
1.20
1.32
1.32
Dec
2.85
700
1.00
Jan
3.15
Nov
6c
7c
6,700
1,000
2,720
60
Nov
21o
Feb
340
Mar
7.15
Dec
8.90
90
Oct
Jan
60
Nov
2o
Jan
114o
Aug
98c May
Mar
1.72
Nov
4.80
133
Jan
142
Apr
175
Dec
3c
7.90
1.16
5.00
Mar
1.72
Deo
83c
Mar
2.47
Sept
4.30
Mar
6.65
July
37 %0 May
24o May
2.87
Arno Mines Ltd
51%
*
1
Central Patricia Gold
1
Dec
Duparquet Mining
1
44 0
5c
6,500
1.65
1.72
12,900
4.00
4.80
8,600
54 c
6c
67% c 674c
1,000
1,000
38c
3.18
1.02
Canadlenne
100
Commerce
100
175
Montreal
100
220
213
220
590
184
May
220
Dec
Kirkland Lake Gold
1
Nova Scotia
100
314
311
314
4
271
Jan
312%
Dec
Macassa Mines
1
"7" 10
7.00
7.50
540 Sept
.100
202
200
202
315
164
Jan
202
Dec
Sherritt-Gordon
1
2.62
2.39
2.80
44,160
Stadacona-Rouyn
*
86c
80c
2.49
2,600
92c 233,160
Royal
Deo
Feb
Unlisted Mines—
Cndn Malartic Gold
50
3c
7.15
3c
Oct
Mar
Deo
148
Ventures Ltd
750
2.88
4240
Dec
May
17%
50
Banks—
Canada..
Deo
2.80
Wright-Hargreaves
54
Sept
22,950
28,865
59,500
60,050
1,145
900,786
1,500
White Eagle Silver
24
54
84
5.00 June
60c
Wayside Con Gold
2,553
2,451
Apr
Sept
7%
14
*
2,405
24
7%
18o June
Nov
Southern Can Power
69
Jan
64
254
654
Preferred
Jan
1
Oct
105
71
St Lawrenoe Paper pref .100
Vlau Biscuit new
Nov
Jan
45
Simon (H) A Sons
63
Jar
5,350
2,240
71
130
Dec
604
15c
19c
Lamaque Contact G M..*
Lebel- Oro Mines
1
8
24
69
100
23
Deo
9%
51c
40
64
22%
71
*
Nov
23
Jan
24
23
Preferred
64
129
Jan
14%
244
*
60
preferred
22
11%
24
100 4
St Lawrence Flour MlllslOO
A
Dec
24
...
Voting trust
Saguenay Power pref
St Lawrenoe Corp
6,140
1,192
22
5%c
4o June
Dec
1040
24
Jan
Dec
Jan
7.45
Dec
1.00
Jan
3.00
Nov
174 c
Jan
92o
Deo
Unlisted Stocks—
Abitibi P A P Co
HANSON BROS
Canadian Government
Municipal
INCORPORATED
»
Cum 6% pref....
100
Ctf of deposit 6% pf 100
Brewers & Dist of Van...*
Public Utility and
ESTABLISHED 1113
tr
255 St. James St., Montreal
58
Sparks SI, Ottawa
32
80c
Canada A Dominion Sugar*
Canada Malting Co Ltd..*
Industrial Bonds
70c
Consolidated Bak of Can.*
Consol Paper Corp
Donnaconna
B
Sales
Friday
Last
Sale
Stocks—
Par
Price
114
Asbestos Corp voting tr__*
Batburst Pr A Paper cl B. *
7
*
Can Nor Pow Ltd pref .100
Canada Vinegars Ltd
97
6%
7
*
B C Packers Ltd
of Prices
High
Low
5
22
Beauharnols Power Corp.*
Brit Amer Oil Co Ltd
Week's Range
22
19%
111
120
7
74
23
13% 22%
111% 111%
19%
19%
Range Since Jan. 1 1936
for
Week
Shares
Low
11,192
1,755
14,388
17%
2,405
16%
4,073
100
3
High
Jan
Mar
1.95 June
Jan
8
May
107%
Feb
46
Can lnt Invest Trust Ltd. *
44
Can lnt Invest cum preflOO
91
Cndn Pow A P Invest Ltd*
2%
12%
Canadian Vlckers Ltd—*
Cum pref....
....100
Catelll Food Products B__*
Dec
27%
Jan
49
5
360
91
228
35
Feb
91
57
Mar
69%
195
30%
Nov
15o
204
204
10
15%
Apr
Sept
Apr
37
205
*20%
8
8%
14
450
1.10 June
3
12
60
2%
620
1.50
25
Feb
11%
21
8%
8%
1.50
1.75
910
3%
4%
2,900
Apr
Jan
2% June
1.00
4%
*
60
60
310
26%
Jan
Dominion Stores Ltd
*
12
12%
485
July
16%
109%
3,381
7%
4%
15
109%
14%
109
300
65o June
32%
874
9
Jan
33
9,756
8
Jan
33
39
5
37
Nov
60
Feb
39
39
Home Oil Co Ltd.
*
2.85
Hunter Valley Oil
Imperial Oil Ltd
*
*
lnt Paints (Can) LtdA.
*
70c
Jan
3.28
Dec
60c
60c
200
60c
Dec
95c
Nov
20%
20%
20%
6,312
Dec
""34%
14%
33%
14%
1.55
1.25
12%
12%
»
4
4
18
16
174
22%
84
18%
Sept
July
21
807
76
425
45
June
90
Nov
224
35
464
35
19
Jan
22%
Nov
15
Sept
*
Page-Hersey Tubes Ltd..*
Power of Can cum pref.100
Quebec Tel & Tel.
*
______
Voting pref
Reliance Grain Co Ltd—*
Southern Can P
Cum
pref.. 100
pref 6%%
Dec
24%
9%
39%
14%
295
4
Jan
15
Dec
1.80
3,955
1,430
50c
Jan
2.50 May
5%s-3%s.l948
Calgary Power Co 5s.. 1960
June
14%
Deo
Canada Bread 6s
Aug
5%
Feb
CanadaNorthPow 5s.. 1953
350
1,915
9
2%
5
Oct
Apr
Apr
18%
2
40
1.75 May
2.50
3
3
70
1.50
15
70
9
250
79
100%
100% 102%
104
______
______
4%
7%
105
105%
90
7%
40
13
105
106
1.00
*
7
•mrnmrnwrn
25
United Securities Ltd.. 100
Walkerville Brewery Ltd.*
Walker-Gooderh A Worts *
Walker-Good A Worts pf.*
1.00
2%
47
2
27
4%
13
25
United Distillers of Can..*
Apr
33
105
Sarnla Bridge Co Ltd A..*
Thrift Stores Ltd
19%
2%
Apr
25
Dec
2
Beauharnols Pr Corp fie '73
Bell Tel Co of Can 5s. 1955
2,316
15
______
1.10
7
1.00
25
97%
3%
4%
35
6
50
98
215
35
100
25
1.00
5
50c
20
19%
588
284 Sept
85
96
92
96
47
41
504
8,040
2,656
12,180
11
11%
190
18
18%
96 %
35
"is%
Jan
2% May
27
May
26%
8%
13%
Feb
35
Deo
48
Dec
104 %
Jan
23
Dec
99
Nov
Apr
Oct
504
11%
Dec
Apr
20%
Nov
Dec
SECURITIES
Municipal
•
•
Corporation
York, Montreal and Toronto
*
New York
•
HAnover 2-6363
f79
96%
/60%
5s
Bid
79%
MacLaren-Que Pr 54s '61
98%
97%
Manitoba Power
97
61
106
106%
Burns A Co
.*.1941
73
_
_
_
_
_
_
97
98
110
111
fi%s.l9fil
24* to '38-—54* to '49
81
Massey-Harrls Co fie.. 1947
MoColl Frontenac OH 6s '49
Minn A Ont Paper 6s. 1945
104
Montreal Island Pr
54* '57
94%
/54%
_
_
_
...
82
95%
105
55
105
...
..1939
/50
50%
MontrealLH&P ($50
103% 104
102
Ask
Maple Leaf Milling—
115% 116%
5%s._1960
Mar 11960
Brit Col Power
Utility Bonds
Ask
par value) 3s
Montreal Tramway fie 1941
104
Mar
Canadian Lt A Pow 5sl949
101% 103
New Brunswick Pr 58.1937
91
Dec
Canadian Vlckera Co 6s '47
100
89
Jan
15
Dec
Cedar Rapids M A
112% 113
Northwestern Pow 6s. 1960
Certificates of deposit
70
Nova Scotia LAP Sa.1958
103% 104%
102
94%
95%
Ottawa Traotlon 5%s_1956
Ottawa Valley Pow 54* '70
Power Corp of Can 44*'59
82%
83
Feb
110%
Nov
Mar
106%
Canadian Inter Pap 6s '49
P fis '53
102%
101
Nov
Nov
Aug
7
Nov
10
Jan
Jan
15
Oct
Jan
116
Consol Pap Corp
Dom Gas A Elec
54*-1961
6%s.l945
Donnaconna Paper Co—
3s1956
/69%
5s
Dec
11957
Dec
East Kootenay Pow 7s 1942
Sept
3.00
Feb
Eastern Dairies 6s....1949
81
June
14
Aug
FraserCo 68
1950
102
103
Apr
1.15
Nov
Gatlneau Power 5s—1966
103
103%
Saguenay Power 4%s.l966
Shawlnlgan WAP 4%« '67
General Steelwaree 6s. 1952
104
105
Smith H Pa Mills
Apr
28%
July
850
11.75
Sept
3%
Feb
26%
17%
Apr
July
49%
20%
Dec
1,050
47
5,722
284
3
760
2%
20
Oct
Nov
Mines—
Aldermao Copper.
1.60
1.55
1.78
42,300
92c
Sept
1.87
90c
90c
1.03
49,400
90o
Dee
1.10
Deo
Jan 1
100
_
_
_
-
-
-
'55 /88% 59%
lnt Pr A Pap of Nfld 5s '68
103%
Lake St John Pr A Pap Co
64b
Feb 1 1942 /108% 109%
128
64b
Feb 1 1947 /127
Gt Lakes Pap Co 1st 5s
—
Dec
Arntfleld Gold—
994 100
21
24%
*24~~
Bid
Abltibl P A Pap Ctfs 5s '53
Alberta Pac Grain 6s..1946
7
4%
18%
Nov
17
75
Industrial and Public
35
14
Deo
Bell System Tele. NY 1-208
Apr
87,605
7
14
Mar
3.28
Mitchell A Co (Robt) Ltd *
Montreal Island Power.
*
*
2.75
1.83
*
1
*
_
16
Jan
mtftiu ivtim wwwww.wwwwwwwwwwwww.ee
Nov
30%
Jan
Deo
21 %
Nov
33
30%
______
30 Broad Street
Dec
Dec
1.50
Voting trust ctfs.
*
Frelman (A J) cum pf6% 100
.
5
Jan
144
Royal Securities Corporation
Deo
Dec
11
30%
Mont Ref & Stor vot tr
15
Feb
12%
16%
109%
Apr
22
14
Private wire connection between New
Feb
Nov
1.50
31
B
50
60
Oct
4%
2%
Nov
11
pf 100
Foreign Power Sec Ltd...*
Eraser Cos Ltd
*
Melchers Dist Ltd A
280
Government
Dec
3.00
94
13%
CANADIAN
Dec
12%
Jan
Jan
Nov
16%
Sept
Oct
2
23,801
4,773
1,300
144
Western Can Flour Mills.*
*
Oct
75c
22
July
68
55c June
Dom Eng Works Ltd
Dom Tar A Chemical Ltd *
4%
*
70
134
124
45
Nov
90
1.00
9
454
Royalite Oil Co Ltd
Feb
68
33 %
Weston Ltd—
4.50
184
45
Paper*
...100
Aug
Sept
354
Massey-Harrts Co pref. 100
MeColl-Frontenac OllpflOO
Price Bros Co Ltd
100
Preferred..
Jan
1.75
11
940
45
224
204
Dec
2%
13%
4%
14
1.40
Dec
68
General SteelWares preflOO
Loblaw Groceterias Ltd A*
MacLaren Power A
2,415
5,140
Nov
Aug
19 %
37
3%
Inter Utll Corp olass B
Apr
Dec
50
1.50
Inter Utll Corp class A
112%
Deo
60
Commerical Alcohols Ltd *
lnt Petroleum Co Ltd....*
22
Nov
47
46
City Gas A Elec Corp Ltd *
East Kootenay P cum
8
7%
27%
Dec
60
*
Can Dredge & Dock Ltd. .*
Dom TarAChem cm pf 100
120
*
Nov
4.75
344
*
Ford Motor of Can A
Nov
35
Jan
68
Eastern Dairies pref... 100
18, both inclusive, compiled from official sales lists
364
6%
70o
34%
Montreal Curb Market
Dec. 12 to De
6% June
1,250
Mar
Oct
_*
Paper A....*
5,590
24
13
Claude Neon Gen Ad Ltd. *
330 Bay St., Taraita
12,265
34 4
80c
2
2%
14
*
1.30 May
4%
354
32
Brewing Corp of Canada.*
Preferred-.
44
44
33
32 Ji
*
No par
value.
/Flat price.
Provincial Pap Ltd 548 *47
Quebec Power 5s.__..1968
44* '51
89
93
mmmm
88%
100
101
_
__
103% 104%
102
103
103% 104%
104% 105%
104
104%
102
103
Southern Can Pow 5s. 1955
102% 103%
Steel of Canada Ltd 6s '40
112
_
_
_
United Grain Grow 5s. 1948
95%
96%
United Secure Ltd
54* *52
80%
82
Wlnnlpge Elec 6s. Oct 2 '54
100%
Financial
3984
Quotations
123X 124X
123X 124 X
123X 124 X
a6s
113 X 114
114 X
114
1 1960.
15 1976.
114X 115
o3HB July
1975.
116 X 118
1957.
a3%s
Jan
a4s
May
a4s
Nov
1958
a4s
May
a48
May
120 X
120X 121
120X 121X
120
195r
1977.
a 4a
.......
122 X 123
123 X 124
1980. ......
1..
Oct
1960.
1...
a4%s Sept
a4%s Mar 1 1962.
04%8 Mar 1 1964.
1 1977
Nov 15 1978
126X
Italians. 100
Bk of New York A Tr__ 100
b 2.30
3s 1974
Bank of SIcllly
20
Bronx County
.7
100
Brooklyn
July
b 2.40
3s 1981
less
1
58 Jan & Mar 1946 to
*71
260
100
309
314
10
14
66%
Guaranty
10
12
Irving
Lawyers
20
1
15
1715 J
55
51
25
Manufacturers
123
118
1(H) 1665
Kings County
9%
8%
52
50
127X
128
Chemical Bank A Trust .10
56%
58%
Preferred
20
54
56
129
Clinton Trust..
50
85%
89%
New York.
25
125
128
128X 129%
130X 131^
Colonial Trust..
.25
18%
Title Guarantee A Tr. ..20
Bank A Tr .10
16%
16%
18
Underwrlters
132
Corn Exch Bk A Tr
.20
62%
63%
United States..
20
Central Hanover
Continental
133
War
113% 116%
16%
15%
90
80
100
2005
.100 1955
100 X 100 %
25 1937
Chicago Bank Stocks
Par
Ask
4Xb April 1940 to 1949.
Improvement—
Sept 1958 to '67
.100
Trust
b 1.80
33 1-3
Trust
Highway Imp 4%s Sept '03
Canal Imp 4%s Jan 1964..
136%
Canal Imp 4s JAJ'00 to
Barge C T 4s Jan *42 to
Barge C T
295
435
100
790
830
Northern Trust Co
193% 197%
115
134
290
420
129
136 X
Can A Imp High 4%s
100
Harris Trust A Savings. 100
First National
260
Continental Illinois Bank A
129
Ask
Bid
Par
Ask
Bid
American National Bank A
Bonus—
4s Mar A
6 2.70
245
128
1 1979
Dec
Highway
Canal A Highway—
100
1 1965
Dec 15 1971
World
477
473
Fulton
1 1967
June
Bid
1
29%
28 X
10
Empire
64%
Bankers
Ask
Bid
Par
115
105
127 X
Ask
less
Companies
Ask
Bid
126 X
May 1 A Nov 1 1957
Mar 1 1963
Jan
Banca Comm
New York State Bonds
Bid
1936
129 X 130
11981
Mar
124 X
127%
127% 128
127% 128%
128% 129X
Feb 15 1976
Jan
Par
127
11974
June
Ask
123 X
126 X
1 1966
Apr 15 1972
Apr
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4%s
a4.%s
a 4%s
113% 114
1 1954.
a3%s Nov
a3%s Mar
Bid
109% 110
a3%B July 1 1975.
a3%s May 1 1954.
New York Trust
City Bonds
Ask
Bid
19,
Over-the-Counter Securities—Friday Dec. 18
on
New York
Dec.
Chronicle
117%
1965
Port of New York
Bid
Bid
Bayonne Bridge 4s series
110
Gen A ref 4s Mar 1 1975.
110X
106 X 106X
107 X
107
3%s *65
Gen A ret 3d ser 3%s '76
104X
Gen & ref 4th ser 38.1976
Hartford Insurance Stocks
Authority Bonds
Ask
Port of New York—
Gen A ret 2d ser
'67
'40
4%s Jan 11945
3
1939-53
Inland Terminal
4%s
106
60.50
MAS
1942-1960.
MAS
4%s
112
114
6
MAS
115
HARTFORD
CENTRAL ROW
1.50
60.30
MAS
York Stock Exchange
Members New
E
ser
1942-1960.
115
SOLD— QUOTED
PUTNAM & CO.
1.75
0 113
1937-1941
4%s ser B 1940-53.MAN
—
107
D
ser
1937-1941
Holland Tunnel
George Washington Bridge
BOUGHT
C
JAJ
Ask
A. T. T. Teletype
5-0151
Tel.
116
—
Hartford 35
United States Insular Bonds
Bid
Phllllpplne Government—
100
4s 1940
4%s Oct
4Mb July
Bid
Ask
ioi x
d3.50
Honolulu 5s
U S Panama 3s June
110X mx
April 1955
102
104
5s
Feb
1952
112
114X
6%s Aug
1941
114
116
d3-00
112
Par
3.50
63.75
4Xb July 1958
5s July 1948
JAJ 103>5,6 1045,6
JAJ 103>S,6 1043,6
MAN 103i5,6 1045,6
3s 1955 opt 1945
3s 1950 opt 1940
3s 1960 opt 1940
103 X
3%s 1955 opt 1945..MAN
4s 1940 opt 1944
JAJ
105%
112X 113%
-.10
Importers A Exporters
6
6
23%
24%
Ins Co of North Amer.. 10
74
75
37
40
Knickerbocker
5
16%
18%
6
10
American Alliance
5
Fire
12%
15
Lincoln Fire
American of Newark...2%
Ask
12%
10
76%
32%
14%
79%
Maryland Casualty
Re-Insurance. 10
56%
10
31%
34%
58%
33%
Merch Fire
25
2%
8%
9%
10
American Reserve
American Surety
Automobile
1001,6 100X
101% 101'316
106% 107 X
Baltimore Amer
Shippers
Merch A Mfrs Fire New'kS
10
19
10
66%
25
99
103
National Liberty
648
658
National Union Fire
25%
27%
27%
Connecticut Gen Life
10
32%
29%
30%
34%
New Brunswick Fire
10
Continental Casualty
5
28
30
New York Fire
2X
Employers Re-Insurance 10
Eagle Fire
Bought— Sold—Quoted
&
Pfuc.
10
Federal
Fidelity A Dep of Md
20
Fire Assn of PhlladelphlalO
Firemen's of Newark
5
MUNICIPAL BOND DEALERS
Teletype CGO. 437
State 0540
5
Excess
*
Fireman's Fd of San Fran25
5
Franklin Fire
Joint Stock
Bid
Atlanta 5s
Land
Burlington 5s.
95
California 5s..
100
f6X
Chicago 5s
100
Dallas 5s
-
101
123% 128
82%
80%
11
12%
92%
94%
31%
33%
132%
130
134
Phoenix
22
Providence-Washington. 10
Republic (Dallas)
10
39
41
25
26%
Rochester American
29
10
44%
Maryland-Virginia 5s
Mississippi-Tennessee 5s
100
6
100
2d
-
-
-
99%
New York 5s
98%
99% 100%.,
Denver 5s
88
90
Ohio-Pennsylvania 5s
Oregon-Washington 5s
99
100
64
68
First Carolines 5s
90
93
Pacific Coast of Portland 5s
99% 101
100
101
Pacific Coast of Los Ang 5s
100
...
89
92
Pac Coast of Salt Lake 5s.
100
...
_
_
15
preferred
5
Great American
Great Amer Indemnity
Halifax Fire
1
..10
10%
6
207
46%
Seaboard Fire A Marine. .5
10%
21
23
Seaboard
76%
80%
87
27%
8
22%
95
20%
6
10
5
15
91
..10
Preferred Acoldent
St Paul Fire A Marine..25
Globe A Rutgers Fire
28%
128
25
27
Glens Falls Fire
26%
27%
National. 25
Pacific Fire
25
Globe A Republic
100
North Carolina 5s
"7%
Northwestern
47,
22%
101% 104%
2.60
Rossla
Georgia Home
Louisville 5s
100
Atlantic 5s...
5%
49
16%
36%
43
44
.2
12.50
11
138
34%
20
Northern
North River
51
4%
46
New Jersey
68%
41
10
45
Ask
95
Lincoln 5s
__
48%
9%
15%
New Hampshire Fire... 10
43
97
Bid
Ask
100
6%
5%
14
21
133
2
General Reinsurance Corp5
Bonds
Bank
20
New Amsterdam Cas
61
57
2
23%
Carolina
MUNICIPAL BONDS
65
12
National Casualty
National Fire
City of New York
STOCKS
5
8
7%
62
5
10
Camden Fire
8%
4
1
Ins..12%
Assur com.2%
Mass Bonding A
.100
Bankers A
Boston
135 So. La Salle St.f Chicago
24%
Homestead
88
104 X 105
PR&fondcm
23%
28
85%
48 1957
JOINT STOCK LAND BANK BONDS &
41%
7%
26%
4s 1968 opt
Called Jan 1 1937
6%
10
American
4%s 1957 opt. 1937
MAN
4%8 1958 opt 1938..MAN
39%
25
103 X 103 %
opt 1937
MAN
1938
MAN
4Mb 1957 opt 1937..-JAJ
Ask
Bid
5
10
Home Fire Security
American Home
Bid
Home
53
American Equitable
Ask
Par
Ask
51
Agricultural
Federal Land Bank Bonds
Bid
Bid
104% 108%
10
Aetna Life
113 X
113 X 115
Conversion 3s 1947
Aetna Casualty A Surety 10
Aetna Fire
113% 114
U S conversion 3s 1940
2.75
Insurance Companies
3.00
Govt of Puerto Rico—
5s
Hawaii 4%s Oct 1950
Ask
120 X 121X
11961
110% mx
1959
1952
33
12%
211%
13%
Surety
Security New Haven
10
33
35
10
35%
37
89%
29%
Southern Fire
10
29
31
10
Stuyvesant
23%
Sun Life Assurance
Springfield Fire A Mar. .26
130% 133%
9
5
10
100
620
650
100
483
493
100
First of Fort Wayne
4%s..
First of Montgomery 5s.
Pac Coast of San Fran 6s.
First of New Orleans 5s...
94
97
First Texas of Houston 5s.
98
100
Pennsylvania 5s
First Trust of Chicago 5s..
100
102
Phoenix 5s
109
Fletcher 3s
101
103
Potomac 5s
86
St Louis 5s
/27
San Antonio 5s
100
Fremont 5s
Greenbrier 5s
100
Greensboro 5s
100
87
99
97
100
Kentucky of Lexington 5s.
100
96
La Fayette 5s
--
•
55%
57%
Hartford Fire
10
75
78
U S Guarantee
10
62
66
Hartford Steam Boiler. .10
73
75
Westchester Fire
2.50
34
36
85
89
21
100
99
Bid
81
Arundel Bond Corp 2-5s '53
81
Arundel Deb Corp 2-6s '53
100
55
Bid
Par
Atlanta
35
Land Bank Stocks
Bit1
40
100
6
10
30
Atlantic
100
38
43
100
27
Dallas
100
76
80
100
16
100
10
14
100
42
1953
100
72
80
100
First Carollnas
100
4
8
5
♦
52
57%
60
75c
45
53
Bond
Corp
80
(all
1953
77
54
Potomac Cons Deb Corp—
1953
47
49
Potomac Deb Corp 2-6s '53
47
49
47
49
2-6s
Potomac Franklin Deb Co
48
51
40
43
Mortgage Bond Co of Md
Inc 2-5s
1953
55
25c
1954
8erles B 2-5s
Potomac
49%
78
47%
Interstate Deb Corp 2-5s'55
46
Dee Moines
...
Empire Properties Corp
2-3s
1945
20
Denver..
mr m-
Associated Mtge Cos Ino—
Contl InvDeb Corp 2-0s'53
Ask
Par
1954
Issues) 2-5s
Cont'l Inv Bd Corp 2-5s '53
Ask
As
Corp—
Series A 2-6s
-
'
99% 100%
Virginian 5s
Nat Union Mtge
1953
All series 2-5s
100
Virginia-Carolina 5s
Bid
Ask
Allied Mtge Cos Inc—
Debenture 2-0s
Joint Stock
26%
....
/19
Union of Detroit 5s
•
99
U S Fidelity A Guar Co..2
US Fire
4
25%
31%
Surety Guaranteed Mortgage Bonds and Debentures
30
Southern Minnesota 5s
101
Travelers
39
29%
110
Tennessee 5s
90
4%s.
Iowa of Sioux City 4%s...
30
37
10
...
99% 101
Southwest 5s
Illinois Midwest 5s
Illinois of Montlcello
24
10
Harmonla
Hamilton Fire
100
90
10
Hanover Fire
1953
2-6s
Potomac Maryland Deben¬
80
...
ture
1953
Corp 2-6s
Potomac
Nat Bondholders part ctfs
70%
-
Atlantic
Realty
2
100
5
/35
Nat Cons Bd Corp 2-5s '53
47
2-6s_1953
49
1953
47
49
41
43
Debenture Corp 2-0s '53
37
77
Nat Deben Corp
47
Unified Deben Corp 5s '55
100
Fremont
(Central Funding series)
Realty
Bond
A
Mortgage
deb 2-6s
49
Federal Intermediate Credit Bank Debentures
Bid
Ask
Bid
Ask
;
|-
F I C
l%s.__Jan
F I C l%S...Feb
F I C l%s.._Mar
FIC l%s.__Apr
FI C l%s
15
15
15
15
May 15
1937 6 .25%
1937 6 .30%
1937 6 .35%
1937 6.35%
1937 6 .35%
F I C 1
%s
FIC l%s
F I C 1 %s
—
F I C 1
%s
June 15 1937 6 .35%
July 15 1937 6 .35%
Sept 15 1937 6 .40%
Oct 15
FIC l%s...Nov
F I C 1 %s
Dec
1937
6 .45%
15 1937 6 .45%
15 1937 6.50%
'
I
1
I
1
1
1
1
1
1
1
I
1
1
t
•
Telephone and Telegraph Stocks
Par
Am Dlst Teleg
(N J) com.*
Bid
130
New
Par
Ask
New York Mutual Tel. 100
133
Par
York Bank Stocks
Bid
30
58
65
National. .50
Chase
City (National)
13.55
44%
12%
37%
-
100
-
95
46%
39%
Ask
National Safety Bank.
12%
Pac A Atl Telegraph
121
123
96
99
Cuban Telep 7%
42
pref_.100
Public National
Sou New Engl Telep
101
57%
59%
Mtn States Tel A Tel.. 100
158
Sterling Nat Bank A Tr.25
40%
42%
New England Tel A TellOO
131% 133%
Trade Bank
20
30
37
65
42
—
For
Footnote
see
page
3987.
22%
24
159%
123% 125
Wisconsin Telep 7% pf_100
115%
100
158
160
25
1010
100
25
S'western Bell Tel pref.100
115
2086
100
115
104
100
Lincoln Tel A Telegraph.*
990
Kngsboro National
111
So A Atl Telegraph
-
202
Flatbush National
31
Roch Telep $6.50 1st pf 100
101
First National of N Y..100 2040
12%
21
47
99
100
208
19
29%
111%
65
Commercial National.. 100
Fifth Avenue
Ask
29
110%
110
43
Int Ocean Telegraph
12
68
26
100
preferred A
100
14
10
50
25
Peninsular Telephone com*
Gen Tel Allied Corp $0 pf.
19%
Peoples National
6% % 100
Emp A Bay State Tel.. 100
17%
Penn Exchange
Bid
108
46
100
Preferred
Franklin Telegraph
110
39
Merchants Bank
64
Bensonhuret
Bid
National Bronx Bank...50
32
Bank of Yorktown._66 2 3
Bank of Manhattan Co. 10
Par
Ask
158% 160
Clncln A Sub Bell Telep. 50
t
N'west Bell Tel pf
Bell Telep of Pa pref__100
1
132% 135%
Bell Telep of Canada. .100
1
1
--
Volume
Financial
143
Quotations
3985
Chronicle
Over-the-Counter Securities—Friday Dec. 18-Continued
on
DEFAULTED
Railroad Securities
Guaranteed Railroad Stocks
Offerings Wanted
3o$cpb Walkers Sons
Members 7s[ew York Slock
'
DUNNE & CO.
Exchange
Members New
York Security Dealers Ass'n.
«
...
Dealers in
120 Broadway
.
Tel. REctor
20 Pine Street. New York
JOhn 4-1300
GUARANTEED
NEW YORK
2-6600
STOCKS
vSi nee1855^
BONDS
RAILROAD
Bought —Sold
I
Guaranteed Railroad Stocks
—
Quoted
Earnings and Special Studies
on
Request
(Guarantor in Parenthesis)
John
Dividend
Par in Dollars
•
Alabama A Vlcksburg
(Illinois Central)
100
100
-.-100
50
100
100
Albany dc Susquebana (Delaware A Hudson)
Allegheny A Western (Bull Roch A Pitts)
Beech Creek (New York Central)
Boston A Albany
(New York Central)
Boston A Providence (New Haven)
Canada Southern (New York Central)
101
£180
£108
*41%
8.75
146
8.50
153
3.00
57
60
4.00
100 %
5.00
102%
102%
104
101
97
89
91
50
2.00
50
62
25
100
100
100
100
50
100
50
..60
2.00
£47
6.50
93
96
10.00
197
203
4.00
76
78
50.00
950
1100
4565))4®88
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
Morris A Essex (Del Lack A
Western)
(D L A W)
New York Lackawanna A Western
Northern
Central
(Pennsylvania)
3.50
49%
75
45
50
3.00
84
88
Pittsburgh Fort Wayne A Chicago (Pennsylvania)..100
7.00
172
178
100
7.00
188%
191
6.90
Louis Bridge 1st pref
Second preferred..
£104
108
6.00
Rensselaer A Saratoga (Delaware A
Hudson)......100
(Terminal RR)
100
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
107
108
April 1,1943
70
72
Prior Hen 4s, 1942
85
87
Prior lien
87
Boston A Maine
3s, 1950.
4%s, 1944
Convertible 5s, 1940-45
Buffalo Creek 1st ref 5s, 1961
Chateaugay Ore A Iron 1st ref 4s, 1942
Cincinnati Indianapolis A Western
43
Preferred
Boston A Albany 1st 4)4s,
Choctaw A Memphis 1st 5s,
70
St
103%
68%
105
£148
153
3.00
74
77
3.00
£148
153
10.00
£252
257
6.00
93
96
6.00
£100
107
76)4
96
102
99%
103
76
75)4
6s, 1945
Augusta Union Station 1st 4s, 1953
Birmingham Terminal 1st 4s, 1957
97%
4.00
Asked
75
5 )4s, 1945
66%
1.50
Preferred
Bid
Akron Canton A Youngstown
5.00
4.50
Pittsburgh Bessemer A Lake Erie (U S Steel)
Bell System Teletype NY \-AU
Bonds
Railroad
3.875
60
Oswego A Syracuse (Del Lack A Western).
•
149
5.00
Betterman stock
& Co.
168
Chicago Cleve Clnn & St Louis pre! (N Y Central) 100
Cleveland A Pittsburgh (Pennsylvania)
50
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
HAnover 2-2455
•
43
2.00
100
6% stamped
St.. New York
112
Sloane
Tor\ Security Dealers Association
183
6.00
E.
Members New
W Brood
104
*
6.00
10.50
100
100
Carolina Cltnchfield A Ohio (L A N-A C L) 4%
Common
Asked
Bid
88
94
90
104
105)4
92
90 3
/ 57
Cleveland Terminal A Valley 1st 4s, 1995
103
100
1st 5s, 1965
61
102
1952
101
Georgia Southern A Florida 1st 5s, 1945
Goshen A Deckertown 1st 5)48, 1978
69)4
Hobo ken Ferry 1st 5s, 1946
92
Kanawha A West Virginia 1st 5s,
71)4
98
101
95
103)4
104%
102)4
103%
1955
Kansas Oklahoma A Gulf 1st 5s, 1978
Little Rock A Hot Springs Western 1st
Macon Terminal 1st 5s, 1965
33
/31
4s, 1939
105%
107
•
78
Maryland A Pennsylvania 1st 4s, 1951
Meridian Terminal 1st 4s, 1955
80
101
102)4
58%
56%
Minneapolis St Paul A Sault Ste Marie 2d 4s, 1949
Montgomery A Erie 1st 5s, 1956.
New York Chicago A St Louis 4s, 1946
New York A Hobo ken Ferry general 5s, 1946
97
98
104%
103%
77
82
89
91
95
3.50
50
54
Portland RR 1st 3)4s, 1951
Consolidated 5s, 1945
3.00
68%
70
Rock Island Frisco Terminal 4 %s, 1957
97
St Clair Madison A St Louis 1st 4s, 1951
96
98
Shreveport Bridge A Terminal 1st 5s, 1955
Somerset Ry 1st ref 4s, 1955
Southern Illinois A Missouri Bridge 1st 4s, 1951
Toledo Terminal RR 4)4a, 1957
Toronto Hamilton A Buffalo 4%s, 1966
West Jersey A Sea Shore (Pennsylvania)
86
5.00
50
50
Warren RR of N J (Del Lack A Western)
6.00
100
Preferred
90
94
Piedmont and Northern Ry. 1st mtge. 3%s,
Union Pacific
EQUIPMENT TRUST CERTIFICATES
100
99%
1966._
76
77%
95%
98%
94
71
68
93
95
114
112%
100
102
101
3%s, 1970.
69
67)4
Washington County Ry 1st 3%s. 1954
Quotations' Appraisals Upon Request
APPALACHIAN
Stroud & Company Inc.
Private Wires to
EST.
Railroad
Bid
Equipment Bonds
1.00
Baltimore A Ohio 4%s—
62.50
2.00
62.25
1.75
5s
2.00
5%s.
63.00
New York Central 4)4s
3%s Dec. 1 1936-1944.
63.00
2.25
58.
N Y Chic A St. L 4)48
2.00
62.50
2.00
Cent RR New Jer 4%s—
61.70
1.25
Northern Pacific 4 %s
Chesapeake A Ohio 5)4®.
61.00
0.50
Pennsylvania RR 4 %s
61.00
0.60
62.20
Chic Milw A St Paul 4 )4s.
3.00
65.00
84
84
5s
68
Jan A July 1936-49
non
call Dec. 1 1936-60
4.00
4.00
Reading Co 4%s
87
Marquette 4%s
64.25
)4s.
5s
3.25
64.00
Denver A R G West 4
3.25
3.00
61.50
1.00
61.50
Erie RR 5)48
1.00
12
14
Mississippi P A L $6 pf
2.00
27%
28%
1.00
61.35
1.00
Carolina Pr A Lt $7 pref..*
99
102
0.75
90
92
85
88
62.50
2.00
*
Cent Maine Pow 6% pf 100
$7 preferred
100
Cent Pr A Lt 7 % pref. .100
94
97
88
90
62.25
1.90
62.50
2.00
62.50
2.00
2.00
63.75
3.00
3.00
61.50
1.80
61.50
0.75
5s
/95
/96
98
/97
St. Louis-San Fran 4s
100
99
6%s
63.00
2.25
62.75
St Louis Southwestern 5s__
2.00
6%
preferred
1st $6
preferred A... 100
$6.50 preferred B
100
Consol Traction (N J). 100
Consumers Pow $5 pref--*
100
100
6% preferred
6.60% preferred
7%
100
preferred
62.00
1.75
Dallas Pr A Lt 7 %
1.75
pref 100
1.75
62.50
2.00
Derby Gas A El $7 pref..*
Essex-Hudson Gas
100
1.75
5s.
62.50
2.00
1.00
5)48
61.25
0.75
61.50
1.00
61.25
-
Hocking Valley 5s
0.75
6s
Southern Ry 4%s
61.50
1.00
Internat Great Nor 4)4s.
63.75
2.50
Long Island 4)4s__
62.30
1.75
62.25
1.50
61.20
0.75
61.20
0.75
Western
Loulsv A Nash 4 )4s
5s
Maine Central 5s..
Minn St P A SS M 4s
For footnotes see page
24%
24%
62%
—
-
-
64%
104% 105%
1Q5
106
105
106
97%
99%
113
74
78
193
198
63.10
2.50
63.10
2.50
63.75
2.75
1.00
54
$6 50 cum preferred
54%
56
$7 cum preferred
57
60
units..*
95
Bergen..100
122
62.00
0.50
Gas A Elec of
0.50
Hamilton Gas Co v t c
61.25
Virginian Ry4)4s
5s
1.00
Foreign Lt A Pow
61.10
5s
______
Wabash Ry4)4s
61.25
,rl00
0.75
0.75
102
5s
100)4
102)4
5)48
101
103
6s.
100
101)4
Maryland 4 34s
5s
Western Pacific 5s
6)48
52%
-
%
Hudson County Gas...100
*
109%
...100
51%
Gas—*
pref..*
-
%
198
Idaho Power $6 pref
7%
preferred
«
—-•
30
20
22
54
62.10
1.75
Jer Cent P A L
64.00
3.00
64.00
3.00
100
Sioux City G A E $7 pf-100
B.25
87
91
78%
80
pref 100
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
Utah Pow A Lt $7 pref...*
89%
91%
75
78
Virginia
7%
_
100% 102%
113
-
36
38
—
-
■mm•
-
50%
—
-
51%
£86
87
61%
62%
106
68
66
103% 105
113% 114%
109
94%
97%
107% 109
112
114
111% 112%
103
104%
108
109%
113
83
110
•
86
110%
91
93%
109% 111%
85
86%
Rochester Gas A Elec—
Tenn Elec Pow 6%
28%
Interstate Power $7
7
56%
122
South Jersey Gas A El. 100
Jamaica Water Sup pref .50
18
6
53%
112
100
% % pf-*
N E Pow Assn 6% pref. 100
New Eng Pub Serv Co—
$7 prior Hen pref
*
New Jersey Pr A Lt $6 pf.*
New Orl Pub Serv $7 pf..*
N Y Pow A Lt $6 cum pf.*
7% cum prefer red... 100
N Y A Queens E L P pf 100
Nor States Pr $7 pref..100
Ohio Edison $6 pref
*
$7 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—*
PhUadelphia Co $5 pref..*
Pub Serv of Colo 7 % pf 100
Queens Borough G A E—
6% preferred
.100
Sou Calif Edison pref
1.75
7% pf-.lOO
Kan Gas A El 7% pref-100
Kings Co Ltg 7 % pref. .100
Long Island Ltg 6% pf-100
*
52%
62.10
Interstate Natural
_
100
16
Nassau A Suff Ltg pref. 100
Nebraska Pow 7% pref.100
6% preferred C
110%
Illinois Pr A Lt 1st pref..*
7% preferred
1C~
Memphis Pr A Lt $7 pref.
3987.
...
193
preferred
New Eng G A E 5
110%
107%
preferred
Newark Consol Gas
80%
$6 cum preferred
61.10
5s
Union Pacific 4)4s
1.75
1.00
1.00
62.00
4)4s
61.75
5s
5s
62.00
Texas Pacific 4s
62.30
Illinois Central 4)48
7%
-
Federal Water Serv Corp—
61.50
Great Northern 4 )4s
133
78%
$7
Mountain States Pr oom.
112)4 114
Continental Gas A El—
62.00
Southern Pacific 4 %s
mm"
Columbus Ry Pr A Lt—
62.25
5s
114%
2.00
62.50
6s
82
Miss Riv Pow 6% pref-100
Mo Pub Serv $7 pref
100
62.40
62.30
5s...
4%S
64.25
80
80%
3.00
93%
2 %s series G
Pere
87
70
*
83
92
28
Ask
75%
81
Arkansas Pr A Lt $7
pref.*
Assoc Gas A Elec orig pref *
$6.50 preferred
*
$7 preferred
*
Atlantic City El $6 pref..*
BangorHydro-El 7 % pf 100
Birmingham Elec $7 pref.*
Buff Niag AEpr pref...25
Bid
65%
Mississippi Power $6 pref..
Alabama Power $7 pref..*
4s series E due
3.00
65.00
5s
Chicago R I A Pac 4)4s..
5s
1.00
63.75
63.75
5s
5s
1.25
61.75
5s
Chicago A Nor West 4 %s_
Par
Ask
2.00
63.-5
N Y N H A Hartf 4 %s
62.60
6%s
Utility Stocks
63.75
62.50
5s
Pacific 4%s—
6s
Bid
<21.25
2.50
200
Par
62.40
2.25
63.25
62.60
Teletype N.Y. 1-1146
Public
63.00
63.25
4%s_
exchange
3.00
5s
58
National
ONE WALL ST., N. Y.
Ask
63.75
Missouri Pacific 4)4s
New Orl Tex A Mex 4%s__
Boston A Maine 4%s
Tel. DIgby 4-2800
1908
stock exchange
and n. y. curb
Bid
Ask
61.50
Canadian
n. y.
members
Atlantic Coast Line 4%s
Canadian
BmJdl Brothers
Philadelphia, Pa.
New York
ELECTRIC POWER CO.
7% CUMULATIVE PREFERRED
preferred
Texas Pow A Lt
105% 106%
96
28%
193
98
29
198
67
68%
73
74%
110% 112
110% 112
91
93
80
83
65
66%
Utlca Gas A El 7% pf—100
100
101%
100
144
148
Ry
3986
Financial
Quotations
Chronicle
Dec.
Over-the-Counter Securities—Friday Dec. 18-Continued
on
Securities of the
OFFERINGS
Associated Gas & Electric
S. A. O'BRIEN
Members New York Curb
150
BROADWAY, NEW YORK
&
American Water Works & Electric
CO.
FEDERAL ST., BOSTON
75
HANcock 8920
H. M. PAYSON & CO.
Telephone between New York and Boston
Bell System Teletype—N.Y. 1-1074
Amer States P S SMs.1948
Ariz Edison 1st 5s
Bid
91M
Federated Utll 5 Ms.—1957
Greeu Mountain Pow 5s '48
1948
1st 6s series A
Ask
89 M
Amer Wat Wks & El 5s *75
1946
Iowa Sou Utll 5^s...1950
Kan City Pub 8erv 38.1951
85
87
/51M
Water Works Securities
Complete Statistical Information—Inquiries Invited
54
Kansas Elec Pow 3M3.1966
100
97
95
Kan Pow A Lt 1st 4 Ms '65
Keystone Telep 5 Ms. 1955
Lake Superior District
109 M 109 M
103
104 M
V
100 M
Ark Missouri Pow 1st 6s *63
88
90
Associated Electric 5s_1961
66
67
Assoc Gas A El Co 4 %s '58
48
Assoc Gas & Elec Corp—
Income deb 3 Ms
1978
39
40 M
40 M
43 M
41M
Missouri Pow A Lt 3 Ms
44 M
49
106
Swart. Brent & Co.
99 M 100 M
100
102
Inoome deb
Power
3%s
ser
A..1966
incorporated
V
40 EXCHANGE
3%s—1978
Los Angeles G A E 4s 1970
--
105 M 106
Louisville Gas A El 3 Us '66
Income deb 4s. ....1978
104M
104 H
Metrop Edison 4s
108
66
102
Inoome deb 4Mb
1978
50
Conv deb 4s
1973
77
Conv deb 4 Ms
Conv deb 6s
1973
80
82
Narragansett Elec 3 Ms *66
Newport N A Ham 5s. 1944
86 M
97
88
New Engl Pow
103
Tel.
HAnover 2-0510
106
1973
m
—
46
Sink fund Ino 4Mb—1983
Sink fund Inoome 5s 1983
52
Sink fund lnc 5Ms—1983
63 %
46 %
.
57%
Sink fund lnc 4-6s.-1986
Sink fund lnc 4 M-5Ms 86
Sink fund lnc 5-6S-.1986
-
•
-
-
63 M
Bid
101M 102
102 M 103 M
Old Dom Pr 6s May 15 '51
Debenture 4s
1946
78
103%
series
1
Participating 8s aw. 1940
102 M 103
Parr Shoals Power 58.1952
Bellows Falls Hy El 5s 1958
Blackstone V G A E 4s '65
102 M 104
Pennsylvania Elec 5s 1962
110M HI %
Penn
102% 103%
102
103%
105% 106%
106 M 107%
98
Central G A E 5Ms... 1946
84%
85
Public Serv of Colo 68.1961
105 M 106%
86
87
Pub Serv of N H 3Ms D '60
Pub Utll Cons 5Ms... 1948
107
San Diego Cons GAE 4s '65
Sioux City Gas A El 4s 1966
104
1946
108 M 109
95
Cent Maine Pr 4s ser G '60
97
106
Clnn Gas A Elec 3%s.l966
107
Conn Lt A Power 3 M8 1956
106 M
-j-
Colorado Power 5s... 1953
Sou Calif Gas 1st 4s.__ 1965
Sou Cities Utll 5s A... 1958
86
103
88
58
1966
104 % 105%
108 M 108%
Southn Nat Gas Pipe Line
3 Ms series F.
Sinking fund 4MS--1951
99% 100
3 14b series G
1966
104 M
104 M
Tel Bond A Share 5s..1958
107% 107%
59 M
61
Utlca Gas A El Co 6s. 1957
86 M
88
126% 127
Conn River Pr 3%s A. 1961
Consol E A G 6s A...1962
6% secured notes..1937
Cons. G E L A P
65 M
(Bait.) 3%s._v
1971
Consumers Pow 3%s_1966
67 M
104 M 104 M
102 K 102%
Cumberl'd Co PAL 3%s'60
101 M
Edison El 111 (Bost) 3 %s *65
Federal Pub Serv 1st 6s *47
108 M 108 M
102
/63M
Virginia Power 5s
Wisconsin G A El 3 Ms 1966
Wise Mich Pow
—
3%s__1961
102
93
103% 105
6s
1951
102
5 Ms series A
1951
103
1961
5s.
.1941
101%
Commonwealth Wat (N J)
5s series C____
1957
5 Ms series A
1947
103
AMOTT, BAKER
150
Alden 1st 6s
Jan 1 1941
Broadmoor (The) 1st 6s '41
B'way Barclay 1st 6S.1941
Roanoke W W 5s
B'way A 41st Street—
1st leasehold 6Ms—1944
Broadway Motors Bldg—
6s stamped
..1948
Roch A L Ont Wat 6s.1938
St Joseph Wat 4s ser 19A'66
105% 107
4 Ms
1958
Scranton Spring Brook
99
Scran ton
E St L A Interurb Water-
1952
Chanln
Bldg lnc 4s... 1945
Chesebrough Bldg 1st 6s '48
Chrysler Bldg 1st 6s._ 1948
42
/68%
101%
Apr 28 1940
Dorset (The) 1st 6s.
1941
Bell System Tel.
N Y 1-588
„
—1947
Eqult Off Bldg deb 5s 1952
Deb 5s 1952 Legended
60 Bway Bldg 1st 3s lnc '46
500 Fifth Avenue—
6 Ms unstamped
Mortgage Certificates
Bid
6s.
79 M
/32%
/32%
101%
/9%
88%
11
38%
90%
85
N Y Title A Mtge Co—
5 Ms series BK
53
...
5 Ms series F-l
5 Ms series Q
19th A Walnut Sts
1st 6s
193!
76%
79%
1951
/42
5Ms double stpd...1961
Realty Assoc Sec Corp—
45
/16M
18%
79
/47
50
78
80
Harrlman Bldg 1st 6s 1951
Hearst Brisbane Prop 6s *42
1st fee A l'hold 6MS.1940
Savoy Plaza Corp— <
Realty ext 1st 6Ms. 1945
68
5s Income
M
70%
86
88
/63%
53 M
66%
55
1947
London Terrace Apts 6s '40
Ludwlg Bauman—
1st 6s
(Bklyn)
1st5 Ms( LCi
1942
1936
6s
.1943
..1945
Sherry Netherland Hotel—
1st 5Ms—May 15 1948
60 Park PI
(Newark) 6s '37
616 Madison Av 1st 6 Ms'38
73
61 Bway
Bldg 1st 5 Ms 1950
Syracuse Hotel (Syracuse)
>
Lefcourt Manhattan Bldg
1st 6s
104"
83
102
102%
68 series A
.'..1949
Texarkana Wat 1st 5s. 1958
103 M
103 H
102
104
102
Union Water Serv 5 Ms '51
Water Serv Cos lnc 6s '42
95
100
W Va Water Serv 4a..1961
102% 104
—
103%
1966
105
106
1958
98
100
Interstate Water 6s A.1940
Jamaica Water Sup 5 Ms '55
103
5s
5s aeries B
1960
Western N Y Water Co—
5s series B
1950
1st mtge 5s
1st mtge 5 Ms
1951
1950
99
99
104%
Kokomo W W Co 5s..1958
Westmoreland Water 5s '62
102
104%
104%
Joplin W W Co 5s„..1957
101
101
101M
Wichita Water Co 5s B '56
102
5s aeries C
1960
68 series A
100
1949
104%
103%
104 M
103 M
103
105
65 M
/50%
74%
97%
53%
--
1st 6 Ms
Oct 23 1940
Textile Bldg 1st 6s
Trinity Bldgs Corp—
76%
98%
1st 5 Ms
2 Park Ave
61%
53
73%
73%
NEW YORK
-
Boston
61
Chain
Store Securities
/30
--
/8
70%
69%
/57
1958
Chain Store Stocks
--
Par
59"
66 M
Borland Shoo Stores
*
7% preferred
B/G Foods Ino oom__
/53M
55 M
12%
20
16%
6%% preferred
100
Murphy (Q O $5 pref.100
107
38%
Nelsner Bros pref.
112
9
10%
5
7% preferred
100
100
5%
54% 66%
104% 106%
37%
47%
/34
49%
/56%
58
Flshman (M H) Stores.._»
33
Preferred
36%
100
Katz Drug preferred
Kobacker Stores
Reeves
23%
.
-
100
(Daniel) pref.. 100
Rose 5-10-25C Stores
105
17
United Cigar Sts 6% pf.100
6% pref ctfs
Bid
22
6
8
90
Par
22%
19
22
80
108
107%
19%
110
.»
53
114
6
100
U S Stores preferred...100
♦
49
5l"
Sugar Stocks
70%
Eastern
—
Sugar Assoc.....1
Preferred
l
Haytlan Corp Amer
f76
21%
105
100
7% preferred
67%
/30
Ask
11%
17
33
/35M
Bid
♦
Schlff Co preferred
/31
/31
/70
/49
Par
Kress (S H) 6% pref
Miller (I) Sons 00m
15%
Diamond Shoe pref
Bldg 1st 4s 1941
Walbridge Bldg (Buffalo)—
1st fee A leasehold 4s '48
Ask
21
37
99%
1938
18%
103
Blckfords lnc
53
97 M
Oct 19
Bid
100
...»
$2.50 conv pref
♦
Bohaok (H C) common..•
—
/51
.1939
1st 6 Ms
-
tl William St.
Westlnghouse Bldg—
—
BURR & COMPANY Inc.
61%
Roxy Theatre—
77
1949
1946
Lincoln Bldg Ino 5MS.1963
Loew's Theatre Realt Corp
81M
104
1954
..—1962
Chicago
/59%
/49M
/59M
Prudence Co
1944
1st 4-6s extended to 1948
102
(Phlla)
July 7
Fuller Bldg deb 6s
5 Ms unstamped
Lewis Morris Apt Bldg—
1st 6 Ms
Apr 15 1937
104
Spgfield City Wat 4s A1956
34%
/50
5 Ms series C-2
Fox Theatre A Off Bldg—
1st 6 Ms
Oct 1 1941
1936
105
34%
„„
103 E 67th St 1st 6s„.1941
165 Bway Bldg 1st 5 Ms '51
RocheUe) 1st 6s
102% 103%
102M 103%
81
53
/50%
74%
Hotel Lexington 1st 6s '43
1967
Sedalia Water Co 5 Ms '47
Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50
—
/50
/35M
/41
Hotel St George 4s
1950
Kelth-Albee Bldg (New
lBt A ref 5s A
102 M 103%
37%
1 Park Avenue—
2nd mtge 6s
Graybar Bldg 5s
1961
Terre Haute Water 5s B '56
105
Lexington Wat Co 5 Ms '40
Long Island Wat 5Ms.1955
1st mtge 2s stmp A r.„
1st A gen 6s
1946
N Y Eve Journal
6MS-1937
99
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
1400 Broadway Bldg—
1st 6Ms stamped...1948
96
/36%
45
1939
34
98 M
/35
42 Bway 1st 6s__
Ask
94
6s.
1949
Film Center Bldg 1st 6s '43
40 Wall St Corp 6s
1958
105%
94 %
96
ioiM 103
105M
109
Indianapolis W W Secure—
502 Park Ave 1st 6s„ .1941
62d A Madison Off Bldg—
6s
Nov 1947
ioi""
102
Illinois Water Serv 5s A '52
Muxwon Bldg 1st 6 Ms. 1939
N Y Athletic Club—
East Ambassador Hotels—
1st Aref 5 Ms
99M
103
108
1977
68.
73"
/70
Court A Remsen St Off Bid
1st 6s
103
105
107
103%
105%
100M 102M
6s
71
69
101
103M
Sou Pittsburgh Wat 5s '55
5s series A
1960
102
1952
101M 103
99% 1015*
Gas A Water Co
Water Serv 5s
Hackensack Wat Co 5s '77
letr
/40
1950
98
58 series B
/32
37"
1948
Huntington Water 5s B '54
Ask
/47%
/51%
/35
1948
Richmond W W Co 58.1957
9*o
1st mtge 3 Ms
Bid
1950
86
Indianapolis Water—
Real Estate Bonds and Title Co.
1st A ref 5s
84
6s series A
A CO.
Broadway, N.Y.
Co—
Pinellas Water Co 6 Ms '59
Pittsburgh Sub Wat 6s '58
Plalnfleld Unlgp Wat 6s '61
100
93%
101%
95% 96/1
102
Works
83
104%
102% 104
102%
104
105%
INCORPORATED
2360
91%
106
Water
Prior Hen 5s
.1948
Phlla Suburb Wat 4s„ 1965
Consol Water of Utlca—
6 Ms series B
V
100
81
Real Estate Securities
BArclay 7
99
1st consol 58
105%
93 M
96
97%
108
1st consol 4s
—
105%
101%
104
96%
Ohio Cities Water 6 Ms '53
Ohio Valley Water 5s. 1954
Peoria
1st 5s series C
1957
Clinton W Wks Co 58.1939
105% 105%
105% 106%
We invite inquiries for copies of our
compre¬
hensive statistical reports on real estate issues.
92 M
91
Ore-Wash Wat Serv 5s 1957
Penna State Water 5 Ms '52
103
95
106% 106%
102
1951
Penna Water Co 5s...1940
Wisconsin Pub Ser
1st mtge 4s
5 Ms
103
104M
105M
Ohio Water Service 5s. 1958
104% 105%
Chester Wat Serv 4 Ms *58
Citizens Water Co (Wash)
103"
105% 106
1950
Newport Water Co 5s 1953
Calif Water Service 4s 1961
1942
WashA Suburban 5 Ms 1941
Western Mass Co 3 Ms 1946
Western Pub Serv 5 Ms '60
5Ms
New York Wat Serv 6s '51
105%
107%
101% 101%
107% 107%
56
104%
Ask
106
100
Monongahela Valley Water
Morgantown Water 5s 1965
New Jersey Water 5s-I960
New RocheUe Wat 5s B '51
106
100%
•j.
1st Hen coll tr 6s
Cent 111 Light 3 Ms
1966
Cent Ind Pow 1st 6s A 1947
Middlesex Wat Co 6 Ms '57
Monmoutb Consol W 5s *56
M uncle Water Works 6s *65
101M 101M
Telep Corp 1st 4s *65
Peoples LAP 5 Ms—.1941 /101
:
79 M
102 M 102 M
Cent Ark Pub Serv 6s 1948
100
1
103
1966
x*
1:
1!
101
Pacific Gas A Elec Co
3%s
Bid
101M
105%
M 103%
Northern N Y Utll 5s. 1955
Okla Gas A Elec 3%s_1966
52 %
57 M
Sink fund lnc 5M-6Ms 86
m
3%s..l961
Water Bonds
M 106 %
N. Y. State E A G Corp.
4s.
1965
'
PLACE, NEW YORK
Teletype: New York 1-107S
108 M
102 M
ser G '65
Montana Power 3Ms. 1966
Mtn States Pow 1st 6s 1938
Conv deb 6 Ms
1973
Sink fund Income 4s 1983
Tel. 2-3761
Specialists in —
Ask
102 M 103 M
102
104
91
89
Ark Louisiana Gas 4s_1951
Est. 1854
PORTLAND, MAINE
Utility Bonds
102 % 102 M
102 M 102 M
103
104 M
Amer Tel Tel deb 3%s 1961
Debenture 3%s w 1.1966
Co., Inc.
Consumers Waiter Co. (Maine)
Direct Private
Bid
WANTED
First Mortgage Bonds of Subsidiaries
System
Exchange
COrtlandt 7-1868
Public
1936
19,
38
footnotes
see
page
46%
%
--
For
39%
45
*
3987.
Ask
1
t
Par
Savannah Sug Ref com....
West Indies Sugar Corp..1
Bid
38
5%
Ask I.'
40
6M
Volume
Financial
143
Quotations
Chronicle
3987
Over-the-Counter Securities—Friday Dec. 18—Continued
on
SYLVANIA INDUSTRIAL CORP.
Specialists in all
Bought, Sold & Quoted
Investment
Company Securities
QUAW & FOLEY
80
BROAD STREET
YORK
NEW
DISTRIBUTORS
Members New York Curb Exchange
63 Wall
Telephone HAnover 2-9030
GROUP,
Knee land & Co.—Western Trading
Am. Writ.
Paper, New
Dainty Maid Slippers
Electrol, Inc;
United Cigar Stores Com.& Pref.
Incorporated
BOwling Green 9-1420
Street, New York
Correspondent
Investing Companies
Inquiries Invited
Established
Administered Fund
BROAD
ST..
N.
Par
20.29
10.72
11.74
30*
32*
Group Shares
Insurance Group Shares
1.26
1.38
Invest Co of Amer com. 10
Amer & Continental
Y
Teletype N Y 1-1397
12
Corp.
Amer General Equities Inc
Am Insurance Stock
Bank
Investors Fund C New...
13
1.27
Ask
Keystone Cust Fd Inc B-3.
1.71
1.85
1.79
1.93
42
46
15.42
16.64
24.98
27.33
Investment Tr of N Y___*
5*
1.14
5
Corp *
Bid
Institutional Securities Ltd
19.07
Amerex Holding Corp
*
Amer Business Shares.—1
Members of the New York Security Dealers Assn.
25
*
Affiliated Fund Inc
1919
Tel. HAnover 2-8780
Ask
Bid
Par
M. S. Wien & Co.
Assoc Stand Oil Shares..2
7*
7*
Major Shares Corp
Bankers Nat Invest Corp *
Basle Industry Shares...*
Climax Molybdenum Co.
4*
4*
Maryland Fund Inc com..
10.09
11.03
5.33
Mass
28.72
30.47
1
16.71
18.26
4.86
British Type Invest A
.59
1
.79
*
Trust. .1
Investors
Mutual Invest Fund
3*
E.
..
Members
4.76
Voting trust certificates.
2.07
2.23
4.65
5.05
No Amer Bond Trust ctfs
3*
64*
68*
No Amer Tr Shares 1953—
2.92
48
Central Nat Corp cl A...*
Class B
*
6
9
28.94
Continental Shares pref
"gg™ ST.
WM6
k Trust Shares...
Serlee 1955
3.80
13
Series 1956
3.75
19*
11*
18*
Corporate Trust Shares.
^commodity Exchange. Inc.
N Y Ba
53
26.92
Century Trust Shares.—*
Consol. Funds Corp cl A.
(New York Security Dealers Association
York
Nation Wide Securities..1
23*
Bullock Fund Ltd..
UNTERBERG & CO.
61 Broadway, New
37.13
22*
Canadian Inv Fund Ltd. 1
C.
34.72
1
Broad St Invest Co Inc
Sylvania Industrial Corp.
Series 1958
3.77
3.11
m m
m
75
82
Pacific Southern Inv pref. *
38
41
Accumulative series
2.95
Class A
*
15*
16*
Series
3.74
Blass B
*
3*
Plymouth Fund Inc A. 10c
.98
1.09
Series AA
AA
mod
Crum & Foreter Ins
in the
31*
10
com
8% preferred
Over-the-Counter Market
Established
B__
Par
American Arch
*
100
American Book
Amer Box Board com
1
Bid
Par
50
-
-
Maytag warrants
-
69
17*
18*
100
Hardware
25
36*
•
29
82
American
1
-.100
27
~
-
10*
Art Metal Construction. 10
22*
23*
Indust Serv ci A*
Beneficial Indus Loan pf.*
6
5%
48
100
preferred
9*
30*
53*
105
85
88
Leather
45
...*
1934
100
32
37
Ohio Match Co
*
12*
25
27
»
99
100
125
128
Pathe Film 7% pref
Petroleum Conversion
Climax Molybdenum....*
39
40*
Columbia Baking com...*
13*
15*
24
26
Remington Arms
53*
55
Scovlll Mfg
53
54*
Singer Manufacturing.
Standard Cap & Seal
1
Publication Corp com
$7 1st preferred
$1
cum
preferred
..*
Crowell Pub Co com
*
$7 preferred
100
Co of N Y
Dictaphone Corp
*
Dentists' Supply
100
Preferred
56
58
109*
.....
60
63
54
58
119
-
-
-
72
76
Douglas Shoe preferred. 100
32
Draper Corp
*
Flour MIIIb of America...*
91
Foundation Co. For shs._*
American
Steel
40*
*
21*
22*
-
10
43
*
com
*
39*
168
24
*
100
27
$3
*
43
conv
preferred
Preferred
66
100
29
preferred
*
White (S S) Dental Mfg.20
1*
White Rock Mln Spring—
$7 1st preferred
100
Wllcox-Glbbs common..50
26
Lord & Taylor com
100
39
260
1st 6% preferred
100
100
110
2d 8% preferred
Macfadden PubUca'n com *
*
Preferred
.
-
-
$3
-
-
6% preferred
-
.
22.86
4.35
4.60
1.02
1.10
35.77
38.43
Standard Utilities Inc.—*
28.62
Fixed Trust Shares A
*
13.69
AA
2.90
*
11.27
B
4.41
BB
2.91
B_
44
41
* 103.91
State Street Inv Corp
30.81
Super Corp of Am Tr Shs A
5.35
5.65
24.73
26.13
C
6.66
7.38
D
B
6.09
--
-
-
'
8.31
Trustee Standard Invest C
Agricultural shares
1.82
1.97
Trustee Standard Oil Sh
Automobile
1.50
1.63
Building shares
2.15
Chemical
\
-
15.77
3.25
...
3.18
D
shares
-
-
8.31
7.70
Trust..
-
-
14.50
Supervised Shares
7.08
General Investors
---
4.21
...
7.63
...
7.03
B_
1.20
1.09
2.33
Trusteed Amer Bank Shs B
1.67
1.81
Trusteed Industry Shares.
1.56
1.73
Food shares
1.05
1.15
U S El Lt <fe Pr Shares A..
19*
20*
Investing shares
1.59
1.73
B
3.07
3.27
Merchandise
Voting trust ctfs
1.08
1.16
shares
1.51
1.64
Mining Shares
1.74
1.89
Un N Y Bank Trust C3„
3*
Petroleum
1.39
1.51
Un N Y Tr Shs ser F
1*
2*
RR Equipment shares..
1.61
1.75
Wellington Fund
20.45
22.39
Steel
1.77
1.92
shares
shares
shares
1.28
1.17
Tobacco shares
1
Guardian Inv Trust com.*
1.08
Huron Holding Corp
Investm't Banking
1.33
9*
10*
42*
44*
5*
First Boston Corp
6*
Schoelkopf, Hutton &
25.47
Incorporated Investors..*
Corps
Corp..
Bancamerlca-Blalr
1*
25
23
Preferred
4*
Pomeroy Inc com
Pittsburgh Steel Company
Bought—Sold—Quoted
20*
BONNER & BONNER
3*
28*
Incorporated
Bell System Teletype
12*
Worcester Salt
Young (J S) Co
7% preferred
Miscellaneous Bonds
5*
36
21*
Bid
American Tobacco 4s. 1951
29
11*
32
34
100
59
com... 100
114
100
126
Signal Company
111
Am Wire Fabrics 7s..1942
5*
11*
5*
WJR The Goodwill Station
71
Bid
Ask
1*8
104
1953
Comm Credit
3*s
IS
Martin
101* 102*
104* 104*
102* 103
/93
1951
Sept 1 1939
l*s
158
/69
N Y Shipbuilding 5S..1946
95
98
6s
101.16
21*
Scovlll Mfg
1945
Std Tex Prod 1st 6*8 as'42
Struth Wells Titus 6*s *43
5*S
Wltherbee Sherman
Woodward Iron 5s
*
No par value,
<f Coupon,
e
a
Interchangeable,
Ex-rights.
b Basis price,
/ Flat price,
selling on New York Curb Exchange,
100
101*
102* 102*
1939
conv
INC.
GAIR
A
Reynolds Investing 5s 1948
101.12
/19*
ROBERT
1948
ser
(Glenn L)
Merchants Refrig 6s..1937
Nat Radiator 5s
1946
100* 100*
N.£TiS!
1937
15
Conv deb 6s
Kopper Co.4s
Cont'l Roll & Steel Fdy
1st conv sf6s
101.4
June
15
1938 102.12 103.16
1 1939 101.13 101.17
)umal of Comm 6*8 1937
94
85
Kelsey Hayes Wheel Co—
oo
1£
Aug
l*s
--
103* fH rr
100* T—< o
Chicago Stock Yds 5s. 1961
Aug
2s
Bear Mountain-Hudson
River Bridge 7s
Ask
101
114
100
ROBINSON, MILLER & CO.
HATnoZh2-ie282 52 William Street, N.Y.
NY 1-1718
31"
4*
10
11*
REctor 2-8500
120 Broadway
47
20*
1
68
Submarine
22.17
Equit Inv Corp (Mass)..5
Equity Corp conv pref...l
Fidelity Fund Inc
*
17*
33*
cum
Willys Overland Motors.
120
*
Spencer Trask Fund
2.13
43
100
1*
pf
8.60
1.98
104* 106*
West Dairies Inc com v t c 1
40
45*
2*
37
---
29
Standard Am Trust Shares
conv
7.75
104
-
37
Lawyers Mortgage Co..20
Lawrence Portl Cement 100
---
27*
Selected Industries
25c
Warren Northam—
43*
2*
■
5.58
Selected Income Shares
...
5.10
5.35
25*
Great Northern Paper..25
1
10.68
.
44*
Great Lakes SS Co com..*
Kildun Mining Corp
Selected Cumulative Shs..
new
5.05
17*
42*
Welch Grape Juice pref. 100
West Va Pulp & Pap com. *
-
9
£63
cum
Preferred
46
7
49*
373
16*
19*
3*
100
Preferred
163
Unexcelled Mfg Co
10
United Merch & Mfg com *
United Piece Dye Works.*
*
Graton & Knight com
37 *
5
100
4*
3*
48)4
4
9*
105
.
363
pf.10
*
Golden Cycle Corp
100
Trlco Products Corp
10*
Gen Flreproofing $7 pf.100
*
25
.
Tublze Chatlllon
8*
37*
Preferred
50
118
1*
8*
Gen Fire Extinguisher
48
112
16*
41*
103*
94
3*
2*
*
com..
4.21
stock
Taylor Wharton Iron &
*
shares
Galr (Robert) Co com
21*
13*
102
100
Standard Screw
34*
47
1*
Stromberg-Carlson Tel Mfg
Sylvania Indus Corp
.»
Taylor Milling Corp
*
Dixon (Jos) Crucible—100
*
34
x95
6
Selected American Shares.
Group Securities—
10*
100
Ohio
Hotels
Columbia Broadcasting A *
Class B
*
52
100
Pharmacal
Canadian Celanese com..*
Preferred
24*
Northwestern Yeast
Norwich
---
Fundamental Investors Inc
111
*
16.65
Foundation Trust Shares A
New Haven Clock pf
7*
51*
*
Nat Paper & Type com
49
23 *
15.27
Fundamental Tr Shares A.
97
*
Preferred
'
-r
100
National Casket
31
9*
47*
1st preferred
29
114*
Muskegon Piston Ring....
37*
Republics com.*
Andlan National Corp...*
Bowman-Blltmore
preferred
Preferred
109
105
American Mfg 5% pref. 100
Bankers
2
Mock Judson & Voehringer
8% oum preferred
Amer Maize Products
6%
Ask
1*
Merck & Co Inc com
66
American Hard Rubber—
American
Bid
Selected Amer 8hs
3.62
D
Ask
*
---
11*
ser
Dividend Shares
Industrial Stocks
15.04
*
3.85
C
Teletype NY 1-1493
Bell System
20.60
14.54
New
2.33
Diversified Trustee Shs B.
Deposited Insur Sh
Tel. BArclay 7-0700
Broadway, N. Y.
18.80
Representative Trust Shs.
Republic Investors Fund.5
Royalties Management
---
6.60
A.
ser
4
Quarterly Inc Shares
38
36
Deposited Insur Shs A
1920
_
33*
110
Deposited Bank Shs
Members New York Security Dealers Association
115
10
Common B shares
Bristol & Willett
_
116
100
7% preferred
100
Cumulative Trust Shares. *
i ■
_
3.74
Series ACC mod
COMPREHENSIVE SERVICE
'
m
Securities... 100
Northern
2.95
.
w. i
c
6s *44
1952
163
99*
.
.
71
-
-
96*
94*
107
109
/30
31
94
-
-
34*
f32*
/95
97
Registered coupon (serial)
When issued,
x
ex-dlvidenfc.
y
Now
z Now selling ex-coupons,
t Now listed on New York Stock Exchange.
$3 Cumulative Preferred
in quarter ended Sept. 30,1936 earned over twice
preferred requirement .30 per share on Common
t Quotations per 100 gold
rouble bond equivalent to 77.4234 grams of pure gold.
CURRENT
Allendale Corp $3.50 pfd.-com.
NOTICES
Bought—Sold—Quoted—Analyses
LANCASTER
&
NORVIN
GREENE
—Kidder, Peabody & Co., 17 Wall Street, New York, have issued their
December "Guide to General Market Securities."
Incorporated
30
HAnover 2-0077
BROAD STREET
Bell Tele. N.Y. 1-1786
—Bristol &
Willett,
current offering list of
115 Broadway, New York, are distributing their
baby bonds.
3988
Financial
Chronicle
Dec.
19,
1936
ks
Per Cent
Bonds—
Quotations
Over-the-Counter Securities
on
$500 The Latin School Assoc. (111.) 50-yr. 5% gold deb., due April 1, 1976,
$500 Harvard-Yale-Princeton Club (111.) ctfs. of interest.
Friday Dec. 18 -Concluded
1946
Anhalt 7s to
due Dec. 24, 1930, Dec., 1930
and subsequent coupons attached—$1,500,
due June 24,1930, without coupons)
$480 lot
$5,000 Aldecress Corp. (N. J.) 6% income mtge. 25-yr. gold bond. Due July 1,
99 H
26 M
23 M
1834
Koholyt 634s
f 18M
1945
1934
1934
934
8M
8M
26 M
25
Cons
Clt 7 % to
1945
Bogota (Colombia) 6 34s '47
8s
1945
fl8M
fW
Bolivia (Republic) 8s. 1947
7s
1958
7s
f7M
S7%
1969
6s
1940
J9
Brandenburg Eleo 6s.. 1953
S22M
f75M
Brazil funding 5%. 1931-51
Brazil funding scrip
/23M
fl8M
Chilean Nitrate 5s
1968
/69
71
City Savings Bank, Buda¬
pest, 7s...
1953
Colombia sorlp issue of '33
Issue of 1934 4%
1946
Cordoba 7s stamped.. 1937
7s stamped
1957
Costa Rica funding 5% '51
Costa Rica Pac Ry 7 Ma '49
1949
Cundlnamarca
6 Mis.-1959
/30
f7 5
/53
/65
/56
Luneberg
Water
Light
Power
7%
1945
Munich 7s to
Municipal Gas A Elec Corp
Recklinghausen 7s.. 1947
1946-1947
(C A D)
1946-1949
Nat Central Savings Bk of
Duesseldorf 7s to
1945
Dulsburg 7 % to
1945
East Prussian Pow 6s. 1953
Hungary
734s
1962
Mtge 7%
1948
North German Lloyd 6s'47
67
1968
(Ger¬
Church
Rhine Westph Eleo
Rio de Janeiro 6%
35
Rom Cath Church
/39
43
/2034 2134
/22
24
/2134 2234
128
131
1946
5734
1334
R C Church Welfare 7s '46
f22M
J21M
/2134
/2134
24
Saarbruecken M Bk 6s '47
/22
2334
2334
2334
Salvador 7%
1957
1957
/35
/36
/1034
40
37
12
1948
1945
7s ctfs of dep
4s
scrip
French Govt 5 Ma
1937
French Nat Mail SS 6s '52
120 M
125
/70
1937
/51
Saxon Pub Works 7s. 1945
German Atl Cable 7s.. 1945
/26
29"
1951
Saxon State Mtge 6s. 1947
/2334
2534
Serbian 5s
June 1 '35 to Dec. 1 *36.
Graz (Austria) 8s
1954
Gt Brit & Ireland 534s '37
4s
1960-1990
.
/II
1134
126
115
1957
1953
Haiti 6%
Hansa SS 6s stamped. 1939
6s unstamped
1939
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Ma '32
For footnotes
see
page
the
/24
13 34
2134
2534
/2334
/26
2434
2834
—
20 Exeter Mfg. Co., par $50-66 United Merchants & Manufacturers Inc., par $1
10 Arlington Mills
—
—
295
/98
41
4234
38
41
1956
Oct 1932 to April
1935 /50-60
Oct 1935 to Oct 1936/36
Stettin Pub Util 7s.-.1946 /2234
Stlnnes 7s unstamped. 1936
/60
Certificates 4s
1936
/50
7s unstamped
1946 /60
.---
—
5234
—
/50
1955
/90
1947
1951
1950
94
98
Union of Soviet Soc Repub
1334
7% gold ruble
1943 t86.56 91.16
United Steamship 6s. 1937
100
103
Unterelbe Electric 6s. 1953
/2334 2434
7s
Vesten Elec Ry 7s
Wurtemberg 7s to
1947
1945
98
/20
/2234
1%
$9 lot
Co., pref. ctf. dep., par $100
734
20 Boston Chamber of Commerce Realty Trust, 1st pref., par $100
134
50 Self Feeding Carburetor Co
3
102 Converse Rubber Co., preferred, par $33
3834
56 Bon Air Radiator Corp., common B
$3 lot
II Saco-Lowell Shops, 2nd preferred, par $100
69
20 National Eleotrlo Power Co., 7% preferred, par $100
$3 lot
5 Baxter D. Whitney 8% 1st preferred, par $100
1234
50 Metropolitan Chain Stores 7% conv. pref
$5 lot
3 Merrimack Hat Corp., dommon
10634
III Kreuger A Toll Co., American ctfs
$10 lot
534 Rock wood & Co., common
434
5 North Continent Utilities Corp., common
2
75 The Aviation Corp, par $3
634
20 Units U. S. Bond A Mortgage Corp. of Mass
7
100 Eastern Coal Co., par $100
1
11 Concord Silversmiths, common; lo Concord Silversmiths, preferred
..$10 lot
155 Central Public Service Corp., cl. A; 40 Automatic Equip. Co., pref., par
$25; 20 Automatic Equipment Co., com. cl. A, par $25; 40 Automatic Equip¬
ment Co., common class B, par $25; 50 Corporation Securities Co. of
Chicago, common
$100 lot
20 Northern Texas Electric Co., pref., par $100; $180 Northern Texas Electric
Co., pref., scrip
$13 lot
10 Concord Silversmiths, pref.; 11 Concord Silversmiths, com
$10 lot
2 Carman, inc., cl A; 2-40th Nat. Leather Co., par $10; $500 Pine Brook Valley
Country Club bond; 10 Shar Kernwood Country Club, par $50; Note of Rossmore Hotel, Inc., for $1,000 dated Deo. 19,1933, due 90 days; note of Rossmore Hotel, inc. for $900 dated Dec. 27, 1933 due 30 days..
...$102 lot
...
24
5234
92
/1234 1334
98
100
1946
Certificates 4s
Toho Electric 7s
Prov
57 34
7
5 Arkansas Missouri Power
100
23
2434
-
3987.
By Barnes & Lofland, Philadelphia:
were
sold at auction
Stocks
$ per Share
25 Central-Penn National Bank, par $10
4 First National Bank of Phila., par $100
on
Wednesday
4034
.39934
6134
-
40 Corn Exchange National Bank A Trust Co., par $20
4 Tradesmen's National Bank & Trust Co., par $100
20834
7
2434
934
20c
1.10
4
Integrity Trust Co., (new stock), par $10
20 Germantown Trust Co., par $10
week:
Stocks
4 Chelten
$ per Share
....$180 lot
134
$7 lot
Corp. (Del.)
pref., par $50
$2 lot
3 Purelac Corp. (Del.) & stk. purchase warr. for three shs. which has expired..$3 lot
19 Lawrence Stern A Co. (Del.) com. $5; 34 Lawrence Stem & Co. (Del.) pref.,
no par
$11 lot
1 Thomas G. Plant Corp. (Mass.) 1st pref., par $100
$5 lot
18 The Whitestone Management Co. (Del.) A common, par $25; 434 The
Whitestone Management Co. (Del.) B, common, par $5
$3 lot
34 Connecticut Mills Co. (Mass.) A common, par $10
$3 lot
20 S. W. Straus & Co., Inc. (Del.) common, no par
$2 lot
Y.)
pref., par $50
3,000 O'Sullivan Rubber Co., Inc. (N. Y.) com. liquidating div. paid. No par.
67 Kennedy Studios, Inc. (N. Y.) no par
—15 Franklin Plan Corp. (Del.) common, no par; 15 Franklin Plan
15 City Housing Corp. (N. Y.) par $100
20 James Butler Grocery Co. (N. J.) common, no par
$9 lot
$6 lot
$27 lot
$200 lot
$100 lot
150 Greig, Lawrence & Hoyt Ltd. (Del.) pref., par $100
$41 lot
20 Shanklin Mfg. Co. (Del.) class A, no par; 10 Shanklin Mfg. Co. (Del.) pref.,
no par...
$14 lot
50 Foltis-Fischer, Inc. (Del.) common, temp, ctf., no par
$4 lot
100 American Natural Gas Corp. (Del.) com., no par; and 34 American
Natural Gas Corp. (Del.) 2nd pref., no par
$5 lot
40 Haven Villa Improvement Corp., (Fla.) par $100
$79 lot
10 First Nat. Bank A Trust Co., Manhasset, N. Y., stamped, par $100
7
100 Public Fire Insurance Co., Newark, N. J., par $5
$3 lot
150 Northeastern Public Service Co. (Del.) $5.50 pref., no par
$9 lot
8 American Woman's Realty Corp. (N. Y.) common, par $50
$7 lot
5 The Manhattan Brass Co., stamped, par $1,000
$500 lot
250 Marknew Realty Co., Inc. (N. Y.), par $100.
$50 lot
50 City Housing Corp. (N. Y.) par $100
12 Ivey Weavers, Inc. (N. C.), par $100
50 Quincy Mining Co. (Mich.) stamped, par $25
21
-
39
Tucuman
28 David E. Kennedy Inc. (N.
.....
4334
By Adrian H. Muller & Son, New York:
Shares
$100
36
Tucuman City 7s
following securities
current
—
50 Naumkeag Steam Cotton Co., par $100
97 Berkshire Fine Spinning Asst., par $100
15 Newmarket M fg. Co., ex-div
AUCTION SALES
The
16034
16034
..834 -834
2334
2734
334
1834
67
21
74
70
-
65 Dwight Mfg. Co., par $12.50
17 Farr Alpaca Co., par $50
Shares
of
$ per Share
2334
72
24
/30
/30
Stocks
/22
/7034
/78
/12 M
/2034
/22
/52
/68
/21M
Shares
3 Second National Bank, Boston, Mass., par $25
20 Second National Bank, Boston, Mass., par $25
50 Hill Mfg. Co
42
Toilma 7s
/41
Hanover Harz Water Wks
.....15flat.
-
By Crockett & Co., Boston:
5 Amoskeag Mfg. Co. ($2 liquidating div. on) par
5 Nashua Mfg. Co., common, par $100
—
1940
128
114
$6,000 WigglnTerminal534s, Sept. 1945
1956
2d series 5s
14
Per Cent
378Merchants Insurance Co. of Providence, par $5...
5 6-6 North Continent Utilities Corp., preferred
40 Shoe Lace Co., par $1......
—
-
7s
99
1
9
3834
Bonds—
65
State Mtge Bk Jugoslavia
5s
1956
m
1
$2 lot
$4,000 City of Boston 4s, May 1967, reg. tax exempt
12034 A int.
$500 Twentieth Century Club of Boston 2nd mtge. 6s, July 1942 coupon July,
1933 and sub. on
$6 lot
75
Siem A Halske deb 6s.2930 /265
/1334
$56 lot
pref., A
/65
/55
Coupons—
Nov 1932 to May 1935 /50-60
Nov 1935 to Nov 1936
/34
834
1734
$11 lot
$100
...1956
634s
2d series 5s
/56
/36
...
Coupons—
Apr 15 *35 to Oct 15 '36.
German Young Coupons
Dec 1 '34 stamped
6%
33
36
7% '36
1933
634s '46
Corp.,
common A
100 Converse Rubber Co., pref., par $33
26
many) 7s
Gelsenklrehen Mln 6s. 1934
Guatemala 8s 1948
2034
634
$4 lot
$10 lot
$25 lot
33 1-3 Kolb Chemical, Inc., common
10 United Cape Cod Cranberry Co., common
Panama 5% scrip
Porto Alegre 7%
/33
/23
/32
A3
J8M
m
100 Palo Verdi Fruit Co., cl A; 150 Palo Verdi Fruit Co., cl. B
100 Newton Mortgage Corp., pref., par $100; 120 Newton Mortgage
100 American Commonwealth Power 1st
23
/28
f26M
/25
f23M
f22
/634
preferred
2334
(22 M
German scrip
German Dawes Coupons
Dec 1934 stamped
/30
634
10c
$3 lot
—
20 H. E. Wright, common; 10 H. E. Wright,
110 Wa 1 worth-Engiish-Flett Co., preferred
/2134
/65
/1934
Frankfurt 7s to
July to Deo 1936
/30
23
German Building & Land
...
106 Mavis Bottling Co., com. A, par $1
100 Eastern Utilities Associates conv.
/21
128"
—
5,650 Doe Estates Co., par 50c
1945
to
1948
Santa
Catharlna
(Brazil)
8%
1947
Santa Fe 7s stamped. 1942
Sorlp
Santander (Colom) 7s. 1948
Sao Paulo (BrazU) 6s. 1943
July to Dec 1935..
Jan to June 1936
96
—
pref. v. t. c., par $100
62 Galveston-Houston Electric Co., pref., par
33 1-3 Kolb Chemical Inc., common
8s
Jan to June 1935
/87
/85
-
3 Gamewell Co., pref
3 United States Finishing Co.,
12 International Textbook Co
2334
8s ctfs of dep
July to Dec 1934
2434
2634
par
/2134
24
Jan to June 1934
/2334
/2434
Co., pref.,
Oberpfals Eleo 7%...1946
Oldenburg-Free State 7%
24
1948
200 Keene Mica Co., common
25 Units Imco Participating Co., Ltd
418 Blackinton Co., pref., par $100
9834
f23
bank 6>$%
10 Converse Rubber
2334
51
/23
German defaulted coupons
July to Dec 1933
71
24
/2134
/21
/21
2334
1
363
634
5734
3834
$4 lot
$8 lot
1
85
12
-
certificates, par $1
$5
...
$33
:
/47
1947
6348-.--.
1953
European Mortgage & In
vestment 7 Ma
1966
6s.
26
—
$100
pref., par $100
56 Valspar Corp., common vot. trust
12 Valspar Corp., $6 div. pref., par
/23
Prov Bk Westphalia 6s '33
/26
par
/9734
4s
Electric Pr (Germ) 634s '50
1945
I Boston Athenaeum par $300
26
National Hungarian A Ind
Royal Dutch 4s
Dortmund Mun Util 6s '48
A
1948
Co.,
5 Merrimack Valley Power & Bldgs. Co., 6%
/2834
Prov Bk Westphalia 6s '36
55
$100
2 Columbian National Life Insurance
Protestant
77
20 Booth Mfg. Co., pref., par $100
25 Naumkeag Steam Cotton Co., par
17
67
2234
7034
$334 lot
13834
81
—._...
—
2734
(A & B)
1534
,
/34
634s '38
Natl Bank Panama 634%
AS
...
10
—
Leipzig O'land Pr 634s '46
Leipzig Trade Fair 7s 1953
Munlc Bk Hessen 7s to '45
1534
15 Pilgrim Mills, par $100
$100
200 Kreuger A Toll American ctfs., 100 kroners
20 Saco Lowell Shops 1st pref., par $100
/6934
A5
$ per Share
Stocks
60
Mannheim A Palat 7s. 1941
/30
7 United States Trust Co., Boston, par $10
/45
Merldlonale Elec 7s..1957
/2 5
Buenos Aires scrip
/66
Burmelster <fc Wain 6s. 1940 /H3
116
Caldas (Colombia) 7 34s '46
/13
1334
Call (Colombia) 7%—1947
/1234 1334
11
Callao (Peru) 734%--1944
AO
Cauca Valley 7 34s
1334
1946 A3
Ceara (Brazil) 8%
734
1947
/434
39
$200 lot
By R. L. Day & Co., Boston:
Shares
Land M Bk Warsaw 8s *41
11
2534
2234
20 Gardner Trust Co., Gardner, Mass., par
26
Nassau Landbank
Hungarian Bank
734s._
1962
Brown Coal Ind Corp—
034s
1953
43
/2334
2334
7534
British
7s assented...
.1943
/24
/24
/83
Bremen (Germany) 7s 1935
6s.
1940
Chile Govt 6s assented
change Bank 7s....1936 /30
llseder Steel 6s
1948
/24
Jugoslavia 5s Funding 1956
42
Jugoslavia 2dser 5s...1956
36
Coupons—
Nov 1932 to May 1935 /50-60
Nov 1935 to Nov 1936
/34
fl6M
1948
Barranqullla 8s'35-40-46-48
$20 lot
-
$1,500 Social Research Inc. 2nd mtge. 6% 25-yr. s. f., registered bonds
Hungarian Discount A Ex¬
mM
/2334
/21
/2234
Bank of Colombia 7 %
Bavaria 634s to
Bavarian Palatinate
23 M
25
1953. Trustee's certificate
Ask
Bid
A*k
nix
/22
Antioqula 8%
1946
Argentine 4 34 s
1971
Bank of Colombia 7 % 1947
$21 lot
Registered
$9,500 The Eastwood Beach Apartment (111.) 1st mtge. 7% gold bonds. ($7,000
due June 24, 1931-Dec., 1930 and subsequent coupons attached—$1,000,
Foreign Unlisted Dollar Bonds
Bid
$21 lot
registered..
Corp., no
-
par
1,300 Educational Pictures, Inc., com., temp, ctf., no par
35 RockhillCoal A Iron Co., pref., ctf. of deposit, par $100
50 John Warren Watson Co., common, no par
$6 lot
12 Great Valley Mills, pref., par $100
17 Great Valley Mills, common, par $10
100 Nat. Public Service Corp., 7% pref.
$37 lot
lot
$15
$26
$5
$7
A, par $100
491 American States Public Servide Co., com., cl A, no par..
100 Investment Bond & Securities Corp., par $50
318 Fortinberry Co., Inc., cl A, par $10
7934 Fortinberry Co., Inc., cl. B, par $10
-
lot
lot
lot
_$2 lot
-
$2 lot
$6 lot
10 Mount Vernon Royalty Co. capital
Bonds—
Per Cent.
$3,500 Fortinberry Co., income debs., dated March 10, 1934
$1,000 University Club of Phila., 6%, deb., due May 15, 1940
$1,000 University Club of Phila., 6%, deb., due Jan. 15, 1954
$1,000 Lincoln Terminals Bldg. 2d 534s, 1948
$5,000 Rittenhouse Square 2d 6s, 1937
CURRENT
—Richard J.
to 11
Butler
&
Co.,
$20
$5
$5
$1
$6
-
lot
lot
lot
lot
lot
NOTICES
Inc., announces the removal of its offices
Broadway, New York City.
—B. W
Pizzini & Co., 52 Broadway,
N. Y. City, have issued
an
analysis
of the Southern Railway Co.
—William E. Detlor has become associated with the retail staff of Swart,
Brent & Co.
—Charles W. Morse is
department.
now
with Van Alstyne, Noel & Co. in their sales
Volume
143
Financial
Chronicle
3989
Monthly Gross Earnings of Railroads—The following
comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of
taxes),
are
Specialists
in
of all the
Class I roads in the
country reporting monthly
returns to the Interstate Commerce Commission:
All
Rights and Scrip
Length
1935
1934
( + )
Dec.
or
January...
263,877.395
254,566,767
280,492.018
February..
March
April
274,185,053
279,153.707
May
June
280,975.503
274.963,381
293,606,520
July
August
September
October
+ 6,444,483
t2.60
238,245
238,162
—4.*0
238,011
265.037,296
+ 9,147,757
+3.45
281,642,980
282,406.506
275.610.064
—2,489.273
—0.88
237,995
237,951
239,246
239,129
238,980
—1,431,003
—0.51
237,800
—0.23
January..
February
263,862,336
300.049,784
280 484.056
312,908,137
274,144,735
320,487,420
June
330.212,333
July
349,256,586
350,084,172
356,633,472
279,133,293
280,967,649
274,921,824
293,578,257
September.
+ 15.04
237,074
237.051
238,280
+9.75
+ 14.14
237,054
February..
March
67,659,321
65,305,735
70,416,370
64.920.431
April
May
June
July
August
September.
237,028
October—
238,208
November
.
December.
1936
January...
on
+27.04
236,672
237,892
April 15, 1930 when
+ 19.25
236.685
236.686
236,918
+ 14.74
236,554
237,573
(+)
or
Dec. (—)
Per Cent
+22.685,802
+37.77
+ 12.20
+7,658,607
April
May
78,326,373
65,214,202
80,729,491
June
+ 13,112,171
+ 10,397,914
88,872,678
The
+0.08
+ 1.55
+22.88
+33.95
+ 15,478,511
+9,199,020
+3,506,818
Adams
—8.30
+ 1,108,150
+ 16,564,585
+27,512.645
61,905,000
55,402,531
68,205,090
September.
—14.96
+29.82
+ 14.78
+24,046,259
+ 44,052,680
+31,621,369
+ 19,749,522
+21,598,065
+37.09
+ 76.82
+43.53
have
declared
a
dividend
of 35
+
Aluminum Co. of
America—Accumulated Dividends—
The directors
;
have declared a dividend
of $7.25 per share
payable on
account of accumulations on
the 6% cumulative
preferred stock, par $100,
on Dec. 21 to holders
of record Dec.
10, and a dividend of $1.50 per share
payable on Jan. 1 to holders of
record Dec. 10.
A dividend of $1.50 was
paid on Oct. 1, last, dividends of
37H cents per
share were paid each
quarter from April 1, 1933 to and
including July 1,
last, and 75 cents per share were
paid in each of the four
preceding quarters.
In addition an
accumulation dividend of 50 cents
per share was
paid onJuly 1, April 1, and Jan. 1,
last, and accumulation dividends of
25 cents
per share were distributed in
each of the four
preceding quarters.—V. 143.
1862.
p.
American Box Board
Co.—Additional Dividend-
The
with
cents
per
share
on
an extra dividend of 30 cents
per share on
stock, par $1.25, payable Dec. 23 to holders of record
stock was exchanged some time before Oct.
15,
last, for old 25 cent par stock on the basis or one new share for each five
old shares.
See also V. 143, p. 1861 for detailed dividend record.—V.
143,
p. 2823.
per
share
A special
meeting of stockholders will be held
changmg the name of the corporation to
Each share of old common stock is exchangeable for three shares of new
common stock, of which two shares are issuable against the
"split-up" of
each share of old common stock into two shares of new common
stock, and
one share is issuable in payment of the stock dividend declared on
the new
the
rate
of
one-half share
on
each
outstanding whole
$5 par.—Y. 143, p. 3134.
$44,000 first mortgage 4% bonds have been called for
redemp¬
tion on Jan. 15, 1937 at 105 and accrued interest.
Payment will be made
at the New York office of the Pennsylvania RR.—V.
141, p. 4008.
Preferred Stock-
Initial Dividend—
_
or
three quarters of a share of new
preferred
This would be initial dividend
and $5 cash for each five shares of common.
on
common
All
of company.—V.
142,
p.
4010.
American
listed
Community Power Co.—Removed from Un¬
Trading—
share was paid
on
Nov. 25, last.—V.
.
Allegheny Corp.—Chnages in Collateral—
The
company'
has notified the New York Stock Exchange of the sub¬
shares of the Chesapeake Corp. stock for $631,750 of
collateral under the corporation's
outstanding collateral
trust indenture dated Feb. 1, 1929.—V. 143, p. 3831.
stitution
of 6,500
deposited cash
as
Exchange has
removed from unlisted
5j^%
series,
due
July
trading privi¬
1, 1953.—V.
American District
Telegraph Co.—Extra Dividend—
The directors have declared
an extra dividend
of $1 per share in addition
quarterly dividend of like amount on the
common stock,
both payable Dec. 18 to
holders of record Dec.
15.—V. 142, p. 4166.
to
the regular
Ltd.—Pays Larger Dividend—
The company
paidia^dividend of $1.35 per share on the
capital stock,
$25, on Dec. 10 to holders of record
Nov. 30.
Previously, monthly
dividends of 15 centsjper share
were distributed.
In addition the
following
extra dividends were
paid: 60 cents on Aug. 10,
last; 80 cents on Dec. 10,
1935; and on Dec. 10, 1934; 40 cents on Dec.
9, 1933, and 20 cents per share
paid on Aug. 10, 1933 and on Dec.
10, 1932.—V. 143,
par
p.
907.
American Felt Co.—To Resume
Common Dividends—
The
made since
December, 1935,
tributed.—V. 138, p. 863.
American Fork & Hoe
wnen
per share on the common
10.
This will be the first
50 cents per share was dis¬
Co.—Pays Extra Dividend—
The company paid an extra
dividend of 25 cents per share in
addition to
the regular quarterly dividend
of like amount on the
common stock, no
par value, on Dec. 15 to holders of
record Dec. 5.
An extra
dividend of 20
paid Dec. 14, 1935.—V. 143,
p. 1550.
American Gas & Electric
Co.—Debentures Called—
A total of
called for
$10,000,000 gold debentures 5% series
D, due 2028 have been
redemption on Dec. 30 at 106 and accrued
interest.
Payment
Guaranty Trust Co. of New York.—V.
143, p. 3831.
will be made at the
American General
The board of directors
Metal Products Co.—Extra Dividend—
per
{
Dec. 28 for the purpose
Cat5e. Co..
Corp.—Special Common
Dividend—
Dec. 3 declared a special dividend
of 50 cents
stock, payable Dec. 23 to stockholders of
record
Dec. 9.
There are 1,735,147 common
shares outstanding owned
by more
than 90,000 holders.
"In taking this action," said David
M. Milton, President, "the
directors
were influenced by,
among other things, the provisions of the
on
per share on the common
The directors have declared an extra dividend of 20 cents
per share on
the common stock payable Dec. 21 to holders of record Dec. 10.
The regular
quarterly dividend of 50 cents
143, p. 3135.
on
and American Cable
Co., Inc., which are the
subsidiaries principally engaged in
manufacture of wire rope, cable
kindred products, are
being dissolved and all their assets are
being
transferred to American Chain
Co.
All stock of these two subsidiaries
is
now held
by American Chain Co.—V.
143, p. 3303.
cents was
Directors have voted to call a special meeting to authorize issuance o
50,000 shares of new $20 par
preferred stock to be! available for use in
paying dividends on common.
Contingent on such authorization, direc¬
tors declared a dividend of $4 a share on common,
payable to holders of
record Dec. 4, under two forms of option, either one share of preferred for
five shares of common held
L.
Hazard Wire Rope Co.
payment
A total of
•To Issue
A.
directors have declared a dividend
of $1.50
stock, payable Dec. 21 to nolders of record
Dec.
Akron & Barberton Belt RR.—Bonds Called—
Alaska Pacific Salmon Co.-
succeeding
American Chain &
Incorporated.
American Factors,
Trading—
The New York Curb Exchange has admitted to unlisted
trading privi¬
leges the new common stock, $5 par, in lieu of old common stock, $10 par.
at
director,
on
paid on Dec. 27, 1933, and on March 15, 1932.
stock
a
American Chain
Co., Inc.—To Change Name— 1
of
143, p. 8831.
dividend of $1 per share
the common
stock, par $10, payable Dec. 23 to holders of record Dec. 21. A dividend
of 50 cents was paid on Oct. 5, July 10 and April 10, last. A
special dividend
of $1 was paid on March 2, 1936, and on Dec. 28, 1935: 75 cents was
paid on
June 28 and March 4, 1935; $1.25 on Dec. 27, 1934, and 50 cents
common
an
elected
leges the secured gold
debentures,
Ainsworth Mfg. Corp.—$1 Dividend—
share of new common stock,
cents per share /on *the
This compares
dividend of 20 cents (or 25 cents
initial dividend of 20 cents
paid on
a
American Brake Shoe &
Foundry Co.—New Director—
The New York Curb
Admitted to Unlisted
dividend of 25
and
and
new common
a
a
cents
two
common
The directors have declared
declared
share) paid on Dec. 7, last, and
June 30, last.—V. 143,
p. 2824.
the
The directors have declared
The
have
stock, payable Jan. 4 to holders of
record Dec. 24.
extra dividend of 5
Henry P. Davison has been
Humphrey.—V. 143. p. 2664.
Affiliated^Fund, Inc.—Extra Dividend—
new
an
dot
+22 21
+ 19.89
stock, no par value, payable Dec. 23 to holders of record Dec. 14,
This compared with 10 cents paid on July 15 and on Jan.
10, last, this latter
being the first dividend paid since Sept. 30, 1931, when a quarterly divi¬
dend of 25 cents per share was distributed.—V.
143, p. 2823.
Dec. 17.
directors
common
common
the
131, 2897.
directors have declared a
dividend of $4.25 per share on
account of
accumulations on the $3 cum.
conv. pref.
stock, no par value, payable
Dec. 15 to holders of record
Dec. 5.
This compares with $2
paid on Oct. 10
last and $1 paid on
Aug. 10, July 10, May 15, March 15 and
Jan. 15 last, and
on Nov.
1, Aug. 1, and April 15. 1935, this latter
being the first distribu1P^i)n ™*is issue since Jan. 30, 1932, when a regular
quarterly dividend
of 75 cents was
paid.—V. 143, p. 2037.
+ 16.60
+5.14
+20.11
Express Co.—Larger Dividend—
directors
a dividend of 75 cents
per share on the common stock
Dec. 2 to holders of record
Nov. 27. This was the first
dividend paid since
a similar
payment was made.—V.
Altorfer Brothers
Co.—Accumulated Dividend—
The
—19.40
—2.31
67,383,511
64,601,551
Ootober...
—1750
—12.89
71,711,908
August
The company paid
237.831
+ 16.34
February..
101,398,055
104,272,144
108,659,760
130,165,162
Alligator Co.—Dividends Resumec
238,159
—9,608.823
—10,108,077
70,331,577
64,826,419
57,345,375
72,650,775
88,910,238
108,567,097
Bankers=*Trust Co., New York City.—V. 143,
238.019
1935
"
an
Corp.—Bonds Called-—
3457.
p.
237,012
March
July
238,393
—1,666,850
81,039,275
60,061,636
62,786.896
Allied Stores
236.814
Amount
72.083,220
74.529,254
67,586,762
71,686,657
72,390.908
initial dividend of $1.50
per share on the
payable Dec. 24 to holders of record Dec.
14.—V. 142,
A total of $600,000
15-year 4X% debenture bonds due
April 1, 1950
have been called for
redemption on Jan. 29, next, at par and interest.
ment will be made at
Pay¬
the
+ 14.82
—$10,907,615
—5,030.496
—16,283,565
+ 53,730
65,252,005
57,478,685
72,794,807
88,955,493
108,551,920
82,747,438
70.445.503
Allied Products
Corp.—Initial Dividend—
The directors have
declared
newcommon stock,
+ 17.53
1934
$62,258,639
59,927,200
83,942,886
NEW YORK
RECTOR 2-7815
238.226
Inc.
1935
1935
237,078
Net Earnings
$51,351,024
54,896,705
Exchange
238,668
+ 13.20
+ 17.87
Month
January...
TEL.
238,436
238,819
Stock Exchange
Curb
York
BROADWAY,
238,791
+41,354,127
+49,244,684
+ 74,334,762
+ 56,505,915
+50,080,594
+50,213,876
306,552,878
390,826,705 *340,61^.829
October
237,431
237,385
237,306
+34,842,478
+45,494,779
+27,349,607
+38,763,402
254,555,005
307,833.663
AprilMay
August
237,700
238.629
+ 11.41
+ 16.44
+ 17.25
1936
March
..
+4.00
+31.408,547
+48,095.489
+44,278,559
+38,679,418
1935
298,704,814
.
—646,683
120
239,020
239,000
238.955
+ 11,281,900
257,201,455
1936
+2.39
Member,('J""'
I New
239,506
239,433
—12,306,728
295,880,873
.
December..
+6,148,718
292.798.746
282,324,620
275.158,450
292.495.988
256.637.723
...
1934
Miles
248.122 284
306,566,997
340,591,477
300,916,282
_
November
257,728.677
1935
Miles
Cent
...
McDonnell & C.o
Per
(—)
I.
of Road
Month
inc.
'
;•
.
Gross Earnings
of 1936.
This action should
not
regular dividend payments
on
The dividend is the first
on
company, wnichywas
formed
the
be regarded
Revenue Act
as
corporation's
establishing
common
a
policy of
stock."
the common stock since
organization of the
Nov. 23, 1935, througn
consolidation of
eight investing companies of the former United Founders
group.
Dividends
on tne preferred stock have been
paid regularly.
The
statements for Sept.
—V.
143, p. 3617.
on
30, 1936, snowed
company's published
net assets of more than
$53,000,000.
Financial
3990
International Corp.—Pays40-Cent Dividendof 40 centsper share on the common stock
Dec. 14. This was the first dividend paid
1930 when $1 per share was distributed.—V 143, p. 2512.
American
The company paid a dividend
on Dec. 19 to holders of record
1,
since Oct
operating earnings of subs,
$38,618,737
r
inter-company transfers)
General operating expenses
20,694,899
2,719,443
2,344,427
4,633,432
Maintenance
general plant
and estimated Federal income taxes-
Provision for retirement of
General taxes
$8,226,536
576,869
Net earnings from operations of subsidiaries
Non-operating income of subsidiaries
$8,803,405
4,241,826
*
pref. divs. of subsidiaries
.
$4,561,580
10,083
attrib. to minor, common stk_
$3,578,241
x6,405
1,262,525
864,496
$5,814,022
$4,436,332
177,614
233,690
subsidiaries)
income
x
V.
71,523
>,384,242
804,486
$4,097,529
804,486
$3,293,043
$1.65
$i.l9
reversal of Detroit City Gas Co. rate reserve.—
$4,579,756
of common stock
Adjusted to reflect
143,
33,589
133,329
transferred to consolidated surplus. _.
preferred stock
Balance
p.
3135.
Dividend—
paid a dividend of $1.25 per share on the common stock, no
value, on Dec. 18 to holders of record Dec. 14. A dividend
$1 was
paid on July 1, last, this latter being the first payment made on the com¬
mon stock since June 30,
1931, when a regular quarterly dividend of 25
cents per share was distributed.—V. 143, p. 2513.
The company
of
par
American Snuff Co.—25-Cent Extra Dividend—
declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 75 cents per share on the
common stock, par $25, both payable Jan. 2 to holders of record Dec. 10.
Similar payments have been made on Jan. 2 of 1936, 1935,1934, 1933,1932
and 1931.
An extra dividend of 50 cents per share was paid on Jan. 2, 1930.
The directors have
—V. 142, p.
1109.
American Surety Co.—New Director—
Artemus L. Gates has been elected a director of this
p.
company.—V. 143,
3304.
Telephone & Telegraph
American
Co.—Earnings—
$9,119,492
29,233 :
Operating expenses
Operating taxes
6,345,672
135,348
Net oper. income
$2,609,239
1936—10 Mos —1935
$8,510,212 $88,419,352 $78,146,761
33,458
3Q1.170
429,117
6,233,251 61,877,273 59,882,692
598,895
7,632,397
5,022,014
$1,644,608 $18,608,512 $12,812,938
3832.
Inc.—Weekly
Works & Electric Co.,
American Water
Output—
electric energy of the electric properties of American Water
for the week ended Dec. 12, 1936 totaled 49,479,000
hours, an increase of 11.8% over the output of 44,254,000 kilo¬
Output of
Works & Electric Co.
kilowatt
the corresponding period of 1935.
Comparative table of weekly output of electric
years follows:
watt hours for
1935
44,400,000
42,434,000
44,253,000
44,254,000
1936
21
46,495,000
28
44,832,000
5
47,357,000
12.-49,479,000
143, p. 3832.
Week Ended—
Nov.
Nov.
Dec.
Dec.
—V.
American Writing
1934
35,437,000
33,317,000
35,363,000
33,799,000
Paper Co.
energy for
„
the last five
„
1932
28,336,000
29,454,000
29,113,000
29,542,000
1933
33,231,000
30,030,000
32,793,000
33,240,000
Inc.,—Deposits—
reorganiza¬
states it has obtained acceptances to its plan of
tion from the holders of a majority of each class of its capital stock and more
than two-thirds of its bonds and unsecured claims.
It is expected that the
petition for confirmation of the plan will be filed in the near
p. 3136.
The company
future.—V. 143,
Amoskeag
An
Manufacturing Co.—Initial
dividend in liquidation of
initial
eral
taxes
Liquidating Div.
declared,
$2 per share has been
of the divi¬
payable Dec. 21 to stock of record on that date. Total amount
dend is $731,954, which will be paid through Old Colony Trust Co.
agent for the company.
Payment will be made upon presentation of certificates to the
Trust Co.
These will be stamped to indicate payment of $2 per share
will be returned to the holder.
Transfer books will not be closed.
Arthur Black, referee, stated: "Further dividends will be paid as fast
money is available and in the same way.
Shareholders are urged to
as
certificates."
^
of the 6% bonds of Amoskeag Manufacturing Co. have
per bond, representing par and interest accrued from
July 1 to Dec. 24, 1935. A final dividend in liquidation will be paid on the
bonds about Jan. 1.
This will approximate $45 per bond, or substantially
nine months' accrued interest, less $3.52 per bond to cover expenses in
their stock
Earnings per share
Nov. 30,
$808,245.—V. 143, p. 575.
Current assets as of
Ashland Oil & Refining Co.-—Special Dividend—
have declared a special dividend of 10 cents per share in
quarterly dividend of like amount on the common
stock, both payable Dec. 24 to holders of record Dec. 14.
This company
is the successor to Swiss Oil Corp.—V. 143, p. 3305.
The directors
1932760458
Associated Breweries of Canada, Ltd.—Dividend— /
directors have declared a dividend of 15 cents per share on the
stock, payable Dec. 31 to holders of record Dec. 15.
This com¬
pares with 25 cents paid on Dec. 15, last, 15 cents paid on Sept. 30, June
30 and on March 31, last, and 25 cents paid on Dec. 31 and June 30, 1935
and on Dec. 31, Sept. 30 and Jan. 2, 1934.
On Dec. 31, 1932 a dividend of
15 cents per share was distributed.—V. 143, p. 3619.
The
common
unsuccessful attempt to reorganize the company, and
less a further 97 cents a share in case of all bonds except those held by
Amoskeag Co. to cover expenses of suit to establish priority of these bonds.
connection with the
3136.
Anaconda Wire & Cable Co.—Extra Dividend—
The directors on Dec. 2 declared an extra dividend of $2 per share on the
common stock, no par value, payable Dec. 22 to holders of record Dec. 14.
An extra dividend of $1 per snare and a quarterly dividend of 50 cents
was paid on Nov. 16, last.
The regular dividend was increased from 25
cents per snare to 50 cents witn the Sept. 14 last, payment.—V. 143, p. 2990.
Anglo American Corp.
of Operations for the
-Results
of South Africa, Ltd.-
Month of November, 1936—
[In South African
Tons
Companies—
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd---West Springs, Ltd
x
Milled
Currency]
Value of
Gold
Declared
Profit
£112,295
Costs
135,500 £251,289 £138,994
£138,039
133,500
£278,178 £140,139 £171,504
147,000 £311,866 £140,362
£37,885
98,000 £111,972
£74,087
Note—Revenue has been calculated on the basis of £7 2s. 0d. per ounce fine
Each of which is incorporated in the Union of South Africa.—V. 143,
x
3304.
Anglo-Chilean Nitrate
Corp.—Interest—
debenture will be
due 1967,
743.
Payment of interest amounting to $37.80 per $1,000
1937, to holders of sinking fund income debentures,
of record at the close of business Dec. 21, 1936.—Y. 143, p.
made Jan. 1,
Anglo-Oriental Mining Coi^p.,
Tin Corp., Ltd.,
Ltd.—Merger—
below.—V. 130, p. 3882.
Appleton Co. (Anderson,
S. C.)—Accumulated
Dividend
declared a dividend of $10.50 per share on account of
the 7% cum. preterred stock, par $100, payable Dec. 21
The directors have
accumulations on
Ind.—Further
with the offering of $12,000,000 10-year 3% debentures,
(noted in last week's "Chronicle," page 3832), a prospectus
In connection
series due 1946
affords the following:
Dated Dec. 1, 1936; due
Y.
N.
Dec. 1, 1946.
Interest payable J. &
D. in
Coupon debentures in denom. of $1,000.
Fully registered
of $1,000, $5,000, and $10,000. Coupon debentures
City.
debentures in denom.
and
registered debentures
York, trustee.
interchangeable.
Guaranty Trust Co. of New
whole or in part
Redeemable, at option of company, as a
maturity
(in amounts of not less than $1,000,000), o» any date prior to
on
at least 60 days' published notice, at the following prices plus accrued
int.: from date of issue to and inci. Nov. 30, 1938, 103%; thereafter to and
incl. Nov. 30. 1940, 102%; thereafter to and incl. Nov. 30, 1942, 101 H%;
thereafter to and incl. Nov. 30, 1944, 101%; thereafter to and incl. Nov.
30, 1945, 100)^%; and thereafter to maturity at their principal amount.
History and Business—Company was incorp. in
Indiana on May
1918 and thereafter accepted the 1929 General Corporation Act of that
State by filing articles of reorganization on May 20, 1935.
Company is
engaged in the business of purchasing at discount and generally
in contracts and evidences of indebtedness arising from the sale at retail
29,
dealing
personal property, and
of loaning money on new and used motor vehicles and other personal
property in the hands of dealers.' As a matter of practice the company has
in the past
vehicles and other articles of
confined its dealings to motor
vehicle paper.
offices and directly transacts its business in the
the States of Indiana, Michigan, Minnesota
and Ohio.
In addition, it purchases from Associates Discount Co. and
Associates Investment Co. of Illinois, motor vehicle paper originating in
New
York, Illinois, Wisconsin, Pennsylvania, Missouri, Connecticut,
Iowa, Virginia, Massachusetts and Rhode Island.
General Development of the Business
Company maintains
District of Columbia and in
x
Balance to
Avail, for
Pref. &
Purchased
-
—
-
1936
x
Net Earns.
Gross
Receivables
Dividends
Com. Divs.
Year—
$14,155,595
18,195,671
17,932.398
24,627,662
33,966,687
30,569,086
33,064,010
23,378,980
36,264,175
56,581,952
90,732,602
69,815,292
$83,185
248,682
240,863
292,871
370,902
400,322
402,995
410,991
411,000
490,906
592,200
465,869
$401,912
555,335
456.189
630,292
1,002,613
962,568
920,105
581,108
784,589
1,317,501
2,315,197
1,281,277
Surplus
$318,726
306,653
215,325
337,420
631,710
562,246
517,110
170,117
373,589
826,595
1,722,997
815,408
6 months ended June 30.
Income Statement
Six Months Ended June 30,
1936
$3,820,675
1,742,822
Operating revenues
Operating expenses
Net income from
$2,077,852
877
operations
Other income
$2,078,73 1
Gross income
232,452
coll. trust notes & notes pay
x565,000
Provision for Federal income taxes
$1,281,277
profits.
debentures,
Includes provision for estimated surtax on undistributed
Annual interest requirements on the $12,000,000 10-year 3%
x
series due
1946, to be outstanding will amount to
$360,000.
Capitalization as of June 30, 1936
$1,029
See London
Co., South Bend,
Associates Investment
To date holders
p.
_
$711,307
483,818
Net income
as
keep
—V. 143, p.
„
$718,710
$428,173
492,556
486,851
$1.47
$1.46
$0.88
1936, amounted to $2,683,747, and current
Inc. ded. incl. comm., & int. on
Old Colony
and
received
1933
1934
1935
$741,307
483,850
$1.53
stk. outst-
of new and used motor
1936—Month—1935
Period End. Oct. 31—
Operating revenues
Uncollectible oper. rev.
—V. 143, p.
but
Data—
Potash & Chemical Corp.—Larger
American
before Fed-
&c.,
addition to a regular
118,837
Dividends on
Earnings per share
Arundel Corp.—Earnings—
30—
1936
liabilities were
$3,571,836
Expenses of Am. L.&T. Co
Taxes of Am. L. & T. Co
Holding company interest deductions
Balance
share in addition to
record Dec. 4.
11 Mos. End. Nov.
$7,827,300
4,249,059
$4,551,497
Equity of Am. L. & T. Co. in earns of sub. cos_L. & T. Co. (excl. of income re¬
Total
paid an extra dividend of 75 cents per
the common stock, par $10, on
Dividends of 50 cents per snare were
paid on Oct. 1 and July 1, last; 25 cents were paid in each of the toree
preceding quarters; 10 cent3 paid each three montns from Oct. 1, 1932 to
and including July 1, 1935; 15 cents on July 1, 1932, and 25 cents per share
paid each quarter previously.—V. 143, p. 1550.
$7,541,452
x285,848
Income of Am.
ceived from
and
quarterly dividend of like amount on
Dec. 18 to holders of
Shares of cap.
Balance
Proportion of earns,
$35,594,893
19,102,886
2,230,632
2,111,137
4,608,787
Electric Co.—Pays Larger
Net income after deprec.,
subsidiaries
Total income of
Int., amortization &
Arrow-Hart & Hegeman
Extra Dividends—
a
(after eliminating
Dividends of $5.25 were paid,'on Nov. 2 and
the above payments will amount to
of record Dec. 11.
Aug. 1 last.
Accumulations after
$19.25 per share.—V. 143, p. 2515.
on
The company
1935
1936
31—
12 Months Ended Oct.
Gross
Subs.)—Earnings—
Light & Traction Co. (&
American
to holders
1936
19,
Dec.
Chronicle
Authorized
5% cum. preferred stock
Common stock (no par)
($100 par)
100,000 shs.
Outstanding
60,000 shs.
402,975 shs.
x 60,000 shares reserved for the exercise of the common stock purchase
warrants attached to the 5% cum. preferred stock issued in June, 1936.
The authorized number of shares of common stock was increased to 750,000
shares by the adoption of a resolution at a meeting of the stockholders held
Nov. 10,
x500.000 shs.
1936.
of June 30, 1936, the company also had outstanding 6,210
cum. preferred stock.
Funds to redeem these shares at $110
share and divs. were on deposit in escrow at Harris Trust & Savings
Wank, Chicago.
The stock was called for payment as of Sept. 30, 1936, and
the articles of reorganization were amended by resolution of the stock¬
holders at a meeting held on Nov. 10, 1936, to remove all mention of this
stock and its provisions.
Purpose of the Issue—Company intends to apply the net proceeds, after
deducting expenses, (1) to retire outstanding short term notes either by
payment at maturity or in advance of maturity, and (2) to purchase
receivables in the ordinary course of the company's business.
Underwriters—The names of the several principal underwriters and the
several principal amounts underwritten by them, respectively, are as follows:
Note—As
shares of
7%
per
F. S. Moseley & Co.,
$3,000,000
3,000,000
2,150,000
1,150,000
1,150,000
1,150,000
Chicago
Field, Glore & Co., Chicago
New York
Brown Harriman & Co.,
Lee Higginson
Corp., Chicago
Hayden, Stone & Co., New York
Harris, Hall & Co., Inc., Chicago
Riter & Co., New York
—V. 143, p. 3832.
Associated Gas & Electric
For the week
400,000
Co.—Weekly Output—
11, 1936, Associated Gas & Electric System
electric output of 13.7% over tne same week a
ended Dec.
reports an increase in net
year ago.
Production rose to
units in the comparable week
This is the highest net
Eliminates 339th
91,440,983 units (kwh.) from
80,414,676
of 1935.
output ever reported by the System.
Company—
Columbia Gas Light Co., an
dissolved it was announced on
inactive South Carolina company,
Dec. 17 by the Associated Gas &
has been
Electric
Volume
143
Financial
Chronicle
3991
System.
This brings the total of System companies elimipated since 1922
to 339—V. 143, p. 3832.
Atchison Topeka & Santa Fe
Ry.—Outlook—
COMMON
NUNN-BUSH SHOE
A
"Industries such as building,
mining, oil, lumber and manufacturing
have become more active," Mr. Bledsoe
said.
"Another season of deficient
moisture east of the Rocky Mountains curtailed such
crops as grain, cotton
and hay; however, prices for these and
other farm products have improved.
"A
stainless steel
fastenings.
light-weight train of nine
is
preceding the determination averages less
average monthly net worth during such twoperiod, all as determined by the board of directors; to all of the other
rights and privileges enjoyed by the common stock except for the
preceding
issue of
and of
$1,100,000 5% first mortgage sinking fund bonds, due 1966,
an additional issue of 3,000 shares
($100 par) capital stock.
The company plans to use $425,000 of the new bonds to
replace an equal
6% 30-year first mortgage bonds to be called at par on April 1
1937.
An equal amount of the bond proceeds would be used to retire
6% second mortgage 25-year bonds to be called at par on Jan. 1, 1937.—
V. 132, p. 2755.
The Marine Midland Trust Co. of New York, as trustee, invited tenders
to the sinking fund of first
mortgage 15-year sinking fund 634 % gold bonds
due Feb. 1, 1942, at prices not exceeding 104% of the
principal amount
and accrued interest, sufficient to exhaust the sum of
$27,874.
Tenders
Dec. 10, 1936, at the corporate trust department
the bank, 120 Broadway, New York.—V. 142, p. 4013.
of
Atlas
noon on
may consist of shares of
Balance Sheet Sep*. 30, 1936
Liabilities—
on
hand.——
Repossessed cars at sales val—
Indebtedness of affll. not cons
13,965
Sees, of afflls. not consol
Other security Investments
10,000
Furniture <fc equip, (net)
Prepaid Interest
2,526
11,171
19354
now
outstanding
Registrar—
The Bank of New York and Trust Co. has been appointed registrar for
common stock, no par value, and 70,000 shares of cumu¬
lative convertible preferred stock, $20 par value.—V. 143, p. 3620.
Automobile Banking Corp.—Stocks Offered—Distributors
Group, Inc., New York, on Dec. 14 made an initial public
offering of 20,000 shares of $1.50 cum. conv. pref. stock
and 15,000 shares of class A common stock of the corporation.
The pref. stock, which is of $25 par value, is priced at $26.50
per share and the common stock at $7 per share.
At the same time, 11,840 shares of pref. stock are being offered to the
present holders of 8% pref. stock.
They are given the opportunity to
purchase four shares of new pref. stock for each old share held at $25 per
share, the 8% pref. stock to be accepted by the company in payment at.
$100 per share.
Any balance of the new $1.50 pref. remaining upon
termination of this offer will be purchased by the underwriter and offered in
addition to the 20,000 shares initially offered to the public.
The company
has agreed to redeem any 8% pref. stock outstanding upon completion of the
offering to pref. stockholders.
Each share of $1.50 cumul. conv. pref. stock (par $25) may be converted
on or before Dec. 31, 1937, into 234 shares of class A common
stock, and
thereafter, on or before Dec. 31,1938, into 2 shares of class A common stock,
and thereafter, on or before Dec. 31, 1939, into 1 2-3 shares of class A com¬
mon stock, and thereafter, or on before Dec. 31, 1940, into 1 3-7 shares of
class A common stock, and thereafter, on or before Dec. 31, 1941, into
1U.
shares of class A common stock, and after Dec. 31, 1941, is no longer con¬
vertible.
1935.
Capitalization—Upon fulfillment of the terms of the underwriting agree¬
ment, capitalization of the company will be as follows:
Authorized
additional
15,000 shares
may
Outstanding
40,000 shs.
200,000 shs.
75,000 shs.
$1.50 cumul. conv. pref. stock ($25 par)
Class A common stock (25c. per)
Common stock (25c. par)
31,840 shs.
*62,750 shs.
62,750
shs.
be outstanding if the underwriter
exercises its option from the company.
Earnings—Company has reported net earnings in every calendar year since
It has earned and paid the full dividend on the pref.
Dividends on the common stock have been paid
from earnings in each year since 1922.
The following figures indicate the
gross volume of business handled, reported net income and, after allowance
ror pref. stock dividend requirements, earnings per share of common stock
outstanding at the close of each of the past five years and for the nine
months ended Sept. 30, 1936.
Gross
Net
Income
$3,440,440
1932
3,066,537
1933
3,148,650
4,041,671
5,817,299
1936 (1st three quarters) 4,629,539
*
•
-
Upon reclassification of the
and five shares of
issued for each old share.
common
The
among
$79,325
60,645
67,943
94,100
114,625
111,478
class
A
common
common
new
stock
common
has
the
* Earned Per
7.46
stock, five shares of new class A
(a total of 10 new shares) were
following rights and preferences,
others:
It is entitled to elect one
•of seven
director, the board being limited to a maximum
directors; to vote equally share for share with the common stock in
59
Indebt. to affll. not consol
2
2,000
86,617
99,863
Dealers' partlc. loss reserve
Unearned finance charges
Stock
Total
335,100
stock
(13,736
shs.
$2,975,2081
In
37,701
445,810
Dr51,273
treasury
Total
$2,975,208
V
Autocar Co.—Gets Tax Refund—
A Federal tax refund of $112,000 has been made
by government to this
Refund was in connection with 1935 over-assessment.—Y.
company.
143,
p.
3833.
(N. W.) Ayers & Son, Inc.—:Contest Settled—
Announcement has been made of the retirement from the
company of
George H. Thornely.
The suit involving the'right to purchase stock of the
corporation formerly held by its late President, Wilfred W.
Fry, will be
withdrawn and all questions in controversy have been
settled, it is said.—
V. 143, p.3458.
Baldwin Locomotive
Works—Bookings—
The Baldwin Locomotive Works has on hand at the
present time orders
132 steam locomotives and 41 extra tenders, the
for
Dec. 14 in issuing its monthly report of
bookings.
The dollar value of orders taken in November
company announced
on
by the
subsidiaries, including the Midvale
compared witn $2,311,739
company and its
amounted to $8,876,849 as
1935.
company,
for November
Tne month's bookings brought the total for the consolidated
group for
tne first 11 months of 1936 to
$35,744,910 as compared with $16,444,965 in
the same period last year.
Consolidated
shipments,
including Midvale,
in
November
aggregated
$1,723,500 as compared with $1,228,098 in November of last year.
Con¬
solidated shipments for the first 11 months of 1936 were
$20,729,935 as
compared with $19,095,932 for the first 11 months of 1935.
On Nov. 30,
1936, consolidated unfilled orders, including Midvale,
amounted to $21,664,198 as compared with
$6,689,081
and with
on
Jan.
1, 1936
$6,739,683 on Nov. 30, 1935.
All figures are without intercompany eliminations.—V.
143, p. 3833.
Baltimore Transit
Co.—Earnings—
[Baltimore Coach Co., inter-company items eliminated]
Period End. Nov. 30—
1936—Month—1935
1936—11 Mos.—1935
Operating
Operating
revenues
expenses
$980,338
796,642
103,658
Operating income
$942,493 $10,737,387 $10,158,941
786,577
8.988,031
8,801,661
82,866
1,063,966
893,818
$80,037
1,857
$73,048
1,898
Fixed charges
$81,894
9,841
$74,947
10,893
$704,292
111,837
$484,337
109,674
Net income
$72,053
$64,054
$592,454
$374,663
Non-operating income-_
Gross income
—V. 143, p. 3620.
Bankers Securities
The directors
on
Dec.
$685,390
18,901
$463,461
20,876
Corp.—Accumulated Dividend—
15 declared
on account of dividends accumulated
a dividend of $1 per
share, payable
Dec. 23 to holders of record Dec. 19.—V. 143, p. 3459.
the
on
participating preferred stock
(The) Barber Co., Inc.—Special Dividend—•
The directors
on Dec. 8 declared a
special dividend of 25 cents per share
the capital stock, par $10, payable Dec. 22 to holders of record
Dec. 15.
this compares with 50 cents paid on Dec. 10,
last, this latter being tne first
payment made since Dec. 17,1935 when 25 cents per share was distributed.
Prior to this later payment no dividend distributions were made
on
since
June 15, 1932 wnen 25 cents per share was also paid.—V.
143, p. 2826.
Barker Brothers
Corp.—Recapitalization Plan Voted—
Stockholders at a meeting held Dec. 9 in Baltimore
approved the re¬
capitalization plan as proposed by the board of directors at a recent
meeting.
Approximately 92% of the preferred shareholders and approximately 81%
of the common shareholders voted in favor of the
plan and no stockholders
against it.—V. 143, p. 3459.
voted
Bartgis Brothers Co.—Initial Dividends—
Directors of this company have declared
an
initial dividend of 30 cents
Kir share on the common stock, payable Dec.rate to stockholders of record
31 of 6% has also been de¬
28.
An initial dividend at the annual
ec.
clared
on
the
new
convertible cumulative preferred
stock, covering the period
from the date of issuance early in December until the end of this
year.
The
preferred dividend is also payable Dec. 31 to stockholders of record Dec. 28.
—V. 143, p. 3833.
Com. Share
$4.20
2.83
3.42
5.57
7.21
1,500
47,509
par)
Earned surplus
its formation in 1920.
in each year.
Business Volume
20,021
Federal & State taxes
no
stock
Year—
$1,950,300
Employees' bonus payable
Unclaimed dividends
8% pref. stock
Taxes
History and Business—Company was incorp. on Nov. 1, 1920, and since
formation has restricted its business solely to the financing of retail sales of
automobiles by dealers and the wholesale purchases of motor vehicles
by
dealers from maufacturers.
Company's activities were confined to the socalled "Philadelhpia area" until the latter part of 1927 when independent
service agencies, as distinct from direct branch offices, were established at
various points in the surrounding territory.
At present 20 independent
agencies throughout Pennsylvania and in New Jersey, Delaware, Maryland
and New York are affiliated with the company and are
supplementing its
home office in Philadelphia.
Approximately 72.5% of the company's average volume of business during
the three years ended Dec. 31, 1935 consisted of retail paper.
The obliga¬
tions represented by this total were owed by a large number of individuals
engaged in many different occupations and living in widely separated locali¬
ties.
Based on the average amount of retail accounts outstanding at the
close of each year, the average individual obligation owed to the company
was $261.
The percentage of loss to the volume of retail business during this
period has averaged less than four-fifths of 1% and in 1935 was less than
three-fifts of 1 %.
At the close of 1935, the loss reserve balance was 4.01 %
of the total of then outstanding receivables and repossessed cars.
This is
-equivalent to more than seven times the total rate of losses incurred during
•
4.000
Collateral trust notes
Account payable for insurance-
Common
Called—
250,000 shares of
An
$221,240
2,712,302
Accts. & note3 receivable
The company has called for redemption on Jan. 4, 1937, its entire issue
*
$287,120; minimim,
8% pref. stock of the par value of $100
PlAssm—
—V. 143, p. 3620.
534% convertible gold debentures, due May 1, 1943,
(maximum $837,120;
The company will not receive any proceeds from the sale of the
62,750
presently outstanding shares of class A common stock.
3832.
in the principal amount of $1,405,000, at 105% of their
principal amount
and accrued interest.
Debenture-holders may surrender their debentures
for immediate redemption with the City Bank Farmers Trust
Co., trustee.
proceeds
share, accepted in payment for any or all of 11,840 shares of $1.50
cumul. conv. pref. stock or of cash derived from the sale of
any or all of such
shares not thus sold to holders of 8% pref.
stock, or partly of such 8% pref.
stock and partly of cash.
on uBig Board"—
The corporation has made application to the New York Stock
Exchange
for the listing of its common and preferred stocks.
For several years its
securities were traded on the New York Curb Exchange on an unlisted basis.
Recently, when company effected a consolidation with its subsidiaries,
the shares of the latter were listed on the Curb
Exchange.—V. 143, p. 3458,
of
to list its class A common stock
per
Corp.—Seeks Trading
Atlas Plywood Corp.—Debentures
net
minimum, $828,240) to be received by the company from the sale of the
shares registered, $550,000 will be added to
working capital for the ex¬
pansion of the business of the company.
The balance of the estimated net proceeds
(maximum,
Cash in banks <fc
Atlantic Beach Bridge Corp.—Tenders—
opened at
provisions.
the New York Curb Exchange.
Purpose of Issue—Of the estimated
on
$278,240)
amount of
were
two
Company has agreed to make application
The company has asked the Interstate Commerce Commission's
approval
an
year
now
Atlanta & St. Andrews Bay Ry.—New Securities—
of
the event that, and so
long as, net income of the company during any two
have been placed
being built to
be delivered shortly, and contracts have been let for the
immediate building
of 27 locomotives and 3,025 freight cars.
"These capital expenditures mean employment for thousands of men in
fields where employment has been
lagging/'—V. 143, p. 3620.
cars
MILWAUKEE, WIS.
successive calendar years next
than 5% upon the company's
Animas, Colo., south
direct through line from
Boise City, Okla.," he added, "to
provide a
Colorado to Texas and the Gulf.
"Incidental to this and other
improvements, orders
for 155,000 tons of new rail and
«
MDHW2 & ©©•
Phone Daly 5392
Teletype Milw. 488
Livestock is doing well."
Continuing, Mr. Bledsoe said that prospects for the coming year are
favorable with a large acreage of winter wheat
planted, and much of it up
to a good stand.
Citrus fruit, too, promises an excellent
yield, with general
business on the upgrade.
"The Santa Pe is completing a new line from Las
to
STOCK
Bought, Sold, Quoted
general upward trend in both freight and passenger traffic
by the
company has marked the current year,
according to the annual review of
S. T. Bledsoe, President.
Bath Iron Works
Corp.—Registrar—
The Manufacturers Trust Co. is Registrar for
394,93734 shares of
mon
Beatrice
Creamery Co.—Extra Dividend—
The directors have declared
addition
common
p.
com¬
stock $1 par.—V. 143, p. 3138.
extra dividend of 50 cents
per share in
quarterly dividend of 25 cents per share on the
stock, both payable Jan. 2 to holders of record Dec. 14.—V. 143.
to
an
the regular
2199.
Belden Mfg. Co.—Extra Dividend—
The directors have declared
an extra dividend of
$1.70 per share on the
$10 par stock, payable Dec. 26 to holders of record Dec. 16. An initial
dividend of 15 cents per share was paid on this issue on Nov.
16, last. The
new
Financial
3992
$10 par
stock on a 10 for 1 basis—10 new
$100 par share.—V. 143, p. 2991.
company has recently split its
shares being issued for one old
Co.—25-Cent Dividend—
Belding Heminway
tions had been
per share on the
of record Dec. 8.
April 30, last and
serai-annual dividends of 50 cents paid on Oct. 25 and
and on Oct. 31, 1934. Prior to this latter date no distribu¬
made since May 1, 1928 when a regular quarterly dividend
of 50 cents per
share was paid.—V.
have declared a dividend of 25 cents
stock, no par value, payable Dec. 26 to holders
Similar payments were made on Oct. 30, July 31 and
The
directors
common
with
compares
April 30, 1935,
143, p. 3139.
Corp.—Listing Approved—
the listing of 170,000 shares
list, upon official notice of
additional shares of common stock, $1 par.—Y. 143,
Curb Exchange has approved
$1 par, and will add to the
40,000
issuance,
p.
911.
Bessemer Limestone
& Cement Co.-—New Pres. &c.—
of the
on Dec. 11.
he succeeds the late
George G. Treat was elected President
company
Formerly executive Vice-President and Treasurer,
Charles Schumtz.
J. O. Adams continues as Secretary
Vice-Presidents were named:
Frank R. Warren, in charge
and the following
of sales; R. E.
and D. C. McKee, operations
of chemical engineering,
vice-president.—V. 142, p. 1974.
Roscoe, in charge
Co.—Gold
Steel
Bethlehem
See under "Current
Events and
Biltmore Hats,
Clause Suit Withdrawn—
Discussions" on a preceding
1936
$133,595
24,245
Net
Bad debts
1934
$72,755
10,347
1933
$48,180
6,192
$79,054
107,629
$62,408
77,633
$41,988
55,331
$249,430
1,655
14,665
45,000
$186,683
$188,110
income
Previous surplus
1935
$94,204
15,150
$109,350
140,080
Prov. for income taxes..
$140,080
952
recovered
Total sin-plus
Additional tax prior year
dividends
Common dividends
Prov. for redemption of
preferred stock
Preferred
$98,271
$140,041
1,096
16,874
820
15,783
30,000
643
17,517
10,000
4,444
2,478
$107,629
$77,633
$1.10
$2.05
$3.22
30
$4.73
Inventories
Cash surr. value
of
4,060
life insurance—
L'd, bldgs., plant,
1935
$16,837
$16,759
20
3,666
$39,323 Accts. pay. & ac¬
crued charges..
159,852
159,325 Collector of cus¬
toms (sales tax).
3,660 Dividends payable
Res. for deprec. of
381,789
165,840
185,091
-
1936
Liabilities—
1935
1936
Assets—
3,677
22
83,547
15,151
x
Common stock.-
Surplus
240,547
209,500
85,475
182,180
$684,451
$596,311
assets...-
-
408
Res. for income tax
4,311
5,328
Investments
104,161
24,245
209,500
85,475
y
Deferred charges._
fixed
229,433
240,175
2,168
macb. & equip.-
Preferred stock—
$596,3111 Total
x
Represented by 20,000 no par shares,
y Of
surplus in 1936 ($140,080 in 1935), and $52,437 is
($42,100 in 1935).—V. 141, p. 4160.
$684,451
Total
Black & Decker
Mfg. Co.—Resumes
which $188,110 earned
capital surplus in 1936
Common Dividends—
share on the
This will be the
30, 1930 when
3620.
have declared a dividend of 25 cents per
stock, payable Jan. 5 to holders of record Jan. 4.
first distribution to be made on the common stock since Sept
a dividend of 40 cents per share was paid.—V. 143, p.
The directors
common
Dividend—
Laughlin, Inc.—Extra
Bliss &
The directors have
dividend of $1 per share in addition
per share on the common
declared an extra
regular quarterly dividend of 37 H cents
stock, par $5, both payable Dec. 26 to holders of
of 37 K cents in addition to the regular
Sept. 30 last.
A regular quarterly dividend
June 30 last and an initial dividend of 25 cents
31 last.—V. 143, p. 3307.
to the
record Dec. 18. An extra
quarterly dividend was paid on
of 37H cents was paid on
was distributed on March
Bloomingdale Brothers,
Stockholders voted at a
British American Oil Co., Ltd.—Extra Dividend—
Dec. 1 declared an extra dividend of 20 cents per share
regular quarterly dividend of 20 cents per share on the
The directors on
capital stock, no par value, both payable in
holders of record Dec. 15.—V. 142, p. 3840.
special meeting held
the 29,200 shares of 7%
company's shares so
preferred, par
value.—V. 143,
Elevated Ry.—Earnings—
1936
$2,174,880
Operating expenses
Federal, State and municipal
Rent for leased roads
Subway, tunnel
Interest on
1935
$2,055,019
136,439
103,258
234,780
326,188
6,678
November—
319,740
7,839
1,528,386
tax accruals
and rapid transit
line rentals
bonds and notes
Miscellaneous items
- —
Excess of cost of service over
1,449,113
123,881
103,363
234,360
$183,278
$160,852
receipts
trust
Boston
Herald-Traveler Corp.—Special Dividend—
declared a special dividend of 75 cents per share in
The directors have
stock,
holders of
Jan. 2
quarterly dividend of 50 cents per share on the common
no par value.
The special dividend will be paid on Dec. 21 to
record Dec. 14, and the regular quarterly payment will be made on
to holders of record Dec. 14.
See also V. 143, p. 1867.
a
Brewing Corp. of
Period. End. Oct. 31—
Profit from operations.Taxes
Subs.)—Earnings—
1936—12 Mos.—1935
$2,924,898 $2,951,128
2,404,255
2,304,736
Dr9,655
54,377
$646,392
18,401
26,556
87,715
$286,994
14,171
97,642
$575,020
89,250
368,659
$664,793
71,703
370,645
$85,984
depreciation
_ _
Profit
$175,181
$117,111
$222,445
Consolidated Balance Sheet
1936
Assess—
Cash
S69.614
749,339
(net).'
182,373
1,561,761
—
Investments
Receivables
Inventories
Invest,
in & adv.
503,208
to affil. cos.---.
Prepaid
248,033
expenses
b Fixed assets
Other investments
5,646,104
403,813
$9,364,245
a
Includes
bank
loans,
31
1936
Bank
overdrafts-.a3430,883
Accts.
1935
$71,514
payable and
643,377
795,336
1,669,757 3-yr. 7% guar. deb.
5% serial notes
% series A sink¬
ing fund debs— 1,400,000
142,202
365,000
450,000
6,005,308
543,075
accrued liabils..
Minor, int.
c
(sub.).
4,916,204
surplus..! 1,973,781
cap. surp.J
Capital stock.—
Capital
Dlstrib.
Total
Oct.
Liabilities—
1935
$76,283
181,114
272,987
$520,643
$296,649
$200,255
Total income
Interest
Prov. for
Canada, Ltd. (&
1936—3 Mos.—1935
$749,959
$884,414
540,876
587,765
$209,083
Dr8,829
Profit
Other income
$8,890,7271 Total
b After deduction of
and collateral trust serial bonds, 3%
series "A"
and collateral trust serial bonds, 3%% series "A"
and collateral trust bonds,
4%% series "A"
To be dated March 1, 1937; serial bonds to mature ($400,000 each series)
March 1, 1938-1945, the 4%% bonds to mature March 1, 1960.
Principal and int. (M. & S.) payable in lawful money of Canada, at
holder's option at any branch in Canada (Yukon Territory excepted) of
the bankers of the company.
Serial bonds and 4)4,% bonds in denom. of
$1,000 and $500, registerable as to principal only, and fully registered bonds
in denom. of $1,000 and authorized multiples thereof.
Red. in whole or
ref.
ref.
ref.
$1,600,000 1st
1,600,000 1st
10,800,000 1st
option of company, at any time prior
serial bonds; the 4% % bonds to
notice, at 101 for
before
March 1, 1942; thereafter at
1947; thereafter at 102,
to maturity on 30 days'
be red. at 103, if red. on
102>6, if red. on or before March 1,
if red. on or before
March 1, 1952; thereafter at
1957; thereafter at 101, if red. prior to
int. to date of redemption. - An annual
cumulative sinking fund will be provided for the 4%% bonds, equal to 1%
of the maximum principal amount of such bonds, commencing March 1,
Trustee: Montreal Trust Co.
opinion of counsel, these bonds
1946.
In the
.
will be a legal investment for funds
companies registered under the Canadian and British In¬
surance Companies Act, 1932.
The 4% % bonds, series "A" (price $100 and int.) are offered in exchange
for the presently outstanding British Columbia Power Corp., Ltd., 5%%
bonds, series "A," at 107% flat, and British Columbia Power Corp., Ltd.,
5% bonds, series "B," at 107^ flat.—V. 143, p. 3834.
of
insurance
Broad Street Investing Co.—To Pay $1.65 Dividend—
declared a dividend of $1.65 per share on the capital
18 to holders of record Dec. 8.
This compares with
regular quarterly dividends of 20 cents per share paid from Jan. 3, 1933
to and including Oct. 1, last.
In addition an extra dividend of 10 cents
per share was paid on Jan. 1, 1936.—V. 143, p. 2668.
The directors have
stock, payable Dec.
Brown Shoe
Called—
Co., Inc.—Debentures
has elected to redeem on Feb. 1, 1937, $80,000 face value
3% % sinking fund debentures, due 1950, at 105 and accrued
interest.
These debentures, which have been drawn by lot, will be payable
at the office of Goldman, Sachs & Co., fiscal agents, 30 Pine St., New York.
—V. 143, p. 3459.
The company
of its 15-year
(Edward G.) Budd Mfg.
Co.—Offerings Delayed—
with the Securities and Exchange Commission by
Manufacturing Co. and Budd Wheel Co. delays the
proposed offering date of securities to Jan. 20.—V. 143, p. 3140.
An amendment filed
the Edward G. Budd
Bush Terminal
Bldgs. Co.—Bond Payment
Proposed—•
wholly-owned subsidiary of Bush Terminal Co., on Dec. 17
Brooklyn, a motion for payment of interest
arrears of $206,025 on its outstanding bonds.
The interest payments were
due Oct. 1, on which date the company filed a petition in Federal Court to
reorganize under Section 77-B of the Bankruptcy Act.—V. 143, p. 3460.
Terminal Co.—Bondholders to Get $998,800—
Federal Court, Brooklyn, Federal Judge Robert A.
16 ordered the payment of $998,800 "as soon as possible"
on account of past-due instalments of interest up to and including Jan. 1,
1936, to holders of company's consolidated 5% first mortgage bonds of
1955. Under the order $150 will be paid on each $1,000 bonds.
On Sept. 15 counsel moved the Court to direct the trustee of the company
to pay past-due interest.
Decision on the motion was withheld temporarily
because it was hoped that reorganization of the company under Section
77-B might be effected.
However, it was pointed out that the reorganiza¬
tion has not been effected and in fairness to the bondholders the payment
should not be delayed further.—V. 143, p. 3460.
Bush
In
a
decision filed in
on
Dec.
(James) Butler Grocery
12,508
4,899,224
2,297,146
$9,364,245 $8,890,727
depreciation reserve of
Co.—Bankruptcy—
reorganized itself into a servicing agency
filed a voluntary bankruptcy
petition in U. S. Court, Brooklyn, on Dec. 14.
Assets were listed as ap¬
proximately $3,500,000 and liabilities approximately $2,500,000.
Federal Judge Clarence G. Galston appointed Harry Zalkin, 19 Rector
St., New York, as the receiver, with a bond of $25,000.
The petition was
led by Morgan & Lockwood of 44 Wall St., New York.—V. 142, p. 2490.
which last spring
and sold 370 of its 485
outlets to the managers,
California Packing
Corp.—To Create New Pref. Stock—
29
has called a special meeting of stockholders for Dec.
$10,000,000 issue of 5% preferred stock of $50 par value, to
be used in lieu of cash to pay dividends on the common stock.
The new move is planned to obviate surtaxes on undistributed profits
and to conserve working capital.
The company plans two dividends, the
first in optional preferred stock or cash form and the second in the form
of preferred stock.
The optional dividend will result in some holders taking cash and others
stock, and so will change proportionate holdings of stocKholders,
it will differ from a true stock dividend which would not provide a credit
The
company
to vote on
a
whereby
undistributed profits tax.
Once that is done, any further
dividend to common stock only in the form of preferred stock would also
change proportion of holdings and would also be a tax credit .
If the first
dividend were paid in preferred stock only, it would not change proportions,
and might he considered a true stock dividend.
Leonard E. Wood, President, in his letter to stockholders describing
the plan, says, that both dividends will be taxable to stockholaers, but will
against
the
impose no more tax than
Canadian
Net
would a similar dividend in
Hydro-Electric
Period End. Sept.
f3,751,562 in 1936 and $3,541,543 in 1935. c671,911 (663,521 in 1935)
Represented by 163,428
(162,787 in 1935) no par shares pref. stock and
chares common stock no par.—V. 143, p. 1867.
coll.
serial bonds as follows:
The company,
—V. 143, p. 3307.
addition to
market $14,000,000 1st ref. &
offered in the Canadian
Inch
Boston
Ltd.—Bonds Offered—
Power Corp.,
Nesbitt, Thompson & Co., Ltd.; Wood, Gundy & Co., Ltd.,
and Societe de Placements Incorporee Montreal, on Dec. 9
filed with the Federal Court,
Dec. 3 to amend the com¬
Total receipts
Canadian funds on Jan. 2 to
The company,
Inc.—Plan Voted—
pany's certificate of incorporation so as to redeem
cumulative preferred, par $100, and to reclassify the
that the capital stock shall consist of 35,000 shares of 5%
$100, and 300,000 shares of common stock without par
p. 3307.
Month of
on
record
dividend of 50 cents per share in addition to the regular
quarterly dividend of like amount was paid on Oct .31 and on July 30, last.
A special dividend of 50 cents was paid on Dec. 31, 1935, and an extra of
50 cents was distributed on Oct. 31, 1935.
The company will distribute
$1,000,000 in bonuses to its more than 27,000 employees Dec. 22.
Those
having been employed for 36 months prior to Dec. 1 will receive $40, those
with 24 months or more but less than 36 months will receive $30 and those
having less than 24 montns will receive $20.
/
The payments will apply to workers in the company's two plants located
at Detroit and at Evansville, Ind.—V. 143, p. 3834..^
An extra
1013^, if red. on or before March 1,
maturity; in every case with accrued
Balance Sheet Nov.
Cas
Dec. 2 declared an extra dividend of $1 per share
stock, no par value, payable Dec. 21 to holders of
common
Dec. 11.
or
sh. on 20,000
shs. com. stk. (no par)
Earns, per
Accts. receivable-
Co.—Extra Dividend—Bonus—
Briggs Mfg.
The directors on
in part, at
Balance, surplus
3307.
British Columbia
Ltd.—EarningS=—
Nov. 20—
Years End.
$114,647 loss$138,171
$19,910
$35,111
income taxes
—V. 143, p.
1936—11 Mos.- -1935
936—Month—1935
in addition to the
page.—V. 142, p. 4168.
Net earns, after deprec.
Bowman-Biltmore Hotels Corp.- -Earnings—
Period End. Nov. 30—
Profi t aft. ordinary taxes
and interest, but before
amortization and Fed.
the
Bell Aircraft
The New York
of common stock,
1936
19,
Dec.
Chronicle
30—
Corp.,
1936—3 Mos.—1935
cash.—V. 142, p. 3666.
Ltd.
(&
1936—12
Subs.)—
Mos.—1935
after taxes,
income
deprec.,
divs.,&c_—
$234,788
$599,517
$1,494,372
$2,339,174
Earns, per sh. on 125,000
shs. 6% 1st pref. stock
$1.88
$4.79
$11.95
$18.71
int.,
amort,
sub. pref.
—V. 143, p.
1715.
(J. W.) Carter
Co.—Listing Approved—
Curb Exchange has approved
stock, $1 par.—V. 143, p. 3141.
The New York
of common
the listing of
170,000 shares
Volume
Financial
143
Canada Dry
Chronicle
Ginger Ale, Inc. (& Subs.)—Earnings—
Canadian National Ry.—Earnings—
Consolidated Income Account Years Ended Sept. 30
Earnings of System for Week Ended Dec. 14
1936
1934
1933
$5,109,641
$5,277,070
$4,633,957
4,780,542
mfg. profit
Adver., sell,, distrib.
1935
$5,244,477
4,506,321
4,572,972
3,989,220
$463,935
145,305
Gross
$603,320
139,450
$704,098
128,963
$644,736
145,535
1936
w
&
administrative exp
Profit from operations
Other income
$609,240
128,992
207,281
30,060
$742,770
255,280
190,388
10,286
$833,062
123,560
200,085
10,116
$790,272
77,325
202,481
7,066
60,507
46,393
59,754
46,310
$182,400
4,646,261
11,262
$240,422
4,544,151
92,325
$439,547
4,155,927
461,208
$457,087
4,527,336
519,848
$4,839,922
$4,876,900
$5,056,682
$5,504,272
230,639
512,531
507,959
deductions
Depreciation
Interest
Other
(est.)
credits.
Divs.
declared
payable
cash
in
Other
5*5*666
charges
Surp. at end of period-
$4,784,922
512,631
$0.35
Shs.com.stk.out.(par $5)
Earnings
share
per
840,385
$4,646,261
$4,155,927
512,631
$0.89
$4,544,151
512,631
512,631
$0.47
$0.86
Consolidated Balance Sheet Sept. 30
1936
$
Assets—
Cash
1935
$
1936
Accounts payable-
132,753
U.
104,750
3,101
Res. for prop. adj.
1,028,612
Res've for obsolete
Notes, drafts and
1,608;989
a special dividend of $1.75 per share on the
$10, payable Dec. 15 to holders of record Dec. 10.
This
cents paid on Nov. 2, last; 25 cents paid on Aug. 1;
20 cents paid on May 1 and Feb. 1, last and 15 cents per share previously
each three months.
In addition, an extra dividend of 5 cents per share
was paid on Feb.
1, 1935—V. 143, p. 2517.
Jan.
258,302
5,382,539
261,341
_
10,167,081
After
a
417,230
4,718,971
216,471
Carib Syndicate, Ltd.—Sale Attacked—
to
1936
388,000
45,942
1,257,507
1,150,139
200,000
2,563,155
4,784,9422
gencies
Capital stock
Surplus
145,000
2,563,155
4,646,261
Carman & Co.,
a dividend of $1.50 per share on account
conv. class A stock, par $100, payable
Dec. 18 to holders of record Dec. 15.
Dividends of 50 cents were paid on
Dec. 1, Sept. 1, June 1 and March 7, last.
A dividena of $1 was paid on
Dec. 1, 1935—V. 143, p. 2359.
Carpel Corp.—Pays Extra Dividend—
The company paid an extra dividend of 50 cents per share on the common
stock, no par value, on Dec. 19 to holders of record Dec. 9.
The regular
quarterly dividend was increased to 50 cents from 40 cents per share with
the Oct. 15, last, payment.
See also V. 143, p. 2359.
Caterpillar Tractor Co.—Earnings—
12 Months Ended Nov. 30—
sales
Total
10,167,081
9,386,865
c
Represented by shares of $5
par
value.—
Industrial
x
Co.,
Ltd.—Stock
Oldetyme Distillers is
a profit making basis.
plans to refund the outstanding 20-year 6% guaranteed
McNisn debenture stock by delivery to holders thereof of $3.50 in
principal
amount of unsecured 5% debentures of Canadian Industrial Alconol
Co.,
plus $1 in cash, and a scrip certificate entitling the bearer to receive on
Nov. 15, 1937, 50 cents and interest at rate of 5% a year from Nov.
15,
1936, for each $5 in principal amount of the debenture stock now outstanding
excluding the amount owned by Canadian Industrial Alcohol.
operating
x
the
Years Ended Sept.
30 (Incl. Sub. Cos.)
1936
1935
$1,100,795
90,838
8,418
profit
Maintenance of stocks of spirits
Non-operating
overhead
Provision for bad & doubtful accounts
Amt. due from & shares in Robert
McNish & Co., Ltd., written off..
Investment in Alexander McDougall
$905,690
1,763
$907,453
93,746
5*483
*63*674
228,898
62,409
Special U. S. Govt, claim for duty
reserve against inventories
of raw materials and supplies
Provision for depreciation
244.012
Central
161,618
$440,548
98,650
42,665
31,505
49,302
96,197
245,003
36,090
382,539
Robert McNish
833
&
Ltd
2,574
71,135
14,473
1,506
32,845
60,000
Executive salaries
50,000
10*666
78*236
•
expenses
Provision for income taxes
$367,472
of
accounts
of
$196,122 loss$558,776
Central Electric &
The company informed
31,815
$358,368
"
Consolidated Balance Sheet Sept. 30
x
1935
$
Cash
call loans.
167,376
631,472
LiabVities—
778*973
Amts.due by direc.
12,447
6,130,289
Prepaym'ts on pur¬
chase contracts.
10,170
Special
inventory
of spirits held un¬
y
232,567
372,151
2,460,745
1
2,292,968
17,687
Fixed assets
16.875
Goodwill, tr.-mks.,
Tota
McNish
132,052
122,173
that a dividend of $3 per share applicable to
Dec. 24 to preferred stockholders of record
Payments—
Likewise the receiver has been instructed to
pay the coupon due Jan. 1,
on the" 1st mtge.
bonds of Chattanooga, Rome & Southern RR.
143, p. 3623.
Period End. Oct. 31—
Co.—Earnings—
1936—Month—1935
Net income after deprec.,
Federal income
taxes, &c
Earns, per share on com¬
bined pref. stocks.
1936—12 Mos.—1935
int.,
x$lll,190
$39,872 x$l,279,458
$942,768
$4.49
$3.31
No mention was made of surtax on undistributed
profits.
For the 10 months ended Oct. 31, 1936, net income was
$1,204,180 after
charges and taxes, equal to $4.23 a share on combined preferred
comparing with adjusted net income of $811,000 or $2.85 a share
stocks in first 10 months of 1935.—V. 143, p. 3623.
Central
Illinois Securities
stocks,
on
pref.
Corp.—Buys 600,000 Shares
The corporation recently purchased
600,000 shares of its common stock
for $ 1,475,000, according to W. L. Vincent, President.
These shares formed
collateral to a loan in the assets of the receiver for the Central
Republic
Trust Co., the loan and its collateral
having been previously pledged to
the Reconstruction Finance Corporation by the trust
company.
The shares represent about
65% of the company's common stock out¬
standing and about 52 % of total voting rights of the preference and
&
Central Vermont
Ry. oper.
Net
183,098
4,038,165
71.702
sales
10,102,683 12,474,563
51,937
Net ry. oper. income.-.
Inc. avail, for fix. charges
Fixed charges
z
tract
83,681
63,032
65,085
112,291
$5,324,226
227,680
def265,213
def241,180
1,186,625
$4,960,306
559,663
364,242
451,66
1,219,617
$47,205
$1,427,805
$767,950
Central West Co.—$1 Common Dividend—
500,000
Capital stock... 4,853,735 13,482,860
Total
1936—11 Mos.—1935
78,459
9,657
11,818
106,615
—V. 143, p. 3309.
con-
Earned surplus._.
Ry., Inc.—Earnings—
1936—Month—1935
$504,266
$477,181
$94,797
from ry. oper..
Balance, def.
contract..
pleted sales
rev.
revenues
218,265
Reserve for uncom¬
common
stocks combined.
At end of 1935 there were
outstanding 909,787 common
shares and 231,598 preference shares.—V.
143, p. 3460.
Period End. Nov. 30—
441,071def6336,157
10,102,683 12,474,563
x After reserve for
bad and doubtful accounts of $44,559 in 1936 and
$47,318 in 1935.
y After reserve for depreciation of $2,667,209 in 1936
and $2,509,774 in 1935.
z Represented by 988,480 voting shares and
123,436 non-voting shares, both no par.—V. 142, p. 619.
Telephone Co.—Preferred Dividend
us
1933,
158,121
Co., Ltd., 20-yr.
6% debentures- 3,815,345
Accrued interest-109,489
.
&c
Deferred charges..
Robt.
Res. for conting..
1,066,768
2,326,363
-----
Like
The coupon will be paid on presentation at office of
Central Hanover Bank
& Trust Co., 70 Broadway, New York.—V.
Bills payable under
der sales contr't.
Investments
$
219,434
285,678
Prov. & oth.tax.
14,505
5,254,040
Inventories
1935
230,277
charges, ex¬
change, &c
Prov. for Domin.,
of Robt. McNish
& Co., Ltd
3
Accounts payable.
Accr'd
500,000
Accts. receivable
1936
S
291,847
year
Central of Georgia Ry.—Interest
246
$227,937 loss$558,529
a
Includes profit from the sale of materials and
supplies of $56,242;
profit from the sale of fixed assets of "",000, and net income from rentals,
interest, &c., of $13,722.
1936
net
Common—
Consolidated profit for the year
Assets—
year's
Under order of the U. S. District Court for the Southern
District of
Georgia, dated Nov. 27, 1936, the receiver has been instructed to
pay the
coupon due Feb. 1, 1933, on the 1st mtge. bonds of Central of
Georgia Ry.
The coupon will be paid on presentation at office of
Guaranty Trust Co.,
140 Broadway, New York.
Robert
Dr.9,104
the
x
Exchange arising through conversion
dollars
that
no par value, both payable Jan. 2 to holders of record Dec. 15.
payments were made on Oct. 1 and April 1, last.;—V. 143, p. 3835.
677
3,842
of
so
Aguirre Associates—Extra Dividend—
Central Illinois Public Service
162*361
fees
amount
an extra dividend of 50 cents
per share in addition
the regular quarterly dividend of 37
H cents per share on the common
1936 will be paid
Dec. 17.—Y. 143, p. 3141.
"
in
Trustees have declared
to
Additional
fees
$2.86
undistributed earnings for
have been declared
stock
Celanese Corp. of America—$1 Common Dividend—
the
10,699
on
common
The directors have declared a dividend of $1
per share on the common
stock, payable Dec. 23 to holders of record Dec. 16.
An initial dividend of
50 cents per share was paid on this issue on April 15, last.—V.
143, p. 3309.
$439,871
5,031
Co., Ltd., written down
Interest on bank loans, &c
Interest on debenture stock of Robert
McNish & Co., Ltd.
year
$3.38
stock,
1934
$1,020,491
1,340
a78,964
investments-
Miscellaneous income
Directors'
$0.52
November, 1936, amounted to $3,934,188, com¬
pared with $3,252,151 for the month of November, 1935.
Net profit before
provision for surtaxes on undistributed earnings was $743,251 for the
montn of November, 1936, and
$472,411 for the month of November,. 1935.
—V. 143, P. 3623.
on
Income Account
Directors'
$1.03
Net sales for the month of
Oper. profit after deducting selling &
on
$5,378,614
1,882.240
taxes
No provision has been made for surtaxes
1936, as dividends on the
payable in preferred stock sufficient
profit will be distributed.
company
Dividends
$9,242,261
1,882,240
$5.93
per
Net earnings per share
is planned to distribute 222,383 snares of this stock to Canadian Industrial
Alcohol shareholders on basis one share
Oldtyme stock for each five snares
Canadian Alcohol stock held.
It is stated that
Guar,
2,772
988,469
$4.90
stock outstanding
share before Federal taxes
share provsion for Federal
common
Dis¬
Canadian company
company's stock.
It
to
$6,024,064
Cr345,791
Cr542,527
5,525
1,938,500
Net profit
Shares
Deduct per
Alcohol
In payment for liquor sold to
Oldetyme Distillers, the
has acquired 250,000 shares of the United States
Legal
$7,813,878
1,789,814
$10,643,759
Provision for Federal taxes
Earnings
Stockholders at special meeting to be held Dec. 22,
immediately after
meeting, will be asked to approve the company's plan to distribute
222,383 shares of Oldetyme Distillers Corp. stock to shareholders, and to
refund tne Robert McNish & Co. debentures at a lower rate of interest.
Co.,
1935
$52,740,581 $35,071,764
40,212,265
27,257,886
$12,528,315
1,884,557
Profit..
tribution Plan—
&
_
Gross profit (inventory estimated)
Depreciation
for uncollectible notes and accounts of $89,108 in 1936
1935.
b After reserve for depreciation of $1,594,545 in
annual
Total
1936
Cost of sales, oper. exp., &c., less misc .income.
reserves
Canadian
The
Inc.—Accumulated Dividend—
The directors on Dec. 4 declared
of accumulations on the $2 cum.
Interest earned.,
Interest paid
143, p. 913.
now
The court reserved decision.
The accusation was made by counsel for Frederick Rosenthal who seeks
prevent Carib from selling its holdings in Colombian Petroleum Co.
Mr. Rosenthal asserts that Carib's assets consist almost wholly of Colombian
stock, and that sale of this stock would eventually result in the dissolution
of Carib Syndicate with resultant loss to Carib stockholders.
Counsel for the Carib Syndicate denied that invalid proxies were cast
and filed a brief in opposition to the motion that the proposition be sub¬
mitted to the stockholders again.—V. 143, 3623.
232,440
Reserve for contin¬
9,386,865
and $136,091 in
1936 and $1,490,410 in 1935.
V.
1
meeting.
Net
c
trade¬
&c
Total
35,353
par
with 35
A charge that more than 300,000 proxies voted at a recent
meeting of
stockholders were invalid was made Dec. 14 in a motion before Supreme
Court Justice Salvatore A. Cotillo of New York to set aside the results of
that vote and submit the question at issue to the stockholders at another
/
Customers' depos.
by customers
marks,
35.353
416,590
Mtge. payable due
con¬
Property
5,101
Increase
$336,633
Capital Management Corp.—Special Dividend—
58,631
340,000
--------
& miscell. accts.
1,000,000
944,905
tainers return'le
Goodwill,
63,465
5,101
not
Local taxes, wages
1,000,000
Inventories
b
162,785
of
within 1 yr.
bottles
Brewing
Deferred charges.
Dom.
install,
pay.
827,770
Corp
Depos. rec. for
&
Mtge.
Inv. in J. Chr. G.
Hupfel
S.
Can. inc. taxes.
pub. util. bonds
Other investments
receivable
S
255,046
200,000
Notes payable
Railroad, Indus. &
accts.
S
Liabilities—
820,071
828,138
State, county and
municipal bonds
a
1935
$3,402,253
The directors have declared
capital stock,
U. S. & Canadian income
taxes
1935
$3,738,886
Gross earnings
—V. 143, p. 3835.
compares
Other
3993
The directors have declared
to
common
a dividend of $1
per share payable Dec. 24,
stockholders of record at the close of business Dec.
17.—V.
143, p. 3142.
Chain Belt
Co.—Special Dividend—
The directors have declared
common
a special dividend of
$1.10 per share on the
value, payable Dec. 21 to holders of record Dec. 12.
with 62)^ cents paid on Nov. 16 and on Aug. 15 last; 50
May 1 last; 30 cents paid on Feb. 15 last; regular guar. divs.
stock,
This compares
cents paid on
no par
Financial
3994
of 15 cents per share paid from Feb. 15, 1935, to Nov. 15, 1935, inclusive;
10 cents per share from Feb. 15, 1933 to Nov/ 15, 1934, inclusive; 15
Nov. 15 and Aug. 15, 1932; 20 cents on May 15, 1932; 25 cents
cents on
Feb. 15, 1932; 40 cents on Nov. 16, 1931; ana 62^ cents per share paid
In addition a special dividend of 70 cents was
paid on Dec. 31, 1935; and an extra dividend of 60 cents per share was paid
on Dec. 22, 1934.—V. 143, p. 2671.
on
each quarter previously.
Ghalis
Realty Co., New York—Files Under Section 77-B
The corporation filed a voluntary petition under Section 77-B of the
bankruptcy act on Dec. 12 in Federal Court.
The company claimed an
equity of more than $1,700,000 in the 15-story Riverside Plaza Hotel
which cost more than $4,000,000 to build and equip in 1929.
► The hotel has been operated under trustees appointed by the Supreme
Court last July for defaulting in payment of principal, interest and taxes.
Henry J. Lowenhaupt, President of the corporation, signed the petition,
which agreed to the continuance of the present operators but said enforced
sale at this time would wipe out the rights of investors.
12 Weeks
Period Ended Nov. 8, 1936—
Federal
28 Weeks
$386,337
551,000
on
shares
Chicago Surface Lines—New Franchise Discussions—
The reorganization committee on Dec. 3 notified Mayor Edward J.
Kelly and the Chicago City Council that it is prepared to negotiate for a
new franchise.
It also appointed Guy A. Richardson, President of the
Chicago Surafce Lines and chairman of its board of operations to take
charge of the franchise negotiations on behalf of the reorganization
committee.
$0.96
Chapman Ice Cream Co.—Dividends Resumed—
share on the no-par
stock, payable Dec. 22 to holders of record Dec. 12.
This will be
15, .1935 when 5
cents per share was distributed; similar payments had been made each
quarter since and including Oct. 15, 1934.—V. 142, p. 946.
The directors have declared a dividend of 10 cents per
common
the first dividend paid on the common stock since Oct.
directors
have declared
a
dividend
"Abbott plan" of reorganization for the Chicago Surface Lines.
He
refused final approval of the plan and instructed its proponents to make
prompt application for a new franchise.
The judge indicated that he
might give final approval to the plan, provided the franchise did not involve
material modifications to it.
In announcing that it is prepared to negotiate a new franchise, the
reorganization committee stated its desire "to obtain as quickly as possible,
an ordinance which will be advantageous to the users of local transportation
facilities in Chicago and fair to those who have invested in the properties."
The reorganization committee consists of W. Rufus Abbott, chairman;
M. H. McLean, Frank M. Gordon, John E. Blunt, and Bernard E. Sunny,
It was appointed by Judge Wilkerson to bring about a reorganization of the
surface lines and termination of the receivership.—V. 143, p. 3460.
Co.—Offering of Capital Slock
headed by Bond & Goodwin, Inc. of 111., is
offering 45,000 shares of capital stock at price of $5.90 a
Chicago Venetian Blind
A
50-Cent Com. Div.—
of 50
cents
per
share
on
the
stock, payable Dec. 21 to holders of record Dec. 10.
This will
1931.
The company stated that the above distribution is being made to reduce
the tax on undistributed earnings.
be the first dividend paid on the common stock since
Other
Laing-Mee & Co.
include
of
18,000 represent new stock for financing expansion
shareholders.
A total of 100,000
outstanding following present financing.
Net for the first nine months of the year was $56,712, after charges and
normal Federal income taxes.—V. 143, p. 3836.
and the balance is from holdings of present
the vacancy caused by the death
shares
Chesapeake Corp.—Earnings
Period End. Sept. 30—
Interest accrued
1936—9 Mos.—1935
$7,272,993
$7,730,233
1,602,620
2,010,411
1936—3 Mos.—1935
$2,372,742
$2,576,660
473,864
666,591
62,697
34,828
67,269
28,307
188,091
93,632
$1,801,354
1,349,809
$1,814,491
1,349,809
$5,388,649
4,049,426
Chrysler Corp.—New Director—
$5,438,853
4,049,426
$451,545
Net income
Common dividends
$464,682
$1,339,223
$1,389,427
Surplus
Cincinnati Gas & Electric
Claude Neon Electrical Products
July 1 to
conversion of bonds
stock of Chesapeake & Ohio Ry.
Co.—Listing—
of $35,000,000
issued and outstanding.
The New York Stock Exchange has authorized the listing
1st mtge. bonds, 3 X % series, due 1966, which are
—V. 143, p. 3310.
Jan. 1 to
The
Sept. 30 '36 Sept. 30 '36
$12,950,359
— ---$15,399,485
5,388,649
1,801,354
Balance from income account
announced on Dec. 7 that
V. 143,p. 3142.
Earned Surplus Account
beginning of period
be
Walter P. Chrysler, Chairman of the Board,
201,809
79,159
and expense
Other expenses
will
Juan T. Trippe. President and General Manager of Pan American Airways
has been elected a member of the board of directors of Chrysler Corp.—
Amort, of bond discount
from
of group
Of the total offered
Div. & int. accruals
Profit
members
Peoria and Harrison O'Gara & Co. of Chicago.
New Director—
Guy Cary was elected a director to fill
of John A. Garver.—V. 143, p. 2671.
*
group
share.
common
Balance at
this action the committee followed the order of Federal Judge
tentative approval of
In taking
common
Chartered Investors, Inc.—To Pay
Pay $1,166;200
on Notes—
Judge James H. Wilkerson on Dec. 17 at Chicago entered an
the trustee to distribute $1,166,200 to holders of matured
equipment trust notes or certificates of the road.
The amount to be dis¬
tributed is 10% of the face value of each matured instalment of the trust
notes or certificates.—V. 143, p. 3624.
$782,756
—V. 143, p.
The
To
Federal
order authorizing
the
$0.51
Earnings per share
stock (no par)
3142.
be addressed to Carl Nyquist, Treasurer for trustees, 139
and must be on file before noon, Central
Bids should
income taxes
for Federal surtax on undistributed profits
1936
19,
Van Buren St., Chicago,
Standard Time, Dec. 22.
W.
depreciation, depletion, interest
but before provision
profit after
and
Dec.
James H. Wilkerson, who last month handed down a
Champion Paper & Fibre Paper Co.—Earnings—
Net
Chronicle
have
directors
declared
a
Corp.—25-Cent Div.
of 25
dividend
cents
per
share on
the
stock, par $20, payable Dec. 24 to holdehs of record Dec. 10.
The above payment is not due until January, but directors moved the
date ahead in order to have the disbursement occur during 1936 because of
common
into common
(less expenses
the undistributed profits tax.
Regular quarterly dividends of 25 cents per share have been paid from
Oct. 1, 1932 to Oct. 1, last, incl.
In addition a specual dividend of $1 was
paid on Dec. 11, 1935, Oct. 10, 1934 and March 15, 1934.—V. 143, p. 1716.
1,896,474
incident thereto)
of
estimated
accruals
previously
recorded for Federal capital stock tax
Adjustment
10,000
5,000
Cleveland Cliffs Iron Co.—Accumulated Dividend—
Total
Loss
$17,210,839 $20,240,482
-
bonds purchased and tendered to
on
sinking
267,383
fund trustee
*
The company paid a dividend of $3 per share on account of accumulations
on the $5 cumulative preferred stock, no par value, on Dec. 15, to holders
of record Dec. 5.
Accumulations now amount to $24.45 per share.—
267,383
Loss from conversion of bonds into common stock
Ohio
Chesapeake &
incident thereto)
of
Ry.
(incl.
V. 143, p. 3836.
expenses
Cleveland Graphite Bronze
324,557
Bond discount & expeose applicable to subsequent
Premium
Dividends
on common
stock
*
Prior to Aug.
stock
version
as
2,850
4,049,426
$15,017,764 $15,017,764
Balance, Sept. 30, 1936
the
903,059
6, 1936, it was the practice of the corporation to treat
An employees' dividend, amounting to one week's average earnings will
be'paid on Dec. 10 to all hourly and salary employees hired prior to Nov. 29,
1936.
A minimum of $25 will be paid to all employees hired prior to July 1,
1936.
All hourly employees will be given a 5 cent per hour
ployees earning $250 per month or less.—Y. 143, p. 2832.
Cliffs
$3,128,000 Bonds Converted During November—
on
the 15-cent distribution made on March 20, 1931.—Y. 142, p.
Stock Exchange that during the period from Nov. L 1936 to Nov. 30, 1936,
both inclusive, bonds of this issue aggregating $3,128,000 were converted,
Coca-Cola
with the terms of the indentire, dated
'
Directors
the
authorized the company
exceeding $15,315,500 of preference stock, series A i.par $100),
scrip certificates, to be distributed pro rata as a dividend to
stockholders of record at the close of business on Dec. 15, 1936.
common
p.
5,
1936, the applicant's
standing $25 par value common stock ($8 a share on the $100 par value
common stock), predicated on the applicant's surplus and earnings, pay¬
able on Jan. 11, 1937, to holders of record Dec. 15, 1936, in preference
stock, series A.
In respect of the 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. 3835.
Chicago Milwaukee St. Paul & Pacific RR.—Equipment
Notes—
„
bidder for
$3,100,000 of 3M% equipment trust notes, the bid working out at the
annual interest of 3.14%.
The award is subject to approval of Federal
District Court and of the Interstate Commerce Commission.
Notes are
to finance the purchase of 31 locomotives.—V. 143, p. 3624.
The Northwestern Mutual Life Insurance Co. was the winning
Chicago Rock Island & Pacific Ry.—Asks for Bids on
Equipment Trust Issue—
The trustees, by advertisement, Dec. 7, request bids for the purchase of
$2,400,000 equipment trust certificates, to be known as series R, to be
issued by First National Bank, Chicago, trustee.
To be issued under the
Philadelphia plan.
Dated Jan. 1, 1937; to mature in 20 equal semi-annual
instalments, July, 1937 to Jan., 1947.
Dividend at the rate of 3>4%
per annum from Jan.
The equipment to
1, 1937.
be covered will be 350 steel frame, 40-foot six-inch
automobile cars equipped with automobile loaders, six streamline passenger
train units consisting
of 20 all steel passenger cars and six Diesel locomotives
of 1,200 hp. each.
Dec. 11 declared
stock, payable
an
of
New York,
3843.
Inc.—Initial
initial dividend of 50 cents per share on
Dec. 21
to stockholders
of record
Dec. 15.
Rosenberger—Initial Dividend—
The directors have declared
the
Commission says in part:
of the amendment of Nov.
on
common
Cohn &
The Interstate Commerce Commission on Dec. 3
to issue not
The report of the
Under authority
Co.
—V. 143, p. 2203.
and necessary
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 out¬
Bottling
Dividend—
Dec. 1, 1934, and as a
Chesapeake & Ohio Ry.—Stock Authorized—
Corp.—Dividends Resumed—
The company paid a dividend of 75 cents per share on the common stock
Dec. 18 to holders of record Dec. 5.
The last previous payment was
Guaranty Trust Co., New York, as trustee for the 10-year 5%
convertible collateral trust bonds, due Dec., 1944, has notified the NewYork
indenture.—V. 143, p. 3310.
increase, effective
Dec. 27, and a similar increase will be given Jan. 1, 1937 to all salary em¬
The
result thereof, 62,560 shares of Chesapeake & Ohio
stock were withdrawn from the collateral pledged with
Pay Increase—
000 for the next 12 months.
herein; and for the nine months ended Sept. 30, 1936,
a
profit of $2,948,777 from conversion of bonds into common stock of
Chesapeake & Ohio Ry. instead of a profit of $1,896,473 shown herein.
Common
have
par
Bonus and
of $324,556 shown
Ry.
stock,
Company announced on Dec. 8 that employees will receive a special
dividend and an increase in pay, which will amount to approximately $250,-
delivery.
Since that date it has been the practice to specifically allocate
such stock sold and (or) delivered upon conversion to stock purchased on
specific dates.
If the former basis had been followed through the entire
period covered by this statement the results would have shown for the
three months ended Sept. 30, 1936, a profit of $727,746 from conversion of
bonds into common stock of Chesapeake & Ohio Ry. instead of the loss
the trustee under the
directors
common
of Chesapeake & Ohio Ry. sold and(or) delivered upon con¬
the first stock acquired by the corporation and available for
canceled and retired in accordance
Co.—50-Cent Dividend—
declared a dividend of 50 cents per share on the
$1, payable Oct. 24 to holders of record Dec. 17.
A
like payment was made on Oct. 1, last, and prior thereto regular quarterly
dividends of 25 cents per share were distibuted.
In addition, an extra
dividend of 25 cents was paid on July 1, last, and in each of the four pre¬
ceding quarters.
The
251.326
1,349,809
bonds retired through conversion in 1936
on 10-year bonds called for redemption.-
years on
common
an
initial dividend of 30 cents per share on
stock, payable Dec. 23 to holders of record Dec. 12.—V. 143,
2203.
Collins & Aikman Corp.
(& Subs.)—Earnings—
Period End. Nov. 30—
1936—3 Mos.—1935
3ST©t} income 3>ft6r doprcc
Fed. income taxes, &c7 $1,522,375
$1,264,944
Earns, per sh. on 562,800
shares
common
stock-
$2.05
$2.53
1936—9 Mos.—1935
$3,940,599
$3,020,683
$6.44
$4.78
—V. 143, p. 3310.
Colon
Development Co., Ltd.—Earnings—
Earnings for Three Months Ended Sept. 30, 1936
Profit after expenses, depreciation, &c., but before depletion....
£82,748
—V. 143, p. 3143.
Columbia Oil & Gasoline
Corp.—Dividends—
The directors have declared a participating dividend on the company's
preferred stock amounting to $457,365.20, and the same amount on the
common stock, which is a dividend of 20 cents per share on the common
stock.
Both dividends are payable Dec. 21,1936, to stockholders of record
at the close of business Dec. 15, 1936.
Holders of voting trust certificates for the common stock will also receive
their share of the dividend but should forward their voting trust certificates
for exchange into common stock certificates as soon as possible.—V. 142,
p. 4334.
Commonwealth Investment
Co.—Special Dividend—
directors have declared a special dividend of 52 cents per share,
payable Dec. 24 to holders of record Dec. 17.
The company has already
distributed 16 cents per share on its stock during 1936, making total dis¬
bursements for the year of 68 cents per share.
The company is one of the
largest mutual investment funds in the country!—V. 137, p. 693.
The
Commercial Investment Trust
Corp.—Options—
company has notified the New York Stock Exchange that there
outstanding as of the close of business, Nov. 30, 1936, eleven option
The
were
Volume
Financial
143
providing for the purchase of 5,520 shares of
ration on the following basis:
Expiration Date—
common
stock of the corpo¬
No. of Shares
150
Dec. 31, 1936
Dec. 31, 1936.
Price per Share
$20
$26,66 2-3
$29.16 2-3
150
Dec. 31, 1937
June 30, 1939
—V. 143, p. 3461.
4,620
600
$35
Commonwealth Mutual Liability Ins. Co.—Receiver—
BYands
J.
De
Celles, Insurance Commissioner of Massachusetts, has
riled in Supreme Court a petition asking for appointment of a receiver for
the company, organized Oct. 18, 1935, to issue automobile insurance poli¬
cies.
Plaintiff alleges the company is hopelessly insolvent, that the amount
of its guaranty capital has been exhausted for months and its business
policies are unsound and improper,
Compo Shoe Machinery Corp.—Admitted to Listing &
Registration—The New York Curb Exchange has admitted to listing and registration
the voting trust certificates for common stock, $1 par, issued under declara¬
tion and agreement of trust as of June 12, 1930, as amended Sept. 17, 1936,
which latter amendment extends the voting trust agreement for a period of
10 years until Sept. 17, 1946.
Gross operating income
expenses
Installation, service and development expense
General and administrative expense
_
Depreciation
?
Net operating income
Purchase discounts, interest earned, miscellaneous sales, &c.
...
Obsolescence
...
Patent charges absorbed
investment in sub.
co.
(no assets to be liquidated)
_____
Balance, June 30, 1936-Earnings per share on 128,877 shares capital stock (par $1)
$159,562
13,922
26,609
7,845
6,280
,
239,717
Adv. to employees
Accts. receiv. from
3,348
1,693
cers
2,488
3,296
126,457
2,506
Inventories (cost).
Finished machines
120,874
73,769
14,418
1,620
98,960
1,380
1,620
Special deposit.
$92,572
11,182
3,012
31,181
fac¬
expenses
405,098
deferred charges
14,480
7,758
1
1
951,042
paid
ratory equip. ,&c
31,079
128,877
on
stock issued
80,046
223,131
501,194
64,350
223,131
441,325
Total
$1,079,189 $1,002,027
Co.—Preferred Stock Called—
Outstanding preferred shares of this company are being called for redemp¬
1, 1937, at $10 per share and accrued dividend.
This organiza¬
tion was.formed in 1935 to merge Conduits, Ltd., and National Conduits Co.
For the assets taken over by the merged company Conduits, Ltd. received
2,450 shares of 6% preference stock of $10 par and 80,800 common shares
of $1 par. and National Conduits 2,500 preference shares and
80,000
tion Feb.
new
company.
Gas
Electric
Light
&
Power
Co.
of
Baltimore—Bonds Called—
Holders of 4% series due 1981 first refunding mortgage sinking fund
bonds (designated first refunding mortgage sinking fund gold bonds) are
being notified that pursuant to the provisions therefor contained in the
bonds and the indenture the company will redeem on Feb. 10 at 104 and
accrued interest all of these bonds outstanding.
Redemption will be
effected by payment of the redemption price upon presentation of bonds at.
the Bank of the Manhattan company, New York, or at Alex. Brown &
Sons, Baltimore, Md., or at the office of the Midland Bank, Ltd., in
London, England.
Holders of above bonds may obtain immediately the
full redemption price of such bonds, namely, $1,047.67 for each $1,000
bond,
by presenting the bonds (with June 1, 1937, and all subsequent coupons
attached to coupon bonds and with proper transfer of registered bonds) at
the Corporate Trust Department of Bankers Trust Co., trustee, 16 Wall St..
New York.—Y. 143, p. 3836.
Consolidated Mining & Smelting Co. of
Canada, Ltd.
—Extra Dividend—
The directors have declared
to a dividend of 50 cents per
an extra
share
on
dividend of $1 per share in addition
the capital stock, par $5, both payable
A dividend of 50 cents was paid on
Dec. 31 to holders of record Dec. 14.
July 15, last.—V. 143, p. 2673.
Connecticut
342,037
$6,759,421
78,936
$6,616,051
70,644
$6,709,785
100,171
$5,327,177
51,816
of
$6,838,357
$6,686,695
1,804,273
$6,809,956
1,804,005
$5,378,993
1,277.101
1,792,892
disct.
debt
118,983
117,033
118,046
83,081
347,880
20,346
344,764
18,145
342,084
18,142
256,647
20,512
29,679
expense
leased property
Int. on unfunded debt-on
28,743
25,702
18,720
$4,501,975
$3,722,931
bondholders'
of
invest¬
48,700
in subsidiaries.
Net corporate income-
$4,528,574
$4,325,036
The annual interest requirement on
the funded debt,
&
Power
Co.—$16,000,000 Bond
Offering Completes Refunding Program—The final step in the
current refunding program of the company was taken Dec. 15
with the offering of $16,000,000 1st & ref. mtge.
334%
bonds, series G, due 1966, at a price of 104 and interest.
The underwriting group was headed by Putnam & Co. of
Hartford and Chas. W. Scranton & Co. of New Haven, and
included Estabrook & Co.; Kidder, Peabody & Co.; Brown
Harriman & Co., Inc.; The R. F. Griggs Co.; Coffin
&
Burr, Inc.; The First Boston Corp.; Blyth & Co., Inc.;
Stevenson, Gregory & Co.; Hincks Bros. & Co., Inc., and
Paine, Webber & Co.
The issue has been oversubscribed.
Net proceeds from the sale, together with current cash of the company,
will be applied to the redemption of $8,530,500 outstanding 1st and ref.
mtge. 4K% bonds, series O, due 1956, and $7,287,000 1st and ref. mtge.
5% bonds, series D, due 1962.
t
With the completion of the refunding program started last year, the
company will have issued three series of 1st and ref. mtge. bonds—33K
and 3H%—aggregating $33,000,000, and $7,500,000 of 3K% debentures.
It also has outstanding an issue of $5,080,500 7% 1st & ref. mtge. bonds,
due 1951, which are redeemable only through the sinking fund, and $493,000
debt.
Description of Series G Bonds—The $16,000,000 of bonds offered are of
series G, which series is unlimited as to authorized principal amount.
All bonds of series G shall be dated Dec. 1,1936, shall mature Dec. 1, 1966.
Interest (from Dec. 1, 1936) payable J. & D.
Both principal and interest
payable, in lawful money of the United States of America, at the office or
agency of the company in New York, and interest also payable at respective
of subsidiary
shown above,
as
$1,782,786.
Hustory and Business—Company was incorporated by Special Act of the
Connecticut Legislature on June 22, 1905 under the name of Rocky River
On Aug. 9, 1917 name changed to Connecticut Light & Power
Power Co.
Co.
Since that time it has enlarged its territory by acquisition and merger
of additional electric and gas companies serving important residential and
areas in Connecticut.
During last 5 years company acquired,
of the Connecticut P. U. Commission, through merger
purchase, the public utility properties of the following companies on
the respective dates indicated: In 1931, Beacon Falls Electric Co., Waterbury Gas Light Co., Winsted Gas Co.; in 1932, Central Connecticut Power
& Light Co.; in 1935, Rockville-Willimantic Lighting Co., Monroe Electric
Light Co., and Connecticut Electric Service Co.
Immediately preceding the company's acquisition, through merger, in
1935 of the properties and franchises of Connecticut Electric Service Co.,
the latter corporation was the parent of the company.
Through this
merger the company acquired the electric, gas, and water properties and
franchises formerly of Northern Connecticut Power Co., which properties
and franchises immediately prior to the merger had been transferred to
Connecticut Electric Service Co. in partial liquidation.
The name of
Northern Connecticut Power Co., which now does only an industrial water
power business, was then changed to Windsor Locks Canal Co. (now a
subsidiary of the company).
In this merger the company also acquired
all other properties and franchises of Connectitut Electric Service Co.,
including all the outstanding stocks of Connecticut Cable Corp. and of
Ousatonic Water Power Co.
(how named Shelton Canal Co.).
This
merger eliminated Connecticut Electric Service Co.
Since 1917, the company has operated and used, under a 999-year lease
expiring in 2905, and various subleases and agreements relating thereto,
the electric and gas properties and franchises of Connecticut Railway &
Lighting Co., including the electric distribution systems in Waterbury,
New Britain, Greenwich, Norwalk and a number of other important
communities, and the gas properties in Norwalk.
These properties, to¬
gether with the transportation properties of the lessor, were originally
leased in 1906 to a predecessor of New York, New Haven & Hartford RR.
In 1910-1911 that predecessor assigned or subleased the gas and electric
properties and franchises covered by the 1906 lease to the company's
predecessors.
While the lease and sublease agreements were disaffirmed
and rejected in Dec., 1935, by New York, New Haven & Hartford RR.
and its trustees appointed by the U.S. District Court for the District of
Connecticut in reorganization proceedings under Section 77 of the Federal
Bankruptcy Act, nevertheless the company, as successor to the original
electric and gas sublessees, is entitled to the continuance of the leasehold
privileges under the terms and conditions of an agreement dated June 27,
with the approval
or
1917.
Light
991,939
.869,457
industrial
$1,079,189 $1,002,027
shares of the
funded debt-—
will amount to
-V. 143, p. 3625.
Consolidated
and
9,876
125,533
13,295
Conduits National
on
ments
26,186
15,993
1,170,712
816,142
time
Earned surplus...
Furn. and fixtures
Int.
Write-down
Capital surplus.--
Mechanical & labo¬
1,220,099'
662,228
interest-------------
Surp., arising from
prem.
Patents
9 Mos. End.
1933
1934
1935
Sept. 30 '36
$16,202,482 $16,780,895 $17,695,556 $13,760,735
7,829,789
8,128,602
8,945,601
7,099,580
for
Other income
34,446
allowances
390,617
.
common
Operating
Taxes
Cap. stock (par $1)
depreciated—
Prepaid expenses &
None
b46,217,240
b l,148.126shs.
Calendar Years-
2,573
Fed. inc.
Idle
298,000
195,000
6,804,400
Rentals, dec., charges on
un¬
tax
Accrued
,
>
Summary of Earnings
2,875
12,919
&
&cap.stk.tax__
tories of lessees-
Total
Exclusive of securities in treasury and insinking fund,
Amortiz.
employment ins.
Res. for
amount
$7,500,000
—
Gross Corporate income
wag$s
Fed.
$4,928,000
10,000,000
7,000,000
16,000,000
7,500,000
(
in expressed]
5s 1937_
500,000
Northern Conn. Lt. & Bow. <5o. 1st mtge. 5s, '46
350,000
by% % cumulative preferred stock ($100 par)
150,000 shs.
5% cumulative preferred stock ($100 par)
85,000 shs.
Common stock, no par
1,704,000 shs.
Operating income
$81,908
Outstanding
Unlimited
.
Maintenance
11,082
State taxes
revenue
ma-
3H% bonds, series F, due Sept. 1, 1966--.
3Yt.% bonds, series G, due Dec. 1, 1966
20-year 3)^% debentures, due Sept. 1, 1956
Bonds Assumed by Company—
Central Connecticut Power & Light Co. 1st mtge.
(directors)
Accrued Federal
for
a
$6,500,000
June 30 '36 Dec. 31 '35
employees
Res.
(cost)
Investments
due May 1 '51
^ % sinking fund bonds, series E, due July 1 K
Total oper. revenues
Accrued salaries &
agencies
Accts.rec.from sub
producing
chinery in
3
Accts. pay'le—offi¬
275,533
in
Authorized
renewals, replacem'ts & retirem'ts
creditrs & sundry
$86,230
accts. receivable
Inv.
for savings bank invest¬
Connecticut, New York, Massachusetts, New Jersey and Penna.
Capitalization—Upon the issue and sale of the $16,000,000 of series G
bonds and the application of the proceeds thereof, the outstanding capitali¬
zation upon completion of the present financing, will be as follows:
Accts. pay.—trade
Customers' notes &
—for lease
all other series issued under the mortgage.
Series G bonds will meet the legal requirements
ments in
Prov.
Liabilities—
Dec. 31 '35
Serips G bonds, when issued in accordance with the mortgage and the
supplemental indenture, will rank equally and ratably as to security with
$546,232
32,000
13,038
Balance Sheet
Assets—
June 30 '36
Cash and working
funds
$122,798
amount, in all cases with accrued int. to redemption date.
Series G bonds are being issued under the 1st and ref. mtge. indenture,
an open
mortgage, dated May 1, 1921, between the company and Bankers
Trust Co., as trustee, and supplemental indentures thereto, including
the supplemental indenture dated as of Dec. 1, 1936, creating series G.
$501,194
$0.83
Dividends paid during six months ended June 30, 1936
on
or
1944; and if red. after Dec. 1, 1944 at 104H, which price is successively
reduced by ^ of 1% at ehd of each following two-year period through
Dec. 1, 1962, after which date the series G bonds are red. at their principal
$104,906
441,326
_
Total
Loss
3995
agencies of company in Boston, or Chicago.
Definitive series G
bonds will be in coupon form in denom. of $1,000, registerable as to principal
only, and also in fully registered form in denom. of $1,000 or any authorized
multiple thereof.
Coupon and fully registered bonds interchangeable.
Red. at option of company all or part on
any int. date, on at least 30 days'
notice at 108 if red. on or before Dec. 1, 1940; at 106 if red. thereafter and
on or before Dec. 1, 1942; at 105 if red. thereafter and on or before Dec.
1,
a
7.
Netprofit
Balance, Jan. 1, 1936
$557,272
117,550
154,512
63,674
66,158
$155,378
4,184
Total
Sale discounts, interest, &c
Provision for Federal income taxes
offices
First and refunding mortgage:
Sink, fund gold bds., ser.A, 7%,
Earnings for Six Months Ended June 30, 1936
Selling
Chronicle
.
The territory
served by the leased electric properties has
a
total
popu¬
lation of about 293,000, and the territory served by the leased gas properties
has a total population of about 36,000, based on the 1930 Federal Census.
Approximately 40% of the total revenue of the company is derived from
consumers
in the leased territory.
However, the leased property now
operated consists largely of distribution systems and appurtenances, the
electric producing capacities being located outside of the leased territory.
An important consideration is that the operation of directly owned and
leased properties is as a unit, so that exact segregations are both impossible
and unnecessary.
,
The company's business consists principally of the production, purchase,
transmission, distribution and sale of electricity and gas for residential,
commercial, industrial and municipal purposes solely in the State of Con¬
necticut.
The territory served with electricity or gas, or both, covers
approximately 3,005 square miles with a population of about 620,044
on the 1930 Federal Census, not including the territory served by
Connecticut public utilities purchasing substantially all of their
requirements from the company.
underwriters—The name of each principal underwriter, and the respective
amounts of series G bonds severally underwritten by each, are as follows:
based
other
Amount
Name and Address—
Putnam & Co., Hartford
Chas. W. Scranton & Co., New Haven-Estabrook & Co., Boston
-
...——-—
-
-
-
Kidder, Peabody & Co., New York
Brown Harriman & Co., Inc., New York
The R.
Fi Griggs Co., Waterbury.
Coffin & Burr, Inc., Boston
The First Boston Corp., New York__
Blyth & Co., Inc., New York—
Stevenson, Gregory & Co., HartfordHincks Bros. & Co., Inc., Bridgeport.
Paine, Webber & Co., Boston
-
$3,500,000
3,500,000
3,500,000
1,100,000
1,100,000
660,000
550,000
550,000
550,000
550,000
270,000
170,000
$95,069,394
Fixed capital
Cash
,
consolidated
Inventories
Deferred charges.
Employees' welfare fund
Common stock (no par)
33,043,000
Notes
bond
interest
Accounts
consumers
350,355
Accrued liabilities.
1,330,254
Consumers' deposits
492,291
2,337
4,331,586
130,268
492,723
income
Reserves—Retirements
and insurance..
Contrlb. for line extensions
Casualty
Surplus
Total
assumed by Southern Kraft Corp.
All of the remaining debt of Continental
$109,232,472
(
Consolidated
Reduced—
Co.
of
New
York,
future, both for International
Co.—Y. 143, p. 3625.
Inc.—Rates
will pay $22,500,000 less in 1937 than they
reduction through negotiations was obtained.
The company
tions on the $5
—V. 143. P. 2363.
\
the monthly minimum bill from $1 to 90 cents, which
also covered the first 10 kilowatt-hours.
This change will affect nearly
in
every consumer
of the Consolidated electric companies in the City of New
and will save them more than $2,510,000
York (about 2,000,000 in number)
annually.
Revision
of
classification
_
to small commercial consumers (under service
2) to the extent of about $1,065,000 annually.
All
in the consolidated system in the City of New York
the rates
No.
electric companies
are affected.
"~Corroon & Reynolds Corp.—Accumulated Dividend—
paid a dividend of $4 per share on account of accumula¬
cumulative preferred stock, par $100 on Dec. 15 to holders
This was the first dividend paid since July 1, 1931 when
regular quarterly payment of $1.50 per share was made.—V. 143, p. 268.
The company
on the 6%
tions
York Edison and Bronx
companies which, in some respects, have exceeded the rates charged by
other companies to the extent of $2,380,000 ann xally.
Reduction in the manufacturing rates of all companies, producing savings
of over $620,000 annually.
•
Revision of the power rates of the Brooklyn Edison Co. to the extent
of nearly $105,000 a year.
Reduction in the rates by all companies to charitable institutions and
hospitals of about $80,000 yearly.
Conditions on which the system has stated it& willingness to put these
Revision
a*
Corcoran-Brown Lamp Co.—To Dissolve—
Stockholders in a special meeting held Dec. 1 voted to sell the com¬
pany's assets to Electric Auto-Lite Co. and directors in later meetings
transferred the property to Auto-Lite, voted to dissolve the company and
declared a liquidating dividend of ^-share of Electric Auto-Lite stock on
the Corcoran-Brown A and B stocks, payableto stock of record Dec.
1.
An injunction suit brought by a minority stockholder to restrain the sale,
was dismissed on Dec. 1.—V. 132, p. 4418, 3347.
paid in 1931, when the first
Distribution of the reductions are as follows:
Reduction
helpful to consolidated profits in the
Paper Co. and International Paper & Power
Continental Securities Corn.—Pays Accumulated Div.—
paid a dividend of $2.50 per share on account of accumula¬
cumulative preferred stock, no par value, on Dec. 15 to
holders of record Dec. 10.
This was the first dividend paid since June 1,
1931 when an initial quarterly dividend of $1.25 per share was distributed.
of $7,000,000 a year by users of electricity in New York City
was announced by the Public Service Commission on Dec.
16 in making
public a schedule of reductions in rates submitted by the Consolidated
Edison System and approved by the Commission.
The deductions are
to go into effect Jan. 1, or "soon after."
The latest reduction means that electric consumers in New York City
A saving
.»
Their elimination should be
expense.
—Y. 143, p. 3625.
Edison
Paper & Bag Corp. and all its
capital stock is held by International Paper Co. As pointed out in the last
quarterly report of International Paper & Power Co., the program for
liquidating idle properties will involve a material write-down of assets with a
corresponding charge to consolidated surplus at the end of the year.
For
many years, however, taxes, maintenance and operating losses of the now
idle units of the Continental properties have represented a heavy burden of
406,467
4,243,337
Employees' welfare fund res.
1936, to
& Power
the trustees of the several out¬
& Bag Corp. in an amount
sufficient to pay off all of that company's outstanding bonds.
It was also
stated that other outside indebtedness except minor tax liabilities had been
Co., and that cash had been deposited with
standing indentures of Continental Paper
166,220
298,000
Bonds due April 1, 1937
$109,232,472
Paper & Power Co. that all
operating paper and bag properties had been sold on Dec. 7,
Southern Kraft Corp., another subsidiary of International Paper
the
57,549
Outstanding payroll drafts..
Total
bankruptcy was filed Dec. 17 by the corporation,
Power Co., in the Federal Court for
the Southern District of New York.
It was stated by officers of International
for
line extensions
Deferred
Voluntary
subsidiary of International Paper &
a
877,083
payable
Advances by
A voluntary petition in
and
dividends declared
Papery &j[ Bag \ Corp.—Files
Bankruptcy Petition—
3,500,000
payable to banks
Matured
per
Continental
46,206,600
Funded debt
3,564,940
5,424
938,218
5,081,805
406,467
Notes and accts. rec. (net)..
subs,
5H%, 68,044 shares...,.
1,062,191
99,394
-
Marketable securities
Due from
$6,500,000
6,804,400
6X%, 65,000 shares
1,005,146
—
$1.50
Cumulative preferred stock:
1,999,493
Investments..
of record
dividends of $1
Liabilities—
Sinking fund & special deps -
1936
19,
Dec. 14.
A dividend of $2 was paid on Oct. 1, lastper share were paid in each of the 15 preceding quarters
share paid on July 1 and Oct. 1, 1932 and regular quarteily
dividends of $2 per share previously.—V. 143, p. 2673.
holders
30, 1936
Balance Sheet, Sept.
Dec.
Chronicle
Financial
3996
of the wholesale
rates
of the New
of record Dec. 10.
a
Crandall-MacKenzie & Henderson, Inc.—Special Div.
declared a special dividend of 35 cents per share on the
Dec. 21 to holders of record Dec. 12.
paid on Nov. 2, last, and 12 ^ cents paid each
1934 to and incl. Aug. 1, last.
The Nov. 1,
1934 dividend was the first paid since Feb. 1, 1932 when a quarterly distri¬
bution of 15 cents per share was made.—V. 143, p. 2519.
The directors have
common
stock, no par value, payable
This compares with 25 cents
three months from Nov. 1,
reductions into effect are:
That the electric and gas mergers now
""^Cream of Wheat Corp.—Dividends—
pending before the Commission
be approved.
That the pending
25 cents per share
amounting to 50 cents per share payable Jan. 2 to holders of record Dec. J9.
A dividend of 50 cents per share was paid on Oct. 1, last, and each three
1930.—V.
Creameries of America, Inc.—Initial and Extra Dividends
initial quarterly dividend of 10 cents per
dividend or 15 cents per share on the common
stock, both payable Dec. 21 to holders of record Dec. 12.—V. 143, p. 2363.
Although not a necessary part of the negotiations, the companies have
that they intend to withdraw the proposed schedules relating to
which are now under discussion in a pending case.
They
will also modify their rules as to conjunctional billing.
The directors have declared an
stated
share in addition to an extra
sub-metering,
Commission
Cuban Tobacco
Approves Mergers—
The N. Y. Public Service Commission on Dec. 17 unanimously
of accumulations on
payment made.—V.
Cunningham Drug Stores—New Name—
Jan. 1, both to holders of record Dec. 12.
Dividends of $4 per share were paid on Nov. 21
this latter being the first payment made since Oct. 1,
quarterly dividend of $2 per
and on June 1, last,
1931, when a regular
share was distributed.—V. 143, p. 3837.
Consumers Power Co.—Files Data
New
on
547,788 Shares of
Preferred Stock—
Plans by which the company (suosidiary of Commonwealth & Southern
Corp.), will effect saving of $783,339 annually in dividends on its preferred
are disclosed in a registration statement for 547,786 shares (no par)
$4.50 cumulative preferred stock filed with the Securities and Exchange
Commission under the Securities Act of 1933 on Dec. 17.
stocks
At present, company's outstanding preferred issues aggregate $70,682,823, all classes. They consist of 18,690,923 shares $5 (no par) preferred;
323,656 shares 6% preferred ($100 par); 168,479shares 6.6% pref. ($100 par)
and 27,784 shares 7% preferred ($100 par).
The proceeds from the sale of the new preferred Will be used toward the
retirement of the 6%, 6.6% and 7% preferred issues, at not exceeding the
stipulated redemption price of $105 per share.
According to the statement, company and Bonbright & Co., Inc.; First
Boston Corp. and Brown Harriman & Co., Inc., underwriters, will enter
company's presently outstanding
1937, to sub¬
The offering to stock¬
payable in cash or by
surrender at $105 a share and accrued dividends to the date of redemption
of shares of the company's outstanding 6%, 6.6% and 7% preferred stock,
less a discount of l\i cents a share for each day intervening between the
date on which the outstanding preferred stock will be redeemed and the
into
agreement whereby holders of the
an
preferred issues will have the preferential right until Jan. 9,
scribe for the new preferred on a pro rata basis.
holders will be made at the public offering price
closing date of the offering.
Offering to stockholders residing in Michigan will be made directly by the
company, while the offering to stockholders elsewhere will be made by the
underwriters.
All shares not purchased by stockholders will be offered
Darling Stores Corp.—Initial Preferred Dividend—
The price to the public and names of any additional underwriters
by amendment.
The new preferred stock is redeemable at $110 a share.—V. 143, p. 3625.
Container Corp. of
The
directors
Southern
kraft
on
at
America—New
Davega Stores Corp.—Stock Increase Proposed—
,
has notified the New York Stock Exchange of a proposed
Continental Baking
The
directors
have
accumulations on the 8%
Corp.—$4 Preferred Dividend—
declared
cum.
dividend of $4 per share on account of
pref. stock, par $100, payable Dec. 24 to
a
3313.
.«««_
Dejay Stores, Inc.—Admitted to Listing & Registration—
•
admitted the common stock, $1 par,
listing and registration.—V. 143, p. 3838.
The New York Curb Exchange has
to
Dennison
Mfg. Co.—$2 Preferred Dividend—
The directors have
declared
dividend of $2 per share on account of
a
accumulations on the 8% cum. debenture stock, par $100, payable Dec. 18
to holders of record Dec. 11.
Similar distributions were made on Nov. 16,
Nov.
2, Aug.
1, last, in each of the eight
1934, while on Feb. 1, 1933, the
1, May 1, March 5 and Feb.
quarters preceding Feb. 1 and on Jan. 4,
company paid $4 per share.
The last previous regular quarterly dividend
of $2 per share was paid on Feb. 1,1932.
Arrearages after the current divi¬
dend will amount to $2 per share.—V. 143, p. 2996.
Denver & Rio Grande Western
RR.—Merging of Road
and Western
Pacific Recommended■—See Western Pacific RR.
below.—V. 143, p. 2996.
Detroit Gray Iron Foundry
Co.—Extra Dividend—
share in
dividend of 10 cents per share on the
common stock, no par value,
both payable Dec. 21 to holders of record
Dec. 15.—V. 143, p. 1874.
The directors have declared
an
extra dividend of 60 cents per
addition to the regular semi-annual
Devoe & Raynolds
Co.—Bonus to Employees—
Directors on Dec. 8 declared a 2% Christmas bonus, payable in cash, to
administrative and factory employees.
A similar bonus was paid in 1929.
The directors also decided in the future to grant one week's vacation
with
pay
to
all employees who
have been in the company's service for
one year and two week's vacation with pay to all who have been in the
service of the company two years or more.
The employees will receive
full pay for vacation time whether they are on weekly, hourly or a piece
basis.
The company is also working on a revision of
rate
and other benefits
the present pension plan
will
now in existence.
Details of the new arrangement
be given out when they have been completed.—V. 143, p. 269.
Plarlt—
puip
stock by 150,000 shares preferred stock, par
the initial series to consist of 75,000 shares
5% cumulative convertible preferred stock.—V. 143, p.
Dodge Mfg. Co.—Initial Dividend—
1, approved the company's plans to build a
Fernandina, Florida.
Construction of the first
production will be started immediately.
The company will
not require any new permanent financing in this connection, as the con¬
struction program has been planned within the cash resources prospectively
available, amplified by moderate short term construction loans.—V. 143,
p. 3463.
unit for
dividend of 50 cents
preferred stock, payable
1936.—V. 143, p. 2205.
The company
increase in authorized capital
value $25, issuable in series,
Dec.
mill
share on the $2 cumulative participating
1937, to stockholders of record Dec. 18,
Jan. 1,
publicly.
will be furnished
^
Stores, below.
The directors on Dec. 3 declared an initial quarterly
per
Inc.—Preferred Dividends—
the current quarter, payable
143, p. 269.
See Economical—Cunningham Drug
Dec. 5 declared a dividend of $4 per share on account
the 8% cumulative preferred stock, par $100, payable
Dec. 24, and a dividend of $2 per share for
being the last regular semi-annual
30, last, and on June 30, 1931, this latter
conditioned upon elimination from electric fixed capital
of $40,000,000 and $20,000,000 from gas fixed capital before the close
of the year.
These amounts are to be charged to surplus, and further
amounts will be written off as other companies are absorbed by Con¬
solidated Edison.
These write-offs are in addition to other balance sheet
items aggregating $20,000,000 since 1935, of which $4,000,000 was written
off the fixed capital account and $16,000,000 in suspense, which had
been transferred from fixed capital.—V. 143, p. 3836.
directors on
of $5 per share on account of
accumulations of the 5% cumul. pref. stock, par $100, payable Dec. 21 to
holders of record Dec. 11.
A dividend of $2.50 per share was paid on June
The mergers are
Consolidated Retail Stores,
Co.—Accumulated Dividend—
The directors have declared a dividend
approved
of New York Edison Co., Bronx Gas & Electric Co., and
the Brush Electric Illuminating Co. of New York into the Consolidated
Edison Co. of New York, Inc.
The Commission also consented to the
merger of Central Union Gas Co. and East River Gas Co. into the New
Amsterdam Gas Co., and the susbequent consolidation of Northern Union
Gas Co. and New Amsterdam Gas into the Consolidated Edison Co. of
New York, Inc.
merger
The
An extra dividend of 25 cents per share was paid on
2,1935, Jan. 3, 1933, Jan. 3.1932 and in January and July of 1931 and
143, p. 2673.
months previously.
Jan.
determined.
the
dividends on the capital stock—one of
payable Dec. 21 to holders of record Dec. 12, and the other
The directots have declared two
litigated matters before the courts and the Com¬
mission regarding rates shall be discontinued.
Milo R. Maltbie, Chairman of the Commission, said further that the
companies have agreed to write off $40,000,000 of unclassified fixed capital
upon the books of the New York Edison Co. and nearly $20,000,000
from the fixed capital accounts of the gas companies.
Further amounts
are to be written off when the original cost of existing property has been
The directors have declared
the
P.
an
initial dividend of 25 cents per share on
common^stock, payable Jan. 11 to holders of record Dec. 26.—V. 137,
2813.
Dolphin Paint & Varnish Co.—Registration Withdrawn
Finding that the company has failed to comply with the provisions of the
Securities Exchange Act of 1934 as regards listed corporations, the Securities
and
Dec.
Commission has withdrawn from registration effective
21, the company's class A and class B common stock listed on the
Stock Exchange.—V. 143, p. 3463.
Exchange
Detroit
Volume
Financial
143
Dominion Rubber
The
Co., Ltd.—Bonds Called—
is calling for redemption on April 1, 1937, at 110 and
the outstanding $2,600,000 of 6% 1st mtge. bonds, due
1946, of its subsidiary Canadian Consolidated Rubber Co.
No new financ¬
ing will be undertaken as funds for the redemption already are available.
—V. 143, p. 1876.
company
Investments,
Ltd.—Plan
Re¬
of
arrangement of Capital—
Meetings of the preference and common shareholders will be held Jan. 4,
on approving and agreeing to a
plan of arrangement proposed to be
appli¬
cation to the Secretary of State of
Canada, for supplementary letters
patent confirming the plan of arrangement and reducing tne capital of the
company by such amount and number of preference shares of the company
as on Jan. 20,1937, shall have been surrendered to the
company for cancella¬
tion pursuant to the conditions set forth in tne plan of
arrangement.
C. S. MacDonald, Chairman, in a letter to the stockholders, says:
In the prospectus of the company issued
upon its formation, in connec¬
tion with the offering of its preference shares and common shares for sub¬
scription as units, it was stated that an application would be made for
listing of the shares of the company on the Toronto Stock Exchange and
the Montreal Stock Exchange.
The listing of the shares was necessarily
deferred because of the severe depression in markets which occurred in
1929 resulting in steadily decreasing prices in the subsequent years.
1937
made between the company and its shareholders and
authorizing an
For some time past directors have had under consideration, and have
now evolved, a plan whereby unit holders of
preference snares and common
shares, who by reason of conditions affecting their own holdings wish to
retain their interest in the company in more liquid form, may be enabled,
if they so desire, to exchange their preference snares for
bonus, and at the
same time certain advantages will accrue to the shareholders
generally who
retain their shares in the company.
The plan of arrangement is entirely optional.
Briefly, the plan provides
that:
Holders of units of one preference share and one common share may
exchange their preference shares into 1st coll. trust series A 15-year 4%
bonds of the company on the basis of $100 of series A bonds for
every two
(a)
preference shares surrendered for exchange,
the Royal Trust
Co.,
and in addition shall sell to
depositary, the corresponding number of common
as
shares at $1 per share.
(b) Holders of preference shares not surrendering their preference shares
for exchange may increase their equity in the trust by acquiring further
common shares at a
for
eacn
price of $1
per snare on
the basis of
one common
share
preference share held.
The offer to nolders of units of preference and common shares is limited
to tne amount of tne issue of series A
bonds, viz.; $750,000; and in the event
chat the amount of preference shares surrendered for
exchange shall exceed
$750,000 tne participation in the plan will be allotted on a pro rata basis.
Directors hold tne view that tne plan of arrangement is also calculated
to
improve the position of tne company since, in event that the plan be
effect, it—
carried into
"v^ilfTustify directors applying for Stock Exchange listing of its
preference shares and common shares;
*
(b) Will be expected to make further investment capital available to the
(a)
company;
(c) will eliminate tne dividend arrears
rendered in exchange for series A bonds;
on
the
preference shares
sur¬
Will result in the capital structure of the company conforming to
a greater dd&ree with the British
precedent of a capital structure of bonds,
preference snares and common-shares.
(d)
Present Capital Structure
of the'Company'
Authorized
5% cum. red. preference shares ($50 par)
Common shares ($1 par).
$5,000,000
Listing—Company
debentures
on
to
agrees
make
application
60. 000
The plan for the proposed arrangement with the shareholders involves:
(a) The creation of $i ,500,000 first collateral trust bonds and the author¬
ization for present issue of $750,000 of the bonds as first collateral trust
series A
15-year 4% bonds.
(b) The offering to holders of units of the 5% cumulative redeemable
preference shares and common shares issued and outstanding as of record
Dec. 21, 1936, of series A bonds on the basis of $100 of Series A bonds for
allocation of any part of the net proceeds,
estimated to be $4,856,985.
It is expected that such net proceeds will be
used to supply funds for, or to replenish working capital previously applied
during the 12 months ended Oct. 31, 1936 to, capital additions, replace¬
ments and improvements to plants, processes and facilities, and the pur¬
chase of stock of a subsidiary, Cliffs Dow Chemical Co.
History and Business—Company was incorp. in Michigan, May 18,
1897, and its corporate existence has been extended for a period of 30 years
from May 18, 1927.
Company is engaged in the manufacture and sale of a diversified line of
chemicals, which are used largely for industrial and pharmaceutical pur¬
poses.
An important source of its raw materials is a natural brine deposit
located in central Michigan, and containing large quantities of bromine,
magnesium, calcium, and salt.
'
Company is a large producer of industrial chemicals, dyes and inter¬
mediates, such as ethylene dibromide and other bromides, synthetic
phenols, chlorbenzol, calcium chloride, carbon tetrachloride, carbon bisul¬
phide, tetrachlorethylene, caustic soda, sodium sulphide, acetic anhydride,
sodium acetate, magnesium chloride, common salt, indigo and allied dyes,
and aniline oil.
These chemicals are sold to many different industries
including the petroleum, plastics (including the film industry), rayon,
textile, dye, leather and rubber industries.
Almost the entire output of
ethylene dibromide is sold to the Ethyl Gasoline Corp. for use in the manu¬
facture of anti-knock gasoline.
The calcium chloride is sold chiefly for use
in the maintenance of roads, treatment of bituminous coal and as a brine
in refrigerating plants.
Among other important chemicals manufactured
are aspirin and other salicylates, antipyrene, acetphenetidin, chloroform and
epsom salts.
Company is one of the largest producers in the world of magnesium metal,
•which it uses in the manufacture of Dowmetal, the company's trade name
for magnesium alloys.
Dowmetal is used where lightness of weight is
desirable and has many uses in the aeroplane and machinery fields.
Com¬
pany also produces a number of insecticides, germicides and fungicides,
including a line of phenolic derivatives sold under the name of Dowicides.
The company, owning 75% of the capital stock, operates Midland Ammo¬
nia Co., which is a producer of synthetic ammonia.
'
The company produces, through its wholly owned subsidiary, Io^Dow
Chemical Co., Inc., a substantial percentage of the iodine consumed in the
no
.
,
United
States.
Cliffs Dow Chemical Co., in which the company owns
licensed under patents some of which are owned by
some
preference snares now held and surrendered for cancellation under
plan accompanied by sale to Royal Trust Co., as depositary, at $1 per
a number of common shares not less than the number of preference
shares surrendered for excnange, such right of
to be conditional upon the sale of common
exchange of preference shares
shares, and to expire on Jan. 20,
1937.
The offering is limited to the amount of the series A bonds
($750,000)
and in event that tne amount of preference shares surrendered for
exchange
shall exceed in aggregate par value the
sum, participation in tne plan
will be allotted on a pro rata basis.
The funds for the payment for such
common shares are to be provided by the under writers of the series A
bonds.
(c) The reduction of the capital of the company by such number of
preference shares and amount in par value thereof as shall be prepresented
by the total number and amount of preference shares surrendered to the
company for cancellation up to and including Jan. 20, 1937.
(d) Tne issue and sale, at an underwriting price of not less than $95 for
each $100 of series A
bonds, of such balance of series A bonds as shall remain
available for issue and sale by the company after
giving effect to the right
of exchange extended to unit holders of
preference shares and common
balance thereof out
of the unissued
Balance Sheet
as at
Assets-
common
snares
of the company.
Liabilities—
Investments at cost less invest¬
ment reserve
Sundry creditors and accrued
*53,004,988
164,685
Cash at bankers
charges
$4,006
Provision for income taxes
5%
cum. red.
preference shs...
Common shares
Revenue account
Total
_S3,169,6731
Total
1,77S
The trust is liable for
a
net
amount
of
($121,736) and sales ($40,712) of securities
—V. 143, p. 3627.
Dominion Steel & Coal
new
,
Funded Debt and
$81,023 in respect to purchases
not delivered at Nov. 14, 1936.
x$2,880,000
5,000,000
29,692 shs.
945,000 shs.
Maturing serially from Jan. 1, 1937 to and incl. Jan. 1, 1940 and
1, 1937, which is included in current liabilities
•
Note—As of April 22, 1936, the articles of association were amended
changing the authorized preferred stock from 30,000 shares of 7% cumul.
pref. stock ($100) to 60,000 shares of 5% cumul. pref. stock ($100).
The
amendment provided for the exchange of the old outstanding 7% cumul.
pref. stock for shares of the new 5% cumul. pref. stock on a share-for-share
basis and provided in effect that any shares of the 7% cumul. pref. stock
not deposited for exchange were to be redeemed on Aug. 15, 1936, at $105
plus divs.
29,692 shares of 7% cumul. pref. stock were surrendered for
exchange and a like number of shares of new 5% cumul. pref. stock were
issued.
The remaining 308 shares of 7% cumul. pref. stock have been
redeemod.
Earnings Years Ended May 31
.
1934
1935
1936
Gross sales, less returns, &c
$17,076,167 $16,288,717 $18,823,461
Costs, sell., general and adm. exps__ 12,479,448
12,261,747
13,769,156
Profit from operations
Other
$4,596,719
209,065
Net income..
Corp., Ltd.—New Directors—
—V.
143.
p.
$5,054,304
804,638
$4,536,968
680,797
485,457
$5,858,942
877,251
598,973
$3,584,078
Gross income
Income charges
Prov. for Federal income taxes
$4,026,970
509,997
$4,805,785
652,120
569,585
income
$3,370,713
$4,382,717
3463.
directors have been elected to the board of this
company and
Dryden Paper Co., Ltd.— To Increase Directorate—
Chemical
Co.—Debentures Offered—A new issue of
$5,000,000 15-year 3% debentures, due 1951, was offered
Dec. 15 by Edward B. Smith & Co. at par and interest.
The return
on
A special meeting of shareholders will be held on Jan. 14, for the purpose
of approving an
The company has increased wages and salaries
7H%, effective Dec. 16.
The increase will not apply to miners who are working under a
two-year
agreement which expires Jan. 31, 1937.
It means an additional payroll
outlay of $500,000 to $600,000 a year.—V. 143, p. 1875.
this investment is said to be the lowest average
industrial issue of comparable maturity in the present
increase in the number of directors from eight to nine.
Immediately following the special meeting, the annual general meeting of
will be held.—V. 143, p. 3628.
shareholders
Eagle Picher Lead Co .—Common Dividend Raised—
The
have declared a dividend of 40 cents per share on the
stock, par $10, payable Dec. 19 to holders of record Dec. 12. This
with 10 cents paid on Oct. 1 and on July 1, last, this latter being
the first payment made by the company on the common stock since April 10,
1930, when a dividend of 20 cents per share was distributed.
compares
New Vice-President—
George W. Potter has been elected a Vice-President of this company,
to succeed Frank W. Potts, resigned.—V, 143, p. 1397.
period of low-cost financing and to rank with the lowest
history of industrial financing.
dated Dec.
1, 1936 and are due Dec. 1, 1951, Guaranty
Trust Co., New York, trustee.
Both principal and int. (J. & D.) payable
at principal office of the trustee in New York, in such coin or currency of the
United States of America as at the time of payment is legal tender for the
payment of public and private debts.
Definitive debentures in coupon
form, registerable as to principal only, in denom. of $1,000
Debentures
are
directors
common
Eastern Steamship Lines, Inc.— To Resume Com. Divs.—
cost in the
Debentures
Outstanding
$3,169,673
Wage Increase—
an
$3,600,000
5,000,000
60,000 shs.
2,000,000 shs.
includes $720,000 due Jan.
|II 1)3,1^11(30 shGGt
subsidiary, Dominion Coal Co., Ltd., in the persons of Hon. J. L.
Ralston, K.C., and J. McGregor Stewart, K.C., Halifax.
for
,
Authorized
.
60,000
118,890
.
Capitalization Giving Effect to Present Financing
2}4% serial notes
15-year 3% debentures due Dec. 1, 1951
5% cum. pref. stock ($100 par)
Common stock (no par)
of its
Dow
Sociedad
2,985,000
x Value of investments as at Nov.
14, 1936, $3,184,032.
Notes—Cumulative preference share dividends accrued and
unpaid at
Nov. 14, 1936, $366,906.
Preference share dividends payable Dec. 1, 1936,
declared Nov. 23, 1936, $14,925.
Two
Anonima, a wholly owned subsidiary, was incorp. in
Mexico in Oct. 1936, for the purpose of engaging in the treatment of oil
and gas wells in Mexico, and is licensed under several Mexican patents owned
by the company.
The principal plant of the company is at Midland, Mich.
The plant
includes approximately 300 modern factory buildings and covers an area
of more than 250 acres, which the company owns in fee together with over
2,000 acres of adjoining land.
There are over 16 miles of standard gauge
railroad track within the plant.
x
Nov. 14, 1936
Dow Chemical Co. and
by others.
Dowell
-s>
(e) The offering to the holders of preference shares of the company issued
outstanding as of record Dec. 21, 1936, who shall not desire to surrender
their preference shares, of one common share at $1 per share for
every one
preference share tnen held by such preference shareholder; sucn offering
to be satisfied (1) by the applicati<?n thereto of all common snares sold to
Royal Trust Co., as depositary, and (2) by the allotment and issue of
and
60% of the com¬
stock, is engaged in the carbonization of wood to produce charcoal,
pyroligneous acid liquors and combustible gas.
The pyroligneous acid
liquors are used to produce methanol, methyl acetone, acetic acid, other
wood acids, tar and tar oils.
Dowell, Inc., a wholly owned subsidiary, is engaged in the servicing and
treatment of calcareous oil and gas wells to increase production and is
tne
the
.
mon
every two
share, of
shares.
of the
for the listing
the New York Stock Exchange.
Purpose—Directors hav e made
^
Outstanding
$2,985,000
200,000
/
3997
red. otherwise than through sinking
fund on any date prior to maturity,
at option of company, as a whole or from time to time in part, at principal
amount thereof and int. to date of redemption, together with following
premiums on principal amount thereof:
If red. on or before Dec. 1, 1939,
3%; if red. after Dec. 1, 1939, and on or before Dec. 1, 1942, 2J^%; if
red. after Dec. 1, 1942, and on or before Dec. 1, 1945, 2%; if red. after
Dec. 1, 1945, and on or before Dec. 1, 1947, 1%; if red. after Dec. 1, 1947,
and on or before Dec. 1, 1949,
and if red. after Dec. 1, 1949, none.
Sinking Fund—Company covenants that so long as any of debentures are
outstanding it will pay to the trustee as and for a sinking fund on April 15,
1941, and annually thereafter on April 15 of each year a sum in cash suffi¬
cient to redeem at redemption price on June 1 next succeeding each such
April 15, $250,000 of debentures.
However company is privileged to
deliver to the trustee for cancellation, debentures previously issued and
acquired,
receiving
in respect of each debenture so delivered a credit
therefor on account of such sinking fund obligation in an amount equal to
the redemption price applicable for the redemption of a debenture through
the sinking fund prevailing on the June 1 next succeeding the date for such
payment, and the amount of cash required to be paid by the company shall
be reduced accordingly.
Redemption price is provided to be the principal
amount of the debentures plus accrued int. to date of redemption, together
with following premiums on principal amount thereof:
If red. on or before
June 1, 1943, 1%; if red. after June 1, 1943, and on or before June 1,
1945, % %; if red. after June 1, 1945, and on or before June 1, 1947, H%\
if red. after June 1, 1947, and on or before June 1,
1]949, %%', and if re¬
deemed after June 1, 1949, none.
are
accrued interest,
Dominion-Scottish
Chronicle
The
directors
common
have declared a dividend of 60 cents per share on the
stock, payable Dec. 24 to holders of record Dec. 18. ^This will be
the first disbursement made
the
stock since July
1,' 1932, when
*
dividend of 50 cents per
share on the $2 convertible preferred stock, no par value, likewise payable
Dec. 24 to holders of record Dec. 18.—V. 143, p. 3839.
a
on
common
dividend of 12 M cents per share was paid.
The directors also declared an initial quarterly
Financial
3998
Eastern Gas & Fuel
12 Mos. End. Oct. 31—
Net
after
income
1935
Deprec. & depletion
Int., debt
discount &
exp. Fed. taxes, min.
1933
1934
Griesedieck,
additional stock by Falstaff as the deal probably will be financed by
Falstaff has two plants in St. Louis and one in Omaha.
,
year ending Dec. 31, Mr. Gnesedieck estimated that
Falstaff will report net earnings slightly in excess of $1.50 on the 450,000
shares of common outstanding.—V. 143, p. 3840.
of any
notes.
4,627,485
4,627,379
4,261,306
$2,838,536
$2,805,289
$4,008,065
$3,916,754
1,108,934
1,107,277,
1,106,195
1,104,961
Family Loan Society, Inc.-—Extra
Divs. paid on \y2 % prior
stock
6% pref.
stock, excl. of divs. on
stk. owned
2uar. 12. of 87 M payments share,made in each of the 112 previous
both payable Jan. to holders
>ec. div. Similar cents per were
by Eastern
1,987,-
per sh. on
the 12 months ended Oct. 31, 1936, compared
with the same previous period, showed an increase of 15% (though realiza¬
tion is substantially down), coal transportation decreased 4%, coke sales
tonnage increased 10% and gas sales by the public utility subsidiaries
increased 1%.
The total of annual interest on funded debt and dividend requirements
on
minority stock interest now outstanding, after giving effect to the
recent financing, is reported to be $3,001,627.
Such interest and dividend
requirements were covered 3.38 times by the above net income before
reserves and 2.18 times by the above net income after reserves.
It is pointed out that the above figures for 1936 do not yet reflect any net
benefit from the recently completed $75,000,000 financing program and
from the recent changes in the capital structure of the company and its
subsidiaries which resulted in the elimination of 14 subsidiaries.—V. 143,
tonnage for
2835.
p.
Ebasco Services,
the
week
Dec. 10, 1936, the kilowatt-hour system imput
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;
For
•
.
:.r.
*';
.
.
Operating Subsidiaries of—
1936
National Power & Light Co._
80,530,000
1935
92,195,000
42,669,000
69,138,000
JfTTtCTCCLSG""
Amount
12,237,000
9,454,000
11,392,000
"
%
13.3
22.1
16.5
—Y. 143, p. 3839.
Economical-Cunningham Drug Stores,Inc—New Name
Stockholders at
a recent meeting approved the change in name to CunniDgDrug Stores,.Inc., and the cnange in common stock value from no par
to $2.50 par.
An increase in directorate to nine from seven was also ap¬
proved, with Sumner L. Prior, Comptroller,
and Herbert I. Markham
elected.
Dividend
Again Increased—
The directors
share
on
the
on
common
Dec. 7 declared
common
stock,
no
a
par
this latter being the initial dividend
on
a
dividend of three cents per share on the
have
Ave.
declared
Corp.
a
dividend
(Park
of
20
cents
Central
per
Hotel)—$1,300,-
000—LoanNew
financing to replace a loan made by the Reconstruction Finance
Corporation has been arranged for the 31 story Park Central Hotel, occu¬
pying the Seventh Avenue block front from 55th to 56th Street.
A new
first mortgage of $1,300,000 at 434% for five years has been placed by
Samuel Kronsky, Inc., as broker, for the owner, the 870 Seventh Avenue
rr(P'' Harr>y A. Lanzner,
new
President.
mortgage replaces one of a similar amount at a larger interest
rate obtained from the RFC in
a
September, 1935, to aid in the reorganization
bond issue.—V. 141, p. 3225.
Electric Power
The
directors
have
Associates, Inc.—Larger Dividends—
declared
of 15 cents per share on the
value, payable Dec. 23 to holders
of record Dec. 14.
A dividend of 10 cents was paid on Oct. 1 last, this latter
being the first payment made since May 1, 1935, when dividends of 8 cents
per.share were distributed.
Distributions of 10 cents per share were made
each quarter from Feb. 1, 1933 to and including Feb. 1, 1935; 15 cents
on„Nov. 1 and Aug. 1, 1932, and 25 cents per share paid each three months
from Feb. 1, 1930 to and incl. May 2,,1932.—V. 143, p. 1719.
class A and
com non
a
stock, both of
no par
St<This
Dec. 2 declared
the capital stock, par
Elk Horn Coal
Hearing
A total of 55,261
at
that time
old shares with a stated value of $5 per share outstanding
canceled and in exchange for each old share two new
issued.
has announced that an 80 cent per share annual dividend
be established on the new basis.
In addition, the directors shortly
will consider a special dividend in line with the new tax law requiring dis¬
tribution of earned surplus to stockholders.—V. 143, p. 3840.
The company
rate may
Fire Association of Philadelphia—New Secretary—
election of Frank H. Thomas to the office
Secretary.—V. 143, p. 3145.
Directors announced the
of
Financial
Flintkote Co.,
company
has
Inc.—New Director—
Stock Exchange that at a
Dec. 2, P. C. Rowe, a Vice-President
notified the New York
meeting of the board of directors on
elected a director, succeeding L. J. Horowitz, resigned.
Mr. Rowe will continue as a Vice-President.
In addition, Frank H. Neher
was elected a Vice-President.—V.
143, p. 2998.
of the company, was
(& Subs.)—Earnings-
Florida Power Corp.
Net
1936—12 Mos—1935
1936—Month—1935
$262,279
$210,429
operating revenue
avail, for fixed chgs.,
$2,836,921
$2,566,092
91,627
1,133,846
1,094,767
but after maintenance
and
113,833
depreciation
Files Amendment with SEC—
The corporation has filed an amendment with the Securities and Exchange
Commission stating that E. H. Rollins & Sons, Inc., will be the principal
underwriter of its issue of $10,000,000 4% first mortgage bonds, series O,
due Dec. 1, 1966, and its issue of $2,500,000 5% sinking fund debentures
due Dec. 1, 1949, underwriting $1,900,000 of bonds and $475,400 of deben¬
tures
°
„
.
Other underwriters
First Boston Corp. and Halsey, Stuart
are:
& Co.,
Inc., $1,400,000 of bonds and $350,000 of debentures each; Blyth & Co.,
Inc., W. C. Langley & Co., A. C. Allyn & Co., Inc., $900,000 of bonds and
$225,000 of debentures each; Field, Glore & Co., H. M. Byllesby & Co.,
Hemphill, Noyes & Co., $500,000 of bonds and $125,000 of debentures
each; Eastman, Dillon & Co., Otis & Co., $250,000 of bonds and $63,000
of debentures each; Starkweather & Co., Inc., Stroud & Co., Inc., $250,000
of bonds and $62,000 of debentures, and B. B. Robinson, $100,000 of bonds
and
$25,000 of debentures.—V. 143, p. 3630.
Florsheim Shoe
Co.—Earnings—
1935
1934
1933
$2,229,078
1,484,734
$1,929,689
1,402,624
$2,056,117
1,576,227
$744,344
56,150
$527,065
129,086
$479,890
304,625
134,000
$800,494
122,145
87,000
$656,151
210,815
43,000
$784,515
135,204
62,500
$1,041,330
$591,349
$402,336
x28,797
$586,811
$433,038
1936
Years End. Oct. 31-
$2,568,827
1,568,890
Operating expenses
$999,937
243,747
Operating profit
Other income
$1,243,684
68,354
Other charges.
Federal taxes
_
See
.
See
x
x
153,773
799,398
398,761
$241,932
Profit.
Earns, per
$192,588
$373,539
$2.60
$1.48
$1.01
$1.22
$1.30
$0.74
$0.50
$0.61
share on 236,-
293 shs. cl. A stock
Earns,
per sh. on 327,414 shs. cl. B stock
x
Preferred stock retired as at Feb. 20, 1934.
Balance Sheet Oct. 31
143, p. 3465.
Empire Telephone Co.—Accumulated Dividend—
special meeting held Nov. 30 declared a dividend of
$1.50 per share upon the class A and class B preferred stock, payable
Dec. 20 to all stockholders of record at the close of business Dec. 10, 1936,
such dividend being for the 12 months'
period
ended
Feb. 1, 1936.
—Y. 142, p. 3849.
a
Endicott Johnson
Corp.—New Secretary—
The company has notified the New York Stock Exchange that at a
meeting of the Board of Directors on Dec. 7, Howard A. Swartwood was
elected Secretary, succeeding Maurice E. Page, deceased.—V. 143, p. 3145.
Excelsior Insurance Co. of N. Y.— To Resume Dividends
have declared a dividend of 15 cents per share on the
stock, payable Dec. 31 to holders of record Dec. 19.
This will be
dividend paid since April 1, 1931, when a like distribution was
directors
made.—V. 133, p.
1772.
Fafnir Bearing
Co.—Pays $1 Extra Dividend—
The company paid an extra dividend of $1 per share in addition to the
regular quarterly dividend Of $2 per share on the common stock, par $25,
on Dec.
15 to holders of record Dec. 3.
Previous dividend distributions
were as follows: $2 on Oct. 1, last; $1.50 on June 30, last; $1 per share paid
April 31, last, and
three montns.
on
Dec. 31, 1935, and 75 cents previously paid each
I^adcUtion, an extra dividend of $1 per share was paid on
$1,409,949 $1,327,834
Marketable securs. 1,600,250
1,742,400
Cash
_
Accts.
2,547,764
1,870,243
Inv., ad vs., &c._- 1,080,703
Cos.cap.stk.purch.
for resale to empl
24,348
c Capital assets...
733,952
Deferred charges..
14,987
Total..
a
tion
Accts.
Acer,
payable.__
2,170,747
1,739,669
1,128,386
--.$9,282,197 $8,932,354
1935
$117,695
&c—
109,081
73,678
Federal income tax
134,000
87,300
Accrued real est. &
128,288
71,277
23,796
a Class A stock.-_
1,181,465
b Class B stock— 1,637,070
5,958,105
Surplus
50,519
1,181,465
1,637,070
5,713,350
9,282,197
8,932,354
pers'l prop. tax.
Res. for affil.
42,937
766,232
14,149
$110,391
payrolls, com¬
missions,
& notes re¬
ceivable, &c
Mdse. inventory..
1936
Liabilities—
1935
1936
Assets—
The directors at
on
,
were
shares of $3 par value stock were
Common dividends
Light, Heat & Power Corp.—Merger—
See New York State Electric & Gas Corp. below.—V.
the first
„
During the latter part of October the capital structure of the company
changed from an authorized capital stock of 100,000 shares of no par
stock to an authorized capital of 300,000 shares each of $3 par value.
on
Elmira
The
the disbursement of surplus
reduction in stated capital and partially a dividend
distribution represents in part
stock
arising as a result of the
surplus.
Preferred dividends
Corp.—Reorganization—
the proposed plan of reorganization under Section 77-B of
the corporation has been continued by Judge Robert Nevin in Federal Dis¬
trict Court, Cincinnati, to Dec. 28.
W. J. Griffith of Chicago, owner of
$2,000 par value of debentures, was given leave to file an intervening peti¬
tion in objection to the plan.
Members of the reorganization committee
said this was the only opposition to the plan.
,
More than a majority of stockholders have assented, it was said, and
about 95^ of bond and debenture note holders have given their approval.
—V. 143, p. 3465; V. 142, p. 2826; V. 141, p. 3535.
common
the board of directors of
from earned
Div.—
a semi-annual dividend of $3 per share
$100, payable Dec. 24 to holders of record Dec. 18.
Previously dividends of $2.50 per snare were distributed each three montns,
—V. 143, p. 920.
on
Dividend—
distribution has been ordered by
dividend
Elizabethtown Water Co. Consolidated—Larger
The directors
on
25 to holders
3629.
it was announced on Dec. 1 by Lester L. Robinson, President.
The additional shares are being issued immediately and as a result of this
action the company has outstanding 221,044 shares of $3 par value common
Gross
share on the
common stock, no par value, payable Dec. 20 to holders of record Dec. 5.
This compares with 30 cents paid on Nov. 30, Aug. 31 and May 30, last;
40 cents paid on Feb. 29, 1936 and on Nov. 30, 1935 and 30 cents per share
paid on Aug. 31, 1935.—V. 143, p. 1877.
Toe
$1.1854 Per share on
stock, par $100, payable Jan.
Filtrol Co. of Calif.—Stock
A 100% stock
Period End. Nov. 30—■
Eddy Paper Corp.— To Pay 20-Cent Dividend-
of
declared an initial dividend of
this company,
the issue.—V. 143, p. 3628.
common stock, payable Jan. 1 to holders of record Dec. 10.
Previously,
regular quarterly dividends of two cents per share were distributed.
In
addition, an extra dividend of one cent was paid on Jan. 1, 1936.—V. 141.
p.3688.
v
7th
the
Preferred Dividend—
(William) Filene's Sons Co.—Initial
The directors have
the 4M % cumulative preferred
of record Jan. 23.—V. 143, p.
quarterly dividend of 37^ cents per
Corp., Ltd.—Larger Common Dividend—•
The directors have declared
870
declared an extra dividend of $1 per share on
regular quarterly dividend was raised from 50 cents to 75 cents per share.
Also, an extra dividend of 25 cents was paid on April 25, last.—V. 143,
p. 270.
The
directors
Dividend—
Fidelity & Deposit Co.—Extra
The directors have
capital stock, par $20, payable Dec. 31 to holders of record Dec. 15.
Tne
regular quarterly dividend of 75 cents per share was paid on Oct. 30, last.
An extra dividend of 50 cents was paid on July 25, last, at which time the
value, payable Jan. 20 to holders of
This compares with 30 cents paid on Oct. 20, last; 25 cents
paid each three months from Oct. 20,1935 to July 20, last, and 35 cents per
share paid on April 20 and Jan. 20, 1935 and on Oct. 20 and July 20, 1934,
The
initial dividend of 5 cents per share on
payable Dec. 22 to holders of record Dec.
$1,
par
10.—V. 143, p. 1227.
record Jan. 5.
Ecuadorian
stock,
was
fram
.
Products Co.—Initial Dividend—
Federal Asphalt
ended
American Power & Light Co__104,432,000
Electric Power & Light Corp. 52,123,000
of record
quarters.
1719.
P.
The directors have declared an
the
Inc.—Weekly Input—
of the operating
143,
—V.
).42
.47
Nil
Nil
stock
com.
sales
1,970,514
$273,846 sur$931,294 sur$841,279
$393,644
763 shs.
Coal
1,970,576
1,971,858
2,123,246
Deficit
Earns,
Dividend—
dividend of 37
cents per share on
and par tic. pref. stock, no par, in addition to the regular
The directors have declared an extra
the $3.50 cum.
on
--Gas & Fuel Associates
the current
For
3,705,323
paid
acquired the National Brewery of New Orleans and
operations around the first of the year, according to Alvin
Vice-President.
The acquisition will not entail the issuance
will take over
Net income
prer.
1936
19,
This company has
$10,150,765 $10,683,272 $11,811,219 $11,092,311
2,914,251
3,606,906
3,250,498
3,175,775
interest
Divs.
Dec.
Falstaff Brewing Corp.—Acquisition—
Associates—Earnings—
1936
Fed.
income taxes
Chronicle
cos.
losses--
Total
■
236,293 shares (no?>ar).
b 327,414 shares (no par), c After deprecia¬
reserves of $825,425 in 1936 and $790,357 in 1935.—V. 143, p. 3841.
Follansbee Brothers
Co.—Hearing Postponed—
Hearing on the reorganization
been postponed until Jan. 11.—V.
Fort Pitt Brewing
plan in Federal
143, p. 3841.
Court, Pittsburgh has
Co.—Capital Increased-—
meeting voted to increase its capital stock to
$750,000 from the present $600,000 of which $500,000 is issued and out¬
standing.
)
As a result, according to C. C. Reeder, who was ro-eldcted President,
250,000 shares of the stock at $1 a share will be open to subjcriptions by the
present stockholders, who have the right to subscribe in the full ratio of
their present holdings.
Money derived from the stock sale will be used.
The company at its annual
Volume
Mr.
Reeder
143
said,
Financial
retire
to
the
indebtedness
company's
and
for
Chronicle
other
Whether
any stock will be offered to the public cannot be decided by the
until it becomes known what action the
present holders take,
Pennsylvania law providing they have the privilege of taking
50% of their
present holdings in the new issue.—V.
143, p. 3630.
directors
Fourth
National
Investors
The directors on Dec. 1 declared a dividend of 8 cents
per share on the
new capital
stock, par $1, payable Dec. 15 to holders of record Dec. 4. [An
initial dividend of 5 cents per share was
paid on Nov. 16, last.
9 Months Ended Sept. 30—
Gross sales tocustomers
■*
<■
.
:
'.
"l.v
•
;•'
Common stocks (cost,
$16,607,321), market value. 26,885,082
Participation certificate in corp. formed to liquidate
Other income
16,731
Tptal.
$28,285,610
Liabilities—
Accrued expenses
in
ments
21,951
58,500
-
unrealized profit on invest¬
stocks: a
tax
Note—Consolidated
310,000
Total
1,933,126
Net assets
Not
including
provision for Federal undistributed profits surtax
profits tax.
b Represented by: Paid-in capital—
($1 par), $500,000; capital surplus, $26,444,757: total,
$26,944,757; earned surplus (deficit)—income surplus, $1,379,477; secu¬
rity profits surplus (deficit), $10,398,511; net deficit, $9,019,033; net
surplus, $17,925,724; excess of market value over cost of investments in
common
stocks, $10,277,760; deduct—reserve for taxes on unrealized
profit, $1,851,000; net, $8,426,760; balance, $26,352,484.—V. 143, p. 3841.
for Federal
Common stock
Co.—Receivership Terminated—
and
directors
As
Government.
result of those restrictions and of the decline in sugar prices after 1930
and the tariffs imposed at the time on the
importation of raw sugar into the
a
United States, the company was placed in receivership in November,
1933,
and its operations were conducted from then by receivers
appointed by the
U. S. District Court for the District of New Jersey.
The general improvement in
the Cuban
sugar
industry brought about
by the enactment of the Jones-Costogan Act by the United States Congress
and the conclusion of the reciprocal trade agreement
by the United States
and Cuba, and the betterment of the economic situation in Cuba as a
caused the directors to submit to the
of reorganization.
bondholders and stockholders
whole,
a plan
This plan of reorganization, dated as of July 15, 1936, was
promulgated
With the approval of the U.S. District Court by its order of
July 13, 1936.
At a meeting of the directors held on Nov. 5, 1936 it was resolved to declare
the plan of reorganization operative.
On Nov.
19,1936, the Court approved
the declaration of the operation of the plan in a
preliminary order and has
since entered a final order directing the
plan to be carried out and ter¬
minating the receivership since the various matters required to be done as a
condition precedent to slch order, including the amendment of the certificate
incorporation of the company changing its capitalization from 60,000
shares of capital stock ($100 par) of which 50,000 shares were
outstanding,
to 300,000 shares of capital stock
(no par) and increasing the total number
of shares authorized to 400,000 shares of
capital stock (no par) have been
of
done.
The company had the following capitalization and funded indebtedness
as
of Nov.
24, 1936:
Authorized
Outstanding
1st mtge. 20-year 7
% sinking fund gold
bonds, due 1942_
_$5,000,000
20-yr. 6% coll. trust bonds, due 1956
2,880,000
Capital stock (no par)
400,000 shs.
$2,880,000
—
None
250,000 shs.
The 20-year 6% coll. trust bonds, due 1956 will be issued under the
plan
of reorganization.
The holders of the 1st mtge. 7K% sinking fund gold
bonds, due 1942 who accept the plan
trust bonds, due 1956 of equal principal
likn amount of exchanged bonds plus 35
each $1,000 of bonds exchanged and $30
will receive
new
20-year 6%
cell,
amount and secured by pledge of a
shares of capital stock (no par) for
in cash.
Exchange of New for Old Securities—
The directors
announce the consummation of the plan of
reorganization,
July 15, 1936.
The U. S. District Court for the District of New
Jersey granted a preliminary order on Nov. 19, 1936 whereby the Court
approved and confirmed the plan and authorized the entry of a final order
terminating the receivership.
The final order terminating the receivership
was granted
on Dec. 8.
As of the close of business on Dec. 14, 1936,
owners of $2,695,500 of 1st
mtge. 7H% sinking fund gold bonds, due 1942,
out of $2,880,000 outstanding had deposited their bonds under the
plan.
Since the granting of the final order terminating the
receivership on
Dec. 8. all things necessary to the issuance of the new securities
pursuant
to the plan have been accomplished. (Holders of certificates of
deposit
for the first mtge. 7
% sinking fund gold bonds, due 1942, may now obtain
the securities to which they are entitled under the plan
by sending in their
certificates of deposit together with the letter of transmittal to the com¬
pany in care of Bankers Trust Co., 16 Wall St., New York.
Bondholders who have not as yet deposited under the plan
may do so
up to and including May 14, 1937.
Holders of certificates representing shares of capital stock
(par $100)
are, by virtue of the amendment of the certificate of incorporation,
dated
Nov. 28, 1936, now owners of five shares of capital stock without
par value
for one such former share of $100 par value.
Certificates representing
shares of capital stock without par value may be obtained in
exchange for
certificates representing shares of capital stock of $100 par value
by sending
in the old certificates to Bankers Trust Co., 16 Wall St., New
York, the
transfer agent for the new capital stock.—V. 143, p. 3841.
dated
Franklin Rayon
Corp.—Admitted to Listing & Registration
The New York Curb Exchange has admitted the common stock,
$1 par,
to
listing and registration.—V. K3,
Gar Wood
p.
3630.
Industries, Inc.—Estimated Earnings—
Period End. Sept. 30—
1936—3 Mos.—1935
1936—9 Mos.—1935
Profit before Federal in¬
taxes & subject
inventory adjustm't
—V. 143, p. 3631.
$ 67,000
$1,050,000
$703,000
General American Investors Co.,'Inc.—Initial Common
The directors have declared a dividend of 75 cents per share on the
stock, payable Dec. 19 to holders of record Dec. 15.
This will
be the first cash dividend to be paid on the common stock by the present
f
common
p.
2367.
General Electric Co.—To Raise Radio Prices—
On Jan.
an average
1 this company will advance the prices on radio receiving sets
of from 4 to 6% in the New York City and Newark, N. J., areas
The advances are due to higher labor and material costs.
It is possible
that on about May 1, next year, when new models are brought
out, higher
costs
will force
a
further price rise.—V.
$62,500
95,226
366,063
9,728
322,381
Due from officers & employees
Inventories
Purchase contracts—payments
Reserve
Invests, in other companies, at
face value
15,000
Timber
&
timber
lands,
1937
44,157
estate
Im¬
Purchase contracts payable...
bldgs.,
& equip, (less:
for depreciation)
due to Sept. 30,
for real
provement taxes
Accrued liabilities
1,061,369
less
depletion
Goodwill..
22,691
Capital stock (par SI)
Capital surplus
....
4,222
78,587
13,465
1,259,490
224,764
186,117
Earned surplus
1
exps.
&
def.
15,705
charges
Total
$1,968,531
Total
.81,968,531
-V. 143, p. 2679.
General
Finance
Corp., Detroit, Mich.—Debentures
Offered—A syndicate consisting in part of Jackson & Curtis,
First of Michigan Corp., and Charles A. Parcells & Co., on
Dec. 9 offered by means of a prospectus a new issue of
$750,000 15-year 5% convertible debentures, series B,
at 101 % and interest.
The present issue is the second offering of this corporation's
securities by the same underwriting group this year.
In
March, 1936, $750,000 10-year debentures due Feb. 1, 1946
were
In
offered at 99 and int.
addition, 2,250 shares
of
common
stock
are
offered
apart from the debentures at the market (now estimated at
$4.75 per share).
The principal underwriters have agreed to purchase from the company
common stock for each of the company's $337,000 of 10-year
5% convertible debentures called for redemption on Dec. 1, 1936, and not
duly presented by the holder thereof for conversion. For this undertaking
the company, on Nov. 16, 1936, paid such underwriters, in proportion to
the number of shares to be purchased by them, an aggregate amount of
$10,500. In addition to this payment the principal underwriters will retain
as an underwriting discount
the excess of the market price at which the
2,250 shares of common stock so purchased are sold to the public over the
price paid to the company therefor.
This excess is now estimated to be
59 cents per share, aggregating $1,327.50 for all the shares offered, but it
may be more or may be less.
The series B debentures are dated Dec. 1, 1936; due Dec. 1, 1951. Debs,
are to be subordinate to outstanding and future collateral trust notes of the
company, or renewals thereof, having a stated maturity of not more than
nine months. Company covenants in the indenture that it will at all times
maintain its net worth at a sum equal to at least 150% of the principal
amount of debentures of all series issued thereunder and then outstanding.
Principal and interest (J. & D.) payable at principal office of Continental
Illinois National Bank & Trust Co., Chicago. Coupon debentures in denom.
of $1,000 registerable as to principal only.
Red. all or part at option of
company on first business day of any month upon at least 30 days' notice
at principal amount plus a premium of: 5% through Dec. 1,1937, thereafter
4K% through Dec. 1,1938, thereafter 4% through Dec. 1, 1939, thereafter
3 Yi %through Dec. 1,1940, thereafter 3% through Dec. 1, 1941, thereafter
2H% through Dec. 1, 1942, thereafter 2% through Dec. 1, 1943, thereafter
1J^% through Dec. 1, 1944, thereafter 1% through Dec. 1, 1946, thereafter
^ of 1% through Dec. 1, 1948, and thereafter at the principal amount,
in all cases with accrued interest.
Reimbursement upon written demand
within six months of final payment for Federal income tax to not exceeding
2% of the interest oh the debentures held, for Mass. income tax to not
exceeding 6% of such interest, and for any Conn, or Penna. personal
property tax to not exceeding three mills per annum on each dollar of
250 shares of
taxable value thereof.
Convertible—Holders may convert the debentures into shares of common
stock at any time on or before Dec. 1, 1942, or prior date of redemption,
in following ratios for each $1,000 thereof, (accrued int. and cash in lieu of
fractional shares to be paid to the holders):
160 shares if converted on or
before
Dec.
Dec. 1, 1938; 125 shares if converted thereafter but on or before
1, 1940; 100 shares if converted thereafter, but on or before Dec. 1,
1942.
Purpose of Issues—Net proceeds of the securities offered hereby, estimated
$711,502 after deducting estimated expenses of $11,107 in connection
the sale thereof, will be received by the company on the delivery
date and are to be used for additional working capital and the expansion
of the company's business as now conducted.
Such net proceeds are not to
be devoted to any specific purpose, but are to be free treasury funds.
The
working capital will be devoted to the general purposes of the company's
business as more particularly set forth herein under "business."
at
with
Business—Corporation was incorp.
on
May 11,
1933, in Michigan and
does business only in that State.
Company has facilities for the purchase and collection of evidences of
indebtedness representing the purchase of motor vehicles upon deferred
payments, and the present policy of the company is to adhere to business
of this type and to the making of loans upon the security of motor vehicles.
confines
its
purchases of conditional sales contracts and promissory
by chattel mortgages representing the purchase and sale of
represents-motor vehicles selling, except in
a few cases, for $1,500 or less.
Its assets, except for office furniture and
equipment, consist principally of cash and current receivables.
Company
conducts its business by means of its capital and surplus, and with money
secured by it from banks and semi-banking institutions in substantially all
cases evidenced by its collateral trust notes.
These collateral trust notes
generally range from one to six months in maturity, and in no case exceed
notes secured
$400,000
Dividend—
company.—V. 143,
Notes payable—banks
Accounts payable..
rec
It
come
to
Liabilities—
$155,590
Accts. .notes, & trade accept.
Prepaid
Listing of 6% Collateral Trust Bonds—
The New York Stock Exchange has authorized the listing of
$2,880,000
20-year 6% coll. trust bonds, due Nov. 15, 1956.
Company was organized in New Jersey on Feb. 20, 1899.
Since 1930
It has been prevented from attaining capacity
production and earnings by
the drastic restrictions
imposed upon the production of raw sugar by the
Cuban
Assets—
reserve
has been ended and the company has been returned
by order of Federal Judge William Clark of
the U. S. District Court for the District of New
Jersey.
its officers
net
Cash
Land,
The receivership
to
6.002
5,333
8,094
3,000
Consolidated Balance Sheet Sept. 30, 1936
any
excess
Francisco Sugar
loss$21,378
1,802,741
267,148
profits of corporation for nine months ended
Sept. 30, 1936, before provision for Federal income taxes and surtaxes on
undistributed earnings, amounted to $186,117 equal to about 14.8 cents
per share, compared to a loss of $21,379 in corresponding period of last year.
b$26,352,484
or
—
Net income
1,541,000
New York State franchise tax
...
Miscellaneous changes
Provision for profit participation
common
Federal normal income
a
Total profit..—
Interest paid
Shut down expense
$1,675
Management fee accrued
$1,051
$186,117
Commercial expense.
Operating profit
($19,773)
Provision for taxes
Reserve for taxes on
$228,816
3,399
2,378
5,166
31,753
Net sales
Cost of sales
320,650
closed bank, carried at amount of claim
($36,504)
less allowance for est. possible loss
loss$14,931
15,983
•
$1,063,148
receivable
$2,054,958
$199,130
29,685
_
$2,287,990
9,771
59,133
147,220
16,906
$2,901,666
2,412,853
289,682
Royalties
Freight & delivery exp
Cash discount allowed
Statement of Net Assets at Nov. 30, 1936
-c±SS6tS"■
1936
$3,203,891
9,967
85,154
179,786
27,315
Returns & allowances
Corp.—Consolidation—See
National Investors Corp. below.
gash
Dividends
3999
General Box Corp.—Lai ger Dividend—
corporate purposes.
143,
p.
3316.
motor vehicles to that class which
nine months.
The notes are sold at a discount, the rate of which is de¬
pendent upon their respective maturities and now varies principally from
1% to 2}^%Company has established lines of credit, at banks doing
business in the eastern and middlewestern parts of the United States,
aggregating more than $5,500,000. The principal amount of collateral trust
notes issued by the company and outstanding from time to time is increased
or
decreased in accordance with changes, seasonal or otherwise, in the
total volume of receivables. The profits resulting from the operation of the
company's business are dependent upon the public demand for motor
venicles and upon the rates of discountjwhich the company incurs in the
discounting of its collateral trust notes.
1934
Financial
4000
*Nov. 30, 1935 (11 months)
6,452,949
8,295,840
8,794,384
Sept. 30, 1936 (10 months)
*
Wholesale
Small Loan
$2,282,085
$121,614
4,467,809
218,136
Retail
$3,280,815
5,611,993
6,868,252
In
1935 the company's fiscal year
instead of on Dec. 31.
Capitalization
as
from
14.
Total dividends paid during
400,869
600,220
stock and $13.75 a share on
of Sept. 30, 1936
Authorized
aOutstanding
The company reports for its subsidiaries a gain of 1,209 company-owned
telephones for the month of November, 1936, as compared with a gain of
615 telephones for the month of November, 1935.
The gain for the first
11 months of 1936 totals 18,640 telephones, or 5.93%, as compared with a
Upon completion of this financing.
called for redemption on Dec. 1, 1936, $337,000
debentures, the holders thereof having the privilege of covering
their debentures into shares of common stock up to the close of business on
the redemption date at the current conversion ratio of 250 shares for each
debenture converted, the debentures being all of $1,000 denomination. The
underwriters have agreed to purchase from the company 250 shares of
common stock for each debenture so called for redemption and not duly
presented by the holder thereof for conversion,
y Exclusive of 8,195 shares held in the treasury.
z Of these shares 187,250 were still reserved, as of Sept. 30, 1936, for the
conversion of the debentures then outstanding, 25,000 are reserved for the
exercise of the option, and 120,000 shares are to be reserved for the con¬
a
gain of 10,919 telephones, or 3.63% for the corresponding period of 1935.
The subsidiaries now have in operation a total of 333,415 company-owned
In addition company
x
of these
version of the debentures
now
offered.
Corp.—Gain in Stations—
General Telephone
$750,000
x$412,000
750,000
750,000
250,000 shs. y65,805 shs.
z2,500,000 shs. 751,050 shs.
10-year 5% conv. debs, due 194615-year 5% conv. debs, series B
6% cum. pref. stock (par $10)
Common stock (par $1)
143, p. 3632.
telephones.—V.
special dividend of 50 cents per share in
the regular quarterly dividend of 25 cents per share on the
common stock, no par value.
The special dividend will be paid on Dec. 24
to holders of record Dec. 14 and the regular quarterly payment will be made
on Jan. 1 to holders of record Dec. 22.
A dividend of 25 cents was paid
The directors have declared a
addition to
on
Oct. 1, last,
this latter being the first payment made since
distributed.—V. 143, p. 3466.
Georgia & Florida RR.—Earnings—
30,'35 Sept.'30,'36
Total oper. revenues
Total oper. expenses
$373,115
245,838
$640,148
329,658
$876,552
380,255
$1,050,780
496,276
$127,277
33,138
$310,490
$496,297
$554,504
Profit
on
sale of securs—
$310,490
128,935
$496,297
123,147
$554,504
146,750
$93,281
$181,555
$373,150
45,742
1,662
65,055
8,266
45,053
43,362
61,825
$45,877
officers
to
$108,234
$284,735
$345,929
&
employees
of Motor
Acceptance Co
Prov. for Fed. inc. tax--
Net income
Corp. was incorp. on May 11, 1933.
Its accounts,
operations from May 1, to May 11, 1933, conducted for its benefit
by General Discount Corp., its then parent company. The results for 1933
reflect only eight months operations in the case of the company and a full
x
General
Finance
reflect
year's operation in the case of Motor Acceptance Co.
y The figures in this column are compiled from the profit and loss state¬
May 31, 1936 and the four months ended
Sept. 30, 1936.
Underwriting—The name of the principal amount of debentures and the
proportion of the shares of common stock to be offered which are severally
underwritten by each of the principal underwriters follows:
ments for the six months ended
Debentures
Jackson & Curtis, Boston
First of Michigan Corp., Detroit
Charles A. Parcells & Co., Detroit
Jackson & Curtis Securities Corp., Boston.
—V. 143, p. 3316.
General Fireproofing
The directors have declared
addition to
1,125
600
450
75
shs.
shs.
shs.
shs.
Co.—Extra Dividend—
an
extra dividend
of 30 cents per share in
regular quarterly dividend of 10 cents per share on the common
stock, both payable Dec. 24 to holders of record Dec. 16.
Extra dividend
of 10 cents was paid on Oct. 1, last.
a
$1,033,272
(H. C.) Godman
Co.—Accumulated Dividend—
dividend of $1.50 per share on account of
second preferred stock, par $100, payable Jan.
The directors have declared a
10 to holders of record Dec. 10.
Accumulations after the current
share.—V. 143, p.
payment will
amount to $10.50 per
2369.
(B. F.) Goodrich
Co.—Bonds Called■—•
The company on Dec. 2 called for redemption on Feb. 1, 1937, the $16,421,500 face amount of 6J^% first mortgage bonds remaining outstanding
of the $25,000,000 25-year issue of 1922, due July 1, 1947.
David M. Goodrich, Chairman of the Board, said the company has de¬
posited funds with the Bankers Trost Co., trustee, and that the bank is
now ready to pay the bonds with interest in full to Feb
1.
The bond*
were callable on 60 days notice at 107 plus interest.
The Chairman pointed out that it is not necessary for holders of the
bonds outstanding to wait until Feb. 1 to obtain immediate payment of the
full redemption price plus accrued interest to the Feb. 1 date.
The call for redemption follows the sale to a banking group headed by
Goldman Sachs & Co., of an issue of $27,000,000 of 4H% first mortgage
bonds due in 1956.
In addition to making possible the saving effected by
retiring the 6 M% issue of 1922, proceeds of the sale will be available for
general corporate purposes, including
Chairman said.—V. 143, p. 3842.
Common Stock
$375,000
200,000
150,000
25,000
$19,450
1935
$1,106,183
1935
—V. 143, p. 3842.
$407,754
Net inc. bef. bonuses.
Bonuses
1936
1936
$21,950
Gross earnings
accumulations on the 6%
$160,415
67,134
Total deductions.
Jan. 1 to Dec. 7
—Fourth Week of Dec—
j
—Years Ended Dec. 31— 11 Mos.End ylOMos.End
Nov.
April 1, 1931
when 20 cents per share was
Earnings for Stated Periods
1934
Corp.—Special Dividend—
General Time Instruments
'
xl933
1936, consisting of this dividend and that paid
1936, will amount to $15 a share on the $6 dividend preferred
the $5.50 dividend preferred stock, and there
will remain cumulative dividends accrued and in arrears, including the
dividend normally payable on Feb. 1, 1937, of $15 a share and $13.75 a
share, respectively, on these two series of preferred stock.—V. 143, p. 2522.
June 30,
on
changed to end on Nov. 30
was
1936
19,
a pro rata dividend of $9.16 2-3 a share on account of accumulations on the
$5.50 dividend preferred stock were declared out of earned surplus derived
security profits, payable Dec. 24, 1936 to holders of record Dec.
Volume of Purchases
Periods Ended Dec. 31—
Dec.
Chronicle
additional
working capital, the
Godfrey Realty Co.—No Interest Payment—
the Century Bond & Management
the bond interest coupon due on Dec. 1
passed by the holders of 6% first mortgage
bonds three years ago which provided, among other things, that bond
interest at the fixed rate of 6% per annum would be resumed on Dec. 1,1936.
The bondholders' committee of Godfrey Realty Corp. has this matter
in hand and will shortly advised bondholders of their finds.
However, Godfrey Realty Corp. advised that on Dec. 1, a payment of
1 Yi % on account of the "certificate of inddbtedness" attached to the bonds
will be made.
To this amount will be added interest at the rate of 6%
per annum on the deferred interest.
This means that on a $100 par value bond, the total payment will be
$1.72; on a $500 par value bond the payment will be $8.60; on a $1,000
par value bond the payment will be $17.20.—V. 141, p. 3861.
have been notified by
Bondholders
Co. that this company will not pay
A plan of adjustment was
next.
.
Consolidated
Balance
Sheet Oct. 31, 1936
Liabilities—
Assets—
5198,721
1,031,421
Inventories.
1,606,780
$300,000
118,923
Notes
Notes & accts. receivable (net)
Accrued payroll
Cash....
Land,
(net)
2,276,301
23,925
_
_
—
Accrued taxes.....-.———
bldgs., macli. & equip.
Patents and trade marks.
Accounts payable..
i23,351
Investments
Prepaid items
67,955
Miscellaneous reserves
1942
div.
notes
&
long
68,219
63,334
38,979
term
payables
—
Material reserve
1936 est. Fed. tax and surtax..
25,126
Liability insurance
752,100
shares..
shares 1,379,636
459,741
Earnings to Oct. 31, 1936
Preferred stock, 7.521
are
asking for tenders from holders
of the company's $3 cumula¬
tive preferred stock at a price not in excess of $40 a share, and to finance
the transaction they have appropriated a sum of not less than $150,000 nor
The exact amount to be used is to
than $200,000.
more
139,489
41,238
109,000
tock—
Gorham, Inc.—To Retire Preferred
Directors
,
be determined by
Dec. 15. The pur¬
C. L. Moreau, Sec¬
retary, announced that if sufficient stock is not offered to exhaust the ap¬
propriation, further open market purchases within the price limit set will
the corporation prior to the expiration of the offer on
chased shares are to be retired.
In asking for offers,
be made.—V.
142, p. 4179.
Common stock, 315,382
1,831,667
Surplus
Total
$5,327,4561
$5,327,456
Total...
The earnings for the 10 months ended Oct. 31 were
p.
published in V. 143,
3631.
General Investors
Trust—Larger Dividend—
a dividend of 40 cents per share on shares of
$1, payable Dec. 15 to holders of record Dec. 5.
This compares with 8 cents paid on May 1, last; 7 cents paid on Nov. 1,
1935; 6 cents on May 1, 1935, and on Nov. 1, 1934; 10 cents on May 1,
1934; 20 cents in 1933 and 12M cents per share paid on Dec. 1, 1932.—V.
143, p. 3466.
The company announced it would distribute $200,000 to its 17,000 em¬
ployees as combined Christmas and 30th anniversary bonus.
All employees
who have been with the company a year, except those who are on a profit^
sharing basis of compensation, will receive from one to two and a half weeks'
extra salary, according to the length of service.
In addition, those who
have been with the company less than a year will participate in the bonus
on a proportionate basis.—V. 143, p. 3843.
.
The directors have declared
beneficial interest,
Great
par
General Motors
Sale of General Motors
Corp.—Overseas Sales—
cars
and trucks to dealers in the overseas markets
during November totaled 24,088 units, representing an increase of 5.9%
Bonus—
(W. T.) Grant Co.—Christmas
Lakes Towing
Co.—Resumes Common Dividend—
dividend of $1 per share on the common stock on
This was the first payment made on
stock since December. 1931.—V. 143, p. 2840.
The company paid a
Dec. 15 to holders of record Dec. 5.
the
common
Greenwich Gas Systems, Inc.—Offering Delayed—
The company in an amendment filed with the Securities and Exchange
Commission has postponed the proposed offering of securities to Jan. 20.—
V.
143,
the volume in November of last year.
In the first 11 months of 1936, sales totaled
p.
3148.
over
294,713 units—an increase of
14.1% over the volume of 258,283 in the first 11 months of 1935. For the
12 months ended Nov. 30, 1936, sales totaled 320,711 units, representing
an increase of 16.7% over sales in the 12 months ended Nov. 30, 1935.
These figures include the products of the corporation's American, Can¬
adian, English and German factories sold outside of the United States and
Griesedieck Western Brewery
Co.—Stock and Cash Div.
The directors have declared a cash dividend
of 25 cents per share on the
capital stock payable Dec. 22 to holders of record Dec. 8.
They also declared a dividend of $3 per share payable in 5-year 5%
interest bearing scrip on Dec. 22 to holders of record Dec. 8.—V. 142, p.
no-par
4180.
Canada.—V. 143, p. 3841.
General Printing Ink
Corp.—Dividend Again Raised—
Group Securities, Inc.—Dividends—
The board of directors of Group Securities, Inc., an investment
classes of stock each represent an individual industry or
F The directors have declared a dividend of $2.50 per share on the common
stock, no par value, payable Dec. 23 to holders of record Dec. 17.
This
compares with $1 paid on Oct. 1, last; 50 cents paid on July 1 and April 1,
last; 40 cents in each of the three preceding quarters; 30 cents on April 1,
whose
Dec. 31, Oct. 1, July 2, April 22, 1934, and on Dec. 22,
1933: 25 cents on April 1, 1932, 50 cents on Jan. 1, 1932, and 62cents
per share paid quarterly from July 1, 1929 to Oct. 1, 1931, incl.
In addi¬
tion, the following extra dividend disbursements were made: 50 cents on
July 1, last, and on Dec. 31 1395; 30 cents on Dec. 31, 1934, and 10 cents
per share on Oct. 1, 1934.—V. 143, p. 2839.
Class of Stock—
Agriculture
1935; 15 cents
on
General Reinsurance Corp.Oct. 31 '31
4 QQpf q~—
Q
Cash
1,288,793
Liabilities—
Real estate
—
Accrued Interest.
Other admitted
a
$.055
308,000
51,115
unearned
—
.173
.205
.13
.163
Chemical
.026
.05
.076
.024
.048
Food
.026
.036
.031
.047
.038
.28
.025
.05
.07
.316
.056
.097
.108
.035
.057
.04
.064
.07
.082
.06
.05
.12
.074
.084
.142
3,087,504
Utilities..
.022
12,078,618
Total
16,381,516
Steel.
143, p. 1721.
Corp.—Accumulated Dividends—
meeting of the board of directors held on Dec. 3 a dividend of $10
share on account of accumulations on the $6 dividend preferred stock and
a
-026
.012
Tobacco
12.078.618
.024
.138
.024
1,000,666
..16.381.516
---
.022
—
Equipment
.014
.034
Surplus
.09
Railroad
1,000,000
156,794
—
Railroad.
490,189
Voluntary reserve.
1,000,000
5,969,040
as¬
Total
$.705
.19
Capital stock
72,781
$.65
.11
.033
Petroleum-__
308,000
for
Extra
Building
1,988,290
Res.
General Public Service
r At
Regular
.063
.015
premiums
2,216,181
for commis.,
taxes & oth. liab.'
799,864
Res.
company
business,
dividends on the various
Automobile
Aviation
All dividends
—V.
and extra
Dividend per Share
5,512,635
claim expenses:.
165,177
Total.
regular
classes of stock of the company:
5,396,430
640,170
_
sets
following
Investing Company
Merchandising
Mining
191,833
course
of collection
Dec. 31 '35
Res. for claims and
668,827
Mortgages
Premiums in
the
Industrial Machinery
Oct. 31 '36
489,296
10,238,659
194,583
Bonds and Stocks. 13,686,105
declared
Distillery and Brewery
Electrical Equipment
-Balance Sheet—
Dec. 31 '35
C
has
V.
143,
p.
are
payable Dec. 26 to stockholders
of record Dec. 11.—
430.
Halle Brothers Co., Cleveland, Ohio—Preferred Stock
Offered—Offering of 60,000 shares of conv. preferred stock
was made Dec.
11 by means of a prospectus by banking
Volume
firm
by Hay den, Miller & Co. of Cleveland.
The
priced at $52 a share.
Associated with Hay den,
Miller & Co. in the offering were:
Otis & Co., Inc.; Merrill,
Turben & Co., Inc.; Hawley, Huller & Co.; Maynard H.
Murch & Co.; Mitchell, Herrick & Co., Incl; Curtiss, House
& Co.; Field, Richards & Shepard, Inc.; McDonald-Coolidge
& Co., Inc., and Will H. Halle & Co., all of Cleveland.
Nov. 5, 1936
was
Under the terms of commitment letter the company is to issue $2,750,000
of first mortgage leasehold serial bonds, in 10 series, in principal amount
of
$275,000 each, to be dated April 1, 1936, and to mature on April 1 fo
year, beginning April 1, 1937, and to bear semi-annual interest at
134, 2, 234, and 3% per annum respectively for series A, B, C, and
D, and at rate of 4%% for series E, F, G, H, I, and J.
The bonds are to
be issued under a mortgage to National City Bank, Cleveland, trustee.
Metropolitan agrees to purchase and the company agrees to sell, at 100%
plus accrued interest, the bonds of series E to J inclusive, aggregating $1,650,000, such sale and purchase being for purposes of investment only and
not with a view to the distribution or resale thereof.
each
rate of
Offering to Holders of 6 )4 % Preferred Stock—Company is offering to the
holders of 6)4 % preferred stock, under a plan of exchange, the privilege of
exchanging such stock on the basis of one share thereof for two shares of
convertible preferred stock plus $3.50 in cash, together with dividends
Oct. 31, 1936
The Chase National
Bank, New York, agrees to loan to the company
$1,100,000 on a like aggregate amount of its notes to be secured by the
pledge of its leasehold bonds series A to D, inclusive.
Notes are to be in
the respective principal amounts and mature at the same times and bear
the same interest rates as do the bonds to secure which they are pledged
and to be in form 6f the note.
The commitment is conditioned upon the
consummation of the loan from Metropolitan.
as
Gross sales, less returns,
&c
Dividends at rate of $2.40 per share per annum payable Q.-J. cumulative
from Dec. 15, 1936; red. at any time on 30 days' notice, at $55 per share
if red. on or before April 30, 1942, at $53 per share if red. thereafter and on
b
The two issues of bonds were issued
as
1,189,000
17,372 shs.
224,480 shs.
4% % per annum upon the remainder.
Simultaneously with such authoriza¬
tion company authorized the issue and delivery of four promissory notes in
amount of $275,000 each maturing respectively on April 1, 1937, 1938,
1939, and 1940, and bearing respective rates of 134, 2, 234. and 3% per
annum, payable, in each case, semi-annually.
The new bonds in amount
of $1,650,000 maturing serially on and after April 1, 1941, are to be issued
and delivered on or about Dec. 14, 1936, to Metropolitan Life Insurance Co.
for investment, and the four notes are to be issued and delivered at or about
the same time to Chase National Bank, New York, for a loan of like amount
and secured by the pledge of first four series of new bonds maturing on
on and prior to April 1,
1940.
Net proceeds from the sale and issuance
of new bonds and notes are to be deposited in trust with the trustees under
the respective mortgage trust deeds securing the two issues of old bonds.
Both issues of old bonds have been called for redemption on Dec. 15, 1936,
and funds are to be applied for such redemption.
b Pursuant to action taken by holders of common stock at special meeting
held since Sept. 30, 1936, amended articles of incorporation have been filed
in office of Secretary of State of Ohio whereby there have been authorized
80,000 shares of convertible preferred stock (par $50), the authorized num¬
ber of shares of 634% preferred stock has been reduced to 16,644 and the
authorized number of shares of common stock (par $5) has been increased
to 500,000.
Giving effect to the above-montioned changes with respect to the capital
stock of the company, the authorized and outstanding shares of the respec¬
tive classes of stock, as of Dec. 11, are as follows;
Exclusive
of
shares
520
are
shares
reserved
tfeld
in
for
sale
Inve
tories.
Other current assets
Other assets
Fixed assets (net)
Deferred assets
Notes payable
Accts. pay. for purch. exp., &c.
^Outstanding
16,644 shs.
None
$500,000
1,150,422
Customers' credit balances
Accrued and unpaid
22,138
liabilities.
Other current liabilities
Long-term debt
Reserve for contingencies..
368,940
201,230
2,438,700
100,000
1,737,200
1,122,400
10,257
2,498,648
634% preferred stock
Common stock (par $5)
Capital surplus
Earned surplus
$10,149,936|
Total
$10,149,936
Total
-V. 143, p. 3843.
Hammond Clock
Co.—Optional Dividend—
The directors have declared
,
a
dividend of $2 per share on the common
stock payable Dec. 16 to holders of record Dec. 2.
The common stock¬
holders have the option of being paid in cash or in 6% cumulative con¬
vertible preferred stock.
stock
Harding Carpets, Ltd.—Earnings—
«.
—
«•
«.
~
rnt-m
m.
m\m
the 50-cent
1933
1934
$97,472
$92,585
$114,086
was
°
1935
1936
Profit from operations.
Int. on borrowed money.
—
$35,835
9,540
26,027
'■
Provision for deprec. of
48,564
47,004
46,806
11,200
7,100
7,111
$54,323
8,500
buildings and plant
$38,481
$43,554
Dominion and Provincial
income taxes
Net
profit before de¬
preciation of plant.
paid..
Dividends
$267
—
...
Balance Sheet Oct. 31
1936
Assets—
Cash
x
Liabilities—
1935
$7,483
76,851
290,013
-
Fixed assets
$1,478
69,161
235,337
567,233
6,542
Accounts receivable-
598,500
2,640
Bank loan
1936
(secured)..
and Prov. inc. taxes
z
Capital stock
$948,122 $907,1151
Total
1935
$14,000
Accts. & bills payable
& accrued liabilities. $35,776
Reserve for Dominion
Earned surplus
11,200
774,330
126,815
30,101
7,100
774,330
81,584
...$948,122 $907,115
Total
x After
reserve for bad
and doubtful accounts of $8,600 in 1936 and
$7,700 in 1935.
y After reserve for depreciation of $291,804 in 1936 and
$243,240 in 1935.
z Represented by 170,000 shares of no par value, of
which 169,573 have been issued and 427 are held for exchange for the old
pref. and common snares.
(Authorized, 300,000 shares of no par value.)
—V. 143, p. 273.
Hart &
Cooley Co.— To Pay $7 Dividend—
have declared an extra dividend of $5 per share and a
regular dividend of $2 per share on the common stock, par $25 both payable
some time in December.
A dividend of $3 was paid on Oct. 1, last; $2.25
The directors
last; $1.50 on April 1 and Jan. 1, 1936 and $1.12)4 per
three months previously.
In addition an extra dividend of
$1.50 per share was paid on Sept. 30, 1935.—V. 143, p. 2052.
paid on July 1,
share paid each
Hartford Connecticut Ry.—Trustees
Federal Judge Hincks at
RR.
necticut Ry., which operates 122 miles of
and Agawam, Mass., and Rhinecliff, N.
Hartford;
Winthrop
M.
Appointed—
New Haven appointed the three trustees of the
New York New Haven & Hartford
Daniels,
New
as trustees
for the Hartford Con¬
lines between New Haven. Conn.,
Y. They are James Lee Loomis,
Haven, and Howard S. Palmer,
President of the New Haven System.
Counsel for the Reconstruction Finance
Corp.
and Public Works Ad¬
ministration opposed the selection.
224,480 shs.
(Walter E.) Heller & Co .—Extra Dividend—
of tne company,
y 5,000
employees of the company and
treasury
to
$434,389
210,988
2,727,027
2,671,528
97,185
358,172
3,348,397
302,249
Accounts receivable (net)
Deferred charges
x
32,000
$207,357
Liabilities—
y
unissued
54,000
$378,102
Marketable securities
Inventories
to 3% per annum upon bonds of first four series and at rate of
16,644 shs.
80,000 shs.
y500,000 shs.
68,000
$465,468
Consolidated Balance Sheet Sept. 30, 1936
_
■om
Authorized
31,000
Assets—
from
—
$399,311
159,953
Cash
of April
634% preferred stock (par S100)
Convertible preferred stock (par $50)
Common stock (par $5).
$689,396
257,293
$281,536
Net income
Eage April 1, 1937, tobonds 1, 1946, andof $2,750,000 to at rates varying
leasehold serial April in amount to bear interest mature serially
1 Yi
$843,334
309,865
Years Ended Oct. 31—•
1, 1924, and Aug. 1,
1936, respectively by Ilalle Brothers Realty Co., wholly-owned subsidiary,
and at time of issuance were obligations of such subsidiary.
On or about
Dec. 30, 1929, the company acquired from the subsidiary a 95% interest
In the property securing the old bonds and in connection there with assumed
the obligations represented by all of the old bonds and the terms of the
respective trust indentures under which they were issued.
Since Sept. 30,
1936, the company has acquired the remaining 5% of the assets of the sub¬
sidiary and the subsidiary is in process of dissolution.
Since Sept. 30, 1936, the company has authorized an issue of first morta
$346,101
53,210
undistrib. profit taxes
1st mtge.
-
*>
$603,100
86,296
Prov. for est. Fed. inc. &
Outstanding
$1,422,700
1st mtge. leasehold 6% gold bonds, 1925-1944.
$2,800,000
leasehold 6% serial gold bonds ($2,500,000 authorized) of which series A bonds
amturing serially from Aug. 1, 1928 to Aug.
1,1946--.
1,750,000
634% preferred stock ($100 par)
35,323 shs.
Common stock (par $5)
300,000 shs.
$734,940
108,393
The last previous payment made on the common
dividend paid on Jan. 15, 1931.—Y. 143, p. 3468.
Capitalization as of Sept. 30, 1936
Authorized
a
59,564,494
7,590,479
1,627,913
$716,443
403,906
Other deductions
next
a
$13,339,356 $13,849,462
10,345,351
10,832,632
2,259,064
2,413,729
569,783
146,660
Operating profit..
Other income
before April 30, 1947, and at $52 per share if red. thereafter, together,
each case, with accrued unpaid divs.
Entitled, on voluntary or in¬
Funded Debt and
$11,725,141
9,209,301
1,946,056
Merchandise, &c. costs.
Adm. sell., gen. &c. exp.
l
voluntary liquidation, to redemption price in effect on date fixed for liquidat¬
ing distribution.
Convertible until, but not after, April 30, 1947 (or day
preceding date fixed for redemption) into common stock at $30 per
share on or before April 30, 1938, at $33.33 1-3 thereafter and on or before
April 30, 1940, at $37.50 thereafter and on or before April 30, 1942, at $45
thereafter and on or before April 30, 1945, and at $50 thereafter on or
before April 30, 1947, with provisions intended to compensate for dilution
on certain contingencies.
Application of Proceeds—Net proceeds to be derived from the sale of the
convertible preferred stock which are not issued in exchange for 6 34 %
preferred stock in satisfaction of the exchange privilege will, to the extent
necessary for such purpose, be used to pay the redemption price of 10734
plus accrued dividends, of all shares of 634 % preferred stock not surrendered
for exchange.
The balance of the net proceeds will be used to increase
working capital.
.
History and Business—Company is engaged in operating department
stores for the retail sale of broad lines of merchandise and for the furnishing
of services incident to the conduct of a department store.
Its principal
establishment is located in Cleveland, Ohio.
It also operates stores in the
cities of Canton and Warren, Ohio, and a small shop in Ashtabula, Ohio.
The business to which the company has succeeded was inaugurated in
1891 by Salmon P. Halle and Samuel H. Halle, as partners.
In 1902 the
partnership was succeeded by a corporation and on March 5, 1914, the
company was incorporated in Ohio and thereafter acquired the business
which it has carried on and expanded since that time.
The company has buying representatives in N. Y. City, in many of the
principal cities of Europe and in China and Japan.
The Halle Brothers Co. (Pa.), the wholly-owned subsidiary of the com¬
pany, operates a specialty store in the city of Erie, Pa.
Sept. 30 '36
1936
1935
1934
glus accruedindividends, by such of the bankers as are registered dealers
securities
Ohio.
in
8 Mos. End.
Years Ended Jan. 31
shall not have been taken
in exchange by the holders of the 6 H% preferred stock is being offered to
others, subject to prior sale at the public offering price of $52 per share
or
(Including Subsidiaries)
Income Statement
in Ohio.
of the convertible preferred stock
York, and Company Dated
Commitment Between Chase National Bank, New
accrued upon the 6)4 % preferred stock to the date to be fixed for the
redemption of the 634% preferred stock, subject to the condition that the
privilege of exchange shall not' become effective until the plan is declared
operative by the company.
Acceptance of such exchange privilege by the
holders of 634% preferred stock is to be evidenced by a deposit of their
shares of such stock, together with a letter of transmittal, duly executed,
with Cleveland Trust Co., Cleveland, Ohio, at or before 3 o'clock p. m..
Eastern Standard Time, Dec. 18, 1936.
This deposit may be effected
directly or through such of the bankers as are registered dealers in securities
Such part
Insurance Co. and Company Dated
Commitment Between Metropolitan Life
headed
stock
4001
Chronicle
Financial
143
have declared an extra dividend of 5 cents per share in
to the regular quarterly dividend of 10 cents per share on the
stock, both payable Dec. 28 to holders of record Dec. 18.
Previous
distributions were as follows; 5 cents on Sept. 30 last; 7)4 cents on
The
directors
its subsidiaries.
addition
Underwriting—Company has entered into an agreement dated Nov. 30,
1936, with the principal underwriters named below under which they
severally agree to purchase and the company agrees to sell at $50.75 per
share the respective percentages of an aggregate of 40,000 shares of con¬
vertible preferred stock which are set opposite their names below, except
that to the extent that shares become subject to issuance in exchange for
634% preferred stock surrendered for exchange the obligation of the com¬
pany to sell and of the several underwriters to purchase shares is reduced.
common
The
names
of the underwriters and the respective percentages of stock to
extra
Sept. 30, 1935; 2)4 cents on July 2 and April 2, 1935; 27H cents on Jan. 2,
1935, and 10 cents per share on Jan. 2, 1934.
The regular quarterly divi¬
dend was increased from 2)4 cents to 10 ents per share with the Dec. 31,
1935 payment.—V. 143, p. 3633.
Hercules Motors Corp.—Extra Dividend—
The directors have declared an extra dividend of 75 cents per
addition
be purchased by them are as follows:
no
Hayden,' Miller & Co., Cleve__25%
Otis & Co., Cleveland
15%
15%
Hawley, Huller & Co., Cleve
12%
Maynard H. Murch & Co.,Clev.l0%
Mitchell, Herrick & Co., Cleve. 8%
Merrill, Turben & Co..
Curtis, House & Co., Cleve.___
Field, Richards & Shepard, Inc.,
Cleveland
McDonald-Coolidge
6%
Co.,
the regular
3%
the
3%
Dec.
on
141, p.
per
share in
share on the
purchase, in percentages to be designated by Hayden, Miller & Co., as
representative of the underwriters, an aggregate of not lass than 10,000 nor
more than 20,000 additional shares of convertible
preferred stock during
the period of 60 days from and after the effective date of the registration
statement, written notice of the exercise of this right to be given by Hayden,
stock, no par value, payable Dec. 22 to holders of record
The regular quarterly dividend of 75 cents per share was paid
stock on Nov. 15, last.—V. 143, p. 3000.
common
15.
the
common
pur¬
chase at the price of $50.50 per share plus accrued dividends to the date of
Hinde & Dauch Paper Co. of Canada, Ltd.—Dividend
Doubled—
dividend of 25 cents per share on the no-par
stock payable Dec. 21 to holders of record Dec. 10. This compares
The directors have declared a
common
with dividends of 12)4 oents per share paid on Oct. 1, last, and in each of
the seven preceding
I
quarterly dividend of 25 cents
stock, both payable Dec. 24 to holders of record Dec. 14.
3862 for detailed dividend record.—V. 143, p. 3633.
The directors have declared ah extra dividend of 60 cents per share on
Cleveland
Miller & Co.
to
common
Hershey Chocolate Corp.—Extra Dividend—
Will S. Halle & Co., Cleve
P The company has granted the right to the several underwriters to
See V.
3%
&
par
quarters.—V. 143, p. 2372.
Financial
4002
Dec.
Chronicle
1936
19,
Consolidated Balance Sheet Sept. 30
Cash
trading markets in
&
Notes
x
1935
$664,698
receiv.—trade.
R. Hoe & Co.
83,375
4,106
5,080,199
Fixed assets—
Res. for contg
210,538
5,159,108
year--
50,000
618~345
618,345
6J4% pr. pref. stk.
7% pref.stock...
15,743
165,060
165,060
959,970
Com. stk. (par $1)
160,000
Capital surplus... 4,357,821
Surplus arising from
959,970
Class A stock (par
Patents, less res.
for amortization
Class "A" Stock
264,459
4,441,499
Long-term debt... 4,371,500
Other assets
7% Notes (with Stock)
39,278
184,037
taxes.
Accrued interest-.
accts.,
receiv., due after
one
$422,045
158,738
$620,845
173,171
U.S.& British inc.
1,026,266
1,442,999
1,310,059
1,327,800
-
and
payable-
Accrued accounts.
-
Inventories
Notes
Accounts
accts.
1935 ^
1936
Liabilities—
1936
$920,767
Assets—
We maintain
1
1
126,508
Deferred charges.-
$10)
95,613
160,000
4,349.151
appraisal of fixed
Tennessee Central
1,476,042
1,487,069
4,323,254
4,411,368
assets
Railway
Deficit
of
earned
surplus
Preferred and Common
After reserve for doubtful notes
x
$8,852,816 $8,614,970
Total.. —
.$8,852,816 $8,614,970
Total
BOUGHT—SOLD—QUOTED
and accounts of $181,700 in 1936 and
$198,877 in 1935.—V. 143, p. 1080.
Hollinger Consolidated Gold Mines, Ltd.—Extra
Inquiries Welcomed
Div.—
10 cents per share in
monthly dividend of 5 cents per share on the capital
stock, both payable Dec. 31.
Extra dividends of five cents per share were
paid on Dec. 1, Nov. 3, Sept. 7, July 14, May 19, March 24 and Jan. 28,
last, and on Dec. 2, Oct. 7 and July 15, 1935.
See also V. 140, p. 973,
for further dividend record.—V. 143, p. 3149.
have declared an extra dividend of
The directors
addition to the regular
Hanson & Hanson
Established 1912
25
The directors have declared an extra
Bell Teletype N. Y. 1-137
Telephone Digby 4-8700
Extra Dividend—
Homestake Mining Co.—$2
New York City
Broadway
to the
dividend of $2 per share in addition,
share on the capital stock, par
regular monthly dividend of $1 per
$100, both payable Dec. 24 to
holders of record Dec. 19.
Similar distribu¬
29 preceding months.
The company paid
tions were made in each of the
of $1 per share and regular dividends of $1 per share each
month from Jan. 25, 1934, to and including June 25, 1934.
In addition,
extra dividends
Hickok Oil
Corp.—Extra Dividend—
dividend of 50 cents per share on the
payable Jan. 2 to holders of record Dec. 24.
The directors have declared an extra
class A common stock, par $10,
Similar payment was
made
special extra of $20 per share was paid on Dec. 5,
Hoover Ball & Bearing Co.—To Pay
£
Sept. 15 last.—V. 143, p. 3000
on
a
The directors have declared a
Hoboken Manufacturers RR.— Would Extend Note—
The company has applied to the Interstate Commerce Commission for
permission to extend for three years from Jan. 11 a 6% promissory note for
$298,040, payable to Sea Train Lines, Inc.—V. 142, p. 4022.
since
[Including R. Hoe & Co., Ltd., a subsidiary company]
At
and accessories.
12
Sept. 30,
months period ended
1936, a combined total of
$6,245,643 of orders were secured by the New York and London companies,
representing an increase of approximately $1,872,278 over 1935, and the
largest volume of sales for any year since 1929-30.
Unfilled orders as of
Sept. 30, 1936, were about $1,000,000 larger than on the same date last
April
1931—V. 143, p. 3319.
1,
a
meeting of the board of directors held Oct.
the outstanding shares of prior preference
on
of record Dec. 1.
meeting of the board of directors held Dec. 1, a
to holders
At
a
of 6c., payable Dec. 17, to holders of record
above mmentioned prior preferred stock.
At the
same
the Company's Funded Debt Have Been Fully
on
Covered
ended Sept. 30,1936 there was a consolidated profit of
$391,858 before interest charges.
After interest charges of $264,459 on
the 6% % bonds and 7 % notes there was a net consolidated profit of $127,398
before income taxes.
For the same period of 1935 there was a deficit of
$4,86,293 before interest charges and a net loss of $650,753.
Under the plan of readjustment dated Jan. 16, 1935, payment of interest
on the company's 6%%
bonds for each year ending Sept. 30 during the
period of Oct. 1,1934 through Sept. 30,1937, is cumulative and to the extent
that payments of interest on Dec. 31, 1935, 1936 and 1937 are made at less
than 6%% for the preceding fiscal year, the deficiency shall accrue and be
payable on Dec. 31 of any subsequent fiscal year provided there may be
any balance of consolidated net earnings of the company available for such
payment.
Accordingly, payment of interest on the company's 6% % bonds
will be made on Dec. 31, 1936, at the rate of 10%, representing a payment
For the fiscal year
of 3%% for the fiscal year of 1935 and 6% % for
Under the same plan of readjustment, interest will be
the rate of 3 1-3%
on
the fiscal year 1936.
paid on Dec. 31, 1936
the company's 7% notes, representing one-third
of the rate paid on the 6% % bonds.
The company's consolidated financial
meeting there was also declared on
1936 for both the New York and London companies was $920,766.
consolidated current assets of the companies were $3,558,626, and
The
the
liabilities were $833,295.
We believe that this striking improvement more than bears out the state¬
current
ment, made in the letter of April 3, 1936 to the company's security holders,
that:
"The goal toward which we have all been working seems to be at
hand, providing a continuation of management
tained and internal strife eliminated."
On July 8,
Mr. Zirn and
and policies can be main¬
1936 Samuel Zirn and other stockholders, individually, and
certain of those stockholders constituting the independent
share was declared to stockholders of record
stock.—V. 143, p. 2373.
per
on
R. Hoe &
R. Hoe &
Co., Inc.
Net oper.
Co., Ltd.
$437,966
profit (before deprec.)
28,454
Other income-
$148,468
14,357
Consoli-
of 30c.
Dec. 10, payable Dec. 17,
common
(Formerly Hotel Manger)—Interest—
of participation certificates in
Prudence-Bonds Corp. Hotel
(formerly Hotel Manger), guaranteed by The Prudence Co., Inc.
will receive, upon presentation of their certificates, with all appurtenant
Owners
of bearer cer¬
of Bank of The Manhattan
maturing July 1, 1933 and thereafter in the case
coupons
tificates, at the Corporate Trust Department
Co., 40 Wall Street, New York, a sum in cash equal to 3% of
amount of the certificates on account of past due interest
142,
the principal
thereon.—Y.
3855.
p.
Household Finance Corp .—Balance
Sheet—
30, 1936 will be found in the
Our usual comparative balance sheet was
The consolidated balance sheet as of Sept.
advertising pages of this issue.
published in our issue of Oct. 31, page 2842.
Recapitalization Plan Voted—
Stockholders on Dec.
•
recapitalization outlined
of the class A stock, 99%%
stock were voted in favor of
11 approved the plan of
143, p. 3319.
Proxies representing 84%
of the class B stock and 78% of the preference
in V.
3844.
Lighting & Power Co.— Underwriters—
The company has filed an amendment with the Securities and Exchange
Commission stating that Halsey Stuart & Co., Inc., will underwrite
$8,000,000 of the $27,500,000 of 3%% first mortgage bonds to be offered
publicly shortly.
Other underwritings are: W. C. Langley & Co.; Edward
Houston
& Co.; First Boston Corp.; J. &. W. Seligman & Co.; Brown
& Co., Inc., and Bonbright &
Co., Inc., $1,500,000 each;
Higginson Corp.; Blyth & Co., Inc.; Coffin & Burr, Inc.; Stone &
Webster & Blodgett, Inc.; Mellon Securities Corp. and Goldman Sachs &
Co., $1,000,000 each; Bancamerica-Blair Corp.; Hayden Stone & Co.;
Schroder Rockefeller & Co., Inc.; H. M. Byllesby & Co., Inc.: Tucker
Anthony & Co. and Jackson & Curtis, $700,000 each; and Hale Waters &
Co., Inc., $300,000—V. 143, p. 3844.
Smith
B.
Harriman
Lee
Howe Sound Co.—Extra Dividend—
Court, Kings County, a proceeding to set
elected at the annual stockholders' meeting
Consolidated Income Account Year Ended Sept. 30, 1936
of 36c.
Taft issue
stockholders'/ proxy committee, commenced in the New York Supreme
aside the election of directors
in April 1936 and directing a
new election.
On Oct. 9, 1936 the court entered an order denying the
application and confirming the election.
Notice of appeal has been filed.
the second preferred stock
value $30 a dividend of $1.80 plus a participating dividend
(6c. for each $5 par) payable Dec. 17, to holders of record Dec. 10.
At a meeting of the board of directors Dec. 1, 1936, a dividend
the plan.—V. 143, p.
condition continues to be satis¬
factory, as after making provision for the payment of $344,883, interest on
the 6% % bonds and 7% notes, as outlined above, the current assets show
a ratio of more than 4 to 1 to current liabilities.
Cash on hand as of Sept. 30,
participating div.
Dec. 10, was declared upon the
par
Hotel Taft
Charges
Interest
13, last, a dividend for
declared at the rate of 7 % (35c. per share) upon
stock payable 17% cents per share
Nov. 16, to holders of record Nov. 2, and 17 % cents per share on Dec. 15,
the calendar year 1936 was
year.
at
stock, par $10, payable Dec. 22 to holders
(A. C.) Horn Co.—Dividends—
Fred L. McCarty, President, states in part:
Company's condition has improved in every respect, both financially
and in its development work, during the fiscal year ended Sept. 30, 1936.
It continues to enjoy increasingly satisfactory business.
The trend has
been steadily upward and the company maintains its position as the lead¬
ing manufacturer of newspaper and magazine printing presses and equip¬
ment, by a substantial margin.
Company also is a substantial producer
of band saws, and circular wood saws of the solid and inserted tooth types,
the
60-Cent Dividend—
dividend of 60 cents per share on the com¬
of record Dec. 12.
This
compares with 30 cents paid on Dec. 1 and Nov. 2, last; 15 cents paid on
Oct. 1, Sept. 1, July 1 and June 1, last; 20 cents paid on April 1, last;
15 cents on Dec. 23 and on Oct. 1, 1935 and 10 cents per share paid on
July 1, 1935.
Prior to this latter payment no dividends were distributed
mon
(R.) Hoe & Co., Inc.—Annual Report—
For
1935.—V. 143, p. 3001.
have declared an extra dividend of 75
The directors
cents per share in
regular quarterly dividend of 75 cents per share on the
$5, both payable Dec. 23 to holders of record Dec. 11.
Previous extra distributions were as follows:
60 cents on Sept. 30, last;
50 cents on June 30, last; 75 cents on Dec. 31, 1935, and 30 cents on Sept. 30,
1935 —V. 143, p. 2681.
the
addition
to
common
stock,
par
dated
Hudson Motor Car Co .—Sales—
$586,434
42,811
Sales of Hudsons and Terraplanes are
higher in volume than for eight years
Vice-
corresponding time of year, according to William R. Tracy,
President in charge of sales.
"During the month of November our retail
sales totaled 8,300 cars," stated Mr. Tracy.
"This represents a gain of
at this
Total
Interest on long-term
Idle
$466,420
income..-A
buildings
29 978
890
39,278
$22,356
360,970
43,650
'
income
67,082
9,300
& equipment
deductions
Provision for income tax
Miscellaneous
Net
$629,245
284,589
21,733
194,634
$65,764
1,435,119
bl,424,852
284,589
21,733
127,552
debt
facilities—Dunellen.
Deprec.,
$162,825
—
Balance, Oct. 1, 1935
Service fee, R. Hoe & Co., Ltd
-
890
a Balance,
Sept. 30, 1936-.Composed of:
Capital surplus
Surplus
arising from
appraisal
7,033
1,632
$1,509,548
43,650
$1,521,637
11,027
$1,465,898 b$l,510,609
$197,390 c$4,357,821
of
fixed assets...
1,264,678
211,363
4,404,037surl,057,144
Earned, deficit
common
b Consolidated
-
surplus
is
after
1,476,042
c4,323,254
$415,948
deducting
$1,465,898
$371,237
excess
$1,510,609
of
cost
to
parent company over par value of R. Hoe & Co., Ltd., stock.
c Consolidated item is after transferring $976,361 from earned surplus to
capital surplus, this amount representing the earnpd surplus of R. Hoe &
Co., Ltd., at the date of acquisition of its stock by the parent company in
1924.
stock,
for
since
week
approved the listing of 150,168 shares
and will add to the list, upon official notice of
shares of common stock, no par.—V. 143, p. 3844.
no par,
issuance 31,875 additonal
Hutchins Investing
Corp.—Accumulated Dividend—
of
Dec. 18
15, last
and in each of the seven preceding quarters and compares with 75 cents
per share paid each quarter from July 15,
1932 to Oct. 15, 1934, incl.;
$1 per share on Jan. 15 and April 15, 1932, and regular quarterly dividends
of $1.75 per share previously.—V. 143, p. 2373.
a
dividend of $1.75 per share on account
the $7 cum. pref. stock, no par value, payable
to holders of record Dec. 12.
Dividends of $1 were paid on Oct.
on
Ideal Cement Co.—Extra &
The
Total-
November of last year.
December sales were not only greater than
in
Hussmann-Ligonier Co.—Listing—
of
accumulations
$415,948
$3,555,307
a
week
The directors have declared
11,027
appraisal on equipment sold
the first
corresponding week since 1928, but were higher in volume than
June of this year.
The week ended Dec. 5 was the ninth successive
to show a gain in retail sales."—V. 143, p. 3468.
$88,120
7,033 \
1,632
$426,976
Total
"For
The New York Curb Exchange has
Adjust, of profit on sale of leaseholdSundry adjustments
Service fee, R. Hoe & Co., Inc..
Cancelation
of
appreciation
from
99% over October of this year and a gain of 30% over
any
directors
have
declared
an
Larger Dividend—
extra
dividend of $3.25 per share in
quarterly dividend of $1 per share on the common stock,
no par value, both payable Dec. 21 to holders of record Dec. 15.
Regular dividends of 50 cents per share were paid on Oct. 1, last and each
three months previously.
j
In addition an extra dividend of 50 cents was paid on Oct. 1, last and
addition
to
a
extras of 25 cents were
mas
paid
on
July 1 and April 1, last.
An extra Christ¬
21, 1935.
Extra dividends of
dividend of 50 cents was paid on Dec.
Volume
Financial
143
25 cents per share
paid
Chronicle
4003
Oct. 1, July 1 and April 1, 1935; 50 cents
Dec. 20, 1934 and 25 cents on Oct. 1, 1934. —V. 143, p. 1722.
on
were
on
Illinois Central
RR.—Equipment Trusts Offered—Public
offering of $13,900,000 4% equipment trust certificates,
series Q, was made Dec. 14 by Salomon Bros. & Hutzler
and Stroud & Co., Inc.
The certificates, which are noncallable and mature serially from
Aug. 1, 1937, to Feb. 1,
1944, inclusive, were priced to yield from 0.50% to 3%,
according to maturity.
This offering does not represent new
financing by the company, the certificates having been pur¬
chased from the Reconstruction Finance
Corporation.
INDIANAPOLIS RAILWAYS
General 5s due 1967
Eastman, Dillon & Co.
15
authorization by the Interstate Commerce Commission.
Of the original
issue, $500,000 has matured and been paid off, and the RFC owns $600,000
maturing on Feb. 1, 1937.
Proceeds from the sale of these certificates,
according to advices received by the bankers, were used, in large part, for
was
secured
on
New York
Broad Street
A. T. & T. Teletype N.
Y. 1-752
In addition to the common stocks of these three companies,
repairs to equipment, and for the purchase of new equipment.
Issued under
the Philadelphia Plan, the certificates are
unconditionally guaranteed as
to principal and dividends by the Illinois Central RR.
by approximately
YORK STOCK EXCHANGE
MEMBERS NEW
The certificates were originally issued in the amount of
$15,000,000 and
sold to the Federal Emergency Administration of Public Works under
This issue of certificates
DEPARTMENT
TRADING
the debtor'8
Remaining assets consist, as of Sept. 30, 1936, of cash in the amount of
$ 13,095 and a special deposit in the amount of $3-85.
Purpose of the Plan—The present plan has been prepared by the debtor
with and with the protective committee and other repre¬
of first lien bondholdres.
General Telephone Corp. has also
in consultation
Dec. 31, 1935, according to the
850 passenger train cars,
22,543 freight train cars and 143 units of work equipment having a de¬
preciated value of approximately $25,510,559 on Dec. 31, 1935, and are
also secured by 10 new Diesel locomotives and one new streamlined train
costing $1,378,571 and cash on hand with the trustee at Philadelphia of
approximately $527,000; and that there matured Feb. 1, 1936 final install¬
ment of equipment trust, series G, to which there were
subject 75 loco¬
motives which had a depreciated value as of Dec. 31, 1935, of $2,636,738,
which are now subject to equipment trust, series
Q, thus making a total of
$30,052,868 in cash, new equipment and depreciated value of old equipment
now subject to series
Q.
The company also advises that $6,310,192 was
sentatives
expended
First Lien Bondholders—Claims of holders of debtor's first lien
are outstanding in the principal amount of $1,700,000.
of General Creditors—Claims of general creditors in the principal
amount of $2,166,571 on the note held by General Telephone Corp. plus
interest on note indebtedness, and other claims estimated on information
available at present at not over $100.
.
Interests of Stockholders—The interest of General Telephone Corp. is
owner of all the capital stock of the debtor—100 shares of common stock.
New Company—A new corporation will be organized in New York or
such other State as the debtor may determine and with such corporate
name as may be determined.
New company will acquire all of the assets
•f the debtor.
Upon such acquisition the new company will assume liability
lor all unpaid administrative expenses.
The first board of directors of the new company will consist of seven
members; two will be designated by the protective committee and five by
General Telephone Corp.
The capital stock of the new company that will be issued m accordance
with this plan will be 61,200 shares of common stock and each share will
be entitled to one vote.
There will be no funded debt or other class of stock
company,
from
funds
890 locomotives,
derived
from
this
series
of
certificates
and
approved the plan.
Outstanding Securities and Claims to Be Dealt with
Reorganization
expenses
Priority Claims—Amounts due or to become due to the United States for
taxes assessed or to be assessed and claims entitled to priority.
Claims of
from
bonds which
owned funds, to rebuildr reconstruct or recondition equipment
subject to series Q certificates.—V. 143, p. 3633.
Claims
Independent Pneumatic Tool Co.—Extra Dividend—
The directors have declared an extra dividend of 75 cents
per share in
addition to the regular quarterly dividend of $1 per share on the common
.
value, both payable Dec. 26 to holders of record Dec. 17.
Previously the following extra dividends were distributed:
50 cents on
Oct. 1; 25 cents on April 1, last; 50 cents on Dec.
31, 1935, and 25 cents per
share on Oct. 1 and July 1, 1935, and on Dec. 31, July 2 and Jan.
2, 1934.
In addition the
regular dividend was increased from 75 cents to $1 per share
with the July 1, last, payment.
no
par
Bonus to Employees—Employees will
receive a bonus of 10% of their annual wages.
Over 1,100
employees in various cities of the United States will participate.
The bonus
is payable Dec. 24 and covers the
past 12 months.—V. 143, p. 1881.
Independent (Subway) System of N. Y. City—Earnings
Period End. Sept. 30—
Operating
Operating
revenues
expenses
1936—Month—1935
$1,091,217
$879,794
817,110
619,161
Net income
—V.
143,
p.
.
Basis
$587,809
1,495
$261,159
$650,413
$589,304
3320.
Indiana Central Telephone Co.—Amended
Reorg. Plan
General Creditors—Holders of general claims duly proved and allowed
as
successor
to
thereof in cash and in full,
and holders of other general claims duly proved ana allowea not amounting
to more than $20 owned by any one holder shall likewise be paid in cash
and in full.
No payment in cash shall be made to General Telephone Corp.
on account of any general claims held by it, but General Telephone Corp.
will be entitled to exercise, within 30 days following the date of the expira¬
tion of the purchase rights for new common exercisable by the first lien
bondholders, all rights to purchase such stock that shall not have been
exercised by such first lien bondholders, including rights not excercised by
itself as a holder of such bonds.
General Telephone Corp., which has
approved of and accepted this plan, has undertaken and agreed to exercise
all such rights that it may be entitled to exercise but upon certain terms
Associated
Telephone
by reason
by reason
debtor, General Telephone Corp. owns
virtually all of any equity remaining after the first lien bonds.
In recogni¬
tion of this circumstance this plan does not make General
Telephone Corp.'s
right to subscribe for cash to stock in the new company conditional
Utilities Co. upon the reorganization of that
company.
Either
of the ownership of the above-mentioned note
indebtedness or
of the ownership of the stock of the
the final establishment and allowance of its claim
and conditions.
Stockholders—Except
account of the
note.
Accordingly if this plan is confirmed no proceedings will be had to determine
the validity of said claim, although
objections to the allowance of said
claim were filed by the protective committee.
Receivers were appointed on May 1, 1933,
by the Chancery Court of
Undertaking of General Telephone Corp. to Purchase First Lien Bonds
General Telephone Corp. in addition to its agreement referred to above
likewise undertaken to purchase at any time until March 1, 1937,
has
first lien
bonds (with coupons maturing May 1, 1933, and subsequently
attached), for cash, from the holders thereof for $66.50 for each $100
principal amount.
This undertaking is likewise subject to certain terms
and conditions.
This undertaking is to purchase not only such first lien
Delaware.
Upon the petition of the debtor under Section 77-B of the Bankruptcy
Act filed on June 21, 1935, the U. S. District Court
by order dated June 25,
1935, approved the petition as properly filed and appointed
Christopher L.
bonds (with proper coupons attached), but also to purchase at the same
price receipts heretofore or hereafter issued by Delaware Trust Co., de¬
positary, and certificates of deposit issued by the protective committee or
its depositary, and the new common and purchase rights issuable with
respect thereto, if such new common and purchase rights shall have been
issued prior to March 1, 1937.
Ward Jr., trustee whose appointment was made
permanent July 22, 1935
On or about Nov. 24, 1933, the then trustee under the
bond indenture
because of the defaults in the payment of interest instalments on
the first
lien bonds, declared the principal of the first lien bonds
outstanding to be
immediately due and payable.
On or about April, 1934, the then trustee
bond indenture commenced a proceeding in the Circuit
Court
County, 111., for instructions of that Court and for a sale of the
collateral pledged under the agreement if that Court
thought desirable
under
hereinabove provided, the holder of the stock
by
as
of the debtor shall be entitled to no participation in the new company
reason of its ownership of such stock.
upon
on
interest thereon shall be entitled to payment
or
in Delaware, Feb. 23, 1928, for the purpose
of owning and holding stocks, bonds and other
obligations and securities of
companies owning ana operating telephone lines ana systems.
The income of the debtor is derivable
exclusively from dividends on the
common stocks of the three
telephone perating companies which it owns.
General Telephone Corp. owns $628,000 of the first lien
bonds.
The
note in the principal amount of
$2,166,571 is likewise owAed by General
acquired it
for
reimbursement for the amount of certain taxes with respect to first lien bonds
filed by the company.
Debtor was incorporated
which
share.
a
A hearing will be held Dec. 17 before the U. S. District
Court for the
District of Delaware, Wilmington for the purpose of
considering the fairness
and term of the amended
plan of reorganization dated Nov. 27, 1936,
Telephone Corp.
of Distribution Under PI an
Priority Claims—The United States will be entitled to receive payment
in cash in full of any and all amounts due or to become due for or on account
of taxes assessed or to be assessed as they may be finally established and
determined, and holders of other priority claims will be entitled to receive
payment of their claims as finally allowed and established, in cash in full.
First Lien Bonds—For each $500 of first lien bonds (with coupons maturing
May 1, 1933, and subsequently attached) holders of such bonds will be
entitled to receive (a) 15 shares of new common stock, and (b) purchase
rights entitling them to purchase within 30 days after the distribution date
three additional shares of new common for cash at the price of $22.16 2-3
1,888,376
$647,299
3,114
$275,131
____
2,448,125
$260,633
527
,
.
authorized.
1936—3 Mos —1935
$3,095,424
$2,476,184
$274,107
1,025
Income from oper'n..
Non-oper. income
and to the final allowance of any claims not yet known and not
yet filed:
company
stock,
Under Plan of
The following are the classes of securities of and claims against the debtor
to be dealt with under the plan of reorganization, subject to administrative
the
Consolidated
of Cook
Income Account
(Unaudited)
Year Ended Sept. 30,
Exchange revenues
and for certain other relief.
No sale of the collateral has been ordered
and
the debtor is advised that no further
steps have been taken in that pro¬
Toll
1936
$1,894,347
1,017,204
revenues
Miscellaneous operating revenues
43,042
ceeding.
As of June
1, 1933,
committee representing first lien bondholders was
formed for the purpose of working out a plan of
reorganization; this com¬
a
.
Total operating revenues
Provision for uncollectible accounts
mittee consisted of Lee J. Schimberg, Josiah
Macy and Laurence H. Sloan
As of Aug. 1, 1935, this committee was
reorganized into the present protec¬
tive committee which now consists of Lee J.
Operation
and
$2,954,594
4,797
Maintenance.
Schimberg, E. E. Patterson
Thompson.
The committee has secured deposits of certain
bonds with it under a deposit agreement and has issued its
certificates of
G.
W.
$2,949,796
875,084
447,684
274,335
Taxes
deposit therefor.
The protective committee has approved this
plan.
Net operating income
Statement of Liabilities—As of Sept. 30, 1936,
liabilities, in addition to
incurred for administrative expenses, consisted
principally of $1 700,000 first lien bonds and promissory note of $2,166,572.
In addition,
there was accrued and unpaid interest on the
foregoing (to June 25, 1935
the date of appointment of the trustee), in the amount of
$201,025 on the
first lien bonds and $279,668 on the note, and there were
miscellaneous
current liabilities amounting to $4,275.
By order of the Court dated Aug. 24, 1936, Sept. 10, 1936, was fixed as
the last day on which claims might be filed against the debtor
in this pro¬
$1,352,693
Other income
567
those
Total net earnings
Provision for depreciation
Fixed chargesNet income
Statement of Assets—The principal assets of debtor consist of
common
of three telephone operating companies—Southwestern
Associated
Telephone Co. (operating in Texas, Oklahoma, Louisiana, Kansas and
New Mexico), Interstate Telephone Co. (operating in
Washington, Idaho
and Montana), and Michigan Associated Telephone Co.
(operating in
Michigan).
These common stocks are pledged to secure the first lien
The bulk of the preferred stocks of these operating
companies
have voting rights due to default in the payment of
dividends, are
owned by General Telephone Allied Corp.,
phone Corp.
The
were
common
238.800
^
Balance
$147,355
Balance Sheet {Unaudited) Sept. 30, 1936
stocks
bonds.
$386,155
-
Annual preferred stock dividend requirements
ceedings.
which
$1,353,260
535,524
431,581
_
stocks
of
these
three
a
Liabilities—
Assets—
a
Invest'ts
in
common
stock
of subsidiary companies
Com. stock (100 shs.
$6,346,905
Special cash deposits
3
Debt discount and expense
82,334
Cash
13,095
no
par)..$1,000,000
Surplus at date of receivership:
Capital surplus
Earned surplus
Earned deficit since date of
ceivership
subsidiary of General Tele¬
Funded debt & accrued int
subsidiaries
owned
by the
Amts. due to affiliated
debtor
Current liabilities
appraised at
an aggregate of $560,000 in a report by
Day & ZimmerInc., appointed by the U. S. District Court of New York to appraise
in the reorganization pro¬
ceedings of that company in that Court under Section 77-B of the Bank¬
ruptcy Act, which report was dated Oct. 18, 1934.
cos
883,894
478,469
re¬
Drl9,965
1,746,750
2,351,853
1,337
mann,
the assets of Associated Telephone Utilities Co.
►
These common stocks
were
reappraised
as
of June 30, 1936, by Day &
Zimmermann, Inc., and in their report dated Aug. 19, 1936, they state
that they find no reason to change the values found in their previous
ap¬
praisal
.
Total
Stated
-
the
$6,442,3381
Total
:
$6,442,338
underlying book value thereof at date of acquisition.
pledged as collateral to the company's first lien col¬
lateral 5H% bonds: Southwestern Associated Telephone Co. (42,000 shares,
no
par), $2,584,684; Interstate Telephone Co. (23,000 shares, no par),
$1,595,955; Michigan Associated Telephone Co. <.17,184 shares, $100 par),
$2,166,265.—V. 143, p. 1881.
—
'
a
at
These securities
are
Financial
4004
Indiana Gas & Chemical
Directors have declared
preferred stock, payable
V. 142, p. 3856.
Corp.—Initial Preferred Div.—
initial
an
dividend of $1 per share on the $6
22 to stockholders of record Dec. 15.—
Dec.
Chronicle
Extra
Dec.
dividends
of
the founders' stock
12%
were
Jewel Tea Co.,
Period End. Oct. 31—
RR.—Earnings—
$829,625
489,837
52,162
81,869
$8,508,221
5,180,933
680,906
805,309
$6,992,302
4,403,448
434,831
681,052
$223,252
$205,757
1,825
$1,841,073
20,700
$1,472,971
2,584
$225,836
income-
oper.
$207,582
$1,861,773
$1,492,216
Other income.
Total income-
charges
19,245
3,404
2,935
32,049
31,258
38,514
38,308
381.177
$183,918
$2.42
$166,339
$1,448,547
$2.19
$19.06
$1,063,627
/
$14.00
.....
Net income.........
Net income per sh. of stk
—V. 143, p. 3149.
Feb.
22
Mar. 21
April 18
May 16
-
June 13...
July 11--Aug.
8
Sept. 5
3
Oct
Oct.
on
Inc.—Special Dividend-
25
31
Nov. 28
397,331
Miscell. deductions
Fixed
1936—10 Mos —1935
1936—Month—1935
Railway oper. revenues. $1,013,548
Railway oper. expenses.
592,378
Railway tax accruals...
87,118
Equip. & jt. facility rents
110,800
Net ry
Jan.
on the common stock and 50 cents on
July 10, 1936.
See also V. 143, p. 1883.
cents
paid
Sales 4 Weeks Ended—
Indiana Harbor Belt
19, 1936
1936
1935
1934
1933
$1,470,582
1,522.355
1,534,026
1,497,019
1.499,772
1,502,338
1,579.602
1,543,505
1,506,248
1,501,327
1,595,961
1,685,223
$1,395,225
1,450,684
1,439,369
1,436,962
1,422,600
1,417,014
1,407,424
1,429,522
1,353,787
1,424.741
1,466,986
1,530,109
$1,214,762
1,276,473
1,335,685
$1,095,551
1,061,842
1,052,312
1,073,939
1,034,522
1,071,758
1.015,899
1,021,186
1,065,898
1,149,105
1.207,036
1,276,651
1,265,773
1,265,347
1,311,074
1,275,079
1,294,003
1.363,333
1,391,137
1,469,721
1,248,476
Special Wage Distribution—
Employees are to share a $90,000 special wage extra on Dec. 19, it was
announced on Dec. 14 by the board of directors.
This form of bonus will
be the fifth wage extra declared by the company, and it will be the third
to be paid during 1936.
Jewel employees have received an "extra" on all
and salaries since Jan. 1, 1934.
than 2,400 people, in continuous service from July 12, 1936 to
1936, will receive this Christmas award.
Individual payments
will amount to 1.40 times each worker's average weekly earnings during
the 12th fiscal period.
All officers and senior executives are excluded from
participation.
Employees whose average weekly income exceeded $50 will
receive the award on the the $50 (a maximum of $70) but will receive no
"extra" on that portion of their income above $50.
Commenting on the special wage extra, President M. H. Karker, said:/
"The fund was made avabilable by unanimous action of the board of direc¬
wages
Indiana Hydro-Electric Power
The directors have declared
Co.—Prefened Div.—
dividend of $4.37% per share on account
a
of accumulations
on the 7% cum. pref. stock, par $100, payable Dec. 15
Dec. 11.
Dividends of 87% cents per share had been
paid each quarter from June 15, 1933, to and including Sept. 15, last, prior
to which the company made regular quarterly distributions of $1.75 per
share.—V. 143, p. 2682.
to holders of record
Industrial Securities Corp.—Extra
Common Dividend—
an extra dividend of 25 cents per share
quarterly dividend of 20 cents per share on the
common stock, par $10, both payable Dec. 26 to holders of record Dec. 8.
—V. 143, p., 3844, 2523, 1560; V. 142, p. 4180.
The directors
on
Dec. 8 declared
in addition to the regular
Insurance Co. of North America—New Secretaries—
of the company elected James E. Hitchcock and Bradford
Smith Jr., Assistant Secretaries.—V. 143, p. 2843; V. 141, p. 3862.
Directors
More
Dec.
tors after the
as a Christmas surprise for
in addition to substantial wage
Loyalty, unity, and cooperation
again receive practical recognition through this fifth wage extra."
Checks will be distributed on Dec. 19 to all eligible employees.—V. 143,
p. 3321,
board
of
asked Federal Judge
investigate the possi¬
refinancing the I. R. T.'s 7% notes with receiver's certificates
Hirschfield explained
that the committee had discussed plans for
securing the proposed receiver's certificates on the 5% bonds now support¬
ing the 7% notes.
The receiver's certificates would be serial in form to
carry 1% to 3%% coupons and would mature in five years.
Judge Mack stated that the receiver already had the right to investi¬
gate any opportunities of refinancing to achieve a reduction in fixed charges.
Carl M. Owen, attorney for the I. R. T. receiver, stated that any negotia¬
tions for refinancing were impossible so long as the position of the company
in respect to
the Manhattan Ry. lease was in doubt.—V. 143, p.
Interlake Steamship
3469.
Co.—$1.75 Extra Dividend—
an extra dividend of $1.75 per share in
quarterly dividend of 25 cents per share on the
common stock,
both payable Dec. 19 to holders of record Dec. 11.
An
extra dividend of 50 cents was paid on Oct. 1, last, and one of 60 cents per
share was paid on Dec. 31, 1935.—V. 143, p. 1882.
The
directors
addition
to
have
declared
the regular
Button-fldlejjSewing Machine Co.—
International
60-Cent Extra Dividend—
The directors have declared
an
extra dividend of 60 cents per
share in
addition to the regular quarterly dividend of 20 cents per share on the capital
stock, par $10, both payable Dec. 24 to holders of record Dec. 15. Previous
extra distributions were as follows: 10 cents on Oct. 1, July 1 and April 1,
last; 20 cents on Dec. 27,1935; 10 cents on July 1,1935; 20 cents on Dec. 27,
1934; 10 cents on July 2, 1934; 20 cents on April 2, 1934, and 10 cents per
share on Dec. 27 and April 1, 1933.—V. 143, p. 1722.
Corp.—Year-End Dividend—
International Mining
have declared a year-end
stock, par $1, payable Dec.
A quarterly dividend of 15 cents per share
of the old company on Sept. 21, last.—V.
The
on
the
directors
common
International Power
The directors have declared
dividend of 45 cents per share
24 to holders of record Dec. 17.
was paid on the common stock
143, p. 3844.
Co., Ltd.—$1.50 Preferred Div.—
of
$100, payable Jan. 2
dividend of $1.50 per share on account
a
accumulations on the 7% cum. 1st pref. stock,
to holders of record Dec. 15. A like payment was
par
made on Oct. I, July 2 and
on April 1 last, and compares with $1 per share paid on Nov. 1, July 2 and
April 3, 1935, this latter being the first payment made since Oct. 1, 1931,
when a regular quarterly dividend of $1.75 per share was paid.—V. 143,
p. 1722.
'
International
Telep. & Teleg. Corp. (& Subs.)—Earns.
9 Months Ended Sept. 30—
Gross earnings (incl. gross profit on
1935
1936
1934
manufacturing companies) .$37,165,500 $37,810,487 $36,332,935
Operating expenses
27,582,218
26,709,609
25,790,839
sales of
$9,583,282 $11,100,878 $10,542,096
2,813,830
3,375,743
3,706,106
4,327,312
4,327,312
4,327,312
Net earnings
Interest and other deductions
Interest
on
the
announcement
debenture bonds
Net income-...
$2,442,140
$3,397,823
$2,508,678
All profits or losses on foreign exchange transactions and from translation
U. S. dollars of net current assets of subsidiaries doing business in
into
foreign currencies have been included in the foregoing statement for the
nine months ended Sept. 30, 1936, except such losses resulting from the
devaluation in October of the French franc and other gold bloc currencies.
Retroactive effect to Sept. 30, 1936 has been given to these devaluations
and the net loss resulting therefrom amounting to approximately $2,000,000
has been charged to the foreign exchange reserve.
The number of shares of capital stock (without par value)
of the cor¬
poration outstanding at Sept. 30, 1936 remained the same as at Dec. 31,
1935, namely, 6,399,002 shares.—V. 143, p. 3002.
International
Utilities
Corp.—Preferred Dividends—
on Dec. 8 declared a dividend of $3.37% per share on the $7
prior pref. stock (no par value) and a dividend of $1.68% per share
on the $3.50 cum. prior pref. series
1931 (no par value), both dividends
being payable Dec. 23 to holders of record Dec. 15.
For record of dividends
previously distributed see—V. 143, p. 2375.
Directors
cum.
Investment Co. of America— Stock Dividend—
The directors have declared
a
stock dividend of 15%, or at the
option
of the holder, $7 in cash, in
addition to the regular quarterly dividend of
60 cents per share on the common stock, both payable Dec. 23 to holders
of record Dec. 12.—V. 143, p. 2844.
Jeannette Glass Co.—Dividends—
The directors have declared the regular quarterly dividends of $1.75 per
share on the preferred stock and 20c. on the common stock, both payable
Dec. 28 to stock of record Dec. 15.—V. 143, p. 3634.
'Jones &
Willis
a
King,
a
director of the company died on Dec.
11.—V.
Kansas Electric Power Co.—Bonds
Offered—A banking
headed by A. G. Becker & Co., Inc., offered on.
Dec. 15 $5,000,000 1st mtge. bonds, series A, 3M%, duo
Dec. 1, 1966, at 100 and int.
Associated in the offering
group were:
Field, Glore & Co.; Halsey, Stuart & Co.,.
Inc.; Harris, Hall & Co., Inc.; Brown Harriman & Co.,
Inc.; Bonbright & Co., Inc., and W. C. Langley & Co.
Dated Dec. 1, 1936; due Dec. 1, 1966.
Both principal and int. (J. & D.)
payable in any coin or currency of the United States which at the time of
payment is legal tender for public and private debts in Chicago, or ini
New York.
Red. at company's option in whole or in part at any time and
from time to time upon 30 days' notice at principal amount and accrued
interest to redemption date, and, if red. on or before Nov. 30, 1961, plus a
premium equal to a percentage of principal amount as follows: 5% if
red. on or before Nov. 30, 1941; 4% if red. thereafter and on or before
Nov. 30, 1946; 3% if red. thereafter and on or before Nov. 30, 1951; 2% if
red. thereafter and on or before Nov. 30, 1956; and 1% if red. thereafter
and on or before Nov. 30.1961; and no premium if red. after Nov. 30, 1961.
Bonds in definitive coupon form of $1,000 denom., registerable as to prin¬
cipal only, will be ready for delivery on or about Dec. 22, 1936.
Bankers;
Trust Co. and R. Gregory Page, trustees.
The State Corporation Commission of Kansas has issued its certificate
with respect to these bonds.
In the opinion of counsel, these bonds, when issued, will meet the legali
requirements for savings bank investments in New Hampshire, Rhode
Island
and
Vermont.
Business—Company was incorp. under Kansas law in 1922.
It is an
public utility, engaged principally in generating, purchasing,,
transmitting, distributing and selling electric energy in the State of Kansas.
It also distributes and sells natural gas in Leavenworth and Emporia,
manufactures and sells ice in Eureka, and furnishes motor bus passenger
operating
State of Kansas.
For the calendar year 1935
of its operating revenues from the sale of
electricity and 13.46% from the sale of gas.
The territory served with
electricity at retail has an estimated total population of 100,000 and i»
service in Emporia, all in the
the company derived 84.5%
18 counties in eastern Kansas.
The largest cities served are
Parsons, Emporia and Lawrence.
At Sept. 30, 1936, the
supplied retail electric service to approximately 28,000 customers
in a total of 6i cities, towns and communities and in rural areas.
Company
also supplied at wholesale the requirements of 16 municipalities for elec¬
tricity.
At Sept. 30, 1936, natural gas was supplied at retail to approxi¬
mately 7,400 customers.
In 1935 the City of Emporia granted the company a 10-year franchise
for the distribution of natural gas.
This franchise was granted after the
voters had rejected a proposal for the issuance of bonds in the amount of
$945,000 to construct a gas pipe line and distribution system.
In 1935
the Supreme Court Kansas declared invalid proceedings initiated by the
City of Eureka looking to construction of a municipal electric system.
Subsequently Eureka voters failed to approve a new franchise for the
company and it is now operating in Eureka without franchise.
During
1932 and subsequently rate reductions were made in various communities
served which resulted in estimated savings to customers of approximately
$135,000 a year.
Control—Common stock of company is wholly owned by Middle West
Corp.
Property—Company owns and operates two principal electric generating
plants, one at Emporia with total rated capacity of 10,000 kw., and one at
located
in
Leavenworth,
company
Leavenworth
with
total r^,ted
Jenkins Bros.—Extra Dividends—
The company paid an extra dividend of 50 cents per share on the common
stock and an extra dividend of $2 per share on the founders shares in addi¬
tion to the regular quarterly dividends of like amounts on Dec. 19 to holders
9.—V.
143,
p.
1883.
capacity of 8,400 kw.
It also owns four
standby plants with total rated capacity of 2,356 kw.
The electric trans¬
mission and distribution system consists of 24 substations with aggregate"
rated capacity of 31,425 kva., 266 miles of wood pole transmission lines
and 1,109 miles of wood pole distribution lines.
In Leavenworth and
Emporia, the company owns 95 miles of gas distribution mains.
Other
properties include two ice plants (one of which is operated by a lessee)
with a total daily capacity of 36 tons, five motor buses and bus barn, the
general office building at Lawrence and local office buildings at Emporia,
Parsons and Council Grove.
All electric generating stations (except the
standby station at Lawrence), electric substations, office and service
buildings and other buildings owned by the company are on land which the
company owns in fee, except in a few minor cases in which the land is
occupied under lease or franchise.
Purpose—Net proceeds from the sale of these bonds, together with other
funds of the company are to be applied to the payment or redemption not
later than June 1, 1937, of all the company's presently outstanding funded
debt, aggregating $5,000,000 (or to reimbursement of company's treasury
for moneys expended for such purpose or to the payment of short term
indebtedness incurred for such purpose).
Capitalization—The outstanding capitalization as of Sept. 30, 1936.
adjusted to reflect present financing, is as follows:
First mtge. bonds, series A, 3%%, due Dec. 1, 1966 (this issue). $5,000,000
Preferred stock* 7% cumulative ($100 par)
2,000,500
Junior preferred stock, 6% cumulative ($100 par)
644,900
Common stock (52,500 shs. no par)
— _.
1,245,172
Income Accounts for
Stated Periods
Years Ended Dec. 31
dividend of $1.50 per share on the common
stock, no par value, payable Dec. 21 to holders of record Dec. 11.
Previ¬
ously quarterlv dividends of 50 cents per share were distributed.
In addi¬
tion, an extra dividend of 25 cents per share was paid on March 31, last.
—V. 143, p. 926.
:
'!
Dec.
withheld
Laughlin Steel Corp.—Obituary—
Larimer
Jefferson Electric Co.—Dividend Increased—
The directors have declared
of record
was
Jewel people.
This special wage extra is
increases during the latter half of 1936.
group
at lower interest rates.
Mr.
but
143, p. 2844.
Ira Hirschfield, counsel for the 6% noteholders, has
Julian W. Mack to grant permission to the receiver to
bilities
resourcefulness, alertness, and initiative of the entire organiza¬
The fund was voted at the Nov. 12 meeting of the
tion had been reviewed.
Interborough Rapid Transit Co.—6% Noteholders Seek
Refinancing—
19,
1935
$2,169,101
682,928
15,575
15,948
5,418
2,741
673,901
692,271
688,347
737,032
Total oper. revenues
a
Net
earns,
from
$2,006,821
oper'ns
658,325
Other income
b Total net earnings
12Mos.End.
Sept. 30 '36
1934
$2,110,635
676,323
1933
$2,286,788
734,291
reserves as follows: 1933, $207,582;
1934, $210,440;
12 months ended Sept. 30, 1936,
$210,634.
b Before
charges and other deductions.
Annual interest on the $5,000,000 1st mtge. bonds, series A, 3%%, to
be outstanding upon completion of this financing will be $175,000.
a
After retirement
1935,
$210,289;
interest
Volume
143
Financial
Underwriters—The
name
of series A bonds
severally underwritten are
as
Lerner
AjIjA A
follows:
Name—
A. G. Becker & Co., Inc.,
Chicago
Field, Glore & Co., Chicago
stock
$825,000
825,000
825,000
825,000
550,000
575,000
575.000
_
a dividend of $1.50 per share on the capital
stock, par $10, payable Dec. 21 to holders of record Dec. 10.
An extra
dividend of 25 cents in addition to a
quarterly dividend of like amount
was paid on Nov.
2, last; a 25-cent dividend was apid on Aug. 1, last; a
stock dividend of 50% was distributed on June
22, last, and a regular quar¬
terly dividend of 25 cents per share was paid on May 1, 1936.—V. 143.
City Gas Co.—Bonds Called—
1936—Month—1935
$553,765
$533,091
426.722
410,641
28,217
30,953
revenues
expenses
Taxes
Operating income
Non-oper. income--
1936—12 Mos.—1935
$6,675,090
5,112,536
288,050
$1,274,504
23,757
$904,063
4,200
$91,497
590
195
$99,416
$91,692
108,941
109,859
$1,298,261
1,327,311
$908,262
1,347,512
$9,525
Gross income
'
$6,236,630
4,979.086
353.481
$98,825
$18,167
$29,050
$439,250
Deductions
Net deficit-—V. 143, p. 3845.
Kansas City Southern
Ry.—Equipment
Brown Harriman & Co., Inc., ana Blyth
Trusts Offered—
& Co., Inc., on
Dec. 15 offered $1,278,000 3% equipment trusts, series F
(non-callable), at prices to yield 0.40% to 1.80%, according
to maturity.
Dated Jan. 1, 1937; serial maturities
1938 to Jan. 1, 1943, both incl.
Par
(J. & J.) payable in lawful money of
office of trustee.
Certificates issued in
registerable
as
to
par
value
of $213,000 annually from Jan. 1,
value
and
semi-annual
dividends
the
United States of America at
bearer form in denom. of $1,000,
only.
Guaranty Trust Co. of New York,
Issued under the Philadelphia pain.
Guaranteed unconsiditonally
as to par value and dividends
by Kansas City Southern Ry.
In the opinion
of counsel these certificates meet the requirements as
legal investments for
savings banks and trust funds in New York.
These certificates are to be issued under an agreement dated as of Jan.
1,
1937, which provides for the issuance of $3,195,000 of equipment trust
certificates, series F, due $213,000 annually from Jan. 1, 1938 to Jan. 1,
1952, both incl.
Of this amount $1,917,000 due Jan. 1, 1944 to Jan.
1,(
1952, both inclusive, are to be issued and purchased at par and divs. by the
trustee of Kansas City Southern
Ry. first mortgage 3% bonds due April 1,
1950 from funds held by such trustee available for investment.
The proceeds
of the $1,917,000 certificates referred to abovt and the
proceeds of the
remaining $1,278,000 certificates due $213,000 annually from Jan. 1, 1938
to Jan. 1, 1943, both inclusive, total
$3,195,000, are to be deposited with
the trustee and applied in part payment of the
purchase price of the new
equipment.
Equipment now under construction, estimated to cost at least $3,993,886,
is to be subjected to the terms of the
agreement and the $3,195,000 of
equipment trust certificates, series F, will represent therefore about 80%
of the cost of the equipment.—V. 143,
p. 3321.
trustee.
of
of
assets
Registrar, Chase
—
-----
———————
-
-
-
-
-
-
Prior to 1932 the retail business of the company was conducted
through
subsidiary, Lerner Stores Corp. (Del.), and two sub-subsidiary corpora¬
tions.
During 1932 the Delaware subsidiary's name was changed to
Outfitters Operating Realty Co., Inc., and new
a
subsidiary companies
voting stocks of the new subsidiary companies
certain non-voting preference stocks and
to Outfitters Operating Realty Co., Inc.
and (or) its subsidiaries in
exchange for the furniture, fixtures, leasehold
improvements and goodwill and trade name "Lerner Snops" in the respec¬
tive States and the merchandise
inventory of the respective stores.
In
September, 1932 Outfitters Operating Realty Co., Inc. and its two sub¬
sidiaries filed voluntary petitions in
bankruptcy.
Through a public sale
in such bankruptcy proceedings the above-mentioned
non-voting stocks
and promissory notes of the new subsidiary
companies were acquired from
the trustee in bankruptcy of Outfitters
Operating Realty Co., Inc. by a
subsidiary (later dissolved) of the company.
were
issued
promissory
to
the
notes
compiny;
were
Issued
Capitalization After Giving Effect to Present Financing
Authorized
Preferred stock (par $100)
Common stock (no par)
Outstanding
x32,000 shs.
400,000 shs.
50,000 shs.
y600,000 shs.
x4M/o cumulative preferred stock (convertible until Feb. 1, 1942).
y 40,000 shares reserved for issuance upon conversion of 4
% cumulative
preferred stock.
Net Income
Available
Period—
Year ended Dec. 31, 1933
13 months ended Jan. 31, 1935
Year ended Jan. 31, 1936
for Divs.
$1,108,141
1,787,917
1,935,567
cl,117,318
Six months ended July 31, 1936
(D. Emil) Klein Co., Inc.—Extra Dividend—
a
Pro Forma
Earnings
Share
$34.63
per
55.87
extra dividend of 25 cents per
share
on
the
1.
Extra dividends of 12 34 cents
per share were paid on July 1 and
of 1936 and 1935.—V. 142, p. 789.
April 1
The directors have declared
a special dividend of 40 cents
per share on the
common stock, no par value, payable Dec. 24 to holders of
record Dec. 14.
This compares with 20 cents paid on Oct. 31, last, and 10 cents
paid on April
30, last and on Oct. 31, 1935. this latter being the first payment made since
Dec. 1, 1930 when a dividend of 25 cents per share was
paid.
Forty cents
Sept. 1,1930 and dividends of 62 H cents per share were distrib¬
uted each three months previously.
In addition a special dividend of 10
cents was paid on April 30.—V. 143, p. 2524.
on
Knott
Corp.—Special Dividend—
4.08
60.49
4.47
c2.61
convertible preferred stock.
Computed on basis of 32,000
shares of 4H% convertible preferred stock
outstanding,
b On 400,000
shares common stock after dividends on 434% convertible
preferred stock,
c Before provision for Federal tax on excess
profits and undistributed profits.
Purpose—Estimated net proceeds of $3,177,487, to be received by the
company will be used for the following purposes:
To retire the
preferred stock, 634 % cumulative
$1,600,000
-
1,577,487
Lnderwriting—Cassatt & Co., Inc., has agreed to underwrite all of the
32,000 shares of 434% convertible preferred stock.
Sales for Month and 11 Months Ended November
Month of—
January
February
March
AprilMay
a special dividend of 20 cents
per share on the
stock, payable Dec. 22 to holders of record Dec. 16. A dividend
was paid on Oct. 15 and on
April 1, last, this latter being the first
dividend paid since July 15, 1931, when a regular
quarterly dividend of
25 cents per share was distributed.—V. 143, p. 2057.
3.509.487
July
August
September
3,203,961
2,503.511
2,620.192
October..
3,191.993
November
2,904,577
All of the outstanding s. f. 534 % debenture
gold bonds have been called
for redemption on Jan. 1 next at 103 H and interest.
Payment will be
C.
Pittsburgh.—V. 143,
Leslie-California Salt
Stockholders
has filed a statement with the Securities and Exchange
Commission for 50,000 shares of common stock, $1
par, and subscription
certificates for the stock.
The stock, will be offered to present stock¬
company
at
the rate of one-fourth
of
a
share.of
common held.
Subscription
by amendment.—V. 143, p. 3635.
share of additional
dates
and
price
stock
will
and
debenture
holders
of
the
company
on
Nov.
for
each
be furnished
Lake St. John Power & Paper Co., Ltd.—Plan
Bond
Light Co.—Officials Resign—
Harley L. Clarke has resigned as Chairman and Edward P. Gosling as
President of the company, it was announced on Dec. 4.—V.
143, p. 3635.
Interstate
Commerce
Commission
on
Nov. 27 issued
a
Lehigh Valley RR .—Notes—
The Interstate Commerce Commission on Dec. 3 modified its order
of
Jan. 30, 1934, so as to permit $1,555,000 4% collateral notes to be amended
by eliminating therefrom the company's right of redemption.—V.
3470.
2.560.030
1,915.543
2,011,102
1,886,996
2,128.598
2,501,620
2,482,588
1,693,272
1,655.685
1,731,666
1,883.609
1,863,919
Co.—Merger Voted—
have approved the proposal to merge this
company with
new Leslie Salt Co., it was
reported on Oct.
the Arden Salt Co. to form the
23.
The plan provides for even exchange of stock with Leslie-California
Salt Co. holders, which exchange will involve the issuance of
116,520 shares.
Stockholders of Arden will receive a like aumber of shares, which is indicated
at about a six-for-one split, while an additional 58,260 shares are to be held
in escrow, to be released in 1944 at a three-for-one
exchange, at which time
additional salt reserves will accrue to the new company.—V.
Lima Cord Sole & Heel Co.—Stock
Offered—An issue of
60,000 shares of common stock (par $1) was offered publicly
Dec. 17 by A. H. Harrison & Co., Chicago, at $6.75
per
share.
The offering of this stock does not represent
any new
financing on the part of the company, inasmuch as all of
the stock is being purchased from present stockholders.
incorporated in Ohio in 1920, maintains office and plant
in Lima,
Ohio, and manufactures principally cord soles and
heels for work shoes, sport shoes and street wear shoes, for men,
women and children.
These soles and heels, which are made under an
facilities
certificate
permitting abandonment by the company of its East Bangor branch,
extending from Quarry Junction to Bangor, approximately 3.72 miles, all
hrNorthampton County, Pa.—V. 143, p. 3635.
p.
2,924,828
2,582,757
2,186.165
2,336.098
2,787,754
2,807,515
Company,
Lehigh & New England RR.—Abandonment—
The
1933
$1,174,761
1,240,948
1,391,889
1,949.997
1,899.851
143, p. 2525.
Approved
26
approved
unanimously a plan of capital reorganization recommended by a protective
committee.
The plan had previously been approved
by stockhol4ers of
the company.
Plan was outlined briefly in V. 143, p. 2846.
Laclede Gas
1934
$1,581,368
1,587.856
2,584.812
2,225,702
2,524,854
The company has called for redemption Jan. 13 the
outstanding 634%
preferred stock at $110 plus $1.33 accrued dividend.—V. 143, p. 3635.
p. 3846.
Krueger Brewing Co.—Files with SEC—
holders
1935
$1,789,622
1,837.678
2,371,983
2.902.327
2.707.333
Preferred Stock Called—
Koppers Co.—Bonds Called—
The
1936
$1,862,543
2,048.109
2,604.126
3,361,115
3,250,000
June
The directors have declared
common
of 10 cents
made at the Union Trust Co. of
Earnings
Share
$2.4l
per
c34.92
For working capital
(I. B.) Kleinert Rubber Co.—Special Dividend—
paid
b Pro Forma
a434%
common stock, no par value,
payable Dec. 24 to holders of record Dec. 14.
The regular quarterly dividend of 25 cents
per share which had been pre¬
viously declared also carries the above date.
Ordinarily the regular
was
were
organized in 39 States to take over the operation of the various stores
theretofore operated by Lerner Stores Corp. (Del) and (or) its subsidiaries
in such States.
Ail the
Consolidated Earnings Statement
$202,000 first mortgage 5% gold bonds series A, due July 1,
1943 have been called for redemption on Jan. 1 at 101
34 and interest.
Payment will be made at the First Wisconsin Trust Co., Milwaukee, Wise,
at Hallgarten & Co., New York
City or at the First National Bank of
Chicago, Chicago, 111.—V. 143, p. 3470.
dividend is payable Jan.
York.
History
Business—Company was incorp. on Feb. 14, 1929, in Mary¬
land, with perpetual duration, to acquire all of the shares of stock of Lerner
Stores Corp. (Del.) and its subsidiaries.
Company is a holding company and operates through wholly owned
subsidiaries a chain of retail stores selling women's
wearing apparel at
moderate prices.
Tne cnain at the time the company was organized con¬
sisted of 98 stores located throughout the United States.
At the present
time, the chain consists of 158 stores, located in 131 cities, in 37 States and
the District of Columbia.
Neither the company nor any of its subsidiaries
is engaged in
manufacturing operations.
Sales—The net sales during the past five years have been as follows:
1936 (6 months to July 31)
$17,988,735
1936 (fiscal year to Jan. 31)
32,216,435
1935 (13 months to Jan. 31)
33,434,493
1933 (fiscal year to Dec. 31)
22,088,275
1932 (fiscal year to Dec. 31)
21,653,998
1931 (fiscal year to Dec. 31)
23,077,030
Kimberly-Clark Corp.—Bonds Called—
an
of New
The outstanding common stock is listed on tne New York Stock
Exchange.
Company has agreed to make application in due course for the listing on
said Exchange on official notice of
issuance, of the additional common stock
issuable upon conversion of the 4
54% cumulative preferred stock.
A total of
The directors have declared
Offered—Cassatt &
of 4 A% cum. pref.
the
Transfer agent, Guaranty Trust Co.
National Bank, New York.
City Public Service Co.—Earnings—
Period End. Nov. 30—
Operating
Operating
issue
the prospectus are part of an authorized
50,000 shares of preferred stock issuable in series.
Preferred as
and dividends.
Dividends cumulative from date of issue, at
rate of 434 % per annum,
payable in cash, quarterly, Feb. 1, &c.
Red. in
whole or in part at any time upon 45
days' notice, at $105 per share, plus
divs.
Convertible at any time (until fifth day prior to
redemption) on
or before Feb. 1,
1142, into comnen stock at conversion price of $80 per
share, provision being made for adjustment of conversion price in certain
events; scrip to be issued for a fraction of a snare of com non stock.
The City Bank Farmers Trust
Co., as successor trustee, announced that
$17,000 principal amount of first mortgage gold bonds, 5% series due 1946.
have been selected by lot for redemption out of
sinking fund moneys, on
Feb. 1, 1937, at 102% of the
principal amount.
Bonds so drawn should be
presented for payment at the principal office of the bank, 22 William St.,
New York.—V. 142, p. 3857.
Kansas
Stock
a new
The 32,000 shares covered by
.
issue
v
to
Kansas
Corp.—Pref.
Dec. 14 offered
1, 1942) at $104 per share.
company's outstanding pref. stock, QA%
cum., all of which will be retired or called for redemption,
have been offered by the
company an opportunity to exchange
their holdings into an
equal number of shares of the new pref.,
and to receive in cash, for each share so
exchanged, the
difference between the redemption
price and the public
offering price of the new shares.
Out of a total of 32,000
shares, such of the shares of the 4A% cum. pref. as are
not thus exchanged, are now
being offered.
Kalamazoo Stove Co.—To Pay $1.50 Dividend—>
;
on
(convertible until Feb.
Holders
The directors have declared
■
400$
Stores
Co., Inc.,
Amount
Halsey, Stuart & Co., Inc., Chicago
Harris, Hall & Co., Inc., Chicago
Brown Harriman & Co.,
Inc., New York
Bonbright & Co., Inc., New York
W. C. Langley &
Co., New York
—V. 143, p. 3634.
p.3321.
Chronicle
of each underwriter and the respective amounts
143,
cord
exclusive patent license, are extremely durable and are recommended
by
safety engineers for their non-slip qualities.
Among the well-known shoe manufacturers using the company s products
are: International
Shoe Co., Endicott Johnson, Brown Shoe Co.
and
Weyenberg Shoe Co;
The non-slip qualities of these soles and heels make
them practical for use in industrial fields where slippery floor surfaces exist.
Among such users are dairies, iron ana steel foundries, automobile factories
and ice and fuel plants.
^
Financial
4006
Current net sales are at
the rate of approximately
$100,000 per month,
$15,000 per month, which is the highest in the company's
history.
frsThe directors have declared a regular dividend of 12^ cents per share,
plus an extra dividend of 37
cents per share, payable Dec. 28 to holders
of record Dec. 24, 1936.—V. 143, p. 3636.
with net profits of
Co.—To List Stock on Stock Exchange—
Lion Oil Refining
H. Barton, President, announced Dec. 17 that company
application to list its stock on the New York Stock Exchange
Immediately after completion of the audit of its books for the current year.
The stock has been listed on the New York Curb Exchange and the Chicago
Stock Exchange for several years.
T.
Colonel
would make
Company was incorporated in Delaware in 1923 to acquire the properties
Oil & Refining Co., of Eldorado, Ark. which was organized in
1922.
The company has extensive producing holdings in Texas, Louisiana
and Arkansas with a large refinery at El Dorado and markets its refined
of Lion
producer
products in several Middle Western States.
It is the largest
of asphalt from domestic crudes east of the Rocky Mountains.
MfeiThe stock of the company recently was placed on an annual $1
oasis, following payment earlier in the year of 50 cents per share.
dividend
per share on
Dec. 22.
quarterly dividend of 25 cents
7 declared a regular
the common stock, payable
Dec. 26 to stockholders of record
second dividend paid this year.
On Oct. 15 last, the
made its first dividend payment in six years when it distributed
stockholders or record Sept. 30.
The company's net earnings for the first 10 months of this year, after all
charges except Federal taxes, were $555,636, equivalent to $1.33 per share
on the 416,135 shares of stock outstanding.—V. 143, p. 3470.
This will be the
company
50 cents a share to
Loew's, Inc.—Votes
$500,000 Christmas Bonus to Employees
meeting held Dec. 8, of the stockholders, officers of the
announced the recent action of the board of directors in voting a
Christmas bonus amounting to approximately $500,000, to be distributed
to the company's more than 11,000 employees whose weekly salary ranges
up to and including $50.
"This Christmas distribution," Nicholas M. Schenck, President, said,
"will represent two weeks additional salary for every one of our junior
employees who has been with the company for at least a year, and a lesser
amount for those who have been with us a shorter period.
In taking this
At the annual
company
step, the directors were
of workers who have
prompted by the motive of rewarding our thousands
aided in the company's unprecedented prosperity
during the past year."
At the same meeting, the stockholders by a large majority approved the
contract recently unanimously approved by the board of directors, whereby
the services of Nicholas M. Schenck as President will be assured for a five
The contract provides the same rate
Mr. Schenck and in addi¬
shares of common stock of
Loew's, Inc. before the close of each year at $40 a share, representing a
transfer to Mr. Schenck of the option given to the late Irving Thalberg in
1932, and terminated by Mr. Thalberg's death.—V. 143, p. 3471.
beginning Jan. 1, 1937.
year term,
of compensation as has heretofore been paid to
tion grants him an option to purchase 9,698 2-5
London Tin Corp.,
Ltd.—Merger Proposed—
of
Ltd.
Securities,
involves reduction in capital of London Tin Corp. and conver¬
sion of existing preference stock into common shares, acquisition by London
Tin Corp. of undertaking assets of Anglo-Oriental Mining Corp., the latter
company's holding shares in London Tin being canceled, acquisition by
London Tin Corp. of part of the assets of Metal Securities, Ltd., and sub¬
sequent reduction in the capital of Metal Securities, whereby London Tin
Corp.'s interest in this company will be extinguished.
As a result, London Tin Corp. will have an authorized capital of £4,200,000 divided into 21,000,000 common shares of 4s. par each, of which 7,606,131 shares will be held by existing preference shareholders other than AngloOriental Mining Corp. and 5,635,050 shares will be held by existing com¬
The plan
mon
holders other than
Anglo-Oriental.
Thus, each existing
preference
3 shares of 4s. par each for every 10s. preference
share now held, and also a cash bonus of 6d. for every preference share held,
but will not be entitled to receive any payment in respect to arrears upon
shareholder will receive
the preference dividend.
Each common shareholder
common
Corp.
share of 10s. now
existing after the
dividend as of May 1,
will receive two shares of 4s. par for every
held.
All issued shares of capital of London Tin
reconstruction and amalgamation will
1936.—V. 143. p. 2214.
rank for
Inc.—Special, Extra and
Loomis-Sayles Mutual Fund,
Larger Dividends—
-
declared a special dividend of $10 per share, an extra
and the quarterly dividend of $1 per share on the
common stock, all payable Dec. 18 to holders of record Dec. 2.
The above payments compare with an extra dividend of 50 cents and regu¬
lar quarterly dividend of 50 cents paid on Oct. 1, and July 1, last; an extra
of 25 cents in addition to the regular 50-cent quarterly dividend paid on
April 1, last; an extra of $5 per share distributed on Jan. 2, 1936, and an
extra dividend of 50 cents paid on Jan. 2,1935.—V. 143, p. 3636.
The directors have
dividend of $1 per share
McGraw Electric Co.—Extra Dividend—
have declared an extra dividend of $1 per share on the
stock, par $5, payable Dec. 24 to holders of record Dec. 18.
An
extra dividend of 25 cents in addition to the regular quarterly dividend of
50 cents per share was paid on Nov. 2 and an Aug. 1, last.—V. 143, p. 3152.
The directors
common
McGraw-Hill Publishing Co., Inc.—Options—
notified the New York Stock Exchange that an addi¬
7,018 shares of its common stock have been taken by the optionee
out of the block of 30,000 shares under option to F. Eberstadt & Co., Inc.,
leaving 19,982 shares under said option.
The company has
tional
Resumes Dividends—
at a meeting
The directors,
held Dec. 14, declared a cash
dividend of
payable
of
12H cents a share on the no par common stock of the company,
15, to stockholders of record Jan. 4.
This marks the resumption
dividends by the company, the last previous payment having been the 25cent dividend paid on Oct. 1, 1931.
Jan.
Prior
to
the
dividend action, a resolution was adopted by the
of $100,000 as of Dec. 31, 1936,
irrevocably setting aside the sum
Board
for the
maturity on Jan. 2, 1937
which were contracted in
of the company's building at 330 West
purpose of providing for the payment in full at
of the balance of the current notes held by banks
connection
the completion
with
York City, which is now fully rented.
42nd Street, New
James
of the Board of the company, stated
for the year, 1937 was satis¬
H. McGraw Jr., Chairman
that the outlook
for the company's business
'
factory.
Bonus to
Employees—
The company
announced on Dec. 15 the payment of a
special bonus to all
Jr.,
employees earning $3,000 or less per year.
Mr. James H. McGraw
Chairman of the Board, told the employees in a Christmas message that
"the record of the year now drawing to a close is far more cheering than any
since 1930.
The promise of the future is far from discouraging."—V.
143, p. 2684.
McQuay-Norris Co.—To Liquidate Subsidiaries—
voted to liquidate two of the company's wholly-owned
subsidiaries, namely, the McQuay-Norris Manufacturing Co. of Indiana,
Inc., and the McQuay-Norris Bearings Co., both of which, after Jan. 1,
937, will operate as divisions of the parent company.
Directors also
agreed that the parent company should increase its investment in the Mc¬
Directors have
Quay-Norris Manufacturing Co. of
California, a wholly-owned subsidiary,
by the purchase of 1,250 shares of capital stock after the
authorized at a par value of $100 a share.—V. 143, p. 3848.
(I.) Magnin & Co.—Extra
Dividend—
same has
been
declared an extra dividend of 75 cents per share on
common stock, no par value, payable Dec. 18 to holders of record Dec.
The regular quaterly dividend of 18M cents per share was paid on Oct.
last.—V. 142, p. 1294.
The directors have
I
3323.
V. 143, p.
___
Manning, Maxwell & Moore,
Inc.—To Pay Larger Div.—
The directors have declared a dividend of $2.50 per share on the common
18 to holders of record Dec. 15.
This compares
$1.50 paid on Oct. 1, last: $1 paid on June 30, last, and 50 cents per
distributed on April 1 and Jan. 2, last, this latter being the first distribution
made on this issue since Oct. 2, 1930, when a dividend of 50 cents was also
with
share
stock payable Dec.
paid.—Y. 143, p. 2215.
Manufacturers Trading Corp. of Del.—Stock Offered—
corporation has authorized the issuance of 300,000 shares of common
($1 par).
A total of 38,857 shares believed to be exempted from
registration under the Securities Act are now being offered, and an overthe counter market will be maintained in these shares by the underwriter,
The
stock
Griffith.
Corporation was organized Dec. 12, 1936 to take over the business
its
predecessors, an Ohio corporation of the same name, organized early
1929.
It has its principal office in Cleveland and
does a commercial
banking business, specializing in the purchase of diversified and guaranteed
accounts receivable from manufacturers against rated stores and jobbers;
it also discounts trade acceptances, warehouse receipts and liens on income-
Thomas &
in
producing machinery.
It has operated chiefly in Ohio, Michigan and
Pennsylvania.
According to Thomas & Griffith, corporation in the eight years of its
existence has purchased approximately $13,000,000 in commercial paper,
earning an annual net of 14% on its average working capital, at a net loss
ratio of one-third of 1 %.
Alfred H. Sachs of Cleveland is President, Treasurer and director of the
The other officers and directors are
company.
Sanford Griffith of New
director; James
E. D. Sachs of
of New York,
York, director; William S. Wasserman of Philadelphia,
B. Bruff of Cleveland, Assistant Treasurer and director;
Clereland, Secretary and director; Romeyn W. Smith
Assistant Secretary.
Transfer agent is
the Chase National Bank.
Corporation Trust Co. is
registrar.
Marchant Calculating Machine Co.i—Dividend Raised—
declared a dividend of $1.50 per share on the common
stock, payable Dec. 21 to holders of record Dec. 11.
A dividend of 50 cents
was paid on Oct. 10 and on Aug. 15 last, this latter being the first distribu¬
tion to be made since July 15, 1930, when a dividend of 40 cents per share
was paid.—V.
143, p. 2685.
The directors have
common
A
Corp.—Extra Dividend—
Marine Midland
The directors have declared an extra
addition
dividend of 5 cents per share In
10 cents per share on the
the regular quarterly dividend of
stock, both payaole Jan. 2, to holders
to
of record Dec. 11.—V. 143,
2377.
19345
Marlin-Rockwell Corp.—Special
Dividend—
declared a special dividend of $2 per share in addition
regular quarterly dividend of 50 cents per share on the common stock,
no par value, both payable Dec. 18 to holders of record Dec. 11.
A special
dividend of $1.25 per share was paid on Jan. 2,1936.—V. 143, p. 3152.
The directors have
Mining Corp. and Metal
Securities,
amalgamation based upon
position of each company as of April 30, 1936, after prov ision has been
made to repay bank and other loans due to the other companies by Metal
this company, Anglo-Oriental
Ltd., have proposed a plan for an
Directors
Mahoning Coal RR.—$13 Common Dividend—
declared a dividend of $13 per share on the common
stock, par $50, payable Dec. 23 to holders of record Dec. 14.
This com¬
pares with $6.25 paid on Nov. 2, last and in each quarter previously.—
The directors have
of
Common Dividend—
The directors on Dec.
1936
19,
Dec.
Chronicle
to the
Marshall Field & Co.—Capitalization Changes—
held on Dec. 26 will vote on a proposed
change in authorized capital stock from 400,000 shares 7% preferred stock,
par value $100, and 2,000,000 shares common stock of no par value, to
15,000 shares prior preferred stock, par value $100; 296,190 shares 6%
convertible preferred stock, par value $100, and 4,000,000 shares common
stock of no par value.—V. 143, p. 3472.
Stockholders at a meeting to be
Massachusetts Fire & Marine
The company
paid an extra dividend of $2 per
share in addition to the
regular semi-annual dividend of $5 per share on the capital stock on Dec. 15
to holders of record Dec. 7.
Similar payments were made on Dec. 16,1935.
—V. 142, p. 303.
Massachusetts Investors
Trustees
declared
have
an
Trust—Extra Dividend—
of 23 cents per share,
extra distribution
representing net income from dividends and interest received in 1936 less
the amount of distributions already paid to shareholders during the year.
The trustees also declared a special distribution of $1.05 per share out of
realized profits from the sale of securities during 1936.
Both distributions are payable Dec. 24 to shareholders of record Dec. 10,
and will require a total disbursement of approximately $5,500,000.
These distributions follow closely estimates made in a letter to share¬
holders
on
N]ov. 18.
smaller than
The extra distribution from income was slightly
of realized profits was
forecast, whereas the distribution out
somewhat larger.
Because the special
distribution of $1.05 per share
is to be paid from
capital gains, shareholders were given an opportunity to apply the amount
to which they will be entitled from this distribution to the purchase at
liquidating value of as many full shares as may be possible, thus sub¬
stantially retaining their capital position.
A large proportion of the share¬
holders have indicated their preference to take shares in lieu of cash.
Previous dividend distributions were as follows: 23 cents on Oct. 20 last;
21 cents paid on July 20 last; 22 cents paid on April 30 last; 27 cents paid on
Jan. 20 last; 20 cents on Oct. 21, 19 cents on July 20, 21 cents on April 20,
1935; 24 cents paid on Dec. 31, 1934; 19 cents per share paid on Sept. 29
and June 30, 1934; 21 cents per share paid on March 31, 1934 and Dec. 30,
1933; 10 cents per share on Sept. 30 and June 30, 1933, and 20 cents per
share on March 31, 1933.
Additional Stock—
A
prospectus
dated Nov. 18, 1936 in
connection with the offering of
2,500,000 shares affords the following:
Capitalization and Offering—There are now authorized 6,000,000 shares
(par $1), and additional shares may be authorized from time to time by the
trustees.
Additional shares need not first be offered to shareholders.
The
capital amount paid in to the trust from the date of its organization (in¬
cluding $67,444.92 capitalized for shares issued as stock dividends) less
amounts paid for shares purchased and retired, totaled on Sept. 30, 1936,
$91,564,756.98. The number of shares then outstanding was 3,948,466
all shares issued have been fully paid.
Method of Sale—Massachusetts Distributors,
Inc., 85 Devonshire
Boston, Mass., is the general distributor, and seils both through investment
dealers and at retail.
Shares are offered to investors at net asset value plus 5 % % of the offering
price (i. e., 100 94.25ths of net asset value).
In event of odd fractions, the
offering price is adjusted to nearer cent.
Proceeds of Issue—The shares covered by this registration statement
be sold at fluctuating prices.
The estimated net proceeds from the sale of
such shares, less estimated expenses of issue, based on the net asset value
per share on Sept. 30,1936, for shares not then sold, plus
received for shares sold prior to that date is $68,061,134.37.
The entire
net proceeds from the sale of shares issued under this registration
except any of such proceeds used to repurchase shares, will be
or
held in cash or equivalent pending investment.
Distributions Jan. 1, 1933 to Sept. 30, 1936
~
and
St.,
will
$18,440,964.42
statement,
invested
x
Distributions
Per Sh.
Year—
Total
$.79
$859,449
.83
J.143.270
-87
2,334,148
9 months to Sept. 30, 1936—-———
y.66
y2,521,475
All distributions paid in cash,
y Includes dividend of 23c. per share
paid Oct. 20, 1936, to holders of record Sept. 30, 1936, amounting to
-
-
x
$907,765.—V. 143, p. 3472.
Mayflower Associates,
the
10.
15,
Insurance Co.—Extra
Dividend—
Inc.—To Liquidate—
Dec. 9 approved dissolution and complete liquidation
and at a directors' meeting which followed the board au¬
thorized an initial liquidation distribution of $10 a share in cash and the
pro rata distribution of 20 large blocks of securities held by the company.
Stockholders on
of the company,
Volume
Financial
143
F The securities will be distributed
Dec. 23 to stock of record Dec. 9.
on
The securities which are to be distributed to holders of 227,000 shares of
stock include 10,000 shares of Chrysler; 8,000 Deere & Co.; 20,000 General
Motors; 22,000 Hazel tine Corp.; 6,000 International Harvester; 6,000
International Nickel of Canada; 4,000 Kalamazoo Stove; 56,000 American
Republics Corp.; 10,000 Loew's; 6,000 McWilliams Dredging; 12,000
Montgomery Ward; 6,000 New York Air Brake; 14,000 Pure Oil; 10.000
Schenley Distillers; 10,000 Sears Roebuck; 20,000 Servel, Inc.; 8,000 Sim¬
mons; 12,000 Speigel, May, Stern; 8,000 U. S. Pipe & Foundry, and 12,000
Hiram Walker.
Depositary—
The First National Bank of Jersey City has been designated as depositary
to receive distributidns in kind of certain shares of common stocks on be¬
half of the stockholders of Mayflower Associates, Inc., of record as of Dec. 9,
1936, in accordance with the plan of dissolution and complete liquidation
approved at the special stockholders' meeting held on that date.—V. 143,
3323*
p.
Chronicle
Dec. 16 and the cash on or before
Medusa Portland Cement Co.—Dividends Resumed—
The company paid a dividend of $2.50 per share on the common stock,
on Dec. 15 to holders of record Dec. 10.
This was the first dividend paid
since April 1,1931, when 75 cents per share was distributed.—V. 141, p. 756.
4007
Special Employees Distribution—
A special fund will be distributed prior to Jan. 1 to
employees, except execu¬
tive officers, as additional compensation for the year 1936.—Y. 143, p. 3849.
Minneapolis-Moline Power Implement Co.—Accumu¬
lated Dividend—
The directors have declared a dividend of $3 per share on account of
on
the $634 cumulative preferred stock, no par value,
payable Dec. 24 to holders of record Dec. 15.
This will be the first divi¬
dend paid by the company since May 15, 1931, when a regular quarterly
dividend of $1.62>4 per share was distributed.—V. 142, p. 1296.
accumulations
Minneapolis Northfield & Southern Ry.—Stock—
,
The Interstate Commerce Commission on Dec. 3 authorized the company
to issue not exceeding $46,800 common stock, (par $100) to be exchanged
for a like amount of 7 % cumulative preferred stock now outstanding.
—Y. 138, p. 4131.
Minnesota Mining & Mfg.
Co.—Special Dividend—
The directors have declared a special dividend of 40 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
stock,
value, both payable Dec. 22 to holders of record
was paid on Sept. 30, last, and
share were paid on July 1, April 1 and Jan. 2, last, and
extras of 234 cents per share were distributed on Oct. 1, July 3 and Jan. 3,
1935.
The regular quarterly dividend was raised from 1734 cents to 25
cents per share with the July 1, last, payment.
See also V. 142, p. 4185.—
V. 143, p. 2058.
common
Dec.
15.
no
par
An extra dividend of 10 cents
extras of 5 cents per
Mengel
Offered—Public offering was made
of $2,500,000 1st mtge.
43^% convertible sinking fund bonds to be dated March 1,
1937 and due March 1, 1947.
The bonds were offered at
100% and accrued int. by James C. Willson & Co., New
York, and Metropolitan St. Louis Co., St. Louis.
Co.—Bonds
Dec. 17, by means of a prospectus,
Out of the net proceeds from the sale of these bonds the company
intends
to redeem on March
1, 1937?, all of its presently outstanding first mortgage
7% serial gold bonds. The balance of the proceeds will be used for additional
working capital.
The bonds are redeemable, at the option of the company, in whole or
in part, at 102% to March 1, 1939, and at a diminishing premium of H of
1 % for each year thereafter to maturity. Bonds are convertible at the option
of the holder prior to Feb. 28, 1942, into $1 par value common stock on the
basis of eight shares of common for each $100 face value of the bonds,
and thereafter to Feb. 28, 1947 into common stock on the basis of six
shares of common for each $100 face value
of bonds.
Provision in the indenture is made for an annual sinking fund of 15%
of the net earnings of the company, which has agreed, irrespective of earnings,
to pay at least $100,000 per annum into the sinking fund.
Payments *411
not be
required, if they would reduce the current assets to less than 200%
of current liabilities
or if they would reduce net current assets to less than
$2,000,000.
Net profit of the company, after all charges including provision for
Federal and State income taxes, for the nine months ended Sept. 30. 1936,
was $166,438.
Consolidated balance sheet of the company and subsidiaries
as of Sept. 30,
1936, showed total current and working assets of $4,193,842,
including cash of $578,635, against total current liabilities of $1,094,450.
The company was incorp. under New Jersey laws in 1899, and is engaged
in the manufacture and sale in the United States and foreign countries of
mahogany and domestic lumber, plywood, veneers, flexwood and other
wooden products, including wooden packages. Its principal executive offices
are located in
Louisville, Ky. William L. Hoge is President of the company.
Minnesota & Ontario Paper Co.$
Cash
306,508
1,690,955
Inventory3,027,305
Uncompl. invent..
464,976
Other assets
659,415
Prepaid expenses..
100,714
Deferred, &c
601,945
Deposits
584,097
Sundry investments,721,281
Property, &c.„_ .58,414,418
x
949.014
1,463,340
1,911,351
856,806
517.702
74,853
327,017
492,210
9.588,226
61,547,820
76,571.615 77,728,3441
Total
Sept. 13/36 Dec. 31/35
Liabilities—
$
Accounts receiv.&c
$
$
Notes payable, &c.
340,751
224,077
840,372
967.919
Accrued taxes
401,191
328,134
Accrued int. (subs.)
423
6,193
Other curr.llabs.117,998
90,885
Deferred, &c
23,245,202 22,408.329
Vouchers, &c
Funded debt:
M. and O. Co..27,900,000 27,900,000
Subs, companies
35,000
135,000
Conting. reserve— 1,650,038
1,514,519
Capital stock—.14,128,000 14,128,000
xSurplus
7,912.636 10,025,286
Total
76,571.615 77,728,344
including appreciation from book write-up of properties amounting to
$24,346,914.
The earnings for the
V.
period Jan. 5, to Sept. 13, 1936
were
published in
|43, p.3472.
Minnesota Power &
Light Co.—Accumulated Dividends
The
directors have declared dividends of $2.33 per share on the 7%
pref. stock, par $100; $2 per share on the 6% cum. pref. stock, par
$100, and $2 per share on the no par $6 cum. prer. stock, all on account
of accumulations and all payable Jan. 2 to holders of record Dec. 11. Similar
Dividends at the regular
payments were made on Oct. 1 and July 1, last.
quarterly rate were paid on April 1 and Jan. 2, last, and on Oct. 1, 1936.
For detailed record of dividend payments see V. 141, p. 1774.—V. 143, p.
cum.
3849.
Recapitalization Plan Approved—
Stockholders at an adjourned special meeting held Dec. 4 approved a
plan of recapitalization and refinancing.
Under the plan the company will exchange its present 7% bonds for new
5% convertible bonds, par for par, and will give for each share of the present
7% preferred stock $100 par two shares of a new 5% convertible preferred,
$50 par. plus three shares of common stock.
Each new preferred sharers
convertible into three common shares at any time.—V. 143, p. 3637.
-Consol. Balance Sheet
Sept. 13,'36 Dec. 31,'35
Assets—
Mission Oil Co.—To Issue Notes—
The company, a registered holding company, has filed with the Securities
and
Exchange Commission a declaration (43-19) under the Public Utility
Holding Company Act of 1935 covering the issuance of an undetermined
amount of its unsecured 4% promissory notes, due July 1, 1942, to be
distributed pro rata to its stockholders, prior to Dec. 31, 1936, in payment
of
a common
stock dividend.
The amount of the notes will be stated in
an
amendment.
Merchants & Miners Transportation Co.—Extra Div.—
The directors have declared an extra dividend^ 60 cents per share
in addition to the regular
quarterly dividend of 40 cdnts per share on the
common stock,
both payable Dec. 28 to holders of record Dec. 14.—
V. 143, p. 3004.
^
1
Michigan Bumper Corp.—Earnings—
Net profit from operations before depreciation.
Other income—net
$84 457
18,798
10,500
Net profit
534.390 shares capital stock,
par
$55,159
$0.10
$1
Consolidated Balance Sheet July 31, 1936
Assets—
hand
$131,354 Accounts payable
$23,221
32,469 Accrued taxes, royalties, wages,
&c
145,368
8,300
Due from officers & employees..
8,795 Res. tor Fed. normal inc. tax., y 10,500
Notes receivable
19,293 Common stock ($1 par)
534,390
Fixed assets
*374,800 Capital and earned surplus
147,851
License rights and patents.
4,258
on
dividend of $1.16 2-3
per
share
on
the
ec.
last.
Jan.
Divs. of .8734 cents per share were paid on Oct. 1, July 1, April 1 and
1935, as against 58 1-3 cents per share paid in each of the five
1,
payments of $1.75 per share.—V. 143, p. 2686.
Mohawk-Hudson Power
Corp.—Preferred Dividend—
a dividend of $3 per share on account of
the $7 cum. pref. stock, no par value, payable Dec. 18,
to holders of record Dec. 8.
A dividend of $1.75 was paid on Nov. 2, last,
and one of $1 per share was paid on Aug. 1, May 1 and Feb. 1 1936 and on
The directors have declared
accumulations
Nov.
on
1, Aug. 1, May 1 and Feb. 1, 1935, prior to which regular quarterly
dividends of $1.75 per share were paid.
Accruals after the payment of the Dec. 18 dividend will amount to $2.25
Liabilities—
Cash in bank and
a
preceding quarters, prior to which the stock received regular quarterly
Provision for Federal normal income tax
on
Co.—Preferred Dividend—
have declared
—$82,854
1,603
Net profit before depreciation
share
directors
S' cum. pref. stock, no par value, payable lr July 1,to holders ofJan. 2,
10. A like payment was made on Oct. Dec. 21
April 1 and record
Depreciation
per
The
$565,069
420,010
62,206
General expenses
Earnings
also filed an application (46-21) under the Act asking
approval of the acquisition by it of unsecured 4% promissory notes to be
issued by Southwestern Development Co., a subsidiary, in payment of a
dividend on the common stock of the subsidiary.
According to the ap¬
plication, the applicant holds 47.2822% of the outstanding common stock
of Southwestern Development Co.
Opportunity for hearings in these matters will be given Dec. 21, 1936.
company
Missouri Edison
Consolidated Earnings for 6 Months Ended July 31, 1936
Sales, less returns and allowances
Cost of sales
The
per
share as of Nov. 1, last.—V. 143, P. 3005.
Accounts receivable
Inventories
Goodwill.
1
Prepaid and deferred expenses7,924
Deposit in closed bank
1
Total
$724,2621
Total
$724,262
After reserve for depreciation of $161,219.
y The reserve provided
July 31, 1936, represents the accrued of normal tax on profits for six
months ended July 31, 1936.
No provision has been made for Federal
surtax on undistributed profits.—V. 143, p. 3324.
x
at
Missouri Power &
Light Co.—Bonds and Preferred Stock
Offered—To simplify the debt structure of the company and
to provide funds for additions
to property, $9,000,000
1st mtge. bonds, 3%% series due 1966, were offered Dec. 15
at 102 and int.
Offering was also made of 15,000 shares
of $6 cum. pref. stock (no par) at $101.50 a share.
The
underwriting group was headed by The First Boston Corp.,
and included:
Harris, Hall & Co., Inc.; E. H. Rollins &
Sons, Inc.; Brown Harriman & Co., Inc.; Blyth & Co., Inc.;
Kidder, Peabody & Co.; Spencer Trask & Co.; Stone &
Webster and
Mid-West Abrasive Co.—Initial Dividend—
The
on
the
directors
common
V. 143, P.
have
declared
an
initial
dividend
stock, payable Dec. 22 to
& Co., Inc.;
of
10 cents per share
holders of record Dec. 12.—
1724.
Mills Novelty Co.,
Chicago—Abandons Monoply Suit—
A suit filed by the company in April, 1935, against some 80 ice cream
manufacturers asking damages of $46,929,395 on accusations of
conspiracy
to form an ice cream monopoly, was dismissed Dec. 14 by Judge John P.
Barnes in Federal District' Court, Chicago on a motion of the plaintiff.
The Mills company, which must pay court costs, had charged that the
companies named in its suit conspired to block sale of a counter ice cream
making machine.
Similar suits are pending in the District Courts in New York and Los
Angeles where the Mills company is asking damages of $54,000,000.
Among the companies named in the action were the National Dairy
Products Corp., the Borden Co., Beatrice Creamery Co. and the Golden
State Co., Ltd.
Minneapolis
General
Electric
Co.—Directors—Regis¬
tration—
See Northern States Power Co.
(Minn.) below.—V. 121,
p.
1909.
Minneapolis-Honeywell Regulator Co.—Special Div.—
The directors have declared
a
special dividend of $1.50 per share
on
the
no-par common stock payable Dec. 21 to holders of record Dec. 9.
An
extra dividend of 12 H cents in addition to a quarterly dividend of 37 H
cents per share was paid on Nov. 20, Aug. 15, and May 15 last, prior to
which the stock
on
was split three-for-one.
Prior to the split-up the company
Feb. 15, 1936 and in each of the three preceding quarters paid an extra
dividend of 75 cents and
a
regular quarterly dividend of like amount.
Blodget, Inc.; Riter & Co.; H. M. Byllesby
Coffin & Burr, Inc., and Alex Brown & Sons.
First Mortgage Bonds—The first mortgage bonds, 3M% series due 1966,
are being issued under a mortgage and deed of trust dated Dec. 1, 1936,
between company and Harris Trust & Savings Bank, Chicago, and William
F. Rothwell, Kansas City, Mo., as trustees, and a supplemental indenture
1, 1936, creating such series.
The issuance of the bonds
has been authorized by the stockholders and by the Missouri P. S. Com¬
to be dated Dec.
mission and is to be authorized by the board or directors of the company.
The bonds will be dated Dec. 1, 1936 and due Dec. 1, 1966.
Principal
payable in lawful money of the United States at the agency of the company
in New York, or Chicago, and int. will be payable in like money on June 1
and Dec. 1 at agency of company in New York or Chicago.
Definitive
bonds will be issued as coupon bonds in denom. of $1,000, registerable as
to principal, and as registered bonds without coupons in interchangeable
denominations of $1,000 and $5,000 and such other denonminations as may
hereafter be authorized.
The bonds of the 3% % series due 1966 will be redeemable, at
option of
in whole, or in part by lot, on any day prior to maturity, at
106% if red. on or before Nov. 30,1937; the premium thereafter decreas¬
ing 34 of 1% of the principal amount on Dec. 1, 1937, and on each Dec. 1
thereafter to and incl. Dec. 1,1960, and decreasing 34 of 1 % of the principal
amount on Dec. 1, 1961, on and after which date redemption may be
effected at the principal amount thereof, together, in each case, with accrued
interest to redemption date.
Company is required to deduct from gross property additions in determin¬
ing "net bondable value of property additions" (in addition to the other
deductions required to be made) an amount equal to the excess of 1-12 of
1 % of the principal amount of bonds outstanding at the end of each month
from Dec. 1, 1936 to the time in question over any sinking fund payments
made during such period.
The company at any time or from time to time may and, if the corporate
trustee so requests, shall change the genera! designation of the bonds to
company,
Financial
C4008
general designation asjmay, in the
trustee, be appropriate under thejcircumstances
suchTother
opinion of the corporate
existing at the particular
time.
Stock—The 15,000 shares of $6 cumulative pref.
stock are a part of the present authorized 50,000 shares of such preferred
stock.
The issuance or such 15,000 shares of $6 cumulative pref. stock
has been authorized by the Missouri P. S. Commission and is to be auth¬
orized by the board of directors.
It is expected that stock certificates in
definitive form will be available for delivery on or about Dec. 28. 1936.
The holders of $6 cumulative preferred stock shall be entitled to receive,
when and as declared from the surplus or net profits of the company, cumu¬
lative dividends at rate of $6 per share per annum, and no more, payable
Q-J.
Such dividends on the shares of $6 cumulative preferred stock being
offered are to be cumulative from Jan. 1, 1937.
Whenever all cumulative
dividends on the $6 cumulative preferred stock for all previous years shall
have been declared and paid, and the accrued quarterly instalments for
the current year shall have been declared and paid, or there shall have
been set aside from the surplus or net profits of the company a sum suf¬
ficient for the payment thereof, the directors may declare dividends on
the common stock payable then or thereafter out of the remaining surplus
$6 Cumulative Preferred
or
net profits.
The $6 cumulative
preferred stock is redeemable, at option of company,
in whole or in part in such manner as the company may determine, on any
dividend date at $105 per share, plus divs., upon 30 days'.
In the event of any liquidation, dissolution or winding up, whether volun¬
tary or involuntary holders of the $6 cumulative preferred stock shall be
entitled to be paid in full $100 per share, plus,' divs. before any amount
shall be paid to the holders of the common stock.
After payment in full
to the holders of preferred stock of $100 per share plus divs., the remaining
assets and funds shall be divided and paid to the holders of common stock.
The $6 cumulative preferred stock has no preemptive rights and the
common stock has no preemptive right to purchase or subscribe for pref.
the $6 cumulative preferred stock is Illinois State Trust
Co., East St. Louis, 111., and the transfer agent is E. E. Smith, 417 Mis¬
souri Ave., East St. Louis. 111.
The registrar for
Application of Proceeds—Company intends to apply the entire net pro¬
bonds of the 3 %% series due 1966 and the $6 cumulative
stock, $10,393,750 (estimated), together with, to the extent
necessary, other funds of the company (which will include $770,000 of
cash to be contributed by North American Light & Power Co., a parent
of the company, without any obligation on the part of the company for the
return thereof), to the following purposes:
ceeds of the
preferred
(a)
For redemption (exclusive of interest accrued to the redemption
dates)
of entire present funded debt of company:
(1) On March 1, 1937, $6,500,000 1st mtge. gold bonds, weries
A, 5M%, due Sept. 1, 1955, at 105
(2) On May 1, 1937, $1,500,000 1st mtge. gold bonds, series B,
4K%, due May 1, 1958, at 103
(3) On March 1,1937, $768,000 1st mtge. bonds, seires C, 4&%
due Sept. 1, 1960, at 102
--(b) For deposit under the mortgage securing the bonds being
offered hereby, withdrawable against gross property additions
made after Nov. 30, 1936, the exact nature of which is not
now determinable (against which no additional bonds may be
issued), or applicable to the retirement of a like principal
amount of bonds (any balance thereof not withdrawn within
three years must be so applied)
$6,825,000
1,545,000
783,360
Dec.
Chronicle
1936
19,
Pref. Stock
Bonds
.
30, 1936
Balance Sheet, Sept.
Liabilities—
Assefs—
$6
Property & plant, franchises,
$14,894,721
&c
deposit with trustees
8,170
Investments (at cost)
110,035
Cash In banks and on hand332,459
Cash
3,450 shs.
1,600
1,350
1,350
1,350
1,100
1,100
1,100
1,100
500
500
500
$2,000,000
950,000
825,000
825,000
825,000
650,000
650,000
650,000
650.000
325,000
325,000
325,000
Corp., New York
Harris, Hall & Co. (Inc.), Chicago
E. H. Rollins & Sons, Inc., New York
Brown Harriman & Co., Inc., New York
Blyth & Co., Inc., New York
Kidder, Peabody & Co., New York
Spencer Trask & Co., New York
Stone & Webster and Blodget, Inc., N. Y—
Riter & Co., New York
H. M. Byllesby & Co., Inc., New York
Coffin & Burr, Inc., Boston
Alex. Brown & Sons, Baltimore
First Boston
on
14,965
52,500
Working fund advances
Cash for pay. of pref. div—
Balances In closed banks
Deferred charges
Funded debt
payable
Pref. div. payable October..
124,409
52,500
Accrued
187,553
69,689
Accounts
606,473
Inventories
2,800,000
8,768,000
Common stock
406,407
240,887
987
Accounts and notes receiv
$3,260,000
pref. stock
cum.
taxes
Accrued interest
87,266
38,798
56,259
805,627
40,328
Consumers' deposits
Other current and def. llabll.
Contrlb.
by consumers
Retirement reserves
for casualties
Reserve
377,174
Earned surplus
$16,667,607
Total
$16,667,607
Total
-V 143, p. 3849.
Sale
Monthly Income Shares, Inc.—Enjoined from Stock
Supreme Court Justice Edward J. Byrne signed an order on Dec. 12
temporarily enjoining from selling securities, two investment-trust cor¬
porations, an investment holding company, two firms and 10 individuals.
The order was issued on the complaint of John J. Bennett, State Attorney
General, and was based on an affidavit of Assistant Attorney General John
R. O'Hanlon, who charged the defendants with misrepresentation and fraud
in the sale of securities to the public.
Those named in the order are: Monthly Income Shares, Inc.. 40 Exchange
Place, an investment trust: National Associated Dealers, Inc., 40 Exchange
Place, an investment trust; Kenyon & Co., Inc., 70 Pine St., an investment
holding company; Lancaster, Havens & O'Brien, 40 Exchange Place, a
security firm which was distributor of stock for Monthly Income Shares,
Inc., and National Associated Dealers, Inc., up to Feb. 20, 1936: Lancaster,
Paynter & Co., Inc., 110 East 42nd Street, which distributed stock or
Monthly Income Shares, Inc., since last February, and the following in¬
dividuals;
Robert E. Lancaster, Donald P. Kenyon, Charles R. Kenyon,
Norman E. Dizer, Walter E. O'Brien, Edwin Wallace Havens, George
Shaw Jr., Murray A. Cobb, George R. Grantham and William H. Paynter.
The order is returnable before Justice Byrne in the Supreme Court in
Brooklyn on Dec. 23.—V. 143, p. 1888.
Montour
1,900,000
$11,053,360
Total
History and Business—Company was originally incorp. in Dec. 1911 for
a" term of 50 years, under the laws of Missouri, as Mexico Power Co.
Name was later changed to Missouri Utilities Co., and in March 1924, to
Missouri Power & Light Co.
The corporate existence was made perpetual
by vote of the stockholders on Dec. 1, 1936 and certificate of amendment
filed Dec. 4, 1936.
The principal development of the company has
since 1923.
In 1924 and 1925 the company acquired the physical properties
of a number of companies, including Jefferson City Light, Heat & Power
RR.—Earnings—
1936
1935
1934
1933
$208,109
86,173
80,159
$180,150
67,872
66,535
$149,355
64,267
71,778
$196,347
76.660
74.966
2,154,409
942,068
1,853.326
796,897
1,741,488
686,086
1,563,650
548,289
896,452
815,073
722,008
694,252
November—
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 143, p. 3325.
been
Co.; Jefferson City Bridge & Transit Co.; North Missouri Light & Power
Co.; Adair County Ligbt, Power & Ice Co.; Boonville Light, Heat & Power
Co.; Moberly Light & Power Co., and North Missouri Power Co. Company
has also expanded by the construction of additonal facilities including
transmission lines to interconnect the properties owned.
The company is engaged primarily in the generation,
mission, distribution and sale of electric energy and in the
purchase, trans¬
purchase, distri¬
has supplanted the manufacture an
bution and sale of natural gas, which
sale of artificial gas.
The territory in which
communities are served with electricity at retail
substantial part of the area of Missouri north of
the Missouri River, with the exception of the extreme west and extreme
southeast portions thereof.
In addition service is provided in 13 com¬
munities south of the river. The territory is largely devoted to agriculture.
A number of important industries are located in the territory, including
plants for the manufacture of fire brick and other ceramics, shoe factories,
strip and shaft coal mines, flour mills, textile plants, railroad repair shops,
gravel pits, oil pipe line pumping stations, ice manufacturing plants and
and wholesale
embraces
a
miscellaneous smaller enterprises.
Electric service at retail is supplied
in 148 communities having a
popula¬
Among
in 1930 (United States Census) of approximately 136,000.
served are Jefferson City, Moberly, Kirksville,
Mexico, Boonville, Brookfield, Clinton and Excelsior Springs.
Company supplies electric energy at wholesale to four other utility
corporations serving 114 communities in Missouri having an estimated
population of about 49,000 and to three municipalities (having a popula¬
tion estimated at approximately 3,750) for distribution through municipally
tion
the more important cities
Corp., Ltd.—Larger Common Dividend—
Moore
share on the com¬
record Dec. 10.
This
April 1, last; 50 cents
1934.
A dividend of
12)^ cents was paid on April 1, 1932 and prior to this latter date, regular
dividends of 25 cents per share were distributed each three months from
April 1, 1929 to and including Jan. 2, 1932.—V. 143, p. 1565.
The directors have declared a dividend of 40 cents per
stock, no par value, payable Jan. 2 to holders of
compares with 25 cents paid on Oct. 1, July 1 and
paid on Jan. 2, 1936, July 2, 1935 and on Dec. 1,
mon
(Tom) Moore Distillery Co. (& Subs.)—Earnings—
Consolidated Income Account Seven Months Ended July 31,
1936
$1,069,586
Net sales
731,511
Cost of goods sold
Gross
$338,075
42,474
Operating profit
$295,601
profit
Selling, administrative and general expense
4,939
Other income
$300,541
Total income
Interest and discount
Amortization of
8,432
2,488
43,100
.
organization and curb listing expense
Provision for Fed'1 income tax for 7 mos. ended July 31, 1936.
$246,521
Net profit
179,151
87.310
Balance at beginning of year
Dividend
owned systems.
Capitalization
and
Funded
Debt
Upon
Completion of Present Financing
To Be
Authorized
1st mtge. bonds, 3 H% series due 1966
$6 cumul. pref. stock (no par)
Outstanding
x
Common stock (no par)
x Additional bonds may
be issued under
With the provisions thereof.
50,000 shs.
75,000 shs.
$9,000,000
50,000 shs.
75,000 shs.
compliance
1933
Operating revenues
$2,951,866
a Operating expenses—
1,656,935
b Net oper. revenues.
Non-operating
revenues
$1,294,931
814
period
share on 249,453 shs. capital stock (par $1)
Consolidated Balance Sheet July 31, 1936
I
Assets—
Ended
Dec.
deposit..
$8,961
notes receivable..
274,929
134,692
Cash
on
hand and
Customers'
on
Miscell. accts. and advances..
31
12 Mos. End.
Sept. 30/36
1934
1935
$3,044,154
1,815,327
$3,244,598
1,982,413
$3,436,245
2,158,279
$1,228,827
512
$1,262,185
509
$1,277,966
8,274
Liabilities—
Accts. payable—For
expenses,
purchases,
$117,937
payrolls Ac
,
Notes payable—Banks & pur¬
86,769
Inventories
Summary of Earnings
Years
per
Customers' accts. receivable..
the mortgage upon
$338,363
$0.99
Earned surplus at end of
Earnings
Accrued int. on notes receiv'le.
1,732
1,351
Federal and State taxes
x500,247
Permanent
Brands, trade rights, &c
...
Unexpired lnsur. premiums...
Unamortized portion of organi¬
zation & Curb listing exp_.
Prepaid taxes, licenses &exp__
205,656
31,488
chase of equipment..
25,000
7,426
Accrued
Federal,-
local taxes
Provision
for
and
....
normal
Deferred
31, '36
notes payable.
Income
1,782 Capital stock (par $1)
Capital surplus
b Gross income
$1,295,745
$1,229,339
$1,262,694
$1,286,240
244,304
257,343
254,976
302,015
Earned
417
Income
tax 7 mos. ended July
Accrued int. on
6,601
State
surplus
43,100
724
1,088
249,453
61,267
338,363
Appropriation to reserve
for retirements
Gross
interest charges
$1,051,441
$971,996
$1,007,718
Including maintenance and taxes other than income taxes,
appropriation to reserve for retirements, b Before appropriation
a
$984,225
but excl.
to reserve
for retirements and income taxes.
The annual interest requirements on the
$9,000,000 first mortgage bonds,
3%% series due 1966, to be outstanding will amount to $337,500 as com¬
pared with $1,286,240 of gross income before appropriation to reserve for
retirements, provisions for income taxes and interest charges for the 12
months ended Sept. 30, 1936, and $984,225 of gross income after appropria¬
tion to reserve for retirements but before provisions for income taxes and
interest charges.
The annual dividend requirements on the 50,000 shares of $6 cumula¬
tive preferred stock to be outstanding will amount to $300,000.
The
aggregate of such annual dividend requirements on the $6 cumulative
preferred stock to be outstanding, such annual interest charges on the first
mortgage bonds to be outstanding, $5,556 of other interet charges during
the 12 months ended Sept. 30, 1936, and $32,000 of estimated annual
amortization of bond discount and expense, would be $675,056 as compared
with $901,125 of gross income after appropriation to reserve for retirements
and provisions of $83,100 for income taxes for the 12 months ended Sept. 30,
1936.
Principal Underwriters—The names and addresses of the principal under¬
writers and the respective amounts of bonds and $6 cumulative preferred
stock severally to be purchased by each are as follows:
.$1,049,488
Total
income taxes for the seven
normal income tax only.
No provision has been made at July 31, 1936, for Federal surtax on undis¬
tributed profits as the amount thereof depends upon the registrant's
earnings and dividends paid for the entire year ending Dec. 31, 1936.
Based upon earnings and dividends paid for the period of seven months
ended July 31, 1936 (but without considering the possible effect of earnings
and dividend payments during the last five months of the year), such
tax would amount to approximately $26,000.
No provision has been made herein for Kentucky State income tax
for the seven months ended July 31, 1936.
Note—The provision made herein for Federal
months ended July 31, 1936, is for estimated
before
t^xos
<jtncL
income
income
$1,049,488
Total
x
After
reserve
Motlor
for depreciation of
Transit
Period End. Nov. 30—
Gross earnings
Operation
Maintenance
Taxes
Interest
Balance
Reserve for retirements..
Balance
—V. 143. p. 3153.
$40,909.—V. 143, p. 3640.
Co.—Earnings—
1936—Month—1935
$55,141
$50,030
29,180
,28,322
8,370
6,973
6,118
5,739
556
739
$10,715
$8,255
1936—12 Mos.—1935
$628,989
$585,618
346,047
94.102
73.334
7,658
332.171
86,881
71,292
$107,845
77,774
$84,905
86,458
$30,071
def$l,552
10,367
Volume
Mount
143
Financial
Chronicle
Vernon-Woodberry Mills, Inc.—Accum. Div.—
ID The directors have declared
Assets—
a dividend of $1 per share on account of
on the 7%
cumulative preferred stock, par $100, payable
holders of record Dec. 8.
A dividend of $2.50 was paid on
Cash
accumulations
Dec.
18 to
4009
Consolidated Balance Sheet Sept. 30
on
June 30,
in
1936
*
banks
accts.
553,269
289,762
ment, bonus, &c.
8,218
35,417
Prov. for U. S. A.,
Canadian & Eng¬
5,400
732,008
3,319
530,518
39,157
99,075
33,859
98,037
1,495,211
1,404,414
258,675
accts. receivable
Inventories
Prepaid ins.
194,213
Res.
Int.
in
20,961
1,500,000
21,628
1,500,000
Drl58,300
Capital stock
Initial surplus
prepaid royalties
& other deferred
charges, at cost,
less amortization
1
Steamship Line—Foreclosure Halted—
Federal Judge Alfred O. Coxe
Total
Dec. 15 adjourned until Jan. 14 a govern¬
ment suit to foreclose a $2,537,000 mortgage against the company which is
in reorganization proceedings. Attorneys for the Line hope to place it on a
financial
basis
on
through
adjustments
before
arranged
States Maritime Commission.
On this basis they have asked
of the suit.—V. 143, p. 3226.
Murray Ohio Mfg. Co.—SEC Charges
x
the United
for dismissal
(F. E.) Myers & Bro. Co.
Years End. Oct. 31—
Depr. and other charges
-
Prov. for Federal taxes.
$4,251,306 $3,672,117
Corp.—Dividend Doubled—
directors
being the initial payment
$1,258,555
649,600
549.821
$848,070
14,475
$708,734
44,247
tion
$436,682
52,485
$1,261,584
107,545
167,000
$862,545
90,685
$752,981
93,237
112,000
92,000
$489,167
197.890
48,500
$659,860
7,500
340,000
$567,745
52,500
230,000
$242,776
75,000
100,000
$312,360
$285,245
$67,776
$3.26
$2.58
the issue.—V. 143, p. 3474.
of National Investors Companies Proposed—
In the first move by any major investment trust
group of the closed cor¬
poration type to qualify under the investment trust provisions of the Fed¬
eral Revenue Act of 1936, Fred Y. Presley, President of the National
Investors companies, on Dec. 15 announced plans for the mutualization and
consolidation of National Investors Corp.,
Second National Investors
Corp., Third National Investors Corp. and Fourth National Investors Corp.
The combined resources of the group are about $45,000,000.
The program consists of two steps.
The first will be the individual
mutualization of Second, Third and Fourth National, to be voted upon
by the stockholders at special meetings called for Dec. 29, and the second
step will be to combine all four companies into a single new company of the
mutual type.
Second special meetings of the stockholders of Second, Third
and Fourth National have been called for Jan. 12, 1937. to vote upon this
latter step involving the sale of assets to the new company and dissolution
of the existing companies. A special meeting of the stockholders of National
Investors Corp. has been called to be held on Dec. 29 to authorize the
corporation's assent to the plans of Second, Third and Fourth National,
in which National has very substantial holdings, and to authorize National
to combine with the other three companies into the
contemplated single
496,688
$1,239,462
22,122
on
National Investors Corp.—Mutualization and Consolida¬
$933,371
$1,497,670
500", 665
Other income.
Total
shares.—V. 143, p. 3641.
have declared a dividend of 20 cents per share on the
stock (no pair value) payable Dec. 23 to holders of record Dec. 17.
A dividend of 10 cents was paid on
Sept. 1 and on March 2, last, this latter
1933
1934
$987,039
.
no par
National Gas'&^Electric
Manipulation—
1935
Represented by 150,000
The
-Earnings—
1936
Mfg. profit after deduct¬
ing cost of sales, incl.
mat'l .labor & mfg.exp. $1,934,435
Adm., sell. <fc gen. exp-694,973
$4,251,306 $3,672,1171
common
The Securitie sand Exchange Commission charged Dec.15 in an injunction
proceeding before Federal Judge Samuel H. West at Cleveland that stock
of the company had risen through manipulation by Otis & Co. and sought
under the Securities Exchange Act to restrain repetition.
William R. Daley, President of Otis & Co., denied that his company had
manipulated the market.—V. 143, p. 2687.
$0.81
Preferred dividends
Common dividends
Balance, surplus.
Earns, per sh. on 200,000
shs. com. stk. (no par)
$487,039
-
new
?
$4.93
company.
The program calls for exchange of the outstanding securities of the existing
companies for redeemable shares of the new company as follows, on the
basis of Nov. 30 asset values:
Asset Value
in
Balance Sheet Oct. 31
Assets—
1936
Cash & ctfs of dep.
U. 8. Govt, and
1935
$923,568
$715,161
607,563
401,976
876,973
404,405
309,037
sees.
.
Notes & acots.
rec.
Mdse. Inventory..
Real est., mach'y
and equipment. 1,037,739
Mlscell. assets
17,823
Accounts
Deferred assets
1935
1936
payable.
National Investors Corp.—
Preferred share
Common share
$52,082
$74,350
Res. for Fed. inc.,
State and local
y
Common stock..
150,776
1,000.000
2,133,612
212,667
1,000,000
2,620,651
Profit & loss surp.
x
Common share
,$3,907,668 $3,336,470
Total
shares,
to
$3,907,668 $3,336,470
y
385#.
The directors have declared
cover
a special dividend of $1.50 per share on the
stock, payable Dec. 24 to holders of record Dec. 10.
and regular
quarterly dividends of 25 cents per share and extra dividends o( 12 H cents
per share paid in each of the five preceding quarters.—V. 143, p. 3154.
Warrant
Net income
&
Earned surplus at
Less than 30% of its gross income must be derived from the sale or
other disposition of stock or securities held for less than six months.
(d) An amount not less than 90% of its net income must be distributed
to its shareholders as taxable dividends during each taxable year.
(e) Shareholders must, upon reasonable notice, be entitled to redemption
of their stock for their proportionate interests in the company's properties
(called the "asset value" of their shares), or the cash equivalent thereof
less a discount not in excess of 3 %.
(f) Not more than 5% of the gross assets of the company, taken at cost,
shall be invested in stock or securities, or both, of any one corporation,
government or political subdivision thereof, but this limitation does not
apply to investments in obligations of the United States or in obligations of
any corporation organized under general Act of Congress if such corporation
is an instrumentality of the United States.
(g) It must not own more than 10% of the outstanding stock or securities,
or both, of any one corporation.
(h) It must not have any outstanding indebtedness in excess of 10% of
its gross assets taken at cost.
(i) It must comply with any rule or regulation prescribed by the Com¬
missioner of Internal Revenue, with the approval of the Secretary of the
Treasury, for the purpose of ascertaining the actual ownership of its out¬
standing stock.
The new company will have but one class of stock consisting of redeem¬
able stock (par $1).
The excess of the consideration received by the new
company therefor over such par value will constitute capital surplus of the
(c)
1935
$1,308,585
348,208
18,454
(as above)
18,442
Excess reserve set up in prior years to reduce the1
book
value of marketable
bonds
to
market
value—parent company
Recoveries on balances in closed
banks previously
written off
8,169
Dlvs. paid, less divs. on stock held in treasury...
Fed. cap. stock tax adjust, as at Sept. 30, 1934--
$2,084,479
452,824
$1,675,235
268,340
1,161
At least 95% of its gross income must be derived from dividends,
interest, and gains from sales or other disposition of stock or securities.
$680,508
$1,405,735
$1,405.735
652,122
Sept. 30
Consolidated net income
of this plan by the carrying
thereafter obtained.
securities.
equipment of
1936
or are
profits on the sale of securities, which is paid during the taxable year as
taxable dividends to its shareholders.
The following are the principal
a mutual investment company
during the entire taxable year in order to qualify as such during such year.
(a) It must be organized for the purpose of, and substantially all of its
business must consist of holding, investing, or reinvesting in stock or
38,862
$680,509
have been
'requirements which must be met by such
Consolidated Surplus Account Year Ended Sept. 30
Initial surplus
such that the first stage of this plan
Mutual Investment Companies
$348,208
x After
deducting provision for depreciation of plant
$210,034 in 1936 and $196,677 in 1935.
are
A mutual investment company, qualified as such under the present pro¬
visions of the Federal Revenue Act of 1936, pays no normal Federal income
tax or surtax on undistributed profits on that part of its earnings, including
$425,481
3,038
68,519
5,715
2,099
3.00
It is contemplated that the new company will continue in the same type
of business as that now engaged in by the corporations.
$386,618
126,374
5,192
however,
out of the second stage
(b)
$785,787
to
assents sufficient for the final consummation
1935
$652,122
Total earnings..
Losses on assets sold or scrapped
Prov. for U. S. A., Can. & English inc. taxes
Min. stockholders' int. in earns, of English sub..
attached
-
security holders of the different companies
will be carried out if and when sufficient assents by stockholders are obtained
that purpose, whether obtained in 1936 or 1937 and whether or not
'
$760,678
25,109
*
for
Co.—Earnings—
(net) and sundry receipts..
originally
warrants
The advantages of having the corporations ultimately qualified as mutual
unneeded increase in milk production, which would eventu¬
ally depress farm prices and be demoralizing to the entire industry.
t Among the year's favorable developments, Mr. Mclnnerney cited an alltime high in per capita cheese consumption and larger sales of ice cream and
1936
(excluding
investment companies,
cause an
v
1.50
51.28
desirable to carry out the first stage of this plan in 1936.
In addition, if
the first stage of this plan is not carried out in 1936, the corporations cannot
be qualified as mutual investment companies at any time during 1937.
Mr. Mclnnerney
result would retard the rate of increase in consumption of fluid milk and
stimulate the sale of canned milks for which the farmer receives a much
lower price.
Further, the temporarily higher prices farmers would receive
Years Ended Sept. 30—
$44.91
The corporations are to be dissolved and such redeemable stock of the
a $100,000,000
increase in dairy farmers' cash income for the
1936.
|*Mr. Mclnnerney declared that the "chief danger" during the next 12 or
18 months would be the possibility that prices farmers receive for milk
sold in bottles, which are fixed by governmental agencies in many markets,
would rise too rapidly or remain at uneconomically high levels.
This would
be harmful to the farmer, he said, because the higher retail prices that would
Net operating profit;
Other income, interest
arrears.
company distributed to the stockholders of the corporations.
The uncertainty as to the meaning of certain provisions of the Federal
Revenue Act of 1936 relating to mutual investment companies makes it
estimated
x
.005
shares and $16.60 in cash
new
full year
National Standard
new
states in part:
stated that his company's 1936 earnings would be larger than those reported
in 1935. despite the lack of profit in milk distribution in some markets. He
Dairy's participation in these gains was
chiefly responsible for the increase in the company's earnings, as profit
margins in fluid milk distribution are still at unsatisfactory low levels.
—V. 143, P. 3474.
in
5.50
stock certificates)
National Dairy Products Corp.—Review and Outlook—
National
$13.69
y$99.18
-
A circular addressed to the
V A "reasonably favorable" outlook for the dairy industry during the next
two years, "barring abnormal weather conditions," was forecast Dec. 10
other milk products.
dividends in
and
arrears.
Consisting of approximately $82.58 in
common
bytThos. H. Mclnnerney, President of the corporation.
shares
Warrant
This compares with a dividend of 37 H cents paid on Nov. 1, last,
would
new
Fourth National Investors Corp.—
Common share, with attached warrant
| National Automotive Fibres, Inc.—Special Dividend—
class A
in
Third National Investors Corp.—
Common share
Less allowance fpr deprecia¬
tion of $764,425 in 1936 and $685,961 in 1935.—V. 143, p.
no-par
dividends in
$101.30
Warrant
41,939
no par
cover
of approximately
Second National Investors Corp.—
Preferred share
y
Represented by 200,000
4.00
1.00
Consisting
cash to
1,078,787
17.418
42,026
of New
x$115.00
Warrant
taxes & contlng.
769,724
Terms
Redeemable Shares
Liabilities—
y
x
680,508
1,405.734
680,509
1,631,655
Patents, trademks,
Goodwill
marketable
101,927
139,740
Eng¬
Earned surplus
equipment-
85,831
Treasury stock— Drl58,300
Property, plant &
The company has advised the N. Y. Stock Exchange that as of Nov. 30,
1936, its subsidiary, the Munsingwear Corp., is being liquidated, and its
assets, subject to its liabilities and its operations, transferred to the parent
company.—V. 143, p. 3640.
sound
manage¬
lish subsidiary-x
Other Investments
for
lish Income taxes
Mln.
prem.
& other exps...
Munsingwear, Inc.—Subsidiary Liquidated—
Munson
Dividend payable-
Employees' notes &
$250,000 5% first mortgage bonds, series B, due 1961.
The company's
original registration was withdrawn early this month. The bonds are to be
offered at 98 H. Bond & Goodwin, Inc., will be the underwriter.—V. 143»
P. 2687.
1935
$120,617
$183,196
167,713
expenses
rec.
& claims
The company, subsidiary of Delaware Valley Utilities Co., has refiled a
registration statement with the Securities and Exchange Commission for
1936
$509,924
572,649
371,021
receivable
Sundry accts.
Mountain State Water Co.—Files with SEC—
Liabilities—
Accts. pay. & accr.
$689,271
Marketable bondsCustomers' notes &
last, Dec. 31 and June 29, 1935, and on Dec. 31 and June 30,
1934, while on June 30, 1931 a payment of $1 per share was made.—V. 143,
P-12527.
1935
&
hand
r
new
company.
National Investors Corp. has substantial holdings of stocks and warrants
Investors companies, namely, stocks of such
of the other three National
$1,631,655
Earns, per
sh.
on
134,170
no par
shs.
cap.
stock..
$1,405,734
$2,312,164
Earned surplus, as at Sept. 30,1935
$2,086,243
$2.59
$4.86
companies (including warrants attached thereto), carried on the books of
National Investors Corp. as at Nov. 30, 1936, at $2,254,687.50, the market
with a cost to National
Investors Corp. in excess of $2,700,000, but carried on its books as at Nov.
value thereof, and other warrants of said companies
Financial
4010
^National Investors Corp. will participate with respect to
30, 1936, at $1.
these securities in the respective plans of the
other companies and, to the
plans are carried out, will receive shares of stock of the new
company on the basis of such participation.
If each of the plans of the
other three National Investors companies is carried out, National Investors
Corp. will receive with respect to its holdings of stocks and warrants of such
companies 482,731 shares of stock of the new company, subject to adjust¬
ments in respect of warrants.
The plan of National Investors Corp. provides that in the event that the
corporation assents to its plan and one or more of the National Investors
companies does not assent to its plan, prior to the consummation of the
definitive plan, National Investors Corp. may, by distribution in kind,
sale or otherwise, divest itself of stock or warrants of such other National
Investors company or companies which shall not have approved of its or
their plans, to the extent necessary to reduce such noldings to 10% or less
of the outstanding securities of such other National Investors company
or companies, preparatory to transfer of such assets to the new company.
In the event of any such distribution in kind, the number of shares of com¬
mon stock of the new company to be issued to National Investors Corp.
upon such transfer and to be distributed to its security holders will be
reduced by the number of shares of stock of the new company allocated to
the securities thus distributed.
It is contemplated that the new company will be incorporated in Mary¬
extent that such
land.
•
that the name of the new company will be National
Investors Corp., if the present National Investors Corp. assents to its
plan; but the incorporators of the new company, in their discretion may
make use of such other name as seems to them appropriate, if such assent
It is contemplated
shall not be obtained.
Holders of shares of redeemable stock of the new company
will have the
right, upon notice in accordance with the certificate of incorporation,
to require the new company to redeem their shares at asset value less a
withdrawal charge.
Such withdrawal charge will be 3% during the first
four months after incorporation of the new company, 2% during the next
succeeding three months, and 1% thereafter, in each case," of the asset value
of such shares.
Such asset value less the withdrawal charge may be paid
either in cash or in kind at the option of the new company, as provided in
the proposed certificate of incorporation.
It is contemplated that the initial board of directors of the new company,
which will be approved by the National Investors companies executing the
definitive plan, will be composed of all or part of the present directors of
the National Investors companies.
Statement of Net Assets at
Nov. 30, 1936
Assets—
Dec.
Chronicle
19,
1936
Accumulated Dividend—
The directors have
declared
of
dividend of $8.50 per share on account
a
23 to
1935;
$4 paid on May 14, 1935, $2.75 on July 1, 1934 and $5.50 per share paid on
Sept. 30, 1933, this latter being the first payment made on this issue since
July 1, 1930, when a regular semi-annual dividend of $2.75 per share was
accumulations on the $5.50 cum. pref. stock, par $1, payable Dec.
holders of record Dec. 12.
This compares with $1.50 paid on Feb. 1,
paid.—V. 143, p. 3850.
National Supply Co.
The
California,
Stock Exchange that as of
the assets and business of the
following sub¬
„
_
(Pennsylvania), the National Supply Co. of
National-Superior Co. and the Otto Engine Works.—
the
V. 143, p.
of Del.—Acquisition—
has notified the New York
company
1, 1936, it acquired all
sidiary companies:
The National Supply Co.
Dec.
3851.
National Tea Co.—Sales—
1935
1934
Mar. 28
1936
$5,135,421
4,662,014
4,733,906
$4,387,876
4,929,167
4,898,378
$4,344,298
4,735,402
4.747,235
1933
$4,928,125
4,650.848
5,062,463
April 25
May 23
4,582,700
4,349,416
4,816,420
4,885,980
5,022,922
4,843.454
4,628,100
5,037,572
4,608,491
4,659,679
June 20.
July 18
Aug. 15Sept. 12
4,504,609
4,812,646
4,667,805
4,588,974
4,297,939
4,287,207
4,626,518
4,404,117
4,706,260
4.881.542
4,230,998
4,474,519
Four Weeks Ended—1
Feb. 1
Feb. 29
4.743.075
4,796,725
4,922,132
4,666,327
4,809,117
4,923,028
5,221,468
4,873,386
4,741,915
4,717,324
5,337,522
4,599,871
4,758,069
4,695.523
The number of stores in operation declined from 1,229 Nov. 30, 1935,
to 1,217 on Dec. 5, 1936.—V. 143, p. 3327.
Oct. 10
Nov.
7
Dec.
5--
National Weaving Co.,
Lowell, N. C.—Plan Approved—
A plan of reorganization for the company which has been operating under
trusteeship, has been approved in an order signed by Judge Webb in Federal
Court, Lowell, N. O.
The petition for reorganization, filed by A. C. Linoberger Jr., and H. M. Wade, trustees, shows an arrangement for the
purchase of 52% of new common stock at $250,000 by I. Rogosin, head of
the Beaumont Mills, New York.
The order also authorizes the new corporation to be known as National
Weaving Co
Inc., to apply for a loan of $175,000, or any necessary part of
,
$76,336
9,925
Cash
Dividends receivable
_
Investments in affiliated companies
(cost, $5,474,379):
1,500 shares of second preferred
2,254,688
Common stocks, market value
i
Common stock purchase warrants, carried at nominal value. Other investments (cost, $236,319), market value
Management fees accrued
t
1
431,888
35,697
$2,808,534
Total
Liabilities—
$1,450
Accrued expenses
Provision for taxes:
Federal normal income tax
4,225
850
5,275
Federal capital stock tax
New York State franchise tax
425
New York City excise tax
400
100,000
Fed. & N. Y. State taxes for unemployment insurance
Provision for settlement of pending lawsuit
-
with interest at 6%.
a
of 3,000 shares of first preferred
stock of $100 par value and 38,000
that sum, payable in^threefcyears
The capital stock will consist
of common stock of $5 par value.
The first preferred stock, par $100,
,
stock,
shares
„
,
'
.
is to be 6% cumulative, dividends
retired in 10 years, but redeemable in whole
or part on any dividend date or 30 days' notice.
This stock is to be issued
to present holders of prior preferred stock in the old company.
*
Under the plan, in the event of liquidation or dissolution, voluntary or
involuntary, holders of first preferred stock are to be paid $100 per share,
plus dividends before any payment is made to holders of second preferred
and common stock.
Payment would then be made to holders of second
preferred and any remaining amount would be paid to common stockpayable semi-annually, to be
holders
sh3»r6 for sh&ro
Ss»The authorized loan of $175,000 is to be used for payment of all approved
claims of creditors or claims that may be approved later.
Creditors may
be paid in full in cash, or if they agree the new company may be granted
extension of time on payments and borrow only such part of the $175,000
as may be needed.
Of the new issue of 38,000 shares of common stock, 18,000 shares are
to go to holders of second preferred stock in lieu of their present holdings.
The remaining 20,000 shares are to be purchased by Mr. Rogosin at $5
per share.—Y. 138, p. 696.
,
$112,625
Total
b$2,695.909
a Based on carrying investments in purchase warrants of affiliated com¬
panies at nominal value of $1 in the absence of determinable market values,
and investments in common stocks of affiliated companies and other in¬
vestments at market values,
b Represented by (1) paid in capital—$5.50
preferred stock ($1 par) (dividends in arrears accrued through Dec. 1, 1936,
$21.54 per share), $14,858; common stock ($1 par), $874,319; capital
surplus, $4,463,242; total, $5,352,419; less common stock (81,800 shares)
and purchase warrants (for 7,200 shares) of National Investors Corp. re¬
acquired and held in treasury, at cost, $463,000; balance, $4,889,419.
(2) Earned surplus—Income surplus, $65,829; security profits surplus,
$764,783; total, $830,613; grand total, $5,720,032.
Excess of cost over
a
Net assets
market or nominal
values as reported at Nov. 30, 1936—Investments
balance.
companies, $3,219,690; other investments, Cr$195,567;
$2,695,908.
affiliated
Statement of Investment
in
Companies at Nov. 30, 1936
No. ofShs.
of New Co.
Market
Allocated
Value
Under Plans
Second National Investors Corp.:
Natomas Co.-—Extra Dividend—
dividend of 20 cents per share in
regular quarterly dividend of like amount on the common
stock, no par value, both payable Dec. 28 to holder of record Dec. 14.
Similar payments were made on Dec. 30, 1935 and an extra dividend or
5¢s was paid on Dec. 29, 1934.—V. 143, p. 2851.
The directors have declared an extra
addition to the
New
England Power Association—Preferred
New
England Telephone & Telegraph Co.—Earnings—
Per. End. Oct. 31—
Operating re venues
55,000
$450,000
100,000 shares of common stock
1936—10 Mos.—1935
$5,898,091 $59,420,312 $56,474,464
1936—Month—1935
$6,216,338
16,113
23,402
90,076
4,353.308
599,922
4,218,748
455,734
42,130,213
5,748,777
194,921
40,854,562
4,529,289
$1,246,995 JL$1,200,207 $11,451,246
$10,895,692
Uncollectible oper. rev--
Purchase warrants for 200,000 additional shares of
com. stk. exercisable at $25 per sh. until Jan. 1/44
Dividends—
of $2 per share on the 6% cumu¬
preferred stock, par $100, and 66 2-3 cents per share on the $2
cumulative preferred stock, no par value, both payable Jan. 2 to holders
of record Dec. 15.
Dividends at one-hair these rates were paid in each of
the seven preceding quarters.—V. 143, p. 3327.
The directors have declared dividends
lative
Operating expenses
Operating taxes
100
x
Net oper. income
55,100
—V.143,
p.
3327^
Third National Investors Corp.:
95,658
21,300 shares of common stock
-$820,050
Purchase warrants for 101,200 additional shares of
common stock exercisable at $66 per share until
March 1, 1937, and thereafter at $2 more per
share per annum
until March 1, 1939
New Process Co.—To
Pay $1.50 Dividend—
$1.50 per share on the common
value, payable Dec. 23 to holders of record Dec. 14*
Of the
current distribution 50 cents is being paid in lieu of the regular quarterly
dividend which would ordinarily have been paid on Feb. 1, 1937.
Regular quarterly dividends of 50 cents per share have been paid from
Feb. 1, 1934 to Nov. 2 last.—V. 143. p. 2528.
The directors have declared a dividend of
stock,
15,180
x
110,838
no par
Fourth National Investors Corp.:
New River Co.—$1.50
21,700 shares of common stock with purchase war¬
$984,637
rants attached,
111,293
Purchase warrants for 685,000 additional shares of
stock exercisable at $60 per share on or
common
before Oct. 1, 1939-
205,500
x
316,793
x
Market values shown above are exclusive of investments
by dealers. Outstanding purchase warrants of Second
are all owned by National Investors Corp.
Nat'l
Second
Co._
American Gas & Electric Co
Mfg.
Commercial Credit Co
Commercial Invest. Trust Corp.
Continental Can Co., Inc
General Motors Corp
Inland Steel Co
Total
20.900
4,200
3,800
18,300
28,100
700
10.680
6,300
21,800
17,280
10,300
36,600
4,200
3,300
11,400
5,700
6,500
3,800
1,854
3,500
7,500
3,200
1,545
2,600
5,000
2,500
4,400
4,500
4,200
13,500
33,400
11,000
5,253
9,300
16,000
14,800
14,800
22,700
48,100
18,000
8,652
15,000
28,700
15,000
26,900
25,600
25,100
-
Co
Int. Nickel Co. of Canada, Ltd.
National City Bank of New York
National Steel Corp.
3,200
6,100
Harvester
1,000
3,200
5,500
...
6,300
6,100
Otis Elevator Co.
Pacific Gas & Electric Co
Penney (J. C.) Co_
Pittsburgh Plate Glass Co_
Sears. Roebuck & Co
Southern Calif. Edison, Ltd
States Gypsum Co
Westinghouse Air Brake Co
_.
1,500
Corp. below.—V. 143, p. 3641.
RR.—Earnings—
[Including all LeasedjLines]
1936—Month—1935
1936—10 Mos.—1935
Railway oper. revs
$33,034,358 $28,786,590
Railway oper. expenses. 23,715,947
20,633,687
Railway tax accruals...
2,252,716
2,064,603
Equip. & jt.facil.rents.
1,274,088
1,346,308
$294573,431 $254725,547
220,832,958 193,816,357
21,659,257
19,278,115
13,609,633
13,524,179
$5,791,607
1,734,268
$4,741,992 $38,471,583 $28,106,896
1,552,420
16,765,621
16,888,495
$7,525,875
Net ry. oper. income.
$6,294,412 $55,237,204 $44,995,391130,712
1,314,345
1,287,225
4,899,598
47,805,196 48,829,145
6,400
3,000
1,800
6,100
Internat. Business Mach. Corp_
United
Nat'l
12,400
700
5.000
700
New York Central
Fourth
Nat'l
3,800
3,600
2,200
7,500
(E. I.) de Nemours & Co.
First National Stores, Inc.
International
Third
Nat'l
4,700
1,000
Chrysler Corp
du Pont
affiliated investment
1,500
CommonStks. (No, of Shs.)—Inv.Corp.
Dec. 1,
and June 15,
the dividend
New|York Central Electric Corp.—Merger—
See New York State Electric & Gas
Per. End. Oct. 31—
Portfolios of Four Investment Trusts
Allis-Chalmers
April 1, last, Nov. 1 and March 1, 1935, Nov. 5
1934, and on Nov. 2, 1931, this latter payment representing
due May 1, 1924.—V
143, p. 3006.
Nov. 2 and
National
Investors Corp.
The complete common stock portfolios of the four
trusts as of Nov. 30, 1936, comprised the following:
share on account of
stock, par $100, payable Dec. 24 to
distributions were made on
in purchase
(representing a cost in excess of $2,700,000) which are carried on
the books of the corporation at $1 in accordance with action of the board
of directors.
Purchase warrants of Third National Investors Corp. and
Fourth National Investors Corp. are not listed on any exchange, but are at
warrants
times traded
Preferred Dividend—
The directors have declared a dividend of $1.50 per
accumulations on the 6% cum. pref.
holders of record Dec. 15.
Similar
9,200
17,600
18,900
9,800
2,300
8,200
2,000
24,800
6,800
42,800
11,100
10,700
2,900
4,200
10,000
2,400
2,700
28,600
10,600
11,100
50.800
15,900
18.000
1,500
1,500
6,500
9,500
Other income
Total income
Miscellaneous
129,363
deducts..
Fixed charges
4,780,155
Netincome..
Net inc. per sh. of stock-
$2,616,357
$1,264,102
$0.52 J|
$0.25
—V. 143, p. 3641.
New
York
$6,117,663 df$5,120,979
$1.22
def$1.03
<*4
.
Chicago &TSt. Louis RR.—Seeks Extension
of Lake Erie & Western Bonds—
The company having acquired through consolidation, properties for¬
merly owned by Lake Erie & Western RR., is offering the holders of that
company's first mortgage 5% bonds due Jan. 1, 1937, an opportunity of
extending the maturity thereof to Jan. 1, 1947.
Holders or the bonds
accepting this offer will receive interest after Jan. 1, 1937, at the rate of
3% per annum, and a sum equal to 13^ % of the principal amount of each
bond deposited as additional consideration for entering into the extension
agreement.
Those who desire to accept the extension are instructed to
deposit their bonds with the Guaranty Trust Co. of New York, as agent
for
the railroad
company.
Volume
The
Financial
143
bonds will be redeemable at the option of the railroad company
new
whole at any time on 30 days' published
if redeemed on or before Jan. 1, 1939, at
as a
and
notice at the following prices:
102#%; if redeemed thereafter
before Jan. 1, 1941, at 102%; If redeemed thereafter and on or
before Jan. 1, 1943, at 101#%; if redeemed thereafter and on or before
Jan. 1, 1945, at 101%; if redeemed thereafter and prior to maturity, at
on or
100%; in
The extension of the bonds will
prejudice the lien of the first mortgage of Lake Erie and
security therefor.
Edward B. Smith & Co., 31 Nassau St., N. Y. City, are offering to pur¬
chase all bonds of holders who do not wish to accept the extension which are
tendered for sale on or before Jan. 1, 1937.
They will pay the principal
amount thereof, plus accrued interest to date of purchase.—V. 143, p. 385L
not
or
as
New York City Omnibus
Month of—
Gross oper. revenue
Sept. 1936
$584,620
Co., Inc.-
Operating
)
J
revenue
1936
$143,911
28,526
Net inc. after taxes & charges
Eight Ave.
Coach Corp.
1936
1935
$132,242
18,942
$154,918
32,589
—V. 143, p. 3475.
New York Susquehanna & Western RR.—Bond
Exten.
The Interstate .Commerce Commission has authorized the company to
extend to Aug. 1, 1940, $3,774,000 first mortgage refunding 50-year 5s and
$999,000 second mortgage 4#s.
The firsts are due Jan. 1, 1937, and the
seconds, Feb. 1, 1937.
The company also was granted authority to issue $447,000 general mort¬
gage 5% bonds so as to be in a position to change such bonds par for par
for any second mortgage bonds which may be presented for that purpose,
whether presented
extented.
The Erie
RR.
before
or
cooperate with
assume
New York State Electric & Gas
of
merger
New
York
Central
Corp.—Merger—
and Eimira Light,
Electric Corp.
Heat & Power Corp. into the New York State Electric & Gas Corp. has
been authorized by the New York Public Service Commission (subject to
specific conditions), and consent has been given to a reclassification of the
capital stock of both companies.
The merger it is said is an integral step
in Associated Gas & Electric's general plan of simplification of ownership.
—V. 143, p. 3007.
New York Title & Mortgage
Northwestern Electric Co.—Accumulated Dividend—
control
Russell, and Raymond J.
Scully, who
of the series
C-2 mortgages and properties on May 1.
Oct. 15, was 1% on account of interest and 1 #%
on account of principal, or an aggregate of $610,496.
The amount to be
paid on Dec. 31 will bring the total awarded to certificate holders to $854,695.
over
The first distribution,
on
New York
Woman, Inc.—New Directors—
B. W. Brown and Arthur E. Bysshe were elected directors of this com¬
Mr. Bysshe
pany.
P. 1889.
was
dividend of 80 cents per share in addition to
regular monthly dividend of 15 cents per share on the common stock on
Dec. 10 to holders of record Dec. 4. An extra dividend of 20 cents Was paid
on Dec. 31. 1935.—V.
142. p. 134.
lm
-
Ohio Brass Co.—Dividend
The directors
f|
four shares of Niles Bement-Pond stock held.
The company also
stated that the proposed consolidation of Niles-Bement-Pond Corp. and
General Machinery Corp. has been abandoned.
The proposed consolida¬
subject to court proceedings April, 1936.—V. 143,
p.
1889.
■■■«■»
North Shore Gas Co.—Files with SEC—
The North Shore Gas ana the North Shore Coke & Chemical Co. have
a registration
statement for $5,100,000 joint and several 4% first
mortgage bonds with the Securities and Exchange Commission.
The issue,
it is understood, will be underwritten by a group headed by Central Republic
Co.
The application to offer and sell the bonds has yet to be approved by
the Illinois Commerce Commission.—V. 142, p. 3864.
filed
North Star Insurance Co.—Balance Sheet—
Oct. 31 '36
$286,912
1,480,226
$324,217
1,227,989
66,700
2,085,631
38.500
8,000
118,740
13,832
138,683
12,484
Preferred stocks
Common
stocks..
Mortgages
Real estate
Liabilities—
Dec. 31 '35
2,444,956
38,500
8,000
Bonds
Total
—Y.
Dec. 31 '35
$189,617
S208.465
1,131,889
924,540
79,893
600,000
2,389,766
36,350
600,000
2,132,849
& claim expenses
Res.
for
unearned
premiums
Res.
for
commis¬
sions, taxes and
other liabilities.
Capital stock
Surplus
$4,391,166 $3,902,203
143, P. 1725.
Northeastern
Total
$4,391,166 $3,902,203
■
«■-
Water
&
Electric
3 Months Ended Sept. 30—
Corp.
(& Subs.)—
1936
$557,308
Gross revenue
Net income after depreciation
1935
$549,498
132,987
42,365
145,507
Balance after preferred dividends
For the year ended Sept. 30, 1936 gross was
was
Oct, 31 '36
Reserve for claims
Balances due from
ceding companies
Accrued interest..
53,935
$2,172,704 and
net income
$541,923.—V. 143, p. 3642.
Northern States Power Co.
See Northern
(Del.)—Directors—
States Power (Minn.) below.—V. 143,
Northern States Power Co.
p.
2855.
(Minn.)—To Cut Directorate
—Registration—
Robert F. Pack, President of this company, announced that the board
of directors has been reduced in number and that, in conformity with the
present trend toward the lessening of inter-corporate affiliations, substanti¬
ally all of the directors are residents of the territory served by the company
and are not directors or officers of any public utility companies other than
those comprised in the system of the company and Northern States Power
Co. (Wisconsin).
He further announced that the board of directors of
the Minneapolis General Electric Co. has taken similar action.
Changes
of the personnel of the boards were made which included the election of
O. House and J. F. McGuire as directors of Northern States Power
G.
(Minnesota); of Glen Rork, and J. F. McGuire, as directors of Northern
States Power Co. (Delaware); Henry Grenacher, T. D. Crocker and H. E.
Young, as directors of the Minneapolis General Electric Co.
All of these
men are operating officials of one or more companies in the Northern States
Power Co. system and have been employed in the service of these com¬
panies for many years.
The boards of directors of Northern States Power Co. (Minnesota) and
Go.
the Minneapolis General Electric Co. have elected to register these corpo¬
rations under the Public Utility Holding Co.-Act of 1935 and have author¬
ized Mr. Pack, as
law.
President, to take all necessary steps to comply with that
The boards of these two companies have further empowered Mr. Pack
for the dismissal of the actions instituted by them in the Federal
Court against the government to enjoin the enforcement of the Act.
In
registering, these companies will expressly reserve all their constitutional
rights.
The board of directors of Northern States Power Co. (Minnesota) has
authorized its officers to negotiate, in behalf of that company, for the sale
by it of bonds and stock to refund indebtedness, and has also authorized
the utilization of the services of Public Utility Engineering & Service Corp.
to represent the company in such negotiations for the sale of the securities
and to assist in the preparation of the necessary registration statement
under the Federal Securities Act.
to arrange
no
Ohio Wax Paper
a
par
Co.—Pays Extra Dividend—
Onomea Sugar Co.—Extra
Dividend—
The directors have declared an extra dividend of $1.40 per share in
addition to the regular monthly dividend of 20 cents per share both, paj
An extra dividend of 20 cents was
Dec. 20 to holders of record Dec. 10.
paid on Nov. 15, last; 40 cents was paid on Aug. 20, last; $1.20 on Dec. 20,
1935 and 60 cents per share on Dec. 20,1933.—V. 143, p. 2381.
Ontario Loan & Debenture Co.—Smaller Dividend—
The directors have declared a dividend of $1.25 per share on the common
stock, payable Jan. 2 to holders of record Dec. 15.
This compares with
dividends of $1.50 per share previously paid each three months.—V. 142,
p.794.
on
New Preferred Stock—
The company's plan for recapitalization has been declared effective as of
on Dec. 3 ordered a dividend of $4.12# on the new
Dec. 14 and directors
5# % convertible first preferred.
Dec. 28 has been fixed as date on or be¬
fore which' prior preferred holders may exchange their stock under the plan.
The dividend is in line with previously outlined intentions which involves
funding of back dividends on the old $7 prior preferred, with holders
receiving 1.28 shares of new 5#% convertible first preferred and one-half
share of common for each old share held.
The new stock is dated back to
March 15, 1936, and the present dividend represents payment from that
date to Dec. 15.
Offering Postponed—
The company has filed an amendment with the Securities and Exchange
Commission, postponing the proposed public^offering of its securities to
Dec. 31.—V. 143, P. 3852.
Hi
Pacific Finance.Corp.
of^Calif.—Additional Data—
In connection with the public
Directors have declared a dividend payable in stock of General Machinery
Corp., payable Dec. 24 to stock of record Dec. 10 at rate of one share for
Assets
declared
The company paid an extra dividend of $1.50 per share on the common
stock, no par value, on Dec. 10 to holders of record Dec. 2.
An extra of
25 cents in addition to a regular quarterly dividend of like amount was
paid on Oct. 1, last.—V. 143, p. 2062.
also elected to the executive committee.—V. 143,
each
Cash in banks.
Increased—|
dividend of 75 cents per share on the class
value, payable Dec. 24 to nolders of record
Dec. 8.
Dividends of 25 cents per share were paid on Oct. 24, last, and in
each quarter previously.
The company stated that in order to distribute the profit during the year
in which it was earned, this dividend is being paid on Dec. 24 rather than
in January as has been the practice in the past.—V. 143, p. 3008.
nave
A and B common shares
-
Niles-Bement-Pond Co.—Stock Dividend—
tion had been
Co.—Pays Extra Dividend—
Tne company paid an extra
the
The face amount of the issue is approximately $24,419.857.—V. 143, p.
3851.
accountrof
par $100,
payable Dec. 24 to holders of record Dec. 15. A dividend of $5.25 was paid
on Oct. 1, last, this latter
being the first dividend paid since Jan. 3, 1933,
when 88 cents per share was distributed; prior to then regularjjuarterly
payments of $1.75 per share were made.—V. 143, p. 2855.g
md -s
Otis Steel Co.—Dividend
holders of the issue.
The total distribution will be $244,198 and will be
shared by all holders of record at the close of business on Dec. 18.
This is the second interest distribution declared by the trustees of the
provisions of
The directors have declared a dividend of $1.75 per share on
accumulations on the 7% cumulative first preferred stock,
Co.—Interest Payment—
The trustees of series 0-2 mortgage certificates announced Dec. 14 an
Interest distribution of 1 % to be paid on Dec. 31 to the 7,500 certificate
issue, Frank L. Weil, William E.
the Federal Administration in carrying out
th^ Public Utility Holding Company Act of 1935, according to Mr.JPack.
after maturity and whether extended or not
authorized to
obligation and liability with
respect to interest of the extended bonds.—V. 143, p. 3475.
was
ese
Oahu Ry. & Land
July 1936
$573,311
Aug. 1936
$551,673
—Madison Ave. Coach—
,
Month of October—
4011
various actions taken by the companies indicated are expressions
of the intentions of the policies of their directors and officers to further
Corp.—Earnings—
Oct. 1936
$649,777
Earnings of Affiliated Companies
took
Th
every case with accrued interest.
effect
Western RR.
The
Chronicle
offering of 35,000 shares preferred stock,
"5% series" (with common stock purchase warrants attached) as noted in
"Chronicle" Dec. 12, p. 3852, a prospectus affords the following:
Opportunity to Exchange to Be Afforded Holders of Pref. Slock, "Series D"—
Company is offering to the holders of tne outstanding preferred stock,
"series D," the right to excnange such stock for the 5% preferred stock
on the basis of one share of the 5% preferred stoca for each 10 shares of
preferred stock, "series D," allowing credit for the par value of the latter
against the public offering price of the 5% preferred stock. Stockholders
wno make this exchange will receive also the sum of $5 for each 10 shares of
preferred stock, "series D," so exchanged, in lieu of redemption premium
thereon, and a sum equal to accrued dividends (at rate of 7% per annum)
on sucn shares of pref. stock, "series D," from Nov. 1, 1936, to Dec. 15,
1936.
No fractional shares of the 5% preferred stock will be issued, but
holders of "series D" shares of a number not an even multiple of 10, pro¬
vided the number in excess of an even multiple of 10 is more than four
shares, are also given tne right to credit the par value of such number of
shares on the public offering price of one share of tne 5% preferred stock,
paying the difference in casn. with appropriate adjustment for accrued
dividends and redemption premium.
This offer to exchange will expire
on the 15th day after the initial public offering of tne 5% preferred stock.
Pref. stock 5% series—Dividends payable Q.-F. in preference to holders
of common stock.
Dividends cumulative and accrue from Nov. 1, 1936.
Liquidation preference over common stock to extent of par and unpaid
divB.
Equal rank and priority witn respect to all distributions with the
nolders or preferred stock, "series A" (8% cum.) "series C" (6# % cum.), a
and "series D" (7% cum. to be retired by exchange or redemption not
later than May 1,1937). Red. in whole or in part, at any time, at $105 per
share and divs. if red. on or before Nov. 1, 1941; and at $104 per snare and
divs. if red. after Nov. 1,1941.
Each certificate representing the 5% preferred stock, will have attached
to U ajcommon stock purchase warrant entitling the holder to purchase
at any time on or before Jan. 2,1940, a number of shares of common stock
equal to tne number of snares of the 5% preferred stock represented by
such certificate.
Warrants are non-detachable and extinguisbable by the
prior redemption of such preferred stock.
J
Purpose—Estimated net proceeds are $3,416,576, and in tne event that
all of common stock purchase warrants are exercised, estimated net pro¬
ceeds will be increased by $1,364,650.
Such proceeds will be used for the
purpose of redeeming the company's outstanding 128,515 shares of pref.
stock, "series D " at redemption price of $10.50 per share plus divs. The
amount required for tais purpose is approximately $1,371,897, but tnis
amount and also the amount or the net proceeds are subject to adjustment
by reason of exchanges which may be made by holders of preferred stock
for shares of the 5% pref. stock. The balance of net proceeds will be used
to retire outstanding snort-term notes by payment at maturity or repur¬
chase prior thereto, and (or) to the purchase of receivables in ordinary
course of business, or to make advances to subsidiaries for sucn purposes,
and for other corporate purposes.
,
Company may not redeem outstanding pref. stock, "series D," until
May 1, 1937, in which event the amount of accrued dividends payable
upon such redemption will be correspondingly increased and the balance
of the net proceeds of this issue available for other purposes correspondingly
docro&sod
History—Corporation was incorp. in Delaware, Feb. 26, 1931.
It has
following active, wholly owned subsidiaries: Consumers Credit Co. of
Angeles, Consumers Credit Co., Brokers Acceptance Corp., and Pacific
Co. of California. Pacific Co. of California has, as its active, wholly owned
subsidiary, Merchants Finance Corp.
mJM
Shortly after its incorporation tne company acquired all of the business
and assets and assumed tne liabilities of Pacific Finance Corp. (Calif.),
which had been engaged in the general finance business on the West Coast
the
Los
■
since 1920.
In 1931, the company, through its wholly owned subsidiaries, Consumers
Credit Co. and Consumers Credit Co. of Los Angeles and certain now
subsidiaries, entered into the business of making loans to in¬
dividuals secured by chattel mortgages on automobiles; also, to a limited
inactive
co-maker basis.
Company and Consolidated Subsidiaries
extent, the making of loans on a
Earnings of the
1933
Income
Expenses-,
Net income
Interest &c., deductions
Years Ended Dec.
1934
6 Mos. End.
1935
June 30
'36
$2,238,463
$3,702,948
1,038,398
1,238,557
1,604,155
$2,136,613
890,587
$653,766
$999,905
99,471
323,540
36,528
$2 098,792
278,884
220,931
$1,246,025
166,815
189,000
$554,294
$ 639,836
$1 598,977
$890,210-
Prov. for Fed. inc. taxes
Net income
31
$1,692,165
i-
Financial
4012
.
Capitalization Upon.Completion of Present Financing
^
Authorized
Outstanding
shs.
135,256 shs.
shs,
130,862 shs.
shs.
x None
Pref. stock, "series A," (8% cum. $10 par)
150,000
Pref. stock, "series O," (6)4 % cum. $10 par)
150,000
Pref.stock, "series D," (7% cum., $10 par)-.-- 150,000
Pref. stock, "5% series," (cum., $100 par) with
com. stock purchase warrants attached
35,000
Pref. stock ($100 par, series, &c„ to be desig¬
nated by directors)
....
35,000
Common stock ($10 par)
...
1,000,000
-
-
shs.
35,000 shs.
shs.
None
y430,956 shs.
sns.
Company intends ftoiredeem, not later than May 1, 1937, any shares
of the outstandingtipreferred stock, "series D," which are not exchanged by
their holders for preferred stock, "5% series," , y Directors have determined
to reserve 35,000 shares of authorized common stock for issuance upon
exercise of the common stock purchase warrants which are to be issued witn
the 35,000 shares of preferred stock, "5% series." Tnese reserved shares are
not included in the„number of shares shown as outstanding upon completion
of this financing.
Underwriters—The names and addresses of the principal underwriters
and the respective amounts underwritten are as follows:
x
No. of
Shares
Name—
Dean Witter & Co., Los Angeles
William R. Staats Co., Los Angeles
-.8,250
--8,250
4,000
1,500
1,500
1,500
1,000
1,000
Estabrook & Co., Boston
Conrad, Bruce & Co., Los Angeles
Schwabacher & Co., Los Angeles
Wm. Cavalier & Co., Los Angeles
Dulin & Co., Los Angeles
Elworthy & Co., San Francisco.—V. 143, p. 3852.
Pacific Western Oil Corp.—To
shs.
shs.
shs.
shs.
shs.
shs.
shs.
shs.
P. C. of Total
Underwriting
30.56%
30.56%
14.81%
5.55%
5.55%
5.55%
3.71%
3.71%
Change Par Value—
a special meeting on Dec.
28 will vote on a proposed
value of capital stock from no par to $10 per share.—V. 143,
Stockholders at
change in
par
PacificJTelephone & Telegraph Co.—Bonds Offered—
Morgan Stanley &iCo., Inc.; Kuhn, Loeb & Co.; Kidder,
Peabody &feCo.; Lee Higginson Corp.; First Boston Corp.;
Brown Harriman & Co.,tine.; Edward B. Smith & Co.;
Blyth & Co., Inc.; Dean Witter & Co., and Harris, Hall &
Co. (Inc.) on Dec. 17 offered $25,000,000 ref. mtge. 3}4%
bonds, series C, at 105 and int., to yield 2.995% to maturity
and 2.975% to Dec. 1, 1962, the first date at which the
bonds are callablexatipar.
This offering will complete the
company's refunding program.
On April 16 last the same
group of
bankers offered $30,000,000 ref. mtge. 3^%
bonds, series B, at 1013^.
A prospectus dated Dec. 17 affords the following:
Dated Dec. 1, 1936; due Dec. 3, 1966.
Interest payable J. & D.l in
N. Y. City or in San Francisco. Bank of California, National Association,
corporate trustee.
Coupon bonds in denoms. of $1,000 and $500, registerable as to principal. Registered bonds in denoms. of $1,000, $5,000, $10,000
and $100,000. Coupon bonds and registered bonds, and the several denoms.,
interchangeable.
Redeemable, at option of company, in whole or in part,
upon at least 60 days' notice, on any interest payment date, at the following
prices with accrued int.: to and incl. June 1, 1941, 108)4%; thereafter to
and incl. June 1,1946,107)4%; thereafter to and incl. June 1,1951,106^%
thereafter to and incl. June 1, 1956, 105%; thereafter to and incl. June 1,
1962. 103)4%; and thereafter, 100%. Legal investment, in the opinion of
counsel for the underwriters, for savings banks in the States of New York,/
California and Connecticut.
Summary of Certain Information Contained in Prospectus
Company—Company, 83.42% of the
by American Telephone & Telegraph
panies comprising the Bell System.
1906, is engaged directly and through
Southern California Telephone Co., in
voting securities of which are owned
Co., is one of the associated com¬
Company, incorp. in California in
subsidiaries, the largest of which is
the telephone business in California,
Nevada, Oregon, Washington and the northern portion of Idaho.
The
properties of the company and its subsidiaries consist principally of tele¬
phone instruments and facilities for their interconnection, the latter con¬
sisting chiefly of central office switching Equipment and connecting lines.
Company and its subsidiaries are subject to regulation by the Federal
Communications Commission and by certain State authorities, within their
respective jurisdictions.
The Federal Communications Commission is
presently engaged in an investigation of the relationships between American
Telephone & Telegraph Co. and its subsidiaries.
Capitalization Outstanding as of June 30, 1936 (Company Only)
1st mtge. & coll. trust 5% sinking fund
-
30,000,000
9,270,057
82,000,000
-—180,500,000
Purpose of Issue—Net proceeds from the sale of the bonds, after deducting
the estimated expenses of the company in connection
with such sale, are
expected to approximate $25,615,000, exclusive of accrued interest.
$24,242,000 of such net proceeds are to be used for the payment at maturity
on Jan.
2, 1937, of the principal of the company's first mortgage and
collateral trust 5% bonds, which are now outstanding in that amount, and
the balance, approximately $1,373,000, is to be used for general corporate
purposes.
Earnings Years Ended Dec. 31
xl936
1935
1934
1933
Operating revenues—-$30,414,669 $56,869,136 $53,798,405 $51,686,487
9,714,043
19,170,375
18,335,650
18,558,566
Fixedcharges
1,561,769
3,144,995
3,532,303
4,041,075
Net income
8,152,274
16,025.380
14,803,347
14,517,490
y
x
Total income
i
Six months ended June 30.
Include $66,000 for 1934, $409,100 for
1935, and $225,900 for the six months ended June 30, 1936 which the
company estimates would be refundable, in whole or in part, to telephone
subscribers in the State of Oregon in the event of an adverse decision in a
pending rate case, z Includes dividend income in the amounts of $7,882,760
for 1933, $7,670,170 for 1934, $7,693,685 for 1935, and $3,763,982 for the
six months ended June 30, 1936.
Dividends received from subsidiaries
were not currently earned by them as a whole by approximately $459,000
in 1933 and $244,000 in 1934.
Series C Bonds—The series O bonds will be issued under the company's
refunding mortgage, as amended and supplemented, and in the opinion of
counsel for the company
will be secured, pari passu with the company's
refunding mortgage 334% bonds, series B, by a lien on substantially all
real estate, buildings and telephone plant
(except motor vehicles) now
owned by the company in California, Idaho, Oregon and Washington and
appertaining to or useful in the transaction of its business in those States.
The lien of the refunding mortgage is subject to prior tax and assessment
liens and to the lien of the mortgage or deed of trust dated Jan. 2, 1907,
securing the company's first mortgage and collateral trust 5% bonds, due
Jan. 2,1937. The refunding mortgage is also a lien on the company's rights—
as pledgor of the stock deposited by it with the trustee under said mortgage
or deed of trust. Stock so deposited includes all the capital stock of Southern
California Telephone Co.
Upon the satisfaction and discharge of said
mortgage or deed of trust, all stock then deposited thereunder is required
to be deposited under the refunding mortgage.
Series C bonds are limited to the amount of $25,000,000 now authorized.
The refunding mortgage, as amended and supplemented,
permits the
issuance of additional bonds of other series, which would rank pari passu
with the series B and series C bonds. The refunding mortgage permits the
company, in certain instances, to dispose of property covered
by the
mortgage without a release from or notice to the trustee, and also provides
x
y
for releases and substitutions of such property.
Sinkina Fund—There is to be paid to a sinking
fund agent, to be used
as;a sinking fund in purchasing series O bonds, but only if obtainable at not
exceeding their principal amount and accrued interest, the sum of $125,000
on June 1, 1937, and semi-annually thereafter; provided, however, that any
$7,500,000
Morgan Stanley & Co., Inc., New York
Kuhn, Loeb & Co., New York
Kidder, Peabody & Co., New York
Lee Higginson Corp., New York
The First Boston Corp., New York
Brown Harriman & Co., Inc., New York
Edward B. Smith & Co., New York-.-
3,750,000
2,500,000
1,250,000
1,900,000
1,900,000
'.
1,900,000
500,000
3852.
—V. 143, p.
Pan Handle Traction
A plan of
1,900,000
1,900,000
—
Blyth & Co., Inc., New York
Dean Witter & Co., San Francisco
Harris, Hall & Co. (Inc.). Chicago
Co.—Reorganization Proposed—
proposed under Section
reorganization has been duly filed and
77-B of the Bankruptcy Act.
A hearing will be held Jan. 29, 1937 before
Charles P. Mead, special master, at the referee's office. Wheeling, W. Va.,
for the purpose of dividing the creditors of company into classes, according
to the nature of their respective claims and interests, for the purposes or
the plan and its acceptances; and for the purpose of considering the plan
does not discriminate
stockholders, and is feasible,
determining whether it is fair and equitable,
and
unfairly in favor of any class of creditors or
and whether the same shall be confirmed.
follows:
The plan is summarized as
Preferred Claims
The claim of Manufacturers' Light & Heat Co. for gas for the debtor's
carbarn in the amount of $12.60 will be paid in cash in full.
(2) The claim of Monongahela West Penn Public Service Co. for electric
current furnished for the operation of the debtor's cars in the amount of
$1,660 will be paid in cash in full.
(3) The claim of the Oity of Wheeling in respect of paving assessments,
originally filed in the amount of $27,822, will be paid in such amount as
(1)
„
.
_
(4) The claim of the Oity of Wheeling in
originally filed in the amount of $1,380, will
the Court allows.
.
Common
The common claims against
.
„
.
respect of franchise taxes,
be paid in such amount as
.
Claims
the debtor filed in this proceeding are as
follows:
.,C/v
,
$150
(1) Pinsky & Mahon, for legal services
(2) E. M. George, for legal services
(3) William J. Cousley and Sarah A.
2,500
Cousley, for personal
25,000
injuries.
(4) West Penn Rys., on a note in the amount of $334,399, together with accrued int. thereon in the amount of $39,013.
(5) West Penn Power Co., for administration & miscell. costs—
(6) Co-Operative Transit Co., for damage to one of its cars
-
No provision is
made for and no payment will be
373,412
362
813
made with respect to
of these claims.
any
Claims of Bondholders
and Stockholders
stock (par $100), all of which are presently
in blank for transfer by West
trustee.
After the payment
of such administration expenses, counsel fees, &c., as may be allowed by
the Court in this proceeding, the trustee will deliver to the holders of first
mortgage 5% gold bonds one share of such stock in exchange for each $100
of bonds, and thereafter the bonds will be canceled, the mortgage securing
the bonds will be satisfied and discharged, and the debtor will be discharged
The 5,000 shares of common
owned by West Penn Rys., will be endorsed
Penn Rys.»and delivered to Rovert Hazlett,
from this
reorganization proceeding.
Paramount Pictures,
Directors on Dec.
Inc.—Preferred Dividends—
10 declared an initial dividend of
$12
a
share on the
preferred stock, clearing up all arrears that had accumulated on this
6% issue.
The reorganization of the company was completed more than a
year ago.
No dividends have been piad on either the first or second pref.
issues created by the capital realignment.
An initial dividend of 60 cents a share also was declared on the second
first
pref. stock, reducing the arrears to 60 cents a share on this issue.
Although the plan of reorganization was approved by the Federal Court
in April 1935, dividends were made cumulative on the first and second
preferred issues from Jan. 1, 1935.
The payment ordered Dec. 10 on the
first preferred represents two years' dividend requirements and on the
second preferred one year's dividend requirements.
The dividends on the two issues will be paid on Dec. 26 to holders of
record of the first preferred stock at the close of business Dec. 15, and to
holders of the second preferred at the close of business Dec. 17.—V. 143,
p. 3477.
Penn-Mex Fuel Co.—To
The
directors
have
declared
a
Pay 50-Cent Dividend—
dividend of 50 cents per share on the
capital stock, payable Dec. 21 to holders of record Dec. 16. A dividend of
75 cents was paid on Dec. 20, 1935 and on Dec. 22, 1934.—V. 142, p. 1652.
Penn Western Gas & Electric
30-year gold bonds, due
$24,498,000
Refunding mtge. 3 H % bonds, series B, due April 1, 1966
Notes sold to trustee of pension fund (4% demand notes)
Preferred stock, 6% cumulative, par $100
Common stock, par $100
1936
19,
unexpended balance in the fund on any semi-annual payment date is to be
credited on account of the payment due on that date.
Underwriters—The names of the several principal underwriters and the
several amounts underwritten by them respectively are as follows:
the Court allows.
P. 3852.
Jan. 2, 1937
Dec.
Chronicle
The directors have declared an initial
the
common
Co.—Initial Dividend—
dividend of 30 cents
stock, payable Dec. 23 to holders of
per share on
record Dec. 10.—V. 143,
3852.
p.
Pennsylvania Co.—Earnings Statements—
Company has made generally available to its security holders earnings
and the following subsidiaries: Detroit Union
RR., Depot & Station Co.; Indianapolis & Frankfort RR., Ohio Connect¬
ing Ry.; Pennsylvania Ohio & Detroit RR., and Wheeling Terminal Ry.,
for the period Sept. 1, 1935 to Aug. 31. 1936, such period beginning after
the effective date of the company's registration statement for $50,000,000
statements of the company
of 28-year 4% secured bonds, due Aug. 1, 1963, filed on
with the Securities and Exchange Commission, pursuant to
Aug. 9, 1935,
the Securities
and which became effective Aug. 29, 1935.
Such earnings statements are made generally available to security holders
in accordance with the provisions of the Securities Act of 1933, as amended.
—V. 142, p. 3184.
Act
of
1933,
as
amended,
Pennsylvania State Water Corp.—Bonds Called—
lien 5.50% gold bonds,
their principal amount
the
City of New York, trustee, 11 Broad Street.—V. 143, p. 3853.
The company is calling for redemption all of its first
The bonds will become due and payable at
series A.
and accrued interest on Jan.
13, 1937, at the Chase National Bank of
Peoples Gas Light & Coke Co.-—Earnings—
(Excluding Subsidiaries)
1936—12 Mos.—1935
1936—Month—1935
Period End. Oct. 31—
Net income after deprec.,
interest, taxes, &c
Note—No mention
$85,062
was
distributed profits.—V.
loss$40,639
$1,127,186
$685,339
made of any provision for Federal surtax on un¬
143, p. 3009.
Petroleum Conversion Co.—New Chairman, &c.—
The directors announced the election of Dr. A.
man
of the
R. L. Dohme as Chair¬
and Allison L. Bayles
Board and President of the company,
director and Vice-President.—V. 143, p. 3009.
as
Petroleum Exploration,
Regular Dividend—
Inc.—Extra
Dividend—Larger
The company paid an extra dividend of 10 cents per share in addition to
quarterly dividend of 35 cents per share on the common stock, par $25,
Dec. 15 to holders of record Dec. 5.
Previously regular quarterly divi¬
dends of 25 cents per share were distributed.
In addition an extra dividend
of 10 cents was paid on June 15, last, and extras of 12)4 cents per share were
paid on Dec. 15, 1934 and on Dec. 15, 1932.—V. 142, p. 3688.
a
on
Philadelphia
Rapid
Transit
Co.—New
Plan
to
Be
Discussed—•
has invited representatives
of underlying companies of P. R. T. to a conference to discuss the proposed
new plan of reorganization.
The invitation was made in form of a letter signed by the three directors.
The letter was sent to President and directors of the 25 underlying com¬
panies.
^
A committee of three directors of the company
Volume
143
Financial
The P. R. T. committee consists of Edward W.
Wells, John A. McCarthy
and Albert Greenfield.—V. 143,
p. 3854.
Pittsburgh & Lake Erie RR.—Earnings—
Period End. Oct. 31—
1936—Month—1935
1936—10 Mos.—1935
$1,602,727 $18,000,649 $13,917,642
1,341.487
13,811,402
11,172,890
82,973
1,482,697
979,247
138,578
1,688,309
1,436,736
Railway oper. revenues- $2,239,291
Railway oper. expenses.
1,758,477
Railway tax accruals—.
155,582
Equip. & jt. facil. rents*
151.629
Net
^
ry. oper. income.
$476,861
15,469
stock,
par
$3,202,241
273,277
$331,220
43,003
8,544
$4,542,124
652,591
130,964
$3,475,518
572.647
281,937
$279,673
$3,758,569
$2,620,934
$0.45
Net income
Net income per share of
$4,394,859
147,265
$391,016
Total income
Miscellaneous deductions
Fixed charges
$316,845
14,375
$492,330
31,935
69,379
Other income.*
$0.32
$4.35
$3.03
Chronicle
4013
Peerless Equipment Co. sells draft gears manufactured for it
by American
Steel Foundries and sells for others waste reclamation
joints.
The P. & M. Co., Ltd. sells rail anchors in Canada, manufactured for it
by others.
Purpose—Net proceeds to be derived from the sale of the debentures
($1,425,247) are to be used to reimburse the company in part for the amount
required to be deposited for the redemption on Dec. 24, 1936 of its 6% sink¬
ing fund conv. gold notes, at 103 and accrued int.
There is now outstand¬
ing $1,574,000 of the notes, excluding $15,500 held in treasury.
The
amount required for such redemption exclusive of accrued int. is
$1,621,220,
of which approximately $1,618,929 will be
supplied from company funds
and $2,291 from sinking fund moneys.
To Be
value $50-.
♦Credit balance.—V. 143, p. 3478.
Capitalization—
Authorized
10-yr. 4% sink, fund debs., due Oct. 1 *46-$l,500,000
The New York Stock Exchange has authorized the listingTof 354,900
shares of common stock (no par), all of which shares are issued and out¬
standing and are part of a total authorized issue of 1,000,000 shares of
common stock without
par value.
(For changes in capital &c., see V 143,
p. 2531 and 3854.)
Pro Forma Consolidated Balance Sheet June 30, 1936
160,000 shs.
500,000 shs.
Note—Stated value of class A stock $25 per share; of class B stock $7.51 +
per share.
Dividends
dividends in
class A stock have been paid to Dec. 1, 1931.
on
Earnings for Stated Periods
[Giving effect,
as at June 30, 1936, to the following transactions con¬
subsequent to that date: (1) amendment of the articles of
incorporation changing common stock from shares of $100 par to shares
Without par and increasing authorized common stock from
395,000 shares
to 1,000,000 shares: (2) the writedown of certain
property accounts and
charging the aggregate amount thereof, $7,226,422.66, against paid-in
surplus; (3) the sale of 101,400 shares of common stock for cash less estimated
expenses in connection therewith.]
Liabilities—
|
Cash
$2,085,472
Marketable securities
99,038
Accts. & notes rec. (net)
Inventories
Notes payable—trade..
Accounts payable—trade
3,912,605
Accrued liabilities
6,885,665
Other current liabilities
Invests, in & adv. to partly
20-year 6% debenture
owned ore mln. companies.
1,547,767
Fixed assets
24,818,488
101,587
Patents & licenses, less amort.
Deferred charges..
$46,760
1,009,378
819,244
Calendar Years
-
375,938
Other assets
43,606
Mln. In int. in cap. & sur. of
606
sub
7% preferred stock
10,475,000
3,549,000
15,550,102
698,479
Earned surplus
x
p.
$39,870.1671
After
deducting
$17,391,125
Total
$39,870,166
depreciation
and
depletion.—V.
143.
3854.
Cordage
Co.—Extra
Dividend—Bonus
to
$2,409,187Ji $4,512,441
The directors have declared
an extra dividend of $1 per share in addition
quarterly dividend of $1.25 per snare on the capital stock,
$100, both payable Jan. 20 to holders of record Dec. 31. An extra divi¬
dend of 50 cents per share was paid on Jan.
20, 1936.
The directors also voted to distribute to
employees as a bonus an amount
equal to the extra dividend, or approximately $69,000.
Each employee
will share in proportion to his
earnings for the fiscal year ended Sept. 30,
last, not including pension and retirement wage payments.
A year ago
extra dividend and wage bonus were
paid to an amount equal to half this
irear's payments.—V. 143, p. 3854.
par
&
Co.—^Bonas
terea—Public
Offering was)made
Dec. 8 by Harris, Hall & "o., Inc., at 993^ and accrued int.
of a new issue of $1,500,000 10-year
4% sinking fund de¬
bentures.
A prospectus affords the
following:
Dated
Oct.
1,
1936; due Oct. 1, 1946.
Interest payable A. & O. in
Coupon debentures in the denom. of $1,000,
registerable as to principal only.
Red. other than for sinking fund, at
option of company, in whole or in part, on first day of any month
upon 30
days' notice at principal amount thereof and accrued int., together with a
premium on the principal amount as follows: if red. on or before Oct.
1,1937,
2)4 %; if red. thereafter and on or before Oct. 1, 1938, 2M %; if red. there¬
after and on or before Oct. 1, 1939, 2%; if red. thereafter and on or before
Oct. 1, 1940, 1 % %; if red. thereafter and on or before Oct.
1, 1941, 1)4%:
if red. thereafter and on or before Oct.
1, 1942,1 \i%\ if red. thereafter and
on or before Oct. 1,1943,1 %; if red. thereafter and on or
before Oct. 1,1944,
M of 1%; if red. thereafter and on or before Oct. 1, 1945, )4 of 1%; and if
red. thereafter, without any premium.
Sinking Fund—Annual sinking fund payable to the trustee on each
July 1 in an amount sufficient to redeem at tne sinking fund redemption
price prevailing on the next succeeding Oct. 1, $100,000 principal amount of
the debentures, such sinking fund to be payable in
cash, or in debentures
taken at such redemption price.
Cash so deposited on any July 1 to be
applied prior to the next succeeding Aug. 15 to the purchase of debentures
for cancellation at not to exceed such
sinking fud redemption price.
Any
cash not so applied, ifsifficient to redeem at least
$10,000 principal amount
of debentures, to be apllied on the next
succeeding Oct. 1 to the redemption
of debentures by lot upon 30 days' notice at the
sinking fund redemption
price prevailing on such date, being the principal amount thereof and
accrued interest, together with a premium on the
principal amount as
follows:
If red. on or before Oct. 1, 1943,
1%; if red. on Oct. 1, 1944,
h of 1%, and if red. on Oct. 1, 1945, )4 of 1%.
History and Business—Company was incorp. in Delaware April 4, 1928,
to acquire various companies
operating principally in the railway supply
Chicago
or
Aug. 31 '36
$3,881,957
$4,768,870
216.123
36,294
572.557
15.325
Balance
loss$U3,239
Interest on funded debt.
116,396
$469,165
106,983
23,608
41,910
$252,417
97,106
$587,882
13,829
63,760
1,923
81,610
$296,664
$127,410
*$440,589
all
oper.,
Other income deductions
Prov. for income taxes..
7,363
14,072
Net income
*
loss$236.998
Before provision for surtax on undistributed profits.
maximum requirement for one year's interest on
in N. Y. City.
business.
Of the companies so acquired the P. & M. Co.
represented a
business begun in 1906 by Fred A. Poor and Phillip W. Moore
(now Presi¬
dent and Vice-President, respectively of Poor &
Co.) to sell rail anchors, a
device designed to prevent rail
creeping.
"While the buiness has been ex¬
panded and diversified beyond its original scope
during the interveng
years, including particularly the acquisition of the Rail Joint
Co., repre¬
senting a business founded in 1887 to manufacture and sell rail joints, the
business of the P. & M. Co. has continued to be an
important division of
the $1,500,000
10-year 4% sinking fund debentures is $60,000,
Consolidated Balance Sheet
Aug. 31 *36 Dec. 31 '35
Assets—
$
Aug. 31 '36 Dee. 31 '35
Liabilities—
$
1,056,299
Mkt'le securities196,971
1,041,337
196,970
Notes & accts. rec.
accr.
Prov.
(net)
732,651
229,117
262,287
268,813
items pay.
336,188
174,697
16,900
10,008
for State &
local taxes
Interest accrued
Notes & accts. rec.
fr. subs, not
$
$
Accts. and sundry
on
funded debt
36,215
11,488
38,333
347
capital stk. taxes
1,722,500
Prov. for inc. and
300
22,848
4,083
1,657,000
17,905
19,675
98,600
cons
Oth. accts. recelv.
to the regular
Poor
1935
421,987
47,178
after
Inventories
Plymouth
Employees—
8 Mos. End.
1934
sell., adm. & gen. exp. lossl83,218
Other income
69,979
Balance
Cash
Total..
'
The
Common (354,900 shs.)
Paid-in surplus
1933
Gross sales, less returns
and allowances
584,640
6,466,000
690,956
Reserves
Cumulative
arrears at Aug. 31, 1936, aggregated $6.75
per share, total
$1,080,000, at Sept. 1,1936, aggregated V .12)4 per share, total $1,140,000,
and at Dec. 1, 1936, aggregated $7.50 per share,
total, $1,200,000.
summated
Assets—
Outstanding
$1,500,000
160,000 shs.
362,843 shs.
Class A stock (no par)
Class B stock (no par)
Pittsburgh Steel Co.—Listing—
x
and equip¬
process
ment, batteries and other railway supplies.
The Rail Joint Co. sells rail joints, of which a large portionis manufactured
for it by various steel mills and the balance is
produced in its own rolling mill.
The Rail Joint Co. of Canada,
Ltd., sells rail joints in Canada, manu¬
factured for it by others.
The Rail Joint Reforming Co. reworks and reforms used rail
Acer. int. receiv—
Sec.
of
2,571
Other
2,103
137,822
205,307
205,307
86,906
120,016
11,372
152,522
116,796
11,371
1,978
9,340
8,354
5,009
5,008
895,269
34,939
80,422
not
security
6% sink, fund
in¬
.
B stock
Value of life insur.
Other investments
Bal. in sink, fund
and
bal.
shs.
Class
no
B
shs.
no
30.000
4,000,000
4,000,000
2,727,976
par)
2,727,976
(362,843
par)
& capital surplus
Earned surplus
accts. receivable
Unliquld.
4% inc. debs—
Class A
(160,000
Paid-in, contribut.
with trustee
notes
_
conv
gold notes
Peerless Equip. Co
vest'ts, at cost.
Co.'s notes and cl.
Em pi.
Deferred credits.
137,822
2,153
subs,
consolidated
794,209
829,786
294,342 defl49,479
in
closed banks
Fixed assets (.net).
Def. chgs. & adv..
843,516
29,893
Intangibles
Goodwill
79,459
6,196,616
5.941,803
10,002,920
Total
9,362,094
Total
10,002,920
9.362,094
Resumes Class A Dividends—
The
cum.
directors
have declared
a
dividend of
$1 per share on the $1.50
and part, no par class A stock, payable Dec. 24 to holders of record
This will be the first dividend paid on the A stock since Dec. 1.
Dec. 16.
1931
when
a
quarterly dividend of 373^
cents per share was
paid.—V.
143. P. 3855.
Port Arthur Canal & Dock
Co.—Refinancing Plan—
A plan for refinancing the Port Arthur Canal & Dock Co., which, it is
said, would result in a reduction of $150,000 a year in fixed charges of the
Kansas City Southern Ry., owner of the company, has been outlined in an
application to the Interstate Commerce Commission.
Under the plan the Dock company would issue $2,020,000 new first
mortgage bonds, proceeds from which, together with $480,000 held by the
trustee under an existing mortgage, would be used to redeem the $2,500,000
outstanding first mortgage bonds carrying 6% coupon.
The new issue
would bear 4)4 % and would be guaranteed as to principal and interest by
the Kansas City Southern.
The road also would advance $125,000 to
pay a premium of 5% on the bonds to be called.
The result of the operation would be to reduce fixed charges of Kansas
City Southern by $150,000, since the road would be entitled to receive
interest
on
the
new
bonds.
The $480,000 now held by
the mortgage trustee is invested in securities
which would have to be sold in order to carry out the plan.
The plan was outlined in an application by the Kansas City Southern
to execute
a new lease covering properties of the Texarkana & Fort Smith
Ry. and the Dock company.
The principal changes in the lease are for
substituting as a part of the rental for the Dock company's
property an amount equal to interest on the new bonds in lieu of Interest
on the outstanding bonds.
Likewise, a provision in the old lease providing
for construction by the Dock company of a new grain elevator at Port
Arthur, Texas, would be eliminated.—V. 120, p. 1100.
purposes of
Poor & Co.
The company and its subsidiaries engage in the
development, manu¬
facture, purchase and sale of railway supplies, including rail
anti-creepers,
joints, automatic rail and flange lubricators,
draft gears, waste reclamation process and
equipment and hand brakes,
and malleable castings and forgings.
The business consists primarily of
selling to railroads devices which are largely manufactured for the company
and its subsidiaries by others, although in respect to some of the
products
sold, the manufacturing is done in whole or in part by the company's sub¬
also called rail anchors, rail
sidiaries.
The principal products are manufactured and sold under
patents owned
by, or patent licenses granted to, the company or its subsidiaries.
More
United States patents are owned and licenses under a
large number of additional unexpired United States patents are held. These
than 375 unexpired
J)atents and licenses expirelicensed under
ts subsidiaries
at various dates.
own or are
In addition, the companyhave
foreign patents and and
numerous
pending applications for additional United States patents.
The company
and its subsidiaries have granted patent licenses to others under
various
contracts.
The company
maintains general supervision
castings
and hand brakes.
Maintenance Equipment Co. sells automatic rail and flange lubricators
maintenance
Telegraph Land Lines System—Earnings—
1936—Month—1935
oper. rev.
oper. exp.
$2,096,139
1,736,336
Uncoil, oper. revenues
Taxes
assignable to
2,500
oper.
152,460
1936—10 Mos.—1935
$2,022,907 $19,452,745 $18,368,861
1,758.029
17,752,467
17.011.879
10,000
45,000
130,000
41,667
512,460
416,667
Operating income.-.
Non-operating income.
$204,843
3,098
$213,211
2,144
$1,142,818
27.244
$810,315
14,764
Gross income
Deductions
$207,941
240,128
$215,355
231,868
$1,170,062
2,370,511
$825,079
2,283,085
$32,187
$16,513
$1,200,449
$1,458,005
Net deficit
—V. 143, p. 3159.
Public Service
Co.^of^NorthernJIllinois (& Subs.)—
Earnings—
over the activities of each of
its subsidiaries and directs their policies.
The principal business conducted by each subsidiary is as follows:
The P. & M. Go. sells rail anti-creepers manufactured for it
by Canton
Forge & Axle Co., and by Bethlehem Steel Co.
Canton Forge & Axle Co. manufactures a portion of the rail
anti-creepers
sold by the P. & M. Co. and also produces and sells forgings.
Vermilion Malleable Iron Co. manufactures and sells malleable
and other railroad track
factured for it by others.
Postal
Period End. Oct. 31—
Teleg. & cable
Teleg. & cable
equipment
and
supplies,
manu¬
Period End. Oct. 31—
Gross earnings
1936—Month—1935*
$3,291,895
1936—10 Mos.—1935*
$3,058,615 $32,344,569 $29,698,979
Net income after deprec.,
int. & Fed'l inc. taxes-
y268,435
264.709
y2,657.507
2.523.726
After surtax on estimated undistributed profits as calcu¬
present rate of dividend disbursements which surtax
however may be subsequently materially changed depending upon fluctuat¬
ing factors during remaining months of 1936.—V. 143, p. 3479.
x
Adjusted,
lated
on
basis
y
of
Quaker State Oil Refining Corp.—Subs. Dissolved—
The company has notified
the New York Stock Exchange that, as of
Dec. 1, 1936, two of its subsidiaries, Sterling Oil Co. of Pennsylvania and
/
Financial
4014
Chronicle
Quaker State Oil Refining Co., were dissolved andrthe assetsjof the two
companies merged with the parent company.—Y. 143, p. 3479.*»)—
b, Quebec Power Co.—Refunding^)j>eration—
W
W> Company has made application to the Quebec Electricity Commission
for permission to create and issue series C 4% first mortgage and collateral
trust sinking fund bonds of the company in any aggregate amount up to
but not exceeding $13,522,133.
The bonds shall mature in 25 years, and
be payable in Canadian currency.
The purpose of the proposed issue is to provide for redemption and ex¬
change of all of the company's presently issued 5% first mortgage and
collateral trust sinking funa bonds, of an aggregate amount of $13,522,133.
Where bonds are redeemed the redemption price will be 103K; and where
the bonds are exchanged, the exchange will be par for par..—V. 143, p. 3330.
Radiomarine Corp. of
1936—10 Mos.—1935
$76,688
68,363
$91,511
69,598
250
250
3,846
2,045
Uncoil, oper. revenues._
Taxes assignable to oper.
$854,421
663,216
2,500
38,159
$6,030
$764,925
649,616
2,500
25,244
202
386
$150,546
1,181
$87,564
3,944
Gross income
Deductions
$18,018
$6,416
$151,727
$91,509
Net income
—V. 143, p. 2534, 2858.
$18,018
$6,416
$151,727
$91,509
Operating income
Non-operating income.
Rath Packing
$17,816
_
payable Jan. 2
stock,
Period End. Oct. 31—
ments were made on Nov. 2,
a
Reece Button-Hole Machine Co.—20-Cent Extra Div.—
The directors have declared
an extra dividend of 20 cents per share in
to the regular quarterly dividend of 20 cents per share on the
capital stock, par $10, both payable Dec. 24 to holders of record Dec. 15.
Extra dividends of 10 cents were paid out Oct. 1 and July 1, last, Dec. 27 and
Reliance Electric & Engineering
Co.—Initial Dividend
initial dividend of 25 cents per share on
Dec. 22 to holders of record Dec. 15.—V.
an
$89,812 def$114,633
63,911
53,834
$6,050
334
34,167
—V.
34,377
income
$4,120
$153,723
5,320
342,667
335
charges
Fixed
deductions
def$60,799
5,002
345,039
def$28,662 def$194,264 def$410,840
143, p. 3481.
Ryerson & Haynes, Inc.—Listing—
The New York Curb Exchange has approved the listing
of
common
of 193,400 shares
stock, $1 par, and will add to the list, upon official notice of
issuance, 15,000 additional shares of common stock, $1 par.—V. 143, p.
1246.
St. Paul Union Stock Yards Co.—Dividend Raised—
paid a dividend of $1.50 per share on the common stock,
par value, on Dec. 10 to holders of record Nov. 28.
This compares with
37K cents paid on Oct. 1, last; 25 cents paid each three months from Oct. 1,
1935, to an incl. July 1, last; 37 M cents paid on July 1, 1935; 50 cents
The company
no
three months from April 2, 1934, to April 1, 1935, incl.; 75 cents
1934, and on Oct. 1, 1933, and 50 cents per share paid in the
preceding quarters.—V. 143, p. 3332.
Jan. 2,
Works—Registers Issue with SEC—
San Jose Water
The company has filed a registration statement with the Securities &
Exchange Commission covering a maximum of $2,100,000 of 3 %% first
mortgage bonds, series A, due 1961.
By amendment, the company will
set forth the exact amount of bonds which are to be offered.
Proceeds from sale of the issue are to be used to repay bank loans made in
connection with company's plan to redeem its 5% first mortgage bonds.
Underwriters for the issue will be the Bankamerica Co.; Burr & Co., Inc.
and Chandler & Co., Inc.
The offering price will be filed by amendment.
—Y. 143, p. 2859.
Schiff Co.—Sales—
1935
$590,039
592,019
1936
$656,620
611,867
Month of
January..
February
-
1934
$486,507
515.158
1933
$357,030
441.916
Co., Inc.—To Redeem Bonds—
The company has given notice of its intention to redeem on Jan. 2, 1937,
all of the outstanding 6% first mortgage and collateral trust sinking fund
gold bonds, due 1948, in the amount of $1,663,900. It is understood that
the company intends to replace these bonds with an issue of $1,400,000
first mortgage and collateral trust bonds, series "A."
Of the latter issue,
$400,000 will be short term, carrying a coupon of 3%, and $1,000,000
carrying a coupon of 4^% which will mature in 1952.
Maximum interest charges on the new issue of bonds will be $57,000 per
annum as compared with interest charges of $99,834 per annum on the issue
to be retired.—V. 143, p. 2534.
811,356
750,907
1,143.763
664.335
April
May
1,190,426
1,554,911
1,147.818
1.306.138
844,512
1,186,297
833.852
877,446
June
143, p. 3646.
Reliance Grain
$2,213
3,837
$38,621
Total income
Miscell.
Julj^N 1935, Dec. 27 and July 2, 1934, and on Dec. 27. 1933.—-V. 143,
stock, payable
$34,398
4,223
dividend of 50 cents per share on the com¬
addition
common
1936—10 Mos.—1935
$2,865,210
$2,703,746
2,642,173
2,628,923
130,668
196,611
2,557
7,155
Net ry. oper. incomeOther income
on
first dividend paid on this issue since July 1,1935 when a similar distribution
was made.
Dividends of 50 cents per share were paid each three months
from Oct. 1, 1931 to July 1, 1935, inclusive.—V. 143, p. 1892.
the
1,365
$290,975
267,166
19,707
1,889
$314,856
265,630
13,463
two
to holders of record Dec. 19.
Similar pay¬
July 1 and April 1, last, this latter being the
The directors have declared
1936—Month—1935
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals—
Equip. & jt. facil. rents.
each
Co.—50-Cent Common Dividend—
The directors have declared
mon
;
1936
19,
Rutland RR.—Earnings—
Net
America—Earning
1936—Month--1935
Period End. Oct. 31—
Teleg. & cable oper. rev.
Teleg & cable oper. exp.
Dec.
1.231.591
1,124.284
1,273,394
1,131.682
July
August
September.
1,051,595
788,797
1.031.984
966,291
769,515
675,667
866,580
867.153
815 183
October
1,302,915
1,050,084
1,125 653
920,770
813.408
959,802
655,486
886,114
726.168
741,256
March..
November....
988,447
—V. 143, p. 3482.
(Bernard) Schwartz Cigar Corp.—Smaller Dividend—
The directors have declared a dividend of 40 cents per share on the com¬
stock, no par value, payable Dec. 24 to holders of record Dec. 15.
25, last and 30 cents paid on
July 1 and April 1 last, this latter being the first distribution made since
Oct. 1, 1931, when a regular quarterly dividend of 25 cents was paid.—
V. 143, p. 1571.
mon
This compares with 75 cents paid on Sept.
Reserve
Investing Corp.—S3.75 Dividend—
The directors
have declared
a
dividend of $3.75 per share on account
of accumulations on the $7 cum. pref. stock, no par value, payable Dec. 18
to holders of record Dec. 12.
Dividends of $1.25 were paid on Oct. 15,
July 15, April 15 and Jan. 15, last and on Oct. 15, 1935.—V. 143,
p.
Reynolds Investing Co., Inc.—Accumulated Dividend—
Directors have declared
cumulative
Dec. 16.
p.
a
dividend of $12 per share on the $6 dividend
preferred stock,
payable Dec.
21
to
stockholders
of record
This will be the first dividend paid since January 1931.—V. 143,
2066.
Reynolds Metals Co.—Dividend—
Directors have declared an extra dividend on the common stock, by means
of 15-year 3M%
debenture bonds due Dec. 21, 1951, at the rate of $1
principal amount of the bonds per share of common stock payable Dec. 21,
to holders of record Dec.
Seaboard Commercial Corp.—Dividends<—
2383.
11.
Directors have declared the following dividends:
Regular quarterly dividend of 13 M cents per share on the $10 par value
5H % cumulative preferred stock, payable Dec. 22 to holders of record
Dec. 11.
Dividends of 50 cents per share on'the $10 par value class
consisting of regular quarterly dividend of 20 cents and an extra of 30 cents
per share, pyable Dec. 22 to holders of record Dec. 11.
These dividends make a total of $1.10 per share for the year on both
classes of common stock.—V. 143, p. 3332.
The company will issue its 3Yi% 15-year debentures to be paid to its
stockholders in bonds as small as $50 principal amount, and up to
Seattle Lighting Co.—Removed
common
$1,000 principal amount.
A common stock,
consisting of regular quarterly dividend of 20 cents and an extra of 30 cents
per share, payable Dec. 22 to holders of record Dec. 11.
Dividends of 50 cents per share on the $10 par value class B common stock,
The
Holders of less than 50 shares will receive scrip,
York
New
Curb
Exchange
from Unlisted Trading—
removed
has
from
trading
unlisted
which will be convertible into the bonds if $50 of scrip is accumulated.
It
is expected that there will be an over-the-counter market for the scrip.
Bonds issued against scrip will draw interest from the time of exchange of
the scrip for the bonds.
■)
1276.
privileges the refunding mortgage 5% due Oct. 1, 1949.—V. 130, p.
The scrip will be convertible into the bonds up to Dec. 20, 1937.
On or
after Dec. 21, 1937, the bonds held against the unexchanged scrip will be
sold, and holders of the scrip then will be entitled to their pro rata share of
the proceeds of the sale.
New
Seattle Times Co.—Files Amendment—
The company has filed an amendment with the Securities and Exchange
Commission stating it will offer its issue of $1,125,000 4\i% sinking fund
debentures at par.
The amendment also states that the company will
the issue of $500,000
% serial debentures, series A to E, maturing
The company has advised
the N. Y. Stock Exchange that at
of the board of directors on Dec.
1, Henry L. Charlton
was
a
meeting
elected Vice-
President and director and Richard S. Reynolds, Jr., J. Louis Reynolds and
Irving P. Macauley were elected directors of the company.—V. 143, p.2858.
Richfield Oil Co. of
&
Second National Investors Corp .—Consolidation,
Calif.—Hearings Concluded—
All hearings pertaining to reorganization of the company and Pan Ameri¬
Petroleum Co. have been concluded.
Federal Judge James on Dec. 12
See National Investors
can
adjourned the hearings following presentation to the court of certain legal
preliminary to writing a confirmation order for the reorganization
plan—V. 143, p. 3855.
Statement
Rochester
on
& Electric
Gas
Corp .—Commission Refuses
Stock Issue—
Common stocks
Participation
certificate
in
corporation
for estimated possible loss
formed
($8,568)
to
liquidate
7,249
^—
Total
$9,990,280
-
Liabilities—
which the rehearing was asked provided that the authority
the condition that the company shall not declare or pay any
dividends upon its outstanding common stock or upon the voting trust
certificates which evidence such stock, until a rate proceeding which is in
on
on
before the
$702,423
97,894
9,182,712
(cost, $5,555,725), market value
closed bank, carried at amount of claim ($15,817) less allow¬
ance
York P. S. Commission.
progress
/
—
Dividends receivable
rehearing in respect to a clause in an order made
the corporation to issue not to exceed $4,000,000
series E 5% cumulative preferred stock was denied Nov. 30 by the New
The clause
of Net Assets at Nov. 30, 1936
Cash
An application for a
last Sept. authorizing
granted is
Commission
against the company
Management fee accrued
$1,250
7,723
Provision for taxes.
27,900
Accrued expenses
a
Reserve
shall have been
for
common
taxes
on
unrealized
profit
on
investments
in
stocks:
concluded.
The request for the rehearing was filed a month after the corporation had
accepted the order without reservations, and 10 days after it had issued and
sold all the stock authorized, the Commission stated.
Scoring the application as "most unusual," Chairman Milo R. Maltbie,
New York State franchise tax
said:
542,000
108,000
Federal normal income tax
Net assets-
"Quite obviously, the company intended to take advantage of the
authority granted and ignore the conditions it did not want to comply
Companies should understand that when they accept an order they
with.
must
liberty to comply
the order and refuse to comply with another part."—V. 143,
comply with its terms, and that they are not at
with part of
p.,3331.
Russeks Fifth Ave.,
The
Inc.—Extra Dividend—
have declared an extra dividend of $2 per share on the
stock, par $5, payable Jan. 25 to holders of record Jan. 5.
Direc¬
voted to give stockholders the right to elect to take 6% of their
directors
common
tors also
holdings in stock instead of the cash dividend. A regular quarterly dividend
of 25 cents per share was paid on Dec. 1, Sept. 1, June 1 and on March 2,
last, this latter being the first dividend paid since Sept. 2, 1930 when 40
cents per share was distributed.
Stock Increase Voted—
increase
the
number
of
shares
authorized
to
200,000
from
125,000.
Additional Listing—
York Curb Exchange will list 7,500 additional shares of common
stock, $5 par, upon official notice of issuance.—V. 143, p. 3331.
$686,873
Total.
a
But
b$9,303,406
including
not
any
provision
for
Federal
undistributed
profits
or for Federal excess profits tax.
b Represented by: Paid-in capital—$5 conv. pref. stock ($1 par) (divs.
in arrears accrued through Dec. 1, 1936, $17.93 per share), $100,000;
surtax
common
stock ($1
par), $300,000; capital surplus, $10,200,000; total,
$10,600,000; less preferred stock reacquired and held in treasury, 17,383
shares, at cost, $866,795; balance, $9,733,205; earned surplus (deficit)—
Income surplus, $167,815; security profits surplus (deficit), $3,574,601;
net deficit, $3,406,785; balance, $6,326,419; excess of market value over
cost of investments in common stocks, $3,626,986; deduct reserve for taxes
unrealized
on
profit,
$650,000;
net,
$2,976,986;
balance,
$9,303,406.—
V. 143, p. 3857.
Sharon Steel
Corp.—Dividend Dates—
The special dividend
30 cents per share on
Stockholders on Dec. 4 voted to ratify action of the board of directors to
rj The New
&c.—
Corp. above.
Assets—
matters
Request
B
Co., Inc., Wells Dickey Co. and Drumheller Ehrlichman &
White will be principal underwriters of both debenture issues, underwriting
$76,000, $15,000 and $9,000 of each series of the serial debentures, each
and $845,000, $175,000 and $105,000 of the sinking fund debentures each.
—V. 143, p. 3857.
Blyth
Officials—
offer
from
1937 to 1941, inclusive, at the following prices:
Series A at 102.61; series
at 103.73; series C at 104.17; series D at 103.65; series E at 102.22.
of 75 cents per share and the quarterly dividend of
the common stock, mentioned in the "Chronicle"
be paid on Dec. 24 to holders of record Dec. 14.
of Nov. 21, page 3332, will
See also Y. 143, p. 3332.
Shamrock Oil & Gas
Corp.—Initial Dividends—
The directors have declared an initial dividend of
the
common
10 cents per share on
stock, payable Dec. 20 to holders of record
Dec. 10.
Volume 143
Financial
Chronicle
The directors also declared an initial semi-annual dividend
of 30 cents
per share on the 6% convertible preferred
stock, par $10, payable Jan. 2
to holders of record Dec. 10.—V.
142, p. 3868. 3362. j
M
ed<*
\
Shawmut
4015
Comparative Consolidated Balance Sheet
Assets—
Cash
on
Mar. 28 '36 Mar. 30'35
in sundry banks
Association—Special Dividend—
Cash
Trustees have declared a special dividend of 42 cents per
share, payable
Dec. 21 to holders of record Dec. 14.
The usual quarterly dividend of 10
in
hands
$53,710
7,943
232,825
238,868
26,948
12,961
4,378
4,178
313,815
4,377
4,177
313,814
Bldgs., machinery,
equipment, &c
5,254,819
expenses
48,028
5,207,761
56,782
&
accts.
Inventories
Life ins.—cash
9 Mos. End. Nov. 30—
Int. & divs. received
1936
accrued
Bank of
Administrative expenses
Federal capital stock tax
xlnt. paid and accrued-
19,017
5,185
176,288
Cream
1934
$141,377
16,101
1,886
181,593
1933
$150,065
16,043
1.471
182,885
office...
top
apt.
439,441
loss
z$36.667
y$58,203
y$50,334
Balance Sheet Nov.
1936
bank
in
Organiz. expenses.
Disct. on debens..
20,885
on call
$268,816
$160,526
zl 1,181
54,501
Jr. note
accts. receivable
xl Securities
4,427,653
cost)
6%, ser. A
for
Res.
on
cl.
A stock subscr..
5,013
Res. for deprec. of
473,971
475,997
Min. shareholders'
int. in sub.
534
cos..
960,000
Total
53,087
290,723
a
capital stock tax
reserves,
61
c
588,810
1
Total.....
by 151,623
Represented by 25,000
1
81,871
b Represented
151,390 in 1935.
P. 286.
3,605
1,200
51,417 def293,897
$7,131,5191
$7,176,580
After
and
Federal
Surplus
594,053
Common shares.
Surplus
960,000
57,628
1,544
2,913,500
7% cum. pref. shs. 2,900,000
Non-voting fully
b
1935
.
4,660,086
milk
partlc. cl. A shs.
1936
Accounts payable
Accr'd int. payable
(at
&
producers
13,325
cer¬
$55,272
Senior deb. 4H%-S1,768,000 $1,902,000
Senior debs. 5%— 1,867,000
1,962,000
Accrued interest &
2,096,395
cos
employ.
30
Liabilities—
1935
and
182,100
sub.
c
Assets—
179,100
plant, bldg. &c.J 2,284,895
60,000
x^Includes interest on junior notes (payment deferred),
y Excludes
$243,038 (1934, $14,423) net loss on securities sold,
z Excludes $38,164
net profit on securities sold.
Cash
584,702
162,975
Amts. recelv. from
tain sub.cos
Net
21,956
485,350
150,425
Mortgages payable
Bonds
outst'g of
439,807
50,000
25,501
5,738
20,687
115,000
18,712
debentures
bottle
Cost of shs. In
17,324
Montreal
6% conv. coll. tr.
license, less
written off
$155,632
16,839
2,000
192,065
29,669
special loan
Def'd accts. pay..
Prepaid
-Earnings-
1935
$163,823
44,000
Bond & mtge Int.
dry investments
expan.
taxes
come
Milk routes pur. &
Shawmut Bank Investment Trust-
11,150
Res. for Dom. in¬
Sundry debtors...
Revenue Act of 1936.
No attempt has been made to estimate the amount
of such dividends in the future.—V. 143, p. 2860.
115,667
sociate cos
rec. & sun¬
Land
current year has, in their opinion, been due to the inclination of concerns
to adjust their positions in order to minimize the surtax
required under the
302,053
cream patrons..
Amounts due to as¬
sur¬
render value
Mtges.
$97,656
176,906
Accts. pay. milk &
8,694
205,036
263,074
Notes
28'3Q]Mar. 30'35
$124,498
& accr. charges.
receivable
declared, payable Jan. 2 to holders of record Dec. 14.
In connection with the above
special dividend the company stated that
by this special dividend a major part of the net earnings of the association
is being passed on to shareholders in order to relieve the
association of any
substantial liability for surtax on undistributed income
imposed by the
Revenue Act of 1936.
Trustees desire to point out that the unusually
large amount of extra dividends received by the association during the
Mar.
Co.'s bankers(sec.)
Accts. & notes pay.
$41,243
of
buyers & branch
a
cents a share was also
Liabilities—
hand and
1,550
$7,176,580 $7,131,519
no
par
no par
shares
1936
in
shares.—V/J143,
Broadway Building (Broadway-Exchange Corp).—
on Plan of Reorganization—
Hearing
Total
$4,707,650 $4,875,1131
Total
$4,707,650 $4,875,113
x Market value, $4,961,900 in 1936 and
$4,541,400 in 1935.
Interest receivable only.—V. 143, p. 2225.
Sherwin-Williams Co. of Canada,
Years Ended Aug. 31—
Total earnings
1936
a$454,948
46,095
Provision for deprecia'n.
Tax account
z
1934
Legal fees
Executive salaries
76,618
Directors' fees
Judge Hulbert of the U. S. District Court in New York, on Nov. 30,
confirmed the report of the special master, Simon H.
Rifkind, which report
found the proposed plan of
reorganization fair and
$133,810
70,765
4,117
45,000
34,382
53,635
27,048
22,038
1,200
927
76,955
19,314
3,947
1,762
plan.
1933
y$302,098
Special provision
Pension fund
The
court has made an order dated Dec. 2
requiring all creditors and
stockholders and all other interested parties to snow cause at a
hearing
to be held Jan. 6, 1937, why the court should not make such order or
orders
as it
shall deem proper, finding that the plan of reorganization dated
Nov. 23, 1936, is fair and equitable, is
feasible, and complies with the pro¬
visions of section 77-B of the U. S.
Bankruptcy Act, and confirming the
Accrued
Ltd.—Earnings—
1935
x$389,013
52,118
30,200
45,000
z
20,410
equitable.
The proposed plan, which has
200
first mortgage,
sinking fund
Net
earnings
Preferred
$262,214
242,200
$205,575
181,650
$20,014
3,762,228
$23,925
3,755,250
$3,782,241
$3,779,175
dividends
Surplus
Previous surplus
Surplus
$200,805
$200,805 def$141,554
3,579,430
3,720,987
Sloan & Zook Producing
$3,579,433
no
doubtful accounts.
up of net operating profit of $390,684, and other income of
For
a
par
Made
12 Months Ended Oct. 31—
Balance Sheet Aug. 31
1936
1935
$
1936
Liabilities—
$
Property, &c
6,949,921 x6,958,315
Invest'ts (subs.)..
725,939
749,967
Other Investments
175,362
253.397
Inventories
2,057,778
1,806,496
Accts. receivable.. 1,613,671
1,334,880
Amounts due
37,223
35,138
Cash
482,765
738,860
Prepaid
43,622
44,984
Accts. pay., &c...
332,090
20,000
3,782,241
Pension fund
Surplus...
4,000,000
391,948
Due other cos
—
3,460,000
Net operating
Other income
317,335
345,527
20,000
x
11,986,280
After deduction of
and $2,025,689 in 1935.—V.
income
Total
11,986,280 11,922,037
Total income
—
$552,865 loss$551,831
—
Estimated Federal and State income taxes
x
114,720
$438,145 loss$551,831
Includes $77,121 profit on sale of machinery and equipment sold
or
dis¬
carded (net) and $55,885 loss on sale of securities (net).—V. 143, p. 2860.
fund for depreciation at $2,069,195 in 1936
143, p. 3857.
1935
$481,737
1,139,050
$354,954 loss$657,313
xl97,911
105,482
(net)
Net income
1J,922,037 |
reserve
$1,487,239
1,132,285
3,779,175
,
Total
-
Depreciation
$
3,460,000
4,000,000
stock...
1936
Operating income
1935
$
Preferred stock
Common
value, on Dec. 14 to holders of record Dec. 10.—V. 141, p. 1285.
(A. O.) Smith Corp.—Earnings—
$64,265.
Assets—
Co.—Pays Extra Dividend—
The company paid an extra dividend of $2.50 per share in addition to
the regular quarterly dividend of 25 cents per share on the common
stock,
Made up of net operating profit, $324,682, and other income of $64,331.
y Made up of net operating profit $224,811 and other income of $77,287.
x
z
2% for sinking fund on the
and if earnings are available, up to 3% interest and 1%
the second mortgage.
In addition, bondholders receive
on
voting trust certificates for stock in the reorganized company.
The old
stockholders will make a payment of $65,000 in cash for 30% of the stock of
the reorganized company and will receive an option for an additional
30%
of the stock. The plan provides for bondholder representation on the board
of directors and other safeguards for bondholder interests.—V.
143, p. 444.
loss$20,454
121,100
$3,780,235
been approved by all of the bondholders*
committees representing both the first and second mortgages,
provides for
the payment of fixed interest at the rate of 3K% and additional
interest,
if earned, up to a total of 5% for interest and
Soundview
Pulp Co.—Stock Dividend—
31,
The directors have declared a dividend of $2.50 per share on the common
stock, payable in new $100 par 6% preferred stock at the rate of 5-200 shares
of preferred stock for each share of common stock held.
The dividend will
be paid on Dec. 24 to holders of record Dec. 4.
An extra cash dividend of 50 cents per share in addition to a dividend of
$1 per share was paid on Nov. 25 last, and prior thereto regular quarterly
dividends of 75 cents per share were distributed.—V. 143, p. 2860.
Mar. 30/35 Mar. 31/34 Apr. 1, '33
$7,164,305
$6,679,325
$6,186,715
4,266,011
3,949,100
3,388.625
The directors have declared a dividend of $1 per share on the common
stock, par $50, payable Dec. 28 to holders of record Dec. 12.
This compares
with $1 paid on Oct. 1, last,and in each quarter previously.
Extra dividends
of $1 per share were paidjon Dec. 31,1935 and 1934.
In addition a dividend
of $10 per share was paid on July 1, last, this payment representing a
return of capital in connection with the reduction of capital stock made
Singer Mfg. Co.—Extra Dividend—
The directors have declared an extra dividend of $2.50 per share in addi¬
tion to the regular quarterly dividend of $1.50 per share on the capital
stock,
par $100, both payable Dec. 24 to holders of record Dec. 10.
Similar extra
dividends were paid in each of the 10 preceding quarters, while on March
1934 an extra dividend of $1 per share was distributed.
In addition a special
dividend of $15 per share was paid on Dec. 31. 1935.—V- 143, p. 1892.
Silverwood's Dairies,
Years Ended—
Ltd.—Earnings—
Mar. 28/36
Sales, incl. inter-co.sales. $7,348,473
Cost of materials
4,451,138
Productive
wages
and
1,900,950
Gross profit on sales.
Oct. 3,1928.—V. 142, p. 3692.
on
1,860,999
1,787,783
Pennsylvania Pipe Lines—$1 Dividend—
1,769,212
Southern Bell Telephone &
$996,385
_
Iceless cabinet rentals &
other revenue
Adm. & indirect exps...
Amort, of patent license
$1,037,294
$942,442
$1,028,878
50,618
66,071
79,964
87,347
$1,047,004
572,170
$1,103,366
$1,022,406
583.454
594,601
10,000
252,986
10,000
259,946
$1,116,226
605,084
al7,652
272,763
Prov. for depreciation. .
Int. on debs., mtges, &
purchase agreement.
South West
_
10,000
264,142
55,919
The Bankers Trust Co.,
par
68,958
bl7,886
subscriptions
9,465
trustee,
Telegraph Co.—Tenders—
is inviting tenders of 30-year first
and accrued interest,
will
be received by
the
trust
company
until
Dec. 23, 1936—V. 143, p. 3483.
Southern Canada Power Co.,
Ltd.
1936—Month—1935
Period End. Nov. 30—
Gross earnings
Int. paid on def'd paym't
as
mortgage sinking fund bonds, due 1941, to be purchased with sinking fund
proceeds in the amount of $500,000.
Tenders, which are not to exceed
$195,080
79,898
109,313
$5,869
Operating expenses
Int., deprec. and divs—
$185,838
Earnings—
1936—2 Mos.—1935
$368,665
174,639
108,369
$384,431
159,393
218,034
$4,820
$7,004
$4,689
72,649
216,337
Prov. for Provincial cor¬
poration tax
Prov. for Dom. inc. tax.
Previous surplus
9,196
33,922
7,455
32,152
9,145
25,605
8.155
29,161
$101,654
1,550
$148,361
5,155
$105,221
1,507
$173,944
Inc. under div. guar
Surplus on redemption of
preference shares
Special
res.
previously
provided
36,004
Divs.
paid
minority
sh'holders Dy sub. cos.
Adjust, re capital assets J
Writ, off organiz. exps..
Refunds
15,612
$111,231
k
W
$219,285
87,405
$158,344
120,869
to
Period End. Nov. 30—
4
21,125
67,326
16
60
10,727
21,577
Net ry. oper. income:
After depreciation.
1936—11 Mos.—1935
Before
depreciation
$3,833,093
4,474,888
$2,678,160 $27,117,192 $17,779/225
3,335,707
34,273.495
24.829.680
Includes credit of $116,380 for month and $698,283 for period due to
reversing in months June to December 1936. $814,664 accrued to May 31,
1936, under Railroad Retirement taxing Act declared unconstitutional.
—V. 143, p. 3858.
Silverwood
Southern Ry.—Earnings—
63,000
First Week of
provision for
Gross
add'l liab.
Surplus end of period$81,871
ailncludes organization expense.
earnings (est.).—
—V. 143* p.
19,184
►^or 1932 Dom. inc. tax
1936
Period—
8,235
prior years
cover
Lines—Earnings—
1936—Month—1935
Railway oper. revenues.$18,907,728 $14,380,156 $181878,595 $149378,920
Railway oper. expenses. 13,439,775
10,460,965 134,476,738 113,327,300
Railway tax accruals—
*815,273
714,537 *11,315,068
11,349,022
Equipment rents
779,038
535,520
8,366,820
6,759,142
Joint facility rents
40,547
def9,026
602,775
164,229
*
Dominion inc. taxes re
Res. to
i.
$223,901
203.150
to
Securities, Ltd
Additional
8,597
65,769
Refunds of Dom. inc.tax
Total surplus
Preference dividends—
Southern Pacific
1,359
40,000
8,027
Surplus
—V. 143, p. 3858.
$1,550
$5,155
b Int. on debs. only.
$1,507
$2,579,420
1935
Jan. 1 to Dec. 7
1936
1935
3648.
Southland Royalty
Co.—Common Dividend—
have„declared$|a dividendjof 5 cents per share on the com¬
stock, par $5, payable Dec. 21 to holders of record Dec. 10.
Regular
The directors
mon
Dec.
$2,108,283 $118,269267 $101.027738
Financial
4016
quarterly dividends of ten cents per share were distributed on Oct. 15 and
July 15, last and prior thereto quarterly dividends of five cents per share
were paid.
In addition an extra dividend of five cents per share was paid
on Jan. 5 last, and on Jan. 10,1935.—V. 142, p. 4354.
Southwestern Bell Telephone
Co.—Larger Common Div.
The directors have declared a dividend of S3 per share on the common
payable Dec. 31 to holders of record Dec. 24.
Previously
the
distributed regular quarterly dividends of $2 per share.
IP Company officials stated that because of the tax on undistributed earn¬
ings imposed by the Federal Revenue Act of 1936, It seemed advisable to
pay, for the last quarter of the year the additional one dollar per share.
—V. 143, p. 3162.
stock,
company
—Files Amendment with SEC—
statement with the Securities and Exchange
that directors have declared a dividend of
$43.18 a share, payable on or before Dec. 31, to holders of record Dec. 10
in 4% unsecured promissory notes, due 1942.
The aggregate amount of
The company has filed a
Commission which discloses
the dividend will be $1,762,000.
The statement was filed with the Commission as an amendment to a
in
November covering an undetermined
amount of 4%
The company at that time said it planned to pay the
dividend to stockholders, but that the payment would
not exceed net earnings for the year 1936, which, the company estimates,
promissory notes.
Dec.
19, 1936
the shares having been purchased from certain
company,
The issue has been oversubscribed.
stockholders.
Company manufactures
aluminum
pistons
for
and other
automobiles
aluminum products for the electrical and automotive trades.
Company
has no funded debt or preferred stock, its capitalization consisting of 500,000
authorized shares ($1 par) capital stock, of which 246,500 shares are out¬
standing.
•
Company was incorporated in Missouri in 1918 as the Ordnance Tool
Manufacturing Co.
Name changed to the present title in Sept., 1936.
Offices and plant located in St. Louis, Mo.
John Flammang is President,
A dividend of 75 cents per share on the 246,500 outstanding shares of the
company's capital stock has been declared payable to holders of record
on Dec. 22, 1936.—V. 143, p. 3649.
Development Co.—Dividend in 4% Notes
Southwestern
declaration filed
Chronicle
(S.) Stroock & Co., Inc.—Dividend Again Increased—
The directors on Dec. 9 declared a dividend of $1
mon
per
share
on
the
com¬
stock, payable Dec. 21 to holders of record Dec. 16.
This compares
1, last; 50 cents paid on June 30, last; 25 cents
with 75 cents paid on Oct.
paid on April 1, last and $1 per share paid on Dec. 23, 1935.
This latter
was the first payment made since July 1,1931, when a quarterly dividend of
15 cents per share was distributed.—V. 143, p. 2538.
Superior Oil Corp.—Stock Offered—A group of invest¬
headed by Fennerond-Beane Corp. and Eugene
notes as a common
ment bankers,
might be subject to surtax under the Revenue Act if not distributed to stock¬
J. Hynes & Co., Inc., New York, on Dec.
shares of common stock (par $1) at the
holders:
'
An excerpt from minutes of the special board meeting Dec.
that the Chairman submitted estimates of the company's net
10 discloses
earnings for
the year 1936 of approximately $1,762,000.
The Consolidated Oil Corp. owns around 51% of the common
while Mission Oil Co. (Kansas City) owns 47.28%.—V. 143, p. 445.
stock,
Spiegel, May, Stern Co., Inc.—Extra Dividend—
The shares when issued will
Dec. 5 declared an extra dividend of $2 per share on
payable Dec. 18 to holders or record Dec.
12.
Dividends of 75 cents per share were paid on Nov. 2, last, and in
each of the four preceding quarters, the Nov. 1, 1935 dividend being the
first paid since May 1, 1930 when a regular quarterly dividend of 75 cents
per share was also distributed.
The directors on
the common stock, no par value,
Stock Increased—Name
Changed—
Stockholders at a special meeting held
Dec. 5 authorized an increase in
the common stock from 350,000 to 1,750,000 shares, of which 1,265,000
will be issued to holders of the 253,000 shares now outstanding, leaving
485,000 authorized but unissued.
Stockholders also authorized a
in the corporation's name to Spiegel, Inc.—V. 143, p. 3858.
change
Standard-Coosa-Thatcher Co.—Balance Sheet—
b Oct. 1, '36 Sept. 30,'35
$578,929
$396,536
Assets—
Cash
x
z21,538
647,397
-
Accounts recelv.
In
Equity
389,800
23,382 Com.stk. (par $25) 4,955,600
1,118,937
1,667.026 Capital surplus
501,386
92,309 Earned surplus.—
4,955,500
1,012,847
311,677
425,428
Acer, processing tax
Reserve for contlng
7% pref. stock (par
brokers
1,799,389
68,383
254,824
Sundry assets
cost) —
Property
4,140,752
Unexpired
insur.
50.648
premiums, &c._
y
$7,561,861 $7,337,818
Total
Standard Gas & Electric Co.—Reorganization Progress—
answer
recent
to
inquiries directed to the company, Bernard W.
Lynch, president, announces that he believes definite progress is being
made towards the reorganization of the company, that he is hopeful a
plan can be developed without undue delay, and that just as quickly as
this is accomplished appropriate steps will be taken for its submission to
security holders.
Weekly Output—
The electric output
of the public utility operating companies in the Stand¬
for the week ended Dec. 12, 1936 totaled
ard Gas & Electric Co. system
113,159,321 kilowatt hours, an increase of 17.9%
responding week last year.—V. 143, p. 3858.
compared with the cor¬
Standard Oil Co. of Kansas—Borrowing—
filed with the Securities and Exchange Commission by
company discloses that since Dec. 31, 1935, the company has bor¬
rowed $1,000,000 from the Bank of the Manhattan Co. of New York
payable in 48 monthly instalments.
The loan is secured by deeds of trust
covering certain oil and gas leases and mineral interest in lands located
in Louisiana and Texas.
Proceeds from the loan either have been or will
be used as follows: $266,666 for payment of balance due National Bank
of Tulsa; $118,000 for payment of short-term note due National Bank of
Tulsa; $215,165 for purchase of new oil and gas properties; $136,000 reserved
for cash dividend; $152,957 for purchase of treasury stock, and $111,210
A current report
the
for additional oil
To Pay
Authorized
and gas properties to be acquired.
$1 Dividend—
declared a dividend of $1 pa* share on the capital
stock, par $10, payable Dec. 26 to holders of record Dec. 22.
This will be
the first dividend distributed by the company since Oct. 31, 1934 when a
quarterly dividend of 50 cents per share was paid.—V. 143, p. 3163.
The directors have
y407,004
948,929
988,979 shs.
--1,500,000 shs.
P x As at Sept. 15, 1936, these notes had been fully paid,
y As at Oct. 20,
1936, this amount had been reduced to $338,563. z Guaranteed principal
and interest by company bear interest at annual rate of 5% as to $25,179
and 4% as to $381,824, and are payable in minimum monthly installments
of $15,000 principal and interest on the 20th day of each month.
k
Under a refunding agreement dated June 20, 1936, a new note was issued
in lieu of the previous 4% note at the same rate of interest but extending
the maturity approximately one year, which note is payable in monthly
installments of $14,125 principal and interest until May 20, 1937 incl., and
thereafter at the rate of $20,000 and int. monthly until May 20, 1938 when
the unpaid balance is due.
Instalment payments on the 5% note are at
the rate of $875 monthly including int., until April 20,1937 when the unpaid
Standard Screw Co.—Dividend Increased—
dividend of $4 per share on the common
balance
April 1, 1932 to Oct. 1,1934, inclusive.—V. 143, p.
1893.
Standard Steel Spring Co.—Listing—
The New York Curb Exchange has approved the listing of 99,806 shares
of no par value stock and will add to the list, upon official notice of issuance,
50 additional shares of no par value stock.—V. 143, p. 2696.
(A.) Stein & Co.—50-Cent Special Dividend—
The directors
have declared a special dividend of 50 cents per
Officers' and Employees' Stock Purchase Plan—The company has adopted a
plan whereby over a period of three years beginning Sept. 15, 1936, its
officers, and office employees will have the privilege of purchasing a total of
not more than 111,020 2-3 shares of its stock at $3.75 per share.
At the
end of each of such three years, eligible employees may elect to purchase
the number of shares of such stock which, when multiplied by the purchase
price of $3.75 per share, will not exceed 20% of their salary for the pre¬
ceding year.
The number of shares to be reserved for purchase by such
employees under the plan is 30,020 2-3 shares.
^ There have been reserved 81,000 shares for purchase, at $3.75 per share,
by the present officers of the company, in amounts specified in the plan.
Each of such officers may purchase up to one-third of the number of shares
of the three years commencing
allocated to him at the expiration of each
Sept.
143, P. 3012.
Sterling, Inc.—Earnings—
1936_
J£35
$1,229,957
$906,719
Ftofit before reserves and Federal income taxes—
305,858
194,069
K Note—Above figures include operations of the J. W. Greene store, since
Its acquisition Oct. 13, 1936.—V. 143, p. 3163.
6 Months Ended
Net sales
Nov. 30—
Products, Inc., St. Louis—Stock
Offered—Public offering by means of a prospectus was made
Dec. 17 of 142,600 shares ($1 par) capital stock at $10.50
by Russell Maguire & Co., Inc., and E. H.Rollins & Sons,
Inc. _The offering does not constitute new financing for the
^ Sterling Aluminum
of Issue—Company contemplates that the net proceeds to be
sale of 511,020 2-3 shares being registered, estimated
$1,887,433 after deducting expenses estimated at $28,894 will be used
approximately as follows:
at
To provide funds to be used to fund debt
To finance drilling 34 new wells and to rework
$338,563
certain producing
1,030,000
wells
To finance drilling on presently non-producing acreage
To acquire additional acreage through which to provide
future production
To increase working capital and for
,
85,000
potential
sundry contingencies
Consolidated Income Account for
Dec. 26 to holders of record Dec. 18.
paid on Nov. 13 last, and in each of the
preceding quarters, and on Dec. 17, 1934, Feb. 19, 1934 and Feb. 15,
1932.—V.
15, 1936.
Purpose
received by it from the
share on
the no par common stock, payable
A dividend of 25 cents per share was
six
matures.
Underwriting—The principal underwriters are Eugene J. Hynes, Thomas
McKoy Jr. and John Gaston, 61 Broadway, New York.
Fenner <fc
Beane Corp., Jersey City, N. J., and Eugene J. Hynes & Co., Inc., New
York, will be associated with the principal underwriters in the distribution
of these shares, but they are not parties to the underwriting agreement.
Company has agreed to sell and the principal underwriters have agreed
jointly to purchase from the company 50,000 shares of its stock, at $3.50
per share, payable $87,500 within 10 days after notice to the principal under¬
writers that the registration statement has become effective and that the
shares have been listed for trading on the New York Stock Exchange, which¬
ever is later, and $87,500 30 days thereafter.
Upon the purchase of and payment by the principal underwriters for such
50,000 shares, the company has agreed to grant an option to the principal
underwriters to purchase all or any part of an additional 150,000 shares,
in lots of 5,000 shares, at $3.50 per share, which option expires March 1,
1937; and a further option to pin-chase all or any part of an additional 200,000
shares, in lots of 5,000 shares, at $4 per share on or before Sept. 1, 1937,
conditioned upon the prior purchase by the principal underwriters of the
150,000 shares under the first option.
H.
The directors have declared a
stock, payable Dec. 24 to holders of record Dec. 9.
This compares with
$1 75 paid on Sept. 30, last; $1.50 per share paid on June 30 last; $1.25
on'March 31, last; $1 per share paid each three months from Dec. 31, 1934
to and including Dec. 31, 1935, and 50 cents per share distributed each
quarter from
Outstanding
x$17,255
$160,000
(4%
and 5%) notes
Capital stock ($1 par)
32,679
After reserves of
In
$1,139,666, giving a total of $7,670,407 as the appraised valuation of oil
and equipment on the company's producing properties.
Company is drilling wells on both proven and unproven
properties.
From the proceeds of this financing, the company expects materially to en¬
large its development program, having particularly in mind the drilling of
34 new wells on proven properties, prospecting for oil on various leases as
yet unproven, and acquiring additional acreage to provide potential future
production.
Capitalization—The capitalization of the company and its subsidiary,
Superior Oil & Gas Co., consolidated as at May 31, 1936, was as follows:
reserves
zSuperior Oil & Gas Co. 1st mtge.
$69,487 in 1936 and $80,290 in 1935.
y After de¬
preciation of $4,729,538 in 1936 and $4,233,992 in 1935.
x Acceptances
receivable only,
a Including possible Federal "windfall" tax and income
taxes on unpaid processing taxes,
b Gives effect to the merger of the
Sauquoit Spinning Mills, Inc. as of Oct. 1,1936.
jy0te—The above balance sheet includes the assets (except cash $250)
and liabilities of the National Yarn & Processing Co., a wholly owned
subsidiary, organized for the purpose of selling the manufactured products
of its parent company in foreign countries.—V. 142, p. 137.
x
be listed on the New York Stock Exchange.
Registrar: Bank of the Manhattan Co., New York, N. Y.; transfer agent:
Corporation Trust Co., New York, N. Y.; co-transfer agent: Corporation
Trust Co., Jersey City, N. J.
it Business—Corporation, including its wholly-owned subsidiary, Superior
Oil & Gas Co., is exclusively a producing company concentrating on the pro¬
duction of crude oil and not engaging in the refining, transportation or
marketing divisions of the petroleum industry.
As of May 31, 1936, the producing properties of the company consisted
of 54 leases, covering a total area of 6,024 acres, on which there were in
production,208^oil wells and 7 gas wells.
As of July 31, 1936, W. M. Hauser, consulting engineer, estimated that
the company's producing interests represented 14,384,618 barrels of recov¬
erable oil, which he appraised on a present value basis of $6,530,741.
In
addition to this, operating equipment was appraised by Mr. Hauser at
Unsecured notes
738,399
3,946,615
$7,561,861 $7,337,818
Total
589,800
$100)
with
Inventories
Invest, (at
15,439
cotton
contracts
$158,251
$209,737
6,822
196,828
al82,852
Accrued accounts.
ances rec.—cus¬
tomers
payable.
Pre!, divs. payable
10,321
216,654
30,064
52.700
Notes and acceptl
b Oct. 1, *36 Sept. 30/35
Liabilities—
Accounts
14 offered 200,000
market (about $5
per share). The 200,000 shares offered are part of a total
of 511,020 shares covered by the registration statement
of which 111,020 shares are reserved for officers and em¬
ployees of the company.
185,633
248,238
Five Months Ended Oct. 31, 1936
[Superior Oil Corp. and Superior Oil & Gas Co.]
$438,930
324,603
Total gross income
Operating expenses
Net operating
$114,336
profit
2,395
Other income
$116,731
50,167
4,470
Total income--Interest: loss on "dry
holes" drilled
Provision for income taxes (estd.)
Net profit
$62,094
for period.
arned
Earned surplus as at May
1
respect of income taxes
31, 1936, $584,556 (adjustment in
for prior
years,
574,317
$10,239).
$636,411
1,749,908
31,1936
at May 31,1936
Earned surplus as at Oct.
Capital surplus as
Total surplus as at
Oct. 31,1936
—
$2,386,318
Volume
Financial
143
Consolidated Balance Sheet
di&SCfyi
1
Liabilities
-
Cash In banks
Accounts
receivable
Crude oil
band
on
Advances
Land,
nil
properties. &c
Intangible values—
$50,000
94.017
23,223
Mtge.
a
36,170
notes of Superior Oil
& Gas Co
yl,071,100
124,933
95,182
Obligations
z
Caplltal stock ($1 par)
988,979
1,749.907
636.410
Capital surplus
Earned surplus
$4,012,451
$4,012,451
Total..
After deducting reserve for depletion and
depreciation amounting to
$9,496,322.
y Excess over par value of amount at which the capital stock
of Superior Oil & Gas Co. (subsidiary) is carried on the books of Superor
Oil Corp. (parent),
z In connection with the purchase of oil properties—
payable solely from future oil and gas produced from such properties,
a Payable in monthly installments from Nov.
20, 1937 to May 20, 1938.
—V. 143. p. 3649.
Suburban Electric Securities Co.—Accumulated Div.—
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $4 cum. pref. stock, no par value,
payable Dec. 19
to holders of record Dec. 10 and an additional dividend of $1 per share
on
the same issue
payable Jan. 4 to holders of record Dec. 10. Dividends of
50 cents were paid on Oct. 1, July 1, April 1 and Jan. 2, last, and Oct. 1
and July 1, 1935.—V. 143, p. 3336.
Supervised Shares, Inc.—Extra Dividends—
of
shares of new $3 preferred stock for each one share of the old
stock under the company's recapitalization plan dated Aug.
as
securities
Suncook
Holders of the old 7% cumulative convertible preferred stock
yet surrendered then- certificates for exchange may do so by
them at the Guaranty Trust Co. of New York on or before
Dec. 21, 1936 in order that they also may be entitled to receive the dividend
mentioned above.
Tne dividends, however, are only payable to holders of
record of full snares.—V. 143, p. 3859.
Third
122.630
87.323
$44.223
$11,953
29,248
expense
-
Other income
52.739
income
$96,961
Other charges
Loss on disposal of plant items
Provision for Federal income taxes.
$41,200
34.478
17,542
79.416
12,098
$166,983
Dividends
receivable
Common stocks (cost $5,031,247), market value--a Participation
certificate in corporation formed to
Net profit.
$5,363
Assets—
Sept. 26*36 Sepl. 2835
Inven., less
$520,102
$457,497
650,718
460,221
res
with
dep.
Mutual Ins.
unemploy.
18,928
cos.
19,503
Liabilities—
Federal
&
Sept.26*36
9.043
31,653
27,157
2,835,835
2,843,068
Deferred charges._
assets
Sept.28'3
on unrealized profit on investments in com¬
stocks—Federal normal income tax
New York State franchise tax
mon
$427,298
Net
a
assets
b$7,370.379
But not including any provision for Federal undistributed profits surtax
Federal excess profits tax.
b Represented by Paid-in capital—
for
or
Common
stock ($1
par), $220,000; capital surplus, $10,148,502; total,
$10,368,502
Less—Common
stock
reacquired
and
held
in
treasury
(52.724 snares at cost), $1,158,000 ; balance. $9,210,501.
Earned surplus
(deficit)—Income
surplus,
$143,652; security
profits
deficit, $3,943,885; balance, $5,266,615.
cost
545,946
390,789
pay..
reserve
of
investments
for taxes
—
1,500,025
560,428
1.440.436
555,170
Total
$4,066,279 $3,807,446
(& Subs.)—Earnings—
Net sales
Cost of goods sold (incl. occupancy, buying &
publicity costs).
$2,010,662
1.731,695
Profit
$278,967
1,511
17,069
7,789
181.286
repairs
Depreciation
...
Taxes, other than income
taxes
Selling, general and administrative
...
expenses
Net profits from operations.
Other income
$71,312
18,608
-
-
Total income
$89,920
....
Other interest expense
Federal income tax
172
12.200
Commonwealth of Pennsylvania income tax.
4,100
-
Net profits carried to earned surplus account
Preferred dividends
$73 44s
*450
Common dividends
25,000
Assets—
$105,134
2,285
Inventories
725,178
*33,924
Flxt.. equip. & leasehold impts.
Prepaid taxes, Insurance,
rentals, &c
store
Accounts
$194,956
68,842
Accrued liabilities
Due
to parent company—Sontag Chain Stores Co., Ltd
6%
15,220
cum. pref. stock (par
9,881
$100).
15.000
Class A
common
stock
y300
common
stock
y 10,000
Earned surplus
$881,740
-
After
reserve
for
582,761
-$881,740
Total
depreciation of $97,543.
p. 3858.
y
Represented
by
5.000
shares.—V. 143,
(James) Talcott, Inc.—Listing of Stocks—
The
New
York
Stock
Exchange has authorized the listing of 30 000
(cumulative) participating preference stock ($50 par) and
359,390 shares of common stock ($9 par).—V. 143, p. 3484.
shares of 5H%
The
"Rigging" Case—
as
amended.
reacned
Judges Martin T. Manton, Harrie B. Chase and
Learned Hand on an appeal filed by Torr & Co.. brokers, from a
temporary
injunction restraining tne firm and its members from using the mails in the
case
sale of stock of the Trans-Lux Corp.
The injunction previously
was
also based
tne
on
issued by Federal Judge Robert P. Patterson
Security and Exchange Commission's charge that the
a section of the Securities Act of
1933, but the Circuit
have declared
an
initial
dividend
of 50
cents
a
share
on
the
capital stock, payable Dec. 26 to holders of record Dec. 18.—V. 142,
be constitutional.
disclose tnat tney were to receive commissions.
Trans western
financing for the
Oil
Co.—Stock
company,
Offered—The first public
recently organized to take over
the oil and gas properties of the Slick-Urschel interests in
the Southwest, was annouhced Dec. 16 with the
offering of
490,000 shares of capital stock ($10 par) at $13.75 per share.
The underwriting group is headed by Riter & Co. and
includes Reynolds & Co. and Vallance & Co.
Simultaneously
with the public offering, 259,900 shares of the
company's
capital stock will be privately sold.
initial working capital.
The new company will start
business with total assets of $12,000,000,
forma balance sheet as at Dec. 1, 1936 included in the
assets will include properties valued at $9,500,000
and cash of $2,500,000.
The company will have outstanding 750,000
shares of capital stock and $3,000,000 of 3K%
promissory notes, with
according to
prospectus.
a pro
These
maturities of
one
to five years.
The properties to
be acquired by the company
are
located in Oklahoma,
Kansas and Texas, and consist for the most part of oil and gas
properties
owned or controlled by Thomas B. Slick at the time of his death in 1930.
During 1935 the net crude oil production of these properties totaled 3,116,848 barrels and for the nine months ended Sept. 30, 1936 amounted to
2,019,309 barrels.
According to the prospectus the new company plans an accelerated
drilling program over the next few years and intends to expand exploration
and
development activities.
In connection with the drilling program,
the company proposes to set aside out of paid-in surplus a reserve of
$500,000
for certain drilling expenses.—V. 143, p. 3650.
Tubize Chatillon Corp.—Clears
Directors have declared
lative
Up Pref. Arrearages—
dividend of $5.25 per share on the 7% cumu¬
to stock of record
With the pay nent of this dividend the company will have cleared
a
preferred stock of the company, payable Feb. 1
Jan. 9.
all arrearages on the preferred stock, which at the beginning of the year
1936 amounted to $19.25 per share, in addition to paying the regular divi¬
See also V. 143, p. 3164.
dend during the year.
Twin City
meeting held Dec. 15, the board of directors declared a dividend of
$1 per share on the $3.50 cumulative preferred stock payable Dec. 23, to
holders of record Dec. 19, such dividend being on account of
accumulations.
—V. 143, p. 2228.
a
Rapid Transit Co.—Accumulated Dividend—
The directors have declared
accumulations
on
the
regular quarterly dividend of 50 cents per share on the common stock,
on Dec. 15 to holders of record Dec. 8.—V. 142, p. 1137.
7%
a dividend of $14
per share on account of
cumulative preferred stock, par $100, payable
Dec. 24 to holders of record Dec. 18.
on
the
This will be the first dividend paid
preferred stock since Jan. 2, 1932, when
a
regular quarterly dividend
of $1.75 per share was distributed.—V. 143, p. 2864.
Union Buffalo
Co.—Pays Extra Dividend—
The company paid an extra dividend of $3 per share in addition to
the
to
p.
Hydro-Electric Corp.—Accumulated Dividends—
Textile Banking
tnat. section
Walter Gordon Merritt, counsel for Jonn M. Torr and
Randolph P.
Mills, constituting tne firm, explained that Torr & Co. had ontained an
option on 47.700 snares of Trans-Lux stock at prices ranging from $3 to $4,
and nad agreed to market it, keeping one-third of the net profit and
paying
two-thirds to Ellery \V. Mann.
Torr & Co. agreed to promote the stock through
agents who were to
receive $25 for every 100 share they sold in the Exchange.
Tne salesmen,
according to the SEC, violated Section 17A2 of the 1933 act by failing to
4194.
At
the
This
up
Technicolor, Inc.—Initial Dividend—
Texas
on
12.
U. S. Circuit Court of Appeals on Dec. 11 heard argument and re¬
on the first case to reach it
involving tne constitutionality
of the so-called market-rigging provisions of the Securities and
(G.) Tamblyn, Ltd.—Initial Preferred Dividend—
The directors have declared an initial dividend of 62
cents per share
the 5% cum. red. preference shares, par $50, payable Jan. 2 to
holders
of record Dec. 14.—V. 143, p. 3013.
on
Directors
share
Net proceeds from the sale, together with borrowed funds, will be used
payment of the properties to be acquired by the company and for
payable—trade
Class B
x
per
for
Liabilities—
hand
Accounts receivable
no-par
cents
Tne
Consolidated Balance Sheet May 31, 1936
Total
of 22 >£
24 to holders of record Dec.
defendants had violated
Earnings for Five Months Ended May 31, 1936
on
dividend
Sept. 29. 1934; 7>3 cents paid on June 30 and March 31, 1934, and 5
share distributed each three months previously.—V. 143. p. 2386.
Court has already ueld
Cash in banks and
a
Exchange
1,210,000
'
Sun Ray Drug Co.
Maintenance and
Mining Co.—Dividend Again Raised—
have declared
compares with 12)^ cents paid on Sept. 30. last; 7>£ cents paid on June 30
and March 31 last; 15 cents paid on Dec 24. 1935, 7>£ cents paid in each
of the three preceding quarters. 22H cents paid on Dec.
24, 1934: 10 cents
Act of 1934
1,210,000
capital assets.
common
Trans-Lux Corp.—Decision Reserved in
9,043
comp. act
Capital stock
surplus
(deficit),
Excess of market
stocks, $2,511,763; deduct,
on unrealized profit, $408,000; net,
$2,103,763; balance,
143, p. 3859.
$7,370,379 —V.
The directors
in
served decision
State unemploy.
$4,066,279 $3,807,446
over
cents per
trustee—
Surplus
—V. 141, p. 3703.
uet
value
Notes, contracts &
as
337,000
71,000
$211,051
Res. for deprec. of
Total
12,650
Reserve for taxes
a
on
State
$240,837
advances
act
6.023
taxes
Tintic Standard
Accts. pay., accr'd
items & res. for
Liab.
comp,
$625
Management fee accrued
Provision for
cotpuion stock, par $1, payable Dec
taxes
Trustee dep., State
3,978
$7,797,676
Liabilities—
Accrued expenses
loss$10,820
Balance Sheet
less reserves
83,704
7,543,010
liquidate
closed bank, carried at amount of claim
($8,679), less allow¬
ance for estimated possible loss
($4,701)
84
Cash & accts. rec.,
Corp.—Consolidation—See
Statement of Net Assets at Nov. 30,1936
$1,087,538;
Total
Investors
Assets—
Cash
9 Mos.End.
Sepl 26 "36 Sept. 28 '35
$3,504,903
$2,312,543
3.338.051
2,213,267
Net sales
Cost of goods sold
Profit
National
National Investors Corp. above.
Total
12 Mos.End.
Selling and administrative
have not
who
presenting
Mills—Earnings—
Period—
Capital
7% preferred
28, 1936.
In addition, a special dividend of one snare of common stock was declared
part payment toward the accumulated dividend arrears on the old 7%
Total
during the year.
Including this payment, aggregate
dividends from 1936 income, including realized profits, amount to $1,458
per share. Both dividends will be paid Dec. 23 to stock of record Dec. 15.—
V. 143, p. 2697.
Prem.
Special Dividends—
'
Directors have declared an extra dividend of 7 cents per share out of net
Income from dividends received during 1936.
In addition, the directors
declared a special dividend of 63 cents per share from profits realized on the
sale
Thermoid Co.—Initial and
An initial quarterly dividend of 75c. per share was declared by the
board of directors, payable Dec. 28, to holders of record of full shares of the
company's new $3 convertible preferred stock as of Dec. 21, 1936. Tnis new
$3 convertible preferred stock was recently exchanged on the basis of 1 1-3
preferred.
Total
x
regular semi-annual dividend of $1.75 per share paid on Jan. 2, 1936.—
V. 143. p.-127.
213,630
Provision for iucome taxes
producing
x2,493,524
gas
Jan.
Accounts payable
Accrued liabilities
501
and
a dividend of $2.50 per share on account of
on
the $3.50 first preferred stock, no par value, payable
2 to holders of record Dec. 18.
The last previous payment was the
loans)
Mtge. notes of Superior Oil &
Gas Co
58,467
Investments.
Thayers, Ltd.—Accumulated Dividend—
accumulations
unsecured
due Nov. 16,
1936
193,292
4,487
expenses
4017
The directors have declared
—
payable,
(bank
10,883
Oil field materials & supplies..
Prepaid
Notes
S74,137
106.059
Chronicle
Oct. 31, 1936
as at
Mills, Co.—Accumulated Dividend—
The directors have declared
a
dividend of $3.25 per share on account of
accumulations on the 7% cumulative preferred stock, par $100,
payable
Dec. 23 to holders of record Dec. 8.
Dividends of $1.25 were paid on
Oct. 1, July 1 and April 1 last, and compare with $1.75 paid on Jan. 2 last.
Financial
4018
and
on
Dec. 31, Oct. 31,
semi¬
'
r^ST-"
Oil
Union
Issue $10,000,000
Co. of Calif.—Proposes to
with the Securities and Exchange Com¬
(No. 2-2732, Form A-2) under the Se¬
curities Act of 1932, covering $10,000,000 15-year 33^% debentures, due
Jan. 1, 1952, and 300,000 shares of capital stock ($25 par), to be reserved
for issuanceiupon conversion of the debentures.
^According to the registration statement, the company intends to apply
the proceeds of the sale of the debentures to the following purposes:
(alT$7,668,750 to the payment of principal and premium on the outstand¬
ing $7,500,000 12-year 4% convertible debentures due May 1, 1947
(which are to be redeemed at 102%% and accrued int., the accrued
interest to be paid out of treasury funds);
(&) $1,900,000 for the construction of a new cracking plant, including
auxiliary equipment, at the company's Oleum refinery (estimated
The company on Dec. 15 filed
mission Ja registration statement
$1,900,000);
cost,
and
(c) An unstated amount towards payment on May 1, 1937 of the coml^pany's serial debentures maturing on that date, of which $1,200,000
are now outstanding.
_
,
~
$10,535
$130,453
95,518
127,160
3,724
Prov. for income taxes-Net profit
Common dividend
Adj.of prev.yrs.' inc.tax
3,102
104^% if red.
during year 1942; 1043^% if red. during year 1943; 103H% if red. during
year 1944; 10334% if red. during year 1945; 10234% if red. during year
1946; 1024% if red. during year 1947; 1014% if red. during year 1948;
1014% if red. during year 1949; 1004% if red. during year 1950; and at
par if redeemed during the year 1951.
828,558
547,447
528,198
$547,447
Dr50,350
Consolidated Balance Sheet
1936
$560,350
$528,198
est.,
furn. & equip...
6,159.639
6,609,248
76,271
324,753
—;
363,048
405,898
3,754,258
Gen. accts. ree'le.
289,120
Stks. of grain, &c.
2,400,270
Prov. Govt, accts.
Misc. accr'ls, &c._
378,758
65,776
15,750
Exch. membersh'ps
Inv.instks. &bds.
200,280
306,916
65,776
16,500
Invest, in mtges. &
agree,
28,484
for sale..
30,767
$
$
Liabilities—
119,183
Bonds
1935
1936
$
bldgs.,
Cash
July 31
1935
$
Assets—
Real
for sinking fund purposes
be redeemable
also to
$268,207
19,058
$451,924
only on Dec. 31,1942, and on each Dec. 31 thereafter at the following prices,
together with accrued int. to the date of redemption:
1934% if red. on
Dec. 31, 1942; 103% if red. on Dec. 31, 1943; 1024% if red. on Dec. 31,
1944; 1024% if red. on Dec. 31, 1945; 1024% if red. on Dec. 31, 1946;
1014% if red. on Dec. 31, 1947; 1014% if red. on Dec. 31, 1948; 1004%
if red. on Dec. 31,1949; and at par if red. on Dec. 31,1950, or Dec. 31,1951.
The debentures are to be convertible at any time prior to Jan. 1, 1940
are
$235,833 loss$141,563
126,644
126,937
16,192
560,350
Drl06,890
Dr6,816
Total surplus.
are
date: 105 X%
'
debentures
42,238
sur$191 sur$108,896
$88,707
for year
arising from redemption of bonds.-_
Previous surplus
Amt. transf. to cap. sur.
Amt.
written down on
memberships
Profit
notice at the following
Srices, during year 1940; 105% if red. to the redemption
red. together with accrued interest
during year 1941;
The
230,365
6,228
and
executives, &c.
bonds & mtges__
sals, of
Deficit
205",691
7,223
21,650
190,868
39,536
$363,529
268,499
_
_
to"Jan. 1, 1940, and
debentures are not to oe redeemable^prior
to be redeemable as a whole or in part on 30 days'
Ihe
•_
9,327
24,800
178,091
7,500
Directors' fees
Int. on
$963,881
469,918
10,201
$854,336
464,606
$681,691
451,438
1933
1934
1935
1936
Years End. July 31—
Operating profit-Depreciation
-------
Counsel & legal fees
Debentures—
Ltd.—Earnings—
United Grain Growers,
which no divi¬
July 2 and Feb. 15, 1934, prior to
paid on this issue since Feb. 15, 1930, when a regular
annual dividend of $3.50 per share was distributed.—V. 143, p. 2386.
dends were
19, 1936
Dec.
Chronicle
3,167,406
Capital stock
1st mtge. bonds.- 3,274,500
73,883
Mortgages
3,161,174
3,452.500
120,166
Bond & mtge. int.
25,400
29,319
x64,981
1,447,084
accrued llabils.-
781,202
Mtge. payments. .
Shareholders' divs.
111,254
947,043
57,192
145,713
accrued
Bank
loans
and
overdrafts
Accts.
payable and
46,283
Dominion, Provin.
& other taxes—
38,129
General reserve—
1,710,282
67,529
1,710,282
into shares of the
Earned surplus—
for each
Capital surplus—
451,924
36,487
547,447
143,514
company's $25 par capital stock at the rate of 30 shares
$1,000 principal amount of debentures.
The debentures are not
to be convertible after Dec. 31, 1939.
The
principal underwriters listed in the registration statement are Dillon,
York; Wm. K. Staats Co., Los Angeles; Blyth & Co.,
Bead & Co., New
Inc., New York; Dean Witter & Co., San Francisco; Pacific Co. of Califor¬
nia, Los Angeles, and Bancamerica-Blair Corp., New York.
The offering price of the debentures, the underwriting discounts or
ommissions and the amounts to be underwritten by each underwriter are to
be supplied by
amendment to the registration statement.—V.
Union Water Service Co.
$489,321
121,057
Cr3,258
6,873
25,461
58,241
_
General taxes
Net earnings before provisions for Federal
tax and retirements and replacements
on
$280,948
1,033
$270,489
income
funded debt
142,093
1,051
3,435
Cr804
Cr432
8,371
11,244
31,300
31,500
$99,447
$81,599
Interest charged to construction
x Provision for Federal income tax
in lieu of
Provision for retiremena dnreplacements
depreciation
Net income
for the Year Ended Sept. 30, 1936
$216,984
above
99,447
Adjustment of accrual for prior years, Federal income tax
21,649
Summary of Consolidated Earned Surplus
Balance, Sept. 30, 1935
Net income, year ended Sept. 30,1936 as
$338,079
1,810
36,000
Total
Miscellaneous
adjustments.
Preferred dividends
10.000
Common dividends
$290,269
Balance, Sept. 30, 1936
for Federal income tax for the period under review is
the income tax law and regulations of certain
above income accounts.
No provision has
been made in respect to possible Federal tax on undistributed income for the
nine months ended Sept. 30, 1936.
The provision
based upon the allowance under
deductions not reflected in the
Consolidated Balance Sheet Sept. 30
Mat'ls & supplies.
Consumers'
+$5,646,314 $5,568,086
Total
dep..
Due affiliated cos.
Total
United Air
and commission on
a Includes special
Lines—Employees Stock Purchase Plan—
of 50,000 shares of common stock of
employees on salary-seniority basis.
Stock
Directors authorized setting aside
the company for purchase by
be purchased on next Jan. 4 at $11 a share and a participation plan
has been developed on a sliding scale ranging from less than one year of
service at minimum salary to 10 years of service.
Maximum allotment to
a single individual is 125 shares.
Subscription privilege will expire Jan.
31,1937.
Officers and directors are not eligible for participation.
Eligible
employees will be those in service on Jan. 1, about 1,775.—V. i42 p. 2848.
may
United Shirt Distributors,
Inc.—Extra Dividend—
United States Radiator Corp.—Reorganization—
corporation on Dec. 15 filed with the Securities and Exchange
a registration statment (No. 2-2730,
Form A-2) under the
Commission
covering $2,331 >000 of 5% convertible debentures
Aug. 1, 1946; 42,096 shares ($50 par) 6% preferred stock (cumulative
i, 1938); 211,076 shares ($1 par) common stock, including scrip
certificates for fractional shares; and 155,400 shares ($1 par) common
stock.
These securities are to be offered in exchange for the company's
Securities Act of 1933
due
from Aug.
presently outstanding securities in connection with a plan of reorganization.
Under the plan of reorganization dated June 1, 1936, the holders of the
present outstanding 5% sinking fund gold debentures, series A, due Feb. 1,
1938, are being asked to agree to extend the maturity to Aug. 1, 1946,
and to agree to certain modifications in the indenture of trust under which
they were issued.
The new 5% convertible debentures are to be offered to
the present holders of the outstanding debentures on a par-for-par exchange
bcisis
Under the plan of
United Chemicals,
Inc.—Accumulated Dividend—
dividend of $1.50 per share on account of
accumulations on the $3 cumulative preferred stock, payable Dec. 28 to
holders of record Dec. 18. This will be the first dividend paid since March 1,
The directors have declared a
1932, when 50 cents per share was distributed.—V.
United Fuel Investments,
7 Months Ended Oct. 31—
Earnings per share on 90,000 6%
—V. 143, p. 1250.
pref. sthares
United Gas Improvement
Week Ended—
of system ^kwA.)
3860
Electric output
p.
143, p. 3165.
Ltd. (& Subs.)—Earnings—
Net income before taxes
reorganization, holders of the present
outstanding 7%
cumulative preferred stock, $100 par, were asked to agree to exchange each
share thereof together with the total accrued cumulative dividends thereon
April 1, 1931, to date of exchange, for one share of new 6% preferred
stock, plus
shares of the new $1 par common stock.
The holders of the present outstanding no par common stock were asked,
under the plan of reorganization, to exchange their shares for the new $1
from
par common
of
new
stock on the basis of two shares of the old common
common
for one share
stock.
The 155,400 shares of new $1 par common stock included in this
tion statement are to be reserved for the conversion of the new
registra¬
5% con¬
vertible debentures.
Tlie registration statement states that the plan of reorganization cannot
be declared effective later than April 1, 1937, nor prior to a date 30 days
after prospectuses upon the new securities
There are no underwriting discounts or
have been prepared and mailed.
commissions in connection with
exchange or conversion of the-securities to be issued.
The First of
Michigan Corp. is being paid compensation for soliciting the deposit of
debentures under the reorganization plan, but is not acting as an under¬
writer.
1935
$40,183
$0.45
1936
$221,404
$2.46
Co.—Weekly Output—
Dec. 12 '36
Dec. 5 *36
Dec. 14 '35
97,295,393
96,336,500
84,784,408
...
Henry T. Cole, of Detroit, is chairman of the board, and Elwood
"White, of Detroit, is President of the corporation.—V. 143, p. 1896.
United States
S.
Royalty Oil Corp.—Dividends Resumed—
The directors have declared a
dividend of 16 cents per share on the com¬
stock, payable Dec. 30 to holders of record Nov. 30.
This will be
first dividend paid since Dec. 20, 1934, when 5 cents per share was
tributed.—V. 139, p. 1419.
mon
United Stockyards
the
dis¬
Corp.—Listing—
Stock Exchange has authorized the listing of 310,000
preferred stock (no par) which are issued and out¬
standing; 308,125 shares of common stock (par $1) which are issued and
outstanding; 135,000 shares of common stock upon official notice of issuance
The
New
York
shares of convertible
upon
the
exercise by the
bondholders of the non-detachable warrants
attached to the bonds; and 310,000 shares of common
stock upon official
notice of issuance upon the conversion of thelpreferred stock; making
total amount applied for: 310,000 shares of convertible preferred stock,
the
and
(For further details regarding company
2866).—V. 143, p. 3860.
753,125 shares of common stock.
seeV. 143, p.
/
Universal-Cyclops Steel Corp.—Further Data—
In
United Amusement Corp., Ltd.—Pays Extra Dividend—
The company paid an extra dividend of 10 cents per share in addition to
the regular semi-annual dividends of 30 cents per share on the class A and
B stocks, both of no par value, on Dec. 15 to holders of record Nov. 30.
See also V. 142, p. 4041 for detailed dividend record.—V. 143, p. 2540.
143,
Dividend—
P^The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 7 H cents per share on the
common stock, no par value, both payable Dec. 23 to holders of record
Dec. 17.
Extra dividends of 10 cents were paid on Sept. 23, last and on
Dec. 23,1935, while an extra dividend of 2>£ cents per share was distributed
on Oct. 10. 1935.—V. 143, p. 1896.
.$5,646,314 $5,568,086
y Including unamortized debt discount and expense
capital stock,
z Represented by 9,900 no par shares,
deposit.
—Y.
Corp.—Pays Larger Preferred
the
$2,574,000 $2,583,500
262,602
262,439
3,189
1,908
Accounts payable.
6,460
4,826
Accrued liabilities.
118,304
136,876
Deferred income..
78,114
76,694
Reserves
808,844
782,572
600,000
600,000
28,557 $6 cum. pref. stock
z Common stock..
820,000
820,000
Capital surplus
84,633
82,287
Earned surplus
290,269 <
216,984
al,411
174,052
50,104
22,293
32,097
25,606
y
reciv
revenue.
54 % gold
bonds
$5,259,572
56,279
6,699
30,808
Def. charges and
prepaid accounts
1st lien
1935
1936
Liabilities—
1935
1936
Assets—
Plant, prop., equip¬
ment, &c
..$5 ,285,241
Misc. investments
1,200
Cash
240,481
Unbilled
United National
310
204
Amort, of debt expense
Accounts
9,781,732 11,828,963
Total
Thejcompany paid a dividend of 25 cents per share on the non-cumulative
participating preferred stock, par $100, on Dec. 15 to holders of record
Dec. 5.
This compares with 15 cents paid on Dec. 2, 1935 and 10 cents per
share distributed on July 15, 1935, this latter being the first dividend paid
since Dec. 1,1930 when 40 cents per share was disbursed.—V. 143, p. 1731.
$270,179
$281,981
141,972
1,492
Miscellaneous interest.
x
9,781,732 11,828,963
The
Gross corporate
Interest
$474,045
120,366
Cr4,179
9,996
18,749
58,934
income1
Other income
——
Bank overdrafts only.- -V. 143, p. 1577.
x
1935
1936
12 Months Ended Sept. 30—
Operating revenues
Operation
•
General expense charged to construction
Provision for uncollectible accounts
Maintenance.
143, p. 2387.
(& Subs.)—Earnings—
Total
connection
with
the
offering
of
100,000
shares
of common stock
(see V. 143, p. 3860) a prospectus dated Dec. 10 affords the following:
Corporation intends to make application in due course for the listing of
its stock on the New York Stock Exchange or New York Curb Exchange.
Business—Corporation is a producer of high grade steels and steel alloys
used in the manufacture of a wide range of articles.
Products include
special steels for the following uses:
Agricultural implements; automotive
and other valves; automobile horn diaphragms; bearings and balls; cutlery;
gin and linter saws (used in ginning cotton and delinting cotton seed);
hand shovels, scoops, garden tools, &c.; industrial chains; magnets; metalcutting hack saws; other metal- and wood-cutting saws; pens; razor blades;
small tools; tools for use in automotive and other industrial production;
typewriters and the aircraft industry.
Corporation also makes stainless
steels for automotive and other decorative uses, and stainless steels for
resistance to heat, acid and corrosion.
The agriclutural implement, automotive and tool industries are normally
the most important outlets for the corporation's products.
Its business, in
a very large proportion, is with
customers of long standing.
Of the 10
largest customers, measured by volume of purchases in 1935, eight (incl.
the three largest) have been buying from the constituent companies for
periods ranging from 11 to 24 years.
History—Corporation represents a merger of
Cyclops Steel Co., effected Sept. 30, 1936.
Universal Steel Co. and
Corporation continues to
Volumi
Financial
143
Chronicle
4019
operate under the original charter of Universal Steel Co., as amended by
the articles of merger.
The corporation has no subsidiaries, and is not
controlled by any parent organization.
"
Allegheny County, Pa.
Manufacturing plants, located at Bridgeville, Pa., and Titusville, Pa.,
are owned by the
corporation in fee.
Purpose—Net proceeds to be received by the corporation from the sale
of 39,353 of the shares offered, after
deducting the corporation's estimated
in connection with this offering, will be approximately
and will be used by the corporation for the
following purposes:
expenses
Authorized
*
To Be Outstanding
1,000,000 shs.
*500,000 shs.
Including 15,342 shares held by trustee under employee stock purchase
plan.
and advances:
y
Years
sub.
60,642,610 59,698,731
Corp., Ltd.,
13,115,894
yNon-util.sub.cos. 8,612,998
aOthercos.,atcost 2,056,033
9,081
9,976,851
2,332,662
318,658
x268,564
1,366,003
Real estate
loans
rec.,
andadvances...
b Cash surr. value
of
policies
on
lives of officers
20,344
25,439
receivable
111,949
Acer. int. & divs-Cash on hand and
113,408
1,000,327
74,687
Sub.
cos.
accts.
notes
1935
Sept. 30'36
$3,994,785
2,804,049
$4,379,715
3,176,721
$3,077,410
2,305,683
_
282,848
8,308
Other income-
507,714
16,088
427,466
5,119
$212,939
7,240
expense,.
442,574
4,420
$324,732
4,444
$679,190
6,211
$758,150
4,255
$220,179
9,893
Other charges
Provision
for
Fed.
$762,405
6,853
$685,402
8,331
$329,176
9,516
and
State income taxes.__
33,684
58,638
121,935
xl47,079
Net profit for period.,
$176,601
$261,022
$555,135
$608,472
x No
provision has been made for surtax on undistributed profits of
Universal Steel Co. for the nine months ended Sept. 30, 1936.
On the basis of operations
during October and November and orders on
hand on Dec. 1, 1936, it is estimated that
earnings for the fourth quarter
of 1936 will at least equal those of
any other quarter of that year.
Dividends—Directors have initiated dividends on the common stock at
the annual rate of $1 per share,
by declaration of a quarterly dividend of
25 cents per share, to be paid Dec. 29, 1936, to holders of record Dec. 18.
Underwriters—The names Of the several principal underwriters and the
...
Balance Sheet Sept.
llmmediately after
50,000 shs.
25,000 shs.
25,000 shs.
Assets—
$304,743
Notes and accts.
rec.
(net)...
507,931
Inventories
Accounts
1,064,178
Taxes, other than income..
10,523
28,344
127,280
Other
Reserve for
51,553
161,389
32,767
contingencies
Capital stock (par $1)
Capital surplus
460,647
2,873,778
Earned surplus
Total
$4,237,820
143,
Mat'dint.
58,367
65,112
z
Subsidiary
fund,
dt., normal tax,
deposit
on
contra
—
Reserves
2,787,513
17,148
2,952,052
17,143
85,024
Misc. unadj. cred.
417,182
Total
23,722
Loans and advances
9L806J)22_ Total--------89,218,672 91,806,022
only. ~ y~After unearned"interesT reserves,
z Bal¬
of amount received from subsidiary company in 1931 representing
deficiency in Federal taxes on a consolidated basis, which taxes have not
been determined by or paid to the Treasury Department,
a Less amounts
written off, including companies in receivership and in process of reorgani¬
zation, of $1,945,166 in 1936 and $1,953,717 in 1935.
b After deducting
policy loans and liens of $376,492 in 1936 and $332,386 in 1935. j
ance
Consolidated Statement of Income 12 Months Ended Sept. 30 (Incl. Subs.)
bl936
Public utility operating revenues.
Public utility expenses:
Operating
12,854,264
1,974,372
3,074,126
3,143,199
Provision for retirement
Taxes, exclusive of income taxes
Public utility gross operating income
$10,489,078 $10,346,665
469,281
532,415
income
$10,958,359 $10,879,079
7,030,736
6,914,334
266,665
248,376
Interest during construction capitalized
Cr27.569
Cr40,350
Amortization of debt discount and expense
486,222
493,277
Normal & State taxes on bond int. & other charges
185,898
164,077
Provision for Fed. and Dominion income taxes
505,018
430,420
Dividends on preferred stock paid or accrued
1,012,670
1,117,894
Net income of subsidiaries available for cum. pref.
stock dividends not declared or accrued
285,581
Minority interest in net income
Crl2,817
20,458
Interest
on
funded debt
Interest
on
unfunded debt
'
Consol.
last; dividends of $1.75 per share were paid on June 1, last, and on Dec. 2
and June 1 of 1935, 1934 and
1933, and semi-annual dividends of $2.75 per
6hare were previously paid
up to and including Dec. 1, 1932.
Accruals as
of Dec. 1, 1936, after the current
payment will amount to $4.50 per share.
—V. 143, p. 2867.
net
of subs.,
income
before providing
payable
Dec.
22
to
holders
of
record-Dec.
12.—
Wabash Ry.— To Pay Interest—
Louis.
The issues and interest amounts
are:
First mtge.
5% Detroit & Chicago extension bonds, $47,600; first mtge. 4% Des Moines
division bonds, $32,000; first lien terminal
4% bonds, $71,000, and 6%
debenture bonds, series B, $5,970.—V. 143, p. 3486.
Wailuku Sugar Co.—Extra Dividend—
Corp.—Quarterly Report—
Earnings for 12 Months Ended Sept. 30 (Company Only)
Public utility and subsidiary companies:
Bond and debenture interest
Interest
on
on
common
on
1935
843,495
199,324
$231,489
2,668
1,306.437
164.272
1,700,000
stocks
loans
Utilities Power & Light Corp., Ltd.:
Div. on cap. stk. (Canadian dollars
Interest
" 1936^
$245,451
1,800,000
preferred stock
on
at
conv.
par)
loans and advances
641
672
31,500
40,000
57,532
31,500
200,000
116,254
Non-utility subsidiary companies:
Div. from Greater London & Counties Trust, Ltd. dl,183,494
on
loans to Greater London & Counties
Other companies:
Bond interest
Dividends
on
common
stocks
on
6,857
6,600
28,868
1,469
60,315
11,111
14,851
1.731
1,463
$3,161,737
545,126
$3,942,782
x389,440
.
on remittances
sale of securities
Miscellaneous interest and discounts
*
Total income
Administrative, accounting and general expenses.
Provision for abandoned developments
written off, or reserve provided against
45,000
Amount
notes and accounts receivable
Provision
Interest
Interest
for
on
on
depreciation
debentures
unfunded debt
Amortization of debt discount and expense
Normal and State taxes on debenture interest
t
40,259
21,849
2,570,000
30,804
164,539
25,972
Net loss.
x
After expense billed to subsidiary companies
counts of
$59,701.
Light Corp., Ltd.:
Trust, Ltd., less British income tax thereon._
Int. & divs. from other
on
6,858
(non-affiliated)....
cos.
remittances
45,680
8,091
income
$1,621,208
479,265
Administrative, accounting and general expenses.
Exp. billed to sub. cos. or charged to other accts._
on
Amortization of debt
21,366
2,569,132
112,142
163,772
30,449
$1,694,409
discount
Consolidated
on
and
$160,257
expense
debentures interest
loss
net
375,058
Cr59,701
45,000
30,804
164,539
25,972
unfunded debt
Normal and State taxes
$3,096,963
24,505
21,849
2,568,684
Provision for depreciation
Interest on debentures
Interest
93.276
60,403
16,016
14,401
151,841
Balance
Exclusive of British subsidiary companies,
b Exclusive of the opera¬
tion of all British and two American subsidiaries but including income
received from Greater London & Counties Trust Ltd.
c Earned surplus
of the Laclede Gas Light Co. has been charged with a provision for possible
refunds
to consumers under rate reduction order of the Missouri Public
Service Commission against which a stay order has been obtained.
If such
refunds
were
made
they would decrease by approximately $324,000
amount shown in the above consolidated statement of income
as
the
the oper¬
from the latter company.
x No
provision has been made for possible reductions in rates of the
Laclede Gas Light Co., ordered effective by the Missouri Public Service
An injunction and a stay order have been obtained against
Commission.
the orders.
If the orders were sustained, the operating revenue and net
income of the company for the 12 months ended Sept. 30, 1935, would be
decreased by approximately $284,000.
y This item represents the portion
of
pref. dividends for the 12 months ended Sept. 30, 1936, not declared
earned by certain subs, during that period.
Such dividends become obli¬
gations of the individual companies when they are declared by such com¬
panies, but are not an obligation of Utilities Power & Light Corp. or its
cum.
other subsidiaries,
clared
18
Rental income from real estate
Profit
z2,952,750
&
Int.
or
Dividends on preferred stock
Dividends on common stocks
Interest on loans
Exchange profit
loss$39,885
ating revenue for the 12 months ended Sept. 30, 1936, and, after allocating
a portion to the minority interest, would increase by
approximately $274,000
the amount shown as the consolidated net loss,
d On Aug. 31, 1936,
Utilities Power & Light Corp. Ltd. sold its investment in Greater London
& Counties Trust Ltd.; consequently no further income will be received
Income—
Dividends
Dividends
1,122,658
$225,244
Consolidated net profit of subsidiaries
Uti ities Power & Light Corp. and Utilities Power
a
The directors have declared an extra dividend of 40 cents
per share in
addition to the regular monthly dividend of 20 cents
per share on the
capital stock, both payable Dec. 15 to holders of record Dec. 5.
Similar
payments were made on Aug. 20, last, an extra of 70 cents was
paid on
Nov. 20, 1935, and an extra dividend of 40 cents
per share was distributed
on June 20, 1935.—V.
143, p. 2541.
Utilities Power & Light
$1,082,773
$1,673,774
sub.
Provision for abandoned developments
Amounts written off notes and accounts receivable
Payment of $156,570 in semi-annual interest due on Jan. 1 on four under¬
lying bond issues was authorized Dec. 14 by U. S. District Judge Charles
B. Davis at St.
certain
y1,448,530
Miscellaneous
p.
of
declared
or
Exchange profit
The directors have declared an extra dividend of 60 cents
per share in
addition to the regular quarterly dividend of 10 cents
per share on the
dividends
preferred
cos.' not earned
Vlchek Tool Co.—Extra Dividend—
stock, both
4029.
11,927,384
1,735,492
3,077,548
2,881,609
$10,326,440 $10,191,372
162,637
155,292
Public utility non-operating income.
gross
al935
c$31,372,401 x$29,813,406
Maintenance
Cumulative
The directors have declared a dividend of $1.50
per share on account o*
accumulations on the no-par $5.50 cumulative priority stock, payable Dec.
24 to holders of record Dec. 15.
A dividend of $3.75 was paid on Dec. 1,
141,
1,634,660
$4,237,820
Utility Equities Corp.—Accumulated Dividends—
common
174,367
146,963
1,617,885
35,947
89,218,672
for cum. pref. divs. not earned or declared
V.
117,037
673,752
co—
on
&c.—funds
Other def. chgs. &
items in susp.__
3860.
p.
Acer, taxes & exp.
174,367
depr.
Prepayments
Non-utility
$139,664
65,427
35,413
Res. for Fed. & State inc. taxes
-V.
664,369
171,963
Gross income
payable, trade
Accrued, liabil.—Payrolls
Investments, advances, &c...
11,044
Fixed assets (net)
2,183,777
Deferred charges
Stock sales to officers and
empl.
Other assets
1L4,136
556,666
95,242
673,752
Co.]
Liabilities—
Cash
300,000
5,463
556,667
355,328
count & expense
x
loans—see'd
Accounts payableAcer. int. on fund,
Public utility gross income
30, 1936
of Universal Steel Co. and Cyclops Steel
merger
3,009,898
3,267,323
5 %
gold
debs., due Feb.
1, 1959
36,000,000 36,000,000
5 Yi % 20-year gold
debs., due June
1, 1947
14,000,000 14,000,000
Contract oblig'n__
85,800
Office furn., equip.
& automobiles—
number of shares underwritten by them, respectively, are as follows:
A. G. Becker &
Co., Inc., Chicago
Cassatt & Co., Inc., New York
Singer. Deane & Scribner, Pittsburgh
Earned surp. (def.)
from Jan. 1,'33.
30-year
debt
per
Total-.
112,142
163,772
30,449
$236,811prof$610,611
or
z
This
amount
represents
by Greater London & Counties Trust,
a
dividend of £600,000 de¬
This dividend repre¬
Ltd.
sents income of Greater London & Counties
Trust, Ltd., for the 12 months
ended Sept. 30, 1935, to the extent of £100,471 or approximately $493,000,
but
if
considered
in
relation
to
the
consolidated
income
of
the
British
companies, it represents income for the 12 months ended Sept. 30, 1935, of
£249,609, or approximately $1,226,000. The balance of the dividend repre¬
sents income prior to Oct.
1, 1934.
In the above calculations pounds
sterling were converted at $4.91^$ (exchange rate at Sept. 30, 1935).
Note—No provision has been made in the above statement for possible
on undistributed profits.—Y. 143, p. 3652.
surtax
Washington & Suburban Cos., Boston—Demand Notes
21,366
2.570,000
charged to other
ac-
|
(par $100)
18,053,400 18,053,400
CI. A stk. ($1 par) 1,642,989
1,642,989
CI. B stk. ($1 par) 1,167,883
1,167,882
Bank
&
contra.
at cost, less
S
$
pref. stk.
2,210,879
2,210,879
Capital surplus—15,957,131 18,506,144
stk.,loans& adv.13,908,343
Accts.
cum.
Com. stk. (par $1)
cap.
Unamort. debt dis¬
expense
Development
cos.
Utilities Pow. & Lt.
9 Mos. End
31
1934
1933
$2,186,578
1,682,481
Operating charges
Selling, gen. & admin.
utility
Special deposits
Dec.
Ended
Public
1935] T
1936
Liabilities—
7%
in banks
Earnings for Stated Periods
$
Investments, loans
Capitalization Adjusted to Reflect the Issue of 39,353 Shares of Common Stock
Capital stock ($1 par)
1935
$
Assets—
$634,165
(a) Approximately $330,000 to complete improvements, largely at the
Bridgeville plant.
(b) The balance, estimated at approximately $304,165 as an addition to
working capital.
The proceeds for the sale of the remaining 60,646 shares offered will not
be received by the
corporation, but will accrue to the individual stockholders
selling the same.
Balance Sheet Sept. 30 (Company Only)
1936
Its principal office is at Bridgeville,
The company has filed a declaration with the Securities and Exchange
Commission under the Utility Holding Company Act covering the issuance of
$6,662,500 demand notes to be issued to not more than four banks to enable
to redeem outstanding $6,500,000 5H% collateral trust
Hearing on the application will be held Dec. 21.—V. 143, p. 1420.
company
bonds.
Wayne Pump Co.—Initial Dividend—
An initial dividend of 50 cents per share has been declared on the capita'
stock, payable Jan. 2, 1937 to stockholders of record Dec. 15, 1936.
Financial
4020
Dec.
Chronicle
1936
19,
Consolidated Balance Sheet Sept. 30
Holding Company Set-Up Eliminated—
announced the completion of a
eliminating the holding company setup.
The Wayne Pump Co.
until Dec. 1 was the owner of all of the common stock of Wayne Co., which
the operating company.
Wayne Co., in
$905,400 or 5% preferred stock which was held
was
addition, had outstanding
by the public.
Under the
completed Dec. 1, Wayne Co. redeemed its outstanding preferred
stock and funds sufficient for the payment of the redemption price have
been set aside and deposited with the Lincoln National Bank & Trust Co.,
Fort Wayne, Ind., as paying agent.
Wayne Co. has been liquidated and the Wayne Pump Co., as the holder
of all of the common capital stock, will, beginning with Dec. 1, carry on
the operations and business of Wayne Co.
The management remains the
same.
The Wayne Pump Co. will carry on the policies of Wayne Co.
The company also announced a wage increase of 5 cen ts per hour, effective
Dec. 1.
This means an increase in the factory payroll of approximately
$60,000 per year.—V. 142, p. 4359.
program
Wellington Oil Co. of Del.—Listing Approved—
The New York Curb Exchange has
of
approved tne listing of 850,000 shares
Offered—Public offering
par)
The
priced at $15.75 each, plus any accrued dividends.
Wentworth Mfg. Co.—Pref. Stock
of
issue of 40,000 shares of conv. pref. stock (no
made Dec. 14 by Rawls & Co., Inc., New York.
a new
was
shares
are
949.767
343,640
984,069
stock is convertible at the option of the holder at any time
the company on the basis of 1 share of common for
which purpose 20,000 shares of common
stock have been reserved.
It is redeemable in whole or in part by lot at
the option of the company, on 30 days' notice, at $17.50 per share plus
accrued dividends.
Dividends payable quarterly from Jan. 1. 1937.
Transfer
agents: Continental
Illinois National Bank & Trust Co.,
Chicago, and Chemical Bank & Trust Co., New York.
Registrars: City
National Bank & Trust Co. of Chicago, and Chase National Bank. N. Y.
History and Business—Company manufactures and distributes on a whole¬
sale basis women's cotton dresses and novelties ^including smocks, aprons,
pajamas, &c.) selling in the low price range.
The bulk of the business
done is in cotton dresses which retail at $1 and loss.
Manufacturing opera¬
tions are carried on in Chicago, 111., and Fall River, Mass., and the gar¬
ments are sold principally to nationally known
chain and department
stores in the United States.
The company s chain store customers include
Montgomery-Ward & Co.; S. S. Kresge Co.: J. J. Newberry Co.; G. O.
Murphy Co., Sears, Roebuck & Co., W. T. Grant Co.; Neisner Brothers,
Inc.; McLellan Stores Co.; H. L. Green Co., Inc.; McCrory Stores Corp.,
Inter-State Department Stores.
Other distributors of Wentworth products include: Macy's, N.
Y.;
Wanamaker's Philadelphia: Strawbridge & Clothier, Philadelphia; May
Department Stores, Cleveland; J. L. Hudson Co., Detroit; Jordan. Marsh
Co., Boston; Woodward & Lothrop. Washington, D. C.; Mandel Bros.,
Chicago; Hale Bros., Los Angeles and leading department stores in other
cities throughout the United States.
Important department and chain
store customers in England include Selfridge's; Harrod's, Ltd., ana Lewis's
Chain Stores. Ltd.
No one customer ordinarily accounts for more than
20% of the volume of the business of the company.
The business was founded in Chicago in 1901 as a partnership, the
President of Wentworth Manufacturing Co. being one of the original
All other present officers of the company purchased stock interests
in 1927, when the business was first incorporated in Illinois.
Wentworth
Manufacturing Co. was incorporated in 1929 in Delaware, acquiring all
the assets and assuming all the liabilities of the Illinois corporation.
Since
first incorporated the business has continued under the same management
and stock control, except for the retirement in 1935 of Joseph H. Harris,
whose stock holdings were purchased by the other officers and their families.
In the spring of 1936, 50,000 shares of common stock were sold for dis¬
tribution to the public, by the present officers and their families, who have
retained ownership of over 48% of the 102,474 outstanding shares.
64.452
3,117.260
10,958
99.365
Authorized
cane
Investments
an
Income Account Fiscal Years
West Penn Electric Co.
607
2.774
_
2,701.330
250.017
222.785
2,764
$123,132
$419,013
$419 013
439
$420,295
$288,073
$125,458
13,253
57.615
7.260
4 5.432
9.492
16.949
$349,426
j
$287,634
1.282
Operating income
deductions
_
Provision for income taxes
Net income..
$235,381
$99,016
*
2.325
Listing—
The New York Curb Exchange will
list 20,000 additional shares of com.
stock, $5 par, upon official notice of issuance.—V.
Western Air Express
stock, payable Dec. 23 to holders of record
the com¬
Dec. 12.
This payment
stock, the last pre¬
mark the resumption of dividends on the common
vious
havmg been the 15-cent quarterly dividend
disbursement
paid on
May 1, 1931.—V. 142, p. 4200.
Western
Dairies, Inc.—Accumulated Dividend—-
The directors have declared
a
dividend of 75 cents per share on account
stock, no par value, payable
A like payment was made on Oct. 30
of accumulations on the $3 cumulative preferred
Dec. 30 to holders of record Dec. 10.
and Jupe 1
last and on Dec. 20, 1935.—V. 143, p. 2702.
West Indies
Western Grocer Co.
produced
produced
Raw sugar
Interest
Profit
Total
Ltd.—Dividend Increased—
Western Grocers,
The
the
20.
each three months
15, 1935 dividend
snare was distributed.—
have declared a dividend of 60 cents per share on
stock, no par value, payable Jan. 15 to holders of record Dec.
directors
common
This compares with dividends of 50 cents per share paid
from Jan. 15, 1935 to and including Oct. 15. last. The Jan.
the first paid since
was
March 15,1927 when $1 per
V. 143, p. 2702.
Western
Maryland Ry.—Earnings—
—Fourth
Jan. 1 to Dec. 7
1935
1936
1935
$295,159 $15,161,300 $13,806,578
Week of Dec.
1936
$355,493
Gross earnings (est.)
—V. 143, p. 3861.
Telegraph Co., Inc.—Earnings—
Western Union
1936—10 Mos.—1935
$7,807,053 $80,905,996 $74,304,586
6,230.502 65.890,942 61,127.619
54.649
499.075
520 132
1936—Month—1935
Per. End. Oct. 31—
Teleg. cable opers revs. $8,467,541
Teleg.& cable oper. exps.
6,863.481
42.338
Uncoil, oper. revenues..
Taxes assign.
3,301,381
2.833.333
$1,233,532
168,349
$1,238,569 $11,214,598
187,239
1,227,419
$9,823,602
1 223.368
$1,401,881
615 591
Operating income
Non-oper. income
-
Grossincome
$1.405 808 $12,442,017
689,311
6,645,280
$11,046,971
6 915.572
$5,796,737
$4,131,399
283,333
328.190
|o oper
$716,496
$786,290
Net income
-V. 143, p. 3653.
Williams Oil-O-Matic Heating
paid
x
$235,703
35,580
$53,949
23,604
$71,943
14,754
$271,283
$77,553
$86,697
35,288
22.007
37,111
$213,943
$55,546
$46,712
$0.49
1,237,759
22.051
..
—'
m
—
—
552.022
2.873
—
■130.000
stk.(no par)
com.
See
1,001,962
578,830
930.302
586.272
$0.60
Net profit
x
$1,554,267
x
$259,500
322,500
expenses
Earns, persh. on
shs.
See
x
$318,632
44,534
14.598
Total income
Fed. inc. taxes accrued-
Dividends
See
1933
1934
$1,634,741
$2,059,734
$260,213
58,419
Operating profit
Other income
Other
Corp.—Earnings—
1935
1936
$2,771,794
Returns, sales allow.,&c.
See x
Cost of sales
1,751,289
Selling expenses
760.291
Years End. Oct. 31—
Sales
x
$0.11
$0.18
After returned sales, discounts and allowances.
$738,683
$725,363
1
1
322,502
603,457
140,000
125,000
232.132
1,017,339
217,408
772,308
320.005
356,796
279,909
Perm't assets.-.
Collateral loans...
&
accts.
(lass reserve)—
Other assets
x
Accounts
...
receiv.
notes
Capital stock... $2,150,000 $2,150,000
58,625
27,143
payable4,009
Dealers' deposits..
32,664
22.051
44.534
Fed'l income taxes
17,035
30,215
Accruals
37.704
43,554
Other reservas
348.137
275.461
Earned surplus
292,740
Patents
Cash
1935
1936
Liabilities—
1935
1936
Assets—
y
surplus...
400,000
400,000
Appraisal surplus -
46,998
55,512
Paid-in
Prepaid expenses &
supplies
$3,050,570 $3,093,073
Total
$3,050,570 $3,093,073
Total
Represented by 430.000 shares of no par value at declared value of $5
per share,
y After reserve for depreciation of $496,415 in 1936 and $513,501
in 1935.—V. 143, p. 3167.
& other misc. income-
986,133
170,136
11,761
222,147
21,318
176,787
income
1
Expenses of producing, mfg., &c
$7,309,294
6,062,331
$6,967,662
6,177,313
$5,989,272
4,892,455
Miscell. int. other than bond int
$1,246,963
1,344
668,614
$790,350
2,779
657,159
$1,096,817
for depreciation
accr. on 1st mtge.
(collat.) gold
bonds, 6% conv. series due 1947-_
Provision
359,551
15,000
360,000
24,000
360,000
1935
$5,747,621
2,259
656,814
Int.
Prov. for U. S. Govt, income tax
Net operating profit
$202,455 loss$253,588
Western
Pacific
RR.—Trustees'
Certificates
Offered—
Lazard Freres & Co., Inc.; Blyth & Co., Inc., and Brown
Harriman & Co., Inc., on Dec. 15 offered at 100 and int.
$6,400,000 2%% trustees' certificates.
This is believed to
public offering of trustees' certificates of a com¬
pany in reorganization under the railroad section of the
Federal Bankruptcy Act.
be the first
Dated
1, 1936; due Dec. 1. 1938.
Interest payable J.
Coupon certificates in denom. of $1,000; Red. as a
Dec.
N. Y. City.
U.
1934
$5,337,776
453,390
1936
$6,253,042
886,116
received
on stores
(Iowa)—Pays Larger Dividend—
dividend of 30 cents per share on the common stock,
$20, on Dec. 10 to holders of record Dec. 1.
This compares with 25
cents paid on Aug. 20 and Jan. 20, last, this latter being the initial payment
on the issue.—V. 143, p. 1423.
The company paid a
par
& D. 1 in
whole or in
part on 30 days' notice at 100 and int.
The issuance and sale of these certificates have been authorized by
Sugar Corp. (& Subs.)—Earnings—
Years Ended Sept. 30—
Molasses
$44,52
143, p. 3861.
Corp.—To Resume Dividends—
V The directors have declared a dividend of 25 cents per share on
will
$64.72
class A stock (no par)
x
Additional
mon
1935
$4,906,282
—V. 143, P. 2387.
Inventories
Gross income
Total
1936
$6,103,728
taxes, deprec.,
depletion, int , amortiz.. sub prof, divs., &c-_
Earnings per share on 59,259 shares $7 cumulative
Customers'
Other income
$9,412,330 in
(& Subs.)—Earnings—
12 Mos. Ended Sept. 30r—
income after Federal income
1934
$2,242,074
1,893.391
Provision for doubtful accounts.
28,578,939 28.309.181
Total
Comparative Balance Sheet Oct. 31
1935
$3.241.756
1936
4.000.000
4,000,000
822,944
Com. stk. (par $1)
822,944
Capital surplus--.16,971,877 16,971,877
912.690
Operating deficit-693,291
depreciation of $10,040,095 in 1936 and
4029.
Ended Oct. 31
$4,711,405
Cost of goods sold.
3.967.188
3.967,188
324,596
Selling, gen'l and administrative exps.
sales
17,718
Bara¬
575,833
Net
increased volume of business.
Underwriters—The principal Underwriters are Haskell, Scott & Jennings,
Inc., Chicago, and Rawls & Co.. Inc., New York, each of which has sever¬
ally agreed to purchase not later than Feb. 1, 1937, 20.000 shares of the
preferred stock (with the privilege to either underwriter to purchase 40.000
shares of stock if the other underwriter should not purchase 20,000shares).
stock
hona Sug. Corp.
28,578,939 28,309,181
1935.—V. 141, p.
expenses
for
Pref.
30,080
After reserve for
x
Outstanding
Purpose—It is estimated that net proceeds after deducting estimated
will be approximately $529,800 ana are to be used in part to pay
loans in the amount of $100,000 and accounts payable to officers
and stockholders in the amount of $195,207, representing amounts bor¬
rowed from them in lieu of increasing bank borrowings.
Of the balance
approximately $100,000 will be initially used to increase the company's
inventory, leaving approximately $134,593 in cash, which will be used to
increase the company's bank balance to provide additional working capital
373.669
13,511
Res. for conting-.
3,214,951
638,417
Deferred charges-.
($5 par)
pref. stock (no par) $1 cum. dividend
bank
544,000
382,398
Sug.Corp.pf.div.
Prop., plant and
equipment, &C-20.540.628 21,112,999
Deposit
in
trust
47,920
with trustee
55,540
Common stock
of its convertible preferred stock.
544,000
mtge. 6%
Res. for Barahona
Colonos
Deductions
150,000 shs.
102,474 shs.
40,000 shs.
40,000 shs.
The outstanding common stock is listed and registered on the New York
Curb Exchange.
Company has applied for the listing on such Exchange
and the registration under the Securities Exchange Act of 1934 of 20,000
shares of common stock to be reserved for conversion of the convertible
preferred stock.
Company has no present intention to apply for listing
49,000
6,000,000
Res. for int. on 1st
—
Accts. recelv. from
partners.
Capitalization
45,000
831,672
Mat'Is.suppl..&c.,
The preferred
131,000
U.S.Govt.
1st mtge. (coll.) 6s,
1947--5.986,500
1,077,480
207,366
liquidation
Total
124,594
&Cuba prof, tax
Molasses on hand.
each two shares of preferred, for
Conv
Res.for
120,090
103.104
Sugar on band & in
Admin,
112,32#
179,595
1st mtge.
bond interest---
...
in stores
187,069
accrued
for
Res. for
202,292
1H% debs.
Accts
receivable
tr.
$
214,075
pay..
wages, rents, &c.
Bks. consol. coll.
(less reserve)
accts.
Res.
into common stock of
and
Gen.
855,149
Credit
Int.
Fed.
1935
$
Liabilities—
$
$
-
1,705,086
x
stock, $1 par.
common
Assets—
Cash
1936
1935
1936
W. M. Griffin, President of the company,
program
S.
District
Court
for
the
Northern
of California,
the
Southern
Merging of Western Pacific and Rio Grande to Benefit
Urged by Jesse H. Jones—
AU,
Consolidation of the properties of the Western Pacific and the Denver
& Rio Grande Western roads in the interasts of the roads, their creditors
the public has been recommended to the Interstate Commerce Com¬
by Jesse H. Jones, Chairman of the Reconstruction Finance Cor¬
poration.
At present the Rio Grande is owned jointly by the Western
and
mission
$77,743
District
Division, with the approval of the ICC.
Of the proceeds from the issue $3,400,000 will be devoted to rehabilitation
of the company's properties in 1937. The remainder will be used to redeem
$3,000,000 of trustees' certificates due by Jan. 1, which originally were
underwritten by the Reconstruction Finance Corporation and later were
taken up by the holders of the company's first mortgage 5% bonds of
1936, now in default.
/
Pacific
and
the
Missouri
Pacific.
Volume
143
Financial
Mr. Jones's views
were
brought before the Commission in
a
letter
Chronicle
4021
he
Comparative Balance Sheet Nov. 30
wrote to C. M.
Clay, Assistant General Counsel of the Reconstruction
Finance Corporation, who
presented it during the current hearings on the
reorganization of the Western Pacific RR.
The letter read:
"Dear Mr. Clay—Before hearings are concluded in the Western Pacific
RR. reorganization proceedings, I would like for
you to make
known to
the Interstate Commerce Commission
my views on the subject.
"The properties and interests of Western Pacific and of the Denver &
Rio Grande Western RR.
are, in my opinion, so inter-rekited that it would
seem to be for the
general good of those railroads, their creditors and stock¬
holders, and for the country as a whole, for those railroads to be consoli¬
dated into one system, if that can be
accomplished."—V. 143, p. 3861.
Assets-
1936
Cash
1935
$711,073
Accts
Liabilities—
less
accruals
reserve
601,439
536,960
Inventories, at cost 1,190,283
Invest., less res've
15,001
1,086,830
22,003
Prov.
&
accts__
18,923
33,902
Wolverine Tube Co.—To Pay Extra Dividend—
Federal
76,779
44,515
3,000,000
3,000,000
Dr5,718
478,285
478,285
260,574
93,652
stock—
Capital surplus...
a
The directors have declared an extra dividend of
10 cents per share
and an additional dividend of like amount
(or 20 cents per share) on the
for
Income tax.
Treasury
Plant & equip.
(excl. idle pl't). 1,200,939
b Idle
plant, less
depreciation
254.980
Deferred charges.
42,203
Pats., less amort..
7,887
1935
$138,570
$227,090
Capital stock
Officers' & empl's'
notes
1936
Accts. payable and
$561,103
& notes rec.,
Earned surp. since
1,202,167
Aug. 31 '32, less
dividends
255,350
42,234
8,755
new
common stock, par $2 both
payable Dec. 21 to holders of record
Dec. 15.
An initial dividend of 10 cents
per share was paid on this issue
Oct. 26, last.
See V. 143, p. 2388 for detailed dividend record.—V. 143,
P. 3653.
Total
$4,042,728 $3,749,3041
Tptal
$4,042,728 $3,749,304
a After reserve
for depreciation of $1,^15,734 in 1936 and $1,539,224 in
1935.
b After reserve for loss on
disposal of
on
in
In a circular addressed to the holders of
the 10-year 6% collateral trust
sinking fund gold bonds, the committee
(below) states:
The bonds have been in default on
sinking fund payments since April 1,
1932 and on interest instalments since
April 1, 1933.
Since the date of
these defaults, no interest or
principal has been paid on the bonds by the
company.
Furthermore, the principal of the bonds becomes due and pay¬
able on April 1 next.
During the past three years there has been a natural
confusion in the minds of
many bondholders as to the proper
course of
$617,099 in 1936 and $652,316
1935.—V. 143, p. 2869.
Woods Brothers Corp.—Present Status—
CURRENT
—Change in the corporate
name
NOTICES
of Lord,
nois to Kirstein & Co. is announced
stein
&
where
the
firm
has
just
moved
Abbett & Co.,
Inc., of Illi¬
by B. M. Kirstein, President.
Co.'s offices will remain at
120
South
into
La
larger
Salle Street,
Kir-
Chicago,
The
quarters.
organ¬
action to follow in order best to
protect their interests.
This feeling was
largely by the existence of two rival protective committees, and the
optimistic reports issued periodically from the offices of the
company.
ization will continue its activities in the various
phases of the investment
securities business, specializing in
ments
management type.
Edwin M. Stark and A.
Perry Osborn, respectively, have been dissolved;
and from the two former committees the
bondholders' reorganization com¬
has been formed with Edwin M. Stark
as Chairman.
The other
two members of the new
committee, Charles A. Collins and H.
as
caused
Recently, however, the two committees, operating under deposit agree¬
dated Nov. 20, 1933 and March 26,
1934, whose Chairmen were
mittee
Kenyon
Pope, formerly of the Osborn committee,
are now, or formerly were, asso¬
substantial part or this bond Issue.
The
committee has registered the certificates of
deposit to be issued by it under
the Securities Act of 1933.
The corporation is a
holding company, the majority of whose subsidiaries
are engaged
principally in the purchase and sale of industrial, agricultural
and residential real estate;
however, the most important subsidiary is the
Woods Brothers Construction
Co., which has been responsible for over
98% of the consolidated sales during the past three fiscal years.
Engaged
largely in construction work on the Missouri River, this
company is at
present dependent almost entirely upon government
ciated
with
distributors
of
a
contracts, and it is,
therefore, naturally difficult to forecast future appropriations.
The committee believes that it is
urgently advisable for all bondholders
actively with them by depositing their bonds.
Principal among
the reasons why this recommendation is
made are the following:
(1) Company has defaulted in sinking fund
payments since April 1,1932,
and on interest instalments since
April 1, 1933.
This 3
years of accrued
and unpaid interest amounted to
$359,205 as of Oct.
trading of over-the-counter stocks and
bonds
31, 1936.
principal amount by $521,600
in
1932.
The
bank
from the original
creditors
have
amount of
$1,287,500 due
need similar representation to
protect their interests is obvious.
(3) No plan of reorganization or
readjustment has been proposed by the
company.
Committee is convinced that a reorganiza'ion is both
necessary
and inevitable, and feels that the sooner
it is accomplished, the sooner the
company can be restored to a sound operating basis.
The bondholders' reorganization committee
consists of Edwin M. Stark,
Chairman, H. Kenyon Pope, Charles A. Collins, with D. D.
McCormick,
Secretary and H. Prentice Browning, Asst. Sec., 10 South La Salle
St.,
Chicago.
Bell, Boyd & Marshall, 135 South La Salle
St., Chicago, are
counsel and Northern Trust
Co., Chicago, is depositary.
$631,217
623,092
-
Street, in the
Miscellaneous earnings..
gross
...
........
....
$8,124
24.037
...
$32,162
4,517
111,717
78,710
...
Sales expense
.....
expense
Total interest
Federal income tax..
.....
Assets—
i
hand and In banks
Accounts receivable
Notes
$175,077
476,693
receivable
Interest
7,779
receivable
6,000
Instalment contracts receiv'Ie.
Real estate commissions rec'le.
Inventory of trading securities
Value life insurance
Inventories-
Other
9,994
500
$162,783
15,889
62,086
investment
counselors,
He will
act
in
narvey received
Mr.
his
Hotel,
231
South
La
Salle
Street,
master's
the capacity
of industrial security analyst.
degree from the Harvard Graduate
School of Business Administration and has been
affiliated for several years
with the Lumbermen's Mutual
panies of
Casualty Co. and affiliated insurance
com¬
Chicago,
—Announcement is made of the formation of Midland Securities Co.
underwriters,
Their offices
dealers
are
and
distributors
specializing
in
municipal
as
bonds.
located at 39 S. La Salle St., Chicago, and the officers are
Harry H. Young, President; Robt. D. Gordon, Vice-President, and Howard
F. Greene,
Secretary and Treasurer.
Mr. Young was formerly with
Channer Securities Corp.
Mr. Gordon is President of Bartlett & Gordon
and Mr, Greene is also with Bartlett &
Gordon
—Schatzkin, Loewi & Co., members
announce the
of the New York Stock
opening of Florida offices in Miami Beach
the management
of Mortimer
W.
Exchange,
at 94-96 23rd
Street,
Loewi, resident partner, and in
Hollywood, Fla., in the Hollywood Beach Hotel, under the management of
Elihu N. Kelinbaum, resident
partner.
A direct private wire will be
—The first of a series of
pamphlets interpreting the effects upon security
prices of various Federal laws, to be issued by Kay, Byfield & Co
61 Broad¬
way, New York, deals with the corporate surtax on undistributed
profits.
Each
Liabilities—
Notes payable, others
Notes payable, gold notes
Accts. payable trade and sub¬
contractors
Accrued Interest
1,510
Accrued commission..;
Accrued
820.047
taxes
Mtges. payable due within 1 yr
Other current liabilities
6% coll. trust bonds
2,604.251
Construction equipment, office
bldg., &c.. depreciated
Prepaid int. and Insurance
Deferred
7%
cum. preferred stock
8,583
6%
cum. preferred stock
1
Com
no
stock
2,829
128.294
166.744
41.336
35.500
541,061
909,500
1
300
1,710,310
liabilities
Reserves
Def. charges, bond
disct., &c..
Patent licenses and patents...
$765,900
15,192
4,991,950
1,028,125
(181.664.95 shs.,
par)
Earned surplus
def3,277,603
Capital surplus
177.253
a
Marine
Midland
brief summary of new legislation to be fur¬
Trust
Co. of New York has been appointed
registrar of the part-paid allotment certificates of the New York Worlds
Fair
1939,
Inc., and authenticating agent under the indenture securing
debentures due Jan. 1, 1941 of the New York Worlds
Inc.
$30,000,000 4%
1939,
—Manufacturers Trust Co. has been
appointed agent for the issuance of
allotment certificates of the New York Worlds Fair
1939,
Inc., and trustee under the trust indenture securing $30,000,000
4% deben¬
tures due Jan. 1, 1941 of the New York
Worlds Fair 1939, Inc.
the part-paid
69,098
418,505
1,617,469
Real estate for resale
pamphlet will contain
nished by Weil, Gotshal &
Manges, attorneys.
Fair
Notes payable, banks
4.101
173.288
assets
Investments
—Ernstrom
&
Co.,
Inc.,
announce
that
George Hessler,
formerly
of
Manufacturers Trust Co., is
now in their sales organization in New
York,
Henry J. Rengel, formerly with American Bond & Mortgage Co.
Buffalo, is now in charge of their Buffalo office.
and that
of
—J. Arthur Warner & Co., 120
Broadway, New
distribution
a
York, have prepared for
booklet which contains analyses of five
companies and lists
bid and asked prices of various
railroad, public utility, industrial, insurance,
real estate, personal finance and bank securities.
—Hemphill, Noyes & Co., Chicago, announce that Jason Paige has
become associated with their bond department to
specialize in the distribu¬
Mr. Paige was formerly connected with the Bankers
tion of municipals.
Trust Co. of New York.
Total
,814,798
Total
$6,814,798
-V. 143, p. 2870.
—The Board of Governors of the New York
announces
Woodley Petroleum Co.—Extra Dividend—
an extra dividend of 5 cents
per share in
quarterly dividend of 10 cents per share on the
stock, par $1, both payable Dec. 24 to holders of
record Dec. 10.
—V. 146, p. 2870.
I
common
Wilson-Jones
1936
1935
$1,173,974
989,411
$979,117
852,159
$184,562
10.227
$126,958
8,240
Other deductions
Provision for Federal income tax-
$194,789
25,112
25,800
$135,198
31,212
13,800
Earned surplus, Sept. 1.
$143,878
321.296
$90,185
139,607
Dividends paid in cash.
$465,174
204,600
$229,792
136,140
Capital surplus
$260,574
478,285
$93,652
478,285
Total capital surplus and earned
surplus, Nov. 30
Shares capital stock
Earnings per share
$738,859
136,400
$571,937
136,140
$1.05
$0.66
Cost of sales and expenses.
income-
Total
income
Security Dealers* Association
trading by members will be suspended Dec. 26, 1936, the
—Homer & Co., Inc., 40
Exchange Place, New
odical circular
on
the
York, has issued its peri¬
high-grade bond market, which contains a review of
specific railroad issues.
—The
Co.—Earnings—
3 Months Ended Nov. 30—
that
Saturday following Christmas Day.
The directors have declared
addition to the regular
Other
Buildings, opposite the Roney Plaza
Harvey has joined the research staff of Woodruff & Co.,
institutional
—The
Consolidated Balance Sheet June 30, 1936
on
—Lawrence S.
Inc.,
Chicago, 111.
....
Net loss, 6 mos. ended June
30, 1936..
Net loss, 6 mos. ended June
30, 1935..
Net profit, 6 mos. ended June
30. 1934
Cash
Pool
F
Engel, resident partner, and at the
Hotel Evans, 10th Street and Collins
Avenue, under the joint management
of Samuel Kirschenbaum and
Vining Miller.
A direct wire will be main¬
tained between these offices and the New York
office of the firm.
,
profit
Administrative
Roman
under the management of David
maintained between these offices and the firm's New York
office.
Gross profit
Total
trading department.
—Engel & Co., members New York Stock Exchange, and other leading
exchanges, announce the opening of Miami Beach offices at 116-18 23rd
under
Consolidated Income Account Six Months Ended June
30,1936
Sales.
Cost of sales
shares of fixed, semi-manage me t and general
A. J. Lord and Leon Abbett of New York have resigned
officers
agers of the
been
organized since 1932 and the
effectiveness of their cooperation is
clearly evident.
That the bondholders
investment trust
and directors, but there will be no other
changes in the executive
direction or personnel.
Charles Jernegan is Vice-President in charge of the
city sales department.
R E. Williamson and George E. Dahlin are VicePresidents in charge of the investment trust shares
trading department.
Paul R. Smith, Secretary, and William D.
Goodman, Treasurer, are man¬
to cooperate
(2) Company was indebted to bank creditors as of June
30. 1936, In
the principal amount of
$765,900.
During the period of default company
has paid current interest on its bank
loans, and in addition has reduced the
and
name of Henry Leach &
Co., Inc., New York City, has been
changed to Robert Bruce & Co., Inc., and Henry Leach is no
longer con¬
nected
with
them.
—Weingarten & Co., 29 Broadway, New York, members of the New York
Stock Exchange, have prepared a booklet entitled
"The Steel Industry,
1936-1937."
—Hare's, Ltd., 19 Rector St., New York, specialists in bank and insur¬
stocks, have available a study entitled "French Inflation and the
ance
Banks."
—Thomas A. Doonan has become associated with
firm also
announces
Stoltz & Moss.
The
the removal of their offices to 120
Broadway, N. Y. City
—Lord, Abbett & Co., Inc.,
announce that
Robert McLoury, formerly
with Standard Statistics Co., Inc., has joined their research
department.
—Outwater & Wells, 15 Exchange
Place, Jersey City, have prepared for
distribution
a
current list
of New Jersey investment suggestions.
—Bond & Goodwin, Inc., 63 Wall
Street, New York, has prepared and
is distributing a memorandum on City of Newark
6% bonds.
—Peter P. McDermott & Co.. 39
Broadway, N. Y. City, have issued a
on Parker Rust-Proof Co. $2.50
par common stock.
bulletin
Financial
4022
The Commercial Markets
1936
19,
Dec.
Chronicle
and the Crops
COTTON—SUGAR—COFFEE—GRAIN—PROVISIONS
PETROLEUM—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
tracts or
COMMERCIAL EPITOME
Friday Niqhty Dec. 18,
the day,
1936
many
12th insL futures closed 2 to 4 points
lower for Santos contracts, with sales of 28 lots.
New Rio
contracts closed 2 points up to 3 points off, with sales of
23 lots.
The Old Rio contract was not traded and closed
Coffee—On
the
futures on Saturday were
19.450 and Feb. at 19.000
milreis.
The Rio spot quotation was unchanged at 19.400
milreis and the open market dollar rate was 20 reis firmer at
16.720 milreis to the dollar.
The spot quotation on the
Santos exchange was 300 reis up from Friday at 22.400 mil¬
reis.
Havre futures gained -1.50 to 1.75 francs.
On the
14th inst. futures closed 3 to 6 points higher for Santos con¬
tracts, with sales of 19.500 bags.
New Rio contracts closed
9 to 11 points higher, with sales of 8,500 bags.
Old Rio
contracts closed 5 points down, with sales of 750 bags.
Rio de Janeiro futures were 100 to 225 reis lower, while the
spot No. 7 price was off 100 reis.
In Santos B contract
was 325 to 500 reis higher.
Cost and freight offers from
Brazil were unchanged to 10 points higher, with Santos 4s.
at from 10.50 to 10.75c.
Havre futures were 1^ to 2 francs
higher.
On the 15th inst. futures closed 1 point lower to
1 point higher for the Santos contract, with sales of 170 lots.
The new Rio contract closed 9 to 4 points up, with sales of
95 lots.
The old Rio contract closed 3 to 4 points down,
with sales of 42 lots.
Rio futures were 25 to 125 reis higher
at 19.375 milreis in Dec. and 18.900 milreis in March.
The
Rio spot quotation was unchanged at 19.300 milreis, and the
open market dollar rate was steady at 16.720 milreis to the
dollar.
On the Santos exchange the A contract was 900
to 150 reis higher than when last reported on Dec. 11, stand¬
ing at 25.000 milreis in Dec., 24.250 in March and 24.250
in May.
Havre futures were 3.50 to 4.75 francs up.
On
the 16th inst. futures closed 19 to 12 points down for the
Santos contract, with sales of 168 lots.
The new Rio con¬
tract closed 25 to 11 points lower, with sales of 41 lots.
The
old Rio contract closed 17 to 8 points lower, with sales of
6 lots.
Notices were issued in all contracts, and spot Dec.
positions were greatly depressed as a result.
Rio futures
closed 25 reis up for Dec. at 19.400 milreis, and 25 reis off
at 18.875 for Feb.
The Rio spot quotation was unchanged
at 19.300 milreis, and the open market dollar rate held firm
at 16.720 milreis to the dollar.
Havre futures were 3.50 to
3
points
up
59 to 125
nominally.
Rio
reis better, with Dec. at
I.50 francs better.
closed 4 to 1 point up in the
Santos contract, with sales of 147 lots.
New Rio contracts
closed unchanged to 2 points up with sales of 58 lots.
Old
Rio contracts closed 1 lower to 1 higher nominally, with sales
of 58 lots.
The old Rio was not traded. Rio futures closed
25 reis lower at 19.375 milreis in December and 18.850 in
February. The Rio spot quotation was unchanged at 19.300
milreis, and the open market dollar rate was steady at 16.720
milreis to the dollar.
On the Santos exchange the "C" con¬
tract, 575 to 375 reis higher than when last quoted on Dec.
II, stood at 23,475 milreis in December, 23,400 in March,
and 23.550 in May.
The Santos spot quotation was 22.800
or 200 reis higher than on Dec. 15.
Havre futures were 4.75
to 2.00 francs lower.
Today futures closed 8 to 12 points up
for Santos contracts, with sales of 161 contracts.
Old Rio
contracts closed unchanged to 2 points down, with sales of 7
contracts.
New Rio contracts closed 9 to 7 points up, with
sales of 42 contracts.
Rio de Janeiro futures were 25 reis
higher to 25 reis lower. Cost and freight offers from Brazil
were steady.
Havre futures were 33^ to 434 francs higher.
Rio coffee prices closed as follows:
On the
17th inst. futures
March
7.02 July
6.95 September
May
7.07
7.12
7.02
December
Santos coffee
prices closed as follows:
10.17
10.23
10.24
May
July
December
September
10.20
Cocoa—On the 12th inst. futures
closed 18 to 15 points
Sales totaled only 199 lots or 2,667 tons, the lightest
session for some time.
At one time prices showed a maxi¬
mum advance of 15 to 28 points, but this was subsequently
up.
reduced by some
profit taking sales. However, the market
There was further new buying
closed with substantial gains.
by Wall Street and trade interests.
Local closing: Dec.
10.79; Jan. 10.78; Mar. 10.76; May 10.82; July 10.85; Sept.
10.90.
On the 14th inst. futures closed 31 to 34 points
higher.
The upward movement was given fresh impetus
during this session as the result of substantial Wall Street
buying.
Cables reported that shippers on the Gold Coast
were buying heavily in anticipation of the holiday season,
when marketing will come to a standstill.
Transactions in
futures on the local exchange totaled 609 lots, or 8,161 tons.
Local
closing:
Dec.
11.11; Jan.
11.09; Mar. 11.09; May
11.16; July 11.19; Sept. 11.24.
On the 15th inst. futures
closed 16 to 19 points lower.
Transactions totaled 415 con¬
apparently regarding this setback to prices as a
read¬
justment of the market's technical position.
London came
in 3d. higher on the outside and 3^d. to l^jd. stronger for
the exchange,
with 3,210 tons changing bands.
Local closing:
Jan. 10.93; May 10.99; July 11.02; Sept. 11.06;
Oct. 11.05.
On the 16th inst. futures closed 1 to 2 points
lower.
Trading was active with prices at one time showing
maximum gains of 12 to 16 points.
At this level heavy
Dec. 10.95;
profit taking developed, and under this pressure prices re¬
rapidly, losing all the early gains.
Sales totaled 232
lots, or 3,109 tons.
London came in unchanged on the out¬
side and unchanged to 6d. higher on the London cocoa
terminal market, with sales of 1,370 tons in the latter.
Local
ceded
closing: Dec. 10.93; Jan.
11.04.
#
;
10.92; May 10.98; July
v,
11.00; Oct,
.
23 to 19 points down.
Transactions totaled 346 lots, or 4,636 tons.
Trade selling
and liquidation for speculative account was responsible in
large measure for the day's declines. London came in weak",
showing declines of 6d. on the outside and 6d. to 10^d.
down on the Terminal Cocoa Market.
It was believedfa
leading British shipper interest was putting pressure on
prices. Local closing: Dec., 10.70; Jan., 10.71; May, 10.77;
July, 10.81; Oct., 10.83; Dec., 10.84. Today futures closed
7 to 11 points up.
Sales totaled 423 contracts.
Cocoa
futures rallied today despite easier London cables.
Trading
was moderately active.
Withdrawals from warehouses con¬
On the
17th inst. futures closed
overnight. As a result stocks
dropped to the new low total of 604,006 bags. Local closing:
March, 10.80; May, 10.86; July, 10.88; Sept., 10.92.
tinued, totaling 4,259 bags
Sugar—On the 12th inst. futures closed 1 to 2 points
higher, with sales of 77 lots, or 3,850 tons. The chief interest
was in March and May, in which sales amounted to 65 lots,
43 in the former and 22 in the latter.
Sixty lots of the 65
were
purchased for the operator who
sold the 3,000 tons of
This was hedge lifting. In
bought 3,000 tons of Cubas
for late December-early January shipment at 2.87c., ex
duty on Saturday, unchanged from the la3t paid price. On
the 14th inst. futures closed unchanged to 2 points higher.
Cubas at 2.87c. to McCahan.
the market for raws McCahan
Sales
The publication of the quotas over
in the trade, as last year they
released until Dec. 28.
They were about in line
were
14,400 tons.
the week end
were
not
with
trade
surprised
many
expectations.
asked from 3.85 to 3.90c.,
In the market for raws
with about 9,000 tons of
sellers
Philip¬
pines and two or three cargoes of Puerto Ricos available at
the inside price.
Buyers were believed willing to pay 3.80c.
London futures were unchanged to Yid. higher, while raws
were offered at 4s. 9d., or about 82c. f.o.b. Cuba.
On the
15th inst. futures closed unchanged to 1 point higher. Sales
only 204 lots, or 10,200 tons.
prices touched their seasonal highs,
were
Early in the session
but for the fifth time
market
important
of 10,000 tons of Philippines for JanuaryFebruary-March shipment at 3.80c. to Am¬
since the highs originally established on Nov. 23, the
f ailed to go through.
In the market for raws one
seller
disposed
February and
3,000 tons of Philippines for January-February
shipment at the same price to Godchaux.
Following this
erican and
business
a
Cuban
operator sold 3,000
for
ex-duty
tons of Cubas
January shipment at the equivalent basis of 2.90c.
to Godchaux.
There were sellers over at the close.
Earlier
day American bought 20,000 bags of Puerto Ricos for
second half February shipment at 3.80c., and an operator
paid 3.83c., equal to the high for the year, for 1,500 tons of
Philippines for April-May shipment.
At London sellers
generally were asking 4s. j/£d., equal to .873^0. f.o.b. Cuba.
On the 16th inst. futures closed 1 to 3 points lower.
Sales
in the
were
10.22
March
5,561 tons. There was considerable realizing during
but as prices receded fresh buying was in evidence,
197 lots, or 9,850 tons.
The minor weakness
which put
points away from the seasonal highs, was
attributed to the slightly easier tone of the raw market.
In
the market for raws the only reported sale was 4,400 tons
of Puerto Ricos for February shipment at 3.80c. to Sucrest.
the market about 4
price was unchanged from the previous day's level.
However, there was a hangover sale reported from the
The
previous day of 4,600 tons of Puerto Ricos for April shipment
at 3.80c. to Sterling.
There were offerings in the market of
a cargo of Cubas for January shipment and Philippines for
January-February shipment at 3.80c. Other offerings were
held at 3.83c. and higher, but might have become available
at less on a bid.
After sales in London at 4s. 9%d., equal to
83Kc. f.o.b.
On the
17th inst. futures closed
unchanged to 2 points#
Trading was the dullest in weeks.
Transactions
totaled 78 lots, or 3,900 tons, which was largely for pro¬
fessional account. Raws were at a standstill, with quotations
higher.
unchanged from the previous day. Cuban reports of dissention among the political leaders over a 9c. per bag tax on
sugar was without influence.
For early shipments refiners
Volume
were
ever,
143
Financial
Chronicle
not interested at 3.80c.
there
were
yesterday (Thursday). How¬
offerings of several cargoes of Cubas for
15c.
Lard: Prime, 1334c.; Extra strained
winter, 12c.
Crude, Japanese, 47c.; Norwegian Yellow, filtered,
39c.; Light, 3834c.
Turpentine: 45c to 5334c.
Rosins:
$11.1234 to $12.15.
Cod:
January shipment at the 3.80c. level, along with Philippines
for
January-February, February-March shipment, and two
or three
cargoes of Puerto Ricos^for February and March
shipment. Until after the holidays not much business in the
actual market is expected to
develop. To-day futures closed
Cottonseed Oil, sales,
Crude, S. E., 10c.
were as
2.88
11.47@11.49
J July
1
Rubber—On the 12th inst. futures closed
unchanged to
6 points higher.
Transactions totaled 700 tons. Certificated
stocks in licensed warehouses declined 90 tons to a total
of
8,620 tons.
Outside prices lost about 34c. per pound
during
week, closing Saturday at 1934c., a shade firmer than
Friday, but without increased activity. London closed easy,
with prices slightly lower.. Local
closing: Dec. 18.87; Jan.
18.89; March 18.97; May 18.87; July 18.83; Sept. 18.82. On
January
May
2.85
2.83
September
2.90
December
2.9b
Lard—On
the
12th
inst.
futures
2.8b
closed
7
to
previous close.
Volume of trade
was
below recent average.
Chicago hog prices closed 10c. to 15c. higher, with the top
price $10.30, and major portion of sales ranging from
$9.85 to $10.20.
Total receipts yesterday
(Thursday) at
the
leading packing centers were 87,800 head, against
48,800 for the same day last year. Export clearances of
lard yesterday were 58,425 pounds destined for London and
Liverpool. Liverpool lard futures closed unchanged to 3d
higher.
Today futures closed irregular, with prices 2 to 3
points up on the near deliveries and 5 points down to 2
the rest of the list.
There
was
no
noteworthy
trading.
DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO
Sat.
December
January
May
July
Mon.
Tues.
Wed.
Thurs.
13.45
13.30
13.32
13.82
13.55
13.55
13.45
13.50
13.50
14.05
13.95
14.02
13.95
14.07
14.32
14.17
14.27
14.20
13.45
13.47
Fri.
13.47
13.50
13.97
14.20
Pork—Mess, $32.00 per barrel; family, $31.00 nominal,
per barrel; fat backs, $26.00 to $28.00 per barrel.
Beef:
steady.
Mess, nominal; packer nominal; family, $17.00 to
$18.00 per barrel nominal; extra India mess nominal.
Cut
Meats firm.
Pickled Hams, Picnic, Loose, c.a.f., 4 to 6
lbs., 14c.; 6 to 8 lbs., 1334c.; 8 to 10 lbs., 1334c.
Skinned,
Loose, c.a.f.: 14 to 16 lbs., 21 34c.; 18 to 20 lbs., 19c.; 22 to
24 lbs., 1734c.
Bellies, Clear, f.o.b., New York: 6 to 8 lbs.,
1934c.; 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.,
17J4c.; 20 to 25 lbs., 17%c.; 25 to 30 lbs., 1734c.
Butter:
Creamery, Firsts to Higher than Extra and Premium Marks:
3134c. to 3434c.
Cheese: State, Held, 1935, 22c. to 23c.
Eggs: Mixed Colors, Checks to Special Packs: 24c. to 3334c.
Oils—Linseed oil market
steady recently, with price about
lb.
Quotations: China Wood: Tanks, Old Crop
nominal; Apr. forward, 13.7c.; Drms. spot, 1434c.
nominal.
Coconut: Manila, tanks, Coast, J-M
nominal;
Jan.
forward, 9c.
Corn:
Crude, tanks,
outside
10c.;
nominal.
Olive: Denatured, Nearby,
Spanish, $1.50 to
$1.60;,Shipment, $1.45.
Soy Bean: Tanks, mills, Futures,
9^4c.; C.L., drms, 10.5c.; L.C.L., 11c.
Edible: 73 degrees,
per
D-F
the 14th inst. futures closed 21 to 28
points higher. Transac¬
totaled 2,270 tons.
Spot ribbed smoked sheets ad¬
12
points
higher, with the exception of January, which was up 2 points.
Lard^exports on Saturday totaled 16,800 pounds destined
for London, m Closing hog prices were steady, at
Friday's
average, the top price at Chicago registering $10.25 and the
major portion of sales ranging from $9.80 to $10.20.
Total
receipts for the Western run were 29,300 head, against
12,100 for the same day last year. On the 14th inst. futures
closed 20 to 25 points higher.
The strength in today's
market was attributed largely to speculative
buying.
A
strong tone prevailed throughout most of the session, with
prices closing|at about the highs of the day.
Western hog
receipts totaled 126,000 head, against 85,400 for the same
day last year.
Hog prices at Chicago declined moderately
on account of the
heavy marketings and at the close were
10c. lower.
The major portion of sales reported ranged
from $9.70 to$$ 10.25.
Liverpool lard futures were rather
quiet, withyprices closing 6d. lower on the spot position and
3d. higher on the deferred months.
On the 15th inst.
futures closed 7 to 12 points down.
Lard stocks report
issued after the close showed an increase of
6,495,038 pounds
for the first half ofjDec.
This increase was much larger than
expected by the trade as general expectations were for an
increase of about 4,000,000 pounds.
This accounted largely
for^the slump in prices during the session.
Final hog prices
were
mostly 5 to 10c. lower at Chicago, with the top price
$10.05.
The major portion of sales ranged from $9.70 to
$9.95.
Marketings at the principal Western packing centers
were again
very heavy and totaled 118,600, against 73,000
head for the same time last year.
Liverpool lard futures
were Is. 6d.
higher on the spot position and 2s. 6d. higher
on^the deferred months.
Export clearances of lard from the
Port of New York were 40,600 pounds for Bristol.
On the
16th inst. futures closed 5 to 2
points higher.- Trading was
active though without any special feature.
Hog prices were
mostly 10c. higher at Chicago due to the lighter receipts than
anticipated.
Total receipts for the Western run were
84,500, against 59,800 for the same day last year.
The
major postion of sales ranged from $9.85 to $10.10.
Export
clearances of lard were 22,500 pounds destined for Rotterdam.
On the 17th inst. futures closed 2 to 5
points lower. At
one time
during the day prices were 5 to 7 points above the
9.3c.
11.46@11.45
11.47 @
11.35®
11.35@
April
follows:
March
up on
follows:
the
July
points
as
11.25 @11.321 May
11.35@
June
March
contracts.
feature to the
including switches, 1.48 contracts.
Prices closed
January
February
unchanged to 1 point down. There was a small volume of
trading, with operators apparently showing little interest.
No further sales of raws were reported. The news on refined
was that
Arbuckle, while retaining the base price of $4.80 a
hundred, offered to accept a limited business from regular
customers at $4.70.
In London prices were unchanged to
34d higher. Sales of futures in the local market totaled 204
Prices
4023
tions
vanced to
19.22c.
The London market closed 1-16 to
34d.
higher. Singapore market was closed. Local closing: Dec.
19.10; March 19.20; May 18.14; July 19.07; Sept. 19.05. On
the
15th inst. futures closed 68 to 73 points
higher.
At
a
meeting of the International Rubber Regulation Committee
held in London
yesterday (Tuesday), the rubber export
quota for countries participating in the restriction
plan was
fixed at 75% of basic
quotas for the first three months of
1937, and at 80% of basic quotas for the second quarter of
the year.
At present a quota of 65% is in force.
The
increase appeared to be less than
expected. An immediate
advance to 80% was expected
by some. On this assumption
a good sized short interest
apparently had been built up pre¬
vious to the
meeting. When the actual decision proved less
drastic, considerable short covering developed and numerous
stop loss orders were uncovered on the way up. As a result
futures skyrocketed in a most
spectacular manner.
Outside
prices participated in this advance and hit the 20c. level for
standard sheets.
However, not much business was actually
worked at or near this high new level.
Sales totaled 4,680
tons.
Local closing: Dec. 19.10; Jan. 19.83; March
19.91;
May 19.82; July 19.77; Sept. 19.77; Oct. 19.73.
On the
16th inst. futures closed 8 to 32 points
higher. Sales totaled
3,550 tons.
Ninety tons were tendered for deliverv against
December contracts.
Outside prices were quoted at 2034c.
per pound for standard sheets.' London closed
steady with
prices unchanged to 34d. higher.
Singapore closed quiet.
Local closing: Dec. 20.11; Jan. 20.14; March
20.20; May
20.08; July 19.94; Sept. 19.87; Oct. 19.83.
On the 17th inst. futures closed 12 to 16
points up. Sales
There were 90 tons tendered for delivery
totaled 3,630 tons.
against December contracts. Outside prices were quoted at
2034c. for all deliveries of standard sheets. London closed
slightly higher. Singapore closed steady at slight advances.
Local closing: Dec. 20.27; Jan. 20,30; Mar.
20.32; May 20.21;
July 20.06; Sept. 20.03.
Today futures closed 3 to 17
points up. Sales were 291 contracts. The market's vigorous
action upward was reported to be due
largely to speculative
buying, and to a firm spot situation. Local closing: Mar.
20.35; May 20.28; July 20.23; Oct. 20.08.
Hides—On
2
points
the
higher.
12th
inst.
futures
Transactions
closed unchanged
totaled
to
800,000
pounds.
Stocks of certificated hides in warehouses licensed
by the
Exchange decreased by 12,854 hides to 772,691 hides.
No
new
developments in spot hide market.
Local closing:
Dec., 13.77; Mar., 14.02; June, 14.27; Sept., 14.53; Dec.,
14.79.
On
higher.
the
14th
inst.
futures
closed
11
Transactions totaled 3,560,000 pounds.
to
22 points
The stocks
of certificated hides in warehouses licensed
by the Exchange
unchanged at 772,691 hides.
No developments
reported in the spot hide markets.
Local closing: Dec.,
13.99; Mar., 14.24; June, 14.44; Sept., 14.67; Dec., 14.90.
On the 15th inst. futures closed 9 to 14 points
up.
Trans¬
actions totaled 3,400,000 pounds.
No sales were reported
in the domestic spot hide markets.
Stocks of certificated
hides in warehouses licensed by the Exchange remained un¬
changed at 772,691 hides.
Local closing; Dec., 14.08;
Mar., 14.33; June, 14.57; Sept., 14.79; Dec., 15.01.
On
the 16th inst. futures closed 8 to 14 points
higher.
Trans¬
actions totaled 5,560,000 pounds.
Stocks of certificated
hides in warehouses licensed by the Exchange decreased
by
6,220 hides to a total of 766,741 hides.
In the domestic
spot hide market there were 9,000 heavy native cow hides
sold at 14c.
In the Argentine spot markets 4,000
frigorifico
steers were sold at 1534c., an advance of
34c. over the
last sales price.
Local closing: Dec., 14.17; Mar., 14.42;
June, 14.65; Sept., 14.93.
remained
On the 17th inst. futures
losed 14 to 18 points up. Trad¬
heavy, transactions totaling 6,760,000 pounds.
Prices in to day's session touched tbe
highest since 1929.
Stocks of certificated bides in warehouses licensed
by the
Exchange decreased by 10,947 hides to a total of 75-5,524
hides.
Local closing: Dec. 14.35; Mar. 14.60; June
14.82;
Sept. 15.07; Dee. 15.30. To day futures closed 5 to 7 points
down.
Sales were 98 contracts.
The opening was strong at
8 to 12 points above tbe previous close, which
proved to be
about the highs of the day.
There was considerable profit
taking later and prices eased off considerably from the top,
though still showing substantial gains at the close.
Local
closing: Mar. 14.55; June 14.77; Sept. 15.00.
ing
was
freight was
easier. There
grain
Freights—Trans-Atlantic
Ocean
reported inactive, with parcels at Liverpool
was light
inquiry in the West Indies.
Charters included:
Heavy Grain:
Bookings included two loads French
and on last Saturday 500 tons at
14c.: also 300 tons to Malta,
Atlantic at
Trips: West Indies, continuation about $1.40; transatlantic,
metal,
$2
Metal Scrap: North Atlantic, February—March, two
Japan, 18s 3d.
16c.
scrap
ports
quoted as no
more than fair.
The weather is open and household fires are
pretty generally banked except in exposed areas. It is re¬
ported that tonnage movements in the past year have been
the largest in six years. The holiday session is less than two
weeks off, yet there has been little letdown in industrial
consumption.
Bituminous dumpings at New York on
Coal—The
Atlantic seaboard markets are
December 14th
approximated 600 cars.
Copper—The November statistics have demonstrated
that the large increase in world production has not been
excessive.
Production and shipments were quite well bal¬
anced during the month.
It was reported that producers
are
not offering the red metal freely and the market is
decidedly a sellers' affair. There are those in the trade who
would not be at all surprised if the domestic price were
advanced again before the end of the year. The large volume
of sales in the domestic market on Monday was another of
totaled
bought
and presumably they succeeded in buying at the
marked
the
44,693
tons.
surprises of the week.
These sales
It is presumed that the fabricators
heavily
old price of 10 He. As far as American exporters were con¬
cerned they were securing 11 He. or refusing to sell, as
cheaper prices abroad would not afford the profit of domestic
sales.
Moreover, there is the tendency to conserve copper
for domestic needs.
Tin—So
far
this week there has been a
good consumer
demand, but it has been largely from the automobile com¬
panies rather than the tin plate makers. A relatively large
business was done on Tuesday, sales totaling about 250 tons.
Nothwithstanding the comparatively low volume of business
and a somewhat bearish interpretation of the action of the
International Tin Committee in reducing its export quota
100 per cent when 95 or even 90
the first quartei—tin has not failed to
to
had been expected for
respond to the buoyant
The action of the tin markets
depressing. At the first session of the
London Metal Exchange on Tuesday standard tin rose £2
influence
abroad
metals.
of other
were
far from
per ton, and at the second session rose £1
afloat to the Unitedx States is 10,593 tons.
far this month have been: Atlantic ports,
ports, 30 tons.
5s further.
Tin
Tin arrivals so
2,917 tons; Pacific
unchanged at
Warehouse stocks here are
and sales for
The American
Lead—Demand for lead is still very brisk
week
are
estimated
at
10,000
tons.
Smelting & Refining Co. advanced its price of pig lead
line with that charged Monday by the St. Joseph Lead
into
Co.,
putting into effect an advance of $2 per ton to 5.50c. per
pound, New York, and 5.35c., East St. Louis. The rise was
generally expected. The complete advance in this series has
by now been $18 per ton. The St. Joseph company still gets
a premium of $1 per ton over the general market in the New
York district, charging 5.55c. per pound on virtually all of
its brands.
Producers have been reporting a tremendous
demand lately, and some producers were more liberal in
making sales than they had been previously, which implies
that they were tapping stocks rather than selling entirely
from current production. If the spurt of purchasing by the
public utilities materializes, as now predicted, a further
brisk purchasing of lead by the cable makers is looked for.
Zinc—The American Smelting & Refining Co., which
originated the previous zinc advance of $2 per ton late last
week, was again the leader in a further advance of $2 per
ton this week.
A good demand locally plus soaring prices
on the London Metal Exchange and a very tight position
as regards supplies, were regarded as the principal factors
supporting this renewed advance. The zinc quotation is
now
within 10 points of the high of 1930. The ten year
average price through 1935 was 4.97c. per pound, East St.
Louis.
Sales of slab zinc last week were 7,337 tons, con¬
sisting of 6,352 tons of prime Western and 95 tons of brass
special. Unfilled orders of prime Western at the end of last
week were 70,719 tons and total unfilled orders were 74,494
tons.
Shipments of prime Western were 5,376 tons and
total shipments came to 5,776 tons.
Of the sales of prime
Western 2,800 tons were done at 5.05c., to 3,200 tons at
5.15c. and the rest at 5.05c. to 5.12Hc.
indicate that many mills are being
pressed to take care of constantly increasing business.
The tremendous tonnage booked within the last few weeks
has forced steel mills to increase operations in every possible
Steel—Latest reports
hard
way,
per
raising the average ingot output for the country to 79
cent, according to the "Iron
Age". It is also stated that
operating at 100 per cent of capacity
and that several others are doing better than 90 per cent.
The sharpest advance in steel scrap prices recorded in a
single week in years accompanied the rising trend of opera¬
tions and unfilled orders. At Pittsburgh the rise is $1.25 a
ton to $19. and there have been advances of 75 cents at
Chicago and 50 cents at Philadelphia, bringing the comthree
the withdrawal of
price protection on December 31st.
The
lack of material are
factors retarding the steel industry not a little, the opinion
prevailing that many mills would be operating at full
capacity were it not for these handicaps. Shortage of basic
material is reflected in the sharpest advances of scrap steel
of
lack
facilities
and
in
some
cases
prices recorded in any week in some years. Shortage of coke
is said to be tending to check a further rise in pig iron pro¬
duction, and a number of blast furnaces may have to be put
out for relining, according to the "Iron Age".
Pig Iron—Business in this district is reported as at a low
According to advices, consumers appear to be well
covered on their needs for some time to come.
There are
those in the trade who do not expect another major buying
movement until February. They point out that no distinct
ebb.
first quarter buying movement
since most consumers bought a
needs
for
effective.
will start for several weeks
large share of first quarter
delivery this year before higher prices become
It is estimated that foundries are working at about
75 per cent of capacity, or better, on the average.
The
freeze-up of barges and motor ships on the New York State
Barge Canal is proving as serious as first expected, there
being little prospect of moving the 300 boats which are
icebound, until spring. Considerable pig iron is involved.
However, there is no hint of any serious pig iron shortage.
There are some pig iron market observers who have a strong
feeling that pig iron prices will be affording surprises early
in the
new
year.
,
....
reported that raw wool is no longer in urgent
demand.
However, the wool price is firmly established and
is regarded as furnishing strong support to the manufacturing
situation generally.
It is asserted there is a huge potential
public demand for clothing yet to be filled, and this is bound
to have its effects eventually.
Depletion of domestic wool
Wool—It is
supplies this year has been most unusual and will result in
the smallest stock of domestic wool on hand Jan. 1 of any
15 years, according to a certain authority
Late advices from Australia state that
raw
wools seem certain to enjoy a wide and expanding
market and that investment in wool production may prove
to be one of the soundest.
Accoiding to trade observers,
time in the past
in the wool trade.
danger of substitutes affecting the supremacy of wool is
decidedly remote, except in time of depression. Meanwhile,
original bag wools where available bring from $1 to $1.03
for French combing up to $1.03 to $1.05 for bulk staple
wools, while the fine graded staple, practically non-existent,
is quoted nominally at $1.05 to $1.07.
the
closed He. higher to lc.
Japan reported
Grade D 10 yen lower, making both Yokohama and Kobe
price for this grade 850 yen. At Yokohama Bourse quota¬
tions were 11 to'27 points down, while at Kobe Bourse quo¬
tations were 14 to 19 yen down.
Cash sales for both markets
were 875 bales, while futures transactions totaled 5,975 bales.
Local closing: Dec. 1.90; Jan. 1.90; March 1.89H; May
1.87H; July 1.86.
On the 15th inst. futures closed 2He to
4c. higher.
The sharp rise was attributed largely to specu¬
lative buying.
Transactions totaled 2,230 bales. Grade D
at Yokohama was unchanged at 850 yen, and at Kobe it was
also unchanged at the price of 850 yen.
Bourse quotations
^ere unchanged to 7 yen higher at Yokohama, and 1 to 6
yen higher at Kobe.
Cash sales at these centers totaled
1,500 bales, while futures transactions totaled 6,575 bales.
Local closing: Dec. 1.92H; Jan. 1.92H; March 1.93; May
1.91; July 1.89.
On the 16th inst. futures closed 1 He* to
3c. up.
Sales totaled 2,640 bales.
Grade D at Yokohama
advanced 12 H to 862 H yen> while at Kobe grade D advanced
15 to 865 yen.
Bourse quotations at Yokohama were 15 to
19 yen higher, while at Kobe they were 14 to 20 yen higher.
Cash sales were 1,425 bales for both markets, while futures
transactions totaled 5,875 bales.
Local closing: Dec. 1.94; <*==
Jan. 1.95; March 1.94H; May 1.93; July 1.92.
On the 17th inst. futures closed 2 to 4c. lower.
Sales
totaled
1,630 bales.
Grade D at Yokohama advanced
7H y©n to 870 yen, while at Kobe it advanced 5 yen. Bourse
quotations at Yokohama were 1 to 4 yen higher, and at
Kobe were 5 to 10 yen up.
Sales of actual silk on the primary
cash markets were 1,075 bales, while transactions in futures
totaled 5,850 bales
Local closing: Dec. 1.92; Jan. 1.92;
March 1.91; May 1.90'H; July 1.89.
Today futures closed
He. down to lc. up.
Sales were 104 contracts.
Trading
was somewhat restricted,
sales to noon totaling only 430
bales.
Crack double extra in the spot market declined lc.
to $1.96.
The Yokohama Bourse closed 7 yen lower to 4
yen higher, while the price of grade D in the outside market
was 7H yen lower at 862H yen a bale.
Local closing: Jan.
1.92; March 1.91; April 1.90; May 1.90H; June 1.89H;
Silk—On the 14th inst. futures
105 tons.
this
Dec. 19, 1936
Financial Chronicle
4024
companies
lower.
Transactions totaled 2,650 bales.
July 1.89H.
are
fosite price to $17.33, the highest since January 29th,adding
is further stated that railroad equipment buying is
1929.
t
heavily to the steel mill orders, and upwards of 18,000
freight cars, now on inquiry, will soon be placed owing to
COTTON
The
Movement
of
the
Friday Night, Dec. 18, 1936
Crop, as indicated by our tele¬
from the South tonight, is given below.
For the
ending this evening the total receipts have reached
143,595 bales, against 133,018 bales last week and 211,898
bales the previous week, making the total receipts since
Aug. 1, 1936, 4,720,092 bales, against 5,087,812 bales for
the same period of 1935, showing a decrease since Aug. 1,
1936, of 367,720 bales.
grams
week
Volume
143
Financial
Chronicle
4025
NOTE—Exports
Receipts at—
Snt.
Mon.
Galveston
7.812
Houston
5,569
13.589
4,834
Corpus Christi-.
....
-
Wed.
7.935
Mobile
5,972
2,382
8,262
8,955
13,169
9,899
1,709
5,914
6,239
707
152
605
421
461
'
.
46,398
33,544
—
—
mm
—
—
mm
m
2,145
_
5,950
1,696
Pensaeola, &c
Jacksonville
Total
Fri.
5,399
3.594
2,145
Orleans
~
49,106
5.146
645
....
645
'
Savannah
5
52
119
89
28
393
353
120
957
32
160
188
95
23,677
28,271
Norfolk
138
13
21.851
15,764
following table shows
total since
preceding season the
12,251 bales.
For the four months ended Nov.
30, 1936, there were
100,326 bales exported as against 56,651 bales for the four
months of 1935.
In addition to above
exports, our telegrams tonight also
us the following amounts of cotton on
770
give
total
On Shipboard Not Cleared
for—
26,481 143,595
receipts, the
shipboard, not
cleared, at the ports named:
Great
.
Britain
the week's
practice to
exports were
Dec. 18 at—
27,551
our
823
90
29
Baltimore
Totals this week.
776
433
259
25
252
been
Include In the
above table reports of cotton
shipments to Canada, the reason bei )g that virtually
all the cotton destined to the
Dominion comes overland and it Is impossible to
give
concerning the same from week to week, while reports from the
customs
districts on the Canadian border are always
very slow in coming to hand.
In view,
however, of the numerous inquiries we are
receiving regarding the matter, we will
say that for the month of November
the exports to the Dominion the
prese it season
have been 38.444 bales.
In the corresponding month of the
443
2,756
770
Wilmington
130
933
Canada—It has never
returns
5
776
Cnarleston
Lake Charles
The
Thurs.
5,364
8,210
605
-
Beaumont
New
Tues.
to
Galveston
1;
6,400
Leaving
Ger¬
Other
Coast¬
many
France
Foreign
wise
5,426
25,800
4,383
6.800
1.029
40,000
15,519
22,665
17,300
8,818
6,856
Mobile
Norfolk
Other ports
Aug. 1, 1936 and stocks tonight, compared with
3,516
"113
"72
Total 1936
Total 1935.
38.007
24.043
5,975
47.596
42,136
8,570
16,647
62,447
20,424 114,113
5,850
68,064
Houston
New
ast year:
Orleans.
_
Savannah
4,500
59
Cnarleston
1935
Stock
Dec. 18
This
Since
Week
Galveston
This
46.398 1,430,147
Texas City
Houston.
Pensaeola, &c
Jacksonville.
5
Brunswick
Charleston
1935
816.373
50
595,140
18,407
707.282
54'. 163
125.715
3.531
96,288
2~818
278,127
,
2",756
139",797
Lake Charles
2",442
190,325
59,946
776
46.819
53,526
433
15,535
353
365
54,760
Wilmington
Norfolk
28,681
20,905
22.239
823
22,584
1,315
16,288
27.600
32,234
770
13,817
978
34.025
"4",845
2,715
157
975
New York
Boston
Baltimore
1934
1,625
11.870
Philadelphia
active
prices
nessed in
a
143,595 4,720,092 188,143 5,087,812 2.753,117
2,791,583
In order that comparison
may
be made with other years,
give below the totals at leading ports for six seasons:
we
1935
1934
Galveston
46.3
Houston
33.544
58.674
55,624
New OrleansMobile
49.106
54.163
5,146
8.703
2.818
Savannah
8
443
1933
feeling of
heavy
Wilmington
"2", 44 2
5,008
850
572
1,525
814
"T.147
2,090
1.528
1,385
1,192
1,294
"
All others....
4~946
4',039
"5,588
"10.635
"7". 695
13,423
Total this wk.
143.595
188,143
105,029
165.800
162,170
191,637
Since Aug. 1.. 4,720.092 5.087.812
3.103,271 5.236.002 5.568.608 5.962,929
ending this evening reach
season to
total
a
date aggregate
exports have been 2,665,295
bales in the same period of the
bales, against 3,151,529
previous
Below
season.
are
the exports for the week:
Week Ended
Dec.
Exported
to—
18. 1936
Exports from,—
Great
Ger¬
Britain
Galveston
France
17,619
Houston
5,273
Beaumont
14,954
1,985
man]/
Italy
16,147
8,840
Japan
China
2,858
7.203
22,280
3",2 95
5", 331
New Orleans
Mobile
"717
...
3,262
3",232
Other
82,585
12,740
5",453
7,759
21.838
1,479
10,090
"233
1,223
2,570
2,794
11
Pensaeola, Ac—
990
Savannah
790
1,383
2,583
211
Norfolk
"372
25
93
93
Total
30.537
25,532
29,906
14,756
40.845
Total 1935
78,999
26,120
41,513
41,060
7,612
17,466
67,791
12,172
63.106
Total
1934
12.728
From
Great
Exports from—
Britain
Galveston
Beaumont
Orleans..
107,718
47,278
France
87,860
41,048
9,2111
813
101.379 157,423
Lake Charles..
Mobile
6,748
52,547
Jacksonville—
16,135
21.642
Pensaeola, Ac.
1,282
37,247
l",65"l
Savannah
38,960
1,791
Charleston
48,308
Wilmington
Boston
Philadelphia-
Japan
China
349.471
11,422 107,413
570 84,963
78,497
30,339
86,542
2,564
129
33,601
3,982
66,544
8,640
26,908
29.454
33,941
1,312
482
60
133
955
222
4
252
-
-
-
-
.
.
*.
-
-
...
6,117
372
18,000
mm
/
.
.
.
mmmm
mmmm
----
....
4,528
2,560
3,821
1,552
50
487
Total
559.891445,651
Total 1935
769,630414.330
Total
358.976 210,392
*
1934
389,296146,097
437,715193,117
218.124211,730
Includes exports from Brownsville.
2,540
74,271
77,244
6,012
2,502
102,751
1,200
166
-
-
-
....
----
58,407
15,464
768,880
820,399
889,239
100
12.947
9,905
2,003
391
r
10
Los Angeles—
2",106
2,222
mmmm
987
----
San
541,729
33,512
127,897
mm
.
11,040
87,049
7,936
10,725
....
....
100
-
54
«...
mmmm
.
2,850
655
_
mmmm
5,400
21,192
Total
828,767
563,991
188,552
50
.
500
..
4,069
Other
355
m
....
254
'
170,380
61,994
966
1,258
----
Italy
mmmm
Francisco-
38,451 287.130
19,687 146.525
51,925
45,956
8,045
95,373
1,295
Gulfport
Baltimore
many
1,200
Norfolk
New York
1,850
5,100
Ger¬
99.906 113,257
Corpus Christi*
New
23,870 165.446
Exported to—
Any. 1. 1936, to
Dec. 18. 1936
Houston
41,688
2,554
1,400
11
Charleston
Total
8,727
5,647
2,554
Jacksonville—-
nervousness
of
part
liquidation.
breakers
wTere
wit¬
attributed to
concerning government plans for
its
The
12c.
loan
almost
cotton, which
precipitate
a
induced
drop in prices
indicated to many an
overbought or weak technical position
of the market.
In
the
the
12th
rise
inst. prices closed
Dec.
reached
a
17
record
gained 18 points to 12.45, and May
at
12.22.
Liverpool cables
than
due.
There
7
were
was
18 points higher.
12.70c., while Jan.
to
of
was
to
10
10 points higher
American points
cover
and
foreign
fairly good demand from
a
trade interests.
before trading in that month
This
comes
to
a
demand
close at
was
noon
Wednesday.
of 165,446 bales, of which
30,537 were to Great Britain,
25,532 to France, 29,906 to Germany, 14,756 to
Italy, 40,845
to Japan, and 23,870 to other
destinations.
In the corre¬
sponding week last year total exports were 287,130 bales.
For the
sharpest
12.151
293
1,338
The exports for the week
the
8,718
2,881
1,807
365
~
of
one
These heavy declines
fairly supplied by week-end liquidation and
realizing.
As
the session advanced
offerings became much lighter, and
when rather substantial demand
developed towards the
close prices advanced
rapidly, sending Dec. and Jan. to new
high levels for the movement, while the later months were
practically back to the highs made early on Friday.
The
strength displayed in the Dec. contract attracted con¬
siderable attention, the
opinion prevailing there is still a
substantial short interest
remaining, which will have to
6.510
1,315
823
Newport News
quite
was
67,577
45.020
44,8-15
23.071
"4.816
433
._
Norfolk
delivery
40.311
48,128
49,141
"
"2,756
future
domestic
55.395
Brunswick
Charleston
suffered
of
for
1931
65,694
18.023
41.655
1,777
cotton
1932
26.562
4.239
4.759 169,456 2,583,661
2,211 203,927 2,587,656
1,134
89,593 2,900,143
week, especially during the latter part,
months.
disposition
better
1936
Receipts at—
in
during the
when
On
Totals
"266
3,70i
Estimated.
Speculation
27.975
""462
Newport News...
*
24.890
643.239
159.183
21.606
4.347
201.177
Total
799,995
568,724
708.824
149,620
59.740
106.885
32,234
157,639
57.394
764,463
110,586
7.266
2,771
149.620
316.198
50
67.229
26,645
1,262.081
8,703
3,600
443
Savannah
1936
883,495
1.455
42,628
55.624 1,271.172
1,203
254,031
31.162
605
277.926
2.145
11.871
49.106 1.310.833
5.146
167,159
645
81,847
New Orleans
Mobile
1.1935
58.674 1.202.324
1.095". 162
33,544
_
Corpus Christi...
Beaumont.
Since Aug
Week
Aug
I, 1936
83,500
26.41
55,639
"266
.
1936
Receipts to
Stock
Total
2,466
1,466
1,147
3,564
2,460
1,169
3,816
1,788
1,215
71,886
18,722
The continued strength of the spot
position
in the South and the
steadily diminishing volume of hedge
selling left the market at one time almost bare of
offerings
and highly sensitive to demand when it
appeared.
Southern
spot markets as officially reported, were 11 to 15
points
higher.
Average price of middling at the 10 designated
spot markets was 12.77c.
On the 14th inst
prices closed
6 points down for Dec., with the balance of
the list up 1 to 17
points.
Trading was active throughout the day with
evidences of new outside
buying, partly for Western account
and Wall Street.
A substantial
portion of this buying
went into
distant positions, which showed
the greatest
gains.
Also conspicuous on the buying side was the
element.
The
pronounced
foreign
strength
in
the
grain
markets
undoubtedly played its part in the upward movement of
cotton prices,
especially as cotton has been one of the com¬
modities which has not
other
markets.
kept
pace
Contracts
with the advance in most
were
comparatively
scarce.
again light, indicating that the pressure of
is steadily diminishing, and most of the
selling
was profit
taking on a scale up.
Southern spot markets,
as officially
reported, were unchanged to 8 points
higher.
The average price of
middling cotton at the 10 designated
spot markets was 12.81c.
On the 15th inst.
prices closed
7 to 14 points down.
In the early trading the market ad¬
vanced 1 to 8 points.
At these levels
heavy realizing was
encountered and prices
dropped 15 to 18 points;
Subse¬
quently the market rallied though still showing substantial
Hedging
the
new
was
crop
losses at the close.
There were 40 Dec. notices issued in
the
local market, and Dec., after
advancing 6 points to 12.68c.,
declined to 12.50 and closed at 12.55.
The
dency
was
ments in
(Wednesday).
action
reactionary ten¬
nervousness over
possible develop¬
closing out of December at noon today
Longs took profits on the theory that a re¬
attributed to
the final
was
due
after
almost a persistent
steady advance
December has been showing the most
strength, with evidences of a very strong technical
position,
and the 40 notices issued
early were stopped by interests
which recently took most of the cotton
tendered.
Southern
spot markets, as officially reported, were 10 to 15
points
lower.
Average price of middling in the 10 designated
spot
of $3 to $4
markets
a
was
bale.
12.69c.
On
the
16th inst. prices closed un¬
The market was more or less
firmer trend just prior to the
expiring of the
contract
at
noon.
When
December
changed to 6 points down.
342,5332665,295
feverish with
a
18.614497,724 3151,529
December
52.015 353.1002296.576
ceased prices became
tion.
Dec. expired
trading
reactionary as a result of heavy liquida¬
quietly at 12.63c., or 24 points over
cotton
a
Range..
hedge
determined as to when and under what
conditions cotton in the government loan stocks may be re¬
leased after Jan. 1.
No sales will be authorized before
Jan. 1, and Mr. Johnston revealed that only general un¬
official communications have passed between the offices,
and he has no idea what program will be adopted.
been
yet has
as
Staple
grades established
Dec. 22,1936
are
the average quotations of the ten
markets designated by the Secretary of
inch &
Arpit—
Range..
11.80-12.16 12.06-12.15
12.27-12.35 12.19-12.35 12.15-12.27
Range.. 12.13-12.22
12.19-12.20 12.05-12.06 12.09
12.22
Closing
12.22
.38
.70
.38
.70
.38
.70
Good Middling
.38
.70
Strict Middling.
do
do
.37
.68
Middling
do
do
.31
.60
.27
.48
Mid.
.
.54
...
do
Aug.—
Range..
Closing
...1.14
do
Range..
11.56/i '
.
do
.Extra White
do
Strict Middling
Middling
do
.60
do
.48
Strict Low Middling..
Low Middling
do
do
do
...1.13
do
.27
do
do
...1.80
do
do
do
.36
.65
♦Strict Good Ordinary..
♦Good Ordinary
do
...
.
Range.
Closing
.
11.6277
11.56-11.58 11.64-11.68
Range..
77
do
do
Strict Middling
do
do
do
Dec. 18,
.45
.25
.48
Good Middling
.25
.48
Strict Middling
do
do
do
do
do
♦Strict Low Middling..
.
.
do
.
.
do
97 off
.
Feb.
1937
Mar. 1937—
Dec.
11.99
1937
Apr.
May 1937—
11.80 Dec.
June
1937
July
1937— 11.85 Dec.
Aug. 1937
Sept. 1937— 11.56 Dec.
Oct. 1937— 11.52 Dec.
Nov
1937
Dec.
1937— 11.56
Dec.
17 11.68 Dec. 18 11.56
—
-
.
Stock in U. S.
interior towns
Of the above,
do
do
.
Other
Europe
days.
U. S. exports
today
East Indian, Brazil, cfee.—
Liverpool stock
.
Manchester stock
Other Continental
stock
Europe
&c
Total American
..
Total week.
Since Aug. 1
Very steady
Steady
Steady
Steady..Steady
Steady
Total visible
Contr'ct
Total
550
550
1,500
1,500
100
"750
850
100
"400
49,000
50,000
38,000
27,000
118,000
-
400
100
183,000
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay, India
Total East India,
Saturday... Steady, 11 pts. adv.
Steady, 5 pts. adv..
Monday
Quiet, 11 pts. dec—
Tuesday
Wednesday. Steady, unchanged.
Steady, 17 pts. dec.
Thursday
Steady, 5 pts. adv.
Friday
481,000
Havre stock
Indian afloat for
290,000
55,000
139,000
106,000
96,000
533,000
6,120,357 6,414,949
Total American
SALES
Market
30,107
433,000
230,000
49,000
40,000
272,000
137,000
96,000 1,034,000
262,000
449,000
.
2,753,117 2,791,583 2,989,736 4,041,195
2,290,467 2,371,801 1,915,166 2,195,903
38,773
32,565
32,697
30,107
Bremen stock
the spot each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
Spot
52,000
137,000
206,000
16,000
374,000
Continental stock—
American afloat for
The total sales of cotton on
Closed
253,000
bales.
Havre stock
do
York
32,697
32,565
126,000
323,000
445,000
495,000
624,000
2,989,736 4,041,195
1,915,166 2,195,903
8,031,357 7,813,949 7,814,599 10001,205
totals of American and other descriptions are as follows:
Bremen stock
77
the
166,000
164,000
A-TTlCViCCLTl
1.13
each day for the past week has been:
Sat.^ Mon. Tues. Wed. Thurs. Fri.
12.98
13.03 12.92 12.92 12.75/12.80
Closed
183,000
Total visible supply
U. S. ports stock.
TJ. S. interior stock
Spot Market
659,000 1,119,000
389,000
325,000
576,000
426.000
2,753,117 2,791,583
2,290,467 2,371,801
today
do
Futures
458,000
1,086,000 1,561,000 2,019,000
84,000
70,000
71,000
533,000
262,000
449,000
38,773
Egypt
India
Stock in U. S. ports
U. S. exports
...2 18
contract.
V:
902,000 900,000
327,000 572,000
160,000 289,000
29,000
29,000
77,000
84,000
43,000 124,000
15,000 _ 12,000
8,000 • 9,000
474,000
stocks
Brazil,&c.,afl't for Europe
1933
812,000
88,000
628,000
188,000
121,000
16,000
"
46,000
18,000
74,000
7,00 )
10,000
3,000
3,000
-
Stock in Bombay,
1934
839,000
63,000
835,000
187,000
244,000
15,000
and Mestre
do
for middling upland cotton in
17 1936 11.68 Dec. 18 1936
1935
553,000
75,000
1936
734,000
101,000
bales.
Liverpool
Stock at Manchester.--.
do
...
Dec.
Beginning of Option
1936 12.74 Dec. 14 1936
1936 12.78 July 10 1936
1936 12.76 July 10 1936
1936 12.48 Dec. 14 1936
1936 12.78 July 10 1936
1936 12.35 Dec. 14 1936
1936 12.78 July 10 1936
1936 12.25 Dec. 15 1936
1936 12.55 July 27 1936
1936 11.56 Dec. 12 1936
1936 11.88 Dec. 15 1936
Supply of Cotton tonight, as made up by
telegraph, is as follows.
Foreign stocks as well
afloat are this week's returns, and consequently all foreign
Liverpool stock
Manchester stock
do
Mar.
The Visible
do
do
..
week ending
cable and
...1 52
week at New York are
on same
3
Jan.
9
9.94 Feb. 25
11.52 Nov. 12
17 12.48 Dec. 14
10.20 Mar. 27
12.35 Dec. 14 11.51 Nov. 12
17
10.48 June
1
11.41 Nov. 12
17 12.25 Dec. 15
11.50 Aug. 29
12 11.56 Dec. 12 11.52 Nov. 4
17 11.88 Dec. 15 11.05 Nov. 12
Jan.
Dec.
do
Market and Sales at New
closed
Range Since
Week
12.74 Dec. 14 10.12
1936.. 12.43 Dec. 16
9.76
12.51 Dec. 14
1937— 12.00 Dec. 17
do
.Gray
Middling
Strict Middling
•Middling
18.
do
...1 84
do
♦Middling
12 to Dec.
do
.Yellow Stained..
Good Middling
♦Strict Middling
Dec.
do
do
.
♦Low Middling
Middling upland
do
do
Tinged
.
♦Middling
official quotation
Range for
Stock in Alexandria,
.65
.25
The
for
for future prices &t New York
each option:
1936, and since trading began on
Option for—
Egypt,
.36
♦Low Middling
11.6777
Nominal.
Rangre
stocks
1,309,000
India cotton afloat for Europe
118,000
American cotton afloat for Europe
374,000
do
New York market
11.6177
Closing.
Total European
.Spotted
Middling....
♦Strict Low Middling..
11.6877
.
Dec.—
Total Continental
do
48 off
...
Good Middling
•Not deliverable on future
11.8177
Stock at Trieste
do
do
.70
Good
11.7677
Nov.—
Stock at Venice
.68
.45
11.8177
'
11.8077
11.52-11.68 11.62-11.74
11.69-11.82 11.71-11.88 11.65-11.79
Range.. 11.55-11.65
11.62-11.63 11.69
11.66
11.63-11.64 11.80-11.82 11.72-11.73
Closing
Stock at Genoa
.31
.45
11.7777
11.56-11.56
Closing
Oct,—
Stock at Barcelona
.37
.27
11.92n
Stock at Rotterdam
do
...2.37
.38
.27
11.8977
Total Great Britain
do
...1.81
do
Good Middling
.43
11.9577
Stock at Havre
do
.25
11.9877
12.06n
11.92ra
.
Sept.—
Stock at Bremen
Ml
do
do
♦Good Ordinary
12.0677
12.0477
12.1477
12.1777
11.85-12.07 11.99-12.09
12.11-12.21 12.07-12.25 12.05-12.17
Range- 11.96-12.07
12.03 —
12/11-12.12 12.09-12.10 12.02-12.03
Closing. 12.06-12.07 12.19-12.20
do
do
Middling...
Low Middling
.70
.64
...
do
♦Strict Good Ordinary.
.38
12.26ra
Range—
Closing
July—
Stock at
Strict Low
12.32
12.14W
.
June—
Dec. 18—
longer
.
12.1577
12.1077
12.2677
12.2777
12.38n
Closing. 12.30ra
May—
only.
Agriculture.
Inch
White
Middling Fair
do
Strict Good Middling..
12.1977
figures are brought down to Thursday evening.
To
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
for deliveries on contract to
Dec. 15. 1936
15-16
12.1577
make
Differences between
six
12.19
11.99-12.31 12.17-12.25
12.42-12.48 12.29-12.47 12.27-12.40
Range.. 12.28-12.39
12.32-12.33 12.15-12.16 12.20-12.21
12.32
Closing. 12.38-12.39 12.43-12.44
as
Premiums
of average of
markets quotirg
for deliveries on
60%
12.16
12.3177
12.3277
12.45n
Closing. 12.45»
range.
narrow
12.00-12.27 12.14^12.22
12.45-12.51 12.32-12.47 12.27-12.39
March—
In reply to an inquiry from
the Cotton Exchange Service, Oscar Johnston, an official
of the Commodity Credit Corporation, stated that nothing
over
Friday,
Dec. 18
Feb.—
The early demand generally absorbed commitments
were offered, but
sentiment was nervous and prices
moved
Dec. 16
Range.. 12.31-12.45
12.46-12.47 12.32-12.33 12.30
Closing. 12.45
selling.
that
Thursday,
Dec. 17
Wednesday,
Dec. 15
at
12.60-12.74 12.50-12.68 12.43-12.63
Jan.i 1937)
expectation of a possible announcement as to disposition
of some of the 3,000,000 bales of loan cotton held for Govern¬
ment account.
Southern spot markets as officially reported,
were
unchanged to 3 points higher.
Average price of
middling at the 10 designated spot markets was 12.70c.
On the 17th inst. prices closed 4 to 17 points down.
The
chief factor responsible for the break was the report that
the government had developed a plan for disposing of part
of its 12c. loan cotton, which caused one of the most active
selling movements and biggest breaks experienced in the
cotton market for many weeks.
The feeling prevailed that
the government was anxious to dispose of its cotton at
present favorable prices.
Heavy liquidation developed and
stop-orders were uncovered in volume.
Under the selling
prices broke 14 to 39 points from the previous close, and
showed net losses of 36 to 55 points from Monday's top.
Washington advices did not state definitely that there was
to be a sale of loan cotton, but intimated strongly that
the plan had been completed
and would be announced
shortly.
The heavy selling was regarded as strengthening
the technical position* but the quick decline undermined con¬
fidence.
Southern spot markets, as officially reported, were
15 to 20 points lower.
Average price of middling at the 10
designated spot markets was 12.54c.
Today prices closed 1 to 7 points up.
Local operators,
the South, spot interests and Wall Street were on the selling
side, while the great bulk of the buying came from the trade
There was comparatively little
1936
Range— 12.55-12.70
12.62-12.63 12.55
Closing. 12.68-12.70
bringing the total for the month to 314, representing 31,400
bales.
Much of this cotton was received in New Orleans
houses.
Attention is being focused on Washington in
sources.
Tuesday,
Dec. 14
Dec. (1936)
19,
and closing prices
been as follows:
Monday,
Saturday,
Dec. 12
high levels established earlier in the week.
Domestic and
foreign trade interests were good buyers and there was
further outside buying both from abroad and from Wall
Street and the West.
There were 18 Dec. notices issued,
and foreign
highest, lowest
past week have
New York for the
At the
from the
needed by the remaining shorts.
decline the list was down about $1 to $1.25 a bale
furnish
Futures—The
leading longs were willing to
March, at which difference
Dec.
Chronicle
Financial
4026
supply
Middling uplands, Liverpool
Middling uplands. New York
5,974,599 8,232,205
263,000
609,000
379,000
164,000
166,000
126,000
20,000
49,000
15,000
53,000
84,000
23,000
55,000
23,000
76,000
70,000
39,000
85,000
71,000
323,000
495,000
445,000
624,000
1,911,000 1,399,000 1,840,000
6,120,357 6,414,949 5,974,599
1,769,000
8,232,205
389,000
576,000
325,000
426,000
8,031,357 7,813,949 7,814.599 10001,205
5.25d.
7.l5d.
6i8d.
6.88d.
10.25c.
12.75c.
11.90c.
12.80c.
7.96d.
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No. 1 staple, s'fine.Liv
11.04d.
5.62d.
8.36d.
5.66d.
9.78d.
9.60d.
5.81d.
5.86d.
-
4.08d.
'
800
300
300
2,000
45,522
4.000
2,000
58,4 00 103,922
week have been 102,000 bales.
The above figures for 1936 show a decrease from last
week of 40,915 bales, a gain of 217,408 over 1935, an
Continental imports for past
Volume
increase
143
Financial
of
216,758 bales
1,969,848 bales from 1933.
and
1934,
over
decrease
a
of
■
.
.,
&
■
.
At
the
Interior
Towns
the
'
■
movement—that
is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stock
tonight, and the same items for the
corresponding period of the previous year—is set out in
Chronicle
4027
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for
middling cotton at
Southern and other principal cotton markets for-each
day
of the week:
Closing Quotations for Middling Cotton
Dec. 18
Saturday Monday
Tuesday
Wed'day Thursday
'
Galveston
Movement to Dec. 18, 1930
Towns
Receipts
Ala., Blrmlng'm
1,126
284
Ark., Blythvllle
Forest City..
1,330
307
Helena
1,071
Hope
114
Little Rock-
4,236
Newport
264
Pine Bluff...
5,178
Walnut Ridge
Ga., Albany...
1,246
229
Athens
100
Atlanta
21,776
3,642
Augusta
Columbus...
800
Macon
500
Rome
1,000
4,080
Columbus
100
Greenwood..
3,151
Jackson
453
Natchez
69
Vlcksburg..
942
Yazoo City..
142
Mo., St. Louis.
N.C.,Gr'nsboro
50,828
Receipts
418
89
849
02,724
132
70,059
98,605
13,512
28,524
18,737
556
5,327
1,796
2,954
2,770
277
52
4,518
909
887
925
569
4,257
4,436
11,518
120,528
17,178
76,344
20,209
18,775
21,932
181,455
132,203
200
35,600
900
500
40,745
199
400
31,902
31,576
48,506
1,941
3,322
894
6,030
1,454
137
200
4,000
9,614
250
8,563
1,841
2,327
3,184
106
675
4,843
1,743
390
755
64
9,642
1,499
1,271
35,277
95,074
1,583
26.227
429
4,904
64
2,017
17.5&3
696
11,464
157,788
2,492
11,030
74
5,813
161
Mobile
Stocks
Ship¬
ments
Week
50,160
10,685
1,520
33,134
19,643
98,805
137,547
36,147
237,161
50,822
15,565
36,497
700
La., Shreveport
Mlss.Clarksdale
1,757
55,362
52,562
18,392
166,317
26,951
110,721
42,780
12,171
17,755
160,955
147,750
9,625
772
Jonesboro
18
59,816
8,311
38,159
52,607
103,417
30,516
136
Montgomery.
Selma
Dec.
Week
Season
i
2,260
Eufaula
Stocks
ments
Week
Ship¬
108
22,097
1,252
2,771
7,78
15
Dec.
Week
Season
20
39,003
121
12,022
72,361
73,545
2,063
1,947
5,573 107,708
503 24,818
2,021 23,540
2,428 21,953
531
127,209
23,263
2,092
4,706 110,853
1,498 21,830
2,908 73,976
1,604 21,035
67 18,637
345 70,694
6,850 165.849
97,488
26,127
23,965
64,982
189,910
150,149
22,539
46,993
13,736
70,203
104,164
38,542
156,880
51,201
8,642
27,757
37,307
87,557
3,000
3,635 152,039
750 22,050
427 44,986
150 25,649
1,466 34,161.
2,679 40,721
186 26,974
3,615 65,090
2,025 32,724
489
5,316
1,349
13,774
27,076
728
7,785
163
73
3,027
Oklahoma—
15 towns *
B.C., Greenville
Tenn., Mem phis
Texas, Abilene.
Austin
3,094
162,276
4,885
119,114
75,482 1,730,215
988
36,815
482
15,040
Brenham
188
Dallas
5,638
71,397
60,409
13,096
1,303
Paris
892
Robstown
298
San Antonio
Texarkana
229
7,944
33,887
74,642
261
..
Waco.
7,995 107,052
3,738 80,914
92,960 698,874
1,165
4,957
234
1,053
260
2,535
851
10,768
2,040 10,353
622
1,236
1,452
261
705
170,550
4,079 62;214
55,236 715,560
2,847
2,885
771
3,248
793
4,567
2,329 13,458
996 16,175
56
1,801
206
871
446
21,582
356
13,777
959,
7,042
75,140
1,033
12,467
Total, 56 towns 157,160 4,402,990194,6462290467145,9593,038,627143,338 2371801
♦
totals
show
that
interior
the
stocks
have
decreased during the week 37,486 bales and are tonight
81,334 bales less than at the same perjiod last year.
The
receipts of all the towns have been 11,201 bales more than
the
same
week last year.
New York
1936
.12.80c.
1935
.11.75c.
.12.75c.
...
1934
...
1933
...
20.45c.
19.45c.
12.55c.
19.40c.
1926
6.15c.
1924
6.35c.
1923
9.80c.
1922
.17.15c.
1921
.
1931
1930
1929
1927
.10.Q5C. 1925
1932
...
.
...
.
...
,
1920
1919
1917
24.00c.
1916
35.50c.
26.10c.
18.75c.
-
1914
1915
1913
-
-
-
15.65c.
39.25c.
1912
1909
12.05c.
7.40c.
...12.90c.
1906
...13.10c.
9.45c.
...15.15c.
...15.10c.
9.10c.
...11.90c.
...10.45c.
1905
—
...
1911
...
1910
1908
...
1907
12.15c.
Overland Movement for the Week and Since Aug. 1—
We give below a statement
showing the overland movement
for the week and since Aug. 1, as made
up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
-1936Dec. 18—
Week
Via St. Louis
Aug. 1
11,030
5,200
Via Mounds, &c
Via
-1935-
Since
Shipped—
158,414
85,167
2,924
5,928
87,187
Rock Island
Via Louisville
29
Via Virginia points
Via other routes, &c_.
12.60
12.62
12.45
12.49
13.12
13.10
13.13
12.96
13.00
13.20
12.70
12.73
Augusta
Memphis
13.23
13.28
12.50
12.55
12.65
12.39
12.43
12.48
12.43
12.48
Houston
Little Rock
Dallas
Fort Worth
13.10
12.71
12.43
12.45
12.95
12.62
13.17
12.45
13.00
12.40
12.62
13.17
12.40
12.60
12.32
12.37
12.37
12.25
12.60
12.43
12,32
12.37
12.20
12.37
12.20
New Orleans Contract Market—The
for
leading contracts in the New Orleans
12.16
13.00
12.50
-
13.05
12.30
12.48
12.20
12.25
12.25
closing quotations
cotton market for
the past week have been as follows:
Saturday,
Dec.(1936)
Jan.(1937)
February
Monday,
Tuesday;
Wednesday,
Thursday,
Friday,
Dec. 12
Dec. 14
Dec. 15
Dec. 16
Dec. 17
Dec. 18
12.67
12.63
Bid.
12.47
12.27
1239&1240a 12.44
Bid
122761229a 120661209a 12.10
bid
_
March
12.35
12.41-12.42 12.26-12.28 12.29-12.30 12.10-12.11 12.14-12.15
12.20
12.27-12.28 12.16-12.17 12.16-12.17 12.02-12.03 12.06-12.07
April
May
June
July
120161202a 12.15
12.04-12.05 12.07
11.95-11.96 11.99
11.62
11.72
11.60
August...
September
October
11.80
11.67
11.666-.67a
November
December
11.62
.
Bid.
11.68
bid
Tone—
Spot
Steady.
Options.
Steady.
Steady.
Steady.
Steady.
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
C. E. Fenner of Fenner & Beane Reelected President
of New Orleans Cotton
Exchange—The
membership of
Cotton' Exchange on Dec.. 7 reelected
Fenner, senior partner of Fenner & Beane, as
President of the Exchange for a second term.
At the same
time Garner H. Tullis, of Tullis,
Craig & Co^was reelected
the
New
Charles
Orleans
E.
Vice-President for
was
retained
directors
as
were
a
second term, while Thomas E. Grinnen
a third term.
The following
Treasurer for
elected:
Whitney Bouden, Fred Crockrell, Atlanta; Everett R.
Cook, Memphis; M. H. Cronheim, Oscar P. Geren, Walter V. Harvey,
C. Hightower, John B. Hobson Jr., H. S.
Kohlmeyer, Albert Meric,
John N. Stewart Jr., O. F.
Stockmeyer, and A. M. West Jij,.
C.
The Messrs. Cronheim,
Harvey and Kohlmeyer are new
directors; the other directors were elected for a second or
additional terms.
inaugural meeting of the new officers and directors,
Henry Plauche was re-elected Secretary and
Superintendent of the Exchange and W. E. Andrews was
re-elected Assistant Secretary and Assistant
Superintendent.
held
.—29.25c.
...30.55c.
18.10c.
-
-
1918
12.55
12.62
13.23
13.12
12.75
12.73
At the
Quotations for 32 Years
1928
...
13.20
12.85
12.42
G. J. Arbour Jr., O.
Includes the combined totals of 15 towns in Oklahoma.
The, above
Savannah
Norfolk
12.52
15,61
260,186
88,444
,239,710
43,289
225
17,192
46
10,905
2,653
39,096
1,139
30,478
11
10,489
4,481
169,
1,091
11,904
2,056
28,255
4,046
68,062
2,711
12.68
Friday
■-*"
12.52
12.72
Montgomery..
495
50,947
14,674
77,422
83,346
97,660
24,358
34,494
28,271
8,249
12.58
12.85
12.63
New Orleans..
Movement to Dec. 20, 1935
on—
Week Ended
detail below:
Since
Week
Aug. 1
7,785
1,280
87,627
39,699
'680
6,835
82,292
259,889
476,537
195
5,220
22,000
326,520
4,414
22,999
.43,479
666,140
37,158
Dec. 9,
on
Estimate
Places
1936
Northern
Brazil Cotton Crop
26% Below Last Year's—The second official estimate of
the 1936 cotton crop in Northern
Brazil, where harvesting
is now taking place, is for a
production of approximately
604,000 bales of 478- pounds each, according to a cablegram
received
by the United States Bureau of Agricultural
Economics from Consul General Emit Sauer in Rio de Janeiro.
This would represent a reduction of
26% from the 819,000
bales harvested in Northern Brazil in 1935.
In 1934, the
crop in that part of the country amounted to 782,000 bales
and in 1933 to 483,000 bales.
In noting the foregoing, an
announcement issued Dec. 11 by the United States
Depart¬
ment of
Agriculture added:
It is too early to estimate the total 1936-37 cotton
crop of Brazil, since
Southern Brazil is only now planting its crop.
Harvesting in Southern
Brazil does not begin until March.
During the three
Deduct Shipments—
Overland to N. Y., Boston, &c
770
13,817
5,802
190,715
255
.
9,808
978
11,928
183
4,159
3,493
107,781
Total to be deducted
*
.10,833
10,833
210,334
4,654
123,868
Leaving total
.32,646
32,646
455,806
32,504
352,669
net overland *
Including movement by rail to Canada.
The
this
#
foregoing shows the week's net overland
movement
has been 32,646 bales, against 32,504 bales for
the
last year, and that for the season to date the
aggregate net overland exhibits a gain over a year ago of
103,137 bales.
year
week
1936
In Sight and Spinners'
Week
Receipts at ports to Dec. 18
Aug. 1
Since
Week
Aug. 1
143,595
Net overland to Dec. 18
32,646
Southern consumption to Dec. 18-120,000
4,720,092
455,806
2,535,000
188,143
32,504
100,000
5,087,812
352,669
2,005,000
Total marketed
Interior stocks in excess
7,710,898
1,107,700
320,647
2,621
7,445,481
1,247,463
Excess
over
of
Southern
mill
296,241
--.*37,486
875,378
Came into sight during week
Total in sight to Dec. 18
258,755
*
548,893
65,870
860,151
Movement into sight
Week—
in previous
Bales
—
—
1934
—-296,011
--.246,473
1933
1932—--
crop
crop years ending with
crop averaged
1,364,000 bales
averaged 695,000 bales or 51% of tne
cotton
The first estimate of the 1936 crop in Northern
Brazil, made last July,
average for the five years
bales annually.
ending with the 1932-33 crop
was
only 498,000
has been expanding much more
rapidly in Southern Brazil
than in Northern Brazil.
This has been attributed to the continued de¬
Production
pression in the coffee industry, good returns from cotton compared with
those from coffee, the availability of the
necessary labor formerly devoted
to coffee production in those States, and
higher yields per acre in recent
years in the South than in the North.
Census Report on Cottonseed Oil Production—This
report issued by the Bureau of the Census will be found in
earlier pages of this issue in the department headed "Ih-
dications of Business
Census
in
Bureau
Activity."
Report on Cotton
Consumed
on
Hand,
November—This report issued by the Census
Dec. 14, will be found in the department headed
on
of
Business
Activity."
/
46,298
Weather Returns by
540,897
years:
Since Aug. 1—
-208.003
Brazilian
9,241,837
Decrease.
1934—Dec. 21
1933—Dec. 22_1932—Dec. 23
total
was for 812,000 bales.
This estimate was based upon the continuation of
favorable climatic conditions and an absence of serious insfect
damage before
the harvesting period.
The final estimate of the northern crop will not be
made until next March.
Total cotton production in Brazil has shown a marked
upward trend in
recent years.
The 1935-36 crop amounted to 1,718,000 bales as
compared
with 1,359,000 bales in 1934-35 and k014,000 bales in
1933-34.
The
"Indications
323,268
9,693,976
North, spinn's'takings to Dec. 18-
the
total.
&c.,
takings
consumption to Dec. 1
when
1935
Since
Takings
1935-36
annually, the Northern Brazil
Bales
6,145,886
8,829,413
------8,924,467
Telegraph—Reports to us by tele¬
graph this evening indxale that wherever weather conditions
permit th^ usual Christinas scrapping operations are under¬
way.
In the Eastern pool of the cotton belt too much rain
has fallen again and it will further the saving of the last
bales of crop in those sections which have most of the
unpicked portion of the crop.
..
....
Financial
4028
Thermometer
low 38 mean
low 26 mean
low 30 mean
low 30 mean
low 36 mean
Rain
"
Texas—Galveston
Austin
„
Abilene
Brownsville
Corpus Christi
Dallas
Del Rio
El Paso..
Houston
Rainfall
dry
0.02 in.
0.08 in.
0.01 in.
1.48 in.
2 days
0.58 in.
dry
dry
dry
dry
high 68
high 66
high 78
high 72
high 70
1 day
1 day
1 day
3 days
Amarillo
...»
Palestine
dry
dry
-
Port Arthur
-
0.10 in.
2 days
San Antonio
dry
Oklahoma—Oklahoma City
Arkansas—Fort Smith..
0.02 in.
1 day
dry
Little Rock
1 day
Louisiana—New Orleans
Shreveport
0.01 in.
dry
Mississippi—Meridian
1
2
2
2
3
2
low 52
low 38
high 78
low 48
high 68
low 42
low 34
1.09 in.
high 68
low 40
5 days
3 days
Augusta
3
Carolina—Charleston-3
North Carolina—Asheville—3
Charlotte
3
Macon.
___
South
high 62
1.35 in.
3 days
Atlanta
1.29
1.33
0.10
1.20
days
days
days
days
high
high
high
high
in.
in.
in.
in
Chattanooga
2 days
low
low
low
low
high
high
high
high
64
64
61
low
low
low
low
Tennessee—Memphis
The following
62
2.2
Memphis
Nashville
Shreveport
Vicksburg
1934
1935
1936
1934
1935
1936
1935
|
'
To
I.960
To Continent and
16..
30..
Manchester
13..
264.096 330.485
20..
251.440 271 993
148,601]2,301,784 2,287,5541,922.254295,054
134,42?|2.342,886 2.316,783:1.963.293 305.198
133,525 2.373,757 2,321.5381.983,174282.311
217,563 222,432
119,7552.397,18812,350,4251,973.968240,994
27..
Dm.
211,898 258,950
4.
8GDI.
l'.._
18
25...
Oct.—
2...
9...
16...
90,602
94,354 188,356|
6
13
20
27...
Dec
—
4...
Il¬
ls...
^1) That the total receipts
plaptations since Aug. 1, 1936, are 5,823,263 bales;
6,314,243 bales and in 1934 were 3,859,087
bales.
(2) That, although the receipts at the outports the
past week were 143,595 bales, the actual movement from
plantations was 106,109 bales, stock at interior towns
having decreased 37.486 bales
ing brief but
8* Lbs. Shirt¬
ings, Common
Middl'g
32s Cop
to Finest
Upl'ds
Twist
d.
d.
s.
8.
d.
@10 5
6.99
9*@11
9
2
@94
6 17
10* @11* 10 0
10*@11* 10 0
@10 2
@10 2
6.98
99* @11
9*@11
9
2
3
@94
@95
6.53
9
9*@11 *
@119*
@119*
9 5
l0*@ll*
11
ii
($10
100
7,854,347
258", 755
9,693,976
323",268
Bombay receipts to Dec. 17-Other India ship's to Dec. 17.
Alexandria receipts to Dec. 16
80,000
32,000
Dec. 16 *b—
18,000
522,000
245,000
1,092,200
208,000
68,000
7,000
74,000
16,000
8,517,027 16,660,434
Total takings to Dec.
Of which American
Of
4,295",259
9,241,837
512,000
207,000
1,085,600
184,000
8,342,615 15,525,696
80,31,357
7.813,949
7,813,949
485,670
326,670
8,629,077
6,664,877
1,964,200
528,666
411,666
7,711,747
5,614,147
2,097,600
18_a.--
159,000
wnibli other
117,000
receipts in Europe from Brazil, Smyrna, West Indies, &c.
embraces since Aug. 1 the total estimated consumption by
Southern mills, 2,535,000 bales in 1936 and 2,005,000 bales in 1935—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 6,094,077 bales in 1936 and 5,706,747 bales in 1935,
of which 4,129,877 bales and 3,609,147 bales American,
b Estimated.
*
a
Embraces
This
total
India Cotton Movement
10
9
5
@97
6 50
@10 5
6.99
10
9
5
@97
6 40
2
@10
4
6.96
10
@11*
9
6
@10 0
6.47
10 6
@11
0
6.81
10
@11*
9
6
@10 0
6.45
@12
10 5
@10 7
6.92
10
@119*
10
0
@10 2
6 47
@12*
10 6
@10 2
6.77
@121*
10
11
@12*
10
@11 0
6.71
@10 4
2
6.76
10*@11* 10 0
10 1
10*@12
6.72
10*@12
10
10 6
@11
0
1935
.
1934
Dec. 17
Week
Bombav
80.000
Aug. 1
512.000
Since
Since
Since
Receipts—
Week
68,000
Aug. 1
512,000
@10 2
6 77
3
@10 5
6.59
10 6
@11
0
6.81
10*@12
10 3
@10 6
6 67
11*@12*
10 6
in *@n*
10 2
@10 4
6 50
111* @ 12*
@10 3
@10 6
6 93
10 4
6.88
10* @119* 10 0
@10 2
6.38
11*@12*
indetail:
Bales
Dec. 12—
14—Aquarius, 348
14—Aquarius,
778
12—Bruxelles,
2,001—Dec.
3,614
14—Aquarius,
12—Bruxelles,
1,667—Dec.
13,627
1,327
14—Aquarius, 300—Dec. 12—Binnen¬
Week
59,000
_
14—Dalhem,
HOUSTON—To Copenhagen—Dec.
To
To
To
To
22,280
785
2,858
748
Dec.
8,580
16—Gonzen-
heim, 4,175.
Dec.
Dec.
14—Gonsen-
125
Aug. 1
1,047
508
1,145
508
429,000
840
663
1,975
608
663—
CHARLESTON—To Liverpool—Dec. 16—Fluor
To Manchester—Dec. 16—Fluor Spar, 608
Spar, 1,975
Hamburg—Dec. 16—Fluor Spar, 211
SAVANNAH—To Bremen—Dec. 12—Wendover,
To Japan—Dec. 17—Niel Maersk, 372.
To Hamburg—Dec. 12—Wendover, 150
To Oporto—Dec. 12—Wendover, 25
To Liverpool—Dec. 16—Fluor Spar,
To Manchester—Dec.
1,985
2
1,355
2,197
Gothenburg—Dec. 16—Brokeholm,
To Rotterdam—Dec. 16—Aquarius,
2,227
12,740
3,871
6.855
-
12—Dalhem,
To Havre—Dec. 16—Aquarius, 1,145
To Dunkirk—Dec. 16—Aquarius, 840
To
248
1,195
3,651
14—Gonsen-
heim, 1,860
To Antwerp—Dec. 16—Aquarius, 2
To Ghent—Dec. 16—Aquarius, 1,047
To Trieste—Dec. 16—Laura C, 1,355
To Venice—Dec. 16—Laura C, 2,197
To
5,257
1,402
5
11—Iselworth, 1,402
To Cristobal—Dec. 15—Velma Lykes, 5
To Bremen—Dec.
12—Dalhem,
2,680
To Hamburg—Dec.
15,899
12.362
14—Kentucky, 1,003—Dec.
16—Brokeholm, 192
Genoa—Dec. 14—Nicolo Odero, 3,651
Gdynia—Dec. 14—Kentucky, 527—Dec. 16—Brokeholm,
1,700
Japan—Dec. 12—LaplataMaru, l,225-..Dec. 14—Taiwan,
6,609—Dec. 15—Wales Maru, 4,906
Liverpool—Dec. 11—Iselworth, 3,871
To Manchester—Dec.
1,327
2 802
17—
16—Kentucky, 748
PENSACOLA, &c.—To Rotterdam—Dec. 11—Ipswich,
To Liverpool—Dec. 15—West Kyska, 124
:
To Manchester—Dec. 15—West Kyska, 866
from All Ports
1936
6.59
6.86
heim, 7,319.
To Liverpool—Dec. 16—Iselworth, 10,800; Duquesne, 1,562—
To Manchester—Dec. 16—Iselworth, 1,843; Duquesne, 3,414..
To Hamburg—Dec. 16—Gonzenheim, 248
8,031,357
18
6 40
97
10*@12
10 J* @12
To Gdynia—Dec.
To Bremen—Dec.
.
Total supply
Deduct—
7.02
2
@
dijk 2 502
_
__
To Japan—Dec.
10—Kiriskima Maru, 12,450—Dec.
Taiwan, 9,830
To Copenhagen—Dec. 16—Kentucky, 785
To Genoa—Dec. 12—Nicolo Odero, 2,858
glance
Season
Week
8,072,272
Visible supply Dec.
6.73
@10 2
@12* 10 0
@12* 10 3
To Havre—Dec.
1935
1936
56,000
d.
d
I,071; Binnendijk, 542
period:
Visible supply Dec. 11
Visible supply Aug.
1
American in sight to Dec. 18-
Other supply to
s.
Bruxelles, 330; Binnendijk, 100
follow¬
comprehensive statement indicates at a
4,899",258
Upl'ds
to Finest
d.
s.
10 3
10*@12
To Ghent—Dec.
supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
Season
d.
To Dunkirk—Dec. 14—Aquarius,
and Takings of Cotton—The
Week
Cotton
89* Lbs. Shirt¬
Middl'g
ings, Common
Cotton
Shipping News—Shipments
during the week.
Cotton Takings,
Week and Season
1935
1936
GALVESTON—To Antwerp—Dec.
the world's
sight for the like
week ended Dec. 16 were
shipments 31,000 bales.
Market—Our report received by cable to¬
To Rotterdam—Dec.
World's Supply
Egyptian bales weigh about 750 lbs.
the receipts for the
11
Nov.—
83,604
1935 were
14,102
23 000 143.186
11
30...
from the
in
28.000 516.237
34.000 434.028
11
23...
106,109190,764' 85,980
The above statement shows:
1,000
Twist
251,319 110.549
181,327 266.804
143,595 188,143
310.339
18".66O
32s Cop
276.748 153.406
2,327,953 2,369.180 1,934,215
105,0292,290,4672,371,8011,915,166
133 018 177 455 109.945
18..
16",000
86,065
present prices.
We give prices today below and leave those
for previous weeks of this and last year for comparison:
359,714 175.466
104,014'2,366.617 2.358,2791,960,556
11.
66.000
326,427
14,990
62,746
55,999
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
1934
398.140 188.532
7.000
12,302
—
1
Aug.
9,000 108,820
10.000
-
Week
1
Aug.
Since
This
Since
This
89.954
Note—A cantar is 99 lbs.
i.832.026;l,784,4891,547,572 473.918
593.294 337.159
1.990.7231.640.092 478,343
2.132,3451.735.609 498,120 514,566 300.444
2.220.7511,829,198 483.163 493,570 325,648
2,253,100,1,882,223 471,919 404.498:254.957
259,641 363,686
340.000
4,273,161
India__ 16,000 245,707
Total exports
1.980.336
370,723 372,945 208,963 2,098,733
378,683 406.164 232,0592.179,563
385,111 372.149 201,93212.266,371
6-.
receipts of
1934
Week
1
Aug.
8.000
This statement shows that
500.519 345.826
Nov.
to show an
370,000
4,472,123
Since
This
Week
280,000 cantars and the foreign
191.7281.839.682 1,274.081 1,226,568 391,307 310,219265.481
500,408 405,544 342,678
18.. 340,815 265,021 230.0701,499,2751,414.6041,339.176
322,464 492 874 532.515344 223
85.. 314,287 336.897 237,2051 677,862.1,610,222i
23..
271,000
1935
280.000
To America
11.. 271,456 215.017
9.. 330.033 387.060 240.603
719,000
597,000
636,000
373,000
277.000
305,000
228,000
and Shipments
5,449.409
-
To Manchester, &c
/
Sept.
2.. 319,754 326.252 244,448
215,000
226,000
1936
Liverpool
d.
Oct.
207,000
16
Exports (bales)-—
Receipts from Planations
I
120,000
92,000
60,000
Receipts (cantars)—
This week
Since Aug. 1
14.8
12.9
1936
67,000111,000
24,000 39,000
23,000 39,000
Dec.
weekly movement from the plantations of that part of the
which finally reaches the market through the outports.
Stocks at Interior Towns
16,000
11,000
11,000
245,000
143,000
129,000
169,000
1
crop
Receipts at Ports
46,000
...
Alexandria, Egypt,
from the Plantations—The following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
Week
78,000
...
Alexandria Receipts
Receipts
Ended
7,000,
15,000
l
12,000 bales.
Exports from all India ports record a gain
of 72,000 bales during the week, and since Aug. 1 show an
increase of 122,000 bales.
12.2
9.1
9.8
102,000
According to the foregoing, Bombay appears
compared with last year in the week's
13.0
10.6
421,000
..J 32,000
67,000
24,000
23,000
increase
/
3.0
12.1
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
New Orleans
474,000
390,000
305,000
83,000
28,000
4,000
5,000
1934
48
51
42
47
Dec. 20. 1935
Feet
373.000
277,000
102,000,
1,000
5,000
1935
received by tele¬
the points named at
Dec. 18, 1936
Feet
99,000
14,000
11.000
6,000;
10,000
21,000
1936
statement has also been
graph, showing the height of rivers at
8 a. m. of the dates given:
Total
14,000
18,000
I
Total all—
mean 39
low 24
high 54
0.06 in.
China
79,000
32,000
24,000
5,000
5,000
1,000
3,000
1934
54
54
42
49
mean
mean
mean
mean
32
38
29
32
3 days
__4 days
Raleigh
Wilmington
mean
mean
mean
mean
40
43
26
34
1.82 in.
2.74 in.
dry
1 day
0.10 in.
Nashville
68
65
58
64
Japan A
ment
Other India-
mean 54
2 days
Conti-
Britain
Total
China
ment
7,000
mean 55
mean 48
days
2 days
Tampa
28
32
26
36
48
low
low
lo v
low
low
70
63
62
66
68
Great
Jap'nA
Contl-
I
mean 64
1.54 in.
high
high
high
high
high
in.
Pensacola
Georgia—Savannah
46
52
53
52
56
47
45
42
53
high 82
high 66
\
Brltaln:
1936
mean 53
low 31
low 28
high 75
1199335645
Great
Bombay—
mean 48
mean 49
mean 47
mean 44
mean 51
mean 58
mean 67
mean 52
0.08
0.42
1.34
1.24
0.72
day
days
days
days
days
in.
in.
in.
in.
0.18 in.
0.21 in.
1.06 in.
Miami
mean
mean
mean
mean
mean
mean
mean
mean
mean
32
low 28
low 26
low 36
high 68
0.35 in.
3 days
Vicksburg
Alabama—Mobile
Birmingham
Montgomery
Florida—Jacksonville
34
32
30
32
32
32
34
low
low
low
low
low
low
low
low
68
80
62
72
74
72
78
62
high 62
high 58
high 70
high
high
high
high
high
high
high
high
Since August 1
For the Week
Exports
from—
mean 56
mean 51
mean 56
low 38
high 74
53
46
54
51
53
19, 1936
Dec.
Chronicle
480
16—Fluor Spar, 310
1,233
233-.
-
211
233
124
866
1,233
372
150
25
480
310
Volume
NEW
143
Financial
ORLEANS—To
Dec.
11—Wales
1,103
To
was
To Havre—Dec.
2.450
2,731
10—Liberty Bell, 2,731
2,600
10—Liberty Bell, l,450--_Dec. 16—Bin'
nendijk, 1,743-To Gdynia—Dec.
9—Tennessee, 330
Dec. 12—Brokeholm,
360—Dec. 11—Kentucky, 50
To Tela—Dec.
11—Tivives, 2
Copenhagen—Dec. 11—Kentucky,
To
To
To
3,193
740
2
12
;
12
Trieste—Dec. 12—Laura G., 2,603
To Venice—Dec. 12—Laura
O., 692
bread material, now
recognized as
the chief reason that
Chicago trade
100
200
200
10
334
186
531
program appeared to be
to import
531
6—Gateway City, 469
Havre—Dec. 6—Gateway City, 3,262
Bremen—Dec. 6—Gateway City, 1,756
haven, 1,476
469
1.010
1,400
-
93
6
Total
165,556
Cotton
Freights—Current
rates
for
cotton
from
York, as furnished by Lambert & Barrows,
Inc.,
follows, quotations being in cents per pound:
High
Stand-
Density
Liverpool
High
ard
Stand-
Density
High
ard
New
are
as
Stand-
Density
ard
.32c.
.47c.
Trieste
d.45o.
.60c.
Piraeus
Manchester.32c.
Antwerp
.32c.
.85c.
1.00
,47c.
Flume
d.45c.
.60c.
Salonlca
.85c.
.47c.
1.00
Barcelona
Havre
,32c.
Rotterdam ,32c.
.47c.
.47c.
Shanghai
Genoa
d 45c.
.60c.
Bombay
,48c.
.63c.
Bremen
.59c.
♦
Hamburg
Oslo
Stockholm
.44c.
•Rate Is open.
x
Japan
*
*
*
Venice
d.45c.
Copenhag'n 40c.
Naples
d 45c.
.55c.
.65c.
Leghorn
d.45c.
.60c.
.32c.
.47c.
Gothenb'g
.44c.
.59c.
,32c.
.47c.
♦
Only small lots.
*
.60c.
.50c.
x
*
.60o.
d Direct steamer.
Liverpool—By cable from Liverpool, we have the follow¬
ing statement of the week's imports, stocks, &c., at that
port:
Nov. 27
Forwarded
Total stocks
-
Of which American
Of which American....
65.000
731.000
243,000
734.000
252.000
80.000
26.000
218.000
100,000
263.000
115,000
116,000
of the
Liverpool market for spots and futures
day of the past week and the daily closing prices of
each
spot cotton have been
follows:
as
Saturday
Monday
Wednesday
Thursday
On the 17th
by
Moderate
records
Friday
Quiet.
12:15
Quiet.
Quiet.
Quiet.
Quiet.
P. M.
6.92d.
Futures.
6.99d.
Steady,
Market
2
opened.
pts.
to 1
7.00d.
Steady,
dec. 3
pt.adv
:
to
6.96d.
Quiet but
The
6.93d.
Steady,
Steady,
4
1
P. M.
to
2
pts. stdy., 1 pt. 3 to 5 pts. 2 to 3 pts. 3 to
4.pts.
advance.
dec. to 2
decline.
decline.
decline.
pts. adv.
Steady,
pts. 2
advance.
nil
Dec. 12
Steady,
Steady,
Liverpool for each day
are
unch. to
pt.
1
adv.
given below:
m
Sat.
Mon.
Tues.
Wed.
Thurs.
(1936)
January (1937)-March
d.
d.
d.
6.72
6.70
6.70
6.78
6.75
6.75
d.
d.
6.76
6.76
6.75
d.
d.
6.81
_
6.76
d.
the
peg,
6.79
6.72
6.80
6.73
6.69
6.73
6.49
d.
-
-
6.67
d.
'»
6.70
-
6.64
6.68
2Vo
here
to
price
DAILY
a
renewal
CLOSING
6.73
6.70
6.68
6.65
6.73
6.74
6.77
6.70
6.71
6.68
6.67
6.64
6.67
6.67
6.69
6.72
of
6.66
6.63
6.62
6.59
6.62
PRIC
6.38
6.36
6.42
6.38
6.45
6.38
_
_
...
6.47
6.43
6.41
-
-
■
-
-
6.43
6.42
6.38
6.39
-
-
-
6.38
6.34
6.34
6.34
-
6.38
6.34
OF
.
PRICES
Season's
December
Flour—Sales offices for
leading mills
little
continue to find
evidence of buying interest.
Some odd lot trade is
being worked, but buyers in general show little Inclination
to
cover
at
current
levels.
Observers
state
there
is
little
likelihood of any appreciable improvement in
business
the next fortnight.
The last two days flour
over
prices have
been unchanged, though the undertone
of strength in wheat.
was
firm
as
a
result
Wheat—On the 12th inst. prices closed 1 to
2%s. higher.
In this session values reached the
highest levels in seven
years.
Soaring to $1.28%t wheat deliverable this month
eclipsed the high established in the "bull" market of
July,
1933, the previous peak since 1929, when wheat was quoted
as high as $1.63.
The sharp advance today was attributed
to heavy buying stimulated by
reports of a pessimistic
nature concerning United States wheat
production in the
coming season because of drought threats in many sections,
particularly in the Southwest. Coupled with these reports
were further bullish influences.
Among these was the under¬
current of war gossip, these grave rumors
strengthened by
the apparent urgent action on the part of
European counties
in buying wheat.
In the language of the trade—the world's
wheat bins are being scraped to meet the demand from
Europe. The United States, usually an exporter of wheat,
High and
140%
135
120%
When
1
Dec.
Dec.
1
Dec.
1
Tues.
world
are
5%c.
a
markets
Specu¬
by big
Winni¬
de
Mon.
PRICES
Season's
.
Sat.
May
July
116%
Mon.
Hoi
114%
12th
Low
and
85
inst.
Made
May 28, 1936
Sept. 2, 1936
Oct.
2, 1936
IN
Wed.
WINNIPEG
Thurs.
120% 121% 123%
121% 121% 123
119% 118
119%
prices closed
152%
CHICAGO
When
105%
96%
Tues.
Fri.
148%
IN
Wed.
Thurs. Fri.
134% 135% 139%
129% 130% 133%
117% 116% 119%
WHEAT FUTURES
115%
the
133%
129%
117%
December
May
1936 July
OF
Thurs.
148%
Tues.
135%
129%
117%
1936
December
Corn—On
148
FUTURLS
1!. 1936
.
NEW YO.UC
Wed.
148%
WHEAT
128%
124%
112%
DAILY CLOSING
Friday Night, Dec. 18, 1936
WHEAT IN
Sat.
May
July
BREADSTUFFS
Soaring
all
dry
talk.
Ion.
-143%
May
July
6.44
in
war
December
6.65
6.39
up.
level attained in years.
6.69
6.72
6.68
6.36
41/4c.
wheat
today
Sat.
6.68
6.35
exceeded
wheat
DAILY CLOSING
6.63
December
(Thursday)
top
export
snow
in Nebraska and in the
Wheat markets all over the world
No. 2 red
May
October
today
new
that
were
Reports of large pur¬
by Germany also played its part as an
Open interest ir wheat was 96,364,000 bushels.
of
July
January (1937)--
bushel to
a
estimates
been
highest
and by
Fri.
d.
6.75
has
areas.
maximum
influence.
New Contact
% off to l%c. up.
Influ¬
rise in the rye markets,
lative trading was stronglv in
evidence, aroused
export purchases, estimated at 2,000,000 bushels in
Close Noon Close Noon Close Noon Close Noon
Close Noon Close
December
Talk
Vancouver for Great Britain.
markg^lpsed 2c. up on certain deliv¬
reported strong.
Today prices closed
chases
to
Dec. 18
Late
season.
Canadian wheat
There
reached
Steady,
to 6 pts. 3 to 5 pts. 5 to 7
pts. 4 to 6 pts.
advance.
advance.
decline.
decline.
Prices of futures at
..
Steady,
the
of
Steady,
bushel
Market,
sensational
Winnipeg climbed about 3c.
for
Southwest
Steady,
rather
Liverpool wheat
eries.
6.88d.
5
production.
1,000,000 bushels, chiefly out of
demand.
Mld.Upl'ds
inst. prices closed
the
purchases
Market,
and that
season
hand, an unofficial report today
(Wednesday) put United States winter wheat condition at
77% of normal, against 80% a year ago.
enced
Tuesday
production
failure, that she would need
Argentina's crop at 279,000,000 bushels, whereas recent
trade forecasts have
ranged from 215,000,000 to 254,000,000
bushels.
On the other
wheat at
Spot
relative
report would estimate
253.000
66.000
31.000
61.000
31.000
236,000
a
estimate of this season's
Argentine wheat
was current that the
Argentine official
Dec. 18
65.000
730.000
12,000
222,000
87,000
Amount afloat
Dec. 11
59.000
248,000
49,000
Total imports
Of which American..
The tone
Dec. 4
58.000
727.000
was
times prices reached new
highs.
The principal factor op¬
erating against wheat in this session was heavy realizing
sales together with
prodding by commission houses in the
form of increased
marginal demands which prompted many
to release their
holdings. Margins on December wheat and
rye were advanced to 15c. a bushel.
Speculative demand for
wheat was much less in evidence than
was the case during
the previous session.
The sharpest rally in wheat
today
(Tuesday) followed word that Italy, the Orient and Germany
had been moderate
purchasers today from the Southern
Hemisphere. On the 16th inst. prices closed unchanged to
%c. up.
Trading was entirely devoid of any spectacular
features, the attention of traders apparently being focused
on the
pronounced activity and strength in rye.
Cables said
the Liverpool wheat trade was more or
less fearful of possible
adverse market
developments as a result of the first official
5
1
World shortage of
•
serious situation,
Wheat
3.232
To
a
Italy would require perhaps more than double such a total.
prices on the Chicago Board closed at about the
highs of the day. On the 15th inst. prices closed unchanged
to l%c. down.
The trend was generally lower
*
though at
9—Ysel-
Rotterdam—Dec. 6—Gateway City.
1,010
To Genoa—Dec. 8—Nicolo
Odero, 1,400
NORFOLK—To Hamburg—Dec.
18—City of Newport News, 93-JACKSONVILLE—To Liverpool—Dec. 12—Fluor
Spar, 6
To Manchester—Dec. 12—Fluor
Spar, 5
surpassed.
37,000,000 bushels of wheat this
3,262
Dec.
seven years were
experts gave for today's
(Monday's) stampede to the buying side.
The chief im¬
mediate cause setting the market ablaze with
excitement was
the surprise announcement that
Germany's food
2,220
To Antwerp—Dec.
To
for the last
350
9—Tivives, 200
12—Sixaola, 10__
BEAUMONT—To Liverpool—Dec.
10—Chancellor, 2,220-To Manchester—Dec.
10—Chancellor, 334
MOBILE—To Liverpool—Dec.
8—Majician, 186
To
Chicago during this session and 8c.
Minneapolis, the maximum 24 hour limit. High records
100
To Colon—Dec.
8—Dawison
at
692
To Reval—Dec.
12—Brokeholm, 100
To Susac—Dec. 12—Laura
C.f 200
To Pt. Barrios—Dec.
To Manchester—Dec.
among
whirled skyward 7%c. in
2,603
Gothenburg—Dec. 12—Brokeholm, 100
Abo—Dec. 12—Brokeholm, 350
To
the nations buying grain in the foreign market.
Feverish
speculative buying accompanied a sensational
upsweep of
all grain values that
upset top price records of long standing
not only in
wheat, but also in rye, corn and oats.
Despite
immense profit
taking sales that at times caused violent
fluctuations, the upward trend could not be stemmed. In the
trading that reached enormous proportions, wheat prices
402
To Dunkirk—Dec
10—Liberty Bell, 2,600
To Rotterdam—Dec.
4029
On the 14th inst.
prices closed 5c. to 6^c. higher.
5,453
Antwerp—Dec. 10—Liberty Bell, 402
Ghent—Dec. 10—Liberty Bell, 2,450
To
Chronicle
Japan—Dec. 14—Laplata Mara, 800
Maru, 3,550—Dec. 12—Komaki Mara,
ll^c.
Fri.
128%
126%
122%
down
on
December, while the rest of the list closed
to %c. higher.
The tender of 40,000 bushels towards
December contracts
was a factor
operating against the
ever,
there
was
sufficient
price of this option. How¬
in futures to stabilize
support
prices in the more deferred contracts. Some of the confidence
a higher price level for the
distant months is
encouraged
by the large current marketings, the small crop considered.
On the 14th inst. prices closed
2% to 33^c.
The sharp up¬
ward movement in this grain was influenced
almost entirely
by the action of wheat.
The spot corn market however
was a drag, in that it failed to
respond to the great
in
,
of wheat.
This
was
due in
upsurge
a measure
to
large receipts of the
actual grain and the tender of
66,000 bushels toward
December delivery.
On the 15th inst. prices closed
the
to
2^gc. lower.
This drop in corn was attributed
chiefly to
reports that there is strong likelihood of a settlement of the
marine workers'
strike, which would mean the probability
enlarged imports of Argentine corn, which would not
only
a bearish effect on
corn, but also on the other grains.
The holding off of real winter weather is also
having a bear¬
ish effect, especially as concerns
marketings. On the 16th
inst. prices closed y&. off to
%e. up. There was relatively
of
have
Financial
4030
opments in rye
the trade.
of
the
trade
11924
May
11523
10923
Dec. 18, 1936
Dec. 18, 1936
July
higher. Atten¬
seemed focused almost entirely on the
DAILY
Thurs.
Wed.
Tues.
Mon.
Sat.
Fri.
122% 12CU* 121^ 121^ 121 &
FUTURES IN CHICAGO
.—119
PRICES OF CORN
DAILY CLOSING
Fri.
107% 108% 108%
106 H 10924 107
December
Thurs.
Wed.
Tues.
Mon.
Sat.
102^ 10221
98% 9824
10424 104J3
101% 10124
When Made
10024 10323 10224 102H
96H 9923 9723 97%
....10224 10524 104^ 10424
9924 10223 10023 100 %
May
July
May (new)
July (new)
Made
Dec. 2, 1936
Dec. 14, 1936
Dec. 18, 1936
Dec. 14, 1936
Dec. 14, 1936
Season's High and When
11024
December
May
July
May (new)
July (new)
YORK
OF CORN IN NEW
CLOSING PRICES
'
..104
100
16
102%
Season's Low and
June
5223
December
2, 1936
July 29, 1936
Oct.
1, 1936
Nov. 2, 1936
Nov. 2,1936
8524
85
May (new)
8923
July (new).... 8623
May..
July
prices closed % to y%c. up.
The
steadiness of this grain was due largely to the pronounced
strength of wheat.
On the 14th inst. prices closed
to
2^c. higher.
This grain, of course, could hardly fail to
respond to the spectacular advance in wheat and the other
grains.
The value of oats as fodder compared with the price
of corn was an added stimulating factor.
On the 15th inst.
prices closed ^ to %e. lower.
This heaviness was due
largely to the declining tendency manifested in the other
grains, especially corn.
On the 16th inst. prices closed
3^c. lower to %g. higher.
There was little of interest in
the developments of this session.
On the 17th inst. prices closed unchanged to %c. down.
This was the only laggard in the grain markets, and no
explanation was given for the heaviness of oats.
Today
prices closed 34 to %c. up.
There was very little of interest
in this market outside of the steady undertone that pre¬
vailed throughout the session.
DAILY CLOSING PRICES OF OATS IN NEW YORK
Oats—On the 12th inst.
Sat.
No. 2 white—.
T DAILY CLOSING
December
May
July
Tues.
Mon.
Wed.
Thurs.
Fri.
6323 6323 6323 6423
PRICES OF OATS FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed. Thuis. Fri.
—
6124
6323
4924 5123 5123 5123 5123 5123
4923 5124 5023 5023 5023 5123
4423 4523 4523 4524 45
4523
When Made
\
Season's Low and When Made
Dec. 15, 19361December
2623 May 27. 1936
Dec. 14, 1936 May
4024 July 29, 1936
Dec. 14, 19361 July
3723 Oct. 1, 1936
PRICES OF OATS FUTURES IN WINNIPEG
-
Season's High and
May
5223
5123
July
4623
December
DAILY CLOSING
Sat.
Tues.
Mon.
Wed.
Thurs.
Fri.
5224
5123 5223
Rye—On the 12th inst. prices closed l^g to 2c. up.
The
exceptional buoyancy of wheat and a substantial spot demand
for rye, were the factors responsible for the sharp upward
movement in rye values.
On the 14th inst. prices closed
5 to 6c. higher.
This being a bread grain and closely related
to wheat, felt the full effects of the vigorous upswing in wheat
prices.
A healthy spot demand for rye was also a factor in
the upward movement. On the 15th inst. prices closed y±o.
down to lj^jc. up.
In this session new high prices were
December
50
May
HOL
4923
recorded.
5223
52
One sustaining factor as
52
5123
the
to rye was a prospect
extreme
time no European rye
24-hour period. Simul¬
wheat market reached new price
limit allowed in any
taneously the Winnipeg
Big purchases for immediate delivery
of rye were reported.
For this rye, premiums seldom
equaled were said to have been paid over and above futures
quotations.
The entire seeding of 1937 domestic rye was
unofficially figured as totaling but 6,800,000 acres, and the
condition of the crop only 67.9% of normal.
Trade special¬
ists emphasized reports that scarcity of rye abroad left little
prospects of shipments to this country from overseas.
On the 17th inst. prices closed iy± to 3c. higher.
Unfavor¬
able reports about the condition of the new domestic rye
crop,
together with lively commercial demand for the
meager supplies available from this year's small harvest,
and the realization that rye as a bread grain has been sell¬
ing at too big a discount under wheat, were the factors
largely responsible for the brisk speculative buying.
Rye
at Winnipeg soared 5c. a bushel, the limit for any 24-hour
period, and Chicago December delivery of rye shot up to
$1.16^>, showing a gain of 60c. a bushel since the beginning
of June.
This was the second successive day that, largely
peaks for the year.
scarcity of offerings, rye showed sensa¬
All deliveries of rye at Chicago
top price records in this session.
Today
because of extreme
tional bulges everywhere.
established
new
The highly vigorous action of
rye,
although not matching
sensational advance of 5%c. on the Chicago
prices closed 1 to l%c. up.
naturally influenced
wheat
wheat
in
its
Board during
DAILY
_
CLOSING
December
May
July
PRICES
FUTURES IN CHICAGO
Sat. Mon. Tues.
-
Wed. Thurs. Fri.
11623
10623 10923 11124 11324
10223 10424 10624 10724
10324 10924 10923 11223 11523
101
96
9823 HOL
9523 10023 10524
December
7523 HOL
8024
6823
72%
i
106
101
80
74
8023
8024
7323
7223
follows:
Closing quotations were as
GRAIN
•
Oats, New York—
No. 2 white
Wueat, New York—
No. 2 red. c.i.f., domestic—15224
Rye, No. 2, f.o.b. bond N.
Barley, New York—
4723 lbs. malting
Chicago, cash
...
l.f.o.b N.Y. 14023
Manitoba No.
Corn, New York—
No. 2 yellow, all rail.
12124
•
6423
Y... 126
10823
100-137
FLOUR
3.30
3.10
Corn flour
Barley goods—
Hard winter
6.90@7.15
Hard winter patents
7.10@7.35
5„.90@6.10
Hard winter clears
11.25@11.35
Seminola.bbl., Nos. 1-3
Oats, good
5.90 @6.10
straights
straights
Soft winter
6.15@ 6.40
Rye flour patents
Spring oats, high protein.7.95@8.20
3pring patents
7.55@7.85
Clears, first spring
6.45@6.80
Coarse
Fancy
4.75
pearl,Nos.2.4&7 6.90@ 7.25
below regarding the movement
All the statements
of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
of the last three years:
Minneapolis.
73,000
42,000
Detroit
27,000
3,000|
493,000|
16,000
1,000
~3~o",6oO
42,000
606,000
126,000
4,000
83",665
12,000
284,000
57,000
81,000
300,000
574,000
14,000
14,000
175,000
Kansas City.
15,000
34,000
631,000
105,000
44,000
14,000
Louis—
Peoria
23,000
7,000
14,000
20,000;
226,000
Indianapolis.
St.
11,000
354,000
Toledo
431,000
34,000
779,000
55,000
21,000
232",66o]
6,000
14,000
_
37,000
2,000
9,000
Duluth
Milwaukee.
bush. 32 lbs. bush.56lbs. bushA8lbs.
150.000
150,000
175,000
Uls.mibs. \bush. 60 lbs \bush. 56 lbs.
1,955,000!
399,000
220,0001
233,000
755,000
Chicago
Barley
Rye
Oats
Corn
Wheat
Flour
Receipts at-
Omaha
:
209,000
91,000
36,000
67,000
336,000
6,000
14,000
140,000!
4O",666
1,656,000!
338,000
204,000
6,000
St. Joseph__
Wichita
Sioux City—
Buffalo
316.000
4,375,000
3,361,000
5,273,000
4,644,000
1,344,000
1,516,000
J
327.0001
4,193,000
3,610,000
893,000!
1,609,000
1,335,000
1,390,000
357,000)
Same wk. '35.1
131,000
397,000
'36
Total wk.
Same wk. '34
Since Aug.
529,000
1—;
! 8,374,000 142,210,000 75,918,000 42,614,000! 9,560,000155,523,000
84,007,000 12,697,00048,419.000
7,564,000 233,258,000 58,140,000,
28,224,000 8,395,000 38,316.000
7,300,000 135,459,000' 110,438,000'
1936
1935
,
1934
1936, follow:
ended Saturday, Dec. 12,
Barley
Rye
Oats
Corn
Wheat
Flour
Receipts at—
seaboard ports for
of flour and grain at the
Total receipts
the week
bush. 32 lbs. bush.56lbs. bushA8lbs.
bbls. 196 lbs bush. 60 lbs. bush. 56 lbs.
Philadelphia-
15,000
New Orleans *
16",666
12", 660
14"666
114,000
7,000
254,000
St. John, West
"9",606
6~o",666
2,000
209,000
23,000
Boston
31,000
52",666
Galveston
Montreal
2,000
5,000
15,000
2,000
3,000
240,000
Sorel
16,000
20",000
31,000
Baltimore....
97",660
32,000
3,130,000
2,000
173,000
New York
i"i"o~,666
Quebec
"9",000
Halifax
Three Rivers
269",000
.
38,000
4,174,000
Since Jan 1,'36 14,442,000 134,258,000
10,461,000
58,000
7.752,000
4,512,000
323,000
1,544,000
158,000
168,000
57,000
1,000
Since Jan 1/35 12,671,000
68,463,000
15,399,000
17,281,000
4,712,000
4,790,000
Total
'36
wk.
Week 1935...
286,000
,* Receipts do not
on
include grain passing
3,913,000
ports
through New Orleans for foreign
through bills of lading.
for the week
from the several seaboard ports
Saturday, Dec. 12, 1936, are shown in
The exports
ended
the annexed
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from
Bushels
Barrels
Bushels
Bushels
Bushels
31,222
607,000
New York
11,000
Halifax
3,000
New Orleans
24o",666
Sorel
St. John,
12",606
114,000
Montreal
7,000
"9",000
64,222
113,552
29,000
254,000
West
Quebec
1
110,000
Three Rivers
269,000
Total week 1936—
Same week
The
1935
1,594,000
902,000
destination of these exports
9,000
for the week and since
July 1, 1936, is as below:
Corn
Wheat
Flour
Exports for Week
Week
Since
Week
Since
Dec. 12
July 1
and Since
Week
Since
July 1 to—
Dec. 12
July 1
1936
Dec. 12
July 1
1936
1936
1936
1936
1936
Barrels
Bushels
Bushels
Bushels
Bushels
Barrels
United
Kingdom.
Continent
21,895
2,327
So. & Cent. Amer.
11,500
26,500
Other countries...
Total 1936
Total 1935
1,222,830
1,082,000
317,500
569,500
11,000
2~O6O
64,222
113,552
44,175,000
28,975,000
494,000
374,610
11,000
Brit. No. Am. Col.
OF RYE
Wed.
Tues.
Mon.
Sat.
West Indies
this day's session.
.
1936
1936
FUTURES IN
PRICES OF RYE
DAILY CLOSING
December
5123
shipments would be
made to this country.
On the 16th inst. prices closed
2% to 3c. higher.
Rye at Winnipeg soared 5c. a bushel,
that for a long
Aug. 11,
Oct. 3,
WINNIPEG
Thurs. Fri.
11023
May
9024
9524 10024 10423 10923
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed. Thurs. Fri.
December..
90
94
94
94
94
94
May
83
8623 8623 8623 8623 8623
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat. Mon. Tues.
Wed. Thurs. Fri.
49,831,000 bushels.
No. 2 yellow
May
July
May.
active and
though corn was fairly
influenced by the strength in the other grains.
Today prices closed Ysc. off to %c. up.
Attention of the
trade appears to be focused on wheat and rye, judging by
the relatively slow action of corn, which seems reluctant to
follow the sharp upward swing of the other grains.
Open
in corn was
When Made
June 3, 1936
7523
71
When Made
December
Dec. 18, 1936
Season's High and
naturally
interest
5524
Season's Low and
December
prices closed Y± to
and wheat markets,
rye
attention of
apparently having gripped the
On the 17th inst.
tion
spectacular devel¬
trading in this grain, the
small volume of
1936
19,
Dec.
Chronicle
V.660
14,000
66,153
"7",000
2,084"000
2,561,593
1,784,866
1,594,000
75,480,000
44,165,000
902,000
"
232,000
'
'
.......
1,000
45,000
Volume
The
143
Financial
Chronicle
visible
from the
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 12, were as follows:
GRAIN
Wheat
New York
"
Corn
Oats
Rye
Bushels
Bushels
Bushels
188,000
196,000
83,000
693,000
Baltimore*
388,000
169,000
26,000
44,000
1,076,000
New Orleans
Galveston
912,000
3,232,000
FortWorth—
Wichita
Hutchinson
St. Joseph.
Kansas City...
Omaha
Sioux City
St. Louis
Indianapolis.
292,000
434,000
143,000
754,000
1,335,000
56,000
2,595,000
7,228,000
401,000
c
afloat
Milwaukee
Duluth
5,681,000
2,296,000
150,000
7,404,000
2,610,000
a
Detroit
Buffalo b
"
afloat
1,000
11,000
15,000
126,000
29,000
15,000
34,000
52,000
33,000
131,000
1,315,000
On canal
Total Dec.
12, 1936- 61,526,000
Total Dec.
5,1936.- 62,459,000
Total Dec. 14, 1935— 73,286,000
New York,
'
210,000
168,000
1,217,000
2,792,000
326,000
1,119,000
912,000
7,000
10,000
c
holiday, Christ¬
shopping increased materially in all sections of the coun¬
try, although during part of the week adverse weather
conditions
4,905,000
5,911,000
1,815,000
180,000
1,292,000
209,000
1,410,000
481,000
7,000
250,000
1,356,000
337,000
184,000
—
9,083,000 37,008,000
8,205,000 38,681,000
5,814,000 42,748,000
5,444,000 16,686,000
5,598,000 17,967,000
9,198,000 15,873,000
corn
believed that
*
in 1936.
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Bushels
1,863,000
8,913,000
380,000
33,000
1,400,000
771,000
298,000
2,197,000
Other Canadian and other
water points
38,044,000
3,650,000
213,000
1,536,000
5,430,000
5,443,000
5,982,000
for
12, 1936— 48,820,000
5, 1936— 50,006,000
Total Dec. 14, 1935—128,704,000
Total Dec.
1,017,000
1,002,000
3,442,000
4,031,000
4,025,000
3,806,000
Summary—
American
61,526,000
9,083,000 37.008,000
Canadian
48,820,000
5,430,000
Total Dec.
12, 1936.-110.346,000
5, 1936.-112,465,000
Total Dec. 14, 1935.-201,990,000
The world's
5,444,000 16,686,000
1,017,000
4,031,000
9,083,000 42,438,000
6,461,000 20,717,000
8,205,000 44,124,000
6,618,000 21,992,000
5,814,000 48,730,000 12,640,000 19,679,000
Total Dec.
shipment of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
ended Dec. 11, and since
shown in the following:
July 1, 1936, and July 1, 1935,
Wheat
Exports
are
Corn
—
Since
Week
Since
Since
July 1
July 1
Dec. 11
July 1
July 1
1936
1935
1936
1936
1935
Bushels
Black Sea
Since
1936
Argentina
Week
Dec. 11
North Amer.
Bushels
Bushels
Bushels
Bushels
Bushels
3,708,000 112,148,000
432,000 37,200.000
1,053,000 26,133,000
1,604,000 30,892,000
376,000
6,488,000
264,000 12,024,000
72,206,000
29,146,000
49,028,000
41,748,000
256,000
15,488,000
1,000
1,000
468,000
9,850,000
4,859,000
6,733,000 182,616,000 145,153,000
7,437,000 224.885,000 207,872,000
7,414,000204,121,000'l75,241,000
•
India.
Oth. countr's
Total
1
213,000
11,654,000
Report for the Week Ended Dec. 16—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 16, follows:
During the first and middle parts of the week precipitation
was
frequent
in the Atlantic States, attending a succession of two moderate "lows"
that
moved northward just off the coast.
Otherwise, mostly fair weather pre¬
vailed and the latter part of the week was clear and
sunny in practically
all portions of the country.
Warmer weather prevailed in the interior
on
the 8th, but a couple of days thereafter a rather extensive
"high" moved
southward over the Northwestern and interior States,
bringing a
sharp
drop in temperature, and carrying the freezing line almost to the central
Gulf Coast by the morning of Dec. 12.
The line of freezing temperature during the week extended as far
south
as central
North Carolina, north-central Georgia, extreme southern Ala¬
bama, and nearly to the cOast in Mississippi and Louisiana.
In southern
Texas the temperature did not go lower than about 38 degrees.
In the Ohio
Valley the minima ranged from 10 to about 20 degrees, and in the Great
Plains from 20 degrees below zero at Devils Lake, N.
Dak., to 28 degrees
above at Abilene, Texas.
Subzero temperatures occurred in the interior
in
the Midwest
as
far south
as
sourh-central Wis¬
consin, northern Iowa, and northeastern South Dakota.
The temperature for the week, as a whole, averaged
considerably below
normal in the Sputh, except southern Florida, and moderately above
normal
in the Northeast and the Great Plains from the Panhandle of Texas
north¬
ward.
Elsewhere, the averages were near normal.
The table shows also
that precipitation was moderate to heavy in the Southern States
and in
the Atlantic area, ranging largely from nearly an inch to more than 2
inches.
were
some
locally
heavy rains,
substantial falls in the southern
also,
in
western
half of California.
Washington
and
Elsewhere there
was
little precipitation, with most stations having inappreciable amounts.
Generous and rather general precipitation in the Atlantic area was
decidedly
favorable in supplying needed soil moisture, especially in central dis¬
tricts, theugh outside operations were inactive because of frequent rain¬
fall.
In the South the week was fairly favorable, except that low
tempera¬
tures prevented much growth of winter crops,
especially in the lower
Mississippi Valley section.
In Florida truck is recovering from previous
freezes, though growth is slow; citrus is excellent in that State.
In the north-central Plains, especially South Dakota and
Nebraska,
water from melting snow has all penetrated the soil and surface
condi¬
tions are improved.
The topsoil is in fairly satisfactory shape in most of
the Plains, and also in the lower Missouri Valley, though subsoil
moisture
remains deficient.
Considerable feeding of livestock was
necessary in
Central-Northern States, but from the Rocky Mountains westward con¬
ditions were generally favorable, with much open range.
West of the Rocky Mountains the situation has not changed to
any
great extent, though some moderate precipitation in eastern Washington
temporarily improved the condition of the soil and substantial falls in
very
southern
half of
California
favorable.
at
the
close
of the
week
were
dedicedly
Small Grains—In general, the week was rather favorable for winter
wheat in the main-producing sections.
Some local heaving was reported
in
per
volume
of
cent.
consumer
estimated
was
Although it
was
buying, sitmulated
largely
may
offset
this
record
a
holiday
season.
a
somewhat
disappointing
set back to
earlier
hopes
For the entire month of De¬
Trading in the wholesale dry goods markets quieted down,
retailers concentrated
as
on
their Christmas
stantial amount of fill-in orders
selling.
placed, but
was
on
A sub¬
many
items it became increasingly difficult to obtain immediate
delivery.
Wholesalers remained
on the sidelines.
Having
requirements for Spring 1937, they
limited their activity to straightening out old commitments
and
their
preparing for year-end inventory taking.
percales and blankets also subsided.
holidays had
remained
no
adverse effect
steady to firm.
prices held steady.
on
prices, however, which
Business in silks
Trading in
Buying of
The usual lull before
was
quiet, but
rayon yarns continued at
a
record pace, and orders for yarns exceeded
production by a
large margin.
price advance
Rumors were increasing of an impending
viscose and acetate yarns, although con¬
cern continued
to be expressed over the
increasing use of
foreign yarns, particularly of Italian origin.
on
Domestic
Cotton Goods—Trading in the
gray cloths
during the early part of the week was mostly con¬
fined to purchases of odd lots and immediate
delivery goods
for fill-in purposes.
The latter appeared to be somewhat
easier to obtain as overruns developed in some mills.
To¬
wards the end of the week, activity increased
considerably
and substantial amounts of
second-quarter print cloths, in
addition to some first-quarter goods, were sold. A limited
amount of second-hand offerings
appeared in the market at
prices below first-hand quotations and a slight shading of
prices developed, partly under the influence of the break in
markets
the
raw
cotton
market.
Business in fine goods continued
Good interest was shown in fancies, and inquiries
were received for
early deliveries of fall goods, but mills
were unable to fill these, as their commitments
on
Spring
goods will keep their machines fully occupied. A few second¬
hand offerings in combed lawns made their
appearance, but
their total amount was negligible.
Closing prices in print
cloths were as follows: 39-inch 80's, 93^> to
11c., 39-inch
72-76's, 103^c., 39-inch 68-72's, 8 to 8^c., 38^-inch 64-60's,
7 to 8c., 38^-inch 60-48's, 63^ to 6%c.
quiet.
25,228,000
Weather
of the Northeast and
total
cember department store sales for the
country as a whole
were estimated to show a
gain of around 10 per cent.
the
.!
Total Dec.
the
late spurt
a
covered most of
Wheat
Canadian—
the
December, the gain in
by payments of Christmas bonusses and dividend disburse¬
ments,
in bond.
afloat, 4,732,000; Duluth, 4,565,000; Erie, 1,006,000; Albany, 3,048,000; Chicago,
222,000; Canal, 1,711,000; total, 26,118,000 bushels, against 34,125,000 bushels
There
larger than about 5
result, it, nevertheless, caused
360,000; total, 5,424,000 bushels, against 64,000 bushels in 1935.
Wheat—New
York, 5,269,000 bushels; New York afloat, 539,000; Buffalo, 5,026,000; Buffalo
Ft. William &Pt. Arthur
with
last year in the metropolitan area
over
be not
to
Chicago—Also has 190,000 bushels Argentine
Montreal
somewhat
For the first two weeks of
2,093,000
Note—Bonded grain not included above:
Oats—Buffalo, 78,000; total, 78,000
bushels, against 241,000 bushels In 1935.
Barley—Milwaukee, 1,047,000 bushels;
Buffalo, 514,000; Buffalo afloat, 364,000; Duluth, 3,139,000; Chicago afloat,
Australia
interfered
business.
sales
2,230,000
Baltimore—Also has 40,000 bushels Argentine corn in bond,
a Duluth—In¬
cludes 112,000 bushels feed wheat,
b Buffalo—Also has 129,000 bushels Argentine
in bond,
Friday Night, Dec. 18, 1936
With only one more week left before the
9,000
*
corn
THE DRY GOODS TRADE
2,000
1,000
37,000
8,351,000
213,000
55,000
59,000
158,000 15,660,000
31,000
3,793,000
6,000
5,000
11,000
Minneapolis
2,000
32,000
mas
97,000
9,000
"
2,000
478,000
398,000
26,000
1,601,000
Peoria
Chicago
Barlety
26,000
801,000
877,000
4,368,000
1,339,000
13,627,000
4,131,000
454,000
3,343,000
needs with some increases from
melting snow in northern sections.
In
Kansas and Oklahoma the week was
favorable, though rains would be
beneficial in the latter State and the subsoil is
generally dry in both States.
In the Pacific Northwest moderate
precipitation in parts of eastern Wash¬
ington was helpful, but much more moisture is needed.
In Montana the
snow cover is
largely gone, but resulting moisture has helped.
Bushels
94,000
92,000
afloat-..-
Philadelphia
Valley, but the situation continues mostly favorable east
of the Mississippi
River, with rainfall in eastern sections decidedly help¬
ful.
In the Plains States topsoil moisture is
mostly sufficient for present
STOCKS
Bushels
United States—
Boston
4031
Ohio
Woolen
Goods—-Trading in men's wear fabrics showed
inprovement, as mills received a substantial amount of
on overcoatings and
topcoatings. Suitings, however,
remained slow, partly due to the fact that most
clothing
some
orders
manufacturers
are,
for the present, fairly well covered
against their initial Spring requirements, and partly due to
continued scattered resistance to the higher
price demands.
Material for resort wear and winter
sport
apparel moved in
volume.
Reports from retail clothing centers con¬
tinued their good showing, and retailers in
general appeared
good
anxious to
cover on their
Spring needs. Business in
goods continued fairly active.
Orders on
fleeces and flannels, as well as on
dressy coatings, were
placed in substantial volume. Garment manufacturers were
busy with deliveries of winter resort wear for January sales.
Their stocks of such goods were
reported to run low, as it
proved very difficult to obtain material for fill-in purposes.
more
women's
wear
Retail sales of women's apparel continued to
run
far ahead
of last year.
Foreign Dry Goods—Trading in linens remained quite
With stocks of all classes of merchandise
reported to
be light, and with quotations for the raw material
following
a steadily rising trend,
demand for holiday items, such as
active.
handkerchiefs and fancy linens, as well
sheers,
as
for cambrics and
quite heavy. While the call for winter resort
satisfactory, its total volume fell some¬
what behind expectations. Business in
burlaps again turned
quiet, partly due to a lack of offerings. Prices, however,
held firm, reflecting the relatively good November statistics
and the continued firmness of the
primary market. Domes¬
tically lightweights were quoted at 3.90c., heavies at 5.45c.
was
materials remained
.
Financial
4032
Dec.
Chronicle
Granville. He¬
bron & Fort Ann Central 8. D.
No. l.N Y
2.60
1*4
3187 Harwich, Mass..
1937-1951
26.000
100 339
1937-1951
100.000
101.333
1942-1949
16.000
-
2*
Pa
3355 Hebron. Neb
3036
Illinois & Missouri
Hatfield,
3506
Henderson Co.. N.
3031
Bonds
Henry Co. 8. D. No. 51. Ill
3353
1940
1946-1955
135.000
Jamestown, N. Y
1.60
3036
WIRE
Jackson Co. S. D. No. 74. Ore
3506
314 N. Broadway
DIREGT
CHICAGO
3507
Jamestown,
3503
105 W. Adams St.
5
2*
5
Jennings; La.............
La
ST. LOUIS
Houma,
3192
Indiana 8.
D.. Pa
N.
....
Dak.
detailed list of the municipal
bond issues put out during the month of November, which
the crowded condition of our columns prevented our pub¬
We
present herewith our
1,185
3354
Josephine Co. 8. D. No 32,
Kanabec County, Minn
3358
Ore..4
Kay Co
3192
3502
3188
1937-1938
3
9 D No. 42, Okla. .2 *&3
Kellogg, Idaho
2&2 *
Keytesvllle. Mo..
334
Kinsman Twp. Rural S. D.. Ohio.2*
Lander,
3358
Lane
County
No
13. Ore
Rate
Name
Page
Maturity
110,000
3*
Abbeville. La
3186
Sp. Tax S D. No. 10,
...6
3352
Alachua Co
3189
Alnmavordo Munlc. S. D. No. 1,
Fla
.
Albemarle, N
Albia R. D.. Iowa
Alexandria, Va
3035
Ashley
Ohio
...5
4* A 3M
3*
3193
Athens. Term
3030
At water. Calif
3038
Basin. Wyo
3358
5*4
4*
Beverly, Mass
1
Bloom ington Seh Twp
Towa
2
Board of Administrators of the
3504
3354
0000
3186
...
Bedford, Ohio
Belle
3033
Booriville. Mo
3032
Boyden
3508
Bradley Co
3033
Breckenridge, Minn
3355
Bn-wn Co.. Neb
3359
Brownsville, Pa.
Brunswick. Me
Ind
.
-
Tenn
Bryan Ohio
Buckingham Twp. S. D., Pa
3359
N.J
Community H. S. D. No
3356
Burllrpton
3502
Cal
ery
3501
Cab.well
3032
250.000
3,000
20 years
30.000
loo"""
44
100 022
1941-1962
136.000
Idaho
,
3190
3033
3190
3509
3355
D
No
Concord N. H
Cornelius. N. C
3366 Cortland. N. Y
3604 Crowder S. D., Mo
3352 Darien, Conn
3357
Sch
,
1938-1947
3
2
2*
3*
1937-1956
1938-1941
1941-1956
1937 1941
3032
3509
3355
3501
3358
3502
3364
35.09
3609
3505
3030
3r03
33r>3
80'-4
3351
31*6
3358
3506
3357
3
Mitchell,
Ind
3187
Moline
1
Mich
100
4.00
3504
Monroe
Mich
100
2.75
3506
Monroe.
N
3031
Monterey Co.. Calif
No
Rural
Agricultural 8.
25 5
3034
Montour Falls. N
1 95
3138
28,000
102.70
2.27
3353
10,000
100.19
3.18
3356
Nashua. N. H
3354
Newburyport. Mass
101 50
Northumberland 8. D
3191
29.000
100.652
53.000
100.10
r69,000
1938-1951
-
100.04
101.141
100
2.17
1937-1951
1938-1952
Orleans Levee
3185
3.18
3503
1938 I«»43
1940-1962
1937-1956
1939-1952
1937-1951
1937-1941
2.99
265.000
1939-1966
1-10 yrs.
1,030.000
1939-1966
950.000
170 000
8,000
1937-1944
1 67
2.18
100.22
100
10
30.000
100.20
2 40
35.000
101.28
2.57
100.036
100.055
100.719
2.13
100
3 00
45.000
6,000
25.000
1938-1947
r50 000
1938-1956
124.000
487.000
rl .881.000
3*
3.
Twp.
D.
No.
...
1,500.000
108.788
3.34
1938-1947
30.000
1937 1956
125.000
100.10
2 17
1939-1972
175.000
100
3.75
100
3.00
3.000
2,
1937-1943
...3
Pont lac S. D.. Mich
,
Texas...
100 11
1937-1967
54
14,000
5.500
3358
Towhatan Point. Ohio
3189
Pry or. Okla
Railway, N. J
3181
Reconstruction Finance Corp
Redwood Co. Indep. S. D. No. 1,
Minn
2 4
104.55
36,000
2-2 4
5
4*
3504
100 10
1938-1945
r453.000
1937-1960
1938-1941
10.000
1937-1956
200.000
100.04
r276,000
2.18
3359
3032
4.07
100*059
~2_.89
2.33
r51.000
..
2 90
Redwood Falls, Minn
Regent, S Dak
Reno Co., Kan
3359 Rhode Island (State of) (2 lss.)
2,284,500
—
3031
Rio Blqnco Co
2.75
33.000
100
3.50
101 07
1-10 years
21.000
100.238
13
1952 1961
1942-1943
10.000
Sadlna, Kan
Colo
3501
Santa Cruz Co.. Calif
3185
Sandpoint, Idaho
1.30
__
100.000
100.728
2*17
0000
r69.000
100
3.50
3032
3
__3
4
Savannah. Ga
3
Sayre, Pa
3
Schuylkill Co.. Pa
14
Seattle Wash (3 Issues)...34 & 3*
Scobey. Mont
3*
SealguiiBch Co., Kan
2
Sauk city. Wis
24
Shamrock. Texas
5
Sioux City, Iowa
14
3194
Skamania Co. 8
3356
Somerville, N. J
100.057
.985
Sayre 8. D., Pa
3184 San Francisco. Calif
3352
3359
3193
100 04
5.50
100.58
2.46
3505
100 275
1.45
3786
3360
3510
100.02
74.250
5.500
30.000
D. No. 9. Wash.
3191 South Amherst S. D„ Ohio
102.1414 2.33
95.000
100.555
2_95
11.305
lbf005
IIII
1937-1956
2
3508 Say re. Pa
100 338
1937-1966
1937-1956
100.000
100.167
1.98
2 20 yrs.
50.000
1938 1946
30,000
100
3.00
104,000
rl37,000
__
4 83
15.000
3.58
1936-1961
Salida.
3508
105 78
3
34
St. Clairsviile. Ohio (2 issues)
3032
8.000
3*05
150.000
Co., Va
3191
43.000
1 00
102.25*
1942-1962
3031
Rose Valley. Pa
St Augustine. Fla
IIII
100
4
24
4
Rock Hill, Mo
Roanoke
3036
10*0.268
115.6019 2 10
50.000
3501
35.000
30.090
1,500.000
1,000,000
r7 5.000
rlOO.OOO
97.35
5,100
1939 1956
3194
100
85 000
2 4
5
1 *
1938-1962
3355
16.248
12 000
204.000
1939-1947
H. 8. D., Colo.. .3*
3*
i"ob".7o"
r4 0.000
.....
lbo.57-
11
100.705
60.000
2.00
25.000
3358
20,000
2 73
1937-1951
Fla.
3033
1.70
100 045
1938-1951
3034
Potter Co
100.91
100.162
100.35
60,000
27.000
34-4
4
4 4
1*. 2 & 2 4
Dlst., La
Mich
101.63
2.34
32.000
........
Pleasantvllle. Mo
3501 Polk Co. Spl. Tax S. D. No. 53.
102.055
100.82
r6,000
1938-1947
Pinconnlng
4.43
2.92
120,000
1938-1964
3354
1.95
250,000
100.10
20,000
4.09
2.55
1.70
100.41
76.890
T150.000
101.282
2.79
r32.000
140 000
4.40
1938-1957
1938 1947
102.045
100. IS
100 41
r6.450 000
5.50
100.27
10.000
100.345
r709>04
15.000
100
50.000
47,000
Pillshury. N. Dak
5.00
31.000
47.400
1939-1954
3357
3 25
17,000
2-20 yrs.
1937-1941
8 D
3502
98.50
100 633
14.800
1.42
,88
100.379
100
29.000
1938-1947
13.000
12.000
-III
4.00
107.78
100
r80,000
r39.500
l"oV.«i9
100
r7(5.996
17.000
1938-1961
1.84
r4l3.620
Ottawa 8. D., Kan
Paris. Ill
r20.000
60 000
2.10
1943 1944
(2lss).
Otego Township, 111
r36.000
20.000
100 90
104 769
3
3
Orleans Parish. La
81,200
90.000
20.000
1937 1956
3503
3504
1937-1956
1938-1947
Olmsted Falls 8. D., Ohio
Olmsted Co S. D. No. 143. Mlnn.3
3354
r220,000
1938 1951
2.55
100.385
2
3188 Onamia
D., Minn
3508 Orangeburg, 8. C
3550 Orange Co. 8. D„ Calif
3,500
225,000
92
500,000
2.95
2.64
1938-1955
101
45 000
Norwood, Ohio
100.807
101 778
2*
3354
40,000
100 29
18,000
50,000
1938 1942
100.000
,
l"0"0"."l2"
124,000
2.17
11,500
1937-1961
1937-1945
S.D..Pa
Pa
102
3033
1,200
2*
4
Nicholson Twp
3359
3507
5,000
1937 1956
La
3359
2.13
2.41
1-10 yrs.
1937-1942
4
New Orleans
No
2 75
100 30
4 4 dl937-1951
1937-1946
4*
New Mexico fState of)
10,000
100
22.880
--
North vilie & Novl Fractional
15,000
dS 000
1937-1941
1 *
....3
34 000
1945-1956
1938-1945
1942 1959
1940-1944
1938-1952
1946-1956
2*
3353
3.32
50.000
8.000
D., La
3506
100
100
50.000
40 000
Y
Moor pigs port 8.
30.000
40.000
r185.000
2*
2*
2*
Moorhead, Minn.
15.000
r83,000
—
1939-1950
1938-1951
100 166
45,000
3.50
rlO.OOO
1* U937-1944
104.77
100.244
100
100.28
4 A3*
C
100.52
17,000
2.37
15.000
60.000
-
4
1 70
2.20
4*
D.
Minneapolis. Minn, (2 Issues)
3502
6,000
Dlst. No. 7,
Wis
14
Greensboro. N C
44. 4 & 34
8-50* GroveCity, Pa
..24
3366 Guttenberg, N. J
3 4
3353 Hamilton Twp., Ind. (2 Issues)--.24
3031 Hammond. Ill
3192 Harris burg, Pa
1
3360 Green Bay.
3504
2.52
.30,000
DumontCons.S D.,Iowa
24
1937 1951
East Bangor. Pa
34
1941-1956
Ea«t Liverpool. Ohio
5
10 yrs.
East ^roudsburg, Pa...
24
J corse, b Ich. (2 Issues)
1937-1963
Elkhart County. Ind
2
1937-1944
Elyria, Ohio
Etna. Pa
24
1940-1954
Evergreen Park. Ill
6
Fairmouni, Ind.
hort i-tockton 8. D., Texas
34
Forrest County. Miss
34
Fort I.upton, Colo
._
Franklin County. Ohio
24
Fremont Co. S. D. No. 2, Idaho.-34
1946-1956
Frostbu»-g, Md
__
1946-1960
Iront Royal. Va
4
1966
Fulbiight s. D . Texas
Furnas County, Neb
24
Gadsden, Ala
...........
5
1939-1952
Cardner, N ass
14
1937-1945
Garnett. Kan
__
Gerlng, Neb
6
Gllroy Calif
4. 24 & 2
1937-1966
Clrard S. D.. Kan...
2
Galtry, Okla
4 4.54&S4
1939-1953
Greenburgh Un Fr. P. D, No. 7.
N
Y
2 4
1937-1956
3502
2.63
100 772
102.392
1-23 yrs.
1,
3504 Minneapolis. Minn. (4 Issues)
138,000
Dillon, P. C
3192
2.40
8 000
100.07
1939-1954
1,
D. No
101.77
7.000
1938" 1945
3502
3191
Central S.
N.Y
3502 Milford Cons. 8. D., Iowa
3352 Minidoka Co. Ind. S. D. No.
100 68
44,000
3359
31K7
Pa
3.69
110,000
1938-1959
1939 1954 15,000.000
3,000
1937-1939
28.500
1937-1956
25,000
1937-1941
22.000
4
1939-1960
40,000
2.80 1938 1962
44
Idaho
100 049
Ohio 24
3&24
4
4
1
3 4&3
Ferry, Ohio
Met'all,
70.000
1954
dlO 20 yrs.
.
3353
4
5*
4*
Meagher County, Mont
3
Medina County, Ohio
3
Mesa Union H. 9. Dist., Ariz
4*
Mexico, Parish. Palermo,
Hast¬
ings. New Haven, Volney and
Martins
McKees Rocks.
60.000
1941
12,250
..
77.000
1939-1955
5
14
4*
Idaho......
1937-1955
4.00
40.000
Miss
Richland
4,400.000
Delphi Deer Creek Twp. Consol.
S. I)
fnd 12 issues)
-...4
3192
5.74
1938-1966
Dearborn Twp
3191
3506
100.101
3,000
3185
3036
Marshall County. Kan
3036
r37.000
2-20 yrs.
1938-1947
(2 Issues)..3*
Mansfield, La
3192
1938-1944
D.
Kan
Marks.
3183
1938-1940
3354
Mich
3191
3359
.84
24 & 3
3356
V.66
1.40
1937 1941
1. Mich
Clyde Exempted Vlll. S. D
3351 Colorado tbtateof)
3191 Columbiana, Ohio
3362 Columbia 111
3191
3507
3188
100.333
.
U. S
2.51
100 464
Ky
Carthage S D., S. Dak
4
Chapel Hill, N. C
3* & 3*
Chelsea, Mich.
24
Chowan Co.. N. C. (2 issues)..
4
Cleburne, Texas
4 4
Clayton S. D., Mo.
24
3503 C linton Tp
(2 Issues)
3358
Lindsborg,
41,525
3503 Carlisle
3508
,000
107*159
50,000
"1938-1962
3*
Oampbellsville. Ky
Carbon Co
Wyo
3510
3353
3185
30.000
1071
3*
3
114.111
S.
2*
2*
Linn Co. 9. D
No. 55, Ore..—-.5
Logan Center Twp., N. Dak
5
Lorain, Ohio
2*
Lykens, Pa..
2
Macedonia Cons. 8
D., Iowa
2*
Manning S. 1)., Iowa
2*
3502
3358
100.01
1938-1954
1937
2%
2%
2*
3
4
224
3185 Boone Co., Ind
Lauderdale Co., Miss.
I.e Mars, Iowa
3355
3353
50,000
Choritj Hospital of Louisiana at
New Orleans. La
4 *, 4 & 3 X
3035
1940-1955
(2 issues)
Mo
,
3033
r58,500
154.000
1937-1946
3.21
100
8,250
M
3033
1938-1947
3509
High
2*&2*
Las Crimes, N
3189
3186
100 298
3~72
100
30.000
1939-1946
-
Union
3503
3* &3*
2*
3
C
3357
3502
Basis
11,000
1938-1944
4
N. M
Wyo
3186
States and municipalities during November.
number of municipalities issuing bonds in November
235 and the number of separate issues was 261.
to
5o"
100.629
100
193.000
1940-1943
$62,923,0^0.
This total does not
include Federal Emergency Relief Administration or Public
Works Administration loans or grants actually made or
at
Price
60.000
1944-1956
3184
Amount
100 07
400.000
3038
was
103.50
200.000
1937-1946
3191
The
3.000
1942-1946
97 000
month's sales was given on page 3665
of the "Chronicle" of Dec. 5.
The total awards during
promised
1944-1946
1,550.000
King Co. 9. D. No. 130. Wash
3*
Kings Mountain, N C
4&3*
Kiowa Co. S. D. No 21, Colo...
stands
242
4 51
1.59
80.000
reo.ooo
1937-1965
3194
month
2 46
101154
1940-1946
1954-1956
1937-1966
3036
the
17.000
--3H
lishing at the usual time.
The review of the
100.31
50.000
1946
13*
IN NOVEMBER
6.00
2 ,*<00
2-20 yrs.
1941
Jersey City, N. J. (4 Issues) ..3<5r3*
3192 Johnstown 9. D., Pa. (2 Issues)../3 4
3356
MUNICIPAL BOND SALES
3 44
100
149.000
1937-1955
...
100 629
9.200
1948
5
Homewoodj 111
3503
2.55
155
2 18
19 877
3*
Hopkinsvllle. Ky
3, 3* & 3*
3033 Hopkins, Minn.......
...
3037 Hoquiam. Wash
4*
—2 *
3359 Horsham Twp., Pa.—...
CO., Inc.
100 62
20,900
........
C. (2 Issues)-.2*4
3186
STIFEL, NICOLAUS &.
Basis
Argyle,
Hartford,
Specialists in
Price
Amount
Maturity
Name
1936
19,
101.56
1938 1956
r55,000
1936-1953
1,332.000
112.56
85.000
107.62
r55,000
10156
1937-1944
150,000
100 618
1943 1958
3,011,000
2.47
1.375
95.50
30.000
1937-1946
1938 1947
30 years
100.000
45.000
65.000
2.400
3
101.679
~1~70
101
2.10
100.653
IIII
100
3.00
rl83.000
2
1938-1947
rl07.000
100.982
1 84
3
1937-1956
36,000
100.122
2.99
Volume
Financial
143
Name
Page
Rate
South Fayette Twp., Pa
South Hill, Va
3037
3509
3187
3355
0000
3350
3358
3505
3503
3
Springfield, Mass
Springfield 8. D.. Mo
Springfield S. D., Neb
Spring Grove S. D., Pa
Sterling 8, D., Okla
Stromsburg. Neb
Stuart, Iowa (2 issues)
25.000
101 37
r 51,000
103.05
2.83
3.28
100,000
100.719
1.67
1937-1951
3)4 dl956-1966
1937-1965
1%
,
AM
4M
Dealer
1942-1956
1941-1952
30,000
107.506
2.33
WM. J. MERICKA &
6,000
31,000
—
1952-1955
7-35,000
100
3.50
3*4
4&3M
C
1937-1948
100.000
100.1385
3.73
Union Trust Bldg,
One Wall Street
135 S. La SalleSL
1939-1955
70,000
100.417
3.64
CLEVELAND
NEW YORK
CHICAGO
-...3
Toledo, Ohio
3506
Trenton, N
3351
Tulare County,
150,000
1938-1949
2)4
J
7-3,237.000
1937-1946
148,500
1938-1955
84.000
4
Calif
2%
3030
Tuscaloosa, Ala
3509 Tyler. Texas-3355
100.37
189.000
100.31"
2.70
162.000
3%
1937-1966
75,000
100.20
3 73
University City S. D.f Mo
Vaneeburg, Ky__.
2>*
1948-1956
125,000
100.85
2.19
3353
1-10 yrs.
2,500
102.32
3186
Versailles. Ky
3031
Vlro'en. Ill
3
4
3184
Waterbury. Conn
2&IM
Wayne Co., N. C. (2 Issues)-3%&3M
Webster Groves, Mo
2M&2)4
3191
3504
,
1940-1951
1,500.000
85.000
1939-1956
250,000
school
3353
100.242
1937-1946
5.000
100
100.30
2 96
50.000
100.07
1.74
1937-1961
144.000
100
2.75
Worcester, Mass. (3 issues)
Yates City H. 8. D., Ill
Zlllah. Wash
1937"
437,000
45.000
75.000
..
1)4
1946
..
4
bond sales for November
100 81
100.843
14.000
(235 municipalities.
$62,923,080
covering 261 separate issues)
d Subject to call in and during the earlier years and to mature in the later year.
k
Not
$40,899,387 temporary loans or funds obtained by States and
municipalities from agencies of the Federal Government,
r Refunding bonds.
including
The
following items included in
totals for the previous
same.
We give the
paper in which reasons for
number of the issue of
page
Page
3031
Name
Meeker, Colo.
our
found.
Rate
(Cc'ober)
Maturity
Amount
Basis
Price
SI50,000
...
We have also learned of the
following additional sales for
previous months:
Page
3357
3033
Rate
Name
Allen Twp. S. D., Ohio (Sept.) —-4
Co
Ind. S. D. No. 65,
Downers
Grove
San.
Dist.,
3035
3033
3509
3353
3192
3031
3191
3038
3034
3038
3188
3035
3034
3037
Basis
Price
$2,989
100
4.00
dr37,000
100
4.50
1-5 yrs.
4,000
100
4.50
1950-1955
1938-1948
d50,000
100.83
2.36
111.
4H
Elm wood Place, Ohio
.2)4
Franklin
Cons.
S.
D.
No.
2,
8. Dak
4)4
Hamtramck, Mich
3)4&3M
Highland Rural H. S. D. No. 8,
Texas (July)
4
Jackson Parish, La
5
Malln, Ore
5
Meeker,
Colo
4&5M
Mingo Junction. Ohio
—3M
Outagamie County, Wis
1.15
Palmyra. N.J
4)4
Price County. Wis-2)4
Roosevelt ( o. S. D. No. 17, Mont.5
Sag Harbor, N. Y
4
Stanhope. N J
4)4
University of Texas. Texas
4
(August)
3037
Amount
1946-1951
4)4
3352 Deer Creek Highway Dist., Idaho A 14
3185
Maturity
1938-1943
Anoka
Minn
All of the above sales
These
additional
(except
October
90,000
4.39
1938-1952
65.000
101.53
1-30 yrs.
85,000
100.04
50,000
100
1937-1956
1941-1956
1940-1969
150.000
rl 15.000
1957-1949
1941
100.000
100
1
1.000
100
100.35
2
6,500
r
4.00
100.76
4.90
100
5.00
100.17"
3.72
15
1939-1941
5-20 yrs.
J-35.000
d5,500
100
Page
Berthierville,
3194
1937-1946
1937-1956
1943-1948
10,000
105.44
2.93
20.000
100.77
4.16
indicated)
will
17
Dartmouth. N. S
Exeter, Ont
4)4
3510 Grimsby, Ont
make
are
38,000 Corozol, Puerto Rico, 4% water work#construction bonds.
29,500 High School District, Beaufort County, S. C., 4% school build¬
ing bonds.
55,000 Bishopville School District No. 1 of Lee County, S. C., 4% school
bonds.
111,000 Pickens County, S. C.t 4% highway bonds.
8.300 Buffalo Gap, S. Dak.. 4% water bonds of 1934.
121,000 Bowie, Texas, 4% water works system revenue bonds, series
1935.
69.000
1937-1941
8,660
3)4
1939-1940
25 000
3194
Quebec School Commission. Que—3H
30.yrs.
15-20 yrs.
total
Price
sales
bonds.
ment bonds.
Securities
was
3)4
1937-1945
St. John, N. B
Jerome, Que—
-
-
3510 Swansea. Ont. (2 Issues)
a3360 Tisdale Twp., Ont
3510
Tiadale Twp., Ont--—
3360
Vletorlaville. Que
Total long-term
*
3)4
4
—4 M
5
5
4
Dec. 11
SUBJECT
104
1942
and
Interest
I
Thomas M. Cook & Company
3.50
Harvey Building
248,000
99 83
17.000
99.76
IIII
BEACH,
FLORIDA
3 55
98*58"
PALM
12,000
232,800
1937 1962
142,225
3.52
1-15 yrs.
80,000
1937-1956
17.500
News Items
102
150.000
1P37-1951
Alabama—Jobless
100
4.00
$1.303,685
a Incl. in October sales total.
$6,250,100 Municipal Bonds—Sealed
immediately after noon on Jan. 7 by
H. A. Mulligan, Treasurer, at his office, 1825 H Street, N. W.
Washington, D. C., for the purchase of 61 issues of 4%
municipal bonds aggregating $6,250,100, taken over from
Public Works Administration Holdings, representing obliga¬
tions in 21 States and the Territory of Puerto Rico.
The
issues are briefly described as follows:
on
will be opened
$669,000 Board of Regents, University of Arizona, 4% building and im¬
provement bonds (one bid to cover two issues).
Johnson
90.000 Johnson County. Arl
Ark., 4% courthouse and jail bonds.
44,000 Scott County, Ark., 4% Scott County courthouse and jail bonds.
lty, A
147,000 American River Flood Control District, Sacramento, Calif.
152,000 El Centro, Calif., 4% sewer line bonds of 1935.
159,000 Monterey Park. Calif., 4% sewer bonds.
33.000 Abingdon, 111., 4% sewerage revenue bonds.
3J.000 Carlyie, 111., 4% water revenue bonds.
26.000 Polo, III., 4% sewerage revenue bonds.
31.000 SteelviHe. 111., 4% water revenue bonds.
14,000 Florence. Ky.. 4% water works improvement bonds.
27,500 Hodgenville, Ky.. 4% water works revenue bonds.
66.000 Providence, Ky., 4% sewer revenue bonds.
55.000 School District of Galien, Mich., 4% general obligation bonds.
546.000 Jackson, Mich., 4% sewerage system bonds,
39.000 Graded School District No. 1,
Lowell, Mich., 4% general
obligation bonds.
54.500 Moss Point. Miss., 4% bonds (one bid to cover the three issues).
61,000 Tipton, Mo., 4% bonds.
19,400 Bridger, Mont., 4% sewer bonds, series of 1934.
—
97 81
1-15 yrs.
Canadjan debentures sold in Nov
Invited
OFFER
Due
Price
RECONSTRUCTION FINANCE CORPORATION
bids
on
$5,000 FT. PIERCE Waterworks 5% Bonds
220.000
1937-1945
Temporary loan; not included In total for month,
Tenders
Sold
reported by the Corporation from Washington, D. C.,
WEST
1937-1966
"
248,000 Virginia Military Institute, Lexington, Va., 4% building and
improvement bonds.
435,000 Board of Regents, University of "Washington, Seattle, 4% in¬
firmary and dormitory bonds.
105
100
construction bonds, series 1934.
^
100 19
460.000
Que
3)4
3510 Saint Hyacinthe, Que. (4 issues)..3)4
3360 for el, Que..
sewer
Refugio, Texas, 4% street improvement bonds, series 1934.
District No. 3 of San Patricio County, Texas, 4% road
Road
WE
Basis
100.25
o
-r*
22.000 Santa Anna, Texas, 4% water system revenue bonds, series 1934.
28,000 State Teachers College at Farmville, Va.f 4% building improve¬
200.000
Ont
Regina. Fask (2 Issues).
6)4
O3038 ^aint
Germain
of
Outremont,
3194
St
Paris, Texas, 4%
44,000
48,000
Lennox A Addington (Countiesof),
3360
-
49,500 Brady Independent School District, County of McCullough,
Texas, 4% school house bonds, series 1935.
39,000 Eagle Lake, Texas. 4 ,0 street improvement bonds, series 1935.
18.500 Monahans City, Texas, 4% sewer and water revenue bonds.
equipment trust certificates, series Q, taken by Salomon Bros. & Hutzler
of New York and Stroud & Co. of Philadelphia at 103 )4 and accrued interest,
a premium of $486,500;
$3,358,000 Buffalo Sewer Authority 4% bonds,
taken by the Comptroller of the State of New York at 105 and accrued
interest, a premium of $167,900, and $2,141,000 Rip Van "Winkle 4V$%
bridge bonds, also taken by the Comptroller of the State of New York at
113 and accrued interest, a premium of $278,330.
for October.
the
3510
3510
bonds.
that it had sold $19,899,000 of securities at a premium of $932,730.
The
securities listed as sold included $13,900,000 Illinois Central RR. Co. 4%
400,000
Rate
Maturity
Amount
3)4
$48,000
0.749
*25,000.000
20 yrs.
3)4
8.500
1-30 yrs.
44.000
4
Canada (Dominion of)
3038
revenue
54.000 Pemberville, Ohio, 4% bonds (one bid to cover two issues).
10,400 Lexington, Okla., 4% water works bonds of 1934.
20,000 Exeter, Pa., 4% Exeter Borough Municipal Building addition
bonds of 1935.
BY CANADIAN MUNICIPALITIES IN NOVEMBER
Name
Que
3360
3360
school
It
5.00
(not including temporary of RFC and PWA loans) for that
month $83,:>53,067.
DEBENTURES SOLD
School District No. 1, Towns of Peru and Ausable,
County, and Chesterfield, Essex County, N. Y., 4%
building bonds.
84,000 Woodridge, N. Y., 4% sewer bonds.
94,000 Person, N. C.. 4% school building bonds.
21.000 Reidsville, N. C.. 4% sewer bonds.
41,000 Statesville, N. C., 4% water works bonds.
26,000 Streeter School District No. 42 of Stutsman County, N. Dak,,
4% school bonds of 1935.
30,000 Valhalla School District No. 27 of Pembina, County, N. Dak.
1,484,000 Cleveland 4% sewage disposal bonds (one bid to cover two issues).
lo,500 Florence-Edon Rural School District, Williams County, Ohio,
4% gymnasium and auditorium bonds.
35,000 Gnadenhutten, Ohio, 4% bonds, first mortgage water works
Clinton
4.50
16.000
1941
as
issues
149,000 Central
our
months should be eliminated from the
these eliminations may be
bonds.
3.00
35,000
1937-1946
W infield, Kan
3187
3032
bonds.
6.000 Elba, N. Y., 4% water bonds.
16,000 School District No. 14 of Guilderland, N. Y., 4% school building
100.06
1937-1946
-.3
3
-
Bridgewater. N. J., 4% school bonds.
Regional Board of Education of Penns Grove and Upper Penns
Neck, N. J., 4% regional school district bonds.
174.000 County of Monmouth. N. J., 4% bridge bonds.
128,000 Verona, N. J., 4% sewerage treatment plant bonds.
100.032
2%
Williamsburg, Ohio.
Wilmington, N. Y
Wilna, N. Y
3509 Wilson County, Tenn
Total
36.000
1939-1955
Board of Education.
29,000
8,000 Central School District No. 1 of Deruyter, Georgetown, Cazenovia and
Nelson, Madison County; Otselic and Lincklaen,
Chenango County, and Cuyler, Cortland County, N. Y., 4%
25.000
1938-1951
1*4
3036
3357
3506
3510
CO.
INCORPORATED
3)4
La..
3358
BONDS
Madc«*8
7-5.000
3
3354 Tangipahoa Parish S. D. No. 108,
3035 Tarboro, N.
3192 Toledo, Ohio
MUNICIPAL
r5,000
,.3
;
4033
Chronicle
Basis
Price
Amount
Maturity
Surety haw Declared Void—A threejudge Federal Court on Dec. 15 ruled Alabama's unem¬
ployment insurance law violated State and Federal con¬
stitutional guaranties that no man shall be deprived of life,
liberty or property without due process of law, it is stated
in an Associated Press dispatch from Montgomery. Federal
Judges Samuel H. Sibley, C. B. Kennamer, and Robert T.
Ervin, in a unanimous decision, granted the Gulf States
Paper Corp. and the Southern Coal & Coke Co. a permanent
injunction restraining the State from collecting the tax
provided by the law, according to report.
The Federal
unemployment insurance law also was attacked by the two
companies, it is said, but the Court said there was no need
to pass on the Federal law in view of the ruling that the
State Act
was
invalid.
Gross
Receipts Tax Measure Adopted—An Act levying a
1 Vi% tax on gross receipts of every retail establishment in
Aabama became law
on
Dec. 17
as
Governor Bibb Graves
signed the measure, according to Montgomery press advices.
The law, designed to produce $4,500,000 annually, becomes
effective Jan. 1 to operate until Sept. 30, 1939.
One of its
provisions diverts $3,500,000 annually to the State school
fund to continue operations after the first of the year.
Connecticut—Financial
Statistics
Compiled
on
Munici¬
palities—Mansfield & Co., 49 Pearl St., Hartford, has pre¬
pared a booklet setting out financial statistics for towns and
cities
of
the
State.
Among
the statistics shown for the
bonded debt, debt
tax rates for 1935 and 1936,
various municipalities are figures on total
ratio, total property value,
Ingersoll, Borough President of Brooklyn,
proposal, which was recently discussed at
meeting of the board, with Comptroller Frank J. Taylor leading
the opposition.
According to the Comptroller's report on the matter, the
city would not save any money by constructing the plant, as was contended,
but would lose several thousand dollars a year.
The Mayor and Raymond V.
the only supporters of the
Illinois—Legislature Adjourns Finally—The 59th General
Assembly, featured by four special sessions and numerous
legislative discussions, passed into history on Dec. 10, it is
were
an
Springfield advices.
The Senate in a midnight
passed a bill to extend the State-sales
open
session is said to have
tax to
Tax Review Denied N.
the series extending
the Illinois Emergency Relief Commission to June 1 and
appropriating money for relief, were passed 37 to 0, it is
reported.
on
the other relief bills in
Job
Passes
Maryland—Legislature
The paving
so
of Comparative Municipal
Kennedy & Co., Inc.,
40 Wall Street, N. Y. City, have just issued the ninth edition
of their semi-annual "Bulletin of Comparative Debt State¬
United States—Revised Bulletin
ments," which includes debt statements of all cities in the
United States having a population of over 30,000, a
selection of smaller municipalities and leading
throughout the
Lowell.
the gross
Dec.
appears
against the diversion of automotive tax
other than highway financing appears to be sweeping
Motorist taxpayers, farmers, highway officials, highway
users, and others already are at work in many States with the idea of ob¬
taining legislative action to prohibit future diversion of highway funds.
Aroused by the diversion to general purposes of $146,459,000 in 1935,
and an amount estimated to be even larger in 1936, the taxpayers will
demand that legislatures which convene in 1937 take such action as will
insure the use of the revenue from the special additional State gasoline
sales taxes, and other automotive levies, for highway financing.
Already,
it is being pointed out that there is a deadly parallel between the growth
in the amount of highway funds used for general purposes instead or roads
and the increase in highway accidents, injuries, and deaths.
Legislatures
which are asking the motorist to drive safely and preparing drastic penalties
for unsafe drivers, will be asked to use available highway funds exclusively
for building and maintaining safe roads.
Motorist taxpayers of Massachusetts have filed with the
Secretary
of State 50,418 certified signatures to a petition calling for a referendum
on an amendment to the State Constitution designed
to prohibit future
diversion.
The vast number of signatures, more than double legal require¬
ments, insures consideration of the proposal by the 1937 Legislature.
In
1935, about 40% of revenue from special additional taxes collected for roads
was used for non-highway purposes.
The proposed amendment must be
approved by two successive legislatures, and then presented to the citizens
for vote at a general election.
A
the
Jersey—Federal Court Rules Against Railroads on
Bills—Judge Phillip Forman in the United States
District Court at Trenton on Dec. 15 ruled that railroad
companies operating in New Jersey must pay their 1932
and 1933 tax bills in full.
The sum in dispute is said to
amount to $10,628,497 and it is expected that the case will
be carried to the Supreme Court.
In passing on the suit
which was brought by the Lehigh Valley Railroad Co.,
Judge Forman continued in effect an order restraining the
State from collecting the more than $14,000,000 in unpaid
taxes for 1934 and 1935, pending-further testimony.
The
i^ilroads are said to have also refused payment in full on
1936 taxes but this matter is not yet before the State or
Federal courts.
We quote in part as follows from a Trenton news dispatch
the decision to the New York "Times" of Dec. 16:
1932 case, in which the railroad withheld part of the tax on the
grounds the assessment method was inequitable, was decided by Judge
Forman on merit.
The 1933 case ruling was on a technicality because the
companies appealed from the State Board of Tax Appeals to the State
Supreme Court on certiorari before coming into Federal court.
In 1932
the appeal was taken directly from the Board of Tax Appeals to the Federal
on
Co.
District
contention of discrimination. Judge
Forman said, was the allegation that improper principles were used in
taxing railroads which result in a denial of due process of law and subject
mere
Fprce Fifty Years
than 100
up
tial requirements of orderly procedure," the Supreme Court
curiam decision handed down by Chief Justice Hughes.
has multiplied many many times in late
years, Judge Forman remarked, the Legislature has not seen fit to adjust
the tremendous increase by establishing a broader tax base.
The railroads
have not suffered alone, the court continued, since every property owner
not
ana
office
expenses.
Insurance
Plan
Drafted
for
Legislative
end
unemploy¬
Consideration—With only a short time to go before the
of the year, when the State must have anacted an
ment insurance bill if it is to recapture the 90 % share
Court
be
with directions that the decrees entered by the
vacated, that the parties be permitted to amend their
cause
power
of the
representatives persisting in dilatory tactics."
Federal
payroll tax within the social security program, a
draft plan for such a bill is said to have been made public
at Trenton on Dec. 16.
It is reported that the plan is
OFFERINGS
MUNICIPAL BONDS
by all but three members of the New Jersey
Security Commission and will be submitted to the
Francis, Bro. & Co.
special session of the Legislature on Dec. 21.
New
York
City—Board
of
Estimate
ESTABLISHED
Vetoes
Proposed
Brooklyn Power Plant—The committee of the whole of the
Board of Estimate on Dec. 14 voted down a proposal of
WANTED
Arkansas—Illinois—Missouri—Oklahoma
supported
Social
That the cause may be properly
the decree of the Circuit Court of Appeals
improperly made up.
the
pleadings in the light of existing facts and that the cause be retired upon the
issues thus presented."
The Court refrained from expressing any "opinion on relevancy, or effect
of the evidence, or otherwise upon the merits."
The case thus again must
start from the beginning with virtually a clean slate.
Effect, according to Mr. Ickes, "will be to delay 51 similar PWA loans in
litigation. The result of this technical decision will mean further delay in
construction of some half hundred PWA projects in any event, with private
collected, they will
Unemployment
recora
remand
District
schools would benefit from the
school purposes,
a
no
heard and determined, we reverse
it was said municipalities and public
decision, if it is upheld on appeal.
When
be forwarded to local governments for
and local taxes then could be used for general municipal
Controller's
be
upon
said in a per-
exigency here which demands that these requirements should
enforced.
The cause was heard in the Circuit Court of Appeals
"There is
has been affected similarly.
State
Government aid to municipalities and delay the Administration's power
Orderly Procedure Required
While the cost of government
are
Appellate courts to follow proper judicial procedure
of the Duke Power Co., challenging the right of
case
"Delusive interests of haste should not be permitted to obscure substan¬
situation.
the
Power
Federal
program.
railroads.
Admitting physical valuation is an element that may
properly be considered, the court said other factors may also enter into the
taxes
the
The highest Court indicated it would countenance no taking of short
Improperly prepared ground work to a final decision as to
constitutionality of the law under which loans and grants are to be made
on the validity ®f individual acts taken thereunder.*
Effect of the decision, as seen by Public Works Administrator Ickes,
Federal Power Commission Chairman McNinch and others, is to slow
in taxing
At
of
cuts nor accept
i
litigations have been brought by the railroads during the period.
The
New Jersey Supreme Court sustained this method in the 1933 cases. Judge
Forman remarked New Jersey uses only the physical value of the property
the
Issue—Failure
dispatch from Washington on that date, from which we
quote in part as follows:
to the railroads.
Methods in
of
to municipalities to engage in the power business, on Dec. 14
brought a rebuke from the United States Supreme Court
and an order for retrial of the issue, according to a news
householder, as "archaic."
The principal contention in the 1932 cases, he pointed out, was excessive
valuation of railroad property, amounting to discrimination with respect
been in force about fifty years and more
Retrial
the Public Works Administration to lend Government funds
pointed recommendation
He branded the present system,
but to the property of the ordinary
burden.
for
Suit
in the
court, which Judge Forman
The methods have
of public indignation
country.
United States Supreme Court Remands Duke
The
interstate commerce to an undue
wave
revenues to purposes
Tax
far-reaching than the
various States to check the
gasoline and automotive tax revenues to pur¬
other than highway building and repair:
poses
New
More
to be well under way in
diversion of
premiums of all fire insurance com¬
applied only to pre¬
held was proper.
Judge Forman, in his opinion, gave New Jersey a
States—Stoppage of Highway Fund Diversion by
Sought—The New York "Journal of Commerce" of
15 carried the following article on a movement which
States
panies doing business in the State.
It
on city or village property.
that it change its assessment methods.
in its application not only to the railroads
counties
the Philippine Islands, Hawaii,
United
Dec. 11 invalidated a 1935 State
miums
Back
country,
restricted
Puerto Rico and all the States.
Invalidated—The
sought to set up a firemen's pension system in all
cities and villages in Nebraska, according to an Associated
Press dispatch from Lincoln.
The law provided for a 2%
on
Issued—Webster,
Statements
Debt
law which
annual tax
Legislature
Governor Signs Bill—Governor Davey signed tbe above
unemployment insurance bill on Dec. 81, it is stated. The
law becomes operative on Dec. 21.
municipally-owned and operated utilities." The levy
been attacked in the circuit court by the cities of Lans¬
on
by
The bill is said to have been
dispatch from Columbus.
Press
from
Court
Approved
forwarded to Governor Davey for his signature.
Michigan—Coyrt Rules City Power Sales Tax Void—The
State Supreme Court on Dec. 8 ruled that municipallyowned power plants are exempt from paying the 3% State
retail sales tax, according to the Lansing "State Journal"
of that date.
The Supreme Court opinion, upholding the
decision of Judge Carr of the Ingham County circuit court,
held that "provisions of the general sales tax act are not
applicable to the sale of gas and electricity by municipalities
State Supreme
Bill
Insurance
Ohio—Job
from $5 to $15 weekly for the totally unemployed,
with a lesser scale for partially employed workers.
System
much interest.
Passage of the unemployment insurance bill was completed
on Dec. 16 when the House by a vote of 93 to 18 accepted
Senate amendments to the original bill, according to a United
range
Pension
claims amounted to $183,000 but because of the long delay
the large interest accumulated.
Mr. Sheeran contended
by the city and that it should not be entitled to
that the delay was caused
into the Federal Treasury had the measure not been
enacted before Dec. 31.
Payments to idle workers will
Nebraska—■Firemens*
$326,000
in settling them,
gone
ing and Wyandotte and the Village of
Dec. 14 in
tribunal.
approximately $3,000,000 that would have
State treasury
on
representing certain paving costs and interest charges, to
New York City.
A review of a judgment against the receiver
in the Second Circuit Court of Appeals was denied by the
Act—The
Insurance
Co., lost
Supreme Court in an effort to escape payment of
the
Legislature early on Dec. 12 passed an unemployment in¬
surance bill meeting the minimum Federal requirements and
adjourned the special session called for that purpose, accord¬
ing to press advices from Annapolis.
It is said that the
payroll taxes in the Act are just sufficient to turn into the
had
Y. Railways Co.—Hugh J. Sheer an,
receiver of the New York Railways
May 1.
The vote
Brooklyn
extent of
The city
Mayor La Guardia to build a power plant for
College, which would have been financed to the
$180,000 by the Public Works Administration.
was to have contributed $220,000.
levy and percentages of collections for several years,
population, &c.
Thi3 booklet should prove a handy refer¬
ence guide to dealers and investors in Connecticut municipal
obligations.
current
stated in
1936
19,
Dec.
Chronicle
Financial
4034
1877
Inveatment Securitiea
ST.
.
LOUIS
TULSA
/
Volume
Financial
143
Chronicle
4035
LOS
ANGELES
COUNTY
(P. O.
Los Angeles), Calif.—BOJVQ
SALE—The $9,000 issue of Enterprise School District bonds offered for
sale on Dec. 15—V. 143, p. 3668—was awarded to the Bankamerica Co. of
Bond Proposals and Negotiations
San
Francisco,
ARKANSAS
ADDITIONAL BOND SALE—The $20,000 issue of County Water
Works District No. 22 bonds offered for sale on Dec. 8—V. 143, p. 3668—
was purchased
by the Gatzert Co. of Los Angeles, as 6s, at a price of 100.056,
a basis of about
5.99%.
Dated May 1, 1936.
Due $1,000 from May 1,
1938 to 1957, incl.
No other bid was received.
BONDS
Largest Retail Distributors
LOS ANGELES
COUNTY
(P. O. Los Angeles), Calif.—BOND
OFFERING—The County Clerk will receive bids until 2 p. m. Dec. 29,
for the purchase of an issue of $7,000 bonds of Rivera School
District.
WALTON, SULLIVAN & CO.
LOS
LITTLE
ROCK. ARK.
The
State
Board
is
reported to have approved refunding
programs of nine school districts involving $512,500 of outstanding bonds
at interest rates ranging from 5% to 8%.
It is said that refunding bonds
interest rates range from 4% to 5%. Largest of the refunded issues are those
of the Parish School District, $160,000 on which the rate is reduced from
5% to 4%, and Dermott School District, $107,000, on which rate is cut
from 5% to 4% up to 1950, then 5% after that date to maturity.
LITTLE
ROCK, Ark.—BOND ELECTION—An election is reported
be scheduled for Jan.
28 in order to vote
on
to
the issuance of $508,000 in
bonds, divided as follows: $468,000 auditorium; $25,000 public library, and
$15,000 Negro Park purchase bonds.
WATER
BOND
INTEREST
RATE
COUNTY
O.
(P.
Los
Angeles),
Calif.—BOND
valuation
BONDS REFUNDING APPROVED—
SCHOOL
Education
of
ANGELES
OFFERING—L. E. Lampton, County Clerk, will receive bids until 2 p. m.
Dec. 22, for the purchase of $20,000 Lowell Joint School District
bonds,
which are to bear interest at no more than 5%.
Dated Jan. 1, 1937.
Due
Jan. 1, 1943.
Certified check for
3%, required.
Assessed
ARKANSAS
ARKANSAS, State of—
3s, paying a premium of $1, equal to 100.01, a basis of
Dated June 1, 1936.
Due $1,000 from June 1, 1938 to
as
about 2.997%.
1946, inclusive.
CHANGE
$1,297,800 in Los Angeles County and $774,125 in Orange County;
5.65 square miles, population 1,090
area
,
LOS ANGELES COUNTY (P.
O. Los Angeles), Calif.—BOND
SALE—The issue of $28,000 Santa Monica City High School District
bonds offered on Dec. 1—V. 143, p. 3500—was awarded to W. R.
Staats
Co. of Los Angeles.
Dated Jan. 1,1936. Due on Jan. 1 as follows: $2,000.
1942 to 1946; $3,000, 1947 and 1948, and $4,000, 1949, 1950 and 1951.
LOS ANGELES
METROPOLITAN
WATER
Los Angeles), Calif.—BOND OFFERING—Sealed
DISTRICT
bids will
(P.
O.
be received
until Jan. 8, by S. H. Finley, Secretary of the Board of
Directors, for the
purchase of a $14,184,000 issue of Colorado River water works
bonds,
according to report.
Interest rate is not to exceed 5%, payable semi¬
annually.
Dated Feb. 1,1937.
Due from 1952 to 1987.
DROPPED—Abandon¬
ment of the plan to issue $1,240,000 of waterworks improvement bonds at
less than 4% was announced recently by John A. Sherrill, project attorney,
who said the proposed revision was opposed by the Guaranty Trust Co.,
New York, trustee.
The first bonds offered under the authorization were
REDWOOD CITY, Calif.—BOND SALE CONTRACT—It is stated
by
the City Treasurer that the $350,000 3M% semi-annual
refunding bonds
approved at the election held on Dec. 8—V. 143, p. 3668—are now under
contract.
Due in 10 years.
sold to tne Bancamerica-Blair Corp., and Stranahan, Harris & Co., Inc.
BOND LEGALITY UPHELD—The Circuit Court of Appeals in San
Francisco is said to have established the validity of the $266,000 harbor
improvement bonds that were approved by tne voters on June 11.
The
review by the Court is reported to have been requested
by Orrick, Palmer &
Dahlquist, San Francisco municipal bond attorneys, before passing approval
SOUTHEAST ARKANSAS LEVEE IMPROVEMENT DISTRICT (P.
O. McGehee), Ark.—PERMISSION SOUGHT ON BOND REFUNDING—
The above named
district will
ask
permission of U. S. District Court to
refund
$3,000,000 of outstanding bonds, on which $600,000 interest is
past due, by issuance of $2,413,500 refunding bonds at 4%, payable in
1957. it is reported. Plan contemplates creation of sinking fund for purchases
on
the bonds.
tenders.
Grady Miller is receiver of the district, which recently failed
refinance indebtedness through loan of Reconstruction Finance Corp.
Refunding plan will be filed as intervention in suit of Mercantile-Commerce
Bank & Trust Co., St. Louis, trustee.
on
to
Rocky Mountain Municipals
ARIZONA—COLORADO—IDAHO—MONT ANA
NEW
MONTGOMERY, ALABAMA
MEXICO
—
WYOMING
DONALD F. BROWN & COMPANY
various purposes
6% 1938-1957
price to yield 2.75 to 4.50%
DENVER
Telephone:
Keystone 2395
—
Teletype:
Dnvr 580
McALISTER, SMITH & PATE, Inc.
«T
BROAD STREET
^
NEW
YORK
COLORADO
Telephone WHltehall 4-6705
GREENVILLE, S. C.
CHARLESTON,
#
COLORADO SPRINGS, Colo.—WARRANTS SOLD—The
City Clerk
reports that a block of $50,000 out of a total issue of $90,701.68 2%
warrants,
authorized recently by the City Council, have been
purchased by local
S. C.
banks.
ALABAMA
GADSDEN,
Ala.—BOND OFFERING— Sealed bids will be received
22, by H. C. Thomas, City Clerk, for the purchase
of 5% refunding bonds, aggregating $38,000, divided as follows:
until 11 a. m. on Dec.
of two issues
$20,000 school bonds.
18,000 street bonds.
Due $1,000 from Jan. i, 1939 to 1958, incl.
Due $1,000 from Jan. 1, 1939 to 1956, incl.
Denom. $1,000.
Dated Jan. 1, 1937.
Prin. and int. (J. & J.) payable
at some bank in New York City.
The approving opinion of Storey,
Thorndike, Palmer & Dodge, of Boston, will be furnished.
The bonds will
be sold for less than 95 cents on the dollar and accrued interest.
certified check for each issue of $1,000 must accompany the bid.
not
RUSSELL
COUNTY
(P.
O.
A
Seale),
Ala.—BOND OFFERING—
Sealed bids will be received until Dec. 23, according to report,
by the Clerk
of the Board of County Commissioners, for the purchase of a
$50,000
COLORADO, State of—SOCIAL SECURITY BOARD APPROVES
UNEMPLOYMENT COMPENSATION LAW—Approval of the Colorado
unemployment compensation law as meeting the requirements of title IX
of the Social Security Act was announced on Nov. 28
by the Social Security
Board.
The law was passed Nov. 20.
Colorado is the 17th State (including the District of
Columbia) in which
employers subject to the Federal tax on employers of eight or more
persons,
established by the Social Security Act. may get
credit, up to 90% of that
tax, for contributions made to their State unemployment
compensation
funds for employment as defined for the purposes of the
Federal tax.
The other States with approved laws are:
Alabama, California, Idaho,
Indiana, Louisiana, Massachusetts, Mississippi, New Hampshire
New
York, Oregon, Rhode Island, South Carolina, Texas, Utah, Wisconsin
and
the District of Columbia.
The Colorado law applies to employers of eight or more
employees and
by the Industrial Commission.
It is of the "pooled-
issue of court house bonds.
will be administered
SELMA, Ala.—BOND OFFERING—Sealed bids will be received until
Jan. 8, by the City Clerk, for the purchase of an issue of $100,000
municipal
building bonds.
It is said that these
bonds were up for a vote on Dec. 1
fund"^ type ^and provides for contributions only by employers,
beginning
The first contribution will be 10.8% of the payroll for
December, pro¬
vided that the total tax payable is not greater nor less than
0.9% for the
whole year.
Thereafter the rates of contribution will be 1.8% in 1937.
and 2.7% in 1938, 1939, 1940 and 1941.
After 1941 the law
provides for
a
merit rating which allows employers with good records of
employment to
contribute less to the pooled fund than employers whose
workers are fre¬
California Municipals
quently discharged.
The benefits provided by the law are 50% of the full-time
weekly wage,
a maximum of $15.
If the full-time weekly wage is less than
$10
benefits will be paid at the rate of 70% of wages, but not to
exceed $5.
The maximum duration of these benefits will be 13
weeks, with a provision
for partial belief its.
Benefits will be payable on or after Jan. 1, 1939.
with
DONNELLAN
111 Sutter St.
&
CO.
LARIMER
San Francisco, Calif.
Telephone Exbrook 7067
NO.
CALIFORNIA
CALIFORNIA,
Welfare bonds.
Denom. $1,000.
Dated Jan. 1, 1937.
Due from Feb 1,
1938 to 1954, incl.
Prin. and int. (F. & A.) payable in legal tender ofthe
United States, at the office of the State Treasurer, or, at the
option of the
holder, at the State's fiscal agency in New York.
The bonds will be sold to
the highest bidder for cash, in parcels of one or more, or as a whole.
Bids
below par will not be entertained.
These bonds are issued pursuant to a"
as
the "Veterans' Walfare Bond Act of 1933,"
approved
June 5, 1933.
(This report supplements
recently—V. 143, p. 3668.)
FRESNO
COUNTY
(P.
the
O.
offering
Fresno),
notice
given
in
these
columns
Calif.—BOND OFFER ING—It
is stated by E. Dusenberry, County Clerk, that he will receive
sealed bids
2 p. m. on Dec. 22, for the purchase of a $97,000 issue
of Selma
School District bonds.
Interest rate is not to exceed 5%,
payable J. & D
Denom. $1,000.
Dated Dec. 1, 1936.
Due $5,000 from 1940 to
until
1957 and"
$7,000 in 1958.
Prin. and int. payable in lawful money at the office of the
County Treasurer.
A certified check for $1,000, payable to the Board of
Supervisors, must accompany the bid.
(This report supplements the offer¬
ing notice given here recently—V. 143, p. 3874.)
IMPERIAL COUNTY
(P. O. El Centro). Calif.—BONDS NOT SOLD
The $40,000 issue of 5% semi-annual Brawley Union
High School District
bonds offered on Dec. 7—V. 143, p. 3668—was not sold as no
bids were
received.
It is reported by the Clerk of the Board of
Supervisors that the
bonds will be sold privately in lots of not less than
$5,0000 each
Dated
Dec. 7, 1936.
Due from 1937 to 1941.
INYO
COUNTY
(P. O. Independence), Calif.—BOND OFFERING
—Dora Merithew, County Clerk, will receive bids until 10 a.
m. Jan
5
for the purchase of an issue of $13,000 5% bonds of Lone Pine
Union High
School District.
Denom. $1,000.
Certified check for 5%. required.
KERN
connection
COUNTY
with
(P.
O.
the sale of the
Bakersfield),
Calif.—MATURITY
SCHOOL
DISTRICT
"'BOND CALL—The County Treasurer is said to be
calling for payment on
1, 1937, on which date interest shall cease, 5H% school
bonds,
numbered 37 to 58.
Dated July 1, 1918.
Due on July 1, 1938.
Bonds
fayable coupons to be forwarded toChanute, Loughridge & Co.
at the office of Bosworth, the County Treasurer.
nterest
of Denver
CONNECTICUT
BRIDGEPORT,
Conn.—$2,225,000
REFtNDING BONDS AUTH¬
bill authorizing the city to proceed with the
refunding of
$2,225,000 of maturing bonds was passed recently in the State
Legislature.
ORIZED—A
DANBURY, Conn.—PRICE PAID—Goodwin, Beach & Co. of Hart¬
ford, which recently purchased a new issue of $70,000
1H% school bonds,
as previously noted in these
columns, paid a price of 100.36 for the obliga¬
tions.
EAST H ADD AM
(P. O. East Haddam), Conn.—BOND SALE—The
$80,000 coupon funding bonds offered on Dec. 14—Y. 143,
p. 3668—were
awarded to Rutter & Co. of New York and the F. R.
Griggs Co. of Waterbury, jointly, as 2s, at a price of 101.02. a basis of about 1.89%.
Dated
Jan. 2, 1937 and due $4,000 on Jan. 2 from 1938 to
1957, incl.
Other bids
were
as
follows:
Bidder—
int. Rate
Cooley&Co
Mansfield
&
FAIRFIELD
MERRITT
COUNTY
Rate Bid
2%
2M %
2& %
-
Co
Putnam & Co
(P.
O.
Bridgeport),
PARKWAY
100.519
101.02
100.78
Conn.—MAY ISSUE
BONDS—It is reported that the
county inay
shortly ask for bids on $5,500,000 bonds, this sum
representing 1937 re¬
quirements for construction work on the Merritt Parkway
highway
The
Legislature in 1935 authorized a $15,000,000 bond issue for the
project,
of which $6,480,000 were sold last December to Lehman
Bros, of New
York and associates, as lMs, at a price of 99.
These mature serially in
from
In
$90,000 Mojave School District bonds to
Blyth & Co. of San Francisco, as 8s, at a price of 100.112, as noted
here
recently—V. 143, p. 3668—it is stated by the County Clerk that the bonds
mature $9,000 from Nov. 2, 1937 to 1946, giving a basis of
about 2:98%.
CONSOLIDATED
Jan.
State
of—BOND OFFERING—We are informed by
Charles G. Johnson, State Treasurer, that he will offer for sale at
public
auction on Jan. 7, at 10 a. m., an issue of $3,000,000
2M% Veterans'
certain act known
COUNTY
62
(P. O. Timnath), Colo.—PRE-ELECTION SALE—An issue of
$11,000 3M % refunding bonds is said to have been purchased
by Bosworth,
Chanute, Loughridge & Co. of Denver, subject to an election to be
held
on Dec. 31.
Due $1,000 from 1941 to 1951, inclusive.
Teletype-S F 396
1936
to
1950
inclusive,;
MERIDEN, Conn.—BOND SALE—The $45,000
offered
as
coupon
highway bonds
on Dec. 17 were awarded to Lincoln R.
Young & Co. of Hartford
1 Ms, at par plus a premium of $72.50, equal to
100.16, a basis of about
1.22%.
inclusive.
Dated Dec. 1, 1936 and due $5,000
on
Dec. 1 from 1937
to
1945,
t
Financial
4036
$59,108,555.00
1,695,000.00
-
including this issue)
53,731.22
-
180,000.00
Water bonds (included in total debt)
in anticipation of bonds (to
be paid with cash and
Notes
Tax levy
Uncollected Dec. 1,1936
--
1936
1935
$1,519,516.79 $1,512,113.93 $1,493,989.98
51,626.43
77,488.46
158.533.81
Conn.—OTHER BIDS—The $125,000 2% water and
& Co., Inc.,
both of Boston, jointly, at a price of 101.599, a basis of about 1.91%—
V. 143, p. 3668—were also bid for as follows:
Bidder—
Rate Bid
L. S. Carter & Co., Boston
101.54
Harris Trust & Savings Bank, Chicago
101.479
Washburn & Co.. Boston
101.449
Phelps, Fenn & Co., New York
101.355
Cooley & Co., Hartford and Day, Stoddard & Williams, New
Haven.
101.341
Kean Taylor & Co., New York
101.34018
Coffin & Burr, Boston, and Goodwin Beach & Co., Hartford
101.326
Halsey, Stuart & Co., New York and R. F. Griggs & Co., WaterNEW BRITAIN,
school bonds awarded on Dec. 3 to R. L. Day & Co. and Burr
101235
bury
R. W. Pressprich & Co., New
Putnam
Co., Hartford
York
York
First Boston Corp., Boston
Rutter & Co., New York
Bank of the Manhattan Co
First Boston
Corp
Jackson & Curtis
Bank
R. L. Day & Co
SOUTH
WEST
hall
0.25%
HARTFORD,
193425
city received in all a total of 14 pro posals for the bonds.
bid was submitted by the Pierce-Biese Corporation,
bonds.
Financial Statement as of Nov. 1,
Conn.—BOND SALE—The $240,000 coupon
Dec. 14—V. 143, p. 3874—were awarded to
basis of
about 1.705%.
Dated Dec. 15, 1936 and due $12,000 annually on Dec. 15
from 1937 to 1956, incl.
Second high bid of 100.4269 for l%s was made
by Washburn & Co. of Boston.
a
DOVER,
Del.—UTILITY PLANT NET PROFIT AT $85,180—
Operation of city's municipal-owned water and light plant netted a profit
city during the past fiscal year, according to the
Manager L. D. Shank.
This net profit was better than 100% on the operating expenses of these
departments during the year.
The receipts for both departments totaled
$163,715.31, while the expenses were $78,584.73.
In his statement, Mr. Shank cited that during the year the city made
numerous improvements, including the erection of a sewage disposal plant
at a cost of $130,000, a portion of which was paid for by a Federal grant.
of $85,180.58 for the
annual report of City
MIDDLETOWN, Del.—BOND OFFERING—J. William Beaston, Clerk
bids until 7.30 p.m. Dec. 30 for the
of the Mayor and Council, will receive
purchase of $50,000 3 % coupon or registered sewer system bonds.
Denom.
$1,000.
Dated Sept. 1,1936.
Principal and semi-annual interest (March 1
and Sept.
1) payable at the Delaware Trust Co., Middletown.
Due
$5,000 yearly on Sept^ 1 from 1946 to 1955.
Certified check for 2%,
le
3
payable to the Town Treasurer, required.
Total
$84,867,380
-
The present bonded indebtedness of
The City owes for certificates issued
street purposes,
the City of Jacksonville is.$10,883,000
for the purchase of land for
13,567
and equipment
$10,896,567
1,039,983
—
$9,856,584
970,000
$8,886,584
The attention of the prospective bidder is called to the fact that the net
profits of the electric light plant are pledged for the payment of interest
Net indebtedness
and
principal of these proposed bonds.
*
said municipally-operated electric plant are as follows
Net Earnings
Operating Expenses
Net
,
The profits from
$1,046,669
$1,701,756
1,002.767
1,727,732
995.385
J.749.664
879.231
,1,869,555
836.776
1.828.217
1,027,390
1,143,302
1.756,785
990,994
1,566,878
owned by the City of Jacksonville are as follows
$2,748,425
2.730,499
2,744,949
2.748,786
: 2,664,993
2,742,933
2,900,087
2,557,872
-
-
10 months 1936
-
The costs of the utilities
Electric plant and
$9,920,549
distribution system
Water works
3,211,515
2.342,322
—--—-----
-—
Docks and terminals
Radio station WJAX
164,934
$16,234,134
BONDS
the
offered
101.75 and
SUBSCRIPTION—The successful bidders
16 for general investment, priced at
Dec.
LEESBURG, Fla.—ADDITIONAL INFORMATION—It is stated by
Skiles, City Manager, that the amount of the 4% sewer conbe sold at par to the Public Works Administration, as
reported here recently—V. 143, p. 3824—has been changed from $50,000
to $59,000.
Due on Dec. 1 as follows: f1,000, 1937 to 1950: $2,000, 1951
to 1959; $3,000, 1960 to 1965; $4,000 1966 and $5,000 in 1967.
O. Raymond
INFORMATION—In connection with
4. as noted here—
of finance, that the
issue was approved for a stadium and not a swimming pool, as we had
reported.
Of the said amount. a block of $ 137,000 bonds is to be issued and
sold, plus a $25,000 as a contingent issue, as a safety measure.
Dated
Feb. 1, 1936.
Due from Feb. 1, 1939 to 1963.
It is said that the bonds
MIAMI,
Fla .—ADDITIONAL
the $162,000 4% bonds approved by the voters on Dec.
V. 143, p. 3874—it is stated by A. E. Fuller, Director
be offered for sale in 60 days.
MIAMI
BEACH,
Fla.—BOND
Dec. 9 the City Council is said to
BONDS
election to vote on the various
in
are
ELECTION—At a meeting held on
have fixed Jan. 26 as the date for the
bonds aggregating $2,313,500, mentioned
143, p. 3501.
It is reported that if the
recently—V.
approved they will bear interest at not to
these columns
bonds
exceed 4 XA %.
ORLANDO, Fla.—BOND SALE—The two issues of coupon refunding
of 1937 bonds aggregating $3,221,000, offered for sale on Dec. 14—V. 143,
p. 3874—were awarded to a syndicate composed of A. C. Allyn & Co.,
C. W. McNear & Co., both of Chicago; Wm. R. Compton & Co., Inc.,
Fenner & Beane, both, of New York; the Cumberland Securities Corp. of
Nashville: McAlister, Smith & Pate, of Greenville, S. C.; A. S. Huyck &
PIERCE-BIESE CORPORATION
JACKSONVILLE
Miami
Orlando
OFFERED
FOR
above bonds on
interest.
struct ion bonds to
are to
Tampa
$75,482,140
9,385,240
Real estate (50% basis)
Personal property
Golf courses
DELAWARE
an
1936
Assessment roll for 1935:
1933:::::::::::
bonds offered on
FLORIDA
Toe second highest
of Jacksonville,
offer of 100.069 on 2.60%
1930——.
of $35,000 school building bonds.
Estabrook & Co. of New York, as l^s, at a price of 100.459,
of refund¬
JACKSONVILLE, Fla.—BOND SALE—The $300,000 issue
ing of 1936 coupon bonds offered for sale on Dec. 14—V. 143, p. 3185—
was awarded to a group composed of William R.
Compton & Co., Morse
Bros. & Co., Inc.. both of New York, the Wells-Dickey Co. of Minneapolis,
and Leedy, Wheeler & Co. of Jacksonville, as 2.60s, at a price of 100.45,
a basis of about 2.57%.
Dated Jan. 1 1937.
Due on Jan. 1, 1957.
The
1929
NORWALK, Conn.—PLANS BOND SALE—The city plans
to offer for sale an issue
town
Premium
$1.00
3.06
Rate
0.164%
0.17%
0.17%
0.175%
0.18%
at 69.00 and $2,500 at 95.00.
The issues, as
$8,000 sewerage system, and $3,500 fire
Dated Jan. 1, 1937.
$5,000
Deduct for water bonds
already reported in these columns, were also bid for as follows:
Bidder—
First National Bank of Boston
investors,
offered, were divided as follows:
apparatus bonds.
Less sinking fund
NEW HAVEN, Conn.—OTHER BIDS—The $600,000 tax anticipation
notes awarded to the Second National Bank of Boston, at 0.143% discount,
Chase National
local
Total indebtedness
101.151
101 15
101.279
101.041
101.00
100.709
First National Bank, Boston
Bancamerica-Blair Corp., New
as
Edith Miller, Deputy City Clerk, that of the $11,500 6% semi-ann. bonds
on Dec. 9—V.
143, p. 3874—a total of $7,500 were sold to two
offered
75,000.00
proceeds from this issue)
Population, 38,452.
1934
Fla.—BONDS PARTIALLY SOLD—It is stated by
CRESCENT CITY,
Financial Statement Dec. 1 ,1936.
Grand list, Dec. 1,1936
Total bonded debt outstanding (not
Cash trust funds_
J
1936
19,
Dec.
Chronicle
Co. of Chicago: Starkweater &'Co., Schlater, Noyes & Gardner, both of
New York; R. S. Dickson & Co. of Charlotte; Fox, Einhorn & Co. of Cin¬
cinnati: E. Lowber Stokes & Co. of Philadelphia; Watkins, Morrow & Co.
of Birmingham; King, Mohr & Co., Inc., of Mobile, as 4s, paying a premium
of $45,738.20, equal to 101.419, a basis of about 3.86%.
The issues are
Florida
Municipals
as
BONDS
LEEDY. WHEELER & CO.
Bel:
System
offered
No.
96
FLORIDA
ALACHUA
NO.
1
(P.
ROAD AND BRIDGE DISTRICT
Fla —REFUNDING PLAN READY FOR
COUNTY SPECIAL
O.
Gainesville),
OPERATION—The
following is the text of a letter being sent out to
bondholders by Ed. C. Wright & Co., Ingraham Building, Miami:
We are pleased to announce that all necessary negotiations, incl. valida¬
tion proceedings, have been completed for the issuance of the new refunding
bonds of Alachua County Road and Bridge District No. 1.
Th£ terms and provisions of the refunding bonds are in accordance with
the terms and provisions of the refunding plan as set forth in our previous
communications to you.
Thomson, Wood and Hoffman, bond attorneys of New York, have advised
that the refunding bonds have been properly authorized and validated,
they will furnish legal opinions as to same being valid obligations of the
district upon their exchange for bonds now outstanding.
The Empire Trust Co. of New York has been named Exchange Agent,
and we enclose herewith a form of letter of transmittal, in triplicate, which
us
and
should fill out and send to the Empire Trust Co. with your bonds and
Upon exchange of 75% of the present
obligations for the new refunding bonds, the district will
transmit to the Chemical Bank & Trust Co., which has been named as
paying agent, sufficient funds to pay all interest in default at the present
time and also the interest coupons maturing Jan. 1, 1937 on the new
refunding bonds.
The new bonds will be executed and in the hands of the exchange agent
on or before Dec. 15, 1936, and we would appreciate your forwarding your
securities to the exchange agent immediately, since under the provisions of
the refunding plan the district cannot make any exchange until at least
75% of the old bonds are in the hands of the exchange agent.
you
interest coupons as soon as possible.
outstanding
BAKER COUNTY SCHOOL DISTRICT (P. O. Macclenny), Fla.—
BOND SALES—The two issues of school bonds aggregating $19,000,
offered for sale on Dec. 14—V. 143, p. 3352—were sold as follows,
accord¬
ing to the Superintendent of the Board of Public Instructions:
3.70%, according to maturity.
Fla.—REPORT ON PROGRESS OF BOND REFUNDING
PROGRAM—The following is the text of a letter sent out on Dec. 10 by
R. E. Crummer & Co., First National Bank Building, Chicago, 111., to
holders of undeposited bonds of the above city:
*
"You are hereby advised that the City of Ormond, Fla., refunding bonds
have been validated, printed and delivered to the exchange agent. The
Atlantic National Bank at Jacksonville, Fla.
In excess of 75% of the out¬
standing original bonds have been committed to the refunding program,
and the first exchange should be effected within the next 10 days or two
WeeJCg
"You have
previously been provided with a prospectus
after Jan. 1, 1937.
The refunding bonds will
Due from Jan. 1, 1937 to 1950.
^
,
be delivered with certified copy
of unqualified
Caldwell and Raymond, New York City,
adjustment in accordance with the terms of the
approving opinion of Attorneys
and
check
for interest
deposit agreement.
,
It is contemplated that the City of Ormond will be relieved of the cost
of exchanging bonds not tendered on or before Jan. 15, 1937, the exchange
charge to be paid by bondholders after that date, as specified on the last
page of the prospectus."
POLK
COUNTY SPECIAL TAX SCHOOL
DISTRICT NO. 53
(P. O. Lake Wales), Fla.—BOND SALE DETAILS—The $36,000 school
local investor at a price of 100.10, as noted in these
143, p. 3501—are said to have been sold as 4s and
to mature on Aug. 1 as follows: $1,500, 1938 to 1958, and $2,000, 1959 to
1961, giving a basis of about 3.99%.
bonds purchased by a
columns recently—V.
SEMINOLE
COUNTY
(P.
O.
Fla.—BOND REFUNDING
following letter was sent out
by R. E. Crummer & Co., Inc.,
Sanford)
PROGRAM DECLARED OPERATIVE—The
county bonds on Dec. 10
First National Bank Building, Chicago:
to holders of the
"Supplementing
our
letter of Nov. 14, 1936,
submitting a prospect.us of
the Seminole County, Fla., refunding program, we are pleased to
that the refunding bonds to be exchanged for outstanding original
described therein, have been executed
Tne First National Bank of Chicago.
advise
bonds
and delivered to the exchange agent,
,
program is now being declared operative, and if your
already been shipped to Chicago, we urge you to immediately
forward them to the exchange agent,, accompanied by executed deposit
bonds have not
agreement, copies of which were
to 1950.
3.000 Special Tax School District No. 2 bonds to a local investor, as
of the refunding
of transmittal, and we solicit your cooperation, recom¬
mending that your bonds be promptly deposited with the exchange agent,
in order that they may be included in the first exchange.
The volume of
clerical detail involved will probably not permit a second exchange until
program and letters
"The refunding
$16,000 Special Tax Consolidated School District No. 2 bonds to the Public
Works Administration, as 4s, at par.
Due from Jan. 1, 1938
at par.
on
Due from Feb. 1, 1938 to 1962.
Due from Feb. 1, 1938 to 1960.
OFFERED
FOR SUBSCRIPTION—The above bonds
were
Dec. 17 by the successful bidders for general investment at
ORMOND,
Teletype
Jacksonville
10
.
prices to yield from 1.50% to
Jacksonville, Fla.
Orlando
follows:
$2,701,000 class A bonds.
520,000 class B bonds.
4s
previously furnished you.
"We expect to complete the first exchange on or prior to Dec.
and in order to include your bonds in this exchange, tney should be
24, 1936,
deposited
Volume
SCHOOL ISSUE PLACED ON MARKET—Halsey, Stuart & Co., Inc.
The volume of clerical detail involved will
of New York, which was the manager
permit a second exchange until after Jan. 1, 1937.
"The refunding bonds will be delivered with certified copy
not
$3,000,000 3% Board of Education refunding bonds at a price of
103.245, together with their associates in the purchase, are now making
re-offering of this issue for general investment.
These bonds are also due
Jan. 1, 1957; $1,000,000 being optional Jan. 1, 1939 at 100 and $500,000
each year Jan. 1, 1941, 1943, 1945 and 1947.
Re-offering is being made
at the following scale of prices: 1939 optional maturity to yield 1.10% to
the first optional date, 3% thereafter; 1941 optional maturity to yield 1.60%
to the first optional date, 3% thereafter; 1943 optional maturity to yield
2.10% to the first optional date, 3% thereafter; 1945 optional maturity
to yield 2.40%
to the first optional date, 3% thereafter; 1947 optional
maturity to yield 2.60% to the first optional date, 3% thereafter.
' <4
Official notice of the re-offering of each issue appears as an advertisement
GEORGIA
COHUTTA CONSOLIDATED SCHOOL DISTRICT (P. O. Cohutta),
Ga.—INTEREST RATE—It is stated by the District Secretary that the
19342
bonds purchased at par by the First National Bank of
noted here recently—V. 143, p. 3875—were sold as 4s.
Due
$10,000 school
Dalton.
as
of another group which was awarded
the
of unqualified
approving opinion of Attorneys Caldwell & Raymond, New York City,
and will be delivered with Jan. 1, 1937, coupons (and subsequent) attached,
which should be forwarded for payment to the regularly designated paying
agent in New York City.
on
1959, inclusive.
$1,000 from 1950 to
4037
Chronicle
Financial
143
within the next week or 10 days.
page
VIII.
GROVE
TOWNSHIP,
Jasper County,
111.—BONDS PLBLICLY
Main of Chicago are offering, at prices to yield
1.25% to 2.75%, according to maturity, $21,000 4H% coupon,
registerable as to principal, gravel road bonds.
Dated Dec. 1, 1936.
Denom. $1,000.
Due Dec. 1 as follows:
$2,000 from 1938 to 1946, incl.
and $3,000 in 1947.
Principal and interest (J. & D.) payable at the First
National Bank of Chicago.
Bonds are payable from unlimited ad valorem
taxes on all township property.
Legality to be approved by Holland M.
Cassidy of Chicago.
OFFERED—Ballman &
OFFERINGS
WANTED
from
utah—idaho—nevada—montana—wyoming
MUNICIPALS
FIRST SECURITY TRUST CO.
SALT
Phone
Wasatch
Bell Teletype: 8L K-372
3221
Financial Statement
Actual valuation (appraised)
Assessed valuation 1935 (50% of appraised)
Total bonded debt (4.01 % of assessed)
LAKE CITY
Population (United States
IDAHO
COUNTY INDEPENDENT SCHOOL DISTRICT
(P. O. Idaho Falls), Idaho—BONDS VOTED—At an election held
the issuance of $85,000 in
school building bonds.
a".
BONNEVILLE
Idaho—BOND OFFERING—"William
D'ALENE,
T.
Assessed valuation per capita.
Total direct and overlapping debt per capita
Total direct and overlapping debt per acre
Reed,
City Clerk, will receive bids until 7 p. m. Dec. 28, for the purchase of
$19,000 not to exceed 6% bonds. Certified check for 5% of amount of bid,
payable to the city, required.
EMMETSVILLE
INDEPENDENT
DISTRICT
SCHOOL
(P.
i *
O.
*Asof Oct.
INDIANA
$38,500 issue of school bonds. Interest rate is not to
payable semi-annually.
Denom.$500. Dated Jan. 1, 1937.
Principal and interest payable at the State Treasurer's office, or at some
bank or trust company in New York.
A certified check for 5% must
accompany the bid.
(A tentative report on this scheduled sale was given in these columns
recently under the caption of "Rathdrum Independent School District,
Idaho."—V. 143, p. 3875.)
for the purchase of a
REXBURG,
election held on Nov. 3.
(We had previously
approved—V. 143, p. 3352.)
Idaho—BOND CALL—Mrs.
Jessie
A.
Atkinson,
City
is calling for payment as of Jan. 1 outstanding
water
refunding bonds No. 4 to 10 and grading and curbing refunding
bonds No. 1 to 30.
The bonds are in the denomination of $1,000 each and
Treasurer,
are
The due date is Nov. 1, 1943.
dated Nov. 1, 1923.
JEFFERSONVILLE
SCHOOL
CITY,
Ind.—BOND OFFERING—
Seitz, Secretary of the Board of Trustees, will rceive sealed bids
for the purchase of $70,000 not to exceed 4}^ %
interest school building bonds.
Dated Jan. 1, 1937.
Denom. $1,000 and
$500, as requested by the purchaser.
Due $2,000 semi-annually on Jan. 1
and July 1 from 1939 to 1955, incl., and $2,000 Jan. 1, 1956.
Bidder to
name one rate of interest on the issue, expressed in multiples of M of 1%.
Bids must be accompanied by a certified check for $1,000, payable to the
order of the school city.
No conditional bids will be considered, and the
successful bidder will be furnished with the approving legal opinion of
Matson, Ross, McCord & Clifford of Indianapolis.
Purchaser will be
required to accept delivery and make payment for the bonds at a bank in
the City of Jeffersonville designated by the Board of Trustees.
Bonds
will be payable out of ad valorem taxes on the school city's taxable property
within the limits prescribed by law.
John W.
KOOTENAI COUNTY (P. O. Coeur d'Alene), Idaho—BONDS DE¬
are now informed that the $125,000 hospital bonds were
works
"
WINCHESTER. Idaho—BONDS NOT SOLD—The $7,000 issue of not
semi-ann. coupon general obligation water works purchase
bonds offered on Dec. 7—V. 143, p. 3502—was not sold as no bids were
received, according to the Village Clerk. Dated Dec. 1, 1936.
to
exceed 6%
ILLINOIS
CALHOUN COUNTY (P. O. Hardin), 111.—BOND
$72,000 courthouse building bonds has been sc.d to
SALE—An issue of
Barcus, Kindred &
111.—BOND SALE—The $100,000 4% water works
bonds offered on Dec. 3—V. 143, p. 3669—were
and A. S. Huyck & Co , both of Chicago,
jointly, at a price of 102.133, a basis of about 3.80%. Dated Nov. 1, 1936
and due Nov. 1 as follows: $2,000, 1937 to 1941 incl.; $4,000. 1942 to 1949
incl.; 5,000, 1950 to 1953 incl.; $6,000, 1954 to 1957 incl.; $7,000 in 1958
CHARLESTON,
sewerage
revenue
awarded to Bartlett, Knight & Co.
1959*
as
CHICAGO. 111.—BOND SALE—The $6,600,0003% coupon, registerable
to principal, city refunding bonds of 1937 offered on Dec. 17—V. 143,
of New York, at a to a of 104.037, a basis of about
fi. 3875—were awarded price syndicate headed by Halsey,2.735%
Stuart
nc.
The bonds are dated Jan. 1, 1937.
callable on the following basis: $2,000,000 on Jan.
maturity.
date thereafter; $2,000,000 on
Ind.—BOND SALE—The issue of $12,000
KOKOMO,
budding im¬
provement bonds offered on Dec. 14—V. 143, p. 3669—was awarded to
Stokes, Woolf & Co. of Chicago, at 2%% interest, for par, plus a premium
of $40, equal to 100.33, a
Due $1,000 yearly on Jan.
basis of about 2 45%.
Dated Dec. 1, 1936.
1 from 1939 to 1950, incl.
VERNON, Ind.—BOND SALE—As reported in a previous
issue, Lewis, Pickett & Co., Inc. of Chicago have purchased privately an
issue of $247,500 5% coupon, registerable as to pircipal, water works
revenue bonds.
Dated Dec. 1, 1936.
One bond for $500, others $1,000.
Due Dec. 1 as fol ows:
$1,000, 1937; $3,500, 1938; $4,000, 1939 to 1943
inc .; $5,000, 1944 to 1947 incl.; $6,000, 1948 to 1950 inc .; $7,000, 19ol to
1953 incl.; $8,000, 1954 to 1956 incl.; $9,00 ( in 1957 and 1958; $10,000, 1959
and 1960: $11,000, 1961 and 1962; $12,000, 1963 and 1964; $13,000. 1965;
$14,000 in 1966 and 1967, and $15,000 in 1968.
Principal and interest
(J. & D.) payable at the Continental Illinois National Bank & Trust Co.,
Chicago, or at the People's Bank & Trust Co., Mount Vernon.
Legality
approved by Chapman & Cutler of Chicago. The bankers are reoffering the
issue for public investment at prices to yield from 2.25% to 3.75%, accord¬
ing to maturity. Proceeds of the issue will be used by the town to finance
acquisition of the privately-owned local water works plants.
MOUNT
Co. of Chicago.
and
SCHOOL
until 1:30 p. m. on Dec. 29,
FEATED—We
general
31, 1936.
TOWNSHIP (P. O. Burnettsv He),
Ind.—
BOND SALE—The $17,600 4% school building bonds offered on Dec. 10—
V. 143, p. 3669—were awarded to the Farmers State Bank and the First
National Bank, both of Logansport, jointly.
Due semi-annually.
JACKSON
exceed 6%,
the
%
99
99
99
98
$16,472.18
13,461.21
13,616.55
*14,543.79
able solely from water plant revenues.
KOOTENAI
COUNTY
INDEPENDENT
SCHOOL
DISTRICT
NO. 2 (P. O. Rathdrum), Idaho—BOND OFFERING—Sealed bids will
be received until 10 a. m. on Dec. 26, by J. R. N. Culp, District Clerk,
at
Amount Collected
$16,542.44
13,582.56
13,715.05
14,704.85
RUSHVILLE, III.—BOND SALE—Lansford & Co. of Chicago recently
purchased an issue of $44,000 4% water works revenue bonds, contingent
on receipt by the city of a PWA grant of $36,000 to finance the balance
of the cost of the proposed plant improvements.
Sale was made at par, with
the city to pay legal expenses and printing charges. Bonds will be pay¬
equal to 98.194, a basis of about 3.16%.
Dated Jan. 1, 1937.
Due $4,000
from Jan. 1, 1948 to 1956 incl.
The only other bid was an offer of par on 3Ks, tendered by the State
Department of Public Investments, Boise.
(Tnis report corrects the notice of sale in these columns recently—
V. 143, p. 3875.)
reported that these bonds had been
$606.23
25.84
.78
Tax Collection Record
Amount Extended
Year—
1935.
Emmett), Idaho—BOND SALE—The $36,000 issue of coupon school
building bonds offered for,sale on Dec. 7—V. 143, p. 3502—was awarded
to the Idaho-First National Bank of Boise, as 3s, less a discount of *650,
defeated
Overlapping Indebtedness
$1,300.
Dec. 4 the voters are said to have approved
COEUR
522,568
21,000
1930 Census), 862.
The only overlapping debt applicable to Grove Township is their propor¬
tionate share of the county debt which portion amounts to approximately
NO. 1
on
$1,045,136
-
& Co.,
to final
Due Jan. 1, 1957 and
1, 1939 or any interest
Jan. 1, 1940 or any interest date thereafter;
$1,500,000 on Jan. 1, 1941 or any interest date thereafter; $1,100,000 on
1, 1942 or any subsequent interest date.
The syndicate, in addition
Halsey, Stuart & Co., Inc., included Lehman Bros.; First Boston Corp.;
Bancamerica-Blair Corp.; Stone & Webster and Blodget, Inc.; Phelps, Fenn
Financial Statement
*
Bonded debt (due Jan.
Population
1936), 6,000.
Jan.
*
1, 1937)
1930, (United States census), 5,035.
Does not include this issue of
to
& Co.; F. S. Moseley & Co.; E. H. Rollins & Sons; Darby &
Gibbons & Co., Inc.; Eastman, Dillon & Co.; Hemphill,
Co.; George B
Noyes & Co.;
$2,860,750
3.500
Assessed valuation, 1936
Population (estimated
$247,500 water works revenue bonds.
MUNCIE,
Ind.—BOND
OFFERING— Hubert L.
Parkinson, City
Comptroller, will receive sealed bids until 10 a. m. on Dec. 29, for the
purchase of $6,500 not to exceed 4j^% interest refunding bonds, divided
Spencer Trask & Co.; Stranahan, Harris & Co. and B. J. Van Ingen & Co.,
all of New York; also Anglo California National Bank & Trust Co., San
Francisco; Gregory & Sons, New York; Schoellkopf, Hutton & Pomeroy,
Inc., Buffalo; Otis & Co., Cleveland; Wertheim & Co., New York; Lawrence
Stern & Co., Chicago; Newton, Abbe & Co., Boston; William R. Compton
& Co., Inc. and Charles H. Newton & Co., Inc., both of New York; J. K.
Mullen Investment Co., Denver; Mississippi Valley Trust Co., St. Louis;
$5,000 series A bonds, dated Jan. 1, 1937.
1,500 series B bonds, dated April 1, 1937.
All of the bonds will mature July 1, 1941 and bidder is required to name
the rate of interest in multiples of % of 1 %..
Not more than one rate will
be considered on each of the issue.
Interest payable J. & J.
A certified
check for $500, payable to the order of the city, must accompany each
Piper, Jaffray & Hopwood of Minneapolis; McDonald, Coolidge & Co.,
Cleveland; Edward Lowber Stokes & Co., Philadelphia; Kalman & Co.,
St. Paul; Harold B. Wood & Co., Inc., Chicago; Crouse & Co., Detroit;
and Stroud & Co. of Philadelphia.
proposal.
The approving opinion of Matson, Ross, McCord & Clifford of
Indianapolis will be furnished the successful bidder.
Series A bonds will
be payable out of general ad valorem taxed within the limits prescribed by
law; series B out of unlimited, general, ad valorem taxes.
$3,000,000 SCHOOL ISSUE AWARDED—'The $3,000,000 3% coupon,
registerable as to principal only, Board of Education refunding bonds of
1937 offered at the same time were awarded to a syndicate headed by
Halsey, Stuart & Co., Inc., of New York, this account being separate and
distinct from that which purchased the city refunding issue
The price
as
follows:
'
WASHINGTON TOWNSHIP, Allen County,
of $8,000 bonis.
Bidder to name rate of interest.
Due $1,000 on Jan. 10 and July 10 from 1938 to 1941, incl.
Dec. 23 for tne purchase
Denom. $500.
paid for the school obligations was 103.245, a basis of about 2.785% to final
maturity.
Dated Jan. 1, 1937.
Due Jan. 1, 1957 and callable as follows:
$1,000,000 on Jan. 1, 1939, or any interest date thereafter; $500,000 on
Jan. 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
Iowa
Municipals
Polk-Peterson Corporation
interest dsite
this purchase were Lehman
Bancamerica-Blair Corp.; Stone & Webster and
Blodget, Inc.; Phelps, Fenn & Co.; F. S. Moseley & Co.; E. H. Rollins &
Sons; Darby & Co.; George B. Gibbons & Co.; Inc., Eastman, Dillon & Co.;
Hemphill, Noyes & Co. and William R. Compton & Co., all of New York;
also Piper, Jaffray & Hopwood, Minneapolis; Kalman & Co., St. Paul, and
Associated with Halsey, Stuart & Co., Inc., in
Des Moines
Bros.; First Boston Corp.;
Harold E. Wood & Co.,
Ind.—BOND OFFER¬
ING—David Liechty, Trustee, will receive sealed bids until 7:30 p. m. on
DES
Building
MOINES
Ottumwa
Waterloo
Iowa
Cedar Rapids
A.
T.
A
T.
Davenport
City
Teletype: DESM
Sioux
City
Sioux Palls, S. D.
31
Inc. of Chicago.
by Halsey, Stuart & Co., Inc., Lehman Bros., The
of New York, which
bonds of the eityat
a price of 104.037, is now making public re-offering of the obligations.
The
bonds mature Jan. 1, 1957, $2,000,000 being optional Jan. 1, 1939 and
Jan. 1, 1940; $1,500,000 Jan. 1, 1941, and $1,100,000 Jan. 1, 1942.
The
1939 optional maturity is being offered to yield 1.10% to the first optional
date, 1940 to yield 1.30% to the first optional date, 1941 to yield 1.50%
to the first optional date, and 1942 to yield 1.75% to the first optional date.
5% thereafter in each instance.
The syndicate headed
First Boston Corp. and Bancamerica-Blair Corp., all
was awarded a new issue of $6,600,000 3% refunding
IOWA
COUNTY (P. O. Hampton), Iowa—CERTIFICATE
OFFERING—It is reported that bids will be received until 2 p. m. on Dec.
23 by the County Treasurer for the purchase of a $30,000 issue of secondary
FRANKLIN
road certificates.
GREENE COUNTY (P.
It
is stated
O. Jefferson), Iowa—BONDS NOT SOLD—
County Treasurer, that the $55,000
by Charles Cleveland,
Financial
4038
bonds scheduled for award on Dec. 14, as notedJjhere not sold, due to an error in publication. ^
4 4
REOFFERED—It is stated by the said County Treasurer that he
county hospital
Treasury for Nov.
of the money in the State
30, 1936, follows:
A comparison
Nov.
will receive bids
until 2 p. m. on Dec. 28
the above bonds.
for the purchase of
General expenditure
General fund No. 2
fund
(P.
equal to 100.93.
1,097,645.67
O. Ida Grove), Iowa—BOND SALE NOT SCHED¬
O. H. Dall, County Auditor, that the remaining
$460,000 primary road bonds of the $960,000 issue approved by the voters
on June 24, will probably not be sold until early spring as only a small
portion of bunds from the last sale were used.
It is said tnat this was due
to delay in getting the work started.
IDA COUNTY (P.
ULED—It is stated by
Iowa—MATURITY—The City Clerk reports that the
$25,000 water revenue bonds purchased by the Carleton D. Beh Co. of
Des Moines as 2Ms at a price of 100.524, as noted here recently—-V.143,
p> 3376—mature $2,500 from Jan. 1, 1938 to 1947; optional on Jan. 1,1941,
giving a basis of about 2.36% to optional date.
>14! A a* <4 a
i
OXFORD INDEPENDENT SCHOOL DISTRICT (P. O. Oxford),
Iowa—BOND OFFERING—C. C. Bireline, Secretary of the Board of Direc¬
tors
will receive bids until 2 p. m. Dec. 24 for the purchase of $10,000
sShoolbuildSgbonds. Dated Jan. 1, 1937. Certified check for $100
required.
Legal opinion will be furnished by the district.
OELWEIN,
SALE
offered for sale
Bank of
Due
1937 and $20,000 on Dec. 31, 1938.
The second high¬
of $4.00 premium on Is, tendered by the Carleton D.
PLYMOUTH COUNTY (P. O. Le Mars), Iowa—CERTIFICATE
—The $45,000 issue of secondary road coupon certificates
on Dec. 14—V. 143, p. 3503—was awarded to the Le Mars Savings
Le Mars at 1.00% plus a premium of $5.00.
Dated Dec. 15, 1936.
$25,000 on Dec. Si,
est bid was an offer
Beh Co. of Des Moines.
ROCKWELL, Iowa—BOND OFFERING—Joseph
Treasurer, will receive bids until 11 a. m. Dec. 19,
$10,200 5% special assessment sewer bonds.
A
Issued prior to
1914
^
New3% warrants
JEFFERSON COUNTY (P. O. Oskaloosa), Kna.—BOND SALE—
of 2M% coupon bonds aggregating $41,000, offered for
on Nov. 30—V. 143, p. 3353—were awarded to L. C. Atkins & Co. of
Topeka, paying a price of 101.73.
The bonds are divided as follows:
The three issues
Dated Oct. 1, 1936.
Dec. 21 for the
a. m.
$8,000 public work
and July 1.
Jan.
Due $1,000 from Oct. 1,
Clerk, will receive bids unti
purchase of the following 2)4. %
relief bonds.
Due
,
^
^
OFFERING—W. I. Ferrell, County
BOND
10
Dated Dec. 1, 1936.
j3ublic^work^relief bonds. Dated Nov. 1, 1936. Due from
8,000 poor relief bonds.
1937 to 1944, incl.
bonds:
Interest Jan. 1
Dated Dec. 1, 1936.
Due Jan. 1 as follows: $500, 1938 to 1941, and $1,000,
1947.
25,000 Ozawkie-Medina County road improvement bonds.
Dated Dec.
15, 1935.
Int. payable Jan. 15 and July 15.
Due $2,500 yearly
on Jan. 15 from 1938 to 1947, incl.
,
6,918.13 Wellman county road improvement bonds.
Dated Dec. 1,
1936.
Int. Jan. 1 and July 1.
Due on Jan. 1 as follows: $418.13,
1938; $500, 1939 to 1943, and $1,000, 1944 to 1947.
1942
to
Winchester-Easton county road improvement bonds.
Dated
Dec. 1, 1936.
Int. Jan. 1 and July 1.
Due Jan. 1 as follows:
$371.95, 1938; $500, 1939 to 1945, and $1,000, 1946 and 1947.
Denom. $500, except 1 for $418.13 and 1 for $371.95.
Cert, check for
2% of amount of bid required.
Sale will be made subject to approving
opinion of Dean & Dean of Topeka.
MONTGOMERY
sold to Estes, Payne
COUNTY (P. O. Independence), Kan.—BOND
$19,000 public works project funding bonds has been
& Co. of Topeka at a price of 101.268.
(P. O. Wichita), Kan.—BOND SALE—The
semi-annual poor relief bonds offered for sale on Dec.
14—V. 143, p. 3876—was awarded to Estes, Payne & Co. of Topeka, pay¬
ing a premium of $16.97, equal to 100.0169, a basis of about 1.99%.
Dated
Nov. 1, 1936.
Due $10,000 from Nov. 1, 1937 to 1946, incl.
SEDGWICK COUNTY
$100,000 issue of 2%
SHERMAN
COUNTY COMMUNITY
HIGH SCHOOL DISTRICT
(P. O. Goodland), Kan.—BOND SALE—The $140,000 issue of coupon
school building bonds^offered for sale on Dec. 10—V. 143, p. 3670—was
not sold as all the bids received, ranged from 98.25 to 99.00, and were re¬
Denom. $1,000.
Dated Dec. 1, 1936. Due serially from Aug. 1,
The bonds are divided as follows: $70,000, 2}£s, maturing
and $70,000, 2K«, maturing from 1947. to 1956, incl.
Interest payable F. & A.
jected.
.
1938 to 1956.
from 1937 to 1946,
SUMNER COUNTY
(P.
O. Wellington), Kan.—BOND SALE DE¬
that the $18,000 county bonds purchased
TAILS—The County Clerk reports
by the Brown-Crummer Co. of Wichita at a price of 100.525, as noted here
recently—V. 143, p. 3670—were sold as 2s, and mature $2,000 from Nov. 1,
1938 to 1946, incl., giving a basis of about 1.90%.
Kan.—BOND OFFERING—C. O. Ellis, City Clerk, will
7:30 p. m. Dec. 21 for the purchase of an issue of $66,internal improvement curb, gutter and paving bonds,
Denom. $1,000, except one for $441.40.
Dated Dec. 1, 1936.
Interest payable semi-annually.
Due approximately one-tenth each year
for a period of ten years.
Cert, check for 2% of amount of bid, required.
Bids must be made on blanks obtained from the City Clerk.
Sale will be
made subject to approval as to legality by Bowersock, Fizzell & Rhodes of
WICHITA,
receive bids until
441.40 2%
series 430.
coupon
Kansas City, Mo.
►
r
KENTUCKY
(State of)— WARRANTS CALLED—State Treasurer
Buckingham announces that $4,160,039 outstanding 5% warrants
covering the period from Oct. 1, 1933 to Nov. 1, 1934,
to H-8614, are being called for retirement as of Jan. 11.
made in either cash or 3% warrants, at holder's option.
numbered serially
Payment will be
LOUISVILLE, Ky.—BOND SALE—The $14,206 issue of 4% coupon
improvement special assessment bonds offered for sale on Dec. 12—
par by the Pub.ic Works Administration.
street
V. 143, p. 3876—was purchased.at
Due in from 1 to 10 years.
OWEN COUNTY (P.
The Court of Appeals on
a
O. Owenton), Ky.—BOND ISSUE UPHELD—
Dec. 5 is reported to have upheld the validity of
$20,000 issue of refunding
bonds, thus affirming the opinion
of the Owens
Circuit Court.
Immediate Firm Bide
on
LOUISIANA MUNICIPALS
Schorff L Jones
WYANDOTTE COUNTY (P. O. Kansas City), Kan.—BOND SALE—
2% public works and relief project 10-year bonds has
Bernheimer Co. of Kansas City at a price of 101.041.
An issue of $27,000
been sold to the Baum,
TELEPHONE RAYMOND 1189
180
New Orleans
LOUISIANA
KAPLAN, La.—BOND OFFERIN G—Sealed bids will be received until
3 p. m. on Jan. 12 by D. J. Trahan, Town Clerk, for the purchase of a
$25,000 issue of public improvement bonds.
Interest rate is not to exceed
6%, payable F. <fc A.
Denom. $500.
Dated Feb. 1, 1937. Due $1,000
from Feb. 1, 1938 to 1962, incl.
A certified check for $750, payable to
J. T. Abshire, Mayor, must accompany
the bid.
State of—BOND OFFERING— Sealed bids will be re¬
Jan. 20, by the State Highway Commission, accord¬
ing to L. F. Abernathy, Chairman of the said Commission, for the purchase
of two issues of not to exceed 4% coupon or registered highway bonds,
aggregating $12,000,000, divided as follows:
LOUISIANA,
ceived until 11 a. m. on
$6,500,000 Series R bonds.
Due on Jan. 1 as follows: $11,000, 1941 to
1945; $12,000, 1946 to 1948; $5,000,
1949; $75,000, 1950;
$203,000, 1951; $184,000, 1952 and 1953; $155,000, 1954 and
1955; $509,000, 1956; $833,000, 1957; $1,317,000, 1958; $1„363,000, 1959, and $1,426,000 in 1960.
This issue of bonds
will be marked Series "R" merely for purpose of indetification.
No bid for less than the entire issue will be considered and no
bidder will be allowed to designate more than three rates of
interest.
A certified check for $65,000, payable to the State
Highway Commission, must accompany the bid.
All bidders
accept delivery of the bonds in Baton Rouge and
the purchase price thereof not later than Feb. 20, 1937,
upon tender of the bonds by the State.
5,500,000 Series Q bonds.
Due on Jan. 1 as follows:
$17,000, 1941 to
1949; $10,000, 1950; $17,000, 1951 to 1956; $24,000. 1957 and
$1,737,000 in 1958 to 1960.
This issue of bonds will be marked
Series "Q" merely for purpose of identification.
No bid for
less than the entire issue will be considered and no bidder will be
must agree to
pay
than one coupon rate.
A certified
the State Highway Commission,
the bid.
All bidders must agree to accept
delivery of $4,500,000 of the bonds in Baton Rouge not later
than March 30, 1937 and to accept delivery of $1,000,000 not
later than April 15, 1937, upon tender of the bonds by State.
allowed
to designate more
check for $55,000, payable to
must
5,871.95
SALE—An issue of
.
INCORPORATED
sale
•
$6,859.97
34,003.26
15.323,032.64
1,536,600.00
John E.
P. Gallagher, Town
for the purchase of
HAYS, Kan.—BOND CALL—Emily C. Johnson, City Clerk, is calling
for payment on Jan. 1, on which date interest shall cease, bonds numbered
1 to 7, 13 to 29, totaling $24,000, of an electric lignt purchase issue, dated
Jan. 1,1917.
Payable at par at the office of tne State Treasurer in Topeka.
HUTCHINSON, Kan.—BONDS VOTED—At an election held on Dec.
7 the voters approved the issuance of $226,250 in bonds as the city's share
of a $395,000 school development program, with $168,750 to be secured
from Public "Works Administration funds.
;
3,508,872.46
21,512,743.85
General expendi ture warrants
HASTINGS, Iowa—BOND SALE—The $5,500 issue of town hall bonds
offered for sale on Nov. 30—V. 143, p. 3502—was purchased by the First
National Bank of Diagonal, as 3i^s at par.
8,000
$6,859.97
---------
-
GROVE,*Kan.—BONDS VOTED—Tne voters are said to
approved recently the issuance of $65,000 in lake construction bonds.
bonds.
—
outstanding against the State on Nov. 30,1935,
State road warrants
COUNCIL
county road improvement
from Jan. 1, 1938 to 1947.
3,779,022.50
165,397.60
322,946.65
90,609.68
-
comparison of warrants
1936, follows:
T. T. TEL. N. O.
$25 000
488,858.29 i
1,182,842.15
74,993.05
and Nov. 30.
KANSAS
have
-
-----
fund
Old-age pensions
Transfer fund
DISTRICT (P. O. Riverside), Iowa—BOND
Secretary of the Board of School Di¬
2:30 p. m. on Dec. 23, for the purchase
bonds.
RIVERSIDE SCHOOL
rectors
1,097,645.67
133,453.40
NRA
OFFERING—It is reported by the
that he will receive bids until
of a $12,000 issue of school building
k
fund
Highway bridge sinking
State road fund
cVn7»7flo
67,909.43
1.682,283.15
89,039.26
--------
,
Minor funds
Highway bridge
lg36
$816,592.41
$3,255,462.32
-
General fund No. 2
O. Clinton), Iowa—BONDS SOLD—A
$45,000 issue of poor fund bonds is said to have been purchased by the
Carleton D. Beh Co. of Des Moines, as 2>£s, paying a premium of $420,
COUNTY
CLINTON
30, 1935, and
iQ35
V. 143, p. 3669—were
BONDS
1936
Dec-
Chronicle
accompany
Denom. $1,000.
The bonds will be awarded to the
Dated Jan. 1, 1937.
bidder offering to pay not less than par and accrued interest and to take the
bonds at the lowest interest cost to the State, determined by deducting
premium offered from interest rates tendered.
The principal and interest
are payable at the fiscal agency of the State in New York, or at the State
Treasurer's office.
The approving opinion of Thomson, Wood & Hoffman
of New York, will be
furnished.
CITY, La .—BOND SALE DETAILS—In connection with
bonds to the Citizens National Bank of Mor¬
gan City, noted in these columns in October—V. 143, p. 2886—it is reported
by the City Secretary-Treasurer that the bonds were sold as 6s at par and
MORGAN
the sale of the $15,000 paving
mature in from
1 to 10 years.
Martinville), La—BONDS
house improvement
noted in these columns—V. 143,
p. 3670—are being offered by Sutherlin &
Scranton Co., Inc. of New
Orleans, and the First National Bank in St. Paul, at prices to yield from
2.25 to 3.60%, according to maturity.
Dated Dec. 1, 1936.
Due from
Dec. 1, 1938 to 1956, incl.
Principal and interest (J. & D.) payable at the
Chase National Bank in New York City.
Legality to be approved by
Chapman & Cutler of Chicago.
ST.
MARTIN
(P.
PARISH
St.
O.
OFFERED
TO PUBLIC—The $100,000 issue of court
bonds that
was
sold as 3 2£s, on Dec. 1, as
SHREVEPORT, La.—BOND SALE APPROVED—The City Council is
given its approval recently to a sale already agreed upon of
$265,000 sewerage and water bonds to the Continental-American Bank &
Trust Co. of Shreveport, as 4j^s at par.
This special financing is said to
have been authorized by an Act of the 1936 Legislature.
said to have
PARISH
THIRD
WARD SCHOOL
DISTRICT
(P. O. Amite), La.—BONDS VOTED—At an election held on
of $125,000 in school bonds by a
TANGIPAHOA
NO.
102
Dec. 8 the voters approved the issuance
wide
margin.
WESTON
HIGH
SCHOOL
DISTRICT
NO. 25
(P.
O. Jonesboro),
Schools
La.—BOND SALE—It is now reported by the Superintendent of
$10,000 school bonds offered unsuccessfully on July 13, as noted
here at that time, have been purchased by the Ernest M. Loeb Co. of New
Orleans as 5^s, paying a premium of $162.92, equal to 101.629, a basis
of about 5.49%.
Due as follows: $500, 1937 to 1940, and $1,000, 1941 to
that the
1948.
WINNSBORO, La.—BONDS VOTED—It is stated by the Town Treas¬
that $50,000 of 4% water works bonds were approved by the voters at
election on Dec. 1.
Due in 25 years.
It is said that no date of sale
urer
KENTUCKY
an
has been fixed
BOWLING
GREEN, Ky —BOND SALE— The city has sold $44,000
bonds to J. J. B. Hilliard & Son of Louisville.
as
yet.
MARYLAND
3 H% refunding
KENTUCKY,|State of—DEBT CUT TO
Associated Press
report:
J
TOTAL OF $16,900,495—An
disptach from Frankfort on Dec. 7 had the following to
ir ^Outstanding interest-bearing warrants"against the" State
amounted
to
$16,900,495.87
as
Md.—BOND SALE—The issue of
on Nov. 30
compared with $25,028,476.28 for Nov. 30,
1935, books of the State Auditor revealed today.
On the same date cash
in the State Treasury totaled $7,839,485.19 as against $6,323,864.57 for
Dated Jan. 1, 1937 and due $25,000 on
Other bids were as follows:
expenditure fund on
with $18,262,696.03 for last year.
Phelps, Fenn & Co
W. W. Lanahan & Co
.
,
,
Jan. 1 from 1947 to 1950, incl.
Rate Bid
103.517
Harris Trust & Savings Bank
Mercantile Trust Co
'
104.044, a basis of about 2.10%.
Bidder—
Nov. 30 of lastjyear
Tne books of the Auditor also jrevealed the net
deficit against the general
Nov. 30 of this year was $16,043,790.62 as compared
$100,000 2H%
Halsey,
14—V. 143, p. 3670—was awarded to
Stuart & Co. of New York at a price of
^
____
CUMBERLAND,
flood bonds offered on Dec.
__
Alex. Brown & Sons
101.299
100.751
_-.-100.58
—
-100.319
Volume
of
Financial
143
FROSTBURG, Md.—PAYING AGENT—The Manufacturers Trust Co.
New York is paying agent for $80,000 improvement
and refunding
floating debt and
sewer
bonds of 1936.
4039
Chronicle
TAUNTON,
Mass .—NOTE
SALE—'The
issue
of
$300,000
revenue
anticipation notes of 1936 offered on Dec. 15—V. 143, p. 3877—was
awarded to the First National Bank of Boston, at 0.317% discount.
Dated
Dec. 16, 1936, and due in instalments of $100,000 each on June 16,
SALISBURY, Md.—BOND OFFERING—J. Ritchie Laws, City Clerk,
will receive bids until 9 p. m. Dec. 21 for the purchase of $61,000 coupon,
registerable as to principal, water and sewer bonds, series of 1937.
Bidders
name rate of interest, in a multiple of H%, hut not to exceed 4%.
Denom. $1,000.
Dated Jan. 1, 1937.
Principal and semi-annual interest
(Jan. 1 and July 1) payable at the Farmers & Merchants
Bank,
Sal¬
isbury.
Due on Jan. 1 as follows:
$1,000, 1938 and 1939; $2,000, 1940
to 1949, and $3,000, 1950 to 1962.
Certified check for $500 required.
are to
MASSACHUSETTS
Mass.—NOTE SALE—The issue of $100,000 notes
was awarded to the New England Trust Co. of Boston
Due July 23, 1937.
Other bids were as follows;
ARLINGTON,
offered
at
on
Dec.
14
0.177% discount.
f* Bidder—
•
■
'
"
Discount
0.183%
Second National Bank of Boston
National
Shawmut
Bank
United
First
19365
States
Trust
National
Washburn
Jackson
Bank
0.20%
0.21%
0.215%
0.24%
0.26%
Co
of
Boston
Co
&
Curtis
&
on a
365-day year, interest to follow basis.
EVERETT, Mass.—NOTE SALE—The $300,000 revenue anticipation
143, p. 3877—were awarded to the First Bos¬
Corp., Boston, on a 0.273% discount basis.
The National Shawmut
Bank of Boston bid 0.28% discount.
Dated Dec. 16, 1936 and payable
$150,000 on each of the dates July 15 and Aug. 16, 1937.
ton
Other bids
Bidder—
were
as
follows:
Shawmut National Bank
Leavitt & Co
Other bids
Discount
0.46%
0.485%
0.486%
0.576%
Merchants National Bank
First National Bank of Boston
Jackson
Curtis
&
Second
National
Bank-
Mass.—NOTE SALE— The
WAKEFIELD,
offered
at
Dec.
on
0.34%
issue
of
$100,000
notes
14 was awarded to the Second National Bank of Boston
were as
each on Nov. 4 and Nov. 26,
Due $50,000
discount.
1937.
follows:
Bidder—
Discount
'
Jackson & Curtis
0.367%
First Boston
Corp
Faxon, Gade & Co
'
:
0.374%
0.375%
0.437%
WALTHAM, Mass.—NOTE SALE—The $300,000 revenue anticipation
awarded to the First National Bank of Boston
0.297% discount.
Dated Dec. 14, 1936 and due $100,000 each on
Sept. 1, Oct. 1 and Nov. 1, 1937.
Other bids were as follows:
notes offered on Dec. 14 was
at
Discount
Merchants National Bank of Boston
0.32%
0.33%
0.362%
0.39%
0.449%
332%
-
.362%
.385%
OFFERING—Lionel
Vonvouloir,
City
Faxon, Gade & Co
Second National Bank of Boston
WALTHAM, Mass.—BOND SALE—The $35,000 municipal relief bonds
on Dec. 16 were awarded to Whiting, Weeks & Knowles of Boston
offered
as.13^s at a price of 100.31, a basis of about 1.44%.
Faxon, Gade & Co.
of Boston bid 100.937 for l%s.
Dated Dec. 1, 1936.
Due on Dec. 1 as
follows: $4,000, 1937 to 1941, and $3,000, 1942 to 1946, incl.
Financial Statement
Financial Statement Dec. 15,
1936
-
1,
1936
$56,932,470
2,748,000
375,000
this issue)
Water debt (included in total debt)
Sinking funds, other than water
None
1935, $1,935,614; uncollected Dec. 1, 1936, $6,784.79.
1936, $1,949,879; uncollected Dec. 1, 1936, $620,911.75.
Population, 39,425.
Tax levy
Tax levy
WARE, Mass.—NOTE OFFERING—The Town Treasurer will receive
a. m. on Dec. 21 for the purchase at discount of $50,000
notes, dated Dec. 22, 1936 and due July 21, 1937.
sealed bids until 11
$85,169,000.00
84,471,330.00
83,514,150.00
Valuation—1934
Dec.
Assessed valuation for year, 1935
Total bonded debt (not including
$5,000.
Said notes will be authenticated as to genuineness and validity
by the First National Bank of Boston, under advice of Storey, Thorndike,
Palmer & Dodge, Boston, and all legal papers incident to this issue will be
filed with said bank, where they may be inspected.
284,982.00
225,107.00
against
Tax Data
$23,308.00
21,392.00
57,956.00
484,324.00
None
1,150,000.00
Total uncollected taxes previous to 1934
1934—Levy, $2,461,094.69; uncollected to Dec. 15, 1936—
1935—Levy, $2,356,617.20; uncollected to Dec. 15, 1936—
1936—Levy, $2,330,743.45; uncollected to Dec. 15. 1936.—
Tax anticipation notes outstanding against 1935
Tax antic, notes outst'g against 1936 (incl. this issue)
Cash
follows:
as
Leavitt & Co
Treasurer, will receive sealed bids until 11 a. m. on Dec. 21 for the purchase
$250,000 notes issued in anticipation of revenue for the year T936.
Notes will be dated Dec. 22, 1936 and payable Juiy 15, 1937 at the First
National Bank of Boston, in Boston, Mass., or at the Central Hanover
Bank & Trust Co., in N. Y. City, and will be ready for delivery on or about
Tuesday, Dec. 22, 1936, at either of said offices.
The denom. of these
notes will be as follows: seven at $25,000; six at $10,000, and three
at
Borrowed
were
Bidder—
Whiting, Weeks & Knowles
*-30%
Mass.—NOTE
0.412%
TEMPLETON, Mass.—NOTE SALE—The First Boston Corp. has pur¬
chased an issue of $25,000 notes at 0.39% discount.
Due Nov. 24, 1937.
.29%
Faxon, Gade & Co
♦Plus $1 premium.
titles
0.39%
--
-285%
First National Bank
Tax
0.375%
Jackson & Curtis
Bidder—
Discount
Whiting, Weeks & Knowles
Leavitt & Co., N. Y
HOLYOKE,
0.333 %
0.35%
0.35%
Whiting, Weeks & Knowles
Faxon, Gade & Co
.
Middlesex County National Bank
Merchants National Bank
of
Discoun
0.33%
First National Bank of Boston—.—
notes offered on Dec. 16—V.
July 15
Other bids were as follows:
Aug. 20, all in 1937.
Bidder—
Merchants National Bank of Boston
First Boston Corp
Other bids
F BOSTON, Mass.—NOTE OFFERING—John H. Dorsev, City Trea¬
surer, will receive sealed bids until noon on Dec. 21, for the purchase of
$5,000,000 notes, dated Dec. 23, 1936 and due Nov. 3, 1937.
Bids are
asked
and
522,386.00
balance
revenue
WARREN,
Masb.—NOTE SALE— The First Boston Corp. has been
of $30,000 temporary loan notes on a 0.314% discount
awarded an issue
basis.
WATERTOWN, Mass .—OTHER BIDS—The following is a complete
list of the other bids submitted for the issue of $250,000 notes awarded on
Dec. 9 to t'~ Second National Bank of Boston, at
0.247% discount:
Rate
0.285%
0.30%
0.31%
0.32%
0.34%
0.365%
0.37%
Bidder—
Leavitt
&
Co
Union Market National Bank
Merchants National Bank
National Shawmut Bank
Washburn & Co__x>
MALDEN, Mass.—BONDS AND NOTES AWARDED—The $105,000
bonds, described below, which were offered on Dec. 11, were awarded to
the First Boston Corp. of Boston as l^s at a price of 100.05.
H. C. Wainwright & Co. of Boston, second high bidders, offered a price of 100.913 for
1X%.
First National Bank
Faxon, Gade & Co
v
We
$35,000 street construction bonds.
Due Dec. 1 as follows: $4,000 from
1937 to 1941, incl., and $3,000 from 1942 to 1946, incl.
35,000 water loan bonds.
Due $7,000 on Dec. 1 from 1937 to 1941, incl.
35,000 sewer construction bonds.
Due Dec. 1 as follows; $4,000 from
1937 to 1941, incl. and $3,000 from 1942 to 1946, incl.
All of the bonds are dated Dec. 1, 1936.
Buy for
Our Own Account
MICHIGAN
MUNICIPALS
,
Cray, McFawn & Company
NOTE SALE—The $300,000 revenue anticipation notes offered on Dec. 11
awarded to the Bankers Trust Co. of New York at 0.24% discount
were
plus $12 premium.
Dated Dec. 14, 1936 and due Sept. 14,
high bid of 0.303% was submitted by First Boston Corp.
MED WAY,
1937.
DETROIT
Second
Mass.—NOTE SALE—An issue of $15,000 notes, payable
Sept. 17, 1937, has been sold to the Second National Bank of Boston on a
.34% discount basis.
Other bids were
as
Boston
MICHIGAN
follows:
Discount
0.354%
0.445%
Bidder—
First
Corp
First National Bank of Boston
EAST
RAPIDS, Mich.—BOND SALE—Louis F. Battjes,
City Clerk, announces the call for redemption at a price of par, on the dates
indicated of the following described bonds:
Called
MIDDLETON,
was
2s, at
a
Mass .—BOND SALE—The Merchants National Bank
on Dec. 8 an issue of $51,000 school equipment bonds
Due serially on Dec. 15 from 1937 to 1956,
Jan. 1, 1937
Special assessment refunding bonds, dated July 1,1934, Nos. 4 to 19, incl.
Special assessment refunding bonds, dated July 1,1935, Nos. 1 to 19 incl.
Called
on
Jan. 15, 1937
Special assessment refunding bonds, dated Jan. 15, 1934, Nos. 6 to 23.
awarded
price of 100.799.
on
Refunding bonds dated Jan. 1, 1935, Nos. 1 to 20 incl.
MERRIMAC, Mass.—NOTE SALE—An issue of $10,000 notse, payable
Aug. 20, 1937, has been sold to the First National Bank of Boston on a
.374% discount basis.
of Salem
GRAND
0.46%
Faxon, Gade & Co
as
A. T. T. Tel. DET347
Telephone CHerry 6828
inclusive.
Special assessment refunding bonds, dated Jan. 15, 1935, Nos. 1 to 18,
incl.
inclusive.
BEDFORD, Mass.—BOND SALE. DETAILS—Brown Harriman
Corp., both of New York, jointly .which
recently made public offering of a new issue of $180,000 1% % relief bonds,
paid a price of 100.43 for the issue, a basis of about 1.67%.
Dated Dec. 1,
1936.
Due $18,000 on Dec. 1 from 1937 to 1946, incl.
Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston.
NEW
Called on April 1, 1937
& Co., Inc., and the First Boston
NORFOLK
COUNTY
(P.
O.
Mass.—NOTE OFFERING
originally scheduled
Home notes, which
April 15 from 1937 to 1941, incl.
Rate
to mature $10,000
of interest to be named
annually on
by the bidder.
Mass.—NOTE OFFERING—The
Town
Treasurer
will
receive sealed bids until noon on Dec. 22, for the purchase at discount of
$25,000 notes, dated Dec. 24, 1936 and due July 16, 1937.
PALMER,
QUINCY,
revenue anticipation
3877—were awarded to the
Mass.—NOTE SALE—The $500,000
of 1936 offered on Dec. 14—V. 143, p.
First Boston Corp. at 0.30% discount.
Dated Dec. 14, 1936 and due
$250,000 each on Sept. 15 and Oct. 14, 1937.
Other bids were as follows:
notes
Bidder—
Merchants National
Whiting, Weeks &
Leavitt
&
Bank of Boston
Knowles
Co
Shawmut Bank
First National Bank of Boston
National
Bank of the Manhattan Co., New
York
Discount
0.31 %
0.32%
0.323 %
0.33%
0.337%
0.35%
SALEM, Mass.—BOND OFFERING—Charles G. F. Coker, City Trea¬
surer, will receive bids until 11 a. m. Dec. 22, for the purchase at not less
than par of $50,000 coupon municipal relief loan bonds.
Bidders are to
name rate of interest, in a multiple of M %.
Denom. $1,000. Dated Dec. 1,
1936.
Principal and semi-annual interest (June 1 and Dec, 1) payable at
the National Shawmut Bank of Boston, in Boston, or at the City Treasurer's
office, at option of holder.
Due $10,000 yearly on Dec. 1 from 1937 to
1941, inclusive.
SCITUATE, Mass.—NOTE SALE—An issue of $16,000 notes has been
Bank of Boston.
sold to the Merchants National
Refunding bonds dated April 1, 1935, Nos. 1 to 5 , inclusive.
Refunding bonds dated Oct. 1, 1933, Nos. 2 to 15, inclusive.
Special assessment refunding bonds, dated Oct. 1, 1933, Nos. 11 to 42,
inclusive.
Special assessment refunding bonds, dated Oct. 1, 1934, Nos. 1 to 42,
Dedham),
POSTPONED—The county has postponed an offering
for Dec. 15 of $50,000 Tuberculosis Hospital Nurses
were
Refunding bonds dated April 1, 1934, Nos. 2 to 5, inclusive.
inclusive.
The holders of the above enumerated bonds are hereby notified the same
should be presented for payment at the
Grand Rapids, Michigan, on the above
so
office of the City Treasurer, East
mentioned dates.
All bonds not
presented for payment on the above dates will cease to bear interest
from and after said dates.
ELBERTA, Mich.—BONDS NOT SOLD—No bids were submitted for
the $10,000 5% coupon sanitary sewer and sewage treatment plant revenue
bonds offered on Dec. 9—V. 143, p. 3671.
Dated Dec. 1, 1936 and due
$500 on Dec. 1 from 1939 to 1958, incl.
a price of 101.
Callable on any interest date at
DETROIT, Mich.—BOND SALE—The $25,333,000 non-callable series F
refunding bonds offered on Dec. 14—V. 143, p. 3671—were award d to a
syndicate managed by the Bankers Trust Co. of New York, at a price of
par plus a premium of $135 for $9,858,000 of the bonds, maturing serially
from 1938 to 1950 incl., as 3Hs, and the other $15,475,000, due annually
from 1951 to 1963 incl., as 2%s, the net interest cost to th? city oeing
2.9125%.
Associated with the Bankers Trust Co. in the purchase were
the Chase National Bank, National City Bank, First of Boston Corp.,
Blyth & Co., Inc., Frist of Michigan Corp., R. W. Pressprich & Co., F. S.
Moseley & Co., Estabrook & Co., Graham, Parsons & Co., Paine, Webber
& Co., Darby & Co., Salomon Bros. & Hutzler and L. F. Rothschild &
Co., all of New York; Wilmerding & Co., Detroit; Hannahs, Ballin & Lee,
Stranahan, Harris & Co., and R. L. Day & Co., all of New York; Whiting,
Weeks & Knowles of Boston; E. W. Clark & Co., Philadelphia; Schaumburg,
Rebhann & Lynch, New York; Crouse & Co., Detroit; Mackey, Dunn & Co.
and Foster & Co., both of New York; Mitcnell, Herrick & Co., Cleveland;
Claflin, Hubbard & Jenkins Co., Boston; Union Trust Co. of Indianapolis;
Trust Co. of Georgia. Atlanta: Merrill. Turben & Co.. Cleveland: Spokane
4040
&
Financial
Eastern
Branch
Seattle-First
National Bank, Spokane,
The offering consisted of:
JHardgrove of Spokane.
and Ferris &
1963.
2,988,000 bonds, dated Jan. 15, 1937, in $1,000 denoms., due Jan. 15
as follows:
$47,000 from 1938 to 1944 incl.; $128,000 in 1945;
$141,000 from 1946 to 1962 incl. and $134,000 in 1963.
.
...
The successful banking group in re-offering the issue, priced $15,475,000
maturing from 1951 to 1963, at par for the 1951-1952 maturities
of 254s,
and
to
yield from 2.80 to 2.90% for the other maturities; and $9,858,000
3 Ms, maturing from 1938 to 1950, priced to yield from 0.50 to 2.85%.
Tne
purpose of the series F bonds is to refund a like amount of bonds bearing
higher interest rates which were issued by the city in exchange for general
obligation bonds under a comprehensive refunding plan promulgated in
1933.
BOND CALL—Following the award, the city issued a formal call for re¬
demption of 26 blocks of outstanding bonds aggregating $22,346,400 and
bearing interest rates of 4 to 6%.
This will be the first time that Detroit
bonds bearing rates as low as 4% have been refunded by lower interestbearing obligations.
The called bonds will be redeemed on various dates
from Feb. 15 to April 15, 1937.
An issue of $2,988,000 sewer refunding
4M% bonds was recently called for redemption on Feb. 1, 1937.
The larg¬
est issue included in the current call
consists of $17,527,000 refunding
series A 4M% bonds which will be paid off on Feb. 15.
The called bonds may be presented for payment on their respective re¬
demption dates at Bankers Trust Co., New York; the National Bank of
Detroit; the Manufacturers National Bank of Detroit, or at the City Treas¬
urer's office,
ECORSE
S.
Detroit.
TOWNSHIP, Wayne County, Mich.—BOND CALD-Ellis
Undersill,
Township Treasurer,
announces
for redemption
the call
(P. O.
be received until 2 p. m. on Dec. 23, by E. H. Marpe, District Clerk, for
the purchase of a $45,000 issue of 3% refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1937.
Due $3,000 from Jan. 1, 1938 to
and int. (J. & J.) payable at any bank or trust company
purchaser.
The approving opinion of Junell, Driscoll,
& Barker of Minneapolis, will be furnished.
A certified
payable to the District, must accompany the bid.
MARSHALL COUNTY (P. O. Warren), Minn.—BOND
MOOSE PARK (P. O. Blackduck), Minn.—BOND SALE—It is stated
by the Town Clerk that the $3,250 issue of road and bridge refunding bonds
for sale on Dec. 10—V. 143, p. 3671—was purchased by S.
H.
Rines. of Minneapolis. as3Hs at par.
Denom. $250.
Dated Dec. 1, 1936.
Due in 1962, optional at any time,, upon 30 days' notice. Interest payable
offered
Dec. 1.
YORK
NEW
NORMAN
DISTRICT
bids will
a
AND
NO.
66
Due $1,000 yearly
to
Dated
Dec.
on
1 from
1938
1946.
Due
Jan.
1,
SCHOOL
Minn.—BOND OFFREING—Sealed
Dec. 26, by O. E. Rudser, District
$35,000 issue of 3% semi-anu. refunding, series
(P. O.
Borup)
2 p.
a
on
m.
1966, callable on any interest payment date.
PINE COUNTY INDEPENDENT SCHOOL DISTRICT NO. 3 (P. O.
Pine
City),
Minn.—BONDS SOLD—Ail $18,000 issue of scuool bonds
tne voters on Oct. 23 have been purchased by the State of
according to the District Clerk.
by
approved
Due $500 yearly on Dec. 1 from 1938
on
CONSOLIDATED
COUNTIES
CLAY
be received until
B bonds.
,
to
bids
29 by Ernest Jonnson, Village Clerk,
$17,000 issue of sewer warrants.
Interest rate is not
to exceed 4 H %. payable A. & O.
Denom. to be not less than $50 nor more
than $500.
Dated Oct. 1, 1936.
Due over a period of 10 years.
Prin.
and int. payable in such funds as are legal tender of the United States, at
the Village Treasurer's office, or, at the option of the holder, at the Farmers
& Mercnants State Bank, New York Mills.
A certified check for 10%
of the bid, payable to the said Village Clerk, is required with tender.
(These are the warrants that were sold on Oct. 5, as noted in these col¬
umns at that time.
It is stated by the Village Clerk that it has been found
necessary to readvertise.)
for the purchase of
Clerk, for the purchase of
2,000 street improvement bonds.
Minn.— WARRANT OFFERING—Sealed
MILLS,
be received until 8 p. m. on Dec.
will
will receive bids until 7 p.m. Dec. 28 for the purchase of the following 4%
bonds:
$9,000 sewer extension bonds.
OFFERING—
issue
On Dec. 30 tne County Board of Commissioners will offer for sale an
on
GRANDVILLE, Mich.—BOND OFFERING—Fred Taylor, City Clerk,
1952 incl.
Prin.
designated by the
Fletcner, Dorsey
check for $1,000,
of $225,000 refunding bonds.
Jan.
15, 1937, at the National Bank of Detroit, of $149,500 6% refunding
bonds of 1934, dated July 15, 1934 and due July 15, 1944, optional on any
interest date.
One bond for $500, others $1,000 each.
12
19, 1936
Dec.
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
Freeborn), Minn.—BOND OFFERING—Sealed bids will
FREEBORN
NO.
$22,345,000 bonds, dated Jan. 15, 1937, in $1,000 denoms., due Jan. 15 as
follows: $350,000 from 1938 to 1944 inch; $996,000 in 1945;
$1,050,000 each year from 1946 to 1962 incl. and $1,049,000
in
Chronicle
Minnesota,
1941.
Dec.
1,
1936.
Dec.
Principal and semi-annual interest (June 1 and
Certified check for 2% of
1) payable at the City Treasurer's office.
amount of bonds bid for, required.
WALNUT
GROVE
INDEPENDENT
NO.
SCHOOL DISTRICT
(P. O. Walnut Grove), Minn.—BONDS SOLD—It is stated
District Clerk that $46,000 3% school bonds have been purchased
23
by the
by the
State of Minnesota.
LIVONIA TOWNSHIP SEWER DISTRICT NO.
1
(P. O. Farming-
ton), Mich.—BOND OFFERING—Bids will be received by Jesse Ziegler,
Township Supervisor, until 8 p.m. Dec. 21 for the purchase of an issue of
$38,000 special assessment bonds.
Dated April 1, 1937.
Interest payable
April 1 and Oct. 1.
Due $2,000 yearly on April 1 from 1939 to 1957.
Offerings
n
OWOSSO, Mich.—NOTE OFFERING— G. A. Van Epps, City Clerk,
Wanted!
& MISSISSIPPI
LOUISIANA
MUNICIPALS
will receive bids until 7.10 p. m. Dec. 21 for the purchase of $48,000 general
anticipation notes.
Bidders are to name rate of interest not to exceed
<6%.
Dated Dec. 15, 1936.
Due $31,000 Sept. 25. 1937 and $17,000,
Aug. 15, 1938, payable at the City Treasurer's office.
Certified check for
$900, required.
Approving opinion of Miller, Canfield, Paddock & Stone
of Detroit, will be furnished by the city.
tax
PONTIAC,
Mich.—TENDERS
WANTED—E.
Tinsman. Director
of Finance, will receive until 5 p. m. (Eastern Standard Time) on Dec. 28
tenders for re-sale to the city of up to $75,000 of series B bonds presently
outstanding.
Tenders will be acted upon by the City Commission at
2 p. m. on the following day.
Bonds offered must be fully described by the
holder, information to include serial numbers and the price at which tney
will be sold to the city.
Successful tenderers will be notified where to
ROYAL
OAK, Mich.—TENDERS WANTED—Minnie N. Reeves,
City Treasurer, will receive until 5 p. m. on Dec. 28, tenders for the sale
to the city, at prices below par, of series A, B, C and D refunding bonds
presently outstanding.
Tenders should fully describe bonds, including
serial numbers.
Price should be quoted flat, all bonds tendered to have
April 1, 1937 and subsequent coupons attached.
Bonds purchased to be
delivered within 10 days following acceptance of offer at the Detroit Trust
Co., Detroit.
A certified check for 2% of the bonds offered for re-sale,
payable to the order of the City Treasurer, must accompany each proposal.
ROYAL OAKS SCHOOL
NEW
DISTRICT, Mich.—TENDERS WANTED—
E. C. Robart, District Secretary, announces that sealed tenders of 1935
refunding bonds of series A and series B, dated Oct. 1, 1935, will be received
at his office until 7.30 p. m. (Eastern Standard Time) on Jan. 14.
In the
case of the series A bonds, $18,300 is available for their purchase, while the
amount available for purchase of the series B obligations is $3,750.
Offer¬
ings should be firm for five days and tenders should describe the securities
offered for sale, giving series number and series letter.
Sale price must
allow for April 1, 1937 coupon attached to the bonds.
Bell
Department
NATIONAL BANK
WHITNEY
H.
the bonds.
deliver
Bond
ORLEANS,
LA.
Raymond 5409
Teletype N. O. 182
MISSISSIPPI
ALCORN
COUNTY
(P.
Corinth),
O.
CANTON SEPARATE SCHOOL DISTRICT (P. O. Canton), Mi»«.—
now stated by the Superintendent of Scnools
3!4% semi-annual scnool bonds purcnased by a syndicate
by the Leland Speed Co. of Jackson as noted here recently—V. 143,
p. 3877—were sold at par and mature as follows: $4,000, 1937 to 1941, and
$6,000, 1942 to 1951.
BONDSALE DETAILS—It is
that the $80,000
headed
CLARKSDALE, Miss.—BONDS DEFEATED—At
Dec. 8 the voters
in 2%
various
are
an election
said to have defeated the proposed issuance of
purpose
ST.
CLAIR
TOWNSHIP
SCHOOL
DISTRICT
NO.
2
(P.
O.
St.
Mich.—BOND SALE—An issue of $5,000 5% school bonds
recently to the Commercial and Savings Bank of St. Clair at par.
Interest payable semi-annually.
Due in 1941.
was
sold
DISTRICT (P. O. St. Joseph), Mich.—
Starke, Secretary of Board of Education,
Dec. 21, for the purchase of $78,000 school
bonds, which are to bear interest at no more than 4%.
Denom. $1,000.
Dated Aug. 1, 1936.
Principal and semi-annual interest (Feb. 1 and Aug.I)
payable at the office of the District Treasurer.
Due on Aug. 1 as follows:
$3,000, 1937 to 1948; $9,000, 1949 to 1952; and $6,000 in 1953.
Certified
check for $1,000 required.
Approving opinion of Chapman & Cutler of
Chicago will be furnished by the district, but the purchaser is to supply
ST.
BOND
SCHOOL
JOSEPH
OFFERING—Burton
G.
will receive bids until 2 p. m.
the bonds and coupons.
TROY
TOWNSHIP
ASSESSMENT
WATER
DISTRICT
NO.
1
(P. O. Birmingham), Mich.—BOND SALE—Tne issue of $39,975 coupon
bonds offered on Nov. 5—V. 143, p. 2887—was awarded as 3s at a
water
price of par to the American Life Insurance Co. of Detroit.
Dated Dec. 1,
1936 and due Dec. 1 as follows: $4,000 from 1938 to 1945, incl., and $3,975
in
1946.
TROY TOWNSHIP SCHOOL DISTRICT NO. 8 (P. O. Birmingham),
Mich.—BOND
EXCHANGE—Refunding
bonds
in
amount
have been issued in exchange for a similar amount of outstanding
WATERFORD TOWNSHIP
COPIAH COUNTY (P.
O. Ha lehurst), Miss.—BONDS SOLD—It is
by H. T. Funchess. Chancery Clerk, that the $56,000 issue of agri¬
high school refunding bonds offered for sale witnout success on
Dec. 7, as noted here—V. 143, p. 3877—have been purcnased as 3Hs at
par, by Kenneth G. Price & Co. of McComb.
Due from 1937 to 1955.
stated
cultural
HERNANDO,
Miss.—BOND
ELECTION
of $12,000
obligations.
Northwestern
Minnesota, North and
Municipals
South Dakota, Montana,
Oregon, Washington
Administration recently for street
HOLLY
SPRINGS,
Telephone—Minneapolis AtlanU*- 4201
ype—Mpls287
the
Electrification Administration and tne Tennessee
Rural
$15,000
sewage
disposal plant
bonds.
EXCELSIOR, Minn.—BONDS SOLD—M. M. Leach, Village Recorder,
states tnat the $67,375 sewer and disposal plant bonds approved by the
voters on Sept. 29, as noted here at that time, have been taken by the State
of Minnesota.
Valley Athor-
It is said tnat tne first project of the program will require an expendi¬
$70,600, wnicn bonds were approved by the voters at the election
held on Dec. 8—-V. 143, p. 3504.
ity.
ture of
LE FLORE COUNTY (P.
O. Greenwood), Miss.—BONDS VOTED—
At the election held on Dec. 3—V. 143, p. 3355—the voters are said to have
approved the issuance of the $300,000 in secondary road paving bonds.
MERIDIAN, Miss.—PRICE PAID—It is now reported by the City Clerk
and Treasurer that tne $45,877.96 issue of 4% semi-ann. refunding, series O
bonds purcnased jointly by Geo. T. Carter, Inc., of Meridian and J. G.
Hickman,
was
Inc., of Vicksburg, as noted nere recently—V.
Due from Nov. 1, 1937 to 1961.
143, p. 3671—
sold at par.
PIKE
COUNTY
SCHOOL
DISTRICT
(P.
O.
Magnolia).
Miss.—
are informed by Kenneth G. Price & Co. of McComb,
Miss., that they have purchased jointly with the First National Bank of
Memphis, Tenn., a $38,000 issue of 4% Southwest Mississippi Agricultural
Junior College bonds, at par and accrued interest.
Tne bonds mature on
a 14 H-year average.
Legality to be approved by Charles & Trauernicht,
BONDS SOLD—We
of St. Louis. Mo.
LEVEE'
YAZOO-MISSISSIPPI
DISTRICT
(P.
O.
CI«rksdale)»
$250,000 coupon refunding bonds
plus a premium of $100 equal to 100 04,
a basis of about
2.495%. as noted in these columns presiously—V
143. p.
3877—were purchased by a group composed of Wiggins & Walton, of
Jackson. Miss.; Scharff & Jones, Inc. Edward Jones & Co.. Inc.; boih of
New Orleans, and the Equitable Securities Corp. of Nashville
Dated
Jan
1, 1937.
Due on Jan. 1 as follows:
$100,000 in 1952, an 1 $150,000
in 1955.
Prin. and int. (J. & J.) payable at the Chemical Bank & Trust
Co., New York City.
Callable at par and accrued interest on Jan 1, 1942,
or any interest payment date thereafter.
Legality to be approved by Charles
& Trauernicht, of St. Louis, Mo.
Miss.—BOND SALE
that
were
sold
on
DETAILS—The
Dec. 8
CALL—Green
2
as
F.
Seals,
Secretary-Treasurer,
of the
Levee Commissioners, calls the following $300,000 4% bonds for
Jan.
Board oX
retirement
1:
1952.
1905 and payable Jan. 1,1955.
$100,000 fifth series bonds dated July 1, 1902, and payable July 1,
200,000 seventh series bonds, dated Jan. 1,
MISSOURI
MINNESOTA
CALEDONIA, Minn.—BONDS SOLD— It is stated by H. E. Wisland,
Village Clerk, that the $50,000 bonds approved by the voters at the elec¬
tion on Oct. 13, as noted here—V. 143, p. 2887—have been purchased by
the State.
The bonds are divided as follows: $35,000
auditorium and
paving purposes.
Miss.—BOND OFFERING CONTEMPLATED—
It is reported tnat tne city will offer for sale snortly a $300,000 issue of
revenue bonds to finance tne construction of rural lines in conjunctiou with
BOND
WELLS-DICKEY COMPANY
CONTEMPLATED— The
in connection with
the Public Works
Town Clerk reports that an election will have to be held
loan of $16,000 and a grant of $13,090, approved by
SCHOOL DISTRICT NO.
1, Oakland
County, Mich.—TENDERS WANTED—Leon E. Hi'l, School Treasurer,
will accept until 8 p. m. on Jan. 15, at his home, Route No. 2, Pontiac,
tenders for sale to the district of up to $15,000, or more if available, of its
certificates of indebtedness and vor) bonds.
held on
$25,000
bonds.
a
Clair Route 1),
Miss.—BOND SALE—A
$10,000 issue of road improvement bonds is reported to have been purchased
on
Dec. 10, by Leftwion & Ross, of Memphis.-
FULTON
SCHOOL
DISTRICT
(P.
O.
Fulton).
Mo.—BONDS
is reported by the Secretary of the Board of Education that the
$146,000 school bonds approved by the voters on June 9, as noted here at
that time, have been sold.
SOLD—It
DISTRICT NO.
Mo.-CORRECTION— It is stated by the Clerk of the
November, that a
by the voters—V.
JEFFERSON COUNTY PUBLIC WATER SUPPLY
3 (P. O. Hillsboro)
County Court that the report given in these columns in
$62,000 issue of water works bonds had been approved
143, p. 3034—was incorrect.
Volume
143
Financial
Chronicle
4041
NEW
BERLIN, N. H.—NOTE
MISSOURI BONDS
ton was awarded
Due Dec.
Markets in all State,
County & Town Issues
20.
on
Shawmut Bank of Bos¬
issue of $150,000 notes at 1.62% discount.
an
1937.
.
CONCORD, N. H.—BOND OFFERING—Carl
H. Foster, City Treasurer,
Dec. 23 for the purchase at not less than
par or
public improvement bonds.
Bidders are to name rate of
will receive bids until
noon
$70,000 coupon
interest, in a multiple of 9*%. Denom. $1,000. Dated Jan. 1, 1937. Prin¬
cipal and semi annual interest (Jan. 1 and July 1) payable at the
City
Treasurer's office, or, at holder's option, at the National Shawmut Bank of
SCHERCK, RICHTER COMPANY
LANDRETH
HAMPSHIRE
SALE—The National
Dec. 15
Due $10,000 yearly
Boston, in Boston.
BUILDING, ST. LOUIS, MO.
on
Jan. 1 from 1938
to
1944, incl.
MANCHESTER, N. H.—BOND ISSUE DETAILS—The $85,000 3%
coupon
MISSOURI
POPLAR
bonds
has
City at
BLUFF,
been sold
par,
plus
a
Mo.—BOND SALE— An
to the City National
Bank
issue
&
of
$12,000
Trust Co.
29*%
incinerator
of Kansas
premium of $27, equal to 100.225.
1, 1937.
Due
on
H. L. All
A. T. & T.
MONTANA
MUNICIPAL BONDS
_1,_ 1936.
Bonds
may
B. J. Van Ingen & Co. Inc.
be
«7
WILLIAM
Treasurer's office in Butte, Mont.
A.
BONDS OFFERED FOR INVESTMENT—The
$883,000 39*%
refunding bonds which were sold by the city
and 4%
recently—V. 143, p. 2408—to
a syndicate
composed of Boettcher & Co., Peters. Writer & Christensen,
Denver; Shaw, Glover & Co.,; Edgerton, Riley & Walter, Inc., of Los
Angeles, and E. J. Prescott & Co. of Minneapolis, are
being offered to
investors at prices to yield from
2.50% to 3 50%, according to maturity.
Dated Jan. 1, 1937.
Principal and semmi-annual interest (Jan. 1 and
July 1) payable at the City Treasurer's office or at the Chase National
Bank, in New York.
Due on Jan. 1 as follows: $275,000
39*% bonds at
the rate of $55,000
yearly from 1912 to 1946; $608,000 4% bonds at the
rate of $55,000
yearly from 1947 to 1956; and $58,000 in 1957.
T.
&.
STREET, N. Y.
T.:
N.
Y
1-730
Due Sept. & Oct. 1948-66
(P.
O.
1180
Interest rate is not to exceed 4%. payable
Whether amortization or serial bonds are
optional after 15
No bids for less than
years.
par
and
interest will be entertained.
A certified check for 5% of the par
value of the bonds, payable to the above
clerk, must accompany the bid.
(This report supplements the offering notice given in
our
V. 143, p. 3672.)
issue of Dec. 5—
New York
(P.
Wire
O.
White
Sulphur
Springs),
Mont.—
CALL—Tne following bonds are being called for
payment at the
First National Bank, White Sulphur
Springs, on Jan. 1, 1937, on which
date interest shall cease; Nos. 54 to 64,
5% bonds, dated in 1919; Nos. 43 to
49. 6% bonds, dated in 1920; Nos. 11 to 23, 27, 29 to 71, 75 to
106, 114 to
120, 124 to 156, 158 to 164, 166 to 200, all 6%
bonds, dated in 1921.
All
of the said bonds are optional on Jan.
1, 1937.
REctor 2-2055
(P.
O.
bonds
Dutton)
offered
for
15—V. 143, p. 3878—was purchased
by the State Land Board
according to report.
NEBRASKA
MUNICIPAL
BONDS
OMAHA, DOUGLAS COUNTY, LINCOLN
OTHER
NEBRASKA
OF
AT&T
Teletype OMA 81
NEBRASKA
NEW
HARVARD, Neb.—BONDS CALLED—L. F. Foust, City Clerk, states
that the city is calling for payment on Dec. 1, the
following bonds aggre¬
JERSEY
Dec. 1. 1936.
Denom. $1,000.
Due $3,000 on Dec. 1 from 1937 td 1946
Callable at par at any interest date on 60 days' notice.
Bidder to
of interest on the notes, expressed in a
multiple of
incl.
9* of 1%.
Principal and interest (J. & J.) payable at the Allenhurst National Bauk &
Trust Co.. Allenhurst.
A certified check for 2% of the notes bid
for, pay¬
able to the order of the borough, must
accompany each proposal.
The
opinion of Richard W. Stout of Asbury Park that the notes are valid and
binding obligations of the borough will be furnished the successful bidder.
ASBURY PARK, N. J .—AGREEMENT REACHED ON REFUNDING
TERMS—A plan for refunding the city's partially defaulted
$11,275.009
with new 4% bonds was promulgated Dec. 14
Finance Commission
following
creditors.
a
by the Municipal
conference with officials of the city and
The conference was called as a result of the inability of the local
govern¬
ment and creditors to agree upon a refunding plan, difficulties
arising
principally from the insistence of creditors upon payment of 4% interest
and the unwillingness of the city to pay more than
39*%.
Agreement was reached upon a compromise plan under which the city
shall pay $630,000 annually toward retirement of its debt, this amount
being $70,000 less than that asked by creditors.
A sliding scale proposed
to the municipality ranged from $694,213 in 1937 to
$598,962 in 1943.
new
bonds will be callable and mature in 1969.
TOWNSHIP, N. J.—DEFAULT STATUS—The min¬
Municipal Finance Commission, acting
municipality, include the following record of the extent of
defaults by the township at the end of September
in behalf of the
Defaults—
Amount
Tax notes, bonds
$81,500.00
Temporary notes, bonds
398,604.54
Permanent bonds
87,495.03
189,055.70
Interest
gating $62,000:
$13,500 49*% refunding bonds, numbered 8 to 22. Dated July 1,1931. Due
from July 1, 1937 to 1941; part of an
original issue of $20,500.
29,500 49*% refunding bonds, numbered 23 to 53.
Dated July 1, 1931.
Due from July 1,1942 to 1950,
being the entire issue of these bonds.
11,000 59* % sewer bonds, numbered 38 to 40 and 46 to 51. Dated
May 1,
1923.
Due on May 1, 1936, 1937, 1939 and
1940, part of an
original issue of $60,000.
8,000 4)* and 59*% refunding bonds, numbered 3 to 5 and 10 to 14.
Dated Sept. i, 1934. Due on Sept. 1,
1944, part of an original issue
of $14,000.
connection
with
the
refunding of indebtedness
by the City Council, as noted in these columns in October—
V. 143, p. 2721—it is stated by the City Clerk that the amount is
$62,000
ated Dec. 1, 1936. Due from Dec. 1, 1937
giot $63,000) and the bonds are described
bond No. 61, due
1939 and bond No. 60, due on
as follows:
Denom. $1,000.
to 1951; all otpional after five
Dec. 1, 1951, to be optional on Dec.
1,
Dec. 1, 1951, to be optional on and after
on
Dec. 1, 1937.
NEBRASKA,
Total
of—REPORT
ON
BONDS
REGISTERED
IN
$756,655.27
DELAWARE RIVER JOINT COMMISSION (P. O.
Camden), N. J.
MEMBERS APPOINTED—The following have been
appointed
—NEW
by Governor Earle as Pennsylvania members of the Joint Commission, In
Slace A. McCarthy, Executive John B. Keily, of the Real Estate Trust Co.;
State Secretary of Revenue;
ohn of previous incumbents: Vice-President
James P. Clark of Horlacher Trucking
executive of the
Corp., and Edward Browning Jr.,
George H. McFadden Co.
GREENWICH TOWNSHIP, Gloucester County, N. J .—TO ISSUE
BONDS—Township Committee has passed an ordinance providing for the
issuance of $57,000 not to exceed 4J*% interest general refunding bonds of
1936, pursuant to Chapter 77, P. L. of 1935.
They will be dated Dec. 1,
1936.
Denom. $1,000.
Due Dec. 1 as follows: $1,000, 1939 and
1940;
$2,000. 1941 to 1943, incl.; $3,000, 1944 and 1945; $4,000 in 1946 and 1947,
1948 to 1954, incl.
and $5,000 from
or
State
24
utes of the Dec. 4 meeting of the
semi-ann.
GENEVA, Neb.—BONDS SOLD—It is stated by the City Clerk that
$3,500 water bonds have been sold to l.*cal investors.
DETAILS—In
Teletype
DELAWARE
BROCK, Neb.—BONDS SOLD—A $13,000 issue of 39*%
refunding bonds has been sold, according to the Village Clerk.
authorized
T,
Under this plan the municipality's annual tax levy will be about
$1,500,000, with a budget maximum of $742,000 allowed for current expenses.
The city asked $786,000 for this purpose and the creditors insisted the
allowance be placed at $672,000.
The Commission's plan will permit
increase in the allowance to $802,000 by 1941,
The city proposed to limit school costs to $170,000 a year, which the
Commission considered inadequate and increased to $220,000.
Hope was
expressed that it will be possible to restore the salaries of teachers to predepression levels by 1941.
OMAHA
Bldg>
&
ALLENHURST, N. J.—NOTE OFFERING—Margret Pyle-Ekstromer.
Borough Clerk, will receive sealed bids until 8 p. m. on Dec. 28 for the
purchase of $30,000 not to exceed 5% interest emergency notes.
Dated
The
ISSUES
The National company
First National Bank
T
NWRK
debt
TETON COUNTY SCHOOL DISTRICT NO. 28
Mont.—BOND SALE—The $20,000
issue of school
MArket 3-1718
A.
name one rate
f
COUNTY
BOND
years, except
4J*s & 4)*s
To yield 3.60%-3.60%
Raymond Blvd., Newark
payable $1,000 annually
from Jan. 1, 1938 to 1957, incl.
J. & J.
Dated Jan. 1, 1937.
offered they will be
BOND
John 4-6864
Colyer, Robinson $ Company
Ekalaka),
will be the first choice and serial bonds will
be the second choice of the said
board.
Amortization bonds will be payable during a
period of 20 years
from date of issue and the bonds, if
serial, will be
AND
-
:
Market 3-3124
INCORPORATED
COUNTY
Mont.—BOND OFFERING—
1 p. m. on Jan. 4, by B. M. Renshaw,
Commissioners, for the purchase of a $20,000
high school building and dormitory bonds.
Amortization bonds
sale on Dec.
Telephon
Newark Tel.:
$125,000 CITY OF CLIFTON, N. J.,
Sealed bids will be received until
Clerk of the Board of County
MEAGHER
New York
New Jersey and General Market Issues
Sresented for payment International National Co. Chase National Banks in
lew York City,-the
to the First Trust or in Denver, or the City
accrued
Teletype N. Y. 1-S28
100 Broadway
BUTTE, Mont.—ADDITIONAL INFORMATION—In connection with
the call scheduled for Jan. 1, of the
$883,000 6% funding bonds, reported
in these columns
recently—V. 143, p. 3671—we are now informed that the
bonds called represent the entire balance of a total authorized issue
of
$1,000,000 outstanding and includes bonds numbered from 118 to 1.000
incl.
Due on July 1, 1941, optional on Jan.
issue of
Company
Feb. 1, 1957.
ST. LOUIS COUNTY SCHOOL DISTRICT NO. 67
(P. O. Fenton).
Mo.—BONOS SOLD—John R. Skinker. District
Clerk, states that $15,000
4)*% school bonds have been purchased by the Farmers & Merchants
Bank of Fenton, for a premium of
$1,300,00, equal to 108.66.
Dated
Oct, 15, 1936.
Due from 1940 to 1953.
CARTER
sold
recently to the First National Bank of
Boston, at a price pf 101.90, as previously reported in these columns—V.
143, p. 3878—mature Sept. 1 as follows: $5,000 from 1937 to 1941 incl. and
$4,000 from 1942 to 1956 incl.
Dated Sept. 1, 1936.
Interest payable
M.&S.
ST. JOSEPH SCHOOL DISTRICT
(P. O. St. Joseph), Mo.—BOND
SALE—Tne $60,000 issue of coupon
refunding bonds offered for sale on
Dec. 14 (V. 143, p. 3877) was awarded
jointly to the Harris Trust & Sav¬
ings Bank of Chicago and the Empire Trust Co. of St.
Joseph as 2 ^s,
paying a premium of $1,079, equal to 101.79, a basis of about
2.39%.
Dated Feb.
bonds
HACKENSACK, N. J.—BOND SALE—The issue of $400,000 coupon
registered sewer bonds offered on Dec. 15—V. 143, p. 3878—was awarded
composed of Stranahan, Harris & Co., inc.; Mackey, Dunn &
to a group
NORTH RIVER IRRIGATION DISTRICT
(P. O. Oshkosh), Neb.
District Secretary, states that $192,277
refunding bonds have been purchased by the State.
Co. and Minsch, Monell & Co., Inc., all of New York.
The group paid a
price of 100.31 for $399,000 bonds as 3s, a basis of about 2.96%.
Dated
Sept. 1, 1936, and 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.; $10,000 in 1965, and $9,000 in 1966. An account composed of
Graham, Parsons & Co. and Schlater, Noyes & Gardner, Inc. and MacBride, Miller & Co., Inc., all of New York, offered to pay 101.42 for
$395,000 bonds as 3)*s.
Of the bonds, which are being issued for sewer construction purposes,
the 1937 to 1949 maturities are priced to yield from .75% to 2 85%, while
the 1950 to 1966 maturities are priced at 101 to par.
PIERCE, Neb.—BONDS SOLD—A $19,000 issue of refunding bonds is
reported to have been purchased by the Cones State Bank of Pierce, as 3 9*s.
LAUREL SPRINGS, N. J .—BOND OFFERING—Frank Fink, Borough
Clerk, will receive sealed bids until 8 p. m. on Dec. 28 for tbe purchase of
NOVEMBER—Nebraska
governmental subdivisions registered $221,577
of new and refunding bonds during November.
In the same period, bonds
totaling $969,320 were redeemed, including $840,870 of old Whitney
Irriga¬
tion bonds, recently refunded.
The new bonds included 102.077 of original issues by cities and
villages,
$91,000 of refunding securities by cities and villages. $15,000 of new bonds
by school districts, and $13,500 of refunding bonds by school districts.
—BONDS SOLD—E. E. Richards,
Financial
4042
a
$500 4J^%
general refunding bond, dated Dec. 1, 1936 and
of an authorized issue of $52,500.
due Dec.
This bond is part
1951.
Dec.
Chronicle
VALENCIA COUNTY (P. O. Los Lunas), N. M.—BOND OFFERING
bids will be received by Silvestre Mirabal, County Treasurer,
on |Jan. 19, for the purchase of a $12,000 issue of Belen
Municipal School District coupon bonds.
Interest rate is not to exceea
434 %L payable J. & J. Denom. $1,000.
Dated Jan. 1, 1937. Due
from Jan. 1, 1939 to 1950, incl.
The bonds will not be sold for less than
—Sealed
until 2 p. m.
MADISON, N. J.—BOND SALE—The $23,000 coupon or registered
refunding bonds of 1936 offered on Dec. 14—V..143, p. 3878—were awarded
to M. M. Freeman & Co., Inc., of Philadelphia, as l^s, at par plus a
premium of $82.80, equal to 100.36, a basis of about 1.65%. Dated Dec. 1,
1936, and due Dec. 1 as follows: $3,000 in 1937 and $4,000 from 1938 to
1942 incl.
'
,
(P. O. Maplewood), N. J.—NOTE SALE
Trust Co. of Maplewood has purchased an issue
in three months.
$1,000
par
and accrued interest.
the
County
Treasurer.
NEPTUNE TOWNSHIP, N.
J.—PROPOSED REFUNDING^Township
recently an ordinance providing for the
bonds. They will bear interest at not more
in 1940.
Ordinance will come up for final
Principal and interest payable at the ofnce or
A certified check for 5% of the amount bid is
required.
YORK
NEW
MAPLEWOOD TOWNSHIP
—The Maplewood Bank &
of $140,000 1% notes, due
19, 1936
(P. O. Albany), N. Y.—BOND OFFERING—
Felix Corscadden, County Treasurer, will sell at public auction at 2 P.m.
on Dec. 22 an issuelof $644,000 not to exceed 4% interest series or 1937,
ALBANY
Committee passed on first reading
coupon
issuance of $760,000 refunding
than 6% and start to mature
COUNTY
from 1954 to
reading
on
Dec. 22.
NEWARK, N. J.—MEMORANDUM ISSUED—Bond & Goodwin, Inc.
of New York, has prepared and is distributing a memorandum on City of
Newark 6% bonds.
ORANGE, N. 3.—BOND SALE—Award of the $199,000
Dec. 15—V. 143, p. 3672—was made to Gertler
who offered to pay $199,316.70 for $198,000 2^%
on
bond offering
& Co. of New York,
bonds. The pjice is
equal to 100.644, making the net interest cost about 2.67% annually.
Halsey, Stuart & Co. of New York were second high, bidding $199,025 for
$198,000 2%% bonds.
The bonds, as awarded, are described as follows:
$123,000 public improvement bonds.
Due Jan. 1 as follows: $5,000 from
1938 to 1945 incl., and $7,000 from 1946 to 1956 incl.; and $6,000,
1957.
75,000
relief bonds.
emergency
Due Jan.
1 as follows: $10,000 from
1938 to 1944 incl. and $5,000 in 1945.
1, 1937.
Denom. $1,000.
Principal and interest (J. & J.)
payable at the Orange First National Bank, Orange.
Gertler & Co., Inc., of New York are making public re-offering of the
obligations at prices to yield from 1% to 2.75% for the 1938 to 1956 matur¬
ities, and the 1957 maturity at 99.50.
The bonds, according to the bankers,
are payable from unlimited ad valorem taxes and are legal investments
for savings banks and trust funds in New York and New Jersey.
The
following is a list of the unsuccessful bidders:
No. Bonds
Premium
Int. Rate
Bidder—
Bid for
$1,025.00
2H%
Halsey, Stuart & Co., Inc.
198
Dated Jan.
registered^refundinglbonds.
or
1. 1937.
Denom.
Due Jan. 1 as foUows: $32,000jfromjl938 to 1953 incl. and $33,000
1957 incl.
Bids must specify a single interest rate on all or
the bonds, expressed in a multiple of 34 of 1%.
Prin. and int. (J. «sc J.)
payable at New York State National Bank, Albany.
Each bidder before
bidding starts will be required to deposit a certified check for $12,s»(J,
payable to the order of the County Treasurer.
Successful bidder will be
furnished with the approving jflegal opinion of Reed, Hoyt & Washburn of
New York, that the bonds are valid and binding obligations of the county,
payable by general tax without limitation of rate or amount.
$1,000.
N. Y.—BOND SALE—The issue of $17,500
registered judgment bonds offered on Dec. 11 was a warned, to
New York, as 3.70s, at a price of 100.217,
Dec. 1, 1936 and due Dec. 1 as follows.
$1,000 from 1937 to 1953 incl. and $500 in 1954.
ALTONA (P. O. Altona),
coupon or
George B. Gibbons & Co., Inc. of
a basis of about 3.67%.
Dated
BALDWINSVILLE,
Y.—BOND
N.
.
OFFERlNCh^Fr^n^ Hamgan^
p. m. (Eastern stanaara.
Village Clerk, will receive sealed bids until 3
Time) on Dec. 29 for the purchase of $75,000
not to exceed
6% l
Dated Jan.
A. O.
199
_
3$
Kean, Taylor & Co
B. J J Van Ingen & Co., Inc
Minsch, Moneli & Co., Inc
197
197
107
H. L. Allen & Co
M. M. Freeman & Co., Inc
O. A. Preim & Co...
198
Campbell & Co
199
198
„
555.21
2H%
197
Allyn & Co., Inc
Lehman Bros
197
197
358.33
2,378.74
2,048.80
1,570.11
1,386.00
2,063.63
2,026.00
3%
3%
3%
3%
3 H%
3 H%
3 K%
PASSAIC VALLEY WATER COMMISSION (P. O.
656.00
Paterson), N. J.
—NOTE SALE—The issue of $100,000 water revenue notes
15—V. 143, p. 3878—was awarded to Adams & Mueller
offered on Dec.
of Newark, at
0.50% interest, at par plus a premium of $3.
Dated Dec. 21, 1936,
due $50,000 on Feb. 21 and March 21, 1937.
A bid of 0.90% interest,
$1.31, was entered by Granberry & Co. of New York.
and
plus
SALE—The refunding bond issue
offered on Dec. 15—V. 143, p. 3356—was awarded to Dougherty, Corkran
& Co. and C. C. Collings & Co. of Philadelphia, who took $130,000 bonds at
2H% interest, paying a premium of $273, equal to 100.21. MacBride,
Miller & Co. of Newark offered to pay $130,167.70 for $130,000 2Ms.
RIDGEFIELD PARK, N. J .—BOND
Other bids
were as
Baldwinsville Stace
of 1%. Principal andjnterest (J. & D.) payable at the
Bank, Baldwinsville, witn New York exchange.
The bonds are
obligations of tne village, payable from unlimited taxes. A certified cnecK
for $1,500, payable«to the order of the village, must accompany
proposal.
The approving opinionlof Clay, Dillon & Vandewater
York City will be furnished the successful bidder.
Financial Statement
fmaral
each
of New
assessedivaluation of the property subject Jo the taxing power
$2,624,157. The total bonded debt ofthe village'^eluding
bonds, is $156,000 of wnich $9,000 is watOTctebt.
The population of the,village (1930 census) was 3,845.
The bonded^debt
above stated doesjnot include tne debt of any other subdivision baying
The
of the village, is
the above-mentioned
levy taxes upon any or all of the property subject to the taxing
of the village. Tne fiscal year commences March 1. The amount, or
fiscal years commencing March 1, 1933, Marcn l, 1934,
and March 1,1935, was respectively $37,208.35, $37,918.25 and
The amount of such taxes uncollected at the end of each of said risoai
power to
power
taxes levied for the
$37,6b7.49.
Int. Rate
Premium
$3,202.73 and $3,735.06.
1936 amount to $35,059.02 of
which $31,679.34 has been
relief
Y.—BONDS PUBLICLY OFFERED— ^SUC¬
Co. of New York are making public offering or
airport bonds at prices to yield from 0.20 /o
1.50%. They mature serially from 1937 to 1946. incl. and
the bankers at a price of 100.31, as previously noted in these columns.
N.
BINGHAMTON,
CESSFUL BIDS— Rutter &
$230.0001.40 % flood project and
to
234%
$75.50
Colyer, Robinson & Co
234 %
234 %
2M%
2%%
533.17
104.00
208.00
142.09
2%%
52.00
Harris Trust & Savings Bank
334 %
31.00
B. J. Van Ingen & Co
jointly
C. P. Dunning & Co__
Unsuccessful bids..were as follows:
Bidders—
'
Ringwood Manor), N. 3—BOND
OFFERING—
registered improvement bonds.
Dated Dec. 15, 1936.
Denom. $1,000.
Due Dec. 15 as follows: $4,000 from 1937 to 1942 incl. and $5,000 in 1943
Principal and interest (J. & D.) payable at the First National Bank, Bloom ingdale.
The sum required to be obtained through sale of the bonds is
$29,000. A certified check for 2% of the bonds bid for, payable to the order
of the borough, must accompany each proposal.
SALE—'The $30,000 coupon or regis¬
Dec
15—V. 143, p. 3673—were
of New York, as 3s, at par plus a
premium of $59.50, equal to 100.19, a basis of about 2.975%.
Dated
Nov. 1, 1936, and due $2,000 on Nov. 1 from 1937 to 1951 incl.
Second
high bid of par plus a premium of $52.50 for 3s was made by Campbell,
SADDLE RIVER, N. 3.—BOND
tered improvement bonds offered on
awarded to H. B. Boland & Co., Inc.,
Phelps & Co. of New York City.
TOWNSHIP*(P. O. Teaneck), N. 3.—BOND SALE—
The $80,000 coupon or registered general funding bonds of 1934 offered
on Dec. 15—V. 143, p. 3673—were awarded to Bond & Goodwin, Inc. of
New York, as 334s, at par plus a premium of $789.20, equal to 100.98, a
basis of about 3.14%.
Dated Aug. 1, 1934 and due Aug. 1 as follows:
$10,000, 1944; $8,000, 1945; $3,000, 1946; $24,000, 1947 and $35,000 in
1949.
Among the other bids were the following:.
Premium
Bidder—
Int. Rate
$696.00
B. J. Van Ingen & Co., Inc
334 %
TEANECK
651.00
H. L. Allen & Co
IIIIZZIIIIIIIIIIIIIIIIIIIII
Campbell, Phelps & Co
Schlater, Noyes & Gardner, Inc
------
334%
334%
334%
334%
H. B. Boland & Co
Minsch, Monell & Co., Inc
Dougherty, Corkran & Co
334%
334%
C. A. Preim & Co
334%
348.00
262.39
171.20
160.30
665.92
168.00
50.50
N. J.—BOND OFFERING—
bids until 7 p. m. on Jan. 13
school addition bonds.
Dated Jan. 1,
1937.
Denom. $1,000.
Due Jan. 1 as follows: $6,000, 1938 to 1943 incl.;
$9,000, 1944 to 1956 incl. and $7,000 in 1957.
Prin. and int. J. & D.
payable in the borough.
A certified check for 2% must accompany each
proposal.
Legality approved by Hawkins, Delafield & Longfellow of N. Y.
WOODSTOWN
SCHOOL
DISTRICT,
E. C. Waddington, solicitor, will receive sealed
for the purchase of $160,000 coupon
_
niH
,
Inl. fiate
Rutter & Co
inn'97
Salomon Bros. & Hutzler
—--
The First Boston Corp
—-—
-
Kean, Taylor & Co.; Cranbery,
RINGWOOD (P. O.
Oliver H. Roome, Borough Clerk, will receive sealed bids until 7:30 p. m.
on Dec. 30 for the purchase of $29,000 not to exceed 5% interest coupon or
collected.
BINGHAMTON, N. Y.—PLANS RELIEF BOND ISSUE
It is re¬
ported that the city plans to sell an issue of $279,000 bond to finance
costs next year.
Authority for the loan, the Wicks Act, expires on July
1,1937.
H.B. Boland & Co
B. J. Van Ingen & Co., Inc
H. L. Allen & Co. and Ewing & Co.,
Minsch, Monell & Co., Inc
Lehman Bros
^bf^^Yn
979.30 and remaining
Tne taxesfof the/iscal year commencing $502.IU,
ff such taxes $1,150.30. uncollected as of Dec.l, 1936 is respectivelyMarch l,
to
follows:
Bidder—
respectively $2,418.82,
years was
Safford & Co-
100.27
1.40%
1-40%
1.4u%
100.22
1.40%
1.40%
100.11965
100.115
1.40%
Dick & Merle-Smith
Manufacturers & Traders
Trust Co.; Adams, McEntee & Co
Blytn & Co., Inc
R. W. Pressprich & Co.; Roosevelt & WeigoldW ashburn & Co.; Campbell, Phelps & Co., Inc _
James H. Causey & Co
National City Bank of New York
Geo. D. B. Bonbright;
Bankers Trust Co
,
Brown, H arriman & Co
—
Equitable Securities Corp
Lazard Freres & Co.; First of Michigan Corp—
A. G. Becker & Co
Geo. B. Gibbons & Co_Stranahan, Harris & Co
Marine Midland Trust Co
Lehman Bros.; Eastman, Dillon & Co
Bacon, Stevensonj& Co
Halsey, Stuart & Co
Q1
1.40%
1.40%
1.40%
1.40 %
}RR*R§91
}RR*R2Q
100.079
100.0699
100.059
100.049
100.041
100.6099
100.584
v.,
1.40%
1.40%
1.40%
1-50%
1.50%
1.50%
1.50%
1.50%
1.50%
1.50%
1.50%
1.50%
1.60%
j
100.419
100.203
100.17
100.169
100.14
1994Vo
100.118
100.365
CATTARAUGUSiCOUNTY (P. O. Little Valley), N. Y.—PROPOSED
plans to come to market soon with an offering
of $175,000 not to^exceed 5% interest highway refunding bonds.
BOND ISSUE—Thetfcounty
Y.—BOND SALE—The $43,000
CORTLANDT (P. O. Peekskill), N.
coupon or
registered Verplanck Water District bondsjoffered^onfDec.
15—
of
V. 143, p. 3879—wereiawarded to George B. Gibbons & Co., Inc.,
New York, as 2.70s, at a price of 100.6097, a basis of about 2.64%.
Dated
Dec. 1, 1936 and due-jDec. 1'iasifollows: $2,000 from 1939 to 1955 incl.,
and $1,500 from
1956J;o 1961 incl.
Bidder—
Dick & Merle-Smith
Rutter & Co
Other bids^were as follows:
Int. Rate
Rate Bid
2.70%
100.097
2.75%
100.493
-—
2.75%
2.90%
Roosevelt &
Weigold
Marine Trust Co
100.26
100.36
3%
A. C. Allyn & Co., Inc.—
100.419
O. Conklingville), N. Y.—BOND SALE POSTPONEDThe offering scheduled for Dec. 14 of $6,000 not to exceed 5% interest tax
equalization bonds has been postponed, owing to a court ruling in the
matter of tax refunds by the county.
Dated Dec. 1, 1936, and due serially
on Dec. 1 from 1937 to 1943, inclusive.
DAY
(P.
FREEPORT, N. Y.—BOND SALE—'The $109,000 coupon or registered
14—V. 143, p. 3879—were awarded to James H.
bonds offered on Dec.
NEW
MEXICO
Causey & Co. of New York as 2^s at a
2.225%.
price of 100.33, a basis of about
The sale consisted of:
CURRY COUNTY SCHOOL DISTRICT NO. 61 (P. O. Clovis) N.
Mex.—BOND OFFERING—Sealed bids will be received until 10 a. m. on
$64,000 sewer force main bonds.
Due Dec. 1 as follows: $3,000
1938 to 1949 incl., and $4,000 from 1950 to 1956 incl.
I
from
Worthington, County Treasurer, for the purchase of an
$18,000 issue of school bonds.
Interest rate is not to exceed 5%, payable
J. & J. Denom. $1,000.
Dated Jan. 15, 1937. Due $1,000 from Jan. 15,
1940 to 1957 incl.
Prin. and int. payable at the State Treasurer's office
or at a place designated by the purchaser.
A certified check for 5% of the
45,000 series B fire house bonds.
Due Dec. 1 as follows:
$2,000
1938 to 1949 incl., and $3,000 from 1950 to 1956 incl.
Each issue is dated Dec
1, 1936.
from
Jan. 4, by R. D.
bid is required.
DONA ANA COUNTY (P. O. Las Cruces), N. M.—BOND OFFERING
—Sealed bids will be received byF. C. Lopez, County Clerk, until 10. a. m.
5, for the purchase of an issue of $115,000 court hoise and jail
Interest rate is not to exceed 4%, payable semi-annually.
Denom.
$1,000.
Dated Jan. 1, 1937.
Due witnin ? period of 20 years, to be paid
serially in yearly instalments, as nearly equal as practicable.
Principal
and interest payable at the County Treasurer's office or at the Chase
National Bank, New York City.
None of said bonds shall be sold for less
than par and accrued interest.
The bidder shall state (a) the lowest rate
of interest at which he will purchase said bonds at par; (b) the lowest rate
of interest and premium, if any, above par, at which he will purchase said
bonds.
The bidder will pay for the legal opinion on the bonds but the
county will furnish the Attorney General's approval.
A certified check
for 5% of the amount bid, payable to the County Treasurer, is required.
on
Jan.
bonds.
Other
bids
Bidder—
were
as
follows:
Premium
$202.74
97.01
.
Halsey, Stuart & Co
First of Michigan Corp
Geo. B. Gibbons & Co
Ratter & Co
-
Manufacturers & Traders Trust Co
.
Stranahan, Harris & Co
Lehman Brothers
2d National-Hempstead
Roosevelt & Weigold
A. O. Allyn
& Co
Bacon, Stevenson & Co
Phelps, Fenn & Co
The Freeport Bank
South Shore Trust Co
First National Bank & Trust Co., Freeport.:
Int. Rate
577.70
446.90
446.90
87.20
239.80
2.40%
2.50%
2.50%
2.30%
2.30%
3.00%
2.50%
2.30%
2.50%
par
337.90
250.70
192.93
534.10
828.40
par
par
2.50%
2.25%
2.40%
2.50%
3.00%
2.60%
HUNTINGTON, N. Y.—BOND SALE—The $137,000 coupon or regis¬
bonds offered on Dec. 16—V. 143, p. 3879—were awarded to the
Manufacturers & Traders Trust Co. of Buffalo, as 1.90s, at a price or
100.289, a basis of about 1.865%.
The sale consisted of:
tered
$50,000 emergency relief bonds.
Due July 1 as follows: $5,000, 1938 to
1-943 incl.; $9,000, 1944; $8,000 in 1945 and $3,000 in 1946.
50,000 public works bonds.
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.
Due 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.
Each issue is dated Jan. 1, 1937.
Second high
Was made by B. J. "Van
Ingen & Co., Inc. of New
Other bids were as follows:
bid of 100.209 for 1.90s
York.
^
Geo. B. Gibbons & Co., Inc
Allyn & Co., E. H. Rollins & Sons, Inc
Huntington Station Bank
Halsey, Stuart & Co., Inc
100.15
2.00%
A. O.
100.218
100.158
100.56
100-11
100.097
2.00%
2.20%
-
100.277
2.20%
JOHNSON CITY, N. Y.—BOND
_..
1.90%
1.90%
1.90%
2.00%
Roosevelt & Wei gold, Inc
Harris Trust & Savings Bank
Stranahan Harris & Co., Inc
Dick & Merle Smith
,
Rate Bid
Int. Rate
Bidder—
OFFERING—O. R. Nimmons, Village
will receive sealed bids until noon (Eastern Standard Time) on
Dec. 28 for the purchase of $35,000 not to exceed 5% interest coupon or
registered general improvement bonds.
Dated Jan. 1, 1937.
Oenom.
Clerk,
$1,000.
Due July 1
1941 incl.
Bidder to
in
at
as
follows: $8,000 in 1938, and $9,000 from 1939 to
rate of interest on all of the bonds, expressed
name one
multiple of U. or 1-10 of 1%.
Principal and interest (J. & J.) Pay<0£e
the Workers Trust Co., Johnson City, with New York exchange.
The
a
bonds are general obligations of the village, payable from unlimited taxes.
A certified check for $700, payable to the order of the village must accom¬
pany each proposal.
water of New York
The approving legal opinion of
Clay, Dillon & Vande-
City will be furnished the successful
bidder.
Financial Statement
subject to the taxing power of
The total bonded debt of the Village, including
The assessed valuation of the property
the Village, is $17,577,885.
the above inentioned bonds, is $305,500, of which $155,000
The population of the Village (1930 Census) was 13,565.
debt above stated does not include the debt of any other
power to levy taxes upon any or
is water debt.
subdivision having
March 1.
1934 and March
$146,281.68.
said
The amount
1,
1935
was
The amount
fiscal
The bonded
the taxing
The amount
all of the property subject to
power of the village.
The fiscal year commences
of the taxes levied for the fiscal years commencing March
of
4043
Financial .Chronicle
Volume 143
1, 1933, March 1,
respectively $114,042.22, $121,647.84 and
taxes uncollected at the end of each
of such
$3,330.90.
was respectively $7,046.83, $5,999 and
taxes remaining uncollected as of Dec. 14,
years,
of such
1936, is
respectively $361.55, $782.40 and $1,596-15
The taxes of the fiscal year
commencing March 1, 1936 amount to $158,200.96 of which $152,099 has
The bankers
making public offering of the
are
Other bids
follows:
were as
BEACH, N. Y.—BOND OFFERING—George Xanthaky, City
Clerk, will receive sealed bids until 10 a. m. on Dec. 18 for the purchase
of $200,000 not to exceed 6% interest coupon or registered land purchase
bonds.
Dated
Jan.
15,
1937.
Denom. $1,000.
Due $20,000 each
Jan. 15 from 1938 to 1947 incl.; callable at par and accrued interest on any
interest date prior to maturity.
Bidder to name a single interest rate on
all of the bonds, expressed in a multiple of
or l-10th of 1%.
Prin. and
int. (J. & J.) payable at the Guaranty Trust Co., N.Y. City.
All the city s
taxable property is subject to the levy of unlimited ad valorem taxes in
order to provide for payment of the bonds and interest thereon.
A cer¬
tified check for $4,000, payable to the order of the city, must accompany
each proposal.
The approving legal opinion of Reed, Hoyt & Washburn
of N. Y. City will be furnished the successful bidder.
deficiency bonds, and the borrowing of 30,000 from the Madison County
Trust & Deposit Co. of Oneida, in anticipation of taxes.
The loan will
cost 5% interest and is payable in one month.
The bond issue will be
approved as to legality by Clay, Dillon & Vandewater of New York City.
MALONE, N. Y.—BOND OFFERING—William J. Mabagan, Town
Clerk, will receive bids until 2 p. m. Jan. 6 for the purchase at not less
par of $75,000 coupon, fully registerable, general obligation, un¬
limited tax, emergency relief bonds.
Bidders are to name rate of interest,
in a multiple of £f% or 1-10%, but not to exceed 6%.
Denom. $1,000.
Dated Feb. 1, 1937.
Principal and semi-annual interest (Feb. 1 and
than
Aug. 1) payable at the Farmers National Bank of Malone, in New York
exchange.
Due $15,000 yearly on Feb. 1 from 1938 to 1942.
Certified
check for $1,000, payable to the Town, required.
Approving opinion of
Clay, Dillon & Vandewater of New York will be furnished by the town. 1
MALVERNE, N. Y.—BOND SALE—'The $37,000 coupon or registered
paving and drainage bonds offered on Dec. 11 were awarded to
Stranahan, Harris & Co., Inc., of New York as 2}^s at par plus a premium
of $62.53, equal to 100.169, a basis of about 2.47%.
Dated Dec. 1, 1936,
and due Dec. 1 as follows:
$3,500 from 1937 to 1941 incl.; $3,000, 1942
to 1946 incl., and $500 from 1947 to 1955 incl.
Second high bid of 100.199
for 2.60s was made by the Manufacturers & Traders Trust Co. of Buffalo.
street
Other bids
follows:
were as
Int. Rate
George B. Gibbons & Co., Inc
James H. Causey & Co
Bank of Rockville Centre Trust Co
Bacon, Stevenson & Co
59.20
41.00
41.44
99.53
3.00%
3.30%
.
Prem.
2.60%
2.60%
2.70%
2.75%
Bidder—
77.70
Par
I
MASSENA, N. Y.—BOND SALE— The issue of $40,000 coupon or
registered public works bonds offered on Dec. 15—V. 143, p. 3673—was
awarded to Halsey, Stuart & Co., Inc. of New York, as 1.70s, at a price
of 100.098, a basis of about 1.69%.
Dated Dec. 1, 1936 and due $5,000
on Dec. 1 from 1938 to 1945 incl.
A bid of 100.066 for 1.80s was made
by A. C. Allyn & Co., Inc. of New York.
Other bids
were
as
,
follows:
Int. Rate
Bidder—
Arthur B. Treman & Co
1.70%
1.75%
1.75%
1.80%
Bancamerica-Blair Corp
Rutter & Co
A. C. Allyn & Co
Marine Trust Co
1.90%
2.00%
2.00%
2.20%
2.25%
Dick & Merle Smith
J. & W. Seligman & Co
Bacon, Stevenson & Co
George B. Gibbons & Co
Premium
$35.20
40.00
35.20
26.40
30.80
40.00
92.00
24.00
46.96
MINOA, N. Y.—BOND SALE—The $45,000 coupon or registered sewer¬
age system and water bonds offered on Dec. 16—V. 143, p. 3879—were
awarded to the First National Bank of Minoa, as 2.70s, at par, plus a
basis of about 2.§6%.
E. H.
Rollins & Sons of New York offered a premium of $247.50 for 3s.
Dated
Oct. 1, 1936.
Due Oct. 1 as follows: $2,000, 1937 to 1951, and $1,000,
premium of $179.50,
1952 to 1966.
Other bids aere
as
equal to
100.398,
Int. Rate
Allyn & Co., Inc
Marine
Trust Co
Bancamerica-Blair Corp
Roosevelt & Wegold
MOREAU,
N.
Y.—BOND
Premium
3%
3% 1
3%
3.10%
3.10%
3.40%
George B. Gibbons & Co., Inc
A. C.
a
follows:
Bidder—
E. H. Rollins & Sons
SALE
POSTPONED—The
$247.50
193.95
161.50
190.09
121.51
252.00
sale
originally
scheduled for Dec. 14 of $37,000 not to exceed 5% interest tax equalization
bonds has been postponed.
Dated Dec. 1, 1936, and due serially on Dec. 1
from 1937 to 1943 inclusive.
MOUNT VERNON,
Dec. 8 the voters
N. Y.—BONDS VOTED—At an election held on
approved an issue of $165,000 school library bonds by a
count of 593 to 576.
NEWBURGH, N. Y.—BOND SALE—The issue of $150,000 coupon or
registered school bonds of 1936 offered on Dec. 17—V. 143, p. 3879—was
awarded to George B. Gibbons & Co., Inc., and Roosevelt & Weigold, both
of New York, jointly, as 2s, at a price of 100.304, a basis of about 1.98%
Dated Aug. 1,1936 and due $5,000 on Aug. 1 from 1938 to 1967 incl.
'
'
_
2.20%
2.20%
2.20%
Inc
Kean, Taylor & Co. and Granberry, Safford & Co__
Hemphill, Noyes & Co. and Rutter & Co
Halsey, Stuart & Co., Inc.
Manufacturers & Traders Trust Co. and Adams,
2.20%
2.25%
_
$1.^60.50
§95.50
476.o5
237.00
688.50
McEntee & Co
Marine Trust Co. of Buffalo
2.25%
2.50%
HMR
R. W. Pressprich &
2.o0%
298.50
Co
645.00
BOND FINANCING— The next
city will be held next January
long:term corporate stock, the
proceeds to be used in the payment of 6% obligations maturing Jan. 25,
1937.
This represents the balance outstanding of an original issue of
NEW
YORK,
N.
Y.—PROPOSED
public financing to be undertaken by the
and will consist of the sale of $50,000,000
$100,000,000 6% corporate stock.
NEW YORK (State of)—$2,800,000 BONDS PUBLICLY
The Chase National Bank and Barr Brothers & Co., Inc., both
OFFERED—
of New York,
offering $2,800,000 l%% emergency unemployment relief bonds due
Sept. 10, 1944 to 1946, inclusive. The bonds are priced to yield from 1.35%
to 1.45%, according to maturity.
They are legal investment for savings
banks in New York, Massachusetts, Connecticut and certain other States.
are
BRIDGE
AUTHORITY (Albany), N. Y.-State Comptroller has purchased for the account of
$2,141,000 4^% bridge bonds
which are secured by
of.the Hudson-Catskill Bridge and the Mid-Hudson Bridge at
NEW
BOND
the
YORK
STATE
SALE—'The
sinking fund
revenues
In connection with the sale, it is stated that the $3,358,000
4% Buffalo Sewer Authority, N. Y., bonds publicly offered last week by
B. J. Van Ingen & Co., Inc. of New York and associates, were purchased
from the Public Works Administration by the State Comptroller, together
with the New York State Bridge issue, and later sold to the banking group.
Poughkeepsie.
ONONDAGA COUNTY (P. O. Syracuse),
N. Y.—BOND OFFERING
will receive sealed bids until 2 p. m.
$421,000 not to exceed 5% interest coupon or
registered refunding bonds of 1936.
Dated Feb. 1, 1937.
Denom. $1,000.
Due Feb. 1 as follows: $9,000, 1938; $20,000 from 1939 to 1950 incl., and
$25,000 from 1951 to 1957 incl.
Bidder to name one rate of interest on the
issue, expressed in a multiple of
or 1-10 of 1%.
Principal and interest
(F. & A.) payable at tne First Trust & Deposit Co., Syracuse, or at
the Guaranty Trust Co., New York City, at holder's option.
A certified
check for 2% must accompany each proposal.
Legal opinion of Hawkins.
Delafield & Longfellow of New York City will be furnished the successful
John F. Giminski, County Treasurer,
on
Jan. 7 for the purchase of
bidder.
Financial Statement
Assessed valuation (incl. real property
Total bonded debt (including present
and special frabchises)__$460,215,555
issue)
5,494,000
Population, 1930 Federal Census, 291,000.
Tax Collection Report
Uncollected
Fiscal Year—
1933-1934
Levy
$3,839,551.78
3,135,854.93
3.496,912.49
1932-1933
3,125.292.01
1935-1936
1934-1935
PEEKSKILL,
N.
Y.—NOTE
61
Uncollected
End
OFFERING—Albert
as
of
Oct 31,
1936
$172,998.15
113,181,56
63,044.05
70,732.02
Fiscal Year
$172,998.15
187,643.29
205,401.19
241,378.32
E.
Cruger,
Com¬
sealed bids until 3p.m. (to be opened at
of $200,000 not to exceed 5% interest
tax anticipation notes, dated Jan. 2, 1937 and due July 2, 1937.
Legality
approved by Clay, Dillon & Vandewater of N. Y. City.
missioner of Finance, will receive
8 p. m.) on Dec. 22 for the purchase
MADISON COUNTY (P. O. Wampsville), N. Y.—BONDS AUTHOR¬
IZED—The Board of Supervisors recently authorized the sale of $160,000
Roosevelt & Weigold
Ira Haupt & Co
_
lnL%ate
Bidder—
Barr Bros. & Co., Inc
B. J. Van Ingen & Co.,
been collected.
LONG
bonds on a yield basis of
and at prices of from
The bonds are legal
York State.
from 0.50% to 1.95% for the 1938 to 1956 maturities,
par to 99 for the maturities from 1957 to 1967, incl.
investment for savings banks and trust funds in New
PORT
OF
NEW
YORK
AUTHORITY,
N. Y.—BOND SALE—The
$10,000,000 3 % fourth series, general and refunding bonds offered on Dec. 15
—V. 143, p. 3879—were awarded to a syndicate headed by Blyth & Co.,
Inc. of New York, at a price of 103.8599, a basis of about 2.84%, computed
to final maturity.
Other members of the account are the Manufacturers
Trust Co., of New York; Northern Trust Co., Chicago; R. W. Press¬
prich & Co.; Stone & Webster and Blodget, Inc.; Goldman, Sachs & Co.;
Phelps, Fenn & Co., Inc.; J. & W. Seligman & Co.; George B. Gibbons &
Co., Inc.; L. F. Rothschiled & Co., Inc.; Hemphill, Noyes & Co., all of
New York; Kelley, Richardson & Co., Chicago; Mercantile Commerce
Bank & Trust Co., St. Louis; Darby & Co., Inc.; Eldredge & Co.; Foster
& Co., Inc., all of New York; Anglo Claifornia National Bank & Trust Co.,
Los Angeles; J. S. Rippel & Co., Newark; Bacon, Stevenson & Co. and
Hannahs, Ballin & Lee, both of New York; Hayden, Miller & Co., Cleve¬
land; Dominick & Dominick and First of Michigan Corp., both of New
York; Newton, Abbe & Co., Boston; Baker, Weeks & Harden, New York;
Field, Richards & Shepard, Inc., Cleveland; Minsch, Monell & Co., Inc.,
New York; Washburn & Co., Inc., Boston; the Wells-Dickey Co., Min¬
neapolis; the Milwaukee Co., Milwaukee; Union Trust Co. of Indianapolis;
Schaumburg, Rebhann & Lynch; Laurence M. Marks & Co., and Charles
H. Newton & Co., Inc. all of New York; Mitchell, Herrick & Co., Cleveland;
Illinois Co. of Chicago; Battles & Co., Inc., Philadelphia; Yarnall & Co.,
Philadelphia; Robinson, Miller & Co., Inc., New York; First Cleveland
Corp., Cleveland; Campbell, Phelps & Co., Inc., New York; Dougherty,
Corkran & Co., Philadelphia, and C. F. Childs & Co., Inc., New York.
The successful banking group is making public re-offering of the $10,000,000 3% bonds at a price of 104.75.
They are dated Dec. 15, 1936 and
mature 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, 1955and at 100% thereafter to maturity.
Payments will be made into th
"Fourth Series, 3%, Due 176, 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
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.
Two other banking groups submitted tenders for the issue.
An account
composed of the National City Bank; Brown Harriman & Co., Inc.; Chase
National Bank; First Boston Corp.; Edward B. Smith & Co., Inc.; Kidder,
Peabody & Co. and White, Weld & Co., lal of New York, was second high
in the bidding, with an offer of 101.767.
The third and final tender, a
price of 101.745, was made on behalf of a syndiate managed by
Speyer
& Co. of New York City.
REPORTS INCREASE OF 31% IN NET INCOME—A net income of
31% from all sources was recorded by the Port of New York Authority
ended Nov. 30 over theimmediately preceding 12 months.
income of $13,008,491.13 was up 9% for the 12 months,
leaving a net after interest of $4,369,488.14.
In November alone, the gross of $1,269,363.88 represented a gain of
30%, with a net of $575,569.32, more than doubling by a good margin
the comparable figure for November, 1935
Toll revenues alone for the present calendar year, including the Holland
Tunnel, George Washington Bridge, Goethals Bridge, Bayonne Bridge,
and Outerbridge Crossing, were almost 8% over the corresponding period
of 1935, with a total of $10,289,525.05.
■
The increases apply to every facility
Traffic on all bridges and through
the tunnel for the 11 months approximated 18,740,000, a gain of more than
for the year
The gross
.
....
6*hl
fovember with 1,725,000 was up 11%.
The traffic increases also were
apportioned among all facilities with the Arthur Kill bridges again showing
the largest advance on a percentage basis.
INSURES
insurance
nounced
ever
FACILITIES FOR
has
owned and
been
written
$85,000,000—More than $85,000,000 of
several interstate vehicular crossings
x'ork Authority, the latter an¬
largest amount of insurance of its kind
Of the total, $73,369,750 is on an "all risk"
on
the
operated by the Port of New
Dec.
13.
This
is
the
placed under one policy.
property damage form and $11,875,000 on an "all risk" use
and occupancy
adjusted value form.
It also is the first five-year contract written through the Inland Marine
Underwriters Association and was
originated by the Port Authority,
and participating brokers.
J. S. Frelinghuysen Corp.
J. S. Frelinghuysen
Corp. is the broker of record in the underwriting of the risk.
Tne interstate vehicular facilities are insured under the
contract for
1936
19,
Dec.
Financial. Chronicle
4044
"My decision to approve the plan is based not
only on the investigation
and report of Mr. Chartres but also after a careful study of
mitted.
I am confident that adoption of this plan will result
the plan sub¬
in benefits to
the expectations of its sponsors
to its taxpayers,.and 1 hope
80%
the city and
will be fully
Goethals Bridge.
In commenting upon the plan Mayor Loehr said that of the
of debt enumerated above approximately $9,500,000 matures
of their replacement value.
These facilities are: Holland Tunnel,
George Washington Bridge, Bayonne Bridge, Outerbridge Crossing and
With Speyer & Co. were Ladenburg, Thalmann
& Co.; Hayden, Stone
& Co.; Halsey, Stuart & Co., Inc.; Hallgarten & Co.; Bancamerica-Blair
Corp.; Estabrook & Co.; Graham Parsons & Co.; Cassatt & Co.,
Inc.;
F. S. Moseley & Co.; Kean, Taylor & Co.; J. S. Bache & Co.; E. H. Rollins
& Sons. Inc.; Otis & Co.; A. C. Allyn & Co., Inc.; A. G. Becker & Co., Inc.;
Lobdell & Co.; Wertheim & Co.; Burr & Co., Inc.; Morse Bros. & Co.,
Inc.; Van Alstyne, Noel & Co., Inc.; B. J. Van Ingen & Co., Inc.; G. M.-P.
Murphy & Co.; Schlater, Noyes & Gardner, Inc.; Schoellkopf, Hutton &
Pomeroy; Jackson & Curtis; Shields & Co.; Starkweather & Co., Inc.
Piper, Jaffray & Hopwood, Minneapolis; Bear, Stearns & Co.; John B.
Carroll & Co.; H. L. Schwamm & Co.; Arrowsmith & Co.; Edward Lowber
Stokes & Co.; Brooke, Stokes & Co., Philadelphia; Merrill, Turben & Co.,
Inc., Cleveland; Jenks, Gwynne & Co.; Van Deventer, Spear & Co., Inc.,
Newark; Baar, Cohen & Co.; MacBride, Miller & Co., Newark; Hawley,
Huller & Co
Cleveland; Ira Haupt & Co.; Dyer, Hudson & Co.
,
realized."
-
,
.
$10,000,000
in the years
The nature of this debt warrants the amortization over
These are two material reasons for the soundness of the
1935 to 1942, incl.
a
longer period.
1932 the Administration was faced
I took office in
When
plan.
with
bonding over $6,000,000 of prior capital expenditures.
During the years
1932 to 1936, incl. the Administration retired $13,442,650 of debt and
incurred only $6,695,000 (excluding tax notes bonded) of bondable debt
including relief.
The sale of debt equalization bonds will favorably affect
in our city.
property values
$50,000.00
HIGH POINT, N.
QUASSAICK BRIDGE FIRE DISTRICT (P. O. Newburgh, M. D.),
N. Y.—BONO SALE—The $3,700 fire apparatus bonds offered on Dec. 16—
V. 143, p. 3879—were sold to F. Stern of Newburgh, as 3s.
Dated Dec. 1,
1936 and due Marcn 1 as follows: $700 from 1937 to 1940 incl. and $900 in
1941.
C. Callable Fdg. 5s
July 1963_@ 100 and
Due
,
interest]
F. W. CRAIGIE & COMPANY
Richmond, Va.
Phone
A. T. T. Tel.
3 9137
Rich. Ve. 88
ROCKVILLE
CENTRE, N. Y.—BOND SALE—The $195,000 coupon
or registered lighting system bonds offered on Dec. 16—V. 143. p. 3673—
were awarded to Jonn B. Carroll & Co. of New York as 2.20s, at par plus
a premium of $760.31. equal to 100.389, a basis of about 2.16%.
The
South Shore Trust Co. of Rockville Centre was second high, bidding a pre¬
mium of $645.70 for 2.20s.
Dated Dec. 1, 1936.
Due on Dec. 1 as fol¬
lows: $9.000,1937 to 1941, and $10,000 1942 to 1956.
The bonds are re-offered to yield .40% to 2.20% and are legal investment
for savings banks and trust funds in New York State.
N. Y.—BOND SALE POSTPONED— It is reported that
the town canceled the offering scheduled for Dec. 14 of $29,000 not to
exceed 5% interest tax equalization bonds.
SARATOGA.
SHERRILL KENWOOD WATER DISTRICT
(P. O. Kenwood).
N. Y.—BOND SALE—Tne district purchased at par the issue of $5,000
4yi% coupon bonds which was offered at auction on Dec. 15—V.
3674.
Dated Dec. 15, 1936 and due serially in from 1 to 5 years.
COUNTY
SUFFOLK
(P.
O.
Riverhead),
N.
143, p.
Y.—TEMPORARY
FINANCING AUTHORIZED—The Board of Supervisors recently voted
certificates of indebtedness to provide funds for
home relief purposes under the county system of control.
At the same
time the Board extended the emergency period to June 1, 1937.
After
that date the problem of caring for relief cases will be turned back to the
various towns, according to report.
The certificates will later be funded
with a bond issue, the latter to bear interest at not more than 4% and
mature in from 1 to 10 years.
The Board also voted to borrow $1,000,000
borrow
to
,
$150,000
on
anticipation of tax collections to pay current bills.
in
UTICA,
N.
Y.—OTHER
BIDS—The
$165,678.79
various
purpose
bonds awarded on Dec. 10 to Schaumburg, Rebhann & Lynch of New
York
lMs, at par plus a premium of $196.21, equal to 100.118, a basis of
about 1.22%, as previously reported, were also bid for as follows:
bidder—
Int. Rate
Amount
Salomon Bros. & Hutzler
1.25%
$165,812.00
Lazard Freres & Co., Inc.l
1.25%
165,740.89
R. W. Pressprich & Co.
|
as
Manufacturers & Traders Trust
---1.25%
165,711.93
—1.30%
1.40%
1.40%
1.40%
1.40%
1.40%
1.40%
165,794.76
166,021.75
166.020.08
165,993.58
165.975.36
165,958.79
165,930.62
1.40%
1.40%
1.40%
165,861.00
165,826.24
165,758.32
1.40%
165,728.51
Halsey, Stuart & Co., Inc
1.50%
Bacon Stevenson & Co
1.50%
165,919.00
165,861.04
Kean, Taylor & Co.
Co.\
(
—_
Dick & Merle-Smith
Harris Trust & Savings Bank
—
B. J. Van Ingen & Co., Inc..
Adams, McEntee & Co., Inc
James H. Causey & Co., Inc
Stranahan, Harris & Co., Inc
Geo. B. Gibbons & Co., Incl
Roosevelt &
W'eigold, Inc.
Washburn & Co., Inc
A. G. Becker & Co., Inc
-
f
Rutter&Co
Cranberry & Co.
1
John B. Carroll & Co.f
WESTCHESTER COUNTY
(P. O. White Plains), N. Y.-TEMPO-
MORAY LOAN—An issue of $250,000 1.25% certificates of indedbtedness,
•due June 5, 1937, has b^n sold at par to county banks.
This is a record
05 borrowing, comparing with a previous low of
1.40% obtained in 1933.
County will use tne proceeds of the loan for vari¬
ous purposes, pending collection of taxes payable in 1937.
low rate
for
that
type
YONKERS, N. Y —TAX COLLECTIONS AND DEBT STRUCTLRE
CONTINUE TO SHOW IMPROVEMENT—Mayor Loehr announced Dec.
15 that tax collections for tne 11 months ended Nov. 30, continue to snow a
marked
improvement over the preceding year.
Whereas 72.72% of the
levy was collected to this date in 1935, the present collections
78.57%.
The amount outstanding, and the percentage of the
total levy for the last five tax levies is as follows:
-current
amount to
Nov. 30 '36
1936
1935
1934
$2,315,829.14
1,464.270.87
851,229.62
% of Levy
21.43%
13.22%
6.76%
Nov. 30 '36
1933
1932
$564,983.73
485,316.38
% of Levy
5.14%
4.04%
(P. O. Greensboro), N. C.—BOND SALE—
The $100,000 coupon road and bridge refunding bonds offered on Dec. 15
—V. 143, p. 3880—were awarded to R. S. Dickson & Go. of Charlotte
and Wheelock & Cummins of Des Moines at par plus a premium of $100,
The
$1,200,000 will be retired in 1937.
The
total
debt
which
matured
during 1936 amounted to $3,723,400.
The new issues wnicn cover this year's requirements were $2,718,000. This
completes the normal operations for the year 1936 and results in an improve¬
ment in the debt structure of $1,005,400.
YONKERS,
N.
Y.—BOND OFFERING—DEBT
EQUALIZATION
PLAN APPROVED—Comptroller Morris S. Tremaine has approved a debt
•equalization plan for the City of Yonkers.
His letter of transmittal to
Mayor Joseph F. Loehr is of parrticular interest and quoted in part reads
as
follqws:
1941 to
$7,000, 1956 to 1960.
$3,000,
HIGH
N.
POINT,
"The city will still show substantial reductions in its debt
of the plan and should enjoy, besides, a fairly stable tax rate.
^
the life
OVER PRO¬
columns recently of the
Doc.
121
*
"Receipt is acknowledged of your letter of Dec. 10, with reference to the
$2,595,000 grant by tne PWA to the City of High Point for tne purpose of
aiding in the construction of a hydroelectric power plant.
"No action has been taken relative to tne validity of this grant and the
City does not anticipate any such action until after the
Court renders its decision in the case now pending before
U. S. Supreme
it regarding the
validity of a grant to Greenwood County, S. G., for a similar purpose.
It
is anticipated tnat the decision in the case now pending will determine all
questions pertaining to the validity of the grant.
"A taxpayer suit has been brought against the City of Hign Point and is
now pending in the State Court, questioning the rignt of the city to issue
$3,171,750 of bonds for tne completion of the proposed plant.
It is hoped
that an early decision will be obtained from the N. C. Supreme Court on
tnis case which was made necessary by the adoption on Nov. 3 of a con¬
stitutional amendment pronibiting the issuance of bonds in excess of twothirds of tne amount of bonds retired during the previous fiscal year witnout
Tne City of High Point is
contends that bonds of this
constitutional amendment."
people autnorizing the issue.
planning the issuance of Revenue Bonds and
the vote of the
type are not affected by the new
KINSTON,
Wooten tnat
Mayor D. F.
C.—BOND ELECTION—It is stated by
N.
an
election will be held on Jan. 7 in order to vote on
of $100,000 in power
plant bonds
(P. O. Charlotte), N. C.—ATTORNEY
VALID— Ultimate victory for the
COUNTY
MECKLENBURG
the issuance
—•
GENERAL RULES BOND ELECTION
issue appeared assured on Dec. 15 as Attorney
General Seawell ruled that the Nov. 3 bond election complies with provisions
of the constitutional debt limitation amendment which went into effect
$1,169,000 school
bond
Nov. 24. it is stated.
R. L. Mitchell, New York bond attorney, is reported to have expressed
the opinion that the Supreme Court test case would be won.
Mr. Mitchell
said he would study the issue more and might approve it without a test case.
Issuance was delayed by passage of the amendment which provided that
counties may issue only that amount of bonds in any one year equal to
two-thirds of the retirements of the previous
be overcome by an election, however.
'
period.
This provision could
.
election
effective
attorney had raised the question of whether the bond
satisfied requirements of an amendment which did not become
The
until 21 days after the election.
WAKE
COUNTY
(P.
O.
Raleigh), N. C.—NOTE SALE—A $10,000
revenue anticipation notes was offered for sale on Dec. 15 and was
awarded to the Wachovia Bank & Trust Co. of Winston-Salem, at 1 M%»
issue of
plus
premium of $1.12, according to the Secretary of the
Commission.
a
NORTH
Local Govern¬
DAKOTA
BOWBELLS, N. Dak.—BOND OFFERING—H. C. Wood, City Auditor,
will receive bids until 2 p. m. Dec. 28 for the purchase at not less than par
of $3,500 not to exceed 5% bonds.
Denom. $194.44 except one for $194.52.
Dated Jan. 1, 1937.
Interest payable semi-annually.
Due $194.44 yearly
on Jan. 1 from 1940 to 1956. and $194.52 on Jan. 1, 1957.
Cert, check for
2% of amount of bid required.
BOWDON, N. Dak.—BOND SALE—The $2,500 issue of village bonds
on Dec. 14—V. 143, P. 3674—was purchased by the First
Village Clerk.
offered for sale
National Bank of Fessenden, the only bidder, according to the
MT.
N.
PLEASANT
SCHOOL
DISTRICT
NO.
4,
Rolette
County,
Dak .—CERTIFICATE OFFERING— R.
G.
Mosher, Clerk of the
of Education, will receive bids at the County Auditor's office in
Board
10
a.
Dec. 29 for the purchase of an issue of $5,000 cer¬
m.
tificates of indebtedness, to bear interest at no more than 7 %.
MORTON
COUNTY
(P.
O.
Mandan),
N.
Denom. $500.
Dak.—CERTIFICATE
OFFERING—M. J. Tobin, County Auditor, will receive bids until 2 p. m.
Dec. 18 for the purchase of $25,000 certificates of indebtedness which are to
bear interest at no more than 7%.
Due on or before 12 months from date
of issuance.
Cert, check for 2%
RICHARDTON,
N.
of amount of bid required.
Dak.—BOND
OFFERING—Sealed
_
bids
will
be
received until Dec.
issue of 5%
These bonds
28, by tne City Auditor, for the purchase of a $10,000
semi-ann. water works bonds. Due from 1937 to 1956, incl.
were
approved by the voters
on
Doc. 7, it is said.
OHIO
ALLEN COUNTY
(P. O. Lima), Ohio—BOND SALE—The $456,000
refunding bonds offered on Dec. 16 were awarded to an account
composed of Pohl & Co., Cincinnati, William J. Mericka & Co., Cleveland,
Nelson, Browning & Co., Cincinnati, and Nida, Schwartz & Seufferle of
Columbus, as 3s, at par plus a premium of $2,745.88, equal to 100.602, a
basis of about 2.90%.
Purchasers also agreed to pay cost of legal opinion,
estimated at about $400.
Dated Oct. 1, 1936 and due $19,000 April 1 and
coupon
Oct. 1 from 1938 to 1949 incl.
ARLINGTON, Ohio—PRICE PAID—Saunders, Stiver & Co. of Cleve¬
land, which
were awarded on Dec. 7 an issue of $6,860 coupon water main
bonds, paid a price of par plus a premium of $25.38 for 3Ms,
equal to 100.369, a basis of about 3 68%.
Dated Sept. 1, 1936 and due
Sept. 1 as follows: $860 in 1939, and $1,000 from 1940 to 1945, incl.
assessment
over
ON LITIGATION
REPORT
C.
the notice given In these
approval by the Public Works Administration on
Nov. 16 of a grant of $2,595,000 to the above city—V. 143, p. 3506—we
are informed as follows by E. M. Knox, City Manager, in a letter dated
PLANT—In connection with
POWER
POSED
"
million dollars.
of coupon re¬
HERTFORD, N. C.—BOND SALE—The $15,000 issue
funding street improvement bonds offered for sale on Dec. 15—V. 143, .p.
3880—was awarded to McAlister, Smith & Pate, of Greenville, as 4^8.
paying a premium of $11
equal to 100.07, a basis of about 4.49%.
Dated
June 1. 1936.
Due $1,000 from June 1, 1937 to 1951 incl.
The second
highest bid was an offer of 101.00 on 5s, tendered by Lewis & Hall, of
Greensboro.
Rolla, until
"This plan involves the sale of debt equalization bonds in the sum of
$1,100,000 in the current year and approximately $850,000 in each of the
years 1937 to 1941, inclusive, or a total of $5,300,000.
"It may interest you to know that this is the largest debt equalization
plan approved by this office since the passage of the first statute permitting
the issuance and sale of debt equalization bonds, and which in itself called
for the most careful consideration on our part.
"Several weeks ago you very wisely submitted the plan unofficially.
At
that time it was carefully checked and found to be satisfactory and of
unquestionable benefit to the city.
Besides, Senior Examiner John J.
Chartres, of the Bureau of Municipal Accounts conferred with you and other
•city officials on Nov. 25, to secure up-to-date information at first hand,
and reported, in part, as follows:
'In my opinion, the plan submitted is financially sound; the city has
courageously faced the crisis which overtook it in 1933; and the time has
now arrived when consideration may well be given to such a
plan as the
•one now proposed.
"
'I recommend that you give favorable consideration to the application
of the City of Yonkers to issue debt equalization bonds.'
"In 1933 the city faced an extremely difficult financial situation.
Since
then the city's finances have been rehabilitated through the cooperation
of the taxpayers, creditors and city officials, and with the aid of legislation
which permitted the funding of nearly six million dollars of floating debt,
the borrowing of three million dollars \ipon tax anticipation notes payable
In 1935-37, and the issuing of capital and relief bonds in the sum of one
of 3%
making the net interest cost to the
Dated Dec. 1, 1936.
Due on Dec. 1 as follows:
1945; $4,000, 1946 to 1950; $6,000. 1951 to 1955, and
county about 3.1568%.
ment
and has not had to resort to any Temporary Financing whatsoever.
bear interest at the rate
equal to 100.10, the first $53,000 bonds to
and the balance of the issue at 3M%.
In connection with tne amount of outstanding taxes, Mayor Loehr said
that this no longer remains a financial problem, because witn tne exception
•of $1,200,000. all of the outstanding taxes and water rents are self financed
under a sound procedure established by the city in 1934.
Since the adoption
•of the plan the city has gradually liquidated its Tax Anticipation Borrowing
CAROLINA
NORTH
GUILFORD COUNTY
Volume
143
Financial
Chronicle
4045
LYNDHURST,
Ohio—BOND OFFERING—Clara
Village Clerk, will receive bids until
than
ess
OHIO
MUNICIPALS
MITCHELL, HERRICK & CO.
700 CUYAHOGA
CANTON
bonds.
par of $153,000 4%
Dated Oct. 1, 1936.
$13,000
Octr.
COLUMBUS
coupon
Interest
1,
MANSFIELD,
Ohio—BOND
SALE—'The
$13,150
coupon
specia1
assessment street
BUILDING, CLEVELAND
CINCINNATI
noon
property owners' portion refunding
payable April and Oct. 1.
Due
1941; and $14,000 yearly on Oct. 1 from 1942 to 1951.
Principal and interest payable at the Cleveland Trust Co., Cleveland.
Certified check for 1% of amount of bonds bid
for, payable to the village,
required.
—were
AKRON
L.
Brueggemyer,
Jan. 4. for the purchase at not
SPRINGFIELD
plus
improvement bonds offered on Dec. 14—V. 143. p. 3675
awarded to the Citizens National Bank of Mansfield as
l^s at par
a premium of $31, equal to 100.23. a basis of about
1.63%.
Dated
1, 1936.
Due each six months as follows:
$1,700, April 1, 1937 to
Oct. 1, 1939: $800, April 1, 1940 to April 1, 1941, and
$550 Oct. 1, 1941.
Oct.
OHIO
CANTON, Ohio—FACES $350,000 DEFICIT—Unless
revenues are
tapped, the city faces
other sources of
$350,000 deficit in 1937, city council
finance committee indicated. It was estimated that the
city's requirements
on the present scale of
operations would be approximately $1,056,000, or
$200,000 above anticipated income, added to tne $150,000 in unpaid bills
which will be carried over. Tne finance committee
reported that anticipated
income from ail sources would be $840,715, and
requirements, $1,134,910.
a
CLEVELAND, Ohio—LIST OF BIDS—ThePfollowing is a complete
list of the bids submitted at the recent sale of $250,000 sewer and
$100,000
paving and sewer bonds.
The award, as noted in a previous issue, was
made to Phelps, Penn & Co., of New York, on a bid of
par plus a premium
of $875 for the $250,000 issue as 3)4* and that of
$100,000 as 3s:
Interest Rate
Premium
Otis & Co.; Johnson, Kase & Co., and Edward
l$250,000 2)4% f $788.50
Lowber Stokes & Co..
J
Field, Richards & Shepard, Inc., and
Bosworth & Co
Pohl & Co., Inc.; Nelson Browning& Co.;
1
100,000 3%
Braun] 250,000 2)4% 11,262.20
/
100,000 2%
1
Bohmer-] 250.000 2}% % \ 723.33
Reinhart & Co., and Brockhouse & Co
/ 200,000 3)4% J
The First Cleveland Corp.; Seasongood & Mayer;! 250,000
2)4% I
610.00
and Van Lahr, Doll & Isphording & Co
/ 100,000 314%\
Halsey, Stuart & Co
1 250,000 2)4% I
70.00
/ 100.000 2%
1
Lehman Brothers; Estabrook & Co., and
Fox,( 250.000 2)4%)1,966.66
Einhorn & Co
E. H. Rollins & Sons, Inc., and Eldredge &
«
Blyth & Co.; Mitchell Herrick
McDonald-Coolidge & Co
&
Co.,
Brown Harriman & Co., Inc., and Hayden
& Co
/
Co._1
100,000 2)4 %
250,000 2)4% 11,225.00
/ 100,000 2H%1
and] 250.000 234% 11,219.60
J
100.000 2)4%
Miller) 250.000 2)4%)
/ 100.000 2^%1
560.00
250,000 2^%/
252.00
First of Michigan Corp.; The Milwaukee Co., and i
► Hawley Huller &Co
/
Stranahan Harris & Co., Inc., and
100.000
2%%{
Graham,] 250.000 2?^% 13,027.50
Parsons & Co
Prudden & Co., Inc.; Gregory & Son, Inc., and
Ryan, Sutherland & Co
A. C. Ailyn & Co., Inc.; Charles A. Hinsch &
Co.,
and Nida, Schwartz & Sufferle, Inc
Edward B. Smith & Co. and the Illinois Co
100.000 2%
250.000 2^%f2,137.00
100.000
250,000
100,000
250,000
100,000
2%
2%%
1,435.15
2%
2%% 14,619.65
2H%
CLEVELAND, Ohio—TAX LEVY APPROVED—The city's 5.5 mill
operating tax levy for 1937, designed to produce $6,430,000. was approved
by a wide margin at the recent espcial election.
The impost replaces that
of 7 mills which expires Dec. 31, 1936, and the new
levy will create about
$3,200,000 less than was available in operating funds in 1936.
Total
revenues
available for operating purposes next year will be about
$15,215,-
000.
Voting of additional mill levies has become an annual occurrence
since the real estate tax limitation was reduced
by constitutional amend¬
ment from 15 to 10 mills.
*
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—OPERATING LEVY
APPROVED—At a special election held recently the voters
approved a 2.8
mill levy for operating purposes in 1937.
This replaces that of 3.5 mills
which expires Dec. 31, 1936.
^
DELAWARE, Ohio—BOND SALE—The $12,000 work
relief
project
bonds offered on Dec. 11—V. 143, p. 3507—were
awarded to G. Parr
Ayres & Co. of Columbus, as 2 $s, at par plus a premium of $46.20,
equal
to 100.38. a basis of about 2.44
£>.
Dated Dec. 1, 1936 and due $1,500 on
MONTGOMERY COUNTY (P. O. Dayton), Ohio—LIST OF BIDS—
The following is a complete list of the bids submitted for the
$340,000
refunding bonds which were awarded recently to the account headed by
Seasongood & Mayer of Cincinnati, as reported in a previous issue:
Bidder—
Columbus.
The First Cleveland Corp.; Field, Richards & Shep¬
Other bids were
as
follows:
Int. Rate
Johnson, Kase & Co
First National Bank, Delaware
Ryan, Sutherland & Co
Seasongood & Mayer
Premium
2)4
2 )4 y0
2)4%
2H%
2%%
3%
Saunders, Stiver & Co
Nida, Schwartz & Seufferle
$41.00
25.50
22.00
Paine, Webber & Co., Chicago
First Cleveland Corp., Cleveland
Eaton National Bank
Saunders, Stiver & Co., Cleveland
Seasongood & Mayer, Cincinnati
Charles A. Hinsch & Co., Cincinnati
W. E. Hutt & Co., Cincinnati
Ryan. Sutherland & Co., Toledo
Bliss Bowman & Co., Toledo
FRAZEYBURG
SCHOOL
DISTRICT,
2)4%
2)4%
2)4%
2%%
3%
3%
3%
3%
4)4%
Ohio—BOND
Premium
$129.33
67.20
31.25
27 60
25.11
36.50
50 01
77.60
20.40
OFFERING—
C. G. Garrett, Clerk, will receive saled bids until noon on
Jan. 4 for the
purchase of $1,100 4)4% school bonds.
Dated Jan. 1, 1937.
One bond for
$100, others, $150 each.
Due Jan. 1 as follows: $100 from 1939 to
1943,
Incl. and $150 from 1944 to 1947, incl.
Interest payable J. & J.
A certified
check for $25, payable to the order of the Board of
Education, must ac¬
company each proposal.
Clerk, will receive sealed bids until
280.66
4,736.00
1,234.20
2%%
2,448.00
2J^%
408.00
2,788.00
noon on
Jan. 4 for the purchase of $32,-
W.
the
for
for
ROSS
COUNTY
(P. O. Chillicothe), Ohio—BOND SALE—The
$75,000 emergency poor relief bonds offered on Dec. 14—V. 143, p. 3675—
awarded
to the First National
Bank of Chillicothe as 1)48 at par
premium of $82.50. equal to 100.11. a basis of about 1.48%.
Dated
1, 1936.
Due on Oct. 1 as follows:
$9,000, 1938 to 1942, and
$10,000, 1943, 1944 and 1945.
were
plus
a
Dec.
Other bids
Bidder—
were
follows:
as
Int. Rate
Prudden & Co., Toledo
Fields Richards & Sheppard, Cincinnati
First Cleveland Corp., Cleveland
Ilk
Premium
$458.00
142.51
61.78
471.00
465.00
%
1H%
2%
2%
2%
2%
2%
2%
2%
2%
Halsey Stuart & Co., Chicago
Johnson Kase & Co., Cleveland
Pohl & Co., Inc., Cincinnati
Seasongood & Mayer, Cincinnati
Otis & Co., Cleveland
Braun, Bosworth Co., Toledo
Merrell Turben Co., Cleveland
Assel, Goetz & Moerline, Cincinnati
Stranahan, Harris Co., Toledo
Paine, Webber & Co., Cincinnati
G. Parr Ayers Co., Columbus
405.15
303.95
318.75
311.00
302.00
234.00
2%
ROSSFORD RURAL SCHOOL DISTRICT
106.00
2%
2)4 %
...
57.75
203.00
(P. O. Rossford), Ohio
—BOND OFFERING—Dorothy Heinemann. Clerk of the Board of Educa¬
tion, will receive bids until noon Dec. 28 for the purchase at not less than
Sar of $40,000 Interest payable annually. Due on Oct. 1 as follows: $2,500,
4% school building bonds. Denom. $1,000 and $500 Dated
»ct. 1, 1936.
1938 to 1947, and $3,000, 1948 to 1952.
to the Board of Education,
Certified check for $400, payable
required.
SPRINGFIELD, Ohio—VOTES THREE MILL LEVY FOR SCHOOLS—
Schools are assured of financial security for at least two years by reason of a
three-mill special tax levy, which voters approved Dec. 11, 10.905 to 6,728.
The levy, designed to raise $240,000 annually for the two years, was similar
to
three-year assessment which
a
UNION
to
COUNTY
(P.
O.
Due
March
on
$1,000.
1
WEBSTER
follows:
as
TOWNSHIP
Ohio—BOND
bids
until
$17,381,719.89,
upon
80.02%
I RONTON, Ohio—BOND
OFFERING— Ralph
F. Mittendorf, City
Auditor, will receive bids until noon Dec. 30 for the purchase of $17 000
6% storm water sewer, public buildings and park equipment bonds. Denom.
$500. Dated Jan. 1, 1937. Principal and semi-annual interest (Jan. 1 and
July 1) payable at the First National Bank in fronton.
Due on Jan. 1 as
follows:%3,500, 1,939 to 1942, and $3,000, 1943. Certified check for $170,
payable to the city, required.
JOHNSVILLE-NEW LEBANON RURAL SCHOOL DISTRICT (P. O.
New Lebanon), Ohio—BOND SALE—The $3,050
coupon delinquent tax
bonds offered on Dec. 10—V. 143, p. 3507—were awarded as
5s, at a price
of par, to the Citizens Bank of Farmersville.
Dated May 1, 1936 and due
May 1 as follows: $650 in 1937, and $600 from 1938 to 1941, incl.
A bid of
par plus a premium of $5.20 was made by Bliss Bowman & Co. of Toledo.
SALE—The
$1,100,
1937; $900,
RURAL
SCHOOL
OFFERING—J.
Dec.
24
for
1938,
1944.,
D.
Philo.
1939 and 1940:
DISTRICT,
District
Wood
Clerk,
will
the purchase
at not less than par of
$46,000 coupon school building bonds.
Denom.. $500.
Interest payable
March 1 and Sept. 1.
Due $2,000 each six months from March 1, 1938 to
noon
March 1, 1949, incl.
WILLOUGHBY,
Cert, check for $500, payable to the district, required.
Ohio—BOND
OFFERING—Arvilla
Miller,
Village
Jan. 4 for the purchase at not less
to suit
Oct. 1.
Due $5,000 yearly on April 1 from 1942 to 1951, incl.
Cert, check for 5%
of amount of bonds bid for, payable to the Village Treasurer, required.
Clerk, will receive bids until 7:30 p.
m.
than par of $50,000 4% coupon refunding bonds.
Denominations
the purchaser.
Dated Oct. 1, 1936.
Interest payable April 1 and
$39,000
Marshall County, Oklahoma, Road
5%,
R. J.
due 6-15-47 @ 4%
EDWARDS, Inc.
Established 1892
OKLAHOMA
CITY, OKLAHOMA
AT&T O. K. CY 19
Collections were as follows: Current general tax.
$16,862,900.22; current
special assessments, $1,213,624.03; delinquent general taxes,
$1,160,743.76,
and delinquent special assessments, $147,004.60.
Collection of the current
Of this amount $14,424,158 70 represented
general taxes, and $1,307,038.71, current special assessments.
Collections last year were 77.08% of the billings,
compared with
Ohio—BOND
1941; $1,100, 1942 and 1943, and $1,200.
County,
receive
HAMILTON COUNTY (P.O. Cincinnati), Ohio—TAX
COLLECTIONS
total of $19,384,272.61 in taxes was collected by Louis J.
Howe,
County Treasurer, upon the 1935 duplicate collection, which was
completed
recently, his report disclosed.
This was upon a total tax billing of $24.223,095.69.
current
defeated 2 to 1 at the Nov. 3 election.
poor
A grand
general tax was 95.67% of the total, as compared with
94.30% on the
1934-1935 collection.
Current special assessments collected were
84.81%.
against 82.60 last year.
Collections in 1935 on the 1934 duplicate were
was
Marysville),
relief bonds offered on Dec. 14—V. 143, p. 375—were awarded
Saunders, Stiver & Co. of Cleveland as 2s.
Dated Nov. 1, 1936.
$8,200
sold to the
2j^%
2^%
2)4%
RISING SUN SCHOOL DISTRICT, Ohio—BOND OFFERING—R.
Myers. District Clerk, will receive sealed bids until 8 p. m. on Dec. 18 for
purchase of $344300 4% school bonds.
Dated Dec. 1, 1936.
One bond
$1,150. others $850 each.
Interest payable A. & O.
A certified check
2% must accompany each proposal.
State Tracuers' Retirement System.
Dated Dec. 1, 1936.
Denom. $150.
Due serially in from 1 to 10 years.
Int. payable A. & O.
The State Teachers Retirement System paid a
price of par for the obliga¬
tions, which bear 3)4% interest and mature $150 each six months in from
1 to 10 years.
this year.
3,775.00
500 5% school bonds.
Dated Jan. 1, 1937.
One bond for $500, others
$1,000 each.
Interest payable J. & D.
An interest rate other than 5%,
expressed in a multiple of )i of 1%, may be named by the bidder.
A
certified check for $1,000. payable to the order of the District Treasurer,
must accompany each proposal.
V
GREENE TOWNSHIP SCHOOL DISTRICT
(P. O. Lockwood),
Ohio—BOND SALE—An issue of $3,000 scnool bonds has been
bills totaling $22,550,658.67.
2M%
RICHMOND TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Willard, R. D. No. 2), Ohio—BOND OFFERING— Frances Riddle, District
22.80
33.60
EATON, Ohio—BOND SALE—The $12,000 fire apparatus bonds offered
Dec. 11—V. 143. p. 3507—were awarded to G. Parr
Ayras & Co. of
Columbus, as 2J^s, at par plus a premium of $78, equal to 100.65. a basis
of about 2.15%.
Dated Dec. 1, 1936 and due $600 each six months from
Dec. 1, 1938 to June 1, 1948, incl.
Other bids were as follows:
Int. Rate
$2,196.95
36.77
on
Bidder—
Premium
2)4 %
2%%
ard; Mitchell, Herrick & Co., Cleveland
,
Dec. 1 from 1939 to 1946 incl.
Bidder—
Int. Rate
Seasongood & Mayer; Assel. Goetz & Moerlein, Inc.;
Pohl & Co.; Nelson, Browning & Co., Cincinnati.
McDonald-Coolidge & Co.; Braun, Bosworth & Co.;
Ryan, Sutherland & Co., Cleveland and Toledo.
Fox, Einhorn & Co., Cincinnati; Wm. J. Mericka
& Co.; Lawrence Cook & Co.,
Cleveland; Lowry
Sweney, Inc., Columbus
Stranahan, Harris & Co., Inc.; Paine, Webber &
Co.. Inc., Toledo
Van Lahr, Doll & Isphording. Inc., Cincinnati
Graham, Parsons & Co.; Bohmer. Reinhardt & Co.;
Edward Brockhaus & Co., Cincinnati
Weil
Roth & Irving Co.; Provident Savings Bank
& Trust Co., Cincinnati; Bancohio Securities
Co.,
Long Distance 158
OKLAHOMA
SCHOOL DISTRICT (P. O. Eufaula}, Okla
is reported by J. L. McKinney, District Clerk, that the
$12,500 school building bonds offered on Nov. 30—V. 143, p. 3507—were not
sold, due to an error.
Due from 1939 to 1946, incl.
EUFAULA
NOT SOLD—It
COUNTY (P. O. Stigler), Okla.—BOND~PURCHASE
is stated by the County Clerk that C. Edgar Honnold
City has entered into a contract to purchase at par a $58,165
issue of funding bonds.
HASKELL
CONTRACT—It
of Oklahoma
OREGON
CASCADE LOCKS, Ore.—BONDS SOLD—It is stated by W. J. Carl¬
son,
City Recorder, that $31,000 water works system bonds validated
recently by the State Supreme Court have been purchased by the Public
Works Administration as 4s at par.
\
j.. 1 «•!
>
,
EUGENE,
Ore.—SINKING FUND BONDS SOLD—It is stated by
Bryan, City Recorder, that the various city sinking fund bonds
offered for sale on Nov. 25, in the amount of $93,500, as noted here recently
—V
143, P. 3507—were purchased in varying amounts by A. D. Wakeman
& Co. of Portland, E. M. Adams & Co. of Portland, and Holt, Robbins &
Wershkal, also of Portland.
C
M.
Financial
4046
1936
19,
Dec.
Chronicle
$3,000, 1951 to 1954 incl.; $3,500 from 1955 to 1959 incl.. and $4,000 in
1960. Rate of interest to be expressed in a multiple of M of 1 %. Bonds are
registerable as to principal only, with interest payable J. & J. A certified
check for $1,000, payable to the order of the District Treasurer, must accom¬
pany each proposal.
Sale is subject to approval of issue by the Pennsyl¬
vania Department of Internal Affairs,
Oregon Municipals
Pa.—BOND OFFERING—F. W. Schneider, Borough
until 8 p. m. Jan. 4 for the purchase of $13,000
GLENFIELD,
Secretary, will receive bids
& CO., INC.
CAMP
Porter
required.
Portland, Oregon
Building,
2 and July 2. Due $1,000
Certified check for $500
4% bonds. Denom. $1,000. Interest payable Jan.
on Jan.
2 in odd years from 1939 to 1963 incl.
OFFERING—Grover O.
HALLAM SCHOOL DISTRICT, Pa.—BOND
will receive bids until 7:30 p. m. Jan. 1, for
3^% coupon bonds.
Denom. $500. Due $1,000
1943, 1946. 1949, 1952, 1955, 1958, 1961 and 1964.
Certified check for 1%, required.
Blessing, District Treasurer,
the purchase of $9,000 3
in each of the years 1940.
OREGON
GASTON, Ore.—BOND SALE—The $7,500 issue of 4% coupon semi¬
annual sewer system bonds offered for sale on Dec. 14—V. 143, p. 3881—
was purchased by the First Security Bank of Beaverton. paying a premium
of $75, equal to 101.00, a basis of about 3.75% to option date.
Due $500
from Dec. 1, 1937 to 1951; optional after Dec. 1, 1941.
HEPPNER, Ore.—BONDS NOT SOLD—It is stated by E. R. Huston,
City Recorder, that the $5,000 not to exceed 6% semi-ann. refunding water
bonds scheduled for sale on Nov. 6—V. 143, p. 3036—were not awarded
as all the bids were invalidated.
Dated Nov. 1, 1936.
Due $1,000 from
No. 1, 1941 to 1945, incl.
MAPLEWOOD WATER DISTRICT
SALE—The
bonds
$12,000
(P. O. Portland), Ore.—BOND
issue of 4% semi-annual general obligation water
Dec. 9—V. 143, p. 3881—was awarded to the
offered for sale on
Baker, Fordyce Co. of Portland, paying a premium of $1,061.15, equal to
108.84, a basis of about 2.44%. Due $2,000 from July 1,1940 to 1945, incl.
OFFERING—Sealed bids will be received
P. Ryan, City Recorder, for the purchase
10-A bonds.
Interest rate is not to exceed
5%, payable J. & D.
Denom. $1,000.
Due $5,000 from Dec. 1, 1940 to
1947, incl.
Principal and interest payable at the City Treasurer's office.
The approving opinion of Teal, Winfree, McCulloeh, Shuler & Kelley of
Portland, will be furnished.
A certified check for $800 must accompany
ONTARIO,
Ore.—BOND
until 8 p. m. on Dec. 28, by F.
of a $40,000 issue of water, Series
the bid.
WARMSPRINGS
IRRIGATION
(P. O. Vale),
DISTRICT
BOND OFFERING—Sealed bids will be received until 2 p.
m.
on
Ore.—
Jan. 9,
by W. C. White, District Secretary, for the purchase of an issue of $172,500
4% semi-ann. impt. bonds.
Denoms. $1,000 and $500.
Dated Jan. 1,
1935.
Due from Jan. 1, 1939 to 1968.
SCHOOL DISTRICT (P. O. Large), Pa.
District Secretary will receive bids until 8 p. m.
JEFFERSON TOWNSHIP
—BOND OFFERING—The
Jan. 5 for the purchase of $50,000 coupon bonds.
Bidders are to name rate
of interest in a multiple of M% but not to exceed 4%.
Denom. $1,000
1 and July 1.
Due $5,000 in each of the
Cert, check for $1,000 required.
Interest payable Jan.
from 1943 to
1961.
odd years
OFFERING— George S. Deeds, Borough
until 10 a. m. on Dec. 19 for the pur¬
Dated Nov. 1,1936.
Denom. $1,000. °
Die $2,000 on Nov. 1 from 1943 to 1962, incl.
Int. payable M. & N. A
certified check for $500, payable to the order of the Borough Treasurer,
must accompany each proposal.
The bonds have been approved by the
Department of Internal Affairs.
Successful bidder to assume and pay
Pa .—BOND
LIGONIER,
Secretary, will receive sealed bids
$20,000 3% coupon bonds.
chase of
opinion.
for legal
CHICHESTER TOWNSHIP (P. O. Marcus Hook), Pa.
L. Elliott, Township Secretary, has called for redemp¬
1, 1937, at the Marcus Hook National Bank, Marcus Hook,
5% township bonds numbered from 11 to 20 incl. and totaling $37,500.
Bonds are dated Jan. 2, 1922 and mature Jan. 1, 1952.
They were issued
LOWER
BOND CALL—Ross
tion on Jan.
for funding, sewer
construction and road repair purposes.
TOWNSHIP SCHOOL DISTRICT (P. O. Tiona), Pa.—
BOND OFFERING—R. J. Keenan, District Secretary, will receive bids
until 5 p.m. Jan. 12, for the purchase of an issue of $23,000 coupon bonds.
Bidders are to name rate of interest, making choice from 4%, 434%,
MEAD
Interest payable Jan. 15
43£%, 4M% and 5%.
Certified
and July 15.
required.
check for $300,
MINERSVILLE
SCHOOL
Pa.—BOND OFFERING—
until 8 p. m.
DISTRICT,
Calude L, Price, District Secretary, will receive sealed bids
Dec. 29, for the purchase of $27,500 2, 234. 234. 2M, 3„
on
334 or 334%
registerable as to principal only, funding and refunding bonds.
One bond for $500, others $1,000 each.
Due Jan.1
as follows:
$5,000 in 1942 and 1947; $7,500 in 1952, and $10,000 in 1957.
Bidder to name one rate of interest on all of the bonds.
Interest payable
J. & J.
A certified check for 2%, payable to the order of the District
coupon,
Dated Jan. 1, 1937.
bonds will be issued
of Internal Affairs.
NEW CASTLE SCHOOL DISTRICT, Pa.—BOND SALE—The $30,000 series E of 1937 coupon or registered refunding bonds offered on Dec. 16
—V. 143, p. 3676—were awarded to E. H. Rollins & Sons of Philadelphia,
as 3s, at par, plus a premium of $1,692, equal to 105.64, a basis of about
2.53%.
Glover & MacGregor of Pittsburgh offered a premium of $1,648
for 3s.
Dated Jan. 1,1937.
Due $5,000 on Jan. 1 from 1949 to 1954, incl.
must accompany each proposal.
The
subject to approval of the Pennsylvania Department
Treasurer,
NORRISTOWN SCHOOL DISTRICT,
Pa.—BOND SALE—The issue
143, p. 3508—was
1M8 at a price of
of $600,000 coupon school bonds offered on Dec. 15—V.
awarded to Moncure Biddle & Co. of Philadelphia as
101.399^ a basis of about 1.565%.
Dated Jan. 15, 1937 and due as fol¬
$30,000, 1938; $35,000,1939 to 1942, incl.; $40,000 in 1943 and 1944,
and $50,000 from 1945 to 1951, incl.
Financial Statement Dec. 1, 1936
lows:
Assessed valuation (33 1-3%
--$22,988,310.00
1,302.500.00
—
^one
1,302,500.00
of actual) 1936
Gross bonded debt
Floating debt.
Gross debt
—
-—
-$403,828.87
39,500.00
Sinking fund—(a) Cash..
Investments (its own bonds)
(b)
"
PENNSYLVANIA
BLOOMSBURG, Pa .—BOND OFFERING—On Jan. 11 the Town Coun¬
bonds.
cil will offer for sale an issue of $95,000 3%
BLYTHE TOWNSHIP SCHOOL DISTRICT
—BONDS
(P. O. Cumbola), Pa.
interest
not to exceed 4%
NOT SOLD—The issue of $80,000
funding bonds offered on Dec. 15—V. 143, p. 3676—was not sold.
Dated
Dec. 15, 1936 and due Dec. 15 as follows:
$10,000 in 1949, and $5,000 from
1950 to 1963, incl.
Optional on or after Dec. 15, 1950.
BUTLER COUNTY (P. O. Butler),
Pa.—BONDS REDEEMED—The
coiinty called for redemption on Dec. 1, in advance of maturity, a total of
$450,000
% road improvement bonds of the Dec. 1,1921 issue, according
to
Harry M. Badger, County Treasurer.
CANONSBURG, Pa —BOND OFFERING—Bids are being received by
the purchase of an issue of $60,000
bonds.
Bidders are to name rate of interest, in a multiple of M °7 .
but not to exceed 3K%.
Denom. $1,000.
Dated Dec. 1, 1936. Interest
payable June 1 and Dec. 1.
Due $5,000 yearly on^June 1 from 1940jto
1951,•.incl. .^Certified check for $1,000, required.
'
the Borough until 8 p. m. Jan. 4, for
coupon
$45,000
coupon bonds offered on Dec.
15—V. 143, p. 3881—were awarded to
Glover & MacGregor of Pittsburgh, as 2Ms, at par, plus a premium of
$1,001.47, equal to 102.225, a basis of about 2.53%.
S .K. Cunningham
& Co. of Pittsburgh offered to pay a premium of $495 for 2Ms.
Dated
Dec. 1, 1936.
Due $1,000 Dec. 1,*1937 and $2,000iyearly on Dec. 1
Deductions—
from 1938 to 1959, incl.
CLARION, Pa.—BOND SALE—The issue of $15,000 storm sewer and
bonds offered on Dec. 10—V. 143, p. 3350—was awarded to
the Citizens Trust Co. of Clarion, as 3Hs, at par plus a premium of $249.39,
equal to 101.662.
street impt.
(P. O. Shamokin). Pa.—
BOND SALE—The $251.000 coupon or registered school bonds offered on
Dec. 9—V. 143, P. 3676—were awarded to M. M. Freeman & Co. of Phila¬
delphia as 5s.
Due on Dec. 1 as follows: $17,000, 1937; $4,000, 1938;
$6,000, 1939; $9,000, 1940; $12,000, 1943; $8,000, 1944; $10,000, 1945;
COAL TOWNSHIP SCHOOL DISTRICT
$12,000, 1946; $14,000, 1947; $12,000, 1948; $14,000, 1949; $16,000,
$19,000, 1951; $22,000, 1952; and $25,000, 1953 and 1954.
•
1950;
DU BOIS,
Pa.—BOND SALE—The $50,000 coupon refunding and
improvement bonds offered on Dec. 15—V. 143, p. 3676—were awarded
to Edward Lowber Stokes & Co. of Philadelphia, as lMs, at a price of
$5,000 from 1937 to
1)>|%
M. M. Freeman & Co
EVANSBURG
SCHOOL
DISTRICT
(P.
O.
240.64
1M %
223.25
1M%
1M%
'—
Halsey, Stuart & Co
Dillon & Co
39.01
253.33
247.97
1M%
Yarnell & Co
Eastman,
119.85
1M!%
1M %
1M%
1
Dougherty, Corkran & Co
Granberry, Safford & Co
R. W. Pressprich & Co
61.10
Butler),
59.22
Pa.—BOND
OFFERING—William A. Ripper, District Secretary, will receive bids until
7:30 p. m. Dec. 31 for the purchase of $60,000 coupon bonds.
Bidders to
name rate of interest, in a multiple of M %, but not
to exceed 3 H % •
Due
Certified check for $1,000, required.
Denoms. $1,000 and $500. Due
follows: $2,000, 1939 to 1945 incl.; $2,500, 1946 to 1950 incl.;
serially from Jan. 1, 1939 to 1960.
The bonds will be dated Jan.
Jan.
1
as
1, 1937.
■
443 fo28.87
•
859,171.13
7,193.85
66,929.94
1935 unliened taxes (75% of actual)
Liened taxes (75% of actual)
(a)
(b)
74
Net debt ratio
Tax
19o
7Q
785;047i34
Net debt
3.41%
-
bank loans or other evidences of
anticipation notes,
None
600,000.00
20
indebtedness
Bonds authorized but unissued
Tax rate mills
(this issue)
>
Amount of tax duplicate
—
-
556,886.20
(levy) 1936
1936 tax collected to Dec. 1,1936
(76.2%).-$424,434.30
1935 tax collected to Dec. 1,1936 (93.7%)-- 472,614.92
Debt service charge (1936) exclusive of issue to
tobesold—Interest
$ 56,347.50
42,781.69
5,150.00
Principal
State tax
104,279.19
■
,
$595.73
Assessed value per capita
Actual value per capita
1,787.22
%
%
Assess. Value Actual Value
Net direct debt burden
—
Net direct and indirect debt burden..
(a)
3.41%
6.82%
(b) County per capita net
School per capita net debt
Total per capita net
Per
Capital
$20.34
40.67
1.13%
2.26%
$20.33
Borough per capita net debt burden
debt burden
20.34
burden
$40.67
Sinking fund
debt burden
Borough of Norriston, gross bonded debt, $975,000.
$96,001.72.
Borough bonds held, $50,000 ($7,500 U. S. Govern¬
bonds not deducted); outstanding liened taxes, $55,893.63 (75%
used); outstanding unliened taxes, $3,529.26 (75% used); Net bonded debt.
$784,431.11.
(b) County of Montgomery.
This county has no bonded
(a)
cash,
ment
indebtedness.
DISTRICT. Pa.—BOND SALE
bonds offered on Dec. 15—
& Sons of Philadelphia as
100.625, a basis of about
2.89%.
Stroud & Co. of Philadelphia submitted the next high bid, offer¬
ing $32.50 premium for 3s.
Dated Dec. 15,1936.
Due Dec. 15 as follows:
$1,000, 1938; and $3,000, 1939 to 1946; optional on and after Dec. 15, 1940.
NORTH BELLE VERNON SCHOOL
—The
$25,000 coupon or registered school
V. 143, p. 3508—were awarded to E. H. Rollins
3s at par, plus a premium of $156.25, equal to
Other bids were
follows:
as
Bidder—
EASTON, Pa.—OTHER BIDS—The $47,000 refunding bonds awarded
on Dec. 8, as previously noted, to E. W. Clark & Co. of Philadelphia, as
iy$s, at par plus a premium of $217.99, equal to 100.46, a basis of about
1.42%, were also bid for as follows:
Bidder—
Int. Rale
Premium
E. B. Smith & Co., Philadelphia, Pa___
1^%
$187.53
First Boston Corp., Phildelphia
■;1
*
CHARLEROI SCHOOL DISTRICT, Pa.—BOND SALE—The
100.08, a basis of about 1.735%.
Due as follows:
1942 incl. and $10,000 in 1943 and 1944.
"it-
Net funded debt
First National Bank of Mount Vernon
3H%
4%
4%
Glover & MacGregor
S. K. Cunningham & Co
Singer, Deane & Scribner, Inc
Int. Rale
3%
3%
National Bank of Charleroi
-
Rate Bid
Par
Par
100.50
100.73
100.108
CITY, Pa.—TAX RATE UNCHANGED—'The tax rate for 1937
in the present year.
Budget for next
year is based on estimated revenues fo $375,777, against appropriations of
$356,304.75.
Assessed valuation of taxable property has been reduced
OIL
has been set at 14 mills, the same as
$100,000
to
$15,800,000.
PHILADELPHIA, Pa.—PREDICTS CURRENT YEAR DEFICIT OF
$8,000,000—A prediction that the city would end the current fiscal year
with a deficit of from $8,000,000 to $10,000,000 was made Dec. 10 by City
Treasurer Hadley.
Receipts for the year to date are about $2,500,000
less than revenues in same period in 1935, according to Mr. Hadley, while
expenditures exceed those to the same date last year by more than $2,000,000
PHILADELPHIA.
estate for
1937 will
Pa.—TAX
be $1.70
per
RATE UNCHANGED— fax on real
$100 of assessed valuation, the same as
the failure of City Council to
The Board of Education re-
this year.
The rate is unchanged by vjrtue of
take any action in the matter by Dec. 15.
Volume
143
Financial
Chronicle
cently continued the school levy at .925 cents, the total tax on city realty
next year thus being $2,625
per $100.
The City Council has not adopted
any budget for 1937.
STATE
ASKED
TO
AID
MUNICIPAL
FINANCES— Governor
George H. Earle declared Dec. 15 Philadelphia's financial problems are
primarily its own concern and told the city to put its "financial house in
order.
Then, he promised in a letter to Mayor S. Davis Wilson, "my
administration and the Legislature will give sympathetic consideration to
every proper proposal for further relief."
Reform begins at home," Earle wrote
in reply to Mayor Wilson's
25-point request for aid from the Legislature in solving a financial problem
which the Mayor said would, if the
city were a private corporation, put
..vM'he Federal court under 77-B for reorganization."
Bluntly speaking," Earle wrote, "I must say that your administration
has done little to effect the economies so
desperately needed for the relief
of the
long-suffering taxpayer of your city.
In fact, instead of effecting a
drastic reduction
in payrolls,
since
fositions have been created and
500,000
year."
a
administration
your
took office new
4047
RHODE
PAWTUCKET.
been
introduced
$200,000
sewer
R.
in
and
a
ISLAND
I.—PROPOSED
the
State
FINANCING— Bills
BOND
Legislature empowering the
have
city to issue
like amount of highway bonds.
RHODE ISLAND (State of)—BOND OFFERING—Percival De St.
Aubin, General Treasurer, will receive sealed bids until noon on Dec. 21
for the purchase of $756,000 3% coupon or registered public works bonds
of 1935.
Dated Dec. 2,
1936.
Denom. $1,000.
Due Dec. 1
as
follows:
$150,000 from 1962 to 1965 incl. and $156,000 in 1966.
These bonds are
the unissued balance of a total of $4,156,000 authorized by
Chapter 2258
of Public Laws of 1935 and
approved at the Aug. 6, 1935 election.
Interest
payable J. & D.
A certified check for $7,560, payable to the order of the
General Treasurer, must accompany each proposal.
A copy of the opinion
of the Attorney General with
respect to the legality of tne bonds will be
furnished the successful bidder.
pay increases authorized to the extent of
.
:
...
i
—
MARKETS APPRAISALS INFORMATION NORTH CAROLINA STATE
PENNSYLVANIA (State of)—LOCAL ISSUES APPROVED—The De
Affairs, Bureau of Municipal Affairs, has approved the
following issues of bonds.
Information given includes name of the mu¬
nicipality, amount and purpose of issue and date approved:
partment of Internal
AND MUNICIPAL BONDS ALL SOUTHERN STATE AND MUNICIPALS
Date
Approved
„
West
Hazelton Borough,
KIRCHOFER
Amount
Nov. 25
__
$18,000
Luzerne County—Paying
operating expenses
Ephrata Borough School District, Lancaster County
(amendment)—School improvements
Manchester Borough School District, York County—
Enlarge senoir high school building
Schuylkill County—Altering, adding to and repairing
Nov. 30
150,000
Dec.
1
193,000
Dec.
1
400,000
operating expenses
Northumberland Borough School District, Northum¬
berland County—Purchase and acquire necessary
and proper sites or grounds for school
building;
equipment and furnish high school building
Ridley Township, Delaware County—Constructing
and repairing roads
Etna Borough, Allegheny County—Funding floating
Dec.
1
indebtedness
Greene Township,
Dec.
47,000
Dec.
2
20,000
Dec.
3
60,000
Dec.
3
3,000
Dec.
3
100,000
ditional equipment and furnishings
Rockwood
Somerset
Borough,
County—Funding
Dec.
3
17,000
floating indebtedness
Township School District, Northumberland
County—Funding floating indebtedness $45,000;
purchasing and equipping an athletic field $5,000Wllkes-Barre Township School
District, Luzerne
County—Paying operating expenses
Dunmore Borough
School
District,
Lackawanna
County—Erecting, constructing and completing a
new high school
building
Jigh s
Lower Yoder Township School District, Cambria
ower
^ County—Refunding bonded indebtedness
-Refunding
Franklin Township, Greene County—Funding float¬
ing indebtedness
Muhlenberg Township School District, Berts County
—Refunding bonded indebtedness
Huntingdon Township School District, Huntingdon
bonded indebtedness.
County—Refunding bonded indebtedness.
Warren Township School District, Franklin County
—Funding floating indebtedness
East Stroudsburg Borough, Monroe County—Fund¬
ing floating indebtedness $6,500; erection and con¬
Dec.
3
23,000
Erie County—Purchase power
highway use
Grove City Borough, Mercer County—Funding floating indebtedness
Meyersdale Borough School Dist., Somerset County
•—Making permanent improvements; providing ad¬
tractor for
struction
of storage
reservoir;
therefor; extension of
acquisition
$13,500
SOUTH
SOUTH CAROLINA
•
CAROLINA
(State off—NOTE SALE—The $100,000 rental
SUMTER, S. C.—BOND OFFERINGS. K. Rowland, City Clerk and
Treasurer, will receive bids until noon Dec. 21, for the purchase of $53,000
waterworks and sewerage system bonds, constituting a statutory lien second
in priority to an issue of $76,000 bonds dated June 1, 1934, and payable
solely from revenues of the system.
Bidders are to name rate of interest.
Denom. $1,000.
Dated Jan. 1, 1937.
Principal and semi-annual interest
(Jan. 1 and July 1) payable at the office of the City Clerk-Treasurer, or at
the Chase National Bank, in New York.
Due $2,000 Jan. 1, 1938, and
$3,000 yearly on Jan.
1 thereafter.
Certified check for 2% of amount of
Pur¬
bonds bid for, payable to the City Clerk and Treasurer, required.
chaser is to bear expense of printing of bonds and legal opinions.
Dec.
3
50,000
4
20,000
FLANDREAU, S. Dak.—BONDS NOT SOLD—'The $5,000 issue of 4%
Dec.
4
200,000
hospital equipment bonds offered on Dec. 14—V. 143, p. 3676—was not
sold as no bids were received, according to the City Auditor.
Dated
Dec. 1, 1936.
Due on Dec.'l, 1946.
'
Dec.
8
$5,000
Dec.
8
49,000
Dec.
9
246,000
Dec.
9
30,000
Dec. 10
3,500
Dec. 11
20,000
SOUTH
LAKE
CITY
INDEPENDENT
DAKOTA
SCHOOL
DISTRICT
ROCKWOOD, Pa .—BOND OFFERING—Peter P. Hauger, Borough
Secretary, will receive bids until 5 p. m. Dec. 26 for the purchase at not less
than par of $23,000 3% funding bonds.
Denom. $1,000.
Dated July 1,
1936.
Interest payable Jan. 1 and July 1.
Due $1,000 yearly on July 1
to
1963, incl.
Certified check for 2% of amount of bonds bid
-
SHENANGO TOWNSHIP
(P. O. New Castle R. D. No. 6), Pa.—
OFFERING—E. C. Dean, Secretary of the Board of Township
Supervisors, will receive bids until 9 a. m. Jan. 4 for the purchase of $6,500
5% bonds.
Denom. $500.
Dated Jan. 2, 1937.
Interest payable semi¬
annually. Due as follows: $5001938, and 1940; and $2,500 in 1941 and 1942.
BOND
$21,500 issue of 3% refunding bonds.
Dated Dec. 1, 1936.
Due on
Dec. 1 as follows; $1,000, 1937 to 1953, and $1,500, 1954 to 1956.
The
bonds to be subject to redemption at the option of the district on any
interest payment date.
NEW UNDERWOOD, S. Dak.—BOND OFFERING—C. F. Moldenhaurer, Town Clerk, will receive bids until Dec. 28, for the purchase of
$12,000 4J^% refunding bonds.
INDEPENDENT
DISTRICT
SCHOOL
school
$364,000, for the construction of an electric power distribu¬
It is said that the
proposal represents revision of a plan approved in 1933 to issue $750,000
for the building of a generating plant and distributing system.
tion system to connect with Tennessee Valley Authority.
WAVERLY, Tenn.—BOND SALE— The $45,000 issue of 4% semi-ann.
purchase bonds offered for sale on Dec. i4—V. 143, p. 3677—was
land
awarded to C. H. Little & Co. of Jackson, Tenn., and "W. N. Estes & Co.
of Nashville, jointly, according to the City Recorder.
Dated Nov. 1,1936.
Due from Nov. 1, 1937 to 1961.
TEXAS
Gross debt
$410,000.00
19.872.61
>
Net funded and floating debt
390,127.39
Deductions:
24,510.00
68,288.25
-
Bonds authorized but unissued (this issue)
Collection 1935 tax to Nov. 1, 1936 (85.5%)
Debt service charge (1936) exclusive of issue to be sold:
Interest
14,975.00
WARREN
TOWNSHIP
1.78%
15
Amount of tax duplicate (levy) 1936-Collection 1936 tax to Nov. 1, 1936 (49.1%)
Net direct debt burden.
321,839.14
4,000.00
60,000.00
Tax rate (mills)
20,000.00
1,600.00
State tax (4 mills paid by Co.)
224,501.43
110,352.39
177,951.00
-
SCHOOL
36,575.00
902.67
-
% Actual Val.
1.07%
DISTRICT,
Franklin
Per Capita
$9.69
BUILDING* DALLAS
TEXAS
ALICE, Texas—BONDS VOTED—It is reported
that
the
voters
approved recently the issuance of $50,000 in water system bonds.
SAN
ANTONIO, Texas—BOND OFFERING POSTPONED—It is
now
stated by T. D. Cobbs.fCity Attorney,"that the sale of the various issues
of bonds aggregating $325,000, scheduled for Dec.
17, as described in
these columns recently—V. 143, p. 3677—has been postponed indefintely.
WOOD
COUNTY
(P.
O.
Quitman),
Texas—BOND
REFUNDING
CONTRACT—The Commissioners Court is said to have entered into a con¬
R. Phillips & Co. of Houston for the refunding of $668,000
in road bonds.
tract with J.
UTAH
Rehabilitation
revenue
CITY, Utah— WATER BOND ISSUE RECOMMENDED—
of
the
bond issue,
WPA
project,
Keyser.
was
city's waterworks system by floating a $250,000
part of which would be used to sponsor the job as a
proposed recently by City Commissioner George D.
SOUTH OGDEN, Utah—BONDS VOTED—It is reported that the voters
approved recently the issuance of $30,000 in sewer bonds.
County,
Pa.—BOND SALE—The $3,500 3H% school bonds offered on Dec. 5—V.
143, p. 3508—were awarded to the Farmers Merchants Co. of Chambersburg, at par, plus a premium of $79.80, equal to 102.28.
icipal—Uti I ity
A. T. & T. Teletype DLS 186
L. D. 841
SALT LAKE
541.60
% A sess. Val.
1.78%
n
ATLANTA, Tex.—BONDS VOTED—The voters are said to have ap¬
proved recently the issuance of $100,000 in water and sewer bonds.
$43,778.25
Net debt
Assessed value per capita.
Actual value per capita..,
SECURITIES
I nd ustrial—M u
MAGNOLIA
Floating debt
Principal
election held on
RAUSCHER, PIERCE & CO.
$17,988,231
350,000.00
60,000.00
Tax anticipation notes, bank loans or other evidences of indebtNet debt ratio
an
said to have rejected a proposal to issue $50,000 in
JACKSON, Tenn.—BOND ELECTION—A special election will be held
March 4 to vote on the proposed issuance of electric revenue bonds of
of Nov. 1,1936
Assessed valuations (60% of actual) 1936
Gross bonded debt
Liened taxes (75% used)
are
on
Singer, Deane & Scribner, Inc. of Pittsburgh.
(b)
O.
bonds.j
of about 0.97%.
Dated Dec. 15, 1936, and due $15,000 on Dec. 15 from
1937 to 1940, incl.
Second high bid of 100.4716 for 1}4& was made by
(a) Unliened taxes (75% used)
(P.
not more than
TIOGA COUNTY (P. O. Wellsboro), Pa.—BOND SALE—The $60,000
registerable as to principal only, funding bonds offered on Dec.
143, p. 3881—were awarded to the First Boston Corp. of New
York, as Is, at par plus a premium of $45.84, equal to 100.0764, a basis
Sinking fund (cash)
4
TENNESSEE
Dec. 10 the voters
15—V.
as
NO.
Viborg), S. Dak.—BOND SALE—The $9,000 issue of refunding bonds
offered for sale on Dec. 12—V.143, p. 3508r—was purchased by the Security
National Bank of Viborg, at par, according to the District Clerk.
Dated
Jan. 1, 1937.
Due $1,000 from Jan. 1, 1938 to 1946 incl.
coupon,
Financial Statement
Lake
a
HUMBOLDT, Tenn.—BONDS DEFEATED—At
(P. O. Folsom), Pa .—BOND SALE—An issue
of $20,000 road repair bonds has been sold as 2^s, at a price of
par, to the
township sinking fund.
O.
8 p. m. on Dec. 19, by Charles Olson, District Clerk, for the purchase of
VIBORG
RIDLEY TOWNSHIP
(P.
City), s. Dak.—BOND OFFERING—Sealed bids will be received until
to report.
for, required.
80
Dec.
READING
SCHOOL
DISTRICT, Pa.—BOND OFFERING CAN¬
CELED—The district canceled the offering scheduled for Dec. 14 of $100,000
improvement bonds.
Contractors' estimates of the cost of the work pro¬
posed were in excess of the amount to be raised by the bond issue, according
from 1941
RLGH
on a 1 % interest
basis, plus a premium of $27.50, and $50,000 notes matur¬
ing Dec. 15,1938 on a 1H % interest basis, plus a premium of $12.
McAlester,Smith & Pate, of Greenville offered a premium of $51 for the entireissue
atl H%.
of site
water main
T. TELETYPE
textbook notes offered on Dec. 15 were awarded to Johnson, Lane, Space
& Co. of Savannah, who are taking $50,000 notes maturing Dec. 15, 1937
1
„
T.
ROCK HILL, S. C.—BOND OFFERING—The City Clerk will receive
sealed bids until Dec. 22, according to report, for the purchase of a $70,000
issue of 4% semi-annual public building bonds.
Due as follows: $3,000,
1946 to I960; $6,000, 1961 to 1963, and $7,000 in 1964.
50,000
Zerbe
A
7,500
Nov. 30
courthouse
Johnstown City School District, Cambria County—
Refunding bonded indebtedness
Johnstown City School District, Cambria County—
Paying operating expenses
McKees Rocks Borough, Allegheny County—Paying
RALEIGH, N. C.
60,000
Nov. 30
ARNOLD
&
INCORPORATED
VERMONT
GRAFTON,
Vt.—BOND OFFERING—The
receive bids at the Town Clerk's office until
7
Board of Selectmen
Dec. 28 for the
p. m.
will
pur-
Financial
4048
$25,500 coupon refunding bonds.
multiple of M%.
Denom. $1.000
1, 1937
Pirncipal and semi-annual interest (Jan. 1
the National Shawmut Bank of Boston, in Boston
Trust Co., Bellows Palls, at holder's option.
Due
from 1940 to 1956, incl.
chase at not less than par of an issue of
Bidders are to name rate of interest, in a
and $500.
Dated Jan.
and July 1) payable at
at the Bellows Palls
$1,500 yearly on Jan. 1
or
VIRGINIA
'
COUNTY (P. O. Arlington), Va.—BOND SALE—The
$208,000 issue of school bonds offered for sale on Dec. 15—V. 143. p. 3677—
was awarded jointly to Phelps, Penn & Co. of New York, and Mason-Ilagan,
Inc of Richmond as2Ms, paying a price of 100.818, a basis of about. 2.42%.
Dated Dec. 1, 1936.
Due from Dec. 1, 1940 to 1956 incl.
Halsey, Stuart
& Co., Inc., of New York, offered 100.225 on 2^8.
r ARLINGTON
INVESTMENT—'The successful bidders rethe 1940 to 1952 maturi¬
ties to yield from 1.25% to 2 50%, and the 1953 to 1956 maturities are
priced at 99.60 and accrued interast.
BONDS
OFFERED
FOR
offered the above bonds for genera] subscriptions,
VIRGINIA BEACH, Va.—BOND
Dec.
Chronicle
1942 to 1954, and $20,000 in
1955.
Prin. and int. (M
Treasurer.
A certified check
Treasurer, must accompany the bid.
the office of the City
the City
19,
1936
& N.) payable at
for $17,500, payable to
SHULLSBURG, Wis.—BOND OFFERING—P. L. O'FIaherty. City
will sell at public auction on Dec. 22 at 2 p. m. a $6,000 issue of
extension bonds.
Interest rate is not to exceed 3%. payaoie
J & D.
Denom. $1,000.
Dated Dec. 1, 1936.
Due $1,000 from Dec. I,
19X7 to 1942, incl.
Rate of interest to be in multiples of M of 1 % and must
be the same for all of the bonds.
Prin. and int. payable in lawful money
at the Farmers & Merchants Bank, Shuilsburg.
Bids may be subject to
an approving commercial opinion, the cost of which shall be borne by the
city.
A certified check for 10% must accompany the bid.
Clerk,
coupon sewer
WYOMING
.—BOND LLAC
tI—
Is reported that $70,000 water
for payment on Jan. 1, 1937.
GREYBULL, Wyo
works bonds, issued in 1932, are being called
Numbered from 1 to 70.
LARAMIE, Wyo.—BOND SALE—The city has
refunding bonds to the
sold $55,000 3% sewer
First National Bank of Larainie.
SALE—Two issues of 4M% semi-ann.
Dec. 10—V. 143, p. 3882—
bonds aggregating $120,000, offered for sale on
pruchased by P. W. Craigie & Co. of Richmond, paying a premium of
$716.40. equal to 100.599.
The bonds are divided as follows:
$54,000
refunding, and $66,000 funding bonds.
Dated Feb. 1, 1937.
Due from
Feb. 1, 1939 to 1967.
>
were
Canadian Municipals
Information and
WAVERLY, Va .—BOND SALE—The $50,000 issue of 3% coupon
general sewerage bonds offered for sale on Dec. 15—V. 143, p. 3360—was
awarded jointly to F. W. Craigie & Co. of Richmond, and tne Investment
Corp. of Norfolk, at a price of 101.597, a basis of about 2.86%, to optional
date.
Dated Jan
1, 1937.
Due $2 000 from Jan. 1, 1939 to 1963 incl.,
subject to call on and after Jan. 1, 1950.
The second highest bid was an
offer of 98.75, submitted by Miller & Patterson, of Richmond.
Markets
BRAWLEY, CATHERS & CO.
25
KING
ST.
ELGIN
WEST, TORONTO
MS8
CANADA
NORTHWESTERN MUNICIPALS
Washington
—
Oregon
—
Idaho
—
BRANTFORD, Ont.—SHOWS MARKED
TIONS—Tax collections in the city continue to
a
Ferris & Hard grove
I
SEATTLE
SPOKANE
PORTLAND
Teletype—SEAT 191 Teletype—PTLD ORE 160
Teletype—8PO 176
GAIN IN TAX COLLEC¬
show an improvement over
according to a communication to the "Monetary Timess" from
City Treasurer E. A. Danby.
Current tax collections to Nov. 30. after excluding the Government grant,
received in lieu of income tax, amounted to $969,993. equal to 78.6% of
the current roll.
This compares with 77.5% for the same period of last
year, which included the income tax.
Tax arrears collected to Nov. 30
totaled $229,436, equal to 35.6% of the tax arrears.
Including the Govern¬
ment
grant, total collections up to the end of November amounted to
$1,226,332.
This compares with $1,232,191 during the same period of
Montana
year ago,
last year.
Danby states that, after anticipating the debentures which will
this year, the city will make a reduction of its debenture
Mr
WASHINGTON
need to be issued
GRANGER, Wash.—BOND OFFERING— Sealed bids will be received
°until 8 p. m. on Dec. 30, by H. F. Schneider. Town Clerk, for the purchase
of two issues of water bonds aggregating $19,000, as follows:
$11,000 general obligation bonds.
Due in 20 years.
8,000 revenue bonds.
Due in 8 years.
Interest rate is not to exceed 6%, payable semi-annually.
These bonds
were approved by the voters at an election held on Nov. 10.
COUNTY (P. O. Seattle), Wash. —BOND CALL— It is an¬
nounced by Ralph R
Stacy, County Treasurer, that bonds No. 92 to 114,
Improvement Donohue Road No. 20 and bonds No. 62 to 70, Improvement
Donohue Road No. 13, are to be retired as of Jan. 1.
KING
Wash.—BOND OFFERING— Sealed bids will be re¬
ceived until 8 p. m. on Dec. 28, by H. F. Pfromm, Town Clerk, for the
purchase of a $20,000 issue of town hall bonds.
Denom. $1,000.
Dated
Jan. 1, 1937.
Interest rate is not to exceed 5%, payable J. & J.
Due
$1.000 from Jan. 1, 1939 to 1958 incl.
A certified check for 5% of the bid
MARYSVILLE,
is
required.
(P. O. Tacoma),
for sale
the State of Washington,
No other bid was received for the bonds.
Due in from two
PIERCE COUNTY SCHOOL DISTRICT NO. 202
Wash.—BOND SALE—The $16,000 issue of school bonds offered
on
as
Dec.
12—V. 143, p. 3194—was purchased by
3 Ms at par.
to sixteen years
after date of issue.
■
■
Bellingham), Wash .—BOND
given here recently
that the $75,000 port development bonds voted on Nov. 3 had been de¬
clared invalid due to failure to post election notices—V. 143, p. 3360—
it is now reported that a Superior Court decision upheld the legality of
these bonds.
It is understood that this ruling will be taken to the Supreme
PORT
OF
BELLINGHAM
(P.
O.
LEGALITY UPHELD—In connection with the report
Court for final adjudication.
SEATTLE, Wash.—BONDS CALLED—H. L. Collier, City Treasurer,
called for payment from Dec. 15 to Dec. 23, various
bonds.
is reported to have
local impt. district
O. Colville),
2 p. m. on
Dec. 28 by G. E. Gilson, County Treasurer, for the purchase of a $33,000
issue of school bonds
Interest rate is not to exceed 6%, payable semi¬
annually. The bonds shall run over a period of 20 years and are to be met by
equal annual tax levies to cover such bonds and interest.
Payable at the
STEVENS COUNTY SCHOOL DISTRICT NO. 50 (P.
Wash.—BOND OFFERING—Sealed bids will be received until
office of the County Treasurer.
UNIONTOWN, Wash .—BOND OFFERING—P. W. Busch, Town Clerk,
of $4,500
Bidders are to name rate of interest not to exceed 4%.
will receive bids until Dec. 19 for the purchase at not less than par
bonds.
YAKIMA, Wash.—BONDS DEFEATED—At the election held on Dec. 5
—V. 143, p. 3360—the voters are said to have defeated the proposal to issue
$900,000 in light and power plant bonds, it is reported by Pearl Benjamin,
City Clerk.
WEST
VIRGINIA
MARTINSBURG, W. V a.—DETAILS OF BONDS SOLD—The'$167,000
3% refunding bonds sold to Young, Moore & Co. of Charlestown recently
—V. 143, p. 3882—are in the denomination of $1,000 each, are dated Jan 1,
1937, and will mature yearly on Jan. 1 as follows: $11,000, 1940 and 1941;
$12,000, 1942; $13,000, 1943 and 1944; $14,000, 1945; $15,000, 1946, 1947
and 1948; and $16,000, 1949, 1950 and 1951.
Prin. and semi-ann. int.
J. & J. 1 payable at the State Treasurer's office in Charlestown, or at the
National City Bank, in New York.
r.
WISCONSIN
Y: DE PERE, Wis.—BOND OFFERING—The Finance Committee is re¬
ceiving bids until 5 p. m., Dec. 18 for the purchase of $30,000 3% refunding
bonds.
Certified check for $500, required,
O. Gays Mills), Wis.—BOND SALE—The $10,000 issue
bonds offered for sale on Dec. 11 at public auction
E. Joiner & Co. of Chicago, paying a
premium of $66. equal to 100.66, a basis of about 2.79%.
Dated Dec. 1,
1936.
Due $2,000 from March 1, 1938 to 1942, inclusive.
HANEY (P.
of 3% semi-annual road
—V. 143, p. 3882—was awarded to T.
MERRILL, Wis.—BOND SALE—The $75,000 refunding, second series
bonds, which were offered on Dec. 15—V. 143, p. 3882—were
awarded
to brown, Harriman & Co. of Chicago, as 2Ms, at par, plus a premium
of $114, equal to 100.152, a basis of about 2.22%.
Dated Jan. 1, 1937.
Due $15,000 on Jan. 1 from 1941 to 1945. incl.
OCONOMOWOC,
Wis.—BONDS AUTHORIZED—'The issuance of
$45,000 in 3% sewage disposal plant bonds is said to have been authorized
recently by the Common Council.
Denom. $1,000.
Dated March 1, 1937.
Due on March 1 as follows: $3,000, 1938 to 1942, and $2,000, 1943 to 1957.
11
RACINE COUNTY (P. O. Racine), Wis.—BONDS AUTHORIZED—
A resolution is said to have been passed recently by the County Highway
Commissioners providing for the issuance of county trunk road bonds ag¬
gregating $225,000.
SHEBOYGAN,Wis.—BOND OFFERING—Sealed bids will be received
a. m
on Dec. 28 by Erwin Mohr, City Clerk, for the purchase of a
$355,000 issue of 2M% coupon junior high school bonds.
Denom. $1,000.
Dated Nov. 2, 1936.
Due on Nov. 2 as follows: $10,000, 1941; $25,000.
until 10
debt in excess
oL$100.000.
,
,
,
Total relief expenditures for
over
the year 1936 will be reduced about
$100,000
those of 1935.
CANADA
(Dominion of)— CHANGING TENDENCIES IN
FINANCING—In discussing the volume of municipal and corporate
BOND
financ¬
ing in the first 11 months of 1936, A. E. Ames & Co., Ltd. refer to changing
tendencies in bond financing as follows:
"The aggregate amount of bond and treasury bill financing in 1936 for
Canadian governments and corporations is larger than usual but the actual
amount of new capital raised is much smaller than in recent years.
This
,
apparent contradiction
,
,
.
„„„„
„
is explained by the fact that nearly 90% of the new
made to refund maturing or callable securities.
total amount of new issues publicly offered
issues in 1936 have been
"According to our records, the
up to Dec. 1, 1936, was $1,164,308,796, of which $440,000,000 was
sented by short-term treasury bills of the Dominion Government.
repre¬
In the
period last year new issues amounted to $865,215,890, of which $320,365,500 was raised by treasury bill issues.
"Two facts are of particular interest in analyzing the year's financing to
date.
In the first place the new capital raised, amounting to $135,882,564,
is a modest stun for a country the size of Canada, and it is particularly
same
gratifying that the amount required for government purposes
is substantially
less than in any recent year.
"Secondly, the ability of corporations to refinance in a receptive market
is in decided contrast to the situation prevailing as recently as 1933 when
the total of corporation bond financing was only $3,365,000.
It is an in¬
dication of the return of confidence that more than $200,000,000 of cor¬
poration bonds have been sold in 1936, although the amount of new capital
required for expansion purposes is still exceedingly small.
"The statistics covering new issues and redemptions are only approximate
at this time but they do indicate progress in tne reduction of government
financial requirements and an increase in corporation needs.
This tendency
is the reverse of the experience since 1930 and, as business improves, it may
be expected that additional capital will be required for the replacement and
expansion projects of industry."
Ont .—BOND SALE— The $132,000 bonds offered on
Murray & Co. of Toronto, at a price of
The award included:
$72,000 3% bonds, due in 20 annual instalments.
,
60.000 2M% bonds, due in five annual instalments.
KITCHENER,
Dec. 14 were awarded to Cochran,
100.43, a basis of about 2.85%.
issue is dated
Each
Nov.
1, 1936.
(P. O. Montreal), Que.—BOND SALE—The
issue of $46,000 improvement bonds offered on Dec. 7—V. 143, p. 3678—
was awarded to the Banque Canadienne Nationale at a price of 98.30.
SUR
LAVAL
MONTREAL
LE
SAC
WFST,
Que.—BOND SALE—The $210,000 3M% Im¬
provement bonds offered on Dec. 10—V. 143, p. 3678—were awarded to
McTaggart, Hannaford, Birks & Gordon of Toronto, at a price of 101.09. a
basis of about 3.38%.
Dated Nov. 1,1936 and due serially on Nov. 1 from
1937 to 1956, incl.
Other bids were as follows:
Bidder—
Rate Bid [
Bidder—
Rate Bid
Bank of Montreal
100.65 Mead & Co
:
99.33
L. G. Beaubien & Co
Credit
Anglo-Francais,
Ltd.
A. E. Ames & Co
98.829
99.79
Wood, Gundy & Co
99.765 Barrett & Co
99.42 |
96.18
(Province of)—BOND SALE—Premier Mitchell Hepburn
announced Dec. 15 the Government had sold an issue of $20,000,000 3%
refunding bonds to a syndicate composed of Wood, Gundy & Co.; A. E.
Ames & Co. and Dominion Securities Corp., all of Toronto; Royal Bank of
Canada of Montreal, and the Canadian Bank of Commerce of Toronto,
at a price of 98.50. a basis of about 3.125%.
The issue is due in 15 years
and the proceeds will be used to redeem bonds bearing interest at 5% and
higher which mature next January.
The Premier, in stating the financing
was the first of its kind undertaken
by the Province since July, 1934,
said he doubted if any other Province has been able to get such a favorable
rate.
Treasury official disclosed that Ontario's ordinary revenues from
April 1 to Dec. 15 increased $10,009,643 over the income in the same
period in 1935, while expenditures were about $4,000,000 less than those
ONTARIO
in last
year's time.
ONTARIO
HYDROELECTRIC
POWER
COMMISSION
(P. O.
Toronto), Ont.—BOND CALL—A. Murray McCrimmon, Secretary and
Controller announces that all of the 3M%, 4% and 5% bonds then out¬
standing, dated Oct. 1, 1932 and due Oct. 1, 1952, will be redeemed on
April 1, 1937, at par and accrued Interest, at the principal offices of the
Bank of Montreal in Toronto, Montreal, Winnipeg, Regina. Calgary,
Vancouver, Halifax and St. John, at holder's option.
Bonds to be pre¬
sented for payment with April 1, 1937 and subsequent coupons attached.
THREE RIVERS,
Que.—BOND SALE— The issue of $169,400 bonds
on Dec.
14—V. 143, p. 3678—was awarded to Hanson Bros, of
Montreal, as 3Ms, at a price of 98.57, a basis of about 3.63%.
Dated
NdV. 1, 1936 and due seriallv in from 1 to 30 years.
offered
Other bids
were
as
follows;
Rate Bid
Bidder—
Comptoir National de Placement
A. E.
Ames & Co
L. G. Beaubien & Co
Banque
Canadienne
Nationale
.
97 31
97.28
96.13
94.875
VANCOUVER, B. C—TAX SALE INEFFECTIVE—At a tax sale held
only a few more
earlier in the month, involving 12,000 parcels of property,
than 300 were sold, the remainder reverting to the city.
@FedFRASER